National Health Investors Inc (NHI) 2025 Q2 法說會逐字稿

Greetings. Welcome to the National Health Investors 2Q 2025 earnings webcast and conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加全國健康投資者 2025 年第二季財報網路廣播和電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Dana Hambly. You may begin.

現在我將會議交給主持人達娜·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 second 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，歡迎參加全國健康投資者電話會議，審查 2025 年第二季的業績。參加今天電話會議的有總裁兼執行長 Eric Mendelsohn、首席投資長 Kevin Pascoe、財務長 John Spaid 和首席會計長 David Travis。

The results as well as notice of the accessibility of this 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 future performance.

昨天股市收盤後，財經媒體在一份新聞稿中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。

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 June 30, 2025.

所有前瞻性陳述均代表 NHI 在本次電話會議召開之日的判斷。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 截至 2024 年 12 月 31 日止年度的 10-K 表格和截至 2025 年 6 月 30 日止季度的 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 (SEC) 網站 sec.gov 或 NHI 網站 nhireit.com 上查閱。此外，本次電話會議中使用的某些術語為非公認會計準則 (non-GAAP) 財務指標，其對帳資訊已在 NHI 的收益報告及相關表格和附表中提供，這些表格和附表已透過 8-K 表格提交給美國證券交易委員會。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 followed a strong start to the year with an even stronger quarter, which exceeded our expectations. The second quarter's outperformance was multifaceted and driven by solid execution throughout the enterprise. The faster pace of acquisitions in the first half of the year, exceptional SHOP NOI growth, and continued deferral collections on improving tenant fundamentals were all major contributors.

大家好，感謝大家今天加入我們。今年開局強勁，本季業績表現更為強勁，超出了我們的預期。第二季的優異表現是多方面的，並由整個企業的穩健執行所推動。上半年收購速度加快、店鋪淨利潤大幅增長以及租戶基本面改善導致的持續延期收款都是主要推動因素。

Due to the outperformance and good visibility, we're raising our 2025 guidance for the second time this year. We increased the midpoint of our normalized FFO guidance per share by $0.09 to $4.80, representing year-over-year growth of 8.1%. With our improving growth and excellent coverage, we also announced last night that we are increasing the dividend for the first time in four years.

由於出色的表現和良好的可見性，我們今年第二次上調了 2025 年的預期。我們將每股正常化 FFO 指導中點提高了 0.09 美元，達到 4.80 美元，年增 8.1%。隨著我們業務的成長和出色的覆蓋範圍，我們昨晚也宣布，我們將四年來首次增加股息。

Additionally, we're excited to share a milestone event for NHI. Effective August 1, we completed the transition of seven properties from leases to SHOP, resulting in an increase to our annualized SHOP NOI of approximately $8.8 million or 57%. Following these transitions, SHOP will represent almost 10% of our consolidated NOI. Given the significant organic and external growth opportunities, we expect that percentage to grow exponentially both on a near-term and long-term basis.

此外，我們很高興與大家分享 NHI 的一個里程碑事件。自 8 月 1 日起，我們完成了 7 處房產從租賃到 SHOP 的轉換，導致我們的年度 SHOP NOI 增加約 880 萬美元或 57%。經過這些轉變，SHOP 將占我們合併營業淨收入的近 10%。鑑於巨大的有機和外部成長機會，我們預計該百分比將在短期和長期內呈指數級增長。

Since we established SHOP in April of 2022, we've been methodically preparing to grow this portfolio as we believe senior housing operations provide the highest growth potential with the best risk-adjusted returns in our investment universe. Through investments in personnel as well as other internal and external resources, we're confident that we now have established a strong foundation across our asset management, business development, accounting and legal functions to strategically expand the SHOP portfolio at a rapid pace.

自 2022 年 4 月成立 SHOP 以來，我們一直在有條不紊地準備擴大這一投資組合，因為我們相信老年住房營運在我們的投資領域中具有最高的成長潛力和最佳的風險調整回報。透過對人員以及其他內部和外部資源的投資，我們相信，我們現在已經在資產管理、業務發展、會計和法律職能方面建立了堅實的基礎，可以快速策略性地擴展 SHOP 產品組合。

Turning to the SHOP results for the quarter. SHOP NOI increased by over 29% compared to the second quarter of 2024. While there were some nonrecurring benefits during the quarter, which Kevin will detail, we're pleased that the early strategy to focus on driving higher occupancy is now leading to improved RevPOR growth and margin expansion.

轉向本季的 SHOP 業績。與 2024 年第二季相比，SHOP NOI 成長了 29% 以上。雖然本季有一些非經常性收益（Kevin 將詳細介紹），但我們很高興看到，早期專注於提高入住率的策略現在正在帶來 RevPOR 成長和利潤率擴大。

RevPOR growth of 3.7% and NOI margin at 26.9% are both record results since SHOP's formation. We continue to see substantial organic upside in this portfolio. With the conversions, we expect pro forma annualized 2026 NOI growth to be double digits.

RevPOR 成長率為 3.7%，NOI 利潤率為 26.9%，均為 SHOP 成立以來的最高紀錄。我們繼續看到該投資組合具有顯著的有機上升空間。透過轉換，我們預計 2026 年 NOI 的年化成長率將達到兩位數。

The pipeline activity continues to make us optimistic that acquisitions will be a meaningful component of our growth profile for the next several years. We've announced investments of $175 million so far this year and currently have approximately $130 million under signed LOIs, which we expect to close in the next few months. This includes a SHOP deal valued at approximately $74 million as well as a purchase option that we've exercised on a large entrance fee community.

管道活動繼續讓我們樂觀地認為，收購將成為未來幾年我們成長的重要組成部分。今年迄今為止，我們已經宣布了 1.75 億美元的投資，目前已簽署的意向書約為 1.3 億美元，預計將在未來幾個月內完成。其中包括價值約 7,400 萬美元的 SHOP 交易以及我們對大型入場費社區行使的購買選擇權。

The incremental pipeline at nearly $350 million is entirely focused on senior housing, including a significant number of SHOP deals. We expect to have several signed LOIs in the next two quarters.

近 3.5 億美元的增量資金全部用於老年住房，其中包括大量 SHOP 交易。我們預計未來兩季將簽署幾份意向書。

As I just mentioned, we expect acquisitions and SHOP acquisitions, in particular, to be a major contributor to our growth profile. While we view every deal based on its own merits, we also employ a portfolio approach in which we measure any new acquisitions impact on the yield and growth of the overall SHOP portfolio.

正如我剛才提到的，我們預期收購，尤其是 SHOP 收購，將成為我們成長的主要貢獻者。雖然我們根據每筆交易本身的優點來看待它，但我們也採用投資組合方法，衡量任何新收購對整個 SHOP 投資組合的收益和成長的影響。

Obviously, we like the deals, and we see many that offer tremendous NOI growth, and we evaluate situations in which the deal may open up a new relationship or geography where we see significant future opportunity. Through this approach, we are also developing a stable of institutional class operating partners that should allow us to source more opportunities with more seamless integration into our platform.

顯然，我們喜歡這些交易，而且我們看到許多交易都提供了巨大的淨利潤增長，我們評估了這些交易可能開闢新關係或新地域的情況，在這些情況下，我們看到了巨大的未來機會。透過這種方式，我們也正在發展一批穩定的機構級營運合作夥伴，這將使我們能夠獲得更多機會並將其更無縫地整合到我們的平台中。

Overall, our goal still targets aggregate initial yields to be accretive immediately with expected multiyear exceptional NOI growth. The balance sheet continues to be in great shape and very supportive of funding the significant investment pipeline. Our net debt to adjusted EBITDA at 3.9 times is below the low end of our target range, and we have available liquidity of approximately $760 million.

總體而言，我們的目標仍然是立即增加總初始收益率，並預期多年實現卓越的淨利潤成長。資產負債表繼續保持良好狀態，非常有利於為重大投資管道提供資金。我們的淨債務與調整後 EBITDA 比率為 3.9 倍，低於我們的目標範圍的低端，並且我們擁有約 7.6 億美元的可用流動資金。

We believe this low leverage and strong access to capital create real competitive advantages and give us optionality when assessing our capital needs for the future. To sum all of this up, we're very excited about the multiple growth opportunities and our confidence in capitalizing on these opportunities has never been higher.

我們相信，這種低槓桿率和強大的資本獲取管道創造了真正的競爭優勢，並在評估未來的資本需求時為我們提供了選擇權。總而言之，我們對多重成長機會感到非常興奮，我們對利用這些機會的信心從未如此高漲。

As this is our first public conference call since the Annual Shareholders Meeting in May, I want to share a few comments. First, we want to sincerely thank our shareholders for the constructive dialogue over the years and especially leading up to this year's meeting. We believe your valuable feedback has informed and validated our strategic direction. Also, your direct correspondence has resulted in considerable Board changes, including this year's retirement of our two longest tenured Board members, the recent appointments of Candice Todd and Rob Chapin, and the declassification of the Board.

這是自五月年度股東大會以來我們首次召開公開電話會議，因此我想分享一些評論。首先，我們要真誠感謝股東多年來，特別是在今年會議之前的建設性對話。我們相信您的寶貴回饋已經告知並驗證了我們的策略方向。此外，您的直接通訊也導致了董事會的重大變動，包括今年我們任職時間最長的兩位董事會成員的退休、最近任命的坎迪斯·托德 (Candice Todd) 和羅布·查賓 (Rob Chapin)，以及董事會的解密。

Lastly, the outcome of the vote clearly informs our Board that there is more work to be done, particularly with Board refreshment. The Board is committed to improved governance and understands the role it plays in delivering long-term value for our shareholders.

最後，投票結果清楚地告訴我們的董事會還有更多工作要做，特別是董事會的更新。董事會致力於改善治理，並了解其在為股東創造長期價值方面所發揮的作用。

On that topic, the special Board committee tasked with overseeing the NHC lease renegotiation is actively engaged with management. While we're not providing details of the engagement or the ongoing discussions with NHC, we are confident that the special committee's interests are fully aligned with our shareholders to execute a deal that delivers the best possible value.

關於這個主題，負責監督 NHC 租賃重新談判的特別董事會委員會正在積極與管理層接觸。雖然我們沒有提供與 NHC 的合作或正在進行的討論的細節，但我們相信特別委員會的利益與我們的股東完全一致，以執行能夠帶來最佳價值的交易。

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. Our focus during the quarter was on transitioning six previously leased properties, including five assisted living and one independent living community to Sinceri Senior Living under a SHOP operating structure. This was accomplished on August 1, and we're thrilled to be working with Sinceri, an accomplished operator with 76 communities in its portfolio spanning 24 states. NHI retains 100% ownership of this portfolio and has engaged Sinceri under a management agreement, which includes incentives based on growth in both NOI and real estate valuation.

謝謝你，埃里克。本季度，我們的重點是將六個先前租賃的物業（包括五個輔助生活社區和一個獨立生活社區）轉變為 SHOP 營運結構下的 Sinceri Senior Living。這項工作於 8 月 1 日完成，我們很高興能與 Sinceri 合作，Sinceri 是一家經驗豐富的營運商，其投資組合涵蓋 24 個州的 76 個社區。NHI 保留該投資組合的 100% 所有權，並已與 Sinceri 簽訂了管理協議，其中包括基於 NOI 和房地產估值增長的激勵措施。

We also transitioned an independent living community in Tulsa, Oklahoma, from a lease to the existing SHOP venture that we have with Discovery Senior Living, which increases that portfolio to 10 properties. Discovery was the operator under the lease, so there should be no disruption in operations.

我們也將俄克拉荷馬州塔爾薩的一個獨立生活社區從租賃轉變為與 Discovery Senior Living 共同擁有的現有 SHOP 合資企業，從而使該投資組合增加到 10 處房產。探索號是該租賃協議下的營運商，因此營運不會中斷。

These seven properties generate approximately $8.8 million in annualized SHOP NOI, and we expect them to have double-digit NOI growth profile in 2026. John will provide more details on the impact of the transitions to this year's guidance.

這七處房產每年產生約 880 萬美元的 SHOP NOI，我們預計它們在 2026 年將實現兩位數的 NOI 成長率。約翰將提供有關今年指導方針轉變的影響的更多細節。

The pipeline is very active, and we are evaluating approximately $343 million in senior housing deals through potential investments in SHOP, fee simple real estate and mortgage loans that have preferably a path to future ownership. More than 50% of the pipeline are SHOP deals with initial yields that are accretive to the company.

該管道非常活躍，我們正在透過對 SHOP、完全產權房地產和抵押貸款的潛在投資來評估約 3.43 億美元的老年住房交易，最好是能夠實現未來所有權的抵押貸款。超過 50% 的管道都是 SHOP 交易，其初始收益可以為公司帶來增值。

We are focused on assets where there is a clear path to significant NOI growth. As Eric noted, we're also interested in acquisitions that provide other strategic benefits such as establishing a relationship with a new operating partner where we see future opportunities to scale in a specific geography. With Sinceri, we feel we are getting the best of both worlds in double-digit NOI growth and significant flexibility to grow that relationship.

我們專注於那些能夠實現顯著淨利潤成長的資產。正如艾瑞克所指出的，我們也對能夠提供其他策略利益的收購感興趣，例如與新的營運合作夥伴建立關係，我們看到未來在特定地區擴大規模的機會。我們認為，與 Sinceri 合作，我們可以同時獲得兩位數的淨營業收入 (NOI) 成長和發展合作關係的極大靈活性，從而實現兩全其美的效果。

Turning to our SHOP performance. Our same-store SHOP portfolio of 15 communities increased NOI by 29.4% year over year to $3.8 million. The quarter did benefit from nonrecurring items totaling approximately $200,000. Adjusting for these items, we are still quite pleased that the pro forma rate was over 21%.

轉向我們的 SHOP 性能。我們的同店 SHOP 組合涵蓋 15 個社區，淨利潤年增 29.4%，達到 380 萬美元。本季度確實受益於總額約為 20 萬美元的非經常性項目。調整這些項目後，我們仍然很高興看到預測利率超過 21%。

As we've talked about, our strategy in 2023 and 2024 was to drive occupancy higher, which we did successfully. With occupancy over 89% for the last three quarters, our focus has shifted to pricing. We are encouraged to see early results in the RevPOR growth of 3.7% compared to the second quarter of 2024 and 2.1% compared to this year's first quarter.

正如我們所討論的，我們 2023 年和 2024 年的策略是提高入住率，我們成功做到了這一點。由於過去三個季度的入住率超過 89%，我們的重點已轉移到定價上。我們很高興地看到，RevPOR 的早期成果與 2024 年第二季相比成長了 3.7%，與今年第一季相比成長了 2.1%。

Due to the excellent growth year to date, we have moved our full year NOI growth rate slightly higher to a range of 13% to 16%. This implies some slowing in the second half of the year, which is driven by some recent softness in occupancy, but we're optimistic that this trend reverses itself in fairly short order.

由於今年迄今的出色成長，我們將全年 NOI 成長率略微上調至 13% 至 16% 的範圍。這意味著下半年酒店業將出現一些放緩，主要是由於近期入住率下降，但我們樂觀地認為，這一趨勢將在相當短的時間內逆轉。

Our longer-term view is unchanged, and we actually have higher conviction in the margin potential following the strong second quarter results. Across the triple net portfolio, we are generally experiencing the continuation of solid trends with no rent concessions, continued collection of deferred rents in excess of our expectations and stable occupancy and EBITDARM coverages. Bickford continues to generate strong NOI, and we are encouraged to see the recent occupancy rebound.

我們的長期觀點並沒有改變，事實上，隨著第二季業績強勁，我們對利潤潛力更有信心。在三重淨投資組合中，我們總體上經歷了持續的穩固趨勢，沒有租金優惠，繼續收取超出我們預期的遞延租金，以及穩定的入住率和 EBITDARM 覆蓋率。比克福德繼續產生強勁的 NOI，我們很高興看到近期入住率的反彈。

Bickford's second-quarter occupancy increased by 20 basis points from the first quarter to 85.2%. Trailing 12-month EBITDARM coverage through March 30, excluding deferral repayments, was 1.66 times. Including the repayments of approximately $4.8 million over that timeframe, Bickford's pro forma coverage was a very comfortable 1.46 times. Bickford repaid approximately $1.2 million in deferred rent during the second quarter and has an outstanding balance of $10.4 million at June 30.

比克福德第二季的入住率較第一季上升了 20 個基點，達到 85.2%。截至 3 月 30 日的過去 12 個月 EBITDARM 覆蓋率（不包括延期還款）為 1.66 倍。包括該時間段內約 480 萬美元的還款，Bickford 的備考覆蓋率達到了非常舒適的 1.46 倍。比克福德在第二季償還了約 120 萬美元的遞延租金，截至 6 月 30 日，未償還餘額為 1,040 萬美元。

Recall that Bickford's next rent reset is April of 2026. Due to their solid performance, we expect that we will be able to capture more than a quarterly run rate of deferral repayments into the future base rent and largely eliminate the variability that these repayments can cause to our outlook.

回想一下，比克福德的下一次租金調整是在 2026 年 4 月。由於其穩健的表現，我們預計我們將能夠將超過季度的延期還款運行率計入未來的基本租金中，並在很大程度上消除這些還款可能對我們的前景造成的波動。

Before I turn the call over to John, I'd like to announce we have hired Grant Johnston to fill the new role of Senior Vice President of Asset Management. Grant has over two decades of asset management and healthcare finance experience across senior housing and skilled nursing industries and has extensive relationships with operating companies, private equity and capital providers. Grant is part of that strong foundation Eric mentioned earlier, and we expect great contributions from him.

在我將電話轉給約翰之前，我想宣布我們已經聘請格蘭特·約翰斯頓擔任資產管理高級副總裁的新職位。格蘭特在老年住房和專業護理行業擁有超過二十年的資產管理和醫療保健金融經驗，並與營運公司、私募股權和資本提供者建立了廣泛的關係。格蘭特是艾瑞克之前提到的強大基礎的一部分，我們期待他能做出巨大貢獻。

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，討論我們的財務結果和指導。約翰？

Thank you, Kevin, and hello, everyone. Let me begin with our second-quarter results. I'll be using average diluted common shares for all per share results. For the quarter ended June 30, 2025, our net income per share was $0.79, down 2.5% from the prior year. Our NAREIT FFO results per share for the second quarter compared to the prior year period increased 0.8% to $1.19 per share.

謝謝你，凱文，大家好。讓我先介紹一下我們的第二季業績。我將使用平均稀釋普通股來計算所有每股結果。截至 2025 年 6 月 30 日的季度，我們的每股淨收入為 0.79 美元，比上年下降 2.5%。與去年同期相比，我們第二季度的 NAREIT FFO 每股收益成長了 0.8%，達到每股 1.19 美元。

Our normalized FFO results per share for the second quarter increased 3.4% to $1.22 per share compared to the prior-year second quarter. During the second quarter, we recognized a $1.5 million gain from our equity method investment and $1.4 million in lower credit loss expenses, which positively impacted net income, NAREIT FFO and normalized FFO.

與去年同期相比，第二季度我們的每股標準化 FFO 結果成長 3.4%，達到每股 1.22 美元。在第二季度，我們從權益法投資中獲得了 150 萬美元的收益，並獲得了 140 萬美元的較低信用損失費用，這對淨收入、NAREIT FFO 和正常化 FFO 產生了積極影響。

When reviewing our performance this quarter, please recall that last year's second-quarter results included a lump sum $2.5 million deferred rent recovery from one of our cash basis tenants. FAD for the quarter ended June 30 compared to the prior year period increased 8.1% to $56 million. NOI from our SHOP segment for the quarter ended June 30 increased 29.4% to $3.8 million compared to the prior-year period. The year-over-year SHOP common shareholder FAD contribution was up 32.6% to $3.4 million after adjusting for routine capital expenditures and noncontrolling interest.

在回顧我們本季的業績時，請記住，去年第二季的業績包括從我們的一位現金基礎租戶收回的 250 萬美元的遞延租金。截至 6 月 30 日的季度，FAD 與去年同期相比成長 8.1%，達到 5,600 萬美元。 NOI截至 6 月 30 日的季度，我們的 SHOP 部門的營收與去年同期相比成長了 29.4%，達到 380 萬美元。調整常規資本支出和非控制權益後，SHOP 普通股股東 FAD 貢獻年增 32.6%，達到 340 萬美元。

For the six months ended June 30, SHOP revenues increased 5.7% to $28.2 million compared to $26.6 million in the prior-year period. SHOP expenses grew 2.4% from $20.8 million to $21.2 million, and the margin expanded 241 basis points as a result of improvements in occupancy and RevPOR.

截至 6 月 30 日的六個月內，SHOP 營收成長 5.7% 至 2,820 萬美元，而去年同期為 2,660 萬美元。SHOP 費用增加 2.4%，從 2,080 萬美元增至 2,120 萬美元，由於入住率和 RevPOR 的提高，利潤率擴大了 241 個基點。

In the second quarter, our cash rents increased $4.6 million year over year. Cash rents attributable to our investment volume contributed $5.9 million. And our existing lease escalators, negotiated step-ups and percentage revenue rents contributed an additional $1.7 million and represents a 2.7% increase in those rents year over year. Offsetting these increases were our cash rent changes associated with the previous year's various transition properties, which represented only a $200,000 reduction in rents on those properties.

第二季度，我們的現金租金年增了 460 萬美元。歸因於我們投資額的現金租金貢獻了 590 萬美元。我們現有的租賃遞增、協商遞增和百分比收入租金額外貢獻了 170 萬美元，這意味著這些租金年增了 2.7%。抵消這些增長的是與上一年的各種過渡物業相關的現金租金變化，這僅意味著這些物業的租金減少了 200,000 美元。

Finally, as I previously mentioned, further offsetting these changes was last year's $2.5 million lump sum deferred rent payment associated with one of our cash basis tenants. Interest expense for the quarter was flat year over year, while weighted average common diluted shares were up 7.5% to 46.8 million shares as a result of the company's greater use of equity in lieu of debt to fund new investments over the last year.

最後，正如我之前提到的，進一步抵消這些變化的是去年與我們的一位現金基礎租戶相關的 250 萬美元一次性延期租金支付。本季利息支出與去年同期持平，而加權平均普通股稀釋股數上漲 7.5% 至 4,680 萬股，因為該公司去年更多地使用股權而非債務來為新投資提供資金。

Sequentially, compared to the first quarter, cash G&A, excluding proxy fight expenses, increased $800,000, primarily due to compensation expenses. Legal expenses were modestly down sequentially Q2 over Q1, but still at an elevated level due to the company's increased investment in SHOP activities.

與第一季相比，不包括代理權爭奪費用在內的現金一般及行政費用增加了 80 萬美元，主要歸因於薪資費用。第二季的法律費用較第一季略有下降，但由於公司對 SHOP 活動的投資增加，因此仍處於較高水準。

In the second quarter, we completed the acquisition of a senior housing portfolio for $63.5 million. We also closed on a $28 million senior housing construction loan with an existing operator. Our total funded investments for the six months ended June 30 was $161.5 million. This total includes our new acquisitions, net of one property acquired in the first quarter through a deed in lieu of foreclosure, as well as our funded mortgage and loan commitments plus our investments in our existing real estate.

第二季度，我們以 6,350 萬美元完成了對老年住房組合的收購。我們還與現有營運商達成了 2800 萬美元的老年人住房建設貸款。截至 6 月 30 日的六個月內，我們的總投資額為 1.615 億美元。這一總額包括我們的新收購，扣除第一季透過代替取消抵押品贖回權的契約收購的一處房產，以及我們的已撥付抵押貸款和貸款承諾以及我們對現有房地產的投資。

To meet our investment needs, we utilized proceeds from mortgage and loan payoffs totaling $35.4 million as well as $123.5 million in proceeds from new equity. Year to date, our paid dividends plus $76 million in debt retirements were well supported by our operating cash flow and other liquidity sources.

為了滿足我們的投資需求，我們利用了總計 3,540 萬美元的抵押貸款和貸款收益以及 1.235 億美元的新股權收益。年初至今，我們支付的股息加上 7,600 萬美元的債務償還得到了我們的經營現金流和其他流動資金來源的良好支持。

During the quarter, we settled just under 800,000 common shares from our Q4 2024 and Q1 2025 forward ATM activity at an adjusted forward price of $74.71 per share after fees and forward costs for proceeds of approximately $58 million. Additionally, we again activated our ATM and sold on a forward basis approximately 1.3 million common shares at an average price before fees of $72.50 per share.

在本季度，我們結算了 2024 年第四季和 2025 年第一季遠期 ATM 活動中的近 80 萬股普通股，扣除費用和遠期成本後，調整後的遠期價格為每股 74.71 美元，收益約為 5,800 萬美元。此外，我們再次啟動了 ATM 並以每股 72.50 美元的平均價格（扣除費用前）遠期出售了約 130 萬股普通股。

At June 30, 2025, we had total escrowed forward equity proceeds of approximately $102.3 million available to us in exchange for the future delivery of 1.4 million common shares at an average price of $71.03 per share. We also ended the quarter with $18.6 million in cash on our balance sheet and $322 million in revolver capacity.

截至 2025 年 6 月 30 日，我們共有約 1.023 億美元的託管遠期股權收益可供我們使用，以換取未來以每股平均 71.03 美元的價格交付 140 萬股普通股。本季末，我們的資產負債表上有 1,860 萬美元的現金和 3.22 億美元的循環信貸額度。

During the second quarter, we retired $75.7 million in secured debt, which brings our secured debt balance to zero. We also extended our $200 million term loan for six months to December 16, 2025. We have a $50 million senior loan maturing in November and intend to extend the term loan maturity in the third quarter for an additional six months to June 2026.

在第二季度，我們償還了 7,570 萬美元的擔保債務，這使我們的擔保債務餘額為零。我們也將 2 億美元的定期貸款延長六個月，至 2025 年 12 月 16 日。我們有一筆 5,000 萬美元的優先貸款將於 11 月到期，並計劃將第三季的定期貸款到期日再延長六個月至 2026 年 6 月。

Our balance sheet ended the second quarter in great shape. Our net debt to adjusted EBITDA ratio was 3.9 times for the quarter, just below our stated 4 to 5 times leverage policy. Our interest coverage ratio was stable sequentially and improved year over year to 4.7 times despite retiring $151 million in lower rate fixed interest rate debt since the second quarter last year.

我們的資產負債表在第二季結束時狀況良好。本季我們的淨負債與調整後 EBITDA 比率為 3.9 倍，略低於我們所述的 4 至 5 倍槓桿政策。儘管自去年第二季以來償還了 1.51 億美元的低利率固定利率債務，我們的利息覆蓋率仍然保持穩定，並且比去年同期提高至 4.7 倍。

At June 30, our liquidity was approximately $760 million, which includes escrowed forward equity, cash, excess revolver capacity, and up to an additional $316 million in available ATM capacity. We continue to monitor long-term bond rates and expect to utilize public debt to further improve our liquidity.

截至 6 月 30 日，我們的流動資金約為 7.6 億美元，其中包括託管遠期股權、現金、超額循環信貸能力以及高達 3.16 億美元的額外可用 ATM 容量。我們將繼續監測長期債券利率，並期望利用公共債務進一步改善我們的流動性。

Let me now turn to our dividend and guidance. As we announced last night, our Board of Directors declared a $0.92 per share dividend for shareholders of record September 30, 2025, and payable October 31, 2025. This represents a 2.2% increase and is our first dividend increase since the first quarter of 2021. We also adjusted our full-year 2025 guidance, which includes increases to our normalized FFO and normalized FAD results.

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 2025 年 9 月 30 日登記在冊的股東派發每股 0.92 美元的股息，並於 2025 年 10 月 31 日支付。這意味著成長了 2.2%，也是我們自 2021 年第一季以來首次增加股息。我們也調整了 2025 年全年指引，其中包括提高標準化 FFO 和標準化 FAD 結果。

Our guidance includes the impacts from the recently announced SHOP conversion and our other expected results. Compared to 2024, NAREIT FFO guidance at the midpoint is $4.48 or a decline of 1.5% and normalized FFO at the midpoint is $4.80 or an increase of 8.1%. Compared to our May full-year guidance, we decreased NAREIT FFO by $0.19 per share and increased normalized FFO by $0.09 per share.

我們的指導包括最近宣布的 SHOP 轉換的影響以及我們的其他預期結果。與 2024 年相比，NAREIT FFO 指引中位數為 4.48 美元，下降 1.5%，標準化 FFO 中位數為 4.80 美元，成長 8.1%。與我們 5 月的全年指引相比，我們將 NAREIT FFO 每股減少了 0.19 美元，並將標準化 FFO 每股增加了 0.09 美元。

Our guidance for FAD at the midpoint is $228.9 million, up from the May guidance of $225.1 million and represents a 12.1% increase over 2024. Included in our guidance issued last night are just announced RIDEA SHOP conversion expectations, which commenced August 1.

我們對 FAD 的中期指引值為 2.289 億美元，高於 5 月的 2.251 億美元指引值，比 2024 年成長 12.1%。我們昨晚發布的指南中包括剛剛宣布的 RIDEA SHOP 轉換預期，將於 8 月 1 日開始。

During the third quarter and subject to final post-closing reconciliations, we expect to write off approximately $12 million in straight-line receivables associated with the termination of the Discovery leases, and we conservatively estimated between $1 million and $1.4 million in losses upon operations transfer, which will both be adjusted out of our normalized FFO and FAD results. Our guidance includes our expected five-month NOI contribution from the conversion SHOP operations in the range of $3.6 million to $3.7 million as well as approximately $500,000 in routine CapEx for the remainder of the year.

在第三季度，根據最終的交易後對帳結果，我們預計將註銷與終止 Discovery 租約相關的約 1200 萬美元的直線應收帳款，並且我們保守估計，在業務轉移時將產生 100 萬美元至 140 萬美元的損失，這些損失都將從我們的標準化 FFO 和 FAD 結果中調整出來。我們的指導包括：預計轉換 SHOP 業務將在五個月內帶來 360 萬美元至 370 萬美元的 NOI 貢獻，以及今年剩餘時間約 50 萬美元的常規資本支出。

During the third quarter, the company also expects to recognize Discovery lease revenues totaling approximately $3.3 million, subject to final post-closing reconciliations. Our guidance includes same-store SHOP NOI growth in the range of 13% to 16% over 2024, which is up slightly from 12% to 15% in prior guidance. Guidance also includes the continued collection of deferred rents and the fulfillment of our existing commitments.

在第三季度，該公司還預計將確認 Discovery 租賃收入總計約 330 萬美元，但需經過最終的交易後對帳。我們的指導包括 2024 年同店 SHOP NOI 成長率介於 13% 至 16% 之間，略高於先前指導的 12% 至 15%。該指導還包括繼續收取延期租金和履行我們現有的承諾。

In keeping with our past recent practice, our updated 2025 guidance includes $105 million in additional new unidentified investments at an average yield of 8.1%. Our guidance includes a small amount of forward equity utilization between now and the end of the year, but our actual use will be dependent upon the volume and timing of additional new investments.

按照我們過去的做法，我們更新後的 2025 年指引包括 1.05 億美元的額外新未確定投資，平均收益率為 8.1%。我們的指導包括從現在到年底的少量遠期股權利用，但我們的實際使用將取決於額外新投資的數量和時間。

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。

Certainly. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

當然。此時，我們將進行問答環節。（操作員指示）

Austin Wurschmidt, KeyBanc.

奧斯汀‧沃施密特 (Austin Wurschmidt)，KeyBanc。

Thanks, good morning, everybody. Eric, it sounds like you have a lot of positive momentum on the investment front, but there was a bit of a delay in closing, I believe, on some of the investments and that decrease in the unidentified investments assumed in guidance. Can you just give some additional detail what's driving the delay and just what the confidence level that everything is moving forward from here?

謝謝，大家早安。艾瑞克，聽起來你在投資方面有很多積極的勢頭，但我認為，一些投資的結束有點延遲，而且指導中假設的未確定的投資有所減少。您能否提供一些額外的細節，說明延遲的原因以及您對一切進展的信心程度如何？

Austin, this is Kevin. I would just characterize it as a timing issue. As we talked about during the quarter, we're very focused on the conversion. We still have a very robust pipeline. We've got a couple of deals under LOI that we expect to close in the not-too-distant future. So I don't view it as a disruption. It's just more timing than anything else.

奧斯汀，這是凱文。我只是將其描述為時間問題。正如我們在本季度所討論的那樣，我們非常關注轉換。我們仍然擁有非常強大的管道。我們已經達成了幾項意向書交易，預計將在不久的將來完成。所以我並不認為這是一種破壞。這只是比任何其他事情都更重要的時機。

Appreciate that. And then you guys have talked about in the past last quarter or so walked away from a larger portfolio transaction. I don't think you kind of flagged whether or not you continue to evaluate those deals outside of what you've quoted in the pipeline. Anything you can share in terms of the opportunity set and what the desire or likelihood is that there's something out there that could fit nicely within the portfolio to continue to grow as a percentage of the overall entity?

非常感謝。然後你們談到了上個季度左右放棄更大規模的投資組合交易。我認為您沒有表明是否繼續評估您在頻道中引用的交易之外的那些交易。您能否分享一些關於機會集的資訊？您希望或有可能存在哪些可以很好地融入投資組合併繼續作為整體實體的百分比增長的東西？

Sure. This is Kevin again. I think when we look at the pipeline, what we're quoting are things that are -- we're actively working. There's a likelihood that we issue an LOI, but there are also ones that are generally under $100 million in size. So it's stuff that's a little more tangible. We absolutely have some bigger deals in the pipeline that we're evaluating, and we have the personnel and the bandwidth to be able to take it down. We also just don't want to send the wrong signal and make the pipeline look like it's bigger than it should be when those deals have -- generally have some more nuances to them.

當然。我又是凱文。我認為，當我們審視管道時，我們所引用的都是我們正在積極努力的事情。我們有可能簽發意向書，但通常也有一些意向書的規模低於 1 億美元。所以這是更具體的東西。我們正在評估一些更大的交易，我們有足夠的人員和頻寬來完成這些交易。我們也不想發出錯誤的訊號，讓管道看起來比實際的要大，因為這些交易通常會有一些細微的差別。

So there's a few that are still floating around. We still continue to evaluate some larger portfolios. It's really just a sense of making sure we have the right operating partner, it's the right profile, and it checks a lot of boxes.

因此仍有一些仍在流傳。我們仍在繼續評估一些較大的投資組合。這實際上只是為了確保我們擁有正確的營運合作夥伴，正確的形象，並且檢查很多方面。

And from a funding perspective, can you just remind us, should we think about a leverage-neutral approach to funding investments or whether we could see you drive down leverage further over time? And that's it for me.

從融資角度來看，您能否提醒我們，我們是否應該考慮採用槓桿中性的方式進行投資融資，或者我們可以看到您隨著時間的推移進一步降低槓桿率？對我來說就是這樣。

Yeah, Austin, this is John. So our policy is usually maintain leverage neutral. But as you noticed, we were in the market talking to debt investors in March. That was prior to Liberation Day. Liberation Day was very disruptive.

是的，奧斯汀，我是約翰。因此我們的政策通常是保持槓桿中立。但正如你所注意到的，我們三月就在市場上與債務投資者進行交談。那是解放日之前。解放日非常混亂。

We've noted that during the period of time earlier this year, our cost of equity was pretty close to our cost of incremental long-term debt. So we've pivoted to utilizing a lot more equity. That's not our desire. Our desire is to stay more leverage neutral. But that's going to be market conditions and driven by market. And we're fortunate enough to have options here to provide for liquidity from different sources.

我們注意到，在今年早些時候的一段時間內，我們的股權成本非常接近我們的增量長期債務成本。因此，我們已轉向利用更多的股權。這不是我們的願望。我們希望保持槓桿率中性。但這將是市場條件並由市場驅動。我們很幸運能夠從不同來源獲得流動性。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Good morning everyone. Good execution this quarter. Just around Discovery, again, they're still a top tenant of yours. I think the subset is 3.2% of NOI. Just curious how you're thinking about that overall relationship today because again, you transitioned a bunch of assets away from them, but then there's this one independent living asset that you actually check with them in the SHOP portfolio. Just wondering what some of the challenges are that caused some of the transition and just how you're thinking about the overall relationship today?

大家早安。本季執行良好。就在 Discovery 附近，他們仍然是您的頂級租戶。我認為該子集佔 NOI 的 3.2%。只是好奇您今天是如何看待這種整體關係的，因為您再次從他們那裡轉移了大量資產，但是您實際上在 SHOP 投資組合中與他們核對了一項獨立生活資產。只是想知道導致這種轉變的一些挑戰是什麼，以及您如何看待當今的整體關係？

Hey, Tayo, this is Kevin. As it relates to Discovery, they're still going to be an ongoing partner of ours. So there -- we have 10 buildings with them in SHOP. We continue to see some NOI growth within that portfolio and expect more out of them. So they're going to be a piece of our business going forward.

嘿，Tayo，我是 Kevin。就探索頻道而言，他們仍將是我們的長期合作夥伴。所以——我們在 SHOP 中有 10 棟建築。我們繼續看到該投資組合中的一些淨營業利潤成長，並期待它們能有更大的成長。因此，它們將成為我們未來業務的一部分。

As we talked about on the last call, it's a matter of making sure that we're promoting the things that are going well within the relationship, which is why we moved over the independent living building from triple net to SHOP. We want to promote that piece of it. So you'll continue to see them be a piece of our business. They're a large operator in the space. So we like having them as a customer, and we'll see what the future brings for us there.

正如我們在上次通話中談到的那樣，關鍵在於確保我們能夠推動關係中進展順利的事情，這就是我們將獨立生活大樓從三重網絡轉移到 SHOP 的原因。我們想推廣這部分內容。因此，您將繼續看到它們成為我們業務的一部分。他們是該領域的大型營運商。因此，我們很高興他們成為我們的客戶，我們將拭​​目以待未來會為我們帶來什麼。

But on the assisted living side, is there something thematic with those assets you transition? Do they not have scale in those markets? Or just kind of curious why that decision was made?

但是在輔助生活方面，您轉移的資產是否有一些主題？他們在那些市場上沒有規模嗎？還是只是好奇為什麼做出這樣的決定？

I think this is a function of they're smaller buildings and secondary markets. Discovery had done an okay job coming out of the pandemic and getting them turned around. But as we've really just described, I generally think they do really well with bigger buildings and more primary markets.

我認為這是因為它們是較小的建築物和二級市場。探索號在擺脫疫情並扭轉頹勢方面做得還不錯。但正如我們剛才所描述的，我總體上認為他們在更大的建築和更多的主要市場上做得很好。

They've done a decent job here, but we wanted to make sure that we had the right focus, not to say they weren't giving focus to the buildings. It was just a function of it was time for a change and wanted to make sure that we had a partner that was going to be able to succeed with smaller buildings in the secondary markets and think that there's still a fair amount of growth that's left in these, which is why we made this transition.

他們在這裡做得不錯，但我們想確保我們有正確的重點，並不是說他們沒有關注建築物。這只是一個改變的過程，我們希望確保我們有一個合作夥伴能夠在二級市場上的小型建築中取得成功，並且認為這些建築中仍然有相當大的成長空間，這就是我們進行這一轉變的原因。

Makes sense. And then one other quick one for me. I think you made a comment that SHOP there was like some near-term softness in occupancy you saw maybe post 2Q and you were kind of hoping it was just a temporary thing. Could you just talk a little bit about what you're seeing out there and what may be causing that, whether it's just you're starting to ramp up on pricing or maybe that's what caused the pullback?

有道理。然後對我來說還有一個快速的。我認為您曾評論說，SHOP 的入住率在近期出現了一些疲軟，可能是在第二季度之後出現的，而您希望這只是暫時的。您能否簡單談談您所看到的情況以及可能造成這種情況的原因，是您開始提高價格還是這就是導致回調的原因？

I think it was really two things. There was some change in kind of the local leadership in some of the buildings, which can sometimes cause a little bit of disruption. I don't want to offer an excuse for that. But I think there was an element of just moving some people around, making sure we have the right people in the right seats that's accomplished.

我認為這實際上是兩件事。一些建築物的當地領導層發生了一些變化，有時會造成一些混亂。我不想為此找藉口。但我認為，只需調動一些人，確保合適的人在合適的崗位上，就可以了。

And then the other part of it is really just some abnormal move-outs higher than normal. The flows in and move-ins have been fairly consistent. It was just kind of an abnormality on the move-out side. So we think that will kind of come back to the mean, and we'll continue to see growth there.

而另一部分其實只是一些高於正常水準的異常遷出。流入量和遷入量相當一致。這只是搬出方面的異常現象。因此我們認為這將回到平均水平，並且我們將繼續看到成長。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi, good morning. This is Farrell Granath. I first just wanted to touch on the recent hire of Grant. And how does that play into how you're thinking about either your investment or strategy when expanding into either the SHOP business or just expanding into senior housing generally?

嗨，早安。這是法雷爾·格拉納斯。首先，我想談談格蘭特 (Grant) 最近受聘一事。當您擴展到 SHOP 業務或只是擴展到老年住房領域時，這對您的投資或策略有何影響？

Good morning. This is Kevin again. The focus for us was to make sure that we have our asset management team in a very good spot to be able to take on where the business is going, which is going to be more of a SHOP focus. And that's going to require us to have an expansion of oversight. So we hired in a senior person in Grant. We're going to be putting people in the right seats. I use that phrase once already, but using it here again to make sure that we have the right oversight.

早安.我又是凱文。我們的重點是確保我們的資產管理團隊處於非常有利的位置，能夠掌控業務的發展方向，這將更成為 SHOP 的重點。這就要求我們擴大監督範圍。因此我們在格蘭特聘請了一位資深人士。我們會把人們安排在適當的位置。我已經使用過這個短語一次，但在這裡再次使用它以確保我們有正確的監督。

We have great people on our team, and I think there's a lot of room for them to grow. We just need to make sure that we have our systems and processes down when it comes to SHOP, so we can expand that piece of the business. So once we get that set, we can further accelerate the pipeline and make sure that whatever we bring in the front end is going to be managed appropriately, and we're going to see the growth that we expect out of it.

我們團隊中有很多優秀的人才，我認為他們有很大的成長空間。我們只需要確保在涉及 SHOP 時我們的系統和流程能夠正常運行，這樣我們就可以擴展這部分業務。因此，一旦我們做好了準備，我們就可以進一步加速管道，並確保我們引入前端的任何內容都將得到適當的管理，並且我們將看到我們期望的成長。

Great. And also on the SLM, I know you had received some of the loan payment that you had previously disclosed last quarter. Would you expect to receive any other payments going forward? Or has there been any other development?

偉大的。另外，關於 SLM，我知道您已經收到了上個季度披露的部分貸款付款。您預計以後還會收到其他付款嗎？或是有其他進展嗎？

No further developments. We have an agreement with them where there are some scheduled payments. Frankly, they're a foundering operator right now. So we'll see what happens with them. They're not going to be -- I view this as largely wrapped up. We have a few payments that I think they'll make where we have a mortgage property, but it will be small, and it's just -- it's not really going to move the needle significantly.

沒有進一步進展。我們與他們達成了一項協議，其中有一些預定的付款。坦白說，他們現在正處於困境之中。所以我們將看看他們會發生什麼。他們不會——我認為這件事基本上已經結束了。我認為他們會向我們的抵押房產支付一些款項，但金額很小，而且不會對情況產生重大影響。

And we still do have credit on the guarantee with guarantees that we have behind it. So we have recourse should they not perform. But at the end of the day, again, we're talking about a very small percentage here.

而且我們仍然對該擔保擁有信用，並且我們有擔保作為後盾。因此，如果他們不履行義務，我們就可以採取補救措施。但歸根究底，我們討論的只是很小一部分。

Great. And one last one for me. For the Discovery deferral payments with the termination of the lease, I thought there was a comment about that you would expect to collect the remaining deferral balance. I was just wondering if you could touch on how much that was in total, what you could expect to come in?

偉大的。對我來說還有最後一個。對於終止租約時的 Discovery 延期付款，我認為有一條評論說您會期望收取剩餘的延期餘額。我只是想知道您是否可以談談總共有多少，您預計會得到多少收入？

This is John. So everything was approximately $3.3 million. So it's not quite the entire deferral balance.

這是約翰。所以總共大約是 330 萬美元。所以這並不是全部的延期餘額。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

John Kilichowski, Wells Fargo.

約翰‧基利喬夫斯基，富國銀行。

Good morning. Thank you. Maybe the first one for me just going to be on NHC. Could you give us maybe a progress report on how those discussions are going? And then maybe also on the performance of that portfolio to date from a coverage perspective?

早安.謝謝。對我來說，第一個可能就是在 NHC 上。您能否提供我們一份關於這些討論進度的進度報告？那麼從覆蓋範圍的角度來看，也許還可以了解該投資組合迄今為止的表現？

Easy questions. This is Eric. So the discussions are ongoing. I can't really give you the details, but the special committee of the Board that was formed of nonconflicted directors has met. We discussed our strategy, and that is in progress. NHC has received some communication about that strategy. So things are moving, and that's about all I can give you there on that update.

簡單的問題。這是埃里克。討論仍在繼續。我無法向您提供詳細信息，但由無利益衝突董事組成的董事會特別委員會已經開會。我們討論了我們的戰略，目前該戰略正在進行中。NHC 已收到一些有關該策略的通訊。事情正在進展，這就是我在這次更新中能告訴你的全部。

And then in terms of coverage, as I'm sure you probably know, we report their corporate coverage but it has improved to over 4 times. If you look at page 7 in our supplemental, you'll see the number 4.16 times for NHC on their first quarter 2025 coverage. So as an enterprise, they're doing really well and their ability to pay whatever the negotiated new rent is should not be an issue.

然後在覆蓋範圍方面，我相信您可能知道，我們報告了他們的公司覆蓋範圍，但已經提高到 4 倍以上。如果您查看我們的補充資料第 7 頁，您會在 2025 年第一季的報道中看到 NHC 的數字是 4.16 倍。因此，作為一家企業，他們的經營狀況非常好，他們支付協商的新租金的能力應該不是問題。

Got it, very helpful. And then an extension of that is in the past, you've mentioned the potential to do some dispositions out of that portfolio, come the turn of the new lease. Are you able to maybe size some of that for us? I don't know if you can talk about is that a 5% or 20% of the portfolio you're looking at, or are there certain states maybe that you could speak to? Just something that can help us think about what that portfolio is going to look like going forward.

明白了，非常有幫助。然後，過去的延伸就是，您提到了在新租約到期時對該投資組合進行一些處置的可能性。您能為我們估算一下其中的一些尺寸嗎？我不知道您是否可以談談您正在考慮的投資組合的 5% 還是 20%，或者您可以談論某些州？這只是一些可以幫助我們思考未來投資組合會是什麼樣子的東西。

The way I think about it is from a pure asset management perspective, which means that you can call some of the underperforming buildings or more difficult states and come up with a better portfolio that possibly could pay more rent. So as I've said in the past, a lease renewal could look like a combination of buildings that are sold and remaining buildings that are paying higher rent.

我是從純粹資產管理的角度來思考這個問題的，這意味著你可以關註一些表現不佳的建築或更困難的州，並提出一個可能支付更多租金的更好的投資組合。因此，正如我過去所說的那樣，續租可能看起來像是出售的建築物和支付更高租金的剩餘建築物的組合。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) We have reached the end of the question-and-answer session. And I will now turn the call over to Eric Mendelsohn for closing remarks.

（操作員指示）問答環節已經結束。現在我將把電話交給 Eric Mendelsohn 做結束語。

Thank you, operator. Thanks, everyone, for your attention, and we'll look forward to seeing you at NAREIT or some other investor conference.

謝謝您，接線生。感謝大家的關注，我們期待在 NAREIT 或其他投資者會議上見到您。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。