芬塔 (VTR) 2025 Q2 法說會逐字稿

Hello and thank you for standing by.

您好，感謝您的支持。

My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Ventas’s second-quarter 2025 earnings call.

我叫貝拉，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Ventas 2025 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to BJ Grant, Ventas SVP of Investor Relations.

（操作員指示）現在，我想將會議交給 Ventas 投資者關係高級副總裁 BJ Grant。

You may begin.

你可以開始了。

Thank you, Bella, and good morning, everyone, and welcome to the Ventas second-quarter 2025 results conference call.

謝謝你，貝拉，大家早安，歡迎參加 Ventas 2025 年第二季業績電話會議。

Yesterday, we issued our second-quarter 2025 earnings release, presentation materials, and supplemental information package, which are available on the Ventas website at ir.ventasreit.com. 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.

昨天，我們發布了2025年第二季度盈利報告、簡報資料和補充資訊包，可在Ventas網站ir.ventasreit.com上取得。提醒一下，今天的評論可能包含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.

本次電話會議也將討論某些非公認會計準則財務指標。如需了解這些指標與最接近的 GAAP 指標之間的對比，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, and happy birthday.

謝謝你，BJ，生日快樂。

I'd like to welcome all of our shareholders and other participants to the Ventas second-quarter 2025 earnings call. We're pleased to report strong earnings growth and again, raise our guidance as we execute our 1-2-3 strategy. Ventas is an essential participant in the longevity economy and is well positioned to capitalize on the secular demand from the large and growing aging population our company serves. Both our advantage platform and our portfolio have been intentionally built to meet this moment and generate durable multiyear NOI growth driven by organic growth in our senior housing operating portfolio, or SHOP, and accretive senior housing investments.

我歡迎所有股東和其他參與者參加 Ventas 2025 年第二季收益電話會議。我們很高興地報告強勁的獲利成長，並在執行我們的 1-2-3 策略時再次提高了我們的預期。Ventas 是長壽經濟的重要參與者，並且能夠充分利用我們公司服務的龐大且不斷增長的老齡化人口的長期需求。我們的優勢平台和投資組合都是為滿足這一需求而特意構建的，並透過老年住房運營組合（SHOP）的有機增長和增值的老年住房投資實現持久的多年 NOI 增長。

This engine of our growth is being supplemented by compounding contributions from the balance of our portfolio and our continually improving balance sheet.

我們的成長引擎正透過我們投資組合餘額和不斷改善的資產負債表的複合貢獻得到補充。

Our 1-2-3 strategy is designed to deliver superior FFO per share growth, enhance our financial strength and create value for our shareholders. The second quarter demonstrated the positive impact of our approach. Year-over-year, normalized FFO per share grew 9% and total company same-store cash net operating income, or NOI, increased 7%.

我們的 1-2-3 策略旨在實現卓越的每股 FFO 成長、增強我們的財務實力並為我們的股東創造價值。第二季度證明了我們的方法的正面影響。與去年同期相比，每股正常化 FFO 成長 9%，公司同店現金淨營業收入（NOI）成長 7%。

We also raised our full year normalized FFO guidance midpoint to $3.44 per share, representing 8% accelerating year-over-year FFO per share growth at the midpoint. And we also improved our company-wide same-store year-over-year cash NOI growth expectations to 7% at the midpoint. If achieved, these growth rates would put us in the upper echelon of REIT growers. Underpinning our strong results and improved expectations are the three components of our strategy. Let me take you through them in order: One, drive organic growth in our SHOP communities using our platform advantages, data analytics and experience. Check. Our SHOP communities in the US delivered 18% same-store cash NOI growth in Q2, adjusting for a tax refund we received in the prior year. Revenue grew over 8% for the entire same-store SHOP portfolio, an average year-over-year occupancy growth accelerated intra-quarter and finished on a high note in June with 60 basis points of sequential improvement in average occupancy. In June, move-ins reached their second highest level of any month in over five years.

我們還將全年標準化 FFO 指導中點上調至每股 3.44 美元，這意味著每股 FFO 中點年增 8%。我們也將全公司同店現金淨營業收入較去年同期成長預期提高至中位數 7%。如果能夠實現，這些成長率將使我們躋身房地產投資信託基金 (REIT) 成長者的上層。我們的強勁業績和改善的預期由我們的策略的三個組成部分支撐。讓我按順序帶您了解：第一，利用我們的平台優勢、數據分析和經驗推動 SHOP 社群的自然成長。查看。根據我們去年收到的退稅進行調整後，我們在美國 SHOP 社區在第二季度實現了 18% 的同店現金 NOI 成長。整個同店 SHOP 組合的收入增長了 8% 以上，平均同比入住率增長在本季度內加速，並在 6 月份達到高位，平均入住率連續提高了 60 個基點。六月份，入住人數達到了五年來第二高的水平。

Two, make value-creating investments in senior housing. Check. We've raised our full-year 2025 senior housing investment volume guidance to $2 billion. Because of our advantaged position and the increase in market activity, our pipeline of senior housing investments is growing, and we intend to build on our momentum as we identify and close compelling investments with low to mid-teens unlevered IRR expectations, robust current performance and significant upside potential.

二是開展養老地產增值投資。查看。我們已將 2025 年全年老年住房投資額預期上調至 20 億美元。由於我們的優勢地位和市場活動的增加，我們的老年住房投資管道正在不斷增長，我們打算繼續保持這種勢頭，識別並完成具有低至中等無槓桿內部收益率預期、強勁的當前業績和巨大的上行潛力的引人注目的投資。

And three, maximize performance in the balance of our portfolio. Check. Our outpatient medical and research portfolio is fueled by growth in the over 65 population, which will represent 20% of the US population by 2030. Outpatient medical is powered by our competitively advantaged in-house property management and leasing platform and is also benefiting from the accelerating trend toward outpatient activities.

第三，最大限度地提高我們投資組合的平衡績效。查看。我們的門診醫療和研究組合受到 65 歲以上人口成長的推動，到 2030 年，這群人將占美國人口的 20%。門診醫療由我們具有競爭優勢的內部物業管理和租賃平台提供支持，並且還受益於門診活動加速發展的趨勢。

Our team delivered leasing and occupancy improvements both year-over-year and sequentially in Q2, and we expect year-over-year NOI growth to increase in the second half. Meanwhile, our institutionally-based research portfolio, which is the smallest part of our business, represents about 8% of our NOI. Three quarters of that NOI comes from credit tenants under leases with a weighted average lease term of nearly 10 years. We continue to experience good institutional demand for our space, while the sliver of innovation and pre-revenue tenancy remains subject to the macro challenges facing the sector.

我們的團隊在第二季度實現了租賃和入住率的同比和環比增長，我們預計下半年淨營業收入的同比增幅將會提高。同時，我們基於機構的研究組合是我們業務中最小的部分，約占我們淨營業收入的 8%。其中四分之三的營業淨收入來自信用租戶，其租賃加權平均期限為近 10 年。我們繼續感受到機構對我們空間的良好需求，而創新和盈利前租賃的微薄需求仍然受到該行業面臨的宏觀挑戰的影響。

All in all, backed by compelling demand for the services and activities in our sites, our space users generally have staying power and are finding ways to adapt and continue their important work. Closing on senior housing, we are already in the fourth year of double-digit NOI growth from our communities and the multiyear NOI and occupancy growth opportunity ahead of us should continue for many years. The over 80 population should grow 28% in the next 5 years, by 4 million individuals, as the leading edge of the baby boomers turns 80 in 2026 and more seniors than ever are choosing senior living for the benefits it provides.

總而言之，由於對我們網站的服務和活動的強烈需求，我們的空間使用者通常具有持久力，並且正在尋找適應和繼續他們重要工作的方法。說到老年公寓，我們社區的 NOI 成長已經連續第四年達到兩位數，而我們未來多年的 NOI 和入住率成長機會應該會持續很多年。未來 5 年內，80 歲以上人口將增加 28%，即增加 400 萬人，因為嬰兒潮世代的首批成員將在 2026 年年滿 80 歲，而且越來越多的老年人選擇老年生活以享受其提供的福利。

In fact, the number of individuals projected to turn 80 increases every year through 2038. At the same time, new starts in senior housing are hovering at record lows, with construction starts approximating only 2,000 units in Q2. We expect today's significant supply constraints to persist for an extended period. This combination of secular demand, which is expected to grow beyond the next decade, and factor suppressing supply should elongate Ventas' multiyear occupancy and NOI growth opportunity well into the future.

事實上，預計到 2038 年，年滿 80 歲的人數每年都會增加。同時，老年住宅新開工量徘徊在歷史低位，第二季新開工量僅約 2,000 套。我們預計，目前嚴重的供應限制將持續較長時間。長期需求預計將在未來十年內持續成長，而供應受到抑制，這些因素的結合應該會延長 Ventas 未來的多年入住率和 NOI 成長機會。

Because we anticipated these conditions, we've taken focused actions to expand our SHOP footprint by 1,200 basis points in just over the last two years, and we expect SHOP NOI to represent over half our business by year-end. And along the way, we built a formidable platform that leverages our advantages to enable exceptional environments attractive to our senior residents, drive performance through active asset management, curate our portfolio and maintain mutually supportive engagement with our operators. Together, the highly favorable macro backdrop and our advantaged capabilities should enable Ventas to thrive and create value for our shareholders over the near and the long term. Our whole team at Ventas is excited and aligned to go after these opportunities.

由於我們預見了這些情況，我們採取了有針對性的行動，在過去兩年內將我們的 SHOP 業務範圍擴大了 1,200 個基點，我們預計到年底 SHOP NOI 將占我們業務的一半以上。在此過程中，我們建立了一個強大的平台，利用我們的優勢，為老年居民提供有吸引力的卓越環境，透過積極的資產管理推動業績，策劃我們的投資組合，並與我們的營運商保持相互支持的合作關係。綜合來看，極為有利的宏觀背景和我們的優勢能力將使 Ventas 能夠在短期和長期內蓬勃發展並為我們的股東創造價值。Ventas 的整個團隊都興奮不已，並齊心協力爭取這些機會。

And now I'm happy to turn the call over to Justin.

現在我很高興將電話轉給賈斯汀。

Thank you, Debbie.

謝謝你，黛比。

Let me first start with the second quarter. Our SHOP same-store portfolio delivered 8.2% revenue growth driven by accelerating occupancy throughout the quarter and strong pricing, resulting in 5.3% RevPOR growth. The key selling season is off to a good start and bolstered by a very strong June and continued strength in July.

我首先從第二季開始。我們的 SHOP 同店組合收入成長 8.2%，這得益於整個季度入住率的提高和強勁的定價，從而導致 RevPOR 增長 5.3%。關鍵的銷售季節開局良好，6 月份的強勁表現和 7 月份的持續強勁表現為其提供了支撐。

Same-store SHOP occupancy grew by 240 basis points, led by the US with growth of 290. Our operating partners, Atria, Sunrise, Discovery and Sinceri led the way in the US, while Le Groupe Maurice in Canada continues to stand out with occupancy over 98%. Move-ins remained strong throughout the quarter and were exceptional in June, while move-outs normalized.

同店店舖入住率成長了 240 個基點，其中美國成長最多，為 290 個基點。我們的營運夥伴 Atria、Sunrise、Discovery 和 Sinceri 在美國處於領先地位，而加拿大的 Le Groupe Maurice 繼續脫穎而出，入住率超過 98%。整個季度，入住率保持強勁，6 月更是表現亮眼，而退房率則趨於正常。

June's sequential average occupancy growth versus May was particularly strong with 60 basis points led by the Holiday by Atria brand, contributing 110 basis points sequentially. We outperformed the NIC industry averages as our communities located in the US top 99 markets outperformed NIC occupancy growth by 100 basis points year over year and 30 basis points sequentially.

與 5 月份相比，6 月份平均入住率環比增長尤為強勁，其中 Holiday by Atria 品牌貢獻了 60 個基點，環比貢獻了 110 個基點。我們的表現優於 NIC 行業平均水平，因為我們位於美國前 99 個市場的社區的入住率增長比 NIC 同比增長 100 個基點，比上一季度增長 30 個基點。

The SHOP portfolio delivered 13.3% NOI growth driven by 16% in the US. When adjusting for the prior year tax refund, underlying NOI rose 15% with the US up 18%. Expenses were roughly in line with expectations. A quick reminder, we raised SHOP guidance in May and still expect 270 basis points of occupancy growth, 4.5% on RevPOR, 5% on expense and a range of 12% to 16% NOI growth.

SHOP 投資組合實現了 13.3% 的 NOI 成長，其中美國成長了 16%。當根據上一年的退稅進行調整時，基本淨營業收入上漲了 15%，其中美國上漲了 18%。支出大致符合預期。簡單提醒一下，我們在 5 月提高了 SHOP 指導，並且仍然預計入住率將增加 270 個基點，RevPOR 將增加 4.5%，費用將增加 5%，NOI 將增加 12% 至 16%。

2025 marks our fourth consecutive year of double-digit NOI gains as we continue to take deliberate actions to capitalize on the multiyear opportunity in senior housing. Reminder, the primary determinant of occupancy for the full year is the timing and slope of the key selling season, which is performing well. We still have important months ahead, and we are working hard to finish strong.

2025 年是我們連續第四年實現兩位數的淨營業收入成長，我們將繼續採取深思熟慮的行動，抓住老年住房領域的多年機會。提醒一下，全年入住率的主要決定因素是關鍵銷售季節的時間和斜率，目前表現良好。未來幾個月我們仍然很重要，我們正在努力取得圓滿成功。

Moving on to senior housing strategic updates. As you know, our strategy is focused on the right markets, right assets and right operators. Over the past five years, we have deployed the full range of portfolio actions underpinned by our Ventas OI data analytics to ensure that we are well positioned to deliver outsized growth in our senior housing platform.

繼續討論老年人住房策略更新。如您所知，我們的策略專注於正確的市場、正確的資產和正確的營運商。在過去五年中，我們部署了以 Ventas OI 數據分析為基礎的全方位投資組合行動，以確保我們能夠在老年住房平台上實現超額成長。

Those actions include over 130 conversions from triple-net to SHOP, over 260 transitions to new managers, over 110 dispositions, over 300 community refreshes and over 190 acquisitions. Our ongoing active asset management is driving performance and positions Ventas to capture the compelling multiyear growth opportunity ahead in senior housing. I'd like to take a few minutes to talk about aspects of the operator portion of the strategy. Adding new operators is essential to obtaining scale and density in markets as well as expanding our relationship-driven investment opportunity set. I'm really excited about the progress we have made growing our shop operator footprint, reaching 36 operators as of July from just 10 five years ago. We selectively grow with top-performing operators with strong local market clusters, specialized product expertise and deep leadership talent embedded close to community operations. Our scalable advantaged platform enables us to match each community with the most effective operator, unlocking performance and growth across diverse markets.

這些行動包括從三重網路到 SHOP 的 130 多次轉換、超過 260 次過渡到新經理、超過 110 次處置、超過 300 次社區更新和超過 190 次收購。我們持續的積極資產管理正在推動績效成長，並使 Ventas 能夠抓住老年住房領域未來引人注目的多年成長機會。我想花幾分鐘時間談談該策略的運營商部分。增加新的營運商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。我對我們的進展感到非常興奮，我們的店鋪運營商覆蓋範圍不斷擴大，截至 7 月份已從五年前的 10 個運營商擴展到 36 個。我們有選擇地與表現最佳的運營商合作，這些運營商擁有強大的本地市場集群、專業的產品專業知識以及深入社區運營的領導才能。我們可擴展的優勢平台使我們能夠為每個社區匹配最有效的營運商，從而釋放不同市場的績效和成長。

In a highly fragmented US senior housing landscape, supporting and expanding a high-performing operator pool is a key driver of our growth strategy. Importantly, these new relationships are also a major source of proprietary deal flow as the majority of our transactions are relationship-driven rather than broadly marketed, creating a compounding growth effect across the enterprise. We work with operators in a number of ways, including driving price volume optimization and community transitions. For example, we are hitting our stride managing occupancy and rate growth driving RevPOR and move-in volume. The Ventas OI team is actively driving price and volume optimization by collaborating closely with our operating partners to ensure that our senior housing communities are dynamically priced. This strategy leverages data-driven insights to strike the optimal balance between converting tours into move-ins, and achieving competitive rate positioning in each market. By continuously annualizing market demand, lead conversion trends and price elasticity, we're aligning incentives and decision-making to maximize both occupancy and rate performance as evidenced by our strong move-in and RevPOR results, both among the best in the past several years.

在高度分散的美國老年住房格局中，支持和擴大高績效運營商庫是我們成長策略的關鍵驅動力。重要的是，這些新的關係也是專有交易流的主要來源，因為我們的大多數交易都是由關係驅動的，而不是廣泛的營銷，從而在整個企業中創造了複合增長效應。我們透過多種方式與營運商合作，包括推動價格量優化和社區轉型。例如，我們在管理入住率和房價成長方面取得了長足進步，推動了每間客房可出租面積 (RevPOR) 和入住量的成長。Ventas OI 團隊正積極推動價格和數量的優化，並與我們的營運合作夥伴密切合作，以確保我們的老年住宅社區實現動態定價。該策略利用數據驅動的洞察力，在將旅遊轉化為入住和在每個市場實現有競爭力的價格定位之間取得最佳平衡。透過持續地將市場需求、潛在客戶轉換趨勢和價格彈性進行年度化，我們正在調整激勵措施和決策，以最大限度地提高入住率和房價表現，正如我們強勁的入住率和 RevPOR 結果所證明的那樣，這兩項結果都是過去幾年中最好的。

Another key area of focus is transitioning management. We remain committed to ensuring each community is aligned with the right operating partner, and we'll continue to actively pursue transitions where we see an opportunity to enhance performance and achieve the optimal operator fit.

另一個重點關注領域是管理轉型。我們始終致力於確保每個社區都與合適的營運夥伴保持一致，並且我們將繼續積極尋求轉型，以期提高績效並實現最佳營運商契合度。

For example, I'll give a quick update on our '26 independent living transition communities that we moved to three different operators by the end of 2023. Those communities are 84% occupied and are achieving an industry-leading 890 basis points of occupancy growth year-to-date versus prior year. They have now caught up with our holiday by Atria portfolio, which is also 84% occupied in the US, both with significant runway ahead for continued growth.

例如，我將簡要介紹我們的 26 個獨立生活過渡社區，到 2023 年底，我們已將這些社區遷移到三個不同的營運商。這些社區的入住率為 84%，與去年同期相比，今年迄今的入住率成長了 890 個基點，處於行業領先地位。目前，它們已經趕上了我們的 Atria 度假投資組合，後者在美國的入住率也達到了 84%，並且都擁有巨大的持續成長空間。

Moving on to portfolio positioning. The strategy of converting our lower occupied triple-net communities to SHOP bolsters the long-term growth potential in the SHOP portfolio. By design, two-thirds of the portfolio is in the low 80% occupancy with significant upside opportunity. Balancing this approach, our investments in senior housing are focused largely on high-performing market-leading communities with upside around 90%. Recall the next big conversion tranche is the 45 former Brookdale triple-net communities. This portfolio is only 78% occupied offering a long runway of growth ahead.

繼續討論投資組合定位。將入住率較低的三重淨社區轉變為 SHOP 的策略增強了 SHOP 投資組合的長期成長潛力。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。平衡這種方法，我們對老年住房的投資主要集中在表現優異、市場領先的社區，其上升空間約為 90%。回想一下，下一個大的轉換部分是 45 個前布魯克代爾三網社區。該投資組合的佔用率僅為 78%，為未來提供了長期的成長空間。

The five transition operators that will run these communities moving forward are highly engaged, and excited about creating value in this portfolio through aligned management agreements. We have plans to refresh the portfolio with NOI generating CapEx, enhancing the competitive positioning of the communities. The portfolio is located in markets with strong tailwinds, and we continue to expect to double the NOI over time.

負責經營這些社區的五家過渡業者高度參與，並對透過一致的管理協議在該投資組合中創造價值感到興奮。我們計劃透過產生淨營運收入的資本支出來更新投資組合，從而增強社區的競爭地位。該投資組合位於具有強勁順風的市場，我們預計隨著時間的推移，淨營業利潤將翻倍。

Wrapping up SHOP. I continue to be energized by the strong performance and remain focused on the organic growth opportunity in the portfolio, supported by our very capable team and our excellent operators.

結束 SHOP。強勁的業績持續激勵我，並在我們非常有能力的團隊和優秀的營運商的支持下，繼續專注於投資組合中的有機成長機會。

Turning to investments, we've continued to execute on our strategy of acquiring attractive senior housing communities that are highly accretive relative to our cost of capital, improve our overall portfolio quality and increase the company's growth rate. I'm pleased to once again raise guidance for the year to $2 billion as our pipeline is increasing at a remarkable rate. Building on our strong first quarter, we've now closed $1.1 billion in senior housing investments year to date and $3 billion since the beginning of last year.

談到投資，我們繼續執行我們的策略，即收購相對於我們的資本成本具有高度增值的有吸引力的老年住房社區，提高我們的整體投資組合品質並提高公司的成長率。由於我們的產品線正在以驚人的速度成長，我很高興再次將今年的指導金額提高到 20 億美元。基於第一季的強勁表現，今年迄今為止，我們已完成 11 億美元的老年住房投資，自去年年初以來已完成 30 億美元的投資。

We also look to expand on our momentum as our pipeline continues to be very active. Year-to-date, we have reviewed 41% more investment opportunities by dollar volume than during the same period last year. While the market has become more competitive in recent months, Ventas is a partner of choice, enabling us to source meaningful and attractive transaction volume meeting our targeted criteria.

由於我們的管道持續非常活躍，我們也希望擴大我們的發展勢頭。今年迄今為止，我們審查的投資機會按金額計算比去年同期增加了 41%。儘管近幾個月來市場競爭愈發激烈，但 Ventas 仍然是我們首選的合作夥伴，使我們能夠獲得符合我們目標標準的有意義且有吸引力的交易量。

The senior housing investments closed year to date have an expected year-one cash yield of 7.2% and low to mid-teens unlevered IRRs, in line with our historical senior housing investment activity over the past 18 months. These assets complement and improve our broader portfolio, generally offer a full continuum of care and services, are newer vintage and are located in fast-growing markets with projected demand well above the national average.

今年迄今已完成的老年人住房投資預計第一年現金收益率為 7.2%，無槓桿內部收益率為低至十幾歲，與我們過去 18 個月的老年人住房投資歷史活動一致。這些資產補充並改善了我們更廣泛的投資組合，通常提供全方位的護理和服務，是較新的資產，並且位於快速增長的市場，預計需求遠高於全國平均水平。

In summary, I'm happy to see solid execution across 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. I truly believe the best is yet to come. As we face unprecedented favorable supply-demand fundamentals, and we continue to improve upon our SHOP performance and leverage our advantaged position to grow externally.

總而言之，我很高興看到我們的策略第一部分和第二部分得到了堅實的執行。首先，透過提高營運績效、優化定價和入住率以及利用我們數據驅動的 Ventas OI 平台並與我們的高績效運營商密切合作來推動盈利性有機增長；其次，透過外部增長獲取價值，重點關注高品質的老年住房收購。我堅信最好的事情尚未到來。由於我們面臨前所未有的有利的供需基本面，我們將繼續提高我們的 SHOP 績效並利用我們的優勢地位實現外部成長。

Now, I'll hand the call to Bob.

現在，我將把電話交給鮑伯。

Thank you, Justin.

謝謝你，賈斯汀。

I'll provide an update on our financial results, balance sheet and capital markets activities in the second quarter and close with our improved outlook for the year. Ventas delivered strong operating performance in the second quarter and posted normalized FFO of $0.87 per share, representing approximately 9% year-over-year growth. Our total company same-store cash NOI grew nearly 7%, led by SHOP increasing over 13%. Our outpatient medical and research business, or OMAR, reported same-store cash NOI growth of 1.7% year over year, led by outpatient medical, which grew NOI by 2.2%. Outpatient Medical increased same-store occupancy by 20 basis points sequentially and 30 basis points year over year to 90.1%. Leasing was robust with 1 million square feet of new and renewal deals executed in the second quarter and tenant retention a strong 86%.

我將提供我們第二季的財務表現、資產負債表和資本市場活動的最新情況，並以我們對今年的展望作為結束。Ventas 在第二季度實現了強勁的營運業績，每股正常化 FFO 為 0.87 美元，年成長約 9%。我們公司同店現金 NOI 總額成長了近 7%，其中 SHOP 成長超過 13%。我們的門診醫療和研究業務（OMAR）報告同店現金 NOI 年比成長 1.7%，其中門診醫療業務成長最快，NOI 成長了 2.2%。門診醫療同店入住率較上季成長 20 個基點，較去年同期成長 30 個基點，達到 90.1%。租賃市場表現強勁，第二季完成的新租和續約交易面積達 100 萬平方英尺，租戶保留率高達 86%。

Same-store cash NOI in our research business, which represents 8% of NOI, declined less than 1% year-over-year or approximately $100,000, driven by lower rents on certain innovation flex space tenants, as previously discussed.

我們研究業務中的同店現金 NOI 佔 NOI 的 8%，年減不到 1% 或約 10 萬美元，如前所述，這是由於某些創新靈活空間租戶的租金下降所致。

Our balance sheet strengthened further in the second quarter. Ventas reported second quarter net debt to EBITDA of 5.6 times, which represents a 40 basis point improvement since the start of the year and a 10 basis point sequential improvement from the first quarter. We expect our leverage to continue to trend lower through a combination of the organic growth and equity funded investments in senior housing. Speaking of, we have effectively funded the $2 billion of investments now in our guidance with $1.8 billion of equity already raised and $160 million in completed dispositions. We're also holding a record level of liquidity at $4.7 billion as of June 30, bolstered by our revolving credit facility upsize completed in April and over $700 million of available equity proceeds from unsettled equity forward agreements.

我們的資產負債表在第二季進一步增強。Ventas 報告稱，第二季淨債務與 EBITDA 比率為 5.6 倍，比年初提高了 40 個基點，比第一季提高了 10 個基點。我們預計，透過有機成長和老年住房股權投資的結合，我們的槓桿率將繼續呈下降趨勢。說到這一點，我們目前已有效地為指導中的 20 億美元投資提供資金，其中已籌集 18 億美元的股權，並已完成 1.6 億美元的處置。截至 6 月 30 日，我們的流動性水準也保持著創紀錄的 47 億美元，這得益於我們 4 月份完成的循環信貸額度增加以及來自未結算股票遠期協議的 7 億多美元可用股票收益。

This liquidity also includes $500 million of senior notes proactively raised in May at 5.1%, thereby early refinancing our remaining 2025 maturities principally due at the end of August at a 2.7% rate.

這項流動性還包括 5 月主動發行的 5 億美元優先票據，利率為 5.1%，從而提前為我們剩餘的 2025 年到期票據（主要為 8 月底到期的票據）以 2.7% 的利率進行再融資。

I'll close with our updated guidance. As a reminder, we increased our 2025 full-year guidance in late May, led by our encouraging SHOP performance as we entered the key selling season in the second quarter, and we're pleased to once again raise our guidance. We now expect net income attributable to common stockholders $0.47 to $0.52 per fully diluted share. We have increased the midpoint of our full year normalized FFO guidance by $0.03 to $3.44 per share from the previous midpoint of $3.41, which represents approximately 8% year-over-year FFO growth.

最後，我將介紹我們的最新指導。提醒一下，我們在 5 月底提高了 2025 年全年業績預期，這得益於我們在第二季度進入關鍵銷售季節時 SHOP 表現令人鼓舞，我們很高興再次提高我們的業績預期。我們現在預計每股普通股淨利為 0.47 美元至 0.52 美元。我們將全年標準化 FFO 指引中點從先前每股 3.41 美元的中點提高了 0.03 美元至 3.44 美元，代表 FFO 年比成長約 8%。

Our improved full-year midpoint is driven by a $0.02 increase from lower net interest expense and a $0.01 improvement from increased senior housing investments. FX, G&A and other items net out to complete the bridge. We've raised and narrowed our total company same-store cash NOI to now approximate 7% year over year at the midpoint. We reaffirmed midpoints for SHOP and OMAR and an improved midpoint for triple-net.

我們全年中點的改善是由於淨利息支出降低導致的 0.02 美元的增長以及老年人住房投資增加導致的 0.01 美元的增長。FX、G&A 和其他專案的淨額完成橋樑工程。我們已將公司同店現金淨營業利潤總額提高並縮小至目前年比中位數約 7%。我們重申了 SHOP 和 OMAR 的中點，並改進了三重淨中點。

A final note on balance of the year, FFO phasing: Dilutive dispositions of nonstrategic post-acute assets in the second quarter are approximately $0.01 FFO headwind per quarter sequentially versus the second. For additional 2025 guidance assumptions, please see our second quarter supplemental and earnings presentation deck posted to our website.

關於年度餘額、FFO 分階段的最後一點說明：第二季度非戰略性急性後期資產的稀釋性處置與第二季度相比，每季度 FFO 逆風約為 0.01 美元。有關 2025 年的其他指導假設，請參閱我們網站上發布的第二季補充和收益簡報。

To close, we delivered differentiated growth in the first half of 2025, led by the multiyear secular demand growth in our senior housing business. The entire Ventas team remains focused and committed to delivering superior performance for our shareholders.

最後，我們在 2025 年上半年實現了差異化成長，這主要得益於老年住房業務多年的長期需求成長。整個 Ventas 團隊始終專注並致力於為我們的股東提供卓越的績效。

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) Michael Carroll, RBC Capital Markets.

（操作員指示）邁克爾卡羅爾 (Michael Carroll)，RBC 資本市場。

Justin, I want to focus on the shop occupancy gains that you reported in the second quarter. I know the year-over-year trend improved throughout the quarter, but can you provide some additional color? Like what was the sequential occupancy gain in 2Q '25, maybe versus 2Q '24? Or maybe what is the year-over-year occupancy gain that you're at for like the month of July because I believe that the documents continue to highlight that the strength of the occupancy you saw in 2Q continued into July.

賈斯汀，我想重點談談您報告的第二季店舖入住率的成長。我知道整個季度的同比趨勢有所改善，但您能提供一些更多資訊嗎？與 2024 年第二季相比，2025 年第二季的入住率較上季成長是多少？或者也許您七月份的入住率同比增長是多少，因為我相信文件繼續強調您在第二季度看到的入住率強勁勢頭持續到了七月份。

Sure.

當然。

So let me just step back and I'll address the question as close as I can. So first of all, we've had really strong move-in activity all year. It was, as Debbie mentioned, particularly strong in June, having one of the best months that we've had in a number of years. We had 60 basis points of sequential occupancy growth in June versus May.

因此，讓我退一步，盡可能詳細地回答這個問題。首先，我們全年的入住活動都非常活躍。正如黛比所提到的，六月表現特別強勁，是多年來最好的月份之一。與 5 月相比，6 月的入住率連續成長了 60 個基點。

July is off to a good start, and we would expect it to be sequentially as good or better in the month of July. So good continued momentum, strong tour, strong move-in activity, and the key selling season is off to a good start.

七月開局良好，我們預計七月份的業績將環比持平甚至更好。因此，良好的勢頭持續下去，強勁的旅遊，強勁的入住活動，以及關鍵的銷售季節有一個良好的開始。

Great.

偉大的。

And then just touching back on your comments on the transaction market. I know the competitive landscape is getting a little bit more -- I guess, it was ratcheting up a little bit. So what are you seeing? Is your hit rate going lower because you're tracking more deals now just given that there's more competition and/or do you need to get a little bit more aggressive on your pricing for some of these deals?

然後回顧一下您對交易市場的評論。我知道競爭格局正在變得越來越激烈——我想，它正在逐漸加劇。那你看到了什麼？由於競爭加劇，您現在追蹤的交易增多，導致您的命中率降低嗎？或者您需要對某些交易的定價更積極一些？

I mean, how has that trended?

我的意思是，趨勢如何？

Yes.

是的。

So we've been really leading and more. If you look at the transaction activity we've had, the $3 billion that is closed, most of that is closed in the fourth quarter of last year and the first half of this year. And so if anything, the momentum has been picking up, and we've been on this continuous kind of process of being able to update our investment volume guidance as a result. So the thing driving really the pipeline is there's just more deal activity in the market period.

因此，我們確實一直處於領先地位，甚至更多。如果你看我們已完成的交易活動，你會發現已經完成的 30 億美元交易大部分是在去年第四季和今年上半年完成的。因此，如果有的話，勢頭一直在增強，我們也一直在持續更新我們的投資量指導。因此，真正推動通路發展的因素是市場時期交易活動的增加。

And we are leaning in to the types of transactions that we want to pursue. And those are the high-performing communities with upside, communities that are well positioned in markets with strong tailwinds. We've been buying newer communities with well-established track records with operators that are delivering excellent performance. And when you're buying communities that have strong performance, the operators have tremendous clout in the process.

我們正傾向於我們想要進行的交易類型。這些都是具有上升潛力的高績效社區，在擁有強勁順風的市場中佔有有利地位。我們一直在購買擁有良好業績記錄和出色表現的運營商的較新社區。當你購買性能強大的社群時，運營商在過程中擁有巨大的影響力。

And one of our greatest strengths is the relationships we have with our operators. And so that's been playing well for us as well. So I would say there's momentum in the investment activity, and there's also more available in the market. So we're using the strength of our platform to maximize that opportunity.

我們最大的優勢之一就是我們與營運商建立的關係。這對我們來說也是一件好事。因此我想說投資活動勢頭強勁，而且市場上還有更多可用資源。因此，我們正在利用我們平台的優勢來最大限度地利用這一機會。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great. My first question is on the record move-ins you've been discussing. Can you tie that into some of your company initiatives to improve those move-ins, maybe faster turnover?

偉大的。我的第一個問題是關於您所討論的創紀錄遷入問題。您能否將其與公司的一些舉措結合起來，以改善入住率，甚至加快週轉率？

Yes, sure. So the -- really, the power of the OI platform is three things working together. One is we have tremendous data analytics. And our data analytics are really geared across all the operating metrics, but we're especially good at top line. And our team is as well.

是的，當然。所以，實際上，OI 平台的力量在於三者共同發揮作用。一是我們擁有大量的數據分析能力。我們的數據分析確實涵蓋了所有營運指標，但我們尤其擅長營收分析。我們的團隊也是如此。

So when our team is deploying the OI initiatives, we're very top line focused, and we've been especially focused on independent living. So our independent living occupancy is on the better side of the trends that we've been discussing. One good example is with Holiday, where it's independent living platform, Atria leads that brand. And my team has really joined with their team to drive sales in recent months. There's a number of initiatives underway that we've worked on together and Lindsay and team have been completely plugged in with them.

因此，當我們的團隊部署 OI 計劃時，我們非常注重頂線，並且特別關注獨立生活。因此，我們的獨立生活居住率處於我們一直討論的趨勢的較好一面。一個很好的例子就是 Holiday，它是獨立生活平台，由 Atria 領導品牌。近幾個月來，我的團隊確實與他們的團隊合作推動了銷售。我們一起合作了許多項目，Lindsay 和團隊也完全投入其中。

And so it's hands-on as we've been in execution and Atria has just been a tremendous partner and working with us to drive really exciting growth.

因此，我們在執行過程中親力親為，而 Atria 一直是我們的重要合作夥伴，與我們一起推動真正令人興奮的成長。

Like I said, they were -- that portfolio was 110 basis points sequentially of growth in June versus May. So very, very good outcome. But we do work across the board with all of our operators, literally in almost a day to day, but a week-by-week update on sales execution. So it's very much real time.

就像我說的，該投資組合 6 月環比增長了 5 月的 110 個基點。結果非常非常好。但我們確實與所有運營商進行了全面合作，幾乎每天都進行，但每週都會更新銷售執行情況。所以它非常實時。

Great.

偉大的。

And then my second question is on the Big Beautiful Bill. Can you talk about your latest thoughts on the potential impact across maybe the broader potential changes across different health care asset classes. And any changes in your thoughts in terms of opportunities or any of -- again, your exposure.

我的第二個問題是關於《大美麗法案》的。您能否談談您對不同醫療資產類別中更廣泛的潛在變化的潛在影響的最新看法。以及您在機會或任何方面的想法是否發生了任何變化 - 再次強調，您的曝光度。

Jeff, this is Debbie.

傑夫，這是黛比。

In terms of the bill impact, I think the most important thing to note is that many of the aspects of the bill are on a very delayed implementation basis. And so in the immediate term, we're expecting kind of minimal impact. And I'm speaking broadly now not about Ventas, but just from a policy standpoint, broadly, most of the changes will take effect over a long period of time. Some of them don't even kick in until fiscal year 2028. So that's important. There may be changes or improvements, frankly, before some of the provisions even kick in.

就該法案的影響而言，我認為最重要的是要注意該法案的許多方面在實施上都存在嚴重延遲。因此，就短期而言，我們預計影響將很小。我現在廣泛地談論的不是文塔斯，而是從政策的角度，廣義上講，大多數變化將在很長一段時間內生效。其中一些甚至要到 2028 財年才開始生效。這很重要。坦白說，在某些條款生效之前，可能會有變更或改進。

As I mentioned in my remarks, our biggest business outside of senior housing is outpatient medical. The biggest drivers of outpatient medical continued success is really the demand from the over 65 population and then this trend toward outpatient, which actually could be furthered by some of the provisions in the bill. So we -- that's how we think about the impact there. And really, that's all I have to say about it. I mean it's obviously going to have effects. They'll be extended over time.

正如我在發言中提到的，除了老年住房之外，我們最大的業務是門診醫療。門診醫療持續成功的最大驅動力實際上是 65 歲以上人群的需求以及門診趨勢，而法案中的某些條款實際上可以進一步推動這一趨勢。所以我們——這就是我們對那裡的影響的看法。真的，這就是我要說的全部。我的意思是它顯然會產生影響。它們將會隨著時間的推移而延長。

Most of the key providers are very expert at being resilient and adaptable to changes. That's what they live with year in and year out, and those are the people we generally do business with. So that's how I would conclude.

大多數主要提供者都非常擅長恢復和適應變化。這就是他們年復一年的生活，也是我們通常與之做生意的人。這就是我的結論。

Jim Kammert, Evercore.

吉姆·卡默特（Jim Kammert），Evercore。

Give Justin a break, perhaps. Thinking about the outpatient medical portfolio, just following on the following question in your opening remarks, Debbie. It looks like the portfolio on a total basis, has been hovering very steadily in the 89%, 90% threshold. What was the historical high for the outpatient medical occupancy-wise?

也許，就讓賈斯汀休息一下吧。考慮一下門診醫療組合，正如您在開場白中提出的以下問題一樣，黛比。看起來，整體投資組合一直穩定地徘徊在 89% 至 90% 的門檻上。門診醫療佔用率的歷史最高水準是多少？

Historical high would be -- this is Pete, by the way. Historical high is probably a percent or two higher, 93%, 94%. We have buildings that have many tenants in each of the buildings. And so there is a structural occupancy. I kind of view like the maximum occupancy you could get in our portfolio is at 95%. So we've been a percent or two below that, and we're -- I view it as opportunity actually from where we are today to where we can get to at 95%, and that's going to drive growth long term.

史上最高紀錄是──順便說一下，這是皮特。歷史最高水準可能高出一到兩個百分點，93%、94%。我們的每棟建築都有許多租戶。因此存在結構性佔用。我認為我們的投資組合所能獲得的最高入住率是 95%。因此，我們的比率一直低於這個數字一到兩個百分點，而我們——我認為這實際上是一個機會，從我們現在的水平到我們可以達到 95% 的水平，這將推動長期成長。

That's helpful, Pete.

這很有幫助，皮特。

And then just a follow-on to that. What are your representative escalators on that portfolio today if you're signing up a new tenant or re-leasing space, what sort of annual escalators can you achieve?

然後就此繼續。如果您今天簽約新租戶或重新租賃空間，那麼您在該投資組合上的代表性自動扶梯是什麼，您可以實現什麼樣的年度自動扶梯？

Almost -- they're right around 3%. For the quarter, it was 3% in the annual escalators. I think the portfolio is just a hair below that, like 2.8, 2.9, but we're right there and we're trying to push it beyond.

差不多——就在 3% 左右。本季度，其年度成長率為 3%。我認為投資組合僅略低於這個水平，例如 2.8、2.9，但我們已經達到了這個水平，並且正在努力超越它。

And of course, the higher occupancy, the charges get passed through. So the expenses are covered by the tenants. So that's a pure bottom line impact, which is good. And Pete is going to keep working on that. We talked in the presentation about the sequential and year-over-year occupancy growth, which we are hoping to continue.

當然，入住率越高，費用就越高。因此這些費用由租戶承擔。所以這是一個純粹的底線影響，這是好事。皮特將繼續為此努力。我們在演示中談到了連續和同比的入住率增長，我們希望這種增長能夠繼續下去。

Yes.

是的。

I mean one other fact you didn't ask about, but also WALT, eight years this quarter, it's fantastic, really happy.

我的意思是您沒有問到的另一個事實，還有 WALT，這個季度已經八年了，這太棒了，真的很高興。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

My first one is sort of on the makeup of your more stabilized portfolio and the RevPOR and incremental margins, let's say, above 90% occupancy more of an exercise and medium to long-term growth for this portfolio. But how could we think about that and back into what's a better run rate once this portfolio fully leases up?

我的第一個問題是關於您的更穩定的投資組合的構成，以及 RevPOR 和增量利潤率，比如說，90% 以上的入住率更多的是鍛煉，也是該投資組合的中長期增長。但是，一旦該投資組合完全出租，我們該如何考慮這個問題並重新考慮更好的運行率？

And that SHOP, right?

還有那家商店，對吧？

Yes, correct. That's SHOP.

是的，正確。這就是 SHOP。

Okay. Justin is going to take that.

好的。賈斯汀將會接受這個。

Okay. Yes.

好的。是的。

So we are -- we have just a little -- it's one of my favorite topics. This margin expansion opportunity in senior housing because of the operating leverage in the business. So I -- we do use some rule of thumbs and we test this in our portfolio, and they definitely hold up and we've continued to test it as our occupancy has been growing. We have a better representation of this outcome. And what it is, is when you get higher occupancy due to the higher fixed cost that are in place, the higher -- therefore, operating leverage, you start having better flow-through in your margin. You get over 90% occupied, up to 100%. You would see around 70% incremental margin during that period. In the 80% to 90% band, you'll see around 50% margin.

所以我們——我們有一點——這是我最喜歡的話題之一。由於業務中的經營槓桿，老年住房的利潤率存在擴大機會。因此，我們確實使用了一些經驗法則，並且在我們的投資組合中對其進行了測試，這些經驗法則確實有效，而且隨著我們的入住率不斷增長，我們也一直在對其進行測試。我們對這結果有更好的表達。事實是，當您因固定成本較高而獲得更高的入住率時，營運槓桿就會越高，您的利潤流轉就會越好。佔用率超過 90%，最高可達 100%。在此期間，您會看到約 70% 的增量利潤。在 80% 到 90% 的範圍內，您會看到大約 50% 的利潤。

For those of us that like to track month-to-month and quarter-to-quarter performance, there's obviously 1 timers that can throw those stats off here and there. But over time, that's the rule of thumb, and it's how it's playing out in our portfolio.

對於我們這些喜歡追蹤月度和季度績效的人來說，顯然有一個計時器可以在這裡和那裡擾亂這些統計數據。但隨著時間的推移，這就是經驗法則，也是它在我們的投資組合中發揮作用的方式。

So if you think about our portfolio, in fact that two-thirds of it has low 80% occupancy, we are a long way off from what is the best part of the growth in this industry, which is when the operating leverage kicks in. And so when we talk about the best is yet to come, obviously, there's really good supply and demand fundamentals, but our portfolio is also positioned for growth as well, and that's part of why we're positioned so well.

因此，如果你考慮我們的投資組合，實際上其中三分之二的入住率低於 80%，我們距離這個行業成長的最佳階段還有很長的路要走，也就是經營槓桿開始發揮作用的時候。因此，當我們談論最好的事情尚未到來時，顯然，供需基本面確實很好，但我們的投資組合也為成長做好了準備，這也是我們定位如此良好的部分原因。

And the other part of that was just the RevPOR component. I don't know if you could speak to the difference in that and your lower occupied assets, which is a Delta.

其中另一部分只是 RevPOR 組件。我不知道您是否可以談談這與您的低佔用資產（即 Delta）之間的差異。

Yes, there is.

是的，有。

So a couple of ways to look at that. One way we like to talk about is RevPOR growth when you're over 90% is two times what it is when you're under 90% occupied. To bring some more specifics to that, if you're in that 90% to 95% band, you're around 6 or 7, if you're 75% to 90%, there's a range of 3% to 5% RevPOR growth. If you're below 75% occupied, you're around 1%. So as your occupancy goes up and your scarcity value increases, the RevPOR moves with that.

有幾種方法可以看待這個問題。我們喜歡談論的一種方式是，當入住率超過 90% 時，RevPOR 成長率是入住率低於 90% 時的兩倍。更具體地說，如果您處於 90% 到 95% 的範圍內，那麼您的 RevPOR 成長率就在 6 或 7 左右；如果您處於 75% 到 90% 的範圍內，那麼您的 RevPOR 成長率就在 3% 到 5% 之間。如果佔用率低於 75%，則約為 1%。因此，隨著入住率的上升和稀缺價值的增加，RevPOR 也會隨之改變。

Okay. That was very helpful. And my second question is just on the TAM in the space. You announced the incremental $500 million. Obviously, we could look at all of senior housing, but you made it clear there's a certain quality of product that you're interested in.

好的。這非常有幫助。我的第二個問題是關於該空間中的 TAM。您宣布增加 5 億美元。顯然，我們可以考慮所有的老年住房，但您明確表示，您對某種品質的產品感興趣。

So I'm curious if you've done the work can speak to the size of the addressable market, left out there today that is owned by the REITs that you'd be interested in transacting on.

因此，我很好奇，如果您已經完成工作，是否可以談談目前由您有興趣進行交易的房地產投資信託基金 (REIT) 所擁有的潛在市場規模。

Yes. I mean it's -- we've looked at it in a lot of different ways, and it generally comes down to -- the REIT’s own about 15% of that market. And about -- there's probably about another 40% or 50% of the market that actually checks all of our general criteria, meaning it's in the right type of market, right size of asset. And so there's a lot to go after still. You usually see somewhere around $30 billion a year of trading and senior housing. And so there's plenty for us to get our fair share each year, and that's what we've been working on.

是的。我的意思是——我們從許多不同的角度來看待這個問題，總的來說——房地產投資信託基金 (REIT) 佔據了該市場約 15% 的份額。大約還有 40% 或 50% 的市場實際上符合我們所有的一般標準，這意味著它處於正確的市場類型和正確的資產規模。因此，還有很多事情要做。通常每年的交易和老年住房規模約為 300 億美元。因此，我們每年都可以獲得足夠的公平份額，這就是我們一直努力的目標。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Can you talk about the RevPOR growth acceleration? Was that more of a mix shift? Or is it higher move-ins? What's going on there?

能談談 RevPOR 增長加速度嗎？這是否更像是一種混合轉變？還是入住率更高？那裡發生什麼事了？

Yes, sure. So I mentioned in my prepared remarks that we're focused on price volume optimization. And this is another area where the OI team is highly engaged with the operators. I think everyone knows that senior housing does not have good price transparency. So unlike multifamily or apartments, it's harder to dynamically price.

是的，當然。因此，我在準備好的發言中提到，我們專注於價格量優化。這是 OI 團隊與營運商密切合作的另一個領域。我想大家都知道，老年住宅的價格透明度不太好。因此，與多戶住宅或公寓不同，動態定價更加困難。

But we found a way through data analytics to really focus in on the right price to do two things, either just give higher price or to drive volume. So that's a continuous process with our data analytics and then the execution with the operators and then incorporate that with any feedback the operator is seeing on the ground, and we've been working on it for a few years. And the execution of that process is the best it's been. And so the -- and you asked about mix. Mix can definitely impact RevPOR and it does.

但我們透過數據分析找到了一種方法，可以真正專注於合適的價格來做兩件事，要么提高價格，要么提高銷量。因此，這是一個持續的過程，首先進行數據分析，然後與運營商一起執行，然後將其與運營商在地面看到的任何反饋結合起來，我們已經為此努力了幾年。而該流程的執行情況是迄今為止最好的。所以 — — 你問的是混合問題。混合肯定會影響 RevPOR，事實也確實如此。

But in the numbers we're seeing to date, it actually didn't. It was -- the mix is exactly -- really close to exactly what we had expected to see.

但從我們目前看到的數據來看，事實並非如此。這種混合確實非常接近我們預期看到的效果。

So what's really driving the underlying trend are higher move-in rents and then continued strength in our internal rent increases. And so that's something we'll stay very focused on, and we're trying to pull both levers. I mean we want to see occupancy and rate grow. And we've made the best connection recently of both moving together.

因此，真正推動潛在趨勢的是入住租金的上漲以及內部租金上漲的持續強勁。因此，我們會高度關注這個問題，並嘗試同時採取兩種措施。我的意思是我們希望看到入住率和房價成長。最近，我們雙方達成了最佳共識，共同採取行動。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

This is Georgi on from Vikram. Just curious, how did the change in the same-store pool impact your same-store growth during the quarter. And then the 21 assets change in the pool, were they part of the group that experienced occupancy losses in March?

我是 Vikram 的 Georgi。只是好奇，同店銷售額的變化對您本季的同店成長有何影響？那麼，池中的 21 項資產發生變化，它們是否屬於 3 月份入住率下降的群體的一部分？

This is Justin.

這是賈斯汀。

So first of all, 80% of our -- of our SHOP NOI is in the same-store pool. So it's a great reflection of the performance of the portfolio. So any way you look at it, it's a reflection of the performance of the portfolio. So that's the first part.

首先，我們 80% 的 SHOP NOI 都來自同店銷售。所以它很好地反映了投資組合的表現。所以無論你怎麼看，它都反映了投資組合的表現。這是第一部分。

The second part, there was absolutely no relationship at all whatsoever between the communities that we transition to move out that we experienced during the year. So no there. But since we're on the topic, let me just talk about what we transitioned. So we transition communities to an operator -- if you met with us at NAREIT, you probably heard us talk about Discovery Senior Living. And they had, had 45 communities with us. They'll be much higher as we go throughout the year because they're going to be in the 60s with the recent transition, they have 30 years of experience. They're a large operator, but they manage multiple local brands. And so one of the things I like about them is the talent pool they have close to the field is good, if not better than anybody in the industry.

第二部分，我們在這一年所經歷的遷出社區之間根本就沒有任何關係。所以那裡沒有。但既然我們討論這個話題，我就只談我們所經歷的轉變。因此，我們將社群轉變為經營者——如果您在 NAREIT 與我們會面，您可能聽過我們談論 Discovery Senior Living。他們和我們有 45 個社區。隨著我們全年的發展，他們的收入將會更高，因為隨著最近的轉型，他們的收入將達到 60 多億美元，他們有 30 年的經驗。他們是一家大型營運商，但管理著多個本地品牌。我喜歡他們的一個原因是，他們在該領域擁有的人才庫非常優秀，甚至比業內任何人都更優秀。

And we’re -- they operate communities for us in at least 5 of their different brands. And we're really excited to get more communities in their hands because they've delivered outsized results for us. And that was really the plan. It's just really -- we're always tinkering with 5% to 10% of our portfolio through management transitions, it's part of the strategy we have of right market, right asset, right operator, get the right operators in place in the right communities, and we saw an opportunity. So we took it. We're looking forward to great results with Discovery.

他們至少在 5 個不同的品牌中為我們經營社群。我們非常高興能夠將更多的社區交到他們手中，因為他們為我們帶來了巨大的成果。這確實是計劃。事實上——我們總是透過管理過渡來調整我們投資組合的 5% 到 10%，這是我們正確的市場、正確的資產、正確的運營商的策略的一部分，在正確的社區中找到正確的運營商，我們看到了一個機會。所以我們接受了。我們期待 Discovery 能取得優異的成果。

That's helpful.

這很有幫助。

And just another quick one for me. How things are shaping up for the Brookdale transition. And what should we assume for the fourth -- NOI in the fourth quarter within the Triple-Net segment before we get the $16 million bump in 1Q, '26?

對我來說這只是另一個快速步驟。布魯克代爾過渡期的進展如何。在 2026 年第一季獲得 1600 萬美元的成長之前，我們應該對 Triple-Net 部門第四季的 NOI 做出什麼假設？

I'll take the first part and then, Bob can help me with the second part. So on the first part, the Brookdale transition, this is the conversion of 45 communities from the Triple-Net to the SHOP structure, one of our favorite strategies because it takes assets we already own, they have lower occupancy, puts it in SHOP. These are 78% occupied.

我先負責第一部分，然後鮑伯可以幫我完成第二部分。因此，在第一部分，即 Brookdale 轉型中，45 個社區從 Triple-Net 結構轉變為 SHOP 結構，這是我們最喜歡的策略之一，因為它利用我們已經擁有的資產，這些資產的入住率較低，並將其納入 SHOP。其中入住率為 78%。

They happen to be in really strong markets and they have opportunity through refresh CapEx to be better positioned and they're good fits for five operators that we selected to transition. So the NOI growth opportunity that we've been talking about is really more of a long-term comment, which is 2x the run rate that they had in late last year.

他們恰好處於非常強大的市場中，並且有機會透過更新資本支出來獲得更好的定位，並且非常適合我們選擇轉型的五家營運商。因此，我們一直在談論的 NOI 成長機會實際上更像是一個長期評論，這是去年年底運行率的 2 倍。

And so we think we'll double the NOI. It was around $50 million at the time, we think it goes to $100 million. But to answer the specific question, it's going really well. So our operators are already fully engaged with all of the communities. We'll start having transitions happen in the upcoming months and by the end of the year everything, if not almost everything, or close to everything, I should say, will have been transitioned. And Brookdale has been good to work with and all the new operators are very excited about working with the new communities. So I'd say, so far, so good.

因此我們認為我們將使 NOI 翻倍。當時約 5,000 萬美元，我們認為會達到 1 億美元。但要回答具體問題，一切進展順利。因此，我們的營運商已經與所有社區進行了充分的接觸。我們將在接下來的幾個月開始發生轉變，到今年年底，所有的事情，如果不是幾乎所有的事情，或者接近所有的事情，都應該完成轉變。與 Brookdale 合作非常愉快，所有新營運商都對與新社區合作感到非常興奮。所以我想說，到目前為止，一切都很好。

I would just add in terms of modeling in the fourth quarter, we'll start sprinkling in the SHOP assets from the conversion on the 45, but the financial impact really is not till '26 frankly. The majority, vast majority is triple-net for the year, and that's how it's modeled.

我只想補充一點，在第四季度的建模方面，我們將開始在 45 的轉換中加入 SHOP 資產，但坦白說，其財務影響實際上要到 26 年才會顯現。大多數、絕大多數都是年度三重淨利潤，這就是它的模型。

Thank you very much.

非常感謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Yes, thanks for taking my question.

是的，感謝您回答我的問題。

You kind of talked about the operating leverage in the business and the incremental margin opportunity as occupancy continues to grow. Do you have a sense of how much of the margin expansion in the SHOP portfolio as a result of occupancy gains versus execution and the opportunity that you guys have with the Ventas OI platform?

您談到了業務中的經營槓桿以及隨著入住率不斷增長而增加的利潤機會。您是否了解 SHOP 投資組合的利潤率擴張有多少是由於入住率成長與執行率以及您在 Ventas OI 平台上所獲得的機會造成的？

I mean, it's a really good question.

我的意思是，這是一個非常好的問題。

And I have to say it remains to be seen because we're entering a new era where demand is going to be the best we've ever experienced and the supply/demand dynamic will also be the best we've ever experienced. So we know a couple of things about the business. It's playing out very clearly in our portfolio. We know that if you have higher occupancy, you have better pricing opportunity. And so as we have more communities move into the higher occupancy band, we'll expect the RevPOR component to play a bigger role moving forward.

我必須說，這還有待觀察，因為我們正在進入一個新時代，需求將是我們經歷過的最好的，供需動態也將是我們經歷過的最好的。因此，我們對該業務有了一些了解。這在我們的投資組合中表現得非常明顯。我們知道，入住率越高，定價機會就越好。因此，隨著越來越多的社區進入更高的入住率區間，我們預計 RevPOR 組件將在未來發揮更大的作用。

We also know that given the supply/demand and the OI platform that we have -- and our operators working together -- that we have tremendous occupancy opportunity as well. And so our platform is really designed around driving growth in both occupancy and rate. We think there's opportunity in both places. Our portfolio is positioned for that. So I'll have to ask you to wait and see how it plays out, and we'll be driving both metrics and hopefully, the margin expansion rule of thumb gets even better over time.

我們也知道，鑑於我們擁有的供需和 OI 平台——以及我們的營運商的共同努力——我們也擁有巨大的入住機會。因此，我們的平台真正是為了推動入住率和房價的成長而設計的。我們認為這兩個地方都有機會。我們的投資組合就是為此而定位的。因此，我不得不請您拭目以待，看看事情會如何發展，我們將推動這兩個指標，並希望利潤率擴張的經驗法則隨著時間的推移會變得更好。

Great.

偉大的。

And just kind of going back to occupancy. Last year, the occupancy build from 2Q to 3Q was, I think, 140 basis points. Just given the strength that you've seen in July, do you think that you'll be on track to kind of surpass that and just kind of what are the puts and takes from where you sit today to kind of hit the low end of the 12% versus the 16% on SHOP?

然後又回到了入住狀態。我認為，去年第二季至第三季的入住率成長了 140 個基點。鑑於您在 7 月看到的強勁勢頭，您是否認為您將有望超越這一水平，並且從您目前所處的位置來看，要達到 SHOP 12% 和 16% 的低點，您需要付出什麼代價？

Okay.

好的。

So on the occupancy, the best I can tell you is that is the July number I shared earlier, which is we expect to be as good or better than the June sequential growth versus May, which is 60 bps. And we're in the kind of really the key part of the key selling season, and we have a lot to play out still. But we're encouraged by the very strong movements we had throughout the year and exceptionally strong movements we've had as of late. And then what was the second part of the question?

因此，關於入住率，我能告訴你的最好的信息是，這是我之前分享的 7 月份的數據，我們預計該數據將與 6 月份環比增長（即 5 月份的增長 60 個基點）持平或更好。我們正處於關鍵銷售季節的關鍵階段，我們仍有許多工作要做。但我們對全年的強勁走勢以及近期異常強勁的走勢感到鼓舞。那麼問題的第二部分是什麼呢？

The high end of the range.

該範圍的高端。

Yes. So the high end of the range, I'm not going to really comment on the low end of the range, but the high end of the range is really driven by two things. One is revenue growth. And that would be clearly obviously occupancy rate moving together and having an exceptionally strong key selling season and then continued favorability in labor costs.

是的。因此，對於該範圍的高端，我不會真正評論該範圍的低端，但該範圍的高端實際上是由兩件事驅動的。一是營收成長。顯然，入住率會同步變化，關鍵銷售季節會異常強勁，勞動成本也會持續有利。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Sorry to belabor the point, but just on the SHOP same-store occupancy, could you provide the year-over-year change for the month of June, the average or period end, just to give us a sense of higher tracking versus the full-year guidance?

很抱歉，我過度強調這一點，但僅就 SHOP 同店入住率而言，您能否提供 6 月份的同比變化、平均值或期末數據，以便讓我們了解與全年指導相比更高的跟踪水平？

Juan, I would go back to -- we were 240 over in the second year over year. We're seeing improvement in that as we go into the third quarter, and we've maintained our 270 guidance.

胡安，我想回想一下──第二年我們的人數比去年多了 240 人。進入第三季度，我們看到了這方面的改善，並且我們維持了 270 的指導。

And we were 290 in the first.

我們第一場比賽的成績是 290 分。

And we were 290 in the first to complete the story. So yes, we're seeing a continued improvement year-over-year in occ led by June.

我們是第一批完成這個故事的 290 人之一。所以是的，我們看到以 6 月為首的 occ 同比持續改善。

We'll leave it a mystery. Second question, just on the R&I platform and the development, just curious on how we should think about the implications on capitalized interest and other moving pieces given a fair chunk of what was in process has now been completed.

我們就讓它保持神秘吧。第二個問題，僅關於研發平台和開發，我只是好奇，鑑於正在進行的大部分工作現已完成，我們應該如何看待對資本化利息和其他活動部分的影響。

I can say capitalized interest is absolutely de minimis. So nothing to really report there. It's really about the commercial performance of the developments.

我可以說資本化利息絕對是微不足道的。因此實際上沒有什麼可報告的。這實際上與開發項目的商業表現有關。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Again, congrats on the quarter. Debbie and team, a lot of good stuff happening with kind of the acceleration in SHOP. You guys are talking about increased acquisition outlook. Just kind of curious why that does not translate to also the high end of guidance being increased. I think in two quarters in a row now you raised the low end, but you haven't really done anything on the high end.

再次恭喜本季取得的成績。黛比和她的團隊，隨著 SHOP 的加速發展，很多好事都發生著。你們正在談論增加收購前景。只是有點好奇為什麼這並不意味著指導的高端也會增加。我認為你已經連續兩個季度提高了低端利率，但在高端利率上卻沒有採取任何措施。

Are there things in the back half of '25 that are kind of causing some offsets? Or is this some of the traditional conservatism that we sometimes see from management. Just curious your thoughts on that.

25 年下半年是否存在一些會造成某種抵銷的情況？或者這是我們有時在管理階層中看到的一些傳統保守主義。只是好奇你對此的想法。

Well, just -- I'll take the first and turn it over to Bob. Thanks for the question. We are happy about the results and the outlook. And so we raised guidance in May, the midpoint -- we raised again now, we're looking at, again, the midpoints up, we're looking at 8%, if achieved at the midpoint year-over-year FFO growth per share, which is pretty awesome and accelerating from 2024.

好吧，只是——我將首先把它交給鮑勃。謝謝你的提問。我們對結果和前景感到滿意。因此，我們在 5 月份提高了指引，即中點 — — 現在我們再次提高了，我們再次考慮中點的上漲，我們預計如果實現中點每股 FFO 同比增長 8%，這將是相當了不起的，並且從 2024 年開始加速。

And in terms of the modeling impact, Bob touched on a couple of things but I'll -- he can elaborate on the specifics.

就建模影響而言，鮑勃談到了幾件事，但他可以詳細說明具體細節。

And maybe I'll frame it first half, second half. FFO was $1.71 in the first half. The midpoint would be $1.73 to get to the full year $3.44. And that's -- if you think sequentially, that growth is SHOP growth and partially offset by refinancing at higher rates and the dispositions of post-acute I referred to, which are a headwind in the balance of the year. So that gets you to the midpoint sort of equation.

也許我會構思前半部分，後半部分。上半年的 FFO 為 1.71 美元。中點是1.73美元，全年達3.44美元。也就是說，如果按順序思考，這種增長是SHOP的增長，部分被更高利率的再融資和我提到的急性後疾病的處置所抵消，而這些是今年餘額的阻力。這樣你就得到了中點方程式。

Of course, the upside is SHOP upside as much as anything, and Justin talked about the components to get there.

當然，其好處就是 SHOP 的好處，而 Justin 也談到了實現這項好處的要素。

That's helpful. And then a quick question on Canada on the stock portfolio. Again, big disparity in regards to SHOP growth in US and Canada this quarter, in particular, I mean Canada occupancy is already at 96.5%. We're curious how one to kind of think about opportunities to drive further SHOP same-store NOI growth in Canada.

這很有幫助。然後是關於加拿大股票投資組合的一個簡短問題。再次，本季美國和加拿大的 SHOP 成長有很大差異，特別是加拿大的入住率已經達到 96.5%。我們很好奇人們會如何看待推動加拿大 SHOP 同店 NOI 進一步成長的機會。

Yes. Sure. So Canada obviously does have occupancy, it does have more occupancy opportunity and to believe that you just have to look at Le Groupe Maurice portfolio, which is over 98% occupied and they have several communities that are running 100%.

是的。當然。因此，加拿大顯然確實有入住率，確實有更多的入住機會，並且相信你只需要看看Le Groupe Maurice投資組合，其入住率超過98％，並且他們有幾個社區的入住率達到100％。

So the next step is for the other operators to start pushing into that territory, some more occupancy growth, the -- one of the drivers of growth has been -- we have some assisted living presence in Canada with Sunrise, which is higher RevPOR. So as that continues to fill, there's some growth opportunity from that perspective. And then pricing has been a little bit better there as well. So we over always focus on revenue across the board, but price is an opportunity that's emerging in Canada.

因此，下一步是其他業者開始進入該領域，提高入住率，成長的動力之一是，我們在加拿大透過 Sunrise 提供一些輔助生活服務，其 RevPOR 更高。因此，隨著這一數字不斷增加，從這個角度來看，存在一些成長機會。而且那裡的定價也稍微好一點。因此，我們總是全面關注收入，但價格是加拿大正在出現的一個機會。

Thank you.

謝謝。

Michael Stroyeck, Green Street.

麥可‧斯特羅耶克 (Michael Stroyeck)，綠街。

Maybe on the outpatient side, so is CMS' proposal to do away with the inpatient-only procedure list, how impactful could this realistically be in terms of health systems, expanding their outpatient footprint just given that's already been such a persistent trend for some time now.

也許在門診方面，CMS 也提出了取消僅限住院的手術清單的建議，這對於醫療系統而言實際上有多大影響，擴大他們的門診足跡，因為這已經是一個持續了一段時間的趨勢。

Yes. Thanks for the question. It has been a push for actually quite a while, both from the private payers as well as the government payers. But I would say it's stepped up a level or two here and you can't read Modern Healthcare on any day without an article about a health system expanding their ambulatory portfolio or their integrated care network. I mean, it's clear government payers, private payers want to push procedures into lower-cost settings.

是的。謝謝你的提問。事實上，私人付款人和政府付款人都已經推動了相當長一段時間。但我想說的是，它在這裡已經上升了一兩個層次，你每天讀《現代醫療保健》時，總是會讀到一篇關於醫療系統擴大其門診組合或綜合護理網絡的文章。我的意思是，很明顯政府付款人和私人付款人希望將程序推向成本較低的環境。

And that's good for our business.

這對我們的業務有好處。

It's great for our business.

這對我們的業務很有好處。

Got it. That makes sense. And maybe one on the post-acute portfolio. There's a nice uptick in coverage in occupancy during the quarter. Should we expect continued improvement there? And where do you ultimately expect that portfolio to stabilize?

知道了。這很有道理。也許還有一個關於急性後期投資組合。本季入住率大幅上升。我們是否應該期待那裡繼續改善？您最終預期該投資組合將穩定在什麼水準？

Yes. As we expected, and this is only really through the first quarter reported as we typically do for Triple-Net, performance is improving. That's good. And we would expect, as we add the assets that we acquired last year, and occupancies increase, that performance could continue to tick up.

是的。正如我們預期的那樣，這只是第一季的報告，正如我們通常對 Triple-Net 所做的那樣，業績正在改善。那挺好的。我們預計，隨著我們去年收購的資產增加以及入住率的提高，業績可能會繼續上升。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones, last quarter, you talked about maybe some cap rate compression on the acquisition side. Just I think acquisitions come up already, but I'd love to hear a little bit more commentary on sort of cap rate trends and IRR trends as this pipeline expands.

簡單問兩個問題，上個季度，您談到了收購方面可能存在的一些資本化率壓縮。我只是認為收購已經出現，但隨著該管道的擴展，我很想聽到更多關於資本化率趨勢和 IRR 趨勢的評論。

So on that front, I would say in terms of the unlevered IRRs, we're still driving towards low to mid-teens unlevered IRRs?

那麼在這方面，我想說，就無槓桿 IRR 而言，我們仍然在努力實現低至中等水平的無槓桿 IRR？

Yes, that's the key metric. This is Justin. So the unlevered IRRs are very consistent over the last 18 months as we've embarked on this external growth run we've been on. The -- there's obviously input into that. One of that is the year 1 yield.

是的，這是關鍵指標。這是賈斯汀。因此，隨著我們開始外部成長，過去 18 個月的無槓桿 IRR 非常穩定。這顯然是有輸入的。其中之一就是第一年的收益率。

Another is just the growth profile of the asset. When we calculate IRRs, I think everyone knows this, we use constant cap rates on entry and exit so that the IRRs truly reflect our expectations for just the overall delivery of returns from an operational and organic standpoint. So last year, we're kind of running in the mid-7s. We're drifting a little lower 7’s year-one yields this year. It is a more competitive environment, but the profile of what we're buying is also different as well.

另一個只是資產的成長概況。當我們計算 IRR 時，我想每個人都知道這一點，我們在進入和退出時使用恆定的資本化率，以便 IRR 真正反映我們對從營運和有機角度實現整體回報的期望。去年，我們的成績大概在 7 秒左右。今年 7 年期殖利率略有下降。這是一個競爭更加激烈的環境，但我們購買的產品的情況也有所不同。

And we are leaning in. So we're getting a newer asset. We're getting even stronger markets, so I would say all that's working together to deliver what is our targeted unlevered IRRs of low to mid-teens.

我們正在傾身向前。因此我們獲得了一項更新的資產。我們的市場正在變得更加強勁，所以我想說，所有這一切都在共同努力，以實現我們目標的低至中等水平的無槓桿內部收益率。

Helpful. And then just a quick one on operator transitions. As you sort of take a step back, I mean, what do you think you guys need to do to just unlock more of these transitions and work with the operators and so forth because it does look like a pretty big value creation. So I'm wondering what you think you need to unlock more or is this sort of all the fruit has been picked?

很有幫助。然後簡單介紹一下操作員轉換。當你退一步思考時，我的意思是，你認為你們需要做些什麼才能解鎖更多這樣的轉變並與運營商合作等等，因為這看起來確實是一個相當大的價值創造。所以我想知道您認為您需要解鎖更多什麼，或者所有的果實都已經被摘走了？

Yes. So it's a clear -- as a large owner of senior housing and others that are as well, it's clearly part of the playbook. And what you're really doing is trying to make sure that you have the -- we know we're in the right markets, and we know that we have well-positioned assets and we're investing in our communities. Then we're looking for the right operator fit. And that is an ongoing process.

是的。因此，很明顯——作為老年住房和其他住房的大型所有者，這顯然是劇本的一部分。而你真正要做的是努力確保你擁有——我們知道我們處於正確的市場，我們知道我們擁有定位良好的資產，我們正在投資我們的社區。然後我們尋找合適的操作員。這是一個持續的過程。

And we may always have a few that we think could move over to a different operator where they could make more impact.

我們可能總是認為有一些可以轉移到其他運營商，以便產生更大的影響。

And Discovery is an operator where they've proven it across multiple brands and multiple geographies that they can make impact for us. We've transitioned to a lot of others as well, on a selective basis. And it's all about trying to find the right fit. And we're really just trying to work really hard to maximize performance.

Discovery 是一家營運商，他們已在多個品牌和多個地區證明了自己能夠為我們帶來影響。我們也選擇性地轉型為許多其他公司。這一切都是為了找到最適合的答案。我們確實只是在盡力提高性能。

And part of that is the operator component. And so step 1 is always to work with the operator to create the best outcome and if we're not finding the right fit, then we'll work with someone that can in the nicest possible way, I think we've done a great job of maintaining great relationships across the board.

其中一部分是操作員組件。因此，第一步始終是與營運商合作以創造最佳結果，如果我們找不到合適的人選，那麼我們將以最友好的方式與能夠合作的人合作，我認為我們在全面維持良好關係方面做得很好。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

This is Elmer Chang on with Nick. I was just wondering, how should we think about timing of incremental announced transactions in the second half of the year and pricing relative to the SHOP assets you acquired quarter-to-date, given comments about rising buyer competition and the opportunity for significant growth potential within the growing pipeline?

我是 Elmer Chang，和 Nick 一起。我只是想知道，考慮到買家競爭日益激烈以及不斷增長的渠道中存在巨大增長潛力的機會，我們應該如何考慮下半年宣布的增量交易的時間安排以及相對於您本季度迄今為止收購的 SHOP 資產的定價？

I'll do a modeling answer. My colleagues can join from there. But we have $1.1 billion in the bank, $2 billion is the guide. We raised by $0.01, the guidance on the back of investments, and that's really both volume and timing, i.e., earlier timing and higher volume. Obviously, it's only six months left to go. So the contribution of the increment is smaller. And the returns are very similar to that, which we've done. That's how I have model it.

我會做一個建模回答。我的同事可以從那裡加入。但我們銀行裡有 11 億美元，20 億美元是指引金額。我們籌集了 0.01 美元，這是投資背後的指導價，這實際上既是數量也是時機，即時機越早，數量就越多。顯然，只剩下六個月的時間了。所以增量的貢獻較小。而回報與我們所做的非常相似。這就是我建模的方式。

The incremental $500 million would typically be more back-end weighted.

增量的 5 億美元通常會更多地用於後端加權。

Back-end weighted, yes.

後端加權，是的。

And then in terms of character, it's very consistent with what we've been doing. So we're happy about that.

從角色方面來看，它與我們一直在做的事情非常一致。所以我們對此感到高興。

Okay.

好的。

And then second question -- and then second question is for the small percentage of pre-revenue biotech tenants when within your resource portfolio. What's the sense that you get from those tenants in terms of whether the capital raising environment has improved or worsened in the last couple of quarters. And do you expect any downside risk? Maybe that's not factored to guidance that could arise in the second half?

然後是第二個問題——第二個問題是關於您的資源組合中一小部分尚未盈利的生物技術租戶。您從這些租戶那裡得到什麼信息，認為過去幾季融資環境是改善了還是惡化了？您預計有任何下行風險嗎？也許這並沒有被考慮到下半年可能出現的指引中？

Yes. I mean, any downside risk that we would be aware of, it would already be factored into guidance. And then in terms of the fundraising environment, there are some glimmers, I would say, but there's a way to go to overcome kind of the macro factors for that sliver of tenancy. We are seeing some tenants raise venture capital money. We've seen different royalty type deals, but those are generally for more mature companies.

是的。我的意思是，我們意識到的任何下行風險都已經被納入指導之中。就融資環境而言，我想說，有一些曙光，但還有很長的路要走，以克服影響這一小部分租賃的宏觀因素。我們看到一些租戶籌集創投資金。我們見過不同類型的特許權交易，但這些交易一般針對的是較成熟的公司。

So there's a way to go, but a few glimmers.

因此，還有很長的路要走，但已經看到了一些曙光。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Just a quick one, Justin, I think you mentioned that IL occupancy trends have been better than the averages. So how does that compare when you're talking about RevPOR growth when you're comparing IL versus AL. Is that dynamic kind of similar as well?

賈斯汀，我想您提到過，伊利諾伊州的入住率趨勢比平均水平要好。那麼，當您談論 RevPOR 成長時，當您比較 IL 和 AL 時，情況會如何？這種動態也類似嗎？

Yes. So both price and volume have been good in IL. One thing that you have to remember about independent living is -- it doesn't have a care component. And so there's a frictional aspect to assisted living. When you have someone that moves out on higher acuity, they're paying more, so you're replacing that and there's a releasing spread impact from that.

是的。因此，伊利諾伊州的價格和數量都很好。關於獨立生活你必須記住的一件事是——它不需要照顧。因此，輔助生活存在著摩擦因素。當有人因視力問題而離開時，他們會支付更多費用，因此您需要更換他們，這會產生釋放利差的影響。

The independent living portfolio doesn't participate in that process because they don't deliver care. So you're really just replacing rents. And moving rent trends have been good in independent living. We have a range of different impendent living products, some are more price-sensitive than others. But generally, price has been good.

獨立生活組合不參與過程，因為他們不提供護理。所以你實際上只是在替代租金。在獨立生活方面，搬家租金趨勢一直很好。我們有一系列不同的生活必需品，其中一些產品比其他產品對價格更敏感。但整體來說，價格還不錯。

But it's been -- I'd say, a better result on the volume side, and that's where we're focused. Like I said, most of our US portfolio that -- upside is around 84% occupied independent living. And so we're really leaning in there to try to drive occupancy up and get to the point in time where you're benefiting from that operating leverage you talked about earlier.

但我想說，在銷售方面取得了更好的成績，而這正是我們關注的重點。就像我說的，我們在美國的大部分投資組合中，大約有 84% 是獨立居住的。因此，我們確實傾向於嘗試提高入住率，並讓您從之前談到的經營槓桿中受益。

Yes, yes.

是的，是的。

So, BJ, any more questions?

那麼，BJ，還有其他問題嗎？

No.

不。

Okay. Well, on behalf of all of us at Ventas, I want to thank you for your interest in the company. We hope you and yours have a safe and happy rest of the summer, and we look forward to seeing you in the fall.

好的。好吧，我代表 Ventas 全體員工感謝您對公司的關注。我們希望您和您的家人度過一個安全快樂的夏天，並期待在秋天與您相見。

That concludes today's call. Thank you all for joining. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。