CareTrust REIT Inc (CTRE) 2024 Q1 法說會逐字稿

Thank you for standing by, and my name is Mark and I will be your conference operator today.

感謝您的耐心等待，我叫馬克，今天我將擔任您的會議操作員。

At this time, I would like to welcome everyone to CareTrust REIT, Inc. First Quarter 2020 for operating results.

此時此刻，我謹歡迎大家來到 CareTrust REIT, Inc. 2020 年第一季的營運表現。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Lauren Beale, Senior Vice President and Controller.

我現在想將電話轉給資深副總裁兼財務長 Lauren Beale。

Welcome to CareTrust REIT's first quarter 2024 earnings call.

歡迎參加 CareTrust REIT 的 2024 年第一季財報電話會議。

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，並建議聽眾，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, investment return financings, and other matters.

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。

It 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.

它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，例如自然災害、COVID-19 等流行病和政府行為。

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 Street 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.

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 Street及其附屬公司不承諾公開更新或修改因新資訊、未來事件、情況變化或任何其他原因而發生變化的任何前瞻性聲明。

During the call, the Company will reference non-GAAP metrics such as EBITDA, FFO and FAD or FAD and normalized EBITDA, FFO and FAD.

在電話會議期間，公司將參考非 GAAP 指標，例如 EBITDA、FFO 和 FAD 或 FAD 和標準化 EBITDA、FFO 和 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.

當與 GAAP 業績一起查看時，該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.

此外，我們討論的某些營運商覆蓋範圍和財務資訊是基於我們的營運商提供的數據，這些數據未經 CareTrust 獨立驗證。

Yesterday, CareTrust filed its Form 10-Q 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.

昨天，CareTrust 提交了 10-Q 表格以及隨附的新聞稿和季度財務補充資料，每份內容均可在 CareTrust 網站 www.caretrustreit.com 的投資者關係部分取得。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.

正在通話中。

This morning are Dave Sedgwick, President and Chief Executive Officer; and Bill Wagner, Chief Financial Officer.

今天早上的是總裁兼執行長 Dave Sedgwick；和首席財務官比爾瓦格納。

Our Chief Investment Officer, James Callister is unable to attend the call today.

我們的首席投資長詹姆斯·卡利斯特（James Callister）無法參加今天的電話會議。

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

現在我將把電話轉給總裁兼執行長 Dave Sedgwick。

Hello, everybody, and thank you for joining us and kick things off today by first excusing our Chief Investment Officer, James Hollister from the call, given how busy we have been with acquisitions, you would be justified in guessing that is just too busy for you.

大家好，感謝您加入我們，今天首先請原諒我們的首席投資官詹姆斯·霍利斯特(James Hollister) 參加電話會議，考慮到我們一直忙於收購，您有理由猜測這對我們來說太忙了。

But this morning he has a family matter that trumps his participation with us.

但今天早上他有家庭事務，這比他參加我們的活動更重要。

So while we're on the subject of investments, I'd like to start by talking about our current robust phase of growth.

因此，當我們討論投資主題時，我想先談談我們當前的強勁成長階段。

The sharp increase to interest rates has resulted in the unique situation in our nearly 10 years of business.

利率的大幅上漲，造成了我們近10年業務中的獨特局面。

On the one hand, like everyone, our borrowing costs have increased significantly, but on the other hand because we conservatively established a fortress balance sheet for times like this.

一方面，和大家一樣，我們的借貸成本大幅增加，但另一方面，因為我們在這樣的時期保守地建立了堡壘式的資產負債表。

And because the strategic relationships we formed and because our cost of equity is remarkably a touch lower than our cost of debt.

因為我們建立了策略關係，而且我們的股本成本明顯低於債務成本。

Today, we are better positioned to invest in growth than any time in our company's history.

今天，我們比公司歷史上的任何時候都更有能力投資成長。

It's extraordinary to be able to say that we view interest rates staying higher for longer as a net positive for CareTrust that insofar as it should continue to drive investment opportunities in our direction.

能夠說我們認為利率長期保持在較高水準對 CareTrust 來說是一個淨正面因素，因為它應該繼續為我們的方向帶來投資機會，這是非同尋常的。

Those of you who know us best know a couple of important guiding principles we follow when it comes to capital allocation.

最了解我們的人都知道我們在資本配置方面遵循的一些重要指導原則。

First, we do not grow for growth's sake.

首先，我們不是為了成長而成長。

Health care, real estate, skilled nursing, in particular requires a high level of discipline.

醫療保健、房地產、熟練護理尤其需要高水準的紀律。

Every acquisition should immediately or quickly be accretive and must be matched with the right operator.

每一次收購都應該立即或迅速增值，並且必須與合適的運營商相匹配。

Second, we are building a company to outlast all of us.

其次，我們正在建立一家比我們所有人都更長壽的公司。

We are not nearly as sensitive as the algorithms are to quarter-to-quarter numbers.

我們對季度資料的敏感度並不如演算法那麼敏感。

We run the business for long-term value creation and will at times when the pipeline justifies, it takes some short-term dilution to lock in permanent financing and accretion and thereby set the table for future growth.

我們經營業務是為了長期創造價值，有時當管道合理時，需要進行一些短期稀釋才能鎖定永久性融資和增值，從而為未來的成長奠定基礎。

We started this year with about $300 million of cash on the balance sheet because we saw the potential for 2024 to be a record year of investments.

今年年初，我們的資產負債表上有約 3 億美元的現金，因為我們看到 2024 年有可能成為投資創紀錄的一年。

I want to congratulate the team for such a strong start there.

我要祝賀球隊取得如此強勁的開局。

The best pound-for-pound investment team I know and our tireless when it comes to sourcing and closing deals with the investment on May 1, we've already closed approximately $205 million in new investments approximately $154 million of that has been either acquisitions or loans with purchase options at an average yield of 9.4% and the other $52 million of deals closed our mezzanine loans at an average yield of 13.6%.

我所知道的最好的投資團隊，以及我們在 5 月 1 日不知疲倦地尋找和完成投資交易時，我們已經完成了約 2.05 億美元的新投資，其中約 1.54 億美元是收購或收購帶有購買選擇權的貸款平均收益率為9.4%，其他5,200 萬美元的交易以平均收益率13.6% 完成了我們的夾層貸款。

Last quarter, I elaborated on our strategic approach to lending.

上個季度，我詳細闡述了我們的貸款策略方法。

You may recall that we are not agnostic between acquisitions and lending lending result in lumpiness to earnings and does not by itself result in long-term growth.

您可能還記得，我們​​對收購和貸款之間並不是不可知的，貸款會導致收益波動，而且本身不會帶來長期成長。

However, we do enthusiastically lend to strategic borrowers and operators who we believe will result in real estate acquisitions in the future.

然而，我們確實熱情地向策略借款人和營運商提供貸款，我們相信他們將在未來促成房地產收購。

Let me put a finer point on that.

讓我對此說得更詳細一些。

As of today, we attribute about $260 million of real estate acquisitions in the last 12 months alone and another $200 million of acquisitions in our current pipeline that came from the strategic approach to lending in recent years.

截至今天，我們僅在過去 12 個月就進行了約 2.6 億美元的房地產收購，而我們目前的管道中還有 2 億美元的收購來自近年來的貸款策略。

If we don't have at least a handshake deal with the borrower or operator for acquisition opportunities in the future, chances are pretty low that we will lend the deal.

如果我們至少沒有與借款人或營運商就未來的收購機會達成握手協議，那麼我們借出這筆交易的機會就非常低。

We closed on Wednesday is a perfect example of this philosophy in action in case you missed it.

我們週三休息是這一​​理念付諸實踐的完美例子，以防您錯過。

On Wednesday, we closed on a mortgage loan of $26.7 million at an annual interest rate of 9.1% in connection with the borrower's acquisition of a two property skilled nursing portfolio in Tennessee with Ensign as a long-term triple-net master lease tenant.

週三，我們以 9.1% 的年利率完成了一筆 2,670 萬美元的抵押貸款，該貸款涉及借款人收購田納西州的兩處房產熟練護理投資組合，其中 Ensign 作為長期三網主租賃租戶。

The relationship with this borrower goes back many years.

與該借款人的關係可以追溯到很多年前。

They understand our strong preference to own the real estate, and they provided us a purchase option beginning in the fourth year of the loan after yesterday's Tennessee deal, our pipeline today sits at approximately $260 million and is roughly 50% acquisitions and 50% loans.

他們理解我們對擁有房地產的強烈偏好，並在昨天田納西州交易後的貸款第四年開始為我們提供了購買選擇權，我們今天的管道價值約為2.6 億美元，大約50% 是收購，50%是貸款。

It includes one larger deal we have been pursuing for some time that we now feel confident enough to include in our quoted pipe.

其中包括我們一段時間以來一直在追求的一項更大的交易，我們現在有足夠的信心將其納入我們的報價管道中。

Furthermore, the pipe today is almost entirely skilled nursing properties in addition to today's quoted pipe, we are also interested in some other large deals that at this point are not tracking at a high enough probability to include in that number so with our line of sight on a reloaded pipeline, we have continued to position the balance sheet to capitalize on this window of opportunity.

此外，除了今天報價的管道之外，今天的管道幾乎完全是熟練的護理財產，我們還對其他一些大型交易感興趣，這些交易目前沒有以足夠高的概率跟踪以包含在該數字中，因此根據我們的視線在重新加載的管道上，我們繼續調整資產負債表以利用這一機會窗口。

While it remains wide open.

雖然它仍然保持開放。

We are pleased to report a net debt to EBITDA of 0.6 times.

我們很高興地報告 EBITDA 的淨債務為 0.6 倍。

High level.

高水平。

If we don't use any more equity, we can now deploy the $345 million of cash on hand, plus the undrawn $600 million line of credit and still only arrive at 3.6 times net debt to EBITDA.

如果我們不再動用更多的股本，我們現在可以動手用手的 3.45 億美元現金，加上未動用的 6 億美元信貸額度，但淨負債仍僅為 EBITDA 的 3.6 倍。

In other words, we are locked and loaded to grow in a meaningful way for the next few years.

換句話說，我們已鎖定並加載在未來幾年以有意義的方式成長。

Remember how we quote our pipe.

請記住我們如何引用我們的管道。

We only quote deals that are at least under LOI that we believe have a strong likelihood of closing, it should close within the next 12 months.

我們只引用至少低於意向書的交易，我們認為很有可能完成，應該會在未來 12 個月內完成。

Now turning to the portfolio, you will see in the supplemental lease coverage continues to show tremendous strength and security.

現在轉向投資組合，您將看到補充租賃覆蓋範圍繼續顯示出巨大的實力和安全性。

Overall property level EBITDA with a 5% management fee and EBITDARM coverage was reported at 2.18 times and 2.78 times, respectively.

扣除 5% 管理費後，整體房地產水準 EBITDA 和 EBITDARM 覆蓋率分別為 2.18 倍和 2.78 倍。

You may have noted in the supplemental, both priority management group and WLC. reported declining coverage from Q3 to Q4.

您可能已經在補充中註意到，優先級管理組和 WLC。報道稱，從第三季到第四季度，覆蓋率有所下降。

This was due to large one-time reserve accruals for workers' comp and or bad debt had the reserve has been better accounted for during 2023.

這是由於工人補償和/或壞帳的一次性準備金應計數金額較大，如果該準備金在 2023 年得到更好的核算的話。

You would not have seen the type of decline they reported.

你不會看到他們報告的下降類型。

They had occupancy and labor headwinds in the quarter as well.

他們在本季也遇到了入住率和勞動力方面的不利因素。

However, both have favorable state Medicaid rate increases this year.

然而，這兩個國家今年都有有利的州醫療補助費率上漲。

It should, among other things drive coverage higher by year end, we are not worried about either of them or anyone in our top 10.

除此之外，它應該會在年底提高覆蓋率，我們不擔心他們中的任何一個或前十名中的任何一個。

The transition of two, the Douro Colorado facilities to Ensign took place on March first as expected and signed stepped in at a lower rent in euros covering the difference across the remaining seven CareTrust properties in the master lease.

杜羅科羅拉多工廠的兩處設施按照預期於 3 月份首先向 Ensign 進行了過渡，並以較低的歐元租金簽訂了合同，彌補了主租約中其餘七處 CareTrust 房產的差額。

Therefore, we do expect to see fairly tight lease coverage for Hydro this year but we also expect that coverage to increase going into next year.

因此，我們確實預計今年 Hydro 的租賃覆蓋範圍將相當緊張，但我們也預計明年覆蓋範圍將會增加。

Also, we are still under contract to sell the portfolio of 11 skilled nursing assets with negative EBITDA in the Midwest.

此外，我們仍簽訂了出售中西部 11 項 EBITDA 為負的熟練護理資產組合的合約。

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。

On the regulatory front, a couple of items.

在監管方面，有幾個項目。

First, CMS announced a 4.1% Medicare rate increase for fiscal year 2025, effective this October and second, as we expected, CMS issued their final rule and the minimum staffing mandate.

首先，CMS 宣布 2025 財年的醫療保險費率上調 4.1%，並於今年 10 月生效；其次，正如我們預期的那樣，CMS 發布了最終規則和最低人員配置要求。

We remain disappointed with the rule that is impossible to implement given the widely publicized staffing shortage in skilled nursing and throughout health care today.

鑑於當今廣為人知的熟練護理和整個醫療保健領域的人員短缺，我們仍然對這項不可能的規則感到失望。

Furthermore, an unfunded mandate of more staff will not magically make those employees appear.

此外，沒有資金支持的更多員工的授權不會神奇地讓這些員工出現。

We remain hopeful that reasonable heads will prevail in DC to modify or reverse course altogether before the mandate takes effect.

我們仍然希望華盛頓特區的理性領導人能夠在任務生效之前修改或完全扭轉方針。

Now, before I hand it over to Bill, let me conclude like this first, the investment environment is very healthy.

現在，在我把它交給比爾之前，讓我先這樣總結一下，投資環境非常健康。

Second, we have a balance sheet that provides enormous flexibility and historic capacity for both the near term and midterm.

其次，我們的資產負債表為近期和中期提供了巨大的靈活性和歷史容量。

Third, we have an interest rate environment that has opened wide a window of opportunity as long as borrowing costs remain higher for longer and for us, we're at the start of demographic tailwinds that should last for decades to come.

第三，只要藉貸成本在更長時間內保持較高水平，我們的利率環境就打開了廣闊的機會之窗，對我們來說，我們正處於人口順風的開始，這種順風應該會持續數十年。

Bill will now provide you with color on the numbers we reported yesterday.

比爾現在將為您提供我們昨天報告的數字的顏色。

Thanks, Dave.

謝謝，戴夫。

For the quarter, normalized FFO increased 32.9% over the prior year quarter $46.5 million and normalized FAD increased 33.1% to $48.7 million.

本季度，標準化 FFO 比去年同期的 4,650 萬美元成長 32.9%，標準化 FAD 成長 33.1%，達到 4,870 萬美元。

On a per share basis, normalized FFO was flat at $0.35 per share and normalized FAD was also flat at $0.37 per share because of our replenishing robust pipeline, we continued to take advantage of our ATM and issued $273 million of equity under the ATM during the first quarter, resulting in us having $451 million of cash on the balance sheet at quarter end, substantially up from year end when the balance was $294 million

以每股計算，標準化 FFO 持平於每股 0.35 美元，標準化 FAD 也持平於每股 0.37 美元，因為我們補充了強勁的管道，我們繼續利用 ATM 並在 ATM 下發行了 2.73 億美元的股票。季度，季末我們的資產負債表上有4.51 億美元的現金，大幅高於年末的2.94 億美元現金餘額

Since quarter end.

自季度末以來。

We have used a chunk of that for investments and our dividend, leaving us with approximately $345 million.

我們將其中的一大部分用於投資和股息，剩下約 3.45 億美元。

As we sit here today, but from yesterday's press release, we updated guidance for 2024 with a range for normalized FFO per share of $1.42 to $1.44 and normalized FAD per share of $1.46 to $1.48. This guidance includes all investments made to date, a diluted weighted average share count of $140 million shares and also relies on the following assumptions.

今天我們坐在這裡，根據昨天的新聞稿，我們更新了 2024 年指引，每股標準化 FFO 範圍為 1.42 美元至 1.44 美元，每股標準化 FAD 範圍為 1.46 美元至 1.48 美元。該指引包括迄今為止進行的所有投資、1.4 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 two CPI rent escalations of 2.5%.

一、沒有額外投資，也沒有任何進一步的債務或股票發行，今年兩次CPI租金上漲2.5%。

Our total cash rental revenues for the year are projected to be approximately $210 million to 211 million.

我們今年的現金租金總收入預計約為 2.1 億至 2.11 億美元。

We have lowered the reserve of 2% to 3% last quarter to 1.5% to 2%.

我們已將上季2%至3%的準備金率下調至1.5%至2%。

Not included in this number is the amortization of a below market lease intangible that will total about $2.3 million.

該數字不包括低於市場價格的無形資產租賃的攤銷，總計約 230 萬美元。

But this will be in the rental revenue number as required by GAAP.

但這將包含在公認會計準則要求的租金收入數字中。

Three interest income of approximately $44 million, the $44 million is made up of $27 million from our loan portfolio and $17 million is from cash invested in money market funds for interest expense of approximately $33 million.

三項利息收入約為 4,400 萬美元，其中 4,400 萬美元由我們的貸款組合中的 2,700 萬美元組成，1,700 萬美元來自投資於貨幣市場基金的現金，利息支出約為 3,300 萬美元。

In our calculations, we have assumed an interest rate of 6.9% for the term loan interest expense also includes roughly $2.4 million of amortization of deferred financing fees.

在我們的計算中，我們假設定期貸款利息費用的利率為 6.9%，還包括約 240 萬美元的遞延融資費用攤提。

And five G&A expense of approximately $23 million to $24 million and includes about $5.9 million of deferred stock comp.

五項 G&A 費用約為 2,300 萬至 2,400 萬美元，其中包括約 590 萬美元的遞延股票補償。

Our liquidity continues to strengthen as we march to a record-setting year for investments.

隨著我們邁向投資創紀錄的一年，我們的流動性繼續增強。

We have approximately $345 million in cash today, and our entire $600 million is available under the revolver.

目前，我們擁有約 3.45 億美元的現金，而我們的全部 6 億美元都可用於左輪手槍。

Leverage at an all-time low with a net debt to normalized EBITDA ratio of 0.6 times.

槓桿率處於歷史最低水平，淨債務與正常化 EBITDA 比率為 0.6 倍。

Our net debt to enterprise value was 4.1% as of quarter end, and we achieved a fixed charge coverage ratio of 7.5 times.

截至季末，我們的淨負債佔企業價值的比例為 4.1%，固定費用覆蓋率達 7.5 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 it did and then sell.

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，看到槓桿率進一步下降，我不會感到驚訝，我們確實這樣做了，然後又出售了。

I also said, I would expect that leverage would begin to tick up as we deploy the cash into accretive investments.

我還說過，當我們將現金投入增值投資時，我預期槓桿率將開始上升。

I still believe that this will occur that given the price of our equity relative to the current cost of long-term debt issuance, we believe that it makes much better sense to continue to lock in accretion using equity on a robust and replenishing investment pipeline.

我仍然相信這種情況將會發生，因為考慮到我們的股權價格相對於當前長期債務發行成本，我們認為繼續利用股權在強勁和補充性投資管道上鎖定增值更有意義。

Our net debt to EBITDA range of 4 times to 5 times is still our range.

我們的淨債務與 EBITDA 的比率為 4 倍到 5 倍，這仍然是我們的範圍。

It just may take some time and a lot of investments to get back there, which we plan on doing.

只是可能需要一些時間和大量投資才能回到那裡，這是我們計劃要做的。

With that, I will turn it back to Dave.

這樣，我會將其轉回給戴夫。

Great.

偉大的。

Well, we hope our report has been helpful and happy to take your questions.

好吧，我們希望我們的報告對您有所幫助，並樂意回答您的問題。

We've got a question from Jonathan here.

喬納森向我們提出了一個問題。

Steve says I think it's fair to say expectations are very high for continued acquisition activity, given the cash on hand and leverage profile and with that comes pressure to get deals done.

史蒂夫表示，鑑於手頭現金和槓桿狀況以及隨之而來的完成交易的壓力，我認為可以公平地說，對持續收購活動的期望非常高。

I know James is in on, but Dave, I was hoping you could talk about how you managed to balance those expectations for continued investment activity while maintaining underwriting when and how much investment capacity can your current team handle before needing to meaningfully increase headcount?

我知道詹姆斯參與其中，但是戴夫，我希望你能談談你如何設法平衡對持續投資活動的期望，同時保持承保，在需要有意義地增加員工人數之前，你當前的團隊何時以及可以處理多少投資能力？

I let me touch on those it always makes change a little bit nervous when I answer your questions on investments and pipeline, because I tend to not manage those expectations as well as he does.

當我回答你們關於投資和管道的問題時，我讓我談談那些總是讓變化有點緊張的事情，因為我往往不像他那樣管理這些期望。

Look like it is in my prepared remarks and what you've seen from us so far this year.

看起來這是我準備好的演講以及今年迄今為止您從我們身上看到的。

We certainly feel and see a flow of deals coming our way, and we've been able to execute on those now for a good 18 months in an accelerated pace.

我們確實感覺到並看到大量交易正在向我們湧來，我們已經能夠在 18 個月的時間裡以更快的速度執行這些交易。

We expect that to continue going forward.

我們預計這種情況將持續下去。

And so we just want to like Bill and I talked about lock-in that accretion be prepared to take advantage of that regardless of what happens at a macro level.

因此，我們只想像比爾和我談到的那樣，無論宏觀層面發生什麼，都要準備好利用這一點。

And the discipline, though has got to be there, it's always been part of our story, and we haven't changed.

儘管紀律是必須存在的，但它一直是我們故事的一部分，而且我們沒有改變。

We're not going to grow for growth sake.

我們不會為了成長而成長。

In terms of capacity that the current team can handle.

就目前球隊的能力而言。

Certainly the pace of growth that we're looking at today, we have added headcount in the last 18 months or so.

當然，按照我們今天看到的成長速度，我們在過去 18 個月左右的時間裡增加了員工數量。

And we can, of course, always evaluate that.

當然，我們總是可以對此進行評估。

But I think we're positioned really well to take advantage of the window of opportunity that we're in.

但我認為我們處於非常有利的位置，可以充分利用我們所處的機會之窗。

And then last one from Jonathan here for Bill can take that.

然後喬納森為比爾寫的最後一篇可以接受。

It's about our preference to settle equity proceeds now versus raising on a forward basis?

這是關於我們現在優先結算股權收益還是遠期融資的偏好？

Yes, Jonathan, the reason we are settling our ATM issuances right now instead of putting on putting them on a forward is we have some better visibility as to the closing date, as Dave said in his remarks of less than 12 months that we expect to close on the investment pipeline.

是的，喬納森，我們現在解決 ATM 發行而不是推遲發行的原因是我們對截止日期有更好的了解，正如戴夫在他不到 12 個月的講話中所說，我們希望關閉投資管道。

So that's really and the minimal dilution that it's about taking taking the cash now as opposed to putting it on a forward.

所以，這確實是最小的稀釋，現在就拿走現金，而不是把它放在遠期。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Thanks for the time and the patience with that, getting that sorted.

感謝您的時間和耐心，解決了這個問題。

I guess a question for Bill.

我想問比爾一個問題。

I mean, given your strong cash balance and the fact that you probably said it wouldn't run through that in quite some time absent the pipeline growing from here, which it seems to be continually being replenished.

我的意思是，鑑於您擁有強勁的現金餘額，而且您可能會說，如果沒有從這裡開始增長的管道，它在相當長的一段時間內都不會運行，而且管道似乎在不斷補充。

Should we expect you to continue to issue equity via the ATM to further drive up cash and leverage down or from here, do you think you just kind of funded with cash on hand absent again, the acquisition pipeline being our plan is to grow?

我們是否應該期望您繼續透過 ATM 發行股票以進一步增加現金和槓桿率，或者從現在開始，您是否認為您只是在手頭現金再次缺席的情況下進行融資，而我們的計劃是擴大收購管道？

It goes to what Dave said, what Dave said earlier, which is, hey, when we quote our pipeline, it's under this definition and that's pretty solid and we expect to close on that within 12 months.

這就是 Dave 所說的，Dave 之前所說的，那就是，嘿，當我們引用我們的管道時，它就在這個定義之下，而且非常可靠，我們預計會在 12 個月內完成。

But there's also deals that are coming in every day.

但每天也有一些優惠。

And if we think those are actionable and will get eventually into our pipeline.

如果我們認為這些是可行的並且最終會進入我們的管道。

We're continuing to raise equity against that number if we like the equity price and taking into consideration that those deals in there and the yields that they will produce.

如果我們喜歡股價並考慮到其中的交易及其將產生的收益率，我們將繼續根據該數字籌集股本。

Yes, thank you for that.

是的，謝謝你。

Second question, just on portfolios out there, can you comment on how many are you kind of in play for how does that compare to history and for likelihood that you'll land one from here, it's kind of like what is in the $260 million, but anything above and beyond that, any commentary would be would be helpful.

第二個問題，就目前的投資組合而言，您能否評論一下您參與了多少投資組合，與歷史相比如何，以及您從這裡獲得投資組合的可能性，這有點像2.6 億美元中的投資組合，但除此之外，任何評論都會有所幫助。

Yes, we're reluctant to give too much color on on those bigger deals, just because there's lower probability and it changes from month to month stuff gets stuff falls out and stuff comes in, but it's primarily skilled nursing portfolios that we're looking at and done.

是的，我們不願意對那些更大的交易給予太多的關注，只是因為可能性較低，而且每個月都會發生變化，東西會掉出來，東西會進來，但我們主要尋找的是熟練的護理組合併完成。

I'd say we're we're chasing more larger deals than we have historically, but fairly consistent with the last 12 months.

我想說，我們正在尋求比歷史上更多的大型交易，但與過去 12 個月相當一致。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

I guess, Dave, kind of falling off of that last question related to the larger portfolios.

戴夫，我想，最後一個與更大的投資組合相關的問題有點脫離了。

I mean it has the competitive landscape for those deals.

我的意思是它有這些交易的競爭格局。

Has that changed versus pre-COVID or even a few years ago?

與新冠疫情之前甚至幾年前相比，這種情況有改變嗎？

I mean, who are you typically competing against for those assets right now?

我的意思是，您現在通常會與誰競爭這些資產？

The competition for the deal sort of depends on the the deal itself.

交易的競爭在某種程度上取決於交易本身。

In other words, if it's a nice stabilized cash-flowing deal, there's going to be quite a bit of competition for that.

換句話說，如果這是一筆穩定現金流的交易，那麼就會有相當多的競爭。

If it requires more of a turn, there's still competition, but there's just less less players going after it.

如果需要更多的回合，仍然存在競爭，但追隨它的玩家會少一些。

And then going to your press release indicated that you collected 98% of your rents.

然後你的新聞稿顯示你已經收取了 98% 的租金。

Can you kind of highlight the 2% of rents that weren't collected in the quarter and if that's something that's going to recover here shortly?

您能否強調本季未收取的 2% 的租金，以及這是否會很快恢復？

Yes, we think there's a few operators, primarily seniors housing are not top 10 list that are quite performing like we would like we think that they're worse.

是的，我們認為有一些營運商（主要是老年人住房營運商）的表現並不像我們希望的那樣表現得更糟，但並未進入前十名。

Performance is behind them.

業績落後於他們。

We see them making some improvements now and so we would expect those underpayments to improve going forward.

我們看到他們現在做出了一些改進，因此我們預計這些少付的情​​況未來會有所改善。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

Good morning out there.

早安.

So I'm sure you guys noticed the consensus estimates are much higher versus your guidance.

所以我確信你們注意到共識估計比你們的指導要高得多。

And I think part of it has to do with just your overall assumptions about capital structure and leverage.

我認為部分原因與您對資本結構和槓桿的整體假設有關。

Again, I don't think I've ever seen a net debt-to-EBITDA of 0.6 in my 25 years of doing this.

再說一遍，在我從事這項工作的 25 年裡，我從未見過淨債務與 EBITDA 比率達到 0.6。

So just kind of curious, again, like why does that make sense for you guys even on a near-term basis, just kind of given all the free funding does have a negative at least near term earnings in?

所以我再次好奇，為什麼這對你們來說有意義，即使在短期內，只是考慮到所有免費資金確實至少在短期內產生負收益？

Well, I'll answer that and have build cleanup after me.

好吧，我會回答這個問題，並在我之後進行建置清理。

I think that the really the big difference in consensus with our guidances is that we do not include investments for future investments in our guidance.

我認為，與我們的指導意見達成的共識的真正最大區別在於，我們的指導意見中沒有包括對未來投資的投資。

And of course, you and everybody that is falls into consensus do.

當然，你和每個人都達成共識。

And so I think as you look at what our run rate is for guidance and you fold in the assumptions for investments, and I think that that comparison is still a more meaningful one.

因此，我認為，當您查看我們的運行率作為指導並納入投資假設時，我認為這種比較仍然更有意義。

I would push back on that because I think when everyone normalizes for the amount of acquisitions is going to be a debate still, we're still much higher and then your current guidance.

我會反駁這一點，因為我認為，當每個人都對收購數量進行正常化時，收購數量仍將是一個爭論，我們仍然比您目前的指導要高得多。

And I think again, a part of it just has to do with assumptions around capital structure.

我再次認為，其中一部分與資本結構的假設有關。

So I guess my main question is you guys have been very, very disciplined about how you do acquisitions.

所以我想我的主要問題是你們在如何進行收購方面一直非常非常自律。

So if you kind of are out there not finding what you want in the meantime, you kind of look over equitize if I may use that word on, I mean, on our and are impacting earnings.

因此，如果您同時找不到自己想要的東西，那麼您可能會考慮“股票化”，如果我可以在我們的和正在影響收益的方面使用這個詞的話。

So no end up not doing that because they don't they don't pencil or whatever.

所以最終不會這樣做，因為他們不這樣做，他們不使用鉛筆或其他什麼。

I think that a fair amount of earnings without kind of giving up in the pursuit of deals, they ended up not doing that.

我認為，在追求交易的過程中沒有放棄的相當數量的收入，他們最終沒有這樣做。

Yes, that's that's that's true.

是的，就是這樣。

If we don't actually execute on the pipe that we have and the pipe business continued to build as we anticipate, then you're right, we would we would have a lag to our earnings growth.

如果我們沒有真正執行現有的管道，並且管道業務繼續按照我們的預期發展，那麼你是對的，我們的獲利成長將會滯後。

We've positioned the balance sheet based on our confidence level in our ability to continue to do what we have been doing over the last 12 months, we have a high level of confidence in that quoted pipeline number that we have and we have a funnel of deals making their way to that level of confidence still coming, which is which is why we would we would position the balance sheet to lock in that permanent financing lock in that accretion because we believe that we will easily deploy that cash on the balance sheet in the near term.

我們根據我們對繼續過去 12 個月所做工作的能力的信心水平來定位資產負債表，我們對我們所引用的管道數量充滿信心，並且我們有一個漏斗達到這種信心水平的交易仍在到來，這就是為什麼我們會定位資產負債表以鎖定這種成長的永久融資鎖定，因為我們相信我們將輕鬆地在資產負債表上部署這些現金在短期內。

Alec Feygin, Baird

亞歷克費金、貝爾德

Please go ahead and thank you for taking my question.

請繼續，感謝您提出我的問題。

Kind of getting back on that.

有點回到這一點。

What is the timing to deploy the capital?

何時部署資金？

And should we expect a similar rate for the rest of 2024 as we have seen year-to-date?

我們是否應該預期 2024 年剩餘時間的成長率會與今年迄今類似？

Well, the time when we quote our pipe, like I said in my prepared remarks, that typically means we have a high level of confidence in closing on that quoted number within 12 months.

嗯，當我們引用我們的管道時，就像我在準備好的發言中所說的那樣，這通常意味著我們對在 12 個月內完成引用的數字有很高的信心。

But that could be as early as next month to 11, 12 months from now in skilled nursing or event.

但這最快可能在下個月到 11、12 個月後的熟練護理或活動中進行。

And the nuances of closing on deals is that there is always a requirement for skilled nursing acquisitions to have the life insurer approval and different states have different requirements there.

達成交易的細微差別在於，收購熟練護理人員始終需要獲得人壽保險公司的批准，而不同的州有不同的要求。

And so that that's one of the reasons why we gave ourselves a little bit of latitude in terms of quoting the timing for 12 months from inside of 12 months, we think is a conservative way to me our quoting pipeline of deployed capital.

因此，這就是為什麼我們在引用12 個月內12 個月的時間方面給自己一點自由度的原因之一，我們認為對我來說，這是一種保守的方式，我們引用已部署資本的管道。

Okay, thank you.

好的謝謝。

And second question for me is on that the asset portfolio that held for sale is characterized by any sort of nonrefundable deposits from that potential buyer and what is holding that buyer back from actually closing?

我的第二個問題是，持有待售的資產組合的特點是來自潛在買家的任何不可退還的存款，是什麼阻礙了買家實際成交？

Yes, we do.

是的，我們願意。

We have about $1 million of money that both partnered and nonrefundable.

我們有大約 100 萬美元的資金用於合作且不可退還。

And so we're staying close to those guys and they are making progress and what they're telling us as they vacate it get closed here in the next month or two.

因此，我們與這些人保持密切聯繫，他們正在取得進展，他們在騰出時告訴我們的訊息將在未來一兩個月內關閉。

Got it.

知道了。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Thank you.

謝謝。

I'm going to begin.

我要開始了。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

I think for the time again, I'm just curious, given your strong cost of capital if you have any interest in looking at the seniors housing operating assets.

我想再次考慮一下，考慮到您強大的資本成本，我只是好奇，如果您有興趣查看老年人住房營運資產。

So that's something that potentially you could add to the fold and the kind of dovetail to that.

因此，這可能是您可以添加到折疊中的東西，並與之相吻合。

Have you had any interest in our tax strategy?

您對我們的稅務策略感興趣嗎？

Well, I'll go in reverse order.

好吧，我會按照相反的順序來。

We probably don't have the the interest in tax today.

今天我們可能對稅收沒興趣。

Wouldn't I would never say never, but that's not something that we're currently interested in or pursuing.

我是否永遠不會說永遠不會，但這不是我們目前感興趣或追求的目標。

With regards to SHOP seniors housing, I would I would say that we are certainly open to that we're not exactly built for it today, really built to scale and it took them that way.

關於商店老年人住房，我想說的是，我們當然持開放態度，因為我們今天並不是專門為它建造的，而是真正按比例建造的，並且它把他們帶到了那樣的地方。

But if we were to go into a shop investment, we would we would not have to solve both the economics of the deal, but also the back-end support structure for them.

但如果我們要進行商店投資，我們就不必解決交易的經濟問題，也不必解決他們的後端支援結構。

And that's something that we would be we're open to looking at.

我們願意考慮這一點。

And one last question for me.

還有最後一個問題想問我。

Given how low the leverage is there any chance you could record any new loans to get some benefit for how conservative your balance sheet is positioned or any discussions with lenders to that end.

鑑於槓桿率有多低，您有可能記錄任何新貸款，以便從您的資產負債表定位的保守程度或為此與貸方進行的任何討論中獲得一些好處。

No.

不。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Please go ahead and everybody on just a question about some of these larger deals as well.

請大家繼續討論有關其中一些較大交易的問題。

So I'm just curious if each kind of incremental decrease in leverage and has been more attractive in our cost of equity is that what's really improved the probability of doing these larger deals or has something else changed either just the benefit of time and underwriting given the size of the transaction?

因此，我只是好奇，槓桿率的每一種增量下降以及對我們的股本成本是否更具吸引力，是否真正提高了進行這些較大交易的可能性，或者是否有其他改變，要么只是時間和承銷的好處交易規模？

That's gotten you comfortable to?

這讓你舒服了嗎？

And I guess under Ally again, for specific maybe to the one that's in the pipeline today.

我想又是在艾莉的領導下，具體來說可能是今天正在醞釀的那個。

I think, both we're seeing an increase in larger deals because of how attractive we've become as a transaction partner in today's environment where we're borrowing, costs are so high.

我認為，我們都看到規模較大的交易增加，因為在當今借貸成本如此之高的環境下，我們作為交易夥伴變得越來越有吸引力。

And another reason for it is it's the fruit of some relationship building that we've done over recent years and strategic lending that we've done over recent years where as we as we've expanded these relationships and have done some things that have been a little bit outside of the norm.

另一個原因是，這是我們近年來建立的一些關係和我們近年來所做的戰略貸款的成果，隨著我們擴大這些關係並做了一些已經有點超出正常範圍。

These folks continue to stay active in May and they come to us because we've had a really good experience transaction together on so I think it's kind of a combination of those.

這些人在五月繼續保持活躍，他們來找我們是因為我們一起進行了非常好的交易體驗，所以我認為這是這些因素的結合。

So I mean, just given sort of your calculated notion commentary when it comes to talking about the pipe, is it fair to say that the newer and larger deals that are in the pipe is simply because of that there are newer deals and really are attention to.

所以我的意思是，在談論管道時，只要給出一些經過計算的概念評論，可以公平地說管道中的更新和更大的交易僅僅是因為有更新的交易並且確實受到關注。

I'm wondering like you've got enough to chew on with what's in front of you and what you have capacity to acquire today?

我想知道你是否已經有足夠的時間來咀嚼你面前的東西以及你今天有能力獲得的東西？

And are there other factors, but kind of have you on the sidelines, but with some of the newer stuff that you've seen MasterCard,

是否還有其他因素，但有點讓您處於觀望狀態，但是您已經看到了萬事達卡的一些較新的東西，

I'd say the thing that keeps us from, including more it is really just about stage of progression of the deals.

我想說的是，讓我們遠離的事情，包括更多，實際上只是與交易的進展階段有關。

And as things get distributed deal, we're just going to wait until things are really baked and ready to go before me, starting to build in a prototype.

當事情得到分散式處理時，我們只會等到事情真正完成並準備好在我面前開始建立原型。

We've just seen larger deals for a number of reasons falls through after we thought we had a good chance at it, but just especially learning from Jason, bigger deals over many years.

我們剛剛看到，在我們認為自己有很好的機會之後，由於多種原因，更大的交易卻失敗了，但特別是向傑森學習，多年來更大的交易。

Joe Dickerson, Jefferies.

喬·迪克森，杰弗里斯。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

I just have a quick one here.

我這裡只有一個快速的。

The WLC. management coverage has come down quite a bit the last couple of quarters, 1.72 times EBITDA.

無線控制器。過去幾個季度，管理層覆蓋率大幅下降，為 EBITDA 的 1.72 倍。

And I guess what was the story there?

我猜那裡有什麼故事？

And where do you guys see this that way well,

你們從哪裡看出這一點的？

I think, Joe, I think I'd just add a little bit to my prepared remarks about WLC.

Joe，我想我想在我準備好的關於 WLC 的評論中添加一點內容。

They are a great operator for us in southern Illinois and doing it a long time for us and have been operating this portfolio a very long time.

他們是我們在伊利諾伊州南部的優秀運營商，為我們做了很長時間，並且已經運營這個投資組合很長時間了。

So it did have an end-of-the-year large adjustment in them.

所以年底確實有一個很大的調整。

And also, as I talked about I think I talked about it last quarter.

而且，正如我所說，我想我在上個季度談到過它。

It could be mistaken.

這可能是錯誤的。

They had a drop in skilled mix quite a bit and done.

他們在熟練的組合上做了很多下降並完成了。

So as you as you as they recover on the skilled mix side as the new rates kick in in Illinois on April 1, then we would expect that coverage to to improve.

因此，隨著 4 月 1 日伊利諾伊州實施新費率，他們在熟練混合方面恢復，那麼我們預計覆蓋範圍將會改善。

We're not concerned about them.

我們不關心他們。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back to over to Dave Sankaran for closing remarks.

現在，我將把會議轉回戴夫桑卡蘭 (Dave Sankaran) 致閉幕詞。

Please go ahead.

請繼續。

Thanks, everybody.

謝謝大家。

Really appreciate your time.

非常感謝您的寶貴時間。

And of course, I've always standby for follow-up questions, you know where to find us.

當然，我隨時準備回答後續問題，您知道在哪裡可以找到我們。

Have a great weekend.

週末愉快。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。