Completed the $1.8 billion acquisition of CNL Healthcare Properties (CHP), adding 93 communities since 2024 to create a high-quality, newer-vintage portfolio in growth markets.

Achieved significant value creation through an asymmetrical collar structure on the merger, issuing approximately 8 million fewer shares than originally anticipated.

Performance gains in the 2024 acquisition cohort, including an 820 basis point year-over-year occupancy increase, validate the strategy of buying underoperated assets at discounts to replacement cost.

Restructured the capital stack by converting Series A preferred stock to common equity at $32 per share, eliminating an 11% cash coupon and saving over $5 million in annual free cash flow.

Implemented more stringent labor controls and proprietary tools in Q4 to address previous 'labor misses,' resulting in a 2% decrease in hours relative to occupancy.

Reduced employee turnover by more than 30 percentage points through targeted investments in wages, benefits, and a supportive corporate culture.

Targeting 2026 revenue per occupied room (REVPOR) growth at or above the levels achieved in the 2025 same-store portfolio.

Planning to prune approximately 10% of the combined portfolio by community count to recycle capital from low-growth assets into higher-quality, newer-vintage properties.

Anticipating a move toward a 30% NOI margin threshold driven by a 7.9% average annual rent renewal rate implemented in March 2026.

Expects to realize $16 million to $20 million in year-one run-rate G&A synergies, primarily from the immediate termination of advisory fees.

Guidance methodology will shift in Q2 to include normalized FFO and other REIT-consistent metrics to improve comparability with large-scale peers.

Established a new $1.25 billion bank debt capacity, including a $405 million upsized revolver and a $320 million accordion feature to fund future acquisitions.

The CHP merger accelerates the company's trajectory toward a short-term leverage target of 6.0x to 6.5x.

Transitioning to a simplified three-bucket reporting structure (same store, non-same store, and triple net lease) starting in 2026.

The conversion of Conversant Capital's preferred stock fully aligns their interests with common shareholders while improving the company's free cash flow profile.

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Management expects to be in the market with a handful of assets within a six-to-twelve-month timeline.

Proceeds will first be used to deleverage the company, with remaining capital recycled into higher-growth, newer-vintage assets in strong markets.

Management views the 16.2% figure as a 'jumping-off point' based on the newly redefined asset buckets.

Confidence in this growth rate is supported by the current rate environment and the stabilization of labor hours and costs.

While not the core business, the triple net assets provide an attractive, stable cash flow profile from two strong operators.

The company will evaluate market opportunities for these assets over time but has no immediate plans for disposition.

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