Ventas, Inc.

and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventus third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to BJ Grant, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Van. Good morning, everyone, and welcome to the Ventos Third Quarter 2025 Results Conference Call. Yesterday, we issued our Third Quarter 2025 Earnings Release, Presentation Materials, and Supplemental Information Package, which are available on the Ventos website at ir.ventosreit.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 Debra A. Cafaro, Chairman and CEO of Ventus.

Thank you, BJ. I'd like to welcome all of our shareholders and other participants to the Ventus Third Quarter 2025 Earnings Call. Building on our momentum, Ventas delivered excellent performance and growth in the quarter as we continue to execute on our 1-2-3 strategy. Our strategy is based on the mega trend of longevity. As one of the world's largest owners and acquirers of private pay senior housing, we are positioned to capitalize on the sustained growth and demand from a large and expanding aging population. Our strategy emphasizes growing our private pay shop business organically and by investing in senior housing. We are doing both as we expect 2025 to be our fourth year of double-digit shop NOI growth, and we anticipate closing $2.5 billion of private pay U.S. senior housing investments during the year. Most importantly, we foresee at least another decade of accelerating demand for senior housing. The Ventas strategy, organization, and team have been built to meet this moment and capitalize on the favorable external demand backdrop. Over the past several years, we have added expertise, acquired over $4 billion of senior housing communities, converted communities from triple net to shop, expanded our shop operator base, made significant strategic dispositions, increased our scale, and improved our financial profile. As a result, our enterprise is now delivering $2.5 billion of net operating income. Our shop percentage of NOI has increased nearly 2,000 basis points to represent half our business. We are working with over 40 shop operators. We have created significant occupancy and NOI upside potential in our 85% occupied U.S. shop portfolio through our deliberate portfolio composition. And our leverage has improved by two full turns. These actions and outcomes are designed to take advantage of powerful secular tailwinds in senior housing, where supply and demand are tipped strongly in our favor And we have the scale, platform, and financial strength to win. Demographic demand is accelerating as baby boomers are starting to turn 80 this coming year. And more people than ever are choosing senior housing for the valuable benefits it provides. The over 80 population is expected to surge into the coming decade and grow 28% just in the next five years. Yet senior housing supply is at record lows in both inventory growth and the number of new construction starts, with just over 1,200 units started in the third quarter. Our strategy is producing strong results, increasing our enterprise growth rate and building financial strength. Let's now turn to the highlights of our quarterly results and latest 2025 guidance increase our outsized organic growth in our senior housing operating portfolio, and our active and increasing investment activities. Normalized FFO per share grew 10% year over year, and total company same-store cash NOI increased 8%. SHOP once again powered our results, enjoying a strong key selling season. We saw broad-based demand for our communities and excellent rev pour and revenue strengths. Our U.S. communities led the way with 19% same-store cash NOI growth and 340 basis points of occupancy growth. I want to extend a sincere thanks to our operators and the Ventus team who delivered this performance while helping seniors live longer, healthier, and happier lives. We're pleased once again to increase our full-year guidance driven by our shop performance and increase senior housing investment activity. We now expect year-over-year growth of 9% in normalized FFO per share and 7.5% total company same-store cash NOI at the midpoint of our improved guidance. These growth rates will put us in the top tier of companies across the REIT landscape, if achieved. On the investment front, we are seeing a strong upward trend in transaction activity, and our pipeline continues to grow with quality investment opportunities in senior housing. We are accelerating our senior housing investment activities to expand the Ventas shop portfolio and increase our enterprise growth rate. Private pay U.S. senior housing is the company's number one capital allocation priority. The environment is highly favorable. Private to public arbitrage opportunities are increasing. Our strong and broad-based industry relationships are generating significant deal flow, and our capabilities, track record, and financial strength provide meaningful competitive advantages. We've already closed $2.2 billion of senior housing acquisitions in the U.S. year-to-date, and we've increased our 2025 investment guidance to $2.5 billion. We intend to build on our momentum Following our right market, right asset, right operator framework, we are prioritizing investment opportunities in private pay senior housing that have different combinations of growth and yield to produce attractive risk-adjusted returns for our shareholders. Next, I'd like to highlight a key shop growth initiative. The previously announced transactions relating to 121 triple net lease senior housing communities are well underway. We've already converted from triple net to shop 27 of the 45 senior housing communities slated for management transitions by year end. We continue to expect to achieve significant occupancy and NOI upside in these communities over time. For the 65 communities remaining under the lease, cash rent will increase 33% beginning in 2026. and the disposition of the remaining 11 assets is in progress, with sale proceeds to be retained by Ventas. A final note on our research portfolio, which is generating only 8% of our enterprise NOI. Our portfolio has been constructed in a unique way. Within this small portion of our business, About three-quarters of our base rents are from creditworthy institutional leaders in medicine, pharma, and research, with a weighted average lease term of over nine years, making this portion of our NOI relatively well insulated from current market challenges. Importantly, only about 10% of our research portfolio is leased to pre-revenue or co-working tenants We have no ground-up development in progress, and we continue to see institutional demand in new and renewal leasing from university, medical, and global pharma tenants. In conclusion, we have built Ventas to meet this moment and capitalize on the secular demand from a large and growing aging population. We are executing our strategy to grow senior housing and delivering outstanding results and we are well positioned to increase our deal activity. The future is bright as we use our many competitive advantages to deliver value for stakeholders and seize the unprecedented multi-year growth opportunity ahead. The entire Ventas team is in it to win it. And now I'm happy to turn the call over to Justin.