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Ventas, Inc. is a real estate investment trust (REIT) that specializes in healthcare and real estate, primarily catering to the aging population . The company operates through three main business segments, offering senior housing communities, outpatient medical buildings, research centers, hospitals, and healthcare facilities across North America and the United Kingdom . Ventas focuses on generating reliable and growing cash flows, maintaining a high-quality asset portfolio, and preserving financial strength and flexibility .
- Senior Housing Operating Portfolio (SHOP) - Manages and operates senior housing communities, providing resident fees and services.
- Outpatient Medical and Research Portfolio (OM&R) - Generates rental income and third-party capital management revenues from outpatient medical buildings and research centers.
- Triple-Net Leased Properties (NNN) - Secures rental income from leasing properties such as hospitals and healthcare facilities.
- Non-Segment Revenues - Includes income from loans and investments, as well as interest and other income.
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Regarding the potential 25% to 30% rent reduction from the lease negotiations with Kindred for the 23 LTACs starting May 2025, how do you plan to offset the anticipated decline in NOI of approximately $110 million annually and mitigate the impact on your financials?
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With your increased investment activity in senior housing, including plans for an additional $400 million in 2024 investments bringing the total to $750 million, how are you ensuring these investments will achieve the projected unlevered IRRs in the low to mid-teens amid current market conditions and potential risks?
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Given that your SHOP same-store NOI growth guidance implies deceleration in the back half of the year despite operating leverage and low portfolio occupancy, can you elaborate on the specific factors beyond seasonality that may limit sustaining the mid-teen growth rates achieved year-to-date?
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Considering the perception that staying at home might be cheaper than senior care, what specific strategies are you implementing to educate consumers about the benefits and cost-effectiveness of senior housing to address potential market reluctance and drive occupancy growth?
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With your exchangeable notes being in the money and a conversion price just below $55, how do you plan to account for potential dilution and manage the impact on your fully diluted shares if the stock price remains above the conversion price?
Customer | Relationship | Segment | Details |
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Atria Senior Living | Manager | Senior Housing Operating | Contributed 20.1% of total NOI in 2023. |
Sunrise Senior Living | Manager | Senior Housing Operating | Contributed 4.5% of total NOI in 2023. |
Brookdale Senior Living | Triple-Net Tenant | Triple-Net Properties | Contributed 7.7% of total NOI in 2023. |
Ardent Health Partners | Triple-Net Tenant | Triple-Net Properties | Contributed 6.9% of total NOI in 2023. |
Kindred Healthcare | Triple-Net Tenant | Triple-Net Properties | Contributed 6.9% of total NOI in 2023. |
Recent developments and announcements about VTR.
Financial Reporting
Auditor Changes
Ventas, Inc. has changed its auditor. As of July 9, 2014, the company engaged KPMG LLP as its new independent public accounting firm. This change was due to the termination of Ernst & Young LLP (EY) after it was determined that EY was not independent because of an inappropriate personal relationship between an EY partner and a Ventas executive. The termination was not related to Ventas's financial reporting or accounting practices .