Community Healthcare Trust Inc (CHCT) 2022 Q4 法說會逐字稿

Welcome to Community Healthcare Trust's 2022 Fourth Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2022 4th quarter financial results. It will also discuss progress made in various aspects of its business. Following the remarks, the phone lines will be open for a question-and-answer session.

歡迎來到 Community Healthcare Trust 的 2022 年第四季度收益發布電話會議。在今天的電話會議上，該公司將討論其 2022 年第四季度的財務業績。它還將討論其業務各個方面取得的進展。在發表評論之後，電話線將開放以進行問答環節。

The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit. The company wants to emphasize that some of the information that may be discussed on this call will be based on information as of today, February 15, 2023, and may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's disclosures regarding forward-looking statements in its earnings release as well as its risk factors and MD&A in its SEC filings. The company undertakes no obligation to update forward-looking statements, whether as the result of new information, future developments or otherwise, except as may be required by law.

該公司的收益發佈於昨晚發布，並已發佈在其網站 www.chct.reit 上。公司希望強調，本次電話會議可能討論的一些信息將基於截至今天（2023 年 2 月 15 日）的信息，並且可能包含涉及風險和不確定性的前瞻性陳述。實際結果可能與此類聲明中的結果存在重大差異。要討論這些風險和不確定性，您應該查看公司在其收益發布中披露的有關前瞻性陳述的信息，以及在其提交給美國證券交易委員會的文件中披露的風險因素和 MD&A。公司不承擔更新前瞻性陳述的義務，無論是由於新信息、未來發展還是其他原因，法律可能要求的除外。

During this call, the company will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in its earnings release, which is posted on its website. Call participants are advised that this conference call is being recorded for playback purposes. An archive of the call will be made available on the company's Investor Relations website for approximately 30 days and is the property of the company. This call may not be recorded or otherwise reproduced or distributed without the company's prior written permission.

在此電話會議中，公司將討論 GAAP 和非 GAAP 財務指標。發佈在其網站上的收益報告中提供了兩者之間的對賬。通話參與者被告知正在錄製此電話會議以供回放。通話檔案將在公司的投資者關係網站上提供大約 30 天，並且是公司的財產。未經公司事先書面許可，不得錄製或以其他方式複製或分發此電話。

Now I would like to turn the call over to Dave Dupuy, Interim CEO of Community Healthcare Trust.

現在我想把電話轉給 Community Healthcare Trust 的臨時首席執行官 Dave Dupuy。

Great. Thank you very much, and good morning. Thank you for joining us today for the 2022 4th quarter conference call. On the call with me today is Leigh Ann Stach, our Chief Accounting Officer; and Tim Meyer, our Executive Vice President of Asset Management. As we disclosed in an 8-K released on Monday, February 13, Tim Wallace is on a medical leave to deal with complications from a peptic ulcer, and the Board has asked me to step in as the Interim CEO. I know everyone will join me in wishing Tim a quick recovery.

偉大的。非常感謝，早上好。感謝您今天加入我們參加 2022 年第四季度電話會議。今天與我通話的是我們的首席會計官 Leigh Ann Stach；和我們的資產管理執行副總裁 Tim Meyer。正如我們在 2 月 13 日星期一發布的 8-K 中披露的那樣，蒂姆華萊士正在休病假以治療消化性潰瘍並發症，董事會要求我擔任臨時首席執行官。我知道每個人都會和我一起祝愿蒂姆早日康復。

Now to other matters. Our earnings announcement and supplemental data report were released last night and filed with an 8-K, and our annual report on Form 10-K was filed last night. In addition, an updated investor presentation was posted to our website last night as well.

現在談談其他事情。我們的收益公告和補充數據報告已於昨晚發布並提交了 8-K，我們的年度報告已於昨晚提交了 10-K 表格。此外，昨晚我們的網站上也發布了更新的投資者介紹。

We had a busy fourth quarter both from an operations and an acquisitions perspective. At year-end, our occupancy had risen to 91.7%, and we continue to see good leasing activity. Our weighted average remaining lease term was relatively stable at 7.6 years. We continue to have 5 properties or significant portions of them that are undergoing redevelopment or significant renovations with long-term tenants in place when the renovations or redevelopment is complete.

從運營和收購的角度來看，我們度過了一個繁忙的第四季度。年底，我們的入住率上升至 91.7%，我們繼續看到良好的租賃活動。我們的加權平均剩餘租期相對穩定，為 7.6 年。我們繼續擁有 5 處房產或其中很大一部分正在進行重建或重大翻新，當翻新或重建完成時，長期租戶就位。

During the fourth quarter, we acquired 13 properties in 4 transactions with a total of approximately 241,000 square feet for a purchase price of $50.2 million. The properties were 97.8% leased with leases running through 2034 and anticipated annual returns of approximately 9.26% to 10.21%. For the year, we acquired 18 properties with a total of 423,000 square feet for an aggregate purchase price of $97.1 million which were approximately 98.9% leased with leases running through 2037 and anticipated annual returns of 9% to 10.25%. Subsequent to December 31, we acquired 3 properties in 2 separate transactions totaling 99,000 square feet for an aggregate purchase price of approximately $12.5 million. Upon acquisition, the properties were 100% leased with expirations through 2029.

第四季度，我們在 4 筆交易中收購了 13 處房產，總面積約為 241,000 平方英尺，購買價格為 5,020 萬美元。這些物業的 97.8% 已出租，租期將持續到 2034 年，預計年回報率約為 9.26% 至 10.21%。全年，我們收購了 18 處房產，總面積為 423,000 平方英尺，總購買價格為 9,710 萬美元，其中約 98.9% 的租約一直持續到 2037 年，預計年回報率為 9% 至 10.25%。 12 月 31 日之後，我們在 2 筆獨立交易中收購了 3 處房產，總面積為 99,000 平方英尺，總購買價格約為 1,250 萬美元。收購後，這些物業 100% 出租，有效期至 2029 年。

The company has 4 properties under definitive purchase agreements for an aggregate expected purchase price of $20.1 million and expected returns of approximately 9.2% to 9.5%. The company is currently performing due diligence and expects to close these properties in the next few months. We also have signed definitive purchase and sale agreements for 6 properties to be acquired after completion and occupancy for an aggregate expected investment of $141 million. The inspected return on these investments should range up to 10.25%. We expect to close on these properties throughout 2023 and 2024. We continue to have many properties under review and have term sheets out on several properties and anticipated returns of 9% to 10%.

該公司根據最終購買協議擁有 4 處房產，總預期購買價格為 2010 萬美元，預期回報率約為 9.2% 至 9.5%。該公司目前正在進行盡職調查，預計將在未來幾個月內關閉這些物業。我們還簽署了最終購買和銷售協議，將在完成和入住後收購 6 處房產，預計投資總額為 1.41 億美元。這些投資的檢查回報率應高達 10.25%。我們預計將在 2023 年和 2024 年關閉這些物業。我們繼續對許多物業進行審查，並在幾個物業上發布條款清單，預計回報率為 9% 至 10%。

On November 2, 2022, the company filed an automatic shelf registration statement on Form S-3 with the SEC. Simultaneously, the company entered into a sales agency agreement with various banks for the sale of up to 500 million of common stock, including the issuance of ATM shares. Also, we declared our dividend for the fourth quarter and raised it to $0.4475 per common share. This equates to an annualized dividend of $1.79 per share, and we continue to be proud to say we have raised our dividend every quarter since our IPO.

2022 年 11 月 2 日，公司向 SEC 提交了表格 S-3 的自動貨架登記聲明。同時，公司與多家銀行簽訂了銷售代理協議，出售最多 5 億股普通股，包括發行 ATM 股票。此外，我們宣布了第四季度的股息並將其提高到每股普通股 0.4475 美元。這相當於每股 1.79 美元的年化股息，我們繼續自豪地說，自首次公開募股以來，我們每個季度都提高了股息。

Before jumping into the financials, I wanted to highlight our recent refinancing, SOFR transition and swap activity. Given the tightening bank market, we thought it prudent to move forward our refinancing plans, and our banks were very supportive. Although we were seeking $125 million 7-year 3-month term loan, the transaction was oversubscribed so we decided to increase to $150 million. The 3-month stub period was added to make the maturity towers consistent with our existing term loans, which occur every 2 years beginning in March of 2026. The proceeds were used to refinance the $50 million term loan due 2024, pay down the revolver and fund acquisitions.

在進入財務領域之前，我想強調一下我們最近的再融資、SOFR 過渡和互換活動。鑑於銀行市場收緊，我們認為推進再融資計劃是明智的，我們的銀行也非常支持。儘管我們尋求 1.25 億美元的 7 年 3 個月定期貸款，但交易被超額認購，因此我們決定增加到 1.5 億美元。添加了 3 個月的存根期以使到期塔與我們現有的定期貸款保持一致，從 2026 年 3 月開始每 2 年發生一次。所得款項用於為 2024 年到期的 5000 萬美元定期貸款再融資，償還循環貸款和基金收購。

Simultaneous with the refinancing, we transitioned our borrowings from LIBOR to SOFR. Shortly thereafter, we swapped floating rate exposure to fixed through SOFR-based swaps. And finally, in January, we transitioned all our remaining swaps from LIBOR to SOFR. After this refinancing, we anticipate having enough availability on our credit facilities to fund our acquisitions, and we expect to continue to opportunistically utilize the ATM to strategically access the equity markets.

在進行再融資的同時，我們將藉款從 LIBOR 轉換為 SOFR。此後不久，我們通過基於 SOFR 的掉期將浮動利率敞口轉換為固定利率。最後，在一月份，我們將所有剩餘的互換從 LIBOR 轉換為 SOFR。在這次再融資之後，我們預計我們的信貸額度將有足夠的可用性來為我們的收購提供資金，我們預計將繼續機會主義地利用 ATM 戰略性地進入股票市場。

Now on to the numbers. I am pleased to report that total revenue for 2022 was $97.7 million compared to $90.6 million for 2021, representing 7.8% growth over the prior year. Meanwhile, total revenue for the fourth quarter of 2022 was approximately $25.3 million versus $23.2 million for the same period in 2021, representing 9% growth over the fourth quarter of 2021, while quarter-over-quarter revenue grew 2.2%. And on a pro forma basis, if all the 2022 4th quarter acquisitions had occurred on the first day of the fourth quarter, total revenue would have increased by an additional $1,116 million to a pro forma total of $26.5 million in the fourth quarter.

現在談談數字。我很高興地報告，2022 年的總收入為 9770 萬美元，而 2021 年為 9060 萬美元，比上一年增長 7.8%。與此同時，2022 年第四季度的總收入約為 2530 萬美元，而 2021 年同期為 2320 萬美元，比 2021 年第四季度增長 9%，而環比收入增長 2.2%。在備考基礎上，如果所有 2022 年第四季度的收購都發生在第四季度的第一天，那麼第四季度的總收入將增加 11.16 億美元，達到 2650 萬美元。

From an expense perspective, property operating expenses increased year-over-year from $15.2 million in 2021 to $16.6 million in 2022 or 9.8%. During the fourth quarter, property operating expenses increased from $3.5 million in 2021 to $4.2 million or 17.6% for the same period in 2022. Sequentially, property operating expense decreased from $4.3 million in the third quarter to $4.2 million in the fourth quarter or 4% due to normal fluctuations in property operating expenses that occur quarter-over-quarter.

從支出的角度來看，物業運營支出從 2021 年的 1520 萬美元同比增長到 2022 年的 1660 萬美元，增幅為 9.8%。第四季度，物業運營費用從 2021 年的 350 萬美元增加到 2022 年同期的 420 萬美元或 17.6%。因此，物業運營費用從第三季度的 430 萬美元下降到第四季度的 420 萬美元或 4%由於按季度發生的物業運營費用的正常波動。

And for the year, G&A increased from $12.1 million in 2021 to $14.8 million in 2022 or 22.5%. And the fourth quarter G&A expense -- G&A increased from $3.2 million in 2021 to $4.1 million in 2022 or 31.5% and increased 10.3% sequentially. For the year, cash G&A increased from approximately $4.9 million in 2021 to $5.4 million in 2022 or 9.6%. While in the fourth quarter, cash G&A increased from approximately $1.2 million in '21 to $1.5 million in '22 or 29.8% while increasing 15.8% quarter-over-quarter. Increases in G&A were driven by compensation expenses related to both new and existing employees, increases in professional fees expense and increases in amortization of deferred compensation from the issue of restricted stock, including a compressed amortization schedule based on retirement eligibility dates. Please refer to Page 8 in the supplemental information report as included with our 8-K filing for more details on cash versus noncash G&A expenses.

全年，G&A 從 2021 年的 1210 萬美元增加到 2022 年的 1480 萬美元，增幅為 22.5%。第四季度的 G&A 費用——G&A 從 2021 年的 320 萬美元增加到 2022 年的 410 萬美元，增幅為 31.5%，環比增長 10.3%。全年，現金 G&A 從 2021 年的約 490 萬美元增加到 2022 年的 540 萬美元或 9.6%。而在第四季度，現金 G&A 從 21 年的約 120 萬美元增加到 22 年的 150 萬美元或 29.8%，同時環比增長 15.8%。 G&A 的增加是由於與新員工和現有員工相關的薪酬支出、專業費用支出的增加以及因發行限制性股票而遞延補償的攤銷增加，包括基於退休資格日期的壓縮攤銷時間表。請參閱我們的 8-K 文件中包含的補充信息報告中的第 8 頁，了解有關現金與非現金 G&A 費用的更多詳細信息。

Interest expense increased year-over-year from $10.5 million in '21 to $11.9 million in '22 or 12.6%. Quarter-over-quarter interest expense increased from $3 million to $3.5 million or 14.4%. The increase in interest expense was driven by an increase in interest rates, borrowings under our credit facility to fund acquisitions and the addition of the new $150 million term loan which closed December 14, 2022. For the year, our net debt to total capitalization remained conservative at 34.8%.

利息支出從 21 年的 1050 萬美元同比增加到 22 年的 1190 萬美元或 12.6%。環比利息支出從 300 萬美元增加到 350 萬美元或 14.4%。利息支出的增加是由於利率上升、我們的信貸安排下的借款為收購提供資金以及新增 1.5 億美元的定期貸款（截至 2022 年 12 月 14 日）。全年，我們的淨債務佔總資本的比例保持不變保守的 34.8%。

Our net income decreased from $22.5 million in '21 to $22 million in '22 or 2.1%. For the quarter, net income decreased from $6.1 million in '21 to $5.2 million in '22 or 14.3%, and sequentially, net income decreased from $5.7 million to $5.2 million or 7.7%.

我們的淨收入從 21 年的 2250 萬美元下降到 22 年的 2200 萬美元或 2.1%。本季度，淨收入從 21 年的 610 萬美元下降到 22 年的 520 萬美元或 14.3%，連續下降，淨收入從 570 萬美元下降到 520 萬美元或 7.7%。

For the year, funds from operations, FFO, increased from $52.9 million or $2.20 per diluted share in 2021 to $54.6 million or $2.24 per diluted share or $0.04, representing per share FFO growth of 1.8% for the fourth -- 1.8%. For the fourth quarter, FFO decreased from $13.8 million or $0.57 per diluted share in 2021 to $13.6 million or $0.56 per diluted share in 2022.

全年，來自運營的資金 FFO 從 2021 年的 5290 萬美元或攤薄後每股 2.20 美元增加到 5460 萬美元或攤薄後每股 2.24 美元或 0.04 美元，第四次每股 FFO 增長 1.8%，增幅為 1.8%。第四季度，FFO 從 2021 年的 1380 萬美元或攤薄後每股 0.57 美元減少到 2022 年的 1360 萬美元或攤薄後每股 0.56 美元。

On an annual basis, adjusted funds from operations, which adjusts for straight-line rent and stock-based compensation, grew from $56.5 million or $2.35 per diluted share to $60.6 million or $2.49 per diluted share or $0.14, representing per share AFFO growth of 6%. On a quarterly basis, AFFO increased from $14.9 million or $0.61 per diluted share in the fourth quarter of '21 to $15.4 million or $0.63 per diluted share in the fourth quarter of 2022. And from a pro forma perspective, if all the fourth quarter acquisitions occurred on the first day of the fourth quarter, AFFO would have increased by approximately $576,000 to a pro forma total of $16 million, increasing fourth quarter AFFO to $0.65 per share.

按年計算，根據直線租金和基於股票的薪酬進行調整的調整後運營資金從 5650 萬美元或稀釋後每股 2.35 美元增加到 6060 萬美元或稀釋後每股 2.49 美元或 0.14 美元，代表每股 AFFO 增長 6 %。按季度計算，AFFO 從 21 年第四季度的 1490 萬美元或稀釋後每股收益 0.61 美元增加到 2022 年第四季度的 1540 萬美元或稀釋後每股收益 0.63 美元。從備考的角度來看，如果所有第四季度的收購發生在第四季度的第一天，AFFO 將增加約 576,000 美元，預計總計 1,600 萬美元，從而使第四季度 AFFO 增加至每股 0.65 美元。

Kate, I believe we're ready to start the question-and-answer session.

凱特，我想我們已經準備好開始問答環節了。

(Operator Instructions) The first question is from Rob Stevenson of Janney.

（操作員說明）第一個問題來自 Janney 的 Rob Stevenson。

Dave, any in the '23 or '24 lease expirations and known move-out or likely downsize at this point? Or you expect them all to renew in place?

戴夫，任何在 23 年或 24 年的租約到期和已知搬出或此時可能縮小規模？或者你希望他們都原地更新？

We've got -- Rob, thanks for the question. We've got relatively few leases that are expiring in '23. So -- and we think we know pretty well what those -- whether those are going to be re-leased. Tim, I don't know if you've got any color on that, but feel free to add.

我們有-- Rob，謝謝你提出這個問題。我們在 23 年到期的租約相對較少。所以 - 我們認為我們非常了解這些 - 是否會重新出租。蒂姆，我不知道你是否有任何顏色，但請隨意添加。

I mean, we're fairly confident with our lease pipeline that we have today both with renewals and new leases. With the portfolio, there is a natural churn rate that you see with leases that do expire, tenants that do move out. But we've been -- we've seen strength with our retention rate particularly through 2022 and we see that continuing in 2023. So even if tenants do move out, we're pretty confident in what we can do with leasing that to new tenants.

我的意思是，我們對我們今天擁有的續約和新租約的租賃渠道相當有信心。對於投資組合，您會看到自然流失率，租約到期，租戶搬出。但我們一直 - 我們已經看到了我們的保留率的優勢，特別是到 2022 年，我們看到這種情況將持續到 2023 年。因此，即使租戶確實搬走，我們也非常有信心將其出租給新的租戶租戶。

And Rob, that's showing up in our occupancy, what we've seen in terms of momentum and growing occupancy over the last few quarters.

Rob，這體現在我們的入住率上，我們在過去幾個季度的發展勢頭和不斷增長的入住率方面看到了這一點。

Okay. And I guess on that standpoint, I mean, what is the outlook? You guys are just a shade under 92% leased as of year-end. In terms of incremental leasing within the portfolio, what's the outlook for that in terms of what you have visibility on today?

好的。我想從這個角度來看，我的意思是，前景如何？截至年底，你們的出租率略低於 92%。就投資組合中的增量租賃而言，就您今天的可見性而言，前景如何？

I think historically what we've messaged, and I don't think that would change based -- even on what we're seeing, is we think it's tough for this portfolio to be leased any more than kind of 93%. There's always going to be a natural piece of vacancy in the portfolio. So I think we've got an ability to continue to increase our occupancy and continue to build that. But I think anything beyond 93%, we certainly wouldn't expect. And so continue to see good leasing activity. And what we've always said is when you see good lease activity, you see good leasing. So I think we're confident that we will continue to post solid leasing results going forward.

我認為從歷史上看，我們所傳達的信息，我認為這不會改變——即使根據我們所看到的，我們認為這個投資組合很難出租超過 93%。投資組合中總會有一個自然的空缺。所以我認為我們有能力繼續增加我們的入住率並繼續建設它。但我認為任何超過 93% 的東西，我們當然不會期望。因此繼續看到良好的租賃活動。我們一直說的是，當您看到良好的租賃活動時，您就會看到良好的租賃。所以我認為我們有信心我們將繼續發布穩健的租賃結果。

Okay. And then the last one for me. Your average property acquisition cost in '22 was a little under $5 million, and you're basically right there again with the stuff that you either have closed or have under contract for '23. Other than the 6 properties for the $141 million in the pipeline, are there other deals that you guys are starting to look at these days? Are they still in that sort of $5 million-ish on average range? Or are some of these larger deals moving up the scale pipeline?

好的。然後是我的最後一個。你在 22 年的平均財產購置成本略低於 500 萬美元，而你基本上又回到了 23 年你已經關閉或根據合同簽訂的東西。除了籌備中的 1.41 億美元的 6 處房產外，這些天你們是否開始關注其他交易？他們是否仍處於平均 500 萬美元左右的範圍內？還是這些較大的交易中的一些正在擴大規模？

I think we see a mix. Some of those -- I think the average of $5 million, $5 million to $10 million is probably what we consistently see. But occasionally, if it's the right opportunity, we see $2.5 million or $3 million acquisitions if we feel like it's a good opportunity for us, and in particular, if there's repeat business. But look, we've seen a mix. We're continuing to look at a lot of different opportunities out there. But I think that $5 million average, maybe trending a little bit higher, just based on the fact that we're going to start closing on some of those larger inpatient rehab facilities over the upcoming year, I think that might push that average up just a little bit.

我想我們看到了一個混合。其中一些——我認為平均 500 萬美元、500 萬到 1000 萬美元可能是我們一直看到的。但偶爾，如果這是一個合適的機會，我們會看到 250 萬美元或 300 萬美元的收購，如果我們覺得這對我們來說是一個好機會，特別是如果有重複業務的話。但是看，我們已經看到了混合。我們將繼續尋找許多不同的機會。但我認為平均 500 萬美元，可能會略高一些，因為我們將在來年開始關閉一些較大的住院康復設施，我認為這可能會推高平均水平一點點。

The next question is from Alexander Goldfarb of Piper Sandler.

下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Obviously, please send best wishes for speedy recovery to Tim. Definitely need him back on the call and in the saddle. So 2 questions for you, Dave. The first is, obviously, everyone across all real estate sector is talking about transaction market, a big gap between buyers and sellers, frozen. Obviously, you guys made a lot of progress in the fourth quarter. It looks like you restocked the pipeline as well. But big picture, is the frozen transaction market, the gap between buyers and sellers that we hear about in other sectors, is that not really as applicable in your -- what you're targeting because of the nature of who the sellers are, often medical practices or people that you have presales with? Or should we think that even though you are restocking the pipeline, you still are finding the same issues that have befuddled other sectors in real estate as far as the gap between buyers and sellers?

顯然，請向蒂姆送上早日康復的祝福。絕對需要他回到電話和馬鞍上。所以有兩個問題要問你，戴夫。首先，顯然，所有房地產行業的每個人都在談論交易市場，買賣雙方之間的巨大差距，凍結。顯然，你們在第四節取得了很大進步。看起來你也補充了管道。但總的來說，是凍結的交易市場，我們在其他行業聽到的買賣雙方之間的差距，是不是真的適用於你——你的目標是因為賣家的性質，通常與您進行預售的醫療機構或人員？或者我們是否應該認為，即使您正在補貨，您仍然會發現同樣的問題，這些問題一直困擾著房地產的其他行業，就像買賣雙方之間的差距一樣？

Yes. Thanks for the question, Alex. I think it's actually -- it's hard -- we're still looking at opportunities real-time, but we're actually very encouraged to see a significant amount of activity continuing on the acquisition front. And I would say, you put it well. Our type of client tends to be smaller physician-based MOBs, physician practices, et cetera, and they're less sensitive to that type of dynamic in the marketplace. And since we're looking at opportunities in that 9% to 10% cap rate, we feel like the increase in rates is actually kind of a tailwind to our business because, all of a sudden, you're not seeing these crazy transactions for those types of assets coming out. So anyway, we feel good about it and we're seeing good activity.

是的。謝謝你的問題，亞歷克斯。我認為這實際上 - 這很難 - 我們仍在實時尋找機會，但我們實際上非常鼓舞地看到在收購方面繼續進行大量活動。我會說，你說得很好。我們的客戶類型往往是較小的以醫生為基礎的 MOB、醫生診所等，他們對市場上的這種動態不太敏感。由於我們正在尋找 9% 到 10% 上限利率的機會，我們覺得利率的上漲實際上對我們的業務來說是一種順風，因為突然之間，你不會看到這些瘋狂的交易那些類型的資產出來。所以無論如何，我們對此感覺良好並且我們看到了良好的活動。

Okay. Second question is your comments -- and forgive me, but it was -- the way your comments on funding transactions came across, it seemed like you're biased towards line of credit and secondary is ATM. But in the quarter, I think you issued at an average of $35. Obviously, your stock is up from there. So sort of curious, was it just random that you said line of credit first and then ATM? Or is there something about where you see the balance sheet that you prefer to use line of credit over ATM and especially given that your stock is up from where you issued in the quarter?

好的。第二個問題是你的評論——請原諒我，但它是——你對融資交易的評論的方式，你似乎偏向於信用額度，次要的是 ATM。但在本季度，我認為你的平均發行價為 35 美元。顯然，你的股票從那裡上漲。有點好奇，你先說信用額度然後說 ATM 是隨機的嗎？還是在您看到資產負債表的地方，您更喜歡使用信用額度而不是 ATM，尤其是考慮到您的股票高於本季度發行的股票？

Listen, we continue -- we will continue to, as we said, access the ATM market. I think you're reading too much into my comments. I think it was basically because I was talking about the fact that we just refinanced. And as you well know, when you do refinancing, it tends to be chunky. And we were opportunistic. Our banks were very supportive. And as a result, we upsized from the $125 million term loan to $150 million term loan. And so yes, I think you're reading into that. We will continue as we have in the past. It's very important to us to be a low-levered business. I mean, that's always been -- that's part of the DNA. It's foundational to the company. And so I think you should expect us to be in the ATM over time and not just rely on the line of credit.

聽著，我們繼續——正如我們所說，我們將繼續進入 ATM 市場。我認為你對我的評論讀得太多了。我認為這基本上是因為我在談論我們剛剛再融資的事實。眾所周知，當您進行再融資時，它往往很笨重。我們是機會主義者。我們的銀行非常支持。結果，我們從 1.25 億美元的定期貸款增加到 1.5 億美元的定期貸款。所以是的，我認為你正在閱讀它。我們將一如既往地繼續。做一家低杠桿企業對我們來說非常重要。我的意思是，這一直都是——這是 DNA 的一部分。這是公司的基礎。所以我認為你應該期望我們隨著時間的推移在自動取款機上工作，而不僅僅是依靠信用額度。

And that's why -- and Dave, that's why I asked because I know what your strategy is in general, and that's why the comments, I wasn't sure maybe I overread or not. But it sounds like I did, so I appreciate the clarification.

這就是為什麼 - 戴夫，這就是我問的原因，因為我知道你的總體策略是什麼，這就是為什麼評論，我不確定我是否讀過頭了。但這聽起來像我做了，所以我很感激你的澄清。

Sure. Thanks, Alex.

當然。謝謝，亞歷克斯。

The next question is from Michael Lewis of Truist.

下一個問題來自 Truist 的 Michael Lewis。

So first, I'd like to echo that we certainly wish Tim a full and speedy recovery as well. And Dave, for you, you could correct me if I'm wrong. I think last quarter, you guys said you had like $72 million of acquisitions you expected to close by the end of the year. I don't know -- if that's the case, what caused some of those to slip into this year? And I'm wondering if there were any under contract that got scuttled completely or if this is simply a timing issue.

因此，首先，我想附和一下，我們當然也希望蒂姆能早日康復。戴夫，對你來說，如果我錯了，你可以糾正我。我想上個季度，你們說你們預計在年底前完成大約 7200 萬美元的收購。我不知道——如果是這樣的話，是什麼原因導致其中一些人在今年陷入困境？我想知道是否有任何合同被完全破壞，或者這是否只是一個時間問題。

Michael, thanks again for your words about Tim. As far as the acquisitions are concerned, we were -- we really were highly motivated. We wanted to get those closed in the fourth quarter. But I think we just ran into some issues. Once you get past Thanksgiving, it's kind of a sprint to get things closed, and there were just a handful that ended up not getting closed. But as you point out, we ended up acquiring a couple of those so far this year that we talked about subsequent to the year-end. And then we have 4 additional properties, as we mentioned, at $20.1 million that we're looking to close here over the next few months. So nothing was scuttled. And so what we're doing is just continuing to work on getting those properties closed through due diligence and done. And I think we just ran out of time a little bit. Some of the third-party diligence folks started shutting things down a couple of weeks before Christmas, and that resulted in us not getting where we wanted to get to.

邁克爾，再次感謝你對蒂姆的評價。就收購而言，我們 - 我們真的很有動力。我們希望在第四季度關閉這些。但我認為我們只是遇到了一些問題。一旦你過了感恩節，就有點像衝刺一樣結束事情，只有少數人最終沒有被關閉。但正如你指出的那樣，今年到目前為止，我們最終收購了其中的一些，我們在年底之後談到了這些。然後，正如我們提到的，我們還有 4 個額外的房產，價值 2010 萬美元，我們希望在未來幾個月內在這里關閉。所以沒有任何東西被鑿沉。因此，我們正在做的只是繼續努力通過盡職調查關閉這些房產並完成。我想我們只是有點沒時間了。一些第三方盡職人員在聖誕節前幾週開始關閉一些東西，這導致我們無法到達我們想要到達的地方。

Okay. Great. And then I've asked you about this before. In each of the past several quarters, your presentation slides have included these dialysis center developments for a potential $60 million. I don't think you've closed on any since that program was announced. Are there projects underway? Or what's happening with that pipeline? I don't think any anticipated timing was provided like you've done for some of your other identified acquisition targets.

好的。偉大的。然後我之前問過你這個問題。在過去幾個季度的每個季度中，您的演示幻燈片都包括這些透析中心的開發項目，潛在價值為 6000 萬美元。自該計劃宣布以來，我認為您沒有關閉任何項目。是否有正在進行的項目？或者該管道發生了什麼？我認為沒有像您為其他一些已確定的收購目標所做的那樣提供任何預期的時間安排。

Yes. And candidly, Michael, we're a little bit disappointed that, that has been slow. And the reason it's been slow is since that operator received some private equity funding, they've been very focused on acquisitions, and a lot of our prior work with them, and frankly our term sheets, were related to development. And so I think they have been focused more on the acquisition front. We do have a term sheet on a development project and we're negotiating that with them now, but it's been a slower process than we would have hoped and expected. But listen, I understand -- and these acquisitions that I referenced that this operator is making don't have real estate as part of the acquisition. It's all leased real estate. And so it's been a little bit slower than what we would have hoped. We are hopeful and expecting to start seeing some of the fruits of their development activity and really hope to see that. But we've been intentional in not putting a time line on it because we just don't have a good sense for how quickly those projects are going to come online. And candidly, there could be an acquisition that does have real estate as part of it that we would hope to be a part of as well. But at this point, we don't have a ton of visibility on that term sheet.

是的。坦率地說，邁克爾，我們對進展緩慢感到有點失望。之所以進展緩慢，是因為該運營商獲得了一些私募股權融資，他們一直非常專注於收購，我們之前與他們的很多工作，坦率地說，我們的條款清單都與發展有關。所以我認為他們更專注於收購方面。我們確實有一個關於開發項目的條款清單，我們現在正在與他們談判，但這個過程比我們希望和預期的要慢。但是聽著，我明白——我提到的這些運營商正在進行的收購併沒有將房地產作為收購的一部分。都是租賃的房產。所以它比我們希望的要慢一點。我們滿懷希望並期待開始看到他們開發活動的一些成果，並且真的希望看到這一點。但我們一直有意不設定時間表，因為我們對這些項目上線的速度不太了解。坦率地說，可能會有一項收購確實有房地產作為其中的一部分，我們也希望成為其中的一部分。但在這一點上，我們對該條款清單沒有太多的了解。

Okay. Got it. And then my last question, also dialysis related. I saw Fresenius is considering selling its dialysis business. So I don't know if you've been following that, but I was wondering if you thought there were any read-throughs to the future of the industry or any impact or opportunity or anything in terms of your company.

好的。知道了。然後是我的最後一個問題，也與透析有關。我看到費森尤斯正在考慮出售其透析業務。所以我不知道你是否一直在關注它，但我想知道你是否認為對行業的未來有任何通讀，或者對你的公司有任何影響或機會或任何事情。

I think dialysis is going to undergo a transition and transformation over time. You're going to see a lot more home dialysis. One of the reasons we really enjoy the relationship with this partner and think they're on the right track is they've got a business model that addresses both home dialysis as well as clinic dialysis treatment, which I think is going to be in -- we're going to have for years and years to come. Home dialysis really works well if you have a caregiver or somebody and the other needed infrastructure in the home to be able to treat the patient. Unfortunately, this patient base doesn't have a lot of that. And so there's a portion of the patient base that I think could be effectively treated at home, and we're very mindful of that. But there's always going to be, I think, a patient base that's going to need to come into the clinics. And so will it grow from a clinic perspective the way it has grown historically? Probably not. But as long as you're partnering in the right markets with the right operators, I'm still quite confident that dialysis is here, and we're just going to be very focused on making sure we pick very carefully in the space going forward.

我認為透析將隨著時間的推移而發生轉變和轉變。你會看到更多的家庭透析。我們非常喜歡與這個合作夥伴的關係並認為他們走在正確軌道上的原因之一是他們擁有一種既能解決家庭透析又能解決診所透析治療的商業模式，我認為這將是—— - 我們將在未來的歲月裡。如果您有護理人員或某人以及家中其他需要的基礎設施來治療患者，那麼家庭透析真的很有效。不幸的是，這個患者群並沒有很多。因此，我認為有一部分患者可以在家中得到有效治療，我們非常注意這一點。但我認為，總會有需要進入診所的患者群。那麼，從臨床角度來看，它會像歷史上那樣發展嗎？可能不是。但只要你在正確的市場與正確的運營商合作，我仍然非常有信心透析就在這裡，我們將非常專注於確保我們在未來的空間中非常謹慎地選擇.

The next question is from Dave Rodgers of Baird.

下一個問題來自 Baird 的 Dave Rodgers。

Tim, I wanted to echo the same comment. Obviously, hoping for study recovery for him. I guess 2 questions for you, Dave. As you look at the acquisitions, I know there was a little bit of delay you just kind of answered in that question. But I guess, looking forward to the next set of acquisitions, are you seeing more construction delays, difficulties getting materials that could kind of further prolong any of these additional acquisitions that you've already tied up in terms of timing? Or do you feel like that timing is pretty secure for you guys?

蒂姆，我想回應同樣的評論。顯然，希望他能恢復學習。我想有兩個問題要問你，戴夫。當你查看收購時，我知道你只是在那個問題中回答了一點點延遲。但我想，期待下一組收購，你是否看到更多的施工延誤，獲得材料的困難可能會進一步延長你已經在時間方面捆綁的任何這些額外收購？或者你們覺得這個時機對你們來說很安全嗎？

Thanks for the question, Dave. I think Tim has been asked this question before. It's -- the supply chain delays have been a little bit frustrating for us and certainly frustrating for our operator who's trying to get these projects opened and going. So listen, we still feel like that the 6 that we have under purchase and sale agreement will close in '23 and '24. In '23, we're looking at least 2, hopefully 3; and then in '24, the remaining 3 to be up and running. But honestly, we are still seeing some delays from a supply chain perspective. And not only that, we're seeing delays just from getting the due diligence done and getting all the -- checking all the boxes with the municipalities to get these projects underway.

謝謝你的問題，戴夫。我想 Tim 以前曾被問過這個問題。這是 - 供應鏈延遲對我們來說有點令人沮喪，對於我們試圖讓這些項目開放和運行的運營商來說當然令人沮喪。所以聽著，我們仍然覺得根據買賣協議我們擁有的 6 個將在 23 年和 24 年關閉。在 23 年，我們至少要看 2 個，希望是 3 個；然後在 24 年，剩下的 3 個將啟動並運行。但老實說，從供應鏈的角度來看，我們仍然看到一些延誤。不僅如此，我們還看到，僅僅完成盡職調查並獲得所有 - 與市政當局核對所有方框以啟動這些項目就會出現延誤。

So it's been a little bit frustrating for us and for our operator, but we still feel very good about those projects, and we'll continue to update folks as we get better information precisely on when those projects will close. But yes, we're very busy in that regard. We're very focused on getting them through construction and finishing them. But it has -- we have been a little bit disappointed in the slowdown that we've seen. And so anyway, I wish I could be more precise in terms of when those facilities will be opening, but we'll certainly let you know as we get better information.

所以這對我們和我們的運營商來說有點令人沮喪，但我們仍然對這些項目感覺很好，我們會繼續更新人們，因為我們會準確地了解這些項目何時關閉。但是，是的，我們在這方面非常忙。我們非常專注於讓它們完成建造並完成它們。但它已經 - 我們對我們所看到的放緩感到有點失望。因此，無論如何，我希望我能更準確地說明這些設施何時開放，但我們一定會在獲得更好的信息後通知您。

Great. Appreciate that. And then the last question, maybe a little more nuanced. Obviously, Tim is instrumental in kind of sourcing your acquisitions and the relationships that he has and something obviously investors are going to focus on as well. So curious if you can give us a little bit more detail on just kind of the breadth of the relationships across the company that you guys have with the partners and in creating new partners just to assuage any potential fears obviously of Tim not being there for some period of time.

偉大的。感謝。然後是最後一個問題，可能更微妙一些。顯然，蒂姆在尋找你的收購和他所擁有的關係方面發揮了重要作用，顯然投資者也會關註一些事情。很好奇，您是否可以向我們提供更多細節，說明你們與合作夥伴之間在整個公司的關係的廣度，以及創建新合作夥伴只是為了減輕任何潛在的恐懼，顯然是因為 Tim 不在某些地方一段的時間。

Yes. No, I appreciate that. I understand that. What I would say is over the last 4 years, Tim has very intentionally added to the team. And so we have a VP of Investments who isn't -- doesn't join these calls but is very engaged in our business development activities. It's really him and Tim Meyer and myself that are -- have these relationships, and they are spread across the organization. But we're very focused and continue to see a lot of activity from an acquisition standpoint. And listen, as a company that is a growth-oriented company as we are, where AFFO growth and FFO growth are critical, we've just been very focused on making sure that those relationships that you highlight are institutionalized. And to Tim's credit, he's done a good job of getting us all involved in that process.

是的。不，我很感激。我明白那個。我要說的是，在過去的 4 年裡，蒂姆非常有意地加入了團隊。因此，我們有一位投資副總裁，他沒有參加這些電話會議，但非常參與我們的業務發展活動。確實是他、蒂姆·邁耶和我自己——擁有這些關係，而且它們遍布整個組織。但我們非常專注，並繼續從收購的角度看到很多活動。聽著，作為一家像我們這樣以增長為導向的公司，AFFO 增長和 FFO 增長至關重要，我們一直非常專注於確保你強調的那些關係制度化。值得稱讚的是蒂姆，他在讓我們所有人都參與到這個過程中做得很好。

And so while there's absolutely a gap, and we definitely want Tim to come back as soon as he can, I feel like we are in a situation where we continue to be engaged with the folks that we've historically been engaged with, that have been good at providing opportunities for acquisitions for us. And I really -- hopefully, everyone sees, we continue to see -- be very busy from an acquisition standpoint and from a pipeline building standpoint in the business. And so that, I think, will continue. And I think it's going to be up to us to fill that void, but I think we've got the right team in place that can do that.

因此，儘管存在絕對差距，而且我們絕對希望蒂姆盡快回來，但我覺得我們處於這樣一種情況，我們繼續與我們過去一直接觸的人接觸，他們善於為我們提供收購機會。我真的 - 希望每個人都看到，我們繼續看到 - 從收購的角度和業務管道建設的角度來看非常忙碌。因此，我認為，這種情況將繼續下去。而且我認為這將取決於我們來填補這個空白，但我認為我們已經擁有可以做到這一點的合適團隊。

(Operator Instructions) The next question comes from Steve Sakwa of Evercore ISI.

（操作員說明）下一個問題來自 Evercore ISI 的 Steve Sakwa。

Dave, yes, please send our what best wishes to Tim and hope he's back.

戴夫，是的，請向蒂姆致以最良好的祝愿，希望他回來。

Thanks, Steve.

謝謝，史蒂夫。

So a lot of my questions have been asked. I just wanted to maybe focus back on the leasing, and you talked about the 93%. I'm just curious, for the leases that are kind of turning over in '23 and maybe '24, what sort of pricing power you guys see on the renewals or on the new leasing front. I'm just trying to get a better handle on contractual rent bumps and what happens as leases turn or rents kind of going up, down, flat on, say, the '23 and potential '24 expirations.

所以我的很多問題都被問到了。我只是想重新關注租賃，而你談到了 93%。我只是好奇，對於在 23 年甚至 24 年交割的租約，你們在續約或新租賃方面看到什麼樣的定價權。我只是想更好地處理合同租金的上漲，以及租約轉變或租金上漲、下跌、持平，比如說，'23 年和潛在的 '24 年到期時會發生什麼。

It's -- Steve, thanks for the question. I appreciate it and understand that what we're seeing is it's very market specific in terms of whether those rates are going up or coming down slightly. But it's -- I would also say that, in general, it's about consistent. There's -- we aren't seeing in our markets a significant difference between where our lease rates are and where the market lease rates are in general across all of our markets. So we're seeing some where we're getting better rates. We're seeing some where we're getting lower rates. But it's just very market specific.

這是——史蒂夫，謝謝你提出這個問題。我對此表示讚賞，並理解我們所看到的是，就這些利率是上升還是小幅下降而言，它是非常特定於市場的。但它——我還要說，總的來說，它是一致的。在我們的市場上，我們沒有看到我們的租賃費率與我們所有市場的市場租賃費率之間存在顯著差異。因此，我們看到一些地方的利率更高。我們看到一些地方的利率較低。但它只是非常特定於市場。

And frankly, some of the dynamics that -- and building specific, too. And so that's why we're investing in our buildings to try to get those buildings ready for new tenants. And so it's a -- I would say it's, in general, I don't think we're seeing any significant variance one way or the other. I don't think we've got incredible pricing power in our buildings, but I don't think we're seeing a significant -- any significant roll downs. It's basically market is where we're at.

坦率地說，一些動態 - 以及構建特定的，也是。這就是為什麼我們要投資我們的建築，讓這些建築為新租戶做好準備。所以這是一個——我想說的是，總的來說，我認為我們沒有看到任何顯著的差異。我不認為我們在我們的建築物中擁有令人難以置信的定價能力，但我認為我們沒有看到任何顯著的下降。基本上市場就是我們所在的位置。

So you'd say you're kind of flattish on rollover on an annual basis.

所以你會說你每年的展期都比較平淡。

Correct, yes.

正確，是的。

Okay. And then just remind me, within the leases, do you -- I assume you have contractual rent steps in those leases. Is that average kind of 1%, 2% a year within the leases on average?

好的。然後提醒我，在租約中，你 - 我假設你在這些租約中有合同租金步驟。在租約中平均每年 1%、2% 嗎？

I would say they're on average 1.5% to 2%. I mean, we have, as you might expect because we're buying existing buildings with existing leases, so we see everything, everything from CPI-based to fixed to fixed with a cap. But I would say, in general, you could assume that the portfolio is 1.5% to 2% in terms of rent bumps per year.

我會說它們平均為 1.5% 到 2%。我的意思是，正如您所料，我們有，因為我們購買的是帶有現有租約的現有建築物，所以我們看到了一切，從基於 CPI 的到固定的再到有上限的固定的一切。但我想說，一般來說，就每年的租金漲幅而言，您可以假設該投資組合為 1.5% 至 2%。

Okay. And just to come back to the financing for a minute. I realize you're trying to keep low leverage. And so just trying to understand, marginal borrowing cost today for you on the line, it sounds like it's SOFR plus some spread, and the bank debt market might be something similar. So I'm guessing that your all-in borrowing cost is at least -- on the debt side, at least 6% today. Is that fair and maybe moving a little bit higher?

好的。回到融資一分鐘。我知道你正試圖保持低杠桿。所以只是想了解一下，今天對你來說邊際借貸成本，聽起來像是 SOFR 加上一些利差，銀行債務市場可能與此類似。所以我猜你的總借貸成本至少——在債務方面，今天至少是 6%。這公平嗎，也許會更高一點？

I mean, look, we're actually very excited of where we were able to fix the debt that we just -- that term loan cost is right at 5.1%. So we're very excited at that outcome. And I would say -- I would -- I think we're about 6% on incremental borrowings under the revolver. I think that's probably right. I would have to go back and look at the spread, but I think that's right.

我的意思是，看，我們實際上對我們能夠解決債務的地方感到非常興奮——貸款成本恰好為 5.1%。所以我們對這個結果感到非常興奮。我會說——我會——我認為我們在循環貸款下的增量借款約為 6%。我想這可能是對的。我將不得不回去看看價差，但我認為這是正確的。

Yes. I guess I'm just going back to the -- there was a previous question on kind of the mix of debt and equity. And if your stock is trading around a 6 cap and marginal borrowing costs are 6, the earnings accretion is about the same whether you use debt or equity. So I'm just wondering, would you lean even heavier into equity just to keep the balance sheet even in more pristine shape versus using leverage when the day 1 borrowing costs are about the same. I realize, over time, there might be dividend growth and higher shareholder return. But at least from an earnings accretion standpoint, it seems like it's about a push between equity and debt.

是的。我想我只是回到 - 之前有一個關於債務和股權組合的問題。如果你的股票交易上限為 6，而邊際借貸成本為 6，則無論你使用債務還是股權，收益增長都大致相同。所以我只是想知道，與在第 1 天的借貸成本大致相同時使用槓桿相比，您是否會更加傾向於股權以保持資產負債表的原始狀態。我意識到，隨著時間的推移，可能會有股息增長和更高的股東回報。但至少從收益增長的角度來看，這似乎是股票和債務之間的推動。

Yes. No, I think that's a fair point. And I think it's always been a priority for us to have that mix. Our debt -- our net debt to book capital has always been in that 30% to 40% range. And I think what I would tell you is, you tend to add debt incrementally. We just did that. I think it's safe to say we're going to be looking to access the ATM over time to continue to delever. And yes, I think from our perspective, we believe that, that mix will continue going forward.

是的。不，我認為這是一個公平的觀點。而且我認為擁有這種組合一直是我們的首要任務。我們的債務——我們的淨債務與賬面資本的比率一直在 30% 到 40% 的範圍內。我想我要告訴你的是，你傾向於逐漸增加債務。我們就是這麼做的。我認為可以肯定地說，隨著時間的推移，我們將尋求訪問 ATM 以繼續去槓桿化。是的，我認為從我們的角度來看，我們相信這種組合將繼續向前發展。

Okay. And then just last question. Anything regionally -- I mean, you guys are spread out in a lot of different MSAs, larger, smaller across the country. Is there anything that you're seeing regionally or in an MSA that looks good or bad or is better or worse than maybe you would have expected? Just anything to call out from a regional, either operational leasing perspective or acquisition opportunity perspective?

好的。然後是最後一個問題。區域性的任何東西——我的意思是，你們分佈在全國許多不同的 MSA 中，有大有小。您在區域性或 MSA 中看到的是否有任何東西看起來比您預期的好或壞，或者更好或更差？從區域角度，無論是運營租賃角度還是收購機會角度，有什麼值得一提的嗎？

No. I don't think we're seeing anything unusual. We continue to see a lot of growth and new building activity in the Southeast, not surprisingly, just given the fact that there's been so much population migration into the Southeast. So we continue to see that as a tailwind in general, especially for our development opportunities. But as far as our acquisitions, we're seeing -- look, we're seeing consistency across the country. And we'll spend time in markets that are attractive for us.

不，我認為我們沒有看到任何異常情況。我們繼續看到東南部有大量的增長和新的建築活動，這並不奇怪，因為有如此多的人口遷移到東南部。因此，我們繼續將其視為總體上的順風，尤其是對我們的發展機會而言。但就我們的收購而言，我們看到了——看，我們看到了全國的一致性。我們將把時間花在對我們有吸引力的市場上。

And so we're not really seeing anything negative. Historically, as a company, we haven't done a lot of acquisitions in the New York and California markets, but you shouldn't read into that, that we wouldn't opportunistically look in those markets if we saw some attractive real estate. So every deal is unique. And this is a big country with a lot of great markets, and so big picture we're not seeing anything that would dissuade us from one market to another.

所以我們並沒有真正看到任何負面的東西。從歷史上看，作為一家公司，我們沒有在紐約和加利福尼亞市場進行過很多收購，但你不應該讀到這一點，如果我們看到一些有吸引力的房地產，我們就不會機會主義地關注這些市場。所以每筆交易都是獨一無二的。這是一個擁有許多偉大市場的大國，從大局來看，我們沒有看到任何會阻止我們從一個市場轉向另一個市場的東西。

This concludes our question-and-answer session. I would like to turn the conference back over to David Dupuy for closing remarks.

我們的問答環節到此結束。我想將會議轉回給 David Dupuy 作閉幕詞。

Well, great. Thanks, Kate, and thanks, everybody, for joining us today. We really appreciate everyone's positive message to Tim. And look forward to continuing to grow, and appreciate everybody's support. Thank you so much.

好吧，太好了。謝謝凱特，也謝謝大家今天加入我們。我們非常感謝每個人給蒂姆的積極信息。並期待繼續成長，感謝大家的支持。太感謝了。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。