Diversified Healthcare Trust (DHC) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Diversified Healthcare Trust second-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 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交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 Pilato, President and Chief Executive Officer; Matt Brown, Chief Financial Officer and Treasurer; and Anthony Paula, Vice President. Today's call includes a presentation by management, followed by a question-and-answer session with sell-side analysts. Please note the recording and retransmission of today's conference call is strictly prohibited without the prior written consent of the company.

早安.參加今天電話會議的還有總裁兼執行長 Chris Pilato、財務長兼財務主管 Matt Brown 和副總裁安東尼保拉 (Anthony Paula)。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 today, Tuesday, august 5, 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 今天（2025 年 8 月 5 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 Securities and Exchange Commission, or SEC. 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 and 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 -- may differ materially from those projected in any forward-looking statements.

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。此外，此通話可能包含非 GAAP 數字，包括標準化營運資金或標準化 FFO、淨營業收入或 NOI 和現金基礎以及營業收入或現金基礎 NOI。這些非公認會計準則指標與淨收入的對帳表可在我們的財務結果包中找到，可在我們的網站 www.dhcreit.com 上找到—可能與任何前瞻性聲明中的預測有重大差異。

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. 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.

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。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 today. I will begin by providing a high-level review of DHC's solid second quarter results as well as an update on the progress and timing of our key strategic initiatives. Then Anthony will provide more details regarding our second quarter financials and CapEx spending. 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。感謝您今天參加我們的電話會議。我將首先對 DHC 穩健的第二季業績進行高層回顧，並介紹我們主要策略舉措的進展和時間安排。然後安東尼將提供有關我們第二季度財務和資本支出的更多詳細資訊。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, GHC reported second results that meet analyst expectations on both the top and bottom line driven by continued recovery in our SHOP segment. We made additional progress during the quarter, in our efforts towards delevering our balance sheet through a combination of asset sales and new financings at attractive rates and we paid off our maturing 2025 notes in June. Revenue for the quarter was $382.7 million, a 3% increase over last year.

在昨日市場收盤後，GHC 公佈了第二份業績報告，受 SHOP 部門持續復甦的推動，報告的營收和淨利潤均符合分析師的預期。本季度，我們取得了進一步進展，透過資產出售和以有吸引力的利率進行新融資，努力降低資產負債表的槓桿率，並於 6 月份償還了到期的 2025 年票據。本季營收為 3.827 億美元，比去年同期成長 3%。

Adjusted EBITDAre came in at $73.6 million, up 7% year-over-year and FFO increased 172% year-over-year to $18.6 million or $0.08 per share. Looking at our SHOP sector performance, DHC continues to benefit from a combination of strong sector fundamentals as well as the significant capital expenditures we have made over the last several years to upgrade our communities. This has resulted in an 18.5% year-over-year increase in same-property shop NOI, which came in at $37.4 million.

調整後的 EBITDA 達到 7,360 萬美元，年成長 7%，FFO 年成長 172%，達到 1,860 萬美元或每股 0.08 美元。縱觀我們的 SHOP 部門表現，DHC 繼續受益於強勁的部門基本面以及我們過去幾年為升級社區而進行的大量資本支出。這導致同店淨營業收入年增 18.5%，達到 3,740 萬美元。

On a consolidated basis, average monthly rate increased 5.4% over year, and occupancy increased 160 basis points to 8.6%, resulting in a 6.2% increase in SHOP revenue. Although sequentially flat, SHOP NOI margin improved 180 basis points year-over-year to 11.2% on a consolidated basis and came in at 12.8% on a same-property basis.

綜合來看，平均月租金較上年同期上漲 5.4%，入住率上漲 160 個基點至 8.6%，導致 SHOP 收入上漲 6.2%。儘管與上一季持平，但 SHOP NOI 利潤率同比提高 180 個基點，以合併口徑計算達到 11.2%，以同店計算達到 12.8%。

In addition, our 115 same-property communities managed by Five Star posted an NOI margin of 14.1%, up 170 basis points year-over-year -- increased 5.4% year-over-year, primarily driven by annual rate increases, substantial increases in SHOP carry level pricing and a reduction in discounts and concessions at higher occupied properties. Expense score increased by 3.3% due to merit increases in filling open positions and partially offset by lower insurance costs.

此外，我們由 Five Star 管理的 115 個同類物業社區的 NOI 利潤率為 14.1%，比去年同期增長 170 個基點，比去年同期增長 5.4%，這主要得益於年度利率上漲、SHOP 持有水平定價大幅上漲以及入住率較高的物業的折扣和優惠減少。由於填補空缺職位的績效加薪，費用分數增加了 3.3%，但保險成本降低部分抵消了這一影響。

Overall, we continue to be pleased with the progress we are making controlling costs and we remain bullish on the outlook for our SHOP segment.

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 SHOP 部門的前景。

Turning to our Medical Office and Life Science portfolio. During the second quarter, we completed over 106,000 square feet of new and renewal leasing activity with weighted average rents that were 11.5% higher than prior rents for the same space at a weighted average lease term of 7 years. Same property occupancy was 89.8%, down 10 basis points from the first quarter. As we look ahead (inaudible) annualized revenue in our Medical Office and Life Science portfolio scheduled to expire through year-end 2025 of which 101,000 square feet or 1.9% of annualized revenue is a known vacate. Our active leasing pipeline of 691,000 square feet, of which 246,000 square feet of new is new absorption provides momentum towards filling vacancy and increasing occupancy along with the potential for double-digit rent growth.

轉向我們的醫療辦公室和生命科學組合。在第二季度，我們完成了超過 106,000 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 11.5%，加權平均租賃期限為 7 年。同一物業的入住率為89.8%，較第一季下降10個基點。展望未來（聽不清楚），我們的醫療辦公室和生命科學投資組合的年化收入預計將於 2025 年底到期，其中 101,000 平方英尺或 1.9% 的年化收入是已知的空置面積。我們活躍的租賃通路面積為 691,000 平方英尺，其中新吸收量為 246,000 平方英尺，為填補空置和增加入住率提供了動力，同時具有兩位數租金增長的潛力。

Turning to our key strategic initiatives. During the second quarter, DHC sold 2 unencumbered properties, including one senior living community and one medical office building, a total of $16.4 million. We subsequently sold another 3 unencumbered properties in July 2025 for an aggregate sales price of $8.8 million. In support of our balance sheet initiatives, we completed an aggregate of $343 million of mortgage loans since March, obtained a new $150 million credit facility in June, which is currently undrawn and redeemed all of our outstanding senior notes due in June 2025.

談談我們的關鍵策略舉措。第二季度，DHC 出售了 2 處無抵押房產，包括一個老年生活社區和一棟醫療辦公大樓，總價 1,640 萬美元。隨後，我們在 2025 年 7 月又出售了 3 處無抵押房產，總售價為 880 萬美元。為了支持我們的資產負債表計劃，自 3 月以來，我們完成了總計 3.43 億美元的抵押貸款，6 月份獲得了 1.5 億美元的新信貸額度（目前尚未提取），並贖回了 2025 年 6 月到期的所有未償還優先票據。

Matt will provide more color on these transactions shortly. As of the end of July, our active disposition pipeline included 53 properties of which 23 are Medical Office and Life Science properties totaling 1.6 million square feet, while 30 properties encompassing roughly 2,000 units are within our shop segment. We are under agreements or Letters of Intent on 4 of these properties for $290 million, including 28 noncore shop communities and 21 Medical Office and Life Science assets. Of this $280 million, approximately $91 million as collateral for our 0 coupon notes that are due in January. We expect the majority of these asset sales will transact in Q3 and Q4.

馬特很快就會提供有關這些交易的更多細節。截至 7 月底，我們積極的處置管道包括 53 處房產，其中 23 處為醫療辦公室和生命科學房產，總面積達 160 萬平方英尺，而 30 處房產（約 2,000 個單位）位於我們的商店部門內。我們已就其中 4 處房產簽訂了協議或意向書，總價值為 2.9 億美元，其中包括 28 個非核心商店社區和 21 個醫療辦公室和生命科學資產。在這 2.8 億美元中，約有 9,100 萬美元作為我們 1 月到期的 0 息票票據的抵押品。我們預計大部分資產出售將在第三季和第四季完成。

In addition to these asset sales providing funds to help retire our 2026 notes and further reduce leverage for the balance sheet. This also positions the REIT with a materially enhanced portfolio that has a higher concentration of SHOP assets with outsized growth potential given strong sector tailwinds and complemented by a portfolio of triple net medical office and life science properties, providing stable cash flows with embedded annualized rent increases. We also expect these sales to result in a reduction in CapEx spending in 2026 and beyond, substantially increasing our overall portfolio cash flow. We remain encouraged having delivered on the many initiatives communicated over the past year as it relates to growing SHOP NOI, selling noncore assets to delever the balance sheet and refinancing debt at materially lower interest rates.

除了這些資產出售提供的資金來幫助償還我們的 2026 年票據並進一步降低資產負債表的槓桿率。這也使 REIT 擁有了一個實質增強的投資組合，該投資組合具有更高的 SHOP 資產集中度，在強勁的行業順風作用下具有巨大的增長潛力，並輔以三重淨醫療辦公室和生命科學地產投資組合，可提供穩定的現金流和嵌入式年度租金增長。我們也預期這些銷售將導致 2026 年及以後的資本支出減少，從而大幅增加我們的整體投資組合現金流。我們仍然感到鼓舞，因為我們在過去一年中兌現了多項舉措，包括增加 SHOP NOI、出售非核心資產以降低資產負債表槓桿率以及以大幅降低的利率進行債務再融資。

We believe our share price is undervalued and through a continuation of these initiatives, paying off our 2026 notes due in January which Matt will lay out momentarily and continued improvement within our SHOP results, each will serve as catalysts to drive share performance.

我們認為我們的股價被低估了，透過繼續這些舉措，償還 2026 年 1 月到期的票據（Matt 將立即公佈）以及 SHOP 業績的持續改善，每一項都將成為推動股價表現的催化劑。

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. During the second quarter, our same property cash basis NOI was $71.2 million representing an 11.2% increase year-over-year and a 30 basis point decrease sequentially. The year-over-year increase was primarily driven by improvement in our shop segment which delivered $37.4 million in same-property NOI. This increase was driven by a 5.2% increase in average royalty rate and a 100 basis point increase in Oxy to 81%. These drivers resulted in year-over-year same-property SHOP revenue growth of 5.9% and margin expansion of 140 basis points.

謝謝你，克里斯，大家早安。第二季度，我們相同的房地產現金基礎淨營業收入為 7,120 萬美元，年增 11.2%，季減 30 個基點。同比成長主要得益於我們商店部門的改善，該部門實現了 3740 萬美元的同店淨利潤。這一增長是由於平均特許權使用費率上漲 5.2% 以及 Oxy 的特許權使用費率上漲 100 個基點至 81% 所致。這些驅動因素導致同店 SHOP 營收年增 5.9%，利潤率擴大 140 個基點。

As a reminder, our Q1 2025 SHOP revenues include the $2.7 million of proceeds for business interruption claims one of our communities in Florida. Normalization, we would have achieved a sequential increase in same-property SHOP NOI 4.9%.

提醒一下，我們 2025 年第一季的 SHOP 收入包括佛羅裡達州一個社區的業務中斷索賠的 270 萬美元收益。正常化後，我們的同店銷售額將較上季成長 4.9%。

Turning to G&A expense, the second quarter amount includes $4.1 million business management tenant but our total return exceeded the benchmark out on June 30, 2025. An incentive management be incurred will not be due until January 2026. Excluding the impact of the incentive management fees, G&A expense would have been $7 million for the quarter.

談到一般及行政費用，第二季的金額包括 410 萬美元的商業管理租戶，但我們的總回報超過了 2025 年 6 月 30 日的基準。激勵管理的產生要到 2026 年 1 月才會到期。不計激勵管理費的影響，本季的一般及行政費用為 700 萬美元。

During the quarter, we invested approximately $34 million of capital including $29 million in our SHOP communities, $5 million in our Medical Office and Life Science portfolio. Looking back at our recently completed refreshing and redevelopments, we've achieved incremental NOI of $3.8 million during the quarter when compared to prerationan NOI. We believe there's continued upside in NOI and occupancy growth at these communities.

本季度，我們投資了約 3,400 萬美元的資金，其中包括向 SHOP 社區投資 2,900 萬美元、向醫療辦公室和生命科學投資組合投資 500 萬美元。回顧我們最近完成的更新和重建，與上季度的淨營運收入相比，我們在本季度實現了 380 萬美元的增量淨營運收入。我們相信這些社區的 NOI 和入住率將持續成長。

Based on our spend to date and our expectations moving forward, we are reducing our 2025 CapEx guidance to $140 million to $160 million, a $10 million reduction from our prior guidance.

根據我們迄今為止的支出和未來的預期，我們將 2025 年資本支出指引下調至 1.4 億美元至 1.6 億美元，比先前的指引減少 1,000 萬美元。

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 $292 million of liquidity, including $142 million of unrestricted cash and $150 million available under our new revolving credit facility we closed in June. This new facility is secured by 14 SHOP communities, including approximately 2,600 units at an implied valuation of $184,000 per unit. The facility has a maturity date of June 2029 with two 6-month extension options and provides us with additional liquidity while also demonstrating our lenders support our long-term strategy.

謝謝，安東尼，大家早安。本季末，我們擁有約 2.92 億美元的流動資金，其中包括 1.42 億美元的非限制性現金和 6 月達成的新循環信貸安排下的 1.5 億美元可用資金。該新設施由 14 個 SHOP 社區擔保，包括約 2,600 個單元，每個單元的隱含估值為 184,000 美元。這筆貸款的到期日為 2029 年 6 月，並有兩次 6 個月的延期選擇，為我們提供了額外的流動性，同時也表明我們的貸方支持我們的長期策略。

In addition to our $150 million secured revolving credit facility during 2025, we obtained an aggregate $343 million of financings secured by 27 of our SHOP communities including approximately 4,100 units with a weighted average interest rate of 6.5%. All of this debt is at fixed rates with the exception of our $140 million mortgage loan, which is effectively fixed through an interest rate cap with a 4.5% over strike rate. $279 million of the principal balance is interest only for periods ranging from 2 to 5 years.

除了 2025 年 1.5 億美元的擔保循環信貸額度外，我們還獲得了總計 3.43 億美元的融資，這些融資由我們的 27 個 SHOP 社區擔保，包括約 4,100 個單位，加權平均利率為 6.5%。除我們的 1.4 億美元抵押貸款外，所有這些債務都是固定利率，這筆貸款透過高於執行利率 4.5% 的利率上限有效固定。 2.79 億美元的本金餘額是僅付利息，期限為 2 至 5 年。

On a weighted average basis, the debt has a maturity of approximately 6 years and reflects an implied valuation of $174,000 per unit. We are very pleased with the outcome of these financings as they highlight the value of our SHOP communities address our 2025 bond maturity and reduced our annual cash interest expense by almost $15 million or $0.06 per share. As we have discussed previously, our strategy to address the remaining $641 million of January 2026 zero-coupon bond includes using the $280 million of proceeds from dispositions that Chris discussed, all of which are under PSA or LOI new financing activity in the range of $300 million to $350 million expected in the third quarter and our strong liquidity position.

以加權平均數計算，該債務的期限約為 6 年，隱含估值為每單位 174,000 美元。我們對這些融資的結果非常滿意，因為它們凸顯了我們的 SHOP 社區的價值，解決了我們 2025 年債券到期的問題，並將我們的年度現金利息支出減少了近 1500 萬美元或每股 0.06 美元。正如我們之前所討論的，我們處理剩餘的 6.41 億美元 2026 年 1 月零息債券的策略包括使用 Chris 討論過的 2.8 億美元處置收益，所有這些收益都在 PSA 或 LOI 新的融資活動下，預計第三季度將在 3 億至 3.5 億美元之間，並且我們的流動性狀況良好。

As a reminder, we do have the option to extend some or all of this remaining bond by 1 year to January 2027. Our net debt to adjusted EBITDAre was 8.7x at June 30 driven by our refinancing and disposition activities. We expect our leverage to continue to decrease towards our target of 6.5 to 7.5x as we address our 2026 bond maturity, close the dispositions highlighted earlier and continue to realize improved performance in our shop segment.

提醒一下，我們可以選擇將部分或全部剩餘債券的期限延長 1 年至 2027 年 1 月。受再融資和處置活動的影響，截至 6 月 30 日，我們的淨債務與調整後 EBITDAre 比率為 8.7 倍。我們預計，隨著我們解決 2026 年債券到期問題、結束之前強調的處置並繼續實現商店部門業績的改善，我們的槓桿率將繼續下降，朝著 6.5 至 7.5 倍的目標邁進。

In closing, we remain confident that we will meet our 2026 debt maturity which leaves us until 2028 before our next maturity. Given the results so far and our expectations for the remainder of the year, we are increasing our 2025 SHOP NOI guidance by $10 million at the midpoint of the guidance range to $132 million to $142 million. It is important to note that our year-to-date SHOP NOI of $73.4 million includes certain nonrecurring items that benefited NOI in the first 6 months as well as 3 fewer days in the first half of the year as compared to the second half of the year.

最後，我們仍然有信心在 2026 年償還債務，這意味著我們的下一個債務到期日是 2028 年。鑑於迄今為止的結果以及我們對今年剩餘時間的預期，我們將 2025 年 SHOP NOI 指導價提高 1000 萬美元，達到指導範圍的中點 1.32 億美元至 1.42 億美元。值得注意的是，我們今年迄今的 SHOP NOI 為 7,340 萬美元，其中包括前 6 個月使 NOI 受益的某些非經常性項目，以及與下半年相比，上半年少了 3 天。

As a result, we expect expense increases based on the increased number of days in Q3 and Q4 and increased utilities in Q3 due to seasonality. That concludes our prepared remarks. Operator, please open the line for questions.

因此，我們預計，由於第三季和第四季的天數增加以及季節性因素導致第三季水電費增加，費用將會增加。我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions) John Massocca, B. Riley Securities.

（操作員指示） John Massocca，B. Riley Securities。

Maybe digging in a little bit on the 2Q results, just given kind of the change to guidance and you're kind of calling out of some onetime items in the first half of the year anything notable specifically in 2Q '25? I know that we're seeing -- it was insurance reimbursements in 1Q. But is anything in 2Q that would be considered kind of onetime issue maybe how much did that impact the model going forward?

也許可以深入研究第二季的業績，考慮到指導方針的變化，您會指出上半年的一些一次性項目，2025 年第二季有什麼特別值得注意的事情嗎？我知道我們看到的是——這是第一季的保險報銷。但是，第二季度中是否存在什麼可以被視為一次性問題的問題，或者這對未來的模型有多大影響？

Yes, the majority of the NOI benefit came in the first quarter as we noted with those insurance proceeds. We had a little bit of benefit to Q2 (inaudible) insurance, but not as material to Q1. As we look forward, we expect to continue to see occupancy growth towards the year-end target that we previously highlighted, we do expect some seasonal increases in Q3 with utilities that happen every year. And then with a few more days in the second half, that will add some costs as it relates to salaries and benefits, et cetera.

是的，正如我們注意到的保險收益，大部分 NOI 收益來自第一季。我們對第二季（聽不清楚）保險有一點好處，但對第一季來說並不那麼重要。展望未來，我們預計入住率將繼續成長，朝著我們先前強調的年底目標邁進，我們確實預計第三季會出現一些季節性成長，因為每年都會出現公用事業的成長。然後，下半年還會有幾天的時間，這將增加一些與薪資和福利等相關的成本。

Okay. And then as I think about the CapEx guidance change, was that all tied to reductions in kind of shop CapEx? Or are there other kind of other parts of the portfolio where you're seeing less of a need for CapEx.

好的。然後，當我想到資本支出指導變化時，這是否都與商店資本支出的減少有關？或者，您認為投資組合中其他部分對資本支出的需求較少。

There's a few increases. So really, part of it is dispositions and just generally as we advance towards closer to year-end, just kind of comparing where we're at from an actual year-to-date spend of what we underwrote for budgeting. We're just trying to tighten our range a little bit. And then also we have some tenant vantage (inaudible) leasing in the Office and Life Science portfolio that can fluctuate but we kind of feel good about I think that range to what we did earlier today in the prepared remarks.

有一些增加。因此，實際上，部分原因在於處置，而且一般來說，隨著我們接近年底，我們只是將今年迄今為止的實際支出與我們為預算承保的支出進行比較。我們只是想稍微縮小一下範圍。然後，我們在辦公室和生命科學投資組合中也有一些租戶優勢（聽不清楚）租賃，這些租賃可能會有波動，但我們對此感覺良好，我認為這個範圍與我們今天早些時候在準備好的評論中所做的一樣。

Okay. And then on the disposition front, specifically, is there anything maybe beyond the pipeline of sales that are under PSA and LOI that you think you could continue to close either by year-end or maybe heading into '26. Just kind of trying to balance out what was closed year-to-date, what was kind of in the pipeline as of the June presentation and what's kind of in the just under contract bucket per the kind of supplemental? I mean is that imply that maybe you're going to sell less stuff that was being marketed previously? Or is that still kind of in the works and maybe could close later this year?

好的。然後，在處置方面，具體來說，除了 PSA 和 LOI 下的銷售管道之外，您認為還有什麼可以在年底前或 26 年之前繼續完成的嗎？只是想平衡一下今年迄今為止已經完成的工作、截至 6 月份演示時正在進行的工作以及根據補充合約所簽訂的工作量？我的意思是，這是否意味著你可能會減少銷售之前銷售的商品？或者說這項工作仍在籌備中，也許會在今年稍後完成？

Yes, it's a mix, right? We noted the $280 million as you alluded to on the PSA and LOI front. Those are kind of the Q3, Q4 targets. We do have a handful of other assets, 4 different properties, 2 MOB, Life Science, 2 SHOP for another $20 million that is kind of behind with respect to the marketing process versus the LOI PSA. And so I don't -- I would look at that as late Q4 and even into Q1 as a guide.

是的，是混合的，對嗎？我們注意到您在 PSA 和 LOI 方面提到的金額為 2.8 億美元。這些是第三季、第四季的目標。我們確實擁有少量其他資產，4 項不同的財產，2 項 MOB、生命科學、2 項 SHOP，另外價值 2000 萬美元，就行銷過程與 LOI PSA 而言有點落後。所以我不會——我會將其視為第四季度末甚至第一季的指導。

But that really rounds out kind of the active marketing that we're doing. We did sell the 3 post quarter end as I mentioned in our prepared remarks, So things are trending accordingly. But yes, this will conclude kind of the broader stretch of asset dispositions and then we'll just kind of turn to more hand-to-hand come better strategic capital recycling on an ongoing basis as we get into 2026.

但這確實完善了我們正在進行的積極行銷。正如我在準備好的評論中提到的那樣，我們確實在季度末賣出了 3 個，所以事情正在朝著相應的趨勢發展。但是的，這將結束更廣泛的資產處置，然後，隨著我們進入 2026 年，我們將轉向更面對面的持續更好的策略資本回收。

Okay. And then not a huge differential, but it seemed a little bit like the 5 star assets, at least on a kind of comparative basis maybe even a quarter-over-quarter comparative basis kind of outperformed some of the other SHOP properties in the portfolio. Anything to call out there as to why that was? And how does that, if at all, change your philosophy on how much of the portfolio you want to have being operated by Five Star.

好的。雖然差異並不大，但看起來有點像五星級資產，至少在某種比較基礎上，甚至在季度環比比較基礎上，其表現優於投資組合中的其他一些 SHOP 資產。有什麼可以解釋為什麼會這樣嗎？如果有的話，這會如何改變您對五星投資公司經營多少投資組合的概念？

Yes. I mean, look, I think that Five Star has been really kind of working towards improving its overall business model and kind of bringing kind of the right team members in place. And we've talked about some of the general improvements to the operating platform that they've instilled. We've invested capital in many of those Five-Star properties. And so we're starting to see the benefit of that as well.

是的。我的意思是，我認為五星電器一直在努力改善其整體業務模式，並引進合適的團隊成員。我們也討論了他們為操作平台注入的一些整體改進。我們已經對許多五星級酒店進行了資金投入。因此我們也開始看到它的好處。

And I think kind of generally speaking, I would say net-net, some of the Five Star properties are located in more primary markets. So we're going to get some outside benefit from that. For the balance of the portfolio, there's still a lot of upside opportunity with there. I mean we talked about some of the onetime impacts. We saw a pullback in Q2 with our SNF properties.

我認為總體來說，一些五星級飯店位於更主要的市場。因此我們將從中獲得一些外部利益。對於投資組合的平衡而言，仍有許多上行機會。我的意思是我們討論了一些一次性的影響。我們在第二季看到了 SNF 資產的回檔。

We have 10 of those with an operator and with some onetime adjustments. And so that is impairing some of the results for the quarter. But we would expect both to kind of trend favorably, but with a slight tilt towards a 5-star manage just given the properties, the renovations more specifically with that portfolio.

我們有 10 個這樣的設備，配備操作員並進行一些一次性調整。因此，這損害了本季的部分業績。但我們預計兩者都會呈現良好的趨勢，但考慮到這些物業，尤其是該投資組合的裝修，我們稍微傾向於五星級管理。

And then last question for me. In terms of occupancy, as we think about where you are today versus kind of getting to the target range and guidance, is there some reason that, that could maybe kind of hockey stick up at the tail end of the year either a fulfillment of the CapEx plan, something around seasonality? Or should that kind of, in your mind, gradually build towards that guidance number?

這是我的最後一個問題。就入住率而言，當我們考慮您目前的入住率與達到目標範圍和指導值時，是否存在某種原因，可能在年底出現曲棍球效應，要么是資本支出計劃的完成，要么是季節性因素？或者在您看來，應該逐步實現這個指導數字？

It actually builds over the year. I mean we provided kind of the year-end spot occupancy north of 82%. -- about 82.5% was kind of the midpoint we're targeting. And so that's going to be a byproduct of just improvement. I mean we're seeing some favorable results coming into July and again, as we get through these months kind of being more in favor with seasonality, we would expect that trend to continue.

它實際上是經過一年時間才建成的。我的意思是，我們提供了 82% 以上的年底現場入住率。 —— 82.5% 左右是我們目標的中間點。所以這將是改進的副產品。我的意思是，我們看到七月出現了一些有利的結果，而且，隨著我們度過這幾個月，我們更加傾向於季節性，我們預計這種趨勢將會持續下去。

And then you're going to have the inflows and outflows of the dispositions that are currently under LOI or that will also kind of fluctuate that occupancy number ultimately getting us to that guidance towards the end of the year.

然後，您將獲得目前處於 LOI 之下的處置的流入和流出，這也會使入住率產生波動，最終使我們在年底前達到該指導。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Just a few clarification questions. I know you said there was nonrecurring benefit, mostly in 1Q, but there was a little in 2Q. What was the amount in 2Q that was nonrecurring? And where was that included in the P&L? Is that in SHOP NOI?

只需澄清幾個問題。我知道您說過有非經常性收益，主要在第一季度，但第二季度有一點。第二季的非經常性金額是多少？那這部分內容包含在損益表中的哪裡呢？那是在 SHOP NOI 嗎？

Yes, it's in SHOP NOI. It was on the expense side related to a benefit in PLGL insurance is about $1 million.

是的，它在 SHOP NOI。與 PLGL 保險福利相關的費用約為 100 萬美元。

Great. And then I know that the CapEx number has been coming down a little bit. What is the correct recurring CapEx per unit in your SHOP portfolio? So you kind of fast forward into and beyond, is all the extra CapEx dollars that you've been spending, is that done? And what is the right run rate per unit going forward?

偉大的。然後我知道資本支出數字一直在下降。您的 SHOP 投資組合中每單位正確的經常性資本支出是多少？那麼，您可以快速前進，超越，您花費的所有額外資本支出都完成了嗎？那麼未來每台設備的正確運作率是多少呢？

So from a recurring shop standpoint, we're thinking about $3,500 per unit and other redevelopment severe trying to be strategic in terms of how we deploy capital there. But generally, we're thinking into high-teen returns on that CapEx.

因此，從經常性商店的角度來看，我們考慮每家商店 3,500 美元，並嘗試在如何在那裡部署資本方面採取策略性的其他重建措施。但整體而言，我們考慮的是資本支出的高報酬率。

And then as you go into 2026, are we done with the extra maintenance CapEx that you've been kind of going through the past few years? Or the -- or is there any other heavier CapEx years that we should expect?

那麼，進入 2026 年，我們是否已經完成了過去幾年一直在經歷的額外維護資本支出？或者——或者我們是否應該預期其他資本支出較大的年份？

I'd say we're caught up for the most part in terms of deferred CapEx at this point.

我想說，目前我們在遞延資本支出方面已經基本趕上進度了。

Okay. Great. And then just lastly, I know you mentioned -- and I believe I heard this correctly, the new debt financings of $300 million to $350 million in 3Q. Is that going to be new secured debt on SHOP assets? Or how should we think about how that potential secured financing could come in?

好的。偉大的。最後，我知道您提到過——我相信我沒聽錯，第三季新的債務融資為 3 億至 3.5 億美元。這會成為 SHOP 資產的新擔保債務嗎？或者我們應該如何思考潛在的擔保融資如何實現？

Yes. We've been working on this for a bit of time now. We have a couple of different options at play, some is secured financing or unsecured in the form of a bond or more traditional type financing. As of now, we're not expecting it to be on SHOP communities but we expect to report more in the coming months on that.

是的。我們已經為此工作了一段時間了。我們有幾種不同的選擇，有些是有擔保的融資，有些是債券形式的無擔保融資，或更傳統的融資類型。截至目前，我們預計它不會出現在 SHOP 社群中，但我們預計在未來幾個月內會報導更多相關內容。

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。

Thank you for joining our call today and that concludes our call. Thank you.

感謝您今天參加我們的電話會議，我們的電話會議到此結束。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。