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    Georgi Dinkov • Mizuho Securities

    Georgi Dinkov's questions to Ventas Inc (VTR) leadership

    Georgi Dinkov's questions to Ventas Inc (VTR) leadership • Q2 2025

    Question

    Georgi Dinkov, on for Vikram Malhotra, asked about the impact of changes to the same-store pool on reported growth and inquired about the upcoming Brookdale portfolio transition, specifically the expected NOI impact in Q4 2025.

    Answer

    J. Justin Hutchens, EVP - CIO of Senior Housing, clarified that the same-store pool represents 80% of SHOP NOI and is a strong reflection of performance. Regarding the Brookdale transition, he confirmed it is proceeding well. Robert Probst, EVP & CFO, added that the financial impact of the transition will be minimal in 2025, with the significant effects expected in 2026 as the assets convert to SHOP.

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    Georgi Dinkov's questions to Ventas Inc (VTR) leadership • Q3 2024

    Question

    Georgi Dinkov from Mizuho asked about the performance of transition assets, the occupancy of newly acquired properties, and whether Ventas would consider monetizing its highly-occupied Canadian portfolio.

    Answer

    J. Hutchens stated that many transition assets are already in the same-store pool and that recent acquisitions have an average occupancy of around 90-91%. CEO Debra Cafaro responded that the company's strategy is to grow its SHOP footprint, not sell the successful Canadian portfolio, which remains a key growth contributor.

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    Georgi Dinkov's questions to Welltower Inc (WELL) leadership

    Georgi Dinkov's questions to Welltower Inc (WELL) leadership • Q2 2025

    Question

    Georgi Dinkov of Mizuho Securities asked about the occupancy cadence for the remainder of the year and whether the updated guidance still incorporates normal fourth-quarter seasonality.

    Answer

    Co-President & CFO Tim McHugh confirmed that their guidance continues to reflect historical seasonality. While the absolute level of move-ins has risen, they still anticipate a seasonal slowdown toward the end of the year, and this expectation is factored into the current full-year outlook.

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    Georgi Dinkov's questions to Sabra Health Care REIT Inc (SBRA) leadership

    Georgi Dinkov's questions to Sabra Health Care REIT Inc (SBRA) leadership • Q1 2025

    Question

    Georgi Dinkov from Mizuho Securities asked for more color on why skilled nursing facility (SNF) acquisition opportunities are currently unattractive. He also inquired about the expected occupancy cadence for the SHOP portfolio throughout the remainder of the year.

    Answer

    EVP Talya Nevo-Hacohen explained that many available SNFs are losing significant money, making it difficult to structure a viable lease. CEO Rick Matros added that the Medicaid overhang creates uncertainty for underwriting. Regarding SHOP occupancy, Talya Nevo-Hacohen expects a pickup from the flat Q1, citing seasonality, as move-ins typically increase in spring and summer months in northern U.S. and Canadian markets.

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    Georgi Dinkov's questions to Medical Properties Trust Inc (MPW) leadership

    Georgi Dinkov's questions to Medical Properties Trust Inc (MPW) leadership • Q1 2025

    Question

    Georgi Dinkov of Mizuho Securities asked about the company's monitoring of the regulatory landscape, specifically potential Medicaid cuts, and what the impact of severe budget cuts might be. He also questioned if the company expects to provide any new loans to operators and if any tenants are currently on their internal watchlist.

    Answer

    Chairman, President and CEO Edward K. Aldag responded that the company is not concerned about potential Medicare or Medicaid changes, suggesting some cuts could even redirect funds beneficially toward hospitals. He definitively stated that the company does not expect to make any new loans and confirmed that there are currently no operators on its watchlist.

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    Georgi Dinkov's questions to Medical Properties Trust Inc (MPW) leadership • Q4 2024

    Question

    Georgi Dinkov questioned the reason for the decline in Cordiant Health Services' coverage ratio from 0.9x to 0.7x. He also asked about the cap rate on pending dispositions and whether future opportunities are more likely domestic or international.

    Answer

    CEO Edward Aldag attributed the Cordiant coverage decline to government healthcare reform and payment delays in Colombia, not facility operations. CFO R. Hamner clarified that pending sales are minor (around $50M) and that the global market for MPT's assets remains vibrant, providing ongoing opportunities for liquidity.

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    Georgi Dinkov's questions to Alexandria Real Estate Equities Inc (ARE) leadership

    Georgi Dinkov's questions to Alexandria Real Estate Equities Inc (ARE) leadership • Q3 2024

    Question

    Georgi Dinkov asked about the potential to exceed disposition guidance, the use of sales proceeds, and the outlook for demand, including the impact of AI on lab space needs.

    Answer

    CFO Marc Binda stated they expect to remain near the midpoint of disposition guidance, with proceeds used to fund the pipeline and pay down debt. Executive Joel Marcus noted that AI's potential to improve clinical trial success would ultimately be a net positive for lab space demand by increasing the pipeline of viable drugs. SVP Hallie Kuhn added that the long-term innovation outlook remains strong.

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