Mike Mueller

with the seemingly better view on lab occupancy, why didn't you update that same-store outlook?

What's embedded you guys use for AFFO CapEx and capitalized interest for 2026?

if your implied cap was 100, 125, 150 basis points lower, do you think you'd still be looking to monetize parts of the outpatient medical portfolio today?

based on what you're seeing, do you think that's been playing out? And do you think you're any closer to hitting the pivot point to really getting closer to deployment again?

it looks like ad rents may have helped your MOB growth this quarter, both sequentially and year-over-year. Was that the case?

what sort of guidelines or how are you thinking about what the mix of incremental debt investments should, could be or should be relative to just kind of outright acquisitions?

what sort of development starts are you expecting for this year out of outpatient medical?

what do you think is a normal level of same-store revenue growth in a normal environment?

Considering the balance is expected to be generally flat in '26, should we expect the balance to decline beyond '26?

how much can you typically raise the going-in yield just from taking the assets, putting them on the platform and kind of getting the expense efficiencies?

do you have a sense if one of those categories is clearly ahead of the others in terms of seeing better demand?

Do you have a sense as to what portion of, I guess, the bridge loans that you extend ultimately translate into some sort of acquisition?

if a recession actually happens, can you talk about how you think you'd approach operating the portfolio to the playbook from the GFC?

Going back to the comment about seeing a pickup in rental activity in the LSI portfolio, post moving back to one brand. What do you think is driving that?

can you talk a little bit about acquisition price, you know, a lot more on balance sheet activity compared to JP activity?

I know it was a small sale at just $10 million, but can you talk about selling Courthouse Center in Rockville considering it's part of critical mass and scale that you kind of built up over decades...

I think you mentioned you had another $400 million to $500 million of non-peripheral residential left that you could sell to fund acquisitions.

how broad are the opportunities that you're looking at in the new markets?

if the consumer really hits a wall, what segments of the portfolio do you think you see the impact first

with the two new development announcements,

about how many years out do you think it is until you're back to a normalized lease-economic spread?

Is this more of a function of the specific near-term pipelines you are seeing today?

What's the total expected development dollars that you could see yourself investing in '26 and '27?

how much of the guidance increase was driven by the higher same-store outlook versus the onetime accounting item

where do you think you could end the year? What does guidance baked-in for ending the year on a physical occupancy basis?

how do you size up the credits versus other national and local options? And in the past, have you had any meaningful bad debts from that category?

For GIC and La Caisse. Can you give some color on how you determine what developments will be done in those ventures versus on your balance sheet?

are you looking at it largely as a lending business to make money in, or does there need to be an angle

can you talk a little bit about how different were the, I guess, the move-in rent comparisons to the year-over-year comps in those markets

any changes in terms of the pushback from customers on ECRI or ECRI levels in general?

when you have digital rentals versus in-person or from call centers, do you generally get the same amount of customer data

are the headwinds in the forecast coming only from lower ECRI potential, are you not able to have kind of a normal seasonal lift in move-in rates

The Crystal Brook acquisition going right into redevelopment is interesting. Can you talk a little bit about what's the scope of that project?

what's prompting you to talk about '26 this early?

Do you think that's about where the mix is going to stay for the next 3 to 5 years? And how deep is the redev pipeline?

is it just conservatism given the world or is there some known kind of chunky fallout coming down the pike soon?

At 94.1% leased, can you squeeze any more occupancy out of the small shops, or is that essentially full?

How much of an impact did the buyout have -- TRG buy out on your operating stats like the year-over-year sales comps

are your JV partners looking to invest more with you? Or are we more likely to see you buy them out

Do you think you'll be unencumbering a number of those assets over time

would your recent sales trends be materially different, either positively or negatively if you look at things on an NOI-weighted basis

if you have something comparable quality in the US, how would you imagine the pricing would compare to what you were in for in Italy

what are your current thoughts on where your AL and IL occupancy should be able to max out over time

can you give us more color on the decision to exclude noncash stock comp going forward from NFFO

As the 80-plus population surges, do you expect to see a widening of performance between AL memory care and the younger population IL portfolio

how does that compare when you're talking about RevPOR growth when you're comparing IL versus AL. Is that dynamic kind of similar as well

On the four new developments that are underway. Guess first for the atrium project that's 100% leased, that's being completed this year. Why is the stabilization in 2027

what are the high-level thoughts on entry fee communities today

Can you talk about an example or 2 of steering clear from a big transaction that didn't sit well with you

Is the capital in the debt fund going to be focused on assets that Welltower would ultimately like to own? Or do you just see it as an in-and-out lending vehicle?

can you just give a sense as to the overall initial blended yield on the $14 billion and maybe parameters for how wide the range was between the different components?

does the pace of occupancy gains increase or decrease materially once a property crosses 90%?

what portion of it is stabilized or close to it? And how is RevPOR growth in those assets been compared to the 6% average

Can you talk about how long to stabilize the properties upon completion. And is that trending faster or slower