CareTrust REIT Inc (CTRE) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the CareTrust wheat Fourth Quarter and Full Year 2023 operating results call.

感謝您的耐心等待，歡迎參加 CareTrust 小麥 2023 年第四季和全年營運績效電話會議。

I would now like to welcome Lauren SVP. controller to begin the call.

現在我要歡迎勞倫高級副總裁。控制器開始通話。

Lauren, over to you.

勞倫，交給你了。

Thank you, and welcome to CareTrust rate Fourth Quarter 2023 earnings call.

謝謝，歡迎參加 CareTrust 的 2023 年第四季財報電話會議。

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.

參與者應注意，本次電話會議正在錄音，聽眾請注意，今天電話會議中所做的任何前瞻性陳述均基於管理層目前對 CareTrust 業務及其營運環境的預期、假設和信念。

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.

這些報表可能包括有關未來財務表現、股利、收購、投資、回報、融資和其他事項的預測，並且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.

公司今天的聲明及其業務通常會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有重大差異。

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 Re and its affiliates do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, changing circumstances or for any other reason during the call, the Company will reference non-GAAP metrics such as EBITDA, FFO and FAD or FAD and normalized EBITDA, FFO and FAD.

聽眾不應過度依賴前瞻性陳述，並鼓勵聽眾查看 CareTrust 向 SEC 提交的文件，以更完整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 Re 及其附屬公司不承諾公開更新或修改任何前瞻性陳述，如果電話會議期間因新資訊、未來事件、情況變化或任何其他原因而發生變化，本公司將參考非公認會計準則EBITDA、FFO 和FAD 或FAD 和標準化EBITDA、FFO 和FAD 等指標。

When viewed together with GAAP results.

與 GAAP 業績一起查看時。

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.

該公司相信這些措施可以讓人們更全面地了解其業務，但警告稱，不應依賴這些措施來排除 GAAP 報告。

In addition, certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently verified by CareTrust 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.

此外，我們討論的某些運營商覆蓋範圍和財務資訊是基於我們的運營商提供的數據，這些數據未經CareTrust 昨天的獨立驗證，CareTrust 昨天提交了10-K 表格以及隨附的新聞稿和季度財務補充資料，其中每一項都可以透過 CareTrust 網站 www.投資者關係部分存取。

CareTrust Street.com.

CareTrust Street.com。

A replay of this call will also be available on the website for a limited period.

該電話會議的重播也將在有限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, Jim Costa, Chief Investment Officer.

今天早上參加電話會議的有總裁兼首席執行官戴夫·塞奇威克 (Dave Sedgwick)、首席財務官比爾·瓦格納 (Bill Wagner) 和首席投資官吉姆·科斯塔 (Jim Costa)。

I'll now turn the call over to Dave Sedgwick, interest rates, President and CEO.

現在我將把電話轉給利率部門總裁兼執行長 Dave Sedgwick。

Dave?

戴夫？

Good morning, everyone, and thank you for joining us and before I talk about our outlook for 2024, let me first thank the entire CareTrust team for their great work in 23.

大家早安，感謝大家加入我們，在談論 2024 年的展望之前，讓我先感謝整個 CareTrust 團隊在 23 年所做的出色工作。

It was a year of growth for the Company on several fronts internally, the team is more capable, creative and collaborative than ever before.

這是公司內部多個面向成長的一年，團隊比以往任何時候都更有能力、更具創造力和協作性。

It's a real privilege to work every day with this team.

每天與這個團隊一起工作真是一種榮幸。

I also want to thank our operators who we consider by and large to be among the very best in the business.

我還要感謝我們的運營商，我們認為他們總體上是業內最優秀的。

It's their relentless dedication to their staff, residents and patients that is making this world a better place, and we're honored to help them expand their influence.

他們對員工、居民和病人的不懈奉獻讓這個世界變得更加美好，我們很榮幸能夠幫助他們擴大影響力。

Now this time last year, we started to sense a window of opportunity open to return to external growth in a meaningful way as the bulk of our repositioning work concluded and the credit market tightened sellers and brokers prioritize the execution certainty that we bring to the table and deal flow picked up.

去年的這個時候，隨著我們大部分重新定位工作的完成以及信貸市場收緊，賣家和經紀人優先考慮我們帶來的執行確定性，我們開始感覺到以有意義的方式回歸外部增長的機會之窗交易流量有所回升。

I'm very pleased to report $288 million of new investments last year at a blended stabilized yield of 9.8%.

我很高興地報告去年新投資額為 2.88 億美元，混合穩定收益率為 9.8%。

And as good as those numbers are maybe more exciting is the fact that we ended the year with the full $600 million available on our line of credit and just under $300 million of cash on the balance sheet.

與這些數字一樣，也許更令人興奮的是，我們的信貸額度在年底達到了 6 億美元，資產負債表上的現金接近 3 億美元。

We have never had this amount of dry powder.

我們從來沒有吃過這麼多的乾粉。

Why?

為什麼？

Because we expect 2024 to be a strong year of investments and we've positioned ourselves accordingly.

因為我們預計 2024 年將是投資強勁的一年，我們也相應地對自己進行了定位。

As we've reported, we've kicked off the year with $63 million of new investments, $52 million of that are secured loans.

正如我們所報導的，我們今年伊始就進行了 6,300 萬美元的新投資，其中 5,200 萬美元是擔保貸款。

Let me reiterate briefly our philosophy for lending loans in this space are generally shorter term, somewhere between two to five years, which can cause some lumpiness to earnings as paybacks occur.

讓我簡單重申一下，我們在這個領域的貸款理念通常是短期的，大約在兩到五年之間，這可能會導致回報出現時收益出現一些波動。

So for us in order to land three criteria must be met.

因此，對我們來說，要落地就必須符合三個標準。

First, the investment will be run by a top-shelf operator with whom we want to start or expand our relationship.

首先，投資將由我們希望與其建立或擴大關係的頂級運營商運營。

Second, the investment meets our historic underwriting criteria and is accretive in year one and third, the transaction provides for a path to future real estate acquisitions either built into the deal directly or simply from the relationship since 2022 and not including the loans announced this week, we've made about $170 million worth of loans each one meeting these criteria and here's what's remarkable as we examine the real estate acquisitions made last year and those in our current pipeline, we count over $300 million, largely off-market deals that are a direct result of the relationships with the investors, borrowers and operators that we established from that strategic planning activity.

其次，該投資符合我們歷史上的承銷標準，並且在第一年和第三年會增值，該交易為未來的房地產收購提供了一條途徑，可以直接納入交易，也可以簡單地通過自2022 年以來的關係進行，不包括本周宣布的貸款，我們已經發放了價值約1.7 億美元的貸款，每筆貸款都符合這些標準，當我們審查去年進行的房地產收購和當前管道中的房地產收購時，值得注意的是，我們計算了超過3 億美元的貸款，其中大部分是場外交易這是我們透過策略規劃活動與投資者、借款人和營運商建立關係的直接結果。

So that is the virtuous cycle.

這就是良性循環。

We will continue to feed.

我們將繼續餵養。

James will give you more color on the investments in the quarter and year to date and on the current pipeline, which as we sit here today as about $250 million, not including larger deals that we regularly review.

詹姆斯將為您提供有關本季度和本年度迄今為止的投資以及當前管道的更多信息，當我們今天坐在這裡時，該管道的投資金額約為2.5 億美元，不包括我們定期審查的較大交易。

Now turning to the portfolio, you'll see in the supplemental lease coverage slightly improved overall occupancy for the quarter for both skilled nursing and seniors housing was basically flat compared to Q3.

現在轉向投資組合，您會發現本季的補充租賃覆蓋率略有改善，熟練護理人員和老年人住房的整體入住率與第三季度相比基本持平。

And I wanted to follow up on a couple of operators.

我想跟進幾個運營商。

The transition of two Eduro facilities to another operator today is on track for a March first transition at Eduro pro forma lease coverage, excluding those two facilities, goes from just under one times to just north of it.

今天，兩個 Eduro 設施向另一家營運商的過渡預計將實現 3 月的首次過渡，預計 Eduro 租賃覆蓋範圍（不包括這兩個設施）從略低於一倍變為略高於其北部。

And also we're still under contract to sell the portfolio of 11 skilled nursing assets with negative EBITDA are primarily in the Midwest.

此外，我們仍然簽訂了出售 11 個 EBITDA 為負的熟練護理資產組合的合同，這些資產主要位於中西部。

Understandably financing has been challenging, but the buyer continues to make good faith efforts that lead us to believe a deal will get done.

可以理解的是，融資一直充滿挑戰，但買方繼續做出真誠的努力，讓我們相信交易將會完成。

Finally, we're pleased to issue guidance.

最後，我們很高興發布指導。

Again, Bill will walk you through our several assumptions that results in 2024 for normalized FFO per share in a range of about $43 to above $45.

Bill 將再次向您介紹我們的幾個假設，這些假設導致 2024 年每股標準化 FFO 的範圍約為 43 美元至 45 美元以上。

Please remember that when we issued guidance, we do not include assumptions for new investments for a couple of reasons.

請記住，當我們發布指導意見時，出於多種原因，我們沒有納入新投資的假設。

First, due to regulatory and licensing requirements that always accompany these transactions, timing of deals can be tricky.

首先，由於這些交易始終伴隨著監管和許可要求，交易的時機可能很棘手。

And second, we do not set arbitrary growth targets so that we can retain our customary disciplined model for growth.

其次，我們不會設定任意的成長目標，這樣我們就可以保留我們習慣的、有紀律的成長模式。

Now before I hand it over to James to talk about investments, let me just summarize our outlook for 2024.

現在，在我交給 James 談論投資之前，讓我先總結一下我們對 2024 年的展望。

Like this, we have a favorable cost of capital that allows for accretive investments.

這樣，我們就有了有利的資本成本，可以進行增值投資。

We have the balance sheet that provides enormous flexibility and capacity, and we have a macro environment that has opened a window of opportunities as long as the credit market remains challenging, which leads me to believe that 2024 should be a strong year for external growth for CareTrust.

我們的資產負債表提供了巨大的靈活性和能力，而且只要信貸市場仍然充滿挑戰，我們的宏觀環境就打開了機會之窗，這使我相信 2024 年應該是外部增長強勁的一年護理信託。

With that, James will talk to our recent investment activity and pipeline.

接下來，詹姆斯將談論我們最近的投資活動和管道。

James?

詹姆士？

Thanks, Dave.

謝謝，戴夫。

Good morning, everyone.

大家，早安。

Since the end of Q3, we had closed on investments totaling over $106 million, including the acquisition of two California skilled nursing facilities that we discussed on our last earnings call.

自第三季末以來，我們已完成了總額超過 1.06 億美元的投資，其中包括收購我們在上次財報電話會議上討論的加州兩家熟練護理機構。

With respect to our more recent investment activity in Q4, we closed on the funding of a $6.3 million mortgage loan to one of our existing tenant relationships based HR senior communities.

關於我們第四季最近的投資活動，我們向我們現有的一個基於租戶關係的人力資源高級社區提供了 630 萬美元的抵押貸款。

The loan is secured by a 26 unit assisted living facility located in Vista, California carries an interest rate of 9.9% and an initial term of 30 months alone.

該貸款由位於加州維斯塔市的一家擁有 26 個單位的輔助生活設施提供擔保，利率為 9.9%，初始期限為 30 個月。

Facilities-based shares ongoing growth in San Diego County and helps further synergies with the nearby skilled nursing facility that we acquired in Q3 of last year and lease to Shire.

基於設施的股份在聖地牙哥縣持續成長，有助於進一步與我們在去年第三季收購併租賃給夏爾的附近熟練護理設施產生協同效應。

In January, we closed on the joint venture acquisition of a 78 unit assisted living and memory care facility in San Bernardino, California CareTrust's $10.8 million of contributed capital constituted 97.5% of the total required investment amounts with an initial contractual yield of approximately 9.3%.

1 月份，我們完成了加州聖貝納迪諾市一家78 個輔助生活和記憶護理設施的合資收購，CareTrust 的出資資本為1,080 萬美元，佔所需投資總額的97.5%，初始合約收益率約為9.3%。

In connection with the acquisition, the venture entered into a triple-net lease agreement with Oxford Health Group, a midsized, California seniors housing operator.

在此次收購中，該合資企業與加州中型老年人住房營運商 Oxford Health Group 簽訂了三網租賃協議。

The lease provides for a 10-year initial term with four, five year extension options and 2% fixed annual rent escalators commencing with the third lease year.

該租約規定初始期限為 10 年，並有四年、五年的延期選擇權，並從第三個租賃年開始以 2% 的固定年租金自動遞增。

Also, as announced earlier this week.

此外，正如本週早些時候宣布的那樣。

In late January and early February, we closed on the funding of over $52 million in mezzanine loans secured by three portfolios of skilled nursing facilities in Virginia Missouri and California.

1 月底和 2 月初，我們完成了超過 5,200 萬美元的夾層貸款融資，這些貸款由弗吉尼亞州、密蘇裡州和加利福尼亞州的三個熟練護理機構組合提供擔保。

In connection with the Virginia and Missouri loans, CareTrust provided approximately $45 million in proceeds at a variable interest rate of so for a plus 8.75% with a so for floor of 6%.

對於維吉尼亞州和密蘇裡州的貸款，CareTrust 提供了約 4,500 萬美元的收益，浮動利率為 8.75%，下限為 6%。

We also funded a $7.4 million mezzanine loan to a regional investor in healthcare real estate to acquire a 130 bed skilled nursing facility in Pasadena, California loan accrues interest at a fixed rate of 11.5% and has a five-year term, as Dave indicated in his remarks.

我們也向一家醫療保健房地產區域投資者提供了740 萬美元的夾層貸款，用於收購加州帕薩迪納市一家擁有130 個床位的熟練護理機構，貸款按11.5% 的固定利率計息，期限為5 年，正如Dave 在他的言論。

Our investment pipeline remains active and primarily consists of skilled nursing facilities with a few assisted living and multiuse campus opportunities mixed in today, the pipeline is approximately $250 million made up largely of singles and doubles.

我們的投資管道仍然活躍，主要包括熟練的護理設施，以及一些輔助生活和多用途校園機會，目前，投資管道約為 2.5 億美元，主要由單人房和雙人房組成。

The pipe we are quoting today does not include some chunkier regional opportunities.

我們今天引用的管道不包括一些較粗的區域機會。

So we are evaluating deal flow remains strong and at a level largely consistent with the past several quarters, we expect the skilled nursing transaction market to become increasingly active with a continued bifurcation between assets that are cash flowing and distressed products.

因此，我們正在評估交易流仍然強勁，並且處於與過去幾個季度基本一致的水平，我們預計隨著現金流資產和不良產品資產之間的持續分化，熟練護理交易市場將變得越來越活躍。

Pricing on stabilized or close to stabilized portfolios continues to hover at historical cap rates helped by increases in state Medicaid rates and some easing of labor challenges.

受州醫療補助費率提高和勞動力挑戰緩解的幫助，穩定或接近穩定的投資組合的定價繼續徘徊在歷史資本化率水平。

Many regional operators appear hungry to grow and that appetite for expansion is driving healthy.

許多區域運營商似乎渴望成長，而且這種擴張慾望正在健康發展。

Acquisition demand in today's market include owners with nonprofit affiliations, moms and pops fatigued by difficult years in the industry and looking to exit as well as regional owners.

當今市場的收購需求包括擁有非營利組織的業主、因行業艱難歲月而疲憊不堪並希望退出的家庭業主以及地區業主。

Operators have stabilized portfolios looking to sell and recycle capital into underperforming portfolios with upside potential pricing on distressed skilled nursing product has softened slightly as we continue to see more offerings entering the market for smaller portfolios that are facing variable rate and maturity date risk on bridge to HUD and other similar loans.

營運商已經穩定了投資組合，希望將資金出售並回收到表現不佳的投資組合中，而陷入困境的熟練護理產品的上行潛在定價略有減弱，因為我們繼續看到更多的產品進入較小投資組合的市場，這些投資組合面臨可變利率和到期日風險。HUD 和其他類似貸款。

We expect this trend to continue and to lead to potential acquisition opportunities as performance falls, short of that needed to be in a position for a HUD loan take out our balance sheet and dry powder, together with opportunistic market dynamics have set the table for growth.

我們預計這種趨勢將持續下去，並隨著業績下降而帶來潛在的收購機會，而 HUD 貸款不足以滿足我們的資產負債表和乾粉需求，再加上機會主義的市場動態為成長奠定了基礎。

While always adhering to our disciplined underwriting approach, we are actively using our flexibility and creativity in sourcing and structuring transactions to pursue and execute on accretive investment opportunities.

在始終堅持我們嚴格的承銷方法的同時，我們積極利用我們在尋找和建立交易方面的靈活性和創造力來尋求和執行增值投資機會。

With that, I'll turn it over to Bill.

有了這個，我會把它交給比爾。

Thanks, James.

謝謝，詹姆斯。

For the quarter, normalized FFO increased 17.2% over the prior year quarter to $43.4 million and normalized FAD increased by 16.3% to $45.4 million on a per-share basis, normalized FFO decreased $0.02 to $0.36 per share and normalized FAD decreased $0.03 to $0.37 per share.

本季度，標準化FFO 比去年同期成長17.2%，達到4,340 萬美元，標準化FAD 成長16.3%，達到每股4,540 萬美元，標準化FFO 下降0.02 美元，至每股0.36 美元，標準化FAD 下降0.03 美元，至每股0.37 美元。分享。

As a result of our robust pipeline, we issued $643.8 million of equity under the ATM during 2023, resulting in us having $294 million of cash on the balance sheet at year end since year end, we have used a chunk of that for investments and our dividend, leaving us with approximately $220 million as we sit here today.

由於我們強大的管道，我們在2023 年期間在ATM 下發行了6.438 億美元的股票，導致我們自年底以來資產負債表上有2.94 億美元的現金，我們已將其中很大一部分用於投資和我們的股息，為我們今天坐在這裡留下了大約 2.2 億美元。

In yesterday's press release, we issued guidance for 2024 with a range for normalized FFO per share of $1.43 to $1.45 and for normalized FAD per share of $1.47 to $1.49. This guidance includes all investments made to date, a diluted weighted average share count of $130.5 million shares and also relies on the following assumptions.

在昨天的新聞稿中，我們發布了 2024 年指引，每股標準化 FFO 範圍為 1.43 至 1.45 美元，每股標準化 FAD 範圍為 1.47 至 1.49 美元。該指引包括迄今為止進行的所有投資、1.305 億美元的稀釋加權平均股數，也依賴以下假設。

One, no additional investments nor any further debt or equity issuances this year to CPI rent escalations of 2.5%.

第一，今年沒有額外的投資，也沒有任何進一步的債務或股票發行，導致 CPI 租金上漲 2.5%。

Our total cash rental revenues for the year are projected to be approximately $204 million to $206 million.

我們今年的現金租金總收入預計約為 2.04 億至 2.06 億美元。

There's a range on rental revenues this year as we have included a general reserve of 2% to 3%.

今年的租金收入有一定範圍，因為我們已計入 2% 至 3% 的一般準備金。

This reserve is not related to any specific operators, rather, it is a function of conservatism as we issued guidance for the first time in a while, and we expect to refine that reserve as the year progresses.

該儲備與任何特定運營商無關，而是出於保守主義的考慮，因為我們在一段時間內首次發布了指導意見，並且我們預計隨著時間的推移會完善該儲備。

Not included in this number is the amortization of a below-market lease intangible that will total about $2.3 million, but this will be in the rental revenue as required by GAAP three interest income of approximately $36 million the $36 million is made up of $25 million from our loan portfolio and $11 million is from cash invested in money market funds for interest expense of approximately $33 million.

該數字不包括低於市場水平的無形資產租賃的攤銷，總額約為230 萬美元，但這將計入GAAP 要求的租金收入中，三項利息收入約為3,600 萬美元，其中3,600 萬美元由2,500 萬美元組成其中 1,100 萬美元來自投資於貨幣市場基金的現金，利息支出約 3,300 萬美元。

In our calculations, we have assumed an interest rate of 6.5% for the term loan.

在我們的計算中，我們假設定期貸款利率為 6.5%。

Interest expense also includes roughly $2.4 million of amortization of deferred financing fees and five G&A expense of approximately $21 million to $23 million and includes about $5.9 million of deferred stock compensation.

利息支出還包括約 240 萬美元的遞延融資費用攤銷和五項約 2,100 萬至 2,300 萬美元的一般管理費用，並包括約 590 萬美元的遞延股票報酬。

Our liquidity remains extremely strong.

我們的流動性仍然非常強勁。

We have approximately $220 million in cash today and our entire $600 million available under our revolver leverage hit an all-time low with a net debt to normalized EBITDA ratio of 1.4 times.

目前，我們擁有約 2.2 億美元的現金，而我們的左輪槓桿下可用的全部 6 億美元創歷史新低，淨債務與正常化 EBITDA 比率為 1.4 倍。

Our net debt to enterprise value was 9.5% as of quarter end, and we achieved a fixed charge coverage ratio of seven times.

截至季末，我們的淨債務佔企業價值的比例為 9.5%，固定費用覆蓋率達到了七倍。

I said last quarter that I wouldn't be surprised to see leverage tick further downward as we continue to fund our pipeline with equity, which again now, I would expect that leverage would begin to tick up as we deployed deploy the cash into accretive investments.

我上個季度說過，隨著我們繼續用股權為我們的管道提供資金，我不會對槓桿率進一步下降感到驚訝，現在，我再次預計，隨著我們將現金部署到增值投資中，槓桿率將開始上升。

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

說到這裡，我會把它轉回給戴夫。

Great.

偉大的。

Thanks, Bill.

謝謝，比爾。

We hope our reports are helpful.

我們希望我們的報告對您有所幫助。

And the Thank you for your continued support, and I'll be happy to answer your questions.

感謝您一直以來的支持，我很樂意回答您的問題。

The floor is now open for your questions to ask a question at this time, simply press the star followed by the number one on your telephone keypad.

現在您可以提問，只需按電話鍵盤上的星號和數字 1 即可提問。

We'll now take a moment to compile our roster.

我們現在需要一些時間來編制我們的名單。

Our first question comes from the line of Conor diversity with Wells Fargo.

我們的第一個問題來自康納多元化與富國銀行的關係。

Please go ahead.

請繼續。

Happy Friday.

星期五快樂。

Thank you for the time.

謝謝你的時間。

So quick question on these acquisition opportunities.

關於這些收購機會的快速提問。

Our team, some of the peer group is also moving in the direction of underwriting these loans.

我們的團隊，一些同行團體也正在朝著承銷這些貸款的方向前進。

And I'm wondering if you get the sense that this increased competition for that kind of instrument could lead to downward pressure on the associated yields or more broadly speaking, how do you expect those return profiles to change over the course of the next year?

我想知道您是否意識到這種工具的競爭加劇可能會導致相關收益率面臨下行壓力，或者更廣泛地說，您預計這些回報狀況在明年會如何變化？

I think our comments a good question is James, I would say that we see that a little bit right now on lower kind of dollar amount loans that we're looking at, where there is more players kind of knowledgeable about the industry and willing to extend some of those loans, whether it be product or mez, I think we see much less of that competition.

我認為我們的評​​論是一個很好的問題，詹姆斯，我想說，我們現在在我們正在考慮的較低金額的貸款中看到了一點，那裡有更多的參與者對該行業有了解並且願意延長其中一些貸款，無論是產品貸款還是中間貸款，我認為我們看到的競爭要少得多。

And in the higher dollar loan amounts for mez and whatnot.

以及用於梅茲和諸如此類的更高的美元貸款金額。

And that kind of absence of experienced competition in that area seems to really up to this point, continuing to allow the yields to be a pretty significant and you see that in our mez loans from last week.

到目前為止，該領域缺乏經驗豐富的競爭似乎確實如此，繼續使收益率相當可觀，你可以在上週我們的夾層貸款中看到這一點。

So I think I don't expect too much change in the higher kind of dollar loan amounts.

因此，我認為較高的美元貸款金額不會有太大變化。

I think the lower amounts will continue to be competitive and stay close to where they are because that really that competition's already there.

我認為較低的金額將繼續具有競爭力，並保持在接近水平，因為競爭確實已經存在。

Okay.

好的。

Thanks for that.

感謝那。

And maybe just in your opinion, what do you think it takes to see the market for real assets start to open up again?

也許您認為，您認為如何才能看到實體資產市場再次開放？

And I really don't think it takes no more sellers entering the market of cash flowing facilities or close to.

我真的認為不需要更多的賣家進入或接近現金流設施市場。

I think that's really going to be what at what it takes is more groups deciding to exit or recycle capital in assets that are close to stabilization where you can underwrite them a little closer to traditional underwriting versus kind of the value add that we look at a lot right now.

我認為這確實需要更多的團體決定退出或回收接近穩定的資產中的資本，您可以以更接近傳統承保的方式承保它們，而不是我們所關注的增值類型。現在很多。

Okay.

好的。

Understood.

明白了。

And then maybe quickly for Dave, we have this some CMS announcement that they look to finalize the minimum staffing ruling in short order.

然後，對於戴夫來說，也許很快，我們就收到了 CMS 的公告，他們希望在短時間內完成最低人員配備規定。

And I'm just wondering, broadly speaking or on a high level, how do you look at the labor market now compared to maybe this time a year ago, do you see any indication that the market or the availability of labor is improving or if there's still a very big discrepancy between your urban and rural markets?

我只是想知道，從廣義或從高水平來看，與一年前的這個時候相比，您如何看待現在的勞動力市場，您是否看到任何跡象表明市場或勞動力的可用性正在改善，或者是否有跡象顯示勞動市場正在改善？你們城鄉市場差距還很大嗎？

Yes, I'd say it as we look at our data, it's clear that the worst is behind us when it comes to labor.

是的，當我們查看數據時，我會這麼說，很明顯，就勞動力而言，最糟糕的時期已經過去。

And yet there's still quite a bit of opportunity for improvement in labor cost going forward.

然而，未來勞動成本仍有很大改善的機會。

I'm just taking one data point, for example, looking at agency Third Quarter 22, our agent CPPD. in the portfolio was around $13.

我只取一個資料點，例如，查看代理機構 Third Quarter 22，我們的代理 CPPD。投資組合中的金額約為 13 美元。

Q3 of 23.

23 的第 3 季。

It's down to $8, but before the pandemic, it was down year $3.

跌至 8 美元，但在大流行之前，一年跌了 3 美元。

And so there's still quite a bit of some fat excess labor costs built in there that we hope will continue to decline as time goes on so that it's actually pretty encouraging to know that there's some opportunity there going forward for our operators to continue to improve there.

因此，那裡仍然存在相當多的過剩勞動力成本，我們希望隨著時間的推移，這些成本將繼續下降，因此，知道我們的運營商未來有機會繼續改進，這實際上是相當令人鼓舞的。

But having said that, it's still a difficult labor market.

但話雖如此，勞動市場仍困難重重。

And I think it during times like this, you see the best operators really distinguish themselves by first becoming that operator, that employer of choice so that they can then become the provider of choice in the communities.

我認為在這樣的時期，你會看到最好的運營商通過首先成為該運營商、該選擇的雇主來真正脫穎而出，這樣他們就可以成為社區中選擇的提供者。

Okay.

好的。

And if I may squeeze one more in there on labor, do you get the sense that over the course of 2023, we saw some significant rate hikes in both Medicaid and Medicare.

如果我可以在勞動力方面再增加一點，您是否感覺到在 2023 年期間，我們看到醫療補助和醫療保險的利率都出現了大幅上漲。

Are some of these operators now able to push through those hikes directly into wages such that maybe you get better retention.

其中一些業者現在是否能夠將這些上漲直接轉化為工資，這樣也許你就能獲得更好的保留率。

Yeah, but I think what happened actually, Conor was our operators in this space really got ahead of those rate increases.

是的，但我認為實際上發生了什麼，康納是我們在這個領域的運營商，確實領先於這些費率上漲。

They've really had to we lost so many employees in the skilled nursing space due to the pandemic that by and large, the operators adjusted well before those rates caught up with them.

由於大流行，他們確實不得不在熟練護理領域失去如此多的員工，總的來說，操作員在這些比率趕上他們之前就進行了很好的調整。

And so last year's rate for resetting and increases in activity by the state, I think recognized that those costs have gone up significantly.

因此，我認為去年國家的重置率和活動增加表明這些成本已大幅上升。

And because of that, those states had a lot of rationale for it.

正因為如此，這些州有很多理由這樣做。

We're making the adjustments they did at those rates.

我們正在按照他們的速度進行調整。

Okay.

好的。

Thank you for the color.

謝謝你的顏色。

I'll leave it there.

我會把它留在那裡。

Our next question comes from the line of Jonathan Hughes with Raymond James.

我們的下一個問題來自喬納森·休斯和雷蒙·詹姆斯的對話。

Please go ahead.

請繼續。

Paying money out there.

去那裡付錢。

And just sticking with the loan activity that economy was asking about and that I do appreciate the prepared remarks as to why you're making those investments and do you expect debt investments to be a continuing part of your investment activity, new and future year resources.

只要堅持經濟所要求的貸款活動，我確實很欣賞準備好的評論，說明您為什麼進行這些投資，以及您是否期望債務投資成為您投資活動、新的和未來一年資源的持續組成部分。

It's something that's a bit more temporary.

這是比較暫時的事情。

And when the capital markets normalize and banks return to lending your investment activity would return to more just the equity ownership and acquisitions?

當資本市場正常化並且銀行恢復貸款時，您的投資活動是否會回歸到更多的股權和收購？

Yes, I think it's I think it's a fair assumption that if the banks come rushing back with cheap money that there will be less need for us less opportunity coming our way and that lending activity in the future.

是的，我認為這是一個公平的假設，如果銀行帶著廉價資金湧回來，我們對我們的需求就會減少，我們的機會就會減少，未來的貸款活動也會減少。

And under that hypothetical scenario would be back to what it was before.

在這種假設的情況下，將會回到以前的狀態。

But even before the last couple of years, we have made some big loans.

但即使在過去幾年之前，我們也已經發放了一些大額貸款。

And again, yes, there is a clear belief, clear path to this relationship leading to real estate acquisitions in the future, and we'll continue to do that because a lot of times what does that what does real estate acquisitions in the future are off market deals that's what we've seen and that we wouldn't we wouldn't have seen without doing that and building those relationships.

再說一次，是的，我們有一個明確的信念，這種關係的明確路徑會導致未來的房地產收購，我們將繼續這樣做，因為很多時候，未來的房地產收購是什麼？場外交易是我們所看到的，如果不這樣做並建立這些關係，我們就不會看到這種情況。

So I think I would not be surprised to see more of that this year and opportunistically after if and when the banks ever come back with the they're free money.

因此，我認為，如果今年看到更多這樣的情況，並且在銀行帶著免費資金回來之後，我不會感到驚訝。

Okay.

好的。

And can you talk about I don't know if it's for you or Bill on, but is the decision to settle the equity proceeds versus maybe leaving them outstanding on a forward basis?

你能談談我不知道這是為了你還是比爾，但決定是結算股權收益還是讓它們在遠期基礎上懸而未決？

Can we interpret that as maybe there's a large deal that could close any day now.

我們是否可以將其解釋為也許有一筆大交易現在隨時可能完成？

And I'm fully aware that that's on embedded in the pipeline, but maybe there's a deal you're working on in the month cash available to be able to move quickly?

我完全知道這已經嵌入在管道中，但也許您正在處理的交易在本月有可用現金，以便能夠快速行動？

And then what are you assuming is being earned on that cash until point?

那麼，您認為到那時為止，這筆現金能賺到什麼錢呢？

Hey, Jonathan, it's Bill.

嘿，喬納森，我是比爾。

I can and I can take that one, Tom, in our model we have assumed 5% on the cash that is sitting on the balance sheet.

我可以，我可以接受這個，湯姆，在我們的模型中，我們假設資產負債表上的現金佔 5%。

As for why we settled before words, in December, it was just a question of if they weren't we weren't saving a lot on it.

至於為什麼我們在 12 月之前就決定了，這只是一個問題，如果不是的話，我們就不會省很多錢。

There's not a lot of dilution as a result of keeping it out on the forward versus having the cash on the balance sheet.

與將現金記在資產負債表上相比，將其保留在遠期合約中並不會造成太大的稀釋。

Okay.

好的。

And then one more quick one on those two zero transitions that were that were referenced earlier.

然後是關於之前提到的那兩個零轉換的更快的一個。

I don't know if I heard, but do you expect any change in Brent post condition, and we don't expect right now any material impact to rent with the euro.

我不知道我是否聽說過，但您預計布蘭特原油狀況會發生任何變化嗎？我們預計目前歐元對租金不會產生任何重大影響。

Okay.

好的。

And you said coverage would be pro forma coverage to go above one times for this new operator taking up industry properties, et cetera?

您是否說過，對於佔用產業財產的新業者來說，覆蓋範圍將是預計覆蓋範圍的一倍以上？

No, sorry.

不，抱歉。

My answer would be it would be slightly north of one times for Adaro once those two properties are exited from the portfolio?

我的答案是，一旦這兩個房產從投資組合中退出，Adaro 的收益會略高於一倍嗎？

Not for the new upper right.

不適用於新的右上角。

Okay.

好的。

Got it.

知道了。

Thanks for the time based on.

感謝您的時間是基於。

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

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

Please go ahead.

請繼續。

Great.

偉大的。

Thanks.

謝謝。

Good morning.

早安.

Out there and change.

走出去並改變。

And Dave, you mentioned in your prepared remarks that deal flow is pretty consistent with recent quarters.

戴夫，您在準備好的發言中提到，交易流與最近幾季非常一致。

But despite the success you've had closing deals late in the year and early this year.

但儘管取得了成功，你們還是在今年年底和年初完成了交易。

You've increased the size of the investment pipeline.

您擴大了投資管道的規模。

And I'm wondering, is that a function of just the availability of capital you have today or is it the quality of deals and operators, your underwriting is improving and maybe some of that that work you put in underwriting deals is now at a point where you're seeing a path to potentially closing?

我想知道，這只是您今天擁有的資本的可用性的一個函數，還是交易和運營商的質量，您的承銷正在改善，也許您在承銷交易中投入的一些工作現在已經到了一個點您認為哪裡有可能關閉？

Yes.

是的。

The deal has been pretty steady, and James can clean up after me if needed.

這筆交易相當穩定，如果需要的話詹姆斯可以幫我清理。

But Tom, I think the difference is that we're just seeing some stuff that's more actionable.

但是湯姆，我認為差異在於我們只是看到了一些更可行的東西。

So deal flow conservative pretty pretty steady from the last few quarters, just more actionable assets that we can that we can move on.

因此，從過去幾季來看，交易流保守相當穩定，只是我們可以繼續前進的更多可操作資產。

And I see the number of deals we're seeing in office pretty consistent.

我發現我們在辦公室看到的交易數量非常一致。

I think it's just that there's more that seem to be falling in areas that were more interested in with where we have better operator solutions and where we really like what the Medicaid rate has done, some more of those coming in become more actionable.

我認為，更多的事情似乎落在了那些對我們擁有更好的運營商解決方案更感興趣的領域，以及我們真正喜歡醫療補助費率所做的事情的領域，其中更多的一些變得更具可操作性。

Got it.

知道了。

That's helpful.

這很有幫助。

And then one other one for me is just curious if you guys would consider acquiring and operating kind of long term care real estate under an operating lease structure through Friday, or structuring more of the leases where maybe you're able to participate in some of the recovery in operating cash flows, maybe kind of similar to what you did with Linx healthcare I think now last year?

然後，我的另一個問題是，你們是否會考慮在周五之前以經營租賃結構收購和經營某種長期護理房地產，或者構建更多的租賃，也許你們能夠參與其中的一些運營現金流的恢復，也許有點類似於您去年對Linx 醫療保健所做的事情？

Yes, I'd say never say never, Tom.

是的，我想說永遠不要說永遠，湯姆。

We're a group both of we have a group of former operators here that we think help us do a pretty good job of vetting operators and opportunities.

我們是一個團隊，我們這裡有一群前運營商，我們認為他們可以幫助我們很好地審查運營商和機會。

And we like the simplicity of our model.

我們喜歡我們模型的簡單性。

And we currently have an abundance of opportunities of our typical bread and butter, but we're always looking for creative ways to expand that pipe.

目前，我們擁有大量的典型麵包和黃油機會，但我們一直在尋找創意的方法來擴大這個管道。

That's fair.

這還算公平。

And then last one for me.

然後是我的最後一張。

I guess, what's the likelihood that you think that you can continue to collect some rent on the 11 assets held for sale prior to and prior to that closing?

我猜想，您認為您可以在交割之前和之前繼續對待售的 11 項資產收取一些租金的可能性有多大？

You know, it's pretty I would say the chances are pretty fair from one of the main reasons why we're selling to this particular buyers because we think that that gives us the best chance to collect some rents until we close.

你知道，這很漂亮，我想說，從我們出售給這個特定買家的主要原因之一來看，機會是相當公平的，因為我們認為這給了我們在關閉之前收取一些租金的最佳機會。

So that's what went into our decision of who to sell to and under what terms and having that rent being paid, it was one of those terms.

這就是我們決定向誰出售、在什麼條件下出售以及支付租金的決定，這是這些條款之一。

Appreciate the time.

珍惜時間。

Thank you.

謝謝。

Our next question comes from the line of Leon Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Leon Sanabria。

Please go ahead, Hunter.

請繼續吧，獵人。

Um, just a question on the pipeline.

嗯，只是一個關於管道的問題。

Is there a rough split you could talk to in terms of what's the simple versus loans?

您可以談談簡單貸款和貸款之間的大致差異嗎？

Yes.

是的。

And in the 251, I'd say that is predominantly made up of acquisitions, not loan activity currently.

在 251 中，我想說這主要是由收購組成，目前不是貸款活動。

As we sit here today,

當我們今天坐在這裡時，

Great.

偉大的。

Thank you.

謝謝。

And then just on the I'm just hoping you could talk a little bit to the watch list, how that's evolved and how you're thinking about that and how that influenced or not?

然後我只是希望你能談談觀察名單，它是如何演變的，你是如何看待它的，以及它是如何影響的？

Yes, the conservative conservativism built in on the non-rent payment are factored into it full year guidance.

是的，基於非租金支付的保守主義已納入全年指導。

Yes, you know, the watch list is always kind of a fluid thing.

是的，你知道，觀察名單總是不穩定的。

We've had operators on it in the past that have graduated off of it in a big way.

過去，我們的運營商已經在很大程度上擺脫了它。

And so right now, we have a few that are very very small relationships that have needed a little bit more runway in time and turning some buildings.

所以現在，我們有一些非常非常小的關係，需要及時提供更多的跑道並轉動一些建築物。

So we watch those guys closely.

所以我們密切注意這些人。

Of course, everybody is looking at a euro with their coverage that has trended down.

當然，每個人都在關注歐元，其覆蓋範圍呈下降趨勢。

So yes, I think what we've learned over the going on 10 years here is that there's probably always going to be a small handful of operators in any portfolios, watch that portfolio that you would call watch list them.

所以，是的，我認為我們在過去 10 年裡學到的是，任何投資組合中可能總會有一小部分運營商，請注意您將其稱為觀察名單的投資組合。

We the art here is just to manage that risk down as best we can.

我們的藝術就是盡可能地降低風險。

And we think we do have a pretty good job of that.

我們認為我們在這方面確實做得很好。

And so kind of setting guidance for the first time.

第一次有這樣的設定指導。

Yes, we're certainly cognizant of our watch list and but more so just wanting to be a little bit conservative, giving guidance for the first time in a number of years.

是的，我們當然了解我們的觀察名單，但更重要的是，我們只是想保守一點，多年來首次提供指導。

And then just the last one for me at any dispositions, other than the Midwest Trillium assets that we should think are factored into our models.

然後，對我來說，除了我們應該考慮到我們的模型中的中西部延齡草資產之外，這只是我的最後一個配置。

Yes, the stuff we missed, what's what's held for sale right now in addition to the 11, I think there are one one more and that is kind of held for sale that is kind of coming close.

是的，我們錯過了那些東西，除了 11 件之外，現在正在出售的東西是什麼，我認為還有一件正在出售，而且已經接近了。

And besides that, I think that's pretty much it.

除此之外，我認為僅此而已。

Great.

偉大的。

Thank you.

謝謝。

Thanks.

謝謝。

One.

一。

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

我們的下一個問題來自加拿大皇家銀行資本市場部的麥可‧卡羅爾。

Please go ahead.

請繼續。

Yes, thanks.

對了謝謝。

Dave.

戴夫.

I was hoping you can talk about of what you're seeing on the investment side, I know you have a pretty good pipeline.

我希望你能談談你在投資方面看到的情況，我知道你有一個非常好的管道。

They keep on highlighting, but you always highlight that there is portfolio deals that you normally will underwrite to mean how active is that portfolio pipeline right now?

他們不斷強調，但你總是強調，你通常會承銷一些投資組合交易，這意味著該投資組合管道現在有多活躍？

And are there interesting deals out there that you could complete it in the next few quarters?

是否有一些有趣的交易可以在接下來的幾個季度內完成？

Matt, and I the problem is I'm a terrible three point shooter and a more of an assist guy.

馬特，我的問題是我是一個糟糕的三分射手，而且更像是一個助攻者。

So these bigger deals are lower probability shots for us and always have been, although when you look at our history.

因此，這些更大的交易對我們來說機率較小，而且一直如此，儘管當你回顧我們的歷史時。

The bigger the bigger years that we've had have been we've always had to do a pretty chunky deal to get that big year done.

我們經歷的歲月越大，我們總是必須做一筆相當大的交易才能完成那個重要的一年。

So right now, as James said, looking at the 250 that we've quoted there really isn't a chunky deal in there, but there are a couple that that we're evaluating.

所以現在，正如詹姆斯所說，看看我們引用的 250 美元，確實沒有什麼大筆交易，但我們正在評估一些。

We just can't really put a number on it or a probability on it because it's very sad experience.

我們只是無法真正給出一個數字或機率，因為這是非常悲傷的經歷。

We've come close and miss on bigger deals in the past, and they're just lower probability.

過去我們曾經一度接近並錯過了更大的交易，但它們的機率較低。

We'd be very happy to surprise you in the future and say we got a big one.

我們很高興將來能帶給您驚喜，並說我們得到了一個大禮物。

But at this point, none of those are far enough along.

但目前來看，這些都還不夠。

We don't have enough confidence in it to include it in our pipe.

我們對它沒有足夠的信心，無法將其納入我們的管道中。

And then when you say get a big one, like what would you consider a portfolio deal?

然後，當你說要進行一筆大交易時，例如你會考慮什麼投資組合交易？

Is it like over $50 million over $100 million.

是不是超過5000萬美元到1億美元？

Yes, know somewhere it's $75 million plus.

是的，據我所知，這個數字超過 7500 萬美元。

And then just last one for me.

然後是我的最後一個。

I mean, what about the competitive landscape?

我的意思是，競爭格局如何？

I mean, I know they're levered private buyers were pretty competitive going after some of those larger deals historically, I mean, has that changed given what's gone on the capital markets that are there?

我的意思是，我知道他們的槓桿私人買家在歷史上追求一些較大的交易時非常有競爭力，我的意思是，考慮到資本市場的情況，這種情況是否發生了變化？

Are you going up against less competitors taking down and bidding on some of those prop portfolio transactions

您是否正在面對較少的競爭對手對其中一些自營投資組合交易進行下架和競標

On Keno, there's a pretty active, you know, private equity, private buyer pool out there right now, Michael, especially on the bigger stuff that is still very active.

在基諾，你知道，現在有一個非常活躍的私募股權、私人買家池，邁克爾，尤其是在仍然非常活躍的更大的東西上。

I think that you definitely have an absence of smaller owner operators who really can't get financing right now that works for them, and they're really out.

我認為肯定缺少小型業主經營者，他們現在確實無法獲得適合他們的融資，而且他們真的已經出局了。

But I think some of the larger players are still in and still competing and makes the, you know, $100 million in North deals still it really competitive because they can really execute on them.

但我認為一些較大的參與者仍在參與並仍在競爭，並且使北方的 1 億美元交易仍然非常具有競爭力，因為他們可以真正執行這些交易。

But I think you definitely see that kind of smaller buyer pool more pronounced towards the P&L, $50 million down kind of range.

但我認為你肯定會看到那種較小的買家群體對損益表的影響更為明顯，即 5000 萬美元的下降範圍。

Okay, great.Thank you.

好的，太好了，謝謝。

Our next question comes from the line of Alec Fagan with Baird.

我們的下一個問題來自亞歷克費根和貝爾德的對話。

Please go ahead and Happy Friday, and thank you for taking the questions.

請繼續，祝星期五快樂，並感謝您提出問題。

The first one is kind of on the size of the loan book.

第一個是關於貸款簿的規模。

Does CareTrust has any limit to the size of how big that can be based on any credit agreements?

CareTrust 對任何信貸協議的規模有限制嗎？

Or is there any self-imposed limit that management would want to put on it?

或者管理階層是否想對其施加任何自我限制？

No, there's no limits.

不，沒有限制。

Now.

現在。

We'll just take it the at a time.

我們一次就拿走它。

Well, thank you.

嗯，謝謝。

So, again, is this CareTrust have CareTrust seems to have a large lost rent reserve of 2% to 3%.

那麼，再說一遍，這個 CareTrust 似乎有 2% 到 3% 的大量租金損失準備金。

Is this a historic level or is there anything specific about 2024?

這是歷史水準還是 2024 年有什麼具體情況？

It depends on what year you look at.

這取決於你看的是哪一年。

So it's really just a function of, as we've said, conservatism given guidance for the first time after a number of years.

因此，正如我們所說，這實際上只是保守主義在多年後首次提供指導的結果。

And I think as the quarters go by you'll see us refine that.

我認為隨著時間的推移，你會看到我們不斷完善這一點。

And the last one for me, what's the quality of the assets that are in the market right now and kind of spoke a little bit about the portfolios and how most of the pipeline are singles or doubles, but is there any stark difference between the quality assets and the current pipeline portfolio deals like CareTrust reviews.

對我來說，最後一個問題是，目前市場上資產的質量如何，並談到了一些關於投資組合以及大部分管道是單打還是雙打的問題，但是質量之間有什麼明顯的區別嗎？資產和當前管道投資組合交易，如CareTrust 評論。

Now, I and I would say this, I would say that if you if I were to generally characterize what's coming in these days, I would say that probably 75% to 80% of it is still not cash flowing or barely cash flowing versus about 20% or so kind of stable or getting to stable.

現在，我和我會這麼說，我會說，如果我要概括地描述這些天將要發生的事情，我會說，其中可能有 75% 到 80% 仍然沒有現金流或幾乎沒有現金流，而大約20%左右處於穩定或趨於穩定。

I think that's been that's probably creeping a little off in terms of stabilized product that's kind of coming onto the market right now on.

我認為，就目前進入市場的穩定產品而言，這可能會下降。

But I think that I think that's really the trend right now is at what stage of returning to positive cash flow is a seller wanting to put their buildings up for sale.

但我認為，現在的真正趨勢是，賣家想要出售自己的建築物，回到正現金流的哪個階段。

Some retired.

有的退休了。

I want to get out right as they turn the corner.

我想在他們拐過街角時立即出去。

Others are waiting a little longer to get more stable and then we'll turn the corner.

其他人則需要等待一段時間才能變得更加穩定，然後我們就會扭轉局面。

So I think you see, you know, that trend continuing a little bit.

所以我認為你知道，這種趨勢仍在繼續。

Got it.That's all.

明白了，就這些了。

Thank you for the time, no.

謝謝你的時間，不。

Our final question comes from the line of Tayo Okusanya with Deutsche Bank.

我們的最後一個問題來自德意志銀行的 Tayo Okusanya。

Please go ahead.

請繼續。

Yes, good afternoon and congrats on the quarter on the large full, you saw deals that are out there.

是的，下午好，恭喜本季的大滿貫，您看到了那裡的交易。

I mean, could you give us a general sense of what the stimulus could look like, what it would, what it would kind of take for them to transact again, the effect, if you can kind of talk about those without kind of giving away any secret sauce or negotiations or anything you're dealing with?

我的意思是，您能否讓我們大致了解刺激措施可能會是什麼樣子、會是什麼、他們需要什麼才能再次進行交易、效果，如果您能在不透露任何內容的情況下談論這些內容的話有什麼秘密武器或談判或任何你正在處理的事情嗎？

No, I don't think so.

不，我不這麼認為。

I think we it's really difficult to give too much color on stuff.

我認為我們很難給東西太多的色彩。

That is so a slimmer shoot from 25 sites out of SAAS.

這對於 SAAS 的 25 個站點來說是一個非常小的拍攝。

And then the second question, if you could indulge me the provisioning in in 2024, again, I know you kind of give a general provisioning and it's not related to any particular tenants, but could you kind of just talk through, you know, on I mean, last year there was that one tenant that was kind of struggling to pay the rent.

然後是第二個問題，如果您能讓我在 2024 年提供供應，我知道您提供了一般性供應，與任何特定租戶無關，但您能否談談，您知道，我的意思是，去年有一位房客付不起房租。

That was a big driver of the of the provisioning last year.

這是去年供應量的一個重要推動因素。

I mean, is there any kind of similar scenario like that that could end up happening this year.

我的意思是，今年是否會出現類似的情況。

Will look, we're in a we're still very much in a stage of recovery and for the industry right place where operators in and out of our portfolio are still recovering back to pre-pandemic occupancy and coverage.

看起來，我們仍處於復甦階段，對於該行業來說，我們投資組合內外的運營商仍在恢復到大流行前的入住率和覆蓋範圍。

And so it's really more a function of conservatism, knowing what kind of stage of recovery we're in.

所以這其實更多的是保守主義的作用，了解我們正處於什麼樣的復甦階段。

Then having a specific concern about one or two individual operators.

然後對一兩個單獨的操作員有特定的關注。

As we sit here today, we don't see, you know, a similar experience or performance by an operator like we had last year like you're referring to.

當我們今天坐在這裡時，您知道，我們沒有看到像您提到的去年那樣的操作員的類似經歷或表現。

But because we're in the stage of recovery that we are.

但因為我們正處於恢復階段。

We felt like it was prudent to build in some conservatism there for our guidance.

我們覺得在其中建立一些保守主義作為我們的指導是明智的。

Got you.

明白你了。

Right.

正確的。

That's it for me.Thank you.

對我來說就是這樣。謝謝。

It was a weekend.

那是一個週末。

I would now like to turn the call over to Dave Sedgwick for closing remarks.

我現在想將電話轉給戴夫·塞奇威克（Dave Sedgwick）進行總結發言。

Well, listen, thank you, guys, for your interest, your questions and your continued support, and we hope you all have a wonderful weekend.

好吧，聽著，謝謝你們，夥計們，你們的興趣、你們的問題和你們持續的支持，我們希望你們都有一個美好的周末。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。