Financial Data and Key Metrics Changes - The company reported flat earnings quarter over quarter, maintaining a dividend of $0.06 [5][11] - Cash and cash equivalents at the end of the quarter were $81 million, with total equity at $292 million [11] - The portfolio value is approximately $308 million, with the company holding around $100 million in cash [10][11] Business Line Data and Key Metrics Changes - During the quarter, the company originated a $21 million loan on a grocery-anchored retail center, expected to yield in the mid-teens [11] - The company has liquidated several residential assets and added higher-yielding commercial real estate floaters [5][6] Market Data and Key Metrics Changes - The company is exploring opportunities in the commercial real estate market, particularly in office spaces, which are currently seen as undervalued [21][26] - The market for commercial mortgage REITs is experiencing significant discounts, influenced by recent bankruptcies and credit concerns [20][21] Company Strategy and Development Direction - The company is considering several strategic options, including recapitalization through equity offerings, liquidation, or continuing its current strategy [6][7] - The management is focused on growing the direct lending business and exploring opportunistic investments in commercial real estate [8][21] - The recent acquisition of Paramount is seen as a significant opportunity for growth, with plans to participate in the transaction [7][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's clean balance sheet and lack of legacy issues, positioning it well for future growth [20][34] - The company is actively seeking to grow earnings and believes the current equity valuation is fundamentally mispriced [34] Other Important Information - The company has a pipeline of potential investments and is keen on executing its growth strategy [10][11] - The management highlighted the importance of capital for growth and is considering various funding options [23][29] Q&A Session Summary Question: What does the loan pool look like currently? - Management discussed the Paramount deal and the potential for direct lending growth, mentioning a $21 million loan originated this quarter [15][16] Question: What are the economics of the Paramount transaction? - The Paramount deal is primarily equity-based, with expectations of significant returns due to acquiring assets at a discount to replacement costs [26][27] Question: Could Rithm Capital deploy capital into Rithm Property Trust? - Management acknowledged ongoing discussions about potential equity offerings and the possibility of a rights offering backed by a pool of assets [28][29] Question: Has the Paramount deal opened up potential partners for Rithm Property Trust? - Management confirmed that the deal has led to new conversations with potential partners, enhancing opportunities for funding [30][31]

Financial Data and Key Metrics Changes - The company reported normalized FFO per share of $0.88 for Q3 2025, representing a 10% year-over-year increase [28] - Total company same store cash NOI increased by 8%, driven by a 16% growth in SHOP [28][11] - The company expects year-over-year growth of 9% in normalized FFO per share and 7.5% total company same store cash NOI at the midpoint of improved guidance [12][31] Business Line Data and Key Metrics Changes - The SHOP same store portfolio delivered 16% NOI growth year-over-year, with U.S. communities leading at 19% growth [17] - The Outpatient Medical and Research (OMAR) business reported same store cash NOI growth of 3.7% year-over-year, with outpatient medical occupancy improving to 90.6% [28] - The research business, representing 8% of NOI, saw a decrease in same store cash NOI due to lower rents on certain tenants [28] Market Data and Key Metrics Changes - The U.S. senior housing market is experiencing strong demand, with the over-80 population expected to grow by 28% over the next five years, while supply remains at record lows [10] - The company has closed $2.2 billion in senior housing acquisitions year-to-date, with a robust pipeline of investment opportunities [25] Company Strategy and Development Direction - The company is focused on expanding its private pay senior housing business, with a goal of closing $2.5 billion in investments during 2025 [8][12] - The strategy emphasizes organic growth in the SHOP business and leveraging favorable demographic trends in senior housing [9][10] - The company has transitioned 27 of 45 senior housing communities from triple net to SHOP, expecting significant occupancy and NOI upside [13][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to capitalize on the growing demand for senior housing, with a strong focus on enhancing the SHOP portfolio [9][16] - The company anticipates continued strong performance in the fourth quarter, driven by robust demand and occupancy growth [57] - Management highlighted the importance of maintaining strong relationships with operators to ensure high-quality service delivery [20] Other Important Information - The company has improved its leverage, with a net debt to EBITDA ratio of 5.3 times, reflecting a full turn improvement from the previous year [29] - The company has over $4 billion in liquidity, supporting growth and financial flexibility [30] Q&A Session Summary Question: Can you discuss the underwriting criteria and potential for lower initial yield requirements? - Management indicated a willingness to be ambitious in growing the senior housing business and is open to acquiring properties with higher growth potential, even if initial yields are lower [34][36] Question: What is the target leverage and how does the company weigh equity and debt for growth? - Management confirmed a strategy of organic growth combined with equity-funded investments, emphasizing the importance of investing in the best assets [39][40] Question: Can you provide updates on the Brookdale SHOP transitions and the planned CapEx? - Management detailed that the transitions are progressing well, with a focus on routine refreshes and minimal disruption to current results [44][46] Question: How does the company view the potential for margin expansion as occupancy increases? - Management noted that as occupancy exceeds 90%, incremental margins could increase significantly, driven by operating leverage and pricing power [48][49] Question: What is the company's strategy regarding potential expansion into the U.K.? - Management stated that while the U.K. is of interest, the primary focus remains on expanding the private pay senior housing business in the U.S. [60] Question: How does the company assess new operator relationships and their fit within the Ventas platform? - Management emphasized the importance of strong operator relationships and the ability to leverage data and analytics to drive performance [118]

Financial Data and Key Metrics Changes - For Q2 2025, total revenues were $62.9 million, a 12% decrease from Q1 2025, primarily due to tenant defaults [18] - Adjusted funds from operations (AFFO) for Q2 was $48.4 million or $1.71 per share, also a 12% decrease compared to Q1 2025 [18] - The company maintains a strong balance sheet with $2.6 billion in primarily unencumbered gross assets and a low debt to gross assets ratio of 11% [19] Business Line Data and Key Metrics Changes - The company is focused on optimizing occupancy across its cannabis portfolio while facing challenges from tenant defaults [7][8] - The investment in IQHQ, a life science REIT, is expected to be highly accretive to AFFO with a blended yield exceeding 14% [5][6] Market Data and Key Metrics Changes - The cannabis industry is forecasted to grow at a compounded annual growth rate of approximately 7% from 2024 to 2029, reaching $44 billion by 2029 [7] - The life science fundraising in 2025 is on track to be the highest since 2021, indicating strong investor confidence in the sector [5] Company Strategy and Development Direction - The company is diversifying its portfolio by investing in the life science sector through IQHQ, while continuing to evaluate opportunities in the cannabis industry [4][5] - The management team emphasizes the importance of maintaining a conservative financial profile and pursuing high-quality investments with attractive risk-adjusted returns [19][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the persistent macroeconomic uncertainty and regulatory challenges in the cannabis industry but remains optimistic about long-term growth [7][12] - The company is actively pursuing legal remedies to enhance the performance of its real estate portfolio amid tenant defaults [8][10] Other Important Information - The company has closed on a $7.8 million acquisition in Maryland and completed two dispositions totaling $10.8 million in Michigan and California [15] - The company repurchased 367,000 shares of common stock at a weighted average price of $53.98 per share for a total cost of $19.8 million [19] Q&A Session Summary Question: Can you walk us through the real estate investment case specifically for IQHQ? - Management clarified that the investment is in an operating company within the life science sector, not directly in real estate, and highlighted the potential recovery in the life science industry [22][23] Question: What attracted you to IQHQ specifically? - The management noted that IQHQ's portfolio is well-positioned to capitalize on AI demand and the future growth of the life science industry [27][28] Question: How does the investment in IQHQ compare to share buybacks? - Management stated that the investment is expected to provide a higher return than the current dividend yield, emphasizing the importance of overall cost of capital [33][34] Question: How does the decision to diversify capital away from cannabis relate to dividends? - Management indicated that the investment in IQHQ was strategically evaluated to provide current income and yield while addressing underlying issues in the cannabis sector [41][44] Question: What is the current cash yield on the revolver investment? - The current cash yield on the investment is stated to be north of 10% [64]

Transaction Overview - GLPI is acquiring real property assets from Bally's for $1585 billion[5] - The initial cash rent is $1321 million, representing an 83% blended cap rate[5] - The lease term is 15 years with CPI-based rent escalations (10% floor, 20% ceiling)[5] - GLPI has a call option for Bally's Lincoln for $7350 million, with initial cash rent of $588 million[5] Bally's Chicago Investment - GLPI's total investment in Bally's Chicago is $1190 billion, with an 84% blended cap rate[15] - This includes $9400 million in construction financing and $2500 million for land acquisition[15] - The ground lease has a 15-year initial term with an 80% initial cash yield[15] Bally's Kansas City & Shreveport - GLPI is purchasing the real property assets of Bally's Kansas City and Shreveport for $3950 million[31] - The initial cash rent is $322 million, representing an 82% initial capitalization rate[31] - Pro forma rent coverage is projected to be 22x[31] Bally's Lincoln Option - GLPI has an option/call right to acquire Bally's Lincoln for $7350 million, based on an 80% cap rate[37] - The initial annual rent is $588 million, over 20x covered[37]