Ventas — Apr 29, 2025 release

  Select Guidance Assumptions:   • The Company’s guidance incorporates the following new assumptions:   ◦ Senior housing investment volume increased to $1.5 billion, from $1 billion, with the incremental investments expected to be second half weighted   ▪ Investments funded primarily with existing unsettled forward equity commitments and disposition proceeds   ◦ Full year weighted average diluted share count increased from 456 million to 460 million   • All other guidance assumptions remain the same, including:   ◦ Net disposition proceeds of approximately $200 million   ◦ FAD capital expenditures of approximately $285 million at midpoint   ◦ General and administrative expenses of approximately $172 million at midpoint   ◦ Net interest expense (i.e., interest expense net of interest and other income) expected to increase ~$32 million year-over-year due to refinancing maturing debt at higher rates and lower cash balances   ▪ Interest expense of approximately $618 million at midpoint   ▪ Interest and other income of approximately $11 million at midpoint   - MORE - Ventas Reports 2025 First Quarter Results April 30, 2025 Page  11   NON-GAAP FINANCIAL MEASURES RECONCILIATION Full Year 2025 Guidance as of February 12, 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   $ 192     $ 244     $ 0.42     $ 0.53                                     Depreciation and amortization adjustments     1,299       1,299     $ 2.85     $ 2.85                                     Nareit FFO attributable to common stockholders   $ 1,491     $ 1,543     $ 3.27     $ 3.38                                     Other adjustments 3     37       37     $ 0.08     $ 0.08                                     Normalized FFO attributable to common stockholders   $ 1,528     $ 1,580     $ 3.35     $ 3.46   % Year-over-year growth                     5 %