Community Healthcare Trust Inc (CHCT) 2023 Q2 法說會逐字稿

Welcome to Community Healthcare Trust 2023 Second Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2023 second quarter financial results. It will also discuss progress made in various aspects of its business. (Operator Instructions) The company's earnings release was distributed last evening and it has also been posted on its website, www.chct.reit.

歡迎參加社區醫療保健信託 2023 年第二季收益發布電話會議。在今天的電話會議上，該公司將討論 2023 年第二季的財務表現。它還將討論其業務各個方面的進展。 （操作員說明）該公司的收益報告於昨晚發布，並發佈在其網站 www.chct.reit 上。

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, August 2, 2023, and may contain forward-looking statements that involve risks and uncertainty. Actual results may differ materially from those set forth in such statements.

該公司希望強調，本次電話會議中可能討論的一些信息將基於截至今天（2023 年 8 月 2 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提出的結果有重大差異。

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 a result of new information, future developments or otherwise, except as may be required by law. During this call, the company will discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is available in its earnings release, which is posted on its website. The call participants are advised that this conference call is being recorded for playback purposes.

要討論這些風險和不確定性，您應該查看該公司在其收益報告中披露的有關前瞻性陳述的信息，以及其在 SEC 文件中的風險因素和 MD&A。本公司不承擔更新前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因，除非法律要求。在這次電話會議中，公司將討論公認會計原則和非公認會計原則財務指標。兩者之間的調節可以在其網站上發布的收益報告中找到。呼叫參與者被告知正在錄製此電話會議以供回放。

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

電話會議的檔案將在公司的投資者關係網站上保留約 30 天，並且是公司的財產。未經本公司事先書面許可，不得對本次通話進行錄音或以其他方式複製或散佈。現在我想將會議交給社區醫療保健信託基金執行長 Dave Dupuy。

Great. Thanks, Jason, and good morning. Thank you for joining us today for our 2023 second quarter conference call. On the call with me today is Bill Monroe, our new Chief Financial Officer; Leigh Ann Stach, our Chief Accounting Officer; and Tim Meyer, our EVP of Asset Management. As previously disclosed, Bill joined CHCT from Truist Securities on June 1 and spent his first whole week on the job meeting many of our analysts, investors and bankers at the Nareit REITweek Conference in New York City. We are excited to welcome Bill to the team where he brings a wealth experience from his days as Managing Director responsible for both healthcare services and healthcare REIT investment banking at Truist.

偉大的。謝謝，傑森，早安。感謝您今天參加我們的 2023 年第二季電話會議。今天與我通話的是我們新任財務長比爾門羅 (Bill Monroe)； Leigh Ann Stach，我們的會計長；以及我們的資產管理執行副總裁 Tim Meyer。如同先前所揭露的，Bill 於 6 月 1 日從 Truist Securities 加入 CHCT，並在紐約市舉行的 Nareit REITweek 會議上與我們的許多分析師、投資者和銀行家會面，度過了工作的第一周。我們很高興歡迎 Bill 加入團隊，他在擔任 Truist 負責醫療保健服務和醫療保健 REIT 投資銀行業務的董事總經理期間帶來了豐富的經驗。

Our earnings announcement and supplemental data report were released last night and filed with an 8-K, our quarterly report on Form 10-Q was filed last night. In addition, an updated investor presentation was posted to our website last night. Before I discuss more normal topics, I wanted to provide more details on a couple of items we disclosed in our 10-Q.

我們的收益公告和補充數據報告已於昨晚發布，並以 8-K 形式提交，我們的 10-Q 表格季度報告已於昨晚提交。此外，昨晚我們的網站上發布了更新的投資者簡報。在討論更多正常主題之前，我想提供有關我們在 10-Q 中披露的幾個項目的更多詳細資訊。

First, one of our tenants, GenesisCare filed voluntary petitions for reorganization under Chapter 11 of the U.S. bankruptcy code on June 1. GenesisCare, which operates 440 cancer care clinics globally has secured commitments for debtor-in-possession financing to support its business operations while exploring the separation of its U.S. business from its businesses in Australia, Spain and the U.K.

首先，我們的租戶之一GenesisCare 於6 月1 日根據美國破產法第11 章提交了自願重整申請。GenesisCare 在全球經營440 家癌症護理診所，已獲得債務人佔有融資承諾，以支持其業務運營，同時探索將其美國業務與澳洲、西班牙和英國業務分開

On June 27, 2023, the U.S. Bankruptcy Court approved GenesisCare's request to reject certain unexpired real property leases, including one lease of approximately 11,000 square feet with CHCT in Asheville, North Carolina. At June 30, 2023, GenesisCare was the sole tenant in 7 of our properties and a tenant in 2 of our multi-tenanted properties representing approximately 3.1% of our gross real estate properties or approximately 119,000 square feet.

2023 年 6 月 27 日，美國破產法院批准了 GenesisCare 的請求，拒絕某些未到期的不動產租賃，其中包括與 CHCT 位於北卡羅來納州阿什維爾的一份約 11,000 平方英尺的租賃。截至 2023 年 6 月 30 日，GenesisCare 是我們 7 處房產的唯一租戶，也是我們 2 處多租戶房產的租戶，約占我們房地產總面積的 3.1% 或約 119,000 平方英尺。

Other than the one rejected lease in Asheville, GenesisCare has met substantially all of its lease payment obligations to the company through July 2023. We've engaged counsel to monitor the GenesisCare bankruptcy progress and any additional potential impacts to the company.

除了阿什維爾被拒絕的一項租約外，到 2023 年 7 月，GenesisCare 已履行了對公司的幾乎所有租賃付款義務。我們已聘請律師來監控 GenesisCare 破產進展以及對公司的任何其他潛在影響。

Second, we incurred property damage due to vandalism at a vacant property in Houston, Texas, which was covered by our insurance policies. We estimate the amount of the casualty loss was approximately $1.6 million and received insurance proceeds totaling $2.3 million, resulting in a net casualty gain of approximately $700,000.

其次，我們在德州休士頓的一處空置房產因人為破壞而遭受了財產損失，該房產已在我們的保險範圍內。我們估計傷亡損失金額約為 160 萬美元，收到的保險賠償總額為 230 萬美元，傷亡淨收益約為 70 萬美元。

Now back to our core business. The second quarter was busy from an operation standpoint but slowed slightly from an acquisition perspective as a couple of acquisitions anticipated to close in the second quarter slipped into the third quarter. Occupancy increased slightly from 91.6% to 91.7%, and we continue to see good leasing activity. Our weighted average remaining lease term declined slightly from 7.4 to 7.1 years. During the quarter, we acquired 3 properties and 1 land parcel with a total of approximately 76,000 square feet for a purchase price of $15.7 million.

現在回到我們的核心業務。從營運角度來看，第二季很繁忙，但從收購角度來看，第二季略有放緩，因為預計在第二季完成的幾項收購滑到了第三季。入住率從 91.6% 略有上升至 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賃期從 7.4 年略有下降至 7.1 年。本季度，我們以 1,570 萬美元的價格收購了 3 處房產和 1 塊土地，總面積約為 76,000 平方英尺。

The properties were 98.3% leased with leases running through 2033 and anticipated annual returns of approximately 9.1% to 9.7%. Subsequent to June 30, we acquired 3 medical office buildings and 1 inpatient rehab facility in 2 separate transactions for a purchase price of $35.6 million. The properties were 100% leased with leases running through 2038. And I am proud to announce that with the closing of these new acquisitions, we have surpassed $1 billion in gross real estate properties.

這些物業的出租率為 98.3%，租約持續至 2033 年，預期年回報率約為 9.1% 至 9.7%。 6 月 30 日之後，我們透過兩筆單獨的交易收購了 3 棟醫療辦公大樓和 1 個住院復健設施，購買價格為 3,560 萬美元。這些房產已 100% 出租，租約有效期至 2038 年。我很自豪地宣布，隨著這些新收購的完成，我們的房地產總價值已超過 10 億美元。

This is an important achievement in our company's history and a milestone we have celebrated with our team over the last week. We're not resting on our past success, however, as the company has 3 properties under definitive purchase agreements for an aggregate expected purchase price of $16.1 million and expected returns of approximately 9.2% to 10.3%.

這是我們公司歷史上的重要成就，也是我們上週與團隊一起慶祝的里程碑。然而，我們並沒有滿足於過去的成功，因為該公司根據最終購買協議擁有 3 個房產，預計總購買價為 1,610 萬美元，預計回報率約為 9.2% 至 10.3%。

The company is currently performing due diligence and expects to close these properties in the third quarter. Also, the company has 8 properties to be acquired after completion and occupancy for an aggregate expected investment of $191 million. The expected return on these investments should range from 9.1% to 9.75%.

該公司目前正在進行盡職調查，預計將在第三季關閉這些房產。此外，該公司還有 8 處房產待竣工併入住後收購，預計總投資額為 1.91 億美元。這些投資的預期回報率應在 9.1% 至 9.75% 之間。

We currently expect to close on one of these properties in late 2023 and the remaining throughout 2024 and 2025. We continue to have many properties under review and have term sheets out on several properties with indicative returns of 9% to 10%. We anticipate having enough availability on our credit facilities and through our bank relationships to fund our acquisitions, and we expect to continue to opportunistically utilize the ATM to strategically access the equity markets.

目前，我們預計將在2023 年底關閉其中一處房產，並在2024 年和2025 年期間關閉其餘房產。我們將繼續審查許多房產，並就幾處房產制定條款清單，指示性回報率為9% 至10%。我們預計我們的信貸便利性和透過我們的銀行關係有足夠的可用性來為我們的收購提供資金，並且我們預計將繼續機會主義地利用 ATM 策略性地進入股票市場。

Also, we declared our dividend for the second quarter and raised it to $0.4525 per common share. This equates to an annualized dividend of $1.81 per share, and we're proud to have raised our dividend every quarter since our IPO. That takes care of the items I wanted to cover, so I'll hand things off to Bill to discuss the numbers.

此外，我們宣布了第二季的股息，並將其提高至每股普通股 0.4525 美元。這相當於每股 1.81 美元的年化股息，我們很自豪自 IPO 以來每季都會提高股息。這解決了我想要涵蓋的項目，因此我將把事情交給比爾來討論數字。

Thank you, Dave, and let me first say how excited I am to be joining the Community Healthcare Trust team. In my prior role as a healthcare investment banker covering the sector, it was always an honor to work alongside Tim Wallace, you and the entire CHCT team.

謝謝你，戴夫，首先讓我說我對加入社區醫療保健信託團隊感到多麼興奮。我之前擔任該行業的醫療保健投資銀行家，與 Tim Wallace、您和整個 CHCT 團隊一起工作一直是我的榮幸。

We look forward to helping build upon our company's foundation as Chief Financial Officer. I will now provide more details on our second quarter financial performance. I'm pleased to report that total revenue grew from $24 million in the second quarter of 2022 to $27.8 million in the second quarter of 2023, representing 15.6% annual growth over the same period last year.

我們期待作為財務長幫助鞏固我們公司的基礎。我現在將提供有關我們第二季財務業績的更多詳細資訊。我很高興地報告，總收入從 2022 年第二季的 2,400 萬美元增長到 2023 年第二季的 2,780 萬美元，年增 15.6%。

When compared to our $27.2 million of total revenue in the first quarter of 2023, we achieved 2.3% total revenue growth quarter-over-quarter. And on a pro forma basis, if the acquisitions we completed during the second quarter of 2023 had occurred on the first day of the second quarter, our total revenue would have increased by an additional $308,000 to a pro forma total of $28.1 million in the second quarter.

與 2023 年第一季 2,720 萬美元的總收入相比，我們的總收入環比增長了 2.3%。 And on a pro forma basis, if the acquisitions we completed during the second quarter of 2023 had occurred on the first day of the second quarter, our total revenue would have increased by an additional $308,000 to a pro forma total of $28.1 million in the second四分之一.

From an expense perspective, property operating expenses declined by approximately $100,000 quarter-over-quarter to $4.8 million. General and administrative expenses decreased from $16.2 million in the first quarter of 2023 to $3.8 million in the second quarter of 2023.

從費用角度來看，物業營運費用較上季下降約 10 萬美元，至 480 萬美元。一般及管理費用從 2023 年第一季的 1,620 萬美元減少至 2023 年第二季的 380 萬美元。

The $12.4 million decrease quarter-over-quarter was driven primarily by the accelerated amortization of stock-based compensation totaling $11.8 million recognized in the first quarter upon the passing of our former CEO and President as well as a reduction in the second quarter's deferred compensation amortization due to the above-mentioned accelerated amortization in the first quarter. Offset partially by a onetime increase in employer Medicare taxes paid in the second quarter from the vesting of our former CEO and President's shares.

環比減少 1,240 萬美元，主要是由於前首席執行官和總裁去世後，第一季度確認的股票薪酬加速攤銷總計 1,180 萬美元，以及第二季度遞延薪酬攤銷的減少由於上述一季度加速攤銷所致。第二季因歸屬我們前執行長和總裁的股份而支付的雇主醫療保險稅一次性增加部分抵消了這一影響。

Interest expense increased from $4 million in the first quarter of 2023 to $4.1 million in the second quarter of 2023 due to a small increase in borrowings under our revolving credit facility to fund acquisitions as well as higher interest rates under our revolving credit facility.

利息支出從2023 年第一季的400 萬美元增加到2023 年第二季的410 萬美元，原因是我們的循環信貸安排下為收購提供資金的借款小幅增加，以及我們的循環信貸安排下的利率較高。

Moving to funds from operations. FFO grew from $2.2 million in the first quarter of 2023 to $15.9 million in the second quarter of 2023. On a per diluted common share basis over these periods, FFO grew from $0.09 to $0.62 per share, but it's important to remember, first quarter FFO was negatively impacted by the $11.8 million or $0.47 per share of noncash amortization expenses related to the passing of our former CEO and President, whereas our second quarter FFO includes $700,000 or $0.03 per share net casualty gain from insurance proceeds received related to one property that was vandalized as Dave mentioned earlier.

從營運轉向資金。 FFO 從2023 年第一季的220 萬美元增長到2023 年第二季的1,590 萬美元。按照這些期間稀釋普通股計算，FFO 從每股0.09 美元增長到每股0.62 美元，但重要的是要記住，第一季FFO與前任執行長兼總裁去世相關的1,180 萬美元或每股0.47 美元的非現金攤銷費用受到負面影響，而我們第二季度的FFO 包括從與一項財產相關的保險收益中獲得的70 萬美元或每股0.03 美元的淨傷亡收益。正如戴夫之前提到的那樣遭到破壞。

Adjusted funds from operations, or AFFO, which adjusts for straight-line rent, stock-based compensation and a net casualty gain in the second quarter totaled $16 million in the second quarter of 2023, which compares to $15 million in the second quarter of 2022 or 7% growth year-over-year.

調整後的營運資金 (AFFO) 根據直線租金、股票薪酬和第二季淨傷亡收益進行調整，2023 年第二季的調整後資金總額為 1,600 萬美元，而 2022 年第二季為 1,500 萬美元或較去年同期成長7%。

On a per diluted common share basis, AFFO increased from $0.62 in the second quarter of 2022 to $0.63 in the second quarter of 2023. AFFO for the first quarter of 2023 was $15.6 million, so our AFFO grew by 2.8% quarter-over-quarter. And finally, on a pro forma basis, if the acquisitions we completed during the second quarter of 2023 had occurred on the first day of the second quarter, AFFO would have increased by approximately $169,000 to a pro forma total of $16.2 million or $0.63 per diluted common share.

以稀釋普通股計算，AFFO 從 2022 年第二季的 0.62 美元增加到 2023 年第二季的 0.63 美元。2023 年第一季的 AFFO 為 1,560 萬美元，因此我們的 AFFO 環比增長了 2.8% 。最後，在預計的基礎上，如果我們在 2023 年第二季完成的收購發生在第二季的第一天，AFFO 將增加約 169,000 美元，達到預計總額 1,620 萬美元，或攤薄後 0.63 美元共同分享。

That concludes our prepared remarks. Jason, we are now ready to begin the question-and-answer session.

我們準備好的演講到此結束。傑森，我們現在準備開始問答環節。

(Operator Instructions) Our first question comes from Alexander Goldfarb from Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Bill, welcome to sitting on the public side of REIT land. So fun times for you. Just a question and Dave, certainly appreciate the upfront disclosure on the Genesis filing. Maybe just a little bit more color. I mean clearly, one rejection out of, I think, you said you have 7 or 8 total seems pretty good. So first, has Genesis -- are they completely through the rejection period? And then two, yes, 11,000 square feet, not a big space but you still have to ask the [profanatory.] What are your thoughts on backfill?

比爾，歡迎坐在房地產投資信託基金土地的公共一側。對你來說太有趣了。只是一個問題，戴夫當然很欣賞創世紀文件中的預先揭露。也許只是多一點顏色。我的意思很明確，我認為，您所說的總共 7 或 8 個拒絕中的一個似乎相當不錯。首先，Genesis 是否已經完全度過了拒絕期？然後是兩個，是的，11,000平方英尺，不是一個大空間，但你仍然要問[褻瀆]。你對回填有什麼想法？

Alex, thanks for the question. Sure. As it relates to GenesisCare, they're still -- they still have the opportunity to reject leases is our understanding, and that can happen all the way up to when the deadline for submission of bids actually occurs.

亞歷克斯，謝謝你的提問。當然。就 GenesisCare 而言，我們的理解是，他們仍然有機會拒絕租賃，而且這種情況可能會一直發生，直到實際提交投標截止日期。

So -- and that deadline just so -- and this is all publicly available information, submission of bids is September 22. And ultimately, we should hear that first week in October, who the actually winning bidder is if the schedule as laid out holds. So as it relates to the 9 leases we have in place, this is 1 of 9.

所以——截止日期就是這樣——這都是公開信息，投標提交日期是9 月22 日。最終，我們應該聽到10 月第一周的消息，如果時間表保持不變，誰才是真正中標的投標者。由於它涉及我們現有的 9 份租約，因此這是 9 份租約中的 1 份。

In fact, we are actually already talking to GenesisCare about an early termination of this lease, and we're having discussions with potential tenants who could backfill the space. And so those -- obviously, because of the GenesisCare bankruptcy, we've got a lease rejection claim, although we're not expecting to get much from that. But ultimately, we're just in dialogue with potential tenants. We think it's an attractive space. And so our plan would either be to re-lease it or potentially explore selling it if that makes more sense, so...

事實上，我們實際上已經在與 GenesisCare 討論提前終止租約的事宜，並且我們正在與可以回填該空間的潛在租戶進行討論。因此，顯然，由於 GenesisCare 破產，我們收到了拒絕租賃的索賠，儘管我們預計不會從中獲得太多好處。但最終，我們只是與潛在租戶進行對話。我們認為這是一個有吸引力的空間。因此，我們的計劃要么是重新租賃它，要么可能會考慮出售它，如果這更有意義的話，所以......

Okay. So just -- so Dave, just so I understand and forgive me, the outright rejected one, so not paying on one, they're still paying on the other 8. But those are -- there's a potential that other operators will buy those through the bankruptcy auction process. And presumably once we get to, I think, the end of September when that bid period stops, I think you said then you'll know definitively if -- what they're keeping, what other operators bought or if, in fact, others are sold.

好的。所以戴夫，只是為了讓我理解並原諒我，徹底拒絕了其中一個，所以沒有為其中一個付款，他們仍在為其他 8 個付款。但這些是 - 其他運營商有可能會購買這些通過破產拍賣程式.我想，一旦我們到了 9 月底，競標期結束，我想你說過，那麼你就會明確地知道——他們保留了什麼，其他運營商購買了什麼，或者事實上，其他運營商是否購買了被出售。

But overall, you feel pretty comfortable if you get any more of that, there's sufficient demand that the downtime would be minimal.

但總的來說，如果你得到更多這樣的東西，你會感覺很舒服，有足夠的需求，停機時間會很短。

Yes. I mean we're doing work right now. The asset management team is looking at those local markets and evaluating what the market rents are, we feel for that type of medical use, we feel like we've got competitive rates. And so we're doing those market studies now so that we're prepared when the actual winning bidder comes and we can evaluate whether we want to move forward under their structure or whether we want to look and potentially evaluate another tenant to fill those spaces.

是的。我的意思是我們現在正在做工作。資產管理團隊正在關注這些當地市場並評估市場租金，我們認為對於此類醫療用途，我們認為我們的價格具有競爭力。因此，我們現在正在進行這些市場研究，以便在真正的中標者到來時做好準備，我們可以評估我們是否想要在他們的結構下繼續前進，或者我們是否想要尋找並可能評估另一個租戶來填補這些空間。

But it's our thought that given the provision of healthcare that's had in many -- most of these spaces that there's going to be a buyer, and that buyer is going to want these spaces. So we're not anticipating any additional rejections, but obviously, that could happen in a bankruptcy process. So we're monitoring that as we go forward.

但我們認為，鑑於許多地方都提供了醫療保健服務——大多數這些空間都會有買家，買家會想要這些空間。因此，我們預計不會再有任何拒絕，但顯然，這可能會在破產程序中發生。因此，我們將在前進過程中對其進行監控。

Okay. Switching topics, the vandalism, not something that we typically see in REIT land, I mean, outside a few years ago, when there were some of the riots. So is this something like Urban unrest related? Or was this a disgruntled employee like $1.6 million of one of your -- I mean your properties are tend to be sort of out in the outer suburbs, not in the inner cities. So just a little bit more color. And is this something that you think could occur in other facilities?

好的。轉移話題、破壞公物，這不是我們在房地產投資信託基金土地上常見的情況，我的意思是，幾年前外面發生了一些騷亂。那麼這是否與城市動亂有關？或者這是一位心懷不滿的員工，例如您的一名員工，價值 160 萬美元——我的意思是，您的房產往往位於遠郊，而不是內城區。所以只要多一點顏色就可以了。您認為這種情況在其他設施也可能發生嗎？

This is unusual. Look, I think in our 8 years, this is by far the most -- the biggest sort of vandalism issue that we've had. You are a little bit more at risk for that type of vandalism when the facility is vacant versus when it is occupied, and this was a vacant facility.

這很不尋常。聽著，我認為這是我們 8 年來迄今為止遇到的最嚴重的破壞行為問題。當設施空置時，與被佔用時相比，您遭受此類破壞的風險更大，而且這是一個空置設施。

It's now held for sale. We intend to sell the facility. It's -- frankly, it's one of our IPO properties. It's been empty for a couple of years. And so it's -- I don't think it's anything -- I think it's just one of those bad luck type of things that happen to us. And -- but we are very focused, whenever we have an empty building, we have a process of putting up security cameras and making sure that there is sufficient security for that space to prevent this type of thing.

現在它正在出售。我們打算出售該設施。坦白說，這是我們的 IPO 資產之一。它已經空了幾年了。所以這——我不認為這有什麼——我認為這只是發生在我們身上的不幸事件之一。而且 - 但我們非常專注，每當我們有一棟空置的建築物時，我們都會安裝安全攝影機並確保該空間有足夠的安全性以防止此類事件發生。

These vandals just were very sophisticated in their approach and did a significant amount of damage to the building.

這些破壞者的手段非常老練，對建築物造成了嚴重損壞。

The next question comes from Rob Stevenson from Janney.

下一個問題來自 Janney 的 Rob Stevenson。

I guess a question on the Genesis stuff is competitors that might be interested in that business, I mean, where are they sort of in that type of business on a rent coverage basis? Are they materially better than where Genesis is? Was Genesis for the assets that you guys have about average in that space? How should we be thinking about that in terms of the potential for credit upgrade, credit-neutral, credit downgrade from an acquisition of the U.S. business there?

我想關於創世紀的問題是可能對該業務感興趣的競爭對手，我的意思是，在租金覆蓋的基礎上，他們在該類型的業務中處於什麼位置？它們在物質上是否比創世紀所在的地方更好？ Genesis 適合你們在該領域擁有的平均資產嗎？我們該如何考慮收購美國業務帶來的信用升級、信用中立、信用降級的可能性？

My thought process here is it would be a credit neutral to a credit improvement. A lot of GenesisCare's problems stem from the fact at the holdco level, they way over-levered the business. And so a lot of -- the issue that we're seeing with GenesisCare is the reality of putting a lot of debt on the business, and that debt more than likely wasn't hedged creating significant issues for the operating companies to amortize and pay off that debt.

我的想法是，這對信用改善來說是信用中立的。 GenesisCare 的許多問題源於控股公司層面的事實，他們過度槓桿化業務。因此，我們在 GenesisCare 中看到的問題是，企業背負了大量債務，而這些債務很可能沒有被對沖，從而為營運公司的攤銷和支付帶來了重大問題擺脫那筆債務。

So we don't think that the underlying assets are as much a problem as the actually -- the original capital structure. So -- and there are a number of regional cancer operators. A lot of those are not-for-profit companies that I think are very stable, very good credit tenants. And so our view is this would be neutral to an improvement related to credit. But keep in mind, I think a lot of the problems that GenesisCare just relates to the capital structure that they put on the parent.

因此，我們認為基礎資產的問題並不像原始資本結構那麼嚴重。因此，有許多區域癌症運營商。其中很多是非營利公司，我認為它們是非常穩定、信用非常好的租戶。因此，我們的觀點是，這對於與信貸相關的改善來說是中性的。但請記住，我認為 GenesisCare 的許多問題都與他們強加給母公司的資本結構有關。

Okay. That's helpful. And then how extensive beyond Genesis is your credit watch list or sort of weak tenant; however, you want to characterize it, weak tenant list, et cetera. And anybody else of concern at this point in terms of not paying rent?

好的。這很有幫助。然後，您的信用觀察名單或弱租戶的範圍有多大？然而，你想描述它的特徵，弱租戶名單等等。目前還有其他人擔心不付租金嗎？

We always, Rob, have a list, a watch list that we watch and talk about as a team on a monthly basis and have ever since I've been here. So there's always going to be anywhere from 6 to 12 tenants that, for a variety of reasons, we're working with them and dealing with potential issues.

羅布，我們總是有一個列表，一個我們作為一個團隊每月觀看和討論的觀察列表，自從我來到這裡以來一直如此。因此，總會有 6 到 12 個租戶，出於各種原因，我們正在與他們合作並處理潛在的問題。

But we're not seeing anything out of the ordinary or unusual in that watch list and how it's evolved over the last 6 to 12 months. It's been a -- we had issues, we deal with those issues. And then there's another tenant that we will focus on after resolving the issues of the tenant that we dealt with before. So we've got a watch list. We manage and work that watch list very, very closely. But look, we've got, I don't know, roughly 250 tenants. And at any one time, it wouldn't be surprising to have 8 to 10 of those that we're working through.

但我們在該觀察名單中並沒有看到任何異常或不尋常的情況，也沒有看到它在過去 6 到 12 個月內的演變情況。我們遇到了問題，我們正在處理這些問題。在解決了之前處理過的租戶問題後，我們將重點放在另一個租戶。所以我們有一個觀察名單。我們非常非常密切地管理和處理該觀察名單。但你看，我不知道，我們有大約 250 個租戶。在任何時候，我們正在處理的問題有 8 到 10 個都不足為奇。

Okay. That's helpful. And then last one for me. When you guys look at financing the acquisition pipeline, what's the cost for incremental debt these days. Is there any debt available through term loans, et cetera, that would be cheaper than I think the revolver is now probably up to 7% or so with where SOFR has gone?

好的。這很有幫助。然後是我的最後一張。當你們考慮為收購管道融資時，現在增量債務的成本是多少。是否有任何債務可以透過定期貸款等方式獲得，這比我認為的左輪手槍現在可能高達 7% 左右（SOFR 已經消失）要便宜？

Rob, you're right, that is how we look at our marginal cost of debt right now with where daily SOFR is and revolver rates. Obviously, we benefit as you look at our overall cost of debt capital, the hedges that we have in place. And so on a total weighted average cost of debt, it's more like 4.4%, but we are cognizant as we think about our marginal borrowing costs that it is that -- it was 6.8% at 6/30.

羅布，你是對的，這就是我們現在如何看待債務邊際成本以及每日 SOFR 和左輪利率。顯然，當你看看我們的債務資本總體成本以及我們所採取的對沖措施時，我們就會受益。因此，就總加權平均債務成本而言，它更像是 4.4%，但當我們考慮我們的邊際借貸成本時，我們認識到，在 6/30 時，該成本為 6.8%。

We continue to monitor the markets and look at different options. I think right now, the support we have from our lenders. And obviously, the returns we're able to generate from our properties. We're comfortable with our capital structure, but we will continue to evaluate that.

我們將繼續監控市場並研究不同的選擇。我認為現在我們得到了貸款人的支持。顯然，我們能夠從我們的財產中產生回報。我們對我們的資本結構感到滿意，但我們將繼續評估這一點。

(Operator Instructions) Our next question comes from Wes Golladay from Baird.

（操作員說明）我們的下一個問題來自 Baird 的 Wes Golladay。

I just had a question on the Genesis that was rejected. Did anything stand out to you? Was there just too much competition in the submarket, was the rent level too high, coverage low? Just trying to get, I guess, a feel for how isolated this one would be assuming a successful reorg.

我剛剛有一個關於創世記的問題被拒絕了。有什麼事情讓你印象深刻嗎？子市場是否競爭太激烈、租金水準是否太高、覆蓋率太低？我想，我只是想感受一下，如果重組成功的話，這個公司會有多麼孤立。

Yes. I mean all I can tell you is, like I said, we were actually already working with them on a termination related to this particular space. I think they had just determined that this was not a market that they wanted to operate in. They may not have had as deep a group in this market to compete effectively.

是的。我的意思是，我能告訴你的是，就像我說的，我們實際上已經在與他們合作解決與這個特定空間相關的終止問題。我認為他們只是確定這不是他們想要經營的市場。他們可能在這個市場上沒有足夠深入的群體來進行有效競爭。

This is adjacent to the Mission Hospital affiliated with HCA. And the only thing I can guess is perhaps HCA had a radiation oncology presence that this group was not affiliated with. But again, I think this is an isolated situation. It's good real estate. So we feel good about being able to release it. But we don't view this as something that's indicative of the rest of our portfolio, for sure.

該醫院毗鄰 HCA 附屬 Mission 醫院。我唯一能猜測的是 HCA 可能有放射腫瘤學業務，但該組織並不隸屬於該組織。但我再次認為這是一個孤立的情況。這是一個很好的房地產。所以我們對能夠發布它感到很高興。但我們當然不認為這代表了我們投資組合的其他部分。

Got it. And then when you look at the acquisition pipeline, we're hearing a lot of sectors where there's just not a lot of competition. It's really down year-over-year. Are you seeing the same thing? I guess what's driving the volume that you're seeing now? Is it more volume? Is it a higher close rate, a little of everything? Just kind of a little bit of a snapshot of the competitive landscape today versus maybe a year ago.

知道了。然後，當你查看收購管道時，我們會發現很多領域的競爭並不激烈。確實是逐年下降。你看到同樣的事情了嗎？我想是什麼推動了您現在看到的成交量？是不是音量更大了？是不是成交率更高，什麼都有一點？這只是今天與一年前競爭格局的快照。

Yes. It's -- listen, I think that we've got a little bit of a tailwind in our business from an acquisition standpoint, Wes. I mean if you think about our goal has always been to drive that high single-digit cap rate. And back when money was free during COVID, it was really tough to find those attractive real estate acquisition opportunities in those -- in that yield framework.

是的。聽著，我認為從收購的角度來看，我們的業務有一點順風，韋斯。我的意思是，如果你考慮我們的目標一直是推動高個位數的資本化率。當新冠疫情期間資金免費時，在收益框架中很難找到那些有吸引力的房地產收購機會。

Today, we're seeing a much different case where all of a sudden, 9 of those high single-digit cap rates are really market. And the other thing we're seeing, too, because historically, based on the size of the assets that we were acquiring, to the extent we did have any acquisition, it was there -- any competition, it was very little competition, but it was usually [1040] exchange buyers, and those buyers really are having difficulty getting any of their deals financed.

今天，我們看到了一個截然不同的情況，突然之間，其中 9 個高個位數的資本化率實際上是市場化的。我們還看到了另一件事，因為從歷史上看，根據我們收購的資產規模，就我們確實進行的任何收購而言，它是存在的——任何競爭，競爭都很少，但是通常是[ 1040]交易所買家，而這些買家確實很難為他們的任何交易融資。

And so anyway, I wouldn't point to one thing, but I think in general, we're seeing more opportunities for the type of real estate that we like and less competition for those acquisition opportunities. So it's been a nice overall tailwind to the business.

無論如何，我不會指出一件事，但我認為總的來說，我們看到我們喜歡的房地產類型有更多的機會，而這些收購機會的競爭也越來越少。因此，這對業務來說是一個很好的整體推動力。

Got it. And then if I could squeeze in one more. I hope that CapEx is up a little bit year-over-year. Is that a function of the leasing that you're doing? And then do you have an outlook for the second half of the year?

知道了。然後如果我能再擠進去一個。我希望資本支出年增。這是您正在進行的租賃的功能嗎？那麼您對下半年有什麼展望嗎？

Yes. We don't provide any sort of guidance with regard to CapEx. But yes, I think some of that additional CapEx, it's a variety of things. I think obviously, we're looking to make improvements in some of our facilities. And often we'll do that around some of the redevelopment projects that we have on the books.

是的。我們不提供任何有關資本支出的指導。但是，是的，我認為其中一些額外的資本支出是各種各樣的。我認為顯然，我們正在尋求改進我們的一些設施。通常，我們會圍繞著一些記錄在案的重建項目來這樣做。

And so I think you're seeing a little bit of additional CapEx as it relates to some of those -- those redevelopment projects, by the way, are around long-term leases. And in general, we're looking to get our yield on top of a good portion of that CapEx. So anyway, I would say it's that -- and just kind of the complexion of our assets today. And so anyway, we're not going to provide any guidance related to it, but I think it's kind of just some of those issues that I just outlined.

因此，我認為您會看到一些額外的資本支出，因為它與其中一些項目相關 - 順便說一句，這些重建項目是圍繞長期租賃的。總的來說，我們希望在資本支出的很大一部分之上獲得我們的收益。所以無論如何，我想說的是——這就是我們今天資產的情況。因此無論如何，我們不會提供任何與之相關的指導，但我認為這只是我剛才概述的一些問題。

Okay. And a quick follow-up on that. So you do have some redevelopment going on and I assume that comes when the facility open, so you may have some, I guess, pent-up NOI coming maybe in 3Q or 4Q for the spin that you did in the first half. Is that a fair assessment?

好的。並對此進行快速跟進。所以你確實正在進行一些重建工作，我想這會在設施開放時發生，所以我猜你可能會在第三季度或第四季度因為你在上半場做的旋轉而產生一些被壓抑的NOI 。這是一個公平的評價嗎？

I think that's right. I think that's right. Those projects are coming in over time. But yes, it's -- we hope that those will come online. We've had one of those projects come online in June, and we expect to have other ones come online throughout the rest of the year.

我認為這是對的。我認為這是對的。隨著時間的推移，這些項目將會陸續出現。但是，是的，我們希望這些能夠上線。其中一個項目已於 6 月上線，我們預計其他項目將在今年剩餘時間內上線。

The next question comes from Jim Kammert from Evercore.

下一個問題來自 Evercore 的 Jim Kammert。

I hate to dwell on Genesis. But the hope that you gave me, I apologize, in the event, a new tenant takes over a new operator, they don't have any ability to tweak the existing ongoing lease terms between yourselves and them, do they? There's no way for them to cram down a new lease kind of parameter on you?

我討厭詳述創世記。但是，我很抱歉，您給我的希望，如果新租戶接管新運營商，他們沒有任何能力調整您和他們之間現有的持續租賃條款，是嗎？他們沒有辦法向你強加一種新的租賃參數嗎？

No. There's no ability for them to do that, Jim.

不，他們沒有能力這麼做，吉姆。

Great. Great. And then again on the same topic, but I'm sure your team has been out there looking at the other 8 locations with Genesis. Would you characterize sort of the utilization? I know you seem confident in the quality of the real estate location, but are patients coming into these properties, it's a viable cancer treatment? I'm just trying to get a sense of what's happening at the operational level, if you have any color on that?

偉大的。偉大的。然後再次討論同一主題，但我確信您的團隊已經與 Genesis 一起考察了其他 8 個地點。您能描述一下使用情況嗎？我知道您似乎對房地產位置的品質充滿信心，但是患者進入這些房產是否是一種可行的癌症治療方法？我只是想了解一下操作層面發生的事情，您對此有什麼看法嗎？

Yes, we actually. Our asset management team specifically made sure that we went out and did some visuals on each of the buildings. And yes, there -- where they're providing healthcare, it appears as though they're open for business as usual. So we take -- obviously, we take comfort associated with that.

是的，我們確實。我們的資產管理團隊特別確保我們出去對每棟建築物進行一些視覺效果。是的，在他們提供醫療保健的地方，他們似乎照常營業。所以我們——顯然，我們對此感到安慰。

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

我們的問答環節到此結束。我想將會議轉回戴夫杜普伊 (Dave Dupuy) 發表閉幕詞。

Thanks, Jason, and thanks, everybody, for their support and look forward to talking to everybody next time. Have a good week. Thank you.

謝謝傑森，謝謝大家的支持，期待下次與大家交談。祝你一周愉快。謝謝。

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。您現在可以斷開連線。