Financial Data and Key Metrics Changes - The third quarter normalized FFO per share was $0.45, representing approximately 18% growth over the prior year quarter [3][17] - Normalized FFO increased 55.5% over the prior year quarter to $94.7 million, and normalized FAD increased 50.6% to $93.1 million [17] - The company raised $736 million from an equity issuance, enhancing its financial flexibility [17][19] Business Line Data and Key Metrics Changes - The company closed on $495 million of new investments in the third quarter, bringing the year-to-date total to over $1.6 billion [5][6] - The investment pipeline is approximately $600 million, with about half in U.S. skilled nursing, a third in U.K. care homes, and the remainder in SHOP and strategic loans [13][14] Market Data and Key Metrics Changes - The U.K. acquisition has expanded the company's deal pipeline, now accounting for roughly a third of the total pipeline [7] - The blended stabilized yield on post-quarter-end investments is approximately 8.8% [13] Company Strategy and Development Direction - The company aims to grow by adding two new engines of growth: U.K. care homes and SHOP, alongside its core U.S. skilled nursing facilities [6][7] - The focus is on long-term growth, with a vision for the next decade rather than short-term results [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position going into 2026, highlighting a stronger team, better portfolio, and greater liquidity [9][10] - The management team is optimistic about the growth potential in the U.S. skilled nursing, U.K. care homes, and SHOP sectors [10][72] Other Important Information - The company has maintained low leverage with net debt to EBITDA of 0.43 times and a fixed charge coverage ratio of 11 times as of quarter-end [20] - The company is preparing for a transition in leadership as the CFO will retire at the end of the year [16] Q&A Session Summary Question: Expected yields across SNFs, U.K. care homes, and seniors housing - The expected yield for SNFs is typically around 9%, U.K. care homes around 8.5% or higher, and seniors housing yields are expected to be 7% or higher depending on various factors [24] Question: Plans to minimize duration gap in equity raises - The company is evaluating options on a case-by-case basis and has not found it necessary to pursue forward equity raises yet [26] Question: Investments in seniors housing operating portfolio - Investments began at the end of last year, with plans to add more personnel to support growth in the SHOP segment [30] Question: Comparison of U.K. and U.S. markets - The U.K. market is seeing increased activity and a growing pipeline since the acquisition of CareREIT, with the company remaining competitive [36] Question: Application of data science investments - The data science platform will enhance productivity and decision-making across all departments, particularly benefiting the SHOP business [38] Question: G&A cost growth expectations - G&A costs are expected to stabilize at current levels, with some increases due to team investments and resets in short-term incentives [44][62] Question: Appetite for skilled nursing OPCO or RIDEA investments - The company is open to considering such investments for the right operator and deal, though nothing is currently in the pipeline [48] Question: SHOP deals and operator relationships - The company will approach SHOP deals on a case-by-case basis, aiming to expand relationships with operators regardless of predefined growth paths [52] Question: Coverage levels in the U.K. care home portfolio - The slight decrease in coverage levels is attributed to idiosyncratic factors rather than systemic issues [60] Question: Future growth potential and pipeline expansion - The opportunity set has expanded significantly compared to last year, with a bullish outlook for 2026 [71]