National Health Investors Inc (NHI) 2024 Q4 法說會逐字稿

Good day everyone and welcome to the National Health Investors fourth-quarter 2024 earnings webcast and conference call.

大家好，歡迎參加 National Health Investors 2024 年第四季收益網路廣播和電話會議。

(Operator Instructions)

（操作員指示）

It is now my pleasure to turn the floor over to your host, Dana Hambly. Sir, the floor is yours.

現在我很高興將發言權交給主持人 Dana Hambly。先生，請您發言。

Thank you and welcome to the National Health Investors conference call to review results for the fourth quarter of 2024.

謝謝您，歡迎參加全國健康投資者電話會議，審查 2024 年第四季的業績。

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.

今天參加電話會議的有總裁兼首席執行官 Eric Mendelsohn；首席投資官 Kevin Pascoe；約翰·斯佩德，首席財務官；以及首席會計官大衛·特拉維斯 (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 statements. NHI cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of the 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 end of December 31, 2024.

昨天股市收盤後，財經媒體以新聞稿形式發布了此次電話會議的結果和可訪問性通知。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，並且不能保證未來的表現。所有前瞻性陳述均代表 NHI 在本次電話會議當天的判斷。敦促投資者仔細審查 NHI 做出的各項披露及其向美國證券交易委員會提交的定期報告，包括 NHI 2024 年 12 月 31 日結束的年度 10-K 表中披露的風險因素和其他資訊。

Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireit.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 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.

這些文件的副本可在美國證券交易委員會 (SEC) 網站 sec.gov 或 NHI 網站 nhireit.com 上取得。此外，本次電話會議中使用的某些術語是非 GAAP 財務指標，其對帳資訊已在 NHI 的收益報告以及提交給美國證券交易委員會的 8-K 表格中的相關表格和時間表中提供。鼓勵聽眾查看收益報告中提供的對帳以及該報告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。

Hello and thanks to everyone for joining us today. We ended the year on a strong note as the fourth-quarter results exceeded our expectations with contributions from across the portfolio. Our cash rent increased by nearly 9% year over year on solid organic growth from rent step-ups and deferral repayments as well as increased investment activity.

大家好，感謝大家今天的參與。我們以強勁的業績結束了這一財年，因為第四季度的業績超出了我們的預期，整個投資組合都做出了貢獻。由於租金上漲、延期還款以及投資活動增加帶來的穩健有機成長，我們的現金租金年增近 9%。

Shop occupancy continued to accelerate through the end of the year, which helped to generate 12.5% NOI growth and we announced investments of over $150 million during the quarter at an initial yield of 8.5% while our balance sheet leverage ticked down to 4.1 times from 4.4 times in the third quarter.

到年底，店舖入住率持續加速，這有助於實現 12.5% 的淨營業收入成長，我們在本季度宣布投資超過 1.5 億美元，初始收益率為 8.5%，而我們的資產負債表槓桿率從第三季的 4.4 倍下降至 4.1 倍。

Reflecting on the full year's results, we benefited from similar trends. Our hard work performed during the portfolio optimization contributed meaningfully to 2024. This included over $11 million in total deferral repayments and approximately 17% growth in Bickford's cash rental income. Shop NOI increased by approximately 32%, which was above the high end of our guidance, driven mainly by improved occupancy and 350 basis points of margin improvement.

回顧全年業績，我們也受惠於類似的趨勢。我們在投資組合優化過程中所做的努力為2024年做出了有意義的貢獻。其中包括超過 1,100 萬美元的延期還款以及 Bickford 現金租金收入約 17% 的成長。店鋪淨營業利潤成長約 32%，高於我們預期的高端，主要得益於入住率提高和利潤率提高 350 個基點。

From a capital allocation perspective, we announced over $235 million at an average yield of approximately 8.6%. This was our most active year since 2019, and the momentum is clearly building. As a result, the company delivered growth in annual NAREIT FFO, normalized FFO, and FAD for the first time since 2020. And while that growth is not linear, we exceeded the high end of our original February guidance for the full year. John will provide more details in his comments.

從資本配置角度來看，我們宣布的投資超過 2.35 億美元，平均收益率約為 8.6%。這是我們自 2019 年以來最活躍的一年，而且勢頭明顯正在增強。因此，該公司自 2020 年以來首次實現了 NAREIT FFO、標準化 FFO 和 FAD 的成長。雖然這種成長並不是線性的，但我們的全年成長已經超過了 2 月最初預期的高端。約翰將在他的評論中提供更多細節。

Looking forward to 2025, we expect growth to continue as reflected in guidance. As noted a moment ago, our 2024 results were bolstered by rent step-ups and deferral repayments resulting from the effects of COVID era restructuring. While we still expect some benefit to accrue from the 2025 financial results, we are looking for other avenues to support internal growth.

展望 2025 年，我們預期成長將持續，正如指引所反映的。正如剛才所指出的，我們的 2024 年業績得益於新冠疫情時期重組的影響導致的租金上漲和延期還款。雖然我們仍然預期 2025 年的財務表現會帶來一些收益，但我們正在尋找其他途徑來支持內部成長。

Specifically, we're considering select opportunities to transition triple net senior housing assets to shop structures where we see excellent long-term potential with existing or new operators. The senior housing industry has exceptional tailwinds, so we believe this strategy is a capital efficient way to improve shareholder value by increasing our overall exposure to senior housing operations and working with strong partners to generate greater cash flow and higher real estate valuations.

具體來說，我們正在考慮將三重淨老年住房資產轉變為商店結構，我們認為現有或新的營運商具有極佳的長期潛力。老年住房產業擁有得天獨厚的順風條件，因此我們相信，這項策略是一種高效的資本方式，透過增加我們對老年住房業務的整體投資，並與強大的合作夥伴合作，產生更大的現金流和更高的房地產估值，可以提高股東價值。

We also continue to see significant organic upside in our existing shop platform with the portfolio operating at close to 90%, we plan to strategically increase REVPOR to further drive margin expansion. After 32% NOI growth in 2024, we're guiding to 12% to 15% in 2025.

我們也繼續看到現有商店平台的顯著有機上升空間，其投資組合營運率接近 90%，我們計劃策略性地增加 REVPOR 以進一步推動利潤率擴張。在 2024 年 NOI 成長 32% 之後，我們預計 2025 年 NOI 成長率將達到 12% 至 15%。

Turning to our outlook on external growth, the balance sheet is in great shape and very supportive of funding significant investment opportunities. We were able to be advantageous in the equity markets last year by raising net proceeds of approximately [$262 million] (technical difficulty) on a forward basis of which approximately $119 million remains available to settle.

談到我們對外部成長的展望，資產負債表狀況良好，非常有利於為重大投資機會提供資金。去年，我們在股票市場上佔據優勢，透過遠期籌集約 [2.62 億美元] 的淨收益（技術難度），其中約 1.19 億美元可供結算。

As John will detail in his comments, we are including $225 million of incremental investments in our guidance, reflecting our high conviction in the near-term outlook. While we're not including any investments beyond that, I think it's safe to say that we'd be disappointed if we did not surpass last year's total of $237.5 million. We're off to a good start in 2025. We closed $21.2 million sale lease back in January, have $152.3 million undersigned LOIs, and in addition, we have an active pipeline of approximately $190 million.

正如約翰在他的評論中詳細說明的那樣，我們在我們的指導中包括了 2.25 億美元的增量投資，這反映了我們對近期前景的高度信心。雖然我們沒有包括任何除此之外的投資，但我認為可以肯定地說，如果我們沒有超過去年 2.375 億美元的總額，我們會感到失望。2025年，我們迎來了一個好的開始。我們在一月份完成了價值 2,120 萬美元的銷售租賃，簽署了價值 1.523 億美元的意向書，此外，我們還有價值約 1.9 億美元的活躍管道。

In closing, I'm pleased with the execution in 2024, and I'm very optimistic that 2025 will be an even more productive year. While the interest rate environment has weighed recently on the cost of capital, we still have the capacity and ability to move more quickly than other capital providers to the senior housing sector who have either scaled back their exposure or exited the industry entirely. As operators rush to take advantage of the most favorable industry fundamentals in the history of senior housing, NHI is competitively positioned as the partner of choice, which convinces us that we're in the early days of multiple years of exceptional growth.

最後，我對 2024 年的執行情況感到滿意，並且非常樂觀地認為 2025 年將是更有成效的一年。雖然最近利率環境對資本成本產生了壓力，但我們仍然有能力比其他資本提供者更快地向老年住房領域邁進，因為他們要么縮減了投資，要么完全退出了該行業。當營運商爭相利用老年住房歷史上最有利的行業基本面時，NHI 已成為首選合作夥伴，這讓我們相信，我們正處於多年卓越增長的初期。

Before I turn the call over, I want to briefly comment on the recent filing in which Land & Buildings has nominated two candidates for election to our Board of Directors at the upcoming annual shareholder meeting. The company and the Board take information received from shareholders very seriously. As such, the Board has made significant changes over the last several years which reflect its commitment to its fiduciary responsibility and in direct response to shareholder concerns. We appreciate everyone's interest and hope that you'll understand that we have no further comment on this matter.

在轉交電話會議之前，我想先簡單評論一下最近的文件，其中 Land & Buildings 提名了兩名候選人參加即將舉行的年度股東大會的董事會選舉。公司和董事會非常重視從股東收到的訊息。因此，董事會在過去幾年中做出了重大改變，反映了其對受託責任的承諾並直接回應了股東的擔憂。我們感謝大家的關注，並希望您能理解我們對此事沒有進一步的評論。

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

現在我將把電話轉給凱文，讓他提供有關我們運營的更多詳細資訊。凱文？

Thank you, Eric.

謝謝你，埃里克。

Since our last call in November, we have announced investments of $53.1 million at an average initial yield of 9%. This included $28.1 million in real estate acquisitions at an average yield of 8.1% and a $25-million loan at 10%. We have $152.3 million in Board approved deals with an average yield of 8.2% that are expected to close in the first half of this year. This includes a mix of senior housing sale lease back and real estate acquisitions as well as mortgage and construction loans with purchase options. We also have an actionable pipeline of approximately $190 million in investments which have a reasonable chance of closing within the next 12 months. Not included in this figure are portfolio deals including shop deals.

自 11 月上次電話會議以來，我們已宣布投資 5,310 萬美元，平均初始收益率為 9%。其中包括 2,810 萬美元的房地產收購，平均收益率為 8.1%，以及 2,500 萬美元的貸款，收益率為 10%。我們有 1.523 億美元的董事會批准交易，平均收益率為 8.2%，預計今年上半年完成。這包括老年住房售後回租和房地產收購以及帶有購買選擇權的抵押貸款和建築貸款。我們也擁有約 1.9 億美元的可操作投資管道，這些投資有相當大的機會在未來 12 個月內完成。該數字不包括包括商店交易在內的投資組合交易。

Turning to asset management, I want to comment specifically on a master lease on six properties in a partnership with Discovery Senior Living. As you will recall, we amended this lease in November of 2023 with a scheduled May 1, 2025, reset to a minimum of a 5% yield on gross investment. While we have seen NOI growth, the buildings have not performed as expected, so we are evaluating several options, including transitioning the properties to another operator. These properties generated $4.5 million in 2024 base rent and approximately $1.2 million in deferral repayments. While no final decisions have been made, we currently model a slight increase in the base rent, but not the levels contemplated in the 2023 amendment. We expect to provide a more detailed update on this portfolio as we continue our evaluation.

談到資產管理，我想特別評論一下與 Discovery Senior Living 合作簽訂的六處房產的主租賃協議。您可能還記得，我們​​在 2023 年 11 月修改了該租約，並計劃於 2025 年 5 月 1 日重新設定為總投資收益率至少為 5%。雖然我們看到了淨營業收入的成長，但這些建築的表現卻沒有達到預期，因此我們正在評估幾種選擇，包括將這些物業轉移給另一家營運商。這些房產在 2024 年產生了 450 萬美元的基本租金和約 120 萬美元的延期還款。雖然尚未做出最終決定，但我們目前預計基本租金將略有上漲，但不會達到 2023 年修正案中設想的水平。隨著我們繼續評估，我們期望提供有關該投資組合的更詳細的更新。

Now turning to the results, we had another good quarter with improving EBITDARM coverage and cash collections as well as solid contributions from acquisitions and shop growth. The need-driven operators again had positive coverage trends with EBITDARM at 1.41 times. Bickford's coverage adjusted for the April 2024 rent reset was 1.63 times while the other needs driven and its coverage improved sequentially to 1.22 times from 1.15.

現在談談業績，我們又度過了一個良好的季度，EBITDARM 覆蓋率和現金回款都有所提高，收購和店鋪成長也做出了堅實的貢獻。需求驅動型營運商再次呈現正覆蓋趨勢，EBITDARM 為 1.41 倍。根據 2024 年 4 月租金調整後的 Bickford 覆蓋率為 1.63 倍，而其他需求驅動的覆蓋率則從 1.15 倍環比提高到 1.22 倍。

We made good progress on repositioning the SLM portfolio and expect that we will have recaptured a significant portion of that NOI by the end of 2025. Of the four leased properties, one was transitioned to the William James Group in October with cash rents commencing April 1. Two properties in Louisiana are now under triple net lease effective in January of this year, and the remaining property was sold for $9.7 million in net proceeds, of which NHI provided $9.4 million in financing at 8.5% during the full quarter.

我們在重新定位 SLM 投資組合方面取得了良好進展，預計到 2025 年底我們將重新獲得很大一部分 NOI。在四處租賃的房產中，有一處於 10 月轉交給威廉詹姆斯集團，並從 4 月 1 日開始收取現金租金。路易斯安那州的兩處房產目前已於今年 1 月生效，並已簽訂三重淨租賃協議，剩餘房產以 970 萬美元的淨收益出售，其中 NHI 在整個季度提供了 940 萬美元的融資，利率為 8.5%。

Earlier this month, we took ownership of the Florida property that secured our $10 million mortgage note and are leasing it to mainstay. We are still evaluating options on the $14.5 million mezzanine loans on which we carry a substantial reserve and we'll provide more details when available.

本月初，我們取得了佛羅裡達州的房產所有權，以此作為我們 1000 萬美元抵押貸款的擔保，並將其出租給主要機構。我們仍在評估 1450 萬美元夾層貸款的選項，我們對此持有大量儲備，並將在獲得更多詳細資訊時提供。

Our entrance fee and skilled nursing portfolios continued to show great performance. The discretionary senior housing portfolio, which includes our entrance fee portfolio, had coverage of 1.7 times compared to 1.6 times in the sequential period. The SNF portfolio reported solid coverage at 3.05 times, which improved sequentially from 3.04 times. Recall that the SNF coverage is largely driven by NHC, which is calculated using a fixed charge coverage at the corporate level as opposed to a facility level EBITDARM.

我們的入場費和專業護理組合繼續表現出色。包括入場費組合在內的可自由支配的老年住房組合的覆蓋率為 1.7 倍，而上一季為 1.6 倍。SNF 投資組合報告穩健覆蓋率為 3.05 倍，較上一季的 3.04 倍增加。回想一下，SNF 覆蓋率主要由 NHC 驅動，它是使用公司層面的固定費用覆蓋率而不是設施層面的 EBITDARM 來計算的。

Lastly, in shop, the momentum we saw throughout the year continued through the fourth-quarter. NOI increased 12.5% year over year to $3.2 million. Resident fees increased by 8.1% year over year, driven by occupancy improvement of 620 basis points to 89.4%. The margin improved 90 basis points to 23.2%, which was the strongest result since the second quarter of 2022.

最後，在商店方面，我們全年看到的勢頭一直延續到第四季。NOI 年增 12.5%，達到 320 萬美元。住戶費用年增 8.1%，這得益於入住率提高 620 個基點至 89.4%。利潤率提高了 90 個基點，達到 23.2%，這是自 2022 年第二季以來的最高業績。

With the portfolio occupancy approaching 90%, we are starting to strategically target REVPOR growth as the primary driver to margin expansion. For the quarter, REVPOR increased 60 basis points. While small, this was actually the largest REVPOR increase since we started operating the shop platform. We see plenty of runway for organic upside and shop and target NOI growth of 12% to 15% this year.

隨著投資組合入住率接近 90%，我們開始策略性地將 REVPOR 成長視為利潤率擴張的主要驅動力。本季度，REVPOR 增加了 60 個基點。雖然幅度不大，但這實際上是我們開始經營商店平台以來 REVPOR 的最大增幅。我們看到有機成長和商店的巨大潛力，並計劃今年的淨利潤成長率達到 12% 至 15%。

And with the expectations for several 100 basis points of margin improvement over the long term, we expect elevated NOI growth for the foreseeable future. The portfolio is expected to show normal seasonal patterns with occupancy and NOI dipping in the first quarter and improving throughout the year.

由於長期利潤率有望提高數百個基點，我們預計在可預見的未來，淨營業利潤 (NOI) 的成長將會加快。預計投資組合將呈現正常的季節性模式，入住率和淨營業收入在第一季有所下降，但全年將有所改善。

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

現在我將把電話轉給約翰，討論我們的財務表現和指導。約翰？

Thank you, Kevin, and hello, everyone.

謝謝你，凱文，大家好。

For the year ended December 31, 2024, our net income per diluted common share was $3.13, unchanged from the prior year. Our NAREIT FFO results per diluted common share for the year and quarter ended December 31, 2024, compared to the prior year periods increased 3.6% and 13.8% to $4.55 and $1.24, respectively. In the fourth quarter, we recognized the non-cash non-operating gain of $6.3 million related to our forward ATM equity activity that is reflected in net income and NAREIT FFO. I'll talk more about this item in a moment.

截至 2024 年 12 月 31 日止年度，我們的每股稀釋普通股淨利為 3.13 美元，與前一年持平。截至 2024 年 12 月 31 日的年度和季度，我們的 NAREIT FFO 每股稀釋普通股業績與去年同期相比分別增長 3.6% 和 13.8%，至 4.55 美元和 1.24 美元。在第四季度，我們確認了與遠期 ATM 股權活動相關的 630 萬美元非現金非營業收益，這反映在淨收入和 NAREIT FFO 中。我稍後會詳細討論這個問題。

Our normalized FFO results per diluted common share for the year and quarter ended December 31, increased 2.5% and 2.8% to $4.44 and $1.12, respectively as compared to the prior year periods. FAD for the year and for the quarter end of December 31 compared to the prior year periods increased 8.7% and 10% to $204.2 million and $52.1 million, respectively.

截至 12 月 31 日的年度和季度，我們的每股稀釋普通股標準化 FFO 結果與去年同期相比分別增長 2.5% 和 2.8%，達到 4.44 美元和 1.12 美元。與去年同期相比，本年度的 FAD 和截至 12 月 31 日的季度的 FAD 分別增長了 8.7% 和 10%，達到 2.042 億美元和 5,210 萬美元。

Sequentially compared to the third quarter, cash rent for the fourth quarter increased $2.6 million largely attributable to $2.3 million in new rent associated with the Spring Arbor portfolio acquisition, but also due to higher sequential deferred rent collections. Those increases were partially offset by other changes, including $300,000 in lower cash rents attributable to the SLM default.

與第三季相比，第四季的現金租金增加了 260 萬美元，這主要歸因於與 Spring Arbor 投資組合收購相關的 230 萬美元新租金，同時也歸因於連續遞延租金收取的增加。這些增加的部分被其他變化所抵消，包括由於 SLM 違約而導致的 30 萬美元現金租金降低。

NOI from our shop portfolio for the year and quarter ended December 31, increased 32% and 12.5% to $12.2 million and $3.2 million respectively, compared to the prior year periods. Loan and realty losses for the year increased $3.9 million compared to the prior year. The increase was primarily due to the increased reserves on the mortgage and loans related to the SLM default.

截至 12 月 31 日的年度和季度，我們店鋪組合的淨利潤與去年同期相比分別增長了 32% 和 12.5%，達到 1,220 萬美元和 320 萬美元。本年度的貸款和房地產損失與前一年相比增加了 390 萬美元。成長的主要原因是與 SLM 違約相關的抵押貸款和貸款準備金增加。

During the fourth quarter, we disposed the two properties that were previously classified in assets held for sale and recognized $5 million in gains on sales of real estate. The company ended the year with no properties classified as held for sale.

在第四季度，我們處置了先前歸類為持有待售資產的兩處房產，並確認了 500 萬美元的房地產銷售收益。截至年底，該公司沒有被歸類為持有待售的資產。

For the year, we made investments of approximately $237.5 million and an average initial yield of 8.6%. Our financing activities included forward overnight and equity transactions totaling approximately $272 million in gross proceeds on 3.7 million common shares at a price of $72.54 before fees. We also retired $75 million in senior notes utilizing proceeds from our revolver. We additionally recast our $700-million revolver, extending the facility's maturity date into 2028.

今年，我們投資了約 2.375 億美元，平均初始收益率為 8.6%。我們的融資活動包括遠期隔夜交易和股權交易，總計約 2.72 億美元的總收益，交易價格為 370 萬股普通股，扣除費用前價格為 72.54 美元。我們也利用循環信貸的收益償還了 7,500 萬美元的優先票據。我們也重新制定了 7 億美元的循環信貸額度，將該信貸額度的到期日延長至 2028 年。

As we previously mentioned in our third quarter earnings call, after closing the Spring Arbor investment, we delivered 1.8 million shares under our August forward overnight equity offering for approximately $122.4 million in proceeds.

正如我們之前在第三季財報電話會議上提到的那樣，在完成 Spring Arbor 投資後，我們根據 8 月的遠期隔夜股票發行交付了 180 萬股股票，收益約為 1.224 億美元。

As we previously mentioned, our investment activity continues to be very active. Subsequent to the Spring Harbor closing through January of this year, we closed an additional $53 million in investments and an average yield of 9%. As a result of our investment pipeline during the fourth quarter, we activated our ATM and sold on a forward basis 989,000 common shares and an average price before fees of $76.14 per share.

正如我們之前提到的，我們的投資活動繼續非常活躍。繼今年 1 月 Spring Harbor 關閉後，我們又完成了 5,300 萬美元的投資，平均收益率為 9%。由於我們在第四季度的投資管道，我們啟動了 ATM 並以遠期方式出售了 989,000 股普通股，費用前平均價格為每股 76.14 美元。

As we closed the additional investment activity just mentioned, at the end of the year, we settled 266,000 common shares of the ATM forward equity at an adjusted forward price of $75.22 per share after fees for proceeds of approximately $20 million.

當我們結束剛才提到的額外投資活動時，在年底，我們在扣除費用後以每股 75.22 美元的調整後遠期價格結算了 266,000 股 ATM 遠期股權普通股，收益約為 2000 萬美元。

Including the remaining escrowed, August overnight equity forward proceeds at the end of the year, we had total escrowed forward equity proceeds are approximately $118.7 million available to us in exchange for the future delivery of $1.68 million of common shares and an average price of $70.53 per share.

包括年底剩餘的託管、8 月隔夜股權遠期收益，我們總共可獲得約 1.187 億美元的託管遠期股權收益，以換取未來交付的價值 168 萬美元的普通股和每股 70.53 美元的平均價格。

I mentioned in my summary of offering results, the $6.3 million gain on forward equity sale agreement recognized in the fourth quarter associated with our ATM equity activity. This gain was recognized because our forward equity arrangement was deemed not to satisfy all the accounting requirements for equity classification during the time we were raising equity during the quarter. The accounting treatment moves some of the equity from paid in capital to retained earnings via the income statement, so it's more presentation and substance and should be viewed through that lens.

我在發行結果摘要中提到，第四季與我們的 ATM 股權活動相關的遠期股權銷售協議收益為 630 萬美元。確認這項收益是因為，在本季度我們籌集股權期間，我們的遠期股權安排被認為不滿足股權分類的所有會計要求。會計處理透過損益表將部分股權從實收資本轉移到留存收益，因此它更具表現力和實質內容，應該從這個角度來看待。

Our balance sheet ended the fourth quarter and year in great shape. Our net debt to adjusted EBITDA ratio is 4.1 times for the fourth quarter, well within our stated 4 to 5 times leveraged policy. We ended the year with approximately $425 million in available ATM capacity, and as I mentioned, we continue to have approximately $119 million in remaining equity forward proceeds available to us. At the end of January, we had $327 million of availability on our revolver.

我們的資產負債表在第四季和全年結束時表現良好。我們第四季的淨負債與調整後 EBITDA 比率為 4.1 倍，遠低於我們所述的 4 至 5 倍槓桿政策。截至今年年底，我們的可用 ATM 容量約為 4.25 億美元，而且正如我所提到的，我們仍然有大約 1.19 億美元的剩餘股權遠期收益可供使用。截至一月底，我們的循環信貸可用餘額為 3.27 億美元。

For 2025, we're focused on the company's liquidity needs as we continue to make investments and plan for the retirement of our maturing debt. We intend to exercise our right to extend our $200 million term loans maturity date into 2026, and we will retire our other maturing 2025 debt totaling $125.8 million. We are monitoring long-term bond rates and continue to expect to tap the public bond market in 2025 to further improve our liquidity.

到 2025 年，我們將專注於公司的流動性需求，同時繼續進行投資併計劃償還到期債務。我們打算行使我們的權利，將 2 億美元定期貸款的到期日延長至 2026 年，並且我們將償還其他 2025 年到期的債務，總額為 1.258 億美元。我們正在監測長期債券利率，並繼續預計在 2025 年利用公共債券市場進一步提高我們的流動性。

Let me now turn to our dividend and guidance. As we announced last night, our Board of Directors declared a $0.90 per share dividend for shareholders a record March 31, 2025, and payable on May 2, 2025. Last night, we also issued our full-year 2025 guidance. Our guidance for NAREIT FFO and normalized FFO per diluted common share at the midpoints is $4.63 or 1.8% and 4.3% increases respectively over 2024.

現在讓我來談談我們的股利和指引。正如我們昨晚宣布的那樣，我們的董事會宣布向股東派發每股 0.90 美元的創紀錄股息，截至 2025 年 3 月 31 日，並於 2025 年 5 月 2 日支付。昨晚，我們也發布了2025年全年業績指引。我們對 NAREIT FFO 和每股稀釋普通股標準 FFO 的中點預期為 4.63 美元，比 2024 年分別成長 1.8% 和 4.3%。

Our guidance for FAD at the midpoint is $221.7 million or an 8.6% increase over 2024. Our guidance this year includes the impacts from escrowed forward equity proceeds during the year. So because our confidence in our pipeline has led us to raise significant forward equity, today we are including in guidance our view on our future 2025 unidentified investment activity. Our 2025 guidance includes $225 million in new investments and an average yield of 8.1%. The timing for the investments is generally assumed incredibly over the year.

我們對 FAD 的中期預期是 2.217 億美元，比 2024 年成長 8.6%。我們今年的指導包括年內託管遠期股權收益的影響。因此，由於我們對管道的信心促使我們籌集了大量遠期股權，今天我們在指導中加入了對未來 2025 年未確定投資活動的看法。我們的 2025 年指引包括 2.25 億美元的新投資和 8.1% 的平均收益率。投資時機一般被認為是在一年之內。

In the future, we may discontinue giving guidance for unidentified investments should we discontinue obtaining equity on a forward basis. Our guidance includes shop NOI growth in the range of 12% to 15% over 2024. Our guidance includes the continued collection of deferred rents and the fulfillment of our existing commitments. It also includes our preliminary assumptions for the annual NHC percentage revenue rent increase and the Discovery PropCo May 1, 2025, rent step up. We expect NOI from the Discovery base rent will increase this year, but we do not believe the portfolio will be able to meet the 5% target yield set under the lease. The anticipated Discovery lease modification will likely result in change in the portfolio's GAAP revenues.

將來，如果我們停止以遠期方式獲得股權，我們可能會停止為未確定的投資提供指導。我們的預期是，到 2024 年，商店淨營業利潤成長率將在 12% 至 15% 之間。我們的指導包括繼續收取延期租金和履行我們現有的承諾。它還包括我們對 NHC 年度收入租金增長百分比和 Discovery PropCo 2025 年 5 月 1 日租金上漲的初步假設。我們預計今年 Discovery 基本租金的淨收益將會增加，但我們認為該投資組合無法達到租約設定的 5% 的目標收益率。預期的 Discovery 租賃修改可能會導致投資組合的 GAAP 收入發生變化。

Finally, guidance continues to include assumptions for additional costs and concessions related to normal asset management transitions, dispositions, and loan repayments.

最後，指導意見繼續包括與正常資產管理轉型、處置和貸款償還相關的額外成本和優惠的假設。

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.

再次感謝大家今天參加我們的電話會議。我們的準備好的演講到此結束。因此，請與接線員聯繫，以便我們解答疑問。

(Operator Instructions)

（操作員指示）

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

So on the _____ SLM, if you could just triangulate that for me, John, how much rent and interest income did you generate in 2024 and how much are you expected to generate in 2025 inside the framework of your guidance?

那麼，關於 _____ SLM，約翰，如果您能幫我估算一下，在您的指導框架內，您在 2024 年產生了多少租金和利息收入，以及預計在 2025 年將產生多少收入？

So we're talking about rent and interest or just rent (multiple speakers)--

所以我們討論的是租金和利息，或只是租金（多位發言者）——

The whole -- rent and interest.

全部——租金和利息。

So rent and interest including our mezzanine loan would be probably closer to 55% 2025 versus 2024, on a say full year -- full quarter over full quarter basis when we get to the end of the year.

因此，當我們到年底時，以全年或整個季度為基礎，包括我們的夾層貸款在內的租金和利息可能在 2025 年相對於 2024 年接近 55%。

Okay, so run rate by the fourth quarter.

好的，那麼第四季的運行率是多少？

Yeah, but the mezzanine loan and Kevin can talk more about this is still in a state of flux that can improve materially.

是的，但是夾層貸款和凱文可以更多地談論這一點，它仍然處於不斷變化的狀態，可以得到實質的改善。

Well before Kevins joins in, what about on just rent? Would it be (multiple speakers)--

那麼在凱文斯加入之前，租金怎麼樣？會不會（多位發言者）——

Yeah, so (multiple speakers) about 70% of rent, right, I was trying to get to that.

是的，所以（多位發言者）大約 70% 的租金，對，我正試圖達到這個目標。

Okay, can you guys comment on the mezz piece? I know it's a TBD at the moment, but any more color there, $14.5 million?

好的，你們能對 mezz 部分進行評論嗎？我知道目前還是一個未決問題，但還有更多細節嗎，1450 萬美元？

This is Kevin, as you said, it's TBD, but we're looking at several alternatives. We know that the company SLM is going through a sale process. We're negotiating with them on what a recovery would look like assuming that they execute the sale, financing right now is still not terribly easy to come by, particularly on distressed properties, but there are a few in there that are producing NOI, so we expect to -- my expectation is that we have some element of a recovery. We're still in terms of dollar size, don't know. We're looking at alternatives in terms of, what can we do? Is there a buy opportunity or for us to step in and help a prospective buyer if it's somebody that we want to work with. So we've got a lot of options on the table, so it's still to be continued.

我是凱文，正如你所說，這還有待確定，但我們正在考慮幾種替代方案。我們知道 SLM 公司正在經歷出售過程。我們正在與他們協商，假設他們完成銷售，復甦將會是什麼樣子，目前融資仍然不是很容易獲得，特別是對於不良資產，但其中有一些正在產生淨營業利潤，所以我們預計——我的預期是，我們會有一些復甦的跡象。我們仍然以美元規模來衡量，不知道。我們正在尋找替代方案，我們能做什麼？是否存在購買機會，或者如果我們想與潛在買家合作，我們可以介入並幫助他們。所以我們面前有很多選擇，所以一切仍需繼續。

(multiple speakers)

（多位發言者）

I got one more comment if I can make on this. It's a little bit of an apples and oranges equation to. If you think about it, what we're trying to do is collect our principal on the mezzanine loan. And then of course we will redeploy it, but if we can collect that principle, depending on how much we collect, we could recoup some of our credit loss reserve, and then redeploy the proceeds. At the very least, it would go to pay down right now our 5.5% cost revolver.

如果我可以就此提出更多評論的話，我還有另一條評論。這有點像蘋果和橘子之間的等式。如果你仔細想想，我們試圖做的就是收回夾層貸款的本金。然後我們當然會重新部署它，但如果我們能夠收回該本金，那麼根據我們收回的金額，我們可以收回部分信用損失準備金，然後重新部署收益。至少，它可以立即償還我們 5.5% 的成本循環信貸。

Okay, second question, you're not talking about Land & Buildings, so I understand that, but on NHC that expires in 2026. I know it's not too soon to be talking about that. It's over 3 times on a corporate level, I guess at the property level, it's got a two handle on it. You may not comment on that. Maybe you will, but what's the market in your mind for those assets in their markets in terms of what would be appropriate market coverage should you get a fair deal out of that lease expiration.

好的，第二個問題，您說的不是土地和建築物，所以我明白，但是 NHC 將於 2026 年到期。我知道現在談論這個還不算太早。從公司層級來看，這個數字超過了 3 倍，我想從房地產層面來看，它有兩個把手。您可能不會對此發表評論。也許你會，但是你認為這些資產在其市場上的市場是什麼樣的，就適當的市場覆蓋範圍而言，如果你在租約到期時獲得公平的待遇。

Rich, this is Eric.

里奇，這是艾瑞克。

The market is very robust for these buildings. They're in good markets. A market coverage in my opinion would be [1.3, 1.4], and with a new operator you'd have to account for transition trauma and NHC under the lease and this is all publicly in their -- publicly listed lease. NHC does have the right to retain personal property, so you'd have some CapEx or FF&E costs on a transition, but there's room to maneuver there and we're having active discussions now with NHC and other interested parties.

這些建築的市場非常活躍。他們處於良好的市場。我認為市場覆蓋率應該是 [1.3, 1.4]，對於新的營運商，您必須考慮租賃下的過渡創傷和 NHC，而這些都在他們公開上市的租賃中公開。NHC 確實有權保留個人財產，因此在過渡期間會產生一些資本支出或 FF&E 成本，但仍有迴旋餘地，我們現在正在與 NHC 和其他相關方進行積極討論。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just with regards to shop, hoping you could talk about the piece parts to guidance with regards to assumptions behind occupancy and rate behind the 12% to 15%, and then maybe as part of that if you could expound upon the comments made by Eric at the top of the call about considering some transitions that sounded like of existing operators from triple net to shop.

就商店而言，希望您能談談關於入住率假設和 12% 至 15% 背後的比率的指導意見，然後也許作為其中的一部分，您可以闡述一下 Eric 在電話會議開始時所作的評論，即考慮現有運營商從三重網絡到商店的一些轉變。

Hey Juan, this is Kevin.

嘿，胡安，我是凱文。

In terms of how we're looking at performance for shop over the year, we had good momentum throughout 2024. I feel like we ended the year on a high note. As we also talked about in our prepared remarks, we have some seasonality in the first quarter, and then we're looking back at getting momentum on occupancy throughout the balance of the year and being able to push REVPOR over that period. So when we take in those pieces, we think that we can continue to grow it again the 12% to 15% that we mentioned on a year-over-year basis.

就我們如何看待全年商店業績而言，我們在 2024 年全年都保持著良好的發展勢頭。我覺得我們以高調結束了這一年。正如我們在準備好的演講中談到的那樣，第一季有一些季節性因素，然後我們回顧全年入住率的成長勢頭，並能夠在此期間推動 REVPOR。因此，當我們考慮到這些因素時，我們認為我們可以繼續實現我們提到的同比增長 12% 至 15%。

There might be some opportunity, there we're evaluating some more operational structures and how there might be some cost savings here and there. Overall though, it is going to be more of a revenue play and a lot of it is just reducing the incentives and as they continue to burn off, we'll see the REVPOR climb a little bit higher. We talked about it going up a bit quarter over quarter. We'll be looking to see that continue to improve throughout the year.

可能存在一些機會，我們正在評估更多的營運結構以及如何在這裡和那裡節省一些成本。但總體而言，這將更像是一種收入遊戲，其中很大一部分只是減少了激勵措施，隨著激勵措施的不斷消耗，我們將看到 REVPOR 略微攀升。我們談到了其季度環比增長的情況。我們期待看到這一情況在全年繼續改善。

So I think we've pushed our operating partners to be able to -- continue to deliver better performance. We're still continuing to put CapEx into these buildings, which the delivery of that will also help as we look at REVPOR and performance. We've got some more work to do on that. I mean, I think that's just how we were building the forecast for the year and thinking about where we can go with this portfolio.

所以我認為我們已經推動我們的營運合作夥伴能夠——繼續提供更好的業績。我們仍在繼續向這些建築投入資本支出，這也會對我們關注 REVPOR 和性能有所幫助。關於這一點我們還有一些工作要做。我的意思是，我認為這就是我們制定年度預測並思考如何利用這個投資組合的方式。

Great. And then I was just hoping you could comment on Bickford. It looks like the second half of the year from the late summer. I saw a deterioration in the occupancy from the same store pool that you disclosed in the press release just what's driving that any pause or thoughts or concerns around that loss of momentum?

偉大的。然後我只是希望你能對 Bickford 進行評論。從夏末開始，就彷彿進入了下半年。我發現您在新聞稿中披露的同一家商店的入住率有所下降，那麼是什麼導致了這種停頓，或者對於這種勢頭的喪失有什麼想法或擔憂嗎？

I think there's a little -- there's a couple of things in there. One, they pulled forward their rate increases, so you had a little bit of move out just from a price point standpoint. On the whole though, it's still a net positive for Bickford from NOI look at the portfolio, and then you have some seasonality as well that I think started creeping in there in some of the winter months.

我認為有一點——其中有幾件事。首先，他們提前提高了利率，所以從物價角度來看，利率會稍微下降一些。但總體而言，從投資組合的淨收益來看，Bickford 仍然受益於淨收益，而且我認為在冬季的某些月份，季節性因素開始逐漸顯現。

So I think they can still be successful throughout the year. They are known for delivering higher acuity care. It's going to be at a higher price point, so some of the people that moved in that were maybe on the edge in terms of affordability decided to move out, but they've done a really nice job or continued to do a really nice job of selling the care that they deliver, but I think that's part of the occupancy piece that you're seeing there.

所以我認為他們全年仍然能夠取得成功。他們因提供更高敏銳度的護理而聞名。價格會更高，所以一些搬進來的人可能在負擔能力方面處於邊緣，決定搬出去，但他們在推銷他們所提供的護理服務方面做得非常好，或者繼續做得很好，但我認為這是你在那裡看到的入住率的一部分。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Kevin, hoping you can help me understand the acquisition guidance a little bit better. It's $225 million built in, but it sounds like you have $150 million-plus or so already otherwise and a pipeline of $190 million. So could you just help us reconcile a little bit that $340 million versus guidance of $225 million, especially when you still have another 10 months to go in the year.

凱文，希望你能幫助我更理解收購指南。它的建造成本為 2.25 億美元，但聽起來您已經投入了 1.5 億美元左右，並且還有 1.9 億美元的管道。那麼，您能否幫助我們稍微核對一下 3.4 億美元與 2.25 億美元的指導金額，尤其是當今年還有 10 個月的時候。

Sure, this is John, Tayo. How are you doing? Let me take that one.

當然，我是約翰，泰約。你好嗎？讓我來拿那個。

Yeah, so in our guidance is our expectation to close a number of those properties in the LOI, but they're under LOI, so they're not definitive agreements just yet. So we have a high degree of confidence that we're going to be able to hit the number in our guidance. Our guidance is a combination of sale lease backs as well as additional mortgage loans. That's how we got to the weighted average yield. We expect to under promise and over deliver on that number and you're right, we have quite a bit more in our pipeline than in our guidance. So there's some upside there clearly.

是的，我們的指導目標是，我們預計將關閉意向書中列出的部分房產，但它們仍在意向書中，因此還不是最終協議。因此，我們非常有信心能夠達到我們預期的數字。我們的指導是售後回租和額外抵押貸款相結合。這就是我們得到加權平均收益率的方法。我們預計該數字將會低於承諾並超出預期，您說得對，我們的計劃比我們的預期要多得多。因此這顯然具有一些好處。

Okay, that's helpful.

好的，這很有幫助。

And then second question also on deferred rent collection. I think it helped us through that as well, the balance is $21 million or so. You collected about $11 million in 2024. Just help us understand what's big into 2025 and if there's any potential upside there as well.

第二個問題也是關於延期收取租金。我認為它也幫助我們度過了難關，餘額約為 2100 萬美元。您在 2024 年籌集了約 1100 萬美元。只需幫助我們了解 2025 年的大事以及是否有任何潛在的上升空間。

Yes, there is an upside. Recall though that some of the equations on that $21 million include some deferral credits that if the operators perform or exceed performance, they might get some credits, but generally our guidance is still in line with what you saw in the fourth quarter for the collection of deferrals and are primarily Bickford. Let me back up a minute. Actually, there are approximately $1 million -- a little over $1 million a quarter -- the fourth-quarter was a little ahead of what we forecasted.

是的，這有好處。不過回想一下，這 2,100 萬美元的一些等式包括一些延期信用，如果運營商表現良好或超出績效，他們可能會獲得一些信用，但總的來說，我們的指導仍然與您在第四季度看到的延期收集情況一致，主要是 Bickford。讓我回顧一下。實際上，大約有 100 萬美元——每季略高於 100 萬美元——第四季度略高於我們的預測。

So you have about $4 million baked in for '25 relative to the $11 million from 2024.

因此，相較於 2024 年的 1,100 萬美元，2025 年的投入約為 400 萬美元。

That's right.

這是正確的。

And the reason for the big slowdown is--

而經濟大幅放緩的原因是——

Well, it depends on the source of the deferrals, right? And there was quite a few extraordinary collections in 2024 that looks very difficult to repeat in 2025. For example, Chancellor paid the $2.5 million number. There were some others, including some from Discovery, that we don't think that are going to be repeatable in 2025, so that's just our guidance right now.

嗯，這取決於延期的來源，對嗎？2024 年有不少非凡的收藏，看來 2025 年很難重複。例如，Chancellor 支付了 250 萬美元。還有一些其他的，包括發現號的一些，我們認為在 2025 年不會重複，所以這只是我們目前的指導。

Got it, that's helpful.

明白了，很有幫助。

Then one more for the road, Discovery, how ultimately do you expect that to play out if you just help us go through different scenarios for that just giving some of the earlier comments about the profitability of not quite getting to where you need to get the work that you were expecting.

然後，再問一個問題，Discovery，如果您只是幫助我們經歷不同的場景，您最終希望如何實現這一目標，只是給出一些先前關於盈利能力的評論，而盈利能力並沒有完全達到您所期望的工作水平。

Tayo, this is Eric.

Tayo，這是 Eric。

Is your question regarding the future of the collectability of deferral payments?

您的問題是關於未來延期付款的可收回性嗎？

It's a combination of both things. It's the future of the deferrals and also, if you couldn't get the or you're not going to get the direct reset you were expecting at the reset date, I think there was some conversation of you are expecting to step up in rent anyway, but longer term this idea of where you're going to -- they're going to continue to be an operator. Do you potentially see you guys transitioning to someone else, what would that look like? Just trying to think about the ultimate scenarios for that portfolio.

這是兩者的結合。這是延期的未來，而且，如果你無法獲得或你不會在重置日期獲得你所期望的直接重置，我認為無論如何你都會期望提高租金，但從長遠來看，你要去哪裡 - 他們將繼續成為運營商。您是否有可能看到您轉變為其他人，那會是什麼樣子？只是想思考一下該投資組合的最終情景。

Right, okay, so your question is deferrals and then rent resets and then operators who aren't able to make the rent reset hurdles (multiple speakers) --

好的，所以你的問題是延期，然後是租金重置，然後是那些無法完成租金重置障礙的運營商（多位發言者）——

--at that point.

——就在那時。

Yeah, so at that we would investigate either retenanting the building, sometimes it's one building and a group of buildings, that's the problem. Maybe you sell that one building or retenant that one building. And as we said in our prepared remarks, we're also doing an analysis to see if converting it to shop or RIDEA would result in greater NOI, so everything's on the table in that instance.

是的，所以我們會調查是否重新租賃該建築，有時是一棟建築或一組建築，這就是問題所在。也許你會賣掉那棟建築或重新租賃那棟建築。正如我們在準備好的演講中所說的那樣，我們也在進行分析，看看將其轉換為商店或 RIDEA 是否會導致更高的 NOI，因此在這種情況下一切都擺在桌面上。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Eric, commentary continues to be very positive around investments, but I guess when you break out the investment pipeline from the $350 million last quarter and then what's under LOI in that future pipeline, it's really unchanged. So just curious what your confidence level is that you can continue to backfill that pipeline and what the right size that we should be thinking about on a future pipeline basis where the right level is?

艾瑞克，關於投資的評論仍然非常積極，但我想，當你從上個季度的 3.5 億美元中抽出投資管道，然後看看未來管道中意向書中的內容時，你會發現它實際上並沒有變化。所以我很好奇，您對繼續填充該管道的信心程度如何，以及在未來的管道基礎上我們應該考慮的正確規模和正確水平是多少？

Hey Austin, this is Kevin.

嘿，奧斯汀，我是凱文。

I would tell you that when we're looking at the $350 million that you quoted, you're right, it's a similar size, but it's a different opportunity set. We continue to look at a bunch of different opportunities. I can tell you that if we look at the total funnel, it's a couple billion dollars in terms of what we're looking at any given time, which again continues to churn week over week and month over month.

我想告訴你，當我們看到你提到的 3.5 億美元時，你是對的，這是一個類似的規模，但這是一個不同的機會集。我們繼續尋找各種不同的機會。我可以告訴你，如果我們看整個漏斗，那麼就我們在任何特定時間所看到的而言，它是幾十億美元，而且它每週、每月都在持續流失。

So I feel pretty good about the opportunities that we're seeing in front of us. It's really just whittling it down to the ones that we think are executable and then moving on from those that are not. So it may look like a stagnant number, but I can tell you with certainty that it's a pretty new opportunities set each week to month, and we just whittle it down (technical difficulty) to the ones that we think are actionable. So as the market sits today, I feel pretty good about our outlook.

因此，我對我們面前的機會感到非常滿意。這實際上只是將其縮減為我們認為可執行的部分，然後繼續處理那些不可執行的部分。因此它可能看起來像一個停滯的數字，但我可以肯定地告訴你，這是一個每周到每月都會出現的新機會，我們只是將其（技術難度）縮小到我們認為可行的機會。因此，就今天的市場狀況而言，我對我們的前景感到十分樂觀。

That's helpful comments.

這是很有幫助的評論。

And then with respect to the larger portfolio opportunities outside of that pipeline, I mean, would you care to size up, I guess, the number of opportunities or investment volume that that includes and what your confidence level is that maybe you're able to close one or more of those opportunities?

然後，關於該管道之外的更大的投資組合機會，我的意思是，您是否願意估算其中包含的機會數量或投資額，以及您對能夠完成其中一個或多個機會的信心程度如何？

Well, I don't know that I can say anything different than other than what we talked about in the prepared remarks, which is our portfolio deals are not or shop deals are not included in what we talk about from our investment pipeline as I just mentioned, we're looking at a couple of billion dollars' worth of stuff at any given time. So I feel good about the opportunity for us to be able to get down the path on some of those, but we're not at a place where we want to give you guidance based on something that would be a pretty meaningful change to the company, so we're holding back on that.

好吧，除了我們在準備好的評論中談到的內容之外，我不知道我還能說什麼，那就是我們的投資組合交易或商店交易不包括在我們所談論的投資渠道中，正如我剛才提到的，我們在任何時候都在考慮價值幾十億美元的東西。因此，我很高興我們有機會在某些方面取得進展，但我們並不想根據對公司來說非常有意義的變化向您提供指導，所以我們對此有所保留。

Hey Austin, this is John.

嘿，奧斯汀，我是約翰。

Let me add another two cents to that. In the fourth-quarter and a little bit recently, there's been a lot of movement in everybody's cost of capital, and we're very sensitive to deploying capital that's accretive. So if you think about it, we're always looking at the opportunities set and in the long-term interest rates in our stock price. And so despite some of the increased cost of capital that we've seen here recently, that opportunity set is still penciling out well on a creative basis.

讓我再補充一點。在第四季以及最近一段時間，每個人的資本成本都發生了很大的變化，我們對部署增值資本非常敏感。所以如果你仔細想想，我們總是在關注機會和股票價格的長期利率。因此，儘管我們最近看到資本成本增加，但從創造性角度來看，這個機會集仍然表現良好。

That's all helpful. And then just the last one for me this I think got asked maybe looked over a little bit from an earlier question, but the presentation last (inaudible) did highlight potential shop conversion opportunities, and I'm just wondering if you could size up, how big that could be from a gross investment or in place NOI perspective and whether or not the Discovery triple net assets are a consideration for conversion with a new operator.

這些都很有幫助。然後對我來說最後一個問題，我認為這個問題可能從之前的問題中略過了一點，但最後的演示（聽不清楚）確實強調了潛在的商店轉換機會，我只是想知道您是否可以評估一下，從總投資或現有淨營運收入的角度來看，這個機會有多大，以及 Discovery 的三重淨資產是否是與新運營商轉換的考慮因素。

Hey Austin, this is Eric.

嘿，奧斯汀，我是艾瑞克。

Yes, the Discovery portfolio is definitely a possibility, and so are others. We have other operators that are currently running RIDEA portfolios for other REITs, have a strong back office, which is one of the criteria we're looking at and would be a good partner for us to start our RIDEA journey.

是的，Discovery 投資組合絕對有可能，其他投資組合也同樣有可能。我們還有其他業者目前正在為其他房地產投資信託基金 (REIT) 經營 RIDEA 投資組合，擁有強大的後台辦公室，這是我們正在考慮的標準之一，並將成為我們開啟 RIDEA 之旅的良好合作夥伴。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Maybe just going back to that last question talk about sizing the opportunity. How about the earnings impact of any shop transitions here? I know that there's probably some elevated CapEx and some transition time associated with those, so I'm not sure if there's maybe upside the '25 guide or if this will likely roll through to '26.

也許我們回到最後一個問題，討論如何評估機會。這裡的商店轉型對收益有何影響？我知道這可能需要一些資本支出的增加和一些相關的過渡時間，所以我不確定這是否會超出 25 年的指導範圍，或者這是否會延續到 26 年。

Hey John, this is John Spaid.

嘿，約翰，我是約翰‧斯佩德。

Yeah, we're very sensitive to that as a matter of fact, and it ultimately comes down to earnings growth, NOI growth, transition trauma, and like you said, CapEx requirements. So the opportunity sets vary depending upon the current coverage ratios over the current rent. So obviously, if we convert something that's well covered. Suddenly all that EBITDAR, if there's no transition trauma, could be very accretive. But there's -- whenever there's a transition to a new operator, there's going to be some trauma. So we'll have to work through that and communicate that properly to you. And then of course, we'll also communicate to you what our expectations are for the CapEx requirements as well. So every opportunity sets a little different.

是的，事實上我們對此非常敏感，最終歸結為獲利成長、淨營業收入成長、轉型創傷，以及如您所說，資本支出要求。因此，機會集會根據目前租金的覆蓋率而變化。顯然，如果我們轉換某些內容，那就覆蓋得很好了。如果沒有轉型創傷，所有 EBITDAR 突然間就可能大幅增值。但是，每當過渡到新的營運商時，總是會有一些創傷。因此我們必須解決這個問題並正確地與您溝通。當然，我們也會向您傳達我們對資本支出要求的期望。所以每個機會都有一點不同。

Okay and then how about when might you all start including shop acquisitions in your pipeline guide and then maybe help us understand what the total opportunities set, what is the end of '25 look like in terms of total shop exposure in your portfolio?

好的，那麼你們什麼時候可以開始將商店收購納入你們的通路指南中，然後也許可以幫助我們了解總體機會，就你們的投資組合中的商店總曝光率而言，25 年底會是什麼樣子？

This is Eric.

這是埃里克。

I could see it being 5% to 10% of our portfolio by the end of this year or early next year.

我預計到今年年底或明年年初它將占到我們投資組合的 5% 到 10%。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

I was curious just in terms of your acquisition pipeline, are you looking to at all expand your skilled nursing portfolio?

我很好奇，就您的收購管道而言，您是否希望擴大您的專業護理組合？

Hey there, this is Kevin.

嘿，我是凱文。

We're absolutely looking. It's just a matter of getting an opportunity at the right price with the right operator. We have very good skilled nursing operators now. We would love to do more with them. That said, the market's been pretty frothy, we think from a pricing perspective, and we've been pretty rigorous around our underwriting criteria in terms of our expectations of credit and coverage. So we haven't seen anything lately that we were ready to act on, but we continue to look -- we would love to see that percentage of investment in our portfolio tick up a little bit if we could get something of reasonable size to add, but right now, again, it's just -- we haven't seen those opportunities, but we would absolutely take a look.

我們絕對在尋找。這只是一個以合適的價格與合適的運營商獲得機會的問題。我們現在擁有非常優秀、技術嫻熟的護理人員。我們很樂意與他們進行更多合作。話雖如此，從定價的角度來看，我們認為市場泡沫相當大，而且我們在信用和承保範圍方面的承保標準也相當嚴格。因此，我們最近沒有看到任何我們準備採取行動的東西，但我們會繼續尋找——如果我們能夠獲得合理規模的投資，我們希望看到我們投資組合中的投資比例略有上升，但現在，再說一次，只是——我們還沒有看到這些機會，但我們絕對會看看。

Great, and I was hoping to get a few comments just with current news, the house passing their budget through a vote, and then with the senate having their own budget outlined with possible cuts to Medicaid, any thoughts on how maybe that would impact your business or going forward in your negotiations?

太好了，我希望根據當前的新聞得到一些評論，眾議院通過了他們的預算，然後參議院也提出了他們自己的預算，並可能削減醫療補助，您認為這可能會如何影響您的業務或談判的進展？

Sure, this is Kevin again.

當然，我又是凱文。

It's something we're watching, but it's, I think too soon to tell. It seems to be teed up that it may affect those programs. That said, from what I've seen so far, it's not explicitly outlined in the bill, so we'll be working with our operators to make sure we understand and our other resources that have closer intel to what's going on in Washington. Anecdotally though, what we've heard from our other resources is that it has not cooled the market in terms of skilled nursing and buyers' interest or pricing. So we'll see where that goes, but to date, it still remains a pretty robust market.

這是我們正在關注的事情，但我認為現在下結論還為時過早。似乎已經預料到這可能會影響這些項目。話雖如此，但從我目前看到的情況來看，法案中並沒有明確概述這一點，因此我們將與我們的運營商合作，以確保我們了解情況，並且我們的其他資源能夠更密切地了解華盛頓正在發生的事情。不過，有趣的是，我們從其他資源得知，它並沒有在專業護理和買家興趣或定價方面冷卻市場。所以我們將拭目以待，但到目前為止，它仍然是一個相當強勁的市場。

(inaudible) one more from me about within your guidance, do you have any bad debt or credit loss assumptions baked in?

（聽不清楚）我再問一下，在您的指導中，是否有任何壞帳或信用損失假設？

We do, and you got to keep in mind we the last say two years you're in 2022 to 2024, our mortgage and loan receivables have grown right at 8%, and as that grows, there's always going to be a certain level of credit loss reserve taken against that growth. And so our guidance continues to assume growth, which includes growth in mortgage and loans.

我們確實如此，你必須記住，在過去的兩年裡，也就是 2022 年至 2024 年，我們的抵押貸款和貸款應收款增長了 8%，隨著這一增長，總會有一定程度的信用損失準備金來抵消這種增長。因此，我們的指導繼續假設成長，其中包括抵押貸款和貸款的成長。

And sorry, is there a base point associated with that?

抱歉，這有相關的基點嗎？

Oh, sorry, I don't have that for you. There is in there, but there's a little bit of squishiness to that number depending on what we're talking about mezzanine loans or mortgage loans. So it's basically an average number. I think what you should do is just use -- 2024 was an unusual year because of the SLM reserves, but if you were to go back a couple of years and look at the, average CECL reserve on our mortgage and loan portfolio then and then make an assumption of what our growth might look like, you get a pretty good number.

噢，抱歉，我沒有那個給你。有，但這個數字有點不確定，這取決於我們談論的是夾層貸款還是抵押貸款。所以它基本上是一個平均數。我認為你應該做的就是使用——由於 SLM 儲備，2024 年是一個不尋常的年份，但如果你回顧幾年，看看我們的抵押貸款和貸款組合中的平均 CECL 儲備，然後假設我們的增長會是什麼樣子，你會得到一個相當不錯的數字。

(Operator Instructions)

（操作員指示）

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thanks for the follow-up time.

你好，感謝您的後續關注。

Just going back to shop and incremental investments, I think John, you made an allusion to that be a transformative potential transaction. So does that mean that you're like -- you're looking at potentially buying a platform, so to speak, where you'd have a bigger like asset management capability as part of that to oversee a shop investment? I'm just trying to tease out what you implied by that.

回到商店和增量投資，我認為約翰，你暗示這是一項具有變革性的潛在交易。那麼，這是否意味著您正在考慮購買一個平台，以便您在其中擁有更大的資產管理能力來監督商店投資？我只是想弄清楚你這句話的意思。

I don't think I made that implication. One thing I would point out in Kevin's remarks and Eric's remarks too is we are looking at some fairly large portfolio transactions that are not included in our pipeline numbers. Those are so difficult, they're so material, they're so difficult to really determine whether or not they're real yet that, it's hard for us to talk about those. But no, in my guidance was not really any transformative shop (multiple speakers)--

我認為我沒有做出這樣的暗示。我想在凱文和艾瑞克的評論中指出的一點是，我們正在研究一些相當大的投資組合交易，這些交易並未包含在我們的管道數字中。這些都太難了，它們太物質化了，很難真正確定它們是否真實，因此，我們很難談論它們。但在我的指導下，並沒有真正實現任何變革性的商店（多位發言者）——

I wasn't necessarily talking about what's in guidance, but just what's being contemplated strategically for the business is like, is it a platform or is it more assets that are under a shop structure I guess is the question.

我並不是說指導中的內容，而是在策略上考慮業務的內容，我想問題在於它是一個平台還是商店結構下的更多資產。

Hey Juan, this is Eric.

嘿，胡安，我是艾瑞克。

I would say that it's more smaller portfolios, maybe 3s or 4s. We definitely would add to our asset management talent pool. We're almost at that point now anyway, just the pace of acquisitions we've been doing last year and this year. So we'll make appropriate overhead and headcount adjustments along the way. And you know our usual cadence before the pandemic was $20 million to $400 million a year. That's a lot of 2s and 3s and 4 portfolio deals. That's our sweet spot.

我想說的是，這是更小的投資組合，可能是 3 或 4 個。我們肯定會擴大我們的資產管理人才庫。無論如何，我們現在幾乎已經到達了那個階段，只是按照我們去年和今年進行的收購的步伐。因此，我們將在此過程中對管理費用和員工人數做出適當的調整。你知道，疫情爆發前我們的支出通常是每年 2,000 萬至 4 億美元。這涉及大量的 2、3 和 4 投資組合交易。這是我們的最佳位置。

Right, and then just as a follow-up to a prior question about any potential delusion from triple net to shop conversions. I guess, are those contemplated conversions being done out of a position of strength or weakness meeting is are the conversations or strategies around leases without great coverage. I just -- I'm confused why a tenant under a lease would choose to give up that upside if they're quote-unquote, in the money with the rent coverage that they have.

好的，然後作為對先前關於從三重淨網到商店轉換的任何潛在誤解的後續問題。我猜想，這些考慮中的轉換是否出於優勢或劣勢的考慮，是否是圍繞租賃的對話或策略，而沒有很好的覆蓋範圍。我只是——我很困惑，如果租約下的租戶有錢並且有租金保障，他們為什麼會選擇放棄這種好處？

That's a fair question, Juan. You're absolutely right.

這是一個公平的問題，胡安。你完全正確。

If there is coverage on a lease and we wanted to convert it to shop, there would definitely have to be a conversation about profit sharing and promotes or bonuses and management fee. The reason though that people would be interested in having that conversation is they probably have personal guarantees or other strong credit in place that is meaningful to them and converting to shop would mean less of that, so.

如果租賃有保障，而我們想將其轉換為商店，那麼肯定需要討論利潤分享和促銷或獎金和管理費。人們之所以對這種談話感興趣，是因為他們可能擁有個人擔保或其他對他們來說很有意義的良好信用，而轉換為商店則意味著這些擔保或其他良好信用的減少。

And whether or not it's from a position of strength or weakness, you're right about that as well. I mean, it's a conversation that we would have in both instances if a lease isn't working out or the coverage is just above break even, then we need to have a conversation about changing operators, what the CapEx looks like, what a new joint venture partner might do for us, and whether the operations can improve based on all of that.

無論從優勢或劣勢的角度來看，你的觀點都是正確的。我的意思是，如果租賃不成功或覆蓋範圍僅略高於收支平衡，那麼在兩種情況下我們都會進行這樣的對話，那麼我們需要討論更換運營商、資本支出是什麼樣的、新的合資夥伴可以為我們做什麼，以及運營是否可以基於所有這些進行改進。

Okay, thank you for that.

好的，謝謝你。

And just one last quick one for me. The guidance has like a shop CapEx number. Is there anything over and above that deferred CapEx or redevelopment type CapEx that has been spent or is intended to be spent to help the pricing power of the asset?

對我來說，還有最後一個快速問題。該指南就像商店的資本支出數字一樣。除了遞延資本支出或再開發型資本支出之外，還有什麼已經花費或打算花費的資金可以幫助提高資產的定價能力？

There is. The number that's in our guidance is a recurring CapEx number. The number that we're continue to deploy in our current shop portfolio is closer to $10 million and we're repositioning those assets to get at that NOI improvement.

有。我們指導中的數字是經常性的資本支出數字。我們在目前商店組合中繼續部署的金額接近 1000 萬美元，我們正在重新定位這些資產以實現 NOI 改善。

Thank you. That concludes our Q&A session. I'll now hand the conference back to Chief Executive Officer, Eric Mendelsohn, for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在，我將會議交還給執行長 Eric Mendelsohn，請他致閉幕詞。請繼續。

Thanks everyone for your time and attention today, and we'll look forward to seeing you at NIC or other investor conferences.

感謝大家今天的時間和關注，我們期待在 NIC 或其他投資者會議上見到您。

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。各位，今天的活動就到這裡了。現在您可以斷開連接並享受美好的一天。感謝您的參與。