Core Viewpoint - Atour Lifestyle Holdings Limited (ATAT) is positioned for strong financial performance with expected earnings per share (EPS) of $0.46 and projected revenue of $405.1 million for the upcoming quarterly earnings on March 17, 2026 [1][6] Financial Performance - ATAT's Q4 2025 results indicate promising performance, with a "Buy" rating attributed to strong revenue per available room (RevPAR) and successful product upgrades, which are expected to drive revenue and net profit margins beyond market expectations [2][6] - The company has a price-to-earnings (P/E) ratio of 22.70, indicating that investors are willing to pay $22.70 for every dollar of earnings, and a price-to-sales ratio of 3.68, reflecting the market's valuation of each dollar of sales [3][6] Financial Health - ATAT's earnings yield stands at 4.40%, suggesting a favorable return on investment, while a debt-to-equity ratio of 0.44 indicates a moderate level of debt compared to equity, showcasing a balanced financial structure [4][6] - The current ratio of 2.16 demonstrates that the company has more than twice the current assets compared to its current liabilities, indicating strong short-term financial stability [4][6] Strategic Initiatives - In response to a slowdown in industry supply growth, ATAT is strategically accelerating its net unit additions, which is expected to enhance market share and drive earnings growth in fiscal year 2026 [5]

Core Viewpoint - Hilton Worldwide Holdings Inc. has shown resilience with its recent earnings report, surpassing estimates and demonstrating year-over-year growth in both earnings and revenues, despite a recent decline in share price [3][5][15]. Financial Performance - Hilton reported adjusted earnings per share (EPS) of $2.08 for Q4 2025, exceeding the Zacks Consensus Estimate of $2.00 and up from $1.76 in the same quarter last year [5]. - Total revenues reached $3.09 billion, beating the consensus mark by 3.3% and increasing by 10.9% year-over-year [5]. - Adjusted EBITDA for the quarter was $946 million, reflecting a 10.3% increase year-over-year [8]. Revenue Streams - Franchise and licensing fees improved to $671 million from $642 million year-over-year, although below the estimate of $718.9 million [6]. - Base and other management fees rose to $98 million from $82 million year-over-year, while incentive management fees increased by 17.4% to $101 million [6]. Growth and Expansion - Hilton added 190 hotels, totaling approximately 26,000 rooms, achieving a net room growth of about 21,300 rooms in Q4 2025 [12]. - The company expanded its luxury and lifestyle portfolio, including notable openings like the Waldorf Astoria Shanghai Qiantan and several Tapestry Collection properties [12]. - The development pipeline grew by 37,400 rooms, with 3,703 hotels across 129 countries and territories as of December 31, 2025 [14]. Future Outlook - For Q1 2026, Hilton anticipates net income between $436-$450 million and adjusted EBITDA between $875 million and $995 million, with adjusted EPS projected between $1.91 and $1.97 [16]. - For the full year 2026, net income is estimated to be in the range of $1.98-$2.01 billion, with adjusted EBITDA expected between $4 billion and $4.04 billion [17]. - System-wide RevPAR is projected to increase by 1-2% year-over-year for both Q1 2026 and the full year 2026 [16][17]. Market Sentiment - There has been an upward trend in estimates for Hilton, indicating positive sentiment among investors [18][21]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [21].

Core Insights - RLJ Lodging Trust reported fourth-quarter and full-year 2025 results that exceeded expectations despite a challenging operating environment due to a prolonged government shutdown [5] - The company emphasized the importance of non-room revenue, which rose 7.2% in the quarter, significantly outpacing RevPAR growth [1] Revenue Performance - Total revenues increased by 0.2% year over year, driven by growth in food and beverage, parking, and other non-room revenues [1] - Non-government business transient revenue grew by 5%, while corporate rates increased by 2% [2] - Group revenue declined by 3% due to shutdown-related disruptions, although group ADR rose by 4% [2] Market Performance - Urban markets outperformed, with San Francisco's central business district achieving 52% RevPAR growth, supported by demand across segments and a calendar shift of the Dreamforce conference [3] - Other urban markets such as Northern California, Denver CBD, and New York City also showed RevPAR growth of 18.5%, 10.1%, and 4.7%, respectively [3] Occupancy and Rates - Fourth-quarter occupancy was reported at 68.7%, with an average daily rate (ADR) of $199 and RevPAR of $137, reflecting a 1.5% year-over-year decline [4] - The decline in RevPAR was attributed to a 0.9% decrease in occupancy and a 0.7% decrease in ADR [4] Cost Management - Total operating costs increased by 0.8% in the quarter and 1.6% for the full year, with fixed expenses benefiting from favorable insurance renewals and real estate tax benefits [6] - Excluding tax benefits, total expenses increased by 2.1% for the full year [6] Conversions and Renovations - The company focused on conversions and high-occupancy renovations as key performance drivers, with completed conversions generating 15% RevPAR growth [7][8] - Recent renovations in Waikiki and Deerfield Beach resulted in over 10% RevPAR growth in December [8] Asset Management - RLJ sold three properties for a total of $73.7 million, with a projected hotel EBITDA multiple of 17.7x [9] - The company remains optimistic about additional asset sales and plans to recycle proceeds while maintaining balance sheet strength [10] Financial Position - At quarter-end, RLJ had over $1 billion in liquidity, $2.2 billion in debt, and 84 of 92 hotels unencumbered by debt [12] - The weighted average interest rate was 4.6%, with 73% of debt fixed or hedged [12] Shareholder Returns - The company returned $120 million to shareholders in 2025 through share repurchases and dividends, repurchasing 3.3 million shares for $28.6 million [13] 2026 Guidance - RLJ provided guidance for 2026, expecting comparable RevPAR growth of 0.5% to 3% and comparable hotel EBITDA of $344 million to $374 million [14] - The company anticipates total revenue growth to outpace RevPAR growth due to continued success in driving out-of-room spending [15] Demand Catalysts - Potential demand catalysts for 2026 include World Cup games across nine RLJ markets, expected to contribute about 45 basis points of RevPAR pickup [17]

Core Insights - DiamondRock Hospitality reported fourth-quarter and full-year 2025 results that exceeded management's guidance, alongside a multi-year capital spending framework and initial expectations for 2026 [4] Financial Performance - For Q4 2025, corporate Adjusted EBITDA was $71.9 million, and Adjusted FFO per share was $0.27, with comparable RevPAR declining by 30 basis points [2][7] - Full-year 2025 corporate Adjusted EBITDA reached a record $297.6 million, with Adjusted FFO per share at $1.08, and free cash flow per share increased by 6% from 2024 and 22% from 2023 [3][7] Revenue and Growth - Business transient revenue grew by 2.5%, while group revenue declined by 1% and leisure transient revenue fell by 2.5% [1] - Comparable total RevPAR increased by 1.2% for the year, with comparable hotel Adjusted EBITDA growing by 1.1% [3] 2026 Guidance - The company anticipates RevPAR growth of 1%–3%, total RevPAR approximately 25 basis points higher, Adjusted EBITDA between $287 million and $302 million, and FFO of $1.09–$1.16 [5][18] - Capital expenditures are projected to be between $80 million and $90 million [5][18] Capital Structure and Shareholder Returns - Management simplified the capital structure by redeeming Series A preferred shares, which will provide a $0.03 tailwind to FFO per share in 2026 [6][14] - The company repurchased 4.8 million shares in 2025 at an average price of $7.72, and plans to declare quarterly dividends of $0.09 per share in 2026 [6][15][16] Operational Highlights - Out-of-room revenue showed resilience, with total RevPAR increasing by 0.6% in Q4, driven by strong performance in the resort portfolio [8] - Food and beverage revenue rose by 1.4%, with margins expanding by 120 basis points, indicating strong profit growth despite rising labor costs [9] Group Revenue Trends - Group room revenue declined by 1.1% in Q4, attributed to a federal government shutdown impacting short-term group bookings [11] - For 2026, the company entered the year with $149 million of group room revenue on the books, indicating stability compared to 2025 [12] Management and Governance - Chairman Bill McCarten will retire in late April, with Bruce D. Wardinski selected as the next chairman [21]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO was $27.5 million or $0.17 per share, flat compared to the prior year quarter [20] - Adjusted EBITDAre decreased by $5 million year-over-year to $125.6 million, primarily impacted by an $11.8 million decline in hotel EBITDA [20] - RevPAR for 94 comparable hotels increased by 70 basis points year-over-year, while gross operating profit margin percentage declined by 370 basis points to 20.5% [21] Business Line Data and Key Metrics Changes - The hotel portfolio generated adjusted hotel EBITDA of $21.3 million, a decline of 35% from the prior year due to elevated labor costs and higher overhead costs [21] - The remaining 77 hotels delivered RevPAR of $106, an increase of 170 basis points year-over-year, with adjusted hotel EBITDA of $25 million during the quarter [21] - Annualized base rent for the net lease portfolio increased by 2.4%, largely due to recent acquisition activity, with a portfolio consisting of 760 properties across 42 states [18] Market Data and Key Metrics Changes - The U.S. lodging industry experienced a RevPAR decline of 1.1% year-over-year, with SVC's portfolio outpacing the industry by 180 basis points [11] - The luxury and upper upscale segments were the only segments to post growth, while the business transient segment remained muted due to a prolonged government shutdown [11] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, strengthening its financial profile, and repositioning for long-term growth, including selling additional hotels and improving cash flows [5][7] - In 2026, the company plans to reduce net lease acquisition activity to approximately $25 million, funded through sales of select net lease assets [10][16] - The company is targeting staggered closings for hotel sales in the back half of 2026, estimating total proceeds of $175 million-$200 million for debt reduction [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating improvements in lodging market conditions and stabilization of demand, particularly with large events like the World Cup [14] - The company expects continued improvement in its net lease portfolio through ongoing leasing and sales of non-core assets [15] - Management noted that the new leadership at Sonesta is expected to drive operational discipline and efficiencies across the SVC-owned portfolio [14] Other Important Information - The company completed the sale of 66 hotels for $534 million in Q4 2025, increasing total dispositions for the year to 112 hotels for nearly $860 million [6][7] - The company has $5.2 billion of debt outstanding with a weighted average interest rate of 5.95% [22] - Capital expenditures for Q4 2025 totaled $106 million, bringing the full-year spend to $238 million [24] Q&A Session Summary Question: Can you share how RevPAR has trended in the first quarter to date? - Management indicated that RevPAR is tracking in line with or exceeding projections for the full year guidance [29] Question: Can you walk through the strategy shift regarding net lease acquisition guidance? - Management explained that the $25 million guidance will be supported by sales of net lease properties, reflecting a healthy outlook based on performance [31] Question: What does your guidance assume for expense growth at the midpoint? - Management noted an expectation of over 4% top-line growth, with labor costs being a significant factor impacting margins [32] Question: How might the changes at Sonesta impact SVC? - Management views the new management team at Sonesta positively, expecting incremental benefits but noted that 2026 guidance is based on existing forecasts [33] Question: Can you provide details on the hotel dispositions for 2026? - Management confirmed that the dispositions reflect previously communicated assets and expect a total drag of about $10 million from the sales [55]

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR improved sequentially by over 200 basis points compared to Q3 2025, resulting in a same-store RevPAR decline of 1.6% [4] - For the full year 2025, same-store RevPAR declined 1.8%, primarily due to lower average daily rates [6][20] - Adjusted EBITDA for Q4 2025 was $39.7 million, and adjusted FFO was $22.3 million, or $0.18 per share [20] - Full year 2025 adjusted EBITDA was $174.8 million, and adjusted FFO was $0.85 per share [20] Business Line Data and Key Metrics Changes - The company closed on the sale of two non-core hotels in Q4 2025, generating gross proceeds of $39 million [8] - Non-rooms revenue increased by 9% in Q4 2025, driven by food and beverage revenue and other ancillary revenue streams [19][20] - Contract labor costs declined nearly 9%, approaching pre-pandemic levels, contributing to improved employee retention and productivity [21] Market Data and Key Metrics Changes - Government and international inbound demand declined approximately 20% in Q4 2025, impacting overall performance [5] - RevPAR for San Francisco properties increased over 40% year-over-year in Q4 2025, driven by citywide conventions and improving business travel [16] - Orlando properties saw a 9% increase in RevPAR in Q4 2025, supported by strong demand and higher-rated retail channels [17] Company Strategy and Development Direction - The company is focused on optimizing hotel profitability, prudent capital allocation, and strengthening the balance sheet to drive long-term shareholder value [14] - The company expects to benefit from several special events in 2026, including the FIFA World Cup, which will provide a unique demand tailwind [10][11] - A disciplined capital recycling strategy has been implemented, with 13 non-core hotels sold since 2023, generating approximately $200 million in gross proceeds [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving demand trends and easing year-over-year comparisons starting in Q2 2026 [11][13] - The company anticipates RevPAR growth of 0%-3% for the full year 2026, primarily driven by gains in average daily rates [25] - Management highlighted that the first quarter of 2026 is expected to be the most challenging, with RevPAR trends in line with Q4 2025 results [12] Other Important Information - The company declared a quarterly common dividend of $0.08 per share, representing a yield of approximately 7.7% [24] - The 2026 pro rata capital expenditure guidance is set at $55 million-$65 million, consistent with 2025 spending levels [22] Q&A Session Summary Question: Can you discuss the visibility and length of the booking window that underlies your confidence in the trends ahead? - Management noted positive indications from pacing, with March pacing slightly positive and April showing mid-single-digit increases, driven by solid performance in urban markets [30] Question: Is rate growth consistent with the pace figures in the months ahead, and which segments will drive improvement? - Management indicated that the majority of the lift is expected from business transient and group segments, with a two-thirds contribution from rate growth [32] Question: How much lift do you expect from the World Cup, and how does it impact your RevPAR growth outlook? - Management expects the World Cup to add approximately 50 to 75 basis points to the full year expectations, with significant exposure in key markets [35]

Core Insights - Ryman Hospitality Properties reported strong fourth-quarter results, exceeding internal expectations due to robust holiday programming and entertainment demand, particularly in its hotel portfolio and downtown Nashville venues [5][7][18] Financial Performance - The same-store hospitality segment achieved its highest total revenue for any quarter and the highest adjusted EBITDAre for any fourth quarter, driven by increased holiday programming demand and higher leisure volumes [3] - Full-year results surpassed the midpoint of guidance for the entertainment segment and exceeded the high end of guidance for adjusted funds from operations (AFFO) [4] - The company reported strong liquidity with approximately $1.3–$1.4 billion available and a pro forma net leverage of 4.3x [5][21] Revenue Growth - ICE! ticket sales increased by over 14% to a record 1.5 million tickets, with Gaylord National and Gaylord Opryland achieving their best seasons since 2010 and record performances, respectively [2][18] - The company booked more than 1.2 million gross group room nights for future years, with December bookings showing a more than 10% increase in average daily rate (ADR) compared to December 2024 [8] 2026 Outlook - Management's 2026 midpoint guidance implies approximately 2.5% same-store RevPAR growth, assuming modest group gains and flat leisure performance [6][9] - The same-store total RevPAR guidance at the midpoint also reflects expectations for banquet and AV revenue gains from a stronger corporate mix [10] Capital Expenditures and Investments - The company plans capital expenditures of $350 million to $450 million for 2026, primarily in hospitality, and has declared a first-quarter dividend of $1.20 per share [5][24] - Ongoing investments at Gaylord Opryland include refreshing existing carpeting and expanding meeting space, with a new sports bar set to open in April [14][16] Balance Sheet and Liquidity - Ryman ended the fourth quarter with $471 million of unrestricted cash and no borrowings on its revolving credit facilities, with total available liquidity near $1.3 billion [21][22] - The company refinanced its corporate revolving credit facility, increasing capacity from $700 million to $850 million and extending maturity to January 2030 [23]

Financial Data and Key Metrics Changes - Adjusted EBITDARE for 2025 was $258.3 million, exceeding initial guidance and reflecting a strong performance compared to 2024 [10][12] - Net income for Q4 2025 was $6.1 million, with Adjusted FFO per share at $0.45, both meeting or exceeding guidance [8][10] - Total RevPAR for 2025 increased by 8%, driven by strong food and beverage revenue growth of 13.4% [5][11] Business Line Data and Key Metrics Changes - Same-property RevPAR for Q4 2025 increased by 4.5%, building on a 5.6% growth in Q4 2024 [8][20] - Food and beverage revenue for the full year was up 13.4%, significantly contributing to overall revenue growth [11][20] - Group room revenues increased by 12.8% compared to 2024, indicating strong demand in this segment [12][20] Market Data and Key Metrics Changes - Properties in Scottsdale, Denver, Santa Clara, Orlando, San Diego, and San Francisco showed substantial increases in Total RevPAR during 2025 [11][21] - Houston market experienced growth in RevPAR and Total RevPAR, recovering from previous challenges [9][12] - Overall, about half of the 30 hotels achieved RevPAR growth compared to 2024, indicating a positive trend across various markets [11][21] Company Strategy and Development Direction - The company plans to invest between $70 million and $80 million in capital expenditures for 2026, focusing on renovations and enhancements [16][17] - The strategy includes leveraging strong group demand and enhancing food and beverage offerings to attract more guests [12][30] - The company aims to maintain a balance between share repurchases and potential acquisitions, focusing on quality assets in underrepresented markets [35][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects, citing resilient lodging demand despite economic uncertainties [18][43] - The expectation of continued revenue ramp-up at Grand Hyatt Scottsdale and modest RevPAR growth across the portfolio supports the positive outlook for 2026 [18][42] - Management noted that the supply outlook is favorable, with expected supply growth of about 1% in 2026, which is beneficial for pricing power [44] Other Important Information - The company repurchased approximately 9.4 million shares in 2025, representing about 9.2% of outstanding shares at the start of the year [35][36] - A quarterly dividend of $0.14 per share was announced for Q1 2026, reflecting a yield of approximately 3.5% [36] - The company has no preferred equity or senior capital, indicating a strong balance sheet position [33] Q&A Session Summary Question: Can you provide more context around the RevPAR guide ranges? - Management highlighted that special events and strong group revenue pace are key factors supporting the RevPAR outlook, with visibility on growth in specific markets [47][48] Question: What are the recent trends in large corporate account growth? - Management noted consistent growth in large corporate accounts, particularly from major firms, indicating a positive trend for future performance [50][52] Question: Is there more activity expected in the asset trading market? - Management acknowledged increased optimism in the broker community and indicated potential for more external growth opportunities as market conditions improve [57][58] Question: How did the Nashville market perform in Q4 and what are the expectations for 2026? - Management reported challenges in Q4 but expects improvement in midweek corporate and group segments in 2026, driven by food and beverage transformations [66][67] Question: What is the outlook for OpEx growth and its impact from Grand Hyatt Scottsdale? - Management indicated that OpEx growth includes impacts from Grand Hyatt Scottsdale, with expectations for slight margin contraction due to increased occupancy and expenses [84]

Financial Data and Key Metrics Changes - Adjusted EBITDARE for Q4 2025 was $63.6 million, with net income reported at $6.1 million, both meeting or exceeding the top end of the guidance range [7][9] - For the full year 2025, net income was $63.1 million, and Adjusted FFO per share was $1.76, reflecting double-digit growth compared to 2024 [6][9] - Total RevPAR for 2025 increased by 8%, driven by strong food and beverage revenue growth of 13.4% [5][10] Business Line Data and Key Metrics Changes - Same-property RevPAR for Q4 2025 increased by 4.5%, building on a 5.6% growth in Q4 2024 [7][18] - Non-room revenues contributed to a 6.7% increase in same-property Total RevPAR for Q4 2025 [8][24] - Group room revenues increased by 12.8% in 2025 compared to 2024, significantly contributing to overall revenue growth [11][12] Market Data and Key Metrics Changes - Properties in Scottsdale, Denver, Santa Clara, Orlando, San Diego, and Santa Barbara showed substantial increases in Total RevPAR during 2025 [10][19] - Houston market experienced growth in RevPAR and Total RevPAR as market performance improved [8][20] - Weekend business was roughly flat compared to the prior year, with combined RevPAR for Friday and Saturday nights up 1.5% [22] Company Strategy and Development Direction - The company plans to invest between $70 million and $80 million in capital expenditures in 2026, focusing on renovations and enhancements [14][15] - The strategy includes a focus on group business, with expectations of continued strength in this segment due to upcoming large events [16][42] - The company aims to maintain a strong balance sheet while exploring external growth opportunities as market conditions improve [56][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth prospects, citing resilient lodging demand despite economic uncertainties [16][44] - The company anticipates a continued ramp-up in revenues at Grand Hyatt Scottsdale and modest RevPAR growth for the rest of the portfolio [15][16] - The outlook for 2026 includes a projected Adjusted FFO per share increase of 7% over 2025 [35][36] Other Important Information - The company repurchased approximately 9.4 million shares in 2025, representing about 9.2% of outstanding shares at the start of the year [34] - The company has no preferred equity or senior capital, with a strong liquidity position of approximately $575 million [33] Q&A Session Summary Question: Can you provide more context around the RevPAR guide ranges? - Management highlighted that special events and strong group revenue pace are key components of the RevPAR outlook, with visibility on group business being a significant factor [46][48] Question: What are the recent trends in large corporate account growth? - Management noted that while corporate accounts are still below 2019 levels, there has been consistent growth, particularly in Q4, with mid-teens growth in the largest accounts [49][51] Question: Is there more activity in the asset trading market? - Management indicated that there is more product available in the market, and they are open to exploring external growth opportunities as conditions improve [54][56] Question: How is the Nashville market performing and what are the expectations for 2026? - Management acknowledged challenges in Q4 but sees potential for improvement in midweek corporate and group customers, with expectations for better performance in 2026 [64][65] Question: What is the timeline for the Nashville F&B ramp towards stabilization? - Management expects a quick ramp-up for new food and beverage outlets, with stabilization benefits anticipated over the next several years [77][79]

Financial Data and Key Metrics Changes - For the full year 2025, Brookdale achieved RevPAR growth of 5.7%, exceeding the initial guidance of 4.75%-5.75% [7] - Adjusted EBITDA for 2025 was reported at $458 million, a 19% increase year-over-year, surpassing the midpoint of the guidance range [10][29] - Adjusted Free Cash Flow for 2025 was $23 million, marking the first positive cash flow since 2020, although it fell short of the guidance of $30 million-$50 million due to timing issues [11][26] Business Line Data and Key Metrics Changes - Consolidated fourth quarter occupancy reached a weighted average of 82.5%, representing a 310 basis point improvement year-over-year [8] - The percentage of communities with occupancy below 70% decreased from 23% in Q1 2025 to 15% in Q4 2025 [9] - Communities exceeding 90% occupancy increased from 25% in Q1 2025 to 34% in Q4 2025 [9] Market Data and Key Metrics Changes - The demand for senior living is expected to grow significantly as the first baby boomers turn 80 in 2026, with a projected 4%+ compounded annual growth rate for the 80+ population over the next decade [22] - Senior housing supply growth was reported at just 0.6% at the end of 2025, indicating a historical low [22] Company Strategy and Development Direction - Brookdale's strategic priorities include excelling operationally, optimizing the real estate portfolio, reinvesting capital, reducing leverage, and elevating quality for residents and associates [11] - The company plans to reduce its consolidated portfolio to 517 communities by mid-2026, focusing on communities with the strongest long-term value creation potential [14] - Capital investment for 2026 is projected to be between $175 million and $195 million, aimed at enhancing occupancy growth and community-level NOI [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand outlook for senior living, driven by demographic trends and a stagnating supply of units [22] - For 2026, Brookdale is projecting RevPAR growth of 8%-9% and Adjusted EBITDA growth to between $502 million and $516 million, indicating a continuation of mid-teens growth through 2028 [23][40] - The company aims to drive leverage below 6x by the end of 2028, primarily through Adjusted EBITDA expansion [17][44] Other Important Information - The company has implemented a new regional operating structure with six leadership teams to enhance operational efficiency [12] - The introduction of the HealthPlus platform has expanded to 58 additional communities, improving resident retention and reducing hospital visits [19][57] Q&A Session Summary Question: Progress on transitioning to an operating company - Management highlighted the establishment of a dedicated COO and regional teams to enhance operational focus and performance [50] Question: Expected progress on HealthPlus - HealthPlus has been rolled out in additional communities, with positive impacts on resident retention and reduced hospital visits [57] Question: Centralized pricing strategy and rent increases - In-place rent increases for 2026 are aligned with high single digits, with favorable attrition rates observed [62][64] Question: CapEx plans and project details - Future CapEx will focus on high-impact projects, with ongoing reinvestment in real estate to maintain property value [66][68] Question: Occupancy bands and earnings potential - Management is focusing efforts on communities in the 70%-80% occupancy range to drive earnings growth [75]