芬塔 (VTR) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Ventas, Inc., third-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Ventas, Inc. 2026 年第三季財報電話會議。(接線員指示)

I will now hand the conference to BJ Grant, Senior Vice President of Investor Relations. BJ, please go ahead.

現在我將把會議交給投資人關係資深副總裁 BJ Grant。BJ，請開始。

Thank you, Chase. Good morning, everyone, and welcome to the Ventas third-quarter 2026 results conference call. Yesterday, we issued our third-quarter 2026 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.

謝謝你，Chase。各位早安，歡迎參加 Ventas 2026 年第三季業績電話會議。昨天我們發布了 2026 年第三季財報新聞稿、簡報資料及補充資訊包，皆可於 Ventas 網站 ir.ventasreit.com 取得。提醒各位，今天的發言可能包含前瞻性陳述及其他事項。前瞻性陳述受風險與不確定性影響，且多項因素可能導致實際結果與該等陳述所預期者出現重大差異。

For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, all of which are available on the Ventas website. Certain non-GAAP financial measures will also be discussed on this call, 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.

如需更詳細的因素討論，請參閱本季財報新聞稿以及我們最新的 SEC 申報文件，皆可於 Ventas 網站查閱。本次電話會議亦將討論若干非 GAAP 財務衡量指標；如需將這些指標與最可比的 GAAP 指標進行調節（reconciliation），請參閱張貼於投資人關係網站的補充資訊包。

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

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

Thank you, BJ. I also want to welcome all of our shareholders and other participants, including our newest Ventas colleague, Andy Wattula, to the Ventas third-quarter 2026 earnings call.

謝謝你，BJ。我也要歡迎所有股東及其他與會者，包括我們最新加入的 Ventas 同仁 Andy Wattula，一同參加 Ventas 2026 年第三季財報電話會議。

Ventas delivered strong enterprise results and growth in the quarter as we execute our 1-2-3 strategy. Our senior housing operating portfolio, now in its fifth year of double-digit organic growth, powered our results, and our significant SHOP investment activity enhanced our outlook. In an environment of rapid change, the Ventas investment thesis remains consistent and clear. Our $60 billion enterprise generates performance from nearly 1,500 physical assets serving the need-based secular demand of a large and growing aging population. Ventas is one of the rare growthy businesses that is neither AI-focused nor AI correlated. In addition, our strong and improving financial profile provides stability and opportunity amid volatile capital market conditions. As a result, we are well positioned to thrive in a variety of economic environments.

Ventas 在本季於執行我們的 1-2-3 策略之際，交出強勁的企業整體成果與成長。我們的高齡住宅營運投資組合（SHOP）如今已連續第五年達成兩位數的有機成長，成為推動業績的動力；同時，我們大量的 SHOP 投資活動也提升了展望。在快速變動的環境中，Ventas 的投資論點仍然一致且清晰。我們 600 億美元的企業規模，來自近 1,500 項實體資產的營運表現，服務於龐大且持續成長的高齡人口所帶來、以需求為導向的長期結構性需求。Ventas 是少數具成長性的企業之一，既非以 AI 為核心，也不與 AI 高度連動。此外，我們強勁且持續改善的財務體質，在波動的資本市場環境中提供穩定性與機會。因此，我們已做好準備，能在多種經濟環境中茁壯成長。

Within that context, our team remains focused on using our high-quality portfolio, differentiated platform, operating expertise, deep industry relationships, and data advantages to fuel our momentum and deliver outperformance at scale. Our excellent results demonstrate the power of our enterprise and our position as the world's second largest owner of senior housing. US SHOP same-store cash NOI grew 17% in the quarter, contributing to our 11% total company same-store cash NOI growth. The first prong of our 1-2-3 strategy is capturing organic SHOP growth through rate and occupancy. Strong rate growth was coupled with SHOP occupancy outperformance in the quarter. Same-store average occupancy grew 120 basis points sequentially, driven by Ventas OI.

在此背景下，我們團隊仍專注於運用高品質投資組合、差異化平台、營運專業、深厚的產業關係與數據優勢，推動動能並以規模化方式創造超額表現。我們優異的成果展現了企業平台的力量，以及我們作為全球第二大高齡住宅持有者的地位。美國 SHOP 同店現金 NOI 本季成長 17%，帶動全公司同店現金 NOI 總成長 11%。我們 1-2-3 策略的第一個支柱，是透過房價（rate）與入住率（occupancy）來掌握 SHOP 的有機成長。本季在強勁的房價成長之際，SHOP 入住率亦表現優於同業。同店平均入住率較前一季提升 120 個基點，主要由 Ventas OI 推動。

This continues a multiyear trend of materially outpacing industry benchmarks. In fact, our SHOP portfolio has grown occupancy at twice the pace of the NIC average since 2023, generating nearly 600 basis points of incremental outperformance during that period. And yet, our US SHOP properties remain only 89% occupied, supporting a multiyear runway ahead for durable occupancy, rate and NOI growth. I want to thank our Ventas colleagues and operators for their strong execution and commitment to outstanding senior care and services in our communities.

這延續了多年來顯著超越產業基準的趨勢。事實上，自 2023 年以來，我們的 SHOP 投資組合入住率成長速度為 NIC 平均的兩倍，在此期間累積帶來近 600 個基點的額外超額表現。然而，我們的美國 SHOP 物件目前入住率仍僅 89%，顯示未來多年仍有充足跑道，可望帶來具韌性的入住率、房價與 NOI 成長。我要感謝 Ventas 的同仁與營運商在執行上的出色表現，以及對我們社區中卓越長者照護與服務的承諾。

Our third-quarter normalized FFO per share of $0.99 represents 10% growth year over year, and our credit profile continued its significant multiyear improvement trend as we ended the quarter with net debt to EBITDA in the low 4 times. We are pleased to again increase our full-year FFO per share guidance to $3.89 primarily because of our 2026 investment activity.

我們第三季每股標準化 FFO 為 0.99 美元，年增 10%；同時，我們的信用狀況延續多年來顯著改善的趨勢，本季末淨負債對 EBITDA 約在 4 倍出頭。我們很高興再次上調全年每股 FFO 指引至 3.89 美元，主要反映我們 2026 年的投資活動。

The Ventas strategy is built to capture unprecedented durable demographic demand. Now more than ever, individuals and their families are attracted by the benefits of safety, socialization, and support provided in our senior housing communities at a cost comparable to aging at home.

Ventas 的策略旨在掌握前所未有且具持久性的族群人口結構需求。如今比以往任何時候，個人及其家庭更被我們高齡住宅社區所提供的安全、社交與支持等優勢所吸引，而其成本與在家安老相當。

The baby boomer generation, a cohort of nearly 70 million individuals and the wealthiest generation in history, began turning 80 this year, and we are just now stepping into the period of enormous growth in our customer base as the US senior population is expected to expand 28% over the next five years and remain elevated for over a decade.

嬰兒潮世代約有近 7,000 萬人，且是史上最富有的一代，今年開始滿 80 歲；而我們也正步入客戶基礎大幅成長的時期，因為預期未來五年美國高齡人口將擴增 28%，並在十年以上維持於高位。

Yet construction starts of new senior housing units hover at record lows with a paltry 1,000 units being started in the quarter. With at least a three-year start to finish development cycle and increased construction costs, we should enjoy these powerful tailwinds supporting our growth for the foreseeable future. Our business and team at Ventas are built to meet this moment, capitalize on these trends, and continue to outperform the industry at scale.

然而，新建高齡住宅單位的開工量仍徘徊在歷史低點，本季僅有約 1,000 個單位開工。在從開工到完工至少需三年的開發週期，以及建造成本上升的情況下，我們可望在可預見的未來持續受惠於這些強勁順風，支撐我們的成長。Ventas 的業務與團隊已為此時刻而打造，將把握這些趨勢，並持續以規模化方式超越產業表現。

The second prong of our strategy, of course, is to aggressively expand our SHOP footprint through attractive acquisitions designed to enhance our enterprise growth rate. Our investment momentum is strong. And year to date, we've closed more than $5 billion of SHOP investments, which are expected to produce double-digit to mid-teens unlevered IRRs and year-one average yields in the mid-6s.

我們策略的第二個支柱，當然是透過具吸引力的收購積極擴大 SHOP 版圖，以提升企業整體成長率。我們的投資動能強勁。截至目前為止，我們已完成超過 50 億美元的 SHOP 投資，預期可帶來兩位數至十幾%的無槓桿 IRR，以及第一年平均殖利率約在 6% 中段。

Our pipeline remains robust, and we are actively advancing actionable SHOP investment opportunities to build on our success and expand our SHOP business. As a long-term industry participant with nearly 1,000 senior housing communities, we have built a significant competitive moat, including our relationships, platform, data, team, financial strength, and operating experiences.

我們的投資管線仍然穩健，我們正積極推進可執行的 SHOP 投資機會，以延續成功並擴大 SHOP 業務。作為長期的產業參與者，擁有近 1,000 個高齡住宅社區，我們已建立顯著的競爭護城河，包括關係網絡、平台、數據、團隊、財務實力與營運經驗。

These advantages, coupled with our right market, right asset, right operator framework, drive our investment decisions, keep our win rate high, and help our acquired communities and operators outperform after closing. With the recent global move in interest rates and geopolitical uncertainty, our competitive position has strengthened even further.

這些優勢結合我們「對的市場、對的資產、對的營運商」框架，驅動投資決策、維持高勝率，並協助我們收購的社區與營運商在交割後表現優於同業。在近期全球利率變動與地緣政治不確定性之下，我們的競爭地位進一步強化。

To close, the entire Ventas team is unified and excited about the opportunities for multiyear growth and value creation ahead. We remain focused on winning together and delivering outperformance at scale as we help people live longer, healthier, and happier lives.

最後，整個 Ventas 團隊團結一致，並對未來多年成長與價值創造的機會感到振奮。我們將持續專注於攜手致勝，並以規模化方式交付超額表現，協助人們活得更長壽、更健康、更快樂。

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

現在我很高興把電話交給 Justin。

Thank you, Debbie. Good morning, and thank you for joining us. The third quarter reflected continued strong execution across our senior housing operating portfolio and our investment platform. I'll cover four areas: our SHOP results, the OI platform supporting them, the pace and quality of our external growth, and the outlook for the business.

謝謝你，Debbie。各位早安，感謝各位加入。第三季反映出我們在高齡住宅營運投資組合與投資平台上持續強勁的執行力。我將涵蓋四個面向：我們的 SHOP 業績、支撐其表現的 OI 平台、外部成長的速度與品質，以及業務展望。

Let me start with the SHOP results. Same-store SHOP cash NOI grew 16% year over year, led by our US portfolio of 17%. Revenue grew 8.3%, benefiting from both occupancy and rate growth. This marks the 17th consecutive quarter in a row of double-digit SHOP NOI growth.

我先從 SHOP 業績談起。同店 SHOP 現金 NOI 年增 16%，其中美國投資組合年增 17% 居首。營收成長 8.3%，同時受惠於入住率與房價成長。這是連續第 17 個季度實現兩位數的 SHOP NOI 成長。

Average occupancy increased 120 basis points sequentially and 290 basis points year over year overall, and 320 basis points in the US, led by independent living, which is up 340 basis points. Growth was broad-based across markets, community types, and operators. RevPOR grew 5%. This compares with 4.7% last year and 4.4% the year before.

平均入住率較前一季提升 120 個基點、整體較去年同期提升 290 個基點；美國部分提升 320 個基點，其中以獨立生活（independent living）帶動，提升 340 個基點。成長廣泛分布於各市場、社區類型與營運商。RevPOR 成長 5%。相較之下，去年為 4.7%，前一年為 4.4%。

We continue to achieve stronger pricing in communities with higher occupancy demonstrating the value proposition to the resident. Operating leverage is also visible in the results. Same-store cash NOI margin expanded 190 basis points to 30.7%. Incremental margin flow-through was 53%, which has also been trending positively. As occupancy rises, a greater share of each incremental revenue dollar converts to NOI.

我們在入住率較高的社區持續實現更強的定價，展現對住戶的價值主張。營運槓桿也在結果中清楚可見。同店現金 NOI 利潤率擴大 190 個基點至 30.7%。增量利潤率流入（flow-through）為 53%，且也呈現正向趨勢。隨著入住率上升，每增加 1 美元的增量營收，將有更高比例轉化為 NOI。

This performance reflects how we have built the portfolio in the right markets, with the right assets, and the right operators. Furthermore, our communities that are currently 95% occupied delivered 7% RevPOR growth. Our SHOP communities across 48 states, Canada and the UK, are weighted toward markets with favorable fundamentals including Texas, New York, California, Florida, and North Carolina.

這項表現反映出我們在正確的市場、配置正確的資產，並與正確的營運商合作來打造投資組合。此外，目前入住率達 95% 的社區實現了 7% 的 RevPOR 成長。我們遍及 48 個州、加拿大與英國的 SHOP 社區，配置比重偏向基本面有利的市場，包括德州、紐約、加州、佛州與北卡羅來納州。

Projected uncapped net demand in our US markets is roughly 1,200 basis points over the next few years. And residents in those markets have plenty of resources to cover the cost of their expected stay. The communities are large scale, averaging about 115 units with a mix of roughly half independent living and the other half being assisted living and memory care.

我們在美國市場的預估未受限（uncapped）淨需求，在未來幾年約為 1,200 個基點。而這些市場的住戶擁有充足資源，可負擔其預期入住期間的成本。這些社區具規模，平均約 115 個單位，組合約一半為獨立生活（independent living），另一半為協助式生活（assisted living）與失智照護（memory care）。

We have completed nearly 400 community refresh CapEx projects since 2020, and we work with nearly 50 operators ranging from emerging regional names to institutional platforms who are all locally focused. Occupancy and rate working together remain the primary driver of performance. Within the NIC top 99 markets, our occupancy outperformed the industry by more than double with 130 basis points sequentially. We have consistently beat the market. Since the first quarter of 2023, cumulative outperformance is nearly 600 basis points. We attribute this to our operators' execution at the community level, supported by the Ventas OI platform. Our US SHOP portfolio is just 89% occupied, which leaves substantial room to grow. We expect strong performance ahead driven by occupancy gains, rate growth, and operating leverage as price and volume work together. We see this as a multiyear growth opportunity.

自 2020 年以來，我們已完成近 400 個社區翻新資本支出（CapEx）專案，並與近 50 家營運商合作，涵蓋新興區域品牌到機構型平台，且皆以在地為核心。入住率與費率的共同作用仍是表現的主要驅動因素。在 NIC 前 99 大市場中，我們的入住率表現較產業高出逾兩倍，連續季增 130 個基點。我們一貫跑贏市場。自 2023 年第一季以來，累計超越幅度接近 600 個基點。我們將此歸因於營運商在社區層級的執行力，並由 Ventas OI 平台提供支援。我們的美國 SHOP 投資組合目前入住率僅 89%，仍有相當大的成長空間。我們預期在入住率提升、費率成長與營運槓桿的帶動下，未來表現將強勁，因為價格與量能將共同發揮作用。我們將此視為一個多年期的成長機會。

Now, I want to touch upon the Ventas OI data analytics and insights platform, which has proven to be a significant competitive advantage. Our competitive advantage rests on our right market, right asset, right operator framework strengthened by the Ventas OI data analytics and insights platform which is focused both on driving operational performance and investment execution.

接下來，我想談談 Ventas OI 數據分析與洞察平台，該平台已證明是重要的競爭優勢。我們的競爭優勢建立在「正確市場、正確資產、正確營運商」的框架之上，並由 Ventas OI 數據分析與洞察平台加以強化；該平台同時聚焦於推動營運績效與投資執行。

We choose operating partners for their market-leading care and service, product expertise, leadership close to the community operations and collaborative culture. Our management agreements align our interests and support long-term investment in each community.

我們選擇營運夥伴，著眼於其市場領先的照護與服務、產品專業、貼近社區營運的領導力，以及協作文化。我們的管理合約使雙方利益一致，並支持對各社區的長期投資。

In a highly fragmented industry, success requires managing at scale across markets, communities, and operators. Ventas OI enables that scale through collaborative oversight combining our team's operating expertise, with proprietary data and best-in-class analytics to inform operational upside, guide refresh capital and refine the portfolio, all in support of delivering outperformance.

在高度分散的產業中，成功需要在不同市場、社區與營運商之間進行規模化管理。Ventas OI 透過協作式監督來實現規模化，結合我們團隊的營運專業、專有數據與同級最佳的分析能力，用以辨識營運上行空間、引導翻新資本投入並精煉投資組合，全面支持實現超額表現。

We believe this combination of platform, people, and execution at scale creates a competitive moat that is difficult to replicate and essential in order to successfully grow and operate in the fragmented senior housing industry. It also strengthens relationships and opens growth opportunities for operators who deliver outperformance. We are growing in terms of number of operators and expanding existing relationships with high-performing operators.

我們相信，平台、人員與規模化執行的結合，形成難以複製的競爭護城河，且對於在分散的高齡住宅產業中成功成長與營運至關重要。這也能強化合作關係，並為能夠交付超額表現的營運商開啟成長機會。我們正增加營運商數量，並擴大與高績效營運商的既有合作關係。

For instance, we have expanded investments and communities under management with three-quarters of our operators. This includes our top five operators who together represent over 60% of our SHOP NOI. I'm proud of our team and grateful to our operating partners for their work every day.

例如，我們已與四分之三的營運商擴大投資規模與受託管理的社區數量。其中包括我們的前五大營運商，合計占我們 SHOP NOI 的 60% 以上。我為我們的團隊感到自豪，也感謝營運夥伴每天的努力。

Now, turning to investments. We continue to scale our senior housing operating portfolio through market-leading acquisitions. Year to date, we've closed $5.2 billion of total investments, focused on senior housing across 37 different transactions. This brings our total external growth since the beginning of 2024 to over $10 billion at cost, which represents more than a 35% expansion of our SHOP footprint.

接著談投資。我們持續透過市場領先的收購，擴大高齡住宅營運投資組合的規模。年初至今，我們已完成總計 52 億美元的投資，聚焦高齡住宅，涵蓋 37 筆不同交易。這使得我們自 2024 年初以來的外部成長（以成本計）超過 100 億美元，代表我們 SHOP 版圖擴張超過 35%。

Our recently closed senior housing investments feature an attractive mix of communities that provide various combinations of in-place cash flow, yields, and growth. There are multiple levers to drive outsized growth in these deals. Examples include communities with significant occupancy upside; value-add investments with both occupancy and rate upside, supported by planned near-term CapEx investments; and communities that are local market leaders with demonstrated multiyear track records of high rate growth.

我們近期完成的高齡住宅投資，包含具吸引力的社區組合，提供不同程度的既有現金流、收益率與成長性。這些交易具備多個槓桿可推動超額成長。例如：入住率上行空間顯著的社區；同時具備入住率與費率上行、並由近期規劃的 CapEx 投資支撐的增值型（value-add）投資；以及在當地市場居於領先地位、且具多年高費率成長實績的社區。

These and other factors contribute to generating the projected double-digit to mid-teens 10-year unlevered IRRs, underwritten in each of our deals. From an initial pricing standpoint, our expected year-one yields on our senior housing investments are an attractive 6.6% overall. These investments are expected to benefit from the various growth drivers I described contributing to accretive enterprise growth. On average, our senior housing investments year to date have a basis of approximately $346,000 per unit, and were acquired at significant discounts to estimated replacement costs.

上述及其他因素，有助於在我們每筆交易的承作假設（underwriting）下，產生預估的兩位數至十幾%的 10 年期無槓桿 IRR。就初始定價而言，我們對高齡住宅投資的預期首年收益率整體為具吸引力的 6.6%。預期這些投資將受惠於我所描述的各項成長驅動因素，進而帶來具增益性的企業成長。平均而言，我們年初至今的高齡住宅投資每單位成本基礎約為 346,000 美元，且收購價格相較估計重置成本有顯著折價。

The US senior housing market is setting new transaction volume records this year, and our pipeline remains very robust. We are one of the largest acquirers of luxury senior housing communities in the US market and are also engaged in numerous off-market discussions with potential sellers and operators on a wide range of attractive opportunities.

今年美國高齡住宅市場正創下新的交易量紀錄，而我們的案源管線仍然非常強勁。我們是美國市場中最大的高端高齡住宅社區收購方之一，並且也正與潛在賣方與營運商就多項具吸引力的機會進行大量場外（off-market）洽談。

Our relationship-based approach to sourcing investments, which accounts for over 90% of our investment volume provides meaningful competitive advantages as current and prospective partners are attracted to the Ventas OI platform and our way of doing business. Operators want to work with us. We're also encouraged that the recent movements in the pricing of debt capital should reinforce our competitive positioning and create further investment opportunities.

我們以關係為基礎的投資案源取得方式，占我們投資量的 90% 以上；由於現有與潛在合作夥伴被 Ventas OI 平台及我們的合作方式所吸引，這為我們帶來顯著的競爭優勢。營運商希望與我們合作。我們也感到鼓舞的是，近期債務資本定價的變動應可強化我們的競爭定位，並創造更多投資機會。

To summarize, we continue to offer an attractive value proposition for our residents. We are delivering strong organic growth in SHOP, adding to our footprint through market-leading acquisitions with upside, outperforming industry occupancy benchmarks and continuously elevating the fully deployed Ventas OI platform, and the outlook for new investments continues to be as strong as ever. We are confident in our strategy and our team.

總結來說，我們持續為住戶提供具吸引力的價值主張。我們在 SHOP 交付強勁的內生成長，並透過具上行空間的市場領先收購擴大版圖，跑贏產業入住率基準，且持續提升全面部署的 Ventas OI 平台；而新投資的展望依然一如既往地強勁。我們對自身策略與團隊充滿信心。

Now I'll hand it over to Bob.

接下來我把時間交給 Bob。

Thank you, Justin, and good morning, everyone. I'll start with our third-quarter financial performance, then discuss our balance sheet, and conclude with our improved outlook for 2026.

謝謝你，Justin，各位早安。我將先談第三季財務表現，接著討論資產負債表，最後以我們對 2026 年更佳的展望作結。

I'm pleased to report another quarter of strong enterprise performance. Normalized FFO was $0.99 per share, representing a 10% increase year over year. Driving the growth was total company same-store performance, which increased 11% year over year, led by SHOP growth of 16%. I note that the 11% same-store growth rate for the company is a record high and is driven both by the attractive mid-teens growth rate in SHOP, and also by SHOP comprising an ever larger proportion of our overall business, consistent with our 1-2-3 strategy.

我很高興報告本季再度展現強勁的企業整體表現。標準化 FFO 為每股 0.99 美元，年增 10%。成長動能來自全公司同店表現，年增 11%，其中以 SHOP 16% 的成長領先。我也要指出，公司 11% 的同店成長率創下歷史新高，這同時受惠於 SHOP 具吸引力的十幾%成長率，以及 SHOP 在我們整體業務中占比持續提高，與我們的 1-2-3 策略一致。

Our outpatient medical and research portfolio or OM&R, delivered 2.5% same-store cash NOI growth in the third quarter, led by outpatient medical, which grew 4%. Outpatient medical occupancy increased 10 basis points year over year, marking its ninth consecutive quarter of occupancy growth.

我們的門診醫療與研究投資組合（OM&R）在第三季實現 2.5% 的同店現金 NOI 成長，其中以門診醫療領先，成長 4%。門診醫療入住率年增 10 個基點，為連續第九季入住率成長。

Tenant retention remains strong, supported by tenant satisfaction scores at the 95th percentile. Our research portfolio, which represents a small portion of our NOI, experienced a modest decline in the third quarter as expected. Our triple net portfolio generated over 8% same-store cash NOI growth in the third quarter and was driven by negotiated rent increases.

在租戶滿意度分數位於第 95 百分位的支撐下，租戶續租率仍然強勁。我們的研究投資組合（占 NOI 的一小部分）在第三季如預期出現小幅下滑。我們的三重淨租（triple net）投資組合在第三季創造超過 8% 的同店現金 NOI 成長，主要由協商後的租金調升所帶動。

Turning to the balance sheet. Our net debt to EBITDA of 4.4 times is our strongest leverage level in well over a decade and represents nearly a full turn of improvement year over year. The strengthening of our credit profile is the result of organic property growth as well as equity funded investments. I would note that this improvement was achieved while delivering attractive normalized FFO per share growth.

接著談資產負債表。我們的淨負債對 EBITDA 倍數為 4.4 倍，這是十多年來最強的槓桿水準，且較去年同期幾乎改善了整整一個倍數。我們信用狀況的強化，來自於物業的內生成長以及以股權資金支持的投資。我想指出的是，我們在達成這項改善的同時，也交出了具吸引力的每股標準化 FFO 成長。

Year to date, we've already closed $5.2 billion of investments focused on senior housing, above the $4.5 billion contemplated in our prior full-year guidance. We have funded this investment activity with $4.7 billion of equity capital, together with dispositions and assumed debt. We maintained excellent liquidity of $4.5 billion, which gives us flexibility to pursue our robust pipeline of investment opportunities.

年初至今，我們已完成 52 億美元的投資交割，重點聚焦於高齡住宅，已高於我們先前全年指引所預期的 45 億美元。我們以 47 億美元的股權資本，並搭配資產處分與承接債務，來支應這些投資活動。我們維持了 45 億美元的優異流動性，使我們能彈性把握強勁的投資機會管線。

Last, I'll turn to our updated earnings outlook. Given our strong year-to-date performance and investment execution, we are once again increasing our earnings outlook for the year. We have raised our net income guidance to $0.64 to $0.67 per share or $0.66 per share at the midpoint. We are increasing our full-year normalized FFO per share guidance to now range from $3.87 to $3.90 per share, which represents year-over-year growth of 9% to 10%.

最後，我來談我們更新後的獲利展望。鑑於我們年初至今的強勁表現與投資執行力，我們再次上調今年的獲利展望。我們將淨利指引上調至每股 0.64 至 0.67 美元，或以中點計每股 0.66 美元。我們也將全年每股標準化 FFO 指引上調至 3.87 至 3.90 美元區間，代表年增 9% 至 10%。

The $0.01 improvement in our new guidance midpoint is primarily driven by $0.02 from 2026 senior housing investment activity, partially offset by $0.01 from the impact of higher interest rates and FX. We are reaffirming our same-store cash NOI guidance for each segment and for the total company.

新指引中點提高 0.01 美元，主要來自 2026 年高齡住宅投資活動貢獻 0.02 美元，但部分被利率上升與匯率（FX）影響所造成的 0.01 美元抵銷。我們重申各事業部門及全公司相同店現金 NOI 指引不變。

A few comments on our fourth quarter. Our investment pipeline is strong, and our guidance only includes closed investments at $5.2 billion at this later stage in the year. I would note that our guidance assumes we refinance maturing debt in the coming months. And finally, we expect the majority of our disposition and loan repayment guidance of $700 million at a 7% yield to close in the fourth quarter.

關於第四季補充幾點。我們的投資管線依然強勁，而在今年較後段的此一時點，我們的指引僅納入已完成交割的 52 億美元投資。我也要指出，我們的指引假設我們將在未來幾個月為到期債務進行再融資。最後，我們預期 7 億美元、7% 殖利率的資產處分與貸款回收指引中，多數將於第四季完成交割。

For additional assumptions supporting our guidance, please refer to our Q3 supplemental and earnings presentation posted to our website. To close, we are very pleased with our performance year to date. Our strategy is producing consistent growth, and we remain focused on creating long-term value for our shareholders.

關於支撐我們指引的其他假設，請參閱我們發布於官網的第三季補充資料與法說簡報。總結來說，我們對年初至今的表現非常滿意。我們的策略正帶來穩健一致的成長，我們也將持續專注於為股東創造長期價值。

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

接下來我把電話交回給主持人。

(Operator Instructions) Nick Joseph, Citi.

(主持人指示) 花旗（Citi）的 Nick Joseph。

You talked about the robust acquisition pipeline. Obviously, we've seen that come through in activity year to date as well as the current pipeline. I was hoping you could touch on competition and as interest rates have moved, how that has actually changed kind of your expectation of competition going forward?

你們談到強勁的收購管線。顯然，我們也看到這點反映在年初至今的活動以及目前的管線上。我想請你們談談競爭情況，以及在利率變動之後，這如何改變你們對未來競爭態勢的預期？

It's Justin. Yeah, we've had a really active year, and that's representative of our existing pipeline as well. And our approach has really been to -- first of all, we have very intensive screening of the pipeline. Secondly, we tend to lean in where we have competitive advantages, and those advantages are oftentimes relationship driven. We have a very, very high growth rate with repeat sellers. We have a high growth rate with repeat operators, and that's led to some really attractive acquisition opportunities of luxury senior housing.

我是 Justin。是的，今年我們非常活躍，這也反映了我們既有的管線。我們的方法其實是——首先，我們對管線進行非常嚴格的篩選。其次，我們傾向在我們具備競爭優勢的領域加大投入，而這些優勢往往是由關係所驅動。我們與重複賣方的交易成長率非常、非常高。我們與重複營運商的合作成長率也很高，這帶來了一些非常具吸引力的高端高齡住宅收購機會。

And so that's how we've been winning. There's certainly competition in the market. Not everything is the right fit for us. There may be a better home for it. There is the impact of interest rates that you mentioned, that could slow down private buyers that may put us in an advantaged position. And then we'll also just see how cap rates settle over time.

這就是我們取勝的方式。市場上當然存在競爭。並非每一個案子都適合我們。它可能更適合其他買家。你提到的利率影響，可能會讓部分私人買家放慢腳步，這可能使我們處於更有利的位置。接著我們也會觀察資本化率（cap rates）隨時間如何趨於穩定。

You mentioned the relationship-driven deals. How much do changes in interest rates impact those conversations?

你提到由關係驅動的交易。利率變動對這些對話的影響有多大？

Well, the interest in sellers to transact is ongoing. One of the things that happens, and it tends to lag a bit, so we're not really seeing a lot of activity around these types of discussions yet. Is -- there will be discussion around price and what the right cap rate is in the current market, but it's still pretty early.

嗯，賣方想要交易的意願一直都在。其中一件會發生的事是——而且通常會有一點滯後，所以我們目前其實還沒有看到太多這類討論的活動——也就是會開始討論價格，以及在目前市場環境下什麼樣的資本化率才是合理的，但現在仍算相當早期。

Thank you.

謝謝。

Farrell Granath, Bank of America.

美國銀行（Bank of America）的 Farrell Granath。

First, I wanted to just circle back on the comment that you made about the 7% RevPOR growth and your 95% occupied units. I was curious how much of the NOI or which segments do you currently stand at that 95% level?

首先，我想回到你剛才提到的 7% RevPOR 成長以及 95% 入住單位的評論。我想了解目前有多少 NOI、或哪些業務分部，已達到 95% 這個水準？

It's a lot. We have a large portion of our portfolio in that category. We have NOI growth really across the operating metrics that 95% band outperforms the broader portfolio. We also look at it in another way, which is communities that are 100% occupied. And we talked about in the last quarter that we had 10% of our portfolio that were at or near 100%.

很多。我們投資組合中有相當大一部分屬於這個類別。在營運指標上，95% 這個區間的 NOI 成長確實優於整體投資組合。我們也用另一種方式來看，也就是入住率達到 100% 的社區。我們在上一季提到，當時有 10% 的投資組合處於或接近 100%。

That number now is 15% of the portfolio. And that group of communities has outsized RevPOR growth as well. So we're particularly excited about our hypothesis playing out, which is that communities can go all the way to 100% occupied. They can deliver higher pricing opportunity at the high occupancy levels and that we can do it at scale.

現在這個比例已提升到投資組合的 15%。而這一群社區的 RevPOR 成長也同樣更為突出。因此，我們對於我們的假設正在被驗證感到特別興奮，也就是社區可以一路提升到 100% 入住率。在高入住率水準下，它們能帶來更高的定價機會，而且我們可以在規模化的情況下做到。

And so the movement in the underlying portfolio is really exciting. But I think it's also really important to note that we've built our portfolio to have a long runway of occupancy opportunity. The US occupancy is only 89% occupied. So we have this runway ahead and into the demand that Debbie mentioned that really hasn't even played out yet where we can continue with strong occupancy and rate growth.

因此，底層投資組合的變化確實令人振奮。但我也認為很重要的一點是，我們打造投資組合時就保留了很長的入住率提升跑道。美國整體入住率目前只有 89%。所以我們前方仍有這段跑道，以及 Debbie 提到的需求尚未真正顯現；在那之前，我們仍能持續維持強勁的入住率與費率成長。

Great. And I guess on that point also, I think I'm just trying to bridge between especially now, obviously, at that 95%, we're seeing 7% or you're seeing over 7% RevPOR or around 7%, where the -- about 92% same-store occupancy and RevPOR was still around 5%. Can you just bridge between expectations for rate growth, I guess, moving forward as maybe that occupancy continues to grow as you fill up more of your communities?

很好。同樣就這點，我想我是在嘗試把兩者串起來：尤其現在在 95% 時，你們看到 7% 或超過 7% 的 RevPOR、或大約 7%；而在約 92% 的同店入住率時，RevPOR 仍約為 5%。你能否說明一下，隨著入住率持續提升、更多社區被填滿，對未來費率成長的預期該如何理解？

Yeah. So you have all the kind of the levers of rate include the in-house rent increases, you have street rates as well. And then ultimately, what your move-in rents are. And we've seen really good trending in both in-house rent increases and in move-in rents.

可以。所以費率的各種槓桿包括：內部住戶的租金調漲，也有市面（street）價格。最終還有你們的新入住（move-in）租金。我們看到內部租金調漲與新入住租金兩者的趨勢都非常不錯。

They've been favorable. That's been supporting the 5% RevPOR growth. I mentioned in my prepared remarks that RevPOR growth over the last two years, it was like 4.3% and the 4.7%, and is 5% this year. So we're on this accelerating trend of RevPOR. And that's a direct result of having higher occupied communities and also just managing price opportunity in what is very, very strong underlying affluent markets.

表現都很有利。這也支撐了 5% 的 RevPOR 成長。我在事先準備的講稿中提到，過去兩年的 RevPOR 成長大約是 4.3% 與 4.7%，今年是 5%。因此我們正處於 RevPOR 加速成長的趨勢上。這直接來自於更高入住率的社區，以及在非常、非常強勁的富裕市場基本面下，對定價機會的管理。

So we think that opportunity continues as we continue to pull at levers and outperform in a very strong market backdrop.

因此，我們認為隨著我們持續運用各項槓桿、並在強勁的市場背景下持續跑贏，這個機會仍會延續。

Okay. Thank you.

好的，謝謝。

Jim Kammert, Evercore.

Evercore 的 Jim Kammert。

Kind of tolling perhaps in his prior comments, Justin. What do you think the portfolio for your portfolio, your best estimate of ExPOR versus RevPOR delta being? Because that seems to be a big driver, right? Delta is very important.

Justin，你先前的評論某種程度上可能已經提到這點了。你怎麼看你們投資組合中，ExPOR 相對於 RevPOR 的差距（delta）大概會是多少，以你最好的估計？因為那看起來是很大的驅動因素，對吧？差距非常重要。

Well, I mean, that's a good question. So both metrics are a function of occupancy growth. So in this environment, as revenue has been growing, it's been driven by rate and occupancy. RevPOR is around 5%. We've been consistently under 2% on OpEx for side of things. And we're expecting continued occupancy growth as we're only 89% occupied in the US.

嗯，我的意思是，這是個好問題。這兩個指標都取決於入住率成長。所以在目前這個環境下，營收成長是由房價（rate）與入住率共同帶動的。RevPOR 大約在 5% 左右。而在營運費用（OpEx）這一端，我們一直維持在 2% 以下。我們也預期入住率會持續成長，因為我們在美國目前的入住率只有 89%。

And so that opportunity continues. But what's unique now is that we have more communities in the higher occupied categories. That's driving rate. So that's an exciting opportunity. And so I don't know if I have the exact answer to your question in terms of a particular target in mind, but we expect that there's opportunity for that spread to widen. And we also expect to see further incremental margin as we move into the upcoming years as well.

所以這個機會仍然存在。但現在比較特別的是，我們有更多社區落在較高入住率的區間。這正在推動房價上升。所以這是一個令人振奮的機會。因此，就你問的是否有特定目標而言，我不確定我能給出精確答案，但我們預期這個利差有機會擴大。而且我們也預期，隨著未來幾年推進，還會看到進一步的增量利潤率提升。

No, thank you. I think I phrased it wrong. The opportunity widened, that's what I was looking for. Thank you. And then just back to the acquisition environment. I guess just being a skeptic, would not the cap rates still continue to compress given there is so much money out there chasing this? I don't know, what are you seeing that affirms your view that you can still attain these low- to mid-teens, double-digit IRRs? Am I missing something?

不，謝謝你。我想我剛剛問法不太對。我想問的是利差擴大的機會，這就是我想了解的。謝謝。然後回到併購環境。我想以比較懷疑的角度問：既然外面有這麼多資金在追逐這類資產，資本化率（cap rates）不會持續被壓縮嗎？我不確定——你們看到什麼能支持你們仍可取得低到中十幾（low- to mid-teens）的雙位數 IRR？是我漏掉了什麼嗎？

Yeah, we've had a really, really good run for three years straight now of acquiring luxury senior housing that has unlevered IRRs of low-double digit to mid-teens. And we've been achieving our underwriting, which is obviously an important component and gives us the confidence to keep going. There -- cap rates will move around a bit. And certainly, with the debt cost of capital going up, that could have some impact to kind of normalized cap rates.

是的，我們已經連續三年在收購豪華型高齡住宅方面有非常、非常好的表現，這些交易的無槓桿 IRR 落在低雙位數到中十幾。而且我們一直達成我們的承銷假設（underwriting），這當然是很重要的一環，也讓我們有信心繼續做下去。資本化率會有一些波動。當然，隨著債務資金成本上升，可能會對所謂的常態化資本化率帶來一些影響。

There has been a lot of competition. We'll see how that plays out in the upcoming months. But in any event, our pipeline is really active and robust. So we're excited about -- we continue to work on those opportunities and continue the external growth.

市場競爭一直很激烈。我們會看看未來幾個月會如何發展。但無論如何，我們的案源管線非常活躍且強勁。所以我們對——我們會持續推進這些機會並延續外部成長——感到很興奮。

Sure. Thank you for your comments.

好的。謝謝你的評論。

Jamie Feldman, Wells Fargo.

Wells Fargo 的 Jamie Feldman。

I guess just still focusing on the expense side. So your margins expanded 190 basis points year over year. They slipped 20 basis points sequentially despite occupancy increasing. Just can you talk more about the line item specifically? And maybe more importantly, as we think about next year, it sounds like fundamentals are still very strong. Occupancy should be growing, revenue should be growing, but is there something on the expense side we need to be focused on that might be a bigger drag than we're thinking about? Or just what is your outlook over the next 12 months or so on the expense side?

我想還是聚焦在費用端。你們的利潤率年增擴張了 190 個基點。但即使入住率提高，利潤率仍在季比下滑了 20 個基點。你能否更具體談談是哪個費用科目造成的？也許更重要的是，當我們看明年時，聽起來基本面仍然很強。入住率應該會成長、營收也應該會成長，但在費用端是否有什麼我們需要特別關注、可能比我們想像更拖累的因素？或者你對未來 12 個月左右費用端的展望是什麼？

Yeah. Thanks for the question. I'm going to start with -- you mentioned the quarters a little bit of slip in margin in the quarter. Our incremental margin was -- has been running kind of low to mid-50s. Two years ago, that was 43%.

好的，謝謝你的問題。我先從——你提到本季利潤率有些微下滑——開始說。我們的增量利潤率（incremental margin）今年大概落在 50% 出頭到 50% 中段。兩年前是 43%。

So we've had the advantage of occupancy growth and the operating leverage playing out for us. It's a multiyear opportunity. It's never a straight line. The quarter was impacted by -- there's an extra day in the third quarter, and we had utility costs that were a little bit high. So that impacted margin.

所以我們受惠於入住率成長，以及營運槓桿對我們的發揮。這是一個跨多年的機會。它從來不會是一條完美的直線。本季受到——第三季多了一天，以及公用事業費用（utilities）稍微偏高——的影響。所以這影響了利潤率。

But the hypothesis remains very much in place. And that is that operating leverage benefits margin and delivers strong incremental margin growth, which all things considered equal, should only improve as we move forward in this --

但我們的假設仍然非常成立。也就是營運槓桿能讓利潤率受益，並帶來強勁的增量利潤率成長；在其他條件相同下，隨著我們在這個——往前推進，應該只會更好——

(technical difficulty)

（技術問題）

Jamie, what was the last thing that you heard Justin saying?

Jamie，你最後聽到 Justin 說到哪裡？

I'm just going to summarize what I said before. Are you there?

我先把我剛剛說的做個總結。你在嗎？

Yeah, I'm here. Yeah, I think you had just started to answer, but maybe if you want to start over?

有，我在。是的，我想你才剛開始回答，如果你願意的話可以重新開始？

All right. We'll see if I do better this time. So first of all, let's talk about incremental margin opportunity in the portfolio, and that's been running kind of low to mid-50s this year. Two years ago, that was low to mid-40s. So we've had -- the hypothesis is playing out. As occupancy grows, we're benefiting from the operating leverage, we're seeing incremental margin improve. You mentioned the quarter specifically, we had a little bit of slip in margin sequentially. That was driven by an extra day in the third quarter is also higher utility costs.

好。看看這次我能不能講得更好。首先，談談投資組合的增量利潤率機會，今年大概落在 50% 出頭到 50% 中段。兩年前是 40% 出頭到 40% 中段。所以我們的——假設正在實現。隨著入住率成長，我們受惠於營運槓桿，看到增量利潤率改善。你特別提到本季，利潤率季比有些微下滑。那是因為第三季多了一天，以及公用事業成本較高所致。

But one thing I can tell you, even in our 17 quarters in a row of double-digit NOI growth, I don't think it's ever been a perfect straight line. This is a multiyear opportunity. All the levers that we're pulling are working, and we're looking forward to continuing those in revenue and expense and ultimately margin. And I don't have any comments on '27 at this stage.

但我可以告訴你，即使我們已經連續 17 個季度實現雙位數 NOI 成長，我不認為它曾經是一條完全筆直的線。這是一個跨多年的機會。我們正在拉動的所有槓桿都在發揮作用，我們也期待在營收與費用端持續推進，最終反映在利潤率上。至於 2027 年，我在這個階段沒有任何評論。

Okay. Thank you.

好的，謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Austin Wurschmidt。

Could you just give us an update on the performance of the Brookdale transition assets and kind of an update on the growth outlook there and when those start to enter the same-store pool?

你能否更新一下 Brookdale 轉換資產（transition assets）的表現，並談談那邊的成長展望，以及它們何時會納入同店（same-store）範圍？

Yeah, sure. So we have non-same-store pool that includes 234 communities. That includes 130 acquisitions. There's 104 communities that are in some sort of repositioning action that will set up future growth. Types of actions you'll see in that group are transitions to new operators, redevelopments. That -- the whole non-same-store -- the US portfolio, by the way, in SHOP, including non same-store is 89% occupied. So we have a long runway ahead of growth.

好的，當然。我們的非同店（non-same-store）池包含 234 個社區。其中包括 130 個收購案。另外有 104 個社區正在進行某種形式的重新定位（repositioning）行動，以建立未來成長。你會在那一組看到的行動類型包括轉換到新的營運商、重新開發等。順帶一提，整個非同店——美國投資組合在 SHOP（Senior Housing Operating Portfolio）中，包括非同店在內，目前入住率是 89%。所以我們未來還有很長的成長跑道。

The portfolios in the non-same-store group that excluding the acquisitions, on a like-for-like basis, are growing around 120 basis points. And so that's everything in non-same-store that's like-for-like quarter to quarter. They're growing 120 basis points, which sequentially, which is consistent with the same-store. The portfolio asked about, the former Brookdale transition, is on the better side of that. So we're encouraged by the momentum we're seeing in that portfolio.

非同店組合中、排除收購案後的那些投資組合，若以可比口徑（like-for-like）來看，入住率大約成長 120 個基點。也就是非同店中所有可比的部分，按季度對季度來看。它們季比成長 120 個基點，這與同店表現一致。你問到的那個投資組合——前 Brookdale 的轉換組合——表現比這個水準更好。所以我們對在該投資組合看到的動能感到鼓舞。

And then just going back to kind of the step function in RevPOR. Has more of that step function occurred from in-place rent increases or from street rates? And can you give us a sense how you expect in-place rent increases for the upcoming year to stack up relative to how they stacked up at the beginning of 2026?

另外回到 RevPOR 的階梯式上升（step function）。這種階梯式上升更多是來自既有住戶的租金調升（in-place rent increases），還是來自市場新租（street rates）？以及你能否讓我們了解一下，你預期即將到來一年的既有住戶租金調升幅度，和 2026 年初時相比會是什麼樣的水準？

Yeah. So good question. So the primary driver of our RevPOR has been in-house rent increases. We have seen move-in rents lifting as well. And so we're seeing both in-house and move-in rents working together, particularly recently on the move-in rent side. So we're really encouraged by that trending. In terms of in-house rent increases, we were around 8% last year. It's a little early, but we would expect next year to be around the same or better.

是的。這是個好問題。我們 RevPOR 的主要驅動因素一直是內部租金調漲。我們也看到新入住租金同樣在上升。因此我們看到內部租金與新入住租金相互配合、共同推動，尤其是近期在新入住租金這一端更為明顯。所以我們對這個趨勢感到非常鼓舞。就內部租金調漲而言，去年大約是 8%。現在談還稍早，但我們預期明年大約會相同或更好。

Great. Thank you.

很好。謝謝。

Dave Rodgers, Raymond James.

Dave Rodgers，Raymond James。

I wanted to shift to investments and acquisition opportunities. I know in your prepared comments, you did describe some of that opportunity. But can you maybe go a little bit deeper in terms of the range of opportunities between occupancy recovery versus value add and some of the CapEx-oriented assets that you could acquire? And what that range looks like?

我想把話題轉到投資與收購機會。我知道你在事先準備的發言中確實提到了一些機會。但你能否就機會範圍再深入一點說明：例如在入住率復甦、價值提升（value add），以及一些偏向資本支出（CapEx）導向、你們可能收購的資產之間的機會區間？以及這個區間大概長什麼樣子？

It seems like you're buying assets that on average look just like the portfolio today. But what's that range look like? And I guess how much more volume could you do if you were to expand out into one direction or the other?

看起來你們買的資產平均而言跟目前投資組合很像。但這個範圍到底是什麼樣？另外我想問，如果你們往某一端或另一端擴張，你們能做的收購量大概還能增加多少？

Well, let me -- maybe the best way to frame that up is to describe what we're buying now and what we have been buying, and I can give you a flavor for the range within that. So if we just look at this year. This year, we've had about 70% of our acquisitions have been luxury local market leaders, 20% ultra-luxury premium product, and then 10% as characterized as mid-market leaders.

嗯，讓我——也許最好的方式是先描述我們現在在買什麼、以及過去一直在買什麼，然後我可以讓你感受一下其中的範圍。如果我們只看今年。今年我們大約 70% 的收購是當地市場的豪華型領導者（luxury local market leaders），20% 是超豪華的高端產品（ultra-luxury premium product），另外 10% 則可歸類為中端市場的領導者（mid-market leaders）。

And if you're wondering what luxury senior housing means, this is highly amenitized communities that are in the top decile of their local market. They have high private pay, high net worth, high home equity, high barrier markets, and a concierge-level service and a resort style setting. And we've been buying large communities with a continuum of care that offer all of these amenities and high-quality options for seniors in their markets.

如果你在想「豪華型銀髮住宅」是什麼意思，這指的是配套設施非常完善、在其當地市場位於前十分位（top decile）的社區。它們具有高比例的自費（private pay）、高淨值、高房屋淨值、進入門檻高的市場，以及禮賓等級的服務與度假村式的環境。我們一直在收購規模較大的社區，具備連續照護（continuum of care），在其市場中為長者提供上述所有設施與高品質選擇。

The types of markets we're entering, I'll just throw out a few: Chestnut Hill and Newton in Boston; The Woodlands and Spring north of Houston; Tucson, Scottsdale, Palm Beach, Naples, Denver; Marietta, Georgia, which is Cobb County, the wealthiest part of Atlanta. So we're buying communities that are really well positioned. They have -- they're 89% occupied, so they have a runway of occupancy ahead and particularly well positioned for rate growth. That's been opportunity.

我們正在進入的市場類型，我隨便舉幾個：波士頓的 Chestnut Hill 和 Newton；休士頓以北的 The Woodlands 和 Spring；以及 Tucson、Scottsdale、Palm Beach、Naples、Denver；還有喬治亞州的 Marietta，也就是 Cobb County——亞特蘭大最富裕的地區。所以我們買的是定位非常好的社區。它們的入住率約 89%，因此未來還有入住率提升的跑道，並且在租金成長方面的定位特別有利。這一直是機會所在。

The range within that, yeah, there's been -- we mentioned a portfolio earlier this year called Revel. There's several kind of smaller one-off communities that are similar, they have occupancy runway. We have some that are in between that we would probably consider a value add just because they're still in the mid-80% occupancy range. And then we have others that are squarely in the 90% and already delivering rate growth.

在這之內的範圍，是的，確實有——我們今年稍早提到一個名為 Revel 的投資組合。也有幾個較小的單一社區案子類似，仍有入住率提升的跑道。我們也有一些介於中間的，我們可能會把它們視為價值提升（value add），因為入住率仍在 80% 中段。另外也有一些明確在 90% 左右，且已經在帶來租金成長。

And our pipeline -- let me just say one other thing. Let me tell you what we're not buying. What we're not buying is value-oriented senior housing and we're not buying turnkey development opportunities. And we've seen a lot of those. We've seen them in the UK primarily. And the problem with turnkey, it does offer some growth in your portfolio, but you're paying a stabilized value for it. So the returns are much worse.

至於我們的案源管線——我再補充一點。我也想告訴你我們不買什麼。我們不買偏價值取向的銀髮住宅，也不買交鑰匙式（turnkey）的開發機會。而我們確實看到了很多這類案子。主要是在英國看到。交鑰匙案確實能讓你的投資組合有一些成長，但你付的是穩定後（stabilized）的估值。所以報酬會差很多。

So they just don't make sense. So we've been focused on a better risk-adjusted return. We've been focused on an opportunity to drive these low-double digit to mid-teen unlevered IRRs. And to get to your exact question. We want to do more of everything I just said. And we're seeing those opportunities in our pipeline, and we're encouraged by that, and particularly encouraged by the SHOP investment thesis playing out through our operating fundamentals in our own portfolio. So it is -- with better demand in the future.

因此它們就不太合理。所以我們一直聚焦在更佳的風險調整後報酬。我們聚焦在推動未槓桿 IRR 達到低雙位數到中十幾（mid-teen）的機會。回到你剛才的問題。我們希望把我剛才說的各類型都做得更多。我們在案源管線中也看到這些機會，這讓我們感到鼓舞；而且我們特別受到鼓舞的是，SHOP 的投資論點正透過我們自有投資組合的營運基本面逐步實現。所以——在未來需求更好的情況下。

Thank you.

謝謝。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

Just the first one, I just wanted to talk a little bit more about the duration of same-store NOI growth because there's this interplay between sort of occupancy upside and pricing. And if I look at the US portfolio, where occupancy has been growing faster than 300 basis points every year, and you talked about being 89% occupied, so a lot of runway.

第一個問題，我想再多談一點同店 NOI 成長的持續時間，因為這裡存在入住率上行與定價之間的相互作用。如果我看美國投資組合，入住率每年成長都超過 300 個基點，而你也提到目前入住率是 89%，所以還有很長的跑道。

I guess so my question is like, how should we expect this to play out? Is it -- you stay at this 300 level for a couple of years, then you start pushing pricing? Is it some sort of a mix? Like what's the experience been and how does that play out?

所以我的問題是，我們應該如何預期接下來的發展？是——你們會在接下來幾年維持每年 300 個基點左右的水準，然後才開始推動價格？還是會是某種混合？也就是說，過去的經驗是什麼、未來會怎麼演變？

Well, the high-class problem is we get there faster. So it all depends on how the lease-up progresses over time. We know from recent history that in an environment that had less demand, we've had very strong occupancy and rate growth. We're in a period now where we're at the very beginning of the -- beginning of the peak demand. And we're encouraged by what we're seeing.

嗯，這算是「高級的煩惱」：我們可能會更快達到目標。所以一切取決於隨時間推進的出租／入住爬坡（lease-up）進度。我們從近期歷史知道，在需求較弱的環境下，我們仍然取得了非常強勁的入住率與租金成長。我們現在正處於——正處於需求高峰的非常初期。而我們對目前看到的情況感到鼓舞。

We're seeing improvement in our move-in rent run rate, we're seeing pricing power in our high occupied communities. We're also seeing strong occupancy growth. So if you look forward, all things considered equal, you would expect a similar runway ahead with a better demand backdrop. And as certain communities, in particular, the profile that we have, we have an opportunity in our markets as market leaders to offer the value proposition of our residents and to drive pricing over time.

我們看到新入住租金的運行率（run rate）在改善，也在高入住率社區看到定價能力。同時我們也看到強勁的入住率成長。因此往前看，在其他條件相同下，你會預期仍有類似的跑道，但需求背景會更好。而且就某些社區而言，特別是以我們的資產輪廓來看，作為市場領導者，我們有機會在我們的市場中向住戶提供價值主張，並隨時間推動定價。

Helpful. And then my follow up was just as you think about just sort of the disposition side, any updates on maybe monetizing some of the nonsenior housing assets either faster or so forth?

很有幫助。接著我的追問是，關於處分（disposition）端，你們是否有任何更新：例如是否會更快地將一些非銀髮住宅資產變現等等？

Ron, this is Debbie. I'll take that. Yes. As Bob said, we have about $700 million of dispos in our guidance this year. We're continuing to opportunistically prune the portfolio and recycle capital into SHOP investments, and we intend to continue doing that.

Ron，我是 Debbie。我來回答。是的。如 Bob 所說，我們今年的指引中大約有 7 億美元的資產處分。我們會持續在適當時機修剪投資組合，並將資本回收再投入到 SHOP 投資中，我們也打算持續這麼做。

Great. Thanks so much.

很好。非常感謝。

Mike Mueller, JPMorgan.

Mike Mueller，JPMorgan。

Is there any distinction to know today between AL and IL either as it relates to acquisition opportunities or NOI growth potential?

就今天而言，AL 和 IL 之間是否有任何需要了解的差異——不論是就收購機會或 NOI 成長潛力而言？

Yeah. I mean, we've seen in -- generally, in our existing portfolio, we've seen stronger occupancy growth in our independent living portfolio. Our footprint both existing and in what we're buying tends to be about half independent living. And then the rest is assisted living with a small portion of that serving residents that have member care needs. And there's been strong demand really across the board.

有的。我的意思是，我們看到——整體而言，在我們現有投資組合中，我們的獨立生活（IL）投資組合入住率成長更強。我們的布局，不論是既有資產或我們正在收購的資產，通常約有一半是獨立生活。其餘則是輔助生活（AL），其中有一小部分服務的是有記憶照護需求（memory care needs）的住戶。而且整體各類型的需求其實都很強勁。

We're seeing it in each product type and across all of our markets, obviously, we put a lot of work to make sure we're in the right markets. And so that's -- but our preference though is generally to have a continuum of care. That's our preferred products, offer independent living, assisted living and member care on a campus or large-scale campuses, and that might include all independent living, for instance, and it's all tracking really well.

我們在每一種產品類型、以及我們所有市場中都看到了這一點；當然，我們投入了大量工作以確保我們身處正確的市場。所以這就是——不過我們的偏好一般是提供一個連續性的照護體系。這是我們偏好的產品形態：在同一個園區或大型園區內，提供獨立生活（IL）、協助式生活（AL）以及記憶照護（MC）；例如，可能包含全部都是獨立生活的社區，而整體追蹤下來的表現都非常好。

Got it. Okay. Appreciate it. Thank you.

了解。好的。感謝。謝謝。

Jyoti Yadav, Mizuho.

Jyoti Yadav，瑞穗（Mizuho）。

I had a question on Canada. Do you see any opportunity in the JV assets back. And on UK, how do you view the opportunity there? And if you can talk about the sequential record decline there?

我有一個關於加拿大的問題。你們是否看到把加拿大的合資（JV）資產買回來的任何機會？另外在英國，你們如何看待那邊的機會？以及你們能否談談那邊連續季度的入住率下降？

Did you -- I didn't quite hear, did you ask about Canada?

你——我沒有聽得很清楚，你是在問加拿大嗎？

JV in Canada and --

加拿大的合資（JV），以及——

Okay. And the UK? Okay. I couldn't quite hear you. So first of all, the US has been our main priority, that's where we have most of our footprint SHOP, and that's where our acquisition activity has been directed. We have a really high-performing portfolio in Canada that has high occupancies and delivered consistent growth. We really haven't focused on expanding there. The growth profile in that market isn't as attractive as the US over time.

好的。還有英國？好的。我剛剛沒有聽得很清楚。首先，美國一直是我們的主要優先事項；我們在那裡擁有最多的 SHOP 版圖，而我們的收購活動也主要聚焦在那裡。我們在加拿大有一個表現非常強的投資組合，入住率很高，並且持續帶來穩定成長。我們其實沒有把重點放在擴張加拿大。從長期來看，那個市場的成長輪廓不如美國那麼具吸引力。

So we've been steering clear of Canada. And then the UK is of interest, but it just hasn't been as big of a priority.

所以我們一直刻意避開加拿大。至於英國，我們有興趣，但它一直不是那麼高的優先順序。

Got it. And is there anything in the life science segment that you would like to call out for the quarter?

了解。那在生命科學（life science）部門方面，本季有沒有什麼你們想特別提出來說明的？

It's been -- it's the smallest part of our business, and it's been very consistent.

那是——它是我們業務中最小的一部分，而且一直非常穩定。

Got it. Thank you.

了解。謝謝。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛（Goldman Sachs）。

Justin, I think you mentioned that you're planning for similar or better in-house rent increases over the next year versus '26. I guess, why could the range of outcomes include similar in-house rent increases? I would have thought, as we sort of get to these higher levels of occupancy, we might be able to push a little bit more. Is the Ventas OI for the platform, indicating any specific factors sort of limiting your ability to push pricing further?

Justin，我想你提到你們在規劃未來一年內部（in-house）的租金調漲幅度，會與 2026 年相近或更好。我想問，為什麼結果的區間會包含「相近」的內部租金調漲？我原本以為，隨著入住率提升到更高水準，我們應該能夠再多推動一些價格。Ventas OI 對於這個平台是否顯示出任何特定因素，正在限制你們進一步推升定價的能力？

It's early, Julien. This is Debbie. Sorry to jump in for Justin. But it's early -- and we'll be happy to talk in more specifics about it as we know more.

現在還早，Julien。我是 Debbie。抱歉我插話代替 Justin 回答。但現在還早——等我們掌握更多資訊後，我們很樂意更具體地說明。

Okay. Great. That makes sense. And then maybe moving back to the incremental margin discussion. I think -- It sounds like you're seeing -- I guess I wanted to know, is there a meaningful difference between the incremental margins on the 95%-plus occupancy portfolio versus the rest of the portfolio? Are you seeing signs that in the higher occupancy parts of your portfolio, you're in fact, able to move up towards that 70% incremental margin that I think you've mentioned in the past for nearly full properties?

好的。很好。這很合理。接著回到增量利潤率（incremental margin）的討論。我想——聽起來你們正在看到——我想了解的是：入住率 95% 以上的投資組合，其增量利潤率和其餘投資組合之間，是否存在顯著差異？你們是否看到跡象顯示，在入住率較高的那部分投資組合中，你們確實能朝向你們過去提過、接近滿租物件約 70% 的增量利潤率提升？

Yes. So we've talked about -- we kind of refer to it as a rule of thumb at one point in time. And I was talking about really the 50% incremental margin we're seeing now is consistent with what we expected. And as you get into the higher 90% occupancy range, you start seeing higher margin opportunity.

是的。所以我們談過——我們曾在某個時間點把它當作一個經驗法則（rule of thumb）。而我剛剛提到，我們目前看到約 50% 的增量利潤率，與我們的預期一致。當你進入 90% 後段的入住率區間時，就會開始看到更高利潤率的機會。

And we know that it's not a big sample size of communities that are kind of in that occupancy band that had no occupancy change, but we're still growing occupancy within that group, which is consistent with what I said about having more 100% occupied communities now.

我們也知道，處在那個入住率區間、且入住率沒有變動的社區樣本數並不大；但我們在那個群組內仍在提升入住率，這也與我所說的——我們現在有更多 100% 入住的社區——是一致的。

But we know that even in that group, we're seeing around a 70% incremental margin. And obviously, in those that are growing occupancy, it's even better. So it's certainly proving out, and that's going to help lift our overall incremental margin over time.

但我們知道，即使在那個群組中，我們看到的增量利潤率大約在 70% 左右。而且很明顯地，在那些入住率仍在成長的社區中，表現會更好。所以這點確實正在被驗證，並且會在時間推移下，幫助拉升我們整體的增量利潤率。

Okay. Thank you. And if I could fit one more in, I was wondering how do you think a more challenging home selling environment will impact the demand from move-ins in IL specifically. I get AL probably a little bit more urgent sort of need motivated move-ins, but I was wondering specific to IL?

好的，謝謝。如果我可以再問一個：你們認為更具挑戰的房屋出售環境，會如何影響特別是獨立生活（IL）的入住需求（move-ins）？我理解協助式生活（AL）可能是更急迫、由需求驅動的入住，但我想問的是針對 IL 的影響？

Yes. So we've had a really consistent year in terms of move-in volume and occupancy growth. And you can argue that there is a lot of potential impacts in the macro environment, obviously, in every way, geopolitical, home market, consumer confidence, and we've just been operating straight through that. So we have confidence in the demand and the value proposition that we offer and the resilience that senior housing has and really haven't seen any impacts yet.

是的。所以就入住量與入住率成長而言，我們今年一直非常一致。你可以說總體環境有很多潛在影響因素，當然各方面都有：地緣政治、房市、消費者信心；但我們一路以來都照常營運、穿越這些因素。因此，我們對需求、我們提供的價值主張、以及高齡住宅的韌性都有信心，而且目前確實還沒有看到任何影響。

Okay. Great. Thank you.

好的。很好。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場（BMO Capital Markets）。

Just on the expense on SHOP. Just hoping you could talk a little bit about Ventas OI and the initiatives that you have there to maybe lower the ExPOR growth, which I think is trending around 2% inclusive of management fees and kind of what the next opportunities that you're working towards may do or help what that ExPOR growth?

想請教一下 SHOP 的費用端。希望你們能談談 Ventas OI，以及你們在那邊有哪些措施，可能用來降低 ExPOR 的成長；我認為目前趨勢大約在 2% 左右（包含管理費）。另外，你們正在推進的下一些機會點，可能會對 ExPOR 成長帶來什麼影響或幫助？

Sure. Yeah. So we have -- it's a good opportunity just to remind everybody what Ventas OI is and how we're set up. And so it has -- it's really focus -- the framework of right market, right asset, right operators, the starting point, all the decisions we make around market assets and operators are supported by our data analytics platform, and the experience that we have here at Ventas and the experience of our operators make good decisions.

當然。是的。這也是個很好的機會，提醒大家 Ventas OI 是什麼，以及我們的架構如何運作。它——核心聚焦在「正確的市場、正確的資產、正確的營運商」這個框架；我們在市場、資產與營運商上的所有決策，都由我們的數據分析平台所支持，再加上我們在 Ventas 的經驗，以及營運商的經驗，來做出好的決策。

The approach we take on the operating side is to -- it guides our CapEx decisions, our decision to expand assets. We always have some pruning we're doing in our portfolio and it helps to lead to some of those decisions as well. But the part that I think we believe is most powerful is the support on the operating side.

我們在營運端採取的方法是——它會引導我們的資本支出（CapEx）決策，以及我們是否擴建資產的決策。我們的投資組合也一直在做一些汰弱留強（pruning），而它也有助於推動其中一些決策。但我們認為最有力的部分，是在營運端的支援。

And we're able to take data that most of our operators don't have any visibility into and bring to life for them opportunities on many fronts. Sales, all the various revenue drivers, sources of leads, including digital leads, benchmarking on an anonymized basis and like products. And that's helped to really bring focus to our communities and help make it easier for operators to prioritize where they can really create value, and expenses are part of that.

我們能把多數營運商看不到的數據帶給他們，並將其具體化，讓他們在多個面向看到機會。包括銷售、各種營收驅動因素、潛在客源來源（leads），包含數位 leads、以匿名方式進行同類產品的標竿比較（benchmarking）。這確實幫助我們的社區更聚焦，也讓營運商更容易優先處理真正能創造價值的地方，而費用也是其中一部分。

So we definitely have a line-item review that occurs regularly with our operators. We're always looking for any opportunity to become more efficient. But we are also very focused on the fact that we have a luxury product that we're supporting. And our residents and customers have a certain expectation from us. And so there's no interest whatsoever in shortcutting our service delivery and our care delivery, and that's a balance that we take as we're approaching the expense side of things.

所以我們確實會定期與營運商進行逐項費用科目的檢視（line-item review）。我們一直在尋找任何提升效率的機會。但我們也非常重視：我們所支持的是一個高端（luxury）產品。我們的住戶與客戶對我們有一定的期待。因此，我們完全沒有任何意圖在服務交付與照護交付上走捷徑；而在處理費用端時，我們會在這之間取得平衡。

But there is certainly an intense focus on it.

但我們確實對此有非常高度的關注。

And maybe just a bigger picture strategic question. There's a lot of opportunities out there, both on the acquisitions and sales side. It sounds like you're less enthusiastic about Canada to more focused on the US for SHOP. There's seemingly a growing SHOP opportunity in the UK.

另外一個比較宏觀的策略問題。市場上有很多機會，不論是收購端或出售端。聽起來你們對加拿大的熱情較低，而在 SHOP 方面更聚焦美國。英國那邊似乎也有日益增加的 SHOP 機會。

And then there's the ability to maybe deemphasize MOBs further by sales or joint ventures. But just curious on what you would have is a key priority for the company or what you're focused on thinking strategically about different moving pieces?

接著還有一個可能性，就是透過出售或合資進一步淡化 MOB 的比重。但我想請教的是，對公司而言你們的關鍵優先事項是什麼？或是你們在策略上正聚焦思考哪些不同的變動要素？

Juan, this is Debbie. We -- since the inception of our 1-2-3 strategy, and our actions in acquiring $10 billion of SHOP assets and growing organically, we are -- 1, 2, and 3 are basically aggressively expanding the percentage of our business at SHOP and managing that optimally as we've talked about outperforming at scale. And that -- the whole company really is focused and driven around those because that's what we believe will deliver the multiyear growth and value creation opportunity.

Juan，我是 Debbie。我們——自從推出 1-2-3 策略以來，並且透過收購 100 億美元的 SHOP 資產以及有機成長，我們——1、2、3 基本上就是積極提高我們業務中 SHOP 的占比，並如同我們談到的，在規模化下追求優於同業的表現，來最佳化管理。而且——整個公司其實都圍繞著這些重點在聚焦與推動，因為我們相信這將帶來多年期的成長與價值創造機會。

Thank you.

謝謝。

Rich Anderson, Cantor.

Rich Anderson，Cantor。

I had a little bit of PTSD when your phone lines went out earlier. So a question --

你們剛才電話線斷掉時，我有點 PTSD 的感覺。所以有個問題——

If it happens again, it was not on purpose (laughter).

如果又發生一次，那不是故意的（笑聲）。

So this is admittedly splitting hairs, but I'm going to ask it because I think it's having an effect on people's perception of the print this morning. For the third quarter, you did 17% same-store NOI growth out of SHOP; last quarter, it was 18%. For the third quarter, year-over-year increase in margin of 190 basis points. Last quarter, it was 210. So my point is if the third quarter is supposed to be the best quarter.

這坦白說有點吹毛求疵，但我還是要問，因為我認為這正在影響大家對今天早上這份數字的觀感。第三季，你們 SHOP 的同店 NOI 成長是 17%；上一季是 18%。第三季，利潤率年增 190 個基點。上一季是 210。所以我的意思是，如果第三季應該是最好的季度。

And Justin to your point, things move around, it's nonlinear. I get all that. And I am kind of more of the messenger here on this question, but does this sort of indicate that this is where we're plateauing in terms of organic growth potential, margin expansion, all that sort of stuff, given that this third quarter should be the best of all quarters? Or is that a little bit over a bit simplified?

而且 Justin 也提到，事情會有波動，不是線性的。我都理解。我在這個問題上比較像是傳話的人，但這是否某種程度顯示：就有機成長潛力、利潤率擴張等等而言，我們正在進入平台期？畢竟第三季應該是所有季度中最好的。還是說這樣的解讀有點過度簡化？

I'm so happy you asked that. So this is -- yeah, it was a good quarter. Like I said, in the 17 quarters, we had double-digit NOI growth. I think there's always something we thought could have been better. 17 quarters in a row, we've done this.

我很高興你問到這個。所以這——對，這是一個不錯的季度。如我所說，在過去 17 個季度裡，我們都有雙位數的 NOI 成長。我想總是會有一些地方，我們覺得本來可以做得更好。連續 17 個季度，我們都做到了。

And I described really how the portfolio is built, the runway ahead, the demand that's coming, the way pricing is playing out and the incremental margin, it's all really as we expected around this journey -- this growth journey that we're on. And there's a long way to go. So we're not even at all bothered about this quarter. What we're focused on is where it's going, and the true trajectory is really positive, and the macro environment is solid and the levers we can pull are proven, and we have a great team and great operators.

而我也描述了投資組合是如何構成的、前方的成長跑道、即將到來的需求、定價的演變方式以及增量利潤率——這一切基本上都符合我們對這段旅程——也就是我們正在走的成長旅程——的預期。而且還有很長的路要走。所以我們完全不會因為這一季而困擾。我們關注的是未來走向；真正的軌跡非常正向，宏觀環境穩健，我們能拉動的槓桿已被驗證，我們有很棒的團隊與很棒的營運商。

Okay. So related to that, so hypothetically, let's say you -- your occupancy gain cadence isn't 300 basis points anymore, but it's 200 or 150 or even 0 eventually because you can't go over 100%. So if that means that your rate growth is better in a higher occupied portfolio, can you still maintain that level of bottom line same-store NOI growth? Or does it naturally come down because if the only lever revenue point of view becomes rate over occupancy.

好的。那延伸這點，假設——假設你們的入住率提升節奏不再是 300 個基點，而是 200、150，甚至最終變成 0，因為入住率不可能超過 100%。那如果這代表在更高入住率的投資組合中，你們的房價成長更好，你們還能維持那樣的同店 NOI 底線成長水準嗎？還是說它會自然下滑，因為從收入端來看，唯一的槓桿就只剩「房價」而不是「入住率」？

So I'm just curious how that math works when you consider incremental margin on new rate increases and all that sort of stuff. If you could just sort of comment on the interplay of all that, that would be great.

所以我想了解，當你把新一輪漲價帶來的增量利潤率等因素納入時，這個數學關係是怎麼運作的。如果你能就這些因素之間的相互作用稍微評論一下，那就太好了。

I do want to remind you that as we sit here today, we've had 17 quarters under our belt of double-digit NOI growth. We have 89% occupancy in the US. We have rate and occupancy working together to drive NOI. And there is this multiyear runway ahead as we're just not even fully into the over-80 population starting to boom, and so that's what gives us the confidence really about this multiyear growth and value creation opportunity ahead.

我想提醒你的是，截至今天，我們已經連續 17 個季度達成雙位數 NOI 成長。我們在美國的入住率是 89%。房價與入住率共同作用來推動 NOI。而且前方有多年期的成長跑道，因為我們甚至還沒有完全進入 80 歲以上人口開始快速成長的階段；這正是讓我們對未來多年期的成長與價值創造機會充滿信心的原因。

I think you're kind of way down the path, even though we do know that higher occupancy levels, as Justin said, RevPOR growth is significantly higher. And that's a lever that we can use as we look forward. But we're in it to win it at this period of time. And as we look forward, we're very optimistic about the setup for us and the competitive advantages and capabilities that the team and the platform bring to continue to try to outperform in senior housing.

我覺得你把路徑推得有點太後面了；儘管我們確實知道，如 Justin 所說，在更高入住率水準下，RevPOR 成長會顯著更高。而這是我們展望未來可以運用的一個槓桿。但就目前這個階段，我們會全力以赴。而展望未來，我們對自身的布局、競爭優勢，以及團隊與平台所帶來的能力都非常樂觀，將持續努力在高齡住宅領域力求跑贏同業。

Yeah. And I would just say that I'm not in the business of rating questions. But the second question was better because I think that's a more relevant question. It's like where is this going? And I think it's a great question. And when we get there, down the road, we can have some great discussion around how that's all played out.

對。而我只想說，我不做問題評分的生意。但第二個問題比較好，因為我認為那是更相關的問題。也就是：這會走向哪裡？我覺得這是個很棒的問題。等到未來某個時點我們走到那裡時，我們可以就這一切如何演變做很好的討論。

Fair enough. Thanks very much.

有道理。非常感謝。

Yeah, and thank you for raising it. It's a good conversation.

對，也謝謝你提出來。這是個很好的討論。

All right. I'll keep doing it.

好。我會繼續這樣問。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

I wanted to circle back on the margin flow through. I guess, Justin, where is the break line that pushes that margin from 50% to 70%. I mean, I was under the impression that was closer to the low 90% range, not the high 90% range. And if you kind of look at the presentation, it looks like Ventas' flow-through marginally increased from 49% in 2025 to about 52% from the past 12 months, even though you saw occupancy kind of jump from the high 80s to the low 90s.

我想回到利潤率的流入（flow-through）這點。我想問，Justin，讓利潤率從 50% 推升到 70% 的臨界點在哪裡？我的理解是那應該更接近 90% 出頭的區間，而不是 90% 後段的區間。而且如果你看簡報，Ventas 的 flow-through 似乎只是在邊際上從 2025 年的 49% 提升到過去 12 個月約 52%，即便你們看到入住率從 80% 後段跳升到 90% 初段。

I mean, is there anything unique in that number? I mean, are you seeing more occupancy gains in the US portfolio that's kind of in the mid-80s, and that's why that increase in that margin flow-through has been a little bit lower than expected?

我的意思是，這個數字裡有什麼特殊因素嗎？例如，你們是否在美國投資組合中看到更多入住率提升發生在 80% 中段的物件，因此使得這個利潤率 flow-through 的提升幅度比預期更低？

Yeah, there's a couple of things. First of all, there's not a bright line. It really depends on the product type you're talking about, and it's relative to price point, plays a big role. There is a distribution in our portfolio that has -- we have a lot of runway in occupancy. So that portion of our portfolio that has long runway is not delivering a stronger margin. The part that is is the highest occupied communities.

對，有幾個因素。首先，沒有一條明確的分界線。這真的取決於你談的是哪一種產品類型，而且相對於價格帶（price point）也扮演很重要的角色。我們的投資組合中存在一個分布——有一部分在入住率上仍有很長的跑道。因此，那一部分「跑道很長」的投資組合，目前並沒有帶來更強的利潤率。真正帶來更強利潤率的是入住率最高的社區。

So that -- I do want to clarify one point, though. I think it's playing out exactly as we expected. We said low 90s into the 50s. And so that's happening. We would expect as more communities move up in terms of occupancy and our portfolio grows more in terms of occupancy that we'll see the incremental margin to continue to play out.

不過我確實想澄清一點。我認為實際發展完全符合我們的預期。我們說過，入住率在 90% 初段時，flow-through 會落在 50% 多。而現在就是這樣在發生。我們預期，隨著更多社區在入住率上持續上升、我們整體投資組合的入住率也持續提高，我們會看到增量利潤率持續展現出來。

The -- within the portfolio, we can see it so clearly. The incremental margin flow-through is so clearly happening at various occupancy levels, but we have a wide variety of types of communities and markets and et cetera. So I don't really have a bright line for you.

在投資組合內部，我們看得非常清楚。增量利潤率的 flow-through 在不同入住率水準下都非常明顯地正在發生，但我們的社區類型、市場等非常多元。所以我沒辦法給你一條明確的分界線。

Okay. That's helpful. And then --

好的。這很有幫助。然後——

That's part of the opportunity ahead.

那是未來機會的一部分。

Great. And then just switching to the same-store portfolio. Can you kind of some color on how that could potentially change next quarter? I do you -- do those deals that is coming rolling into same store? Do they have better occupancy comparison numbers? I'm just trying to understand how you can hit that roughly 300 basis point occupancy gain in 2026. I mean, is there some benefit in there that we can't see in the current same-store pool?

很好。接著切換到同店投資組合。你能否稍微補充一下，這在下個季度可能會如何變化？我的意思是——那些正在進來的交易會滾入同店嗎？它們的入住率對比數據會更好嗎？我只是想了解，你們如何能在2026年實現大約300個基點的入住率提升。我的意思是，是否有一些我們在目前同店池中看不到的好處？

Mike, it's Bob. I'm going to take that one. I feel like a potted plant over here. So look, you saw an increase in our same-store pool second to third to 600 assets, call it, three-fourths of our NOIs in same-store. Justin earlier talked about the non-same-store pool and the composition.

Mike，我是Bob。我來回答這題。我在這邊感覺像個盆栽。所以你看，我們的同店池從第二季到第三季增加到大約600項資產，可以說我們大約四分之三的NOI都在同店裡。Justin先前也談到非同店池及其組成。

We would expect as we move forward to have more and more assets coming into same-store, including in the fourth. And that's contemplated when we give the guide overall to get to the average for the full year. But you'll see that number continue to increase from a very large proportion already.

我們預期隨著往前推進，會有越來越多資產納入同店，包括第四季也是。而這也已在我們給出的整體指引中反映，用以達到全年平均水準。不過你會看到，這個數字會在目前已經很高的占比基礎上繼續上升。

Okay. Great. Thanks.

好的。很好。謝謝。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Maybe one more question on the flow-through margin topic. All else equal on the occupancy front, how does that flow through compare on some of your more luxury type assets relative to maybe some lower price point properties? Is there a meaningful difference?

再問一題關於流入（flow-through）利潤率的話題。在入住率面其他條件相同的情況下，你們較偏奢華類型資產的流入表現，和一些較低價位物業相比如何？差異顯著嗎？

Yeah. I mean, they're -- I'll say that our luxury independent living has very high margins. And independent living has really high operating leverage. So you're -- you would see probably your strongest incremental flow-through there. Your -- We have very high price point assisted living as well, but some of it also delivers really high level of care. So there's costs associated with that.

是的。我的意思是——我會說我們的奢華型獨立生活（independent living）利潤率非常高。而獨立生活的營運槓桿也非常高。所以你——你大概會在那裡看到最強的邊際流入。我們也有非常高價位的輔助生活（assisted living），但其中一部分也提供非常高等級的照護。因此會有相應的成本。

But generally, you're going to see better margin with higher RevPOR, and there's certainly a relationship there. And the ultimate driver across the board is operating leverage. I'll also say that I mentioned earlier that what we're buying, being 70% luxury and 20% ultra-premium luxury, there's a meaningful RevPOR uplift that's coming through the acquisitions as well.

但一般來說，RevPOR越高，利潤率就會越好，兩者確實存在關聯。而整體最終的驅動因素是營運槓桿。我也補充一下，我先前提到我們正在收購的資產中，70%是奢華、20%是超高端奢華，這些收購也會帶來顯著的RevPOR提升。

Got it. Okay. And then one just on maybe the regulatory environment in the US. Have you seen any legislation arise across your markets, either on rent regulation or anything on the labor side? And I guess, how do you think about the long-term risk of the space becoming incrementally more regulated? It’s just the sheer amount of seniors utilizing senior housing growth?

了解。好的。再問一題關於美國的監管環境。你們在各個市場是否看到任何立法出現，例如租金管制或勞動相關的規範？另外，你們如何看待這個領域長期逐步加強監管的風險？畢竟使用高齡住宅的長者人數在成長？

Well, one of the things we've always appreciated about senior housing is that it's a consumer-driven product in that seniors and their families are choosing to live there because of the valuable benefits that it provides. And are relatively comparable to what a senior would pay living at home and having some amount of services. So we are obsessively focused about our operators delivering kind of quality care, providing a great value proposition for seniors and their families.

嗯，我們一直很欣賞高齡住宅的一點是，它是一個由消費者驅動的產品：長者及其家屬選擇住進來，是因為它提供了有價值的好處。而且其費用相對可與長者住在家中並購買一定程度服務的支出相比。所以我們非常專注於我們的營運商能提供高品質照護，為長者及其家屬提供很好的價值主張。

And this is the wealthiest generation in history, the baby boomers as they start to enter our markets. And so we -- it's a state-by-state matter. There really hasn't been anything that's gained material traction around really limiting access or revenue opportunities at our communities. But we are very conscious of making sure that what we're delivering is worth the price that people are paying. And that's what's really important in a consumer-driven product.

而且這是史上最富有的一代——嬰兒潮世代——他們開始進入我們的市場。因此我們——這是逐州而定的議題。目前確實還沒有任何在限制我們社區的可及性或營收機會方面取得實質進展的措施。但我們非常重視，確保我們所提供的服務值得人們所支付的價格。而這在一個消費者驅動的產品中是最重要的。

Understood. Thanks for the time.

了解。謝謝你撥冗。

Alex Feygin, Baird.

Alex Feygin，Baird。

Just one for me. Can you kind of talk about the opportunity for more expansion projects and how Ventas is positioning itself to participate in the next development cycle?

我這邊只有一題。你能談談更多擴建專案的機會，以及Ventas如何定位自己以參與下一輪開發週期嗎？

Good one. Justin?

好問題。Justin？

Yeah, absolutely. So we have a lot of opportunity. We are -- We've been evaluating our own portfolio over the past year or so. And we have expansion projects that are planned. And some of those, you're just adding a structure. We have one -- I think it's highlighted in our supplemental somewhere, Quincy Place, that's a pretty big project, $30 million or so. We're adding cottages next to a community that is now 100% occupied.

好的，當然。所以我們有很多機會。我們——過去一年左右一直在評估我們自己的投資組合。我們有已規劃的擴建專案。其中一些只是新增一個建物。我們有一個——我想在我們的補充資料某處有重點提到——Quincy Place，那是一個相當大的專案，大約3,000萬美元左右。我們正在一個目前已達100%入住的社區旁增建小屋（cottages）。

And so high demand opportunity to really just expand a winning product in what's already proven to be a strong market. And we're looking -- there's dozens of opportunities across our portfolio where we found an opportunity and that we're making plans to proceed.

因此這是一個高需求的機會，基本上是在已被證明是強勁市場中，擴大一個成功的產品。而我們正在看——在我們的投資組合中有數十個機會，我們已找到機會並正在制定推進計畫。

Got it. Thanks for the time.

了解。謝謝你撥冗。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

Just one for me as well to keep things tight here. So Justin, I think in your prepared comments, you sort of briefly alluded to the debt market potentially creating opportunities for more transaction volume in '27. I assume that has to do with sort of the 2021 vintage of loans on a lot of these assets. But just given the growth in NOI and SHOP, what's the likelihood that really you'd be competing against the market for refinancing where the equity is still good, and there's no sort of compelling reason to sell necessarily next year?

我也只有一題，讓節奏緊湊一些。Justin，我想你在事先準備的發言中，簡短提到債務市場可能在'27年為更多交易量創造機會。我猜這與許多這類資產的2021年那批貸款有關。但考量NOI與SHOP的成長，真正的可能性有多大：你們其實是在與市場競爭再融資，而股權仍然良好，且明年未必有非賣不可的理由？

I'm going to grab that one. Just -- the point that we want to make is that we have -- as you know, we have significant competitive advantages that we won't repeat here in the investment market. A lot of our deals are relationship-oriented, among other things. And of course, we have significant financial strength and flexibility. What we're saying is the move -- the global move in rates and the volatility in the capital markets makes us an even more desirable counterparty in an acquisition because we do have that financial strength.

我來回答這題。我們想表達的重點是：如你所知，我們在投資市場具備顯著的競爭優勢，這裡就不重複了。我們很多交易是以關係為導向，還有其他因素。當然，我們也具備顯著的財務實力與彈性。我們要說的是，全球利率的變動以及資本市場的波動，使我們在收購中成為更受青睞的交易對手，因為我們確實有那樣的財務實力。

People know we know what we're doing. We can close. They don't have to wait for someone, a different buyer to get a mortgage or line up their financing. And so coupled with all of our other existing advantages being a long-term, very knowledgeable counterparty and actor in the space, I mean, that just adds to the competitive advantages that have given us the momentum to close $5 billion so far this year. And it just makes us incrementally more popular if that were possible. So that's how I would describe what we were getting at.

大家知道我們懂我們在做什麼。我們能完成交割。他們不必等待另一個買方去辦抵押貸款或把融資安排好。因此，結合我們既有的其他優勢——作為長期、非常了解這個領域的交易對手與參與者——我的意思是，這只會進一步強化我們的競爭優勢，而這些優勢也讓我們今年迄今能完成50億美元的成交。而且如果還有可能的話，這讓我們更受歡迎。所以這就是我對我們想表達內容的描述。

Thanks, Debbie. Appreciate that.

謝謝，Debbie。很感謝。

So operator, do we have any other questioners in the queue. Okay. All right. Well, we appreciate everyone's time this morning. And as always, we appreciate your interest in the company. We're really glad that we were able to deliver a strong quarter, and we very much look forward with the opportunities we have ahead, and to see you in the fall. Thank you.

那麼，接線員，隊列裡還有其他提問者嗎？好的。好。那麼，我們感謝大家今天早上的時間。一如既往，我們感謝各位對公司的關注。我們很高興能交出一個強勁的季度表現，也非常期待未來的各項機會，並期待在秋季與各位見面。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。