LTC Properties Inc (LTC) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the LTC Properties Incorporated first-quarter 2025 earnings call. (Operator Instructions) Before management begins its presentation, please know 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.

女士們、先生們，大家好，歡迎參加 LTC Properties Incorporated 2025 年第一季財報電話會議。（操作員指示）在管理層開始演示之前，請注意，今天的評論（包括問答環節）可能包括前瞻性陳述，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，包括公司最新的日期為 2024 年 12 月 31 日的 10-K 報表。LTC 不承擔修改或更新這些前瞻性陳述以反映本簡報發布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 your host, Mr. Clint Malin. Sir, the floor is yours.

現在我想將會議交給主持人克林特馬林先生。先生，請您發言。

Hello and welcome, everyone, to our first-quarter 2025 earnings call. With me today are Wendy Simpson, our Executive Chairman; Pam Kessler, our Co-CEO; CeCe Chikhale, our CFO; and Gibson Satterwhite, our Executive Vice President of Asset Management. This year is off to a great start. Through our RIDEA platform, we now have a SHOP portfolio totaling $176 million in gross book value through the cooperative conversion of 13 properties from triple net leases.

大家好，歡迎參加我們的 2025 年第一季財報電話會議。今天和我一起的還有我們的執行主席溫蒂辛普森 (Wendy Simpson)；我們的共同執行長 Pam Kessler； CeCe Chikhale，我們的財務長；以及我們的資產管理執行副總裁 Gibson Satterwhite。今年開局良好。透過我們的 RIDEA 平台，我們透過合作轉換三重淨租賃中的 13 個房產，現在擁有總帳面價值達 1.76 億美元的 SHOP 投資組合。

We completed the conversion with Anthem Memory Care on May 1 and expect to complete a conversion with New Perspective Senior Living within the next 30 days. What's more, we've added to LTC's bench strength with the appointment of our new Chief Investment Officer and demonstrated the depth of talent in our company with the promotions of several executives as discussed last quarter.

我們於 5 月 1 日與 Anthem Memory Care 完成了轉換，並預計在未來 30 天內與 New Perspective Senior Living 完成轉換。此外，我們任命了新的首席投資官，增強了 LTC 的後備力量，並且如上個季度所討論的那樣，透過提拔幾位高管，展示了我們公司的人才深度。

The implementation of our RIDEA strategy has resulted in an increase in our investment pipeline, giving us a clear pathway to growth by more fully aligning our interests with those of our existing and new operators and unlocking additional opportunities for performance-driven upside. Currently, our pipeline stands at $300 million, of which RIDEA opportunities represent approximately 50%.

RIDEA 策略的實施增加了我們的投資管道，使我們的利益與現有和新營運商的利益更加一致，從而為我們提供了清晰的成長道路，並釋放了以績效為導向的更多上升機會。目前，我們的管道價值 3 億美元，其中 RIDEA 機會約佔 50%。

We welcomed our new Chief Investment Officer, Dave Boitano, on April 21. Dave adds even deeper expertise to our team. Spending most of his career in seniors housing at Ventas, he played a pivotal role in sourcing investments and had direct underwriting responsibility for $5 billion in transactions.

4 月 21 日，我們迎來了新任首席投資長 Dave Boitano。Dave 為我們的團隊增添了更深厚的專業知識。他的大部分職業生涯都在 Ventas 的老年人住房領域度過，在尋找投資方面發揮了關鍵作用，並直接承銷了 50 億美元的交易。

As we expand our RIDEA platform, Dave's experience and substantial industry relationships will contribute to our future growth. You will be hearing directly from Dave on our next quarterly call. We've clearly laid the foundation or transformative expansion. And with growth as our focus for 2025, we are moving into the future with momentum and confidence.

隨著我們擴展 RIDEA 平台，Dave 的經驗和豐富的行業關係將為我們未來的發展做出貢獻。您將在下次季度電話會議上直接聽到戴夫的演講。顯然，我們已經奠定了變革性擴張的基礎。我們將以成長作為 2025 年的重點，滿懷動力和信心地邁向未來。

Next, I'll turn the call over to CeCe for a review of our first-quarter financial results.

接下來，我將把電話轉給 CeCe，讓他回顧我們的第一季財務表現。

Thank you, Clint. All of the numbers I'll be discussing today are for the first quarter of 2025 compared with the same period in 2024, unless otherwise noted. In yesterday's earnings release, we provided a detailed description of our financial results. So this morning, I'll focus my comments on items of note. Fully diluted FFO per share excluding non-recurring items or core FFO grew to $0.65 from $0.64. Fully diluted FAD per share excluding non-recurring items or core FAD increased $0.70 from $0.67.

謝謝你，克林特。除非另有說明，我今天討論的所有數字都是 2025 年第一季與 2024 年同期相比的數據。在昨天的收益報告中，我們提供了財務表現的詳細描述。因此今天上午，我將重點評論值得注意的事項。不包括非經常性項目或核心 FFO 的每股完全稀釋 FFO 從 0.64 美元增至 0.65 美元。不包括非經常性項目或核心 FAD 的每股完全稀釋 FAD 從 0.67 美元增加 0.70 美元。

Core FFO and core FAD increased primarily related to a decrease in interest expense, rent increases from fair market rent resets, escalations and amendments, an increase in income from unconsolidated joint ventures, and an increase in interest income from additional loan funding. These were partially offset by lower interest income due to mortgage loan payoffs and principal paydowns, an increase in G&A, and lower rental income from property sold.

核心 FFO 和核心 FAD 的成長主要由於利息支出減少、公平市場租金重置、升級和修改導致的租金增加、非合併合資企業收入增加以及額外貸款融資導致的利息收入增加。但這些收入因抵押貸款償還和本金償還導致的利息收入減少、一般及行政費用增加以及出售房產的租金收入減少而被部分抵消。

During and subsequent to the first quarter, we sold shares under our ATM for net proceeds of $9.6 million. These proceeds are being used to fund the initial investment in our RIDEA platform, comprised of our purchase of Anthem's leasehold improvement for $1.4 million, which will be capitalized; and a $6.5 million lease termination fee to New Perspective, which will be expensed; as well as one-time RIDEA platform transaction costs of approximately $1.1 million to $1.5 million.

在第一季及之後，我們透過 ATM 出售了股票，淨收益為 960 萬美元。這些收益將用於資助我們對 RIDEA 平台的初始投資，包括我們以 140 萬美元購買 Anthem 的租賃改良物，並將其資本化；以及向 New Perspective 支付的 650 萬美元的租賃平台終止費，該費用將計入費用；以及一次性約110萬至150萬美元的RIDEA平台交易費用。

Our total liquidity is approximately $681 million. Our debt to annualized adjusted EBITDA for real estate is 4.3 times, and our annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times for the fourth quarter of last year. Today we are providing full-year 2025 guidance for core FFO per share between $2.65 and $2.69, and core FAD per share of between $2.78 and $2.82. Please refer to our supplemental for our assumptions for this guidance.

我們的總流動資金約為 6.81 億美元。我們的房地產債務與年度調整後 EBITDA 比率為 4.3 倍，年度調整後固定費用覆蓋率從去年第四季的 4.7 倍提高到 5.0 倍。今天，我們為 2025 年全年每股核心 FFO 提供指導，範圍在 2.65 美元至 2.69 美元之間，每股核心 FAD 提供指導，範圍在 2.78 美元至 2.82 美元之間。請參閱我們對本指南的假設的補充資料。

Now I'll turn things over to Gibson.

現在我將把話題交給吉布森。

Thanks, CeCe. We'll start with RIDEA, where we've made meaningful strides since our last update, and close collaboration with our partner Anthem. On May 1, we transitioned 12 memory care properties from triple net leases into our SHOP portfolio. The Anthem portfolio currently is 81% occupied. Additionally, we have agreed to cooperatively convert one independent and assisted living property operated by New Perspective into the portfolio with the target closing date of June 1.

謝謝，CeCe。我們將從 RIDEA 開始，自上次更新以來我們取得了有意義的進步，並與我們的合作夥伴 Anthem 密切合作。5 月 1 日，我們將 12 個記憶照護物業從三重淨租賃轉移到我們的 SHOP 投資組合。Anthem 投資組合目前的佔用率為 81%。此外，我們已同意合作將 New Perspective 營運的一處獨立及輔助生活物業轉換為投資組合，目標截止日期為 6 月 1 日。

The New Perspective property is stabilized, while Anthem offers some upside as that portfolio progresses toward increased occupancy. In 2025, for our current SHOP portfolio, we're projecting SHOP NOI in the range of $9.4 million to $10.3 million. Note that these figures are reflected in the guidance CeCe shared earlier. In addition to the $600,000 to $800,000 FAD CapEx estimate outlined in our earnings release, we committed $4 million for renovations.

New Perspective 的物業狀況已趨於穩定，而隨著投資組合的入住率不斷提高，Anthem 也具有一定的上升空間。到 2025 年，對於我們目前的 SHOP 投資組合，我們預計 SHOP NOI 將在 940 萬美元至 1,030 萬美元之間。請注意，這些數字反映在 CeCe 之前分享的指南中。除了收益報告中概述的 60 萬至 80 萬美元的 FAD 資本支出估算外，我們還承諾投入 400 萬美元用於翻新工程。

Regarding Prestige, we received full contractual cash interest of $5 million through $3.8 million of cash interest paid and the application of $1.2 million from their security. Subsequent to March 31, Prestige received $2.3 million in retroactive Medicaid payments, which were funded into our security [pocket] which now equals approximately $6 million. When combined with the current cash pay, we expect to receive full contractual interest at least through May 2026.

對於 Prestige，我們透過支付 380 萬美元的現金利息和從其擔保中撥出的 120 萬美元，獲得了 500 萬美元的全額合約現金利息。3 月 31 日之後，Prestige 收到了 230 萬美元的追溯醫療補助金，這些錢被存入我們的安全帳戶，現在約為 600 萬美元。加上目前的現金支付，我們預計至少到 2026 年 5 月將獲得全額合約利息。

As a reminder, our loan modification in the fall of 2023 introduced a current pay interest component and a mechanism to increase our security from prestigious retroactive Medicaid payments. It also included LTC's participation in excess cash generated by the portfolio beginning in 2025. This structure was designed to provide more than a two-year runway for Prestige to recover from occupancy challenges experienced during the pandemic. With the level of security we now hold and increased occupancy and performance, our investment is on much stronger footing and is continuing to improve.

提醒一下，我們在 2023 年秋季的貸款修改引入了當前支付利息部分和一種機制，以增強我們對享有盛譽的追溯醫療補助支付的安全性。它還包括 LTC 從 2025 年開始參與該投資組合產生的超額現金。該結構旨在為 Prestige 提供超過兩年的恢復期，以擺脫疫情期間遇到的入住挑戰。隨著我們現在擁有的安全等級以及入住率和性能的提高，我們的投資基礎更加牢固，並且持續改善。

From our portfolio of 14 properties subject to market-based rent resets, we expect to collect $5.1 million in revenue this year, up from guidance of $4.4 million last quarter on a same-property basis. Current guidance for this portfolio on the same-property basis represents an approximate 50% increase from the $3.4 million of rent received related to these properties in 2024.

我們投資組合中有 14 處房產將根據市場情況重新調整租金，預計今年這些房產的收入將達到 510 萬美元，高於上季同類房產的 440 萬美元預期。以相同物業計算，該投資組合的當前指導價比 2024 年收到的與這些物業相關的 340 萬美元租金增長約 50%。

Regarding the operator's decision not to renew their lease on seven skilled nursing centers for strategic reasons, we are continuing the sale process and remain committed to replacing at least $8.3 million of 2025 GAAP rent. We plan to strategically deploy sale proceeds into growth opportunities we have discussed. One property is currently under contract, and we expect the remaining six to be under contract in the second quarter, with all sales expected to close in the fourth quarter of this year.

關於營運商出於策略性原因決定不再續租七家專業護理中心的決定，我們將繼續進行銷售流程，並繼續致力於補償至少 830 萬美元的 2025 年 GAAP 租金。我們計劃將銷售收益策略性地部署到我們討論過的成長機會。目前有一處房產正在簽約，我們預計其餘六處房產將在第二季簽約，所有銷售預計將在今年第四季完成。

Now I'll hand the call over to Pam.

現在我將把電話交給帕姆。

Thank you, Gibson. With momentum building and growth as our key priority, we're actively pursuing and underwriting opportunities to add newer, stabilized assets with prospects for improved performance that enhance portfolio quality and amplify LTC's upside potential. We expect SHOP to represent a growing share of our portfolio as we scale our platform.

謝謝你，吉布森。以建立勢頭和成長為主要優先事項，我們正在積極尋求和承保機會，以增加更新、更穩定的資產，並有望提高業績，從而提高投資組合品質並擴大 LTC 的上行潛力。隨著我們平台的擴大，我們預計 SHOP 將在我們的投資組合中佔據越來越大的份額。

By complementing our idea strategy with investments in traditional and structured finance transactions that offer compelling initial yields, we're building a resilient, performance-driven portfolio structured for long-term value creation. We see RIDEA as a game changer for LTC. Backed by a seasoned team, ample access to capital, and a growing investment pipeline, we're prepared to execute with discipline and precision to capture new opportunities ahead.

透過將我們的創意策略與提供誘人初始收益的傳統和結構化融資交易投資相結合，我們正在建立一個具有彈性、以績效為導向的投資組合，以實現長期價值創造。我們認為 RIDEA 將改變 LTC 的遊戲規則。在經驗豐富的團隊、充足的資金和不斷增長的投資管道的支持下，我們準備以紀律性和精確性執行，以抓住未來的新機會。

Before we open the call to questions, I'll turn things over to Wendy for closing remarks.

在我們開始提問之前，我將把時間交給溫迪來做結束語。

Thank you, Pam. The entire Board and I are energized by the progress LTC has made and even more enthusiastic about the opportunities ahead. Before transitioning to Q&A, I'd like to recognize Doug Corey, who recently retired to focus on his health and family after a remarkable 40-year career in the industry.

謝謝你，帕姆。我和整個董事會都對 LTC 所取得的進步感到振奮，並對未來的機會充滿熱情。在進入問答環節之前，我想先感謝道格·科里 (Doug Corey)，他在該行業工作了 40 年，成績斐然，最近他退休了，專注於自己的健康和家庭。

LTC was fortunate to have him as part of our team for the last decade. Doug was instrumental in broadening our strategy beyond traditional triple net investments, was a champion for innovative and flexible structured finance solutions that expanded our capabilities and deepened our industry connections. We will miss Doug's sharp insight, dry humor, and steady hand, and we wish him and his family all the best in this next chapter.

LTC 很榮幸在過去十年中擁有他作為我們團隊的一員。道格在將我們的策略拓展到傳統三重淨投資之外方面發揮了重要作用，他是創新靈活的結構化融資解決方案的倡導者，擴展了我們的能力並加深了我們的行業聯繫。我們會懷念道格敏銳的洞察力、冷幽默和穩健的作風，我們祝福他和他的家人在下一章一切順利。

Operator, we're ready for questions from the audience.

接線員，我們已經準備好回答觀眾的提問了。

(Operator Instructions) Juan Sanabria, BMO Capital Markets.

（操作員指示） Juan Sanabria，BMO 資本市場。

Hi, good morning. I hope you guys are doing well. I'm just curious on ALG. What's assumed in guidance with regards to their option to buy those assets and how's that process going in their ability to secure financing to move that process forward?

嗨，早安。我希望你們一切都好。我只是對 ALG 感到好奇。關於他們購買這些資產的選擇，指導意見中有何假設？他們獲得融資以推動這項進程的能力如何？

Thanks Juan, this is Pam. Yes, they are still working on their financing in this uncertain rate environment with the wild swings in treasuries, you can imagine, and an off and on sort of prospect at this point. But we are hopeful that they will be able to refinance this year. However, our guidance assumes that they don't and that they continue to pay full rent.

謝謝胡安，我是帕姆。是的，他們仍在努力在這種不確定的利率環境下進行融資，你可以想像，國債價格劇烈波動，目前的前景也時好時壞。但我們希望他們今年能夠再融資。然而，我們的指導假設他們不會這樣做，並且他們會繼續支付全額租金。

Great. And then just on the New Perspective, if you could just give a little bit more color on the lease term payment that you're paying there at $6.5 million and how that was kind of arrived at and the payback period you guys are thinking about giving. I think you said that asset is a bit more stabilized, so just hoping for a little bit more color there.

偉大的。然後就《新視角》而言，如果您可以稍微詳細地介紹一下您支付的 650 萬美元的租賃期付款，以及這個金額是如何得出的，以及您考慮給出的回報期。我認為您說過資產更加穩定了，所以只是希望那裡能有更多的色彩。

Juan, it is a stabilized asset. And with New Perspective, it's a company we've known for many years, looking at doing investments with them. We only have the one asset with them. And they do have SHOP experience with other REITs, so we see them as a growth opportunity for LTC going forward. And really, they've been very successful with this asset we have with them.

胡安，它是一種穩定資產。我們認識 New Perspective 公司很多年了，正在考慮與他們進行投資。我們和他們只有一項資產。他們確實擁有與其他 REIT 合作的 SHOP 經驗，因此我們認為這是 LTC 未來的成長機會。事實上，他們利用我們擁有的這項資產取得了巨大成功。

And really paying this amount for lease termination was really to reward them for the value creation that they've created and gives us really a runway with them to be able to look at new opportunities and grow our SHOP portfolio. So that was our rationale in doing that with New Perspective. And really for us to launch this platform with these assets we were familiar with, with both Anthem and New Perspective, it was a great starting point for us.

支付這筆終止租約的款項實際上是為了獎勵他們所創造的價值，並為我們提供了一條與他們合作的道路，讓我們能夠尋找新的機會並擴大我們的 SHOP 產品組合。這就是我們採用「新視角」來做這件事的理由。對我們來說，利用我們熟悉的資產（包括 Anthem 和 New Perspective）來推出這個平台，這對我們來說是一個很好的起點。

Thanks, and then just one more for me. Just on the SHOP platform, should we expect other triple-net-to-SHOP conversions? And on the pipeline, what percentage would you say is kind of fee-simple SHOP of the $300 million?

謝謝，那我再說一句。僅在 SHOP 平台上，我們是否應該期待其他三重網路到 SHOP 的轉換？在管道方面，您認為 3 億美元中有多少比例屬於完全產權 SHOP？

So of the $300 million, I mentioned in my remarks, Juan, that it's 50% represents RIDEA for the pipeline. There's going to be some opportunity for potential other triple-net conversions, not of scale. We're really looking at SHOP as an external growth story.

胡安，我在演講中提到，在這 3 億美元中，有 50% 代表 RIDEA 的管道建設。可能會存在一些其他三網轉換的機會，但規模不大。我們確實將 SHOP 視為一個外部成長故事。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Thanks. Good morning, everybody. Can you just talk about how you arrived at the NOI range for the SHOP assets over the remaining eight months of the year and kind of what that range implies for either sequential or year-over-year growth?

謝謝。大家早安。您能否談談如何得出今年剩餘八個月 SHOP 資產的 NOI 範圍，以及該範圍對於連續或同比增長意味著什麼？

Sure, Austin. Hi, this is Gibson. Let me get to it. One second. So we looked at the SHOP portfolio, and because these are conversions, we looked at 2024 on a pro forma basis. So we're saying we have similar accounting treatments. So if you look at 2024, the portfolio is 85% occupied. So we're only assuming 85% occupancy for 2025, and I can get into some detail why later.

當然，奧斯汀。你好，我是吉布森。讓我來開始吧。一秒鐘。因此，我們研究了 SHOP 投資組合，由於這些都是轉換，因此我們以準備考試的方式研究了 2024 年。所以我們說我們有類似的會計處理。因此，如果你看 2024 年，投資組合的佔用率為 85%。因此，我們僅假設 2025 年的入住率為 85%，稍後我可以詳細說明原因。

Right now, on a full-year basis, 2025 over 2024, we've got $15.2 million versus $14 million. So that's $15.2 million in 2025 over $14 million for 2024. A big driver of the growth going forward from where we are now is continued lease up in the Anthem portfolio. They had a little bit of -- they had higher-than-normal discharges in Q4, and we expect them to get back to occupancy that they had in Q3 last year.

目前，以全年計算，2025 年與 2024 年，我們的收入分別為 1,520 萬美元和 1,400 萬美元。因此，2025 年的投資額將達到 1,520 萬美元，而 2024 年的投資額將達到 1,400 萬美元。從目前的情況來看，未來成長的一大動力是 Anthem 投資組合的持續租賃成長。他們的排放量在第四季度略高於正常水平，我們預計他們的入住率將恢復到去年第三季的水平。

And then beyond occupancy, are there other opportunities on the expense front? Just curious how you're thinking about the growth profile of this portfolio as we think about the next several years.

那麼除了入住率之外，在費用方面還有其他機會嗎？我只是好奇，當我們考慮未來幾年時，您如何看待這個投資組合的成長狀況。

Well, with respect to the portfolio that we talked about converting, I think that we do have some upside beyond the end of 2025. But we end up in 2025 assuming about 87% occupancy on a unit basis for the portfolio versus 86% Q3 of '24. There are some -- we try to make realistic budgets. Anthem's made some progress on cost reductions and efficiencies in their staffing model in Q4 of '24. And so we feel like we have some room and try to give ourselves multiple paths to be able to hit the guidance that we provided.

嗯，關於我們談到的轉換的投資組合，我認為我們在 2025 年底之後確實有一些上行空間。但我們最終假設 2025 年該投資組合的單位入住率約為 87%，而 24 年第三季為 86%。有一些——我們試圖制定切合實際的預算。2024 年第四季度，Anthem 在降低成本和提高人員配置模式效率方面取得了一些進展。因此，我們覺得我們有一些空間，並嘗試為自己提供多種途徑，以便能夠達到我們所提供的指導。

That's helpful, and then just last one here. I guess for that 50% of the investment pipeline, that includes SHOP assets. I mean, how are we thinking about going in cap rates on those deals? And just as you're building out your senior housing portfolio, how are you balancing, I guess, operator and geographic diversification versus trying to kind of build some scale with the assets you already have? Thanks.

這很有幫助，這裡只剩下最後一個了。我猜想這 50% 的投資管道中包括 SHOP 資產。我的意思是，我們如何考慮這些交易的資本化率？在您建立老年住房投資組合時，我想您是如何平衡營運商和地理多樣化與嘗試利用現有資產擴大規模之間的？謝謝。

Sure, we'll definitely focus on operator concentration. That's a key element for us as we look at having ALG exercise the purchase options to reduce that concentration, so something that's very much on the forefront. And primarily in our investment pipeline, we're looking at deals that are one or two assets.

當然，我們一定會注意操作員的集中度。當我們考慮讓 ALG 行使購買選擇權以降低集中度時，這對我們來說是一個關鍵因素，因此這是非常重要的一點。在我們的投資管道中，我們主要專注於一或兩項資產的交易。

There's a couple small portfolios, but our focus really is on one or two assets, being cognizant of that diversification with operators. And we've actually been actively pre-marketing RIDEA over the course of the last five to six months, getting traction. And a number of deals in our pipeline are off market, which we're very encouraged by.

有幾個小型投資組合，但我們的重點實際上是一兩項資產，並意識到與營運商的多樣化。事實上，在過去的五到六個月裡，我們一直在積極地對 RIDEA 進行預先行銷，以獲得關注。我們正在進行的許多交易都是場外交易，這讓我們感到非常鼓舞。

I would say on the SHOP front, we're looking at probably 7% going in yields, plus or minus, within the forward-looking yield going up to 7.5% to 8% as you look at cost reductions, rate growth, and occupancy improvement in SHOP. And we're looking at balancing that, as Pam mentioned in her prepared remarks, with leases, loans, and structured finance products that have higher initial yields to offset those initial SHOP yields as we're growing the portfolio.

我想說，在 SHOP 方面，我們預計收益率可能會在 7% 左右，隨著成本降低、利率增長和 SHOP 入住率提高，預期收益率將上升至 7.5% 至 8%。正如帕姆在準備好的演講中提到的那樣，我們正在考慮透過租賃、貸款和結構性融資產品來平衡這一點，這些產品具有更高的初始收益率，可以在我們擴大投資組合的同時抵消初始 SHOP 收益率。

That's helpful. Thank you.

這很有幫助。謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Hey, thanks, and good morning. So this $176 million is roughly using your enterprise value, about 7% of the company. I think I have that math right. I'm just curious if you can sort of share a pipeline of your conversion activities. So we talked about the $300 million pipeline external growth, but what's the pipeline of internal conversions that you see going forward? And what's the pace to get to something like 25% or 30% of the company in the next a couple of years?

嘿，謝謝，早安。所以這 1.76 億美元大概是你的企業價值，約占公司的 7%。我認為我的計算是正確的。我只是好奇您是否可以分享您的轉換活動流程。因此，我們討論了 3 億美元的外部成長管道，但您認為未來的內部轉換管道會是怎麼​​樣的呢？未來幾年內達到公司 25% 或 30% 的份額需要多少時間？

Hi, Rich. We currently -- we don't have plans to convert anything that's in our triple net portfolio at this point, though we always hold that option open. And then it's really going to be the organic growth that Clint talked about, acquiring, doing investments through the RIDEA platform, and also blending that with more traditional triple net and loans.

你好，Rich。我們目前沒有計劃轉換我們三重淨投資組合中的任何資產，但我們始終保留這一選擇。然後它實際上就是克林特所說的有機成長，收購，透過 RIDEA 平台進行投資，並將其與更傳統的三重淨額和貸款相結合。

As occupancy improves in our portfolio, those operators that have triple net leases probably become less inclined to want to transition to the SHOP platform. But if they're if they have created value in their portfolios and they would like to be rewarded for that, we would entertain doing something similar to what we did with New Perspective.

隨著我們投資組合的入住率提高，那些擁有三重淨租賃的營運商可能不太願意轉向 SHOP 平台。但如果他們在投資組合中創造了價值，並希望獲得回報，我們會考慮採取與 New Perspective 類似的措施。

Okay, great. Thanks for that color, Pam. The other thing is you're converting to SHOP a memory care portfolio with Anthem, higher acuity assets and so on. Is that -- do you think you'll kind of be looking downstream a little bit in terms of lower acuity for future SHOP transactions in your external growth strategy, or do you like the memory care thesis in a SHOP wrapper?

好的，太好了。謝謝你的顏色，帕姆。另一件事是，您正在轉換為 SHOP 記憶護理投資組合，其中包含 Anthem、更高敏銳度資產等。那是——您是否認為您會在外部成長策略中以較低的敏銳度來看待未來 SHOP 交易的下游問題，或者您是否喜歡 SHOP 包裝中的記憶護理論文？

Well, we like -- I mean, we like memory care. Obviously, we were one of the first entrants into the standalone memory care, and we developed these properties with Anthem. But we're -- as being very aware of concentration and the fluctuations that memory care experiences and the shorter average length of stay, we're not looking at that property type to grow in. I'm not excluding that, but it's not a focus of ours. We're really looking at larger properties that are more of a continuum of care, IL, AL with some memory care but not the standalone.

嗯，我們喜歡——我的意思是，我們喜歡記憶護理。顯然，我們是獨立記憶護理領域的首批進入者之一，並且我們與 Anthem 一起開發了這些特性。但是，我們非常清楚記憶護理所經歷的注意力和波動以及較短的平均住院時間，因此我們並不認為該類型的房產能夠發展。我並不排除這一點，但這不是我們的重點。我們真正關注的是更大的、更具連續性護理的物業，IL、AL 有一些記憶護理，但不是獨立的。

Okay. Last question for me is Omega had a little minor issue with Genesis this quarter. Perhaps not much of a deal according to them, but Genesis makes your top 10. Any issues that you're having with them at this point that you can share? Or if the answer is no, then that's fine as well.

好的。對我來說最後一個問題是 Omega 本季與 Genesis 出現了一點小問題。在他們看來，這或許不算什麼大事，但 Genesis 還是進入了前十名。您目前遇到的任何問題可以分享嗎？或者如果答案是否定的，那也沒關係。

We have received the May rent, Rich, and we have no requests from Genesis for any assistance. Our portfolio has strong coverage and located in core markets that Genesis operates in.

我們已經收到了五月份的租金，Rich，而且 Genesis 還沒有向我們提出任何援助請求。我們的投資組合涵蓋範圍廣泛，並位於 Genesis 營運的核心市場。

Okay, fair enough. Thanks very much.

好吧，夠公平。非常感謝。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yes, thanks, Clint. I know I appreciate some of the comments on your projections for the Anthem portfolio and the general SHOP portfolio. Can you maybe spend some time and talk about how those assets have performed over the past few years? I know that they've been struggling, and I'm a little surprised where the SHOP NOI is coming out at versus where the triple-net lease rate is for Anthem. So does Anthem have a pullback in their operations, or how should we think about that portfolio and maybe the longer-term outlook of it?

是的，謝謝，克林特。我知道我很欣賞您對 Anthem 投資組合和一般 SHOP 投資組合的預測的一些評論。您能否花點時間談談這些資產在過去幾年的表現如何？我知道他們一直在苦苦掙扎，我對 SHOP NOI 與 Anthem 的三重淨租賃率之間的差異感到有些驚訝。那麼 Anthem 的營運是否會有所回落，或者我們應該如何看待該投資組合及其長期前景？

Well, Mike, as Gibson mentioned in the Q&A portion earlier that they did have a dip in occupancy in Q4 relating to some clinical discharges. I mean, that's something that as it's an earnings season, we've seen other REITs have similar dips in occupancy, so that wasn't unexpected. But we're going into the key selling season that started in May, and we think there will be upside for improvement in occupancy. There's not a lot of new supply being delivered, so we think that's beneficial to occupancy growth. So we're looking at the key selling season to be an upside opportunity for Anthem.

嗯，麥克，正如吉布森之前在問答環節中提到的那樣，由於一些臨床出院病例，第四季度的入住率確實有所下降。我的意思是，由於現在是獲利季節，我們已經看到其他房地產投資信託基金的入住率也出現類似的下降，所以這並不令人意外。但我們即將進入 5 月開始的關鍵銷售季節，我們認為入住率將有上升的空間。由於新增供應量不多，因此我們認為這有利於入住率的成長。因此，我們認為關鍵的銷售季節是 Anthem 的上漲機會。

So was that -- I guess, can you maybe provide some comments on how Anthem has performed the past few years? I mean, have they been recovering as you originally would have expected, and they just had this blip in the fourth quarter that kind of took them lower? I mean, I guess, how meaningful is that blip, and how have they performed the past few years?

那麼——我想，您能否對 Anthem 過去幾年的表現做出一些評論？我的意思是，他們是否像你最初預期的那樣一直在復蘇，只是在第四季度出現了一些小波動，導致業績下滑？我的意思是，我想，這種短暫的失誤有多大意義？過去幾年他們的表現如何？

There has been a few dips on a quarter-by-quarter basis, but they have recovered previously, so we don't expect -- I mean, we expect similar here.

雖然每個季度都出現了一些下降，但之前已經恢復了，所以我們預計不會出現類似的情況。

Okay. And then, I guess on the SHOP NOI, that included both the Anthem and the New Perspective tenants. I mean, can you break out how much of that projected NOI is New Perspective and how much of that is Anthem?

好的。然後，我猜 SHOP NOI 包括了 Anthem 和 New Perspective 的租戶。我的意思是，您能否算出預計的 NOI 中有多少來自 New Perspective，有多少來自 Anthem？

Yes, sure, Mike. At the midpoint, Anthem is $1.2 million of the increase, and New Perspective is $1.6 million. So it's a total of $2.8 million over -- if you were looking at the combined lease rates. So it is a substantial pickup from converting to RIDEA.

是的，當然，麥克。以中間值計算，Anthem 的增幅為 120 萬美元，New Perspective 的增幅為 160 萬美元。因此，如果以綜合租賃費率計算，總金額超出 280 萬美元。因此，轉換為 RIDEA 後，收益將大幅增加。

Okay. And then is the plan to grow with New Perspective? Are they going to be one of your core operators where you're going to add assets within that SHOP structure over the next, I guess, several quarters, or maybe execute this current investment pipeline with them?

好的。那麼，計劃是否與 New Perspective 一起成長？他們會成為您的核心運營商之一嗎？您打算在接下來的幾個季度內在 SHOP 結構中添加資產，還是與他們一起執行當前的投資管道？

Absolutely. I mean, they're an ideal company for us to work with. I mean, they have the ability to develop. They have a strong culture, a long-tenured family business. They have their stocks compliant. They are familiar with RIDEA. So we see them as an excellent opportunity and a great partner to grow with. And that was part of the catalyst for us looking at this opportunity to put them into the initial round of our SHOP portfolio.

絕對地。我的意思是，他們是我們理想的合作夥伴。我的意思是，他們有發展的能力。他們擁有強大的文化和悠久的家族企業。他們的庫存是合規的。他們對RIDEA很熟悉。因此，我們認為他們是一個絕佳的機會和一個共同成長的優秀合作夥伴。這也是促使我們尋找機會將其納入 SHOP 投資組合首輪投資的部分原因。

Yes, they demonstrated through our triple net lease with them an incredible ability to increase value.

是的，他們透過我們與他們簽訂的三重淨租賃協議展示了令人難以置信的增值能力。

Okay, great. Well, thank you very much.

好的，太好了。嗯，非常感謝。

Thank you.

謝謝。

(Operator Instructions) Omotayo Okusanya, Deutsche Bank.

（操作員指示）Omotayo Okusanya，德意志銀行。

Okay, perfect. So good morning, everyone. Nice to see all this progress on the SHOP front. Just curious, again, you've bought a couple of assets, you've hired [days]. Anything else from institutionalizing the platform that still needs to happen at this point? Is there still a need to hire data scientists or just curious, kind of making sure everything is really -- you've dotted your Is and crossed your Ts. What else still needs to happen?

好的，完美。大家早安。很高興看到 SHOP 方面取得所有這些進展。只是好奇，你又買了一些資產，還僱用了[天]。目前，平台製度化還有什麼需要做的嗎？是否仍然需要聘請資料科學家，或者只是好奇，想確保一切都真的——你已經把一切都做好了。還有什麼事情需要發生？

Hi, Tayo, it's Pam. Yes, we will continue to build out the platform as we add investments into it. Yes, we still will need analysts, FP&A. I mean, as the platform grows, you obviously have to scale up. But we're confident with what we have right now supports the conversion platform.

嗨，Tayo，我是 Pam。是的，我們會繼續建立這個平台並增加投資。是的，我們仍然需要分析師、FP&A。我的意思是，隨著平台的發展，你顯然必須擴大規模。但我們相信，我們目前所擁有的支援轉換平台的能力。

That's helpful. And then ALG, it didn't look like in this quarter you gave any rent deferral. Is that correct? And if that's the case, could you just kind of help us understand what's happening with the overall financial performance of ALG?

這很有幫助。然後是 ALG，看起來本季你們沒有給予任何租金延期。對嗎？如果是這樣，您能否幫助我們了解 ALG 的整體財務表現如何？

Yes, that is correct. We did not give a deferral this quarter, and their occupancy has increased 150 basis points from year end with increased lead generation and conversion rates. And in North Carolina, there has been a perspective change in reimbursement. A bill has passed the House and the Senate there that would allow -- or that gives higher -- it increases the eligibility threshold for Medicaid. And if you recall, this portfolio has Medicaid in it. And what happened during the pandemic and inflation was the eligibility requirements for Medicaid were not increased in North Carolina.

是的，正確。本季我們沒有延期，他們的入住率比年底增加了 150 個基點，潛在客戶生成率和轉換率也有所提高。在北卡羅來納州，報銷觀念已經改變了。眾議院和參議院已通過一項法案，允許或提高醫療補助的資格門檻。如果你還記得的話，這個投資組合包含醫療補助。在疫情和通貨膨脹期間，北卡羅來納州的醫療補助資格要求並沒有提高。

With increases in people's social security and other forms of income, many residents in North Carolina were essentially no longer eligible or not eligible for Medicaid, which depressed the census in this portfolio. But with the new eligibility -- I keep wanting to say reimbursement. It's not a change in reimbursement rate. It's a change in the eligibility. With the new eligibility requirements and the increase pool of potential residents, we expect their occupancy to continue to increase.

隨著人們社會安全和其他形式收入的增加，北卡羅來納州的許多居民基本上不再有資格或沒有資格享受醫療補助，這抑制了該投資組合的人口普查。但有了新的資格——我一直想說報銷。這並不是報銷率的改變。這是資格的改變。隨著新的資格要求和潛在居民數量的增加，我們預計他們的入住率將繼續增加。

Got you. That's helpful. One more, if you don't mind. So again, Anthem now goes to SHOP. You have kind of redone the Encore lease. Any other leases out there that also -- that still have quarterly market-based resets that we should be aware of at this point?

明白了。這很有幫助。如果你不介意的話，再說一個。因此，Anthem 現在再次進入 SHOP。您已經重新簽訂了 Encore 租約。還有哪些租約也一樣——仍然有我們現在應該注意的季度市場重置？

Just the 14 that Clint talked about -- or Gibson talked about in his prepared remarks. And the Encore lease, just to remind you, it's not been redone. It has set market-based resets on -- is it quarterly? It's quarterly. So they're quarterly. So you're going to see this on a quarterly basis. We have some that are on six-month basis and some that are on quarterly basis in that portfolio. And you should see, over the next year, we're hoping those continue to increase as occupancy and performance improves in that portfolio.

正是克林特談到的 14 個——或者吉布森在準備好的發言中談到的 14 個。需要提醒您的是，Encore 的租約尚未重新簽訂。它已設定了基於市場的重置——是按季度進行的嗎？這是每季一次的。所以它們是按季度發布的。因此您將按季度看到這一點。我們的投資組合中有些是按六個月計算的，有些是按季度計算的。您應該會看到，在接下來的一年裡，隨著該投資組合的入住率和績效的提高，我們希望這些數字能繼續增加。

And those were that basket of properties. Those were properties that were with other operators that during COVID we transitioned to these new operators. And that is -- that's the part of our portfolio outside of RIDEA that has upside. We didn't defer rents and record receivable like some of our peers, so we don't have any receivable sitting on our balance sheet. So all the increases that come from improved performance in that portfolio will hit the financial statements. It will be shown through income versus hitting a receipt.

這些就是那一籃子財產。這些是屬於其他營運商的房產，在 COVID 期間，我們轉向了這些新的營運商。這就是我們的投資組合中除 RIDEA 之外具有上漲潛力的部分。我們沒有像一些同業那樣延遲租金並記錄應收帳款，因此我們的資產負債表上沒有任何應收帳款。因此，該投資組合績效改善帶來的所有成長都將體現在財務報表中。它將通過收入而不是收據來顯示。

And we're very much encouraged by the trending of increasing guidance in that portfolio.

我們對該投資組合中不斷增加的指導趨勢感到非常鼓舞。

So drop straight to the bottom line, Tayo.

所以直接跳到底線吧，Tayo。

Awesome. Good luck.

驚人的。祝你好運。

Thanks.

謝謝。

Thank you. As we have reached the end of our question-and-answer session, I would like to turn the call back over to Wendy Simpson for closing remarks.

謝謝。由於我們的問答環節已經結束，我想將電話轉回給溫蒂辛普森 (Wendy Simpson) 做結束語。

As you can see, we're committed to growth and are successfully executing our strategy. We appreciate you all for joining us on today's call and look forward to talking to you again next quarter.

如您所見，我們致力於發展並成功執行我們的策略。我們感謝大家參加今天的電話會議，並期待下個季度再次與您交談。

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。