LTC Properties Inc (LTC) 2025 Q3 法說會逐字稿

Greetings, and welcome to the LTC Properties, Inc.'s third-quarter 2025 earnings conference call. (Operator Instructions)

各位好，歡迎參加 LTC Properties, Inc. 2025 年第三季財報電話會議。（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's 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. And 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 不時向美國證券交易委員會提交的房地產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. Thank you. You may begin.

現在我將把會議交給 LTC 管理階層。謝謝。你可以開始了。

Hello, and welcome to LTC's 2025 third-quarter earnings call. After some brief introductory remarks from me, you'll hear from Cece Chikhale, our Chief Financial Officer; followed by Gibson Satterwhite, LTC's Executive Vice President of Asset Management; then Dave Boitano, our Chief Investment Officer. Pam Kessler, LTC's Co-CEO, will close out our formal remarks.

大家好，歡迎參加LTC 2025年第三季財報電話會議。在我簡短的介紹之後，您將聽到我們的財務長 Cece Chikhale 的發言；接著是 LTC 資產管理執行副總裁 Gibson Satterwhite 的發言；然後是我們的首席投資官 Dave Boitano 的發言。LTC 聯合執行長 Pam Kessler 將結束我們的正式發言。

It's been a busy and productive 10 months for LTC. We've been executing on every front, initial cooperative conversions from triple net lease to SHOP, external growth through investments, capital recycling, and transformation through SHOP.

對LTC來說，過去的10個月既忙碌又有成效。我們一直在各個方面執行，從最初的合作社從三淨租賃轉換為 SHOP，透過投資實現外部成長，資本循環利用，並透過 SHOP 實現轉型。

Following the announcement of our SHOP initiative in late 2024, we moved quickly to build our investment pipeline, outperforming our own expectations and growing the pipeline fourfold since the beginning of this year. As Gibson will detail later, today, we are raising our 2025 SHOP NOI guidance. We have closed about 85% of our projected $460 million investment pipeline, more than $290 million of which was in our SHOP segment. We expanded operator relationships and reduced the average age of our portfolio.

在 2024 年底宣布 SHOP 計畫後，我們迅速採取行動，建立投資管道，其業績超出預期，自今年年初以來，投資管道規模增長了四倍。正如吉布森稍後將詳細介紹的那樣，今天，我們提高了 2025 年 SHOP NOI 預期。我們已完成預計 4.6 億美元投資計畫中的約 85%，其中超過 2.9 億美元來自我們的 SHOP 板塊。我們擴大了與營運商的合作關係，並降低了投資組合的平均年齡。

Today, we have six SHOP operator relationships for new to LTC and by the end of the year, we expect SHOP to approach 25% of our investment portfolio with an average age of less than nine years.

目前，我們與六家新的長期照護機構建立了 SHOP 營運商合作關係，預計到今年年底，SHOP 將占我們投資組合的 25%，平均年齡不到九年。

Our primary thesis for launching SHOP was the realization that LTC was effectively excluding itself from a vast opportunity set of new investments with the robust volume of new investments we've made in 2025 and the backdrop of favorable demand fundamentals and supply constraints, our external growth trajectory remains strong.

我們推出 SHOP 的主要論點是，我們意識到 LTC 實際上將自己排除在了大量新的投資機會之外。鑑於我們在 2025 年進行了大量的新投資，以及有利的需求基本面和供應限制，我們的外部成長軌跡仍然強勁。

The transformation we've accomplished since the second quarter of this year is delivering meaningful results and positioning LTC to continue creating long-term value for our shareholders. Pam, Wendy, and I want to extend a sincere thank you and express our gratitude to the LTC team. They have stretched themselves by tackling new tasks and responsibilities and are working together tirelessly and professionally to successfully execute on LTC's strategy.

自今年第二季以來，我們所取得的轉型正在帶來顯著的成果，並使 LTC 能夠繼續為股東創造長期價值。Pam、Wendy 和我想向 LTC 團隊表達我們真誠的感謝和感激。他們勇於承擔新的任務和責任，不斷挑戰自我，並以孜孜不倦、專業的態度共同努力，成功執行 LTC 的策略。

Now I'll turn the call over to Cece.

現在我把電話交給Cece。

Thank you, Clint. The numbers I'll be discussing today are for the third quarter of 2025 compared with the same quarter of 2024, unless otherwise noted. You can find a more detailed description of our financial results in yesterday's earnings release, our supplemental, and our Form 10-Q.

謝謝你，克林特。除非另有說明，我今天要討論的數字是 2025 年第三季與 2024 年第三季的比較數據。您可以在昨天的收益報告、補充報告和 10-Q 表格中找到我們財務表現的更詳細說明。

Core FFO improved to $0.69 from $0.68 in principally due to an increase in SHOP NOI from Anthem and New Perspective compared with rents we received before those leases were converted from triple net, new SHOP acquisitions, and a decrease in interest expense. These were partially offset by an increase in recurring G&A.

核心 FFO 從 0.68 美元提高到 0.69 美元，主要原因是 Anthem 和 New Perspective 的 SHOP NOI 較之前從三淨租賃轉換而來的租金有所增加、新的 SHOP 收購以及利息支出減少。這些成長被經常性一般及行政費用的增加部分抵銷。

Core FAD improved by $0.04 to $0.72 versus $0.68 last year. The increase primarily related to the same factors impacting core FFO and as well as the turnaround impact of rent assistance provided to ALG in the third quarter of 2024, cash rent increases from escalations and CapEx funding in our triple net portfolio. These are partially offset by an increase in recurring G&A.

核心 FAD 較去年同期成長 0.04 美元，達到 0.72 美元，去年同期為 0.68 美元。成長主要與影響核心 FFO 的相同因素有關，以及 2024 年第三季向 ALG 提供的租金援助的扭轉影響、三淨租賃組合中因租金上漲和資本支出資金而增加的現金租金。這些增長部分被經常性一般及行政費用的增加所抵銷。

During the quarter, we took a non-cash write-off of Prestige's straight-line effective interest receivable balance of $41.5 million, resulting from the loan amendment that we discussed on last quarter's call. The amendment gives Prestige a penalty-free pre-payment option on their $180 million loan within a 12-month window beginning in July 2026.

本季度，我們對 Prestige 的直線法有效利息應收帳款餘額 4,150 萬美元進行了非現金沖銷，這是由於我們在上個季度電話會議上討論的貸款修訂所致。該修正案賦予 Prestige 公司在 2026 年 7 月開始的 12 個月內，對其 1.8 億美元貸款進行無罰款提前還款的選擇權。

Additionally, during the third quarter, we wrote off $1.3 million of straight-line rent receivable related to the Genesis Chapter 11 bankruptcy filing. During the third quarter and subsequent we sold a total of 1.5 million shares under our ATM for net proceeds of approximately $56 million.

此外，在第三季度，我們註銷了與 Genesis 第 11 章破產申請相關的 130 萬美元直線法租金應收款。在第三季及之後，我們透過 ATM 出售了總計 150 萬股股票，淨收益約為 5,600 萬美元。

Our pro forma debt to annualized adjusted EBITDA for real estate was 4.7 times and on our annualized adjusted fixed charge ratio was 4.6 times. Our pro forma liquidity stands at nearly $500 million. We have increased the low end of our full year 2025 core FFO guidance by $0.01, which now stands at $2.69 to $2.71. For the fourth quarter, we expect core FFO in the range of $0.67 to $0.69.

我們的房地產備考債務與年度調整後 EBITDA 比率為 4.7 倍，年度調整後固定費用比率為 4.6 倍。我們的預計流動資金接近5億美元。我們將2025年全年核心FFO預期下限調高了0.01美元，目前為2.69美元至2.71美元。對於第四季度，我們預計核心FFO將在0.67美元至0.69美元之間。

Guidance excludes asset sales and includes only those transactions closed to date or expected to close over the next 60 days. Additional assumptions underpinning this guidance can be found in our earnings release, which is posted on our website. Now I'll turn the call over to Gibson.

該指引不包括資產出售，僅包括迄今已完成或預計在未來 60 天內完成的交易。有關此指引的其他假設，請參閱我們網站上發布的獲利報告。現在我把電話交給吉布森。

Thank you,Cece. We're repositioning our portfolio with purpose, recycling capital from non-core assets, adding new operators and expanding SHOP to drive long-term value.

謝謝你，Cece。我們正在有目的地重新調整我們的投資組合，從非核心資產中回收資金，增加新的營運商，並擴大 SHOP，以推動長期價值。

At the close of the third quarter, SHOP included 21 properties with five operators, three of them new to LTC, including Lifespark, Charter Senior Living, and Discovery Senior Living. The portfolio's gross book value is $447 million, or approximately 20% of our overall portfolio with average occupancy of 87%. We expect to convert two seniors housing communities in Oregon from our triple net portfolio and to our SHOP segment on or before December 1. Upon conversion, we will terminate the triple net master lease with the operator and enter into a management agreement with Compass Senior Living, a partner new to LTC.

第三季末，SHOP 旗下共有 21 處房產，由 5 家業者經營，其中 3 家是首次涉足長期照護領域，包括 Lifespark、Charter Senior Living 和 Discovery Senior Living。該投資組合的總帳面價值為 4.47 億美元，約占我們整體投資組合的 20%，平均入住率為 87%。我們預計將於 12 月 1 日或之前，將俄勒岡州的兩個老年住宅社區從我們的三淨投資組合轉移到我們的 SHOP 板塊。轉換完成後，我們將終止與營運商的三方淨租賃協議，並與長期照護領域的新合作夥伴 Compass Senior Living 簽訂管理協議。

The contractual rent under the lease agreement is approximately $2.5 million, and the SHOP NOI run rate is approximately $1.2 million, which is expected to grow to exceed the contractual rent over the next couple of years.

根據租賃協議，合約租金約為 250 萬美元，而 SHOP NOI 的運作率約為 120 萬美元，預計在未來幾年內將成長到超過合約租金。

For the 13 properties originally converted to SHOP, we are increasing guidance to $10.9 million to $11.3 million, up from $9.4 million to $10.3 million at the midpoint of guidance pro forma NOI growth for these properties for the full year 2025, over 24 would approach 18%. For the remainder of the SHOP portfolio acquired through today's call and expected to convert, we expect fourth-quarter NOI of $4.8 million to $5.2 million.

對於最初改建為 SHOP 的 13 處房產，我們將預期收入從 940 萬美元到 1,030 萬美元上調至 1,090 萬美元至 1,130 萬美元，這是這些房產 2025 年全年預期淨營業收入成長的中點，超過 24 項將接近 18%。對於透過今天的電話會議收購併預計轉換的 SHOP 投資組合的其餘部分，我們預計第四季度淨營業收入為 480 萬美元至 520 萬美元。

While we are not providing formal guidance for 2026 today, we do expect continued strong SHOP NOI growth given the competitive position of our SHOP assets. Our expectation for rent from the 14-property portfolio subject to market-based rent resets remained steady at $5.7 million, which represents a 64% year-over-year increase. We will continue working to optimize value in this portfolio over the next 12 to 15 months.

雖然我們今天沒有提供 2026 年的正式指導，但鑑於我們 SHOP 資產的競爭地位，我們預計 SHOP NOI 將繼續保持強勁成長。我們對受市場租金調整影響的 14 個房產組合的租金預期保持穩定，為 570 萬美元，年增 64%。未來 12 至 15 個月，我們將繼續努力優化該投資組合的價值。

We have completed the sale of a previously discussed portfolio of seven skilled nursing assets, generating net proceeds of approximately $120 million and a resulting gain of $78 million.

我們已經完成了先前討論過的七處專業護理資產組合的出售，產生了約 1.2 億美元的淨收益，並由此獲得了 7,800 萬美元的收益。

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. The Fall NIC Conference echoed a powerful theme, confidence in the future of senior housing is poised to capitalize on this robust industry updraft and build upon our solid cornerstone of 2025 investment success, a foundation of strong senior housing operator relationships, and accelerating deal flow.

謝謝你，吉布森。秋季 NIC 會議傳達了一個強有力的主題：對老年住房未來的信心，將利用這一強勁的行業上升勢頭，並鞏固我們 2025 年投資成功的堅實基礎、強大的老年住房運營商關係以及加速的交易流程。

We're gaining strong traction not only in the volume of potential investments, but in the quality and depth of opportunities we're seeing, -- our conversations with potential and existing SHOP operating partners continue to generate a strong pipeline, including off-market deals sourced from LTC's deep industry relationships.

我們不僅在潛在投資的數量上取得了強勁的進展，而且在機會的品質和深度上也取得了顯著的進展——我們與潛在和現有 SHOP 營運合作夥伴的對話不斷產生強大的項目儲備，包括透過 LTC 深厚的行業關係獲得的場外交易。

Our current opportunity set stands at roughly $1 billion, and we already have nearly $110 million under LOI with a target close in January 2026. The majority of our 2025 pipeline is closed with more than $290 million in SHOP transactions completed since May. We expect to ramp up that pace in 2026 and as we focus on executing on the substantial opportunities we are seeing with both existing and potential new SHOP relationships.

我們目前的機會規模約為 10 億美元，我們已經獲得了近 1.1 億美元的意向書，目標是在 2026 年 1 月完成交易。我們2025年的大部分專案計畫已經完成，自5月份以來，SHOP交易額已超過2.9億美元。我們預計在 2026 年加快這一步伐，並將專注於掌握我們在現有和潛在的新 SHOP 合作關係中看到的巨大機會。

I want to take a moment to thank Gibson for the over $100 million in sales proceeds that we're quickly redeploying to the quality senior housing communities. Through the end of the third quarter, we closed three SHOP investments totaling nearly $270 million.

我想藉此機會感謝吉布森公司提供的超過 1 億美元的銷售收入，我們正在迅速將這些資金重新投入到優質老年住房社區建設中。截至第三季末，我們完成了三筆 SHOP 投資，總額近 2.7 億美元。

After quarter end and has just recently announced, we acquired a stabilized senior housing community in Georgia for $23 million. This is being managed by a new LTC operator, Arbor Company. These stabilized assets were underwritten to generate threshold year one yields of about 7% and unlevered IRRs in the low teens, tangible proof of our ability to source, structure, and execute high-performing investments. And as with all our SHOP relationships, management agreements provide incentives for our operating partners to surpass base underwriting assumptions.

季度末之後，我們剛剛宣布，以 2300 萬美元的價格收購了喬治亞州一家運作穩定的老年公寓社區。這項服務由一家新的長期照護營運商 Arbor 公司負責管理。這些穩定資產的承銷目標是在第一年實現約 7% 的收益率，以及在十幾個百分點的無槓桿內部收益率，這切實證明了我們有能力尋找、建立和執行高績效投資。與我們所有的 SHOP 合作關係一樣，管理協議為我們的營運合作夥伴提供了激勵，使其超越基本承保假設。

During the third quarter, we also originated a $58 million five-year mortgage at 8.25% and providing strong current returns and portfolio diversification. SHOP has proven to be a true external growth engine for LTC, built on disciplined underwriting, strong partnerships, and consistent execution. As the market continues to evolve, we're focused on maintaining balance between opportunity pursuit, and execution discipline, ensuring LTC's growth remains both sustainable and strategic.

第三季度，我們也發放了一筆 5,800 萬美元的五年期抵押貸款，利率為 8.25%，帶來了強勁的當前收益和投資組合多元化。SHOP 已證明是 LTC 真正的外部成長引擎，其建立在嚴謹的承保、強大的合作夥伴關係和持續的執行之上。隨著市場不斷發展，我們專注於在尋求機會和執行紀律之間保持平衡，以確保 LTC 的成長既可持續又具有戰略意義。

I'll now pass the call to Pam.

現在我把電話轉給帕姆。

Thanks, Dave. LTC strategy today is clear and forward focused. We're building a company defined by growth, quality, and consistent performance. Over the past year, we've established a strong foundation and now we're focusing on scaling it by expanding our SHOP platform, deepening operator partnerships, and driving long-term accretive returns.

謝謝你，戴夫。目前長期照護策略清晰明確，著眼於未來。我們正在打造一家以成長、品質和持續績效為特徵的公司。過去一年，我們打下了堅實的基礎，現在我們正專注於透過擴展我們的 SHOP 平台、深化與營運商的合作關係以及推動長期增值回報來擴大規模。

We're intentionally building a SHOP portfolio of newer assets with staying power. One that will compete well as the industry continues to evolve. The bifurcation between high-quality, modern assets; and older, less competitive properties is becoming more pronounced across all real estate asset classes, and seniors housing is no exception.

我們正在有意識地建構一個以具有持久價值的新興資產為主的 SHOP 投資組合。隨著產業的不斷發展，它將具備強大的競爭力。高品質、現代化的資產與老舊、競爭力較弱的房產之間的分化在所有房地產資產類別中都變得越來越明顯，老年住房也不例外。

By concentrating on newer, well-located communities operated by experienced partners, LTC is positioning itself to outperform over time. Underpinning all of this is a strong balance sheet. We maintain solid liquidity, a conservative approach to leverage and a disciplined payout ratio that gives us the flexibility to pursue growth while preserving financial stability. That foundation allows us to move decisively when opportunities arise.

LTC 透過專注於由經驗豐富的合作夥伴經營的、位置優越的新興社區，為日後取得優異成績奠定了基礎。這一切的基礎就是穩健的資產負債表。我們保持著穩健的流動性、保守的槓桿策略和嚴格的派息率，這使我們能夠在保持財務穩定的同時，靈活地追求成長。這種基礎使我們能夠在機會出現時果斷行動。

Our momentum is strong, our strategy is working and our opportunities ahead are significant. We're executing with discipline and confidence, and I couldn't be more optimistic about what's next for LTC.

我們發展勢頭強勁，策略奏效，未來機會眾多。我們以嚴謹的紀律和十足的信心執行計劃，我對LTC的未來充滿信心。

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

接線員，我們已準備好接受觀眾提問。

(Operator Instructions) John Killechawski, Wells Fargo.

（操作說明）約翰‧基勒喬斯基，富國銀行。

This is [Jesus] on for John. Just looking at the guidance here to get started. Looking at the moving parts, just talk about the underlying assumptions here for the low end and the high end of the range.

這是耶穌為約翰所作的演講。我只是看看這裡的指導說明，以便開始學習。看看各個組成部分，就談談這個範圍的低端和高端的基本假設。

Hi, Jesus. It's Cece. The low range, we included all investments that have closed to date and then the high is all that we expect to close within the next 60 days.

你好，耶穌。是Cece。低區間包括迄今為止所有已完成的投資，高區間則是我們預計在未來 60 天內完成的所有投資。

Perfect. And let's talk about the pipeline as well and the makeup here. Are you purely focusing on SHOP deals at the moment? Or are you looking at other triple net and loans as well?

完美的。我們再來談談管道和這裡的組成。你目前只關注商店的優惠活動嗎？或者您也在考慮其他三方淨租賃和貸款嗎？

So this is Dave. Predominantly SHOP. Certainly, we will consider other opportunities across our desk, but our primary focus is SHOP.

這位是戴夫。主要是購物。當然，我們會考慮其他方面的機會，但我們的主要重點是 SHOP。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Maybe just to start to piggyback on the prior question. Could you provide any color on expected yield and growth for $110 million in the pipeline to close in January and $70 million over the next 60 days?

或許可以藉用一下之前的問題。能否就1月即將完成的1.1億美元項目以及未來60天內即將完成的7000萬美元項目的預期收益和增長情況提供一些信息？

So Juan, this is Clint. We've guided to 7% yields on our SHOP acquisitions, and you should think of the same for the $110 million deal we disclosed on our earnings release.

胡安，這位是克林特。我們對 SHOP 收購項目的預期收益率為 7%，對於我們在收益報告中披露的 1.1 億美元交易，您也應該抱持相同的預期。

Initial yield.

初始產量。

Initial yields.

初始產量。

Okay. And just you guys or how should we think about funding the incremental capital that you've outlined? And then how do you think about your marginal cost of capital book debt and equity?

好的。那麼，你們覺得我們應該如何考慮為你們概述的新增資金提供資金呢？那麼，您如何看待您的資本邊際成本（包括債務和股權）呢？

Yeah. Thanks, Juan. This is Pam. So we have proceeds coming to us in the first quarter in the form of loan payoffs and purchase option exercises that we disclosed in the supplemental. And so that's about $90 million of proceeds and then funding the remainder on the -- with equity on the ATM. We've been very disciplined this year in issuing equity to match fund our investments. And so you can anticipate that going forward as well.

是的。謝謝你，胡安。這是帕姆。因此，我們將在第一季獲得貸款償還和購買選擇權行使的收益，這些已在補充文件中揭露。因此，大約有 9000 萬美元的收益，然後用 ATM 的股權來支付剩餘部分。今年我們在發行股票以匹配投資資金方面一直非常謹慎。因此，未來也是如此。

Great. And just last one, if you don't mind. Any other options or pre-payments that we should expect in 2026 to '27 that you think realistically would be executed?

偉大的。最後一個問題，如果您不介意的話。2026年至2027年還有其他可能實施的方案或預付款嗎？

Juan, the only thing you should think about is Prestige, which we talked about previously and we gave them a pre-payment window starting in July of '26, and they have improved performance, and we have been in communication with them, and they're going to be making loan applications in early '26. So at this point, we would think that they should be on track for, hopefully, [71]. It may take a little bit longer, but that's $180 million.

胡安，你唯一需要考慮的就是 Prestige 公司，我們之前討論過，我們給了他們從 2026 年 7 月開始的預付款窗口，他們的業績有所改善，我們一直與他們保持聯繫，他們將在 2026 年初提交貸款申請。所以目前來看，我們認為他們應該能夠按計劃進行，希望如此。[71]可能還需要更長時間，但那是1.8億美元。

So Juan, you should also think of this in the context of -- this is all part of our -- the loan payoffs and the purchase option part of our strategy to recycle out of older skilled nursing properties and into a higher-performing SHOP assets. And we also point out we have an accordion feature on our line of credit that we could also execute on in 2026 to increase our availability.

所以胡安，你也應該從以下角度來考慮這個問題——這都是我們償還貸款和購買選擇權策略的一部分，目的是將老舊的專業護理物業回收利用，換成表現更好的SHOP資產。此外，我們還要指出，我們的信貸額度具有可擴展性，我們可以在 2026 年啟用該功能來增加我們的可用資金。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Good morning out there, up nice and early. So this is all very exciting. The pipeline growing $1 billion is not a number we've heard associated with LTC in the past. So congrats on that. But the thing that I think I find more valuable is the growth profile of the company in year two and onward after the investment.

早安，各位起得真早。這一切都令人非常興奮。這條價值 10 億美元的管道，是我們過去從未聽說過與 LTC 相關的數字。恭喜你！但我認為更有價值的是投資後公司在第二年及以後的成長前景。

So can you talk about what happens to the overall growth of the organic growth of LTC? Let's say you get to 30%, 40% SHOP in the next year or so. I'd say, legacy LTC was growing 2% or 2.5% on escalators on triple net. Like what's the incremental growth picture for the company after the investment, not from the investment?

那麼，您能否談談LTC有機成長的整體情況？假設你在接下來的一年左右的時間裡，購物比例達到 30% 或 40%。我認為，傳統長期照護保險 (LTC) 在三淨利率 (triple net) 的自動扶梯上成長了 2% 或 2.5%。例如，投資之後公司將實現怎樣的增量成長，而不是投資本身帶來的成長？

You're talking about the growth through SHOP? (multiple speakers)

您指的是透過 SHOP 實現的成長嗎？（多位發言者）

The whole company -- like if the company was growing at 2.5% prior to your RIDEA sort of movement, what do you see the growth profile, the organic growth profile of the company because that's what you're buying, right? You're buying a better growth story longer term. So that's the basic genesis of the question.

整個公司——比如，如果在你發起 RIDEA 之類的行動之前，公司的成長率是 2.5%，那麼你認為公司的成長情況如何，公司的自然成長情況如何？因為這就是你買的東西，對吧？你買的是長期更佳的成長前景。這就是問題的基本由來。

Yeah. That's right, Rich. This is Gibson Satterwhite. Yeah, going in at [7%] cash yields, I think we communicated before that we expect a very minimum of 3%, and that's just basically to keep up with inflation. So if you think about our cost of capital, as that's adjusting as we're repositioning away from skilled nursing assets, considering the overall blended cost of capital, that's the minimum growth rate that we use to price these deals for newer assets to build out our SHOP portfolio.

是的。沒錯，里奇。這是吉布森·薩特懷特。是的，假設現金收益率為 7%，我認為我們之前已經溝通過，我們預計最低收益率為 3%，這基本上只是為了跟上通貨膨脹的步伐。因此，如果您考慮我們的資本成本，由於我們正在調整投資方向，減少對專業護理資產的依賴，考慮到整體綜合資本成本，這就是我們為這些新資產交易定價以建立我們的 SHOP 投資組合的最低成長率。

But certainly, we expect greater growth than that. We've targeted low-digit -- low-double-digit IRRs. And we do expect more than 3% growth with the supply-demand imbalance that's been much discussed in the industry. And preliminary conversations we're having with operators where they expect going in 2026 that revPAR will outpace expense growth.

但我們當然預期成長幅度會更大。我們的目標是實現兩位數以下的內部報酬率（IRR）。我們預計，在業界廣泛討論的供需失衡問題下，成長率將超過 3%。我們正在與營運商進行初步對話，他們預計到 2026 年，每間可供出租客房收入 (revPAR) 將超過支出成長。

We're working through budgets right now, so we can't quantify that exactly for you. But we expect that to play out and to have a greater growth profile to hit those low double-digit IRRs.

我們目前正在製定預算，所以暫時無法向您提供具體的量化數據。但我們預計這種情況會得到改善，並具有更大的成長潛力，從而實現兩位數的低內部報酬率。

And Rich, in addition to that, the average vintage right now of the deals we're acquiring in SHOP in '25 is 2019. So we are buying and bringing newer assets that we think we're going to have pricing power continuing on into future years. And we've purchased assets that are stabilized from an occupancy standpoint but have further room to grow from their positioning in the markets for revenue growth and dropping to the bottom line for NOI growth.

Rich，除此之外，我們目前在 SHOP in '25 中收購的交易的平均年份是 2019 年。因此，我們正在收購和引進我們認為在未來幾年內仍將擁有定價權的新資產。我們收購的資產，從入住率的角度來看已經穩定，但從其市場定位來看，在收入成長和淨營業收入成長方面，仍有進一步成長的空間。

Okay. Yeah. So I did note the 87% occupancy. Some of your peers are doing mid-teens and more same-store NOI growth, a lot of that is occupancy lift. But on a revPAR basis, do you think you could be sort of mid-single digits? Is that sort of the -- I know you said 3%, but what's the upside from there, again, with a mind towards growing -- creating a growth year story for shareholders? Is that --

好的。是的。所以我注意到入住率達到了 87%。你們的一些同業實現了十幾個百分點甚至更高的同店淨營業收入成長，其中很大一部分原因是入住率的提升。但以每間可供出租客房收入（revPAR）計算，你認為你們的績效能達到個位數中段嗎？我知道你說過成長3%，但從這個角度來看，還有什麼上升空間呢？再次強調，目標是實現成長－為股東創造一個成長的年份？是嗎？--

People are certainly targeting -- I'm sorry, Rich.

人們肯定是在針對你──對不起，里奇。

Yes, please.

好的，謝謝。

Yeah, people are certainly targeting more than 3% revPAR growth, and that would at least keep up with expense growth, expense growth to be below that. So in the kind of 5%-ish, people are talking about base rates of going up anywhere 6% to 8%, doing different things with levels of care. So that could all blend down to revPAR growth of, call it, 5%-ish.

是的，人們的目標肯定是實現超過 3% 的每間可供出租客房收入 (revPAR) 成長，這樣至少可以跟上支出成長，而支出成長則要低於這個水準。所以，在 5% 左右的漲幅範圍內，人們正在討論基本漲幅在 6% 到 8% 之間，並針對不同級別的護理採取不同的措施。所以所有這些因素最終可能導致每間可供出租客房收入 (revPAR) 成長約 5%。

And so we don't -- we're not getting a lot of feedback from operators going into next year that they are seeing really acute wage pressure, which is the majority of your cost structure. So if you're starting at, I don't know, 4%, 5%, whatever that is, we'll know that when we get through budget season with our portfolio, we do expect that to outpace expense growth. So yes, I think mid-single digits is a fair assumption.

因此，我們沒有——我們沒有收到運營商關於明年將面臨真正嚴峻的工資壓力的反饋，而工資是你們成本結構的大部分。所以，如果你的起始成長率是，我不知道，4%，5%，不管是多少，我們就會知道，當我們完成投資組合的預算季時，我們預計成長率將超過支出成長率。所以，我認為個位數中段是個合理的假設。

Awesome. And then quickly for me, last one. You mentioned the conversion of the Compass previously, $2.5 million rent, $1.2 million SHOP with the expectation to pass that $2.5 million. Is that the typical model when you do a conversion where you're sort of giving up short-term rent? Or do you kind of sometimes start at a higher number on a SHOP execution versus the previous net lease structure. Just curious how typical that math is for other conversions.

驚人的。然後，對我來說，很快就是最後一個了。您之前提到 Compass 的改造，租金 250 萬美元，商店租金 120 萬美元，預計超過 250 萬美元。這是進行房屋改建時放棄短期租賃的典型模式嗎？或者，您有時會在 SHOP 執行中以比先前的淨租賃結構更高的數字作為起始數字？只是好奇這種計算方法在其他單位換算中是否常見。

This one is a little bit of an anomaly, Rich. And it's a fair question. So as you know, as I disclosed in my prepared comments that the current NOI run rate was lower than the contractual rent. So this was a specific operator issue that we dealt with that we had to address. We're really excited to start the relationship with Compass. These two particular properties have covered that contractual rent before. And we've just seen performance deteriorate.

里奇，這有點反常。這是一個很合理的問題。如您所知，正如我在準備好的評論中所披露的那樣，目前的淨營業收入運行率低於合約租金。所以這是我們必須處理的一個具體的運營商問題。我們非常高興能與 Compass 建立合作關係。這兩處房產之前都已支付過合約約定的租金。我們已經看到性能下降了。

So we've looked at this as a good opportunity, and we're really glad to have SHOP, the RIDEA platform in the toolkit to address a situation like this. So we really are confident that Compass has to be able to drive NOI to more than exceed that contractual rent, such that the value creation is going to more than offset the temporary reduction in our income.

因此，我們把這看作是一個很好的機會，我們非常高興能有 SHOP 和 RIDEA 平台作為工具包來應對這種情況。因此我們非常有信心，Compass 的淨營業收入 (NOI) 必須能夠超過合約規定的租金，從而使價值創造能夠彌補我們收入的暫時減少。

So if you think about the other conversions, Anthem, that was cooperative, new prospective cooperative strategic. Those were really strategic and important pieces for us to start our platform. And as we're seeing, as we increase guidance on those, that is really paying off for our shareholders.

所以，如果你想想其他的轉型，像是 Anthem，那是一家合作型、有新前景的合作型策略公司。這些對我們啟動平台來說都是非常重要且具策略性的組成部分。正如我們所看到的，隨著我們提高這些方面的業績預期，這確實為我們的股東帶來了回報。

Michael Carroll, RBC.

Michael Carroll，RBC。

Yeah. Maybe aligns with those last questions. I guess, Gibson, how many of the assets that you have in the portfolio were recently transitioned or how many of the acquisitions that you guys have are recent acquisitions where you're transitioning out the old operator and bringing in a new operator? And with regard to those, should we expect some type of disruption, so higher expenses or lower revenues as there's always some type of disruptions with those?

是的。或許與最後幾個問題有關。吉布森，我想問的是，你們投資組合中有多少資產是最近完成過戶的？或者說，你們的收購項目中有多少是最近完成的，也就是你們正在逐步淘汰舊運營商並引入新運營商？至於這些方面，我們是否應該預期會出現某種程度的干擾，例如更高的支出或更低的收入？因為這些方面總是會存在某種程度的干擾。

This is Dave. So, so far, our existing external acquisitions, the operator has remained in place, and it's actually been as far as I'm concerned, sort of a twofer because we get to buy a great piece of real estate, and we get to establish a great relationship with an operator. There will be some situations where we do have transitions. And obviously, we're very careful to plan well in advance with the operator to avoid disruptions. But predominantly, so far, we've been able to keep the operator in place on deals that we've executed.

這是戴夫。所以，到目前為止，我們現有的外部收購，運營商都保持不變，而且就我而言，這實際上是一舉兩得，因為我們既買到了一塊很棒的房地產，又與運營商建立了良好的關係。有些情況下我們會遇到過渡階段。顯然，我們會非常謹慎地提前與營運商做好計劃，以避免中斷。但總的來說，到目前為止，在我們執行的交易中，我們都能維持營運商的原有地位。

And right now, Mike, on our pipeline, we only have one deal in our pipeline, where it would be an operator transition, but that was a smaller operator that was a real estate owner that's exiting that. So it's cooperative transition.

麥克，目前我們的專案儲備中只有一筆交易，涉及營運商的變更，但那是一家規模較小的房地產營運商，現在正在退出該行業。所以這是合作過渡。

Okay. So there's nothing really in the existing SHOP right now where you just did a transition and we should expect some type of disruption. So like you've kind of already realized that in the numbers in the third quarter.

好的。所以目前現有的 SHOP 中並沒有真正發生任何變化，我們不該預料到會出現某種程度的混亂。所以，正如你從第三季的數據中已經意識到的。

Yes, correct.

是的，沒錯。

Okay. Great. And then I guess, related to Prestige, I know you provide and I appreciate the color, Clint, earlier in the call. What do they need to get done to exercise that purchase option? I mean is it just obtaining the loans? Or do they need to drive better results so they can get I guess, better underwriting with any potential, I guess, HUD-type debt? I mean, do they need to drive performance in order to exercise that? Or is it just getting the loans done?

好的。偉大的。然後，我想，關於聲望，我知道你提供了，我很欣賞你的觀點，克林特，在電話中早些時候。他們需要完成哪些步驟才能行使購買權？我的意思是，是不是只要獲得貸款就行了？或者，他們是否需要取得更好的業績，以便獲得更好的承保，從而應對任何潛在的、類似 HUD 類型的債務？我的意思是，他們需要透過提升業績來行使這項權利嗎？或者，關鍵在於完成貸款發放？

Driving a little bit more performance. And that's why we gave them a year to go ahead and to pre-pay, but they have been improving substantially, and we think they are on track to be able to -- we've been analyzing their financial performance. They've improved substantially. And for right now, it looks positive for us. They'll be able to exist.

進一步提升性能。這就是為什麼我們給了他們一年的時間來提前付款，但他們的情況已經有了很大的改善，我們認為他們正在朝著正確的方向發展——我們一直在分析他們的財務表現。他們已經有了顯著的進步。就目前來看，這對我們來說是利好消息。它們將能夠生存下去。

And it brings down our -- yeah, just interest rates going down, too, could be a benefit for them. So we feel good about that. We feel good about our decision to allow this pre-payment to be able to redeploy that capital into higher-quality assets. So we are keeping close tabs on it, and it looks positive right now for middle of the year next year.

而且，利率下降也會降低我們的——是的，利率下降對他們來說可能也是有利的。所以我們對此感到很滿意。我們對允許這筆預付款的決定感到滿意，這樣我們就可以將資金重新部署到更高品質的資產中。所以我們正在密切關注事態發展，目前看來明年年中前景樂觀。

Okay. And how many trailing or how long of a trailing P&L do they need to get HUD debt? And should we think about them utilizing HUD to take this out? Or could they find a bridge loan and get HUD at a later date when their financial results are more stabilized?

好的。他們需要多少個連續的損益表或多長時間的連續損益表才能獲得 HUD 債務？我們是否應該考慮讓他們利用HUD來解決這個問題？或者他們能否找到過渡貸款，然後在財務狀況更加穩定後再申請住房和城市發展部 (HUD) 貸款？

So this is Dave again. So generally speaking, HUD's looking at a trailing 12, but you're right, there are bridge lenders out there that would probably happily step into the situation. So there'll be optionality for them as they approach that point.

我是戴夫。所以總的來說，HUD 預計會採取 12 個月的過渡期，但你說得對，市面上有一些過渡貸款機構可能很樂意介入這種情況。所以當他們接近那個階段時，他們會有選擇餘地。

Mike, they're just seasoning through the remainder of the year. As Clint mentioned, their current performance, that looks like it's at a level to allow them to take it into HUD. So they're just seasoning through the remainder of the year to submit the application in Q1.

麥克，他們只是在為今年剩下的時間做準備而已。正如克林特所提到的那樣，他們目前的表現看起來已經達到了可以將其帶入HUD的水平。所以他們只是在今年剩下的時間慢慢累積經驗，以便在第一季提交申請。

Okay. So once you're going to get to -- sorry. Go ahead, Clint.

好的。所以一旦你要到——抱歉。請繼續，克林特。

No, just one other good thing about because it's trained 12. So they had more challenging months that are in that trailing 12. So just as you continue in time, it's going to improve the underwriting. So -- and the other thing that Prestige was waiting for was their rate letters, which they got just to confirm their Medicaid rates which were as expected. So that helps the consistency.

不，還有一點好處是，它經過了 12 次訓練。所以，在過去的 12 個月裡，他們經歷了更具挑戰性的幾個月。隨著時間的推移，承保情況會不斷改善。所以——Prestige公司還在等待的另一件事是他們的費率信函，他們收到了這些信函，只是為了確認他們的醫療補助費率，而這些費率正如預期的那樣。這樣有助於保持一致性。

But then within the portfolio that we have with them that will remain, they are the largest vent provider in the state of Michigan, and vents are expecting substantial Medicaid rate increases. So when you look at our portfolio that will remain with Prestige, we feel good about reimbursement that will be coming for the remainder of the portfolio because there are vent units within some of the remaining buildings we would have with them.

但就我們與他們保留的業務組合而言，他們是密西根州最大的呼吸機供應商，而呼吸器預計將大幅提高醫療補助費率。所以，當我們審視那些將留在 Prestige 旗下的投資組合時，我們對剩餘投資組合的補償感到滿意，因為我們與他們合作的剩餘建築物中有一些通風設備。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes. So much talk on SHOP. Let's talk a little bit about skilled nursing. Curious again, when you take a look at your skilled nursing portfolio at this point, if there are opportunities to also try to improve your earnings growth from your current portfolio. Again, one of your peers did something really interesting with one of their operators. Not -- wondering again, are you guys looking at structures like that that could also kind of help you generate better earnings growth from the skilled nursing portfolio?

是的。SHOP上有很多討論。我們來談談專業護理吧。再次好奇，當您現在審視您的專業護理投資組合時，是否還有機會嘗試提高您目前投資組合的收益成長。再說一遍，你們的一位同行用他們的一位操作員做了一件非常有趣的事。不——我再次想問，你們是否也在考慮類似的結構，這些結構或許也能幫助你們從專業護理投資組合中獲得更好的收益成長？

We have not looked at that tile as an option. We've mentioned previously on our calls, we've been selective looking at skilled nursing, and we have focused on more transitional and newer transitional care and newer assets. And we continue to be in discussions with companies about that. So that would be where I'd see us selectively growing on skilled nursing.

我們沒有考慮過那種瓷磚作為選項。我們之前在電話會議中提到過，我們一直在選擇性地考察專業護理機構，並且我們更關注過渡性護理和較新的過渡性護理以及較新的資產。我們仍在與各公司就此進行討論。所以，我認為我們會選擇發展專業護理人員。

Got you. That's helpful. And then anything from a regulatory perspective as well on the skilled nursing side you guys are watching at this point?

抓到你了。那很有幫助。那麼，從監管角度來看，在專業照護方面，你們目前還有哪些關注？

Nothing new at this point. I mean I think everything that's been discussed as far as the staffing mandate. That's in the rearview mirror now. So no major issues that we're aware of on skilled nursing, other than there has been a few states that have touched on potential Medicaid rate reductions. So that's -- I guess, that's a narrative that's out there in select states. We don't know if that will continue to grow or not, but that has cropped up in a few cases.

目前還沒有什麼新的進展。我的意思是，我認為所有關於人員配備要求的討論都已經進行過了。那些都已成為過去。因此，據我們所知，專業護理方面沒有重大問題，只是有幾個州談到了可能降低醫療補助費率。所以，我想，這大概是某些州流傳的一種說法。我們不知道這種情況是否會繼續發展，但這種情況已經在一些案例中出現過。

All right. Do you have exposure to those states like North Carolina and some of the other guys you've talked about it?

好的。你對北卡羅來納州以及你之前提到的其他一些州有所了解嗎？

Correct.

正確的。

Okay. Got you.

好的。抓到你了。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Pam, I appreciate some of your earlier comments around kind of the available liquidity. But going back to that earlier question on funding plans, you've talked about in the past over equitizing the investments or at least kind of on a leverage neutral basis. So just wondering how patient you're willing to be on the capital markets just given this, what seems to be a pretty substantive set of investment opportunities in front of you.

Pam，我很感謝你之前關於可用流動性的一些評論。但回到之前關於融資計畫的問題，你過去曾談到將投資股權化，或至少以某種槓桿中性的方式進行。所以我想知道，鑑於擺在你面前的似乎是一系列相當實質的投資機會，你願意在資本市場上保持多大的耐心。

Yeah. Thank you, Austin. Yeah, I mean we will look to match fund. So you're asking about how much we'll issue on the ATM. I mean we will look to match fund. We do have the proceeds coming back in the first quarter, as I talked about, and then possibly Prestige in third quarter if they meet their open-window period.

是的。謝謝你，奧斯汀。是的，我的意思是我們會尋求配套資金。所以你是想問我們會在ATM發行多少現金。我的意思是，我們會尋求配對資金。正如我之前提到的，我們第一季會收到收益，如果 Prestige 符合他們的開放窗口期要求，那麼第三季可能會收到收益。

So with that backdrop, there's not a lot -- ton of pressure on us. But we have been disciplined this year and executing on the ATM when the backdrop was favorable for us to sell shares. And so we would continue that discipline into 2026 as well.

在這種背景下，我們面臨著巨大的壓力。但今年我們一直很自律，並在市場環境有利於我們出售股票時執行了ATM操作。因此，我們將繼續把這種紀律延續到2026年。

Appreciate that. And then just how are you guys balancing the regional densification or sort of a clustering strategy and the benefits of scale within SHOP versus geographic diversification and just kind of thinking about those future SHOP investments?

謝謝。那麼，你們是如何平衡區域密集化或群聚策略以及 SHOP 內部規模效益與地理多元化之間的平衡，以及對未來 SHOP 投資的思考呢？

Yeah, I think that we're going to continue to involve -- evolve into that. I'll say, look, we've been out meeting with operators for upwards of a year now pre-marketing this. And I think where you see where the pipeline and our investments to date, this has been a result of that very intentional effort of going out and meeting with operating companies. So as we continue to work with these companies, I mean, we will look at density being a factor of concentrating in certain markets with certain operators.

是的，我認為我們會繼續參與其中——並逐漸發展成那樣。我想說，我們已經花了一年多的時間與營運商會面，進行這項產品的前期市場推廣。我認為，從我們迄今為止的投資和專案佈局來看，這都是我們主動與營運公司會面並努力推進的成果。因此，在我們繼續與這些公司合作的過程中，我們將把密度視為集中在某些市場與某些營運商合作的因素。

And we've done that. The operators that we're partnering with in our acquisitions, they are the market leaders in their area. And so that is a strategy of ours.

我們已經做到了。我們在收購過程中合作的營運商，都是各自領域的市場領導者。這就是我們的策略之一。

Helpful. Has the competition changed at all to a point where you felt you've had to increase your growth underwriting in sort of the three years out? I think you were in sort of the low to mid-single-digit growth you referenced last quarter with the expectation they would exceed that, of course.

很有幫助。競爭格局是否發生了變化，以至於您覺得需要在未來三年內增加成長承保範圍？我認為你們上個季度的成長預期大概在個位數的低到中等水平，當然，你們也期望實際成長會超過這個數字。

It's very competitive in the market as far as deals, and we've been focused on smaller transactions. We've been fortunate to be able to secure a couple of portfolios, but it is definitely competitive. But we feel very good about our momentum and our positioning in the marketplace to be able to succeed on investments. And I think our investments to date plus our new investment we announced for '26 is evidence of that we're able to compete in the marketplace.

市場上的交易競爭非常激烈，我們一直專注於小額交易。我們很幸運能夠拿下幾個投資組合，但這絕對是一個競爭激烈的行業。但我們對自身的發展動能和市場地位感到非常滿意，相信我們能夠在投資方面取得成功。我認為，我們迄今為止的投資加上我們宣布的 2026 年新投資，都證明了我們有能力在市場上競爭。

And last one for me. The transitions this quarter, I mean, it didn't sound like there was any other immediate kind of transitions that were available, but I think you'd referenced maybe evaluating some assets in the market-based rent reset, those 14 properties. Anything in the near term there that you're evaluating on maybe transitioning some additional assets from triple net or to the SHOP structure?

這是我最後一個問題。就本季的過渡而言，我的意思是，聽起來似乎沒有其他直接的過渡方案可供選擇，但我認為你曾提到可能會評估一些資產，例如在基於市場的租金重置中評估那 14 處房產。近期您是否正在評估將一些額外的資產從三淨租賃或SHOP結構轉移出去？

Sure, Austin. This is Gibson. Yeah, we're certainly considering that as we look into 2026. We have a few options as it relates to those properties. We continue to work with the current operators and set permanent rents. As a reminder, these are -- the 14 properties that were all set up in short-term leases, basically two years in duration on average with the regular market rent resets. And so there may be certain situations where we keep those with the operators once we were satisfied that we're at an occupancy level and margin and that makes sense, if that fits that relationship.

當然可以，奧斯汀。這是吉布森。是的，我們在展望2026年時，當然會考慮這一點。關於這些房產，我們有幾個選擇。我們繼續與現有營運商合作，並制定永久租金。提醒一下，這 14 處房產都是短期租賃的，平均租期為兩年，租金會定期進行市場調整。因此，在某些情況下，一旦我們確信入住率和利潤率達到一定水平，並且這樣做有意義，並且符合這種關係，我們可能會與營運商保留這些合作關係。

But we'll certainly look at some of those assets to transition to SHOP. You'll probably see a little bit of movement on that early next year. And then we may make some decisions on a few as to whether or not we dispose to them. But those are options to -- just to maximize value in that group of assets. And we certainly see upside in that portfolio from here.

但我們肯定會考慮將其中一些資產過渡到 SHOP。明年年初你可能會看到這方面有一些進展。然後我們可能會對其中一些做出決定，看看是否要處置它們。但這些都是可行的方案——只是為了最大限度地提高該組資產的價值。我們當然認為該投資組合還有上漲空間。

There are no further questions at this time. And I would like to turn the floor back over to Clint for any closing remarks.

目前沒有其他問題了。現在我想把發言權交還給克林特，讓他做最後的總結發言。

Thank you, everyone, for joining us today. 2025 has been a pivotal year for LTC so far, and our focus on driving growth is working and will continue. We look forward to sharing our progress with you next quarter. Thank you.

感謝各位今天蒞臨。 2025年對LTC而言是至關重要的一年，我們專注於推動成長的策略正在奏效，並將繼續保持這一勢頭。我們期待在下個季度與您分享我們的進展。謝謝。

And thank you, ladies and gentlemen. That does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝各位女士、先生。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。