LTC Properties Inc (LTC) 2025 Q2 法說會逐字稿

Greetings, and welcome to the LTC Properties second quarter 2025 earnings call. (Operator Instructions)

各位好，歡迎參加 LTC Properties 2025 年第二季財報電話會議。（操作說明）

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, 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 that this event is being recorded.

在管理階層開始演講之前，請注意，今天的發言（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與預期有重大差異。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均有詳細說明，包括該公司最近於 2024 年 12 月 31 日發布的 10-K 表格。LTC不承擔任何義務在本次演講日期之後修改或更新這些前瞻性聲明，以反映後續事件或情況。請注意，本次活動正在錄影。

I would now like to turn the conference over to LTC management.

現在我將把會議交給 LTC 管理階層。

Hello, and welcome, everyone, to our second-quarter 2025 earnings call. With me today, in order of speaker are Cece Chikhale, Chief Financial Officer; Gibson Satterwhite, Executive Vice President of Asset Management; Dave Boitano, Chief Investment Officer; and Clint Malin, Co-CEO.

大家好，歡迎各位參加我們2025年第二季財報電話會議。今天與我一起發言的有：財務長 Cece Chikhale；資產管理執行副總裁 Gibson Satterwhite；首席投資長 Dave Boitano；以及聯合執行長 Clint Malin。

LTC has been focused on transferring and execution. We executed on strengthening our teams through promotions, the addition of a new Chief Investment Officer and a new board member with extensive REIT experience. We executed on initiating a RIDEA platform which will transform LTC from a small cap triple net REIT to a larger, more diversified senior housing focused REIT. We executed on enhancing liquidity. We are executing on growth and driving additional accretive growth remains our top priority. Our momentum is evident. Last quarter, we increased our pipeline to $300 million.

LTC一直專注於轉讓和執行。我們透過晉升、增加一名新的首席投資長和一名具有豐富 REIT 經驗的新董事會成員來加強我們的團隊。我們執行了 RIDEA 平台的啟動，該平台將把 LTC 從一家小市值三淨 REIT 轉變為一家規模更大、更加多元化的專注於老年住房的 REIT。我們執行了增強流動性的措施。我們正在推動成長，推動進一步的增值成長仍然是我們的首要任務。我們的發展勢頭十分明顯。上個季度，我們的專案儲備增加到 3 億美元。

Today, we are increasing guidance again to $400 million of investments in 2025, which will more than double the size of our existing SHOP portfolio. It will also expand our shop operators to five, three of whom are new relationships for LTC. We have established a strong platform for meaningful growth and with ample access to capital, we're moving through the year with energy and optimism as we continue to successfully deliver on our plan.

今天，我們再次提高投資預期，到 2025 年將投資額提高到 4 億美元，這將使我們現有的 SHOP 投資組合規模增加一倍以上。這將使我們的門市經營者增加到五家，其中三家是 LTC 的新合作夥伴。我們已經為有意義的成長建立了一個強大的平台，並且擁有充足的資金，因此我們充滿活力和樂觀地邁入新的一年，並將繼續成功地實現我們的計劃。

Now I'll turn things over to Cece for a review of our financials, a liquidity update and increased guidance.

現在我將把發言權交給 Cece，讓她來回顧我們的財務狀況、流動性更新情況以及提高績效指引。

Thank you, Pam. The numbers I'll be discussing today are for the second quarter of compared to the same period in 2024, unless otherwise noted. I will focus my comments on key items as a detailed description of our financial results was provided in yesterday's earnings release and supplemental. Core FFO improved to $0.68 from $0.67. Core FAD improved by $0.05 to $0.71 versus $0.66.

謝謝你，帕姆。除非另有說明，我今天要討論的數字都是與 2024 年同期相比的第二季數字。由於昨天發布的收益報告和補充文件中已詳細說明了我們的財務業績，因此我將重點放在一些關鍵項目上。核心FFO從0.67美元提高到0.68美元。核心FAD從0.66美元提高0.05美元至0.71美元。

The increase in core FFO primarily was related to a decrease in interest expense an increase in fair market rent resets and an increase in SHOP NOI. These were partially offset by lower interest income due to mortgage loan payoffs and principal paydowns and higher G&A.

核心 FFO 的成長主要與利息支出減少、公平市場租金重置增加以及 SHOP NOI 增加有關。由於抵押貸款償還和本金償還導致利息收入減少，以及一般及行政費用增加，這些損失部分被抵銷。

Core FAD increased principally related to these same factors, escalations and increases from the turnaround impact of deferred rent provided in the second quarter of last year. To further strengthen our capital position, subsequent to the end of the second quarter, we entered into a new four-year unsecured credit agreement with a solid group of banks. The new unsecured credit agreement matures in July 2029 and provides a one-year extension option. Aggregate commitments on the revolver increased from $425 million to $600 million, and we have the ability to further increase the loan commitments up to $1.2 billion.

核心 FAD 的成長主要與這些因素有關，包括去年第二季提供的遞延租金的轉機影響以及由此帶來的成本上升和增加。為了進一步加強我們的資本狀況，在第二季結束後，我們與一群強大的銀行簽訂了一份新的四年期無擔保信貸協議。新的無擔保信貸協議將於 2029 年 7 月到期，並提供一年的延期選擇權。循環貸款總額從 4.25 億美元增加到 6 億美元，我們有能力將貸款承諾金額進一步增加到 12 億美元。

Additionally, we rolled 250 million term loans that were maturing over the next 16 months into the revolver, keeping the swap agreements intact through November 2025 and at 2.3% in November 2026 at 2.4% based on current margins. At June 30, our debt to annualized adjusted EBITDA for real estate was 4.2x and our annualized adjusted fixed charge coverage ratio was 5.1x.

此外，我們將未來 16 個月內到期的 2.5 億美元定期貸款滾動到循環信貸額度中，使互換協議在 2025 年 11 月之前保持不變，並在 2026 年 11 月之前按當前利潤率按 2.4% 的利率進行調整。截至 6 月 30 日，我們的房地產債務與年度調整後 EBITDA 比率為 4.2 倍，年度調整後固定費用覆蓋率為 5.1 倍。

Our current total liquidity stands at $674 million, and increased our full year 2025 core FFO guidance range by $0.02 to $2.67 and $2.71. The low end of this guidance includes only those investments made to date, while the high end includes $320 million in investments that are expected to close in the next 60 days. Dave will provide more color on these investments shortly. Additional assumptions underpinning this guidance can be found in the supplemental posted on our website.

我們目前的總流動資金為6.74億美元，並將2025年全年核心FFO預期範圍上調0.02美元，至2.67美元至2.71美元。此預期範圍的下限僅包括迄今已完成的投資，而上限則包括預計在未來60天內完成的3.2億美元投資。戴夫稍後會詳細介紹這些投資項目。本指南所依據的其他假設可在我們網站上發布的補充資料中找到。

Now I'll turn things over to Gibson for a portfolio review and update on SHOP.

現在我將把工作交給 Gibson，讓他對 SHOP 進行作品集審查和更新。

Thanks, Cece. To execute on our goals in managing operator concentration and lowering exposure to older skilled nursing assets, we have agreed to allow prestige an option to prepay their $180 million loan, secured by 14 skilled nursing centers in Michigan without penalty. The 12-month window to prepay the loan opens in July 2026.

謝謝你，Cece。為了實現我們在管理營運商集中度和降低對老舊專業護理資產的風險敞口方面的目標，我們已同意允許 Prestige 選擇提前償還其 1.8 億美元的貸款，該貸款以密西根州的 14 家專業護理中心作擔保，且無需支付任何罰款。提前償還貸款的 12 個月窗口期將於 2026 年 7 月開啟。

With improving operating performance in this portfolio, and in consideration for granting the prepayment window, Prestige has agreed to eliminate the current pay rate and revert monthly interest payments to the full contractual interest rate of 11.14% and effective July 1, 2025, and escalates annually. Additionally, we are now under contract to sell all of the 7 skilled nursing centers tied to the lease with the operator who chose not to renew for strategic reasons.

由於該投資組合的營運表現不斷改善，並考慮到給予提前還款窗口，Prestige 已同意取消當前的支付率，並將每月利息支付恢復到 11.14% 的全額合約利率，自 2025 年 7 月 1 日起生效，並逐年遞增。此外，我們目前已簽訂合同，將與運營商簽訂租賃協議的所有 7 家專業護理中心出售，該運營商出於戰略原因選擇不再續約。

We expect these transactions to close in the first part of the fourth quarter, generating net proceeds of about $120 million against our gross book value of $72 million. We anticipate recording a gain on sale of approximately $80 million in connection with the sales. With the generated proceeds and the potential of prestigious loan prepayment, we are working towards strategically recycling capital out of older skilled nursing assets and into newer seniors housing communities.

我們預計這些交易將在第四季上半段完成，淨收益約為 1.2 億美元，而我們的帳面總價值為 7,200 萬美元。我們預計此次出售將產生約 8,000 萬美元的收益。憑藉由此產生的收益和潛在的可觀貸款提前償還，我們正在努力將資金從老舊的專業護理資產中策略性地回收到新的老年住房社區。

We have increased our assumptions for the expected rent due to LTC on the portfolio of 14 properties subject to market-based it resets and now expect to collect revenue of $5.7 million this year up 10% from the $5.1 million we discussed last quarter and up 64% from the rent collected from these properties last year. We have received full contractual rent from Genesis through August.

由於長期照護基金 (LTC) 對 14 處房產組合的預期租金進行了調整，我們提高了對租金的預期，這些房產的租金將根據市場情況進行重置。現在預計今年將收取 570 萬美元的收入，比上個季度討論的 510 萬美元增長 10%，比去年從這些房產收取的租金增長 64%。我們已收到 Genesis 公司支付至八月份的全部合約租金。

Our properties are in core markets for them. And in early June, they exercised their first 5-year extension option, making the new duration date April 30, 2031. We continue to believe that our SHOP portfolio is highly transformative. Average occupancy in the portfolio for the second quarter was 81% and SHOP NOI totaled $2.5 million.

我們的房產位於他們的核心市場。6月初，他們行使了第一個5年延期選擇權，使新的期限日期為2031年4月30日。我們仍然相信我們的 SHOP 產品組合具有高度變革性。第二季投資組合的平均入住率為 81%，SHOP NOI 總計 250 萬美元。

As of the end of the quarter, our SHOP portfolio consisted of triple net leases converted to RIDEA. For comparative purposes, we generated about $780,000 more income in the second quarter than we did under triple net leases for the same period last year. Our prior guidance for the 13 properties recently converted into our SHOP portfolio remains unchanged at $9.4 million to $10.3 million of SHOP NOI.

截至本季末，我們的 SHOP 投資組合由三淨租賃轉換為 RIDEA 組成。為了方便比較，我們第二季透過三方淨租賃方式獲得的收入比去年同期增加了約 78 萬美元。我們先前對最近轉換為我們 SHOP 投資組合的 13 個物業的預期仍然不變，SHOP NOI 為 940 萬美元至 1030 萬美元。

Now I'll hand the call over to Dave for a discussion of our investment activity.

現在我將把電話交給戴夫，讓他來討論我們的投資活動。

Thank you, Gibson. I'm excited to be speaking with you today on my first earnings call since joining the company as Chief Investment Officer and I will begin with what drew me to LTC. Beyond the strength and collaboration of a deeply experienced team, what really stood out is how well positioned LTC is for the future. With the addition of SHOP, LTC is exceptionally equipped to seize the growing opportunity to partner with seniors housing operators, particularly strong, regionally focused operators who bring deep health care expertise and experience and a profound understanding of their local markets.

謝謝你，吉布森。今天，我很高興能與大家進行我加入公司擔任首席投資官以來的第一次財報電話會議，我將首先談談是什麼吸引我加入LTC。除了經驗豐富的團隊實力和協作精神之外，真正引人注目的是 LTC 為未來發展所做的充分準備。隨著 SHOP 的加入，LTC 擁有了得天獨厚的優勢，能夠抓住與老年住房運營商合作的日益增長的機會，特別是與那些擁有深厚醫療保健專業知識和經驗，並對當地市場有著深刻理解的實力雄厚、專注於區域的運營商合作。

Late last month, we added to our SHOP portfolio with the acquisition of a 67-unit stabilized assisted living and memory care community in California built in 2019. We invested $35 million at an estimated initial yield of 7%. The community will continue to be operated by an affiliate of Discovery Senior Living, a new shop operating partner for LTC.

上個月底，我們收購了位於加州的一家擁有 67 個單元的穩定型輔助生活和記憶護理社區，該社區建於 2019 年，從而擴大了我們的 SHOP 投資組合。我們投資了 3500 萬美元，預計初始收益率為 7%。該社區將繼續由 Discovery Senior Living 的附屬公司經營，該公司是 LTC 的新商店營運合作夥伴。

Our SHOP investment sites are on accretion and we're focused on accelerating growth through the acquisition of newer, stabilized properties with strong operating partners. However, we will continue to make shorter term accretive investments for financial and strategic purposes. As such, during the second quarter, we originated a $42 million mortgage loan secured by a 250-unit senior housing community in Florida built in 2021.

我們的 SHOP 投資項目正在不斷增值，我們專注於透過收購擁有強大營運合作夥伴的較新、穩定的物業來加速成長。但是，我們將繼續出於財務和策略目的進行短期增值投資。因此，在第二季度，我們發放了一筆 4,200 萬美元的抵押貸款，該貸款以佛羅裡達州一個建於 2021 年的擁有 250 個單元的老年住房社區為抵押。

This five-year loan carries a fixed interest rate of 8.5%. These two transactions bring 2025 year-to-date investments to nearly $80 million with approximately $320 million more expected to close over the next 60 days. Of this, approximately $60 million represents an 8.25% five-year mortgage loan. The remaining $260 million represents stabilized shop investments with an average age of six years and at an estimated average year one yield of 7%.

這筆五年期貸款的固定利率為 8.5%。這兩筆交易使 2025 年迄今的投資額接近 8,000 萬美元，預計未來 60 天內也將完成約 3.2 億美元的投資。其中約 6,000 萬美元為五年期抵押貸款，利率為 8.25%。剩餘的 2.6 億美元代表的是已穩定營運的商鋪投資，平均房齡為 6 年，預計第一年平均殖利率為 7%。

Our targeted unlevered IRR unnabilized SHOP communities is north of 10%. At completion, these investments will drive our SHOP portfolios gross book value to approximately $475 million, up from our initial $175 million.

我們針對未槓桿化、未穩定化 SHOP 社群的目標內部報酬率 (IRR) 為 10% 以上。投資完成後，我們的 SHOP 投資組合的總帳面價值將從最初的 1.75 億美元增加到約 4.75 億美元。

Upon closing, SHOP will represent nearly 20% of our total portfolio, cementing our transformation through RIDEA. Even with the significant amount of investment activity we've discussed today, we are working to backfill our pipeline, which includes several shop transactions for which we've already issued LOIs. On our last earnings call, we highlighted our expanded investment pipeline, and we have expanded it further. The LTC team is delivering on external growth.

交易完成後，SHOP 將占我們總投資組合的近 20%，以鞏固我們透過 RIDEA 實現的轉型。即使我們今天討論了大量的投資活動，我們仍在努力填補我們的項目儲備，其中包括我們已經發出意向書的幾項店鋪交易。在上次財報電話會議上，我們重點介紹了擴大的投資項目，現在我們又進一步擴大了投資項目。LTC團隊正在實現外部成長。

I'll pass the call to Clint now.

我現在把電話轉給克林特。

Thanks, Dave. We're glad to have you on board. The pace of external growth through SHOP is just beginning for LTC. Not only did our confidence in Anthem and new perspective drive the cooperative conversions with them, but the conversions were a cost-effective G&A approach to launching our SHOP platform with assets already familiar to us. Now with the acceleration of new investments, we are focused on scaling our accounting and asset management teams to manage our growth.

謝謝你，戴夫。我們很高興你能加入我們。LTC 透過 SHOP 實現外部成長的步伐才剛開始。我們對 Anthem 的信心和新的視角不僅推動了與他們合作的轉型，而且這種轉型也是一種經濟高效的 G&A 方法，使我們能夠利用我們已經熟悉的資產推出我們的 SHOP 平台。隨著新投資的加速，我們目前專注於擴大會計和資產管理團隊的規模，以應對業務成長。

So with growth front and center for LTC, I share the enthusiasm of my colleagues when I say that I have never been more excited about our future opportunities. Operator, everybody for questions from the audience.

因此，鑑於 LTC 將成長放在首位，我和我的同事一樣充滿熱情地說，我從未像現在這樣對我們未來的機會感到興奮。操作員，請觀眾提問。

(Operator Instructions) John Kilichowski, Wells Fargo.

（操作員說明）約翰‧基利喬夫斯基，富國銀行。

Congrats on the quarter. First question for me is just on how do you think about funding all of these new investments here, especially given where your cost of equity is and the going in 7-cap yields?

恭喜你本季取得佳績。我的第一個問題是，您打算如何為所有這些新投資提供資金，特別是考慮到您的股權成本和即將進行的 7 倍市值收益率？

So as we've talked about on previous calls, we anticipate in the long term to fund these on a leverage-neutral basis or perhaps even over-equitize them. We've been blending in higher-yielding loans. So with the total blend, we feel our cost of capital is adequate to fund them with debt and equity. And we also have some loan -- I'm sorry, sales proceeds coming at the end of the year, about $120 million as we've discussed previously that we'll use to fund these.

正如我們在之前的電話會議中討論的那樣，我們預計從長遠來看，我們將以槓桿中性的方式為這些項目提供資金，甚至可能過度股權化。我們一直在逐步引入收益更高的貸款。因此，綜合來看，我們認為我們的資本成本足以透過債務和股權融資來為他們提供資金。我們還有一些貸款——抱歉，應該是銷售收入，大約 1.2 億美元，正如我們之前討論過的，將在年底到賬，我們將用這筆錢來資助這些項目。

Okay. That's helpful. And then maybe on the underwriting here for these, what are you thinking about NOI growth on the SHOP acquisitions? In years two and three, let's say?

好的。那很有幫助。那麼，關於這些收購的承銷，您對SHOP收購的NOI成長有何看法？比如說，在第二年和第三年？

I think we were looking -- I mean, we're projecting out fairly growth over the years, right? We think there's considerable upside on top of that. But for former purposes, we're buying stable buildings and projecting out normalized growth.

我認為我們當時在展望——我的意思是，我們預計未來幾年將實現相當可觀的成長，對吧？我們認為除此之外還有相當大的上漲空間。但就前者而言，我們購買的是穩定的建築物，並預測的是正常的成長。

Okay. That's helpful. And the --

好的。那很有幫助。以及--

They're not deep value add. We've discussed the characteristics of the assets that we're looking to acquire, which are stabilized with good cash flows. So we don't have any outsized NOI projections, although we do believe that margins can be improved, but by and large, occupancy has stabilized.

它們不具備深度增值功能。我們已經討論了我們想要收購的資產的特點，這些資產運營穩定，現金流良好。因此，我們沒有過大的營業淨收入預測，儘管我們相信利潤率可以提高，但總的來說，入住率已經穩定下來。

Okay. That's very helpful. And then last one for me is just on you transitioned 13 properties in the quarter. Maybe could you talk about what what's the potential for the rest of the year in terms of what you've identified from your net lease portfolio that could be transitioned still?

好的。那很有幫助。最後，我想問的是，你們本季完成了 13 處房產的交屋。您能否談談今年剩餘時間裡，您從淨租賃投資組合中發現的哪些資產還可以進行過渡？

This is Clint. You've talked about this on previous calls. We launched the SHOP portfolio with the cooperative conversions of both Anthem and new perspective, there could be a handful of other buildings that could be added, such as the transition portfolio that Gibson spoke about in the prepared remarks. But we've said all along, this really is an external growth story, which really goes to our pipeline and what we've guided to in bringing in new offers into the portfolio. So we see that the majority of the growth of the SHOP platform is going to be through external growth.

這是克林特。您之前在電話會議中也談過這個問題。我們推出了 SHOP 投資組合，其中包括 Anthem 和 New Viewing 的合作改造項目，可能還會增加一些其他建築，例如 Gibson 在準備好的演講稿中提到的過渡投資組合。但我們一直強調，這實際上是一個外部成長的故事，這實際上關係到我們的產品線以及我們在將新產品引入產品組合方面所做的努力。因此，我們看到 SHOP 平台的大部分成長將來自外部成長。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

So I don't want to get too far ahead of ourselves, but I am curious just how large the pipeline of additional SHOP LOIs that Gibson reference beyond what you have here ready to close in the months ahead. And just whether there are additional deals like mortgage loans you referenced beyond those SHOP deals, also, in that pipeline beyond the $320 million that you disclosed this quarter.

所以我不想操之過急，但我很好奇，除了你們這裡準備在未來幾個月內完成的交易之外，吉布森提到的其他 SHOP LOI 究竟有多大。除了您提到的 SHOP 交易之外，是否還有其他交易，例如抵押貸款，以及除了您本季度披露的 3.2 億美元之外，是否還有其他正在進行的交易。

Thanks, Austin. We're being selective in deal flow, and we're very encouraged to see the amount of investments we've been able to put into guidance so far. So as Dave mentioned in prepared remarks, I mean, there are other opportunities that we have put out LOIs. But what we're focused on, we're focused on single-asset transactions, small portfolios of stabilized assets, newer vintage properties. And that's really where our target is.

謝謝你，奧斯汀。我們對交易管道的選擇非常謹慎，我們非常欣慰地看到，到目前為止，我們已經能夠投入指導項目中的投資金額。正如戴夫在事先準備好的演講稿中提到的那樣，我的意思是，我們還有其他機會，我們也已經發出了意向書。但我們關注的是單一資產交易、小型穩定資產組合以及較新的房產。而這正是我們真正的目標所在。

So we're seeing more opportunities, but we're able to get through those and really focus in to what we're trying to grow the platform. So we are focused on execution of the remaining investments in our pipeline, but there are still other opportunities that we are going to pursue.

所以我們看到了更多的機會，但我們能夠克服這些困難，並真正專注於我們想要發展平台的事情。因此，我們目前專注於執行剩餘的投資項目，但我們仍將追求其他機會。

Do you think the subset of opportunities in front of you are enough to sustain this investment pace that you've outlined pretty much through really the back half of 2025? Or was there something unique about this initial foray in the shop where it brought to you a larger number of opportunities at the outset?

您認為擺在您面前的這些機會是否足以維持您所描述的這種投資節奏，並持續到 2025 年下半年？或者，你最初進駐這家店有什麼獨特之處，讓你在一開始就獲得了更多的機會？

Well, we're definitely seeing more deals in the market. And a big part of where we're at today is the intentional focus that we made when Cece and Gibson's teams are focused on the cooperative conversion of Anthem and new perspective. We've been out in the market premarketing this SHOP platform with the broker community with owners that we know in the industry with operators speaking about this. So I think where you see today, is really a culmination of intentional efforts to get the word out and premarket, what we're trying to do through external growth.

確實，市場上出現了更多類似的交易。我們今天的成就很大程度上歸功於我們刻意採取的策略，即讓 Cece 和 Gibson 的團隊專注於 Anthem 的合作轉型和新的視角。我們一直在市場上進行 SHOP 平台的預推廣，與經紀人社群、我們認識的業內業主以及營運商進行溝通。所以我認為，今天大家看到的成果，其實是我們透過外部成長來宣傳和進行市場推廣的有意努力的最終成果。

So we do see that there's going to be other opportunities but it is also competitive out there. There's -- anybody who has a shop platform is looking at investments. So it definitely is a competitive landscape. But we think given the size of LTC, we have a competitive advantage that we can actually focus on smaller deals which have better price points to drive accretive growth for our shareholders.

所以我們看到未來會有其他機會，但競爭也很激烈。任何擁有網店平台的人都在尋求投資。所以這絕對是一個競爭激烈的市場環境。但我們認為，鑑於 LTC 的規模，我們擁有競爭優勢，可以專注於價格更優惠的小額交易，為股東帶來增值成長。

That's helpful. And then just last one. With respect to the 2025 NFO guidance, the shop NOI contribution was up fairly meaningfully versus what you provided last quarter. I guess just can you share what's all included in that updated figure? And I think you said that the Anthem and new prospective NOI contribution from last quarter is unchanged. So can you sort through the moving pieces? And then what drove the lift in annual guidance this quarter?

那很有幫助。然後就只剩下最後一個了。關於 2025 年 NFO 指引，商店 NOI 貢獻與上個季度相比有相當大的成長。我想請您分享一下更新後的資料包含哪些內容？我想您說過，上季的 Anthem 和新的預期 NOI 貢獻沒有變化。那麼，你能理清這些紛繁複雜的問題嗎？那麼，是什麼因素推動了本季年度業績預期上調？

This is Gibson. So I'll talk just a little bit about what was in the 13 properties and then I'll turn it over to talk about our growth assumptions layered on top of that. We came in about $400,000 higher than our internal expectations on SHOP NOI in Q2. And there were a few factors at play. So new perspective, we got converted a little bit later.

這是吉布森。那麼，我將簡單介紹一下這 13 處房產的情況，然後我將轉而談談我們在此基礎上做出的成長假設。第二季度，我們的 SHOP NOI 比內部預期高出約 40 萬美元。其中有幾個因素在起作用。所以有了新的視角，我們後來也改變了觀念。

Anthem's occupancy was like a little bit lower and -- but that was more than offset by expense savings. But after two months, we're not willing to change our full year guidance. We'll just wait and see if those expenses are subject to mean reversion as we get through the year.

Anthem 的入住率略低一些，但這被節省的費用完全抵消了。但兩個月過去了，我們仍然不願改變全年業績預期。我們將拭目以待，看看這些支出是否會在今年稍後回歸均值。

They have caught up on the occupancy front. So we feel pretty good that we have a good chance to meet our expectations going forward on occupancy. And so we'll monitor expenses. When we get through Q3, we'll circle back and tighten them guidance.

他們的入住率已經追上了。因此，我們很有信心能夠實現未來的入住率預期。因此，我們會監控支出狀況。第三季結束後，我們會重新評估並收緊業績指引。

And then the other increase is due to the projected new deals that are coming on board.

另一部分成長則歸因於預計即將達成的新交易。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

I wanted to touch on the prestige change that you guys made allowing them to potentially prepay some of their loans. I mean, it sounds like this doesn't open up until the back half of 2026? I mean, how are those discussions going? Does Prestige need to get new financing to be able to pay those down? I mean, I'm assuming that they want to do this, and that's why you gave them this change in the lease or the mortgage agreements?

我想談談你們所做的聲望調整，讓他們有可能提前償還部分貸款。我的意思是，聽起來好像要到2026年下半年才會開放？我的意思是，那些討論進行得怎麼樣了？Prestige是否需要獲得新的融資來償還這些債務？我的意思是，我假設他們想這樣做，所以你才允許他們對租賃協議或抵押貸款協議進行這樣的修改？

Correct. They have -- this is Clint. They would have to find that financing. I mean, most likely, had would be an option for them, it would probably be the best fit for this portfolio.

正確的。他們有——這是克林特。他們需要找到資金來源。我的意思是，很可能，對他們來說，這（指「had」）是一個選擇，而且它可能最適合這個投資組合。

And then can you talk about the size of this? I know you gave us related to the communities, but what is the -- is it equal weighted by the communities can you just do a weighted average of how much these loans represent? Or can you give us a number of how much they could potentially prepay?

那麼，您能談談這個專案的規模嗎？我知道您已經提供了與社區相關的信息，但是——這些貸款在各個社區的權重是否相等？您能否對這些貸款的佔比進行加權平均？或者您能否提供一下他們可能預付的金額？

Well, it's all or none. It's the whole portfolio. It's the $175 million loan.

要嘛全有，要嘛全無。這是整個投資組合。這是一筆1.75億美元的貸款。

Okay. And then can you give us an update on ALG? I know they have a couple of purchase options and is that something that they plan on exercising. I know in the prior calls, you were saying that they could potentially do it by the end of the year. Is that something that could still occur?

好的。那麼，您能為我們介紹一下ALG的最新進展嗎？我知道他們有幾種購買方式，他們打算採用這些方式嗎？我知道在之前的通話中，你曾說過他們有可能在年底前完成。這種情況還有可能發生嗎？

Well, last call we talked about, given where interest rates were at that it will probably fall into something in 2026. So I think at this point, we really have to wait and see where our interest rates shake out. But at this point, we're not expecting this year? And if more likely probably 2027, it would be our guests when they would be able to be in a position to execute on that. But it's going to come down to continued performance improvement, which we've been seeing and then just where interest rates shake out.

嗯，上次通話我們談到，鑑於當時的利率水平，到 2026 年它可能會跌到某個程度。所以我覺得現在我們真的只能拭目以待，看看利率最終會如何改變。但就目前而言，我們預計今年不會有結果？更有可能的是，大概在 2027 年，屆時我們的客人將能夠執行這項計劃。但最終還是要看業績能否持續改善（我們已經看到了這種改善），以及利率最終會如何變化。

Okay. And then just lastly for me, Pam, can you give us an update on LTC's longer-term leverage targets? I know that the pipeline, it does imply that your leverage is going to tick up. Obviously, you're going to need to fund those. So maybe there is some new equity coming to fund part of that. But do you want to be below in the low 5s -- or sorry, low 4 net debt-to-EBITDA range. Is that what you want to target? Or how are you thinking about that?

好的。最後，Pam，可以為我們介紹LTC的長期槓桿目標嗎？我知道，管道建設確實意味著你的槓桿率將會上升。顯然，你需要為這些項目提供資金。所以或許會有新的股權投資來為其中一部分提供資金。但你想讓淨債務與 EBITDA 比率低於 5%（或抱歉，低於 4%）嗎？這就是你想要達到的目標嗎？或者，你對此有何看法？

Yes. I mean seen being at 4.2 right now gives us the flexibility to be able to fund our near-term investments with debt and then take it out long term with equity or long-term debt as the interest rates come down. So yes, this really hasn't changed. Our target hasn't really changed over the past decade. We've always targeted below 5 and sitting in the low 4s gives us the optionality during COVID. We did flex up a little higher in order to do some acquisitions. But long term, we're still target the low 4s.

是的。我的意思是，目前4.2%的利率讓我們有更大的彈性，可以先用債務為近期投資融資，然後在利率下降時用股權或長期債務進行長期融資。是的，這一點確實沒有改變。過去十年，我們的目標並沒有真正改變。我們一直以低於 5 為目標，目前保持在 4 左右，這讓我們在新冠疫情期間擁有了更多選擇。為了進行一些收購，我們確實稍微提高了預算。但從長遠來看，我們的目標仍然是4秒出頭。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

First of all, on Prestige with the loan now that they're back to contractual rate, could you just talk a little bit about why there's a lot of confidence that they can maintain that in the New York term without potentially having to access the security deposit?

首先，關於 Prestige 貸款，既然他們現在已經恢復到合約利率，您能否談談為什麼大家對他們能夠在紐約期限內保持這種利率很有信心，而無需動用保證金？

Sure, Tayo. This is Clint. As we've talked about in previous quarters, they have been making performance improvements through occupancy gains. When we modified the loan during the pandemic because of reimbursement challenges they had. I mean, we foresaw that this would be -- they would be able to come back in over a period of time.

當然可以，泰奧。這是克林特。正如我們在前幾個季度所討論的那樣，他們透過提高入住率實現了業績的提升。疫情期間，由於他們面臨還款困難，我們對貸款進行了修改。我的意思是，我們預料到這種情況——他們可以在一段時間內陸續回來。

And when we did this, we gave them like a 2.5-year runway to be able to make performance improvements both on the bottom line as well as occupancy gains, which they've been doing. And so we designed this and expected it would eventually get back to contractual at some point in time.

當我們這樣做的時候，我們給了他們大約 2.5 年的時間，讓他們能夠在盈利和入住率方面都取得業績提升，而他們也一直在這樣做。因此我們設計了這個方案，並預期它最終會在某個時候回歸合約層面。

So we're where we expected this to be. I think they see an opportunity to get long-term financing, maybe at better rates. And so that's where they're looking at exploring this in '26 to be able to take out to long-term, maybe cheaper financing.

所以，事情的發展正如我們所預期的。我認為他們看到了獲得長期融資的機會，而且利率可能更優惠。因此，他們正在考慮在 2026 年探索這種可能性，以便能夠獲得長期、或許更便宜的融資。

Got you. That's helpful. And then with the portfolio. Could you just talk a little bit about, again, the process you're going through to make sure you have the right operator for these assets. Could you talk a little bit about, again, the structure of the management contracts and how the operators are set up to be aligned with your goals to grow bottom-line NOI?

抓到你了。那很有幫助。然後是投資組合。您能否再談談您正在經歷的流程，以確保為這些資產找到合適的運營商？您能否再次談談管理合約的架構，以及如何安排業者以配合您提高營業淨收入的目標？

Sure. Well, I guess, first of all, Tayo, regarding the operators, I mean, we're fortunate in the deals that we're looking at that are newer vintage stabilized, every asset has a continuing operator. So it's not we're coming in a changing operators. So that's been an important element as we turn to external growth of SHOP. So that's been a key element on this.

當然。嗯，首先，Tayo，關於運營商，我的意思是，我們很幸運，我們正在考察的交易都是比較新的、已經穩定的項目，每個資產都有持續的運營商。所以並不是我們更換了運營商。所以，當我們轉向 SHOP 的外在成長時，這就成為了一個重要的因素。所以這是其中的關鍵因素。

So we think given the performance and the operators have all been in for a number of years, that should continue. So we're encouraged by that as we execute on external growth.

所以我們認為，鑑於目前的表現以及所有營運人員都已從業多年，這種情況應該會繼續下去。因此，這讓我們在推動外部成長的過程中倍受鼓舞。

Yes. In regard to the contracts, I mean, we've looked -- we engaged third-party resources to help us structure these management agreements and really look at an alignment of interest through financial incentives for both parties. So we're looking at compositions of management fees on top line and on bottom line. We're looking at short-term and long-term performance goals.

是的。關於合約方面，我的意思是，我們已經考慮過——我們聘請了第三方資源來幫助我們建立這些管理協議，並透過財務激勵措施真正考慮雙方利益的一致性。所以我們現在要分析管理費在營收和利潤方面的組成。我們正在考慮短期和長期績效目標。

This has been well received by operators. And I think that a choice of capital for operators is refreshing as well. And our conversations have been very productive with operators.

營運商對此反應良好。而且我認為，營運商可以選擇資金來源也令人耳目一新。我們與營運商的對話非常有成效。

Got you. Last one for me, if you don't mind. Is there any point where you can see yourself doing more of the value-add type idea transactions, again, low occupancy you guys focused on seeing it up and driving really large same-store NOI growth like some of the other health care REITs do?

抓到你了。如果你不介意的話，這是我最後一個問題了。您是否考慮過在未來某個時候進行更多增值型交易，再次強調，你們之前關注的是提高入住率，並像其他一些醫療保健房地產投資信託基金那樣，推動同店淨營業收入大幅增長？

Yes, it depends on where our stock price goes and our cost of capital. For right now, we'll continue on -- so right now, we'll continue on our focus, which is single assets, smaller portfolios, newer assets is what our focus is going to be and there's always going to be an opportunity maybe here or there for a value-add opportunity, but that's not our primary focus at this point.

是的，這取決於我們的股價走勢和資金成本。就目前而言，我們將繼續專注於單一資產、較小的投資組合和較新的資產，這就是我們目前的重點。雖然偶爾也會出現一些增值機會，但這並不是我們目前的主要關注點。

Yes. I think especially as we launch the SHOP portfolio, Tayo, I mean, looking at the value add, I think that's something that you can do when you have more scale because that takes time. And it's a little messy. Turnarounds are not easy. And for right now, I think, building a very strong base in our shop with newer stabilized assets with good cash flow, that's the most prudent way to build this platform.

是的。我覺得尤其是在我們推出 SHOP 產品組合的時候，Tayo，我的意思是，從增值的角度來看，我認為這是在規模更大的時候才能做到的，因為這需要時間。而且有點亂。扭轉局面並非易事。就目前而言，我認為，用現金流良好的新穩定資產為我們的店鋪打造一個非常強大的基礎，是建立這個平台最謹慎的方式。

I think have better risk-adjusted return in our mind to be able to drive shareholder value.

我認為，在我們看來，獲得更好的風險調整後回報能夠提升股東價值。

Thank you. And ladies and gentlemen, there are no further questions at this time. I'll hand it back to Pam Kessler for closing remarks.

謝謝。女士們、先生們，目前沒有其他問題了。我將把發言權交還給帕姆·凱斯勒，請她作總結發言。

We are very excited about the opportunities ahead as we are committed as ever to driving growth and shareholder value for years to come. Thank you all for joining us today, and we look forward to speaking with you again next quarter.

我們對未來的機會感到非常興奮，並將一如既往地致力於在未來幾年推動成長和股東價值提升。感謝各位今天蒞臨，我們期待下季再次與各位交流。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。所有參與者均可中斷連線。祝你有美好的一天。