Ventas — Feb 5, 2026 release

Select Guidance Assumptions: • The Company’s guidance includes the following investment and disposition assumptions: ◦ Expect to close ~$2.5 billion of investments focused on senior housing ◦ Disposition proceeds of ~$300 million • Additional guidance assumptions include: ◦ Interest expense of ~$636M at midpoint ◦ Interest and other income of ~$8M at midpoint ◦ Full year weighted average diluted share count of 503 million ◦ FAD capital expenditures of ~$400M at midpoint ◦ Beginning with the first quarter of 2026, Normalized FFO excludes non-cash stock-based compensation expense 4 estimated to be $0.08 per share for the full year - MORE - Ventas Reports 2025 Fourth Quarter and Full Year Results February 5, 2026 Page 12 NON-GAAP FINANCIAL MEASURES RECONCILIATION Fourth Quarter 2025 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, 2025 SHOP OM&R NNN Non-Segment Total Net income attributable to common stockholders $ 70,202 Adjustments: Interest and other income (7,877) Interest expense 154,468 Depreciation and amortization 352,723 General, administrative and professional fees 41,008 Loss on extinguishment of debt, net 53 Transaction, transition and restructuring costs (6,008) Other expense 10,091 Loss from unconsolidated entities 7,727 Gain on real estate dispositions (3,311) Income tax benefit (1,122) Net income attributable to noncontrolling interests 2,790 NOI $ 330,852 $ 149,896 $ 129,713 $ 10,283  $ 620,744 Adjustments: Straight-lining of rental income — (2,836) (7,231) —  (1