芬塔 (VTR) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is John and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ventas third quarter 2024 earnings call. (Operator instructions)

我叫約翰，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 年第三季財報電話會議。 （操作員說明）

Thank you. I would now like to turn the call over to BJ Grant, Senior Vice President of Investor relations, sir, please go ahead.

謝謝。現在我想將電話轉給投資者關係高級副總裁 BJ Grant，先生，請繼續。

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

謝謝約翰，大家早安，歡迎參加 Ventas 2024 年第三季業績電話會議。昨天，我們發布了 2024 年第三季收益發布簡報資料和補充投資者資料包，這些資料均可在 Ventas 網站 ir.ventas.com 上取得。

As a reminder, today's remarks 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 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.

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。本次呼籲也將討論某些非 GAAP 財務指標，以將這些指標與最接近的 GAAP 指標進行協調，請參閱投資者關係網站上發布的補充投資者資料。

And with that, I'll turn the call over to Debra Cafaro, Chairman and CEO of Ventas.

接下來，我會將電話轉給 Ventas 董事長兼執行長 Debra Cafaro。

Thank you BJ.

謝謝你，北京。

I want to welcome all of our shareholders and other participants to the Ventas third quarter 2024 earnings call.

我歡迎所有股東和其他參與者參加 Ventas 2024 年第三季財報電話會議。

Today, I'll discuss Ventas’s strong results in the quarter and our improved 2024 expectations.

今天，我將討論 Ventas 本季的強勁業績以及我們改進的 2024 年預期。

As we execute on our focused one-two-three strategy to capture the unprecedented multi year growth opportunity in senior housing.

當我們執行集中的一二三策略時，以抓住老年住房領域前所未有的多年成長機會。

As one of the largest participants in the longevity economy Ventas thrives in meeting demand from a large and growing aging population.

作為長壽經濟的最大參與者之一，本塔斯在滿足大量且不斷增長的老齡化人口的需求方面蓬勃發展。

Within this favorable macro environment, we are taking two clear actions to deliver results and grow now and into the future.

在這個有利的宏觀環境下，我們正在採取兩項明確的行動來實現現在和未來的成果和成長。

First, we are driving profitable organic growth in our senior housing operating portfolio generating our ninth consecutive quarter of double digit NOI growth from our in-place SHOP business.

首先，我們正在推動高級住房營運投資組合的獲利性有機成長，使我們的就地商店業務連續第九個季度實現兩位數的 NOI 成長。

Our team is using its experiential insights and data analytics to propel results and take advantage of this unique opportunity of favorable supply demand in senior housing.

我們的團隊正在利用其經驗洞察和數據分析來推動成果，並利用老年住房良好供應需求的獨特機會。

Second, at the same time, we are ramping up our investments in senior housing.

其次，同時，我們正在加大對老年住房的投資。

Here we also enjoy a compelling, value creation opportunity of private and public arbitrage.

在這裡，我們也享有私人和公共套利的引人注目的價值創造機會。

We can and are acquiring assets with highly attractive financial return expectations at a accretive year one yield that expand our senior housing footprint, increase our enterprise growth rate and strengthen our balance sheet.

我們能夠並且正在以增值的第一年收益率收購具有高度吸引力的財務回報預期的資產，從而擴大我們的高級住房足跡，提高我們的企業成長率並加強我們的資產負債表。

We rarely see this powerful combination of organic and external growth opportunities and we are dedicating our resources to seize that to create value for our stakeholders.

我們很少看到這種有機成長機會和外部成長機會的強大結合，我們正在投入資源來抓住這個機會，為我們的利害關係人創造價值。

Before I unpack those themes let's get to the numbers.

在我解開這些主題之前，讓我們先來了解一下數字。

Ventas delivered $0.80 of normalized FFO per share in the third quarter, reflecting 7% year-over-year increase driven by occupancy and revenue outperformance.

Ventas 第三季實現每股 0.80 美元的標準化 FFO，在入住率和收入表現出色的推動下同比增長 7%。

This result was powered by SHOP with 15% year-over-year cash NOI growth.

這一結果得益於 SHOP 的現金 NOI 年增 15%。

Total same store cash NOI grew nearly 8% and our credit statistics continue to improve.

同店現金 NOI 總額成長近 8%，我們的信用統計持續改善。

As a result we're once again raising our 2024 normalized FFO per share guidance, as well as our SHOP and total company same store cash NOI expectations.

因此，我們再次提高了 2024 年標準化 FFO 每股指引，以及我們的商店和全公司同店現金 NOI 預期。

As we execute our strategy, SHOP organic growth is the engine and it's powering us forward.

當我們執行我們的策略時，SHOP 有機成長是引擎，它推動我們前進。

Year-to-date SHOP NOI has increased nearly 16% and our RevPOR OpExPOR spread is a strong 300 basis points leading to margin expansion.

年初至今，SHOP NOI 成長了近 16%，我們的 RevPOR OpExPOR 利差高達 300 個基點，導致利潤率擴張。

Margin is increasing and should expand further as occupancies continue to rise and operating leverage takes hold.

利潤率正在增加，隨著入住率的持續上升和營運槓桿的穩定，利潤率應該會進一步擴大。

With the over 80 population expected to increase 27% over the next five years, our communities are well positioned for future NOI growth because they provide exceptional, affordable environments in markets with compelling supply demand dynamics.

預計未來五年內 80 多人口將增加 27%，我們的社區為未來 NOI 成長做好了準備，因為它們在具有引人注目的供需動態的市場中提供了卓越、負擔得起的環境。

As we look ahead, we believe we have a long runway for continued growth in senior housing.

展望未來，我們相信老年住房的持續成長還有很長的路要走。

Our prior occupancy peak SHOP reached 92% in late 2014 when conditions weren't nearly as favorable as they are now.

我們先前的 SHOP 入住率高峰在 2014 年底達到了 92%，當時的條件遠不如現在。

Our goal is to shoot for and exceed prior peaks of occupancy and NOI over time as search and demand outpaces senior housing construction which sits at record low levels and inflation moderates.

我們的目標是隨著時間的推移，隨著搜索和需求超過高級住房建設（目前處於創紀錄的低水平且通貨膨脹溫和），爭取並超越之前的入住率和 NOI 高峰。

Our markets show particularly favorable conditions, and we expect to continue to drive significant upside as our Ventas team and OI platform work with our care providers to drive out performance.

我們的市場表現出特別有利的條件，隨著我們的 Ventas 團隊和 OI 平台與我們的護理提供者合作以提高業績，我們預計將繼續推動顯著的上漲。

We've also ramped up our investments in senior housing to $1.7 billion this year.

今年我們也將高級住房的投資增加到 17 億美元。

Here too, we are utilizing OI insights, deal experience and industry relationships to identify attractive opportunities, increase our enterprise growth rate and expand our senior housing footprint.

在這裡，我們也利用 OI 見解、交易經驗和行業關係來發現有吸引力的機會，提高我們的企業成長率並擴大我們的老年住房足跡。

As a result of this investment activity, we expect SHOP NOI to increase by 12 percentage points and senior housing to grow to well over half of our business by year end.

由於這項投資活動，我們預計到年底，SHOP NOI 將成長 12 個百分點，老年住房業務將成長到我們業務的一半以上。

These acquisitions fit squarely into our articulated strategic and financial framework and should create value for shareholders.

這些收購完全符合我們明確的策略和財務框架，應該為股東創造價值。

We've rarely seen such favorable investment market conditions where the pool of available assets is large and growing, and investment should generate relatively high year one yield and offer significant future growth.

我們很少看到如此有利的投資市場條件，可用資產池規模龐大且不斷成長，投資應產生相對較高的第一年收益率並提供顯著的未來成長。

Importantly, we are well positioned from a balance sheet, cost of capital and experience standpoint to be highly active and successful.

重要的是，從資產負債表、資本成本和經驗的角度來看，我們處於有利地位，可以高度活躍並取得成功。

We intend to build on our momentum to continue to expand our participation in the unprecedented multi year growth opportunity in senior housing.

我們打算乘勢而上，繼續擴大對老年住房前所未有的多年成長機會的參與。

At Ventas we have a long history of taking a holistic view of delivering sustainable growth for all stakeholders.

在 Ventas，我們長期以來一直以整體視角為所有利害關係人實現永續成長。

Last month, we released our 2023, '24 corporate sustainability report which details our key initiatives as we enable exceptional environments benefiting a large and growing aging population.

上個月，我們發布了 2023 年 24 月企業永續發展報告，其中詳細介紹了我們在打造卓越環境、造福大量且不斷增長的老齡化人口方面的關鍵舉措。

I am proud of our sustainability leadership and accomplishments and our team which are widely recognized.

我為我們在永續發展方面的領導力和成就以及我們廣受認可的團隊感到自豪。

Our integrated approach has enabled us to deliver nearly 19% annual TSR since the beginning of 2000.

自 2000 年初以來，我們的綜合方法使我們的年度股東總回報率提高了近 19%。

In sum, I feel great about where our business is and where it's heading.

總而言之，我對我們的業務現況和發展方向感到滿意。

Our enterprise into a durable inelastic demographic demand, powering a multi year runway for growth.

我們的企業進入了持久的、缺乏彈性的人口需求，為多年的成長提供動力。

Our platform and team are driving out performance and capturing market share.

我們的平台和團隊正在推動業績並佔領市場份額。

Because of these favorable, secular and structural advantages we are well positioned to deliver value for our shareholders and advance our important mission to help people live longer, healthier and happier lives.

由於這些有利的、長期的和結構性的優勢，我們有能力為股東創造價值，並推進我們幫助人們活得更長久、更健康和更​​幸福的重要使命。

And the whole Ventas team is enthusiastically going after it.

整個 Ventas 團隊都在熱情地追求它。

Now, I'm happy to turn the call over to Justin.

現在，我很高興將電話轉給賈斯汀。

Thank you, Debbie.

謝謝你，黛比。

I'll start with our efforts to deliver profitable organic growth in senior housing.

我將從我們努力實現老年住房的獲利性有機成長開始。

The third quarter, same store SHOP portfolio grew occupancy by an industry leading 350 basis points year-over-year leading to our ninth consecutive quarter of double digit NOI growth at over 15% and an overall operating margin of 26.3% which is up 150 basis points year-over-year.

第三季度，同店SHOP 組合的入住率年增了350 個基點，領先業界，導致我們連續第九個季度實現超過15% 的兩位數NOI 增長，整體營運利潤率為26.3%，增長了150 個基點點同比。

We also had one of our best occupancy growth quarters sequentially with 140 basis points.

我們也經歷了入住率連續成長最好的季度之一，成長了 140 個基點。

Leading indicators of leads and tours have been outperforming all year and continue to do so in October.

潛在客戶和旅遊的領先指標全年表現均優於預期，並且在 10 月繼續如此。

Revenue growth was around 9% across the portfolio and the US NOI growth was 17.7%.

整個投資組合的收入成長約為 9%，美國 NOI 成長為 17.7%。

Sunrise, Sinceri and Discovery continued to deliver excellent operating results in the US.

Sunrise、Sinceri 和 Discovery 在美國持續取得優異的經營績效。

Double clicking on our accuracy performance our Canadian portfolio is an all time high 97% occupied in September led by the Le Groupe Maurice and Atria.

雙擊我們的準確度表現，我們的加拿大投資組合在 9 月達到了歷史最高水準 97%，由 Le Groupe Maurice 和 Atria 領銜。

Occupancy outperformed the market.

入住率跑贏大盤。

The US spot occupancy grew 370 basis points year-over-year in the top 99 markets which is 140 basis points faster than the NIC average.

美國前 99 個市場的現貨佔用率年增 370 個基點，比 NIC 平均快 140 個基點。

Furthermore, we grew 130 basis in these markets which is almost double the NIC average.

此外，我們在這些市場上成長了 130 個基點，幾乎是 NIC 平均值的兩倍。

Moving on to guidance.

繼續指導。

As the third quarter exceeded our expectations in October is off to a good start, our average occupancy growth expectations have increased to about 290 basis points which is up 40 basis points versus the original guidance.

由於第三季超出了我們的預期，10 月有了一個良好的開端，我們的平均入住率成長預期已提高至約 290 個基點，比最初的指導提高了 40 個基點。

Year-to-date RevPOR growth has exceeded OpExPOR by 300 basis points.

今年迄今的 RevPOR 成長已超過 OpExPOR 300 個基點。

And we expect a continued healthy spread as pricing continues to outpace the moderating inflationary pressures we have experienced this year.

我們預計，隨著定價繼續超過我們今年經歷的溫和通膨壓力，價差將持續健康。

All of this considered, we are pleased to raise SHOP full year guidance expectations for the third time this year to 15%.

考慮到所有這些，我們很高興今年第三次將 SHOP 全年指導預期提高至 15%。

Furthermore, we believe rate growth will be favorable into 2025 as we anticipate significant demand, well positioned communities and a value proposition that is attractive to seniors and their families.

此外，我們認為，到 2025 年，利率成長將是有利的，因為我們預計會有巨大的需求、定位良好的社區以及對老年人及其家人有吸引力的價值主張。

Moving on to Ventas OI, our SHOP performance stems from our right market, right assets, right operator approach enhanced by the Ventas OI platform which leverages a billion operational and financial data points and experiential insights.

轉向 Ventas OI，我們的 SHOP 業績源於我們正確的市場、正確的資產、正確的運營商方法，並透過 Ventas OI 平台增強，該平台利用了 10 億個營運和財務數據點以及經驗見解。

This platform empowers our shop operators with advantages in sales, pricing, market positioning, CapEx and digital marketing to name a few.

該平台使我們的商店營運商在銷售、定價、市場定位、資本支出和數位行銷等方面具有優勢。

Key drivers include acquisitions, new shop operators, CapEx investment and strategic conversions from triple net to shop all aimed at boosting occupancy and NOI and favorable supply demand trends in senior housing.

主要驅動因素包括收購、新商店營運商、資本支出投資以及從三網到商店的策略轉型，所有這些都旨在提高高級住房的入住率和 NOI 以及有利的供應需求趨勢。

The OI platform also enables us to segment the portfolio in ways designed to increase NOI and margin.

OI 平台還使我們能夠以旨在增加 NOI 和利潤的方式對投資組合進行細分。

We're all familiar with the rule of thumb, a 50% incremental margin flow through in communities that are between 80%, 90% occupancy and the 70% flow through in communities that are above 90% occupied.

我們都熟悉經驗法則，即在入住率介於80% 和90% 之間的社區中，50% 的增量利潤流過；而在入住率高於90% 的社區中，則有70% 的增量利潤流過。

I don't think it's widely understood how higher occupied communities can power growth.

我認為人們並沒有廣泛理解高居住社區如何推動經濟成長。

Let me walk you through a case study to highlight this opportunity.

讓我帶您透過一個案例研究來強調這個機會。

If you want to follow along, you can see this case study on page 12 in our earnings deck.

如果您想繼續了解，可以在我們的收益報告第 12 頁上查看此案例研究。

Our zero loss revenue day initiative aims for full occupancy across select communities in our portfolio, minimizing vacancy and maximizing NOI growth.

我們的零損失收入日計畫旨在讓我們投資組合中的選定社區全部入住，最大限度地減少空置率並最大限度地提高 NOI 成長。

40% of our shop portfolio is in the 90% plus occupied category offering substantial outperformance potential.

我們 40% 的店鋪組合屬於 90% 以上的佔用類別，具有巨大的業績潛力。

Due to the operating leverage in our business, scarcity value and lack of frictional vacancy, we have significant opportunities to drive NOI growth in highly occupied communities.

由於我們業務的營運槓桿、稀缺價值和缺乏摩擦性空缺，我們有很大的機會推動高佔用社區的 NOI 成長。

It's important to note that we typically don't experience frictional vacancy in senior housing due to the relative small unit size, lengthy notice periods to vacate and low wear and tear on the units, ultimately allowing for sufficient time to plan a unit turn.

值得注意的是，由於單位尺寸相對較小、騰出通知期較長以及單位磨損較低，我們通常不會在老年住房中遇到摩擦性空置，最終有足夠的時間來規劃單位週轉。

As occupancy grows across our portfolio, the benefits of highly occupied communities are materializing.

隨著我們投資組合入住率的成長，高入住率社群的好處正在顯現。

I'll highlight eight communities in September that reached zero lost revenue days, maintaining 100% occupancy every day of the month.

我將重點介紹 9 月收入損失天數為零、每月每天保持 100% 入住率的 8 個社區。

These properties saw a 440 basis point occupancy increase over the last year, a 7% RevPOR improvement, 12% revenue growth and over 25% NOI growth.

這些物業的入住率比去年增加了 440 個基點，RevPOR 提高了 7%，收入增加了 12%，NOI 增加了 25% 以上。

These communities all deliver market leading quality care and services which is essential to attracting and retaining residents and employees.

這些社區都提供市場領先的優質照護和服務，這對於吸引和留住居民和員工至關重要。

The philosophy is simple.

這個哲學很簡單。

Full is full, and it underscores the value of renting every unit daily, maximizing NOI through operating leverage, scarcity value and zero vacancy.

滿就是滿，它強調了每天出租每個單位的價值，透過營運槓桿、稀缺價值和零空置來最大化NOI。

While not achievable for every property we aim to continue to replicate this result with operators and targeted communities throughout our portfolio including our new acquisitions.

雖然並非所有物業都能實現，但我們的目標是繼續在我們的整個投資組合（包括新收購的項目）中向營運商和目標社區複製這一成果。

I'll summarize my SHOP commentary by highlighting our continued occupancy outperformance and double-digit NOI growth.

我將透過強調我們持續出色的入住率表現和兩位數的 NOI 成長來總結我的 SHOP 評論。

We truly are seeing momentum in the business.

我們確實看到了業務的發展動能。

Next, I'll comment on our triple-net lease with Brookdale, which expires at the end of 2025.

接下來，我將評論我們與 Brookdale 的三網租約，該租約將於 2025 年底到期。

Brookdale has the option to renew by November 30 of this year.

Brookdale 可以選擇在今年 11 月 30 日之前續訂。

It is a well-covered lease with strong and improving coverage, comprised of underlying assets that sit in markets with 1,000 basis points of potential occupancy upside.

這是一項覆蓋面廣的租賃，具有強大且不斷改善的覆蓋範圍，由位於潛在入住率上升 1,000 個基點的市場中的基礎資產組成。

Due to the strong underlying performance of the portfolio and compelling projected tailwinds, there are a variety of outcomes that are positive for Ventas, which could include full renewal, full transition to SHOP or something in between.

由於投資組合強勁的基本表現和令人信服的預期有利因素，有多種對 Ventas 有利的結果，其中可能包括全面更新、全面過渡到 SHOP 或介於兩者之間的其他結果。

We'll update you about the progress of this lease when we know more.

當我們了解更多資訊後，我們會向您通報此租賃的最新進展。

Now I'll move on to investments.

現在我將轉向投資。

We continue to execute on our focused strategy, which is to capture value-creating external growth concentrated in senior housing.

我們繼續執行我們的重點策略，即抓住以老年住房為中心的創造價值的外部成長。

The market is presenting compelling opportunities.

市場正在呈現令人矚目的機會。

We are in a great position to capitalize on these opportunities, given our advantaged position as a large owner of senior housing with financial strength and flexibility, far-reaching senior housing sector relationships and a successful transaction track record.

鑑於我們作為老年住房大業主的優勢地位、財務實力和靈活性、深遠的老年住房行業關係以及成功的交易記錄，我們處於充分利用這些機會的有利位置。

Our investment pace is accelerating with $1.7 billion of senior housing investments closed or under contract, which is $1 billion more than we stated a quarter ago.

我們的投資步伐正在加快，已完成或已簽訂合約的高級住房投資已達 17 億美元，比我們第一季前所說的多了 10 億美元。

The $1.7 billion is comprised of 43 new senior housing communities, 16 different transactions with the median size of $47 million.

這 17 億美元包括 43 個新的老年住房社區、16 筆不同的交易，中位數金額為 4,700 萬美元。

We have targeted high-performing communities with upside that have demonstrated market leading performance and should continue to grow NOI due to the strong market fundamentals, increased operating leverage and competitive pricing.

我們瞄準了具有優勢的高績效社區，這些社區已表現出市場領先的業績，並且由於強勁的市場基本面、增加的營運槓桿和有競爭力的定價，NOI 應該會繼續增長。

The communities we have purchased are generally large scale offering a variety of services, including independent living, assisted living and memory care.

我們購買的社區通常規模較大，提供各種服務，包括獨立生活、輔助生活和記憶護理。

We are purchasing communities in an attractive investment basis of $250,000 per unit, which is a significant discount to replacement costs.

我們以每單位 25 萬美元的有吸引力的投資基礎購買社區，這比重置成本有很大折扣。

These investments are right in our strike zone.

這些投資就在我們的攻擊區。

Our stated financial criteria of 7% to 8% expected year one NOI yield, low to mid-teens unlevered IRR, and we continue to purchase below replacement costs.

我們規定的財務標準是第一年預期 NOI 收益率為 7% 至 8%，無槓桿 IRR 低至中位數，並且我們繼續以低於重置成本的價格購買。

The affordability in the new markets we are entering is supportive where residents can afford greater than 7 times our length of stay.

我們正在進入的新市場的負擔能力是支持性的，居民的負擔能力是我們停留時間的 7 倍以上。

We also expected a significant net absorption opportunity during the next few years as a result of growing demographics and minimal new supply in the markets we have selected.

我們也預計，由於人口成長和我們選擇的市場新增供應量極少，未來幾年將出現重大的淨吸收機會。

We continue to expand with our existing operator relationships as well as welcoming new high performing operators in line management agreements.

我們繼續擴大現有的營運商關係，並歡迎新的高績效營運商加入生產線管理協議。

I'll spotlight an investment where we acquired 20 senior housing communities currently operated by Grace management.

我將重點介紹一項投資，我們收購了目前由 Grace 管理層運營的 20 個老年住房社區。

This strategic acquisition includes communities offering a mix of independent living, assisted living and memory care.

此次策略收購包括提供獨立生活、輔助生活和記憶護理的社區。

Aligning with our focus on value creating growth in senior housing, these communities are located in markets that support significant potential occupancy growth and price opportunity over the next few years.

與我們對老年住房價值創造成長的關注相一致，這些社區所在的市場能夠在未來幾年內支持顯著的潛在入住率成長和價格機會。

At 92% occupancy, this investment should benefit from the high operating leverage opportunity, as I noted earlier.

正如我之前指出的，以 92% 的入住率來看，這項投資應該會受益於高營運槓桿機會。

We expect 7% to 8% year one yield and low mid-teen unlevered IRRs consistent with our target financial metrics.

我們預計第一年收益率為 7% 至 8%，無槓桿 IRR 較低，符合我們的目標財務指標。

This investment expands our relationship with Grace, who is a strong performing existing Ventas operator.

這項投資擴大了我們與 Grace 的關係，Grace 是一家表現強勁的現有 Ventas 營運商。

Our investment pipeline remains active as we continue to pursue high-performing senior housing communities with attractive financial returns.

我們的投資管道仍然活躍，我們繼續追求具有有吸引力的財務回報的高性能老年住房社區。

In summary, we are effectively executing on both our organic growth priority in senior housing and value creating senior housing investments.

總之，我們正在有效地執行我們在高級住房領域的有機成長優先事項和創造價值的高級住房投資。

Bob?

鮑伯？

Thank you, Justin.

謝謝你，賈斯汀。

I'll give an update of our financial results, provide an overview of our balance sheet and close with our improved outlook for the year.

我將介紹我們的財務表現的最新情況，概述我們的資產負債表，並以我們今年改善的前景作為結束語。

Ventas reported net income attributable to common stockholders of $0.05 per share in the third quarter.

Ventas 公佈第三季歸屬於普通股股東的淨利為每股 0.05 美元。

Our Q3 normalized FFO per share of $0.80 represents a 7% increase year-over-year.

第三季標準化 FFO 為每股 0.80 美元，年增 7%。

Our total company same store portfolio cash NOI increased 7.6% in the third quarter, led by over 15% growth in SHOP.

我們公司的同店投資組合現金 NOI 在第三季成長了 7.6%，其中 SHOP 成長超過 15%。

Our outpatient medical and research segment or OMAR, same-store cash NOI increased 2% in the third quarter and grew over 3% on a year-to-date basis.

我們的門診醫療和研究部門或 OMAR、同店現金 NOI 在第三季增加了 2%，今年迄今成長超過 3%。

In our outpatient medical portfolio, Pete and team remain active on leasing, executing 1 million square feet of new and renewal deals in the quarter for a total of 2.5 million square feet year-to-date.

在我們的門診醫療投資組合中，Pete 和團隊仍然積極開展租賃工作，本季執行了 100 萬平方英尺的新建和續約交易，今年迄今總計 250 萬平方英尺。

Tenant retention of 85% has improved 300 basis points from the prior year.

租戶保留率達到 85%，比前一年提高了 300 個基點。

As a result, outpatient medical same-store occupancy improved 20 basis points year-over-year in the third quarter.

因此，第三季門診醫療同店入住率年增了20個基點。

Our university-based research same store portfolio increased cash NOI by nearly 5% both in the third quarter and year-to-date, led by new leasing and higher rents.

在新租賃和租金上漲的帶動下，我們以大學為基礎的研究同店投資組合在第三季和今年迄今均使現金 NOI 成長了近 5%。

Our core research portfolio is performing very well due to strengthen our markets and institutional demand.

由於市場和機構需求的增強，我們的核心研究組合表現非常出色。

As Justin described, we have increased our investments in senior housing with $1.7 billion of senior housing investments closed or under contract.

正如 Justin 所描述的，我們增加了對老年住房的投資，已完成或已簽訂合約的老年住房投資達 17 億美元。

We funded the $1.4 billion of closed senior housing investments via $1.1 billion in equity issuance at an average price of $54.20 and $300 million of completed dispositions.

我們透過平均價格為 54.20 美元的 11 億美元股票發行和已完成的 3 億美元處置，為 14 億美元已結束的高級住房投資提供資金。

I'd note that since the second quarter, we have raised approximately $570 million of equity at an average price of $61.27. Consistent with our strategy, organic SHOP growth in equity funded senior housing investments have materially improved our balance sheet.

我要指出的是，自第二季以來，我們已以 61.27 美元的平均價格籌集了約 5.7 億美元的股權。與我們的策略一致，股權資助的高級住房投資的有機成長極大地改善了我們的資產負債表。

Our 3Q net debt to EBITDA of 6.3 times has improved by 60 basis points since the start of the year, and we now have line of sight to our targeted 5 times to 6 times range.

自今年年初以來，我們的第三季淨債務與 EBITDA 比率為 6.3 倍，已改善了 60 個基點，現在我們的目標是 5 倍至 6 倍範圍。

We also have robust current liquidity of $3.1 billion.

我們目前還擁有 31 億美元的強勁流動性。

We have addressed our 2024 maturing debt and proactively refinanced a portion of our 2025 debt maturities, including through a $550 million 5% bonds issued in September prior to the recent run up in long rates.

我們已經解決了 2024 年到期的債務，並主動為 2025 年到期的部分債務進行了再融資，包括在近期長期利率上漲之前於 9 月份發行了 5.5 億美元的 5% 債券。

I'll close with our updated 2024 guidance.

最後我將介紹我們更新的 2024 年指南。

We've raised our outlook for '24 for the third time this year.

我們今年第三次上調了對 '24 的展望。

We now expect net income attributable to common stockholders to range from $0.09 to $0.13 per diluted share.

我們現在預計普通股股東應佔淨利潤將在稀釋後每股 0.09 美元至 0.13 美元之間。

We increased the midpoint of our full year normalized FFO guidance to $3.16 per share from the previous midpoint of $3.15.

我們將全年標準化 FFO 指導中位數從先前的中位數 3.15 美元上調至每股 3.16 美元。

Our improved full year midpoint is driven by a $0.02 improvement from increased investment activity and higher SHOP same store growth expectations, partially offset by a penny dilutive impact of our strong stock price performance on our exchangeable notes.

我們全年中點的改善是由於投資活動增加和 SHOP 同店成長預期提高了 0.02 美元，部分抵消了我們強勁的股價表現對可交換票據的稀釋影響。

I would note that $1.2 billion of our $1.7 billion in senior housing investments, our closing on a weighted average basis in the middle of Q4 thereby limiting the 2024 accretion.

我要指出的是，我們 17 億美元的高級住房投資中有 12 億美元是在第四季度中期按加權平均完成的，從而限制了 2024 年的增長。

We have raised our total company same store cash NOI to now approximate 7.4% year-over-year at the midpoint, as well as increased our SHOP same store cash NOI midpoint expectation to 15% growth year-over-year.

我們已將公司同店現金 NOI 總額提高至目前年增約 7.4%，並將我們的 SHOP 同店現金 NOI 中位數預期年增 15%。

For additional 2024 guidance assumptions, please see our Q3 supplemental and earnings presentation deck posted to our website.

有關 2024 年其他指導假設，請參閱我們網站上發布的第三季補充和收益簡報。

To close, we are pleased with the results both in the quarter and so far this year and to once again have improved our full year expectations.

最後，我們對本季和今年迄今的業績感到滿意，並再次提高了我們的全年預期。

With that, I'll turn the call back to the operator.

這樣，我會將電話轉回給接線生。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin our question and answer session.

女士們先生們，我們現在開始我們的問答環節。

(Operator instructions)

（操作員說明）

Nick Joseph, Citi.

尼克約瑟夫，花旗銀行。

Thanks.

謝謝。

Debbie, you mentioned the long runway and obviously, the improving operating fundamentals, pricing, expenses, occupancy, everything.

黛比，你提到了漫長的跑道，顯然，營運基本面、定價、費用、入住率等一切方面都在改善。

I guess my question is just what are the early indicators that supply could start to re-emerge.

我想我的問題是供應可能開始重新出現的早期指標是什麼。

We obviously haven't seen it in the starts data yet, but just kind of wondering what you're seeing from the sector overall as you talk to lenders or others within the industry kind of what could spur that just given the really strong forward outlook?

顯然，我們還沒有在開工數據中看到這一點，但只是想知道，當您與貸方或行業內其他人交談時，您從整個行業中看到了什麼，考慮到真正強勁的前景，什麼可能會刺激這一點？

Thanks, Nick.

謝謝，尼克。

Good morning.

早安.

So the construction as a percentage of inventory at record lows as I mentioned, I think at just a little over 2,000 units were started this quarter, and we're seeing annual increases in the resident customer base of over 500,000 a year growing.

因此，正如我所提到的，建築數量佔庫存的百分比處於創紀錄的低位，我認為本季度僅開工了 2,000 多個單位，而且我們看到居民客戶群的年增長率超過 500,000 人。

And so we're still seeing constrained supply considerations including lending, including cost and including rent levels, which would have to be significantly higher to justify new construction.

因此，我們仍然看到供應受到限制，包括貸款、成本和租金水平，而租金水平必須大幅提高才能證明新建築的合理性。

So there is a long runway.

所以有一條很長的跑道。

We know there is a significant lag as we saw in the financial crisis, it was four or five years and then we really peaked in occupancy.

我們知道，正如我們在金融危機中看到的那樣，存在明顯的滯後，四到五年後，我們的入住率才真正達到頂峰。

And as I mentioned, conditions for far less favorable then.

正如我所提到的，當時的條件遠不那麼有利。

The senior population grew 4% over five years and now it's growing 27%.

五年內老年人口成長了 4%，現在成長了 27%。

We see that step function a few years from now in the population when the baby boomers start to enter the over 80 population.

幾年後，當嬰兒潮世代開始進入 80 歲以上人口時，我們就會看到這種階梯效應。

So it is a long runway and we feel really good about it and that's why we see all that this combination of organic and external growth is a real winner.

所以這是一條很長的跑道，我們對此感覺非常好，這就是為什麼我們認為有機成長和外部成長的結合是真正的贏家。

Thanks.

謝謝。

And then maybe just on that ramp in investments in senior housing.

然後也許就在高級住房投資的成長階段。

Just given that kind of runway, can you talk about the seller mode at this point and kind of the opportunity set that you're seeing there?

就這樣的跑道，你能談談此時的賣家模式以及你在那裡看到的機會集嗎？

I would think that a seller can also see improvements from the fundamental perspective.

我認為賣家也可以從基本面的角度看到改善。

So why sell now into this runway?

那為什麼現在要在這條跑道上出售呢？

Yes, a good question.

是的，一個好問題。

It's Justin.

這是賈斯汀。

Yes.

是的。

If you just look at like, for instance, the $1.7 billion that we've either closed or under contract.

例如，如果你看看我們已經完成或簽訂合約的 17 億美元。

There's been, what, 16 transactions, about 9 of those have been developers that were cashing in.

已經有 16 筆交易，其中大約 9 筆是開發商套現的。

There were some repeat sellers.

有一些回頭客。

These are just groups we've done transactions with before came back to us to do it again, just given a good track record we have with them.

這些只是我們之前與我們進行過交易的團體，只要我們與他們有良好的記錄，他們就會再次聯繫我們。

And then there's a handful of just PE firms who were selling for a variety of reasons.

還有少數私募股權公司因各種原因出售股票。

I think it's very clear that the fundamentals are really good and that's a great, given all the backdrop and the long runway that Debbie described, it creates a great buying opportunity for us, given our capabilities and our financial strength and flexibility, but it also has created a selling opportunity for certain players as well.

我認為很明顯，基本面確實很好，這是一個很好的情況，考慮到黛比描述的所有背景和漫長的跑道，考慮到我們的能力、財務實力和靈活性，它為我們創造了一個很好的買入機會，但它也為某些玩家創造了出售機會。

So the opportunities have been certainly growing in our pipeline.

因此，我們的管道中的機會肯定在不斷增加。

And assets should perform better in our hands.

而資產在我們手中應該會表現得更好。

Thank you very much.

非常感謝。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Hi, good morning.

嗨，早安。

Thank you.

謝謝。

If I could just Justin drill down on your case study on page 12 of the very high occupied cohort of units or communities.

如果賈斯汀可以深入研究您在第 12 頁上關於居住率極高的單位或社區群體的案例研究，請多多包涵。

Was that a cross section and thinking about the whole 111 communities a cross section of operators?

這是一個橫斷面嗎？

Yes.

是的。

So we do have, it's a cross-section, in the case study, I really focused on eight communities, particularly and even those were a cross-section, you had a mix of majority IL, AL, a couple in Canada, most of them were in the US.

所以我們確實有，這是一個橫斷面，在案例研究中，我真的專注於八個社區，特別是即使那些是一個橫斷面，你也有大多數伊利諾伊州、阿拉巴馬州、加拿大的幾個社區、大多數社區他們在美國。

So it does speak for the opportunity, I think, really across the Board.

因此，我認為，這確實說明了全面的機會。

And we're going to have really the best opportunity to be 100% occupied or really achieve that zero make unit standard in communities that have already established themselves as market leaders.

我們將擁有真正最好的機會，在已經成為市場領導者的社區中實現 100% 入住或真正實現零製造單位標準。

And we have many of those certainly, the acquisition pipeline that we pursued are with bonafide market leaders that have a lot of upside ahead.

當然，我們有很多這樣的人，我們追求的收購管道是與真正的市場領導者合作，他們有很大的上升空間。

So we're really pushing to support that outcome, and we're pleased to see it start happening.

因此，我們確實在努力支持這項成果，我們很高興看到它開始發生。

Great.

偉大的。

And then a second question, if I may.

如果可以的話，然後是第二個問題。

Just stepping back more secularly, what does all your wealth of data collection tell you about sort of penetration rates for senior housing in your markets?

更世俗地退一步來說，您收集的所有大量數據告訴您有關市場中老年住房的滲透率的哪些信息？

Are you able to track that or get some share some insight as to how these, by age cohort, how people are increasing or decreasing their usage of the product?

您是否能夠追蹤這種情況，或者分享一些關於按年齡組劃分的人們如何增加或減少產品使用的見解？

Thank you.

謝謝。

Well, I can tell you that we do track penetration rate.

好吧，我可以告訴你，我們確實跟踪滲透率。

We track, there's a number of factors that go into our net absorption projections.

我們追蹤發現，我們的淨吸收預測涉及許多因素。

Penetration across the sector is at 11%.

該行業的滲透率為 11%。

It's basically exactly where it was pre-pandemic.

這基本上就是大流行前的情況。

There's, penetration tends to follow affordability.

滲透率往往取決於承受能力。

It's now it's one of the reasons why we tend to prefer markets have very strong affordability because you're going to have a higher utilization of senior housing in those markets, and it's trended up.

現在，這就是為什麼我們傾向於選擇具有非常強大的承受能力的市場的原因之一，因為在這些市場中，高級住房的利用率將會更高，而且呈上升趨勢。

I mean, clearly, a few years ago, penetration has fallen off a little bit.

我的意思是，顯然，幾年前，滲透率有所下降。

It's back to where it was and really to get the results that we're anticipating over time in this multiyear kind of occupancy growth opportunity, you really don't need to see penetration rate move much if if at all.

它又回到了原來的狀態，並且真正要在這種多年的入住率增長機會中獲得我們預期的結果，你真的不需要看到滲透率發生太大變化（如果有的話）。

So there's a strong aging demographic, there's very strong affordability.

因此，人口老化程度很高，承受能力也很強。

We're selecting markets that, first and foremost, that have those characteristics.

我們選擇的市場首先具有這些特徵。

And as Debbie said, we have the platform to really ensure good performance in these markets and it's certainly helpful to have strong tailwinds.

正如黛比所說，我們擁有真正確保在這些市場上取得良好業績的平台，並且擁有強大的推動力當然會有所幫助。

Okay.

好的。

Thank you again.

再次感謝您。

Thanks, James.

謝謝，詹姆斯。

John Kilichowski, Wells Fargo.

約翰‧基利喬夫斯基，富國銀行。

Thank you.

謝謝。

Just on the guide for SHOP.

就在商店指南上。

I forgive me if I missed this, but I noticed there wasn't an updated RevPOR, OpExPOR guide.

如果我錯過了這一點，請原諒我，但我注意到沒有更新的 RevPOR、OpExPOR 指南。

This quarter, RevPOR came in at 4.4 and OpExPOR 1.3 year-to-date.

本季，年初至今 RevPOR 為 4.4，OpExPOR 為 1.3。

Is that and just kind of going back to your 2Q guidance, I believe it was 5 and 2.5. Are those both in line with your 2Q guidance?

這就是回到你的第二季度指導嗎，我相信是 5 和 2.5。這些都符合您的第二季指導嗎？

Or are you seeing maybe a little softer RevPOR but also softer ExPOR that's kind of balancing that out.

或者您是否看到 RevPOR 減弱，但 ExPOR 也有所減弱，這在某種程度上平衡了這一點。

Curious if there's any conservatism heading into 4Q?

好奇第四季是否有任何保守主義？

Right.

正確的。

So first of all, we focus on the spread between the two, and that's been around 300 basis points.

首先，我們關注兩者之間的利差，約 300 個基點。

And that's really how we expect that to continue.

這確實是我們期望這種情況繼續下去的方式。

So that was considered in the guidance update that we gave.

因此，我們在更新指南中考慮了這一點。

That full year number you mentioned, that's a pretty good proxy for where we've been running.

您提到的全年數字可以很好地代表我們的運行情況。

So, and the 300 basis point spread is reflected in the year-to-date performance.

因此，300 個基點的利差反映在年初至今的表現中。

Put another way, this is Rob.

換句話說，這是羅布。

I would say that year-to-date P&L in the supplemental a good indicator of the piece parts in terms of RevPOR and OpExPOR growth as we think about the year.

我想說的是，當我們考慮這一年時，補充中的年初至今的損益表很好地反映了各個部件的 RevPOR 和 OpExPOR 增長。

Got it.

知道了。

Thank you.

謝謝。

And then maybe just jumping to your top tenants and more specifically, Atria, but please touch on any others, if there's anything newsworthy.

然後也許只是跳到您的頂級租戶，更具體地說，Atria，但如果有任何有新聞價值的內容，請談談其他任何租戶。

But just could you talk about Atria's performance and maybe bifurcate the IL and AL portfolios?

但您能談談 Atria 的表現嗎？

Yes, sure.

是的，當然。

So Atria is our largest shop operator.

所以 Atria 是我們最大的商店營運商。

We have a legacy portfolio with them in the US and Canada, and then we have the Holiday portfolio.

我們在美國和加拿大擁有他們的傳統投資組合，然後我們還有假日投資組合。

They've consistently been a really good performer in our legacy portfolio.

他們在我們的傳統產品組合中一直表現出色。

We've had a working relationship in over time where we've been really helping them to focus their footprint into cluster markets.

隨著時間的推移，我們建立了工作關係，我們一直在真正幫助他們將足跡集中到群聚市場。

And so at one point, you might have thought of Atria as a national platform.

因此，在某一時刻，您可能會將 Atria 視為全國性平台。

Now I think of them as a super regional because they're well clustered.

現在我認為它們是一個超級區域，因為它們聚集得很好。

We're getting solid execution in the legacy portfolio.

我們在遺留產品組合中得到了可靠的執行。

The Holiday portfolio has been a work in progress.

假日產品組合一直在進行中。

They're a big contributor to the occupancy growth we've had year-over-year, though.

不過，他們對我們的入住率年增率做出了巨大貢獻。

So we like what we're seeing has been around 400 basis points of occupancy growth year-over-year.

因此，我們很高興看到入住率年增約 400 個基點。

So I would say they're checking our boxes our in the US.

所以我想說他們正在檢查我們在美國的情況。

I also mentioned in Canada that they're one of the leaders in terms of driving high occupancy, where Canada is 97% occupied, Atria has been a key contributor to that, the other being the Le Groupe Maurice.

我還在加拿大提到過，他們是推動高入住率的領導者之一，加拿大的入住率為 97%，Atria 是其中的關鍵貢獻者，另一個是 Le Groupe Maurice。

There's a new CEO at Atria as well.

Atria 也迎來了新任執行長。

Holly has been in place for a couple of quarters now.

霍莉已經任職幾個季度了。

She's brought a lot of enthusiasm and experience and direction to the company that we're really pleased about.

她為公司帶來了許多熱情、經驗和方向，我們對此感到非常高興。

Great.

偉大的。

Thank you.

謝謝。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Great.

偉大的。

Thank you.

謝謝。

My first question on opportunities.

我的第一個問題是關於機會的。

Is it time to lean into life science?

是時候轉向生命科學了嗎？

Or will there be a time over the coming months to lean into life science again?

或者在接下來的幾個月裡是否會再次轉向生命科學？

Hi, Jeff, it's Debbie.

嗨，傑夫，我是黛比。

We're definitely prioritizing investing in senior housing.

我們肯定會優先投資老年住房。

That's really foundational to the strategy that we're executing.

這確實是我們正在執行的策略的基礎。

And certainly, we believe in the business long term.

當然，我們相信業務的長期發展。

But right now, our key focus is investing in senior housing.

但目前，我們的重點是投資老年住房。

Okay.

好的。

Fair.

公平的。

Thank you.

謝謝。

And then my second question, can you discuss the margins during the quarter?

然後我的第二個問題，你能討論一下本季的利潤率嗎？

It looks like they compressed across the different formats.

看起來它們壓縮了不同的格式。

And I apologize if I missed this.

如果我錯過了這一點，我深表歉意。

Can you explain margins during the quarter?

您能解釋一下本季的利潤率嗎？

I can start with SHOP.

我可以從商店開始。

So SHOP we had, year-over-year, we've had, what, 150 basis points of margin expansion.

因此，我們的 SHOP 利潤率年增了 150 個基點。

That's what, the kind of expansion we expect to see, given the revenue growth we're having relative to expense growth overall is driven by occupancy and rate certainly mentioned that RevPOR, OpExPOR metric, there's a sequential change that was impacted by some, we have insurance renewals in the third quarter.

這就是我們期望看到的那種擴張，考慮到我們相對於整體費用增長的收入增長是由入住率和比率驅動的，當然提到了RevPOR、OpExPOR 指標，有一個連續的變化受到一些因素的影響，我們第三季有續保。

There are seasonal expenses that we faced, there's, so there's just, typically, for us, we don't see improvement from between second and third quarter, and so there's a little bit of decline sequentially.

我們面臨季節性費用，因此，對於我們來說，通常情況下，我們沒有看到第二季和第三季之間的改善，因此會出現一些連續下降。

But on a year-over-year basis, we're certainly seeing margin expansion.

但與去年同期相比，我們肯定會看到利潤率的成長。

Thanks, Justin.

謝謝，賈斯汀。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey, Just two quick ones.

嘿，只有兩個快點。

With the acquisition sort of ramping and I think becoming more and more clear that '25 is going to be strong.

隨著收購的增加，我認為 25 年將會變得越來越強大。

Maybe any updated thoughts on when you think private capital, private equity, you will start to look at the space, come into the space and why you think they have not done it so far if everything is so good?

也許當你想到私人資本、私募股權時，你會開始關注這個領域，進入這個領域，如果一切都那麼好，為什麼你認為他們到目前為止還沒有這樣做？

Thanks.

謝謝。

Yes.

是的。

So this is Justin again.

這又是賈斯汀。

Definitely, would say private capital is always circling.

可以肯定的是，民間資本總是在循環。

The conditions over the past year really haven't been supportive of private capital just due to the availability and cost of debt.

僅由於債務的可用性和成本，過去一年的情況確實不支持私人資本。

That's put us in really in an advanced position.

這使我們真正處於領先地位。

But I would expect that given the fundamentals that we'll see the competition again.

但我預計，鑑於基本面，我們將再次看到競爭。

We're clearly used to facing competition and feel very comfortable that we'll get our fair share.

我們顯然已經習慣了面對競爭，並且對獲得公平的份額感到非常放心。

We have an advantaged platform, from a financial strength and flexibility standpoint.

從財務實力和靈活性的角度來看，我們擁有一個優勢平台。

We're advantaged from a Ventas OI standpoint, where we have the team and the capabilities to really drive outsized performance and also just to underwrite, see opportunities where others might not.

從 Ventas OI 的角度來看，我們有優勢，我們擁有真正推動超額績效的團隊和能力，而且還可以承保，發現其他人可能看不到的機會。

So I'd like, really like our opportunity to continue to compete.

所以我真的很喜歡我們繼續競爭的機會。

Great.

偉大的。

And I guess my second question was, look, almost 9% top line growth is pretty impressive.

我想我的第二個問題是，看，近 9% 的收入成長相當令人印象深刻。

And we're obviously trying to figure out what next year and the year beyond sort of bring.

顯然，我們正在努力弄清楚明年和以後的一年會帶來什麼。

I guess my question is when I look at this 350 basis point occupancy gain and almost 4.5 RevPOR, is there anything.

我想我的問題是，當我看到 350 個基點的佔用率增益和幾乎 4.5 個 RevPOR 時，有什麼變化嗎？

Is there any obvious reasons why that should start to slow?

是否有任何明顯的原因導致速度開始放緩？

Was there maybe some low-hanging fruit that we picked this year maybe we should be thinking about?

今年我們是否應該考慮一些容易實現的目標？

Just trying to think about the sustainability of these sort of very impressive numbers.

只是想想這些令人印象深刻的數字的可持續性。

Yes.

是的。

So I'd say, first of all, we're not going to give you 2025 guidance expectations in answering this.

所以我想說，首先，我們不會在回答這個問題時給出 2025 年的指導預期。

One thing that did flatter expenses this year is we had a year-over-year comparison versus agency costs last year.

今年支出趨平的一件事是我們與去年的代理成本進行了同比比較。

So that impacted OpEx for labor core metrics.

因此，這影響了勞動力核心指標的營運支出。

That agency is pretty much out of our system now.

該機構現在幾乎已經脫離了我們的系統。

So that's a comp to consider moving forward.

所以這是一個值得考慮繼續前進的補償。

But the supply, demand, the pricing opportunity, all these fundamentals that we're facing, we expect to continue.

但供應、需求、定價機會以及我們面臨的所有這些基本面，我們預計將持續下去。

So we'll look forward to talking more about our expectations moving forward.

因此，我們期待更多地談論我們未來的期望。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Vikram Malhotra, Mizuho.

維克拉姆·馬爾霍特拉，瑞穗。

Hey, This is Georgi on for Vikram.

嘿，我是維克拉姆的喬治。

Can you just give us some details on how the transition assets are growing relative to the same store and when they would become part of the same store pool?

您能否詳細介紹一下過渡資產相對於同一家商店的成長情況以及何時它們會成為同一商店池的一部分？

And separately, what's the average occupancy of the acquired assets this quarter?

另外，本季所收購資產的平均入住率是多少？

Thank you.

謝謝。

Our same-store pool, thanks for the question.

我們的同店泳池，謝謝您的提問。

I think it's important to start by saying that our same store pool is really the lion's share of our total SHOP portfolio.

我認為首先要說的是，我們的同一家商店池確實佔了我們總商店組合的最大份額。

And so is a good representation of the overall performance.

這也是整體性能的良好體現。

Yes.

是的。

So when we talk about transition communities, a lot of those are in the same store pool already.

因此，當我們談論過渡社區時，其中許多已經位於同一個商店池中。

There's some that we transitioned last year that will come into the pool.

我們去年轉換的一些內容將進入池中。

And in that case, we've had really good occupancy growth, we're looking forward to NOI opportunity moving forward in those communities.

在這種情況下，我們的入住率成長非常好，我們期待 NOI 機會在這些社區中向前發展。

But honestly, it's largely represented already based on the pool that we've been reporting on.

但老實說，它很大程度上已經基於我們一直在報告的池中得到了體現。

Also, in terms of your question around acquisitions, the acquisition occupancy has been around 90%, 91%.

另外，就你關於收購的問題而言，收購佔用率一直在90%、91%左右。

That's across the Board.

這是全面的。

And the reason for that is we're targeting bonafide market leaders in markets that have more upside so that we can drive occupancy and price in communities that have a proven track record of delivering best-in-class quality care and services and should continue to really outperform.

原因是我們的目標是具有更大上升空間的市場中真正的市場領導者，以便我們能夠提高社區的入住率和價格，這些社區在提供一流的優質護理和服務方面擁有良好的記錄，並且應該繼續確實表現出色。

And so we like, really like how the acquisitions are positioned.

所以我們非常喜歡收購的定位。

Okay.

好的。

And just a second question in terms of capital allocation.

關於資本配置的第二個問題。

Given the Canadian portfolio is nearly fully occupied, how do you think about monetizing part of it or maybe the entire portfolio and redeploying the capital into higher growth profile assets?

鑑於加拿大投資組合幾乎已全部佔用，您如何考慮將其部分或整個投資組合貨幣化，並將資本重新部署到更高成長的資產中？

Thanks for the question.

謝謝你的提問。

Yes, you're right.

是的，你說得對。

The Canadian portfolio is an incredible jewel.

加拿大的投資組合是一顆令人難以置信的寶石。

I mean it really has been terrific and continues to be a significant contributor to growth.

我的意思是，它確實非常棒，並將繼續為成長做出重要貢獻。

And so we manage that portfolio by basically leveraging it in a way that provides a great value and instead want to continue to work with the operators to drive occupancy and performance.

因此，我們基本上透過以提供巨大價值的方式利用該投資組合來管理該投資組合，並且希望繼續與營運商合作以提高入住率和績效。

Great.

偉大的。

Thank you so much.

太感謝了。

Yes, I mean, in our philosophy is really to grow our SHOP footprint.

是的，我的意思是，我們的理念確實是擴大我們的商店足跡。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Thanks.

謝謝。

Good morning.

早安.

So back to the question about competition for assets and the lack of sort of maybe relative lack of PE because of availability of debt.

那麼回到關於資產競爭以及由於債務的可用性而可能相對缺乏私募股權的問題。

When you look at cap rates, I think you did on the activity so far, 8% yields on your senior housing activity.

當你查看資本化率時，我認為你迄今為止所做的活動，你的高級住房活動的收益率為 8%。

And then you compare that to multifamily for 5%, industrial 4%, 5%, you can argue your outlook is by far much better in terms of visibility.

然後你將其與多戶住宅 5%、工業住宅 4%、5% 進行比較，你可以說你的前景在可見性方面要好得多。

Is the lack of competition putting aside the PE component, just that people can't do it.

是缺乏競爭拋開PE成分，只是人們做不到而已。

You need a certain level of operating talent to go after some of these assets.

您需要一定程度的營運人才來獲取其中一些資產。

So it's always going to be a limited competitive set?

那麼它總是會是有限的競爭環境呢？

Or do you think it comes back?

或者你認為它會回來嗎？

And correlated to that question, if your cost of equity is in the range of five, is that the way we should be thinking about a 300 basis point type spread when we think about 2025 estimates?

與這個問題相關的是，如果你的股本成本在 5 的範圍內，那麼當我們考慮 2025 年的預測時，我們是否應該考慮 300 個基點類型的利差？

Thanks, Rich.

謝謝，里奇。

Look, I think that there are multiple reasons that we're enjoying these compelling investment opportunities now.

看，我認為我們現在享受這些引人注目的投資機會有多種原因。

Obviously, our cost of capital, relationships and experience are helping.

顯然，我們的資本成本、關係和經驗正在發揮作用。

There is limited competition because of debt market, but you really hit on, I think, something very important and differentiating.

由於債務市場的原因，競爭有限，但我認為，你確實抓住了一些非常重要且與眾不同的東西。

And I'll (inaudible) and the team a little bit.

我會（聽不清楚）和團隊一起做一些事。

There is moat.

有護城河。

It is a business that require significant expertise and also data analytics and that the more, it feeds on itself in a positive way.

這是一項需要大量專業知識和數據分析的業務，而且它還能以積極的方式自我維持。

And so we have the scale, we have the data.

所以我們有規模，有數據。

We have the experience with Justin having operated and we have industry relationships with the operators.

我們擁有賈斯汀的營運經驗，並且與營運商有行業關係。

And all of those things create a significant competitive advantage that should enable us to really be a premier global owner of senior housing and that does keep competition less, and of course, we are always seeing the competition over the last 25 years and we know how to get more than fair share.

所有這些都創造了顯著的競爭優勢，使我們能夠真正成為全球首屈一指的老年住房所有者，並且確實減少了競爭，當然，我們在過去 25 年裡一直看到競爭，我們知道如何獲得超過公平的份額。

But that is you really hit on, I think, a very important reason, and that is the competitive moat that we have that gives us these compelling investment opportunities.

但我認為，這是你真正想到的一個非常重要的原因，這就是我們擁有的競爭護城河，它為我們提供了這些引人注目的投資機會。

And in terms of spread investing is kind of 300 basis points where you're thinking if you just do an inverse of the AFFO yield, AFFO multiple?

就利差投資而言，大約有 300 個基點，您會想，如果您只做 AFFO 收益率的倒數，AFFO 倍數？

I mean, yes, I mean, look, we're very pleased to be delivering strong stock performance for our shareholders, that’s what we are here for, and that's obviously a variable metric that goes into our calculus, and it changes over time.

我的意思是，是的，我的意思是，看，我們很高興為我們的股東提供強勁的股票表現，這就是我們來這裡的目的，這顯然是我們計算中的一個可變指標，它會發生變化隨著時間的推移。

And right now, it's working for us and hopefully, we'll continue to do so even get better.

現在，它對我們來說很有效，希望我們能繼續這樣做，甚至變得更好。

Last question on Brookdale.

關於布魯克代爾的最後一個問題。

I know you're not going to say much, but maybe a little bit more.

我知道你不會說太多，但也許會多說一點。

Could they go past their November 30 decision day, would you allow them to?

他們可以超過 11 月 30 日的決定日嗎？

Or is that a full stop, you got to know by then.

或者這是一個句號，到那時你就知道了。

Just curious what your flexibility is to allow the negotiation to extend into perhaps next year?

只是好奇你們有什麼彈性可以讓談判延續到明年？

Thanks.

謝謝。

Well, I mean, if it goes beyond the contractual notice date than Brookdale no longer has the option to renew in full.

好吧，我的意思是，如果超出了合約通知日期，布魯克代爾將不再有全額續約的選擇。

Okay, fair enough.

好吧，很公平。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning.

早安.

Just hoping you could talk a little bit about the SHOP lead indicators.

只是希望您能談談 SHOP 領先指標。

Would you be able to provide kind of a SHOP same store occupancy for October and, or a comment on what the OI or data would suggest about rent bumps Jan 1, which I'm sure you're thinking about this coming year versus what you experienced in '24?

您能否提供 10 月份的同店入住率以及 OI 或數據對 1 月 1 日租金上漲的建議的評論，我相信您正在考慮明年的情況與您的情況24年經歷過？

(inaudible) I'm going to try to answer this.

（聽不清楚）我將嘗試回答這個問題。

(Laughter) So without giving too much information up here, I'm going to start with the rent because we're just not going to get into the '25 numbers, but we do think the environment is favorable for pricing.

（笑聲）因此，在此處不提供太多資訊的情況下，我將從租金開始，因為我們不會涉及 25 年的數字，但我們確實認為環境有利於定價。

And so we'll report more on that in the future.

因此，我們將來會對此進行更多報道。

In terms of the leading indicators, we've had throughout the entire year, leads and tours have been running higher than last year.

從領先指標來看，我們全年的客流量和客流量都高於去年。

That was true through the third quarter, it's true in October.

整個第三季都是如此，十月也是如此。

So that's obviously driving move-ins and occupancy growth.

因此，這顯然推動了入住率和入住率的成長。

As I mentioned, we've had industry leading occupancy growth, and that really all starts with our ability to drive business to the doorstep.

正如我所提到的，我們的入住率成長處於行業領先地位，而這一切都始於我們將業務推向家門口的能力。

So we're pleased with that performance and encouraged by, even this late in the season to see the activity that we're seeing.

因此，我們對這樣的表現感到滿意，並受到鼓舞，即使在賽季末看到我們所看到的活動。

Okay.

好的。

And then just on your zero vacant days.

然後就在你的零空閒天數裡。

I guess a couple questions here.

我想這裡有幾個問題。

You mentioned notice periods.

您提到了通知期。

How many people actually give notice that they're moving out, I thought, a fair amount of people unfortunately pass away.

我想，有多少人實際上發出了他們要搬走的通知，相當多的人不幸去世了。

And is there an element where you start booking revenues for a person moves in associated with shrinking those vacant days?

是否有一個因素可以讓您開始為與減少空缺天數相關的人員變動預訂收入？

So there is, so there's notice periods in the resident agreements that can range anywhere from 10 days to 30 days depending on circumstances.

因此，居民協議中規定了通知期，根據具體情況，通知期可以為 10 天到 30 天不等。

So you have visibility into when a unit become available.

因此，您可以清楚地了解某個單元何時可用。

There's also the opportunity for new residents.

新居民也有機會。

If you think about the demand that you're experiencing in a community that's zero vacant units, prospective residents are going to want to make sure they have access to the unit.

如果您考慮在空置單位為零的社區中遇到的需求，潛在居民將希望確保他們能夠使用該單位。

So they take financial possession proactively that happens oftentimes.

因此，他們主動佔有財務財產，這種情況經常發生。

But even if they don't, if you really think about what we're talking about.

但即使他們不這樣做，如果你認真思考我們正在談論的內容。

We're talking about a 400 square foot unit that has, it's lightly furnished.

我們談論的是一個 400 平方英尺的單元，它的家具簡單。

It has some personal belongings, but nothing like we have in our own homes.

它有一些個人物品，但不像我們自己家裡的東西。

And you're one operator targets a 30-minute turnaround because it's a deep clean and a touch-up paint.

您是一名操作員，目標是在 30 分鐘內完成周轉，因為這是深度清潔和補漆。

If it needs more than that, you might add a few hours to that.

如果需要更多，您可以增加幾個小時。

But this is not a complex unit turn.

但這並不是一個複雜的單位轉彎。

It's extremely simple.

這非常簡單。

It can happen quickly.

它可能會很快發生。

You can plan for it.

你可以計劃一下。

And so that really leads to this opportunity to have zero vacant units.

因此，這確實帶來了零空置單位的機會。

That combined with the demand on the doorstep and most importantly positioning yourself as the market leader because we're the best of what you do in your market.

這與門口的需求相結合，最重要的是，將自己定位為市場領導者，因為我們是您所在市場中最好的。

Thank you.

謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes.

是的。

Good afternoon.

午安.

Yes.

是的。

Most of my questions have been answered, but Debbie and Justin curious as again, we're kind of going through election season.

我的大部分問題都得到了解答，但黛比和賈斯汀再次感到好奇，我們即將經歷選舉季節。

If there's anything out there you guys are looking at that could potentially impact health care as a whole and maybe senior housing in particular, one of the things I'm kind of looking at is if we end up in a world where regulation makes it harder for PE to be involved in health care.

如果你們正在關注的任何事情可能會影響整個醫療保健，尤其是老年住房，我正在關注的事情之一是，我們是否最終會進入一個監管變得更加困難的世界讓PE涉足醫療保健領域。

But anything that kind of top of mind would be helpful.

但任何這樣的想法都會有幫助。

Well, we're really focused, I'm glad you got on even though most of your questions were answered.

嗯，我們真的很專注，我很高興你能繼續下去，儘管你的大部分問題都得到了解答。

But I do think that we are in a favorable spot as we participate in this longevity economy because we do have a consumer driven products that have significant demand, and we have the platform that is driving out performance there.

但我確實認為，當我們參與這個長壽經濟時，我們處於有利位置，因為我們確實擁有需求量很大的消費者驅動型產品，並且我們擁有推動績效的平台。

It should have limited impact really regardless of what happens in the election.

無論選舉發生什麼，它的影響實際上應該是有限的。

There may be impacts on long rates depending on who's elected that could affect kind of the real estate sector writ large, but as a public company who is in an advantaged position relative to private equity in real estate right now, I would think that we would be, we would have a better position than the real estate market, public and private.

長期利率可能會受到影響，具體取決於誰當選，這可​​能會對房地產行業產生重大影響，但作為一家目前相對於房地產私募股權處於優勢地位的上市公司，我認為我們會是的，我們將比公共和私人房地產市場擁有更好的地位。

The public guys should have private (inaudible) have an advantage because of access to cost of capital.

由於獲得資本成本，大眾應該讓私人（聽不清楚）擁有優勢。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

Thanks and good morning.

謝謝，早安。

Maybe one on the outpatient medical portfolio.

也許是門診醫療組合中的一個。

So now that legacy ELP portfolio is part of the same store pool.

因此，現在舊的 ELP 產品組合已成為同一商店池的一部分。

Can you just quantify how much NOI or occupancy upside actually remains across those assets?

您能否量化這些資產實際剩餘的 NOI 或入住率上升空間？

And has there been any deceleration in NOI growth or occupancy gains in recent quarters, now that just the lowest hanging fruit within that portfolio may be already taken care of?

既然該投資組合中最容易實現的目標可能已經解決，那麼最近幾季的 NOI 成長或入住率成長是否出現了放緩？

Yes.

是的。

Thanks, Michael.

謝謝，麥可。

This is Pete.

這是皮特。

I appreciate the question.

我很欣賞這個問題。

Just to level set, we've got about 79 buildings to enter the quarterly same store pool for ELP this quarter.

就水平設定而言，本季我們有大約 79 棟建築進入 ELP 的季度同店池。

And we've been really hard at work in applying the Lillibridge playbook to the ASA portfolio.

我們一直在努力將 Lillibridge 劇本應用到 ASA 產品組合中。

We've replaced 19 property management teams.

更換了19個物業管理團隊。

We've replaced half the leasing brokers and we replaced virtually 100% of the contracts that relate to the services and the buildings.

我們已經更換了一半的租賃經紀人，並且更換了幾乎 100% 的與服務和建築物相關的合約。

So you're starting to see a lot of results.

所以你開始看到很多結果。

Tenant satisfaction went from the bottom quartile to the third quartile.

租戶滿意度從最低四分位數上升到第三四分位數。

So we're really happy about that.

所以我們對此感到非常高興。

And then not surprisingly, retention has been up as a result of happier tenant satisfaction.

毫不奇怪，由於租戶滿意度提高，保留率上升。

Occupancy is up and so is NOI growth.

入住率上升，NOI 成長亦然。

So we're really excited about all that.

所以我們對這一切感到非常興奮。

We think that this portfolio will be in accelerant for us going forward.

我們認為這個投資組合將加速我們的前進。

If anything, our growth outlook on this portfolio is stronger than what it was when we first got it.

如果有什麼不同的話，那就是我們對該投資組合的成長前景比我們第一次獲得它時更強。

And there's probably 8%-plus occupancy improvement potential to get it to the level that the rest of the portfolio is.

而且入住率可能有 8% 以上的改善潛力，可以達到投資組合其他產品的水平。

So upside there from occupancy growth.

因此，入住率成長有好處。

Got it.

知道了。

That's helpful.

這很有幫助。

And then maybe on the secured loan investment during the quarter.

然後可能是本季的擔保貸款投資。

Could you provide just some additional details surrounding the ROFO on that?

您能否提供一些有關 ROFO 的額外細節？

And then any details on the actual underlying properties in terms of location, occupancy levels, acuity mix?

那麼，關於實際基礎房產的位置、入住率、敏銳度組合方面的任何細節？

Anything you can provide there would be helpful.

你能在那裡提供的任何東西都會有幫助。

Yes, sure.

是的，當然。

It's Justin.

這是賈斯汀。

Yes, this is a unique opportunity to potentially own one of the highest-quality senior housing assets in the country, quite frankly.

是的，坦白說，這是一個獨特的機會，有可能擁有全國最優質的高級住房資產之一。

This is, it's Murano Senior Living.

這就是穆拉諾老年生活中心。

It's a high rise in Seattle that it has a mix of independent living and assisted living and memory care product.

這是西雅圖的一棟高層建築，融合了獨立生活、輔助生活和記憶護理產品。

It's high price point, very attractive physical plant.

它的價格很高，物理工廠非常有吸引力。

You get the rents are anywhere from $10,000 to $20,000 per month and a good opportunity to get a high-yield loan.

每月租金從 10,000 美元到 20,000 美元不等，是獲得高收益貸款的好機會。

It's a senior secured loan.

這是優先擔保貸款。

So we're the only lender.

所以我們是唯一的貸款人。

We have properties collateral and other credit enhancements.

我們有財產抵押品和其他信用增強措施。

But I think what's most exciting and interesting to us is potentially buying it.

但我認為對我們來說最令人興奮和有趣的是可能會購買它。

So we have a typical ROFO.

所以我們有一個典型的ROFO。

Clearly, we're the right type of buyer for an asset like this, and it was just a neat opportunity to put money out at a really nice return.

顯然，我們是此類資產的合適買家，而且這是一個以非常好的回報投入資金的絕佳機會。

(inaudible) the potential ownership.

（聽不清楚）潛在的所有權。

Thank you.

謝謝。

Thanks for the time.

謝謝你的時間。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

Yeah, thanks.

是的，謝謝。

And I know you guys don't like to talk about individual operators, but you did comment on Holiday earlier in the call.

我知道你們不喜歡談論個體運營商，但你們在電話會議的早些時候確實對霍利迪發表了評論。

I was wondering if you can provide more details on how they're performing or the changes that they've implemented last (technical difficulty) , have those really taken hold and you're seeing better results that you think are sustainable going into 2025?

我想知道您是否可以提供更多關於他們的表現或他們最近實施的更改（技術難度）的詳細信息，這些是否真的得到了落實，並且您看到了您認為可持續到2025 年的更好結果？

Yes.

是的。

I think that probably the best way to attack that is really just to talk about our overall independent living performance in the US.

我認為，解決這個問題的最好方法可能是談論我們在美國的整體獨立生活表現。

Independent Living has been a strong really equal contributor to the overall occupancy growth that we've had.

獨立生活對我們的整體入住率成長做出了巨大的貢獻。

Holiday is part of that.

假期是其中的一部分。

We've had other operators, operator and tenant living as well.

我們還有其他經營者、經營者和租戶居住。

And there's been really strong demand.

而且需求確實很強勁。

There's, it also tends to be a higher occupied asset.

而且，它也往往是佔用率較高的資產。

So it all very high operating leverage.

所以這一切都非常高的營運槓桿。

And so as occupancy grows, we expect it to be a big contributor from an NOI standpoint.

因此，隨著入住率的成長，從 NOI 的角度來看，我們預計它將成為一個巨大的貢獻者。

But we've seen really good progress and momentum in the independent living product across the board.

但我們已經看到獨立生活產品全面取得了良好的進展和勢頭。

Okay.

好的。

And then I think earlier, Justin, I think there's question about the occupancy trends throughout the quarter.

然後我想早些時候，賈斯汀，我認為整個季度的入住率趨勢存在問題。

I mean I'm just trying to really understand like what's the typical seasonal trend you see in occupancy.

我的意思是，我只是想真正了解入住率中典型的季節性趨勢是什麼。

Does it really start to accelerate in mid-summer then kind of tail off in the late summer?

它真的會在仲夏開始加速，然後在夏末逐漸減弱嗎？

And have you seen that?

你看到了嗎？

And I believe there's a question about what was spot occupancy at the end of the quarter.

我認為存在一個關於季度末的現貨佔用率的問題。

I don't know if you answered that, if you did, apologies.

我不知道你是否回答過這個問題，如果回答過的話，抱歉。

But if you didn't, I mean, is that something that you can disclose?

但如果你不這樣做，我的意思是，你可以透露這一點嗎？

We had great sequential average occupancy growth and Justin talked about and he can repeat it here from the second to the third.

我們的平均入住率連續成長非常快，賈斯汀談到過，他可以在這裡從第二個到第三個重複一遍。

Yes.

是的。

So typically, you would see the key selling season is May to September.

因此，通常情況下，您會看到關鍵的銷售季節是五月至九月。

Most of the occupancy growth is going to come during that period.

大部分入住率成長將在此期間發生。

It is also typical seasonality to see a downturn in occupancy in the fourth quarter.

第四季入住率下降也是典型的季節性。

We are not seeing that.

我們沒有看到這一點。

We're expecting growth in occupancy in the fourth quarter based on the performance that we've seen so far.

根據迄今為止的表現，我們預計第四季度的入住率將出現成長。

So everything is off to a really good start in that regard.

因此，在這方面，一切都有了一個非常好的開始。

We've talked about our outperformance as well, and I think that's notable.

我們也討論了我們的出色表現，我認為這是值得注意的。

When you compare us to the top 99 markets, we've been outperforming, we had 380 basis points of growth in the NIC top 99 versus 230 across the sector and then our sequential growth was really strong.

當你將我們與排名前99 的市場進行比較時，我們的表現一直很出色，我們在NIC 排名前99 的市場中增長了380 個基點，而整個行業的增長則為230 個基點，而且我們的環比成長非常強勁。

And so we're, as I mentioned, now 140 basis points outperformance versus 70 basis points.

因此，正如我所提到的，我們現在的表現比 70 個基點高出 140 個基點。

So 2 times the sector sequential occupancy growth in the third quarter.

因此，第三季入住率成長是該產業環比成長的兩倍。

And as I mentioned, all the leading indicators and our expectations around occupancy remain very confident.

正如我所提到的，所有領先指標和我們對入住率的預期仍然非常有信心。

So that's leading to a good fourth quarter so far.

因此，這導致了迄今為止第四季度的良好表現。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Hi, If you look ahead to 2025, are you expecting to fully or substantially equity fund acquisitions again?

您好，如果您展望 2025 年，您是否預期會再次進行全部或大幅股權基金收購？

Yes, this is Bob.

是的，這是鮑伯。

I'll take that one.

我會接受那個。

So we've been very successful in executing on the strategy we laid out at beginning of the year, which is investing behind senior housing to grow our participation.

因此，我們非常成功地執行了年初制定的策略，即投資老年住房以擴大我們的參與度。

And if the market is there to fund that with equity, that has been working for us.

如果市場能夠透過股權為其提供資金，那對我們來說一直是有效的。

Clearly, that's been the playbook.

顯然，這就是劇本。

And you can see that not only in the growth in our senior housing portfolio, but also in our leverage, which has improved 60 basis points year-to-date.

您可以看到，這不僅體現在我們的高級住房投資組合的成長上，也體現在我們的槓桿率上，今年迄今為止，槓桿率已提高了 60 個基點。

So that playbook is working, and I like to call it more cow bell.

所以這個劇本正在發揮作用，我更喜歡叫它「牛鈴」。

We like what we're up to.

我們喜歡我們所做的事情。

And given the market conditions, hope that can continue.

考慮到市場狀況，希望這種情況能持續下去。

Got it.

知道了。

Okay.

好的。

And then second question, can you give us a sense at this point of the initial drag if the full Brookdale lease transitions to the SHOP?

然後第二個問題，如果整個布魯克代爾租賃過渡到商店，您能否讓我們了解最初的阻力？

Well, yes.

嗯，是的。

Remember, there's, what I would comment on is that if the transition to SHOP, remember that the lease has, is well covered from an EBITDAR or NOI standpoint to rent.

請記住，我要評論的是，如果從 EBITDAR 或 NOI 的角度來看，租賃已經很好地涵蓋了向 SHOP 的過渡，請記住租賃。

And so there's an excess amount of EBITDAR compared to rent.

因此，與租金相比，EBITDAR 金額過高。

So that would have to be taken into account as you consider what the impact would be of a conversion of the whole Brookdale lease to SHOP.

因此，當您考慮將整個布魯克代爾租賃轉換為商店的影響時，您必須考慮到這一點。

And that's a favorable fact pattern.

這是一個有利的事實模式。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

Does that make sense?

這樣有道理嗎？

(multiple speakers) saying?

（多個發言者）說什麼？

Okay, good.

好的，很好。

There's more EBITDAR than cash rent.

息稅折舊攤提前利潤 (EBITDAR) 比現金租金還要多。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

Okay, thanks.

好的，謝謝。

Wesley Golladay, Baird

韋斯利·戈拉戴，貝爾德

Hey, good morning, everyone.

嘿，大家早安。

I just had a quick follow-up on the Brookdale

我剛剛對布魯克代爾進行了快速跟進

(inaudible) .

（聽不清楚）。

Would there be an ROI opportunity and potentially deferred CapEx on those assets?

這些資產是否會帶來投資回報機會並可能推遲資本支出？

Hi, this is Justin.

嗨，這是賈斯汀。

So I mean I think the best way to look at Brookdale at this stage is that they have an option to renew.

所以我的意思是，我認為現階段看待布魯克代爾的最佳方式是他們可以選擇續約。

And so if they renew, then there's 2026, there's a 4%, 3% escalator could be as high as 10% that's subject to a fair market lease review.

因此，如果他們續約，那麼到 2026 年，自動扶梯的比例可能會高達 4%、3%，最高可達 10%，這需要經過公平的市場租賃審查。

If there's some kind of hybrid deal, obviously, that would be mutually agreed upon.

顯然，如果存在某種混合協議，那將是雙方同意的。

And if they don't then it becomes a SHOP opportunity.

如果他們不這樣做，那麼這就變成了一個購物機會。

And we do like the opportunity to run the playbook.

我們確實很高興有機會運行該劇本。

We have a Ventas OI platform.

我們有一個 Ventas OI 平台。

We have well established operators have been great at turnarounds.

我們擁有完善的營運商，非常擅長轉虧為盈。

We've proven we know where to invest and when to drive occupancy and they're in markets that have significant tailwinds.

我們已經證明，我們知道在哪裡投資以及何時提高入住率，而且他們所處的市場具有巨大的優勢。

And so it's a good opportunity.

所以這是一個很好的機會。

But there's, all the options are really on the table right now, and it's coming down to the deadline.

但所有的選擇現在都已經擺在桌面上，而且已經到了最後期限。

(multiple speakers) And the outcomes are all favorable.

（多名發言者）結果都是有利的。

Okay.

好的。

Fantastic.

極好的。

And then maybe revisiting Kindred.

然後也許會重溫《Kindred》。

I know that there was some talk about the noncash moving around and now that everything is finalized.

我知道有人談論過非現金的流動，現在一切都已敲定。

Can you tell us more about quantify the impact of the noncash rent for next year?

您能否告訴我們更多有關量化明年非現金租金影響的資訊？

So this is Bob.

這就是鮑伯。

Yes, we talked about this last quarter in terms of the noncash impact this year, the pull forward effectively of the restructure of the lease and the extension of the lease.

是的，我們在上個季度討論了今年的非現金影響、租賃重組和租賃延期的有效推進。

And that's pretty much in line, frankly with where we were at this time last quarter in terms of our estimate for this year.

坦白說，這與我們上季度此時對今年的估計非常一致。

The rent reduction in all those details are in the press release.

所有這些租金減免的細節都在新聞稿中。

So I'd refer you to that for all the details, but it's pretty much as expected.

因此，我建議您參考所有詳細信息，但這幾乎符合預期。

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

Nik Yulico, Scotiabank.

尼克尤利科，豐業銀行。

Oh, thanks, good morning.

噢，謝謝，早安。

Just going back to the senior housing investments, the over $900 million that are closing or I guess, partially closed already.

回到高級住房投資，超過 9 億美元的投資正在完成，或者我猜，已經部分完成。

The 7.5% expected yield on that.

7.5%的預期收益率。

Can you just talk about what the day one yield is.

能簡單談談第一天的收益率是多少嗎？

So would you just understand how much NOI growth is assumed for the assets next year?

那麼您是否知道明年資產的 NOI 成長量是多少？

Hi, Nick, it's Debbie.

嗨，尼克，我是黛比。

Yes.

是的。

I mean, you could expect that the year one yields are kind of 7.5% that you'd have kind of a current yield in kind of the low 7s go into that higher number over the next 12 months after acquisition.

我的意思是，你可以預期第一年的收益率為 7.5%，在收購後的未來 12 個月內，當前收益率將達到 7.5% 的低水平。

So there's growth in the assets.

所以資產正在成長。

Okay, thanks.

好的，謝謝。

And then second question is just in terms of the LTAC purchase.

第二個問題是關於 LTAC 採購的。

Can you just talk about what triggered that?

能簡單談談是什麼觸發了這件事嗎？

What was the reason to do that after the resolving of the Kindred leasing?

解決Kindred租賃問題後，這樣做的原因是什麼？

Sure.

當然。

So we had really a favorable resolution with Kindred that has used a lot of the tools in our toolbox and our experience in these types of situations.

因此，我們與 Kindred 確實達成了一個有利的解決方案，它使用了我們工具箱中的大量工具以及我們在這種情況下的經驗。

So the goal of all of it was really to improve coverage on the overall master lease with the investments really fit in to that philosophy because they will bring up coverage, they have brought up coverage in the overall master lease, they are well-performing assets that have additional EBITDAR improvement and positive trends.

因此，所有這一切的目標實際上是提高整體主租賃的覆蓋範圍，投資真正符合這一理念，因為它們會提高覆蓋範圍，它們已經提高了整體主租賃的覆蓋範圍，它們是表現良好的資產具有額外的EBITDAR 改善和積極趨勢。

And so it really is significantly improved Kindred's credit profile.

因此，Kindred 的信用狀況確實得到了顯著改善。

So it helps the lease, it helps Ventas with a good risk-adjusted return and made for a stronger tenant overall because it enables Kindred to improve its balance sheet.

因此，它有助於租賃，有助於 Ventas 獲得良好的風險調整回報，並整體上使租戶變得更強大，因為它使 Kindred 能夠改善其資產負債表。

So overall, it's just fit in nicely along with the warrants and revenue based rent, which will give us potential upside if performance or valuation improved.

因此，總的來說，它與認股權證和基於收入的租金非常契合，如果業績或估值改善，這將為我們帶來潛在的上漲空間。

So it's an overall holistic approach as we would always do in these situations to get an outcome that is the best for our stakeholders.

因此，這是一種整體的方法，就像我們在這些情況下總是會做的那樣，以獲得對我們的利害關係人來說最好的結果。

All right, thank you Debbie.

好的，謝謝黛比。

Thank you.

謝謝。

Austin Wurshmidt, KeyBanc Capital Markets.

奧斯汀‧伍什密特 (Austin Wurshmidt)，KeyBanc 資本市場。

Great, thanks and good morning, everybody.

太好了，謝謝大家，早安。

What's the average occupancy across the senior housing assets that you've closed or under contract to buy this year?

您今年已關閉或簽訂合約購買的高級住房資產的平均入住率是多少？

And I'm just curious as your cost of capital improves or if it continues to improve, if you'd consider pursuing even lower yielding assets that may have a longer occupancy tail to growth, or whether or not the assets in that close to 90% or 90% plus occupancy range or more attractive given the flow through profile you highlighted in your prepared remarks?

我只是好奇，隨著你的資本成本改善，或者如果它繼續改善，你是否會考慮追求收益更低、入住率增長尾部更長的資產，或者是否接近 90 的資產% 或90% 以上的入住率範圍，或考慮到您在準備好的評論中強調的流程概況，更具吸引力？

Great question.

很好的問題。

What we really like right now is the investments that we're, that we've made in that are under contract, really are right down a fair way in terms of what our financial and strategic objectives are.

我們現在真正喜​​歡的是我們根據合約進行的投資，就我們的財務和策略目標而言，確實是相當不錯的。

So as I mentioned in my remarks, really high kind of immediate yields and they have significant growth embedded in them.

正如我在發言中提到的，即時收益率非常高，並且蘊藏著顯著的成長。

And that's a very attractive profile, and we want to continue executing on that profile, because we think it's a really good risk adjusted return.

這是一個非常有吸引力的配置，我們希望繼續執行該配置，因為我們認為這是一個非常好的風險調整回報。

Now we could expand the aperture along the lines of what you've described, but we have to feel that the risk adjusted return is the same or better than what we're currently doing, which is pretty darn exciting.

現在我們可以按照您所描述的方式擴大孔徑，但我們必須感覺到風險調整後的回報與我們目前所做的相同或更好，這非常令人興奮。

That's fair.

這很公平。

Thanks for the thoughts there.

感謝那裡的想法。

And then just going back to Brookdale, I guess, why would something in between kind of outcome be on the table given the all or nothing renewal.

然後回到布魯克代爾，我想，考慮到全有或全無更新，為什麼會出現介於兩者之間的結果。

And the internal view around prioritizing senior housing acquisitions seems like a great avenue.

內部認為優先購買高級住房似乎是一個很好的途徑。

So just kind of help me understand what something in between outcome might look like.

所以只是幫助我理解兩者之間的結果可能會是什麼樣子。

Thanks.

謝謝。

Well, I mean, you're, from our perspective, we like the opportunity to have some or all of those communities in our SHOP portfolio.

嗯，我的意思是，從我們的角度來看，我們希望有機會在我們的商店組合中擁有部分或全部這些社區。

But the reality is Brookdale has the option to renew.

但現實是布魯克代爾可以選擇續約。

So the decision really sits with them.

所以決定權其實在於他們。

If there is something in between it really being a win where we could have some amount of the community move to SHOP and go pursue the opportunity of the playbook like I mentioned.

如果兩者之間存在某種東西，那麼這確實是一場勝利，我們可以讓一定數量的社區轉向商店，並像我提到的那樣去追求劇本的機會。

But that's hypothetical.

但這是假設的。

What we really need to have happen is to see what Brookdale's decision is, and then we'll go from there.

我們真正需要做的是看看布魯克代爾的決定是什麼，然後我們就從那裡開始。

Yes.

是的。

There can always be something better than a binary outcome, and that's what we always look for.

總有比二元結果更好的東西，這就是我們一直在尋找的。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

All right.

好的。

As there are no further questions at this time.

因為目前沒有進一步的問題。

I would like to turn the call over back to Debra A. Cafaro, Chairman and CEO for closing remarks.

我想將電話轉回董事長兼執行長黛布拉·A·卡法羅 (Debra A. Cafaro) 致閉幕詞。

John, thanks so much.

約翰，非常感謝。

I really want to thank all of our participants in the call for your interest in Ventas and your participation today.

我衷心感謝所有電話會議參與者對 Ventas 的興趣以及今天的參與。

We look forward to seeing you in Las Vegas soon

我們期待很快在拉斯維加斯見到您

Ladies and gentlemen, that concludes today's meeting.

女士們、先生們，今天的會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。