Here are a few brief analogies for Ventas (VTR):

• Public Storage for healthcare buildings.
• The American Tower of medical facilities.
• Blackstone for hospitals and senior living.

• Healthcare Real Estate Leasing: Ventas provides a diversified portfolio of healthcare properties, including senior housing, medical office buildings, and research centers, for lease to leading healthcare organizations and providers.
• Healthcare Real Estate Investment & Management: Operating as an REIT, Ventas strategically invests capital to acquire, develop, and manage healthcare real estate assets, aiming to generate consistent cash flows and superior returns for its shareholders.

Ventas (VTR) sells primarily to other companies and institutions, not individuals. As a Real Estate Investment Trust (REIT) focused on healthcare properties, its major customers are the operators and tenants of its owned or managed facilities. Ventas derives its revenue from lease payments or from participation in the operating results of these properties.

Based on Ventas's business model and public disclosures, its major customers and partners include:

• Atria Senior Living: A significant operating partner for Ventas's Senior Housing Operating (SHOP) portfolio. Atria manages a substantial portion of Ventas's senior living communities. (Private company)
• Ardent Health Services: A key tenant in Ventas's triple-net lease hospital portfolio. (Private company)
• PruittHealth: An operator of skilled nursing facilities and a tenant in Ventas's triple-net lease portfolio. (Private company)
• Various leading healthcare systems, universities, and life science companies: For its Medical Office Building (MOB) and Research & Innovation (R&I) properties, Ventas has a diverse tenant base. While no single public company typically dominates this segment, these tenants include major hospital networks (often non-profit), academic institutions, and biotechnology firms.

Debra A. Cafaro
Chairman and Chief Executive Officer

Debra A. Cafaro has served as Ventas's Chairman and Chief Executive Officer since 1999. Under her leadership, Ventas's market capitalization grew from $200 million in 1999 to $28 billion by 2019. Before joining Ventas, Cafaro was President of an NYSE-listed apartment company and practiced law for 13 years. She also served as a U.S. Court of Appeals judicial clerk. Cafaro is an owner of the MLB Baltimore Orioles, the NHL Pittsburgh Penguins, and the NWSL Chicago Red Stars. She established the Cafaro Scholars program at the University of Chicago Law School, providing full scholarships to high-potential students whose parents did not attend college.

Robert F. Probst
Executive Vice President, Chief Financial Officer and Interim Chief Accounting Officer

Robert F. Probst has been Ventas's Executive Vice President and Chief Financial Officer since October 2014, and also serves as Interim Chief Accounting Officer since February 2026. Before joining Ventas, Mr. Probst was Senior Vice President and Chief Financial Officer of Beam Inc., a global spirits distributor, from its inception as a stand-alone publicly traded company in October 2011 to its sale to Suntory Holdings Limited in May 2014. He also held roles as Vice President of Finance, Strategy and M&A for the Medication Delivery business division at Baxter International, Inc., and spent eight years with UK-based Diageo PLC, where he was most recently Chief Financial Officer, Global Supply. His early career included roles at The Pillsbury Company and as a Commercial Lending Officer with The Northern Trust Bank.

J. Justin Hutchens
Executive Vice President, Senior Housing and Chief Investment Officer

J. Justin Hutchens has served as Ventas's Executive Vice President, Senior Housing since March 2020 and took on the additional role of Chief Investment Officer in January 2023. He is responsible for Ventas's Senior Housing portfolio and the company's capital allocation strategy. Prior to Ventas, Mr. Hutchens served as Chief Executive Officer for HC-One, which grew to become Britain's largest residential and nursing care home operator. He has held senior executive positions in both publicly traded and private equity-backed organizations, including President and Chief Investment Officer of HCP (now Healthpeak Properties, Inc.) (NYSE: PEAK), and Chief Executive Officer, Chief Operating Officer, and President of National Health Investors (NYSE: NHI). He was also Chief Operating Officer of Emeritus Corporation, which was acquired by Brookdale Senior Living, Inc. in 2014.

Carey S. Roberts
Executive Vice President, General Counsel, Ethics & Compliance Officer and Corporate Secretary

Carey S. Roberts joined Ventas in the first quarter of 2020 as Executive Vice President, General Counsel, and Ethics & Compliance Officer, and has served as Corporate Secretary since March 2020. She leads the company’s legal, compliance, and enterprise risk management functions. Before Ventas, Ms. Roberts was Executive Vice President, Chief Legal Officer, and Corporate Secretary of Assurant, Inc.. She also previously served as Deputy General Counsel, Global Chief Compliance Officer, and Corporate Secretary of Marsh & McLennan Companies, Inc., and was a partner in the corporate practice of Covington & Burling LLP.

Peter J. Bulgarelli
Executive Vice President, Outpatient Medical & Research and President and CEO, Lillibridge Healthcare Services, Inc.

Peter J. Bulgarelli is the Executive Vice President, Outpatient Medical & Research at Ventas, Inc., and also holds the titles of President and CEO of Lillibridge Healthcare Services, Inc.. As of November 2025, it was announced he plans to retire in May 2026.

1. Interest Rate Fluctuations and Substantial Debt Burden: Ventas, as a Real Estate Investment Trust (REIT), relies significantly on debt to fund its extensive portfolio, particularly in senior housing. The company has a substantial debt burden, with long-term debt approximating $12.57 billion as of Q3 2025 and $13.49 billion as of December 31, 2023. A high interest rate environment poses a crucial risk as it increases borrowing costs, impacts the value of real estate assets, and can limit Ventas's ability to refinance existing debt or pursue new acquisitions.

2. Operational Risks, Reliance on Third-Party Managers and Tenants, and Expense Pressures: Ventas's business performance is heavily dependent on the operational execution and financial health of its third-party managers and tenants. Deterioration in their condition, such as underperforming senior housing operators or challenges with occupancy rates, directly affects Ventas's revenues. The company also faces increased expense pressures, particularly from inflation and rising labor costs in property-level operating expenses, which can impact margins. Furthermore, tenant concentration risk exists, with a few major tenants contributing a significant portion of net operating income.

3. Regulatory Risks and Changes in Healthcare Policy: Ventas operates in the highly regulated healthcare industry, making it susceptible to changes in the U.S. political and regulatory environment. Specifically, alterations in healthcare funding, reimbursement rates from programs like Medicare and Medicaid, and other stringent regulations can negatively impact the financial performance of Ventas's tenants. Such changes can directly affect their ability to pay rent and, consequently, Ventas's financial results and operations.

For Ventas (VTR), the addressable markets for its main products and services in the U.S. are as follows:

• U.S. Senior Living Market: This market was valued at approximately $943.90 billion in 2025 and is projected to reach $1.33 trillion by 2033.
• U.S. Medical Office Buildings (MOBs) Market: This market generated a revenue of approximately $14.08 billion in 2023 and is expected to reach $22.04 billion by 2030.
• U.S. Healthcare Real Estate Market (Overall): This broader market, which encompasses various healthcare property types including senior living and medical office buildings, was estimated at $1.32 trillion in 2024 and is expected to reach an estimated $2.27 trillion by 2030.

Addressable market size for Life Sciences Real Estate: null

Ventas (VTR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strong Performance in Senior Housing Operating Portfolio (SHOP): Ventas anticipates continued robust performance from its Senior Housing Operating Portfolio (SHOP), driven by occupancy growth and increasing same-store Net Operating Income (NOI). The company reported significant SHOP same-store NOI growth in 2025 and projects continued strong growth in 2026, with a forecasted range of 13%-17% for same-store NOI growth, fueled by expected occupancy growth of 270 basis points.
2. Strategic Senior Housing Acquisitions and Investments: The company is actively pursuing and completing value-creating investments, particularly in high-quality senior housing properties. Ventas closed $2.5 billion in senior housing acquisitions in 2025 and has set a target of approximately $2.5 billion for new senior housing investments in 2026, aiming to enhance enterprise growth.
3. Favorable Demographic Tailwinds: Ventas is positioned to benefit from the significant demographic trend of an aging population. The baby boomer generation beginning to turn 80 in 2026 is projected to drive a 28% surge in the over-80 population over the next five years, creating strong demand for senior housing amidst low new supply starts. This demographic shift provides a structural advantage and underpins future growth.
4. Operational Efficiencies and Ventas Operational Insights (Ventas OI): The company leverages its proprietary Ventas Operational Insights (Ventas OI) platform and collaborates with its operators to enhance efficiency and performance across its portfolio. This execution is expected to contribute to organic growth and outperformance.
5. Pricing Power and Revenue Per Occupied Room (RevPOR) Growth: Supported by strong demand driven by demographic trends and effective operational management, Ventas expects to maintain and expand its pricing power. This is anticipated to lead to continued growth in revenue per occupied room (RevPOR) within its senior housing portfolio.

Share Repurchases

• Ventas has reported $0.00 in share buybacks as of February 27, 2026.

Share Issuance

• Ventas generated over $7 billion in capital during 2025, including $3.2 billion raised through equity.
• In the third quarter of 2025, Ventas settled 31.3 million shares under forward sales agreements, resulting in gross proceeds of $2.1 billion year-to-date.
• Ventas's shares outstanding increased by 11.11% in 2025 to 0.463 billion from 0.416 billion in 2024.

Inbound Investments

• Aberdeen Group plc increased its stake in Ventas by 8.3% in the third quarter, owning 1,580,923 shares valued at approximately $109.99 million.
• Hudson Bay Capital Management LP acquired a new stake in Ventas during the second quarter, valued at around $17,568,000.
• Institutional investors collectively own approximately 94.18% of Ventas.

Outbound Investments

• Ventas completed $2.5 billion in senior housing investments during 2025.
• The company plans to make approximately $2.5 billion in senior housing investments in 2026.
• As of early 2026, Ventas has already closed over $800 million in wholly-owned senior housing deals across seven transactions.

Capital Expenditures

• Ventas reported capital expenditures of -$580.8 million as of September 30, 2025.
• Expected FAD (Funds Available for Distribution) capital expenditures for 2026 are approximately $400 million at the midpoint.
• The primary focus of capital expenditures includes refreshing the portfolio with NOI (Net Operating Income) generating CapEx to enhance the competitive positioning of its communities, particularly in senior housing.