Ventas — Jul 30, 2025 release

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 increased from 460 million to 461 million ◦ Disposition proceeds of ~$200 million ◦ FAD capital expenditures of ~$285 million at midpoint - MORE - Ventas Reports 2025 Second Quarter Results July 30, 2025 Page 11 NON-GAAP FINANCIAL MEASURES RECONCILIATION Full Year 2025 Guidance as of May 28, 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 $196 $245 $0.43 $0.53 Depreciation and amortization adjustments 1,311 1,311 $2.85 $2.85 Nareit FFO attributable to common stockholders $1,507 $1,556 $3.28 $3.38 Other adjustments 3 36 36 $0.08 $0.08 Normalized FFO attributable to common stockholders $1,544 $1,593 $3.36 $3.46 % Year-over-year growth 5% 8% Weighted average diluted shares (in millions) 460 460 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