Diversified Healthcare Trust (DHC) 2025 Q3 法說會逐字稿

Good morning and welcome to the Diversified Healthcare Trust third-quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加多元化醫療保健信託基金2025年第三季財報電話會議。（操作說明）

Please note, this event is being recorded. I would now like to turn the conference over to Matt Murphy, Manager of Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係經理馬特墨菲。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.今天與我一起參加電話會議的有：總裁兼執行長克里斯·比洛托；財務長兼財務主管馬特·布朗；以及副總裁安東尼·保拉。

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演講，隨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，嚴禁錄製和轉播今天的電話會議。

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, November 4, 2025. 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.

今天的電話會議包含1995年《私人證券訴訟改革法案》及其他證券法所指的前瞻性陳述。這些前瞻性聲明是基於 DHC 截至 2025 年 11 月 4 日星期二的信念和預期。除向美國證券交易委員會（SEC）提交文件外，本公司不承擔任何義務對今天電話會議中作出的前瞻性聲明進行修訂或公開披露修訂結果。

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，本次電話會議可能包含非公認會計準則數據，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指標與淨收入的調節表可在我們的財務表現報告中查閱，該報告可在我們的網站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聲明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信息，請參閱我們向美國證券交易委員會提交的文件。投資者應注意，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，我們將提供關於本次通話的指導，包括 NOI。我們沒有在業績指引中提供這些非公認會計準則指標的調節表，因為某些調節所需的信息，例如與房地產處置相關的損益或減值費用，如果不付出不合理的努力，甚至根本無法獲得。

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

接下來，我將把電話交給克里斯。

Thank you, Matt and good morning, everyone. Thank you for joining our call today.

謝謝你，馬特，大家早安。感謝您今天參加我們的電話會議。

I will begin by providing a high-level review of DHC's third-quarter results and an update on the progress we are making toward our key strategic objectives, including an update to the previously announced transition of our AlerisLife-managed communities. Then Anthony will provide more details regarding our quarterly financials and capital spending. And finally, Matt will review our financing activity and liquidity before discussing our outlook for the remainder of the year.

首先，我將對 DHC 第三季業績進行高層次的回顧，並介紹我們在實現關鍵策略目標方面取得的進展，包括先前宣布的 AlerisLife 管理社群過渡的最新進展。然後，Anthony 將提供有關我們季度財務和資本支出的更多詳細資訊。最後，Matt 將回顧我們的融資活動和流動性情況，然後討論我們對今年剩餘時間的展望。

After the market closed yesterday, DHC reported third-quarter results that highlight continued momentum across our operating segments and steady execution on our initiatives to strengthen DHC's financial position. Total revenue for the quarter was $388.7 million, an increase of 4% year over year. Adjusted EBITDAre was $62.9 million and normalized FFO was $9.7 million or $0.04 per share.

在昨天市場收盤後，DHC 公佈了第三季業績，業績顯示我們各個營運部門持續保持成長勢頭，並穩步推進各項舉措，以加強 DHC 的財務狀況。本季總營收為 3.887 億美元，年增 4%。調整後 EBITDA 為 6,290 萬美元，正常化 FFO 為 970 萬美元，即每股 0.04 美元。

During the quarter, we took a significant step forward in repositioning our senior housing operating portfolio with the announced sale by AlerisLife of its management contracts and our results reflect a temporary decline in NOI due to elevated labor costs as we transition the 116 AlerisLife communities to new operators. For the transitioning portfolio, compensation expense as a percent of revenue was approximately 240 basis points above the portfolio average for prior periods, representing an incremental cost of roughly $5.1 million for the quarter.

本季度，隨著 AlerisLife 宣佈出售其管理合同，我們在重新定位我們的高級住房營運組合方面邁出了重要一步。由於我們將 116 個 AlerisLife 社群過渡到新的營運商，勞動力成本上升，導致我們的淨營業收入暫時下降。對於過渡期投資組合而言，薪資支出佔收入的百分比比前期投資組合的平均水準高出約 240 個基點，這意味著該季度新增成本約為 510 萬美元。

These elevated labor costs are primarily driven by required investments in operational support, including payroll allocation for property tours, community reviews, training and onboarding to support incoming operators. Additionally, temporary employee overlap necessary to meet required notice periods prior to terminations has contributed to the increase.

勞動力成本上升主要是由於營運支援方面的必要投資，包括為物業參觀、社區評估、培訓和入職等新營運人員提供的工資分配。此外，為滿足終止僱傭關係前規定的通知期，臨時員工的聘用也導致了這一增長。

As previously communicated, these transitions are part of AlerisLife's planned wind down of its business, which included a broadly marketed process for the sale of the management contracts for the DHC-owned communities to 7 operators and the sale of 17 Aleris-owned communities to unique buyers. 21 of the 116 communities were transitioned to new operators as of quarter end and a total of 85 communities have transitioned as of today's call. We are tracking all 116 communities to transition by year-end.

正如先前溝通的那樣，這些過渡是AlerisLife計劃逐步結束其業務的一部分，其中包括一項廣泛的市場推廣流程，將DHC旗下社區的管理合約出售給7家運營商，以及將17個Aleris自有社區出售給不同的買家。截至季末，116個社區中有21家已移交給新的營運商，截至今天的電話會議，共有85個社區已完成移交。我們正在追蹤所有 116 個社區的轉型情況，目標是在年底前完成。

As a 34% owner of AlerisLife, we expect to receive approximately $25 million to $40 million of net proceeds upon the completion of the wind down in 2026. Importantly, this transition -- transaction advances our strategy to establish a more efficient and geographically aligned operating model in line with broader industry trends favoring regional densification.

作為 AlerisLife 34% 的股東，我們預計在 2026 年完成清算後，將獲得約 2,500 萬至 4,000 萬美元的淨收益。重要的是，此次轉型交易推進了我們的策略，即建立一個更有效率、更具地域性的營運模式，以順應有利於區域密集化的更廣泛的行業趨勢。

The new DHC operating agreements include a 10-year term and incorporate performance-based incentive and termination structures that enhance accountability and align operator interest with DHC's objectives reinforced by the operators' purchase of these contracts.

新的 DHC 營運協議包括 10 年期限，並納入了基於績效的激勵和終止機制，以增強問責制，並使營運商的利益與 DHC 的目標保持一致，營運商購買這些合約也強化了這一點。

As part of the diligence and selection of the seven operators, five of whom are new to DHC, our asset management team developed specific criteria to evaluate each operator's capabilities and market expertise. We expect these measures will result in occupancy rates and NOI margins that are more consistent with industry averages.

作為對七家營運商（其中五家是 DHC 的新營運商）進行盡職調查和遴選的一部分，我們的資產管理團隊制定了具體的標準來評估每家營運商的能力和市場專業知識。我們預計這些措施將使入住率和淨營業收入利潤率更符合行業平均水平。

During the third quarter, SHOP occupancy increased 210 basis points year-over-year to 81.5%, marking the fourth consecutive quarter of occupancy growth and Rev POR rose 5.3%, reflecting annual rate increases, gains in care level pricing and reduced discounts and concessions at higher occupied communities.

第三季度，SHOP入住率年增210個基點至81.5%，連續第四個季度實現入住率增長；Rev POR增長5.3%，反映出年度費率上漲、護理級別定價上漲以及入住率較高的社區折扣和優惠減少。

Expense POR for the same period increased by 5.1%, driven primarily by temporary labor cost increases associated with the community transitions, wage adjustments and filling of previously opened positions. Collectively, these trends resulted in a 6.9% year-over-year increase in SHOP revenues and a 7.8% increase in consolidated SHOP NOI to $29.6 million.

同期支出 POR 成長了 5.1%，主要原因是與社區轉型、工資調整和填補先前空缺職位相關的臨時勞動力成本增加。總體而言，這些趨勢導致 SHOP 營收年增 6.9%，合併 SHOP NOI 成長 7.8% 至 2,960 萬美元。

Sequentially, the decline in SHOP NOI is primarily attributable to higher seasonal utility costs, favorable onetime adjustments in Q2 and the noted temporary labor costs related to the community transitions, which are expected to moderate through Q4.

從季度來看，SHOP NOI 的下降主要歸因於較高的季節性公用事業成本、第二季度有利的一次性調整以及與社區轉型相關的臨時勞動力成本，預計這些成本將在第四季度有所緩解。

Initial feedback from the new operators has been encouraging with feedback complementing opportunities to drive top line revenue with the introduction of additional care levels, above-market rent increases, the opportunity to reduce expenses through rightsizing services with meal offerings, equipment leases, and procurement of recurring services and the ability to improve leads to move-in conversion across the portfolio through the integration of each operator's broader CRM tools.

來自新業者的初步回饋令人鼓舞，回饋中提到，透過引入額外的護理等級、高於市場水平的租金成長來推動收入成長的機會，透過調整餐飲服務、設備租賃和採購經常性服務來降低成本的機會，以及透過整合每個營運商更廣泛的客戶關係管理工具來提高整個投資組合的潛在客戶入住轉換率。

We expect to see these initiatives complement our performance over the next several quarters. Based on year-to-date performance and current trends, we are maintaining our full year SHOP NOI guidance range of $132 million to $142 million.

我們預計這些舉措將在未來幾季對我們的業績起到促進作用。根據今年迄今的業績和當前趨勢，我們維持全年 SHOP NOI 預期範圍為 1.32 億美元至 1.42 億美元。

Turning to our Medical Office and Life Science portfolio. During the quarter, we completed approximately 86,000 square feet of leasing at weighted average rents of 9% above prior rents for the same space with an average term of nearly seven years.

接下來，我們來看看我們的醫療辦公室和生命科學產品組合。本季度，我們完成了約 86,000 平方英尺的租賃，加權平均租金比之前相同面積的租金高出 9%，平均租期接近七年。

Consolidated occupancy increased 370 basis points sequentially to 86.6%, primarily driven by the asset sales of vacant or low occupancy properties and leasing during the quarter. Same-property cash basis NOI increased 1.6% year over year with margins improving 100 basis points to 58.9%.

綜合入住率較上季成長 370 個基點至 86.6%，主要得益於本季空置或入住率低的物業的資產出售和租賃。同店現金基礎淨營業收入年增 1.6%，利潤率提高 100 個基點至 58.9%。

Looking ahead, 1.5% of annualized revenue in our Medical Office and Life Science portfolio is scheduled to expire through year-end 2025, of which 22,000 square feet or approximately 30 basis points of annualized revenue is expected to vacate.

展望未來，到 2025 年底，我們醫療辦公室和生命科學投資組合中 1.5% 的年化收入將到期，其中預計有 22,000 平方英尺或約 30 個基點的年化收入將空置。

We maintain an active leasing pipeline totaling 717,000 square feet, including approximately 103,000 square feet of new absorption, providing momentum toward higher portfolio occupancy and continued rent growth with average lease terms of 7.6 years and GAAP rent spreads averaging more than 8%.

我們目前擁有總計 717,000 平方英尺的活躍租賃項目，其中包括約 103,000 平方英尺的新吸納量，這為提高投資組合入住率和持續的租金增長提供了動力，平均租賃期限為 7.6 年，GAAP 租金差價平均超過 8%。

Turning to our capital markets and balance sheet initiatives. In August, our Seaport Innovation joint venture completed a $1 billion refinancing of the Vertex Pharmaceuticals' headquarters in Boston. As part of this transaction, DHC received a $28 million cash distribution, reflecting our 10% share of the proceeds.

接下來談談我們的資本市場和資產負債表舉措。8 月，我們的 Seaport Innovation 合資企業完成了 Vertex Pharmaceuticals 位於波士頓的總部大樓的 10 億美元再融資。作為交易的一部分，DHC 收到了 2,800 萬美元的現金分配，相當於我們 10% 的收益份額。

Following our September issuance of $375 million of senior secured notes in 2030 and with the expected payoff of our remaining 2026 zero coupon bond notes as early as the fourth quarter, DHC will have no debt maturities until 2028. We continue to make significant progress with our noncore asset sales.

繼 2030 年 9 月發行 3.75 億美元的優先擔保票據，以及預計最早在第四季償還剩餘的 2026 年零息債券票據之後，DHC 在 2028 年之前將不會有任何債務到期。我們在非核心資產出售方面持續取得重大進展。

Year-to-date, DHC has sold 44 properties for $396 million. And as of November 3, we are under agreements or letters of intent to sell 38 properties for $237 million.

今年迄今為止，DHC 已售出 44 處房產，總價值 3.96 億美元。截至 11 月 3 日，我們已簽署協議或意向書，將出售 38 處房產，總價值 2.37 億美元。

We are also tracking close -- to close on 25 of these properties in Q4 for total proceeds of $211 million with the remaining balance planned for Q1 2026. These asset sales will reduce capital spending in 2026 and beyond, improve overall occupancy and margins and will contribute to the portfolio's cash flow growth.

我們也密切關注這些房產的收購進展——其中 25 處房產將於第四季度完成交易，總收益為 2.11 億美元，剩餘部分計劃於 2026 年第一季完成交易。這些資產出售將減少 2026 年及以後的資本支出，提高整體入住率和利潤率，並將有助於投資組合的現金流成長。

Looking ahead to 2026, the company is positioned to have its strongest liquidity maturity profile in several years. We believe our share price does not reflect the underlying value of our portfolio or the initiatives management has undertaken this year. With a fully transitioned SHOP portfolio, we believe DHC is well positioned to drive margin expansion, cash flow growth and continued balance sheet improvement, all of which are clear catalysts to drive shareholder value.

展望 2026 年，該公司預計將擁有近幾年來最強勁的流動性到期狀況。我們認為，我們的股價並未反映我們投資組合的內在價值，也未反映管理階層今年採取的各項措施。隨著 SHOP 投資組合的全面轉型，我們相信 DHC 已做好充分準備，推動利潤率擴張、現金流量成長和資產負債表持續改善，所有這些都是推動股東價值成長的明確催化劑。

With that, I will turn the call over to Anthony.

接下來，我將把電話交給安東尼。

Thank you, Chris and good morning, everyone. During the third quarter, our same-property cash basis NOI was $62.6 million, representing a 70 basis point increase year-over-year and 9.5% decrease sequentially. Our third quarter SHOP same-property results include improvements in both occupancy and average monthly rate. Same-property occupancy increased 140 basis points year over year and 100 basis points sequentially. We also continue to see positive momentum with pricing and achieved an increase in same-property SHOP average monthly rate of 5.3% year over year and 60 basis points sequentially.

謝謝你，克里斯，大家早安。第三季度，我們同店現金淨營業收入為 6,260 萬美元，較去年同期成長 70 個基點，較上季下降 9.5%。我們第三季 SHOP 同店銷售業績包括入住率和平均月租金的改善。同店入住率較去年同期上升 140 個基點，較上季上升 100 個基點。我們也看到定價方面持續保持正面勢頭，同店銷售平均月租金年增 5.3%，較上季上漲 60 個基點。

These increases resulted in year-over-year same-property SHOP revenue growth of 6.6%. Excluding the $5.1 million of temporary compensation expense increases related to the transition of management contracts from AlerisLife, adjusted SHOP NOI for the quarter would have been $34.8 million and SHOP NOI margin would have been 10.4%, an increase of 150 basis points from the reported margin of 8.9%.

這些成長使得同店銷售收入較去年同期成長了 6.6%。如果排除與從 AlerisLife 過渡管理合約相關的 510 萬美元臨時補償費用增加，則該季度的調整後 SHOP NOI 為 3,480 萬美元，SHOP NOI 利潤率為 10.4%，比報告的 8.9% 的利潤率提高了 150 個基點。

Turning to G&A expense. The third quarter amount includes $5.7 million of business management incentive fee. This incentive fee is driven in part by an increase in DHC's stock price of approximately 90% year-to-date. Any incentive management fee incurred would not be due until January 2026. Excluding the impact of the incentive management fee, G&A expense would have been $7.1 million for the quarter.

接下來討論一般及行政費用。第三季金額包括 570 萬美元的業務管理激勵費。這項激勵性費用的部分原因是 DHC 的股價今年迄今已上漲約 90%。任何產生的激勵管理費將在 2026 年 1 月之前支付。如果排除激勵管理費的影響，該季度的一般及行政費用將為 710 萬美元。

During the quarter, we invested approximately $43 million of capital, including $35 million in our SHOP communities and $7 million in our Medical Office and Life Science portfolio. We are pleased with our recently completed refreshes and redevelopments as we achieved incremental NOI of $2.8 million during the quarter when compared to prerenovation NOI. These returns are in line with our expectations of delivering a mid-teens ROI.

本季度，我們投資了約 4,300 萬美元的資金，其中包括投資 3,500 萬美元用於我們的 SHOP 社區，以及投資 700 萬美元用於我們的醫療辦公室和生命科學投資組合。我們對近期完成的翻新和重建項目感到滿意，與翻新前的淨營業收入相比，本季度我們實現了 280 萬美元的增量淨營業收入。這些回報符合我們預期，即實現十幾個百分點的投資報酬率。

We believe there's continued upside in NOI and occupancy growth at these communities. Based on our current expectations for the fourth quarter, we are reaffirming our 2025 CapEx guidance of $140 million to $160 million.

我們認為這些社區的淨營業收入和入住率還有持續成長的空間。根據我們對第四季的當前預期，我們重申 2025 年資本支出指引目標為 1.4 億美元至 1.6 億美元。

Now I'll turn the call over to Matt.

現在我把電話交給馬特。

Thanks, Anthony and good morning, everyone. We ended the quarter with approximately $351 million of liquidity, including $201 million of unrestricted cash and $150 million available under our undrawn revolving credit facility. In September, we advanced the repayment of our January 2026 zero coupon bonds by issuing $375 million of five-year secured bonds at a fixed coupon of 7.25%. We used $307 million of the proceeds to partially redeem our January 2026 bonds. The offering was several times oversubscribed, allowing us to improve pricing.

謝謝安東尼，大家早安。本季末，我們的流動資金約為 3.51 億美元，其中包括 2.01 億美元的非限制性現金和 1.5 億美元的未提取循環信貸額度。9 月，我們提前償還了 2026 年 1 月到期的零息債券，發行了 3.75 億美元的五年期擔保債券，固定票息為 7.25%。我們利用所得款項中的 3.07 億美元部分贖回了 2026 年 1 月到期的債券。此次發行認購額遠超預期，因此我們得以降低價格。

This bond is secured by equity pledges on 36 properties, including 21 SHOP communities with an implied valuation of $226,000 per unit. The remaining balance on our 2026 bond is $324 million after a $10.2 million paydown from an encumbered property sale. In addition to this October property sale, subsequent to quarter end, we also sold 11 properties for aggregate gross proceeds of $31 million.

該債券以 36 處房產的股權抵押作為擔保，其中包括 21 個 SHOP 社區，每個單元的隱含估值為 226,000 美元。在透過出售抵押房產償還 1,020 萬美元後，我們 2026 年債券的剩餘餘額為 3.24 億美元。除了這筆 10 月的房產出售外，在季度末之後，我們還出售了 11 處房產，總收益達 3,100 萬美元。

As of November 1, we had a total of 38 properties under agreement or LOI for aggregate proceeds of $237 million, with the majority of these closings expected before year-end. We expect to use cash on hand, our undrawn credit facility and proceeds from our pending dispositions to repay all amounts on our January 2026 bonds as early as year-end.

截至 11 月 1 日，我們共有 38 處房產已達成協議或簽署意向書，總收益達 2.37 億美元，其中大部分預計將在年底前完成交易。我們預計最早在年底前，將使用手頭現金、未提取的信貸額度和待處理資產處置所得款項償還 2026 年 1 月到期債券的所有款項。

After this repayment, we estimate the weighted average interest rate on our remaining debt to be approximately 5.7% with no maturities until 2028. As of September 30, our net debt-to-adjusted EBITDAre was 10x, primarily reflecting the temporary compensation expense increases from our SHOP segment. Excluding these $5.1 million of elevated compensation expenses, leverage would have been 9.3x, an improvement of 70 basis points from the as-reported number.

償還本筆款項後，我們估計剩餘債務的加權平均利率約為 5.7%，且 2028 年之前沒有到期債務。截至 9 月 30 日，我們的淨債務與調整後 EBITDA 比率為 10 倍，主要反映了 SHOP 部門的臨時性薪資支出增加。如果排除這 510 萬美元的額外薪資支出，槓桿率為 9.3 倍，比報告的數字改善了 70 個基點。

We remain confident in our strategies to reduce leverage by executing on our pending asset sales to repay debt and to drive stronger performance in our SHOP segment. Looking ahead, we expect improvements in adjusted EBITDAre with a full year 2025 range of $275 million to $285 million and trending towards positive cash flow as SHOP operations stabilize and leverage declines. In closing, based on our current liquidity and asset sales, we are confident that January 2026 bonds will be repaid in full as early as year-end.

我們仍然對我們的策略充滿信心，即透過執行待售資產來償還債務，從而降低槓桿率，並推動我們的SHOP業務部門取得更強勁的業績。展望未來，我們預計調整後的 EBITDA 將有所改善，2025 年全年將達到 2.75 億美元至 2.85 億美元，並且隨著 SHOP 營運趨於穩定和槓桿率下降，現金流將趨於正值。最後，根據我們目前的流動性和資產出售情況，我們有信心最早在年底就能全額償還 2026 年 1 月到期的債券。

With our next scheduled maturity in 2028, our near-term focus is on ensuring a smooth transition of the remaining communities from AlerisLife to our new managers. While the transition of these communities presents a temporary increase in cost, we are reaffirming our 2025 SHOP NOI guidance of $132 million to $142 million.

由於我們的下一個預定到期日是 2028 年，我們近期的重點是確保剩餘社區從 AlerisLife 順利過渡到我們的新管理者。雖然這些社區的轉型會帶來暫時的成本增加，但我們重申 2025 年 SHOP NOI 指引為 1.32 億美元至 1.42 億美元。

Looking ahead, we are optimistic about the long-term performance of our SHOP segment. We believe our strategic initiatives will continue to drive improvements in NOI, margins and occupancy across our portfolio.

展望未來，我們對SHOP業務部門的長期表現持樂觀態度。我們相信，我們的策略性舉措將持續推動我們旗下所有物業的淨營業收入、利潤率和入住率的提升。

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

我們的發言稿到此結束。接線員，請開通提問線。

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

（操作說明）John Massocca，B. Riley Securities。

Maybe looking towards 4Q '25 and in light of the unchanged GAAP NOI guidance, what impact are you expecting from operator transition OpEx costs in 4Q, especially relative to what you experienced in 3Q?

展望 2025 年第四季度，鑑於 GAAP NOI 指引保持不變，您預計營運商過渡營運支出成本在第四季度會受到怎樣的影響，特別是與第三季度相比？

John, thanks for the question. So as we noted in prepared remarks, approximately $5.1 million of costs in the quarter related to the transitions. As of today, the majority of our communities have now transitioned. So I would say maybe somewhere around $1.5 million to $2 million of impact in the fourth quarter. As it relates to the overall NOI guide, we do expect to continue seeing increases in occupancy and some reductions in expenses, mainly utilities that support the overall guidance being unchanged at $132 million to $142 million for the year.

約翰，謝謝你的提問。正如我們在事先準備好的發言稿中提到的，本季與過渡相關的成本約為 510 萬美元。截至今日，我們的大多數社區已經完成轉型。所以我認為第四季的影響可能在 150 萬到 200 萬美元左右。就整體淨營業收入預期而言，我們預計入住率將繼續上升，支出將有所減少，主要是公用事業費用，這將支持全年整體預期維持在 1.32 億至 1.42 億美元不變。

Okay. And then in the prepared remarks, you mentioned you had 10.1% margin ex the transition labor compensation expense. Was that a same-store number? Or was that just for the consolidated portfolio?

好的。然後在事先準備好的發言稿中，您提到扣除過渡期勞動補償費用後，您的利潤率為 10.1%。那是同一家門市的單號嗎？還是那隻是針對合併後的投資組合？

That's a consolidated number.

這是匯總後的數字。

Okay. And then continuing with kind of the operator transition costs, is that something that was kind of contemplated when you put out guidance -- your adjusted guidance in October or even earlier this year? And maybe kind of why -- I understand there are other parties involved but why now for the transition from the AlerisLife assets to third-party operators?

好的。那麼，關於運營商過渡成本的問題，您在發布業績指引時——例如10月份或今年早些時候發布的調整後業績指引——是否考慮過這個問題？也許有點原因——我知道還有其他方參與其中，但為什麼偏偏是現在將 AlerisLife 的資產過渡到第三方運營商？

We'll answer that in parts. So with respect to the guidance, we hadn't necessarily contemplated specific interruption or quantified that with respect to the AlerisLife management contracts. But I think the real kind of opportunity is for us to kind of meet the needs and going through the process. And we understood that there was going to be some disruption and quantifying that -- it's variable.

我們會分部分回答這個問題。因此，就指導意見而言，我們並沒有特別考慮具體的業務中斷，也沒有針對 AlerisLife 管理合約量化業務中斷。但我認為真正的機會在於我們能夠滿足需求並完成相關流程。我們明白會有一些幹擾，但要量化這種幹擾──這是不確定的。

And so I think we've done the best we can to kind of help monitor that and mitigate it where appropriate and understand it's kind of a necessary temporary commitment to a broader strategy to bolster the overall performance for the company through the change in relationship to, again, to the seven new operators and kind of the information that we provided supporting the benefit of that.

因此，我認為我們已經盡最大努力來監控這種情況，並在適當的時候減輕其影響，並且理解這是對更廣泛戰略的必要臨時承諾，旨在通過與七家新運營商的關係變化來增強公司的整體業績，而我們提供的信息也支持這種變化帶來的好處。

I think the latter part of your question was why now? I mean, this was really a decision through AlerisLife and its business needs. And I think kind of looking at various option supporting a go forward. Management on that side has done an amazing job turning around performance. And I think that's reflected in kind of the multiyear improvement for DHC.

我認為你問題的後半部分是“為什麼是現在？”我的意思是，這實際上是AlerisLife公司出於業務需求而做出的決定。我認為應該考慮各種支持前進的方案。那邊的管理階層在扭轉業績方面做得非常出色。我認為這體現在DHC多年來的進步。

When you look at Aleris-managed communities relative to the other operators, they've outperformed. And given where SHOP is today, they felt like strategically, it was the best benefit and value proposition for the company.

與其他業者相比，Aleris 管理的社群表現更佳。鑑於 SHOP 目前的狀況，他們認為從策略角度來看，這是公司獲得的最佳利益和價值主張。

And then certainly, with DHC being a 34% owner, there's inherent benefits for that and we've talked about what a lot of those things are, including the diversification of operators. It cleans up the story for DHC without an affiliation. And I think strategically, it positions us to be kind of a better partner with the new operators and to grow our overall performance as we head into 2026 and future years.

當然，DHC 持有 34% 的股份，這本身就有很多好處，我們已經討論過其中許多好處，包括營運商的多元化。它為DHC澄清了事實，而DHC與該公司沒有任何關聯。我認為從策略角度來看，這使我們能夠更好地與新營運商合作，並在邁向 2026 年及未來幾年時提升我們的整體業績。

Okay. Sticking with the SHOP portfolio, I know you kind of gave the updated guidance on the NOI. But are you still expecting occupancy to be in the 82% to 83% range by year-end?

好的。繼續討論 SHOP 投資組合，我知道您已經給了關於 NOI 的最新指導。但您仍預計到年底入住率將達到 82% 至 83% 嗎？

Yes.

是的。

And then any kind of, I guess, maybe pull on the revenue side you've seen from the transition, just any kind of temporary disruption there? Or has that largely been unaffected by these operator transitions?

然後，我想，轉型過程中對收入方面可能造成的任何影響，或任何暫時的中斷？或者說，這些業者的變動在很大程度上並未對此產生影響？

Look, it's difficult to kind of quantify the top line with respect to where there may have been disruption or not in the sales process. I mean, certainly, you're seeing in our results that top line performance is trending favorably and really the impact to the quarterly performance is on the expense side.

你看，很難量化銷售過程中是否有中斷或中斷對總銷售的影響。我的意思是，當然，從我們的業績來看，總業績呈現良好趨勢，而對季度業績的真正影響體現在支出方面。

But there's likely some disruption and we think going forward as the transitions are complete, and as Matt noted, we're largely through those in October and I think all but a handful will wrap up towards mid-November. That clearly will provide a lot of -- a better runway, if you will, to avoid any other noise with respect to a transition and focus solely on operations. So again, hard to quantify, probably some impact as we get to mid-November, that will be behind us.

但可能會有一些幹擾，我們認為隨著過渡的完成，正如馬特指出的那樣，我們在 10 月基本上完成了這些過渡，我認為除了少數幾個之外，所有過渡都將在 11 月中旬結束。這顯然會提供很多——或者說，更好的發展空間，以避免過渡期間的任何其他幹擾，從而專注於營運。所以，很難量化，可能到 11 月中旬還有些影響，但那將會過去。

Okay. And then anything else to call out on the SHOP operating expense side that was maybe unrelated to these transitions that increased in the quarter versus in 2Q or 1Q?

好的。此外，SHOP 營運費用方面還有什麼其他需要指出的，可能與這些轉型無關，但本季相對於第二季或第一季增加的項目嗎？

No. The major headline was clearly the $5.1 million of elevated comp costs. We did have about a $2.5 million increase sequentially on utilities that was expected and we highlighted that on our Q2 earnings call. But those are the major drivers.

不。最引人注目的新聞顯然是高達 510 萬美元的補償金上漲。公用事業支出環比增長約 250 萬美元，這符合預期，我們在第二季財報電話會議上重點強調了這一點。但這些是主要驅動因素。

Okay. And then switching gears to the disposition activity. Can you maybe provide a little more color on the items in the pipeline today? How close are those to closing? Do you expect that entire pipeline to close by year-end? And I guess maybe what are the variables that could cause some of those to slip into 2026 or maybe fall out of the pipeline, if at all?

好的。然後轉入處置環節。能否詳細介紹一下今天正在籌備的項目？這些交易還有多久要結束了？你預計整個專案流程會在年底前完成嗎？那麼，有哪些因素可能導致其中一些項目推遲到 2026 年，或者最終退出項目計劃？

Yes. We do expect a small portion of the highlighted dispositions will close in Q1 2026. That's primarily on the SHOP side. There's about 13 communities as part of kind of a portfolio transaction. But just over $200 million is expected to close for the balance of this quarter.

是的。我們預計，重點關注的資產處置中有一小部分將在 2026 年第一季完成。這主要是商店方面的問題。作為一項投資組合交易的一部分，大約有 13 個社區。但預計本季剩餘時間內將完成略高於 2 億美元的交易。

And that's a combination of MOB and kind of select SHOP assets. I think the risk with that, I think, is minimal at this stage. I think a lot of what we see today are the -- the closing periods are within the year for the most part. And so we feel pretty good about being in a position to achieve a lion's share of that number this year. So again, close to $200 million for the balance of this year.

這是 MOB 和精選 SHOP 資產的組合。我認為現階段這樣做的風險很小。我認為我們今天看到的很多情況都是——大部分交易的結算期都在一年之內。因此，我們很有信心今年能夠實現這個數字的大部分。所以，今年剩餘時間裡，預計還需要將近 2 億美元。

And then again, there will be some dispositions that will fall into next year.

此外，還有一些事項會延至明年處理。

Okay. And then I think with the disposition activity as it seems to be closing, you would have maybe a little bit of excess capital, but I guess it depends on how much kind of cash you want to leave on hand. I mean, is there any potential to pay down additional debt with disposition activity completed in '25 beyond those -- that debt maturing in 2026? Or is that more likely to stay as kind of dry powder to deal with whatever comes next in 2026?

好的。然後我認為，隨著資產處置活動的結束，你可能會有一些多餘的資金，但我想這取決於你想保留多少現金。我的意思是，除了 2026 年到期的債務之外，2025 年完成的資產處置活動是否有可能償還額外的債務？或者更有可能將其作為一種儲備資金，以應對 2026 年可能發生的任何情況？

Yes, that would be left on the balance sheet as dry powder as we kind of turn our focus to offense. Our next debt maturity after the '26 is in 2028 and the interest rate on that is 4.75%. So we're better off leaving that debt on the balance sheet and increasing our cash position.

是的，這筆錢會作為可用資金留在資產負債表上，因為我們會將注意力轉向進攻。2026 年後，我們的下一個債務到期日是 2028 年，利率為 4.75%。所以，我們最好還是把這筆債務留在資產負債表上，增加現金儲備。

(Operator Instructions) Since there are no more questions, this concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks. Please go ahead.

（操作說明）由於沒有其他問題，我們的問答環節到此結束。我謹將會議交還給克里斯·比洛托，請他作總結發言。請繼續。

Thank you. We would like to thank you all for joining our call today and we look forward to meeting with many of you at the Nareit conference in Dallas in December. At that time, we will have substantially completed the SHOP operator transitions, and we plan to publish an updated investor presentation for the conference with additional color on our transition progress and supporting performance. Please reach out to Investor Relations if you're interested in scheduling a call with DHC or meeting at Nareit. Operator, that concludes our call.

謝謝。感謝各位今天參加我們的電話會議，我們期待在 12 月於達拉斯舉行的 Nareit 會議上與各位見面。屆時，我們將基本完成 SHOP 營運商的過渡工作，並計劃在會議上發布一份更新的投資者演示文稿，詳細介紹我們的過渡進度和相關績效。如果您有興趣安排與 DHC 的電話會議或在 Nareit 會面，請聯絡投資者關係部門。接線員，通話到此結束。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。