Global Medical REIT Inc (GMRE) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Global Medical REIT First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Global Medical REIT 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Steve Swett of Investor Relations. Please go ahead.

我現在想把會議轉交給你的主持人，投資者關係部的 Steve Swett。請繼續。

Thank you. Good morning, everyone, and welcome to Global Medical REIT's First Quarter 2023 Earnings Conference Call. On the call today are Jeff Busch, Chief Executive Officer; Alfonzo Leon, Chief Investment Officer; and Bob Kiernan, Chief Financial Officer.

謝謝。各位早上好，歡迎來到 Global Medical REIT 2023 年第一季度收益電話會議。今天接聽電話的是首席執行官 Jeff Busch； Alfonzo Leon，首席投資官；首席財務官 Bob Kiernan。

Please note the use of forward-looking statements by the company on this conference call. Statements made on this call may include statements which are not historical facts and are considered forward-looking. The company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is making the statement for purposes of complying with those safe harbor provisions.

請注意公司在本次電話會議上使用的前瞻性陳述。就此次電話會議發表的聲明可能包括非歷史事實且被視為前瞻性的聲明。公司打算將這些前瞻性陳述納入 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港條款中，並為遵守這些安全港條款而發表聲明。

Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in the company's 10-K for the year ended December 31, 2022, and its other SEC filings.

此外，實際結果可能與前瞻性陳述中描述的結果存在重大差異，並將受到公司無法控制的各種風險和因素的影響，包括但不限於公司當年 10-K 中包含的那些截至 2022 年 12 月 31 日，以及其他提交給美國證券交易委員會的文件。

The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, on this call, the company may refer to certain non-GAAP financial measures such as funds from operations, adjusted funds from operations, EBITDAre and adjusted EBITDAre.

公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。此外，在此次電話會議上，公司可能會參考某些非 GAAP 財務指標，例如運營資金、調整後的運營資金、EBITDAre 和調整後的 EBITDAre。

You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP numbers in the company's earnings release and in filings with the SEC. Additional information may be found on the Investor Relations page of the company's website at www.globalmedicalreit.com.

您可以在公司的收益發布和向美國證券交易委員會提交的文件中找到這些非 GAAP 財務指標與最新可比 GAAP 數據的表格調節表。更多信息可在公司網站 www.globalmedicalreit.com 的投資者關係頁面上找到。

I would now like to turn the call over to Jeff Busch, Chief Executive Officer of Global Medical REIT. Jeff?

我現在想把電話轉給 Global Medical REIT 的首席執行官 Jeff Busch。傑夫？

Thank you, Steve. Good morning, and thank you for joining our first quarter 2023 earnings call. Our high-quality portfolio of needs-based health care facilities continues to produce excellent results. At the end of the first quarter, our portfolio occupancy was 97%, up from 96.5% at year-end with a weighted average lease term of 6 years. Year-over-year, we achieved a 13.7% increase in total revenue, driven primarily by our acquisition activity in the first half of 2022.

謝謝你，史蒂夫。早上好，感謝您加入我們的 2023 年第一季度財報電話會議。我們高質量的基於需求的醫療保健設施組合繼續產生出色的結果。第一季度末，我們的投資組合入住率為 97%，高於年底的 96.5%，加權平均租期為 6 年。與去年同期相比，我們的總收入增長了 13.7%，這主要是由於我們在 2022 年上半年的收購活動所推動的。

For the first quarter, reflecting the impact of rising interest rates, our net income attributable to common shareholders was $673,000 or $0.01 per share compared to $2.7 million or $0.04 per share in the first quarter of '22. Note that our net income in the first quarter of 2023 included a $485,000 gain on the sale of an investment property.

第一季度，反映利率上升的影響，我們歸屬於普通股股東的淨收入為 673,000 美元或每股 0.01 美元，而 2022 年第一季度為 270 萬美元或每股 0.04 美元。請注意，我們在 2023 年第一季度的淨收入包括出售投資物業的 485,000 美元收益。

FFO in the first quarter was $0.22 per share and unit, down $0.01 from the prior year quarter. And our AFFO was $0.23 per share and unit, also down $0.01 from the first quarter last year.

第一季度的 FFO 為每股和單位 0.22 美元，比去年同期下降 0.01 美元。我們的 AFFO 為每股和單位 0.23 美元，也比去年第一季度下降 0.01 美元。

With regards to acquisitions, we continue to look for properties that meet our investment criteria and our underwriting standards. Subsequent to quarter end, in April, we closed on one acquisition for 2 medical office buildings in Redding, California for $6.7 million.

在收購方面，我們繼續尋找符合我們投資標準和承保標準的物業。季度末後，即 4 月，我們以 670 萬美元的價格完成了對加利福尼亞州雷丁市 2 座醫療辦公樓的收購。

This acquisition was primarily funded by our issuance of OP units that were priced at $11 per unit. This type of transaction works well for us as we can use our advantage like OP units and our availability of liquidity to unlock opportunities and solve sellers' needs.

此次收購的主要資金來自我們發行的 OP 單位，每單位定價為 11 美元。這種類型的交易對我們很有效，因為我們可以利用我們的優勢，如 OP 單位和我們的流動性可用性來釋放機會並解決賣家的需求。

Turning to dispositions. As we have mentioned previously, we are looking to identify properties that we could sell as a means to reduce our outstanding debt in preparation for when the market conditions improve. We are currently targeting approximately $90 million of sales at a weighted average cap rate of between 6% and 6.5%.

轉向處置。正如我們之前提到的，我們正在尋找可以出售的房產，以此來減少我們的未償債務，為市場狀況改善做準備。我們目前的目標是銷售額約為 9000 萬美元，加權平均上限率為 6% 至 6.5%。

In the first quarter, we closed on 1 sale for $4.4 million and have another $76 million under contract or letter of intent to sell. This is an important strategic goal of us. And if we can generate $90 million of proceeds from the sales, we would reduce our leverage to within our target range of 40% to 45% and reduce our variable rate debt by more than 50%.

第一季度，我們以 440 萬美元的價格完成了一筆交易，另外還有 7600 萬美元的合同或意向書出售。這是我們的一個重要戰略目標。如果我們能從銷售中獲得 9000 萬美元的收益，我們將把槓桿率降低到 40% 到 45% 的目標範圍內，並將可變利率債務減少 50% 以上。

Overall, I am pleased with our first quarter results and want to thank the entire team for their hard work and contributions to our results. With that, I turn the call over to Alfonzo to discuss our investment activity and current acquisition market conditions in more detail.

總的來說，我對我們第一季度的業績感到滿意，並感謝整個團隊的辛勤工作和對我們業績的貢獻。有了這個，我把電話轉給阿方索來更詳細地討論我們的投資活動和當前的收購市場狀況。

Thank you, Jeff. The transaction market for our target medical facilities remains slow as buyers and sellers continue to adapt to higher interest rates and the bid-ask spread remains wide. We continue to see a large number of opportunities but remain disciplined in adhering to our underwriting standards.

謝謝你，傑夫。我們的目標醫療設施的交易市場仍然緩慢，因為買賣雙方繼續適應更高的利率，買賣價差仍然很大。我們繼續看到大量的機會，但在遵守我們的承保標準方面仍然保持紀律。

During the first quarter, we did not buy any properties, but I am pleased to note that subsequent to quarter end in April, as Jeff mentioned, we closed on the purchase of 2 medical office buildings in Redding, California for a purchase price of $6.7 million, which was primarily financed by our issuance of OP units at a per unit price of $11.

在第一季度，我們沒有購買任何房產，但我很高興地註意到，正如 Jeff 提到的那樣，在 4 月份的季度末之後，我們以 6.7 美元的價格購買了位於加利福尼亞州雷丁的 2 座醫療辦公樓萬美元，主要由我們以每單價 11 美元的價格發行 OP 單位提供資金。

We continue to engage with a variety of physician groups and corporate sellers and expect that opportunities will arise as some owners could be forced to sell if they're unable to refinance their mortgages. In addition, we continue to review ways to diversify our revenue sources, such as development financing and joint venture opportunities.

我們繼續與各種醫生團體和公司賣家接觸，並希望機會會出現，因為如果一些業主無法為抵押貸款再融資，他們可能會被迫出售。此外，我們繼續審查使我們的收入來源多樣化的方法，例如開發融資和合資機會。

Regarding efforts to reduce our leverage. In the first quarter, we sold 1 medical office building located in Jacksonville, Florida, receiving gross proceeds of $4.4 million, resulting in a gain of $500,000. As Jeff discussed, we continue to target dispositions of approximately $90 million at a cap rate between 6% and 6.5%, and we are pleased with the level of investor interest we are seeing.

關於降低杠桿的努力。第一季度，我們出售了位於佛羅里達州傑克遜維爾的 1 座醫療辦公樓，總收益為 440 萬美元，收益為 500,000 美元。正如 Jeff 所討論的那樣，我們繼續以 6% 至 6.5% 的上限利率進行約 9000 萬美元的處置，我們對投資者的興趣水平感到滿意。

Given the uncertainty of equity markets as well as current equity values and their effect on our cost of capital, we are unable to predict when our acquisition activity will pick up and therefore, no longer have a target amount of acquisitions for 2023. However, we continue to remain active in the market, and we'll be able to hit the ground running once our cost of capital improves.

鑑於股票市場的不確定性以及當前股票價值及其對我們資本成本的影響，我們無法預測我們的收購活動何時會回升，因此不再設定 2023 年的目標收購數量。但是，我們繼續在市場上保持活躍，一旦我們的資本成本提高，我們就能夠開始運作。

In the meantime, the stability of our diversified portfolio of quality medical office and our available liquidity allows us to be patient. We have been through cycles such as this before and know that the transaction market takes time to adapt. We will continue to source opportunities that make sense and potentially use some competitive advantages such as scale, access to capital and OP unit deal structures where we can.

與此同時，我們多元化的優質醫療辦公室組合的穩定性和我們可用的流動性使我們能夠保持耐心。我們以前經歷過這樣的周期，並且知道交易市場需要時間來適應。我們將繼續尋找有意義的機會，並儘可能利用一些競爭優勢，例如規模、獲得資本和 OP 單位交易結構。

I'd like now to turn the call over to Bob to discuss our financial results. Bob?

我現在想把電話轉給鮑勃來討論我們的財務業績。鮑勃？

Thank you, Alfonzo.

謝謝你，阿方索。

GMRE's portfolio continues to produce consistent and solid results. At the end of the first quarter 2023, our portfolio consisted of gross investments in real estate of $1.5 billion and included $4.9 million of total leasable square feet, 97% occupancy, 6 years of weighted average lease term, 4.1x rent coverage with 2.1% weighted average contractual rent escalations.

GMRE 的投資組合繼續產生一致和可靠的結果。到 2023 年第一季度末，我們的投資組合包括 15 億美元的房地產總投資，包括 490 萬美元的可出租總平方英尺、97% 的入住率、6 年的加權平均租期、4.1 倍的租金覆蓋率和 2.1%加權平均合同租金上漲。

In the first quarter, we achieved a 13.7% year-over-year increase in total revenues to $36.2 million, driven primarily by our acquisition activity since the comparable prior year period. On a same-store basis, excluding cash-basis leases, our first quarter revenues were up $257,000 or 1% compared to the first quarter of 2022.

第一季度，我們的總收入同比增長 13.7% 至 3620 萬美元，這主要是由於我們自去年同期以來的收購活動。在同店基礎上，不包括現金租賃，我們第一季度的收入比 2022 年第一季度增加了 257,000 美元或 1%。

Our total expenses for the first quarter of 2023 were $34.5 million compared to $27.6 million in the prior year quarter. The increase was primarily due to higher interest costs due to increases in both market interest rates and average debt balances along with higher operating depreciation and amortization expenses due to our larger portfolio.

我們 2023 年第一季度的總支出為 3450 萬美元，而去年同期為 2760 萬美元。增加的主要原因是由於市場利率和平均債務餘額的增加導致利息成本增加，以及由於我們更大的投資組合導致更高的運營折舊和攤銷費用。

Our interest expense in the first quarter was $8.3 million compared to $4.8 million in the comparable quarter last year, reflecting higher average debt balances in 2023 as well as an increase in our average borrowing rate from 2.87% in the first quarter of 2022 to 4.27% during the first quarter of 2023.

我們第一季度的利息支出為 830 萬美元，而去年同期為 480 萬美元，反映出 2023 年平均債務餘額增加以及我們的平均借款利率從 2022 年第一季度的 2.87% 上升至 4.27% 2023 年第一季度。

G&A expenses for the first quarter of 2023 were $3.8 million compared to $4.2 million in the first quarter of 2022. Within our current quarter G&A expenses, note that our stock compensation cost of approximately $700,000 in the quarter included the impact of some equity forfeitures and our cash G&A cost of $3.1 million.

2023 年第一季度的 G&A 費用為 380 萬美元，而 2022 年第一季度為 420 萬美元。在我們當前季度的 G&A 費用中，請注意，我們本季度約 700,000 美元的股票補償成本包括一些股權沒收的影響和我們的現金 G&A 成本為 310 萬美元。

Looking ahead, we expect our G&A expenses over the remainder of 2023 to increase and range between $4.3 million and $4.5 million on a quarterly basis. Our operating expenses for the first quarter were $7.5 million compared to $5.4 million in the prior year quarter, with the increase in these expenses primarily driven by the growth in our portfolio.

展望未來，我們預計我們的 G&A 費用在 2023 年剩餘時間裡每季度將增加 430 萬美元至 450 萬美元。我們第一季度的運營費用為 750 萬美元，而去年同期為 540 萬美元，這些費用的增加主要是由於我們投資組合的增長。

Regarding these first quarter 2023 expenses, $5.2 million related to net leases, where the company recognized a comparable amount of expense recovery revenue, and $1.5 million related to gross leases.

關於 2023 年第一季度的這些費用，520 萬美元與淨租賃相關，公司確認了可比數額的費用回收收入，150 萬美元與總租賃相關。

Net income attributable to common stockholders for the first quarter of 2023 was $673,000 or $0.01 per share compared to $2.7 million or $0.04 per share in the first quarter of 2022. Net income for the first quarter of 2023 included the gain on sale of an investment property of $485,000.

2023 年第一季度歸屬於普通股股東的淨收入為 673,000 美元或每股 0.01 美元，而 2022 年第一季度為 270 萬美元或每股 0.04 美元。2023 年第一季度的淨收入包括出售投資物業的收益485,000 美元。

FFO in the first quarter was $15.1 million or $0.22 per share in unit compared to $15 million or $0.23 per share in unit in the first quarter of 2022. AFFO in the first quarter was $16 million or $0.23 per share in unit compared to $16.8 million or $0.24 per share in unit in the first quarter of 2022.

第一季度的 FFO 為 1510 萬美元或每股 0.22 美元，而 2022 年第一季度為 1500 萬美元或每股 0.23 美元。第一季度的 AFFO 為 1600 萬美元或每股 0.23 美元，而 2022 年第一季度為 1680 萬美元或每股 0.23 美元。 2022 年第一季度每股 0.24 美元。

Moving on to the balance sheet. As of March 31, 2023, our gross investment in real estate was $1.5 billion, which is up $113 million from a year earlier, reflecting our debt investment activity. At March 31, 2023, we had $701 million of gross debt. Our leverage ratio was 47.4%, and our weighted average interest rate was 4.28%.

轉到資產負債表。截至 2023 年 3 月 31 日，我們的房地產總投資為 15 億美元，比去年同期增加 1.13 億美元，反映了我們的債務投資活動。截至 2023 年 3 月 31 日，我們的總債務為 7.01 億美元。我們的槓桿率為 47.4%，加權平均利率為 4.28%。

As of quarter end, the weighted average remaining term of our debt was 3.7 years. Approximately 80% of our debt is fixed rate debt, and the current unutilized borrowing capacity under the credit facility is $245 million.

截至季度末，我們債務的加權平均剩餘期限為 3.7 年。我們大約 80% 的債務是固定利率債務，目前信貸額度下未動用的借貸能力為 2.45 億美元。

We did not issue any shares of common stock under our ATM in the first quarter or to date in the second quarter of this year. Importantly, as Jeff noted, we plan to use the proceeds from our targeted dispositions to repay amounts on our revolver and reduce our overall leverage to our target range of between 40% and 45%.

今年第一季度或今年第二季度至今，我們沒有在 ATM 下發行任何普通股。重要的是，正如傑夫指出的那樣，我們計劃使用我們的目標處置的收益來償還我們的左輪手槍金額，並將我們的整體槓桿率降低到我們 40% 到 45% 的目標範圍。

With respect to our investment portfolio and our 2023 lease expiration, we are pleased with our progress on renewals, and based on our activity to date, currently are projecting to retain between 85% and 90% of the 363,000 square feet that we've noted as expiring this year. Additionally, we executed new leases on previously vacant space that increased our occupancy by 28,000 square feet in the quarter.

關於我們的投資組合和 2023 年租約到期，我們對我們在續約方面取得的進展感到滿意，並且根據我們迄今為止的活動，目前預計將保留我們注意到的 363,000 平方英尺的 85% 至 90%因為今年到期。此外，我們對之前空置的空間執行了新租約，使本季度的入住率增加了 28,000 平方英尺。

Currently, we are expecting that our occupancy during 2023 will be above 96% throughout the year. Regarding capital expenditures on the portfolio. During the first quarter, our cash spend was approximately $800,000, but we're expecting that to pick up as the year progresses. Consistent with our comments during our last call, we continue to project approximately $6 million in capital expenditures and $4 million in tenant improvement primarily associated with lease renewals and lease-up to be completed during 2023.

目前，我們預計 2023 年全年的入住率將在 96% 以上。關於投資組合的資本支出。第一季度，我們的現金支出約為 800,000 美元，但我們預計隨著時間的推移，這一數字將會增加。與我們在上次電話會議中發表的評論一致，我們繼續預計大約 600 萬美元的資本支出和 400 萬美元的租戶改善，主要與 2023 年期間續租和租賃相關。

While current market conditions remain uncertain, our portfolio remains strong, and we have ample liquidity available to us. We believe we are well positioned to continue to execute our growth strategy over time as conditions normalize.

儘管當前的市場狀況仍不明朗，但我們的投資組合依然強勁，而且我們擁有充足的流動性。我們相信，隨著情況正常化，我們有能力隨著時間的推移繼續執行我們的增長戰略。

This concludes our prepared remarks. Operator, please open the call for questions.

我們準備好的發言到此結束。接線員，請打開電話提問。

(Operator Instructions) And our first question will come from the line of Juan Sanabria with BMO Capital Markets.

（操作員說明）我們的第一個問題將來自 BMO Capital Markets 的 Juan Sanabria。

Bob or Alfonzo or for the team, I guess, just curious if you could expand a little bit on the expected occupancy throughout the year. You guys improved it to 97% in the first quarter, but it sounds like maybe that's ticking down. Is there any kind of material move-outs we should be aware of or any impact from watchlist tenants?

Bob 或 Alfonzo 或團隊，我想，只是想知道您是否可以在全年的預期入住率上稍微擴大一點。你們在第一季度將其提高到 97%，但聽起來可能正在下降。是否有任何我們應該注意的重大搬遷或觀察名單租戶的任何影響？

Juan, this is Bob. Relative to the trend, I think it's a matter of timing with respect to the lease expiration activity that's coming up later in the year is more weighted towards the third and fourth quarters. And so as we look at the trend this year, we have a pickup from the lease-up activity in the first quarter. And again, as we project out the rest of the year, there are some expirations that will be coming up that, again, will migrate into vacancy from a retention perspective. But then lease-up activity, again, will flow with that too, again, as our current forecast is that we expect to be above that 96% for the full year. And no, there's not any particular watchlist tenant or anything in particular that's as of currently that we're seeing is impacting that number.

胡安，這是鮑勃。相對於趨勢，我認為今年晚些時候即將到來的租約到期活動更多地集中在第三和第四季度，這是一個時間問題。因此，當我們審視今年的趨勢時，第一季度的租賃活動有所回升。再一次，當我們預測今年剩餘時間時，將會有一些到期，從保留的角度來看，它們將再次出現空缺。但隨後租賃活動也將再次隨之而來，因為我們目前的預測是我們預計全年將超過 96%。不，沒有任何特定的監視列表租戶或任何特別是我們目前看到的正在影響這個數字。

Okay. And then just on the investments or transactions market. Just curious on where is that bid-ask spread? Where are the assets that you'd be looking to buy transacting at? And as part of that, I mean, I'm a little surprised at the dispositions you feel like you can execute in the low 6s. Would that be indicative of also the assets you're trying to buy? It seems like there's a bit of a location there.

好的。然後只是在投資或交易市場上。只是好奇買賣價差在哪裡？您希望購買的資產在哪裡進行交易？作為其中的一部分，我的意思是，我對你覺得你可以在低 6 秒內執行的配置感到有點驚訝。這是否也表明您要購買的資產？那裡似乎有點位置。

We do a lot of (inaudible) all the time. It happens consistently every year. Tenants who come in that we underwrite really well at 3- or 4-year leases then renew for 10-year lease. A lot of strong credit health systems come in pretty much mostly every year or big credits and buy out the operator as consolidation, so a lot of added value.

我們一直在做很多（聽不清）。它每年都會發生。我們承保 3 年或 4 年租約的租戶，然後續簽 10 年租約。許多強大的信用健康系統幾乎每年都會出現，或者大額信用並收購運營商作為整合，因此有很多附加值。

Usually when we find a property, it tends to be a higher cap rate because of the hard work we do and also it's unusual. Most of the groups that buy right now buy very easy to underwrite like there's nothing you have to fix in the underwriting week, buy properties that may have a little more underwriting issues that we have to work out or credit issues that we want to add something to, not credit issues of not being able to pay, but areas that we want to add to more security on.

通常當我們找到一處房產時，由於我們所做的辛勤工作，它往往具有更高的資本化率，而且它是不尋常的。現在購買的大多數團體都購買非常容易承保的房產，就像在承保週內您無需解決任何問題，購買可能有更多我們必須解決的承保問題或我們想要添加一些東西的信用問題的房產不是無法支付的信用問題，而是我們希望增加更多安全性的領域。

So we do a lot of work in the underwriting and a lot of work in the buying. So that's why we get our 7.8 cap average out there. But the general market will buy a good percentage of our property in the low 6s because that's -- once we sort of -- I call it institutionalize by making it easier to understand, because they don't want to go into anything that's really difficult to work out, our properties could sell at a pretty good premium to what we bought them at. And that's one of the major elements of what we bring to the table at GMRE. And you could see us consistently, I mean our tenants are paying the rent. Our tenants are renewing. I'm quite confident of strong renewals. And it has to do with a much deeper hands-on due diligence, much deeper digging out the properties we like.

所以我們在承銷方面做了很多工作，在購買方面做了很多工作。所以這就是為什麼我們得到 7.8 的平均上限。但一般市場會購買我們大部分低 6 的房產，因為那是——一旦我們有點——我稱之為製度化，讓它更容易理解，因為他們不想進入任何真正困難的事情算起來，我們的房產可以以比我們購買時更高的溢價出售。這是我們在 GMRE 上提出的主要內容之一。你可以一直看到我們，我的意思是我們的租戶正在支付租金。我們的租戶正在續約。我對強勁的續約很有信心。這與更深入的動手盡職調查有關，更深入地挖掘我們喜歡的房產。

Okay. And just to confirm, the -- I think you said you had some LOIs on like $70 million plus with this business. Those are in the low 6s, just to confirm.

好的。只是為了確認，我想你說過你有一些 LOI 超過 7000 萬美元的業務。那些在低 6s 中，只是為了確認。

We have contracts in LOIs and one is in the low 5s. It's just what we buy tends to add value and become more institutional after we take it over, we make it into long-term leases. We often buy something with a short, then we get it into a longer lease. There's just things we do to add value in our proposition. So when we're selling, we're going to be selling low 6s, but we're coming back and buying in the high 7s to 8s again.

我們在 LOIs 中有合同，其中一個處於低 5s。只是我們購買的東西在我們接手後往往會增加價值並變得更加製度化，我們將其變成長期租約。我們經常買短租的東西，然後我們把它租成更長的租約。我們所做的只是為我們的提議增加價值。因此，當我們賣出時，我們將以 6 的低價賣出，但我們會回來並再次以 7 至 8 的高價買入。

Our next question comes from the line of Rob Stevenson with Janney Montgomery Scott.

我們的下一個問題來自 Rob Stevenson 和 Janney Montgomery Scott 的台詞。

Just a follow-up. Jeff or Alfonzo, is that -- that 7.5%, 8%, is that where you guys would be seeing acquisitions these days? Is that where the cap rate is on the quality assets that you guys would be buying in the market today, if you were?

只是一個跟進。 Jeff 或 Alfonzo，那 7.5%、8% 是你們這些天看到收購的地方嗎？那是你們今天在市場上購買的優質資產的上限率嗎？

I'll first answer. Our cost of capital is too high right now. We have to be accretive. I've always said we have to be some level of accretiveness. So right now, it would be hard for us to buy 7.5 to 8. Unless it's OP units and unless -- like the last year, they took the OP units at a premium. Because of the tax advantage, sometimes they're willing to add a couple of dollars into the OP units. But where the stock is trading right now, where the debt is going, there's 2 beliefs I have is cap rates are going to go up because they naturally have to go up.

我先回答。我們現在的資金成本太高了。我們必須有所作為。我一直說我們必須有一定程度的增長。所以現在，我們很難購買 7.5 到 8 個。除非是 OP 單位，除非 - 像去年一樣，他們以溢價購買 OP 單位。由於稅收優勢，有時他們願意在 OP 單位中增加幾美元。但是現在股票交易的地方，債務的去向，我有兩個信念，那就是資本化率會上升，因為它們自然會上升。

I've been through a few of these cycles. I'm actually one of the rare people who borrowed my first set of money at 12% to do a development. And I understand that the market sort of adjusts to the prices.

我經歷過幾個這樣的循環。我實際上是為數不多的以 12% 的利率借了第一筆錢來進行開發的人之一。我知道市場會根據價格進行調整。

So right now to buy something at a lower price when I see it going higher is sort of silly and too our cost of capital is really high. I do see, once we hit a piece where the cost of capital between equity and debt is there, that we get back into the market and it may even be 8 caps that we're buying because there will be an adjustment phase. There is a market out there.

所以現在當我看到價格上漲時以較低的價格購買東西有點愚蠢，而且我們的資金成本也非常高。我確實看到，一旦我們觸及股權和債務之間的資本成本，我們就會回到市場，甚至可能是我們購買的 8 個上限，因為會有一個調整階段。那裡有市場。

Okay. And by -- and just in terms of market cap rates, I mean, excluding whether or not you would buy it or not, but stuff in that quality, is that an 8%, a 9%? Where are market cap rates today for good quality assets that you would want in the portfolio?

好的。而且，就市值率而言，我的意思是，不包括你是否會購買它，但那種質量的東西，是 8% 還是 9%？對於您希望投資組合中的優質資產，如今的市值率在哪裡？

Alfonzo?

阿方索？

Sure, yes. So it's a spectrum. But for the types of facilities that we've acquired historically, I mean those are trading in the mid- to high 7s. I mean there are some situations where we're seeing things in India, low 8s and even mid-8s, but that's rare.

當然，是的。所以這是一個頻譜。但對於我們歷史上收購的設施類型，我的意思是這些設施的交易價格在 7 的中高水平。我的意思是，在某些情況下，我們會在印度看到低 8s 甚至中 8s 的情況，但這種情況很少見。

So the market has definitely moved considerably. Right now, what's considered core assets with really high credit health systems, I mean that stuff is trading in the low 6s. There have been some examples of stuff trading through a 6. For example, the property that we have under contract that's sub-6.

因此，市場肯定發生了很大變化。現在，什麼被認為是具有真正高信用健康系統的核心資產，我的意思是這些東西的交易價格低於 6s。已經有一些通過 6 進行交易的例子。例如，我們根據合同擁有的財產是 6 級以下的。

And so -- but there has to be a combination of term and credit to get that kind of pricing. But I would say the bulk of transactions thus far this year that are on the quarter side of the spectrum are trading in that low 6 cap range and the inventory that we've pursued historically that's trading north of a 7 and towards the high end of mid- to high end of the 7 cap range.

所以 - 但必須結合期限和信用才能獲得這種定價。但我想說的是，今年到目前為止，四分之一的大部分交易都在 6 個上限範圍內交易，而我們歷史上一直追求的庫存交易在 7 以北並接近 7 的上限7 個上限範圍的中高端。

Okay, because that's helpful because I was just trying to triangulate there between what potential acquisitions would yield versus where your stock is yielding on at the $9 stock price, which I think is, like call it an $8.25-ish versus reducing debt.

好的，因為這很有幫助，因為我只是想在潛在收購的收益與你的股票以 9 美元的股價產生收益之間進行三角測量，我認為這就像稱之為 8.25 美元左右與減少債務。

And so I guess with that, Jeff, I mean, how do you and the Board thinking about the trade-off between reducing leverage with disposition proceeds versus buying back the stock if it's at $9 or $8 in that type of price range, the compellingness of those 2 options or doing some sort of mix?

所以我想，Jeff，我的意思是，你和董事會如何考慮通過處置收益降低杠桿率與回購股票之間的權衡，如果它在那種價格範圍內以 9 美元或 8 美元的價格，令人信服的這兩個選項中的一個或做某種混合？

Buying back the stock is just not good for a company like us that's looking for growth, looking to get more size of our stock price so that we could couple of things, you get better multiples the larger you are. So I haven't given up on the trend we just delayed to keep growing and get a better multiple by getting size, get a better interest rate by getting size being -- getting the rating agencies coming in and all that.

回購股票對像我們這樣尋求增長的公司不利，希望獲得更大的股票價格，這樣我們就可以做幾件事，你越大，你得到的倍數就越好。因此，我並沒有放棄我們剛剛推遲的趨勢，即通過擴大規模來保持增長並獲得更好的倍數，通過擴大規模來獲得更好的利率——讓評級機構介入等等。

So essentially, I'd rather pay down the debt right now than buy back stock. Now I'm not saying my stock -- woah, well you're just crazy to buy it -- not buy it back, but it's a crazy world. So I'm not leaving that out.

所以從本質上講，我寧願現在就償還債務，也不願回購股票。現在我不是說我的股票——哇，好吧，你只是瘋了買它——不是買回來，但這是一個瘋狂的世界。所以我不會遺漏它。

But really, the main focus of the company this year is repositioning ourselves for 2024, where I believe they'll - the rates will start to come down. I'm just projecting myself and what I read, but the rates will start to come down. I think as soon as the Fed really stops raising -- each time the Fed -- literally, there was a feeling that the Fed is going to stop raising and possibly bring it down, our stock shot up several times. It happens historically -- in the recent historically shot up in towards the 11s and even towards the 12 not that long ago.

但實際上，公司今年的主要重點是為 2024 年重新定位，我相信他們會在 2024 年重新定位——利率將開始下降。我只是在預測我自己和我讀到的內容，但利率會開始下降。我認為，一旦美聯儲真的停止加息——每次美聯儲——從字面上看，就會有一種美聯儲將停止加息並可能降低利率的感覺，我們的股票就會飆升數次。它發生在歷史上——在最近的歷史上，它在不久前飆升至 11 美元，甚至是 12 美元。

So I think when we come back to a normal number, which will be there, we could get back into the buying, growing. But right now, I want to reduce debt, reduce the floating debt, get our leverage in order. And when we start buying again, I'd like to buy for more equity than debt to keep very focused on reducing our debt in the company going forward. So I want to have deals that are mostly equity out there and with some debt, but mostly equity at a higher percentage to keep reducing the debt.

所以我認為當我們回到正常的數字時，我們可以重新開始購買，增長。但現在，我想減少債務，減少浮動債務，調整我們的槓桿。當我們再次開始購買時，我想購買更多的股權而不是債務，以繼續專注於減少公司未來的債務。因此，我希望進行的交易主要是股權和一些債務，但主要是更高比例的股權，以繼續減少債務。

Okay. That's helpful. And then, Bob, if I'm looking at it doing my math correctly, I think your line's at SOFR plus 150. So call it, 6.25, 6.5 depending on the day, which is roughly in line where the expected disposition proceeds are being. So there shouldn't be really any sort of earnings impact from the dispositions at this point?

好的。這很有幫助。然後，鮑勃，如果我正確地計算了它，我認為你的線是 SOFR 加 150。所以稱它為 6.25、6.5，視日期而定，這大致與預期的處置收益一致.因此，此時的處置不應該真的對收益產生任何影響嗎？

That's fair, Rob. Yes.

這很公平，羅伯。是的。

Okay. And then last one for me. You guys talked earlier about 85% to 90% expected retention on the '23 rollover that implies sort of 35,000, 40,000 square feet not renewed. Is that 1 or 2 bigger tenants not renewing or a bunch of little 3,000, 5,000, 7,000 square foot guys that encompass those 66 leases that are expiring this year?

好的。然後最後一個給我。你們早些時候談到 23 年展期的預期保留率為 85% 到 90%，這意味著有 35,000、40,000 平方英尺沒有更新。是 1 或 2 個更大的租戶沒有續約，還是一群 3,000、5,000、7,000 平方英尺的小租戶，其中包括今年即將到期的 66 個租約？

It's more a lot of smaller ones than any individually significant tenant that's making up that delta. And I think with that forecast that we've said -- and it's consistent with what we talked about in our Q4 call, I think we are obviously looking at opportunities to improve on that and to, again, do better than what we're forecasting. But I think that's how we're looking at it today. But it is predominantly a lot of smaller leases, 5,000, 10,000, 15,000 square feet individually that make up that -- those ins and outs.

與構成該三角洲的任何個人重要租戶相比，它的規模要小得多。我認為根據我們所說的預測——這與我們在第四季度電話會議中談到的一致，我認為我們顯然正在尋找改進的機會，並再次比我們現在做得更好預測。但我認為這就是我們今天看待它的方式。但主要是許多較小的租約，分別為 5,000、10,000、15,000 平方英尺——這些來龍去脈。

Okay. And are those -- the 5,000 to 15,000, are those easier for you guys to lease to find a replacement tenant for than the bigger leases or are people wanting the entire building type of thing? And if you had an empty building, that would be easier to lease than a bunch of 5,000 blocks?

好的。那些 - 5,000 到 15,000，對於你們來說，比更大的租約更容易找到替代租戶，還是人們想要整個建築類型的東西？如果你有一棟空房子，那會比一堆 5,000 個街區更容易出租嗎？

The little ones have more turnover because they haven't had as much investment in them as the big ones. And the indications from our big ones is, right now, we're doing very well, and we're doing very well into '24. Many of them are even talking to us now on the big side.

小公司的營業額更高，因為他們沒有像大公司那樣投入那麼多。我們大公司的跡象表明，現在，我們做得很好，而且我們在 24 年也做得很好。他們中的許多人現在甚至在大方面與我們交談。

On the little side, yes, you could replace those easier. But they also leave easier because when you have a full building, they put a lot of money into their full building, and it makes it very difficult economically to really move.

從小的方面來說，是的，您可以更輕鬆地更換它們。但他們也更容易離開，因為當你擁有完整的建築物時，他們會在完整的建築物中投入大量資金，這使得真正搬家在經濟上變得非常困難。

Whereas we're a smaller one, economically, it's much easier to move. And so you can -- and we have some multitenants now a little bit more than we had before. So -- but we expect to get them leased up, and we expect to stay within the target range that we set.

雖然我們是一個較小的公司，但在經濟上，移動起來要容易得多。所以你可以——我們現在有一些多租戶，比以前多一點。所以 - 但我們希望將它們出租，並且我們希望保持在我們設定的目標範圍內。

Our next question comes from the line of Austin Wurschmidt with Keybanc Capital Markets.

我們的下一個問題來自 Austin Wurschmidt 與 Keybanc Capital Markets 的合作。

Apologies if anybody -- if any of this has been covered, the line dropped a little bit ago. But I'm just curious on the disposition front and sort of these deals you're seeing in that low 6, even sub-6% range. Who are the active buyers that are -- what types of buyers are paying for deals in sort of that low 6% sub-6% range today?

抱歉，如果有任何人——如果其中任何一個已經被覆蓋，那條線就在剛才掉線了。但我只是對配置方面以及您在 6% 甚至低於 6% 的範圍內看到的這些交易感到好奇。誰是活躍的買家——什麼類型的買家正在為今天 6% 以下的低 6% 範圍內的交易付費？

It's the private equity buyers, for the most part. In some instances, they are the net lease REITs, but for the most part, it's the private equity buyers.

大部分是私募股權買家。在某些情況下，它們是淨租賃房地產投資信託基金，但在大多數情況下，它們是私募股權買家。

Got it. And any sense what -- how much leverage they're putting on deals today?

知道了。無論如何 - 他們今天對交易施加了多大的影響力？

My sense of it is they're getting -- so there is a decision that they're making whether or not or how much interest only they want to have. They are able to get 70%, but you don't get a lot of interest-only term with that. So some are choosing lower, so 50%. And some have a strategy of even lower or even some are coming in with a lot of equity with the thought of refinancing later. But for the most part, everyone is sort of shooting for that 50%, 60%.

我的感覺是他們正在獲得 - 所以他們正在決定是否或他們只想擁有多少興趣。他們能夠獲得 70%，但你不會得到很多只付利息的條款。所以有些人選擇較低，所以 50%。有些人的策略甚至更低，甚至有些人帶著大量股權進入，並考慮到以後再融資。但在大多數情況下，每個人都在爭取那 50%、60%。

Got it. No, that's helpful. And then just curious, given sort of the progress you've made at this point on the disposition front, are you still evaluating joint venture opportunities? And does it make sense to have a vehicle in place to the extent you're in a position that there are attractive deals that come up and that would be a better vehicle maybe to execute through and limit the amount of equity that you're putting into deals?

知道了。不，那很有幫助。然後很好奇，考慮到您目前在處置方面取得的進展，您是否仍在評估合資機會？如果你處於這樣一個位置，即出現有吸引力的交易，並且這將是一個更好的工具，也許可以執行並限制你所投入的股權數量，那麼擁有一個適當的工具是否有意義進入交易？

Sure. I mean, those conversations are ongoing. We've been having those conversations for the past 3, 4 months. But it takes a while to put these things together, and we're still early in that process, but it's something that we're definitely entertaining and having active discussions on that front.

當然。我的意思是，這些對話正在進行中。在過去的 3、4 個月裡，我們一直在進行這些對話。但是將這些東西放在一起需要一段時間，我們仍處於該過程的早期階段，但我們肯定會在這方面進行娛樂和積極討論。

And then just last one for me. On the OP unit front, given you've kind of changed your tone a little bit on the acquisition side for this year, recognized the cost of capital isn't as favorable as it was at one point last year, but what are those conversations like on potential OP unit deals? I mean, are sellers receptive to doing OP unit deals? Or what kind of -- can you give a little bit of flavor of the willingness of sellers to take OP units?

然後給我最後一個。在 OP 部門方面，鑑於今年你在收購方面稍微改變了基調，認識到資本成本不像去年那樣有利，但這些對話是什麼喜歡潛在的 OP 單位交易？我的意思是，賣家是否願意接受 OP 單位交易？或者什麼樣的——你能給賣家一點點接受 OP 單位的意願嗎？

I find it hard to predict. It seems that -- I'm inclined to think that in this environment, there's going to be more interest and more demand for transacting with us with OP units as evidenced by the fact that we just did a transaction with OP units.

我覺得很難預測。似乎——我傾向於認為，在這種環境下，我們與 OP 單位進行交易的興趣和需求會更多，我們剛剛與 OP 單位進行交易就證明了這一點。

It ultimately comes down to very unique and idiosyncratic decisions and context of the seller. It's a wealth management strategy for them. It's -- so there's -- no situation is the same is what I'm trying to say.

它最終歸結為非常獨特和特殊的決定和賣方的背景。這是他們的財富管理策略。這是 - 所以 - 沒有任何情況是相同的，這就是我想說的。

So -- but I am inclined to think that right now, the 1031 exchange market is not what it was before and the financing has -- is more difficult for these sellers. So I don't think it's something that's going to be -- that's going to happen quickly, but I would expect to see some more transactions given the fact that it's a very seamless transaction and one that makes sense for these doctors that are looking to find a tax strategy that works for them. But I mean, thus far, it's not been -- there has been no clear trend.

所以——但我傾向於認為，現在 1031 交易市場與以前不同，融資已經——對這些賣家來說更加困難。所以我不認為這會是——這會很快發生，但我希望看到更多的交易，因為這是一個非常無縫的交易，並且對那些正在尋找的醫生來說是有意義的找到適合他們的稅收策略。但我的意思是，到目前為止，還沒有——沒有明顯的趨勢。

Is there any deal size that you're seeing available in the market that you're targeting today?

您在今天的目標市場上看到任何可用的交易規模嗎？

So we continue looking for the same types of deals that we've bought in the past. So I'm not sure I totally understood the question. I guess...

因此，我們繼續尋找我們過去購買的相同類型的交易。所以我不確定我是否完全理解這個問題。我猜...

Given the nature of OP units, I'm just curious if those are smaller deals today that are more attractive or, as you said, more consistent maybe with what you've done historically?

考慮到 OP 單位的性質，我只是好奇這些交易是否是今天更小的交易更有吸引力，或者像你說的那樣，可能與你過去所做的更一致？

It would be more consistent with what we've done historically. I mean, to the extent that there's an opportunity to transact larger deals with OP units, I mean, of course, we would be interested in doing that. But it's -- those tend to be more rare. Historically, it's been the smaller $5 million, $10 million deal where the physicians have a very low tax basis, and they're attracted to the OP unit structure for that reason.

這將與我們過去所做的更加一致。我的意思是，如果有機會與 OP 單位進行更大的交易，我的意思是，我們當然有興趣這樣做。但它 - 那些往往更加罕見。從歷史上看，這是規模較小的 500 萬美元、1000 萬美元的交易，醫生的稅基非常低，因此他們被 OP 單位結構所吸引。

(Operator Instructions) There are no further questions at this time. I'd like to turn the call back to management for closing remarks.

（操作員說明）目前沒有其他問題。我想將電話轉回管理層以作結束語。

I'd like to thank everybody for joining us, and have a good day.

我要感謝大家加入我們，祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。