芬塔 (VTR) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas fourth-quarter and full-year 2024 earnings results conference call. (Operator Instructions)

感謝您的支持。我叫蓋爾，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Ventas 2024 年第四季和全年獲利業績電話會議。（操作員指令）

I will now turn the call over to BJ Grant, Senior Vice President of Investor Relations. Please go ahead.

現在我將電話轉給投資者關係資深副總裁 BJ Grant。請繼續。

Thank you, Gail. And good morning, everyone, and welcome to the Ventas fourth-quarter and full-year 2024 results conference call. Yesterday, we issued our full-year and fourth-quarter 2024 earnings release, presentation materials, and supplemental information package, which are available on the Ventas website at ir.ventasreit.com.

謝謝你，蓋爾。大家早安，歡迎參加 Ventas 2024 年第四季和全年業績電話會議。昨天，我們發布了 2024 年全年和第四季度收益報告、簡報資料和補充資訊包，可在 Ventas 網站 ir.ventasreit.com 上找到。

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. 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.

提醒一下，今天的評論可能包括前瞻性陳述和其他事項。前瞻性陳述受風險和不確定性的影響。而各種各樣的主題可能會導致實際結果與這些聲明中所預期的結果有重大差異。有關這些因素的更詳細討論，請參閱我們本季的收益報告和我們最近的 SEC 文件，所有這些文件均可在 Ventas 網站上查閱。

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 information package posted on the Investor Relations website.

本次電話會議也將討論某些非公認會計準則財務指標。有關這些指標與最接近的 GAAP 指標的對照表，請參閱我們在投資者關係網站上發布的補充資訊包。

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

接下來，我將把電話轉給 Ventas 董事長兼執行長 Debra A. Cafaro。

Thank you, BJ. I want to welcome all of our shareholders and other participants to the Ventas fourth-quarter and full-year 2024 earnings call.

謝謝你，BJ。我歡迎所有股東和其他參與者參加 Ventas 2024 年第四季和全年收益電話會議。

Ventas really delivered in 2024. Today, I'm happy to discuss our strong results, investment activity, and growth, powered by our increasing participation in the unprecedented multiyear growth opportunity in senior housing. With our momentum, I'm also pleased to introduce our favorable expectations for 2025.

Ventas 於 2024 年真正實現了交付。今天，我很高興討論我們的強勁業績、投資活動和成長，這得益於我們越來越多地參與老年住房領域前所未有的多年成長機會。憑藉我們的良好勢頭，我也很高興介紹我們對 2025 年的良好預期。

Building on our strong results and positive outlook, we've also increased our quarterly dividend to stockholders by 7%. We continue to focus on creating value for our stakeholders from our advantaged position within the longevity economy, as we enable exceptional environments that benefit a large and growing aging population.

基於強勁的業績和積極的前景，我們也將向股東派發的季度股息提高了 7%。我們將繼續致力於利用我們在長壽經濟中的優勢地位為我們的利益相關者創造價值，因為我們創造了有利於龐大且不斷增長的老齡人口的卓越環境。

The company effectively executed on its 1-2-3 strategy in 2024, and I'd like to thank my colleagues for their commitment and excellence. During the year, we took advantage of the unprecedented multiyear growth opportunity in senior housing. We delivered significant senior housing NOI growth from our portfolio, made value-creating investments focused on senior housing, and drove cash flow throughout our portfolio.

公司在2024年有效執行了1-2-3策略，我要感謝同事們的奉獻和卓越表現。這一年，我們抓住了老年住宅領域前所未有的多年成長機會。我們的投資組合實現了顯著的老年住房淨營運收入成長，進行了以老年住房為重點的增值投資，並推動了整個投資組合的現金流。

Let's discuss 2024 results. Ventas delivered full-year normalized FFO per share of $3.19, above the high end of our guidance range. SHOP same-store cash NOI grew nearly 16%, the third year in a row of double-digit growth. As Justin forecast at the beginning of the year, 2024 was a year of occupancy outperformance, with year-over-year occupancy increasing 300 basis points in our same-store communities.

讓我們討論一下 2024 年的結果。Ventas 全年每股標準 FFO 為 3.19 美元，高於我們預期範圍的高點。SHOP同店現金NOI成長近16％，連續第三年達到兩位數成長。正如賈斯汀在今年年初預測的那樣，2024 年是入住率表現優異的一年，我們同店社區的入住率將比去年同期增加 300 個基點。

Compelling secular demand, de minimis supply, well-positioned communities in favorable markets, and Ventas' advantage platform came together to deliver results. I also want to recognize the care providers for their outstanding service to residents and their families, including their extraordinary actions during the recent California fires.

引人注目的長期需求、最低限度的供應、有利市場中定位良好的社區以及 Ventas 的優勢平台共同帶來了成果。我還要表揚護理人員為居民及其家人提供的出色服務，包括他們在最近加州大火期間的非凡行動。

In 2024, we also completed over $2 billion in accretive investments focused on senior housing. These investments met our well-defined operational and financial criteria, and were selected from a much bigger pipeline of opportunities using our competitive advantages in senior housing, which include data analytics, operator relationships, and our experienced, knowledgeable team.

2024 年，我們也完成了超過 20 億美元的增值投資，並專注於老年住房。這些投資符合我們明確的營運和財務標準，並利用我們在老年住房方面的競爭優勢（包括數據分析、營運商關係以及我們經驗豐富、知識淵博的團隊）從更大的機會中挑選出來。

These investments, funded with equity, increased our participation in the multiyear growth opportunity. Through expansion of our senior housing portfolio, they added accretion, improved our FFO per share growth rate, accelerated deleveraging, and created value.

這些以股權為資金來源的投資增加了我們對多年成長機會的參與。透過擴大我們的老年住房投資組合，他們增加了增值，提高了我們的每股 FFO 成長率，加速了去槓桿化，並創造了價值。

As a result of both organic and external growth in SHOP, in 2024, our scale grew significantly to $2.2 billion in annualized EBITDA, SHOP reached 43% of our NOI, and our leverage improved to enter our long-term targeted range, all by year-end. With nearly 8% total company same-store cash NOI growth in 2024, we also achieved the third prong of our strategy, driving cash flow growth throughout the portfolio.

由於 SHOP 的有機和外部增長，到 2024 年，我們的規模將大幅增長至 22 億美元的年化 EBITDA，SHOP 達到了我們 NOI 的 43%，我們的槓桿率也將提高，並在年底前進入我們的長期目標範圍。隨著 2024 年公司同店現金淨營運收入總額成長近 8%，我們也實現了策略的第三部分，推動了整個投資組合的現金流量成長。

Compounding NOI growth from outpatient medical research and our triple-net lease portfolios supplemented our strong SHOP performance. We also increased our Ventas Investment Management platform, or VIM, during the year. Started in 2020, VIM has over $5 billion in assets under management.

來自門診醫療研究和我們的三重淨租賃組合的複合淨營運收入成長補充了我們強勁的 SHOP 業績。我們也在年內擴大了我們的 Ventas 投資管理平台（VIM）。VIM 成立於 2020 年，管理的資產超過 50 億美元。

Looking forward, we are excited about the opportunities ahead. To create value for stockholders, we intend to continue to drive SHOP growth and expand our SHOP footprint with accretive investments focused on senior housing. As a result, we expect our SHOP business to represent over 50% of our NOI by year-end.

展望未來，我們對未來的機會感到興奮。為了為股東創造價值，我們打算繼續推動 SHOP 成長，並透過專注於老年住房的增值投資來擴大我們的 SHOP 足跡。因此，我們預計到年底我們的 SHOP 業務將占到我們淨營業收入的 50% 以上。

Our 2025 guidance anticipates normalized FFO per share growth of 7% at the midpoint led by SHOP. If achieved, this profile would put us in the upper echelon of REITs. And even as we focus on growth, we also expect to further enhance our financial strength and flexibility during the year. All the while, we will maintain our commitment to enabling exceptional environments that benefit a large and growing aging population.

我們預計 2025 年每股正常化 FFO 成長率將達到 7%，中間值由 SHOP 引領。一旦實現，我們將躋身房地產投資信託基金 (REIT) 的上層。在我們專注於成長的同時，我們也期望在今年進一步增強我們的財務實力和靈活性。同時，我們將始終致力於創造良好的環境，造福日益龐大且日益增長的老化人口。

So our value proposition for investors in 2025 is clear: deliver top-tier 2025 FFO per share growth, property NOI growth, and investment growth; further improve our balance sheet; and top it off with a 7% increase in our quarterly dividend. We are optimistic about 2025 and beyond.

因此，我們對 2025 年投資者的價值主張很明確：實現頂級的 2025 年每股 FFO 成長、房地產 NOI 成長和投資成長；進一步改善我們的資產負債表；我們的季度股息也將增加 7%。我們對 2025 年及以後充滿樂觀。

Conditions remain favorable for our continued success, and the company continues to build its competitive advantages. We are in it to win it. We are still in the early innings of this multiyear growth opportunity in senior housing. As the over-80 population is surging, construction starts have fallen to historic lows and new developments generally are not feasible.

條件仍有利於我們繼續取得成功，公司也持續建立其競爭優勢。我們將會贏得勝利。我們仍然處於老年住房領域多年成長機會的早期階段。隨著 80 歲以上人口的激增，建築開工量已降至歷史最低水平，新的開發案通常不可行。

We also expect to continue to benefit from compelling secular demand, a favorable pricing environment, robust attractive investment opportunities, positive operating leverage as occupancies rise, and a terrific experienced team, whose ranks continue to grow with top talent.

我們也預計將繼續受益於強勁的長期需求、有利的定價環境、強勁而誘人的投資機會、隨著入住率上升而產生的積極經營槓桿，以及一支經驗豐富的優秀團隊，該團隊的隊伍不斷壯大，擁有頂尖人才。

With that, I'll turn it over to Justin.

說完這些，我會把話題交給賈斯汀。

Thank you, Debbie. I'll give updates on our strategy to deliver profitable organic growth in our senior housing portfolio and execute on value-creating external growth. We had a very exciting and successful year on both fronts.

謝謝你，黛比。我將介紹我們的最新策略，以實現老年住房組合的獲利性有機成長，並實現創造價值的外部成長。我們在這兩個方面都度過了非常令人興奮和成功的一年。

Starting with organic growth, 2024 marked the third year in a row of double-digit same-store SHOP NOI growth. I'm very happy with the execution of our Ventas OI-driven SHOP platform initiatives and collaborative relationships with our high-performing operators. Our occupancy-led results were delivered by contributions across geographies and asset types.

從有機成長開始，2024 年是同店 SHOP NOI 連續第三年實現兩位數成長。我對我們由 Ventas OI 驅動的 SHOP 平台計劃的執行以及與高效運營商的合作關係感到非常高興。我們的入住率主導結果是由跨地區和資產類型的貢獻實現的。

Total SHOP same-store cash NOI growth was 16%, which is at the high end of the guidance range. Full-year same-store SHOP occupancy grew by 300 basis points versus our initial guidance of 250. In the fourth quarter, our US same-store NOI grew 20% and occupancy grew 370 basis points.

SHOP 同店現金淨營運收入總成長率為 16%，處於指導範圍的高端。全年同店店入住率與我們最初預期的 250 個基點相比增加了 300 個基點。第四季度，我們美國同店淨營業利潤成長20%，入住率成長370個基點。

We are outperforming our markets in occupancy growth. Our US shop communities in the NIC Top 99 markets grew 350 basis points, beating the NIC benchmark by 140 basis points. These results were broad-based across assisted living and independent living.

我們的入住率成長表現超越市場。我們在 NIC 前 99 個市場的美國店鋪社區成長了 350 個基點，比 NIC 基準高出 140 個基點。這些結果廣泛涵蓋了輔助生活和獨立生活。

Moving forward, we are highly optimistic about our senior housing business across multiple dimensions. The supply and demand dynamics in our sector are exceptionally favorable. Over the next five years, the US will experience an unprecedented surge in the senior population as the baby boomer generation begins turning 80. This 80-plus age group is projected to grow by 28% during this period, driving significant demand for senior housing.

展望未來，我們對多維度的養老地產業務非常樂觀。我們產業的供需動態異常有利。未來五年，隨著嬰兒潮世代開始步入80歲，美國老年人口數量將出現前所未有的激增。預計在此期間，80 歲以上的年齡層將增加 28%，從而推動老年住房的巨大需求。

Meanwhile, new construction in our markets remains constrained, with inventory growth at the lowest number on record and new construction starts at an all-time low. These combined factors create an extraordinary net absorption opportunity in the upcoming years, unlike anything we have seen before.

同時，我們市場的新建築仍然受到限制，庫存成長處於歷史最低水平，新建築開工量也處於歷史最低水平。這些綜合因素將在未來幾年創造前所未有的非凡淨吸收機會。

We just finished the first lap of a long race, as supply-demand characteristics are projected to remain compelling over the next several years. Ventas is in a strong position to continue to drive growth in our SHOP portfolio. We have favorable competitive positioning driven by Ventas OI with proprietary data analytics and experiential insights, which underscore portfolio actions and optimizes performance.

我們剛完成了一場長跑的第一圈，預計未來幾年供需特徵仍將保持強勁。Ventas 處於有利地位，可以繼續推動我們 SHOP 產品組合的成長。我們擁有有利的競爭地位，由 Ventas OI 推動，擁有專有的數據分析和經驗見解，可以強調投資組合行動並優化績效。

Our expanding network of 29 SHOP operators has consistently delivered tremendous growth while capturing market share in their respective regions. We are committed to working closely together with them to capture the immense opportunities ahead. We offer a differentiated approach through collaboration and the aligned goal of delivering exceptional care, services and performance.

我們不斷擴大的 29 家 SHOP 營運商網路在各自地區佔據市場份額的同時，持續實現了巨大的成長。我們致力於與他們密切合作，抓住未來的巨大機會。我們透過合作提供差異化的方法，並實現提供卓越護理、服務和性能的一致目標。

We continue to execute on our community refresh program, improving the living and working environments of our communities, and therefore, improving competitive positioning. We have completed 228 projects at year-end, including over 150 refreshed employee break rooms and over 4,500 modernized resident units.

我們繼續執行社區振興計劃，改善社區的生活和工作環境，從而提高競爭地位。截至年底，我們已完成 228 個項目，其中包括 150 多個翻新的員工休息室和 4,500 多個現代化的居民單位。

We are on pace to complete another 50 refresh projects by the key selling season this year, which should further enhance our ability to drive NOI. Speaking of driving NOI, as previously announced, we are excited to expand our SHOP portfolio by converting 45 large-scale senior housing communities comprising of about 5,700 units from the triple-net structure to SHOP.

我們希望在今年主要銷售季節前完成另外 50 個更新項目，這將進一步增強我們推動 NOI 的能力。說到推動 NOI，正如先前宣布的那樣，我們很高興透過將 45 個大型老年住宅社區（約 5,700 個單元）從三重淨結構轉變為 SHOP 來擴大我們的 SHOP 投資組合。

This is a great opportunity to reposition low-occupied communities that are located in markets with strong projected net absorption. We have plans to transition these communities to five proven high-performing operators with a strong track record of both transitioning and improving operating performance.

這是重新定位位於預計淨吸收量強勁的市場的低入住率社區的絕佳機會。我們計劃將這些社區過渡給五家經驗豐富、業績優異且在轉型和提高營運績效方面擁有良好記錄的營運商。

We plan to execute the Ventas OI playbook to drive occupancy, pricing, environmental improvements, and ultimately double the NOI of the 77% occupied portfolio. Assuming this conversion occurs by the end of the year, we project our SHOP footprint to increase by 8% in number of units and our SHOP portfolio to increase to account for over 50% of our enterprise NOI.

我們計劃執行 Ventas OI 劇本來推動入住率、定價、環境改善，並最終使 77% 入住率的投資組合的 NOI 翻倍。假設這項轉換在年底前完成，我們預計我們的 SHOP 足跡將增加 8% 的單位數量，我們的 SHOP 組合將增加到佔企業 NOI 的 50% 以上。

Looking forward to 2025, we are excited to continue our multiyear growth trajectory as we embark on our fourth consecutive year of double-digit NOI growth in our same-store SHOP portfolio. Same-store SHOP is expected to grow NOI 11% to 16%. The midpoint of our range is driven by revenue growth of about 8%, average occupancy growth of about 270 basis points, and continued strength in pricing driving RevPOR of around 4.5%. Furthermore, we expect operating expense growth of 5%.

展望 2025 年，我們很高興能夠延續我們多年的成長軌跡，因為我們已連續第四年實現同店 SHOP 組合兩位數的 NOI 成長。預計同店銷售額將成長 11% 至 16%。我們範圍的中間點是由營收成長約 8%，平均入住率成長約 270 個基點，以及定價持續走強推動 RevPOR 達到約 4.5%。此外，我們預計營業費用將增加 5%。

Per usual, the results will be highly dependent on a successful key selling season, and we are assuming a relatively stable inflationary outlook. Once again, we are expecting the US to be the growth engine with continued accelerating occupancy performance with over 300 basis points of growth.

與往常一樣，結果將高度依賴關鍵銷售季節的成功，我們假設通膨前景相對穩定。我們再次預期美國將成為成長引擎，入住率將繼續加速成長，增幅將超過 300 個基點。

January occupancy is off to a strong start. Summarizing organic SHOP growth, we are coming off a strong year of occupancy-driven results. And we are excited about the opportunities ahead as we continue to unleash the power of our advantaged SHOP platform.

一月份入住率開局強勁。總結有機 SHOP 成長，我們剛剛度過了由入住率驅動的強勁業績的一年。隨著我們繼續釋放我們優勢 SHOP 平台的力量，我們對未來的機會感到非常興奮。

Moving on to part two of our strategy. We continue to execute on value-creating external growth focused on senior housing in the fourth quarter and throughout 2024. For the full year, we closed on $1.9 billion of senior housing investments, including $1.4 billion in the fourth quarter alone. These investments fit squarely within our investment criteria, including 7 to 8% expected year one NOI yield, low to mid-teens unlevered IRRs, and a significant discount to replacement cost.

繼續我們策略的第二部分。我們將在第四季度和整個 2024 年繼續執行以老年住房為重點的創造價值的外部成長計劃。全年我們完成了 19 億美元的老年住房投資，其中僅第四季度就完成了 14 億美元的投資。這些投資完全符合我們的投資標準，包括預期第一年 7% 到 8% 的淨營運收益、低到中等的無槓桿內部收益率、以及相對於重置成本的大幅折扣。

This investment activity meaningfully expands our SHOP portfolio with the addition of 52 new communities in markets with strong projected net absorption, and communities that are high-performing with upside including average in-place occupancy of 90%.

這項投資活動顯著擴大了我們的 SHOP 投資組合，新增了 52 個新社區，這些社區分佈在預計淨吸收量強勁的市場，以及表現優異、具有上升空間的社區，包括平均入住率達到 90%。

Even with this accelerated pace of external growth, we are maintaining our underwriting discipline. In 2024, we reviewed approximately $18 billion of senior housing opportunities, pursuing approximately $5 billion, and ultimately closing on nearly $2 billion. We have a rigorous, data-driven process that ensures we are pursuing the best deal for Ventas and investing within our right market, right asset, right operator framework.

即使外部成長步伐加快，我們仍保持承保紀律。2024 年，我們檢視了約 180 億美元的老年住房機會，爭取約 50 億美元的投資，最終達成近 20 億美元的交易。我們擁有嚴格的數據驅動流程，確保我們為 Ventas 尋求最佳交易並在正確的市場、正確的資產和正確的營運商框架內進行投資。

Our experienced team remains focused on executing our external growth plans, and we intend to expand the team. We expect our pipeline will continue to present a large set of compelling investment opportunities, with potential deals coming from a range of owners and a variety of reasons for selling, including debt and fund maturities.

我們經驗豐富的團隊仍然專注於執行我們的外部成長計劃，並且我們打算擴大團隊。我們預計，我們的管道將繼續提供大量引人注目的投資機會，潛在交易來自不同的所有者，出售原因也多種多樣，包括債務和基金到期。

Our investment activity also includes a range of seller profiles with transactions coming from a balanced mix of owner operators, private equity, developers, and other institutional capital. Looking forward to 2025, we expect to keep our external growth momentum, including line of sight on $1 billion of senior housing investments, which are already in advanced stages and we expect to be weighted in the first half of the year.

我們的投資活動還包括一系列賣方資料，交易來自業主經營者、私募股權、開發商和其他機構資本的均衡組合。展望 2025 年，我們預計將保持外部成長勢頭，包括對 10 億美元老年住房投資的關注，這些投資已經處於後期階段，我們預計將在上半年發揮重要作用。

Ventas is a senior housing partner of choice with sellers, brokers, and the entire investment community. This remains true even as there may be more competition for assets, as others are seeing the favorable risk reward in senior housing. Our industry experience, platform capabilities to manage scale, data science, and transaction track record should help to propel our growth prospects moving forward.

Ventas 是賣家、經紀人和整個投資界的首選老年住房合作夥伴。儘管資產競爭可能會加劇，但情況依然如此，因為其他人看到了老年住房的有利風險回報。我們的行業經驗、管理規模的平台能力、數據科學和交易記錄應該有助於推動我們未來的成長前景。

Our investment team capabilities are second to none, and we are continuously building on our strengths. With that in mind, I'm very excited to announce Alex Russo joining our team as Senior Managing Director of Investments.

我們的投資團隊的能力是首屈一指的，並且我們正在不斷增強我們的優勢。考慮到這一點，我非常高興地宣布 Alex Russo 加入我們的團隊，擔任投資資深董事總經理。

During his 18-year career at Lazard, Alex has demonstrated exceptional financial and investment acumen. And I expect he will be an instrumental addition to the team as we continue to execute on our value-creating external growth focused on senior housing.

在 Lazard 的 18 年職業生涯中，Alex 展現了卓越的財務和投資敏銳度。我希望他能成為團隊的重要成員，因為我們將繼續執行以老年住房為重點的創造價值的外部成長計畫。

Now I'll hand the call to Bob.

現在我將把電話交給鮑伯。

Thank you, Justin. I'll share some highlights of our 2024 performance and close with our 2025 outlook. I'll start by saying we are pleased with all we accomplished in 2024. We finished 2024 strong with attributable net income per share of $0.19. 2024 normalized FFO per share of $0.81 in the fourth quarter and $3.19 for the full year represent a 7% year-over-year increase in both periods.

謝謝你，賈斯汀。我將分享我們 2024 年業績的一些亮點，並以我們對 2025 年的展望作為結束。首先要說的是，我們對 2024 年所取得的所有成就感到非常滿意。我們在 2024 年表現強勁，每股淨利為 0.19 美元。 2024 年第四季的每股標準化 FFO 為 0.81 美元，全年的每股標準化 FFO 為 3.19 美元，兩個時期都較去年同期成長 7%。

The result exceeded the high end of our full-year normalized FFO guidance range, led by SHOP same-store growth, and execution on our accretive senior housing investment pipeline. Our total company same-store cash NOI grew nearly 8% year over year in 2024, reflecting broad-based property NOI growth across our portfolio, led by 16% growth in SHOP.

該結果超出了我們全年標準化 FFO 指導範圍的高端，這主要得益於 SHOP 同店增長以及我們不斷增長的老年住房投資渠道的執行。2024 年，我們公司同店現金 NOI 總值年增近 8%，反映了我們整個投資組合中廣泛的房地產 NOI 成長，其中 SHOP 成長 16%。

Our outpatient medical and research business delivered continued compounding growth of 3% in 2024, in line with our expectations. For the full year, research grew 4.6% and outpatient medical increased 2.6%. As Justin described, we closed on approximately $1.9 billion of senior housing investments funded all equity.

我們的門診醫療和研究業務在 2024 年繼續實現 3% 的複合成長，符合我們的預期。全年研究成長4.6%，門診醫療成長2.6%。正如賈斯汀所描述的，我們完成了約 19 億美元的老年人住房投資，全部由股權資助。

We raised $2.2 billion of total equity in 2024 and year-to-date 2025, including approximately $1.2 billion raised since the third quarter at an average share price of $62.90. We currently have $250 million of unsettled forward equity available to fund senior housing investments in 2025.

我們在 2024 年和 2025 年迄今籌集了 22 億美元的總股本，其中包括自第三季以來以平均股價 62.90 美元籌集的約 12 億美元。我們目前有 2.5 億美元未結算的長期股權可用於資助 2025 年的老年住房投資。

Consistent with our strategy, SHOP growth in all equity-funded senior housing investments have further strengthened our balance sheet. At 6.0 times, our Q4 net debt-to-EBITDA is a 90-basis-point improvement year over year, and has now entered our long-term targeted leverage range of 5 to 6 times. We expect continued leverage improvement in 2025 driven by senior housing growth.

與我們的策略一致，所有股權融資老年住房投資的 SHOP 成長進一步增強了我們的資產負債表。我們的第四季淨負債與 EBITDA 比率為 6.0 倍，較上年同期提高了 90 個基點，目前已進入我們長期目標槓桿率範圍 5 至 6 倍。我們預計，在老年住宅成長的推動下，2025 年槓桿率將持續改善。

We ended 2024 with robust liquidity of nearly $4 billion, which included proceeds from our third-quarter 2024 senior note issuance, which we subsequently used to pay down $1 billion of maturing debt in the first quarter of 2025. Let's conclude with our full-year 2025 outlook.

截至 2024 年，我們擁有近 40 億美元的強勁流動資金，其中包括我們 2024 年第三季發行優先票據的收益，我們隨後用這筆資金償還了 2025 年第一季到期的 10 億美元債務。讓我們總結一下 2025 年全年的展望。

For 2025, we expect net income attributable to common stockholders of $0.48 per share at the midpoint. We expect normalized FFO to range from $3.35 to $3.46 per share or $3.41 per share at the midpoint, which represents 7% year-over-year growth, in line with the FFO growth we posted in 2024.

對於 2025 年，我們預期普通股股東淨利潤中位數為每股 0.48 美元。我們預計標準化 FFO 範圍在每股 3.35 美元至 3.46 美元之間，或中間值為每股 3.41 美元，同比增長 7%，與我們在 2024 年公佈的 FFO 增長一致。

The $0.22 normalized FFO per share increase is driven by NOI growth in the SHOP business and accretive senior housing investment activity, partially offset by higher net interest expense, FX, and dilution from a higher share price. Our 2025 total company same-store cash NOI guidance approximates 6.75% year-over-year growth at the midpoint, led by SHOP.

每股 0.22 美元的標準化 FFO 成長是由 SHOP 業務的 NOI 成長和老年住房投資活動的增加所推動，部分被更高的淨利息支出、外匯和更高股價的稀釋所抵消。我們對 2025 年公司同店現金 NOI 整體預期約為年增 6.75%，其中 SHOP 占主導地位。

Our guidance includes senior housing investments of approximately $1 billion in 2025, with clear line of sight and weighted to close in the first half of the year. We intend to principally equity fund these investments and have already raised $250 million via equity forwards. For the year, we also expect to raise $200 million through capital recycling efforts.

我們的指導包括到 2025 年投資約 10 億美元用於老年人住房，投資目標明確，預計在上半年完成。我們打算主要透過股權融資來為這些投資提供資金，並且已經透過股權遠期融資 2.5 億美元。今年，我們也預計透過資本循環利用籌集 2 億美元。

Specific to increase net interest expense, our midpoint of guidance assumes an increase of $0.08 compared to 2024 from refinancing maturing debt at a high rate and lower cash balances year over year. A more fulsome discussion of our 2025 guidance assumptions can be found in our Q4 supplemental and earnings presentation posted to our website.

具體到增加淨利息支出，我們的指導中點假設與 2024 年相比，由於以高利率再融資到期債務且現金餘額同比下降，將增加 0.08 美元。有關我們 2025 年指導假設的更詳細討論，請參閱我們網站上發布的第四季度補充和收益報告。

To close, we are really pleased with our 2024 performance, are executing on our growth strategy and delivering advantaged growth in normalized FFO per share. The entire Ventas team is determined to continue this momentum in 2025.

最後，我們對 2024 年的業績感到非常滿意，正在執行我們的成長策略並在每股標準化 FFO 方面實現優勢成長。整個 Ventas 團隊決心在 2025 年延續這一勢頭。

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

說完這些，我就把電話轉回接線生。

(Operator Instructions) Omotayo Okusanya, Deutsche Bank.

（操作員指示）Omotayo Okusanya，德意志銀行。

Yes, good morning. So my question, actually, is about the medical-office-building side of things. Just looking at the quarter, some occupancy declines, it appears. But in your 2025 guidance, you have pretty strong same-store NOI growth.

是的，早安。所以我的問題其實是關於醫療辦公室建設方面的。僅從本季來看，一些酒店的入住率似乎有所下降。但在您的 2025 年指引中，您的同店淨營業利潤成長相當強勁。

So I'm just curious what the kind of trajectory is in that business, whether you're expecting occupancy gains, refilling of some of that space that may have vacated in the year. Or how do we kind of think about the fourth quarter results relative to the '25 guidance?

所以我只是好奇這個行業的發展軌跡是什麼樣的，你是否預計入住率會增加，或者重新填補今年可能空出的一些空間。或者我們如何看待第四季的業績相對於 25 年指引的影響？

Yeah. Thanks, Tayo, for the question. Really, it started in '24. We actually did more leasing. We had 15% more leasing than the prior year.

是的。謝謝 Tayo 提出這個問題。事實上，它從 1924 年就開始了。我們實際上做了更多的租賃。我們的租賃量比前一年增加了 15%。

And as you cycle through that (technical difficulty) construction. And they start coming online (technical difficulty) start seeing meaningful results in your NOI. If you look at '24, we've -- or '25, we've already done 34% of our leasing plan, which is a terrific start for mid-February. So our plans for '25 assume occupancy gains and the corresponding NOI growth.

當你循環經歷那個（技術難度）構造。然後他們開始上網（技術難題）並開始在您的 NOI 中看到有意義的結果。如果你看看24年，或25年，我們已經完成了34%的租賃計劃，這對於二月中旬來說是一個很好的開始。因此，我們 25 年的計畫假設入住率上升，且相應的 NOI 也會成長。

Got you. Okay. That's helpful. And if I may ask one about the senior housing. Again, everyone is very aware of what's happening in regards to demographic tailwinds and clearly showing up in your results.

明白了。好的。這很有幫助。我可以問一個關於老年住房的問題嗎？再說一次，每個人都非常清楚人口順風方面正在發生的事情，而這在結果中清楚地顯示出來。

Curious at this point, what VOI is telling you guys in regards to, strategically, you should be doing anything different to kind of further kind of capitalize on those demographic tailwinds, especially now you're kind of at the point where, again, occupancy is getting higher and things of that sort and demand -- supply-demand fundamentals clearly in your favor?

我很好奇，VOI 在策略上告訴你們什麼，你們應該採取什麼不同的措施來進一步利用人口順風，尤其是現在你們正處於入住率越來越高以及需求——供需基本面明顯對你們有利的階段？

Tayo, it's Justin. Yeah. So the whole basis for Ventas OI is to really help us to focus on markets, assets, and operators. And the data from a market standpoint is extremely helpful because it really underscores all the decisions we make. It's the most important aspect of our investment decisions, disposition decisions, decisions to invest in particular assets.

Tayo，我是賈斯汀。是的。因此，Ventas OI 的整個基礎是真正幫助我們專注於市場、資產和營運商。從市場角度來看，這些數據非常有用，因為它確實強調了我們所做的所有決策。這是我們的投資決策、處置決策、投資特定資產的決策中最重要的一環。

And the key point, really, is it's hyper locally focused. And that really gives us the comfort and confidence that if we make that investment, we take certain actions that's going to deliver growth opportunity. And it's going to have sustained opportunity to perform well over time. And that's really the power of the platform. It's looking ahead, near, mid, long term, and ensuring that we're well-positioned.

而關鍵點其實在於高度注重本地化。這確實給了我們安慰和信心，如果我們進行這項投資，我們採取的某些行動將會帶來成長機會。並且它將擁有持續良好表現的機會。這確實就是該平台的力量。它著眼於未來、近期、中期和長期，並確保我們處於有利地位。

All right. Congrats on the quarter and the outlook.

好的。恭喜本季的成績和前景。

Thanks, Tayo.

謝謝，Tayo。

Michael Griffin, Citi.

花旗銀行的麥可‧格里芬 (Michael Griffin)。

Thanks. It's Nick Joseph here with Michael. Just wanted to touch base on the acquisition strategy, targeting more stabilized assets. So I was hoping you could talk about kind of the return profile of those where you can kind of push rate versus the occupancy upside, and what sort of kind of going in yield and stabilized IRRs you could get there?

謝謝。這是尼克約瑟夫 (Nick Joseph)，和麥可在一起。只是想談談收購策略，目標是更穩定的資產。所以我希望您可以談談這些回報率的概況，您可以把這些回報率與入住率的上升進行比較，以及您可以獲得什麼樣的收益和穩定的內部收益率？

Yeah, sure. So we find this to be a very unique opportunity right now, where you can invest in high-quality assets that have the combination of delivering yield and growth. I haven't really seen this before. There are opportunities to invest in a variety of different senior housing. We had mentioned we had $18 billion that we started to look at.

是的，當然。因此，我們發現這是一個非常獨特的機會，您可以投資既能帶來收益又能實現成長的優質資產。我以前確實沒見過這種情況。有很多機會投資各種不同的老年住房。我們曾經提到過，我們開始關注 180 億美元。

We only pursue $5 billion of that. And really, it's because we're being -- we're extremely focused on the criteria that we set forth, which has helped us to ensure that we're getting the combination we're looking for, of yield, growth and then ultimately, a high-quality, high-performing asset.

我們只追求其中的50億美元。事實上，這是因為我們非常專注於我們制定的標準，這有助於我們確保獲得我們所尋求的收益、成長以及最終高品質、高性能資產的組合。

So the asset that we're pursuing is, first and foremost, it's high performing. These are market leaders. They're 90% occupied, but that doesn't mean they don't have occupancy upside. We have -- they're in markets that have strong net absorption. And there's another 10% occupancy opportunity plus pricing opportunity, which should only improve as scarcity value increases. And that will come as occupancy continues to grow.

因此，我們追求的資產首先是高性能的。這些都是市場領導者。它們的入住率為 90%，但這並不意味著它們沒有入住率上升的空間。我們有—他們處於淨吸收量強大的市場。另外還有 10% 的入住機會和定價機會，而且隨著稀缺性價值的增加，這種情況只會有所改善。隨著入住率不斷增長，這一目標也將實現。

We're buying larger communities that have a mix of IL and AL and memory care services. We're in markets that have strong net absorption and a strong affordability. And the unlevered IRRs are low to mid-teens, and that's factoring in, obviously, growth. And we tend to use a constant cap rate. So you can have an assurance that it's growth that's really driving that IRR.

我們正在購買擁有 IL 和 AL 以及記憶護理服務的大型社區。我們處於淨吸收量和承受能力較強的市場。無槓桿內部收益率 (IRR) 處於低至中等水平，這顯然考慮了成長因素。我們傾向於使用恆定資本化率。因此你可以確信，成長才是真正推動 IRR 的因素。

So we like this opportunity. We're continuing with the same investment criteria in '25 that we used last year. We mentioned the $1 billion that we're pursuing, and that's lining up well with that criteria.

所以我們喜歡這個機會。我們將在25年繼續採用與去年相同的投資標準。我們提到了我們正在追求的 10 億美元，這完全符合該標準。

Thanks. It's very helpful. And then just the impact of that -- those acquisitions, both identified and also potential on 2025. Could it meaningfully move the needle, or is it more kind of future growth that we would see on a per share basis?

謝謝。這非常有幫助。然後就是這些收購的影響——這些收購包括已確定的以及 2025 年的潛在收購。它是否能真正推動這一進程，或者它是我們未來每股收益的成長？

Hey, Nick, it's Bob. Yeah, good news, these acquisitions are accretive from the get-go, all equity funded. Last year, we did nearly $1.4 billion in the fourth quarter. So a lot of the activity last year was fourth quarter weighted. And it was 7-8% yields is accretive.

嘿，尼克，我是鮑伯。是的，好消息，這些收購從一開始就具有增值性，全部由股權融資。去年第四季我們的營收接近 14 億美元。因此，去年的許多活動都是由第四季決定的。且收益率達到 7-8%，是遞增的。

So that's certainly part of the 7% year-over-year growth in normalized FFO per share. The line of sight to the new $1 billion will have lesser contribution, obviously, just given timing in the year. But again, we'll continue to strive to do what we did last year.

所以這肯定是每股標準化 FFO 年成長 7% 的一部分。顯然，考慮到今年的時間安排，新的 10 億美元資金的貢獻將會減少。但我們會再次努力做去年所做的事情。

Thank you very much.

非常感謝。

Thank you.

謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利喬夫斯基，富國銀行。

Thank you. Maybe just to circle back to that last question and talking about the $1 billion acquisition guide. I'm curious what deal flow looks like at this point right now versus maybe this time last year and the fourth quarter, and then maybe how the competitive environment is changing and the room for you all to drive acquisitions in the second half of '25?

謝謝。也許只是回到最後一個問題並討論 10 億美元的收購指南。我很好奇，與去年同期和第四季相比，目前的交易流程是什麼樣的，以及競爭環境如何變化，以及你們在 25 年下半年推動收購的空間有多大？

Yeah. Well, first of all, the pipeline is bigger than it was this time last year. And remember, we started last year's guide at $350 million; we ended up $2 billion. This year, we have confidence around $1 billion already. So that in itself kind of demonstrates the pipeline. But we're seeing more activity. We're seeing more competition.

是的。首先，管道比去年同期大。請記住，我們去年的指南起始價是 3.5 億美元；最終我們的收益為20億美元。今年，我們有信心達到10億美元左右。所以這本身就體現了管道的特色。但我們看到了更多的活動。我們看到了更激烈的競爭。

There's certain new players at the table and some that have been around before coming back to the sector again. But it's important that we emphasize why we have a competitive advantage in this asset class, and there's a few reasons.

其中有一些是新參與者，還有一些之前已經加入該行業的參與者。但必須強調的是，我們為什麼在這個資產類別中具有競爭優勢，原因有幾個。

One is the platform itself. The Ventas OI, the data analytics, the experience, and capital to well-positioned assets, and then making sure that we are picking the right operators. And one of the reasons I'm so proud of the amount of operators we have is because we are picking operators that have track records in their particular asset classes in their markets.

一是平臺本身。Ventas OI、數據分析、經驗和資本，以及定位良好的資產，然後確保我們選擇正確的營運商。我對我們擁有的運營商數量感到如此自豪的原因之一是，我們挑選的運營商在其市場的特定資產類別中擁有良好的業績記錄。

And we have the scale to manage a platform of multiple operators. It's not about how many. It's about delivering within local markets, and we can manage that. So that's a differentiator amongst most of the market that pursues senior housing.

並且我們有規模來管理多個運營商的平台。這不是多少的問題。這是關於在當地市場交付的內容，我們可以做到這一點。因此，這是大多數追求老年住房的市場之間的區別所在。

This is a platform that's taken many years to grow. It's even turbocharged, I think, in a recent period as we've re-entered the competitive opportunity within senior housing. And we think we'll do well, and we'll look forward to continuing to execute.

這是一個花了很多年才成長的平台。我認為，最近我們重新進入老年住房領域的競爭機會，這種趨勢甚至得到了進一步增強。我們認為我們會做得很好，我們期待繼續執行。

Got it. And then maybe if we could just jump to development here. How close are we in the cycle to having development really start to pencil? Like, what would RevPOR growth need to be in your models to get there and then typical delivery times, just so we can sketch out and maybe like a rate neutral environment when we think supply would likely inflect?

知道了。那麼也許我們可以直接跳到這裡進行開發。我們距離真正開始實施開發計畫還有多遠？例如，在您的模型中，RevPOR 成長需要達到什麼程度才能達到典型的交付時間，這樣我們就可以勾勒出一個大致的中性利率環境，當我們認為供應可能會改變時？

Right. So it doesn't seem like we're anywhere close, and it varies by market. There's a wide range of rents that we think are needed. It could be -- it's anywhere from 20% to 50% higher depending on the market you're looking at.

正確的。因此看起來我們似乎還遠遠沒有達到目標，而且它因市場而異。我們認為需要的租金範圍很廣。有可能——根據你所關注的市場，漲幅從 20% 到 50% 不等。

We were not seeing development starts. There's not really a big debt financing source for development. And it's on multiple fronts and that the barriers are on multiple fronts, anywhere from land cost, material costs, labor costs, and then just the price that's needed really to justify the spend. And it's a ways off based on what we're seeing now.

我們沒有看到開發開始。實際上，並沒有較大的債務融資來源用於發展。它是在多個方面發生的，並且存在多個方面的障礙，包括土地成本、材料成本、勞動力成本，以及真正證明支出合理性所需的價格。從我們目前看到的情況來看，這還有很長的路要走。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just hoping you could talk a little bit about the R&I business and your views on risk around NIH funding changes as a result of policies by the new administration and the impact or lack thereof of Ventas' assets?

嗨，早安。只是希望您能談談 R&I 業務以及您對新政府政策導致的 NIH 資金變化風險的看法，以及 Ventas 資產的影響或缺乏影響？

Good morning, Juan. It's Debbie. So I'll just briefly touch on that. As you know, because SHOP is growing at such an accelerated pace within our enterprise, our consolidated research portfolio is about 8% of our total NOI with 18 distinct universities. And the US leads the world in biomedical research, in part, because of funding from the NIH.

早安，胡安。是黛比。所以我只想簡單談談這一點。如您所知，由於 SHOP 在我們企業內以如此快的速度發展，我們與 18 所不同大學的綜合研究組合約佔總 NOI 的 8%。美國在生物醫學研究領域處於世界領先地位，部分原因是因為美國國立衛生研究院的資助。

And so we generally feel positive about the long-term prospects of biomedical research in the US. And there is, as you note, some noise around the NIH grants at the moment. But at the present time, any changes have been halted, and therefore, the grant recipients should continue to receive their full funding.

因此，我們總體上對美國生物醫學研究的長期前景持樂觀態度。而且正如您所說，目前圍繞 NIH 撥款存在一些爭議。但目前，任何變革都已停止，因此，資助接受者應繼續獲得全額資助。

And these institutions generally have a very, very, very large research budget, of which NIH funding is a minority portion, and of that, the only proposed changes are to a small portion of that. So that, hopefully, frames it up for you.

這些機構通常擁有非常非常龐大的研究預算，其中 NIH 的資助只佔少數，而唯一提議的變更只是其中的一小部分。希望這能為您解答疑惑。

Very helpful. Thank you. And then just as my follow-up, maybe if you could provide a little color on the $200 million that -- for capital recycling via dispositions, the strategy there. You talked about maybe selectively selling skilled nursing before. Is that kind of still in the bucket, and what yields we should expect on that $200 million?

非常有幫助。謝謝。然後，作為我的後續問題，也許您可以稍微介紹一下這 2 億美元的資金回收策略。您之前談過也許有選擇地出售專業護理。這些錢還在嗎？我們應該期待這 2 億美元帶來多少收益？

Yes, and you've been writing about this. So you know it well, which is we have had a strategy of disposing of the skilled nursing facilities we acquired a year or two ago. And we've done quite a bit of that and have about $150 million pending and would expect that to be the big part of the $200 million to which Bob referred. And we'll recycle that capital into senior housing investments.

是的，您一直在寫這篇文章。所以你們很清楚，我們有一個策略，就是處理一兩年前收購的專業護理設施。我們已經完成了相當多的工作，還有大約 1.5 億美元的待付款，預計這將是鮑勃提到的 2 億美元中的很大一部分。我們將把這些資本重新投入老年住房投資。

Thanks again.

再次感謝。

Thank you.

謝謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning, thanks for the question. Congrats on a strong quarter. Maybe just first on the SHOP side, can you clarify, in your guide, are you baking in sort of a typical seasonal pattern in '25 kind of dipping in 1Q and then from 3Q to 4Q? Or are you baking in something different?

早安，感謝您的提問。恭喜您本季業績強勁。也許首先只是在 SHOP 方面，您能否在您的指南中澄清一下，您是否在 '25 年中呈現出典型的季節性模式，即在第一季度下降，然後從第三季度下降到第四季度？或者您正在烘烤不同的東西？

Yeah, sure. So we do consider kind of a historically normal seasonal pattern in our guide. And we have said we're off to a strong start in January. We'll also be the first to admit that we had very strong counter-seasonal results last year. So the new normal could change as demand is picking up.

是的，當然。因此，我們確實在指南中考慮了一種歷史上正常的季節性模式。我們已經說過，一月份我們有一個好的開始。我們也先承認，去年我們取得了非常強勁的反季業績。因此，隨著需求的增加，新常態可能會改變。

But it doesn't really change one important fact, and that is that we have a heavy reliance on the key selling season. And obviously, I think we're well-positioned to do well. But that's always the most important season because that's where a lot of the net move in activity happens.

但這並沒有真正改變一個重要的事實，那就是我們嚴重依賴關鍵的銷售季節。顯然，我認為我們有能力取得好成績。但這始終是最重要的季節，因為許多淨流入活動都發生於此。

Got it. So just to clarify, you're baking in typical like occupancy dips and pickups, et cetera, as we go through the year just as you've seen historically?

知道了。因此，需要澄清的是，正如您在歷史上看到的那樣，隨著我們度過這一年，您是否考慮了諸如入住率下降和上升等典型情況？

Yes, we (multiple speakers) yeah, historical seasonality in our underwriting.

是的，我們（多位發言者）是的，我們的承保具有歷史季節性。

And then in the same store or the overall, I guess, SHOP portfolio, can you, A, just give us a bit of a sense of how pricing part evolved around kind of different occupancy bands and perhaps what percent of the portfolio is less than 80% occupied today?

然後在同一家商店或整體 SHOP 組合中，您能否給我們稍微介紹一下定價部分是如何圍繞不同的佔用率區間演變的，以及目前有多少比例的投資組合的佔用率低於 80%？

Yeah, sure. So I'll take the second one first. It's about 25% below 80%. And I'd like to remind people that the US is 84% occupied. So we have a lot of growth opportunity in terms of occupancy within the SHOP portfolio in the US.

是的，當然。因此我先選擇第二個。低於 80% 約有 25%。我想提醒大家，美國84%的人口已被佔領。因此，就美國 SHOP 資產組合的入住率而言，我們擁有很大的成長機會。

Pricing, there's a direct relationship between higher occupancies and higher price. So we'll see the best in being 99% occupied or higher. We have by far and away, could be up to 900 basis points better move-in rents. RevPOR is up 30%, 40% in that range. The next one down, 90% to 99%, you're seeing exceptional pricing as well.

定價，更高的入住率和更高的價格之間存在直接的關係。因此，我們認為最好的情況是入住率達到 99% 或更高。到目前為止，我們的入住租金可能提高了 900 個基點。RevPOR上漲了30%到40%。接下來，從 90% 到 99%，您也會看到特殊的定價。

And it's really that kind of below 90% occupancy category, where we're not pushing pricing as much. So if you think about where we're positioned, 84%; Debbie mentioned 2024 as occupancy led. '25, we're expecting solid occupancy growth again with good pricing support. And as we get into higher occupancies, we fully expect that they will have the opportunity to push pricing more over time.

對於入住率低於 90% 的飯店，我們不會大幅調高價格。如果你考慮我們的位置，84%；黛比提到 2024 年將以入住率為主。 '25，我們預計在良好的價格支持下，入住率將再次穩定成長。隨著入住率的提高，我們完全預計他們將有機會隨著時間的推移進一步提高價格。

Got it. And then just last clarification on the fund business you have. Can you just talk about -- you've talked about the overall deal volume and the pipeline for on balance sheet. But what about the fund and maybe MOBs or life sciences, senior housing? Like, how are you thinking about growing or tapping the fund?

知道了。最後我想澄清一下你們的基金業務。您能談談嗎—您已經談到了整體交易量和資產負債表上的管道。但是基金、MOB 或生命科學、老年住房又如何呢？例如，您打算如何擴大或利用該基金？

Thanks. Our fund business has been very successful since its inauguration. And we are continuing to grow that. It's been a good performer compared to its benchmarks.

謝謝。我們的基金業務自從推出以來就非常成功。而且我們正在繼續發展這一領域。與基準相比，它的表現不錯。

And we would expect to continue to use that vehicle for the benefit of the institutional investors in it as well as Ventas because we are the general partner and an investor in it. So it's a nice additional tool that we have and have used to benefit the overall enterprise and the investors in the fund.

我們希望繼續使用該工具，使其中的機構投資者以及 Ventas 受益，因為我們是其普通合夥人和投資者。所以，這是我們擁有的一個很好的附加工具，我們已經用它來造福整個企業和基金投資者。

Great. Thanks, and congrats again.

偉大的。謝謝，再次恭喜。

Thank you very much.

非常感謝。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Hey, thanks. Good morning. So, Justin, I know the focus from an acquisition standpoint is high-performing, 90%-ish-type occupancy. But you're kind of jumping out of your shoes talking about the Brookdale opportunity that's 77% occupied and doubling the NOI and all that.

嘿，謝謝。早安.所以，賈斯汀，我知道從收購的角度來看重點是高績效、90% 左右的入住率。但是，您在談論布魯克代爾 (Brookdale) 的機會時，您有點脫離實際，該機會的入住率為 77%，並且淨營業收入 (NOI) 翻了一番等等。

I'm just curious why the focus is on sort of lower-risk, if I could call it that, opportunities as opposed to more value-add activity, given we are in such a sweet spot in early stages of this fundamental cycle in senior housing?

我只是好奇，既然我們正處於老年住房基本週期的早期階段，那麼為什麼我們會關注低風險（如果我可以這麼稱呼的話）的機會而不是更多的增值活動？

Yeah. I mean, good comment. I mean, really, we should be looking at aggregate portfolio composition, just like an investor would look at their aggregate portfolio to look at risk-reward growth, et cetera. And so I'll turn it over to Justin. Clearly, when you can buy things that have great risk-adjusted return as we've been doing, we like that. But let's talk about overall portfolio construction.

是的。我的意思是，很好的評論。我的意思是，實際上，我們應該關注整體投資組合的組成，就像投資者會關注他們的整體投資組合來了解風險回報成長等等一樣。因此我會把它交給賈斯汀。顯然，當你能夠購買具有巨大風險調整回報的東西時，就像我們所做的那樣，我們會喜歡這樣。但我們來談談整體投資組合的建構。

Yeah. And I mean -- and that's exactly right because we have a lot of upside in our existing SHOP portfolio from an occupancy standpoint. And we've taken a lot of actions over the years to make sure we're well-positioned within that portfolio to be ready for really what we're seeing today, which is this growing demand environment.

是的。我的意思是 — — 這是完全正確的，因為從入住率的角度來看，我們現有的 SHOP 投資組合具有很大的上升空間。多年來，我們採取了許多行動，以確保我們在該投資組合中處於有利地位，為我們今天所看到的不斷增長的需求環境做好準備。

And like I said, we're only 84% occupied in the US. If you looked at the non-same-store group, half of that's acquisitions; the other half is in the 70% occupancy. And so where do we get those communities? Well, we moved a lot of them from triple-net to SHOP through conversion.

正如我所說，我們在美國只有 84% 的入住率。如果你看一下非同店零售集團，其中一半是收購而來的；另一半的入住率約為70％。那我們要從哪裡找到這些社區呢？嗯，我們透過轉換將許多產品從三網融合轉移到了 SHOP。

So even without Brookdale, we've already converted around 100 communities, from triple-net to SHOP. And that's really been the source for this kind of, if you want to call it, a value-add opportunity, where we can really deploy the Ventas OI playbook to the fullest. And then a nice complement to that are these high-performing acquisitions that we're making that also have really good returns and growth.

因此，即使沒有 Brookdale，我們也已經將大約 100 個社區從三重網絡轉變為 SHOP。如果你願意的話，這確實是這種增值機會的源泉，我們可以真正充分部署 Ventas OI 劇本。對此的一個很好的補充是我們進行的這些高績效收購也帶來了非常好的回報和成長。

Yeah. I mean, the investments meet the unlevered IRR expectations. Low to mid-teens are expected to deliver that. And so that's pretty good for an asset that is well performing already.

是的。我的意思是，這些投資符合無槓桿 IRR 預期。預計青少年至中青少年將實現這一目標。對於已經表現良好的資產來說，這是相當不錯的成績。

Okay. And then my second question is -- I think someone asked what percentage of your portfolio is below 80%. You said that's 25%. What percentage is currently running above whatever the pre-disruption occupancy was, the high 80s?

好的。我的第二個問題是——我想有人問過你的投資組合中有多少百分比低於 80%。你說的是 25%。目前入住率比事故發生前的 80% 高出多少？

I mean, where do we find proof that you think that the landing point for occupancy in SHOP is something meaningfully greater than the starting point prior to the pandemic and so on? I wonder if you could sort of give some color around that. Thanks.

我的意思是，我們如何找到證據來證明您認為 SHOP 入住率的著陸點比疫情之前的起點有顯著提高呢？我想知道您是否可以對此做出一些解釋。謝謝。

I mean -- yeah. I mean, you can see -- well, the sector is basically there. So you have the industry that's really achieved that in the US. They're back to that pre-pandemic level. We have -- way over half of our portfolio has already done that.

我的意思是——是的。我的意思是，你可以看到 - 嗯，該部門基本上已經存在。所以，美國這個產業確實取得了這樣的成就。他們已經回到了疫情前的水平。我們已經有超過一半的投資組合這樣做了。

As we've said, we've been kind of moving communities in that we think have -- we're repositioning opportunity to deliver outsized growth for us. So that's part of the makeup of the portfolio. And I think the results we've had over the last few years is demonstrating the growth opportunity. And you're seeing our occupancy grow. You've seen our margin expand and really, just as we said it would.

正如我們所說的，我們一直在推動社區的發展，我們認為，我們正在重新定位機會，以實現超額成長。這就是投資組合的一部分。我認為我們過去幾年取得的成果證明了成長機會。而且您會看到我們的入住率不斷成長。您已經看到我們的利潤率擴大了，確實正如我們所說的那樣。

So we're right in the -- but I'll say this. Debbie said it and I said it, different analogies. If I said it, we just finished like the first lap of a long race. Because we're just now, like really now, getting to the period where demographics become really strong. It happens to be during a period when supply is completely muted.

所以我們是對的—但是我會這麼說。黛比這麼說過，我也這麼說過，類比不同。如果我這麼說的話，我們就像剛剛完成了一場長跑的第一圈一樣。因為我們現在才剛進入人口結構真正強勁的時期。這恰好是供應完全停滯的時期。

So it's been pretty good the last few years. We're looking forward to some more strength moving forward and achieving our forecast.

所以過去幾年一切都還不錯。我們期待著繼續前進並實現我們的預測。

Yeah. Rich, I used the baseball analogy for you.

是的。里奇，我為你用了棒球的比喻。

Yeah, you're welcome. I appreciate that. Thank you very much.

是的，別客氣。我很感激。非常感謝。

Yeah.

是的。

Appreciate it.

非常感謝。

Thanks.

謝謝。

Michael Carroll, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Michael Carroll。

Yeah, thanks. Justin, can you comment on the reason why Ventas might lose seniors housing transaction? I know on this -- in your prepared remarks, you said that Ventas bided on $5 billion of deals and closed about $2 billion. So what are the reasons for those misses in 2024? Is it due to price, or is there other reasons that Ventas decides not to move forward with?

是的，謝謝。賈斯汀，您能評論一下 Ventas 可能失去老年住房交易的原因嗎？我知道這一點——在您準備好的發言中，您說 Ventas 競標了 50 億美元的交易，最終成交額約為 20 億美元。那麼，2024 年失誤的原因是什麼呢？是因為價格原因，還是有其他原因導致 Ventas 決定不繼續推進？

So there's a couple -- I'm going to start with why we win deals. And when we -- when you look at the $2 billion and the $1 billion that's coming, the obvious -- first thing is we're the highest bidder. The next is that we had a unique opportunity. And a lot of these deals are owner-operator driven, and they'll like to partner with Ventas as their next capital partner over the long term. And so that's helped us to be well-positioned with certain deals that we've won.

所以有幾個——我首先要說一下我們為什麼能贏得交易。當我們 — — 當你看到即將到來的 20 億美元和 10 億美元時，顯而易見 — — 首先我們是出價最高的人。其次，我們有一個獨特的機會。許多此類交易都是由業主經營者推動的，他們希望與 Ventas 長期合作，將其作為下一個資本合作夥伴。這有助於我們在贏得某些交易時佔據有利地位。

We've had kind of quasi-off-market opportunities like that that have driven a lot of the opportunity for us. We have other opportunities where we've transacted with the counterparty before. So they know who they're dealing with on the other side of the table. They know that we deliver on what we say we're going to do. And that really leads to confidence in transacting with us, which helps us to win opportunities.

我們有過類似的準場外交易機會，這為我們帶來了許多機會。我們以前也有與交易對手進行過交易的其他機會。所以他們知道他們在與桌子另一邊的人打交道。他們知道我們一定會履行自己的承諾。這確實增強了與我們交易的信心，有助於我們贏得機會。

So generally, if we're not winning a deal, there's obviously a disconnect in terms of what we think the value of the asset is versus the player that bought it. So you get outbid in certain cases. Certain times, we may even expect that will happen because it might be a certain type of asset. But we have insights into the market that others might not have.

所以一般來說，如果我們沒有贏得交易，那麼我們認為的資產價值與購買該資產的球員的價值顯然存在脫節。因此在某些情況下你會被出價高於。某些時候，我們甚至可能會預期這種情況會發生，因為它可能是某種類型的資產。但我們對市場的洞察力是別人可能沒有的。

So we're liking our success rate. We're usually not shocked if there's a deal that falls out on us. And we usually have a lot of confidence around the deals that are the right fit.

所以我們對我們的成功率很滿意。如果交易對我們不利，我們通常不會感到震驚。我們通常對合適的交易充滿信心。

Okay. That's helpful. And who are the peers that typically beat you? Obviously, you don't have to name names. But are they like public REITs or private players? I mean, who are the main competition that you, typically, can't complete a deal because they outbid you?

好的。這很有幫助。哪些同儕通常會打敗你？顯然，你不必說出名字。但它們是否像公共房地產投資信託基金 (REIT) 或私人參與者？我的意思是，你的主要競爭對手是誰？他們通常出價高於你，所以你無法完成交易？

Well, Michael, I mean -- this is Debbie. One of the things that Justin said, which I think is very important, is we may choose not to bid more because we don't value an asset the way maybe someone else does. Part of the secret sauce, of course, is bringing these assets on and adding the OI platform, and knowing what can be delivered under our auspices.

嗯，邁克爾，我的意思是──這是黛比。賈斯汀說過的一件事，我認為非常重要，那就是我們可能選擇不出更高的價，因為我們對資產的估值可能與其他人不同。當然，秘訣之一就是引入這些資產並添加 OI 平台，並了解在我們的支援下可以提供什麼。

And so there are plenty in there that we just choose not to bid more because we don't like the risk-reward proposition. And I would say that's the most common characteristic. There are very few deals, very few, where if we want it, we don't get it. That's a much, much smaller number.

因此，我們選擇不再出價，因為我們不喜歡其中的風險報酬主張。我想說這是最常見的特徵。我們想要的交易很少，很少，我們無法得到它。這是一個非常小的數字。

Okay, great. Thank you.

好的，太好了。謝謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, I just had two quick ones. Just wondering if you could touch on expenses a little bit. Just give us a sense of what the labor market is looking at, and if that's something that is a concern as we think about going forward.

嘿，我剛剛吃了兩塊。我只是想知道您是否可以稍微談談費用問題。請告訴我們勞動市場的狀況，以及這是否會成為我們未來關注的問題。

Yeah. In the SHOP business, the expense forecast really assumes kind of current inflationary projections. We have 5% all in because that includes wage increases, plus it includes the volume impact of the occupancy. Obviously, the flow-through is very strong, which is great.

是的。在 SHOP 業務中，費用預測實際上假設了當前的通膨預測。我們的總額為 5%，因為其中包括薪資成長，也包括入住率的數量影響。顯然，流動性非常強，這很好。

Importantly, the hiring opportunity has been very good for operators. We're on a long trend now of having the ability to fill roles. Retention is strong as well. So I'm going to knock on wood and say the labor market for us has been about as good as we've seen in some time.

重要的是，招聘機會對於運營商來說非常好。我們現在正處於擁有填補職位能力的長期趨勢之中。保留率也很高。因此，我要敲敲木頭說，我們的勞動市場已經達到了我們所見過的最好的狀態。

Great. That's helpful. And then just on the conversions, I think you talked about you've done 100, and there's this Brookdale. Just as you look at the portfolio, how much more opportunity do you think there is on the next, call it, three to five years and more conversions? I know they're tricky, but trying to figure out what the (inaudible) looks like?

偉大的。這很有幫助。然後就轉換而言，我想你說過你已經做了 100 個，還有這個 Brookdale。正如您所看到的投資組合，您認為在接下來的三到五年以及更多的轉換中還有多少機會？我知道它們很棘手，但想弄清楚（聽不清楚）是什麼樣子的？

That's a good question. And I have to say that the lease portfolio that remains is very strong performing, good coverage, good assets, tenants that are happy with their relative position. There may be some that we can jointly agree to repurpose into a different structure. But I think we've picked most of the opportunities, and now we're really focused on execution.

這是個好問題。我必須說，剩下的租賃組合表現非常強勁，覆蓋範圍廣，資產優良，租戶對其相對地位感到滿意。也許我們可以共同同意將其中一些重新用於不同的結構。但我認為我們已經抓住了大部分機會，現在我們真正專注於執行。

Great. That's it for me. Thanks so much.

偉大的。對我來說就是這樣了。非常感謝。

Thank you.

謝謝。

John Pawlowski, Green Street.

約翰‧帕沃夫斯基 (John Pawlowski)，綠街。

Hey, thanks for the time. My first question is on capital expenditures. The $285 million in FAD CapEx, it's up about 15% year over year. Is that -- this level -- should we expect this level to continue for the next few years?

嘿，謝謝你的時間。我的第一個問題是關於資本支出。FAD 資本支出為 2.85 億美元，年增約 15%。我們是否應該預期這一水準在未來幾年內能夠持續下去？

And is the Brookdale -- reposition in Brookdale included in this figure? Or is that a separate kind of redevelopment CapEx bucket above the FAD CapEx?

布魯克代爾——布魯克代爾的重新定位是否包括在這個數字中？或者這是 FAD CapEx 之上的單獨的重建 CapEx 桶？

Yeah, I'll take that one. It's Bob. So we were about $250 million in 2024 on FAD CapEx. The guide at $285 million, call it $30 million higher, is really two-thirds more units from all the activity we just talked about, whether it's investments or conversions from triple-net; and one-third just inflation.

是的，我會選擇這個。是鮑伯。因此，我們在 2024 年的 FAD 資本支出約為 2.5 億美元。2.85 億美元的指導價，假設高出 3000 萬美元，實際上比我們剛才談到的所有活動增加了三分之二的單位，無論是投資還是三重淨轉換；三分之一隻是通貨膨脹。

It kind of describes the difference. So I would expect as we continue to buy more assets and make conversions, including the Brookdale, that will continue at a higher level. But it's really principally volume-based, more units.

它有點描述了差異。因此，我預計，隨著我們繼續購買更多資產並進行轉換（包括 Brookdale），這一水平將繼續保持在較高水平。但它實際上主要是基於體積的，更多的單位。

Okay. And then, Justin, a follow-up on one data point you threw out that I missed. It was -- you referenced RevPOR being 30% to 40% higher in your higher occupancy tranche properties versus low occupancy. That RevPOR growth rates are 30% to 40% higher. Did I catch that right, or could you expand on that?

好的。然後，賈斯汀，我對你拋出的一個我錯過的數據點進行了跟進。是的 — — 您提到，入住率較高的飯店 RevPOR 比入住率較低的飯店高出 30% 到 40%。RevPOR成長率將達到30%至40%。我理解得對嗎，或者您能詳細說明一下嗎？

Yes, good question. It's a RevPOR growth rate. Yeah. So there's -- it demonstrates really what we think is a very exciting opportunity around price in the future as we get our occupancy up over time.

是的，好問題。這是 RevPOR 成長率。是的。所以，這確實表明，隨著我們的入住率隨著時間的推移而上升，我們認為未來價格方面將出現非常令人興奮的機會。

Okay, thanks for the time.

好的，謝謝您抽出時間。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, everyone. You mentioned competition may be picking up a little bit for senior housing. Are you starting to see any signs of cap rate compression?

嘿，大家早安。您提到老年住房的競爭可能會加劇。您是否開始看到資本化率壓縮的跡象？

That's a good question. So we're squarely in the range that we've been targeting all through last year. And so far this year, that 7% to 8% year-one yield and their unlevered IRRs are basically the same. And so we're still finding opportunities that meet that criteria. And it's been so far so good, focusing on those targeted returns.

這是個好問題。因此，我們正好處於去年全年所設定的目標範圍內。今年到目前為止，7%至8%的一年期殖利率及其無槓桿內部報酬率基本上相同。因此我們仍在尋找符合該標準的機會。到目前為止一切順利，專注於那些目標回報。

And as you know, 10-year rates are up over 100 basis points since even September. So that bears on it as well.

如你所知，自 9 月以來，10 年期利率已上漲超過 100 個基點。所以這也與此有關。

Yes (multiple speakers)

是的（多位發言者）

And that's another area of advantage for us is the access to and pricing of capital.

我們的另一個優勢是資本的取得和定價。

Okay, fair point. One last one for me would be the Santerre portfolio. A few years ago, you talked about having some opportunity with the MOB portfolio. Are you starting to see that kick in this year, or is that more of a 2026 thing?

好的，說得對。對我來說最後一個是桑泰爾的投資組合。幾年前，您談到 MOB 投資組合的一些機會。您是否在今年就開始看到這種現象了，還是說這要到 2026 年才會出現？

Yeah. Hey, thanks for the question, Wes. This is Pete. Yeah, the EOP portfolio, we're really happy with. We've got 79 assets, and we continue to leverage the Lillibridge playbook and the Lillibridge team. What was really solid in '24 was we had a material impact on tenant satisfaction.

是的。嘿，謝謝你的提問，韋斯。這是皮特。是的，我們對 EOP 產品組合非常滿意。我們擁有 79 項資產，我們將繼續利用 Lillibridge 劇本和 Lillibridge 團隊。24 年真正堅實的是我們對租戶滿意度產生了實質的影響。

We went from lowest quartile of tenant satisfaction to the third quartile, which is a terrific step-up. We also had great retention last year of 82% TTM. Occupancy was up 210 basis points, and also NOI was up substantially at about 4%. So we expect that to carry through.

我們的租戶滿意度從最低四分位數上升到了第三四分位數，這是一個了不起的進步。去年我們的保留率也很高，達到 82% TTM。入住率上升了 210 個基點，且 NOI 也大幅上漲了約 4%。因此我們希望這能夠持續下去。

Okay, thanks for the time.

好的，謝謝您抽出時間。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Yeah, just first one on the Brookdale transition. Are you assuming any headwind or benefit to FFO from transitioning those assets to SHOP from triple-net in the back half of this year? And just curious what that assumes in the underlying NOI that you identified in the release. I think it was mid-$50 million range. Thanks.

是的，這只是關於布魯克代爾過渡的第一個問題。您是否認為今年下半年將這些資產從三重淨資產轉換為 SHOP 會為 FFO 帶來任何不利或好處？我只是好奇您在發布中確定的底層 NOI 中假設了什麼。我認為是在 5,000 萬美元左右。謝謝。

Yeah. Thanks, Austin.

是的。謝謝，奧斯汀。

Yeah, I'll take that. It's Bob. So the assumption in the plan in the guidance is that for the vast majority of the year, the assets remain under the triple-net lease. That's the way the deal was structured. We can begin to transition them towards the end of the year.

是的，我接受。是鮑伯。因此，指導計畫中的假設是，在一年中的絕大部分時間裡，資產仍處於三重淨租賃之下。這就是交易的結構。我們可以在年底開始進行轉變。

But effectively, think of it as a triple-net segment NOI asset for the vast majority of the year. We'll really start to hopefully see some impact is on CapEx as we start to begin the transitions. So it's really more of a '26 story, to be honest, is the way I would think about it.

但實際上，可以將其視為一年中大部分時間的三重淨分部淨營運資產。當我們開始轉型時，我們真的希望看到對資本支出產生一些影響。所以說實話，我是這樣認為的，這實際上更像是一個 26 年的故事。

Understood. I was thinking September, those started the transition. Just high level, Justin, you started last year, 250 basis points of occupancy gains assumed in SHOP revenue guidance, clearly exceeded that. And this year, you're starting at 270 bps of upside.

明白了。我認為九月是轉變的開始。賈斯汀，您去年開始時就說過，SHOP 收入指引中假設的入住率增長為 250 個基點，這顯然超過了這個數字。今年，你的上漲空間將達到 270 個基點。

So I guess, with that comment earlier about historic seasonality assumed in guidance, what gives you that increased confidence this year? And do you still think that if the key selling season delivers and you don't see that seasonal -- historically seasonal pattern occur, could there be similar upside?

所以我想，根據先前關於指導中假設的歷史季節性的評論，是什麼讓您今年更有信心？您是否仍然認為，如果關鍵銷售季節表現良好，而您沒有看到季節性——歷史上的季節性模式出現，是否會出現類似的上行空間？

Yeah. Your question in itself almost kind of demonstrates the consideration because there's a lot of what-ifs in there, if we outperform the winter and we outperform the summer. And so we're mindful of how much business is obtained during that key selling season. And that really drives a lot of that growth that we're projecting.

是的。您的問題本身幾乎體現了這種考慮，因為其中有許多假設，例如，我們的表現是否優於冬季，我們的表現是否優於夏季。因此，我們非常關注在關鍵銷售季節能獲得多少業務。這確實推動了我們預測的大部分成長。

So certainly, if all that -- we check all those boxes, you could see more. But there's a lot of the year to play out still. And we'll go focus on executing and see where we can get.

所以可以肯定的是，如果所有這些 — — 我們檢查所有這些框，你會看到更多。但今年還有很多事情要做。我們將集中精力執行並看看我們能取得什麼成果。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Quick ones on the four new developments that are underway. I guess, first, for the Atrium project, that's 100% leased. That's being completed this year. Why is the stabilization in 2027? And then just kind of an update for the other three that are still leasing up?

簡單介紹一下正在進行的四個新進展。我想，首先，對於 Atrium 專案來說，其出租率是 100%。該工程將於今年完工。為什麼2027年才會穩定下來？那麼對於其他三家仍在租賃的公司，您能提供一下最新情況嗎？

Right. So we kind of think of three projects, basically. And of those three projects, there are two buildings that are very exciting that are in the Charlotte market that are 80% pre-leased. And so that's really driving the stabilization date because we're consolidating them basically. And so one is 100% pre-leased, and the other one, 60% pre-leased.

正確的。因此，我們基本上考慮了三個項目。在這三個項目中，有兩棟建築非常令人興奮，它們位於夏洛特市場，預租賃率已達到 80%。所以這確實推動了穩定日期，因為我們基本上正在合併它們。其中一個是 100％ 預出租，另一個是 60％ 預出租。

So those are going well. And we expect to get benefits from that, and they have an incredible really desirable tenants, including Atrium Health, obviously; thus the name. And so that's the update on that. And the other two are kind of coming online and have significant pre-leasing as well. And we're going to continue to try to achieve target leasing.

一切進展順利。我們希望從中獲益，他們擁有非常理想的租戶，顯然包括 Atrium Health；因此得名。這就是有關該事件的最新消息。另外兩家店也剛上線，預租情況也不錯。我們將繼續努力實現目標租賃。

Got it. And maybe if I could squeak one other one in there. You talked a little bit about looking at larger properties with AL, IL, and memory care in there. And I guess, what are the high-level thoughts on entry fee communities today?

知道了。也許我可以將另一個擠進去。您談到了查看其中包含 AL、IL 和記憶護理的大型房產。我想問一下，當今高層對於入場費社群有什麼看法？

Yeah. So there's -- I mean, if you just step back, you have an 80-plus population that is surging. So everything -- every service offering that's facing that should have opportunity. That includes interest fee communities. We don't invest in those currently.

是的。所以，我的意思是，如果你退一步來看，你會發現 80 多歲的人口正在激增。所以一切——面臨的每項服務都應該有機會。其中包括利息費用社區。我們目前不投資這些。

Clearly, they have a place in the market, and they've done well. So I would expect that there's opportunities there. We're rental focused. And obviously, we've had a lot of growth, and we expect really good opportunities moving ahead.

顯然，他們在市場上佔有一席之地，而且做得很好。因此我希望那裡有機會。我們專注於租賃。顯然，我們已經取得了很大的成長，我們期待未來會有真正的好機會。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Thanks. I just wanted to see if you could give us a bit of a refresher here about how to think about RevPOR growth and senior housing. So you talked about the 7% January rent increases. And then for the year, I think the guidance is 4.5% on RevPOR.

謝謝。我只是想看看您是否可以在這裡給我們稍微介紹一下如何看待 RevPOR 增長和老年住房。您談到了一月份 7% 的租金上漲。對於今年來說，我認為 RevPOR 的預期成長率是 4.5%。

So what's sort of -- the difference there, I imagine it's something on new lease pricing. And how should we think about, I guess, the ability for that dynamic to change?

那麼，這其中的差別是什麼呢？我想這是關於新租賃定價的問題。我想，我們該如何看待這種動態改變的能力呢？

Yeah. Justin is going to answer that. I mean, generally, it's about -- there's a kind of a two-thirds relationship between the RevPOR and the January increases. But I'll let Justin unpack that a little bit for you.

是的。賈斯汀將回答這個問題。我的意思是，一般來說，RevPOR 和一月份的成長之間存在著三分之二的關係。但我會讓賈斯汀為你稍微解釋一下。

Yeah. Great. It's a great question. It's a big topic because it's not simple. So first of all, in the US, headline number is actually 8% in the US in terms of rent increases. That's similar to what we did -- exactly what we did last year. So we feel good about the US rent increases. The rest of the year, we'll have anniversary rent increases. And usually, that's kind of been in a range of around 6% to 8% or so.

是的。偉大的。這是一個很好的問題。這是一個大話題，因為它並不簡單。首先，在美國，就租金上漲而言，整體數字實際上是 8%。這與我們所做的類似——與我們去年所做的完全一樣。因此，我們對美國租金上漲感到樂觀。今年剩餘的時間，我們都會提高週年租金。通常，該比例在 6% 到 8% 左右。

And here's how it works. And so you have a rent increase. The rent increase in January is really only impacting about half the population. There's a percentage of the population that were new move-ins in the fourth quarter and aren't getting an increase. And then you have anniversary increases the rest of the year, so they'll blend in over time.

它的工作原理如下。因此租金就會上漲。一月份的租金上漲實際上只影響了大約一半的人口。有一部分人口是第四季新遷入的，但人口數量並沒有增加。然後，你會在一年中剩餘的時間增加週年紀念日的金額，這樣它們就會隨著時間的推移而融合。

In assisted living and memory care, you have a level of care revenue. And that level of care revenue is like 20% assisted living, 30% in memory care, grows over time during the length of stay of a resident. When they're replaced with the new resident, that new resident is coming at a lower acuity and therefore, paying a lower level of care charge.

在輔助生活和記憶護理方面，您有一定程度的護理收入。這種護理收入水準相當於 20% 用於輔助生活，30% 用於記憶護理，並且會隨著居民的居住時間延長而增長。當他們被新居民取代時，新居民的病情嚴重程度較低，因此支付的照護費用也較低。

And so you have that's kind of -- that's a drag on your potential RevPOR. Another thing that is an area that of opportunity really for the sector is to see move-in rents actually equal in-house rent increases. And we expect to see the improvement in that metric over time.

所以，這會對你的潛在 RevPOR 造成拖累。對於該行業來說，另一個真正充滿機會的領域是看到入住租金實際上等於室內租金的漲幅。我們預計隨著時間的推移，該指標會有所改善。

But generally, it lags. And so that's how you're getting to that two-thirds result that Debbie is describing. And -- but we think that having said that, there's a lot of opportunity given the affordability of the market, the demand at the doorstep, and the fact that occupancies are going up and scarcity value is being created.

但總體來說，它是滯後的。這就是黛比所描述的三分之二的結果。而且——但我們認為，話雖如此，考慮到市場的承受能力、上門需求以及入住率上升和稀缺價值的創造，仍存在著許多機會。

Okay. That's very helpful. Thanks. And then just second question is on the guidance. I just want to be clear. I mean, it sounds like there's -- we should think about the acquisitions being funded with equity.

好的。這非常有幫助。謝謝。第二個問題是關於指導。我只是想說清楚。我的意思是，這聽起來像是——我們應該考慮用股權資助收購。

So there is a higher share count in guidance. To be clear, should we be modeling $1 billion of equity raise in guidance? And then, Bob, I don't know if you have a sort of a year-end net debt-to-EBITDA sort of outlook?

因此，指導中的股票數量較高。需要明確的是，我們是否應該在指導中模擬 10 億美元的股權融資？然後，鮑勃，我不知道您是否對年末淨債務與 EBITDA 比率有一個展望？

Yeah. So on the latter point, we definitely expect to continue to improve net debt-to-EBITDA. We're now at the high end of the range, and we're going to continue to strive to drive that even further down. So that's -- and that's driven by senior housing, both organically and inorganically.

是的。因此，就後一點而言，我們肯定預期淨債務與 EBITDA 比率將繼續改善。我們現在處於該範圍的高端，並且我們將繼續努力進一步降低這一水平。這是 — — 這是由老年住房推動的，既有有機的，也有無機的。

So yes, check. In terms of the funding, all equity funding, senior housing investments has been a winning formula. And that is our assumption effectively in the model and as I mentioned, part of $250 million raised under forward. So we're in good shape in that regard, and the number on the share count reflects that.

是的，檢查一下。從融資角度來看，全股權融資、老年房屋投資一直是個成功的模式。這就是我們在模型中實際做出的假設，正如我所提到的，這是預付款項下籌集的 2.5 億美元的一部分。因此，從這方面來說，我們的情況良好，股份數量的數字也反映了這一點。

All right, thank you.

好的，謝謝。

All right. Well, I just want to thank everyone for joining us today. We appreciate your interest and support of Ventas. And we're going to continue to try to have an excellent year in 2025.

好的。好吧，我只想感謝大家今天的參加。我們感謝您對 Ventas 的關注與支持。我們將繼續努力，使 2025 年成為一個出色的年份。

Thank you so much, ladies and gentlemen. That concludes today's call. Thank you, all, for joining. You may now disconnect, and have a nice day, everyone. Thank you.

非常感謝各位，女士們、先生們。今天的電話會議到此結束。謝謝大家的加入。現在您可以斷開連線了，祝大家有個愉快的一天。謝謝。