Ventas — Feb 12, 2025 release

- MORE - Ventas Reports 2024 Full Year Results February 12, 2025 Page 11 NON-GAAP FINANCIAL MEASURES RECONCILIATION Full Year 2025 Guidance 1 Net Income and FFO Attributable to Common Stockholders 2 (In millions, except per share amounts; dollars in USD; totals may not sum due to rounding; unaudited) FY 2025 FY 2025 - Per Share Low High Low High Net income attributable to common stockholders $192 $244 $0.42 $0.53 Depreciation and amortization adjustments 1,299 1,299 $2.85 $2.85 Nareit FFO attributable to common stockholders $1,491 $1,543 $3.27 $3.38 Other adjustments 3 37 37 $0.08 $0.08 Normalized FFO attributable to common stockholders $1,528 $1,580 $3.35 $3.46 % Year-over-year growth 5% 8% Weighted average diluted shares (in millions) 456 456 1 The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission. 2 Totals may not add due to minor corporate-level adjustments. 3 Other adjustments include the categories of adjustments presented in our “Non-GAAP Financial Measures Reconciliation – Funds From Operations Attributable to Common Stockholders (FFO)”. Select Guidance Assumptions: 1. Expect to close approximately $1 billion of senior housing investments, weighted in the first half of 2025 2. Expect to dispose of assets for approximately $200 million in net proceeds 3. FAD capital expenditures of approximately $285 million at midpoint 4. General and administrative expenses of approximately $172 million at midpoint 5. Net interest expense (i.e., interest expense net of interest and other income) expected to increase ~$32