Ventas, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported Attributable Net Income per share of $0.13 for the quarter ended September 30, 2026, a 7% decrease from $0.14 in the prior year period.
• Nareit FFO per share reached $1.01, representing a 15% increase year-over-year from $0.88.
• Normalized FFO per share was $0.99, an increase of 10% year-over-year from $0.90.
• Total Company Net Operating Income (NOI) grew 18% year-over-year, while Total Company Same-Store Cash NOI grew 11% year-over-year.
• SHOP Same-Store Cash NOI increased 16% year-over-year, driven by U.S. growth of 17%.
• Total revenues for the quarter were $1,831,791 thousand, compared to $1,488,996 thousand in the prior year period.
• Net Debt-to-Further Adjusted EBITDA ratio improved to 4.4x as of September 30, 2026, down from 5.3x in the prior year period.
• The Company reported $4.5 billion in liquidity as of September 30, 2026, including cash, credit facility availability, and unsettled equity forward sales agreements.
• Year-to-date through September 30, 2026, the Company settled 47.3 million shares of common stock under equity forward sales agreements for gross proceeds of $3.9 billion.

Guidance and Future Outlook:

• Increased full-year 2026 Attributable Net Income per share guidance to a range of $0.64–$0.67 (midpoint $0.66), up from the previous range of $0.58–$0.63.
• Increased full-year 2026 Nareit FFO per share guidance to a range of $3.83–$3.86 (midpoint $3.85), up from the previous range of $3.76–$3.81.
• Increased full-year 2026 Normalized FFO per share guidance to a range of $3.87–$3.90 (midpoint $3.89), up from the previous range of $3.85–$3.90.
• The guidance increase is primarily attributed to 2026 accretive senior housing investment activity, partially offset by interest rates and foreign exchange impacts.
• Updated investment assumptions include closing $5.2 billion of senior housing investments year-to-date, compared to a previous expectation of $4.5 billion.
• Updated guidance assumptions include interest expense of approximately $648 million at the midpoint and a full-year weighted average diluted share count of 509 million.
• The Company expects investments to increase its growth rate on a multiyear basis and generate attractive financial returns.

Business Segments and Product Lines:

• The Senior Housing Operating Portfolio (SHOP) continues to be a primary driver of organic property growth, with Same-Store revenue per occupied room (RevPOR) growing 5% and average occupancy increasing 290 basis points year-over-year.
• U.S. SHOP Same-Store Cash NOI increased 17% year-over-year, with average occupancy exceeding 90% (up 320 basis points).
• SHOP Same-Store Cash NOI margin grew 190 basis points year-over-year, benefiting from favorable operating leverage combined with RevPOR and occupancy growth.
• The Company closed $1.2 billion of senior housing investments in the third quarter.
• Year-to-date, the Company closed $5.2 billion of investments focused on senior housing with attractive financial return expectations.
• The Company maintains a robust pipeline of actionable SHOP investment opportunities.

Market and Competitive Landscape:

• The Company reports results that significantly outperform industry benchmarks, leveraging its differentiated platform, operating expertise, and data advantages.
• The Company is well-positioned to serve secular demand from a wave of Baby Boomers turning 80 over the coming decade.
• The Company operates approximately 1,500 properties in North America and the United Kingdom, including approximately 1,000 senior housing communities.
• The portfolio includes outpatient medical buildings, research centers, and healthcare facilities.

Risks and Challenges:

• Forward-looking statements are subject to uncertainties including complex governmental policies, laws, and regulations related to healthcare, data privacy, and artificial intelligence.
• Risks include macroeconomic conditions such as inflation, interest rates, exchange rates, labor market dynamics, and credit availability.
• The Company faces risks related to the financial condition of managers, tenants, and borrowers, including potential bankruptcy or insolvency.
• Operational risks include reliance on third-party managers and tenants, potential loss of accreditations or licenses, and the impact of significant disruptive events.
• Risks associated with development, redevelopment, and construction projects include costs related to inflation, rising interest rates, and supply chain pressures.
• The Company is subject to risks related to its status as a REIT, including compliance requirements and ownership limits.

Management Commentary and Tone:

• CEO Debra A. Cafaro stated the Company delivered strong enterprise results and growth by executing its 1-2-3 strategy and driving outperformance at scale.
• Management expressed confidence in the business and team's ability to meet the current moment and create value for stakeholders.
• The tone regarding the SHOP business was positive, highlighting aggressive expansion through attractive acquisitions and significant market momentum.
• Management emphasized the commitment to helping people live longer, healthier, and happier lives as a core purpose.

Other Key Points:

• The Company has closed over $5 billion of investments focused on U.S. senior housing year-to-date.
• As of September 30, 2026, the Company had $0.8 billion of unsettled equity forward sales agreements, totaling $4.7 billion in equity capital.
• A conference call to discuss these results was held on October 28, 2026.
• The Company's investment strategy focuses on the "Right Market, Right Asset, Right Operator" approach.
• The Company reported $5.2 billion in senior housing investments closed year-to-date, exceeding previous guidance expectations.