Ventas (VTR) 47th Annual Raymond James Institutional Investor Conference summary

Strategic positioning and market trends

• Focused on longevity and serving the aging population, leveraging secular demand and limited supply for senior housing growth.

• Anticipates a significant demand surge as baby boomers turn 80 in 2026, with supply at historic lows and strong tailwinds for occupancy and NOI growth.

• U.S. senior housing portfolio is over half of the business, with 86% occupancy and expectations for continued double-digit NOI growth.

• Multi-year opportunity for NOI and value creation driven by consolidation and favorable demographics.

• Investments are delivering low teens unlevered IRRs, supporting earnings and dividend growth.

Operational platform and technology

• Built a scalable platform using data analytics, AI, and technology to outperform at scale and deliver alpha.

• Operational Insights (OI) platform integrates data and technology with operator expertise, driving superior performance in occupancy and NOI.

• OI platform customizes insights for each manager and community, enhancing decision-making and execution.

• Expanded operator base from 10 to over 40, leveraging diverse capabilities and local expertise.

• Transitioned 150 communities from triple net to SHOP structure, unlocking double upside in occupancy and NOI.

Acquisition strategy and external growth

• Acquired about $5 billion in senior housing assets over the past couple of years, with $800 million closed this year and a $2.5 billion acquisition guide.

• Reviewed $35 billion in opportunities last year, with 70% of deals from repeat operators and 40% from repeat sellers.

• External acquisitions are initially accretive, with attractive year-one yields and long-term growth potential.

• Competitive advantages include financial strength, reputation, and a unique operationally focused platform.

• Most new acquisitions fit the SHOP structure, with limited internal triple net to SHOP conversion opportunities remaining.