Core Viewpoint - Ventas, Inc. is focused on the longevity economy, targeting the growing aging population with strong demand trends, and has improved its outlook for 2025 [2] Company Strategy - The company employs a 123 strategy centered on senior housing (SHOP) to drive multi-year NOI growth, supported by secular demand and limited supply [3] - Ventas has been adding approximately $100 million annually in NOI from inorganic growth, with favorable supply-demand trends expected to persist [3] Financial Outlook - The company anticipates a 7% growth in FFO per share at the midpoint for 2025 [2] - The expected growth rate for the same-store senior housing operating portfolio (SHOP) has been increased to 12% to 16% [2]

Summary of Ventas (VTR) 2025 Conference Call Company Overview - **Company**: Ventas, Inc. (VTR) - **Industry**: Senior Housing and Real Estate Investment Trust (REIT) - **Focus**: Serving the aging population within the longevity economy, capitalizing on strong demand trends and limited supply [1][2] Key Financial Metrics - **FFO per Share Growth**: Expected to increase by 7% at the midpoint for 2025 [1] - **Same Store Senior Housing Operating Portfolio (SHOP) Growth**: Expected growth rate revised to 12-16% [1][5] - **Occupancy Rate**: Approximately 86% across the total SHOP portfolio [2][13] Strategic Initiatives - **One Two Three Strategy**: Focused on driving multiyear Net Operating Income (NOI) growth through: - Organic growth contributing about $100 million annually [2] - Capital allocation for external growth, targeting $1.5 billion in investments for 2025 [3] - **Portfolio Composition**: Transitioning communities from triple net structure to SHOP structure to enhance occupancy and performance [11][14] Market Dynamics - **Demand Trends**: Strong demand for senior housing driven by a burgeoning senior population, with projections indicating a significant increase in the 80+ demographic [26] - **Occupancy Growth**: Sequential occupancy gains of 30-50 basis points observed from March to May, with a strong start to the key selling season [8][35] - **Pricing Power**: Strong revenue per occupied room (RevPOR) growth, with in-house rent increases around 7% and street rates catching up [17][18] Operational Insights - **Incremental Margins**: Expected incremental margins of 50% when moving from 80% to 90% occupancy, and 70% from 90% to 100% occupancy due to fixed costs [21][22] - **Mortality Impact**: Elevated mortality rates noted, impacting occupancy but not demand; strong move-ins recorded despite macroeconomic uncertainties [6][34] Investment Activity - **Investment Pipeline**: $2.8 billion in senior housing investments closed, with a projected $1.5 billion for 2025, focusing on high-performing communities [40][42] - **Sourcing Transactions**: 70% of transactions sourced through relationships with operators, indicating a competitive advantage in a fragmented market [44][46] Competitive Positioning - **Operator Relationships**: Ventas has expanded its operator pool to 33, enhancing its ability to manage diverse markets and asset classes [12][46] - **Analytics Platform**: Utilization of a data analytics platform to optimize pricing and operational performance, providing a competitive edge [51][52] Economic Resilience - **Market Resilience**: Historical performance indicates that senior housing remains resilient during economic downturns, with demand continuing to grow despite market shocks [28][30] Funding Strategy - **Funding Sources**: Primarily equity-funded investments, leading to improved leverage and attractive returns [58] Conclusion - **Outlook**: Ventas is well-positioned to capitalize on the growing demand for senior housing, with a robust strategy focused on organic and external growth, strong operator relationships, and a favorable market environment [4][25]

Company Overview - Ventas (VTR) shares have decreased by approximately 2.1% since the last earnings report, underperforming the S&P 500 [1] - The most recent earnings report is essential to understand the catalysts affecting the stock [1] Earnings Estimates - Estimates for Ventas have trended downward over the past month, with the magnitude of these revisions being net zero [2][4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the upcoming months [4] VGM Scores - Ventas has a Growth Score of B and a Momentum Score of A, but a Value Score of D, placing it in the bottom 40% for this investment strategy [3] - The aggregate VGM Score for Ventas is B, which is relevant for investors not focused on a single strategy [3] Industry Comparison - Ventas is part of the Zacks REIT and Equity Trust - Other industry, where Boston Properties (BXP) has seen a 7.1% increase over the past month [5] - Boston Properties reported revenues of $811.1 million for the last quarter, reflecting a year-over-year increase of 2.9% [5] - For the current quarter, Boston Properties is expected to report earnings of $1.68 per share, indicating a decline of 5.1% from the previous year [6]

Core Viewpoint - Ventas, Inc. is experiencing profitable organic growth in senior housing and has raised its normalized funds from operations (FFO) per share guidance for 2025 [1][5]. Industry Summary - The fundamentals of senior housing remain strong, driven by a record-growing population aged 80 and above, with projected occupancy growth of +30 to +50 basis points from March 31, 2025, to May 31, 2025 [2]. - The senior housing market is entering a key selling season, which is expected to enhance occupancy rates [2]. Company Summary - Ventas's 2025 Senior Housing Operating Portfolio (SHOP) segment anticipates same-store cash net operating income (NOI) growth of 12% to 16%, an increase from the previous range of 11% to 16% [3]. - The company projects a year-over-year same-store average occupancy growth of +230 basis points for the May quarter-to-date and approximately +270 basis points year-to-date [4]. - The 2025 normalized FFO per share guidance has been raised to a range of $3.36-$3.46, reflecting about 7% year-over-year growth at the midpoint, primarily driven by SHOP [5]. - Ventas has a diverse portfolio of healthcare real estate assets in the U.S. and the U.K., positioned to benefit from favorable industry fundamentals, including an aging population and rising healthcare expenditures [6]. - Over the past six months, Ventas shares have gained 5%, contrasting with a 5.3% decline in the industry [7].

Company Overview - Ventas (VTR) is a Chicago-based real estate investment trust (REIT) focused on seniors housing, with a year-to-date price change of 10.46% [3] - The company currently pays a dividend of $0.48 per share, resulting in a dividend yield of 2.95%, which is lower than the industry average of 5.19% and the S&P 500's yield of 1.56% [3] Dividend Performance - Ventas has an annualized dividend of $1.92, reflecting a 6.7% increase from the previous year [4] - Over the past five years, the company has increased its dividend once on a year-over-year basis, with an average annual increase of 0.37% [4] - The current payout ratio for Ventas is 59%, indicating that it pays out 59% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - For the fiscal year 2025, the Zacks Consensus Estimate projects earnings of $3.44 per share, representing a 7.84% increase from the previous year [5] Investment Considerations - Dividends are favored by investors for various reasons, including tax advantages and risk reduction in portfolios [6] - High-yielding stocks may face challenges during periods of rising interest rates, but Ventas is considered a compelling investment opportunity due to its strong dividend profile [7] - The stock currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [7]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 March 31, 2025 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. (Exact Name of Registrant as Specified in Its Charter) Washington, D.C. 20549 Delaware 61-1055020 (State or Ot ...

Core Viewpoint - Ventas, Inc. (VTR) reported strong first-quarter 2025 results, with normalized funds from operations (FFO) per share of 84 cents, exceeding estimates and reflecting a 7.7% year-over-year increase [1][3] Financial Performance - VTR achieved revenues of $1.36 billion in Q1 2025, surpassing the Zacks Consensus Estimate of $1.30 billion and marking a 13.2% year-over-year growth [2] - Same-store cash net operating income (NOI) for the total property portfolio increased 7.1% to $485.4 million compared to the prior year [3] - The same-store cash NOI for the Senior Housing Operating Portfolio (SHOP) rose 13.6% year over year to $220.5 million, supported by a 3.8% growth in revenues per occupied room [4] Segment Performance - The outpatient medical and research portfolio's same-store cash NOI improved 1.3% year over year to $137.3 million, driven by higher average rent and revenue per occupied square foot [5] - The triple-net leased portfolio's same-store cash NOI increased 3.2% year over year to $127.6 million [5] Balance Sheet Position - At the end of Q1 2025, VTR had cash and cash equivalents of $182.3 million, down from $897.9 million at the end of 2024, with total liquidity of $2.9 billion [6] 2025 Guidance - VTR reaffirmed its 2025 normalized FFO per share guidance of $3.35-$3.46, with a midpoint of $3.41, and expects total same-store cash NOI growth between 5.5% and 8% [7] - The SHOP segment's same-store cash NOI is projected to grow between 11% and 16%, while the outpatient medical and research portfolio's same-store cash NOI is expected to be in the range of 2-3% [8]

Financial Data and Key Metrics Changes - The company reported normalized FFO of 84¢ per share, representing nearly 8% year-over-year growth [26] - Total same store cash NOI grew by 7%, led by SHOP increasing approximately 14% [27] - The company expects 7% normalized FFO per share growth for 2025 [5][9] Business Line Data and Key Metrics Changes - Senior housing operating portfolio (SHOP) delivered 14% year-over-year cash same store NOI growth, driven by increases in occupancy and rate [5][12] - Outpatient medical and research business reported same store cash NOI growth of 1.3% year-over-year [27] - The outpatient medical occupancy increased by 30 basis points year-over-year, with new leasing increasing by 9% [27] Market Data and Key Metrics Changes - The 80+ population is experiencing its highest growth, with an increase of about half a million people this year and 900,000 annually between 2027 and 2030 [6] - The number of new senior housing units started in Q1 2025 was the lowest on record at only 1,287 units [6] - The company’s communities are located in markets with over a thousand basis points of expected net absorption in the coming years [7] Company Strategy and Development Direction - The company is focused on delivering superior multiyear growth through internal and external expansion in senior housing [4] - The investment strategy is centered on senior housing acquisitions, with an increased full-year volume expectation to $1.5 billion [7][30] - The company aims to enhance its portfolio composition through acquisitions, dispositions, and operational improvements [16][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a high degree of macroeconomic uncertainty but believes that senior housing remains a top asset class within real estate [87] - The company is optimistic about strong demand trends and a favorable supply picture, which should benefit them for an extended period [87][88] - Management expects strong move-ins during the key selling season, which runs from Q2 through September [88] Other Important Information - The company has improved its credit profile, with a Q1 net debt to EBITDA of 5.7 times, representing a 30 basis point improvement from year-end 2024 [30] - The liquidity position is robust, with available liquidity of $3.6 billion as of April 2025 [31] - The company has completed over 250 community redevelopment projects in the past two and a half years [20] Q&A Session Summary Question: Can you provide insights on the dynamics of occupancy and margin expansion? - Management indicated that reaching 90% occupancy typically results in around 50% incremental margin, with 70% incremental margin when reaching 100% occupancy [36][37] Question: How is the Canadian portfolio performing at high occupancy? - The Canadian portfolio has shown double-digit NOI growth even at 97% occupancy, indicating that growth can still be achieved at high occupancy levels [40][41] Question: What is the status of the Brookdale assets transitioning to the SHOP portfolio? - The Brookdale communities transitioning to new operators are outperforming those remaining in the lease structure, and management is optimistic about their future performance [66][68] Question: What are the expectations regarding clinical move-outs and their impact on occupancy? - Management noted that clinical move-outs are unpredictable and not correlated with specific trends, but move-in activity remains strong [75][76] Question: Can you elaborate on the pricing power and expectations for the year? - Pricing has been strong, with internal rent increases and favorable street rate trends, indicating good pricing power across the board [80][82]

Financial Data and Key Metrics Changes - The company reported normalized FFO of 84¢ per share, representing nearly 8% year-over-year growth [28] - Total same store cash NOI grew by 7%, led by SHOP increasing approximately 14% [29] - The company expects 7% normalized FFO per share growth for 2025 [6][11] Business Line Data and Key Metrics Changes - Senior Housing Operating Portfolio (SHOP) delivered 84¢ of normalized FFO per share in Q1, an increase of approximately 8% [7] - SHOP's same store cash NOI growth was 13.6%, with revenue growth of 7.4% driven by occupancy and rate increases [15] - Outpatient medical and research business reported same store cash NOI growth of 1.3% year-over-year [29] Market Data and Key Metrics Changes - The 80+ population is experiencing its highest growth, with an increase of about half a million people this year and 900,000 annually between 2027 and 2030 [8] - The number of new senior housing units started in Q1 2025 was the lowest on record at only 1,287 units [8] - The company is positioned in markets with over a thousand basis points of expected net absorption in the coming years [9] Company Strategy and Development Direction - The company is focused on delivering superior multiyear growth through internal and external expansion in senior housing [5] - The investment strategy has been increased from $1 billion to $1.5 billion for the year, reflecting a growing pipeline of opportunities [31][26] - The company aims to enhance its portfolio composition through acquisitions, dispositions, and operational improvements [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a high degree of macroeconomic uncertainty but believes senior housing remains a top asset class within real estate [87] - The company expects strong demand and occupancy growth, particularly during the key selling season [88] - Management is optimistic about the extended multiyear NOI growth opportunity in senior housing due to favorable demand and supply dynamics [11][88] Other Important Information - The company has improved its credit profile, with a net debt to EBITDA of 5.7 times, representing a 30 basis point improvement from the previous year [32] - The liquidity position is robust, with available liquidity of $3.6 billion as of April 2025 [33] - The company has completed over 250 community redevelopment projects in the past two and a half years [21] Q&A Session Summary Question: Can you provide more details on the dynamics of occupancy and margin expansion? - Management indicated that reaching higher occupancy levels leads to significant margin expansion, with around 50% incremental margin from 80% to 90% occupancy [39] Question: How is the Canadian portfolio performing at high occupancy? - The Canadian portfolio continues to deliver strong NOI growth even at high occupancy levels, demonstrating that occupancy is not the only driver of growth [42] Question: What is the impact of the recent investments on cost per bed? - The cost per bed has increased due to acquiring newer communities in better markets, but the company is still buying below replacement costs [56][60] Question: How are the Brookdale assets expected to perform during the transition? - The Brookdale communities transitioning to new operators are outperforming those remaining in the lease model, and management is optimistic about their future performance [66][71] Question: What are the expectations for pricing power in the upcoming months? - Management expects pricing power to remain strong, with good rent increases anticipated during the key selling season [80] Question: How does the company view the potential changes in NIH funding? - Management believes that any potential changes in NIH funding would have a manageable impact on the research budget due to the strong financial position of their university tenants [113]