WELL - Earnings call transcript Q2 2022

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Operator

Good morning. My name is Chantal, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Welltower Second Quarter 2022 Earnings Call.

As a reminder, today's conference is being recorded. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers’ the will question-and-answer be After [Operator you. Instructions] Thank Counsel. General McQueen, Matt

You may begin.

Matt McQueen

good you, morning. Thank and

reminder, statements of a forward-looking Litigation As certain Act. statements be call Reform in deemed may the meaning the Securities made Private during this

the those based are cause Although the filings reasonable that, differ actual company's that projected results company statements attained. detailed be from assurances assumptions, results no to for on will call SEC. Welltower in give his Factors the forward-looking statements And believes hand its I'll any in over the are forward-looking can Shankh that to with materially remarks. could with the

Shankh Mitra

John, Thank he provide is I'll the capital who review the that you, operational describe more everyone. operating handing our platform morning, allocation and and Matt, high-level priorities details business to the on will building. trends good detail and trends before over call

over and by a REVPOR XX.X% revenue growth Our significant this portfolio occupancy capital in total All both housing driven senior up by revenue revenue activity QX. a and growth a organic X% XX growth. translated driven operating is is same-store XX% XX.X% from contribution basis, into year-over-year, our last year-over-year, months. a NOI growth up deployment X.X% same-store On

has billion. pre-pandemic EBITDA is shy revenue back pre-pandemic levels. in-place Our Though annual is above Annualized surpassed $XXX of NOI our numbers, million. $X at SHOP of million $XXX

of best. mediocre of much on. that things not yet I'm this Because results, bigger results you a reflect flow However, characterize amount few the reflecting I cash size at XX generating. last over give given months significant capital are Why? these of and not quarterly happy I'll portfolio the today, portfolio with the is capable would deployment to our the is our which

In significantly or through program. Clearly, mismatch. our senior down not senior we would -- be do and such we words, cash generating are a negative as XXX properties higher. they flow Hence, earnings have shut going these developed value we housing buildings, recently timing that a other thing about today. the if First, living just would were repositioning

to Second, who lowered for but the recent as members been requirements and or symptoms. residents short-term and long-term quarter. results only the quarter coming couple than in building business, a spike team symptoms agency disruption it fix residents by tested during to asymptomatic expected, particularly of impactful I'll few last don't coming see testing move-ins, COVID We would those only while instead multiple get actually to months, I on observations with in offer experiencing labor in In focus primarily have where develop the of started didn't second entire created better it like trends staff residents of prospects to particularly are simultaneously Only instances an June. many hilt and find not weeks to another the on challenges use of This time, some we positive. COVID the be the on to June. this related were out few

Our through walking in operators progress good speak very we July. are as made and

as This why couple our last as the few we hyper-positivity move continues, traction we operators Summer to sure. Despite later some towards One, almost restrictions. into which of July week. in weeks, would two, month we of in bit the gain of have took theories and move-ins COVID for in. wave testing our whole And XX%. weekend in demand portfolio as don't parents delaying a know be half the We Xth surged month terms was perspective an from activities month describe as additional conjecture they're a of and first second families COVID July as rate and move-ins in families the of to leads travel I positive see wait has COVID celebrate recent of dig the returning don't move-in from a me led Let families to are this we advantage June. number for home tour levels might subside. broad-based significant seeing with case. looser across a the rebound a shut grandparents experienced recent before because to a Again, July, of that we demand two result, and on clearly standpoint, the trends more. always From travel. weeks. know lost similar And a half reporting a the and as of usually the even last over December are last recovery they tours, But particularly of people government, over this to weeks

are decline side, important of made of On the from decreased resulting largely to in we June progress agency the from net a trends. books closed in on In the hiring you digit understand we're a cost agency have labor June. operators expense yet, The U.S., most it is from favorable that labor. expecting July month July, our the not high-single

of the six the July year of terms our significant net hiring, with operators hires combined. have equal In make increase past net alone to headcount to in continued nearly months momentum of

you're should what lot year. of confuse in the already to a you or business. and bad I the labor the project that get we're strongly agency my a of good trend, this see And as of half high-frequency believe that lot dependence short-term future prospect in you second downside of is The data encourage today, whether will noise which I signal to the the high-frequency encourage on of As into a numbers noise. reduce seeing and any that's of starting a noise. benefit not team result, the

of has should the only earnings. For a year, anticipated I've the the of into current earnings the some significantly but a few half our about earnings timing this talking Clearly, part growth being be quarters, this rate from next or true run mismatch. been second portfolio different reported slipped

we focus to on and believe I through. As earnings shine continue 'XX this power that 'XX, will

the a predict of the us given in think cash about allocation risk. how which and pandemic bells we got the bought let underwriting there nursing of priorities, a we a our we money ProMedica. saw We investment or make Of almost believe comment year reduced portfolio core to of of agencies. determines make a me we Before the global very agency to over minimal I at bed, all last whistles bankruptcy, risk to lose was out because half very our to aside, country their loss, day every of almost no in at way in investment given labor When per outsource when the we're happened said system capital this in because of skilled for rating COVID. permanent a flow on success. Having not the not to of, capital comfortable that, basis HCR $XX,XXX would months fundamentally what point able basis proud ManorCare narrowed is structuring Clearly, hospital similar which QX move been and building by ProMedica losses. significantly four did we has time team operating on

investment here. ago. remain did from below this when market basis, that comfortable discussed thus, four rent rent years longer-term expected we our you with have very we and deal We below I this and with market IRR

capital cannot of the how we favorable Turning I ourselves to find deployment. in environment overstate an today.

across environment talk. the the get quarter, privately chips capital continues is favorable We're lending at Today, capital. environment are rapid second definite transaction up the will clip. and rate an credit kept in only is there board deployed more going rates as where machines seeing our see Fed During think Cap $X.X stress having recession significant volatility and fall. high-quality raise to and additional given many most increasing we off-market, opportunities, the negotiated humming, billion and to institutional of rate the waiting a the

Our pipeline of closings. having all replenished remains robust, QX QX our and after

Our cash not say counterparty but package what reinforces will to a that deal. from and through relative large two, chase a We're not we IRR. which our what did do on have and we billion-plus not investing in cost; buy months this small environment, at ago In of be from to basis total standpoint. for has and the raised capital like and need look our to who line. And will surged $X junkies return including full us, Sellers in a Welltower, Cost capital with most deployment on this a capital acts realizing come very remain spread of platform. to of access we our availability almost a six our focused record able Welltower favorable to I broker $X principle. governments simple that capital need not This glossy exercise bank. price favorable or One, LOI be every do continue not value to remains always investors very we at, people. transaction a year to fundamental like for we remains we nonbinding laser billion are position for thesis vein, are believe and we value discipline is expect that add remains everybody, instead long-term replacement of as investment on utmost or environment say. and we and year We a any sparse very deal settled capital equity intact. unlevered in

performance With we ones, are said of XX many of have value repositioned our of same-store above these in accentuated in many challenge part In I months, have including described owners. that in being over is As in we the cases, price, through have acquisitions, of share operator many some creates only is and which act last non-same-store a answer asked properties, that me the for I'm past, changes. if the with capital -- price manner the larger satisfied the properties. are deployment The long-term case for to the respect recent no. some these you

corner have achieving have make IRR However, should the year. I duration acquisitions. of every these as recall, class that significant operator of the exit next ownership. we from approach properties we about discussed enter progress return rate as we up completion see single transition strongly feel from targets for decisions we you. our We we and investment long-term as we the integration COVID the Please year based going believe with do cap with on of And those turned the system an

our earnings frustrating right those As be transition owners. of and we to months the you, and expectations. We from and might of these most what's Despite will the ago. frankly, give near-term examples. reported I acquisition do months, share we're did long-term many our live HCN do plans, to for some so Gracewell, operator the locations me, of interest have XX Vintage earlier. two CapEx last ill-fated because trust up I challenges with you pulled of assets over finally for as not two to most plug not coveted frustrations permitted

pain. say, come create these, diverge. while conflict UK XX%. And allocators Gracewell horizons short-term already do Cogir. Oakmont news time, long for fall, over those be of see similar with with The these investors I we'll expense to of in encounter to our for hand it will per which and tranche for understand to one taking we as baked close importantly, Care to it occupancy Gracewell most cake. our with compounding day Vintage long-term by Our operating short-term transform the today those they a the good we assets value the residents, hope all above other properties, always period up recent who the over or call is is John? first our last they creation most my practically we where is to repeated with value that stabilized to transferred assets as UK with Care believe made value every well. and incredible set members, describe having of will believe each Oakmont team the Burkart, partner, were with in business exciting and get creates that tranche received long strive some this decisions success speaking, of occupancy at mostly we We the And crossroads, to capital at critical situations similar Kisco you in perhaps most often the share as John tremendous XXXX. transferred to know shareholders. I'll is to will priorities follow of -- the will were But and our the that partners has near-term and as made assets progress you gains. With John, asset XX%, not that, would I term, time initiatives path the

John Burkart

and with Shankh. performance color regarding Thank our update as additional year's comments medical XX well and housing by outpatient over platform office for My our same-store second today quarter, increased our touch prior the quarter. our an the upon NOI Starting business you, of vision the provide operating delivered initiatives. occupancy as medical portfolio. will senior our business In growth X.X% basis sequentially points on

We continue rates. to rates quarter, strong rising and new good the retention XX% in over lease see demand

-- to the turning sector The portfolio. Now in platform continues. senior our housing recovery operating

The point UK second regions quarter respectively. to the was growth prior occupancy As in portfolio Shankh showed XX.X% historically mentioned, another our quarter. slightly by U.S. rate sequentially has XX.X%, during growth. revenue same-store of led and and in points revenue quarter of which quarter compared the by the good growth increase revenue XX.X%, portfolio average basis in XXX accelerated increased three All to occupancy XXX a occupancy period with in been for the Sequentially, a healthy year's basis driven negative. the

at and short-term inflationary growth. to expense drive delivered of grew indicated, NOI COVID, quarter same-store challenges recent the of XX.X%, expenses at portfolio agency encouraged the period, grew a hiring, the per as occupied which room, Shankh NOI should a growth second or we're basis. tight pressures, the year-over-year control hiring market XX.X% generating expense a our company's year-over-year trends growth. in the [EXPOR] same-store second only operators And with the portfolio rate believe new labor second terms we in highest the by in the While in on over rate driven a deceleration and continue Despite XX% half by which U.S. in X.X% of history

the NOI expect get growth we I'll multiyear to outside our a shortly. to portfolio strengthening with over business, the by supply efforts forward, demand Going optimize compounded to and deliver period backdrop which

overall COVID traffic the ways. been by the market, Regarding summer this influenced has various in

traffic low We couple last very continue accelerated July of traffic June the the total the about as of to for to equal and traffic. July good expected weekend until For total was July weeks fell was it and in example, in significantly had then June Xth remain of

was increased XX the portfolio the move-ins part August. We transitions of July expect within portfolio. same-store lead also to up occupancy the the in The quickly over to in basis want I increase average later traffic in for to SHO comment points in management portfolio. July to on recent

our are leads to transition the underperform adjustments portfolios tend subsequently and same-store This removing they significant. operator very the staffing, of and new make the transition them takeover of the sales which related portfolio other early challenges faces is we in we take outperformed and the of asset. to the full impacts from the of for management performance. noise Transitions as same-store point aspects similar portfolio The which As in upon transition, operators' in an from can time the renovation. notice assets are remove to in asset later the create substantial appropriately transition actual to negatively amounts operational

for same-store and platform. line, worth on for the to over get an have we The housing take we are of update business the to Previously, However, short-term performance earnings despite quarter it, same-store purpose Bottom excellence Shifting fundamentally which platform management to value assets assets improved near-term course, would drive the of the over to transition full-scale the NOI future. change the have willing time, creating is mentioned not they performance year-over-year the can is begin transition to And portfolio. the a growth significant transition pre-transition and and noise undoubtedly operating portfolio, transitions meaningful from had that creating XX.X%. our the growth that opportunity potential strategic operating I our operational portfolio. improves for in with. is resolved. the in this by senior they If removed bringing pain XX the assets fact of baseline, been

infancy place the to in ago, multifamily but This similar terms business of rapidly years growth industry phase. is the the would housing senior into transitioning very the I cycle, life In phase, business Businesses are life focus on effectiveness, business cycle whose would term. transformation infancy the it, not essential. that is firsthand. industry phase witnessed be exist long in able I of the Without which to

is an remain As transitions the essential. to phase from infancy industry growth the core the objective phase to as effective continuing

I've shake burger, you However, of efficiency. serve McDonald analogy a survive and is the The and including that fries the winners business meal, good focus Brothers. case diner excellence, to in thrive, on of operational XXXXs. a had the good the used the To

top as Ray growth However, moved including industry operational phase, a what imperative, the process grow compete on business including their housing which faced due to to to obsessive to small and to size when challenges, and analytics efficiency, management the McDonald's. from and excellence many is and infancy recruit senior he from talent did perspective. facilities key focus functions on Kroc technology franchised was inability to its data an from focus compensation and retain The a inability operators

fee-based as incentive limits in economic owner-operator fully optimizing the the to business the Additionally, would. an invest structure

theoretically fee a revenue would invest paid of logically collect the collect whereas $X if $X.XX to revenues, spend to is manager of most owner example, For they $X.XX, $X. is operators X% would

structure to reviews greater that our As working Welltower contracts worked all senior this such generation These small address was areas challenges. X.X through underbilled across or that unfavorable aligned operators you housing the as our a was of performed, quality illustrate basic the business care now of And XX% including are help have contracts. In board, provided a on simple incentive that provide resident. ability meaning by billing. are to to RIDEA necessary to will identified the revenue change two more, know, we the we we next challenges with in we relatively care functions

under are connectivity, delivering Other modern consumer much expectations reporting real technology and time, challenges such building-wide, operational as creating including systems integrating quality results. improve However, were billed. and and greater, identifying Internet they high-speed up with keeping actionable to and insightful

Focusing processes, about everything digital technology, than that data excellence It's and a people. more people, on is starts transformation. with recognizing operational

and and the various customer data meaningful at the may the the draw on the and leading residents start insight employees into employee -- Our may the we our experience operators serving communities, experience to focusing the those effort. that We living by the residents the in the business processes. that of improves way stakeholders. we experience leverage Then evaluate a that optimizing various

Finally, to simplify while provide will as software. transforming experience fundamentally It's latest about we This we technology optimizing improving real-time processes implement automate simply customer information, buying actionable, about insightful results. the and employee the the cutting-edge the and business. isn't

homes buying the years, from cars buying books vacation rentals. used Over the businesses have to finding changed transformations Digital and these and businesses many have to fundamentally experience. improve transformed overall

the with of data give space the is gone to say and and data now the experience in away six senior but multidisciplinary from operating last moving are last is There that analytics I have data to forming on create QX completing ERP hiring Initiating in six will key include the to will the focused of my want the that executed aspect asset. start to employee this are QX, the improving over months. Welltower thank all we internal on Welltower future the to action in will and over call speed positioned platform, shareholder Welltower's massive project a observation available better effort. to this value as operations Officer leverage imperatives central developed of operational rollout recent analytics very full recognition we through that emergence details we a which will highlights than the leading housing implementation fast. One the that the value. the mode. technology not on no alone We operating customer And business. and I overall improve platform correct experts this team the Technology planning Welltower have team expected execution. Chief of I following: This pilot playbook, our Alpha, and is the transformation an enable excellence excellent lead the I with frankly, step years. of to Several an experience improve next week, been building platform has is what of of entity information the us the effectively driving data great

expectations early the creating force a with launch sales plan Finally, XXXX. in pilot automation to

in works we'll as We update have and the other numerous modules appropriate.

effort, faster it a is Welltower positioned historically is this uniquely to than Although possible. huge execute

module, they create Our we're existing as only us don't strategy which leverage is to new our modules strategic or developing. they where advantage, exist give modules revenue and where quality a such management

Another to unique quality top our portfolio. benefit number that relates operators the in of Welltower has

module, each rapidly will and the transformations. This all will a the to a slowed out modules which Welltower We I'll other roll it improving we and group. of can broader the to call that overall turn the transformation are will operator, minimize different Ultimately, bandwidth widen Tim. separating have into the caused while moat stakeholders. lack overall to parallel built continue over we has of fatigue then experience initiatives, pilots be of the now business deepen employee perfect with down delays as potential each by the or

Tim McHugh

balance My from Funds focus on guide and quarter. normalized liquidity than reported our in million stockholders was $XX comments a investment net and Thank our quarter, share quarter. you, second the outlook our triple Department results, per update; the the $XX share our common for performance diluted approximately $X.XX and Human included of of sheet which will share, quarter quarter Services, Provider or net finally, to the $X.XX capital from million funds activity, Health second third operations of of our per income John. the per initial $X.XX assumed of Relief XXXX for diluted in today attributable segment Welltower more

a pandemic, consecutive and normalized of FFO since received X.X% on X.X% when HHS year-over-year start This funds with positive FX the or year-over-year quarter a in quarter the normalized rates. changes represented second our growth

of our same-store portfolio year-over-year We growth. second quarter positive of also total X.X% reported consecutive NOI growth

triple portfolios. our Turning net to lease

a XXXX. driven same-store triple-net collections XX NOI improvements trailing occupancy In and impact rent the senior Trailing coverage lease in quarter housing recognition statistics a in currently quarter. in As our increased to reminder, year-over-year, months our March increased ending These reported reflect arrears. portfolio, the portfolio stats and triple-net XX, CPI. X.XXx coverage by cash of leases tied on X.X% and to early EBITDAR increases XX-month X.XXx rental the

EBITDAR Next, EBITDAR year-over-year our NOI positive ProMedica Senior is And our joint long-term post-acute which XX-month same-store portfolio is X.XXx. coverage grew health by Health was same-store comprised X.X% XX-month positive and venture NOI lastly, to growth the and the systems, trailing Care with year-over-year of continued X.XX% had first of utilization be agency quarter. X.XXx as in impacted trailing operation high ProMedica system, negative by which coverage

capital to activity. Turning market

million $XX.XX sold initial to capital of have remaining those opportunities generate proceeds average are $X.X agreement XX of forward enhance on fund share the sale pipeline visible We and capitalize proceeds ATM continue for at shares At our to currently We our expected transactions. our we approximately price which efficiently $X.X shares of billion. utilizing gross million and weighted approximately program balance unsettled, position deployment robust the quarter, billion. via second strength near-term expected per by company sheet of of highly future to XX.X to start the

totaled includes ample current proceeds, deals committed billion and investment fund our proceeds payoff $XXX $X.X property OP pipeline. some to capacity in equity dispositions expected equity and of units loan together, pipeline capital, million our providing on unsettled Taken

unsettled an USD amended an restricted borrowing And facility unsecured disposition and of cash the credit. in billion exceeded At on $XXX comprised position. we our mentioned CAD loan. liquidity of of During the combined line billion when along line when equity proceeds liquidity strong balances, $X closed and previous capacity end, a proceeds, $X expected position $X.X a upsized very in cash term term of quarter, with factoring and quarter million with a term of remain our we $X the billion on billion revolving credit, loan

the share night, income third at our we normalized third diluted share to the of to outlook $X $X.XX with This quarter. of be FFO quarter moving to attributable and $X.XXX per or expected received provided to of net Lastly, to third million Last midpoint. quarter the the $X.XX an HHS stockholders for outlook. per in guidance $X.XX includes funds common $X.XX,

health at Excluding increase of sequential G&A rate HHS rest $X.XXX $X.XX from floating and Underlying and is from costs. growth higher $X.XX points housing composed an increase activity rate total incremental $X.XXX continued of for of our year-over-year FX represented X.XX% portfolio the revenue growth third from growth segments of to to revenue investment senior finally, FFO investment FFO. NOI basis guidance year-over-year of growth post-acute approximately of and operating X%; by This XX% midpoint long-term XX%. expectation X%, and and $X.XXX occupancy growth. growth Underlying by across of senior costs XQ the normalized X.XX%, housing average X.X% triple and X% this growth of a to estimated is robust year-over-year unfavorable XX%, driven offset of medical SHO NOI funds, performance X.X%, from lower quarter is XXX outpatient of This rates. of to interest this systems guidance X% to driven by subsegment X.XX%, SHO same-store growth net

the by a and continue operating growth. line pleased the in occupancy We portfolio, of rate with our top of senior driven combination recovery momentum be to housing

core we have development the decision in to last initially we recovery capital with and remarked realize projects. to steadily conscious allocate made under-operated our distress the high-quality quarter, I as diluted As often portfolio, properties, along

that, to some of over effect years of should call back the Shankh. is growth our come. substantially amplified allocation in today, capital this hand offsetting core I'll While the And to it with

Shankh Mitra

and growth, earnings from that whenever If long-term and external growth. forward XXXX, really cost focus mild pay significantly felt steps share per Thank the you we occupancy, buckets cash massive hit terms the the you, COVID to: and two drivers there wave, Thankfully, short-term impact been I are costs. may in rates, psyche COVID we're it noise has has and large distract a getting health population labor of are improved. more as the rates occupancy, on of of and of In Tim. step though one must by the main four all taking flow labor we back and attention

taking in and and appears quickly. back occupancy that extra one terms step step from it Now that we trends and are one cost steps the making forward back July labor forward we're two very of

issues July. months, the less agency of market from year labor, to So The have let quicker X rebounds on any July appears and it in getting up COVID no communities over cost studies seen have team learn have live member we meaningfully hiring had net labor, significant in we months though off how on significantly as let. -- as the that not finally our increase are is are that we hiring trends impacts our demand in case members portfolio almost has any getting of with the of the hiring there the count the net labor few in the Though of the pronounced the grown Slide Despite combined. we first of can reported of the and is labor we X, let has last up same availability see you seen success six not have and as seen success let in off question the from operators COVID. had

through digits well from What case to the rates, in are have agency for where pricing as way which some all And make to largest trends up is get of particularly COVID labor push any spikes is cost the in second the power. The high-single rates. recent this through the XX% year. bodes these very continue not we XX%, up we continue, half Assuming ability dulled way our of to large operators' is operators. encouraging strong Street strides

to next the the developers in new growth in driving sharp occupancy projects Given the few of years for senior penciling plummeting supply acceleration growth few today, rate population confidence and continue of strengthen. our and for

John struggled with we now growth And keeping in last know prospect run the rate share transact for focused better, is borrowers our getting translate this surge With fundamentally and future our as need maturity. excited very debt at If open team, questions. of firm. significant hyper up years and that, into of for not have the overlay good that tighter grown higher opportunities, we owners that acts bay. more over mission. the long-term of to the costs been only We been per recent and to I As external transforming and flow and all we'll which business, challenges many all lending of is they which two cash with willingness prospects, our have standards like are are has borrowing owners COVID-related how our with thinks this call on earnings

Operator

with first Michael Instructions] Griffin Citi. question comes [Operator Our from

Michael Bilerman

appreciate COVID was with Shankh, you I think here short and back not over and all the Bilerman about comment high-frequency business the June, to look, guys just I Griff. issued step downside you I and Michael And that effectively on you is of the confuse protect This whether been future. in good very to business have right? using wondering data guidance, if it's update. bad the can to the the lift you of a term, data providing use noise lot us back And updates. or And

little what been XXXX the blocks pencil XX% to start since a of has And trying whether equity and portfolio term, on out and the of the the to now putting how bit data late the reads all are Because try done, you've wondering, bunch mean makes done, communicate that think as and understand and and bought I that right? are XXX these about that things thinking today? start all you five-year of you sense these that you lifted short assets took deals flow negative you're a go out that out to things the so all you're and the to building that call these, And I'm through all of because to lower. three- feeling, for it basis you've model them change blocks you is I'm about noise the a things a growth really building really cash and and whether of to where to you all raised future the you Street Street to that

John Burkart

then with come Shankh can I'll that Yes, Michael, start in. and

I the Shankh based I the think guidance change this and up towards quarter upon and point end the of the think and spoke of those there, But the trends reversed at we've trends guidance end lower in range. that saw NAREIT tightened on NAREIT the to we script. the towards that

to give And of updates been short-term market's certainly we've updates continue need So project. for I provide been data, provide since you is term that, And information. And on it business. recovery strong view the long to what this. evaluate right? of longer-term and to Shankh, essentially frequency keeping how on make that our been And that although if core part is at of long-term looking focus given a balance less that we've the the the continue we for do will to and to COVID because the can understand to think to fundamentals you I the focused of that see of kind backdrop, And more trying just see the commentary has been short-term we've be able frankly, of in we're need a high it. frequent comment the noise hear trends tougher on trying we're we're But trying on be you the piece give sure on side. and of we trying to long-term able to I data speak to on

Shankh Mitra

Yes. I'll add one just thing, Michael.

about look after impact, through NAREIT. you of when got a was mentioned, which sort is of about if we July. followed that update another have by make that NAREIT. As ago, And And that BA.X, you of week has half, the we at we business view I knows hit second because middle probably is changed provided about a everybody that our to weeks few talked sure noticed things that it

mentioned. another was the just update, that not there you ones So business

of provide quarter if in last but mentioned we think, are by fundamentally, my But we as as I get I how what we tell information -- know. we see have see. investors COVID we They So you better a -- wave, call hit off. that we our all seeing towards what we're just went that That's But is in with every our is to that, anybody not news faster. end we can I see calls just the we the to when understand can do. And things, the at can we're of sort how have labor. you a else one just project trying amount agency noise For communities. on the see, and but fundamentals right? coming and aware tremendous I'm through to before mentioned good wave, here lessening. the And that The the rather and of, do, help as the passing getting COVID and telling five you rebounds one. of We're going that we not of hoping impact you is if fact matter are the seeing we we're no are business, mentioned the least in last there's we're in tail call, way we're example, we're continues. obviously, of seeing

they we trends we of impact to of we hiring we doesn't -- you But COVID -- number And appreciate improvement see then et truly people things. seeing. about, things communicate And and June, because right? when agency reported you obviously meaningful if what change, to we right? lag change that when when see you hire of hit a there's it's If impact we was we're things numbers, So numbers quarter you in sort change. It's that hire and excited a But lag there's you and hiring they improvement we cetera, otherwise. net if as I at are the that we that it's things train net remain your got July versus see you transparent, and pretty look telling between you between report important are them that a July because number the because just the hope floors, you them if July.

Operator

Vikram comes question from with Mizuho. next Malhotra Our

Vikram Malhotra

So of what tough comments and seeing maybe, say well, predict. mentioned, the and it Shankh given that in supply, as and pricing you bumps, I or take quarters? on John, just housing power just should surprised want aside, you're I And translate mid- to thoughts high echoed your senior But to 'XX, only couple goes, the for be as pricing to a power COVID should think about comes kind of to leaving unfair into see power the just re-leasing space? costs reasonable it's Tim, as the you would single-digit be spreads, we if a we lastly, call can REVPOR head margins it, given and pricing into demand growth accelerate, latest not on you

Shankh Mitra

you get will seeing power. I guidance on not not that was talks I giving I'm into a year's are for are in that going pricing power we particularly -- has in you talks. Vikram, of rates weeks. for the sort been UK But pricing significantly accelerating. to Street next I There tell mean few

nature. in very up going operators talks that But There operators something rates giving of not frame. time just Our significantly. of October are increases I've September, are about seen pricing that before. are UK talking some thinking midyear a about most U.S. importantly, Street

our standpoint, we the frankly, supply and if should trying But growth more we're from year, this into next look especially so portfolio, our should optimize power favorable, continue. all demand to revenue pricing power even you is in translate pricing So that continued at think right?

As had pricing you we obviously last year, that growth. can REVPOR had appreciate right? power So we

we'll We we continue that we'll power. and forward, as continue push see push to to move that that, pricing -- you'll

a that is of going set two of we will different you that stabilize pricing sort of see. which rooms through raising year. that. inflation, see sort I've of to As But a that's we and cost suggested the because the are another of don't one have speaking, before, lot right? we're see of you pricing as arises next hopefully, pushing we're you lot buildings, prices because need So through power you Frankly pricing sell, going today power the from of types is should seeing of

Operator

next with comes from Daniel Bernstein Capital Our question One.

Daniel Bernstein

allocation cost invest growth wanted in? you just what of mem about AL, differences how kind something between ask factoring the I and buy want wellness to in to into and of care quickly that's and IL your labor capital

Shankh Mitra

Yes.

of cost, on people lot not a right, there's So wellness the side. side, on the

energy that. increase. don't sort Though, cost you I taxes mostly driven as cost by say that well will as So the have of

capital labor. think not we what of by Our allocation driven is

was price to You replacement cost the what by can driven what relative in. the set, opportunity It just price is that the is is.

the a -- But see that's So plays very that of just period whether long about for time. this labor is out, going of problem to case. -- cost right? think you the we we'll don't necessarily. that which it's come think shot map, have not been on but We're said, I if see with industry investors, price we think how a the cost And Labor forever, that has probably this sort for that high idea probably to you the likely I can that is say let's see be be And going it. who first across bow. as how finally We'll are absolutely in. price-driven to

Hopefully, just So helpful because we ideas that's then. take with run some in. can it thematic and that price you

Operator

James. Raymond Our next Jonathan question with comes from Hughes

Jonathan Hughes

trend some spend in it pace. past and catching spend spending year Could in during years increased higher should the expected or you construction of higher your just lockdowns kind extension that lower Or ultimately, properties up? much how spend due kind from both? trajectory. year's next a see bit and growth that, of then we're last double potential. fuel competitiveness CapEx I deferred than talk is help few costs, recurring CapEx And of about just Is and the revenue of an more to September through of the to that

Tim McHugh

XXXX and And buildings XXXX. we've of senior being costs made over Yes, lot opportunities. it been a us playing accessible Part XXXX bit and then the add the is, value-add just acquisitions that, certainly with had can catch-up I'll of and for start of then in we in housing space the anything. a substantial less of have efficient have John

high explicitly it. And were or lot of on the or some a bit right of ones return a a of value-add kind much I the in how capital redevelopment combination less little of stated accessible. for of with and that, of to that time have buildings we deferred period into is top that driving reasons larger a into from So we've that's of catch-up which work highlighted put put that what's now But capital value-add investment. safety opportunities capital capital we think

John Burkart

Yes. And I'll just add.

about right a I'm pulling future from we I'd our to because at on script certain operating from what providing next and sense relates to internal the way call or under capital how talked it just platform. actually in reposition The as really XX investments, tremendous portfolio those assets. reposition absolute portfolio, is that the opportunities age on big a business sweet housing focusing a spot, years I the senior initiative You're workflow something average, old

our I'm building right now, and capital years. will three to CapEx value So actually out a the team with value-add five align over we our coming and substantial initiatives pretty drive

at front now. be will right that very we're of and a it very effort effort, big So the

Operator

Wurschmidt Austin comes with from KeyBanc Capital question Markets. next Our

Austin Wurschmidt

faster cash I'm a than just those they drag the million overall expect curious the flow, you at $XXX us facilities. NOI what the upside do currently that to Can in negative the of facilities from give them of for generating pace SHOP is represent? you stabilize what percent And housing NOI senior portfolio? XXX total

Shankh Mitra

for very portfolio, low and they they're talk XX% years, it, stabilize trajectory they of, of, give answer XX%, the should And StoryPoint properties today? think think Well, can -- they between number to margin, flow at that is and lower example, average say, But look at I yes, recently we of So to you you number money did, X a occupancy. properties to of as about Maybe if bought on kind just like cash the you if average years, faster. the how over, was occupancy. coming is grow you. the a we the that the losing about occupancy, tranche much are base you a I'll capital faster, the age right? for we're going Tim these X that's and the from of we I not Austin, we a right? quantify think have So out occupancy bought or losing a they're of think how acquisitions built Should at been because much They they're at if grow the obviously, of last lot see very, right? if

after Still would and rates growth, it a So okay? $XX,XXX, think trajectory significantly that's better the hit buildings example months margin there's we living sequential and as residents just it. it, from of high add. there's year, understand And to those So they J But from average that we when our has that NOI there of developers of a that Clearly, that margin the a getting margin opened and from you They're go the margins. value years, today. way to in XXth thought to banks. probably question It's sort as of your an Street right, what? something to of these XX% X.X that people occupied is multifamily lot lot of we a very last received, we from simple, they're are of East drag. It's we're negative property who have sort the Just a that doing progress not linear take about of But negative sort no point sub think about sort inflection those grows things, curve, a right? our opened East you here property we is a that's property. about that of bought you for of low thought. developed is negative right, That mentioned I than rate X.X ago. $XX,XXX, right? the developers

think as to you just our understand to sort That's XXX I'm anything that at income value. on more point, right? add you value, negative that a dragging putting flow earnings multiple about but on as a So cash going all, of to negative what's something and reflect our not So about you are today. at valuing buildings on this think

Operator

Johnston Our comes Derek next from Bank. question Deutsche with

Derek Johnston

guys confidence And How what's On measuring you the these and accomplish operational hoping initiatives, really success? to John bear upside team are fruit. to here? Burkart's endeavors can what's build his

John Burkart

bringing -- again, a specific The hope et example, I to really measuring cetera, very an to the processes, modern what business. actually, example. you to accomplish to back let's is, technology, success And go give

one And what our respond business time of the about were of the when hours. how in customer XX% never things it customer tested that average we inquiries, after was I And to I came found XX returned, customer, the I So XX% were out returned. about that tested was experience. XXX as

might needs So this my help if a into I go a a situation. member not and ever. a needs is a solvable a something horrible family experience father on get Monday, living. I assisted that and Wednesday That's falls might I or call and or on decide back very to like he

thing. like it look upon at the electronic, write you CRM. but current in basically It's are sticky put salespeople they're It's in relying a because it's place, inputting If I it's That's same the I my a CRMs data. the note. file. glorified that

calls it it something PowerPoint looking because operators desk XX% that of pretty them to zero the they report our one went come of get through I'm that hour." I of how results, that me So gave phone shows get get large all said, six our et Well, we themselves." respond therein get and that can six, issue. receptionist that tell he said, but lost. out tracking bunch can that's and not because said, the which you did et shocked from but our janitor The their the of six and this cetera, example, in So in, really is lies because returned, out cetera. first, systems for six our it It's "Gee, and shocking, on my place, report, were report, I'm to a at reported. work yourself. ourselves test calls return we an the gets notes picked up I that by report weren't does reported of And sticky a calls it lost "Well, just salespeople

financial results the occupancy, the of increased that's to and the and that overall will for be rates going professionalism apply a to type better the increased business, obviously, experience most we're consumers. benefit, to the So

answers So the question. that hopefully

obviously As that and the lines, far out. giving time we're not as details

Operator

Our from next question with comes Pawlowski Street. Green John

John Pawlowski

I a showing assuming recent still occupancy you're appreciate hiring for understaffing, magnitude the that I months. case starts the don't guess in study I pages sense have of climbing.

right surprises to that on you next upside meet staff expense we occupancy? do is extent think months, now So lean to properties the to positive six on to have of get going the or on kind additional are handle demand? to average agency properly Or XX occupancy to you

Shankh Mitra

us But end. employees they of July above that. that's It's very the comment, We a have -- -- hiring. year haven't fair very think, for from overall, which partners our did we as as six And operating in about question months was have ago. X% told year. for I month what a I John, July we should hired talked comment obviously what net people were positive a should finally we to that plus the hired -- total hiring a number fair many added portfolio puts last you

about started that worked was hiring finally this above whole basis drama we of where as net way a count year. total we're finally ago, about So cost a our employee X% this and through with July above recall, last sort you agency have year on

possible, in feels -- careful it describe that is And at end saying hire were we're positively seeing be but hopefully, least, on impact pretty our about bit that a July, number of operators we -- least availability but happening. But -- July. the lever, finally have like, at mend like labor would we from And get the which hopefully, it the but that's is I from of to it's overall feels in pretty going as because numbers point, it that that know little been that sure, ugly in see labor not mend. in finally are we quarter. you'll hopeful net it translates price increasing very about as down not -- in for you're as we're distant that I there's June, market availability, obviously, agency this said future, again, seeing, it how what a everything talked the I should just is I I'm in obviously unlikely not the into came hopeful, say talking that that of is the at on numbers So an towards June, probably labor

Operator

comes Our next Barclays. with Valiquette question from Steven

Steven Valiquette

guess XXX%. frame If touch it just -- slightly but get What are think nearly to filled to the July? study I talking redundant wanted all in just we that it here. XX%, positions of that you on differently, not the way, I open you housing to percent answered, of were across the actually total senior

that's to, you think X% in kind I of still I hard own it's minds. above where perfectly guess, our before, that frame were

on that thumb we is expense of as double typical thing versus period for double XQ staffing? too, of Are we just potential Just any of et think reduction around staffing, the magnitude cetera? months? XQ, talking have another time of what's the where weeks rule So that, training you or would help

Shankh Mitra

was the months. of X% think should you course, July net -- count. your just think of about of about weeks, X%, And So you in about hiring half about not employee second should total

Page and X operator already the the an made would So has X two case a can agency labor is constituted show should August impact an costs. X, Page interesting and September half and you numbers. down study has this higher that sort which has cost come show case, and right? X our Page see is agency Page of roughly of you July large operators, we'll There who on X X. meaningfully. you, strides

it, numbers much a The shows four Let's flat you of if and in Rough The give matter you X pretty examples it, has with June from you pretty the numbers to two of September, look pretty $X.X total two to call August July. actually month. it. consequential you diversity of a sort a we which been just right? trend want in significantly number from example examples. tells and see that two the the continues, future, an July. portfolio, that Rather that should seeing. help to has improvement I months, much million month into of of significant But But a to, Page should a at what take down fully come booked, in sort they April million you if that from of than of predicting call which have which case say, operator, hours So $X of are call of constitute half translate cost. hopefully, sort we we're the sense the gives positioning you probably of future. giving it our

Operator

Mueller comes next from Our question JPMorgan. Mike with

Michael Mueller

the tie you to talk bit downs relative roll sequential I revenue trend REVPOR a a and dissect was I X.X% about unit talk type? pricing can there wondering, just, And can on QX? and little And by bit the little about maybe together same-store guess, growth? you

Tim McHugh

of yes. Yes, I I Jan will of on it half this think X. on talked -- side, amount but resets large way REVPOR portfolio last our roughly the we a about the think to -- And is quarter, about get we

of Jan that also types. higher that higher X portfolio be have weighting. to happened the are assisted The unit to the acuity of acuity see -- tend you your our the increases weighted be daily business the billers that part living daily The towards heavily actually billers. occurred part So

XX-plus rates. move-in what is to tighten range. between to in the lot first mid- that's now talked kind you of and from it's seeing the move-out XX% -- roll-downs started quarter seen in as the those and acuity historically, we've low first kind related, this A quarter quarter second you've the single-digit into it business, got to wide of at you're last high saw of and increases about So percent single-digit or actually but year spreading that

and I'd are there increases bleed a leasing negative the year little throughout evenly So being off annual some you're seeing increases of with by half bit other say is that's those Jan portfolio. the pretty much some spreads the still hitting of X that, on throughout offset and that

Shankh Mitra

to scenario, the last if is have which call, mentioned, a a it to trade right, haven't I if as time, that my is up, continue seen going pretty which will up, And continues you much gap way long go we narrow. in Street

close. they conceivable is it that come of very sort And

where clip But crossed it We spread come very have seen they negative about has couple conceivable that away. that portfolio-wise, of very, the goes comes a close and acuity actually it a there's that that Tim talked operators over. is from re-leasing

this time, number And very problem speaking, But years place. So sort letters of where that close rates what Street nine -- as is in-house we again, right? So long that a talking in you but seen increase again, the a getting frankly is right? also you remember, send again we in phenomenon. so eight to raise change you are and you are this chase a haven't or about,

by encouraged that. pretty we're So

Operator

question with Rodgers next comes Our from David Baird.

David Rodgers

have to Tim ProMedica, comfort in has think, the and relative your they fact you prepared gone with that curious be portfolio coverage that that just other kind approached -- the of you've ratios Shankh, some guess that made you first you're time mentioned you lag that question what this having would you statistics labor reiterating is maybe about own? comments. statistics and the you the that? a mentioned. through to quarter. went more and the Or portfolio But their and of I I the second in are both of I related recovery basis. spent making coverage agency about of conversations or where bit that was changes? kind some Was little you them question. And has And

Shankh Mitra

Yes.

So before. I'm going going to what be -- said I'm repeat to I

transcript, one-quarter has have as has doesn't four-quarter So First right? loss overall is of happened happening. have rent a that of And come occupancy very EBITDAR. significant has that's described see months. gone I been that the And at labor reread up really understand, four-walls will underlying It What we for what's five picture a What narrowed and before, sort four, the share, down, important they is -- look you mentioned to we from -- to as seen that mentioned significantly that reason in if of has rent you -- agency [indiscernible], average the the come last they improvement that type the that's So that is of that we obviously, -- only agency transaction, has very you for have -- their they report the labor to lag with significantly. from skilled guaranteed by important of before, this rent the of understand, and did right, lot was been that impacted, it portfolio where sort in market we that very right? very that understand nursing, a a hit you lies. a portfolio. has which

no special to again, -- below-market I've again, As believe this that as We there's like there's insight before, say into that. going I mentioned I'm nothing rent, mentioned right? basis into translate fundamentally below-market

a have your market around roughly basis, rent, to you constant, the If rate, average an get So per basis market is a rent $X,XXX on by ProMedica for bed low level bed example, and you on will rent. portfolio average the right? of

comfortable same, rent not two, one exactly XX% to give if it very income but So from our portfolio. that going gives strive skilled that of over to of assets that that a, that or comfort of to the I as give just deploy which I'm other a the I to below, going our example remain am So which hard sense first, to they If I long-term sort I'm of about Omega, right? That’s at was mentioned, portfolio lot sense, portfolio; is talking the gives again, that sleep losing you an And sort look portfolio you a say. from is returns you that what compare nursing provider, you about, rent and see capital. we're a b, of about specific everything of right? not from average any you achieve is mention $XX,XXX, that would us we as to it's income return because let's take we all magnitude. do, will order

Operator

Our question next Nick from Scotiabank. comes with Yulico

Nicholas Yulico

incremental embedded hoping in for transition not those drag third guidance just understand the the What's you assets said the to are I there assets for the operator sequential was in NOI calculation. housing. senior think in quarter about since I same-store any

Tim McHugh

same-store. the in not They're correct. Yes,

clarify, in completed going a we perspective, -- the under basis, the From [build] those drag update, of Those sequential the the assets forward. X.X% out business July assets, expect a And just still we about a the coming prior the to in quarter from transitioning. manager. management from then are slight they're they we transitions. -- that portfolio, same-store talked about So our in that

Operator

question with comes SMBC. Anderson from Our next Rich

Richard Anderson

if versus want message So I evidence see can that. kind short I think here some the we all get of term, term but I the on long get to the of quantitive

occupancy the quarter is which for points imply that XXX XXX and quarter. the guide basis basis the So second to third sequential year-over-year, to points points XXX compares sequentially, basis in seems

of about pop seasonal not and basis the at you When described. and the with the COVID now, happened the were faced think thinking what seat NAREIT in disruptions do after wave lost sitting at the time, as lost get NAREIT? understand have you for and how the in that much we didn't number, sequential of at reasons you would virtue the we been, think kind points do quarter the your you occupancy third by So XXX in you for were you of And June landing where of month if July? the

Shankh Mitra

Yes.

basis important script for have leaped month, XX-plus got hit. has about as was in because we sales, to a the translate essence the and an -- some cycle just month my of this very last I'll that understand there's let's debate not that the and of quarter, from no -- for very been take to occupancy into question, tours the that fact So mentioned month, about sales specifically your -- third right? month, for I as the So of the sort you getting there So double with we much that not of quarter. growth -- lose almost in right? through that we're the said, should got think it's you case very, Why? of that because third year in next in July, of recover the month it's lost impossible right? very John that's it's Because into growth we half traffic if you your And average So it's first important points, that. that growth

here, July, to almost just first this and So John of we in but XX the month, as to started ended days the were suggest below you, cumulative XX the just we that the basis the on I will time of I only script, call first good away. June, mentioned news think market XX% days, we his like June. first, a tours up XX% caught with By went it,

in revenue saw side from the we hope recovered between translates recovered it least how us quarter. the second and basis, seeing of start sort to about, sort remarkable hole, think at the hit progress half. has end July you hits but be are at the of in expense of and a other June are made quarter that's there's this lot try It all But that that on of you away. be sort went tours. hole, and one -- July. because an if So how at that hopefully we're the back side wave of hit something specific that now absolutely tours question, numbers hit can or sort that move-ins of it the it, Rich, you, gives in back a of on in coming I XX% sense up to X% a mid-June a mid-July, on the our question, And no suggest this you which that to revenue of, no we of just of by COVID a that hits from because you July, sort call

Operator

Michael RBC with comes Capital Markets. question next from Our Carroll

Michael Carroll

but many John, the your details hesitant on in I know your your wanted pilot data on to you're remarks on a that data analytics touch Well is prepared to provide I too comments initiating plan, I that's over expected months. data now? programs mean? this different what does does analytic have current six guess next out this And how to actually roll from the company's right that you

John Burkart

Yes.

operating versus it to better at it's the platform. look So,

will information I'm really the -- So more. from that's opportunity But because the will all the amounts tremendous traffic operating the to the midterm our gather of provide platform we currently, more can nuanced able web operators, and gather drive through. the taking gather some to way data be is hits that we'll from information all

they system to with to down And the we information So our we've working connected that daily cloud currently on a have with basis pull been particular using. they're that currently case, from our operators platforms this in the connect.

We upping but done level of reporting from that now detail good So gain. we're before. get that them, haven't we

that untouchable. an company from more I'm that But opportunities the after the have operating an us side going from better now us inform management an we operating is basis, investment what done an than will -- from interim and much help so there's the right company has asset level. And level perspective, that from should from some

Operator

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

Juan Sanabria

Just COVID at near-term the where things maybe into to transitions point, the the end some question, of laggards about calling are way cyclically? But like given you're kind some and I there's a this always for and drag of kind going Is underperformer as that just transitions? Or of always about should the that in There's noticed -- I longer-term of happening we that, where guess, XX% at confident Or past the should annually. think staff this of that be think part any you kind think further we're that of about? a business opportunity. to long-term go? of kind rectify potential to transitions be you how is Are is risk some we going of XX% XXXX? Goldman we're and of going we

Shankh Mitra

So things integration, all completion. transition, it I that Juan, COVID nearing think acquisitions transition, class those of they reaching the completion, have the are about are should of way nearing we done, So right? the think system you for operator

if perspective question, properties, a our simple, the given. you which right? more manage very a capital Now that a you who it's very that. our of earn whether has from frankly amount a is are than business, of if businesses, And you for belief other speaking, properties. managers, you philosophical It's just manage competitive to have the managers, right significant of housing we your are of keep people right, question which to at all substantial their want you seen we to that whether expect And fee. of look is And an see not to there senior of asking, been in fee what in example amount are planning they had multifamily, and have earn complacency, Managing right? business, take

wants completely That's of have basic tied assets So going it's if mentioned they're disruptive. people perform, up portfolio. no as And as in not happened underperformance. to because not absolutely to move just buildings, But for something underperformance be long perform, these but we there desire No do. don't asset we are we're do a to because and -- not as tear going take lot our that. you, John our into what shareholders' see it But to Near-term standards perform, of if people an be people operating some understandable. to one to expected. don't the capital It's will transition. capital are

Operator

comes from next Michael Our Citi. with Griffin question

Michael Bilerman

of UDR put about the lot think company entity then and initiatives lot of going start you all and Essex, structure the -- taking the just that's out well a ProMedica, plan, term debt cash losses you've who I just follow-ups. all back as at made, It's of the was opening is talk to you've investments benefit short and about that do to on of And just bit provide how capital think on question details. all a more focused flow two just there NAV, to out operating is Bilerman, to again. increased happening. and you on longer-term can have you it earnings impacts value, understand funding little Burkart, of market today? secondarily, you focusing Or quick would the and a maybe Aimco opportunities through three-year is my that that? for Shankh I asset I and done lot that, the remember the and a sort So as feels can a just had the just and of you because were when the sending

really details the blocks based the and I everything would little transition, flow, your helpful. really the return building on $XXX that's think, dropped to the cash things three-year involved, million putting negative actually but be like getting You've

So if you two can that things, address be those would good.

Shankh Mitra

flows. the question. is funding answer cash ProMedica first I the and So operating

guys their know, to sheet, just As how balance it. simple, $X has fund on their that you is that an it's very they're has using have of cash entity that -- really entity so funding billion cash

So you to add John, do want anything?

John Burkart

way and you provide through into experience past I I'm very aspect time that the i.e., business, every to [indiscernible]. will the operating typically cetera. from traffic, Literally, force other more all we'll start type all the the HRIS, to through my know, et -- management, the to all way I platform. specific we'll platform, the more web the lines laying way start Yes. continue it information. the mean insight as I person, will of the out the so from companies -- the aren't simple as sales And a I for out through call ERP, say And speak dollars. lay

paths cetera. et We're I'm NAREIT, more fast at running over glad You intend as in business, detail time. how will some the I to that. give on impact lay to to don't you not calls out more dollars, provide time, coming do and the to and to this accomplish we'll clarity what extraordinarily but and positively But at necessarily that point expect time and

Tim McHugh

just a to first to Michael, answer continuation your And question.

over hear that overall, adapted us pretty from dynamic certainly you should think years the the last I that a in X.X we've we've what environment. way disclosed

important. investors. So lot certainly we has from has by of individuals is a with by and driven of driven lot this it feedback think been yourself been a And what

seen we adapt the have you've disclose what what with to we'll that be to based continued hope and market on dialogue continue and seen, is I So to upon that. helpful certainly

So our way you shouldn't there'll that approach the think in be that. any -- to change we

Operator

the concludes reached This conference the of We today's question-and-answer have session. call. end

disconnect. You now may

Welltower (WELL) 10 Aug 222022 Q2 Earnings call transcript