Ventas : Presentation

January 2022 Business Update

January 20, 2022

Cautionary Statements

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.

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January 2022 Business Update

4Q21 Earnings Expectations1

Net Income (Loss) Attributable to Common

Stockholders per Share

• Expect 4Q21 Net Income (Loss) Attributable to Common Stockholders per Share below previously issued guidance range

1. Principally due to non-cashmark-to-market on Brookdale warrants and increased non- cash property impairments, including on assets sold in 4Q21

Normalized FFO per Share

• Expect 4Q21 Normalized Funds From Operations (FFO) to be at the high end of previously issued guidance range before the additional benefit of ~$6M of HHS proceeds received in 4Q21

1. With the inclusion of the ~$6M benefit of HHS CARES Act funding, 4Q21 Normalized FFO is expected to be above the previously issued guidance range

1. The ~$6M (~$0.015/sh.) benefit of HHS CARES Act funding was not contemplated in guidance

SHOP Cash NOI

• SHOP sequential same-store NOI in-line with expectations for 4Q21
  o Experienced elevated levels of labor and agency costs in 4Q21 in senior housing as anticipated in our 4Q21 guidance
• SHOP non same-store NOI performance was modestly ahead of expectations
  o Includes Transition 90 and New Senior
  o With strong asset management support, the transition of the Transition 90 to 7 new experienced managers has been more efficient

4Q21 SHOP Sequential Same-Store Guidance

Occupancy	Average occupancy is expected to increase 80 to 120 bps, reflecting
continued demand exceeding pre-pandemic levels tempered by typical	+110 bps
Change
seasonal trends
Revenue	Expected to grow as a result of occupancy increases	ON TRACK
	Approximately stable NOI expected; at midpoint, revenue growth is
NOI2	assumed to be offset by increasing operating costs, notably including	ON TRACK
	continued elevated labor costs
HHS Grants	Assumes no HHS Grants in Senior Housing in 4Q21	Received <$0.01/sh. in
SHOP

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	3
differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission

January 2022 Business Update

Recent SHOP Highlights

• Delivered ten consecutive months of sequential occupancy growth and strong leads through December 2021
  o Leading indicators in December remained robust, with leads strong at 113% of 2019 levels and move-ins at 106% of 2019 levels
  o SHOP portfolio 4Q21 estimated average occupancy was +110bps vs. 3Q21, as compared to guidance of +80 to +120. +110bps of 4Q21 average occupancy growth in each of the U.S. and Canada
  o Five consecutive months of positive year-over-year occupancy growth through December 2021
• COVID-19Clinical Trend Update
  o Recent increase in resident cases follows U.S. trends; however, operators are reporting generally mild cases in both residents and staff due to high vaccination rates and vaccine efficacy
  o Nearly all residents are fully vaccinated and leading operators like Atria and Sunrise have adopted employee vaccine mandates resulting in almost all employees being vaccinated; booster clinics are ongoing and streamlined with annual flu shots; over 65% of eligible residents have received their booster
  o Nearly all communities are open to move-insbut some with more restrictive protocols
  o COVID-19 cases among employees accelerated in late 4Q21 and early 1Q22 and have driven an increase in the utilization of agency staff at a higher cost per hour as well as higher testing and PPE expenses
• 1Q22 in-place rate increases have been implemented in line with expectations
• Transition 90: Successfully transitioned all 90 communities to seven experienced new managers by the start of January 2022

Capital Allocation Updates

• Completed or announced $3.7B in strategic investments in 2021. Expect to close $0.3B of investments in 1Q22 ($0.2B previously announced in 2021 and $0.1B of previously unannounced senior housing acquisitions)
• Closed on $1.2B of dispositions and loan repayments in 2021 comprised of ~$350M of repayment of well-structured loans (at >9% yield) and ~$850M of non-core senior housing and MOB asset sales (at <4% cap rate)
  o $1.1B of proceeds used to paydown near term maturities and $0.1B used to fund acquisitions

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Recent SHOP Highlights