CareTrust REIT, Inc. (CTRE) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the CareTrust first quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 CareTrust 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Lauren Beale, CareTrust's Chief Accounting Officer. Lauren, please go ahead.

我現在把會議交給 CareTrust 首席會計官 Lauren Beale。Lauren，請開始。

Thank you, and welcome to CareTrust REIT's first quarter 2026 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. 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 REIT's most recent Form 10-Q filing with the SEC. We do not undertake a duty to update or revise these statements, except as required by law.

謝謝，歡迎參加 CareTrust REIT 2026 年第一季財報電話會議。今天我們將根據管理層目前的預期發表前瞻性陳述，包括關於未來財務表現、股利、收購、投資、融資計畫、業務策略與成長前景等陳述。這些前瞻性陳述存在風險與不確定性，可能導致實際結果與我們的預期出現重大差異。相關風險已在 CareTrust REIT 最近向美國證券交易委員會（SEC）提交的 Form 10-Q 文件中討論。除法律要求外，我們不承擔更新或修訂這些陳述的義務。

During the call, the company will reference non-GAAP metrics such as EBITDA, FFO and FAD. A reconciliation of these measures to the most comparable GAAP financial measures is available in our earnings press release and Q1 2026 financial supplement that are available on the Investor Relations section of CareTrust's website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period.

在本次電話會議中，公司將提及非 GAAP 指標，例如 EBITDA、FFO 與 FAD。這些指標與最可比 GAAP 財務指標之間的調節表，已載於我們的財報新聞稿及 2026 年第一季財務補充資料，並可於 CareTrust 官網投資人關係專區 www.caretrustreit.com 取得。本次電話會議的重播也將在網站上於有限期間內提供。

On the call this morning are Dave Sedgwick, President and Chief Executive Officer; James Callister, Chief Investment Officer; and Derek Bunker, Chief Financial Officer.

今天早上的與會者包括：總裁兼執行長 Dave Sedgwick；投資長 James Callister；以及財務長 Derek Bunker。

I'll now turn the call over to Dave.

我現在把電話會議交給 Dave。

Thank you, Lauren, and good morning, everybody. Thanks for joining us. The first quarter was a strong start to the year and a continuation of the momentum we've been generating over the past several years. We closed approximately $245 million of investments in the first quarter and the pace only accelerated from there. Since the start of April, we have closed a dozen separate transactions for approximately $865 million.

謝謝你，Lauren，各位早安。感謝各位加入。第一季為今年帶來強勁的開局，也延續了我們過去幾年持續累積的動能。第一季我們完成約 2.45 億美元的投資，而之後的步伐更是加速。自 4 月初以來，我們已完成 12 筆獨立交易，總額約 8.65 億美元。

Just last Friday, on May 1, we closed 3 of those 12 deals that we have not yet had a chance to announce, including our second SHOP investment. James will provide color on some of the deals we've closed year-to-date and on the reloaded pipeline of $360 million.

就在上週五，也就是 5 月 1 日，我們在這 12 筆交易中完成了其中 3 筆，而我們尚未有機會對外公告，包含我們第二筆 SHOP 投資。James 將就我們年初至今完成的部分交易，以及重新補充後、規模達 3.6 億美元的案源管線提供更多說明。

Our investments team continues to perform at a phenomenal level. What else can you say? I'll just reinforce that SHOP is an important part of our growth story, and you should expect to see us continue to build that part of the portfolio with the same discipline and operator centered approach we're known for. Deal flow continues to be active and interesting across SHOP, skilled nursing, and UK care homes.

我們的投資團隊持續以極為出色的水準在執行。還能說什麼呢？我只想再次強調，SHOP 是我們成長故事中重要的一環，各位應可預期我們將持續以一貫的紀律與以營運商為核心的方法，擴大這部分的投資組合。在 SHOP、專業護理（skilled nursing）以及英國照護之家等領域，案源流量仍然活躍且具吸引力。

A quick acknowledgment to some of our unsung heroes here. Our accounting team proves every day to be the best pound-for-pound accounting team around. They have shoulder an enormous load onboarding a massive number of new properties and operators across the US and UK while continuing to support the next wave of growth.

也快速向我們一些默默付出的英雄致意。我們的會計團隊每天都證明自己是同級中最強的會計團隊。他們在美國與英國同時導入大量新物業與新營運商，並持續支援下一波成長，肩負了極為龐大的工作量。

Our asset management group continues to do great work curating a strong portfolio and derisking it as we go. And every other function across the company, legal, tax, finance, operations, data analytics, shows up in a way that allows us to keep executing at a very high level and transforms a growing portfolio into a compounding portfolio.

我們的資產管理團隊也持續做出色的工作，精心打造強健的投資組合，並在過程中持續降低風險。公司內其他各項職能——法務、稅務、財務、營運、資料分析——也都以能讓我們維持高水準執行力的方式投入，並將不斷擴大的投資組合轉化為能夠複利成長的投資組合。

The results of the hard work and sacrifice of an extraordinary team produced year-over-year FFO per share growth of 14%, a 16.4% increase to the dividend an upgrade to investment grade by Moody's and a raise to our FFO per share guidance for the year that at the midpoint would be 14.8% higher than 2025. I think you can tell how I feel about my team.

這支卓越團隊的辛勤付出與犧牲，帶來了每股 FFO 年增 14%、股利提高 16.4%、穆迪（Moody's）將我們上調至投資等級，以及我們上調全年每股 FFO 指引——以中位數計算，將較 2025 年高出 14.8%。我想各位可以感受到我對團隊的看法。

Let me talk for a second about our operators. Many of you know, I'm a recovery nursing home administrator. Several of us here have many years of experience inside the buildings. We have always hoped that our operating history and DNA would differentiate us in how, where and with whom we build this portfolio. Our tenants continue to deliver for their employees, residents, patients, and communities.

我想花點時間談談我們的營運商。許多人知道，我曾是復健護理機構的管理者。我們當中有好幾位在機構內部累積了多年經驗。我們一直希望，我們的營運背景與 DNA 能在我們如何、在哪裡、以及與誰一起打造這個投資組合方面形成差異化。我們的承租人持續為其員工、住民、病患與社區交出成果。

We've recently begun a meaningful study of publicly reported CMS outcomes in our skilled nursing portfolio compared to the rest of the sector. The preliminary findings show that skilled nursing operators who lease from CareTrust deliver care that is measurably better than the sector averages. With respect to the CareTrust facilities included in our analysis, we limited it to those facilities that have been under lease for at least four years to give adequate time for Star Ratings to adjust to the new licensed operators.

近期我們開始針對公開揭露的 CMS 指標進行一項具意義的研究，將我們專業護理投資組合的表現與整體產業進行比較。初步結果顯示，向 CareTrust 承租的專業護理營運商所提供的照護品質，可衡量地優於產業平均。就納入分析的 CareTrust 設施而言，我們僅納入已承租至少四年的設施，以便給予足夠時間讓星級評等（Star Ratings）反映新的持牌營運商。

We are specifically pleased to observe in our initial findings that compared to all for-profit operators, our tenants achieve higher overall CMS star ratings and higher health and section star rates. And compared to all operators for-profit and nonprofit, our tenants achieve higher quality measure star ratings, lower rehospitalization rates, and higher successful discharge rates.

我們特別高興在初步結果中觀察到：相較於所有營利型營運商，我們的承租人在 CMS 整體星級評等以及健康與人力配置（staffing）星級評等方面更高。此外，相較於所有營運商（包含營利與非營利），我們的承租人在品質衡量（quality measure）星級評等更高、再住院率更低，且成功出院率更高。

Now let's take a look at how that commitment to quality care translates to the financial health of our operators. Our overall EBITDA rent coverage in our stabilized triple net portfolio remains very strong at 2.25 times and EBITDARM coverage at 2.79 times with broad-based improvements throughout the portfolio. We collected 100% of contractual rent and interest in the first quarter which speaks to the caliber of our tenants and borrowers.

接著我們來看看，對高品質照護的承諾如何轉化為我們營運商的財務健康狀況。我們已穩定的三重淨租（triple net）投資組合之整體 EBITDA 租金覆蓋倍數仍維持在非常強勁的 2.25 倍，EBITDARM 覆蓋倍數為 2.79 倍，且整體投資組合呈現廣泛改善。第一季我們收取了 100% 的合約租金與利息，這也反映出我們承租人與借款人的品質。

Putting it all together, we are in another extraordinary and busy period full of external growth and internal development as we continue to refine our processes that enable a bigger and better care trust portfolio. As we continue to position ourselves with urgency to keep the flywheel going, we see steady deal flow across our three growth engines, and the team is firing on all cylinders. We could not be more excited about where we sit today or about what is still in front of us.

綜合而言，隨著我們持續精進流程、打造更大且更優質的 CareTrust 投資組合，我們正處於另一個充滿外部成長與內部發展、既非凡又忙碌的階段。在我們以緊迫感持續推動飛輪運轉的同時，我們看到三大成長引擎的案源流量穩定，團隊也火力全開。對於我們目前所處的位置，以及前方仍有的機會，我們感到無比振奮。

With that, I'll hand it off to James for a report on investment activity and the acquisition landscape. James?

接下來我把時間交給 James，請他報告投資活動與收購市場概況。James？

Thanks, Dave. Good morning, everyone. During the first quarter, we completed approximately $245 million of investments at a blended stabilized yield of 8.8%. Q1 activity was anchored by a sale leaseback of a fixed property skilled nursing portfolio in the Mid-Atlantic leased to one of our quality operators at a yield of approximately 9%.

謝謝你，Dave。各位早安。第一季我們完成約 2.45 億美元的投資，合併後的穩定化收益率為 8.8%。第一季的活動主要由一筆售後回租交易所帶動，標的是位於美國中大西洋地區（Mid-Atlantic）的固定資產專業護理投資組合，出租給我們其中一家優質營運商，收益率約為 9%。

Q1 also included a meaningful tranche of UK care home investments and a small relationship-driven loan secured by a skilled nurse facility operated by one of our existing operators. Since the start of April, we have closed an additional 12 transactions for approximately $865 million at a blended stabilized yield of approximately 8.9%. Activity was weighted towards US skilled nursing with a meaningful portion of that volume from an opportunistic transaction with a new operating relationship. The deal came together on a very compressed timeline and the fact we got it closed is a real testament to the team's solutions-oriented approach and the deep relationships we've cultivated over many years.

第一季也包含一批具規模的英國照護之家投資，以及一筆由關係驅動的小型貸款，該貸款以一處由我們既有營運商之一經營的專業護理設施作為擔保。自 4 月初以來，我們又完成額外 12 筆交易，總額約 8.65 億美元，合併後的穩定化收益率約為 8.9%。活動重心偏向美國專業護理，其中相當一部分的交易量來自與一個新的營運合作關係所進行的機會型交易。這筆交易是在非常緊迫的時程下完成的，而我們能夠順利完成交割，充分證明團隊以解決方案為導向的作風，以及我們多年來所培養的深厚關係。

Beyond that anchor transaction, the period included: one, additional skilled nursing and senior housing triple net investments with quality tenants across multiple geographies; two, a number of new and incremental loans either to existing operators or borrowers we've admired and desire to work with; three, our second SHOP investment to bring our total portfolio to four communities; and four, lastly, additional UK care home activity. We're particularly encouraged by the pace and size of our UK care home pipeline. Since the beginning of the year, we've continued to build momentum and have closed on investments in 10 care homes across the pond to add to our consistently growing portfolio.

除了那筆錨定交易之外，本期還包括：第一，在多個地區與優質承租人進行更多的專業護理與高齡住宅三重淨租投資；第二，向既有營運商或我們欣賞且希望合作的借款人提供多筆新增與追加貸款；第三，我們的第二筆 SHOP 投資，使我們的整體投資組合達到四個社區；第四，最後，增加英國護理之家相關活動。我們對英國護理之家案源管線的速度與規模尤其感到振奮。自年初以來，我們持續累積動能，並已在大西洋彼岸完成對 10 家護理之家的投資，為我們穩定成長的投資組合再添新資產。

Putting Q1 and post-quarter activity together, year-to-date we have closed approximately $1.1 billion of investments at a blended stabilized yield of approximately 8.9%. Of that total, approximately $705 million has been US skilled nursing or senior housing triple net, roughly $225 million has been US loans primarily secured by skilled nursing facilities and either closed concurrently with asset acquisitions or in anticipation of such, approximately $160 million has been UK care homes and the remainder is SHOP.

綜合第一季及季後活動，截至目前為止，我們已完成約 11 億美元的投資，合併穩定化收益率約為 8.9%。在該總額中，約 7.05 億美元為美國專業護理或高齡住宅三重淨租；約 2.25 億美元為美國貸款，主要以專業護理機構作為擔保，且多數與資產收購同時完成或為預期收購而先行安排；約 1.6 億美元為英國護理之家，其餘則為 SHOP。

Our investment pipeline today sits at approximately $360 million. The composition is heavily UK care homes, which represents over half of the quoted pipe with another approximately 20% comprised of SHOP opportunities and the remainder consisting of triple net, both skilled nursing and seniors housing and a small amount of loan activity. As always, please remember that when we quote our pipeline, we only include deals that we have a reasonable level of confidence we can lock up and close within the next 12 months, and it does not always include large portfolios that we are reviewing.

我們目前的投資案源管線約為 3.6 億美元。其組成以英國護理之家為主，佔報價管線的一半以上；另約 20% 為 SHOP 機會，其餘則為三重淨租（包含專業護理與高齡住宅）以及少量貸款活動。一如既往，請記得我們在引用案源管線時，只納入我們有相當把握能在未來 12 個月內鎖定並完成交割的交易，且不一定包含我們正在審閱的大型投資組合。

A quick note on the current transaction environment. The skilled nursing market remains active, supported by both brokered and proprietary opportunities. Current skilled nursing deal flow is more heavily weighted towards off-market opportunities. And thanks to our deep operator relationships and the strength of our existing portfolio, we are well positioned to continue pursuing skilled nursing transactions aggressively, but with discipline.

簡要說明目前的交易環境。專業護理市場仍然活躍，並同時受到經紀通路與自有來源機會的支持。目前專業護理的交易流量更偏向場外（off-market）機會。憑藉我們深厚的營運商關係以及既有投資組合的實力，我們具備良好條件，能在保持紀律的前提下，持續積極推進專業護理交易。

In the UK, our pipeline is ahead of schedule and growing. We're very pleased with how our London-based team continues to establish the CareTrust culture of by operators, for operators that has expanded our ability to do more deals meet new operators and source opportunities through broker marketed processes and direct relationships. We see meaningful upside there over time.

在英國，我們的案源管線進度超前且持續成長。我們非常滿意倫敦團隊持續建立 CareTrust「由營運商、為營運商」的文化，這擴大了我們承作更多交易、接觸新營運商，並透過經紀人行銷流程與直接關係取得機會的能力。我們認為長期而言這裡具有顯著的上行空間。

In SHOP, while the market remains highly competitive and cap rates keep compressing we are an active player and continue to see significant opportunity to grow that portfolio over the next several years with the right operators and the right assets. Our disciplined underwriting framework combined with a strong focus on long-term operator relationships and a commitment to creative, collaborative transaction structuring will continue to drive sustainable growth across the skilled nursing, senior housing, and UK care home sectors.

在 SHOP 方面，儘管市場仍高度競爭且資本化率持續壓縮，我們仍是積極參與者，並持續看到在未來幾年透過合適的營運商與合適的資產來擴大該投資組合的重大機會。我們嚴謹的承作（underwriting）框架，結合對長期營運商關係的高度重視，以及對創新、協作式交易架構的承諾，將持續推動專業護理、高齡住宅與英國護理之家等領域的可持續成長。

And with that, I'll turn it over to Derek to review our quarterly financial results.

接下來我把時間交給 Derek，請他回顧我們的季度財務結果。

Thanks, James. For the quarter, normalized FFO increased 38% over the prior year quarter to $107.4 million and normalized FAD increased 33% to $107.6 million. On a per share basis, normalized FFO was $0.48, an increase of 14% of the prior year quarter and normalized FAD was also $0.48, an increase of 12% over the same period.

謝謝，James。本季，標準化 FFO 較去年同期成長 38% 至 1.074 億美元，標準化 FAD 成長 33% 至 1.076 億美元。以每股計，標準化 FFO 為 0.48 美元，較去年同期增加 14%；標準化 FAD 亦為 0.48 美元，較同期間增加 12%。

Turning to the balance sheet and capital markets activity. During the first quarter, we settled $129.5 million of gross proceeds under our ATM forward program. Subsequent to quarter end, we settled the remaining outstanding forwards totaling $363.6 million of forward equity contracts outstanding at March 31, bringing our year-to-date total settled forwards to roughly $493 million of gross proceeds in support of our recent investment activity. As of May 7, we had $350 million drawn on our $1.2 billion unsecured revolving credit facility and approximately $70 million in cash on hand. We continue to have no scheduled debt maturities prior to 2028.

接著談資產負債表與資本市場活動。第一季期間，我們透過 ATM 遠期計畫結算了 1.295 億美元的總募集款。季後，我們結算了截至 3 月 31 日仍未結算、合計 3.636 億美元的其餘遠期股權合約，使今年迄今已結算的遠期合約總額約為 4.93 億美元的總募集款，以支持我們近期的投資活動。截至 5 月 7 日，我們在 12 億美元的無擔保循環信用額度下已動用 3.5 億美元，並持有約 7,000 萬美元現金。我們在 2028 年之前沒有任何排定的到期債務。

As Dave mentioned, subsequent to quarter end, we also received an investment-grade rating upgrade from Moody's. This recognition of our balance sheet strength and disciplined approach to capital structure further expands our access to debt capital and supports our ability to fund continued growth on attractive terms.

如 Dave 所提，季後我們也獲得穆迪（Moody's）將評等上調至投資等級。這項對我們資產負債表實力與資本結構紀律作法的肯定，進一步擴大我們取得債務資本的管道，並支持我們以具吸引力的條件為持續成長提供資金。

In yesterday's press release, we raised our 2026 full year guidance. Projecting full year normalized FFO per share of $2 to $2.04 and normalized FAD per share of $1.98 to $2.02. The midpoints of our updated normalized FFO and normalized FAD guidance represent increases of 14.8% and 13.6%, respectively, over 2025 results and increases of 4.9% and 3.9%, respectively, compared to the initial 2026 guidance ranges we issued in February.

在昨天的新聞稿中，我們上調了 2026 年全年指引。我們預估全年每股標準化 FFO 為 2.00 至 2.04 美元、每股標準化 FAD 為 1.98 至 2.02 美元。我們更新後的標準化 FFO 與標準化 FAD 指引中位數，分別較 2025 年結果增加 14.8% 與 13.6%，並分別較我們 2 月發布的 2026 年初始指引區間增加 4.9% 與 3.9%。

The updated guidance is based on a weighted average diluted share count of 234 million shares and includes the following key assumptions: first, no new investments, loans or dispositions beyond those made year-to-date; second, no new debt or equity issuances beyond those made year-to-date; third, 2.5% inflation-based rent escalators under our long-term triple net leases; fourth, $145 million of loans to be fully repaid throughout the remainder of the year; and fifth, no material change in the sterling to dollar spot exchange rate. Additional guidance measures are detailed in our press release yesterday.

更新後的指引係以加權平均稀釋後股數 2.34 億股為基礎，並包含以下主要假設：第一，除今年迄今已完成者外，不再新增投資、貸款或處分；第二，除今年迄今已完成者外，不再新增發債或發股；第三，依我們長期三重淨租租約，租金調升為 2.5% 的通膨連動調整；第四，全年剩餘期間將有 1.45 億美元貸款全數償還；第五，英鎊兌美元即期匯率不發生重大變動。其他指引衡量指標已在我們昨天的新聞稿中詳述。

Lastly, our liquidity continues to remain strong. As I mentioned, we have approximately $70 million of cash on hand, $850 million of availability under our revolving credit facility and roughly $879 million of capacity on our ATM program. Net debt to annualized normalized run rate EBITDA was 0.6 times at quarter end, well below our long-term target leverage range of 4 to 5 times and net debt to enterprise value was approximately 3.6%, aided by an investment-grade credit profile, we have ample dry powder and multiple levers across our capital toolkit to continue funding our recent pace of investment activity.

最後，我們的流動性仍然維持強勁。如我所述，我們約有 7,000 萬美元現金、循環信用額度下尚有 8.5 億美元可用額度，且 ATM 計畫尚有約 8.79 億美元的額度容量。季末淨負債對年化標準化 run rate EBITDA 為 0.6 倍，遠低於我們長期目標槓桿區間的 4 至 5 倍；淨負債對企業價值約為 3.6%。在投資等級信用體質的助益下，我們擁有充足的「乾火藥」以及資本工具箱中的多種槓桿，可持續為我們近期的投資活動速度提供資金。

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

接下來我把時間交回給 Dave。

Thanks, Derek. Well, we hope that the report has been helpful. I appreciate all the interest and support. We'd be happy to take your questions at this time.

謝謝，Derek。我們希望這份報告對各位有所幫助。感謝大家的關注與支持。我們很樂意在此時回答各位的問題。

(Operator Instructions) Farrell Granath, Bank of America.

（接線員指示）美國銀行 Farrell Granath。

I want to dig in a little bit deeper on your comments about what portfolio considerations that is not currently contemplated in guidance can you give a little details on maybe some larger portfolios you were evaluating year-to-date that potentially you passed on and maybe why that would have happened?

我想更深入了解一下你們提到的、目前指引尚未納入的投資組合考量。你能否提供一些細節，例如你們今年迄今評估過但可能最後放棄的一些較大型投資組合，以及可能發生的原因？

Well, when we look at -- when we put our pipe, as you know, we have the custom of not including larger portfolios that we're pursuing because even though we may have a strong interest in them, sometimes they're fishnet expeditions by the sellers. They may not be real. It's a lower probability of landing those. And so a prime example is what just happened with this large deal in California, that was something that actually materialize very quickly that couldn't have been included in our previously quid pipe. So that's just our practice to not get too ahead of things. Sometimes the deals either we decide to pass on them or they decide to go in a different direction.

嗯，當我們在看——當我們列示我們的管線時，如你所知，我們的慣例是不把正在追蹤的較大型投資組合納入，因為即使我們對它們有很強的興趣，有時候賣方只是撒網式試水溫。它們可能不是真的。成交的機率較低。因此，一個很好的例子就是剛剛在加州發生的那筆大型交易，那其實是非常快速地成形，先前不可能納入我們之前所引用的管線中。所以這就是我們的做法：不要把事情說得太早。有時候交易要嘛是我們決定放棄，要嘛是對方決定走不同方向。

Okay. And also, I will tell you that in some of the previous earnings calls of peers, we've heard added commentary of increasing competition also in the SNF market that has been difficult to transact less product is coming to the market and also this larger increase in private capital. I'm curious if you can add a little bit more color on the skilled nursing side, how you're able to source so many deals and maybe where you're sourcing those.

好的。另外，我也想跟你說，在一些同業先前的財報電話會議中，我們也聽到更多評論提到 SNF 市場的競爭正在加劇，交易變得更難、上市的產品更少，以及私人資本的大幅增加。我想請你在專業護理這一端再多補充一些細節：你們如何能夠取得這麼多案源，以及這些案子主要是從哪裡來的。

Sure, Farrell, this is James. I mean I would say that this market is at this point, a predominantly off-market, if you will. And I think that it has for a little while, been predominantly relationship driven. It's a little bit more unpredictable because you're not getting a constant flow of broker deals like you are maybe shop. But I think that it has been like that for a while.

當然，Farrell，我是 James。我的意思是，我會說這個市場在目前這個時間點，基本上以場外交易（off-market）為主。而且我認為在一段時間以來，它主要是由關係所驅動。它比較難以預測，因為你不像可能在 SHOP 那邊一樣，會有源源不絕的仲介案子流入。但我認為它一段時間以來一直都是這樣。

And I think that the track record we have shows that relationships are just super important. And I don't think you're going to typically find bread and butter sale leaseback at a 9.5% with no creativity needed like you may have five years ago, but that's been the case for a while now.

而且我認為我們的過往紀錄顯示，人脈關係真的非常重要。我不認為你通常還能像五年前那樣，找到那種不需要任何創意設計、以 9.5% 做出「基本款」售後回租（sale-leaseback）的交易，但這種情況也已經持續一段時間了。

So I think it just takes increased creativity. It takes relationship-based deals and you really have to rely on the off-market relationships to the SNF market today. And I think our track record shows that we've been doing that successfully.

所以我認為就是需要更高的創意。需要以關係為基礎的交易，你真的必須仰賴目前 SNF 市場的場外關係來做。而我認為我們的紀錄顯示，我們一直都能成功做到這點。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Dave or Derek, I guess, with the dual investment-grade rating and just kind of continued improvement in your long-term cost of capital, I mean, how do you think of the benefit of achieving this goal? And then utilizing that for maybe some strategic opportunities or even the flexibility it gives for your ability to source even some of the larger portfolios from time to time.

Dave 或 Derek，我想問一下，隨著你們取得雙重投資級評等，且長期資金成本持續改善，你們如何看待達成這個目標所帶來的效益？以及接下來如何運用它來把握一些策略性機會，甚至是它在你們不時取得較大型投資組合的案源能力上，所提供的彈性。

Austin, it's Derek. I think you kind of hit it in your question there. We've been fortunate to have strong access and support from capital markets to really underwrite and pursue a lot of our investment activity. And we feel like with just the added benefit of the upgrade from Moody's recently that it only gives us more optionality and expands our access, I think, deeper if we do decide to do an inaugural issuance in the high-grade market, and that's certainly on our radar there, especially as we grow and we start to pad out the balance sheet a little bit. So we're excited about it. We're thrilled. We really like what we see in the pipeline and beyond just for the next several years. And so having that option, we're really excited about it.

Austin，我是 Derek。我想你在問題裡其實已經點到重點了。我們很幸運能夠獲得資本市場強勁的進入管道與支持，讓我們得以真正承作並推進許多投資活動。而我們認為，近期 Moody's 調升評等所帶來的額外好處，只會讓我們有更多選擇性並擴大我們的融資管道；我想如果我們決定在高評級市場進行首次發行（inaugural issuance），我們的觸及面也會更深，這當然也在我們的雷達上，特別是隨著我們成長、資產負債表也開始再更充實一些。所以我們對此感到很興奮。我們非常高興。我們很喜歡目前看到的案源管線，以及未來幾年的展望。因此，有這個選項在手，我們真的很期待。

And maybe, Dave or James, within SHOP, you've talked a lot about just -- and others for that matter, the competition of the investment landscape I mean, what's been your hit rate on deals that you've been on? And I'm just curious if off-market opportunities as you continue to develop even more relationships similar to what you referenced and skilled as being sort of the best way to grow that portfolio? What's kind of the current process and strategy to continue to build that out within just that segment within the overall portfolio.

另外，Dave 或 James，在 SHOP 方面，你們談了很多——以及其他人也提到——投資環境的競爭。我想問你們在參與的案子上，中標率（hit rate）大概如何？我也想了解，隨著你們持續建立更多關係，是否像你們在專護（skilled）那邊提到的，場外機會會是擴大該投資組合的最佳方式？在整體投資組合之下，就這個區塊而言，目前持續擴建的流程與策略大概是什麼？

Yes. I mean I think Austin, this is James, you make a really good point, which is that, look, if in SHOP right now, given the amount of competition, if we do get an off-market deal or some other in our unique relationship on a deal that comes through, we're going to prioritize that you're going to look at that works and make a more heavy run at it. So I think that's definitely the case given the amount of competition right now.

是的。我的意思是，Austin，我是 James，你提到一個很好的點：你看，現在 SHOP 的競爭這麼激烈，如果我們拿到一筆場外交易，或是透過我們獨特的關係而出現的案子，我們會優先處理——會去看它是否可行，並且更積極地去爭取。所以在目前競爭程度之下，我認為確實是這樣。

And I mean as far as hit rate, I mean, it's a small percentage of deals that we see come across the desk that we decided to be on. It's a smaller percentage that we decide to really push and start to stretch a little bit of the deals that we really push and stretch I don't know what the exact hit rate is. I mean it's a competitive market right now. I think that given the cost of capital we have and the access to capital, if we really decide we want a deal that it fits for us and we're going to stretch. It's a pretty good chance we're going to be in the last one or two and hopefully get it.

至於中標率，我的意思是，我們看到桌上流過的案子裡，最後我們決定要參與的其實只是一小部分。而在我們決定要真正用力推進、甚至稍微拉伸（stretch）條件的案子裡，占比又更小；至於那些我們真的用力推、願意拉伸的案子，確切的中標率我不確定。我的意思是，現在市場競爭很激烈。我認為以我們的資金成本與資金取得能力來看，如果我們真的決定想要某一筆、而且它符合我們的策略、我們也願意拉伸，那我們很有機會會進到最後一、兩名，並希望能拿下來。

But overall, it's a pretty low hit rate just given the number of deals that are coming across right now. But much of that low hit rate is based on the fact that we don't elect to pursue most of what comes across the desk.

但整體而言，中標率相當低，主要是因為目前流入的案子數量很多。不過這個偏低的中標率，有很大一部分是因為我們並不會選擇追逐桌上大多數的案子。

And then just lastly, how much would you say cap rates have compressed since you really started to evaluate transactions.

最後一個問題，你會說自從你們開始評估交易以來，資本化率（cap rates）大概壓縮了多少？

In SHOP if we're talking about great compression. I mean, it's hard to put an exact nose on it. There's a range in SHOP often as you know, between where our primary market, if you're a Class A or where you fit in range from the best building or two in a primary market to the best few buildings in a secondary or tertiary. I would say right now, it feels like Class A in the primary market is going to have a 5 handle on it, and you're going to go up the range from there. So I would say in the last -- it's hard to say in there, but I would say in the last months, cap probably compressed 50 bps or more.

如果我們談的是 SHOP 的大幅壓縮。我的意思是，很難精準地給出一個確切數字。如你所知，SHOP 的 cap rate 區間很大，取決於你所在的主要市場、是否為 A 級（Class A），以及你落在區間的哪個位置——從主要市場裡最好的那一、兩棟，到次級或第三級市場裡最好的幾棟。我會說現在感覺主要市場的 A 級資產大概會落在 5% 開頭（5 handle），然後再從那裡往上走。所以我會說在過去——這裡很難講得很精準——但我會說在過去幾個月，cap rate 可能壓縮了 50 個基點（bps）或更多。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO Capital Markets。

Just hoping you could talk a little bit about the loan book its grown as a preponderance of the transactions that you did in the first quarter when companies but including the financing receivables. So just curious on how big you're comfortable with that getting? And any sort of color you can give on some of the loans you did, any options for the operators to buy back the real estate we should be thinking about? Or just generally more color on those investments.

想請你們談一下放款組合（loan book）。它在第一季你們做的交易中占了相當大的比重，還包括融資應收款（financing receivables）。所以我想了解，你們對它成長到多大規模會覺得比較舒適？以及你們能否就你們做的部分貸款提供一些細節：營運商是否有任何買回不動產的選擇權（options）是我們需要納入考量的？或是更一般性地，請多分享一些這類投資的資訊。

Well, I'll start with that, Juan, this is Dave. I think our strategy with respect to lending was really established a few years ago and has been a key determent for the explosive growth that we've had. And the key feature of that strategy is that we'll only do loans really if it includes real estate acquisitions, or we're confident that it will lead to real estate acquisitions. And the activity that you've seen recently fits -- checks those boxes.

好，我先回答這個，Juan，我是 Dave。我認為我們在放款方面的策略其實在幾年前就已經確立，而且一直是我們爆發性成長的一個關鍵決定因素。而這個策略的核心特徵是：我們只會在貸款包含不動產收購，或我們有信心它將導向不動產收購的情況下，才會做貸款。而你最近看到的活動，確實符合——也就是勾選了——這些條件。

The real estate that we've acquired came with some loans that were necessary to get the deals done. And even on the financing and receivables side, it's a little bit misleading because it's more of an accounting rule that causes what we consider a sale leaseback to be accounted for as a financing receivable because of the purchase options. But because those purchase options are so far out 9, 10 years. We view that much more as a sale leaseback. But technically, it will look like the loan book has grown more than it really will feel like it for the next 10 years.

我們所收購的不動產，隨附了一些為了完成交易所必須承作的貸款。即便是在融資與應收款項這一端，也有點容易造成誤解，因為主要是會計準則的緣故，使得我們認為屬於售後回租（sale leaseback）的交易，因為含有購買選擇權而被會計上認列為融資應收款（financing receivable）。但由於那些購買選擇權的行使時間非常久遠，約在 9、10 年之後。我們更把它視為售後回租。但從技術上來看，未來 10 年內它看起來會像是放款帳簿（loan book）的成長幅度，比實際體感到的成長還要大。

Great. And then -- just curious on seniors housing on the SHOP side. How are you thinking about what markets you're looking to target? You've kind of mentioned cap rates in the primary markets with the 5 handle and/or the type of assets, whether they're core or core plus value kind of where do you think there is the best opportunity for the company.

了解。接著——我只是好奇關於高齡住宅在 SHOP 這一端。你們在思考要鎖定哪些市場？你們先前提到主要市場的資本化率（cap rates）大概在 5 字頭，和／或資產類型（核心型或核心加值型），你們認為公司在哪裡有最佳機會？

And I think that we would -- this is James, we're still pretty agnostic in the market. I mean, we want primary, secondary, some tertiary, but we're really going to look at it on a deal-by-deal basis. So we're going to pursue it opportunistically. We view that we want to underwrite to an IRR of low double digits, and we see a lot of paths to get there and every deal is going to get the same path to get there. So we don't have one box that has to fit.

我想我們會——我是 James——我們目前對市場仍相當不設限。也就是說，我們想要主要市場、次要市場，也會看一些第三級市場，但我們真的會以逐案（deal-by-deal）方式來評估。所以我們會以機會型方式去追求。我們認為承作時希望能承銷到低雙位數的 IRR，我們看到很多可以達成的路徑，而且每一筆交易都會有其達成該目標的路徑。所以我們沒有一定要塞進某個固定框架。

We're going to look at each deal, we're going to be opportunistic, and we're going to say, what's this deal's path to a low double-digit IRR. Do we have confidence in that path? And if we do, we're going to make a run at it. If we don't, we're going to pass.

我們會看每一筆交易、保持機會主義，並問：這筆交易達到低雙位數 IRR 的路徑是什麼？我們對那條路徑有信心嗎？如果有，我們就會全力爭取。如果沒有，我們就會放棄。

So that path is really different if you're in a primary market and if you're in secondary tertiary, I think typically, we want to be in one of the one or two maybe three best facilities in a market. We want an operator that is a regional sharpshooter with experience in that area that has reporting capabilities to help us on the SHOP side but has a proven track record in that market of success, and that's kind of the parameters around it will pursue deals in SHOP right now.

所以這條路徑在主要市場，和在次要、第三級市場會很不一樣；我想一般而言，我們希望在一個市場裡成為前一、前二，或最多前三名的設施。我們希望合作的營運商是具區域優勢、在該區域有經驗的「精準射手」，在 SHOP 端也具備回報／報表能力來協助我們，同時在該市場有成功的可驗證紀錄；這些大概就是我們目前在 SHOP 追案的參數。

Michael Carroll, RBC Capital Markets.

RBC Capital Markets 的 Michael Carroll。

I kind of wanted to talk a little bit more about the valuations just across portfolio? I know historic the shock cap rates have kind of come in. What about like the skilled nursing facility in the UK care homes? I mean, have those markets been any more competitive over the past few quarters? I mean how are you thinking about the competitive landscape in those property types?

我想再多談一點整體投資組合的估值？我知道過去 SHOP 的資本化率似乎有下行。那像英國的護理之家（care homes）或（美國的）專業護理機構（skilled nursing facility）呢？這些市場在過去幾季有變得更競爭嗎？你們如何看待這些資產類型的競爭態勢？

Yes. I mean skilled -- I still feel like it's really changed that much in the past year. You've had a lot of family office. You have a lot of fierce competition. There's just fewer buyers in the US SNF side, but it's the same groups. We see really on every deal. So there's still a lot of competition, Mike, but it's the same players, if you will. So I haven't seen cap rates change much, maybe a little bit. We've had to get bigger deals. We're going to go below a 9% yield on the lease to get a deal if it's big enough and the right operator.

是的。我是說，專護——我仍然覺得過去一年並沒有真的改變那麼多。你看到很多家族辦公室。競爭非常激烈。在美國 SNF 這一端買方變少了，但還是同一批團體。我們幾乎每一筆交易都會看到。所以競爭仍然很多，Mike，但如果你要說的話，還是同樣的玩家。所以我沒有看到 cap rate 有太大變化，可能有一點點。我們必須做更大規模的交易。如果交易夠大、營運商也合適，我們願意把租賃收益率（lease yield）做到低於 9% 來成交。

In the UK, can be a little bit of increased competition, but we're still seeing for the product we're looking at yields are still going to be in the mid-8s for us. So that's pretty typical. It's more like a senior selling asset over there. So that's pretty difficult for -- if you were to do seniors housing triple net deals here. So we like that kind of yield and basis. So it's maybe a little bit uptick in competition in the UK, but nothing comparable to the uptick in SHOP competition you see here.

在英國，競爭可能有些增加，但我們仍看到就我們要找的產品而言，對我們來說收益率仍會在 8% 中段。所以那相當典型。那邊更像是高齡賣方在出售資產。所以如果你在這裡做高齡住宅的三網（triple net）交易，會相當困難。所以我們喜歡那樣的收益率與成本基礎（basis）。因此英國的競爭或許小幅升溫，但完全比不上你在這裡看到的 SHOP 競爭升溫程度。

And then can you provide us some details on the recent SHOP deal? Is that with a relationship operator that you could grow with? I mean, was it in a primary, secondary market? I mean, how should we think about that specific transaction?

另外，你能否提供一些近期 SHOP 交易的細節？那是與你們可以一起擴張的關係型營運商合作嗎？是在主要市場還是次要市場？我們應該如何理解那筆特定交易？

Yes. In -- Arizona was done with the relationship operator. We’ve known for a long time. This is the first deal with them, but we've known them for a very long time, sought to do deals with them for a long time. They're the current operator in the billing.

可以。在——亞利桑那州那筆是與我們的關係型營運商一起做的。我們認識他們很久了。這是我們與他們的第一筆交易，但我們認識他們非常久，也長期希望能與他們做交易。他們是該棟建物目前的營運商。

We had a great relationship with the seller. We've been buying buildings from them for the last few years and hope to continue to buy buildings from them in the future. It's about 110 units of assisted living. They're going in estimated year 1 yield is going to be in the 8. And we like the market.

我們與賣方關係很好。過去幾年我們一直向他們買建物，也希望未來能繼續向他們購買。這是一個約 110 個單位的輔助生活（assisted living）。他們預估第 1 年的收益率會在 8% 左右。而且我們喜歡這個市場。

We like this operator. We'd like to grow with them and think that we will -- and we like the path to get us to that low double-digit IRR. It's a pretty stable asset. So it's not in lease-up or other turnaround situation. It's really just making some tweaks to optimize the performance a bit to get us to that low double-digit IRR.

我們喜歡這個營運商。我們希望能與他們一起成長，也認為我們會——而且我們喜歡能把我們帶到低雙位數 IRR 的那條路徑。這是一個相當穩定的資產。所以它不是在招租爬坡（lease-up）或其他需要翻轉（turnaround）的情況。基本上只是做一些微調來稍微優化表現，讓我們達到低雙位數 IRR。

Okay. Great. And then lastly, Derek, can you talk a little bit about, I guess, CareTrust's desire to enter the debt markets? And should we think about another bond being pound-denominated, just kind of naturally hedged some of your UK exposure? Is that tenor process? Or should we think about that as US dollar-denominated debt?

好的。很好。最後，Derek，你能談談我想是 CareTrust 進入債務市場的意願嗎？我們是否應該預期下一筆債券會以英鎊計價，作為對你們英國曝險的自然避險？那是期限（tenor）的考量嗎？或者我們應該把它視為以美元計價的債務？

Yes. Thanks, Mike. I think if we do something this year, and we're exploring that option pretty deeply, heavily you'll see it denominated in USD. We're conscious and aware of our exposure to the pound sterling and we really like our current program and is doing very well and paired with the pipeline, which has been growing very consistently and I think, exceeding our expectations a bit to the team there, where we feel like we're sort of naturally hedged a little bit in terms of buying pounds and being short dollars. I think given the pricing differential there, we'll continue to put things on our balance sheet here and keep it denominated in USD as we explore it.

是的。謝謝，Mike。我想如果我們今年要做什麼，而且我們正在相當深入、積極地評估這個選項，你會看到它以美元（USD）計價。我們清楚並留意我們對英鎊的曝險；我們也很喜歡目前的計畫，運作得非常好，並且搭配那條一直相當穩定成長、我想也稍微超出我們預期的案源管線（pipeline），要歸功於那邊的團隊；因此我們覺得在買入英鎊、同時相對做空美元的角度上，我們某種程度上有一點自然避險。考量到兩邊的定價差異，我們會繼續把資產放在這邊的資產負債表上，並在我們探索的同時維持以美元計價。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀。

This is Justin Haasbeek on for Michael Goldsmith. I noticed that occupancy in your skilled nursing portfolio was up in 4Q '25. Is that primarily due to recently acquired properties? And maybe can you talk about how you feel occupancy will trend this year if pre-COVID SNP occupancy was 80% roughly, does the demographic tailwind push that number up significantly over the coming years?

我是代替 Michael Goldsmith 的 Justin Haasbeek。我注意到你們的專業護理（skilled nursing）投資組合在 2025 年第四季的入住率有所上升。這主要是因為最近收購的物業嗎？另外，如果疫情前 SNP 的入住率大約是 80%，你能談談你認為今年入住率的走勢嗎？人口結構的順風是否會在未來幾年把這個數字顯著推高？

Yes. So skilled nursing has been kind of on a steady, modest in climb really since it bottomed out in '21. It's difficult to say one quarter versus the other, what exactly happened across the portfolio of our size. But the direction of travel, we believe, will continue to be what it has been. But we -- the difference being, I think, in the coming years, it's going to start ramping up significantly.

是的。所以專業護理自 2021 年觸底以來，基本上一直在穩定、溫和地回升。以我們這樣規模的投資組合來看，很難說某一季相較於另一季，整個投資組合究竟發生了什麼具體變化。但我們認為，整體趨勢方向會延續目前的走勢。不過我們——我認為不同之處在於，未來幾年它將開始顯著加速上升。

The demographics are inevitable. And of course, that's what has been kind of the basis for the SHOP and the skilled nursing excitement and investment by institutional investors. So yes, I think while we're in the low 80s as an industry and around 80% in our portfolio, five to seven years from now, I think it's going to be dramatically different.

人口結構的變化是不可避免的。當然，這也一直是機構投資人對 SHOP 與專業護理感到興奮並投入資金的基礎。所以是的，我認為雖然目前整個產業在 80% 出頭、而我們的投資組合大約在 80% 左右，但五到七年後，我認為情況會截然不同。

Great. And then last one for me. Can you walk through the increase in the guidance for G&A, the changes in interest income and interest expense as well?

很好。那我最後一個問題。你能說明一下你們上調 G&A 指引的原因，以及利息收入與利息費用的變動嗎？

Yes. Thanks, Justin. The increase in G&A is almost entirely due to just hitting key KPIs for STI given our performance and kind of guide for FFO and investment spend to date. So we kind of started with a nice accrual there. We're just sort of catching up.

好的。謝謝你，Justin。G&A 的增加幾乎完全是因為，基於我們的表現以及目前對 FFO 與截至目前投資支出的指引，我們達成了短期激勵（STI）的關鍵 KPI。所以我們在那裡先做了一個不錯的應計。我們只是把進度補上。

We're also continuing to build out the team a little bit just to support overall growth, not just shop but just generally across the organization, really just sort of rounding out the team at the moment, coming off a couple of years of growth there.

我們也持續小幅擴編團隊，以支援整體成長，不只是 SHOP，而是整個組織層面更廣泛的成長；基本上就是在目前把團隊配置補齊，因為過去幾年成長很快。

Interest income and expense is really just moving around in part because of a strong downward revolver this quarter to date to fund the acquisitions and not anticipating or not incorporating the pipeline or future acquisitions into guidance. We're just sort of taking a snapshot there and running out the interest income and interest expense.

利息收入與利息費用的變動，主要是因為本季迄今我們大幅動用循環信貸（revolver）來為收購案提供資金，同時在指引中並未預期或納入管線或未來收購。我們只是做了一個時間點的快照，並據此推算利息收入與利息費用。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So my first question is, are you finding that building and buying -- building out your SHOP platform is proving to be more challenging than perhaps you thought going into it. I recall back in Dallas Nareit, you've made your first SHOP deal and everyone is like, okay, it comes CareTrust, but it's been a little bit slow. And perhaps to your credit, you're not growing for the sake of growth. But do you find yourself a little bit surprised by how tough it is to move the needle on in building the SHOP platform while some of your peers in the REIT space are certainly pacing themselves at a faster clip than you at this point? Just curious your thoughts there.

我第一個問題是：你們是否發現，建立並擴張你們的 SHOP 平台——不論是自建或收購——比你們一開始預期更具挑戰？我記得在達拉斯的 Nareit，你們做了第一筆 SHOP 交易，大家都覺得「好，CareTrust 來了」，但進展似乎有點慢。而且也許值得肯定的是，你們不是為了成長而成長。但你們是否有點意外，在打造 SHOP 平台、推動規模成長方面會這麼難？因為你們在 REIT 領域的一些同業目前的節奏確實比你們快。想聽聽你們的看法。

Yes. On some level, it's been a little bit surprising, not so much that it's been competitive because we know and knew as we were entering in that it's a very competitive seen. I think one of the surprises has just been to see how aggressive some of our competitors' underwriting has been. Even for the deals that, like James talked about, that we really like, it'll be stretched for, we sometimes get beat by folks that don't nearly have the cost of capital that we do.

是的。某種程度上確實有點出乎意料；倒不是因為競爭激烈，因為我們在進入之前就知道、也一直知道這是一個競爭非常激烈的領域。我覺得其中一個意外是看到一些競爭對手在承作評估（underwriting）上有多麼激進。即便是像 James 提到、我們非常喜歡的交易，有時也會被一些資金成本遠低於我們的人用更高的價格搶走。

And I think it may speak a little bit rich to us really being agnostic across three growth engines. And the reality is we haven't in essence, painted ourselves in a corner with respect to having to do SHOP or feeling compelled to put money to work there. So I think that really is our advantage because we have the freedom to maintain the discipline that we've built the CareTrust portfolio on. And so yes, I think we're pleased with what we've done so far. I think we'll continue to grow it. And over time, it will become meaningful. And I think our confidence in the deals that we do get is very high.

我想這也多少反映出，我們在三個成長引擎之間其實是相對不偏好的（agnostic）。現實是，我們並沒有把自己逼到非做 SHOP 不可的角落，也不會覺得必須在那裡把資金投出去。所以我認為這正是我們的優勢，因為我們有自由去維持我們在打造 CareTrust 投資組合時建立的紀律。因此，是的，我們對目前所做的成果感到滿意。我認為我們會持續擴張。隨著時間推進，它會變得有意義。而且我認為，我們對於能拿到手的交易，其信心非常高。

Okay. Great. Second, when you talk about larger portfolio deals not included in the $360 million pipeline, are there any larger SHOP deals in that portfolio of potential deals?

好的。很好。第二個問題，你提到一些較大型的投資組合交易沒有納入 3.6 億美元的管線中；在那些潛在交易的投資組合裡，有沒有任何較大型的 SHOP 交易？

No, I don't think so. I think what we're -- the chunkier deals right now that we're evaluating our in UK and US SNF.

沒有，我想應該沒有。我認為我們目前在評估的較大筆交易，主要是在英國以及美國的 SNF（專業護理機構）。

Okay. And then quickly for me. OHI has talked about applying RIDEA to their UK business. Is that at all on the table for you guys at this point? Or are you too new there at this juncture?

好的。那我再快速問一個。OHI 曾談到把 RIDEA 應用到他們的英國業務。你們目前有把這件事納入考量嗎？還是說你們在那邊才剛起步、現階段還太早？

Yes. I think there will be a time when that opportunity presents itself for us. So we should be ready to do that.

是的。我認為未來會有某個時點，這個機會會出現在我們面前。所以我們應該要準備好去做。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Now that there's been some time since the original Care REIT acquisition, how has that portfolio performing relative to expectations? And where does EBITDA coverage on that initial deal sit today?

距離最初收購 Care REIT 已經過了一段時間，該投資組合的表現相較於預期如何？而那筆初始交易目前的 EBITDA 覆蓋倍數（coverage）處於什麼水準？

Well, it's an appropriate question for today because today marks the one-year anniversary of us closing that deal. So thank you for that. I would say, in most cases, it is ahead of schedule. I'd say that importantly, the team that we inherited there. We're very pleased with the quality of that team and their openness and acceptance and adoption of us.

嗯，這個問題很切題，因為今天正好是我們完成那筆交易交割的一週年。所以謝謝你提到這點。我會說，多數情況下，它的進度是超前的。我也想強調，我們當時接手的那個團隊——我們對那個團隊的品質非常滿意，而且他們對我們的開放態度、接受度與採納度都很高。

And becoming truly a CareTrust trust arm in the UK. And that's important because all the success that we have throughout the organization is really based on the culture and the people that we have in the company. And that's what's produced the results.

並且真正成為 CareTrust 在英國的信託部門。這很重要，因為我們在整個組織所取得的成功，基本上都建立在公司的文化與人才之上。而這也正是帶來成果的原因。

I thought if we could do in 2026, a couple of hundred million dollars of new investments in the UK that would be great. Remember, when we acquired Care REIT, their pipeline was basically starting from a standing start because they had a real restriction to access to capital before we acquired them. And so to see the amount of acquisitions that we've done and the pipeline continue to build, as it is really good.

我原本想，如果我們在 2026 年能在英國做幾億美元的新投資就很棒了。請記得，當我們收購 Care REIT 時，他們的管線幾乎是從零開始，因為在我們收購之前，他們在取得資本方面受到很大的限制。因此，看到我們完成的收購量，以及管線持續如目前這樣累積，這是非常好的。

With respect to lease coverage, continues to be phenomenally high, particularly when you think about what these assets are, these are really senior housing assets that in the United States, if you have a triple net business back when we started 10, 11 years ago when triple network was still getting done, those lease coverages for senior housing would be about 1.1 times or somewhere around there. And we're much higher than that. I don't have it actually right in front of me, but it's closer to 1.75, 1.8 times north of 2 times on an EBITDARM basis. So to have that type of security on senior housing properties is a really strong foundation from which to grow.

就租賃覆蓋率而言，仍然高得驚人，特別是當你想到這些資產的性質時——這些其實是美國的高齡住宅資產。若回到我們在 10、11 年前開始做三重淨租賃（triple net）業務、當時三重淨租賃還在進行的年代，高齡住宅的租賃覆蓋率大約是 1.1 倍或差不多在那個水準。而我們遠高於此。我手邊沒有精確數字，但在 EBITDARM 基礎上，大概更接近 1.75、1.8 倍，甚至超過 2 倍。因此，在高齡住宅物業上能有這種程度的保障，是一個非常強的成長基礎。

Understood. And then maybe going back to the debt discussion. With that investment grade rating for Moody's, what sort of rate do you think you could issue at today?

了解。那麼再回到債務的討論。以穆迪給的投資級評等來看，你認為你們今天大概能以什麼利率發行？

Yes. I mean thank you. I'd like to signal to all the investors exactly what it would be and give you real hope. But no, we're probably looking at if we're doing like a 10-year, probably looking at 130, 140 basis point spread there.

是的。我的意思是，謝謝。我很想向所有投資人明確說出會是多少，並給你們真正的期待。但不，我們大概會是——如果做 10 年期，利差大概在 130 到 140 個基點左右。

Wes Golladay, Baird.

Wes Golladay，Baird。

I want to go back to that comment about the better CMS outcomes. And I imagine that's driven partly by the background helps you work with the operators there's also probably a component of you know who a good operator is out the gate. And so how transferable is that skill set to the UK and to US SHOP?

我想回到你剛才提到 CMS 結果更好的那段評論。我想這部分是因為你的背景有助於你與營運商合作，另外可能也有一部分是你一開始就能判斷誰是好的營運商。那麼，這套技能在英國以及美國的 SHOP（高齡住宅營運物業）有多可移轉？

The skill, I think, of identifying, vetting and selecting quality operators is definitely transferable although I'm not sure that, that skill set needs to be transferred to the team there because they evidently already have that skill set as evidenced by the very strong lease coverage and the quality operators that we were able to inherit. We're really pleased, by and large, with the operators that they selected there before we got there. And we feel like we're definitely in sync as we evaluate new operators for the UK.

我認為，辨識、審核並選擇優質營運商的能力絕對是可移轉的；不過我不確定這套能力是否需要移轉到那邊的團隊，因為他們顯然已經具備這項能力——從非常強的租賃覆蓋率，以及我們接手時所承接到的優質營運商就能看得出來。整體而言，我們對他們在我們加入之前所挑選的營運商非常滿意。而且在評估英國的新營運商時，我們覺得彼此的步調也非常一致。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗（Mizuho）。

This is Jody on behalf of Vikram. So the new operator you have, the sale leaseback transaction, is there an opportunity to grow that relationship by the Genesis assets? And the second question I had is, what's your view on sustained double-digit FAD growth here on.

我是 Jody，代表 Vikram 提問。你們新的營運商、那筆售後回租交易，是否有機會透過 Genesis 的資產來擴大這段合作關係？第二個問題是，你對於這裡持續維持雙位數 FAD 成長的看法是什麼？

I'll take the first part of that, Jody. The Genesis bankruptcy doesn't have much of any real estate in it really. So I don't know if it's probably yet to be determined if we grow with that operator at all based on those assets. I mean, there's certainly nothing in discussion with the current time. So I think we'll definitely look to grow with them in other asset bases and other deals that we bring them or they bring us. We really like them. So we look forward to growing with them moving forward. But could you repeat the second half of your question? You cut out a little.

Jody，我先回答第一部分。Genesis 的破產案裡其實幾乎沒有什麼不動產。所以，是否會基於那些資產與該營運商擴大合作，可能還有待觀察。我的意思是，目前當然沒有任何相關討論。因此我認為，我們肯定會尋求在其他資產類別以及其他我們帶給他們、或他們帶給我們的交易上與他們一起成長。我們非常喜歡他們。所以我們期待未來能與他們持續擴大合作。不過你能重複一下你問題的後半段嗎？你剛剛有點斷訊。

Yes. Sorry about that. I was just wondering, what's your view on the sustained double-digit FAD growth here on.

好的。抱歉。我只是想問，你對於這裡持續維持雙位數 FAD 成長的看法是什麼？

I'll take that one, it's Derek. Look, I think we're really, really pleased and excited about both the progress we've made on investments in our integration as well as the outlook. And I think that as Dave mentioned in the press release and I think in his prepared remarks, we don't plan on slowing down. We're still extremely bullish about all three of our growth segments. And I think as we -- it's really just up to us to execute on that.

我來回答，Derek。你看，我們對於投資進展、整合所取得的成果，以及未來展望，都感到非常、非常滿意且興奮。而且我認為，正如 Dave 在新聞稿以及我想在他事先準備的發言中提到的，我們不打算放慢腳步。我們對三個成長板塊仍然極度看多。我認為接下來——就只是看我們能否把執行做好。

There are no further questions at this time. I will now turn the call back to Dave Sedgwick, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Dave Sedgwick 作結語。

Well, I just really appreciate everybody's time and questions and interest. Appreciate our Board, our shareholders and especially our team here and the operators who make it all happen. So I really appreciate it all. And if you have further questions, you know where to find us. Have a great weekend.

好，我真的很感謝大家撥冗、提問以及關注。也感謝我們的董事會、股東，尤其是我們這裡的團隊，以及讓一切得以實現的營運商。所以我非常感謝大家。如果你還有進一步的問題，你知道去哪裡找我們。祝大家週末愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。