Financial Data and Key Metrics Changes - The company achieved record sales of $304 million, net income applicable to common shareholders of nearly $58 million, and record adjusted EBITDA of $133 million, improving the net leverage ratio to 0.7 times [14][18] - Generated cash from operations of over $160 million and record quarterly free cash flow of $104 million [14][18] Business Line Data and Key Metrics Changes - Silver production was 4.5 million ounces and gold production was nearly 46,000 ounces, with cash costs of negative $5.46 per ounce and all-in sustaining costs of $5.19 per ounce [15][21] - Casa Berardi's unit costs dropped by over $600 per ounce compared to the prior quarter, with second-quarter gold production increasing 37% to just over 28,000 ounces [15][25] Market Data and Key Metrics Changes - Silver made up 41% of consolidated revenue, while gold increased to 42% based on performance and price increases [19] - Margins expanded from 65% last quarter to 85% this quarter, with silver all-in sustaining costs at $5.19 per ounce after byproduct credits [19] Company Strategy and Development Direction - The strategic vision focuses on operational excellence, portfolio optimization, disciplined capital allocation, and maintaining silver market leadership [5][6] - The company is prioritizing high-return projects while strengthening its balance sheet, with a focus on free cash flow generation [7][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets at Keno Hill, emphasizing a systematic approach to ramping up production while maintaining ESG commitments [12][13] - The company aims to create long-term value through disciplined capital allocation and strategic reviews of its assets [30][32] Other Important Information - The company is focusing on organic growth and has initiated a partial redemption of $212 million of senior notes to improve its balance sheet [17][20] - The exploration program continues to deliver consistent results, replacing depletion and growing the resource base [13] Q&A Session Summary Question: What was driving the higher grades and outperformance at Greens Creek? - Management indicated that good execution and additional areas with better grades were the main reasons for the performance [38] Question: What has changed regarding the production target at Keno Hill? - The company expanded operational flexibility and focused on reducing overbreak and controlling dilution, which supports the revised production target [41] Question: Why retire a large amount of notes with a significant term left on the debt? - Management stated that funds previously used for the Silverlink dividend and debt service would be better invested in operations and growth opportunities [44] Question: Can you provide color on the expected stripping ratio improvements at Casa Berardi? - The stripping ratio is expected to decrease as the pit nears the end of its mine life, with a projected 10% decrease by year-end [54] Question: What is the anticipated trajectory of throughput at Keno Hill? - The ramp-up to 440 tonnes per day will be gradual, with expectations of reaching approximately 330 tonnes per day by 2027 [84]

Financial Data and Key Metrics Changes - The company achieved record sales of $304 million, net income applicable to common shareholders of nearly $58 million, and record adjusted EBITDA of $133 million, improving the net leverage ratio to 0.7 times [16][20] - Generated cash from operations of over $160 million and record quarterly free cash flow of $104 million [16][20] - Silver production reached 4.5 million ounces and nearly 46,000 ounces of gold, with cash costs of negative $5.46 per ounce and all-in sustaining costs of $5.19 per ounce [16][20] Business Line Data and Key Metrics Changes - Greens Creek produced 2.4 million ounces of silver, a 21% increase over the first quarter, with cash costs of negative $11.91 per ounce [23] - Lucky Friday maintained consistent silver production of 1.3 million ounces, with cash costs of $6.19 per ounce and all-in sustaining costs of $19.07 per ounce [25] - Keno Hill achieved silver production of over 750,000 ounces, marking its first positive free cash flow quarter under current ownership [27] Market Data and Key Metrics Changes - Silver accounted for 41% of consolidated revenue, while gold increased to 42% due to performance improvements at Casa Berardi and Greens Creek [21] - The increase in silver prices led to an expansion in margins, growing from 65% last quarter to 85% this quarter [21] Company Strategy and Development Direction - The company focuses on four key pillars: operational excellence, portfolio optimization, disciplined capital allocation, and maintaining silver market leadership [6][7] - The strategic review of Casa Berardi is progressing well, with updates expected in the coming weeks [7][20] - The company aims to prioritize high-return projects while strengthening its balance sheet, emphasizing free cash flow generation [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets at Keno Hill through systematic capital deployment and optimization strategies [11][15] - The company is focused on creating long-term value and reducing debt to enhance cash flow for reinvestment in operations [48][50] - The management highlighted the importance of jurisdictional security and operational stability in the current geopolitical climate [98][100] Other Important Information - The company is committed to ESG leadership and aims to strengthen partnerships with First Nations while maintaining safety excellence [6][9] - The average reserve mine life of 14 years is double the industry peer average, providing stability and long-term value creation potential [35][36] Q&A Session Summary Question: What was driving the higher grades and outperformance at Greens Creek? - Management indicated that good execution and additional areas with better grades were the main reasons for the performance [42] Question: What has changed regarding the production target at Keno Hill? - The company expanded operational flexibility and focused on reducing overbreak and controlling dilution [44] Question: Why retire a large amount of notes with a significant term left on the debt? - Management stated that funds would be better served by reinvesting in operations rather than servicing debt [48] Question: Can you provide guidance on the stripping ratio at Casa Berardi? - The stripping ratio is expected to decrease as the pit nears the end of its mine life, with a projected 10% decrease by year-end [58] Question: What is the current thinking on advancing Montana assets? - The focus remains on completing the Casa review, with potential for partnerships in the future [94]

Core Viewpoint - Equinox Gold Corp. has announced the sale of its non-core Nevada assets for US$115 million, which includes cash and equity components, aimed at optimizing its portfolio and focusing on core operations [1][6]. Group 1: Transaction Details - The sale includes the Pan Mine, Gold Rock Project, and Illipah Project located in Nevada, USA [1]. - The transaction will provide US$90 million in cash and US$25 million in equity, representing no more than 9.99% ownership in Minera Alamos Inc. [1][6]. - The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals [1]. Group 2: Strategic Implications - The CEO of Equinox Gold emphasized that this divestiture reflects a commitment to disciplined capital allocation and portfolio optimization [1]. - The cash proceeds will enhance the company's balance sheet, while the equity stake allows continued exposure to the potential upside of the Nevada assets [1]. Group 3: Company Background - Equinox Gold is a Canadian mining company focused on growth, with a portfolio of high-quality gold operations and development projects across the Americas [3]. - The company is led by experienced professionals and aims for operational excellence and long-term value creation [3].

Financial Data and Key Metrics Changes - The company reported a 14% adjusted sales growth in Q2 2025, driven by contributions from acquired metal roofing and structures businesses [8] - Adjusted operating income and EBITDA margin were 14.5% and 17.8% respectively, with adjusted EPS increasing by 11% year-over-year [9] - Free cash flow generation expanded to 8% of sales, with a target of 10% for 2025 [24][29] Business Line Data and Key Metrics Changes - Residential segment adjusted net sales increased by $18.8 million or 8.9%, primarily due to the metal roofing business acquisition [11] - AgTech net sales growth was supported by the acquisition of Lane Supply, with backlog increasing by 71% [17] - Infrastructure net sales increased by $400,000 or 1.6%, with backlog also increasing by 3% [23] Market Data and Key Metrics Changes - The residential market remains soft, with housing affordability and interest rates impacting new and existing home sales [13] - Retail point of sale results for roofing accessories were down between 5-6%, while building accessories were up 2.3% [14] - The AgTech backlog increased by 33% on an organic basis, indicating strong future revenue trends [17] Company Strategy and Development Direction - The company is strategically shifting focus to Building Products and Structures businesses, simplifying its portfolio by classifying the Renewables segment as discontinued operations [5][6] - The company aims to achieve stronger growth and margin expansion by concentrating resources on attractive markets with long runways for value creation [6][7] - The company plans to continue investing in organic growth and explore M&A opportunities, particularly in the building products segment [25] Management's Comments on Operating Environment and Future Outlook - Management expects overall demand to remain consistent with market conditions, focusing on driving participation gains and local market expansions [27] - The company is confident in managing the dynamic tariff environment and does not anticipate significant impacts from tariffs or inflation [52] - Management expressed optimism about the infrastructure business due to ongoing bipartisan efforts for additional funding [81] Other Important Information - The company has $200 million remaining under its current stock repurchase authorization [26] - The sale process for the renewables business is active, with expectations to close by year-end [38] Q&A Session Summary Question: Revenue contribution from metal roofing acquisitions - The residential segment was essentially flat, down less than 1% organically, with growth driven by metal roofing [35][37] Question: Update on the divestiture of the renewables business - The process is active, with discussions ongoing and hopes to close the sale by year-end [38] Question: Tax implications of the renewables sale - The transaction is expected to be tax-efficient due to existing carryforwards [46] Question: Price cost management and inventory positioning - The company has a robust model to manage tariffs and does not anticipate significant impacts for the remainder of the year [52] Question: Strategy regarding direct-to-contractor model - The strategy focuses on service and speed, with a direct engagement model for custom solutions [62][66] Question: Turnaround time for contractor orders - The expected turnaround time is within one to three days, depending on the project size [73] Question: Synergies between AgTech and infrastructure segments - There are limited synergies, as both segments operate independently despite some similarities [75]

Financial Data and Key Metrics Changes - The company reported a second quarter net income of $3.96 per share and returned approximately $1 billion to shareholders through dividends and repurchases [14] - Adjusted EBITDA for the quarter was approximately $3.3 billion, an increase of $1.3 billion sequentially, primarily due to increased results in the Refining and Marketing segment [14][17] - Operating cash flow excluding changes in working capital was $2.6 billion for the quarter, with capital expenditures just over $1 billion [19] Business Line Data and Key Metrics Changes - The Refining and Marketing segment achieved 97% utilization, processing 2.9 million barrels of crude per day, with adjusted EBITDA of $6.79 per barrel [15][17] - The Midstream segment delivered a year-to-date adjusted EBITDA growth of 5% over the previous year, with distributions from MPLX increasing by 12.5% year-over-year [17][18] - The Renewable Diesel segment operated at 76% capacity, with improved margins due to incremental production tax credits [18] Market Data and Key Metrics Changes - U.S. gasoline inventories are in line with five-year averages, while diesel inventories are at historically low levels, supporting strong margins [6][8] - The company expects crude differentials to widen later in the year due to higher OPEC plus production and increased Canadian supply [7][32] Company Strategy and Development Direction - The company is committed to optimizing its portfolio through strategic investments and divestitures, including the $425 million divestiture of its partial interest in ethanol production facilities [10][22] - MPLX's strategic acquisition of Northwind Midstream for under $2.4 billion is expected to enhance its growth platform in the natural gas and NGL value chain [11][12] - The company aims to maintain industry-leading capital returns through its integrated value chain and diversified assets [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the refining industry, expecting demand growth to exceed the impact of capacity additions through the end of the decade [7][21] - The company anticipates continued strong diesel demand and tight inventory levels to support margins [6][100] - Management highlighted the importance of operational excellence and commercial performance in delivering peer-leading profitability [21][68] Other Important Information - The company plans to execute a $1.25 billion standalone capital plan for 2025, with 70% targeted at high-return projects [22] - The company has a strong balance sheet with cash of nearly $300 million and MPLX cash of approximately $1.4 billion [20] Q&A Session Summary Question: Can you discuss the 105% capture achieved in the second quarter? - Management emphasized the focus on commercial performance and structural improvements that support sustainable results [26][28] Question: What is the outlook for quality discounts as OPEC increases production? - Management expects differentials to widen in the second half of the year due to increased OPEC production and bullish Canadian production [32][35] Question: How will the California refinery closures impact the company? - Management sees opportunities in accessing local California crudes and believes their integrated system provides a competitive advantage [42][46] Question: What is the expected turnaround expense for the coming years? - Management indicated that the current turnaround expenses may be at a peak, with expectations for a decrease in future years [50][51] Question: How does the company view return of capital and share buybacks? - Management reiterated their commitment to returning all free cash flow in the form of share buybacks, supported by MPLX's growing distribution [58][60] Question: What are the factors behind the recent strength in diesel cracks? - Management cited low U.S. inventories and strong demand as key drivers for the sustainability of diesel cracks [99][101] Question: Can you elaborate on the decision to divest the ethanol stake? - Management stated that the divestiture was based on a compelling offer and the opportunity to optimize the portfolio for future growth [102][105] Question: What opportunities exist in the midstream build-out? - Management highlighted ongoing optimization strategies in both NGL and natural gas sectors, with a focus on integration and growth in the Permian [110][113]

Core Viewpoint - Surgery Partners, Inc. reaffirms its full-year 2025 guidance for revenue and Adjusted EBITDA, reflecting strong growth in the ambulatory surgery industry and operational strategy [2][3]. Financial Highlights - Full-year 2025 revenue guidance is reaffirmed to be in the range of $3.30 billion to $3.45 billion, and Adjusted EBITDA guidance is set between $555 million and $565 million [2]. - Revenues for Q2 2025 increased by 8.4% to $826.2 million compared to $762.1 million in Q2 2024 [3][6]. - Same-facility revenues for Q2 2025 rose by 5.1%, with a 1.6% increase in revenue per case and a 3.4% increase in same-facility cases [3][4]. - Adjusted EBITDA for Q2 2025 was $129.0 million, a 9.0% increase from $118.3 million in Q2 2024 [3][6]. Year-to-Date Results - Year-to-date revenues for 2025 increased by 8.3% to $1,602.2 million compared to $1,479.5 million in the same period of 2024 [4]. - Year-to-date Adjusted EBITDA was $232.9 million, up from $215.8 million in the prior year [4]. Liquidity and Cash Flow - As of June 30, 2025, the company had cash and cash equivalents of $250.1 million and $394.9 million in borrowing capacity under its revolving credit facility [5]. - Cash flows from operating activities for Q2 2025 were $81.3 million, slightly down from $82.8 million in Q2 2024 [5][7]. Debt and Leverage - The ratio of total net debt to EBITDA was approximately 4.1x at the end of Q2 2025, while leverage calculated using consolidated debt divided by Adjusted EBITDA was 4.7x [8]. Operational Performance - The number of surgical facilities as of the end of the period was 162, down from 167 in the previous year [22]. - The company reported a net loss attributable to Surgery Partners, Inc. of $2.5 million for Q2 2025, compared to a net loss of $15.5 million in Q2 2024 [19].

Group 1 - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst, including leadership roles in model validation and regulatory finance, which contributes to a deep understanding of both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to deliver high-quality, data-driven insights, focusing on macroeconomic trends and corporate earnings [1] Group 2 - The approach taken by the analyst combines rigorous risk management with a long-term perspective on value creation, which is essential for identifying high-growth investment opportunities [1] - The article does not provide any specific investment recommendations or advice, emphasizing that past performance does not guarantee future results [3] - There is a clear disclosure that the analyst has no current positions in the mentioned companies, ensuring transparency in the analysis presented [2]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for the quarter [14] - Core FFO per share was $0.47, representing a year-over-year growth of 4.9%, while adjusted FFO was $0.42, reflecting a growth of 6.3% year-over-year [14] - Full year core FFO per share guidance was increased by $0.03 to $1.86, indicating a year-over-year growth expectation of 5.1% [8][19] Business Line Data and Key Metrics Changes - Same home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth [9] - Core operating expense growth was 3.6%, leading to same home core NOI growth of 4.1% for the quarter [10] - The company delivered 636 homes through its AMH development program, meeting expectations [15] Market Data and Key Metrics Changes - Foot traffic increased by over 5% year-over-year, contributing to solid leasing and rate growth [9] - Same home average occupied days were 96.3%, with new renewal and blended rental rate spreads of 4.1% and 4.4% respectively [9] - July occupancy was reported at 96.1%, consistent with expectations for the year [54] Company Strategy and Development Direction - The company focuses on operational excellence, portfolio optimization, and prudent capital acumen as key strategic areas [6][8] - The AMH development program is central to growth, with a disciplined approach to acquisitions and a focus on high-quality investment-grade balance sheets [8][12] - The company aims to flatten the seasonal curve in leasing activity, expecting less deceleration in the third and fourth quarters compared to the previous year [11][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of demand for high-quality homes and the effectiveness of their revenue management strategy [9][10] - The company anticipates a favorable property tax environment due to recent reforms in Texas, positively impacting their financial outlook [14][19] - Management noted that the leasing environment is expected to remain strong, with improved bad debt outlook and stable occupancy rates [19][51] Other Important Information - The company has a net debt to adjusted EBITDA ratio of 5.2 times, with a fully undrawn revolving credit facility of $1.25 billion [17] - The company sold 370 properties for approximately $120 million in net proceeds, indicating active portfolio optimization [17] - AI technology is being leveraged to enhance leasing processes and improve resident experiences [81] Q&A Session Summary Question: Seasonal changes expected in the second half of the year - Management discussed the analysis of seasonal curves and the success of their lease expiration management initiative, which has shifted expirations to capture more leasing opportunities during prime seasons [26][27] Question: Acquisition environment and homebuilder negotiations - Management noted a slight change in homebuilder willingness to negotiate prices, providing optimism for future acquisition opportunities [30] Question: Core revenue growth outlook - The increase in core revenue growth expectations was attributed to improved leasing activity and a better bad debt outlook [34] Question: Development platform and yield expectations - Management highlighted strong execution in their development program, with yields expected to remain stable despite cost pressures [60] Question: Property tax outlook - Management provided insights on property tax assessments and the potential for favorable outcomes in key states, with a long-term average growth rate of 4% to 5% expected [66] Question: Resident income to rent ratios - Incoming resident income has been strong, with ratios exceeding five times rent and household incomes surpassing $150,000 [112] Question: Ideal occupancy levels and market conditions - Management indicated that the ideal occupancy level has shifted to around 96%, with expectations to maintain this level even in a stronger housing market [107]

Financial Data and Key Metrics Changes - Pro forma EBITDA reached $3.4 billion in Q2 2025, improving 7% quarter on quarter but down 14% year on year due to a 13% decline in iron ore reference prices [11] - C1 cash cost for iron ore reached $22.2 per ton, down 11% year on year, marking the fourth consecutive quarter of year on year decline [12] - Recurring free cash flow reached $1 billion in Q2, $500 million higher than in Q1, driven by higher pro forma EBITDA and lower working capital variation [14] Business Line Data and Key Metrics Changes - Iron ore production reached 84 million tons, a 4% increase year on year, marking the highest second quarter output since 2018 [4] - Nickel production rose 44% year on year, driven by productivity initiatives and the ramp-up of Voisey's Bay underground mine [5] - Copper production increased 18% compared to the same period last year, representing the best second quarter since 2019 [6] Market Data and Key Metrics Changes - The global steel market remains volatile but is stabilizing after intense tariff negotiations, with expectations of higher margins for remaining mills [88] - Crude steel production in China declined by 3% year on year, while pig iron production only declined by 0.8%, indicating a shift towards more efficient production methods [90] - India’s crude steel production increased by over 9% this year, with expectations of selling more than 10 million tons of iron ore to India [93] Company Strategy and Development Direction - The company is focused on building a leading mining platform with a strong portfolio in copper and iron ore, aiming for accretive growth opportunities [2] - The new Carajas program aims to accelerate the development of essential projects in one of the most attractive mineral deposits globally [7] - The company emphasizes operational excellence and cost efficiency as core elements of its strategy, aiming to reduce costs while increasing production [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance for both C1 and all-in costs despite inflationary pressures [12] - The company is committed to becoming a trusted partner for society, recently publishing its first sustainability-related financial information report [9] - Management highlighted the importance of flexibility in product offerings to adapt to market conditions and capture greater value [24] Other Important Information - The company has started commissioning Sapuma's second furnace, which is expected to contribute 12 to 15 kilotons of nickel production [6] - The Board of Directors approved a distribution of $1.4 billion in interest on capital to be paid in September, reinforcing the commitment to return value to shareholders [15] - The company is exploring the use of derivatives for potential buybacks, depending on cash flow performance in the second half of the year [44] Q&A Session All Questions and Answers Question: Production strategy and product mix adjustments - The company is focusing on value optimization and adjusting product offerings dynamically based on market conditions and premiums [23][24] Question: Nickel and copper profitability improvements - Management indicated that ongoing efficiency programs are expected to yield further cost savings and profitability improvements in nickel and copper [30][32] Question: Future cost opportunities and guidance - Management expressed confidence in delivering cost guidance for iron ore and base metals, citing stable operational performance [42] Question: Shareholder returns and buyback programs - The company is preparing to potentially pursue buybacks or additional dividends in the second half of the year, depending on cash flow performance [44][56] Question: Impact of briquette projects on customer acceptance - The briquette line is stabilizing with significant interest from clients, and the company is conducting trials to validate product performance [75][76] Question: Sequential performance expectations for the second half - Management cautioned that the second half may see more planned maintenance impacting volumes, but overall performance is expected to remain strong [79][80]

Financial Data and Key Metrics Changes - Normalized FFO was $0.41 per share, a $0.02 increase from the previous quarter [6] - FAD per share increased to $0.33, representing a 96% payout ratio, a significant improvement from the first quarter [36] - Same store occupancy was 90%, a 40 basis point sequential increase [6] - Same store NOI growth was 5.1%, a 280 basis point sequential increase, marking the highest growth in nine years [36] - Net debt to adjusted EBITDA sits at six times, expected to decrease to the mid-five times area by year end [24][39] Business Line Data and Key Metrics Changes - The second highest new leasing quarter in the last three years, with year-to-date sales increasing to $211 million at a blended 6.2% cap rate [7] - Current occupancy in the stabilized portfolio is 95%, with NOI margins over 65% [17] - The lease-up portfolio, comprising approximately 13% of total assets, has a current occupancy of 70% and NOI margins of 55% [19] - The disposition portfolio, approximately 12% of total assets, has lagged in NOI growth by 700 basis points compared to the stabilized portfolio [20] Market Data and Key Metrics Changes - Demand for outpatient medical space remains strong, driven by tightening supply and the ongoing migration of services into lower-cost outpatient settings [30] - The signed not occupied pipeline (SNO) remains solid at nearly 610,000 square feet, representing almost 170 basis points of occupancy in the coming quarters [31] - The new lease pipeline is over 1,300,000 square feet and growing, with about 60% in the letter of intent or lease documentation phase [32] Company Strategy and Development Direction - The strategic plan, Healthcare Realty 2.0, focuses on an operations-oriented culture prioritizing earnings growth and strong tenant relationships [12] - Key action items include improved corporate governance, significant organizational restructuring, portfolio optimization, reprioritizing capital allocation, and improving the balance sheet [12][22][24] - The company aims to invest approximately $300 million over the next three years into the lease-up portfolio to drive NOI growth [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 92% to 93% occupancy rate, citing improved macro conditions and a revamped asset management platform [91][92] - The company anticipates further leasing momentum and NOI growth throughout the remainder of the year and into 2026 [34] - Management acknowledged the need for a dividend reduction of 23% to $0.24 per share to alleviate pressure from maturing bonds and to reinvest capital into the portfolio [25] Other Important Information - The company completed $211 million of asset sales through July, raising the full-year disposition outlook to $800 million to $1 billion [37] - The company has reduced the size of its board from 12 to 7 directors to bring fresh perspectives and support value creation initiatives [12] - The company has achieved initial goals of at least $10 million in run-rate G&A savings through headcount reduction and office expense savings [15] Q&A Session Summary Question: Can you talk about the composition of the lease-up portfolio? - Management indicated that the lease-up portfolio consists of both multi-tenant and single-tenant properties, with a total upside potential of $50 million, which will be phased in over time [44][46] Question: What is the confidence level in achieving the targeted occupancy rates? - Management cited improved macro conditions and a revamped asset management platform as key factors contributing to confidence in achieving 92% to 93% occupancy [90][92] Question: How will the company fund the capital investments in the lease-up portfolio? - Management clarified that the $300 million required to achieve the $50 million NOI upside will primarily come from the dividend adjustment, with potential use of sale proceeds for earlier investments [48][50] Question: What are the dynamics behind the higher cap rates for the assets being sold? - Management explained that the disposition portfolio is characterized by lower occupancy and older vintage assets, contributing to the higher blended cap rate of 7% [78] Question: How does the company plan to drive incremental growth from the core portfolio? - Management emphasized the importance of maximizing lease economics, with escalators trending upwards and a focus on tenant retention to drive earnings growth [111][113]