LTC Properties Inc (LTC) 2023 Q3 法說會逐字稿

Greetings. Welcome to the LTC Properties, Inc. Third Quarter 2023 Earnings Conference 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.

問候。歡迎參加 LTC Properties, Inc. 2023 年第三季財報電話會議。 （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。這些風反映本簡報日期之後的事件或情況。請注意，此事件正在被記錄。

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

我現在想把會議交給溫蒂辛普森。

Thank you, operator, and welcome, everyone to LTC's 2023 Third 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.

謝謝業者，歡迎大家參加 LTC 2023 年第三季電話會議。今天，聯合總裁兼財務長 Pam Kessler 也加入了我的行列。以及聯合總裁兼首席投資長克林特馬林 (Clint Malin)。

On our last call, I spoke about LTC's primary mission of focus for the remainder of 2023. And as a result of that strategy, we have made progress towards those identified goals, including very positive results regarding the Brookdale and Prestige porfolios. We also closed the remaining transactions in the pipeline with funding of that transaction expected early next year. (inaudible) will talk more about this later.

在我們上次的電話會議上，我談到了LTC 在2023 年剩餘時間內的主要重點任務。由於該策略，我們在實現這些既定目標方面取得了進展，包括關於Brookdale 和Prestige 產品組合的非常積極的成果。我們還完成了正在進行中的剩餘交易，預計明年初為該交易提供資金。 （聽不清楚）稍後會詳細討論這一點。

To recap, since the beginning of the year, we've originated nearly $270 million in transactions and generated over $51 million in sales proceeds resulting in net gains totaling approximately $21 million. Of the $51 million in sales proceeds to date, $14 million was received in the third quarter. We expect to receive additional sales proceeds in the $27 million to $28 million range throughout the remainder of 2023, primarily related to the expected sales of a portion of the Brookdale portfolio.

回顧一下，自今年年初以來，我們已發起近 2.7 億美元的交易，並產生了超過 5,100 萬美元的銷售收益，淨收益總計約 2,100 萬美元。迄今為止 5,100 萬美元的銷售收入中，有 1,400 萬美元是在第三季收到的。我們預計在 2023 年剩餘時間內將獲得 2,700 萬至 2,800 萬美元的額外銷售收益，主要與 Brookdale 投資組合的一部分的預期銷售相關。

Additionally, so far in 2023, we have received almost $12 million in mezzanine loan payoffs, generating $1.6 million of exit IRR income at a weighted average rate of 12%. LTC's long-term mandate remains focused.

此外，截至 2023 年，我們已收到近 1,200 萬美元的夾層貸款還款，以 12% 的加權平均利率產生 160 萬美元的退出 IRR 收入。 LTC 的長期使命仍然是重點。

First, focus on the portfolio, where we have been working to further reduce its average age while creating additional operator diversity and maintaining a balanced portfolio of private pay and skilled nursing. Second, focus on reducing leverage to more historical levels by using sales proceeds to pay down a portion of our debt; and third, focus on positioning LTC for future growth. I'd now like to spend a few minutes on some industry-wide trends that I'm sure are top of mind, starting with some positive news.

首先，專注於投資組合，我們一直在努力進一步降低其平均年齡，同時創造更多的操作員多樣性並保持私人薪酬和熟練護理的平衡投資組合。其次，透過使用銷售收入來償還部分債務，重點將槓桿率降低至歷史水準；第三，重點關注 LTC 的未來成長定位。我現在想花幾分鐘時間討論一些我確信是最重要的全行業趨勢，首先是一些正面的消息。

The latest NIC MAP data shows that in the third quarter, occupancy grew in both seniors housing and skilled nursing. Recent industry reports have further shown that current indicators point to a return to pre-pandemic occupancy levels by the end of 2024. While we cannot predict specific timing, we agree that the industry is making progress towards that goal. Additionally, agency usage is trending down in certain cases, and the labor market t is strengthening for operators in many areas. These factors, combined with a net Medicare rate increase of 4%, which is slightly higher than the expected increase before the final rate went into effect on October 1, and additional increases at the state level, but operators, particularly SNF operators in a better position to begin improving margins.

最新的 NIC MAP 數據顯示，第三季度，老年人住房和熟練護理人員的入住率均有所增加。最近的行業報告進一步顯示，目前的指標表明到 2024 年底，入住率將恢復到大流行前的水平。雖然我們無法預測具體時間，但我們同意該行業正在朝著這一目標取得進展。此外，在某些情況下，代理商的使用呈下降趨勢，且許多地區的營運商勞動力市場正在加強。這些因素，再加上Medicare 費率淨增長4%（略高於10 月1 日最終費率生效之前的預期增幅）以及州一級的額外增長，但運營商，尤其是SNF 運營商的狀況較好開始提高利潤率。

We are happy to see the positive gains in the industry has made, but are also cognizant that the operators will face some challenges for both seniors housing and skilled nursing including inflation, insurance premiums, litigation and SNF minimum staffing requirements, which pending the release of the final rule will take several years to implement.

我們很高興看到該行業的積極成果，但也認識到運營商將在老年人住房和熟練護理方面面臨一些挑戰，包括通貨膨脹、保險費、訴訟和 SNF 最低人員配置要求，這些挑戰有待發布最終規則將需要數年時間才能實施。

Finishing up with some LTC-specific metrics. The FAD payout ratio for the third quarter was 86%, with the long-term historical goal remaining at 80%. We are currently projecting a FAD payout ratio of 83% for fiscal 2023, down from 85% in fiscal 2022. We also maintain a monthly dividend payout of $0.19 per share. For the fourth quarter, we anticipate that FFO, excluding nonrecurring items, will be in the range of $0.65 to $0.66 per share. As we enter into the last quarter of 2023 and move into 2024, focus remains on needs-based care, coupled with strong demographic demand, positioning us for future growth.

完成一些 LTC 特定指標。第三季的FAD支付率為86%，長期歷史目標維持在80%。我們目前預計 2023 財年的 FAD 派息率為 83%，低於 2022 財年的 85%。我們也維持每股 0.19 美元的每月股利派息。對於第四季度，我們預計 FFO（不包括非經常性項目）將在每股 0.65 美元至 0.66 美元之間。隨著我們進入 2023 年最後一個季度並進入 2024 年，重點仍然是基於需求的護理，加上強勁的人口需求，為我們未來的成長奠定了基礎。

With that, I'll turn the call over to Pam.

這樣，我就把電話轉給帕姆。

Thank you, Wendy. For the third quarter of 2023, total revenue increased by $5.8 million compared with the third quarter of 2022. The improvement related primarily to $3.5 million more of interest income from acquisitions accounted for as financing receivables and $1.9 million more of interest income from 2023 mortgage loan originations. Additionally, interest and other income increased by $453,000 primarily due to a recent mezzanine loan origination.

謝謝你，溫迪。 2023 年第三季度，總收入較 2022 年第三季增加 580 萬美元。這項改善主要與計入應收融資款的收購利息收入增加 350 萬美元以及 2023 年抵押貸款利息收入增加 190 萬美元有關起源。此外，利息和其他收入增加了 453,000 美元，這主要是由於最近發起的夾層貸款。

Rental revenue and income from unconsolidated joint ventures were comparable to the prior year period. Interest expense increased by $4.7 million from last year's third quarter primarily related to higher interest rates and a higher outstanding balance on our revolving line of credit, partially offset by scheduled principal paydowns on our senior unsecured notes.

租金收入和未合併合資企業的收入與去年同期相當。利息支出較去年第三季增加了 470 萬美元，主要與利率上升和循環信貸額度未償餘額增加有關，部分被我們高級無擔保票據的預定本金償還所抵消。

During the 2023 3rd quarter, we recognized a $4.9 million gain on sale related to 2 assisted living communities in Pennsylvania. I'll provide additional details on property sales shortly. Our provision for credit losses decreased by approximately $600,000, primarily due to the 2022 acquisition of 3 skilled nursing centers accounted for as a financing receivable partially offset by the origination of the mezzanine loan I mentioned earlier. As a reminder, upon origination, we record a loan loss reserve estimate equal to 1% of the loan balance. This reserve is amortized as the loan principle is paid down.

在 2023 年第三季度，我們確認與賓州 2 個輔助生活社區相關的銷售收益為 490 萬美元。我將很快提供有關房地產銷售的更多詳細資訊。我們的信貸損失撥備減少了約 60 萬美元，主要是由於 2022 年收購了 3 個熟練護理中心，作為應收融資，部分被我之前提到的夾層貸款的發放所抵消。提醒一下，在發起時，我們記錄的貸款損失準備金估計等於貸款餘額的 1%。該準備金在償還貸款本金時攤提。

Net income available to common shareholders increased by $8.9 million primarily due to higher interest income from new investments, the increase in gain on sale of real estate and an impairment charge of $1.3 million reported in the prior year third quarter, partially offset by higher interest expense. Fully diluted FFO per share improved to $0.65 for the third quarter of 2023, up from $0.60 in the third quarter of 2022. Excluding nonrecurring items, FFO per share was $0.65 for the 2023 3rd quarter compared with $0.63 last year. The increase in FFO, excluding nonrecurring items, was due to higher income from new investments, partially offset by higher interest expense.

普通股股東可獲得的淨利潤增加了 890 萬美元，主要是由於新投資利息收入增加、房地產銷售收益增加以及去年第三季度報告的 130 萬美元減值費用，部分被利息支出增加所抵消。完全稀釋後的FFO 每股收益從2022 年第三季的0.60 美元增至2023 年第三季的0.65 美元。不包括非經常性項目，2023 年第三季的每股FFO 為0.65 美元，而去年為0.63 美元。 FFO 的增加（不包括非經常性項目）是由於新投資收入增加，但部分被利息支出增加所抵銷。

Next, I'll discuss recent divestitures. Clint will detail our investment activity later. During the third quarter of 2023, we sold 2 assisted living communities in Pennsylvania with a combined total of 130 units for $11.1 million with a gain on sale of $4.9 million. We also sold 3 assisted living communities in Nebraska with a combined total of 117 units at a net book value equal to $3 million. We repaid $33.1 million in regular scheduled principal payments under our senior unsecured notes and also paid $23.6 million in common dividends for the 2023 3rd quarter.

接下來，我將討論最近的資產剝離。克林特稍後將詳細介紹我們的投資活動。 2023 年第三季度，我們以 1,110 萬美元的價格出售了賓州的 2 個輔助生活社區，共計 130 個單元，銷售收益為 490 萬美元。我們還出售了內布拉斯加州的 3 個輔助生活社區，總計 117 個單元，帳面淨值相當於 300 萬美元。我們根據優先無抵押票據償還了 3,310 萬美元的定期本金付款，並支付了 2023 年第三季 2,360 萬美元的普通股息。

During the third quarter, we borrowed $35.9 million under our unsecured revolving line of credit. Currently, we have $11.3 million of cash on hand, approximately $38 million available under our line of credit with roughly $362 million outstanding and about $129 million available under our ATM. This gives us total liquidity of almost $178 million. Additionally, as Wendy mentioned, we anticipate receiving sales proceeds later this year in the range of $27 million to $28 million, which will be used to pay down our line of credit. This sales proceeds amount is lower than our previous assumption based on our decision to sell fewer properties from the Brookdale portfolio, which Clint will describe later. Additionally, we anticipate receiving $30 million in the first quarter of 2024 related to the payoff of a mortgage loan secured by a 189 bed skilled nursing center in Louisiana.

第三季度，我們透過無擔保循環信貸額度借款 3,590 萬美元。目前，我們手頭上有 1,130 萬美元現金，其中信用額度下可用現金約為 3,800 萬美元，未償還現金約為 3.62 億美元，ATM 上可用現金約為 1.29 億美元。這使我們的總流動資金接近 1.78 億美元。此外，正如 Wendy 所提到的，我們預計今年稍後將收到 2,700 萬至 2,800 萬美元的銷售收入，這些收入將用於償還我們的信貸額度。這項銷售收入低於我們先前的假設，因為我們決定出售較少的布魯克代爾投資組合中的房產，克林特將在稍後對此進行描述。此外，我們預計 2024 年第一季將收到 3,000 萬美元，用於償還由路易斯安那州一家擁有 189 個床位的熟練護理中心擔保的抵押貸款。

At the end of the 2023 3rd quarter, our debt to annualized adjusted EBITDA for real estate was 6x, and our annualized adjusted fixed charge coverage ratio was 3.2x. Additionally, regarding Prestige Healthcare, during the third quarter of 2023, we deferred $900,000 in interest payments under our previously disclosed agreement to defer up to $1.5 million or up to $300,000 per month for May through September 2023. Subsequent to the end of the third quarter, we amended the loan.

截至 2023 年第三季末，我們的房地產債務佔年化調整後 EBITDA 的 6 倍，年化調整後固定費用覆蓋率為 3.2 倍。此外，關於 Prestige Healthcare，在 2023 年第三季度，我們根據先前披露的協議推遲了 900,000 美元的利息支付，從 5 月到 2023 年 9 月推遲最多 150 萬美元或每月最多 300,000 美元。 ，我們修改了貸款。

As part of the amendment, LTC has drawn down $2.8 million of the approximate $5 million letter of credit from Prestige to repay all deferred interest outstanding through October 2023. We will draw down approximately $334,000 in each of November and December 2023 to be applied toward interest due on the loan at that point. As a result, we expect to receive all contractual interest of $19.5 million due from Prestige in 2023.

作為修正案的一部分，LTC 已從Prestige 提取了約500 萬美元信用證中的280 萬美元，以償還截至2023 年10 月的所有未償遞延利息。我們將在2023 年11 月和12 月分別提取約334,000 美元，用於支付利息屆時貸款到期。因此，我們預計將於 2023 年收到 Prestige 應付的全部合約利息 1,950 萬美元。

Beginning on January 1, 2024, the minimum mortgage interest payment due to LTC will be based on an annual current pay rate of 8.5% on the outstanding loan balance. The contractual interest rate on the loan of 10.84% as of January 1, 2024, remains unchanged. From retroactive Medicaid funds due to prestige, we expect our letter of credit will be replenished in 2024, and Prestige will be able to pay all contractual interest during 2024 and 2025.

自 2024 年 1 月 1 日起，LTC 的最低抵押貸款利息支付將基於未償還貸款餘額的當前年利率 8.5%。截至2024年1月1日，貸款合約利率為10.84%，維持不變。由於 Prestige 追溯醫療補助資金，我們預計我們的信用證將在 2024 年得到補充，Prestige 將能夠在 2024 年和 2025 年期間支付所有合約利息。

Now I'll turn the call over to Clint.

現在我將把電話轉給克林特。

Thank you, Pam. I'll start with an update on our 35 property Brookdale portfolio, whose lease expires on December 31. As previously announced, we released 10 of the properties, 6 in Colorado and 4 in Kansas back to Brookdale under a new 6-year master lease commencing on January 1, 2024. Recently, we amended the new master lease to add 7 additional assisted living communities from the 35 property portfolio, including 1 in Ohio and 6 in Texas. The initial rent on the new 17 property master lease will be $9.3 million escalating by approximately 2% annually, and our capital expenditure commitment will be $7.2 million for the first 2 years of the lease at an initial rate of 8%, escalating by approximately 2% annually thereafter.

謝謝你，帕姆。首先我將介紹我們在布魯克代爾的35 處房產投資組合的最新情況，這些房產的租約將於12 月31 日到期。正如之前宣布的那樣，我們根據新的6 年主租約將其中10 處房產（科羅拉多州的6 個和堪薩斯州的4 個）放回布魯克代爾自2024 年1 月1 日開始。最近，我們修改了新的主租約，從35 個物業組合中增加了7 個輔助生活社區，其中1 個位於俄亥俄州，6 個位於德克薩斯州。新的 17 處房產主租約的初始租金將為 930 萬美元，每年上漲約 2%，我們的資本支出承諾在租約的前 2 年為 720 萬美元，初始利率為 8%，每年上漲約 2%。此後每年%。

Brookdale will have purchase options on these 17 properties in 2029. Brookdale has been a great partner through the years, and we are happy to have reached an outcome that benefits all parties. Additionally, we are on track to transition the remaining 18 properties by year-end. More specifically, we plan to sell 7 while leasing 11 to 2 different operators. The sales price for the 7 properties being sold, 4 of which are in Florida and 3 of which are in South Carolina will be approximately $27.1 million. We anticipate receiving $20 million to $21 million in proceeds, net of transaction cost and seller financing as a result of these sales.

Brookdale 將在 2029 年擁有這 17 處房產的購買選擇權。Brookdale 多年來一直是一個很好的合作夥伴，我們很高興達成了對各方都有利的結果。此外，我們預計在年底前過渡剩餘 18 處房產。更具體地說，我們計劃出售 7 個，同時租賃 11 到 2 個不同的營運商。正在出售的 7 處房產（其中 4 處位於佛羅裡達州，3 處位於南卡羅來納州）的售價約為 2,710 萬美元。在扣除交易成本和賣方融資後，我們預計將收到 2,000 萬至 2,100 萬美元的收益。

We are leasing the remaining 11 properties to 2 operators. Six in Oklahoma with a total of 219 assisted living units will be operated under a new master lease by a current LTC operator which we anticipate will commence on November 1, subject to the issuance of licensure to the new operator. The lease term is for 3 years with one 4-year extension period. Rent in the first year is set at $960,000, increasing to $984,000 in the second year and $1.2 million in the third year. Additionally, the master lease includes a purchase option that can be exercised starting in November 2027 through October of 2029, if the lessee exercises its 4-year extension option.

我們將剩餘 11 處房產出租給 2 家業者。俄克拉荷馬州的6 個共有219 個輔助生活單元將由當前的LTC 運營商根據新的主租約進行運營，我們預計該租約將於11 月1 日開始運營，具體取決於向新運營商頒發許可證。租賃期為3年，可延長4年。第一年的租金定為 96 萬美元，第二年增加到 98.4 萬美元，第三年增加到 120 萬美元。此外，主租約還包括購買選擇權，如果承租人行使 4 年延期選擇權，則可以在 2027 年 11 月至 2029 年 10 月期間行使購買選擇權。

We are currently working on finalizing a new lease for the remaining 5 properties located in North Carolina with a total of 210 assisted living units. This new lease is expected to commence on January 1, 2024. As Wendy detailed in last quarter's call, we remain confident that between the expected sales and the new leases I just mentioned, we should not see a 2024 FFO decline related to the nonrenewal of the original Brookdale leases. Further, using anticipated sales proceeds, we will reduce our outstanding line of credit which was used to prefund accretive investments made earlier this year. Through this process, we are selling some older buildings and will decrease our Brookdale concentration, reducing the number of buildings operated by Brookdale by 50% and reducing our rental exposure with Brookdale by 40%.

我們目前正在努力敲定位於北卡羅來納州剩餘 5 處房產的新租約，共有 210 個輔助生活單元。這項新租約預計將於2024 年1 月1 日開始。正如Wendy 在上個季度的電話會議中詳細介紹的那樣，我們仍然相信，在預期銷售額和我剛才提到的新租約之間，我們不應看到2024 年FFO 因不續約而下降。布魯克代爾原來的租約。此外，利用預期的銷售收入，我們將減少未償還的信貸額度，該額度用於為今年稍早的增值投資提供資金。透過這個過程，我們將出售一些舊建築，並將減少我們在布魯克代爾的集中度，將布魯克代爾運營的建築數量減少 50%，並將我們在布魯克代爾的租賃風險減少 40%。

Moving now to our investment activity. During the third quarter, and as previously disclosed, we originated a $17 million mezzanine loan with an affiliate of current operator, Gallery Living. Mezzanine loan was used to recapitalize an existing 130-unit assisted living, memory care and independent living campus in Georgia as well as the construction of 89 additional units. The long term is 5 years at an initial yield of 8.75% and an IRR of 12%. We also committed to fund a $19.5 million mortgage loan with the construction of an 85-unit assisted living and memory care community in Michigan, completing the last transaction in our 2023 pipeline. The borrower contributed $12.1 million of equity which will initially be used to fund the construction. Once all of the borrower's equity has been drawn, we will begin funding our commitment, which is expected to be in early 2024. The long term is approximately 3 years at a rate of 8.75% and includes two 1-year extensions, each of which is contingent on the achievement of certain coverage thresholds.

現在轉向我們的投資活動。如同先前所揭露的，在第三季度，我們向目前經營者 Gallery Living 的一家附屬公司發放了 1,700 萬美元的夾層貸款。夾層貸款用於對喬治亞州現有的 130 個輔助生活單元、記憶護理和獨立生活校園進行資本重組，並建造另外 89 個單位。長期期限為 5 年，初始報酬率為 8.75%，內部報酬率為 12%。我們還承諾提供 1,950 萬美元抵押貸款，用於在密西根州建立一個擁有 85 個單元的輔助生活和記憶護理社區，完成我們 2023 年管道中的最後一筆交易。借款人出資 1,210 萬美元，最初將用於資助建設。一旦借款人的所有股權提取完畢，我們將開始為我們的承諾提供資金，預計將於 2024 年初完成。長期期限約為 3 年，利率為 8.75%，包括兩次為期 1 年的延期，每次延期取決於是否達到某些覆蓋閾值。

Moving on to our transition portfolios. As expected, we received $1.75 million in rent from HMG in the third quarter and continue to expect $2.75 million in the fourth quarter $750,000 of which relates to the first 3 quarters of the year, bringing total rent from HMG for 2023 to $8 million. Regarding all of the transition properties with market-based rent resets, projected rent for the 2023 fiscal year is expected to be $561,000 with $60,000 of that in the fourth quarter of this year. This is lower than our prior projection of $720,000 due to the sale of the 3 Nebraska and 2 Pennsylvania buildings Pam discussed earlier. We expect rent from the transition properties to equal $360,000 for next year's first quarter.

繼續我們的過渡投資組合。正如預期的那樣，我們第三季度從HMG 收到了175 萬美元的租金，並繼續預計第四季度將收到275 萬美元的租金，其中75 萬美元涉及今年前三個季度，使2023 年HMG 的總租金達800 萬美元。對於所有基於市場的租金重置的過渡物業，2023 財年的預計租金為 561,000 美元，其中今年第四季的租金為 60,000 美元。由於 Pam 之前討論過的 3 座內布拉斯加州和 2 座賓夕法尼亞建築的出售，這低於我們之前預測的 72 萬美元。我們預計明年第一季過渡房產的租金將達到 36 萬美元。

Next, I'll provide some insight into our portfolio numbers, which exclude properties transitioned on or after January 1, 2022. Q2 trailing 12-month EBITDARM and EBITDAR coverage as reported using a 5% management fee was 1.26x and 1.02x, respectively, for our assisted living portfolio. Excluding stimulus funds received by our operators, coverage was 1.09x and 0.85x, 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.

接下來，我將提供對我們的投資組合數據的一些見解，其中不包括2022 年1 月1 日或之後轉換的房產。使用5% 管理費報告的第二季度追蹤12 個月EBITDARM 和EBITDAR 覆蓋率分別為1.26 倍和1.02 倍，用於我們的輔助生活產品組合。不包括業者收到的刺激資金，覆蓋率分別為 1.09 倍和 0.85 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成長相關的潛在未來上漲空間。

For our skilled nursing portfolio, as reported EBITDARM and EBITDAR coverage was 1.92x and 1.44x, respectively. Excluding stimulus funds received by our operators, coverage was 1.62x and 1.14x, respectively. Pro forma for the 4% Medicare market basket rate increase, Skilled EBITDAR coverage, excluding stimulus funds would have been 1.2x coverage. Now for some recent general occupancy trends, which are as of September 30, and our for our same-store portfolio.

對於我們的熟練護理組合，據報道，EBITDARM 和 EBITDAR 覆蓋率分別為 1.92 倍和 1.44 倍。不包括營運商收到的刺激資金，覆蓋範圍分別為 1.62 倍和 1.14 倍。預計醫療保險市場籃子利率增加 4%，熟練 EBITDAR 覆蓋率（不包括刺激基金）將是 1.2 倍。現在讓我們來看看截至 9 月 30 日的一些近期整體入住趨勢，以及我們的同店組合。

These numbers include approximately 96% of our total same-store private pay units and approximately 92% of our same-store skilled nursing beds. Private pay occupancy was 85% at September 30, 2023, 82% at June 30 and 81% at March 31. For our skilled nursing portfolio, average monthly occupancy was 73% in September, 72% in June and 73% in March. For comparative purposes, our private pay pre-pandemic occupancy in 2019 was approximately 87% and our average skilled nursing occupancy was approximately 80%.

這些數字包括我們同店私人付費單位總數的約 96% 以及同店熟練護理床位的約 92%。截至2023 年9 月30 日，私人付費入住率為85%，6 月30 日為82%，3 月31 日為81%。對於我們的熟練護理產品組合，9 月平均月入住率為73%， 6 月為72%，3 月為73%。出於比較目的，我們在 2019 年大流行前的私人付費入住率約為 87%，我們的平均熟練護理人員入住率約為 80%。

I'll finish with a brief discussion of our pipeline and what we're seeing in the M&A marketplace. As I discussed earlier, we completed the remaining transaction in our 2023 pipeline during the third quarter. We are now in the planning stages of building a new pipeline for 2024 and beyond, but we remain a patient investor. We are watching to see what happens with respect to pricing as current loans come due and owners don't have the resources to refinance. Broadly speaking, we are hearing that banks are being more selective about seniors housing and skilled nursing investments potentially leading to more opportunities for LTC.

最後，我將簡要討論我們的管道以及我們在併購市場中看到的情況。正如我之前討論的，我們在第三季完成了 2023 年管道中的剩餘交易。我們目前正處於 2024 年及以後建造新管道的規劃階段，但我們仍然是耐心的投資者。我們正在觀察定價方面會發生什麼，因為當前貸款即將到期，而業主沒有再融資的資源。從廣義上講，我們聽說銀行對老年人住房和熟練護理投資更加挑剔，這可能會為長期照護人員帶來更多機會。

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. The third quarter was very productive as we worked through some previously identified challenges and made progress on some of the expectations we set for ourselves and for our shareholders. We're going into the end of the year on a positive note with most signs pointing to continued industry recovery. As Clint said, bank lending is in flux, maturities are coming due for operators at a brisk pace, and interest rate increases are causing anxiety. We think this environment favors REITs, especially those like LTC who maintain a conservative investment strategy and provide customized solutions geared towards the needs of operators. I believe we are well positioned for growth for next year and into the future. Thank you, everyone, for your continued support. We'll talk to you again next quarter.

謝謝你們，潘姆和克林特。第三季非常有成效，因為我們克服了一些先前發現的挑戰，並在我們為自己和股東設定的一些期望方面取得了進展。我們將以積極的態度進入今年年底，大多數跡像都表明行業將持續復甦。正如克林特所說，銀行貸款不斷變化，業者的到期日很快就要到期，而利率上升則引發焦慮。我們認為這種環境有利於REITs，尤其是像LTC這樣保持保守投資策略並提供針對營運商需求的客製化解決方案的REITs。我相信我們已經為明年和未來的成長做好了充分準備。謝謝大家一直以來的支持。我們將在下個季度再次與您交談。

Operator, we're now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Your first question for today is coming from Juan Sanabria with BMO.

（操作員說明）今天您的第一個問題來自 BMO 的 Juan Sanabria。

I just wanted to ask a question on Prestige with regards to modeling FAD or cash. How should we think about what they are expected to pay in '24? Should we be modeling kind of the floor on the weight that you set on how that loan was redone? Or should we think about the effective rate. I know there's a difference between FFO and FAD from a GAAP perspective. Curious from a tax perspective, how we should be thinking about that for '24?

我只是想在 Prestige 上問一個關於 FAD 或現金建模的問題。我們應該如何考慮他們在 24 年預計要支付的費用？我們是否應該根據您設定的重做貸款方式的權重來對下限進行建模？或者我們應該考慮有效率。我知道從 GAAP 角度來看，FFO 和 FAD 之間存在差異。從稅收的角度來看，我們應該如何考慮 24 世紀的稅務問題？

Yes. Sure. Juan, this is Pam. You should model FFO and fab the same at the effective rate because we're going to be getting the cash. It's just the timing issue for replenishing the letter of credit. So we'll be drawing down on the letter of credit each month to fund the difference and then they will -- when they get their retroactive Medicaid funds, they'll replenish the letter of credit. So from a cash and GAAP standpoint, it's the same as it has been previously. So same as you probably already have in your model.

是的。當然。胡安，這是帕姆。您應該以有效速率對 FFO 和 fab 進行相同的建模，因為我們將獲得現金。只是補充信用證的時間問題。因此，我們將每月使用信用證來彌補差額，然後當他們獲得追溯醫療補助資金時，他們將補充信用證。因此，從現金和公認會計準則的角度來看，這與先前的情況相同。與您的模型中可能已經有的相同。

So that the drawing down, just to confirm the drawing down on the letter of credit will continue in '24 to make up any difference between the cash and effective rate?

那麼提款，只是為了確認信用證上的提款會在'24繼續進行，以彌補現金和有效利率之間的差額嗎？

Yes.

是的。

Okay. Great. And then on Brookdale. So the proceeds from the dispositions of those assets that are teed up or completed. Should we think of those as just repaying the line and any sort of kind of offset to the dilution from asset sales being just the repayment of the line, given you've invested most of your anticipated capital into the '23 pipeline? Is that the right way? Or should we be reinvesting those proceeds at a higher yield?

好的。偉大的。然後到布魯克代爾。因此，處置已準備就緒或已完成的資產的收益。鑑於您已將大部分預期資本投入到「23」管道中，我們是否應該將這些視為只是償還貸款，以及對資產銷售稀釋的任何形式的抵消只是償還貸款？這是正確的方法嗎？或者我們應該以更高的收益率將這些收益再投資？

Well, as we talked about on the last call, we consider we pre-invested the proceeds, right? We're getting $27 million, and we invested this year earlier at 8.5%. So in theory, we've already reinvested those. But logistically, because of timing, we drew down on the line, and that's why debt got higher, and we talked about on the last call that we were comfortable with debt creeping a little higher because there was a difference in the timing of us pre-investing the proceeds and then actually getting the proceeds. So logistically, you are going to take down the line. But when you're looking at the transaction holistically and saying, are we getting replacement income to be replaced, the $15.4 million from Brookdale? Yes, we did. And we can walk through that math if you want. But logistically, you are going to just take it -- don't assume any more investments this year is what I'm telling you.

好吧，正如我們在上次電話會議中談到的那樣，我們認為我們預先投資了收益，對嗎？我們獲得了 2700 萬美元，今年早些時候我們的投資率為 8.5%。所以從理論上講，我們已經對這些進行了再投資。但從邏輯上講，由於時間安排，我們減少了債務，這就是債務上升的原因，我們在上次電話會議上談到，我們對債務攀升一點感到滿意，因為我們預付債務的時間有所不同。 -投資收益，然後實際獲得收益。所以從邏輯上講，你要取消這條線。但當你從整體上看待這筆交易並說，我們是否得到了替代收入，即來自布魯克代爾的 1540 萬美元？是的我們做了。如果您願意，我們可以演練這個數學。但從邏輯上講，你只會接受它——不要假設今年會有更多投資，就像我告訴你的那樣。

Okay. And then one -- just one last quick one for me. I think you called out a $30 million loan maturity in the first quarter '24. Is there anything else that we should be modeling for the balance of the year for '24 you put forward?

好的。然後是一個——對我來說只是最後一個。我認為您在 24 年第一季宣布了 3000 萬美元的貸款到期。在您提出的 24 年剩餘時間裡，還有什麼我們應該建模的嗎？

Not right now, not with any certainty. I mean, the debt markets are challenging, but for cash flowing properties. Operators are able to find financing for that. So right now, I'm comfortable with the debt maturities or mortgage loan maturities that are coming back to us, not our own mortgage maturities because we don't really have any -- we don't have mortgages. So we have no maturities. But our debt payments, obviously are -- we feel comfortable with those.

現在還不行，也不確定。我的意思是，債務市場充滿挑戰，但對於現金流資產而言。營運商能夠為此找到融資。所以現在，我對回到我們身邊的債務到期日或抵押貸款到期日感到滿意，而不是我們自己的抵押貸款到期日，因為我們實際上沒有任何 - 我們沒有抵押貸款。所以我們沒有期限。但我們的債務償還顯然是——我們對此感到滿意。

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

你的下一個問題是來自富國銀行的康納·西弗斯基（Connor Siversky）。

Maybe just to zoom in on the minimum staffing requirement. Following the postal ruling we had. I'm curious, are feedback has been from your operators in the SNF portfolio and then, do you believe there's any potential that we could see a cutback or (inaudible) in the hours required to the registered nurse part of the (inaudible)

也許只是為了放大最低人員配置要求。根據我們的郵政裁決。我很好奇，SNF 產品組合中的操作員是否提供了反饋，然後，您是否認為我們有可能看到削減或（聽不清楚）註冊護理師部分所需的時間（聽不清楚）

It's Clint. The feedback we're getting from operators were speaking to about this. It's in the comment period right now. There's been a lot of comments that have been submitted and the Oak is doing a good job of organizing that. Generally speaking, I think the consensus is that the impact is not in, obviously, '23 or '24 in '25 and really working with CMS, how to phase that in. So that's really where the focus is right now. So as you look into 2024, generally speaking, people aren't concerned about that, but it's just trying to shape what it looks like and how it's phased in beyond that time frame.

這是克林特。我們從運營商那裡得到的反饋就是關於這一點的。現在正處於評論期。已經提交了很多評論，Oak 在組織這些評論方面做得很好。總的來說，我認為共識是，影響顯然不是在 23 或 24 年，而是在 25 年真正與 CMS 合作，如何分階段進行。所以這確實是現在的焦點所在。因此，當你展望 2024 年時，一般來說，人們並不關心這一點，但他們只是試圖塑造它的樣子以及在該時間範圍之外分階段實施的方式。

Okay. Understood. And then transaction activity expectations for next year, I mean, we've seen the 10-year more double and yet in ALS and sale assets yields have only gone up maybe 100 to 150 basis points in certain cases. Do you have any idea what's driving that kind of stickiness on pricing, whether that's just the transaction activity is paying attention to those assets?

好的。明白了。然後是明年的交易活動預期，我的意思是，我們看到了 10 年的翻倍，但在 ALS 和銷售資產收益率在某些情況下只上升了 100 到 150 個基點。您是否知道是什麼推動了這種定價黏性，是否只是交易活動關注這些資產？

I think it's just a lower transaction volume. And then we see going forward, with that rise in rates, and you haven't seen the adjustments yet in the cap rates at with mortgages coming due, as I talked about in the prepared remarks, I mean we see an evolving market with opportunity in front of us we think that REITs would be well positioned to take advantage and capitalizing on deploying additional capital.

我認為這只是交易量較低。然後我們看到未來，隨著利率的上升，你還沒有看到抵押貸款到期時上限利率的調整，正如我在準備好的發言中談到的那樣，我的意思是我們看到一個不斷發展的市場，充滿機會在我們面前，我們認為房地產投資信託基金將處於有利地位，可以充分利用和利用額外資本的部署。

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

今天的下一個問題來自加拿大皇家銀行資本市場部的麥可‧卡羅爾。

I'm not sure if everybody else is here in that, but I'm getting some feedback on the line 2? But anyway, my first -- I guess my first question is on Prestige. Can -- Clint, can you kind of give us some ideas on what's going on with the Michigan Medicaid through our payments. I mean how much additional capital is received going to get in the fourth quarter of '23. And why wasn't that capital is used to pay back the deferral?

我不確定其他人是否也參與其中，但我收到了有關第 2 行的一些回饋？但無論如何，我的第一個問題——我想我的第一個問題是關於聲望的。可以—克林特，您能給我們一些關於密西根州醫療補助透過我們的付款進行的情況的想法嗎？我的意思是 23 年第四季將收到多少額外資本。為什麼這筆資金不用來償還延期付款？

So on last call, we -- you and I had a conversation in Q&A regarding this. So last quarter, like I mentioned that the estimates of the time was the procedure received $7 million in -- or estimated to be $7 million in '23 million and then the $8 million to $10 million range in '24. At this point, right now that the rate letters have been issued that estimate is approximately $8 million for 2023, and we're at the higher end of the range of $10 million in 2024. Given the deferral in these rates over the last 3 years, there will be -- there's AP, there's bed taxes that need to be paid for Prestige. So this basically this initial payment allows them to bring the AP back into current terms pay the deferred bed tax. And on the call last time, I mentioned you shouldn't assume those dollars in 2023 would come to LTC.

所以在最後一次通話中，我們——你和我在問答中就此進行了對話。所以上個季度，就像我提到的，時間估計是該程式在2300 萬美元收到700 萬美元，或在2300 萬美元估計為700 萬美元，然後在24 年收到800 萬美元到1000 萬美元。目前，費率函已經發出，預計 2023 年的費用約為 800 萬美元，而我們處於 2024 年 1000 萬美元範圍的較高端。考慮到過去 3 年這些費率的推遲，會有——有AP，有需要為Prestige支付的床位稅。因此，基本上，這筆初始付款允許他們將 AP 恢復到目前的條款，並支付延期床位稅。在上次電話會議上，我提到你不應該假設 2023 年這些美元會流入 LTC。

Okay. And then as you're thinking about into the operations of Prestige going into 2024, are there operating trends improving? And I believe you might have answered this with Juan's question, but do you expect that they're not going to pay the full contractual rent in 2024?

好的。然後，當您考慮 Prestige 到 2024 年的營運時，營運趨勢是否有所改善？我相信您可能已經用胡安的問題回答了這個問題，但您是否預計他們不會在 2024 年支付全額合約租金？

No, we fully expect as Pam just detailed, we fully expect and as Pam mentioned, to Juan's comment to model FAD cash rent from -- or cash interest from Prestige, the same as FFO. So we fully expect to receive the contractual interest payment, not only in '23, but in '24 in our prepared remarks, you said 2025 as well.

不，我們完全期望，正如 Pam 剛才詳述的那樣，我們完全期望，正如 Pam 提到的，Juan 的評論對 FAD 現金租金進行建模 - 或來自 Prestige 的現金利息，與 FFO 相同。因此，我們完全期望收到合約利息付款，不僅是在 23 年，而且在我們準備好的發言中的 24 年，您也提到了 2025 年。

Okay. And then why did you change it to allow them to pay less, I guess, what was the reasoning behind that?

好的。然後你為什麼要改變它，讓他們少付錢，我猜，背後的原因是什麼？

The real story for Prestige is building back census and improving operations. So what we've done is we've afforded them the ability to have a lower current pay while they're doing that. And in addition to our participation in the retroactive Medicaid payments in exchange for implementing the current rate that LTC will be participating in 50% of the excess cash flow beginning January 1, 2025. And that amount that -- if it materializes, will just be added into our letter of credit to provide more security if there's accrued interest, that will be money available to pay down accrued interest. So that was the -- it was giving them a runway of effectively 2.5 years as we're guiding to getting full contractual interest through that time frame. We're giving them a 2.5-year runway to make improvement in operations and improve margins.

Prestige 的真正目標是重建人口普查和改善營運。因此，我們所做的就是讓他們能夠在這樣做的同時獲得較低的當前工資。除了我們參與追溯醫療補助付款以換取執行當前費率之外，LTC 還將從 2025 年 1 月 1 日開始參與超額現金流的 50%。如果這筆金額成為現實，那麼該金額將是添加到我們的信用證中，以便在有應計利息時提供更多擔保，這將是可用於償還應計利息的資金。這就是——它給了他們 2.5 年的有效期限，我們正在指導他們在這段時間內獲得全部合約利益。我們給他們 2.5 年的時間來改善營運並提高利潤。

We have reached the end of the question-and-answer session, and I will now turn the call over to Wendy for closing remarks.

問答環節已經結束，我現在將電話轉交給溫蒂做總結發言。

Thank you, everyone. We really appreciate the time you take to listen to our comments and we appreciate your questions to help us clarify those comments. I look forward to talking to you after the end of the year. Have a great rest of your 2023 and a great weekend. Talk to you soon. Bye-bye.

謝謝大家。我們非常感謝您花時間聆聽我們的意見，也感謝您提出問題來幫助我們澄清這些意見。我期待年底後與您交談。祝您 2023 年好好休息，度過一個愉快的週末。以後再聊。再見。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。