Key Takeaways Natural gas futures fell 20% after milder weather forecasts erased fears of severe cold.Record LNG export demand continues to support prices despite near-term weather-driven volatility.EXE, LNG and EE are positioned to gain as gas prices stabilize amid storage draws and strong exports.Natural gas futures have experienced another bout of volatility, with prices pulling back sharply after an early December surge driven by cold-weather fears. The recent sell-off has reignited a debate over whethe ...

Financial Data and Key Metrics Changes - The company reported a normalized FFO per share of $0.87, representing a year-over-year growth of approximately 9% [31] - Total company same store cash NOI grew nearly 7%, with the SHOP segment increasing over 13% [31][34] - The full year normalized FFO guidance midpoint was raised to $3.44 per share, indicating an 8% year-over-year growth at the midpoint [7][34] Business Line Data and Key Metrics Changes - The SHOP communities in the U.S. delivered 18% same store cash NOI growth in Q2, with revenue growing over 8% for the entire same store SHOP portfolio [9][16] - The outpatient medical and research business reported same store cash NOI growth of 1.7% year-over-year, led by outpatient medical, which grew NOI by 2.2% [31] - The research business, representing about 8% of NOI, experienced a decline of less than 1% year-over-year due to lower rents on certain tenants [31] Market Data and Key Metrics Changes - The average occupancy in SHOP communities improved by 240 basis points year-over-year, with the U.S. leading with a growth of 290 basis points [16][19] - The outpatient medical segment increased same store occupancy by 20 basis points sequentially and 30 basis points year-over-year to 90.1% [32] Company Strategy and Development Direction - The company is executing a "one two three" strategy aimed at driving organic growth, making value-creating investments, and maximizing performance across its portfolio [6][7] - The focus is on expanding the SHOP footprint, with expectations that SHOP NOI will represent over half of the business by year-end [13] - The company anticipates significant demand growth in senior housing due to an aging population, with the 80+ population expected to grow by 28% in the next five years [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to capitalize on the growing aging population and the favorable supply-demand dynamics in the senior housing market [6][14] - The management team highlighted the importance of maintaining strong relationships with operators to drive performance and growth [21][22] - The company expects to continue experiencing strong occupancy and revenue growth, particularly in the SHOP segment, supported by data analytics and operational improvements [16][19] Other Important Information - The company raised its full year 2025 senior housing investment volume guidance to $2 billion, reflecting a growing pipeline of investment opportunities [10][28] - The balance sheet showed improvement, with a net debt to EBITDA ratio of 5.6 times, indicating a 40 basis point improvement since the start of the year [32] Q&A Session Summary Question: Can you provide additional color on the sequential occupancy gain in Q2 2025? - Management noted a strong movement activity throughout the year, particularly in June, with a sequential occupancy growth of 60 basis points [39] Question: How is the competitive landscape affecting your transaction activity? - Management indicated that while competition has increased, they have been able to maintain momentum in investment activity and continue to pursue high-performing communities [42][44] Question: Can you discuss the initiatives to improve move-ins? - Management highlighted the importance of data analytics and collaboration with operators to drive sales and improve occupancy rates [48] Question: What is the historical high for outpatient medical occupancy? - The historical high for outpatient medical occupancy is around 93-94%, with current occupancy hovering around 90% [58] Question: How does the company view the impact of the new healthcare bill? - Management expects minimal immediate impact from the bill, as many changes will take effect over a long period [53][54] Question: What are the expectations for the Brookdale transition? - The transition of 45 communities from triple net to SHOP is expected to double the NOI over time, with operators already engaged in the process [90][92]