LTC Properties, Inc. (LTC) 2026 Q1 法說會逐字稿

Greetings, and welcome to the LTC Properties first-quarter 2026 earnings call. At this time, all participants are in a listen-only mode. Joining us on today’s call are Pam Kessler, Co-President and Co-Chief Executive Officer; Clint Malin, Co-President and Co-Chief Executive Officer; Cece Chikhale, Executive Vice President and Chief Financial Officer and Treasurer; Gibson Satterwhite, Executive Vice President of Asset Management; David Boitano, Executive Vice President and Chief Investment Officer.

各位好，歡迎參加 LTC Properties 2026 年第一季財報電話會議。目前所有與會者皆為僅收聽模式。今日與會的 LTC 團隊成員包括：共同總裁兼共同執行長 Pam Kessler；共同總裁兼共同執行長 Clint Malin；執行副總裁兼財務長與財務主管（Treasurer）Cece Chikhale；資產管理執行副總裁 Gibson Satterwhite；以及執行副總裁兼投資長 David Boitano。

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 the LTC Properties filings with the Securities and Exchange Commission from time to time, including the company’s most recent 10-K dated December 31, 2025. LTC undertakes no obligation to revise or update these forward-looking statements to reflect the events or circumstances after the date of this presentation. Please note, this event is being recorded.

在管理團隊開始簡報之前，請注意今日的發言（包括問答環節）可能包含前瞻性陳述，並受各項風險與不確定性影響，可能導致實際結果與事件與所述內容出現重大差異。這些風險與不確定性已不時於 LTC Properties 向美國證券交易委員會（SEC）提交的文件中詳述，包括公司最近一期截至 2025 年 12 月 31 日的 10-K 年報。LTC 不承擔在本次簡報日期之後，因事件或情況變化而修訂或更新上述前瞻性陳述的任何義務。另請注意，本活動將被錄音。

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

現在我將把會議交給 LTC 管理團隊。請開始。

Good morning, and thank you for joining us. LTC is successfully executing our SHOP strategy. Our capabilities, reputation, and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and record external growth, allowing us to scale incredibly quickly. We have strong conviction that our strategy is the right one to create a higher growth profile company with better risk-adjusted returns to drive shareholder value. With SHOP currently projected to represent 45% of our total investments and 40% of annualized NOI by year-end, the shift in our portfolio mix is dramatically enhancing LTC’s long-term ability to grow FFO and FAD per share above our historical rate.

各位早安，感謝各位加入。LTC 正成功推進我們的 SHOP 策略。我們的能力、聲譽與企業文化正與賣方及營運商產生共鳴，而這些關係正帶動投資機會與創紀錄的外部成長，使我們得以極快速地擴張規模。我們堅信此策略是正確方向，可打造具更高成長輪廓、並提供更佳風險調整後報酬的公司，以提升股東價值。目前預估至年底，SHOP 將占我們總投資的 45% 與年化 NOI 的 40%；投資組合結構的轉變正大幅提升 LTC 長期推動每股 FFO 與每股 FAD 成長、超越歷史增速的能力。

We are on track with our $600 million SHOP acquisition midpoint guidance, and with the expected closing of second-quarter transactions, we will be more than halfway to that target. Additionally, to further increase our SHOP mix, we would consider transactions that capitalize on attractive skilled nursing pricing by recycling capital into higher growth SHOP assets. Our operator partnerships, our relationship-centered culture, and our significant investment in the SHOP platform are driving our transformation and positioning LTC as a competitive force.

我們正按計畫達成 SHOP 收購指引中位數 6 億美元的目標，且隨著預期第二季交易完成交割，我們將超過該目標的一半。此外，為進一步提高 SHOP 比重，我們也會考慮把握護理機構（skilled nursing）具吸引力的定價，透過資本回收再投入至成長性更高的 SHOP 資產。我們與營運商的夥伴關係、以關係為核心的文化，以及對 SHOP 平台的大量投入，正推動我們的轉型，並使 LTC 成為具競爭力的重要力量。

I’ll now turn it over to Gibson for more insight on the portfolio.

接下來我把時間交給 Gibson，請他就投資組合提供更多觀點。

Thank you, Clint. We are focused on optimizing risk-adjusted returns for our shareholders by investing in our SHOP portfolio and opportunistically recycling capital, positioning LTC for higher intrinsic growth. As Clint noted, SHOP is expected to account for 40% of our annualized NOI by year-end, with the potential to expand even further. This target incorporates reinvestment of approximately $265 million in planned dispositions and loan repayments from skilled nursing assets this year. Of that amount, $77 million is closed and $190 million is expected to close in the third quarter.

謝謝你，Clint。我們專注於透過投資 SHOP 投資組合並伺機進行資本回收再配置，以為股東優化風險調整後報酬，並使 LTC 具備更高的內生成長動能。如 Clint 所提，預期至年底 SHOP 將占我們年化 NOI 的 40%，且仍有進一步提升的潛力。此目標已納入今年預計自護理機構資產處分與貸款償還中再投資約 2.65 億美元。其中 7,700 萬美元已完成，另有 1.90 億美元預計於第三季完成。

Our guidance projects the July 1 payoff of the Prestige Loan in line with our notice of intent earlier this year. SHOP performance continues to reinforce conviction in our strategy. First-quarter SHOP NOI was in line with our expectations. For our core SHOP portfolio, which consists of 27 communities at or near stabilization, including those acquired through the first quarter of this year, we are reiterating prior guidance of 14% pro forma growth at the midpoint. You can find more information on this portfolio in our supplemental.

我們的指引預估 Prestige 貸款將於 7 月 1 日清償，與我們今年稍早提出的意向通知一致。SHOP 的表現持續強化我們對策略的信心。第一季 SHOP NOI 符合我們的預期。就我們的核心 SHOP 投資組合而言，其包含 27 個已達或接近穩定期的社區（含截至今年第一季所收購者），我們重申先前指引：以中位數計算的備考（pro forma）成長為 14%。關於該投資組合的更多資訊，請參閱我們的補充資料（supplemental）。

To frame the impact of our transformation, the pro forma growth rate for our overall portfolio increases to 5% to 7% at our 40% SHOP NOI target from the low 2% range embedded in triple-net leases. That change is driven by increasing exposure to SHOP assets with growth prospects in the low to mid-teens over the foreseeable future. We can further increase our intrinsic growth rate should we choose to take advantage of opportunities to recycle more capital in SHOP, given the strong pricing for skilled nursing assets. Our 2026 guidance includes platform investments, adding the people and data capabilities needed to scale and support double-digit SHOP growth. We expect the core infrastructure to be largely in place by year-end, enabling us to continue to scale rapidly and best support our operators.

為說明我們轉型的影響，在 SHOP NOI 目標占比 40% 的情境下，我們整體投資組合的備考成長率將由三網租賃（triple-net leases）所隱含的約 2% 低檔區間，提高至 5% 至 7%。此變化主要來自於提高對 SHOP 資產的曝險，而其在可預見的未來具備低至中十位數的成長前景。鑑於護理機構資產定價強勁，若我們選擇把握機會在 SHOP 進一步回收並再投入更多資本，仍可再提升內生成長率。我們的 2026 年指引包含平台投資，將增補人力與數據能力，以擴張規模並支援 SHOP 的雙位數成長。我們預期核心基礎建設將於年底前大致到位，使我們得以持續快速擴張，並以最佳方式支援營運商。

Now I’ll turn the call over to David to discuss investments.

接下來我把電話會議交給 David，請他說明投資情況。

Thank you, Gibson. LTC has spent 18 months building a platform designed to execute with speed and certainty. We are well on track to achieving our $600 million midpoint investment target and believe, given the volume of opportunities we are evaluating, that a comparable level of annual investment is sustainable in 2027 and beyond. So far this year, we’ve closed around $120 million in investments with nearly $250 million on course to close in Q2. Additionally, we have signed LOIs for off-market third-quarter acquisitions totaling $90 million.

謝謝你，Gibson。過去 18 個月，LTC 持續打造一個能以速度與確定性執行的投資平台。我們正穩步朝 6 億美元中位數投資目標前進，並且基於目前評估中的機會量，我們相信 2027 年及其後年度可維持相近水準的年度投資規模。截至目前，今年我們已完成約 1.20 億美元的投資，另有近 2.50 億美元預計於第二季完成交割。此外，我們已簽署第三季非公開市場（off-market）收購的意向書（LOI），合計 9,000 萬美元。

Our pipeline continues to be robust, with well over $0.5 billion of opportunities under consideration and visibility for continued investment growth. Our relationship-centric approach is working. By the end of the second quarter, we’ll have 11 SHOP operators, including 9 that are new to LTC in the past year, reflecting our success in retaining and growing with existing operators at the communities we’ve acquired. This strong pool of operating partners has been the source of several follow-on investments and provides great momentum as we continue to build our portfolio.

我們的案源管線仍然強勁，目前有遠超過 5 億美元的機會正在評估中，並可望持續帶動投資成長。我們以關係為核心的方法正在奏效。到第二季末，我們將擁有 11 家 SHOP 營運商，其中 9 家是在過去一年新加入 LTC，反映我們在已收購社區中，成功與既有營運商維持合作並共同成長。這個強大的營運夥伴群已帶來多筆後續追加投資，並在我們持續擴建投資組合之際提供良好動能。

The key to LTC’s growth is our legacy of deep industry relationships, which, in combination with our transactional agility, gives us an edge in gaining access and insights to growth opportunities. Several investments have come through partner referrals, underscoring the synergy of our culture and our commitment to relationships. A number also have been off-market, demonstrating again the benefit of our relationship focus. Our rapid SHOP growth hasn’t happened by chance. It is strategic and deliberate, reflecting an investment philosophy focused on assets 10 years of age or younger with operators who have deep local and regional knowledge.

推動 LTC 成長的關鍵，在於我們長期累積的深厚產業關係；結合我們在交易上的敏捷性，使我們在取得管道與洞察成長機會方面更具優勢。多項投資來自夥伴轉介，凸顯我們文化的協同效應以及對關係的承諾。另有不少交易為非公開市場（off-market），再次證明我們聚焦關係所帶來的效益。我們 SHOP 的快速成長並非偶然。這是策略性且有計畫的成果，反映我們的投資理念：聚焦於屋齡 10 年或以下的資產，並與具深厚在地與區域經驗的營運商合作。

We emphasize asset quality, size, mix, and market dynamics that favor a long-term competitive position. These criteria guide us toward the right balance of opportunities and durable returns. Today, we’re seeing a high volume of potential transactions, and here again, our operator alignment is central to identifying the right assets and markets to support solid long-term performance. Experienced senior housing investors know that community performance depends on strong operating partners. LTC is deeply grateful for our operator colleagues and the excellence and commitment they bring every day to the seniors they serve.

我們強調資產品質、規模、組合，以及有利於長期競爭地位的市場動態。這些準則引導我們在機會與可持續報酬之間取得適當平衡。目前我們看到大量潛在交易，而在此同樣地，我們與營運商的高度一致性是辨識正確資產與市場、以支撐穩健長期表現的核心。具經驗的高齡住宅投資人都知道，社區的營運表現取決於強而有力的營運夥伴。LTC 對我們的營運商同仁深表感謝，感謝他們每天為所服務的長者帶來的卓越與投入。

I’ll now pass the call to Cece for a review of our financial results.

我現在把電話交給 Cece，請她回顧我們的財務業績。

Thank you, Dave. Including year-to-date ATM sales of $95 million, our current liquidity is $585 million, and with $190 million in proceeds expected from asset sales and loan payoffs, we remain confident in our ability to finance future SHOP acquisitions. Our pro forma liquidity totals $775 million, providing a long investment runway. At the end of the first quarter, our pro forma debt-to-annualized adjusted EBITDA for real estate was 4.4 times, and our annualized adjusted fixed charge coverage ratio was 4.6 times. We remain well within our stated leverage target of 4 to 5 times but believe that we can reduce that further over time as a result of our organic SHOP growth.

謝謝你，Dave。包含年初至今透過 ATM 發行的 9,500 萬美元銷售額在內，我們目前的流動性為 5.85 億美元；再加上預期可自資產出售與貸款償還取得 1.90 億美元的款項，我們仍對為未來 SHOP 收購提供資金的能力充滿信心。我們的備考（pro forma）流動性合計為 7.75 億美元，提供了長期的投資跑道。第一季末，我們不動產的備考負債對年化調整後 EBITDA 倍數為 4.4 倍，而年化調整後固定費用覆蓋倍數為 4.6 倍。我們仍明顯落在先前所述 4 至 5 倍的槓桿目標範圍內，但我們相信，隨著 SHOP 有機成長，槓桿可在時間推移下進一步下降。

Compared with last year’s first quarter, core FFO per share improved by $0.04 to $0.69, and core FAD per share improved by $0.02 to $0.72, representing 6% and 3% growth, respectively. Increases were due to SHOP acquisitions and conversions to SHOP from triple-net, increases in interest income from loan originations and additional loan funding, and higher rent for market-based rent resets. The increases were partially offset by an increase in interest and G&A expenses, primarily to support our growing SHOP portfolio, as well as the decrease in rent due to asset sales.

與去年第一季相比，每股核心 FFO 增加 0.04 美元至 0.69 美元；每股核心 FAD 增加 0.02 美元至 0.72 美元，分別代表 6% 與 3% 的成長。成長主要來自 SHOP 收購與由三重淨租（triple-net）轉為 SHOP、貸款承作與追加撥款帶動的利息收入增加，以及依市場調整的租金重置帶來較高租金。上述增幅部分被利息費用與一般及行政（G&A）費用上升所抵銷，這些費用主要用於支持我們持續擴大的 SHOP 投資組合，此外也受到資產出售導致租金下降的影響。

We are reiterating our 2026 guidance for core FFO per share projected in the range of $2.75 to $2.79 and core FAD per share in the $2.82 to $2.86 range. As a reminder, our 2026 guidance includes $400 million to $800 million of SHOP acquisitions, with SHOP NOI in the range of $65 million to $77 million and FAD CapEx of approximately $5 million. It also includes $265 million of proceeds from asset sales and loan payoffs. Other assumptions underpinning our guidance are detailed in yesterday’s earnings press release and supplemental, which are posted on our website.

我們重申 2026 年指引：每股核心 FFO 預估介於 2.75 至 2.79 美元；每股核心 FAD 預估介於 2.82 至 2.86 美元。提醒一下，我們的 2026 年指引包含 4 億至 8 億美元的 SHOP 收購，SHOP NOI 介於 6,500 萬至 7,700 萬美元，且 FAD 資本支出（CapEx）約 500 萬美元。指引亦包含來自資產出售與貸款償還的 2.65 億美元款項。支撐我們指引的其他假設，已詳列於昨日發布並張貼於我們網站的財報新聞稿與補充資料中。

Now I’ll turn the call over to Pam for closing comments.

現在我把電話交給 Pam 做結語。

Thanks, Cece. LTC’s transformation continues. What began last year through the combination of acquisitions and conversions of seniors housing communities ramps up this year with an additional $600 million of SHOP acquisitions projected at the midpoint of guidance, more than half of which will be completed by the end of the second quarter. We are deliberately curating a SHOP portfolio designed to compete effectively today and in the future when new supply eventually comes online, although new construction starts remain near historical lows nationally.

謝謝你，Cece。LTC 的轉型仍在持續。去年透過收購與將高齡住宅社區轉為 SHOP 的組合所啟動的轉型，今年將進一步加速；以指引中位數計算，預計新增 6 億美元的 SHOP 收購，其中超過一半將在第二季末前完成。我們正有意識地打造一個 SHOP 投資組合，使其能在當前以及未來新供給最終進入市場時有效競爭，儘管全國新建開工仍接近歷史低點。

We are accelerating LTC’s organic growth profile and reducing our exposure to lower-growth triple-net lease investments while expanding our roster of strong operators to support our mutual growth. In 2027 and beyond, our strategy will focus on tactical growth in SHOP, adding additional high-quality assets and driving outsized NOI growth. As a premier seniors housing capital partner, LTC is well-positioned to drive substantial growth through SHOP. Our smaller size creates agility, allowing us to drive accretive change faster than our larger peers and move the needle through single-asset and small-portfolio acquisitions.

我們正在加速 LTC 的有機成長輪廓，並降低對低成長的三重淨租投資的曝險，同時擴大我們強勢營運商名單，以支持彼此的共同成長。在 2027 年及之後，我們的策略將聚焦於 SHOP 的戰術性成長，新增更多高品質資產並推動超額的 NOI 成長。作為頂尖的高齡住宅資本合作夥伴，LTC 已具備透過 SHOP 推動可觀成長的有利位置。我們較小的規模帶來更高的敏捷性，使我們能比大型同業更快推動具增益（accretive）的變革，並透過單一資產與小型投資組合收購來帶動實質成效。

Our SHOP focus over the past 18 months has enabled a successful transformation and created a clear execution advantage. From our cooperative conversions of $175 million of triple-net leased communities into SHOP a year ago, we will have grown our SHOP portfolio to nearly $1 billion by the end of the second quarter and significantly increased our ability to drive future earnings growth. The consistency of our execution and performance is driving results and reinforces the conviction in our SHOP strategy. Our goals remain clear, support our operators who care for our nation’s seniors and deliver superior long-term shareholder returns.

過去 18 個月我們對 SHOP 的聚焦，促成了成功的轉型，並建立了清晰的執行優勢。從一年前我們以合作方式將 1.75 億美元的三重淨租社區轉為 SHOP 起算，到第二季末我們的 SHOP 投資組合將成長至接近 10 億美元，並顯著提升推動未來獲利成長的能力。我們執行與表現的一致性正在帶來成果，並強化我們對 SHOP 策略的信念。我們的目標依然明確：支持照護全國長者的營運商，並為股東帶來卓越的長期報酬。

With that, we’re ready to take your questions.

接下來，我們準備開始回答各位的提問。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

（接線員指示）KeyBanc Capital Markets 的 Austin Wurschmidt。

Hey, good morning, everybody. Could you provide some additional details around pro forma NOI growth for the 27 SHOP assets in the first quarter and then maybe give us a sense just how occupancy trended sequentially and year-over-year within that NOI figure?

各位早安。能否提供一些關於第一季 27 項 SHOP 資產備考（pro forma）NOI 成長的更多細節，並且在該 NOI 數字中，讓我們了解入住率（occupancy）在季比與年比的趨勢如何？

Hey, Austin, this is Gibson. I guess first, to give you some context around the disclosure. So when we gave the pro forma 2025 for the 27 core SHOP portfolio, that was to help give an indication of the growth characteristics in that portfolio to the market and to our shareholders. But we’ve decided against giving that on a very detailed quarterly basis going forward. What we will do is roll that core SHOP performance forward, as you see in the supplemental, on a quarterly basis so you can track that with the metrics that we’ve realized during our ownership.

嗨，Austin，我是 Gibson。我想先就揭露方式提供一些背景。我們之所以提供 27 項核心 SHOP 投資組合的 2025 年備考數字，是為了向市場與股東呈現該投資組合的成長特性指標。但我們已決定未來不再以非常細的季度頻率提供該等詳細資訊。我們會做的是，如你在補充資料中所見，按季將核心 SHOP 的表現往前滾動更新，讓你可以用我們持有期間已實現的指標來追蹤。

For the color behind what’s going on in Q1 in that core portfolio, it came in line with our expectations for EBITDAR. Rates were a little higher. When we set guidance, we anticipated a little seasonal softness in Q1, which we realized. But directionally, occupancy turned around mid-quarter. If we look at it year-over-year, the occupancy troughed at a higher level, meaning the occupancy of the trough in Q1 this year was higher than the occupancy of the trough in Q1 last year.

就第一季核心投資組合的情況補充說明，其 EBITDAR 表現符合我們的預期。費率略高一些。在設定指引時，我們預期第一季會有一些季節性疲弱，而實際也確實如此。但就方向而言，入住率在季度中段出現回升。若以年比來看，入住率的谷底出現在較高水準，也就是說，今年第一季的低點入住率高於去年第一季的低點入住率。

And we’re seeing some green shoots in terms of occupancy increasing since it troughed out in February. So that, and then also when we look in the sales pipeline at our leads and tour volume going into the spring and summer selling season, we feel really confident, given what we know right now, and reiterating guidance.

而且自 2 月觸底以來，我們看到入住率回升的一些初步正向跡象。此外，從我們進入春夏銷售旺季的銷售管線來看，包括潛在客戶（leads）與參觀（tour）量，我們基於目前掌握的資訊感到相當有信心，並重申指引。

A lot of helpful detail and appreciate the context. With respect to investments, there were $157 million, I think you said last quarter, that you had expected to close by the end of April. I’m just wondering what kind of drove the delay and did the subset of that or all of those move within the $250 million, or were there changes in the investment pool, just any details that you can provide on that as well as expected pricing for those assets.

這些細節很有幫助，也感謝提供背景。就投資而言，我記得你們上季提到有 1.57 億美元預計在 4 月底前完成交割。我想了解是什麼原因造成延遲；其中一部分或全部是否已納入 2.50 億美元的範圍內，或投資池是否有變動；也請分享你們能提供的任何細節，以及這些資產的預期定價。

Sure, Austin, this is Clint. The delay was primarily related to a single off-market follow-on transaction where the seller was focused on a tax-efficient transaction. To accommodate that, we’re working with them on structuring a downrate. And the seller needs some additional time to address some tax questions on their side, so really, in working on this off-market transaction, that aspect is what led to a little bit of delay.

當然，Austin，我是 Clint。延遲主要與一筆單一的場外（off-market）後續交易有關，賣方希望以具稅務效率的方式完成交易。為了配合，我們正與對方合作設計一個降息（downrate）的架構。賣方也需要額外時間處理其內部的一些稅務問題，因此在推進這筆場外交易時，這個面向導致了些許延遲。

But we’re very excited about this deal, about growing with this existing operator. And also, this deal will add two newer and two larger communities to our portfolio that have a continuum of care spanning IL, AL, and memory care. In the meantime, while that was slightly delayed, and as Dave mentioned in his prepared remarks, we’ve added another $200 million. We expect to close in Q2 and Q3, so Dave can talk about cap rates.

不過我們對這筆交易非常期待，也期待與這家既有營運商一同成長。此外，這筆交易將為我們的投資組合新增兩個較新、且規模較大的社區，並提供涵蓋獨立生活（IL）、協助生活（AL）與失智照護（memory care）的連續照護。同時，雖然該交易略有延後，但如 Dave 在事先準備的發言中提到，我們又新增了另外 2 億美元。我們預期將在第二季與第三季完成交割，因此 Dave 可以談談資本化率（cap rates）。

So cap rates going-in yields have been right around 7%. We’ve still been able to maintain that well, and we’re very pleased with that. So it ebbs and flows a little bit from deal to deal, but generally speaking, that’s where we’ve been coming in, Austin.

因此，初始資本化率（cap rate）/進場收益率一直大約在 7% 左右。我們仍然能夠很好地維持在這個水準，對此我們非常滿意。所以它會因交易不同而略有起伏，但總體而言，Austin，我們大致就是落在這個區間。

I’d also like to add some color as we’ve increased the pipeline and we’re seeing a lot of opportunities. Right now, at the $460 million mark, which includes what we’ve closed to date and what Dave spoke about regarding investments by quarter, that will get us by 3Q at this point to 75% of our midpoint guidance of $600 million. So we feel very confident where investments are right now, and we have 8 transactions in total for 12 communities. And the average age of that $460 million, again, this goes back to what we already closed in Q1, is an average age 8 to 10 years, which has been very consistent with what we've talked about. 65% of these deals in the pipeline are sourced off-market.

我也想補充一些背景，因為我們擴大了交易管道，並看到很多機會。目前在 4.6 億美元的水位（包含我們迄今已完成的交易，以及 Dave 提到按季度投資的部分），到目前為止，這將使我們在第三季達到 6 億美元指引中點的 75%。因此，我們對目前的投資進度非常有信心；我們總共有 8 筆交易、涵蓋 12 個社區。而這 4.6 億美元標的的平均屋齡（再次強調，這也包含我們在第一季已完成的部分）為 8 到 10 年，與我們先前談到的情況非常一致。這些管道中的交易有 65% 是透過場外（off-market）取得。

With the Q3 closings that Dave spoke on the LOI, that's going to add two more operators, four new operators this year and get Q3 up to 13 operators. And we have two follow-on transactions. 60% of the communities of this $460 million span a continuum of IL/AL memory care. The average size of the community is 100 units, and 70% of these deals are in primary markets.

隨著 Dave 提到第三季依 LOI（意向書）完成交割，這將再增加兩家營運商，使今年新增營運商達到四家，並讓第三季的營運商總數提升至 13 家。另外我們還有兩筆後續交易。這 4.6 億美元中有 60% 的社區涵蓋 IL/AL 記憶照護（memory care）的連續照護光譜。社區平均規模為 100 個單位，且其中 70% 的交易位於一級市場（primary markets）。

So we feel very confident in our ability to source transactions, and as Pam mentioned in her comments about buying assets that are going to be able to compete effectively against newer assets when eventually those do come online.

因此，我們對於取得交易來源的能力非常有信心；正如 Pam 在評論中提到的，我們會購買那些在未來新資產最終投入市場時，仍能有效競爭的資產。

A lot of helpful detail, Clint. Just to clarify one thing before I yield the floor, you said you added another $200 million. Is that specific to the operator that’s focused on the tax-efficient transaction? Because the $157 million is now $250 million closing in 2Q, and then there’s $190 million of signed LOIs set to close in 3Q, so closer to $300 million. Can you just reconcile the adding $200 million versus what I’m getting to on the $300 million?

Clint，細節很有幫助。在我把時間交回去之前，先釐清一點：你說你又增加了 2 億美元。這是特別指那家專注於稅務效率交易的營運商嗎？因為 1.57 億美元現在變成第二季交割 2.5 億美元，然後還有 1.9 億美元已簽署的 LOI 預計第三季交割，所以更接近 3 億美元。你能否協調一下你提到增加 2 億美元，與我算到接近 3 億美元之間的差異？

Austin, it’s Pam. It was $90 million that’s under LOI expected to close probably in the third quarter.

Austin，我是 Pam。是 9,000 萬美元在 LOI 之下，預期大概會在第三季完成交割。

That’s the difference. All right.

這就是差異。好。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning. Hope you can hear me okay. I just wanted to ask about the earnings guidance for the year. There’s an implied decel from the first quarter run rate, so just curious on the drivers there. I’m not sure if there’s any triple-net softening in some of the rents versus the conversion to SHOP, or if there’s any noise or degradation in temporary cash flows there, or if there are any one-timers flowing through the first quarter that maybe won’t repeat.

早安。希望你們聽得到我。我想問一下今年的盈餘指引。從第一季的運行率來看，隱含有放緩，所以想了解背後的驅動因素。我不確定是否是部分租金的三重淨租約（triple-net）有些走弱、或轉換為 SHOP，或是臨時性現金流有雜訊或下滑，或第一季是否有一些一次性項目，可能不會再重複。

Hey, Juan, it's Cece. This first quarter, there was a little pickup just because of timing differences. But for the most part, no, we think we're going to be in line. There's going to be a ramp-up for Shop NOI, as Gibson has talked about in the past, that we still think it's in line. There are some uncertainties out there in the market with the interest rates. We're not sure which direction it'll go with the new Fed Chair, but we'll give you an update next quarter.

嗨，Juan，我是 Cece。第一季確實因為時點差異而有些小幅上升。但大致上沒有，我們認為會符合預期。SHOP 的 NOI 會有一個爬坡期，正如 Gibson 之前談過的，我們仍然認為是符合預期的。市場上對利率仍有一些不確定性。我們不確定在新任聯準會主席之下方向會如何，但我們會在下季提供更新。

Great. And then second, you mentioned potential monetization of some nursing assets. Just curious on the potential scope and where you see market pricing for in-place rents.

很好。第二個問題，你提到可能將部分護理資產變現。想請教可能的規模，以及你如何看待以現有租金（in-place rents）計的市場定價。

This is Clint. We're supportive of the skilled nursing industry, and we don't see any immediate near-term headwinds. I mean, what we have recycled to date, going back to fall of '25, those have really been for specific reasons. It's been prestige, obviously, as Gibson mentioned on our last call, it's reducing concentration to an operator in state and reducing our loan book.

我是 Clint。我們支持專業護理（skilled nursing）產業，也沒有看到近期立即的逆風。我的意思是，我們迄今為止回收（recycle）的部分，回溯到 25 年秋季，那些其實都是出於特定原因。主要是組合優化（portfolio），如 Gibson 在上次電話會議提到的，包括降低對某一州某一營運商的集中度，以及縮減我們的放款組合。

Other sales were -- they were lease maturities and some purchase options. Those were at attractive 8 caps, which we felt very good about. So going forward, it would really just be looking at capitalizing on these attractive pricing that we're seeing in the market. Anything we do going forward really would just be opportunistic to really look at, as Pam mentioned, moving on beyond lower growth triple net leases into higher growth shop assets. And anything going forward, we really wouldn't be looking at.

其他出售則是——包括租約到期以及一些購買選擇權。那些交易是在具吸引力的 8% 資本化率（8 cap）下完成的，我們對此感覺非常好。因此往前看，主要就是把握我們在市場上看到的這些具吸引力的定價來進行資本化操作。我們未來做的任何事情，基本上都會是機會性地評估；如 Pam 提到的，從較低成長的三重淨租約資產，轉向較高成長的 SHOP 資產。而未來任何動作，我們其實不會特別去追求。

Limited, if anything, but no dilution effectively at all. So this is really all opportunistic going forward as far as what we look at in skill, because also our coverage on an EBITDA basis is almost 2 times, which is historically extremely strong. So if we look at skilled nursing, we're very comfortable with our portfolio, and we've been able to reduce that concentration within the portfolio. It would really just be opportunistic going forward.

若有的話也會很有限，而且基本上完全不會造成稀釋。所以未來在專業護理方面，我們看的都會是機會性；同時我們以 EBITDA 計的租金覆蓋倍數接近 2 倍，歷史上是非常強勁的。因此就專業護理而言，我們對投資組合非常放心，而且也已經能夠降低其在整體組合中的集中度。往前看，真的就是機會性為主。

Okay, so said differently, just to summarize, given the high rent coverage, the yields could be closer to what you're -- or close to what you're buying SHOP at around the 7th, again, given the rent coverage yields. Okay, that's fantastic.

好的，換句話說，總結一下：在租金覆蓋率很高的情況下，收益率可能會更接近——或接近——你們購買 SHOP 的水準，大約在 7% 左右；同樣是基於租金覆蓋所反映的收益率。好，太棒了。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So I'm looking at slide 12. And the guidance you provided for SHOP. And yeah, I appreciate you're in growth mode, so like it's hard to get a real good sense of any sort of same-store organic growth picture. But I'm curious, like if you were to sort of do a hypothetical stress test of your portfolio, would it be high single-digit NOI type growth, putting aside additional acquisitions. I mean, is that the type of growth that we should be expecting when the time comes that you're able to disclose a same-store perspective?

我在看第 12 張投影片。以及你們對 SHOP 提供的指引。我理解你們處於成長模式，所以很難真正看出任何同店（same-store）的內生成長圖像。但我好奇的是，如果你對投資組合做一個假設性的壓力測試，不考慮額外併購，NOI 成長是否會是高個位數（high single-digit）那種水準？也就是說，等到你們能揭露同店視角時，我們應該期待的是這類型的成長嗎？

Hey, Rich, it's Gibson. Yeah, so it's a good question. And I think you've asked similar questions on previous calls. So in my prepared remarks, I gave just kind of the math of how the higher growth rate in SHOP moves the needle for our overall portfolio and cited that if you assume kind of low to mid-teens SHOP NOI growth, that that was the driver behind that math.

嗨，Rich，我是 Gibson。是的，這是個好問題。而且我想你在之前的電話會議也問過類似的問題。所以在我準備好的發言中，我提供了一些數學推導，說明 SHOP 較高的成長率如何推動我們整體投資組合的表現，並引用如果你假設 SHOP NOI 成長約在低到中十位數（low to mid-teens），那就是該推導背後的驅動因素。

I think what's changed from our prior calls is that. Now we have some experience with the portfolio. We're really confident in what we're assembling. We're really confident what the deal team's buying. And if you just think about the math embedded in that same store portfolio, we think you can get without the occupancy increases. So our guidance there, 150 bps of occupancy increase, 14% growth at the midpoint, if you strip that out, just to be really conservative, you can get double-digit 10% NOI growth with 170- to 200-basis-point spread between RevPor and export.

我認為相較於我們先前的電話會議，改變之處在於。現在我們對這個投資組合已經有一些實際經驗。我們對正在組建的內容非常有信心。我們對交易團隊正在買進的資產也非常有信心。而如果你只要想想同店投資組合中隱含的數學關係，我們認為即使沒有入住率提升，你也能做到。因此我們在那裡的指引是：入住率提升150個基點，中位數14%的成長；如果把這部分剔除、只是為了非常保守，你仍可達到兩位數、約10%的NOI成長，且RevPor與出口之間有170到200個基點的利差。

We think that obviously kind of keys off RevPor. So that kind of 5% guidance, we feel pretty comfortable in that and be able to see that the recent history has been able to sustain that. And then if you just step back and you look at the overall supply-demand dynamics in the industry, maybe consumers turn in Haiti, the lack of new supply, we feel more confident in that kind of higher growth profile going forward.

我們認為這顯然主要取決於RevPor。所以對於那約5%的指引，我們感到相當有把握，也能看到近期歷史表現足以支撐這個水準。另外，如果你退一步看整體產業的供需動態、也許消費者在海地的轉向、以及新增供給不足，我們對未來維持較高成長輪廓更有信心。

Good response. So you mentioned platform investments that are being made that you expect to be largely completed and scalable by the end of this year. You've heard my gripe about all this, right? It's people are, you and others are growing SHOP through external sources, but then you have to operate it, right? And you're married to it. And I'm wondering how you stress test it. The history -- excuse me, the future of your SHOP portfolio, it might be on the surface appearing like a layup to run these things with the demand and supply differential that we're seeing today, but things can get complicated in this business.

回應得很好。所以你提到正在進行的平台投資，你預期在今年底前大致完成並具備可擴展性。你也聽過我對這些事情的抱怨，對吧？大家——你們和其他人——透過外部來源擴張SHOP，但接著你就必須去營運它，對吧？而且你就被綁定在上面了。我想知道你們如何做壓力測試。歷史——不好意思，是你們SHOP投資組合的未來——表面上看起來，憑藉我們今天看到的需求與供給差距，經營這些似乎像是輕鬆上籃，但這個行業的事情可能會變得很複雜。

And so I'm wondering how -- when you talk about this platform investment, what types of people are you bringing in and what are you doing to stress test a -- not a autopilot type of environment, but like things start to go wrong and how to manage through those things kind of new to the space. So if you can comment on that, that would be great.

所以我想知道——當你談到這項平台投資時，你們引進的是哪些類型的人才？你們在做什麼來壓力測試——不是那種自動駕駛式的環境，而是當事情開始出錯時，如何應對並管理這些狀況，對於這個領域的新進者而言。如果你能評論一下，那就太好了。

Well, I don't think anybody thinks it's a layup. We fully understand and appreciate the intensity with which you build a SHOP portfolio and operations. But as we've talked about on this call and for the past year, we really seek out the best managers that are the best in their markets, very strong and been doing it, have a strong track record. And then we supplement that with the database and the analytics that Gibson has talked about to help arrive at better decision-making.

嗯，我不認為有人覺得這是輕鬆上籃。我們完全理解並重視建立SHOP投資組合與營運所需投入的強度。但正如我們在這通電話以及過去一年所談到的，我們確實在尋找最優秀的管理者——在各自市場中最出色、實力很強、長期在做且有良好績效紀錄的人。然後我們再用Gibson提到的資料庫與分析工具加以補強，以協助做出更好的決策。

Our value add to the operators is helping them with aggregating data, right? That's an expensive task and that's what we've undertaken. We've hired people to help with the data analytics. We've hired strong asset managers with historical track records, managing shop portfolios. So it's not something that we've undertaken lightly and we've said before, if you're going to do SHOP, you have to go all in.

我們對營運商的加值在於協助他們彙整資料，對吧？那是一項昂貴的工作，而這正是我們承擔下來的。我們聘請人員來協助資料分析。我們也聘請了具備歷史績效、曾管理SHOP投資組合的強力資產管理人員。所以這不是我們輕率承接的事情；我們之前也說過，如果要做SHOP，你就必須全力投入。

We've completely fundamentally changed the way this company thinks, operates, the way we acquire properties. And we are not managers. We're not viewing ourselves as managers. We are hiring the best managers, but we're helping those managers create the best outcome for our portfolio.

我們已經從根本上徹底改變了公司思考與運作方式，以及我們收購資產的方式。而且我們不是管理者。我們不把自己視為管理者。我們是在聘用最好的管理者，但我們會協助這些管理者為我們的投資組合創造最佳成果。

And one thing also, Richard, on top of that is just the portfolio we're acquiring. We've been very, as Dave said in his prepared remarks, very strategic on what we're buying, buying newer assets. We've retained the managers on the majority of all but one actually to date that we've closed. And we've done this by design to curate this stabilized portfolio, which we think occupancy stabilized, but the ability to drive a continued improvement that Gibson spoke about.

另外，Richard，除此之外還有一點，就是我們正在收購的投資組合本身。正如Dave在事先準備的發言中所說，我們在買什麼上非常策略性，會買較新的資產。截至目前我們完成交割的案子中，除了其中一個之外，我們在大多數情況下都保留了原管理團隊。我們是刻意這麼做，來策展出這個我們認為入住率已趨於穩定的投資組合，同時仍具備推動持續改善的能力——正如Gibson所提到的。

So we're building this larger assets that have the ability to compete. So we think we're putting this together and the combination of the people to be successful. As Pam mentioned, this is we understand we've been in the business a long time. This takes a lot of work.

因此我們在打造這些規模更大的資產，讓它們具備競爭能力。所以我們認為，我們正在把這些要素組合起來，再加上人才配置，能夠取得成功。如Pam所提到的，我們理解——我們在這個行業已經很久了。這需要大量的工作。

And Rich, hey, it's Gibson. I'll just add to that the structure is relatively new to us, to LTC, in terms of our implementation. But we've been hard at work at this over the last 18, 20 months and been very deliberate about forming a plan, working through the issues with the initial conversions and executing on that plan.

Rich，嗨，我是Gibson。我再補充一下：就我們的落地執行而言，這種架構對我們、對LTC來說相對較新。但過去18到20個月我們一直在努力推進，而且在制定計畫、處理初期轉換的問題並依計畫執行方面，都非常審慎。

But zooming out, again, relatively new structure for LTC, but we've had exposure to private pay seniors housing. We've all been in the business for a long time, and we're acutely aware of the challenges that operators face. It's a tough business, but we feel like we've aligned with good operators. We've hired experienced people on the team, and we just want to be there to support them.

但從更宏觀的角度來看，這對LTC而言確實是相對新的架構，不過我們過去也接觸過私人付費的高齡住宅。我們都在這個行業很久了，也非常清楚營運商面臨的挑戰。這是一門艱難的生意，但我們覺得我們已與優秀的營運商對齊合作。我們也在團隊中聘用了有經驗的人員，而我們只是希望在旁支持他們。

Yeah, I'm not meaning to trivialize the talent there. That's not my point, but I'm just stress testing you, I guess, in the process. So I appreciate all that color from all of you.

是的，我不是要貶低那裡的人才。那不是我的重點，但我想我是在流程上對你們做壓力測試。所以我很感謝你們各位提供的這些補充說明。

And my last question is, when you think about structurally how you're compensating your managers, what's the mindset there? Is it a percentage of revenues, is it a skin in the game NOI percentage, like I'm curious how you're doing that? And is there a sort of a specific model you're following or is it a case-by-case basis with your separate managers?

我最後一個問題是，當你從結構面思考你們如何補償你們的管理者時，你們的思維是什麼？是按營收的一定比例？還是像是有「共擔風險」的NOI分成比例？我很好奇你們怎麼做。你們是否遵循某個特定模型，還是針對不同管理者採個案處理？

I mean, it's a general model that we're following, Rich, we're looking at base fees to be calculated based on revenues as well as bottom line, we think that helps align interest in the current 12-month period, we're looking at incentive fees that we set budgets together and if budgets can be -- if they can exceed the budgets, we're looking to reward our operating partners for that, but we're also looking at aligning interest long-term in creating synthetic promotes over time that when you have operators that make decisions today between growing occupancy or rate, it's got to be in the mindset of how it can benefit the community long-term to be able to achieve financial reward through a synthetic promote structure a couple of years down the road.

我的意思是，Rich，我們遵循的是一個通用模型：我們看的是以營收以及底線（獲利）來計算的基本費用，我們認為這有助於在當前12個月期間對齊利益；我們也在看激勵費用——我們會一起設定預算，如果他們能夠——如果能超越預算，我們會希望獎勵我們的營運夥伴；但同時我們也在看長期的利益對齊，透過隨時間建立「合成式promote」的方式，讓營運商在今天做出「提升入住率」或「提高房價/費率」之間的決策時，必須以能在長期讓社區受益的思維來做，並在幾年後透過合成式promote架構取得財務回報。

So we think when you look at the current 12 months, the ability to beat the budget for the 12 months, and a long-term horizon on overall performance, we think that's a good alignment of interest for both parties.

所以我們認為，當你同時考量當前12個月、能夠在12個月內超越預算的能力，以及對整體表現的長期視角，這對雙方而言是良好的利益對齊。

Michael Carroll, RBC.

RBC的Michael Carroll。

Yes, thanks. Looking at your SHOP operator list that you guys have, it does look like you have a number of operators kind of within your portfolio. Are there a handful that you kind of have closer relationships with that you kind of want to continue to expand?

是的，謝謝。看你們目前的SHOP營運商名單，確實看起來你們的投資組合裡有不少營運商。你們是否有少數幾家是你們關係更緊密、並希望持續擴大合作的？

And I guess some of these that have maybe one or two assets, I mean, is the plan for that to grow? I mean, how hard is it to have one operator in their portfolio just managing one different asset? I mean, does it make sense to have fewer operators managing bigger portfolios?

我想其中有些可能只有一到兩項資產；我的意思是，這樣的規劃是要讓它成長嗎？我的意思是，讓一個營運商在其投資組合裡只管理一項不同的資產，這有多困難？我的意思是，讓較少的營運商管理更大的投資組合，是否更合理？

I would say -- this is Clint, I mean, obviously, we've just started this investment platform mid-year last year through the initial conversions. I mean, we would look to grow with all of the operators that we have built relationships with, and we will be adding three more relationships following this. So we think this is a testament to the effort that we put in back in the fall of '24. We first announced we were going to go this direction, we took attention and time to go out and market what we were doing.

我會說——我是 Clint——我的意思是，很明顯地，我們是在去年年中透過最初的轉換才剛啟動這個投資平台。我的意思是，我們會希望與所有已建立關係的營運商一起成長，而且在此之後我們還會再新增三個合作關係。所以我們認為，這證明了我們在 24 年秋季所投入的努力。我們第一次宣布要朝這個方向走時，就投入心力與時間去對外行銷我們正在做的事情。

And let operators know, and this is a result of that intentional effort that we took on. So, yes, we would look to grow with each one of these operators.

並讓營運商知道，而這就是我們刻意投入這些努力所帶來的結果。所以，是的，我們會希望與每一位營運商一起成長。

And is it harder for you guys if there is more operators within the SHOP portfolio? I mean, is there a kind of like a limit? I mean, I'm assuming you're fine with what you have now since you're adding three more.

如果 SHOP 投資組合裡有更多營運商，對你們來說會更困難嗎？我的意思是，有沒有某種上限？我的意思是，我猜你們對目前的狀況應該沒問題，因為你們還要再新增三個。

But is it like 15 you're good with, but 20 you're not is kind of a limit that you want to make sure that you have to make sure that you're able to track each one of these relationships?

但是否像是 15 個你們覺得可以，但 20 個就不行——是否有一個你們想確保的上限，好讓你們能追蹤每一段合作關係？

We have not set any limit, and it really comes down to the investment opportunities, as Clint mentioned in his prepared remarks and follow-up Q&A. The majority of our investment opportunities are coming from our operators off-market. So to the extent that this is a source of deal flow for us, we would not limit that. We're obviously, as I said in a prior remark that we're targeting the best operators in the geographical regions in which we have properties and where we're looking to grow. So, no, we wouldn't limit it.

我們沒有設定任何上限，這真的取決於投資機會，正如 Clint 在他事先準備的發言以及後續問答中提到的。我們的大多數投資機會都是由營運商以場外（off-market）的方式提供給我們。因此，只要這是我們的交易來源之一，我們就不會去限制它。很明顯地，正如我先前提到的，我們鎖定的是在我們擁有資產、以及我們希望成長的地理區域中最優秀的營運商。所以，不，我們不會限制。

Obviously, you do get to a point where you've got the law of diminishing returns. So it wouldn't ever say we'd have something like 50 operators, but where we are right now and adding operators in the next year or two, I think we're fine. That's very manageable by our asset management team.

當然，你會到達一個邊際效益遞減的點。所以我們不會說我們會有像 50 個營運商那樣的情況，但以我們目前的狀況，以及未來一兩年再增加一些營運商，我認為沒有問題。這對我們的資產管理團隊來說非常可控。

Yeah, I was just going to say, we've built in our staffing plan additional resources. So the core platform, Rich was just asking about, we feel like all the major pieces will be fully in place to allow us to scale, but we obviously have a staffing plan that's aligned with our growth strategy.

是的，我只是想說，我們在編制規劃中已經增加了額外資源。所以 Rich 剛剛問到的核心平台，我們覺得所有主要組件都會完全到位，讓我們能夠擴張規模，但我們也確實有一個與成長策略一致的人力配置計畫。

Okay, great. And then switching gears into the back to the SNF sales, have you started this process of marketing some of these portfolios or were you kind of indicating on the call as something that you would consider if something came up?

好的，很好。接著把話題轉回 SNF 出售，你們是否已經開始行銷其中一些投資組合，還是你們在電話會議上只是表示如果有機會出現會考慮？

We're not actually marketing at this point, but we have received a lot of inbound phone calls about opportunities. So it's things that we're engaging with, but again, it's got to be opportunistic pricing that works for us to recycle into higher gross SHOP assets.

我們目前其實還沒有在行銷，但我們收到了很多主動來電詢問機會。所以這些是我們正在接洽的事情，但同樣地，價格必須是對我們有利的機會性定價，才能讓我們把資金回收再投入到毛利更高的 SHOP 資產。

And then, Clint, is there like specific sizes that we should think about of these potential sales? I mean, could it be like $100-plus million or is it too early?

那麼，Clint，這些潛在出售的規模有沒有一個我們應該思考的特定大小？我的意思是，可能會是 1 億美元以上嗎？還是現在談這個還太早？

It would be situational depending on what comes up, so it could be larger or smaller.

這會視情況而定，取決於出現什麼機會，所以可能更大也可能更小。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

I also wanted to focus on slide 12, the SHOP performance. I'm just curious, again, when you kind of take a look at the quarterly results you kind of have disclosed on the page, the RevPOR, so in 2Q '25, when we just kind of had the shop conversion portfolio, the RevPOR was almost like $10,000 or so. And then kind of in 3Q, it was like $9,500. It's gradually dropped to about $7,850 by 1Q '26 with all the additional acquisitions that have happened.

我也想聚焦在第 12 張投影片，也就是 SHOP 的表現。我只是好奇，再次地，當你看你們在頁面上揭露的季度結果，RevPOR 方面，在 25 年第二季，當時我們基本上只有 SHOP 轉換投資組合，RevPOR 幾乎接近 10,000 美元左右。然後在第三季大概是 9,500 美元。隨著後續新增的收購案，到了 26 年第一季逐步下降到約 7,850 美元。

Can you just talk a little bit about, again, the post-conversion acquisitions, kind of post-original 13, just generally characteristics of that portfolio that may be driving down the rest core from the original 13 conversion. I just want to understand that a little bit and kind of, is it just targeting a different market segment, or just how do we kind of think about what's being bought relative to the initial 13?

你能否談談，轉換後的收購案——也就是最初 13 個之後——就整體而言，該投資組合有哪些特徵可能正在拉低相較於原先 13 個轉換資產的核心表現？我只是想更了解這點，以及這是否只是鎖定不同的市場區隔，或我們應該如何看待目前買進的資產相對於最初 13 個的差異？

Hi, it's Pam. Yeah, I think if you go -- it's a very simple explanation. You go back to that original 13 properties in 2Q, 12 of those were memory care, right? So memory care has a much higher RevPOR. And so as you see us adding more traditional senior housing properties into our SHOP portfolio, a mix of IL, AL and memory care, you see that gradually go down. So that's the -- there's nothing to read into that other than the mix of that portfolio is changing as we diversify away from stand-alone memory care.

嗨，我是 Pam。是的，我想如果你回頭看——這其實是非常簡單的解釋。你回到第二季那最初的 13 個物業，其中有 12 個是失智照護（memory care），對吧？所以失智照護的 RevPOR 會高很多。因此，當你看到我們把更多傳統的高齡住宅物業加入 SHOP 投資組合，包含獨立生活（IL）、輔助生活（AL）以及失智照護的組合，你就會看到該數字逐步下降。所以就是——除了投資組合的組成在改變、我們在分散不再只做單一失智照護之外，沒有其他需要過度解讀的。

There are no further questions. At this time, I would like to turn the floor back to Clint Malin for any closing remarks.

沒有進一步的問題。此時，我想把時間交回給 Clint Malin，請他做結語。

Thank you, and thanks to everyone on today’s call for your ongoing support. We look forward to updating you on our progress next quarter and seeing some of you at upcoming investor conferences. Thank you.

謝謝，也感謝今天電話會議上各位持續的支持。我們期待在下個季度向各位更新我們的進展，也期待在接下來的投資人會議上見到各位中的一些人。謝謝。

Thank you. This does conclude today’s teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。各位現在可以掛線。