LTC Properties Inc (LTC) 2023 Q2 法說會逐字稿

Good morning and welcome to the LTC Properties, Inc. Quarterly Earnings Call. (Operator Instructions) Before management begins its presentation, please note that today's comments, including the question-and-answer session, may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC Properties' filings with the Securities and Exchange Commission from time to time including the company's most recent 10-K dated December 31, 2022. LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. Please note, this event is being recorded.

早上好，歡迎參加 LTC Properties, Inc. 季度收益電話會議。 （操作員說明）在管理層開始演示之前，請注意，今天的評論（包括問答環節）可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果和事件存在重大差異。這些風本演示文稿日期之後發生的事件或情況。請注意，此事件正在被記錄。

I would now like to turn the conference over to Wendy Simpson. Please go ahead.

我現在想把會議交給溫迪·辛普森。請繼續。

Thank you, operator and welcome, everyone to LTC's 2023 Second Quarter Conference Call. I am joined today by Pam Kessler, Co-President and Chief Financial Officer; and Clint Malin, Co-President and Chief Investment Officer.

謝謝運營商，歡迎大家參加 LTC 2023 年第二季度電話會議。今天，聯合總裁兼首席財務官帕姆·凱斯勒 (Pam ​​Kessler) 也加入了我的行列。以及聯席總裁兼首席投資官克林特·馬林 (Clint Malin)。

The first half of 2023 was driven by substantial investment activity, generating growth this year and in the future. To date this year, we have put more than $0.25 billion to work through new investments to produce accretive current and future income. We used our line to fund these investments and plan to pay down the line, primarily using future expected asset sales.

2023 年上半年受到大量投資活動的推動，為今年和未來帶來增長。今年迄今為止，我們已投入超過 2.5 億美元進行新投資，以增加當前和未來的收入。我們使用我們的額度為這些投資提供資金，併計劃主要使用未來預期的資產銷售來支付後續費用。

A significant number of these assets have been nonrevenue producing mostly from being in lease-up when COVID changed the world. With our second quarter and subsequent investment activity that Clint will detail later, we have completed the majority of the $100 million pipeline we spoke about last quarter, bringing total investments so far this year to $258 million.

當新冠疫情改變世界時，這些資產中有相當一部分已經無法產生收入，主要是因為處於租賃狀態。通過第二季度和克林特稍後詳細介紹的後續投資活動，我們已經完成了上季度談到的 1 億美元管道的大部分，使今年迄今為止的總投資達到 2.58 億美元。

Right now, the senior management team at LTC knows that our primary mission for the rest of 2023 is to focus. And that focus is on completing our identified asset sales, working with operators who still need some guidance around their focus and establishing permanent rents for properties that are not currently revenue-producing to LTC.

目前，LTC 的高級管理團隊知道，我們 2023 年剩餘時間的首要任務是集中精力。我們的重點是完成我們已確定的資產銷售，與仍需要一些指導的運營商合作，並為目前無法為 LTC 帶來收入的房產確定永久租金。

I believe issues around 2 of our operators could be an overhang on our stock price, and I want to address our progress at the beginning of this call, and Pam and Clint will give you more specifics during their remarks. As to Brookdale, we are confident that between sales of certain properties and new leases on certain properties, we will not experience a decrease in 2024 FFO from the nonrenewal of the Brookdale lease, anticipated sales proceeds of $35 million to $40 million will reduce our outstanding line of credit, which was used to prefund accretive investments already made this year.

我相信圍繞我們兩家運營商的問題可能會影響我們的股價，我想在本次電話會議開始時談談我們的進展，帕姆和克林特將在他們的發言中向您提供更多細節。至於布魯克代爾，我們相信，在某些房產的銷售和某些房產的新租賃之間，我們不會因布魯克代爾租約不續簽而導致 2024 年 FFO 減少，預計 3500 萬美元至 4000 萬美元的銷售收入將減少我們的未償付款信貸額度，用於為今年已進行的增值投資預先提供資金。

As to Prestige, Michigan has a very complex cost-based Medicaid system, that due to COVID did not rebase rates for 2 years, which results in reimbursement true-ups for prior periods. This can cause operators to have cash flow shortfalls until the true-up is paid, which is expected in the fourth quarters of 2023 and 2024. Clint may now be able to qualify as an expert witness regarding Michigan Medicaid rules and calculations.

至於 Prestige，密歇根州有一個非常複雜的基於成本的醫療補助系統，由於新冠疫情，該系統在 2 年內沒有調整費率基準，這導致了之前期間的報銷調整。這可能會導致運營商出現現金流短缺，直到支付真實費用（預計在 2023 年第四季度和 2024 年）。克林特現在可能有資格成為有關密歇根州醫療補助規則和計算的專家證人。

Working with Prestige, we have formulated a path whereby LTC will collect 100% of our interest due from Prestige in 2023, which may include a draw on the letter of credit until the true-ups are funded. Pam will discuss more pertaining to Prestige later.

我們與 Prestige 合作，制定了一條途徑，LTC 將在 2023 年從 Prestige 收取我們 100% 的利息，其中可能包括從信用證中提取款項，直到為 true-ups 提供資金為止。 Pam 稍後將討論更多有關 Prestige 的內容。

Since the first of the year, we have generated $37.8 million in asset sales proceeds, resulting in a $15.7 million net gain and we expect to receive sales proceeds in the range of $50 million to $55 million throughout the remainder of 2023, which includes the expected sales of a portion of our Brookdale portfolio. Additionally, we received $11.8 million in payoffs from our mezzanine loans, generating $1.6 million of exit IRR income at a weighted average rate of 12%.

自今年第一年以來，我們已產生 3,780 萬美元的資產銷售收益，淨收益為 1,570 萬美元，我們預計在 2023 年剩餘時間內將獲得 5,000 萬至 5,500 萬美元的銷售收益，其中包括預期的出售我們布魯克代爾投資組合的一部分。此外，我們還從夾層貸款中獲得了 1180 萬美元的回報，以 12% 的加權平均利率產生了 160 萬美元的退出 IRR 收入。

Before talking about some second quarter LTC specifics, I'd like to briefly comment on what we're seeing across the private pay and skilled landscapes. On the private pay side, we're seeing improved coverage as a result of growth in occupancy and rates. On the skills side, Medicare rates are proposed to be a 3.7% increase. The new rates will be beneficial as operators continue to deal with some occupancy challenges.

在談論第二季度 LTC 的具體情況之前，我想簡要評論一下我們在私人薪酬和技術領域所看到的情況。在私人付費方面，由於入住率和費率的增長，我們看到覆蓋範圍有所改善。在技​​能方面，醫療保險費率建議增加 3.7%。隨著運營商繼續應對一些入住挑戰，新的費率將是有利的。

Anecdotally, we're also seeing reduced agency usage, which should help bring down operator costs. Moving back to our results. Our FAD payout ratio for the second quarter was 84%, with our long-term historical goal remaining at 80% and our monthly dividend payout remained at $0.19 per share.

有趣的是，我們還看到代理機構使用量的減少，這應該有助於降低運營商成本。回到我們的結果。我們第二季度的 FAD 派息率為 84%，我們的長期歷史目標保持在 80%，每月派息保持在每股 0.19 美元。

For the third quarter, we anticipate that FFO excluding nonrecurring items, will be in the range of $0.63 to $0.64 per share, primarily reflecting our transition of an 8 property portfolio to a current LTC operator, which Pam will discuss shortly. As our industry continues to recover from a period of protracted uncertainty, LTC is focused on shoring up its position by optimizing our portfolio to generate cash now and in the future. And by reducing our leverage to put us in a position to refocus on additional growth in 2024.

對於第三季度，我們預計不包括非經常性項目的 FFO 每股價格將在 0.63 美元至 0.64 美元之間，這主要反映了我們將 8 個房地產投資組合轉變為當前的 LTC 運營商，Pam 將很快討論這一問題。隨著我們的行業繼續從長期的不確定時期中復蘇，LTC 致力於通過優化我們的投資組合以在現在和未來產生現金來鞏固其地位。通過降低杠桿率，我們能夠重新專注於 2024 年的額外增長。

Before turning the call over to Pam, I'd like to welcome LTC's newly elected board member, David Gruber, former Managing Director and Head of Equity Capital Markets for KeyBanc, where he spent more than 2 decades. We have known David for 20 years and look forward to utilizing his expertise and perspective as we continue to implement our strategy for continued sustained growth.

在將電話轉交給 Pam 之前，我要歡迎 LTC 新當選的董事會成員 David Gruber，他是 KeyBanc 的前董事總經理兼股權資本市場主管，他在 KeyBanc 工作了 20 多年。我們認識 David 已有 20 年了，並期待利用他的專業知識和觀點，繼續實施我們的持續增長戰略。

Now I'll hand the mic over to Pam.

現在我將把麥克風交給帕姆。

Thank you, Wendy. For the second quarter of 2023, total revenue increased by $5.2 million compared with the second quarter of 2022. The improvement was driven primarily by $3.8 million of higher interest income from acquisitions, accounted for as financing receivables and $1.8 million of higher interest income related to mortgage loan originations in the current and prior years.

謝謝你，溫迪。與 2022 年第二季度相比，2023 年第二季度的總收入增加了 520 萬美元。這一改善主要是由於收購產生的利息收入增加了 380 萬美元（計為應收融資款），以及與收購相關的利息收入增加了 180 萬美元。本年和往年的抵押貸款發放情況。

Rental revenue and income from unconsolidated joint ventures were in line with the prior year period. The increase in total revenue was partially offset by a $346,000 reduction in interest and other income related to the payoff of 2 mezzanine loans during the first quarter of 2023. Interest expense increased by $3.8 million from last year's second quarter primarily related to higher interest rates and a higher outstanding balance on our revolving line of credit, as well as the issuance of $75 million of senior unsecured notes during the 2022 second quarter.

租金收入和未合併合資企業的收入與上年同期持平。總收入的增長被 2023 年第一季度償還兩筆夾層貸款相關的利息和其他收入減少 346,000 美元部分抵消。利息支出較去年第二季度增加了 380 萬美元，主要與利率上升和我們的循環信貸額度的未償餘額增加，以及在 2022 年第二季度發行了 7500 萬美元的高級無擔保票據。

During the second quarter of 2023, we recorded a $12.1 million impairment loss related to 2 assisted living communities for which we are currently negotiating a sale. One of these properties is nonrevenue producing and the other produces minimal rent. Net income available to common shareholders decreased by $48 million, primarily due to a decrease in gain on sale of real estate, the impairment loss, I just mentioned and higher interest expense, partially offset by higher interest income from new investments. Fully diluted NAREIT FFO per share was $0.66 for the 2023 second quarter, up from $0.64 for the 2022 second quarter.

2023 年第二季度，我們記錄了與目前正在談判出售的 2 個輔助生活社區相關的 1,210 萬美元減值損失。其中一處房產不產生收入，而另一處則產生最低租金。普通股股東可獲得的淨利潤減少了 4800 萬美元，主要是由於我剛才提到的房地產銷售收益減少、減值損失以及利息支出增加，但部分被新投資利息收入增加所抵消。 2023 年第二季度完全稀釋的 NAREIT FFO 每股為 0.66 美元，高於 2022 年第二季度的 0.64 美元。

Excluding nonrecurring items, FFO per share was $0.66 for the 2023 second quarter compared with $0.62 for the 2022 second quarter. The increase in FFO, excluding nonrecurring items, was due to higher interest income from new investments, partially offset by higher interest expense, as I already mentioned.

不包括非經常性項目，2023 年第二季度的每股 FFO 為 0.66 美元，而 2022 年第二季度為 0.62 美元。正如我已經提到的，FFO（不包括非經常性項目）的增加是由於新投資的利息收入增加，部分被利息支出增加所抵消。

Next, I'll discuss our recent and expected divestitures. Clint will detail our investment activity. During the second quarter of 2023 and as previously announced, we sold a 70-unit assisted living community in Florida for $4.9 million. During the quarter, we also sold a 39-unit assisted living community in New Jersey for $2 million. Additionally, we entered into an agreement to sell 2 assisted living communities in Pennsylvania with a combined 160 units for $11.5 million. We expect to complete this sale during the 2023 third quarter and anticipate recognizing a gain on sale of approximately $5.2 million. All of these assets were nonrevenue producing to LTC.

接下來，我將討論我們最近和預期的剝離。克林特將詳細介紹我們的投資活動。正如之前宣布的，2023 年第二季度，我們以 490 萬美元的價格出售了佛羅里達州一個擁有 70 個單元的輔助生活社區。本季度，我們還以 200 萬美元的價格出售了新澤西州一個擁有 39 個單元的輔助生活社區。此外，我們還簽訂了一項協議，以 1150 萬美元的價格出售賓夕法尼亞州的 2 個輔助生活社區，共計 160 個單元。我們預計在 2023 年第三季度完成此次出售，並預計確認銷售收益約 520 萬美元。所有這些資產都不會為 LTC 帶來收入。

We repaid $4 million in regular scheduled principal payments under our senior unsecured notes and also paid $23.6 million in common dividends for the 2023 second quarter. We borrowed $56.3 million under our unsecured revolving line of credit during the 2023 second quarter, which was primarily used for our second quarter investments. Subsequent to the end of the second quarter, we borrowed $34 million under our line to fund a $17 million investment and repay $17.2 million in scheduled principal paydowns on our senior unsecured notes.

我們根據高級無抵押票據償還了 400 萬美元的定期本金付款，並支付了 2023 年第二季度 2360 萬美元的普通股息。 2023 年第二季度，我們在無擔保循環信貸額度下借入了 5630 萬美元，主要用於我們第二季度的投資。第二季度末後，我們在自己的額度下借入了 3400 萬美元，為 1700 萬美元的投資提供資金，並按計劃償還高級無擔保票據的本金償還 1720 萬美元。

Currently, we have $7 million of cash on hand, approximately $40 million available on our line of credit with roughly $360 million outstanding and about $129 million available under our ATM. This gives us total liquidity of approximately $176 million. Additionally, as Wendy mentioned, we anticipate receiving sales proceeds later this year in the range of $50 million to $55 million from assets we are actively marketing. These proceeds will be used to pay down our line of credit. At the end of the 2023 second quarter, our debt-to-annualized adjusted EBITDA for real estate was 6.1x and our annualized adjusted fixed charge coverage ratio was 3.5x.

目前，我們手頭有 700 萬美元現金，我們的信用額度上有大約 4000 萬美元的可用現金，未償還餘額約為 3.6 億美元，我們的 ATM 上有大約 1.29 億美元的可用現金。這使我們的總流動資金約為 1.76 億美元。此外，正如 Wendy 提到的，我們預計今年晚些時候將從我們積極營銷的資產中獲得 5000 萬至 5500 萬美元的銷售收益。這些收益將用於償還我們的信用額度。截至 2023 年第二季度末，我們的房地產債務與年化調整後 EBITDA 為 6.1 倍，年化調整後固定費用覆蓋率為 3.5 倍。

Regarding the operator for whom we have been providing abatements, $645, 000 was abated in the second quarter of 2023 and an additional $215,000 was abated in July. We continue to anticipate receiving $300,000 in rent from this operator in 2023. We are still evaluating options for the 2 properties that provide independent living, assisted living and memory care services.

對於我們一直為其提供減免的運營商，2023 年第二季度減免了 645, 000 美元，7 月份又減免了 215,000 美元。我們預計 2023 年將從該運營商處收到 30 萬美元的租金。我們仍在評估提供獨立生活、輔助生活和記憶護理服務的 2 處房產的選擇。

Additionally, as discussed on last quarter's call, we agreed to defer a total of $1.5 million or $300,000 per month for May through September and interest payments due on a mortgage secured by 15 skilled nursing centers located in Michigan and operated by Prestige Healthcare. Accordingly, we deferred $600,000 in interest payments in the second quarter and $300,000 in July.

此外，正如上季度電話會議中所討論的那樣，我們同意推遲 5 月至 9 月總計 150 萬美元或每月 30 萬美元的延期付款，以及由位於密歇根州、由 Prestige Healthcare 運營的 15 個熟練護理中心擔保的抵押貸款到期利息支付。因此，我們在第二季度推遲了 60 萬美元的利息支付，在 7 月份推遲了 30 萬美元的利息支付。

Wendy spoke about reimbursement structure challenges in Michigan earlier. As it relates specifically to Prestige, we expect Prestige will get an approximate 10% Medicaid reimbursement rate increase effective October 1, as well as retroactive rate settlement payments related to prior years, which we anticipate Prestige will receive in the fourth quarters of 2023 and 2024. We are continuing to work with Prestige to assess the impact of these rate increases and settlement payments on the portfolio in light of the continued occupancy challenges.

溫迪早些時候談到了密歇根州的報銷結構挑戰。由於它與 Prestige 特別相關，我們預計 Prestige 將從 10 月 1 日起獲得約 10% 的醫療補助報銷率增加，以及與前幾年相關的追溯費率結算付款，我們預計 Prestige 將在 2023 年第四季度和 2024 年收到這些款項鑑於持續存在的入住率挑戰，我們將繼續與 Prestige 合作，評估這些加息和結算付款對投資組合的影響。

Regarding the remaining operator for whom we have been providing assistance, as previously announced, during the second quarter, we transitioned this portfolio of 8 assisted living communities with a combined total of 500 units in Ohio, Michigan and Illinois to an existing LTC operator. As part of the transition, we've received repayment of $1.3 million of deferred rent, which represents $934,000 of April and May 2023 deferred rent and $316,000 of deferred rent from the prior year, which was previously not reported.

至於我們一直為其提供援助的剩餘運營商，正如之前宣布的那樣，在第二季度，我們將俄亥俄州、密歇根州和伊利諾伊州的 8 個輔助生活社區（總共 500 個單元）的投資組合移交給了現有的 LTC 運營商。作為過渡的一部分，我們收到了 130 萬美元的遞延租金償還，其中包括 2023 年 4 月和 5 月的遞延租金 934,000 美元，以及上一年的遞延租金 316,000 美元（此前未報告過）。

Cash rent under the new 2-year lease is based on mutually agreed upon fair market rent beginning in month 4 of the lease, which is September of this year. Since the transition, occupancy has improved. Therefore, when we can establish stabilized cash rent, these assets will again be accretive to LTC.

新的兩年期租約下的現金租金是基於雙方商定的從租約第 4 個月（即今年 9 月）開始的公平市場租金。自轉型以來，入住率有所改善。因此，當我們能夠建立穩定的現金租金時，這些資產將再次為 LTC 帶來增值。

Now I'll turn the call over to Clint.

現在我將把電話轉給克林特。

Thank you, Pam. Starting with our second quarter investment activity. As previously announced, we invested a total of $61.5 million in 2 separate transactions. The first was a $45 million investment in a $54.1 million joint venture acquisition of a seniors housing campus in Ohio, including independent living, assisted living and memory care services. The campus, which was built between 2019 and 2022, has 242 units and is operated by our existing partner Encore Senior Living. The lease term is 10 years at an initial yield of 8.25% on LTC's allocation of the investment. The seller, who is our JV partner, has a purchase option with a price established at an IRR of 9.75%, exercisable during the third and the fourth (inaudible). Initial rent is expected to be approximately $3.9 million per year, escalating annually beginning in year 3. We also committed to fund $2.1 million in lease incentives.

謝謝你，帕姆。從我們第二季度的投資活動開始。正如之前所宣布的，我們在兩筆獨立交易中總共投資了 6150 萬美元。第一個是投資 4500 萬美元，以 5410 萬美元合資收購俄亥俄州的一個老年人住房園區，包括獨立生活、輔助生活和記憶護理服務。該園區建於 2019 年至 2022 年期間，擁有 242 個單元，由我們現有的合作夥伴 Encore Senior Living 運營。租賃期為 10 年，LTC 投資分配的初始收益率為 8.25%。賣方是我們的合資夥伴，擁有購買選擇權，其價格確定為 IRR 為 9.75%，可在第三次和第四次期間行使（聽不清）。初始租金預計約為每年 390 萬美元，從第 3 年開始每年遞增。我們還承諾提供 210 萬美元的租賃激勵資金。

The second transaction was a $16.5 million senior loan origination for the purchase of a skilled nursing center in Illinois. The center, which was originally built in 2010 and renovated in 2021 is licensed for 150 beds and is operated by our existing partner, Ignite Medical Resorts. The loan term is 5 years at an interest rate of 8.75%.

第二筆交易是一筆 1650 萬美元的高級貸款，用於購買伊利諾伊州的一個熟練護理中心。該中心始建於 2010 年，於 2021 年進行了翻修，擁有 150 個床位的許可，由我們現有的合作夥伴 Ignite Medical Resorts 運營。貸款期限為5年，利率為8.75%。

After the end of the quarter, we funded a $17 million mezzanine loan for the recapitalization of an existing independent living, assisted living and memory care campus in Georgia built in 2020 that is approximately 98% occupied, as well as the construction of 89 additional units that will be connected to the original campus by a sky bridge. When construction is complete, the campus, which is operated by our existing partner, [Gallery] Living, will include 219 units. The loan term is 5 years at an initial rate of 8.75% with a minimum exit IRR of 12%.

本季度末後，我們提供了 1,700 萬美元的夾層貸款，用於對 2020 年在佐治亞州建成的現有獨立生活、輔助生活和記憶護理園區進行資本重組，該園區的入住率約為 98%，並增建 89 個單元將通過天橋連接到原來的校園。建設完成後，由我們現有合作夥伴 [Gallery] Living 運營的園區將包括 219 個單元。貸款期限為 5 年，初始利率為 8.75%，最低退出 IRR 為 12%。

LTC's investment equals approximately 74% of the total project cost, inclusive of the senior mortgage with the borrower investing approximately 26%. Making investments such as those I just detailed with existing partners allows us to work with growth-minded operators who we know and respect.

LTC 的投資約佔項目總成本的 74%，其中包括高級抵押貸款，借款人投資約 26%。進行我剛才與現有合作夥伴詳細介紹的投資，使我們能夠與我們了解和尊重的具有成長性的運營商合作。

Next up, a few brief comments on our transition portfolios, excluding the one we transitioned to Encore that Pam already noted. We recently set fixed contractual rent for HMG equal to $8 million for 2023. We received $1.75 million in rent from them in each of the first and second quarters and expect to receive $1.75 million in the third quarter and $2.75 million in the fourth quarter. Regarding all of the transition properties other than the properties transferred to Encore, projected rent for 2023 is expected to be $720,000.

接下來，對我們的過渡投資組合進行一些簡短的評論，不包括帕姆已經註意到的我們過渡到 Encore 的投資組合。我們最近將 HMG 的 2023 年固定合同租金定為 800 萬美元。第一季度和第二季度我們分別從他們那裡收到了 175 萬美元的租金，預計第三季度將收到 175 萬美元，第四季度將收到 275 萬美元。對於除轉讓給 Encore 的房產之外的所有過渡房產，2023 年的預計租金預計為 720,000 美元。

Moving on now to Brookdale, whose lease expires on December 31, 2023. Our process is well underway and we now have more clarity into the properties we'll be selling and those that we will be leasing. Currently, our plan calls for the sale of 14 of the 35 assisted living properties in the portfolio. We currently estimate net proceeds after transaction cost and seller financing in the $35 million to $40 million range. As previously indicated, net proceeds will be used to pay down our line. We will provide additional details on our next quarter's call as the process nears completion.

現在轉到布魯克代爾，其租約將於 2023 年 12 月 31 日到期。我們的流程正在順利進行，現在我們對將要出售和租賃的房產有了更清晰的了解。目前，我們的計劃要求出售投資組合中 35 處輔助生活房產中的 14 處。我們目前估計扣除交易成本和賣方融資後的淨收益在 3500 萬至 4000 萬美元範圍內。如前所述，淨收益將用於支付我們的貸款。隨著流程接近完成，我們將提供有關下一季度電話會議的更多詳細信息。

Now for some insight in our portfolio numbers, which exclude properties transitioned on or after October 1, 2021. Q1 trailing 12-month EBITDARM and EBITDAR coverage as reported using a 5% management fees was 1.18x and 0.95x, respectively, for our assisted living portfolio. Excluding stimulus funds received by our operators, coverage was 1.05x and 0.82x, respectively. Because these metrics are given in arrears, this private pay coverage does not include potential future upside related to recent rate and occupancy increases.

現在我們對我們的投資組合數據進行一些深入了解，其中不包括 2021 年 10 月 1 日或之後轉讓的房產。按照報告，使用 5% 的管理費，第一季度追踪 12 個月的 EBITDARM 和 EBITDAR 覆蓋率分別為我們協助的 1.18 倍和 0.95 倍。生活投資組合。不包括運營商收到的刺激資金，覆蓋範圍分別為 1.05 倍和 0.82 倍。由於這些指標是拖欠的，因此這種私人薪資覆蓋範圍不包括與近期費率和入住率增長相關的潛在未來上漲空間。

For our skilled nursing portfolio, as reported EBITDARM and EBITDAR coverage was 1.90x and 1.42x, respectively. Excluding stimulus funds received by our operators, coverage was 1.54x and 1.07x, respectively. Pro forma for the proposed 3.7% Medicare market basket rate increase, skilled nursing, EBITDAR coverage, excluding stimulus funds, would have been 1.12x.

對於我們的熟練護理組合，據報導，EBITDARM 和 EBITDAR 覆蓋率分別為 1.90 倍和 1.42 倍。不包括運營商收到的刺激資金，覆蓋率分別為 1.54 倍和 1.07 倍。預計醫療保險市場籃子利率將上漲 3.7%，熟練護理人員、EBITDAR 覆蓋率（不包括刺激資金）將為 1.12 倍。

I'll now provide some recent general occupancy trends, which are as of June 30 and are for our same-store portfolio. Because our operators provide this data to us on a voluntary and expedited basis, these numbers include approximately 96% of our total same-store private pay units and approximately 93% of our same-store skilled nursing beds. Private pay occupancy was 83% at June 30, 2023, 82% at March 31 and 82% at January 31. For our skilled nursing portfolio, average monthly occupancy was 72% in June, 73% in March and 71% in January.

我現在將提供一些截至 6 月 30 日的近期總體入住趨勢，適用於我們的同店組合。由於我們的運營商在自願和快速的基礎上向我們提供這些數據，因此這些數字包括我們同店私人付費單位總數的約 96% 以及我們同店熟練護理床位的約 93%。截至 2023 年 6 月 30 日，私人付費入住率為 83%，3 月 31 日為 82%，1 月 31 日為 82%。對於我們的熟練護理人員組合，6 月平均月入住率為 72%，3 月為 73%，1 月為 71%。

For comparative purposes, our private pay occupancy in 2019 was approximately 87% and our average of skilled nursing occupancy was approximately 80%. As we described today, our focus on investing during the second quarter resulted in completing the majority of the $100 million pipeline that we discussed during our first quarter call, bringing our total investment so far this year to $258 million. We expect to close the remaining pipeline in the third quarter. So while we are always looking at strategic investment opportunities and identifying ways to drive additional growth and accretion, our primary focus for the second half of the year is on reducing leverage through planned asset sales as well as completing the re-leasing of the remaining Brookdale assets.

出於比較目的，我們 2019 年的私人付費入住率約為 87%，熟練護理人員的平均入住率約為 80%。正如我們今天所描述的，我們在第二季度對投資的關注導致完成了我們在第一季度電話會議中討論的 1 億美元管道的大部分，使我們今年迄今為止的總投資達到 2.58 億美元。我們預計將在第三季度關閉剩餘的管道。因此，雖然我們一直在尋找戰略投資機會並尋找推動額外增長和增值的方法，但我們下半年的主要重點是通過計劃中的資產出售來降低杠桿率以及完成布魯克代爾剩餘資產的轉租資產。

LTC remains a solid capital partner for the seniors housing and care market, so we are continuing to identify ways to drive additional growth and accretion.

LTC 仍然是老年人住房和護理市場的堅實資本合作夥伴，因此我們正在繼續尋找推動額外增長和增值的方法。

Now I'll turn the call back to Wendy for her closing remarks.

現在我將把電話轉回給溫迪，讓她作結束語。

Thank you, Pam and Clint. We are proud of the work we've done so far this year to drive sustainable growth. With many of our portfolios and operators gaining stability, we are now focusing on bringing down our debt to a more typical level so that we are prepared to provide our shareholders with growth in 2024.

謝謝你們，帕姆和克林特。我們對今年迄今為止為推動可持續增長所做的工作感到自豪。隨著我們的許多投資組合和運營商獲得穩定，我們現在專注於將債務降低至更典型的水平，以便我們準備好在 2024 年為股東帶來增長。

We believe LTC is a great partner of choice and we expect to be a major player in the seniors housing and care market for years to come. Thank you, everyone, for your ongoing support. Operator, we are now ready to take questions.

我們相信 LTC 是一個很好的合作夥伴，我們希望在未來幾年成為老年人住房和護理市場的主要參與者。謝謝大家一直以來的支持。接線員，我們現在準備好回答問題。

(Operator Instructions) Your first question is coming from Austin Wurschmidt from KeyBanc Capital Markets.

（操作員說明）您的第一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

So was there any change to the number of Brookdale assets that you ultimately decided to sell? I think you had discussed roughly 50% of the 35 assets, exiting 3 states, I believe. And so just wondering if you could clarify if that changed and what drove that decision?

那麼您最終決定出售的布魯克代爾資產數量有什麼變化嗎？我想你已經討論了 35 項資產中大約 50% 的資產，我相信這些資產退出了 3 個州。所以想知道您是否可以澄清這種情況是否發生了變化以及是什麼推動了這一決定？

Thank you for the question. It did change. We are now projecting 40% as opposed to 50%. And it's just an evolution of the process as we were going through engaging brokers to run the process for us. And things evolve and that was our initial estimate but now we're at 40% of asset sales. And we've continued to look at the process on a state-by-state basis.

感謝你的提問。它確實改變了。我們現在預測為 40%，而不是 50%。這只是流程的演變，因為我們正在聘請經紀人來為我們運行流程。事情在不斷發展，這是我們最初的估計，但現在我們的資產銷售比例為 40%。我們繼續逐個州地審視這一進程。

So is that really based on the interest level in some of the assets? Or has there been improvement in fundamentals or just more interest, I guess, in operators that would look to re-lease the assets you had planned to sell but ultimately decided to keep?

那麼這真的是基於某些資產的利息水平嗎？或者我猜，基本面是否有所改善，或者只是對那些希望重新租賃您計劃出售但最終決定保留的資產的運營商產生了更大的興趣？

A combination of different things, 8 different states are running the process and so really just an evolution and through engagement with various interested parties, what ultimately fell out on the sale, nothing specific.

這是不同事物的結合，8 個不同的州正在運行這個過程，所以實際上只是一個演變，通過與各個利益相關方的接觸，最終在出售中出現了結果，沒有什麼具體的。

Got it. And then you referenced you don't expect any dilution to 2024 FFO. Can you just expand on that comment? And is that specific to the impact from Brookdale? Or does that encompass the various Brookdale transaction plus the impact from the investment activity you've done this year and planned debt repayment in the back half of the year?

知道了。然後您提到您預計 2024 年 FFO 不會被稀釋。您能擴展一下該評論嗎？這是布魯克代爾的具體影響嗎？或者這是否包括布魯克代爾的各種交易加上您今年所做的投資活動以及計劃在今年下半年償還債務的影響？

Austin, it's Pam. That's only Brookdale. That's just if you're looking at the Brookdale silo. The same income that we received this year, we're anticipating next year through a combination of the re-leasing rates and the reinvestment we did of the proceeds already.

奧斯汀，我是帕姆。那隻是布魯克代爾。這只是如果你正在看布魯克代爾筒倉的話。我們今年收到的收入相同，我們預計明年將通過再租賃率和我們已經對收益進行的再投資相結合。

Your next question is coming from Juan Sanabria with B&O Capital Markets.

您的下一個問題來自 B&O Capital Markets 的 Juan Sanabria。

Maybe a question for Pam. Could you just give us a little bit more detail behind the bridge on the normalized FFO from the second quarter to what Wendy provided, I think it was $0.63 to $0.64 what the moving pieces are there?

也許有個問題要問帕姆。您能否為我們提供更多有關從第二季度到 Wendy 提供的標準化 FFO 的橋樑背後的詳細信息，我認為其中的移動部件是 0.63 美元到 0.64 美元？

Yes, sure. So, what we're guiding to next quarter is what we had guided to this quarter and that's primarily -- it's a decrease due to the transition of the 8 assets that have a market reset that will happen in September. Our guidance right now currently is nothing for September for rent for that portfolio. But that could change because we'll be in the process of setting rent for the next quarter on that in August .

是的，當然。因此，我們對下季度的指導就是我們對本季度的指導，這主要是由於 8 種資產的過渡而導致的下降，這些資產將在 9 月份進行市場重置。我們目前的指導意見是，該投資組合 9 月份的租金並不算什麼。但這種情況可能會改變，因為我們將在八月份確定下一季度的租金。

And then so there'd be an uptick in the fourth when that kind of comes back. Is that correct?

然後當這種情況回來時，第四節就會有所上升。那是對的嗎？

Yes, we're expecting that will gradually -- it's going to -- it's like in lease-up, so it's got to gradually trend upward.

是的，我們預計這會逐漸——它會——就像租賃一樣，所以它必須逐漸呈上升趨勢。

Okay. And then just curious on the pipeline, what selects the transaction so the piece is coming in, in the third quarter? And just it sounds like you're stepping back temporarily to focus on dispositions but just curious if you're seeing pricing revert back to where we could see more traditional (inaudible) acquisitions versus the loans that you've been more focused on in recent months?

好的。然後只是對管道感到好奇，是什麼選擇了交易，所以這件作品將在第三季度進入？聽起來您暫時退後一步，專注於處置，但只是好奇您是否看到定價恢復到我們可以看到更傳統（聽不清）的收購與您最近更關注的貸款的水平幾個月？

Sure. Well, right now, we have just 1 transaction remaining, which would be a development project on a private pay community. That's all we have remaining in our pipeline. We've talked about during the course of the pandemic, investing in more shorter-duration investments. And going into this year, this sort of accumulation of what we've tried to accomplish over the last few years. And we do have our focus on paying down the line and getting the transition of the Brookdale assets. So as we get through the second half of this year, I think we'll be looking at more acquisitions and opportunities in 2024.

當然。好吧，現在我們只剩下一筆交易，這將是一個私人支付社區的開發項目。這就是我們剩下的全部內容。我們在疫情期間談到了投資更多短期投資。進入今年，我們在過去幾年中努力完成的工作得到了積累。我們確實專注於支付後續費用並完成布魯克代爾資產的過渡。因此，隨著今年下半年的到來，我認為我們將在 2024 年尋求更多收購和​​機會。

But we've had a very good year in deploying capital to the extent we have. This early into the year is very positive compared to prior years, which typically has been more back loaded in the second half of the year. And this year, we've been able to accomplish that in the first half of the year.

但我們在現有的資本配置方面度過了非常好的一年。與往年相比，今年年初的情況非常積極，往年通常在下半年的情況會更加嚴重。今年，我們在上半年就實現了這一目標。

Your next question is coming from Connor Siversky with Wells Fargo.

您的下一個問題來自富國銀行的康納·西維爾斯基。

Quick one on abated rent. So we have this operator that was provided $645,000 during Q2, if I have this correctly, that abatement agreement has been extended to the end of the year, right? I mean, at Q1, it was only supposed to go through the end of June?

快速減免租金。因此，我們在第二季度向該運營商提供了 645,000 美元，如果我沒記錯的話，該減排協議已延長至年底，對吧？我的意思是，在第一季度，它應該只持續到六月底？

Yes, that's correct.

對，那是正確的。

Okay. Is there any kind of color as to what materialized to give you the decision to extend that agreement?

好的。有沒有什麼顏色可以讓您決定延長該協議？

I mean we've been doing it on a quarterly basis. And as we evaluate that community and what we want to do with that long term, it just made sense to take care of that now versus just going quarter by quarter.

我的意思是我們每季度都會這樣做。當我們評估這個社區以及我們想要在長期內做什麼時，現在就處理這個問題而不是一個季度一個季度地處理是有意義的。

Okay. Understood. And then maybe moving to the operating side of things, perhaps a question for Clint. As we're standing in front of perhaps the development of minimum staffing as it pertains to skilled nursing assets, I'm wondering just how the labor complexion looks in coastal versus inland markets. And whether or not you see -- and it could also relate to senior housing -- discretionary senior housing but where are you seeing more pressure in the labor markets? Where do you think a potential ruling could have a bigger impact?

好的。明白了。然後也許會轉向操作方面，這也許是克林特的問題。由於我們正面臨著與熟練護理資產相關的最低人員配置的發展，我想知道沿海與內陸市場的勞動力狀況如何。無論您是否看到——這也可能與高級住房有關——可自由支配的高級住房，但您在哪裡看到了勞動力市場更大的壓力？您認為潛在的裁決可能會在哪些方面產生更大的影響？

Well, I think the ruling really comes down more to how is it defined and when is it phased in. So I think that's the biggest issue in relation to the minimum staffing initiative that's out there. I would say, by and large, in conversations with operators across the country, it does seem that labor is improving. It, increases in pay are normalizing. Use of agency, both on the skilled side as well as private pay has been reduced. In a lot of cases, buildings eliminated. So we are seeing positive trends just across the board from a staffing standpoint. I mean, never easy in this industry but obviously better than it was in the first half of this year and in 2022.

嗯，我認為這項裁決實際上更多地取決於它是如何定義的以及何時分階段實施。所以我認為這是與現有的最低人員配備計劃相關的最大問題。我想說，總的來說，在與全國各地運營商的對話中，勞動力似乎確實正在改善。它，工資增長正在正常化。代理機構的使用，無論是技術人員還是私人薪酬都已減少。在很多情況下，建築物被淘汰。因此，從人員配置的角度來看，我們看到了全面的積極趨勢。我的意思是，這個行業從來都不容易，但顯然比今年上半年和 2022 年要好。

Okay. But do you see any bifurcation though, between markets? I mean we get the sense that, that might be easier to source labor in coastal areas.

好的。但您認為市場之間存在任何分歧嗎？我的意思是，我們感覺到，在沿海地區尋找勞動力可能更容易。

You're going to find definitely in -- it's going to be more challenging probably in coastal markets, undoubtedly. It's going to be higher wages and more competition for jobs. So I think that kind of by definition, you're going to see more competition in those markets.

你肯定會發現——毫無疑問，沿海市場可能會更具挑戰性。這將是更高的工資和更激烈的工作競爭。所以我認為，根據定義，你會在這些市場上看到更多的競爭。

Okay. Understood. Have a good weekend.

好的。明白了。有一個美好的周末。

Wish you the same.

希望你也一樣。

Your next question is coming from Steve Valiquette with Barclays.

您的下一個問題來自巴克萊銀行的 Steve Valiquette。

This is (inaudible) on for Steve Valiquette. Congratulations on the coverage ratios you reported, which reflect a strong March quarter. However, a lot of the provider companies that have reported in the June quarter have seen some deceleration in volume growth on the acute side. So I was just wondering is there any commentary from your operating partners on how that's translating into volume growth on the post-acute side for the June quarter?

這是 Steve Valiquette 的（聽不清）。祝賀您報告的覆蓋率，這反映了三月份季度的強勁表現。然而，許多在六月季度報告的提供商公司都發現銷量增長急劇放緩。所以我只是想知道你們的運營合作夥伴是否對這如何轉化為六月季度後急性期的銷量增長有何評論？

This is Pam. What we have seen -- as you've noticed, the occupancy for skilled has -- it has decelerated. The increase in occupancy rate has been decelerating. And I'm not sure what a catalyst would be nationwide for it to improve dramatically over the course of this year. I think skilled nursing is going to continue to be a long, slow grind upward back towards pre-COVID occupancy rate. It's -- that recovery is much slower than the senior housing recovery. And most of the lag in recovery is on the long-term care side, because as we've been talking about over the years and I think the pandemic really accelerated, the trend was toward home and community-based care. So that's made an incursion into the long-term care side of the census for skilled nursing.

這是帕姆。我們所看到的——正如你所注意到的，技術人員的佔用率——已經放緩。入住率增幅一直在放緩。我不確定全國范圍內的情況會受到什麼樣的催化劑推動，使其在今年內得到顯著改善。我認為熟練的護理將繼續是一個漫長而緩慢的過程，要回到新冠疫情前的入住率。復甦比老年住房復甦慢得多。復甦的大部分滯後是在長期護理方面，因為正如我們多年來一直在談論的那樣，我認為大流行確實加速了，趨勢是轉向家庭和社區護理。因此，熟練護理人員的普查涉及長期護理方面。

Okay. And just a quick follow-up on that. I appreciate that color. Given that the PAC ended a few months ago here, is there any sense on how -- or any sense or any color on how this is being -- impacting what's actually been happening in the business in June and July?

好的。對此進行快速跟進。我很欣賞那種顏色。鑑於 PAC 於幾個月前在此結束，對於 6 月和 7 月業務中實際發生的情況有何影響，或者有任何意義或色彩嗎？

No. I mean that was anticipated and the states have stepped in with funding to kind of pick up what -- the slack of what the government -- the federal government funding going away. But it's something we're continuing to watch and especially with the lower occupancy rates on the skilled side right now, we're working with all of our operators on that to determine what is the long range, what's the new norm long range? And how -- what's the trajectory for returning to pre-COVID census, how many years will that take? It's -- right now with all the NIC data out there, I think it's, anyone guess is as good as mine and I'm not even going to hazard a guess on it at this point. It's just really taking a long time.

不，我的意思是，這是預料之中的，各州已經介入提供資金，以彌補聯邦政府資金的不足。但這是我們持續關注的事情，尤其是目前技術人員的入住率較低，我們正在與所有運營商合作，以確定什麼是長距離，新的長距離標準是什麼？回到新冠疫情前的人口普查的軌跡是什麼？這需要多少年？現在，所有的 NIC 數據都已公開，我想，任何人的猜測都和我的一樣好，我現在甚至不會冒險猜測。這真的需要很長時間。

All right. Have a great weekend.

好的。週末愉快。

Thanks, you too.

也謝謝你。

Your next question is coming from Michael Carroll with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部的邁克爾·卡羅爾。

I know and I wanted to touch on your comments about Prestige kind of highlighting there's going to be a true-up payment that they could receive in the fourth quarter. How big of a true-up payment are we expecting? I mean, could that equal the amount of rent that you deferred for them so far this year?

我知道，我想談談您對 Prestige 的評論，強調他們將在第四季度收到一筆真實的付款。我們期望的真實付款有多大？我的意思是，這是否等於您今年迄今為止為他們遞延的租金金額？

So right now the -- we have estimates of the rate increase, which Pam mentioned of 10% and then there's this retroactive rate settlement, which is unique because of the delay in rebasing the (inaudible) rates in Michigan for an extended period. So we have estimates, yet to be finalized. I would say right now in Q4 for 2023, it's probably in the $7 million range, which would be approximately the 10% range of annualized Medicaid revenue. So it's a substantial number and that's a settlement that goes back to the cost report -- or the fiscal year that ended in 2022, you'll see another settlement in Q4 of 2024 that relates to the current fiscal year. And that could be -- again, these are estimates but it could be in the $8 million to $10 million range in Q4 of 2024. Very much a delayed retroactive settlement but meaningful dollars.

現在，我們對加息進行了估計，Pam 提到了 10%，然後還有這種追溯性的利率結算，這是獨一無二的，因為密歇根州的（聽不清）利率重新調整基準的時間很長一段時間被推遲。所以我們有估計，但尚未最終確定。我現在想說的是，2023 年第四季度，它可能在 700 萬美元範圍內，大約是年化醫療補助收入的 10% 範圍。因此，這是一個相當大的數字，這是一項可追溯到成本報告或 2022 年結束的財政年度的和解，您將在 2024 年第四季度看到與當前財政年度相關的另一項和解。再說一遍，這些都是估計值，但到 2024 年第四季度可能會達到 800 萬至 1000 萬美元的範圍。很大程度上是延遲的追溯和解，但意義重大。

However, there are lot of nuances with Medicaid reimbursement in Michigan. And one of the biggest challenges that we see for Prestige in this portfolio has just been growth of occupancy and it's been challenged as we've seen in other buildings, other states with skilled nursing. So being able to grow census is a key element for Prestige in this portfolio.

然而，密歇根州的醫療補助報銷存在很多細微差別。我們在這個投資組合中看到的 Prestige 面臨的最大挑戰之一就是入住率的增長，正如我們在其他建築、其他擁有熟練護理人員的州所看到的那樣，它也面臨著挑戰​​。因此，能夠擴大人口普查是 Prestige 在該產品組合中的一個關鍵要素。

Okay. And then I guess, should we assume that if they do get that large $7-ish million true-up payment in fourth quarter, they will use that to pay back all of your deferred rents so far this year?

好的。然後我想，我們是否應該假設，如果他們確實在第四季度收到了 700 萬美元左右的巨額實際付款，他們將用它來償還今年迄今為止的所有遞延租金？

I think it's too premature to assume that we're going through negotiations with them right now. There are items like (inaudible) taxes that the state has deferred payment on. So there are other expenses that they would have. So it's a process that we're going through right now with Prestige and as we get more information and clarity on what any resolution looks like, we'll update you on that.

我認為現在假設我們正在與他們進行談判還為時過早。有些項目（例如（聽不清）稅收）是國家推遲繳納的。所以他們還會有其他費用。因此，這是我們現在與 Prestige 一起經歷的一個過程，當我們獲得更多信息並清楚地了解任何解決方案的情況時，我們將向您通報最新情況。

What I've said and I repeat, we are going to get the interest that they owe us in 2023. We have a letter of credit and that's the announcement or that's the claim we're making.

我說過並重複一遍，我們將在 2023 年獲得他們欠我們的利息。我們有信用證，這就是公告或我們正在提出的索賠。

Okay. That's helpful. And then related to HMG. I know they're on the lease expiration schedule for 2024. I mean is that just semantics because you're going to be transitioning them from this fair market value type rent payment that you have today and you're going to be establishing a more permanent rent next year. Is that the way to think about that expiration?

好的。這很有幫助。然後與HMG有關。我知道它們在 2024 年的租約到期時間表上。我的意思是，這只是語義，因為您要將它們從今天的公平市場價值類型租金支付過渡，並且您將建立一個更明年永久租金。這是思考到期的方式嗎？

Yes.

是的。

And do we have an idea of what that new rent can be? Have you started talking to them about where that rent could go next year? Or is it really thinking about in 2025?

我們知道新的租金是多少嗎？您是否開始與他們討論明年的租金去向？或者說真的是在考慮2025年嗎？

We're locked in discussions with them regarding that. And that might include looking at selling an asset or 2. So it's something that we have been actively engaged with them. The big component of that was the state announcing what the Medicaid rates would be going forward and the bridge until you get to September 1 when those rates become effective. So that was a big element of being able to wait to see what happened with those rates. We are definitely engaged with HMG and working on that.

我們正與他們就此事進行討論。這可能包括考慮出售一項或兩項資產。因此，我們一直在積極與他們接觸。其中最重要的部分是州政府宣布醫療補助費率將如何變化，並在 9 月 1 日這些費率生效之前進行過渡。因此，這是能夠等待觀察這些利率發生了什麼的一個重要因素。我們肯定會與 HMG 合作並致力於此。

Okay. And then just last question. Can you remind us what assets that you guys are looking to sell right now? I know you have the Brookdale properties, I'm assuming the 2 properties that you're continuing to abate rent. Those are the prime asset sale targets. Are there other assets within the portfolio that we should think about as near-term sales? And what could the potential proceeds be for those at all?

好的。然後是最後一個問題。您能提醒我們一下你們現在打算出售哪些資產嗎？我知道您擁有布魯克代爾的房產，我假設您將繼續減免這兩處房產的租金。這些是主要的資產出售目標。投資組合中是否還有其他資產值得我們考慮作為近期出售？這些項目的潛在收益是多少？

No, there are some buildings that we have in our transition portfolio that we would look at potentially selling. So we don't have an estimate to provide right now but there is the potential that we could be looking at selling additional assets because if we can't derive appropriate income on those, then the alternative is to look at selling them or deciding to wait and how long the recovery will be. So it is a possibility but we've not made that decision yet.

不，我們的過渡投資組合中有一些建築物，我們會考慮出售它們。因此，我們現在無法提供估計，但我們有可能考慮出售額外資產，因為如果我們無法從這些資產中獲得適當的收入，那麼另一種選擇是考慮出售它們或決定出售它們等待以及恢復需要多長時間。所以這是有可能的，但我們還沒有做出這個決定。

In our guidance for sales proceeds, Mike, between Brookdale and in the total, it was only an additional $15 million more proceeds. So it wasn't hugely significant this year. But every year, we do look at our portfolio and make disposition decisions.

在我們的銷售收入指導中，Mike 在 Brookdale 和總收入之間僅多了 1500 萬美元的收入。所以今年的影響並不大。但每年，我們都會審視我們的投資組合併做出處置決定。

There are no additional questions in queue at this time. I would now like to turn the floor back over to Wendy Simpson for any closing remarks.

目前隊列中沒有其他問題。現在我想請溫迪·辛普森發表結束語。

Thank you all for spending the time to listen to our call and I wish you all a good weekend.

感謝大家花時間收聽我們的電話，祝大家週末愉快。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。