Financial Data and Key Metrics Changes - The company reported a strong FFO per share growth of 22%, exceeding expectations [3] - Full year FFO guidance was raised by $0.13 to $5.1 per share [4] - Same store NOI growth for the seniors housing operating portfolio was 23.4%, marking the eleventh consecutive quarter of growth exceeding 20% [4] - Year-over-year total portfolio same store NOI growth was 13.8% [12][29] - Net income attributable to common stockholders was $0.45 per diluted share, with normalized FFO at $1.28 per diluted share, representing 21.9% year-over-year growth [29] Business Line Data and Key Metrics Changes - The outpatient medical business delivered same store NOI growth of 2.6% year over year, with a retention rate of 94.2% [12] - The senior housing operating portfolio achieved another quarter of same store NOI growth well in excess of 20% [12] - The long-term post-acute portfolio saw same store NOI growth of 2.7% year over year [30] Market Data and Key Metrics Changes - The UK portfolio experienced a 600 basis point increase in occupancy and 27% same store NOI growth, indicating strong market demand [4] - Canada delivered 8.5% growth, while the U.S. and U.K. posted increases of 10.2% and 11.5%, respectively [13] Company Strategy and Development Direction - The company is focused on leveraging insights from its data science platform to drive portfolio and asset management initiatives [5] - There is a commitment to improving operational efficiency through the Welltower Business System (WBS) [17] - The company aims to enhance customer and employee experiences while addressing inefficiencies in the industry [19] - A refined focus on technology and data innovation is being emphasized to improve operational capabilities [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand-supply dynamics for the senior housing business, anticipating continued growth [39] - The company is optimistic about future margin expansion driven by revenue growth and operational efficiencies [92] - Management highlighted the importance of maintaining a dynamic organizational culture to avoid complacency [44] Other Important Information - The company completed approximately $9.2 billion in investment activity year-to-date, with a robust pipeline of acquisitions [10][22] - The balance sheet has improved significantly, with net debt to adjusted EBITDA below three times and total liquidity at $9.5 billion [10] Q&A Session Summary Question: Future growth potential and capital deployment - Management emphasized that while they are proud of their achievements, they remain focused on continuous improvement and avoiding complacency [44][47] Question: Performance of non-same store assets - Management noted that non-same store assets include under-occupied and under-optimized properties, which may impact their performance metrics compared to same store assets [51][52] Question: Technology and data application for customer experience - Management is expanding the focus on operational technology to enhance customer experiences, integrating various technology initiatives [56][60] Question: Competitive dynamics for investments - Management believes there are ample opportunities to enhance cash flow profiles of assets due to the fragmented nature of the industry [81] Question: Optimal capital stack and leverage - Management stated that maintaining a strong balance sheet and liquidity is crucial, and they will consider various capital sources for investments [88] Question: Potential for margin expansion - Management is optimistic about significant margin expansion driven by both revenue growth and expense management [92][94]