Ventas (VTR) official guidance

◦Disposition and loan repayment proceeds of ~$700 million at a ~7% blended yield, unchanged

Again, we increased that to $700 million. It's really outside of SHOP, so think the rest of the asset classes, and I would call it sort of the non-strategic type assets in those asset classes, including loan repayments at quite a high yield. About $100 million or so at 11% in terms of getting a loan repaid, a really strong loan.

◦Disposition and loan repayment proceeds of ~$700 million at a ~7% blended yield, vs. previous ~$300 million

◦Disposition proceeds of ~$300 million

◦Disposition proceeds of ~$300 million

We now expect full-year net income to range from $0.58 to $0.63 per share, or $0.61 per share at the midpoint.

For 2026, we expect net income of $0.57 per share at the midpoint.

| Normalized FFO attributable to common stockholders | $1,970 | $1,986 | $3.87 | $3.90 |

For the full year, we are again raising our normalized FFO expectations to $3.85-3.90 per share, equating to 8%-10% growth, primarily because of our increased investment activity.

| Normalized FFO Per Share Range\* | $3.82 - $3.89 | $3.85 - $3.90 |

We now expect normalized FFO per share to range from $3.82-$3.89, or $3.86 at the midpoint, a $0.03 increase from our prior outlook.

| Normalized FFO Per Share Range | $3.78 - $3.88 | $3.82 - $3.89 |

We expect 2026 normalized FFO per share to range from $3.78 to $3.88, or $3.83 at the midpoint.

| Normalized FFO Per Share Range\* | $3.78 - $3.88 | | | |

Excluding the Revel transaction, our remaining senior housing investments completed so far in 2026 are expected to generate a 6.9% year one NOI yield and low to mid-teens unlevered IRRs.

I wouldn't read the end of the six too. We're expecting the $1 billion under contract to deliver around a 6.5, consistent with what we've been delivering so far and what we've closed this year.

◦FAD capital expenditures of ~$400 million at midpoint, unchanged

◦FAD capital expenditures of ~$400 million at midpoint

On CapEx, we did give the FAD a guide that is up year-on-year from about $300 million to $400 million. You nailed it. It's led by more units, some inflation as well, but that's the driver.

◦FAD capital expenditures of ~$400M at midpoint

| Depreciation and amortization adjustments | 1,626 | 1,626 | $3.22 | $3.22 |

| Depreciation and amortization adjustments | 1,593 | 1,593 | $3.16 | $3.16 |

| Depreciation and amortization adjustments | 1,566 | 1,566 | $3.11 | $3.11 |

| Weighted average diluted shares (in millions) | 506 | 506 | | |

And with the 503 million or so expected average shares for 2026, what does it imply for the year-end count?

◦Full year weighted average diluted share count of 503 million

| Gain on real estate dispositions | (15) | (15) | ($0.03) | ($0.03) |

| Gain on real estate dispositions | (15) | (15) | ($0.03) | ($0.03) |

◦Interest expense of ~$646 million at midpoint, vs. previous ~$640 million

◦Interest expense of ~$640 million at midpoint

◦Interest expense of ~$636M at midpoint

◦Interest and other income of ~$8 million at midpoint, unchanged

◦Interest and other income of ~$8 million at midpoint

◦Interest and other income of ~$8M at midpoint

| Nareit FFO attributable to common stockholders | $1,902 | $1,927 | $3.76 | $3.81 |

| Nareit FFO attributable to common stockholders | $1,860 | $1,895 | $3.69 | $3.76 |

| Nareit FFO attributable to common stockholders | $1,826 | $1,876 | $3.63 | $3.73 |

| Nareit FFO Per Share Range\* | $3.69 - $3.76 | $3.76 - $3.81 |

| Nareit FFO attributable to common stockholders | $1,860 | $1,895 | $3.69 | $3.76 |

| Nareit FFO Per Share Range\* | $3.63 - $3.73 | | | |

| Net income attributable to common stockholders | $291 | $317 | $0.58 | $0.63 |

| Net income attributable to common stockholders | $282 | $317 | $0.56 | $0.63 |

| Net income attributable to common stockholders | $260 | $310 | $0.52 | $0.62 |

| Normalized FFO attributable to common stockholders | $1,947 | $1,972 | $3.85 | $3.90 |

| Normalized FFO attributable to common stockholders | $1,924 | $1,959 | $3.82 | $3.89 |

| Normalized FFO attributable to common stockholders4 | $1,902 | $1,952 | $3.78 | $3.88 |

| Other adjustments3 | 44 | 44 | $0.09 | $0.09 |

| Other adjustments3 | 64 | 64 | $0.13 | $0.13 |

| Other adjustments3,4 | 76 | 76 | $0.15 | $0.15 |