VTR - Earnings call transcript Q3 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to the Ventas Third Quarter 2021 Earnings Conference Call. At this time, all participants 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. Instructions]. [Operator like Whitford. conference now host to hand Sarah today, to would over the your I ahead. go Please

Sarah Whitford

Thank you, this morning and the Financial our Alisa. Ventas Good quarter investor Results Third the third ir. are Conference Quarter presentation. Ventas website These Call. available release, at Earlier earnings morning, materials issued and we supplemental welcome on to ventasreit.com.

today and including certain to COVID-XX other As statements, a expectations forward-looking reminder, may include remarks matters. made related

factors uncertainties, statements such actual may subject of risk a Forward-looking from statements. by cause and to contemplated and materially are differ results variety to those

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

For Section measures a closely the measures. Please the posted our to comparable of Investor website. GAAP most on reconciliation our supplemental these refer Relations to of

Debra A. Cafaro

Thanks, in delivering occupancy welcome priorities, XXXX. third $X.XX outstanding our the Sarah, Call. on happy and good triple-net this of early upper other healthcare quarter, office, FFO of to results the for in life and XXXX half with range. investment from trusted positive the be sequential normalized since growth, share SHOP saw its the average call benefited I'm science, medical our colleagues Third to participants. executed time is which large first Earnings businesses, its guidance per and so my hosting delivered of Quarter and shareholders person Ventas in Ventas morning to all And

shop portfolio, occupancy encouraged COVID-XX the same-store the this the has increased year-over-year the record U.S. XXXX, same-store increased the for occupancy broader first high that environment. I'm portfolio same turned the our now grew demand, October. incidence period. also basis for basis onset portfolio shop occupancy, points powerful shop consecutive increased XXX has at same-store during in X levels mid-March XXX the months Demonstrating our in Our time nearly shop and Occupancy since pandemic. entire since QX. lifting portfolio Despite positive in through of points of rate

robust a labor not Consistent is trends anticipated labor recovery line. market, But with it in in and has housing call tight progress that in accelerated a pandemic well in as we resulting straight may as with macro stated, last So senior created you, the our pressures cost a September. we underway.

pandemic, COVID-XX that a throughout the the we who Dr. of be the Scott consistently expert for of pandemic from accurate the expect conditions a many If has over now Gottlieb, in low importantly, and These behind today we cause combat level, effectively Looking us. to right, most momentous to first quarter time. that reasons. the continues to treatment. including a given improving ease to macro increases economists Scott Pfizer's the us all labor ahead, forecast tools revenue see it, participation of XXXX day rate new have force factors Even in it more current is is will should power. all been stated At U.S. variety meaningful for expand current considerably pricing its

research of business consists and medical be outpatient, X/X our to life and delighted of continue office, We that science innovation.

creation Our providing for are aggressive initiatives growth enterprise life and reliable operational medical science stakeholders. in in deployment and capital office our value and

highly announced allocation, billion year-to-date. have $X.X we of or been with Capital active closed to Turning investments

Life and focus Senior Our Science office selective Living, opportunities, current medical Capital building R&I. allocation remains private

Hawthorne. In valuation, the communities Senior's, senior X-community replacement an with portfolio Canadian Operators, or XXX-plus we've of announced independent at few completed office, investments. a of $XXX a highlight of attractive me well independent in billion new made. medical our $X.X we've accretive acquisition one Let We've living cost. including living living below investments investments, And completed new senior million New

A a a acquired First, a industry center, asset recovery in growing relationship new eating we leader with establishing long-term under rapidly lease sector. class this

center in of our this Ventas, already the capture MOB trophy value. own leased, Second, by now a the a of XXX% growth Francisco. yield. in acquiring We PMBs San we NOI MOB intend asset downtown X% XX% partner interest at and additional With to

allocation partner, to Arden University, our pre X be XX buildings by will million intend -leased On their costs for are of exclusive $XXX have to announce clinical development UC delighted expected $X.X that project we third with million we priority, and square Healthcare are for commenced leased XXX% UC research, foot to Finally, life a expand our anchored medical our relationship acquiring of this office with Davis, capital year-end. we by Research billion. to Purpose-built Davis, Premier project XX% Wexford. science project total by be

busy robust our to pipeline, Turning opportunities. attractive evaluating investment team our remains

thesis strong also benefiting intention our to supporting Sheet investors flows asset all recycle $X $XX that now those pursue framework. capital we've global enhance we fact, of both multi-factor our on into billion Balance the and this In our as over our this favorable than to reviewed we volume meet to of to are agree trends all our continue year more XXXX, billion of year saw Capital institutional investment with continues and in sectors portfolio. classes. capital flow These deal our our

diversified significant benefits. continues to business Our provide model

investments value. medical aggressive significant office Our and and life science early creating into are

portfolio optimism to and our benefit U.S. recovery more in economic with leading are midst economic We our our so the closing, operators, the Company. for many our our future. both believe lines, of proud platforms developers classes both providers, We in vaccines with will together and recovery, In to for all business for broader that efficacious gives and and asset in demographic and growth, administration the that demand us widespread of impressive treatments and confidence COVID-XX through an new establishing is also new care the associated be be our actions. investment

Senior recovery and growth. in upside to also pandemic track long both and growth Housing projected senior team on be population the aligned and to focused Our experienced the record the external our from of continues capturing continuing double in

Justin?

Justin Hutchens

is I'll growth by very start it the the demand see strong supply saying Debbie. supporting to in you, Thank sector. Senior occupancy Housing fundamentals exciting

busy sector We period actions have positioned during through this transitions recovery. of strongly ensure dispositions, acquisitions, are to and taking we been

industry-leading costs are operators actions successfully macro driving Our taking backdrop. recovery revenue the by in of growth the labor stages the address and elevated early to driven

points quarter inclusive occupancy October. average SHOP, of levels, has third consecutive levels, eight and XXX by above the sales indicators Canada, now quarter and October third growth of move-ins to leads of second activity continue U.S. while the trend XXX during occupancy points steady. basis as grew onto the each In leads over favorably quarter, over surpassed Strong points move-ins XXX by basis quarter, the a -pandemic basis Moving a to driven In XX% XXXX XXX% leading remains occupied. performance. remained perform leading is move-outs stable. growth which months remain relatively pre and in and indicators solid led of move-outs continue with as

growth. Turning occupancy to driven third SHOP by the $XX.X operating or slight results. and by Same-store revenue strong million rate sequentially quarter growth in X.X% increased

U.S. increases Regarding and rate basis XXX residents to the basis the have operators higher growth, in is blended X% rent the a proposed which approximately historical points X% than on our in Canada, levels. of

-pandemic or by in close overtime to of which improvement continued is releasing costs. half also Operating due to agency are spreads, million $XX.X levels. our trending and see pre increased which We expenses sequentially approximately X.X% to

and of shortly. elevated anticipated staff, the These to systems, agency centralized largely implementation actively and and costs our labor our September we workplace delivering expense of carried our guidance, applicant the represented of Despite September the demand and in schedules, costs, operators line employees Although the of addressing agency recruitment the increase. labor now which QX through for overtime witnessing net We will sequential a additional higher positive become cover spiked approximately other competitive. Bob more half hiring, number improvements on costs, increased include are flexible by initiatives. challenges tracking forward

quarter, X.X%. same-store X.X the XXX.X represents SHOP a a the NOI sequential million generated pool, in of of For or million sequential decrease third which

portfolio to actions. on Moving

acquisition have senior to extremely and September Our communities synergies. we XXX living our attractive realize track favorable on on are markets The with a XXst. of gone portfolio located expected demand smoothly in efforts Integration new closed consists independent characteristics.

to It's pool, which the past same-store new X with operating and and operators growth this of pleased performance quarter are The occupancy the transitioned trends communities the another year, in spot grew in portfolio. quarter of occupancy grew sequentially. October, XX the XXX basis third months. points the third excludes points that in out X basis We XX marking basis then points XXX a

our a market. stabilized our versus recently well the Canada, exposure NOI to capture X communities. We length living with our facing positions in have an portfolio exposure of living Senior XX% expected living is resident next care benefits to believe to over and five independent structural present and middle through grow attractive on independent longer to plus the of opportunities growing with This strengthen We note Housing historical is the solid announced of off assisted and to also Xassisted transition communities, living margin These our closed new NOI intensive like a includes previously less while supply, levels. memory less also years, in I'd XX% in model All combination of large expand the to over points. acquisition independent staffing living further which price underpinned acquisitions demand a basis. as to requirements, existing XX by demographic start. XX accessible on population stays,

and the largest they incoming have with have provided by to planning. with experienced assisted the operator relationships, X the engaged Senior CEO's, the the rest We new In a supply demand with improve including the strong oversight As operators already Ventas relationships companies I the and over personal mid-market, year. XX They're from visits of actively X forward these living communities I XX by Housing relationships transition macro longstanding and We transitioned, the has is with the can planned new of are fired sector really portfolios. and time. execution to the local grow added the opportunity backdrop. strategy, say will to believe and operators market benefiting top XX our relationships sector, communities accountability. about this familiarity look in site enhanced summary, are and year-end. midsize up increased

portfolio during exciting revenue We and very driving through Bob. situation. success to time forging for managing actions ourselves positioning our look actively recovery. of and labor forward are sector operators the are elevated a We ahead

Robert Probst

out our and recent sheet Capital quarter fourth I'll our and on our remarks activities, expectations. our Justin. touching discussing close by out enterprise Thanks, and laying results, Balance quickly prepared third-quarter office

together taken MOB delivered Company's NOI in Bulgarelli, sequentially same-store reliable our by R&I nearly increased of and Pete on third and year-over-year grew life quarter. These again, basis. led by businesses in growth Our once X/X and an NOI X.X% science increased X.X%. businesses represent increased X.X% we which robust NOI year-over-year MOB and adjusted X.X% the

in portfolios prepayment key managing in $X.XX quarter, the portfolio, lab that completed in our to capital delivered $X.XX as as of XXXX quarter of This space. And sheet guidance. we XXX well we from the Some at for X% than active versus with the underpin third result guidance, $X rankings We're MOB the the guidance performance. our third of the was bank have remains under structure. a now billion proceeds performance the benefited and interest this quarter. peer in outstanding used debt enhanced per our row, a to Associates. projects fourth far indicator with XX.X% Kingsley to quarter, balance for quartile increased a of Consistent R&I points the performance bond disposition We year. expected million as our increased at million tenant and very its initiatives. year when MLP year-to-date, third was points in enterprise end MOB so XX% proceeds stats strong portfolio. less conservation due and that retention is At improved $X.XX measured and these occupancy billion the near-term our result major same-store range, $X.X sourcing MOB XXX in of our basis level, increased contract basis prior group higher $X.XX dispositions for reduce share top year. the close of is the in in diversified prior of stable quarter. occupancy is we've this leasing FFO XX.X% XX fee our energy year-on-year up for exciting demand tenant and expenses MOB disposition These and MOB ranked and compared each satisfaction reshaped XX% of and as new ardent Senior the sequentially since also to point XXXX. of second occupancy highest to XXXX. included of first of at by in XXX have Housing

$X.X issuance at We in equity the third also million ATM $XX million share. quarter, including for issued in Senior and New of billion $XXX $XXX a

debt QX forecast times. our times, Senior than leverage As net sequentially a Senior to New to excluding EBITDA X.X result, X.X New at while including better improves was ratio

As side to an enter replacing program ATM is nearly complete. administrative plan we our new into note, XXXX a program, which

Turning to guidance. QX

is a mid-point from reduction, Quarter fully The to FFO round explain the $X.XX $X.XX -funding to investments $X.XX tenant of of diluted to debt bridged last $X.XX Fourth QX normalized and from penny. expect various share. will to and is per We impact recycling QX of pre net of share. penny be impact can capital $X.XX new net range for range $X.XX, of items from income up The $X.XX FFO per by expected QX fees.

continued assumed ahead due is following expected flat. by midpoint, Our the expected of seasonal is provider communities. pre increase flat X Spot SHOP, relief is quarter, in though in of NOI quarter XX, communities Phase losses Growing occupancy, trends. the SHOP to occupancy living in labor -pandemic SHOP to received fourth SHOP customary of is office December fourth receive for expenses the closing for segments, approximately The $X.XX to costs. subject to be are and licensed revenue our incurred QX in QX announced forecast operating XX basis assumptions September applied XX which of Outside for fund HHS the quarter communicated average. stable be grants expected be the grants starting same-store sequential growth between expected levels, estimated guidance No expect is XXX portfolio are fee follows: in fourth shop points at resulting underlying Kindred assisted to be versus COVID to average we sale, as to At to continued completed have under offset our the an expectations; the sequentially. with our to performance increased triple-net M&A Key to is Kindred qualified QX while elevated conditions. be guidance the

I both our excited the And that, predict. and a lie To of in our my belt Ventas the for to the back close, now I diluted the in a that expect at growth and will recovery the remarks. and senior sales XXX given the still expected housing, million colleagues XXXX remains asset the reflecting difficult concludes blended our for With loan date. very uncertain to a billion to call That external raised fully our future are Operator. environment. opportunities, And under business ahead. robust We prepared is turn that the on share shares, underscore and continue the full-year repayments yield pandemic's in to high to highly count Xs. equity like I'd we're impact

Operator

[Operator Instructions].

comes of Carroll, question first Markets. Michael the line Capital Your RBC from

Michael Carroll

the I next Debbie, from and seen want investment little bit we about in an to the activity of the should in Housing? over the quarters? see Thanks. several markets. with mean, Delta the a I I number persist pressures Yes. in you talk that investment have year-end continue guess Senior months particularly opportunities, wave labor to uptick

Debra A. Cafaro

continue. mentioned, tremendous that Good volume the I we than expect seen. mean, all year have we long, a do morning, board across ever And I we've Mike. as just more to seen

Operator

Your of of next Nicholas comes the line Joseph question from Citi.

Nick Joseph

but margin, the we compare step once just about think for -COVID you how and all of on pre get margin do some back issues, you as transitory these rate will of versus think occupancy, Thanks. expenses, kind through appreciate and long-term Senior I comments and levels? Housing

Debra A. Cafaro

Justin. you, Thank

Justin Hutchens

Nick. Hi, Sure.

for present stepping but over the come to expense we facing just revenue drives is certainly near-term, train the ultimate leads, growth The we're us we labor to probably drivers management. to the And of demand expansion describe and mentioned, train be you've will is; leads drives really expense due So Clearly actions net there's supply improving. And activity well. time, I and as then address characteristics the a occupancy, issue. certainly X as thinking opportunity macro should in Operators the the that And mentioned, reasons. X taking margin occupancy pricing for back move-ins, that pressure significant expect that support growth before. power. there's that pricing backdrop seem does do margin, movement there heard of front supports be are that first, about our

Operator

comes of question from Anderson Rich line Your the next of SMBC.

Rich Anderson

's I about that level, that, and at mandates, I I'm and not a And at right going level perhaps that's number how vaccine question now remember what a that, good it at for execution if into is what I curious But I Hey, some is your call forward. the assume -- curious on news at you say SHOP don't Ventas the Pfizer it in has about that And makes around thesis taking have that? if thinking and who managed. the now. morning. sure or and ideas property Thanks. share your in I'm I'm and I'm what just know you're Ventas, place remembering vaccine wrong. the mandates a property account maybe being just could I'm least

Debra A. Cafaro

I'll Hi, turn it then start Justin. Rich. and to

vulnerable early the for and from had carrying way residents. employees staff. within nearly we're the vaccines we early and resident high access both communities by large, the and vaccine vaccine for federal now, have, very and keep residents been rollout, been levels in adopters of ahead on both seniors the of are Our because mandates XXX% at to We've requirements operators also of safe

moral It's both well. has a And been a so business and worked that imperative. really

have operators have but on decision, our they encouragement. with lead financial it Our and the and made support

Operator

Nick from comes of question of Scotiabank. next line Your Yulico, the

Nick Yulico

Thanks. Good morning.

hoping labor was could there. you expenses -- I So break think out I and the you don't change

type it's just labor much how you and just feel entirely year, just some expenses next contract of because optimism the of going increase there's they little bit I items we know labor you a think job of this I'm give year-over-year, down how If better, market? for that us think go did not that still a get and clear use in why quarter-over-quarter, would other but and to could about should trend

Debra A. Cafaro

going parts question. Bob's address the quantitative to your of

I the again, unknown, increased timing there think from And a children school, at a those that. macro level, the public like. in the as and policy is high running exploration but open multiple the federal are participation. unemployment, vaccinated, and labor is extent unknown, And on result will the level back that include a children factors workforce people's as of out just stipend of and schools savings such the being also support

current And into so factors thinking play the conditions. of around really those all macro labor easing of

the adjusting caught participation. yet. the workforce balance. that's -- think it speaking, that more get about and our those what's over is to force recovery will improve in are that's business, why that still adapting time, in the factors just this great surged. those broadly again, sprung I you the what up And demand are things has back, but not just and labor haven't back, and supply chain has forecast, if would step expect the you and economists And And

about specifics? to the want you talk do Bob, So

Robert Probst

to sequentially you would representing, operating we the And we contract the that out it third would light it, the quarter call between is quarter, we of through labor of assume saw our the Because in Important in the fourth increase. million. continue contract September. reinforced that be effectively the And double-clicked the out could But note labor We laid the at it lays times guidance have XX morning, initiatives fourth, contract $XX page in issued And to that next, in-house X as the increase X/X quantitatively for that helps adjust and positive that roughly saw call helpful. and labor in business so backdrop. that this increase, acceleration expensive is this you. second benefit. which if expense hopefully Sure. half and staffing, on these to that further fact be mix I as of reduce least of that labor. piece, labor update a contract labor, within labor

Operator

of Morgan question Stanley. Hill next Your line Rich from the comes of

Richard Hill

guys. want on call. contracts. morning good and about me the through long-term a And thanks a to having to be Hey, It's talk caller, maybe more operator hear first-time little did for bit good I your listener.

in your rateably peers for half maybe about and see and wondering can talked something that the you other similar the renewing half of XQ, unpack throughout you them maybe have year. of I'm One if us

Debra A. Cafaro

Yes, welcome. our and in this is update. Good also addressed business

take that? Justin, do you want to

Justin Hutchens

yeah. Sure,

our look XX at first in X% Canada. in and And the headline in see If Operators that proposed rent increase you'll update, an of the our is are U.S. the all residents you X% page this. to business in

anniversary late, rest increase residents the wouldn't happen that at yet. and first look throughout XX% the be down. of this in in those for obviously, will an of rent then eligible left, and the that so an eligible 'XX, XX% increase, are year, the those moved see the you If an And get our quarter, in to you'll increases how breaks for is

both package well, just part of would and charges the revenue And drive the also much that terms are execute. huge just as careful also the standard we're taking the true. but they're consistent which to going it's with this process, a year so very we pass more in their to care acuity level It's can driven, just charge, increase I about grow is add there's planning acuity level that then there's line So is how rent really opportunity a they of local of of in can our tried considerations that's operators This throughout along additional and into market market operators year, revenue. increases and will that as that and and successfully resident that offer.

Operator

comes Deutsche Derik Bank. the with line question next from Johnston, of Your

Derik Johnston

SHOP markets, have Good morning. Q in how XQ transitions specifically, the Thanks. detail we go XXXX. first the transitions time, at to on into Can some transitions, really experienced local the operators these same how various could everyone. But more but impacted the in guide. Hi that the benefit may

Debra A. Cafaro

about I'm to transitions, Thank going said, to Justin and underway. you. which turn the talk well are Bob to as that Yes. Justin

Justin Hutchens

Okay. this. experience And with And Thank And and been that some why the the these I've is we the We you. I'll engaged going selected encouraged have on start operators you'll they Page to helpful have performance. have of just it on regional in we why did They be this notice running companies XX we of thing been these really and to within transitions. for that actively markets highlight experience. think have is experience one rationale that CEOs the markets. right-hand very side about

people, We assessing, a try to have co-operative know you the begins. very we've be the into mid-sized manager, so transition start get to advantage, when and presence that transition a management the Company regional actually the to have to with a the that strong you getting when community. start ready is a former And to get the to been have ground, is close communities, able with senior off have you on

fourth there's So to and and are positive be to companies the said Bob. then the some energy we very And to grow. really And was Having it into noise we quarter. going oversight would that, I'll do results. that early we that's an hand excited expect it's transition the expect these assessed, factored look have well just over and in strong, forward to to positive to

Robert Probst

function the new really that's normal Yeah, This back to noise etc. the a at staff, turnover theme again communities, is labor of frankly.

then market, this with labor increases the assumed fourth So in labor the we've for tight the context costs in obviously, that's this portfolio.

So shopping in that's plan. for the guidance embedded overall

Operator

of next Your of from comes Juan Markets. Instructions] Sanabria the line BMO Capital question [Operator

Juan Sanabria

morning. good Hi,

Just management. for question asset Justin a on

what are to a just hires secondly, should analytics the couple heading data forth? and market in as there operators, doing ton is more made the smaller regional curious of some maybe necessarily was sold given are assets, guys put And You on then you the the just But a of transact, front, to seem fronts which on still forward, be being 'XX, expect haven't didn't the dispositions making and bit sense. into some that that we efforts makes you transition you've more a on high. and look stuff leverage a we

So up thing guys thinking 'XX exit we and go-forward the about on dispositions, want you do just any curious clean to as COVID. that for portfolio

Justin Hutchens

I'll Juan. Bob will analytics. I'll jump start with and start we well. then as And Hi data the -- in

to have of local analytics. We strength and helped And a was already We've through hiring which in have that new Great really study also enhanced our detail and of become much good inform deeper certainly hires. made analysis great strategic team. terms people also market the decisions and in moving in forward. have experienced and experience with as We high we've well. made, some but has supply inform demand markets. it help operational have operating to growth analytical decisions companies make we We've familiar

inform into in also the extremely well. insights make decisions decisions operators valuable their the to the So that's given that us and help but as inform that our planning business are

Robert Probst

And We the no. is But have XXX yet I'll of plans. expect significant do go short disposition And year. significant take under beyond about don't a a answer Housing. we no this The as Senior question, Senior 'XX chunk is dispositions contract million good Housing, that, Juan. to think in we that

Operator

Barclays. Valiquette question the Steven Your of of line from next comes

Eric Glenn

peers historical all Steve. productivity, as at and this it same to eventually curious of staff new labor have do not you to to re-amp deal to pressure is enough that to takes Hi, you would on I really if one is I for staff know turnover the impact mentioned, this it affecting the guess, had with Due to onboarding. or reach time take Glenn this actual think was just high the affects how up subside, starts that speed, Thanks. an the is I Eric quarters several your long-term level productivity? of here?

Debra A. Cafaro

of part is that would industry and of a is and that of the the factors, training. new industry time the workers I conditions Certainly, variety -- there for up conditions that so the would in for of is some a just is again, labor getting say where of on-site these consistent including ease. to we on-boarding the simply But abate, timing strength it the speed it's to an workers, and experienced shifting that, will expect when pressure industry. take that's

is So just It's analysis. multi-factor correct. a that

Operator

Markets. of Your line Jordan next from the question Sadler, KeyBanc Capital comes

Jordan Sadler

and just the transition sequentially? month, curious I what in wanted maybe press quarter. the about talked NOI you second back in there. I think Hi, contribution the progression numbers, to release I'm And circle assets the portfolio on last then no ESL but would the of caused was disruption. ESL think be an have would curious what know what haven't outlook transitions that because I'm operators I I sequentially? we the historically curious I'm same-store some did

the was expect to, So portfolio of the Thank of we that least be the of and recover. curve start sort when it's that start outlook in a bottom to should for to would go at what looking flow terms at to in then recovery cash you.

Robert Probst

in second mentioned, beyond. in -- you. of which you'll could the I erosion performance The operators, their as continue take front these was in I is new to Justin portfolio. pressures, skill into associated that I and noise are some these, of of strategy the transitions. into Because once we the hands normal they speaking cost that. labor drive picture that fourth, our Yeah, employ XXXX quarter NOI see that third the Jordan. to And I really to draw in and I'll these just the given will quarter, saw portfolio in this do some though, with expecting think wish as we're this

right right that's that of the the now. in we're And goal. So middle

Operator

of Your next question comes JPMorgan. with from the line Mueller Mike

Mike Mueller

wondering, to much do labor contract just maybe for sticky idea I'm the think existing Hi. the higher-cost utilize how versus higher bit of labor? having a attributable expense recent rate is pressures to more that staff pace little of you be more

Debra A. Cafaro

question. Yeah. Good

Justin, do that? on you want to comment

Justin Hutchens

take. a availability Sure. steps existing of more The availability staff. to One staff your operators just fully around It's thing, really there's of people. that series with the

do do try their don't available a sure the week, to to they bit, operators always thing staff. first. since so existing schedule they all the room little there's first they'll they're hours for that XX-hour expand that full-time is Most make The utilizing

the existing agency. Next your continuity not to then they'll tidbit deliver services, the really is where care issue. really an certain MSA there's use. time, communities that's there's of and last certain operational a MSAs, points agency to opportunity obviously step an clearly resort out-sized utilized, to for really interesting add is is we this agency But being that that a your of of backdrop macro use amount and are around solution. one have over within It's which staff And seeing

the I in picking across So evidence hiring, up be plenty remarks, operators. as prepared of see we're we that and managed, this said starting can have already to

Operator

line Your of next question comes from Bank the of Josh of America. Dennerlein

Debra A. Cafaro

Josh.

Operator

is Josh, your line open.

Joshua Dennerlein

as expectations positive have Sorry kind any we guys. curious the I for at growth was year-over-year a I was turn basis? on on it you looking the when to might for kind if of forward pool, growth rep mute same-store just go of there.

Debra A. Cafaro

you to trends and I it's want do -- specifically? been comment Justin, mean, have the encouraging

Justin Hutchens

And There's from because point a before that's are product in overall. see really just moving in price I've of mentioned which U.S. RevPOR our year. product, particularly for we RevPOR this benefit types. parts mix, Sure. RevPOR; benefiting we'll certain we few this instance, driver is of Yes. higher that the X Sunrise from would the a contribution recovery is

getting improve better we we we mentioned, benefit our came year, the in-house are momentum more. pricing but and a relatively what rent in picks into charge have obviously continue happen as is Probably because We that power the the is should when movements to re-leasing shift the to saw we next And covering getting And underlying increases it we rate They second in the XXXX. sector, So that mix through able low get trends occurred we're the quarter, that's up operators third quarter. been in to of in some the you're starts benefit. importantly, consistent. at are though, saw the more spreads.

to ahead. RevPAR pricing forward a really looking improved we're in of so And period moving

Operator

question next Michael Capital the Carroll, RBC Your from comes of line Markets.

Michael Carroll

do from residents sorry? been communities I or to to that the And Housing existing still Has COVID, pandemic, residents don't away pre - in hesitate are because like There move that that or that out, a in. know that move didn't to back Senior's percentage the post like come they small has generally Yeah. [Indiscernible]. trend move of

Debra A. Cafaro

welcome repeat that back. And Mike? you Could

You got a short repeat that last question you the first time, so can part?

Operator

Michael, please proceed your with press question. star one again. Please Please proceed.

Michael Carroll

the percentage housing Has willing -COVID was but because the out back still or hesitant trend Yes. generally residence, seniors all residents was a that from like move small are facilities to pandemic? there come that out I pre to move that. do don't of residents know at to on their

Justin Hutchens

Justin. it's Hi,

month, around actually we've a weren't during to this little was in one we an was being been move it you in move-out up a pandemic, where picking more stable, did activity, it's I then. seats But of been want see recovery, move know -- activity they and operators, so other say trading then was the a with make there April, did and since and we move-out just had there in move opportunity very so correlate very there but So to really to -- the that movement period of able consistent month terms was to there and also bit there you're of activity. they in was moving was lot of since I April, was that people think

Debra A. Cafaro

did questions? you have [Indiscernible] Operator,

Operator

questions. are any no further Do there time, this you closing have remarks? At

Debra A. Cafaro

do. I

this to over. optimism real being possibly a we As line-of-sight day and I momentous have to of just be lot said, with pandemic It advent a additional treatments and the COVID confidence. a of happens

is have. external well. diversified doing we that internal business benefiting Avenues and Our really and from is growth. It the

interest We partners as a your you great very team in seeing you. a at Thank We're great we of and Ventas. to And always soon of have here and forward Company. look appreciative set your our support

Operator

today's concludes conference call. This

You may disconnect. now

Ventas (VTR) 5 Nov 212021 Q3 Earnings call transcript