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Ventas, Inc. (NYSE: VTR)Q4 2017 Antithesis Appointment CallFeb. 9, 2018, 10:00 a.m. ET

Good day, ladies and gentlemen, and acceptable to the Q4 2017 Ventas Antithesis Appointment Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer affair and instructions will chase at that time. If anyone should access abetment during the conference, amuse columnist * and afresh 0 on your touchtone telephone. As a reminder, this appointment may be recorded.

I would now like to acquaint your abode for today’s conference, Mr. Ryan Shannon, Investor Relations. Please, go ahead.

Thanks, Chrystal. Acceptable morning and acceptable to the Ventas appointment alarm to analysis the company’s advertisement today apropos its after-effects for the year and division concluded December 31, 2017. As we start, let me authentic that all projections and predictions and assertive added statements to be fabricated during this appointment alarm may be advised advanced statements aural the acceptation of the federal antithesis laws.

The aggregation cautions that these advanced statements are accountable to abounding risks, uncertainties and contingencies, and stockholders and others should admit that absolute after-effects may alter materially from the company’s expectations, whether bidding or implied. Ventas especially disclaims any obligation to absolution about any updates or revisions to any advanced statements to reflect and changes in expectations.

Additional advice about the factors that may affect the company’s operations and after-effects is included in the company’s ceremony abode on Anatomy 10-K for the year concluded December 31, 2016 and the company’s added SEC filings.

Please agenda that quantitative reconciliations amid ceremony non-GAAP banking admeasurement referenced on this appointment alarm and its best anon commensurable GAAP measure, as able-bodied as the company’s added acknowledgment agenda are accessible in the Investor Relations area of our website at www.ventasreit.com.

I will now about-face the alarm over to Debra A. Cafaro, Chairman and CEO of the company.

Thank you, Ryan. And acceptable morning to all of our shareholders and added participants, and acceptable to the Ventas year end 2017 antithesis call. I’m captivated to be aing on today’s alarm by our outstanding aggregation as we altercate our accomplished here, highlight our action backbone and bulk and accommodate the framework for our 2018 expectations. The Ventas advantage has accustomed us to bear abiding arete through cycles for two decades. This success has been founded on solid cardinal vision, anticipation and innovation, proactive basic allocation decisions, authentic beheading and a stable, able team. As we access 2018, which his Ventas’s 20th year anniversary, we are assured we will abide our connected clue almanac of arete as the baton in our space.

Let’s alpha by bound recapping 2017, which was a almanac year for Ventas, ambience new highs for net assets and revenue, breeding 5% operating banknote breeze and allotment growth, and carrying normalized FFO and same-store acreage banknote NOI beforehand at the aerial end of our expectations. To enhance our assorted portfolio, we fabricated about $2 billion in value-creating investments, including cogent amplification of our agitative university-based action science business, profitably disposed of about $1 billion in assets and completed several avant-garde deals with our arch operating partners.

We fabricated cogent beforehand on our charge to environmental, social, and babyminding affairs and accustomed abundant celebrated recognitions for our outstanding ESG profile. Our aggregation backward strong, smart, and unified as we accomplished our business plan with abundant success.

As we attending to 2018 and beyond, we are laser-focused on award means to bear bulk for investors. We’ve advancing and are able for today’s bazaar and business conditions. Every ambiance and aeon provides opportunities for those like Ventas, who are experienced, strong, and alive abundant to booty advantage of them. That’s what the Ventas aggregation has done for the accomplished 20 years.

With that as a backdrop, we apprehend to abound our absolute same-store portfolio banknote NOI 0.5% to 2% in 2018. Our expectations are benefiting from our portfolio about-face and mix with about two-thirds of the business in our appointment and triple-net busy segments, while our SHOP portfolio is currently alive its way through a timing conflict of accumulation and appeal affronted by this year’s astringent flu season. We apperceive that demographic appeal from seniors will access significantly, which should account achievement in the SHOP portfolio in the advancing years.

Our action is accepted to accomplish about $3.5 billion in circumscribed revenues and $2 billion in circumscribed net operating assets in 2018. We apprehend our normalized FFO per allotment to ambit amid $3.95 and $4.05 per share.

During the year, we, again, intend to authenticate basic allocation success by breeding $1.5 billion as we autumn profits from the acknowledged investments we’ve made. These accommodate cancellation of abounding claim on about $850 actor of 9% added well-secured, well-structured loans in action sciences and hospitals, achievement of a collective adventure with an institutional basic accomplice on a admired chief apartment portfolio, and the auction of added assets.

We intend to recycle these accretion and action into our approaching beforehand by ramping up two over $400 actor our allotment of arch development and redevelopment projects, principally bays action science and MOB assets, and by backward outstanding debt in a ascent bulk environment.

While these basic allocation decisions do accept an aftereffect on our year-over-year FFO expectations, they are the appropriate accomplish in the accepted ambiance to apprehend assets from acknowledged basic allocation, alter our basic sources, beforehand our banking strength, and flexibility, and actualize added dry crumb while the bazaar adjusts to the alteration bulk environment.

We additionally abide to accompany and appraise adept investments above our verticals. We abide focused on allocating basic wisely area we accretion attractive, risk-adjusted returns, see a cogent advancing advantage or cardinal upside, or can advice a chump accomplish its goals. We’ve averaged over $2.5 billion in ceremony beforehand aggregate aback 2012 but haven’t congenital any actual accretion action into our projections for 2018 constant with our long-standing, actual practice. If we see beforehand opportunities that are adorable and aerial quality, we accept that accommodation and the adeptness to assassinate on them.

Our 2017 and aboriginal 2018 activities highlight the account of our partnerships with arch platforms and the bulk of our properties. Due to the backbone of these platforms, the affection of the portfolio, and able advanced demographic demand, academy disinterestedness absorption in Ventas’s assets and operators is above high. Actuality are some contempo affidavit points. Atria afresh accustomed a aloft disinterestedness beforehand in its operating business from Fremont Capital. This recapitalization approved Atria’s added bulk aback our aboriginal beforehand and authentic Atria’s arch bazaar position as an outstanding chief apartment affliction provider in a awful burst market.

Second, Kindred afresh agreed to be acquired by two accomplished healthcare investors who are putting cogent new disinterestedness basic abaft the Kindred administration aggregation and the LTAC, IRF, and acclimatize business. With contempo absolute agreement account and connected operational strategies demography hold, our LTAC should accomplish convalescent after-effects in 2018. We apperceive how connected and adamantine our accompany at Kindred assignment to accomplish this absolute aftereffect for Kindred shareholders, and we attending advanced to continuing to accomplice with them.

Third, we see cogent institutional absorption by all-around basic armament in the conception of a collective adventure for our portfolio of over 70 chief apartment communities. We afresh transitioned to a anew formed bassinet ESL. We were admiring to auspiciously complete the alteration of these communities and our cardinal beforehand in ESL aftermost month. We are assured ESL will abduction operational upside and added bulk from this portfolio. ESL has already become a approved administrator in chief housing, and we are captivated to aback industry veteran, Kai Hsiao, and an accomplished aggregation of admiral in this awful strategic, new administration company.

Ardent continues to beforehand and accomplish awfully able-bodied through year-end. With its awaiting accretion of East Texas Medical Centermost in affiliation with the University of Texas System, Ardent’s accepted to accomplish over $4 billion in acquirement from its operation of 31 hospitals in 7 states with 40% boilerplate bazaar share.

And finally, our arch action science platform, Wexford, charcoal a antecedent of cogent beforehand and bulk creation. In 2017, we invested about $400 actor in development commitments and acquisitions, including projects anchored by or affiliated with Brown University, Virginia Commonwealth, UPenn, and WashU. This agitative business lined with top-tier, awful rated analysis institutions and companies has developed about 40% aback inception, and we abide to see beforehand opportunities and attractive, risk-adjusted allotment as we beforehand to accommodated the needs of arch analysis institutions and companies.

We are additionally actual admiring to see that Congress has decidedly added NIH allotment over the aing two years.

A chat on our allotment and tax action afore I close. The contempo tax cuts, as we all know, provided cogent bulk abridgement to 21% for US corporations. In addition, owners of pass-through businesses, including absolute acreage companies, accustomed an able bulk abridgement to aloof beneath 30% at the accomplished bordering rate. That bulk additionally applies to bulk dividends. We were admiring that our lath afresh added our allotment 2% because our growing, reliable allotment is an important basic of the absolute bulk hypothesis we action our shareholders. To accommodate our shareholders with the account of the new rate, our fourth division 2017 allotment will be taxable in 2018 beneath the new, bigger rate. Our allotment access added demonstrates our aplomb in our business and our banknote flow.

And that’s a acceptable segue to my conclusion. In short, we abide bullish on our business and our aggregation with near-term alpha demographic demand; a ample burst industry; a proven, constant strategy; a able antithesis sheet; accomplished operating partners; a growing development action of bays assets that will become accretion to antithesis in the future; a cohesive, accomplished team; and a clue almanac of aloft achievement through cycles. The Ventas aggregation is accessible for accession 20 years of success.

With that, I’m blessed to about-face the alarm over to our CFO, Bob Probst.

Robert Probst — Executive Vice President and Chief Banking Officer

Thanks, Debby. I’m blessed to abode accession able year of banknote breeze achievement from our high-quality portfolio of healthcare, seniors housing, and appointment properties. Our absolute acreage portfolio delivered same-store banknote NOI beforehand of 2.5% for the abounding year 2017 at the aerial end of our 2% to 2.5% absolute aggregation same-store guidance. All segments contributed to this growth, and ceremony delivered at the beggarly to the aerial end of our aboriginal same-store advice ranges.

In 2018, we apprehend our absolute acreage portfolio to accomplish connected absolute same-store NOI beforehand in the ambit of a 0.5% to 2% benefiting from about-face of asset class, abettor geography, and business model.

Let me detail our 2017 achievement and 2018 advice for our backdrop at a articulation akin starting with our Triple-Net business. Our Triple-Net portfolio grew same-store banknote NOI by an accomplished 3.7% for the abounding year 2017. In the fourth quarter, Triple-Net same-store banknote NOI added an outstanding 4.2% abaft 12-month EBITDARM banknote breeze advantage in our overall, counterbalanced Triple-Net charter portfolio for the third division of 2017. The latest accessible advice was constant with the above-mentioned division at 1.6 times. Advantage in our Triple-Net same-store senior’s apartment portfolio was 1.2 times, bottomward from 1.3 times aftermost division as a aftereffect of escalator beforehand outpacing basal asset akin banknote flows.

Cash breeze advantage in our same-store IRF and LTAC portfolio captivated abiding at 1.6 times admitting hire increases and the appulse of the LTAC agreement change. Finally, Ardent performed awfully able-bodied throughout 2017. Third division 2017 after-effects were able compared to leading, about traded hospital systems in the US with admissions, acclimatize admissions, revenue, and EBITDA beforehand arch the pack. As a result, Ardent advantage captivated able at 3 times.

For 2018, we apprehend our Triple-Net portfolio all-embracing will abound from 3% to 4% apprenticed by in abode charter escalations.

Moving on to our chief apartment operating portfolio. Our SHOP after-effects for the abounding year and for the fourth division were appropriate in band with our expectations. Indeed, our initially SHOP advice provided in February 2017 accepted to be awful authentic throughout the year and top to basal through the P&L.

Full year, same-store control in 2017 beneath by 180 abject credibility against 2016 apprenticed by the accumulative appulse of new deliveries in baddest markets. RevPAR beforehand for the year approached 4% and fueled the basal line. Operating costs were captivated to a 2% access admitting action allowance beforehand of 4%. For the abounding year, same-store banknote NOI added by 1.3%, aloft the beggarly of our aboriginal guidance.

The control gap against above-mentioned year narrowed to 180 abject credibility in the fourth division admitting new deliveries abide to burden revenue. Q4 costs were captivated beneath 2% through a connected administration of absolute and aberrant costs. At the basal line, Q4 same-store SHOP banknote NOI beneath modestly, in band with our expectations.

We abide to see backbone in aerial barrier markets, including Los Angeles, San Francisco, Boston, and Ontario. Admitting this strength, we empiric mid to aerial distinct chiffre NOI declines in markets afflicted by new competition, best conspicuously aural accessory markets.

Turning to 2018, we apprehend abounding year same-store SHOP banknote NOI to be lower in the ambit of 1% to 4%. SHOP same-store banknote NOI is accepted to abatement in 2018 due to the abounding year control appulse of a astringent flu division as able-bodied as the accumulative appulse of new accumulation in assertive markets.

Let me aggrandize on ceremony of these drivers. First, flu. This flu division is the best astringent in eight years in agreement of continuance and adeptness above best markets of the United States. Flu-related hospitalizations are up about 70% amid seniors age 65 years or older. Admitting admiring of hospital and MOB volumes, flu abnormally pressures chief apartment control in two ways: through accelerated citizen moveouts as able-bodied as bound move-ins due to association quarantines.

The added disciplinarian of 2018 SHOP advice is the accumulative appulse of new supply. The animated levels of new delivers we empiric in 2017 are accepted to added beforehand in 2018 with new openings approximating 3% of account in our barter areas. On a absolute note, new starts in Q4 ’17 were bottomward about 20% in our barter areas. However, delayed new deliveries added all-embracing architecture to account by 30 abject credibility on a restated abject to 6.2%.

In ablaze of these two drivers, we apprehend that same-store control in 2018 will abatement in the ambit of 200 abject credibility against 2017. In agreement of rate, we abide to see befalling to drive in abode hire increases for absolute residents. The majority the 2018 bulk belletrist accept now gone out and boilerplate 4% above the portfolio all-embracing and appropriately far are captivation up well. Bulk antagonism on new citizen ante is accepted to bedew all-embracing RevPOR beforehand for the year to an about 3%. From an bulk perspective, a bound action bazaar and antagonism for agents is accepted to access allowance burden in the 4% range, partially account by coil agents and managing non-labor costs.

Therefore, we apprehend same-store banknote NOI to ambit from -1% to -4%. The ambit is a action of the timing and control appulse of new deliveries and the constant bulk antagonism in the accumulation challenged markets. Although the accepted accumulation appeal conflict is burden near-term profitability, we abide to accept in the abiding befalling in senior’s apartment and in our accomplished bazaar position with our high-quality absolute acreage operated by a baddest accumulation of the nation’s arch affliction providers.

Let’s annular out the portfolio analysis with our appointment advertisement segment, which represents about 25% of Ventas’s NOI. For the abounding year 2017, appointment same-store banknote NOI added by 2% at the aerial end of our guidance. Q4 was the aboriginal division in which our appointment same-store basin included both our action science and our medical appointment portfolios. Our action science portfolio performed abundantly able-bodied in the fourth division growing same-store banknote NOI by 5.6% as new leasing in our Wake Forest assets collection action science control 330 abject credibility college to an outstanding 97.4%.

Our anew acquired and developed assets additionally performed able-bodied through the fourth quarter. Our South Artery Landing asset is now 100% alive by Brown University and the accompaniment of Rhode Island’s nursing apprenticeship center. We additionally bankrupt arena on three agitative development projects during the year including our 3675 Bazaar development at Penn, a follow-on development in Providence, affiliated with Brown and Johnson & Johnson, and a follow-on development at Washington University in St. Louis.

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In 2018, we apprehend adorable same-store action science portfolio banknote NOI beforehand in the ambit of 3% to 4%. The account of our advancing development action will activate to account the same-store basin starting in 2019.

Turning to our awful admired medical appointment business, MOB same-store banknote NOI for the abounding year 2017 added by 2% at the aerial end of guidance. Our aggregation did an accomplished job managing control admitting 33% college charter expirations in 2017. Addressee assimilation in 2017 rose to over 80%. Acquirement additionally benefited from in-place charter escalations that exceeded 2%. In 2018, we accepted 1.5% to 2.5% beforehand from our same-store medical appointment portfolio. Advice assumes abiding control admitting connected charter expirations at animated levels, low distinct chiffre bulk growth, and bulk controls.

On a accumulated basis, our appointment portfolio of action science backdrop and MOB assets is accepted to abound same-store banknote NOI in the ambit of 1.75% to 2.75% for the abounding year 2018.

Now on to our all-embracing aggregation banking results. In 2017, we delivered antithesis beforehand at the aerial end of our advice range, completed added than $1.8 billion of investments and $900 actor of assisting dispositions with assets above $700, fabricated cogent beforehand in acceptable our banking strength, aloft our dividend, and accomplished our cardinal initiatives. Normalized FFO grew 1% to $4.16 per absolutely adulterated allotment at the aerial end of our $4.13 to $4.16 advice range.

Our same-store banknote NOI for the portfolio grew 2.5, additionally at the aerial end of our guidance. We stered our clamminess by $1.4 billion through added revolving acclaim facilities. Our antithesis area is in acceptable bloom with net debt to EBITDA at 5.7 times, fix answerable advantage an aberrant 4.6 times, and net debt to gross asset bulk of 38%. Meanwhile, banknote breeze from operations grew 5% in 2017, and the company’s lath of admiral declared a allotment for the aboriginal division 2018 of $0.79 per allotment apery a 2% year-over-year increase.

Onto the abounding year 2018 advice for the company. The key apparatus of our advice are as follows. Assets from continuing operations is estimated to ambit amid $1.34 and $1.40 per absolutely adulterated share. Normalized FFO per absolutely adulterated allotment is anticipation to ambit from $3.95 to $4.05. We apprehend our portfolio will abound same-store banknote NOI by 0.5% to 2% with same-store NOI beforehand at the midpoint, as abstinent on a GAAP basis, about 100 abject credibility lower than banknote NOI.

Finally, that abridgement is accepted to added beforehand the company’s net debt to adapted pro forma EBITDA arrangement to about 5.5 times by year end 2018. Substantially, all of the change in year-over-year normalized FFO is explained by three drivers. First, admitting our clue almanac of accretive, new acquisitions, our advice assumes no material, unannounced acquisitions in 2018 as is our accustomed convenance entering the year.

Second, the appulse of about $1 billion in aftermost 2017 dispositions calm with a added $1.5 billion of new 2018 dispositions with accretion appropriate for debt abridgement drives about $0.10 of 2018 FFO reduction. Admitting dilutive to FFO, this basic recycling action reflects Ventas’s basic allocation excellence. Namely, we awash $700 actor of SNF assets in backward 2017 at a awful adorable 7% banknote yield. We apprehend about $850 actor in repayments in 2018 on loans connected by Ventas that created cogent bulk for our shareholders. Best notably, an accepted aboriginal accommodation of the $700 million, 9% accommodation to Ardent that adjourned the acknowledged LHP acquisition. This disposition advice additionally assumes the auction in 2018 of a allotment of the chief apartment assets transitioned to ESL creating a new cardinal operating belvedere and alluring a new institutional basic partner.

The third disciplinarian of FFO change year-over-year arises from aggressively managing our antithesis sheet. In accession to debt abridgement from disposition proceeds, we apprehend to proactively refinance debt in 2018 with best continuance fixed-rate debt to both extend our adeptness contour and abate refinancing risk. Calm with LIBOR increases, these refinancing accomplishments are accepted to abate FFO per allotment by $0.7.

Moving on to added important elements of our 2018 guidance. We apprehend to beforehand our beforehand in approaching beforehand via about $425 actor in development and redevelopment allotment conspicuously in new circuit of development associated with Penn, WashU, and Brown. 2018 advice includes fees and payments from tenants breeding an incremental $0.04 of absolute FFO in 2018 best conspicuously arising from the arise Kindred auction to TPG, Welsh, Carson, and Humana.

No disinterestedness arising is included in guidance, and accordingly the 2018 angle assumes about $360 actor abounding boilerplate absolutely adulterated shares.

To close, the Ventas aggregation is admiring with our achievement in 2017 and acerb committed to comestible our connected clue almanac of arete in 2018 and beyond. With that, I will ask the abettor to amuse accessible the alarm for questions.

Operator

Thank you. Ladies and gentlemen, if you accept a catechism at this time, amuse columnist * afresh 1 on your touchtone telephone. In adjustment to accord all participants the befalling to ask a question, amuse absolute your chase up questions so that we may beforehand calmly through the catechism and acknowledgment session. If you catechism has been answered or you ambition to aish yourself from the queue, amuse columnist the # key. And, again, ladies and gentlemen, that is *1 to ask a question.

Our aboriginal catechism comes from Tayo Okusanya from Jefferies. Your band is open.

Tayo Okusanya — Jefferies — Analyst

So, a brace of questions from my end, the SHOP portfolio, I accept what you’re adage about accumulation accepting an appulse and things of that nature, but you could allocution a little bit about is allotment of it additionally added difficult year-over-year comes from Canada that did absolutely able-bodied aftermost year that’s slowing this year? And I acceptance some of us are aloof a little bit afraid about the big consequence of the abatement in ’18 against ’17.

Debra Cafaro — Chairman and Chief Executive Officer

Thank, Tayo, I’m gonna about-face that to Bob for an answer.

Robert Probst — Executive Vice President and Chief Banking Officer

Sure. Tayo, aural the advice it’s actual ablaze what the two drivers are year-over-year. It’s flu and accumulation as outline. If you attending at a bazaar level, acutely that’s best pronounced, decidedly the supply, in the US. We apprehend Canada will abide to accomplish able-bodied in ’18. It’s absolutely apprenticed by ante accustomed the aerial occupancy, but this has absolutely been a cine that’s been beforehand over the aftermost year. We’ve been actual constant and authentic on the forecast. You saw that abatement in the fourth division on the heels of the new supply, so it’s absolutely continuing that trendline.

Tayo Okusanya — Jefferies — Analyst

Okay, that’s helpful. And then, secondly, in commendations to your advice against the street, I anticipate one of the things some of us may accept had adversity clay was aloof the Elmcroft transaction and the accomplished alteration added against you actuality a boyhood buyer in a JV against accepting abounding ownership. Could you aloof accord us a little bit added detail around, again, the all-embracing admeasurement of the transaction, maybe some appraisement data, annihilation that can aloof affectionate of advice us archetypal that a little bit bigger against the bound abstracts we had activity into the quarter?

Debra Cafaro — Chairman and Chief Executive Officer

Tayo, this is Debby, and congratulations on your forecasting. You get a award-winning for that. What I would say about the transaction is we’re actual blessed that we accept auspiciously completed the alteration of the assets and our beforehand in the operating business at ESL, and we did that in January successfully. You accept to anticipate about the impacts in a brace of buckets, and I anticipate on the NOI ancillary for the aeon of time we own it, obviously, we’ll accept 100% of the NOI from the asset. And we apprehend that NOI to accept operational upside over time. So, we’re aflame about that. And afresh we’ve advised the collective adventure about in the disposition bucket. Aback we allocution about the $1.5 billion of accepted disposition, that would be the pro rata allotment of what we would be potentially partnering with a all-around institutional basic force on and accepting accretion from that. And so we would apprehend that to be at an adorable valuation, obviously, and the bulk and the appraisal of the asset, while we apprehend to be positive, will be aesthetic as we get afterpiece to achievement of that transaction, which we would apprehend array of by midyear.

Tayo Okusanya — Jefferies — Analyst

But aloof to clarify, that $1.5 billion you accept in recycling in your 2018 cardinal is al Elmcroft, the absolute thing?

Debra Cafaro — Chairman and Chief Executive Officer

No, no. That’s what I was adage is if you accept a valuation, aces a number, alarm it one. Afresh if we were collective venturing such that an institutional basic accomplice was buying, say, 33% of the portfolio, afresh the disposition accretion would accommodate .33 of that. So, that’s how it’s actuality counted, and hopefully that provides accuracy for modeling.

Robert Probst — Executive Vice President and Chief Banking Officer

The $1.5 billion has $850 actor of accommodation repayments, and afresh the antithesis is acreage asset dispositions including ESL as Debby described.

Tayo Okusanya — Jefferies — Analyst

Okay, that’s helpful. And the aftermost one from me if you don’t mind, the 200 in accretion on sales that you had to 2017, does that arise aback to investors at some blazon of appropriate dividend? Can you affectionate of reinvest those assets into acquisitions? Can you aloof kinda allocution about that affectionate of antithesis clamminess that you generated?

Debra Cafaro — Chairman and Chief Executive Officer

Yeah, we had over $700 actor of assets in 2017, and I would say we accept been able to redeploy those accretion into a aggregate of redevelopment and development projects as we talked about, debt reduction. And, of course, some of that does arise to our shareholders by advantage of our dividend. So, that’s how those accretion accept been utilized.

Operator

Thank you. Our aing catechism comes from Michael Carroll from RBC Basic Markets. Your band is open.

Michael Carroll — RBC Basic Markets — Analyst

Debby, I aloof basic to blow on your comments apropos the beforehand bazaar today. What is Venta’s strategy, and are you acceptable to sit on the sidelines in the a appellation until bazaar prices acclimatize to the college absorption ante that we’ve seen?

Debra Cafaro — Chairman and Chief Executive Officer

So, again, in our acquaintance affectionate of alive through bazaar changes like the one that we’re currently activity through, I would say that we are actual assured in our adeptness to be acceptable basic allocators. That’s, I think, on the buy and the advertise ancillary demonstrating over the aftermost brace of years. We abide to be alive in gluttonous value-creating investments as and aback we accretion them. And our priorities acutely are to abide to beforehand abaft trophy, development, and redevelopment projects that will be accretion to antithesis in the advancing years, and we abide to try to abutment our barter and accretion added opportunities that will actualize bulk for investors. So, there may be as we’ve apparent in the accomplished a lag amid the change in the accessible bazaar ambiance and clandestine bazaar valuations, and we are accessible to booty advantage of opportunities aback they arise.

Michael Carroll — RBC Basic Markets — Analyst

Okay, and afresh aloof aftermost catechism absolute quick, can you accommodate some added blush on your beforehand affairs with Ardent? And what was the basic affair aggravating to alteration that debt position on the LHP portfolio to disinterestedness affairs position?

Debra Cafaro — Chairman and Chief Executive Officer

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Well, we’ve consistently said that we anticipation that the LHP loan, that is the $700 actor added accommodation that we fabricated to armamentarium Ardent’s accretion of a high-quality hospital company, LHP, and, again, we feel very, actual acceptable about all the hospital investments that we accept made. And we said aback we fabricated it that there are two acceptable outcomes. One is that we would get paid aback on the loan, which will accomplish it an accomplished investment. And the added adeptness be that it gets adapted into an disinterestedness position. Appropriate now our apprehension is that it would be repaid in 2018, and we anticipate that’s a actual absolute outcome. And, again, over time, we absolutely accept in Ardent, and we apperceive that they are operating high-quality assets. And over time we achievement to catechumen some of that into disinterestedness ownership. So, we’re in a altogether belted position, and we are acknowledging their beforehand and, I think, authoritative acceptable investments.

Operator

Thank you. Our aing catechism comes from Smedes Rose from Citigroup. Your band is open.

Smedes Rose — Citi — Analyst

I aloof basic to ask you, you acclaimed that the net charter on chief housing-net charter coverage-came bottomward to about 1.2 times for the third division and accustomed that the fundamentals attending to abide to be arduous in that space, are you assured that the portfolio doesn’t abatement to beneath 1 times coverage? And is it too anon to allocution about abeyant hire reductions, or aloof affectionate of how are you cerebration about that advantage activity forward?

Debra Cafaro — Chairman and Chief Executive Officer

Over time, again, aback you accept Triple-Net charter assets, you would apprehend EBITDARM to alter as hire increases and you go through operating cycles on the assets. As we sit actuality today, we’re adequate with the performance, which, again, is accepted as we’ve talked about before. And our accepted expectations are that we’ll abide to accept all of our actual hire paid in 2018 and feel acceptable about that.

Smedes Rose — Citi — Analyst

Okay, and afresh I aloof basic to ask you too. It aloof looks like the percent of MOB leases rolling in 2018 went up a little bit sequentially from what you had apparent in the third quarter, and I was aloof apprehensive what was active that.

 Robert Probst — Executive Vice President and Chief Banking Officer

You are correct, Smedes. It is up. You’ll anamnesis ’17 was already at animated levels. ’18 we’re seeing added of the same, and we’ve added some assets in that pool. So, the pools are changing, but at the end of the day, the aggregation has done a abundant job in application tenants. I mentioned that we had over 80% addressee retention, and that’s great. And we achievement to accept the aforementioned activity into ’18, but these two years, in particular, accept been at animated levels.

Operator

Thank you. Our aing catechism comes from Juan Sanabria from Bank of America. Your band is open.

Juan Sanabria — Bank of America — Analyst

Just on the RIDEA guidance, I was acquisitive you could allocution to aloof as a accomplished what you’re assured for bulk growth. You talked a little bit about the action ancillary of the equation. And while I’ve got you on the advice question, any blush on G&A?

Robert Probst — Executive Vice President and Chief Banking Officer

Well, absolute OpEx, which you know, 60% of that is absolutely action driven. We’re ciphering 4% action increase. It’s actual abundant in band with what we saw in ’17, which itself, of course, reflected some of the burden we see of a bound action market. We apprehend to see some account with non-labor expenses, managing those down, and also, again, coil action in ’18. Albeit there is some antithesis of that as we anticipate about the control akin adverse coil action in ’18. And so admitting there is an offset, it’s not a abounding offset, and that’s inherent in the guidance.

Juan Sanabria — Bank of America — Analyst

And G&A?

Robert Probst — Executive Vice President and Chief Banking Officer

For Ventas?

Juan Sanabria — Bank of America — Analyst

Yes.

Robert Probst — Executive Vice President and Chief Banking Officer

We’ve consistently been actual angular and efficient, and there’s no change there. We accept some bashful increases in bulk aloof absolutely apprenticed by compensation, inflation, etcetera, but no cogent headcount changes, no cogent moves, actual abundant controlled as always.

Juan Sanabria — Bank of America — Analyst

Okay, and afresh aloof activity aback to Smedes catechism on the Triple-Net advantage with the abatement quarter-over-quarter, you’re about one times EBITDAR. You’ve got big exposures to Holiday and Brookdale. Holiday has had a boxy go, Brookdale as well. You’ve got some expirations advancing in ’19. Could you accord us any faculty of affectionate of what the d plan? And we aloof basic to reiterate that there is no affected hire cut in the ’18 guidance?

Debra Cafaro — Chairman and Chief Executive Officer

Yes. Blessed to affirm that aftermost account that as we sit actuality today, we’re adequate with area things angle and accept affected acknowledged hire payments through 2018. And clearly, we’re in allotment of the aeon area operating after-effects are activity a little bit of the heat. I would say that we’ve been in charter face-lifting situations abounding times afore as you’ve apparent with Kindred and added operators, and we would abide to handle those, obviously, in the best accessible way. I anticipate you can calculation on us for that.

Juan Sanabria — Bank of America — Analyst

Okay, great, and aloof one added question. The $0.04 you alluded to is fees. Is that actuality included in the same-store Triple-Net advice for ’18?

Robert Probst — Executive Vice President and Chief Banking Officer

No, it’s not, Juan. It’s not associated with the lease.

Operator

Thank you. Our aing catechism comes from Nick Yulico with UBS. Your band is open.

Nicholas Yulico — UBS — Analyst

Bob, for the chief apartment operating segment, can you allocution a little bit about how abundant the flue appulse hits same-store NOI growth? I accept it’s some akin on occupancy, but maybe it’s a boxy catechism to answer. But I’m aloof aggravating to get a feel for if we didn’t accept a bad flu season, what would be the control assumption?

Robert Probst — Executive Vice President and Chief Banking Officer

It’s a absolutely acceptable question, Nick, and actual adamantine to quantify admitting abounding bodies aggravating to do so. It acutely does affect occupancy. We talked about accelerated moveouts and difficult in move-ins aloof because you can’t sell, and that’s’ the net control impact. A cardinal I can allotment with you is we do track-Atria does, particularly, track-how abounding canicule are bankrupt for affairs to new abeyant association year-on-year, and that cardinal has gone up by 250% year-on-year in agreement of canicule bankrupt for selling. Ultimately, what that translates to in agreement of control is adamantine to say, but as we’ve apparent flu in the accomplished what does not arise to arise is it’s not a timing issue. It doesn’t rebound. You lower your control level, and that affectionate of carries advanced throughout the year. So, it’s adamantine to put a cardinal on but acutely an impact.

Nicholas Yulico — UBS — Analyst

Okay, that’s helpful. And afresh aloof activity to the same-store guide, you cited in the absolution how your GAAP same-store NOI beforehand is 100 abject credibility lower than banknote mostly due to the appointment segment, and so I’m aloof apprehensive what that is. Is that aloof a lot of chargeless hire afire off? It seems like a big aberration if appointment is 25% of the aforementioned serve pool?

Robert Probst — Executive Vice President and Chief Banking Officer

We’ve talked about this before, Nick, and accustomed that 100 abject credibility as a aphorism of thumb. Best conspicuously beeline band actuality the big aberration area we straight-lined rents so you don’t see that escalation, which we do in the banknote number. What’s notable actuality and we appetite to highlight is the action science business, which is now an important allotment of the all-embracing same-store, has cogent beeline lining in it. So, that absolutely is what is the new account if you like, but that 100 abject point cogwheel has been adequately consistent.

Nicholas Yulico — UBS — Analyst

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Just one aftermost one from me, activity aback to you adduce the 5.5 debt to EBITDA ambition by anniversary and you accept a lot of dispositions and a lot of debt adjustment assumed, but aback we attending at it, it looks like you still accept some accommodation to do acquisitions and hit your 5.5 debt to EBITDA target. So, can you maybe aloof airing us through the advantage algebraic and let us apperceive if there absolutely is any affairs accommodation that you accept for acquisitions, which are not affected in guidance, and area you could still get to that 5.5 debt to EBITDA?

Robert Probst — Executive Vice President and Chief Banking Officer

Well, absolutely in the 5.5 reflects the assumptions we’ve accustomed you. And, obviously, the arrangement depends on both the EBITDA and the indebtedness. And that aggregate gives us 5.5. Clearly, there is befalling for investment. Though, we’re at 5.7 anniversary 2017. We’ve consistently been actual adequate in 5 to 6, and accordingly the adeptness to use the antithesis area to go afterwards accretion or beforehand opportunities is acutely there. And the dry crumb and banking adaptability for us to do so is an important acumen why we’re application the accretion to de-lever. But the algebraic tells you it’s 5.5 as assumed.

Debra Cafaro — Chairman and Chief Executive Officer

Yeah, and accomplish abiding that you’re counting, obviously, the allotment of these bays development projects that we’re alive on that do accommodate the EBITDA in the after years but not in the accepted ones while they do use basic in the accepted environment.

Operator

Thank you. Our aing catechism comes from Rich Anderson from Mizuho Securities. Your band is open.

Richard Anderson — Mizuho Antithesis — Analyst

So, if I could aloof get aback to Brookdale for a moment and I anticipate dupe you to handle it-you accept a acceptable clue almanac in administration difficult situations-I’m analytical aback you accept $650 actor of asset sales across-the-board of the collective venture, so some subset of that, added 2019 expirations in your Triple-Net portfolio coming, to what bulk is the 2018 plan on Brookdale asset sales, acclamation leases aboriginal that are advancing to in ’19, a aggregate of both? Do you accept a aptitude against one a or the added to abode the Brookdale situation?

Debra Cafaro — Chairman and Chief Executive Officer

Well, acknowledgment for the catechism and the confidence. Again, I anticipate we’re actual adequate with area we are appropriate now. We accept acceptable assets. We accept acceptable agreements. We accept acceptable acquaintance to arise up with optimal outcomes for Ventas shareholders and our addressee and operating partners. And we abide to use that toolkit absolutely with anybody to accomplish abiding that we’re advancing up with these optimal outcomes that can actualize absolute after-effects for the tenants and additionally assure and beforehand the absorption of Ventas shareholders.

Richard Anderson — Mizuho Antithesis — Analyst

But accomplishing it afore ’19 apparently makes sense. Is that a fair statement?

Debra Cafaro — Chairman and Chief Executive Officer

Well, it’s an art, not a science. So, that’s the acquaintance allotment area absolutely there are optimal means and times to booty actions. Our job is to beforehand and assure the absorption of the shareholders while obviously, we accept an absorption in Brookdale’s connected success as well. So, we’re on it. Acknowledge you.

Richard Anderson — Mizuho Antithesis — Analyst

I got you. And the aftermost catechism is your advantageous agnosticism debt action is evocative of pre-Great Recession time aeon aback you appealing aboriginal to affectionate of crouch bottomward on your antithesis sheet. I additionally think-or we additionally think-that this area needs some bulk analysis to maybe actualize some blazon of catalyst. Maybe you get that with your ELS collective adventure to some bulk but conceivably some added combinations. To what bulk are you affectionate of reinforcing your antithesis area with an eye against some of the aloft break of banal bulk achievement in your accumulation today? Do you think, and maybe not you, but do you anticipate M&A in some anatomy or appearance is a all-important basic to the ultimate abiding success of the healthcare rates?

Debra Cafaro — Chairman and Chief Executive Officer

Wow, that’s a big question, and I’m gonna booty on a allotment of it. Yes, you’re appropriate about bulk discovery. I anticipate that we accept said and accept authentic out in abounding respects the actual agog institutional absorption in our asset types and our operators. And in part, again, that is because of the demographic appeal in the business, but we are in this alteration bulk ambiance that relates to a accomplished host of factors including a alteration bulk environment. So, we are admiring with affectionate of how we’ve positioned the aggregation so far. We like the abstraction that we accept $1.5 billion advancing in the aperture accepted in 2018 to enhance that dry crumb and banking backbone and flexibility, and what I appetite to allotment is that we would intend to use those assets in the best way we can to actualize bulk for our shareholders. And it’s apparently too aboriginal to say what those best moves are, but the key affair is to be in the position to accept a lot of options and a lot of firepower, and that’s area we are. And that’s what we’re blessed about.

Operator

Thank you. Our aing catechism comes from Michael Knott from Green Artery Advisors. Your band is open.

Michael Knott — Green Artery Advisors — Analyst

Just one catechism as you anticipate about the architecture of the portfolio, aback you analyze and adverse the SHOP advice for ’18 against the connected adherence and backbone of the Triple-Net portfolio, does it accomplish you at all amend what’s the appropriate admeasurement of the SHOP portfolio aural the all-embracing Ventas asset base?

Debra Cafaro — Chairman and Chief Executive Officer

Great question. We accept consistently prided ourselves on actuality acutely acclimatized about portfolio diversification, which we attending at in agreement of asset type, business model, and abettor amid added things. And I anticipate we accept kept to that discipline, and investors, I think, sometimes appetite us to go added abounding on way or another. But we anticipate our portfolio architecture has been actual deliberate, and I anticipate our mix is absolutely absolutely good. Obviously, we are out of the accomplished nursing business, which is I would altercate the best decidedly challenged asset chic in our business. We anticipate the chief housing, as I’ve said, we accept a high-quality SHOP portfolio that’s about 29% of our NOI, and that is a acceptable allotment I would say as you get benefits. But you acutely go through some cyclicality as we assignment our way through this accumulation appeal timing mismatch, and afresh you accept the abundant appointment and Triple-Net portfolio that’s about two-thirds of the aggregation appropriate now. And that appointment portfolio is growing, and it’s a lower affectionate of allowance blazon business. And at the end of the day, this portfolio architecture is absolutely an important antecedence for us, and it has served our shareholders able-bodied over time. And we accept it’s continuing to do so.

Michael Knott — Green Artery Advisors — Analyst

Okay, and afresh aloof on your acknowledgment to a catechism a added ago about accepting the optimal firepower to booty advantage of approaching opportunities perhaps, I aloof basic to ask about the 5.5 times, that EBITDA, is that the appropriate advantage level? Is that what you’re cerebration as array of the everyman that you’ll get to? And then, also, it articulate like the contempo moves in the disinterestedness bazaar did array of account you to become a bit added bourgeois in the basic allocation aesthetics and appearance of the antithesis area if I accepted what you said correctly, which doesn’t complete that bizarre accustomed that it seemed like you were appealing bourgeois in 2017 on the basic allocation front. Thanks.

Debra Cafaro — Chairman and Chief Executive Officer

Good, right. I anticipate you’re account it. As I said, we accept advancing and able for accepted bazaar and business conditions. We feel acceptable about area we are. We abide to appraise antithesis area and basic allocation and, again, portfolio about-face but chase the attempt that are abiding ones that we’ve followed for a connected time. It’s basically 5 to 6 times on the antithesis area and affectionate of austere rules about our portfolio mix. And so ’18 is absolutely as you say, a assiduity of that, and I anticipate the bulk of that access is manifest.

Operator

Thank you. Our aing catechism comes from John Kim from BMO Basic Markets. Your band is open.

John Kim — BMO Basic Markets — Analyst

Bob, you mentioned in your able animadversion that you anticipate the flu may accept a 200 abject point appulse to your boutique control this year forth with new supply. Do you anticipate this is emblematic of the industry, and do you anticipate your Triple-Net tenants are additionally forecasting this abrupt of a decline?

Robert Probst — Executive Vice President and Chief Banking Officer

Just to clarify, John, there are two key drivers in the advice on occupancy. One is flu. The added is the accumulation impact. Those calm are driving-we estimate-200 abject credibility of control abatement year-on-year. So, it’s the accumulative appulse as against to an alone appulse aural that. Clearly, aural the industry data, if you attending at it, control burden is a adage throughout the industry. You see that in NIC-no difference. So, I anticipate what is altered to our SHOP portfolio has been the appraisement adeptness and bulk that we’ve been achieving, and that’s what I said has been absolutely fueling the basal line. But control seems to be in band with industry trends.

John Kim — BMO Basic Markets — Analyst

Your RevPOR beneath a little bit sequentially, and I’m aloof apprehensive if the industry is added advancing on affairs control and blurred ante if you’re activity to chase suit.

Robert Probst — Executive Vice President and Chief Banking Officer

You’re appropriate to say we did see some abrasion in RevPOR in the fourth quarter, and, indeed, as we anticipate about the advice for ’18, I mentioned RevPOR for the year all-embracing was 4% about in ’17. We’re assured 3% in ’18 on RevPOR year-on-year growth. The disciplinarian of that is-I’ll alarm it-the absolution spread. It is in baddest markets area there is new competition. There is appraisement pressure, and that’s what drives that differential.

John Kim — BMO Basic Markets — Analyst

The added catechism is on Todd Lillibridge. I anticipate it’s been a brace abode aback you arise that he was transitioning from the MOB business, and I’m apprehensive if you accept an amend on a replacement.

Debra Cafaro — Chairman and Chief Executive Officer

Well, he’s sitting actuality with a big smile, and that’s a acceptable question. So, we abide our MOB CEO chase and apprehend to be acknowledged at it. And Todd is at the captain and assuming all his duties, and we apprehend to accept a acknowledged alteration of those duties in the beforehand of the alpha of this year.

John Kim — BMO Basic Markets — Analyst

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Do you anticipate the actuality will accept accessible MOB background?

Debra Cafaro — Chairman and Chief Executive Officer

Great question. I anticipate we are adorable at a admirable slate of actual adorable candidates with assorted backgrounds. We accept prioritized addition who is able in the healthcare business and has all of Todd’s added acceptable qualities. And so we will blessed to allotment added as the chase concludes.

Operator

Thank you. Our aing catechism comes from Jordan Sadler from KeyBanc. Your band is open.

Jordan Sadler — KeyBanc Basic Markets — Analyst

I aloof basic to analyze on the Ardent repayment. You mentioned East Texas Medical. Would you accept absorption in accommodating there? Is there an befalling for Ventas?

Debra Cafaro — Chairman and Chief Executive Officer

I’d adulation to allocution about that. Aback we acquired an absorption with Ardent with EGI several years ago, clearly, we teed it up as a absolutely outstanding hospital operator, abundant assets, abundant bazaar share, and assertive to be a consolidator. And that is absolutely accident as we drew it up on the board. This contempo befalling for Ardent to access East Texas Medical Centermost with the University of Texas arrangement is a absolutely agitative one and highlights Ardent’s adeptness to be a consolidator. I would say that over time we absolutely may accept an befalling to accomplice on the absolute estate. The accepted plan is to access the assets and accommodate them, and we’re actual admiring of that. Ardent will be added than bifold the admeasurement of aback we aboriginal started and very, actual successful.

And so we’re able-bodied positioned over time to-as we talked about with the LHP asset, a contempo accretion in Topeka, and afresh the East Texas Medical absolute estate-become an buyer thereof. It’s a process, yes, decidedly with the actuality that abounding of these hospitals accept actual admired academic-medical-center and not-for-profit-system partnerships and relationships. So, that is admirable for the achievement of the assets. It’s admirable for bazaar allotment and appraisement and for Ardent. It is a action admitting over time, as we saw with some of the assets we originally acquired, to alteration those into acknowledged absolute acreage ownership.

Jordan Sadler — KeyBanc Basic Markets — Analyst

In agreement of your administration at Ventas, you’re activity on 20 years. I don’t beggarly to point that out, but you’ve had a appealing acute run here. And I’m not allurement you about planning for the approaching in a way in agreement of your tenure, but I am curious. You’ve watched the administration go from apparently aing to 6% aback you started to lows in the 1%, and it seems as if the administration has bottomed potentially. And I apperceive the bazaar has cried wolf a cardinal of times here, but it looks like it’s branch higher. I see you affairs assets here, and I’m curious, as you attending maybe a few years out what the abeyant for a college rate, how should Ventas be positioned antithesis area and asset wise? What makes the best faculty to you appropriate now?

Debra Cafaro — Chairman and Chief Executive Officer

Well, I anticipate we’re actual able-bodied positioned appropriate now, and what consistently gets me aflame about advancing to assignment every day is the aggregation that’s here, the amazing aggregation that we’ve built. And while we accept done so abundant over those 20 years-as you know, 20 years of 23%, 24% admixture ceremony return, 20 years of beforehand from a $200 actor in disinterestedness cap, 20 years from 100% Kindred to 6% Kindred-what’s agitative is there is so abundant added to do. Our sector, I believe, is still in the aboriginal stages of a clandestine to accessible transition. I anticipate that it is still under-owned in accessible hands, and we abide to see amazing opportunities in the amplitude and are aflame about the demographic appeal that we accept in our amplitude that isn’t aggregate by abounding of the added absolute acreage spaces and some of the actual agitative opportunities that we see ahead.

Operator

Thank you. Our aing catechism comes from Chad Vanacore from Stifel. Your band is open.

Chad Vanacore — Stifel, Nicolaus & Aggregation — Analyst

So, I’m aloof cerebration about the Ardent transaction on an $850 actor accommodation repayment. I didn’t t the timing on that. Is that array of midyear, or aback are you assured that?

Robert Probst — Executive Vice President and Chief Banking Officer

Midyear is a acceptable assumption, yes.

Chad Vanacore — Stifel, Nicolaus & Aggregation — Analyst

Then aloof one that, my back-of-the-envelope algebraic would advance that the affairs and dispositions that you’ve laid out would get you apparently bottomward to advantage in the low 5s, but you’re adage the year we should apprehend mid 5s. In that advantage assumption, are there acquisitions and recycling of assets affected in there?

Robert Probst — Executive Vice President and Chief Banking Officer

No, again, we’re at 5.5 with those assumptions. A brace things to note, the $1.5 billion as at an 8% attenuated crop on boilerplate actuality acclimated to pay bottomward debt in the ambit of 4%, 4.5%. And we are additionally at the aforementioned time advance $425 in development and redevelopment spending, which is not acquiescent actual NOI. That’s approaching beforehand for approaching growth. The net of all of that is 5.5 times.

Chad Vanacore — Stifel, Nicolaus & Aggregation — Analyst

Got it. Afresh aloof cerebration about the Brookdale portfolio, could you accord us an abstraction area advantage is today? And can we accept that operating after-effects on that portfolio accept agnate trends to what you’ve laid out on your SHOP portfolio? And afresh if not, afresh what’s different?

Debra Cafaro — Chairman and Chief Executive Officer

Okay, so as we’ve said in the past, in agreement of our Triple-Net coverages, Brookdale’s actual constant with the coverages that we accept in the absolute portfolio. And in agreement of specific trends on that business, as we consistently are accurate to do with our accessible operating partners, we would animate you to allocution to them about their specific operating after-effects but aural our portfolio actual constant with the Triple-Net chief apartment appear coverages.

Chad Vanacore — Stifel, Nicolaus & Aggregation — Analyst

All right, and afresh aloof one aftermost one for me, aback you’re cerebration about this JV in the Elmcroft Eclipse portfolio, can you accord us an abstraction of why the cardinal affiliation with a new basic accomplice there?

Debra Cafaro — Chairman and Chief Executive Officer

Yes. We anticipate there are a lot of cardinal and banking allowances to accomplishing it. We like to alter our basic sources. We anticipate it will be abundant to accept a accustomed all-around institutional accomplice there, and we accept there’s upside in the portfolio: that it’s valuable; and that it’s a abundant befalling for us to abide to recycle capital; and abide architecture out, for example, our bays action science portfolio; and access up the development pipeline; and armamentarium activities like that. So, we anticipate it’s an accomplished befalling all the way around.

Operator

Thank you. The aing catechism comes from Paul Puryear from Raymond James. Your band is open.

Jonathan Hughes — Raymond James & Associates, Inc. — Analyst

This is absolutely Jonathan Hughes on, but acceptable morning. Acknowledgment for the time. Activity aback to the LHP Ardent loan, why are they prepaying, and how do they plan to armamentarium that? It seems to me they wouldn’t be able to get cheaper debt in the accepted ambiance about to a year ago. So, I’m aloof aggravating to accept why they’re prepaying and area that money will arise from.

Debra Cafaro — Chairman and Chief Executive Officer

So, because Ardent has done able-bodied and because it acquired LHP, it acquired accession asset and is on clue as we’ve mentioned to access East Texas Medical Center, I anticipate in accepted the abstraction would be to refinance a added automated basic anatomy for the absolute company. And it absolutely is a mark of the company’s success that we accept that it will be able to do so, and that’s our apprehension afresh that they will use those accretion to accord our loan. And we will redeploy the accretion as discussed.

Jonathan Hughes — Raymond James & Associates, Inc. — Analyst

Okay, fair enough. Afresh one more, I apperceive you’ve put out a columnist absolution afterward the Kindred account in December acknowledging the deal, but they’ve put out a accelerate accouter this ages that doesn’t advance any arrest in the headwinds adverse the post-acute space. Do you see any accident from Kindred now actuality endemic by clandestine disinterestedness in agreement of them actuality added advancing aback adorable at bulk savings, potentially including hire payments?

Debra Cafaro — Chairman and Chief Executive Officer

That’s a absolutely absorbing one because, as I said, as we attending above the mural here, whether it’s Ardent that’s accepting new disinterestedness allotment from EGI to abide to aggrandize or Atria who’s accepting disinterestedness capital, I would say Kindred is in the aforementioned situation. We anticipate it’s a absolute absolute that accomplished healthcare investors like TPG and Welsh, Carson are putting beginning disinterestedness and a cogent bulk of it into the LTAC and IRF and acclimatize business with Kindred, our arch operator. And there will be a substantially, frankly, de-levered antithesis area in that situation, and as I mentioned, we anticipate that the LTAC, aspect with this contempo account out of Washington on the extenders bill, would, in fact, accept a absolute operating aisle in 2018. So, we anticipate the affiliation with Kindred and the new clandestine disinterestedness close can actualize opportunities for us. We accept done business with Welsh, Carson before, and we absolutely attending advanced to continuing to assignment with them and achievement there will be opportunities for us calm to do more.

Operator

Thank you. Our aing catechism comes from Daniel Bernstein from Basic One. Your band is open.

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Daniel Bernstein — Basic One — Analyst

Are there added opportunities to collective adventure in, say, added asset classes besides seniors apartment for you such as medical appointment or action science? I haven’t absolutely heard you allocution about that, but there seems like there should be opportunities there as well.

Debra Cafaro — Chairman and Chief Executive Officer

Absolutely. I’m animated that you acicular that out. Again, we accept a valuable, adapted portfolio. We accept with Todd scaled the MOD business and in accomplishing so created billions of dollars of bulk as it’s developed seven times aback we aboriginal came together. Obviously, a actual adorable asset class-the institutional capital-and we are accomplishing the aforementioned affair with the university-based action science. That is advance aboriginal with a acceptable platform, putting basic abaft it, and creating value. And over time it’s a abundant advantage to have, and certainly, there’s abundant absorption in our high-quality appointment portfolio from institutional basic for accessible collective ventures.

Daniel Bernstein — Basic One — Analyst

In commendations to the de-risking, de-leveraging of the business, I anticipate that’s the appropriate action at this point and acclaim you on that. At the aforementioned time, you’re trading at about a 10% abatement to net asset value. Was there a anticipation action in agreement of buybacks against de-risking? It about implies that you anticipate there’s gonna be actual acceptable opportunities activity advanced on the accretion ancillary at some point if you don’t buy aback your banal at this point.

Debra Cafaro — Chairman and Chief Executive Officer

Another abundant question. Again, as we anticipate about what we’re accomplishing is we are agriculture profits and accretion from acknowledged investments. Our actual allotment is for those accretion to de-lever and beforehand banking strength, which gives us added dry powder, and afresh as the ambiance clarifies, obviously, we accept that we will be absolutely complete basic allocators in whether and how we would accept to use that dry powder. And there’s many, abounding means for us to do that, and you’ve cited some of them. And we would apprehend to admeasure that dry powder, if at all, to value-creating investments which can accommodate a advanced ambit of possibilities including our own equity.

Daniel Bernstein — Basic One — Analyst

I apperceive it’s actual backward in the alarm but aloof one quick catechism on the timing of how you anticipate about the control accident and the -1% to -4% NOI, do you anticipate that the operational business is gonna get bigger in the added bisected of ’18 against one-half? I apperceive there’s accustomed seasonality, but how are you cerebration about the canal in seniors apartment at this point?

Debra Cafaro — Chairman and Chief Executive Officer

Well, we acknowledge the questions, and we appetite to accomplish abiding to accord anybody their due time today. So, I’m gonna ask Bob to abode that aftermost one.

Robert Probst — Executive Vice President and Chief Banking Officer

We would except the abode to attending absolutely similar. Year-on-year we don’t see a agrarian variation. I mentioned the flu appulse and how that tends to continue-kind of bead bottomward control and backpack advanced through the year-so that will, therefore, affect all the quarters. But, yeah, on that I don’t see annihilation that’s active any altered changes division to division aloft accustomed seasonality.

Operator

Thank you. Our aing catechism comes from Todd Stender from Wells Fargo. Your band is open.

Todd Stender — Wells Fargo — Analyst

Back to the Canadian discussion, it’s a market. It charcoal a ablaze atom for you guys in chief housing, but aback you attending at the bulk point of Canadian rents against US rents, alike in your everyman bucket, is affordability allotment of the key? Is that commodity that’s activity to abutment occupancy? And is there an befalling actuality in the US to comedy in that lower segment, commodity in the $3,000 maybe $3,500 a ages range?

Robert Probst — Executive Vice President and Chief Banking Officer

Yeah, I’ll animadversion on the Canadian appraisement first, which is it’s added of an IL bazaar for us than the all-embracing portfolio. So, on a about basis, it looks lower, but it’s absolutely based on that acuity. And we accept we accept absolutely able appraisement adeptness by the way in Canada. I mentioned that is what gives us aplomb in 2018 and abide to abound the basal band in Canada on that price. And we’re at 90% added control there. So, that gives us the befalling to so do.

Todd Stender — Wells Fargo — Analyst

Great, acknowledge you.

Debra Cafaro — Chairman and Chief Executive Officer

Thank you. Okay, so I’m animated that you all aing in this morning and appetite to say how abundant we all aboveboard acknowledge your time, your absorption in our alarm and our comments, and your absorption in abutment of our company. So, acknowledge you so much. We attending advanced to seeing you soon.

Operator

Ladies and gentlemen, acknowledge you for accommodating in today’s conference. This does achieve the program. You may all disconnect. Anybody accept a admirable day.

Duration: 77 minutes

Ryan Shannon — Investor Relations

Debra Cafaro — Chairman and Chief Executive Officer

Robert Probst — Executive Vice President and Chief Banking Officer

Tayo Okusanya — Jefferies — Analyst

Michael Carroll — RBC Basic Markets — Analyst

Smedes Rose — Citi — Analyst

Juan Sanabria — Bank of America — Analyst

Nicholas Yulico — UBS — Analyst

Richard Anderson — Mizuho Antithesis — Analyst

Michael Knott — Green Artery Advisors — Analyst

John Kim — BMO Basic Markets — Analyst

Jordan Sadler — KeyBanc Basic Markets — Analyst

Chad Vanacore — Stifel, Nicolaus & Aggregation — Analyst

Jonathan Hughes — Raymond James & Associates, Inc. — Analyst

Daniel Bernstein — Basic One — Analyst

Todd Stender — Wells Fargo — Analyst

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