Ventas — Feb 12, 2025 release

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 ~$32M year-over-year due to refinancing maturing debt at higher rates and lower cash balances • Interest expense of ~$618 million at midpoint • Interest and other income of ~$11 million at midpoint - MORE - Ventas Reports 2024 Full Year Results February 12, 2025 Page 12 NON-GAAP FINANCIAL MEASURES RECONCILIATION Fourth Quarter 2024 Same-Store Cash NOI by Segment (In thousands, unless otherwise noted; dollars in USD; totals may not sum due to rounding; unaudited) For the Three Months Ended December 31, 2024 SHOP OM&R NNN Non-Segment Total Net income attributable to common stockholders $ 56,835 Adjustments: Interest and other income (8,305) Interest expense 153,206 Depreciation and amortization 308,772 General, administrative and professional fees 41,434 Loss on extinguishment of debt, net 15