Transcription modifiée de la conférence téléphonique ou de la présentation des résultats du VTR du 20 au 20 février. 15h00 GMT ◄ garantie santé entreprise

L’assurance des risques informatiques

Cette foi indispensable aux sociétés qui manient données informatiques (SSII, cabinets de conseil, les réduit de voyage, les sociétés de vente en ligne) couvre ordinateurs cependant aussi les fondement de données et les frais de reconstitution si elles sont perdues ou endommagées. “Même un industriel confronté à une grosse panne informatique risque d’être sanctionné pour tenir ses engagements vis-à-vis de ses clients et de ne pas avoir la possibilité de réaliser ses livraisons en temps et en heure. Quelle que mettons son activité, le dirigeant d’action a intérêt à évaluer l’impact que peut avoir l’informatique sur son métier”, recommande Damien Palandjian.

Le montant de l’indemnisation dépend de les chiffres du matériel déclaré et des frais occasionnés chez son rachat et la reconstitution des données (ressaisies, reconstitution de logiciels, suppression des virus…) estimés parmi un expert.

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>> Lire aussi: Trois contrats pour assurer son informatique

5. L’assurance du risque environnemental

“Une entreprise n’ayant pas de position industriel ou d’entreposage et non soumise à une autorisation préfectorale pour risques de pollution, peut couvrir son risque environnemental chez le biais de son contrat de responsabilité civile général. En revanche, dans l’hypothèse ou elle se trouve être soumise à autorisation préfectorale pour exercer son activité, elle souscrire un contrat spécifique pour couvrir atteintes à l’environnement”, précise Damien Palandjian

Les garanties des atteintes à l’environnement (extensions de responsabilité civile prostituée et pourquoi pas contrats particuliers comme la confirmation responsabilité environnementale) sont obligatoire aux entreprises à qui l’activité peut offenser à l’environnement (pollution de l’air, de l’eau, des sols et nappes phréatiques, atteintes à des plateformes web protégés…). Ces assurances s’appuient sur le principe du “pollueur-payeur” : le chef d’opération doit réparer le préjudice constaté, causé pendant sa société. Suivant contrats, la garantie couvre la dépollution, coûts d’évaluation des dommages, la confection d’études pour déterminer les actions de réparation et frais administratifs ainsi qu’à judiciaires.

Chicago, 2020 26 février (Thomson StreetEvents) – Transcription modifiée de la conférence téléphonique ou de la présentation des résultats de Ventas Inc, 2020 Jeudi 20 février à 15:00:00 GMT

* Christian Cummings

Ventas, Inc. – SVP de gestion immobilière – Résidence pour personnes âgées

* Debra A. Cafaro

Ventas, Inc. – Président-directeur général

* John D. Cobas

Ventas, Inc. – Vice-président exécutif et CIO

Ventas, Inc. – Vice-président, IR

* Robert F. Probst

Ventas, Inc. – Vice-président exécutif et directeur financier

Joh. Berenberg, Gossler & Co. KG, Unité de recherche – Analyste

Citigroup Inc, Research – MD et chef de la recherche immobilière et d'hébergement aux États-Unis

Recherche Mizuho Securities USA LLC – MD et analyste principal de la recherche sur les actions

Evercore ISI Institutional Equities, Research – Senior MD et Senior Equity Research Analyst

Mesdames et messieurs, merci d'être debout et bienvenue en 2019. Invitation à la conférence trimestrielle sur les bénéfices de Venta. (Instructions de l'opérateur) Veuillez noter que la conférence d'aujourd'hui est enregistrée. (Instructions de l'opérateur)

Je voudrais maintenant transmettre la conférence à votre rapporteur, Juan Sanabria. Je vous remercie. Allez-y, monsieur.

Juan Sanabria, vice-président, IR, Ventas, Inc. (2)

Merci, Justina. Bonjour et bienvenue à l'invitation de la Venta Conference pour passer en revue l'annonce de la société d'aujourd'hui pour le quatrième trimestre et l'exercice clos en 2019. 31 décembre, résultats.

Pour commencer, permettez-moi de dire que toutes les prévisions et projections, ainsi que certaines autres déclarations qui doivent être faites lors de cette conférence téléphonique, peuvent être considérées comme des déclarations prospectives au sens de la Federal Securities Act. La société prévient que ces déclarations prospectives sont confrontées à de nombreux risques, incertitudes et incertitudes, et les actionnaires et autres doivent reconnaître que les résultats réels peuvent différer sensiblement des attentes de la société, exprimées ou implicites. Ventas décline expressément toute obligation de rendre publics tous les énoncés prospectifs ou révisions des énoncés prospectifs pour refléter tout changement dans les attentes. Des informations supplémentaires sur les facteurs susceptibles d'affecter les activités et les résultats de la société figurent dans le rapport annuel de la société sur formulaire 10-K pour l'exercice clos en 2018. 31 décembre et autres documents de l'entreprise.

Veuillez noter que les rapprochements quantitatifs entre chaque instrument financier non-GAAP répertorié dans cette conférence téléphonique et son instrument GAAP directement comparable, ainsi que le calendrier de divulgation supplémentaire de la Société, sont disponibles dans la section Relations avec les investisseurs de notre site Web, www.ventasreit.com.

Je vais maintenant m'adresser à Debra A. Cafaro, présidente-directrice générale de l'entreprise.

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Debra A. Cafaro, Ventas, Inc. – Président-directeur général (3)

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Merci, Juan. Bonjour à tous nos actionnaires et autres participants, nous vous invitons à l'appel des résultats de fin 2019 de Venta. Aujourd'hui, l'équipe Venta est ici pour discuter avec nous de nos performances 2019 et de nos perspectives 2020.

Permettez-moi de commencer par exprimer mon engagement personnel envers le succès futur de Venta, de notre équipe Venta et de nos parties prenantes. Aujourd'hui, nous annonçons donc un certain nombre d'étapes décisives pour augmenter les performances, notamment le recrutement de nouveaux talents et la relocalisation de notre équipe de direction, la création d'une nouvelle plateforme de croissance passionnante et des étapes importantes pour améliorer la qualité et la fiabilité du logement pour personnes âgées.

Après octobre Dans notre entretien avec vous au troisième trimestre, nous avons entrepris 3 étapes: premièrement, terminer l'année selon nos conseils; deuxièmement, en prenant des mesures démontrables pour améliorer les résultats et reprendre la route pour gagner Venta; et troisièmement, le 2020 recommandations une fois rédigées et crédibles. Nous avons rempli les 3 obligations aujourd'hui.

Commençons par la fin de l’année de notre point de vue. 2019 Fevrier Dans la gamme de recommandations FFO normalisées publiée, menée par la performance de notre segment Office, la croissance stable du portefeuille de soins de santé, l'accréditation, nous avons fourni des résultats fiables de 3,95 $ tout au long de 2019. investissements et fonctionnement efficace des marchés de capitaux. Nos résultats du quatrième trimestre étaient également conformes à nos prévisions.

En particulier, nous avons également réalisé d'importants progrès stratégiques au fil des ans. Nous avons annoncé, fermé ou lancé près de 4 milliards de dollars de nouveaux investissements qui devraient rapporter entre 6% et 7%. Ces investissements comprennent notre portefeuille LGM attrayant et notre partenariat au Québec et notre engagement envers près de 1 milliard de dollars dans des projets de recherche et d'innovation de haute qualité sous la direction de grandes universités scientifiques. Nous avons pris des mesures intelligentes sur les marchés financiers pour financer nos investissements afin de réduire les intérêts débiteurs et d'allonger les échéances. Et grâce à Pete Bulgarelli et son équipe, nous avons obtenu de bons résultats dans le secteur des bureaux, qui représente désormais près de 30% de notre portefeuille. Nous continuons de diriger et sommes largement reconnus pour notre engagement envers les valeurs environnementales, sociales et de gouvernance.

Deuxièmement, nous nous sommes engagés à prendre des mesures démonstratives pour améliorer nos performances et contribuer à notre croissance et à notre succès. Nous avons évolué avec un sentiment d'urgence, d'intensité et de détermination et nous avons fait de grands progrès au cours des deux derniers mois. Ces actions se répartissent en 3 catégories générales: leadership, logements seniors et plateformes de croissance. Permettez-moi de commencer par le leadership. Aujourd'hui, nous avons annoncé la nomination de Justin Hutchens à notre équipe de direction. La plupart d'entre vous connaissent Justin comme un gestionnaire principal du logement respecté et axé sur les opérations. Justin, qui me fera savoir et déménagera à Chicago, supervisera nos activités en direct en Amérique du Nord, travaillera avec nos opérateurs et travaillera pour maximiser notre position sur le marché. Son expérience de travail s'ajoutera grandement à notre équipe compétente existante et sa présence augmentera le débit de nos logements pour personnes âgées. Nous sommes tous très enthousiasmés par les perspectives et l'impact que Justin aura sur le secteur du logement pour personnes âgées de Venta lorsqu'il se joindra à nous au début d'avril. Dans le même temps, nous réorganisons notre équipe de direction actuelle pour fournir des rôles et des responsabilités étendus à chaque dirigeant. Et nous accueillerons notre nouvelle conseillère générale Carey Roberts alors qu'elle commencera à travailler à Venta en mars.

Appel à l'action pour améliorer notre entreprise de logement pour personnes âgées. Nous vendons pour plus de 600 millions de dollars d'actifs de logements pour personnes âgées non statiques, et le processus est concurrentiel. Une fois ces sommes transférées, elles seront utilisées pour un pipeline passionnant de recherche et d'innovation avec les grandes universités scientifiques. Nous avons également établi un partenariat avec nos opérateurs afin d'accélérer et d'adapter leurs plans d'investissement en actions pour le logement des seniors pour 2020 et aider nos communautés à mieux rivaliser sur leurs marchés. Dans les marchés prioritaires, nous avons considérablement augmenté notre objectif pour 2020. Coûts CapEx budgétés, en particulier pour les projets axés sur le client visant à améliorer l'emploi, la compétitivité et l'attractivité globale de nos communautés. Nous avons également pris des mesures initiales pour former une société de portefeuille commune de FAI alors qu'APM continue de trouver sa fondation après la transition des actifs, la récente introduction d'un modèle de tarification simplifié et l'augmentation de l'allocation du capital aux communautés.

Enfin, dans une tentative sincère de répondre aux commentaires des investisseurs et des analystes, nous avons mis à jour les politiques du même réseau du SHOP pour accroître la comparabilité, la transparence et la cohérence dans la présentation de nos résultats et recommandations du SHOP. Je tiens à féliciter Michael Bilerman d'avoir encouragé cette initiative ainsi que Tom Herzog, Pete Scott, Bob et notre propre équipe pour l'énergie et le professionnalisme qu'ils ont mis dans ces efforts au profit des investisseurs, analystes et autres parties prenantes.

La troisième catégorie d'actions que nous avons prises pour assurer la croissance et le succès de l'entreprise est le démarrage d'une nouvelle entreprise passionnante au premier trimestre. Il s'agit d'une marque Ventas, une assurance vie à durée indéterminée axée sur les sciences de la vie, le cabinet médical et la maison de retraite. Notre fonds lancera un démarrage rapide avec environ 650 millions de dollars. USD de capital de tiers à la clôture initiale prévu au premier trimestre. Ventas fournit des fonds de bureaux pour les sciences de la vie et les bureaux médicaux évalués à 4,9%, ce qui confirme la création de valeur et l'exécution de notre stratégie d'investissement. Au moment de son lancement, nous prévoyons également que le fonds utilisera près de 0,5 milliard de dollars en pouvoir d'achat pour acquérir des actifs supplémentaires, et nous prévoyons que l'actif total du fonds augmentera avec le temps. Ventos conservera une participation de 20% dans le fonds afin d'assurer l'alignement avec les investisseurs du fonds, ainsi que de percevoir des frais de gestion d'actifs et d'autres compensations si les investisseurs du fonds reçoivent les rendements attendus.

Notre nouveau fonds présente de nombreux avantages stratégiques et financiers pour Venta et ses actionnaires. Il s'appuie sur notre marque, notre équipe, notre expérience et nos connaissances de l'industrie, étend nos capacités et nous fournit une autre source constante de capital de croissance. Nous espérons que chacune des actions décrites ci-dessus contribuera positivement aux résultats de notre entreprise au fil du temps.

Ce qui détermine le troisième et dernier objectif que nous vous avons communiqué pour notre objectif 2020 Lignes directrices et leurs composants lorsqu'ils sont prêts et fiables. Aujourd'hui, nous présentons le FFO par action normalisé 2020 de 3,56 $ à 3,69 $. Notre 2020 Le milieu de la ligne directrice se rapproche de notre 2019. Résultats du quatrième trimestre ajustés 4 fois pour plusieurs éléments signalés. Nos directives reflètent également notre attente d'une robustesse et d'une fiabilité continues dans les bureaux et les soins de santé, la pression continue sur le portefeuille de logements pour personnes âgées et l'absence d'un marché des capitaux ou d'une activité d'investissement.

Alors que notre 2020 Les directives, comme d'habitude, excluent l'impact des nouvelles acquisitions, nous approchons d'une année fantastique. Et nous voyons toujours des opportunités d'investissement attrayantes dans notre secteur vertical, y compris nos activités de recherche et d'innovation. 2020 Nous nous efforcerons d'étendre notre longue histoire sur la manière d'acheter, d'acquérir, d'engager et de financer efficacement des investissements créateurs de valeur.

Se tourner vers le marché plus large. Nous continuons de constater un fort intérêt institutionnel pour toutes nos catégories d'actifs, en particulier les logements pour personnes âgées, les sciences de la vie et les actifs médicaux. Les investisseurs mondiaux continuent d'être très attirés par ces classes d'actifs pour les mêmes raisons que nous. Ils sont entraînés par de puissants vents démographiques. Nous sommes particulièrement encouragés par les tendances favorables de l'offre et de la demande sur le marché national du logement pour personnes âgées et les sous-marchés de nos marchés à terme. L'absorption des 99 principaux marchés a dépassé la croissance des actions pour le deuxième trimestre consécutif au quatrième trimestre, entraînant une baisse en 2019. L'absorption a atteint un niveau record. Sur tous les marchés secondaires de Venta, nous prévoyons De nouvelles présentations communautaires s'amélioreront au fil des ans. Alors que les opérateurs digèrent encore l'offre accumulée au cours des deux dernières années, la puissance de ce soulèvement des logements pour personnes âgées est indéniable et inévitable.

Donc, en regardant 2020, nous avons un aperçu du potentiel de Venta d'en haut, que nous voyons dans le secteur du logement pour personnes âgées; contribution à l'ouverture de notre développement de la recherche et de l'innovation; un NOI stable et croissant de notre portefeuille de services de bureau et de soins de santé de haute qualité; étendre notre empreinte et lever des capitaux grâce à notre nouveau fonds; notre équipe renforcée engagée envers les autres et les parties prenantes; et notre investissement continu dans les opportunités des marchés financiers.

Maintenant, je suis heureux d'appeler mon partenaire, notre directeur financier, Bob Probst.

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Robert F. Probst, Ventas, Inc. – Vice-président exécutif et directeur financier (4)

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Merci, Debbie. Dans mes remarques d'aujourd'hui, je passerai en revue la performance et les perspectives de nos actifs dans leur ensemble pour notre 2019. Performance de l'entreprise et nos recommandations pour l'entreprise jusqu'en 2020

Mais avant de commencer l'école, notre 2020 La fourchette de référence FFO de 3,63 $ par action peut être définie simplement comme un 2019 ajusté. Les FFO du quatrième trimestre sont annualisés, encore ajustés pour tenir compte de la croissance continue des services de bureau et des soins de santé de niveau triple net, ou 0,08 $ par rapport à 1,3 milliard de dollars en capital. recycler et gérer un appartement pour la maison des grands-parents. Ces directives n'incluent pas les nouveaux impôts, investissements ou transactions sur le marché des capitaux non annoncés, comme c'est notre pratique. Dans cet esprit, entrons dans le débat sur la propriété.

BOUTIQUES 2019 Les résultats du quatrième trimestre sont conformes à nos dernières attentes. SHI NOI du même magasin a baissé de 4,4% en glissement annuel et de 7,5% en glissement trimestriel, en raison de l'impact cumulatif de la nouvelle concurrence et de certains problèmes de performance exceptionnels liés au décrochage scolaire. Hors ESL, qui représente 8% de notre NOI pour le même magasin, 2019. Le NOI du même magasin aurait baissé de 4% au quatrième trimestre et de 3,1% pour l'ensemble de 2019. Comme prévu, la baisse de la trajectoire des bénéfices du troisième trimestre s'est poursuivie au quatrième trimestre, avec une fermeture de l'emploi de 86,3%, soit 160 points de base de moins qu'un an plus tôt.

Sur une note positive, la croissance des coûts d'exploitation au quatrième trimestre a été inférieure à 2% et l'inflation des coûts de main-d'œuvre a été freinée par un contrôle strict des dépenses – un sujet qui a été une caractéristique constante de 2019.

Le 2020 La gamme SHOP NOI pour le même magasin passera de moins 9% à moins 4%. Les faits les plus simples sont que nos recommandations SHOP sont motivées par 2 facteurs, l'un étant les tendances des revenus que nous avons identifiées comme ayant un impact significatif sur les années 2020 à la fin du troisième trimestre. Pour un point de départ de l'emploi inférieur, à partir de l'année; Deuxièmement, en 2019. le quatrième trimestre, qui comprend le taux d'emploi le plus bas, est bon pour 2020. point de référence. Comparé à 2019 quatrième trimestre, annuel, 2020 SHOP NOI estimé dans le milieu de référence. Nous attendons avec impatience 2020. L'écart de l'emploi en année pleine s'élargira par rapport à l'écart de 160 points de base au 19e trimestre, ainsi qu'à la modeste 2020. Croissance du REVPOR tirée par de fortes augmentations des locations locales. Il prend également en compte l'inflation des salaires et des assurances et l'impact de la journée supplémentaire causée par l'année bissextile.

Il est probable que 2020 soit prévu. Sur notre marché secondaire SHOP, l'offre en ligne devrait baisser de près de 15%, tandis que le début des nouvelles constructions et la tendance des permis de pré-construction sont également favorables. Dans ce contexte, nous pensons que les nouvelles unités accumulées qui ont été connectées au cours des dernières années et qui sont encore absorbées resteront élevées en 2020. Cela devrait être suivi par des tendances positives à la hausse de la demande et à la baisse des stocks en construction.

Debbie a déjà résumé nos plans de logement pour les grands-parents. J'appuierai quelques-uns de ces points. Premièrement, nous continuons d'augmenter la fréquence et la profondeur de notre dialogue avec nos opérateurs. L'inclusion de Justin Hutchens, qui possède une vaste expérience et des relations dans les opérations de logement pour personnes âgées, accélérera et complétera ces efforts. Deuxièmement, nous avons inclus 600 millions de dollars dans notre perspective SHOP. USD pour la vente d'actifs résidentiels non stratégiques utilisant la même gamme de magasins d'environ 50 à 100 points de base. Et troisièmement, nous avons revu nos définitions du même magasin SHOP, comme annoncé la semaine dernière, avec et aligné avec Healthpeak. Les nouvelles définitions sont résumées aux pages 47 à 49 de notre supplément. Ces mises à jour SHOP entreront en vigueur en 2020. 1er janvier Nous avons également déposé une demande pour 2019. Résultats comme si ces mises à jour de la politique SHOP étaient valables tout au long de l'année. Leur adoption réduirait Croissance de 50 à 100 points de base dans le même magasin, éliminant les avantages de la location de certains rénovations. En général, les effets de la vente de certains actifs du SHOP et de l'adoption de nouvelles définitions se contrebalancent efficacement.

Je voudrais également souligner que plus de 80% de nos actifs SHOP sont dans le même magasin. Comme d'habitude, nous assurons la transparence sur les magasins trimestriels et ouverts à l'année du même type, ce qui nous semble essentiel pour comprendre la croissance organique dans le magasin.

Enfin, je suis heureux d'annoncer que le portefeuille LGM a été intégré avec succès. Notre partenariat avec l'équipe LGM est un bon début et les actifs fonctionnent bien.

Jetons un coup d'œil au portefeuille de location triple net, qui a enregistré une augmentation de 2,2% de la trésorerie dans un magasin tout au long de 2019. Le portefeuille d'actifs aigus et post-aigus de notre portefeuille de soins de santé a alimenté cette croissance. Triple la couverture du réseau, les couvertures IRF et LTAC sont restées stables à 1,4 fois. Ardent a continué de fonctionner exceptionnellement bien en 2019, tandis que la location d'Ardent était toujours solide à 3,1x. Le loyer triple net du logement pour personnes âgées au cours des 12 derniers mois était de 1,1 fois, mais il comprenait une couverture moindre pour certains exploitants, dont Brookdale. Nous avons été ravis de voir un rapport solide de Brookdale sur ses appels d'hier.

Il est prévu que d'ici 2020 L'encaisse triple nette dans les magasins augmentera de 1,5% à 2,5% par an par rapport à l'année dernière en raison de l'augmentation de l'espace de location dans les établissements de santé.

Parlons de notre passionnant segment de reporting Office, qui représente 27% du NOI de Venta. Tout au long de 2019, le NOI en espèces des magasins comparables a augmenté de 2,6% et était le plus élevé de notre plage de référence révisée la plus élevée de 2% à 2,5%. Cette excellente performance a été tirée par notre portefeuille de R&I, qui en 2019 La croissance de la trésorerie de 6% pour le même magasin a augmenté, le loyer moyen par pied carré a augmenté de 5,5% et l'occupation a approché 97%. Les excellents résultats de l'expansion de notre campus en relation avec le Duke et l'Université de Pennsylvanie ont conduit à une croissance au quatrième trimestre et à une R&I en année pleine. Les avantages de notre location R&D attrayante continueront de stimuler la croissance des mêmes magasins dans ce segment en 2020.

Compléter l'activité de R&I en croissance rapide est une entreprise très précieuse dans le cabinet médical. Le PNB de trésorerie comparable du MOB a augmenté de 1,6% tout au long de 2019, en fonction de nos attentes et au-dessus du point médian de nos prévisions. L'équipe MOB a fait un excellent travail et a fourni un excellent service client en 2019. Et atteint un taux de rétention très élevé de 92% pour le trimestre et 86% pour toute l'année – un record pour Venta. Notre portefeuille de propriétés de sciences de la vie de bureau et d'actifs MOB devrait augmenter la croissance du PNI en espèces des magasins comparables de 2,6% en 2019, de 3% à 4% tout au long de 2020. Ces recommandations se situent entre 1,75% et 9% respectivement pour le MOB et la R&I.

Passons maintenant aux résultats financiers globaux de notre entreprise. 2019 Nous avons introduit le FFO normalisé – 3,85 $ par action – à l'extrémité supérieure de la fourchette de référence initiale de 3,75 $ à 3,85 $ que nous avons fixée en février de l'année dernière. Tout au long de 2019, les résultats du même magasin ont également suivi les dernières gammes de nos recommandations.

Nous avons réagi de manière proactive à la dette. 2019 Au final, l'échéance moyenne des Obligations Venta se rapproche de 8 ans, le prix moyen de la dette s'améliore à 3,5% et l'échéance à 2021. Il y a un minimum. Enfin, comme prévu, la dette nette ajustée du BAIIA a été 6 fois plus élevée tout au long de 2019.

Je terminerai toutes nos recommandations 2020 pour l'entreprise. Les principaux éléments de nos recommandations sont les suivants. Le bénéfice net des actionnaires ordinaires devrait se situer entre 1,61 $ et 1,74 $ par action entièrement diluée. Le FFO normalisé devrait se situer entre 3,56 $ et 3,69 $ par action. Nous prévoyons que la valeur de rachat de notre portefeuille pour le même magasin variera de moins 1,5% à 1% positif. La dette nette, ajustée de l'EBITDA pro forma, devrait rester stable tout au long de 2020.

Après avoir reçu 2019 Résultats du troisième trimestre, nous avons signalé un 2019 implicite. Une moyenne de référence trimestrielle de 3,64 $ par action serait un "bon point de départ" pour notre 2020. FFO par action. Ce calcul a été effectué avant tout nouvel investissement ou établissement en 2020. Notre moyenne de recommandations FFO publiée aujourd'hui est de 3,63 $ par action, malgré l'absorption d'une réduction attendue de 0,08 $ par action par rapport à la disposition de 1,3 milliard de dollars utilisée pour réduire la dette et investir pour notre nouvelle. Développement de la R&D. Comme d'habitude, nous n'avons pas inclus de nouveaux impôts, investissements ou activités liées aux marchés financiers dans nos recommandations. Pont FFO normalisé par action à partir de 2019. Quatrième trimestre à 2020 annuel Une moyenne indicative de 3,63 $ se trouve dans notre communiqué de presse.

Pour terminer, toute l'équipe Venta est pleinement engagée et engagée dans notre stratégie 2020. Prévoyez d'améliorer les résultats et montrez-nous quelles opportunités intéressantes vous attendent.

Dans cette optique, je demanderai à l'opérateur d'ouvrir un appel à questions.

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Questions et réponses

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Opérateur (1)

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(Instructions de l'opérateur) Et notre première question vient de Victor Malhotra de Morgan Stanley.

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Vikram Malhotra, Morgan Stanley, Unité de recherche – VP (2)

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Je sais que vous avez fait beaucoup de travail, alors félicitations pour tout avoir fait. Je sais donc que j'ai une question et un suivi. Donc, en vous concentrant uniquement sur les lignes directrices, pourriez-vous donner un peu plus de couleurs à la façon dont vous avez fait avec votre plage de croissance idéale au milieu, puis qu'est-ce qui est forcé des deux côtés et quelle est la grippe? cuit dedans?

Et puis le deuxième problème, en ce qui concerne le triple réseau, vous avez parlé de couverture. Je me demande simplement si vous faites cuire des pièces supplémentaires ou si vous vous attendez à une réduction de loyer triple net?

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Robert F. Probst, Ventas, Inc. – Vice-président exécutif et directeur financier (3)

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Bien sûr. Je vais les prendre et je vous remercie de demander. Commençons par SHOP, le milieu de la gamme, puis faisons le haut / bas. Nous prévoyons un élargissement de l'écart d'emploi en milieu d'année par rapport au quatrième trimestre. Le quatrième trimestre a baissé de 160 points de base par rapport à 2019 l'année précédente pour s'établir à # 18. Nous nous attendons à une amélioration, c'est-à-dire Y. Combler cet écart en 2020 Nous prévoyons une certaine croissance dans RevPOR. La première année de 2020 Nous avons eu une importante hausse à la fin du trimestre et cela aide. Une partie de cela sera compensée par la ventilation du prix de location afin de réaliser une légère augmentation de RevPOR.

Du côté des dépenses, nous avons souligné certains problèmes, notamment l'inflation du travail, l'inflation des assurances et la journée supplémentaire de l'année bissextile. Et ils sont tous inclus dans le plan. Je dirais qu'en ce qui concerne la croissance d'OpEx, nous ne pensions pas que nous continuerions à maintenir OpEx globalement en dessous de 2%, ce que nous avons constaté ces dernières années. Lorsque vous mettez tout cela ensemble, vous arrivez au milieu de notre gamme citée.

Ant – Je l'appellerai le bon côté de la gamme, le vrai levier est, je dirais, surtout les alentours. Ainsi, leur capacité à réduire davantage l'inflation de la main-d'œuvre grâce à une utilisation plus efficace du modèle d'exploitation, des achats, etc., serait le côté haut qui est en fait la clé pour se placer du côté droit de la fourchette. D'un autre côté, cela a vraiment à voir avec les revenus et les prix et ce qui se passe sur le marché alors que nous continuons à absorber l'offre qui est toujours là. L'équation vraiment axée sur le revenu est donc négative. Et c'est vraiment haut / bas comme nous le décrivons.

Sur le deuxième point, je dois dire, la grippe. Oui, la grippe est incluse. Nous ne pensons pas que ce soit un gros problème cette année, mais il est inclus.

Triple réseau, équation vraiment compliquée. Je dirais quelques petites choses. Une chose que nous vous avons dit l'année dernière reste vraie, à savoir Y. Effet de la modification du bail, de la transition, etc. 10 devient 20, et 20 est une phrase simple, à droite. Ceci est inclus dans nos recommandations. Nous avons également inclus un espace pour d'autres modifications si nécessaire. Donc, d'un point de vue général, il s'agit d'une gamme de recommandations FFO. Réponse si longue.

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Vikram Malhotra, Morgan Stanley, Unité de recherche – VP (4)

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Donc, pour clarifier quand vous – les recommandations, les recommandations SHOP que vous avez faites, selon ce que vous voulez – l'APL peut être modifié, comment ces recommandations seraient-elles supprimées par l'APL?

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Robert F. Probst, Ventas, Inc. – Vice-président exécutif et directeur financier (5)

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Les avantages ne sont pas inclus dans la gamme car ils ne sont pas inclus dans nos recommandations. Je dirais que c'est environ 100 points de base.

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Opérateur (6)

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Notre prochaine question s'adresse à Nick Joseph de Citi.

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Michael Bilerman, Citigroup Inc, Research – MD & US Real Estate & Lodging Research Manager (7)

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Voici Michael Bilerman avec Nick. Et Debbie, merci d'avoir travaillé avec vos pairs pour standardiser le même magasin, et nous l'apprécions vraiment. Deux questions de ma part. Pouvez-vous informer le fonds que vous avez mis en place sur le processus d'allocation des fonds par rapport au portefeuille? Il semble que ce sera à la fois une substance et une substance. Quels seront donc les facteurs derrière un actif ou un portefeuille d'actifs entrant dans un fonds par rapport au bilan?

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Debra A. Cafaro, Ventas, Inc. – Président-directeur général (8)

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D'accord. Eh bien, nous en sommes ravis. J'ai longtemps admiré Hamid et son succès dans ce domaine. Et je suis ravi de pouvoir utiliser notre infrastructure et notre plate-forme pour aider les investisseurs à choisir comment investir dans ces grands bureaux des sciences de la vie et médicaux et du logement pour personnes âgées. Donc, comme vous l'imaginez, il existe des critères de fonds définis. Au fil du temps, comme le fonds que nous espérons et espérons qu'il le sera, il sera certainement possible de choisir quelle propriété est la meilleure maison et, bien sûr, nous nous assurerons de traiter toutes nos parties prenantes équitablement.

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Michael Bilerman, Citigroup Inc, Research – MD & US Real Estate & Lodging Research Manager (9)

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Et puis la deuxième question, en termes de charge G&A, je pense que c'est vraiment en 2 parties. Premièrement, qu'est-ce qui est intégré dans les recommandations G&A pour 2020 par rapport à 2019, en particulier lorsque vous attirez de nouvelles personnes? Mais en 2019, vous étiez 166 millions de dollars. Appelons cela environ 50 points de base de la valeur brute des actifs. Votre Q, vos collègues les plus proches dans le FPI du système de soins de santé à volume élevé, a votre plafond à 90 millions de dollars, soit un peu plus de 40 points de base, et bien, à 126 millions de dollars, un peu plus de 30 points de base NAV. Y a-t-il – je veux dire, peut-être qu'il y a des informations concernant la comparabilité. Mais à dessein, pensez-vous qu'il existe des domaines où vous pouvez réduire le fardeau de la R&D? Et comment le bail de Justin affectera-t-il les choses à l'approche de 2020?

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Robertas F. Probstas, „Ventas, Inc.“ – vykdomasis viceprezidentas ir finansininkas (10)

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Aišku, aš pasirinksiu tą. Ačiū, Maiklai. Taigi visada sunku palyginti G&A naudojant skirtingas priemones. Mastelis, jūsų veikimo modelis yra 2 kintamieji, galintys lemti medžiagų skirtumus. Pažvelgdami į mūsų G&A, išskirčiau keletą dalykų. Pavyzdžiui, kai žiūrime į metus, pavyzdžiui, '19 ', pamatėme nuomos apskaitos standarto pakeitimą, kai pradedame mokėti nuomos komisinius mokesčius. Tai yra – bėgimo rodiklis, jei jums patinka, bet poveikis metams per metus '19 ir bazėje. Žiūrėdami į „20“, mes tikimės, kad G&A srityje stengsimės išlikti lygūs ir tokiu būdu iš esmės padengti darbuotojų, įskaitant Justiną, išlaidas. Taigi tai reiškia efektyvumą ir aštrumą, kaip mes visada, bet tai yra mūsų biudžetas.

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Debra A. Cafaro, „Ventas, Inc.“ – pirmininkas ir generalinis direktorius (11)

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Na, aš jam pasakiau, kad jis turi tai padaryti 3 kartus ar panašiai.

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Robertas F. Probstas, „Ventas, Inc.“ – vykdomasis viceprezidentas ir finansų direktorius (12)

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Esu tikras, kad už tai sumokėsite, be abejo.

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Operatorius (13)

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Kitas mūsų klausimas kyla iš Rich Anderson iš SMBC.

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Richardas Charlesas Andersonas, SMBC „Nikko Securities America, Inc.“ tyrimų skyrius – tyrimų analitikas (14)

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Geras papildymas su Justinu, geras vaikinas, žinoma. Nekantriai laukiu jo vėl.

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Debra A. Cafaro, „Ventas, Inc.“ – pirmininkas ir generalinis direktorius (15)

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Taip. Mes taip pat esame.

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Richardas Charlesas Andersonas, SMBC „Nikko Securities America, Inc.“, Tyrimų skyrius – tyrimų analitikas (16)

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Taigi, manau, kad toje pačioje parduotuvėje kyla klausimas, kuris kyla tiek dėl tos pačios parduotuvės, tiek dėl FFO, metams bėgant, ir ta pati parduotuvė reiškia PARDUOTUVĖ, kaip jūs įsivaizduojate tokį judėjimą per metus? Ar matote mažiausiai ketvirtį abiejose vietose? Ir tada, kai pagalvoji apie darbą, kurio tikslas buvo nustatyti tavo PARDUOTUVĖS rekomendacijas, ar yra laiko tarpas, kai grįši į konkurencingesnį augimo lygį, palyginti su savo bendraamžiais? Ar jau metai nuo dabar? I'm sure there's something — some sort of thought about time line to sort of get this matter all fully behind you.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (17)

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Yes. Rich, good question, and thanks for asking. Because the profile, as you know, of '19 was — in the second half, we saw the revenue drop. We called it out obviously in the third quarter. That carried forward into the fourth. So if you just kind of drew a line, if you think about 2019, obviously, it started high, finished low. And coming into 2020, that's our start point. And so all else equal, we'd expect to see a tougher comp in the first half of the year and then normalizing, if you like, as we get into the back half of the year. So that's just going to be the normal phasing as we look at it. And as we look at the year-over-year guidance range, that is a fundamental predicate. Absolutely, for sure. Go ahead.

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Richard Charles Anderson, SMBC Nikko Securities America, Inc., Research Division – Research Analyst (18)

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No. I was going to say, could you — so is the first quarter the trough year both for same-store and FFO, would you say — the trough quarter?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (19)

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Yes. You'll have some competing forces there. So in terms of FFO phasing, the dispositions — we talked about $1.3 billion of dispositions being used to reinvest behind R&I and debt repayment, will be over the course of the year. So that is dilutive when we consider $0.08 versus the fourth quarter. So you'll see that phasing in over the course of the year, so some offsetting forces.

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Richard Charles Anderson, SMBC Nikko Securities America, Inc., Research Division – Research Analyst (20)

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All right. But then this time next year, do you think we'll be at a competitive level of growth on the same-store SHOP portfolio?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (21)

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Everyone in this room is focused on delivering 2020.

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Richard Charles Anderson, SMBC Nikko Securities America, Inc., Research Division – Research Analyst (22)

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Okay. Second question is on the fund assets. You kind of answered it kind of, but I appreciate you want to kind of hold your cards a little bit. But is there at least a higher percentage of riskier assets or core-plus assets there? And would you seed more from your existing portfolio? Or is this all you're going to do for now and everything else would be growth?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (23)

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Well, right now, it's our expectation that everything will be growth. And importantly, we believe that it really does augment our aggregate capacity to grow. And so from here on out, we would expect John's team to be sourcing investments, and if appropriate, they'll go in the fund. And otherwise, we will happily take them on balance sheet. So we're excited about the expansion of overall capacity.

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Richard Charles Anderson, SMBC Nikko Securities America, Inc., Research Division – Research Analyst (24)

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I still don't know what appropriate is, though. Can you define what appropriate is for the fund?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (25)

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Yes. I mean there are defined investment criteria that are identified that would be for core life science, stabilized core life science, senior housing and MOBs. And things like our growing Research & Innovation pipeline, ground-up development with our exclusive partner, Wexford, would clearly be for the Ventas account. So there are pretty clear demarcations, but where there may be overlap, again, our job is to be fair to all the stakeholders and, in the aggregate, expand our reach and our acquisition capacity.

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Operator (26)

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And our next question comes from Nick Yulico from Scotiabank.

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Nicholas Philip Yulico, Scotiabank Global Banking and Markets, Research Division – Analyst (27)

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Just going back to the fund, I think you mentioned $500 million of incremental buying power in the fund. Can you just tell us what the leverage target is, so we just have an understanding of the assets you'd be buying in the fund?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (28)

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Yes. It's consistent with our enterprise leverage targets.

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Nicholas Philip Yulico, Scotiabank Global Banking and Markets, Research Division – Analyst (29)

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Okay. So — and the $500 million of incremental buying power, that was — you're referring to actually assets being bought at the fund level?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (30)

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Well, it's equity and debt availability on top of what we're already seeding the fund with in the initial closing. And then again, we would expect the assets under management to grow from there.

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Nicholas Philip Yulico, Scotiabank Global Banking and Markets, Research Division – Analyst (31)

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Okay. And in terms of the additional assets, are you more likely to be buying new assets or contributing existing Ventas assets into the fund?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (32)

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Right. Very clearly, from here on out, we would expect this to augment our total acquisition capacity. And it would only be newly acquired assets, which, if they meet the criterion or otherwise appropriate, would go to the fund. So we're initially seeding it with the 5 that we talked about, and then from there, it will be John's team that will be sourcing and closing the investments. And if appropriate, that's how the fund would grow from here.

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Nicholas Philip Yulico, Scotiabank Global Banking and Markets, Research Division – Analyst (33)

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Okay. Just one last question on the hiring of Justin. Maybe you could talk a little bit more about exactly what you're hoping for him to achieve. And I guess because looking back on last year, it just felt you had kind of an issue where you were just dealing with some operator issues, and in some cases, you just have to kind of live with those operating issues. I mean going forward, how is Justin going to be working with senior housing operators where, I guess, you could have a little bit more control over ultimately how some of these assets perform?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (34)

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Good, good. I'm so glad you asked that. And note that we did this right before the trade deadline. So we're excited about it. I mean what we really think that Justin will bring — and again, we have this bias to action. We're taking a lot of actions to do what we told you, which is to put Ventas back on a winning path and to realize the upside in our portfolio, in the senior housing portfolio. So what he is going to do is work very closely with our existing, highly capable team. He's going to bring that complementary operating background that he has that will make us better. And he has preexisting relationships with most, if not all, of our operating partners, as you know. And so he can work with them and our team on operating strategies and capital plans, with the overall objective, of course, to improve operating results. He will also, as we mentioned in the press release, serve on the ESL Board of Directors.

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Operator (35)

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And our next question comes from Jeff Spector from Bank of America.

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Jeffrey Alan Spector, BofA Merrill Lynch, Research Division – MD and Head of United States REITs (36)

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I'd like to focus a little bit more on hiring Justin, congratulations.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (37)

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Thank you.

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Jeffrey Alan Spector, BofA Merrill Lynch, Research Division – MD and Head of United States REITs (38)

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Could you share with us, I guess, some of the feedback criteria that he provided to you and in taking this role, again, some of the criteria he requested?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (39)

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Yes. I mean one of the great things is that Justin coming here, really, is attracted to Ventas' team, our strong track record, our commitment to our stakeholders and the upside in our business, broadly speaking, and our senior housing portfolio, in particular. And he is obviously well versed in the U.S. senior housing market. He helped build the business during a dynamic time in the senior housing market. And I think he is confident that he can have a very positive impact on the company and on our portfolio once he joins.

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Jeffrey Alan Spector, BofA Merrill Lynch, Research Division – MD and Head of United States REITs (40)

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So has he already influenced the $600 million of dispositions, the noncore dispositions? Is that the bulk right off the bat? Or he still needs to comb through the portfolio and figure out how much more needs to be sold from there? Because I'm trying to tie just that. And then you still did comment in your press release that you're expecting a positive turn in senior housing, and I'm not sure when you feel that, that's coming.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (41)

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Good. So I mean we have been working on these action plans, obviously, on our own and as well as all the other actions that we outlined today. We've been full speed ahead on them. And Justin will start to make his contributions, really, when he comes here in April, and we're really looking forward to that. And as I said in my remarks, I mean, the tailwinds of demographic demand in senior housing are compelling, and the fact that there will be an upturn in senior housing, driven by those demographic tailwinds, is both undeniable and inevitable. And so we're focused on 2020. We want to continue to take actions as we have today to position us to capture that upside, and that's what we're all focused on. And Justin will be focused with us as soon as he gets here.

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Operator (42)

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Our next question comes from John Kim from BMO Capital Markets.

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Piljung Kim, BMO Capital Markets Equity Research – Senior Real Estate Analyst (43)

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Just taking a step back, looking at your guidance, it implies over a 2-year period and 11% decline in FFO, and that's totaling $99 million at the midpoint. But at the same time, same-store NOI is flat. You've made $4 billion of investments. Can you just remind us what the disconnect is between those 3 items? I know you have a $10 million rent cut last year. But are there more rent cuts contemplated this year, just given where your triple-net coverage is?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (44)

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Right. So the key variable that you mentioned there is disposition and loan repayment activity, i.e., sales over the last several years, again, reinvested in either debt reduction or future growth through R&I, which have been dilutive to FFO. That, together with the senior housing market-driven performance, is — effectively, those are the 2 key things that answer that question.

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Piljung Kim, BMO Capital Markets Equity Research – Senior Real Estate Analyst (45)

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What about any further rent cuts or relief like you had last year?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (46)

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Right. So again, we, in our guidance, have incorporated the impact of that, which happened last year. So we talked about the $10 million becoming a $20 million in terms of activity in the triple-net operator portfolio. That's in. And then we provided for some additional activity, if it's necessary. So we've contemplated having to deal with some others. So that's in the guidance.

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Piljung Kim, BMO Capital Markets Equity Research – Senior Real Estate Analyst (47)

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Okay. And then my second question is on your fund. Can you just discuss how much you're going to earn in fees this year? Is it just your typical asset management fees or if there's any origination or acquisition fees that would be included in your normalized FFO?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (48)

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Yes. It's a — it's just a market structure. And I'm surrounded by a phalanx of counsel who's encouraging me to restrain my comments, so I will. But it's just a market structure.

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Piljung Kim, BMO Capital Markets Equity Research – Senior Real Estate Analyst (49)

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So any onetime fees would be basically to promote? Or would there be anything else in there?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (50)

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Again — principally, again, there's asset management fees, as you would expect and other as the documents provide.

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Operator (51)

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And our next question comes from Steve Sakwa from Evercore.

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Stephen Thomas Sakwa, Evercore ISI Institutional Equities, Research Division – Senior MD & Senior Equity Research Analyst (52)

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I just want to go back, Debbie, to a comment you made earlier about the CapEx spend and you're investing into the senior housing to help shore up the portfolio, but I don't know that you actually provided a dollar figure for that. So is there any color you can provide on that and how that kind of relates to overall maintenance CapEx spending in 2020?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (53)

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I'll do overall for the company. That's in the guidance. I'll let Chris talk a little bit more specifically about senior housing. But the guidance range for '20, this is FAD CapEx, Steve, is $180 million at the midpoint. Round numbers, we were $156 million in 2019. And the vast majority of that increase is a function of senior housing and, again, very much a result of this targeted and accelerated spending in senior housing. So I'll turn it to Chris to give a little more meat on that bone.

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Christian N. Cummings, Ventas, Inc. – SVP of Asset Management – Seniors Housing (54)

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Yes. Great. Again, Chris Cummings, senior housing asset management. As you look at senior housing spend on a per unit basis, in 2019, we spent on a total basis around $2,500 per unit. Closer to $3,300 per unit in '20 is our expectation. We're spending, in terms of customer-facing capital, about 65% more dollars in '20 than we did in '19. And where we're spending those dollars is primarily in those markets which we view as future attractive from a supply-demand perspective where we can get good outcomes from that spend.

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Stephen Thomas Sakwa, Evercore ISI Institutional Equities, Research Division – Senior MD & Senior Equity Research Analyst (55)

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Okay. And Debbie, just going back to the R&I business. Just in general, what are you seeing with Wexford in terms of deploying new capital? And how would you expect starts to trend in '20 and maybe into '21?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (56)

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We continue to have a robust pipeline. I mean Wexford has a terrific position in the marketplace with these leading research universities, and we have a team dedicated here at Ventas to work with them.

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Stephen Thomas Sakwa, Evercore ISI Institutional Equities, Research Division – Senior MD & Senior Equity Research Analyst (57)

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Can you just share any more around just types of deals or the size of the pipeline or expectations on starts?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (58)

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I'd refer that to my colleague, John Cobb.

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John D. Cobb, Ventas, Inc. – Executive VP & CIO (59)

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Yes. I mean I think last year, we announced $1.5 billion pipeline. Today, we've done almost $1 billion of that. So we're still working another $0.5 billion that we think will start hopefully in the first half of this year. And then we're constantly looking at new deals. They generally range between $100 million to $250 million apiece, so they're sizable. But we're — we have an active pipeline, and we have a great market competitive position.

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Operator (60)

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And our next question comes from Jordan Sadler from KeyBanc.

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Jordan Sadler, KeyBanc Capital Markets Inc., Research Division – MD and Equity Research Analyst (61)

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I just want to clarify on the hiring of Justin, his real marching orders here. I know you talked about sort of increasing the dialogue with operators, and obviously, he's on the ESL Board. But is he also — will he also be taking an overall inventory and assessment of the existing seniors housing triple-net and SHOP portfolios and sort of assessing whether or not you have the right portfolio of assets going forward?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (62)

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Well, working with Chris Cummings and our existing team, we want to partner with Justin as a team to improve performance. And obviously, part of that is looking at the portfolio with fresh eyes. We believe we have a portfolio that will continue — that will perform in the long term, look at capital plans, obviously, look at pricing strategy. So it's all part of the overall leadership of our senior housing business.

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Jordan Sadler, KeyBanc Capital Markets Inc., Research Division – MD and Equity Research Analyst (63)

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So it sounds like — I guess what we're all probably trying to get out of here is what Justin's mandate is and sort of what's been relayed to him in terms of what he'll be able to do in terms of needing to address whatever may be going on within the portfolio? And so what's the latitude in terms of capital recycling? It sounds like you're saying there'll be some latitude.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (64)

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Yes. I mean we — these are enterprise decisions. We will all work together to optimize both portfolio and enterprise. And he will be really leading that effort with Chris and his team, and we look forward to the results of that improving Ventas performance and position and realizing the upside that we know is in the portfolio.

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Jordan Sadler, KeyBanc Capital Markets Inc., Research Division – MD and Equity Research Analyst (65)

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Okay. And will he remain on the — in his current Board seat at New Senior? Has that been discussed at all?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (66)

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I mean that's something that I would refer you to New Senior for.

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Jordan Sadler, KeyBanc Capital Markets Inc., Research Division – MD and Equity Research Analyst (67)

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Okay. And lastly, Bob, just a clarification, if you could, on the leverage. You said it'd be stable throughout the year. I think it — I think at a 6 — from the 6x, I assume that was at year-end. But just to clarify that. And then — but how does that sort of fit with the $1.3 billion of recycling in this point and the $700 million of debt repayment?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (68)

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Right? So simple sources uses here, Jordan, is we've got the $1.3 billion of sources coming in from the dispose. The uses of those are twofold, roughly $600 million of that is going to be redevelopment spend, principally behind the R&I pipeline and development, and $700 million is going to be debt repayment. And you run all through that, that all through the grinder, that's flat on a leverage basis versus '19.

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Operator (69)

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And our next question comes from Daniel Bernstein from Capital One.

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Daniel Marc Bernstein, Capital One Securities, Inc., Research Division – Research Analyst (70)

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So I'd like to go back and — obviously, hindsight is 20/20. But what lessons can you learn from the last couple of years in terms of the portfolio that you can bring forward as the — do you need more robust asset management, more CapEx early, more asset recycling early? Maybe that's related to Justin coming onboard as well. But what lessons can you learn from the performance of the last 2 years that you can bring forward and change how you operate?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (71)

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Well, I think clearly the actions that we're taking speak to those points, I think that bringing Justin, being one of them in terms of expanding our — and complementing our strength with significant operating experience and perspective, I would say that really understanding that the longer transition period in ESL portfolio and communicating that more to you and generally, obviously, having, I think, consistent SHOP policies and so on, so that investors can really understand organic performance across companies, which I think we've now tried to offer between us and Healthpeak, which I think is a step forward. So obviously, lots of lessons learned. I think over a 20-year time period, we have really focused on delivering and on excellent performance. And I think we've had a short period here where we have not met our own expectations. But we're doing everything within our power to get back on the winning path, and I'm confident that the actions we're taking will do so.

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Daniel Marc Bernstein, Capital One Securities, Inc., Research Division – Research Analyst (72)

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Okay. And maybe this is related, but what gives you confidence that the SHOP portfolio is going to perform better or even better than industry besides a rising tide raises all boats with industry? I mean you obviously have underperformed within the SHOP. What gives you confidence that it can perform better in the future? Is it the location of the assets, the management at Sunrise, Atria, et cetera? Just trying to understand what can change in — within the portfolio versus where we are today. Maybe that's just…

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (73)

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Again — yes. So we understand — so there's 2 things, as Bob described, that were — have been — that affect our 2020 guidance. It was the end of the third quarter, which mathematically lowers our start point going into 2020. So obviously, when that happens, that has an effect on 2020; and then the cumulative absorption of the supply in our submarkets. And we know that, that second aspect is improving, and the NOI will inevitably follow, plus, again, working with the operators on capital plans that are targeted and accelerated as well as bringing on more operating focused experience to work on pricing and so on. So those are all the actions that we're taking that we believe will drive improved performance.

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Daniel Marc Bernstein, Capital One Securities, Inc., Research Division – Research Analyst (74)

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Okay. And I know it's more than 2 questions here, but one last one. I just want to make — understand. Was the $10 million of triple-net lease restructuring, was that already in 4Q that's rolling into 2020? I just wasn't clear on that.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (75)

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Correct.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (76)

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You got it.

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Daniel Marc Bernstein, Capital One Securities, Inc., Research Division – Research Analyst (77)

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Okay. Rolling into 2020, okay.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (78)

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Yes.

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Operator (79)

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Our next question comes from Steven Valiquette from Barclays.

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Steven James Valiquette, Barclays Bank PLC, Research Division – Research Analyst (80)

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So at the REITworld conference back in November, you guys gave a little more color on some of the specific secondary markets that were problematic back in 3Q '19 with some of those ones in Texas, Utah, New York, California, et cetera. I don't know how much you want to get into that on this call. I guess I'm just curious if there's any update on those markets you would point out as maybe being expected to improve in 2020 from that prior list versus which ones may still be, let's say, difficult throughout the whole year.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (81)

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Sure. I'll take that one. And I would say the themes are very consistent with what we talked about last in that regard, namely the secondary markets, particularly in the fourth as in the third, continue to see, on a proportional basis, more revenue challenge. And again, that's where we saw supply come earlier and that the need to digest those units comes first. So that — as we look into 2020, that said, second — some of the secondary markets have begun to see that turn. And as Chris was describing where, for example, we're focusing some of the capital, those would be good opportunities to spend targeted capital there. On the other hand, primary markets — so these are just broad brush, you have to get, of course, get into the specifics. But primary markets is where supply came later, and the digestion will come later, put it that way. And so we'll expect in 2020 to see some of those primary markets, having to deal with that supply.

But at the end of the day, this is timing because the trends are inexorable. We see the demand growth. We see the penetration growth. The starts trend, which has been favorable now for several years, those come together and manifest themselves in the upside that we keep talking about. And it's just a matter of getting from here to there.

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Operator (82)

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(Operator Instructions) Our next question comes from Jonathan Hughes from Raymond James.

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Jonathan Hughes, Raymond James & Associates, Inc., Research Division – Senior Research Associate (83)

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I was hoping you could clarify the augmented external growth strategy and relationship with the core and core plus fund. You mentioned only stabilized deals will go into that vehicle. Does that mean only value-add and development opportunities will be targeted by Ventas and the historical external growth trajectory that was outlined last June is maybe also augmented down from $2 billion and maybe half that?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (84)

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Not at all. So let me try to take it again. So the fund helps us grow our platform by augmented investment capabilities and capacity. And so basically, we've seeded the fund, and then anything that grows the funds, assets under management, will be new investments, typically at sporty cap rates. And the fund will provide another arrow in our quiver in terms of access to capital and will enable us to acquire things that, in some cases, would be inefficient for us to acquire on balance sheet. And as I said before, we have an unlimited capacity to invest on balance sheet and then eventually in the fund as it continues to grow. And if you look at Prologis, for example, as an example, then you would see that it's helped the overall enterprise grow. And that's what we're aiming for. And in addition, as we mentioned in the release, will be the 20% GP of the fund. So we will maintain a significant interest in those assets as well. So it's an overall win for everyone, the new stakeholders in the fund as well as Ventas shareholders.

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Jonathan Hughes, Raymond James & Associates, Inc., Research Division – Senior Research Associate (85)

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Okay. So the growth trajectory of Ventas as a whole is the same, more in the outside vehicle. And John's team, sounds like they'll be busy.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (86)

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The same or better is the theory. Yes, in hand.

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Jonathan Hughes, Raymond James & Associates, Inc., Research Division – Senior Research Associate (87)

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And John's team sounds like it'll be very busy though. Okay. All right.

Then one more on ESL, I know you're looking for a JV partner, and demand for senior housing is strong. But this same portfolio ultimately didn't find a partner. When I recall, it was being marketed back in late 2017. Why sell it now — or JV it now after NOI has taken such a drastic turn for the worse? Just feels like we're selling at a trough. Why not just keep it as a whole and lap it, and in 18 months, we lap these comps and you get the benefit?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (88)

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Great question. Because we do see upside there over time. And so first of all, historically speaking, we chose not to pursue a partnership at that time. And so I think that's important for you to understand. And then secondly, we have taken these initial steps to do a joint venture. There is institutional interest in generally partnering with Ventas and in senior housing, in particular. And we believe that continuing to recycle capital and attract capital and gain more partnerships with investors is a positive development for Ventas. And this could enable us to do that.

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Jonathan Hughes, Raymond James & Associates, Inc., Research Division – Senior Research Associate (89)

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Why did you not JV it 2 years ago?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (90)

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We made a decision at that time that it was not in the best interest of the company to do so.

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Jonathan Hughes, Raymond James & Associates, Inc., Research Division – Senior Research Associate (91)

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And you stick by that today as NOI has gone down pretty precipitously?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (92)

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We do, and I'll — we'll be happy to talk to you about more color off-line. But yes, we do.

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Operator (93)

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And the next question comes from Michael Mueller from JPMorgan.

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Michael William Mueller, JP Morgan Chase & Co, Research Division – Senior Analyst (94)

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Just a quick question on SHOP occupancy, the 160 basis point gap at year-end. Bob, I know you talked about that closing some. But can you talk about like a magnitude of how much of that closing would you say is really good progress versus kind of a base case scenario? I asked, right?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (95)

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Thank you for asking. Yes, I appreciate that. And the goal is to narrow.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (96)

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Yes. So in the right direction.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (97)

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And that's a lower number than 160, and obviously, there's a related question, which is pricing. So both of those need to be answered together. We need to be smart on both occupancy and price. Revenue, when you're — when all is said and done, growing revenue is the job to be done. And so that's where the focus is.

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Michael William Mueller, JP Morgan Chase & Co, Research Division – Senior Analyst (98)

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Okay. And real quick on ESL to JV. Should we read into that, that you think the progress — process to turn that around is going to take longer, so you just want less of it today? Is that the right way to think of it?

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John D. Cobb, Ventas, Inc. – Executive VP & CIO (99)

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This is John. I wouldn't read into it that way. We're going to stay in.

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Operator (100)

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Our next question comes from Chad Vanacore from Stifel.

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Tao Qiu, Stifel, Nicolaus & Company, Incorporated, Research Division – Associate (101)

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This is Tao Qiu for Chad. My first question is on dividend coverage. So FAD this quarter was $0.78 versus $0.79 dividend. And 2019 guidance implies some decline in FFO. So how do you feel about your dividend at this point, also in light of the higher CapEx you were expecting in senior housing?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (102)

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Yes. Thank you for the question. So obviously, the dividend is an important component of our total return. And we feel good about where the dividend is because we feel good about investing in our portfolio this year, which has increased FAD this year so that we can realize the benefits of the upside in our portfolio. So as we look forward, we do see the benefits of senior housing turning up. We also see the benefits of the R&I development pipeline that we've been heavily investing in with those assets starting to come online and contributing to cash flow and EBITDA as they open in late '21 and into '22, and they'll make a significant contribution at that time. So the combination of — and then the steady growth of the office and health care portfolios, all combined, make us feel comfortable.

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Tao Qiu, Stifel, Nicolaus & Company, Incorporated, Research Division – Associate (103)

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Okay. And a follow-up on the REVPOR numbers. Can you talk about what kind of rate increases you are seeing now that you have the month of January under the belt? And how does it compare to prior years, given the lower occupancy level you're seeing? Are you interested in more discounting to drive that revenue?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (104)

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Yes. Thanks. So there's 2 pieces of price. I'll touch on both. One is the in-place resident increase that happens this time of year, and that's been healthy, I'd say consistent with last year. So that's encouraging and important part of revenue. And then to your second question, which is — I think of it in terms of the releasing spread. When resident leaves, what are we seeing on pricing. And it remains a competitive market. There's no question about it. Therefore, our guidance for the year of modest RevPOR growth incorporates both those odds. But so far, I'd say the start of the year, it's in line with our expectation.

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Operator (105)

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And our next question comes from Omotayo Okusanya from Mizuho.

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Omotayo Tejamude Okusanya, Mizuho Securities USA LLC, Research Division – MD & Senior Equity Research Analyst (106)

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Yes. So again, congrats on the Justin Hutchens exit from the U.K. I think again, you're generally hearing positive commentary on him. But I guess again, the core question, I think, a lot of us are trying to get on to the call is kind of, fundamentally, what's really changing here in regards to how you're going to operate the SHOP platform going forward. I think again the asset sales are helpful. But again, your SHOP portfolio is $12.6 billion, and I think you're only selling $600 million. Yes, the ESL JV is helpful to kind of reduce exposure. But kind of what really is fundamentally changing here to give us more confidence that the SHOP portfolio will perform better going forward?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (107)

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Okay. We've been — yes, we've been trying to get at and respond to your questions. Fundamentally, we — if we have a 2020 and realize the benefits of Justin's contributions and we see cumulative supply declining in our submarkets as we expect and we continue to take these other actions that we've described, which include targeted capital plans, simplified pricing and so on, the combination of those things makes us confident that the portfolio will perform, and we will realize the upside in the portfolio. And we have to demonstrate that over time, and that's what we are committed to doing.

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Omotayo Tejamude Okusanya, Mizuho Securities USA LLC, Research Division – MD & Senior Equity Research Analyst (108)

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Is anything changing in regards to just data analyses, lease structures, the type of relationships you're trying to form with operators? Just — I guess I've kind of — part of what I'm kind of looking for about what structurally is changing? I — granted ultimately, again, fundamentals will also — will be better for the sector. But again, that's kind of a rising tide lifts all boats. I'm trying to think Ventas-specific what really changes here.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (109)

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Well, Tayo, I'd add the 2 things. One, the significant incremental dedicated horsepower in this portfolio, obviously, critically important to us, dedicated, focused in with an individual who has an incredibly unique set of skills with background as a REIT, with deep expertise within the operations to be able to come in and complement and accelerate that which we're already doing, but really can bring that extra bandwidth. I used to call it the multiplier effect that he's going to bring operationally and strategically for the portfolio, and so we're excited about that. And the portfolio itself and the operators themselves, again, as we painted to you before, we think we're in good markets with good operators. So it's really then how do you optimize within that.

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Omotayo Tejamude Okusanya, Mizuho Securities USA LLC, Research Division – MD & Senior Equity Research Analyst (110)

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Got you. All right. That's helpful. Then my second question, your cost of capital is actually pretty attractive at this point. And so when we kind of think about the acquisition outlook going forward, any kind of thoughts around — again, clearly, you're trying to do more development in life sciences. But from an actual acquisition perspective, how do you kind of think about the very attractive cap rates in skilled nursing, for example, or on the hospital side versus doing more on the MOB side or senior housing side?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (111)

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So good. Yes. I mean I think that your point is well taken. We have talked about our investment framework that we've used over the years and that we're augmenting today with the launch of the fund and enhancing. And basically, as you know, we've created a history of accretive acquisitions through basically really high-quality, relatively lower cap rate assets, such as 1030 Mass life science building. We have our kind of right-down-the-middle investments, such as our successful LGM investment last year, which is performing well in both the stable assets as well as the lease-up assets, so generating kind of between a 5% and 6% unlevered return. And then we have a smaller category of higher-yielding that could include development. It could include health care, government-reimbursed assets and so on, where we allocate a certain amount of capital. And the overall combination of those investment activities is what has driven the accretion from investments historically, and we would continue to stick with that framework.

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Operator (112)

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And our next question comes from Connor Siversky from Berenberg.

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Connor Serge Siversky, Joh. Berenberg, Gossler & Co. KG, Research Division – Analyst (113)

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So just related to these disposition expectations for 2020, about $600 million. I mean do we have any kind of pricing expectations on these assets? And then is there any rhyme or reason as to the markets you've identified for these dispositions?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (114)

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It's $1.3 billion, inclusive of the contributions, which are effectively sales to the fund. And I believe, in the aggregate, it's a sub-5 cap rate.

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Connor Serge Siversky, Joh. Berenberg, Gossler & Co. KG, Research Division – Analyst (115)

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Okay. Okay. That helps. And then — I mean there's a note that these funds are expected to be recycled into the R&I pipeline. I mean how quickly or any kind of color on how quickly you can move those funds into maybe new development projects or acquisitions?

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (116)

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So yes, just to clarify, the $600 million of dispositions are turning around and going to be invested in $600 million of development or redevelopment this year. That's on existing projects. John mentioned that we announced $900 million-plus of new projects last year, and so it's really investing behind those, first and foremost.

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (117)

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So exactly what you said.

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Robert F. Probst, Ventas, Inc. – Executive VP & CFO (118)

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Yes.

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Operator (119)

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And our next question comes from Michael Carroll from RBC Capital Markets.

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Michael Albert Carroll, RBC Capital Markets, Research Division – Analyst (120)

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I was hoping you could provide some color on the triple-net leases that have under 1x EBITDARM coverage. I'm assuming that's largely Holiday and Brookdale. Are you comfortable holding those leases today? Or should we expect some type of restructuring over the next few years or even sooner?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (121)

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Michael, thanks for being patient, and thanks for your question. As Bob pointed out and we've talked about before, we were very happy to see the improved report from Brookdale yesterday. I'm really excited and happy for Cindy and the management team. They've done a ton of heavy lifting to get to this point where they're really starting to see some traction and some positive trends. So we feel really happy for them and good for us as well. In terms of Holiday, again, we continue to have fixed charge coverage that makes rent reliable. And that all having been said, Bob mentioned that our range does include, in the triple-net side, the possibility that we would decide, if appropriate, to take action on different tenants in our triple-net portfolio, and that's all baked within the guidance.

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Michael Albert Carroll, RBC Capital Markets, Research Division – Analyst (122)

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Okay. And then I guess just in general, I guess not specifically related to those 2 tenants. But how do you ensure that operators that have this tight lease coverage ratios are committed to positioning those communities to compete in the current marketplace and even position themselves to benefit from the demographic tailwinds, just overall?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (123)

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Yes. I mean good question and important one. And often, you do see some lesser spend on a triple-net lease in some of those circumstances. So what I would say is the leases generally provide for some required CapEx spend and/or investment. We often will work with the triple-net operators to provide additional capital at a return to continue to invest in the assets. And then lastly, ultimately, as the owner of these assets, we can also just make investments in them as we deem appropriate, either on transition or otherwise to keep them competitive in their markets.

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Michael Albert Carroll, RBC Capital Markets, Research Division – Analyst (124)

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Okay. And then with Holiday and Brookdale, have you pursued, I guess, any specific asset sales? Or is that included in guidance? And I know with Brookdale, you originally had a handful of assets set aside to potentially sell. I mean did you officially take those off the market? Or what's the plan to those potential sales?

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Debra A. Cafaro, Ventas, Inc. – Chairman & CEO (125)

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Good memory. In fact, when we did our positive deal with Brookdale, seems like a lifetime ago, but we sort of anticipated, first of all, that their operating performance would improve through the efforts that Cindy and the team are making. So again, we're happy to see that. We did work with them to identify some assets that we both thought would be better outside the portfolio in other operators' hands. We've sold some of those, and some of those are included in our 2020 disposition guidance. So good memory, and we are doing that. So again, thanks for your patience, Michael. And I think you're our last questioner for today.

Okay. So I really appreciate, and we all at Ventas sincerely appreciate your participation in today's call, your interest in the company and your support of the company. You continue to have our commitment to do everything we can do to benefit our stakeholders, our company and our employees and our partners.

So thank you. We look forward to seeing you in Florida in March.

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Operator (126)

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Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

Transcription modifiée de la conférence téléphonique ou de la présentation des résultats du VTR du 20 au 20 février. 15h00 GMT ◄ garantie santé entreprise
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