National Health Investors Inc (NHI) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the National Health Investors Second Quarter 2024 Earnings Webcast and Conference Call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Dana Hambly. Sir, the floor is yours.

大家早安，歡迎參加全國健康投資者 2024 年第二季收益網路廣播和電話會議。（操作員說明）現在我很高興將發言權交給主持人 Dana Hambly。先生，地板是你的了。

Thank you, and welcome to the National Health Investors conference call to review the results for the second quarter of 2024. On the call today are Eric Mendelsohn, President and CEO; Kevin Pascoe, Chief Investment Officer; John Spaid, Chief Financial Officer; and David Travis, Chief Accounting Officer. The results as well as notice of the accessibility of this conference call were released after the market closed yesterday and a press release has been covered by the financial media.

謝謝，歡迎參加全國健康投資者電話會議，審查 2024 年第二季的結果。今天參加電話會議的是總裁兼執行長 Eric Mendelsohn；凱文‧帕斯科，首席投資長；約翰‧斯佩德，財務長；和首席會計官大衛·特拉維斯。本次電話會議的結果和可訪問性通知是在昨天收盤後發布的，並有財經媒體報導了新聞稿。

Any statements in this conference call, which are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of future performance. All 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 31, 2023, and Form 10-Q for the quarter ended June 30, 2024. Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireit.com.

本次電話會議中的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，並且不能保證未來績效。所有前瞻性陳述均代表 NHI 截至本次電話會議日的判斷。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 表格和10-10 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 nhireit.com 上取得。

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 8-K to the SEC. Listeners are encouraged to review those reconciliations provided in the earnings release, together with all other information provided in that release.

此外，本次電話會議中使用的某些術語是非GAAP 財務指標，NHI 的收益報告以及相關表格和附表中提供了這些指標的調節表，這些表格和附表已通過8-K 表格提交給SEC 。我們鼓勵聽眾查看收益報告中提供的調節表以及該新聞稿中提供的所有其他資訊。

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

現在我將把電話轉給我們的執行長 Eric Mendelsohn。

Thank you, Dana. Hello, and thanks, everyone, for joining us today. The second quarter exceeded our forecast and represents the fourth straight quarter of outperformance relative to our expectations. The drivers of the strong performance have been consistent as we once again had stable cash collections, steady deferral payments, improving operator fundamentals, SHOP occupancy and revenue growth and no unexpected rent concessions.

謝謝你，達納。大家好，謝謝大家今天加入我們。第二季度超出了我們的預期，並且是連續第四個季度表現優於我們的預期。強勁業績的驅動因素是一致的，因為我們再次擁有穩定的現金回款、穩定的延期付款、運營商基本面的改善、商店入住率和收入增長，並且沒有意外的租金優惠。

While the recent outperformance has been driven primarily by organic we're very excited about the recent investment activity and our growing pipeline. Year-to-date, we've closed on $56.6 million of investments at an average initial yield of approximately 8.4%. In addition, we have sourced investment opportunities totaling more than $1.8 billion. Of this amount, we have Board approved, signed LOI investment opportunities of $155.4 million that we expect to close this year.

雖然最近的優異表現主要是由有機推動的，但我們對最近的投資活動和不斷增長的管道感到非常興奮。今年迄今為止，我們已完成 5,660 萬美元的投資，平均初始收益率約為 8.4%。此外，我們也尋找了總額超過18億美元的投資機會。其中，我們已獲得董事會批准並簽署了 1.554 億美元的意向書投資機會，預計今年完成。

We're also evaluating a pipeline of approximately $270 million. These investments target senior housing assets and fee simple real estate and loans with purchase options. We're also pursuing several large portfolio deals, including RIDEA deals, which are not included in our pipeline.

我們也正在評估約 2.7 億美元的管道。這些投資的目標是高級住房資產，並收取簡單的房地產和具有購買選擇權的貸款。我們也正在尋求幾項大型投資組合交易，包括 RIDEA 交易，這些交易不包括在我們的管道中。

We've patiently spent multiple years positioning our company to return to the level of acquisition growth we experienced prior to the pandemic. With ample dry powder and improved cost of capital and more realistic seller expectations, we expect that external investment activity will be a significant driver of cash flow growth in the foreseeable future.

我們花了多年的時間耐心地讓我們的公司恢復到疫情大流行之前的收購成長水準。憑藉著充足的乾粉、資金成本的改善以及更現實的賣方預期，我們預計外部投資活動將在可預見的未來成為現金流成長的重要推動力。

Regarding our quarterly results, compared to the second quarter of 2023, normalized FFO per share and total dollar FAD increased 11.4% and 16.1%, respectively. We received a $2.5 million deferral repayment in the quarter, which is a testament to our strategy, allowing us to recapture NOI that would have been otherwise lost.

關於我們的季度業績，與 2023 年第二季相比，標準化每股 FFO 和總美元 FAD 分別成長 11.4% 和 16.1%。我們在本季收到了 250 萬美元的延期還款，證明了我們的策略，使我們能夠重新奪回原本會損失的 NOI。

The April 1 Bickford rent step-up also did nicely to our growth as did their revenue-based $1.3 million deferral repayment. Including Bickford, we have $19.6 million in net deferral balances tied to housing operating revenue goals. The senior housing operating portfolio or SHOP NOI increased by 39.9% year-over-year to approximately $3 million. While the NOI result was slightly below our internal expectation, we're encouraged that occupancy continues to move higher and we remain confident in our guidance growth rate for the year and the longer-term upside potential of this portfolio.

4 月 1 日比克福德的租金上漲也對我們的成長起到了很好的作用，他們基於收入的 130 萬美元延期還款也起到了很好的作用。包括比克福德在內，我們有 1,960 萬美元的淨遞延餘額與住房營運收入目標相關。老年住房營運投資組合（SHOP NOI）年增 39.9%，達到約 300 萬美元。雖然 NOI 結果略低於我們的內部預期，但我們對入住率繼續走高感到鼓舞，並且我們對今年的指導增長率以及該投資組合的長期上行潛力仍然充滿信心。

Given the strong quarterly results and good visibility into the second half of the year, we're once again raising our 2024 guidance. Our updated guidance represents midpoint normalized FFO per share growth of 4.8% and a midpoint FAD growth of 7% when compared to 2023. The increased guidance continues to be broad-based with several factors contributing to the improved outlook compared to our original February guidance.

鑑於強勁的季度業績和下半年的良好前景，我們再次上調 2024 年的指引。與 2023 年相比，我們更新後的指引表明，標準化 FFO 每股中點成長 4.8%，FAD 中點成長 7%。與我們最初的 2 月指導相比，增加的指導仍然具有廣泛的基礎，有幾個因素導致前景改善。

Our growth profile is multifaceted, both internally and externally and is supported by an increasingly bullish demographic environment, characterized by favorable supply-demand dynamic. We believe that we position the company to succeed through all stages of the business cycle and are therefore, generally agnostic to the short-term ripples in the economy. While we have a long history as a public company, we're excited about the future as we have ever been, and we are convinced that we're in the early days of exceptional growth for several years to come.

我們的成長狀況是多方面的，包括內部和外部，並得到日益樂觀的人口環境的支持，其特徵是有利的供需動態。我們相信，我們使公司能夠在商業週期的所有階段取得成功，因此通常不會受到經濟短期波動的影響。雖然我們作為一家上市公司有著悠久的歷史，但我們一如既往地對未來感到興奮，並相信我們正處於未來幾年非凡成長的早期階段。

I'll now turn the call to Kevin to provide more details on our operations. Kevin?

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？

Thank you, Eric. Last quarter, we said that we were starting to see more actionable deal activity and the volume of new inquiries had significantly increased in the last several months across asset classes and financing solutions. That is all still true, and we're happy to refine that communication as we have now closed on $56.6 million in year-to-date investments at an average yield of 8.42%.

謝謝你，埃里克。上個季度，我們表示我們開始看到更多可操作的交易活動，並且過去幾個月跨資產類別和融資解決方案的新詢問量顯著增加。這一切仍然是事實，我們很高興完善這種溝通，因為我們現已完成年初至今的 5,660 萬美元投資，平均收益率為 8.42%。

As Eric noted, the size of our signed LOIs as well as the actionable pipeline of other investment opportunities has increased significantly from what we described last quarter. Further, I'll add that the deals we are looking at are primarily focused on senior housing assets and more skewed to fee simple real estate deals opposed to the 50-50 mix of fee simple and loan opportunities we described in our first quarter call.

正如艾瑞克指出的那樣，我們簽署的意向書的規模以及其他投資機會的可操作管道比我們上季度描述的顯著增加。此外，我還要補充一點，我們正在考慮的交易主要集中在高級住房資產上，更傾向於收費簡單的房地產交易，而不是我們在第一季度電話會議中描述的收費簡單和貸款機會的50- 50 組合。

As always, with the loan opportunities, we are looking for a path to real estate ownership. For example, we closed on the acquisition of a newly constructed senior housing community in Sussex, Wisconsin, for $32.1 million, which is operated by an existing partner Encore Senior Living. The purchase price was partially funded with the satisfaction of a construction loan we had previously provided to Encore. We have originated two other mortgage loans so far this year with operators. These both have purchase options, and we are already speaking with these partners about potential opportunities.

一如既往，透過貸款機會，我們正在尋找一條獲得房地產所有權的途徑。例如，我們以 3,210 萬美元完成了對威斯康辛州蘇塞克斯新建老年住房社區的收購，該社區由現有合作夥伴 Encore Senior Living 經營。購買價格的部分資金來自我們先前向 Encore 提供的建築貸款。今年到目前為止，我們已經與營運商發放了另外兩筆抵押貸款。這些都有購買選擇，我們已經在與這些合作夥伴討論潛在的機會。

Turning to asset management. We had another strong quarter with positive year-over-year adjusted NOI growth across asset classes. EBITDA and coverage continued to improve, and we did not provide any unexpected rent concessions. The need-driven operators again had positive coverage trends with EBITDARM at 1.38 times, representing the ninth straight period of sequential growth. The movement was driven primarily by Bickford at 1.67 times.

轉向資產管理。我們又經歷了一個強勁的季度，各資產類別的調整後 NOI 均實現年比正成長。EBITDA 和覆蓋範圍持續改善，我們沒有提供任何意外的租金優惠。需求驅動的營運商再次呈現積極的覆蓋率趨勢，EBITDARM 達到 1.38 倍，代表連續第九個週期成長。該運動主要由 Bickford 驅動，倍數為 1.67。

Adjusting for the April 1 rent increase, the Bickford coverage would have been a healthy 1.45 times. Bickford occupancy declined by 50 basis points to 85.4% from the first quarter of 2024 to the second. They experienced a decline early in the second quarter, which flattened out and started turning positive near the end of the quarter.

調整 4 月 1 日租金上漲後，比克福德的覆蓋範圍將是健康的 1.45 倍。比克福德的入住率從 2024 年第一季到第二季下降了 50 個基點，至 85.4%。他們在第二季度初經歷了下滑，但在接近季度末時趨於平緩並開始轉正。

Their third quarter is off to a good start as average July occupancy increased 60 basis points from June to 85.8%. The need-driven coverage excluding Bickford dipped sequentially to 1.15 times from 1.16 times. This was entirely the function of a change in assets as we sold two mature buildings and added two recently constructed properties with much more upside potential. Deferral repayments totaled $4.7 million during the quarter, which included $1.3 million from Bickford and a $2.5 million repayment from a cash basis tenant.

他們的第三季取得了良好的開端，7 月的平均入住率較 6 月增加了 60 個基點，達到 85.8%。不包括比克福德在內的需求驅動覆蓋率從 1.16 倍連續下降至 1.15 倍。這完全是資產變化的結果，因為我們出售了兩座成熟的建築，並增加了兩座最近建成的具有更大上升潛力的房產。本季延期還款總額為 470 萬美元，其中包括 Bickford 的 130 萬美元和現金制租戶的 250 萬美元還款。

Bickford's repayment declined from $1.5 million in the first quarter as we adjusted the repayment formula junction with the rent reset. We estimate approximately $1 million in quarterly Bickford repayments for the second half of 2024. Including Bickford, we still have $24.3 million in net deferrals, which we expect to realize in repayments and other value-creating transactions.

由於我們調整了還款公式與租金重置的結合點，Bickford 的還款金額從第一季的 150 萬美元下降。我們估計 2024 年下半年比克福德的季度還款額約為 100 萬美元。包括 Bickford 在內，我們仍有 2,430 萬美元的淨遞延資金，我們預計將透過還款和其他創造價值的交易來實現。

Our discretionary senior housing portfolio primarily includes our entrance fee portfolio, which has performed above our expectations since the pandemic began, and that continues to be the case. Coverage improved sequentially to 1.6 times from 1.54 times driven by improvements at both SLC and our other entrance fee operators. The SNF and specialty hospital portfolio we solid coverage at 2.98 times, which improved sequentially from 2.83 times. The coverage at NHC improved to 3.96 times from 3.8 times. As we reminded listeners last quarter, NHC's reported coverage represents a corporate fixed charge coverage and is not comparable to the EBITDARM coverage reported for all other asset classes and operators.

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，該投資組合的表現超出了我們的預期，而且情況仍然如此。由於 SLC 和我們其他入場費業者的改進，覆蓋範圍從 1.54 倍連續增加到 1.6 倍。SNF 和專科醫院投資組合的覆蓋率穩定在 2.98 倍，較 2.83 倍有所改善。國家衛健委覆蓋率從3.8倍提高到3.96倍。正如我們在上季度提醒聽眾的那樣，NHC 報告的覆蓋範圍代表了企業固定費用覆蓋範圍，與所有其他資產類別和營運商報告的 EBITDARM 覆蓋範圍無法比較。

During the second quarter, we completed the process of transitioning one SNF to Wisconsin to Champion Care, which has a much greater presence in that state. The cash lease revenue is unchanged, and the new operator has a purchase option on the property beginning in 2031, which will result in a 12% IRR of NHI if the operator exercise.

在第二季度，我們完成了將威斯康辛州的一個 SNF 過渡到 Champion Care 的過程，Champion Care 在該州的影響力要大得多。現金租賃收入保持不變，並且新營運商擁有從 2031 年開始購買該物業的選擇權，如果營運商行使，將導致 NHI 的 IRR 為 12%。

Lastly, in SHOP, momentum continues to build throughout the portfolio. Second quarter NOI increased 39.9% year-over-year to $3 million. Resident fees increased by 13.5% year-over-year, driven by occupancy improvement to 87% from 75.5% and contributed to 420 basis points of margin expansion to 22.1%. Compared to the first quarter of 2024, occupancy improved by 170 basis points, while the margin declined slightly by 10 basis points.

最後，在 SHOP 中，整個產品組合的動能持續增強。第二季 NOI 較去年同期成長 39.9% 至 300 萬美元。由於入住率從 75.5% 提高至 87%，居民費用年增 13.5%，並促使利潤率擴大 420 個基點至 22.1%。與 2024 年第一季相比，入住率提高了 170 個基點，而利潤率略有下降 10 個基點。

The slight sequential margin decline was below our expectation that occupancy continued to improve throughout the second quarter, ending on a high note at 87.7% in June. The preliminary July occupancy showed another uptick to 88.2%. As occupancy gets closer to 90%, we expect to start reducing move-in incentives, which should lead to an improvement in margin given the significant operating leverage in the independent living model.

利潤率較上季小幅下降低於我們的預期，即整個第二季入住率持續改善，6 月入住率高達 87.7%。7 月的初步入住率再次上升至 88.2%。隨著入住率接近 90%，我們預計將開始減少入住激勵措施，考慮到獨立生活模式的巨大營運槓桿，這應該會導致利潤率的提高。

Our current guidance for year-over-year SHOP NOI growth is unchanged at 25% to 30% as is our long-term view that this portfolio can generate NOI dollars in the high teens on margins in the mid-30% range.

我們目前對 SHOP NOI 年成長的指引保持在 25% 至 30% 不變，我們的長期觀點是，該投資組合可以在 30% 左右的利潤率下產生高達 10 左右的 NOI 美元。

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. The focus of my remarks today will be around our improving revenues, which this quarter exceeded our expectations and positively impacted our net income, FFO and FAD metrics. Kevin and Eric touched on our collection at deferred rents. But this quarter, we also benefited from recent activity under our capital expenditure program which increased the lease maturity for existing leases with Senior Living Communities and will also lead to additional rent as those CapEx dollars are funded.

謝謝你，凱文，大家好。我今天演講的重點將是我們不斷改善的收入，本季的收入超出了我們的預期，並對我們的淨利潤、FFO 和 FAD 指標產生了積極影響。凱文和埃里克談到了我們的延期租金收藏。但本季度，我們也受益於我們資本支出計畫下的近期活動，該計畫延長了高級生活社區現有租賃的租賃期限，並且隨著這些資本支出資金的到位，還將導致額外的租金。

Finally, our improving outlook and our updated guidance reflects the additional contributions we expect this year from our other second quarter activities, including the recent transition property lease with a new operator, the new $9.5 million mortgage investment with Comfort Senior Living and the recent loan conversion to lease investment with Encore Senior Living.

最後，我們不斷改善的前景和更新的指導反映了我們預計今年第二季度其他活動的額外貢獻，包括最近與新營運商的過渡物業租賃、Comfort Senior Living 的新950 萬美元抵押貸款投資以及最近的貸款轉換與 Encore Senior Living 租賃投資。

\While our guidance doesn't reflect the future pipeline activity that Eric and Kevin just discussed, we feel confident that our pipeline will result in future investment activity. So I'll talk more about our capital plans as we look to meet all our needs for 2024 and 2025. Finally, I'll talk about our guidance, which we're very pleased to raise for the second time this year. But first, our results for the second quarter.

\雖然我們的指導並未反映埃里克和凱文剛剛討論的未來管道活動，但我們相信我們的管道將帶來未來的投資活動。因此，我將更多地討論我們的資本計劃，因為我們希望滿足 2024 年和 2025 年的所有需求。最後，我將談談我們的指導意見，我們很高興今年第二次提出這項指導。但首先是我們第二季的業績。

Our net income per diluted common share for the quarter ended June 30, 2024, was $0.81 compared to $0.92 for the same period last year and sequentially up 14.1% from the first quarter. Our NAREIT and normalized FFO results per diluted common share increased 12.4% and 11.3% to $1.18 and $1.18, respectively, for the quarter ended June 30 compared to the prior year second quarter and were sequentially up 7.3% and 5.4% compared to our first quarter's results.

截至 2024 年 6 月 30 日的季度，我們的稀釋普通股每股淨利為 0.81 美元，而去年同期為 0.92 美元，比第一季連續成長 14.1%。截至6 月30 日的季度，與去年第二季度相比，我們的NAREIT 和標準化FFO 每股稀釋普通股業績分別成長12.4% 和11.3% 至1.18 美元和1.18 美元，與第一季相比連續成長7.3% 和5.4%結果。

FAD for the quarter increased 16.1% to $51.8 million from $44.6 million in the prior year second quarter and was sequentially up 1.6% compared to our first quarter's results. Our FAD results for the 6-month period ended June 30, 2024, are up 11.3% compared to the same period last year. We're very pleased with these results. So let me go into a little more detail.

本季的 FAD 成長 16.1%，從去年第二季的 4,460 萬美元增至 5,180 萬美元，與第一季的業績相比，季增 1.6%。截至 2024 年 6 月 30 日的 6 個月期間，我們的 FAD 業績與去年同期相比成長了 11.3%。我們對這些結果非常滿意。讓我更詳細地介紹一下。

Compared to the first quarter in 2024, cash rent recognized for the second quarter was up approximately $2 million. The improvement was primarily due to the higher deferred and other rents received from our cash basis tenants during the quarter. Net of the annual NHC percentage revenue rent true-up recognized in the first quarter.

與 2024 年第一季相比，第二季確認的現金租金增加了約 200 萬美元。這項改善主要是由於本季從我們的現金租戶收到的遞延租金和其他租金增加。扣除第一季確認的 NHC 年度收入百分比租金調整後的淨額。

As I touched on earlier, straight-line lease revenue improved $1.5 million as compared to the first quarter and improved $700,000 after excluding the straight-line receivable write-off recognized in the first quarter. Recall that the first quarter straight-line write-off was for a transition property that's now under a new lease, which commenced during the second quarter. The Senior Living Communities lease modification under our capital expenditure program was a primary contributor to the quarter-over-quarter increase in straight line lease revenue. But the full revenue impact from the other second quarter leasing activities are included in our updated guidance.

正如我之前提到的，直線租賃收入比第一季增加了 150 萬美元，扣除第一季確認的直線應收帳款沖銷後，增加了 70 萬美元。回想一下，第一季的直線沖銷是針對目前處於新租約之下的過渡房產，該租約於第二季開始。我們的資本支出計劃下的老年生活社區租賃修改是直線租賃收入季度環比增長的主要貢獻者。但第二季其他租賃活動的全部收入影響已包含在我們更新的指導中。

NOI from our SHOP portfolio was flat in the second quarter compared to the first quarter, but represents a 39.9% improvement in NOI compared to the prior year quarter. Cash G&A expense, which is our G&A expense, excluding noncash stock compensation expense, increased $700,000 compared to the first quarter, primarily due to increases in business development and proxy-related expenses incurred during the quarter.

與第一季相比，我們的 SHOP 投資組合第二季的 NOI 持平，但與去年同期相比，NOI 提高了 39.9%。現金 G&A 費用，即我們的 G&A 費用，不包括非現金股票補償費用，與第一季相比增加了 700,000 美元，主要是由於本季度發生的業務開發和代理相關費用的增加。

During the quarter, we placed one property in assets held for sale, resulting in impairment and increase the loan loss reserve on another properties loan, resulting in loan and realty losses of approximately $1.1 million.

本季度，我們將一處房產置於待售資產中，導致減值，並增加了另一處房產貸款的貸款損失準備金，導致貸款和房地產損失約 110 萬美元。

As we announced last night, our Board of Directors declared a $0.90 per share dividend for shareholders of record September 27, 2024, and payable on November 1, 2024. If you've been closely following us, then you've noticed that today, we disclosed a significant increase in our pipeline activity since our May earnings call. We've closed on $41.6 million in transactions during the second quarter, and we now have over $155 million in signed LOIs plus an even larger pipeline fund. So let me discuss in more detail how we are approaching our capital needs.

正如我們昨晚宣布的那樣，我們的董事會宣布向 2024 年 9 月 27 日登記在冊的股東派發每股 0.90 美元的股息，並於 2024 年 11 月 1 日支付。如果您一直密切關注我們，那麼您已經注意到，今天我們披露了自 5 月財報電話會議以來我們的管道活動顯著增加。第二季我們已完成 4,160 萬美元的交易，目前已簽署的意向書已超過 1.55 億美元，此外還有規模更大的管道基金。因此，讓我更詳細地討論我們如何滿足我們的資本需求。

Our balance sheet ended the quarter in great shape. Net debt to adjusted EBITDA ratio was 4.2 times, well within our stated 4 to 5 times leverage policy. We ended the quarter with $500 million in available ATM capacity. And at the end of June, we had $455.5 million in available capacity under our revolver. Our variable interest rate debt stood at approximately 39%. So should the Fed lower interest rates soon, we stand to immediately benefit.

本季末，我們的資產負債表狀況良好。淨負債與調整後 EBITDA 的比率為 4.2 倍，完全符合我們規定的 4 至 5 倍槓桿政策。本季結束時，我們的 ATM 可用容量為 5 億美元。截至 6 月底，我們的左輪手槍可用產能為 4.555 億美元。我們的可變利率債務約為 39%。因此，如果聯準會很快降息，我們將立即受益。

We have one maturity this year of $75 million private placement loan due at the end of September, which we will retire with revolver proceeds. Our capital plans are focused on meeting our liquidity needs for our upcoming maturities this year and next year, in addition to providing capital for our increasing pipeline.

我們今年有一筆 7,500 萬美元的私募貸款將於 9 月底到期，我們將以循環收益償還這筆貸款。我們的資本計畫的重點是滿足今年和明年即將到期的流動性需求，以及為我們不斷增加的管道提供資本。

We are also focused on our average debt maturities. Subject to changing market conditions, we continue to review all our capital options to meet our ongoing liquidity needs. We're reviewing our bank credit facility options, public debt as well as equity options. While we have the option to access equity, we also have the option to deploy over $200 million in additional debt and investment yields just over 8% and our incremental borrowing costs of just over 6% without exceeding our stated leverage financial policies. We expect to execute on at least some of our options before the end of the year and not rely entirely on our revolver liquidity.

我們也關注平均債務期限。根據不斷變化的市場條件，我們將繼續審查所有資本選擇，以滿足我們持續的流動性需求。我們正在審查我們的銀行信貸安排選項、公共債務以及股權選項。雖然我們可以選擇獲得股權，但我們也可以選擇部署超過2 億美元的額外債務，投資收益率略高於8%，增量借貸成本略高於6%，而不會超出我們規定的槓桿財務政策。我們預計在年底前至少執行一些選擇權，而不是完全依賴我們的循環流動性。

Let me now turn to our full year 2024 guidance. Our updated guidance today as compared to our May 2024 full year guidance reflects an improved midpoint for NAREIT FFO and normalized FFO of $0.13 and $0.14 or 3% and 3.2%, respectively. FAD increase at the midpoint, $3 million or 1.5%. As I previously mentioned, our improved Q2 revenues and our recent transactions are having meaningful impacts on our guidance. Recall that 4-hour leases with minimum retina escalators, when we either enter into additional such leases or we modify our existing leases, increasing rents or extending maturities and the results will positively impact our future GAAP revenue expectations, all other terms and conditions unchanged.

現在讓我談談我們 2024 年的全年指引。與 2024 年 5 月全年指引相比，我們今天更新的指引反映了 NAREIT FFO 和標準化 FFO 的中點分別提高了 0.13 美元和 0.14 美元，即 3% 和 3.2%。FAD 中點增加 300 萬美元或 1.5%。正如我之前提到的，我們第二季收入的改善和最近的交易對我們的指導產生了有意義的影響。回想一下，最小視網膜自動扶梯的4 小時租賃，當我們簽訂額外的此類租賃或修改現有租賃、增加租金或延長期限時，結果將對我們未來的GAAP 收入預期產生積極影響，所有其他條款和條件不變。

As we noted, our updated guidance released last night maintains unchanged our year-over-year SHOP NOI growth range includes effects from additional rent concessions, asset dispositions and from continuing deferred rent repayments, and does not include the impacts from our pipeline.

正如我們所指出的，我們昨晚發布的最新指引保持了我們的同比 SHOP NOI 增長範圍不變，包括額外租金優惠、資產處置和持續延期租金償還的影響，但不包括我們管道的影響。

So once again, thank you all for joining our call today. That concludes our prepared remarks. So with that, operator, please open the lines for questions.

再次感謝大家今天加入我們的電話會議。我們準備好的演講到此結束。因此，接線員，請打開提問線路。

(Operator Instructions) Juan Sanabria, BMO.

（操作員說明）Juan Sanabria，BMO。

This is Robin Haneland. I'm sitting here with Juan. Just on Blueprint, will the potential look at replacement tenants or NHC as part of their work?

這是羅賓·哈內蘭。我和胡安一起坐在這裡。就 Blueprint 而言，潛在客戶是否會考慮更換租戶或 NHC 作為其工作的一部分？

Could you repeat the question, please? You're breaking up.

請您重複一下這個問題好嗎？你們要分手了

Sorry about that. Just curious on Blueprint, are they going to look at potential replacement tenants or NHC as part of their work?

對此感到抱歉。只是對藍圖感到好奇，他們是否會考慮潛在的替代租戶或 NHC 作為他們工作的一部分？

That's certainly within their scope of work. Keep in mind that NHC has an absolute right to renew the lease at a market rate. So we're primarily concerned about determining what is a market rate.

這當然在他們的工作範圍之內。請記住，NHC 擁有以市場價格續租的絕對權利。因此，我們主要關心確定什麼是市場利率。

Okay. Offshore guidance, the second half implies growth in the high single digits. Just curious what the main assumptions are and what is driving the expected deceleration?

好的。海外指導，下半年意味著高個位數的成長。只是好奇主要假設是什麼以及是什麼推動了預期的減速？

Well, I think we talked about it on the call. We're having a lot of improvements in terms of all the portfolio optimization work we've done. It's primarily coming through cash basis tenants, but we continue to think that we'll see some level of growth in SHOP NOI. We've told you what that range is for the year. But compared to last year, if that's what you're asking me, we're continuing for cash improvements over the prior year.

嗯，我想我們在電話中討論過這個問題。我們在所做的所有投資組合優化工作方面都取得了許多改進。它主要來自現金制租戶，但我們仍然認為 SHOP NOI 會出現一定程度的成長。我們已經告訴您今年的範圍是多少。但與去年相比，如果您問我這個問題，我們將繼續比前一年實現現金改善。

Got it. On the LOIs, are they including guidance at this point? And could you maybe discuss timing and magnitude?

知道了。關於意向書，他們目前是否包括指導？您能否討論一下時間和規模？

Guidance, do you want to take that?

指導一下，你想接受嗎？

Well, remember, guidance doesn't include any of the effects of those LOIs. We've just included in our guidance, what we've been in terms of closed transactions. Timing is difficult for us to determine right now. And if we had a more definitive answer on timing and expected closing, we might have considered concluding that, but generally, that's not our policy to do.

好吧，請記住，指導不包括這些 LOI 的任何影響。我們剛剛在我們的指導中納入了我們在已結束交易方面的情況。我們現在很難確定時機。如果我們對時間和預期結束有更明確的答案，我們可能會考慮這樣的結論，但一般來說，這不是我們要做的政策。

This is Kevin. Just to keep in mind from a timing perspective, a lot of acquisitions particularly if we're going through a lease scenario. It will include a change of ownership or [a chow]. So the licensure will dictate timing a bit. So something we have to keep in mind.

這是凱文.只是從時間角度記住，大量收購尤其是在我們經歷租賃情況時。它將包括所有權變更或[一隻鬆獅]。因此，許可證會稍微規定時間。所以我們必須記住一些事情。

Got it. Thank you.

知道了。謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Nice quarter, of course. So in terms of the guidance, you mentioned 7% FAD growth as the new guidance. But is it fair to say in terms of the future of your FAD sort of cadence is a bit of a moving target because you've a fair amount of rent deferral repayment in that, that is lumpy? Or do you think that you'll be able to sustain that level of rent deferral from cash based tenant so that your FAD is growing, but also maybe some of the growth this year will be replaced by external growth accretion next year. I'm not looking for 2025 guidance unless you want to provide it, but I'm just wondering about the recurring elements of -- to guidance that you're presenting to us today.

當然，不錯的季度。因此，就指導而言，您提到 7％的 FAD 增長作為新的指導。但公平地說，就您的 FAD 的未來而言，節奏有點像一個移動目標，因為您有相當數量的租金延期還款，這是不穩定的？或者您是否認為您將能夠維持現金租戶的租金延期水平，以便您的 FAD 不斷增長，但也許今年的部分增長將被明年的外部增長增長所取代。我並不是在尋找 2025 年指導，除非您想提供它，但我只是想知道您今天向我們提供的指導中反覆出現的元素。

Well, let's just go through all of the items that are helping us continue to quarter after quarter beat our expectations. So we have a variety of organic opportunities that we're trying to execute on. SHOP is one. We keep talking about this CapEx program. The timing of those investments are still a little uncertain. So there's not a lot in guidance about that. So that's another upside.

好吧，讓我們來回顧一下所有幫助我們繼續一個又一個季度超出我們預期的項目。因此，我們有各種各樣的有機機會正在嘗試執行。商店就是其中之一。我們一直在談論這個資本支出計劃。這些投資的時機仍存在一些不確定性。所以關於這方面的指導並不多。這是另一個好處。

We've talked a great deal in the past about the ability to reset rents in the future on several of our tenants. That's all going to depend on their ability to improve their NOIs. We have the ability also in about 33%, 34% of our communities to benefit from percentage revenue rents which includes NHC and that was one nice surprise. So we can't really give you a lot of information there. I would just say keep an eye on NHC's public revenues that might be a place that might give you some clues. And then finally, just exactly as you said, we're now pivoting towards external growth at the same time. So the future is looking very good for us.

過去，我們已經就未來重新調整幾個租戶的租金的能力進行了許多討論。這一切都取決於他們提高 NOI 的能力。我們還有能力在大約 33%、34% 的社區中受益於百分比收入租金，其中包括 NHC，這是一個不錯的驚喜。所以我們無法為您提供很多資訊。我只想說密切關注 NHC 的公共收入，這可能會給你一些線索。最後，正如您所說，我們現在同時轉向外部成長。所以我們的未來看起來非常美好。

Okay. So you mentioned, I think, it was mentioned that you're assuming $1 million a quarter from Bickford in terms of repayment of deferrals. Do you have a bigger number for the entirety of the portfolio of what you're assuming in -- from a deferral repayment perspective?

好的。所以你提到，我想，有人提到你假設比克福德每季支付 100 萬美元用於償還延期付款。從延期還款的角度來看，您所假設的整個投資組合是否有更大的數字？

Yes. So let's unpack that, Rich. I know this has been difficult for everybody. So part of the deferral repayments are included in our GAAP revenue stream. Those are the scheduled repayments for our accrual tenants. We'll continue to collect on those in a variety of relationships. The Bickford component that Kevin discussed, those are not in our GAAP revenues. Those are just cash revenues that are determined based upon their percentage revenue equation.

是的。所以讓我們來解開這個謎題吧，Rich。我知道這對每個人來說都很困難。因此，部分延期還款包含在我們的 GAAP 收入流中。這些是我們應計租戶的預定還款額。我們將繼續收集那些處於各種關係的人。凱文討論的比克福德部分不包含在我們的公認會計原則收入中。這些只是根據收入百分比等式確定的現金收入。

But then we have some others as well that we're hoping to try to execute upon and increase that. But in terms of your analysis, what Kevin used as sort of the incremental sort of non-GAAP sort of cash basis deferral recoveries that we have in our guidance.

但我們還有其他一些，我們希望嘗試執行並增加它們。但根據您的分析，凱文在我們的指導中使用了增量非公認會計原則現金基礎遞延回收。

Okay. In terms of your cost of capital, you talked about dry powder on your -- on the debt. But if you kind of just kind of back into an AFFO yield or FAD yield, it seems like your cost of equity is cheaper than your cost of debt. Am I right about that? Or just curious how you're thinking about future capital activity when you take what has happened to your stock, which is outstanding this year into account.

好的。就資金成本而言，您談到了債務上的乾粉。但如果你只是回歸 AFFO 收益率或 FAD 收益率，那麼你的股本成本似乎比債務成本便宜。我的說法正確嗎？或者只是好奇，當您考慮到今年表現出色的股票發生的情況時，您如何看待未來的資本活動。

No. We recognize that this is a sort of an interesting time where our cost of equity is kind of revolving around pretty closely our incremental long-term cost of debt. So we recognize that.

不。我們認識到，這是一個有趣的時期，我們的股本成本與增量長期債務成本密切相關。所以我們認識到這一點。

Okay. Last for me, the $1.8 billion of sort of line of sight and a small portion of that, you're actually considering. But where is that coming from? Are you just scouring the planet for anything, and you came up with $1.8 billion? Or is it a reverse inquiry component to this that people are coming to you with the options? I'm just curious, what's the makeup of that $1.8 billion?

好的。最後對我來說，18 億美元的視線和其中的一小部分，你實際上正在考慮。但那是從哪裡來的呢？你是否只是在全球範圍內尋找任何東西，然後就找到了 18 億美元？或者說，人們向你提供選項是反向詢問的組成部分嗎？我只是好奇，這18億美元的組成是什麼？

Sure, Rich. This is Kevin. I mean, the $1.8 billion is the universal things that we're looking at, at the moment. Some of that stuff will get screened out pretty quickly. There is an element of -- over the last few years, we never were dark. We were out there building relationships, meeting with people trying to understand their needs. I think now we just have a confluence where capital is looking better for us and the opportunities are looking better where people are to, I guess, exploring sales.

當然，里奇。這是凱文.我的意思是，18 億美元是我們目前正在關注的普遍問題。其中一些東西很快就會被篩選掉。有一個因素——在過去的幾年裡，我們從未陷入黑暗。我們在那裡建立關係，與人們會面，試圖了解他們的需求。我認為現在我們只是有一個交匯點，資本對我們來說看起來更好，而且我想，在人們探索銷售的地方機會看起來更好。

And then in addition to that, we do have the broker community that we have good relationships with. So it's a mix of operator relationships that we've been building, real estate sellers that we've been working on over the last year or two and then just seeing what's in the market right now. And then we refine that down and we talk about it much more what we think is a more actionable number than the $1.8 billion. But I think deal flow has been pretty strong over the last few quarters. It continues to remain robust, and we feel good about our prospects.

除此之外，我們確實擁有與我們有良好關係的經紀人社群。因此，這是我們一直在建立的營運商關係，過去一兩年我們一直在與房地產賣家合作，然後看看現在市場上有什麼。然後我們將其細化，並更多地討論我們認為比 18 億美元更可行的數字。但我認為過去幾季的交易量相當強勁。它繼續保持強勁，我們對我們的前景感到樂觀。

Okay. Thanks very much.

好的。非常感謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Could you talk about -- or just help us understand the breakout of the $270 million of investments that you're looking at today in terms of just what's fee simple versus loans and how that been progressing throughout the year?

您能否談談，或者只是幫助我們了解您今天看到的 2.7 億美元投資的突破情況，即簡單費用與貸款的比較以及全年進展情況如何？

Sure. John, this is Kevin. As we talked about on the call last quarter, it was more 50-50 in nature. Now it's definitely more skewed towards fee simple, and we didn't give a direct percentage, but it's probably 70%-ish or more -- is more fee simple in nature. There are still some loans out there where we think it would be a good opportunity for us to convert into long-term real estate ownership. So we're keeping that line of business open.

當然。約翰，這是凱文。正如我們在上個季度的電話會議中談到的，本質上更多的是 50-50。現在它肯定更傾向於費用簡單，我們沒有給出直接的百分比，但它可能是 70% 左右或更多——本質上是費用簡單。我們認為仍有一些貸款是我們轉換為長期房地產所有權的好機會。因此，我們將保持該業務線的開放。

Our preference is always going to be to own. And I think it's -- again, as we talked about skewing that way, it's more need-driven senior housing in nature. That said, we're looking at all asset classes right now, including specialty hospitals, behavioral, some more independent type communities. So it's a good mix for us right now and skilled for that matter, too.

我們的偏好始終是擁有。我認為，正如我們談到的那樣，它本質上是更多由需求驅動的高級住房。也就是說，我們現在正在研究所有資產類別，包括專科醫院、行為、一些更獨立類型的社區。所以現在這對我們來說是一個很好的組合，並且在這方面也很熟練。

Okay. And then just kind of circling back to the last question on just the $1.8 billion line there. What differentiates those assets? And maybe does that include some larger portfolio deals or maybe is it more levered towards the SHOP side? And I guess, what keeps you from putting it in the $ 270 million bucket, is it just the ability you think you have to transact on it, but you're interested in them. Is that the right way to think about it?

好的。然後回到最後一個關於 18 億美元行的問題。這些資產有何不同？也許這包括一些更大的投資組合交易，或者也許它更傾向於商店方面？我想，是什麼阻止你把它放入 2.7 億美元的桶中，只是你認為你必須用它進行交易的能力，但你對它們感興趣。這是正確的思考方式嗎？

I think that's fair. One point is, again, more of the universe of what we're looking at right now. Some of it, again, will be screened out. It might not be a market we're interested in or it might have negative cash flow, and it's not a newer building or something where we have the right operator. So that will screen it out. Those are the things that we still need to work on and make sure that they fit or not. It does include any of the joint venture type relationships we're looking at, which tend to be bigger portfolios.

我認為這是公平的。再說一遍，有一點是我們現在所看到的更多的宇宙。其中一些內容將再次被篩選掉。它可能不是我們感興趣的市場，或者可能有負現金流，而且它不是較新的建築，也不是我們擁有合適運營商的地方。這樣就可以篩選掉。這些是我們仍然需要努力並確保它們適合或不適合的事情。它確實包括我們正在考慮的任何合資企業類型的關係，這些關係往往是更大的投資組合。

So we're -- we don't want to signal that we're doing a lot new business without having better line of sight to its execution. RIDEA is a new business line for us in some respects. We have the SHOP portfolio now, but we want to make sure we get it right, which we've talked about before. So we're going to take a big swing like that. It takes a little extra scrutiny.

因此，我們不想表明我們正在進行大量新業務，但對其執行沒有更好的了解。從某些方面來說，RIDEA 對我們來說是一個新的業務線。我們現在有了 SHOP 組合，但我們希望確保我們做得正確，這一點我們之前已經討論過。所以我們將採取這樣的重大措施。這需要一些額外的審查。

Okay. And then last one for me here. On the SHOP side, I understand the strategy, we're talking about hitting that 90% occupancy number before you start to really drive rents here. But I guess, how should we think about it relative to your peers who are reporting some pretty strong pricing power and the ability to drive occupancy here? Have you been testing out those waters? Or have you now like -- is there a reason why we're seeing that RevPOR decline other than you're not even testing it? Like is -- sorry, try to synthesize this here. Do you think you have pricing power, but you're not testing the waters because you're just trying to get to 90% occupancy? Or have you tried to realize that you're having trouble than getting to 90% occupancy and hoping that you'll have a little bit more room there to push?

好的。然後是我這裡的最後一個。在商店方面，我理解這個策略，我們正在討論的是在開始真正提高這裡的租金之前達到 90% 的入住率。但我想，相對於你們的同行來說，我們應該如何看待這個問題，因為你們的同行報告了一些相當強大的定價能力和提高入住率的能力？你有沒有測試過這些水？或者您現在是否喜歡 - 除了您甚至沒有測試之外，我們看到 RevPOR 下降是否還有其他原因？就像是——抱歉，試著在這裡綜合一下。您是否認為自己有定價權，但並沒有試水，因為您只是想達到 90% 的入住率？或者您是否嘗試過意識到，您在達到 90% 的入住率方面遇到了困難，並希望在那裡有更多的空間可以推動？

I think the pricing power aspect is going to be market by market. There are some where you're just not going to have as much capacity as in others. That said, the strategy has been, let's get to 90%. We are starting to see some individual buildings get to that level. And the incentives are falling off. That's a handful of probably three or four buildings are there.

我認為定價能力將根據市場而定。有些地方你的能力不如其他地方那麼大。也就是說，策略是，讓我們達到 90%。我們開始看到一些個別建築達到了這個水平。而且激勵措施正在減弱。那裡大概有三、四棟建築物。

Good news for us, though, is all of our SHOP buildings are at 80% or more. So we've made significant progress there. So we would expect to see once those get kind of mid-80s, closer to 90% to see those incentives start rolling off, and then we should expect to see -- we would expect to see margins jump a bit more again as we stop offering some of those incentives and some of the short-term incentives fall off.

不過，對我們來說好消息是我們所有的商店建築都達到了 80% 或更多。所以我們在這方面取得了重大進展。因此，我們預計，一旦這些激勵措施達到 80 年代中期，接近 90%，這些激勵措施就會開始實施，然後我們預計會看到——當我們停止時，我們預計利潤率會再次大幅躍升提供一些激勵措施，而一些短期激勵措施就會消失。

So we wanted to stay with the strategy. I think it's been effective for us. Our operating partners will be pushing the market where they can on rates, but we've been just kind of dedicated to the strategy first.

所以我們想堅持這個策略。我認為這對我們來說是有效的。我們的營運合作夥伴將在力所能及的範圍內推動市場的發展，但我們只是首先致力於該策略。

John, this is John Spaid. Can I just add to that question that you're comparing apples and oranges a little bit because our portfolio is independent living. And if our portfolio was like a lot of our peers who are more AL memory care, I don't know that we would be pursuing quite the same strategy because of the care component.

約翰，這是約翰‧斯佩德。我可以補充一下，您正在比較蘋果和橘子，因為我們的投資組合是獨立生活。如果我們的投資組合像我們的許多同行一樣，更專注於 AL 記憶護理，我不知道我們會因為護理成分而採取完全相同的策略。

Understood. Thank you.

明白了。謝謝。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital Markets.

（操作員說明）Austin Wurschmidt，KeyBanc 資本市場。

Just want to go back to some of the RIDEA opportunities in the investment pipeline. And just curious what the economics are of the deals that you're underwriting and kind of where they are in their recovery from an occupancy and margin perspective?

只是想回到投資管道中的一些 RIDEA 機會。只是好奇您所承銷的交易的經濟效益如何，以及從入住率和利潤率的角度來看它們的復甦情況如何？

And kind of given your comment on being selective and sensitive to how much, I guess, how much are you willing to take on at any given point in time? Because it sounds like there's a mix of both singles and doubles as well as maybe some portfolio opportunities in front of you?

考慮到您對選擇性和敏感度的評論，我猜您在任何特定時間點願意承擔多少？因為聽起來好像有單打和雙打的混合，也許還有一些組合機會擺在你面前？

Sure. I'll start with maybe the kind of profile of the communities and then let John kind of weigh in on the capacity piece. But as it relates to what we're looking at, generally speaking, they're going to be not quite stable, but approaching stable. We want something where there is a good line of sight to cash flow with some growth similar to John's prior comments about health care delivery and pricing for that. What we've been looking at is a little more skewed towards the need-driven senior housing side. We think there's good pricing power there as it relates to the needs-driven side.

當然。我將從社區的概況開始，然後讓約翰對容量部分進行權衡。但由於它與我們所關注的情況有關，一般來說，它們不會很穩定，但會接近穩定。我們希望現金流有良好的視野，並且有一定的成長，類似於約翰先前關於醫療保健服務和定價的評論。我們一直關注的是需求驅動的老年住房面向。我們認為那裡有良好的定價能力，因為它與需求驅動方面相關。

The margins, I think, are a little lower than what we've seen in prior years, but that also gives us meaning kind of 2019 and before, which gives us thought that there is still some upside here, but we're also entering in at a good entry point where we're not paying a huge price per unit and margins are a reasonable level that have fully stocked labor numbers with, again, power to increase over time.

我認為，利潤率比我們前幾年看到的要低一些，但這也為我們帶來了 2019 年及之前的意義，這讓我們認為這裡仍然有一些上行空間，但我們也正在進入一個很好的切入點，我們沒有為每單位支付巨大的價格，而且利潤率處於合理水平，勞動力數量充足，並且隨著時間的推移有能力增加。

I think that's really going to be the profile of the deal that we're looking at, again, a little more stable in nature. We're not looking for big value-add. And the other thing that I think is a differentiator for us now and our interest in RIDEA is just a few years ago, they were looking at mid-single-digit cap rates on some of these portfolios now. We believe we can purchase at a rate that is in excess of our cost of capital and not just rely on growth to get to what would be a reasonable yield, so we can enter in a much better yield today and still have a little bit of upside over time.

我認為這確實是我們正在考慮的交易的概況，本質上更加穩定。我們並不是在尋找巨大的附加價值。我認為現在對我們來說是一個差異化因素，我們對 RIDEA 的興趣就在幾年前，他們現在正在考慮其中一些投資組合的中個位數上限利率。我們相信，我們可以以超過資本成本的速度進行購買，而不僅僅是依靠成長來獲得合理的收益率，因此我們今天可以獲得更好的收益率，並且仍然有一點隨著時間的推移，會出現上行趨勢。

So Austin, in terms of capacity, there's all kinds of things that we're looking at out there. But if you go look at our history in the past, you can see that we've executed on multiple hundreds of millions of dollars of portfolios in the past.

因此，就奧斯汀的容量而言，我們正在關注各種各樣的事情。但如果你回顧我們過去的歷史，你會發現我們過去執行過多個數億美元的投資組合。

So some of these larger transactions we're looking at, some of them come with secured debt that we could assume. So we've been very mindful to manage our debt capital structure, so we could absorb secure without creating any issues on our investment credit rating.

因此，我們正在關注的一些較大交易，其中一些帶有我們可以承擔的擔保債務。因此，我們一直非常謹慎地管理我們的債務資本結構，這樣我們就可以安全地吸收資金，而不會對我們的投資信用評級造成任何問題。

Some of the properties we'd like to enter into joint venture. So there's an equation there regarding non-controlling interest so we have to properly think through. So there's a lot of things that goes into these RIDEA structures that we're thinking through. They're all very different. But in terms of capacity, we feel like we have quite a bit of capacity to transaction on some of these larger deals.

我們希望建立合資企業的一些財產。因此，存在一個關於非控制性權益的方程式，因此我們必須正確思考。因此，我們正在考慮這些 RIDEA 結構中的許多內容。他們都很不同。但就容量而言，我們認為我們有相當大的能力來處理其中一些較大的交易。

And maybe just -- we've talked a little bit about this in the past, but from a corporate infrastructure perspective, I mean, can you take on a good bit more of the right day and still have kind of the people you need in-house to monitor and sort of help build out the RIDEA portfolio?

也許只是——我們過去已經討論過這個問題，但從企業基礎設施的角度來看，我的意思是，你能在正確的日子裡多花點時間，同時仍然擁有你需要的人才嗎？並幫助建造RIDEA 產品組合的房屋？

That's a fair question, Austin. This is Eric. No doubt that if we execute on the larger pipeline, we'll need to hire some extra accounting and asset management horsepower, and we're always on the lookout for new talent to help with that.

這是一個公平的問題，奧斯汀。這是埃里克。毫無疑問，如果我們執行更大的管道，我們將需要雇用一些額外的會計和資產管理人員，並且我們一直在尋找新人才來幫助實現這一目標。

And then just last one for me. John, on the balance sheet, certainly in great shape today, but how are you thinking about managing leverage as the pipeline continues to build and you continue to see more deals come your way? I mean you're willing to kind of go below the lower end of that range if your cost of capital continues to improve. And even though you talked about the Fed and the benefit of the cost of your variable rate debt coming down, but would you pay some of that down ahead of time, if you could and just build additional debt capacity that you can use down the line if need be?

然後是我的最後一個。約翰，在資產負債表上，今天的狀況當然很好，但是隨著渠道的不斷建設，並且您繼續看到更多的交易出現，您如何考慮管理槓桿？我的意思是，如果您的資本成本持續改善，您願意低於該範圍的下限。即使你談到了美聯儲和可變利率債務成本下降的好處，但如果你可以的話，你會提前支付其中的一部分嗎？

Well, let's just approach it this way. We try not to allow our balance sheet to be a headwind to any of our transactions. So we try to stay well ahead of what we need to do to take care of our liquidity needs, to maintain our investment-grade credit rating. So we just really work hard to make sure that we're ahead of the game here. In terms of our liquidity right now, it's in great shape.

好吧，讓我們這樣處理吧。我們盡量不讓我們的資產負債表成為我們任何交易的阻力。因此，我們盡力提前採取措施來滿足我們的流動性需求，維持我們的投資等級信用評等。因此，我們真的很努力，以確保我們在競爭中處於領先地位。就我們目前的流動性而言，狀況良好。

We have ample sources from our ATM capacity as well as our revolver. But we've got a lot of things getting better for us, and we also have to be mindful that I do have maturities. So there's just a lot of things that we're going to try to stay ahead of, and that's why in my prepared remarks, I said that we're not going to rely entirely on our revolver, and it's just going to be a market-driven decision as we move forward.

我們的 ATM 容量和左輪手槍擁有充足的資源。但我們的很多事情都在變得更好，我們也必須注意我確實有成熟的時候。因此，我們要在很多事情上保持領先，這就是為什麼在我準備好的演講中，我說我們不會完全依賴我們的左輪手槍，這只是一個市場推動我們前進的決策。

Understood. Thanks for taking the questions.

明白了。感謝您提出問題。

There are no further questions in the queue.

隊列中沒有其他問題。

Thanks, everyone, for your time and attention today, and we look forward to seeing you at NAREIT or some other conference.

謝謝大家今天的時間和關注，我們期待在 NAREIT 或其他會議上見到您。

Thank you, everyone. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。