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Chief Investment Officer James Callister explained that the pipeline is predominantly composed of U.S. skilled nursing facilities, with the remainder being a mix of U.S. seniors housing and UK care homes. He confirmed there is a SHOP component and stated that CareTrust is open to various deal types, prioritizing the right operator-manager relationship over specific asset profiles.

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President and CEO Eric Mendelsohn confirmed that discussions with NHC are ongoing, overseen by a special board committee, but could not share details. He noted NHC's corporate coverage has improved to over 4.1 times, demonstrating a strong ability to pay rent. Regarding dispositions, Mendelsohn described a strategy of potentially selling underperforming assets to create a stronger remaining portfolio that could command higher rent as part of a comprehensive lease renewal.

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CEO Sumit Roy positioned the increased private capital interest as a positive for the net lease sector, emphasizing Realty Income's competitive advantages in scale and underwriting. CFO Jonathan Pong clarified the 75 bp credit loss guidance is a conservative, fully-loaded figure that includes reserves and vacancy costs, noting that about 65 bps of rental revenue had been reserved year-to-date.

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Co-CEO Pam Kessler explained that new investments will be funded long-term on a leverage-neutral basis, utilizing a mix of higher-yielding loans, debt, equity, and approximately $120 million in upcoming asset sale proceeds. EVP & Chief Investment Officer David Boitano clarified that for stabilized SHOP acquisitions, they are projecting normalized NOI growth of around 3%, not outsized growth, as they are not deep value-add plays. Co-CEO Clint Malin added that while a few more conversions are possible, the primary growth driver for the SHOP platform is intended to be external acquisitions.

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EVP & CFO Vincent Chao detailed that the guidance increase was driven by strong year-to-date performance and higher acquisition volume, which offset headwinds from increased net expenses and the new bond offering. President and CEO Stephen Horn identified the auto service and QSR sectors as key targets for acquisitions, while dispositions are opportunistic.

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CEO Stephen Horn described the current deal flow as elevated compared to last year but noted competition is also increasing, which could slightly compress cap rates. He affirmed that 80% of NNN's deals come from relationships, providing a moat. On rent coverage, he stated that Mister Car Wash coverage is strong at over 4x and other car washes are performing well, while QSR sales are generally flat as operators absorb labor costs.

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CEO Rick Matros confirmed confidence in the $400 to $500 million investment range for the year, noting that the pipeline would likely remain weighted towards SHOP assets due to a focus on quality. He explained that the company is being 'moderate' with its SHOP NOI guidance, hoping to be in a position to outperform it. He also clarified that they are not pursuing complex JV structures or loan book deals.

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EVP & CFO Austen Helfrich detailed that $10 million in G&A savings has been actioned, with the full run-rate benefit in 2026, while another $5-10 million in property-level savings will be achieved over the next three years. He attributed strong NOI growth to a 100 bps year-over-year occupancy gain. President & CEO Peter Scott suggested modeling the $300 million in growth CapEx ratably over the next three years.

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J. Justin Hutchens, EVP - CIO of Senior Housing, detailed the operating leverage, explaining that incremental margins are around 50% in the 80-90% occupancy range and rise to ~70% above 90%. He also noted RevPOR growth doubles when occupancy exceeds 90%. For the addressable market, he estimated that beyond the 15% owned by REITs, another 40-50% of the market meets Ventas' investment criteria.

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Chairman, President & CEO Edward Aldag confirmed that while the new operators are performing ahead of schedule, he does not expect them to accelerate their contractual rent payments. He clarified the InfraCore investment was primarily to pay down the JV's maturing debt, representing a good return for MPW.

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Chairman, President and CEO Edward K. Aldag provided updates, stating the 1% tenant is now current on rent and had its best quarter in a long time. Regarding Colombia, he characterized the reimbursement issue as a temporary political maneuver related to healthcare reform, not a long-term viability concern. For the Prospect assets, he expects potential new tenants to be identified by late May or early June, with closings to follow as soon as regulatory approvals are secured.

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CFO R. Hamner clarified that the prior amendment and covenant waivers were eliminated. The facility now reverts to previous terms, including a 40% limit on securing unencumbered assets and a lower rate. He added that the most significant QAF payment is expected from Prospect California in March and April.

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CEO Jason Fox stated that despite ongoing discussions, there have been no discernible impacts on the portfolio or tenant behavior from trade policy. He explained that the superior investment spreads in Europe are primarily driven by a lower cost of debt, with the ability to borrow in euros at 125-150 basis points inside of US bond rates for assets with similar cap rates.

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CEO Jason Fox stated that while uncertainty persists, there have been no material impacts from trade discussions on the portfolio to date, as major tariffs have not been implemented. Regarding Europe, he explained that the wider investment spreads are primarily driven by a lower cost of capital, with the ability to borrow in euros at rates 125-150 basis points below comparable U.S. bonds, while acquisition cap rates remain similar.

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CEO Jason Fox confirmed that heightened competition, especially from private equity in the U.S., is a factor contributing to the company's conservative initial acquisition guidance. He also clarified the expectation for Hearthside is that the tenant will emerge from bankruptcy without any rent disruption to W. P. Carey, given the critical nature of the assets WPC owns.

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CEO Jason Fox stated that while European investment activity is picking up after a slow summer, borrowing costs there are 100-150 basis points lower than in the U.S., creating attractive spreads as cap rates are only slightly lower. He and Head of Asset Management Brooks Gordon reiterated that exposure to American Tire is insignificant, at approximately 15 basis points of ABR, and considered a non-event for the company.

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President, CEO & Director William Lenehan clarified that the company is appropriately staffed and the primary governor on acquisition volume is the availability of well-priced assets, not team capacity. He stated that a 25 basis point improvement in cap rates would be substantial, potentially adding $100 million to $200 million in volume, and noted the company has already raised capital at favorable prices via its forward equity program.

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CEO Shankh Mitra described the goal of making Welltower both 'cam rich' (physical assets) and 'tech rich.' He outlined a holistic strategy to integrate data science, operational technology (WBS), enterprise software, and site-level hardware. Mitra stated he is now personally focused on this area and expects significant changes and new leadership hires in the coming months to drive this initiative.

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President & CEO Mark Manheimer stated the acquisition opportunity set is 'massive,' with the potential to deploy $150-$200 million in net acquisitions quarterly, contingent on the cost of capital. CFO & Treasurer Daniel Donlan added that a potential investment-grade rating is not factored into guidance but would lower debt costs by approximately 30 basis points, with conversations with agencies planned for later in Q3.

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CEO Pete Mavoides confirmed no tariff impact, as over 90% of the portfolio is service-based and not exposed to tariffs on goods. CFO Mark Patten explained the guidance update was driven by strong investment volume and better-than-expected credit performance, which supported raising the bottom of the range, but the model did not justify an increase to the high end at this time.

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CEO Ed Pitoniak clarified that VICI is not optimistic about owning real estate within the One Beverly Hills project itself, but sees opportunities in other parts of the Cain/Eldridge portfolio that resemble assets VICI already owns, like Chelsea Piers. An unnamed executive added that the competitive landscape has been consistently strong since the company's inception and that VICI relies on its deep relationships to succeed.

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CEO Edward Pitoniak stated that Caesars has explicitly communicated it has no intention of exercising the put options, so it does not affect VICI's capital planning. President and COO John W. Payne noted a few state-level ballot measures in Missouri, Arkansas, and Virginia but characterized it as a quiet year for gaming legislation. CFO David Kieske clarified the additional $80 million in capital deployment consisted of incremental draws on previously announced loans for Great Wolf, Homefield, Cabot, and Canyon Ranch.

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CEO Joey Agree stated that the issue is a lack of available space, prompting retailers to creatively acquire leases in bankruptcies to fuel growth. He confirmed that the retreat of private and 1031 capital due to high rates is creating significant opportunities for Agree Realty across all its investment platforms.

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CEO Joey Agree explained that due to a lack of available space, retailers are creatively using bankruptcy auctions to acquire leases for growth. He confirmed that the retreat of private capital, driven by higher rates and a slow 1031 market, is creating significant opportunities for Agree Realty across all its platforms, highlighting the advantage of its "fortress balance sheet."

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SVP of Operations Megan Krull stated that the industry is needs-based and has already adapted to home health, so she doesn't foresee substantial changes from other regulatory items. CEO C. Pickett confirmed LaVie's plan confirmation is expected in mid-November, with the new sponsor assuming the lease at $3 million monthly rent without interruption.

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