Ventas, Inc. is a real estate investment trust (REIT) that specializes in healthcare and real estate, primarily catering to the aging population **[0000740260-24-000248_vtr-20240930.htm:9]** **[0000740260-24-000248_vtr-20240930.htm:35]** **[0000740260-24-000139_vtr-20240331.htm:6]** **[0000740260-24-000200_vtr-20240630.htm:9]** **[0000740260-24-000067_vtr-20231231.htm:141]**. 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 **[0000740260-24-000067_vtr-20231231.htm:141]** **[0000740260-24-000067_vtr-20231231.htm:8]**. Ventas focuses on generating reliable and growing cash flows, maintaining a high-quality asset portfolio, and preserving financial strength and flexibility **[0000740260-24-000067_vtr-20231231.htm:10]**.

1. **Senior Housing Operating Portfolio (SHOP)** - Manages and operates senior housing communities, providing resident fees and services.
2. **Outpatient Medical and Research Portfolio (OM&R)** - Generates rental income and third-party capital management revenues from outpatient medical buildings and research centers.
3. **Triple-Net Leased Properties (NNN)** - Secures rental income from leasing properties such as hospitals and healthcare facilities.
4. **Non-Segment Revenues** - Includes income from loans and investments, as well as interest and other income.

584ff3ddc2f30f24ed7c9071fd581099df884547a63833665da5e85f431fe276

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

8f7fb6c990bc64c63f93267f8a5dff6daa4bc31219b5b1e3aa15fe127f4ef0c7

| Metric [Unit: $ Thousand] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States             | **958,126**  **[0000740260-23-000106_vtr-20230331.htm:24]**  | **983,749**  **[0000740260-23-000159_vtr-20230630.htm:35]**  | **1,025,544**  **[0000740260-23-000188_vtr-20230930.htm:34]**  | N/A     | **1,063,384**  **[0000740260-24-000139_vtr-20240331.htm:30]**  | N/A     | N/A     | N/A     |
| Canada                    | **112,122**  **[0000740260-23-000106_vtr-20230331.htm:24]**  | **115,324**  **[0000740260-23-000159_vtr-20230630.htm:35]**  | **116,926**  **[0000740260-23-000188_vtr-20230930.htm:34]**  | N/A     | **128,959**  **[0000740260-24-000139_vtr-20240331.htm:30]**  | N/A     | N/A     | N/A     |
| United Kingdom            | **6,997**  **[0000740260-23-000106_vtr-20230331.htm:24]**    | **7,285**  **[0000740260-23-000159_vtr-20230630.htm:35]**    | **7,362**  **[0000740260-23-000188_vtr-20230930.htm:34]**    | N/A     | **7,571**  **[0000740260-24-000139_vtr-20240331.htm:30]**    | N/A     | N/A     | N/A     |

1d6c7ac074ff90076522abed0e458b19ff1c60fa080f7b26037979a30de1cceb

| Metric / Period                          | Q4 2022                  | Q1 2023                  | Q2 2023                  | Q3 2023                  | Q4 2023                  | Q1 2024                  | Q2 2024                  | Q3 2024                  |
|------------------------------------------|--------------------------|--------------------------|--------------------------|--------------------------|--------------------------|--------------------------|--------------------------|--------------------------|
| **Net Operating Income (USD Thousands)** | 458,442  **[0001157523-23-000236_a53314014ex99_1.htm:10]**            | 465,865  **[0000740260-23-000106_vtr-20230331.htm:43]**            | 481,072  **[0000740260-23-000159_vtr-20230630.htm:59]** **[0000740260-23-000159_vtr-20230630.htm:46]**      | 489,129  **[0000740260-23-000188_vtr-20230930.htm:61]**            | 489,101  **[0001157523-24-000251_a53896557ex99_1.htm:10]**            | 503,884  **[0000740260-24-000139_vtr-20240331.htm:50]**            | 514,354  **[0000740260-24-000200_vtr-20240630.htm:63]**            | 513,150  **[0000740260-24-000248_vtr-20240930.htm:58]**            |
| **Number of Properties Held for Sale**   | 3  **[0000740260-23-000070_vtr-20221231.htm:158]**                  | 2  **[0000740260-23-000106_vtr-20230331.htm:10]**                  | 2  **[0000740260-23-000159_vtr-20230630.htm:15]**                  | 9  **[0000740260-23-000188_vtr-20230930.htm:16]**                  | 17  **[0000740260-24-000067_vtr-20231231.htm:166]**                 | 24  **[0000740260-24-000139_vtr-20240331.htm:15]**                 | 3  **[0000740260-24-000200_vtr-20240630.htm:20]**                  | 4  **[0000740260-24-000248_vtr-20240930.htm:14]**                  |
| **Real Estate Impairments (USD Millions)**     | N/A                      | 8.6  **[0000740260-23-000106_vtr-20230331.htm:10]**                | 10.7  **[0000740260-23-000159_vtr-20230630.htm:15]**               | 72.7  **[0000740260-23-000188_vtr-20230930.htm:16]**               | N/A                      | 5.4  **[0000740260-24-000139_vtr-20240331.htm:15]**                | 44.9  **[0000740260-24-000200_vtr-20240630.htm:20]**               | 17.3  **[0000740260-24-000248_vtr-20240930.htm:14]**               |
| **Management Fees (USD Millions)**             | 13.4  **[0000740260-23-000070_vtr-20221231.htm:162]**               | 3.6  **[0000740260-23-000106_vtr-20230331.htm:12]**                | 3.6  **[0000740260-23-000159_vtr-20230630.htm:18]**                | 3.6  **[0000740260-23-000188_vtr-20230930.htm:18]**                | 3.6  **[0000740260-24-000139_vtr-20240331.htm:16]**                | 3.9  **[0000740260-24-000139_vtr-20240331.htm:16]**                | 3.9  **[0000740260-24-000200_vtr-20240630.htm:21]**                | 4.0  **[0000740260-24-000248_vtr-20240930.htm:15]**                |
| **Senior Housing Communities (%)**             | 66.3  **[0000740260-23-000070_vtr-20221231.htm:109]**               | 66.4  **[0000740260-23-000106_vtr-20230331.htm:31]**               | 65.6  **[0000740260-23-000159_vtr-20230630.htm:43]**               | 65.6  **[0000740260-23-000188_vtr-20230930.htm:42]**               | 65.8  **[0000740260-24-000067_vtr-20231231.htm:115]**               | 65.8  **[0000740260-24-000139_vtr-20240331.htm:37]**               | 66.4  **[0000740260-24-000200_vtr-20240630.htm:44]**               | 66.0  **[0000740260-24-000248_vtr-20240930.htm:39]**               |
| **Outpatient Medical Buildings (%)**           | 18.0  **[0000740260-23-000070_vtr-20221231.htm:109]**               | 18.0  **[0000740260-23-000106_vtr-20230331.htm:31]**               | 19.5  **[0000740260-23-000159_vtr-20230630.htm:43]**               | 19.7  **[0000740260-23-000188_vtr-20230930.htm:42]**               | 20.4  **[0000740260-24-000067_vtr-20231231.htm:115]**               | 20.4  **[0000740260-24-000139_vtr-20240331.htm:37]**               | 20.5  **[0000740260-24-000200_vtr-20240630.htm:44]**               | 20.4  **[0000740260-24-000248_vtr-20240930.htm:39]**               |
| **Research Centers (%)**                       | 6.9  **[0000740260-23-000070_vtr-20221231.htm:109]**                | 7.0  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 6.7  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 6.6  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 5.7  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 5.7  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 5.6  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 5.5  **[0000740260-24-000248_vtr-20240930.htm:39]**                |
| **Other Healthcare Facilities (%)**            | 4.9  **[0000740260-23-000070_vtr-20221231.htm:109]**                | 4.9  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 4.7  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 4.7  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 4.8  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 4.8  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 4.7  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 4.8  **[0000740260-24-000248_vtr-20240930.htm:39]**                |
| **Inpatient Rehabilitation Facilities (%)**    | 1.5  **[0000740260-23-000070_vtr-20221231.htm:109]**                | 1.5  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 1.6  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 1.6  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 1.5  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 1.5  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 1.5  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 2.1  **[0000740260-24-000248_vtr-20240930.htm:39]**                |
| **Skilled Nursing Facilities (%)**             | 0.6  **[0000740260-23-000070_vtr-20221231.htm:109]**                | 0.6  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 1.8  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 1.7  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 1.7  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 1.7  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 1.3  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 1.2  **[0000740260-24-000248_vtr-20240930.htm:39]**                |
| **Secured Loans Receivable and Investments (%)**| 1.8  **[0000740260-23-000070_vtr-20221231.htm:109]**                | 1.6  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 0.1  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 0.1  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 0.1  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 0.1  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 0.0  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 0.0  **[0000740260-24-000248_vtr-20240930.htm:39]**                |
| **Atria (%)**                                 | 26.0  **[0000740260-23-000106_vtr-20230331.htm:31]**               | 26.0  **[0000740260-23-000106_vtr-20230331.htm:31]**               | 25.1  **[0000740260-23-000159_vtr-20230630.htm:43]**               | 23.6  **[0000740260-23-000188_vtr-20230930.htm:42]**               | 23.5  **[0000740260-24-000067_vtr-20231231.htm:115]**               | 23.6  **[0000740260-24-000139_vtr-20240331.htm:37]**               | 22.6  **[0000740260-24-000200_vtr-20240630.htm:44]**               | 22.2  **[0000740260-24-000248_vtr-20240930.htm:39]**               |
| **Sunrise (%)**                               | 9.8  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 9.9  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 9.5  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 9.3  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 9.0  **[0000740260-24-000067_vtr-20231231.htm:115]**                | 8.9  **[0000740260-24-000139_vtr-20240331.htm:37]**                | 9.5  **[0000740260-24-000200_vtr-20240630.htm:44]**                | 10.3  **[0000740260-24-000248_vtr-20240930.htm:39]**               |
| **Lillibridge (%)**                           | 9.3  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 9.3  **[0000740260-23-000106_vtr-20230331.htm:31]**                | 9.1  **[0000740260-23-000159_vtr-20230630.htm:43]**                | 9.4  **[0000740260-23-000188_vtr-20230930.htm:42]**                | 10.2  **[0000740260-24-000067_vtr-20231231.htm:115]**               | 10.2  **[0000740260-24-000139_vtr-20240331.htm:37]**               | 10.3  **[0000740260-24-000200_vtr-20240630.htm:44]**               | 10.1  **[0000740260-24-000248_vtr-20240930.htm:39]**               |

4dafb2ae1b610735d9a80b2605a4809870ca1231ce8b45e676b97c67138cdc19

1. 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?  **[VTR_3396368_2]** 

2. 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?  **[VTR_3396368_6]** 

3. 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?  **[VTR_3396368_21]** 

4. 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?  **[VTR_3396368_15]** 

5. 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?  **[VTR_3396368_16]** 

519624f5cc72a3a1d3d1517a1a3dcbed5c96658c4764ca7803e5ba97f6404ef3

2d2be033d46ca3958cc65b4be5d11aaa46c9fdaee86b292bf440a83b1ef078fe

cbac219f862df3e4ec502b8687effca9c7e34b48d9d3752b10c455d7b3f9dfd8

SHOP

OM&R

Non-Segment

- Income from Loans and Investments

- Interest and Other Income

Total Revenue

7e437f2e272393e4344552a495d0bea39e6c6e4241976504be964a1936597493

**Net Operating Income (USD Thousands)**

**Number of Properties Held for Sale**

**Real Estate Impairments (USD Millions)**

**Management Fees (USD Millions)**

**Senior Housing Communities (%)**

**Outpatient Medical Buildings (%)**

**Research Centers (%)**

**Other Healthcare Facilities (%)**

**Inpatient Rehabilitation Facilities (%)**

**Skilled Nursing Facilities (%)**

**Secured Loans Receivable and Investments (%)**

**Atria (%)**

**Sunrise (%)**

**Lillibridge (%)**

aeeca90b260ee4250cc16433670b88d05fa6abba103065391126aaf865676dc1

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Income Attributable to Common Stockholders**: $0.07 to $0.13 per diluted share  **[VTR_3396368_7]** .
  2. **Normalized FFO Per Share**: Midpoint increased to $3.15 per share  **[VTR_3396368_7]** .
  3. **Same-Store Cash NOI Growth**: 7.25% year-over-year  **[VTR_3396368_7]** .
  4. **SHOP Same-Store NOI Growth**: 14.5% at the midpoint  **[VTR_3396368_4]** .
  5. **Occupancy Growth**: About 280 basis points  **[VTR_3396368_4]** .
  6. **RevPOR Target**: 5%  **[VTR_3396368_11]** .
  7. **OpEx Growth**: 2.5%  **[VTR_3396368_21]** .
  8. **Equity Funded Investments**: $400 million  **[VTR_3396368_7]** .
  9. **Acquisitions Impact**: $0.025 increased guidance on FFO  **[VTR_3396368_12]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Income Attributable to Common Stockholders**: $0.03 to $0.11 per diluted share  **[VTR_3382496_5]** .
  2. **Normalized FFO Per Share**: Midpoint increased to $3.14 per share  **[VTR_3382496_5]** .
  3. **Total Company Same-Store Cash NOI Growth**: 7%  **[VTR_3382496_5]** **[VTR_3382496_2]** .
  4. **SHOP Same-Store Cash NOI Growth**: 12% to 16%  **[VTR_3382496_3]** .
  5. **SHOP Occupancy Growth**: About 270 basis points  **[VTR_3382496_3]** .
  6. **RevPOR**: 5%  **[VTR_3382496_29]** **[VTR_3382496_3]** .
  7. **Total Revenue Growth for SHOP**: 8%  **[VTR_3382496_3]** .
  8. **OpExPOR Growth**: 2.5%  **[VTR_3382496_3]** .
  9. **Capital Recycling Proceeds**: $300 million  **[VTR_3382496_5]** .
  10. **FAD CapEx**: $250 million  **[VTR_3382496_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Normalized FFO Guidance**: $3.07 to $3.18 per share, midpoint $3.13  **[VTR_3373706_5]** .
  2. **Net Income Attributable to Common Stockholders**: $0.06 per share at midpoint  **[VTR_3373706_5]** .
  3. **Same-Store Cash NOI Growth**: 5% to 7.5%  **[VTR_3373706_5]** .
  4. **SHOP Portfolio**:
     - NOI Growth: 10% to 15%  **[VTR_3373706_3]** .
     - Occupancy Growth: 250 basis points  **[VTR_3373706_3]** .
     - REVPOR Growth: 5%  **[VTR_3373706_3]** .
  5. **Interest Expense**: Increase of $0.11 per share  **[VTR_3373706_8]** .
  6. **Senior Housing Investments**: $350 million  **[VTR_3373706_6]** .
  7. **Debt Maturities**: $1.2 billion  **[VTR_3373706_8]** .
  8. **Capital Recycling**: $100 million  **[VTR_3373706_21]** .
  9. **Redevelopment CapEx**: $175 million  **[VTR_3373706_21]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about Ventas' guidance for Q3 2024. The available information pertains to the Q2 2024 earnings call and guidance updates for the full year 2024.

df9cb957e1215dcb5a73624aba2e29c95166a6781d3d15d6f155e41e70d57a2a

| Name                  | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Debra A. Cafaro       | Chairman and Chief Executive Officer                                     | 1999               | Debra A. Cafaro has been the **Chief Executive Officer** and a **director** of Ventas, Inc. since **1999** and has served as the **Chairman of the Board of Directors** since **2003**. Under her leadership, Ventas has transformed into one of the world's foremost REITs, with the company's market capitalization growing significantly  **[0000740260-24-000094_vtr-20240402.htm:48]** **[0000740260-24-000094_vtr-20240402.htm:14]** . |
| Robert F. Probst      | Executive Vice President and Chief Financial Officer                     | October 2014       | Robert F. Probst has been the **Executive Vice President and Chief Financial Officer** of Ventas, Inc. since **October 2014**. He plays a key role in finance, accounting, IT, tax, strategy, and investor relations  **[0000740260-24-000094_vtr-20240402.htm:48]** **[0001308179-23-000537_vtr4121871-def14a.htm:53]** .                                                                                                                                                     |
| Peter J. Bulgarelli   | Executive Vice President, Outpatient Medical & Research; President and CEO, Lillibridge Healthcare Services, Inc. | April 2018         | Peter J. Bulgarelli joined Ventas in **April 2018** and is responsible for Ventas's integrated outpatient medical and research platform, including outpatient medical and university-based research center portfolios  **[0000740260-24-000094_vtr-20240402.htm:49]** **[0001308179-23-000537_vtr4121871-def14a.htm:53]** .                                                                                                             |
| J. Justin Hutchens    | Executive Vice President, Senior Housing and Chief Investment Officer    | March 2020         | J. Justin Hutchens has been serving as the **Executive Vice President, Senior Housing** since **March 2020** and was appointed **Chief Investment Officer** in **January 2023**. He manages the company's senior housing portfolio and capital allocation strategy  **[0000740260-24-000094_vtr-20240402.htm:49]** **[0000740260-24-000094_vtr-20240402.htm:55]** **[0001308179-23-000537_vtr4121871-def14a.htm:54]** .                                                               |
| Carey S. Roberts      | Executive Vice President, General Counsel and Ethics & Compliance Officer | March 2020         | Carey S. Roberts has been serving as the **Executive Vice President, General Counsel, and Ethics & Compliance Officer** since **March 2020**. She oversees legal, compliance, and enterprise risk management functions and ESG initiatives  **[0000740260-24-000094_vtr-20240402.htm:49]** **[0001308179-23-000537_vtr4121871-def14a.htm:54]** .                                                                                         |
| Theodore Bigman       | Board Member, Investment Committee Member                                | 2024               | Theodore R. Bigman joined the Board of Directors in **2024**. He has over **30 years** of investment experience in the REIT industry and previously held senior positions at Morgan Stanley Investment Management  **[0000740260-24-000094_vtr-20240402.htm:13]** **[0000740260-24-000094_vtr-20240402.htm:1]** **[0000740260-24-000094_vtr-20240402.htm:40]** .                                                                                                                |
| Joe V. Rodriguez, Jr. | Board Member, Nominating, Governance and Corporate Responsibility Committee Member | March 4, 2024      | Joe V. Rodriguez, Jr. has been serving on the Board since **March 4, 2024**. He brings significant experience in capital markets, finance, and portfolio management  **[0000740260-24-000094_vtr-20240402.htm:21]** **[0000740260-24-000094_vtr-20240402.htm:40]** .                                                                                                                                                                |
| Roxanne M. Martino    | Lead Independent Director (effective following the 2024 Annual Meeting)  | 2016               | Roxanne M. Martino has been a director since **2016** and was appointed as the Lead Independent Director effective immediately following the 2024 Annual Meeting. She has extensive experience as an institutional investor and industry leader  **[0000740260-24-000094_vtr-20240402.htm:17]** **[0000740260-24-000094_vtr-20240402.htm:1]** .                                                                                   |
| James D. Shelton      | Retiring Lead Independent Director (effective immediately prior to the 2024 Annual Meeting) | 2008               | James D. Shelton has served as the Lead Independent Director since 2016 and has been a director since **2008**. He has extensive experience in healthcare, executive leadership, and strategic planning  **[0000740260-24-000094_vtr-20240402.htm:36]** **[0001308179-23-000537_vtr4121871-def14a.htm:20]** .                                                                                                                         |

17b943270e441ce8f8c6795dd05ee80fe7cefbd4a7aba54c17cea635cb588e36

United States

Canada

United Kingdom

Other

fc85432b25a14eb5a0dfa04d5e8161dccad346a574e254c5aba763066e6bc509

| Program Details          | Program 1 |
|--------------------------|-----------|
| Approval Date            | N/A       |
| End Date/Duration        | N/A       |
| Total additional amount  | N/A       |
| Remaining authorization  | N/A       |
| Details                  | **The company does not have a publicly announced repurchase plan or program in effect.** The repurchases of common stock that have been made are primarily for the purpose of **withholding shares to pay taxes on the vesting of restricted stock and restricted stock units (including time-based and performance-based awards), or to pay taxes and/or exercise price on the exercise of stock options granted to employees**.  **[0000740260-24-000248_vtr-20240930.htm:76]** **[0000740260-24-000067_vtr-20231231.htm:86]** **[0000740260-23-000188_vtr-20230930.htm:78]** **[0000740260-24-000200_vtr-20240630.htm:80]** **[0000740260-24-000139_vtr-20240331.htm:67]** **[0000740260-23-000159_vtr-20230630.htm:76]** **[0000740260-23-000106_vtr-20230331.htm:59]** **[0000740260-22-000167_vtr-20220930.htm:74]**  |

48b122589600c1eb2228afb1b33a415f00fcac42bbeeb79fe423d2ee077a965b

**Annual guidance for FY 2024:**
- **Net income**: $0.09 to $0.13  **[VTR_3405114_6]**  (raised from $0.07 to $0.13  **[VTR_3396368_7]** )  
- **Normalized FFO per share**: $3.16  **[VTR_3405114_6]**  (raised from $3.15  **[VTR_3396368_7]** )  
- **Total company same-store cash NOI growth**: 7.4%  **[VTR_3405114_6]**  (raised from 7.25%  **[VTR_3396368_7]** )  
- **SHOP same-store cash NOI growth**: 15%  **[VTR_3405114_6]**  (raised from 14.5%  **[VTR_3396368_4]** )  
- **SHOP occupancy growth expectations**: about 290 basis points  **[VTR_3405114_3]**  (raised from 280 basis points  **[VTR_3396368_4]** )  
- **RevPOR and OpExPOR spread**: ~300 basis points  **[VTR_3405114_11]**  (no prior guidance)  
- **Year-to-date RevPOR growth vs. OpExPOR growth**: 300 basis points difference  **[VTR_3405114_3]**  (no prior guidance)  
- **Senior housing investments**: $1.7 billion  **[VTR_3405114_6]**  (no prior guidance)  

55da141605b45d73484a46a5dceccc4913911b6651cae8713cd7e93b2eabba3e

| Name         | Start Date   | End Date   | Reason for Change                                                                                     |
|--------------|--------------|------------|-------------------------------------------------------------------------------------------------------|
| KPMG LLP     | July 9, 2014  **[0001104659-14-051209_a14-16895_28k.htm:1]**  | Present | Current auditor.                                                                                 |
| Ernst & Young LLP (EY) | N/A       | July 5, 2014  **[0001104659-14-050793_a14-16895_18k.htm:1] [0001104659-14-051209_a14-16895_2ex99d1.htm:0] [0001104659-14-051209_a14-16895_28k.htm:1]**  | EY determined it was not independent due to an inappropriate personal relationship.  **[0001104659-14-050793_a14-16895_18k.htm:1] [0001104659-14-051209_a14-16895_2ex99d1.htm:0] [0001104659-14-051209_a14-16895_28k.htm:1]**  |

00815cd34d359a7b244254bdefa6c77601e490f2d84464499335087329a2d063

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

d7ced7738ee1dcf71576daabb42c8206dc4f62611a14430c7d837fb88ccf9059

26e18a0489e8f9a8adfe52228b8128bc5f6cd8dfc20206e481a97ed4578b38dd

ffeb7d03b6ea1e7652098307a8af7c440432f7b25711da82abf85c6d8b7a407c

| Year | Amount Due (in billions) | Debt Type                           | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|-----------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | 1.822 **[0000740260-24-000248_vtr-20240930.htm:20]**                | 2.65% Senior Notes, 3.50% Senior Notes, Unsecured Term Loan **[0000740260-24-000248_vtr-20240930.htm:17]** | 2.65 - 3.50 **[0000740260-24-000248_vtr-20240930.htm:17]**    | 13.2% = (1.822 / 13.772) * 100 **[0000740260-24-000248_vtr-20240930.htm:70]** **[0000740260-24-000248_vtr-20240930.htm:20]**                                    |
| 2026     | 2.077 **[0000740260-24-000248_vtr-20240930.htm:20]**                | 4.125% Senior Notes, 3.75% Exchangeable Senior Notes, 3.25% Senior Notes **[0000740260-24-000248_vtr-20240930.htm:17]** | 3.25 - 4.125 **[0000740260-24-000248_vtr-20240930.htm:17]**   | 15.1% = (2.077 / 13.772) * 100 **[0000740260-24-000248_vtr-20240930.htm:70]** **[0000740260-24-000248_vtr-20240930.htm:20]**                                    |
| 2027     | 1.618 **[0000740260-24-000248_vtr-20240930.htm:20]**                | Unsecured Term Loans, 2.45% Senior Notes Series G (CAD), 3.85% Senior Notes **[0000740260-24-000248_vtr-20240930.htm:17]** | 2.45 - 3.85 **[0000740260-24-000248_vtr-20240930.htm:17]**    | 11.7% = (1.618 / 13.772) * 100 **[0000740260-24-000248_vtr-20240930.htm:70]** **[0000740260-24-000248_vtr-20240930.htm:20]**                                    |
| 2028     | 1.530 **[0000740260-24-000248_vtr-20240930.htm:20]**                | 4.00% Senior Notes, 5.398% Senior Notes Series I (CAD) **[0000740260-24-000248_vtr-20240930.htm:17]**      | 4.00 - 5.398 **[0000740260-24-000248_vtr-20240930.htm:17]**   | 11.1% = (1.530 / 13.772) * 100 **[0000740260-24-000248_vtr-20240930.htm:70]** **[0000740260-24-000248_vtr-20240930.htm:20]**                                    |
| Thereafter | 6.668 **[0000740260-24-000248_vtr-20240930.htm:20]**              | Various Senior Notes maturing 2029-2049 **[0000740260-24-000248_vtr-20240930.htm:17]**                     | 2.50 - 6.90 **[0000740260-24-000248_vtr-20240930.htm:17]**    | 48.4% = (6.668 / 13.772) * 100 **[0000740260-24-000248_vtr-20240930.htm:70]** **[0000740260-24-000248_vtr-20240930.htm:20]**                                    |

802148b204cf6208dc5a2d714c35f0680037d452f09321f355ecb99b96f3b131

55bbf63de7e95e2564bd64f51afe0b349cb0f442cd9cb1f03912111150d1b0f9

1. **Kindred Lease Negotiations**  
   **Q:** Why reduce Kindred's rent if business is improving?  
   **A:** We are in advanced discussions to extend the lease on 23 LTACs, aiming to improve Ventas's enterprise value, maximize NOI, strengthen the master lease, and support Kindred's success.  **[VTR_3396368_8]**  Although the business is improving, we expect a **25% to 30% rent reduction** to align with these goals.  **[VTR_3396368_19]**  We have various tools to structure the lease extension, balancing capturing as much NOI as possible and fostering Kindred's future success.  **[VTR_3396368_19]** 

2. **Acquisition Strategy and Impact**  
   **Q:** What's driving the increased acquisitions and their impact?  
   **A:** We are excited about opportunities to invest in senior housing, focusing on markets with strong fundamentals and partnering with good operators.  **[VTR_3396368_12]**  The acquisitions, totaling **$400 million** forecasted to close this year, contribute approximately **$0.025** to increased FFO guidance.  **[VTR_3396368_12]**  These investments are accretive from the start and consistent with our strategy.  **[VTR_3396368_12]**  We target going-in yields above **8%**, with unlevered IRRs in the low to mid-teens.  **[VTR_3396368_13]** 

3. **SHOP Guidance and Growth**  
   **Q:** Can you sustain mid-teens SHOP NOI growth?  
   **A:** We've raised occupancy and NOI expectations due to strong performance, growing SHOP NOI by **15%** in the first half and guiding **14.5%** for the year.  **[VTR_3396368_21]**  While seasonality may impact the second half, we remain confident in robust year-over-year growth.  **[VTR_3396368_21]**  RevPOR is affected by strong occupancy growth in mid-price point products, influencing the weighted average, but overall revenue growth remains strong.  **[VTR_3396368_11]** 

4. **Operating Expenses and Margins**  
   **Q:** Why anticipate higher operating expenses ahead?  
   **A:** The increase to **2.5%** OpEx growth is due to normal seasonality and inflation expectations.  **[VTR_3396368_21]**  Last year, contract labor costs decreased significantly in the second half; we don't expect the same dynamic this year.  **[VTR_3396368_23]**  Utilities and other seasonal impacts may also contribute to higher expenses in the latter half.  **[VTR_3396368_21]** 

5. **Brookdale Lease Expirations**  
   **Q:** What's the outlook for expiring Brookdale leases?  
   **A:** The Brookdale lease is well-covered and performing well.  **[VTR_3396368_25]**  Brookdale can choose to extend the lease by the end of November; if they do, rent will escalate in 2026 by at least **3%**, up to **10%** based on fair market value.  **[VTR_3396368_25]**  Given the strong performance and growth opportunity, we are comfortable with any outcome.  **[VTR_3396368_25]** 

6. **Leverage and Capital Allocation**  
   **Q:** Are you preparing for larger investments by deleveraging?  
   **A:** Our strategy aims to enhance enterprise growth, expand our SHOP footprint, and improve our balance sheet.  **[VTR_3396368_33]**  Organic SHOP growth contributes significantly to leverage improvement, providing **40 basis points** reduction in net debt-to-EBITDA.  **[VTR_3396368_33]**  Equity-funded investments add to this, and we are focused on maintaining a leverage range of **5x to 6x** to enable strategic flexibility.  **[VTR_3396368_33]** 

7. **Atria Sunrise Management Contracts**  
   **Q:** Will you align management contracts more to bottom line?  
   **A:** We've updated the Sunrise contract to align fees with revenue and NOI performance.  **[VTR_3396368_20]**  For the legacy Atria portfolio, upcoming windows in the next few years will allow us to improve alignment further.  **[VTR_3396368_20]**  We're focused on operational alignment across our SHOP portfolio to ensure strong bottom-line performance.  **[VTR_3396368_20]** 

8. **Canada SHOP Performance**  
   **Q:** What's the upside in highly occupied Canadian properties?  
   **A:** Canada has performed well, with same-store NOI growth of **12%** in Q2, driven by rate growth and occupancy increasing **170 basis points**.  **[VTR_3396368_22]**  Occupancy is now at **96%**, and while we don't expect continued double-digit growth, it's been a strong contributor this year.  **[VTR_3396368_22]** 

9. **Exchangeable Notes Accounting**  
   **Q:** How do in-the-money notes affect potential dilution?  
   **A:** The exchangeable notes, with a conversion price just below **$55**, are accounted for in fully diluted shares, having a modest impact that's embedded in our guidance.  **[VTR_3396368_16]**  It's considered a high-quality situation with minimal effect on this year's numbers.  **[VTR_3396368_16]** 

10. **Stay-at-Home vs. Senior Care Costs**  
    **Q:** Is staying at home cheaper than senior care?  
    **A:** Studies show it's more expensive to stay at home when accounting for replacing all services provided by senior housing.  **[VTR_3396368_15]**  Seniors in our facilities enjoy better security, socialization, and overall quality of life.  **[VTR_3396368_15]**  Costs like maintenance, taxes, insurance, and meals are consolidated, making senior housing a more economical choice.  **[VTR_3396368_15]** 

585982e2f1f0890c1fd7266c6b7e67cf8db25df816c36d9ffd6c8070170125ad

- **Significant Rent Reduction from Kindred Lease Renewals:** Ventas is close to a transaction with Kindred that would result in a **25% to 30% full-year rent reduction** on 23 Long-term Acute Care Hospitals starting May 1, 2025. These LTACs represent about **5% of Ventas' NOI or $110 million annually**, indicating a substantial decrease in future income from these properties.  **[VTR_3396368_2]** ,  **[VTR_3396368_8]**
- **Reliance on Aggressive Growth Projections in Senior Housing Investments:** The company is investing in senior housing assets with **going-in yields above 8%**, targeting **unlevered IRRs in the low to mid-teens**. These returns are based on assumptions of significant **occupancy and NOI growth**, which may not materialize as expected, posing a risk to the projected investment performance.  **[VTR_3396368_37]** ,  **[VTR_3396368_13]**
- **Potential Deceleration in SHOP NOI Growth Due to Seasonal Expenses:** Ventas anticipates that **same-store SHOP NOI growth may decelerate** in the second half of the year due to seasonal factors and potential increases in operating expenses, such as utilities and labor costs. This could limit overall NOI growth despite strong performance in the first half.  **[VTR_3396368_21]** ,  **[VTR_3396368_30]**

6af789f280da363ba7f4e5f5aaa965a10ca5cea2f14b36097d79f0b96aef4b5c

- **Decline in occupancy within the Medical Office Building (MOB) portfolio to 91.7%**, indicating potential challenges in tenant retention and leasing.  **[VTR_3364366_16]**
- **Adjustments to pricing strategies in the Sunrise portfolio**, including dialing back the timing or magnitude of rate increases to drive occupancy, which may suggest pricing pressures in the senior housing market.  **[VTR_3364366_7]**
- **Operational risks associated with transitioning operators** in the Holiday by Atria and upcoming lease expirations with Brookdale, indicating potential challenges in portfolio management.  **[VTR_3364366_17]**

9fe33b713092240732b0efe2ef89599b0ef72ffadf4f75d4bc5e7ca7eb36e3e3

1. **Kindred Lease Extension**  
   **Q:** Why was the Kindred lease extended by one month?  
   **A:** Debra Cafaro explained that Ventas is engaged in active discussions with Kindred and others to get the right outcome, optimizing Ventas' value and NOI. The **one-month extension** allows more time to reach a good resolution. It's more likely that Kindred would be part of the solution going forward.  **[VTR_3382496_8]** **[VTR_3382496_10]** **[VTR_3382496_23]** 

2. **Occupancy Growth and Margin Impact**  
   **Q:** How does occupancy growth affect margins?  
   **A:** Justin Hutchens noted that Ventas sees significant occupancy upside of **1,000 basis points** in core markets over the next few years. Each **100 basis points** of occupancy gain leads to considerable margin expansion due to operating leverage in the business.  **[VTR_3382496_6]** **[VTR_3382496_7]** 

3. **Acquisitions and Funding Strategy**  
   **Q:** How will acquisitions be funded amid higher leverage?  
   **A:** Robert Probst stated that the attractive financial returns on senior housing investments make them feasible even at the current cost of capital. Ventas funded recent acquisitions with equity and plans to use additional disposition proceeds as a source of funds, aiming for **capital recycling** to build more dry powder.  **[VTR_3382496_14]** **[VTR_3382496_20]** **[VTR_3382496_25]** 

4. **SHOP Performance and Guidance**  
   **Q:** Are SHOP acceleration trends continuing?  
   **A:** Justin Hutchens confirmed that occupancy is accelerating, with U.S. SHOP expected to achieve over **300 basis points** of occupancy growth this year. However, given the key selling season is just starting, Ventas is cautious in forecasting future same-store NOI growth acceleration.  **[VTR_3382496_16]** **[VTR_3382496_21]** **[VTR_3382496_22]** 

5. **Brookdale Lease Structure**  
   **Q:** Could the Brookdale lease change from triple net to SHOP?  
   **A:** Debra Cafaro acknowledged that the Brookdale lease, representing about **7%** of NOI and with coverage improved to **1.3x**, offers many positive options for Ventas when it comes up at the end of **2025**. They are considering various structures, focused on optimizing outcomes.  **[VTR_3382496_13]** **[VTR_3382496_18]** 

6. **Potential Distress Due to Loan Maturities**  
   **Q:** How much distress is expected from upcoming loan maturities?  
   **A:** Debra Cafaro indicated that a significant percentage of the **$19 billion** in senior housing loans maturing may face refinancing difficulties without additional equity, due to lower LTVs, higher rates, and NOIs not fully recovered. This creates acquisition opportunities for Ventas.  **[VTR_3382496_28]** 

7. **IL vs. AL Segment Performance**  
   **Q:** How does SHOP outlook vary between AL and IL?  
   **A:** Justin Hutchens explained that Assisted Living (AL) is currently leading growth, contributing most of the NOI increase, especially in the U.S. Independent Living (IL) shows promising occupancy trends and is expected to contribute more to NOI growth in **2025** due to high operating leverage.  **[VTR_3382496_26]** **[VTR_3382496_27]** 

8. **Outpatient Medical Occupancy Decline**  
   **Q:** What caused the occupancy decline in outpatient medical?  
   **A:** Robert Probst noted that despite strong leasing activity, the **40 basis point** occupancy decline was due to health systems executing their strategies, such as consolidating spaces. Much of the vacated **72,000 square feet** has been immediately re-leased.  **[VTR_3382496_29]** 

9. **RevPOR Guidance and Street Rate Growth**  
   **Q:** What underpins confidence in RevPOR growth acceleration?  
   **A:** Justin Hutchens stated that Ventas expects approximately **5%** RevPOR growth, consistent with the first quarter's **4.7%**. The company is focusing on price-volume optimization, balancing rate increases with occupancy growth, and leveraging demand to drive total revenue.     

b943d8c8c5ce70c46fe9512c662c1f0bcd4cf8d4601a6ee7aa0b912da93d987a

- **Ventas's U.S. senior housing portfolio achieved 24.5% same-store NOI growth in 2023 and expects mid- to high-teens growth in 2024**, driven by increasing occupancy rates from around 80-81% and strong demand during the key selling season (May to September).  **[VTR_3373706_24]**
- **The company anticipates continued occupancy growth and margin expansion in its U.S. senior housing assets**, leading to higher NOI and operating leverage, providing a strong foundation for growth into 2025 and beyond.  **[VTR_3373706_24]**
- **Ventas is actively pursuing senior housing acquisitions with going-in cap rates around 7%, low to mid-teens unlevered IRRs, and 20% to 30% discounts to replacement cost**, planning to invest **$350 million** in such opportunities in 2024.  **[VTR_3373706_12]**

923b9c6ef8d25743a740f73caa31fda724e988096b1639c87dbd6c6da75facd0

- Ventas' outpatient medical business experienced a **sequential occupancy decline of 40 basis points**, equating to **72,000 square feet** of lost occupancy during the quarter due to tenant move-outs.  **[VTR_3382496_27]**
- The trailing 12-month **EBITDARM coverage ratio** for the Kindred lease portfolio remains low at **0.9x** for the past three quarters, indicating that coverage has **not yet improved** despite operational efficiency initiatives.  **[VTR_3382496_9]**
- The company's acquisitions are **not immediately accretive** to earnings, with going-in yields being roughly **neutral** relative to the cost of capital, which may impact near-term earnings growth.  **[VTR_3382496_20]**

20132af35a88fb2381d3512d65dbcfa601a3ac6c61b0cd152d4e1205cde5d428

- **Ventas is focusing on expanding in senior housing investments**, leveraging their significant expertise and aiming for **low to mid double-digit IRRs**.  **[VTR_3364366_9]**  They are actively pursuing both smaller and larger opportunities to grow their portfolio.  **[VTR_3364366_19]**
- Their largest development project in **Charlotte, North Carolina, is already 80% pre-leased**, with **Siemens signing a large lease**, demonstrating strong demand and successful execution in their Research & Innovation segment.  **[VTR_3364366_11]**
- The company continues to experience **significant pricing power in their SHOP business**, with both **price and occupancy increasing**, driven by **broad-based demand** and effective **price-volume optimization** strategies, indicating strong future revenue and NOI growth.  **[VTR_3364366_13]** **[VTR_3364366_18]**

3381fdc56c427cb6ff648850124f0bbbcaf4805c57a365c0efbf5eb1e3352bf4

- **Ventas (VTR) is focusing on expanding its senior housing portfolio**, planning to make it a larger part of their overall business due to compelling investment opportunities in the sector.  **[VTR_3382496_19]** ,  **[VTR_3382496_21]** ,  **[VTR_3382496_6]**
- **The company is making attractive investments in senior housing with high going-in yields (in the high 7s) and mid-teens unlevered IRRs**, indicating strong return potential even at the current cost of capital.  **[VTR_3382496_14]** ,  **[VTR_3382496_12]** ,  **[VTR_3382496_20]**
- **Accelerating occupancy in the Senior Housing Operating Portfolio (SHOP) is driving NOI growth and offering significant margin expansion opportunities**, with occupancy gains of **240 to 270 basis points** year-to-date and potential for **1000 basis points** of upside over the next few years.  **[VTR_3382496_22]** ,  **[VTR_3382496_7]** ,  **[VTR_3382496_6]**

16566324bdecf911066f2c5f4e1f236773713d4186938a844c5340cf25c821f7

1. **Kindred Lease Renewal**  
   **Q:** What is the outlook for the Kindred lease renewal?  
   **A:** The Kindred lease expires in May 2025, and we're well-prepared with plans if they choose not to renew. We own the assets and the EBITDAR, and there are alternatives to optimize NOI. Kindred is working on performance improvement initiatives, but it's too early to predict the outcome.  **[VTR_3373706_7]** ,  **[VTR_3373706_11]** ,  **[VTR_3373706_16]** 

2. **Interest Expense Increase**  
   **Q:** Why is interest expense increasing this year?  
   **A:** We have **$1.2 billion** of debt maturing in 2024, originally issued at rates in the **mid-3%** range. Refinancing this debt in the current higher rate environment is dilutive, leading to an expected **$0.11** per share year-over-year increase in interest expense. We've provided guidance to help analysts model this impact.  **[VTR_3373706_8]** 

3. **Acquisition Plans and Funding**  
   **Q:** Can you discuss acquisition opportunities and funding plans?  
   **A:** We're seeing attractive senior housing acquisitions with cap rates around **7%**, at **20%-30%** discounts to replacement cost, targeting unlevered IRRs in the **low to mid-teens**. We've included **$350 million** of investments in our guidance. We believe these deals are accretive, and funding may include prudent equity issuance.  **[VTR_3373706_12]** ,  **[VTR_3373706_19]** ,  **[VTR_3373706_20]** ,  **[VTR_3373706_22]** 

4. **SHOP Occupancy Growth**  
   **Q:** What's driving confidence in SHOP occupancy growth?  
   **A:** We're starting the year **200 basis points** higher in occupancy year-over-year. Move-ins are strong, at **110%** versus prior year in Q4. We're projecting **250 basis points** of occupancy growth at the midpoint of our SHOP guidance, supported by strong demand and execution in the key selling season.  **[VTR_3373706_15]** ,  **[VTR_3373706_18]** 

5. **Litigation Impact**  
   **Q:** What is the class action litigation about?  
   **A:** The adjustment relates to a class action suit involving some of our senior housing properties in California. Such suits happen occasionally but are not part of our core business. We've adjusted for these costs in our FFO.  **[VTR_3373706_14]** ,  **[VTR_3373706_22]** 

6. **NOI Recovery Outlook**  
   **Q:** Has anything changed in views on margins or occupancy?  
   **A:** We removed the NOI recovery slide because we believe the opportunity is even greater. We're focused on achieving beyond pre-pandemic cash flows, with occupancy growth and margin expansion ahead, supported by strong demand.  **[VTR_3373706_20]** 

7. **Outpatient Medical Assets Plans**  
   **Q:** What's being done to improve outpatient medical assets?  
   **A:** We've taken over management of 44 locations, increasing occupancy by about **1%** already. We plan to boost occupancy by about **3%** in 2024, with specific asset plans and some upgrades, expecting long-term upside.  **[VTR_3373706_17]** 

8. **Dispositions and SNF Assets**  
   **Q:** What's the strategy for dispositions and SNF exposure?  
   **A:** We'll continue to opportunistically sell non-core assets, including some Santerre skilled nursing facilities. We've sold some SNFs at very attractive per-bed valuations. Disposition guidance for 2024 is **$100 million**, focused on senior housing non-core assets.  **[VTR_3373706_20]** ,  **[VTR_3373706_24]** 

9. **Normalized FFO Adjustments**  
   **Q:** Explain the $0.13 difference between NAREIT FFO and normalized FFO.  
   **A:** Adjustments include market-based items like **$16 million** in Brookdale warrants, which are marked-to-market and volatile. We adjust these to accurately portray our underlying business performance in normalized FFO.  **[VTR_3373706_21]** 

10. **Potential Rent Reductions**  
    **Q:** What rent reductions are needed for Kindred leases?  
    **A:** It's too early to say. We own the assets and the EBITDAR and aim to optimize NOI. We hope for favorable trends toward 2025, but the outcome depends on how the situation develops.  **[VTR_3373706_16]** 

d0132e11986520846e5680b28bda576c9cfb8fc9ff8a2bc64ed3c380c2266c5a

- **Uncertainty regarding lease renewals with major tenants**: Ventas faces uncertainty with **two large lease renewals in 2025**, including **Brookdale** in senior housing and **Kindred** for a portion of LTACs, with **Kindred's rent coverage remaining challenged**, potentially impacting future NOI.  **[VTR_3373706_10]** **[VTR_3373706_4]** **[VTR_3373706_11]** **[VTR_3373706_9]**
- **Significant adjustments between NAREIT FFO and normalized FFO**: Ventas has **$0.13 per share of normalizing factors** in its guidance, which **complicates earnings predictability** and may mask underlying performance issues. Some of these adjustments, such as the **mark-to-market of Brookdale warrants**, are **impossible to predict**.  **[VTR_3373706_22]**
- **Reduction in redevelopment CapEx and potential equity issuance**: Ventas plans to reduce its **redevelopment CapEx spending** from **$210 million to $175 million** in 2024, and may issue equity to fund investments, potentially leading to **dilution** and raising questions about capital allocation efficiency.  **[VTR_3373706_21]**

25709317fc8a9dd0fb975fbe5d8534c00a11357e05ab17ce676f164e442019f5

- Ventas is acquiring senior housing assets at **attractive initial yields above 8%**, **well below replacement cost at $250,000 per unit**, with significant upside potential, targeting **unlevered IRRs in the low to mid-teens**.  **[VTR_3396368_13]**
- Ventas is strategically **upgrading its portfolio** by selling non-core assets at **low cap rates (2%-3%)**, using data analytics to identify assets with less growth potential, and recycling capital into higher-growth investments.  **[VTR_3396368_32]**
- Ventas' Canadian senior housing portfolio is performing strongly, achieving **12% same-store NOI growth year-over-year in Q2**, with **occupancy at 96% and still growing**, contributing significantly to overall results.  **[VTR_3396368_22]**

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1. **Brookdale Lease Renewal**  
   **Q:** Will Brookdale renew the lease, and what's the impact?  
   **A:** Brookdale has until **November 30** to decide on lease renewal. If they don't renew, Ventas could transition the properties to SHOP operations, leveraging their platform to drive performance. This presents an opportunity to apply their playbook and enhance value, given the properties have **EBITDAR exceeding cash rent**.  **[VTR_3405114_20]** **[VTR_3405114_28]** **[VTR_3405114_33]** 

2. **Acquisition Strategy and Funding**  
   **Q:** Will acquisitions be equity-funded again in 2025?  
   **A:** Ventas plans to continue equity funding acquisitions in 2025, capitalizing on favorable market conditions and an improved cost of capital. This strategy supports their focus on investing in senior housing and has contributed to a **60 basis point improvement** in their net debt to EBITDA ratio year-to-date.  **[VTR_3405114_28]** **[VTR_3405114_32]** 

3. **Competition and Private Equity**  
   **Q:** When will private equity return to senior housing?  
   **A:** Private equity may re-enter as fundamentals strengthen, but Ventas's scale, expertise, and relationships give them a competitive edge. Current market conditions, like higher debt costs, limit private competition, allowing Ventas to acquire attractive assets with less competition.  **[VTR_3405114_15]** **[VTR_3405114_19]** 

4. **Margins and Guidance**  
   **Q:** Why did margins compress this quarter?  
   **A:** Margins compressed sequentially due to seasonal expenses like insurance renewals and typical third-quarter costs. However, year-over-year margins expanded by **150 basis points**, reflecting strong revenue growth outpacing expenses.  **[VTR_3405114_14]** **[VTR_3405114_11]** 

5. **Growth Sustainability**  
   **Q:** Can strong occupancy and RevPOR growth continue?  
   **A:** Ventas expects favorable supply-demand dynamics and pricing power to sustain growth. While some expense benefits from reduced agency costs won't recur, strong leads and tours indicate continued occupancy gains, even expecting growth in the typically weaker fourth quarter.  **[VTR_3405114_16]** **[VTR_3405114_21]** **[VTR_3405114_27]** 

6. **Kindred Transaction Impact**  
   **Q:** What's the non-cash rent impact from Kindred next year?  
   **A:** The non-cash rent impact is in line with prior estimates. The lease restructuring strengthens Kindred's credit profile and includes potential upside through revenue-based rent and warrants, offering a good risk-adjusted return for Ventas.  **[VTR_3405114_29]** **[VTR_3405114_30]** **[VTR_3405114_31]** 

7. **Atria and Holiday Performance**  
   **Q:** How are Atria and Holiday performing?  
   **A:** Atria shows solid execution with occupancy growth, notably in Canada at **97% occupancy**. Holiday has achieved a **400 basis point** occupancy increase year-over-year, contributing significantly to Ventas's independent living segment performance.  **[VTR_3405114_12]** **[VTR_3405114_26]** 

8. **Potential Asset Sales**  
   **Q:** Will you monetize the Canadian portfolio?  
   **A:** Ventas prefers to leverage the fully occupied Canadian portfolio for continued growth rather than selling it. They focus on working with operators to drive performance and see the portfolio as a significant contributor to growth.  **[VTR_3405114_18]** 

9. **Regulatory Impacts**  
   **Q:** Any regulatory concerns affecting senior housing?  
   **A:** Ventas anticipates limited impact from elections on their consumer-driven products. Potential changes in long-term interest rates are noted, but they believe they are well-positioned regardless of regulatory shifts due to their advantaged position over private equity in real estate.  **[VTR_3405114_23]** 

10. **Life Science Investments**  
    **Q:** Is it time to lean into life science investments?  
    **A:** While Ventas believes in the life science sector long-term, they are currently prioritizing investments in senior housing, aligning with their strategic focus and capitalizing on current market opportunities.  **[VTR_3405114_13]** 

11. **Outpatient Medical Portfolio Upside**  
    **Q:** How much upside remains in the ELP portfolio?  
    **A:** Significant upside remains with potential **8% occupancy improvement** to reach portfolio levels. Tenant satisfaction improvements have led to higher retention, occupancy, and NOI growth, exceeding initial expectations.  **[VTR_3405114_24]** 

12. **Supply Outlook in Senior Housing**  
    **Q:** What could spur new supply reemergence?  
    **A:** Supply remains constrained due to lending conditions, high costs, and required net levels. Despite strong demand with the senior population growing by over **500,000 annually**, new construction is lagging, offering a long runway for occupancy growth.  **[VTR_3405114_7]** 

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Ventas Inc (VTR)

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