芬塔 (VTR) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫範，今天我將擔任你們的會議接線生。在此，我謹代表 Ventas 公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把電話交給投資者關係資深副總裁 BJ Grant。請繼續。

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

謝謝你，範。各位早安，歡迎參加 Ventas 2025 年第三季業績電話會議。昨天，我們發布了 2025 年第三季財報、簡報資料和補充資訊包，這些資料可在 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. 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.

提醒各位，今天的發言可能包含前瞻性陳述和其他事項。前瞻性陳述存在風險和不確定性，多種因素可能導致實際結果與此類陳述中設想的結果有重大差異。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美國證券交易委員會文件，所有這些文件都可以在 Ventas 網站上找到。本次電話會議也將討論一些非GAAP財務指標，有關這些指標與最接近的GAAP指標的調節表，請參閱我們發佈在投資者關係網站上的補充資訊包。

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

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

Thank you, BJ. I'd like to welcome all of our shareholders and other participants to the Ventas third quarter 2025 earnings call. Building on our momentum, Ventas delivered excellent performance and growth in the quarter as we continue to execute on our 1-2-3 strategy. Our strategy is based on the megatrend of longevity. As one of the world's largest owners and acquirers of private pay senior housing, we are positioned to capitalize on the sustained growth in demand from a large and expanding aging population.

謝謝你，BJ。我謹代表 Ventas 公司歡迎所有股東及其他參與者參加 2025 年第三季財報電話會議。憑藉這股勢頭，Ventas 在本季度取得了優異的業績和成長，我們繼續執行我們的 1-2-3 策略。我們的策略是基於長壽這一大趨勢。作為全球最大的私人付費老年住房所有者和收購者之一，我們已做好充分準備，利用不斷增長的老齡人口帶來的持續增長的需求。

Our strategy emphasizes growing our private pay SHOP business organically and by investing in senior housing. We are doing both as we expect 2025 to be our fourth year of double-digit SHOP NOI growth, and we anticipate closing $2.5 billion of private pay US senior housing investments during the year.

我們的策略重點是透過有機成長和投資老年住房來發展我們的自費SHOP業務。我們同時進行這兩項工作，因為我們預計 2025 年將是我們 SHOP NOI 實現兩位數增長的第四年，並且我們預計在這一年內完成 25 億美元的美國私人付費老年住房投資。

Most importantly, we foresee at least another decade of accelerating demand for senior housing. The Ventas strategy, organization and team have been built to meet this moment and capitalize on the favorable external demand backdrop. Over the past several years, we have added expertise, acquired over $4 billion of senior housing communities, converted communities from triple net to SHOP, expanded our SHOP operator base, made significant strategic dispositions, increased our scale and improved our financial profile. As a result, our enterprise is now delivering $2.5 billion of net operating income. Our SHOP percentage of NOI has increased nearly 2,000 basis points to represent half our business.

最重要的是，我們預計未來至少十年內，老年住房的需求將繼續加速成長。Ventas 的策略、組織和團隊都是為了回應當前情勢，並利用有利的外部需求環境而建立的。在過去的幾年裡，我們積累了專業知識，收購了價值超過 40 億美元的老年住房社區，將社區從三淨租賃轉變為 SHOP 租賃，擴大了我們的 SHOP 運營商基礎，進行了重要的戰略性資產處置，擴大了我們的規模，並改善了我們的財務狀況。因此，我們公司目前的淨營業收入為 25 億美元。我們的門市業務佔淨營業收入的百分比增加了近 2000 個基點，占我們業務的一半。

We are working with over 40 SHOP operators. We have created significant occupancy and NOI upside potential in our 85% occupied US SHOP portfolio through our deliberate portfolio composition, and our leverage has improved by two full turn.

我們正在與超過 40 家 SHOP 營運商合作。我們透過精心建立投資組合，在入住率達 85% 的美國商鋪投資組合中創造了顯著的入住率和淨營業收入成長潛力，並且我們的槓桿率提高了兩倍。

These actions and outcomes are designed to take advantage of powerful secular tailwinds in senior housing, where supply and demand are tipped strongly in our favor, and we have this scale, platform and financial strength to win. Demographic demand is accelerating as baby boomers are starting to turn 80 this coming year and more people than ever are choosing senior housing for the valuable benefits it provides.

這些行動和成果旨在利用老年住房領域強大的長期利好因素，目前供需關係對我們非常有利，而且我們擁有贏得勝利的規模、平台和財力。隨著嬰兒潮世代明年陸續年滿 80 歲，人口結構變化導致老年住房需求加速增長，越來越多的人選擇入住老年公寓，享受其帶來的許多好處。

The over-80 population is expected to surge into the coming decade and grow 28% just in the next five years. Yet senior housing supply is at record lows in both inventory growth and the number of new construction starts with just over 1,200 units started in the third quarter. Our strategy is producing strong results, increasing our enterprise growth rate and building financial strength.

預計未來十年80歲以上人口將激增，光是未來五年就將成長28%。然而，老年住房供應量在庫存增長和新開工數量方面均處於歷史低位，第三季僅開工超過 1,200 套。我們的策略正在取得顯著成效，提高了企業成長率，並增強了財務實力。

Let's now turn to the highlights of our quarterly results and latest 2025 guidance increase, our outsized organic growth in our senior housing operating portfolio and our active and increasing investment activities. Normalized FFO per share grew 10% year over year, and total company Same-Store Cash NOI increased 8%. SHOP once again powered our results, enjoying a strong key selling season. We saw broad-based demand for our communities and excellent RevPOR and revenue strength. Our US communities led the way with 19% Same-Store Cash NOI growth and 340 basis points of occupancy growth. I want to extend a sincere thanks to our operators and the Ventas team who delivered this performance while helping seniors live longer, healthier and happier lives.

現在讓我們來看看季度業績和最新 2025 年業績指引上調的亮點，我們高級住宅營運組合的超大有機增長以及我們積極且不斷增長的投資活動。調整後的每股FFO年增10%，公司同店現金淨營業收入總額成長8%。SHOP再次成為我們業績的主要動力，在銷售旺季表現出色。我們看到了對我們社區的廣泛需求，以及優異的RevPOR和收入實力。我們的美國社區以 19% 的同店現金淨營業收入成長和 340 個基點的入住率成長領先。我要衷心感謝我們的營運人員和 Ventas 團隊，感謝他們出色地完成了工作，幫助老年人過上更長壽、更健康、更快樂的生活。

We're pleased once again to increase our full year guidance, driven by our SHOP performance and increased senior housing investment activity. We now expect year over year growth of 9% in normalized FFO per share and 7.5% total company Same-Store Cash NOI at the midpoint of our improved guidance. These growth rates will put us in the top tier of companies across the REIT landscape, if achieved.

我們很高興再次提高全年業績預期，這主要得益於SHOP業務的出色表現以及老年住房投資活動的增加。我們現在預計，以我們改進後的預期中位數計算，每股正常化FFO年增9%，公司同店現金NOI年增7.5%。如果能夠實現這些成長率，我們將躋身房地產投資信託基金領域頂尖公司之列。

On the investment front, we are seeing a strong upward trend in transaction activity and our pipeline continues to grow with quality investment opportunities in senior housing. We are accelerating our senior housing investment activities to expand the Ventas SHOP portfolio and increase our enterprise growth rate. Private pay US senior housing is the company's number one capital allocation priority. The environment is highly favorable, private to public arbitrage opportunities are increasing, our strong and broad-based industry relationships are generating significant deal flow, and our capabilities, track record and financial strength provide meaningful competitive advantages.

在投資方面，我們看到交易活動呈現強勁的上升趨勢，我們的優質退休房屋投資機會也不斷增加。我們正在加快對老年住房的投資活動，以擴大 Ventas SHOP 投資組合併提高企業成長率。美國私人付費養老住宅是該公司最重要的資本配置重點。環境非常有利，私募股權套利機會不斷增加，我們強大而廣泛的行業關係正在產生大量的交易，我們的能力、業績記錄和財務實力提供了重要的競爭優勢。

We've already closed $2.2 billion of senior housing acquisitions in the US year-to-date and we've increased our 2025 investment guidance to $2.5 billion. We intend to build on our momentum. Following our right market, right asset, right operator framework, we are prioritizing investment opportunities in private pay senior housing that have different combinations of growth and yield to produce attractive risk-adjusted returns for our shareholders.

今年迄今為止，我們已在美國完成了 22 億美元的老年房屋收購，並將 2025 年的投資預期提高到 25 億美元。我們打算乘勢而上。遵循我們「正確的市場、正確的資產、正確的運營商」的框架，我們優先考慮私人付費養老住房領域的投資機會，這些機會具有不同的增長和收益組合，可以為我們的股東帶來有吸引力的風險調整後回報。

Next, I'd like to highlight a key SHOP growth initiative. The previously announced transactions relating to 121 Triple-Net lease senior housing communities are well underway. We've already converted from Triple-Net to SHOP 27 of the 45 senior housing communities slated for management transitions by year-end. We continue to expect to achieve significant occupancy and NOI upside in these communities over time. For the 65 communities remaining under the lease, cash rent will increase 33% beginning in 2026, and the disposition of the remaining 11 assets is in progress, with sale proceeds to be retained by Ventas.

接下來，我想重點介紹一項重要的 SHOP 成長計畫。先前宣布的與 121 個三淨租賃老年住房社區相關的交易正在順利進行中。在年底前計劃進行管理過渡的 45 個老年住房社區中，我們已經有 27 個從三淨租賃模式轉換為 SHOP 模式。我們預計隨著時間的推移，這些社區的入住率和淨營業收入將大幅成長。對於租賃協議下剩餘的 65 個社區，現金租金將從 2026 年開始增加 33%，剩餘的 11 項資產的處置正在進行中，出售所得將由 Ventas 保留。

A final note on our research portfolio, which is generating only 8% of our enterprise NOI. Our portfolio has been constructed in a unique way. Within this small portion of our business, about 3/4 of our base rents are from creditworthy institutional leaders in medicine, pharma and research with a weighted average lease term of over nine years. Making this portion of our NOI relatively well insulated from current market challenges. Importantly, only about 10% of our research portfolio is leased to pre-revenue or co-working tenants. We have no ground-up development in progress. And we continue to see institutional demand in new and renewal leasing from university, medical and global pharma tenants.

最後補充一點關於我們研究組合的信息，該組合僅貢獻了我們企業淨營業收入的 8%。我們的投資組合建構方式獨具特色。在我們業務的這一小部分中，約 3/4 的基本租金來自信譽良好的醫療、製藥和研究機構領導者，加權平均租賃期限超過九年。這使得我們淨營業收入的這一部分相對不受當前市場挑戰的影響。值得注意的是，我們只有大約 10% 的研究資產組合出租給了尚未獲利的企業或共同工作租戶。我們目前沒有正在進行的全新開發案。我們持續看到來自大學、醫療機構和全球製藥公司的機構租戶對新租約和續租的需求。

In conclusion, we have built Ventas to meet this moment and capitalize on the secular demand from a large and growing aging population. We are executing our strategy to grow senior housing and delivering outstanding results, and we are well positioned to increase our deal activity. The future is bright as we use our many competitive advantages, to deliver value for stakeholders and seize the unprecedented multiyear growth opportunity ahead. The entire Ventas team is in it to win it.

總之，我們創建 Ventas 就是為了迎接這一時刻，並利用不斷增長的老齡人口帶來的長期需求。我們正在執行發展老年住房的策略，並取得了卓越的成果，我們已做好充分準備，增加交易活動。未來一片光明，我們將利用自身的諸多競爭優勢，為利害關係人創造價值，並抓住未來前所未有的多年成長機會。Ventas 整個團隊的目標都是贏得比賽。

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

現在我很高興把電話交給賈斯汀。

Thank you, Debbie. I'm excited to share an update on how 2025 has been progressing as we continue to execute on our strategy to drive both organic and external growth in our senior housing business. Let's start with SHOP.

謝謝你，黛比。我很高興與大家分享 2025 年的進展情況，我們將繼續執行策略，推動老年住房業務的內生成長和外延成長。我們先從商店開始。

Our SHOP Same-Store portfolio delivered 16% NOI growth year over year in the quarter, led by the US with 19% growth. Margin grew 200 basis points to 28% driven by over 50% incremental margin. Revenue grew 8% due to strength in both occupancy and pricing. We saw broad-based contributions to SHOP performance across our operating partners, delivering exceptional care and services to our senior population and very strong financial results with Sunrise and Atria leading the way.

本季度，我們的 SHOP 同店銷售組合實現了 16% 的 NOI 年成長，其中美國市場成長最為顯著，達到 19%。利潤率成長 200 個基點至 28%，主要得益於超過 50% 的利潤率增加。由於入住率和價格雙雙走強，收入增加了 8%。我們看到營運合作夥伴對 SHOP 的業績做出了廣泛的貢獻，為老年人提供了卓越的護理和服務，並取得了非常強勁的財務業績，其中 Sunrise 和 Atria 表現突出。

RevPOR grew 4.7% as our dynamic pricing continues to strike the balance between price and volume. Average occupancy grew 270 basis points year over year, led by the US at 340 basis points with a particularly strong contribution from our independent living communities. We had industry-leading sequential occupancy growth of 160 basis points overall and 200 basis points in the US. Furthermore, we expect sequential average occupancy growth to continue into the fourth quarter.

由於我們的動態定價繼續在價格和銷售之間取得平衡，RevPOR 成長了 4.7%。平均入住率年增 270 個基點，其中美國成長 340 個基點，獨立生活社區的貢獻尤其顯著。我們的入住率較上季成長了160個基點，在業界遙遙領先，其中美國地區的入住率較上季成長了200個基點。此外，我們預計第四季平均入住率將持續保持季比成長。

Moving on to SHOP guidance. I am pleased to raise SHOP guidance again with an NOI growth range of 14% to 16%. We continue to anticipate occupancy growth of 270 basis points and higher RevPOR driven by strong pricing as move-in rents and in-house rates are both increasing year over year.

接下來是SHOP指南。我很高興再次上調 SHOP 業績預期，淨營業收入成長區間為 14% 至 16%。我們繼續預期入住率將成長 270 個基點，並且由於入住租金和內部租金均逐年上漲，強勁的定價將推動每間可供出租客房收入 (RevPOR) 成長。

I'd like to turn your attention to page 12 in the earnings presentation. On the left side of the page, you'll note we have consistently outperformed the NIC Top 99 markets. The third quarter resulted in 120 basis points of outperformance versus NIC Top 99, both year over year and sequentially. On the right side of the page, you can see the key selling season was excellent with 230 basis points growth, representing our best key selling season performance in a number of years.

請大家注意收益報告的第12頁。在頁面左側，您會注意到我們的業績一直優於 NIC 前 99 大市場。第三季業績比 NIC Top 99 高出 120 個基點，無論同比還是環比均是如此。在頁面右側，您可以看到關鍵銷售季表現出色，成長了 230 個基點，這是我們多年來最好的關鍵銷售季業績。

Now I'll comment on portfolio strategy. Our portfolio strategy executed through our Ventas OI platform is centered on what we call the right market, right asset, right operator approach. It is a disciplined framework that ensures every investment we make in every partnership that we pursue, enhances long-term value creation. We've spent years building a platform that's ready for this wave of demand in senior housing. We now have sophisticated data analytics and the ability to deliver those insights directly to our operators through our Ventas OI platform. We've enhanced our CapEx management, optimized dynamic pricing and developed the broader platform capabilities needed to effectively drive performance and support 40 operators managing our communities and that number continues to grow.

現在我將談談投資組合策略。我們透過 Ventas OI 平台執行的投資組合策略，其核心是我們所謂的「正確的市場、正確的資產、正確的營運商」方法。這是一個嚴謹的框架，確保我們在每一次合作中的每項投資都能提升長期價值創造。我們花費數年時間打造了一個平台，以因應老年住房領域這波需求浪潮。我們現在擁有先進的數據分析能力，並且能夠透過我們的 Ventas OI 平台將這些見解直接傳遞給我們的營運商。我們加強了資本支出管理，優化了動態定價，並開發了更廣泛的平台功能，以有效推動業績成長，並支持 40 位營運商管理我們的社區，而且這個數字還在不斷增長。

Equally important, we have tremendous respect and appreciation for the critical role our operators play in delivering care and services to seniors and achieving market-leading performance. Having walked in their shoes, we understand the importance of what they do, and we place the quality of our relationships with our operators among our highest priorities. This level of readiness doesn't happen overnight. It's a result of a deliberate multi-year evolution of our platform that positions us to capture the significant opportunities ahead.

同樣重要的是，我們對我們的營運人員在為老年人提供護理和服務以及實現市場領先業績方面發揮的關鍵作用表示極大的尊重和讚賞。我們曾設身處地為他們著想，因此我們了解他們工作的意義，並將與營運商建立良好的關係視為我們最重要的優先事項之一。這種程度的準備並非一朝一夕就能實現的。這是我們平台經過多年精心發展演變的結果，使我們能夠抓住未來的重要機會。

We have taken numerous actions over the past five years to ensure success in our senior housing business. Those actions include 215 acquisitions, 116 dispositions, 295 transitions to new managers, 307 community refreshes and 157 conversions of low occupied communities from Triple-Net to SHOP. The net result is a much larger and well-positioned SHOP portfolio, fueling double-digit NOI growth with embedded occupancy upside. This framework drives our underlying decision-making in our senior housing business. It's why our portfolio is well positioned to grow. It's a focused, data-driven approach and it's working.

過去五年，我們採取了多項措施來確保老年住房業務的成功。這些行動包括 215 項收購、116 項處置、295 項移交給新管理者、307 項社區翻新以及 157 項低入住率社區從三淨租賃轉換為 SHOP。最終結果是，SHOP 投資組合規模更大、定位更佳，推動 NOI 實現兩位數成長，並蘊含著入住率提升的空間。這個框架指導著我們在養老住房業務中的根本決策。正因如此，我們的投資組合才具備了良好的成長潛力。這是一種目標明確、數據驅動的方法，而且行之有效。

For example, I'd like to refer you to page 9 of the earnings presentation where we lay out our Ventas OI performance management strategy. I want to make it clear that our SHOP portfolio is well positioned for occupancy growth as our US portfolio is only 85% occupied due primarily to our deliberate actions converting underperforming communities from the Triple-Net structure to SHOP. Our US portfolio is well positioned to achieve substantial upside in markets that offer significant net demand over the next several years and will benefit from operational enhancements driven through our Ventas OI platform.

例如，我想請您參閱收益報告的第 9 頁，其中我們詳細闡述了 Ventas OI 的績效管理策略。我想明確指出，我們的 SHOP 投資組合在入住率成長方面處於良好地位，因為我們在美國的投資組合入住率只有 85%，這主要是由於我們採取了有意識的措施，將表現不佳的社區從三淨租賃結構轉換為 SHOP 結構。我們的美國投資組合處於有利地位，預計在未來幾年內，在淨需求顯著的市場中實現大幅成長，並將受益於我們 Ventas OI 平台推動的營運改善。

As we've been expanding our SHOP footprint to half of the company's NOI, our Ventas OI capabilities continue to evolve, and we have been deliberate in positioning the portfolio for significant occupancy and NOI upside. Our most recent example of the Triple-Net to SHOP conversion is the 45 communities which are 78% occupied converting from the Brookdale lease to SHOP and transitioning to five aligned, proven, high-performing local market-focused operators with significant transition experience and track records of delivering excellent results. This transition is well underway. We have completed 27 of the transitions through October, and we expect to be finished by the end of the year. The communities have performed well year-to-date with both occupancy and NOI growth.

隨著我們的 SHOP 業務規模擴大到公司 NOI 的一半，我們的 Ventas OI 能力也在不斷發展，我們一直有意識地對投資組合進行定位，以實現顯著的入住率和 NOI 成長。我們最近的三淨租賃轉SHOP的例子是45個社區，入住率達78%，這些社區從Brookdale租賃轉為SHOP，並過渡到5家目標一致、久經考驗、業績卓越的本地市場運營商，這些運營商擁有豐富的過渡經驗和良好的業績記錄。這項過渡進程正在順利進行中。截至 10 月份，我們已經完成了 27 項過渡工作，預計在年底前完成。今年以來，這些社區的入住率和營業淨收入均有所成長，表現良好。

We have already made progress with the redev plans with a significant number of the projects expected to complete by the key selling season of 2026. We continue to expect greater than $50 million of NOI upside over time as the new operators execute and reinvest NOI-generating CapEx of around $2 million per building.

我們在重建計劃方面已經取得了進展，預計其中相當一部分項目將在 2026 年的關鍵銷售季之前完成。我們預計，隨著新業者執行並再投資每棟建築約 200 萬美元的 NOI 資本支出，NOI 將持續成長超過 5,000 萬美元。

Senior housing is a high-touch business, and I'm pleased to report that in the communities that have already transitioned, there is a strong level of engagement between local management teams and the new operators along with a great deal of enthusiasm. I'd like to note that this transition is occurring with the full cooperation and support of Brookdale, which is greatly appreciated. Furthermore, we look forward to collaborating with Brookdale on the 65 assets where the lease has been renewed.

養老住房是一項需要高度人性化的行業，我很高興地報告說，在已經完成過渡的社區中，當地管理團隊和新的運營商之間有著很強的互動性，並且充滿熱情。我想指出，這次過渡是在 Brookdale 的全力配合和支持下進行的，對此我們深表感謝。此外，我們期待與 Brookdale 就已續租的 65 處資產開展合作。

Moving on to investments. We continue to build on our momentum in our relationship-driven capital allocation plan targeting private pay senior housing in the US, and we have now completed $4.1 billion of senior housing investments since the middle of last year, of which $3.5 billion closed during the past four quarters. We have closed $2.2 billion of senior housing acquisitions year-to-date. We have a robust pipeline that continues to expand, and our latest guidance for 2025 is now $2.5 billion. Our senior housing flow business is in full swing as our year-to-date senior housing investments totaled 20 transactions for 50 communities with approximately 6,200 units across 15 states. The average deal size is $110 million, including a range of singles, doubles, triples together with select larger portfolio deals. These properties improve our SHOP portfolio quality, increase the company's enterprise growth rate and are located in attractive markets that are poised for outperformance due to favorable supply and demand dynamics. We continue to have an advantaged position to source and close meaningful and attractive senior housing transactions and the opportunity set is growing at an accelerating rate.

接下來談談投資。我們繼續推動以關係為導向的資本配置計劃，目標是美國的私人付費老年住房，並在此基礎上繼續發展壯大。自去年年中以來，我們已經完成了 41 億美元的老年住房投資，其中 35 億美元是在過去四個季度完成的。今年迄今為止，我們已完成價值 22 億美元的老年房屋收購案。我們擁有強大的產品線，並且還在不斷擴大，我們最新的 2025 年業績預期為 25 億美元。我們的養老住房業務正在如火如荼地進行中，今年迄今為止，我們的養老住房投資總額已達 20 筆交易，涉及 50 個社區，遍布 15 個州，約 6200 個單元。平均交易規模為 1.1 億美元，包括一系列單筆、雙筆、三筆交易以及一些較大的投資組合交易。這些物業提升了我們 SHOP 投資組合的質量，提高了公司的企業成長率，並且位於具有吸引力的市場，由於有利的供需動態，這些市場有望取得優異的業績。我們在尋找和完成有意義且有吸引力的養老住房交易方面仍然具有優勢地位，而且機會正在加速成長。

We look for a range of senior housing investment opportunities, each with its own balance of growth and yield, so we can deliver attractive returns that align with our targeted low to mid-teens unlevered IRRs. It has become clear that Ventas is a senior housing partner of choice across our many transactions. Our growing stable of strong operator relationships provides us with preferred access and the opportunity to win deals. Our transaction execution track record has also created opportunities for repeat business with sellers.

我們尋找一系列老年住房投資機會，每個機會都有其自身的成長和收益平衡，以便我們能夠提供符合我們目標的低至十幾的無槓桿內部收益率的有吸引力的回報。在我們眾多的交易中，Ventas 已成為我們首選的養老住房合作夥伴。我們不斷壯大的強大運營商關係網絡為我們提供了優先准入機會和贏得交易的機會。我們良好的交易執行記錄也為與賣家的再次合作創造了機會。

In summary, we have conviction in our strategy, and we are intensifying our efforts to drive outperformance in our senior housing business, and the best is yet to come. I'm confident in our ability to execute and create value for our stakeholders in senior housing and investments execution, including a valuable living experience for residents, valuable workplace experience for the tens of thousands of dedicated community staff and ultimately leading to significant value creation for our shareholders.

總之，我們對我們的策略充滿信心，我們正在加強推動老年住房業務取得優異成績，最好的還在後頭。我對我們有能力在養老住房和投資執行方面為利益相關者創造價值充滿信心，包括為居民提供有價值的生活體驗，為數萬名敬業的社區員工提供有價值的工作體驗，並最終為我們的股東創造重大價值。

Now I'll hand the call to Bob.

現在我把電話交給鮑伯。

Thank you, Justin. I'll start with our third quarter performance, highlight our balance sheet and conclude with our improved guidance for the year.

謝謝你，賈斯汀。我將首先介紹我們第三季的業績，重點介紹我們的資產負債表，最後介紹我們改進後的全年業績預期。

Starting with our enterprise performance. Ventas delivered normalized FFO per share of $0.88 in the third quarter, which represents a 10% increase year over year. Driving the strong year over year growth was total company Same-Store Cash NOI of 8% led by SHOP growth of 16%. Our outpatient medical and research business, or OMAR, reported Same-Store Cash NOI growth of 3.7% year over year, led by outpatient medical. Outpatient Medical third quarter occupancy improved 50 basis points year over year to 90.6%, a 20 basis point sequential increase versus the second quarter. TTM tenant retention was a strong 87% in the third quarter, an increase of 200 basis points year over year, reflecting tenant satisfaction scores in the 95th percentile.

首先從企業績效說起。Ventas 第三季每股正常化 FFO 為 0.88 美元，較去年同期成長 10%。推動公司整體同店現金淨營業收入較去年同期成長 8%，其中 SHOP 成長 16%，是實現強勁年成長的主要動力。我們的門診醫療和研究業務（OMAR）報告稱，同店現金淨營業收入年增 3.7%，其中以門診醫療業務成長最為顯著。門診醫療第三季入住率年增 50 個基點至 90.6%，較第二季較上季成長 20 個基點。第三季租戶留存率高達 87%，較去年同期成長 200 個基點，反映出租戶滿意度評分排名前 5%。

Our research business represents 8% of our NOI. In the third quarter, research Same-Store Cash NOI was $400,000 lower year over year driven by lower rents on certain innovation flex space tenants as previously discussed.

我們的研究業務占我們營業淨收入的 8%。第三季度，由於某些創新彈性空間租戶的租金下降（如前所述），同店現金淨營業收入較去年同期下降 40 萬美元。

Next, turning to our balance sheet and liquidity. Our net debt to EBITDA of 5.3 times in the third quarter represents a full turn improvement from third quarter of 2024. This leverage reduction was driven by a combination of organic growth and equity funded senior housing investments consistent with our strategy. I would note that this significant improvement in leverage was achieved while delivering normalized FFO per share growth in the top echelon of REITs.

接下來，我們來看看資產負債表和流動性情況。第三季我們的淨債務與 EBITDA 比率為 5.3 倍，與 2024 年第三季相比，實現了全面改善。槓桿率的降低得益於有機成長和股權融資的老年住房投資相結合，這符合我們的策略。需要指出的是，在實現每股正常化FFO成長的同時，槓桿率也得到了顯著改善，躋身REITs頂級行列。

We've already fully equity funded our $2.5 billion investment guidance for 2025 with $2.6 billion of equity raised, including $0.5 billion of unsettled equity forwards. We have over $4 billion of liquidity as of September 30, which supports Ventas' growth and financial flexibility.

我們已經透過股權融資完全實現了 2025 年 25 億美元的投資目標，其中已籌集 26 億美元的股權，包括 5 億美元的未結算股權遠期合約。截至9月30日，我們擁有超過40億美元的流動資金，這為Ventas的成長和財務靈活性提供了支持。

I'll close with our updated and improved 2025 guidance. We expect net income attributable to common stockholders to range from $0.49 per share to $0.52 per share. We are also improving our full year normalized FFO guidance midpoint by $0.03 to $3.47 per share. This improved 2025 guidance midpoint represents 9% year over year growth in normalized FFO per share. Approximately 2/3 of our $0.03 guidance increase at the normalized midpoint can be explained by our improved SHOP performance and senior housing investments completed year-to-date, with the final 1/3 representing improvements across the balance of the enterprise.

最後，我將介紹我們更新和改進後的 2025 年指導方針。我們預計歸屬於普通股股東的淨利潤將在每股 0.49 美元至 0.52 美元之間。我們同時將全年正常化FFO預期中位數調高0.03美元至每股3.47美元。這項改進後的 2025 年業績指引中位數意味著每股正常化 FFO 年成長 9%。我們調整後的每股盈餘預期中點上調 0.03 美元，其中約 2/3 可歸因於 SHOP 業務的改善以及今年迄今為止完成的老年住房投資，其餘 1/3 則代表了企業其他業務的改善。

We've also raised our total company Same-Store Cash NOI growth by 50 basis points to 7.5% year over year, led by the SHOP Same-Store NOI midpoint improving by 100 basis points to 15%. In our updated guidance, with the 45 Brookdale conversions now underway, we are reflecting the shift in NOI from these conversions from our Triple-Net segment to our SHOP segment. Because cash rent on these 45 conversion assets approximates current NOI at the assets, the net impact on '25 FFO is de minimis. I would point you to our earnings presentation deck and supplemental for more detail on these and other assumptions underpinning our guidance.

我們公司整體同店現金淨營業收入年增率也調高了 50 個基點至 7.5%，其中 SHOP 同店淨營業收入中位數成長了 100 個基點至 15%。在我們更新的指導方針中，隨著 45 套 Brookdale 公寓的改造工程正在進行中，我們正在反映這些改造工程帶來的淨營業收入從我們的三合一淨租賃業務轉移到我們的 SHOP 業務。由於這 45 項轉換資產的現金租金與這些資產目前的淨營業收入大致相當，因此對 2025 年 FFO 的淨影響微乎其微。有關這些以及其他支撐我們業績指引的假設的更多詳細信息，請參閱我們的盈利演示文稿和補充材料。

To close, we are pleased with the results both in the quarter and so far this year. The entire Ventas team is determined to build on our momentum and to continue delivering superior performance for our shareholders. And with that, I'll turn the call back to the operator.

最後，我們對本季以及今年迄今的業績都感到滿意。Ventas 全體團隊決心保持目前的良好勢頭，繼續為股東帶來卓越的表現。然後，我會把電話轉回給接線生。

(Operator Instructions) Jonathan Hughes, Raymond James.

（操作說明）喬納森·休斯，雷蒙德·詹姆斯。

Good morning. Thank you for the prepared remarks and commentary. I was hoping you could talk more about underwriting criteria. I know the acquisition volume guidance is $2.5 billion up from $1 billion at the start of the year, and you've been very consistent on buying properties with 7% yields. But with the lower cost of capital today, it seems like you'd now be able to make the math work to buy some lower initial yielding properties that come with higher growth, but still low to mid-teens IRRs.

早安.感謝您事先準備好的發言和評論。我希望您能詳細談談承保標準。我知道收購規模預期從年初的 10 億美元增加到 25 億美元，而且你們一直堅持購買收益率為 7% 的房產。但由於如今的資本成本較低，現在似乎可以計算出購買一些初始收益率較低但成長潛力較大的房產，儘管其內部收益率仍然只有十幾到十幾。

I guess, are there any plans to lower those initial yield requirements, maybe get more aggressive to buy properties with more growth given the outlook for seniors housing supply, demand is so strong over the next 5, 10 years?

我想，鑑於未來 5 到 10 年老年住房供應前景良好，需求強勁，是否有計劃降低初始收益率要求，或許會更積極地購買增長潛力更大的房產？

Jonathan, it's Debbie. We are certainly going to be ambitious in our goal to grow our senior housing business as we have over the last couple of years and build on our momentum.

喬納森，我是黛比。我們肯定會像過去幾年一樣，雄心勃勃地發展我們的老年住房業務，並在此基礎上繼續保持成長勢頭。

It's Justin. Yes, and we -- like I said in my prepared remarks, $3.5 billion of the $4.1 billion has been over the past four quarters. So the volume has been accelerating. We have momentum in our pipeline and the execution on that pipeline. And we are really happy with the returns we've been getting.

是賈斯汀。是的，正如我在準備好的演講稿中所說，41 億美元中的 35 億美元是在過去四個季度實現的。所以交易量一直在加速成長。我們的產品線建設和執行都取得了進展。我們對目前的收益非常滿意。

The primary metric we target are unlevered IRRs. Everything has been in the range of low to mid-teens. And there's a variety of way to getting there, and it's really yield and growth, and we've seen the opportunity to buy assets that are delivering significant growth potential. And that's where we're leaning in and we're using the market, asset, operator framework to help determine where to focus. And we've had plenty to do, and we look forward to doing as much more of it as we possibly can.

我們主要關注的指標是無槓桿內部報酬率。所有數值都在十幾到五幾之間。實現這一目標有很多途徑，關鍵在於收益和成長，我們已經看到了購買具有巨大成長潛力的資產的機會。這就是我們努力的方向，我們正在利用市場、資產、營運商框架來幫助確定重點方向。我們有很多事情要做，我們也期待著盡可能地完成這些事情。

Okay. I'll ask one more, if I can. On the leverage, it's great to see that improvement. Can you just remind us of the target leverage, how you weigh equity and debt to fund this external growth, especially given that cost of equity capital today is really attractive?

好的。如果可以的話，我再問一個問題。槓桿作用方面，看到這種改善真是太好了。您能否提醒我們一下目標槓桿率是多少，以及您如何權衡股權和債務來為這種外部成長提供資金，尤其是在當前股權資本成本非常有吸引力的情況下？

Yes, I'll take that, Jonathan. We're really pleased with the leverage improvement, 5.3x for the quarter. That's a full turn and the strategy that we set out quite a while ago now of organic growth plus equity funded investments given the returns has really been working. And so we're going to continue to run that play as long as the market gives us the opportunity. We are obviously trending favorably in terms of leverage, I would expect that to continue should the market conditions exist.

是的，我接受，喬納森。我們對槓桿率的改善非常滿意，本季槓桿率為 5.3 倍。這是一個徹底的轉變，我們很久以前就制定的有機成長加上股權融資投資的策略，鑑於其回報，現在看來確實奏效了。因此，只要市場允許，我們就會繼續執行這項策略。就槓桿而言，我們顯然正處於有利的趨勢，如果市場條件保持不變，我預計這種情況會持續下去。

And that just gives us more flywheel and more opportunity to continue to invest. So that's the strategy and that's the approach. We are clear eyed that equity is very precious and therefore, making sure that we're investing in the best assets as Justin described, but we're really pleased with the way the playbook is working.

而這只會為我們帶來更大的飛輪效應和更多的持續投資機會。這就是我們的策略和方法。我們非常清楚股權非常寶貴，因此，正如賈斯汀所描述的那樣，我們要確保投資於最好的資產，但我們對目前的策略運作方式感到非常滿意。

All right. Thanks. Everyone for your time.

好的。謝謝。感謝各位抽出時間。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yes, thanks, I wanted to quickly touch on the Brookdale SHOP transitions and the revenue-generating CapEx that Ventas plans to be putting into these assets. And can you give us a few examples on what type of investments these will be? And how disruptive will that be the current results? I mean, is it just trying to get these done before the key selling season, and that's just the key to minimize this disruption?

是的，謝謝。我想快速談談 Brookdale SHOP 的轉型以及 Ventas 計劃投入這些資產的創收資本支出。您能否舉例說明這些投資具體屬於哪些類型？目前的調查結果會造成多大的破壞？我的意思是，是否只要在銷售旺季到來之前完成這些工作，就能最大程度地減少這種幹擾？

Yes. So I'm going to start with kind of the plans we have in place to help ensure smooth transitions. First thing, just to reiterate something I said in that is that the performance has been really good. So we're receiving the communities with -- in a place where they've had really good occupancy and NOI growth over the past year. There's been a very high-touch approach with my team, our team here at Ventas, but also the operators. The CEOs of the operators have been personally engaged in the communities on the ground right away, assessing the situation and the opportunity to improve on operations, and also help us to solidify our plans to invest the refresh CapEx.

是的。所以，我先從我們為確保平穩過渡而製定的計劃開始說起。首先，我想重申我之前說過的話，那就是演出效果非常好。因此，我們正在接收一些社區——這些社區在過去一年中入住率和淨營業收入成長都非常出色。我和我的團隊，也就是 Ventas 的團隊，以及營運商，都採取了非常細緻的服務方式。營運商的執行長們立即親自到當地社區參與，評估情況和改善營運的機會，並幫助我們鞏固更新資本支出的投資計畫。

The types of projects that we're focused on are mainly kind of -- I call them like routine refreshes. We're repositioning through common area refresh, paint, paper, furniture, fixtures, we refresh all the lighting, first impression type investments. And we've become pretty expert at doing this with as little disruption as possible.

我們主要關注的項目類型是——我稱之為例行更新。我們正在透過公共區域的翻新、油漆、壁紙、家具、固定裝置、所有照明的更新以及給人留下第一印象的投資來重新定位。而且我們已經非常擅長以盡可能少的干擾來完成這項工作。

There's a few projects that are much larger that we have. We have the Hallmark in Chicago, which will get a full redev. That's a really exciting, high-rise that has been a market leader for years, and we're going to take it to a new level with the new operations and the investment. But most of them are pretty routine, projects that we have immense experience delivering.

我們還有幾個規模更大的項目。我們在芝加哥有一家 Hallmark 門市，它將進行全面翻新。那是一座非常令人興奮的高層建築，多年來一直是市場領導者，我們將透過新的營運和投資將其提升到一個新的水平。但其中大多數都是相當常規的項目，我們在交付這些項目方面擁有豐富的經驗。

Okay. Great. And then just lastly for me. I know the SHOP portfolio, at least on the Same-Store side, has really delivered some good margin expansion of about 200 basis points year over year. Just given that occupancy now for the Same-Store portfolio is 89% and presumably next year, it's going to get above 90%, how much faster can that margin expand? Because I know, Justin, you've always talked about that you get more incremental margins as occupancy improves. So like where is a good kind of ballpark of how much that could pick up?

好的。偉大的。最後，也是我的最後一點。我知道 SHOP 產品組合，至少在同店銷售方面，確實實現了同比約 200 個基點的良好利潤率成長。鑑於目前同店組合的入住率為 89%，而且預計明年將超過 90%，那麼利潤率還能以多快的速度成長呢？因為我知道，賈斯汀，你一直都說，入住率提高後，利潤率就會增加。那麼，大概能漲多少呢？

Yes. So it's one of our favorite topics, margin expansion and incremental margin. And we've experienced really over the past full two years, 50% incremental margin in our SHOP performance and that's a rule of thumb that we've articulated many times. And that -- really applies for that journey from 80% to 90% occupancy. But once you start getting over 90% and our way to 100%, you start to see a higher incremental margin closer to 70% because that operating leverage has really kicked in.

是的。所以，利潤率擴張和增量利潤率是我們最喜歡的話題之一。在過去的整整兩年裡，我們的 SHOP 業績利潤率確實成長了 50%，這是我們多次闡述的經驗法則。而這——確實適用於入住率從 80% 提升到 90% 的過程。但是，一旦轉換率超過 90%，並向 100% 邁進，你就會開始看到接近 70% 的更高增量利潤率，因為經營槓桿效應已經真正發揮作用了。

So that will be an opportunity -- just simply through operating leverage and growing occupancy to have margin expansion. The other opportunity is through price. And you've heard so far in our prepared remarks, we have good experience in terms of RevPOR growth. That's driven by underlying rent increases and move-in rents. And in both cases, the higher occupancy you get, the stronger that result is.

因此，這將是一個機會——僅僅透過營運槓桿和不斷提高入住率就能實現利潤率擴張。另一個機會在於價格。正如你們從我們事先準備好的發言稿中聽到的，我們在RevPOR增長方面擁有良好的經驗。這是由租金上漲和入住租金上漲所推動的。而且在這兩種情況下，入住率越高，結果就越顯著。

We get two times the RevPOR growth... we get two times the move-in rents in communities that are over 90% occupied versus the rest of the portfolio. So that will create opportunities to help push margin as well.

我們獲得了兩倍的RevPOR成長…入住率超過90%的社區的入住租金是投資組合中其他社區的兩倍。這樣一來，也就為提高利潤率創造了機會。

Okay, great, thank you.

好的，太好了，謝謝。

Thanks --.

謝謝——。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Good morning. Thank you for taking my question. I first wanted to address the comment in the opening remarks about occupancy is expected to increase sequentially or at least quarter over quarter. I was just wondering if that has to do with anything coming into the Same-Store at a higher occupancy? Or if you're seeing things in market trends right now?

早安.感謝您回答我的問題。首先，我想回應開場白中提到的關於入住率預計會逐季或至少逐季度增長的說法。我只是想知道這是否與同店入住率較高的商品有關？或者，你現在是否注意到了一些市場趨勢？

So it is -- this is about just a strong end to the third quarter and that carrying into the fourth quarter. And we have good visibility into that, obviously, so far. So it's an organic outcome driven by strong demand and strong move-in volume that we're seeing.

沒錯──這只是第三節末段的強勢表現，以及這種勢頭能否延續到第四節。顯然，到目前為止，我們對這一點有很好的了解。因此，我們看到的是強勁的需求和強勁的入住量所驅動的自然結果。

And I also wanted to ask about as your pipeline right now is all US SHOP, what's your comfortability of potentially expanding that into the UK or in other areas as well?

另外，我還想問一下，鑑於你們目前的產品線全部集中在美國商店，你們是否有可能將產品線擴展到英國或其他地區？

Great question. I'm sitting here with Justin who -- I think is the only REIT executive who actually ran a UK large senior living company. So I'll let him take that question.

問得好。我和賈斯汀坐在一起，我認為他是唯一一位真正經營英國大型退休公司的房地產投資信託基金高管。那就讓他來回答這個問題吧。

Yes. So I would say our first, second and third priorities are to invest in private pay senior housing in the US. We were -- we like the footprint we have in Canada, don't have meaningful plans to expand there. The UK is interesting.

是的。因此，我認為我們的第一、第二和第三優先事項是投資美國的私人付費老年住房。我們——我們喜歡我們在加拿大的業務規模，沒有在那裡進行實質擴張的計劃。英國很有意思。

One thing we did do there is set up our SHOP platform earlier this year with a new operator, CCG, who's been delivering excellent results so far. So we look forward to expanding our footprint in the UK over time, but the US is where all the action is.

今年早些時候，我們與新的營運商 CCG 合作，建立了我們的 SHOP 平台，到目前為止，CCG 的營運表現非常出色。因此，我們期待隨著時間的推移，在英國擴大我們的商業版圖，但美國才是真正重要的市場。

Okay, thank you so much.

好的，非常感謝。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Morning. Congrats on the strong results. Just two questions. I guess, one, a lot of your peers are engaging in, I guess, strategic portfolio shifts, whether it's selling MOBs or some MOBs or moving into the UK and our peers, I mean, just a broader health care set. I'm wondering sort of as you think of the portfolio today with the life -- university exposure, medical office, but then this outsized growth in SHOP, like is there thinking about like bigger picture change in the portfolio, number one?

早晨。恭喜你們取得優異成績。就兩個問題。我想，首先，你們的許多同行都在進行策略性投資組合調整，無論是出售醫療業務還是部分醫療業務，或者進軍英國市場，我的意思是，進軍更廣泛的醫療保健領域。我想知道，當您考慮當今的投資組合時，考慮到生活——大學經歷、醫療辦公室，但 SHOP 的超額增長，是否需要考慮投資組合的更大變化，這是第一點嗎？

And then just going back to specifically on Canada, you've had really good results there. But what's the appetite to sort of monetize the investment and the returns maybe into a fund or just outright selling?

然後具體回到加拿大，你們在那裡取得了非常好的成績。但是，投資者是否有意願將投資變現，並將收益轉化為基金，或直接出售？

Thanks, Vikram. Of course, we're always willing to consider, and we're always evaluating different portfolio actions that we think will create long-term value for the company, and you've seen us do that over the years, and we'll continue to actively monitor our portfolio for those types of actions.

謝謝你，維克拉姆。當然，我們始終願意考慮，並且一直在評估我們認為能夠為公司創造長期價值的不同投資組合策略，多年來你們也看到了我們一直在這樣做，我們將繼續積極監控我們的投資組合，尋找這類策略。

Currently, our main focus, which I'm sure is coming across, is really in aggressively growing our private pay shop business, which we've increased 2,000 basis points to have the company over the last couple of years, and we're going to continue to try to rapidly expand that business from internal and external investment activity.

目前，我們的主要重點（我相信這一點已經很明顯了）是積極發展我們的私人付費商店業務，在過去幾年裡，我們已經將公司的這項業務提高了 2000 個基點，我們將繼續嘗試透過內部和外部投資活動快速擴大這項業務。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. You raised your SHOP RevPOR growth guidance from 4.5% to greater than 4.5%. It seems like every quarter, we see less and less supply growth. Can you just talk about the change to greater than 4.5% and how much visibility you have into 2026, given pricing power should strengthen in occupancy increases and further do you think higher RevPOR growth can somewhat offset any slower occupancy growth in the future?

早安.非常感謝您回答我的問題。您將 SHOP RevPOR 成長預期從 4.5% 上調至大於 4.5%。似乎每個季度，我們都會看到供應成長越來越少。您能否談談超過 4.5% 的變化，以及您對 2026 年的預測有多大把握？考慮到入住率上升將增強定價能力，您認為更高的每間可供出租客房收入 (RevPOR) 增長能否在一定程度上抵消未來入住率增長放緩的影響？

Sure. So our -- we've been really pleased with our underlying pricing, both in terms of rent increases this year as well as the move-in rent trends, which are up year over year. And they're working together through our dynamic pricing approach with our operators to deliver that result. And one of the things we're equally as pleased about is that we're striking a really good balance of also driving occupancy and price together, which is what this dynamic pricing has approached is designed to do.

當然。所以，我們對目前的定價策略非常滿意，無論是今年的租金上漲幅度，還是入住租金的年漲趨勢。他們正透過我們的動態定價方式與營運商共同努力，以實現這一目標。我們同樣感到欣慰的是，我們在提高入住率和價格之間取得了很好的平衡，而這正是動態定價機制所要實現的目標。

In terms of the opportunity moving forward, it's a -- we're not going to really get into 2026 right now. But some of the things I mentioned I think earlier are really relevant. And that is that in higher occupied communities, we've seen better price outcomes, both in-house and through move-in rents. Obviously, demand has been really good, and we have more scarcity value across our portfolio. So over time, that should create an opportunity.

至於未來的機遇，我們現在還不打算深入探討 2026 年的情況。但我認為我之前提到的一些事情確實很重要。也就是說，在入住率較高的社區，我們看到了更好的價格結果，無論是房屋內部價格還是入住租金。顯然，市場需求非常旺盛，我們的投資組合中也出現了更多稀缺價值產品。所以隨著時間的推移，這應該會創造機會。

And when it's time to get into 2026, we'll do that, but this isn't the time yet.

等到 2026 年的時候，我們會這麼做，但現在還不是時候。

I appreciate the response. And as a follow-up, you acquired $2.2 billion of stabilized senior housing year-to-date and added 10 new local-focused operator relationships. It appears these are good operators because occupancy is already at 91%. But can you talk about what you look for when assessing whether a new operator fits the Ventas platform and then the average price per unit on the year-to-date activity was $381,000. So is that still a discount to replacement cost?

感謝您的回覆。此外，今年迄今為止，您已收購了價值 22 億美元的穩定老年住房，並新增了 10 個以本地為中心的營運商合作關係。看來這些業者運作良好，因為入住率已經達到 91%。但是，您能否談談在評估新業者是否適合 Ventas 平台時，您會考慮哪些因素？此外，今年迄今的平均單價為 381,000 美元。那麼，這還是比重置成本便宜嗎？

And if so, how much if you had to estimate?

如果要估算的話，大概是多少？

Yes. So we've consistently been buying below replacement costs, and it varies anywhere from 10% to 50%, depending on which particular investment we're talking about. One thing I want to clear up is, you mentioned the word stabilized, and we really don't think of 90% occupancy is being stabilized. There's -- we're sitting in markets that have net absorption projection of 1,000 basis points plus over the next few years. So we have not only good operational opportunity, but a tailwind that is unprecedented that we're facing. We have -- and then we have the price opportunity I reiterated that comes with that as well. So we see a lot of growth ahead in these assets.

是的。因此，我們一直以低於重置成本的價格進行採購，具體折扣幅度在 10% 到 50% 之間，具體取決於我們討論的是哪項投資。我想澄清一點，你提到了「穩定」這個詞，但我們不認為入住率達到 90% 就意味著穩定。我們現在所處的市場，未來幾年的淨吸收量預計會超過 1000 個基點。因此，我們不僅有良好的營運機會，而且還面臨前所未有的順風。我們有——然後我們還有我重申的價格機會。因此，我們認為這些資產未來仍有很大的成長空間。

And just to reiterate another strategic point I made. On top of the acquisitions, we also have had the strategy of moving our Triple-Net communities over to SHOP. And those communities were lower occupied. The most recent example is Brookdale, 78% occupied. And what that's delivered for us is a US occupancy that's 85%. So we're buying these high-performing communities through acquisitions. We transitioned the lower occupied communities from Triple-Net to SHOP, and we have a long runway ahead of growth opportunity with tailwinds to support it and a platform designed to deliver on that.

我還要重申我之前提出的另一個策略要點。除了收購之外，我們還制定了將我們的三網聯銷社群轉移到 SHOP 的策略。而且這些社區的人口密度較低。最近的例子是布魯克代爾，入住率達 78%。而這為我們帶來的結果是，美國飯店的入住率達到了 85%。因此，我們正在透過收購來獲得這些表現優異的社區。我們已將入住率較低的社區從三網合租模式過渡到SHOP模式，並且我們擁有廣闊的成長前景，有利因素將支持這一成長，我們還擁有一個旨在實現這一目標的平台。

Thank you very much. Good luck in the fourth quarter.

非常感謝。祝你第四節比賽好運。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

It's Nick Joseph here with Seth. Debbie, I just want to go back to the question on diversification and kind of the benefits of being more diversified versus more of a pure play. Is it -- do you think there are synergies between the businesses? Is it just a matter of pricing? And if you had the right pricing, you'd look to get more pure play? What -- how do you think about kind of the portfolio composition, the company composition overall and ultimately, how that attracts equity capital relative to the other health care companies out there?

我是尼克‧約瑟夫，我是塞思。黛比，我只想回到多元化投資的問題上，以及多元化投資相對於單一投資的優勢。你認為這些企業之間是否存在綜效？僅僅是價格問題嗎？如果定價合適，你會考慮增加純粹的遊戲環節嗎？您如何看待投資組合的組成、公司整體組成，以及最終，相對於其他醫療保健公司，這種構成如何吸引股權資本？

Yes. Overall, as I mentioned, the company's portfolio is unified by the megatrend of longevity. And of course, the senior housing business caters to the over 80 population, which is growing -- is large and growing and should be accelerating in growth over the next decade, as I mentioned, just 28% over the next five years.

是的。總的來說，正如我所提到的，該公司的產品組合都圍繞著長壽這一大趨勢。當然，老年住房業務主要服務於 80 歲以上的人口，這個群體正在不斷增長——規模龐大且持續增長，正如我所提到的，未來十年增長速度應該會加快，未來五年增長 28%。

And so -- we are leaning heavily into our senior housing business, and that is our number one priority to grow that. By doing so, both internally and through external investments, we are increasing the growth rate of the enterprise, which we believe increases our return to shareholders. And we're going to continue leaning into that strategy. We're always evaluating the merits of all of our businesses, all of our assets, and we're open-minded to considering portfolio changes, and we'll continue to be aggressive in looking for ways to create value for shareholders.

因此，我們正大力發展老年住房業務，這是我們發展的首要任務。透過內部和外部投資，我們正在提高企業的成長速度，我們相信這將增加股東的回報。我們將繼續推行這項策略。我們始終在評估我們所有業務和所有資產的價值，我們對投資組合的變化持開放態度，並將繼續積極尋找為股東創造價值的方法。

And then just as you think about that growth, I think you said the first, second and third priority is in the US, are you seeing different amount of competition for senior housing assets in the US versus anything internationally that you do look at?

然後，正如您所說，第一、第二和第三優先事項是美國，那麼您是否看到美國老年住房資產的競爭程度與您關注的國際市場有所不同？

Well, I mean, senior housing -- obviously a strong performing asset class. There's new capital entering the market. We've seen more competition. We've seen a much bigger pipeline though. So we -- it's not surprising that to see more interested in the asset class given the fundamentals, but we really like our ability to compete.

嗯，我的意思是，老年住房——顯然是一個表現強勁的資產類別。有新的資金流入市場。我們看到競爭更加激烈了。不過，我們已經看到規模更大的管道。所以，鑑於基本面，人們對這類資產越來越感興趣並不奇怪，但我們真的很喜歡我們自身的競爭力。

As I mentioned, the platform is designed to manage a large number of operators. That's important because 75% of the sector is operated by operators that have 50 or fewer assets. So if you're going to grow at scale in this sector, you need a platform that can manage multiple operators. And we do that as well as anybody and we're positioned for that through OI platform as well as our transaction experience and track record and our financial strength and flexibility that has positioned us to continue to grow. So we like our ability to compete, whether it's the US or in other markets.

正如我之前提到的，該平台旨在管理大量運營商。這一點很重要，因為該行業 75% 的營運商擁有 50 件或更少的資產。因此，如果你想在這個領域實現規模化發展，你需要一個能夠管理多個營運商的平台。我們在這方面做得和任何人一樣好，我們憑藉 OI 平台、交易經驗和業績記錄、財務實力和靈活性，已經做好了繼續發展的準備。所以我們對自身的競爭力感到滿意，無論是在美國還是在其他市場。

Thank you.

謝謝。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

Thanks. Good morning. So not to bring up what was a sore subject at the time. But back in March, you had this sort of surprise uptick in deaths that caused some disruption in the sort of the transition to the following quarter. And I'm wondering if that has sort of smoothed out over the course of 2025, whereas it sort of slowed down, hopefully, where the full year 2025 might look like a lot of other years? And is that playing any role in your optimism in terms of sequential occupancy growth into '20 -- into the fourth quarter? Or is it sort of a normal pace now? Just wondering if that's playing a role at all.

謝謝。早安.所以，我不想再提起當時那個令人痛苦的話題。但早在三月份，死亡人數就出現了這種意料之外的激增，對下一季的過渡造成了一些幹擾。我想知道這種情況在 2025 年是否會趨於平穩，或者說是否會放緩，希望 2025 年全年的情況能像其他很多年份一樣？那麼，這是否對您2020年第四季入住率的持續成長持樂觀態度？或者說，這已經算是正常節奏了？我只是想知道這是否起到了一定作用。

Richard, it's Justin. Yes, so the bottom line is that we never backed off our full year occupancy guidance. It was 270 the whole time. We alerted the market to kind of intermittent change in the occupancy run rate. We had the key selling season ahead of us.

理查德，我是賈斯汀。是的，所以最終結果是，我們從未降低全年入住率預期。一直都是270。我們提醒市場注意入住率的間歇性變化。我們即將迎來銷售旺季。

We've delivered on one of the best key selling seasons that we've had. You can see it on page 12 in the deck. We had 230 basis points of growth within the key selling season, best in the past four years.

我們迎來了有史以來銷售業績最好的銷售季之一。你可以在牌組第 12 頁看到它。我們在關鍵銷售季實現了 230 個基點的成長，這是近四年來最好的成績。

The third quarter, it was a leader amongst the industry versus NIC and peers in terms of sequential occupancy growth. That was driven by higher than move-ins versus prior year. So the move-in strength has been very strong. The move-outs have moderated, and we're growing occupancies. So it's old news, and we've stuck with 270 and we're delivering on it.

第三季度，該公司在入住率環比成長方面領先 NIC 和同行，並處於行業領先地位。這是由於入住人數高於上一年所致。所以，入住率非常高。搬出率下降，入住率正在提高。所以這已經是舊聞了，我們堅持270這個數字，而且我們正在兌現承諾。

Okay. Fair enough. Second question, you talked about a growing investment pipeline, which is great to hear. But I'm wondering about the finiteness of the external growth story here. When I think about senior housing, I don't know, maybe there's 30 million apartment units in the United States, but is there two million senior housing, I don't know.

好的。很公平。第二個問題，您提到投資管道正在不斷成長，這真是個好消息。但我對外部成長的有限性感到疑惑。當我想到老年住房時，我不知道，美國可能有 3000 萬套公寓，但是否有 200 萬套老年住房，我不知道。

And you're certainly buying as a group as the REITs faster than product is being developed. So do you -- what would you say is the time line where you've sort of getting to the point where you've seen and considered what you kind of want to have and that we'll start to see external growth start to sort of materially slow down but you've done a good job in terms of acquiring into that market.

而你們肯定是以群體形式購買 REITs，因為 REITs 的購買速度比產品開發速度快得多。所以，您認為——您認為在什麼時間點，您已經看到了並考慮了您想要擁有的東西，並且我們將開始看到外部增長開始實質地放緩，但您在進入該市場方面做得很好。

So it's such that the story transitions much more to an organic growth story, still sort of drafting off of all this aging of the population, but more of an internal growth story, maybe a couple of years from now and less of an external growth story.

因此，故事的走向將更多地轉變為一個有機成長的故事，仍然在某種程度上利用人口老化，但更多的是一個內部成長的故事，也許在未來幾年內，而不是一個外部成長的故事。

Rich, we feel very confident about our ability to build on our investment momentum and to accelerate investment activity and quality US senior housing for the foreseeable future. And we're very happy, as you mentioned, that we have a really outstanding internal growth story in this very large and growing senior housing business.

Rich，我們對在可預見的未來繼續保持投資勢頭、加快投資活動和提升美國優質老年住房水平的能力非常有信心。正如您所提到的，我們非常高興，在這個規模龐大且不斷發展的養老住房業務領域，我們擁有非常出色的內部成長表現。

Yes. And I would just say, really explicitly, we're not even close to seeing the slowdown from an external standpoint. The institutional ownership, long-term ownership, is still in the mid-teens in the sector. And so you have a lot of private equity, friends and family equity, that own assets, that trade assets routinely, and we anticipate participating in those trades.

是的。我只想明確地說，從外部角度來看，我們離經濟放緩還遠。該產業的機構持股比例和長期持股比例仍只有十幾個百分點。因此，有許多私募股權、親朋好友的股權，他們擁有資產，並且經常進行資產交易，我們預計會參與這些交易。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, guys. This is Sam on for Tayo. I hope I don't miss this, but can you guys provide an update on the performance update on the 27 assets that have been converted from Triple-Net to SHOP?

嗨，大家好。這裡是Sam替Tayo報道。我希望不會錯過這個消息，請問各位能否提供一下從 Triple-Net 模式轉換為 SHOP 模式的 27 個資產的效能更新？

Yes, sure. Yes. So you're referring to the transition -- the Triple-Net to SHOP transition from Brookdale. We've had -- there's 45 in total. And those communities have performed really well year over year, and they've -- their NOI really approximates the rent run rate now.

當然可以。是的。所以你指的是過渡——從 Brookdale 到 SHOP 的 Triple-Net 過渡。我們已經有——總共有 45 個。這些社區的業績逐年都非常出色，而且它們的淨營業收入現在確實與租金運行率非常接近。

So that was a good outcome, and there's 27 that have transitioned as of October. Everything is going really well. We've had boots on the ground from Ventas team members and most importantly, from the senior leadership -amongst the operators to ensure that there's a smooth transition that's underway, and there's a lot of enthusiasm around the attention that the communities are getting, both from the new management, but also around the refresh capital that we're going to be putting in to help better position the communities and deliver occupancy growth over time.

所以這是一個好結果，截至 10 月，已有 27 人完成過渡。一切都很順利。Ventas 團隊成員和最重要的高階領導都已深入一線，與營運商密切合作，確保平穩過渡。大家對社區所受到的關注充滿熱情，這不僅來自新的管理團隊，也來自我們將投入的翻新資金，這些資金將幫助社區更好地定位，並隨著時間的推移實現入住率的增長。

And sorry, what was you said after -- since October, -- transitioned, I think I missed that.

抱歉，您從十月過渡期之後說了什麼？我想我錯過了。

There's 27 that have transitioned so far.

目前已有 27 人完成轉型。

And the remainder of the 45 should transition in the coming months.

其餘 45 人將在未來幾個月內完成過渡。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just hoping you could talk a little bit about the independent living pool in the US. You kind of highlighted that as an outperformer. If you could just give us some color as to what's driving that and maybe as a subset of that how Holiday, the X Holiday assets or the Atria holiday assets are performing as a part of that?

您好，早安。希望您能談談美國的獨立生活游泳池的情況。你算是把它列為表現優異者了。如果您能詳細說明一下推動這一趨勢的原因，以及其中一部分內容，例如假期季節、X假日季資產或Atria假日季資產在這一趨勢下的表現，那就太好了？

Yes. So most of our independent living footprint in the US is Holiday or former Holiday communities. We had 340 basis points of occupancy growth in the US. IL was stronger. That was 390 basis points. And so we've had really good growth in that IL product and pleased that it's outperforming. And as it has a long way to go, too. It's part of that US opportunity for occupancy growth and it's delivering and has a long runway.

是的。因此，我們在美國的大部分獨立生活社區都是 Holiday 或以前的 Holiday 社區。我們在美國實現了 340 個基點的入住率成長。IL 更強。那是390個基點。因此，我們的IL產品取得了非常好的成長，我們很高興它的表現超出了預期。而且它還有很長的路要走。這是美國酒店入住率成長機會的一部分，而且它正在發揮作用，並具有很長的發展前景。

So we're really pleased with the performance.

我們對這次演出非常滿意。

And how is the IL growth and the outperformance you've seen there impacted RevPOR growth? And is there any impact in terms of the mix there? And how should we think about that into '26 versus what you delivered year-to-date?

那麼，IL 的成長以及您觀察到的超額報酬對 RevPOR 的成長有何影響？那麼，這對混合物方面會有影響嗎？那麼，我們該如何看待 2026 年的業績與你們今年迄今為止的業績之間的差距呢？

Yes. So I'm not going to get into 2026, but the IL growth because it runs at a lower RevPOR and therefore, the outperformance in IL at a lower RevPOR does cause a mix impact on the RevPOR metric. So it does pull it down. And it's a high-class problem because it means you're growing more occupancy higher and faster, but it happens to be in a product that has slightly lower rent. So that's all in the numbers.

是的。所以我不打算深入探討 2026 年的情況，但 IL 的成長是因為它的 RevPOR 較低，因此，IL 在較低 RevPOR 下的優異表現確實會對 RevPOR 指標產生混合影響。所以它確實會把它拉下來。這是一個幸福的煩惱，因為這意味著你的入住率會更高、速度更快，但恰好是租金略低的產品。所以一切都體現在數字上了。

And the goal will be to continue to grow with broad-based performance across the whole platform and both in terms of occupancy and rate.

我們的目標是在整個平台上，無論在入住率或房價方面，都繼續實現全面成長。

Thank you.

謝謝。

John Kilichowski from Wells Fargo.

來自富國銀行的約翰‧基利喬夫斯基。

Hi, good morning out there, Justin, in last quarter, we discussed kind of the building blocks of your higher occupied assets and that margin profile. I know we talked about it earlier on the call. But if we look at your Canadian portfolio, you're at mid-90s occupancy, and we would kind of expect to see that sort of layout on margin or -- and RevPOR.

嗨，早上好，賈斯汀，上個季度我們討論了你高佔用率資產的組成要素以及利潤率情況。我知道我們之前在電話裡討論過這件事。但如果我們看一下您的加拿大投資組合，您的入住率在 90% 左右，我們預計在利潤率或 RevPOR 方面會看到這種佈局。

I'm just curious why that Same-Store NOI number is maybe a little lower than we would expect given the building blocks that you walked us through? I think it would probably get us to mid-teens, and we're seeing 7.4 this quarter. Is there anything to point out there?

我只是好奇，為什麼同店淨營業收入（NOI）這個數字比我們根據您之前講解的那些基本要素所預期的要低一些？我認為可能會達到十幾個百分點，而我們本季看到的是 7.4。有什麼需要指出的嗎？

Yes. So the Canadian portfolio has very, very high occupancy. I mean -- and it has -- there are some limitations around how much and where you can push pricing. There's also a mix issue that happens at times. We have a Sunrise product that's very high RevPOR and if there's any volatility in those 12 communities that can impact the operating metrics.

是的。因此，加拿大投資組合的入住率非常非常高。我的意思是——而且確實存在——價格上漲的幅度以及漲價的地點都存在一些限制。有時還會出現混音問題。我們有一款名為 Sunrise 的產品，其營收率非常高，如果這 12 個社區出現任何波動，都可能影響營運指標。

But we would really kind of view Canada as a high single-digit grower. I mean, that's what it's been for us. It's a reason why we're not looking to expand in Canada. You just don't have the same organic NOI growth opportunity in Canada. So -- but it's solid and it's a good opportunity.

但我們認為加拿大實際成長率將維持在個位數以上。我的意思是，對我們來說就是這樣。這就是我們不打算在加拿大擴張的原因之一。在加拿大，你沒有同樣的有機淨營業收入成長機會。所以——但它很穩，而且是個好機會。

The US opportunity is different. You have the opportunity to really deliver a better RevPOR, OpExPOR spread in the US over time. You have less limitations on the top end in terms of where you can push rent. We're located in markets that have high income and wealth demographics and very strong supply and demand in the US as well. So we do like that opportunity better and would expect better growth in the US.

美國的機會有所不同。隨著時間的推移，您有機會在美國真正實現更好的營收利潤率和營運支出利潤率差距。在租金上限方面，你的限制較少，你可以把租金推向更高的位置。我們的市場位於高收入、高財富人口結構以及美國強勁的供需關係區域。所以我們更看好這個機會，並且預期在美國會有更好的成長。

Okay. That was very helpful. And then my second question is just on the acquisition pipeline. A couple of times on the call, you've said you have clear visibility on the ability to accelerate your acquisition cadence. Are there any near-term risks that you're monitoring that could possibly sort of uproot that thesis? Or is it pretty reasonable for investors to start expecting higher investment volumes in '26 and in '25?

好的。那很有幫助。我的第二個問題是關於收購流程的。在通話中，您曾多次表示，您清楚了解加快收購步伐的能力。您認為近期是否存在任何可能推翻此論點的風險？或者說，投資人開始預期 2026 年和 2025 年的投資量會更高，這是否相當合理？

Well, I mean, structurally, we don't see anything limiting us now. We have the track record. We have the platform, we have the cost of capital, and we have momentum. So all of that's working together to have this accelerating investment pace that we've been delivering -- and we'll - our intention is to continue that.

嗯，我的意思是，從結構上看，我們目前看不到任何限制我們的東西。我們有良好的業績記錄。我們擁有平台，我們擁有資金成本，我們擁有發展勢頭。所有這些因素共同作用，促成了我們一直以來不斷加快的投資步伐——而我們的目標是繼續保持這種勢頭。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Great. Just two quick ones for me. Just going back to the operator conversation a little bit. You've added some more operators. Now you've had a lot of experience working with different operators. I was wondering if you could just talk through in terms of their ability to use data, use the platform as well as our capacity to take on more facilities, like where are all these operators in that journey, right?

偉大的。我只需要回答兩個問題。讓我們稍微回到之前和接線生的對話上來。您新增了一些運算符。現在你已經累積了與不同業者合作的豐富經驗。我想請您談談他們使用數據、使用平台的能力，以及我們接納更多設施的能力，例如這些業者目前處於哪個階段，對吧？

Is it early innings? Is it middle innings? Is it late innings? Just trying to get a sense of the potential efficiency and upside potential over the next three to five years.

現在還是比賽初期嗎？現在是比賽的中段嗎？比賽已經接近尾聲了嗎？只是想了解未來三到五年內的潛在效率和成長潛力。

That's a great question. So let me start with this. Every single one of our operators and their communities have end-to-end tech, all of them do. It's an industry standard. And what that means is that they have tech in place for safety monitoring, care and compliance, med administration, managing their CRM, food services, maintenance, delivery, all of that is managed through tech.

這是一個很好的問題。那麼，就讓我從這裡開始吧。我們所有的營運商及其社群都擁有端到端的技術，所有營運商和社群都擁有。這是業界標準。這意味著他們已經部署了技術來監控安全、護理和合規性、藥物管理、客戶關係管理、食品服務、維護、配送等等，所有這些都是透過科技來管理的。

And most of it is AI enhanced now. So that's the starting point. Believe it or not, technology is widely used in senior housing. And certainly, our operators are deploying that technology to help deliver more efficient and also most importantly, high quality and care and service delivery to the residents and to manage the business better.

而且現在大部分都經過人工智慧增強了。這就是起點。信不信由你，科技在老人公寓中得到了廣泛應用。當然，我們的營運人員正在運用這項技術，以幫助向居民提供更有效率、更重要的是更高品質的照護和服務，並更好地管理業務。

What's really powerful about the OI platform is that we designed it to plug into any system. It doesn't matter what they're using on the CRM side and from a financial side to get the operating metrics and the financial metrics we need. We designed our platform to be flexible. We pulled the data in and then we can access and utilize the data in OI platform. And the powerful aspect is that we then deliver that back to the operators.

OI平台真正的強大之處在於，我們將其設計成可以插入任何系統。無論他們在客戶關係管理 (CRM) 方面使用什麼，以及從財務方面使用什麼來獲取我們需要的營運指標和財務指標，都無關緊要。我們設計的平台具有彈性。我們匯入了數據，然後就可以在 OI 平台中存取和利用這些數據了。而其強大之處在於，我們隨後會將這些資訊回饋給營運商。

And what we're doing and doing so is articulating opportunities to improve across all the key metrics, revenue and expenses and in a very targeted way, and we get down literally to the unit level and we have price strategies, sales strategies, expense efficiency opportunities that are identified in a granular detail in a way that the operators can really take it and deliver a plan to improve performance.

我們正在做的，就是明確提出在所有關鍵指標、收入和支出方面改進的機會，並以非常有針對性的方式進行。我們甚至深入單位層面，制定價格策略、銷售策略和費用效率機會，並以細緻入微的方式確定這些機會，以便營運商能夠真正採納並製定計劃來提高績效。

And so it's a very collaborative effort. It's data-rich, but in a very focused consumable way, and that's how the OI platform plugs in. And it's only going to get much better. One of the things that you hear me talk about is the best is yet to come, and that's referring to a number of fronts. And one of those fronts is the ability to execute on performance to the OI platform will only get better over time.

所以這是一項非常需要團隊合作的努力。它包含大量數據，但數據呈現方式非常集中且易於理解，這就是 OI 平台的切入點。情況只會越來越好。我常說的一件事是，最好的還在後頭，這指的是很多方面。其中一個方面是，對 OI 平台執行效能的能力只會隨著時間的推移而不斷提高。

Really helpful. And then my second question was just I wanted to ask the competition question sort of a different way because we've been thinking a lot about that as well. Because when I look at sort of low to mid-teens unlevered IRR, I think the demographic trends are clear. I mean, I think if you could be a little bit more specific in terms of why do you think private equity specifically has not come into the space, right? Is it that they're here and there's enough product to go out?

真的很有幫助。然後我的第二個問題是，我想換個方式問一下關於競爭的問題，因為我們也一直在思考這個問題。因為當我看到十幾到十幾的無槓桿內部報酬率時，我認為人口趨勢很明顯。我的意思是，如果你能更具體地說明一下，你認為為什麼私募股權沒有進入這個領域，那就太好了，對吧？是不是因為他們在這裡，而且產品足夠發貨？

Just like what are the reasons that this pool of capital is not coming for the sort of low to mid-teens unlevered IRR with a good supply/demand backdrop? Just what are you hearing?

就像為什麼這筆資金沒有流入那些在供需良好環境下，槓桿率僅為十幾到十幾的無槓桿內部收益率（IRR）的投資項目呢？你聽到了什麼？

So I mean, there is private equity in the space. I mean, they -- quite frankly, they own much more of the sector than the public companies do. And so they're in the space. But in terms of -- and when I say that I'm referring to private equity and friends of family equity.

我的意思是，這個領域有私募股權投資。我的意思是，坦白說，他們擁有的股份比上市公司多得多。所以它們就在這個空間裡。但就——我指的是私募股權和家族朋友的股權而言。

The reality is, though, if you're an institutional private equity player and you want to enter the space and scale, everything I've described that we do that you don't flip a switch and just make that happen. And the ideal -- it seems like the ideal private equity investment would be a lineup with a large-scale operator and help that operator to improve and expand and grow.

但現實是，如果你是一家機構私募股權投資者，想要進入這個領域並擴大規模，我所描述的這一切並不是一蹴可幾的。理想的私募股權投資似乎是與大型營運商合作，幫助該營運商改進、擴張和發展。

But to grow in this space, you're usually not going to find many of those opportunities because it's a collection of smaller operators and senior housing, as I mentioned. And so our platform is designed to buy communities operated by multiple operators, and it's 40 and growing. And I do think that creates a barrier to entry issue for some private equity.

但正如我所提到的，在這個領域發展壯大，你通常不會找到很多這樣的機會，因為它是由一些規模較小的運營商和老年住房組成的。因此，我們的平台旨在收購由多個營運商經營的社區，目前已有 40 個社區，並且還在持續成長中。我認為這確實會為一些私募股權投資造成進入門檻問題。

Having said that, I mean, the -- we would expect that there'll be plenty of interest from a variety of capital sources in the sector given the strong fundamentals.

話雖如此，我的意思是，鑑於該行業的基本面強勁，我們預計各種資本來源都會對此表現出濃厚的興趣。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

Thanks. Can you quantify what the potential opportunity for Triple-Net to SHOP transition looks like within the current portfolio? How many more assets do you expect to transition over the next, call it, 6 to 12 months or so outside of the Brookdale portfolio? And what's the rough range of NOI upside you typically underwrite on those?

謝謝。您能否量化一下在目前投資組合中，三淨租賃向SHOP租賃過渡的潛在機會是什麼？您預計在接下來的 6 到 12 個月左右的時間裡，會有多少資產從 Brookdale 投資組合中轉移出去？那麼，您通常對這些投資的淨營業收入成長預期範圍估計是多少？

Yes. I mean, we've had, quite frankly, most of that plan has been executed. We had 150 already that we thought that we've moved into SHOP from Triple-Net. That's created that awesome occupancy upside opportunity we're seeing in the US. We've had -- we do have some very high-performing leases that are left.

是的。我的意思是，坦白說，我們大部分的計畫都已經執行完畢了。我們之前已經有 150 套公寓，我們認為我們已經從 Triple-Net 搬到了 SHOP。這就創造了我們在美國看到的巨大入住率上升機會。我們還有一些表現非常出色的租賃合約尚未到期。

One of those is with Brookdale, I mentioned that. There - we don't have any plans to do anything different with that portfolio. There's a couple of other smaller ones, one of which we just made an acquisition through one of our tenants -- and bought some new really high-performing, high-quality assets as part of the pipeline and move those to SHOP. And so that was a way to leverage that relationship. But really, the plan at this point is to deliver on the organic growth opportunity that is embedded in our portfolio through all those efforts we've had in place over the past few years and continue to grow externally.

其中一家就是 Brookdale，我之前有提到過。那方面——我們沒有任何計劃對該投資組合進行任何不同的操作。還有幾家規模較小的公司，其中一家是我們剛剛透過我們的一位租戶收購的——並且購買了一些新的、真正高效、高品質的資產作為儲備的一部分，並將這些資產轉移到 SHOP。所以，這是利用這種關係的一種方式。但實際上，目前的計劃是抓住過去幾年我們所做的一切努力所帶來的投資組合中蘊含的有機成長機會，並繼續向外部發展。

Got it. And then maybe one on the research business. Can you just quantify the magnitude of bad debt during the quarter? And are these onetime rent deferrals or more permanent rent cuts to tenants? Just help us understand how long the credit issues during the quarter may actually weigh on NOI growth in that business.

知道了。然後或許可以寫一篇關於研究業務的文章。能否量化一下本季壞帳的規模？這些是一次性的租金延期支付，還是租戶的永久性租金減免？請協助我們了解本季信貸問題究竟會對該業務的淨營業收入成長造成多久的影響。

Yes. This is Pete. Thanks for the question. The typical character of some of the restructurings we've done to give people additional runway is to initially reduce their rents, have a climb back up and then have some participation opportunities later as their business improves. And so that's a playbook we've been running.

是的。這是皮特。謝謝你的提問。我們為給人們更多喘息之機而進行的一些重組的典型特點是，首先降低他們的租金，然後逐步提高租金，之後隨著他們業務的改善，再提供一些參與機會。這就是我們一直在執行的策略。

It's been working well. And it's hard to say when it's going to end, but we're pretty pleased with the results.

一直運作良好。很難說什麼時候會結束，但我們對結果相當滿意。

Michael Mueller, JPMorgan.

邁克爾·穆勒，摩根大通。

Hi. I'll just keep it to one here. As the 80-plus population surges, do you expect to see a widening of performance between AL memory care and the younger population IL portfolio?

你好。我就只說一個吧。隨著 80 歲以上人口激增，您是否預期 AL 記憶護理和針對年輕族群的 IL 投資組合之間的績效差距會擴大？

I want to make sure I --

我想確保我--

Yes, I think I do. So the 80-plus population, the baby boomers start turning 80 next year, that's really our customer base and senior housing. The truth is that both AL and IL ages are relatively consistent with each other. And so we would expect both to be benefited by this broad-based demand. It's really just a different type of resident with whatever type of needs that they have when they move into senior housing.

是的，我想我是。所以，80歲以上的人口，也就是明年即將年滿80歲的嬰兒潮世代，才是我們真正的客戶群和老年住房需求。事實上，AL 和 IL 的年齡都比較接近。因此，我們預計雙方都將受益於這種廣泛的需求。入住老年公寓的居民類型和一般居民其實有所不同，他們的需求也各不相同。

And the age is relatively consistent between the two. You can get a little bit younger skewing in the independent living, which is one of the benefits to that asset class. But overall, both are going to be benefiting from this broad-based and growing demand.

而且兩人的年紀也比較接近。選擇獨立生活房產，你的年齡可能會稍微年輕一些，這也是這類資產的優點之一。但總的來說，兩者都將受益於這種廣泛且不斷增長的需求。

I will now turn the call back over to Debra Cafaro, Chairman and CEO of Ventas for closing remarks.

現在我將把電話轉回給 Ventas 董事長兼執行長 Debra Cafaro，請她作總結發言。

All right, Van. Thanks. And I want to thank everyone who joined us on a busy day for your interest in and support of Ventas. We wish you and yours a good holiday season, and we look forward to seeing you soon. Thank you.

好的，範。謝謝。我還要感謝在繁忙的一天中與我們共聚一堂的各位，感謝你們對 Ventas 的關注和支持。祝您和您的家人節日快樂，期待很快與您見面。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。