Cautionary Statements March 2, 2026 March Investor Presentation Non-GAAP Financial Measures & Cautionary Statements Non-GAAP Financial Measures This presentation of Ventas, Inc. (the "Company," "we," "us," "our" and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"), such as such as Nareit FFO, Normalized FFO, Net Operating Income ("NOI"), Same- Store Cash NOI, Same-Store Cash NOI Margin, Same-Store Cash NOI Gr ...

Core Insights - Neo Ivy Capital Management has initiated a new position in American Healthcare REIT by purchasing 136,925 shares valued at approximately $6.44 million [2][8] - American Healthcare REIT has demonstrated strong financial performance, with a 16.4% same-store NOI growth in the third quarter, driven by significant increases in senior housing and integrated senior health campuses [7][10] - The company's stock price has increased by 93.3% over the past year, outperforming the S&P 500 with a one-year alpha of 80.37 percentage points [8] Company Overview - American Healthcare REIT operates a diversified portfolio of healthcare properties, including medical office buildings, senior housing communities, and skilled nursing facilities across the U.S. and U.K. [6][9] - The company has a market capitalization of $9.65 billion and reported a revenue of $2.20 billion for the trailing twelve months [4] - The dividend yield stands at 1.92%, indicating a return to shareholders [4] Financial Performance - GAAP net income attributable to controlling interest was reported at $55.9 million, equating to $0.33 per diluted share, while normalized FFO was $0.44 per share [10] - Management has raised full-year NFFO guidance to a range of $1.69 to $1.72, with expectations for same-store NOI growth reaching as high as 15% [10] Investment Implications - The new position by Neo Ivy Capital Management represents 1.02% of its reportable assets, indicating a strategic allocation to tap into healthcare real estate momentum [8][11] - The investment thesis for long-term investors is based on sustained occupancy rates above 90% in senior housing and disciplined capital allocation [11]

Financial Data and Key Metrics Changes - Normalized FFO per share increased by 10% year over year to $0.88 [26] - Total company same store cash NOI grew by 8%, with SHOP growth leading at 16% [26] - The company raised its full year guidance, expecting 9% growth in normalized FFO per share and 7.5% growth in total company same store cash NOI at the midpoint of the improved guidance [11][29] Business Line Data and Key Metrics Changes - The SHOP segment experienced a 19% same store cash NOI growth in the U.S. and a 340 basis points increase in occupancy [10][15] - The Outpatient Medical and Research business reported same store cash NOI growth of 3.7% year over year, with outpatient medical occupancy improving to 90.6% [26] - Research business same store cash NOI decreased by $400,000 year over year due to lower rents on certain tenants [26] Market Data and Key Metrics Changes - The U.S. senior housing market is experiencing record low supply, with only 1,200 new units started in Q3 [8] - The over-80 population is projected to grow by 28% over the next five years, driving demand for senior housing [8] - The company has a robust pipeline of investment opportunities in senior housing, with $2.5 billion in investment guidance for 2025 [12][24] Company Strategy and Development Direction - The company is focused on expanding its private pay senior housing business, which has become its number one capital allocation priority [11][12] - The strategy includes converting triple net leased communities to SHOP, with 27 out of 45 communities already transitioned [12][20] - The company aims to leverage its scale, platform, and financial strength to capitalize on favorable demand dynamics in senior housing [8][14] Management's Comments on Operating Environment and Future Outlook - Management anticipates at least another decade of accelerating demand for senior housing due to demographic trends [7] - The company is well-positioned to increase deal activity and capitalize on the growing aging population [14] - Management expressed confidence in the ability to deliver superior performance and create value for shareholders [30] Other Important Information - The company has improved its leverage, with a net debt to EBITDA ratio of 5.3 times, a full turn improvement from the previous year [27] - The company has over $4 billion in liquidity to support growth and financial flexibility [28] - The company has completed $4.1 billion in senior housing investments since mid-last year, with a strong focus on quality and attractive markets [22][24] Q&A Session Summary Question: Can you discuss the underwriting criteria and potential for lower initial yield requirements? - Management indicated they are ambitious in growing the senior housing business and are open to acquiring properties with higher growth potential, even if initial yields are lower [34][36] Question: What is the target leverage and how do you weigh equity and debt for growth? - Management confirmed the strategy of organic growth plus equity-funded investments is working well, and they expect to continue this approach as market conditions allow [38][39] Question: Can you provide updates on the Brookdale SHOP transitions and the CapEx plans? - Management detailed that the transitions are progressing well, with a focus on routine refreshes and minimal disruption to current results [45][46] Question: How does the independent living pool in the U.S. perform, and what drives that performance? - Management noted strong occupancy growth in independent living, particularly in former Holiday communities, contributing positively to overall performance [100][103] Question: What is the outlook for external growth in senior housing? - Management expressed confidence in the ability to accelerate investment activity in senior housing for the foreseeable future, with no signs of slowdown [87][88]

Financial Data and Key Metrics Changes - The company reported normalized FFO of 84¢ per share, representing nearly 8% year-over-year growth [28] - Total same store cash NOI grew by 7%, led by SHOP increasing approximately 14% [29] - The company expects 7% normalized FFO per share growth for 2025 [6][11] Business Line Data and Key Metrics Changes - Senior Housing Operating Portfolio (SHOP) delivered 84¢ of normalized FFO per share in Q1, an increase of approximately 8% [7] - SHOP's same store cash NOI growth was 13.6%, with revenue growth of 7.4% driven by occupancy and rate increases [15] - Outpatient medical and research business reported same store cash NOI growth of 1.3% year-over-year [29] Market Data and Key Metrics Changes - The 80+ population is experiencing its highest growth, with an increase of about half a million people this year and 900,000 annually between 2027 and 2030 [8] - The number of new senior housing units started in Q1 2025 was the lowest on record at only 1,287 units [8] - The company is positioned in markets with over a thousand basis points of expected net absorption in the coming years [9] Company Strategy and Development Direction - The company is focused on delivering superior multiyear growth through internal and external expansion in senior housing [5] - The investment strategy has been increased from $1 billion to $1.5 billion for the year, reflecting a growing pipeline of opportunities [31][26] - The company aims to enhance its portfolio composition through acquisitions, dispositions, and operational improvements [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a high degree of macroeconomic uncertainty but believes senior housing remains a top asset class within real estate [87] - The company expects strong demand and occupancy growth, particularly during the key selling season [88] - Management is optimistic about the extended multiyear NOI growth opportunity in senior housing due to favorable demand and supply dynamics [11][88] Other Important Information - The company has improved its credit profile, with a net debt to EBITDA of 5.7 times, representing a 30 basis point improvement from the previous year [32] - The liquidity position is robust, with available liquidity of $3.6 billion as of April 2025 [33] - The company has completed over 250 community redevelopment projects in the past two and a half years [21] Q&A Session Summary Question: Can you provide more details on the dynamics of occupancy and margin expansion? - Management indicated that reaching higher occupancy levels leads to significant margin expansion, with around 50% incremental margin from 80% to 90% occupancy [39] Question: How is the Canadian portfolio performing at high occupancy? - The Canadian portfolio continues to deliver strong NOI growth even at high occupancy levels, demonstrating that occupancy is not the only driver of growth [42] Question: What is the impact of the recent investments on cost per bed? - The cost per bed has increased due to acquiring newer communities in better markets, but the company is still buying below replacement costs [56][60] Question: How are the Brookdale assets expected to perform during the transition? - The Brookdale communities transitioning to new operators are outperforming those remaining in the lease model, and management is optimistic about their future performance [66][71] Question: What are the expectations for pricing power in the upcoming months? - Management expects pricing power to remain strong, with good rent increases anticipated during the key selling season [80] Question: How does the company view the potential changes in NIH funding? - Management believes that any potential changes in NIH funding would have a manageable impact on the research budget due to the strong financial position of their university tenants [113]