Community Healthcare Trust Inc (CHCT) 2023 Q3 法說會逐字稿

Welcome to Community Healthcare Trust's 2023 Third Quarter Earnings Release Conference Call. On the call today, the company will discuss its 2023 third quarter financial results. It will also discuss progress made in various aspects of its business.

歡迎參加社區醫療保健信託基金 2023 年第三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 年第三季財務業績。它還將討論其業務各個方面的進展。

(Operator Instructions) The company's earnings release was distributed last evening and has also been posted on its website at www.chct.reit.

（操作員指示）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, November 1, 2023, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of the 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 11 月 1 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。為了討論風險和不確定性，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。

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.

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。

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.

通話參與者請注意，正在錄製此電話會議以供回放。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。

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

現在我想把電話轉給社區醫療保健信託基金執行長 Dave Dupuy。

Thank you. Good morning, and thank you for joining us today for our 2023 third quarter conference call. On the call with me today is Bill Monroe, our Chief Financial Officer; Leigh Ann Stach, our Chief Accounting Officer; and Tim Meyer, our EVP of Asset Management. Our earnings announcement and supplemental data report were released last night and furnished on 8-K, and our quarterly report on 10-Q was filed last night. In addition, an updated investor presentation was posted to our website last night.

謝謝。早安，感謝您今天參加我們的 2023 年第三季電話會議。今天與我通話的是我們的財務長比爾門羅 (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。我們的盈利公告和補充數據報告昨晚發布並在 8-K 上提供，我們的季度報告昨晚在 10-Q 上提交。此外，昨晚我們的網站上發布了更新的投資者簡報。

The third quarter was busy, both from an operations -- both, I'm sorry, from an acquisition standpoint and also from an operations standpoint. During the quarter, we acquired 7 properties with a total of approximately 177,000 square feet for a purchase price of approximately $51.7 million. The properties were 99.8% leased, with leases running through 2038, and anticipated annual returns of approximately 9.1% to 10.37%.

第三季很忙，無論是從營運角度來看——抱歉，從收購角度還是從營運角度來看。本季度，我們收購了 7 處房產，總面積約 177,000 平方英尺，購買價格約為 5,170 萬美元。這些物業的出租率達99.8%，租約持續至2038年，預期年回報率約為9.1%至10.37%。

Subsequent to September 30, we acquired 2 medical office buildings in a single transaction for a purchase price of $7.1 million. The properties were 96.8% leased, with leases running through 2031.

9 月 30 日之後，我們在一次交易中以 710 萬美元的價格收購了 2 棟醫療辦公大樓。 96.8%的物業已出租，租約持續至 2031 年。

From an operations perspective, our weighted average remaining lease term remained stable at 7.1 years. Occupancy decreased from 91.7% to 91%. That decrease can be attributed to GenesisCare lease rejection occurring in the quarter. As it relates to GenesisCare, we had 1 lease rejection during the quarter at 46,000 square feet, square foot building in Fort Myers, Florida, in which GenesisCare was the sole tenant. When coupled with the lease in Asheville rejected in the prior quarter, the 2 leases have been rejected representing 57,000 square feet and have seen good leasing activity at both locations.

從營運角度來看，我們的加權平均剩餘租賃期穩定在 7.1 年。入住率從 91.7% 下降至 91%。這一下降可歸因於本季發生的 GenesisCare 租約被拒絕。就 GenesisCare 而言，本季度我們在佛羅裡達州邁爾斯堡 46,000 平方英尺的建築中遇到了 1 起租約被拒絕的情況，GenesisCare 是該建築的唯一租戶。加上上一季阿什維爾被拒絕的租約，這兩個租約已被拒絕，面積為 57,000 平方英尺，並且兩個地點的租賃活動都很好。

As of September 30, 2023, GenesisCare was the sole tenant in 5 of our properties and a tenant in 2 of our multi-tenanted properties, representing approximately 1.9% of our gross real estate properties, or approximately 62,000 square feet. Based on recent court filings, the GenesisCare bankruptcy timeline has been extended with the auction currently scheduled for today, November 1. We and our outside counsel continue to monitor the situation closely, and our asset management team is prepared to engage quickly as the bankruptcy process progresses.

截至 2023 年 9 月 30 日，GenesisCare 是我們 5 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 1.9%，約 62,000 平方英尺。根據最近的法庭文件，GenesisCare 破產時間表已延長，拍賣目前定於今天（11 月1 日）進行。我們和我們的外部法律顧問將繼續密切關注事態發展，我們的資產管理團隊已準備好在破產過程中迅速參與取得進展。

As it relates to our pipeline, the company has 7 properties to be acquired after completion and occupancy for an aggregate expected investment of $166.5 million. The expected return on these investments should range from 9.1% to 9.75%. We currently expect to close on these properties throughout 2024 and 2025.

由於與我們的管道相關，該公司有 7 處房產在竣工併入住後將被收購，預計總投資為 1.665 億美元。這些投資的預期回報率應在 9.1% 至 9.75% 之間。目前，我們預計將在 2024 年和 2025 年期間關閉這些房產。

We continue to have many properties under review and have term sheets out on several properties with indicative returns of 9% to 10%-plus. We anticipate having enough availability on our credit facilities and through our banking relationships to fund our acquisitions, and we expect to continue to opportunistically utilize the ATM to strategically access the equity markets.

我們繼續對許多房產進行審查，並為幾處房產制定了投資意向書，指示性回報率在 9% 至 10% 以上。我們預計我們的信貸設施和銀行關係將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。

To wrap up, we declared our dividend for the third quarter and raised it to $0.455 per common share. This equates to an annualized dividend of $1.82 per share. We are proud to have raised our dividend every quarter since our IPO.

最後，我們宣布了第三季的股息，並將其提高至每股普通股 0.455 美元。這相當於每股年化股息 1.82 美元。自首次公開募股以來，我們每季都提高了股息，對此我們感到很自豪。

That takes care of the items I wanted to cover. So I will hand things off to Bill to discuss the numbers.

這照顧了我想要涵蓋的項目。所以我會把事情交給比爾來討論這些數字。

Thank you, Dave. I will now provide more details on our third quarter financial performance. I'm pleased to report that total revenue grew from $24.8 million in the third quarter of 2022 to $28.7 million in the third quarter of 2023, representing 15.8% annual growth over the same period last year. When compared to our $27.8 million of total revenue in the second quarter of 2023, we achieved 3.3% total revenue growth quarter-over-quarter. And on a pro forma basis, if the acquisitions we completed during the third quarter of 2023 had occurred on the first day of the third quarter, our total revenue would have increased by an additional $757,000 to a pro forma total of $29.5 million in the third quarter.

謝謝你，戴夫。我現在將提供有關我們第三季財務業績的更多詳細資訊。我很高興地報告，總收入從 2022 年第三季的 2,480 萬美元增長到 2023 年第三季的 2,870 萬美元，年增 15.8%。與 2023 年第二季 2,780 萬美元的總營收相比，我們的總營收季增了 3.3%。 And on a pro forma basis, if the acquisitions we completed during the third quarter of 2023 had occurred on the first day of the third quarter, our total revenue would have increased by an additional $757,000 to a pro forma total of $29.5 million in the third四分之一.

From an expense perspective, property operating expenses increased by approximately $670,000 quarter-over-quarter to $5.5 million, primarily as a result of properties acquired during the period, but also due to seasonal increases in HVAC repairs and utilities expense caused by the hot summer months.

從費用角度來看，物業運營費用環比增加約 67 萬美元，達到 550 萬美元，主要是由於期內收購的物業造成的，但也由於炎熱的夏季導致 HVAC 維修和公用事業費用季節性增加。 。

General and administrative expenses decreased from $3.8 million in the second quarter of 2023 to $3.6 million in the third quarter of 2023. This decrease was driven by the onetime increase in employer Medicare taxes paid in the second quarter from the vesting of our former CEO and President's shares.

一般和管理費用從2023 年第二季的380 萬美元減少到2023 年第三季的360 萬美元。這一下降的原因是第二季支付的雇主醫療保險稅一次性增加，該稅是由於我們前任執行長和總裁的歸屬而增加的。分享。

Interest expense increased from $4.1 million in the second quarter of 2023 to $4.6 million in the third quarter of 2023 due to the increase in borrowings under our revolving credit facility to fund acquisitions as well as slightly higher interest rates under our revolving credit facility during the quarter.

利息支出從2023 年第二季的410 萬美元增加到2023 年第三季的460 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增加以及本季循環信貸安排下的利率略有上升。

Moving to funds from operations. FFO increased from $13.8 million in the third quarter of 2022 to $15 million in the third quarter of 2023, or 8.9% growth year-over-year. FFO decreased from $15.9 million in the second quarter of 2023 to $15 million in the third quarter of 2023, and on a per diluted common share basis over these periods, FFO declined from $0.62 to $0.58 per share. But it is important to remember, our second quarter 2023 FFO included a $700,000 or $0.03 per share net casualty gain from insurance proceeds received related to 1 property that was vandalized.

從營運轉向資金。 FFO 從 2022 年第三季的 1,380 萬美元增加到 2023 年第三季的 1,500 萬美元，年增 8.9%。 FFO 從 2023 年第二季的 1,590 萬美元下降到 2023 年第三季的 1,500 萬美元，以這些期間稀釋後的每股普通股計算，FFO 從每股 0.62 美元下降到 0.58 美元。但重要的是要記住，我們的 2023 年第二季 FFO 包括從與 1 處被破壞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。

Adjusted funds from operations, or AFFO, which adjusts for straight-line rent and stock-based compensation, totaled $16.4 million in the third quarter of 2023, which compares to $15.4 million in the third quarter of 2022, or 6.9% growth year-over-year. On a per diluted common share basis, AFFO was $0.63 in the third quarter of 2022 and also $0.63 in the third quarter of 2023. AFFO for the second quarter of 2023 was $16 million. So our AFFO grew by 2.4% quarter-over-quarter.

調整後的營運資金 (AFFO) 根據直線租金和股票薪酬進行調整，2023 年第三季總計 1,640 萬美元，而 2022 年第三季為 1,540 萬美元，年成長 6.9% -年。以稀釋普通股計算，2022 年第三季 AFFO 為 0.63 美元，2023 年第三季為 0.63 美元。2023 年第二季 AFFO 為 1,600 萬美元。因此，我們的 AFFO 環比增長了 2.4%。

And finally, on a pro forma basis, if the acquisitions we completed during the third quarter of 2023 had occurred on the first day of the third quarter, AFFO would have increased by approximately $443,000 to a pro forma total of $16.9 million or $0.65 per diluted common share.

最後，在預計的基礎上，如果我們在 2023 年第三季完成的收購發生在第三季的第一天，AFFO 將增加約 443,000 美元，達到預計總額 1,690 萬美元，或攤薄後 0.65 美元共同分享。

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

我們準備好的演講到此結束。喬，我們現在準備開始問答環節。

(Operator Instructions) At this time we will take our first question, which will come from Connor Mitchell with Piper Sandler.

（操作員說明）此時我們將提出第一個問題，該問題將由 Connor Mitchell 和 Piper Sandler 提出。

So you guys have done a great job of finding your compensation with all stock. But just thinking about as you hire new talent for the company going forward, can you provide any updated thoughts on how the mix of cash versus stock compensation would look? And then how might that impact G&A given the all stock was, I believe, a 2x multiplier versus cash without the multiplier?

所以你們在用所有庫存找到補償方面做得很好。但只要想一想，當你為公司未來聘用新人才時，你能否就現金與股票薪酬的組合提供任何最新的想法？那麼，考慮到所有股票的乘數是沒有乘數的現金的 2 倍，這會對一般管理費用產生怎樣的影響？

Connor, thanks for the question. I hope all is well. So as it relates to cash versus stock mix, we are in the process now of working with the -- as everyone may recall, ISS provided a -- unfortunately, a vote against say-on-pay despite our strong alignment with shareholders that we believe. And -- but as part of that, we knew that we were going to work with the Compensation Committee and the Board to look at -- along with our compensation consultant to look at the need of compensation. And that process is ongoing. So I can't give you any guidance on that yet, Connor.

康納，謝謝你的提問。我希望一切都好。因此，就現金與股票組合而言，我們現在正在與——正如大家可能還記得的那樣，ISS 提供了——不幸的是，儘管我們與股東保持著強烈的一致，但我們還是投票反對薪酬發言權。相信。而且 - 但作為其中的一部分，我們知道我們將與薪酬委員會和董事會合作 - 以及我們的薪酬顧問來研究薪酬的需要。這個過程正在進行中。所以我還不能給你任何指導，康納。

I think it's safe to say that there will be some mix of cash and stock going forward. But again, we're in the early stages of evaluating how that's going to work and what that's going to look like. And we're just, at this point, not prepared to disclose any details on that. And my guess is, at some point in the next, I don't know, 6 months or so, that will be disclosed.

我認為可以肯定地說，未來將會出現一定程度的現金和股票混合。但同樣，我們正處於評估其運作方式和外觀的早期階段。目前我們還不準備透露任何細節。我的猜測是，在接下來的某個時候，我不知道，大約 6 個月左右，這將會被披露。

Yes, of course, of course. And then maybe looking at a different topic. The build-to-suit opportunity, given what's going on in construction lending and banks pulling back, do you see maybe some weakening from the core group of developers and the merchant and entrepreneurial developers? And then along with that, would you guys be comfortable stepping in to maybe fund some developments? Or would you rather let the developments take place and then acquire once it is leased up and stabilized?

是的，當然，當然。然後也許會考慮不同的主題。鑑於建築貸款和銀行撤資的情況，您是否認為開發商核心群體以及商業和創業開發商的實力有所減弱？除此之外，你們願意介入資助一些發展嗎？或者您願意先進行開發，然後在租賃並穩定後進行收購？

So what I would say is, we have a core group of banks that we've worked with for years that actually like to go in, fund these development projects with our takeout upon certificate of occupancy. And even though there's some level of pressure we've seen broadly within the banking community, those types of deals continue to work for the banks that have done business with us in the past.

所以我想說的是，我們有一個與我們合作多年的核心銀行集團，他們實際上很願意參與進來，透過我們在入住證明上的支出來為這些開發項目提供資金。儘管我們在銀行界普遍看到了一定程度的壓力，但這些類型的交易仍然適用於過去與我們開展業務的銀行。

As far as your second question, would we be open to doing some of those development projects or funding some of those development projects ourselves, we would certainly take a look. I think our preferred vehicle is have our bank partners fund those projects, and then have us take those projects out. There's no question just given the overall cost of debt those projects have become a little bit more expensive for our development partners. And I think they're working with their lenders and, frankly, their construction budgets to make sure that they can develop projects more quickly and more efficiently to help counteract the increase in debt.

至於你的第二個問題，我們是否願意做一些開發項目或自己資助其中一些開發項目，我們當然會考慮一下。我認為我們首選的方式是讓我們的銀行合作夥伴為這些項目提供資金，然後讓我們將這些項目撤出。毫無疑問，考慮到債務的整體成本，這些項目對我們的發展合作夥伴來說變得更加昂貴。我認為他們正在與貸款機構以及坦率地說，他們的建設預算合作，以確保他們能夠更快、更有效地開發項目，以幫助抵消債務的增加。

But with the folks that we're working with now, we haven't seen a significant change. Obviously, we're looking at that very closely. And if things evolve or change, we can adapt as well. But our preferred method is to work with our partner banks, and that's kind of what we intend to do going forward.

但對於我們現在合作的人來說，我們還沒有看到重大變化。顯然，我們正在非常密切地關注這一點。如果事情發生變化或變化，我們也可以適應。但我們首選的方法是與我們的合作夥伴銀行合作，這也是我們未來打算做的事情。

And our next question will come from Rob Stevenson with Janney.

我們的下一個問題將來自羅布史蒂文森和珍妮。

Dave, where was the coverage on the 2 rejected GenesisCare assets versus the remaining assets? Just trying to get a feel for if there was a major difference between the profitability of those 2 centers and the others?

Dave，與其餘資產相比，2 個被拒絕的 GenesisCare 資產的承保範圍如何？只是想了解這兩個中心與其他中心的獲利能力是否有重大差異？

Yes. So it's actually -- that gives me an opportunity to take a step back and sort of describe those 2 facilities. So Asheville, I think we mentioned on our last call, the first lease rejection, that lease was actually we were working through a termination with the tenant there because they had decided not to continue to provide services at that location. So we were not at all surprised that, that lease was going to get rejected as part of this process. Obviously, we were disappointed that our termination was not resolved, and our settlement was not resolved before that. So that is the Asheville situation. So they were not providing care in that facility at the time.

是的。所以實際上——這讓我有機會退後一步來描述這兩個設施。因此，阿什維爾，我想我們在上次電話中提到，第一次租約被拒絕，該租約實際上是我們正在與那裡的租戶終止租約，因為他們決定不再在該地點繼續提供服務。因此，作為此過程的一部分，該租約將被拒絕，我們對此一點也不感到驚訝。顯然，我們對終止協議沒有得到解決感到失望，而且我們的和解協議在此之前也沒有解決。這就是阿什維爾的情況。所以他們當時並沒有在該機構提供照護。

The other location in Fort Myers is essentially an office use, a back-office space, administrative space that GenesisCare was using. And so, again, disappointed that, that lease was rejected, but not all together surprising given the dynamics. The remaining leases that we have in place are all for clinics, health care providers that are providing cancer care to patients. And so we think those are obviously more stable than the other ones. We do not get financial statements on a center-by-center basis to answer your question from a coverage standpoint, so can't give you coverage levels here.

邁爾斯堡的另一個地點本質上是 GenesisCare 使用的辦公室、後台辦公空間和行政空間。因此，再次令人失望的是，該租約被拒絕了，但考慮到動態，這並不令人驚訝。我們剩餘的租約全部用於為患者提供癌症護理的診所和醫療保健提供者。所以我們認為這些顯然比其他的更穩定。我們無法獲得逐個中心的財務報表來從覆蓋範圍的角度回答您的問題，因此無法在此為您提供覆蓋範圍水平。

Okay. And then how are you -- if you were -- those 2 assets and any others that you were to get back, how is your confidence level in re-tenanting those versus selling vacant and just moving on, how are you guys sort of juggling those balls?

好的。然後你——如果你是——這兩項資產和你要拿回的任何其他資產，你對重新租用這些資產與出售空置並繼續前進的信心程度如何，你們是如何處理的那些球？

Well, as I said in the prepared remarks, we're getting good leasing activity at both the Asheville and Fort Myers locations. So we're actively looking to re-lease those spaces. So we feel good about those. We have also done market studies at the other locations just to determine kind of what the market rents are. And I think our teams feel very good about being able to move quickly to re-lease those spaces to the extent we need to. But we also have done some views and made sure that those tenants are actually providing health care in those locations, and they are. And so our hope and our expectation is whoever the next buyer is for these assets, those leases would continue to move forward under the new ownership.

嗯，正如我在準備好的演講中所說，我們在阿什維爾和邁爾斯堡的地點都獲得了良好的租賃活動。因此，我們正在積極尋求重新租賃這些空間。所以我們對這些感覺很好。我們也在其他地點進行了市場研究，以確定市場租金是多少。我認為我們的團隊對於能夠迅速行動以在我們需要的範圍內重新出租這些空間感到非常高興。但我們也提出了一些意見，並確保這些租戶實際上在這些地點提供醫療保健，而他們確實這麼做了。因此，我們的希望和期望是，無論這些資產的下一個買家是誰，這些租賃都將在新的所有權下繼續進行。

Is there anything in particular about the Fort Myers asset that lends itself to medical back office? Or could that just as easily be tenanted to a law firm or a financials firm or some other sort of non-medical tenant that then would not probably fit with your portfolio longer term?

邁爾斯堡資產有什麼特別之處適合醫療後台嗎？或者是否可以輕鬆地租給律師事務所或金融公司或其他類型的非醫療租戶，而這些租戶從長遠來看可能不適合您的投資組合？

Yes. I mean, look, it's -- we're looking at all options as it relates to that. So ultimately, based on the final user, we may decide that, that isn't the right fit for the portfolio, but we're certainly talking to all different kinds of users there. There's nothing magical about that being a health care space, although we're talking to both potential health care tenants as well as other tenants.

是的。我的意思是，看，我們正在考慮與此相關的所有選項。因此，最終，根據最終用戶，我們可能會決定，這不適合該產品組合，但我們肯定會與那裡的所有不同類型的用戶交談。儘管我們正在與潛在的醫療保健租戶以及其他租戶進行交談，但作為醫療保健空間並沒有什麼神奇之處。

Okay. That's helpful. And then while we're on the subject, any other sort of watch list tenants of note that you're focused on that is becoming more delinquent or that you're worried may not meet its rent obligations over the next quarter or 2?

好的。這很有幫助。然後，當我們談論這個主題時，您關注的任何其他類型的觀察名單租戶是否變得更加拖欠，或者您擔心可能無法在下一個或第二個季度履行其租金義務？

Rob -- and we've mentioned this on the last call, too. We have a watch list. We manage that watch list. I would tell you that it's consistent. The names are different, but it's usually 8 to 10 folks that we're working with at any 1 time that could be issues that we're working through. But there's nothing that I would say we're seeing that is concerning or relates to a specific sector or anything along those lines. It's sort of a, kind of a normal process when you're in the real estate business that you've got to manage your some delinquent tenants. But in general, our receivables are in really good shape, and we feel good about where we are vis-a-vis our tenants. And so nothing meaningful has changed or is different today than it was a quarter or 2 ago.

羅布——我們在上次電話會議中也提到了這一點。我們有一個觀察名單。我們管理該觀察名單。我會告訴你這是一致的。名稱各不相同，但通常我們每次都會與 8 到 10 個人合作，這可能是我們正在解決的問題。但我想說的是，我們沒有看到任何與特定部門或類似領域相關的內容。當你從事房地產行業時，這是一個正常的過程，你必須管理一些拖欠的租戶。但總的來說，我們的應收帳款狀況非常好，我們對我們與租戶的關係感到滿意。因此，今天與一兩個季度前相比，沒有任何有意義的變化或不同。

Okay. And then last 1 for me. Bill, how are you thinking about debt financing over the next 6 months? Is it just fund on the line and leave it there? Is there some other debt, be it term loans or some floating to fixed swaps that's attractive to you today that you would put in place over the next quarter or 2 to push the term out and replenish the line? How should we be thinking about that?

好的。然後是我的最後 1 個。 Bill，您對未來 6 個月的債務融資有何看法？難道只是存入資金然後就放在那裡嗎？是否還有一些其他債務，無論是定期貸款還是一些浮動固定掉期，對您來說很有吸引力，您會在下一個或兩個季度落實這些債務，以延長期限並補充額度？我們該如何思考這個問題？

With our revolver balance currently outstanding at the end of the quarter at $48 million, we have $102 million of availability under that revolver. And so I think, certainly, over the next 6 months, we will look to continue to use our revolver as our primary debt financing mechanism and certainly appreciate the support of all of our banks in that facility. So nothing on the near-term horizon. But certainly, we continue to monitor the debt markets. Our next maturity isn't until 2026, and so feel fortunate that there's no near-term maturities. But certainly, we will continue to monitor the markets. And if there is an opportunistic opportunity to further extend maturities, we certainly will look at that.

截至本季末，我們的左輪手槍餘額目前為 4,800 萬美元，因此我們在該左輪手槍下有 1.02 億美元的可用資金。因此，我認為，在接下來的 6 個月裡，我們肯定會繼續使用我們的左輪手槍作為我們的主要債務融資機制，當然感謝我們所有銀行對該設施的支持。所以短期內不會有任何事情。但當然，我們將繼續監控債務市場。我們的下一次到期要到 2026 年，因此幸運的是，沒有近期到期。但當然，我們將繼續監控市場。如果有進一步延長期限的機會，我們當然會考慮。

Our next question will come from Wes Golladay with Baird.

我們的下一個問題將由韋斯·戈拉迪和貝爾德提出。

I just wanted to follow up on the plan for Genesis. It looks like you have some action to re-lease the space, but maybe talk about your long-term plans for this asset? Would it be to lease it up and sell it? And just curious if this was part of a bigger deal, and if that's how you got the back-office space in the first place?

我只是想跟進《創世紀》的計劃。看起來您已經採取了一些行動來重新出租該空間，但也許可以談談您對此資產的長期計劃？是不是要先出租再賣掉？只是好奇這是否是一項更大交易的一部分，以及這是否是您最初獲得後台辦公空間的方式？

Wes, thanks for the question. Yes, it is. So we -- this was a portfolio acquisition that the company made, I think, in the December timeframe of 2020. And so, as part of a portfolio, sometimes you get an asset that you wouldn't ordinarily go after if it was a single asset, and that is the case related to the asset in Fort Myers. And so yes, I mean, look, we're not -- our focus as a firm is going after health care-related provision of health care assets. I think everyone knows that, that's the focus of our business. And so, ultimately, if Fort Myers doesn't fit that, long term, we might look to sell that property. All options are on the table. We're -- like I said, we're experiencing some good activity at both locations, and although good activity doesn't necessarily translate into a lease right away, we feel good that both are attractive in their respective markets. And so, ultimately, we hope to get those re-leased right away. But yes, I mean, back-office space for health care providers is not a focus for the firm, and we wouldn't have done that acquisition if it wasn't a part of a larger transaction.

韋斯，謝謝你的提問。是的。所以我們——我認為，這是該公司在2020 年12 月的時間範圍內進行的投資組合收購。因此，作為投資組合的一部分，有時你會得到一種資產，如果它是一個資產，你通常不會追求它。單一資產，即與邁爾斯堡資產相關的情況。所以，是的，我的意思是，看，我們不是——作為一家公司，我們的重點是提供與醫療保健相關的醫療保健資產。我想每個人都知道，這是我們業務的重點。因此，最終，如果邁爾斯堡不符合這項條件，從長遠來看，我們可能會考慮出售該房產。所有的選擇都在桌面上。正如我所說，我們在這兩個地點都經歷了一些良好的活動，儘管良好的活動不一定會立即轉化為租賃，但我們很高興這兩個地點在各自的市場上都具有吸引力。因此，最終，我們希望立即重新出租這些設施。但是，是的，我的意思是，醫療保健提供者的後台空間不是公司的重點，如果它不是更大交易的一部分，我們就不會進行這項收購。

Got it. Yes, that all makes sense. The -- I guess, how have your conversations changed with potential sellers with the recent rise in interest rates? Have they changed at all?

知道了。是的，這一切都有道理。我想，隨著最近利率的上升，您與潛在賣家的對話發生了怎樣的變化？他們有什麼變化嗎？

Yes, listen, from an activity standpoint, it's been great. I mean, we're seeing a lot more activity in the marketplace. Capital is precious, as everybody knows on this call, and so it's very precious for us, too. We feel good about the dialogue and the activity that we're having with potential sellers. We think that, that activity is going to translate into some good acquisition opportunities, but yes, I think we're seeing really solid activity on both sides of our business.

是的，聽著，從活動的角度來看，這非常棒。我的意思是，我們看到市場上有更多的活動。資本是寶貴的，正如這次電話會議中每個人都知道的那樣，因此它對我們來說也非常寶貴。我們對與潛在賣家的對話和活動感到滿意。我們認為，該活動將轉化為一些良好的收購機會，但是，是的，我認為我們業務雙方都看到了真正紮實的活動。

As most people know, we're looking both at assets that are represented in the brokerage market, but we're also having good dialogue with potential client companies. And even though those conversations haven't resulted in specific purchase and sale agreements today, we feel like that good dialogue bodes well going forward for us from an acquisition standpoint.

正如大多數人所知，我們不僅關注經紀市場中代表的資產，而且我們也與潛在客戶公司進行良好的對話。儘管這些對話今天尚未達成具體的購買和銷售協議，但我們認為，從收購的角度來看，良好的對話預示著我們的前景良好。

So even though -- and really because rates are so high, to the extent we had competition from smaller buyers, whether they be 1031 exchange buyers or other smaller real estate funds, obviously, it's tougher for those funds and for those buyers to get financing in this environment. And as an all-cash buyer, we feel like we've got a pretty nice advantage in the marketplace right now, and it's allowed us to be choosy, and we're seeing a lot of good opportunities.

因此，儘管如此，事實上，由於利率如此之高，就我們而言，我們面臨著來自小型買家的競爭，無論他們是1031 交易所買家還是其他小型房地產基金，顯然，這些基金和買家獲得融資的難度更大在這種環境下。作為一個全現金買家，我們覺得我們現在在市場上有相當好的優勢，這讓我們能夠挑剔，而且我們看到了很多很好的機會。

Got it. And can you give a clarification. When you set the cap rates, they always have a typical range, is this due to nondisclosure reasons, or is there something that can actually change the actual cap rate at the time of the deal is finally closed?

知道了。你能澄清一下嗎？當你設定上限利率時，它們總是有一個典型的範圍，這是由於保密原因，還是有什麼東西可以真正改變交易最終結束時的實際上限利率？

Yes. I mean, I think that's -- what are you referring to specifically, Wes?

是的。我的意思是，我認為那是──你具體指的是什麼，韋斯？

Would you give a range on cap rates? You kind of give, we have this many deals, $166 million at this range for the cap rate instead of like a pinpoint -- like if the deal not -- or the term is not officially set? Or is there a reason you can't disclose? Maybe the seller doesn't want you to give the official cap rate? Just trying to see what kind of can cause the variation between the range you give?

您能給出上限利率的範圍嗎？你可以說，我們有這麼多交易，上限利率在這個範圍內為 1.66 億美元，而不是像一個精確的點——比如如果交易沒有——或者條款還沒有正式確定？還是有什麼不能透露的原因？也許賣家不想讓你給出官方上限利率？只是想看看什麼樣的情況會導致您給出的範圍之間的差異？

That is a range of cap rates based on purchase and sale agreements we have on the books. And so that's -- they range between 9.1% in what you're referring to and 9.75%. So some are at the higher rate and some are at the lower rate. We just don't break out which are which.

這是基於我們帳面上的購買和銷售協議的一系列上限利率。所以，它們的範圍在你所指的 9.1% 到 9.75% 之間。所以有的利率較高，有的利率較低。我們只是不區分哪些是哪些。

(Operator Instructions) Our next question will come from Jim Kammert with Evercore.

（操作員說明）我們的下一個問題將來自 Evercore 的 Jim Kammert。

Just to double check, the remaining leases with Genesis, talking between the second and third quarter supplements, it's about 2.8% of ABR. Does that sound about right?

再次檢查 Genesis 的剩餘租約，就第二季和第三季的補充而言，約為 ABR 的 2.8%。那個聽起來是對的嗎？

I think -- so the remaining leases, we've got 7 leases representing 1.9% of our gross real estate properties. Is that your question?

我認為，在剩餘的租約中，我們有 7 個租約，占我們房地產總額的 1.9%。這是你的問題嗎？

No, I was [speaking of] ABR average base rent is about 2.8% of rents.

不，我[談到]ABR 平均基本租金約為租金的 2.8%。

I'm not sure we've disclosed that amount. I have to look. Yes.

我不確定我們是否披露了這個金額。我得看看。是的。

All right. Because I thought...

好的。因為我想...

But you could obviously go back into our supplemental, and you could calculate it. I mean, I think we have that disclosed there.

但你顯然可以回到我們的補充，你可以計算它。我的意思是，我認為我們已經在那裡披露了這一點。

That's fine. No, I will do that. And then thinking about, you talked companies on the watch list, et cetera. How much of the ABR is covered where you get either unit level and/or a combination of parent or guarantor financial report? I'm just kind of curious how do you really assess how that watch list -- how do you maintain -- how do you identify which tenants are potential problems?

沒關係。不，我會那麼做。然後想想，你談到了觀察名單上的公司等等。當您獲得單位級別和/或母公司或擔保人財務報告的組合時，涵蓋了多少 ABR？我只是有點好奇你如何真正評估該觀察名單 - 如何維護 - 如何識別哪些租戶是潛在問題？

Well, I mean, the watch list is identified based on folks that maybe are delaying payments or asking for special requests as part of their -- paying their lease or whatever. And so it really varies. I mean, we've got 260-plus tenants, Jim. And so I can't give you a broad-brush on what the specific issues are related to that. It's a variety of situations. And what I would tell you is, if it's -- and most of these tenants tend to be tenants in our multi-tenanted buildings. And so it represents very small amount of square footage, but we're very, very focused on having dialogue and working through any and all of those issues.

嗯，我的意思是，觀察名單是根據那些可能延遲付款或要求特殊要求的人確定的，作為他們支付租金或其他什麼的一部分。所以它確實有所不同。我的意思是，吉姆，我們有 260 多名租戶。因此，我無法向您大致介紹與此相關的具體問題。這是各種各樣的情況。我要告訴你的是，如果是的話——而且這些租戶中的大多數往往是我們多租戶建築的租戶。因此，它只佔很小的面積，但我們非常非常專注於進行對話並解決所有這些問題。

And so if they're the smaller tenants in our multi-tenanted buildings, we're not getting XYZ physician group's financial statements. And so -- but if it's a larger -- if we're having issues with a larger tenant, then we may have financial statements that we can talk to them about, but it just -- it really varies. And so it's hard for me to give you a broad-brush on what that's related to.

因此，如果他們是我們多租戶建築中的較小租戶，我們就不會收到 XYZ 醫生集團的財務報表。所以 - 但如果它是一個更大的 - 如果我們與一個更大的租戶有問題，那麼我們可能有可以與他們討論的財務報表，但這只是 - 它確實有所不同。因此，我很難向您大致介紹與此相關的內容。

What I would tell you is, most of the dialogue we're having with these tenants that are watch list tenants don't represent large amounts of square footage. And so they're not "client tenants," and so we're not getting financial information on those. They tend to be smaller tenants that are in the MOBs that we operate.

我要告訴你的是，我們與這些觀察名單租戶的大部分對話並不代表大量的平方英尺。因此，他們不是“客戶租戶”，因此我們無法獲得有關這些的財務資訊。他們往往是我們經營的 MOB 中的較小租戶。

No, that's fair. I appreciate it. I wasn't [clear]. But what percentage of ABR is covered where you actually do get reported financials? I mean is 50% of the tenant ABR, do you receive financials for that amount or less or more?

不，這很公平。我很感激。我沒有[清楚]。但是，您實際獲得的財務報告涵蓋了多少百分比的 ABR？我的意思是租戶 ABR 的 50%，您是否收到該金額或更少或更多的財務數據？

I've never calculated that amount. We can -- I don't have a good answer for you.

我從來沒有計算過這個金額。我們可以——我沒有一個好的答案給你。

Okay. I was just curious you may know.

好的。我只是好奇你可能知道。

I would just be guessing. Yes. I mean if you think about it, the makeup of our tenants, we've got a significant amount of physician clinics and MOBs, and that's 50-plus percent of our overall assets. And so in those assets, we're not going to be getting individual financial statements. And so you can kind of look at it that way. The remaining larger single tenants, we're going to give financial statements on those. So my guess is, it's something less than 50%, but I can't give you a specific number.

我只是猜測。是的。我的意思是，如果你考慮我們租戶的組成，我們擁有大量的醫生診所和 MOB，這占我們總資產的 50% 以上。因此，在這些資產中，我們不會獲得單獨的財務報表。所以你可以這樣看待它。其餘較大的單一租戶，我們將提供這些租戶的財務報表。所以我的猜測是，這個比例低於 50%，但我不能給你一個具體的數字。

And with no remaining questions, we will conclude the question-and-answer session. I would now like to turn the conference back over to Dave Dupuy for any closing remarks.

沒有剩下的問題，我們將結束問答環節。我現在想將會議轉回戴夫·杜普伊 (Dave Dupuy) 發表閉幕詞。

We really appreciate the questions. We appreciate everybody on the phone and look forward to talking to everybody again in the new year. Thank you.

我們非常感謝您提出的問題。我們感謝電話中的每個人，並期待在新的一年裡再次與大家交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。