Michael Stroyeck

Can you maybe just provide some color on which lab markets are seeing the strongest demand today?

Can you provide some thoughts on lab re-leasing spreads? Obviously, there's still plenty of vacancy at the market level, likely will be for some time and your biggest peer is guiding to some pretty...

Has there been any sort of spread in pricing power between, call it, your health system and nonhealth system tenants?

has there been any sort of decline in retention as the company has pushed pricing maybe a bit harder relative to the sector's history?

what percentage of that tenant base would you characterize as actually needing capital in the very near term, call it, maybe 3 to 6 months or so?

it looks like 7 properties rolled out at the operating portfolio into the readout bucket this past quarter. Can you just help frame the expected year-over-year earnings dilution

Could you maybe just provide some additional color on the sizable lease that saw that 45% mark-to-market? Was that in line with the company's expectations

How long should we expect elevated levels of dispositions? Is this just a second half of 2026 story?

Where do you think development yields are actually at today? And where do they need to be, in your opinion

have you seen meaningful declines in your win rates within that subsector

Philosophically, how do you think about operator count—what are the gives and takes of greater operator diversification

Is this a function of assets that were already seeing good growth growing even quicker or more properties that were laggard starting to catch up

Does 2026 guidance assume any additional occupancy loss within the research portfolio

How many more assets do you expect to transition over the next, call it, 6 to 12 months or so outside of the Brookdale portfolio

Can you just quantify the magnitude of bad debt during the quarter? And are these onetime rent deferrals or more permanent rent cuts

There's a nice uptick in coverage in occupancy during the quarter. Should we expect continued improvement there

with CMS' proposal to do away with the inpatient-only procedure list, how impactful could this realistically be in terms of health systems, expanding their outpatient footprint

how much of the tenant base is in the traditional biotech sectors and what the average wall is specifically on those leases

where do you expect occupancy to trend over the next twelve months within the research portfolio

Has the company underwritten any transactions in geographies outside of the U.S., U.K. or Canada

Can you just put brackets around the levels of NOI growth expected in 2026 across the U.S. SHOP, UK, Canada, and active adult businesses?