Ventas — Jul 30, 2025 release

- MORE - Ventas Reports 2025 Second Quarter Results July 30, 2025 Page 10 NON-GAAP FINANCIAL MEASURES RECONCILIATION Full Year 2025 Guidance as of July 30, 2025 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 $215 $238 $0.47 $0.52 Depreciation and amortization adjustments 1,377 1,377 $2.98 $2.98 Gain on real estate dispositions (34) (34) ($0.07) ($0.07) Nareit FFO attributable to common stockholders $1,558 $1,581 $3.38 $3.43 Other adjustments 3 15 15 $0.03 $0.03 Normalized FFO attributable to common stockholders $1,573 $1,596 $3.41 $3.46 % Year-over-year growth 7% 8% Weighted average diluted shares (in millions) 461 461 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: • The Company’s guidance incorporates the following assumptions: ◦ Senior housing investment volume increased to $2.0 billion, from $1.5 billion ▪ ~$1.8 billion of equity raised, including ~$0.7 billion of unsettled equity forward sales agreements outstanding as of July 2025 ◦ General and administrative expenses of ~$178 million at midpoint ◦ Interest expense of ~$615 million at midpoint ◦ Interest and other income of ~$15 million at midpoint ◦ Full year weighted average diluted share count