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Completed the landmark sale of the NHC portfolio on July 1, significantly strengthening the balance sheet and reducing leverage below the long-term target range.

Increased SHOP investment by 137% over the past year to approximately $850 million, representing 24% of the total portfolio as the company pivots toward private-pay senior housing.

Evolved the leadership structure by appointing Chris Maingot as COO to oversee the growing SHOP platform, allowing the CIO to focus exclusively on accelerating acquisition volume.

Attributed SHOP performance to the successful transition and acquisition of 27 properties, with newer investments performing in line with original underwriting assumptions.

Maintained a disciplined capital allocation approach, balancing aggressive SHOP growth with a stable triple-net foundation that continues to deliver full contractual rent collections.

Benefited from favorable market dynamics characterized by accelerating demand from an aging population and historically low levels of new senior housing construction.

Targeting a long-term SHOP portfolio composition of 40% to 50% of total NOI, representing a strategic shift expected to unfold over the next three years.

Aims to increase the annual acquisition run rate from the current $200-$400 million range to a target of $500-$700 million through dedicated business development resources.

Anticipates second-half same-store SHOP NOI growth of approximately 8% to 9% to meet full-year guidance, driven by occupancy recovery and RevPOR improvements.

Prioritizing the redeployment of $334 million in NHC proceeds via Section 1031 exchanges to defer taxable gains and avoid a special dividend requirement.

Evaluating strategic alternatives for a subset of the same-store SHOP portfolio to prune underperforming assets and improve overall return on invested capital by year-end 2026.

Recorded a $22 million gain on real estate sales in Q2, with an additional $541.6 million gain expected in Q3 following the NHC portfolio closing.

Incurred $1.1 million in one-time expenses related to the CFO transition, contributing to a 44% year-over-year increase in G&A expenses.

Reset Bickford leases to fair market value on April 1, increasing base rent to $38.4 million and establishing a revenue-driven formula for additional rent participation.

Identified occupancy pressure in the same-store portfolio due to specific units being offline for renovation, impacting total occupancy by approximately one percentage point.

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Management explained that they are evaluating a subset of properties where the return on invested capital is lower than desired compared to debt repayment or reinvestment alternatives.

The goal is to execute these transactions by the end of 2026 while ensuring they remain as close to accretive as possible.

Management noted that the pricing spread between large portfolios and single-asset deals has compressed from 100 basis points to approximately 25-50 basis points.

Yields for high-quality assets have shifted downward to the 6% to 6.5% range, reflecting a highly competitive investment environment.

Conversions are evaluated based on operator 'bench strength' and their ability to handle sophisticated SOX-compliant reporting and back-office requirements.

Management looks for specific triggers such as lease expirations, operator requests for capital for expansions, or desires to exit lease guarantees.

Management expressed confidence in their ability to avoid a special dividend by utilizing 1031 exchanges and other 'tools in the toolbox' like throwback dividends.

Success is defined by reinvesting all NHC proceeds into accretive senior housing assets within the current calendar year.