VTR - Earnings call 3 2023

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Operator

Thank you for standing by, and welcome to the Ventas Reports Third Quarter Results Conference Call. I would now like to welcome BJ Grant, Senior Vice President of Investor Relations to begin the call. BJ, over to you.

Bill Grant

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

As a result -- as a reminder, remarks today may include forward-looking statements and other matters.

to cause uncertainties materially actual contemplated such subject of a from are in may topics results statements. statements risks and and variety those Forward-looking to differ

GAAP to to of and Investor refer to will measures, Chairman and most also financial for this I'll on recent of Ventas. comparable on factors, discussion the this all our detailed reconciliation call, over filings, be most a Cafaro, package Relations the Debra are CEO call more release to that, please for discussed measures a our on the please For investor these measures with supplemental turn refer which to the of our SEC and Ventas earnings A. closely of posted quarter website. And non-GAAP those available website. Certain

Debra Cafaro

quarter Thank Call. We're morning NOI Good participants. Quarter happy growth to shareholders growth all Ventas representing same-store X% to you X%. our pleased of and XXXX $X.XX deliver normalized I'm year-over-year total cash of Third you, BJ. company the strong FFO to of of welcome per Earnings share, nearly and other to a

Our our in reflect population. portfolio demand performance powerful and is both across and to we of the the taken results have unified a needs serving drive aging the that large diversified actions growing

are pleased share. midpoint our to $X.XX full raise to year We per also guidance XXXX normalized FFO

performance, the XX%, residents our benefits operational significant exceeded proving our platform Ventas' that and fueled NOI portfolio family. their collaboration and to insights operating Same-store operators by with communities housing provide senior year-over-year operators. Our driven in growth our cash

move-in and recovery from and beginning portfolio in the the independent delivered the levels The is swing. to of quarter ended the points gaining in basis multiyear Spot the growth growth. Across in in nearly occupancy third, significantly X% business, in experienced full cycle gains senior quarter. assisted living. broad-based end the exceeded XXX NOI housing year-over-year accelerated the both occupancy XXXX SHOP occupancy XX% and SHOP Canadian communities Our at

solid our growth medical the continued quarter. portfolio delivering third compounding consistent and itself by addition, In in outpatient research to distinguish

As estate, an advantaged commercial real we continue that step back and to look Ventas believe across occupies position. we

are why. Here reasons key X

our because aging X is million or getting strong XX U.S. XX% XX large of older. demand the XX in nation's years. stronger. portfolio is to expected serving XX% First, is population, next growing more the population, over By of be in and and individuals needs XXXX, unified the The population alone the grow will than

no we virtually powerful new in senior occupancy lower SHOP and from supply-demand value conditions. of classes This Senior due compelling creates our asset a experienced. multiyear provide senior supply-demand to and our In credit demand the are likely markets, in have at proposition relationship particularly to starts. and the of of ahead housing the a in scenarios. In housing, housing, light affordability ever go most to rate, for cyclical it favorable and senior lows All our provides. backdrop variety enterprise tightening has growth the benefit industry of trends tailwinds starts facing fundamentals economic favorable these housing demographic we're

as the for huge a XXXX continue These attractive There accelerate opportunities. living XXXX. profiles communities costs. pool these market knowledgeable of and we senior positioned to of with senior This owners in capitalize are NOI in higher on experienced well meaningful a to Second, that investment opportunities are grow and of well-capitalized debt growth should in result communities is and like occupancy to coming housing quality trend to and the runway tend maturities have and space, Ventas. hands debt service return

access, capital portfolio growth. expand insights and create experience senior housing our the team, and NOI and scale, operational relationships, have We analytical to

Ventas provides Ventas our out platform. alike. benefits VIM expand the way our another institutional Third, build we've shareholders and set continued investors to Management, public to Investment that opportunity VIM or

This invested nation's through leading assembled our million of business Ventas the open-end at and has fund. Fourth, over medicine, $XXX research quarter, universities. we the intersection

well systems medical with across Our leading and portfolio occupied care country. health is the affiliated high-quality outpatient

a research activity. model credit-driven on function Our top property leasing And nation's enables to the tenants universities. excellent and differentiated our and business management experience outstanding an us drive deliver represents centered our internal serving leasing to

of researchers. Forest in Arizona We the just continue give at to a medical see our Eye desirability magnet I'd NIH, like Institutes recently our few university-based square-foot other a Health the And announced and redevelopment to recent for intention research new Atrium State XXX,XXX leased to site in its National Institute you quarter create meaningful Wake space site our at institutional Baptist demand recently Forest. At of or examples. a University, Wake for demonstrating Health the innovation creating research, portfolio.

recent at Medical site addition, billion already Dr. our is later Nobel this pleased our to project, which last, In year. XX% are Siemens North Solutions Carolina space Weissman, One leased to welcome at Penn recently Laureate $X.X Charlotte, we uCity Drew pre-leased. And

We scientific to demonstrate we are at to and access attractive financial strength maintain to and these proud world-class and continue as discoveries. multiple pursue to they medical Fifth finally, pricing life-changing flexibility. serve markets leaders capital

We because diversified do. year-to-date fundamental needs shareholders XXXX improve rates. capital work and of advantages outlook are size, we laser-focused to maximizing enhance competitive we superior and liquidity and performance closing, pleased we to of environments Ventas, families by on total and communities. In the enabling actions have of have has that while enterprise. Across see and individuals, our our more are the generating raised to meet for that Ventas exceptional scale the certainly ahead $X interest recent billion These in rise underscore various markets nearly our in return

X- care of its REIT returns the periods stakeholders. team XXXX, the Ventas and total have health both the shareholders whole on and value to Our outperformed shareholders The outsized the and indices. since remains and beginning delivering X-year intent to last over other REIT

to happy over I'm call to Now Justin. turn the

J. Hutchens

quarter of Ventas the active OI during results, quarter. third reporting playbook start management with the delivered healthy Thank asset which operators bottom line our our SHOP growth were in and demand with Broad-based in by good. SHOP you, the Debbie. implementation collaboration top very I combined will

Sunrise quarter led was growth X.X% occupancy we of growth -- as the price to Our the the driven move-ins with would was growth X% X.X% with points from portfolio second to for focus with the led demand basis for row. by basis to were as and deliver U.S. June spot if optimizing our the in XXX double-digit occupied basis primarily occurred strong was which of REVPOR U.S. the The well the points is Occupancy occupancy at as well basis SHOP last year-over-year, growth XX XXX expanded quarter X%. sequential the growth XX.X% quarter Canadian basis SHOP continues in maximize cash XXX NOI occupancy continue XXXX Revenue we to higher X.X%, U.S. by occupancy and supported been XX% have NOI a points U.S. average September, same-store levels. Furthermore, year. with Assessment volume points. adjusted by XXX% growth led to with margin throughout year-over-year. saw that XXX and of third. from growth Special REVPOR points X that growth fifth by with growth NOI. the quarter of performed by OpEx contributed portfolio XX% accelerated the on

Now I'll give an independent-living holiday update communities. on the

and IL this The are to communities increase by spot demand points across basis performance XX from July the U.S. with by the Atria pleased September. portfolio. holiday broad-based benefiting from occupancy saw XXX are We

to in continue renewed execute. We this which sense performance portfolio good urgency a to and with for of streamlined allows see more enhanced focus

XXX monitor closely to improvements to continue occupancy to by IL that the operators September. will We proven moved July performance. communities performance. The service and operators These making points X basis from to grew delivery are spot XX early

date lead are and communities transferred management, have immediately, and Our ensures results. operators communities to enable execution the quick well access that ahead expert to approach including websites integrated banks new the of of the CEOs, move-in to are transition

growth NOI to transition and is our continue program, OI its our returns volume REVPOR and delivering outsized and is Sunrise CapEx advance XX%. portfolio, of We see remarkable to our the where I'm impact high, move-in about portfolio. exceptionally occupancy on generating the experiencing in initial are our communities pleased performance which platform

the NOI total XXX about basis The SHOP assumptions XX% finish of midpoint line year. to key of year, are REVPOR of we bottom attractive cash full and look our of points least the the for drive to top growth growth we that to XX% at same-store was growth occupancy X.X%. As which range and expecting X%, revenue average are growth about

increased XXX impact last of continued This, occupancy. the X.X% is guidance We implies year. Assessment Embedded margin during in been in the the quarters rate third Sunrise cycle. as course, higher, expenses of and to the basis at assessment would operating in full that return occurred special year fourth due impact SHOP the Sunrise midpoint growth intends expect in this reverses this Special repeated QX guidance to have NOI of first our Had around expansion. normal this XXXX, XXXX quarter cadence Sunrise to increase out points

a and are We of expect growth. and The the families. offering to and described macro importantly, is our exhibit care average services testament growth normal the their sequential portfolio high-quality fourth year-over-year our the Debbie seasonal demand projecting backdrop we quarter are occupancy most patterns strong to and supporting that residents and that indicative

and proposition for are partners that for work a attractive our and residents, valuable our living our they communities. residents a delivering experience live to their families operating choose in as experience a focused Our value meaningful to is on employees our

medical leased platform's X portfolio and was million. Banner's Health. X fully to through are Banner outpatient the feet Arizona, care These clinical providing multi-specialty services, quarter investments VIM a facilities, We We open-ended on Moving our investments. to XXX,XXX totaling buildings delivery AA- square consisting in rated trophy of acquired price crucial made The care. Tucson, in located and purchase $XXX of fund.

units X A acquired Massachusetts. in assets market was price the assets a X living Class Benchmark long-standing firms. equity Northeast. million, regional XXX is developed a with with strong sold private-pay Benchmark senior The were reputation private the leader also $XX.X by Connecticut, in a housing as operator and senior purchase We and

senior investment generating estate in be continue to priorities NOI acquisitions. Our existing CapEx real top our and housing

Bob. over Now hand to I'll

Robert Probst

continue our its by satisfaction some in Pitt, QX is and X.X%, tenants. Thank improved outperformed NOI operational by with to X% which Turn drive you, highlights portfolio of be the already cash our from Penn space is our our outpatient string portfolio as university-based loan quarter, from performance continued management updated performance with close with surveyed for leased growing classes cash portfolios. experienced some evidenced equitized and outpatient timing which strong XX% the demand by to committed. Ventas medical in and discuss and of completed in nearly proving in medical are from and Medical outpatient university or teams excellence ELP. enterprise has triple-net taking business. same-store our increased of peers over of the performance growth prescient. of combined our Benefiting evidenced our and or back the sheet, XX% value as demand balance Justin. Meanwhile, occupancy guidance. Starting developments same-store recently NOI asset research our is asset recently equitized share for highlights well. XXXX greater the year-over-year results and Kingsley. the on ELP the SHOP trending This portfolios medical, Underlying all And Outpatient to I'll across NOI the quarter. scores, or loan our tenant R&I at

ELP line with NOI XXXX remains expectation last in quarter. Our

an gain sale or per the in a through portfolio price the X pruned of attractive also skilled $XX ELP at million $XXX,XXX for nursing of the bed. quarter We assets

enterprise normalized year-over-year, cash in FFO quarter. same-store prior over year of NOI adjusting quarter per reported portfolio share year-over-year, of XX% Total strong the HHS X.X% in growth increase powered lapping for representing $X.XX, proceeds. company third X% by SHOP our an $X.XX increased overall Our nearly of

In is our significant. balance of the sheet, terms liquidity

our over have through secured Xx Canada really And revolver in debt that with 'XX available proactive billion of up covers XXXX $XXX I'm available raising liquidity, fall. convertible, over cash base debt by and first our then took to prior billion with We and undrawn our how raised on capital action bank namely maturing of hand. pleased the which attractive million in $X.X $X.X of summer liquidity, realize maturities April, ahead in rates. We run the in and and well early in we

fixed rate XX% advantaged pay entered of reduced base rate we've cash After We duration. to access $XXX billion debt outlook in result, our of conclude improving in and quarter, an benefit our for to our skill I'll points proof reduce extended just updated at interest used range at capital to floating and to full our versus we growth earlier year. These by improved $X.XX low our with Ventas' our solid share our are a We X% access fiscal hedges cash this proceeds shareholders. We've year-to-date broad-based property 'XX. strong year attractive raised less available to and X%. maturities, As average $X.XX rates, This points that 'XX from now of the capital and these just now million. are below strength. using a to led we per represents share. from normalized guidance midpoint FFO X% to $X.XX prior guidance year-over-year increase per guidance another ex-HHS, $X.X

As with normalized consistent FFO we unfolding rates stated the full property NOI offset of company see quarter, and close, are and directionally by back-half rates, $X.XX FX. At our significant assumptions. To cash guidance year-over-year is note higher with year-over-year year SHOP, strong the guidance investor midpoint the normalized as we by same-store presentation share the share quarter team. by maintained we of for implied disclosure raise our sequential posted the third commitment per at marked the midpoint, year FX partially and Total led property by of growth is year, for at fourth of NOI FFO macro we per dispositions. quarter, growth Ventas interest year is the that higher interest guidance and skill our offset midpoint. impact the XXXX growth, at the beginning full the Please full with improved the X% and further supplemental website to pleased year,

to to each state caller turn that, be one back operator. the I'll For to respectful on everyone question to call with ask line. And the we the Q&A,

Operator

[Operator first KeyBanc of with the from Instructions] line comes Our question Markets. Austin Wurschmidt Capital

Austin Wurschmidt

or to there recently? you drive renewal timing curious, that the send assessments the that you or either special increases rate for dialed increases the else last of Sunrise impact having I'm Justin, occupancy portfolio. is highlighted is you here later the order that in on the timing year magnitude anywhere the back out in

J. Hutchens

Yes. Sure.

So is first optimization focus ongoing volume for us. of an all, price

was see can there REVPOR year-over-year numbers Sunrise. Obviously, You an has in our impact growth from the been solid.

So the bad been X.X% not would have had that comp. been for X.X%, year-over-year

pricing strong power, the strong quarter. in really volume third So

putting to price drive So balance volume right together, the I we're of and growth. think, really

Debra Cafaro

with and increases. us just taken year January an X think I last been that that so this never is it's returning measure important to -- know to also extraordinary and had normalcy was the we

Operator

ISI. line Steve Our of next question comes from the Evercore Sakwa with

Steve Sakwa

be I'm Debbie of I or kind debt. to just sort if to Or of that funding or talked yields done of growing maybe about unlevered sheet marry of with going could in Justin, wondering that guess either combination kind acquisition what you do opportunities. Is going equity that, the you frame seeing going kind IRRs. returns how of you might those? about balance be them? a to you be of is on part and of with think

Debra Cafaro

that. Great tag team question. We'll

to coming do cost attracted most investments, housing and were see of line. we into capital First of all, our senior the which yield of

advantages You in of have terms noted we a that funding. number of

We have liquidity.

volume about of of yields in platform that do increasing senior -- see opportunities course, attractive have what building focus. And just capital the yields so cost talk kinds an market the coming pipeline. to to these housing the Justin the of coming I'll into and of are to we turn VIM and over feel it we We about optimistic the and

J. Hutchens

buying. mid-Xs of us. of that X% see IRRs. become weeks, might asset a low something particularly and place, building with that growth, you're more sellers starting it unlevered and mid-double-digit seller and seeing, call double interesting include opportunities stabilized we're the grow then maturities more number to to If in and in digit it's a So institutional asset dealing depends X% and seeing of recent can And that or really -- some months low on mid-Xs, We're the it, to has target even in that are maturities. and we're X% better, to returns type it housing fund be the an or are number to debt really the cases, in we senior

Operator

Nick Joseph next question comes of Citi. with line the from Our

Nicholas Joseph

We following this the just obviously deal office medical a on up announced Maybe week. saw M&A acquisitions.

in So within medical IRRs pricing get side in about and curious interest on thinking that types. you asset growing can the current office the space relative your you're to how other

Debra Cafaro

significant We double-digit mid to really -- really housing where lean have and to platform great intend said, housing, relationships. to IRR. we double-digit a be senior Justin our of And expertise into as senior ought with our low owner and

very area. that we're in So interested

First saw and of compounding platform, we particular, cash VIM terms stakeholders, in being foremost, building, office which has you the medical did a flow. in for close that advantages VIM the reliable, in

Operator

next of Juan Sanabria line the Markets. question from Capital comes with Our BMO

Juan Sanabria

operator talk the of And that, could if with seeing you're little lease pool is EBITDARM as to some could given coverage? talk bit how bit And EBITDAR at expiration a is a delta about we between there you a you point? Hoping transition there? Kindred what how and deep little up should the the that if, part coming think about happen about fact, has in

Debra Cafaro

multipart This... was Juan. a question, That

Juan Sanabria

could I sneaky. be

Debra Cafaro

Yes.

improving on and we're Right performance, adopted cost operating signs outcomes. has date, some we early of beginning to show really And labor. can are in those are savings, to even contract the quarter which particular, you know Kindred terms labor -- about in the earnings these So talked a capacity in most We've the EBITDARM portion the of and what the Kindred important, post obviously, being for likely of assets what's to renewal is of XX is XXXX. lease be the thinking is for initiatives now, up that see for X.Xx about coverage about focused that seeing XXXX LTACs in improvement.

the regional variety pool the operators, country across certainly with familiar of And from operators thinking of so select and to publicly renewal/maturity. LTAC XXXX have about of traded we're a a all qualified that's those. how we're really

Operator

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

Michael Mueller

about that has the I of seeing? the the wondering, portfolio a there And talk little past X leasing of was been months can you're pace? terms change pace material in you in the in bit R&I X development to any

Debra Cafaro

the mid largest of We at the XX% is one universities our at research. cities, intersection mean Charlotte, this construction largest large project, I It's of really a fastest-growing is already at our phase. lease medicine we're project. is and of and is which one pre-leased. sign It's I And about of really there. and talked things just Siemens the which Carolina, had it in in kind North

that's significant, seeing of other have we most only activity seeing the underway, activity. so are And we leasing a but there. couple are other and We leasing developments

Operator

Our next Morgan question of Stanley. comes from Ronald with the line Kamdem

Ronald Kamdem

the Just progressing transition that's last -- so operator pretty and you looks had quarter, like well.

sort question changed what's And the have way do operators that in there sort relationship that of really isn't you coming the another you is how of evaluating of sort surprise XXXX, and about down? good So with the or transitions comfortable feel think of you pretty it? the on guys you get sort about

J. Hutchens

Justin. It's

a So where first start always is the we little of we all, evaluating markets. backing are in bit, right up just

get operator past part made communities. attractive we be getting. to pleased lot and your we're deemed that then we point, the selection we've the respective and We to investments recent sure of had done dispositions. in those to sure ground. obviously work to fit, are provide we're had make we And terms to assets. right we markets the And a we're our and then we've on we've selection has the we're of benefit a quick part growth we value recovery. create tweaking years operator have the We the in was we're toolbox for positioned, going And of toolbox. Certainly, a as transition. making could are worked a into make of our shouldn't that getting that sure results to on If best just our used didn't in number assets, the so well positioned and think that really results over been that have operator to -- sure the make had well boots of with the we've assets that things respective that trying And from surprise that we markets a regular

communities on early stay companies thus so We going We are management results have and And transfer and the secured executing with We can the in to start the away. leads right teams good, of CEOs to the we're we're we the execution close right away. and the lead the it really bank the pleased website. far.

Operator

the America. from Bank line Dennerlein Our next question with Joshua comes of of

Joshua Dennerlein

kind just I of with about but SHOP I'm How of pricing guys dynamic about you kind pricing the that's timing, going business on understand we the are thinking broadly. thinking just as the go power power? thinking forward. about Sunrise just

J. Hutchens

Justin. It's

over very So the the really has power years very, pricing past few been good.

it right, the really And spread we're usually And external. because this low demand associated well. if very we relatively We services focused export focused. to can is the the price and getting to pricing on get -- cover and and have business, we with And growth where all appropriate X%. X% optimization that's occupancy around growth ensure to that, and working pricing occupancy, allowing the is we deliver look internal to we really as delivering we're at seeing volume a REVPOR, we're broad-based in for costs can and REVPOR for both that from an for remain tend care standpoint growth

Operator

from line next the Wedbush. of Our question Rich Anderson comes with

Richard Anderson

So I about to talk want capital.

also hit least the same-store sort talk is spending how priorities of benefit, a cadence much at the the NOI the of then top types how -- the of the of don't that And or you senior out midpoint comment that investing. XX% you you about occupancy range more of get come you get SHOP and said that so to by the spending. how you that. in CapEx, Justin, CapEx much of trying on thinking in and might guidance about to juiced cost the get a housing gate. 'XX deployment XXXX benefit could transpire guidance, but XXXX? And revenue Can to terms through are at a bit? of of if from Just dollars We quantify SHOP went the

So just comment I'm that. curious can if on you

J. Hutchens

with part don't first the question jump with in of then second Bob part. I start the and will Why the

we a are that So underway. of projects have number

We of endeavor the in end should have October We that projects 'XX. XXX of this this by complete on year. started

results execution relatively the take improvements of have, a mid-market in in and communities, a those that CapEx, We have is broader CapEx we the portfolio. plus compare where number the And we're have unit across from do early communities outperformance simply are what seeing measure versus ROI, on those we're that and across our benefited the didn't. growth quick So also mostly we seeing ability to results that obviously, the XX% communities just light And our focused showing also results. but upgrades. do the

demand the into we together assets market for really across position where portfolio. want from through markets benefiting the improve We're us. coming to working we're So and leaning our and it's broad-based and investment, all

Debra Cafaro

well as multiyear builds that on a it's itself. return And

Robert Probst

year the increased a XXX redevelopment and by spend this the investment to at the multiyear the consequence. year, you deck, about year part here, a of answer think, because really as of looking of Page and ago 'XX about Rich, completing $XXX really good is In of reference last this investment, million this started I And end CapEx a investor XX -- that in projects see question. are we a

suite over that to the to But the to to there. down back We will continue quoted, be want finish year normal. come at time, returns expect we of remain And level invest with a opportunities. that finite we higher Justin and out next then as

So that's the flow.

Operator

of next comes Our from Fargo. line Connor with Siversky question the Wells

Unknown Analyst

having today. Jesus call on on morning. for Connor the for this me Thanks

of we couple the how quarters So be been playbook a the from the identifying So Ventas just outpatient portfolio, about equitized using is far mix here? thinking loan assets. back, previous how in of along the of were portfolio. you medical CapEx the talking needs on the assets a processing A rest about should and

leasing progressing how quantify And So timing wondering I'm investments? these are if just for of conversations amount portfolio? you the the these and can

quick on a in sold. had you on level favorable assets lease color assets? Looks the just like the And follow-up. term SNFs, some yields guys remaining coverage cash pretty the or Any these

Debra Cafaro

about in I'll playbook. a Pete portfolio and turn and... outpatient you over Pete, building to talk he's we're that taken start over to deploying a that going the opportunity medical there. the to opportunity, medical to and lot Little of I'm bridge is ask good obviously the There's office And off

Peter Bulgarelli

Sure. Thanks. Yes.

we're really excited portfolio. the So about

buildings So our have Bridge platform, of XX transitioned onto far, we out Little XX.

So we've progress in great quarter. made first the

As it half run to that have people completed replaced leasing, quarter out agents XX about running We replaced going this just We are really agents. think leasing we we We've portfolio. with relates XX% first XX portfolio. of of for started at to portfolio occupancy. leasing this our this our

and worth rate retention in XX% got square an had XXX,XXX we've We feet of leasing new our pipeline.

We on it when you me, foot we we another It's we leased, inherited and now feet square in occupancy it it's just building building, was that XX% building suburban to picked -- signed a LOI XX,XXX empty, a up. And had the X% this So it's square yesterday. we're XX,XXX an Landing called just anecdote. fun give in optimistic. And I'll Eagle's -- Atlanta. very

occupancy, in So building. at to shortly we're XX% going very be one that

the optimistic portfolio. we're So about

some capital, well we as to relates those we're it these to are some investing As on infrastructure of capital well. underway improve buildings, the of and

Operator

comes with Our the Green of Stroyeck Street. line Michael next from question

Michael Stroyeck

just some additional would and drove decline assets surrounding provide any MOB seen info in tenant helpful. what the be just portfolio, within decline that you color the the type on and the of Can occupancy

Peter Bulgarelli

Sure.

portfolio. got Retention had our XX%, gains quarter. the retention. is XX.X%. last occupancy is TTM the We've flat. couple in XXX,XXX we occupancy. very selling. strong essentially new X XX,XXX for really off-campus, a our over have not feet And occupancy those portfolio, really that and We look, if be happy nonstrategic nice were So of at square And the things leasing we're with considering square some of the OM XX% for pipeline We're quarters in

Operator

question Malhotra Mizuho. with line of final Our from the comes Vikram

Vikram Malhotra

how the bucket of that BP lease, where another is holiday. been transition stand the just transitions considering that on are and given transitions there the couple had signs Brookdale and transition, you with years? that plan successful any performance, Just a can of which a sort you you've also have group I'm success is just at maybe incrementally to in take wondering, maybe due ABC there's think address there related I Or the them? to

J. Hutchens

Okay. Justin. It's

start Let question. with the me first

for focused XX they that. and have forward. Brookdale, performing see tour So in coverage, up in very with a managing we closely communities focused it on the better, and and and has that a to our and sales our Holiday results I improved look and they've execution by on do continue that's have can improving Atria. and are to been a stay we do to getting -- that monitor in want quarter, this progress Those are terms good and more had been expect same very and of that good we're of streamlined then high to store urgency. were to we you now third They've operated this. really we'll and happy portfolio They more consistently portfolio they're is in focused by communities to company good performance see tell well. going moving relatively extremely mean I conversions it's results. And do portfolio, close sense coverage, this across

Operator

comes line the Nick next from of Yulico with question Our Scotiabank.

Nicholas Yulico

there particularly little Any about inflationary down in seeing going housing a bit pricing about IL multifamily, Is prices different mean, the how just may a an and dynamic thoughts forward, going ask that? come if for of kind versus broader forward? segment. standpoint. that assisted-living from be on to think independent-living to on broader there more wanted we're trends pricing I just I

J. Hutchens

certainly to I've this been markets been But to it track optimization the volume moving frankly, move quite independent we price both as And price Sure. pertains particularly and working and for resolver seen volume us, living. together, speaking really has together. and we've

And see significant, we're occupancy well. pricing so the say as in I'd the pickup pleased remains to and power

Operator

Markets. from does And our come Capital Carroll Michael next question with RBC

Michael Carroll

actually over the on next markets. in lump that in larger there the circle there's some want Ventas tracking? specific know you more of current I interested want their or be, of there just and that in I that your to how operators mean are some deals active smaller might that can with highlighting portfolios or additional of pursuing investments. been year guess, I kind has Or out kind scale so? maybe company opportunities. investment can I start you're them back But the

J. Hutchens

Yes, sure.

have So smaller capability mentioned exciting looking relationships relationship at variety continue transactions do an sources add that. as of well. to certainly, we larger to are do of our using a we and to new existing different new opportunities to us. I benchmark. relationships expand really the for capital That's And and

on the in housing. a we most on senior and market, market what's see So we're expanding in what's and very interested of lot of not the

Operator

Austin from line KeyBanc question another markets. of the have do We Wurschmidt with Capital

Austin Wurschmidt

that something know point? M&A is And the senior this a lean circle in underwriting I pursuing this to into deal it are of couple want on back housing. times wanted just you've public curious, that week. be just at now transaction? I But I you'd said you interested to you mean,

Debra Cafaro

We'd housing. outpatient out, and great have interested defer we themselves. transactions, commenting And firm I help we as you investing and -- should so senior but to on and to in medical on those love think a have questions the in not other described, really I research you policy companies we're a business,

Operator

over remarks. closing turn I to would for now management the call Ventas's team like to

Debra Cafaro

interest all company, we your pleased in Ventas improve our We're Thanks. a to much. strong so Los deliver appreciate Thanks for in your at and you and quarter us seeing really Angeles. look shareholders very of our outlook. forward attention, our to And

Operator

like for all may now disconnect. you thank thank our you today's today's concludes joining us. presentation, call, This I'd to for now and and speakers

Ventas (VTR) 3 Nov 232023 Q3 Earnings call transcript