Ventas (VTR) investor relations material

Company overview and market positioning

• Operates over 1,400 properties across the U.S., Canada, and the UK, with a focus on senior housing, outpatient medical, and research facilities.

• Holds an enterprise value exceeding $50B and annualized net operating income of $2.7B as of 1Q26.

• Senior housing is the primary growth engine, representing over 60% of total NOI, with the SHOP segment accounting for 56%.

• Benefits from demographic tailwinds, with the 80+ U.S. population expected to grow by 826K annually through the next decade.

Strategic focus and growth drivers

• Strategy centers on profitable organic growth in senior housing, value-creating external growth, and strong execution across the portfolio.

• SHOP segment is projected to deliver double-digit NOI growth for the fifth consecutive year in 2026.

• Investments are concentrated in high-growth markets with favorable demand/supply dynamics and strong local economies.

• Proprietary data analytics and AI-enabled tools drive asset management, pricing, and operator performance.

Financial performance and guidance

• 1Q26 normalized FFO per share was $0.94, up 9% YoY; net debt to further adjusted EBITDA improved to 5.0x.

• SHOP same-store cash NOI grew 15% YoY in 1Q26, with average occupancy up 310bp YoY.

• 2026 guidance reaffirmed: normalized FFO per share range of $3.82–$3.89, net income per share range of $0.56–$0.63.

• Investment guidance for 2026 increased to $3B, focused on senior housing.