Global Medical REIT Inc (GMRE) 2024 Q2 法說會逐字稿

Greetings, and welcome to Global Medical REIT second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Steve Swett, Investor Relations. Thank you, Mr. Swett, you may begin.

您好，歡迎參加 Global Medical REIT 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係部門的史蒂夫·斯威特先生。謝謝您，斯威特先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Global Medical REIT second quarter 2024 earnings conference call. On the call today are Jeff Busch, Chief Executive Officer; Alfonzo Leon, Chief Investment Officer; and Bob Kiernan, Chief Financial Officer. Please note the use of forward-looking statements by the company on this conference call.

謝謝。大家早安，歡迎參加 Global Medical REIT 2024 年第二季財報電話會議。今天參加電話會議的是執行長 Jeff Busch；阿方佐·萊昂，首席投資長；和財務長鮑勃·基爾南 (Bob Kiernan)。請注意該公司在本次電話會議上使用的前瞻性陳述。

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 this statement for the purpose of complying with those Safe Harbor provisions.

本次電話會議中的陳述可能包括非歷史事實且被視為前瞻性的陳述。該公司打算將這些前瞻性聲明納入 1995 年《私人證券訴訟改革法案》中包含的有關前瞻性陳述的安全港條款的範圍，並做出此聲明是為了遵守這些安全港條款。

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, 2023, and its other SEC filings.

此外，實際結果可能與前瞻性聲明中所述的結果有重大差異，並將受到公司無法控制的各種風險和因素的影響，包括但不限於公司截至本年度的 10-K 中包含的風險和因素2023年12 月31 日，以及其他向SEC 提交的文件。

The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. And 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. 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 its filings with the SEC.

本公司不承擔公開更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。此外，在這次電話會議上，公司可能會參考某些非公認會計原則財務指標，例如營運資金、調整後的營運資金、EBITDAre 和調整後的 EBITDAre。您可以在公司的收益報告及其向 SEC 提交的文件中找到這些非 GAAP 財務指標與目前可比較 GAAP 資料的表格調整表。

Additional information may be found on the Investor Relations page of the company's website at www.globalmedicalreit.com. I would now like to turn the call over to Jeff Busch, Chief Executive Officer of Global Medical REIT. Jeff?

如需了解更多信息，請訪問公司網站 www.globalmedicalreit.com 的投資者關係頁面。我現在想將電話轉給全球醫療房地產投資信託基金執行長 Jeff Busch。傑夫？

Yes, thank you, Steve. Good morning, and thank you for joining our second quarter 2024 earnings call. Our high quality diversified portfolio continues to produce solid results. At the end of the second quarter, portfolio occupancy was 96.2% with a weighted average lease term of 5.8 years and portfolio average rent coverage ratio of 4.6 times. For the second quarter, our net loss attributable to common shareholders was $3.1 million or $0.05 per share compared to net income attributable to common shareholders of $11.8 million or $0.18 per share in the second quarter of 2023.

是的，謝謝你，史蒂夫。早安，感謝您參加我們的 2024 年第二季財報電話會議。我們的高品質多元化投資組合持續產生穩健的成果。截至第二季末，投資組合出租率為96.2%，加權平均租賃期間為5.8年，投資組合平均租金覆蓋率為4.6倍。第二季度，我們歸屬於普通股股東的淨虧損為 310 萬美元，即每股 0.05 美元，而 2023 年第二季度，歸屬於普通股股東的淨利潤為 1,180 萬美元，即每股 0.18 美元。

FFO, attributable to common shareholders and noncontrolling interest in the second quarter was $0.2 per share and units down $0.01 from the prior year quarter and our AFFO attributable to common stockholders and noncontrolling interest was $0.22 per share and unit down $0.01 from the prior year quarter. During the quarter, we entered into a purchase agreement for a 15 property portfolio of outpatient medical real estate for an aggregate purchase price of $80.3 million was at an 8% cap to be completed in two tranches.

第二季歸屬於普通股股東和非控制權益的FFO 為每股0.2 美元，單位比去年同期下降0.01 美元，歸屬於普通股股東和非控股權益的AFFO 為每股0.22 美元，單位比去年同期下降0.01 美元。本季度，我們簽訂了 15 個門診醫療房地產物業組合的購買協議，總購買價為 8,030 萬美元，上限為 8%，分兩批完成。

These properties are fully occupied and we leased on the triple net and absolute net leases. Subsequent to quarter end, in July, we closed on the first tranche acquiring five properties in the 15 property portfolio for an aggregate purchase price of $30.8 million. We expect to complete the acquisition of the 10 remaining properties during the fourth quarter of 2024. We are optimistic about the overall acquisition market in our asset class and are pleased with the improvement in market conditions.

這些房產已全部入住，我們以三重淨租賃和絕對淨租賃進行租賃。7 月季度末後，我們完成了第一批收購，收購了 15 個房產組合中的 5 個房產，總購買價為 3,080 萬美元。我們預計將在 2024 年第四季完成對剩餘 10 處房產的收購。我們對資產類別的整體收購市場持樂觀態度，並對市場狀況的改善感到高興。

Currently, our investment pipeline consists of approximately $120 million of assets at attractive cap rates. As we think about our growth opportunities, we are focused on maintaining a strong balance sheet an important element to our prudent approach is utilizing select dispositions to fund a portion of our growth. Our dispositions can be part of an asset recycling program for in response to expectations regarding long term property performance.

目前，我們的投資管道包括約 1.2 億美元的資產，資本化率頗具吸引力。當我們考慮我們的成長機會時，我們專注於維持強勁的資產負債表，我們審慎做法的一個重要因素是利用精選的處置來為我們的部分成長提供資金。我們的處置可以成為資產回收計劃的一部分，以響應對長期房地產業績的預期。

During the quarter, we closed on the sale of a medical facility in Mishawaka, Indiana, receiving gross proceeds of $8.1 million and in July, we closed on the sale of a medical facility in Panama City, Florida, that we generated 11 million of gross proceeds. We continue to selectively sell assets as we move forward.

本季度，我們完成了印第安納州米沙沃卡一家醫療設施的出售，獲得了810 萬美元的總收益；7 月，我們完成了佛羅裡達州巴拿馬城的一家醫療設施的出售，獲得了1100 萬美元的總收益收益。隨著我們的前進，我們將繼續有選擇地出售資產。

In terms of tenant related items, last quarter, we discussed Steward Health Care bankruptcy announcement and their exposure in the company's portfolio. At the time of the filing, Steward represented 2.8% of the company's annualized base rent primarily and one facility in Beaumont, Texas. Prior to the bankruptcy announcement, the company was actively pursuing re-leasing opportunities at this facility and is optimistic about our long-term prospects at this location.

就租戶相關項目而言，上季我們討論了 Steward Health Care 破產公告及其在公司投資組合中的風險敞口。截至提交文件時，Steward 占公司年化基本租金的 2.8%，主要是位於德州博蒙特的一家工廠。在宣布破產之前，該公司正在積極尋求該設施的重新租賃機會，並對該地點的長期前景感到樂觀。

Bob will provide an update and more details regarding the financial aspects of our Stewart relationship in his remarks. Overall, I'm pleased with our second quarter results, and we want to thank the entire team for their hard work and contribution to our results.

鮑勃將在演講中提供有關我們斯圖爾特關係的財務方面的最新情況和更多詳細信息。總的來說，我對我們第二季的業績感到滿意，我們要感謝整個團隊的辛勤工作和對我們業績的貢獻。

With that, I'd like to turn the call over to Alfonzo, to discuss our investment activity and the current acquisition market conditions in more detail.

說到這裡，我想將電話轉給阿方佐，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 assets, which align with our investment criteria continues to show signs of promising progress. We remain actively engaged with a wide range of physician groups, brokers and corporate sellers to identify acquisition opportunities. As Jeff mentioned in the quarter, we entered into a purchase agreement to acquire a 15 property portfolio of outpatient medical real estate for an aggregate purchase price of $80.3 million to be completed in two tranches.

謝謝你，傑夫。符合我們投資標準的目標資產交易市場繼續顯示出有希望的進展跡象。我們仍然積極與廣泛的醫生團體、經紀人和企業賣家合作，以確定收購機會。正如 Jeff 在本季度提到的那樣，我們簽訂了一份購買協議，以 8,030 萬美元的總購買價收購 15 個門診醫療房地產資產組合，並將分兩批完成。

These properties aligned with our investment criteria being fully occupied and leased under triple net or absolute triple-net agreements.

這些物業符合我們的投資標準，並根據三網或絕對三網協議完全佔用和租賃。

As Jeff discussed earlier, we completed the first tranche subsequent to quarter end acquiring five properties encompassing roughly 95,000 leasable square feet for an aggregate purchase price of $30.8 million, with aggregate annualized base rent of $2.5 million and the second tranche is expected to close in the fourth quarter of 2024.

正如Jeff 先前所討論的，我們在季度末收購了五處房產（面積約為95,000 平方英尺）後完成了第一筆付款，總購買價為3,080 萬美元，年化基本租金總額為250 萬美元，第二筆付款預計將在2017 年完成。

The ability to close the deal in two tranches provides us with additional flexibility to prudently fund the transaction. As a reminder, the second tranche of this deal is currently under contract and subject to customary terms and conditions, including due diligence reviews. Accordingly, there is no assurance that the company will close this acquisition on a timely basis or at all.

分成兩批完成交易的能力為我們提供了額外的靈活性，可以審慎地為交易提供資金。提醒一下，該交易的第二部分目前正在簽訂合同，並遵守慣例條款和條件，包括盡職調查審查。因此，無法保證公司將及時或完全完成此收購。

We see this transaction as indicative of current market trends where sellers are increasingly accepting higher cap rate deals due to the ongoing challenges in the refinance market and pressure on real estate funds to sell. Regarding the asset that we acquired in July, note the following details. We acquired the five properties in the first tranche at an average price of [$325] per square foot, an 8% ingoing cap rate, 5.4 years of weighted average lease term and 2.2% average rent bumps.

我們認為這筆交易顯示了當前的市場趨勢，由於再融資市場的持續挑戰和房地產基金的出售壓力，賣方越來越多地接受更高上限利率的交易。關於我們在 7 月收購的資產，請注意以下詳細資訊。我們以每平方英尺 [325 美元] 的平均價格、8% 的現行上限利率、5.4 年的加權平均租賃期限和 2.2% 的平均租金漲幅收購了第一批中的五處房產。

The five properties in the portfolio include a family medicine clinic in Cerritos in Southeast LA leased to PIH Health, a regional health network with three hospitals and 26 clinics with an A rating. Two ophthalmology focused outpatient clinics in Detroit MSA leased to Henry Ford, a $7 billion revenue health system with an A2 credit rating. A multispecialty clinic and surgery center in Minot, North Dakota, leased to Trinity Health, the region's dominant health system with three hospitals and 18 clinics with a BBB minus rating. A primary care focused multispecialty outpatient center in Spartanburg, South Carolina leased to the county with an AA1 rating.

該投資組合中的五處房產包括位於洛杉磯東南部喜瑞都 (Cerritos) 的一家家庭醫學診所，該診所出租給 PIH Health，這是一個擁有 3 家醫院和 26 家 A 級診所的區域醫療網絡。底特律 MSA 的兩家以眼科為主的門診診所租給了亨利·福特 (Henry Ford)，這是一個收入 70 億美元、信用評級為 A2 的醫療系統。北達科他州邁諾特市的一家多專科診所和手術中心租給了 Trinity Health，該地區是該地區占主導地位的醫療系統，擁有 3 家醫院和 18 家 BBB 減級診所。南卡羅來納州斯帕坦堡的一家以初級保健為主的多專科門診中心以 AA1 評級出租給該縣。

On a disposition front during the quarter, we closed on the sale of a medical facility in Mishawaka, Indiana, receiving gross proceeds of $8.1 million, resulting in a loss on sale of $3.4 million. The lease at this property was set to expire at the end of the year and our decision to dispose of this property was based on our lease renewal expectations and outlook for finding a suitable tenant replacement. The property was originally part of a four-property portfolio the company purchased in 2019.

在本季的處置方面，我們完成了印第安納州米沙沃卡一家醫療設施的出售，獲得了 810 萬美元的總收益，導致出售損失 340 萬美元。該房產的租約將於今年年底到期，我們處置該房產的決定是基於我們的續約期望和尋找合適租戶替代者的前景。該房產最初是該公司 2019 年購買的四處房產投資組合的一部分。

After quarter end in July, the company sold a medical facility in Panama City, Florida, receiving gross proceeds of $11 million. The property had a net book value of approximately $8.9 million at the time of sale. This sale was part of our general asset recycling process whereby we identify assets that we believe can be sold at gains and the proceeds reinvested accretively by the company.

7 月季度末後，該公司出售了佛羅裡達州巴拿馬城的一家醫療設施，並獲得了 1,100 萬美元的總收益。該房產出售時的帳面淨值約為 890 萬美元。此次出售是我們一般資產回收流程的一部分，我們在此過程中確定了我們認為可以以收益出售的資產，並將收益由公司進行增值再投資。

Looking ahead, we will remain persistent and disciplined in seeking opportunities that align with our investment strategy and underwriting standards. We plan to leverage our competitive advantages, including scale, access to capital, the potential use of OP unit deal structures to unlock opportunities and drive value. As Jeff mentioned, our current investment pipeline consists of approximately $120 million of healthcare assets. Now I'd like to turn the call over to Bob to discuss our financial results. Bob?

展望未來，我們將堅持不懈、恪守紀律，尋找符合我們投資策略和承保標準的機會。我們計劃利用我們的競爭優勢，包括規模、獲得資本的機會、OP 單位交易結構的潛在用途，以釋放機會並推動價值。正如傑夫所提到的，我們目前的投資管道包括約 1.2 億美元的醫療保健資產。現在我想將電話轉給鮑勃，討論我們的財務表現。鮑伯？

Thank you, Alfonzo. At the end of the second quarter 2024, our portfolio consisted of gross investments in real estate of $1.4 billion and included 4.7 million of total leasable square feet, 96.2% occupancy, 5.8 years of weighted average lease term 4.6 times rent coverage with 2.2% weighted average contractual rent escalations.

謝謝你，阿方索。截至2024 年第二季末，我們的投資組合包括14 億美元的房地產總投資，包括470 萬平方英尺的總可出租面積，96.2% 的入住率，5.8 年的加權平均租賃期限，4.6 倍的租金覆蓋率，2.2% 的加權率平均合約租金上漲。

In the second quarter of 2024, our total revenues decreased by approximately 6% compared to the prior year quarter to $34.2 million, due primarily to the impact of dispositions that were completed in 2023. Additionally, the recognition of reserves for $800,000 of rent and the write-off of $100,000 of deferred rent primarily related to our tenant Steward Health Care and our Beaumont facility contributed to the decline.

2024 年第二季度，我們的總收入較上年同期下降約 6%，至 3,420 萬美元，這主要是由於 2023 年完成的處置的影響。此外，確認 80 萬美元的租金準備金和沖銷 10 萬美元的遞延租金（主要與我們的租戶 Steward Health Care 和我們的博蒙特設施相關）也導致了租金下降。

Total expenses for the second quarter of 2024 were $32.8 million compared to $35 million in the prior year quarter. The decrease was primarily due to disposition transactions that were completed during 2023 and lower interest expense.

2024 年第二季的總支出為 3,280 萬美元，而去年同期為 3,500 萬美元。減少的主要原因是 2023 年完成的處置交易和利息支出減少。

Our interest expense in the second quarter was $7 million compared to $8.5 million in the comparable quarter of last year, reflecting lower borrowing rates due to lower leverage the impact of our interest rate swaps and lower average borrowings compared to the prior year period. Our operating expenses were $7.2 million for both the second quarter of 2024 and the prior year quarter.

我們第二季的利息支出為700 萬美元，而去年同期為850 萬美元，反映出由於利率互換影響的槓桿率較低而導致借款利率較低，以及與上年同期相比平均借款較低。2024 年第二季和去年同期的營運費用均為 720 萬美元。

Regarding the second quarter of 2024 expenses, $4.9 million related to net leases for the company recognized the comparable amount of expense recovery revenue and $900,000 related to gross leases. G&A expenses for the second quarter of 2024 were $4.6 million compared to$ 4.5 million in the second quarter of 2023.

關於 2024 年第二季的費用，與公司淨租賃相關的 490 萬美元確認了可比金額的費用回收收入，與總租賃相關的 90 萬美元。2024 年第二季的一般管理費用為 460 萬美元，而 2023 年第二季為 450 萬美元。

The increase primarily resulted from an increase in non-cash LTIP compensation expense, which was $1.3 million for the second quarter of 2024 compared to $1.1 million for the same period in 2023, partially offset by a decline in general corporate expenses.

這一增長主要是由於非現金 LTIP 補償費用增加，2024 年第二季為 130 萬美元，而 2023 年同期為 110 萬美元，部分被一般公司費用下降所抵消。

Looking ahead, we expect our G&A expenses in the second half of 2024 to be in the range of $4.4 million and $4.6 million on a quarterly basis. Net loss attributable to common stockholders for the second quarter of 2024 was $3.1 million or $0.05 per share compared to net income attributable to common stockholders of $11.8 million or $0.18 per share in the second quarter of 2023.

展望未來，我們預計 2024 年下半年的一般管理費用將按季度計算將在 440 萬美元至 460 萬美元之間。2024 年第二季普通股股東應佔淨虧損為 310 萬美元，即每股 0.05 美元，而 2023 年第二季普通股股東應佔淨利為 1,180 萬美元，即每股 0.18 美元。

A loss in the second quarter of 2024 was primarily due to a $3.4 million loss recognized on the sale of the medical facility in Mishawaka, Indiana. The results for the second quarter of '23 reflected a gain on sale of investment properties of $12.8 million.

2024 年第二季的虧損主要是因為出售印第安納州米沙沃卡的醫療設施而確認的 340 萬美元虧損。2023 年第二季的業績反映投資物業銷售收益為 1,280 萬美元。

FFO attributable to common stockholders and noncontrolling interest in the second quarter of 2024 was $13.9 million, or $0.2 per share in unit compared to $14.7 million or $0.21 per share in unit in the second quarter of 2023. AFFO attributable to common stockholders and non-controlling interest in the second quarter of 2024 was $15.7 million or $0.22 per share in unit compared to $15.9 million or $0.23 per share in unit in the second quarter of 2023.

FFO2024 年第二季普通股股東和非控股股東權益為 1,390 萬美元，即每股 0.2 美元，而 2023 年第二季為 1,470 萬美元，即每股 0.21 美元。2024 年第二季普通股股東和非控股權益的 AFFO 為 1,570 萬美元，即每股 0.22 美元，而 2023 年第二季為 1,590 萬美元，即每股 0.23 美元。

Moving on to the balance sheet. As of June 30, 2024, our gross investment in real estate was $1.4 billion. At June 30, 2024, we had $620 million of total gross debt with a weighted average remaining term of 2.5 years. At quarter end, 83% of our total debt was fixed rate debt. Our leverage ratio was 43.8% and our weighted average interest rate was 3.89%.

繼續看資產負債表。截至2024年6月30日，我們的房地產投資總額為14億美元。截至 2024 年 6 月 30 日，我們的債務總額為 6.2 億美元，加權平均剩餘期限為 2.5 年。截至季末，我們總債務的 83% 是固定利率債務。我們的槓桿率為43.8%，加權平均利率為3.89%。

Lastly, as of today, the current unutilized borrowing capacity under the credit facility is $261 million. We did not issue any shares of common stock under our ATM program during the second quarter or to date in the third quarter. As we consider funding options for the acquisitions that we have closed or expected to close later this year, we will continue to be disciplined as we seek to maintain leverage in our target range of 40% to 45%.

最後，截至今天，在信貸安排下目前未利用的借款能力為 2.61 億美元。在第二季或第三季迄今，我們沒有根據 ATM 計畫發行任何普通股。當我們考慮已完成或預計今年稍後完成的收購的融資方案時，我們將繼續遵守紀律，力求將槓桿率維持在 40% 至 45% 的目標範圍內。

With respect to our investment portfolio and our 2024 lease expirations, we are pleased with our progress on renewals and based on activity to date, we are currently trending towards a retention rate of between 75% and 80% on this year's expiring leasable square feet.

就我們的投資組合和2024 年租賃到期而言，我們對續約進度感到滿意，並且根據迄今為止的活動，我們目前的趨勢是，今年即將到期的可租賃平方英尺的保留率在75%至80% 之間。

Regarding capital expenditures on the portfolio. During the second quarter, our cash spend was approximately $3.2 million year to date through June 30, our cash outflows for capital expenditures were approximately $5.2 million, with slightly more than half of that related to tenant improvements. Currently, for the full year 2024, we're projecting total capital expenditures of $11 million to $13 million.

關於投資組合的資本支出。截至 6 月 30 日，第二季我們的現金支出約為 320 萬美元，資本支出的現金流出約為 520 萬美元，其中略多於一半與租戶改善有關。目前，我們預計 2024 年全年的資本支出總額為 1,100 萬美元至 1,300 萬美元。

As Jeff mentioned during the quarter, Steward Health Care announced and filed for Chapter 11 bankruptcy. At the time of the bankruptcy filing, Steward represented 2.8% or $3.1 million of the company's annualized base rent, of which 86% related to our facility located in Beaumont, Texas. Post bankruptcy. The company has received base rent payments on its Steward leases for the months of June, July and August.

正如 Jeff 在本季度提到的那樣，Steward Health Care 宣布並根據美國破產法第 11 章申請破產。在申請破產時，Steward 占公司年化基本租金的 2.8%，即 310 萬美元，其中 86% 與我們位於德州博蒙特的工廠有關。破產後。該公司已收到 6 月、7 月和 8 月 Steward 租賃的基本租金。

The company has been proactively exploring re-leasing options at the Beaumont facility since before the bankruptcy announcement, and we remain optimistic about our long-term prospects at this location.

自從宣布破產之前以來，該公司一直在積極探索博蒙特工廠的重新租賃選擇，我們對該地點的長期前景保持樂觀。

In conclusion, as we look to the second half of the year, we believe that our strong portfolio and ample liquidity provide a solid foundation for our future growth. We are encouraged by our acquisition opportunities and look forward to sharing our progress with you. This concludes our prepared remarks. Operator, please open the call for questions.

總之，展望下半年，我們相信強大的投資組合和充足的流動性為我們未來的成長奠定了堅實的基礎。我們對收購機會感到鼓舞，並期待與您分享我們的進展。我們準備好的演講到此結束。接線員，請打開電話提問。

Thank you. We will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Austin Wurschmidt, KeyBanc Capital Markets, Inc.

奧斯汀‧沃爾施密特 (Austin Wurschmidt)，KeyBanc 資本市場公司

Great. Good morning everybody. I was hoping to get some additional details regarding the $120 million investment pipeline. Maybe just starting with whether this amount includes the second tranche of the 15 property portfolio or is the $120 million on top of that kind of remaining $50 million or so?

偉大的。大家早安。我希望獲得有關 1.2 億美元投資管道的更多詳細資訊。也許首先要考慮的是，這筆金額是否包括 15 個房地產投資組合的第二部分，還是 1.2 億美元是在剩餘的 5,000 萬美元左右之上？

The pipeline does not include the second tranche. I mean, this is stuff that is in our pipeline that we've been pursuing in various ways and in discussions with various parties. The market has improved pretty significantly since the last earnings call and there's more willing sellers that are willing to sell their assets at attractive pricing.

該管道不包括第二批。我的意思是，這是我們正在以各種方式並與各方討論的管道中的東西。自從上次財報電話會議以來，市場已經有了相當大的改善，並且有更多願意以有吸引力的價格出售資產的賣家。

And what's the composition of these assets, Alfonso? And maybe can you share some details around the economics and then just timing that you'd expect to close on the deals?

阿方索，這些資產的組成是什麼？也許您可以分享一些有關經濟的細節，然後只是您預計完成交易的時間？

Sure. So these are medical office buildings. I mean, our focus has been on medical office buildings in our pipeline and geographically, it's in markets that are, like the types of market that we've been pursuing historically and these are quality buildings with quality tenants.

當然。這些是醫療辦公大樓。我的意思是，我們的重點一直是我們管道中的醫療辦公大樓，從地理位置上看，它所在的市場就像我們歷史上一直追求的市場類型一樣，這些都是擁有優質租戶的優質建築。

And as far as the cap rates on the $120 million, where would you expect kind of that to shake out on average?

至於 1.2 億美元的資本化率，您預期平均會達到多少？

Sure. So, I mean, we're targeting cap rates that are north of [ACAP] and are finding opportunities that are in the high-8s and even in the 9 caps.

當然。所以，我的意思是，我們的目標是[ACAP]以北的資本化率，並尋找處於高8甚至9個上限的機會。

Austin, this is Jeff. I just want to add to that. It's a very exciting time, which I haven't said in a long time for us. If interest rates start to fall as projected, and there's opportunities out there in our niche at very attractive properties, good quality like we bought the $80 million portfolio, extraordinarily good quality at an ACAP, and there is higher ACAPs and hires out there for us in our niche that we'll be able to absorb, and we could have a very good year of that.

奧斯汀，這是傑夫。我只想補充一點。這是一個非常激動人心的時刻，我已經很久沒有對我們說過這樣的話了。如果利率開始按預期下降，而我們的利基市場存在非常有吸引力的房地產機會，品質很好，就像我們購買了8000 萬美元的投資組合，ACAP 品質非常好，並且有更高的ACAP 和招募機會我們將能夠吸收我們的利基市場，並且我們可以度過一個非常美好的一年。

That's helpful. And then just lastly, on the funding side, Jeff you spoke about the asset recycling program with that pipeline, kind of the acquisition pipeline building. Are you marketing additional assets today? And what's your latest thoughts on cap rates on the disposition side? That's all from me, thank you.

這很有幫助。最後，在資金方面，傑夫談到了該管道的資產回收計劃，類似於收購管道建設。您今天是否在行銷其他資產？您對處置方面的資本化率有何最新想法？這就是我的全部，謝謝。

Yes, no, I agree with you. On disposition, we always look there's properties out there that we could sell or if we could do a point to two above sometime, but we're really monitoring also the equity side of the business. The reason is if the Fed, which people think now after multiple times, brings it brings the rates down, which my belief it's finally going to happen, but we'll see.

是的，不，我同意你的觀點。在處置方面，我們總是尋找我們可以出售的財產，或者我們是否可以在某個時候做以上兩點，但我們實際上也在監控業務的股權方面。原因是，人們現在多次認為聯準會是否會降低利率，我相信這最終會發生，但我們拭目以待。

Our stock, historically, the three times the market thought it was coming down, had it at a really nice jump, and we could be very accretive for the properties we're going to buy. So it'd be a combination of selling properties at lower cap rates and making the spread and also possibly raising money to acquire these new properties, it's really nice.

從歷史上看，我們的股票是市場認為會下跌的三倍，但它卻出現了非常好的跳躍，而且我們可以為我們要購買的房產帶來很大的增值。因此，這將是以較低的資本化率出售房產和賺取利差的結合，也可能籌集資金來購買這些新房產，這真的很好。

This is the first time out there that the market has sort of capitulated the market of selling real estate has sort of capitulated that the pricing is going to be substantially higher. So it matches to being accretive for us.

這是市場第一次屈服於房地產銷售市場的屈服，定價將大幅上漲。所以它對我們來說是增值的。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Good morning, and thanks for the time. Just a question following up on the dispositions, could you comment or provide the cap rates for what you sold in the second quarter and in July to date, recognizing there was some vacancy risk with an upcoming expiration.

你好。早上好，感謝您抽出時間。只是關於處置的後續問題，您能否評論或提供您在第二季度和 7 月份迄今為止出售的產品的上限利率，並認識到即將到期的存在一些空置風險。

Sure. So on the Panama City, we sold that for a 7.1 cap. And on the Mishawaka asset, I mean, again, just to point out, I mean, this is one that we felt like the re-leasing prospect was going to be very difficult and it made sense to sell. And we had found a buyer that was owner or user of the property. And keep in mind too that this was part of a portfolio that we acquired back in 2019, a $94 million portfolio and we allocated roughly $16 million of that value to this property. And since then, we've collected more than $9 million of rent from this property from an A rated system, and we're able to sell it for just over $8 million. And the other three properties have outperformed.

當然。所以在巴拿馬城，我們以 7.1 的上限出售。關於 Mishawaka 資產，我的意思是，再次指出，我的意思是，我們認為重新租賃該資產將非常困難，因此出售是有意義的。我們找到了一位買家，他是該房產的所有者或使用者。還要記住，這是我們在 2019 年收購的投資組合的一部分，這是一個 9,400 萬美元的投資組合，我們將其中約 1,600 萬美元的價值分配給了該房產。從那時起，我們已經透過 A 級系統從該房產收取了超過 900 萬美元的租金，並且我們能夠以略高於 800 萬美元的價格出售它。其他三處房產的表現也優於大盤。

We got a 10-year renewal on the Las Vegas property. On the Oklahoma property, we got an extension and a 14-year renewal. And the Surprise, Arizona property had a long-term lease to begin with. And these are all properties that have very strong rent coverage. And so from our perspective, when we bought the portfolio, we underwrote it as a package. And as a whole, this portfolio has performed very well.

我們對拉斯維加斯的房產進行了 10 年續約。在俄克拉荷馬州的房產上，我們獲得了延期和 14 年續約。亞利桑那州瑟普賴斯的房產一開始就有長期租約。這些都是具有非常強大的租金保障的房產。因此，從我們的角度來看，當我們購買投資組合時，我們將其作為一攬子承保。整體而言，這個投資組合表現非常好。

But what was the rent accrued in the second quarter with regard to the Wisconsin asset?

但威斯康辛州資產第二季應計租金是多少？

Wisconsin asset?

威斯康辛州資產？

Just back into the cap rate.

剛剛回到上限利率。

Sure. I mean, it was north of a, it's a low double-digit cap rate.

當然。我的意思是，這是一個較低的兩位數上限利率。

Great. Thanks. And then, Bob, you spoke to expected retention on upcoming expirations for the balance of the year. So I guess what is then the implied occupancy that we should think about by year end? And does that have any impact to FFO per share? Presumably some expected move outs or timing before you release?

偉大的。謝謝。然後，鮑勃，您談到了今年剩餘時間內即將到期的預期保留率。那我想我們到年底應該考慮的隱含入住率是多少？這對每股 FFO 有影響嗎？大概是在發布之前有一些預期的搬出或時間安排？

Its correct. Yes, sure. I mean, as we look ahead to the expirations that are coming up in the second half of the year, we're still projecting, I mean, as we've said on previous calls, pretty steady occupancy and right around this kind of 96% plus or minus, and with trending, toward a little bit 96%-plus, so in that 96%, an above type range.

這是正確的。是的，當然。我的意思是，當我們展望今年下半年即將到期時，我們仍在預測，我的意思是，正如我們在之前的電話會議中所說，入住率相當穩定，大約在 96 左右% 加或減，且隨著趨勢，趨向於96% 以上，因此在96% 中，屬於上述類型範圍。

And from an earnings perspective, again sometimes there are renewals that have free rent periods. From a timing perspective, you're subject to that from a long-term perspective or in the short term. But overall, we're projecting solid occupancy as we look ahead, and it shouldn't provide that much volatility from an earnings perspective.

從收益的角度來看，有時也會有免租期的續約。從時間角度來看，無論是長期還是短期，您都會受到影響。但總體而言，展望未來，我們預期入住率將保持穩定，從獲利角度來看，它不應帶來太大的波動。

And just one last one for me. If you don't mind on the Steward space, I guess in particular, the Beaumont Blease. How does that compare to kind of current market levels? And I guess if there is if you have to re-lease it, presumably that is the case and how much on markets market could we expect either positive or negative in your mind initial assessments?

對我來說只是最後一件。如果你不介意 Steward 空間，我想尤其是 Beaumont Blease。與目前的市場水準相比如何？我想，如果你必須重新租賃它，大概就是這種情況，在你的初步評估中，我們對市場的預期是正面還是負面？

(multiple speakers) Yes it's going to be very comparable to what we had.

（多位發言者）是的，這將與我們所擁有的非常相似。

Thank you.

謝謝。

Yes, I just want to comment on the Steward property. It's an excellent property that is in pretty decent demand. So, that's why we're optimistic about the re-leasing and the market on that.

是的，我只是想評論一下 Steward 房產。這是一處優秀的房產，需求相當可觀。因此，這就是為什麼我們對轉租和市場持樂觀態度。

Rob Stevenson, Janney Montgomery Scott.

羅布史蒂文森，珍妮蒙哥馬利斯科特。

Good morning, guys, but what is the you indicated that you had gotten paid through August to July and August on, Steward, what is it just the $800,000 of reserves and $100,000 of deferred rent write off, is that they hit the only hit thus far from Steward? Or is there other may or something that you didn't get paid for as well that you think that you might down the road, right?

早上好，夥計們，但是您表示您在8 月到7 月和8 月期間收到的付款是什麼，管家，這只是800,000 美元的準備金和100,000 美元的遞延租金註銷，是他們擊中了唯一的打擊，因此離管家遠嗎？或者還有其他可能或你沒有得到報酬但你認為你可能會繼續做的事情，對嗎？

Yes, around think of it as though we have March, April May from an from an exposure perspective as well as expenses.

是的，從曝光和支出的角度來看，我們好像有三月、四月、五月。

Okay. And what's the cumulative of that March April May.

好的。那三月四月五月的累計是多少？

So that's about that, that $800,000 to [$1 million] type reserve because we're now incurring facing the operating expenses on that property particularly as we think about keeping it in solid shape for renewable opportunity or re-leasing opportunities. And again, that's just a delta compared to having it be just the US, it's a very straightforward triple-net lease where the tenant was funding all the expenses.

因此，80 萬至 [100 萬美元] 類型的儲備金就是這樣，因為我們現在面臨該房產的營運費用，特別是當我們考慮保持其穩定狀態以獲取可再生機會或重新租賃機會時。再說一遍，與僅在美國相比，這只是一個增量，這是一個非常簡單的三網租賃，租戶承擔所有費用。

Okay. And then I guess at this point, I mean, how fast this is moving or like, what are they likely to pay you over September and October onward is August, basically the extent to which you guys think that you're going to get paid and then it's up to release a process after that in order to get back to having this be cash flow positive for you guys.

好的。然後我想在這一點上，我的意思是，這種情況進展得有多快，他們可能會在 9 月和 10 月之後向你支付什麼，基本上是你們認為自己會得到報酬的程度然後就需要發布一個流程，以便讓你們的現金流恢復為正值。

So with the bankruptcy process, it's not totally clear to us in terms of how they're managing their timeframe. So from our perspective, they have not yet rejected the lease and pursuant to the bankruptcy, they would owe us base rent and expenses during the period subsequent to bankruptcy up through to the point where they would reject the lease.

因此，在破產程序中，我們並不完全清楚他們如何管理時間框架。因此，從我們的角度來看，他們尚未拒絕租賃，並且根據破產，他們將在破產後的期間內欠我們基本租金和費用，直至他們拒絕租賃。

And so at this point, we're just collecting that rent post-bankruptcy. But it's not clear to us when their process is going to kind of move on and provide that kind of more clarity for us, even in terms of that final step. But with that said, we have staged and are kind of working off to the side as quickly as we can to have it staged for as quick a transition as we could possibly have, recognizing that there would probably be, again a modest transition period, a free rent element, things of that nature that could impact us between, again the current situation and when we would onboard a prospective tenant.

因此，目前我們只是收取破產後的租金。但我們不清楚他們的流程何時會繼續進行，並為我們提供更清晰的訊息，即使是在最後一步也是如此。但話雖如此，我們已經上演了，並且正在盡快進行工作，以盡可能快地實現過渡，認識到可能會再次出現一個適度的過渡期，免費租金元素，這種性質的事情可能會影響我們，再次是當前情況和我們何時接納潛在租戶。

Okay. And then Trinity Health was replaced as your number five tenant by Team Health here in the second quarter, so like from Alfonzo's comments, if I heard it right, that one of at least one of the five portfolio acquisitions completed thus far in the third quarter is leased to Trinity? Is any of these other acquisitions out of the 5 or the 10 expected to come in the fourth quarter or the likely closings of the $120 million that you're circling with existing top tenants or other tenants that will be pushed into the top-five by these deals?

好的。然後，Trinity Health 在第二季度被Team Health 取代，成為第五大租戶，就像阿方佐的評論一樣，如果我沒聽錯的話，到目前為止，第三季度完成的五項投資組合收購中至少有一項租給三一？預計第四季度將進行的 5 項或 10 項收購中是否有其他收購，或者您正在與現有頂級租戶或其他租戶進行的 1.2 億美元收購可能會被推入前五名？

Yes, I got the commitment. It's not going to be a meaningful move to the top 10.

是的，我得到了承諾。進入前十名不會是一個有意義的舉動。

Okay, that's helpful. And then last one for me. Can you talk about the size and scope of the tenant watch list today versus the last couple of quarters, one of your direct competitors having issues with their geriatric inpatient behavioral hospital tenants, it's Stewart Genesis and some others know, operators are cracking here in what's still a rather relatively robust economy. And if the economy starts to weaken here some, how much more are you thinking that the tenant watch list expands and over the next sort of four quarters or so.

好的，這很有幫助。然後是我的最後一張。您能否談談今天與過去幾個季度相比的租戶觀察名單的規模和範圍，您的直接競爭對手之一與老年住院患者行為醫院租戶存在問題，這是斯圖爾特·創世紀（Stewart Genesis），其他有些人知道，營運商正在解決以下問題仍然是一個相當相對強勁的經濟。如果這裡的經濟開始疲軟，您認為租戶觀察名單在接下來的四個季度左右會擴大多少。

So right now we've talked in the past few quarters about Prospect Health in Q4, Steward in Q1 and those have been our primary tenant related items that we've had to deal with from an accounting and reporting perspective. And at this point, again we continue to monitor our acute care, we have one acute care hospital, but again it is something that again we're very actively involved with. But at this point, I'd point out we don't have anything that's beyond that group that we're actively focused on. We also don't have any loans to tenants that we would highlight or note either from and how we're managing the portfolio.

因此，現在我們在過去的幾個季度中討論了第四季度的 Prospect Health、第一季的 Steward，這些都是我們必須從會計和報告角度處理的主要租戶相關項目。此時，我們再次繼續監控我們的急診護理，我們有一家急診醫院，但我們再次非常積極地參與其中。但在這一點上，我想指出的是，我們沒有任何超越我們積極關注的群體的事情。我們也沒有向租戶提供任何貸款，我們不會強調或註明我們管理投資組合的方式。

I just want to add, I mean, the vast, vast majority of our business has been MOB work and MOBs are strong out there and in a downturn they'd be strong. When we did purchase into some of the one acute hospital and some other type of like surgical, like Beaumont and others, those were doing well. But after the pandemic and others and the billing system, the reimbursement system change, they've struggled more that you see there, but that's a very limited part of our portfolio. The vast, vast majority of our portfolio is absolute and triple-net MOBs that are doing very well.

我只是想補充一點，我的意思是，我們的絕大多數業務都是 MOB 工作，MOB 很強大，在經濟低迷時期它們也會很強大。當我們確實購買了一些急診醫院和其他類型的外科醫院（例如博蒙特等）時，這些醫院都表現良好。但在疫情和其他以及計費系統、報銷系統發生變化之後，他們的處境比你看到的要困難得多，但這只是我們投資組合中非常有限的一部分。我們的投資組合中絕大多數都是絕對的三網 MOB，它們的表現都非常好。

I guess one question that that poses then, Jeff and Alfonzo, given that comments and given that Alfonzo indicated that the vast majority or almost all of the $120 million in your pipeline today are medical office buildings, to do behavioral health or hospitals, are you still interested in doing them at all? Is it just requiring a much wider return that you need another 100 to 150 basis points to make the risk worthwhile or is the focus here and for the immediate future just going to be medical office no matter what to you guys?

我想這會提出一個問題，傑夫和阿方佐，考慮到這些評論，並考慮到阿方佐表示，你們今天的1.2 億美元管道中的絕大多數或幾乎全部都是醫療辦公大樓，用於行為健康或醫院，你們是嗎？是否只是需要更廣泛的回報，您需要另外 100 到 150 個基點才能使風險值得，還是這裡的重點以及近期的未來將只是醫療辦公室，無論對您來說如何？

The market has turned so substantially for us to buy medical office building. The private equity does not get the bank lines that they had before and the rates and a lot of the sellers are capitulating and saying, okay the rates are higher now. So we're finding, like we did early when we started, and then the private equity during the pandemic saw that 99% of our tenants paid whether they had patients or not and moved into the MOB field.

我們購買醫療辦公大樓的市場已經發生了很大的變化。私募股權公司無法獲得以前的銀行額度和利率，很多賣家都投降了，說，好吧，現在利率更高了。所以我們發現，就像我們剛開始時所做的那樣，然後大流行期間的私募股權看到我們 99％ 的租戶無論是否有病人都付費並進入了 MOB 領域。

Right now we find it open again. I can't say never, but I can't see us being in the medical, I mean being in definitely not in the acute hospital area. Rehabs, we got in early and we like those, but I can't see us going into that field, and possibly reducing our exposure to them would probably be more of a future. I loved the MOB field, especially the absolute and triple-net area.

現在我們發現它又打開了。我不能說永遠不會，但我看不到我們在醫療區，我的意思是絕對不在急診醫院區域。復健中心，我們很早就進入了，我們喜歡這些，但我看不到我們進入這個領域，並且可能減少我們對它們的接觸可能會是一個未來。我喜歡MOB領域，尤其是絕對領域和三網領域。

Okay. Thanks, guys. Appreciate fun this morning.

好的。謝謝，夥計們。珍惜今天早上的樂趣。

Bryan Maher, B. Riley Securities.

布萊恩·馬赫 (Bryan Maher)，B. 萊利證券。

Thanks and good morning. Everyone. that most of my questions have been asked already. But can I get a point of clarity on Steward, but a little confused. So they paid for June, July and August, but they haven't paid for March, April and May. Is that correct? That's the $800,000 you're going after?

謝謝，早安。每個人。我的大部分問題已經被問到了。但我可以對 Steward 說清楚一點嗎，但有點困惑。所以他們付了六月、七月和八月的費用，但還沒有支付三月、四月和五月的費用。這是正確的嗎？這就是你想要的80萬美元？

That's correct.

這是正確的。

And are they physically out of the building with no intention of coming back to that buildings? (multiple speakers)

他們是否已經離開大樓，並且無意返回該大樓？（多個發言者）

Yes, the first part for sure, they're out the second part. I mean, it did seem most likely.

是的，第一部分肯定是，第二部分已經結束了。我的意思是，這看起來確實是最有可能的。

Okay. It seems curious that somebody would keep paying you, June, July and August, if they have zero intention, instead of making you fight to get the money?

好的。似乎很奇怪，如果他們的意圖為零，有人會在六月、七月和八月繼續向您付款，而不是讓您為拿到錢而奮鬥？

It's hard that they have been our biggest and we feel very optimistic we can rent this out, given that this is popular in the market. And so therefore, we're at the point now where we'd almost like them to reject that lease and get on with renting and getting a new tenant in because this is a very good facility in that's part of town of this facility. It's a good medical market actually.

很難說它們是我們最大的，考慮到它在市場上很受歡迎，我們對可以出租它感到非常樂觀。因此，我們現在幾乎希望他們拒絕該租約並繼續出租並吸引新租戶，因為這是該設施所在城鎮的一部分的非常好的設施。這實際上是一個很好的醫療市場。

And that's why we used the word and we've been using optimistic on out there is, you know, but Steward, I think we're just such a small part of it and they're confused in their bankruptcy that they just haven't rejected it. But when they do reject it, we hope to be moving very quickly and get this solidified.

這就是為什麼我們使用這個詞，我們一直在使用樂觀這個詞，你知道，但是管家，我認為我們只是其中的一小部分，他們對破產感到困惑，他們只是沒有’ t 拒絕了它。但當他們確實拒絕時，我們希望能夠迅速採取行動並鞏固這一點。

To be clear, the property is not being operated currently and you cannot re-lease it until they reject it or the bankruptcy court says such.

需要明確的是，該房產目前尚未投入運營，除非他們拒絕或破產法院如此規定，否則您不能重新出租。

That is correct.

這是正確的。

Okay. My other question maybe for Bob was how quickly interest rates have come down here and given the in a fairly short 2.5 years weighted average term your debt maturities, is there any opportunity for you to kind of move quickly to lock in some of these lower rates or I guess, Jeff, with your commentary, you seem to think rates might be going low lower. Is that the view of the firm to wait and hope for even lower from here?

好的。我對鮑勃的另一個問題可能是，利率下降的速度有多快，考慮到在相當短的2.5 年加權平均期限內，您的債務到期日，您是否有機會快速採取行動，鎖定其中一些較低的利率或我猜，傑夫，根據你的評論，你似乎認為利率可能會更低。這是否是該公司的觀點，等待並希望從現在開始更低的價格？

(multiple speakers) I think it is going lower. I think once they start, people were talking about point and a half or so. So, I think we have time and we could get a good rate in the future. If a recession happens, it will even go lower out there.

（多個發言者）我認為它正在下降。我想一旦他們開始，人們就在談論大約一點半。所以，我認為我們有時間，並且將來我們可以得到一個很好的價格。如果經濟衰退發生，它甚至會更低。

Okay.

好的。

Thank you. That's all for me.

謝謝。這就是我的全部。

Thank you. This concludes our Q&A session and today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。我們的問答環節和今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。