Ventas, Inc.

Hello and thank you for standing by. My name is Bella and I will be your conference operator today. At this time, I would like to welcome everyone to Vanta's second quarter 2025 earnings call. All lines have been placed in mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one in your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Vijay Grant, Venta's VP of Investor Relations. You may begin.

Thank you, Bella and good morning everyone and welcome to the Ventas second quarter 2025 results conference call. Yesterday we issued our second quarter 2025 earnings release presentation materials and supplemental information package which are available on the Ventas website at .ventasreet.com. As a reminder, remarks today may include forward-looking statements and other matters. Forward-looking statements are subject to risks and uncertainties and a variety of topics may cause actual results to differ materially from those contemplated in such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, all of which are available on the Ventas website. Certain non-GAAP financial measures will also be discussed on this call and for a reconciliation of these measures to the most closely comparable GAAP measures, please refer to our supplemental information package posted on the Investor Relations website. And with that, I'll turn the call over to Deborah A. Cofaro, Chairman and CEO of Ventas.

Thank you, BJ and happy birthday. I'd like to welcome all of our shareholders and other participants to the Ventas second quarter 2025 earnings call. We're pleased to report strong earnings growth and again, raise our guidance as we execute our one, two, three strategy. Ventas is an essential participant in the longevity economy and is well positioned to capitalize on the secular demand from the large and growing aging population our company serves. Both our advantage platform and our portfolio have been intentionally built to meet this moment and generate durable multi-year NOI growth driven by organic growth in our senior housing operating portfolio or shop and accretive senior housing investments. This engine of our growth is being supplemented by compounding contributions from the balance of our portfolio and our continually improving balance sheet. Our one, two, three strategy is designed to deliver superior FFO per share growth, enhance our financial strength and create value for our shareholders. The second quarter demonstrated the positive impact of our approach. Year over year normalized FFO per share grew 9% and total company same store cash net operating income or NOI increased 7%. We also raised our full year normalized FFO guidance midpoint to $3.44 per share representing 8% accelerating year over year FFO per share growth at the midpoint. And we also improved our company wide same store year over year cash and a wide growth expectations to 7% at the midpoint. If achieved, these growth rates would put us in the upper echelon of re growers. Underpinning our strong results and improved expectations are the three components of our strategy. Let me take you through them in order. One, drive organic growth in our shop communities using our platform advantages, data analytics and experience. Check, our shop communities in the US delivered 18% same store cash and NOI growth in Q2, adjusting for a tax refund we received in the prior year. Revenue grew over 8% for the entire same store shop portfolio and average year over year occupancy growth accelerated intra quarter and finished on a high note in June with 60 basis points of sequential improvement and average occupancy. In June, move-ins reach their second highest level of any month in over five years. Two, make value creating investments in senior housing. Check, we've raised our full year, 2025 senior housing investment volume guidance to $2 billion. Because of our advantage position and the increase in market activity, our pipeline of senior housing investments is growing and we intend to build on our momentum as we identify and close compelling investments with low to mid teens unlevered IRR expectations, robust current performance and significant upside potential. And three, maximize performance in the balance of our portfolio. Check, our outpatient medical and research portfolio is fueled by growth in the over 65 population, which will represent 20% of the US population by 2030. Outpatient medical is powered by our competitively advantage in-house property management and leasing platform and is also benefiting from the accelerating trends toward outpatient activities. Our team delivered leasing and occupancy improvements both year over year and sequentially in Q2 and we expect year over year NOI growth to increase in the second half. Meanwhile, our institutionally based research portfolio, which is the smallest part of our business, represents about 8% of our NOI. Three quarters of that NOI comes from credit tenants under leases with a weighted average lease term of nearly 10 years. We continue to experience good institutional demand for our space while the sliver of innovation and pre-revenue tenancy remains subject to the macro challenges facing the sector. All in all, backed by compelling demand for the services and activities in our sites, our space users generally have staying power and are finding ways to adapt and continue their important work. Closing on senior housing, we are already in the fourth year of double digit NOI growth from our communities and the multi-year NOI and occupancy growth opportunity ahead of us should continue for many years. The over 80 population should grow 28% in the next five years by 4 million individuals as the leading edge of the baby boomers turns 80 in 2026 and more seniors than ever are choosing senior living for the benefits it provides. In fact, the number of individuals projected to turn 80 increases every year through 2038. At the same time, new starts in senior housing are hovering at record lows with construction starts approximating only 2000 units in Q2. We expect today's significant supply constraints to persist for an extended period. This combination of secular demand, which is expected to grow beyond the next decade and factors suppressing supply should elongate Ventas' multi-year occupancy and NOI growth opportunity well into the future. Because we anticipated these conditions, we've taken focused actions to expand our SHOP footprint by 1200 basis points in just over the last two years. And we expect SHOP NOI to represent over half our business by year end. And along the way, we've built a formidable platform that leverages our advantages to enable exceptional environments attractive to our senior residents, drive performance through active asset management, curate our portfolio and maintain mutually supportive engagement with our operators. Together, the highly favorable macro backdrop and our advantage capabilities should enable Ventas to thrive and create value for our shareholders over the near and the long term. Our whole team at Ventas is excited and aligned to go after these opportunities. And now I'm happy to turn the call over to Justin.