American Healthcare REIT Inc (AHR) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the American Healthcare REIT second quarter 2025 earnings conference call (Operator Instructions)

感謝您的支持，歡迎參加美國醫療保健房地產投資信託基金 2025 年第二季財報電話會議（操作員指示）

Thank you. I'd now like to turn the call over to Alan Peterson, Vice President of Investor relations and finance. You may begin.

謝謝。現在我想將電話轉給投資者關係和財務副總裁艾倫彼得森 (Alan Peterson)。你可以開始了。

Good morning. Thank you for joining us for American Healthcare REIT's second quarter 2025 earnings conference call. With me today are Danny Prosky, President CEO; Gabe Willhite, Chief Operating Officer; Stefan Oh, Chief Investment Officer, and Brian Peay, Chief Financial Officer. On today's call, Danny, Gabe, Stefan, and Brian will provide high-level commentary discussing our operational results, financial position, changes related to our increased 2025 guidance, and other recent news relating to American Healthcare.

早安.感謝您參加 American Healthcare REIT 2025 年第二季財報電話會議。今天與我一起的有總裁執行長丹尼·普羅斯基 (Danny Prosky)、首席營運官加布·威爾海特 (Gabe Willhite)、首席投資官斯蒂芬·吳 (Stefan Oh) 和首席財務官布萊恩·佩伊 (Brian Peay)。在今天的電話會議上，丹尼、加布、史蒂芬和布萊恩將提供高層評論，討論我們的營運業績、財務狀況、與我們提高的 2025 年指引相關的變化，以及與美國醫療保健相關的其他最新消息。

Following these remarks, we will conduct a question and answer session. Please be advised that this call will include forward-looking statements. All statements made during this call other than statements of historical fact are forward-looking statements that are subject to numerous risk and uncertainties that could cause actual results to differ materially from those projected in these statements. Therefore, you should exercise caution in interpreting and relying on them.

在這些發言之後，我們將進行問答環節。請注意，本次電話會議將包含前瞻性陳述。本次電話會議中除歷史事實陳述外的所有陳述均為前瞻性陳述，受諸多風險和不確定性的影響，可能導致實際結果與這些陳述中預測的結果有重大差異。因此，您在解釋和依賴它們時應謹慎。

I refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results, financial condition, and prospects. All forward-looking statements speak only as of today, August 8, 2025, or such other dates as may otherwise be specified. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise except as required by law.

我請您參閱我們向美國證券交易委員會提交的文件，以便更詳細地討論可能影響我們未來經營業績、財務狀況和前景的風險。所有前瞻性陳述僅代表截至今天（2025 年 8 月 8 日）或另行指定的其他日期的觀點。我們不承擔更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。

During the call, we will discuss certain non-gap financial measures which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliation of non-gap financial measures discussed on this call to the most directly comparable measures calculated in accordance with GAAP are included in our earnings release supplemental information package, and our filings with the SEC. You can find these documents as well as an audio webcast replay of this conference call on the investor relations section of our website at www.AmericanHealthcare.com.

在電話會議中，我們將討論某些我們認為有助於評估公司經營績效的非差距財務指標。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。本次電話會議中討論的非缺口財務指標與按照 GAAP 計算的最直接可比較指標的對帳包含在我們的收益發布補充資訊包和我們向美國證券交易委員會提交的文件中。您可以在我們網站 www.AmericanHealthcare.com 的投資者關係部分找到這些文件以及本次電話會議的音訊網路直播重播。

With that, I'll turn the call over to our President and CEO, Danny Prosky.

說完這些，我將把電話轉給我們的總裁兼執行長丹尼·普羅斯基 (Danny Prosky)。

Thank you, Alan. Good morning or good afternoon, everyone and thank you for joining us on today's call. We are excited to report another very strong quarter for AHR. We continue to make meaningful progress across our portfolio with outsized organic earnings growth, a creative acquisition, and disciplined capital markets activity. All of this is supported, of course, by the continuing strong business fundamentals across the entire seniors housing industry.

謝謝你，艾倫。大家早安或下午好，感謝你們參加今天的電話會議。我們很高興地報告 AHR 又一個非常強勁的季度。我們繼續透過超額的有機獲利成長、創意的收購和嚴謹的資本市場活動在我們的投資組合中取得有意義的進展。當然，這一切都得益於整個老年人住房產業持續強勁的商業基本面。

The two main points regarding our business that I would continue to emphasize are as follows. Number one, it is imperative that we here at AHR continue to stress to our operating partners that our number one commitment here at the company is a continued focus on quality resident care, and high-quality health outcomes.

關於我們的業務，我將繼續強調的兩個要點如下。首先，我們 AHR 必須繼續向我們的營運夥伴強調，我們公司的首要承諾是繼續專注於優質的住戶照護和高品質的健康結果。

We firmly believe that emphasizing patient care as well as employee satisfaction at the facility level will allow us to continue to provide strong financial results for our shareholders. And two, although the past couple of years have allowed our industry to perform well financially across the board due to a very favorable operating environment, we believe that we are in the early innings of a multi-year secular trend of ongoing improvements of operating metrics throughout the industry with rising occupancies, rapport, margins, and net operating income.

我們堅信，強調病患照護以及設施層面的員工滿意度將使我們能夠繼續為股東提供強勁的財務表現。其次，儘管過去幾年由於非常有利的經營環境，我們行業的財務狀況總體良好，但我們認為，我們正處於多年長期趨勢的初期，整個行業的經營指標將持續改善，入住率、融洽度、利潤率和淨營業收入都在上升。

We expect the mismatch between supply and demand within the managed long-term care segments to remain favorable for the foreseeable future. These strong results would of course not be possible without the hard work of our AHR team members and our operating partners, and I thank them for the energy that they bring each day into all facets of our business.

我們預計，在可預見的未來，管理長期照護領域的供需錯配仍將保持有利狀態。當然，如果沒有 AHR 團隊成員和營運合作夥伴的辛勤工作，這些強勁的業績是不可能實現的，我感謝他們每天為我們業務的各個方面注入的活力。

Now let's jump in. During the second quarter, we delivered another quarter of strong performance led by our operating portfolio, which is comprised of our integrated senior health campuses, also known as Trilogy, and our SHOP segments. We delivered 13.9% total portfolio, same store NOI growth in the second quarter of 2025 compared to the same period in 2024.

現在讓我們開始吧。在第二季度，我們再次取得了強勁的業績，這主要得益於我們的營運組合，該組合由我們的綜合老年健康園區（也稱為 Trilogy）和我們的 SHOP 部門組成。與 2024 年同期相比，2025 年第二季我們的總投資組合、同店淨營業利潤成長率為 13.9%。

And from our operating initiatives where we continue to optimize the various levers in our control, we expect to capture more of this robust demand to drive double digit total portfolio, same story NOI growth for the remainder of the year. On the capital allocation front, we have been complementing our strong organic growth with successful execution of new investments with approximately $255 million of acquisitions closed on so far this year. You may recall that during our first quarter earnings call, I noted that we had well over $300 million of high-quality seniors' housing assets in our pipeline.

透過我們持續優化控制範圍內各種槓桿的營運舉措，我們期望抓住更多強勁需求，推動總投資組合實現兩位數增長，並在今年剩餘時間內保持同樣的淨營業收入 (NOI) 增長。在資本配置方面，我們透過成功執行新投資來補充我們強勁的有機成長，今年迄今已完成約 2.55 億美元的收購。您可能還記得，在我們的第一季財報電話會議上，我指出，我們擁有超過 3 億美元的優質老年人住房資產。

I'm excited to report that we have already closed on approximately $174 million of properties that were part of that group since our last earnings call. I would also like to congratulate our investments team for continuing to build out our pipeline to the point where we still have well over $300 million of awarded deals in our pipeline. Our acquisition focus remains on high quality long term care assets that will be owned under a RDA structure.

我很高興地報告，自上次收益電話會議以來，我們已經完成了該集團旗下約 1.74 億美元的房產交易。我還要祝賀我們的投資團隊繼續擴充我們的管道，目前我們的管道中仍有超過 3 億美元的已授予交易。我們的收購重點仍然是 RDA 結構下擁有的高品質長期照護資產。

Additionally, we have been diligent and measured in our capital markets activity by sourcing attractively priced equity capital, which allows us to preserve optionality to continue pursuing further growth without relying on only one capital source. This is evidenced by the improvements we've seen in our leverage metrics with net debt to EBITDA, which stands 3.7 times at the end of the second quarter. I'll remind everyone on the call that the same ratio stood at 4.5 times on March 30 of this year.

此外，我們在資本市場活動中一直勤勉謹慎，透過尋找價格誘人的股權資本，這使我們能夠保留選擇性，繼續追求進一步的成長，而不必僅依賴單一資本來源。我們的槓桿指標有所改善，淨債務與 EBITDA 比率在第二季末達到 3.7 倍，證明了這一點。我提醒電話會議中的每個人，今年 3 月 30 日的比例為 4.5 倍。

Finally, before I turn it over to the team, I'd like to take a moment to acknowledge that AHR has been awarded the Great Place to Work certification by Great Place to Work, the global authority in workplace culture. I am grateful that our mission of high-quality care and outcomes is shared by all of our team members and that our work provides meaning for our employees.

最後，在將工作交給團隊之前，我想花點時間確認一下，AHR 已獲得全球職場文化權威機構 Great Place to Work 頒發的「最佳職場」認證。我很感激我們所有團隊成員都認同我們的高品質照護和成果的使命，而我們的工作為我們的員工帶來了意義。

All of our recent and future successes are owed to the AHR team members, and again I want to thank you all for cultivating the purpose-oriented culture here at the company that has led to this recognition, which I know is only a small symbol of what we continue to build together.

我們最近和未來的所有成功都歸功於 AHR 團隊成員，我再次感謝你們所有人在公司培育以目標為導向的文化，正是這種文化才讓我們獲得了這一認可，我知道這只是我們繼續共同建設的一個小小象徵。

With that, I'll turn it over to Gabe to walk through our operational results in more detail.

接下來，我將把話題交給 Gabe，讓他更詳細地介紹我們的營運成果。

Thanks Danny. Q2 was another strong quarter operationally. As Danny mentioned, our total sin or NOI increased 13.9% year over year with particularly strong results in Trilogy and in shot. Starting with Trilogy, we saw the same sort of NOI growth of 18.3% year over year, which was supported by broad-based improvements in occupancy and rate growth without compromising the focus on managing expenses.

謝謝丹尼。從營運角度來看，第二季又是一個強勁的季度。正如丹尼所提到的，我們的總罪或 NOI 同比增長了 13.9%，其中三部曲和鏡頭的成績尤為強勁。從 Trilogy 開始，我們看到 NOI 年增 18.3%，這得益於入住率和房價成長的全面改善，同時又不影響對管理費用的關注。

Occupancy climbed to 88.9%, 219 basis points increase over the prior year, with average daily rates across all payers growing by 7.8% year over year. That growth was aided by Trilogy's comprehensive revenue management program and continuous focus on improving quality. Within Trilogy we're seeing growth across both skilled and senior living lines, and as I've mentioned before, the story of Trilogy's growth is not just limited to simply one component of revenue.

入住率攀升至 88.9%，比上年增加 219 個基點，所有付款人的平均每日房價年增 7.8%。這一增長得益於 Trilogy 全面的收入管理計劃和持續關注品質的提高。在 Trilogy 內部，我們看到科技生活和老年生活兩個面向都在成長，正如我之前提到的，Trilogy 的成長故事不僅限於收入這一組成部分。

As we look across some of the key drivers, I'd like to highlight that trilogy's high quality of care continues to be recognized by Medicare Advantage plans and their enrollers, contributing to an increase in concentration with Medicare Advantage now making up 7.2% of resident days compared to 5.8% a year ago. Given that trilogy has a portfolio-wide overall CMS rating of over four stars compared to the national average of below three stars, I'd anticipate the trilogy will continue to be a highly sought after post-acute care provider.

當我們回顧一些關鍵驅動因素時，我想強調的是，三部曲的高品質護理繼續得到醫療保險優勢計劃及其參保者的認可，這有助於提高醫療保險優勢計劃的集中度，目前醫療保險優勢計劃佔住院醫師天數的 7.2%，而一年前這一比例為 5.8%。鑑於三部曲的整個投資組合的整體 CMS 評級超過四星，而全國平均水平低於三星，我預計三部曲將繼續成為備受追捧的急性後期護理提供者。

Beyond the payors, we're also seeing strong tour volumes and observing a rise in internal referrals between care settings, which continues to support length of stay and improve margins that stand to benefit from more operating leverage at current levels. In short, Trilogy continues to execute on multiple fronts, further establishing themselves as a top operator in America.

除了付款人之外，我們還看到強勁的旅遊量，並觀察到護理機構之間的內部轉診有所增加，這繼續支持住院時間並提高利潤率，而利潤率將從當前水平的更多運營槓桿中受益。簡而言之，Trilogy 繼續在多個方面發揮作用，進一步確立了其在美國頂級營運商的地位。

In shock, the momentum continues. Thanks to our NOI was up 23% year over year, and while average chain store occupancy appears flat from Q1 to Q2, occupancy was actually ramping and increasing through the quarter, rebounding from the impacts that the heavier winter flu season brought in Q1.

令人震驚的是，這種勢頭仍在繼續。由於我們的 NOI 同比增長了 23%，儘管第一季度和第二季度的平均連鎖店入住率看似持平，但整個季度的入住率實際上都在上升和增加，從第一季度冬季流感季節較重帶來的影響中反彈。

In fact, throughout the second quarter, we realized the highest level of movement activity we've seen in our SHOP segment in years and maybe even ever. And at the end of the second quarter, SHOP spot same store occupancy was north of 87.5%. These occupancy gains are also being accomplished while remaining proactive in our pricing strategies, which resulted in RevPOR accelerating in Q2 with growth of 6.6% compared to the same quarter last year.

事實上，在整個第二季度，我們實現了 SHOP 部門多年來甚至有史以來的最高水準的運動活動。截至第二季末，SHOP 現貨同店入住率超過 87.5%。我們在實現入住率成長的同時，也積極推行定價策略，這使得第二季的每間客房營收 (RevPOR) 加速成長，與去年同期相比成長了 6.6%。

Similar to Trilogy, our SHOP portfolio stands to benefit from operating leverage embedded at this occupancy and current store NOI margin, which is now above 20%. It's important to point out that our SHOP performance is a testament to our operating partners' ability to execute with the support of our active asset management team and our platform. We're continually refining our operating platform capabilities by leveraging expertise across our operators, particularly Trilogy. We've done this by improving best in class regional benchmarking tools and resources across our operating portfolio and the various operators, allowing for better pricing discipline, wage monitoring, and expense management.

與 Trilogy 類似，我們的 SHOP 投資組合將受益於此入住率和目前門市 NOI 利潤率所蘊含的經營槓桿，目前該利潤率已超過 20%。值得指出的是，我們的 SHOP 表現證明了我們的營運合作夥伴在我們積極的資產管理團隊和平台的支持下執行的能力。我們利用營運商（尤其是 Trilogy）的專業知識不斷完善我們的營運平台功能。我們透過改善整個營運組合和各個營運商的最佳區域基準測試工具和資源來實現這一目標，從而實現更好的定價紀律、工資監控和費用管理。

As we move into the second half of the year, we continue to see a compelling backdrop. Outsize levels of demand paired with anaemic levels of supply growth and low construction starts suggesting that we should continue to benefit from a multi-year tailwind of favorable operating fundamentals.

隨著我們進入下半年，我們繼續看到引人注目的背景。龐大的需求水準加上疲軟的供應成長和較低的建築開工率，顯示我們應該繼續受益於多年有利的經營基本面的順風。

With our operating portfolio now accounting for approximately 75% of our total NOI and growing, we believe we've positioned ourselves favorably to continue delivering strong NOI growth across our diversified Healthcare portfolio.

我們的營運組合目前約占我們總 NOI 的 75% 並且還在成長，我們相信我們已經做好了有利準備，可以繼續在我們多元化的醫療保健組合中實現強勁的 NOI 成長。

Now I'll turn it over to Stefan to discuss our recent investment activity.

現在我將讓史蒂芬討論我們最近的投資活動。

Thanks, Gabe. Our capital deployment strategy remains consistent. We're focused on a creative investment in settings and with operators where we have long term conviction. That means pursuing opportunities where we already have relationships or have deliberately evaluated new ones, where we understand the local care dynamics and where our capital can facilitate positive long term clinical and financial outcomes.

謝謝，加布。我們的資本配置策略保持一致。我們專注於對我們具有長期信心的環境和運營商進行創造性投資。這意味著我們要尋求已經建立關係或經過深思熟慮評估的新關係的機會，我們了解當地的護理動態，並且我們的資本可以促進積極的長期臨床和財務成果。

We're excited to announce that following quarter end we formally established a new regional operating relationship with one of the two groups previously mentioned, an organization we've identified as aligned with our long-term strategy for the SHOP segment. The operator is Great Lakes Management, a premier senior living operator focused in Minnesota and other areas of the Midwest. We are very excited to grow with them across our target markets and appreciate the diligence they've shown throughout the partnership process.

我們很高興地宣布，在接下來的季度末，我們正式與前面提到的兩個集團之一建立了新的區域營運關係，我們認為該組織符合我們針對 SHOP 部門的長期策略。營運商是 Great Lakes Management，一家專注於明尼蘇達州和中西部其他地區的頂級老年生活營運商。我們非常高興能與他們一起在目標市場成長，並感謝他們在整個合作過程中所展現的勤奮。

Now I'll walk through some of our recent activity in more detail. During the second quarter, we closed a previously announced $65 million SHOP acquisition in Virginia. Upon closing the acquisition, we transitioned operations to one of our trusted regional operating partners, Heritage Senior Living. Subsequent to quarter end, we closed several transactions that brought our year-to-date acquisition volume to approximately $255 million within our operating portfolio segments.

現在我將更詳細地介紹我們最近的一些活動。在第二季度，我們完成了先前宣布的位於維吉尼亞州的價值 6500 萬美元的 SHOP 收購。收購完成後，我們將業務轉移給我們值得信賴的區域營運合作夥伴之一 Heritage Senior Living。季度末之後，我們完成了幾筆交易，使我們年初至今的收購額在我們的營運組合部門內達到約 2.55 億美元。

In SHOP, this included two new acquisitions totaling approximately $33.5 million while in our trilogy segment we closed on four senior housing properties already managed by Trilogy for approximately $65.3 million and the acquisition of our partners 51% interest in five trilogy operated campuses held in an unconsolidated joint venture for approximately $118 million which included the extinguishment of high-interest rate partnership level debt.

在 SHOP 中，這包括兩項新收購，總額約為 3,350 萬美元，而在三部曲部門，我們以約 6,530 萬美元的價格收購了 Trilogy 已經管理的四處老年住房物業，並以約 1.18 億美元的價格收購了我們的合作夥伴在非合併合資企業中持有的五所權益的 51% 所償還校園債務的 51%，其中 51% 所償還校園債務。

The campuses held in the joint venture were recently developed and are not yet stabilized, but we believe they are well located and positioned to deliver solid risk adjusted returns. By increasing our exposure now, we secure long term upside and expect more creative growth within our trilogy segment. On the capital recycling front, we closed on $33.5 million in dispositions during Q2. As we've noted before, we expect outpatient medical dispositions to continue as we prioritize growth in our operating portfolio.

合資企業持有的校園最近才開發，尚未穩定，但我們相信它們地理位置優越，能夠帶來可觀的風險調整回報。透過現在增加曝光度，我們確保了長期的上升空間，並期望我們的三部曲部分能夠實現更多的創造性成長。在資本循環方面，我們在第二季完成了 3,350 萬美元的處置。正如我們之前所指出的，由於我們優先考慮營運組合的成長，我們預計門診醫療處置將繼續進行。

Looking forward, we've continued to add to our investment pipeline in the last few months with newly awarded deals. Despite closing approximately $174 million since our last call, our pipeline remains robust with well over $300 million of investments, most of which we expect to close by year end. None of these transactions are included in our revised guidance due to timing uncertainty. However, this underscores the embedded upside we believe we may benefit from in the future.

展望未來，過去幾個月我們透過新授予的交易繼續擴大我們的投資管道。儘管自上次電話會議以來，我們已完成約 1.74 億美元的投資，但我們的投資管道依然強勁，投資金額遠超 3 億美元，我們預計其中大部分將在年底前完成。由於時間不確定性，這些交易均未納入我們的修訂指南中。然而，這強調了我們認為未來可能受益的內在優勢。

We remain active in pursuing further external growth opportunities as the market continues to offer attractive pricing, particularly for well capitalized buyers like ourselves.

由於市場繼續提供有吸引力的定價，特別是對於像我們這樣資金雄厚的買家，我們將繼續積極尋求進一步的外部成長機會。

With that, I'll turn it over to Bright.

說完這些，我就把麥克風交給 Bright。

Thanks, Stefan. For the second quarter of 2025, we reported normalized NFFO of $0.42 per fully diluted share, which equates to a 27% year over year increase in NFFO per share as compared to Q2 2024. Our strong organic growth, select acquisitions, and capital markets initiatives have assisted us in further decreasing the company's leverage and building capacity for future growth.

謝謝，史蒂芬。2025 年第二季度，我們報告的標準化 NFFO 為每股完全稀釋後 0.42 美元，與 2024 年第二季度相比，每股 NFFO 同比增長 27%。我們強勁的有機成長、精選的收購和資本市場舉措幫助我們進一步降低公司的槓桿率並為未來的成長建立能力。

Our net debt EBITDA stood at 3.7 times at the end of the second quarter, driven by strong earnings growth, which creates retained earnings and proceeds from sales of stock through our ATM program. During and subsequent to the quarter, we raised $204.3 million through direct ATM sales at an average price of $34.72. Additionally, we settled sales under a $127.8 million forward ATM agreement in early July at an average price of $35.96.

受強勁獲利成長的推動，我們的淨債務 EBITDA 在第二季末達到 3.7 倍，這創造了留存收益以及透過我們的 ATM 計劃出售股票獲得的收益。本季及以後，我們透過ATM直銷籌集了2.043億美元，平均價格為34.72美元。此外，我們於7月初根據一項1.278億美元的ATM遠期協議結算了銷售，平均價格為35.96美元。

We remain nimble in our approach to the capital markets, and we're able to lock in attractively priced equity proceeds to assist us with our funding obligations or accretive investments in our growing acquisitions pipeline and previously announced development funding. Given our strong year to day performance and improved visibility into the second half, we are raising our full year 2025 NFFO per share guidance to a range of $1.64 to $1.08 up from a previous range of $1.08 to $0.64.

我們在資本市場方面保持靈活，並且能夠鎖定價格誘人的股權收益，以幫助我們履行融資義務或對我們不斷增長的收購管道和先前宣布的開發資金進行增值投資。鑑於我們今年強勁的業績表現和下半年更好的可預見性，我們將 2025 年全年每股 NFFO 預期從之前的 1.08 美元至 0.64 美元上調至 1.64 美元至 1.08 美元。

Our revised guidance does not assume any additional acquisitions or capital markets activity beyond what we disclosed in yesterday's press release, nor does it include any deals from our awarded pipeline. This increase is primarily driven by the strong organic growth in our portfolio. As such, we are also increasing our total portfolio same store NOI growth guidance to a range of 11% to 14%, up 150 basis points at the midpoint from the previous range of 9% to 13%.

我們的修訂指南不假設除了我們在昨天的新聞稿中披露的內容之外的任何其他收購或資本市場活動，也不包括我們授予的任何交易。這一成長主要得益於我們投資組合的強勁有機成長。因此，我們也將整體投資組合同店淨利成長預期上調至 11% 至 14% 的範圍，中點較之前的 9% 至 13% 上調 150 個基點。

Segment level, same store and growth guidance updates are as follows. Integrated senior health campuses increased to a range of 15% to 19%, reflecting continued strength at trilogy. SHOP remains unchanged at 20% to 24%. Outpatient medical increased and tightened to 1% to 1.5% from a prior range of 1% to 1%. Triple net lease properties increased and narrowed to 75 basis points to negative 25 basis points from 1.5% to 50 basis points.

細分市場層面、同店銷售及成長指引更新如下。綜合老年健康園區比例增加至 15% 至 19%，反映出三部曲的持續強勁發展。SHOP 保持不變，為 20% 至 24%。門診醫療費率由先前的1%-1%區間調高收緊至1%-1.5%。三重淨租賃物業增幅由-1.5%至-50個基點收窄至-75個基點至-25個基點。

We believe our current outlook appropriately reflects the strength of our portfolio led by our operating portfolio segments, the quality of our operator partnerships, and the visibility we have over the remainder of 2025.

我們相信，我們目前的前景恰當地反映了我們以營運組合部門為主導的組合實力、我們營運商合作夥伴關係的品質以及我們對 2025 年剩餘時間的預見性。

With that operator, we'll open the line for questions.

有了這位接線員，我們將開通熱線來解答您的問題。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

（操作員指示） 摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, great, just, the opening comments, you sort of mentioned that, just here in the early innings of sort of this demand to and I was hoping we could sort of double click on that. When you're thinking about sort of the trilogy portfolio as well as the SHOP portfolio, just in your mind, what is peak occupancy and what do you think pricing can do when you get there again to maintain these innings as you sort of mentioned in your opening comments.

嘿，太好了，剛才你在開場白中提到了這一點，就在這種需求的早期階段，我希望我們可以對此進行雙擊。當您考慮三部曲投資組合以及 SHOP 投資組合時，您就會想到，高峰入住率是多少，以及當您再次到達那裡時，定價可以做什麼來維持這些局面，正如您在開場白中提到的那樣。

Thanks. Well, first and foremost, I'd say that we feel very confident that we're in the early innings just because of the demographics, right? Everybody on this call already understands that we've got the baby boomers start turning 80 next year. We have a 15-year period of extremely rapid growth in that over 80 cohort, which is kind of what we see, most of the demand for long term care.

謝謝。嗯，首先，我想說，我們非常有信心，我們處於早期階段，只是因為人口統計數據，對嗎？參加這次電話會議的每個人都已經明白，嬰兒潮世代明年將滿 80 歲。80 歲以上的人群在過去 15 年內經歷了極其快速的增長，這也是我們所看到的對長期照護的大部分需求。

And you know over the last six or seven years we've seen very little as far as construction starts, and we're not seeing that pick up anytime soon. So maybe construction starts to pick up next year, the year after, and then it's 23 years before new facilities start to open, but it seems like every year we're going to fall further and further behind, from a supply demand perspective.

你知道，在過去的六、七年裡，我們看到的建築開工數量非常少，而且我們短期內也不會看到這種回升。因此，也許明年或後年建築業會開始回暖，然後需要 23 年的時間才會有新設施開始開放，但從供需角度來看，似乎每年我們都會越來越落後。

So overall we feel very good about the direction, we're going in as far as peak occupancy. It's really, we can grow our occupancy very rapidly, Ron, until she could start accepting Medicaid residents and fill up their skills very fast, and we can start cutting rate and filling up our senior housing facilities at a much faster pace, so. It's not just a function of, how fast, we expect to grow occupancy.

所以總體來說，我們對這個方向感到非常滿意，我們將努力達到入住率的峰值。羅恩，事實上，我們可以非常迅速地增加我們的入住率，直到她可以開始接受醫療補助居民並很快填滿他們的技能，我們就可以開始降低費率並以更快的速度填滿我們的老年住房設施，所以。這不僅僅是我們預期入住率成長速度的函數。

We expect it will continue to grow up. We want to continue to be disciplined as far as the rates that we're getting, and you can see we had, really strong report growth across both SHOP and trilogy. I don't see, we got used to kind of mid to high 80s as being the standard over the last few years just because of a lot of supply being built. In my mind, mid 90s, I think is where we're headed and could it be higher than that? It could, depending on what you're willing to do as far as pricing.

我們預計它將繼續增長。我們希望繼續嚴格控制利率，您可以看到，SHOP 和三部曲都實現了非常強勁的報告成長。我不明白，在過去幾年裡，我們只是因為建造了大量供應設施，就習慣了 80 年代中後期作為標準。在我看來，90 年代中期是我們的目標，而且還會更高嗎？可以，這取決於您願意在定價方面做什麼。

But we think there's still a lot of room, and so you've got occupancy growth and the higher occupancy, the easier it is to continue to grow red port a faster Clifton export. About a third of our assets are what we call fully occupied, kind of 95% and up, and we're still growing our NOI at a nice clip of those assets by, disciplined, revenue mix and expense control. So, we've got a long way to go.

但我們認為仍有很大的空間，因此入住率會成長，入住率越高，紅港和克利夫頓出口就越容易繼續成長。我們的資產中約有三分之一處於滿員狀態，即 95% 及以上，而且我們透過嚴格的收入組合和費用控制，仍在以良好的速度增長這些資產的淨營業利潤 (NOI)。所以，我們還有很長的路要走。

And then if I could just ask a quick follow up on the acquisition, it's just, can you talk a little bit more about sort of the deals closed, the assets in the pipeline, just what sort of occupancy level, what sort of upside, it sort of baked in or underwritten in those, thanks so much.

然後，如果我可以快速跟進一下此次收購的情況，您能否再多談一下已經完成的交易、正在籌備中的資產、什麼樣的入住率、什麼樣的上行空間，這些都包含在內或承保了，非常感謝。

So I'll start and then I'll hand it over to Stefan, as we said on the last call, our, we're focusing on Rdea SHOP and some trilogy as well. We're looking, to really not just grow our asset base but to improve the overall quality. So if you look at the assets we sold, whether it's on the outpatient medical and we did sell a few select long term care facilities, we tend to sell kind of smaller.

所以我先開始，然後我會把它交給史蒂芬，正如我們在上次通話中所說的那樣，我們專注於 Rdea SHOP 和一些三部曲。我們所追求的不僅是擴大資產基礎，而且還要提高整體品質。因此，如果你看看我們出售的資產，無論是門診醫療資產，還是我們出售的一些精選長期照護設施，我們傾向於出售規模較小的資產。

Older buildings and what we're focusing on in the pipeline is really, larger, newer, higher quality, nothing wrong with the quality we have, but we want to continue to build on that. So the average age is quite new. what, the two portfolios we closed on a trilogy. Most of those have been built in the last five years. Some of them have only recently opened in the last 12 months.

較舊的建築以及我們在管道中關注的實際上是更大、更新、更高品質的建築，我們現有的品質沒有問題，但我們希望繼續在此基礎上發展。因此平均年齡相當新。什麼，我們在三部曲中結束了兩個作品集。其中大部分是在過去五年內建成的。其中一些是在過去 12 個月內才開業的。

If you look at what we talked about a pipeline north of $300 million today, that is, except for one asset that's a trilogy that's a lease buyout, 100% of that is SHOP. So so that's really what we're focusing on, Stefan, maybe you want to talk a little bit about what we closed, what's in the pipeline, we kind of have a mix of, stabilized and unstabilized. So why don't you kind of talk about what we're buying.

如果你看我們今天談論的價值 3 億美元以上的管道，也就是說，除了一項三部曲的租賃買斷資產外，100% 都是 SHOP。所以這確實是我們關注的重點，史蒂芬，也許你想談談我們已經完成的事情，正在進行的事情，我們有穩定和不穩定的混合。那你為什麼不談談我們要買什麼呢？

Yeah, sure, and yeah, I would say first of all we're very pleased with where we're at in terms of what we've closed and the pipeline we've built, it, I would just recognize that our investment team has done a really good job.

是的，當然，是的，我想說，首先，我們對我們所取得的進展和我們所建立的管道感到非常滿意，我承認我們的投資團隊做得非常出色。

Trilogy and the a.m. teams are also really key component to us being able to do what we've done so far this year. So it's been a real team effort and I think what we're coming up with in terms of the assets we've closed on and what we have in the pipeline is something that we're going to be very pleased with over the course of the long term.

Trilogy 和早上團隊也是我們今年能夠取得迄今為止所做成就的關鍵因素。所以這是一次真正的團隊努力，我認為，就我們已經完成的資產和正在進行的籌備工作而言，從長遠來看，我們會感到非常滿意。

These are high quality assets like Dan said, a lot of them are newer, modern assets that we think are a great fit for the market, but also a great fit for the operators that we have engaged to manage them. A lot of The focus here is really higher acuity.

正如丹所說，這些都是高品質資產，其中許多都是較新的、現代化的資產，我們認為這些資產不僅非常適合市場，也非常適合我們聘請來管理它們的營運商。這裡的重點確實是更高的敏銳度。

We want to continue to be focused on assisted living, memory care. There is some I, particularly in some of the assets that we've already closed, but I think what you'll tend to see is that most of it is going to be focused on the memory care and assisted living area, I think I, if you look at between what we've closed in 2025 and in our pipeline. We are, probably 15% to 20% only.

我們希望繼續專注於輔助生活和記憶護理。有一些，特別是在我們已經關閉的一些資產中，但我認為你會看到的是，大部分將集中在記憶護理和輔助生活領域，如果你看看我們在 2025 年關閉的資產和我們的管道。我們大概只有 15% 到 20%。

Price per unit on these buildings I think are well below replacement cost. We're looking at somewhere around, mid to high 200,000 for the portfolio that we're, we've closed on and also on what's in the pipeline. And as far as where yields are for us, I think, as Dan mentioned, you can bifurcate it between. The stabilized assets that we have and the ones that maybe are still in pre-stabilization or maybe there's some light value add there, but at the end of the day we think all the categories are going to be stabilizing in the high 7 to 8s with year one yields ranging on the on the stabilized assets somewhere in the low 6s and The other assets are ranging in I'm sorry, in the pipeline.

我認為這些建築的每單位價格都遠低於重置成本。我們正在考慮將投資組合規模定在 20 萬到 20 萬之間，我們也在考慮正在籌備中的項目。至於我們的收益率如何，我認為，正如丹所提到的，你可以將其分為兩類。我們擁有的穩定資產和可能仍處於穩定前階段的資產，或者可能有一些輕微的增值，但最終我們認為所有類別都將穩定在 7 到 8 的高位，第一年的收益率在穩定資產的某個地方，在 6 的出頭，其他資產的範圍在，對不起，在籌備中。

Low fixes, the stabilize assets, and then the value added pre-stabilized assets, probably, something a little bit lower than that. But overall, we think those are going to perform really well.

低固定值，穩定資產，然後增加穩定前的資產價值，可能比這稍微低一點。但總體而言，我們認為它們的表現會非常好。

Super helpful.

超有幫助。

Austin Wurschmidt, KeyBanc.

奧斯汀·沃施密特（Austin Wurschmidt），KeyBanc。

Hi Austin, hey everybody and good morning out there. So the ADR growth this quarter really stood out, and I'm just wondering if this was a glimpse of some of the recent moves taken around expanding the Medicare Advantage piece of the business and just your ability to shift mix of re residents around and should we expect that that benefit and two carries into the back half of the year as well from a rate growth perspective?

嗨，奧斯汀，大家好，早安。因此，本季的 ADR 成長確實非常突出，我只是想知道這是否是您最近在擴大醫療保險優勢業務部分方面採取的一些舉措以及您轉移居民組合的能力，我們是否應該預期這種好處和兩項福利也會延續到下半年，從利率增長的角度來看？

I you want me to start with that one, or you want to, yeah -- so yes, clearly the rate growth the trilogy has been strong, and it's a combination of a few things, but a, the quality mix continues to improve, right? If you look at the percentage of Medicaid, it is ticked down pretty consistently each quarter.

如果你想讓我從這一點開始，或者你想，是的 - 所以是的，顯然三部曲的增長率一直很強勁，這是幾件事的結合，但是，質量組合繼續改善，對吧？如果你看一下醫療補助的百分比，你會發現它每季都在持續下降。

That being said, it's not just an issue of quality mix. There's there's there's what I call kind of quality mix within the quality mix, right? So clearly the highest, revenue of residents we're seeing are Medicare and Medicare Advantage, but even within Medicare Advantage. We have different contracts with different rates, and you know you may keep your Medicare advantage percentage static, but your average daily rate could increase significantly by focusing really on those contracts that pay you a higher rate.

話雖如此，但這不僅僅是品質組合的問題。這就是我所說的質量組合中的質量組合，對嗎？因此，顯然，我們看到的居民收入最高的是醫療保險和醫療保險優勢計劃，但即使在醫療保險優勢計劃內也是如此。我們有不同的合同，有不同的費率，你知道你可能會保持你的醫療保險優勢百分比不變，但通過真正關注那些支付給你更高費率的合同，你的平均每日費率可能會顯著增加。

And this trilogy, because of the high-quality outcomes that they achieved, because of the good quality care, they continue to grow their Medicare Advantage admissions, and they're able to focus on those where they get a higher rate. So, that's been, can talk about it some more, but that's one of the things that they focus on very heavily is their mix and and kind of what we're looking to to help bring into the rest of our SHOP portfolio, even though those don't have a skill component.

在這三部曲中，由於他們取得了高品質的成果，由於高品質的護理，他們繼續增加醫療保險優勢計劃的入院人數，並且他們能夠專注於那些獲得更高費率的人群。所以，可以再多談一些，但這是他們非常關注的事情之一，就是他們的組合，以及我們希望幫助帶入我們其餘 SHOP 產品組合的東西，即使它們沒有技能成分。

Yeah, in this game, I think I would add to that this might be the single most The misunderstood component of our entire business is that because Trilogy has a big component of their revenue coming from government reimbursement, that that growth rate is going to be somehow tied to an inflationary measure and we've said for several quarters now in a row that Trilogy has multiple levers to pull on to grow, not just NOI but top line revenue through quality mix and also.

是的，在這個遊戲中，我想我會補充一點，這可能是我們整個業務中最容易被誤解的部分，因為 Trilogy 的大部分收入來自政府報銷，所以這個增長率會以某種方式與通脹指標掛鉤，我們已經連續幾個季度說過，Trilogy 有多個槓桿可以拉動增長，不僅僅是 NOI，還有通過質量組合實現的頂線收入。

The contracts that Danny's talking about with Medicare Advantage, that's probably been the biggest shift in the last year is once you get to these higher levels of occupancies, you have a lot more options on which pay or source you prefer, and you have a lot more bargaining power. With the Medicare Advantage plans that you're doing contracts with, which contracts are, as priced off of the Medicare rate and a discount to the Medicare rate. So to the extent you can narrow that discount, you can grow revenue on an average daily rate better than the the announced Medicare rate.

丹尼談到的醫療保險優勢計劃合約可能是去年最大的轉變，一旦你達到更高的入住率，你就有更多的選擇，可以選擇你喜歡的薪酬或來源，並且擁有更大的議價能力。您所簽訂的醫療保險優勢計劃的合約價格是根據醫療保險費率制定的，並有醫療保險費率的折扣。因此，只要您能縮小折扣幅度，您就能以高於公佈的醫療保險費率的平均每日費率增加收入。

All that is to say, Austin, it's really hard to predict the exact percentage that it's going to grow. I do think it's fair to assume it's going to grow faster than inflation as they continue to optimize the mix, but can we continue to see 9.2%? That's a very impressive number. We're very impressed by the trilogy team being able to capture that, and it's obviously a large part due to optimizing the mix.

也就是說，奧斯汀，很難預測其確切的成長百分比。我確實認為，隨著他們繼續優化組合，可以合理地假設其成長速度將快於通貨膨脹，但我們能否繼續看到 9.2% 的成長速度？這是一個非常令人印象深刻的數字。三部曲團隊能夠捕捉到這一點，這給我們留下了深刻的印象，顯然這在很大程度上要歸功於優化混音。

And we didn't even talk about quality add-ons which contribute to that as well.

我們甚至還沒有討論對此有貢獻的優質附加元件。

Yeah, no, certainly that that falls into all the levers, but just focusing specifically, I mean, last quarter the team did highlight a trilogy outperforms Me Advantage would probably be a part of that. And so I guess quite fresh on your part, but you also mentioned you're looking at new Medicare Advantage plans, not currently contracting the trilogy. So anything in the near term pipeline to further expand those relationships and continue to drive that shift and mix to the higher rated segments. Thanks.

是的，不，當然這涉及到所有的槓桿，但只是特別關注，我的意思是，上個季度團隊確實強調了三部曲優於 Me Advantage 可能是其中的一部分。所以我想你在這方面還是比較新鮮的，但你也提到你正在考慮新的醫療保險優勢計劃，目前還沒有簽訂三部曲合約。因此，短期內任何舉措都可能進一步擴大這些關係，並繼續推動這種轉變和組合，以達到更高評級的細分市場。謝謝。

I would say there are always New and changes within Medicare Advantage and it's not just new contracts, it's adjustments to existing contracts. So for example, if Trilogy has a contract that they're less excited about and they start accepting fewer patients from that source because they don't need to because they've got higher, better contracts that they're accepting, then you're going to see that that particular provider have to renegotiate with Trilogy because they want access to Trilogy facilities. The patients want to be in a trilogy building. So it's constantly changing and evolving.

我想說的是，醫療保險優勢計劃中總是有新的變化，不僅僅是新的合同，還有對現有合同的調整。舉例來說，如果 Trilogy 對一份合約不太感興趣，並且他們開始從該來源接受更少的患者，因為他們不需要這樣做，因為他們已經接受了更高、更好的合同，那麼你會看到該特定的提供者必須與 Trilogy 重新談判，因為他們想要使用 Trilogy 的設施。病人希望住在三部曲大樓。所以它在不斷變化和發展。

And then just so I can sneak one more just along the same lines. I mean how much higher are these newer contracted rates versus, historically what that rate has looked like and that's it for me. Thank.

然後我就可以沿著同樣的思路再偷偷地做一次。我的意思是，這些較新的合約利率與歷史上的利率相比高出多少，對我來說就是這樣。感謝。

You. As you can imagine, we're very limited as far as, the last thing these insurers want is for us to be telling people what their contracted amount is, I think that. Obviously, our goal is to have as little of a discount to the standard Medicare rate as possible, and I would say that the more recent contracts have been a much higher percentage because of everything that Gabe and I just said.

你。你可以想像，我們的能力非常有限，我認為這些保險公司最不希望看到的就是我們告訴人們他們的合約金額是多少。顯然，我們的目標是盡可能少地降低標準醫療保險費率的折扣，我想說，由於 Gabe 和我剛才所說的一切，最近的合約的折扣比例要高得多。

I think Austin this Brian, I would sort of add to that just an interesting aspect if you look on page 6 of the supplemental, you can see that on a percentage basis, the Medicare advantage is increasing. So it went from 5.8% of the resident days to 7.2% and really where they're sort of cannibalizing that the other care levels, or excuse me, the other payors would be private and Medicaid.

我認為奧斯汀和布萊恩，我會補充一個有趣的方面，如果你看一下補充資料的第 6 頁，你會看到，從百分比來看，醫療保險優勢正在增加。因此，住院天數從 5.8% 上升到 7.2%，實際上，他們正在蠶食其他護理水平，或者對不起，其他付款人是私人和醫療補助。

And what's interesting is that the Medicare Advantage rate. Is actually 79% higher than Medicaid and 42% higher than private pay. So that's sort of another way to think about it is instead of necessarily against the other Medicare advantage, it's more what are we replacing our residents with much more Medicare Advantage residents than they are private or Medicaid.

有趣的是醫療保險優勢率。實際上比醫療補助高出 79%，比私人支付高出 42%。因此，從另一個角度來思考這個問題，它不一定與其他醫療保險優勢相悖，更重要的是，我們要用比私人或醫療補助更多的醫療保險優勢居民來取代我們的居民。

Yeah, that's all.

是的，就這些。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Hey, thanks. I wanted to kind of circle back on this Medicare Advantage, discussion. When did these Medicare Advantage payers start to get more aggressive pursuing partners that can provide these better outcomes like Trilogy? Is is this more of a recent phenomenon over the past few quarters, or has it been going on for the past few years?

嘿，謝謝。我想重新討論一下醫療保險優勢計劃。這些醫療保險優勢計劃的支付者什麼時候開始更加積極地尋求像 Trilogy 這樣能夠提供更好結果的合作夥伴？這是過去幾季才出現的現象，還是過去幾年一直存在的現象？

It's accelerated.

它加速了。

Yeah, Mike it's. So I think in last fall when you saw the star ratings for some big Medicare Advantage plans take a hit because those star ratings are based on the quality of the plan and access for enrollees to the highest quality of care providers is where I started to notice it pick up a bit, but it's, I think it's been happening for longer than that. And the interesting thing about those contracts is they're very fragmented. There's a lot of different contracts out there.

是的，是麥克。因此，我認為去年秋天，當您看到一些大型醫療保險優勢計劃的星級評定受到打擊時，因為這些星級評定是基於計劃的質量以及參保者獲得最高質量護理提供者的機會，我開始注意到它有所回升，但我認為這種情況已經持續了很長時間。有趣的是，這些合約非常分散。有很多不同的合約。

Yes, there are bigger players that move the needle. But because they're so fragmented and there's different pricing associated with all those different plans like Danny said earlier, you might not need to renegotiate a Medicare Advantage contract in order to capture a higher rate. You may just be able to prioritize people that are on a higher paying plan when you're when you've got admission flexibility, and when you've got higher occupancies, you have more admission flexibility and you can prioritize the highest reimbursement source.

是的，有更大的參與者在推動這項進程。但因為它們非常分散，而且正如丹尼之前所說的那樣，所有不同的計劃都有不同的定價，所以您可能不需要重新協商醫療保險優勢合約來獲得更高的費率。當您擁有入院靈活性時，您可能能夠優先考慮那些支付額更高的計劃的人，而當您擁有更高的入住率時，您就擁有更多的入院靈活性，並且可以優先考慮最高報銷來源。

. And then I guess it did sound like in in your prepared remarks and you're answering a few questions, Gabe, I guess how big is that pipeline of those discussions going on with these plans, I mean, are there more contracts in the hopper that trilogy can execute on and continue. To drive that skill mix or that Medicare event mix higher, I mean is there, like, could we think about that expanding with 100 basis points a year? Is that kind of like a fair estimate if Trilogy is still able to provide these outcomes and win these contracts?

。然後我想這聽起來確實像是在你準備好的發言中，你正在回答幾個問題，加布，我想這些計劃中正在進行的討論的渠道有多大，我的意思是，三部曲中是否還有更多可以執行和繼續的合同。為了提高技能組合或醫療保險事件組合的水平，我的意思是，我們是否可以考慮以每年 100 個基點的速度擴大它？如果 Trilogy 仍然能夠提供這些成果並贏得這些合同，這是否是一個公平的估計？

It's hard to say because it takes two to tangle, right? I mean Trilogy has always been. Very careful as far as I mean, they passed on a lot of contracts because they didn't like the rate and in many instances they would end up having to, negotiate out of network for each resident, which would end up costing the insurer quite a bit more, which is why they finally come to the table and work with Trilogy at a rate that works and you know they've got some contracts that are not.

這很難說，因為需要兩個人才能糾纏，對吧？我的意思是三部曲一直都是這樣的。我的意思是非常謹慎，他們放棄了很多合同，因為他們不喜歡這個費率，而且在很多情況下，他們最終不得不為每位居民協商網絡外的費用，這最終會讓保險公司付出更多成本，這就是為什麼他們最終坐下來，以可行的費率與 Trilogy 合作，但你知道他們有一些不可行的合同。

For the entire company, but maybe state specific or region specific. So, it seems to me, and I think everybody would agree that Trilogy's bargaining position continues to strengthen over time for the reasons that Gabe mentioned a little just a few minutes ago.

對於整個公司來說，但可能是針對特定州或特定地區。因此，在我看來，而且我認為每個人都會同意，Trilogy 的談判地位會隨著時間的推移而不斷增強，原因正如 Gabe 幾分鐘前提到的。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi, thank you so much for taking my question. I wanted to circle back on the occupancy comments. I know Gabe, you kind of outlined a little bit about acceleration through the quarter. I want to give a little bit more detail as well as either commentary on expectations for the increased move-ins of what you're seeing today.

你好，非常感謝您回答我的問題。我想重新回顧一下有關入住率的評論。我知道 Gabe，你對本季的加速情況做了一些概述。我想提供更多細節，並對您今天看到的入住人數增加的預期做出評論。

Yeah, sure, so today we're higher than where we ended Q1. I told you spot occupancy at the end of Q1 Q2. I told you occupancy at the end of Q2 is 87.5%. So we see. Continued ramping there in a good summer selling season. I think at the, as Danny said, the top third of our SHOP portfolio is pretty highly occupied. So the one thing I want to remind everybody is we're not going to give away occupancy.

是的，當然，所以今天的業績比第一季末的業績還要高。我告訴過你第一季和第二季末的現場佔用情況。我告訴過你第二季末的入住率為 87.5%。我們看到的是這樣的。在夏季銷售旺季，銷售量持續成長。我認為，正如丹尼所說，我們的 SHOP 投資組合的前三分之一已被高度佔用。因此，我想提醒大家的一件事是，我們不會放棄入住率。

Just so that we can report a high number, we're looking at the total impact of the business, and that includes looking at what the rate is, what the street rate is, what you're paying for referral fees, what community fees you're charging. So it's not, we're not looking at it myopically like let's just drive occupancy to the highest point we can this summer. We're looking. At it as let's grow occupancy steadily with the right rate to make sure that we've got a prolonged period of NOI growth.

為了能夠報告一個較高的數字，我們正在考慮業務的整體影響，其中包括查看費率是多少、街頭費率是多少、您支付的推薦費是多少、您收取的社區費用是多少。所以，我們並不是目光短淺地想在今年夏天將入住率提升到最高。我們正在尋找。讓我們以適當的速度穩定提高入住率，以確保我們擁有長期的 NOI 成長。

Farrell, that being said, just to clarify, as Gabe mentioned, in the second quarter our occupancy peaked at the end of the quarter on June 30 at [87.5], which is certainly higher than what we saw on average for the quarter. And today that occupancy is definitely higher than that. So June and July have been very strong selling months with an AL and IL, and our expectation is that that will continue, so I'm looking forward to seeing our occupancy at the end of this quarter.

法雷爾，話雖如此，我只是想澄清一下，正如加布提到的，第二季度我們的入住率在 6 月 30 日季度末達到峰值 [87.5]，這肯定高於我們本季度的平均入住率。而今天的入住率肯定更高。因此，六月和七月是銷售非常強勁的月份，有 AL 和 IL，我們預計這種情況將持續下去，所以我期待在本季度末看到我們的入住率。

Okay, thank you. That's very helpful. And also I was wondering if you could add a little bit of commentary around your outpatient medical portfolio, how the guidance picked up, and it seems like in the past few quarters there's been a little bit more negativity around that portfolio and maybe if there have been some shifts in there.

好的，謝謝。這非常有幫助。另外，我想知道您是否可以對您的門診醫療組合做一些評論，指導如何進行，似乎在過去幾個季度中，圍繞該組合出現了一些消極情緒，也許其中發生了一些變化。

Yeah, I would say that our asset managers that oversee the outpatient medical have been doing a really good job. They've been able to retain some tenants that we had expected were going to move out. They've been able to do some renewals well in advance of expiration.

是的，我想說，我們負責監督門診醫療的資產經理做得非常好。他們成功留住了一些我們原本預計會搬走的租戶。他們能夠在到期之前完成一些續約。

I think we're probably getting fairly close to the bottom for that portfolio for our same store portfolio. I think you might see, I can see drop slightly in the third quarter, but fully anticipate that that numbers are going to get better starting in the fourth quarter, both from an occupancy and an earnings standpoint. I think the biggest driver of that business is the hospital systems. And unless and until the hospital systems decide that they want to take more space, you're going to see this sort of a very low growth, maybe depending on your explorations, some negative growth, which is an oxymoron, but I think that's generally the business we're feeling good about where we're headed.

我認為我們可能已經相當接近同店投資組合的底部了。我想您可能會看到，我可以看到第三季略有下降，但我完全預計從第四季度開始，無論是從入住率還是收益的角度來看，這些數字都會好轉。我認為該業務的最大驅動力是醫院系統。除非醫院系統決定佔用更多空間，否則你將會看到這種非常低的成長，也許取決於你的探索，一些負成長，這是一個矛盾的說法，但我認為這總體上是我們對我們的業務發展方向感到滿意的。

I think you know we've got maybe 10 assets, [1,011] assets at the end of the quarter that we're not in the same store. Of those, I think you know one of them is already sold. Five of them are under contract or letter of intent, and the other five are in various stages of being exposed to the market. So I think we are at a nadir, if you will, for that portfolio.

我想你知道我們可能有 10 項資產，本季末有 [1,011] 項資產不在同一家商店。其中有一件我想您知道已經售出了。其中五家已簽訂合約或意向書，另外五家正處於不同的市場曝光階段。因此，我認為，對於該投資組合而言，我們正處於最低點。

Danny, I just add I certainly feel better about that space today than I did a year ago. There's always been good activity from a leasing perspective, lots of interest. The biggest issue I think in the last year or two has been the health systems themselves, downsizing upon renewal, looking to cut costs. I mean they've had a tough few years, and it feels like most of that is behind us, at least that's how it feels to me. So I am, certainly more optimistic about the next 12 months than I was about the last 12 months.

丹尼，我只是想補充一點，今天我對那個空間的感覺肯定比一年前好得多。從租賃角度來看，租賃活動一直很活躍，引起了許多人的興趣。我認為過去一兩年最大的問題是醫療系統本身，在更新時縮減規模，以削減成本。我的意思是，他們經歷了幾年的艱難時期，感覺大部分困難都已經過去了，至少我是這麼感覺的。因此，我對未來 12 個月肯定比過去 12 個月更樂觀。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hi. Hey everyone. Hey guys, I just want to go back to that Medicare advantage potential for higher rates and getting more contracts. Is there any seasonality to the renewals?

你好。嘿，大家好。嘿，夥計們，我只是想回到醫療保險優勢潛力，以獲得更高的費率和更多的合約。續訂有季節性嗎？

No, not really. The contracts are too fragmented to see that really come through. I think the one caveat to that, West, is that maybe three quarters of those contracts have a fixed annual increase that's based off of PDPM of the CMS increase that happens October 1, every year, so you'll see a proportionate increase in the Medicare advantage rate based on the increase in the Medicare rate come October 1.

不，不是真的。合約過於零散，難以真正實現。韋斯特，我認為對此的一個警告是，這些合約中大概有四分之三具有固定的年度增長，該增長基於每年 10 月 1 日發生的 CMS 增長的 PDPM，因此您會看到醫療保險優勢率根據 10 月 1 日醫療保險費率的增長而按比例增加。

Okay, and then just one more for you. When you look at the acquisition of the.

好的，然後再給你一個。當你查看收購時。

Unstabilized assets, would that be the last.

不穩定資產，那會是最後一次。

Of the non-consolidated Assets?

非合併資產？

A trilogy.

三部曲。

Yeah, although there still are a few select assets that trilogy either manages or leases that we do not yet own that we expect over time that we will own. So there's, another call it for assets off the top of my head that I can think of that. I would expect us to acquire in, potentially one this year, maybe the rest next year or the year after. So there's a few more, but most of what Trilogy operates now, we already own.

是的，儘管 Trilogy 管理或租賃的少數精選資產我們尚未擁有，但我們預計隨著時間的推移我們將擁有這些資產。因此，我能想到的另一種稱呼就是資產。我希望我們今年能夠收購一家，明年或後年也許能夠收購剩下的一家。還有一些，但 Trilogy 目前經營的大部分業務都已經歸我們所有。

Okay, thanks for the time, yeah.

好的，謝謝你抽出時間，是的。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Thanks. So first question is just on Trilogy. In the same STORE NOI growth guides, which it raises. Can you just talk about, the back half of the year, it seems like there is a little bit of a slowing expected in the back half of the year. And I'm not sure if that's just due to tougher occupancy comp or if there's any other issues. Thanks.

謝謝。所以第一個問題是關於三部曲的。在相同的STORE NOI成長指南中，它提出了這一點。您能否談談下半年的情況，似乎預計下半年經濟會稍微放緩。我不確定這是否只是由於更嚴格的入住率補償，還是有其他問題。謝謝。

No, you're on track there. The reality is that at the midpoint of that trilogy, same guidance, it denotes, fairly flat for the rest of the year. I will say that there is certainly seasonality that trilogy has experienced over time in the second and third quarters. Now second quarter didn't really come to fruition. Their post acute occupancy was quite strong. But there's something referred to as the dog days of summer, which basically means that there's not a lot of people that are doing elective surgeries during the summer months.

不，你的思路是正確的。事實是，在這三部曲的中期，同樣的指導意見表明，今年剩餘時間的情況將相當平穩。我想說的是，隨著時間的推移，三部曲在第二季和第三季確實經歷了季節性的變化。現在第二季並沒有真正取得成果。他們的急性期後入住率相當高。但有一種說法是“三伏天”，這基本上意味著在夏季沒有多少人進行選擇性手術。

And certainly, there's a lot less of the flu that's hitting people because you're much more outdoors. So there is a little bit of headwind, I would say to the third quarter. There's a little bit of headwind on Medicaid rates, especially in Ohio in the fourth quarter, but ultimately that's, flat if we hit the midpoint, even a little bit of growth might get us. To the higher end of that range. I think the biggest issue is that we saw a market increase last year, so we're comparing ourselves to a higher.

當然，由於人們更多地在戶外活動，因此患流感的幾率會大大降低。所以我認為第三季會面臨一些阻力。醫療補助率面臨一些阻力，尤其是在第四季的俄亥俄州，但最終，如果我們達到中間點，那麼即使是一點點的成長也可能為我們帶來好處。達到該範圍的高端。我認為最大的問題是我們看到去年市場有所成長，所以我們將自己與更高的市場進行比較。

Base and certainly much more difficult comps in Q3 and Q4 of 2024.

2024 年第三季和第四季的基準和難度無疑要大得多。

Yeah, because we do have, some, we have several Medicaid increases that kicked in July 1, and then we have a Medicare increase that kicks in October 1, but the same thing happened last year.

是的，因為我們確實有一些，我們有幾項醫療補助增加，從 7 月 1 日開始，然後我們的醫療保險增加，從 10 月 1 日開始，但去年也發生了同樣的事情。

All right, thanks, that's helpful. Second question is just in terms of the interest expense guidance, going down. Was that just a function of raising more equity in the plan and how do you, how should we think about sort of the funding mix equity. Versus on incremental investments.

好的，謝謝，這很有幫助。第二個問題是關於利息支出指引的下降。這是否僅僅是計劃中籌集更多股權的功能？您應該如何考慮融資組合股權？與增量投資相比。

Yeah, short answer is you're right, we have been successful in paying off debt, and that's in part the biggest reason why the debt calculation has improved. But beyond that, the cheapest source of equity that we can source is obviously retained earnings, and with our dividend payout where it is, we are retaining some earnings and we can utilize those dollars to pay for some of our external growth.

是的，簡短的回答是您說得對，我們已經成功償還了債務，這也是債務計算得到改善的最大原因。但除此之外，我們可以獲得的最便宜的股權來源顯然是留存收益，而且透過支付股息，我們保留了一些收益，我們可以利用這些收益來支付部分外部成長。

Beyond that, we have been a user of the ATM in the past. It's an extremely efficient product with a very low cost. I would anticipate that we would like to be able to do that in the future. And then finally we have enough capacity on our revolving line of credit to be able to take down all of the pipeline that we've described today. So you know we have the ability to buy the assets and I think we have. Good sources of capital to do that.

除此之外，我們過去一直是 ATM 的使用者。這是一種效率極高且成本極低的產品。我期望我們將來能夠做到這一點。最後，我們的循環信貸額度有足夠的容量，能夠承擔我們今天所描述的所有管道。所以你知道我們有能力購買這些資產，而且我認為我們也有這個能力。實現這一目標的良好資金來源。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi Seth.

你好，塞思。

Okay, thanks for taking my question. I just wanted to kind of ask about, the new operator and kind of, how much of the pipeline is with, existing operators, how much of the pipeline is with new operators, and then how do you think about kind of operator selection like what's the criteria you look for on partnering with new operators.

好的，感謝您回答我的問題。我只是想問一下，新運營商，有多少渠道是與現有運營商合作的，有多少渠道是與新運營商合作的，然後你如何看待運營商的選擇，比如你在與新運營商合作時尋找的標準是什麼。

Yes, hey, this is Stefan. So, first of all, I'd say we're very excited about Great Lakes, joining us and having that relationship. It's already paid dividends in a number of ways. They, we -- in terms of how we go about selecting new operators, it's something that we do in a very measured way. We want to make sure that they check the boxes for us, and.

是的，嘿，這是史蒂芬。所以，首先我想說，我們對五大湖加入我們並建立這種關係感到非常興奮。它已經通過多種方式獲得了回報。他們，我們——就我們如何選擇新運營商而言，這是我們以非常慎重的方式做的事情。我們希望確保他們為我們檢查箱子，並且。

We're very lucky that we've been in this space for a long time. We're very familiar with a lot of the operators out there. We have a lot of folks on our team that have either worked with or worked are aware of a number of these operators on different levels. That was certainly the case with Great Lakes. We had a previous relationship with them through someone on our team, and we had identified them as someone that we had an interest in in potentially doing something with in the future. It's the same situation with any other operator we're going to be looking at.

我們很幸運，我們已經在這個領域待了很長時間。我們對很多運營商都非常熟悉。我們團隊中有很多人曾經與不同級別的這些運營商合作過，或者了解他們。五大湖的情況確實如此。我們之前透過團隊中的某個人與他們建立了聯繫，我們認為他們是我們有興趣在未來合作的對象。我們將要考察的任何其他業者也面臨同樣的情況。

What is -- what kind of culture do they have both from a care perspective, an employee engagement perspective. We want to make sure that there are groups that are looking to grow, have an interest in growing in the future. We're not necessarily interested in adding operators where it's one and done. We want to make sure that These are groups that have aligned interests with us in terms of where to grow, how to grow, how quickly to grow, and obviously we're looking at operators that fit within the markets that we have an interest in. So, it's it's a very thoughtful process, we're collaborating between us here.

從關懷角度和員工參與角度來看，他們擁有什麼樣的文化。我們希望確保有一些團體希望成長，並對未來的成長感興趣。我們不一定對新增一次性完成的操作感興趣。我們希望確保這些團體在發展方向、如何發展、發展速度等方面的利益與我們一致，而且顯然我們正在尋找適合我們感興趣的市場的營運商。所以，這是一個非常深思熟慮的過程，我們在這裡合作。

Through all levels of the company to determine who we want to move forward with.

透過公司的各個層面來確定我們想要與誰一起前進。

But just to clarify, this isn't a situation where we were awarded a building and then we said, okay, now who do we want to use to operate it? Actually, the operator came first. So both of these operators are groups that I've been hearing about from the from the investments team and the asset management team for a long time, groups that we want to do deals with and in at least a couple of instances that I'm aware of, they actually brought us the action on an off-market basis.

但需要澄清的是，這並不是說我們獲得了一棟建築，然後我們說，好吧，現在我們要找誰來運作它？事實上，操作員是第一位的。因此，這兩個運營商都是我很久以前從投資團隊和資產管理團隊那裡聽說的團體，也是我們想要與之做交易的團體，而且據我所知，至少有幾次，他們實際上是在場外交易的基礎上為我們採取了行動。

So this is, our head of asset management had a prior experience with one of the senior folks at Great Lakes and said, let's see if we can, find some buildings to do together and clearly, they would like to work with us. I think we have a pretty good reputation as an owner. We have a pretty good, we're pretty good in incentivizing our operators, if if the building does well, they do well, and we're long term holders, which is kind of what they're looking for as opposed to someone who just wants to come in and flip a building. So, we're incentivized to find good operators and they're incentivized to bring us good buildings. So, the operator came before the building in both of these situations.

因此，我們的資產管理主管曾與五大湖的一位高層人士合作，並表示，讓我們看看是否可以找到一些可以一起建造的建築，顯然，他們願意與我們合作。我認為我們作為業主享有相當好的聲譽。我們有相當好的激勵措施，我們非常擅長激勵我們的運營商，如果建築物表現良好，他們也會表現良好，而且我們是長期持有者，這正是他們所尋找的，而不是那些只想進來翻轉建築物的人。因此，我們有動力去尋找優秀的營運商，他們也有動力為我們帶來優秀的建築。因此，在這兩種情況下，操作員都位於建築物之前。

Yeah, and also just to go back to your original question about the allocation, if you look at what we've closed down and what's in our pipeline, I would say that, we're probably somewhere in the, 65%-70% that are still with our existing or our current operators, but there are definitely, this is definitely proved out to be a positive thing and that we are seeing opportunities to grow with the new operators.

是的，回到你最初關於分配的問題，如果你看看我們已經關閉了哪些項目以及我們正在進行的項目，我想說，我們大概有 65%-70% 的項目仍然與我們現有的或當前的運營商合作，但肯定有，這絕對被證明是一件好事，我們看到了與新運營商一起成長的機會。

Great, that's helpful. And then you know you talked a bit about kind of the Medicaid advantage and and kind of the optimal mix of customers. Can you remind us kind of what the margin flow through is on incremental occupancy and then anything else on the revenue management side or or cost structure that you're kind of looking at to grow, to continue to grow, margin expansion.

太好了，很有幫助。然後您知道您談論了醫療補助的優勢以及最佳客戶組合。您能否提醒我們，增量入住率的利潤流是什麼，以及您希望在收入管理方面或成本結構方面實現成長、持續成長和利潤擴大的其他因素是什麼。

I think you said Medicaid advantage. You meant Medicare advantage, so. I mean our overall margin in the trilogy is now back up to where it was pre-COVID in almost 20%. We expect it to continue to increase. Now the incremental margin. It's really tough to say, right, and it depends on so many different things. It depends on the acuity level of who you're bringing in. It depends on how well occupied the building is, I can throw out a number what I believe the incremental margin is, but it would be kind of just my gut feeling.

我想你說的是醫療補助優勢。您的意思是醫療保險優勢，所以。我的意思是，我們三部曲的整體利潤率現在已經恢復到新冠疫情之前的水平，接近 20%。我們預計它將繼續增加。現在增加利潤。這真的很難說，對吧，這取決於很多不同的因素。這取決於你所引進人員的敏銳度。這取決於建築物的佔用情況，我可以給出一個我認為的增量利潤率的數字，但這只是我的直覺。

And clearly, an IL it's higher on AL it's lower, and on skilled nursing it's even lower. But Medicare Advantage, which would clearly be skilled nursing, and it would probably be a higher acuity level because it's, someone coming in usually post-hospitalization. I would say that's probably an incremental, I don't know, 40% is my guess, but that's just a guess.

顯然，IL 較高，AL 較低，而熟練護理則更低。但是醫療保險優勢計劃顯然需要熟練的護理，而且可能需要更高的敏銳度水平，因為通常是在患者住院後才來。我想說這可能是一個增量，我不知道，我猜是 40%，但這只是一個猜測。

That feels right to me too, Danny, and I think keeping mindset and That at Trilogy we're adding beds constantly. We're developing new products and we're adding new campuses and as we continue to do that over the years, the mix within the buildings is shifting even more to senior housing than skilled nursing. So I think by nature of the bed mix shifting in the future when we're talking about this second quarter in 2026, we'll see higher margins that are just coming through high margin I product that's being added to the total turtle.

丹尼，我也這麼認為，我認為保持這種心態，在 Trilogy，我們會不斷增加床位。我們正在開發新產品，並增加新的園區，隨著我們多年來不斷這樣做，建築物內的結構正在更多地向老年住房而非專業護理轉變。因此，我認為，當我們談論 2026 年第二季度時，隨著未來床上用品組合的變化，我們將看到更高的利潤率，而這些利潤率僅僅是透過添加到整體產品中的高利潤率 I 產品而產生的。

Excuse me. Total trilogy portfolio. That's a great point, Gabe, because you know looking at trilogies' margins today versus whatever they were seven years ago, it's not really apples to apples, right, because there's so much more AL and aisle today than they were seven years ago because you know we've added villas.

打擾一下。總共三部曲作品集。加布，這是一個很好的觀點，因為你知道，看看今天三部曲的利潤率與七年前的利潤率，這真的不是一個水平上的比較，對吧，因為今天的 AL 和過道比七年前多得多，因為你知道我們增加了別墅。

The new campuses tend to have a much higher percentage of AL and IL versus campuses that were developed 10 years ago. So I would expect to see trilogy's margin continue to go up as their mix relies more on, private pay AL and IL.

與 10 年前開發的校園相比，新校園的 AL 和 IL 比例往往要高得多。因此，我預計三部曲的利潤率將繼續上升，因為他們的組合更依賴私人支付 AL 和 IL。

And I think the second part of your question on revenue mix or revenue management, how that's working. I think Trilogy is the best example we have in our portfolio right now on what they're doing. A mainly maybe because they got to higher occupancies faster than everybody else in the industry and had to really rely on revenue growth to drive NOI growth. So Trilogy has centralized the revenue management function for all of their 130 campuses at the headquarters, and that rev they brought in a consultant that had an aviation hospitality background to help them optimize.

我認為您問題的第二部分是關於收入組合或收入管理，以及它是如何運作的。我認為 Trilogy 是我們目前投資組合中關於他們所做事情的最佳例子。可能主要是因為他們比業內其他所有人都更快地實現了更高的入住率，並且必須真正依靠收入成長來推動 NOI 成長。因此，Trilogy 將其所有 130 個校區的收入管理功能集中在總部，並且他們聘請了一位具有航空酒店背景的顧問來幫助他們進行最佳化。

Revenue management program and put it in place. That program delivers to a dashboard in each building a tool kit that provides the ED with the tools that they need to make decisions about what's the right rate for units specific decisions that take into account the view, the location in the building, things that are far more sophisticated than what you've seen in the past in senior housing. It takes into account what the market rate is in those markets.

收入管理計劃並實施。該計劃向每棟建築的儀表板發送一個工具包，為急診科提供所需的工具，以便他們決定每個單元的合適費率，這些具體決定會考慮到景觀、建築位置等因素，這些因素比你過去在老年公寓中看到的要復雜得多。它考慮了這些市場的市場利率。

It takes into account what the occupancy is, what the tours. Have been what the leads are and gives you a real-time view of what you should be pricing your units at so that you can make sure that your street rate and when you bring in a new resident you're getting the optimal rate. That program, I think, works incredibly well and is why they've been very successful in managing revenue. That program is also something that we've started test piloting to see if we can replicate it with our other operators and create platform value by having not only good.

它考慮了入住率和旅遊情況。一直是線索，並為您提供即時視圖，您應該為您的單位定價，以便您可以確保您的街道價格以及當您引入新居民時獲得最佳價格。我認為該計劃運作得非常好，這也是他們在收入管理方面非常成功的原因。我們也已經開始對該計劃進行試運行，看看我們是否可以將其複製到其他運營商，並透過不僅具有良好性能來創造平台價值。

Information for other operators, but good resources to help them execute on the strategies that are that are coming out of that good information. So it's bridging two things the information GAAP for operators across the country in our portfolio, but also the execution GAAP GAAP to make sure all of the operators have the resources they need to execute on revenue management and not just revenue management. There's, maybe half a dozen other key initiatives where we can kind of leverage the trilogy platform to do similar things.

為其他運營商提供的信息，但良好的資源可以幫助他們執行由這些良好信息產生的策略。因此，它連接了兩件事：一是我們投資組合中全國各地運營商的 GAAP 信息，二是執行 GAAP，以確保所有運營商都擁有執行收入管理所需的資源，而不僅僅是收入管理。也許還有六個其他關鍵舉措，我們可以利用三部曲平台來做類似的事情。

Great, thanks. Operator, are you there?

太好了，謝謝。接線員，您在嗎？

This is awkward.

這很尷尬。

I think we can wrap it up.

我想我們可以結束了。

All right. Well, I apologize if anybody had any more questions. It looks like we may have lost our operator. Feel free to reach out to Brian, myself, Gabe, Stefan. Happy to answer any further questions and we want to wish everyone a great weekend. Thank you.

好的。好吧，如果有人還有其他問題，我深感抱歉。看起來我們可能已經失去了我們的操作員。歡迎隨時聯絡 Brian、我本人、Gabe、Stefan。很高興回答任何進一步的問題，並祝大家週末愉快。謝謝。