芬塔 (VTR) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Amy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Ventas first quarter 2025 earnings call. (Operator Instructions) It is now my pleasure to turn the call over to BJ Grant, Senior Vice President of Investor Relations. Please begin.

感謝您的支持。我叫艾米，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Ventas 2025 年第一季財報電話會議。（操作員指示）現在我很高興將電話轉給投資者關係資深副總裁 BJ Grant。請開始。

Thank you, Amy, and good morning, everyone and welcome to the Ventas first quarter 2025 results conference call. Yesterday we issued our first-quarter of 2025 earnings release, presentation materials, and supplemental information package, which are available on the Ventas website at ir.ventasreit.com.

謝謝你，艾米，大家早安，歡迎參加 Ventas 2025 年第一季業績電話會議。昨天，我們發布了 2025 年第一季財報、簡報資料和補充資訊包，可在 Ventas 網站 ir.ventasreit.com 上取得。

As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially from those contemplated in such statements. 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，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。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新的 SEC 文件，所有這些都可以在 Ventas 網站上找到。

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

本次電話會議也將討論某些非 GAAP 財務指標，如需將這些指標與最接近的 GAAP 指標進行對賬，請參閱我們在投資者關係網站上發布的補充資訊包。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'd also like to welcome all of our shareholders and other participants to the Ventas first quarter 2025 earnings call. Today we'll highlight our positive financial performance and growth, our increasing investment activity, and our advantaged position capitalizing on the multi-year NOI growth opportunity in senior housing.

謝謝你，BJ。我也歡迎所有股東和其他參與者參加 Ventas 2025 年第一季財報電話會議。今天，我們將重點介紹我們積極的財務表現和成長、我們不斷增加的投資活動，以及我們利用老年住房領域多年 NOI 成長機會的優勢地位。

As we execute on our one, two, three strategy, the value proposition for Ventas remains clear. We are focused on delivering superior multiyear growth fueled by internal and external expansion in our senior housing business, which is benefiting from secular, demographically driven demand, and catalyzed by our advantaged platform.

當我們執行一、二、三策略時，Ventas 的價值主張依然清晰。我們專注於實現卓越的多年成長，這得益於老年住房業務的內部和外部擴張，而這得益於長期的、人口驅動的需求，並受到我們優勢平台的催化。

We expect to be a top grower in the REIT space, projecting 7% normalized FFO per share growth in 2025. We possess an excellent financial profile that is improving, and we offer a 3% dividend yield that contributes to total return.

我們預計將成為房地產投資信託 (REIT) 領域的頂級成長者，預計 2025 年每股標準 FFO 成長率為 7%。我們擁有不斷改善的優秀財務狀況，並且提供 3% 的股息收益率，有助於總回報。

Our strong first quarter results highlight our strength and our favorable relative positioning across the broader real estate and corporate landscape. Ventas delivered $0.84 of normalized FFO per share in the first quarter, an increase of approximately 8% powered by our senior housing operating portfolio.

我們第一季的強勁業績凸顯了我們的實力以及我們在更廣泛的房地產和企業領域中的有利相對地位。Ventas 在第一季實現了每股 0.84 美元的標準化 FFO，得益於我們的老年住房營運組合，成長了約 8%。

SHOP’s 14% year over year cash same store NOI growth resulted from meaningful increases in occupancy and rate.

SHOP 現金同店淨營業利潤年增 14%，這得益於入住率和入住率的大幅提升。

Compelling demand supply fundamentals have combined with our operational and portfolio initiatives to create an unprecedented extended opportunity for us to generate multiyear organic NOI growth. Demand remains strong as the over 80 population is experiencing its highest ever growth, and more residents and their families are choosing senior living for the benefits it provides.

引人注目的需求供應基本面與我們的營運和投資組合計劃相結合，為我們創造了前所未有的長期機會，以實現多年的有機淨利潤增長。由於 80 歲以上人口的成長速度達到歷史最高水平，因此對老年生活的需求仍然強勁，越來越多的居民及其家人選擇老年生活來享受其帶來的好處。

The over 80 population is increasing by about half a million people this year and again next year, and that number jumps to 900,000 a year between 2027 and 2030. Meanwhile, on the supply side, the number of new senior housing units started in the first quarter of 2025 was the lowest on record at only 1,287 units.

今年和明年，80 歲以上的人口將分別增加約 50 萬人，2027 年至 2030 年期間，這一數字將躍升至每年 90 萬人。同時，在供應方面，2025年第一季新建老年住房數量僅1,287套，為歷史最低。

Current supply constraints, likely extended because of hard cost increases and labor scarcity, coupled with the step function in senior population growth, creates strong and long tailwinds for NOI and occupancy growth in senior housing. And our senior housing portfolio is positioned to capitalize on this unprecedented opportunity.

目前的供應限制可能由於硬成本增加和勞動力短缺而持續存在，再加上老年人口的階梯式增長，為老年住房的 NOI 和入住率增長創造了強勁而長期的順風。我們的老年住房投資組合將充分利用這一前所未有的機會。

Our communities are located in markets that exhibit over a thousand basis points of expected net absorption in the coming years, and resident affordability is outstanding. We also continue to increase our participation in this multiyear NOI growth opportunity by executing on our acquisition strategy focused on senior housing.

我們的社區位於未來幾年預計淨吸收量將超過一千個基點的市場，居民的負擔能力非常出色。我們也透過執行專注於老年住房的收購策略，繼續增加對這一多年期 NOI 成長機會的參與。

Our investment momentum has continued into 2025, and we see compelling opportunities ahead. We have already closed most of our original billion-dollar investment guidance in attractive senior housing communities, and we are now increasing our full year volume expectations to $1.5 billion. These investments should enhance our future enterprise growth profile and our value for shareholders.

我們的投資動能將持續到 2025 年，我們看到了未來的巨大機會。我們已經完成了對有吸引力的老年住宅社區的十億美元原始投資指引中的大部分，現在我們將全年投資額預期提高到 15 億美元。這些投資應該會增強我們未來的企業成長前景和股東價值。

Even more encouraging, our pipeline is expanding as more sellers bring assets to market, our skilled investment team has grown, and we continue to leverage our data, financial, and relationship advantages to capture attractive opportunities. Within senior housing, we are eager to deploy capital whenever we believe we can achieve compelling risk adjusted returns and create value.

更令人鼓舞的是，隨著越來越多的賣家將資產推向市場，我們的管道正在擴大，我們的熟練投資團隊也在不斷壯大，我們將繼續利用我們的數據、財務和關係優勢來抓住有吸引力的機會。在老年住宅領域，只要我們相信能夠實現令人信服的風險調整回報並創造價值，我們就渴望部署資本。

The balance of our portfolio, led by our Lillibridge managed outpatient medical business, continues to perform well. Outpatient medical delivered solid compounding growth and continues to benefit from outsized increases in the over 65 age group, ongoing trends favoring lower cost care delivery settings, and our competitively advantaged Lillibridge property management and leasing business. Finally, we are delivering on our commitment to financial strength and flexibility. Year to date, we’ve accelerated our progress on our credit profile, improving both our leverage and our liquidity.

我們投資組合中的其他部分（以 Lillibridge 管理的門診醫療業務為首）繼續表現良好。門診醫療實現了穩健的複合增長，並繼續受益於 65 歲以上年齡組的大幅增長、有利於低成本醫療服務環境的持續趨勢，以及我們具有競爭優勢的 Lillibridge 物業管理和租賃業務。最後，我們正在履行對財務實力和靈活性的承諾。今年迄今為止，我們加快了信用狀況的改善，提高了槓桿率和流動性。

At this early stage of the year, we are pleased to reaffirm our normalized FFO per share guidance of 7% growth and confirm our expectations that our SHOP business will represent over half of our NOI by year end.

在今年年初，我們很高興地重申我們每股 FFO 7% 的正常化成長預期，並確認我們的預期，即到年底，SHOP 業務將占到我們 NOI 的一半以上。

While acknowledging that the current macroeconomic backdrop presents a high degree of uncertainty, when you step back, Ventas occupies an enviable position in today’s environment. Both sides of the senior housing demand supply imbalance are tipped in our favor, and those conditions should improve materially over an extended time horizon.

儘管承認當前的宏觀經濟背景存在高度不確定性，但退一步來看，文塔斯在當今環境中佔據著令人羨慕的地位。老年住房供需失衡的雙方都對我們有利，而且這些條件在較長時期內應該會得到實質改善。

We have the potential to continue to increase SHOP revenue from both rate and occupancy growth. Our business model has limited impacts from tariffs and global trade. We have access to attractively priced capital, possess excellent liquidity and a strong balance sheet, and we are well positioned as a preferred acquirer who will get more than our fair share of attractive investments.

我們有潛力透過房價和入住率的成長繼續增加 SHOP 收入。我們的商業模式受關稅和全球貿易的影響有限。我們可以獲得價格誘人的資本，擁有出色的流動性和強大的資產負債表，並且我們作為優先收購者俱有良好的優勢，將獲得超過我們應得份額的有吸引力的投資。

Coupled with our experience and platform, we’re in an excellent position to outperform. And as we’ve said, the whole Ventas team is in it to win it. Justin, I’m happy to turn the call over to you.

憑藉我們的經驗和平台，我們擁有優越的條件來取得優異的表現。正如我們所說，整個 Ventas 團隊都會全力以赴贏得勝利。賈斯汀，我很高興把電話轉給你。

Thank you, Debbie. I’ll provide updates on first quarter senior housing performance and our investments. I’m pleased that we delivered excellent results on both fronts. I’m happy to report that SHOP delivered double-digit NOI growth for the 11th consecutive quarter as we continue to execute through the OI platform. Our efforts support real time community specific strategies that align with market demand and importantly are executed in partnership with our best-in-class operators.

謝謝你，黛比。我將提供有關第一季老年人住房表現和我們投資的最新情況。我很高興我們在兩方面都取得了優異的成績。我很高興地報告，隨著我們繼續透過 OI 平台執行，SHOP 連續第 11 個季度實現了兩位數的 NOI 成長。我們的努力支援符合市場需求的即時社群特定策略，重要的是與我們一流的營運商合作執行。

Total SHOP same store cash NOI growth was 13.6%. Revenue growth was 7.4% led by occupancy and rate. In terms of rate, we saw solid underlying pricing from internal rent increases averaging 7%, and very importantly, street rates are trending favorably. Expenses were roughly in line at 5%, and labor expenses were favorable.

SHOP 同店現金淨營業利潤總成長率為 13.6%。營收成長 7.4%，主要得益於入住率和房價的成長。在租金方面，我們看到內部租金平均上漲 7%，從而形成了穩固的基礎定價，非常重要的是，街道租金趨勢良好。費用大致維持在5%左右，勞力費用也比較可觀。

Same store shop occupancy grew by 290 basis points led by the US with occupancy growth of 330 basis points and NOI growth of 16%. The US also significantly outperformed NIC on both rate and occupancy year over year growth. The incremental margin was about 50% for the first quarter driven by the operating leverage in the business as we grow occupancy.

同店店鋪入住率成長了 290 個基點，其中美國領銜，入住率成長了 330 個基點，NOI 成長了 16%。美國在房價和入住率年增率的表現也明顯優於 NIC。隨著入住率的提高，受業務經營槓桿的推動，第一季的增量利潤率約為 50%。

Demand and move ins in the quarter were strong, and year over year occupancy was very good. However, we experienced some seasonality with elevated clinical move outs in March, which causes our jumping off point for occupancy to be a bit lower than expected for the second quarter. The sad part of our business and in fact, life, when people pass away. It’s also unpredictable.

本季的需求和入住率強勁，年比入住率非常好。然而，我們經歷了一些季節性因素，3 月臨床遷出量增加，這導致我們第二季的入住率起點略低於預期。當人們過世時，我們的事業乃至生活都會令人悲傷。這也是難以預測的。

That said, per usual, the key determinant of occupancy for the full year is the timing and slope of the key selling season, which starts today. We are excited about the upcoming months as we expect strong move ins in the second quarter.

也就是說，按照慣例，全年入住率的關鍵決定因素是從今天開始的關鍵銷售季節的時間和坡度。我們對未來幾個月充滿期待，因為我們預計第二季將出現強勁成長。

As we look at the balance of the year, we anticipate another excellent year of SHOP performance, and we are reaffirming our same store full year guidance in our SHOP portfolio of cash NOI growth of 11% to 16%.

展望今年的收支平衡，我們預計 SHOP 業績將再創輝煌，我們重申 SHOP 投資組合中同店全年現金 NOI 成長率為 11% 至 16% 的指導。

Now I’d like to highlight our approach enhancing our portfolio composition. I’ve worked with my experienced and very capable team through deliberate actions over time to ensure that we are located in the right markets, right assets, and with the right operators. These deliberate actions, all of which are underpinned by our OI data analytics platform, include acquisitions, dispositions, conversions from triple-net to SHOP, transitions to new operators, OI driven operational improvements, and CapEx investments to improve our competitive position.

現在我想強調一下我們增強投資組合構成的方法。我與經驗豐富、能力超群的團隊一起，透過長期的深思熟慮的行動，確保我們位於正確的市場、擁有正確的資產，並由正確的運營商運營。這些深思熟慮的行動均以我們的 OI 數據分析平台為基礎，包括收購、處置、從三網融合到 SHOP 的轉換、向新運營商的過渡、OI 驅動的運營改進以及資本支出投資，以提高我們的競爭地位。

This journey to curate the portfolio has been well underway for a while. However, all things considered equal, the best is yet to come. Through our actions to date, our portfolio is positioned with significant embedded occupancy and NOI growth potential.

策劃投資組合的旅程已經順利進行了一段時間了。然而，如果其他因素都相同，最好的情況還未到來。透過我們迄今為止的行動，我們的投資組合已具備顯著的嵌入式入住率和 NOI 成長潛力。

By design, two thirds of the portfolio is in the low 80% occupancy with significant upside opportunity. One example of how we are positioning the portfolio for future growth is our decision to convert 45 Brookdale communities from triple-net to SHOP with new operators later this year. These communities are performing really well year to date and offer significant upside. We expect to double the NOI in these communities from approximately $50 million to $100 million plus over time. The five operators we have selected for the transitions are enthusiastic and highly engaged in the transition process.

根據設計，投資組合的三分之二的入住率低於 80%，具有巨大的上漲機會。我們如何為未來成長定位投資組合的一個例子是，我們決定在今年稍後將 45 個 Brookdale 社群從三重網路轉變為與新營運商合作的 SHOP。這些社區今年迄今表現良好，並具有顯著的優勢。我們預計，隨著時間的推移，這些社區的營業利潤將翻一番，從約 5,000 萬美元增加到 1 億美元以上。我們選定的五家業者對過渡過程充滿熱情並積極參與。

We’ve also expanded our operator base from 10 to 33, enhancing our ability to grow in high demand markets. This includes a new shop relationship with an operator in the UK. Growing our operator base is important since over 75% of senior housing operators manage fewer than 50 communities in what is a highly fragmented sector. Adding operator relationships is essential to obtaining scale and density in markets as well as expanding our relationship driven investment opportunity set.

我們還將營運商數量從 10 家擴大到 33 家，增強了我們在高需求市場中發展的能力。這包括與英國一家業者建立新的店鋪關係。擴大我們的營運商基礎非常重要，因為超過 75% 的老年住房營運商在高度分散的行業中管理不到 50 個社區。增加營運商關係對於獲得市場規模和密度以及擴大我們的關係驅動的投資機會集至關重要。

Our community refresh program has progressed as planned. We’ve completed over 250 community redev projects in the past 2.5 years. However, there is more work to be done with 100 more projects expected to complete by year end, strengthening our competitive positioning and setting the table for the opportunity to drive outsized NOI growth over time.

我們的社區更新計劃已按計劃進展。在過去的兩年半裡，我們已經完成了超過 250 個社區重建計畫。然而，我們還有更多工作要做，預計到年底將完成 100 多個項目，以增強我們的競爭地位，並為推動 NOI 長期大幅成長創造機會。

As we look ahead, our enhanced portfolio composition provides a powerful foundation to capitalize on historic demand growth unfolding in senior housing. With a deep bench of high quality operators, a growing presence in the right markets, and a well positioned asset base undergoing continual improvement, we are strategically positioned to deliver strong, sustainable performance.

展望未來，我們增強的投資組合結構為利用老年住房歷史性需求成長提供了強大的基礎。憑藉著一批高素質的營運人員、在正確市場中不斷增長的影響力以及持續改進的良好資產基礎，我們在策略上能夠提供強勁、可持續的業績。

Moving on to investments. We continue to capitalize on our advantage position as Ventas is a senior housing partner of choice with sellers, brokers, and the entire investment community. We have continued to execute on our accelerating run of value creating external growth focused on senior housing in the first quarter.

繼續討論投資。我們繼續利用我們的優勢地位，因為 Ventas 是賣家、經紀人和整個投資界的首選老年住房合作夥伴。第一季度，我們繼續加速以老年住房為重點的外部成長創造價值。

We’ve closed approximately $900 million in senior housing investments year to date and $2.8 billion since the beginning of last year, with most of that completed in the last six months. These investments meet our key criteria of 7% to 8% expected year one NOI yields, low to mid-teens unlevered IRRs, accretive growth, and pricing well below replacement costs.

今年迄今為止，我們已經完成了約 9 億美元的老年住房投資，自去年年初以來已完成 28 億美元的投資，其中大部分是在過去六個月內完成的。這些投資符合我們的關鍵標準，即預期第一年 NOI 收益率為 7% 至 8%，無槓桿 IRR 為低至中等水平，具有增值增長，且定價遠低於重置成本。

The activity significantly expands our SHOP portfolio, adding 20 newer vintage communities across 8 states, including 11 in high demand Texas markets, with strong net absorption potential and over 1,500 basis points of uncapped net demand over the next few years. These communities offer a full continuum of care and are operated by six high quality managers, including three new operator relationships with strong local execution.

這項活動顯著擴展了我們的 SHOP 產品組合，在 8 個州增加了 20 個較新的復古社區，其中 11 個位於需求旺盛的德克薩斯州市場，具有強大的淨吸收潛力和未來幾年超過 1,500 個基點的無上限淨需求。這些社區提供全方位的護理服務，由六名高素質管理人員管理，其中包括三名與當地執行力強的新營運商關係。

The underwritten returns are attractive as we are expecting year one NOI yields of around 7.2% on average and a ten-year unlevered IRR in low to mid-teens. We’ve also been encouraged by the initial post-closing performance of the $1.8 billion in senior housing acquisitions closed in 2024. Actual NOI is in line with underwriting at a blended yield of 7.7% in the first quarter of 2025.

承保回報很有吸引力，因為我們預計第一年的 NOI 收益率平均約為 7.2%，十年無槓桿 IRR 將在 15% 至 19% 之間。2024 年完成的價值 18 億美元的老年房屋收購的初始收盤後表現也令我們感到鼓舞。實際淨營業收入與承保一致，2025 年第一季的混合收益率為 7.7%。

Our investment pipeline is active and growing as we have now reviewed approximately $30 billion of senior housing investments, bid on $9 billion, and closed on $2.8 billion, all since the beginning of last year. Approximately 75% of our close transactions were relationship driven and sourced off market.

我們的投資管道十分活躍，而且還在持續成長。自去年年初以來，我們已經審查了約 300 億美元的老年住房投資，競標了 90 億美元的項目，並最終完成了 28 億美元的項目。我們約 75% 的成交都是由關係驅動且來自場外市場。

We remain flexible and opportunistic, pursuing a diverse set of senior housing investments across markets, asset types, operators, and return profiles. Reflecting our strong pipeline, we are raising our full year investment guidance to $1.5 billion.

我們保持靈活性和機會主義，在各個市場、資產類型、營運商和回報狀況上進行多樣化的老年住房投資。鑑於我們強大的產品線，我們將全年投資預期上調至 15 億美元。

In summary, we had a strong start to the year, demonstrating solid execution across our senior housing platform. We remain laser focused on advancing parts one and two of our strategy. First, driving profitable organic growth by enhancing operating performance, optimizing pricing and occupancy, and leveraging our data-driven Ventas OI platform in close collaboration with our high performing operators. And second, capturing value through external growth with a targeted focus on high quality senior housing acquisitions that meet our strategic and financial criteria.

總而言之，我們今年開局強勁，展現了我們老年住房平台的穩健執行力。我們將繼續專注於推進我們策略的第一部分和第二部分。首先，透過提高營運績效、優化定價和入住率，並利用我們數據驅動的 Ventas OI 平台與我們的高效營運商密切合作，推動獲利性有機成長。其次，透過外部成長獲取價值，重點關注符合我們的策略和財務標準的高品質老年房屋收購。

With favorable demand trends, a well-positioned portfolio, and a robust investment pipeline, we are confident in our ability to create long term value and sustain our significant leadership position in the senior housing sector. Bob?

憑藉良好的需求趨勢、良好的投資組合和強大的投資管道，我們有信心創造長期價值並保持我們在老年住房領域的重要領導地位。鮑伯？

Thank you, Justin. I’m pleased to report we’re off to a strong start for the year. I’ll review our first-quarter performance, discuss our reaffirmed 2025 guidance, and close with our balance sheet, liquidity, and capital markets activities.

謝謝你，賈斯汀。我很高興地告訴大家，今年我們有一個好的開始。我將回顧我們第一季的業績，討論我們重申的 2025 年指引，並以我們的資產負債表、流動性和資本市場活動作為結束。

Starting with our overall enterprise performance, we reported normalized FFO of $0.84 per share, representing nearly 8% year-over-year growth. Our total company’s same store cash NOI grew by 7%, led by SHOP increasing approximately 14%.

從我們的整體企業表現開始，我們報告的標準化 FFO 為每股 0.84 美元，較去年同期成長近 8%。我們公司整體同店現金 NOI 成長了 7%，其中 SHOP 成長了約 14%。

Our outpatient medical and research business, or OM&R, reported same store cash NOI growth of 1.3% year over year. Adjusting for cash fees received in outpatient medical, OM&R same store cash NOI increased by 2.5% year over year.

我們的門診醫療和研究業務（OM＆R）報告稱同店現金 NOI 年比成長 1.3％。調整門診醫療收到的現金費用後，OM&R 同店現金淨虧損年增 2.5%。

Outpatient medical grew by 3%, adjusted for the aforementioned fees, as fundamentals remain solid. Outpatient medical occupancy increased 30 basis points year over year with first quarter new leasing increasing 9% and tenant retention a strong 85% in the quarter.

由於基本面依然穩固，經過上述費用調整後，門診醫療增加了 3%。門診醫療佔用率年增 30 個基點，第一季新租賃成長 9%，租戶留任率高達 85%。

Our research portfolio same store cash NOI contracted modestly year over year. This $200,000 reduction in NOI can be explained by 30 basis points of lower occupancy. Pete and team continue to see a solid research leasing pipeline, including from universities.

我們的研究組合同店現金淨營業利潤較去年同期略有下降。營業淨收入減少 20 萬美元可以用入住率下降 30 個基點來解釋。皮特和他的團隊繼續看到包括來自大學的穩固的研究租賃管道。

We are reaffirming our full year OM&R same store cash NOI guidance range of 2% to 3%. And that’s a good segue to our updated 2025 full year outlook.

我們重申全年 OM&R 同店現金 NOI 指引範圍為 2% 至 3%。這與我們更新後的 2025 年全年展望是一個很好的銜接。

After a good start to the year, we are reaffirming our previously issued guidance for full year ’25, including our earnings per share measures and property same store cash NOI ranges for each segment. As a reminder, our normalized FFO midpoint of $3.41 represents outstanding 7% year-over-year growth. And consistent with our communication in February, this FFO increase continues to be led by SHOP organic growth and accretive senior housing investment activity, partially offset by higher net interest expense, FX, and dilution from a higher share price.

在年初取得良好開局之後，我們重申了先前發布的 25 年全年業績指引，包括每股收益指標和各部門的同店現金淨營業利潤範圍。提醒一下，我們的標準化 FFO 中點為 3.41 美元，代表著年成長 7%。與我們 2 月的溝通一致，FFO 的成長繼續受到 SHOP 有機成長和老年住房投資活動的推動，但被更高的淨利息支出、外匯和更高股價的稀釋所部分抵消。

I would remind everyone that the all important senior housing key selling season begins in the second quarter and runs through September. We have updated our guidance for full year 2025 investments focused on senior housing from $1 billion to $1.5 billion as a result of a growing pipeline of deals.

我想提醒大家，最重要的老年住房關鍵銷售季節從第二季開始並持續到九月。由於交易數量的不斷增加，我們已將 2025 年全年老年住房投資預期從 10 億美元更新為 15 億美元。

We expect the $500 million increase in the investment guidance to close later in the year. So net-net, we expect the FFO contribution of the incremental investment guidance to be minimal for 2025.

我們預計投資指引中的 5 億美元增幅將在今年稍後完成。因此，我們預期 2025 年增量投資指引對 FFO 的貢獻將很小。

We’ve already largely funded the increased investment guidance with $1.3 billion in aggregate equity raised together with $200 million of disposition activity, previously included in guidance and expected to close in the second quarter.

我們已經為增加的投資指導提供了大量資金，其中籌集了 13 億美元的總股權以及 2 億美元的處置活動，這些活動之前已包含在指導中，預計將在第二季度完成。

Our balance sheet continues to strengthen as a result of SHOP organic growth and equity funded senior housing investments. Our Q1 net debt to EBITDA of 5.7 times represents a 30 basis point sequential improvement from year end 2024 and a full turn reduction versus prior year first quarter. We expect further leverage improvement in the balance of the year, driven by our senior housing growth engine.

由於 SHOP 的有機成長和股權融資的老年住房投資，我們的資產負債表繼續增強。我們第一季的淨負債與 EBITDA 比率為 5.7 倍，較 2024 年底較上季改善 30 個基點，與去年同期第一季相比則大幅減少。我們預計，在老年住宅成長引擎的推動下，今年剩餘時間槓桿率將進一步改善。

We also repaid nearly $1 billion of senior notes in the first quarter at a rate of approximately 3%, utilizing the proactive senior notes we issued in September at approximately 5%. Our liquidity position is robust with available liquidity of $3.6 billion as of April 2025. This liquidity was bolstered in April by a $750 million increase in our revolving credit facility to $3.5 billion to support our growing enterprise. We had robust subscription from our bank group, which demonstrates their strong support of our platform.

我們還在第一季以約 3% 的利率償還了近 10 億美元的優先票據，其中利用了我們在 9 月以約 5% 的利率發行的主動優先票據。我們的流動性狀況強勁，截至 2025 年 4 月，可用流動性為 36 億美元。今年 4 月，我們的循環信貸額度增加了 7.5 億美元，達到 35 億美元，進一步增強了流動性，以支持我們不斷成長的企業。我們獲得了銀行集團的大力認購，這表明他們對我們平台的大力支持。

For additional 2025 guidance assumptions, please refer to our Q1 supplemental and earnings presentation posted to our website. To close, we’re pleased with our start to 2025. The entire Ventas team is enthusiastic about the future and focused on delivering superior performance for our shareholders. And with that, I’ll turn the call back to the operator.

有關 2025 年的其他指導假設，請參閱我們網站上發布的第一季補充報告和收益報告。最後，我們對 2025 年的開始感到滿意。整個 Ventas 團隊對未來充滿熱情，並致力於為我們的股東提供卓越的績效。說完這些，我就把電話轉回接線生。

(Operator Instructions) James Cammer, Evercore.

（操作員指示）James Cammer，Evercore。

Good morning. Thank you. Justin, you always give great statistics on the SHOP update. And I’m just curious, what other color can you provide about sort of the dynamic when you get to 85, 87, 88 type occupancy? How that translates to margin -- expansion?

早安.謝謝。賈斯汀，你總是提供有關 SHOP 更新的出色統計數據。我只是好奇，當達到 85、87、88 型佔用率時，您還能提供什麼其他顏色來表示動態？這如何轉化為利潤擴張？

One of my favorite topics. So, we are -- in this period of growing occupancy and facing a period of significant more occupancy growth given the demand that Debbie outlined that we’ve been seeing over the past few years and especially over the upcoming years. So this question starts to become more relevant the higher occupied you get.

我最喜歡的話題之一。因此，我們正處於入住率不斷增長的時期，並且鑑於黛比概述的我們在過去幾年，特別是未來幾年所看到的需求，我們將面臨入住率顯著增長的時期。因此，隨著您佔據的越多，這個問題就開始變得越來越相關。

What we tend to focus on is simple rules of thumb, one is that when you get to 90% occupancy and you look backwards, you should have achieved around 50% incremental margin during that journey from 80% to 90% occupancy. Same when you get to a 100%. When you get to 100% occupied and you look backward to 90%, you’ll see about a 70% incremental margin.

我們傾向於關注的是簡單的經驗法則，一是當你達到 90% 的入住率並回顧時，你應該在從 80% 到 90% 的入住率的過程中實現約 50% 的增量利潤。當你達到 100% 時也是一樣。當佔用率達到 100% 時，再回頭看 90%，你會看到大約 70% 的增量利潤。

The operating leverage in the business is what allows for this. At a certain point, you’re fully staffed. Most of your expenses are fixed. You have some variability in expenses, which is why there’s still some margin. But it’s one of the powerful aspects of the business model. And as we grow occupancy -- certainly, occupancy in itself is a great opportunity, but margin expansion is as well as occupancy growth.

業務中的經營槓桿使得這種情況成為可能。到了一定時候，你的人員就配備齊全了。您的大部分開支都是固定的。您的支出會有一些變化，這就是為什麼仍然存在一些利潤空間。但它是該商業模式的強大方面之一。隨著入住率的提高——當然，入住率本身就是一個很好的機會，但利潤率的擴大與入住率的成長同樣重要。

Thanks. And then the genesis of the question is I was kind of looking at you provide very helpful information on the page 11 of the supplemental regarding the Canadian portfolio. And maybe that’s a decent proxy, maybe it isn’t. I don’t know if the operating dynamics are that different.

謝謝。然後問題的起源是，我看到您在補充資料第 11 頁提供了有關加拿大投資組合的非常有用的信息。這也許是一個不錯的代理，也許不是。我不知道營運動態是否有那麼大的不同。

But you’re able to extract still perhaps double-digit NOI growth at 95% occupancy because you seem to be getting 5% to 6% RevPAR growth. But at some point, you have no more occupancy to gain. But is it still achievable then to get double digit NOI growth from a portfolio at that time?

但是，在入住率達到 95% 的情況下，您仍然能夠獲得兩位數的 NOI 成長，因為 RevPAR 似乎實現了 5% 到 6% 的成長。但到了某個時候，你就無法再獲得入住率了。但當時從投資組合中獲得兩位數的 NOI 成長是否仍可實現？

Well, so first of all, we’re really happy to have a very high quality, high performing Canadian portfolio. It’s been an excellent contributor to NOI growth for us, even at high occupancies, around 97%. It’s still been delivering. It’s one of my favorite examples around being full in this sector. You know, if you’re 90% or 92% or 95% occupancy, you’re not full yet. And Canada is demonstrating this to your point.

嗯，首先，我們非常高興擁有高品質、高績效的加拿大投資組合。即使在入住率高達 97% 左右的情況下，它也為我們的 NOI 成長做出了卓越的貢獻。它仍在交付。這是我最喜歡的有關這個領域的例子之一。你知道，如果入住率為 90% 或 92% 或 95%，那就不算滿員。加拿大正在證明這一點。

So they’re at 97%. They’re still growing occupancy. We’ve had relatively good rate performance. We’ve had good increases, but we’ve also -- in terms of rent increases, but we’ve also had mix impact as our assisted living portfolio in Ontario has picked up occupancy growth. And that’s helped RevPAR as well.

所以他們的成功率是 97%。他們的入住率仍在成長。我們的利率表現相對較好。我們取得了不錯的成長，但就租金上漲而言，我們也受到了混合影響，因為我們在安大略省的輔助生活組合的入住率有所增長。這也有助於提高每間可用客房收入 (RevPAR)。

At some point, it’s probably not a double-digit grower. You know, this is something that’s probably more clearly in the single digits, but it’s been encouraging to see the performance in recent years even at high occupancies.

從某種程度上來說，它可能不會實現兩位數的成長。你知道，這可能在個位數中更明顯，但看到近年來即使在高入住率的情況下的表現也令人鼓舞。

Jim, thanks for noticing page 12. It’s a good new page for investors. And Justin, could you touch on really the two-thirds of the portfolio where we have significant occupancy upside in the margin and NOI growth in that because that’s really a lot of where your efforts are focused with the team.

吉姆，謝謝你注意到第 12 頁。對投資人來說，這是一個好的新篇章。賈斯汀，您能否具體談談投資組合中三分之二的物業，這些物業的利潤率和淨營業收入 (NOI) 都有顯著的提升，因為這些物業正是您和團隊努力的重點。

Yeah. So the on page 12, you’ll notice, this is one my other favorite topics because it’s been a lot of work in the making to get to this point. We decided a few -- I’ll call it five years ago, when we got to this point where we are at today, we need to be well positioned to capitalize on the demand that we’re seeing in the marketplace.

是的。因此，在第 12 頁，您會注意到，這是我最喜歡的另一個主題，因為為了達到這一點，我們付出了很多努力。我們決定了一些——我想說是五年前，當我們達到今天的這個階段時，我們需要做好充分的準備來利用我們在市場上看到的需求。

You could see it coming. We looked at our portfolio, and we started taking actions to make sure that we’re in the right markets, first of all, that would generate strong net absorption and strong affordability. And to do that, you know, we acquired 190 communities. We sold over 100 communities. We’ve transitioned well over 100 communities from the triple-net structure to the SHOP structure. And what that did is it’s brought in communities that have lower absolute occupancy.

你可以預見它的到來。我們審視了我們的投資組合，並開始採取行動，確保我們處於正確的市場，首先，這將產生強勁的淨吸收量和強勁的承受能力。為了實現這一目標，我們收購了 190 個社區。我們銷售了超過 100 個社區。我們已經將 100 多個社區從三網結構轉變為 SHOP 結構。這樣做的結果就是吸引了絕對入住率較低的社區。

So what this graph shows is that group’s 79% occupied. The rest of the US is 84%. Canada, when you include everything because it’s outside of same store, we have some lease up communities there as well, is 95%.

所以該圖表顯示的是該組的佔用率為 79%。美國其他地區佔84%。加拿大，如果把所有東西都算上的話，因為它不在同一家商店，我們在那裡也有一些租賃社區，佔比是 95%。

The big opportunity for occupancy growth is in the US. And the portfolio, as I said in my prepared remarks, is at low 80%s occupancy is well positioned for a lot of occupancy upside, but it’s also in markets that should deliver that opportunity.

入住率成長的巨大機會在美國。正如我在準備好的演講中所說，該投資組合的入住率低於 80%，具有很大的入住率上升空間，但它也處於可以提供這種機會的市場中。

And then when you layer on the actions we’ve taken through investments in the assets and making sure we have the right operators in place to deliver the successful outcome, we feel really good about how well positioned we are.

然後，當您透過對資產進行投資並採取相應行動，確保我們擁有合適的運營商來取得成功的結果時，我們對我們的良好定位感到非常滿意。

Thank you for all that information. I'll get off the line. Thank you.

感謝您提供的所有資訊。我要掛斷電話了。謝謝。

Thanks, Jim.

謝謝，吉姆。

John Kilichowski, Wells Fargo

約翰‧基利喬斯基，富國銀行

Good morning. Thank you. I would just like to talk about the investments that you made this quarter and just kind of looking at the change this quarter versus last quarter. And I wanted to ask about basis. It looks like your cost per bed took a meaningful step up.

早安.謝謝。我只想談談您本季所做的投資，並看看本季與上一季相比的變化。我想問一下基礎。看起來您的每張床位成本已顯著上升。

I’m curious if that’s to do with the competitive landscape or just where you’re buying. And then also if you could give color on what’s replacement cost in the markets that you’re buying in. I’d like to know if you know you’re operating still at a pretty steep discount if we’re starting to buy above that.

我很好奇這是否與競爭格局有關，或者僅僅與您的購買地點有關。另外，如果您可以說明您所購買的市場的重置成本是多少。我想知道，如果我們開始以高於這個價格購買，您是否知道您仍然在以相當大的折扣進行經營。

Hi. It’s Justin. Thanks. Great question. So when you look at the profile of what we bought, you mentioned the per unit numbers.

你好。我是賈斯汀。謝謝。好問題。因此，當您查看我們購買的商品概況時，您提到了每單位的數字。

It was around, what, 270 last year, 350 in this recent tranche of $900 million. So there’s a step up in the per unit values. A couple drivers behind that.

去年大約有 270 家，最近這筆 9 億美元的投資中則有 350 家。因此單位價值有所上升。後面還有幾名司機。

One of them is that they’re newer communities. So we’ve had newer vintage communities that we bought in this tranche around 7 years on average. Inherent in doing so, you're going to spend more on a per unit basis.

其中之一就是它們是較新的社區。因此，我們平均每 7 年就會購買一批較新的老式社區。這樣做的結果是，您每單位的花費將會更多。

They also happen to be in -- as good as the markets were that we entered last year, these are even better. So we have stronger affordability. We have better net absorption and uncapped net demand. I mean it's 1,000 basis points in net absorption, uncapped demand of 1,500 basis points.

他們也恰好處於——儘管我們去年進入的市場很好，但這些市場甚至更好。因此我們的承受能力更強。我們有更好的淨吸收量和無上限的淨需求。我的意思是淨吸收量為 1,000 個基點，無上限需求為 1,500 個基點。

They're in markets that have those characteristics, and then we also added some very high quality operators. So the quality of the portfolio, I would say, is a step up. The combined portfolio is going to deliver excellent outcomes for us.

他們所在的市場具有這些特徵，然後我們也增加了一些非常高品質的營運商。因此，我想說，投資組合的品質有了提升。合併後的投資組合將為我們帶來優異的成果。

One other thing that you noted that I'll know is that there's clearly some cap rate compression because we were reporting year one yields of 7.7% last year. In fact, I mentioned in my remarks, we're realizing that as well, this year we're pointing to a 7.2%. So there's compression.

您提到的另一件事我會知道，那就是顯然存在一些資本化率壓縮，因為我們去年報告的第一年收益率為 7.7%。事實上，我在發言中提到，我們也意識到了這一點，今年我們的目標是 7.2%。因此存在壓縮。

Having said that, we're still investing within the range. So the weighted average obviously is into the lower [7s], but we're still seeing opportunities that are up towards 8%. So it's a little bit of both.

話雖如此，我們仍然在該範圍內進行投資。因此加權平均值顯然處於 [7] 以下，但我們仍然看到高達 8% 的機會。所以兩者都有一點。

In terms of replacement cost, we're still buying below replacement costs. A significant discount to replacement cost even at the 350 a unit.

就重置成本而言，我們仍然以低於重置成本的價格購買。即使每單位 350 美元，更換成本也有大幅折扣。

Yeah. And as we’ve discussed, the replacement cost is rising for a host of reasons, including hard cost inflation, labor scarcity. And so, you know, in most of these cases, you would expect the replacement cost to start with the 4. And so we’re still buying at a significant discount to that. And with unlevered return expectations in the low to mid-teens, which obviously is important when we’re looking at the risk reward proposition for these investments.

是的。正如我們所討論的，重置成本的上升是由於多種原因造成的，包括硬成本通膨、勞動力短缺。因此，您知道，在大多數情況下，您會預期更換成本從 4 開始。因此我們仍然以大幅折扣的價格購買。無槓桿回報預期在低至中等水平，這在我們考慮這些投資的風險回報主張時顯然很重要。

Alright, very helpful. Thank you. And just to confirm, you said a 7.2 is roughly the number you're looking at for the entire $1.5 million guide, or am I misconstruing that?

好的，非常有幫助。謝謝。只是為了確認一下，您說 7.2 大致就是整個 150 萬美元指南中的數字，還是我誤解了？

Yeah. It’s the $900 million that we closed.

是的。我們已經完成了 9 億美元的交易。

The $900 million. Okay.

9億美元。好的。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah, thanks. Justin. Can you give us some more color on the performance of the Brookdale assets that Ventas is going to be taking over or at least transitioning to the seniors housing operating portfolio? I know I think your prepared remarks saying that the EBITDAR is around $50 million, I believe last time the update was in the mid-50s. So has that changed or should we expect that to change, when you start to transition those assets, when that occurs?

是的，謝謝。賈斯汀。您能否向我們詳細介紹一下 Ventas 即將接管或至少轉向老年人住房運營組合的 Brookdale 資產的表現？我知道我認為您準備好的評論說 EBITDAR 約為 5000 萬美元，我相信上次更新是在 50 年代中期。那麼，當您開始轉移這些資產時，情況是否發生了變化，或者我們是否應該預期這種情況會發生變化？

Yeah. So I’m probably going to hesitate to give you the exact number. We’ll give you -- we’ll update that when we get to the period of actually transitioning. But what I’m encouraged about is a couple things. First of all, you know, these are communities that are in transition. So there’s always, you know, heightened awareness of that and extra focus that we put on communities when that’s happening.

是的。所以我可能不太願意告訴你確切的數字。當我們進入實際過渡期時，我們會向您提供更新資訊。但有幾件事讓我感到鼓舞。首先，你知道，這些社區正處於轉型期。所以，當這種情況發生時，我們總是會提高對此的認識，並給予社區額外的關注。

The 45 communities that are transitioning to new shop operators are actually outperforming the leased assets that are staying behind in a lease. That’s exceptionally supportive of the decision we made, but also just our encouragement around where they should be performing when we actually make the transition. A couple things about that:

正在向新店鋪營運商轉型的 45 個社區的表現實際上優於仍在租賃中的租賃資產。這不僅對我們所做的決定給予了極大的支持，也鼓勵我們在實際轉型時應該如何表現。關於這一點，有幾件事：

So we’ve been on the ground quite a bit in these communities. We’ve been engaged with the five new operators that are taking them on. They’ve been in communities as well. I’ve visited several of these, and it seems pretty consistent with exactly what we expected, which is, when you have these communities, very high quality communities that are located in rate markets, but can benefit from some additional focus and especially investment into the asset to be competitively better positioned, there’s a lot of excitement on the ground when you tell that story.

我們已經在這些社區實地工作了相當一段時間。我們已經與五家新業者進行了接洽。他們也曾去過社區。我參觀過其中幾個，它看起來與我們的預期非常一致，也就是說，當你擁有這些社區時，它們都是位於利率市場的高品質社區，但可以從一些額外的關注中受益，特別是對資產的投資，以獲得更好的競爭力，當你講述這個故事時，現場會有很多興奮的感覺。

So it’s been really fun to be interacting with the teams and laying out the game plan for when these transition later this year. And I do think it’s notable to point out that they’re outperforming the rest of the current portfolio that we have with Brookdale.

因此，與各支球隊互動並製定今年稍後過渡時的比賽計劃真的很有趣。我確實認為值得指出的是，他們的表現優於我們與 Brookdale 合作的當前投資組合中的其他產品。

And I know with most transitions, usually there's a period of disruption where you could see EBITDAR dip lower as you’re kind of moving in the new team. I mean, should we expect that to happen with these specific assets or is it going to be more seamless than the historical examples?

我知道，在大多數過渡期間，通常會有一段混亂時期，當你融入新團隊時，你可能會看到 EBITDAR 下降。我的意思是，我們是否應該預期這種情況會發生在這些特定資產上，或者它會比歷史範例更無縫？

Well, it's a wait and see. But I can tell you that we have -- through the number of -- let’s see -- we’ve had almost 200 communities that have transitioned to new operators in our experience over the past several years. In that experience, particularly in this circumstance where you have a community that’s performing behind market and will benefit from the new investment, we’ve seen good growth opportunity. Whether or not there’s a little disruption in the period of transition, we have seen growth to follow.

好吧，還是拭目以待吧。但我可以告訴你們，根據我們的經驗，在過去幾年中，我們已經有近 200 個社區轉向了新的營運商。在那種經驗中，特別是在社區表現落後於市場並將受益於新投資的情況下，我們看到了良好的成長機會。無論過渡時期是否會出現一些混亂，我們都看到了隨之而來的成長。

I’m going to give you an example of this. We actually have a case study on that same page that Debbie highlighted, page 12. We had 41 transitions that we completed in 2023. It was mostly independent living communities. Those communities are now in our same store pool. So in the first quarter, we were able to report on year over year results. And those results have been 820 basis points of occupancy growth.

我將給你舉一個例子。實際上，我們在黛比強調的同一頁（第 12 頁）上有一個案例研究。我們在 2023 年完成了 41 次轉型。它主要是獨立生活社區。這些社區現在位於我們的同一個商店池中。因此，在第一季度，我們能夠報告同比業績。最終結果是入住率成長了 820 個基點。

They’ve outperformed where we’re located in the NIC top 99 markets. We’ve outperformed by 480 basis points. And year over year NOI growth has been 40%. So when we look at the Brookdale opportunity, we have a lot of confidence in our ability to execute. And we’ll do everything we can to try to mitigate any potential disruption. But, of course, disruption can be inherent in transitions, but the results that we’ve been realizing through our experience have been really good.

它們在 NIC 前 99 個市場中的表現已經超越了我們。我們的表現超乎預期 480 個基點。營業淨收入年增 40%。因此，當我們審視 Brookdale 的機會時，我們對我們的執行能力充滿信心。我們將竭盡全力，盡量減輕任何潛在的干擾。當然，轉變過程中難免會出現一些混亂，但根據我們的經驗，我們實現的結果確實很好。

Okay, great. Thank you.

好的，太好了。謝謝。

You bet.

當然。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Good morning. Thanks for taking the question. Justin, I want to dig in a bit more into the March comments you made about sort of move outs. I know it’s unfortunate. Is that due to like flu or some specific properties? And has that trend continued into April?

早安.感謝您回答這個問題。賈斯汀，我想更深入地了解你在三月對搬出問題的評論。我知道這很不幸。這是流感還是某些特殊情況所引起的？這種趨勢會持續到四月嗎？

Hi, Vikram. It’s ironic you’re asking this question because we had an interaction on the last earnings call around this topic of seasonality. And when we talked about it last time, I was mentioning that -- we -- although there’s been some periods where we’ve had counter seasonal results, there’s always the opportunity to experience seasonality.

你好，維克拉姆。諷刺的是，你問這個問題是因為我們在上次收益電話會議上就季節性這個主題進行了互動。當我們上次談論這個問題時，我提到——我們——儘管有些時期我們的業績與季節不符，但總是有機會經歷季節性變化。

And I had in my mind at the time was the flu season around the US was elevated. Interestingly, there’s no correlation in these clinical move outs and the flu season. In fact, it’s uncorrelated to any specific trend whatsoever. It just happened.

我當時就想到，美國的流感季節已經到了。有趣的是，這些臨床轉移和流感季節之間沒有關聯。事實上，它與任何特定趨勢都無關。事情就這樣發生了。

And it’s important that that our investors understand that our move in activity is very good. It’s in line with last year, which is one of our best years ever. The tour activity, move in activity that we anticipate in the key selling season should be very strong. This was a move out issue, and it’s entirely driven by these clinical move outs, which are unfortunate. It’s a sad part of the business, and they’re unpredictable. That’s really the color I have on it.

重要的是，我們的投資人要明白，我們的舉措非常好。這與去年的情況一致，去年是我們有史以來最好的年份之一。我們預計在關鍵銷售季節的參觀活動和入住活動應該會非常活躍。這是一個遷出問題，它完全是由這些不幸的臨床遷出所引起的。這是商業中令人悲傷的一部分，而且它們是不可預測的。這確實是我想要的顏色。

No. Makes sense. You’re absolutely right. I did ask you the question, I think, and you had said that you baked in normal seasonality into the guide. So, this is obviously in line with what you said. Just maybe on the pricing side, your full year still is 4.5%. You had really good bumps, and you’ve kept that intact. So does that essentially suggest pricing power sort of accelerates through the year on a year over year basis? And do you mind sort of giving us a view between Canada and the US? Thanks.

不。有道理。你完全正確。我想我確實問過你這個問題，而且你也說過你將正常的季節性因素融入了指南中。所以，這顯然符合你所說的。也許從定價方面來看，全年的成長率仍為 4.5%。你確實有過很好的經歷，並且一直保持著這種狀態。那麼這是否意味著定價能力逐年加速成長？您介意為我們介紹一下加拿大和美國之間的差異嗎？謝謝。

Sure. So, you know, pricing, like I said in my prepared remarks, has been really good. Supported by internal rent increases. It’s supported by our street rate growth as well. In fact, you know, when you adjust for the leap year, which is a simple calculation, you just add -- the calculation for RevPOR is revenue divided by occupied units. You just add a step and divide by days, which is important, you know, if you want to get to a good comparison when there is a leap year because we do have one operator that actually builds on a daily basis. So that number, when you run that calculation, is around 5%.

當然。所以，正如我在準備好的發言中所說的那樣，定價非常好。受到內部租金上漲的支持。我們的街道利率成長也支持了這一點。事實上，你知道，當你調整閏年時，這是一個簡單的計算，你只需添加 - RevPOR 的計算方法是收入除以入住單位數。您只需添加一個步驟並按天數劃分，這很重要，如果您想在閏年時進行良好的比較，因為我們確實有一個實際上每天構建的操作員。因此，當您進行計算時，該數字約為 5%。

So good pricing year over year. On a leap year adjusted basis around 5%. We’re off to a strong start. So, you know, that’s -- the rest of the year remains to be seen. We have a lot of the year left to play out, and it’s in -- what’s typically very good. It’s the strongest demand season for us in the key selling season.

因此，價格一年比一年好。依閏年調整後約為 5%。我們已經有了一個好的開始。所以，你知道，今年剩餘時間的情況還有待觀察。今年我們還有很多事情要做，而且情況通常都很好。這是我們關鍵銷售季節中需求最強勁的季節。

And then Canada, you mentioned too. So, Canada has had good pricing opportunity as well. And we’ve had - you know, in Quebec, we’ve had a little bit more opportunity to pass along rent increases because the regulatory body that oversees that has lightened up the restrictions there, which has helped us to pass expenses through, which are always part of the operation every year. Ontario has always been a little bit better. It’s been a lot better for us, though, in recent years because of the lease up we’ve had in our assisted living portfolio, which is higher price points.

您也提到了加拿大。因此，加拿大也擁有良好的定價機會。而且，你知道，在魁北克，我們有更多的機會轉嫁租金上漲，因為監管機構放寬了那裡的限制，這有助於我們轉嫁費用，而費用是我們每年運營的一部分。安大略省的情況一直都比較好。不過，近年來，我們的情況好多了，因為我們輔助生活組合的租賃量增加，價格也更高了。

So we’re getting a mixed impact as well. But good pricing power, an opportunity really across the Board.

因此我們也受到了混合影響。但良好的定價能力確實是一個全面的機會。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great, thank you. Debbie, in your initial comments, you did talk about the high degree of macro uncertainty, I guess -- but you guys have also discussed the strong move in tour activity. It sounds like -- through April, can you just walk us through a bit this leasing season and the importance of let's say housing or anything else we should be watching as risk to the coming months to increasing that occupancy in senior housing. Thank you.

太好了，謝謝。黛比，我想，在你最初的評論中，你確實談到了宏觀不確定性的高度，但你們也討論了旅遊活動的強勁走勢。聽起來——到四月份，您能否向我們簡單介紹一下這個租賃季節以及住房或其他任何我們應該關注的風險，以增加未來幾個月老年人住房的入住率。謝謝。

Yes. Hi, Jeff. So, yes, there is a lot of macro uncertainty. We all know that. But what we believe at Ventas is that senior housing is one of the, if not the top asset class in real estate. And there's a lot of reasons for that.

是的。你好，傑夫。所以，是的，存在著許多宏觀不確定性。我們都知道這一點。但我們 Ventas 相信，老年住宅是房地產中最重要的資產類別之一。這其中有很多原因。

As you mentioned, the demographic demand is extremely powerful. The supply picture is as muted as it could be. And if it's 3 year start to finish and you're seeing increased costs to build and you have a step function in the senior population growth starting in 2027, you can see why these strong tailwinds should benefit us for a very extended period of time.

正如您所說，人口需求極為強勁。供應情況極為低迷。如果從開始到結束的 3 年內，您看到建設成本增加，並且從 2027 年開始老年人口增長呈階躍式增長，您就會明白為什麼這些強勁的順風會在很長一段時間內使我們受益。

And so we feel really good about that. In terms of the demand at the doorstep, as Justin likes to say, we are seeing strong demand. And we -- this is the key selling season, and so we have good expectations for strong activity.

因此我們對此感到非常高興。就上門需求而言，正如賈斯汀所說，我們看到了強勁的需求。而且，這是關鍵的銷售季節，因此我們對強勁的銷售活動抱持良好的預期。

In terms of the housing market, there is modest correlation. And the housing market actually just saw a big jump in pending home sales. Most seniors don't have mortgages on their homes, and our residents, when you think about the over 75 population, the average net worth of those households is $1.6 million, so we continue to have good affordability. I said it was excellent.

就房地產市場而言，相關性適中。事實上，房地產市場的待售房屋銷售量剛剛大幅增加。大多數老年人沒有房屋抵押貸款，而我們的居民，如果你考慮到 75 歲以上的人口，這些家庭的平均淨資產為 160 萬美元，因此我們仍然具有良好的負擔能力。我說這太棒了。

So all of these trends really combine to give us a lot of optimism about this extended multi-year NOI growth opportunity in senior housing that Justin and the team, in collaboration with the operators, is really focused on delivering.

因此，所有這些趨勢確實結合起來讓我們對老年住房領域這一延長多年的 NOI 成長機會充滿信心，賈斯汀和他的團隊將與營運商合作，真正致力於實現這一目標。

Great, thank you. And then clearly the focus is on senior housing. Can you talk a little bit more about the strategy around the research portfolio? Thank you.

太好了，謝謝。顯然，重點是老年住房。能否再詳細談談研究組合的策略？謝謝。

I mean, our one, two, three strategy is really focused on senior housing with the first, of course, being driving organic growth; the second being expanding our participation and elevating our growth rate by investing in senior housing; and then the third is to maximize performance in the rest of the portfolio.

我的意思是，我們的一、二、三項策略確實專注於老年住房，其中第一項當然是推動有機成長；第二項是透過投資老年住房來擴大我們的參與度並提高我們的成長率；第三項是最大限度地提高其他投資組合的績效。

The outpatient medical is at about 20% of that business, of our business. And it is going strong, continuing to deliver that compounding growth.

門診醫療約占我們業務的 20%。而且它發展勢頭強勁，繼續實現複合成長。

Research is the smallest. It’s a single digit kind of NOI contribution all in. And our strategy is really what number three is, which is to maximize the NOI opportunity there. And what I would just leave you with on that is that we’ve built this life science portfolio differently. And that is, it’s a -- three quarters of the tenants are credit tenants, and we have a nine-to-ten-year WALT.

研究規模最小。這是一種個位數的 NOI 貢獻。我們的策略實際上是第三點，即最大限度地增加 NOI 機會。我只想告訴你們的是，我們以不同的方式建構了這個生命科學產品組合。也就是說，四分之三的租戶都是信用租戶，我們有九到十年的 WALT。

And so that portfolio really was built to be steady and stable even during more challenging times. And so we feel good about that even though that segment certainly has some challenges right now. So our strategy is to maximize NOI. And it’s a credit business, and Pete and the team are going about doing that.

因此，即使在更具挑戰性的時期，該投資組合也能保持穩定。因此，儘管該領域目前肯定面臨一些挑戰，但我們對此感到滿意。所以我們的策略是最大化NOI。這是一項信貸業務，皮特和他的團隊正在從事這項業務。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Good morning. Justin, you talked about the Brookdale transitions to RIDEA, the assets outperforming those that are staying behind in the net lease model. I guess the question is, how much money are you leaving on the table there? Did you foresee that delta, when you made the deal with them? And, just curious, if you had just sort of done everything all of it as opposed to some leaving some behind with Brookdale, if that would have been the better option.

早安.賈斯汀，您談到了布魯克代爾向 RIDEA 的轉型，其資產表現優於那些留在淨租賃模式下的資產。我想問題是，你留下了多少錢？當你與他們達成交易時，你是否預見了這個差異？而且，只是好奇，如果您把所有事情都做完了，而不是把一部分留在 Brookdale，那是否會是更好的選擇。

Hey Rich, you broke up.

嘿，Rich，你們分手了。

Rich, we’ll take that offline, but I think it’s fair to say that the entire Brookdale portfolio is generally improving in performance. We like the 45 assets that we’re moving to SHOP and that are remaining are also performing well. And the way that we’re improving NOI in that remaining lease is through a significant rent increase on lease renewal. So we’ll come back and get back to your question, because you broke up, offline. Thank you.

里奇，我們會將其下線，但我認為可以公平地說，整個布魯克戴爾投資組合的表現總體上正在提高。我們喜歡轉移到 SHOP 的 45 項資產，剩餘的資產也表現良好。我們提高剩餘租約中 NOI 的方法是在續約時大幅提高租金。所以我們會回過頭來回答你的問題，因為你們已經分手了，線下。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes. Good morning, everyone. So I guess focusing on shop, I mean, clearly, the way the stock is performing this morning, I think there’s some concern just around same store NOI growth kind of slowing this quarter relative to the 15%-plus you’ve kind of been putting up.

是的。大家早安。因此，我想關注商店，我的意思是，很明顯，從今天早上股票的表現來看，我認為人們對本季度同店淨銷售額增長有所放緩感到擔憂，相對於你之前提出的 15% 以上增速而言。

I don’t know whether you can kind of talk to that, whether there were just some idiosyncrasies with this quarter. I think you just kind of mentioned some move out activity in March. And kind of going forward, how once you kind of think about, you know, hitting it to the lower or higher end of your 11% to 16% full year guidance?

我不知道您是否可以談論這一點，本季是否存在一些特殊情況。我想您剛才提到了三月的一些搬出活動。那麼，展望未來，您如何考慮實現全年預期的 11% 至 16% 的低端或高端？

It’s Bob. I’ll take that one. So we’re pleased with the first quarter, 14%. Very good start. In fact, above our expectation internally. And that was really -- that was RevPOR, that was labor, a good a good start there.

我是鮑伯。我要那個。所以我們對第一季的 14% 感到滿意。非常好的開始。事實上，這超出了我們內部的預期。那確實 — — 那是 RevPOR，那是勞動，一個好的開始。

And we’ve highlighted multiple times so far that in terms of phasing, we expect the second half on a year over year basis to be higher than the first half. And as always, you know, beat the drum here. It’s the key selling season that is the determinant of that.

到目前為止，我們已經多次強調，就分階段而言，我們預計下半年的年成長將高於上半年。和往常一樣，你知道，在這裡敲鼓。關鍵的銷售季節才是決定因素。

So from our -- where we sit, strong start, ahead of expectation in the quarter and the phasing consistent with what we’ve been saying.

因此，從我們目前的情況來看，開局強勁，本季業績超出預期，分階段實施的情況與我們所說的一致。

Okay, I guess the pushback is if you just kind of take a look at seasonally in 1Q '24, you were kind of above your current same store NOI growth. And I don’t know whether it’s -- whether it’s just harder to get you over your occupancy gains. I guess just trying to figure it out of getting people comfortable with the idea that the higher end is achievable.

好的，我想如果你只是看一下 24 年第一季的季節性情況，你會發現你的同店淨銷售額成長率略高於目前水準。我不知道這是否——是否只是讓你更難獲得入住率的成長。我想只是想讓人們接受這樣的想法：更高的目標也是可以實現的。

Alright. Let me address this, Justin. So, you know, as we look ahead, like I was saying, we have significant occupancy upside in the portfolio. There’s various things that impact performance at different times. I remember last year, we had agency coming out of system. That was benefiting expenses. And so that gave us an opportunity for outsized performance.

好吧。讓我來解決這個問題，賈斯汀。所以，你知道，當我們展望未來時，就像我說的，我們的投資組合具有顯著的入住率上升空間。在不同時間，有各種各樣的因素會影響性能。我記得去年，我們的代理商脫離了體制。那是福利支出。這給了我們一個實現超乎尋常表現的機會。

What we have happening now, and I was trying to articulate earlier, is a lot of action that’s underway, but the best is yet to come. So we have a strong conviction around the growth opportunity. Like I said, we have a hundred more projects that we’re refreshing this year that are -- they’re underway.

我們現在正在發生的事情，正如我之前試圖闡明的那樣，許多行動正在進行中，但最好的還在後頭。因此，我們對成長機會充滿信心。正如我所說的，我們今年要更新一百多個項目，這些項目正在進行中。

We have all these new operators that we’ve added, a lot of which are coming through acquisitions, others that we’re bringing in through transitions over time that we’ve done. They’re getting -- they’re finding their sea legs.

我們增加了所有這些新營運商，其中許多是透過收購而來的，其他則是我們隨著時間的推移透過轉型而引入的。他們正在──他們正在適應海上生活。

And so -- and we’re never ever stopping focusing on trying to improve performance. I mean, this is -- this will be a continuous improvement in performance opportunity. My team fixated on that. So we’re not ready to say we haven’t seen the -- that we’ve already seen the best we’re going to see.

所以——我們永遠不會停止致力於提高績效。我的意思是，這將是一個持續提高績效的機會。我的團隊專注於此。所以我們還沒準備好說我們還沒看到——我們已經看到了我們將要看到的最好的東西。

I mean, we’re just now also getting into the strongest period of demand that the sector’s ever seen by a long shot. So, I think the best is -- hopefully all things considered equal, the best is yet to come.

我的意思是，我們現在正進入該行業有史以來最強勁的需求時期。所以，我認為最好的是──希望所有事情都平等，最好的還在後頭。

I appreciate that those comments. If I may ask one more just on the on the life sciences, the part of the business. Again, Debbie, just with this potential change in NIH funding where the indirect cost match from the federal government can get capped at 15%, have you taken a look at just how high that number has been at all the universities you’re involved in and whether that could become a real issue going forward?

我很欣賞這些評論。如果我可以再問一個關於生命科學、商業部分的問題。再說一次，黛比，鑑於 NIH 資助的潛在變化，聯邦政府的間接成本匹配上限為 15%，您是否查看過在您參與的所有大學中這個數字有多高，以及這是否會成為未來的一個真正問題？

Yes. We do business with the leading biomedical research institutions in the country. And we have a detailed understanding of the so called indirect cost. I would tell you that first of all, the proposal that the administration put forward is on hold, and so it has not been pushed through.

是的。我們與國內領先的生物醫學研究機構開展業務。而我們對所謂的間接成本有詳細的了解。我想告訴大家，首先，政府提出的這個提案現在被擱置了，所以還沒有被推動。

If it were to be pushed through, there would be an impact that would be, on average, maybe a mid single digits impact to the overall research budget for most of the leading universities. And that is manageable in light of the AA credit rating that we have in our portfolio for the university tenants as well as the nine-to-ten-year WALT. So these are juggernauts who have a lot of resources to weather the storm.

如果該方案得以實施，對大多數一流大學的整體研究預算平均將產生中等個位數的影響。考慮到我們投資組合中大學租戶的 AA 信用評級以及九到十年的 WALT，這是可以實現的。所以，這些都是擁有大量資源來渡過難關的巨人。

I appreciate that. Thank you.

我很感激。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, just on the acquisition front, given the $500 million incremental that's added to the guidance that you said is back half loaded, is there the expectation or should we be thinking that there's maybe a temporary pause until deals that are reloaded? Is that fair to kind of assume just given the timing of your guidance, or is there other stuff that could fill the interim that could happen pretty quickly here?

您好，就收購方面而言，考慮到指導價中增加了 5 億美元的增量，您說這已經恢復了一半，是否有預期，或者我們應該認為可能會有一個暫時的暫停，直到交易重新加載？考慮到您指導的時間安排，這種假設是否公平，或者是否有其他事情可以填補這一空白，並且可能很快就會發生？

So I am just stepping back for a minute. One thing I highlighted in my prepared remarks intentionally was the amount of the $2.8 billion that we've done, most of that over the past year, including last year, happened over the last 6 months. And so we've had this acceleration of investment activity.

所以我只是暫時退一步。我在準備好的發言中特意強調的一件事是，我們已經投入了 28 億美元，其中大部分是在過去一年，包括去年，在過去 6 個月內完成的。因此我們的投資活動加速了。

We added another $500 million. We have a good line of sight on the $500 million. We have a pipeline that that is much bigger than that. So we're going to keep working on finding opportunities within the pipeline and some that are maybe not there yet that have the criteria that we like, which is, first and foremost, an asset that will deliver strong IRRs, low to mid teen unlevered IRRs.

我們又增加了5億美元。我們對 5 億美元目標有清晰的認識。我們擁有一條比這大得多的管道。因此，我們將繼續努力在通路內尋找機會，以及一些可能尚未出現但符合我們喜歡的標準的機會，這些標準首先是能夠提供強勁內部收益率 (IRR) 的資產，低至中等水平的無槓桿內部收益率。

And we're flexible with the type of assets. We're looking for a good combination of high quality, strong markets growth. That's all completely continuing, Juan. It can be lumpy because you have a period of time where you are working -- you access the deal and then you work to close the deals. And so there can be lumpiness in terms of when you actually deliver deals to close. And I think that's the point we're trying to make.

我們對資產類型的選擇很靈活。我們正在尋找高品質和強勁市場成長的良好組合。這一切都還在繼續，胡安。這可能會很不順利，因為你有一段時間在工作——你接觸交易，然後你努力完成交易。因此，在實際完成交易的時間方面可能會出現問題。我認為這就是我們想要表達的觀點。

If I could ask a follow up on the shop and the clinical move outs, you noticed -- noted a kind of a lower end point or starting point for the second quarter. Would you guys be able to or can you provide the March 31 year over year figure or what or what the occupancy was on for the same store pool just so we can calibrate and kind of fully take into account that move out impact?

如果我可以詢問有關商店和臨床搬遷的後續情況，您會注意到 - 注意到第二季度的較低終點或起點。你們能否提供 3 月 31 日的同比數據，或同一家商店的入住率，以便我們能夠校準並充分考慮搬出的影響？

So I want to make the first point which is move-ins strong. First quarter, expect to be strong. Second quarter, we were 290 year over year. First quarter, we reaffirmed 270 full year balance of the year. Clearly, the jumping off point or start point of the second quarter is lower because of the mortality that Justin mentioned. And clearly in reaffirming the guide, if you just do the math balance of the year, it's below that 290 number.

所以我想強調的第一點是強勢進入。第一季度，預計表現強勁。第二季度，我們的銷售額年增 290 倍。第一季度，我們重申了270的全年餘額。顯然，由於賈斯汀提到的死亡率，第二季的起點或起始點較低。顯然，重申一下指南，如果你計算一下全年的餘額，它低於 290 這個數字。

But, I think it's right to say, we should not look at spot numbers, we should look at trends. We should look at the year and really focus on the move-ins in the key selling season which is right in front of us. So that's how we think about it.

但是，我認為這樣說是對的，我們不應該看現貨數字，而應該看趨勢。我們應該放眼全年，真正關注即將來臨的關鍵銷售季節的入住情況。這就是我們的想法。

Thank you.

謝謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi guys, thanks for taking my question. Kind of going back to the yields, is there any thought about acquiring more type of 4-plus assets versus the newer -- maybe better position in the market assets where you can leverage the Ventas platform, your network of operators, and Ventas OI to kind of drive a higher yield.

大家好，感謝你們回答我的問題。回到收益率問題，有沒有想過要收購更多類型的 4-plus 資產，而不是較新的——也許在市場資產中佔據更好的地位，您可以利用 Ventas 平台、您的運營商網絡和 Ventas OI 來獲得更高的收益率。

Hi, Seth, it's Debbie. I would definitely confirm that we are eager to deploy capital when the acquisition or investment opportunity provides good risk adjusted return, when it provides the kind of low to mid-teens, unlevered IRRs that we're looking for, which is paramount when we can buy below replacement costs. And our aperture for investments is pretty broad based, and we certainly will consider different types of profiles to get to that unlevered IRR.

嗨，塞斯，我是黛比。我肯定會確認，當收購或投資機會提供良好的風險調整回報時，當它提供我們所尋求的低至中等十幾歲的無槓桿 IRR 時，我們渴望部署資本，當我們能夠低於重置成本購買時，這一點至關重要。我們的投資範圍相當廣泛，我們當然會考慮不同類型的投資來實現無槓桿的內部報酬率。

They could be lower occupied, higher occupied. But it's all about the risk adjusted return that we see in the asset and the replacement cost. And that's really where our investment team is focused.

它們的佔用率可能較低，也可能較高。但這都與我們在資產和重置成本中看到的風險調整回報有關。這正是我們的投資團隊關注的重點。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great, thanks, and hello everybody. Bob, you hit a little bit on my first question, which is going to be the comment you previously made about expecting the same sort of growth in senior housing to be better in the second half versus the first half. Can you just give us what the biggest drivers of that improvement is because clearly you alluded to occupancy being lower.

太好了，謝謝，大家好。鮑勃，你稍微回答了我的第一個問題，也就是你之前所說的，預計下半年老年住房的成長速度會比上半年更好。您能否告訴我們這種改善的最大驅動力是什麼，因為您明確提到了入住率較低。

So is it RevPOR growth re accelerating versus the first half of the year? Is it something on the expense side that's driving that re-acceleration or just changes to the same store pool? Just any color you can shed on that. Thanks.

那麼，與今年上半年相比，RevPOR 的成長是否正在加速？是費用方面的因素推動了這種重新加速，還是只是同一商店池的變化？只要你能賦予它任何顏色即可。謝謝。

Well, I'd really point to what we saw in the first quarter so far and the balancing items. Obviously, the demand was strong in the form of move-ins, and the key selling season is the vast majority of the full year move-ins. So that's point one.

嗯，我真正想指出的是，我們在第一季迄今為止看到的情況和平衡項目。顯然，入住需求強勁，關鍵銷售季節是全年入住量的絕大部分。這是第一點。

As you down to the P&L, we mentioned RevPOR was favorable in the first quarter, both in terms of in place and street, both performing well. I would highlight on the OpEx, which we really haven't talked about, 5% on OpEx in the first quarter, year over year, in line with our full year guide.

當您查看損益表時，我們提到第一季的 RevPOR 表現良好，無論是就地還是街道而言，都表現良好。我想強調我們實際上還沒有談論過的營運支出，第一季的營運支出年增 5%，與我們的全年指引一致。

When you unpack that and we gave this in the deck, you can see labor versus non-labor actually trending quite favorably, and that's very encouraging. And so as we look at it, the composition of it, that first quarter is encouraging. And I'm going to be going back to the key selling season, but that's what we saw so far.

當你解開這個謎團並且我們在簡報中給出這一點時，你可以看到勞動力與非勞動力實際上呈現相當有利的趨勢，這是非常令人鼓舞的。因此，從我們的角度來看，第一季的業績是令人鼓舞的。我將回到關鍵的銷售季節，但這就是我們目前所看到的情況。

Got it. And then Justin, maybe what do you attribute to the re-acceleration and RevPOR growth on a leap year adjusted basic basis? Is it more mix related to the assets where you're growing occupancy, or is it more function of the street rate growth you guys have highlighted a few times?

知道了。那麼賈斯汀，也許您認為閏年調整後 RevPOR 的重新加速和增長的原因是什麼？這是否與您正在增加入住率的資產有關，或者這是否更多地與您多次強調的街道率增長有關？

Yes, so we have a very deliberate effort through our OI platform and the team that delivers those insights to our operators to focus on price volume optimization. And in doing so, we're looking for, quite frankly, just to be priced right. We don't set pricing, but we give guidance in terms of where we think the opportunity is to either obtain price or to deliver occupancy growth.

是的，因此，我們透過我們的 OI 平台和向我們的營運商提供這些見解的團隊做出了非常刻意的努力，專注於價格量優化。坦白說，我們這樣做只是為了確定合理的價格。我們不設定價格，但我們會就我們認為可以獲得價格或實現入住率成長的機會提供指導。

And through those efforts, we're seeing encouragingly move in rents have been stronger than we've seen in recent years. So we're starting to see a pick up from a street rate/ move in rent standpoint. We had 7% internal rent increases. And I always like to remind everyone, Debbie, especially does too, that we still have relatively low occupancy. So we have good price opportunity even in occupancy that's around 84% in the US.

透過這些努力，我們看到令人鼓舞的是，租金上漲幅度比近年來更高。因此，我們開始看到街道租金/租金上漲。我們的內部租金上漲了 7%。我總是想提醒大家，尤其是黛比，我們的入住率仍然相對較低。因此，即使美國的入住率約為 84%，我們仍然擁有良好的價格機會。

Canada is also benefited from those trends, but it's also benefited from the mix shift as well. But the US is more around the deliberate actions that that our operators have taken, with some insights from us as well, to deliver better pricing.

加拿大也受惠於這些趨勢，但同時也受惠於混合轉變。但美國更關注的是我們的營運商採取的深思熟慮的行動，同時也參考了我們的一些見解，以提供更好的定價。

Michael Stroyeck, Green Street.

麥可‧斯特羅耶克 (Michael Stroyeck)，綠街。

Thanks and good morning. Maybe going back to the research segment, can you just remind us how much of the tenant base is in the traditional biotech sectors and what the average WALT is specifically on those leases?

謝謝，早安。也許回到研究部分，您能否提醒我們有多少租戶屬於傳統生物技術領域，以及這些租約的平均 WALT 是多少？

I'm going to turn it over to my colleague, Pete, for a second, but again, 75% of the single-digit NOI that we get kind of all in from research is credit tenants with WALT between [9 and 10 years]. So in some senses, Michael, it's the inverse of that, but I'll turn it over to Pete to provide more specifics.

我要把它交給我的同事 Pete，但再次強調，我們從研究中獲得的個位數 NOI 中有 75% 是 WALT 的信用租戶[9 歲和 10 歲]。因此從某種意義上來說，邁克爾，這是相反的，但我會把它交給皮特來提供更多細節。

Sure, yeah, so as Debbie said, about three-fourth of the tenants are investment grade. And 50% are universities with that AA rating, so it's really a strong tendency, very different than most. And just to give you a perspective, at share we have about 6 million square feet of space in the research portfolio and only 148,000 square feet are in the three most stressed cities, which is San Francisco, Cambridge, and San Diego.

當然，正如黛比所說，大約四分之三的租戶都是投資等級的。其中 50% 的大學都獲得了 AA 評級，所以這確實是一個強勁的趨勢，與大多數大學截然不同。僅供大家了解一下，我們的研究組合中大約有 600 萬平方英尺的空間，其中只有 148,000 平方英尺位於三個壓力最大的城市，即舊金山、劍橋和聖地亞哥。

So it's a very different portfolio that's been built. Having said that, about the remaining 25% is a mix of retail, biotech, flexible innovation space and so forth. And about half of that are revenue generating. They're kind of past their inflection points. So we think about roughly 12% of our portfolio is kind of the earlier stage biotech or innovation flex space. And at least terms for those are typically, for the innovation spaces, those are 10 years plus, and for the pre revenue biotechs, they’re usually five to seven years.

因此，這是一個非常不同的投資組合。話雖如此，剩下的 25% 左右是零售、生技、靈活創新空間等的混合體。其中約一半可以產生收入。他們似乎已經過了轉折點。因此，我們認為我們投資組合中約有 12% 屬於早期生物技術或創新靈活空間。至少對於創新領域來說，這些期限通常是 10 年以上，而對於尚未獲利的生物技術來說，通常為 5 到 7 年。

And Michael, one final point on this, I believe Bob mentioned it, but we are continuing to see really good institutional demand for the portfolio, and that really runs across highly rated university users, medical research, and medical users, and some of our non-cluster markets which have basically no new supply.

邁克爾，最後一點，我相信鮑勃提到了這一點，但我們繼續看到機構對投資組合的需求非常好，這確實涉及到高評級的大學用戶、醫學研究和醫療用戶，以及一些基本上沒有新供應的非集群市場。

So when I mentioned that these organizations are juggernauts, I mean they've got 50 to 100 year plans. And we really are in a good position because we're seeing very current. LOIs, leasing activity, and other interests from these institutional users in the portfolio. And we're trying to take -- trying to capitalize on that. So the near term on those users continues to show a good activity and interest.

所以當我提到這些組織是巨頭時，我的意思是他們有 50 到 100 年的計劃。我們確實處於有利地位，因為我們看到了非常新的情況。意向書、租賃活動以及投資組合中這些機構使用者的其他利益。我們正在嘗試利用這一點。因此，短期內這些用戶將繼續表現出良好的活動和興趣。

Got it. That’s helpful. Maybe just sticking with that point then, where do you expect occupancy to trend over the next 12 months within the research portfolio?

知道了。這很有幫助。那麼也許只是堅持這一點，您預計未來 12 個月研究組合中的入住率趨勢如何？

Well, again, right now, we’re reaffirming the OM&R same store cash NOI growth of 2% to 3%.

好吧，現在，我們再次重申 OM&R 同店現金 NOI 成長率為 2% 至 3%。

I would highlight in the total research portfolio that we have a number of the assets up in redevelopment mode, notably in Philly, which is having an impact on occupancy, but we believe that those redevelopments are going to be value creating and so it's the timing issue.

我想在整個研究組合中強調的是，我們有許多資產處於重建模式，特別是在費城，這對入住率產生了影響，但我們相信這些重建將創造價值，所以這是時機問題。

Ron Kamden, Morgan Stanley.

摩根士丹利的羅恩·卡姆登。

Just two quick ones for me. Clearly the conversions really jump out and the success that you've had. I think I asked this last quarter as well. But as you're sort of relooking the NNN portfolio. Is there ways to create more conversion opportunities? Just can you talk us through just the puts and takes there because it would seem like financially it would make a lot of sense to do more.

我只想簡單說兩句話。顯然，轉換確實引人注目，而且您已經取得了成功。我想我上個季度也問過這個問題。但當您重新審視 NNN 投資組合時。有沒有辦法創造更多的轉換機會？您能否向我們介紹其中的利弊，因為從財務角度來看，做更多的事情似乎更有意義。

Yeah, it's Justin. So we certainly have put a lot of energy into that given the number of conversions we've had. We've talked about Brookdale. What we haven't talked about yet is the UK. I mentioned in the prepared remarks that we have a new operator, and that came by way of converting triple-net to SHOP.

是的，他是賈斯汀。因此，考慮到我們已經進行的轉換次數，我們確實在這方面投入了大量的精力。我們討論過布魯克代爾。我們還沒談論的是英國。我在準備好的演講中提到，我們有了一個新的運營商，這是透過將三網轉換為 SHOP 而來的。

There's 11 London area and Southeast England area care homes that were in a triple-net portfolio. They're now SHOP. They're operated by CCG who is an operator who has -- who's known for turnaround, redev. And they've grown their enterprise to 100 locations across England, Scotland. So we have a right operator.

倫敦地區和英格蘭東南部地區的 11 家養老院均屬於三重淨投資組合。他們現在正在購物。它們由 CCG 經營，CCG 是一家以扭轉乾坤和重建而聞名的營運商。他們的企業已擴展到英格蘭和蘇格蘭的 100 個地點。所以我們有合適的操作員。

We're in some markets that I'm particularly excited about. One is, we're right in between Walton-on-Thames and Richmond-on-Thames. And if you know that part of England, you might know Hampton Palace, which is a great place to visit. It's my old stomping grounds.

我們所處的某些市場令我特別興奮。一是，我們剛好位於泰晤士河畔沃爾頓和泰晤士河畔里士滿之間。如果您了解英格蘭的那部分地區，您可能知道漢普頓宮，那是一個值得遊覽的好地方。這是我以前常去的地方。

Our location is right near the river, great campus, very well run care home that has particularly very strong price and occupancy opportunity with investment. So with the right operator and with the right investment in the community, I'm really excited about that and several of the other locations. And I'm also excited to have a SHOP portfolio in the UK now. So we can lean in a little bit over time into that market, which also has very strong fundamentals.

我們的位置就在河邊，校園很棒，養老院管理得很好，投資價格和入住機會都非常好。因此，有了合適的運營商和對社區的正確投資，我對這個地點和其他幾個地點感到非常興奮。我也很高興現在在英國擁有 SHOP 投資組合。因此，隨著時間的推移，我們可以逐漸進入這個市場，因為它的基本面也非常強勁。

Having said that, the US remains our first and foremost priority, and we have tremendous opportunity in the US. But we do keep looking for opportunities to convert from triple-net to SHOP and that's the most recent example.

話雖如此，美國仍然是我們的首要任務，我們在美國擁有巨大的機會。但我們確實一直在尋找從三重淨銷售轉換為 SHOP 的機會，這就是最近的例子。

Great, helpful. And then I just want to go back to the acquisition slide in question. I think the slide makes it looks like cap rates are compressing 50 basis points, which -- this may not be apples to apples, but I guess I'd love to hear, it's more competition, cap rate trends. Just a little bit more color on that on what you're seeing in the pipeline. Thanks.

很棒，很有幫助。然後我只想回到剛才提到的收購投影片。我認為幻燈片顯示資本化率似乎正在壓縮 50 個基點，這可能不是蘋果對蘋果的比較，但我想我很樂意聽到，這是更多的競爭，資本化率趨勢。稍微詳細介紹一下您在管道中看到的內容。謝謝。

Yeah, it's -- these are -- when you compare the activity of last year to the activity this year, these are two big samples, of what we're -- what we were able to demonstrate in the market. One was 7.7% last year, 7.2% this year. So clearly there's cap rate compression. But it's also still in our stated range that quite frankly, we established 1.5 years ago of 7% to 8%.

是的，當你將去年的活動與今年的活動進行比較時，你會發現，這兩個大樣本就是我們能夠在市場上展示的東西。一個是去年7.7%，一個是今年7.2%。因此顯然存在資本化率壓縮。但坦白說，它仍然在我們所說的範圍內，即我們一年半前確定的 7% 到 8%。

And then our IRR still remain really exactly where they were, which is low to mid-teens. And great opportunity to acquire both yield and growth in these communities that we've been purchasing.

然後我們的 IRR 仍然保持在原來的水平，即低至十幾歲。這是我們一直在購買的這些社區中獲得收益和成長的絕佳機會。

There is more competition, clearly, given how strong the senior housing fundamentals are in the sector and the standout asset class amongst real estate. More players are coming to the table, but that's when the advantage platform that Ventas has really starts to shine.

顯然，鑑於老年住房行業基本面強勁以及老年住房在房地產中佔據突出地位，競爭將更加激烈。越來越多的玩家加入進來，但這正是 Ventas 的優勢平台真正開始發光發熱的時候。

We enter deals with the track record of having closed all these recent transactions and the credibility of delivering what we say we're going to do. We do not have financing contingency when we enter deals. We have a platform to manage scale in senior housing that is unrivaled by the entire capital sector that faces the industry except for one peer. And therefore we feel very good about our opportunity to continue to compete.

我們達成交易時都擁有近期完成的所有交易的記錄，並且有信守承諾的信譽。當我們達成交易時，我們沒有融資應急計劃。我們擁有一個管理老年住房規模的平台，除了一家同行外，其他所有面向該行業的資本部門都無法與我們匹敵。因此，我們對繼續競爭的機會感到非常高興。

And we are also benefiting from the relationships we have in the portfolio. Like I said, 75% of our deals have been born of these relationships, and that's advantaged us as well. So yeah, we'll see more competition, and we'll also be ready to continue to compete.

我們也受益於我們在投資組合中建立的關係。正如我所說，我們 75% 的交易都是透過這些關係達成的，這也為我們帶來了優勢。所以，是的，我們將看到更多的競爭，我們也將準備好繼續競爭。

Nick Yulico.

尼克·尤利科。

Good morning, everyone. So, I guess just maybe just going back to the commentary on the move out in March, the clinical outcomes, I was just hoping to get a little bit more of maybe the math, if you could flesh that out a little bit because I think what we and some others are kind of struggling with right now is if you have 60,000 units in your senior housing same sort of pool, how could mathematically your occupancy really be affected by some level of clinical move outs?

大家早安。所以，我想也許只是回到 3 月份遷出的評論，臨床結果，我只是希望得到更多的數學知識，如果你可以稍微充實一下，因為我認為我們和其他一些人現在正在努力解決的問題是，如果你的老年住房中有 60,000 個單元，從數學上講，你的入住率怎麼會受到某種程度的臨床遷出的影響呢？

I mean, we're not probably going to get into the exact numbers, but the simple answer is our move-in activity was consistent with last year. Our move out activity was higher, and it's driven by the mortality rate being high.

我的意思是，我們可能不會給出確切的數字，但簡單的答案是我們的入住活動與去年一致。我們的遷出活動較高，這是由於死亡率高所致。

So you just have a -- relative to our original expectation -- you have, a lower jumping off point. And they happen late in the quarter and that's what impacts the jumping off point.

因此，相對於我們最初的預期，你的起點較低。而且它們發生在季度末，這就是影響起點的原因。

So it does have an impact. I mean, just like conversely, the key selling season, which is substantially all of the net move-in activity happens, that has the opposite impact. We tend to see around 10% more move-ins during that period, usually see around 5% less move outs. Together that's what the key selling season delivers, May to September, and delivers all that occupancy growth that we hope to see again this year. So that's just how the seasonality tends to play out.

所以它確實有影響。我的意思是，就像相反的那樣，關鍵的銷售季節，也就是幾乎所有的淨入住活動發生的季節，都有相反的影響。我們通常會看到在此期間入住人數增加約 10%，而搬離人數通常會減少約 5%。總的來說，這就是 5 月至 9 月這一關鍵銷售季節所帶來的結果，並帶來了我們希望今年再次看到的入住率成長。這就是季節性的表現方式。

Okay, and then just going back to -- I know your company others in the industry have moved away from wanting to give monthly data. And I think it was asked earlier about where was March occupancy, and so I guess I'll try asking again about if there's any way you could give a feel for how March occupancy is? How April's trending? And the reason I'm asking is that, I think, you guys kind of opened the door to this being a natural question when you said that the jumping off point is lower to start in the second quarter.

好的，然後回到正題——我知道貴公司和業內其他公司已經不再願意提供月度數據了。我認為之前有人問過三月份的入住率是多少，所以我想我會再問一次，您是否能告訴我三月份的入住率是多少？四月的流行趨勢如何？我之所以問這個問題是因為，我認為，當你們說第二季的起點較低時，你們就為這個問題打開了大門。

So as everyone's looking at testing your guidance assumptions I know you've already said that you feel good about your full year guidance, but people are thinking about impacts potentially to the guidance or even how you could exceed guidance, it would be pretty helpful to understand where March and April occupancy is for the portfolio.

因此，當每個人都在測試您的指導假設時，我知道您已經說過您對全年指導感到滿意，但人們正在考慮對指導的潛在影響，甚至考慮您如何超越指導，了解 3 月和 4 月投資組合的入住率將非常有幫助。

Yeah, I think you're right, Nick, to say that the industry has gone away from that timing in light of the fact that we should all be focused on the trends. I'll say again, you can do the math and say 290, first quarter; 270, full year plug. And that gives you a number, which is the start point and on a reasonable approximation of the start point. So, beyond that, I would just keep our eyes focused on the trends in the longer term, notably the key selling season right ahead of us.

是的，尼克，我認為你是對的，鑑於我們都應該關注趨勢這一事實，這個行業已經遠離了那個時機。我再說一遍，你可以算一下，第一季為 290，全年為 270。這會給你一個數字，它是起點和起點的合理近似值。因此，除此之外，我還會繼續關注長期趨勢，特別是即將來臨的關鍵銷售季節。

Okay. Thank you.

好的。謝謝。

Mason Guell, Baird.

梅森·奎爾，貝爾德。

Thank you. Good morning, everyone. Do you expect independent living occupancy growth to continue outpacing assisted living throughout 2025, and would the GAAP be consistent with the first quarter?

謝謝。大家早安。您是否預期 2025 年獨立生活入住率的成長速度將持續超過輔助生活入住率的成長速度，且 GAAP 是否與第一季一致？

Hi it’s Justin. So historically and currently across the sector, independent living does tend to have a higher absolute occupancy. It's also been a strong contributor of growth for us, in the US around 370 basis points for assisted living, which was also very strong with 300 basis points.

嗨，我是賈斯汀。因此，從歷史上看以及目前整個產業來看，獨立生活確實往往有更高的絕對入住率。它也是我們成長的強大貢獻者，在美國，輔助生活服務的成長約為 370 個基點，而輔助生活服務的成長也非常強勁，達到了 300 個基點。

So, we've had a lot of portfolio actions that have been directed towards independent living, including, operators and investments in the portfolio, but it's also been the case for assisted living. So we'll anticipate growth really in both categories of senior housing moving ahead, and hope that they will continue to be really strong as we get into this key selling season.

因此，我們有許多針對獨立生活的投資組合行動，包括投資組合中的經營者和投資，但也包括輔助生活的情況。因此，我們預計這兩類老年住房都會真正實現成長，並希望在進入這個關鍵的銷售季節時，它們將繼續保持強勁成長。

Great. And have you seen a notable difference in competition for independent living versus assisted living product?

偉大的。您是否發現獨立生活產品和輔助生活產品的競爭有顯著差異？

And you mean in --

你的意思是--

In investment?

投資方面？

From a consumer standpoint or from an acquisition?

從消費者的角度還是從收購的角度？

From an acquisition standpoint.

從收購的角度來看。

Yeah, so we've been focusing by and large on campuses that offer a combination of services, independent living, assisted living, memory care. For the most part, it's been those three services on a campus. Sometimes it's an assisted living memory care combination. There's been some kind of living that are freestanding that we purchased as well. I'm talking about over 70 communities that we've invested in over the past -- since the beginning of last year.

是的，所以我們一直主要關注提供多種服務、獨立生活、輔助生活、記憶照護的校園。在大多數情況下，校園裡都是提供這三種服務。有時它是輔助生活記憶護理的組合。我們也買了一些獨立式的居住空間。我說的是自去年年初以來我們已投資的 70 多個社區。

Yeah, we -- there's competition for the highest quality assets, which is what we've been pursuing. And we've been pursuing communities that are high performing with upside. One of the things that really helps us to compete is the preference among our operator relationships. That's been -- that's played a key role for us. And that is that they want to work with us and continue to work with us. And there's a lot of new operators we've added as well. So when we find ourselves in a competitive situation, that's one aspect that's helped us to win deals.

是的，我們－對最優質資產有競爭，這正是我們一直在追求的。我們一直在追求高績效、有發展潛力的社區。真正幫助我們競爭的因素之一是我們與營運商關係的偏好。這對我們來說起到了關鍵作用。那就是他們想與我們合作並繼續與我們合作。我們也增加了很多新的操作員。因此，當我們處於競爭環境中時，這是一個幫助我們贏得交易的方面。

Obviously our financial strength and flexibility is another aspect. And then a track record with counterparties as an acquirer of assets is excellent. So we like our opportunity to continue to compete and even for the best assets.

顯然，我們的財務實力和靈活性是另一個面向。作為資產收購方，與交易對手的業績記錄非常出色。因此，我們喜歡有機會繼續競爭，甚至爭取最好的資產。

Thank you. That's all the time that we have questions for today. So I'd like to please turn this back to Ventas Chairman and CEO, Deborah Cafaro, for closing remarks.

謝謝。這就是我們今天的所有問題。因此，我想請 Ventas 董事長兼執行長 Deborah Cafaro 做最後發言。

Thanks, Amy. So to conclude, Ventas delivered strong results in the first quarter. Demand for senior housing is strong and getting stronger and supply remains highly constrained. The multi-year NOI growth opportunity driven by senior housing is well underway with 11 quarters in a row of double-digit NOI growth, and yet the best is still ahead. So we look forward to seeing all of you soon to discuss this and more, and hope to see you in New York. Thanks.

謝謝，艾米。總而言之，Ventas 在第一季取得了強勁的業績。老年住房的需求強勁且日益增長，而供應仍然受到嚴重限制。由老年住房推動的多年期 NOI 成長機會正在順利進行，連續 11 個季度實現兩位數的 NOI 成長，但最好的還在後頭。因此，我們期待很快與大家見面，討論這個問題以及更多問題，並希望在紐約見到你們。謝謝。