Ventas Inc

2024 Performance Highlights

Ventas’s strong results in 2024 demonstrate the power of our business and our role as an essential part of a rapidly growing market fueled by demographic demand.

Delivered strong returns for stockholders

•Delivered total shareholder return ("TSR") exceeding 22% for 2024, continuing our strong track record of performance

•Outperformed our key benchmarks, the Nareit Health Care Index and MSCI REIT Index, over the near-, intermediate- and long-term

•Increased quarterly dividend in the first quarter 2025 by 7% to $0.48 per share on the strength of the Company’s 2024 results and its positive outlook

(1)FactSet, for the periods ending December 31, 2024

(2)With Alexandria Real Estate Equities, Inc. (NYSE: ARE) performance included in the Nareit Health Care Index for entire 1- and 3-year periods and performance as reported for all other periods.

Delivered strong financial and operating performance and robust year-over-year growth

•Net Income Attributable to Common Stockholders per share of $0.19

•Normalized Funds From Operations* (“Normalized FFO”) per share of $3.19, an increase of approximately 7% compared to the prior year

•Total Company Net Operating Income* (“NOI”) year-over-year growth of 7.5% and Total Company Same-Store Cash NOI* year-over-year growth of 7.7%

•On a Same-Store Cash NOI* basis, our senior housing operating portfolio (“SHOP”) grew nearly 16% year-over-year and NOI margin* grew 180 basis points

•Delivered OM&R Same-Store Cash NOI* growth of 3% over prior year

n/m - Not meaningful

Executed on our strategy to capture the unprecedented multi-year growth opportunity in senior housing

•Delivered the third consecutive year of double-digit Same-Store Cash NOI* growth in SHOP

•SHOP Same-Store average occupancy outperformed, growing 300 basis points year-over-year, which supported revenue growth of 8.2%

•Closed over $2 billion of investments, substantially all of which were focused on senior housing consistent with the Company's stated financial criteria and Right Market, Right Asset, Right Operator TM strategy; these investments, which are equity funded, are expected to generate attractive NOI yields, are priced below replacement cost and offer significant multi-year NOI growth potential

Further enhanced the Company's financial strength and flexibility

•Net Debt to Further Adjusted EBITDA* improved to 6.0x as of the end of the fourth quarter 2024, representing an improvement of 0.9x from year-end 2023

•Raised approximately $4 billion of debt and equity capital at attractive pricing and favorably extended our $2.75 billion unsecured revolving credit facility

•Ended 2024 with $3.8 billion in liquidity

Advanced our other key goals and initiatives

•Made nearly $100 million of qualifying investments in our VIM business and raised capital in our open end fund in a challenging fundraising environment

•Achieved strong tenant satisfaction in our Outpatient Medical portfolio, marking three years in a row above the 90th percentile in tenant satisfaction

•Deployed more than $600 million in targeted capital expenditures in 2024 to enhance the living and working environments of our properties

•Earned numerous recognitions, including the inaugural Nareit 2024 Impact at Scale Award, 2024 ENERGY STAR® Partner of the Year Award for the fourth consecutive year and the Sustained Excellence in Energy Management Award, the ENERGY STAR® program’s highest honor