The following is a summary of the Ventas, Inc. (VTR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ventas reported Q1 normalized FFO per share of $0.78 and over $2 billion in annualized NOI.

• Nearly 7% same-store property NOI growth was registered, led by SHOP at over 15%.

• The company raised its full-year 2024 normalized FFO guidance to between $3.10 and $3.18 per share.

• Ventas has total loans of $19 billion, a significant portion of which may face refinancing difficulties due to lower LTVs and higher rates.

Business Progress:

• Ventas saw accelerated occupancy gains in senior housing, driven by favorable supply-demand dynamics and care provider partnerships.

• The investment focus is on senior housing, with around $350 million of investments closed or under contract this year.

• The senior housing segment, which is 40% of the portfolio, is set to grow organically and through strategic acquisitions.

• Efforts to improve operations include price volume optimization and transferring properties to more successful operators.

• Discussions with Kindred for property renewals are ongoing, with potential future partnership.

• Ventas is considering strategic acquisitions, given favorable market fundamentals, and a wide range of potential sellers.

• There is a plan to increase investment in senior housing, with near-term growth potential.

• Ventas reported Q1 leasing activity with 900,000 square feet of leasing, a 50% increase year-over-year.

• Forecasted around 5% REVPOR growth and significant occupancy increase for future quarters, attributed to strong demand and well-balanced price volume optimization.

More details: Ventas Inc IR

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