Diversified Healthcare Trust (DHC) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Diversified Healthcare Trust first quarter 2025 earnings conference call (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加多元化醫療信託 2025 年第一季財報電話會議（操作員指示）請注意，此活動正在錄製中。

I would now like to turn the call over to Matt Murphy, Manager of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係經理馬特墨菲 (Matt Murphy)。請繼續。

Good morning. Joining me on today's call are Chris Bilotto, President and Chief Executive Officer; Matt Brown, Chief Financial Officer and Treasurer; and Anthony Paula, Vice President.

早安.參加今天電話會議的還有總裁兼執行長 Chris Bilotto、財務長兼財務主管 Matt Brown 和副總裁 Anthony Paula。

Today's call includes a presentation by management, followed by a question-and-answer session with sell-side analysts. Please note that the recording and retransmission of today's conference call is strictly prohibited without the prior written consent of the company.

今天的電話會議包括管理層的演示，然後是與賣方分析師的問答環節。請注意，未經公司事先書面同意，嚴禁錄製和重新播放今天的電話會議。

Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon DHC's beliefs and expectations as of today, Tuesday, May 6, 2025.

今天的電話會議包含《1995 年私人證券訴訟改革法案》和其他證券法所定義的前瞻性陳述。這些前瞻性陳述是基於 DHC 截至今天（2025 年 5 月 6 日，星期二）的信念和期望。

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission or SEC.

除向美國證券交易委員會 (SEC) 提交文件外，該公司不承擔修改或公開發布今天電話會議中前瞻性陳述的任何修改結果的義務。

In addition, this call may contain non-GAAP numbers, including normalized funds from operations or normalized FFO, net operating income or NOI and cash basis net operating income or cash basis NOI. A reconciliation of these non-GAAP measures to net income is available in our financial results package, which can be found on our website at www.dhcreit.com.

此外，此呼叫可能包含非 GAAP 數字，包括標準化營運資金或標準化 FFO、淨營業收入或 NOI 以及現金基礎淨營業收入或現金基礎 NOI。這些非 GAAP 指標與淨收入的對帳可在我們的財務結果包中找到，您可以在我們的網站 www.dhcreit.com 上找到。

Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our filings with the SEC. Investors are cautioned not to place undue reliance upon any forward-looking statements.

實際結果可能與任何前瞻性陳述中預測的結果有重大差異。有關可能導致這些差異的因素的更多資訊包含在我們向美國證券交易委員會提交的文件中。提醒投資者不要過度依賴任何前瞻性陳述。

And finally, we will be providing guidance on this call, including NOI. We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all, such as gains and losses or impairment charges related to the disposition of real estate.

最後，我們將為此通話提供指導，包括 NOI。我們沒有提供這些非公認會計準則指標的對帳作為我們指導的一部分，因為此類對帳所需的某些資訊如果不付出不合理的努力就無法獲得，或者根本無法獲得，例如與房地產處置相關的損益或減值費用。

With that, I would now like to turn the call over to Chris.

說完這些，我現在想把電話轉給克里斯。

Thank you, Matt, and good morning, everyone. Thank you for joining our call. I will begin by providing a high-level review of DHC's solid first quarter results as well as an update to the progress and timing of our key strategic initiatives. Then Anthony will provide more detail regarding our first quarter financials and CapEx. And finally, Matt will review our liquidity and financing activities before providing an update on our 2025 guidance.

謝謝你，馬特，大家早安。感謝您參加我們的電話會議。我將首先對 DHC 穩健的第一季業績進行高層回顧，並更新我們主要策略舉措的進展和時間表。然後安東尼將提供有關我們第一季財務和資本支出的更多細節。最後，馬特將審查我們的流動性和融資活動，然後提供我們 2025 年指導的最新情況。

After the market closed yesterday, DHC reported total revenues of $386.9 million for the first quarter, which was a 4% increase over last year. Adjusted EBITDAre was $75.1 million, up 17% year over year and normalized FFO was $14.3 million or $0.06 per share, both of which exceeded the analyst consensus estimate. In addition to these solid year over year results, we have made significant progress so far in 2025, addressing our upcoming debt maturities while also delevering the balance sheet through the completion of $332 million in asset sales.

昨天收盤後，DHC公佈第一季總營收為3.869億美元，較去年同期成長4%。調整後的 EBITDAre 為 7,510 萬美元，年成長 17%，正常化 FFO 為 1,430 萬美元或每股 0.06 美元，均超過分析師的一致預期。除了這些同比穩健的業績外，我們在 2025 年迄今還取得了重大進展，解決了即將到期的債務問題，同時透過完成 3.32 億美元的資產出售來降低資產負債表的槓桿率。

Turning first to our SHOP sector performance. DHC experienced a meaningful improvement within its SHOP segment as same-property NOI came in at $38.4 million, a 33.6% increase sequentially and a 42.1% increase year over year.

首先談談我們的 SHOP 部門表現。DHC 的 SHOP 部門取得了顯著進步，同店淨營業收入達到 3,840 萬美元，較上季成長 33.6%，較去年同期成長 42.1%。

On a consolidated basis, average monthly rate increased 4.8% year over year and occupancy increased 130 basis points to 80.2%, resulting in a 6.5% increase in SHOP revenue. Importantly, SHOP NOI margin improved 320 basis points year over year to 11.2% on a consolidated basis and to 12.9% on a same-property basis. In addition, our 115 same-property Five Star managed communities posted an NOI margin of 14.6%.

綜合來看，平均月租金年增 4.8%，入住率增加 130 個基點至 80.2%，導致 SHOP 收入成長 6.5%。重要的是，SHOP NOI 利潤率年增 320 個基點，以合併口徑計算達到 11.2%，以同店計算達到 12.9%。此外，我們 115 個同物業五星級管理社區的淨營業利潤率為 14.6%。

The [RevPOR] increased year over year by 4.8%, primarily driven by annual rate increases, substantial increases in SHOP care level pricing and a reduction in discounts and concessions at fully occupied properties. [ExpensePOR] increased by 2% due to merit increases in filling open positions, offset by a reduction in contract labor usage and a decrease in our annual insurance premium. Overall, we continue to be pleased with the progress we are making controlling costs, and we remain bullish on the outlook within the SHOP segment throughout 2025.

[RevPOR] 年成長 4.8%，主要原因是年度房價上漲、SHOP 照護等級價格大幅上漲，以及滿員飯店折扣和優惠減少。 [ExpensePOR] 成長 2%，原因是填補空缺職位的績效工資上漲，但合約工使用量減少以及年度保險費下降抵消了這一增長。總體而言，我們對控製成本所取得的進展感到滿意，並且我們仍然看好 2025 年 SHOP 領域的前景。

Turning to our medical office and life science portfolio. During the quarter, we completed approximately 145,000 square feet of new and renewal leasing activity with weighted average rents that were 18.4% higher than prior rents for the same space and a weighted average lease term of 10.2 years. Same-property occupancy was 90.1%, down 10 basis points from the fourth quarter.

轉向我們的醫療辦公室和生命科學組合。本季度，我們完成了約 145,000 平方英尺的新租賃和續租活動，加權平均租金比同一空間的先前租金高出 18.4%，加權平均租賃期限為 10.2 年。同店入住率為 90.1%，較第四季下降 10 個基點。

As we look ahead, 4.7% of annualized revenue in our MOB and life science portfolio is scheduled to expire through year-end 2025. As previously noted, we had one large known vacate in the first quarter in St. Louis, Missouri, occupying 233,000 square feet. We have marketed this noncore property for sale and entered into an LOI with a buyer.

展望未來，我們的 MOB 和生命科學投資組合中 4.7% 的年化收入預計將於 2025 年底到期。如前所述，第一季我們在密蘇裡州聖路易斯有一處大型已知空置物業，佔地 233,000 平方英尺。我們已將該非核心資產推向市場銷售，並與買家簽訂了意向書。

Known vacates for DHC's medical office building and life science portfolio in 2025 are modest at 115,000 square feet and we have an active leasing pipeline of 603,000 square feet, of which 152,000 square feet is new absorption. Our pipeline includes an average lease term of approximately eight years and a trending rent roll-up in the double digits.

2025 年 DHC 醫療辦公大樓和生命科學投資組合的已知空置面積為 115,000 平方英尺，我們擁有 603,000 平方英尺的活躍租賃管道，其中 152,000 平方英尺是新吸收的。我們的專案平均租賃期限約為八年，租金累計趨勢為兩位數。

Turning to our key strategic initiatives. The $321 million of property sales we completed in the first quarter largely consisted of the MUSE Life Science Campus in San Diego for $159 million, and an 18 triple-net senior living communities leased to Brookdale for $135 million. Net proceeds from the MUSE and Brookdale as well as one smaller MOB sale totaled $299 million which was used to partially pay down DHC's zero-coupon notes due in 2026.

談談我們的關鍵策略舉措。我們在第一季完成的 3.21 億美元房地產銷售主要包括位於聖地牙哥的 MUSE 生命科學園區（售價 1.59 億美元）和租給 Brookdale 的 18 個三重淨老年生活社區（售價 1.35 億美元）。MUSE 和 Brookdale 以及一次較小規模的 MOB 出售的淨收益總計 2.99 億美元，用於部分償還 DHC 2026 年到期的零息票據。

In March, DHC closed on a $140 million mortgage financing secured by 14 senior living communities with an appraised value of $164,000 per unit. And in April, we closed on a 10-year fixed rate Freddie Mac mortgage financing for $109 million secured by seven senior living communities valued at $199,000 per unit. And in April and May, DHC is using $280 million in financing proceeds and cash on hand to further pay down our senior unsecured notes due in June 2025.

3 月份，DHC 完成了一筆 1.4 億美元的抵押貸款融資，由 14 個老年生活社區擔保，每套公寓的估價為 164,000 美元。今年 4 月，我們完成了一筆 10 年期固定利率房地美抵押貸款融資，融資金額為 1.09 億美元，由七個老年生活社區擔保，每個單元價值 199,000 美元。4 月和 5 月，DHC 將使用 2.8 億美元的融資收益和庫存現金進一步償還 2025 年 6 月到期的無擔保優先票據。

Looking forward with marketing efforts of certain properties. As of quarter end, our active disposition pipeline included 65 properties, of which 30 are MOB, life science and wellness properties totaling 2.3 million square feet and 35 properties or roughly 2,600 units within our SHOP portfolio.

期待某些房產的營銷努力。截至季末，我們的活躍處置管道包括 65 處房產，其中 30 處為 MOB、生命科學和健康房產，總面積達 230 萬平方英尺，另有 35 處房產或約 2,600 個單位屬於我們的 SHOP 投資組合。

This includes previously communicated asset sales, along with the addition of 25 predominantly noncore MOB, life science and wellness center assets valued at approximately $190 million. We estimate the combined asset sales will produce proceeds between $350 million and $400 million of which approximately $125 million is collateral for our 2026 maturity. We expect these asset sales will transact over the next several quarters.

這包括先前溝通過的資產出售，以及新增的 25 個主要非核心的 MOB、生命科學和健康中心資產，價值約 1.9 億美元。我們估計，合併後的資產出售將產生 3.5 億美元至 4 億美元的收益，其中約 1.25 億美元是我們 2026 年到期的抵押品。我們預計這些資產出售將在未來幾季內完成。

Concurrently, we are under agreements with letters of intent with 19 of these properties for $116 million, which includes 15 noncore SHOP communities and 4 MOB, life science assets, and since the first quarter, we have sold one SHOP community for $11.2 million. These asset sales should materially enhance the portfolio's future performance given that it will have a higher concentration of well-positioned SHOP assets complemented by a portfolio of best-in-class triple-net MOB and life science properties.

同時，我們與其中 19 處房產簽訂了意向書，總價值 1.16 億美元，其中包括 15 個非核心 SHOP 社區和 4 個 MOB 生命科學資產，自第一季以來，我們已以 1,120 萬美元的價格出售了一個 SHOP 社區。這些資產出售應會大幅提升投資組合的未來業績，因為該投資組合將擁有更高集中度的定位良好的 SHOP 資產，並輔以一流的三重淨 MOB 和生命科學資產組合。

In addition to deleveraging our balance sheet, we expect to see a reduction in our future-year CapEx spending thereby allowing us to increase overall portfolio cash flow and strategically allocate capital to the highest ROI opportunities.

除了降低資產負債表的槓桿率之外，我們還預計未來幾年的資本支出將會減少，使我們能夠增加整體投資組合的現金流，並將資本策略性地分配給投資回報率最高的機會。

Before I turn the call over to Anthony, I would like to highlight the recent publication of the RMR Group's Annual Sustainability Report, which offers a comprehensive overview of our managers' commitment and progress in addressing sustainability. Investors will also find highlights of initiatives that DHC has undertaken to improve sustainability across its portfolio of senior living communities, medical office buildings, and life science assets. A link to the report is available on our website.

在我將電話轉給安東尼之前，我想強調一下 RMR 集團最近發布的年度永續發展報告，該報告全面概述了我們的管理人員在解決永續發展問題方面的承諾和進展。投資者還將發現 DHC 為提高其老年生活社區、醫療辦公大樓和生命科學資產組合的可持續性而採取的舉措的亮點。我們的網站上提供了該報告的連結。

Now I'd like to turn the call over to Anthony.

現在我想把電話轉給安東尼。

Thank you, Chris, and good morning, everyone. Same-property cash basis NOI was $71.5 million, representing a 20.7% increase year over year and 14.8% increase sequentially. These increases were primarily driven by strong results in our SHOP segment which delivered $38.4 million in same-property NOI, driven by a 4.8% increase in average monthly rate year over year and 3.1% sequentially.

謝謝你，克里斯，大家早安。同一物業現金基礎淨營業利潤為 7,150 萬美元，較去年同期成長 20.7%，較上季成長 14.8%。這些成長主要得益於我們 SHOP 部門的強勁業績，該部門實現了 3840 萬美元的同物業 NOI，推動因素是平均月租金同比增長 4.8%，環比增長 3.1%。

And occupancy 80.2%, which was a 130 basis point increase year over year and 20 basis point increase sequentially. This resulted in revenue growth of 6.5% and margin expansion of 320 basis points year over year. Our SHOP NOI for the first quarter was favorably impacted by $2.7 million of proceeds from a business interruption claim at one of our communities in Florida.

入住率為 80.2%，年增 130 個基點，較上一季成長 20 個基點。這使得營收年增 6.5%，利潤率擴大 320 個基點。我們第一季的 SHOP NOI 受到了佛羅裡達州一個社區的業務中斷索賠收益 270 萬美元的積極影響。

Turning to G&A expense. The first quarter amounted $2.4 million of business management incentive fee as our total return exceeded the benchmark as of March 31, 2025. An incentive management fee incurred will not be due until January 2026. Excluding the impact of the incentive management fee, G&A expense would have been $6.6 million for the quarter.

談到一般及行政費用。第一季度，我們的總回報超過了截至 2025 年 3 月 31 日的基準，業務管理激勵費總額為 240 萬美元。產生的激勵管理費將於 2026 年 1 月到期。不計激勵管理費的影響，本季的一般及行政費用為 660 萬美元。

During the quarter, we invested approximately $32 million of capital, including $27 million in our SHOP communities and $5 million in our medical office and life science portfolio. Our first quarter spend is consistent with our expectations, and therefore, we are reaffirming our 2025 CapEx guidance of $150 million to $170 million at this time.

本季度，我們投資了約 3,200 萬美元的資金，其中包括 2,700 萬美元用於 SHOP 社區，500 萬美元用於醫療辦公室和生命科學組合。我們第一季的支出與我們的預期一致，因此，我們在此重申 2025 年資本支出指引值為 1.5 億美元至 1.7 億美元。

Now I'll turn the call over to Matt.

現在我將把電話轉給馬特。

Thanks, Anthony, and good morning, everyone. We ended the quarter with approximately $300 million of unrestricted cash, including the $140 million we received from the financing completed on March 31. We subsequently paid down our June 2025 bonds in April with that $140 million.

謝謝，安東尼，大家早安。本季末，我們擁有約 3 億美元的非限制性現金，其中包括 3 月 31 日完成融資後獲得的 1.4 億美元。我們隨後在 4 月用這 1.4 億美元償還了 2025 年 6 月的債券。

The $140 million financing is secured by 14 senior living communities, has a three-year term and two one year extension options. The financing is interest only for two years, has options to extend the interest-only period subject to meeting certain conditions and has a floating rate of SOFR plus 250 basis points capped at 7%.

這筆 1.4 億美元的融資由 14 個老年生活社區擔保，期限為三年，並有兩個一年的延期選擇。該融資為兩年期僅付利息融資，可選擇在滿足特定條件的情況下延長僅付利息期限，浮動利率為 SOFR 加 250 個基點，上限為 7%。

In addition to this financing, in April, we closed on a $108.9 million financing secured by seven senior living communities. This mortgage was financed through Freddie Mac with a 10-year term and a fixed interest rate of 6.22% with interest-only payments for five years. We are pleased with the valuations of these properties as they represent an aggregate valuation of approximately $181,000 per unit.

除了這筆融資之外，4 月份，我們還獲得了由七個老年生活社區擔保的 1.089 億美元融資。該抵押貸款由房地美 (Freddie Mac) 提供融資，期限為 10 年，固定利率為 6.22%，五年內僅支付利息。我們對這些房產的估價感到滿意，因為它們的總估價約為每套 181,000 美元。

In April, we provided notice to redeem an additional $140 million of our 2025 senior notes in May, leaving $100 million outstanding after this latest repayment. Pro forma for this additional $140 million paydown, we have approximately $120 million of cash on hand.

今年 4 月，我們發出通知，將在 5 月贖回另外 1.4 億美元的 2025 年優先票據，此次還款後，剩餘 1 億美元未償還。對於這額外的 1.4 億美元償還款，我們手頭上大約有 1.2 億美元現金。

We have two executed term sheets with lenders for aggregate proceeds of approximately $94 million, which will be secured by six senior living communities. We expect these financings to close in May and are confident that proceeds from these financings along with cash on hand, will address our bonds due in June.

我們與貸款方簽署了兩份條款清單，總收益約為 9,400 萬美元，將由六個老年生活社區擔保。我們預計這些融資將於 5 月完成，並有信心這些融資所得以及庫存現金將足以支付我們 6 月到期的債券。

With our June 2025 bond maturity addressed as noted above, we have turned our focus to proactively addressing our January 2026 zero-coupon bond. As Chris noted, we have sold 22 properties that were collateral to our zero-coupon bond and used net proceeds of $299 million to partially redeem these bonds, leaving $641 million outstanding on that debt.

如上所述，隨著我們 2025 年 6 月債券到期的處理，我們已將重點轉向積極處理 2026 年 1 月零息債券。正如克里斯指出的，我們已出售了 22 處作為零息債券抵押的房產，並使用 2.99 億美元的淨收益部分贖回了這些債券，剩餘 6.41 億美元未償還債務。

We intend to use most of the proceeds from the $350 million to $400 million of pending property dispositions to further pay down this bond. We expect these property dispositions will cover more than half of the remaining outstanding balance with the rest coming from additional financing activity.

我們打算利用3.5億至4億美元待處理財產處置所得的大部分收益來進一步償還這筆債券。我們預計這些財產處置將涵蓋剩餘未償餘額的一半以上，其餘部分將來自額外的融資活動。

As a reminder, we do have the option to extend the maturity by one year to January 2027. Once these bonds have been addressed, we have no debt maturities until 2028, providing ample runway to continue improving operations and results in our SHOP segment and driving shareholder value.

提醒一下，我們可以選擇將期限延長一年至 2027 年 1 月。一旦這些債券得到解決，我們的債務到期日將持續到 2028 年，這為繼續改善 SHOP 部門的營運和績效以及推動股東價值提供了充足的空間。

The improvement in SHOP NOI, coupled with strengthening our balance sheet through dispositions and refinancings resulted in our net debt to adjusted EBITDAre declining significantly from 11.2 times at December 31 to 8.8 times at March 31.

SHOP NOI 的改善，加上透過處置和再融資來加強我們的資產負債表，導致我們的淨債務與調整後 EBITDA 的比率從 12 月 31 日的 11.2 倍大幅下降至 3 月 31 日的 8.8 倍。

In closing, we are confident that we will meet our 2025 and 2026 debt maturities, leaving us until 2028 before our next maturity. Additionally, as Anthony noted, we are pleased with our Q1 results, including the growth in SHOP NOI and at this time are reaffirming our 2025 SHOP NOI guidance range of $120 million to $135 million with the potential to increase our guidance if these trends continue in the second quarter, and we get more clarity on the timing of dispositions.

最後，我們有信心在 2025 年和 2026 年償還債務，而下一次債務將於 2028 年到期。此外，正如安東尼所指出的，我們對第一季度的業績感到滿意，包括 SHOP NOI 的增長，目前我們重申 2025 年 SHOP NOI 指導範圍為 1.2 億美元至 1.35 億美元，如果這些趨勢在第二季度繼續下去，我們有可能提高指導，並且我們對處置時間有了更清晰的了解。

That concludes our prepared remarks. Operator, please open the line for questions.

我們的準備好的演講到此結束。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Justin Haasbeek, RBC Capital Markets

賈斯汀‧哈斯貝克，加拿大皇家銀行資本市場

It looks like during the seasonally weak quarter for the industry, occupancy was up 20 bps sequentially for the entire SHOP versus down 40 bps sequentially this time last year. Can you just provide some color on the occupancy gains for the first quarter?

看起來，在行業季節性疲軟的季度中，整個 SHOP 的入住率環比上升了 20 個基點，而去年同期的入住率環比下降了 40 個基點。您能否提供一些第一季入住率成長的情況？

Yeah. Occupancy in general has improved for a variety of different reasons. I think kind of more specifically, as we've worked through the last couple of years with investing capital in our communities, certainly getting the benefit of that more broadly speaking, across the US.

是的。由於各種不同的原因，入住率總體上有所提高。我認為更具體地說，過去幾年我們一直致力於向我們的社區投資，從更廣泛的意義上講，在全美範圍內，我們當然獲得了利益。

And I think we should expect to see more of that as we go into 2025, having completed an additional 23 refreshes in Q1. And so one part is just overall kind of operations and the managers focusing on certain initiatives to drive occupancy, is the capital and then kind of just being positioned appropriately within the markets to drive overall improvement.

我認為，隨著我們在第一季完成另外 23 次更新，進入 2025 年時，我們會看到更多這樣的情況。因此，一部分只是整體運營，管理人員專注於某些舉措來推動入住率，即資本，然後在市場中適當定位以推動整體改善。

Okay. And can you provide some color on the AlerisLife dividend? Is this a onetime payment? Or could DHC continue to receive future dividends like this?

好的。您能否提供一些有關 AlerisLife 股息的詳細資訊？這是一次性付款嗎？或者DHC未來還能繼續像這樣獲得股息嗎？

I would say for modeling purposes, this was more of a onetime dividend that we received for our 34% interest, based off some strategic actions that Aleris has taken. They are performing well with positive EBITDA. So there's potential for dividends in the future, but I wouldn't think at this time they're of the magnitude of what we saw in February.

我想說，出於建模的目的，這更像是我們根據 Aleris 採取的一些策略行動，因持有 34% 的權益而獲得的一次性股息。他們的業績表現良好，EBITDA 為正。因此，未來有可能獲得股息，但我認為目前的股息金額不會達到我們二月看到的水平。

Okay. And then on the SHOP results, the -- if you annualize the NOI for the current quarter, it's significantly above the top end of your range for SHOP -- for the full year SHOP guide. Just wondering if there's any reasoning behind not increasing the guidance? That you guys expect something that we -- that in the future quarters that we don't know about? Or any color there would be great.

好的。然後就 SHOP 業績而言，如果將本季度的 NOI 進行年度化，它將顯著高於 SHOP 全年指南的預期範圍上限。我只是想知道不增加指導的背後是否有任何理由？你們期待一些我們不知道的未來幾季的事情嗎？或任何顏色都很棒。

Look, we've come out of the gate strong beginning 2025. We're very pleased with our NOI performance in the first quarter. As we noted, we did have some business interruption proceeds of $2.7 million that was favorably impacting NOI in the quarter.

瞧，我們在 2025 年伊始就已經表現強勁。我們對第一季的 NOI 表現非常滿意。正如我們所指出的，我們確實獲得了 270 萬美元的業務中斷收益，這對本季的 NOI 產生了積極影響。

So that needs to be stripped out from a run rate basis. We are trending to the high end of our guidance. We do get the benefit in the first quarter of fewer days in the quarter that helps with salaries and benefits. That normalizes as we go out through the year. So look, we're very pleased, we do have a lot of dispositions that are in flux. And as we get more clarity on the timing of those dispositions, we're hopeful we'll be in a position to increase our guidance as early as the second quarter.

因此，需要將其從運行率基礎中剔除。我們正趨向於指導的高端。我們確實在第一季獲得了好處，因為季度內工作天數減少，這有助於提高工資和福利。隨著我們度過這一年，這種情況逐漸正常化。所以，看，我們很高興，我們確實有很多不斷變化的傾向。隨著我們對這些處置時間的了解越來越清楚，我們希望能夠最早在第二季提高我們的指導。

(Operator Instructions)

（操作員指示）

John Massocca, B. Riley Securities.

約翰·馬索卡 (John Massocca)，B. Riley 證券。

Maybe kind of building on that last question. You were able to keep your SHOP property operating expenses. You're pretty flat. Anything specific there to call out anything onetime-ish beyond the favorable kind of day mix versus 4Q? Just kind of curious what's going on there.

或許可以基於最後一個問題。您能夠保留您的 SHOP 財產營運費用。你很平坦。除了與第四季相比有利的日內組合之外，還有什麼具體的事情可以指出一次性的事情嗎？只是有點好奇那裡發生了什麼事。

Yeah. So sequentially, operating expenses in SHOP were flat. On a year over year basis, they're up about 3%. We would expect for 2025 our expenses to trend about 3% higher than where we were in '24. We have spoken previously about savings in our insurance premiums from our policy that resets on July 1 of each year. So we are -- we've been seeing a benefit of that since the third quarter of '24, but nothing really material onetime that would impact that.

是的。因此，SHOP 的營運費用較上季持平。與去年同期相比，它們上漲了約 3%。我們預計，到 2025 年，我們的支出將比 2024 年高出約 3%。我們之前曾談到，每年 7 月 1 日重置的保單可以節省我們的保險費。因此，自 2024 年第三季以來，我們已經看到了這種做法的好處，但沒有任何實質的舉措能夠對此產生影響。

And then on the CapEx front, anything notable to call out there? Just thinking, obviously, seasonally 2Q, 3Q tend to be the highest. Is that guidance kind of reaffirmed? And is there anything maybe that can potentially drive savings there for the remainder of the year?

那麼在資本支出方面，有什麼值得注意的嗎？只是想想，顯然，從季節性來看，第二季、第三季往往是最高的。這種指導是否得到了重申？那麼，有什麼措施可以潛在地推動今年剩餘時間的儲蓄呢？

Yeah. This is Anthony. So certainly, you're right, most of our spend tends to be weighted towards the second half of the year. Last year, I believe, roughly two-thirds of our spend came in the second half. So -- that's why we're reaffirming our guidance at this time. So we're in line with what we expected through the first quarter. But as of now, it's too early to tell if we can make any changes just based off disposition timing or whatnot. So reaffirming what we've previously guided towards.

是的。這是安東尼。所以，您說得對，我們的大部分支出往往集中在下半年。我相信，去年我們大約三分之二的支出都花在了下半年。所以——這就是我們此時重申指導的原因。因此，我們的業績與第一季的預期一致。但截至目前，僅根據處置時間或其他因素判斷我們是否能夠做出任何改變還為時過早。因此，重申我們先前的指導方針。

Okay. And then on the debt front, what are you expecting in terms of pricing maybe on the $94 million, but even beyond that as you look to kind of address the zero coupons kind of half with financing?

好的。然後在債務方面，您對定價有什麼期望，大概是 9400 萬美元，但甚至超過這個數字，因為您希望透過融資解決零息一半的問題？

Yeah. So on this first phase of financing, we spoke last quarter of a weighted average interest rate of about 6.5%. And I would say, give or take, that's pretty close for once we complete this $94 million, which we're very pleased with given we're paying off 9.75% debt. So it's extremely accretive for us.

是的。因此，在第一階段的融資中，我們上個季度談到的加權平均利率約為 6.5%。我想說，一旦我們完成這 9,400 萬美元，這個數字就相當接近了，考慮到我們正在償還 9.75% 的債務，我們對此感到非常高興。所以這對我們來說非常有增值作用。

As we look forward to any partial financing for the repayment of the 2026's, it's too early to really tell just because there's a lot of different options we have with financing given our large unencumbered balance sheet. But I would say pricing is probably below 7% for any financing we were to do on a secured basis.

當我們期待為償還 2026 年債務提供任何部分融資時，現在下結論還為時過早，因為考慮到我們龐大的無抵押資產負債表，我們在融資方面有很多不同的選擇。但我想說，對於我們以擔保方式進行的任何融資，定價可能都低於 7%。

Yeah. And I would just add to that, too, and we talked about it. We have a significant amount of dispositions that we've talked about. We've added new dispositions to the market of noncore, MOB and life science properties.

是的。我也想補充一點，我們討論過這個問題。我們已經討論過大量的處置方案。我們已為非核心、MOB 和生命科學資產市場增加了新的配置。

And so I think more specifically, as we're able to kind of look forward and transact over the next several quarters, that's going to have a meaningful favorable impact to further reducing those '26. And so what we're left with at the end is going to be kind of a smaller tranche of financing with what we believe to be kind of a good quality portfolio of remaining encumbered properties within that debt tranche.

因此，我認為更具體地說，由於我們能夠展望未來並在接下來的幾個季度進行交易，這將對進一步減少這 26 個產生有意義的有利影響。因此，我們最終剩下的將是一小部分融資，我們認為這些融資將是該債務部分中剩餘的優質抵押財產組合。

Okay. Any thoughts on timing for the financing to kind of address the '26's. Is that going to come a couple of months in the coming months? Or is that something that maybe is closer to year-end?

好的。對於融資時機如何解決 26 項問題，您有何看法？這會在未來幾個月內實現嗎？或者那可能是接近年底的事情？

I think a lot of the dispositions are going to happen in the second half of the year, some more kind of back weighted and financing is probably beginning of the fourth quarter rather than waiting till the end of the maturity in January.

我認為很多處置將在下半年發生，一些更多的後加權和融資可能會在第四季初發生，而不是等到 1 月到期。

With no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Chris Bilotto, President and Chief Executive Officer, for any closing remarks.

如果沒有其他問題，我們的問答環節就結束了。我想將會議交還給總裁兼執行長克里斯·比洛托 (Chris Bilotto)，請他作最後發言。

Yes. Thank you for joining our call today. We look forward to seeing many of you at the upcoming Nareit conference in June. Institutional investors should contact our Investor Relations if you'd like to schedule a meeting with management. Thank you.

是的。感謝您今天參加我們的電話會議。我們期待在六月即將舉行的 Nareit 會議上見到你們。如果您想安排與管理層會面，機構投資者應該聯絡我們的投資者關係部門。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。