CareTrust REIT Inc (CTRE) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

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

我叫普里亞，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to care trust.

歡迎大家來關心信任。

Third quarter, 2024 earnings conference call, all lines have been placed on mute to prevent any background noise.

2024 年第三季財報電話會議上，所有線路均已設為靜音，以防止任何背景噪音。

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

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, you have to press the start followed by the number one on your telephone keypad.

如果您想在此期間提問，您必須按電話鍵盤上的開始鍵，然後再按數字 1。

If you would like to call your question, please press the start followed by the numbers one again.

如果您想提出問題，請再次按開始鍵，然後再按數字一。

Thank you.

謝謝。

I would like, I would now like to turn the conference over to Lauren Beal as VP controller.

我想，我現在想把會議交給勞倫·比爾（Lauren Beal）擔任副總裁。

Please begin.

請開始。

Thank you and welcome to Caretrust Re's third quarter, 2024 earnings call.

感謝並歡迎參加 Caretrust Re 的 2024 年第三季財報電話會議。

We will make forward-looking statements today based on management's current expectations including statements regarding future financial performance, dividends, acquisitions, investments, financing plans, business strategies and grow prospects.

我們今天將根據管理層目前的預期做出前瞻性陳述，包括有關未來財務業績、股息、收購、投資、融資計劃、業務策略和成長前景的陳述。

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

這些前瞻性預訂聲明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。

The risks are discussed in Caretrust Re's most recent form of 10-K and 10-Q filings with the SEC.

Caretrust Re 向 SEC 提交的最新 10-K 和 10-Q 文件中討論了這些風險。

We do not undertake a duty to update or revise these statements except as required by law during the call.

除非法律在通話期間要求，否則我們不承擔更新或修改這些聲明的義務。

The company will reference non-GAAP metrics such as EOV FFO and FA T or S A reconciliation of these measures.

本公司將參考非 GAAP 指標，例如 EOV FFO 和 FAT 或 SA 這些指標的調整。

And the most comparable GAAP financial measures is available in our earnings press release and Q3 2024 nongaap reconciliation that are available on the investor relations section of Caretrust's website at www.caretrustreit dotcom.

最具可比性的 GAAP 財務指標可在我們的收益新聞稿和 2024 年第三季非 GAAP 調整表中找到，這些資訊可在 Caretrust 網站 www.caretrustreit dotcom 的投資者關係部分找到。

A replay of this call will also be available on the website for a limited period on the call this morning are Dave Sedgwick, President and Chief Executive Officer, Bill Wacker, Chief Financial Officer and James Callister, Chief Investment Officer.

今天上午，總裁兼執行長戴夫·塞奇威克(Dave Sedgwick)、財務長比爾·瓦克(Bill Wacker) 和首席投資長詹姆斯·卡利斯特(James Callister) 也將在網站上限時重播本次電話會議的重播。

I'll now turn the call over to Dave Sedwick Caretrust Week, President and CEO Dave.

現在我將把電話轉給 Caretrust Week 總裁兼執行長 Dave Sedwick。

All. Hello everybody and thank you for joining us.

全部。大家好，感謝您加入我們。

The fly wheel started to pick up speed a year ago and it is now racing at the end of last year.

飛輪從一年前開始加速，並在去年年底開始運作。

We recognized that 2024 could be a historic year for growth and the company recalibrated the team and the balance sheet to capitalize on that opportunity.

我們認識到 2024 年可能是歷史性的成長一年，公司重新調整了團隊和資產負債表，以利用這個機會。

I am so proud of their relentless work to make this year.

我為他們今年所做的不懈努力感到非常自豪。

Extraordinary, as you may know, yesterday, we announced that we entered into a material contract to acquire AP for a portfolio of 31 skilled nursing assets around Tennessee for a purchase price of $500 million investing 442 million at an estimated yield of 9% expected to close by year end.

正如您可能知道的那樣，昨天，我們宣布簽訂了一份重大合同，以 5 億美元的價格收購田納西州周圍 31 個熟練護理資產的 AP 投資組合，投資 4.42 億美元，預計收益率為 9%，接近年底。

This deal will continue to expand the influence of some of the country's very best operators who have a proven ability and commitment to caring for their employees, residents, patients and communities.

這筆交易將繼續擴大該國一些最優秀營運商的影響力，這些營運商在照顧員工、居民、患者和社區方面擁有公認的能力和承諾。

James will provide additional color in a minute.

詹姆斯將在一分鐘內提供更多顏色。

We also announced yesterday that we expect to acquire 57 million of skilled nursing facilities in the Northeast.

昨天我們也宣布，預計在東北地區收購5700萬的熟練護理設施。

Next month, we don't normally announce transactions before they close.

下個月，我們通常不會在交易結束前宣布交易。

But due to the size of the Tennessee deal and the imminent timing of the Northeast deal, we decided to announce these along with earnings.

但由於田納西州交易的規模和東北交易的迫在眉睫，我們決定將這些與收益一起公佈。

So now as we round third on the year, we are equally excited for next year's potential to diversify and grow the business significantly.

因此，現在我們在今年排名第三，我們同樣對明年業務多元化和顯著成長的潛力感到興奮。

Thus far in 2024 we have delivered the following 1st year over year market cap growth of 123%.

2024 年迄今為止，我們的市值已實現 123% 的首次同比增長。

Second record setting investments of approximately 917 million at an average stabilized yield of 9.4%.

第二次創紀錄的投資額約為 9.17 億美元，平均穩定收益率為 9.4%。

Third.

第三。

We announced pending acquisitions of approximately 500 million of skilled nursing facilities with a 9% stabilized expected yield to close during the last two months of the year.

我們宣布將在今年最後兩個月完成約 5 億熟練護理設施的收購，預計收益率將穩定為 9%。

The combined year-to-date investments and announced pending deals produced projected 2024 investments of over 1.4 billion at an average stabilized yield of 9.3%.

年初至今的投資和已宣布的待完成交易預計 2024 年投資額將超過 14 億美元，平均穩定收益率為 9.3%。

Four equity issuance of approximately 41 million shares for gross proceeds of $1.1 billion and fifth a net debt to EBITA of 0.08 times on last quarter's call.

四次股票發行，發行約 4,100 萬股，總收益達 11 億美元；第五次，淨負債佔 EBITA 的比例為上季電話會議的 0.08 倍。

I commented on how two things are equally remarkable, not only this year's growth, but also the sense that momentum was actually building.

我評論了兩件事同樣引人注目，不僅是今年的成長，還有勢頭實際上正在增​​強的感覺。

Now.

現在。

You know, at least partly what I was referring to as we sit here today, our pipeline including these two pending deals is 700 million, almost all of which are real estate acquisitions.

你知道，至少部分是我今天坐在這裡所指的，包括這兩筆懸而未決的交易在內，我們的管道是 7 億美元，幾乎全部都是房地產收購。

A quick comment on the makeup of this year's investments including the pending November and December deals I referenced.

對今年投資的組成進行快速評論，包括我提到的待決 11 月和 12 月交易。

We will have closed on the following over 1.4 billion.

我們將在以下超過 14 億美元上結束。

Approximately 825 of that 825 million of that are real estate acquisitions and 590 of debt investments or roughly 6,040 acquisitions to loans all at a blended estimated stabilized yield of 9.3% after any rent ramps take effect.

在這 8.25 億筆交易中，約 825 筆是房地產收購，590 筆是債務投資，或約 6,040 筆貸款收購，在任何租金上漲生效後，預計混合穩定收益率為 9.3%。

Allow me to give you some more color on the return on investment we've achieved on the targeted loans we've made over the past few years for a few years.

請容許我向您詳細介紹我們在過去幾年中發放的目標貸款所取得的投資回報。

Now, we have been executing a strategic approach to lending that includes at the very least a handshake with the borrower JB partner or operator that they will bring us real estate acquisition opportunities in the future.

現在，我們一直在執行貸款策略方法，其中至少包括與借款人 JB 合作夥伴或營運商握手，他們將在未來為我們帶來房地產收購機會。

And at best the debt investment activity also includes more than a handshake, either a loan to own or loan and own a part of the portfolio.

債務投資活動充其量也不僅僅包括握手，無論是貸款擁有還是藉出並擁有投資組合的一部分。

This approach has been incredibly successful for us as our friends in the industry have made good on their word and brought to us deals, many of which are off market that we would not have otherwise seen nor won.

這種方法對我們來說非常成功，因為我們的業內朋友兌現了他們的諾言，為我們帶來了交易，其中許多是場外交易，否則我們不會看到或贏得這些交易。

We made a total of approximately 200 million of debt investments from 2022 through 2023.

2022年至2023年，我們總共進行了約2億美元的債務投資。

Looking at this year's 1.4 billion of expected deals, approximately 780 million of acquisitions are a direct result of the strategic debt relationships.

從今年 14 億筆預期交易來看，約 7.8 億筆收購是戰略債務關係的直接結果。

We fostered over the past couple of years, our underwriting discipline has not changed.

我們在過去幾年培養的核保紀律並沒有改變。

We do not grow for growth's sake and we are driven by our mission to expand the positive influence of operators who improve and dignify the care communities that they serve and that's a nice segue to the portfolio.

我們不會為了成長而成長，我們的使命是擴大營運商的正面影響力，這些營運商改善和尊嚴他們所服務的護理社區，這是投資組合的一個很好的延續。

Last week, we had our operator conference where we brought renowned experts in policy staffing reimbursement, mental health and health care A I to educate our operators on what is best in class and what's to come.

上週，我們召開了營運商會議，邀請了政策人員報銷、心理健康和醫療保健領域的知名專家，向我們的營運商介紹什麼是同類最佳以及未來的發展方向。

It's one way we try to add value and show how grateful we are to them.

這是我們嘗試增加價值並表達我們對他們的感激之情的一種方式。

I cannot tell you how energizing it is for our entire team to rub shoulders with leaders who are engaged in the noblest of professions, day in and day out.

我無法告訴你，我們整個團隊日復一日地與從事最高尚職業的領導者並肩工作，是多麼充滿活力。

We're proud to associate with them and proud to report that they continue to provide superior star ratings and quality ratings compared to the industry nationally and the states that they operate in.

我們很自豪能與他們合作，並自豪地報告說，與全國行業和他們所在的州相比，他們繼續提供卓越的星級評級和品質評級。

Well, there's no perfect way to measure quality care and skilled nursing.

嗯，沒有完美的方法來衡量優質護理和熟練護理。

Medicare's star ratings do provide some tea leaves as of September's ratings.

截至 9 月的評級，醫療保險的星級評級確實提供了一些茶葉。

I'm pleased to see our operators achieve an average of three stars versus 2.8 stars in the states that they operate in our operators.

我很高興看到我們的運營商平均獲得了 3 顆星，而在我們運營商運營的州則獲得了 2.8 星。

Quality measures performance is even stronger with an average of four stars versus 3.4 industry stars.

品質衡量績效甚至更強，平均為 4 顆星，而產業星為 3.4 顆星。

As former operators ourselves, we have an absolute conviction that sustainable financial success can only be achieved after clinical success you will see in the supplemental lease coverage continues to show tremendous strength and security.

作為前營運商，我們堅信，只有在臨床成功之後才能實現可持續的財務成功，您將看到補充租賃承保範圍繼續顯示出巨大的實力和安全性。

Overall property level, Ebitdar with a 5% management fee and Ebitdarm coverage was reported to increase 2.23 times and 2.85 times respectively.

據報道，整體財產水準、5%管理費的 Ebitdar 和 Ebitdarm 覆蓋率分別增加了 2.23 倍和 2.85 倍。

The scale of underperforming operators remains small and manageable.

表現不佳的營運商規模仍然較小且易於管理。

We have a couple of transitions underway and a handful of assets for sale that when transitioned and or sold will result in higher revenues next year since they have not been rent producing this year.

我們正在進行一些過渡，並出售一些資產，這些資產在過渡和/或出售後將在明年帶來更高的收入，因為它們今年沒有產生租金。

I'm very pleased to report that the Midwest skilled nursing portfolio with negative lease coverage that we've talked about for over a couple of years was sold in the quarter.

我很高興地報告說，我們已經討論了幾年多的具有負租賃覆蓋率的中西部熟練護理人員組合已在本季度出售。

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。

Finally, three observations.

最後，三點觀察。

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

首先，我再次為關懷信託團隊感到非常自豪，如果沒有才華洋溢的團隊、強大的文化和犧牲，就不可能有這樣非凡的一年。

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

其次，我想再次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 finest operators in the country and proud to report superior lease coverage, quality measures and star ratings.

我們非常榮幸能夠與國內一些最優秀的營運商合作，並自豪地報告卓越的租賃範圍、品質措施和星級評級。

Third, we're at the start of demographic tailwinds that should last for decades to come.

第三，我們正處於人口順風的開端，這種順風將持續數十年。

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。

Good morning.

早安.

Everyone during the third quarter.

第三季的每個人。

As previously announced, we closed on approximately 441 million of new investments, largely consisting of a $260 million loan and a $43 million preferred equity investment in connection with the borrower acquisition of a large portfolio in the Northwest including 37 skilled nursing and assisted living facilities to be operated by affiliates of the tax group.

如同先前所宣布的，我們完成了約4.41 億美元的新投資，主要包括2.6 億美元的貸款和4,300 萬美元的優先股投資，這些投資與借款人收購西北地區的一個大型投資組合有關，其中包括37個熟練的護理和輔助生活設施由稅務集團的附屬公司營運。

Since quarter end, we have closed on approximately $89 million of additional investments including the acquisition of a poor facility. 396 licensed bed skilled nursing portfolio located in the Mid Atlantic for approximately $75 million.

自季度末以來，我們已完成約 8,900 萬美元的額外投資，其中包括收購一座簡陋的設施。位於大西洋中部的 396 個獲得許可的床位熟練護理組合，價值約 7500 萬美元。

These facilities have been master leased to a new tenant relationship for caretrust with an initial term of 15 years with 25 year extension options and a year one contractual lease yield of approximately 9.3% inclusive of transaction costs and with annual CP I based escalators.

這些設施已主租給新的護理信託租戶關係，初始租期為15 年，並​​有25 年的延期選擇權，第一年合約租賃收益率約為9.3%（包括交易成本），並配備每年CP I 的自動扶梯。

In addition, yesterday, we announced an updated investment pipeline of $700 million which includes the announcement of a care trust affiliated joint venture.

此外，昨天，我們還宣布了 7 億美元的最新投資管道，其中包括宣布成立一家護理信託附屬合資企業。

Having entered into binding agreements to acquire 31 skilled nursing facilities for an aggregate purchase price of approximately 500 million exclusive of transaction costs.

簽訂了具有約束力的協議，收購 31 家專業護理設施，總購買價約為 5 億歐元（不包括交易成本）。

Caretrust is expected to contribute approximately 442 million to the venture.

Caretrust 預計將向該合資企業出資約 4.42 億美元。

And in exchange, we own 100% of the preferred equity ownership interest in the venture and 50% of the common ownership interest.

作為交換，我們擁有該合資企業 100% 的優先股權和 50% 的普通股權。

The portfolio consists of a total of 3,290 licensed beds with 30 of the facilities located in Tennessee and one in Alabama.

該投資組合共有 3,290 個許可床位，其中 30 個位於田納西州，1 個位於阿拉巴馬州。

Completion of the acquisition is subject to customary closing conditions and is expected to close in two phases.

收購的完成須滿足慣例成交條件，預計分兩階段完成。

During December 2024.

2024 年 12 月期間。

A majority of the facilities will be operated by existing care trust tenant relationships including affiliates of the Ensign Group P Group inc and links health care group.

大部分設施將由現有的護理信託租戶關係經營，包括 Ensign Group P Group Inc 和 Links 醫療保健集團的附屬公司。

Initial annual base rent to the venture is approximately $44.4 million.

該合資企業的初始年基本租金約為 4,440 萬美元。

The company's initial contractual yield on its combined preferred and common equity investments in the venture is expected to be approximately 9% after estimated transaction cost.

在扣除估計交易成本後，該公司對該合資企業的優先股和普通股合併投資的初始合約收益率預計約為 9%。

The announcement of this transaction should provide a fantastic way to finish out what has been an extraordinary growth year for caretrust and set the stage for continuing the momentum into 2025.

這項交易的宣布將為 Caretrust 實現非凡成長的一年提供一個絕佳的方式，並為將這一勢頭延續到 2025 年奠定基礎。

Please remember that when we quote our pipe, we only quote deals that we have a reasonable level of confidence we can close on within the next 12 months.

請記住，當我們對管道進行報價時，我們僅報價我們有合理信心可以在未來 12 個月內完成的交易。

Now, a quick note on the current transaction environment as the updated pipeline indicates, the skilled nursing transactions market remains active with deal flow being consistently strong.

現在，對當前交易環境進行快速說明，如更新的管道所示，熟練護理交易市場仍然活躍，交易流持續強勁。

We continue to see regional owner operators and smaller independent owners looking to sell as they seek to capitalize on improved operating conditions.

我們繼續看到區域業主經營者和較小的獨立業主尋求出售，因為他們尋求利用改善的經營條件。

The buyer pool continues to be somewhat narrow but buyers who bring certainty of closing continue to have a distinct advantage with respect to assisted living.

買家群體仍然有些狹窄，但帶來成交確定性的買家在輔助生活方面仍然具有明顯的優勢。

There remains a good amount of distressed assets coming across our desks.

我們的辦公桌上仍然有大量不良資產。

With that said, we are seeing improvement in operating metrics including occupancy and we are seeing an increase in the number of buyers looking to potentially transact senior housing assets that have an A L Medicaid waiver component are drawing stronger interest from buyers including from middle market acquirers.

話雖如此，我們看到包括入住率在內的營運指標有所改善，並且希望潛在交易具有A L 醫療補助豁免部分的高級住房資產的買家數量有所增加，這引起了包括中間市場收購方在內的買家的更大興趣。

So while the acquisition market remains competitive, we continue to leverage our relationships and our disciplined investment approach to identify opportunities that offer appropriate risk adjusted returns and that match the right operators with the right assets with demographic trends in our favor and an ongoing supply demand advantage for post acute and senior care.

因此，儘管收購市場仍然具有競爭力，但我們將繼續利用我們的關係和嚴格的投資方法來尋找機會，以提供適當的風險調整回報，並將合適的運營商與合適的資產相匹配，人口趨勢對我們有利，並具有持續的供需優勢用於急診和老年護理。

We are confident that the sector provides significant runway for future growth with that.

我們相信，該行業將為未來的成長提供重要的跑道。

I'll turn the time over to Bill.

我會把時間交給比爾。

Thanks James for the quarter.

感謝詹姆斯這個季度的表現。

Normalized FFO increased 66% over the prior quarter to 60.9 million and normalized F ad increased by 60% to 61.9 million on a per share basis.

以每股計算，標準化 FFO 比上一季成長 66%，達到 6,090 萬股，標準化 F ad 成長 60%，達到 6,190 萬股。

Normalized FFO increased 3¢ to 38¢ per share.

標準化 FFO 每股上漲 3 美分，達到 38 美分。

And normalized F ad increased 2¢ to 39¢ per share.

標準化 F ad 每股價格上漲 2 美分至 39 美分。

And again, this quarter, because of our replenishing robust pipeline, we continue to take advantage of our ATM and issued 500 million of equity under the ATM during the third quarter resulting in us having 377 million of cash on the balance sheet.

同樣，本季度，由於我們補充了強勁的管道，我們繼續利用 ATM 並在第三季度在 ATM 下發行了 5 億股股票，導致我們的資產負債表上有 3.77 億現金。

At quarter end, since quarter end, we have used roughly 89 million for investments and have approximately 230 million of cash on hand.

截至季末，自季度末以來，我們已使用約 8,900 萬美元進行投資，手頭現金約 2.3 億美元。

As we sit here today, we will use 57 million to fund the investment that will close in November leaving us with roughly 175 million in yesterday's press release.

當我們今天坐在這裡時，我們將使用 5700 萬美元為將於 11 月結束的投資提供資金，在昨天的新聞稿中，我們剩下大約 1.75 億美元。

We updated and raised our guidance for this year from normalized FFO per share of a dollar 46 to a dollar 48 to a new range of a dollar 49 to a dollar 50 from a normalized F ad per share from a dollar 50 to a dollar 52 to a new range of a dollar 53 to a dollar 54.

我們更新並提高了今年的指引，從標準化 FFO 每股 46 美元到 48 美元到新的範圍 49 美元到 50 美元，從標準化 F 每股廣告從 50 美元到 52 美元到新的區間為53 美元至54美元。

This guidance includes all investments made today including the one that will close in November.

該指南包括今天進行的所有投資，包括將於 11 月結束的投資。

A diluted weighted average share count of 152.6 million shares and also relies on the following assumptions.

稀釋後加權平均股數為 1.526 億股，也基於以下假設。

One, no additional investments other than the announced pending $57 million deal closing in November nor any further debt or equity issuances this year two CP I rent escalations of 2.5%.

第一，除了 11 月宣布的 5,700 萬美元待定交易之外，沒有其他投資，也沒有今年任何進一步的債務或股票發行，兩次 CP I 租金上漲 2.5%。

Our total cash rental revenues for the year are projected to be approximately 216 to 217 million.

我們今年的現金租金總收入預計約為 21.6 至 2.17 億美元。

Not included in this number is the amortization of a below market lease intangible that will total about 2.9 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 290 萬英鎊。

But this will be in the rental revenue number as required by GAAP three interest income of approximately 65 million.

但這將在依照公認會計準則要求的租金收入數字中計算出三個利息收入約為6500萬美元。

The 65 million is made up of 50 million from our loan portfolio and 15 million is is from cash invested in money market funds for interest expense of approximately 30 million.

這 6,500 萬美元中的 5,000 萬美元來自我們的貸款組合，1,500 萬美元來自投資於貨幣市場基金的現金，利息支出約為 3,000 萬美元。

Its interest expense also includes roughly 2.5 million of amortization of deferred financing fees and five G and a expense of approximately 26 to 28 million and includes about 5.8 million of deferred stock compensation.

其利息支出還包括約250萬遞延融資費用和5G的攤銷以及約26至2800萬的支出，並包括約580萬遞延股票報酬。

If the announced acquisition does close in Q4, it will trigger one time short term incentive compensation that will require us to accrue additional expense in Q4.

如果宣布的收購確實在第四季度完成，它將觸發短期激勵補償，這將要求我們在第四季度產生額外費用。

That is not included in this range.

那不屬於這個範圍。

Our liquidity continues to remain strong.

我們的流動性持續保持強勁。

We have approximately 230 million in cash today in our entire $600 million available under our revolver.

今天，我們的左輪手槍總共有 6 億美元可用現金，其中大約有 2.3 億現金。

As announced, we are working to upsize our revolver to 1.2 billion.

正如所宣布的，我們正在努力將左輪手槍的數量增加到 12 億支。

I believe that this amount is already committed by our lead banks.

我相信我們的牽頭銀行已經承諾了這筆金額。

As we begin, the syndication process leverage hit an all time low with a net debt normalized ida ratio of 0.08 times.

當我們開始時，銀團流程槓桿率創下歷史新低，淨負債正常化 ida 比率為 0.08 倍。

Our net debt to enterprise value was 0.4% as of quarter end.

截至季末，我們的淨債務佔企業價值的比例為 0.4%。

And we achieved a fixed charge coverage ratio of 9.7 times.

我們實現了9.7倍的固定費用覆蓋率。

Lastly.

最後。

As long as the price of our equity relative to the current cost of a long term debt issuance remains pretty comparable.

只要我們的股權價格相對於長期債券發行的當前成本仍然相當可比。

We continue to believe that it makes much better sense to continue to fund this replenishing pipeline with equity.

我們仍然相信，繼續用股權為此補充管道提供資金更有意義。

But given the strength of our balance sheet, we love having all options on the table and with that, I will turn it back to Dave.

但考慮到我們資產負債表的實力，我們喜歡把所有的選擇都擺在桌面上，這樣，我會把它轉回給戴夫。

All right.

好的。

Thank you guys.

謝謝你們。

Let me conclude the call with four things.

讓我用四件事來結束這通電話會議。

First, our projected total 2024 investments of 1.4 billion equals over six years of growth compared to our life to date average annual growth rate.

首先，我們預計 2024 年的投資總額為 14 億美元，與我們迄今為止的平均年增長率相比，相當於六年多的成長。

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

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, looking at next year, a full year impact of this year's investments should produce meaningful FFO share for share growth without any additional investments.

第三，展望明年，今年投資的全年影響應該會在不進行任何額外投資的情況下產生有意義的 FFO 份額，從而實現份額增長。

And fourth, if you look at consensus growth projections over three years from 2023 through 2026 we have the lowest multiple amongst health care rates.

第四，如果你看 2023 年至 2026 年三年的共識成長預測，我們的醫療保健費率倍數是最低的。

Today.

今天。

We hope the report has been helpful to you and thanks for your continued support.

我們希望該報告對您有所幫助，並感謝您一直以來的支持。

Happy to take some questions.

很高興回答一些問題。

(Operator Instructions) Your first question comes from the line of Jonathan used with Raymond James.

（操作員說明）您的第一個問題來自 Jonathan 與 Raymond James 一起使用的線路。

Please go ahead.

請繼續。

Hi, good morning out there.

嗨，早安。

Great to see the recent investment activity and in the pipeline, I was hoping you could talk about the trade off between investment volume and deal structure.

很高興看到最近的投資活動和正在進行中的投資活動，我希望您能談談投資量和交易結構之間的權衡。

Many transactions this year have come with your preferred or JB or a multi year stabilization period, which is a little more complex than historical investment activity.

今年的許多交易都帶有您的首選或 JB 或多年穩定期，這比歷史投資活動稍微複雜一些。

So are those more complex structures you know necessary to get these transactions to the finish line.

您知道那些更複雜的結構對於完成這些交易是否是必要的。

And if you were to have done the, the more simple deal structuring with that activity have have been lower.

如果你這樣做了，那麼該活動的交易結構越簡單，成本就越低。

Great question.

很好的問題。

And I think the answer is clearly yes, if, we would, we would certainly always prefer a vanilla triple net deal with no strings attached and, and no no, no partners attached.

我認為答案顯然是肯定的，如果我們願意，我們肯定總是更喜歡不附加任何條件的普通三網交易，並且不附加任何合作夥伴。

However, you look at these deals that have had the added complexity, they have largely come to us only, only through a relationship and most of it has been off market completely.

然而，你看看這些增加了複雜性的交易，它們很大程度上只是透過關係來找我們的，而且大部分已經完全脫離市場了。

So folks are out there tying up deals and, and the friends of ours who do that know that they've got a great partner in us to help them transact.

因此，人們正在外面進行交易，而我們這樣做的朋友知道我們有一個很好的合作夥伴可以幫助他們進行交易。

And because for the last couple of years, we've made it pretty clear that there's gotta be true long term real estate economics for us.

因為在過去的幾年裡，我們已經非常清楚地表明，我們必須有真正的長期房地產經濟學。

That that conversation is becoming much more efficient and productive than call it a couple years ago.

與幾年前相比，這種對話變得更有效率和更有生產力。

Very helpful.

非常有幫助。

Thank you for that.

謝謝你。

And then just sticking with the pipeline, I think there's 200 million outside of the the pending transactions.

然後，只要堅持管道，我認為在待處理的交易之外還有 2 億美元。

And when I, when I look at those, I think the implied yields are the double digits pushing maybe nearly 11% maybe, you know, what's the mix of that call it 200 million or so?

當我看到這些時，我認為隱含收益率是兩位數，可能接近 11%，也許，你知道，這是什麼組合，稱之為 2 億左右？

But between kind of the own and, and the loan or, or the loan to own investments.

但在自有和貸款之間，或對自有投資的貸款之間。

Hey John This, is James, the vast majority of it is definitely owned.

嘿約翰，這是詹姆斯，絕大多數絕對是擁有的。

Yield push is a little higher based on some structuring stuff with the deals, but it's nearly all real estate acquisitions.

根據交易的一些結構性內容，收益率推高了一點，但幾乎都是房地產收購。

Very little loan activity is in the remainder of the pipeline after you take out the Tennessee deal and the $57 million Northeast deal announced.

在田納西州交易和宣布的 5700 萬美元東北交易完成後，剩餘的貸款活動很少。

Yeah.

是的。

Okay.

好的。

That's helpful and then just one more for me.

這很有幫助，對我來說又是一個。

There was a, a peer of yours recently talked about moving into the red our seniors housing operating structure and, and James, you did talk about more seniors housing opportunities in the transaction market.

您的一位同行最近談到了我們的老年人住房運營結構陷入困境，詹姆斯，您確實談到了交易市場上更多的老年人住房機會。

Obviously, you're call it 90% field nursing and, and Dave, I know that's your background and that's where the core focus of the company is but curious as to your views or, or interest in, in opportunities.

顯然，你稱之為 90% 現場護理，戴夫，我知道這就是你的背景，這就是公司的核心焦點所在，但對你的觀點或機會感興趣。

Yeah.

是的。

So I'd say for about the last 0.1,824 months as we've been getting that question answer really hasn't changed.

所以我想說，在過去的 0.1,824 個月裡，我們得到的問題答案確實沒有改變。

And it's this, it's, it's a compelling, interesting opportunity for the right opportunity.

這就是，這是，這是一個令人信服的、有趣的機會，而且是一個合適的機會。

We're not, we're not going to do it just to do it, but if we can find sort of that goldilocks opportunity where it's you know, it's a sufficient size that it, it matters and it comes with some great people that are experienced in the red format and it comes with exceptional operators if we can, if you know that give us a call but that's, that's kind of what we would be open to doing.

我們不是，我們不會只是為了做而做，但如果我們能找到那種金髮姑娘的機會，你知道，它的規模足夠大，這很重要，而且它伴隨著一些偉大的人，在紅色格式方面經驗豐富，如果可以的話，它配備了出色的操作員，如果您知道給我們打電話，但這就是我們願意做的事情。

So I would say, yeah, it's very interesting.

所以我想說，是的，這非常有趣。

We're open to it.

我們對此持開放態度。

We certainly have plenty on our, on our plate of the traditional triple net business though.

不過，我們在傳統的三網業務方面當然還有很多工作要做。

All right.

好的。

Thank you for the time.

謝謝你的時間。

Thanks, Jonathan.

謝謝，喬納森。

(Operator Instructions) Your next question comes from the line of John Kalowski with Wells Fargo.

（操作員說明）您的下一個問題來自富國銀行的 John Kalowski。

Please go ahead.

請繼續。

Oh, thank you.

哦，謝謝。

So, just kind of going to the portfolio deal here.

所以，這裡只是進行投資組合交易。

I don't know if you've announced this before ever given this information, but maybe you could just talk about the coverage of these assets in particular and then also kind of dive into the links relationship.

我不知道您之前是否已經宣布過這一點，但也許您可以專門討論這些資產的覆蓋範圍，然後再深入探討連結關係。

I know that on your coverage sheet, they don't have anything because a lot of their stuff is pre stabilization but maybe what the assets in this portfolio look like.

我知道在你的覆蓋表上，他們沒有任何東西，因為他們的很多東西都是穩定前的，但也許這個投資組合中的資產是什麼樣的。

Yeah, so hey John, this is James.

是的，嘿約翰，這是詹姆斯。

The assets in the portfolio vary a bit by tenant, but overall, I would say they covered just shy of a one going in, but each of the tenants has a stabilized performer that probably puts it at like a 15.

投資組合中的資產因租戶而異，但總體而言，我想說它們的覆蓋率略低於 1 個，但每個租戶都有一個穩定的表現，可能會達到 15 左右。

And so we're excited about that and we're excited about the tenant mix.

因此，我們對此感到興奮，並對租戶組合感到興奮。

Links is performing fairly well based on the transaction we did with them a couple of years ago.

根據我們幾年前與 Links 進行的交易，Links 的表現相當不錯。

We can see we can kind of expect that upward trend to continue with them.

我們可以看到，我們可以預期這種上升趨勢將持續下去。

They've been doing a great job And I think that they're depth of looking at this transaction and these facilities was really impressive to us, they dug in all the way and we feel really confident about their ability to, you know, really exercise on these facilities and and be a great part of the over overall portfolio with the other tenants.

他們做得很好，我認為他們對這筆交易的深入研究，這些設施給我們留下了深刻的印象，他們全力以赴，我們對他們的能力非常有信心，你知道，真的使用這些設施，並與其他租戶一起成為整體投資組合的重要組成部分。

Got it and James, if I could follow up on one from your opening remarks just about the acquisition environment, the transaction environment.

明白了，詹姆斯，我能否跟進您關於收購環境、交易環境的開場白中的一個內容。

How do we think about competition eventually re entering the market?

我們如何看待競爭最終重新進入市場？

It sounds like, you know, obviously given the numbers, you're able to put up that you found a vertical that you could really be it on your own end.

聽起來，你知道，顯然考慮到這些數字，你可以證明你找到了一個垂直領域，你真的可以自己實現。

But at what point do you think, do you worry that this opportunity set gets competed away or private capital comes back or do you feel like you've kind of developed a boat here given your cost of capital and that you're seeing capital not really likely to reenter the sniff space any time soon.

但你認為在什麼時候，你是否擔心這個機會集會被競爭或私人資本回來，或者你是否覺得考慮到你的資本成本，你已經在這裡開發了一艘船，並且你看到資本沒有真的很可能很快就會重新進入嗅探空間。

You know, it's interesting because while the buyer pull is somewhat.

你知道，這很有趣，因為買家的吸引力是有一定的。

Narrow, John, it's it's still incredibly competitive.

狹窄，約翰，它仍然具有令人難以置信的競爭力。

It's a very active with private money and other buying for the same deals, right?

這是一個非常活躍的私人資金和其他購買相同的交易，對嗎？

And so.

所以。

I don't know what, you know how much of an impact others re.

我不知道是什麼，你知道對其他人的影響有多大。

Entering may really have.

進去可能真的有。

It really is very competitive already.

它確實已經非常有競爭力了。

There are a lot of buyers out there whose appetite at times seems seems insatiable.

有很多買家的胃口有時似乎無法滿足。

And so I don't.

所以我不這樣做。

Know new buyers coming in is really.

知道新買家確實進來了。

Going to change that much at all for us.

將為我們帶來如此大的改變。

Got it.

知道了。

Well, thank.

嗯，謝謝。

You and congrats on the quarter.

恭喜你這個季度。

Thanks a lot, John.

非常感謝，約翰。

(Operator Instructions) Your next question comes from the line of Austin Wesm with Keyban.

（操作員說明）您的下一個問題來自 Austin Wesm 和 Keyban 的線路。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you and and want to just go back to the portfolio deal and was hoping Dave maybe you could just provide some additional detail on, you know, the nature of the structure for the joint venture and the kind of preferred common interest.

謝謝你，我想回到投資組合交易，希望戴夫你能提供一些額外的細節，例如合資企業結構的性質以及優先共同利益的類型。

And curious if there's any, you know, ability for you or writer first refusal for you to take down the remaining common interest over time.

很好奇你或作家是否有能力隨著時間的推移取消剩餘的共同利益。

Yeah, I'll let, I'll let James talk to that.

是的，我會讓，我會讓詹姆斯談談這件事。

Yes.

是的。

Yeah.

是的。

So, you know, the breakout really is the preferred equity, you know, the vast majority of what we would be putting in, be close to 425 million of it.

所以，你知道，突破實際上是優先股，你知道，我們投入的絕大多數資金接近 4.25 億美元。

And that's not a preferred equity that comes back or has a term on it or anything like that.

這不是可收回的優先股，也不是有期限的優先股或類似的東西。

So it stays out there forever and we do a couple of periods during the investment, you know, horizon.

所以它永遠留在那裡，我們在投資期間做了幾個時期，你知道，地平線。

We do have a call, right?

我們確實有一個電話，對吧？

And the JV partner has a put, right.

合資夥伴有看跌期權，對吧。

So we do look forward to, you know, having the opportunity to acquire the entire venture ourselves down the road and still have it be accreted to us, which is kind of what we structured foot call the way we did.

因此，我們確實期待著，你知道，有機會自己收購整個企業，並且仍然將其吸收給我們，這就是我們的結構方式。

Can you give us a sense how far out that call?

你能告訴我們距離那通電話還有多遠嗎？

Right?

正確的？

Is.

是。

Between one years, one and 30?

一年、一年到三十歲之間？

No, I'm kidding.

不，我在開玩笑。

Between about four and seven call it.

大約四到七點之間就可以了。

That's helpful.

這很有幫助。

And, and how long did it really take for you to get the deal to this point?

而且，您花了多久時間才達成這筆交易？

I mean, was this one of the, you know, earlier large portfolio transactions that was presented to you?

我的意思是，這是向您展示的早期大型投資組合交易之一嗎？

From the time I want to say, you know, 12 to 15 months ago that you started kind of discussing the investment pipeline plus large potential portfolio deals.

從我想說的那一刻起，你知道，12 到 15 個月前，你開始討論投資管道以及大型潛在投資組合交易。

Just any any color there would be helpful.

任何顏色都會有幫助。

No, I think this came around.

不，我想這已經發生了。

Call it April to June is when it kind of first started percolating Austin.

四月到六月是它第一次開始滲透到奧斯汀的時間。

And has there been any strategic focus to expand the geographic footprint or, or the deals, would you say taking you to these new new markets?

是否有任何策略重點來擴大地理足跡或交易，您是否會說將您帶到這些新的新市場？

Just curious kind of the the chicken and the egg there?

只是好奇那裡有雞和蛋嗎？

Really, it's the deal that takes us to the new market.

事實上，正是這筆交易將我們帶入了新市場。

Do we have areas we like?

我們有自己喜歡的領域嗎？

And we like to grow in short?

簡而言之，我們喜歡成長嗎？

But we really take it on a deal by deal has to be the right deal first before we really focus on exactly where it might be in terms of targeted growth.

但我們確實認為，在我們真正專注於目標成長的具體情況之前，必須先是一項又一項正確的交易。

And this one fit what we were looking for as a deal first.

這符合我們首先尋求的交易。

Very helpful.

非常有幫助。

Thanks for the time.

謝謝你的時間。

Thanks Austin.

謝謝奧斯汀。

(Operator Instructions) Your next question comes from the line of Michael Carroll with R BC capital markets.

（操作員說明）您的下一個問題來自 R BC 資本市場的 Michael Carroll。

Please go ahead.

請繼續。

Yeah, thanks.

是的，謝謝。

James.

詹姆斯.

I wanted to follow up on an earlier question where you talked about coverage ratios with this portfolio transaction.

我想跟進之前的一個問題，您談到了此投資組合交易的覆蓋率。

I mean, I believe you said that the going in coverage ratio was one going up to 15, I guess.

我的意思是，我相信您說過覆蓋率是 1，我猜是 15。

First, is that an ebida coverage ratio?

首先，這是 ebida 覆蓋率嗎？

And second, what's driving that improvement?

其次，是什麼推動了這種改進？

Is it something that these new operators are doing differently to drive that type of uptick or I guess what's actually driving that better pro forma expectation?

這些新業者是否採取了不同的做法來推動這種成長，或者我猜是什麼真正推動了更好的預期預期？

Yeah, that is an Ebitdar coverage Michael.

是的，這是邁克爾的 Ebitdar 報告。

And I think it's, you know, each of the sub portfolios is a little different but I would say it's there's some up room and in occupancy, the Medicaid rate has gotten better in Tennessee and it's these operators abilities to really operate efficiently and reduce costs in particular with some of the ancillaries and whatnot.

我認為，每個子投資組合都有點不同，但我想說的是，有一些上升空間和入住率，田納西州的醫療補助費率已經提高，這些運營商有能力真正高效運營並降低成本特別是一些輔助設備之類的。

So that's kind of where the growth is going to be coming from, from the operators?

那麼這就是成長的來源，來自於營運商嗎？

Okay.

好的。

Was there a big Medicaid rate increase so that I guess the trailing numbers doesn't include that Medicaid rate increase, but now it does is, is that what you said.

醫療補助費率是否大幅上漲，所以我猜後面的數字不包括醫療補助費率的上漲，但現在確實如此，就是你所說的。

The training does.

訓練確實如此。

Include part of it?

包括一部分嗎？

Yeah, it.

是的，它。

Okay.

好的。

And then are these new leases that you have with ensign packs or in links or are they going to be included in your existing master leases?

那麼這些新的租約是與少尉包或連結一起擁有的，還是會包含在您現有的主租約中？

Because the real estate will be owned by the venture, like they gotta be new master leases, but they're on consistent terms with what we have.

因為房地產將歸合資企業所有，就像它們必須是新的主租賃一樣，但它們的條款與我們所擁有的一致。

Okay.

好的。

And then the, the type of transaction games that you're looking at, I mean, are there more stabilized deals just given the improvement that we've seen in the sniff space?

然後，您正在關注的交易遊戲類型，我的意思是，鑑於我們在嗅探空間中看到的改進，是否存在更穩定的交易？

And, and what type of coverage ratios are you comfortable with on the stabilized deals?

並且，您對穩定交易的哪種類型的覆蓋率感到滿意？

That you're targeting, like all the stuff that you acquired?

你的目標是什麼，就像你獲得的所有東西一樣？

I mean, it's similar cap rates that are coming in or, or lease rates.

我的意思是，這與即將到來的上限利率或租賃利率類似。

Are we seeing like the 1,415 coverage ratios on most of these transactions?

我們是否看到大多數此類交易的覆蓋率達到 1,415？

I mean, stabilized?

我的意思是，穩定了？

Yeah, I think historically, you're still seeing a really wide range that based on a lot of things in terms of where that portfolio or operator is, in terms of recovery.

是的，我認為從歷史上看，你仍然會看到一個非常廣泛的範圍，這是基於投資組合或運營商在復甦方面的許多因素。

Also the geo the geography that they're in, right?

還有他們所在的地理位置，對吧？

I mean, there's a huge correlation between per bed pricing and the Medicaid rate in that state.

我的意思是，該州的每張床位定價和醫療補助費率之間存在巨大的相關性。

So really depends on the portfolio but stabilized, you know, we're generally still underwriting to 1,415 and the lease yields, you know, as you get into higher, you know, bigger size portfolio deals, you're going to make a trade a little bit for, you know, little lower yield for a little higher coverage and that's a trade.

所以實際上取決於投資組合，但穩定，你知道，我們通常仍然承銷 1,415 和租賃收益率，你知道，當你進入更高，你知道，更大規模的投資組合交易時，你將進行交易你知道，稍微降低一點收益，換取一點更高的覆蓋率，這就是一種交易。

We do a lot, you know, if that works for us and get a little higher yield on smaller deals still, but that's kind of what we're seeing.

我們做了很多事情，你知道，如果這對我們有用的話，並且在較小的交易中獲得更高的收益，但這就是我們所看到的。

Okay, cool, great.

好吧，酷，太棒了。

Thanks.

謝謝。

Thanks, Mike.

謝謝，麥克。

(Operator Instructions) BMO capital markets.

（操作員指令） BMO 資本市場。

Please go ahead.

請繼續。

Hi, this is Robin had sitting at Juan.

嗨，這是坐在胡安身邊的羅賓。

Just curious on the Tennessee Tennessee acquisition.

只是對田納西州收購感到好奇。

Could you maybe just elaborate a little bit on the background on the deal?

您能否詳細說明一下這筆交易的背景？

Does usually take 4 to 5 months to take down a deal of this size.

完成如此規模的交易通常需要 4 到 5 個月的時間。

I'm just curious, why would you need it?

我只是好奇，為什麼你需要它？

Given that Ensign has its own sort of captive rate?

鑑於少尉有自己的俘虜率？

And, and who was the seller?

而且，賣家是誰？

Well, some of those questions we really answered as much as we can at this stage.

嗯，其中一些問題我們在現階段確實盡可能地回答了。

So, but in terms of the deal itself, yeah, it's one that, that, that we tied up and, and brought to these different operators, not vice versa.

所以，但就交易本身而言，是的，這是我們捆綁並帶給這些不同運營商的交易，而不是相反。

So, that's why it made sense for, for Ensign to do it with us as opposed to by themselves.

所以，這就是為什麼少尉與我們一起做這件事而不是他們自己做是有意義的。

Got it.

知道了。

And, and is the deal excluded from guidance because it closes so late in the year or, or, or what kind of impact can we assume by year end?

而且，該交易是否被排除在指導之外，因為它在今年這麼晚才完成，或者，或者，或者，或者，或者，或者，我們可以在年底前假設什麼樣的影響？

That's a great question.

這是一個很好的問題。

It's not included in the guidance that was provided so far.

它未包含在迄今為止提供的指南中。

But yeah, I mean, if you, if you, if you just put in the type of accretion that is likely from that, looking at next year, it's going to, we'll wake up on January 1st into double digit fo per share growth.

但是，是的，我的意思是，如果你，如果你，如果你只是考慮到明年可能出現的增長類型，我們將在 1 月 1 日醒來，每股收益達到兩位數生長。

With this deal and the rest of what we've done this year, Of course, real guidance for 2025 will come in our next earnings call.

當然，透過這筆交易以及我們今年所做的其他工作，2025 年的真正指導將在我們的下一次財報電話會議中公佈。

Are there any other portfolios out there where you feel like you might have an inside chance to land a deal of this size?

您認為還有其他投資組合可能有機會達成如此規模的交易嗎？

Yeah, when we, when we quote our pipe, we've, we've sort of made a point this year to, to give the number that we feel is very conservative, very doable, at least at an LO I stage somewhere between lo I to tied up with the purchase agreement and it has about 12 months for us to execute on.

是的，當我們引用我們的管道時，我們今年已經提出了一個觀點，給出了我們認為非常保守、非常可行的數字，至少在 LO I 階段介於兩者之間我與購買協議捆綁在一起，我們有大約12 個月的時間來執行。

But we've also made a point to say that that number because it's fairly conservative does not include everything that we're looking at.

但我們也指出，這個數字相當保守，並不包括我們正在考慮的所有內容。

And that's, that's certainly true today with that $700 million pipeline number that we gave that does not include some larger portfolio deals that that we continue to evaluate?

也就是說，今天確實如此，我們給出的 7 億美元管道數字不包括我們繼續評估的一些較大的投資組合交易？

Okay.

好的。

And what, what the disposition, what was the yield on on them we're collecting in rents there?

我們在那裡收取的租金是什麼，處置情況如何，收益又是多少？

And is there an expectation for rent collection on the remaining eight assets held for sale?

其餘八項待售資產是否有收取租金的預期？

I'm sorry, could you repeat the question?

抱歉，您能重複這個問題嗎？

Sure.

當然。

Yeah, I was curious on the on the dispositions in the quarter.

是的，我對本季的處置感到好奇。

Were you collecting any rent there?

你們那裡收租金嗎？

And, and and is there any rent expectation on the remaining eight.

剩下的八個有租金預期嗎？

Oh, the answer is no and no.

哦，答案是否定的。

Thank you.

謝謝。

(Operator Instructions) Wes holiday with Bear.

（操作員指示）韋斯和小熊一起度假。

Please go ahead.

請繼續。

Hello, everyone.

大家好。

You've essentially doubled the size of the company this year.

今年你的公司規模基本上擴大了一倍。

Close to it.

接近它。

Curious how you're thinking about staffing for next year.

很好奇您如何考慮明年的人員配置。

You know, I think, this time last year, like I, like, I alluded to in my prepared remarks.

你知道，我想，去年的這個時候，就像我在準備好的演講中提到的。

We, we were looking forward to what we thought could be a historic year and made some, made some improvements.

我們，我們期待著我們認為可能是歷史性的一年，並做出了一些改進。

I think I used the word recalibrated the team a bit, which included adding some people.

我想我用了“重新調整團隊”這個詞，其中包括增加一些人。

We are still a very lean group and I think as we sit here today looking at next year, we have a similar outlook for 2025 2026 and beyond.

我們仍然是一個非常精簡的團隊，我認為當我們今天坐在這裡展望明年時，我們對 2025 年、2026 年及以後的前景有類似的展望。

And so, our approach to that is to get ahead of it so that we can execute as flawlessly as possible.

因此，我們的方法是走在前面，以便我們盡可能完美地執行。

So we could, we could certainly be adding incrementally to the team as we head into next year.

因此，當我們進入明年時，我們當然可以逐步增加團隊成員。

And then just one quick follow up.

然後只需一個快速跟進。

I think Bill made a comment.

我認為比爾發表了評論。

If the portfolio closed this year, there might be a one timer in G and a.

如果投資組合今年結束，G 和 a 中可能會有一個計時器。

Do you have an approximate estimate of that?

您對此有一個大概的估計嗎？

He's asking you?

他在問你？

No, I don't have an approximate estimate of it just yet.

不，我還沒有一個大概的估計。

Okay.

好的。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Your next question comes from the line of Rich Anderson with Wedbush.

你的下一個問題來自里奇·安德森（Rich Anderson）和韋德布什（Wedbush）的對話。

Please go ahead.

請繼續。

Hey.

嘿。

Thanks and good morning out there.

謝謝，早安。

So on the on the portfolio, the 500 million, what, what's the mechanism to get these two in the, in the hands of enzyme packs and links?

那麼在投資組合上，5億，什麼，什麼機制可以讓這兩個在酵素包和連結的手中？

Is, is that a happen simultaneously with the close or is there a period of sort of process that is going to, you know, kind of link created some, some lag effect into 2025 in terms of getting to that stabilized coverage.

是與收盤同時發生的，還是有一段時期的某種過程，你知道，某種聯繫會在 2025 年實現穩定的覆蓋範圍方面產生一些滯後效應。

There'll be a.

會有一個.

Period of time where, you know, they'll need to get in and ramp up and get to the stabilized coverage.

你知道，在這段時間裡，他們需要進入並增加並達到穩定的覆蓋範圍。

I mean, it's not a, you know, going to the historical coverage they're looking at, but I mean, it'll take some time for them to put into place the leverage they want to pull to get, you know, the coverage to, you know, their projected stabilization levels.

我的意思是，這不是他們正在研究的歷史報道，但我的意思是，他們需要一些時間來發揮他們想要的槓桿作用，以獲得，你知道的，你知道，他們的預期穩定水平的覆蓋範圍。

But so it takes some time.

但因此需要一些時間。

Yeah.

是的。

You, you can't comment on the current operator.

你，你不能評論當前的操作員。

I mean, I know in terms of who it is.

我的意思是，我知道他是誰。

I think we probably can.

我想我們可能可以。

I think they've released them.

我認為他們已經釋放了他們。

I think it's American health care partners.

我認為是美國的醫療保健合作夥伴。

Oh, excuse me.

哦，對不起。

I didn't, I didn't, I missed that.

我沒有，我沒有，我錯過了。

I apologize.

我道歉。

Okay.

好的。

Bigger picture, you know, you guys have been growing impressively this year.

從更大的角度來看，你們知道，今年你們的成長令人印象深刻。

Sometimes growing at that pace, we've seen it happen, inbound problems occur and ultimately, you know, we've got some, some issues to resolve in the aftermath.

有時以這種速度成長，我們已經看到這種情況發生，出現入站問題，最終，你知道，我們有一些問題需要解決。

I hate to be a cynic here, but you know, how do you, how do you manage those types of risks, you know, you know, your own portfolio, but you don't necessarily know what you're buying as well.

我不想在這裡成為一個憤世嫉俗的人，但你知道，你如何，你如何管理這些類型的風險，你知道，你知道，你自己的投資組合，但你不一定知道你在買什麼。

What gives you the confidence that you're not going to have some 10% of everything that you bought this 1.4 billion is going to require some attention, you know, in the aftermath.

是什麼讓你確信你不會擁有你所購買的這 14 億美元中的 10% 的東西，你知道，事後需要一些關注。

You know, I wonder if you could just comment on, on that process.

你知道，我想知道你是否可以對這個過程發表評論。

Yeah, I'd say that.

是的，我會這麼說。

What, what gives us confidence is that our underwriting discipline has not changed from day one.

讓我們充滿信心的是，我們的核保紀律從第一天起就沒有改變。

We have always said and lived by the mantra that we do not grow for grow's sake.

我們始終恪守這樣的信條：我們不是為了成長而成長。

And we have taken advantage of a a really special window of opportunity that we're in right now, but we haven't done it in a way that in any respect, deviates from our culture or our operating discipline.

我們利用了現在所處的一個非常特殊的機會之窗，但我們的做法在任何方面都沒有偏離我們的文化或營運紀律。

And so when you in this business, when your underwriting decision starts and ends with who is that operator?

因此，當您從事這項業務時，當您的核保決策開始和結束時，該運營商是誰？

And is this the right match for this deal, you're, you're able to take advantage of an opportunity like, like you're seeing us do right now.

這是這筆交易的合適匹配嗎？

Let me ask you this way.

我這樣問你吧。

You know, we've had outsized growth in Medicare reimbursement and Medicaid and many of the states, perhaps a recapture of inflate, not, perhaps a recapture of inflation over the past several quarters and years.

你知道，我們的醫療保險報銷和醫療補助以及許多州的醫療保險報銷和醫療補助都出現了大幅增長，這可能是通貨膨脹的重演，而不是過去幾個季度和幾年的通貨膨脹的重演。

What would you say to the fact that maybe the thrill is gone here in skilled nursing and, and that we're going to start moving back to a more normal pace of reimbursement.

對於熟練護理的興奮感可能已經消失，並且我們將開始恢復到更正常的報銷速度這一事實，您有何看法？

And then you start saying, okay, well, what's the escalator?

然後你開始說，好吧，手扶梯是什麼？

What's the reimbursement rate?

報銷率是多少？

And, and what does that do to coverage over the next few years if we get back to more like a 2% type of number on both the Medicare and Medicaid front on a go forward basis.

而且，如果我們在未來幾年醫療保險和醫療補助方面恢復到 2% 的數字，這會對未來幾年的覆蓋範圍產生什麼影響。

Maybe you could comment on where you think we are in that part of the skilled nursing cycle today.

也許您可以評論一下您認為我們今天在熟練護理週期中的位置。

Thanks.

謝謝。

Yeah.

是的。

Yeah.

是的。

Thank you.

謝謝。

I'd say that what the benefit that we have particularly here at caretrust is that we've been in the skilled nursing business for over 25 years.

我想說的是，我們在 Caretrust 的優勢在於，我們從事熟練護理業務超過 25 年。

So we've seen ups and downs and, and right now we're in a situation where I would call the operating environment, very stable, very steady.

因此，我們經歷了起起落落，現在我們處於一種我稱之為營運環境的情況，非常穩定，非常穩定。

And if we can be in a steady state environment with Medicare and Medicaid, where we're, we're back to kind of historic expectations for moderate, you know, cost of living type, adjustments year in and year out and we go to sort of that pre pandemic environment.

如果我們能夠處於醫療保險和醫療補助的穩定狀態環境中，我們就會回到對中等生活成本類型的歷史預期，年復一年地進行調整，我們會有點像大流行前的環境。

We would be thrilled and, and we are thrilled with it.

我們會很興奮，而且我們對此感到很興奮。

The excitement over here has not started waning at all because the difference is we're going back to a steady state environment.

這裡的興奮感根本沒有開始減弱，因為不同的是我們將回到穩定狀態環境。

But the difference between this steady state environment and the study state environment that we've been used to ex excluding COVID for the last 25 years is that now we're on the very beginning of a demographic wave that is inevitable.

但這種穩態環境與過去 25 年我們習慣於排除新冠病毒的研究環境之間的區別在於，現在我們正處於不可避免的人口浪潮的開端。

So you've got call it 2% increases on Medicare and Medicaid going forward.

因此，您可以將其稱為 Medicare 和 Medicaid 未來 2% 的成長。

But you're in a, you're in an inevitable occupancy increase situation because these demographics are what they are.

但你正處於一個不可避免的入住率增加的境地，因為這些人口統計數據就是這樣。

So as you, as you go into next year or the year after that, five years out, 10 years out, we're really super excited about both skilled nursing and seniors housing.

因此，當您進入明年或後年、五年後、十年後，我們對熟練的護理和老年人住房感到非常興奮。

What is your optimal rent escalator using that mentality in your history?

在您的歷史中，使用這種心態的最佳租金自動扶梯是什麼？

Is it 2%?

是2%嗎？

Is that the, the new, the new normal or is it something higher than that?

這是新常態還是更高的常態？

Just so you don't lose credit over time?

只是為了不隨著時間的推移而失去信用？

Yes, we've always, almost all of our leases are done in the way that we think is optimal and that's CP I based.

是的，我們一直以來幾乎所有的租賃都是按照我們認為最佳的方式完成的，這是基於 CP I 的。

So they've got a ceiling, relatively low ceiling and a floor of zero and that, that hedges against, you know, those escalators out, outrun what those increases are for Medicare and Medicaid.

因此，他們有一個上限，相對較低的上限和零下限，並且，對沖那些自動扶梯，超過了醫療保險和醫療補助的增加。

Okay.

好的。

Got it.

知道了。

Thanks very much.

非常感謝。

Thank you.

謝謝。

And there are no further questions at this time.

目前沒有其他問題。

I would like to turn it back to Dave Sedgwick for closing remarks.

我想請戴夫·塞奇威克（Dave Sedgwick）發表結束語。

Well, we're just really excited and, and grateful for your support and interest and I hope you have a great rest of the day.

好吧，我們真的很興奮，感謝您的支持和興趣，希望您今天休息愉快。

Thank you.

謝謝。

Thank you.

謝謝。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。