Please use below code to get list item
<?php
// check if the repeater field has rows of data
if( have_rows('what_we_do_textarea_two') ):
// loop through the rows of data
while ( have_rows('what_we_do_textarea_two') ) : the_row();
// display a sub field value
the_sub_field('list_item');
endwhile;
else :
// no rows found
endif;
?>