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. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s f