Financial Data and Key Metrics - The company reported 0.30perfullydilutedshareofnormalizedfundsfromoperationsinQ12024,drivenbya13773 million through an offering of 64.4 million shares and used the proceeds to pay down 722millionofhigh−interestfloating−ratedebt,improvingthenetdebttoannualizedadjustedEBITDAratiobyovertwotimes[31]−LiquidityattheendofQ12024stoodatapproximately915 million, including cash on hand and undrawn credit lines [33] Business Line Performance - The integrated senior health campuses segment saw a 20% increase in same-store NOI in Q1 2024, driven by a 160 basis points increase in occupancy to 86.2% [18] - The SHOP segment achieved an 85.7% occupancy rate in Q1 2024, up from 78.6% in Q1 2023, resulting in a 700 basis points improvement year-over-year [21] - NOI margins in the SHOP segment increased by 360 basis points to 18.4% in Q1 2024, driving a 30% year-over-year increase in same-store NOI [21] - The outpatient medical segment is expected to see flat to slightly negative NOI growth in 2024, while the triple-net lease segment is projected to grow by 1% to 3% [34] Market Performance - The company closed on the acquisition of 14 properties in Oregon, containing 856 beds, at an attractive pricing of 110,000perbed[14]−Thecompanyexpectstosellanadditional45 million to 50millionofnon−coreassetsin2024,withpotentialformoredependingonmarketconditions[38]−ThecompanyisfocusingongrowingitsSHOPportfolio,withtheOregontransactionbeingakeyexampleofthisstrategy[44]StrategicDirectionandIndustryCompetition−Thecompanyisfocusingonthreemainareas:qualitycareforresidents,strongoperatingperformance,andmeasuredcapitalallocationtotakeadvantageofattractiverisk−adjustedreturnsinthemarket[16]−Thecompanybelievesthesupply/demandimbalanceinthelong−termcaresector,drivenbydemographictrendsandlimitednewsupply,createsapositiveenvironmentforgrowth[13]−Thecompanyisleveragingitsexpertiseinassetmanagementtooptimizeunderperformingpropertiesanddriveoperationalgains[20]ManagementCommentaryonOperatingEnvironmentandFutureOutlook−Thecompanyismaintainingitsfull−yearguidanceforsame−storeNOIgrowthof532 million for the Trilogy interest, a pre-negotiated price that reflects the growth in Trilogy's value over the years [97][98]
