National Health Investors Inc (NHI) 2025 Q1 法說會逐字稿

Greetings. Welcome to National Health Investors first-quarter 2025 earnings webcast and conference call.(Operator instructions) Please note this conference is being recorded.

問候。歡迎參加 National Health Investors 2025 年第一季財報網路廣播與電話會議。 （操作員指示）請注意，本次會議正在錄製。

I will now turn the conference over to your host, Dana Hambly, Vice President, Finance and Investor Relations. You may begin.

現在，我將會議交給主持人、財務和投資者關係副總裁達娜·漢布利 (Dana Hambly)。你可以開始了。

Thank you and welcome to the National Health Investors conference call to review results for the first quarter of 2025. 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.

謝謝您，歡迎參加全國健康投資者電話會議，審查 2025 年第一季的業績。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 statement may involve risks or uncertainties and are not guarantees of future performance.

該結果以及此次電話會議的可訪問性通知是在昨天股市收盤後發布的，並得到了金融媒體的報告。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，任何前瞻性聲明都可能涉及風險或不確定性，並且不能保證未來的表現。

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, 2024 and Form 10-Q for the quarter ended March 31, 2025.

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 作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 在截至 2024 年 12 月 31 日的年度 10-K 表格和截至 2025 年 3 月 31 日的季度 10-Q 表格中披露的風險因素和其他信息。

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網站 sec.gov 上查閱。或造訪 NHI 的網站 nhireit.com。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表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 today. We're off to a great start in 2025 with first quarter results that exceeded our expectations, driven by a faster pace of acquisitions, an upside to our cash rent collections from better than expected deferral payments and the NHC percentage rent.

大家好，感謝大家今天的參加。2025 年我們有一個良好的開端，第一季的業績超出了我們的預期，這得益於收購速度的加快、好於預期的延期付款和 NHC 百分比租金帶來的現金租金收入的增長。

As a result of the strong start and building momentum, we're raising our normalized FFO guidance midpoint by $0.08 per share to $4.71 representing year-over-year growth of 6.1%. We've announced investments of $174.9 million so far this year, and we're far from done as the number of sellers seems to be growing.

由於強勁的開局和不斷增強的勢頭，我們將標準化 FFO 指導中點提高每股 0.08 美元至 4.71 美元，同比增長 6.1%。今年到目前為止，我們已經宣布投資 1.749 億美元，但我們距離完成還很遠，因為賣家的數量似乎還在增加。

We have an active pipeline of approximately $264 million that Kevin and his team are working on right now, and the funnel of other opportunities is many times larger than that. The pipeline includes multiple shop deals and excludes larger portfolios.

我們目前擁有約 2.64 億美元的活躍資金管道，Kevin 和他的團隊正在為此努力，而其他機會的管道規模則比這大很多倍。該通路包括多家商店的交易，但不包括較大的投資組合。

On the topic of large portfolios, you'll notice that we recorded a $1.2 million charge in transaction costs for the quarter. These costs were related to a large shop portfolio to which we allocated significant resources. Ultimately, this was not the right deal for our shareholders, and we will not pursue growth for growth's sake. We are, however, keenly focused on growing our shop portfolio, and we're excited about the many opportunities that we're seeing.

關於大型投資組合，您會注意到我們本季記錄了 120 萬美元的交易成本。這些成本與我們分配了大量資源的大型商店組合有關。歸根究底，這對我們的股東來說並不是一筆正確的交易，我們也不會為了成長而追求成長。然而，我們非常注重擴大我們的商店組合，並且我們對所看到的許多機會感到興奮。

Last quarter, we talked for the first time about growing shop through internal conversions. We're making great progress on transitioning a portfolio of six properties currently leased to discovery to a new idea partnership.

上個季度，我們首次談到透過內部轉換來擴大商店規模。我們在將目前租賃給探索公司的六處房產組合轉變為新的創意合作夥伴方面取得了很大進展。

We see good NOI upside to this portfolio and we'll plan to share more details as the conversion progresses. We're taking extra time to ensure that this transition goes smoothly, as this can serve as our template for future editions of assisted living communities into the idea structure.

我們看到該投資組合具有良好的淨營運收益 (NOI) 優勢，​​並且我們計劃在轉換過程中分享更多細節。我們花了額外的時間來確保這一過渡順利進行，因為這可以作為我們未來輔助生活社區版本融入理念結構的模板。

We've been positioning the company for this opportunity through our portfolio optimization and are thrilled to be on the front end of this long term value creating opportunity for our shareholders. In our existing shop operation, the first quarter result experienced typical seasonality. Our belief in the trajectory is unchanged, and we're therefore maintaining our outlook for 12%to 15% NOI growth this year and continued strong performance in later years.

我們一直在透過投資組合優化為公司定位這一機遇，並很高興能夠站在這為股東創造長期價值機會的前沿。在我們現有的店鋪營運中，第一季的業績呈現出典型的季節性。我們對發展軌蹟的信念沒有改變，因此我們維持今年 NOI 成長率 12% 至 15% 的預期，並在未來幾年繼續保持強勁表現。

As I mentioned at the start, our cash rent collections exceeded expectations in large part due to the pace of acquisitions. We've acquired approximately $131 million in real estate year-to-date with three new partners, including Generations, Juniper Communities, and Agemark. We've long admired all three of these companies and are already exploring additional avenues to grow these relationships.

正如我在開始時提到的，我們的現金租金收入超出預期，這在很大程度上歸功於收購的速度。今年迄今為止，我們與 Generations、Juniper Communities 和 Agemark 等三家新合作夥伴一起收購了價值約 1.31 億美元的房地產。我們長期以來一直欽佩這三家公司，並且已經在探索發展這些關係的其他途徑。

The balance sheet continues to be in great shape and very supportive of funding the significant investment pipeline, as John will detail in his comments, we are including $155 million in incremental investments in our guidance on top of the investments already announced, reflecting our high conviction in the near term outlook. I think it's safe to say that, given the fast start and good visibility on the pipeline, we're optimistic we can surpass last year's investment total of $237.5 million.

資產負債表繼續保持良好狀態，非常支持為重大投資管道提供資金，正如約翰在其評論中詳細說明的那樣，我們在已經宣布的投資基礎上，還將在指導中增加 1.55 億美元的增量投資，這反映了我們對近期前景的高度信心。我認為可以肯定地說，鑑於快速啟動和管道良好的透明度，我們有信心可以超過去年 2.375 億美元的投資總額。

Last quarter, I said that we were pleased with the execution in 2024, and very optimistic that 2025 would be an even more productive year. That is proving to be consistent with our mantra to under promise and over deliverver unquote.

上個季度，我說我們對 2024 年的執行感到滿意，並非常樂觀地認為 2025 年將是更有成效的一年。事實證明，這與我們的「少承諾、多兌現」的口號是一致的。

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

我現在將電話轉給凱文，讓他提供有關我們運營的更多詳細資訊。凱文。

Thank you, Eric. We are unquestionably seeing the pace of deal flow accelerate. We are actively pursuing a $264 million pipeline which consists of real estate and shop deals primarily in senior housing. We're also evaluating some larger deals with nine figure evaluations that are not included in the pipeline. Current market seems to show no dearth of sellers, while the buyer pool is somewhat limited. We have a competitive cost of capital and solid access to debt and equity capital, which is why we are seeing so much activity right now, and we expect that 2025 investments will be materially higher than 2024.

謝謝你，埃里克。我們毫無疑問地看到交易流程的速度正在加快。我們正在積極尋求價值 2.64 億美元的投資管道，其中包括主要在老年住房領域的房地產和商店交易。我們也正在評估一些未包含在計畫中的、估值達九位數的較大交易。目前市場似乎不缺乏賣家，而買家數量則有些有限。我們的資本成本具有競爭力，並且能夠穩固地獲得債務和股權資本，這就是我們現在看到如此多活動的原因，我們預計 2025 年的投資將大幅高於 2024 年。

Turning into asset management. As Eric mentioned, we are making good progress on converting a fixed property portfolio to deal with a new operating partner. We greatly appreciate Discovery's cooperation in this matter, and we'll continue to work with them to grow our shop portfolio.

轉向資產管理。正如 Eric 所提到的，我們在轉換固定資產投資組合以與新的營運合作夥伴打交道方面取得了良好的進展。我們非常感謝 Discovery 在此事上的合作，我們將繼續與他們合作，擴大我們的商店組合。

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 1.66 times while the other needs-driven tenants coverage improved sequentially by 1 basis point to 1.23 times.

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 1.66 倍，而其他需求驅動型租戶的覆蓋率則較上季提高 1 個基點，達到 1.23 倍。

Deferral repayments of $2 million were a bit ahead of our expectations as we received approximately $1.4 million in unscheduled repayments, including approximately $1.3 million from Bickford and $120,000 from two other operators.

200 萬美元的延期還款略高於我們的預期，因為我們收到了約 140 萬美元的計劃外還款，其中包括來自 Bickford 的約 130 萬美元和來自另外兩家運營商的 12 萬美元。

As we discussed last quarter, the legacy SLM portfolio has been largely repositioned. Last week, we received $2.5 million in partial repayment of a loan on four properties. While certainly not happy with SLM circumstances, I am pleased with our team's quick response to limit any disruption to the residents of these properties and to recapture a significant amount of the loss NOI.

正如我們上個季度所討論的那樣，傳統的 SLM 產品組合已經進行了很大程度的重新定位。上週，我們收到了 250 萬美元的四處房產貸款部分償還。雖然我對 SLM 的情況肯定不滿意，但我對我們的團隊的快速反應感到滿意，他們迅速採取行動，限制了對這些房產居民的干擾，並收回了大量的 NOI 損失。

Our entrance fee and skilled nursing portfolios continue to show great performance. The discretionary senior housing portfolio, which includes our entrance fee portfolio had healthy coverage at 1.67 times. The SNF portfolio reported solid coverage at 3.06 times, which improved sequentially from 3.05 times. Recall that the SNF coverage is largely driven by NHC, which is calculated using a corporate level fixed charge coverage ratio 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健康覆蓋率為 1.67 倍。SNF 投資組合報告穩健覆蓋率為 3.06 倍，較上一季的 3.05 倍增加。回想一下，SNF 覆蓋率主要由 NHC 驅動，它是使用公司級固定費用覆蓋率而不是設施級 EBITDARM 來計算的。

We have received several questions about the potential impact of Medicaid cuts to our portfolio. While it's too early to know, we have added additional disclosure to our supplemental on page 22 that details our annualized SNF cash revenue by state.

我們收到了幾個關於醫療補助削減對我們的投資組合的潛在影響的問題。雖然現在下結論還為時過早，但我們已在第 22 頁的補充資料中增加了額外披露，詳細說明了我們按州劃分的年度 SNF 現金收入。

As you can see, the majority of our revenue is in states that never expanded Medicaid under the ACA. In addition to our strong stiff coverage and tenant credit, we believe our geographic exposure can mitigate the impact of potential cuts.

如您所見，我們的大部分收入來自從未根據 ACA 擴大醫療補助的州。除了我們強大的覆蓋範圍和租戶信用之外，我們相信我們的地理覆蓋範圍可以減輕潛在削減的影響。

Lastly, in shop, NOI for the quarter increased 4.9% year-over-year to $3.1 million. Resident fees increased by 5.2% year-over-year, driven by occupancy improvement of 390 basis points to 89.2%. The margin declined 10 basis points to 22.1% compared to the prior year period. We'd expect occupancy NOI to show some seasonality with a diff in the first quarter compared to the fourth quarter.

最後，在商店方面，本季的 NOI 年增 4.9%，達到 310 萬美元。住戶費用年增 5.2%，得益於入住率提高 390 個基點至 89.2%。與去年同期相比，利潤率下降了 10 個基點，至 22.1%。我們預計入住率 NOI 會表現出一定的季節性，第一季與第四季會有所不同。

We are broadly seeing fundamentals trend in the right direction, including April's preliminary occupancy, which is up approximately 40 basis points from March. So we are maintaining our 12% to 15% NOI growth target for the year.

我們總體上看到基本面趨勢朝著正確的方向發展，包括 4 月的初步入住率比 3 月上升了約 40 個基點。因此，我們維持今年 12% 至 15% 的 NOI 成長目標。

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來討論我們的財務表現和指導，約翰？

Thank you, Kevin, and hello, everyone. For the quarter ended March 31, 2025. Our net income per diluted common share was $0.74, up 4.2% from the prior year. Our normalised FFO results for delu common share for the quarter ending March 31, 2025 compared to the prior year period increased 3.6% to $1.14. Our normalized FFO results for diluted common share for the quarter end on March 31 increased 2.7% to $1.15 compared to the prior year period.

謝謝你，凱文，大家好。截至 2025 年 3 月 31 日的季度。我們的每股攤薄普通股淨收益為 0.74 美元，比上年增長 4.2%。截至 2025 年 3 月 31 日的季度，delu 普通股的標準化 FFO 結果與去年同期相比成長 3.6%，達到 1.14 美元。截至 3 月 31 日的季度末，我們稀釋普通股的標準化 FFO 結果與去年同期相比增長 2.7% 至 1.15 美元。

In the first quarter, we recognized $1.2 million in transaction costs, which is approximately $0.03 per share, which Eric mentioned in his comments impacting net income, they read FFO, and normalized FFO. FAD for the quarter ended March 31 compared to the prior year period increased 9.9% to $56 million.

在第一季度，我們確認了 120 萬美元的交易成本，約為每股 0.03 美元，Eric 在他的評論中提到這會影響淨收入，他們讀的是 FFO 和規範化的 FFO。截至 3 月 31 日的季度，FAD 與去年同期相比成長 9.9%，達到 5,600 萬美元。

Sequentially compared to the fourth quarter, cash ran for the first quarter from our real estate investment segment increased $2.6 million. The increase was attributable to several items. First, our cash rents increased approximately $900,000 from acquisitions closed during the fourth quarter of 2024 and the first quarter of this year.

與第四季相比，我們第一季房地產投資部門的現金流增加了 260 萬美元。成長歸因於幾個因素。首先，我們的現金租金因 2024 年第四季和今年第一季完成的收購而增加了約 90 萬美元。

Second, we received $1.2 million in percentage revenue rents from the annual NHC percentage revenue certification. The $1.2 million in NHC percentage revenue rents were offset by $100,000 in lower NHC base rents, attributable to the declining lease termination consideration associated with the disposal of seven Northeast skilled nursing assets.

其次，我們從年度 NHC 百分比收入認證中獲得了 120 萬美元的百分比收入租金。NHC 的 120 萬美元百分比收入租金被 NHC 較低的 10 萬美元基本租金所抵消，這歸因於與處置七項東北專業護理資產相關的租賃終止對價的下降。

Recall that in 2022, we increased the $30.8 million base rent in our master NHC lease for the consideration NHC agreed to pay us for the early termination of a separate seven-property NHC lease. The termination of that lease added additional rents owed the company to the master lease for the lease termination consideration. The company then disposed of the seven Northeast assets in 2022 and received $43.7 million in that proceeds.

回想一下，2022 年，我們將 NHC 主租約中的基本租金提高了 3080 萬美元，作為 NHC 同意向我們支付的提前終止單獨的七處房產的 NHC 租約的對價。該租約的終止導致公司向主租約支付了額外的租金，作為租約終止對價。該公司隨後於 2022 年處置了七項東北資產，並獲得了 4,370 萬美元的收益。

Third, we received approximately $200,000 in additional rents from transition properties, including properties formerly leased to SLM.

第三，我們從過渡物業（包括先前租賃給 SLM 的物業）獲得了約 20 萬美元的額外租金。

And fourth, we receive approximately $700,000 in additional rent attributable to annual rent increases. Those increases were partially offset by lower deferred rent repayments of approximately $300,000. NOI from our shop segment for the quarter end on March 31, increased 4.9% to $3.1 million compared to the prior year period. The year-over-year shop common shareholder FAD contribution was up 12.6% to $2.8 million after adjusting for routine capital expenditures and non-controlling interests.

第四，由於年度租金上漲，我們獲得了約 70 萬美元的額外租金。這些增加的部分被約 30 萬美元的遞延租金償還額的降低所抵消。截至 3 月 31 日的季度，我們商店部門的淨利潤與去年同期相比增長了 4.9%，達到 310 萬美元。調整常規資本支出和非控制權益後，FAD 普通股股東貢獻年增 12.6%，達到 280 萬美元。

In the first quarter, the company completed approximately $76 million in three separate real estate property acquisitions, including the conversion of the non-performing SOM mortgage loan to a fee simple lease arrangement. For more details, please see Note 3 in the Form 10-Q ending March 31, 2025, filed last night.

第一季度，該公司完成了三項獨立房地產收購，總價值約 7,600 萬美元，包括將不良 SOM 抵押貸款轉換為完全租賃安排。有關更多詳細信息，請參閱昨晚提交的截至 2025 年 3 月 31 日的 10-Q 表中的註釋 3。

Subsequent to the end of the quarter, we've announced two additional new investments totaling $91.5 million at an average yield of 8.3%. Year-to-date, we now have made investments of approximately $174.9 million and an average initial yield of 8.2% or approximately $118 million in investments greater than the first six months of last year.

本季結束後，我們宣布了另外兩項新投資，總額為 9,150 萬美元，平均收益率為 8.3%。年初至今，我們已投資約 1.749 億美元，平均初始收益率為 8.2%，比去年上半年的投資額增加約 1.18 億美元。

During the first quarter, we activated our ATM and sold on a forward basis, approximately 208,000 common shares and an average price before fees was $75.52 per share. During the first quarter, we settled the remaining 960,000 common shares from the August 2024 Ford offering and adjusted forward price of $68.21 per share after fees for proceeds of approximately $65.5 million.

在第一季度，我們啟動了 ATM 並以遠期方式出售了約 208,000 股普通股，費用前的平均價格為每股 75.52 美元。在第一季度，我們結算了 2024 年 8 月福特發行的剩餘 960,000 股普通股，扣除費用後調整後的遠期價格為每股 68.21 美元，收益約為 6,550 萬美元。

At March 31, 2025, we had total escrow forward equity proceeds of approximately $68.9 million available to us in exchange for the future delivery of 931,000 common shares and an average price of $74 per share. We also ended the quarter with $135 million in cash on our balance sheet.

截至 2025 年 3 月 31 日，我們可取得的託管遠期股權收益總額約為 6,890 萬美元，以換取未來交付 931,000 股普通股，平均價格為每股 74 美元。本季末，我們的資產負債表上還有 1.35 億美元現金。

Subsequent to the first quarter, we retired $60.1 million in secured debt and extended our $200 million term loan for six months to December 16, 2025.

第一季之後，我們償還了 6,010 萬美元的擔保債務，並將 2 億美元的定期貸款延長六個月至 2025 年 12 月 16 日。

Our balance sheet ended the first quarter in great shape. Our net debt to adjusted EBITDA ratio is 4.1 times for the quarter, well within our stated 4 times to 5 times leverage policy.

我們的資產負債表在第一季結束時表現良好。本季我們的淨負債與調整後 EBITDA 比率為 4.1 倍，遠低於我們所述的 4 倍至 5 倍槓桿政策。

We ended the quarter with approximately $409 million in available ATM capacity, and we had $253 million of availability on our revolver, in addition to the remaining escrow for equity proceeds and cash on our balance sheet.

本季結束時，我們的可用 ATM 容量約為 4.09 億美元，我們的循環信貸可用餘額為 2.53 億美元，此外還有剩餘的股權收益託管和資產負債表上的現金。

For 2025, we continue to be focused on the company's liquidity to meet both our pipeline and maturing debt needs. We have an additional right to extend our $200 million term loan for another six months into 2026, which we intend to do sometime toward the end of the third quarter, and we will retire our other maturing debt totaling $65.6 million through the end of the year. We are monitoring long-term bond rates and continue to expect to tap the public bond market in 2025 to further improve our liquidity.

2025 年，我們將繼續關注公司的流動性，以滿足我們的在建和到期債務需求。我們還有額外的權利將 2 億美元的定期貸款再延長六個月至 2026 年，我們打算在第三季末的某個時候這樣做，並且我們將在年底前償還總計 6560 萬美元的其他到期債務。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 June 30, 2025 and payable on August 1, 2025.

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 6 月 30 日，並於 2025 年 8 月 1 日支付。

Last night, we also increased our full year 2025 guidance for all our per share metrics. Our updated full year guidance for Nareit FFO and normalized FFO per deleted share at the midpoints is $4.67 and $4.71 or 2.6% and 6.1% increases respectively over 2024.

昨晚，我們也提高了所有每股指標的 2025 年全年預期。我們更新的 Nareit FFO 全年指引和每股刪除股票標準化 FFO 中點分別為 4.67 美元和 4.71 美元，比 2024 年分別成長 2.6% 和 6.1%。

Compared to the February guidance, we increased the Nareit FFO and normalized FFO by $0.04 and $0.08 respectively. Our guidance for FAD at the midpoint is $225.1 million, up from the February guidance of $221.7 million and represents a 10.2% increase over 2024.

與 2 月的指引相比，我們分別將 Nareit FFO 和標準化 FFO 提高了 0.04 美元和 0.08 美元。我們對 FAD 的中期指導價為 2.251 億美元，高於 2 月份的 2.217 億美元指導價，比 2024 年增長 10.2%。

Our guidance this year includes the impacts from escrow for equity proceeds during the year. Our guidance includes unchanged shop NOI growth in the range of 12% to 15% over 2024, as well as the continued collection, deferred rents and the fulfillment of our existing commitments.

我們今年的指導包括年度股權收益託管的影響。我們的指導包括：到 2024 年，店鋪淨營業利潤增長率保持在 12% 至 15% 之間不變，以及繼續收取租金、遞延租金和履行現有承諾。

I'd like to take a moment to discuss the NHC master lease agreement in the context of what's included in our guidance based upon the information which can be found in Note 3 of our March 31, 2025 10-Q and the 10th Amendment to the NHC master lease agreement filed as an 8-K September 8, 2022.

我想花點時間討論一下 NHC 主租賃協議，討論內容基於我們 2025 年 3 月 31 日 10-Q 表第 3 號註釋中的信息，以及 2022 年 9 月 8 日以 8-K 形式提交的 NHC 主租賃協議第 10 修正案。

Our guidance includes the base rent as scheduled in the 10th Amendment, plus the percentage revenue rent we receive from NHC in two parts. The first part is 2024 rent owed us based upon the certified 2024 revenues on our facilities.

我們的指導包括第十修正案中規定的基本租金，加上我們從 NHC 收到的兩部分百分比收入租金。第一部分是根據我們設施認證的 2024 年收入計算出的我們應支付的 2024 年租金。

The second part is the estimated percentage revenue that will be paid to us using last year's actual revenues until we receive certified revenue numbers in the first quarter next year.

第二部分是使用去年的實際收入估計支付給我們的百分比收入，直到明年第一季我們收到認證的收入數字。

As I just mentioned, the base rent does include the additional payments owed us for the Northeast seven lease termination consideration. Altogether, our guidance assumes total rent to be paid to the company before the certification of this year's certified portfolio of cash revenues to be approximately $39.7 million. Because our confidence in our pipeline has led us to raise significant forward equity, we are updating our future unidentified investment guidance for the remainder of the year.

正如我剛才提到的，基本租金確實包括了我們因東北七家租賃終止而欠下的額外款項。總而言之，我們的指導假設在今年的認證現金收入組合認證之前支付給公司的總租金約為 3,970 萬美元。由於我們對自己的產品線充滿信心，這促使我們籌集了大量未來股權，因此我們正在更新今年剩餘時間未確定的投資指南。

Our updated 2025 guidance includes $155 million in additional new unidentified investments and an average yield of 8.2%. The timing of these investments is assumed to be weighted more heavily in the third and fourth quarters of this year.

我們更新後的 2025 年指引包括 1.55 億美元的額外新未確定投資和 8.2% 的平均收益率。預計這些投資的時機將在今年第三季和第四季佔據更大比重。

In the future, we may discontinue giving guidance for unidentified investments should we discontinue obtaining equity on a forward basis. Our guidance currently does not include the impacts from any shop conversion activities, but does include the impacts from the recently announced Discovery lease amendment as further discussed in Note 3 of the 10-Q.

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。我們的指導目前不包括任何商店轉換活動的影響，但包括最近宣布的 Discovery 租賃修正案的影響，如 10-Q 註 3 中進一步討論的那樣。

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。

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

再次感謝您今天參加我們的電話會議。我們的準備好的演講到此結束。那麼，接線員，請打開熱線來回答問題。

Thank you. At this time we will be conducting a question and answer session.(Operator instructions)

謝謝。此時我們將進行問答環節。 （操作員指示）

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks, good morning. So maybe I'll go right to the jugular here. On NHC, can you give any update, generally on the process, whether or not you need some clarity on Medicaid before you can really kind of dive in and, relate it to all that, what the latest perspective that you could share is relative to land and buildings and having the right board bench in place to do it right.

謝謝，早安。所以也許我應該直接擊中要害。關於 NHC，您能否提供一些最新信息，一般來說，關於流程，在您真正深入研究之前，是否需要對醫療補助有所了解，並將其與所有這些聯繫起來，您可以分享的最新觀點是關於土地和建築物，以及擁有合適的董事會來正確執行這些事情。

Hey, Rich, this is Eric. And according to Hogan, our attorneys, we have to be careful what we say about land and buildings cause they're definitely monitoring this call. But the process with the NHC lease, as written in the lease as they have to give us notice of renewal six months before the end of the term, which is the end of 2026, we're having dialogue with them in the meantime, trying to see if we can come to some sort of early agreement.

嘿，里奇，我是艾瑞克。我們的律師霍根表示，我們必須謹慎談論土地和建築物問題，因為他們肯定在監聽這通通話。但 NHC 租賃的流程是這樣的，正如租賃協議中所寫，他們必須在租賃期結束前六個月（即 2026 年底）通知我們續約，與此同時，我們正在與他們進行對話，試圖看看我們是否可以達成某種早期協議。

Obviously that Medicaid issue and the provider tax issue is a cloud and makes the future a little fuzzy there. So that's something we'll have to navigate around and then just for the activists listening, we do have an independent directors related party committee of the board, and we have retained blueprint advisors, a skilled nursing advisory shop to help us determine what is market, what is a fair deal for shareholders, and then the related party committee will also help us determine the right strategy and help us create shareholder value based on the lease renewal.

顯然，醫療補助問題和供應商稅收問題是一個陰雲，使得未來變得有點模糊。所以這是我們必須解決的問題，然後只是為了傾聽激進主義者的意見，我們確實有一個獨立董事的董事會關聯方委員會，並且我們保留了藍圖顧問，一個熟練的護理諮詢店來幫助我們確定什麼是市場，什麼是對股​​東公平的交易，然後關聯方委員會還將幫助我們確定正確的策略，並幫助我們根據租約續簽創造股東價值。

Okay, thanks for for that. Second question is on shop, it's sort of small but growing, based on what you're talking about in terms of internal conversions, but what caused it to be so dramatically low for the first quarter? I know you've reiterated guidance, but was there something in there? One time ish because even any of your peers are not sort of in the mid single digits during this quarter we're not seeing that anyplace else but here, so maybe you can just comment on that.

好的，謝謝你。第二個問題是關於商店的，根據您所說的內部轉換情況，它的規模雖然很小，但卻在增長，但是是什麼原因導致它在第一季如此低迷？我知道您已經重申了指導意見，但其中有什麼內容嗎？一次左右，因為即使您的任何同行在本季度都沒有達到中等個位數，我們在這裡以外的任何地方都沒有看到這種情況，所以也許您可以對此發表評論。

Hey Rich, this is Kevin. Actually, yes, we did have one one-time expense in there that held it back a tiny bit. At the end of the day though, we had planned on some seasonality and had projected it to be relatively flat for the first quarter, which is where it came in.

嘿，Rich，我是 Kevin。事實上，是的，我們確實有一筆一次性的開支，這稍微阻礙了我們的發展。不過，最終，我們還是針對一些季節性因素進行了規劃，並預計第一季的業績將相對持平，事實也確實如此。

We do tend to see some excess move outs in the winter months, so not terribly surprised. We'd like to see it have done a little bit better, but at the end of the day we still had year-over-year growth. We're seeing good leading indicators, so we're still very positive on our guidance that we put out there.

我們確實會在冬季看到一些過剩的搬離現象，所以並不感到太驚訝。我們希望看到它表現得更好一些，但最終我們仍然實現了同比增長。我們看到了良好的領先指標，因此我們對於我們提出的指導仍然非常樂觀。

Okay, Kevin, just so I have a last one for me. What's left to do with SLM in terms of the med loans?

好的，凱文，我還有最後一個問題。就醫療貸款而言，SLM 還有什麼可做的？

SLM is largely wrapped up from my perspective. We got a $2.5 million payment at the end of April, as they sell additional facilities. There's some likelihood that we'll get some additional payment, but those, the timing of those is not determinable at the moment. So the buildings have been re-tenanted, they're doing better and improving, happy with our tenants there, and then, as I mentioned, we got one payment looking for some additional payments, but we'll report more as we get those in.

從我的角度來看，SLM 已基本結束。由於他們出售了額外的設施，我們在四月底收到了 250 萬美元的付款。我們有可能獲得一些額外的付款，但目前還無法確定特定時間。因此，這些建築物已經重新出租，情況越來越好，租戶也越來越滿意，然後，正如我提到的，我們收到了一筆付款，希望獲得一些額外的付款，但我們會在收到這些付款後報告更多資訊。

Okay, great, thanks very much. I'll yield.

好的，太好了，非常感謝。我會屈服。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just a question on Discovery on the triple net transitions. Should we expect that process to be seamless, any sort of blip in rents collected or straight line rent write offs or deferred CapEx that, that we should be thinking of as part of that. And if you could just square like why you're happy to continue the relationship on shop but are looking to transition to triple net assets.

嗨，早安。我只是想問一下關於探索號三重網絡轉換的問題。我們是否應該期望這個過程是無縫的，任何形式的租金收取的波動、直線租金註銷或遞延資本支出，我們都應該將其視為其中的一部分。如果您能直接說明為什麼您樂意繼續在商店上保持合作關係，但希望過渡到三重淨資產。

Hey Juan, this is Kevin again. As it relates to the transition, I think with any transition to a new operator, there's going to be a little bit of noise. So while, as I mentioned on the call or the comments, we're very thankful for Discovery's cooperation here.

嘿，胡安，我又是凱文。至於過渡，我認為向任何新運營商的過渡都會帶來一些噪音。因此，正如我在電話或評論中提到的那樣，我們非常感謝探索頻道的合作。

There's going to be a han doff. There's going to be probably some noise in there. We've accounted for that as we think about it in our projections as we look at this opportunity. In terms of the buildings, they've been maintained. I do believe we're going to have some revenue producing type CapEx that will invest in the community, so you'll see that from us like we also did on the other shop portfolio.

將會有一場脫衣舞表演。那裡可能會有一些噪音。當我們看到這個機會時，我們在預測中已經考慮到了這一點。就建築物而言，它們一直得到維護。我確實相信我們將會有一些創收類型的資本支出來投資於社區，所以你會從我們身上看到這一點，就像我們在其他商店投資組合上所做的那樣。

The last question, I want to clarify when you said about continuing to invest in shop, do you mean with Discovery or can we -- can you clarify?

最後一個問題，我想澄清一下，當您說繼續投資商店時，您是指 Discovery 嗎，還是我們可以——您能澄清一下嗎？

Discovery's done a good job on the shop portfolio that we have. We've seen occupancies improve. We're starting to see the incentives that we had put out there to get occupancy up come off. We should see RPUs increase. At the end of the day, it took a little bit more time than we would have liked on the shop portfolio. That's a global comment really for the whole 15 to get in the right direction, but we're moving and we feel good about that. So we want to support the things that have gone well.

Discovery 在我們現有的商店組合方面做得很好。我們看到入住率有所提高。我們開始看到我們為提高入住率而採取的激勵措施開始奏效。我們應該會看到 RPU 增加。最終，我們在商店組合上花費的時間比我們預期的要多一點。這實際上是要求整個 15 個國家朝著正確的方向前進，但我們正在前進，我們對此感到滿意。因此，我們希望支持那些進展順利的事情。

There's an ability, I think, for us to move some more independent, larger independent buildings into that relationship and support the things that have gone well, and then on the other piece, it's been our -- it's going to be our election to move in a different direction and find a new home for those properties, but you know it's not a relationship that we just want to cast aside. We're still going to continue to invest in it.

我認為，我們有能力將一些更獨立、更大的獨立建築納入這種關係，並支持那些進展順利的事情，另一方面，這是我們的——我們將選擇朝著不同的方向發展，為這些房產找到新的歸宿，但你知道，我們並不想拋棄這種關係。我們仍將繼續對其進行投資。

Juan, before you ask another question, this is John. Let me add some additional color here on your question.

胡安，在你問另一個問題之前，我是約翰。讓我在這裡對您的問題進行一些補充說明。

First, the Discovery lease arrangements have some credit enhancements. So we're in the process of determining the complete process of working through the operating transfers, which, will also involve working capital and things like that.

首先，Discovery 的租賃安排具有一些信用增強措施。因此，我們正在確定整個營運轉移過程，其中還涉及營運資金等。

We're very comfortable at the FAD line with what we have in guidance this year and don't expect any disruption there as a result of this transition. We also want to make mention that, when a lease does become apparent that it's not going to go to term, we have straight line receivables on our balance sheet, and you can find more information about that in Note 3 in the 10-Q

我們對今年的 FAD 指導方針非常滿意，並且預計此次轉變不會對 FAD 造成任何干擾。我們還想提一下，當租賃明顯無法按期完成時，我們的資產負債表上有直線應收賬款，您可以在 10-Q 中的註釋 3 中找到有關此內容的更多信息

So that, those receivables, we'll have to deal with this in accordance with how we've done that in the past. So I just want to make mention of those two things.

因此，我們必須按照過去的做法來處理這些應收帳款。所以我只想提這兩件事。

Okay, great. Thanks and and then going back to NHC. So I guess how should we think about the percent rent benefit that you had in the first quarter and what that means to that tenant's profitability and how you see, how that business is performing and kind of what the upside could be if you took those assets to market.

好的，太好了。謝謝，然後回到 NHC。所以我想我們應該如何看待您在第一季獲得的百分比租金收益，以及這對租戶的盈利能力意味著什麼，以及您如何看待該業務的表現，以及如果您將這些資產推向市場，可能帶來哪些好處。

This is Kevin again. The percentage rent, and I'll speak a little bit for John, was largely factored into our numbers already. So a minor positive increase there, but we had a decent line of sight into what that was going to be. So that was already kind of taken care of.

我又是凱文。百分比租金（我會代表約翰說一點）已基本計入我們的數字。因此，這是一個小幅的正成長，但我們對未來將會發生的事情有相當清晰的認識。所以這件事情已經妥善處理了。

The fact of the matter is the buildings continue to improve. We've been happy with the performance coming out of COVID, took a little bit of time for them to get there from improving their NOI perspective, but, I think that it's going in the right direction. So time so far has been to our benefit. Rents continue to go up. We're seeing that improve. The market's still pretty good from a evaluation standpoint, and we're working with blueprint to make sure we have a good line of sight into that, but we've got really good comps. On, what the portfolio should be worth, so we're making sure that we have all those pieces of information that we can and factor that into our negotiations with them.

事實是，建築物正在不斷改善。我們對 COVID 之後的表現感到滿意，從改善 NOI 的角度來看，他們花了一些時間才達到這個目標，但我認為他們正朝著正確的方向發展。到目前為止，時間對我們是有利的。租金持續上漲。我們看到情況正在改善。從評估的角度來看，市場仍然相當不錯，我們正在製定藍圖以確保我們對此有良好的了解，但我們已經有了非常好的比較結果。關於投資組合的價值，我們確保掌握所有相關信息，並將其納入與他們的談判中。

And just last one for me, just on the shop portfolio and the reiteration of [God] and like how should we think about the moving pieces to get there? Is it because report is kind of yet to move, occupancy was down kind of sequentially. So I guess how do you give us comfort that you can hit that mid-teens same store I know I grew up.

對我來說，最後一個問題是關於商店組合和[上帝]的重申，我們應該如何思考實現目標的舉措？是不是因為報告尚未公佈，入住率就連續下降了？所以我想，你怎麼能讓我們感到安慰呢？我知道，你可以去我長大的那個十幾歲的孩子常去的同一家商店。

I think the things to focus on here are going to be the incentives rolling off and continued occupancy at that 90% plus level that would make sure that we're not doing additional heavy incentives to keep that occupancy. That's what we're expecting out of the portfolio.

我認為這裡要關注的事情是激勵措施的推出和入住率保持在 90% 以上的水平，這將確保我們不會採取額外的高額激勵措施來保持入住率。這正是我們對投資組合的期望。

We are starting to see them roll off a bit, we did see a little bit of softness on occupancy which we anticipated in the first quarter. So the expense line is something I think that can always be worked on, but it's really revenue.

我們開始看到它們有所下降，我們確實看到入住率略有下降，這在第一季是預料之中的。所以我認為支出項目是可以不斷改進的，但它實際上就是收入。

It's, can we continue to perform on maintaining and improving occupancy and getting those incentives out and that's something that we -- I think we're expecting to see throughout the year and we had planned on a flat first quarter and then improving from there. We're starting to see positive KPIs.

問題是，我們能否繼續保持和提高入住率，並推出這些激勵措施，這是我們——我想我們預計全年都會看到的事情，我們計劃第一季持平，然後從那裡開始改善。我們開始看到正面的 KPI。

One other thing to point out too is just the recurring CapEx we've invested a ton into these communities. We should see that level out over time. It was down a little bit in the first quarter. A little bit of that is timing and that we will continue to invest in the buildings throughout the year, but you should see that total investment come down over time as well, which would help, Juan.

還有一點要指出的是，我們在這些社區投入了大量的經常性資本支出。隨著時間的推移，我們應該會看到這一水平逐漸下降。第一季略有下降。這有一點是時間問題，我們將全年繼續對建築進行投資，但你應該會看到總投資也會隨著時間的推移而下降，這會有所幫助，胡安。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Thank you for taking my question. My first one is on the large shop portfolio that did not close or fell out of pipeline. I'm curious if you give a few more details at what part of the process, there may have been questions about and were there any lessons learned coming out of it.

感謝您回答我的問題。我的第一個項目是關於沒有關閉或失去銷售管道的大型商店組合。我很好奇，您是否能提供更多細節，說明在流程的哪個部分可能存在疑問，以及從中是否吸取了任何教訓。

Well, sure, this is Kevin. I think, well, we ended it was we had a property under NOI. We got in figuring out what the actual NOI run rate is, what growth look like. Is this going to be an accretive transaction for NHI and ultimately what is the growth prospects look like?

嗯，當然，這是凱文。我認為，好吧，我們最終在 NOI 下擁有了一處房產。我們要弄清楚實際的 NOI 運行率是多少，成長情況是什麼樣的。這對 NHI 來說會是一筆增值交易嗎？最終的成長前景如何？

We came to the determination that it was likely not going to be a fit for a few reasons, one of which was just structure and how it rolled into our organization. At the end of the day it was probably just not the right time. I think it's a good portfolio, maybe it comes back around, but for now we're happy to continue to pursue what pipeline we have. It's rather robust.

我們最終認定它可能不太合適，原因有幾個，其中之一就是結構以及它如何融入我們的組織。歸根究底，這可能只是時機不對。我認為這是一個很好的投資組合，也許它會回來，但現在我們很高興繼續追求我們擁有的管道。它相當堅固。

So rather than commit resources to something that was going to drag out and may not completely satisfy investor expectations, we decided to continue to move off of it and really pursue the pipeline we have otherwise.

因此，我們決定不再將資源投入那些可能拖延很久、無法完全滿足投資者期望的事情上，而是繼續推動我們現有的專案管道。

Okay, thank you. And also in the $155 million unidentified new investments, can you give a sense of the mix between either property investments or debt financing, and if you have a certain target on each bucket.

好的，謝謝。另外，在 1.55 億美元的未確定的新投資中，您能否介紹房地產投資或債務融資的混合情況，以及您是否對每個投資都設定了特定的目標。

Yeah, the way we approach our unidentified investment bucket is we have a combination of a little bit of loans as well as mostly fee simple. As you can see by the execution we've had, through the date of this call, it's been mostly fee simple. We think that's going to continue, but when we make our assumptions on unidentified investments, we're sort of mindful that it might be a mixture.

是的，我們處理未確定的投資項目的方式是，結合少量貸款和大部分的簡單產權。正如您所看到的，從我們的執行情況來看，截至本次通話日期，大部分都是簡單的費用。我們認為這種情況將會持續下去，但是當我們對未確定的投資做出假設時，我們會注意到它可能是一種混合。

And so that the rates will be a little different, but you can see the average yield that we're assuming and guidance is still 8.2%, which is completely in line with, especially the most recent closings that we had subsequent to the third quarter. So that's basically how I can help you with that question.

因此利率會略有不同，但您可以看到我們假設的平均收益率和指導值仍為 8.2%，這完全符合預期，尤其是與我們在第三季之後的最新收盤價一致。這就是我基本上能幫你解答這個問題的方法。

Okay, thank you. And one last one for me is, with the Discovery leases and the or the triple net conversions, is there any sense on timing of when, that NO why would be transitioned?

好的，謝謝。對我來說最後一個問題是，對於 Discovery 租賃和三重淨轉換，是否有任何時間安排，為什麼會進行轉換？

This is Kevin. We're targeting the third quarter. That's still subject to, legal review and licensure applications, and there's some timing aspects in there, but at the end of the day, that's the goal we're working on.

這是凱文。我們的目標是第三季。這仍然需要經過法律審查和許可申請，​​而且還涉及一些時間方面的問題，但最終，這就是我們努力的目標。

Okay, thank you so much.

好的，非常感謝。

(Operator instructions)

（操作員指示）

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, good morning everyone. First of all, congrats on just the overall solid execution. Two questions on shop. Again, I know you guys talked a little bit about seasonality being the issue for the weekly thing so and why this quarter. But I guess when I'm looking at your supplemental and your disclosure there, it really looks like the main issue was rev for growth, which again was again 70 bps year-over-year.

嗨，是的，大家早安。首先，恭喜您整體的出色執行。關於商店的兩個問題。再說一次，我知道你們談論了季節性是每週事務的問題，以及為什麼是本季的問題。但我想，當我查看您的補充資料和披露資訊時，主要問題似乎確實是增長速度，而這一速度同比又增長了 70 個基點。

And Kevin, you had mentioned incentives and prior so that makes sense, but I'm just curious again you already have occupancy so close to 90%. Why the continued use of such heavy incentives, especially in this quarter in particular, which just seems like (inaudible) growth was just really low.

凱文，您提到了激勵措施和先前的措施，這很有道理，但我只是再次好奇，您的入住率已經接近 90%。為什麼要繼續使用如此大的激勵措施，特別是在本季度，這似乎（聽不清楚）成長真的很低。

Sure, this is Kevin Tayo. The fact of the matter is not all the buildings are at 90%. There are still a subset that need to get there and we're still having to use some incentives. So and the other thing that we're fighting is the average length of stay.

當然，這是 Kevin Tayo。事實上，並非所有建築物的使用率都達到 90%。仍有一小部分人需要實現這一目標，我們仍然需要使用一些激勵措施。因此，我們正在努力解決的另一個問題是平均住院時間。

We're seeing that we've seen that come down from when it was a holiday portfolio, back then it was 33 months. Now it's closer to two years. So you're having that turnover. We want to make sure that we're steady at that occupancy, so there's a little bit of incentive usage just to make sure we're holding on before we just completely let it go.

我們發現，與假日投資組合相比，這一期限有所下降，當時是 33 個月。現在已經快兩年了。所以，您有這樣的營業額。我們希望確保入住率保持穩定，因此我們會使用一些激勵措施，以確保在完全放開之前我們能夠堅持下去。

At the end of the day though, again, we're very focused on it. We're not wanting to continue the incentives. It's something that's a focus for both of our operating partners, but we want to make sure that they're steady and we don't want to lose additional occupancy and want to maintain occupancy through the winter as much as possible.

但最終，我們還是會非常關注這一點。我們不想繼續提供這些激勵措施。這是我們兩個營運夥伴的重點，但我們希望確保他們的穩定，我們不想失去額外的入住率，並希望盡可能在整個冬季保持入住率。

That makes sense. And then SLM and the shop conversion, again, it's -- what's the ultimate target in regards to again right now you're getting $0.5 million in rent or so per month, but is the idea here, the NOI of this portfolio can be, $10 million or is it kind of some way we can kind of boogie kind of what the upside is from the conversion?

這很有道理。然後是 SLM 和商店轉換，再次，它是 - 最終目標是什麼，現在你每月獲得 50 萬美元左右的租金，但這裡的想法是，這個投資組合的 NOI 可以是 1000 萬美元，或者我們可以通過某種方式來預測轉換帶來的好處是什麼？

So if I'm sorry if I misheard you, I think you said SLM, but we're talking about Discovery, correct?

所以如果我聽錯了，請原諒我，我想你說的是 SLM，但我們正在談論 Discovery，對嗎？

I'm sorry, Discovery.

很抱歉，探索號。

I would maybe rephrase it a little bit differently is we've seen good growth potential anyway out of the portfolio and thinking that over time it can be a double digit in a wine grower. So could it get to, $9 million or $10 million someday?

我可能會用稍微不同的方式來重新表述，我們已經看到了投資組合的良好成長潛力，並認為隨著時間的推移，葡萄酒種植者的成長率可以達到兩位數。那麼，未來某一天，這個數字能達到 900 萬美元或 1,000 萬美元嗎？

I think that's possible. The fact that matter though is we need to see more steady continued growth. We think that we can get that focus out of the (inaudible) relationship and continuing to invest in some additional CapEx that will be ROI producing, and that's really the focus is to make sure we're getting the right year-over-year growth out of it.

我認為這是可能的。但重要的事實是，我們需要看到更穩定的持續成長。我們認為，我們可以將重點從（聽不清楚）關係中解放出來，繼續投資於一些將產生投資回報的額外資本支出，而真正的重點是確保我們從中獲得正確的同比增長。

Tayo, this is John. Let me also mention. That, when we look at that portfolio and the return on invested capital, which can be derived from the information and all our filings, it's just over 3%. So our underwriting, still continues to tell us, we should be able to do better.

Tayo，這是約翰。我還要提一下。當我們查看該投資組合和投資資本回報率（可從資訊和我們所有的文件中得出）時，它略高於 3%。因此，我們的承保仍然不斷告訴我們，我們應該能夠做得更好。

And so there is potentially, kind of the upside that you might be talking about, getting back to a more normalized return on invested capital on those assets. And, we publish what our ROIC is and so we're very focused on making sure we're efficiently using capital wherever it's deployed.

因此，有可能存在您所談論的某種好處，即恢復這些資產更正常的投資資本回報率。而且，我們公佈了我們的投資資本回報率 (ROIC)，因此我們非常注重確保無論資本部署在何處，我們都能有效地利用資本。

That makes sense. One more for me, if you could indulge me. Any update on [packs] at all? Again, I know it's a much smaller tenant for you guys, but curious if you're hearing anything.

這很有道理。如果您能滿足我的話，請再給我一個。[packs] 有任何更新嗎？再說一次，我知道這對你們來說是一個小得多的租戶，但我很好奇你是否聽到了什麼。

Kevin. Again, we don't have anything additional to share what you've seen from their public disclosure is what we have as well. We were in regular contact. The buildings continued to pay rent as agreed, and their underlying performance is doing fine, but in terms of where they're at, I don't know any more than you do.

凱文。再說一次，我們沒有其他可以分享的信息，只有您從他們的公開披露中看到的信息。我們一直保持著定期聯繫。這些建築繼續按照約定支付租金，其基本表現也很好，但就它們目前的情況而言，我和你一樣不了解。

Awesome. Thank you.

驚人的。謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Thanks, good morning, everyone. You referenced a couple times that deal flows accelerating. Just curious what you think is driving the uptick in the activity, whether it's a market phenomenon or something NHI specific and just give us a sense how deep the pipeline is as we think about the ability to to back fill the existing pipeline.

謝謝，大家早安。您曾多次提到交易流正在加速。我只是好奇您認為是什麼推動了活動的上升，無論是市場現象還是 NHI 特定的東西，並讓我們了解管道有多深，因為我們考慮填補現有管道的能力。

This is Kevin. I think a lot of it's just sellers coming to the realization that this is the market now. CapEx rates have kind of flattened out. We're seeing a lot more activity. Rates are high, and there was a glimmer of hope. I think people had that they were going to come down, but that's kind of been diminished, I think, for the rest of the year.

這是凱文。我認為很多賣家只是意識到了現在的市場狀況。資本支出率已趨於平穩。我們看到了更多的活動。利率很高，而且還有一線希望。我認為人們原本會下降，但我認為，在今年剩餘的時間裡，這種下降趨勢已經減弱。

So, buyers are just looking to recycle, or sorry, sellers are looking to recycle capital, as I mentioned, it's somewhat limited buyer pool. We're not seeing they're getting multiple LOIs on properties, but we're right in the mix, particularly now with our shop products, if you will, that's available where we can be more competitive on higher quality properties where we can get focused on certain operators that we might not have had before.

因此，買家只是想回收，或者抱歉，賣家只是想回收資本，正如我所提到的，買家群體有點有限。我們沒有看到他們獲得多份房產意向書，但我們正處於其中，特別是現在有了我們的商店產品，如果你願意的話，我們可以在更高質量的房產上更具競爭力，我們可以專注於某些我們以前可能沒有的運營商。

So, I think it just made us a lot more competitive and the market's just right for us. We're very focused on senior housing. That's the biggest part of the pipeline, most of it being real estate. Investment and whether it's shop or lease, there's probably a little bit of debt will do. We've seen that play out well for us where we'll get purchase options if we put the first mortgages out, but that's probably, a second choice for us right now, but it's pretty deep. We've talked about 264 in terms of our pipeline, but the total funnel that we're looking at right now is probably 3 times or 4 times that number, so it's definitely a good time for us.

所以，我認為這讓我們更有競爭力，市場也更適合我們。我們非常關注老年人住房。這是管道中最大的部分，其中大部分是房地產。投資，無論是店家還是租賃，大概有一點點債務就可以了。我們已經看到這對我們來說效果很好，如果我們發放第一筆抵押貸款，我們將獲得購買選擇權，但這可能是我們目前的第二選擇，但它相當深刻。我們已經在管道方面討論了 264，但是我們現在看到的整體漏斗可能是這個數字的 3 倍或 4 倍，所以這對我們來說絕對是一個好時機。

Do you think that the pace of acquisitions could increase? I mean, you referenced you've freed up additional resources with the no longer pursuing the large portfolio deal and between that and just I guess the network effect of bringing in new operators. Do you think that they could pick up at some point towards the back half of this year?

您認為收購步伐會加快嗎？我的意思是，您提到，由於不再追求大型投資組合交易，您已經釋放了額外的資源，而我猜這和引入新運營商的網路效應有關。您認為他們能否在今年下半年某個時候復甦？

I think it can. We just want to be selective on where we're investing. We're not going to chase it like Eric said. We also have to be mindful about growing our team out, which we're actively doing. So, I think you'll definitely see more investment from us, the pace of which will be kind of dictated in terms of how much we like the opportunity. We have the ability to stretch and do a little bit more, but we want to make sure it's thoughtful and going to be accretive for the company not only now, but into the future.

我認為可以。我們只是想選擇性地投資。我們不會像埃里克說的那樣去追逐它。我們還必須注意擴大我們的團隊，我們正在積極地這樣做。因此，我認為你肯定會看到我們進行更多的投資，其步伐將取決於我們對這個機會的喜愛程度。我們有能力拓展並做得更多，但我們希望確保它是深思熟慮的，並且不僅現在而且將來都能為公司帶來增值。

And then just the last one for me is, you referenced cap rates flattening out. I mean, do you attribute to that kind of occupancy being back towards maybe even above in some cases pre-pandemic levels and just the growth profile changing or other factors that you think are driving that?

對我來說最後一個問題是，您提到了資本化率趨於平穩。我的意思是，您是否認為這種入住率在某些情況下會回升至疫情前的水平，甚至可能高於疫情前的水平，僅僅是增長狀況的變化，還是您認為推動這種現象的其他因素？

I think it's a couple of things. One, as I mentioned, debt is still pretty expensive. So a typical buyer is going to have, if they go too far down on the cap rate, they're going to have negative leverage. So I think that's going to push up cap rates. And then there is an element to your thought of performance stabilizing a bit.

我認為有幾件事。首先，正如我所提到的，債務仍然相當昂貴。因此，如果典型的買家將資本化率壓得太低，他們就會產生負槓桿。所以我認為這會推高資本化率。然後，您認為性能會稍微穩定一些。

We are seeing more stabilized type properties when you're looking at growth in the kind of mid to high single digits versus some of the double digit numbers that's been posted. So that's also what we're sifting through making sure that we have the right growth growth profile and initial yields on the properties. But I think it's in my opinion, it's the two of the factors anyway that are going to cause that.

當您查看中高個位數的成長而不是已發布的一些兩位數的成長時，我們會看到更穩定的類型屬性。因此，這也是我們正在篩選的內容，以確保我們擁有正確的成長概況和房產的初始收益。但我認為，無論如何，這兩個因素都會導致這種情況。

That's helpful. Thanks for the time.

這很有幫助。謝謝你的時間。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thank you. It just curious on the bond, stuff, John that you talked about tapping the bond market later in the year, kind of what the range of size raises and how you see your cost today to think about relative to (inaudible).

你好，謝謝。我只是對債券方面感到好奇，約翰，你談到了今年晚些時候進入債券市場，規模增加的範圍以及你如何看待你今天相對於債券市場的成本（聽不清楚）。

Sure. Well, as you noticed, we're utilizing quite a bit of equity. One of the things that we do is we look at the relative incremental cost of our equity compared to our long-term bond cost. And so we've been saying for some time now that, the bond cost, the long-term debt cost is pretty close to the same cost as our equity.

當然。嗯，正如你所注意到的，我們利用了相當多的股權。我們所做的事情之一是查看股權相對於長期債券成本的相對增量成本。因此，我們一直在說，債券成本、長期債務成本與我們的股權成本非常接近。

In the previous quarter, we're always going to be ready, but, during our open windows, there is quite a bit of cross currents, related to the tariffs that just made the issuance for us maybe a little less efficient than we would have liked.

在上一季度，我們始終做好準備，但是，在我們開放的窗口期間，存在相當多的逆流，與關稅有關，這使得我們的發行效率可能比我們所希望的要低一些。

We are a relatively smaller REIT, and we're also BBB minus BAA3. And so I think, there's just -- we're just having to be very mindful about -- we've got to pick our window properly. And so the minimum is $300 million to be indexed, which will give us the greatest liquidity on our bond.

我們是一家相對較小的房地產投資信託基金，而且我們的評級也是 BBB 減 BAA3。所以我認為，我們必須非常小心，必須正確選擇我們的視窗。因此，最低指數化金額為 3 億美元，這將為我們的債券帶來最大的流動性。

We need to, we will get into longer dated maturities here, and that's why I mentioned it in my prepared remarks this year. But we're prepared to sort of weave with the market, on the long-term debt issuance, and that's why I'm so focused on talking about our liquidity as we're growing here.

我們需要，我們將在這裡討論較長期限的債券，這就是我在今年的準備好的發言中提到這一點的原因。但我們準備在長期債務發行方面與市場進行某種程度的互動，這就是為什麼我如此專注於談論我們在發展過程中的流動性。

So what would your cost to a 10 year (inaudible)

那麼，你的 10 年成本是多少（聽不清楚）

Well, that's a great question. It kind of blew out on us. I would call it 40 basis points in the first quarter to over 200 basis points. That's not historically ever been our expectation. We would be sub 200. So we'll just see how the market starts to talk to us here in the coming quarters.

嗯，這是一個很好的問題。這對我們來說有點意外。我認為第一季的漲幅將達到 40 個基點至 200 個基點以上。從歷史上看，這從來都不是我們的期望。我們的人數將低於 200 人。因此，我們只需觀察未來幾季市場將如何與我們互動。

Thanks and a couple other quick follow ups. On the NHC related proxy battle, just curious on the cost we should be expecting.

謝謝，還有其他一些快速的後續問題。關於 NHC 相關的代理權爭奪戰，我只是好奇我們應該預期的成本。

So, hey, Juan, this is John again. We put a number in our guidance that number was right at (inaudible). That's our current expectation. And as you noted, as you noticed in our first quarter results, there was a, add back of approximately $264,000 at the normalized FFO line. So you can see that note mentioned in our guidance.

嘿，胡安，我又是約翰。我們在指導中給了一個數字，這個數字正好是（聽不清楚）。這是我們目前的期望。正如您所注意到的，正如您在我們的第一季業績中所注意到的，在標準化 FFO 線上增加了約 264,000 美元。因此您可以看到我們的指南中提到的註釋。

Great, and just sorry for one last one for me on the shop side on the occupancy dip sequentially recognizing some of that's was planned in seasonal. So was the issue on the move outs and if if it's move outs was that or death related or was there some element of financial move outs as part of that?

太好了，對於商店方面而言，最後一個問題我很抱歉，因為入住率連續下降，其中一些是按季節計劃的。那麼問題是否與搬出有關？如果是搬出，是否與死亡有關？或與財務搬出有關？

Predominantly it's going to be a move out due to higher level of care or death. I think we saw the-- those that passed away accelerate a bit, which again is normal seasonality. Haven't really seen a huge spike in financial. There's always some in the portfolio, but it's definitely the higher level of care or passing away.

主要是因為需要更高水準的照顧或死亡而搬離。我認為我們看到了死亡人數的增加，這也是正常的季節性現象。確實沒有看到財務方面大幅成長。投資組合中總是會有一些，但肯定是更高級別的護理或去世。

Thank you.

謝謝。

Thank you. There were no other questions in queue at this time. I would now like to hand the call back to Eric Mendelsohn for closing remarks.

謝謝。此時隊列中沒有其他問題。現在我想把發言權交還給 Eric Mendelsohn，請他做最後發言。

Thanks everyone for attending today and your interest. We will look forward to seeing you at [neighbor].

感謝大家今天的出席與關注。我們期待您的光臨[鄰居]。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。