Core Viewpoint - The analyst has extensive experience in researching various industries, particularly in commodities and technology, and has transitioned to a value investing-focused platform to share insights on companies, especially in metals and mining sectors [1]. Group 1: Company Research - The analyst has researched companies across multiple sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1]. - The analyst has a preference for covering metals and mining stocks but is also knowledgeable in consumer discretionary/staples, REITs, and utilities [1]. Group 2: Investment Approach - The analyst has shifted from writing a blog to creating a YouTube channel focused on value investing, where extensive research on hundreds of companies has been conducted [1].

Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [13] - Cash NOI from the managed senior housing portfolio increased by $5.5 million to $35.6 million, while cash NOI from the triple-net portfolio decreased by $1.3 million [14] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4% [9] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The overall occupancy in the domestic portfolio increased by 80 basis points to 84.7% [11] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with Canadian portfolio growth at 5.2% [11] Company Strategy and Development Direction - The company expects robust NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [6] - The company remains focused on the senior housing sector, with 95% of investment opportunities in SHOP [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued occupancy growth, expecting the same-store portfolio to reach low 90s occupancy levels [24] - The regulatory environment remains stable, with no significant concerns regarding Medicaid and Medicare rates [82] - Management noted that the Canadian market is ahead of the U.S. in recovery, with lower construction rates contributing to occupancy growth [52] Other Important Information - The company declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of Q4 normalized AFFO per share [20] - Sabra has ample liquidity of approximately $1.2 billion, including unrestricted cash and available borrowings [19] Q&A Session Summary Question: What are the building blocks of same-store growth? - Management expects continued occupancy growth, with the portfolio projected to reach low 90s occupancy levels [24] Question: Can you provide an update on the RCA loan and tenant health? - The RCA loan is being serviced appropriately, indicating tenant health is stable [31] Question: What are the expected maintenance and non-maintenance CapEx for 2026? - Maintenance CapEx is expected to remain similar to previous levels, while non-maintenance CapEx is projected to be in the $20 million-$30 million range [33] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with competition increasing but still finding high-quality assets [58] Question: What is the outlook for occupancy growth in the Canadian portfolio? - The Canadian portfolio is expected to continue its growth trajectory, with occupancy and pricing power improving [65]

Core Viewpoint - Ventas Inc. has shown a positive stock performance with a 1.88% increase over the past month and an 8.31% increase over the past year, leading to optimism among long-term shareholders, although concerns about potential overvaluation based on the price-to-earnings (P/E) ratio exist [1]. Group 1: Stock Performance - The current trading price of Ventas Inc. is $69.20, reflecting a 0.29% increase in the current session [1]. - Over the past month, the stock has increased by 1.88%, and over the past year, it has increased by 8.31% [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate the company's market performance against historical earnings and industry standards [5]. - Ventas Inc. has a P/E ratio of 160.47, which is significantly higher than the aggregate P/E ratio of 43.97 in the Health Care REITs industry, suggesting that shareholders may expect better performance from Ventas or that the stock could be overvalued [6]. - A lower P/E ratio could indicate undervaluation or a lack of expected future growth, highlighting the importance of using the P/E ratio alongside other financial metrics and qualitative analyses for informed investment decisions [9].

Group 1 - The current prevailing trend in the market is robust growth in AI, which drives demand for power, data centers, software, and semiconductors [2] - There is a focus on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The investment strategy emphasizes defensive stocks with a medium- to long-term horizon [2]