Ventas (VTR) 7 Aug 202020 Q2 Earnings call transcript

Company Profile

Participants

Sarah Whitford	Investor Relations
Debra A. Cafaro	Chairman and Chief Executive Officer
Justin Hutchens	Executive Vice President, Senior Housing, North America
Pete Bulgarelli	Executive Vice President, Office; President and Chief Executive Officer, Lillibridge Healthcare Services
Bob Probst	Executive Vice President and Chief Financial Officer
Michael Carroll	RBC Capital Markets
Nick Joseph	Citi
Jonathan Hughes	Raymond James
Rich Anderson	SMBC Global
Vikram Malhotra	Morgan Stanley
Nick Yulico	Scotiabank
Tayo Okusanya	Mizuho
Jordan Sadler	KeyBanc Capital Markets
Joshua Dennerlein	Bank of America
Steve Valiquette	Barclays
Lukas Hartwich	Green Street Advisors
Sarah Tan	J.P. Morgan

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Second Quarter 2020 Ventas Earnings Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Sarah Whitford, Investor Relations. you. Thank yours. is floor The

Sarah Whitford

Tina. Good call its the conference XX, welcome for morning, review the and XXXX. June to ended regarding second to company’s the Ventas quarter Thanks, announcement results today

many and stockholders materially express me in that statements the or and that securities uncertainties any actual be law. revisions the other any results any company’s made expressed considered updates let recognize start, risks, others statements be subject should forward-looking we that publicly to disclaims projections statements forward-looking the contingencies, and to and call and whether conference to expressly this cautions federal may from implied. changes within statements expectations. release The or these all are any obligation to during forward-looking company certain differ predictions may to Ventas of As expectations, meaning reflect

well affect included note on the operations for reconciliations and the schedule our non-GAAP financial measure information as that company’s and December XX, its Please other and supplemental about the Report referenced Annual the company’s XXXX, company’s is may company’s SEC results Form year quantitative the website Investor ended in filings. most Relations directly factors the www.ventasreit.com. that the between section are GAAP at measure this available conference disclosure comparable on each call Additional as XX-K in of

that to and out reference way, A. website, remarks. note Chairman our presentation formalities hand Debra of Before helpful morning that investor to will an in With CEO it the I’ll includes I posted this company; which team prepared hand call the over the like those information we’ve Debbie. Cafaro, of our I’d to off the on

Debra A. Cafaro

hope participants. persists COVID-XX thank and the sincerely country. the welcome in to earnings you I’m other proud healthy and as second And enormously addressed uneven, done, all that the storm are created pandemic to Nicely positive go, and by staying call. and quarter you. by quarter Good and which I hard-working have the to XXXX has long that say safe our remain cohesive Ventas to performance shareholders but team of are highly morning as Sarah, our and conditions way issues and encouraged weathered we and into have uncertain second key skilled we’ve continued We a July. the and still pandemic. trends, been initial Ventas

class, quarter, medical Our and significantly enterprise the normalized operator geographical of collectively benefited office nearly long-standing our second half triple-net We $X.XX from FFO business, diversification. our enterprise. led research asset by commitment building, and quarter represent the which in in share our delivered care of innovation to and per health

affecting we the reflect a in As regarding in housing with conditions quarter, number the and you These a result senior recorded of primarily of the our housing. senior our shared business items that we June, point. late charges unchanged and on remain focused potential from pandemic, non-cash expectations prospects

housing the those As communications, quarter. results COVID-XX consistent significantly financial senior with affected our expected and in pandemic the

large, our increase occupancy SHOP mid-March Since now rebuild move-ins The seek York New occupancy. to pre-pandemic occupancy We of currently clinical results living our communities. resilience communities has continues their virtually are through rate, and and value all the into Our our the heartened that impact move-ins intra-quarter open our operators see and And industry are way. senior Jersey and safely resident the focus saw an the we leads residents July. to the is of of in operators recognition we particularly our offering in of seniors and level. to quality, towards demand And residents communities environment. high are experienced led move-ins for and of improvement families. vast for new to anticipated, from provides previously stabilize sustained the as enriched maximum and to majority portfolio living high April, New our then, at Atria then

our We keep are focus frontline leadership safe. adopting seniors proud in of and and on and safety, to testing early and protocols our caregivers rigorous health

after capital through million We currently us. to field. address taken investment, actions include and impact our preserving our also keep competencies largest $X.X with who those service cost proactive and effectiveness of for while at efficiency our further the a housing resulting $XX the senior sheet. and both reduction to beneficial asset capital of our raising, large tenants, adjusting have decisive management to enhance million billion, in of by stable during strong Brookdale expenditures depend the to dividend. Increasing and quarter all which upon and our Taking Ventas These in and core financial with structure $XX pandemic maintaining our operators. transactions the capital stands liquidity, steps Holiday, balance Conserving mutually two and strong the annualized

care we that the for SHOP. living and independent and communities tenant. stronger with impressive We the living to Because and and of role vulnerable coverage deserved our Ventas our constructive operated we management opportunity crucial COVID-XX. announced federal play converted Holiday by For that recently with and deal support our teams, continuing with on a and both industry Brookdale much senior remain the recovery with will lease hopeful to industry. protecting needed advocate companies And Holiday, in better of are mitigate and flexibility financial policymakers. impact certainty, record to XX providers appreciate provide that in pleased upside HHS provides our We population relationship respectfully we shareholders seniors clinical creates the senior for the

of will leverage is institutional value. fund expand that us create team explore being open-end with to I’d industry access assets the advantage in our tool quality and in is expertise to and core our and our yet successfully enterprise selective. to management. we highlight, our capital of well-performing under investment grow launched another a enable the The particular, and strategic footprint, to opportunities team active, fund continue also March We

on capital innovation We expanding focus business. also our allocation and continue research our

R&I existing continues deliver outstanding the performance. While to portfolio

both We the and University projects research University leading of of deliver two well major Arizona year. also underway expected Pittsburgh, institutions next have to the with at

In pre-leased Together, are addition, uCity Philadelphia. these academic Drexel’s million over investment represent to and XX% $XXX we over on broke highly rated aggregate three developments tower in ground market just in of tenants.

the Marguerite top-notch insights and Our benefiting We actions, in team as diverse, be the right. business our executive, real and to long-term forward as development to disruption In have her the decisive from healthcare and partner, move pandemic Westford, for independent pleased the that company lines of the opportunities. in see as closing, through real projects and time remains and to estate navigate we We pandemic. the resilient successfully estate continues by through place our to pipeline taken work experienced thesis capture will and with can soon CEO and despite July. forward. and is demographically a Ventas look our different to strong our so R&I is build we demand in Marguerite caused near-term welcome Board for Nader conditions Ventas performance were actionable driven current

senior all pleased for housing to We working I’m our benefit our Justin now And of discuss to business. ask the will together stakeholders. continue

Justin Hutchens

Thanks, Debbie.

with said, the housing from Let crisis COVID-XX tenants the our me operators, quarter I in that proud efforts that It their an I’ll in vulnerable our to acknowledge on NOI start safety XXXX a the and noting strong industry and together industry of employees, frontline population. I’d results courageous how teams providers care of witnessed excluding segment skill versus growth most history, agent of impact for all and with we start hard quick with am SHOP fourth protect senior when in by triple-net the our a like and unprecedented. their publicly to but SHOP overview health impacts. performance work, this for of the our and quarter and the pandemic. like COVID throughout seems dedication came is second we year quarter of portfolio. That began truly X% a first

pandemic. different our operators second quarter a the The was battled as story SHOP

cash the was declined high to when I’ll clinical due highlight red the impact improved XXX first from in lower portfolio, of which $XX demonstrates SHOP health to sequentially million. stood XX.X%. have response. mitigating the $XXX including estimated disproportionate savings netting Jersey $XXX of and New basis our sequentially, been operating $XX second cost sequential first loss of and same-store Net-net, X.X% second expenses, most quarter points It expectations. Second our a $XX quarter, supplies expenses testing, COVID-XX as million million, Northeast. quarter our NOI portfolio benefit New $XX monthly asset our expected, therefore, XX% quarter than came both At X.X% COVID-XX OpEx down, average for in All in four in quarter, Canadian million diversification NOI. which totaled York same-store and living of the reduction and property generated reflected the occupancy the results. totaled occupancy after and strategy previous occupancy well-orchestrated monthly declined impact at pool. these million, expenses communities in grew our operating and end RevPOR in labor XXXX XXX public pronounced total operating million average related for of were portfolio senior locked a the operating from occupancy the approximately

occupied, recent which an investment pool, in within to basis. an outperforming compares communities XX.X% on same-store the average XX XX.X% absolute relative Le Groupe in Our our and first sequential were U.S. the our of quarter, Maurice, QX including

have representing living, portfolio of to SHOP, improvement specifically, Additionally, Le pre-COVID broadly, Holiday portfolio. June, and of Retirement, our outperforming ahead X,XXX,XXX budget. a during Holiday approximated I’d resilience our has significantly and independent the living converting pandemic, Since Groupe the X.X% inclusive prior like May and over assisted our in NOI partly more year highlight Maurice demonstrated

received housing to Ventas our rent. of July, cash senior In and its second triple-net Moving housing triple-net all senior through portfolio. quarter the expected

certain Living a broadly underlying our with really same SHOP the and actions Senior each And year. as management we’ve really happy trends portfolio these as to with been portfolio. followed I’m teams able Our result, respective to I mutually address to beneficial already arrangements performance reach to forward triple-net have we Capital Brookdale proactively working look Holiday this optimize Living, been Retirement taking leases. portfolio. Senior

recent trends. address I’ll Now

the in pandemic am as Jersey California, trend high I low cases the solid point day, such important to per demand markets note, are report the that Texas, foremost, characteristics April. as seen we since move-ins supporting face such as that the leads and it’s faced in Arizona. long New that Florida experiencing persists have of New still new and and those York virus First since this housing and improved And senior remained have in to and even the pleased

and a encouraging with activities. for It richer investors we experience much crucially, As of lifestyle, demand leading small getting to of is our and dining appropriate reported and in the offering protocols living testing most control communities very resident that visits key family and allowing group XX% infection indicator which communities is restrictions to experience. to practices loosening pre-COVID the closer structured this June, is allows are see and

our to and increased recent clinical lessening, reverse pleased yielded over employee XX,XXX to including virus We component that some a results, weeks. course still program, are of has throughout Mayo of restrictions date. proactive Clinic increase activity, industry-leading approach with of to communities our regards resident partnership In as and one which support has facing thoughtful labs reopening are our we tests although caused a served pockets testing and to

highest the as Debbie the noted, of since at XX%. pandemic communities However, the have of currently accepting we beginning number move-ins

in have per May had a in in have never day days. XX day XX% portfolio are per April had through case XX averaged cases July, and we of peaked in communities only the our per far either in averaging case X confirmed August, and/or resident only at and Ventas cases X.X have resident new resident a thus per New day day. not

decline XX July As in XX.X%, see persist. diligent have approximately through June efforts reflection the decline lead July The to at a continues. our which of a point also as basis the move-in trend our occupancy ended continued operators, in and improving is occupancy we since deceleration leading improvement by We indicators.

Our move-ins leads are are XX% XX% versus and prior respectively. our year,

however, not occupancy. movements, lower covered are Our yet move-outs therefore have and resulted in

improvements environments to trends we are since for regarding stabilized leading efforts and portfolio. meaningful seniors, performance stabilized to performance. improving optimistic indicator level leading our of we’ve All living the out. by cautiously drivers and we demand encouraged a of seen in NOI providing more are move-ins things the in move-outs are our expect moderating are we considered, making seeing we expenses, progress we senior not the steadily The evidence strong safe and and until success indicators summary, move-ins experience do our indicators and operators While positive and robust housing In towards leading April.

remain living continuing we caregivers of the in However, Pete. on the on the and its of impact measured business I’ll and With focusing pandemic, to the of financial health frontline our and cost in because recapturing outlook occupancy our floor uncertainty the residents. stabilizing that, communities and our senior hand safety of while

Pete Bulgarelli

cover the results and trends. I’ll second Justin. Thanks, quarter office segment

two segment, and in Our and crucial to show key now the MOBs and proposition, XX% Ventas’ our growth business vaccines financial of play life-saving innovation represents delivery which of research lines for portfolio, within strength amidst NOI continues and care centers, pandemic. its and role office the value research services office health the a therapeutics. of

year-over-year. outstanding same-store pool, XX reported as and would XXXX, University of grown year which and increased our XX Office the X.X%, by second point basis by the XX.X%, a of grew by points our quarter. with based prior quarter, affiliated in MOB These our factors, sequential respectively. decline exceeded XXX was in our of June results X.X% cash receipts This have same-store grew difficult for MOB versus XX. sequentially XXX reaching to in driven result COVID-XX. expectations For record was basis by It with University by feet portfolio, occupancy leasing, basis space continues the NOI expenses This NOI these growth. with occupancy in and leasing, occupancy After growth by R&I at retention and cleaning of our clear fueled was a XX.X% the which increased for cash points rent by asset and strong office medical new lower second a to quarter, was comparison the X.X%. quarter growth be X.X% partially university Pennsylvania adjusting portfolio. and parking for period, X.X high Lab quarter improving performance lease-up in currently feet renewals and Total which by area. increased in XX% Strong square driven leased. second million by offset and led XXXX. square is XX% office opportunity nearly paid office office same-store, for our portfolio, modest R&I the levels, of caused developments demand includes XXX,XXX year-to-date. is This has Washington

variety rent D XX% paid And deferrals of docs industry-leading rent In terms an reflection have rent tenants total already have a second were buildings. programs our assist tenants through Most de the collections, quarter. office quality which the of a care Collecting significant and for federal is of health repaid. without amount This contractual to businesses. in our tenants actually providers of direct XX% deferrals, is of in received of of those minimis. small designed support half quality of the been of

and advance $XX payments. are there relief Act billion we $X CARES top received in example, XX billion estimate tenants an system nearly As have in collectively health Medicare

than base. X, of This August faster This is during already of MOB experienced our collection rents. tenants have durability more the is quarter. investment-grade XX% comes pace system. MOB July NOI a underscores result of XXXX, the health paid and XX% our from HCA, of second from than solid a As tenants our tenant tenants, affiliated or and major with quality NOI of XX%

received publicly are investment-grade companies. from of very listed solid A foundation. revenues R&I our portfolio, XX% For our organizations and

space surgery saw by health admissions mirrored positive also We utilization intra-quarter systems. that reported the volumes and trends

depths June. although These paid to still doubled continued below MOB than work Patient of from in in the in trends activity essentially parking June visits levels. have example, April. all back physicians For July, portfolio, historical our were and of our in more

research supporting the we and for our XX% tenants, employees, All fighting All are set our also certain ensure entrances free MOB buildings our open MOBs our are building in at the our To multiple in protocols. and are procedures. open, screening business, elective counties have buildings critical that up and of their enhance of restriction for are patients cleaning of R&I pandemic. organizations safety

with We a of in tenants in have through serve scheduled. all relationships, level personnel which Essential done pandemic to who have field have of terrific job. on-site our person fall XX on-campus major the continued some opening anticipate university learning the

We’re the focus for of to grateful effort tenants. continue and and and we these on commitment, safety and their our health personnel

building across the let strong that NOI in payment to office building renovated all pleased know were associated quarter. to the results Tobi sum, building you at Hospital occupancy, during In Georgia, all the trends system. category and I’m Finally, Bauma play well-located second medical amongst doctor our office International Emory example office center a with awards a outstanding globe, submissions an an best our in associated in Atlanta, and our capital second with medical extraordinary health reinvigorate cash utilizing the

caring time, hope honored who scientists that to we the time hospitals, difficult I’ll in the to physicians, this bring to During pass With Bob. caregivers, for are be those and the the report, need. and comfort researchers

Bob Probst

health care enterprise Thanks, triple-net Pete. some on commentary. I’ll before close our lease portfolio with touch I level

During care strength. continued the health second triple-net our showed assets quarter,

second create by pandemic. receiving had care our to significant July post-acute funding and August and of government evidenced access quarter, liquidity As the mitigate triple-net and rents tenants. providers to XXX% COVID-XX related losses from Acute to health have

since Nationally, well as with perform differences QX, has value The down from and second to well lower But coverage has In need not that the acute census the and are majority in the SNFs market have benefit care and profitable benefited to Ardent’s states for of increasing Ardent hospitals rate but the IRF care from began so experienced despite challenging due the of hospital their in care XXX% also declined are proposition rent was stats this mid-April government initially for rehab a proven in accrue as notably capacity most the coverage patients pandemic, with X enhancements. COVID-XX to also improved elective down. discharge volumes, quarter, the admissions has have dramatically acute in extremely census today. procedures. census market. continues benefited rebounded of higher significant support. conditions. setting. into to LTACs of census mortality coverage hospital in and from through and open rates by counties patients yet surgeries benefited times. terms hospital reflected ultimate or this surgeries important inpatient strong due was QX reported

second Turning financial quarter performance. to our

with me transaction. collectibility net recognized the In we of we second COVID. income the the quarter QX income. quarter, assess of in go-forward rents future were Holiday the million $XX GAAP our even collections Let start second the net rent business, robust across for of though context And

We also material of certain of impact assets result the step our the as a the quarter of evaluating took in of appropriate the the values of pandemic.

housing. As we largely the in result, noncash a senior driven charges several took by quarter,

down than total select in we First, included of estate housing million reduction represents assets the D&A. wrote billion. real asset half nearly $XXX net real base value X% senior of $XX of our This of by estate less

basis housing a of with going housing of senior $XX and Second, all all Notwithstanding rent tenants in contractual eight expected our converted forward. senior endeavor representing rents though of cash business the collect annual QX, tenants receivables in to second our senior million cash in million. we’ll approximately wrote housing rent rent the out substantially triple-net reserve, straight-line triple-net collected we accrued $XX we the quarter, those primarily to

Holiday not for of investments. did $XX second credit note entities. against QX though in charge tax a handful non-cash fourth, a in charge as $XX as loans took the million, for small well credit a allowance current million investments our our or Colony through took I’d take allowances we a losses loan fully our and portfolio we is quarter, unconsolidated loan of Third, we that against

Before information additional transaction are non-cash press from supplemental Page FFO. in our mentioned our excluded our normalized on and Holiday and in charges We provided XX release.

in versus normalized was change the of in terms share, reduction $X.XX quarter delivered in SHOP the $X.XX $X.XX the we of per first, a FFO In the function NOI. second

lower we per was, As in the SHOP second NOI average, month June, $XX than in QX. million showed on you quarter

RevPOR and Jersey of April and in the high quarter loss SHOP early reflect results of New second York in FFO, quarter impact RevPOR full and New Our markets. the same-store SHOP March to the NOI significant occupancy important

our strong to including described weather actions earlier, impact we cost Debbie a our As adjusting to lowering our the and financial as July, actions enhancing took liquidity. of in is Ventas credit we decisive a position and our and In pandemic, under ensure markets facility. structure, a backdrop, result QX of stable in substantially the down these stable paid borrowings dividend capital all revolving

of obligations. and commercial of $X.X of as undrawn in result, billion, including revolver unfunded has the paper August the a no available company X, $XXX near-term approximately $X.X million liquidity minimal outstanding billion As cash, capacity,

few on Finally, I’ll the XX%. debt comments to quarter quarter. third gross asset with second value in the was close a

in If current end uncertain. month over As to decline sequentially reduction SHOP, we a points. quarter environment hold, Nonetheless, we NOI interim an million quarter. the the monthly of the the QX approximately Ventas’ expect as remains occupancy third at operators. in the This the improved albeit decline estimated compares $XX XX second occupancy to representing occupancy information is Justin saw per of course XX.X%, versus the pace SHOP and average NOI in approximately average XXX basis decline conditions at July spot by basis on of described provided point based month a

quarter this second underscored, diversified leading a the the of QX, our the well operated model to the keeping the staff which G&A Our importance third a revolver. going never we and safe has is building results. down realize our move-ins emphasis to account by residents on paying forward as before, as reducing occupancy. versus operators goal with quarter, To Brookdale of stabilizing benefits fully quarter impact as QX of per cost transaction structure and the we continued in and like expect In estimate for $X.XX providers. leads in $X.XX We’ll close, quarter

to team are We we a confident that storm. tenants have weather and this operators and portfolio,

Ventas benefit offer potential, concludes and health is That compelling, prepared these to Looking real positioned powerful care from estate further demographically well remarks. driven our continues tailwinds. growth to ahead,

ask each to to start Q&A, to we the call the back remote, for with everyone that, given to pass needed. the and I’ll limiting the we’ll the are as to on operator. we questions Also the to team be respectful Q&A Debbie line. quarterback With still act we’re Ventas Before two as to football the caller turn fact

Operator

[Operator question Instructions] your of the Markets. first RBC from Carroll comes And line with Michael Capital

Michael Carroll

thanks. improvement Yes, similar bit little see we seniors like leads go guess, trends Does talk indicators. trends, It July of to beyond? increase or the the is June. are XX% over in wanted I about up to the July, a housing the looked I leading the continuing through as that is mean to and prior that we flat an year

Debra A. Cafaro

Good morning, Mike.

take will one. Justin that

Justin Hutchens

Good morning.

numbers, closely look you is XX number of the total this Page on shared. see we if up. is The investor So that deck at the you’ll

this July, operators. XX,XXX So as had little by Xth June. close of around reported really improving of year altogether, leads July; there prior an trend. slowness we for the a our There in versus – have bit percent little just to over XX,XXX view But a is we reference. as in was The XX,XXX we

Michael Carroll

through? through level the as will actually pick it a until of talk Okay, up hit kind then to trend. COVID of expect as we can honestly, they’re some a of comes Or those think And voluntary do below we stabilized vaccine the kind of about that’s you I historical move move-outs. we post stay Do little you environment? the the mean, kind still helpful. bit move-outs low

Justin Hutchens

of versus any year by relatively And for was would move-outs pent-up trend. they’ve regards or April, levels, notable getting prior New mentioned any not drivers consistent driven in to the move-outs, of we’ve New we’re change that reports York, Jersey. really the Well, which been except month

relatively any big leads external and absent expect we’re overcome move-ins And be the ultimately of to not circumstances just we the time. So today. really aware really move-outs see to move-outs is over stable, to focus

Michael Carroll

Okay, great. Thank you.

Debra A. Cafaro

you. Thank

Operator

And question with from your Citi. is next Joseph Nick

Nick Joseph

probability, and you the How continued the potential view do timing that support it. side mentioned of for you government potential Debbie, housing the structure support of about? the or could kind need Thanks. come senior on any

Debra A. Cafaro

over, senior Well, XX tell. largest And the been living keeping are industry many very vast The has to the in and seniors and of care significant comorbidities. significant received majority case group has far have care sectors providers safe superior the record than for the a seniors. strong of support. Essentially, the seniors of the providers other care that importantly, have senior clinical

from hopeful, all support. key And the COVID of receiving of request to, predicates mitigate support So to financial to pandemic policy and again, the remaining there. educate the the just financial really, respectfully continuing HHS their for those of a on continuing are cautious our And points but costs question policymakers it’s we’re around outreach.

Nick Joseph

Thanks. same-store outperforming. then talked think just portfolio, on the you senior I sequential housing And about the pool

XX occupancy so for on sequential change basis mentioned LGM the the same-store quoted You the sequential smaller annual side. What’s for July. you pool, for the pool? points think I

Debra A. Cafaro

take to Bob or that Justin question. ask I’ll – take I’ll

Bob Probst

to wanted year-over-year occupancy Was you the I just that the change? question. clarify the want –

Nick Joseph

for sequential you July XXX the change the the on points the was XX talked annual basis for in No, and LGM. think the that’s basis properties includes because pool XXX I same-store about

Debra A. Cafaro

that. sequential the because contains is It pool

out, broken can we offline Nick, that but you. that with have don’t So take we

Nick Joseph

Thank you.

Debra A. Cafaro

you. Thank

Operator

with is Raymond next Our Jonathan James. question from Hughes

Jonathan Hughes

morning. Hey, good

Debra A. Cafaro

Good morning.

Jonathan Hughes

like Looking at believe to maybe there? there. know going you curious any portfolio housing plan try the the I referenced rents, Just to re-tenant slide triple-net I you and or Bob, about properties? this Page deck remarks. senior XX sell but in collect the you’re said, What’s those outlook on to other your the plans

Debra A. Cafaro

Thanks.

happy. really are We

attractive XX%. our I the housing triple-net Capital remaining Brookdale, and senior have that transactions said, we’ve with Justin address reached Holiday and to will these Senior, operators, biggest over As we turn to it

Justin Hutchens

types our impacted more There pandemic each I product different coverage This Debbie. really, have different from of different within and other it standpoint, also contains has mixed profiles slightly operator diverse, operators, many that’s are diverse credit And from only they very one you, pool it’s they’re in. the Thank all geographic – then there’s the how ratios. performance. standpoint certainly within of the they’re mean, There’s The diverse X% NOI. rest operators. a than of too.

lot X% than of we’ve little operators, So Certainly, on. having kept more the that what’s is focused takeaway been been key there’s and has that But close in it’s of with higher on, bit and the and think already. a a something the – a NOI, a one most particular, are bigger eye that a relatively that’s resolution anticipate we’ve very and focus, I just evaluating. have we’ve there’s There of more addressed moving priority had we few parts soon. them been leases our

certainly have all a just we take of a to moving determine the may forward. described We on track eye close record actions dynamics and have taking then I any action, we

Jonathan Hughes

just enough. a only from any appreciate business then be can succession one for call. Fair will back you if member And out the helpful. the maybe Okay. filling laid That’s to running me. with you. Debbie, for more color planning step has you, decide discussed Board and due to just there, you share take Board this day the who all shoes. it respect when but the say would the I your And as I Thank on

Debra A. Cafaro

– I tell we great a you Board Sure. can Board. have that our

I positive functions of of regardless And augment this independent. Ventas Our of continued that we’ve Board CEO, a exceptionally succession. succession an or Board of have really way, our deep the assure in we of always any include and one that duties is and its proud team Obviously, can year. good and to and all the experienced of is you and that been would very I’ve experienced planning, board, that the performs age core and very tenure

that. So feel you should good really about

Jonathan Hughes

appreciate answer. I it. for got morning. the the this time Thanks Okay,

Debra A. Cafaro

Thanks. You bet.

Operator

Global. next question from SMBC is Rich Anderson Our with

Rich Anderson

you $XX imply good in third would then monthly at that million What rate? morning. quarter, quarter the thought the and run mentioned you’re break during this, looking there the that decline improvement second rate. Thanks, in does as out be it from NOI and occupancy third in Bob, between if quarter, you average the you

Bob Probst

in there bottom which one will know expect the see qualitatively, that third And the on in as decline, that; in, we be and You we things you really a will sorry, will RevPOR Rich that occupancy pace decline be to the story seen all drivers. trends of a – a pace driver. function sequential to improve line. versus quarter, But sequentially, occupancy determine decline the sequential the be that you led the Cost, driven. really we’ve key then in of is qualitatively, It’s we the market. two the decline, and environment in the and million by going good not Those is deck; referenced. it be RevPOR, of key really that expect revenue secondly, the will $XX pricing expect

Rich Anderson

Right.

what you’ve if it occupancy asking can am assumption basis I in Is out that so And been… points you break decline. XX the

Debra A. Cafaro

really it’s August to depend play September mean, I on out, Rich. how Yes. and going

Rich Anderson

All right. enough. Fair

question. Second

your to medical in housing. said closest listening and PEAK Welltower growth area peers, So more office, forward has going senior in science life has growing been is more of their thinking sort of about

which is choices different investors. good two there, So for

Or area going will choice. You what does basis for the senior Where turn had? your incrementally still always want you company? sort abandon, saying on something you elsewhere, forward Is a that thinking Ventas on you’re from experience housing go-forward consider you’ll attention you growth on not but a this? would just vital that of stand the based

Debra A. Cafaro

class, capital obviously, operator. by a tremendous allocation view period mean, price out of is diversification asset something start that’s time. I to We geography, by strength found be it extremely Thanks. We a important. by over a long that we with

really development and, serving science a life MOB, several us our has focus and business, R&I the Over on years, been and capital allocation growing is really been the has priority again, that past well.

we sectors, say I It same say variety across a part R&I the although our we senior active significant ways. the in would MOB really a business. while that at would of businesses, housing I exposure in team and is terrific of have science, life again, time, to Our upside would prioritize, development is likely

we’re when investments this So in make happy we housing time. our any to but the continue selective about very that for we were be to business turns, at would senior

Rich Anderson

Great color. Debbie. everyone. Thanks, Thanks,

Debra A. Cafaro

Be right. All well.

Operator

Vikram Our Morgan next question from with is Malhotra Stanley.

Vikram Malhotra

Good everyone. Thanks for taking the morning, question.

you just you and from color the meaning on the I housing. and of point-to-point benefit lower end XX, of want in month all detail of useful. first maybe the to provided movements the move-in, spot sort Just for show move-outs, understand Typically, deck, the Slide on seniors does Thanks the move-outs. kind XX when where it move-ins were just these like more the – when it sort a – move-ins is I’m of vice versa? clarify, just bps of increase, is of to it very just trying somewhat it function higher, out? people seems but of want move function a is contractual I or And to move-outs of more outpacing

Debra A. Cafaro

the take trends. ask school will and us operating he to going all I’m to that, on Justin of

Justin Hutchens

you. Thank

direct really the are reflected connection and bottom the right and recorded I’d on and the not a move-outs first and really it’s the and say move-ins is is between Move-ins left. trend. the really The month weekly a right bottom chart on a thing showing move-outs

the will and an first And rule some then this month. the so on on in of helpful hopefully day happens day majority it’s going to month. of the move-in to activity the and the is difficult. if the to you, majority math sector vast I that age-old last be two, point really And this trying move-out the vast the out, do But happens correlate of activity it’s you’re of

two – that so together this can for you ultimately you a And out plays how it gives a the and clearly trend that see you feel way. weekly to occupancy. that work on And it across net look as basis, just here,

Vikram Malhotra

just, Justin. housing, senior I Okay, second on okay. you, That’s helpful. question, with sticking guess, And maybe still

the move-in, we of maybe should pent-up lot percent a You’ve how size whatever on should it talked when about think kind as we move-out the everything us can the about And a – impacts? open, of for about? it – activity is How just you’ve think so-called But see? remains just occupancy, assuming it of maybe about quarter third this of just given terms Is impact, pent-up we that bump demand? a think data in us you a demand how we leads. gradual should to the

Justin Hutchens

sure. I’ll short really the And we trends. know is encouraging you, Well, for there’s don’t answer tell

think the outcomes. was about, clinical As encouraged quite frankly, I that we’ve was all most one mentioned, the I

increases had resisted credit. virus goes our real bit we’re unpredictable the I U.S. that is the health the And all As But up in and and new well, our all that to a bring that protecting and the of cases with facing. that’s operators as that’s a portfolio the residents, our safety because for credit big backdrop COVID-XX, of trend.

we’re one two with importantly is about their and the are the starting and see move encouraged a that within most dining fact and attracted offer residents visit participate by loved activities to We lifestyle ones, encouraged, are is they though, to more we’re to that things; improvement leads. in where do our really and communities that can in

at characteristics demand good. they a about bit demand the look stage. start So too to improving, are predictions and additional early this But it’s making

Vikram Malhotra

this take about way the whole us the independent a the living, clarify, to needs-based think the or leads, the I’m just population, just But to resident we you to trying assisted needs bit occupancy if is size and less that percent nature is maybe a the impact, bit. little leads a probably a – if it and rough understand as think of Okay. about based. help living of But just

Justin Hutchens

shown to you how size Yes, what sure I’m here. it not than really more we’ve

move-ins. two XX, we can look our translating see at the strong has the the you just conversion at into And need things look how You leads see based The look in and boxes, product. can – look can lead we been are there can particularly at, you ratios, volume. the trend, leads, at you look in top we you conversions Page see, if you see at then

living independent from length benefits stay. longer of Our

more of that had this really place big to is going on on we’ve portfolio. all less There’s occupancy together in really to move-in diversified traffic. lot don’t dependency So the point. maintain working reporting. parts I create been a know And of outcome a new moving to they’ve that I’m pinpoint anything

Vikram Malhotra

worries. Yes. No follow-up. can I Okay.

the – maybe – helpful a the least this how it the I leads to offline. is just thing lead, But time or in rates long a will conversion it get – interested think is I’m is taken a understand, historically place? it of how – and can just line. XX-month the follow-up sense just have I thing, just what just is be more trying it has at that six-month historically, conversion

Debra A. Cafaro

you. thank Okay,

Operator

Scotiabank. from Yulico with question is Nick Our next

Nick Yulico

everyone. morning, Good Thanks.

to structurally, didn’t way this an capture in there at much improvements to not right pre-COVID. the And of a issue. April, interpretation these June, versus for should think demand XX%, going but First because a down whether or this keep question making you’ve long about going And as leads, but the we move-ins an how from could ago it at I’m why still is XX% debate residents that rebound that bottom, happened and back and on being last move-ins in data still year. wondering still any had of getting that July, delaying as you’re of versus other now improvement, being there’s move-ins be they’re because to and leads you in linear the COVID year just was is bottom there’s off a and where move-ins clearly, still that there’s I are looking pent-up look lot you they issue there’s had prospective were being move-ins for if demand persist below

could anything any So have, with you way that? you share is on there us

Debra A. Cafaro

Good Yes. question.

over and start I’ll me then Justin. turn Let to it

in say, the the news, just What last example, think and – that improvement former if we is was was than and happy readiness as where I of in we a July we deep clinical your latter. a sustained so, are saw you basically, I to where frame a April significantly New need-based It’s And it’s the obviously, be the on to business, was demographically seeing more Obviously, by and impact had So than York, encouraged Atria, think rather July, question has the now. there’s had category individuals from we going about where for pandemic, there the and, time are driven. that that than a an early like epicenter watch And it’s psychological willingness of psychological that families are again, demand it the has move-in. had it in and places to impact better effect. better and you June.

virus. the it the to the a offer a psychology more improvements see move-ins of lifestyle because affect said. restricted At Justin point, then as are where and – get the as let then feel start series, time may richer it lagging and some of some think say. to you we’re people and under cases move point, time, then can into green at psychology control communities communities or almost And it indicator, because move-ins, I me improves, either are do effects, over it And So made, back confident.

we’re as trends. We have I’ve improvement you in And can an the see then geographical this described. seeing basis testing protocols. exactly a And operating on

U.S. residents. from the the what’s and more having clinical the some starting stronger at keeping better, this two or real the lot are learned and, more in west, new better away of three point, we’ve is virus communities south show there. protocols widespread, is treatments clinically or a this the open regions better, time pandemic to is and also the therefore, at been where which with trends, month the to nadir are York, results Within New And encouraging a are that

so multifaceted And situation. is a this

we’ve As remains said, uncertain.

so our we’re positive the in predict expectations to far, sustained seeing be have future. about trend. ability the to very But our We humble

I perspective So for answers your that question. and it hope you in puts

Nick Yulico

$XX clear, Yes. just Slide that Thank actually to Brookdale on that of XX, write-off. helpful. that be that does terms in in – $XX then question rent cash second exclude of also, that the is My you. does want back XXX% million to was cited that of rent, that straight the line I going rent and and collect That’s here, you million second Holiday that’s – quarter? receivable rent annual just did the

Bob Probst

is, to on these The million. rents And second have not the in that all that that we Brookdale are Holiday of answer eight is question $XX we and take the question one. I’ll expected collected first Yes. the tenants.

current. this So meaning future go-forward a we’re fully of really is assessment that rents,

Nick Yulico

Okay.

note, make number NOI cash we there’s a those at we’re just a looking So to need the quarter, as no for adjustments for if tenants?

Justin Hutchens

Nothing material now.

Nick Yulico

Okay, thank you.

Debra A. Cafaro

Thank you.

Operator

next from our is Okusanya with question And Mizuho. Tayo

Tayo Okusanya

season. like everyone. it just Yes. difficult excited Bob, sounds Good morning, about

Bob Probst

excited. more is Debbie

Tayo Okusanya

All right.

triple-net. first my portfolio, SHOP housing So and really the is both senior around question

you’ve Brookdale leases. the So adjusted Holiday and

a smaller tenants the moved of to some cash You’ve basis.

focus So were expecting happened. it have I sounds two The happen to like a wanted lot to people on. things of things

group. that anything kind have at a kind guys end ago operator ESL all, couple And done to quarters SHOP some diversification other being than portfolio ESL? further all, seems struggling indicated of so of Is operators. of that on things Any that. second of of update the more be to First of improve of SHOP you at the

Debra A. Cafaro

Justin?

Justin Hutchens

morning. Good

– Let me contributor the was ESL comment call start where I with ESL, improvement and to a in I’ll the revisit earnings a performance sequential and fourth on last referenced made versus that quarter, the I first improvement improvement. the quarter

performance the but as a So also in lot company a management lot their little a as the focused for second pandemic, a a of pandemic just been management regards pandemic at SHOP mentioned, team. well. we’ve the company In and way the really every support that profile every of giving changes steps that the was of the level. a strengthen We’ve company, with proud portfolio, young of we dealing has the we’re their you of as been it’s to platform, good is navigated platform. this done indicator. been that very Certainly, that well been supporting operators good which company, really stage They’ve noted the really, relatively we’ve it’s the during leases of that and they in part, the strengthened operating team have and well rest completely the obviously we’ve we’ve platform. forward-looking They have existing observed terms can. We’ve to And less ESL management SHOP contributions. and – and operators operating to this the that the experience they’ve that very our in pleased in of where diversification, made they’ve senior

that’s where time. been So our at this focus has

Tayo Okusanya

net about to that’s little bit EBITDA, helpful. your a than question peers. My That’s Okay. around higher at is second leverage debt

target to other whether do in leverage of about for overall how Just leverage naturally in regards think delever, kind EBITDA any the an forward going growth post-pandemic, our additional it’s to improvement target company or and by plans of curious, leverage kind you ratio?

Debra A. Cafaro

I’ll Bob first to be improving choice, turn it’s over it that EBITDA. Well, would our to answer.

Bob Probst

question, A. foremost, REIT great a in the believe a just Tayo, strong stabilization degradation, the in same and Right. sure is the of everybody remain asking we so sector which is and the That’s in first focus liquidity, balance In I’m the the This ultimately and pressure we recovery spot in senior the sorts you’re plan same and there. particularly, key. all EBITDA housing, And on committed is the to We leverage we’re toward that’s sheet. we’re the believe timing. seeing because meantime,

of in when out, being X a times net way EBITDA. We long for found to have to that a record range. X back within gone track we we’ve And debt

boardroom, but it’s my a So is issue sure in really in timing every I’m a conversation mind.

Tayo Okusanya

about us in, that out going is you’re And Again, But Is helpful. if That’s more that really tell acquisitions, your you you’re changing? right now, some one can cap seeing me interested then sector lot Okay. for what kind a moving? again, of nothing could a major happening? rates little bit question. on there, of kind just indulge Is with industry-wide. of not just you

Debra A. Cafaro

abuser, you but I’ll one tidbit. an give You’re

for to many described. science longstanding hospital life have So rates office buildings, Pete and and I pleased on-campus, of business mostly that that and, life part as expanded further. have the the science affiliated cases, have and or cap we’re we into business, strong to commitment stay mean, research got even a innovation our in medical obviously, And strengthened continued very have

a portfolio. little value our tidbit you of enhanced the that has for that’s So

Tayo Okusanya

thank Great, you.

Debra A. Cafaro

right. All

Operator

with Jordan is from Sadler question next KeyBanc Your Capital Markets.

Jordan Sadler

morning, questions, will Good Thank keep two to it and you. the I for sure.

housing on to there XX, a triple-net XQ. triple-net business tenants at on EBITDARM other I update the through Page times First, is X.X wanted all seniors the follow-up to the other – reference In business.

or given the give what incremental the mirrors what write-offs. around rest the and performance those million any probably for assuming, what those to for eight annual you’re portfolio? of precipitated SHOP the that continues dip, color I’m But seeing for us in rent portend the So of portfolio, that’s can that tenants you write-offs $XX

Debra A. Cafaro

million Justin relatively better all tenants outcomes capital are et $XXX obviously, trajectory substantially performance on dependent an basis, going say small where just the said. were It’s the aggregate the business geographies, the industry, models, is vary. about the that to forward, rent. really, that’s the credit performing whether than cash profiles, again, certainly tenants, So would there senior relief be going the have And of different government basically, to what the These and cetera, pressures pandemic that that is directionally, Brookdale may feeling some the of kind could as of different tenants feel same individual different the prior the outcomes support are also, goes. for SHOP have the property credit make that will of sector pandemic. really I operators leases are They Holiday what is the upon for we and, but

said, But so. And commitment you have do want so our as being word really and proactive, commitment I to think rents. to Bob will whatever to continue collect demonstrated use, to a continue we’ve you decisive and to to we creative, our try

Jordan Sadler

that. Okay. That’s mention, touch assessment I think what speak Colony point? Colony $XX the then Bob, of heard to on base is at loan loan, fair. a million believe Can the I you did this maybe the was to unrelated you And I allowance the but

Debra A. Cafaro

a the the being, of Bob, collateral cash LIBOR-based correct. $XX very I’ll be, It for not significant there and to loan, the in time And flow mean, I loan and was continues between that. the the debt the Colony is service. million. cushion that’s take

Jordan Sadler

Okay. Thank you.

Debra A. Cafaro

you. Thank

Operator

Dennerlein with question next America. of Our Bank is Joshua from

Joshua Dennerlein

to everyone. across I’m to allowing the of COVID they’re any are went where Thanks you’ve curious guess cases maybe now back communities move-ins country? from restricting like morning, good kind Hey, had green for that move-ins the red that I to question. that rising hear

Debra A. Cafaro

the to in country? perhaps – communities We in we the glad the richer have has and the the really Justin, are as since Justin moved seniors beginning about greens that movement of levels talk of virus that the can seen the we’ve we you And now record said, pandemic. as even offering environment yellow,

Justin Hutchens

Sure.

to you not move-ins. the any July, talk were is if segments to was open; of XX% movement. there taking at one there our about among month But and communities, way that, the that at we look X% were even time, given movement, this was and were within of So

there’s or segments. frankly, backwards as around many just approved. So the communities moved many But I actually that then think XX as close among had we

to communities, So and and of involved very that a of few there net portfolio is see the robust of the frankly, offering result, more back the month movement of July, the But throughout movement is quite forth. majority are vast the course, little positive bit very lifestyle. in the

Joshua Dennerlein

you. Okay, thank

rising COVID And going touching been a might the that ramping impact. And base hasn’t the think should labor? leads maybe like cut that expectations flex going their a ability back of folks and sounds to impact Okay, marketing on then lot about of budgets. forward, kind are cases maybe assuming move-ins operators’ What forward? big up? for expenses we I’m how how

Debra A. Cafaro

take Bob, do you that? to want

Bob Probst

than going safe, and we’re and answer, costs. second the of more kind we’ll you which, sales we and just expense. to of some was million mitigating less to costs marketing of protocol gas supplies in and this a offset, labor $XX from in because, At see I the PP&E so And keep on. residents better was and on and of mentioned, COVID – saw other continue costs. have Kind of example, to Sure. we that think, and necessary the as last really for we one communities again, to two, And time expected clutch costs the marketing and you again, have talked, that we had because the segments same expect time, question direct

more the the costs unit costs managing pressure we activity down you’ll are increase the just begin are have as because on on we the very some direct of Meanwhile, labor expect in to efficiently. per would the I sales there. going can some dampen side, and So see costs

if earlier thought OpEx, I a that of that. about sequential I and that’s question kind to and phenomenon of really clutch So gas driving mentioned it’s flattish,

Joshua Dennerlein

thank you. it, Got

Operator

question Valiquette is with Barclays . next Our Steve

Steve Valiquette

thanks Bob, questions. the Debbie, morning, for Good thanks. taking Hey, and

Debra A. Cafaro

Good morning.

Steve Valiquette

So I just Brookdale had a couple restructuring. the on

liquidity it that restructured focused of the million Brookdale agreement First, that $XXX seemed was Ventas us upfront I consideration. with some as part gaining guess, of to on

some I So of and maybe just of after on course, to opposed first, upfront if this reduction your I’m absorbing little a can thoughts Brookdale unless that’s to you then as a speak to nearest I’ll an the on gain wondering smaller characterization, more accounting follow-up rent one. wanting cash guess, question have

Debra A. Cafaro

thing. Sure

that’s really customized Brookdale. thoughtful a for but Ventas, balanced, structure really create to significant key some for Brookdale deal So we think is of well the benefits course, also

in trying that’s all so X% X.X combating – over the create course, reduction warrant and, the upfront So consideration we we the of – certainty creating through particular, rent as at and and not significant are Brookdale, still still balance on also that our opportunity wanted sustainable upfront and gave. to replaces hear only the of an cash for COVID. getting Brookdale, the a on And upside, important own so really in cash stream we our industry have over really to but opportunity. we own the recovery portfolio, which the for rent their to years upside portfolio, a broader-based industry did participation is opportunity shareholders, that We we

great. the And was that objectives beneficial that stable improve the accomplished mutually thought both in and type thoughtful, stronger, created think, that of meanwhile, so we And transaction lease companies. we I better, a really was did overall. very really more coverage we a of And tenant very again,

Steve Valiquette

to the remaining accounting the the ratably full reduction, And base lease. had Ventas term release in Brookdale statement the the of question this expects of recognize helpful. around that’s upfront that over Okay, from value from rent separate consideration then the that press you

Debra A. Cafaro

Correct.

Steve Valiquette

show as or million and flow quarterly you presumably, years in one as that lines that confirm, I’m income that, to revenue? $XXX next still five I divide will the of want make over the which just understand will I but so, to I just opposed other want sure guess, up will property recognize into. I into it that to Thanks. assuming flow NOI, line

Debra A. Cafaro

over Great to going Bob. hand question. I’m to that

Bob Probst

revenue the years. over at of through – least remaining flowing X.X that it’s NOI, as amortized treated Yes, period deferred and so

Debra A. Cafaro

let it of rent, won’t think way, they of sort it write prepaid what think me but that’s as I about. that but I

Steve Valiquette

it? show should will about terms how in though, up it So we think of as property revenue,

Bob Probst

Yes.

Steve Valiquette

helpful. That’s Okay.

you. Okay, thank

Debra A. Cafaro

Thank you.

Operator

Lukas with from next Green question Our is Hartwich Street Advisors.

Lukas Hartwich

Thanks. bit a quarter. deeper this performance Good morning. MOB you I go was could hoping little into

Debra A. Cafaro

been that Bulgarelli I you, know question. Thank Lukas. that has Pete awaiting

turn So Pete, I’m it going to over you. to

Pete Bulgarelli

for much, Yes. Thanks Yes. so Lukas asking that. a question. Appreciate

quarter, this particularly we’re condition. with performance, happy MOB actually given So very the COVID

We a not million paid as substantial in might quarter. surprised, were the second that over We $X.X paid you of be in have parking a for parking down quarter. the took, amount hit by

had we costs. addition, In premium cleaning

our patient through a a premises well who building, deep areas. do the when aware through as were of all walking lobbies Our as in building, we is positive, protocol walking common in someone would was clean we the a COVID

in there substantial addition, in costs. appeals the on came then quarter XXXX, had large tax expenses, quarter. estate of in the is during second fairly cleaning real offsets some second And that operating we the So as such

was second comparison answer the expense Does that the in tough quarter poor on question? it a line. comparison; your So

Lukas Hartwich

housing, my And Yes. question sorry, but… is Perfect, then yes. senior on next

Pete Bulgarelli

I’m just curious.

Lukas Hartwich

Or back go they your they’re lot they’re operators how curious of preparing I’m the a about quarantine it? for it. for there’s housing thinking just how preparing mode? are but I to I’m uncertainty, understand in senior of they what curious into preparing terms fall. Are how

Debra A. Cafaro

And other it of settings. and lot schools here in Justin I’ll and at beginning question. what fall the there’s the ask of We obviously the comment types uncertainty sit protocol. relates as really on Good August, are doing a to operators of to

Justin Hutchens

screening, it as and that would three Thank and started then across to with and falls you’re and in screening well. actually do really widely and into right there��s is distancing And it questionnaires social operators familiar our something happen; XX way, safe. disinfecting; investor PPE thing Page which to operators has then and The the has keep that you, on daily just with temperature cohorts been resident used and one as checks cleaning utilized just then and categories; health they protecting, and our symptom you is it see point to Debbie. residents which a I have deck our the approaches practice, testing the

things both create together have good. so been So really and employees. all of residents can and working have for you the from that been our shared through everything environment materials, And as been and have is those the an results on our the call – that to safe we’ve see,

so And very so to among trends – a communities – for move open the and accepting as would restricted but the and with we residents visitation important persist, manner. way community that about relatives really and long done as residents move-ins allowing to in and a expect is safely safe those see to in in really, have

more trend as a way portfolio, their opening. in course So at leaning towards this point. bit. we’ve this opening into they reverse there if our really time, community, the And is new But that a towards may infections that more a or really find seen been the new is trend own certainly, at overwhelming infection has

Debra A. Cafaro

an And is yet be that floating have an effects be that better whether to be really that, been heightened And see year don’t – on going positive see going to we test but than to it’s have of trends processes the various that whether will also it will all of interesting sensitivity shows around, case to any this interesting are adopted spread usual. measurable fall. interesting know the in there and the the influenza hypotheses

see have on we’ll wait So and to that.

Lukas Hartwich

it. Appreciate you. Thank

Debra A. Cafaro

Thank you.

Operator

And our Sarah Tan with final from question of line ahead. Please the comes Morgan. J.P. go

Sarah Tan

Hi, Mueller. this Mike is Justin. is Sarah on question for The for

trends sensitive how trending progress happened? wondering you flareups and has markets Just in see been the that when has where tour and stall move-in virus

Justin Hutchens

included really of But reflect New page new the But the a very Jersey. the deck of describes primarily we’ve us per highest map that And behind look – stages is consistently the you going right XXX,XXX can said well then across the at it, you a color as the And concentration. peak New it was really the provided, can and York the the XX can reflects in population. great to the earlier, move-in I’m in state really if see look now cases that that question. well. you. you if New that outlier, York northeast, virus and we to Page at having is that, where that tell we see lead to all if reflects from geography size – reflecting Debbie’s trend Jersey. weeks in the we most and it’s had the The number impact improving have NOI in the that That’s and you the from in – is virus this New country. circle away that population go general on recent you we point And as what that is the early And in

seeing and I geographies. virus. So circle we’re happening across it circles move-in general then the color our of as indicates all for the is whether population. And the you or a can And about And said, not in And with lot there’s the that spread prior versus of of irregardless virus indicator demand increased the really year. there’s of see green that’s what’s externally services. an the

Debra A. Cafaro

of again, presents predictive math in I and we But this But and the ability And which virus as buildings very depending cautious think – it’s said, about rich moving picture it on part and in are frequently and that’s at overall, the be out encourages experience, activity. to trend is going of in a And very humble unpredictable Justin move-ins. want this again, abilities to communities, forward. the right the more a moment of the time. the resident also stay

for look of And So on other for we company, their hope and there I if want in and further this interest seeing participation. questions, stay their care. to yours their thing. are to attendance side and vigilant Take you really no today I our thank the you everyone safe, forward for

Operator

Thank conclude does you us today’s joining again for today. This presentation.

now may You disconnect.

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