Competitive PressureThere is room for upside to estimates, as the estimate of conversions in 1Q26 could prove to be conservative if VTR can convert operators in mid-2025 and generate mark-to-market gains on leases that remain net leases.
Guidance ConcernsHeadline miss on guidance, but adjusted for higher share count, FFO guide is in line.
Market ExpectationsNear-term bears may point to a higher buy-side bar given stock and performance of peers, and therefore results somewhat dissatisfying.