Financial Data and Key Metrics Changes - Fully diluted FFO per share excluding non-recurring items increased to $0.65 from $0.64 [8] - Fully diluted FAD per share excluding non-recurring items rose to $0.70 from $0.67 [8] - Total liquidity is approximately $681 million, with a debt to annualized adjusted EBITDA for real estate of 4.3 times [9] - Annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times [9] - Full year 2025 guidance for core FFO per share is between $2.65 and $2.69, and core FAD per share is between $2.78 and $2.82 [9] Business Line Data and Key Metrics Changes - The SHOP portfolio now totals $176 million in gross book value after converting 13 properties from triple net leases [4] - SHOP NOI for 2025 is projected in the range of $9.4 million to $10.3 million [10] - Revenue from properties subject to market-based rent resets is expected to be $5.1 million, up from guidance of $4.4 million last quarter [12] - The company plans to replace at least $8.3 million of 2025 GAAP rent from seven skilled nursing centers currently in the sale process [13] Market Data and Key Metrics Changes - The Anthem portfolio currently has an occupancy rate of 81% [10] - The company expects to see occupancy improvements in the Anthem portfolio during the key selling season starting in May [50] Company Strategy and Development Direction - The company is focused on growth through the RIDEA strategy and plans to complement it with investments in traditional and structured finance transactions [14] - The company aims to build a resilient, performance-driven portfolio structured for long-term value creation [15] - The company is actively pursuing opportunities to add newer, stabilized assets to enhance portfolio quality [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential for 2025, emphasizing a clear pathway to growth through the IDEA platform [5] - The management team is optimistic about the opportunities ahead and the progress made [16] - The company is encouraged by the trending of increasing guidance in its portfolio [68] Other Important Information - The company appointed a new Chief Investment Officer, Dave Boytano, to enhance its investment strategy [5] - The company has no plans to convert any assets in its triple net portfolio at this time, focusing instead on organic growth [41] Q&A Session Summary Question: Guidance regarding ALG's asset purchase option and financing - Management indicated that ALG is still working on financing in a volatile rate environment, but guidance assumes they will continue to pay full rent [19] Question: Details on the lease termination payment to New Perspective - The lease termination payment was made to reward New Perspective for value creation and to provide a runway for future growth opportunities [22] Question: Future SHOP conversions and investment pipeline - Management noted that 50% of the $300 million investment pipeline represents RIDEA opportunities, with potential for some triple net conversions [24] Question: NOI range for SHOP assets and growth expectations - The projected SHOP NOI for 2025 is $15.2 million, reflecting growth from occupancy improvements [30] Question: Performance of the Anthem portfolio and future outlook - Management acknowledged a dip in occupancy for Anthem but expects recovery during the key selling season [50] Question: Issues with Genesis and overall financial performance - Management confirmed no current issues with Genesis and noted strong coverage in core markets [45]

Financial Data and Key Metrics Changes - Fully diluted FFO per share excluding non-recurring items grew to $0.65 from $0.64 [6] - Fully diluted FAD per share excluding non-recurring items increased to $0.70 from $0.67 [6] - Total liquidity is approximately $681 million [7] - Debt to annualized adjusted EBITDA for real estate is 4.3 times [7] - Annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times [7] - Full year 2025 guidance for core FFO per share is between $2.65 and $2.69 [8] Business Line Data and Key Metrics Changes - SHOP portfolio now totals $176 million in gross book value through the conversion of 13 properties from triple net leases [3] - SHOP NOI for 2025 is projected in the range of $9.4 million to $10.3 million [10] - Revenue from market-based rent resets is expected to be $5.1 million, up from guidance of $4.4 million [11][12] - The company expects to collect approximately $8.3 million of GAAP rent from properties currently under sale [12] Market Data and Key Metrics Changes - The Anthem portfolio is currently 81% occupied [9] - The company expects occupancy to improve as it enters the key selling season [46] - The occupancy for the SHOP portfolio is projected at 85% for 2025 [25] Company Strategy and Development Direction - The company is focused on growth through the RIDEA strategy and expanding its SHOP portfolio [13] - The investment pipeline stands at $300 million, with approximately 50% representing RIDEA opportunities [4] - The company aims to complement its RIDEA strategy with investments in traditional and structured finance transactions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, emphasizing a strong investment pipeline and strategic partnerships [5][14] - The company is optimistic about occupancy recovery in the Anthem portfolio and expects continued improvement [46] - Management highlighted the importance of operator diversification and maintaining a balanced portfolio [30] Other Important Information - The company appointed a new Chief Investment Officer, enhancing its leadership team [4] - The company has no plans to convert any properties in its triple net portfolio at this time, focusing instead on organic growth [36] Q&A Session Summary Question: Guidance regarding ALG's asset purchase option and financing - Management indicated that ALG is still working on financing in a volatile rate environment, but guidance assumes they will continue to pay full rent [17] Question: Details on the lease termination payment to New Perspective - The lease termination payment was made to reward New Perspective for value creation and to facilitate growth in the SHOP portfolio [20] Question: Future SHOP conversions from triple net leases - Management noted that while there may be opportunities for some conversions, the focus is primarily on external growth through SHOP [21] Question: SHOP asset NOI projections and growth - The projected SHOP NOI for 2025 is $15.2 million, reflecting growth from occupancy improvements [26] Question: Performance of the Anthem portfolio - Management acknowledged a dip in occupancy due to clinical discharges but expects recovery as the key selling season begins [46] Question: Financial performance of ALG and rent deferrals - No rent deferrals were given this quarter, and ALG's occupancy has increased due to improved lead generation [57] Question: Other leases with market-based resets - Management confirmed that there are 14 properties with market-based resets, which are expected to increase as occupancy improves [60]