芬塔 (VTR) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas second quarter 2024 earnings call. (Operator Instructions). I would now like to turn the call over to BJ Grant, Senior Vice President of Investor Relations. You may begin.

謝謝你的支持。我叫貝利，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Ventas 2024 年第二季財報電話會議。（操作員說明）。我現在想將電話轉給投資者關係高級副總裁 BJ Grant。你可以開始了。

Thank you, Bailey, and good morning, everyone, and welcome to the Ventas second quarter 2024 results conference call. Yesterday, we issued our second quarter 2024 results release, presentation materials and supplemental investor package, which are all available on the Ventas website at ir.ventasreit.com.

謝謝貝利，大家早安，歡迎參加 Ventas 2024 年第二季業績電話會議。昨天，我們發布了 2024 年第二季業績發布、簡報資料和補充投資者資料包，這些內容均可在 Ventas 網站 ir.ventasreit.com 上取得。

As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially from those contemplated in such statements.

提醒一下，今天的言論可能包括前瞻性陳述和其他事項。前瞻性陳述存在風險和不確定性，各種主題可能導致實際結果與此類陳述中預期的結果有重大差異。

For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, all of which are available on the Ventas website. Certain non-GAAP financial measures will also be discussed on this call, and for a reconciliation of these measures to the most closely comparable GAAP measures, please refer to our supplemental investor package posted on the Investor Relations website. And with that, I'll turn the call over to Debra A. Cafaro, Chairman and CEO of Ventas.

有關這些因素的更詳細討論，請參閱我們本季的收益發布以及我們最近向 SEC 提交的文件，所有這些文件都可以在 Ventas 網站上找到。本次電話會議也將討論某些非 GAAP 財務指標，為了將這些指標與最接近的 GAAP 指標進行協調，請參閱我們在投資者關係網站上發布的補充投資者資料包。接下來，我將把電話轉給 Ventas 董事長兼執行長黛布拉·A·卡法羅 (Debra A. Cafaro)。

Thank you, BJ. On behalf of all my colleagues, I want to welcome our shareholders and other participants to the Ventas second quarter 2024 earnings call. It's an exciting time for our business. We are driving performance in the early stages of an unprecedented multi-year NOI growth opportunity, fueled by powerful demographic demand and the most favorable fundamentals ever in the senior housing industry. Ventas plays an essential role in the longevity economy, serving a large and growing aging population with over half our business in senior housing.

謝謝你，BJ。我謹代表全體同事歡迎我們的股東和其他參與者參加 Ventas 2024 年第二季財報電話會議。對於我們的業務來說，這是一個令人興奮的時刻。在強勁的人口需求和老年住房行業有史以來最有利的基本面的推動下，我們正在前所未有的多年 NOI 成長機會的早期階段推動業績。Ventas 在長壽經濟中發揮著重要作用，為大量且不斷增長的老齡化人口提供服務，其中我們一半以上的業務是老年住房。

This creates a compelling near- and long-term growth and value creation opportunity. Today, I'll discuss Ventas' strong results and our latest increase in our 2024 expectations as we generate outperformance in our senior housing operating portfolio, increased shop investment activity, optimize net operating income throughout our portfolio and improve our financial strength.

這創造了令人矚目的近期和長期成長和價值創造機會。今天，我將討論Ventas 的強勁業績以及我們對2024 年預期的最新上調，因為我們在高級住房運營投資組合中取得了優異的表現，增加了商店投資活動，優化了整個投資組合的淨營業收入並提高了我們的財務實力。

Let's start with results. We began 2024 with momentum, which continued in the second quarter. Our enterprise delivered $0.80 of normalized FFO per share, reflecting 7% year-over-year growth. SHOP led the way with same-store cash NOI growth of over 15%. Total company same-store cash NOI grew nearly 8%, and our balance sheet is trending positively with 50 basis points of leverage improvement already year-to-date.

讓我們從結果開始。我們以良好的勢頭開啟了 2024 年，這種勢頭在第二季度得到了延續。我們的企業每股交付 0.80 美元的標準化 FFO，年增 7%。SHOP 處於領先地位，同店現金 NOI 成長超過 15%。公司同店現金 NOI 總額成長了近 8%，我們的資產負債表呈現正面趨勢，今年迄今槓桿率已改善 50 個基點。

We are pleased to once again raise our 2024 normalized FFO per share guidance and our total company same-store NOI expectations on the strength of this performance. Our growth expectations and value creation opportunity put us in the top cohort of companies across the REIT landscape. We're executing on our focused strategy designed to deliver growth and value to our stakeholders.

鑑於此業績，我們很高興再次提高 2024 年標準化 FFO 每股指引和公司同店總 NOI 預期。我們的成長預期和價值創造機會使我們躋身房地產投資信託領域的頂尖公司之列。我們正在執行我們的重點策略，旨在為我們的利害關係人帶來成長和價值。

As a reminder, there are three prongs to the Ventas strategy: Deliver profitable organic growth in our senior housing portfolio, capture value through investments focused on senior housing and drive cash flow throughout our portfolio.

提醒一下，Ventas 策略分為三個面向：在我們的老年住房投資組合中實現盈利性有機增長，透過專注於老年住房的投資獲取價值，並推動整個投資組合的現金流。

Here are some key updates in each of those areas. In SHOP, we have now delivered eight consecutive quarters of double-digit year-over-year same-store organic cash NOI growth. More importantly, we see a durable multiyear NOI growth opportunity ahead of us powered by occupancy gains and revenue growth. Senior Living provides invaluable benefits to residents and their families. In the quarter, occupancy grew 320 basis points year-over-year, significantly outperforming industry benchmarks, and revenue expanded 8%.

以下是每個領域的一些關鍵更新。在 SHOP 中，我們現已連續八個季度實現了同店有機現金 NOI 年比兩位數成長。更重要的是，我們看到在入住率成長和收入成長的推動下，我們面臨著一個持久的多年 NOI 成長機會。老年生活為居民及其家人提供了寶貴的福利。本季度，入住率年增 320 個基點，顯著優於產業基準，營收成長 8%。

Our data-driven decisions enable execution by talented operators, enabled our communities to attract more than our fair share of this strong demographic demand for senior living. Remember that our prior senior housing occupancy peak was 92%. Currently, our portfolio has trended to 84% occupancy and 27% margin. There is an additional $140 million incremental NOI opportunity simply by getting to 88% occupancy and 30% margins in the portfolio when SHOP NOI would approximate $1 billion a year.

我們以數據為依據的決策能夠由才華橫溢的營運商執行，使我們的社區能夠吸引超過我們應有份額的人口對老年生活的強勁需求。請記住，我們之前的老年人住房入住率高峰為 92%。目前，我們的投資組合入住率已達 84%，利潤率為 27%。當 SHOP NOI 每年約為 10 億美元時，只要投資組合的入住率達到 88%，利潤率達到 30%，就可以額外增加 1.4 億美元的 NOI 機會。

From there, we expect our portfolio, operators and communities to shoot for and potentially beyond that 92% prior occupancy peak because surging demand and suppressed senior housing construction are creating such favorable conditions, particularly in our markets. The SHOP resident base we serve, primarily the over 80 population, should grow by over 24% in the next five years.

從那時起，我們預計我們的投資組合、營運商和社區將努力爭取並有可能超越之前92% 的入住率峰值，因為需求激增和老年住房建設受到抑制正在創造如此有利的條件，特別是在在我們的市場上。我們服務的 SHOP 居民群（主要是 80 歲以上的人口）在未來五年內將增加 24% 以上。

This population is increasing rapidly each year from about 0.5 million people annually now to over 800,000 individuals starting in 2027, as the leading edge of the gigantic baby boomer cohort turns 80. Yet, there were only about 1,300 units of senior housing started in the second quarter, and construction as a percent of inventory is only 1%, both the lowest on record.

隨著嬰兒潮世代這一龐大群體的領先者年滿 80 歲，這一人口每年迅速增加，從現在的每年約 50 萬人增加到 2027 年的超過 80 萬人。然而，第二季老年住宅開工量僅為約 1,300 套，建築面積佔庫存的百分比僅為 1%，均為有紀錄以來的最低水準。

Equally important, the duration of new construction continues to elongate, and we expect deliveries to be constrained for years to come. This favorable supply/demand backdrop provides powerful tailwinds and a long and unprecedented runway for growth. Justin will explain how our actions, platform, data and insights together with our operators, deliver value to seniors and their families and position Ventas to outperform a strong market.

同樣重要的是，新建築的工期繼續延長，我們預計未來幾年的交付量將受到限制。這種有利的供需背景提供了強大的推動力和前所未有的漫長增長跑道。賈斯汀將解釋我們的行動、平台、數據和見解以及我們的營運商如何為老年人及其家人創造價值，並使 Ventas 能夠超越強大的市場。

We are also increasing our investment activity focused on senior housing as we execute on the second prong of our strategy. We're on track to close about $750 million of investments this year. Given the favorable market conditions and the strength of our pipeline for quality acquisitions, we are committed to ramping up our investment activity.

在執行策略的第二個面向時，我們也增加了以老年住房為重點的投資活動。今年我們可望完成約 7.5 億美元的投資。鑑於有利的市場條件和我們優質收購管道的實力，我們致力於加大投資活動。

Ventas is one of the country's largest owners of senior housing. And we are excited about the external growth opportunities we see in the market. Rarely in my career have investment conditions been as constructive. We can invest in senior housing assets with high single-digit going-in yields and substantial near-term NOI growth prospects. Replacement cost, net absorption projections and affordability remain key criteria in our investment approach.

文塔斯是該國最大的老年住房所有者之一。我們對市場上看到的外部成長機會感到興奮。在我的職業生涯中，投資條件很少如此具有建設性。我們可以投資於具有高單位數投入收益率和近期 NOI 成長前景的高級住房資產。重置成本、淨吸收預測和承受能力仍然是我們投資方法的關鍵標準。

These senior housing investments expand our SHOP footprint, increase our enterprise growth rate and reinforce our consistent commitment to financial strength. Third, we're also focused on driving cash flow and value creation throughout our portfolio. Our outpatient medical and research portfolio once again contributed complementary compounding growth for Ventas, powered by our competitively advantaged Lillibridge operating platform that excels in tenant satisfaction and retention.

這些高級房屋投資擴大了我們的商店足跡，提高了我們的企業成長率，並加強了我們對財務實力的一致承諾。第三，我們也致力於推動整個投資組合的現金流量和價值創造。我們的門診醫療和研究組合再次為 Ventas 貢獻了互補的複合成長，這得益於我們具有競爭優勢的 Lillibridge 營運平台，該平台在租戶滿意度和保留率方面表現出色。

We also want to provide you with greater clarity on the 23 LTACs operated by Kindred with a lease maturity of April 30, 2025. These Long-term Acute Care Hospitals represent about 5% of our NOI or $110 million annually. We've made a lot of progress since we last updated you. Currently, we are in advanced discussions with Kindred regarding a lease resolution for these properties.

我們還希望向您提供有關 Kindred 運營的 23 個 LTAC 的更清晰信息，這些 LTAC 的租賃期限為 2025 年 4 月 30 日。這些長期急診醫院約占我們 NOI 的 5%，即每年 1.1 億美元。自從上次向您通報最新情況以來，我們已經取得了很大進展。目前，我們正在與 Kindred 就這些房產的租賃解決方案進行深入討論。

While a deal is not done and terms could change, we and Kindred are close to a transaction that would result in a 25% to 30% full-year rent reduction on these 23 LTACs starting May 1, 2025. About two-thirds of that amount would be reflected in calendar year 2025.

雖然交易尚未完成且條款可能會發生變化，但我們和 Kindred 即將達成協議，從 2025 年 5 月 1 日開始，這 23 個 LTAC 的全年租金將減少 25% 至 30%。其中約三分之二的金額將反映在 2025 年。

We'll be happy to share more with you if and when a deal is concluded. We continue working toward a positive lease resolution that optimizes Ventas value and the NOI from these 23 properties, strengthens the master lease and supports Kindred's future success.

如果交易達成，我們將很樂意與您分享更多資訊。我們將繼續努力尋求積極的租賃解決方案，以優化這 23 個房產的 Ventas 價值和 NOI，加強主租賃並支持 Kindred 未來的成功。

There are two final items that represent our approach to thoughtful investing and creation of win-win outcomes with our operators over time. First, Ardent recently completed its successful IPO, and we congratulate the management team and our partners. Ardent has done it right, focusing on patients, quality clinical care, employees and communities. Ardent's current equity value exceeds $2.5 billion. And as Sam Zell used to say, liquidity is value.

最後兩項代表了我們深思熟慮的投資以及隨著時間的推移與營運商創造雙贏結果的方法。首先，Ardent 最近成功完成了 IPO，我們祝賀管理團隊和我們的合作夥伴。Ardent 做得對，專注於患者、優質臨床護理、員工和社區。Ardent目前的股權價值超過25億美元。正如薩姆·澤爾（Sam Zell）常說的那樣，流動性就是價值。

With $1.6 billion invested in assets operated by Ardent, Ventas has always been happy with Ardent's financial stability, its operational acumen and its steady growth. The company's IPO has further enhanced this positive investment. In addition, Ventas has an ownership stake in Ardent currently valued at about $170 million, over four times our original investment, and we believe there's additional upside in Ardent's business and its valuation.

Ventas 向 Ardent 營運的資產投資了 16 億美元，一直對 Ardent 的財務穩定性、營運敏銳度和穩定成長感到滿意。公司的IPO進一步增強了這項積極的投資。此外，Ventas 持有的 Ardent 股權目前價值約 1.7 億美元，是我們原始投資的四倍多，我們相信 Ardent 的業務及其估值還有額外的上升空間。

Also, in the second quarter, we monetized about 10% of our Brookdale warrants for $6 million in cash profits. We received these warrants as part of the successful lease arrangements we concluded with Brookdale in 2020. The warrants provide upside sharing in Brookdale's success and take advantage of the positive macro conditions in senior housing.

此外，在第二季度，我們將大約 10% 的 Brookdale 認股權證貨幣化，獲得了 600 萬美元的現金利潤。作為 2020 年與 Brookdale 成功達成租賃安排的一部分，我們收到了這些認股權證。這些認股權證分享了布魯克代爾的成功，並利用了高級住房領域的積極宏觀條件。

Our current in-the-money value of our Brookdale warrant is about $70 million. Stepping back, we are optimistic about the future of our business, which is centered on helping a large and growing aging population live longer, healthier and happier lives. As the broader economy shows significant signs of slowing down and the labor market softens, Ventas' business, with over half in senior housing, is highly advantaged across the REIT space.

目前，我們的 Brookdale 認股權證的價內價值約為 7,000 萬美元。退一步來說，我們對我們業務的未來感到樂觀，我們的業務重點是幫助大量且不斷增長的老齡化人口過上更長壽、更健康和更​​幸福的生活。隨著整體經濟顯示出顯著放緩跡像以及勞動力市場疲軟，Ventas 的業務（其中一半以上為高級住房）在房地產投資信託領域具有高度優勢。

All our asset classes benefit from inelastic, need-driven demographically driven demand and most benefit from a softer employment backdrop. As a result, we have an unprecedented multiyear growth opportunity right in front of us. With favorable results this quarter and our improved outlook, our team is focused on doing everything we can to execute our strategy and continue to drive Ventas performance and returns. With that, I'm happy to turn the call over to Justin.

我們所有的資產類別都受益於缺乏彈性、需求驅動的人口需求，大多數資產類別都受益於疲軟的就業背景。因此，我們面臨前所未有的多年成長機會。憑藉本季的良好業績和改善的前景，我們的團隊專注於盡一切努力執行我們的策略，並繼續推動 Ventas 的業績和回報。這樣，我很高興將電話轉給賈斯汀。

Thank you, Debbie. I'm happy to report on another good quarter for our SHOP portfolio and another guidance raise led by occupancy. As Debbie mentioned, the macro backdrop is very supportive from a supply-demand standpoint.

謝謝你，黛比。我很高興地報告我們的商店投資組合又一個良好的季度，以及因入住率而再次提高的指引。正如黛比所提到的，從供需的角度來看，宏觀背景非常有利。

I'm pleased that Part 1 of our strategy, which is to deliver profitable growth in senior housing, is off to a good start, as we are seeing very strong execution from our operators with support from our Ventas OI platform initiatives. The key selling season is delivering strong results so far in May, June, and July as leading indicators and occupancy are all performing really well, building on our best-in-class occupancy performance.

我很高興我們策略的第 1 部分（即實現老年住房的盈利增長）有了一個良好的開端，因為我們看到我們的運營商在 Ventas OI 平台計劃的支持下執行力非常強勁。迄今為止，關鍵的銷售季節在 5 月、6 月和 7 月取得了強勁的業績，因為領先指標和入住率都表現良好，建立在我們一流的入住率表現的基礎上。

I'd also like to highlight that our net move-in volume year-to-date was 13 times higher than last year, contributing to our outperformance driven by our Atria holiday portfolios as well as Santerre Priority Life and Discovery Senior Living. The second-quarter same-store SHOP revenue grew 8% and occupancy grew by 320 basis points, led by the US with 380 basis points year-over-year and 90 basis points sequentially, leading to an absolute occupancy of 85.6%, led by Canada at almost 96%, and an overall operating margin of 27.4%, all of which are industry-leading metrics.

我還想強調的是，今年迄今我們的淨入住量比去年高出 13 倍，這得益於 Atria 度假產品組合以及 Santerre Priority Life 和 Discovery Senior Living 的推動，我們的業績表現出色。第二季同店店營收成長 8%，入住率成長 320 個基點，其中美國年增 380 個基點，季增 90 個基點，絕對入住率達 85.6%，其中美國領先加拿大接近96%，整體營業利潤率為27.4%，所有這些都是業界領先的指標。

I'd like to spotlight Le Groupe Maurice, who operates full-service active adult communities for us in Quebec and represents nearly 60% of our NOI in Canada. They have consistently delivered stellar performance. The 380 basis points of occupancy gains in the US was driven by broad-based performance across our portfolio with growth of 400 basis points in assisted living and 340 basis points in independent living year over year. Spot occupancy was particularly strong in our communities compared to the market.

我想重點介紹 Le Groupe Maurice，該公司在魁北克為我們運營提供全方位服務的活躍成人社區，佔加拿大 NO​​I 的近 60%。他們始終如一地表現出色。美國的入住率成長了 380 個基點，這是由我們投資組合的廣泛業績推動的，輔助生活同比增長 400 個基點，獨立生活同比增長 340 個基點。與市場相比，我們社區的現貨入住率尤其強勁。

The US spot occupancy grew 450 basis points year-over-year in the top 99 markets, which is 200 basis points faster than the NIC average. Furthermore, the US spot occupancy grew 150 basis points sequentially in the top 99 markets, almost 3 times faster than the NIC average. 88% of our total SHOP NOI is included in our same-store portfolio. We were pleased to achieve 8% revenue growth and our eighth consecutive quarter of double-digit NOI growth at 15.2% year-over-year.

美國前 99 個市場的現貨佔用率年增 450 個基點，比 NIC 平均快 200 個基點。此外，美國前 99 個市場的現貨佔用率連續成長了 150 個基點，幾乎是 NIC 平均值的 3 倍。我們的 SHOP NOI 總數的 88% 包含在我們的同店組合中。我們很高興實現 8% 的營收成長，並且連續第八個季度實現兩位數的 NOI 年增 15.2%。

The spread between RevPOR growth at 4% and OpExPOR growth at 1% remains very healthy at about 300 basis points. The key driver of value creation will continue to be occupancy growth due to the high operating leverage in the business. Margin expansion will increase as occupancy ticks higher and particularly in communities that are over 90% occupied. I'd like to thank our operating partners. There are too many to mention as there are so many strong contributors taking great care of people and delivering excellent operating results.

RevPOR 成長 4% 與 OpExPOR 成長 1% 之間的差距仍然非常健康，約 300 個基點。由於業務的高營運槓桿，入住率成長將繼續成為價值創造的關鍵驅動力。隨著入住率的上升，利潤率將會擴大，尤其是入住率超過 90% 的社區。我要感謝我們的營運合作夥伴。有太多的事情無法一一提及，因為有如此多的強有力的貢獻者，他們非常關心員工並取得了出色的營運成果。

Given the outperformance in the first half, we are happy to raise our full-year guidance expectations again on our same-store SHOP portfolio by 50 basis points to 14.5% at the midpoint. Our average occupancy growth expectations have increased to about 280 basis points, up from 270. The remaining key assumptions that drive the midpoint of our range remain in line with what we previously communicated.

鑑於上半年的優異表現，我們很高興再次將同店 SHOP 投資組合的全年指導預期提高 50 個基點，至中點 14.5%。我們的平均入住率成長預期已從 270 個基點增加到約 280 個基點。推動我們範圍中點的其餘關鍵假設仍然與我們先前傳達的內容一致。

Now I'll give an update on our Ventas OI platform and initiatives. We continue to advance our Ventas operational insights platform which was formally launched in 2022. This platform is designed to drive outperformance in this multiyear occupancy growth opportunity and is the cornerstone of Part 1 of our strategy, which is to drive organic growth in our SHOP portfolio.

現在我將介紹我們的 Ventas OI 平台和計劃的最新情況。我們繼續推進於 2022 年正式推出的 Ventas 營運洞察平台。該平台旨在推動這一多年入住率成長機會的優異表現，也是我們策略第 1 部分的基石，即推動我們的 SHOP 投資組合的有機成長。

This platform enables us to combine our best-in-class analytics with our operating expertise to drive thoughtful conversations and actionable insights with the operators to quickly make informed decisions on critical areas of the business.

該平台使我們能夠將一流的分析與營運專業知識相結合，推動與營運商進行深思熟慮的對話和可行的見解，從而就業務的關鍵領域快速做出明智的決策。

The increased availability of real-time data through systems and reporting automation have allowed our operating partners to benefit from key insights across a wide variety of initiatives. Our platform has enabled deep analysis into sales and price optimization, market positioning, targeted NOI generating CapEx and digital marketing to name a few.

透過系統和報告自動化提高即時數據的可用性，使我們的營運合作夥伴能夠從各種計劃的關鍵見解中受益。我們的平台能夠對銷售和價格優化、市場定位、有針對性的 NOI 產生資本支出和數位行銷等進行深入分析。

I'll cover some proof points on how we have driven occupancy and NOI with Ventas OI. I'll start with NOI-generating CapEx. In assessing which communities receive refreshed capital investments, we analyze the community's position in the market and prioritize those where investment would most improve occupancy and rate relative to the competitive set.

我將介紹一些關於我們如何透過 Ventas OI 提高入住率和 NOI 的證據。我將從產生 NOI 的資本支出開始。在評估哪些社區獲得更新的資本投資時，我們分析了社區在市場中的地位，並優先考慮那些投資最能提高相對於競爭群體的入住率和比率的社區。

We further annualize overall market characteristics, including forward-looking net demand, home values, net worth, affordability among other data points to support our position that capital would drive robust NOI growth and generate outsized returns. We have completed 215 projects since the start of this program in late 2022, of which 133 are at least six months post project completion. This group has grown occupancy by over 530 basis points and outperformed their respective markets by 350 basis points of growth. RevPOR has also grown 6.5%, demonstrating the effectiveness of this redev program.

我們進一步對整體市場特徵進行年度化，包括前瞻性淨需求、房屋價值、淨值、承受能力等數據點，以支持我們的立場，即資本將推動強勁的 NOI 成長並產生超額回報。自 2022 年底啟動該計劃以來，我們已完成 215 個項目，其中 133 個項目在項目完成後至少六個月。該集團的入住率成長了超過 530 個基點，成長幅度超過各自市場 350 個基點。RevPOR 也成長了 6.5%，證明了此重型開發計畫的有效性。

Next, price volume optimization. We continue to collaborate with operators on a monthly basis, monitoring street rate pricing on nearly all units in our US SHOP portfolio relative to our proprietary market data to ensure pricing is set to optimize move-ins. Our automated monthly rent-roll consolidation process enables us to efficiently analyze over 8 million rows of historical street rate pricing data to better understand market positioning and proactively identify price opportunities.

其次，量價最佳化。我們繼續每月與營運商合作，根據我們專有的市場數據監控我們美國商店投資組合中幾乎所有單位的街頭價格定價，以確保定價設定為優化入住。我們的自動化每月租金總結流程使我們能夠有效分析超過 800 萬行歷史街價定價數據，以便更好地了解市場定位並主動識別價格機會。

We've executed this process and successfully optimized price and volume, resulting in improved sales momentum through the second quarter across several operators including Sunrise, Atria Holiday and Priority Life Care. These operators have improved their move-in performance by 25%.

我們執行了這一流程，並成功優化了價格和銷量，從而使 Sunrise、Atria Holiday 和 Priority Life Care 等多家營運商第二季度的銷售動能有所改善。這些業者的入住績效提高了 25%。

Next, digital marketing. We've also executed digital marketing initiatives focused on driving higher move-ins, improving the attractiveness of the website to Google Search, for instance, and user experience improvements have allowed potential residents and families to easily gather information to learn about the living, service and care options available in our communities. Our focus on digital marketing has produced double-digit improvement in move-ins derived from website referrals.

接下來，數位行銷。我們還執行了數位行銷舉措，重點是推動更高的入住率，提高網站對 Google 搜尋的吸引力，例如，用戶體驗的改善使潛在居民和家庭能夠輕鬆收集資訊以了解生活、服務以及我們社區提供的護理選擇。我們對數位行銷的關注使網站推薦帶來的入住率實現了兩位數的提高。

Summarizing Ventas OI. The tools we have created for our platform have enabled us to perform and continue delivering growth. As part of our OI engagements, over 1,000 of which we've completed since I started, we are proactively sharing insights, data and benchmarks with our operating partners to align on performance expectations.

總結本塔斯 OI。我們為平台創建的工具使我們能夠執行並持續實現成長。自開始以來，我們已經完成了 1,000 多個 OI 項目，作為 OI 項目的一部分，我們正在主動與營運合作夥伴分享見解、數據和基準，以符合績效預期。

Moving on to investments, where we are executing on Part 2 of our strategy, which is to capture value-creating external growth focused on senior housing. We are in a unique period of time, the best I've seen in my career, where we have the combination of relatively high yield and high growth investment opportunities in senior housing leading to very attractive unlevered IRRs. The sector is supported by tremendous demographic tailwinds.

接下來是投資，我們正在執行策略的第二部分，即抓住以老年住房為重點的創造價值的外部成長。我們正處於一個獨特的時期，這是我職業生涯中見過的最好的時期，我們在老年住房方面擁有相對高的收益率和高增長的投資機會，從而產生非常有吸引力的無槓桿內部收益率。該行業受到巨大的人口推動因素的支持。

In the second quarter, we continued our strong run of executing on attractive external growth opportunities. We closed approximately $300 million of value-creating investments in 12 senior housing communities, 10 of which are with existing Ventas operator relationships, bringing the year-to-date volume up to $350 million at a blended going-in yield greater than 8%.

第二季度，我們持續強勁地執行有吸引力的外部成長機會。我們在12 個老年住宅社區完成了約3 億美元的價值創造投資，其中10 個社區與現有的Ventas 營運商有關係，使年初至今的投資額達到3.5 億美元，綜合投入收益率超過8% 。

In addition to the accretive going-in yield, these investments are positioned squarely within our right market, right asset, right operator framework. and now is the right time to invest in senior housing as this favorable positioning amplified by the unprecedented supply/demand backdrop will drive continued NOI growth, resulting in unlevered IRRs in the low to mid-teens.

除了增加的投入收益率外，這些投資完全位於我們正確的市場、正確的資產、正確的營運商框架內。現在是投資高級住房的最佳時機，因為前所未有的供需背景放大了這種有利的定位，將推動 NOI 持續增長，導致無槓桿 IRR 達到低至中雙位數。

We also continue to invest in an extremely attractive basis below replacement costs with an average per unit purchase price of $250,000. Looking forward, our pipeline remains robust filled with actionable opportunities with both existing and new operator relationships, with a profile similar to the deals already closed in 2024.

我們也繼續以低於重置成本的極具吸引力的基礎進行投資，平均每單位購買價格為 250,000 美元。展望未來，我們的管道仍然強勁，充滿了現有和新營運商關係的可行機會，其概況與 2024 年已完成的交易類似。

Specifically, we have line of sight to an incremental $400 million of senior housing investments bringing the total 2024 senior housing investment volume to $750 million. Additionally, we are deeply engaged in executing this high priority of expanding our SHOP portfolio. We continue to underwrite a large and growing pipeline of attractive near-term opportunities and are confident in our ability to continue creating value via additional external growth going forward.

具體來說，我們預計將增加 4 億美元的老年住房投資，使 2024 年老年住房投資總額達到 7.5 億美元。此外，我們也積極致力於執行擴大我們的商店產品組合這一高度優先事項。我們繼續承保大量且不斷增長的有吸引力的近期機會，並對我們透過未來額外的外部成長繼續創造價值的能力充滿信心。

Now I'll hand over to Bob.

現在我將把工作交給鮑伯。

Thank you, Justin. I'll start with our second quarter performance, provide an update on our leverage and liquidity and conclude with our updated and improved guidance. I'm pleased to report that Ventas delivered strong second quarter results led by SHOP and with contributions across the property portfolio.

謝謝你，賈斯汀。我將從我們第二季度的業績開始，提供我們槓桿率和流動性的最新信息，並以我們更新和改進的指導結束。我很高興地向大家報告，Ventas 在 SHOP 的帶領下以及整個房地產投資組合的貢獻下，第二季業績強勁。

In our outpatient medical and research segment, or OMAR, we generated over 3% same-store cash NOI growth in the quarter with strong margins and stable occupancy. In our outpatient medical portfolio, Pete and team continue to build leasing momentum, executing over 800,000 square feet of new and renewal deals in the quarter, which translated to 30 basis points of sequential occupancy gains.

在我們的門診醫療和研究部門 (OMAR)，本季我們的同店現金 NOI 成長超過 3%，利潤率強勁，入住率穩定。在我們的門診醫療投資組合中，Pete 和團隊繼續打造租賃勢頭，在本季度執行了超過 800,000 平方英尺的新建和續約交易，這意味著入住率環比增長了 30 個基點。

Further, the equitized loan portfolio outpatient medical assets have made significant progress, increasing occupancy 450 basis points year-over-year to 81.5% in the second quarter, leveraging the Lillibridge operating platform and playbook to drive growth.

此外，股權化貸款組合門診醫療資產取得了重大進展，第二季入住率年增 450 個基點至 81.5%，利用 Lillibridge 營運平台和劇本推動成長。

Meanwhile, our university-based research portfolio increased same-store cash NOI by 5.5% in the second quarter with 160 basis points of occupancy growth across the same-store portfolio. Our new leasing pipeline is attractive at 1.3 million square feet with over half already executed. For the enterprise in the second quarter, we reported net income attributable to common stockholders of $0.05 per share.

同時，我們以大學為基礎的研究組合使第二季的同店現金 NOI 增加了 5.5%，同店投資組合的入住率增加了 160 個基點。我們新的租賃面積達 130 萬平方英尺，極具吸引力，其中一半以上已交付使用。對於第二季的企業，我們報告歸屬於普通股股東的淨利潤為每股 0.05 美元。

Our Q2 normalized FFO per share of $0.80 represents a 7% increase year-over-year. Underpinning this result was year-over-year SHOP same-store growth of 15% and total company same-store growth of nearly 8%. We're seeing the benefit of the execution of our strategy, with a 50 basis point improvement in our net debt-to-EBITDA metrics so far this year.

我們第二季的標準化 FFO 為每股 0.80 美元，年增 7%。支撐這一業績的是 SHOP 同店年增 15%，公司總同店成長近 8%。我們看到了執行策略的好處，今年到目前為止，我們的淨負債與 EBITDA 指標提高了 50 個基點。

Organic SHOP growth and equity funded new investments in senior housing are driving the improvement. The multiyear growth expected in senior housing and the robust investment pipeline are expected to continue to improve our leverage ratio going forward.

商店的有機成長和對高級住房的股權資助新投資正在推動這一改善。老年住房的預期多年增長和強勁的投資管道預計將繼續提高我們的槓桿率。

So far this year, we've closed down $350 million of new investments and have raised $500 million in equity. We have included in our updating guidance another $400 million in equity funded investments focused on senior housing that are expected to close this year. Year to date, we completed $234 million in asset sales. And our liquidity at the end of the second quarter was strong at $3.3 billion, including over $550 million of cash on hand and with limited remaining debt maturities in 2024.

今年到目前為止，我們已經完成了 3.5 億美元的新投資，並籌集了 5 億美元的股本。我們在更新指南中納入了另外 4 億美元的股權投資，重點是老年住房，預計今年完成。年初至今，我們完成了 2.34 億美元的資產出售。第二季末，我們的流動性強勁，達到 33 億美元，其中包括超過 5.5 億美元的手頭現金，以及 2024 年到期的有限剩餘債務。

I'll close with our updated and improved 2024 guidance. We've raised our outlook for net income attributable to common stockholders to now range from $0.07 to $0.13 per diluted share. We increased the midpoint of our full year normalized FFO guidance to $3.15 per share from the previous midpoint at $3.14 per share. Our improved full-year midpoint is driven by a $0.025 combined improvement from SHOP, organic and inorganic growth, partially offset by a $0.015 non-cash impact from potential Kindred lease resolution in 2024.

最後，我將介紹我們更新和改進的 2024 年指南。我們將普通股股東淨利潤的預期上調至稀釋後每股 0.07 美元至 0.13 美元。我們將全年標準化 FFO 指引的中點從先前每股的 3.14 美元上調至每股 3.15 美元。我們全年中點的改善是由商店、有機和無機增長的 0.025 美元綜合改善推動的，部分被 2024 年潛在 Kindred 租賃解決方案帶來的 0.015 美元非現金影響所抵消。

We've also raised our same-store cash NOI year-over-year growth midpoint expectations for each of our segments. Total company same-store cash NOI is now expected to grow 7.25% year-over-year, an increase of 25 basis points from our prior guidance and 100 basis points higher than our original guidance back in February. For additional 2024 guidance assumptions, please see our Q2 supplemental and earnings presentation deck posted to our website.

我們也提高了每個細分市場的同店現金 NOI 年成長中點預期。該公司同店現金 NOI 總額目前預計將同比增長 7.25%，比我們之前的指導增加 25 個基點，比我們 2 月份的原始指導高出 100 個基點。有關 2024 年其他指導假設，請參閱我們網站上發布的第二季補充和收益簡報。

To close, we are pleased with the results for the first half of the year, and we're committed to continued value creation in the second half and beyond. With that, I'll turn the call back to the operator.

最後，我們對上半年的業績感到滿意，並致力於在下半年及以後繼續創造價值。這樣，我會將電話轉回給接線生。

(Operator Instructions)

（操作員說明）

Nick Joseph, Citi.

尼克約瑟夫，花旗銀行。

Thank you. Just wanted to quickly get a little more color on the potential Kindred resolution. As you think about resetting those rents, how do you think about rent coverage and the opportunity for growth there? And then just in terms of the timing, when would you expect kind of a final resolution? And is it going to be for all of the facilities or could some of them come back to you? Thanks.

謝謝。只是想快速了解潛在的 Kindred 解決方案。當您考慮重新調整這些租金時，您如何看待租金覆蓋範圍和那裡的成長機會？然後就時間而言，您預計什麼時候會有最終解決方案？是適用於所有設施還是其中一些設施會返回給您？謝謝。

Good morning, Nick. Good to hear from you. The answer to your questions are that we are in advanced discussions. We believe we're close on a transaction that applies to the 23 LTACs whose maturity is April 30, 2025. And obviously, we're working for multiple goals, which is to improve Ventas enterprise value, to get the most NOI from those properties that we can and also to strengthen the master lease and to support Kindred's future success. So those are all factors and how we're thinking about it.

早安，尼克。很高興收到你的來信。你的問題的答案是我們正在進行深入討論。我們相信，我們即將完成一項適用於 2025 年 4 月 30 日到期的 23 個 LTAC 的交易。顯然，我們正在努力實現多個目標，即提高 Ventas 的企業價值，從這些房產中獲得盡可能多的 NOI，並加強主租賃並支持 Kindred 未來的成功。這些都是因素以及我們的思考方式。

Thank you. And then maybe just pivoting to the acquisition pipeline. It sounds like it's starting to go there. So I was just curious kind of what you're seeing are these lease-up opportunities and a more stabilized kind of just color broadly on the opportunity set that you're looking at?

謝謝。然後也許只是轉向收購管道。聽起來好像它開始去那裡了。所以我只是好奇你所看到的是這些租賃機會以及你正在尋找的機會集上更穩定的顏色？

Justin?

賈斯汀？

Sure. So we are seeing a number of different opportunities. Where we're leaning in is when the pipeline meets our investment criteria, and we're very focused on the market, asset operator framework. We're looking for markets that have strong supply-demand fundamentals and support strong net absorption and affordability. We do like applying the Ventas OI platform. We're also underwriting the strong track record in the communities and looking for generally well-invested communities as well.

當然。所以我們看到了許多不同的機會。我們的重點是管道滿足我們的投資標準，我們非常關注市場、資產營運框架。我們正在尋找具有強勁供需基本面並支持強勁淨吸收和承受能力的市場。我們確實喜歡應用 Ventas OI 平台。我們也承保社區的良好記錄，並尋找投資普遍良好的社區。

We're primarily expanding with existing operator relationships. We have had the opportunity to add some new relationships as well. And we're looking for campuses that include independent living, assisted living and memory care, rental campuses, and we're seeing those in the pipeline. The pipeline has been growing throughout the year, and we were actively engaged in it, and we like our opportunity to continue to grow.

我們主要擴展現有的營運商關係。我們也有機會增加一些新的關係。我們正在尋找包括獨立生活、輔助生活和記憶護理、租賃校園的校園，我們正在尋找這些校園。該管道全年都在增長，我們積極參與其中，我們希望有機會繼續增長。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

Yeah. Thanks. I wanted to touch on the Kindred update real quick. And I know, Debbie, you probably can't talk about too much directly related to this discussion. But in general, why would Ventas record about $0.015 non-cash charge in 2024? I mean is there like a cash payment that's expected that needs to be amortized this year. I guess what's some of the reasons that would drive that?

是的。謝謝。我想盡快談談 Kindred 的更新。我知道，黛比，你可能無法談論太多與本次討論直接相關的內容。但總的來說，為什麼 Ventas 會在 2024 年記錄約 0.015 美元的非現金費用？我的意思是，是否有預計今年需要攤提的現金付款。我想有哪些原因會導致這種情況發生？

Yeah, it's all non-cash. I mean it's pretty simple, but it's a GAAP-related somewhat counterintuitive rule. Basically, if you have a lease with a tenant and it gets extended, you basically sum up the rent over the years and you divide by the period left and that can pull forward an impact. And that's really all it is.

是的，都是非現金的。我的意思是它非常簡單，但它是一個與 GAAP 相關的有點違反直覺的規則。基本上，如果您與租戶簽訂了租約並且延期了，您基本上可以將多年來的租金相加，然後除以剩餘期限，這可以拉動影響。這就是全部了。

And that happens from the time you sign the deal. So it happens immediately.

這從您簽署協議時開始。所以它立即發生。

Yeah. So it's just a GAAP reflection of the expectations on cash rent that we that we gave you.

是的。因此，這只是我們給您的現金租金預期的公認會計準則反映。

Okay. No, that makes a lot of sense. Thanks. And then just real quick on the SHOP guidance, I know that the RevPOR target is 5%, and you're tracking a little behind that in the first half of the year. I guess, are you able to push street rates higher? And is that's why you think you can generate slightly better SHOP RevPOR growth in the second half of the year kind of accelerating that growth compared to the first half of the year?

好的。不，這很有意義。謝謝。然後，快速了解 SHOP 指導，我知道 RevPOR 目標是 5%，而今年上半年的情況稍微落後於此。我想，你能把街道價格推高嗎？這就是為什麼您認為下半年可以稍微更好的商店 RevPOR 成長，從而比上半年加速成長嗎？

Well, so first of all, on the guidance, it's occupancy led. We've obviously raised our occupancy expectations and we raised our NOI expectation as well. We did not change the other metrics. RevPOR, in this environment where you have a lot of occupancy growth, mix can be more impactful, just due to the sheer volume of occupancy growth that we've had. In the second quarter, there's a couple of things impacting RevPOR.

嗯，首先，在指導上，它是入住率主導的。顯然，我們提高了入住率預期，也提高了 NOI 預期。我們沒有改變其他指標。RevPOR，在入住率大幅成長的環境中，由於我們的入住率成長量龐大，混合可能會更具影響力。第二季度，有幾件事影響 RevPOR。

We had mix where we had very strong occupancy growth in our mid-price point product. So it just has an impact on the weighted average. And then there's a year-over-year comp, that's affecting it because of the very strong rent increases we had in certain operators in the first half of last year.

我們的中價位產品的入住率成長非常強勁。所以它只會對加權平均值產生影響。然後是逐年比較，這會影響它，因為去年上半年我們某些營運商的租金上漲非常強勁。

And as we move forward, we would expect that there's better comps in the second half of the year. We have a large part of the key selling season still ahead of us, a lot of potential volume as part of that. So mix will remain in focus. And so we thought leaving the tilde 5 was appropriate given those facts and look forward to growing NOI.

隨著我們的前進，我們預計下半年會有更好的業績。我們仍然面臨著關鍵銷售季節的很大一部分，其中有大量潛在的銷售量。因此，混合仍將是焦點。因此，考慮到這些事實，我們認為保留波形符號 5 是合適的，並預期 NOI 不斷增長。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Yeah. Morning, everyone. I just wanted to ask about the acquisitions that you're including in guide now. I guess, historically, you only included what was like signed up into that point. I guess why change your strategy here? And then if you could maybe just let us know how much of the benefit that additional acquisitions is for 2024? I guess I'm just trying to get a sense of like the timing and whatnot.

是的。早安，大家。我只是想問一下您現在包含在指南中的收購。我想，從歷史上看，您只將註冊的內容納入該點。我想為什麼要改變你的策略呢？那麼您是否可以讓我們知道額外收購對 2024 年有多少好處？我想我只是想了解一下時間之類的。

Hi, Josh. Thanks for your question. We're excited about the opportunities to invest in senior housing, and Bob will answer your impact question.

嗨，喬許。謝謝你的提問。我們對投資老年住房的機會感到興奮，鮑勃將回答您的影響問題。

And you're right to say that, that started this year in February, including deals that we hadn't closed was unusual for us, but we feel very confident given the pipeline and the team that we can execute on those deals. We started the year at $350 million in our guidance done, closed. We have now $400 million in the forecast to close this year.

你說得對，從今年二月開始，包括我們尚未完成的交易對我們來說是不尋常的，但考慮到我們可以執行這些交易的管道和團隊，我們非常有信心。我們年初的指導價為 3.5 億美元，已完成。目前，我們預計今年的結帳金額為 4 億美元。

So doing what we said. The contribution from those is in the $0.025 increased guidance on FFO from SHOP, organic and inorganic. I would say the split of those is roughly equal, if not tipped a bit towards the new investment. So they are accretive from the get-go. Equity funded and very consistent with the strategy we laid out.

所以就照我們說的去做。這些貢獻在於 SHOP 對有機和無機 FFO 的指導增加了 0.025 美元。我想說的是，即使沒有向新投資傾斜一點，這些分配也大致相等。因此，它們從一開始就具有增值性。股權融資，非常符合我們所製定的策略。

Okay. And then I guess, maybe just the acquisitions themselves, like what kind of cap rates are you seeing? And is it all senior housing in the RIDEA structure? Or is there kind of a mix of other things in there?

好的。然後我想，也許只是收購本身，例如你看到什麼樣的資本化率？都是 RIDEA 結構中的高級住房嗎？或是裡面有其他東西的混合嗎？

Josh, our capital allocation priority is focused on senior housing SHOP investments. And Justin will touch on -- there's a series of both qualitative, data-driven characteristics we're looking for as well as financial.

喬什，我們的資本配置重點是高級住房商店投資。賈斯汀將談到——我們正在尋找一系列定性的、數據驅動的特徵以及財務特徵。

Yeah. Absolutely. So starting -- I'll just kind of highlight, for example, the -- some metrics around the deal activity that's already closed. In those deals, we underwrote net absorption upside over a three-year period in the markets of around 1,000 basis points, very strong population growth, near 0 new supply deliveries expected in the next few years within the markets, very attractive investment basis at $250,000 per unit, well below replacement costs.

是的。絕對地。因此，首先，我將重點放在一些有關已完成交易活動的指標。在這些交易中，我們保證了市場三年內約 1,000 個基點的淨吸收上升，人口增長非常強勁，預計未來幾年市場內新供應交付量接近 0，投資基礎非常有吸引力，為每單位 250,000 美元，遠低於重置成本。

They're about 10 years old on average. There are 124 units, offering independent living, assisted living and memory care. Good margins going in, but a lot of upside, going-in margin around 28%, a lot of upside as we grow occupancy and rate over time.

他們的平均年齡約為10歲。有 124 個單元，提供獨立生活、輔助生活和記憶護理。良好的利潤率，但還有很大的上升空間，投入利潤率約為 28%，隨著我們的入住率和房價隨著時間的推移而增長，還有很大的上升空間。

And the line management contracts, they're rewarding growth, both for revenue and NOI outcomes to the manager and then good operators, most of which are existing relationships, but we're also working with some new operators. And the going-in yields have been really above 8% thus far. We were targeting 7% to 8% overall. The unlevered IRR is low to mid-teens. So that's the characteristics we've seen and continue to see in this next tranche with very similar characteristics in this $400 million that we have line of sight on.

對於直線管理合同，它們獎勵增長，包括經理的收入和 NOI 結果，然後是優秀的操作員，其中大部分是現有關係，但我們也正在與一些新操作員合作。到目前為止，投入收益率確實高於 8%。我們的總體目標是 7% 到 8%。無槓桿 IRR 低至十幾歲左右。這就是我們在下一批中已經看到並將繼續看到的特徵，與我們所關注的這 4 億美元中的特徵非常相似。

Appreciate that. Thank you.

很欣賞這一點。謝謝。

Thanks.

謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey. Just two quick ones for me. Just stay on acquisitions. Obviously, you've seen a pickup this year, which is why you increased the guidance, but trying to figure out, is there sort of volume and opportunity that you could get to $1 billion on an annual run rate basis is sort of question number one. And number two is just can you remind us the sellers? Are these all sort of funds coming due, just the nature of the sellers here. Thanks.

嘿。對我來說只有兩個快速的。只停留在收購上。顯然，今年你已經看到了回升，這就是你增加指導的原因，但試圖弄清楚，是否有某種數量和機會，你可以在年度運行率的基礎上達到 10 億美元，這是一個問題一。第二個問題你能提醒我們賣家嗎？這些都是到期資金嗎？謝謝。

Well, there -- we're certainly interested in ramping up the activity. We haven't any targets out there in terms of volume, but more is the priority for sure, given the fundamentals and the returns that we're seeing in the investments. The types of sellers, there are some -- certainly sellers that have debt maturities and they're having to make a decision even though fundamentals are good, do they put more capital in? Or do they sell the asset and move on to other priorities? We've been able to take advantage of some of those opportunities.

嗯，我們當然有興趣加強這項活動。我們在數量方面沒有任何目標，但考慮到基本面和我們在投資中看到的回報，更多的目標肯定是優先考慮的。賣家的類型有一些——當然是債務到期的賣家，即使基本面良好，他們也必須做出決定，他們是否投入更多資本？或者他們會出售資產並轉向其他優先事項嗎？我們已經能夠利用其中一些機會。

There's other sellers that just, quite frankly, are dealing with fund maturities and they're just active sellers. And then there's others that are selling senior housing a little bit reluctantly because they have other asset classes that they're dealing with and debt and other aspects of their fund. And so we've had a wide variety. And that's -- what's been consistent, though, is good fundamentals. We're targeting markets that have really great upside and then the returns have been excellent.

坦白說，還有其他賣家正在處理基金到期問題，他們只是活躍的賣家。還有一些人有點不情願地出售高級住房，因為他們正在處理其他資產類別以及債務和基金的其他方面。所以我們有各種各樣的產品。不過，始終如一的是良好的基本面。我們的目標市場具有巨大的上升空間，而且回報也非常可觀。

Great. That's it for me. Thank you.

偉大的。對我來說就是這樣。謝謝。

Thank you.

謝謝。

Jim Kammert, Evercore ISI.

吉姆·卡默特，Evercore ISI。

Thank you. Good morning. Certainly appreciate, Debbie, your comment regarding inelastic need-based profile of this industry. I don't think many would disagree, but you also hear, at least I have that some the arguments that staying at home is still cheaper than senior care. How do you maybe, within your OI or marketing initiatives? One, I guess, do you agree with that statement? And two, how do you educate the consumer here? About the product trade-off?

謝謝。早安.黛比，當然感謝您對這個行業缺乏彈性的基於需求的概況的評論。我認為很多人不會不同意，但你也聽到了，至少我有一些論點，認為待在家裡仍然比高級護理便宜。在您的 OI 或行銷計劃中，您的情況如何？一，我想，你同意這個說法嗎？第二，你如何教育消費者？關於產品權衡？

Great question. And one of the things we care a lot about is the -- we and the operators are offering residents and their families a really important service, and it's really valuable. Anyone who's gone through it and their families really understands that. And penetration is back at or above, that is utilization by the population, is at or above where it was pre-COVID. So that's trending in the right direction.

很好的問題。我們非常關心的事情之一是——我們和營運商正在為居民及其家人提供非常重要的服務，而且非常有價值。任何經歷過這一切的人和他們的家人都真正理解這一點。滲透率回到或高於新冠疫情前的水平，即人口的使用率。所以這正朝著正確的方向發展。

The numbers are gigantic. So that dwarfs the impact even of penetration rate. And importantly, there are a lot of studies that show not only our seniors more secure and enjoy better lives when they move to senior housing from their homes, that it's safer, it's more secure, it's more social, but also it is more expensive to stay in your home.

數字是巨大的。因此，這甚至使滲透率的影響相形見絀。重要的是，有許多研究表明，當我們的老年人從自己的家搬到老年住房時，他們不僅會更安全，享受更好的生活，而且更安全、更有保障、更具社交性，而且搬家成本也更高。

And that's the cost of replacing all those services even if you can do it, which in many cases, if you live alone in a suburban home, you can't even get those services on a regular basis, that it is more economical to move to senior housing. You don't have lawn mowing and maintenance, taxes and insurance, meals, et cetera. So it really is a replacement for what you're spending anyway or even better if you're requiring in-home health services.

這就是更換所有這些服務的成本，即使你能做到，在很多情況下，如果你獨自住在郊區的家裡，你甚至無法定期獲得這些服務，所以搬家更經濟到高級住房。你沒有草坪修剪和維護、稅金和保險、膳食等等。因此，它確實可以替代您的支出，如果您需要家庭醫療服務，它甚至更好。

Okay. I need to do more reading. Thank you. And a quick one to pick on Bob. Good news is here, I think your exchangeable notes are in the money. And could you remind me, given say share price, could you just remind me, how is the accounting for that? I know you had the option to resell the conversion value in cash, but how will you account for that in potential dilution if presuming the stock stays above the conversion price? Thanks.

好的。我需要多讀書。謝謝。還有一個快速挑釁鮑伯的人。好消息來了，我想你的可兌換紙幣已經兌現了。您能否提醒我，考慮到股價，您能否提醒我，會計處理是如何進行的？我知道您可以選擇以現金轉售轉換價值，但如果假設股票保持在轉換價格之上，您將如何在潛在稀釋中解釋這一點？謝謝。

Yeah, Jim, it is a high-quality situation for sure. The conversion price is just below 55%. Those get accounted for in the fully diluted shares. It's a really modest impact at this stage and effectively embedded in the guidance. But I put this in a high-quality problem camp. So -- but de minimis as we think about the numbers this year as it stands now.

是的，吉姆，這確實是一個高品質的情況。轉換價格略低於55%。這些都計入完全稀釋的股份中。在現階段，影響確實不大，並已有效地嵌入指南中。但我把這個歸入高品質問題陣營。所以，但就我們目前的情況來看，今年的數字是微乎其微的。

Right. Thank you.

正確的。謝謝。

Juan Sanabria, BMO.

胡安·薩納布里亞，BMO。

Hi. Good morning. Just a bigger picture strategic question for Debbie, I guess. Obviously, you rightfully so bullish on the acquisition opportunity in seniors housing and you have a successful third-party management business. Is there an opportunity to kind of accelerate your investments in seniors housing using some of the capital partners you have or maybe new ones to do stuff in a joint venture or fund format?

你好。早安.我想這對黛比來說只是一個更大的戰略問題。顯然，您理所當然地看好老年人住房的收購機會，並且您擁有成功的第三方管理業務。是否有機會利用您現有的一些資本合作夥伴或新的合作夥伴以合資企業或基金的形式加速您對老年人住房的投資？

Hi, Juan. We do have a successful Ventas investment management business, including an open-end fund. It is a great advantage to have that capital available to us. At the present time, because of the REITs kind of footprint and experience and platform in senior housing, we are focused on capturing those opportunities really at the enterprise level, but we have in selective appropriate circumstances done a few senior housing assets with our partners. So most should be to the balance sheet and maybe ones that have a little bit less growth could be appropriate for a more core-like investor base.

嗨，胡安。我們確實擁有成功的 Ventas 投資管理業務，包括開放式基金。擁有這筆資金對我們來說是一個很大的優勢。目前，由於房地產投資信託基金在老年住房領域的足跡、經驗和平台，我們專注於真正在企業層面抓住這些機會，但我們在有選擇的適當情況下與我們的合作夥伴一起完成了一些老年住房資產。因此，大部分應該集中在資產負債表上，也許那些成長稍慢的項目可能適合更核心的投資者基礎。

Thank you. And then just with regards to the SHOP business and kind of guidance. How should we think about occupancy growth going forward? You've noticed some seasonality on the RevPOR side. Is there anything equivalent on the occupancy side or any impact from changes in the pool in the second half of the year?

謝謝。然後就是關於商店業務和指導。我們該如何看待未來的入住率成長？您已經注意到 RevPOR 方面存在一些季節性。下半年入住率方面是否有任何類似的情況或泳池變化的影響？

Yeah. Good question on the timing. So Bob, do you want to take that?

是的。關於時機的好問題。那麼鮑勃，你想接受嗎？

Sure. There's no pool impact, Juan, that's been very consistent since February. There is -- depending on whether you're looking year over year or sequentially, there clearly is seasonality in senior housing. Again, the key selling season is Q3 -- running into Q3, typically through September could bleed into October. Then typically, you'll have some moderation in the fourth on a sequential basis. For us, what we're seeing again is just this robust year-over-year growth that's driving the improved midpoint. But if you're modeling sequentially, you should factor that in.

當然。胡安，沒有對泳池造成影響，自二月以來一直非常穩定。老年住房顯然存在季節性，這取決於您是逐年查看還是按順序查看。同樣，關鍵的銷售季節是第三季度——進入第三季度，通常持續到九月，可能會持續到十月。然後，通常情況下，你會在第四個連續的基礎上進行一些調節。對我們來說，我們再次看到的正是這種強勁的同比增長，推動了中點的改善。但如果您按順序建模，則應該考慮到這一點。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi. Yes. Good morning, everyone. Just wanted to go back to Kindred a little bit. So the guidance seems like you're calling for 25% to 30% rent reduction I do recall commentary that the business itself is improving fundamentally. So just curious why give up that upside by just having kind of an immediate kind of rent reduction?

你好。是的。大家早安。只是想稍微回到Kindred身邊。因此，指導意見似乎是要求減少 25% 到 30% 的租金，我記得有評論說業務本身正在從根本上改善。所以我很好奇為什麼要放棄這種優勢而直接降低租金呢？

Good morning, Tayo. Thanks for the question. Look, we want to give our shareholders some kind of broad directional guidance of our expectations at this time on what the rent levels will be. Obviously, we have a lot of tools in our toolbox that we've used in connection with leases over the years, and that would be equally true here. And remember, our goals, we do want to strengthen the master lease. We do want to capture as much NOI as we can, and we want Kindred to be successful. So we put all those in the basket as we think about structuring and making decisions about a lease extension.

早上好，泰約。謝謝你的提問。看，我們希望為我們的股東提供某種廣泛的方向性指導，指導我們目前對租金水準的期望。顯然，我們的工具箱中有很多多年來與租賃相關的工具，這裡也是如此。請記住，我們的目標是加強主租賃。我們確實希望捕獲盡可能多的 NOI，並且我們希望 Kindred 取得成功。因此，當我們考慮建造和做出有關租約延期的決定時，我們將所有這些都放在籃子裡。

Okay. That's helpful. And just the second question some of your managerial contracts in Atria Sunrise that are a little bit more tied to the top line. Curious, that when those managerial contracts themselves expire if they be? or the idea of being able to move these contracts more towards contract time towards the bottom line such that Ventas and the third-party managers are a little bit better in line in terms of bottom line performing?

好的。這很有幫助。第二個問題是，您在 Atria Sunrise 的一些管理合約與營收有更多的聯繫。很好奇，這些管理合約本身何時到期？或者能夠將這些合約更多地推向合約時間，從而達到底線，以便文塔斯和第三方經理在底線表現方面更好一些？

Yeah. Operational alignment is one of Justin's favorite topics. So --

是的。營運協調是 Justin 最喜歡的話題之一。所以--

It is, for sure. So Sunrise, we've already -- that contract, we actually updated a few years ago, it's well aligned. It's really driven through revenue and NOI performance. The fees are driven through realignment. I'm very happy with that agreement. We're -- we have windows in the upcoming few years in the legacy Atria portfolio, that will also be a good opportunity just to improve upon the alignment and that relationship, everything else in the SHOP portfolio is on our newer agreements.

確實如此。所以 Sunrise，我們已經——我們實際上在幾年前更新了該合同，它非常一致。它實際上是透過收入和 NOI 績效來驅動的。費用是透過調整來驅動的。我對這個協議非常滿意。我們--我們在未來幾年在傳統的Atria 產品組合中擁有窗口，這也將是一個很好的機會，只是為了改進一致性和關係，SHOP 組合中的其他所有內容都在我們的新協議上。

But one thing I want to say is that Atria, given a lot of the transition they've gone through, there's not a question in my mind in terms of the level of focus they have on operations, particularly on ours. They've -- there's been a number of actions that have led to a much tighter footprint that we've taken some that they've taken and other owners.

但我想說的一件事是，考慮到 Atria 經歷了許多轉變，我認為他們對營運（尤其是我們的營運）的關注程度沒有問題。他們已經採取了許多行動，導致我們的足跡更加緊密，我們已經採取了一些他們採取的行動以及其他所有者的行動。

And so the level of focus that we've seen with them under the new leadership and the contributions they've made to the occupancy across the board that I mentioned and especially in independent living, where we've had 340 basis points of occupancy growth year-over-year. They -- we have their full attention and they have our full support. So we look forward to ongoing good performance with them.

因此，我們在新領導層的領導下看到了他們的關注程度，以及他們對我提到的全面入住率做出的貢獻，尤其是在獨立生活方面，我們的入住率增長了 340 個基點同比。他們——我們得到了他們的全力關注，他們得到了我們的全力支持。因此，我們期待與他們繼續保持良好的表現。

That's helpful. Thank you.

這很有幫助。謝謝。

Thanks.

謝謝。

Austin Wurschmidt, KeyBanc City Market.

奧斯汀‧沃爾施密特 (Austin Wurschmidt)，KeyBanc 城市市場。

Great. Thanks. Just going back to the SHOP guidance, same-store NOI growth for that segment implies some deceleration in the back half of the year. And I guess, just given the operating leverage, low total portfolio occupancy, and just relative to the backdrop that you outlined in your prepared remarks, what are sort of the limiting factors in the near term impacting you from sustaining that mid-teens growth that you've achieved year to date?

偉大的。謝謝。回到商店指導，該細分市場的同店 NOI 成長意味著今年下半年會出現一些減速。我想，考慮到營運槓桿、較低的投資組合總佔有率，以及相對於您在準備好的發言中概述的背景，短期內影響您維持十幾歲左右增長的限制因素有哪些？你已經取得了哪些成就？

So one of the things that's happened is we're off to a really strong start. So we've actually raised guidance twice now. So -- and that's due to the outperformance we've had early in the year. As you get into later in the year, Bob mentioned some of the seasonality, you can see in occupancy, you can also see some seasonality in expenses. We've assumed kind of regular inflation in the expenses. That's what's driving that 2.5% OpEx for growth metric that you see as part of the guidance page.

因此，發生的事情之一就是我們有了一個非常強勁的開始。所以我們現在實際上已經兩次提高了指導意見。所以——這是因為我們在今年年初的表現出色。當你進入今年晚些時候時，鮑勃提到了一些季節性，你可以在入住率中看到一些季節性，你也可以看到費用中的一些季節性。我們假設支出會出現定期通貨膨脹。這就是您在指導頁面中看到的 2.5% 營運支出成長指標的推動因素。

And there's utilities and other seasonal impacts you can have in the second half. So you might accuse us to be a little conservative on the expense side, but we're just anticipating kind of normal seasonality.

下半年可能會產生公用事業和其他季節性影響。因此，您可能會指責我們在費用方面有點保守，但我們只是預計正常的季節性。

I like your words mid-teens because the first half, we grew 15%. Our guidance for the year is 14.5%. So pretty darn consistent, I would say.

我喜歡你的話，因為上半年，我們成長了 15%。我們今年的指導值為 14.5%。我想說，非常一致。

Okay. That's fair. How does Canada affect kind of the same-store NOI growth level going forward, given you are more highly occupied in that region? And what sort are your thoughts on the remaining upside for the region? Thank you.

好的。這很公平。鑑於您在該地區的佔用率較高，加拿大將如何影響未來同店 NOI 的成長水準？您對該地區剩餘的上漲空間有何看法？謝謝。

Well, so we have a page, and if you have our earnings deck, page 10 will articulate the performance of Canada. Canada grew 12% in the second quarter year over year. That was driven by really good rate growth, which was also mix driven. We had a higher price point product that outperformed Canada and drove the RevPOR up and their occupancy is still growing, 170 basis points. Canada is 96% occupied now, and they keep growing occupancy. And so it's just a good performer, and we wouldn't expect it to continue to be a double-digit performer going forward, but it's been a good year in Canada.

好吧，我們有一個頁面，如果您有我們的收益報告，第 10 頁將闡明加拿大的表現。加拿大第二季年增 12%。這是由非常好的利率成長推動的，這也是混合驅動的。我們有一款價格更高的產品，其表現優於加拿大，並推動 RevPOR 上升，而且其入住率仍在增長，增長了 170 個基點。加拿大現在的入住率為 96%，且入住率還在持續增加中。因此，它只是一個良好的表現，我們不希望它繼續保持兩位數的表現，但今年在加拿大是美好的一年。

Thanks for the time.

謝謝你的時間。

Thank you, Austin.

謝謝你，奧斯汀。

Vikram Malhotra, Mizuho.

維克拉姆·馬爾霍特拉，瑞穗。

Good morning. (inaudible) I just wondered maybe first just get some more color. You mentioned the comps or maybe even conservatism on the expense side, but you're sort of going from the ones to like the 2.5% guidance you gave. So I'm wondering is there any specific reason or maybe it's just labor cost you're anticipating that would drive that up so much in two quarters?

早安.（聽不清楚）我只是想知道也許首先要多一些顏色。你提到了補償，甚至可能是費用方面的保守主義，但你有點從這些轉向喜歡你給的 2.5% 的指導。所以我想知道是否有任何具體原因，或者可能只是您預計勞動力成本會在兩個季度內大幅上漲？

Good. Bob's going to take that.

好的。鮑伯會接受的。

You know, Vikra, I think the key thing to note, as you'll recall, is the contract labor or agency labor profile last year, which as we were staffing up really came down first half to second half. And so on a year-over-year basis in the first half on the OpExPOR, that's a good guy. You don't have that same dynamic in the back half of the year. So that's a really important part of the answer to your question.

你知道，維克拉，我認為值得注意的關鍵是，正如你所記得的，去年的合約工或代理勞工概況，隨著我們的人員配備，上半年和下半年確實有所下降。因此，從上半年 OpExPOR 的同比情況來看，這是一個好人。今年下半年就沒有同樣的動態了。所以這是回答你的問題的一個非常重要的部分。

Okay. That's helpful. And then you mentioned the mix shift on RevPOR and obviously with Sunrise. But I'm wondering if you just segment the SHOP portfolio. I'm sure there are markets or segments where you have like 90% occupancy. What's the distribution in terms of where you're seeing the most pricing par versus maybe what's lagging.

好的。這很有幫助。然後你提到了 RevPOR 的混合轉變，顯然還有 Sunrise。但我想知道您是否只對 SHOP 組合進行細分。我確信有些市場或細分市場的佔有率高達 90%。就您看到的定價最高的地方與可能滯後的地方而言，分佈情況如何。

Yeah. So we've been -- we've seen really broad-based growth. We've had better occupancy growth in our products that are closer to like a mid- or a mid-high price point. We've seen better growth in the West, which is a relatively lower price point than the East. There's been better growth in lower acuity assisted living and an independent living than the higher acuity product, but very strong occupancy growth.

是的。所以我們已經看到了真正廣泛的成長。我們的產品的入住率成長較好，接近中高價位。我們看到西部地區有更好的成長，但價格比東部地區相對較低。與較高敏銳度產品相比，較低敏銳度輔助生活和獨立生活的成長較好，但入住率成長非常強勁。

And so there's -- the mix is really just a combination of reasons why our lower price point product is outperforming. It also happens to be the recipient of a lot of the NOI-generating CapEx. And so within that group, we had over 500 basis points of occupancy growth but also had 6.5% of RevPOR growth.

因此，這種組合實際上只是我們的低價產品表現出色的原因的組合。它也恰好是大量 NOI 產生的資本支出的接受者。因此，在該組中，我們的入住率增加了 500 多個基點，但 RevPOR 也增加了 6.5%。

So within it, it's a strong contributor to both occupancy and to rate. But as it's a big part of the growth story and the growth profile, it brings the weighted average down from a RevPOR standpoint. So I think the reality is, like I said earlier, the volume is so high, mix becomes a bigger factor in the metrics. But key takeaway is 8% revenue growth and 14.5% NOI and really strong occupancy performance.

因此，它對入住率和房價都有很大的貢獻。但由於它是成長故事和成長概況的重要組成部分，因此從 RevPOR 的角度來看，它降低了加權平均值。所以我認為現實是，正如我之前所說，數量如此之大，混合成為指標中更重要的因素。但關鍵的收穫是 8% 的營收成長和 14.5% 的 NOI 以及非常強勁的入住率表現。

Makes sense. And then just a last one. Could you just give us an update on the Brookdale leases that come due next year, just where -- what the metrics are in terms of coverage or just latest thoughts on what you might do there?

有道理。然後是最後一個。您能否向我們介紹明年到期的布魯克代爾租約的最新情況，以及覆蓋範圍方面的指標是什麼，或者您可能在那裡做什麼的最新想法？

Hi. So it's Justin again. So Brookdale, I'll start here. So it's a well-covered lease. You'll probably notice that if you look at the supplemental that they've moved up a row. And so good coverage, good performer. They have had growth in our portfolio. They're in markets that we project around 1,000 basis points of net absorption upside. So really strong growth profile opportunities ahead of it. So really, if this portfolio were to make its way to our SHOP portfolio, it would be very happy. So we're really concerned about an extension.

你好。所以又是賈斯汀。布魯克代爾，我將從這裡開始。所以這是一個很好的租約。您可能會注意到，如果您查看補充材料，它們已經上升了一行。如此好的報道，良好的表演。他們在我們的投資組合中取得了成長。我們預期它們所處的市場淨吸收上升幅度約為 1,000 個基點。如此強勁的成長機會就在眼前。所以說真的，如果這個產品組合能夠進入我們的 SHOP 產品組合，那將是非常高興的。所以我們真的很擔心延期。

Brookdale has the opportunity to extend the lease and if they do that, they have to decide by the end of November. It's all or nothing extension. If they do extend, then the lease will escalate in '26, at least 3% and as high as 10% based on a fair market value review. Considering the performance and the coverage that I've mentioned and the upside opportunity in the market, we would expect that it could be on the better end of that, but we'll have to wait and see. But we love the optionality we have here and kind of worst case, Brookdale extends, and you have a well-covered lease.

布魯克代爾有機會延長租約，如果他們這樣做，他們必須在 11 月底之前做出決定。這是全有或全無的擴展。如果他們確實延期，那麼根據公平市場價值審查，租約將在 26 年升級，至少 3%，最高 10%。考慮到我提到的表現和覆蓋範圍以及市場的上行機會，我們預計它可能會更好，但我們必須拭目以待。但布魯克代爾表示，我們喜歡這裡的選擇權，即使是最壞的情況，你也能得到一份很好的租約。

Thank you.

謝謝。

Thank you.

謝謝。

Richard Anderson, Wedbush Securities.

理查德·安德森，韋德布希證券。

Hey. Thanks. Good morning and nice quarter. So question I asked on the Welltower call, and I got fully shut down. I'm going to ask you the same question, see what you say. So as occupancy gets higher, so does it become increasingly more difficult to grow it from there. So my theory is at 75% occupancy, you have the full range of unit options to offer people. But if you're at 85%, you have fewer options. So it's just harder to fill that Swiss cheese effect, if I can use that. Do you agree with that, that when you get to sort of post-pandemic occupancy and then start targeting that 92% peak in your history that that process will maybe logically take longer to achieve?

嘿。謝謝。早上好，美好的季度。所以我在 Welltower 電話會議上問了這個問題，然後我就完全被關閉了。我也想問你同樣的問題，看看你怎麼說。因此，隨著入住率的提高，從那裡開始成長就變得越來越困難。所以我的理論是，入住率達到 75% 時，您就可以為人們提供全方位的單位選擇。但如果你處於 85%，你的選擇就更少了。因此，如果我可以利用瑞士起司的效果，那就更難了。您是否同意，當您達到大流行後的入住率，然後開始瞄準歷史上 92％ 的峰值時，從邏輯上講，該過程可能需要更長的時間才能實現？

I'm going to let Mr. Zero-lost-revenue-days take that. Go ahead.

我會讓零收入損失天先生接受這一點。前進。

So Debbie is referring to my passion project, which is encouraging our operators and communities to get to where they're achieving 0 lost revenue days. We benchmark this, and we report on it every month and --

黛比指的是我熱衷的項目，該項目鼓勵我們的營運商和社區實現零收入損失天數。我們對此進行基準測試，並每月報告一次--

Commonly known as 100% occupancy.

俗稱100%入住率。

Exactly. But truly 100%. So the one thing I love about senior housing business is that you can truly be 100%. We do have communities already in our portfolio that literally are turning units -- they might have four or five out -- they are turning all of them with new move-ins within the same month and having zero frictional vacancy. So my point of view, Rich, is it's actually easier, the higher occupied you get.

確切地。但確實是100%。因此，我喜歡老年住房業務的一件事是，你可以真正做到 100%。我們的投資組合中確實有一些社區正在轉變單位——他們可能有四五個單位退出——他們將在同一個月內通過新的入住來轉變所有單位，並且空置率為零。所以，Rich，我的觀點是，你的忙碌程度越高，實際上就越容易。

And the reason for that is because you've established yourself as a strong market participant or market leader. Usually, there's an opportunity to fill the last unit or two with just with extra effort. I'm not going to say it's easy, but it's much easier to fill a year or two than to look upward at 20 units.

原因是您已經將自己確立為強大的市場參與者或市場領導者。通常，只要付出額外的努力，就有機會完成最後一兩個單位。我不會說這很容易，但填滿一兩年比向上看 20 個單位要容易得多。

So I like the opportunity in our communities that are over 90% to push all the way to 100 or as close as they can get to it. And the other thing that comes with that, obviously, is scarcity value and price goes with it. So that's the big opportunity. So I don't think I agree with you.

因此，我喜歡我們社區中超過 90% 的人有機會一路推動到 100 或盡可能接近這一目標。顯然，隨之而來的另一件事是稀缺價值和價格隨之而來。所以這是一個很大的機會。所以我認為我不同意你的觀點。

My next question, when you talk about the redevelopment program in SHOP, and you mentioned some of the occupancy lift that you got from that, is that factoring in at all into the same-store optics that -- or results that you got in the quarter? In other words, 380-basis-point improvement in the US is there any amount from that that is benefitting from the CapEx program where you get the revenue lift and occupancy lift, but you are still capitalizing the costs?

My next question, when you talk about the redevelopment program in SHOP, and you mentioned some of the occupancy lift that you got from that, is that factoring in at all into the same-store optics that -- or results that you got in the四分之一?換句話說，美國的 380 個基點的改善是否可以從資本支出計劃中受益，在該計劃中，您獲得了收入提升和入住率提升，但您仍在資本化成本？

I think what's good about the way we're showing our SHOP results is that the vast majority of our communities are in our same-store results and so most of those projects stay in during the redevelopment process. And you know, we take the down to the extent there are any during that time and then they remain in now and that's true for almost to all regions.

我認為我們展示商店結果的方式的好處在於，我們的絕大多數社區都在我們的同店結果中，因此大多數項目在重建過程中都保留了下來。你知道，我們將當時存在的情況進行了刪除，然後它們保留在了現在，幾乎所有地區都是如此。

Yes, that's right. So when we're reporting on 133 seasoned projects, those are all same-store and they never came out. They were in during the construction period. And so there's a little disruption we've absorbed already and now we're experiencing the benefits of the upside opportunity from the investment.

是的，沒錯。因此，當我們報告 133 個經驗豐富的項目時，這些項目都是同一家商店的，從未公開過。他們在施工期間。因此，我們已經吸收了一些幹擾，現在我們正在體驗投資帶來的上行機會的好處。

There's some projects that are a bigger redev that do come out those are those are more intrusive, there's a lot of criteria around defining which projects qualify for that to be in the non-same-store pool. But the fees that we're reporting on are definitely in the pool.

有些項目確實需要進行更大的重新開發，這些項目更具侵入性，圍繞著定義哪些項目有資格進入非同一商店池有很多標準。但我們報告的費用肯定是在池中的。

So when you think about the redevs activity, is it a wash then, the stuff that's sort of underwhelming occupancy and the stuff that's boosting occupancy when you net those two, the 380 in the US would probably still be pretty close to 380?

因此，當您考慮重新開發活動時，這是否是一種清洗，即入住率平淡的東西和當您將這兩者淨值計算時會提高入住率的東西，美國的 380 可能仍然非常接近 380？

I think it's a net gainer, Rich. There is some disruption. But honestly, you can sell the redev in many cases to the residents. You can show the plans, they can see the opportunity. And so you see -- in advance of the completion, you see occupancy and price lift. So there is some disruption net-net, definitely a positive.

我認為這是一個淨收益者，里奇。有一些幹擾。但老實說，在很多情況下你可以將重新開發的房屋出售給居民。你可以展示計劃，他們可以看到機會。所以你會看到——在竣工之前，你會看到入住率和價格上漲。因此，網路出現了一些混亂，這絕對是正面的。

Okay.

好的。

And you're trying to get them done so that you're meeting this intensive demand that's present at this time.

您正在努力完成這些任務，以便滿足目前存在的強烈需求。

Okay. Got it. Thanks very much.

好的。知道了。非常感謝。

Thank you, Rich.

謝謝你，里奇。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

Thanks for fitting me in. Good morning. Maybe one on the transaction market. What's the typical cap rate spread that you're seeing on assisted living deals versus independent living?

謝謝你讓我融入。早安.也許是交易市場上的一個。您在輔助生活交易與獨立生活交易中看到的典型上限利率差異是多少？

So we haven't -- really, everything we've bought has had a combination of services. And so I really wouldn't be able to comment on a freestanding independent living cap rate, for instance, versus a freestanding assisted living.

所以我們確實沒有——實際上，我們購買的所有東西都具有服務組合。因此，我真的無法評論獨立式獨立生活上限利率與獨立式輔助生活的比較。

And most of what we're buying has both independent living and assisted living on the campus, along with memory care services. I know historically, there's been a spread because of the longer length of state independent living, a little less volatility. There's been like a 50-basis-point spread in the past. I don't know that I can really confirm that, that exists today just based on the activity that we have in our pipeline.

我們購買的大部分東西都具有獨立生活和校園輔助生活，以及記憶護理服務。我知道，從歷史上看，由於國家獨立生活的時間較長，波動性較小，因此出現了價差。過去利差大約有50個基點。我不知道我是否可以真正確認這一點，僅根據我們管道中的活動，今天就存在這種情況。

Okay. That makes sense. And then it looks like a couple of research assets have entered the redev pool in this quarter. What sort of return are you targeting on those projects? And should we expect additional research assets to enter redevelopment in the coming quarters?

好的。這是有道理的。然後，看起來本季有一些研究資產已進入重新開發池。您對這些項目的目標回報是多少？我們是否應該預期更多的研究資產在未來幾季進行重建？

Thanks for the question. This is Pete. Happy to answer. We are -- we don't expect additional assets to go into redevelopment in the next -- in the foreseeable future. The return aspects will be substantial. These buildings are in really good markets. They're well located in these markets. They're quality buildings, and they just need a bit of upgrade to compete in the marketplace itself.

謝謝你的提問。這是皮特。很高興回答。在可預見的未來，我們預計不會有更多資產用於接下來的重建。回報方面將是可觀的。這些建築的市場非常好。他們在這些市場中佔據有利位置。它們是優質建築，只需要進行一些升級即可在市場上競爭。

And one good example is 3711 Market in Philadelphia. It's a great market for us, performing really well. It's a healthy life sciences market. The building has about 50% office tenants. Some of those office tenants have left, we have an opportunity to turn it into research space, which will dramatically increase the rental rate that we can achieve in that building. And we're looking forward to really strong rate growth and rent growth in the next year or so from that asset.

費城的 3711 Market 就是一個很好的例子。這對我們來說是一個巨大的市場，表現非常好。這是一個健康的生命科學市場。該大樓約有50%是辦公室租戶。其中一些辦公室租戶已經離開，我們有機會將其轉變為研究空間，這將大大提高我們在建築物中可以實現的租金率。我們期待該資產在明年左右實現真正強勁的利率成長和租金成長。

Got it. Thank you.

知道了。謝謝。

Thanks.

謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi. Thank you. So just to circle back to X4 I understand you get sort of the tougher comps on agency labor. But it sounds like we're hearing reports from other operators that labor expenses have started to soften recently, which matches the job reports we saw this morning. I'm just curious if you're keeping your guide here is expressing a little bit of conservatism as there could be greater availability of labor in the second half of the year if unemployment ticks up?

你好。謝謝。所以，回到 X4，我知道你們在代理勞工方面得到了更嚴格的補償。但聽起來我們聽到其他業者的報告稱勞動成本最近開始下降，這與我們今天早上看到的就業報告相符。我只是好奇你在這裡保留你的指南是否表達了一點保守主義，因為如果失業率上升，下半年可能會有更多的勞動力可用？

Yeah. I mean there could be some conservatism in that metric. We have tildes around everything. We were very explicit around two metrics, one being occupancy, the other being NOI. The others, RevPOR has some mix considerations and then OpExPOR and they both have year-over-year comp considerations. And the OpExPOR we have some comp considerations. It's just an expectation of normal inflation. So we'll just have to see how it plays out. But the labor market has been very favorable.

是的。我的意思是該指標可能存在一些保守主義。我們在所有東西周圍都有波浪線。我們非常明確地圍繞著兩個指標，一個是入住率，另一個是 NOI。其他的，RevPOR 有一些混合考慮因素，然後是 OpExPOR，它們都有逐年比較的考慮因素。對於 OpExPOR，我們有一些比較上的考量。這只是正常通膨的預期。所以我們只需要看看結果如何。但勞動市場一直非常有利。

Yeah, you're right. Today's report may influence that, and we'll continue to monitor and make sure we have a healthy spread between the two key metrics to drive revenue and NOI growth.

是的，你是對的。今天的報告可能會影響這一點，我們將繼續監控並確保這兩個關鍵指標之間存在健康的差距，以推動收入和 NOI 的成長。

So I mean, would you be able to comment at all what you've seen quarter to date from labor? Is it starting to shift in your favor? Or is it same old same as it was in 2Q?

所以我的意思是，您能對本季度迄今為止的分娩情況發表評論嗎？它開始轉向對你有利的方向嗎？還是跟第二季一樣舊？

Again, we should distinguish between year over year and sequential. I do think that what Bob said is important in the year-over-year comparisons. And then as we look forward, again, the labor market is pretty dynamic right now. And so we're assuming kind of steady as she goes. But as you point out, especially based on today's report, we may see a little improvement in that going forward, but it's too early to say.

再次，我們應該區分逐年和連續。我確實認為鮑伯所說的在逐年比較中很重要。然後，當我們展望未來時，勞動力市場目前非常活躍。所以我們假設她的發展是穩定的。但正如您所指出的，特別是根據今天的報告，我們可能會看到未來的一些改善，但現在說還為時過早。

Got it. And then maybe just jumping to the dispositions in the quarter. It looks like really strong execution there, but is there any color you could give on what drove the low cap rates on those assets? Are these non-core and maybe lower quality where there's like a pro forma upside for the buyer? Or are these high-quality assets and they are just here to fund acquisitions because we're strategically rotating more in a SHOP?

知道了。然後也許只是跳到本季的部署。看起來執行力確實很強，但是您能對推動這些資產的低資本化率的原因給出任何解釋嗎？這些是否是非核心產品，品質可能較低，對買家有潛在的好處？或者這些優質資產只是為了為收購提供資金，因為我們在商店中進行了更多的策略輪調？

Yeah, I'll take that one . So just some numbers. We've sold about $230 million-odd. We've got a full year guide of $300 million, so the majority is cash in the bank. It's a very low cap rate kind of in the 2% to 3% range, which is great. And that's led by senior housing. And your other question was, is this capital recycling upgrading the portfolio, exiting non-strategic markets. Yes.

是的，我會拿那個。所以只是一些數字。我們已經賣出了大約 2.3 億美元。我們的全年預算為 3 億美元，所以大部分是銀行的現金。這是一個非常低的資本化率，在 2% 到 3% 的範圍內，這很好。其中以老年住房為主導。你的另一個問題是，這個資本循環是否會升級投資組合，退出非策略市場。是的。

And using the data analytics that we have to identify those markets that may not have that opportunity to grow like the rest of the portfolio. The buyer may see that opportunity and therein lies the transaction. And so we're pleased with that growth rate. Clearly, that's another source of capital for us while upgrading the portfolio. So we're happy with the result.

透過數據分析，我們必須識別那些可能沒有機會像投資組合的其他部分一樣成長的市場。買方可能會看到這個機會，並且交易就在其中。因此，我們對這一成長率感到滿意。顯然，這是我們升級投資組合時的另一個資金來源。所以我們對結果很滿意。

Yeah. And then senior housing with the data analytics, we're curating the portfolio on the buy and the sell side.

是的。然後是透過數據分析的高級住房，我們正在策劃買方和賣方的投資組合。

Yeah. Same approach.

是的。同樣的方法。

Yes.

是的。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉戴，貝爾德。

Hey. Good morning, everyone. I just wanted to get your thoughts on deleveraging essentially over advertising deals ahead of a strong cycle. Are you looking to create investment capacity for a much bigger pipeline? Are there any macro concerns? Are you just waiting for the cost and debt to fall? Just your thoughts on that.

嘿。大家早安。我只是想了解您對在強勁週期之前透過廣告交易進行去槓桿化的看法。您是否正在尋求為更大的管道創造投資能力？是否存在任何宏觀擔憂？您只是在等待成本和債務下降嗎？只是你對此的想法。

Yeah. I mean our whole strategy is designed to increase our enterprise growth rate, expand our shop footprint and because of the way we are funding the assets to continue to improve our balance sheet. And you saw that year to date.

是的。我的意思是，我們的整個策略旨在提高我們的企業成長率，擴大我們的商店足跡，並且因為我們為資產提供資金的方式來繼續改善我們的資產負債表。你看到了那一年至今。

Yeah. The playbook has been, first and foremost, the organic growth in SHOP is going to be the key driver of leverage improvement. And if you just look at numbers on that, $130 million or so organic growth this year. That by itself is 40 basis points of leverage improvement net debt-to-EBITDA. And then in addition to that, equity-funded investments is the gravy on top.

是的。首先也是最重要的是，SHOP 的有機成長將成為槓桿率改善的關鍵驅動力。如果你只看數字，今年的有機成長將達到 1.3 億美元左右。這本身就是槓桿比率改善淨負債與 EBITDA 比率 40 個基點。除此之外，股權投資是最重要的。

And indeed, we've been able to do both this year, we are 50 basis points lower so far from the start of this year to now and that same playbook is going to continue to run out. And it provides financial flexibility and opportunity to go on offense, and that's why we like the 5 times to 6 times range, and we'll continue to execute on the strategy to get there.

事實上，我們今年已經能夠做到這兩點，從今年年初到現在，我們的利率下降了 50 個基點，而同樣的策略將繼續耗盡。它提供了財務靈活性和進攻機會，這就是我們喜歡 5 倍到 6 倍範圍的原因，我們將繼續執行實現這一目標的策略。

Okay. And then turning to the senior housing development. Is there any point where you want to start on the developments, deliver countercyclical in a few years from now? Any markets that may be the first to get supply and then maybe look into Canada, that's obviously a little bit more stabilized market, would they start to get supply at any point?

好的。然後轉向老年住房開發。您是否想在幾年後開始發展並實現反週期？任何可能首先獲得供應的市場，然後可能會考慮加拿大，這顯然是一個更穩定的市場，他們會在任何時候開始獲得供應嗎？

I mean, right now, our overarching capital allocation priority is to invest in cash flowing senior housing assets that meet the characteristics that Justin outlined and provide near-term accretion, even when equity funded and immediate near-term growth that enhances our enterprise value. That could change over time. But right now, we're very, very focused on that area.

我的意思是，目前，我們首要的資本配置優先事項是投資於符合賈斯汀概述的特徵並提供短期增值的現金流高級住房資產，即使是股權融資和近期增長可以提高我們的企業價值。隨著時間的推移，情況可能會改變。但現在，我們非常非常專注於該領域。

Okay. Thanks for the time.

好的。謝謝你的時間。

Thank you.

謝謝。

Nikita Bely, JP Morgan.

尼基塔貝利，摩根大通。

Hey. Morning, guys. Can you talk a little bit about your development programs, specifically in your outpatient medical and research, the progress that you guys made and so far conversations you're having on the remaining leasing still have to do on that?

嘿。早安，夥計們。您能否談談您的發展計劃，特別是在門診醫療和研究方面，您們取得的進展，以及到目前為止您就剩餘租賃進行的對話仍然需要做的？

Yes. We can talk about those, and there are quite a few that are well underway. And Pete, can you take that?

是的。我們可以討論這些，而且有不少正在順利進行中。皮特，你能接受嗎？

Sure. There's -- so for outpatient medical, we have really a fairly minor list of assets that are under redevelopment. We have sub redevelopments, which are development okay? So let me just finish what I was going to say. So redevelopment, many times we're looking to do is upgrade the buildings, create spec suites and so forth, and those have been very good returns for us. On medical office buildings, we have an outpatient medical, we have one asset with Sutter that is 100% leased. It just came online or complete, and we're really excited about that asset.

當然。對於門診醫療來說，我們實際上有一小部分正在重建的資產。我們有子專案的重建，這可以開發嗎？那麼就讓我先說完我要說的話。所以重建，很多時候我們想做的是升級建築物，創建規格套件等等，這些對我們來說都是非常好的回報。在醫療辦公樓上，我們有一個門診醫療中心，我們與薩特擁有一項 100% 租賃的資產。它只是上線或完成，我們對該資產感到非常興奮。

On the -- we talked a bit about development in life sciences redevelopment, but on the development assets themselves, you have to think about it in really two different tranches. We have a set of assets that are online, they're operating and they're largely full. Examples would be Pit 1 and Pit 2, where they're 100% occupied. You've got our asset in Phoenix with Arizona State, which has attracted National Institute of Health as a major tenant. It's under construction, the tenant improvements.

我們談論了一些生命科學重建的發展，但就開發資產本身而言，你必須從兩個不同的層面來考慮它。我們有一組線上資產，它們正在運行並且基本上已滿。例如 1 號坑和 2 號坑，它們 100% 被佔用。我們在鳳凰城與亞利桑那州立大學合作擁有資產，該資產吸引了美國國立衛生研究院作為主要租戶。它正在建設中，租戶正在改善。

In Philadelphia, you've got one new city, which is 93% and Drexel, which is 100%. We have another tranche of assets that are under development, still under construction. They we're optimistic about, one associated with UC Davis, two that are with Atrium Health in Charlotte and 4MLK and they're under construction. They have good pre-leasing, 60%, 70% pre-leasing, and we're optimistic about those assets going forward.

在費城，有一個新城市，城市的利用率為 93%，而德雷塞爾市的利用率為 100%。我們還有另一批資產正在開發、興建中。我們對它們持樂觀態度，其中一個與加州大學戴維斯分校相關，兩個與夏洛特的 Atrium Health 和 4MLK 相關，它們正在建設中。他們的預租情況良好，預租率為 60%、70%，我們對這些資產的未來持樂觀態度。

Nick Yulico, Scotiabank.

尼克尤利科，豐業銀行。

Thanks. Just a couple of quick ones. On July, I want to see if we can get the SHOP same-store occupancy to get a feel how it's improved sequentially.

謝謝。只是幾個快速的。7月份，我想看看我們是否可以得到SHOP同店入住率，以感受一下它是如何連續改善的。

What I can tell you is that I mentioned in the prepared remarks that the key selling season is off to a strong start, including July. And that's what we have for now.

我可以告訴你的是，我在準備好的發言中提到，包括七月在內的關鍵銷售季節已經有了一個強勁的開局。這就是我們現在所擁有的。

I mean, any reason not to give it, I mean, multifamily self-storage gives it, why not senior housing?

我的意思是，有任何理由不給它，我的意思是，多戶自助存放給它，為什麼不給高級住房呢？

Well, they operate their own portfolios for one. But I think what Justin said is a good data point for now.

嗯，他們經營自己的投資組合。但我認為賈斯汀所說的目前是一個很好的數據點。

Okay. And then in terms of the investments, can you just give us a feel -- I know you quote the initial yield, but it's, I think, a year one yield. How much NOI growth is embedded in that assumption to get to a stabilized yield, just so we're modeling this correctly.

好的。然後就投資而言，您能否給我們一個感覺——我知道您引用了初始收益率，但我認為這是一年期收益率。為了達到穩定的收益率，NOI 的增長量包含在該假設中，以便我們正確建模。

Yes. Say that again, Nick. I think I --

是的。再說一遍，尼克。我想我--

I'm just trying to understand like in terms of the initial yield that you're quoting for senior housing, how much NOI growth is embedded in the first year to get to that initial yield? Just want to make sure we're modeling this correctly. Thanks.

我只是想了解一下，就像您引用的高級房屋的初始收益率一樣，第一年需要多少 NOI 成長才能達到該初始收益率？只是想確保我們正確地建模。謝謝。

Got it. I mean it gets into our underwriting, obviously. We look at the last years -- we look at pre-COVID numbers, we look at trailing three and where it is kind of at the time of acquisition, and we model what our expectations are going forward. Given the fundamentals you, would expect that there would be some growth from, say, the trailing three or the in place in that number, typically a modest amount. And in some cases, if occupancy is 100%, we may actually diminish it a little bit.

知道了。我的意思是，顯然它會進入我們的承保範圍。我們著眼於過去幾年——我們著眼於新冠疫情之前的數字，我們著眼於過去的三年以及收購時的情況，我們對未來的預期進行了建模。考慮到基本面，您預計會出現一些增長，例如，尾隨三個或該數字中的現有數字，通常是適度的增長。在某些情況下，如果入住率是 100%，我們實際上可能會稍微減少一點。

So it really depends on the asset. And most of them will have, as we talked about, given the template for the investments, 7% to 8% yields going in with significant near-term growth, you'll see some elevation from the -- at closing NOI number. But it's modest, but it's ramping.

所以這實際上取決於資產。正如我們所討論的，考慮到投資的模板，他們中的大多數將獲得 7% 至 8% 的收益率，並伴隨著近期的顯著增長，你會看到收盤 NOI 數字有所上升。雖然規模不大，但正在穩步推進。

Okay. Thanks.

好的。謝謝。

There are no further questions at this time. I will turn it back over to Debra A. Cafaro, Chairman and CEO, for closing remarks.

目前沒有其他問題。我將把會議轉交給董事長兼執行長黛布拉·A·卡法羅 (Debra A. Cafaro) 致閉幕詞。

Bailey, thank you so much. And I want to thank all the participants on today's call for your interest and support for Ventas. We hope you have a great rest of the summer, and we look forward to seeing you in person soon. Thank you.

貝利，非常感謝你。我要感謝今天電話會議的所有參與者對本塔斯的興趣和支持。我們希望您度過一個愉快的夏天，並期待很快見到您。謝謝。

That does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。