CareTrust REIT Inc (CTRE) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everybody to the CareTrust REIT announced its second quarter 2025 operating results conference call. (Operator Instructions) I would now like to turn the conference over to Lauren Beale, CareTrust's Chief Accounting Officer. You may begin.

感謝您的支持。我叫 Janice，今天我將擔任您的會議主持人。現在，我歡迎大家參加CareTrust REIT宣布其2025年第二季經營業績電話會議。（操作員指示）現在，我想將會議交給 CareTrust 的首席會計官 Lauren Beale。你可以開始了。

Thank you, and welcome to CareTrust REIT's second quarter 2025 earnings call. 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 growth prospects.

謝謝，歡迎參加 CareTrust REIT 2025 年第二季財報電話會議。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-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from our expectations. These risks are discussed in CareTrust's REIT's most recent Form 10-K and 10-Q filings with the SEC.

這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。CareTrust 房地產投資信託基金 (REIT) 向美國證券交易委員會提交的最新 10-K 和 10-Q 表格中討論了這些風險。

We do not undertake a duty to update or revise these statements, except as required by law. During the call, the company will reference non-GAAP metrics such as EBITDA, FFO, and FAD or FAD. A reconciliation of these measures to the most comparable GAAP financial measures is available in our earnings press release and Q2 2025 non-GAAP reconciliations that are available on the Investor Relations section of CareTrust's website at www.cartrustreit.com.

除非法律要求，我們不承擔更新或修改這些聲明的義務。在電話會議中，公司將參考非 GAAP 指標，例如 EBITDA、FFO 和 FAD 或 FAD。我們的收益新聞稿和 2025 年第二季非 GAAP 對帳表可在我們的收益新聞稿和 2025 年第二季非 GAAP 對帳表中找到，後者可在 CareTrust 網站 www.cartrustreit.com 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 Wagner, Chief Financial Officer; James Callister, Chief Investment Officer; and Derek Bunker, SVP, Strategy and Investor Relations. I'll now turn the call over to Dave Sedgwick, CareTrust REIT's President and CEO. Dave?

此通話的重播也將在網站上限時提供。參加今天早上電話會議的有總裁兼首席執行官戴夫·塞奇威克 (Dave Sedgwick)、首席財務官比爾·瓦格納 (Bill Wagner)、首席投資官詹姆斯·卡利斯特 (James Callister) 和戰略與投資者關係高級副總裁德里克·邦克 (Derek Bunker)。現在我將電話轉給 CareTrust REIT 總裁兼執行長 Dave Sedgwick。戴夫？

Well, good morning, everybody, and thank you for joining us. Before I share the highlights for the quarter and the many good things yet to come. I think it's important to take a minute to step back and put our growth over the past two years in context. In the second quarter and since, we closed on approximately $1.1 billion of investments, highlighted, of course, by our acquisition of Care REIT and entry into the UK care home market closed in May.

大家早安，感謝你們的收看。在此之前，我分享了本季的亮點以及即將發生的許多好事。我認為，花一點時間回顧過去兩年我們的發展歷程是很重要的。在第二季及之後，我們完成了約 11 億美元的投資，其中最突出的是 5 月收購 Care REIT 並進入英國養老院市場。

Over the past 18 months, we have deployed roughly $2.7 billion of investments, eclipsing the total amount we invested in the prior eight years since our inception. During our Q4 call, when we were celebrating a record $1.5 billion of investments in 2024, which is 7 times the amount of our annual average, I mentioned how we would not rest on that record, but would instead continue full steam ahead.

在過去的 18 個月中，我們已部署了約 27 億美元的投資，超過了我們成立以來八年的總投資額。在我們的第四季度電話會議上，當我們慶祝 2024 年的投資額達到創紀錄的 15 億美元時，這是我們年平均投資額的 7 倍，我提到我們不會停留在這一記錄上，而是會繼續全速前進。

While we quickly followed through and closed our first M&A deal in the Care REIT acquisition in May, diversifying our operator bench, our asset type mix, our payer mix, our geographic concentration and providing a compelling exposure to a key market in which we expect to grow simultaneously with our US opportunity set.

我們迅速跟進並於 5 月完成了第一筆併購交易 Care REIT 收購，從而實現了營運商陣容的多元化、資產類型組合的多元化、付款人組合的多元化、地域集中度的多元化，並為我們預期將與美國機遇同步增長的關鍵市場提供了極具吸引力的曝光機會。

Again, the team did not stop there. Since closing on Care REIT, we closed on another nearly $220 million of investments. and yesterday announced a reloaded pipeline of approximately $600 million that James will talk about in his update.

再次，團隊並沒有就此止步。自從完成 Care REIT 投資以來，我們又完成了近 2.2 億美元的投資。昨天，我們宣布了一項約 6 億美元的重新加載的管道，詹姆斯將在他的更新中談論這一點。

Now the results of this record pace of investments is total revenues are up 63.3% in the second quarter over the prior year quarter. Normalized FFO per share is up 19% and normalized FAD per share is up about 16%, each over the same period.

創紀錄的投資速度帶來的結果是，第二季的總收入比去年同期成長了 63.3%。同期，每股標準化 FFO 上漲 19%，每股標準化 FAD 上漲約 16%。

We've also increased our quarterly dividend by 15.5% year over year, while maintaining a comfortable payout ratio.

我們還將季度股息年增了 15.5%，同時保持了舒適的派息率。

Turning to an update on the quarter. The integration of the Care REIT assets is off to a strong start. James has promised not to use the word plucky again in this, and I promise I won't use a British accent, but I will say we are trust with the operator relationships that we stepped into and have already gained plan with many of them, how to grow together in the near future.

轉向本季的最新情況。Care REIT 資產整合工作開局良好。詹姆斯承諾不再使用「勇敢」這個詞，我也保證不會使用英國口音，但我要說的是，我們信任我們建立的運營商關係，並且已經與其中許多運營商制定了計劃，如何在不久的將來共同成長。

We continue to introduce ourselves to the market and expect more Care Home opportunities to find their way into our pipeline over time.

我們將繼續向市場推出我們自己的產品，並期望隨著時間的推移，更多的養老院機會能夠進入我們的管道。

At the end of June, we acquired Care REIT's former external manager and began the integration of those employees into CareTrust. They're a talented group that brings to the table experience with these assets and market and deep relationships with operators and other key industry participants.

6 月底，我們收購了 Care REIT 的前外部經理，並開始將這些員工整合到 CareTrust。他們是一個才華橫溢的團隊，擁有豐富的資產和市場經驗，並與營運商和其他主要行業參與者建立了深厚的關係。

And we believe a CareTrust UK team will help us source, identify, underwrite, and close on growth opportunities there. Well, it's going to celebrate all of our recent investments, and it's important to highlight what makes us so excited about the near and long-term future prospects.

我們相信 CareTrust UK 團隊將幫助我們尋找、識別、承保並抓住那裡的成長機會。好吧，這將慶祝我們最近的所有投資，重要的是強調是什麼讓我們對近期和長期的未來前景如此興奮。

I'll reiterate what I conveyed on the last few earnings calls, we are not done. We very much feel like we're still in startup mode and hungry to prove ourselves and produce sustainable FFO per share growth over many years to come.

我將重申我在過去幾次財報電話會議上表達的觀點，我們還沒有完成。我們強烈感覺到我們仍然處於新創模式，渴望證明自己並在未來許多年內實現可持續的每股 FFO 成長。

In order to keep the flywheel ripping along with investing in real assets, we've been investing in the people and systems to support their integration and our future growth. In addition to building out our UK presence, we've added key professionals here in the US across tax, finance, investments, and asset management that position us to grow in more markets in more diversified ways.

為了在投資實體資產的同時保持飛輪的正常運轉，我們一直在投資人才和系統，以支持他們的整合和我們未來的發展。除了擴大我們在英國的業務之外，我們還在美國增加了稅務、金融、投資和資產管理領域的關鍵專業人員，這使我們能夠以更多樣化的方式在更多市場中發展。

Our expanded team is stronger, smarter, and hungrier than ever before. And this behind-the-scenes investment in the team, like our investments in real assets, will continue to pay off over time. With that, I'll hand it off to James for a report on investment activity and the acquisition landscape.

我們擴大後的團隊比以前更強大、更聰明、更有進取心。而這種對團隊的幕後投資，就像我們對實體資產的投資一樣，將會隨著時間的推移而不斷獲得回報。有了這些，我會把它交給詹姆斯，讓他提交一份關於投資活動和收購前景的報告。

Thanks, Dave. Good morning, everyone. During the second quarter, in addition to closing the Care REIT acquisition in May, we completed the acquisition of his external manager and began the process of welcoming those employees to CareTrust.

謝謝，戴夫。大家早安。在第二季度，除了 5 月完成對 Care REIT 的收購之外，我們還完成了對其外部經理的收購，並開始歡迎這些員工加入 CareTrust 的流程。

As Dave mentioned, leveraging this platform allows us to focus simultaneously on our growth in both the US and UK across skilled nursing, seniors housing, and care home asset types. Also in the quarter through a joint venture where we provided approximately 95% of the total required investment capital, we closed on an approximately $146 million portfolio of 10 skilled nursing assets in the Pacific Northwest leased to two high-caliber existing operators.

正如戴夫所提到的，利用這個平台可以讓我們同時關注美國和英國在專業護理、老年人住房和養老院資產類型的成長。本季度，我們也透過合資企業提供了所需總投資資本的約 95%，在太平洋西北地區完成了約 1.46 億美元的 10 項專業護理資產組合，租賃給兩家高素質的現有營運商。

These are quality assets that we're very excited about, and it's a testament to the hard work of our team up and down the organization to close on a transaction of this size immediately on the heels of the Care REIT deal. In the rest of the quarter and since, we deployed approximately $110 million in additional capital across skilled nursing real estate acquisitions, preferred equity investments and a mortgage loan.

這些都是令我們非常興奮的優質資產，這證明了我們整個組織團隊的辛勤工作，在 Care REIT 交易之後立即完成如此規模的交易。在本季剩餘時間及之後，我們透過專業護理房地產收購、優先股權投資和抵押貸款投入了約 1.1 億美元的額外資本。

These deals bring our total investments closed year-to-date of approximately $1.2 billion. As we look forward, our investment pipeline remains strong, sitting at approximately $600 million.

這些交易使我們今年迄今的總投資達到約 12 億美元。展望未來，我們的投資管道依然強勁，約 6 億美元。

The quoted pipeline includes some singles and doubles as well as some mid to large-sized portfolio transactions and primarily consists of skilled nursing facilities, but also includes a couple of senior housing deals and a UK care home opportunity. Please remember that when we quote our pipe, we only include deals that we have a reasonable level of confidence that we can lock up and close within the next 12 months.

所引用的管道包括一些單戶住宅和雙戶住宅以及一些中型到大型投資組合交易，主要包括專業護理機構，但也包括一些老年住房交易和一個英國養老院機會。請記住，當我們報價管道時，我們只包括我們有合理信心可以在未來 12 個月內鎖定和完成的交易。

We continue to see a robust pipeline of both broker marketed deals and off-market opportunities sourced through our operator network and other relationships. The flow of prospects spans skilled nursing and seniors housing assets, both triple-net and shop with a measured yet meaningful uptick in overall volume.

我們繼續看到透過我們的營運商網路和其他關係獲得的強大的經紀行銷交易和場外交易機會管道。潛在客戶流涵蓋專業護理和老年人住房資產，包括三重淨資產和商店，總體數量呈現穩定但有意義的上升。

At the same time, we're building our pipeline in the UK, actively evaluating potential acquisitions across the pond and regularly meeting with established and new operators who value a capital partner like CareTrust in a capital type environment.

同時，我們正在英國建立我們的管道，積極評估跨大西洋的潛在收購，並定期與在資本環境中重視像 CareTrust 這樣的資本合作夥伴的現有和新營運商會面。

The UK care home sector represents an additional avenue of accretive growth where our rigorous underwriting, operational expertise, strong balance sheet, advantaged cost of capital, and proven certainty of closing position us to win.

英國養老院產業代表著另一條增值成長途徑，我們嚴格的承保、營運專業知識、強勁的資產負債表、優勢的資本成本以及經過驗證的成交確定性使我們獲得勝利。

Importantly, our pursuit of UK transactions will not slow our primary focus on sourcing and executing high-return real estate acquisitions in the United States as evidenced by around $215 million in US investments closed post Care REIT acquisition and by our reloaded pipeline. And with that, I'll turn it over to Bill.

重要的是，我們對英國交易的追求不會減緩我們在美國尋找和執行高回報房地產收購的首要重點，這一點從我們收購 Care REIT 後完成的約 2.15 億美元美國投資以及我們重新加載的管道中可以看出。說完這些，我就把麥克風交給比爾。

Thanks, James. For the quarter, normalized FFO increased 58.2% over the prior year quarter to $83.1 million, and normalized FAD increased by 53.9% to $83.1 million. On a per share basis, normalized FFO increased $0.07 or 19.4%, $0.43 per share and normalized FAD increased $0.06 or 16.2% to $0.43 per share.

謝謝，詹姆斯。本季度，標準化 FFO 較去年同期成長 58.2% 至 8,310 萬美元，標準化 FAD 成長 53.9% 至 8,310 萬美元。以每股計算，標準化 FFO 增加 0.07 美元或 19.4%，至每股 0.43 美元，標準化 FAD 增加 0.06 美元或 16.2%，至每股 0.43 美元。

During the second quarter, we raised approximately $355 million of cash from equity sales under our ATM and closed on a $500 million term loan. These proceeds allowed us to fund investments, including a portion of the UK to pay off our revolver balance as of June 30, and subsequent to quarter end, pay off approximately $260 million of debt we assumed as part of the Care REIT acquisition.

在第二季度，我們透過 ATM 下的股權銷售籌集了約 3.55 億美元現金，並完成了 5 億美元的定期貸款。這些收益使我們能夠為投資提供資金，包括在英國償還截至 6 月 30 日的循環信貸餘額，並在季度末之後償還我們作為 Care REIT 收購的一部分承擔的約 2.6 億美元的債務。

Also after quarter end, we entered into an interest rate swap to fix the rate on our new term loan for a period of three years with a go-forward all-in rate of 4.6%, bringing our fixed rate debt as a percentage of total debt to 93%.

此外，在季度末之後，我們達成了一項利率互換協議，將我們新的定期貸款的利率固定為三年，未來全包利率為 4.6%，使我們的固定利率債務佔總債務的百分比達到 93%。

In yesterday's press release, we raised guidance for this year to $1.77 to $1.79 for both normalized FFO and normalized FAD per share. This guidance includes all investments closed to date, a diluted weighted average share count of 195.3 million shares and also relies on the following six assumptions, one, no additional investments nor any further debt or equity issuances this year; two, CPI rent escalations of 2.5%.

在昨天的新聞稿中，我們將今年的每股標準化 FFO 和標準化 FAD 指導價上調至 1.77 美元至 1.79 美元。該指引包括迄今完成的所有投資、稀釋加權平均股數1.953億股，並基於以下六個假設：一、今年不進行額外投資，也不發行任何進一步的債務或股權；二、CPI租金上漲2.5%。

Our total cash rental revenues for the year are projected to be approximately $338 million. Not included in this number is straight-line rent of $8 million and the amortization of lease intangibles of $2 million. Three, interest income from financing and receivables of $12 million; four interest income of approximately $87 million, which is made up of $80 million from our loan portfolio and $7 million from cash invested in money market funds.

我們今年的現金租賃總收入預計約為 3.38 億美元。該數字不包括 800 萬美元的直線租金和 200 萬美元的租賃無形資產攤銷。三、融資及應收帳款利息收入1,200萬美元；四、利息收入約8,700萬美元，其中8,000萬美元來自我們的貸款組合，700萬美元來自投資於貨幣市場基金的現金。

Five, interest expense of approximately $44 million, which includes roughly $5 million of amortization of deferred financing fees; and six, G&A expense of approximately $48 million to $52 million and includes about $12 million of stock compensation.

五是利息支出約 4,400 萬美元，其中包括約 500 萬美元的遞延融資費用攤提；六是一般及行政費用約 4,800 萬至 5,200 萬美元，其中包括約 1,200 萬美元的股票補償。

Lastly, our liquidity continues to remain strong. In addition to $65 million of cash on hand, we have $1.14 billion available under our revolver. And despite our record pace of investments, we continue to maintain low leverage with the net debt to annualized normalized EBITDA of 2 times, our net debt to enterprise value was 12.3% as of quarter end, and we achieved a fixed charge coverage ratio of 8.2 times. And with that, I'll turn it back to Dave.

最後，我們的流動性持續保持強勁。除了手頭上有 6,500 萬美元現金外，我們還有 11.4 億美元循環信貸可供使用。儘管我們的投資速度創下了紀錄，但我們仍然保持較低的槓桿率，淨債務與年度化標準化 EBITDA 之比為 2 倍，截至季度末，我們的淨債務與企業價值之比為 12.3%，固定費用覆蓋率達到 8.2 倍。說完這些，我就把話題轉回給戴夫。

Thank you, Bill. Super excited about the performance and super grateful and proud of the team for what we've been able to accomplish over the last couple of years and last quarter. Happy to take your questions.

謝謝你，比爾。我對這次的表現感到非常興奮，並對團隊在過去幾年和上個季度所取得的成就感到非常感激和自豪。很高興回答您的問題。

(Operator Instructions)

（操作員指示）

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Maybe if we could just start on the pipeline. Would you mind kind of talking about the composition of that? I'm curious how much of a contribution in the UK is already starting to see and if you're seeing that ramping? And then maybe Part 2 of that would be what percentage of that is shop, if any? And Dave, you get bonus points for using a British accent.

也許我們可以從管道開始。您介意談論一下它的構成嗎？我很好奇，英國已經開始看到多大的貢獻，以及您是否看到這種貢獻正在增加？那麼，第二部分可能是其中有多少百分比是商店（如果有的話）？戴夫，你使用英國口音會獲得加分。

I'm going to defer to James to answer this one. We'll see if he uses the accent or not we'll fight on that.

我將請詹姆斯來回答這個問題。我們將看看他是否使用口音，我們將就此進行鬥爭。

I got to be true to myself, so I was just going to be me. The pipeline, John, the majority of it is still US skilled nursing. The remainder of it is a combination of US seniors and UK there's definitely a UK transaction in there. And that ramp continues to grow as we continue to engage in and develop relationships with the broker and operator community. And I think there is a component of the seniors housing in the US does consist of shop.

我必須忠於自己，所以我只做我自己。約翰，這個管道大部分仍然是美國熟練的護理人員。其餘部分是美國老年人和英國老年人的組合，其中肯定包含英國交易。隨著我們繼續與經紀人和運營商社區建立聯繫並發展關係，這一增長勢頭將繼續增長。我認為美國老年人住房的一部分確實包括商店。

We have 12 months to realize on that, but we are continuing to actively look at shop and try to source the right deals when we find them.

我們有 12 個月的時間來實現這一目標，但我們會繼續積極尋找商店，並在找到合適的交易時嘗試尋找。

Got it. That's helpful. And then on the shop deals that you're looking at, could you kind of talk about maybe strategically the ones that you're interested in, whether it's core, core plus, or value add and the kind of what tier markets are you looking at? I'm just kind of curious how you position yourself versus peers.

知道了。這很有幫助。然後，關於您正在考慮的商店交易，您能否從策略上談談您感興趣的交易，無論是核心交易、核心加交易還是增值交易，以及您正在關注哪些層級市場？我只是有點好奇你如何定位自己與同行。

Yeah, I mean, I think we're pretty open, John. I think we're really focused on the right operator management relationships based on the deals that come in and looking at can we really find an operator or managed solution that we really like and bet and get comfortable with. I think we're pretty open on the deals. I think we're going to be more competitive in some than others.

是的，我的意思是，我認為我們非常開放，約翰。我認為，我們真正關注的是建立正確的運營商管理關係，這取決於達成的交易，並著眼於我們是否真的能找到一個我們真正喜歡、信賴並感到滿意的運營商或管理解決方案。我認為我們對這些交易持相當開放的態度。我認為我們在某些​​領域會比其他領域更具競爭力。

So I think we're really looking at everything, focusing on the right operator manager solution for that deal. And focusing on the ones that maybe others will be more competitive than we would, but focusing on the ones we feel like you're in a lane and that we can source the right operator for.

所以我認為我們正在認真考慮一切，並專注於為該交易找到合適的營運商管理解決方案。我們專注於那些可能其他人會比我們更有競爭力的項目，但專注於那些我們認為你在一條車道上並且我們可以為你找到合適的運營商的項目。

[Farrell Granath, Bank of America].

[法雷爾·格拉納特，美國銀行]。

Hello. This is Farrell Granath. I also just wanted to dig in a little bit deeper on what you're seeing in your pipeline as some of the overhang when it came to SNFs as kind of lifted slightly with the passing of the reconciliation bill, I was wondering if you've seen anything else coming to the market more or if you've seen greater competition for assets of both SNF, senior housing or even shop as you're coming to the table.

你好。這是法雷爾·格拉納斯。我還想更深入地了解您在規劃過程中看到的情況，因為隨著和解法案的通過，SNF 方面的一些懸而未決的問題有所緩解，我想知道您是否看到其他任何東西進入市場，或者您是否看到 SNF、老年住房甚至商店資產的競爭更加激烈。

I don't think we've seen a meaningful uptick or impact from The Big Beautiful Bill on deal flow at all. I think that you still see regional owner-operators and mom-and-pop starting to bring assets to the market as their recovery is kind of made most of their way through their recovery following COVID and as that has stabilized, a lot of them bringing more stuff to bear and to the market. But I haven't seen really any impact from The Big Beautiful Bill. I think that deal flow is consistent. It's probably been a little uptick recently.

我認為我們根本沒有看到《美麗大法案》對交易流程產生任何有意義的上升或影響。我認為，您仍然會看到區域性業主和夫妻店開始將資產推向市場，因為他們的復甦主要是在新冠疫情之後進行的，而且隨著復甦的穩定，他們中的許多人會將更多的東西推向市場。但我並沒有看到《美麗大法案》真正帶來任何影響。我認為交易流程是一致的。最近可能略有回升。

I think that it's pretty much the same bias at the table in the skilled nursing market as has been for a while. I would say, on seniors, maybe a few more entrants on the private equity side, private money side, but still primarily the public and the known private equity groups have been there for a while now.

我認為，這與專業護理市場上一段時間以來一直存在的偏見幾乎相同。我想說，在資深人士方面，私募股權、私人資金方面可能會有更多的進入者，但主要是公眾和知名的私募股權集團已經在那裡有一段時間了。

Great. And my second question is about the potential synergies. As you were just mentioning about the integration of the CRT team of what we could maybe see especially given your G&A ticked up slightly and with the expectation of that going forward of what that could turn into even in out years?

偉大的。我的第二個問題是關於潛在的綜效。正如您剛才提到的，關於 CRT 團隊的整合，我們可能會看到什麼，特別是考慮到您的 G&A 略有上升，並且預計未來幾年情況會如何？

Hey Farrell, this is Derek. I think First of all, it's going really well. We're excited about those teams. And we felt like with the record pace of investments in real assets over the past 18 months is important to make sure we build a team around it to take care of it and to position ourselves for that diversified growth across markets and kind of future opportunities. So I think you'll see that continue to bear out through the rest of the year.

嘿，法雷爾，我是德瑞克。我認為首先，一切進展順利。我們對這些團隊感到很興奮。我們認為，鑑於過去 18 個月實物資產投資創紀錄的速度，我們必須確保建立一支團隊來處理此事，並為跨市場多元化成長和未來機會做好準備。所以我認為你會看到這一趨勢將在今年餘下的時間裡繼續延續。

But we feel like we've made a lot of headway. At the end of June, we brought in those UK team already, and we made quite a bit of investment in the US team as well. So may not be done, but we've made a lot of headway and really excited about the progress so far and feel like we've positioned ourselves well to support that growth.

但我們感覺我們已經取得了很大進展。六月底，我們已經引進了英國團隊，並且對美國團隊也進行了相當多的投資。所以可能還沒有完成，但我們已經取得了很大進展，並對迄今為止的進展感到非常興奮，並覺得我們已經做好了充分的準備來支持這種增長。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

I guess, James, I want to quickly touch on the pipeline where you said that there were a few senior housing deals. I mean are those deals shopped deals? Or are they just traditional triple-net lease type transactions?

詹姆斯，我想快速談談你所說的一些老年住房交易。我的意思是這些交易是經過購物的交易嗎？或者它們只是傳統的三重淨租賃類型的交易？

Some of both in there.

兩者都有。

And then I know like how can you talk about like the RIDEA platform that you've been kind of looking to get into? I mean, are we -- how is that market looking? Are we any closer to some type of transaction on that side or anything interesting out there to you?

然後我知道您如何談論您一直想進入的 RIDEA 平台？我的意思是，我們──那個市場看起來怎麼樣？我們是否更接近那方面的某種交易，或者有什麼讓您感興趣的事？

I would say that with respect to RIDEA what we've been saying for, I guess, about the last 18 months is still very true, which is -- like James said, we're looking at a range of opportunities, a range of entry points from large deals that would come with the team and platform all the way down to onesie, twosies that would be a more modest entry.

我想說，關於 RIDEA，我們在過去 18 個月中一直在說的話仍然非常正確，就像詹姆斯所說的那樣，我們正在尋找一系列的機會，一系列的切入點，從伴隨團隊和平台而來的大型交易，一直到更為適度的連身衣、雙人衣的切入點。

And we're going to be opportunistic. And we don't feel any pressure to be fast about it. We want to get it right. And I think James' answer to the previous question was right on, where it's less about the size of the deal for shop, and it's all about the operator.

我們將抓住機會。我們並沒有感受到任何需要快速完成的壓力。我們想要把事情做好。我認為詹姆斯對上一個問題的回答是正確的，這與商店交易的規模無關，而是與運營商有關。

When you look at our lease coverage, it's so high, relatively speaking. And that's based on matching great opportunities with great operators. And if we can stay true to that with respect to shop as well, then all of our energy can really be focused on growth. And so I'll say we continue to look at the field, and we'll be opportunistic. I'd be really surprised if we didn't get something done with respect to shop within the next 12 months.

當您查看我們的租賃覆蓋率時，相對而言，它的覆蓋率非常高。這是基於將絕佳機會與優秀的運營商相匹配。如果我們在購物方面也能堅持這一點，那麼我們所有的精力就可以真正集中在成長上。所以我想說，我們會繼續關注這個領域，並抓住機會。如果我們在未來 12 個月內沒有在購物方面取得一些進展，我會感到非常驚訝。

All right. That's helpful. And then I guess last for me is, has the competitive landscape made it more difficult, I guess, specifically on the seniors housing side. I know cap rates for SNFs rarely change? I'm assuming that, that's still kind of holding true. But are you seeing any type of compression on the seniors housing side that might make it more difficult?

好的。這很有幫助。然後我想最後一個問題是，競爭格局是否讓事情變得更加困難，特別是在老年人住房方面。我知道 SNF 的資本化率很少改變？我認為，這仍然是正確的。但是，您是否看到老年人住房方面存在任何類型的壓縮，這可能會使情況變得更加困難？

I wouldn't say to make it more difficult. You just have a much bigger range in the seniors housing world of cap rates, Mike, depending on location, the quality type, the newness of the asset, a whole host of other things. So you see just a different wider range of cap rates you see on the skill side. Don't think anything that makes it particularly difficult. I mean, as you get into lower cap rates, we may not be as competitive as others.

我不會說這會讓事情變得更困難。麥克，老年人住房領域的資本化率範圍要大得多，取決於地點、品質類型、資產的新穎程度以及許多其他因素。因此，您會看到技能方面的資本化率範圍有所不同。不要想任何讓事情變得特別困難的事情。我的意思是，當資本化率降低時，我們可能不如其他人有競爭力。

But I don't think if there's anything makes it particularly difficult. There are more prospective buyers. But I think with the right opportunity, we've got the right operator, we can be pretty gritty and still compete.

但我不認為有什麼事情會讓事情變得特別困難。潛在買家更多。但我認為，只要有合適的機會，有合適的運營商，我們就可以堅持下去並保持競爭力。

[Alec Feygin, Baird].

[亞歷克費金，貝爾德]

First, on the new investment grade rating. Just can you speak on what you would do for the next issuance, whether private placement or another term loan and when that would be?

首先，關於新的投資等級評級。您能否談談下次發行會做什麼，是私募還是另一筆定期貸款，以及何時發行？

Yeah, look, it's Bill. The next issuance, if we did a bond offering, we'd probably wait until we get investment grade from all the different agencies. And it all depends on the size, but all depend on the investment pipeline and what we're closing on at the time. But with equity priced so nicely right now, that's a real good way to fund our investments. .

是的，看，這是比爾。如果我們下次發行債券，我們可能會等到我們獲得所有不同機構的投資評等。這一切都取決於規模，但都取決於投資管道以及我們當時正在完成的事情。但由於目前股票價格如此優惠，這確實是資助我們投資的好方法。。

Yeah. It makes sense. And second for me is thinking of opportunities with new operators, Are you looking at new operators? And would you look to finance deals with them or buy assets right away to start relationships? And just any commentary on new operators?

是的。這是有道理的。其次，我考慮與新運營商合作的機會，您正在尋找新運營商嗎？您是否會考慮與他們進行融資交易或立即購買資產來建立關係？還有關於新運營商的任何評論嗎？

Yeah, Alex, I think we spent quite a bit of time developing a bench of new operators. And that's been the case from day 1. It continues to be the case. I think as we continue to execute on this pipe, you will see -- you'll continue to see a combination of growing with existing operators and bringing on some new ones. .

是的，亞歷克斯，我認為我們花了相當多的時間來開發一批新的操作員。從第一天起情況就是這樣。這種情況至今仍是如此。我認為，隨著我們繼續執行這個管道，你會看到——你將繼續看到與現有運營商一起成長並引入一些新運營商的結合。。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Most of my questions have been answered, but just curious your thoughts on the overall -- I know you talked a little bit about The Big Beautiful Bill already, but like the overall regulatory backdrop, I think, again, things look like they've gone pretty well from a Medicare and Medicaid perspective this year.

我的大部分問題都已得到解答，但我只是好奇您對整體的看法——我知道您已經談了一些關於《美麗大法案》的事情，但就像整體監管背景一樣，我認為，從今年的醫療保險和醫療補助的角度來看，事情似乎進展得相當順利。

But if you're kind of talking about next year where you potentially have increased budget deficits because of the one beautiful -- because of the one Big Beautiful Bill. Does that put additional pressure potentially on what reimbursement could look like next year? Do we start to kind of have the word sequestration flown around a little bit next year?

但是如果你談論的是明年，那麼由於那項“美麗的大法案”，你的預算赤字可能會增加。這是否會對明年的報銷情況帶來額外的壓力？明年我們是否會開始廣泛使用「封存」這個詞？

Well, I suppose it remains to be seen. I think what we're really encouraged by, though, is when there was so much talk and hand wringing over the risk associated to Medicaid in particular. I think what we saw was, in fact, that Medicaid, particularly for skilled nursing for senior care as broad bipartisan support, both at the federal and state level.

嗯，我想這還有待觀察。我認為，真正讓我們感到鼓舞的是，人們對於醫療補助相關風險進行瞭如此多的討論，並對此深感憂慮。我認為，事實上我們看到的是，醫療補助，特別是針對老年人護理的專業護理，並得到了聯邦和州兩黨的廣泛支持。

And if there are some pressures more locally, I think that reality will continue to defend the Medicaid rate for senior care and prioritize it above maybe other Medicaid participants that maybe are younger, able body, that sort of thing.

如果當地存在一些壓力，我認為現實情況是，將繼續捍衛老年護理的醫療補助率，並將其優先於其他可能更年輕、身體健全的醫療補助參與者等。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Thanks Hello, everybody. just honing in again a little bit on sort of the relationship side. Are the shop operators you're speaking to mostly relationships you've had a track record worth? And would that sort of be the initial foray your preference, I guess? Or similarly, are you casting a much wider net as you are across the skilled side?

謝謝大家好。只是再次稍微討論一下關係方面。與您交談的商店經營者是否大多與您有良好的關係？我想，這會是您希望的初次嘗試嗎？或者類似地，您是否在技術方面撒下更大的網？

I would say that we're casting a wider net with respect to shop. And these are -- in some respects, new relationships to CareTrust, but in some respects, long-standing relationships with individuals at CareTrust. So I think that we're spending a lot of time on that front, making sure that we've fully vetted these operators because the economics are different when it's a shop environment, and I want to make sure we get that right.

我想說，我們在商店方面撒下了更大的網。從某些方面來看，這是與 CareTrust 建立的新關係，但從某些方面來看，這是與 CareTrust 個人建立的長期關係。所以我認為我們在這方面花費了大量時間，確保我們已經充分審查了這些運營商，因為在商店環境中經濟狀況是不同的，我想確保我們做對了。

Have you spoken to any of your existing relationships within the portfolio about potential conversion opportunities from the triple net structure to the RIDEA structure?

您是否與投資組合中現有的任何關係人討論過從三重淨結構到 RIDEA 結構的潛在轉換機會？

No, that's not our focus. Our focus is really growing that space de novo.

不，這不是我們的重點。我們的重點其實是從頭開始拓展這個領域。

Understood. That's helpful. And then just one more for me. I just would love to hear an update. You touched a little bit on the integration, but I would like to hear a little bit on some of the synergy side potentially -- if you could provide a figure how far along are you in sort of realizing some of those synergies and just any potential upside to maybe your initial thoughts now that you've had some time to digest the portfolio and integrate some of the team.

明白了。這很有幫助。然後我再說一次。我只是想聽到最新消息。您稍微談到了整合，但我想聽聽您對協同效應方面的潛在看法——如果您可以提供一個數字，您在實現這些協同效應方面進展到了什麼程度，以及在您有時間消化投資組合併整合部分團隊之後，這些協同效應對您最初的想法可能有哪些潛在的好處。

Austin, it's Derek. Yeah, so far, so good. Really excited about the team. I think as we have continued to dig in, go through the process, our confidence in our forecast and what we thought we could accomplish together has only increased.

奧斯汀，我是德里克。是的，到目前為止一切都很好。真的為這個團隊感到興奮。我認為，隨著我們不斷深入，經歷這個過程，我們對我們的預測以及我們認為我們可以共同完成的事情的信心只會增加。

I think last time we had signaled that they were on a run rate of about $10 million, and our synergies are about 50% of that. That would probably kick in mostly in Q1 next year. And I think we're still on track with all that, and it's looking solid. .

我想上次我們已經暗示過他們的運行率約為 1000 萬美元，而我們的協同效應約為其中的 50%。這可能主要會在明年第一季顯現。我認為我們仍在朝著正確的方向前進，而且一切看起來都很順利。。

I will now turn the call back over to David Sedgwick, CEO, for closing remarks. Please go ahead.

現在我將把電話轉回給執行長戴維·塞奇威克 (David Sedgwick) 來做最後發言。請繼續。

Okay. Thank you. Well, I really appreciate everybody's time and interest, and wish you a nice end of the week. Thank you.

好的。謝謝。好吧，我非常感謝大家的時間和興趣，並祝大家週末愉快。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。