Core Insights - Goodwin Living is expanding its senior housing offerings in response to increasing demand for senior living options in Alexandria, Virginia [3][4][5] - The new community, Goodwin House Seminary Road, will feature 217 independent living apartments and 16 assisted living apartments, with 7 units designated as affordable housing [4][5] - Construction is set to begin in late 2026 or early 2027, with an expected opening in 2029, aiming to serve approximately 300 to 250 older adults [5] Company Overview - Goodwin Living is a faith-based not-for-profit senior living operator with a history in Alexandria dating back to 1967 [6][9] - The organization has a strong focus on community engagement and resident wellness, planning to include amenities such as a gym and a pickleball court in the new development [11][12] - The CEO highlighted the importance of maintaining high occupancy rates and addressing the long waiting list for current facilities, which can extend up to eight years [7] Market Demand - The U.S. is experiencing significant growth in the older adult population, with a 60% increase in individuals aged 65 and older from 2010 to 2020, and nearly 40% projected from 2020 to 2030 [6] - There is a noted lack of new senior housing developments to meet this growing demand, indicating a market opportunity for Goodwin Living [7] Staffing Challenges - The senior living industry faces challenges in maintaining staffing levels due to declining birth rates and immigration restrictions [15] - Goodwin Living is addressing these challenges by offering paid internships and encouraging employee referrals to attract new hires [15][16] Financial Considerations - The CEO emphasized the affordability of Goodwin Living's services, with entrance fees starting under $200,000 and monthly fees around $3,300, providing long-term care options [14] - The organization is committed to financial stability and reinvestment in both facilities and community services [17]

Financial Performance & Guidance - DHC's Q1 2025 total revenues reached $386.9 million[12] - The company reported a net loss of $9 million, equivalent to $0.04 per share[12] - Normalized FFO stood at $14.3 million, or $0.06 per share[12] - DHC anticipates SHOP NOI to range between $120 million and $135 million for 2025[9] - Medical Office and Life Science NOI is projected to be between $104 million and $112 million[9] - Triple Net Leased (NNN) NOI is expected to be in the range of $29 million to $31 million[9] SHOP Initiatives & Performance - SHOP same property NOI increased by 42.1% year-over-year, driven by a 6.5% increase in same property revenue[12] - This revenue growth is attributed to a 110 bps increase in occupancy and a 4.5% increase in average monthly rate[12] - SHOP occupancy grew to between 82% and 83%[12] - SHOP margins are expected to improve by 200 bps to 400 bps[12] Capital Recycling & Dispositions - DHC estimates disposition proceeds of $680 million to $730 million[12] - As of May 16, 2025, $337 million in dispositions had been completed year-to-date[12] - An additional $330 million to $380 million in dispositions are in various stages of marketing, including $110.5 million under agreements or letters of intent[12,33]

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]

Core Points - Brookdale Senior Living Inc. is urging shareholders to vote "FOR" its eight nominees listed on the BLUE proxy card in the upcoming 2025 Annual Meeting scheduled for July 11, 2025 [1][2] - The company has filed its definitive proxy statement with the SEC and launched a dedicated website for shareholder information [1][2] - The Board emphasizes its strategic initiatives aimed at enhancing shareholder value and highlights the poor engagement record of Pangaea Ventures, L.P., which seeks to replace six of the eight nominees [2][5] Company Strategy and Performance - The Board has implemented a clear strategy focused on streamlining operations, simplifying the business, and reducing leverage, resulting in a first quarter 2025 same community weighted average occupancy rate of 80% [4][10] - Brookdale's 2025 financial guidance has been raised, with RevPAR growth expectations adjusted from 4.75%-5.75% to 5.00%-5.75% and Adjusted EBITDA guidance increased from $430 million - $445 million to $440 million - $450 million [10][11] - The company is positioned to capitalize on demographic trends, with over one million seniors turning 80 each year through 2036, while new construction of senior housing remains low [14][15] Board Composition and Governance - The Board has undergone significant refreshment, with an average tenure of less than four years expected post-Annual Meeting, and has appointed two new independent directors with extensive industry experience [18][19][20] - The Board is committed to good governance, including a review of director tenure and performance-based long-term incentive awards in response to shareholder feedback [21][22] - The Board's proactive engagement with shareholders and efforts to maintain a constructive dialogue with Ortelius are highlighted, despite Ortelius's poor engagement record [22][26] Market Position and Future Outlook - Brookdale's portfolio is strategically focused on assisted living and memory care services, which are expected to yield higher margins due to the aging baby boomer demographic [15][16] - The company anticipates that returning to a pre-pandemic weighted average occupancy rate of 84.5% could generate approximately $170 million in incremental revenue and $125 million in incremental operating income [12] - Brookdale is well-positioned to address the growing demand for senior living services, with a needs-based product mix that caters to an older population facing chronic conditions [13][15]

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]

Cautionary Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. Forward-looking statements include, among other things, statements ...

Financial Data and Key Metrics Changes - The company reported approximately 19% growth in FFO per share, raising the midpoint of full year FFO guidance by $0.10 to $4.97 [3][25] - Net income attributable to common stockholders was $0.40 per diluted share, with normalized funds from operations (FFO) at $1.2 per diluted share, representing 18.8% year-over-year growth [25][30] - Total portfolio same store NOI growth was 12.9% year-over-year [25][30] Business Line Data and Key Metrics Changes - The seniors housing operating business reported a same store NOI growth of 21.7% [12][13] - Same store revenue growth for the senior housing operating portfolio was 9.6%, driven by 400 basis points of occupancy growth and nearly 6% RevPAR growth [14][25] - The outpatient medical segment posted 2.7% year-over-year same store NOI growth, with same store occupancy at 94.5% [12][13] Market Data and Key Metrics Changes - Revenue growth was consistent across regions, with the U.S. at 9.8%, the UK at 9.3%, and Canada at 8.3% [14] - The company achieved nearly 300 basis points of year-over-year margin expansion, with revenue growth outpacing unit expense growth [14][25] Company Strategy and Development Direction - The company launched a private fund management business and advanced its proprietary Welltower business system [4] - The focus is on augmenting growth through market share gains with best-in-class operating partners and enhancing operational efficiency [6][12] - The company aims to maintain a strong balance sheet and liquidity to navigate macroeconomic uncertainties while capitalizing on investment opportunities [11][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand-supply backdrop for the senior living sector, anticipating a multi-year period of attractive growth despite macroeconomic uncertainties [6][7] - The company is cautious about rising macroeconomic risks, particularly as it approaches the summer leasing season [6][34] - Management emphasized the importance of operational excellence and the resilience of the need-based private pay nature of their product [15][36] Other Important Information - The company completed $2,660,000,000 of new investments in the first quarter, surpassing the total acquisition volume for all of last year [17] - The company received credit upgrades from S&P and Moody's, reflecting its strong balance sheet and improved risk profile [28][29] Q&A Session Summary Question: How does the business system overlay impact margins and CapEx control? - Management highlighted that the Welltower Business System aims to streamline operations and minimize friction, which could lead to significant margin expansion [40][44] Question: Can you elaborate on the data science platform's impact on transaction velocity? - The proprietary platform allows for a neighborhood-level view of assets, significantly reducing the time to provide initial pricing feedback and close deals [48][50] Question: How does the company view sustained growth given its current size? - Management believes that as an operating company, growth can be positively correlated with size due to network effects and data capture [58][60] Question: What are the long-term expectations for occupancy growth? - Management expects a long journey towards higher occupancy levels, with current performance indicating positive trends [70][72] Question: How does the company plan to navigate potential economic disruptions? - Management is optimistic about the business's resilience and believes it will perform better than other real estate sectors during economic downturns [78][80]

Financial Data and Key Metrics Changes - The company reported approximately 19% growth in FFO per share, raising the midpoint of full year FFO guidance by $0.10 to $4.97 [5][31] - Net income attributable to common stockholders was $0.40 per diluted share, with normalized funds from operations (FFO) at $1.2 per diluted share, representing 18.8% year-over-year growth [31] - The net debt to adjusted EBITDA ratio declined to 3.3 times, a record low for the company [15][31] Business Line Data and Key Metrics Changes - The seniors housing operating business reported a same-store net operating income (NOI) growth of 21.7% [16] - Same-store revenue growth for the senior housing operating portfolio was 9.6%, with occupancy growth of 400 basis points year-over-year [18] - The outpatient medical segment posted a 2.7% year-over-year same-store NOI growth [16] Market Data and Key Metrics Changes - Revenue growth was consistent across regions: U.S. at 9.8%, UK at 9.3%, and Canada at 8.3% [18] - The company achieved nearly 300 basis points of year-over-year margin expansion during the quarter [18] Company Strategy and Development Direction - The company is transitioning from a healthcare real estate deal shop to a data science and technology-driven operating company [6][7] - A focus on reducing leverage and bolstering liquidity was recognized with credit rating upgrades from S&P and Moody's to A- and A3, respectively [7][15] - The company aims to enhance growth through strategic acquisitions, with a total of CAD 6.2 billion in pro-rata acquisition activity announced for the year [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand-supply backdrop for the senior living sector, anticipating a multi-year period of attractive growth [9] - There is awareness of rising macroeconomic uncertainty, particularly as the summer leasing season approaches [10][40] - The company believes that the need-based private pay nature of its product positions it well to outperform other real estate asset classes [10][82] Other Important Information - The company completed $2.66 billion of new investments in the first quarter, surpassing the total acquisition volume for all of last year [23] - The Amica acquisition is expected to close at year-end and is anticipated to enhance the company's portfolio significantly [24][25] Q&A Session Summary Question: How does the business system overlay impact margins and CapEx control? - Management highlighted that the Welltower Business System aims to streamline operations and minimize friction, which could lead to significant margin expansion [46][50] Question: Can you elaborate on the data science platform's impact on transaction velocity? - The proprietary platform allows for rapid analysis of micro markets, significantly reducing the time to provide pricing feedback and close deals [55][60] Question: What is the long-term outlook for occupancy growth? - Management believes that optimizing the business with fewer operating partners will lead to lower frictional vacancy and higher occupancy levels over time [76] Question: How does the company view the current macroeconomic environment's impact on senior housing? - Management expressed confidence that senior housing will perform better than other real estate sectors, even in the face of potential economic disruptions [82] Question: What is the strategy regarding capital allocation in the current market? - The company is focused on positioning rather than predicting, aiming to take advantage of market opportunities while maintaining a strong balance sheet [42][88]

Financial Data and Key Metrics Changes - The company reported a normalized FFO per share increase of 18% year over year, driven by the senior housing operating portfolio [4][10] - Total portfolio same store NOI growth was 12.8%, with the senior housing operating portfolio achieving 23.9% growth [21][41] - The company ended the quarter with a net debt to adjusted EBITDA ratio of 3.49 times, a decrease of 1.5 turns from the end of 2023 [45] Business Line Data and Key Metrics Changes - The senior housing operating business experienced nearly 24% same store NOI growth, marking the ninth consecutive quarter of growth exceeding 20% [5][21] - The outpatient medical business showed stable performance with a year-over-year same store NOI growth of 2% [21] - The senior housing triple net portfolio had a same store NOI increase of 5.1% year over year, with EBITDAR coverage reaching a post-COVID high of 1.12 times [42] Market Data and Key Metrics Changes - The U.S. commercial real estate debt market faces significant challenges, with $1 trillion of loans maturing in 2025 [31][32] - Regional banks, which hold a significant portion of CRE debt, are experiencing difficulties due to high long-term interest rates [32][34] - The company capitalized on market dislocations, acquiring properties at attractive valuations due to other industry participants being compelled to divest assets [35][36] Company Strategy and Development Direction - The company is focused on capital deployment, having closed $7 billion in transactions in 2024, with a strong start to 2025 already seeing $2 billion in acquisitions under contract [9][14] - The company emphasizes a capital light strategy, transitioning properties to stronger operating partners to enhance cash flow [15][44] - A sixth growth pillar was introduced with the launch of a private funds management business, expected to create significant revenue opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in 2025, citing strong fundamentals in the senior housing sector and favorable demographic trends [4][12] - The company anticipates sustained improvement in margins due to high operating leverage and the benefits of its operating platform build-out [8][26] - Management highlighted the importance of retaining talent and fostering a strong company culture as key to long-term success [70][72] Other Important Information - The company achieved 23% revenue growth, 26% EBITDA growth, and nearly 20% FFO per share growth for the full year of 2024 while deleveraging its balance sheet [10][45] - The company is actively working on digital transformation initiatives to enhance operational efficiency and improve resident and employee experiences [16][29] Q&A Session Summary Question: Can you provide insights on pricing power across occupancy bands within the Shaw portfolio and details on the $2 billion acquisitions pipeline? - The $2 billion acquisitions involve assets with low 80s occupancy, generally newer vintage assets [61] - For assets over 90% occupied, RevPAR growth has been in the sixes, while those below 70% are roughly flat [62][63] Question: With fewer deliveries in the development cycle, does this make acquiring lease-up properties more challenging? - The company maintains a long-term track record of success in finding underperforming buildings, indicating a continued ability to optimize NOI [66][68] Question: How does the company approach talent retention? - Retaining talent is a top priority, with a strong emphasis on creating a culture of trust and shared purpose [70][72] Question: Can you discuss the targeted IRRs for stabilized versus non-stabilized assets in the private funds management business? - No specific details were provided on targeted IRRs, but the company emphasizes its focus on growth investments rather than yield investments [77] Question: How large will the same store bucket of assets be this year versus the total pool? - By the fourth quarter, over 90% of the current portfolio is expected to be in the same store pool, with non-same store assets showing potential for better NOI growth as occupancy increases [80][83]