Ventas公司（VTR）：管理层会议要点

On September 16, 2026, we met with Debra Cafaro (Chairman and CEO of Ventas) and Justin Hutchens (CIO of Ventas) where key topics included senior housing fundamentals, pricing and revenue management opportunities, Ventas OI capabilities, operator best practices, capital allocation, and acquisition opportunities. The overarching message was that senior housing fundamentals are increasingly favorable, the runway continues to elongate, and the next phase of value creation will likely come more from operating leverage and execution (pricing sophistication in particular) rather than occupancy improvements alone. Management remains highly constructive on senior housing fundamentals and believes the industry is still in the early innings of a multi-year demand cycle: demographic demand continues to accelerate while industry supply remains near historic lows, and data center and AI-related construction projects are increasingly competing for the same resources required to build senior housing.