CareTrust REIT Inc (CTRE) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Mandeep, and I will be your conference operator today.

我叫曼迪普，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to CareTrust REIT second quarter 2024 operating results.

此時此刻，我謹歡迎大家了解 CareTrust REIT 2024 年第二季營運表現。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(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。

Please go ahead.

請繼續。

Thanks, Mark, and welcome to CareTrust REIT second quarter 2024 earnings call.

謝謝馬克，歡迎參加 CareTrust REIT 2024 年第二季財報電話會議。

We will make forward-looking statements made on today's call are based on management's current expectations, including statements regarding future financial performance, dividends, acquisitions, investments, financings, business strategies, and growth prospects.

我們將根據管理層目前的預期在今天的電話會議上發表前瞻性聲明，包括有關未來財務業績、股息、收購、投資、融資、業務策略和成長前景的聲明。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from our expectations.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期有重大差異。

These risks are discussed in CareTrust REIT’s most recent form 10-K and 10-Q SEC.

CareTrust REIT 最新的 10-K 和 10-Q SEC 表格中討論了這些風險。

We do not undertake duty update or revise these statements except as required by law.

除法律要求外，我們不承擔更新或修改這些聲明的責任。

During the call, the company will reference non-GAAP metrics, such as 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。

A reconciliation of these measures to the most comparable GAAP financial measures is available in our earnings press release and Q2 2024 non-GAAP reconciliation that are available on the investor relations section of CareTrust website at www.caretrustreit. com.

我們的收益新聞稿和 2024 年第二季度非 GAAP 調節表中提供了這些指標與最具可比性的 GAAP 財務指標的調整表，這些資訊可在 CareTrust 網站 www.caretrustreit 的投資者關係部分找到。 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; and Bill Wagner, Chief Financial Officer; our Chief Investment Officer James Callister, Chief Investment Officer.

今天早上的電話會議由總裁兼首席執行官戴夫·塞奇威克 (Dave Sedgwick) 主持。財務長比爾‧瓦格納 (Bill Wagner)；我們的首席投資長詹姆斯·卡利斯特（James Callister），首席投資長。

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

現在我將電話轉給 CareTrust REIT 總裁兼執行長 Dave Sedgwick。

Dave?

戴夫？

Well, hello everybody, and thank you for joining us.

好了，大家好，感謝您加入我們。

I'm very pleased with the strong first half of the year, particularly as we celebrated our 10-year anniversary this summer with some record performance.

我對今年上半年的強勁表現感到非常滿意，特別是今年夏天我們以創紀錄的表現慶祝了我們的 10 週年紀念日。

I'll speak first to our year-to-date results and outlook for the second half of the year.

我先談談我們今年迄今的業績和下半年的展望。

James will cover the investment landscape and Bill will review the quarter.

詹姆斯將介紹投資前景，比爾將回顧本季。

Thus far in 2024, we have delivered the following: record setting investments of approximately $765 million at an average yield of 9.5% and counting.

2024 年迄今為止，我們已實現以下目標：創紀錄的投資額約為 7.65 億美元，平均收益率為 9.5%，並且還在增加。

Equity issuance of approximately 23.7 million shares for gross proceeds of $580 million. Year-over-year

發行約 2,370 萬股股票，募集資金總額達 5.8 億美元。同比

market cap growth of 84% and an enterprise value of $4 billion for the first time.

市值成長 84%，企業價值首次突破 40 億美元。

What's just as remarkable as the growth this year is the genuine sense that the momentum is actually building.

與今年的成長一樣引人注目的是，人們真正感覺到這種勢頭正在積聚。

Funding this growth with equity has not only been more accretive than it would have been with the debt this year, but it has continued to set up the company for supercharged growth for the foreseeable future.

今年，用股本為這一成長提供資金不僅比用債務融資更具增值性，而且在可預見的未來繼續為公司帶來強勁成長。

The first half performance is a result of moves made in recent years to our balance sheet, our team and strategic investments and relationships that taken together have all positioned us to capitalize on opportunities as crosswinds have turned into tailwinds.

上半年的業績是近年來我們對資產負債表、團隊、策略性投資和關係採取的舉措的結果，這些舉措共同使我們能夠在逆風轉變為順風之際抓住機遇。

In our June investor deck, I wrote about our articles of faith.

在我們六月的投資者甲板上，我寫了我們的信念文章。

First, the long term thinking, the price we pay and the operator we choose is intended to result in long term quality care and as a result value creation.

首先，長期思考、我們支付的價格和我們選擇的營運商旨在實現長期優質護理，從而創造價值。

We do not live for the quarter.

我們不為季度而活。

Second, operator first, the most critical decision for any investment is matching the right operator with the right opportunity.

其次，營運商第一，任何投資最關鍵的決策是將合適的營運商與合適的機會相匹配。

Third, scale will come.

第三，規模化將會到來。

We're not interested in growth for growth sake.

我們不會為了成長而成長。

Each investment should stand on its own and fourth, the conservative balance sheet.

每項投資都應該獨立，第四，保守的資產負債表。

We believe in keeping leverage low to both protect against an uncertain macro environment and to capitalize on windows of opportunity to grow in a significant way.

我們相信保持低槓桿率可以抵禦不確定的宏觀環境，並利用機會窗口大幅成長。

We may take modest short term dilution when the pipeline justifies it.

當管道證明合理時，我們可能會採取適度的短期稀釋。

We have relied on these principles from day one, regardless of the direction of the wind and we will continue to run the business in this way going forward.

我們從第一天起就依賴這些原則，無論風向如何，我們將繼續以這種方式經營業務。

Now turning to the portfolio.

現在轉向投資組合。

You will see in the supplemental lease coverage continues to show tremendous strength and security overall.

您將看到補充租賃覆蓋範圍繼續顯示出巨大的實力和整體安全性。

Property level EBITDAR with a 5% management fee and EBITDARM coverage was reported at 2.17 times and 2.78 times, respectively.

管理費為 5% 的財產級 EBITDAR 和 EBITDARM 覆蓋率分別為 2.17 倍和 2.78 倍。

The scale of underperforming operators remains relatively small and manageable.

表現不佳的營運商規模仍然相對較小且易於管理。

We have a couple of transitions underway that will result in higher revenues next year from those properties than this year and we've decided to sell a handful of chronic underperforming assets.

我們正在進行一些轉型，這些轉型將導致明年這些資產的收入高於今年，我們決定出售一些長期表現不佳的資產。

The Midwest Smith portfolio that has been held for sale remains in held for sale status as of today.

截至今天，中西史密斯的投資組合仍處於待售狀態。

These transitions and dispositions taken together will effectively deal with all of the properties that have underpaid this year.

這些過渡和處置加在一起將有效處理今年所有支付不足的房產。

With respect to occupancy, I'm pleased to report that in Q2, we finally reached and then surpassed the pre pandemic skilled nursing occupancy levels.

關於入住率，我很高興地報告，在第二季度，我們終於達到並超越了疫情前的熟練護理人員入住率水準。

Skilled mix was down a little bit year over year, but we appear to be settling in at a new normal that is quite a bit higher than pre-pandemic skilled mix, about 330 bps higher.

技能組合比去年同期略有下降，但我們似乎正在適應新常態，比疫情前的技能組合高出許多，約高出 330 個基點。

We still have ways to go to get to pre pandemic levels on the assisted living side, but we did see a 280 bps increase year over year and 180 bps increase quarter over quarter for the assisted living occupancy.

在輔助生活方面，要達到大流行前的水平，我們還有很長的路要走，但我們確實看到輔助生活入住率同比增長 280 個基點，季度環比增長 180 個基點。

As far as the industry and regulatory front, just a couple of quick comments. two days ago, Medicare announced fiscal year 2025's Medicare rates would increase 4.2% and on behalf of CareTrust, I want to express our heartfelt gratitude to Mark Parkinson, who is retiring from the American Healthcare Association at the end of the year.

就產業和監管方面而言，我只想簡單說幾句。兩天前，Medicare宣布2025財年的Medicare費率將上漲4.2%，我謹代表CareTrust向將於年底從美國醫療保健協會退休的馬克·帕金森表示衷心的感謝。

He's provided terrific leadership to the association for a long time, not the least of which was during the pandemic and we congratulate and welcome Cliff Porter as the new President and CEO of AHCA.

長期以來，他為協會提供了出色的領導，尤其是在大流行期間，我們祝賀並歡迎克里夫·波特 (Cliff Porter) 擔任 AHCA 新任總裁兼首席執行官。

We wish both of these important industry leaders luck going forward.

我們祝福這兩位重要的產業領導者未來好運。

Finally, two things.

最後，有兩件事。

First, I'm very proud of the extraordinary year like this doesn't happen without a talented team, a strong culture and sacrifice.

首先，我為這非凡的一年感到非常自豪，如果沒有才華洋溢的團隊、強大的文化和犧牲，就不可能有這樣的一年。

I'm grateful to work with the best pound-for-pound team I know.

我很高興能與我所知道的最好的團隊合作。

Second, I want to recognize the relentless pursuit of quality care and performance by our operators.

其次，我想認可我們的操作人員對優質護理和績效的不懈追求。

We are truly blessed to work with some of the very finest operators in the country and proud to report significantly higher quality measures and star ratings than industry averages.

我們非常榮幸能夠與國內一些最優秀的營運商合作，並自豪地報告明顯高於行業平均水平的品質指標和星級評級。

James will now provide you with color on the investment landscape and reloaded pipeline.

詹姆斯現在將為您提供有關投資前景和重新加載的管道的資訊。

James?

詹姆斯？

Thanks, Dave.

謝謝，戴夫。

Let me just briefly provide an update on the investment environment and on our current pipeline.

讓我簡要介紹一下投資環境和我們目前的管道的最新情況。

During Q2, we closed approximately $268 million of investments at an estimated stabilized yield of 9.9%.

第二季度，我們完成了約 2.68 億美元的投資，預計穩定收益率為 9.9%。

These investments included the expansion of our relationship with an existing operator, Bayshire, through the $61 million acquisition of three California campus facilities, as well as the start of a new operator relationship with YAD Healthcare in connection with our $81 million, acquisition of five skilled nursing facilities in the Carolinas.

這些投資包括透過以 6,100 萬美元收購三個加州園區設施來擴大我們與現有營運商 Bayshire 的關係，以及透過以 8,100 萬美元收購五名技術人員來與 YAD Healthcare 建立新的營運商關係。納州的護理設施。

During the quarter, we also closed two mortgage loans.

本季度，我們還結清了兩筆抵押貸款。

The first was a $27 million loan to the buyer of 2 skilled nursing facilities in Tennessee leased to affiliates of the Ensign Group.

第一項是向田納西州租給 Ensign 集團附屬公司的 2 個熟練護理設施的買家提供 2,700 萬美元貸款。

Starting in year four of that loan, CareFirst has a purchase option to acquire the facilities.

從該貸款的第四年開始，CareFirst 擁有購買這些設施的選擇權。

We also funded $90 million of a $165 million mortgage loan and a $9 million preferred equity investment in connection with the borrower's acquisition of 8 skilled nursing facilities in the Southeast.

我們也為借款人收購東南部 8 個熟練護理機構提供了 1.65 億美元抵押貸款和 900 萬美元優先股投資中的 9,000 萬美元資金。

Since quarter end, we exercised our call right on the remaining $75 million.

自季度末以來，我們對剩餘的 7500 萬美元行使了贖回權。

Yesterday, we also announced that we closed on the $260 million mortgage loan and $43 million preferred equity investment in connection with the borrower's acquisition of the Prestige portfolio of 37 skilled nursing and assisted living facilities to be operated by affiliates of The PAX Group.

昨天，我們還宣布，我們完成了2.6 億美元的抵押貸款和4,300 萬美元的優先股投資，這些投資與借款人收購由PAX 集團附屬公司運營的37 家專業護理和輔助生活設施的Prestige 投資組合有關。

Now, turning to the investment environment.

現在，轉向投資環境。

The skilled nursing pipeline continues to reload from a steady flow of interesting and actionable opportunities coming across the desk.

辦公桌上源源不斷地出現有趣且可操作的機會，熟練的護理管道繼續重新加載。

Competition for skilled nursing acquisitions is high as ongoing improvement in post COVID performance has resulted in more facilities approaching or returning to stabilization and thus pricing on acquisition targets has increased to some degree, but has been held in check by the current capital market environment while valuations remain within historical cap rates for skilled nursing.

對熟練護理收購的競爭非常激烈，因為新冠疫情後業績的持續改善導致更多設施接近或恢復穩定，因此收購目標的定價在一定程度上有所增加，但受到當前資本市場環境的限制，而估值則受到抑制。

As for who is selling, we continue to see small and midsize regional owner operators as well as smaller mom and pop operators selling their portfolios and exiting the business.

至於誰在出售，我們繼續看到中小型區域業主經營者以及小型夫妻經營者出售其投資組合併退出業務。

The higher buyer demand combined with operator exhaustion from the COVID years, existing loan maturities and a somewhat difficult regulatory environment seem to be the primary factors driving these owners to sell.

買家需求的增加、營運商因新冠疫情而疲憊不堪、現有貸款到期以及監管環境有些困難似乎是推動這些業主出售的主要因素。

With respect to the regulatory environment, in some states we are seeing stricter annual inspection surveys from regulators and corresponding penalties.

在監管環境方面，在一些州，我們看到監管機構進行了更嚴格的年度檢查調查以及相應的處罰。

In addition, change of ownership approvals in many states are taking longer, and as a result transactions are delayed as parties wait for regulatory consent.

此外，許多州的所有權變更審批時間更長，因此交易因各方等待監管機構同意而被推遲。

The combination of these factors put the buyer like us that has operational roots, is well capitalized, nimble and practical in a position to provide certainty and solutions for sellers and take advantage of an environment that can facilitate accelerated growth.

這些因素的結合使像我們這樣擁有營運基礎、資本充足、靈活且務實的買家能夠為賣家提供確定性和解決方案，並利用可以促進加速成長的環境。

With the closing of the investments announced yesterday, our total investments made year to date equals approximately $765 million at an average yield of 9.5%.

隨著昨天宣布的投資結束，我們今年迄今的投資總額約為 7.65 億美元，平均殖利率為 9.5%。

The reloaded pipeline today sits at approximately $270 million of real estate acquisitions and consists of some singles and doubles and a couple of midsized portfolio transactions.

如今，重新加載的房地產收購管道規模約為 2.7 億美元，其中包括一些單打和雙打以及一些中型投資組合交易。

Not included in our quarter pipeline are a couple of larger portfolio opportunities that would not only strengthen existing tenant relationships, but also allow us to further diversify our tenant base by commencing relationship with outstanding operators that we have been scouting for sometime.

我們的季度管道中不包括一些更大的投資組合機會，這些機會不僅可以加強現有的租戶關係，而且還使我們能夠透過與我們一直在尋找的優秀運營商建立關係來進一步實現租戶基礎的多元化。

Please remember that when we quote our pipe, we only quote deals that we are actively pursuing under our current underwriting standards and then only if we have a reasonable level of confidence that we can lock them up and close them within the next 12 months.

請記住，當我們對管道進行報價時，我們僅報價我們在當前承保標準下積極追求的交易，並且只有當我們有合理的信心可以在未來 12 個月內鎖定並完成它們時。

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 52% over the prior year quarter to $52 million normalized FAD increased 49.5% to $54 million.

本季度，標準化 FFO 比去年同期成長 52%，達到 5,200 萬美元，標準化 FAD 成長 49.5%，達到 5,400 萬美元。

On a per share basis, normalized FFO increased $0.01 to $0.36 per share and normalized FAD also increased $0.01 to $0.37 per share, and again this quarter because of our replenishing robust pipeline, we continue to take advantage of our ATM and issued $306.5 million of equity under the ATM during the second quarter resulting in us having $495 million of cash on the balance sheet at quarter end.

以每股計算，標準化FFO 每股上漲0.01 美元，至0.36 美元，標準化FAD 也上漲0.01 美元，至每股0.37 美元，本季度，由於我們補充了強勁的管道，我們繼續利用ATM 發行了3.065 億美元的股本第二季 ATM 機下的現金導致季末我們的資產負債表上有 4.95 億美元現金。

Since quarter end, we have used roughly $380 million for investments leaving us with approximately $100 million as we sit here today.

自季度末以來，我們已經使用了大約 3.8 億美元進行投資，今天我們坐在這裡的時候還剩大約 1 億美元。

In yesterday's press release, we updated and raised our guidance for this year from normalized FFO per share of a $1.42 to a $1.44 to a new range of a $1.46 to a $1.48 and for normalized FAD per share from a $1.46 to a $1.48 to a new range of $1.50 to $1.52. This guidance includes all investments made to date, a diluted weighted average share count of 146.9 million shares and also relies on the following assumptions.

在昨天的新聞稿中，我們更新並提高了今年的指引，從每股正常FFO 1.42 美元至1.44 美元調整為1.46 至1.48 美元的新區間，將每股正常FAD 從1.46 美元至1.48 美元調整至新的區間。該指引包括迄今為止進行的所有投資，稀釋加權平均股數為 1.469 億股，也依賴以下假設。

One, no additional investments nor any further debt or equity issuances this year.

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。

Two, CPI rent escalations of 2.5%.

二、CPI租金上漲2.5%。

Our total cash rental revenues for the year are projected to be approximately $212 million to $213 million.

我們今年的現金租金總收入預計約為 2.12 億至 2.13 億美元。

We've eliminated the reserve discussion going forward as the properties that were making up the reserve are set to be sold and we don't have any revenue in guidance for them.

我們已經取消了未來儲備金的討論，因為構成儲備金的房產將被出售，而我們沒有任何收入作為它們的指導。

Not included in this number is the amortization of below market lease intangible that will total about $2.3 million but this will be in rental revenue number as required by GAAP.

該數字不包括低於市場水平的無形租賃攤銷，總計約 230 萬美元，但這將包含在 GAAP 要求的租金收入數字中。

Three, interest income of approximately $61 million.

三、利息收入約6100萬美元。

The $61 million is made up of $48 million from our loan portfolio and $13 million is from cash invested in money market funds.

6,100 萬美元中，4,800 萬美元來自我們的貸款組合，1,300 萬美元來自投資於貨幣市場基金的現金。

Four, interest expense of approximately $34 million.

四、利息支出約3400萬美元。

In our calculations, we have assumed an interest rate of 6.9% for the term loan.

在我們的計算中，我們假設定期貸款利率為 6.9%。

Interest expense also includes roughly $2.5 million of amortization of deferred financing fees and five G&A expense of approximately $25 million to $27 million and includes about $5.8 million of deferred stock compensation.

利息支出還包括約 250 萬美元的遞延融資費用攤銷和五項約 2,500 萬至 2,700 萬美元的一般管理費用，並包括約 580 萬美元的遞延股票報酬。

Our liquidity continues to remain strong.

我們的流動性持續保持強勁。

We have approximately $100 million in cash today and our entire $600 million, available under our revolver.

今天，我們擁有大約 1 億美元的現金，還有我們的全部 6 億美元，都可以在我們的左輪手槍下使用。

Leverage hit an all time low with a net debt to normalized EBITDA ratio of 0.4 times.

槓桿率創歷史新低，淨負債與正常化 EBITDA 比率為 0.4 倍。

Our net debt to enterprise value was 2.6% as of quarter end and we achieved a fixed charge coverage ratio of 8.2 times.

截至季末，我們的淨負債與企業價值比為 2.6%，固定費用覆蓋率達到 8.2 倍。

Lastly, as long as the price of our equity relative to the current cost of long term debt issuance remains pretty comparable, we believe that it makes much better sense to continue to fund this replenishing pipeline with equity.

最後，只要我們的股權價格相對於當前長期債務發行成本保持相當可比，我們相信繼續用股權為此補充管道提供資金就更有意義。

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 like I said last quarter, we plan on doing.

可能需要一些時間和大量投資才能回到那裡，就像我上個季度所說的那樣，我們計劃這樣做。

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

說到這裡，我會把它轉回給戴夫。

Well, thank you guys.

嗯，謝謝你們。

Let me conclude the call with three things.

讓我用三件事來結束這場電話會議。

Frist, our year to date investments equal approximately 3.5 times our life to date average annual growth rate and we're not finished with this year.

首先，我們今年迄今的投資大約相當於我們迄今為止平均年增長率的 3.5 倍，而且我們今年的投資還沒有結束。

Second, we have a balance sheet that provides enormous flexibility and historic capacity for both the near term and midterm, and third, we are at the start of demographic tailwinds that should last for decades to come.

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；第三，我們正處於人口順風的開端，這種順風將持續數十年。

We hope our reports been helpful and thank you for your continued support.

我們希望我們的報告對您有所幫助，並感謝您一直以來的支持。

Happy to now take some questions.

很高興現在回答一些問題。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Jonathan Hughes, Raymond James.

喬納森·休斯，雷蒙德·詹姆斯。

Hey, good morning out there.

嘿，早安。

Thanks for the prepared remarks and commentary and it's been great to see the success over the past 10 years.

感謝您準備好的發言和評論，很高興看到過去 10 年的成功。

I asked this on the last call, but James was not available to answer.

我在上次通話中問了這個問題，但詹姆斯無法回答。

So I'll ask it again to hopefully hear the perspective from his mouth, but the expectations are very high for continued acquisition activity given the leverage profile and with that comes pressure to get deals done and what I think I heard you say is becoming a more competitive acquisition environment.

因此，我會再次提出這個問題，希望能聽到他口中的觀點，但考慮到槓桿狀況，人們對持續收購活動的期望非常高，隨之而來的是完成交易的壓力，我想我聽到你說的是成為一個更具競爭力的收購環境。

Can you talk about how you manage to balance those expectations for continued investment activity while maintaining underwriting discipline.

您能否談談您如何平衡對持續投資活動的期望，同時保持承保紀律。

Yes, sure, Jonathan.

是的，當然，喬納森。

Thanks for the question.

謝謝你的提問。

And I think we really continue what we've been doing, which is we're focusing on relationships.

我認為我們確實在繼續我們一直在做的事情，那就是我們專注於關係。

We're focusing on finding the right operators, and we're focusing on developing more avenues where pipeline deals can come to us.

我們專注於尋找合適的營運商，並專注於開發更多管道交易的管道。

And so, I think as we continue to expand on the relationships that we've forged as we continue lending with a purpose as we continue to be seen as a creative flexible transaction partner.

因此，我認為，隨著我們繼續擴大我們已經建立的關係，當我們繼續有目的地提供貸款時，我們將繼續被視為一個富有創意、靈活的交易合作夥伴。

So, with a high certainty of closing that, you know, opportunities will continue to present themselves both traditionally through the broker community, but also organically through existing operators, joint venture partners and relationships.

因此，隨著交易的確定性很高，您知道，機會將繼續透過傳統的經紀商社群出現，並且也會透過現有的營運商、合資夥伴和關係有機地出現。

We've worked really hard to develop over the past two years.

過去兩年我們非常努力地發展。

That's great.

那太棒了。

And then on the pipeline that you're looking at today, what percentage of that would be from existing relationships?

然後，在您今天看到的管道中，其中有多少百分比來自現有關係？

What would be new?

會有什麼新的東西？

I think you mentioned there were some potential new relationships.

我想你提到有一些潛在的新關係。

I didn't I wasn't clear if that was in the pipeline or like the larger deals that would not be included in the pipeline.

我沒有，我不清楚這是否正在醞釀之中，或者是否像不會包含在醞釀中的較大交易。

A little of both.

兩者都有一點。

I think what you have in the pipe today is a couple that would be new relationships for us, and a couple that would be, existing longer term relationships for us.

我認為今天你們正在考慮的是一對對我們來說將是新關係的夫婦，以及一對對我們來說將是現有的長期關係的夫婦。

I would say pipe consists of pretty exclusively skilled nursing right now, but it's a mix between new operators and current, and it's a mix of deal source from some from brokers, some from existing operators, some from relationships we've done deals within the last 12 months.

我想說，管道現在由非常熟練的護理人員組成，但它是新運營商和現有運營商之間的混合體，並且它是來自經紀人的交易來源的混合體，一些來自現有運營商的交易來源，有些來自我們在內部完成交易的關係的混合。

Little bit of all of that.

所有這些都只是一點點。

Yes.

是的。

Okay.

好的。

Last one for me, maybe for Bill or Dave, but can you talk about that leverage target range of four to five times?

最後一個對我來說，也許對比爾或戴夫來說，但你能談談四到五倍的槓桿目標範圍嗎？

You did say that's still the target, but I think we've only been within that range a few times in the past five years and of course with lower leverage does come a better equity multiple, but as we think about earnings power on a fully levered basis, should we really be thinking about that four to five times leverage range or maybe more like three to four?

你確實說過這仍然是目標，但我認為過去五年我們只在這個範圍內幾次，當然，槓桿率較低確實會帶來更好的股本倍數，但當我們考慮全面的盈利能力時在槓桿基礎上，我們真的應該考慮四到五倍的槓桿範圍還是三到四倍？

Just any thoughts on that.

只是對此有任何想法。

Thank you.

謝謝。

Well, I think you're right.

嗯，我認為你是對的。

We have kept it, quite a bit lower than that stated range in order to fuel this elevated growth rate that we're experiencing right now and we'd like to keep that flexibility to take advantage of opportunities like this, but we're not moving off of that four to five times just because, look, if we grow in a in a significant way, we wanna be able to have the flexibility to go up to that range again if we need to and you're right, as interest rates come down, it becomes really interesting to see what that accretion looks like as we're able to pull that lever a little bit more.

我們將其保持在比規定範圍低很多的水平，以推動我們目前正在經歷的高速增長，我們希望保持這種靈活性以利用這樣的機會，但我們並沒有放棄四到五次只是因為，看，如果我們以顯著的方式成長，我們希望能夠在需要時靈活地再次達到該範圍，而且你是對的，作為興趣利率下降了，當我們能夠稍微拉動槓桿時，看看這種增長會是什麼樣子就變得非常有趣。

Thanks for the time.

謝謝你的時間。

Thanks, Jonathan.

謝謝，喬納森。

Austin Wurschmidt, KeyBanc Capital Markets

奧斯汀‧沃爾施密特 (Austin Wurschmidt)，KeyBanc 資本市場

Hey, and good morning out there.

嘿，早安。

As you guys continue to make what I'll call these seed investments to some extent in loans like you did early in Q3.

當你們繼續進行我稱之為種子投資的貸款時，就像你們在第三季初期所做的那樣。

I guess what sort of the multiplier effect or how much beyond those dollars invested would you expect to do in future real estate investment to justify moving forward with the shorter term loan investments?

我想您希望在未來的房地產投資中產生什麼樣的乘數效應或超出這些投資金額多少才能證明繼續進行短期貸款投資是合理的？

Well, it's hard to put a concrete number on it, when we started this strategy of loaning with this purpose in mind of multiplying and creating a pipeline of acquisitions from it.

好吧，當我們開始這種貸款策略時，我們很難給出具體的數字，因為我們的目的是增加並創建收購管道。

We've received a return on that strategy and investment far quicker and larger than I would have suspected when we started a couple of years ago.

我們從這項策略和投資中獲得的回報比我幾年前開始時所想像的要快得多，而且要大得多。

I mean, if you look at what we've closed this year and what's in the pipe, you know, it's north of $300 million of acquisitions that have, occurred because of some of those relationships and loans that we've made and so as long as we stick to that discipline, I'm not just filling a void or putting money out to do it in a short term basis, but there's at least a handshake deal and sometimes a contractual obligation for a real estate acquisition from it, we're going to continue to be open to that.

我的意思是，如果你看看我們今年已經關閉的項目以及即將完成的項目，你就會知道，由於我們已經建立的一些關係和貸款，已經發生的收購金額超過了 3 億美元。這項原則，我不僅僅是填補空白或在短期內投入資金來做這件事，而且至少有一個握手協議，有時還有從中收購房地產的合約義務，我們我們將繼續對此持開放態度。

I appreciate the thoughts there.

我很欣賞那裡的想法。

And then, Dave, you kind of highlighted the additional disposition you teed up this quarter, seems like a specific situation.

然後，戴夫，你強調了你本季準備的額外部署，這似乎是一個特定的情況。

I guess given the volume of investment opportunities in front of you, could we see capital recycling become a bigger piece of future funding for new investments just to enhance overall portfolio quality, credit quality, and just kind of in a normal portfolio management discipline?

我想考慮到您面前的投資機會的數量，我們是否可以看到資本回收成為未來新投資融資的更大一部分，只是為了提高整體投資組合質量、信用質量，以及正常的投資組合管理紀律？

Yeah, I think it's fair to expect there to be a little bit of that on a routine regular basis, but nothing significant or sizable.

是的，我認為定期會有一點這樣的情況是公平的，但沒有什麼重要或大的。

I wouldn't expect going forward.

我沒想到我會繼續前進。

We certainly don't need the proceeds of that to fund growth.

我們當然不需要這筆收益來為成長提供資金。

It's very specific to particular assets and operators and like I said in my remarks, it's a really small, manageable, piece of the portfolio.

它是針對特定資產和運營商的，就像我在演講中所說的那樣，它是投資組合中非常小的、易於管理的一部分。

It's not gonna be anything more than that as we sit here today.

當我們今天坐在這裡時，不會有更多的事情發生。

And then just from a timing perspective, the Midwest operator certainly that one's kind of been drilled out a little bit longer than probably you had anticipated for these, you know, assets you just added to the pool this quarter, any sense on timing of when you'd expect to transact?

然後，僅從時間角度來看，中西部運營商肯定會比您預期的時間長一點，您知道，您本季度剛剛添加到池中的資產，對何時進行的時間有任何意義嗎？進行交易嗎？

Well, you're right.

嗯，你是對的。

Some things are taking longer than I would expect and so I'm a little bit hesitant to predict but I'm hopeful that we'll have this transition and disposition work done, by the end of the year.

有些事情花費的時間比我預期的要長，所以我對預測有點猶豫，但我希望我們能在今年年底前完成這項過渡和處置工作。

Thanks for the time.

謝謝你的時間。

Thanks, Austin.

謝謝，奧斯汀。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場部。

Yes, thanks.

是的，謝謝。

James, can you provide some color on what is CareTrust's current underwriting standards, when you're pursuing new deals?

James，當您尋求新交易時，您能否提供一些有關 CareTrust 當前承保標準的資訊？

And how have these standards changed over the past, eight months?

在過去的八個月裡，這些標準發生了什麼樣的變化？

I mean, obviously, interest rates have come down, competition has picked up.

我的意思是，顯然，利率下降了，競爭加劇了。

I mean, so how are you looking at transactions a little bit differently today than maybe you were at the start of the year?

我的意思是，那麼您今天對交易的看法與年初相比有何不同？

I don’t think we look at them too awfully different.

我認為我們對它們的看法並沒有太大不同。

Mike, I think that we're gonna still really shoot to try to get, you know, one four coverage and on skilled nursing, you know, a yield that is at least in the nines.

麥克，我認為我們仍然會努力爭取，你知道，四覆蓋和熟練的護理，你知道，收益率至少是九。

That's what we're gonna continue to shoot for.

這就是我們將繼續努力的目標。

I think what has maybe changed, call it, in the last few years is that as we find opportunities that are on the path back to being stable, but are not there, I think there is an enhanced collaborative process with tenants to really underwrite carefully what we think stabilized coverage is going to be at those facilities and how the operator is going to be able to get there and really make sure that we and the tenant are comfortable with the assumptions we're making and that we see the right metrics and indicators for getting back to a one four type coverage in our typical yield range.

我認為過去幾年可能發生的變化是，當我們發現正在回歸穩定的機會，但並不存在時，我認為與租戶的合作過程得到了加強，可以真正仔細地承保我們認為這些設施的穩定覆蓋範圍以及營運商如何能夠到達那裡並真正確保我們和租戶對我們所做的假設感到滿意，並且我們看到正確的指標和在我們的典型產量範圍內恢復到一四類型覆蓋範圍的指標。

So I think that you don't see as much stabilize still yet as maybe years and past, but I think we've gotten better at working with tenants to enhance that underwriting process of how long the turn takes and when they get there.

因此，我認為您還沒有看到像幾年前那樣穩定的情況，但我認為我們在與租戶合作方面做得更好，以加強承保流程，了解輪到需要多長時間以及何時到達。

Okay.

好的。

And where are cap rates today?

如今資本化率在哪裡？

I know you said in your prepared remarks they're still within historical ranges.

我知道你在準備好的發言中說過，它們仍在歷史範圍內。

There's a couple of large debt deals that you announced, I guess, post quarter end that was at 7.9 and 8.5. And I guess what's the reason that you're willing to go below nine for those transactions?

我猜你們在季度末宣布了幾項大型債務交易，分別為 7.9 和 8.5。我想您願意以低於 9 的價格進行這些交易的原因是什麼？

Is it just because that there are larger type transactions?

只是因為有較大類型的交易嗎？

And are you willing to go a little bit lower on the debt side?

您願意在債務方面降低一點嗎？

I guess, how should we think about that?

我想，我們該如何思考這個問題？

I think we're willing to go a little lower anytime the deal is, you know, sizable and bigger and competitive and I think also, Mike, as we do bigger deals, we wanna create a sustainable rent or interest stream and if we take a little hit on yield for more comfort on coverage, we're gonna make that trade more often than not, especially on larger deals.

我認為，只要交易規模更大、更具競爭力，我們都願意降低一點，麥克，我也認為，當我們進行更大的交易時，我們希望創造一個可持續的租金或利息流，如果我們採取為了讓覆蓋面更加舒適，我們會更頻繁地進行這種交易，尤其是在較大的交易中。

I think, what you see with the loan yesterday and the loan in June is that exact approach.

我認為，你在昨天的貸款和六月的貸款中看到的正是這種方法。

Okay.

好的。

And I don't know if you can talk too much about the Prestige transaction, but I guess what were the give and takes on doing that as a mortgage versus buying some of the real estate and then also kind of the addition of the preferred with the operator?

我不知道你是否可以過多談論聲望交易，但我猜想作為抵押貸款與購買一些房地產，然後再加上首選的交易相比，給予和承擔的是什麼？

I mean, how do you think about creating that type of transaction utilizing, I guess, different levers?

我的意思是，您如何考慮利用不同的槓桿來創造這種類型的交易？

Yeah.

是的。

I mean, I'd say, look, when we looked at it, you know, thinking of whether it would work from an acquisition perspective, when we tried the opportunity to next take, we gotta take our spots and we felt like doing it completely on our own.

我的意思是，我想說，看，當我們考慮它時，你知道，從收購的角度思考它是否有效，當我們嘗試下一步採取的機會時，我們必須佔據我們的位置，我們覺得這樣做完全靠我們自己。

We were gonna it's a tough solve and we're gonna have difficulty unlocking the value of some of the assets, including particular, the 15 leasehold assets that are with 3rd party landlords.

這是一個艱難的解決方案，我們將很難釋放某些資產的價值，特別是第三方房東的 15 項租賃資產。

So, we liked better the profile of aligning the borrower and operator who both put equity into the real estate side of the deal.

因此，我們更喜歡將借款人和營運商結合起來，他們都將股權投入交易的房地產方面。

We like that we still got over $40 million of essentially, you know, for us, real estate equity in the in the prep we put out and so on that in particular deal, we felt like the loan made more sense and was a better, you know, structure for us.

我們喜歡的是，我們仍然獲得了超過4000 萬美元的資金，你知道，對我們來說，在準備階段我們推出了房地產股本，等等，特別是交易，我們覺得貸款更有意義，而且更好的，你知道，我們的結構。

But we look at each deal individually, you know, and our preference is always gonna be to acquire, but sometimes we pick our spots and see a different alignment structure may fit what we're looking to do better and that was the case with Prestige.

但我們會單獨考慮每筆交易，你知道，我們的偏好始終是收購，但有時我們會選擇自己的位置，並看到不同的調整結構可能更適合我們希望做得更好，Prestige 就是這種情況。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Juan Sanabria, BMO Capital Markets

Juan Sanabria，BMO 資本市場

Hi, thanks for the time.

你好，謝謝你的時間。

Just curious on the $270 million pipeline, the mix between fee simple loans and how should we think about the blended year yield there given you mentioned increased competition?

只是對 2.7 億美元的管道、費用簡單貸款之間的組合以及考慮到您提到競爭加劇的情況下我們應該如何考慮混合年收益率感到好奇？

You mean on the loan itself, Juan, the one we announced yesterday?

胡安，你是指我們昨天宣布的貸款本身嗎？

No.

不。

So for the pipeline, the $270 million what are the yield expectations given higher competition level?

那麼對於管道來說，考慮到更高的競爭水平，2.7 億美元的收益率預期是多少？

Oh. And then the next Yeah.

哦。然後下一個是啊。

So Simple and low.

如此簡單低調。

It's all skilled nursing, and I would say that the yields are still where they've been for us.

這都是熟練的護理，我想說的是，產量仍然是我們以前的水平。

I mean, it's gonna be more likely than not in the nines.

我的意思是，這將更有可能發生。

We push it where we can, where coverage seems like it's gonna fit for that deal, but I think what you see in the pipe right now is, you know, right in the sweet spot of where we've been, which is in the mid nines.

我們盡可能地推動它，覆蓋範圍似乎適合這筆交易，但我認為你現在在管道中看到的，你知道，就在我們一直以來的最佳位置，即在九點半。

Just to just to clarify, there's no loans, in that $270 million pipe that we've quoted.

澄清一下，我們報價的 2.7 億美元管道中沒有任何貸款。

It's just a few simple acquisitions dismiss.

這只是一些簡單的收購被駁回。

Okay.

好的。

And then how should we think about the remaining dispositions and repositioning that are left to be done hopefully by year end in terms of any offsetting dilution to the sort of the current run rate?

然後，我們應該如何考慮剩餘的處置和重新定位，這些處置和重新定位預計在年底前完成，以抵消當前運行率的稀釋程度？

No, I think in guidance, we're not expecting any income from any of those facilities that are being transitioned or sold.

不，我認為在指導中，我們預計不會從任何正在過渡或出售的設施中獲得任何收入。

So anything that we're able to transition and then recycle is gonna be accretive next year for us.

因此，我們能夠過渡然後回收的任何東西都將在明年為我們帶來增值。

Okay.

好的。

That's it for me.

對我來說就是這樣。

Thank you very much.

非常感謝。

Oh, one more.

哦，再來一張。

Bill, can you, clarify or comment if there's been any ATM activity quarter-to-date?

Bill，您能否澄清或評論本季至今是否有任何 ATM 活動？

There has not been any ATM activity quarter to date subsequent to the quarter, mostly because we've been in a blackout.

本季之後的季度迄今沒有任何 ATM 活動，主要是因為我們一直處於停電狀態。

Fair enough.

很公平。

Thank you.

謝謝。

[John Clay Kowalski], Wells Fargo.

[約翰·克萊·科瓦爾斯基]，富國銀行。

Thank you.

謝謝。

It looks like you've transitioned a few assets to held for sale, and we know there's been some operators you've been patient with.

看起來您已經將一些資產轉為持有待售，而且我們知道您對一些運營商一直很有耐心。

Are you getting to the point where you're more likely to transition those out and then, you know, what's the impact to guide there?

你是否已經到了更有可能將這些轉變出來的地步，然後，你知道，引導到那裡會產生什麼影響？

Yeah.

是的。

That's exactly right.

完全正確。

That we have gone from being patient to acting on those to make a change and so, effect like I said in my prepared remarks, all the transitions that are ongoing and the dispositions, that we've announced effectively deal with all of the underpayments for this year.

我們已經從耐心轉向採取行動做出改變，因此，就像我在準備好的發言中所說的那樣，所有正在進行的過渡和處置，我們已經宣布有效地處理所有支付不足的問題今年。

So once that's all complete, as we, as we get new rents from the transition to assets, that'll be additive to next year, and then we'll be able to recycle those other assets into new acquisitions.

因此，一旦這一切完成，當我們從資產過渡中獲得新的租金時，這將在明年增加，然後我們將能夠將這些其他資產回收到新的收購中。

Got it.

知道了。

And then maybe jumping to this morning's jobs report and some of the discussions we've heard about a softening labor environment.

然後也許可以跳到今天早上的就業報告以及我們聽到的一些有關勞動力環境疲軟的討論。

How has that started to flow through, if at all, to your tenants?

如果有的話，這種影響是如何開始影響到你的租戶的？

Are you seeing any improvement in your ability to get away from the door?

您是否發現自己離開大門的能力有所提升？

And do you expect that to translate to better coverage?

您認為這會轉化為更好的覆蓋範圍嗎？

Yeah.

是的。

We do.

我們做到了。

We are seeing and hearing from our operators that the labor environment is normalizing.

我們從經營者那裡看到和聽到，勞動環境正在正常化。

In our portfolio alone, we've seen agency expense drop 35% in the last year from year over year.

光是我們的投資組合中，去年的代理費用就比去年同期下降了 35%。

So that's a good trend.

所以這是一個好的趨勢。

There's still some agency fat in the portfolio.

投資組合中仍然有一些機構的資金。

So there's some tailwind there for us as that continues to normalize.

因此，隨著這種情況繼續正常化，我們會有一些順風車。

Got it.

知道了。

Thank you.

謝謝。

Rich Anderson, Wedbush

里奇安德森、韋德布希

Thanks.

謝謝。

Question back on the disposition.

關於處置的問題。

If I missed it, I apologize, but do you have an idea of what type of volume we could be talking about to sort of eliminate your problem children in the portfolio?

如果我錯過了，我很抱歉，但是你知道我們可以討論什麼類型的捲來消除投資組合中的問題孩子嗎？

Volume in terms of number of assets?

資產數量？

Dollars.

美元。

No.

不。

I mean, my hesitation in answering that is that when assets are on the market, we were a little reluctant to talk openly about pricing expectations and what we would expect to receive.

我的意思是，我對回答這個問題的猶豫是，當資產上市時，我們有點不願意公開談論定價預期以及我們期望收到的東西。

Just we don't want to tip our hand too much to the market, but there is information in the queue about what we've done in terms of impairments, and you can kind of put some things together there.

只是我們不想過多地向市場傾斜，但是隊列中有關於我們在減值方面所做的工作的信息，您可以將一些事情放在一起。

Okay.

好的。

In terms of the balance sheet, your non-existent leverage ratio, Is the method to really use that in this environment even though we're seeing interest rates come down now, but still high relative probably to recent norms.

就資產負債表而言，不存在的槓桿率是在這種環境下真正使用槓桿率的方法，儘管我們現在看到利率下降，但相對於最近的標準可能仍然很高。

Is the method to have some room to inherit reasonably priced debt if you were to go and buy something of size and then you can kind of fold that into your balance sheet that way?

如果你要去購買一些規模較大的東西，然後你可以透過這種方式將其折疊到你的資產負債表中，那麼是否有一些空間來繼承價格合理的債務？

Is that the only kind of way you could see anytime soon getting up to your 4.5 type of leverage ratio?

這是您能很快看到槓桿率達到 4.5 的唯一方法嗎？

Hey, Rich, it's Bill.

嘿，里奇，我是比爾。

The only way over call it the next 12 months that I see us getting that getting the leverage back up to our stated range would be some serious investment flow.

我認為在接下來的 12 個月裡，我們將槓桿率恢復到我們規定的範圍的唯一方法是進行大量的投資流動。

So I don't think it's realistic that in the next 12 months we'll get up there but having leverage so low right now does allow for us the optionality of assuming debt on larger transactions, as well as utilizing the revolver when interest rates come down.

因此，我認為在接下來的 12 個月內我們達到這一水平並不現實，但目前槓桿率如此之低，確實允許我們選擇在較大的交易中承擔債務，以及在利率到來時使用左輪手槍向下。

Do you have a sense of how much earnings you're leaving off the table because of your leverage profile and one would think that if you had more leverage, you'd have more earnings?

您是否知道由於您的槓桿狀況而導致您放棄了多少收益，並且人們會認為如果您擁有更多槓桿，您將獲得更多收益？

No, I don't think so right now because of the price, given where rates are at relative to the price of equity, I don't think we're leaving, I don't think we're losing anything there.

不，我現在不這麼認為，因為價格，考慮到利率相對於股權價格，我不認為我們會離開，我不認為我們會在那裡失去任何東西。

I think the outlook is where we'll see, as Dave said in his prepared remarks is some supercharged growth when rates come down and we have to tap that lever, the debt lever to really see it.

我認為前景是我們將看到的，正如戴夫在他準備好的演講中所說，當利率下降時，我們必須利用槓桿，債務槓桿才能真正看到它。

Yes.

是的。

High class problem.

高級問題。

Last question, CMS, you mentioned 4.2% for FY 2025.

最後一個問題，CMS，您提到 2025 財政年度為 4.2%。

I actually think that was revised up from the original proposal, a bit but do you think that this is it, the last year, 2025, of this sort of elevated number as it relates to recapture of inflation and all that sort of stuff?

我實際上認為這是對最初提案的修改，但你認為這就是最後一年，即 2025 年，這種數字的上升，因為它與通貨膨脹和所有類似的事情有關？

Do we start to trend back down to a more typical 2% type of growth rate in fiscal 2026?

2026 財年我們是否會開始回落至更典型的 2% 成長率？

I'm just curious your thoughts there.

我只是好奇你的想法。

Thanks.

謝謝。

Well, thanks.

嗯，謝謝。

I'd like to phone a friend on that one and call folks at AHCA to confirm or deny what I'm about to say.

我想給一位朋友打電話，並給 AHCA 的人打電話，以確認或否認我要說的話。

So with that disclaimer, I don't think we've outrun the inflationary effects on the math because the Medicare and Medicaid rates depend on the state.

因此，有了這個免責聲明，我認為我們還沒有超越數學上的通貨膨脹影響，因為醫療保險和醫療補助費率取決於各州。

There's a couple years of lag, that that is going into that math.

數學上有幾年的滯後。

So the rate increase that we're getting for fiscal year 2025 isn't really based on 2024 inflation on the labor.

因此，我們在 2025 財年獲得的升息並不是真正基於 2024 年勞動力通膨。

It's actually further back than that and so I think that we still might have a little bit more of a elevated rate increase profile going forward but, that's like I said, I could be wrong, but I think that's my take on it.

實際上比這更早，所以我認為我們未來的升息幅度可能會更高一些，但是就像我說的，我可能是錯的，但我認為這是我的看法。

Okay.

好的。

Sounds good.

聽起來不錯。

Thanks very much.

非常感謝。

Alec Feygin, Baird

亞歷克費金、貝爾德

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

First one for me is, is there a limit on how big the loan book can get anything in the covenants or internal to the company?

對我來說，第一個問題是，貸款帳簿可以在契約或公司內部獲得任何東西的金額是否有限制？

No, I don't think we're going to bump up against any covenants anytime soon.

不，我認為我們不會很快遇到任何契約。

We care about it.

我們關心它。

We look at it.

我們看看它。

But the tolerance that we have for it is really connected, like I said earlier, to the expected off market acquisitions that it brings.

但正如我之前所說，我們對它的容忍度確實與它帶來的預期場外收購有關。

Virtually, all of the acquisitions that that strategy has brought have been off market deals that we would not have otherwise seen.

事實上，該策略帶來的所有收購都是我們在其他情況下不會看到的場外交易。

Yeah.

是的。

Makes sense.

有道理。

Kind of switching to the tenant watch list, is there, any difference quarter over quarter in, operators who are on that watch list?

類似於切換到租戶觀察名單，觀察名單上的業者每季之間是否有任何差異？

No.

不。

Got it.

知道了。

And what drove the $25 million impairment?

是什麼導致了 2500 萬美元的減損？

Was there operator specific or real estate specific?

是否存在特定於運營商或特定於房地產的情況？

Yeah.

是的。

It was classifying a number of assets as held for sale.

它將一些資產歸類為持有待售。

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。

That concludes our Q and A session.

我們的問答環節到此結束。

I'll now turn the call back over to Dave Sedgwick for closing remarks.

現在我將把電話轉回給戴夫·塞奇威克（Dave Sedgwick）做總結發言。

Well, guys, really appreciate your time and your interest.

好吧，夥計們，非常感謝您的時間和興趣。

Again, just want to thank the CareTrust team for an extraordinary year to date and really excited to see how the second half of the year shapes up and setting up for an amazing 2025.

再次感謝 CareTrust 團隊迄今為止的非凡表現，我們很高興看到下半年的情況如何，並為令人驚嘆的 2025 年做好準備。

Have a great weekend everybody.

祝大家週末愉快。

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。