Community Healthcare Trust Inc (CHCT) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Community Healthcare Trust 2025 second-quarter earnings release conference call. On the call today, the company will discuss its 2025 second quarter financial results. We'll 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.

大家好，歡迎參加社區醫療保健信託 2025 年第二季收益發布電話會議。在今天的電話會議上，該公司將討論其2025年第二季的財務表現。我們還將討論其業務各個方面的進展。講話結束後，將開放電話專線進行問答環節。

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, July 30, 2025, and may contain forward-looking statements that involve risks and uncertainty.

該公司的盈利報告已於昨晚發布，並已在其網站 www.chct.reit 上發布。本公司謹此強調，本次電話會議中可能討論的部分資訊將基於截至2025年7月30日的信息，並可能包含涉及風險和不確定性的前瞻性陳述。

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 and 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.

實際結果可能與此類聲明中所述的結果有重大差異。要了解這些風險和不確定性，您應該查看公司在其收益報告中關於前瞻性陳述的揭露以及其風險因素和 MD&A 以及其 SEC 文件。除非法律另有要求，否則公司不承擔更新前瞻性聲明的義務，無論是由於新資訊、未來發展或其他原因。

During the 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 call is being recorded for playback purposes.

電話會議期間，公司將討論 GAAP 和非 GAAP 財務指標。兩者之間的對帳情況可在其網站上發布的收益報告中查看。請告知通話參與者，此通話將被錄音以供回放。

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.

電話會議的存檔將在公司的投資者關係網站上提供約 30 天，並且屬於公司的財產。未經本公司事先書面許可，不得錄製或以其他方式複製或散佈此通話。

Now I'd like to turn the conference call over to Dave Dupuy, CEO of Community Healthcare Trust. Please go ahead.

現在，我想將電話會議交給社區醫療保健信託基金會執行長 Dave Dupuy。請繼續。

Great. Thanks, Jamie, and good morning. Thank you for joining us today for our 2025 second quarter conference call. On the call with me today is Bill Monroe, our Chief Financial Officer; Leigh Ann Stach, Chief Accounting Officer; and our new Senior Vice President of Asset Management, Mark Kearns. Our earnings announcement and supplemental data report were released last night and furnished on Form 8-K, along with our quarterly report on Form 10-Q.

偉大的。謝謝，傑米，早安。感謝您今天參加我們的 2025 年第二季電話會議。今天與我一起通話的有我們的財務長比爾門羅 (Bill Monroe)、首席會計官利安斯塔赫 (Leigh Ann Stach) 以及我們新任資產管理高級副總裁馬克卡恩斯 (Mark Kearns)。我們的收益公告和補充數據報告已於昨晚發布，並以 8-K 表格形式提供，同時也以 10-Q 表格形式提供季度報告。

In addition, an updated investor presentation was posted to our website last night. As previously announced, Tim Meyer departed the company effective May 31. We are excited to have Mark on board as our new Senior Vice President of Asset Management.

此外，昨晚我們已將更新後的投資者介紹發佈到我們的網站上。正如之前宣布的那樣，蒂姆·邁耶 (Tim Meyer) 將於 5 月 31 日起離職。我們很高興馬克加入我們，擔任資產管理新高級副總裁。

He has over 25 years of healthcare real estate experience, including leasing and managing medical outpatient properties, most recently in leadership positions with Welltower and Healthpeak. Bill will review the financial details in his comments, but I wanted to provide an update on the status of our geriatric behavioral hospital tenant.

他在醫療保健房地產領域擁有超過 25 年的經驗，包括租賃和管理門診醫療物業，最近在 Welltower 和 Healthpeak 擔任領導職務。比爾將在他的評論中回顧財務細節，但我想提供有關我們老年行為醫院租戶的最新狀況。

Although their performance has stabilized over the last couple of quarters, they have been unable to pay us full rent and interest. As discussed on previous calls, the tenant has been exploring strategic alternatives, including a potential sale of its business.

儘管他們的業績在過去幾個季度已經穩定下來，但他們仍然無法向我們支付全額租金和利息。正如先前的電話會議所討論的，租戶一直在探索策略替代方案，包括可能出售其業務。

On July 17, 2025, the tenant signed a letter of intent for the sale of the operations of all six of its hospitals to an experienced behavioral health care operator and is under exclusivity with that buyer. Among other terms and conditions of the sale, the buyer would sign new or amended leases for the six geriatric hospitals owned by CHCT.

2025 年 7 月 17 日，承租人簽署了一份意向書，將其全部六家醫院的營運權出售給一位經驗豐富的行為健康護理運營商，並與該買家簽訂了獨家經營協議。除銷售條款和條件外，買方還將為 CHCT 旗下的六家老年醫院簽署新的或修改後的租約。

The tenant and CHCT are in active negotiations with the buyer, so we can't share more details at this time. And while we can't provide certainty that the transaction will close, we hope to share more information over the next couple of quarters as we move through the process.

租戶和 CHCT 正在與買家積極談判，因此我們目前無法分享更多細節。雖然我們無法確定交易是否能夠完成，但我們希望在接下來的幾個季度內分享更多資訊。

As disclosed in our filings, we determined that the collectibility of the remaining interest balance and unreserved notes related to this tenant were not reasonably assured. Our notes and interest are now fully reserved for this tenant and rent continues to be recognized on a cash basis.

正如我們在文件中所揭露的那樣，我們確定與該租戶相關的剩餘利息餘額和未保留票據的可收回性無法得到合理保證。我們的票據和利息現在已全部為該租戶保留，租金繼續以現金形式確認。

During the quarter, we received $260,000 from the tenant that is included in revenue compared with $165,000 in the prior quarter. As for other components of the business, our occupancy decreased slightly from 9.9% to 90.9% to 90.7% during the quarter, but we continue to see good leasing activity in the portfolio. We have three 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.

本季度，我們從租戶處獲得了 260,000 美元，計入收入，而上一季為 165,000 美元。至於業務的其他組成部分，我們的入住率在本季從 9.9% 略微下降至 90.9% 至 90.7%，但我們繼續看到投資組合中的良好租賃活動。我們有三處房產或其中的大部分正在進行重建或大規模翻修，翻修或重建完成後將有長期租戶入住。

One of those projects commenced its lease on July 1. Due to some free rent built into the lease, we expect this property to contribute AFFO later in the fourth quarter of 2025 and into the first quarter of 2026. Though we did not acquire any properties during the second quarter of 2025, on July 9, we acquired an inpatient rehabilitation facility after completion of construction for a purchase price of $26.5 million.

其中一個項目於7月1日開始租賃。由於租約中包含一些免租金，我們預計該物業將在 2025 年第四季末和 2026 年第一季貢獻 AFFO。雖然我們在 2025 年第二季度沒有收購任何房產，但在 7 月 9 日，我們以 2,650 萬美元的購買價格收購了一座已完工的住院康復設施。

We entered into a new lease with a lease expiration in 2040 and an anticipated annual return of approximately 9.4%. Also, we have signed definitive purchase and sale agreements for six properties to be acquired after completion and occupancy for an aggregate expected investment of $146 million. The expected return on these investments should range from 9.1% to 9.75%. We expect to close on one of these properties in the fourth quarter with the remaining five properties closing throughout 2026 and 2027.

我們簽訂了一份新的租約，租約到期日為 2040 年，預計年回報率約為 9.4%。此外，我們還簽署了六處房產的最終購買和銷售協議，這些房產將在竣工和入住後收購，預計總投資額為 1.46 億美元。這些投資的預期回報率應在 9.1% 至 9.75% 之間。我們預計在第四季完成其中一處房產的交易，其餘五處房產將於 2026 年和 2027 年完成交易。

Considering the company's current share price, we did not issue any shares under our ATM last quarter. However, we are actively working on capital recycling opportunities and would anticipate having sufficient capital from selected asset sales, coupled with our revolver capacity to fund near-term acquisitions.

考慮到該公司目前的股價，我們上個季度沒有透過 ATM 發行任何股票。然而，我們正在積極尋找資本循環機會，並預計從選定的資產出售中獲得足夠的資本，再加上我們的循環信貸能力，可以為近期的收購提供資金。

We had one very small disposition in the second quarter, providing approximately $600,000 of proceeds and generating a small capital gain. Going forward, we will evaluate the best uses of our capital, all while maintaining modest leverage levels. To finish up, we declared our dividend for the second quarter and raised it to $0.4725 per common share.

我們在第二季進行了一次非常小規模的處置，提供了約 60 萬美元的收益並產生了少量資本利得。展望未來，我們將評估資本的最佳用途，同時保持適度的槓桿水準。最後，我們宣布了第二季的股息，並將其提高至每股 0.4725 美元。

This equates to an annualized dividend of $1.89 per share. We are 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.

這相當於每股 1.89 美元的年股息。我們很自豪自首次公開募股以來每季都提高股利。這解決了我想要涉及的問題，所以我會把這些事情交給比爾來討論數字。

Thank you, Dave. I will now provide more details on our second quarter financial performance. Let me start by detailing the impacts to our financials related to the geriatric behavioral hospital tenant that Dave described earlier.

謝謝你，戴夫。我現在將提供有關我們第二季財務業績的更多詳細資訊。首先，讓我詳細說明一下戴夫之前描述的老年行為醫院租戶對我們的財務狀況的影響。

Other operating interest revenue in the second quarter was negatively impacted by the reversal of $1.7 million of interest receivables from this tenant. In addition, we recorded an $8.7 million credit loss reserve on the notes receivable from this tenant, which utilized the signed letter of intent valuation of the tenant's operations.

第二季的其他營業利息收入受到該租戶 170 萬美元利息應收款的沖銷產生的負面影響。此外，我們還對該租戶的應收票據記錄了 870 萬美元的信用損失準備金，該準備金利用了簽署的意向書對租戶的營運進行估值。

Next, let me detail the impact related to the departure of our former Executive Vice President of Asset Management. Within general and administrative expense, we recorded a charge of $5.9 million for severance and transition-related expenses. Combining the reversal of the interest receivable with the severance charges reduced second quarter FFO by $0.28 and AFFO by $0.06 per diluted common share.

接下來，讓我詳細說明我們前任資產管理執行副總裁離職的影響。在一般和行政費用中，我們記錄了 590 萬美元的遣散費和過渡相關費用。應收利息的沖銷與遣散費相結合，導致第二季度每股攤薄普通股的 FFO 減少 0.28 美元，AFFO 減少 0.06 美元。

Moving back to the top of our income statement, total revenue for the second quarter of 2025 was $29.1 million. But if you exclude the $1.7 million reversal of interest receivable I just mentioned from the geriatric behavioral hospital tenant, total revenues would have been approximately $30.7 million.

回到我們的損益表頂部，2025 年第二季的總收入為 2,910 萬美元。但如果不計入我剛才提到的老年行為醫院租戶的 170 萬美元應收利息逆轉，總收入將約為 3,070 萬美元。

When comparing this $30.7 million to our total revenue in the first quarter of 2025, which was $30.1 million, our core portfolio would have achieved 2.2% total revenue growth quarter-over-quarter. Moving to expenses. Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million for the second quarter of 2025.

將這 3,070 萬美元與我們 2025 年第一季的總收入 3,010 萬美元進行比較，我們的核心投資組合將實現環比 2.2% 的總收入成長。轉向開支。2025 年第二季度，物業營運費用較上季減少約 50 萬美元至 560 萬美元。

This reduction was primarily related to the higher seasonal expenses in the first quarter, including snow removal and utilities expense at several properties. Total general and administrative expense was $10.6 million in the second quarter of 2025.

這項減少主要與第一季季節性費用增加有關，包括幾處房產的除雪和水電費。2025 年第二季總一般及行政費用為 1,060 萬美元。

But if you exclude the $5.9 million of severance and transition-related payments I mentioned earlier, G&A expense was $4.7 million, a reduction of approximately $400,000 quarter-over-quarter. This reduction was primarily related to the higher seasonal G&A expenses in the first quarter from our annual employer HSA funding, higher 401(k) contributions and employer tax payments from stock vestings during the first quarter.

但如果不計入我之前提到的 590 萬美元遣散費和過渡相關費用，一般及行政費用為 470 萬美元，環比減少約 40 萬美元。這一減少主要與第一季我們年度雇主 HSA 資金導致的季節性 G&A 費用增加、401(k) 供款增加以及第一季股票歸屬導致的雇主稅款支付有關。

Interest expense increased by $240,000 quarter-over-quarter to $6.6 million in the second quarter of 2025 because of increased borrowings under our revolving credit facility late in the first quarter to fund the $10 million property acquisition as well as one extra day of interest in the second quarter compared to the first quarter.

2025 年第二季度的利息支出環比增加 24 萬美元，達到 660 萬美元，原因是第一季末我們根據循環信貸額度增加了借款，以資助 1000 萬美元的房產收購，以及第二季度的利息比第一季增加了一天。

Moving to funds from operations. FFO on a diluted common share basis was $0.23 in the second quarter of 2025, but remember that this was reduced by the $0.28 of onetime items I discussed earlier. Adjusted funds from operations, or AFFO, which adjusts for straight-line rent and stock-based compensation, totaled $13.6 million in the second quarter of 2025, which on a diluted common share basis was $0.50, but also remember that this was reduced by the $0.06 of onetime items I discussed earlier.

從營運轉向資金。2025 年第二季度，以稀釋普通股計算的 FFO 為 0.23 美元，但請記住，這減少了我之前討論過的 0.28 美元的一次性項目。調整後的營運資金（AFFO，根據直線租金和股票薪酬進行調整）在 2025 年第二季度總計 1,360 萬美元，按稀釋普通股計算為 0.50 美元，但也請記住，這減少了我之前討論過的 0.06 美元的一次性項目。

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

我們的準備好的演講到此結束。傑米，我們現在準備開始問答環節。

(Operator Instruction)

（操作員指令）

Rob Stevenson, Janney.

羅伯史蒂文森、珍妮。

Good morning guys. Dave, the acquisition that you did, was that out of the $100-and-some million pipeline? Because I think it was seven assets before and now down to 6. Is that accounting for that?

大家早安。戴夫，你進行的收購是從價值 1 億多美元的項目中支出的嗎？因為我認為之前有 7 種資產，現在減少到 6 種。這能解釋這一點嗎？

Correct, yes, that's right.

正確，是的，沒錯。

And then how are you guys thinking at this point about funding the remaining 25 acquisition out of that pipeline given where the stock price is now?

那麼，考慮到目前的股價，你們現在如何考慮從該管道為剩餘的 25 項收購提供資金？

Yeah, no, we are very focused on not wanting to continue to just fund those under the revolver and we are working -- I think I've mentioned in prior calls, we're making good progress on our capital recycling efforts. We don't have anything to disclose today as far as details related to that.

是的，不，我們非常專注於不繼續為那些循環信貸機構提供資金，我們正在努力——我想我在之前的電話會議中提到過，我們的資本回收工作正在取得良好進展。就此相關的細節，我們今天還沒有任何資訊可以透露。

But our goal is to use that capital recycling that we've talked about that is underway that would pay for the upcoming pipeline that we have, that forward pipeline that we're expecting late this year and into next year. So that's why we're laser-focused on getting those capital recycling projects done, our goal. And we think based on the activity that we've had so far, we should be able to do that.

但我們的目標是利用我們討論過的正在進行的資本回收來支付我們即將建成的管道以及我們預計在今年年底和明年建成的未來管道。這就是為什麼我們專注於完成這些資本回收項目，這是我們的目標。我們認為，根據我們迄今為止所進行的活動，我們應該能夠做到這一點。

Okay. And then are you guys still pursuing other options with the geriatric facilities just in case that deal falls through? Or do you guys think at this point that the likelihood of -- nothing is certain, but the likelihood of a deal happening there is strong enough that you've got things to focus on elsewhere at this point?

好的。那麼，如果交易失敗，你們是否仍在尋求老年醫療設施的其他選擇？或者你們現在是否認為，沒有什麼是確定的，但達成交易的可能性足夠大，以至於你們現在需要把注意力放在其他地方？

Look, until the transaction closes, we're going to be very involved. Obviously, we've got significant interest in making sure that this transaction goes through. And we think we've got the ingredients to get the transaction closed, which is an interested buyer, an interested seller and obviously, us as a meaningful debt holder.

你看，直到交易結束，我們都會非常投入。顯然，我們非常希望確保這筆交易能夠順利完成。我們認為我們已經具備完成交易的條件，即有感興趣的買家、感興趣的賣家，當然還有我們作為有意義的債務持有人。

We think that this is the best buyer and so we're excited. They have very similar properties in the portfolio. It's a -- they have financial resources, they have good management team and so we're excited about it. But we did have other interested buyers in the process.

我們認為這是最好的買家，所以我們很興奮。他們在投資組合中擁有非常相似的屬性。他們擁有財務資源，擁有優秀的管理團隊，因此我們對此感到興奮。但在過程中我們確實有其他有興趣的買家。

And so if for whatever reason, during this period of time where they're doing additional diligence work, they would step away or if we don't feel like at the end of the day, they could bring it to closing, we do have other interested bidders that we would involve in the process.

因此，如果出於某種原因，在他們進行額外盡職調查工作的這段時間內，他們會退出，或者如果我們覺得他們最終無法完成交易，我們確實有其他有興趣的競標者參與到這個過程中。

So we're happy with where we sit today, but we're laser-focused on making sure that this gets closed ideally by year-end.

因此，我們對目前的狀況感到滿意，但我們會全心全意地確保在年底前完成這項工作。

All right. And then I guess the other question there would wind up being, has -- given the financial issues of the existing tenant, is there any deferred maintenance or stuff where you guys are going to need -- would need to put in any substantial amount of money to bring them up to a certain level before a new lease would be signed by either that -- either the buyer of that company or some other tenant? Or are you anticipating at this point that any type of further investment in those assets in the near term will be relatively minor to get leased?

好的。然後我想另一個問題是，考慮到現有租戶的財務問題，是否有任何延期維護或其他需要你們投入大量資金才能將其提升到一定水平的東西，然後該公司的買家或其他租戶才會簽署新的租約？或者您現在是否預計短期內對這些資產的任何進一步投資對於租賃來說都將是相對較小的？

Yeah, no, it's a fair question, but we do think that any sort of work on the buildings would be relatively minor. I don't think, in general, we make sure that we look at those buildings on a regular basis, and we think the buildings are in good shape. So we wouldn't anticipate significant capital required in order to make it -- make those buildings ready for the next buyer.

是的，不，這是一個公平的問題，但我們確實認為對建築物進行的任何工作都相對較小。我認為，一般來說，我們不會定期檢查這些建築物，而且我們認為這些建築物狀況良好。因此，我們預計不需要大量資金來為下一位買家做好這些建築的準備。

Okay. And then last one for me, Bill, if I strip out the $5.9 million of severance and transition-related charges out of G&A, is that -- whatever point, whatever number, is that a good run rate you think for the final couple of quarters of 2025 for G&A? Or is there other stuff that will be impacting that, that we should be thinking about as we update our models?

好的。比爾，最後一個問題，如果我從 G&A 中剔除 590 萬美元的遣散費和過渡相關費用，那麼無論是哪個點，無論是哪個數字，您認為這對於 2025 年最後幾季的 G&A 來說是一個好的運行率嗎？或者有其他因素會影響這一點，我們在更新模型時應該考慮這些因素嗎？

Yeah, as you know, we don't get into guidance, but you're right to be thinking about what were the onetime items that affected this quarter to look at what would have a more normalized second quarter look like.

是的，如您所知，我們沒有提供指導，但您正確地思考了哪些一次性項目影響了本季度，以了解更正常化的第二季度會是什麼樣子。

Okay, thanks. Guys appreciate the time.

好的，謝謝。大家珍惜時間。

Thanks, Rob.

謝謝，羅布。

Connor Mitchell, Piper Sandler.

康納米切爾，派珀桑德勒。

Hey, good morning. Thanks for taking my question. I guess, first, just going back to the transaction environment and funding possibilities. You guys have used the revolver recently and focusing on capital recycling instead. But I'm just curious, is there kind of a top of the range or a threshold that you're keeping an eye on for either the dollar amount used on the revolver or a leverage metric?

嘿，早安。感謝您回答我的問題。我想，首先，回到交易環境和融資可能性。你們最近都用上了左輪手槍，並專注於資本循環。但我只是好奇，對於循環信貸中使用的美元金額或槓桿指標，您是否關注過某種範圍的上限或門檻？

Yeah. I would say where we are now, obviously, is a level that we're comfortable with. But as Dave discussed, as we look at our acquisition pipeline, trying to time that with dispositions and capital recycling is how we're looking at the remainder of our pipeline. And so we obviously have availability under revolver and significant availability and cushion to our covenant levels within our revolver. So we certainly could take the revolver higher, but our plan is to kind of keep leverage at levels that we're at currently as we kind of look forward over the next few quarters.

是的。我想說，我們現在所處的水平顯然是我們感到滿意的水平。但正如戴夫所討論的，當我們審視我們的收購管道時，我們會嘗試將其與處置和資本回收結合起來，這就是我們看待剩餘管道的方式。因此，我們顯然擁有循環信貸下的可用性，並且在我們的循環信貸中擁有對我們的契約水平具有顯著可用性和緩衝的可用性。因此，我們當然可以提高循環信貸額度，但我們的計劃是將槓桿率保持在目前的水平，並展望未來幾季。

Okay. So in essence, it's almost using the capital recycling approach instead of the ATM in the current environment, if I'm understanding correctly.

好的。因此，從本質上講，如果我理解正確的話，它幾乎是在當前環境中使用資本循環方法而不是 ATM。

That's correct.

沒錯。

Okay. And then just turning to the geriatric tenant as well, maybe focusing more on the credit loss and the notes receivable related to the tenant. Just want to make sure if there's any other notes receivable with other tenants that are outstanding?

好的。然後也轉向老年租戶，也許更多地關注與租戶相關的信用損失和應收票據。只是想確認是否有其他租戶的未償還應收票據？

And then also just how you guys -- and I think this has been discussed before on calls, but how you're thinking about that process maybe going forward, if that remains a possible transaction process with other tenants either in the portfolio or potential tenants in the future?

然後還有你們——我想這個問題之前已經在電話中討論過了，但是你們如何看待這個過程的未來發展，如果這仍然是與投資組合中的其他租戶或未來的潛在租戶進行交易的可能過程？

So I think -- and Bill will stop me if I'm wrong, but I think we've got two notes remaining that have an outstanding balance of approximately $4.1 million. So we have -- after the reserve against these notes with the geriatric site tenant. And yes, Connor, I hear you, look, this business went through a really difficult time during COVID, opening two new hospitals, serving a geriatric population.

所以我認為——如果我錯了，比爾會阻止我，但我認為我們還有兩張票據未償餘額約為 410 萬美元。因此，我們與老年場所租戶簽訂了針對這些票據的儲備金。是的，康納，我明白你的意思，你看，這家公司在新冠疫情期間經歷了一段非常艱難的時期，開設了兩家新醫院，為老年人口提供服務。

Their borrowings were significant during that period of time just to get those facilities up and running and get those -- and it got to leverage levels that ultimately were not sustainable based on how the business has performed over the last year or so. And suffice it to say, doing a similar amount of leverage with a tenant is not something that's core to our business nor it's something we would look to do going forward.

在那段時間裡，他們借入了大量資金，只是為了讓這些設施投入運作並獲得這些資金——而且根據過去一年左右的業務表現，他們的槓桿水平最終是不可持續的。可以這麼說，對租戶採取類似的槓桿措施並不是我們業務的核心，也不是我們未來想做的事情。

So yes, we're focused on getting assurance resolved and having a strong operator taking over leases in our existing properties. And as we've said before, would not look to lever up with another tenant going forward. So -- and really haven't with our track record. This was an unusual situation in an unusual time during COVID.

所以是的，我們專注於解決保證問題，並讓強大的營運商接管我們現有物業的租約。正如我們之前所說，我們不會再尋求與其他租戶合作。所以 — — 從我們的過往記錄來看，確實沒有。在新冠肺炎疫情期間，這是一個不尋常時期的不尋常情況。

Yeah, of course. No. And then so the two notes that are remaining on the balance sheet for $4 million, just an update on those tenants, they're in good standing and then maybe just the watch list overall as well, if there's any other new tenants that might be popping up or if you're seeing the trend kind of go more positive instead and seeing tenants fall off the watch list.

是的，當然。不。然後，資產負債表上剩餘的兩筆 400 萬美元的票據，只是對這些租戶的更新，他們的信譽良好，然後也許只是總體關註名單，是否有任何其他新租戶出現，或者如果你看到趨勢變得更加積極，看到租戶從關註名單中消失。

Yeah, so as far as the notes go, yes, the tenants are paying and performing as expected, and we feel good about those notes and no issues associated with those. And our watch list has remained pretty consistent. As I've mentioned in prior calls, we have 15 to 20 names that are on that tenant watch list. And we'll -- some names will come on -- while other names come off based on working through various tenant issues. We've got over 300 tenants. And so that's kind of a normal process for us.

是的，就票據而言，是的，租戶正在付款並按預期履行義務，我們對這些票據感到滿意，並且沒有相關問題。我們的觀察名單一直保持相當一致。正如我在之前的電話中提到的，租戶監視名單上有 15 到 20 個名字。我們將公佈一些名字，同時根據解決各種租戶問題的情況公佈其他名字。我們有超過 300 位租戶。這對我們來說是一個正常的過程。

And I'd also mention that there are no other top 10 tenants that are on our watch list this quarter. I know that's been a question that's come up before. So look, overall, I think we've got a portfolio that is doing what it's designed to do. It's diversified. We don't have big concentrations.

我還要提到，本季我們的關註名單上沒有其他十大租戶。我知道這個問題以前就出現過。所以，總的來說，我認為我們的投資組合正在發揮其設計的作用。它是多樣化的。我們的集中度並不高。

And I think our tenants overall are performing well. But we'll always manage those watch list tenants aggressively and make sure that they continue to perform relative to our expectations.

我認為我們的租戶整體表現良好。但我們將始終積極管理這些觀察名單上的租戶，並確保他們的表現繼續符合我們的預期。

Okay, I appreciate all the colors. Thank you.

好的，我很欣賞所有的顏色。謝謝。

Thanks, Connor.

謝謝，康納。

(Operator Instructions)

（操作員指示）

Michael Lewis, Truist Securities.

邁克爾·劉易斯 (Michael Lewis)，Truist Securities。

Great, thank you. Is there anything more you could say regarding the strength of this new operator since they're presumably set to become one of your largest tenants? And in this agreement, was the rent level set and the term of the lease and all that? Or is that still to be negotiated?

太好了，謝謝。鑑於這家新營運商很可能成為您最大的租戶之一，您還能進一步評價他們的實力嗎？這份協議中是否規定了租金水平、租賃期限等等？或者這還有待談判？

So Michael, it's good to get your question. We feel very good about the operator. This is an operator with a great deal of experience broadly within the behavioral health care space. But also specifically in geriatric psych, which was appealing to the seller and appealing to us. They have a strong large platform and good financial resources and a very good team.

邁克爾，很高興收到你的問題。我們對營運商的印象非常好。這是一位在行為健康護理領域擁有豐富經驗的操作員。但也特別適用於老年心理學，這對賣家和我們都很有吸引力。他們擁有強大的大平台、良好的財務資源、非常優秀的團隊。

And I think most folks that are in the behavioral space would recognize the name if we told you who the name was. So we feel very good about the operator. We think it is a very qualified operator. And then your second question, remind me what your second question was?

我認為，如果我們告訴你這個名字是誰的話，行為空間中的大多數人都會認出這個名字。所以我們對運營商感覺非常好。我們認為這是一家非常合格的營運商。然後是你的第二個問題，提醒我你的第二個問題是什麼？

Yeah, I was just wondering if the rent level and the terms of the lease were part of this agreement or if that's still to be negotiated.

是的，我只是想知道租金水平和租賃條款是否是本協議的一部分，或者是否仍有待協商。

Those aspects are still in negotiation. So basically, we're negotiating that part with the new tenant, prospective new tenant and buyer, and they're continuing to do their due diligence with the platform. So that is -- we're working through that right now.

這些方面仍在談判中。所以基本上，我們正​​在與新租戶、潛在的新租戶和買家就該部分進行協商，並且他們會繼續對平台進行盡職調查。所以這就是——我們現在正在努力解決這個問題。

Okay. Got it. And then as far as the notes, the assurance notes, you talked about that, you took the reserve. Maybe to just put a point on this, I mean, what's the chance of collecting all or part of the interest and the principal on those notes?

好的。知道了。然後就票據、保證票據而言，您談到了這一點，您採取了儲備措施。也許只是為了說明這一點，我的意思是，收回這些票據的全部或部分利息和本金的可能性有多大？

Look, I think part of why we reserve the remaining balance of the notes is we don't believe there's going to be a meaningful pickup. We are very focused on trying to get as much as we possibly can in this transaction. But part of the reason we reserve the remainder of the notes and interest is because we don't think there is a meaningful piece.

聽著，我認為我們保留剩餘票據餘額的部分原因是我們不相信會出現有意義的回升。我們非常專注於在這筆交易中獲取盡可能多的利益。但我們保留剩餘票據和利息的部分原因是因為我們認為其中沒有有意義的部分。

All of that being said, that can evolve and change. But I think for the purposes of everybody's models, we shouldn't expect a $5 million or $10 million recovery here. I think that would -- again, we would work to make sure that, that happens, but we're not expecting it.

儘管如此，一切都會發展和改變。但我認為，就每個人的模型而言，我們不應該期望在這裡恢復 500 萬美元或 1000 萬美元。我認為那會——再說一次，我們會努力確保那會發生，但我們並不期待它。

Okay. Back to this question, you asked a couple of times about how you'll pay for the pipeline of acquisitions. How much can be bought in 2025? And is there flexibility as far as the timing, something stabilizes and you have kind of a window. And I'm also wondering, is there any chance maybe it's early to answer this. Is there any chance you could pass on one or more of these? Is that an option?

好的。回到這個問題，您曾經幾次詢問如何支付收購費用。2025年能買多少？就時間安排而言，是否具有靈活性，當某些事情穩定下來時，您是否有某種機會。我也想知道，現在回答這個問題是否還為時過早。您是否有機會傳遞其中一個或多個？有這個選擇嗎？

These are under purchase and sale agreement. So it's not our -- we would not anticipate looking to pass on these. We view this as very attractive real estate in great markets and so it's our desire to move forward with these acquisitions. And so obviously, there are other levers that we can pull.

這些均屬於買賣協議。所以這不是我們的——我們不會期望傳遞這些。我們認為這是大市場中非常有吸引力的房地產，因此我們希望推進這些收購。顯然，我們還可以採取其他措施。

Candidly, we think the best process for us is to have some of the capital recycling that we've talked about pay for this because as we've discussed in prior calls, we do not want to over-lever the balance sheet and so we're committed to doing that. But yes, I mean, look, like I said, these are very attractive assets. There are a number of things we can do, but our goal is to get these closed, but to get them closed without adding meaningful leverage to our balance sheet.

坦白說，我們認為對我們來說最好的流程是利用我們討論過的部分資本回收來支付這筆費用，因為正如我們在之前的電話會議中所討論的那樣，我們不想過度槓桿化資產負債表，所以我們致力於這樣做。但是的，我的意思是，看，就像我說的，這些都是非常有吸引力的資產。我們可以做很多事情，但我們的目標是解決這些問題，但解決這些問題時不會為我們的資產負債表增加有意義的槓桿。

Okay. How do the disposition cap rates compare with the acquisition yields?

好的。處分資本化率與收購收益率相比如何？

So it's still early. We've got to bring these things into closing. But I would say somewhere between the 7.5% and 8% range is kind of where we're thinking these things would close and could be even better than that, but I think 7.5% to 8% is what we're looking at.

所以現在還早。我們必須結束這些事情。但我想說，我們認為這些事情將會結束，甚至可能比這更好，但我認為我們正在關注的是 7.5% 到 8% 之間的某個範圍。

Okay. Great. And then last one for me. Looking at your lease expirations coming up 5% of the portfolio in the second half of this year, 12% in 2026, what's your expectation for core occupancy? Do you think that goes up or down over the next four to six quarters?

好的。偉大的。這是我的最後一個。考慮到今年下半年租賃到期率將達到 5%，2026 年將達到 12%，您對核心入住率的期望是多少？您認為未來四到六個季度內這數字會上升還是下降？

I think we have and part of the reason we made the change we did is we've got a lot of embedded value in our portfolio. We don't feel like we're doing or have been doing as much as we can in terms of driving occupancy where we think the portfolio can go.

我認為我們已經這樣做了，我們做出這項改變的部分原因是我們的投資組合中蘊含著巨大的價值。我們感覺，在提升入住率方面，我們並沒有盡全力，或者說沒有盡全力達到我們認為的投資組合所能達到的水平。

And so look, Mark has got to get his footing, and he's been with us now a little over two months. But his background and experience and everybody's focus is on really driving the core portfolio's performance. And we think we've got a good head start even before Mark got here, but I think we will continue to make progress in that -- from that perspective.

所以，你看，馬克必須站穩腳跟，他和我們在一起已經兩個多月了。但他的背景和經驗以及每個人的關注點都在於真正推動核心投資組合的表現。我們認為，即使在馬克到來之前，我們已經有了良好的開端，但我認為從這個角度來看，我們將繼續在這方面取得進展。

I mean my thinking is we ought to be over the next -- into 2026, we ought to be able to add 100 basis points or more to our occupancy but it's going to take us some time to get there. It's -- this isn't something that's going to happen overnight.

我的意思是，我的想法是，我們應該在 2026 年之前將入住率提高 100 個基點或更多，但這需要一些時間才能實現。這——這不是一朝一夕就能發生的事。

It's going to take a lot of hard work, but everybody in the company is very focused on making sure that we drive performance in the portfolio. And so leasing is obviously going to be a big part of that. So it's work to be done, but we feel like we've got the right team to do that work.

這需要付出很多努力，但公司裡的每個人都非常專注於確保我們推動投資組合的表現。因此，租賃顯然將成為其中的重要組成部分。所以這是有待完成的工作，但我們覺得我們有合適的團隊來完成這項工作。

All right, thank you very much. I appreciate it.

好的，非常感謝。我很感激。

Thanks, Michael.

謝謝，麥可。

And ladies and gentlemen, at this time, we will be ending today's question-and-answer session. I'd like to turn the floor back over to Dave Dupuy for any closing comments.

女士們、先生們，我們今天的問答環節就此結束。我想把發言權交還給 Dave Dupuy，請他發表最後評論。

Jamie, thank you very much, and thank you, everybody, for joining the call today. I look forward to talking to you later this fall.

傑米，非常感謝你，也感謝大家今天參加電話會議。我期待今年秋天晚些時候與您交談。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。