Michael Stroyeck

Probst benchmarked the current level against Ventas history and called it routine portfolio hygiene rather than a one-off program.

Hutchens gave the required 8% target and spread convention but needed two follow-ups before addressing where yields sit today.

Justin said win rates remain consistent due to off-market and bilateral deal sourcing. Larger pipeline with consistent win rate drove the guidance raise.

Justin explained multi-operator platform is a competitive advantage in a fragmented sector. Now at 44 operators with strict selection criteria. Expects continued growth.

Hutchens said RevPOR acceleration is broad-based, driven by 8% in-house rent increases (vs 7% prior year). Rule of thumb: RevPOR = 2/3 of in-house increase. Move-in rents also solid.

Probst said 2026 OMAR guidance mirrors 2025: overall 2.5% growth led by outpatient medical outperformance, with research hanging in there. Same midpoint maintained.

Hutchens said most Triple-Net to SHOP conversions already executed (150+ communities moved). Remaining high-performing leases including Brookdale 65 have no plans to change. Focus now on delivering organic growth.

Bulgarelli described restructurings as initial rent reductions with climb-back provisions and participation opportunities. Playbook working well but timeline for resolution uncertain.

Cafaro said post-acute performance improving as expected, with added assets from 2024 acquisitions and rising occupancies expected to continue ticking up.

Bulgarelli said government and private payers pushing procedures to lower-cost settings is accelerating, which is great for Ventas' outpatient medical business.

About 12% of research portfolio is earlier-stage biotech or innovation flex. Only 148K sqft in three most stressed cities. Five to seven year leases for pre-revenue biotechs.

Probst noted Philly redevelopments impacting occupancy temporarily but expected to be value-creating. Reaffirmed OMAR same-store guidance of 2-3%.

Kelvin cited the Bay Area and San Diego (Torrey Pines) as strongest, with Boston most challenged on supply overhang though Healthpeak is well leased there.

Stroyeck asked about lab re-leasing spread outlook given peer guidance for negative spreads. Bohn said portfolio average around $60/ft, focused on total all-in economics rather than face rent, and pipeline demand trends are the better read on future economics.

Brinker said re-leasing spread distribution ranges from 10%+ to slightly negative, driven by building quality and use type rather than health system status.

Brinker said big nonrenewals this quarter were legacy known move-outs. Overall economics extremely attractive: strong escalators, record renewal spreads, low TI, long terms.

Bohn explained lower rents were a mix issue from a large robotics/dry lab deal. The rent on that deal was actually a 15% increase over the prior in-place tenant.

Brinker clarified 10% is total small-cap/private biotech exposure, not the watch list. Many within that 10% have substantial cash. Only a handful being monitored more carefully.

Pete Scott acknowledged development/redev drag and interest expense are the two biggest 2025 headwinds. But some redevs are already 100% pre-leased.

Pete Scott confirmed the large mark-to-market was expected. Full year was a little above 10%, consistent with forward expectations.

Mitra tied the deceleration to pool changes from UK acquisitions and to the occupancy-to-rate handover, confirming the analyst's read.

Mitra firmly stated no balance sheet capital deployment outside US, UK, Canada. Data science licensing is purely capital-light. McHugh confirmed they have not underwritten anything or signed an NDA beyond the 3 existing markets.

Tim declined to break out regional or sub-portfolio guidance, only reiterating total SHOP same-store NOI growth range of 15-21%.