Ventas

Financial Strength and Flexibility The Company s Net Debt-to-Further Adjusted EBITDA* strengthened to 5.3x as of the end of the third quarter driven by SHOP NOI growth and equity-funded senior housing investments, representing an improvement of 1.0x compared to the third quarter of 2024.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Liquidity includes availability under its unsecured revolving credit facility, cash and cash equivalents and unsettled equity forward sales agreements outstanding.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

(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 Nareit FFO, Normalized FFO, Net Operating Income ( NOI ), Same-Store Cash NOI, Same-Store Cash NOI Growth, Same-Store Cash NOI Margin, Cash Operating Revenue and Net Debt to Further Adjusted EBITDA.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The Company believes that Further Adjusted EBITDA and Net Debt are useful to investors, analysts and Company management because they allow the comparison of the Company s credit strength between periods and to other real estate companies without the effect of items that by their nature are not comparable from period to period.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) In connection with a refinancing of Kindred and certain of its affiliates and parent companies (collectively, Scion ) intended to streamline its capital structure and reduce its debt balance, in June 2026 we originated a six-year , interest-only senior secured loan to Scion with an initial principal amount of $ 300.0 million and an effective interest rate of 10.7 % per annum (the Scion Term Loan ).

SEC original ↗Ventas — 10-Q Quarterly report10-QOct 28, 2026

The change in the Scion Warrants value represents partial consideration received in connection with the Kindred Master Lease amendment and the Scion Term Loan.

SEC original ↗Ventas — 10-Q Quarterly report10-QOct 28, 2026

CEO Remarks Ventas delivered strong financial performance and growth in the third quarter as we continued to execute on our 1-2-3 strategy.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

, (together with its consolidated subsidiaries, unless otherwise indicated or except where the context otherwise requires, we, us, our, Ventas, Company and other similar terms) is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population.

SEC original ↗Ventas — 10-Q Quarterly report10-QOct 28, 2026

You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including those made below and in our filings with the Securities and Exchange Commission, such as in the sections titled Cautionary Statements Summary Risk Factors and Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, Management s Discussion and Analysis of Financial Condition and Results of Operations in our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K as we file them with the Securities and Exchange Commission.

SEC original ↗Ventas — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Legal Proceedings 63 Item 1A.

SEC original ↗Ventas — 10-Q Quarterly report10-QOct 28, 2026