Ventas, Inc. (NYSE:VTR) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants BJ Grant - SVP, IR Debra Cafaro - Chairman and CEO Justin Hutchens - CIO and EVP, Senior Housing Bob Probst - EVP and CFO Pete Bulgarelli - EVP and President and CEO, Lillibridge Healthcare Services, Inc. Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Steve Sakwa - Evercore ISI Nick Joseph - Citi Juan Sanabria - BMO Capital Markets Mike Mueller - JPMorgan Ronald Kamdem - Morga ...

Financial Performance - Normalized FFO per share was $0.75, a 6% increase compared to the prior year, excluding $0.05 per share of HHS grants received in Q3 2022[11] - Total Company Same-Store Cash NOI grew by 7.9% YoY, driven by SHOP demand and growth in Outpatient Medical and Research Portfolio[11] - The company raised ~$2.8 billion year-to-date at a ~4.9% average cash interest rate to refinance debt and improve liquidity, which stood at $3.1 billion as of September 30[11] SHOP Portfolio - SHOP Same-Store Cash NOI increased by 18.2% YoY, with U S growth at 23.8%[11] - U S AL NOI grew by 38.3% YoY[11] - SHOP portfolio experienced spot occupancy growth of +180bp from June 30 to September 30, led by the U S at +210bp[11] - Canadian portfolio, 95% occupied, grew Same-Store Cash NOI by 6.0% YoY[11] Guidance - The company updated its full-year 2023 Normalized FFO per share guidance, increasing the midpoint to $2.98[11, 13] - Full-Year Total Company Same-Store Cash NOI growth is projected at ~8% at the midpoint[16] - SHOP Same-Store Cash NOI is projected to increase 17%-19%[16] Outpatient Medical and Research Portfolio - Outpatient Medical and Research Portfolio Same-Store Cash NOI grew by 3.1% YoY[11] - The company's outpatient medical platform has 94% affiliation with a health system or hospital[71]

Ventas, Inc. (NYSE:VTR) Bank of America 2023 Global Real Estate Conference September 12, 2023 1:25 PM ET Company Participants Justin Hutchens - EVP, Senior Housing Debra Cafaro - Chairman & CEO Bob Probst - EVP and CFO Conference Call Participants Joshua Dennerlein - BofA Securities Joshua Dennerlein Joining us in our second afternoon session. I'm pleased to be here with the Ventas team. So to my right is Justin Hutchens. To his right is Debra Cafaro. And then on the end is Bob Probst Sorry, long line up. S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM____________TO____________ Commission file number: 1-10989 Ventas, Inc. (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identifi ...

Ventas, Inc. (NYSE:VTR) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants BJ Grant - Senior Vice President, Investor Relations Debra Cafaro - Chairman and CEO Justin Hutchens - Executive Vice President, Senior Housing and CIO Bob Probst - Executive Vice President and CFO Pete Bulgarelli - Executive Vice President, President and CEO, Lillibridge Healthcare Services, Inc. Conference Call Participants Michael Carroll - RBC Capital Markets Joshua Dennerlein - Bank of America Jim K ...

August 3, 2023 Earnings Presentation: Second Quarter 2023 Non-GAAP Financial Measures & Cautionary Statements 2 Certain of the information contained herein, including certain operating and clinical information, such as patient and resident pricing and rate information, lead and move-in data and number of confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this informatio ...

Summary of Ventas, Inc. (NYSE: VTR) Conference Call Company Overview - **Company**: Ventas, Inc. is a leading S&P 500 Real Estate Investment Trust (REIT) with a portfolio valued at approximately $32 billion, focused on serving a large and growing aging demographic [3][2][4]. Key Industry Insights - **Senior Housing Recovery**: The company is experiencing a unique recovery opportunity in senior housing, projecting a 15% to 21% growth in senior housing operating Net Operating Income (NOI) for 2023, with a potential organic growth opportunity exceeding $300 million [3][4]. - **Demographic Trends**: There is a 23% growth in the population over 80 years old, which is expected to drive demand for senior housing [11][10]. - **Market Conditions**: The construction of new senior housing is at an all-time low, which, combined with increasing demand, provides a favorable supply-demand dynamic for Ventas [10][11]. Financial Performance - **First Quarter Results**: The U.S. Senior Housing Operating Portfolio (SHOP) NOI grew over 22%, while the Canadian portfolio saw a 5% increase in NOI, maintaining over 90% occupancy since 2019 [6][7]. - **Expense Management**: Expenses are expected to grow at a slower pace of 5% in 2023 compared to 8% in the previous year, aided by lower agency costs and improved labor management [7][25]. Strategic Initiatives - **CapEx Investments**: Ventas is focusing on repositioning communities to enhance market competitiveness, with 100 projects completed and early returns showing a potential ROI of 20% to 30% [22][21]. - **Outpatient Medical Business**: This segment accounts for 21% of NOI and has shown consistent growth, with seven consecutive quarters of occupancy growth and over 3% NOI growth in six of the last seven quarters [12][13]. Market Positioning - **University-Based Life Science**: Ventas has a strong presence in university-centric life science facilities, partnering with leading institutions like Yale and Penn, which continues to drive demand [14][28]. - **Triple-Net Senior Housing**: The company benefits from its relationship with Brookdale, which has shown significant growth, allowing Ventas to capture upside through rent resets [27]. Future Outlook - **Growth Projections**: The company anticipates continued double-digit growth in senior housing, supported by favorable macroeconomic conditions and strategic asset management initiatives [17][36]. - **Liquidity and Capital Access**: Ventas maintains strong liquidity of $2.6 billion and has successfully refinanced its debt, positioning itself well for future growth [15][15]. Risks and Considerations - **Economic Sensitivity**: While the demand for senior housing is generally inelastic, potential economic slowdowns could impact revenue growth, although historical performance suggests resilience in such environments [34][36]. Conclusion - Ventas is well-positioned to capitalize on the recovery in senior housing and the growing demand from an aging population, supported by strategic investments and a strong financial foundation. The company is focused on maintaining its competitive edge through effective asset management and capital allocation strategies.

2023 Nareit REITweek Investor Presentation June 6 - 7, 2023 Non-GAAP Financial Measures & Cautionary Statements 2 Certain of the information contained herein, including certain operating and clinical information, such as patient and resident pricing and rate information, lead and move-in data and number of confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this informat ...

PART I—FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated financial statements for Ventas, Inc. as of March 31, 2023, and for the three months ended March 31, 2023 and 2022, including Balance Sheets, Statements of Income, Comprehensive Income, Equity, and Cash Flows, along with accompanying notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets decreased to $23.99 billion from $24.16 billion, while total liabilities remained stable at $13.67 billion and total equity declined to $10.06 billion Consolidated Balance Sheet Summary (in thousands) | Account | As of March 31, 2023 | As of December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$23,994,168** | **$24,157,840** | | Net real estate property | $20,999,309 | $21,160,450 | | Cash and cash equivalents | $145,357 | $122,564 | | **Total Liabilities** | **$13,669,680** | **$13,671,513** | | Senior notes payable and other debt | $12,342,506 | $12,296,780 | | **Total Equity** | **$10,064,602** | **$10,221,677** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Total revenues for Q1 2023 increased to $1.08 billion, but net income attributable to common stockholders declined to $17.5 million ($0.04 per diluted share) from $38.7 million ($0.10 per diluted share) in the prior-year period, primarily due to higher expenses Statement of Income Summary (in thousands, except per share data) | Metric | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total revenues | $1,077,245 | $1,017,554 | | Total expenses | $1,065,713 | $979,638 | | Net income | $18,912 | $40,592 | | **Net income attributable to common stockholders** | **$17,517** | **$38,732** | | **Diluted EPS** | **$0.04** | **$0.10** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2023, net cash from operating activities decreased to $242.8 million, investing activities used significantly less cash at $56.3 million, and financing activities reversed from providing $165.4 million to using $162.1 million Cash Flow Summary (in thousands) | Cash Flow Activity | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $242,817 | $274,553 | | Net cash used in investing activities | ($56,280) | ($437,326) | | Net cash (used in) provided by financing activities | ($162,107) | $165,382 | | **Net increase in cash** | **$24,430** | **$2,609** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail Ventas's healthcare REIT business across three segments, its ~1,200 properties, key tenants, $46.4 million in dispositions, $12.3 billion in debt, and the impact of absent prior-year HHS grants on SHOP NOI - Ventas operates a diversified portfolio of **~1,200 healthcare real estate properties** through three segments: Triple-Net Leased Properties, Senior Housing Operating Portfolio (SHOP), and Office Operations[24](index=24&type=chunk)[25](index=25&type=chunk) - Significant tenant/manager concentration exists with Atria, Sunrise, and Brookdale Senior Living, who managed or operated **26.0%**, **9.9%**, and **7.8%** of consolidated real estate investments by gross book value, respectively[39](index=39&type=chunk) - In Q1 2023, the company sold **11 properties** for **$46.4 million**, recognizing a net gain of **$10.2 million**[48](index=48&type=chunk) - Total senior notes payable and other debt stood at **$12.34 billion** as of March 31, 2023. Subsequent to quarter-end, the company issued **C$600 million** of senior notes due 2028 to repurchase notes maturing in 2024[69](index=69&type=chunk)[77](index=77&type=chunk) - On May 1, 2023, the company acquired the Santerre Portfolio by converting its mezzanine loan to equity. This portfolio is subject to an existing **~$1 billion non-recourse senior loan**[52](index=52&type=chunk)[80](index=80&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial condition, operations, and liquidity, highlighting segment performance, NOI decline due to absent prior-year government grants, strategic activities, concentration risks, and non-GAAP measures like FFO and NOI [Company Overview and 2023 Highlights](index=29&type=section&id=Company%20Overview%20and%202023%20Highlights) Ventas, a diversified healthcare REIT, highlights Q1 2023 strategic dispositions, new development commitments, significant financing activities, and the May 1 acquisition of the Santerre Portfolio and sale of Ardent ownership interest for ~$50 million - On May 1, 2023, Ventas acquired the Santerre Portfolio (a diverse pool of MOBs, SHOP communities, SNFs, and hospitals) by converting its mezzanine loan to equity. The portfolio is subject to an existing **~$1 billion non-recourse senior loan**[134](index=134&type=chunk)[135](index=135&type=chunk) - In Q1 2023, the company sold **11 properties** for **$46.4 million** and committed to a new **$61.8 million MOB development** in Roseville, CA, which is **100% pre-leased to Sutter Health**[134](index=134&type=chunk) - In May 2023, Ventas sold **~24%** of its ownership interest in Ardent for **~$50 million**, expecting to recognize a **~$34 million gain** in Q2 2023. Its ownership is now reduced to **~7.5%**[137](index=137&type=chunk) - The company executed several financing activities, including issuing **C$600M** of senior notes due 2028 to refinance debt, entering a new **C$271.8M mortgage**, and executing **$250M** in forward-starting swaps[136](index=136&type=chunk) [Concentration Risk](index=32&type=section&id=Concentration%20Risk) The company monitors concentration risk, with senior housing communities comprising 66.4% of investments, Atria as the largest manager at 26.0% of gross book value, and the SHOP segment contributing 36.0% of total NOI Investment Mix by Asset Type (as of March 31, 2023) | Asset Type | Percentage | | :--- | :--- | | Senior housing communities | 66.4% | | MOBs | 18.0% | | Life science, research and innovation | 7.0% | | Health systems | 4.9% | | All other | 3.7% | Operations Mix by NOI (Q1 2023) | Segment / Tenant | Percentage of NOI | | :--- | :--- | | SHOP | 36.0% | | Brookdale Senior Living | 8.0% | | Ardent | 7.1% | | Kindred | 7.0% | | All others | 41.9% | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Total NOI for Q1 2023 decreased 1.5% to $465.9 million, mainly due to a 4.5% decline in SHOP NOI from absent prior-year HHS grants, with Office and Triple-Net segments also seeing slight decreases, and net income impacted by higher interest expense NOI by Segment (in thousands) | Segment | Q1 2023 NOI | Q1 2022 NOI | % Change | | :--- | :--- | :--- | :--- | | SHOP | $167,771 | $175,591 | (4.5)% | | Office operations | $136,719 | $137,974 | (0.9)% | | Triple-net leased properties | $145,943 | $147,553 | (1.1)% | | **Total NOI** | **$465,865** | **$472,984** | **(1.5)%** | - The SHOP segment's NOI decrease was driven by **$34.0 million of HHS grants** received in Q1 2022, which were not repeated in Q1 2023. Excluding this, performance improved due to higher occupancy and revenue per occupied room[151](index=151&type=chunk) - Same-store SHOP occupancy increased to **81.3%** in Q1 2023 from **80.5%** in Q1 2022, with average monthly revenue per occupied room (RevPOR) increasing to **$4,646** from **$4,352**[153](index=153&type=chunk) - Interest expense increased by **$17.3 million (15.6%)** YoY due to a higher weighted average effective interest rate (**4.04%** in Q1 2023 vs. **3.49%** in Q1 2022)[164](index=164&type=chunk) - Transaction expenses decreased by **$18.6 million** YoY, primarily due to higher costs in 2022 related to stockholder relations matters[167](index=167&type=chunk) [Non-GAAP Financial Measures](index=40&type=section&id=Non-GAAP%20Financial%20Measures) For Q1 2023, Nareit FFO was $294.4 million and Normalized FFO was $296.9 million, lower than Q1 2022's $327.2 million and $316.7 million respectively, primarily because prior year figures included $34.0 million in HHS grants FFO and Normalized FFO Reconciliation (in thousands) | Metric | For the Three Months Ended March 31, 2023 | For the Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income attributable to common stockholders | $17,517 | $38,732 | | Adjustments (Depreciation, Gain on Sale, etc.) | $276,891 | $288,481 | | **Nareit FFO attributable to common stockholders** | **$294,408** | **$327,213** | | Normalizing Adjustments | $2,463 | ($10,558) | | **Normalized FFO attributable to common stockholders** | **$296,871** | **$316,655** | - Normalized FFO for Q1 2022 included **$34.0 million of HHS grants**. Excluding these grants, Normalized FFO for Q1 2023 increased over the same period in 2022[177](index=177&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, Ventas had $2.4 billion in liquidity, with key capital activities including issuing C$600 million in senior notes to refinance 2024 maturities, entering a new C$271.8 million mortgage, and declaring a $0.45 per share dividend - The company's principal sources of liquidity are cash flows from operations, debt and equity issuances, its revolving credit facility, and asset sales[186](index=186&type=chunk) - As of March 31, 2023, the company had **$2.7 billion** of undrawn capacity on its unsecured revolving credit facility and **$425.0 million** in borrowings outstanding under its commercial paper program[191](index=191&type=chunk)[193](index=193&type=chunk) - In April 2023, Ventas Canada issued **C$600.0 million** of **5.398% Senior Notes** due 2028 and used the proceeds to repurchase **C$613.7 million** of notes due in 2024[195](index=195&type=chunk) - The 'at-the-market' (ATM) equity program has **$1.0 billion** of remaining capacity. No shares were sold under the program in Q1 2023[198](index=198&type=chunk) - A dividend of **$0.45 per common share** was declared for the quarter[203](index=203&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate and foreign currency risks, with $12.4 billion in total debt (89.5% fixed-rate), where a 100 basis point increase on variable-rate debt would raise annual interest expense by $13.0 million, mitigated by derivatives Debt Composition as of March 31, 2023 | Debt Type | Balance (in thousands) | Percentage of Total | | :--- | :--- | :--- | | Fixed rate | $11,109,628 | 89.5% | | Variable rate | $1,297,315 | 10.5% | | **Total** | **$12,406,943** | **100.0%** | - A hypothetical **100 basis point increase** in the weighted average interest rate on variable-rate debt would increase annualized interest expense by approximately **$13.0 million**, or **$0.03 per diluted share**[233](index=233&type=chunk) - The company uses interest rate swaps to manage its debt profile. As of Q1 2023, swaps effectively converted some fixed-rate debt to variable and a larger amount of variable-rate debt to fixed[231](index=231&type=chunk) - The company is subject to foreign currency risk from its Canadian and U.K. operations. It uses a layered hedging approach to mitigate this risk, and a one standard deviation change in exchange rates would have a minimal (**<$0.01 per share**) impact on Normalized FFO[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2023, the CEO and CFO concluded that disclosure controls and procedures were effective at a reasonable assurance level, with no material changes in internal controls over financial reporting during Q1 2023 - Management, including the CEO and CFO, evaluated disclosure controls and procedures and found them to be effective as of March 31, 2023[236](index=236&type=chunk) - No changes occurred during Q1 2023 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[237](index=237&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no new material legal proceedings and no material developments in previously reported legal proceedings during the quarter - There have been no new material legal proceedings or material developments in existing ones since the 2022 Annual Report[240](index=240&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) There were no significant new risk factors identified in the first quarter of 2023 compared to those disclosed in the company's 2022 Annual Report on Form 10-K - No significant new risk factors arose in Q1 2023 beyond those disclosed in the 2022 Annual Report[241](index=241&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased 264,659 common shares at an average price of $49.19, primarily as shares withheld to satisfy tax obligations upon the vesting of restricted stock for employees, not as part of a publicly announced plan Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Repurchased | Average Price Per Share | | :--- | :--- | :--- | | January 2023 | 169,436 | $48.77 | | February 2023 | 60,896 | $50.73 | | March 2023 | 34,327 | $48.56 | | **Total** | **264,659** | **$49.19** | - All repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees and were not part of a publicly announced repurchase program[243](index=243&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[244](index=244&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including a new debt indenture for the 5.398% Senior Notes due 2028, a list of guarantors, CEO and CFO certifications, and XBRL data files - Key exhibits include the Ninth Supplemental Indenture for new Senior Notes, CEO/CFO certifications (Rules 13a-14(a) and 13a-14(b)), and XBRL financial data[246](index=246&type=chunk)

Ventas, Inc. (NYSE:VTR) Q1 2023 Results Conference Call May 9, 2023 10:00 AM ET Company Participants BJ Grant - Senior Vice President-Investor Relations Debra Cafaro - Chairman and Chief Executive Officer Justin Hutchens - Executive Vice President, Senior Housing and Chief Investment Officer Bob Probst - Executive Vice President and Chief Financial Officer Conference Call Participants Nick Joseph - Citi Nick Yulico - Scotiabank Jim Camrick - Evercore Mike Mueller - JPMorgan Conor Siversky - Wells Fargo Stev ...