Ventas : First Quarter 2024

Supplemental Information

1Q24

Provided May 1, 2024

Table of Contents

1

02 Forward-Looking Statements & Non-GAAP Presentation

03 Financial Highlights

04 Financial Statements & FFO and FAD Reconciliation

07 Guidance Information

09 Senior Housing Operating Portfolio

09 Operating Results

11 Market Fundamentals

13 Geographic Diversification & Performance Trends

14 Outpatient Medical and Research Portfolio

14 Operating Results

16 Outpatient Medical Trends, Tenant Diversification &

Affiliation

18 Research Trends & Tenant Diversification

19 Triple-Net Leased Portfolio

19 Lease Segmentation by Cash Flow Coverage

20 Coverage & Occupancy Trends

1. Investment & Disposition Activity
2. Company Development
3. Company Redevelopment
4. Consolidated Capital Expenditures
5. Liquidity, Capitalization & Credit Statistics
6. Debt Summary
7. Real Estate and Loan Investments Portfolio
8. Portfolio Diversification
9. Lease Rollover & Loan Repayment

31 Non-GAAP & Property Count Reconciliations and Definitions

1. Non-GAAPFinancial Measures Reconciliation

1. Property Count Reconciliation
2. Definitions

Forward Looking Statements & Non-GAAP Presentation

This Supplemental 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 "assume," "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "opportunity," "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. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. 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," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023 and our subsequent Quarterly Reports on Form 10-Q.

Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments of properties, including our ownership of the properties included in our equitized loan portfolio; (b) our exposure and the exposure of our tenants, managers and borrowers to complex healthcare and other regulation, including evolving laws and regulations regarding data privacy and cybersecurity and environmental matters, and the challenges and expense associated with complying with such regulation; (c) the potential for significant general and commercial claims, legal actions, regulatory proceedings or enforcement actions that could subject us or our tenants, managers or borrowers to increased operating costs, uninsured liabilities, fines or significant operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, suspension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federal, state or foreign healthcare programs or the closure of facilities or communities; (d) the impact of market and general economic conditions on us, our tenants, managers and borrowers and in areas in which our properties are geographically concentrated, including macroeconomic trends and financial market events, such as bank failures and other events affecting financial institutions, market volatility, increases in inflation, changes in or elevated interest and exchange rates, tightening of lending standards and reduced availability of credit or capital, geopolitical conditions, supply chain pressures, rising labor costs and historically low unemployment, 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 and private capital markets; (e) our reliance and the reliance of our tenants, managers and borrowers on the financial, credit and capital markets and the risk that those markets may be disrupted or become constrained, including as a result of bank failures or concerns or rumors about such events, tightening of lending standards and reduced availability of credit or capital; (f) the secondary and tertiary effects of the COVID-19 pandemic on our business, financial condition and results of operations and the implementation and impact of regulations related to the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") and other stimulus legislation, including the risk that some or all of the CARES Act or other COVID-19 relief payments we or our tenants, managers or borrowers received could be recouped; (g) our ability, and the ability of our tenants, managers and borrowers, to navigate the trends impacting our or their businesses and the industries in which we or they operate, and the financial condition or business prospect of our tenants, managers and borrowers; (h) the risk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our tenants, managers, borrowers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments or meet their other obligations to us, which could have an adverse impact on our results of operations and financial condition; (i) the risk that the borrowers under our loans or other investments default or that, to the extent we are able to foreclose or otherwise acquire the collateral securing our loans or other investments, we will be required to incur additional expense or indebtedness in connection therewith, that the assets will underperform expectations or that we may not be able to subsequently dispose of all or part of such assets on favorable terms; (j) our current and future amount of outstanding indebtedness, and our ability to access capital and to incur additional debt which is subject to our compliance with covenants in instruments governing our and our subsidiaries' existing indebtedness; (k) the recognition of reserves, allowances, credit losses or impairment charges are inherently uncertain, may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets, which could have an adverse impact on our results of operations and financial condition; (l) the non-renewal of any leases or management agreement or defaults by tenants or managers thereunder and the risk of our inability to replace those tenants or managers on a timely basis or on favorable terms, if at all; (m) 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, joint ventures and minority interests, including our ability to dispose of such assets on favorable terms as a result of rights of first offer or rights of first refusal in favor of third parties; (n) risks related to development, redevelopment and construction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chain pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse effect on our future occupancy rates; (o) our ability to attract and retain talented employees; (p) 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 with such requirements; (q) the ownership limits contained in our certificate of incorporation with respect to our capital stock in order to preserve our qualification as a REIT, which may delay, defer or prevent a change of control of our company; (r) 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, managers or borrowers; (s) increases in our borrowing costs as a result of becoming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest rates; (t) our reliance on third- party managers and tenants to operate or exert substantial control over properties they manage for or rent from us, which limits our control and influence over such operations and results; (u) our exposure to various operational risks, liabilities and claims from our operating assets; (v) our dependency on a limited number of tenants and managers for a significant portion of our revenues and operating income; (w) our exposure to particular risks due to our specific asset classes and operating markets, such as adverse changes affecting our specific asset classes and the real estate industry, the competitiveness or financial viability of hospitals on or near the campuses where our outpatient medical buildings are located, our relationships with universities, the level of expense and uncertainty of our research tenants, and the limitation of our uses of some properties we own that are subject to ground lease, air rights or other restrictive agreements; (x) the risk of damage to our reputation; (y) the availability, adequacy and pricing of insurance coverage provided by our policies and policies maintained by our tenants, managers or other counterparties; (z) the risk of exposure to unknown liabilities from our investments in properties or businesses; (aa) the occurrence of cybersecurity threats and incidents that could disrupt our or our tenants', managers' or borrower's operations, result in the loss of confidential or personal information or damage our business relationships and reputation; (bb) the failure to maintain effective internal controls, which could harm our business, results of operations and financial condition;

1. the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our tenants, managers or borrowers; (dd) disruptions to the management and operations of our business and the uncertainties caused by activist investors; (ee) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change; (ff) the risk of potential dilution resulting from future sales or issuances of our equity securities; and (gg) the other factors set forth in our periodic filings with the Securities and Exchange Commission.

This Supplemental 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, Cash NOI, Cash NOI Margin, Adjusted EBITDA, Further Adjusted EBITDA, FAD, Operating FAD and Same-Store Cash Operating Revenue. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this Supplemental. 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 for, or superior to, financial measures calculated in accordance with GAAP.

2

Financial

Highlights

Dollars in millions USD, totals may not sum due to rounding, unaudited

1. Includes consolidated properties, loan investments, and assets owned by unconsolidated real estate entities. Excludes sold assets, assets held for sale, loan repayments, development properties not yet operational, land parcels and other de minimis investments in real estate entities. Assets that have undergone business model transitions are reflected within the new business segment as of the transition date.
2. Some of the financial measures throughout this Supplemental are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, please see the appendix.
3. Calculated using trailing twelve months.

3

	Portfolio Overview (As of March 31, 2024)1							First Quarter 2024 - Enterprise Results
			At VTR Share										Per Share
		Gross Book Value				Annual. NOI							1Q24	1Q23		$ Change	% Change
	Properties	$	%			$	%			Net (Loss) Income Attributable to	($0.04)	$0.04		($0.08)	n/a
					Common Stockholders
SHOP	581	$17,313	54%				$807	40%		Nareit FFO2		$0.72	$0.73		($0.01)	(1%)
OM&R2	447	8,779	28%				628	31%		Normalized FFO2		$0.78	$0.74		$0.04	5%
Triple-Net	318	5,698	18%				598	29%
Loans	n/a	63	0%				5	0%				First Quarter 2024 - Same-Store Cash NOI2
Total	1,346	$31,854	100%			$2,038	100%					Year-Over-Year Segment Results

				Properties	1Q24	1Q23	% Growth
			SHOP	477	$183	$159	15.2%
Capitalization and Credit Statistics
		OM&R	341	129	123	4.9%
(As of March 31, 2024)
		Triple-Net	275	129	131	(2.0%)
Common Stock and Redeemable OP Unitholder Interests Count	407,872
	Total	1,093	$441	$414	6.7%
Share Price	$43.54
Equity / Market Cap	$17,759
Total Debt	$13,555
Enterprise Value	$31,314
(For the Three Months Ended March 31, 2024)
Net Debt / Further Adjusted EBITDA2	6.7x
(As of March 31, 2024)
Total Indebtedness / Gross Asset Value	38%
Secured Debt / Gross Asset Value	9%
Fixed Charge Coverage3	3.3x

Consolidated

Statements of

Income

In thousands, except per share amounts, dollars in USD, unaudited

1 Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

For the Three Months Ended

March 31,

		2024			2023
Revenues
Rental income:
Triple-net leased	$	155,368	$	149,739
Outpatient medical and research portfolio		218,877			203,004
		374,245			352,743
Resident fees and services		813,304			704,993
Third party capital management revenues		4,296			4,177
Income from loans and investments		1,289			13,589
Interest and other income		6,780			1,743
Total revenues		1,199,914			1,077,245
Expenses
Interest		149,933			128,075
Depreciation and amortization		300,255			282,119
Property-level operating expenses:
Senior housing		609,821			537,222
Outpatient medical and research portfolio		73,938			66,913
Triple-net leased		3,738			3,796
		687,497			607,931
Third party capital management expenses		1,753			1,706
General, administrative and professional fees		48,737			44,798
Loss on extinguishment of debt, net		252			-
Transaction, transition and restructuring costs		4,677			1,386
Allowance on loans receivable and investments		(68)			(8,064)
Shareholder relations matters		15,714			-
Other (income) expense		(1,334)			7,762
Total expenses		1,207,416			1,065,713
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests		(7,502)			11,532
Loss from unconsolidated entities		(8,383)			(5,623)
Gain on real estate dispositions		341			10,201
Income tax benefit		3,004			2,802
(Loss) income from continuing operations		(12,540)			18,912
Net (loss) income		(12,540)			18,912
Net income attributable to noncontrolling interests		1,772			1,395
Net (loss) income attributable to common stockholders	$	(14,312)		$	17,517
Earnings per common share
Basic:
(Loss) income from continuing operations	$	(0.03)	$	0.05
Net (loss) income attributable to common stockholders		(0.04)			0.04
Diluted:1
(Loss) income from continuing operations	$	(0.03)	$	0.05
Net (loss) income attributable to common stockholders		(0.04)			0.04
Weighted average shares used in computing earnings per common share
Basic		403,365			399,989
Diluted		407,227			403,792

4

Consolidated Balance Sheets

In thousands, except per share amounts, dollars in USD, unaudited

5

		As of March 31, 2024		As of December 31, 2023
Assets
Real estate investments:
Land and improvements	$	2,573,598	$	2,596,274
Buildings and improvements		27,201,303			27,201,381
Construction in progress		416,206			368,143
Acquired lease intangibles		1,440,122			1,448,146
Operating lease assets		318,825			312,142
		31,950,054			31,926,086
Accumulated depreciation and amortization		(10,399,248)			(10,177,136)
Net real estate property		21,550,806			21,748,950
Secured loans receivable and investments, net		29,819			27,986
Investments in unconsolidated real estate entities		601,406			598,206
Net real estate investments		22,182,031			22,375,142
Cash and cash equivalents		632,443			508,794
Escrow deposits and restricted cash		55,966			54,668
Goodwill		1,045,048			1,045,176
Assets held for sale		41,317			56,489
Deferred income tax assets, net		1,767			1,754
Other assets		714,014			683,410
Total assets	$	24,672,586	$	24,725,433
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	13,555,194	$	13,490,896
Accrued interest		123,157			117,403
Operating lease liabilities		202,197			194,734
Accounts payable and other liabilities		1,020,307			1,041,616
Liabilities related to assets held for sale		7,605			9,243
Deferred income tax liabilities		20,249			24,500
Total liabilities		14,928,709			14,878,392
Redeemable OP unitholder and noncontrolling interests		285,044			302,636
Commitments and contingencies
Equity:
Ventas stockholders' equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued		-			-
Common stock, $0.25 par value; 600,000 shares authorized, 404,433 and 402,380 shares outstanding at March 31, 2024 and December 31, 2023, respectively		101,094			100,648
Capital in excess of par value		15,756,414			15,650,734
Accumulated other comprehensive loss		(19,554)			(35,757)
Retained earnings (deficit)		(6,410,144)			(6,213,803)
Treasury stock, 0 and 279 shares issued at March 31, 2024 and December 31, 2023, respectively		(24,970)			(13,764)
Total Ventas stockholders' equity		9,402,840			9,488,058
Noncontrolling interests		55,993			56,347
Total equity		9,458,833			9,544,405

Total liabilities and equity

$

24,672,586

$

24,725,433

FFO and FAD

Reconciliation

In thousands, except per share amounts, dollars in USD, totals may not sum due to rounding, unaudited

1. Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
2. Includes adjustments for unusual items, including approximately $2.4 million primarily related to the settlement by one of our operators of class action litigation in our SHOP segment.

6

	For the Three Months Ended March 31,	Q1 YoY Change
	2024	2023		'24-'23
Net (loss) income attributable to common stockholders	$	(14,312)	$	17,517		n/a
Net (loss) income attributable to common stockholders per share1	$	(0.04)	$	0.04		n/a
Adjustments:
Depreciation and amortization on real estate assets		299,614			281,477
Depreciation on real estate assets related to noncontrolling interests		(3,871)			(4,377)
Depreciation on real estate assets related to unconsolidated entities		11,805			10,177
Gain on real estate dispositions		(341)			(10,201)
Gain (loss) on real estate dispositions related to noncontrolling interests		9			(5)
Gain on real estate dispositions and other related to unconsolidated entities		-			(180)
Subtotal: Nareit FFO adjustments		307,216			276,891
Subtotal: Nareit FFO adjustments per share	$	0.75	$	0.69
Nareit FFO attributable to common stockholders	$	292,904		$	294,408		(1%)
Nareit FFO attributable to common stockholders per share	$	0.72	$	0.73		(1%)
Adjustments:
Change in fair value of financial instruments		(9,339)			(583)
Non-cash income tax benefit		(4,696)			(4,299)
Loss on extinguishment of debt, net		252			-
Transaction, transition and restructuring costs		4,677			1,386
Amortization of other intangibles		96			96
Non-cash impact of changes to equity plan		7,561			7,222
Materially disruptive events, net		1,160			4,107
Allowance on loans receivable and investments		(68)			(8,064)
Shareholder relations matters		15,714			-
Other normalizing items2		2,357			-
Normalizing items related to noncontrolling interests and unconsolidated entities, net		5,955			2,598
Subtotal: Normalized FFO adjustments		23,669			2,463
Subtotal: Normalized FFO adjustments per share	$	0.06	$	0.01
Normalized FFO attributable to common stockholders	$	316,573	$	296,871		7%
Normalized FFO attributable to common stockholders per share	$	0.78	$	0.74		5%
Adjustments:
Deferred revenue and lease intangibles, net		(13,645)			(14,913)
Other non-cash amortization, including fair value of debt		7,298			4,154
Stock-based compensation		8,723			7,837
Straight-lining of rental income		(2,612)			(445)
FAD capital expenditures		(45,329)			(40,902)
Subtotal: Operating FAD adjustments		(45,565)			(44,269)
Operating FAD attributable to common stockholders	$	271,008	$	252,602		7%
Transaction, transition and restructuring costs		(4,677)			(2,104)
Shareholder relations matters		(15,714)			-
Other items related to unconsolidated entities and noncontrolling interests, net		(972)			(1,087)
FAD attributable to common stockholders	$	249,645		$	249,411		- %
Weighted average diluted shares		407,227			403,792

2024 Guidance1

Net Income and FFO Attributable to Common Stockholders2

NOI2

Dollars in millions USD, except per share amounts, totals may not sum due to rounding, unaudited

	FY 2024		FY 2024 - Per Share
	Low		High		Low		High
Net income attributable to common stockholders	$11	$45	$0.03	$0.11
Depreciation and amortization adjustments	1,214	1,214	2.95	2.95
Nareit FFO attributable to common stockholders	$1,225	$1,258	$2.98	$3.06
Other adjustments3	51	51	0.12	0.12
Normalized FFO attributable to common stockholders	$1,276	$1,309	$3.10	$3.18
% Year-over-year growth				4%	6%
Weighted average diluted shares (in millions)	411	411

		FY 2024
	Low			High
NOI	$2,022			$2,068
SHOP	827	855
Outpatient Medical & Research	580	585
Triple-Net	594	606
Non-Segment	21	22

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 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. Totals may not add due to minor corporate-level adjustments.
3. Other adjustments include the categories of adjustments presented in our FFO and FAD Reconciliation.

Select Guidance Assumptions

• Close ~$350M of investments focused on senior housing (no further investment activity assumed)
• Dispose of assets for $300M in net proceeds
• FAD capital expenditures of ~$250M
• General and administrative expenses expected to approximate $155M at the guidance midpoint
• Interest expense expected to range from $604M to $614M

7

	For the Three Months Ended March 31,
Location1	2024	2023	Additional Commentary/Guidance2

NOI to Normalized FFO Reconciliation

Dollars in thousands USD, totals may not sum due to rounding, unaudited

SHOP resident fees and services	I/S	$	813,304	$	704,993
SHOP property-level operating expenses	I/S		(609,821)		(537,222)
SHOP NOI			203,483		167,771
Outpatient medical and research portfolio rental income	I/S		218,877		203,004
Outpatient medical and research portfolio property-level operating expenses	I/S		(73,938)		(66,913)
Third party capital management revenues3	I/S		631		628
Outpatient medical and research portfolio NOI			145,570		136,719
Triple-net leased rental income	I/S		155,368		149,739
Triple-net leased property-level operating expenses	I/S		(3,738)		(3,796)
Triple-net leased NOI			151,630		145,943
Income from loans and investments	I/S		1,289		13,589
Third party capital management revenues3	I/S		3,665		3,549
Third party capital management expenses	I/S		(1,753)		(1,706)
Non-Segment NOI			3,201		15,432
NOI4		$	503,884	$	465,865

FY24 NOI guidance provided of $841M at the midpoint.

FY24 NOI guidance provided of $583M at the midpoint.

FY24 NOI guidance provided of $600M at the midpoint.

FY24 non-segment NOI guidance provided of $22M at the midpoint.

1 "Location" refers to where the historical figures presented

can be found, with "I/S" referring to the Company's

Consolidated Statements of Income and "FFO" referring

to the Company's FFO and FAD Reconciliation.

2 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 differ

materially from the Company's expectations depending

on factors discussed herein and in the Company's filings

Interest and other income	I/S	6,780	1,743
General, administrative and professional fees	I/S	(48,737)	(44,798)
Non-cash impact of changes to equity plan	FFO	7,561	7,222
G&A expense, net of non-cash impact of changes to equity plan		(41,176)	(37,576)
Interest expense3	I/S & FFO	(149,950)	(128,075)
Corporate depreciation	I/S & FFO	(545)	(546)
Cash income tax	I/S & FFO	(1,692)	(1,497)
Other expense5	I/S & FFO	(6,828)	(4,238)

FY24 G&A guidance provided of $155M at the midpoint.

FY24 guidance provided of $609M at the midpoint.

Primarily represents non-real estate related depreciation and amortization.

Primarily represents other expenses per the income statement, adjusted for the Brookdale warrants and natural disaster recoveries (expenses).

with the Securities and Exchange Commission.

3 May not tie to the income statement due to differences in

presentation and rounding.

4 Some of the financial measures throughout this

Net income attributable to noncontrolling interests	I/S	(1,772)	(1,395)
Real estate depreciation, amortization and gain / (loss) related to noncontrolling interests	FFO	(3,863)	(4,382)	Represents partner's share of certain real estate assets (e.g., LGM and
Normalizing items related to noncontrolling interests	FFO	(11)	(19)	Wexford).
Items related to noncontrolling interests		(5,646)	(5,796)

	Supplemental are non-GAAP measures. For a
	reconciliation to the most directly comparable GAAP
	measure, please see the appendix.
5	Includes other de minimis items.
6	Includes adjustments for unusual items, including
	approximately $2.4 million primarily related to the
	settlement by one of our operators of class action

Loss from unconsolidated entities	I/S	(8,383)	(5,623)
Real estate depreciation, amortization and (gain) / loss related to unconsolidated entities	FFO	11,805	9,997
Normalizing items related to unconsolidated entities, net	I/S & FFO	5,967	2,617
Items related to unconsolidated entities		9,389	6,991
Other normalizing items6	FFO	2,357	-

Consists of the Company's share of income from (a) ownership of operating partners and (b) unconsolidated real estate investments.

litigation in our SHOP segment.

8

Normalized FFO attributable to common stockholders	$	316,573	$	296,871
Weighted average diluted shares		407,227		403,792		FY24 guidance of 411 million weighted average fully diluted shares.
Normalized FFO attributable to common stockholders per share	$	0.78	$	0.74

Senior Housing

Operating Portfolio

First Quarter Year-

Over-Year

Comparison1

Dollars in millions USD at Constant Currency except for rate data, totals may not sum due to rounding, unaudited

1. Includes consolidated properties. Excludes sold assets, assets owned by unconsolidated real estate entities, assets held for sale, development properties not yet operational and land parcels from all periods. Assets that have undergone business model transitions are reflected within the new business segment as of the transition date.
2. Excludes units for closed buildings during the period of closure.
3. REVPOR means revenue per occupied room. REVPOR is calculated as monthly resident revenue (inclusive of resident fees and services) divided by the average occupied units for the period presented.
4. Some of the financial measures throughout this Supplemental are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, please see the appendix.
5. Cash NOI Margin represents Cash NOI divided by Cash Operating Revenue. Cash NOI and Cash Operating Revenue are non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measure, please see the appendix.

Number of properties: Average number of units:2 Average unit occupancy:2 Average monthly REVPOR:3

Cash operating revenue:4 Less operating expenses: Less management fees: Cash NOI:

Cash NOI margin: 5

		Year-Over-Year Comparison
	Total				Same-Store
1Q24	1Q23	YoY Δ	1Q24		1Q23	YoY Δ
570	532	38		477	477	-
65,124	61,314	3,810		54,849	54,853	(3)
82.9%	81.1%	+ 180 bps		84.6%	82.2%	+ 240 bps
$ 4,924	$ 4,612	6.8%		$ 4,963	$ 4,741	4.7%
$797.8	$687.8	16.0%		$691.2	$641.4	7.8%
551.8	483.6	14.1%		471.5	450.8	4.6%
41.5	33.6	23.5%		36.2	31.3	15.6%
$204.5	$170.7	19.8%		$183.4	$159.2	15.2%
25.6%	24.8%	+ 80 bps		26.5%	24.8%	+ 170 bps

9