Investor Presentaiton
Note:
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Senior Housing - Early Stages of a Powerful Recovery
Opportunity to Return to Previous NOI Level1
Reflects 4Q21 comparable pool of 353 assets
$156M
$296M annualized
$90M
$82M
opportunity as of 4Q21 to
return SHOP same-store
NOI³ to pre-pandemic
level
4Q19
4Q20
4Q21
Occupancy
80%
-$100M
Occupancy
-88%
-$900M
~$300M
$520M
4Q21 Annualized
ΝΟΙ
SHOP Same-Store NOI
Recovery Opportunity
Reported 4Q21 NOI
excluding HHS
grants x 4
Annualized SHOP same-
store NOI assuming return
to 4Q19 levels
30.2%
A
Sizable NOI Margin Opportunity¹
Reflects 4Q21 comparable pool of 353 assets
19.7%
17.8%
4Q19
4Q20
4Q21
VENTASⓇ
~75% of SHOP same-
store NOI loss driven by
revenue deterioration;
sizable margin
improvement opportunity
SHOP NOI Recapture Opportunity²
Incremental Occupancy Growth Opportunity Above Pre-COVID
Incremental SHOP NOI
Opportunity from Previously
Completed Transitions,
Acquisitions & Developments
Incremental SHOP NOI
assuming these properties
reach stabilized levels³
Post-COVID SHOP
Portfolio NOI Recovery
Opportunity
Incremental growth
potential from favorable
supply/demand levels
expected to be better than
pre-COVID
Opportunity for pricing to
improve versus current
strong levels as
occupancy increases
+400bps Additional potential occupancy growth to pre-COVID peak of ~92%
+17.4% Expected U.S. 80+ population growth from 2020-2025
(52%) Lower construction starts4 in 4Q21 vs. previous peak in 4Q17
The Company's expectations regarding future performance 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.
Excludes HHS Grants.
Excludes sold assets, assets held for sale and HHS Grants.
Stabilized Transition, Acquisition and Development NOI levels reflect pre-COVID NOI for acquisition & transition properties and underwritten stabilized NOI for development properties.
4Q21 NIC Data for Top 99 (Primary and Secondary) Markets and for the Senior Housing sector.
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