Financial Data and Key Metrics Changes - In 2025, the company achieved 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth while deleveraging its balance sheet [4][11] - The fourth quarter reported net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share, representing 28.3% year-over-year growth [33] Business Line Data and Key Metrics Changes - The senior housing operating portfolio reported a same-store net operating income (NOI) growth of 20.4% in the fourth quarter, marking the 13th consecutive quarter of growth exceeding 20% [18][19] - Organic revenue growth remained around 10%, driven by 400 basis points of year-over-year occupancy gains and healthy rate growth [8][19] Market Data and Key Metrics Changes - The company noted a significant increase in occupancy, with 400 basis points of year-over-year growth, among the highest levels in its history [19] - The company expects strong occupancy upside in 2026, supported by a growing 80+ population and a favorable demand-supply picture [8][9] Company Strategy and Development Direction - The company is focused on transforming from a real estate deal-oriented business to an operations and technology-first model, emphasizing customer trust and employee experience [6][10] - A significant capital rotation was executed, with nearly $11 billion in net investment activity, primarily in high-growth senior housing properties [11][12] - The company launched its private funds management business and closed Senior Housing Equity Fund One, marking a significant expansion of its capital allocation strategy [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for senior housing products, anticipating continued growth despite macroeconomic uncertainties [8][9] - The company highlighted the importance of operational excellence and technology in driving future growth and enhancing customer experiences [22][24] Other Important Information - The company completed the sale of its outpatient medical business for $7.2 billion, which significantly contributed to its capital rotation strategy [11][12] - The management team has undergone significant changes, with a focus on attracting high-caliber talent to drive the company's transformation [23][24] Q&A Session Summary Question: Can you provide more quantitative insights on compounding and duration? - Management emphasized the focus on partial earnings and cash flow growth, indicating a belief in double-digit NOI growth for the long term [49][51] Question: What challenges remain in the senior housing space? - Management acknowledged that while the data science platform is mature, there is still significant work to be done in operational technology [55][56] Question: How does the Integra disposition frame the skilled nursing portfolio? - The skilled nursing strategy involves acquiring assets with operational turnaround stories, with a focus on high-quality operators [60][61] Question: What is the size and characteristics of the non-same store pool? - The non-same store portfolio is primarily composed of recently acquired assets, with characteristics similar to the same store portfolio but generally less occupied [63][64] Question: How is occupancy performance being driven? - Management highlighted the importance of marketing, customer experience, and operational execution in driving occupancy growth [68][69] Question: How long can the company continue to acquire unstabilized SHOP? - Management stated that acquisition opportunities depend on market conditions and emphasized the goal of creating value for shareholders [71][72]