The company recorded fourth-quarter net income of $0.80 per share, down 15.8% year-over-year, and full-year net income of $3.02 per share versus $3.13 a year earlier. Normalized funds from operations per share increased 8.9% to $1.22 in Q4, lifting full-year normalized FFO to $4.91, up 10.6%.

The Seniors Housing Operating Portfolio delivered a 124.9% increase in Q4 net operating income, driven by the transition of seven properties and four acquisitions, and a 57% rise for the full year. SHOP investment more than doubled to about $740 million, boosting its annualized NOI contribution to 12% of total portfolio NOI.

The company exited 2025 with $875 million of available liquidity and reduced its net debt/adjusted-EBITDA ratio to 3.8x, lowering its target leverage range to 3.5x–4.5x. It declared a $0.92 quarterly dividend and guided 2026 midpoint Nareit FFO growth of 6.9%, with underlying normalized growth of 5%–6%.

It completed $392.4 million of announced investments in 2025 at an average initial yield of 8.1%, including $217.5 million in Q4, and closed a $105.5 million SHOP deal in early 2026. The pipeline includes $110.6 million in signed letters of intent and $488 million of evaluated senior housing opportunities, with guidance assuming $230 million of future investments at a 7.8% NOI yield.