National Health Investors Inc (NHI) 2023 Q4 法說會逐字稿

Greetings, and welcome to the NHI. Fourth Quarter 2023 earnings call. At the start of the presentation, all lines will be in a listen only mode. Afterwards, we will conduct a question and answer session at that time. If you have a question, please press the one followed by the four on your telephone. If at any time during the conference you need to reach an operator, please press star zero. As reminder, today's call is being recorded Wednesday, February 21st, 2024.

您好，歡迎來到 NHI。2023 年第四季財報電話會議。演示開始時，所有線路都將處於只聽模式。隨後，屆時我們將進行問答環節。如果您有疑問，請按電話上的一，然後按四。如果在會議期間的任何時間您需要聯繫接線員，請按星號零。謹此提醒，今天的通話錄音將於 2024 年 2 月 21 日星期三進行。

I would now like to turn the conference over to Dana Hambly. Please go ahead.

我現在想把會議交給 Dana Hambly。請繼續。

Thank you, and welcome to the National Health Investors conference call to review results for the fourth quarter of 2023. On the call today are Eric Mendelsohn, President and CEO, Kevin Pascoe, Chief Investment Officer, John spade, Chief Financial Officer, and David Travis, Chief Accounting Officer.

謝謝，歡迎參加國家健康投資者電話會議，審查 2023 年第四季的結果。今天參加電話會議的包括總裁兼執行長 Eric Mendelsohn、首席投資長 Kevin Pascoe、財務長 John spade 和首席會計長 David Travis。

The results as well as notice of the accessibility of this conference call were released after the market closed yesterday in a press release. That's been covered by the financial media. Any statements in this conference call which are not historical facts are forward-looking. Nhi cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of future performance of forward looking statements represent NHI's judgment as of the date of this conference call. Investors are urged to carefully review various disclosures made by NHI and its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI's Form 10 K for the year ended December 31st, 2023. Copies of these filings are available on the SEC's website at SEC.gov or on NHI's website at NHI. Reed.com. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in NHI's earnings release and related tables and schedules, which have been furnished on Form eight K with the SEC listeners are encouraged to review those reconciliations provided in the earnings release together with all other information provided in that release.

結果以及本次電話會議的可訪問性通知是在昨天市場收盤後發布的新聞稿中發布的。財經媒體對此進行了報道。本次電話會議中任何非歷史事實的陳述均為前瞻性陳述。Nhi 提醒投資者，任何前瞻性陳述都可能涉及風險或不確定性，並且不能保證前瞻性陳述的未來表現，這些前瞻性陳述代表 NHI 截至本次電話會議之日的判斷。投資人應仔細審查 NHI 所做的各種揭露及其向美國證券交易委員會提交的定期報告，包括 NHI 截至 2023 年 12 月 31 日止年度的 10 K 表格中揭露的風險因素和其他資訊。這些文件的副本可在 SEC 網站 SEC.gov 或 NHI 網站 NHI 上取得。里德.com。此外，本次電話會議中使用的某些術語是非GAAP 財務指標，NHI 的收益發布以及相關表格和時間表中提供了這些指標的調節表，這些表格和時間表已在8 K 表格中提供給SEC ，鼓勵聽眾審查所提供的這些調節表收益發布中以及該發布中提供的所有其他資訊。

I'll now turn the call over to our CEO, Eric Mendelson.

現在我將把電話轉給我們的執行長 Eric Mendelson。

Hello, and thanks to everyone for joining us today. We had another good quarter, capping a strong finish to the year with fourth results exceeding our expectations for the full year. Our Navy FFO, normalized FFO and FAD were above the midpoint of both our original and improved November guidance. Similar to the third quarter results, we experienced stable cash collections over $2 million in deferral repayments and no unexpected rent concessions. The triple-net senior housing portfolio consistent continues to benefit from improved industry fundamentals as EBITDARM coverage has now increased for seven consecutive periods with notable improvement at Deptford and our other need-driven operators. The senior housing portfolio or SHOP also contributed to the better than expected quarterly results, with NOI increasing 48% over the fourth quarter of 2022 to and over 24% sequentially. While Sharp is still a relatively small piece of our overall business, we're excited by improving trends and continue to believe in the significant upside potential that can drive our organic growth file profile. Specifically, we expect sharp NOI. to grow in a range of 25% to 30% in 2024.

大家好，感謝大家今天加入我們。我們又度過了一個不錯的季度，第四次業績超出了我們對全年的預期，為今年畫上了圓滿的句號。我們的海軍 FFO、標準化 FFO 和 FAD 均高於我們最初和改進的 11 月指引值的中點。與第三季的結果類似，我們收到了超過 200 萬美元的穩定現金延期還款，並且沒有意外的租金優惠。三網老年住房投資組合繼續受益於行業基本面的改善，因為 EBITDARM 覆蓋率現已連續七個時期增加，其中 Deptford 和我們其他需求驅動的營運商的顯著改善。高級住房投資組合或 SHOP 也為好於預期的季度業績做出了貢獻，NOI 比 2022 年第四季度增長了 48%，環比增長了 24% 以上。雖然夏普在我們整體業務中仍佔相對較小的份額，但我們對趨勢的改善感到興奮，並繼續相信可以推動我們的有機成長文件檔案的巨大上升潛力。具體來說，我們預計 NOI 會大幅上升。 2024 年將成長 25% 至 30%。

From a portfolio repositioning standpoint, there is much less to discuss. This quarter. We structured the discovery leases, which were in line with the negotiations described in our November press release and guidance. We're making good progress on the Bickford rent reset with an expected increase in cash rent this year, and our other cash-basis tenants are current on their monthly base rent. We believe our portfolio is in much better shape and positions NHI for strong organic growth in the foreseeable future. We're also positioned for external growth with our fortress-like balance sheet. Our leverage profile is one of the lowest in the health care reads and in the top quartile when measured against all reads, given this low leverage, we have over $150 million in capacity to deploy capital without the need to issue equity while staying at or below five times net debt to adjusted EBITDA.

從投資組合重新定位的角度來看，需要討論的內容要少得多。本季。我們建立了發現租賃，這與我們 11 月新聞稿和指南中描述的談判一致。我們在比克福德租金重置方面取得了良好進展，預計今年現金租金將增加，我們其他現金租戶目前仍按月支付基本租金。我們相信，我們的投資組合狀況要好得多，並使 NHI 在可預見的未來實現強勁的有機成長。我們也透過堡壘般的資產負債表為外部成長做好了準備。我們的槓桿率是醫療保健讀本中最低的之一，並且在所有讀本中排名前四分之一，鑑於槓桿率如此之低，我們有超過1.5 億美元的能力來部署資本，而無需發行股票，同時保持在或低於淨債務與調整後 EBITDA 的五倍。

I commented during our last call that seller and lender expectations were still 100 basis points behind the changes in everyone's cost of capital and that they should be more realistic about the higher for longer rate environment. Higher for longer certainly appears to be the prevailing environment and we're starting to see sellers and borrowers adjust to this reality. There is an obvious cost of capital disparity with some of our larger peers, but they cannot be the solution for all of the growing illiquidity in the senior housing industry. We continue to advise customers to carefully choose a partner that will work with them towards their success in the long run. We believe this is starting to resonate, which makes us more optimistic.

我在上次電話會議中評論說，賣方和貸方的預期仍落後於每個人的資本成本變化 100 個基點，他們應該對長期較高的利率環境更加現實。價格持續上漲顯然是普遍的環境，我們開始看到賣家和借款人適應這個現實。與我們一些較大的同行相比，資本成本存在明顯差異，但它們並不能解決老年住房行業日益嚴重的流動性不足問題。我們繼續建議客戶仔細選擇能夠與他們共同走向長期成功的合作夥伴。我們相信這已經開始引起共鳴，這讓我們更加樂觀。

Now about the pipeline so we expect our investment activity to accelerate this year.

現在關於管道，因此我們預計今年的投資活動將會加速。

Turning to our guidance for 2024, the midpoint of our FAD guidance represents 2.6% growth over 2023 with less noise from dispositions and rent concessions as well as more experience with SHOP, we believe we have much better visibility this year compared to the last two also our guidance does not include any investments which we expect will improve as conservative as the pipeline for accretive deals grows.

談到我們對2024 年的指導，我們的FAD 指導的中點表示比2023 年增長2.6%，處置和租金優惠帶來的噪音更少，而且SHOP 的經驗更多，我們相信與過去兩年相比，今年我們的能見度要好得多我們的指導不包括任何我們預計隨著增值交易管道的增長而保守地改善的投資。

Our guidance represents the 3rd year since the pandemic where we have provided full year guidance and the 2024 result represents the 2nd year in a row where our FAD. achieved the top end of our guidance.

我們的指引是自大流行以來我們第三年提供全年指引，2024 年的結果代表我們的 FAD 連續第二年提供全年指引。達到了我們指導的最高點。

Before turning the call over to Kevin, I'll conclude by saying that we accomplished a great deal in 2023, and we're now in a strong position as we return to growth in 2024. Our multi-pronged organic growth opportunity is as strong as ever be it shop deferral repayments, rent resets or elevated escalators due to higher inflation. The investment and lending environments are very favorable for well-capitalized, low levered capital providers like NHI and in industry supply, demand balance seems timely to be tilting in our favor.

在將電話轉交給 Kevin 之前，我最後要說的是，我們在 2023 年取得了巨大成就，並且隨著我們在 2024 年恢復增長，我們現在處於有利地位。我們的多管齊下的有機成長機會一如既往地強勁，無論是商店延期還款、租金重置還是由於通膨上升而導致的自動扶梯上漲。投資和貸款環境對於 NHI 等資本充足、槓桿率低的資本提供者非常有利，而在產業供應方面，需求平衡似乎及時向有利於我們的方向傾斜。

In sum, NHI is poised to capitalize on opportunities and what we expect to be many years of exceptional growth. I'll now turn the call to Kevin to provide more details on our operations. Kevin?

總而言之，NHI 已做好充分準備，充分利用機遇，實現我們預期的多年卓越成長。我現在將致電凱文，以提供有關我們運營的更多詳細資訊。凱文？

Your I'll concentrate my comments on investment and disposition activity as well as performance of our major asset classes and operators on the investment pipeline. And as Eric noted, we're starting to see more actionable activity we're hopeful that we're seeing the tip of the iceberg as volume of new inquiries has significantly increased in the last several months.

我將集中評論投資和處置活動以及我們主要資產類別和投資通路營運商的表現。正如埃里克指出的那樣，我們開始看到更多可操作的活動，我們希望看到冰山一角，因為過去幾個月新查詢量顯著增加。

We're looking at deals across the continuum of senior housing and skilled nursing and across multiple products which have included loan lease and joint venture opportunities.

我們正在尋找涵蓋高級住房和熟練護理領域以及多種產品的交易，其中包括貸款租賃和合資機會。

Initial yields, depending on the product, are in the high single digits to low double digits. In the case of new loan investments, our philosophy has always been to find a path to future real estate ownership, and that view has not changed.

根據產品的不同，初始收益率從高個位數到低兩位數。就新的貸款投資而言，我們的理念始終是尋找未來房地產所有權的路徑，而這一觀點並沒有改變。

Turning to asset management as previously disclosed, we sold three buildings in the fourth quarter for net proceeds of $5.4 million and $1.6 million in seller financing.

談到資產管理，正如先前披露的那樣，我們在第四季度出售了三棟建築，淨收益為 540 萬美元，賣方融資為 160 萬美元。

We currently have just one property held for sale. We continue to evaluate opportunities to improve our portfolio, which may include future asset sales, but we have no further material dispositions included in our 2024 outlook. As Eric noted, our fourth quarter results were very strong and largely mimicked. Our solid third quarter performance viewing the need-driven operators.

我們目前只有一處待售房產。我們將繼續評估改善投資組合的機會，其中可能包括未來的資產出售，但我們的 2024 年展望中沒有包含進一步的重大處置。正如艾瑞克所指出的，我們第四季的業績非常強勁，而且很大程度上是模仿的。我們穩健的第三季業績得益於需求驅動的營運商。

The positive coverage trends continued with EBITDA arm at 1.31 times, representing the seventh straight period of sequential growth. The coverage increase was driven in large part by Bickford at 1.51 times on a trailing 12 month basis, Bickford occupancy trends have been excellent. Fourth quarter average occupancy improved 100 basis points sequentially from the third quarter to 85.2%. While we typically expect some seasonal weakness in the first quarter. January average occupancy increased 70 basis points from December to 85.7%. This occupancy improvement comes after a resident rent increase of 6% in November.

EBITDA 部門持續維持正面的覆蓋率趨勢，達到 1.31 倍，代表連續第七個時期的連續成長。覆蓋率的成長在很大程度上是由比克福德推動的，在過去 12 個月的基礎上，比克福德的入住率成長了 1.51 倍，比克福德的入住率趨勢非常出色。第四季平均入住率比第三季提高了 100 個基點，達到 85.2%。雖然我們通常預期第一季會出現季節性疲軟。1 月平均入住率較 12 月增加 70 個基點，達到 85.7%。11 月居民租金上漲 6% 後，入住率改善。

With this resident rent increase, coupled with the occupancy gains, we expect that Bickford coverage continues to move higher if we've repaid approximately $1 million of their deferral balance in the fourth quarter.

隨著居民租金的上漲，加上入住率的增加，如果我們在第四季度償還了大約 100 萬美元的延期餘額，我們預計 Bickford 的覆蓋率將繼續上升。

This was their highest quarterly repayments, which reflects the portfolio strong underlying operating results as repayments are tied to revenue thresholds. Total cash rent from Bickford, including repayments, was approximately $33 million during 2023. As Eric mentioned, we are close to reaching an agreement with Bickford on terms of their leases, which are scheduled for reset on April first. As the discussions are ongoing, we won't comment further other than to reiterate that we believe cash rent, including repayments will be higher in 2024 for our other new driven tenants. Operating 37 properties continue to show improvement. Reported coverage at 1.13 times is the highest since the second quarter of 2020 and the eight straight period of sequential improvement for operators repaid approximately $1 million in debt for deferrals during the fourth quarter.

這是他們最高的季度還款額，這反映了投資組合強勁的基本營運業績，因為還款額與收入門檻掛鉤。2023 年，Bickford 的現金租金總額（包括還款）約為 3,300 萬美元。正如艾瑞克所提到的，我們即將與比克福德就租約條款達成協議，租約計劃於四月一日重置。由於討論仍在進行中，我們不會進一步發表評論，只是重申，我們相信其他新驅動租戶的現金租金（包括還款額）在 2024 年將會更高。營運中的 37 處房產繼續呈現改善。報告的覆蓋率達到 1.13 倍，這是自 2020 年第二季以來的最高水平，營運商連續八個季度連續改善，在第四季度償還了約 100 萬美元的延期債務。

Our discretionary senior housing portfolio primarily includes our entrance fee portfolio, which has performed well above our expectations since then since the pandemic began. And that continues to be the case, coverage improved sequentially to 1.41 times from 1.38 times, driven by a nice uptick at SLC, our largest tenant on another solid quarter of entrance fee sales. Discretionary coverages, excluding SLC., which largely reflects the performance of our other entrance fee communities declined to 1.38 times from 1.5 times. This was due to uneven entry-fee sales at one well-capitalized tenant, but we're happy to see stronger fourth quarter sales, which is not yet reflected in the calculation. Smith and specialty hospital portfolio reported solid coverage of 2.74 times, which is improved sequentially from 2.62 times.

我們的可自由支配的高級住房投資組合主要包括我們的入場費投資組合，自大流行開始以來，該投資組合的表現遠高於我們的預期。情況仍然如此，覆蓋範圍從 1.38 倍連續提高到 1.41 倍，這得益於 SLC 的大幅增長，SLC 是我們最大的租戶，入場費銷售又一個穩定的季度。酌情承保範圍（不包括 SLC）在很大程度上反映了我們其他入場費社區的表現從 1.5 倍下降至 1.38 倍。這是由於一個資本充足的租戶的入場費銷售不均衡，但我們很高興看到第四季度的銷售強勁，但這尚未反映在計算中。史密斯和專科醫院投資組合報告的可靠覆蓋率為 2.74 倍，比 2.62 倍有所改善。

Lastly, in our SHOP portfolio, momentum continues to build throughout the portfolio with our partners, discovery and Merrill Gardens. Fourth quarter NOI increased 48.2% year over year to $2.9 million. Resident fees increased by 9.8% year over year on a 740 basis point increase in occupancy to 83.2%. Operating expenses increased just 2.2%, leading to a 580 basis points year over year. Margin improvement to 22.3%. As noted in our 2024 guidance, we forecast SHOP NOI growth in a range of 25% to 30%.

最後，在我們的 SHOP 投資組合中，與我們的合作夥伴 Discovery 和 Merrill Gardens 的合作勢頭不斷增強。第四季 NOI 較去年同期成長 48.2% 至 290 萬美元。居民費用年增 9.8%，入住率增加 740 個基點至 83.2%。營運費用僅成長 2.2%，年增 580 個基點。利潤率提高至 22.3%。正如我們在 2024 年指導中指出的那樣，我們預計 SHOP NOI 的成長率將在 25% 至 30% 之間。

While we do not give quarterly guidance. We do expect the NOI cadence to move higher throughout the year. January is off to a good start as occupancy averaged 84.7%, up 30 basis points from December. A longer term view on this portfolio that it can generate in OI dollars in the high 10s. Margins in the mid 30% range remains unchanged.

雖然我們不提供季度指引。我們確實預計 NOI 節奏全年會更高。1 月開局良好，平均入住率為 84.7%，比 12 月成長 30 個基點。從長遠來看，該投資組合可以產生 10 多美元的 OI 美元。30%左右的利潤率維持不變。

I'll now turn the call over to John to discuss our financial results and guidance. John?

我現在將把電話轉給約翰，討論我們的財務表現和指導。約翰？

Thank you, Kevin, and hello, everyone. For the year ended December 31st, 2023, our net income namely FFO and normalized FFO per diluted common share were $3.13, $4.39 and $4.33 per share, respectively, which represents year over year improvements of 112%, 24% and 1% respectively. For the year ended December 31, our FAD was $187.8 million, down 6.6% year over year, but recall that during 2022 to recognize significant prior year holiday related revenues as a result of our settlement with Welltower As Eric mentioned, we're pleased to report that each of our pro forma metrics came in at the high end of our guidance. Net income for the fourth quarter and year ended December 31st when compared to our guidance reflects the fact that we did not close as expected on the sale of our one property and assets held for sale that did not record the expected gain. Our fourth quarter 2023 FAD was $47.3 million, which is a 5.9% increase compared to the fourth quarter of 2022 sequentially compared to the third quarter in 2023, FAD was down $825,000, but recall the third quarter saw discrete payments from two cash-basis tenants for amounts previously owed for prior quarters, but which were not recurring to the Q4. Our Q4 2023 metrics when compared to Q4 2022, saw further improvements to FAD payout and net debt to adjusted EBITDA ratios of 82.5% and 4.4 times compared to 87.3% and 4.7 times, respectively. For Q4 also saw a milestone where for the first time, since Q2 2021, we did not record any impairments. As Eric mentioned, the fourth quarter was sequentially the second quarter without any unexpected tenant concessions. In 2023, we repaid or retired well retired approximately $415 million in debt using proceeds from a new term loan and our revolver. We saw proceeds from loan repayments and dispositions of approximately $70 million and made acquisitions and loan investments of approximately $74 million during 2023. We did not issue any equity under our $500 million ATM program, more buyback any stock under our $160 million stock repurchase authority.

謝謝你，凱文，大家好。截至2023 年12 月31 日的年度，我們的淨利潤（即每稀釋普通股的FFO 和標準化FFO 分別為每股3.13 美元、4.39 美元和4.33 美元），同比分別增長112%、24% 和1% 。截至12 月31 日的年度，我們的FAD 為1.878 億美元，年減6.6%，但請記住，在2022 年期間，由於我們與Welltower 達成和解，確認了上一年的重大假期相關收入正如Eric提到的，我們很高興報告稱，我們的每項預估指標都處於我們指導的高端。與我們的指導相比，截至12 月31 日的第四季度和年度淨利潤反映了這樣一個事實，即我們沒有按預期出售我們的一項待售財產和資產，而這些財產和資產沒有錄得預期收益。我們的2023 年第四季FAD 為4,730 萬美元，與2022 年第四季相比成長了5.9%，與2023 年第三季相比，FAD 下降了825,000 美元，但回想一下，第三季有兩個現金制租戶的離散付款適用於先前幾季所欠的金額，但這些金額不會重複到第四季。與 2022 年第四季相比，我們 2023 年第四季的指標顯示，FAD 支出和淨負債與調整後 EBITDA 的比率進一步提高，分別為 82.5% 和 4.4 倍，而 87.3% 和 4.7 倍。第四季也見證了一個里程碑，自 2021 年第二季以來，我們首次沒有記錄任何減損。正如艾瑞克所提到的，第四季與第二季連續，沒有任何意外的租戶讓步。2023 年，我們使用新定期貸款和左輪手槍的收益償還或退休了約 4.15 億美元的債務。2023 年，我們從貸款償還和處置中獲得了約 7,000 萬美元的收益，並進行了約 7,400 萬美元的收購和貸款投資。我們沒有根據 5 億美元的 ATM 計劃發行任何股票，根據 1.6 億美元的股票回購授權進一步回購任何股票。

Last night, we issued our full year guidance for 2024 for our 2024 guidance for normalized FFO is in the range of $187.2 million to 189.7 million or a range of $4.31 to $4.37 per share. We are forecasting FAB to be in the range of $191.3 million to 194.1 million, representing year-over-year growth of 2.6% at the midpoint and 3.4% at the high point. As Eric mentioned, our guidance includes SHOP NOI growth of up to 3% year over year and no incremental new investments. While we are telling you that our guidance includes the collection and deferrals. Remember that the majority of deferred rent that we collect is attributable to Bickford. As Eric and Kevin mentioned, we are close to finalizing the step-up rent negotiations with Bickford, which will have an impact on the additional deferred rent we will be able to collect in 2024, but not on our estimate for the different NOI., which is included in our guidance. Our balance sheet continues to be a source of strength for us. And this year, our focus will be on our weighted average debt maturities, variable interest rate, debt levels and liquidity. At the end of January, we had $273 million outstanding on our $700 million revolver and only a single debt maturity this year for $75 million at the end of September. Deserve mention our leverage ratio continues to trend favorable ending 2023 at 4.4 times net debt to adjusted EBITDA at the end of January, we have ample liquidity of over $425 million in cash and revolver availability from the full $500 million available under our ATM program. Looking towards 2025, we have an additional $326 million in debt, maturing $200 million of this maturing debt is our term loan, which does have at NHI's option, the ability to extend the loan for up to one year at December 31st, the percentage of variable interest rate to our total debt was just under 39% and the next two years will retire an additional $201 million in fixed rate debt. Our strategy for this year will be to look at our debt options for improving our average debt maturities and for keeping our variable interest rate risk at comfortable levels at current interest rates our long-term interest rates are only 40 to 50 basis points higher than our variable interest rates. So we don't expect any meaningful impact to our 2024 guidance as a result of any new significant debt facility.

昨晚，我們發布了 2024 年全年指引，2024 年標準化 FFO 指引範圍為 1.872 億美元至 1.897 億美元，即每股 4.31 美元至 4.37 美元。我們預計 FAB 將在 1.913 億美元至 1.941 億美元之間，中點年增 2.6%，高點年增 3.4%。正如 Eric 所提到的，我們的指導包括 SHOP NOI 年成長高達 3%，並且沒有增量新投資。雖然我們告訴您，我們的指導包括催收和延期。請記住，我們收取的大部分遞延租金均來自比克福德。正如 Eric 和 Kevin 所提到的，我們即將完成與 Bickford 的加息租金談判，這將對我們在 2024 年能夠收取的額外遞延租金產生影響，但不會影響我們對不同 NOI 的估計。這已包含在我們的指南中。我們的資產負債表仍然是我們的力量來源。今年，我們的重點將是加權平均債務期限、可變利率、債務水準和流動性。截至 1 月底，我們的 7 億美元左輪手槍餘額為 2.73 億美元，而今年 9 月底只有一筆債務到期，金額為 7,500 萬美元。值得一提的是，我們的槓桿率在2023 年底繼續保持有利的趨勢，為1 月底淨債務與調整後EBITDA 的4.4 倍，我們的ATM 計劃下可用的全部5 億美元中，我們擁有超過4.25億美元的現金和左輪手槍可用流動性。展望 2025 年，我們還有 3.26 億美元的額外債務，其中 2 億美元的到期債務是我們的定期貸款，NHI 確實可以選擇在 12 月 31 日將貸款延長最多一年，所佔百分比可變利率占我們總債務的比例略低於39%，未來兩年將額外償還2.01 億美元的固定利率債務。我們今年的策略將是研究我們的債務選擇，以提高我們的平均債務期限，並以當前利率將我們的可變利率風險保持在舒適的水平，我們的長期利率僅比我們的預期高出40 至50個基點。可變利率。因此，我們預計任何新的重大債務融資不會對我們的 2024 年指引產生任何有意義的影響。

As we announced last night, our Board of Directors declared a $0.9 per share dividend for shareholders of record March 28th, 2024 and payable on May third, 2020 for our Board also reauthorized our $160 million stock repurchase plan, which is effective for one year. That concludes our prepared remarks. So once again, thank you for joining our call today. With that, operator, please open the lines for questions.

正如我們昨晚宣布的那樣，我們的董事會宣布向2024 年3 月28 日登記在冊的股東派發每股0.9 美元的股息，並於2020 年5 月3 日支付，董事會還重新授權了我們1.6 億美元的股票回購計劃，該計劃有效期一年。我們準備好的演講到此結束。再次感謝您今天加入我們的電話會議。那麼，接線員，請打開提問線路。

Thank you. And if you would like to register a question, please press the one four on your telephone. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press the one followed by the three. One moment please, for the first question. Our first question comes from Richard Anderson with Wedbush. Please proceed.

謝謝。如果您想登記問題，請按電話上的一四。您將聽到三聲提示音以確認您的要求。如果您的問題已得到解答並且您想撤銷註冊，請按一，然後按三。請稍等一下，回答第一個問題。我們的第一個問題來自理查德·安德森和韋德·布希。請繼續。

Good morning, everyone. So John, just if you could confirm for me. I asked this question probably every quarter and then I forget the answer on the deferral repayments. Is there a doubling up in 2024 where you didn't record it when you offered the deferral, but that you're getting kind of full payment plus deferral in 2024. Does that happen with Bickford or anybody else in your guidance.

大家，早安。約翰，請你幫我確認一下。我可能每季都會問這個問題，然後我就忘了延期還款的答案。是否有 2024 年加倍的情況，您在提供延期付款時沒有記錄，但您在 2024 年獲得了全額付款加上延期付款。比克福德或您指導下的其他人是否會發生這種情況？

So Hey, Rich, I'm doubling up. That's not the right word. I think what you're what you're telling what you're asking me is are we putting on our balance sheet some of the deferrals through GAAP revenues. And the answer to that question is yes. And so we mentioned in our press release that we had $2 million of deferral repayments in the fourth quarter and $5.7 million for the year. And so how does that work?

所以嘿，Rich，我要加倍努力。這不是正確的字。我認為你所說的你問我的是我們是否透過公認會計原則收入將一些延期計入我們的資產負債表。這個問題的答案是肯定的。因此，我們在新聞稿中提到，第四季我們有 200 萬美元的延期還款，全年有 570 萬美元的延期還款。那麼它是如何運作的呢？

Right? So some of those deferrals that we mentioned, we do pull into our GAAP revenues and because that's part of the 842 determination. And so we tried to collect those as soon as possible. And when we do collect them, it all flows down into and shows up in FAD. But because of the straight-line component, it may not move FFO or net income. And so in the fourth quarter, that number was $700,000 was already in net income. And for the year it was $2.6 million. That's our I would call it accrual-based deferral recognition.

正確的？因此，我們提到的一些延期確實會納入我們的 GAAP 收入中，因為這是 842 決定的一部分。所以我們試著盡快收集這些。當我們收集它們時，它們都會流入並顯示在 FAD 中。但由於直線成分，它可能不會改變 FFO 或淨利潤。因此，在第四季度，這個數字已經是 70 萬美元的淨利潤。這一年的收入為 260 萬美元。這就是我們的，我稱之為基於權責發生製的遞延確認。

Okay. So there's no like no double doubling up is obviously not the word this is yes or right of a couple of buckets.

好的。因此，沒有像沒有雙倍加倍顯然不是這個詞，這是或正確的幾個桶。

Okay. And. Yes, yes, we're trying to we're trying to we're trying to do a better job in the future, you know, keep this straight, knowing that everybody wants to understand how these deferrals might affect FFO as opposed to FAD. And so you know, everything ends up in FAD., but because we're recognizing the collection of these deferrals through GAAP revenues or straight-line revenues, even if we collect them early, you know that's not going to move FFO or net income.

好的。和。是的，是的，我們正在努力，我們正在努力，我們正在努力在未來做得更好，你知道，說實話，知道每個人都想了解這些延期可能如何影響 FFO，而不是 FAD 。所以你知道，一切最終都會在 FAD 中結束。但因為我們透過 GAAP 收入或直線收入認識到這些遞延收入的收取，即使我們提前收取它們，你也知道這不會改變 FFO 或淨利潤。

Okay, got you. Thanks, Eric. Obviously great results in the SHOP portfolio. I'm wondering how this informs you in terms of a pipeline of converting existing triple net senior housing assets into shop. If that's on your radar going from a 4.5% percent of your portfolio being shopped to what degree are you enticed by seeing that number go up substantially either organically within the portfolio or through acquisitions?

好的，明白了。謝謝，埃里克。顯然，SHOP 產品組合取得了巨大的成果。我想知道這對將現有三重淨高級住房資產轉變為商店的管道有何影響。如果您注意到這一點，您的投資組合中 4.5% 的比例會被購買，看到該數字在投資組合內有機增長或透過收購大幅上升，您會被吸引到什麼程度？

Thanks, Rich, for the compliment, we are definitely gratified to see our SHOP portfolio perk up. We've been patient. As you know, it took us a long time to get our CapEx program finished, but now that it's done, the results are are encouraging. Some, but one quarter or two quarters does not a trend make. So I still feel and this is in our guidance. I still feel like this is a product that has more room to run. And I'm sure it's definitely catching our Board's attention, how well it's doing. So you're right, my goal and Kevin's goal is to add to the shop portfolio, either through acquisitions or conversions, and there's certainly a lot of opportunity there and a lot of people interested in that.

謝謝里奇的讚美，我們很高興看到我們的商店產品組合煥然一新。我們一直很有耐心。如您所知，我們花了很長時間才完成資本支出計劃，但現在已經完成，結果令人鼓舞。有一些，但一個季度或兩個季度並不能形成趨勢。所以我仍然覺得這是在我們的指導下。我還是覺得這是一個有更大發揮空間的產品。我確信它的表現肯定引起了我們董事會的注意。所以你是對的，我和凱文的目標是透過收購或轉換來增加商店投資組合，而且那裡肯定有很多機會，而且很多人對此感興趣。

And last question for me, I think Johnny said the Bickford reset on April that will have an impact on deferral collections. Are you saying that the new rent have sort of you sort of the future deferrals that are still on that on the table will just become higher rent from Bickford and that's how you'll sort of account for that. Is that is that the right way to think about it?

對我來說最後一個問題，我認為約翰尼說比克福德在四月重置，這將對延期收款產生影響。你是說新的租金有某種程度的未來延期，但仍然在桌面上，這將導致比克福德的租金更高，這就是你對此的解釋方式。這是正確的思考方式嗎？

Right. We're telling you that we're in negotiations with Bickford. And the strategy here is to continue to show improvement in Bickford NOI, which as they do allows us through either a stepped-up rent for the collection of deferrals or improve our NOINFAD., right. What I can't tell you yet is what the what the what the split is going to end up being just yet some and you can understand why, right? And so I can't really signal to you because the majority of our deferral collections in 2024 will be coming from Bickford. I can't really signal to you the component of that deferral, the component of our guidance for all of our IT. That's in our guidance right now.

正確的。我們告訴您，我們正在與比克福德進行談判。這裡的策略是繼續顯示 Bickford NOI 的改進，這使我們能夠透過提高租金來收取延期費用或改善我們的 NOINFAD。，對。我還不能告訴你的是，分裂最終會是什麼，你可以理解為什麼，對吧？因此，我無法向您發出真正的信號，因為我們 2024 年的大部分延期收貨將來自比克福德。我無法真正向您傳達延遲的組成部分，即我們對所有 IT 部門的指導的組成部分。這是我們現在的指導。

I'm sorry, I assembled. And I would hopefully I mean, I would just call it, I would just caution against eating into that coverage improvement. I think the market probably values coverage more than they value rent growth in triple net. So but you probably know that already it's just the commentary from the cheap seats.

對不起，我集合了。我希望我的意思是，我只是稱之為，我只是警告不要蠶食覆蓋範圍的改善。我認為市場對三網覆蓋範圍的重視可能超過對租金成長的重視。所以，但你可能知道，這已經只是廉價座位的評論了。

But yes, as you know, and one of the metrics that we present to you is our coverage ratio. That coverage ratio excludes the repayment of deferrals two by the way.

但是，是的，如您所知，我們向您提供的指標之一是我們的覆蓋率。順便說一句，該覆蓋率不包括償還延期償還的兩筆貸款。

Right, thanks.

好的，謝謝。

Our next question comes from Tayo Okusanya with Deutsche Bank. Please proceed.

我們的下一個問題來自德意志銀行的 Tayo Okusanya。請繼續。

Yes, good morning. Um, along the lines of rent resets, I believe there was also a rent reset or related to discovery in 2024. Could you could you talk a little bit about how's that is always not included in guidance.

是的，早安。嗯，沿著租金重置的思路，我相信 2024 年也有租金重置或與發現相關。您能談談指南中始終未包含的內容嗎？

Quartile is included in guidance. We went we talked a great deal about that in our November call and I think we mentioned in several places that the outcome of that renegotiation was in line with what we said. So we we said that there was a reduction of rent for two of the leases. So that hasn't changed. The amount is came out as expected and it is in our guidance. And so there's really nothing else to report.

四分位數包含在指南中。我們在 11 月的電話會議中對此進行了很多討論，我認為我們在多個地方提到了重新談判的結果與我們所說的一致。所以我們說其中兩個租約的租金減少。所以這並沒有改變。該金額符合預期，並且在我們的指導範圍內。所以真的沒有什麼好報告的了。

Okay. That's helpful. And then, Eric, your comments just on acquisitions again, it really does sound like, you know, it could be a really big year in that regard. Could you talk a little bit about, you know, how much you're seeing in terms of what just the acquisition pipeline could look like? And could you give us a sense of how much of that is actual fee, simple transactions versus more kind of structured finance or mortgage loan transactions?

好的。這很有幫助。然後，埃里克，你再次對收購發表評論，聽起來確實像是，你知道，在這方面，這可能是非常重要的一年。能否談談您對收購管道的看法？您能否讓我們了解其中實際費用、簡單交易與更多類型的結構性融資或抵押貸款交易的比例？

Hey, Tayo, you're absolutely right. A lot of it is structured finance, which we're willing to do at the right price. And if we have line of sight to an acquisition, as I like to call it, loan to own, but we're seeing a very robust market right now. I think the message that banks are not lending deals are falling apart, sellers are getting more rational in their pricing expectations. And I think brokers are getting through to potential sellers that there's still a market, but it's not the market of 2020. So it's a different market now at a higher cap rate with more difficult financing options.

嘿，泰約，你說得完全正確。其中很多是結構性融資，我們願意以合適的價格進行。如果我們有興趣進行收購，我喜歡稱之為“貸款購買”，但我們現在看到的是一個非常強勁的市場。我認為銀行不放款交易的消息正在崩潰，賣家的定價預期變得更加理性。我認為經紀人正在向潛在賣家傳達市場仍然存在的訊息，但這不是 2020 年的市場。因此，現在這是一個不同的市場，資本化率更高，融資選擇也更困難。

Got you. Okay. That's helpful. Thank you.

明白你了。好的。這很有幫助。謝謝。

Our next question comes from Juan Sanabria with BMO Capital Markets. Please proceed.

我們的下一個問題來自 BMO 資本市場的胡安·薩納布里亞 (Juan Sanabria)。請繼續。

Hi, good morning. Tom, just hoping you could maybe talk a little bit about some of the piece parts in the SHOP guidance, whether it be occupancy, RevPAR or expense growth or margins underlying your same-store NOI of 25% to 30% growth, please.

早安.湯姆，只是希望您能談談 SHOP 指南中的一些細節，無論是入住率、RevPAR 還是費用增長或同店 NOI 增長 25% 至 30% 的利潤率。

For a one, Kevin, the headline for sure, is occupancy. As we've talked about before, we've been using incentives to make sure that we're getting the occupancy where we want. That's had a very positive effect over 2023. And that will continue to be the strategy for 2024.

對凱文來說，頭條新聞肯定是入住率。正如我們之前談到的，我們一直在利用激勵措施來確保我們獲得我們想要的入住率。這對 2023 年產生了非常正面的影響。這將繼續成為 2024 年的策略。

Being mindful also is on the expense side, the operating partners have done a good job of holding those in line year over year, but we do expect some inflationary type increases. So again, the biggest piece is really just occupancy. Once we see occupancy, we'll see we would expect anyway in July to follow. But that typically is a little lag, which is also why I think you see And oh, I better in the fourth quarter than because of occupancy increased throughout the year. And that's kind of how we built our forecast for this year is continued usage of those incentives get the occupancy where we want to go and look at our business update, and you can see where we see the Knick map markets versus our our buildings. So there's still plenty of room to grow from an occupancy perspective. So again, I think that's absolutely number one, you'll see rate follow once we get occupancy where we wanted to be, but that's going to be a little bit it's kind of a Phase two.

在費用方面也要注意，營運夥伴在控制費用方面做得很好，但我們確實預期會出現一些通膨式的成長。再說一遍，最大的部分其實只是入住率。一旦我們看到入住率，我們就會看到我們預計 7 月的入住率將會隨之而來。但這通常會有點滯後，這也是為什麼我認為你會看到哦，我在第四季度的表現比全年入住率的增加要好。這就是我們對今年的預測的方式，即繼續使用這些激勵措施，讓我們想去的地方入住，查看我們的業務更新，您可以看到我們在哪裡看到尼克斯地圖市場與我們的建築物。因此，從入住率的角度來看，仍有很大的成長空間。再說一次，我認為這絕對是第一，一旦我們達到我們想要的入住率，你就會看到利率跟隨，但這將是第二階段的一點。

Okay, great. Thank you. And then just on your enthusiasm for the investment opportunities, it sounds like you have maybe some more loans opportunities, but just curious if the enthusiasm includes the opportunities to do more and shop in terms of new investments and if you do, in fact, have the green light from the border, Nana sounds like no, but just wanted to confirm and in, I guess, bigger picture, the market seems to have moved away from triple-net. I mean, how do you think about the investment pipeline going forwards and the opportunities and triple net versus shop is just the size of the opportunity set perhaps is the best way to talk about things.

好的，太好了。謝謝。然後，就您對投資機會的熱情而言，聽起來您可能還有更多貸款機會，但只是好奇這種熱情是否包括做更多事情和購買新投資的機會，如果您確實有，邊境發出綠燈，娜娜聽起來好像沒有，但只是想確認一下，我想，從更大的角度來看，市場似乎已經遠離三網。我的意思是，您如何看待未來的投資管道和機會，三網與商店只是機會集的大小，也許是談論事情的最佳方式。

Hey, Juan, this is Eric. It's certainly noticed by our Board that shop has popped and we're getting a signal from the Board that they would be open to more shop or idea. So we're excited about that. The arm, as I was saying earlier, you know, the structured finance opportunities are really a result of the bank shutting down, so there's no shortage of that. But Kevin, likes his real estate and the best way to get to real estate is either doing a joint venture in a shop or doing a triple-net lease. And look, I would agree with you that triple-net leases are fewer and far between. But I would also say that it's really open the eyes of some customers that may be having a loan that's three to five years and term isn't the best thing when it comes due and you're not able to find a new loan to replace that you're kind of in a pickle and that that has driven people to the conclusion that maybe a 10 or 15 year lease isn't the worst thing in the world and they should consider it. So it's a funny market out there, but I think it's one that we can do a lot of business in.

嘿，胡安，這是艾瑞克。我們的董事會肯定注意到商店已經湧現，我們從董事會收到了一個信號，表明他們將對更多商店或想法開放。所以我們對此感到興奮。正如我之前所說，結構性融資機會實際上是銀行倒閉的結果，因此並不缺乏。但凱文喜歡他的房地產，而獲得房地產的最佳方式是在商店中合資或進行三網租賃。看，我同意你的觀點，三網租賃越來越少。但我也想說，這確實讓一些客戶大開眼界，他們可能擁有三到五年的貸款，而且到期時期限並不是最好的選擇，而且您無法找到新的貸款來替代你有點陷入困境，這讓人們得出這樣的結論：也許10 年或15 年的租約並不是世界上最糟糕的事情，他們應該考慮一下。所以這是一個有趣的市場，但我認為這是一個我們可以做很多生意的市場。

And just the last question on Discovery, I get the point that you've talked about at length on the last call, but I guess it is the restructuring. I don't think it is in the fourth quarter run rate or how should we adjust the fourth quarter run rate for the change in the discovery lease?

關於探索頻道的最後一個問題，我明白你在上次通話中詳細討論的要點，但我想這是重組。我不認為這是第四季度的運作率，或者我們應該如何根據發現租賃的變化調整第四季度的運作率？

That's a good question. It is not in the fourth quarter run rate. The best I can do with you on that right now is just simply say it's properly reflected in guidance, you know them.

這是個好問題。這不是第四季的運行率。我現在能和你做的最好的事情就是簡單地說，它已經正確地反映在指導中，你知道的。

Yes. And let me let me think about where we can through our filings. Maybe give you a little more help on that.

是的。讓我想一想我們可以透過我們的文件來做什麼。也許可以給你更多的幫助。

Thank you.

謝謝。

As a reminder, to register a question, please press the one four on your telephone. Our next question comes from Austin, where strip was Schmitt from KeyBanc Capital Markets. Please proceed.

提醒一下，要登記問題，請按電話上的一四。我們的下一個問題來自奧斯汀，那裡的脫衣舞是來自 KeyBanc Capital Markets 的施密特。請繼續。

Great, thank you. And just going back to Dick for a moment, I believe you guys were entitled to an 8% yield on your original investment or around $4 million of incremental annual rent. So with $1 million of deferral repayments in the fourth quarter, you're kind of essentially there. But is it fair to say that the market rent reset could be less than 8%, but you'll be above that if you include the amount of deferrals on top of the market rent reset.

太好了謝謝。回到迪克，我相信你們有權獲得原始投資 8% 的收益率或約 400 萬美元的增量年租金。因此，有了第四季度 100 萬美元的延期還款，您基本上就可以了。但公平地說，市場租金重置可能會低於 8%，但如果您將延期付款金額計入市場租金重置的基礎上，那麼您的價格就會高於這個數字。

Payoffs yes, that I mean that's a fair assumption. When you cobbled the two together, it would be in excess forward isn't being mindful of is into what Richard mentioned earlier of what absolute coverages within the enterprise and really within our portfolio and then looking at the level of repayment, they can be able to have to maintain in addition to maintaining our buildings so we're just kind of making sure we're looking at all the pieces and make sure that they remain healthy. We've done a lot of work to get them to this point we don't want to mess that up. So again, it should be mindful, but I think you're right. When you look at repayments in addition to base rent, you should be in excess of that number, the 8% number.

回報是的，我的意思是這是一個公平的假設。當你將兩者拼湊在一起時，如果沒有註意到理查德之前提到的企業內和我們投資組合內的絕對覆蓋範圍，然後看看還款水平，他們可以除了維護我們的建築物外，還必須進行維護，因此我們只是確保我們正在檢查所有部件並確保它們保持健康。為了讓他們走到這一步，我們做了很多工作，我們不想把事情搞砸。再說一遍，應該小心，但我認為你是對的。當你考慮基本租金之外的還款金額時，你應該超過這個數字，也就是 8% 的數字。

Got it. And then I guess just taking it a little bit further. I mean, some what's assumed in guidance around Bickford is the increase in deferrals just in totality versus 2023? Or is the increase versus the 4Q run rate? Because you referenced there some increase in deferrals that for a big component of that. I'm just trying to understand how significant of an increase in deferral repayments you're assuming in guidance.

知道了。然後我想只是更進一步。我的意思是，關於比克福德的指導中的一些假設是與 2023 年相比，延期總數有所增加？還是相對於第四季運行率的成長？因為你提到了延期的增加，這是其中很大一部分。我只是想了解您在指導中假設的延期還款增加的幅度有多大。

Well, we are intentionally not tying up what's going on there because of the negotiation with Bickford. And Tom, what I would say is we do see future growth in the Bickford NOI for 2024. And so the prior quarter run rate we hope will you'll see over time will improve. And now the way that we divide the split between that NOI between repayment of deferrals and the step-up rent we have yet to tell you we'll probably be able to tell you that number with our first quarter conference call in May, which will give you a lot more guidance. But again, like I said, our guidance has or has our expectations already in it.

好吧，我們故意不因為與比克福德的談判而將那裡發生的事情捆綁起來。Tom，我想說的是，我們確實看到了 Bickford NOI 到 2024 年的未來成長。因此，我們希望您會看到，隨著時間的推移，上一季的運行率將會有所改善。現在，我們還沒有告訴您我們如何劃分延期償還租金和加息租金之間的 NOI，我們可能會在 5 月份的第一季電話會議上告訴您這個數字，這將是給您更多指導。但同樣，正如我所說，我們的指導已經包含了我們的期望。

Yes. Got it. Understood.

是的。知道了。明白了。

And just quickly on the SHOP portfolio, can you provide a little bit of detail or additional detail around the concessions you're offering on average to drive occupancy? And just curious how sticky those residents are. I've been at this.

就 SHOP 產品組合而言，您能否提供一些關於您為提高入住率而提供的平均優惠的一些細節或其他細節？只是好奇這些居民的黏性有多大。我一直都在這裡。

Well, to the latter part of the question we've been monitoring length of stay. I would tell you it's down a little bit from where we saw when holiday operated the portfolio, but it's increased over the last few quarters. So we're we seen positive improvement on the length of stay in the portfolio. So happy with where it sits overall could be a little bit better, but it's it's within reason in terms of what we see with competitors in terms of concessions, usually at some form of discount on the first month's rent track. There is some pricing mechanism than the tool bucket that the operators have by and large, we're trying to make the concessions more upfront that we were taking a little bit of hit on move in, but the rents would then go to more of a market rate after the 1st month after a shorter period of time. So we generally see about two thirds of them giving very rough numbers, but policy you have two thirds of the incentive be front end loaded. And then in some cases, there's a little bit longer-term incentive where it would stick around in the net against our future income for a period of time, but it's again going to be more. We're looking for those stickier residents, ones that are we can get more of the market rate rents and just using those early dollars to begin to move in.

嗯，對於問題的後半部分，我們一直在監控停留時間。我會告訴你，它比我們在假期操作投資組合時看到的情況略有下降，但在過去幾個季度有所增加。因此，我們看到投資組合的停留時間有了正面的改善。因此，對其整體位置感到滿意可能會好一點，但就我們在競爭對手方面看到的讓步而言，這是合理的，通常是在第一個月的租金軌道上以某種形式的折扣。總的來說，除了運營商擁有的工具桶之外，還有一些定價機制，我們試圖在前期做出更多讓步，以免我們在搬入時受到一點打擊，但租金會更高第一個月後較短時間後的市場利率。因此，我們通常會看到大約三分之二的人給出了非常粗略的數字，但政策上三分之二的誘因是前端加載的。然後在某些情況下，會有一點長期激勵，它會在一段時間內保留在我們未來收入的淨額中，但它會再次變得更多。我們正在尋找那些更有黏性的居民，他們可以讓我們獲得更多的市場租金，並利用這些早期的資金開始搬入。

That's helpful. Thanks for that.

這很有幫助。感謝那。

Yes, are there questions at this?

是的，這方面還有疑問嗎？

Thanks, everyone. We'll look forward to seeing you at Nedcor on our roadshow or conference.

感謝大家。我們期待在 Nedcor 的路演或會議上見到您。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝大家有個美好的一天。