Ventas — Oct 29, 2025 release

Select Guidance Assumptions: • The Company’s guidance incorporates the following assumptions: ◦ Senior housing investments increased to $2.5 billion, from previous $2.0 billion ▪ ~$2.6 billion of equity raised, including ~$0.5 billion of unsettled equity forward sales agreements outstanding as of October 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 of 462 million ◦ Disposition proceeds of ~$250 million ◦ FAD capital expenditures of ~$285 million at midpoint - MORE - Ventas Reports 2025 Third Quarter Results October 29, 2025 Page 12 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