Diversified Healthcare Trust (DHC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Diversified Healthcare Trust first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Diversified Healthcare Trust 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係經理 Matt Murphy。請開始。

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. 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.

早安。今天與我一同出席的有：總裁兼執行長 Chris Bilotto；財務長兼財務主管 Matt Brown；以及副總裁 Anthony Paula。今天的電話會議將先由管理層進行簡報，隨後進入與賣方分析師的問答環節。請注意，未經公司事先書面同意，嚴禁錄製及轉播今日的電話會議。

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 5, 2026. 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.

今日的電話會議包含《1995 年私人證券訴訟改革法》及其他證券法所界定的前瞻性陳述。這些前瞻性陳述係基於 DHC 截至今日（2026 年 5 月 5 日，星期二）的信念與預期。除透過向證券交易委員會（SEC）提交文件外，公司不承擔修訂或公開發布對今日電話會議中任何前瞻性陳述之修訂結果的義務。

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. Actual results may differ materially from those projected in any forward-looking statements.

此外，本次電話會議可能包含非 GAAP 數據，包括標準化營運資金（normalized funds from operations）或標準化 FFO、淨營運收入（NOI），以及現金基礎淨營運收入（cash basis NOI）。上述非 GAAP 指標與淨利之調節表載於我們的財務結果資料包，可於我們網站 www.dhcreit.com 查閱。實際結果可能與任何前瞻性陳述所預測者存在重大差異。

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.

有關可能導致上述差異之因素的更多資訊，載於我們向 SEC 提交的文件中。提醒投資人勿過度依賴任何前瞻性陳述。最後，我們將在本次電話會議中提供指引，包括 NOI。我們不會在指引中提供這些非 GAAP 指標的調節表，因為完成該等調節所需的某些資訊在不付出不合理努力的情況下無法取得，或根本無法取得，例如與不動產處分相關的損益或減損費用。

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

接下來，我想把電話交給 Chris。

Thank you, Matt. Good morning, everyone, and thank you for joining our call today. DHC delivered a strong first quarter, demonstrating the powerful combination of our active asset management and the deep expertise of our expanded operating partners. The strategic changes we made within our SHOP portfolio in 2025 continue yielding results with the first quarter aligning with our outlook focus on driving revenue, expense synergies, and overall margin improvement.

謝謝你，Matt。各位早安，感謝今天加入我們的電話會議。DHC 第一季表現強勁，展現我們積極的資產管理與擴大後營運合作夥伴深厚專業的強大結合。我們於 2025 年在 SHOP 投資組合內所做的策略性調整持續產生成效；第一季表現符合我們的展望，聚焦於推動營收、費用協同效益，以及整體利潤率改善。

Looking ahead, we are well positioned to capitalize on powerful tailwinds, including the burgeoning demand from an aging population and a historically low new supply pipeline for senior housing. We are confident that our best-in-class operators and strengthened balance sheet will continue to drive superior performance and create significant long-term value for our shareholders.

展望未來，我們已做好充分準備，把握多項強勁順風因素，包括高齡人口帶動的需求快速成長，以及高齡住宅新供給管線處於歷史低位。我們相信，業界一流的營運商與更強健的資產負債表將持續推動卓越表現，並為股東創造可觀的長期價值。

Turning to the quarter. After the market closed yesterday, DHC issued first quarter results that reflect continued progress across our business. We reported normalized FFO of $33.1 million or $0.14 per share and adjusted EBITDAre of $74 million, both well ahead of the analyst consensus estimate. Consolidated NOI increased 4.7% year over year to $75.9 million.

回到本季表現。昨日收盤後，DHC 公布第一季業績，反映我們各項業務持續取得進展。我們報告標準化 FFO 為 3,310 萬美元（每股 0.14 美元），調整後 EBITDAre 為 7,400 萬美元，兩者均明顯優於分析師一致預期。合併 NOI 年增 4.7% 至 7,590 萬美元。

Our same-property SHOP portfolio delivered a robust 13.5% increase in NOI year over year, reaching $44.3 million. This was driven by same-property occupancy growth of 110 basis points and average monthly rate growth of 5.9%.

我們的同店 SHOP 投資組合 NOI 年增強勁達 13.5%，至 4,430 萬美元。主要動能來自同店入住率提升 110 個基點，以及平均月租金成長 5.9%。

Our sequential performance reflects the benefits of our active asset management strategy with contributions from new operator partnerships becoming even more apparent. Our same-property NOI margin expanded by 160 basis points to 14.9%, with occupancy holding at 82.4%. This margin improvement was driven by progress on both the top and bottom line.

我們的連續季度表現反映積極資產管理策略的效益，新營運商合作夥伴的貢獻也愈發明顯。同店 NOI 利潤率擴張 160 個基點至 14.9%，入住率維持在 82.4%。此利潤率改善同時來自營收端與成本端的進展。

On the revenue side, growth was largely supported by an average annual rate increase of 4.5% across 70% of the portfolio in January, complemented by a favorable shift in resident levels of care. On the expense side, our progress has been equally impressive and demonstrates the immediate impact of our new operating partners. For example, during the quarter, we secured new dietary and food and beverage contracts that simultaneously enhance the resident experience while locking in significant cost savings for the year.

在營收端，成長主要受惠於 1 月在投資組合 70% 的資產上實施平均年化 4.5% 的費率調升，並搭配住戶照護等級結構的有利變化。在費用端，我們的進展同樣令人印象深刻，並展現新營運合作夥伴的即時影響。例如，本季我們簽訂新的膳食及餐飲（food and beverage）合約，在提升住戶體驗的同時，也鎖定本年度可觀的成本節省。

Furthermore, a key area of focus, labor costs continues to moderate with reduced contract labor and the rightsizing of regional and community labor costs. These early results are a direct testament to the enhanced discipline and tighter cost controls our operators are bringing to the portfolio, and we remain optimistic about our ability to capture further efficiencies.

此外，作為重點關注領域之一的人力成本持續趨緩，因合約人力使用降低，以及區域與社區層級人力成本的規模調整（rightsizing）。這些初步成果直接證明我們的營運商為投資組合帶來更強的紀律與更嚴格的成本控管，我們仍對進一步取得效率提升保持樂觀。

Building on our operational momentum, we are increasingly focused on selectively deploying capital into high-return ROI projects to drive organic growth. Our strategy targets the repositioning of underutilized or closed skilled nursing wings and converting them into independent living, assisted living or memory care.

在營運動能的基礎上，我們愈加聚焦於選擇性投入資本於高報酬的 ROI 專案，以推動內生性成長。我們的策略鎖定將使用率偏低或已關閉的專業護理（skilled nursing）翼區重新定位，並轉換為獨立生活、輔助生活或失智照護（memory care）。

We have identified a pipeline of opportunities across 16 communities, including 6 communities as part of the first phase. These 6 initial projects are expected to cost approximately $20 million and will add roughly 150 units to the portfolio, representing a significantly lower cost per unit relative to our view of the replacement cost and creating immediate embedded value. Because we currently absorb carrying costs on these vacant wings, these projects are expected to be immediately accretive to earnings upon completion with expected returns starting in the mid-teens.

我們已在 16 個社區辨識出一系列機會，其中包含第一階段的 6 個社區。這 6 個初始專案預計成本約 2,000 萬美元，將為投資組合新增約 150 個單位；相較於我們對重置成本的看法，其單位成本顯著較低，並可立即創造內含價值。由於我們目前需承擔這些空置翼區的持有成本，這些專案在完工後預期將立即增厚盈餘，預期報酬率自十幾個百分點（mid-teens）起跳。

Beyond the direct financial returns, these conversions enhance the marketability of the entire community, improving the sales cycle and expected length of stay for residents. We believe these projects represent a compelling and disciplined use of DHC's capital, and we expect these repositionings to begin over the coming quarters.

除直接的財務報酬外，這些轉換也能提升整體社區的市場吸引力，改善銷售週期並提高住戶的預期居住期間。我們認為這些專案代表對 DHC 資本具吸引力且具紀律的運用，並預期這些重新定位將在未來幾季開始推進。

Turning to our medical office and life science portfolio. During the first quarter, we delivered solid results as same-property occupancy increased 60 basis points year over year to 95.3%, generating $25.4 million of NOI, a 3.7% increase over last year and a 4.8% increase sequentially. Leasing activity was healthy with 169,000 square feet of new and renewal leasing at rents that were 12% above prior rents with a 9.5-year weighted average lease term.

接著談我們的醫療辦公與生命科學投資組合。第一季我們交出穩健成果，同店入住率年增 60 個基點至 95.3%，創造 NOI 2,540 萬美元，較去年增加 3.7%，較前一季增加 4.8%。租賃活動維持健康，新簽與續租面積合計 169,000 平方英尺，租金較先前租金高出 12%，加權平均租期為 9.5 年。

Looking ahead, just over 9% of annualized rental income in our Medical Office and Life Science portfolio is scheduled to expire through 2026, of which 304,000 square feet or approximately 4.9% of annualized rental income is expected to vacate. Subsequent to the quarter, we signed leases totaling 390,000 square feet, which primarily include renewals representing 29% of our 2027 expirations.

展望未來，我們醫療辦公與生命科學投資組合的年化租金收入中，略高於9%預計將於2026年前到期，其中304,000平方英尺（約占年化租金收入的4.9%）預期將退租。在本季之後，我們簽訂了合計390,000平方英尺的租約，主要包括續約，約占我們2027年到期租約的29%。

Turning to our capital markets and balance sheet initiatives. In March, we sold 13 unencumbered non-core SHOP communities for aggregate proceeds of $23 million. And in April, we also exercised land lease purchase options on 2 of our properties for an aggregate purchase price of $14.5 million. By eliminating ground rent on these well-performing communities, we are able to capture the full economics of the assets and expect to generate low to mid-teen returns on this investment.

接著談談我們在資本市場與資產負債表方面的舉措。3月，我們出售了13個無擔保的非核心SHOP社區，合計出售所得為2,300萬美元。4月，我們亦就其中2處物業行使土地租賃購買選擇權，合計購買價格為1,450萬美元。透過取消這些表現良好社區的地租，我們得以掌握資產的完整經濟效益，並預期此項投資可帶來低至中十位數的報酬率。

With DHC's large-scale capital recycling program now complete, we have transitioned from portfolio transformation to value creation. Given our current capital structure, including relatively low-cost debt and no maturities until 2028, we believe that one of the best uses of our capital today is reinvesting in our own assets.

隨著DHC的大規模資本回收計畫現已完成，我們已從投資組合轉型轉向價值創造。鑑於我們目前的資本結構（包括相對低成本的債務且在2028年前無到期），我們認為當下資金的最佳用途之一，是再投資於我們自有資產。

In conclusion, our strong first-quarter results validate our strategy and reinforce our confidence for the remainder of 2026. Demand fundamentals in senior housing remain compelling, supported by favorable demographic trends and limited new supply growth. We believe these actions we have taken to enhance operations, reduce leverage and empower our best-in-class operators have positioned DHC for continued earnings and cash flow growth, and we remain committed to delivering attractive total returns to our shareholders.

總結而言，我們第一季的強勁表現驗證了我們的策略，並強化了我們對2026年剩餘期間的信心。高齡住宅的需求基本面仍具吸引力，受惠於有利的人口結構趨勢以及新增供給成長有限。我們相信，為提升營運、降低槓桿並賦能一流營運商而採取的各項行動，已使DHC具備持續的獲利與現金流成長動能；我們也將持續致力於為股東創造具吸引力的總報酬。

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

接下來，我把電話會議交給Anthony。

Thank you, Chris, and good morning, everyone. During the first quarter, our consolidated same-property cash basis NOI was $75.9 million, representing an 8.6% increase year over year and a 7.8% increase sequentially. We continue to see upside in our SHOP segment as same-property NOI increased 13.5% year over year. When adjusting for insurance proceeds received in Q1 2025, our SHOP same-property NOI would have increased 22% year over year.

謝謝你，Chris，各位早安。第一季，我們合併口徑的同店（same-property）現金基礎NOI為7,590萬美元，年增8.6%，季增7.8%。我們持續在SHOP業務看到上行空間，同店NOI年增13.5%。若調整2025年第一季收到的保險理賠款影響，我們SHOP同店NOI將年增22%。

As Chris highlighted earlier, our operators have had early success in managing expenses as evidenced by the following in our SHOP same-property portfolio, a 370 basis point decrease in dietary costs sequentially, a 70 basis point sequential reduction in labor when adjusting for the number of days in the period and a nearly 35% decrease in contract labor year over year and that has led to moderation in our same-property expense growth, which was 350 basis points year over year and 120 basis points since last quarter. We also continue to see strength in pricing as our same-property average monthly rate increased 590 basis points year over year and 320 basis points sequentially.

如Chris先前所強調，我們的營運商在費用管理方面已取得初步成效，具體表現在我們SHOP同店投資組合：餐飲成本季減370個基點；在按期間天數調整後，人工成本季減70個基點；合約用工成本年減近35%。這些因素使我們同店費用成長趨於溫和，年增350個基點，較上季增加120個基點。我們也持續看到定價力道強勁，同店平均月費率年增590個基點，季增320個基點。

Turning to G&A expense. DHC shares have delivered the highest total shareholder returns across all REITs in the US over the past one-year and three-year measurement periods. Year to date alone, DHC's stock price has appreciated 60% versus a 5.2% gain in the S&P 500 and a 7.9% gain in the Vanguard REIT ETF.

接著談G&A費用。在過去一年與三年的衡量期間內，DHC股票在美國所有REIT中為股東帶來最高的總報酬。僅就今年迄今而言，DHC股價已上漲60%，相較之下，標普500上漲5.2%，Vanguard REIT ETF上漲7.9%。

As a result of this, our first-quarter G&A expense includes $6.6 million of incentive management fees. Excluding the impact of the incentive fee, G&A expense would have been $7.4 million for the quarter. During the quarter, we invested approximately $21.8 million of capital, including $17.2 million into our SHOP communities and $4.6 million into our medical office and life science portfolio.

因此，我們第一季的G&A費用包含660萬美元的激勵管理費。若排除激勵費影響，本季G&A費用將為740萬美元。本季我們投入約2,180萬美元資本，其中1,720萬美元投入於SHOP社區，460萬美元投入於醫療辦公與生命科學投資組合。

As a result of our recently completed disposition program and disciplined capital allocation, we are reaffirming our 2026 recurring CapEx guidance of $100 million to $115 million, representing approximately 18% reduction at the midpoint.

由於我們近期完成的處分計畫以及嚴謹的資本配置，我們重申2026年經常性資本支出（recurring CapEx）指引為1億至1.15億美元，中位數約下調18%。

Now I'll turn the call over to Matt.

現在我把電話會議交給Matt。

Thanks, Anthony, and good morning, everyone. Overall, our first-quarter results further demonstrate the meaningful progress we have made strengthening our balance sheet, reducing leverage and positioning the company for sustainable earnings and cash flow growth.

謝謝你，Anthony，各位早安。整體而言，我們第一季的結果進一步顯示，我們在強化資產負債表、降低槓桿並使公司具備可持續的獲利與現金流成長方面，已取得顯著進展。

At quarter end, we had total liquidity of $272 million, including $122 million of cash and cash equivalents and the full $150 million available under our secured revolving credit facility. This strong liquidity position provides us with flexibility to support our operating strategy while maintaining appropriate balance sheet discipline.

截至季末，我們的總流動性為2.72億美元，包括1.22億美元的現金及約當現金，以及我們有擔保循環信貸額度下可動用的全部1.5億美元。這項強勁的流動性部位，使我們在維持適當資產負債表紀律的同時，仍能靈活支持營運策略。

Net debt to annualized adjusted EBITDAre was 7.8 times at quarter end, down from 8.8 times a year ago, driven primarily by improved operating performance. Adjusted EBITDAre to interest expense improved meaningfully to 2 times from 1.3 times at this time last year. We remain confident in reaching our near-term leverage target range of 6.5 to 7.5 times with the majority of that improvement expected to be driven by continued growth in SHOP NOI.

季末淨負債對年化調整後EBITDAre為7.8倍，較一年前的8.8倍下降，主要受惠於營運表現改善。調整後EBITDAre對利息費用倍數亦顯著改善，由去年同期的1.3倍提升至2倍。我們仍有信心達成短期槓桿目標區間6.5至7.5倍，其中大部分改善預期將來自SHOP NOI的持續成長。

In April, Moody's upgraded DHC's corporate family rating to B3 from Caa1 and revised the outlook to positive. This upgrade reflects the progress we have made improving operating performance and strengthening the balance sheet over the past several quarters.

4月，穆迪將DHC的公司家族評級由Caa1上調至B3，並將展望調整為正向。此次上調反映了我們在過去數季提升營運表現與強化資產負債表方面所取得的進展。

Following the completion of our debt transactions in 2025, we have a well-laddered debt maturity profile with no maturities until 2028, allowing us to remain primarily focused on operations. Our portfolio includes 197 unencumbered properties, representing nearly 64% of the portfolio's gross book value, which provides meaningful balance sheet flexibility as we look ahead.

在完成2025年的債務交易後，我們的債務到期結構分布良好，2028年前無到期，使我們得以主要聚焦於營運。我們的投資組合包含197處無擔保物業，約占投資組合總帳面價值的64%，為我們未來規劃提供了可觀的資產負債表彈性。

Turning to guidance. For the full year 2026, we are reaffirming the ranges outlined in our fourth quarter earnings as follows: $175 million to $185 million of SHOP NOI, $94 million to $98 million of Medical Office and Life Science segment NOI, $28 million to $30 million of NOI from our triple net lease senior living communities and wellness centers, adjusted EBITDAre of $290 million to $305 million, and normalized FFO of $0.52 to $0.58 per share.

接著談指引。就2026年全年而言，我們重申第四季財報中所述區間如下：SHOP NOI為1.75億至1.85億美元；醫療辦公與生命科學事業部NOI為9,400萬至9,800萬美元；三重淨租（triple net lease）高齡住宅社區與健康中心NOI為2,800萬至3,000萬美元；調整後EBITDAre為2.9億至3.05億美元；以及標準化FFO為每股0.52至0.58美元。

We are pleased with our first-quarter results, particularly the continued growth in SHOP NOI, which is tracking ahead of our initial expectations. The performance is partly being driven by early success in expense management and margin improvement from our new operators. As we look ahead, the momentum we are seeing in the business gives us increasing confidence in our earnings outlook.

我們對第一季結果感到滿意，尤其是SHOP NOI的持續成長，目前進度優於我們最初的預期。此一表現部分來自新營運商在費用管理與利潤率改善方面的初步成效。展望未來，我們在業務上看到的動能，使我們對獲利前景的信心持續提升。

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

以上為我們預先準備的發言內容。接線員，請開放提問。

(Operator Instructions) Michael Carroll, RBC Capital Markets.

(接線員指示) Michael Carroll，RBC Capital Markets。

Chris, I wanted to touch on some of the recurring CapEx expectations. I know within the guidance, you're assuming $80 million to $90 million of recurring CapEx within the seniors housing operating portfolio. Is that true maintenance CapEx? And is that the correct run rate to think about going forward? Or is there still some additional deferred CapEx in those numbers and the run rate as you kind of look beyond '26 would be lower than that?

Chris，我想談談一些反覆出現的資本支出（CapEx）預期。我知道在指引中，你們假設在高齡住宅營運投資組合（SHOP）內的經常性資本支出為8,000萬至9,000萬美元。那是純粹的維護性資本支出嗎？而且這是未來應採用的正確常態水準（run rate）嗎？還是說這些數字裡仍包含一些額外的遞延資本支出，因此當你們展望到2026年之後，常態水準會比這個更低？

Yeah. The $90 million includes maintenance capital and some refresh capital. So that's a blended number. But I think more broadly, to answer your question, maintenance capital, we've got that run rate we're expecting to continue to come in a little bit in overall costs. We're spending a lot more time with our operators just dialing into overall needs of the communities.

是的。這9,000萬美元包含維護性資本支出以及部分翻新更新（refresh）資本支出。所以這是一個混合數字。但更廣泛地回答你的問題，維護性資本支出方面，我們預期其常態水準在整體成本上會持續略有下降。我們也花了更多時間與營運商合作，更精準掌握各社區的整體需求。

And so we'd like to see some modest pullback in maintenance capital as the years progress. And then on the kind of the -- what we call a redevelopment capital or the ROI capital, that number as it stands today, I think will stay pretty firm for 2026 despite doing some of these incremental ROI projects I discussed, just given the fact that those will really start to kind of commence later on in the year and a lot of that is just soft cost work.

因此，隨著年度推進，我們希望看到維護性資本支出有些許回落。至於我們所稱的重建資本（redevelopment capital）或投資報酬（ROI）資本，就目前而言，我認為即使我們會做一些我提到的增量ROI專案，該數字在2026年仍會相當穩定，主要因為這些專案真正開始動工會在年內較後期，而且其中很大一部分只是軟成本（soft cost）工作。

And then in 2027, kind of all things considered, that's where we'll start kind of pulling levers on incremental dollars for that bucket depending on how much of these ROI projects we have in the pipeline.

然後到2027年，綜合各項因素考量，我們會開始視ROI專案管線的多寡，針對該項目類別投入額外資金、調整槓桿。

Okay. And then I think you previously said that the recurring CapEx number would run around $3,500 a unit once kind of you're through some of the deferred stuff that was completed in prior years. Is that still a good number? Or is it going to be lower than that as you kind of progress in '27, '28 with these new operators?

了解。另外，我記得你們先前提過，當完成前幾年已處理的部分遞延項目後，經常性資本支出大約會落在每戶3,500美元。這個數字仍然適用嗎？或者隨著你們在2027、2028年與這些新營運商合作推進，會比這個更低？

Yes. So the $3,500, we expect to go down in future periods. We think that's a good run rate for 2026. I think to keep in mind, that's going to exclude refresh capital. So kind of piggybacking on what Chris had mentioned for 2026, we expect $5 million to $10 million of refresh capital, which is embedded within that recurring CapEx number that we're guiding towards.

是的。我們預期未來期間每戶3,500美元會下降。我們認為這是2026年的合理常態水準。需要注意的是，這將不包含翻新更新（refresh）資本支出。因此，呼應Chris對2026年的說明，我們預期會有500萬至1,000萬美元的翻新更新資本支出，這部分已包含在我們所指引的經常性資本支出數字之中。

Okay. And then on the investment side, should we think about the new investment opportunities really focused on these wing expansions that you kind of discussed in the prepared remarks? I mean, are there potential acquisition opportunities that you would look at pursuing too? Or is it going to be mostly these renovations?

了解。那在投資面向上，我們是否應該把新的投資機會主要視為你們在準備發言中提到的這些翼樓擴建？我的意思是，你們也會考慮追求潛在的併購機會嗎？還是主要會是這些整修翻新？

Mostly the renovations, I think our position today is we've got a lot of opportunity within the portfolio. We talked about a lot of things in the prepared remarks, and our investor materials have teased out some items, but there's real opportunity dialing in with these operators to kind of pull in expenses in different areas, some of which we've touched on continuing to kind of drive top-line performance and occupancy.

我認為主要會是整修翻新。就我們目前的立場而言，我們在既有投資組合內有很多機會。我們在準備發言中談了很多內容，投資人資料也點出了一些項目，但確實存在很大的機會：與這些營運商更深入合作，在不同領域拉回費用，其中一些我們也提到過；同時持續推動營收端表現與入住率。

And then, again, I think kind of from a capital deployment, really kind of putting that money towards improving these communities and then I think equally important on expanding acuity within the communities before we consider acquisitions.

再者，我認為就資本配置而言，會把資金投入在改善這些社區上；同樣重要的是，在考慮併購之前，先提升社區內的照護等級／病患嚴重度（acuity）。

Okay. And then just last question for me. I guess, within guidance, you reaffirmed the G&A number. I know with the stock performance, I would assume the base management fee is kind of ticking up a little bit. I mean is that the right way to think about it? Or is there something in there that keeps that base management fee lower throughout 2026 that I'm not calculating correctly?

了解。最後一個問題。我想在指引中，你們重申了G&A（一般及行政費用）的數字。以股價表現來看，我會假設基本管理費（base management fee）應該會略有上升。這樣理解對嗎？還是說其中有什麼因素會讓2026年整體的基本管理費維持較低，而我沒有算對？

Go ahead, Anthony.

Anthony，你來回答。

Yeah. From a G&A perspective, the most volatility we're going to see is from the business management fee, you're right. Depending on fluctuations in share price, it will adjust that number.

好的。就G&A而言，我們會看到最大波動的確來自業務管理費（business management fee），你說得沒錯。它會隨股價波動而調整該數字。

Okay. And then within guidance, you just assume that SHOP NOI is probably exceeding that. So even if G&A goes up, then your overall guidance range is still pretty accurate and maybe even trending higher?

了解。那在指引中，你們只是假設SHOP NOI大概會超過那個增幅。所以即使G&A上升，你們整體指引區間仍相當準確，甚至可能呈現上行趨勢？

That's right.

沒錯。

(Operator Instructions) John Massocca, B. Riley.

(接線員指示) John Massocca，B. Riley。

So I appreciate the color and the reminder on the one-time items that were impacting 1Q '25 kind of comps. Is there anything else kind of onetime to be aware of either in how same-property SHOP NOI growth is being calculated or even anywhere else in kind of the financial reports for 1Q '26?

感謝你們提供的細節，也謝謝提醒那些影響2025年第一季（1Q '25）比較基期的一次性項目。在計算同店（same-property）SHOP NOI成長時，或甚至在2026年第一季（1Q '26）的財務報告其他地方，還有沒有其他一次性因素需要留意？

No, that's the most material item that $2.7 million of business interruption insurance proceeds we received in Q1 '25. There's a little bit of other noise, but nothing of that scale.

沒有，最重要的就是我們在2025年第一季收到的270萬美元營業中斷保險理賠款。還有一些其他雜訊，但沒有那種規模的。

Okay. And any kind of direct impact from the Aleris or the former Aleris property transition still flowing through 1Q '26 results? And I mean bigger picture, how are those kind of transitions going in your mind? I know you touched on it a bit in the prepared remarks, but anything kind of tangible that's already been achieved or left to be achieved over the remainder of '26?

了解。那Aleris或前Aleris物業的轉換，是否仍在2026年第一季的結果中產生任何直接影響？以及從更宏觀的角度，你認為這些轉換進展如何？我知道你們在準備發言中稍微提到，但在2026年剩餘期間，有沒有已經達成或仍待達成的具體成果？

Sure. So I can start and then hand it off to Chris on operator performance. So as it relates to the transition and costs associated with that, we capture that in transaction-related costs. So a lot of that is kind of below the line and outside of NOI.

當然。我先回答，之後再交給Chris談營運商表現。就轉換以及相關成本而言，我們將其列在交易相關成本（transaction-related costs）中。因此其中很多是列在損益表較下方、且在NOI之外。

Yeah. I think the follow-on, John, to your question, I mean, the AlerisLife, the transitions are going very well. As you're aware, they were completed at the end of the year. The first couple of months in the year, a lot of these operators were just kind of revisiting kind of the overall employment and kind of structure within the communities, retooling kind of their sales teams, et cetera. And again, we touched on other areas where we found pockets of opportunity to reduce costs.

是的。John，延續你的問題，我的意思是，AlerisLife的轉換進展非常順利。如你所知，這些在年底已完成。今年前幾個月，許多營運商主要是在重新檢視社區內整體用工與組織架構，並重新調整他們的銷售團隊等。另外，我們也提到過其他領域，我們在其中找到一些降低成本的機會點。

And so there's still incremental pieces there that are flowing through. I think we've identified kind of the more material items and those are some of the things that are in progress and underway, and we expect to continue to get incremental benefit each quarter as time progresses, at least through 2026. But I would say, overall, the transitions are going very well. And again, I think we forged some really good relationships with some great operators.

因此，仍有一些增量部分正在逐步反映出來。我認為我們已經辨識出較為重大的項目，而這些正處於推進與執行中；我們預期隨著時間推進，至少到 2026 年為止，每一季都能持續獲得一些增量效益。但我想整體而言，這些轉換進展得非常順利。而且再次強調，我認為我們也與一些很優秀的營運商建立了非常良好的合作關係。

Okay. And then maybe specifically on occupancy or same-property occupancy in the shop space. I know it was kind of flat quarter over quarter. I mean does that just reflect seasonality in that? Or is that still some maybe friction from operator transitions? I mean, is that going according to maybe your expectations versus your initial guidance?

好的。那接著可能更具體談一下入住率，或是 SHOP 業務中同店入住率。我知道它大致上是季對季持平。我的意思是，這只是反映季節性因素嗎？還是說這仍然有一些來自營運商轉換的摩擦？也就是說，這樣的表現是否符合你們相對於最初指引的預期？

Yeah, it's both. I mean there's some seasonality in there. And then as I just touched on, as these operators have come in predominantly starting in January and kind of re-evaluating and retooling kind of the business specific to kind of their outlook, that takes time.

是的，兩者都有。我的意思是，裡面確實有一些季節性因素。然後如我剛才提到的，這些營運商主要從一月開始進駐，並依照他們的觀點重新評估並調整業務，這需要時間。

And so I think given the fact that we can hold occupancy while we're going through a major transition across our portfolio, I think, is a real win. And I think it kind of reflects well for setting the pace, meaning that we can -- we can run stabilized in Q1 with a lot of disruptions. And then as we get kind of to the more kind of seasonal or higher seasonal period, we can kind of hit the ground running focused on really pushing occupancy now that we have all the pieces in place.

因此，我認為在我們整個投資組合正經歷重大轉換的同時，仍能維持入住率，我覺得這是一個很大的勝利。我也認為這對於設定節奏有正面意義，也就是說，即使有很多干擾，我們在第一季仍能以穩定狀態運行。接著當我們進入較具季節性、或季節性更旺的期間，我們就能在所有要素到位後，立即全力推動入住率。

And any updates? I mean how is 2Q trending thus far on kind of SHOP performance?

那有任何更新嗎？我的意思是，到目前為止第二季在 SHOP 表現方面的趨勢如何？

No. I mean, technically, the April just finished, numbers are still coming in. So there's nothing kind of specific to speak to. I just think as we referenced, we're reaffirming guidance. We feel good about our positioning. We're seeing other opportunities as we've referenced. And so I think we feel generally good about the outlook and potentially further improvement, but nothing specifically to touch on just given where we are in the second quarter.

沒有。我的意思是，技術上四月才剛結束，數字還在陸續進來。所以沒有什麼特別具體可以說明的。我只是認為，如同我們提到的，我們重申指引。我們對自身的定位感到有信心。我們也如先前所述，看到其他機會。因此我認為我們整體對前景感覺良好，並可能進一步改善，但就目前第二季的進度而言，沒有特別具體可補充的。

Okay. And then if I think about kind of the difference in the SHOP NOI growth kind of implied in guidance versus what we kind of achieved in 1Q, I mean, is that mostly the higher comps in 1Q '25? Or is there something else to be kind of aware of on either what you're expecting for 2H occupancy or kind of even rate growth?

好的。那如果我思考一下指引中所隱含的 SHOP NOI 成長，與我們在第一季實際達成的差異，我的意思是，這主要是因為 2025 年第一季的比較基期較高嗎？還是還有其他需要留意的因素，例如你們對下半年入住率的預期，或甚至租金/費率成長？

Yeah. I would say that on occupancy, we're continuing to guide to that 300 basis point increase in occupancy year over year. We didn't see much progress in Q1, as Chris talked about. As it relates to rate growth, we are expecting 5%-plus rate growth. And then as we think about just quarterly run rate, we're definitely expecting some NOI increase in Q2. We may see that increase come down a little bit in Q3 with just some seasonal expenses and then ramp back up again in Q4 to come into the overall guide of $175 million to $185 million

是的。我會說在入住率方面，我們仍然指引年對年入住率提升 300 個基點。如 Chris 所說，我們在第一季沒有看到太多進展。至於費率成長，我們預期費率成長在 5% 以上。然後就季度的運行率而言，我們確實預期第二季 NOI 會有所增加。由於一些季節性費用，我們可能會看到第三季的增幅稍微下降，然後在第四季再度回升，以符合整體指引的 1.75 億至 1.85 億美元。

Okay. And then lastly, I know you talked on it a little bit earlier in the call, but just for kind of the impact on bottom line or even on kind of NOI performance, how much kind of the flow-through from previous year CapEx spend are you expecting to kind of be impactful to 2026 NOI? And is there stuff that's maybe more -- even that was completed years ago or a year ago, that is really more of kind of a 2027 event in terms of a tailwind for NOI or even bottom-line numbers?

好的。最後一個問題，我知道你們在電話會議稍早已稍微提到，但就對最終盈餘（bottom line）甚至 NOI 表現的影響而言，你們預期前一年資本支出（CapEx）投入所帶來的傳導效應，對 2026 年 NOI 會有多大影響？另外，是否有一些項目其實是在更早之前、甚至一年前就已完成，但在 NOI 或最終盈餘數字上更像是 2027 年才會顯現的利多？

Yeah. I think the best way to kind of think about that is a typical kind of stabilization period following a renovation is kind of 18 to 20 months. So if you think about we had a fair amount between 60 and 70 communities that were renovated kind of in 2023 and '24, those themselves are starting to kind of produce real meaningful results in the form of kind of a more stabilized event.

是的。我認為最好的理解方式是：翻新後的典型穩定期大約是 18 到 20 個月。因此，如果你想想我們在 2023 年與 2024 年間翻新了相當多、約 60 到 70 個社區，這些本身正開始以更穩定的狀態，產生真正有意義的成果。

And again, layering on kind of the new operator transition, we'll get other incremental benefits from that, whereas the 2025 refreshes, which was between 20 and 25 communities, we would expect that to show incremental benefit towards the back half of this year and into next year. And then that cadence will continue.

而且再次強調，疊加新的營運商轉換，我們也會從中獲得其他增量效益；至於 2025 年的更新（refresh），約為 20 到 25 個社區，我們預期其增量效益會在今年下半年以及明年逐步顯現。然後這樣的節奏會持續下去。

As there are no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto to close the call.

由於沒有進一步的問題，我們的問答環節到此結束。我想把電話會議交回給 Chris Bilotto 來做結語。

Thank you, everybody, for joining the call. We look forward to seeing many of you at our upcoming industry conferences, including Nareit conference in New York this June. Please reach out to Investor Relations if you are interested in scheduling a meeting with DHC. That concludes our call.

謝謝各位參與本次電話會議。我們期待在接下來的產業會議上見到各位，包括今年六月在紐約舉行的 Nareit 會議。若您有興趣安排與 DHC 的會議，請聯繫投資人關係部門。本次電話會議到此結束。

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

本次電話會議現已結束。感謝您參加今天的簡報。您現在可以中斷連線。