Ventas, Inc. Q1 FY2026 earnings call

• Ventas continues to drive growth in senior housing operating portfolio with 5 consecutive years of double-digit annual growth. • First quarter results show 9% year-over-year growth in total same-store property NOI and normalized FFO per share. • SHOP NOI grew over 15% with U.S. occupancy increase. • Deploying active asset management with operators and Ventas OI initiatives. • Increased 2026 shop outlook with same-store NOI growth of 16% at midpoint. • 2026 investment volume guidance increased to $3 billion with completed $1.7 billion of senior housing acquisitions year to date. • Balance sheet strengthening with net debt EBITDA improvement and $5.5 billion available equity.

Total same-store property NOI and normalized FFO per share grew 9% year-over-year. SHOP NOI grew over 15% with U.S. occupancy increasing 370 basis points. Outpatient medical and research portfolio delivered 2.4% same-store cash NOI growth. Triple net segment grew same store cash NOI by 1.6% in the quarter. SHOP contributes over 60% of the business.

• Improved full-year outlook for FFO per share with midpoint increased to $3.86 per share, led by shop same-store growth of 16%. • Increased total company same-store cash NOI growth outlook to nearly 10% at midpoint. • 2026 senior housing focused investment guidance increased from $2.5 billion to $3 billion.

Q: Touch on the $540 million Rebel investment, including underperformance drivers and Ventas OI benefits.

A: Rebel portfolio was built by Wolf Company, used third-party management initially. Ventas OI platform provides advantages, assets are high quality, bought below replacement costs with operational upside.

Q: Describe current transaction environment competition and cap rates.

A: More interest in sector, new investors, PE, etc. Ventas has competitive moat, investment guidance updated. Cap rates drifted down, expecting high sixes moving forward.

Q: About X4 expense, breakdown of recurring vs temporal.

A: Total expenses 5.8%, much weather related, full year guide 5.5% including volume impacts.

Q: Time for Ventas to use funds or create new fund in fund business.

A: Ventas has investment management business, well positioned to expand in senior housing in various ways including additional vehicles.

Q: Incremental margin in shop segment and when to see improvement.

A: Incremental margin around 50%, communities with flat occupancy deliver 70% incremental margin, goal is to get more communities in that category.

Q: Key selling season impact on outlook.

A: Strong start gives optimism, key selling season from May to September determines full year outcome.

Q: Occupancy level impact on operator rate pushing.

A: Volume remains number one focus, higher occupied communities have better price performance opportunity.

Q: Development appetite and focus.

A: Focused on acquisitions, development not current focus but opportunities may exist in future.

Q: Revel portfolio game plan and readiness for key season.

A: Revel portfolio ready for key selling season, Ventas OI platform brings data analytics and boots on the ground approach to create value.

Q: Seniors housing operators charging entrance fees and impact on occupancy.

A: Entrance fees (community fees) increasing, wait lists forming, supporting better pricing.

Q: Development structures and Ventas appetite.

A: Structures exist, but not current focus at scale, focused on acquisitions.

Q: Cash GMA increase and contributing factors.

A: Investing behind business, growing and scaling platform, investing in people, process, technology.

Q: Ventas OI rollout integration.

A: Fully integrated across all operators, new operators go through integration period.

Q: Motivated sellers and JV deals.

A: Sellers include private equity, others with limited life vehicles, REVL deal is joint venture, most senior housing investments are 100% equity ownership by Ventas.

Q: Bidding competition and win rates.

A: Win rates consistent, pipeline bigger, deals off market and bilateral help give advantage.

Q: Operator count philosophy and growth.

A: Focus on operators with strong local market focus, expertise, etc., operator count expected to grow as platform can handle multiple operators.

Q: U.S. portfolio AL and IL occupancy max out.

A: Remains to be seen, expect both categories to be well into 90%.

Q: Revel portfolio vacancy and concentration.

A: Vacancies more in recent deliveries, leveraging approach with OI platform to drive occupancy growth.

Q: Thoughts on non-shop portfolio.

A: Focus on growing senior housing, other parts of portfolio becoming smaller portion, open to modifying portfolio for long-term value but current focus on growing SHOP.

Q: Pricing and operator increases.

A: In-place increases around 8%, improvement from last year, expect pricing to continue with occupancy upside.

Q: Acquisition mix shift.

A: Focus on market asset operator framework, keeping operators in place, delivering double digit to mid-teens unlevered IRRs, Rebel deal is bigger value add example.