Ventas (VTR) Nareit REIT Week: 2024 Investor Conference summary

Strategic focus and market outlook

• Emphasizes a one, two, three strategy: organic growth in senior housing, external growth through acquisitions, and driving cash flow in the broader portfolio.

• Senior housing is over half of the asset base, benefiting from strong demographic trends, especially a projected 25% growth in the over-80 population over five years.

• Organic growth is driven by low supply and accelerating occupancy, with 2024 projected NOI growth of 12%-16%.

• External growth targets $750 million in acquisitions for 2024, with $350 million closed and $400 million in the pipeline.

• Dispositions of $300 million are planned for 2024, with $200 million already completed.

Operational execution and platform enhancements

• Data analytics and a robust platform are central to driving both internal and external growth.

• New Chief Revenue Officer with hospitality and senior housing experience is expected to enhance top-line growth.

• Expansion of operator base, including regional operators with strong local track records, supports value creation.

• Active management of operator relationships and asset positioning ensures optimal performance.

Financial strength and guidance

• Maintains strong liquidity, recent bond deals, and revolver renewal at better pricing, with minimal 2024 maturities.

• Reaffirms guidance for 6%-8% year-over-year same store cash growth.

• OM&R (Outpatient Medical and Research) is 30% of the business, providing steady 3% annual growth and potential capital recycling.