RT jakub rusiecki (@jakub_rusiecki)Thanks @Yogita_Khatri5 for the feature.The Neynar deal makes sense. They've been the plumbing for FC developers, and their incentives look aligned with growing the ecosystem rather than optimizing for a single client. Here's where my head is on crypto social more broadly:The recent exits and pivots don't shake my conviction. They're consistent with how early consumer categories evolve. Lots of iteration before durable products and new norms emerge. This is the messy middle ...

Financial Data and Key Metrics Changes - The company reported a strong FFO per share growth of 22%, exceeding expectations [5] - Full year FFO guidance was raised by $0.13 to $5.1 per share [6] - Same store NOI growth for the seniors housing operating portfolio was 23.4%, marking the eleventh consecutive quarter of growth exceeding 20% [6][15] - Year-over-year total portfolio same store NOI growth was 13.8% [31] Business Line Data and Key Metrics Changes - The outpatient medical business delivered a same store NOI growth of 2.6% [14] - The senior housing operating portfolio achieved another quarter of same store NOI growth well in excess of 20% [15] - The long-term post-acute portfolio saw same store NOI growth of 2.7% [32] Market Data and Key Metrics Changes - The UK portfolio experienced a 600 basis points increase in occupancy and 27% same store NOI growth [7] - Canada delivered 8.5% growth, while the U.S. and U.K. posted increases of 10.2% and 11.5%, respectively [15][16] - The company reported a 5% growth in RevPAR across all regions [17] Company Strategy and Development Direction - The company is focused on leveraging insights from its data science platform to drive portfolio and asset management initiatives [8] - A significant capital allocation of approximately $29 billion has been completed over the past five years, with $16 billion in asset sales to improve portfolio quality [9] - The company is transitioning properties to best-in-class regional operators to unlock operational potential [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand-supply dynamic for the industry, expecting further strengthening of RedPOR in the coming years [8] - The company is optimistic about the momentum in occupancy and anticipates NOI recovery in Q4 [11] - Management emphasized the importance of talent management and technology innovation as key areas of focus for future growth [36][40] Other Important Information - The company achieved a net debt to adjusted EBITDA ratio below three times and interest coverage over six times [12] - A quarterly dividend increase of 10.4% was announced, reflecting confidence in cash flow durability [34] - The company has trained over 8,000 site employees on its Well Towered Business System [21] Q&A Session Summary Question: Future growth potential and capital deployment - Management highlighted that while they are proud of achievements, they remain focused on continuous improvement and avoiding complacency [45][46] Question: Performance of non-same store assets - Management noted that non-same store assets include under-occupied and under-optimized properties, which are expected to improve over time [53][54] Question: Technology and data integration for customer experience - Management discussed the evolution of their technology strategy to enhance customer experience and operational efficiency [58][61] Question: Competitive dynamics for investments - Management indicated that there are ample opportunities to enhance cash flow profiles in a fragmented industry [80][82] Question: Optimal capital stack and leverage - Management emphasized the importance of maintaining a strong balance sheet and liquidity while exploring various capital sources for investments [86][88] Question: Potential for margin expansion - Management expressed confidence in significant margin expansion opportunities driven by revenue growth and operational efficiencies [90][92]