Juan Sanabria

how we should think about CapEx for that business and what kind of deferred CapEx there may be

how much one timers there were in the fourth quarter that are going away

Is there a way to put any brackets around how big the further slippage could be before that starts to recover?

how much dilution you're willing to take and how you're going to try to manage that

It looks like the occupancy on a same-store basis dipped sequentially. Was there anything to call out there

could you just give us a sense of like, what is the breakdown between some of the MLB loans where you announced one with the results as well as kind of the lab

How should we think about occupancy through the year and kind of the mark to market of leases that are expiring versus, where they are relative to market

Have you seen any impacts from new entrants, either REITs or some of the larger privates

if you could talk a little bit about the length of stay and how that's trending

I think you said October was 93.4%. Just what's the year-over-year delta on that?

What's the strategy behind using it more aggressively in some of the rent restriction areas like L.A.?

Just curious if you can talk a little bit about the prefs in the loan book and what you're seeing there? And is there the expectation that you get any repayments?

curious how you guys are thinking about dispositions, if there's any pruning being considered with regards to maybe Sun Belt exposure

If rates are flat year-over-year on average or to the balance of the year, what would that mean in terms of where you'd be in within the guidance range

Have you guys done any of that or seen that more broadly in the industry as you've kind of gotten more up front or less pain up front

you noted a 50 basis point benefit in the same-store assumptions this year from the inclusion of a life portfolio. I'm just curious if you can give some context

if I look at the move-in versus move-out spread, that hasn't necessarily compressed. So hoping you could flesh out why you think that's the case

Just hoping you could talk a little bit about the same-store NOI trajectory and cadence we should expect in occupancy as part of that FFO build in the quarterly run rate you gave Dan

Just hoping you could talk a little bit about the anchor movement, kind of what's driving that? Is that proactive by you?

just curious if you can give any color on how the two main buckets, retail versus resi, compare

Just hoping you could talk a little bit about the environment in Washington, D.C., there's been some press articles around local restaurant closures

Just hoping you could talk a little bit more about the performance in DC.

just on the guidance page, the $5 million of disposed properties from 2024 POI.

Just hoping you could talk a little bit about the tax credits the first time. At least I remember hearing about it. And I guess why include it in FFO?

if you could talk about what you've seen so far in January across the new lease renewal and blended rates as well as occupancy

a question on the loss to lease. Where do you see that presently? And then kind of a Part B turnover, it seems to finally be kind of inching up

It seems like you're running ahead as a whole in particular on taxes and insurance, which you kind of flesh out more concretely in guidance

Curious what you think may happen during the peak leasing season, the summer season with HVACs and should we anticipate any increase in costs as a result of presumably higher replacement costs

Just hoping you could talk a little bit about G&A and kind of what we should be modeling for 2025

how you think about the importance of size and liquidity and being more relevant

Hoping you could talk a little bit about the realignment to a national leadership

I'm not sure if there's any stats you can quote on what redevs have done to the small shop lease rates

hoping you could talk a little bit about the resi and entitlements that you guys have available to either harness for longer-term value and/or to monetize

I just noticed that the same-store pool count changed a bit quarter-over-quarter. It seems like some of that was moved into the redevelopments

On churn and the interplay with ECRIs, the implied contribution of ECRIs seems to have come down

lessons from prior periods when oil or energy prices spiked and any impact on storage and churn?

you already kind of put out a revised supply stack for this year -- for the end of last year and this year, they came to the conclusion that supply actually reaccelerated

Wondering if you could give us a general sense of where you expect to end the year, the fourth quarter run rate

Just wanted to follow up on L.A. quickly. You talked about feeling a bit better about the drag

cap rate wise, how should we think about going in yields and targeted stabilized yields on the investments you're making

You called out tenant insurance. Just curious what's changed there?

Just curious on cap rates or yields going in for what's been done to date

how successful or not you feel like you've been to date if you kind of met expectations?

how things may change, if housing comes back, I'm not sure when or if, but if housing comes back, is that -- would that be additive necessarily?

if you wouldn't mind talking about your views on any potential risks to changes in immigration policy, impacting labor costs

hoping you could speak a little bit about the pricing dynamics, for new customers and any sort of impacts from the comp period

With the uncertainty on single-family build-for-rent with the Road to Housing Act, is that creating a temporary pause by some developers

curious on what you may be able to articulate on those bumps that you are achieving leading to the higher GAAP numbers?

just curious if you could contextualize that historically?

You said that the turnover was less than expected. I guess is that -- what do you attribute that to?

how higher temps have changed? Are there more or less players looking to acquire in the space?

how much you'd expect to be able to to capture in 2025 and maybe if you could just comment what would be kind of the the same store versus the the redep potential

the leasing pipeline was 15% year over year. So just curious if that number was benefiting from

talk about ChatGPT agents or agentic agents that can do some of the shopping bypassing people

about 5% is still month-to month. I think that's still kind of above where you were pre-COVID in 2019

operators being able to charge entrance fees and maybe generate some revenue off waitlists given tight markets

appetite to structure something with a preferred or mezz component where you could earn a return during buildout

just curious if you can give us a sense of where you are in the process and the ultimate goal on how you expect and hope to price these units over time

can you remind us how those should trend as you get higher and higher in occupancy

how is the IL growth and the outperformance you've seen there impacted RevPOR growth? And is there any impact in terms of the mix there

I first wanted to address the comment in the opening remarks about occupancy is expected to increase sequentially

how we should think about the implications on capitalized interest and other moving pieces given a fair chunk of what was in process has now been completed

could you provide the year-over-year change for the month of June, the average or period end, just to give us a sense of higher tracking versus the full year guidance

Would you guys be able to or can you provide the March 31 year-over-year figure or the occupancy was on for the same store pool

is there the expectation then or should we be thinking that there's maybe a temporary pause until deals that are reloaded

Hoping you could talk a little bit about the R&I business and your views on risks around NIH funding changes as a result of policies by the new administration

maybe you could provide a little color on the $200 million that's for capital recycling via dispositions, the strategy there

talk a little bit about market share and the opportunity that's still left to consolidate a fragmented industry

how we should think about that? Both the recurring and other CapEx in SHOP has been fairly significant

curious on your thoughts on both single-family and manufactured housing and opportunities or lack thereof in that -- in those 2 good groups relative to the seniors and active adults

Just curious on the runway for that type of product. Is the industry kind of approaches pre-COVID levels or 90% next year

Hoping you could talk a little bit about the skilled nursing investments you made in the quarter, it looks like it was about $1.2 billion

how you think long-term CapEx should trend once we get past this hump of kind of deferred or whatever type of spend