Ventas : Presentation

Jefferies Virtual Real

Estate Conference

Investor Presentation

and Business Update

December 14, 2021

Cautionary Statements & Non-GAAP Presentation

Certain of the information contained herein, including intra-quarter operating information and number of confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof.

Forward-looking statements are based on management's beliefs as well as on a number of assumptions concerning future events. 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. You are urged to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance in our filings with the Securities and Exchange Commission ("SEC"), including those made in the "Risk Factors" section and "Management's Discussion & Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) the impact of the ongoing COVID-19 pandemic, including of the Delta or any other variant, on our revenue, level of profitability, liquidity and overall risk exposure and the implementation and impact of regulations related to the CARES Act and other stimulus legislation and any future COVID-19 relief measures; (b) our ability to achieve the anticipated benefits and synergies from the acquisition of, and the risk of greater than expected costs or other difficulties related to the integration of, New Senior Investment Group Inc. ("New Senior" or "SNR"); (c) our exposure and the exposure of our tenants, borrowers and managers to complex healthcare and other regulation and the challenges and expense associated with complying with such regulation; (d) the potential for significant general and commercial claims, legal actions, regulatory proceedings or enforcement actions that could subject us or our tenants, borrowers or managers to increased operating costs and uninsured liabilities; (e) the impact of market and general economic conditions, including economic and financial market events, or events that affect consumer confidence, our occupancy rates and resident fee revenues, and the actual and perceived state of the real estate markets, labor markets and public capital markets; (f) our ability, and the ability of our tenants, borrowers and managers, to navigate the trends impacting our or their businesses and the industries in which we or they operate; (g) the risk of bankruptcy, insolvency or financial deterioration of our tenants, borrowers, managers and other obligors and our ability to foreclose successfully on the collateral securing our loans and other investments in the event of a borrower default; (h) our ability to identify and consummate future investments in or dispositions of healthcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles; (i) our ability to attract and retain talented employees; (j) the limitations and significant requirements imposed upon our business as a result of our status as a REIT and the adverse consequences (including the possible loss of our status as a REIT) that would result if we are not able to comply; (k) the risk of changes in healthcare law or regulation or in tax laws, guidance and interpretations, particularly as applied to REITs, that could adversely affect us or our tenants, borrowers or managers; (l) increases in the Company's borrowing costs as a result of becoming more leveraged or as a result of changes in interest rates and phasing out of LIBOR rates; (m) our reliance on third parties to operate a majority of our assets and our limited control and influence over such operations and results; (n) our dependency on a limited number of tenants and managers for a significant portion of our revenues and operating income; (o) the adequacy of insurance coverage provided by our policies and policies maintained by our tenants, managers or other counterparties; (p) the occurrence of cyber incidents that could disrupt our operations, result in the loss of confidential information or damage our business relationships and reputation; (q) the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our tenants, borrowers or managers; and

(s) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change.

Non GAAP Presentation

This presentation includes certain financial performance measures not defined by generally accepted accounting principles in the Unites States ("GAAP"). You can find a reconciliation of these non-GAAP financial measures in our Supplemental, which is available on our website at https://ir.ventasreit.com/ com/. We believe such measures provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other Real Estate Investment Trusts ("REITs"). Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other REITs. These non-GAAP financial measures should not be considered as alternatives to net income attributable to common stockholders (determined in accordance with GAAP) as indicators of our financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of our liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs.

Readers are cautioned to refer to the Company's periodic filings furnished to or filed with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are prepared in accordance with GAAP. The information contained herein should be reviewed in conjunction with such filings.

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Table of Contents

December Business Updates	4
Recent SHOP Highlights	6
Senior Housing Portfolio Actions Update	13
Office Business Update	20
Capital Allocation	23
Environmental, Social & Governance Leadership	35
Liquidity & Balance Sheet	37
4Q21 Guidance	39

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December Business Updates

December Business Updates

4Q21 Guidance1 and 1Q22 Considerations

 Reaffirming 4Q21 guidance and 1Q22 considerations, previously

issued on November 5th:

4Q21 SHOP Sequential Same-Store Guidance Assumptions

 4Q21 Guidance:

• • Normalized FFO2 per share 4Q21 guidance range of $0.67 - $0.71 ($0.69/sh. midpoint)
  • Normalized FFO2 per share of $0.64 - $0.68 ($0.66 cents at midpoint) adjusting for Kindred M&A Fee expected to be received in 4Q21
• 1Q22 Considerations:
• • Significant sequential revenue growth expected in SHOP

Occupancy Change

Revenue

NOI2

Average occupancy is expected to increase 80 to 120

bps, reflecting continued demand exceeding pre- ON TRACK pandemic levels tempered by typical seasonal trends

Expected to grow as a result of occupancy increases ON TRACK

Approximately stable NOI expected; at midpoint, revenue

growth is assumed to be offset by increasing operating ON TRACK costs, notably including continued elevated labor costs

HHS Grants	Assumes no HHS Grants in Senior Housing in 4Q21	No Change
1Q22	Expect to achieve significant sequential revenue growth	ON TRACK
Revenues	in its SHOP business in 1Q22

Recent SHOP Highlights

• Delivered nine consecutive months of sequential occupancy growth and strong leads through November 2021
  o Leading indicators in November remained robust, with leads strong at 117% of 2019 levels and move-ins at 103% of 2019 levels
  o SHOP portfolio 4Q21 quarter-to-date estimated average occupancy through November 30th is +110bps vs. 3Q21, as compared to guidance of +80 to +120 bps in 4Q21 vs. 3Q21. +110bps and +100bps of QTD average occupancy growth in the U.S. and Canada, respectively
  o Four consecutive months of positive year-over-year occupancy growth through November 2021
• COVID cases in SHOP communities remain stable at relatively low levels
  o Nearly all residents are fully vaccinated; over 50% of eligible residents have received a booster as of December 6th o ~100% of communities are open to new resident move-ins
• Operational initiatives underway focused on managing labor cost pressures despite continued challenging macro backdrop

Capital Allocation Updates

• Completed or announced $3.7B in strategic investments year to date
• Closed on $940M of dispositions and loan repayments year to date

1. The Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may	5
differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission; 2. This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures Reconciliation

tables in our 3Q21 supplemental for additional information and a reconciliation to the most directly comparable GAAP measure.