CareTrust REIT Inc (CTRE) 2022 Q4 法說會逐字稿

Good morning. My name is Devin, and I will be your conference operator today. At this time, I would like to welcome everyone to CareTrust REIT announces Fourth Quarter and Full Year 2022 Operating Results Conference Call. (Operator Instructions) Thank you for your patience. I now turn the call over to Senior Vice President, Lauren Beale. You may begin the conference.

早上好。我叫德文，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 CareTrust REIT 宣布第四季度和全年 2022 年經營業績電話會議。 （操作員說明）感謝您的耐心等待。我現在將電話轉給高級副總裁 Lauren Beale。您可以開始會議。

Thank you, and welcome to CareTrust REIT's Fourth Quarter 2020 Earnings Call. Participants should be aware that this call is being recorded, and listeners are advised that any forward-looking statements made on today's call are based on management's current expectations, assumptions and beliefs about CareTrust's business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings and other matters and may or may not reference other matters affecting the company's business or the businesses of its tenants, including factors that are beyond their control, such as natural disasters, pandemics, such as COVID-19 and governmental actions.

謝謝，歡迎來到 CareTrust REIT 的 2020 年第四季度收益電話會議。與會者應注意，此電話正在錄音中，並建議聽眾在今天的電話會議上做出的任何前瞻性陳述均基於管理層當前對 CareTrust 的業務及其運營環境的預期、假設和信念。這些報表可能包括對未來財務業績、股息、收購、投資、回報、融資和其他事項的預測，可能會或可能不會提及影響公司業務或其租戶業務的其他事項，包括他們無法控制的因素，例如例如自然災害、流行病（例如 COVID-19）和政府行為。

The company's statements today and its business generally are subject to risks and uncertainties that could cause actual results to materially differ from those expressed or implied herein. Listeners should not place undue reliance on forward-looking statements and are encouraged to review CareTrust's SEC filings for a more complete discussion of factors that could impact results as well as any financial or other statistical information required by SEC Regulation G. Except as required by law, CareTrust REIT and its affiliates do not undertake to publicly update or revise any forward-looking statements or changes arise as a result of new information, future events, changing circumstances or for any other reason.

公司今天的聲明及其業務通常受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此處明示或暗示的結果存在重大差異。聽眾不應過分依賴前瞻性陳述，並鼓勵他們查看 CareTrust 提交給 SEC 的文件，以更全面地討論可能影響結果的因素以及 SEC 法規 G 要求的任何財務或其他統計信息。法律要求的除外、CareTrust REIT 及其附屬公司不承諾公開更新或修改任何前瞻性陳述或因新信息、未來事件、情況變化或任何其他原因而產生的變化。

During the call, the company will reference non-GAAP metrics such as EBITDA, FFO and FAD or FAD and normalized EBITDA, FFO and FAD. When viewed together with GAAP results, the company believes these measures can provide a more complete understanding of its business but cautions that they should not be relied upon to the exclusion of GAAP reports. Yesterday, CareTrust filed its Form 10-K and accompanying press release and its quarterly financial supplement, each of which can be accessed on the Investor Relations section of CareTrust's website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period.

在電話會議期間，公司將參考非 GAAP 指標，例如 EBITDA、FFO 和 FAD 或 FAD 以及標準化的 EBITDA、FFO 和 FAD。當與 GAAP 結果一起查看時，公司認為這些措施可以提供對其業務的更全面的了解，但警告說不應依賴它們來排除 GAAP 報告。昨天，CareTrust 提交了其 10-K 表格和隨附的新聞稿及其季度財務補充，每一份都可以在 CareTrust 網站 www.caretrustreit.com 的投資者關係部分訪問。該電話的重播也將在有限的時間內在網站上提供。

On the call this morning are Dave Sedgwick, President and Chief Executive Officer; Bill Wagner, Chief Financial Officer; and James Callister, Chief Investment Officer. I will now turn the call over to Dave Sedgwick, CareTrust REIT's President and CEO. Dave?

總裁兼首席執行官戴夫·塞奇威克 (Dave Sedgwick) 今天上午正在接聽電話會議；比爾·瓦格納，首席財務官；首席投資官 James Callister。我現在將把電話轉給 CareTrust REIT 的總裁兼首席執行官 Dave Sedgwick。戴夫？

Thank you, Lauren. And good morning, everyone. Many of the themes from last quarter's call are still applicable today. Starting with the macro dynamics at play, the Fed's response to inflation has had a significant impact on the credit market as intended. Even with our sector-leading leverage, the rapidly risen rates undeniably eat into earnings and slow what has also been a sector-leading FFO per share growth rate over the past 5 years.

謝謝你，勞倫。大家早上好。上一季度電話會議的許多主題今天仍然適用。從宏觀動態開始，美聯儲對通貨膨脹的反應如預期的那樣對信貸市場產生了重大影響。即使我們擁有行業領先的槓桿率，但不可否認的是，快速上升的利率會侵蝕收益，並減緩過去 5 年行業領先的 FFO 每股增長率。

The good news is that even with the elevated cost of capital, we can still make accretive investments and intend to do so. And positively, as we mentioned last quarter, the flip side of a tighter credit market continues to be a tipping of the scales in our direction for brokers and sellers who are looking for certainty to close. Our operators are also poised to find some relief to the staffing challenges if and when a recession begins to drive people back to work, where jobs are secure here in health care.

好消息是，即使資本成本升高，我們仍然可以進行增值投資並打算這樣做。積極的是，正如我們上個季度提到的那樣，信貸市場收緊的另一面繼續向我們尋求確定性關閉的經紀人和賣家的方向傾斜。如果經濟衰退開始驅使人們重返工作崗位，而醫療保健領域的工作崗位是安全的，我們的運營商也準備好緩解人員配置挑戰。

Rent in the fourth quarter came in at 95.5%, inclusive of about $750,000 of deposits applied. Today, I'm pleased to report that of the original 32 assets we identified as candidates to sell, reposition or restructure, we've made significant progress with only a handful of smaller assets remaining on the market. We provide a detailed update in our supplemental, but I will emphasize a few key points here.

第四季度的租金為 95.5%，包括約 750,000 美元的押金。今天，我很高興地報告，在我們確定為出售、重新定位或重組候選資產的最初 32 項資產中，我們取得了重大進展，市場上只剩下少數較小的資產。我們在補充中提供了詳細的更新，但我將在這裡強調幾個要點。

Ultimately, after running an exhaustive process, we sold 13 properties and decided to retain 14, leaving 5 facilities on the market. The 13 sold for $68.8 million. Those properties paid essentially no rent in 2022. For the 14 properties retained, in 2022, we collected about $5.2 million of $8.6 million of contractual rent. For 2023, we estimate that 8 of these 14 will produce cash rent of about $3.5 million. We hope to give more clarity on the timing of rent commencement for the remaining 6 next quarter.

最終，經過詳盡的流程，我們出售了 13 處房產並決定保留 14 處，在市場上留下 5 處設施。這 13 套以 6880 萬美元的價格售出。這些房產在 2022 年基本上沒有支付租金。對於保留的 14 處房產，我們在 2022 年收取了 860 萬美元的合同租金中的約 520 萬美元。到 2023 年，我們估計這 14 個中的 8 個將產生約 350 萬美元的現金租金。我們希望在下個季度更清楚地說明其餘 6 個的租金開始時間。

That leaves just 5 smaller seniors housing facilities from the original 32 that as we sit here today are still on the market. Two of those are under contract to sell, one is under LOI, leaving 2 being actively marketed. These 5 assets on the market only one paid rent last year for a total of $377,000. In terms of portfolio strength, you'll see a portfolio with the top 10 tenants who represent 89% of contractual rent. With property level EBITDAR lease coverage of 2.01x excluding HHS funds. We have confidence in the few operators in the top 10 that on the surface of pure vulnerable and believe it's just a matter of time until their results reflect the hard work they've been putting in to turn certain facilities.

剩下的只有 5 個較小的老年人住房設施，而我們今天坐在這裡的最初的 32 個設施仍在市場上。其中兩處簽訂了銷售合同，一處處於 LOI 之下，剩下 2 處正在積極營銷。市場上的這 5 項資產中只有一項去年支付了租金，總計 377,000 美元。就投資組合實力而言，您會看到一個投資組合中排名前 10 位的租戶佔合同租金的 89%。物業層面的 EBITDAR 租賃覆蓋率為 2.01 倍，不包括 HHS 基金。我們對前 10 名中的少數運營商充滿信心，他們在表面上完全脆弱，並且相信他們的結果反映出他們為改造某些設施所做的辛勤工作只是時間問題。

Last year, you may recall us repeatedly talking on this call about elevated risk associated with one Midwest skilled nursing operator outside of our top 10, who has had negative lease coverage for quite some time. They account for 2.8% of rent as of 12/31 annualized. In 2022, due to partial payments, we applied and exhausted their $1.2 million security deposit and no rent payment has been made for January or February yet. A week ago, they informed us of a change in CEO and the need to work together on a plan that works for both of us. We've just started active discussions with them about the best path forward, and we expect to have a concrete plan to share with you next quarter.

去年，您可能還記得我們在這次電話會議上反復談論與我們前 10 名之外的一位中西部熟練護理操作員相關的風險升高，該操作員在很長一段時間內一直處於負租賃覆蓋範圍。截至 12/31 年化，它們佔租金的 2.8%。 2022 年，由於部分付款，我們申請並用完了他們的 120 萬美元保證金，並且尚未支付 1 月或 2 月的租金。一周前，他們通知我們 CEO 發生了變化，並且需要共同製定一個對我們雙方都適用的計劃。我們剛剛開始與他們積極討論最佳前進道路，我們希望在下個季度與您分享具體計劃。

Like I highlighted before, without this operator, our EBITDAR lease coverage outside our top 10 goes from 1.08x to 1.84x, excluding HHS funds. Considering the toll that COVID has taken on our sector, the way the vast majority of our operators have managed through these past few years is gratifying on many levels. And we feel proud to affiliate with some of the best operators in the country in both large and small. The strength of our company enables us to turn more attention to external growth this year. So as we begin 2023, our strengths continue to be our balance sheet, our portfolio and our experienced team.

正如我之前強調的那樣，如果沒有這個運營商，我們前 10 名之外的 EBITDAR 租賃覆蓋率從 1.08 倍增加到 1.84 倍，不包括 HHS 基金。考慮到 COVID 對我們行業造成的損失，我們絕大多數運營商在過去幾年中的管理方式在許多層面上都令人滿意。我們很自豪能夠加入國內一些最好的運營商，無論規模大小。我們公司的實力使我們能夠在今年將更多注意力轉向外部增長。因此，從 2023 年開始，我們的優勢仍然是我們的資產負債表、我們的投資組合和我們經驗豐富的團隊。

With that, I'll turn it over to James to update you on our investment outlook.

有了這個，我會把它交給詹姆斯，讓你了解我們的投資前景。

Thanks, Dave. And good morning, everyone. Looking at the market, we continue to see an uptick in seniors housing, skilled nursing and behavioral deals coming across our desk. Many of the facilities being sold consists of distressed seniors housing assets with owners that are facing high interest variable rate loans and have to exit.

謝謝，戴夫。大家早上好。放眼市場，我們繼續看到我們辦公桌上的老年人住房、熟練護理和行為交易有所增加。許多被出售的設施包括陷入困境的老年人住房資產，其所有者面臨高利率可變利率貸款並且不得不退出。

Deal flow continues to increase on the skilled nursing side with incoming transactions primarily consisting of a single to a few assets that are nonstrategic to the seller or at some stage of operational distress. We are also seeing a few smaller portfolios from operators looking to sell as they exit the business and a few larger portfolios in states where Medicaid rates remain very low. Some REITs and private equity owners are also disposing of assets to help operators shed negative cash flowing assets or assets that are no longer geographically strategic.

熟練護理方面的交易流量繼續增加，傳入的交易主要由對賣方而言非戰略性或處於運營困境的某個階段的單一到少數資產組成。我們還看到運營商在退出業務時希望出售一些較小的投資組合，而在醫療補助費率仍然很低的州也有一些較大的投資組合。一些房地產投資信託基金和私募股權所有者也在處置資產，以幫助運營商擺脫負現金流資產或不再具有地理戰略意義的資產。

These trends may accelerate with the end of the public health emergency. We expect the upsurge in deal flow to continue with sellers placing an emphasis on certainty of close and low execution risk. Price discovery continues. Though we are seeing signs that motivated sellers are starting to adjust expectations in some cases. We will remain disciplined as we look for further adjustment to sell our expectations given the high interest rate environment, tightness in the debt markets and other factors. With our strong balance sheet and access to capital, we are poised to pursue actionable acquisition opportunities with a focus on those states with favorable Medicaid rates and access to labor and where we have a strong bench of existing operators or where we are actively pursuing new relationships with operators we have long admired.

隨著突發公共衛生事件的結束，這些趨勢可能會加速。我們預計交易流量的激增將繼續，賣家將重點放在成交和低執行風險的確定性上。價格發現仍在繼續。儘管我們看到有跡象表明，積極的賣家在某些情況下開始調整預期。鑑於高利率環境、債務市場緊張和其他因素，我們將繼續保持紀律，尋求進一步調整以賣出我們的預期。憑藉我們強大的資產負債表和獲得資本的渠道，我們準備尋求可操作的收購機會，重點關注那些具有優惠醫療補助率和勞動力的州，以及我們擁有強大的現有運營商或我們正在積極尋求新關係的州與我們長期欽佩的運營商。

Our commitment to a side-by-side underwriting approach with our operators will be more important than ever as we face the challenges of underwriting labor, occupancy and other difficult assumptions in the current environment. Turning to the pipe. It currently sits in the $100 million to $125 million range. As we sit here today, the pipe is primarily made up of skilled nursing, but also includes some seniors housing assets.

由於我們在當前環境下面臨承保勞動力、入住率和其他困難假設的挑戰，因此我們對與運營商並肩承保的承諾將比以往任何時候都更加重要。轉向管道。它目前位於 1 億美元至 1.25 億美元之間。當我們今天坐在這裡時，管道主要由熟練的護理人員組成，但也包括一些老年人住房資產。

The deals include some of our standard 1 to 2 facility acquisition opportunities in addition to small or medium-sized portfolios that would allow us to not only enter new states, but also expand in states where we have a limited presence. And with that, I'll turn it over to Bill.

這些交易包括我們的一些標準的 1 到 2 個設施收購機會，以及中小型投資組合，這將使我們不僅能夠進入新的州，而且還能在我們業務有限的州擴張。有了這個，我會把它交給比爾。

Thanks, James. For the quarter, normalized FFO decreased 0.8% from the prior year quarter to $37 million. Normalized FAD decreased by 1.9% to $39 million. On a per share basis, normalized FFO decreased $0.01 to $0.38 per share normalized FAD also decreased $0.01 to $0.40 per share. Rental income for the quarter was $47.7 million compared to $47 million in Q3. The increase of $657,000 is due largely to the following 4 items: one, we received approximately $1.3 million of cash related to a prior tenant that was recognized in the quarter. I expect a little more of this in Q1 of 2023, but it will not be moneterial. Two, an increase in rents from CPI bumps of 182,000. Three, a decrease in cash collections of $427,000 from tenants who are on a cash basis of accounting. And fourth, a write-off of straight-line rent receivable of $440,000 relating to a tenant we move to cash basis of accounting during Q4. Interest income was up $860,000 due to the originations we closed in Q3. Interest expense was up $1.3 million from Q3 due to higher interest rates of $1.5 million slightly offset by lower borrowings under our revolver.

謝謝，詹姆斯。本季度，標準化 FFO 比去年同期下降 0.8% 至 3700 萬美元。歸一化 FAD 下降 1.9% 至 3900 萬美元。按每股計算，標準化 FFO 下降 0.01 美元至每股 0.38 美元，標準化 FAD 也下降 0.01 美元至每股 0.40 美元。本季度的租金收入為 4770 萬美元，而第三季度為 4700 萬美元。增加 657,000 美元主要是由於以下 4 個項目：第一，我們收到了約 130 萬美元的與本季度確認的前租戶相關的現金。我預計 2023 年第一季度會有更多這樣的事情發生，但不會是金錢上的。第二，CPI 上漲 182,000 導致租金增加。第三，從採用收付實現制會計的租戶處收取的現金減少了 427,000 美元。第四，註銷與我們在第四季度轉為收付實現制會計的租戶有關的 440,000 美元直線應收租金。由於我們在第三季度關閉的發起，利息收入增加了 860,000 美元。利息支出比第三季度增加了 130 萬美元，這是由於 150 萬美元的較高利率被我們循環貸款下較低的借款所抵消。

During the quarter, we took an additional impairment of $5.4 million. G&A expense was down $346,000 from Q3 due to lower compensation expense of $618,000, offset by other corporate-related items of $272,000. Cash collections for the quarter came in at 95.5% of contractual rent and includes the application of $750,000 of security deposits. Without the application of the security deposits, cash collections was 94% of contractual cash rent. In January, we collected 94.5 million percent of contractual rents due from our operators.

本季度，我們額外減值 540 萬美元。 G&A 費用比第三季度減少了 346,000 美元，原因是補償費用減少了 618,000 美元，被其他與公司相關的項目 272,000 美元所抵消。本季度的現金收入佔合同租金的 95.5%，其中包括申請的 750,000 美元保證金。在不使用保證金的情況下，現金收取額為合同現金租金的 94%。 1 月份，我們從運營商處收取了 9450 萬% 的合同租金。

A couple of notes regarding the balance sheet in Q4. We issued 2.4 million shares under our ATM for gross proceeds of $48.1 million, and we extended our revolver another 4 years. Our liquidity remains extremely strong with approximately $20 million in cash and $465 million available under our revolver. Leverage also continued to be strong with a net debt to normalized EBITDA ratio of 3.7x, which is below our stated range of 4x to 5x. Net debt to enterprise value was 28% as of quarter end, and we achieved a fixed charge coverage ratio of 6.5x.

關於第四季度資產負債表的一些說明。我們在 ATM 下發行了 240 萬股股票，總收益為 4810 萬美元，並將我們的循環再延長了 4 年。我們的流動性仍然非常強勁，我們有大約 2000 萬美元的現金和 4.65 億美元的可動用資金。槓桿率也繼續保持強勁，淨債務與正常化 EBITDA 之比為 3.7 倍，低於我們規定的 4 至 5 倍範圍。截至季度末，淨債務與企業價值之比為 28%，我們實現了 6.5 倍的固定費用覆蓋率。

And with that, I'll turn it back to Dave.

有了這個，我會把它轉回給戴夫。

Great. So we hope our report has been helpful, and thank you for your continued interest and support. I am happy to answer your questions at this time.

偉大的。因此，我們希望我們的報告對您有所幫助，並感謝您一直以來的關注和支持。很高興此時能回答您的問題。

(Operator Instructions) Our first question comes from Jonathan Hughes with Raymond James.

（操作員說明）我們的第一個問題來自 Jonathan Hughes 和 Raymond James。

I just hoping we could talk maybe about the outlook for this year. And I know you've given us some building blocks of how things are expected to play out. I guess why not give us the official guidance. It seems like we have kind of 95% of what we need. Obviously, there's still a few properties left to sell or re-tenant and figure those out, and there's obviously that 3% or so operator that hasn't paid rents since November. And as you get the model not that complex, and we can certainly make our own assumptions. But just trying to understand what's preventing you from resuming your tradition of giving us annual guidance.

我只是希望我們可以談談今年的前景。而且我知道您已經為我們提供了一些預期事情將如何發展的基石。我想為什麼不給我們官方指導。似乎我們擁有所需的 95%。顯然，仍有一些房產需要出售或轉租併計算出來，而且顯然有 3% 左右的運營商自 11 月以來沒有支付租金。當你得到的模型並不那麼複雜時，我們當然可以做出自己的假設。但只是想了解是什麼阻止了您恢復為我們提供年度指導的傳統。

Yes. So I think you've kind of pointed to the answer in your question. We feel like there's still enough uncertainty around the timing when the rents are going to commence with these retained facilities and the outcome of this Midwest operator that we talked about to not issue guidance yet. But we're hopeful that in the next quarter, we should be able to do that because I think by next quarter, we will have a lot of clarity and things agreed to. And so then as soon as we're able to, which I think will be next quarter, we'll be able to issue guidance.

是的。所以我認為你已經指出了問題的答案。我們覺得這些保留設施的租金開始時間以及我們談到尚未發布指導的這家中西部運營商的結果仍然存在足夠的不確定性。但我們希望在下個季度，我們應該能夠做到這一點，因為我認為到下個季度，我們將有很多清晰度並達成共識。因此，一旦我們能夠，我認為將在下個季度，我們將能夠發布指導。

Okay. That sounds good. And then on the.

好的。聽起來很好。然後就上了。

You remind us of that next quarter.

你讓我們想起了下個季度。

I certainly will. That Midwest operator, the 2.8% operator that hasn't paid since November, are they still on accrual accounting since I don't think you guys saw a straight-line write-off in the quarter? And if so, does that mean at this point, you are still hopeful to recover what's not been paid and maybe there is a chance as the discussions progress, they will commit to the current rent under the new CEO, as you said, and also I think they have some pretty strong financial backing.

我一定會的。那個中西部運營商，自 11 月以來一直沒有支付 2.8% 的運營商，他們是否仍在權責發生製會計，因為我認為你們在本季度沒有看到直線註銷？如果是這樣，這是否意味著在這一點上，您仍然希望收回未支付的款項，也許隨著討論的進行，他們有機會像您所說的那樣，在新 CEO 的領導下承諾當前的租金，並且我認為他們有相當強大的財政支持。

Yes. They're on cash accounting. They're not accrual and the conversations with the group over there is very fresh. We literally got the news from them last week the change in CEO. So it's hard to handicap how this year goes, although I'll tell you that they are expressing to us commitment to the portfolio and to the turnaround. This operator is primarily operating facilities in the state of Iowa.

是的。他們是現金會計。他們不是應計的，與那邊小組的對話非常新鮮。上週我們確實從他們那裡得到了 CEO 變動的消息。因此，很難阻礙今年的發展，儘管我會告訴你，他們向我們表達了對投資組合和扭虧為盈的承諾。該運營商主要在愛荷華州運營設施。

Just to give you a little bit more color on them. And Iowa far has really proven to be one of the least supportive states in the country for nursing home providers. Unlike other states, they've refused to pass on any of the FMAP federal funds. And I saw a report last week or in recent days were about 39 Iowa nursing homes have been closed in the last couple of years. So that makes the environment pretty difficult. However, there is reason for hope because there's a Medicaid rate increase going into effect this July.

只是為了給你多一點顏色。事實證明，愛荷華州是美國對療養院提供者支持最少的州之一。與其他州不同，他們拒絕轉交任何 FMAP 聯邦資金。我上週或最近幾天看到一份報告稱，在過去幾年中，愛荷華州大約有 39 家療養院關閉。因此，這使環境變得非常困難。然而，有理由抱有希望，因為今年 7 月將實施醫療補助費率上調。

But for some, it's just going to be too little too late. So we're going to be working with this operator to figure out a path forward that makes sense for both of us. But it's so early in those discussions that we just -- we can't really give you an indication of how it's going to play out yet.

但對一些人來說，只是太少太晚了。因此，我們將與該運營商合作，找出一條對我們雙方都有意義的前進道路。但在這些討論中還為時過早，我們只是 - 我們無法真正向您說明它將如何發揮作用。

Okay. Just one more. It has been a while since you've used the ATM to raise equity, but you did so in the fourth quarter. And at those levels as a low teens premium to NAV kind of low 7 implied cap rate. How do you think about raising equity proceeds with no publicly identified opportunities to deploy that capital? Can we expect that trend continue to keep paying down your facility to create more capacity and more optionality for future external growth.

好的。還有一個。自從您使用 ATM 籌集股本以來已經有一段時間了，但您是在第四季度這樣做的。在這些水平上，與資產淨值相比，隱含的資本化率低 7 倍。您如何看待在沒有公開確定的資本配置機會的情況下籌集股權收益？我們是否可以預期這種趨勢會繼續降低您的設施成本，從而為未來的外部增長創造更多容量和更多選擇。

Yes. I think, look, we saw a pipeline that we feel like is going to be able to -- that we feel like we'll be able to execute on in the coming months. And so with visibility into that, and the ability to pay down the line a little bit. It just made sense to pull that ATM trigger in the quarter.

是的。我認為，看，我們看到了一條我們認為能夠實現的管道——我們認為我們能夠在未來幾個月內執行。因此，有了這一點的可見性，以及支付一點費用的能力。在本季度拉動 ATM 觸發器是有意義的。

All right. I look forward to hearing a lot more next quarter.

好的。我期待在下個季度聽到更多消息。

Thanks, Jonathan.

謝謝，喬納森。

Our next question comes from Austin Wurschmidt with KeyBanc Capital Markets.

我們的下一個問題來自 Austin Wurschmidt 和 KeyBanc Capital Markets。

Just wanted to go back to that Midwest operator. Dave, I believe, in sort of past discussions, you've talked about that roughly of that $5 million, $5.5 million contractual rent, there being maybe a couple million-dollar delta seemingly at risk relative to maybe where market rent would be based on facility level performance.

只是想回到那個中西部運營商。戴夫，我相信，在過去的討論中，你已經談到了大約 500 萬美元、550 萬美元的合同租金，相對於市場租金可能基於的地方，可能有幾百萬美元的三角洲似乎處於風險之中設施級性能。

And I'm just curious if that's still the right sort of range today? And then how are you thinking about a potential rent cut or even looking to sell these communities?

我只是很好奇這在今天是否仍然是正確的範圍？那麼您如何考慮潛在的減租甚至出售這些社區？

Yes. I don't think our view on the value of these buildings has really changed over the last few quarters. Their performance has stayed essentially the same with negative EBITDAR and so you're looking at a portfolio that would value probably on a per bed basis if taken to market. But in terms of what we'd be willing to do, it's just given where we are in the discussions, it's not something that we should be talking about publicly yet.

是的。我認為我們對這些建築價值的看法在過去幾個季度並沒有真正改變。他們的表現在 EBITDAR 為負的情況下基本保持不變，因此您正在尋找一個投資組合，如果推向市場，該投資組合可能會按每床計算價值。但就我們願意做什麼而言，這只是我們在討論中所處的位置，這不是我們應該公開談論的事情。

That's fair. And then switching over then to the 8 tenants that you retained, I guess, on one hand, you clearly flagged these within your original sort of portfolio optimization grouping. So presumably, there was something about these assets that wasn't optimal, but they did pay all of their contractual rent in 2022. So can you just shed a little bit of light on the need for the rent cut and sort of how you landed on the magnitude of that cut to be sure that there's sufficient room going forward.

這還算公平。然後切換到你保留的 8 個租戶，我想，一方面，你在你最初的投資組合優化分組中清楚地標記了這些。因此，據推測，這些資產的某些方面並不是最優的，但他們確實在 2022 年支付了所有合同租金。那麼你能不能稍微說明一下減租的必要性以及你是如何著陸的？關於削減的幅度，以確保有足夠的前進空間。

Yes, great question. and I appreciate the way you laid out the question because you're right. There was something in these buildings that we saw early on even though they were current with rent. If you remember this time last year, when we announced the plan for these 32, we said we were responding to a couple of operators that hit the wall and then that caused us to look at our -- the rest of our portfolio and sort of try to anticipate who was going to be next.

是的，很好的問題。我很欣賞你提出問題的方式，因為你是對的。這些建築物中有一些我們很早就看到的東西，即使它們是最新的租金。如果你還記得去年的這個時候，當我們宣布這 32 家公司的計劃時，我們說我們正在對一些碰壁的運營商做出回應，然後這促使我們審視我們的 - 我們的其餘投資組合和某種試著預測下一個會是誰。

And these operators or facilities made that list. They paid rent in the year, but that was largely subsidized with government stimulus. And if not for that, we would not have received the full contractual rent in the year. And as we look forward to this year, then we say, okay, what is it going to take to keep these guys current, to keep them engaged and incentivized to run these buildings well. And I think that's the number that we arrived at.

這些運營商或設施在該列表中。他們在當年支付了租金，但這在很大程度上是由政府的刺激措施補貼的。如果不是這樣，我們就不會在當年收到全部合同租金。當我們期待今年的時候，我們會說，好吧，要讓這些人保持最新狀態，讓他們參與並激勵他們把這些建築運營好，需要做些什麼。我認為這就是我們得出的數字。

We very well may revisit bringing these assets to market when conditions improve for buyers. And we've set a rent and come to an agreement that gives us the right to either sell a re-tenant at any time.

當買家的條件改善時，我們很可能會重新考慮將這些資產推向市場。我們已經設定了租金並達成了一項協議，該協議賦予我們隨時出售再租戶的權利。

And then just last one. With respect to kind of the rest of the retained facilities, I'm just wondering if you could give us -- is the rent commencement on the 4 specifically, is it a '23 event? Is it more likely a 24 event? Just even some range, even though I know you don't maybe know specifically today when that may occur. And then also curious if these now will be reflected on sort of a cash or GAAP basis going forward, so we can understand sort of the FFO impact once rent does commence?

然後就是最後一個。關於其他保留設施的種類，我只是想知道您是否可以給我們 - 具體是 4 號的租金開始，它是 '23 事件嗎？它更有可能是 24 事件嗎？甚至只是一些範圍，儘管我知道你今天可能不知道具體什麼時候會發生。然後也很好奇這些現在是否會反映在未來的現金或 GAAP 基礎上，所以我們可以理解一旦租金開始對 FFO 的影響？

Yes. So I would expect of the 4 re-tenanted that are shown in our supplemental at $825,000 for year 1 contractual rent that we would see some of that this year. And again, I'm sorry that we can't be more clear on the timing of that. There's some licensing requirements that need to get checked. And sometimes those things take some time. But yes, I would expect that we'll get a chunk of that $825 million this year. Then once all the redevelopment and re-tenanting transitions are complete, the properties will produce as it shows a full year 1 rent of 5.7% unfortunately, I can't give you today the timing of that of when that 5.7% really starts, but that will be followed by a step up in year 2 to 6.7% and you'll have a better idea, I think, next quarter of the timing of when we'll get all of that rent commenced.

是的。因此，我希望在我們的補充文件中顯示的 4 個重新租戶中，我們今年會看到其中一些第一年合同租金為 825,000 美元。再一次，很抱歉我們不能更清楚地確定時間。有一些許可要求需要檢查。有時這些事情需要一些時間。但是，是的，我預計今年我們將獲得這 8.25 億美元中的大部分。然後，一旦所有重建和重新租賃過渡完成，物業將產生 1 年全年租金為 5.7% 不幸的是，我今天不能告訴你 5.7% 真正開始的時間，但是隨後第二年將上升至 6.7%，我認為，下個季度我們將開始支付所有租金的時間，您將有一個更好的主意。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

I guess, first, in the earnings release today, you guys went out your way to sort of flag the official end of the PAG coming up in May. You discussed how it could cause some additional displacement and lead to some property acquisition opportunities, which is obviously the positive side of the equation. I guess on the risk side, I can't remember if you guys had any color around this previously, but knowing it's a moving target. Have you guys taken the time to determine internally what you think the average negative percent impact might be on EBITDAR for the average SNF provider if we just lose some of the benefits related to the PAG.

我想，首先，在今天的收益發布中，你們竭盡全力標誌著 PAG 將於 5 月正式結束。你討論了它如何導致一些額外的流離失所並導致一些財產收購機會，這顯然是等式的積極方面。我想在風險方面，我不記得你們以前是否對此有任何看法，但知道這是一個移動的目標。如果我們只是失去與 PAG 相關的一些好處，你們是否花時間在內部確定您認為對普通 SNF 提供商的 EBITDAR 的平均負面影響百分比是多少？

Do you think it's material or not material because you guys also talked about the -- some states implementing some policy to support or make up for what's going to be lost in the PAG. I just want to get your thoughts around that as far as just potential impact on either coverage ratios or just average EBITDAR in the back half of '23 into '24.

你認為這是重要的還是不重要的，因為你們也談到了——一些州實施了一些政策來支持或彌補 PAG 中將要失去的東西。我只想了解您對 23 世紀後半期到 24 世紀對覆蓋率或平均 EBITDAR 的潛在影響的想法。

Yes. Thanks for that question. It's a good one. It's a bit of a crystal ball question that's hard to answer because there are so many levers at play and the answer really depends on the state that you're in. In some states, I think it's going to be sort of a non-event, particularly for those operators who are already kind of operating at the historical skilled mix numbers.

是的。謝謝你的問題。這是一個很好的。這是一個很難回答的水晶球問題，因為有太多的槓桿在起作用，而答案實際上取決於你所處的狀態。在某些州，我認為這將是一個無關緊要的事件，特別是對於那些已經以歷史熟練組合數字進行操作的操作員而言。

Those states have already put in some Medicaid rate increases. And so it really shouldn't be that big of a deal in some states and others it might be. So it really -- it's hard to answer for the industry or on an average some operators in some states will be negatively affected. And I think others, it won't be that big of a deal for them.

這些州已經提高了一些醫療補助費率。因此，在某些州和其他州，這真的不是什麼大不了的事。所以它真的 - 很難回答這個行業，或者平均而言，某些州的一些運營商會受到負面影響。我認為其他人，這對他們來說不是什麼大不了的事。

Okay. For your portfolio though, do you think it will move the needle on the coverage ratios? Or do you think it could be absorbed and just offset by other factors, we think about just forward progression of your reported coverage ratios for the next 6 to 8 quarters, I guess, give or take.

好的。不過，對於您的投資組合，您認為它會改變覆蓋率嗎？或者您是否認為它可以被其他因素吸收並被其他因素抵消，我們考慮在接下來的 6 到 8 個季度中報告的覆蓋率的向前進展，我猜，給予或接受。

Yes. I think on the whole net effect, it should have a negative effect on lease coverage just because there are going to be those who theoretically, their skilled mix will probably come down a little bit. And if occupancy stays flat, then by definition, their margin is going to be eating away a little bit. However, if occupancy continues to recover, which we're seeing signs that it's while slow, it's steady, recovering, then that could offset it. So it's a little bit tough to handicap, frankly.

是的。我認為就整體淨效應而言，它應該會對租賃覆蓋率產生負面影響，因為理論上會有一些人，他們的技能組合可能會有所下降。如果入住率保持平穩，那麼根據定義，他們的利潤率將會被一點點蠶食。然而，如果入住率繼續恢復，我們看到跡象表明它雖然緩慢，但穩定，正在恢復，那麼這可能會抵消它。所以坦率地說，讓步有點困難。

Yes, no bad about it. Okay. I appreciate the color in the meantime, definitely helpful.

是的，這沒什麼不好。好的。同時我很欣賞這種顏色，絕對有幫助。

Thanks, Steven.

謝謝，史蒂文。

Our next question comes from Michael Carroll with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Michael Carroll。

Dave, can we talk a little bit more about the 14 properties that you're planning on retaining that were in the portfolio optimization plan I mean, are they -- how many different operators are those going to? And are those going to be new operators operating those facilities versus the ones that were in there previously?

戴夫，我們能否多談談您計劃保留的投資組合優化計劃中的 14 個屬性，我的意思是，它們是——有多少不同的運營商？那些將成為運營這些設施的新運營商，而不是以前在那裡的運營商？

So in the '14, we have a couple of operators that are coming in new, meaning transitioning from the prior operator. We have the 2 conversions to behavioral health. So those are going to landmark, a new operator for us. And then among the 8 properties that are retained that we classify as retained type. Those are staying with the 2 operators there.

所以在 14 年，我們有幾個新的運營商，這意味著從之前的運營商過渡。我們有 2 次行為健康轉換。所以那些將具有里程碑意義，對我們來說是一個新的運營商。然後在保留的 8 個屬性中，我們將其歸類為保留類型。那些人和那裡的 2 名運營商住在一起。

And then are those -- how many of these are seniors housing versus skill nursing, it sounds like 2 of them are behavioral. But what's the breakout?

然後是那些 - 其中有多少是老年人住房與技能護理，聽起來其中 2 個是行為方面的。但突破點是什麼？

Of the 14, they're all seniors housing and the 2 behavioral are seniors housing that are converting into behavioral.

在這 14 個中，它們都是老年人住房，而 2 個行為住房是正在轉變為行為住房的老年人住房。

Okay. And then of the $3.5 million of rent that you expect from the 8, did that commence? Or have they been paying that in the fourth quarter? And is that going to continue to be paid through January? Or is there a different timing of that rent commencing or ramping up throughout the year?

好的。然後，在您期望 8 的 350 萬美元租金中，那開始了嗎？還是他們在第四季度支付了這筆費用？那會在一月份繼續支付嗎？還是全年租金開始或上漲的時間不同？

That's commenced as of January 1.

這是從 1 月 1 日開始的。

Did they pay that in the fourth quarter?

他們在第四季度支付了嗎？

It's a step down from what they paid in the fourth quarter.

這比他們在第四季度支付的費用低了一步。

What did they pay in the fourth quarter?

他們在第四季度付出了什麼？

It's a difference there on Slide 7, where we show 2022 contractual rent of 5.1% that goes down to 3.48%.

在幻燈片 7 上有所不同，我們顯示 2022 年的合同租金為 5.1%，降至 3.48%。

Okay. Great. And then on the 2.8% tenant, I guess when did those -- I guess, how much of that security deposit was paid in the fourth quarter? Did that reflect their full contractual rent in the fourth quarter? Or did they short pay their contractual ones into the fourth quarter even if you exhausted that security deposit?

好的。偉大的。然後關於 2.8% 的租戶，我猜這些是什麼時候——我猜，第四季度支付了多少保證金？這是否反映了他們在第四季度的全部合同租金？或者即使你用完了保證金，他們是否會在第四季度短付合同款？

Yes. So this operator, they made a partial payment in the fourth quarter. So their last payment to us was in November.

是的。所以這個運營商，他們在第四季度支付了部分款項。所以他們最後一次給我們付款是在 11 月。

And then you said you applied and exhausted the $1.2 million security deposit. Did that reflect the full contractual rent payments in the entire fourth quarter?

然後你說你申請並用完了 120 萬美元的保證金。這是否反映了整個第四季度的全部合同租金支付？

No. Let me -- sorry for the confusion on that. We -- in the fourth quarter, we applied about $700,000 -- $750,000 of their security deposit to make up what was due. They still ended up a little bit short for the year. But security deposits for this operator was applied if memory serves in the first quarter, in the third quarter and in the fourth quarter. And so what would happen is we would apply a security deposit in the first quarter, and then they would make up for that. They would replenish it. And then in the third quarter, same type of thing, they would make their payments, replenish part of it. And so it was sort of an ongoing late payment situation, which is why we started really talking about them in August last year about being elevated risk.

不，讓我 - 對此造成的混亂表示抱歉。我們 - 在第四季度，我們應用了大約 700,000 美元 - 750,000 美元的保證金來彌補到期款項。他們今年仍然有點短。但是，如果內存在第一季度、第三季度和第四季度提供服務，則需要為該運營商支付保證金。所以會發生什麼，我們會在第一季度申請保證金，然後他們會彌補。他們會補充它。然後在第三季度，同樣的事情，他們會付款，補充一部分。因此，這是一種持續的延遲付款情況，這就是為什麼我們在去年 8 月開始真正談論它們的風險升高。

Okay. And then, I guess, I know you of talked a little bit about this on the call, so I'm not sure if you can answer any more details. But what's the ultimate plan, I think we're just waiting to see if they can recover? And we're seeing if they can start repaying rents as soon as the results start to recover from that, or is this a potential sale opportunity that you see in the marketplace?

好的。然後，我想，我知道你在電話中談過一點這個，所以我不確定你是否可以回答更多細節。但最終的計劃是什麼，我想我們只是在等著看他們是否能康復？我們正在查看他們是否可以在結果開始恢復後立即開始償還租金，或者這是您在市場上看到的潛在銷售機會？

Yes. It's sorry. Mike, it's just too early to comment on it, the conversations that we can.

是的。對不起。邁克，現在評論它還為時過早，我們可以進行對話。

(Operator Instructions) Our last question comes from Juan Sanabria with BMO Capital Markets.

（操作員說明）我們的最後一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just a follow-up to Mike's line of questioning. So what was the total amount of rents booked from the 2.8% tenant in the fourth quarter realizing that $750,000 from the security deposits.

只是對 Mike 的提問進行跟進。那麼第四季度從 2.8% 的租戶那裡預訂的租金總額是多少，從保證金中扣除了 750,000 美元。

Well, I'm guessing it was about $1.2 inclusive of the security deposit.

好吧，我猜這大約是 1.2 美元，包括保證金。

Sorry point what say?

抱歉點什麼說的？

$1.2 million.

120 萬美元。

Okay and then just curious if you could talk a little bit more about the acquisition pipeline? And where do you think cap rates have moved to or where they're heading to for your kind of $100-plus million pipeline that you talked about in your prepared remarks.

好的，然後很好奇您是否可以多談談收購渠道？對於您在準備好的發言中談到的那種超過 100 萬美元的管道，您認為資本化率已經轉移到哪裡，或者它們將轉移到哪裡。

Yes. Juan, it's James. I mean, I think that if we talk about it in terms of lease yield we're looking for, I think that's definitely crept up a little bit. I think we're testing, trying to put the money to work at 10 or high 9s for skilled nursing. Maybe mid- to low 9s on seniors housing and working hard to find opportunities where that works. It's just really dependent state by state right now. When you look at which states have been favorable with respect to the Medicaid rate, which states have access to labor and which don't, kind of drive what our basis is going to be and whether or not we can get that yield at a 10 or high 9s for skilled nursing.

是的。胡安，是詹姆斯。我的意思是，我認為如果我們根據我們正在尋找的租賃收益率來談論它，我認為這肯定會有所上升。我認為我們正在測試，試圖將資金投入到 10 分或高 9 分的工作中，以培養熟練的護理人員。也許中低 9 歲的老年人住房並努力尋找可行的機會。它現在真的是一個州一個州地依賴。當您查看哪些州在醫療補助率方面有優勢時，哪些州可以獲得勞動力而哪些州沒有，有點推動我們的基礎是什麼以及我們是否能夠以 10 的比例獲得該收益率或高 9s 的熟練護理。

And then just a question for Bill. Any thoughts on the balance sheet on terming out some of the floating rate debt as we think about modeling out 2023?

然後是比爾的問題。當我們考慮為 2023 年建模時，對資產負債表有沒有關於終止部分浮動利率債務的想法？

Yes. I would expect, as a percent of total debt, variable rate debt will increase over the course of the year as we utilize the revolver to match fund deals as well as -- but also keeping in mind we'll likely use the ATM to fund those investments.

是的。我預計，作為總債務的百分比，可變利率債務將在這一年中增加，因為我們使用左輪手槍來匹配基金交易以及 - 但也請記住，我們可能會使用 ATM 來資助那些投資。

And then just last one if you would indulge me. Any update in terms of your conviction or maybe lack thereof for kind of the 3 top 10 tenants that have kind of meaningfully below 1x coverage in covenant Aspen and Pennant.

如果你願意放縱我的話，就只剩下最後一個了。關於您的信念的任何更新，或者可能缺乏對 3 個前 10 名租戶的任何更新，這些租戶在契約 Aspen 和 Pennant 中的覆蓋率明顯低於 1 倍。

Yes. I talked about them in my remarks. We're confident that they are -- that their hard work will pay off in a matter of time. And we got good corporate credit behind them beyond the buildings that they have with us. And so not much to share beyond that. I mean I guess the one thing I would highlight is with Bayshire. Their lease coverage all of last year was north of 1x. And so because of the way we report, you're not seeing their real performance reflected in those numbers yet. So we'll see that continue to creep up and get out of the sub 1x category soon.

是的。我在發言中談到了他們。我們相信他們是——他們的辛勤工作遲早會得到回報。除了他們與我們擁有的建築物外，我們還獲得了良好的企業信譽。因此，除此之外沒什麼可分享的。我的意思是我想我要強調的一件事是 Bayshire。他們去年全年的租賃覆蓋率都在 1 倍以上。因此，由於我們報告的方式，您還沒有在這些數字中看到他們的真實表現。所以我們會看到它繼續爬升並很快脫離 sub 1x 類別。

Our final question comes from Austin Wurschmidt with KeyBanc Capital Markets.

我們的最後一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

You guys might have implicitly answered this on Juan's question about initial yields on future transactions. But I guess as you look at those future deals and think about sort of the recovery in operations and some of these various segments. How are you thinking about setting initial rent and any participation in upside as fundamentals recover.

你們可能已經含蓄地回答了胡安關於未來交易初始收益率的問題。但我想當你看那些未來的交易並考慮某種程度的運營復甦和其中一些不同的細分市場時。隨著基本面恢復，您如何考慮設定初始租金和參與上行。

I think , I think we've really gone to offering upside and participation. I think that we work really close with the tenants we're looking to put in on some of these value add, if you will, transactions to work really closely side by side to try and come up with the best we can in terms of underwriting run rate for labor and what the occupancy can do.

我認為，我認為我們真的已經開始提供優勢和參與。我認為我們與我們希望投入其中一些增值的租戶非常密切地合作，如果你願意的話，交易將非常緊密地並肩工作，以嘗試在承保方面提出我們能做的最好的勞動力的運行率以及佔用率可以做什麼。

So it's -- those are difficult assumptions to make right now. And I think the closer we work with the incoming operator to look at historic where if we have assets in the area, what they've been doing on their turnaround with respect to labor and occupancy and trying to mimic that with the deals we're looking at. I think we just try to get to the best assumptions we can with the tenant who has the more local knowledge and localized expertise to come up with a stabilized rent structure and if a ramp is needed, then we definitely are open to looking at that and look at other creative ways to help them get to the point where we feel like the facilities will be stabilized.

所以它是 - 現在很難做出這些假設。而且我認為我們與新運營商的合作越密切，就越能了解我們在該地區擁有資產的歷史，他們在勞動力和入住率方面的周轉時間，並試圖通過我們正在開展的交易來模仿這一點看著。我認為我們只是試圖與擁有更多本地知識和本地化專業知識的租戶一起做出最好的假設，以提出穩定的租金結構，如果需要坡道，那麼我們絕對願意考慮這一點並且看看其他創造性的方法來幫助他們達到我們認為設施將穩定的地步。

There are no further questions at this time. With that said, concludes today's conference. Thank you for attending today's presentation. You may now disconnect.

目前沒有其他問題。話雖如此，今天的會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。