Mike Mueller

Margolis declined to isolate one variable, acknowledged an unsatisfactory answer, then pointed to a 3% to 4% historical range without a timeframe.

Margolis answered directly that 3% is not reachable on the other levers alone, conceding the limit of the non-rate toolkit.

Jeff said long-term average in the 4s (includes some periods of suppressed development post-financial crisis). Sustainable long-term target is something above inflationary. Outside COVID years, not much volatility over 20+ year public company history.

Jeff explained flexibility: can sell more A-notes and retain only higher-yield mezz if volume is high, or retain both. Borrowers frequently exercise extensions. Many loans convert to acquisitions at/before maturity, serves as acquisition pipeline. Confident in maintaining balances at current levels.

Joe explained variation: already-managed stores have optimized NOI (pure core purchase, use JVs). Third-party managed stores can see 150bp+ NOI increase depending on quality of prior operator.

Joe noted business customers aren't monolithic: large nationals stay longer and accept ECRI better, while small local businesses behave more like retail customers.

Joe quantified conversion rate: 24% of bridge loan dollars convert to acquisitions. Noted it's lumpy/situational but a key proprietary pipeline benefit.

Joe contrasted current capabilities vs 2009: better systems, more data, real-time reaction. In GFC, problem was vacates not demand; tried rate cuts that didn't work. Much more confident now.

Joe explained cost of capital analysis favors JV structures currently; Q4 on-balance-sheet activity was driven by specific off-market structured opportunities and an embedded promote.

Joe explained dual-brand theory didn't deliver sufficient SEO/maps improvement to justify $10M annual paid search cost. Single brand gets top digital positions across paid, maps, and organic.

Brinker said one large 10-year Boston renewal at a lower rent drove the modest outpatient spread dip, with nothing to read into the quarter.

Mueller asked why lab same-store guidance wasn't updated despite the improved occupancy outlook. Moses said they will evaluate segment updates over the course of the year. Brinker added they were forced to update senior housing segments because of Janus Living's own public guidance, and noted same-store is a 'terrible metric' they'd prefer to ignore.

Moses said CapEx down from $600M in 2025 to just over $500M. Capitalized interest flat. No material change in AFFO CapEx vs 2025 run rate.

Brinker differentiated: noncore asset sales would proceed regardless. Core asset recaps (retaining economic interest) would not happen if stock price were more favorable.

Brinker confirmed the thesis of stepping back is playing out. Regular inbound from lenders and equity investors seeking Healthpeak's help with distressed situations. Opportunity set growing.

Mark Theine confirmed ~$1M ad rent in Q1, a 50bps impact on same-store. Brinker pegged CCRC upside at 300-400bps from current 86% occupancy.

Brinker outlined $200-300M of potential outpatient starts, highly pre-leased with strong health systems, possibly 5-7 projects.

Brinker noted mix skews toward loans given bid-ask spread, sellers haven't fully capitulated. Loans offer compelling risk-adjusted returns.

Boyle said pricing and promotion strategy was similar to last June, so the improvement is not comp-driven, while cautioning months will stay uneven.

Boyle deferred, saying integration and team building come first, while promising news on international opportunities over the next several years.

Management confirmed both return and strategic pipeline value, with lending at $150M growing to $500M-$1B over time with discipline

Boyle reported no shifts in customer pushback, vacates down, price sensitivity consistent with expectations and modeling.

Boyle confirmed stronger markets have better move-in trends plus good existing customer behavior, but didn't provide specific numbers.

Joe and Tom confirmed all channels provide robust data, with digital interactions actually yielding more data opportunities.

Tom stated PSA is not lowering the 8% target development yield despite challenges. National buying platforms, in-house team, and balance sheet provide differentiated ability.

Tom confirmed ECRIs are the primary driver of the LA impact, not move-in rents. Move-in rents in LA were slightly better than company average before restrictions.

Hutchens attributed the outperformance to independent living product concentration in the other markets bucket.

Probst quantified the impact and said Q2 research occupancy should reflect the balance of the year.

Justin expects both IL and AL to surpass previous industry highs, with occupancies well into the 90% range. Goal of zero lost revenue days.

Probst said aligning with healthcare REIT market standard for comparability. $0.08 impact in both 2025 and 2026, no effect on YoY growth rate. Cash G&A in low $150M range.

Cafaro said AL and IL resident ages are relatively consistent, so both benefit from growing 80+ population. IL can skew slightly younger, which is a benefit. Broad-based demand expected across both.

Hutchens explained IL lacks care component so no releasing spread drag from acuity turnover. Move-in rent trends good in IL. US IL portfolio at 84% with significant volume upside.

Cafaro explained two Charlotte buildings at 80% preleased (one 100%, other 60%) with consolidation driving the 2027 stabilization; other projects have significant preleasing.

Hutchens acknowledged entry fee communities have a place and should benefit from demographics, but Ventas remains rental-focused with strong growth outlook.

Ross stressed optionality on each project (JV, ground lease, or sale) and monetizing when cap rates are aggressive, such as the Milton at a 4.9% cap.

Jamieson expects economic compression toward normalized levels starting in 2027 but both leased and economic occupancy trending up. Record leased occupancy at 96.3% with anchor upside of 110bp. Healthy spread fuels future cash flow growth pipeline.

Cooper explained proactive strategy of selling ground leases at 5% caps with sub-1% CAGR and reinvesting at higher yields with 200bp more growth. Not dependent on market opening but on Kimco's proprietary deal flow from JV and structured programs.

Jamieson confirmed ground-up retail is small and opportunistic with pre-executed leases. Priority on repositioning and grocery-anchored redevelopment at double-digit returns. Multifamily activation uses CapEx-light preferred equity JV structure.

Cohen confirmed more than half of guidance increase is operational from portfolio performance, SNO pipeline commencements, and JOANN/Party City backfills coming online. One-time accounting benefit was $0.01 per share.

Cohen quantified Joann's impact at 68bp occupancy dip. No specific year-end occupancy guidance embedded. Flynn noted goal to exceed prior all-time high through robust demand on both anchor and small shop.

Cohen described medical tenants as sticky with de minimis bad debt due to high build-out investment. Flynn added push from urgent care, pediatric urgent care, and off-site hospital facilities.

Mitra gave a concrete deployment cadence and an approximate three-year horizon beyond this year's pace.

Mitra shared Barchester as an example of deal discipline, walked away twice before eventually closing when pricing and structure aligned. Noted team walks away from 90% of deals seen, always communicating reasons respectfully to maintain relationships.

Nikhil confirmed debt fund is simple first-mortgage acquisition financing on cash-flowing assets with strong sponsors, not loan-to-own; Shankh noted creative credit structures remain on balance sheet.

Nikhil declined to disclose specific yields before transaction closing, only noting activity is similar to recent years.

Explained that in rising demand with less inventory, lease-up pace can be easier but depends on unit mix; focus remains on total revenue growth not just occupancy.

Shankh broke down RevPOR by occupancy: 90%+ cohort at 7%+ growth (about 50% of portfolio), below 80% roughly flat to 1-2% growth.

McHugh noted development is focused on active adult and outpatient medical, with active adult lease-up around 12-18 months and OM essentially 100% pre-leased.