LTC Properties Inc (LTC) 2024 Q4 法說會逐字稿

Greetings, welcome to the LTC Properties Inc., fourth-quarter 2024 earnings call. (Operator Instructions)

您好，歡迎參加 LTC Properties Inc. 2024 年第四季財報電話會議。（操作員指示）

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.

在管理階層開始簡報之前，請注意，今天的評論（包括問答環節）可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果和事件產生重大差異。

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, 2024. 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.

這些風險和不確定性在 LTC Properties 不時向美國證券交易委員會提交的文件中詳細說明，包括公司最新的 10-K 報表（日期為 2024 年 12 月 31 日）。 LTC 不承擔修改或更新這些前瞻性陳述以反映本簡報日期之後的事件或情況的義務。請注意，此事件正在被記錄。

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

現在我想將會議交給溫蒂辛普森。

Thank you, operator, and welcome to LTC's 2024 fourth quarter conference call. Before I turn the call over to Pam and Clint, our co-CEOs; and Cece, our Chief Financial Officer, I want to say thank you to everyone on today's call for your steadfast support.

謝謝接線員，歡迎參加 LTC 2024 年第四季電話會議。在我將電話轉給我們的聯合執行長 Pam 和 Clint 之前；以及我們的財務長 Cece，我想對今天電話會議上的每個人表示感謝，感謝你們的堅定支持。

Leading LTC for the past 17 years has been an incredible honor. Today, as Executive Chairman, my excitement for the company remains as strong as ever. In fact, with RIDEA driving our growth strategy, I could not be more optimistic about our future.

領導 LTC 過去 17 年是我的莫大榮譽。今天，身為執行董事長，我對公司的熱情依然如舊。事實上，在 RIDEA 推動我們的成長策略的情況下，我對我們的未來充滿信心。

I have had the privilege of working alongside this very talented group for more than two decades. They have a proven track record of navigating numerous complex real estate cycles and an unprecedented pandemic, while consistently delivering value to our stakeholders and our industry. Additionally, the recent promotions of Gibson Satterwhite to Executive Vice President, Asset Management; and Mike Bowden to Senior Vice President, Investments, further recognizes the talents of our highly experienced team.

我很榮幸能與這個才華洋溢的團隊共事二十多年。他們在應對眾多複雜的房地產週期和前所未有的疫情方面有著良好的記錄，同時始終如一地為我們的利害關係人和產業創造價值。此外，Gibson Satterwhite 最近晉升為資產管理執行副總裁；以及任命 Mike Bowden 為投資高級副總裁，進一步認可了我們經驗豐富的團隊的才能。

As we finalize our search for a new Chief Investment Officer, our focus is on adding a seasoned executive who will assist us in growing our RIDEA platform. We anticipate completing the search in the second quarter. The Board is fully confident this team will continue to drive our business forward. The team's depth of experience, a Board that brings fresh perspectives with half of its members having joined us in the last five years, and an aggressive but achievable plan for growth, LTC is positioned to thrive this year and well into the future.

當我們最終尋找新的首席投資長時，我們的重點是增加一位經驗豐富的高階主管來協助我們發展 RIDEA 平台。我們預計將在第二季完成搜尋。董事會完全相信這個團隊將繼續推動我們的業務向前發展。憑藉團隊的豐富經驗、一半成員在過去五年內加入我們並帶來新視角的董事會以及積極但可行的成長計劃，LTC 預計將在今年及未來蓬勃發展。

With that, I'll turn things over to Pam.

說完這些，我就把事情交給帕姆了。

Thank you, Wendy. Throughout 2024, we worked to position LTC for long-term growth. Of note, we reduced our leverage and continued our policy of having well-staggered debt maturities matched to our projected cash flow.

謝謝你，溫迪。在整個 2024 年，我們致力於讓 LTC 實現長期成長。值得注意的是，我們降低了槓桿率，並繼續執行與預期現金流相符的錯開債務到期日的政策。

For 2025, we are focused on further diversifying our portfolio to ensure a balance with respect to operator, geography, property type, and investment vehicle. And importantly, we are unlocking a strong catalyst for growth by adding a RIDEA structure to our business.

到2025年，我們將致力於進一步實現投資組合多元化，以確保營運商、地理、資產類型和投資工具之間的平衡。重要的是，透過在業務中添加 RIDEA 結構，我們正在釋放強大的成長催化劑。

After extensive analysis and consultation with industry experts as to implementing a RIDEA platform, we are now moving quickly to execute our strategy while actively building out the infrastructure necessary to make this strategy a success. As we've discussed, we have identified several opportunities to cooperatively convert selected existing triple net leases into RIDEA structures and are targeting $150 million to $200 million in initial growth investment assets currently on our balance sheet.

在對實施 RIDEA 平台進行廣泛的分析和諮詢行業專家之後，我們現在正在迅速執行我們的策略，同時積極建立使該策略成功所需的基礎設施。正如我們所討論的，我們已經確定了幾個機會，可以合作將選定的現有三重淨租賃轉換為 RIDEA 結構，並且目標是將我們資產負債表上的初始成長投資資產定為 1.5 億至 2 億美元。

We expect to complete these conversions from triple net to RIDEA during the second quarter. Currently, we expect that year-one NOI from these conversions will offset the initial expense incurred to build the platform. Once the conversions are complete, we will provide full-year guidance for 2025.

我們預計將在第二季完成從三重淨電到 RIDEA 的轉換。目前，我們預計這些轉換的第一年淨利潤將抵消建構平台產生的初始費用。轉換完成後，我們將提供 2025 年全年指導。

Cece will provide our first-quarter guidance during her remarks. In short, for us, RIDEA isn't just a strategy. It has the potential to be transformative. When combined with a robust suite of tailored financing solutions to support operator success, we will unlock long-term growth potential for LTC.

Cece 將在演講中提供我們第一季的指導。簡而言之，對我們來說，RIDEA不僅僅是一種策略。它具有變革的潛力。當我們結合一系列強大的客製化融資解決方案來支援營運商成功時，我們將釋放 LTC 的長期成長潛力。

Now, I'll turn things over to Cece for a review of our fourth-quarter financial results.

現在，我將把任務交給 Cece 來審查我們的第四季度財務表現。

Thank you, Pam. All the numbers I'll be discussing today for the fourth quarter of 2024 compared with the same period in 2023, unless otherwise noted.

謝謝你，帕姆。除非另有說明，我今天要討論的所有數據都是 2024 年第四季與 2023 年同期相比的數據。

Net income available to common shareholders decreased by $10.1 million, primarily due to a decrease on gain on sale, an increase in impairment losses, and higher G&A. These were partially offset by a decrease in interest expense, a decrease in our provision for credit losses, and an increase in one-time straight-line rental income related to restoring certain master leases from cash basis to accrual basis as required by GAAP.

普通股股東可支配淨利潤減少了 1,010 萬美元，主要原因是銷售收益減少、減損損失增加以及一般行政費用增加。這些損失被利息支出的減少、信貸損失準備金的減少以及與按照 GAAP 要求將某些主租賃從現金制恢復為應計制有關的一次性直線租金收入的增加部分抵消。

FFO excluding non-recurring items improved $2.1 million, primarily due to lower interest expense, rent increases from fair market rent resets, previously transitioned portfolios and escalations, an increase in interest income from construction loan funding in 2024, and lower transaction costs. The increase was partially offset by lower revenues due to property sales and mortgage loan payoffs, as well as higher G&A.

不包括非經常性項目的 FFO 增加了 210 萬美元，主要原因是利息支出降低、公平市場租金重置導致的租金上漲、先前轉換的投資組合和升級、2024 年建築貸款融資的利息收入增加以及交易成本降低。但這一增長被房地產銷售和抵押貸款償還導致的收入下降以及一般行政費用增加所部分抵消。

On a fully diluted per share basis, FFO was $0.72 compared to $0.57 last year. Core FFO, which excludes non-recurring items, was $0.65 per share in the 2024 fourth quarter compared with $0.66 per share in the 2023 fourth quarter.

以完全稀釋每股收益計算，FFO 為 0.72 美元，而去年同期為 0.57 美元。2024 年第四季度，核心 FFO（不包括非經常性項目）為每股 0.65 美元，而 2023 年第四季為每股 0.66 美元。

Recapping our fourth-quarter activities, some of which was discussed on last quarter's call. We received the payoff of a $51.1 million mortgage loan secured by a senior housing community in Georgia, sold a closed property in Colorado for $5.3 million and recorded a $1.1 million gain, repaid $95.8 million under our unsecured revolving line of credit, repaid $5 million in scheduled principal paydowns on our senior unsecured notes, entered into a new $400 million ATM program which includes a forward feature, and subsequently terminated our $200 million ATM program.

回顧我們第四季度的活動，其中一些在上個季度的電話會議上進行了討論。我們收到了由佐治亞州一家老年公寓社區擔保的 5110 萬美元抵押貸款的還款，以 530 萬美元的價格出售了科羅拉多州的一處已關閉的房產，獲得了 110 萬美元的收益，根據無擔保循環信用額度償還了 9580 萬美元，按計劃償還了 500 萬美元的無擔保票據2 億美元的 ATM 計畫。

We sold 476,370 shares of common stock for $17.5 million in net proceeds under these ATM programs and paid $25.8 million in common dividends. Subsequent to the end of the fourth quarter, we sold a 29-unit assisted living property in Oklahoma for $670,000. Upon sale, the property was removed from a master lease covering five assisted living properties in Oklahoma. Rent under the master lease was not reduced as a result of the sale.

根據這些 ATM 計劃，我們出售了 476,370 股普通股，淨收益為 1,750 萬美元，並支付了 2,580 萬美元的普通股股息。第四季結束後，我們以 67 萬美元的價格出售了位於俄克拉荷馬州的一處擁有 29 個單元的輔助生活物業。出售後，該房產被從涵蓋俄克拉荷馬州五處輔助生活房產的主租約中移除。主租約下的租金並未因出售而減少。

Repaid $7 million under our senior unsecured notes and borrowed $15 million under our revolving line of credit. At the end of the last quarter, our total liquidity was approximately $680 million, up from $229 million at the end of September 2024. We have $9.4 million of cash on hand, $281 million available on our line of credit, and $390 million available under our ATM.

根據我們的優先無擔保票據償還了 700 萬美元，並根據我們的循環信用額度借入了 1500 萬美元。截至上個季度末，我們的總流動資金約為 6.8 億美元，高於 2024 年 9 月底的 2.29 億美元。我們手頭上有 940 萬美元現金，信用額度有 2.81 億美元可用，ATM 有 3.9 億美元可用。

Each of these metrics improved from the end of the 2024 third quarter. Our debt to annualized adjusted EBITDA for real estate is down to 4.3 times from 4.7 times for the third quarter, and our annualized adjusted fixed charge coverage ratio is up to 4.7 times from 4.2 times for the third quarter.

從 2024 年第三季末開始，這些指標均有所改善。我們的房地產債務與年度調整後 EBITDA 比率從第三季的 4.7 倍下降至 4.3 倍，我們的年度調整後固定費用覆蓋率從第三季的 4.2 倍上升至 4.7 倍。

Our first quarter 2025 guidance for core FFO is between $0.64 and $0.65 per share. This guidance assumes no additional investments, asset sales, financing, or equity issuances.

我們對 2025 年第一季核心 FFO 的預期為每股 0.64 美元至 0.65 美元。本指南不假設任何額外投資、資產出售、融資或股權發行。

Now, I'll turn the call over to Clint.

現在，我將把電話轉給克林特。

Thank you, Cece. There is increasing momentum in our pipeline, which is expanding as a result of our entrance into RIDEA. We're seeing numerous opportunities from both proactive outreach and inbound inquiries, and are having some of the most productive conversations with operators that we've had in recent memory.

謝謝你，Cece。由於我們加入 RIDEA，我們的產品線不斷擴大，發展勢頭強勁。我們從主動聯繫和內部諮詢中看到了無數的機會，並與營運商進行了一些近期最富有成效的對話。

Our strategy has always been to listen closely to what operators want and need and provide them with a robust set of flexible and innovative solutions. RIDEA is now part of that toolbox and is anchoring our external growth story.

我們的策略一直是密切傾聽營運商的需求，並為他們提供一套強大、靈活和創新的解決方案。RIDEA 現在是該工具箱的一部分，並且是我們的外部成長故事的支柱。

While RIDEA represents our largest growth opportunity, we will continue to deploy other financing vehicles like triple net leases, mortgage loans, and structured finance. Currently, our pipeline is valued at approximately $100 million, including potential RIDEA transactions. We are in one of the best positions for accretive growth in recent years.

雖然 RIDEA 代表我們最大的成長機會，但我們將繼續部署其他融資工具，如三重淨租賃、抵押貸款和結構化融資。目前，我們的管道價值約為 1 億美元，其中包括潛在的 RIDEA 交易。我們正處於近年來增值成長的最佳位置之一。

Moving on to a few operator updates. ALG paid their contractual rent obligation with no deferral concession for January and February in a timely manner, and we expect the same for March. ALG is continuing to work towards exercising their purchase options, but we don't have a formal timeline as they are still evaluating financing opportunities.

繼續討論一些操作員更新。ALG 已按時支付了 1 月和 2 月的合約租金，且沒有延期付款優惠，我們預計 3 月也會如此。ALG 正在繼續努力行使他們的購買選擇權，但我們沒有正式的時間表，因為他們仍在評估融資機會。

We received $4.3 million from Prestige during the fourth quarter related to retroactive Medicaid payments they received. The security we now hold of approximately $5 million, combined with their current pay should allow us to receive full contractual interest through at least the end of this year. Occupancy in this portfolio increased 740 basis points from January of last year to January of this year.

我們在第四季度從 Prestige 獲得了 430 萬美元，與他們收到的追溯醫療補助付款有關。我們目前持有的約 500 萬美元的擔保，加上他們目前的薪酬，應該可以讓我們至少在今年年底之前獲得全部合約權益。從去年 1 月到今年 1 月，該投資組合的入住率增加了 740 個基點。

For our portfolio of 15 properties, subject to market-based rent resets, we received $3.7 million in rent in 2024 and expect that to increase to $4.8 million in 2025. We expect all 2025 lease maturities to be addressed by the end of the second quarter and also are actively working on 2026 maturities.

對於我們的 15 個房產組合，根據市場租金調整，我們在 2024 年收到的租金為 370 萬美元，預計到 2025 年將增加至 480 萬美元。我們預計所有 2025 年租賃到期問題將在第二季末解決，並且也積極處理 2026 年租賃到期問題。

Next year, we have about $19 million in annualized GAAP rental income maturing, including with two operators in our top 10, to make up 89% of that $19 million. One operator is expected to renew. The other has informed us that for strategic reasons, they do not plan to renew.

明年，我們將有約 1,900 萬美元的年度 GAAP 租金收入到期，其中包括前 10 名中的兩家營運商，佔 1,900 萬美元的 89%。預計有一家營運商將進行續約。另一家公司告訴我們，出於戰略原因，他們不打算續約。

We are actively negotiating offers to sell the seven skilled nursing centers that make up this portfolio. Based on feedback we're receiving from potential buyers, we believe that we will fully replace the $8.3 million of annualized GAAP rent for this portfolio by strategically redeploying the capital received from these sales at rates available to us today. We expect to complete the transactions in the fourth quarter of this year.

我們正在積極協商出售組成該投資組合的七個專業護理中心的報價。根據我們從潛在買家那裡收到的反饋，我們相信，透過以我們今天可用的利率策略性地重新部署從這些銷售中獲得的資本，我們將完全取代該投資組合 830 萬美元的年度 GAAP 租金。我們預計將在今年第四季完成交易。

To summarize, LTC is in one of the best positions for accretive growth that it has been for a while. We have made tremendous progress in diversifying our portfolio, shoring up our balance sheet, and importantly, adding a new investment structure that should become a mainstay for growth. Thank you all for joining us today. We look forward to talking to you again next quarter to discuss our first-quarter results.

總而言之，LTC 目前正處於一段時間以來增值成長的最佳位置之一。我們在多元化投資組合、鞏固資產負債表以及增加新的投資結構方面取得了巨大進展，這將成為成長的支柱。感謝大家今天的參與。我們期待下個季度再次與您交談，討論我們的第一季業績。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

（操作員指示）Austin Wurschmidt，KeyBanc 資本市場。

I was wondering if you could just provide some additional detail about who the operator is that gave notice that they don't intend to renew and then share a little bit more around, I guess, the sale and redeployment of proceeds and what the timeline of that looks like. I'm not sure I caught everything in the prepared remarks.

我想知道您是否可以提供一些額外的細節，說明哪家運營商通知他們不打算續約，然後分享更多有關出售和重新部署收益的信息，以及時間表。我不確定我是否理解了準備好的演講稿中的所有內容。

Sure. Not a problem, Austin. So this operator has -- they've decided to downsize the organization, and they made a strategic decision to exit the states where we have the properties in the portfolio. So the assets they cover and we have credit enhancements to secure rent as paid through the maturity.

當然。沒問題，奧斯汀。因此，該營運商已決定縮減組織規模，並做出了一項策略決策，退出我們擁有投資組合資產的州。因此，他們涵蓋的資產和我們的信用增強措施可以確保在到期日支付租金。

This is a process we've gone through. It's consistent with our historical recycling of capital on older skilled assets. And this is a strategic decision to recycle capital and sell into a strong market for private buyers of older assets.

這是我們經歷過的過程。這與我們歷史上對老技術資產的資本回收是一致的。這是一項策略決策，旨在回收資本並將舊資產出售給強大的私人買家市場。

And by doing this, we feel we're going to be able to reduce our average age of our portfolio, and we'll continue to strategically reduce exposure to skilled nursing. And we think that the timing of this sale and our interest in RIDEA line up well. And we think that by the end of the year, we'll be able to execute on these transactions.

透過這樣做，我們認為我們將能夠降低我們投資組合的平均年齡，並且我們將繼續從策略上減少對熟練護理的投資。我們認為，此次出售的時機與我們對 RIDEA 的興趣非常契合。我們認為到今年年底我們將能夠完成這些交易。

And with the rates available to us today, we think we'll be able to replace the income. This is something similar to our previous maturity with Brookdale, where we demonstrated our ability to transition assets, whether through sales or releasing to go ahead and recover or in the case of Brookdale, recover more income than they were under the existing Brookdale lease.

按照我們目前可用的利率，我們認為我們能夠彌補收入損失。這與我們之前與 Brookdale 的合作非常相似，當時我們展示了我們轉移資產的能力，無論是透過出售還是釋放來繼續收回資產，或者就 Brookdale 而言，收回比現有 Brookdale 租約下更多的收入。

So you think, given where you can sell those assets today, that you can redeploy that into shop on an earnings neutral basis? Did I hear you correctly?

那麼，您認為，考慮到您現在可以出售這些資產的地方，您可以在盈利中性的基礎上將其重新部署到商店中嗎？我沒聽錯吧？

Correct, yes.

正確，是的。

Okay, that's helpful. And then in the prepared remarks, you guys referenced that you expect a neutral earnings impact from the transition from triple net to RIDEA. Is that accounting for taking on the CapEx as well for those assets? And can you share what the yield is on in-place NOI for the $150 million to $200 million that are initially being transitioned?

好的，這很有幫助。然後在準備好的評論中，你們提到，預計從三重淨利潤到 RIDEA 的轉變將對盈利產生中性影響。這是否也考慮了這些資產的資本支出？您能否分享一下最初過渡的 1.5 億至 2 億美元的現有淨營運收益是多少？

Yeah, it does, Austin. It takes into account the expected one-time expenses related to setting up a platform like establishing a database and all of that. As far as the in-place yield, about 8%.

是的，奧斯汀。它考慮了與建立平台相關的預期一次性費用，例如建立資料庫等等。就實際收益率而言，約為8%。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

I'll start with the conversion to the pipeline. Sorry, the echo is getting to me a little bit. What percentage of your portfolio by the end of 2025 or maybe run rate you're expecting to shop versus net lease?

我將從管道轉換開始。抱歉，我有點受不了迴音。到 2025 年底，您預計購物與淨租賃的比例是多少？或者，您預計的營運率是多少？

Well, I think with the conversion that Pam spoke about in her prepared remarks, we're currently about 50-50 right now. I think you're going to see that over time, that's going to continue to increase more weighted towards shop.

嗯，我認為，根據帕姆在準備好的發言中提到的轉變，我們現在的比例大約是 50-50。我認為，隨著時間的推移，你會看到，商店的權重會繼續增加。

Okay. And then maybe just when I think about (technical difficulty) you now preparing to add shop to the platform. For some of your net lease peers, we've had discussions. They're like, oh, we're not prepared, at least internally. What should we expect on the G&A side as you prepare (technical difficulty) the shop operating platform?

好的。然後也許就在我考慮（技術難題）的時候，您現在正準備將商店添加到平台上。對於你們的一些淨租賃同行，我們已經進行了討論。他們就像，哦，我們還沒準備好，至少在內部還沒有。在您準備（技術難度）商店營運平台時，我們對 G&A 方面應該有何期待？

After we establish the platform, we'll give you a run rate on that increased G&A. But right now, as we said in our prepared remarks, we expect the increase in NOI from the shop portfolio to offset those expenses this year.

在我們建立平台之後，我們將為您提供增加的 G&A 的運行率。但目前，正如我們在準備好的演講中所說，我們預計商店組合的淨營業利潤的增加將抵消今年的這些費用。

Juan Sanabria, BMO.

胡安·薩納布里亞（BMO）。

This is Rob [Haneland] for Juan. Just curious if you could elaborate on the tenants that are interested in the RIDEA conversion. And could you share details on (technical difficulty) versus overall portfolio for potential tenants in the transition?

我是胡安 (Juan) 的羅布 (Rob) [哈內蘭 (Haneland)]。我只是好奇您是否可以詳細說明對 RIDEA 轉換感興趣的租戶。您能否分享有關過渡期間潛在租戶的（技術難度）和整體投資組合的詳細資訊？

Sure. Right now, the discussions that we are having with operating companies has been very robust. And as I mentioned in the prepared remarks, we've had some of the most productive conversations in recent memory in regard to RIDEA.

當然。目前，我們與營運公司的討論非常熱烈。正如我在準備好的演講中提到的那樣，我們就 RIDEA 進行了近期最富有成效的對話。

We've had -- I think this is what operators are looking for. And you see a lot of companies gravitating towards the RIDEA platform. And so this has really opened up conversations with a big part of the market that we were missing out previously by not doing RIDEA.

我們已經擁有——我認為這就是運營商所尋求的。你會看到很多公司都傾向於使用 RIDEA 平台。因此，這確實開啟了與很大一部分市場的對話，我們之前因為沒有推出 RIDEA 而錯失了這個市場。

So the business development side, we've been probably the most active on this front in the last couple of years. So the traction is tremendous, and we're really ramping up evaluating opportunities.

因此，在業務發展方面，我們可能是過去幾年在這方面最活躍的。因此吸引力是巨大的，我們正在加大對機會的評估。

And on the pipeline, could you speak more about what you're seeing, what's the fee-simple loan split, and what part of the pipe includes RIDEA?

關於管道，您能否詳細談談您所看到的情況，例如絕對產權貸款的分割情況，以及管道的哪些部分包括 RIDEA？

Sure. Well normally, we quote our pipeline for transactions under LOI. But given just the ramp up in our underwriting, as we're going through a number of transactions, we're about $100 million. I'd say right now, that's about 50% RIDEA and about 50% loans. The majority of it is on private pay assets.

當然。通常情況下，我們會根據意向書 (LOI) 為交易報價。但考慮到我們的核保業務不斷增加，隨著我們進行一系列交易，我們的承保金額約為 1 億美元。我想說的是，現在大約有 50％ 是 RIDEA，另外大約 50％ 是貸款。其中大部分是私人支付資產。

And one of the exciting things that we're hearing when talking to operators is really looking at right-sizing the relationship with capital partners. And I think that our entrance into RIDEA is well-timed, and it gives operators different optionality for -- to work with smaller REITs to right-size that alignment of interest between capital and the operator.

在與營運商交談時，我們聽到的令人興奮的事情之一是真正考慮與資本合作夥伴建立適當的關係。我認為我們進入 RIDEA 的時機恰到好處，它為營運商提供了不同的選擇——與較小的房地產投資信託基金合作，以適當調整資本和營運商之間的利益一致性。

You look at -- you're comparing triple net and RIDEA. RIDEA really gives us a better long-term organic growth outlook than the stated 2% or CPI increases in triple net leases. So when really looking at future growth for LTC, RIDEA really provides an outsized return versus a triple net investment.

你看——你正在比較三重淨和 RIDEA。RIDEA 確實為我們提供了比三重淨租賃中所述的 2% 或 CPI 成長更好的長期有機成長前景。因此，當真正著眼於 LTC 的未來成長時，RIDEA 確實比三重淨投資提供了超額的回報。

And then on the Prestige portfolio, just curious if there's any outside risk to that ability -- on the ability to sustain rents if Medicaid is cut under the new DC administration?

然後關於 Prestige 投資組合，我只是好奇如果新華盛頓特區政府削減醫療補助，該投資組合是否能夠維持租金，是否存在任何外部風險？

As I mentioned in prepared remarks, Prestige has done a good job growing occupancy, over 730 basis points over the last year. When we structured this transaction with Prestige at the end of '23, we gave them a long runway to be able to recover occupancy.

正如我在準備好的演講中提到的那樣，Prestige 在提高入住率方面做得很好，去年入住率增加了 730 個基點以上。當我們在 23 年底與 Prestige 建造這筆交易時，我們給了他們一個很長的跑道，以便能夠恢復入住率。

And they've been able to accomplish that, 700 basis points from January '24 to January -- through December of '24. So we're encouraged to see that. We did receive the retroactive Medicaid payment that was due us, so we're encouraged by that. And our hope is they continue to increase occupancy and improve operational performance.

他們已經實現了這一目標，從 2024 年 1 月到 2024 年 12 月，利率上升了 700 個基點。所以我們很高興看到這一點。我們確實收到了應得的追溯醫療補助金，因此我們對此感到鼓舞。我們希望他們能夠繼續提高入住率並改善營運績效。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

I hope that echo is gone. It was giving me vertigo. So in terms of where you go from here, you mentioned, Pam, $150 million to $200 million of internal transitions to RIDEA. Is there a much larger number that you think can execute?

我希望迴聲已經消失。它讓我感到眩暈。那麼關於您下一步的計劃，帕姆，您提到了向 RIDEA 進行 1.5 億到 2 億美元的內部轉型。您認為可以執行的數目是否較大？

And the reason why I ask is I'm wondering when RIDEA can truly make a dent in the portfolio in terms of its influence in your growth profile. It could take a while for it to become a meaningful part of the pie chart, but maybe I'm wrong about that. So that's the question.

我之所以問這個問題，是因為我想知道 RIDEA 何時才能真正對您的投資組合產生影響，尤其是在您的成長概況方面。它可能需要一段時間才能成為餅圖中有意義的部分，但也許我錯了。這就是問題所在。

We'll have the bucket of transition assets or lease-up assets, we call them. These are the leases that are currently on market-based resets. So if some of those operators wanted to transition to RIDEA, that would be a natural progression for that.

我們將擁有一批過渡資產或租賃資產，我們稱之為。這些是目前正在根據市場狀況重新設定的租約。因此，如果其中一些運營商想要過渡到 RIDEA，這將是自然而然的進程。

But right now, we are only targeting the two that we discussed in our prepared remarks. We think most of the growth will come externally from investments through RIDEA.

但目前，我們只針對我們在準備好的發言中討論過的兩個問題。我們認為大部分成長將來自透過 RIDEA 進行的外部投資。

Okay. And what's your vision like three or five years from now that you think you'll get to some level 25% RIDEA of the total pie? Do you have something like that in mind right now?

好的。您認為三到五年後 RIDEA 的市佔率將達到 25% 嗎？您現在心裡有類似的想法嗎？

Senior housing, like 25% to maybe 50% depending on the acquisition volume.

老年住房，大概是 25% 到 50%，取決於收購量。

Senior housing, RIDEA, I mean.

我指的是老年住房，RIDEA。

Yeah, sorry. It's predominantly what we're seeing an interest in from operators, from our customer base, and new operators. We've got a lot of inbound calls from new operators that we haven't done business with in the past because they don't do triple net. So it's really opened up a big area for us to make entry into.

是的，抱歉。這主要是我們看到營運商、客戶群和新營運商感興趣的事情。我們接到了很多來自新營運商的來電，我們以前從未與他們有過業務往來，因為他們不提供三網融合服務。因此，這確實為我們開闢了一個廣闊的進入領域。

And also, Rich, as we talked about with you specifically about, it really just opens up the opportunity set of conversations and deals that we can look at. So it really is giving us a lot more opportunities to explore.

而且，Rich，正如我們與您具體討論的那樣，它實際上只是開闢了我們可以考慮的一系列對話和交易的機會。所以它確實給了我們更多的探索機會。

Okay. Is there something about the nature of your portfolio that took this long for you to go after the right structure? I mean, it's -- the law has been around since 2007. But has it not been evident, just in the corner of the business that you work in, that you've really needed until somewhat more recently? Or I'm just -- I'm wondering about why now, I guess, on RIDEA?

好的。您的投資組合的性質是否導致您花了這麼長時間才找到正確的結構？我的意思是，這項法律自 2007 年就已經存在了。但是，直到最近，在您所從事的業務領域中，您真正需要的難道還不明顯嗎？或者我只是——我想知道為什麼現在要選擇 RIDEA？

A couple of things. One is just lessons learned through the pandemic, and we participated on the downside in a triple net lease, but it was hard to recover and participate in the upside. And then just looking at deal flow and pricing cap rates of where we can execute on. So the culmination of what we went through to the pandemic and then just being able to look at opportunities to invest and where that growth is, it's really RIDEA to be able to invest at those cap rates.

有幾件事。一是透過疫情吸取的教訓，我們參與了三重淨租賃的下行風險，但很難恢復並參與上行風險。然後只需查看我們可以執行的交易流程和定價上限率。因此，在經歷了這場大流行之後，我們才能夠尋找投資機會以及成長點，能夠以這些資本化率進行投資才是真正的 RIDEA。

And meeting the demand. I mean, in all of our meetings with operators, this is what they want and this is what they're requesting. And for so long, we said no, no, no. And the strategic planning meeting is we're sitting around saying, well, why are we saying no?

並滿足需求。我的意思是，在我們與運營商的所有會議中，這就是他們想要的，這就是他們要求的。長期以來，我們一直說「不，不，不」。在策略規劃會議上，我們坐在一起討論，為什麼我們要說不？

I mean, because it is a big undertaking. I don't want to diminish the efforts of everyone here at LTC. We're a small company to put this platform in place and do it right. But we're fully committed to it once we evaluate it and said, yep, this is the best path forward for LTC for future growth.

我的意思是，因為這是一項艱鉅的任務。我不想貶低 LTC 所有人的努力。我們是一家小公司，負責建立這個平台並做好它。但是，一旦我們對其進行評估並說這是 LTC 未來發展的最佳道路，我們就會全力以赴。

And it's really -- we've been able to experience this recently, Rich, just by -- on the business development front of getting meetings, having conversations about opportunities. I mean, it's ramping up substantially, and that wouldn't be happening if it wasn't for RIDEA. So really, the ability to increase the pie of what we're looking at, we feel we're getting a lot of traction with this.

里奇，我們最近確實能夠體驗到這一點，只是在業務發展方面舉行會議，談論機會。我的意思是，它正在大幅增長，如果沒有 RIDEA，這一切都不會發生。因此，實際上，透過擴大我們所關注的市場份額的能力，我們感覺我們在這方面獲得了很大的進展。

Okay. And just real quickly for you, Clint. The $8.3 million of rent that's associated with the seven property portfolio, is there any amount of that you're vulnerable to missing out on during 2025 as you execute the sale and redeployment? Or do you -- has the security deposits cover all that? Hello?

好的。克林特，請快速告訴我。與這七處房產組合相關的 830 萬美元租金，在 2025 年進行出售和重新部署時，您是否有可能損失其中的金額？或者你——保證金是否足以支付所有這些費用？你好？

Hi, Rich. So we're fully expecting the operator to pay rent on the portfolio through maturity or sale of the assets.

你好，Rich。因此，我們完全希望營運商透過資產到期或出售來支付投資組合的租金。

When does that mature?

那什麼時候成熟？

January 31.

1月31日。

'26.

'26。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

I know in your prepared remarks, Pam, you mentioned and you've been talking about in the Q&A about building your infrastructure for your RIDEA platform. I mean, can you provide some color on what that means? I mean, how are you going to build this infrastructure? And what do you -- what type of investments do you need to make sure you're tracking this RIDEA investments?

帕姆，我知道，在你準備好的演講中，你提到過，並且在問答環節中你一直在談論為你的 RIDEA 平台構建基礎設施。我的意思是，您能解釋一下這意味著什麼嗎？我的意思是，你將如何建造這個基礎設施？您需要什麼類型的投資來確保您追蹤 RIDEA 投資？

And I don't know, are you going to be helping your operators make these types of decisions? Or are you going to be letting your operators run this without much advice from you?

我不知道，你會幫助你的操作員做出這類決定嗎？或者你會讓你的操作員在沒有得到你太多建議的情況下運行這個系統嗎？

It's really that the database to collect all the operational information at the property level and accounting systems and some personnel. We view this as a partnership, a strategic partnership. So we'll be working with our operators.

它實際上是一個收集財產層面、會計系統和一些人員的所有營運資訊的資料庫。我們將此視為一種夥伴關係，一種策略夥伴關係。因此我們將與我們的運營商合作。

But we're -- the manager would be in charge of the day-to-day operations. That's how RIDEA works. But obviously, strategic decisions, capital improvements, and future investments that would be made together with the operator.

但是我們——經理將負責日常營運。這就是 RIDEA 的工作原理。但顯然，策略決策、資本改善和未來投資將與營運商共同做出。

So how long does it take to build that type of database and what type of information are you requesting your operators to give you? Is it both operational and financial information? Like are you getting like tour activity and other types of leading indicators from them?

那麼建立這種類型的資料庫需要多長時間以及您要求操作員向您提供什麼類型的信息？它既是營運資訊又是財務資訊嗎？您是否從他們那裡獲得旅遊活動和其他類型的領先指標？

Yeah. That type of information is crucial. The tours, the lease to conversion ratios, all of that. And yes, we will be collecting that from our operators. So that's pretty standard RIDEA information.

是的。此類資訊至關重要。旅遊業、租賃轉換率等等。是的，我們會從我們的運營商收集這些資訊。這是非常標準的 RIDEA 資訊。

We talk to people, industry experts, and our peers. That's the type of information they're collecting and helping. It really does help the operators to provide them information not just in our portfolio, but what's happening in the marketplace. And better -- more information helps better informed decisions.

我們與人們、行業專家和同行進行交談。這就是他們正在收集和提供幫助的資訊類型。它確實可以幫助運營商向他們提供信息，不僅是我們的產品組合，還有市場上正在發生的事情。更好的是——更多的資訊有助於做出更明智的決定。

Okay. And then related to the January 2026 expiration, I mean, can you give us an idea of what the coverage ratios are on those properties and -- or at least how it pertains to the averages that you guys quote in the supplemental?

好的。然後與 2026 年 1 月到期有關，我的意思是，您能否讓我們了解一下這些房產的覆蓋率是多少，或者至少它與您在補充資料中引用的平均值有何關係？

I would say right now, we haven't given coverage by specific assets, but these assets cover and we have strong credit enhancements on it. So the ability to collect rent for the duration of this lease is not a concern for us.

我想說的是，現在我們還沒有給出具體資產的覆蓋範圍，但是這些資產已經覆蓋，並且我們對其有很強的信用增強。因此，我們並不擔心在租賃期間能否收取租金。

Okay. And then, Clint, I know for Austin's question earlier, you mentioned that the reinvestment of these proceeds were into RIDEA assets, what you highlighted about your prepared remarks. Did I hear that correctly? Or do you think you can regain this $80 million-plus of NOI? I mean, it's RIDEA investments, right, not debt investments or anything like that?

好的。然後，克林特，我知道對於奧斯汀之前的問題，您提到這些收益的再投資是用於 RIDEA 資產，這是您在準備好的演講中強調的。我沒聽錯吧？或者您認為您可以重新獲得這 8000 多萬美元的淨利潤嗎？我的意思是，這是 RIDEA 投資，對吧，而不是債務投資或類似的東西？

Primarily, RIDEA. But look, it's going to be a timing of executing on the sales and then deploying that capital. And it will be a combination probably of timing of RIDEA investments as well as other investments we'd make, which could be loans, triple net leases.

首先是RIDEA。但看看吧，這將是執行銷售並部署資本的時機。這可能是 RIDEA 投資時機以及我們進行的其他投資（可能是貸款、三重淨租賃）的組合。

That really goes back just to the timing. But what we see right now in the market as far as rates available to us today, we think that we can recapture, recover -- redeploy at the same yield to retain that income in the portfolio.

這實際上又回到了時間問題。但就我們目前在市場上看到的利率而言，我們認為我們可以重新獲得、恢復——以相同的收益率重新部署以保留投資組合中的收入。

Great. And then just last one for me. There was a small tenant that looks like you had a short-term one-year renewal. Can you describe why it was only a one-year renewal, if there's any risk to that tenant? Or are you working on a bigger renewal with them now?

偉大的。對我來說，這是最後一個。有一位小租戶看起來與您簽了為期一年的短期續約合約。您能否解釋為什麼只續租一年，以及這對租戶是否有風險？或者您現在正在與他們合作進行更大規模的續約？

The operator is looking at doing a larger financing and adding these two properties into that larger financing. So this was an accommodation to give them more time to be able to accomplish that.

營運商正在考慮進行更大規模的融資，並將這兩處房產添加到更大規模的融資中。因此，這是一種安排，可以給他們更多時間來實現這一目標。

And the purchase option they have is based on fair market value. But as consideration for this extension, we've increased the floor for that. So really, this is a long tenured tenant that we've had in our portfolio and a combination to help them to accomplish a larger financing.

他們的購買選擇是基於公平市場價值的。但作為此次延期的考慮，我們提高了最低限額。因此，實際上，這是我們投資組合中的長期租戶，我們之間的結合可以幫助他們實現更大規模的融資。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

This is Sam on for Tayo. I was just wondering if you guys could provide some details around the circumstance leading to the restoring of accrual bid accounting for the two master leases?

這是 Sam 代替 Tayo 上場。我只是想知道你們是否可以提供一些有關導致恢復兩份主租賃的應計投標會計的情況的詳細信息？

Sure. We evaluate our leases on a quarterly basis, at least as we have on a cash basis of accounting. And with the sustained strong operational performance in these portfolios, we had a higher confidence level that we would receive contractual rent through maturity.

當然。我們按季度評估我們的租賃，至少與我們按現金會計制進行評估一樣。由於這些投資組合持續強勁的營運表現，我們對到期日收到合約租金的信心更高。

Got you. And maybe you guys (technical difficulty) what the tenants were -- if you think this will occur again in 2025?

明白了。也許你們（技術難題）知道租戶是誰——你們認為這種情況會在 2025 年再次發生嗎？

We haven't disclosed the tenants -- we typically don't talk about our tenants on an individual basis. But we do have more, if your question is how many more we have on a cash basis, about 50% of our portfolio is on a cash basis, and we're evaluating that quarterly.

我們沒有透露租戶資訊——我們通常不會單獨談論我們的租戶。但我們確實有更多，如果你的問題是我們在現金基礎上還有多少，我們的投資組合中大約有 50% 是現金基礎，我們每季都會進行評估。

So it could -- right now, there's none that we have that high confidence level that would require us to put them back on a cash basis. But we are looking at it, but possibly in 2026 and 2027, especially as you get closer to the maturity of leases and you have that higher level of confidence and insight into what you project, that they'll be able to pay through maturity.

所以，目前，我們還沒有信心到需要我們以現金為基礎來償還。但我們正在考慮，可能是在 2026 年和 2027 年，特別是當你接近租賃到期時，你對你的預測有更高的信心和洞察力，他們將能夠在到期時付款。

That's really the crux of putting them back on a cash basis -- I'm sorry, accrual. Taking them off a cash basis and putting them on accrual.

這確實是將其重新納入現金基礎（對不起，是應計基礎）的關鍵。將它們從現金制中剔除，轉為應計制。

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，現在我將把電話交給溫蒂做結束語。

Again, thank you all for joining us today. We are very excited, as you can hear for the future of LTC. And we look forward to talking to you relative to our first-quarter results in just a few short months. Have a great day.

再次感謝大家今天的參加。正如您所聽到的，我們對 LTC 的未來感到非常興奮。我們期待在短短幾個月內與您討論我們的第一季業績。祝你有美好的一天。

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，大家可以斷開連線了。感謝您的參與。