Shares of Ventas (VTR) have gained 11.7% in the past six months against the industry’s decline of 2%.This healthcare real estate investment trust (REIT) is well-positioned to gain from its diverse portfolio of healthcare real estate assets in the key markets of the United States and the U.K. An aging population and the rise in healthcare expenditure by senior citizens are likely to benefit the senior housing operating portfolio (SHOP).The outpatient medical portfolio is expected to gain from favorable outpa ...

REIT. Real estate investment trust. Financial Market. Hand pressing button on screen.gettyTrump 2.0 is now only a bit less than a week off, and things are moving fast.Here’s one thing I can tell you: While everyone’s talking about tariffs, Greenland and the Panama Canal, what investors—particularly dividend investors—should be talking about is way more “boring”: The yield on the 10-year Treasury note.Because when the rubber really hits the road on the new administration, it’s the 10-year, more than anything ...

Ventas, Inc. (VTR) reached agreements with Brookdale Senior Living related to all assets under the current Master Lease between Ventas and Brookdale. The Master Lease was initially scheduled to expire on Dec. 31, 2025.The mutually beneficial agreements ensure a comprehensive outcome for Ventas as it implements its strategy to drive profitable growth in its senior housing business.About AgreementsThrough these agreements, Ventas is set to convert 44 select large-scale senior housing communities, which posses ...

Maintains Operations of High-Performing, Cash Flow Positive, 65 Community PortfolioAnnounces Completion of Previously Announced 11 Community Portfolio AcquisitionNASHVILLE, Tenn., Dec. 19, 2024 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") today announced that it has entered into mutually beneficial agreements with Ventas, Inc. ("Ventas") to amend its triple-net master lease arrangement."I am very pleased to announce another successful lease amendment which is expec ...

Ventas, Inc. (VTR) announced that Brookdale Senior Living opted not to exercise its right to extend the Master Lease between the companies for a renewal term beginning Jan. 1, 2026. As a result, Brookdale is no longer entitled to extend the lease term for any assets that fall under the Master Lease.Brookdale is required to fulfill its obligation of paying the complete contractual rent as outlined in the Master Lease until the existing lease term that concludes on Dec. 31, 2025. Currently, the Master Lease e ...

NASHVILLE, Tenn., Dec. 3, 2024 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or the "Company") confirmed today that it did not exercise its right to renew a master lease with Ventas, Inc. ("Ventas") under the existing lease renewal terms. The master lease covers 120 communities and is scheduled to mature on December 31, 2025."We have consistently said that we view lease maturities as an opportunity to position the Company for future success and to further drive shareholder value, dep ...

Ventas, Inc. (VTR) is well-positioned to gain from its diverse portfolio of healthcare real estate assets in the key markets of the United States and the U.K. An aging population and the rise in healthcare expenditure by senior citizens are likely to benefit the senior housing operating portfolio (SHOP). The outpatient medical portfolio is expected to gain from favorable outpatient visit trends. Ventas’ accretive investments in expanding its research portfolio are encouraging.Last month, this Chicago-based ...

Ventas (NYSE: VTR ) has been one of the best-performing US REITs so far in 2024, delivering a total return of ~34%, well ahead of the ~12% gain for the Vanguard Real Estate Index Fund ETF (I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely ...

Financial Data and Key Metrics - Normalized FFO per share for Q3 2024 was $0.80, reflecting a 7% year-over-year increase driven by occupancy and revenue outperformance [9] - SHOP (Senior Housing Operating Portfolio) NOI grew 15% year-over-year, contributing to a total same-store cash NOI growth of nearly 8% [9] - Year-to-date SHOP NOI increased nearly 16%, with a RevPOR-OpExPOR spread of 300 basis points, leading to margin expansion [10] - Net debt to EBITDA improved to 6.3x, down 60 basis points since the start of the year, with current liquidity at $3.1 billion [40] - Full-year 2024 normalized FFO guidance midpoint raised to $3.16 per share, up from $3.15 [41] Business Line Performance - SHOP portfolio occupancy grew by 350 basis points year-over-year, marking the ninth consecutive quarter of double-digit NOI growth [18] - Outpatient Medical & Research (OMAR) segment same-store cash NOI increased by 2% in Q3 and 3% year-to-date [37] - University-based research same-store portfolio cash NOI grew nearly 5% in Q3 and year-to-date, driven by new leasing and higher rents [38] - SHOP portfolio operating margin improved to 26.3%, up 150 basis points year-over-year [18] Market Performance - U.S. SHOP NOI growth was 17.7%, with occupancy outperforming the market by 370 basis points in the top 99 markets [20] - Canadian portfolio reached an all-time high occupancy of 97% in September, led by Le Groupe Maurice and Atria [19] - SHOP portfolio occupancy growth expectations increased to 290 basis points, up 40 basis points from original guidance [21] Strategic Direction and Industry Competition - The company is focusing on organic growth in senior housing, with SHOP NOI expected to increase by 12 percentage points by year-end [13] - Investments in senior housing totaled $1.7 billion in 2024, with 43 new communities acquired across 16 transactions [31] - The company is leveraging its OI (Operational Intelligence) platform to drive NOI growth, with 40% of the SHOP portfolio in the 90%+ occupancy category [25] - The company is well-positioned to capitalize on favorable market conditions, with a large and growing pool of available assets offering high year 1 yields [14] Management Commentary on Operating Environment and Future Outlook - The aging population is expected to increase by 27% over the next five years, creating a long runway for growth in senior housing [11] - Construction of new senior housing units is at record lows, with only 2,000 units started in Q3 2024, creating a favorable supply-demand dynamic [46] - The company expects continued strong demand for senior housing, with rate growth expected to be favorable into 2025 [22] Other Important Information - The company released its 2023-2024 Corporate Sustainability Report, highlighting key initiatives in sustainability [15] - The company has a long history of delivering sustainable growth, with nearly 19% annual PSR (Price-to-Sales Ratio) since 2000 [16] Q&A Session Summary Question: Early indicators of supply re-emergence in senior housing - Construction as a percentage of inventory is at record lows, with only 2,000 units started in Q3 2024, and supply constraints include lending, costs, and rent levels [46] - The aging population is expected to grow by 27% over the next five years, creating a long runway for growth [47] Question: Seller motivation in senior housing investments - Sellers include developers cashing in, repeat sellers, and private equity firms, with the company benefiting from favorable market conditions and financial strength [49][50] Question: High-occupancy cohort case study - The case study focused on eight communities with 100% occupancy, showing a 440 basis point occupancy increase, 7% RevPOR improvement, and 25% NOI growth [27] Question: Penetration rates for senior housing - Penetration rates are at 11%, consistent with pre-pandemic levels, with affordability being a key driver of utilization [55] Question: SHOP RevPOR and OpExPOR guidance - The spread between RevPOR and OpExPOR has been around 300 basis points, consistent with year-to-date performance [58] Question: Atria's performance in IL and AL portfolios - Atria has shown strong performance, with 400 basis points of occupancy growth year-over-year, particularly in the U.S. and Canada [60] Question: Life science investment opportunities - The company is prioritizing senior housing investments over life science, given the favorable market conditions [63] Question: Margin compression in Q3 - SHOP margins expanded by 150 basis points year-over-year, with sequential changes impacted by seasonal expenses and insurance renewals [65] Question: Private capital interest in senior housing - Private capital has been limited due to debt market conditions, but the company expects competition to increase as fundamentals improve [68] Question: Sustainability of top-line growth - The company expects continued strong demand and pricing opportunities, with agency costs no longer impacting expenses [70] Question: Transition assets and same-store pool - Transition communities are largely represented in the same-store pool, with acquisitions averaging 90-91% occupancy [74] Question: Monetizing the Canadian portfolio - The Canadian portfolio is a significant contributor to growth, and the company plans to leverage it for maximum value [75] Question: Competition for assets and cap rates - The company has a competitive advantage due to its expertise, data analytics, and industry relationships, with cap rates around 8% for senior housing investments [78] Question: Brookdale lease renewal - The Brookdale lease is well-covered, with potential for full renewal, transition to SHOP, or a hybrid outcome [81] Question: SHOP lead indicators and rent bumps - Leads and tours have been strong throughout the year, with favorable conditions for pricing in 2025 [83] Question: Zero vacant days initiative - The initiative aims for full occupancy, with notice periods ranging from 10 to 30 days, allowing for quick unit turnover [84] Question: Election impact on healthcare - The company is in a favorable position due to strong demand for senior housing, with limited impact expected from election outcomes [88] Question: Outpatient medical portfolio upside - The portfolio has 8%+ occupancy improvement potential, with strong tenant satisfaction and retention [91] Question: Secured loan investment details - The investment is in a high-quality senior housing asset in Seattle, with a senior secured loan and potential for future ownership [93] Question: Holiday performance and IL trends - Independent living has been a strong contributor to occupancy growth, with Holiday showing good progress [95] Question: Seasonal occupancy trends - Occupancy growth typically peaks from May to September, but the company expects growth to continue into Q4 [98] Question: Equity funding for 2025 acquisitions - The company plans to continue equity funding for acquisitions, given favorable market conditions [100] Question: Brookdale lease transition impact - If the lease transitions to SHOP, the impact would be favorable due to strong EBITDAR coverage [101] Question: Senior housing investment yields - Year 1 yields are expected to be around 7.5%, with growth in NOI over the next 12 months [107] Question: LTAC purchase rationale - The purchase improved coverage on the Kindred lease and strengthened Kindred's credit profile [108] Question: Average occupancy of acquired assets - Acquired assets average 90-91% occupancy, with the company focusing on high-yield, high-growth opportunities [110] Question: Brookdale lease renewal options - The company is open to a hybrid outcome, but the decision ultimately lies with Brookdale [114]

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 September 30, 2024 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) Delaware 61-1055020 (State o ...