National Health Investors Inc (NHI) 2025 Q3 法說會逐字稿

Greetings, and welcome to the NHI's third quarter 2025 earnings webcast and conference call. (Operator Instructions) And please note this conference is being recorded.

大家好，歡迎參加NHI 2025年第三季收益網路直播和電話會議。（操作說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Dana Hambly. Dana, the floor is yours.

現在我將把會議交給主持人達納·漢布利。達娜，現在輪到你發言了。

Thank you, and welcome to the National Health Investors conference call to review results for the third 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. 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.

謝謝，歡迎參加國家健康投資者電話會議，本次會議將回顧2025年第三季的業績。今天參加電話會議的有：總裁兼執行長 Eric Mendelsohn；首席投資長 Kevin Pascoe；財務長 John Spaid；以及首席會計長 David Travis。這次電話會議的結果以及會議參與方式的通知已於昨日市場收盤後透過新聞稿發布，並已被財經媒體報道。

Any statements in this conference call, which are not historical facts, are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this conference call.

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，並且不構成對未來績效的保證。所有前瞻性陳述均代表NHI截至本次電話會議日的判斷。

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-Q for the year ended December 31, 2024, and Form 10-Q for the quarter ended September 30, 2025. Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireit.com.

投資人務必仔細審閱 NHI 向美國證券交易委員會提交的各種揭露資訊和定期報告，包括 NHI 截至 2024 年 12 月 31 日止年度的 10-Q 表格和截至 2025 年 9 月 30 日止季度的 10-Q 表格中揭露的風險因素和其他資訊。這些文件的副本可在美國證券交易委員會網站 sec.gov 或 NHI 網站 nhireit.com 上查閱。

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in NHI's earnings release and related tables and schedules, which have been furnished on Form 8-K to the SEC. Listeners are encouraged to review those reconciliations provided in the earnings release together with all other information provided in that release.

此外，本次電話會議中使用的某些術語是非公認會計準則財務指標，其調節表已在 NHI 的收益發布及相關表格和附表中提供，這些表格和附表已通過 8-K 表格提交給美國證券交易委員會。我們鼓勵聽眾仔細閱讀獲利報告中提供的調節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.

現在我將把電話交給我們的執行長埃里克·門德爾松。

Thank you. Hello, and thanks for joining us today. We had a solid quarter, highlighted by the transition of seven properties to our SHOP portfolio which resulted in consolidated SHOP NOI growth of approximately 63% compared to the prior year's quarter. We also announced our first SHOP acquisition for $74.3 million effective October 1.

謝謝。您好，感謝您今天收看我們的節目。本季業績穩健，其中最突出的是我們七處房產併入了我們的 SHOP 投資組合，這使得 SHOP 綜合淨營業收入比上年同期增長了約 63%。我們也宣布了我們首次收購 SHOP 的交易，金額為 7,430 萬美元，交易於 10 月 1 日生效。

We've surpassed last year's investment total with more deals expected to close this year, and we're working on a strong active pipeline that should generate similar or higher external investment activity in 2026. We're raising our guidance for the third time this year. Our updated guidance represents over 10% NFFO per share growth at the midpoint, which would be the strongest annual growth since 2014.

我們今年的投資總額已經超過了去年，預計今年還會有更多交易完成。我們正在積極推進一系列項目，這些項目預計在 2026 年帶來類似或更高的外部投資活動。今年我們將第三次調高業績預期。我們更新後的預期顯示，每股 NFFO 成長將超過 10%（取中間值），這將是自 2014 年以來最強勁的年度成長。

The momentum at NHI is building. We are well positioned and laser-focused to capitalize on the generational growth in the senior housing industry over the next decade. As I noted last quarter, we have methodically invested in creating a strong foundation across all of our disciplines that will allow us to significantly expand our presence in private pay senior housing, where we see the greatest risk-adjusted returns.

NHI的發展勢頭正在增強。我們已做好充分準備，並集中精力，以充分利用未來十年老年住房行業的世代成長。正如我上個季度所指出的，我們已經有條不紊地投資，在我們所有領域建立起堅實的基礎，這將使我們能夠大幅擴大在私人付費老年住房領域的業務，因為我們看到該領域的風險調整後回報最大。

We've onboarded 11 properties and two new operators to the SHOP platform in just the last few months. Combined, the recent additions should more than double our annualized SHOP NOI from approximately 5% to 10% of total adjusted NOI. Through strong organic growth and continued acquisitions, our current view is that our SHOP NOI should more than double again in 2026 to at least 20%.

在過去的幾個月裡，我們已經將 11 家飯店和兩家新營運商引入了 SHOP 平台。綜合來看，最近的新增業務應該會使我們的年度 SHOP NOI 從約佔總調整後 NOI 的 5% 增加到 10%，翻倍以上。透過強勁的內生成長和持續的收購，我們目前認為，到 2026 年，我們的 SHOP NOI 應該會再次翻一番以上，至少達到 20%。

We've taken corrective measures in the same-store portfolio and are confident that it returns to double-digit growth levels in 2026 as it did in 2024 and through the first half of this year. This portfolio has been an important part of our development as we are starting to ramp up the SHOP platform. As we evaluate new opportunities, we're placing a high priority on operators and assets with solid trailing performance that should lead to more consistent and exceptional multiyear NOI growth.

我們已對同店業務組合採取了糾正措施，並有信心在 2026 年恢復到兩位數的增長水平，就像 2024 年和今年上半年一樣。隨著我們開始逐步擴大 SHOP 平台，這個投資組合一直是我們發展的重要組成部分。在評估新機會時，我們將重點放在具有穩健的後續業績的營運商和資產上，這些營運商和資產應該能夠帶來更穩定、更卓越的多年淨營業收入成長。

The pipeline activity indicates that acquisitions will be a meaningful component of our growth profile for the next several years. We've announced investments of $303.2 million so far this year and currently have approximately $195 million under signed LOIs, which we expect to close in the next few months. We have a large incremental pipeline of active opportunities entirely focused on senior housing, including a significant number of SHOP deals.

從目前的專案進度來看，收購將在未來幾年成為我們成長策略的重要組成部分。今年迄今為止，我們已宣布投資 3.032 億美元，目前已簽署約 1.95 億美元的意向書，預計在未來幾個月內完成。我們有大量新增的正面機會，全部專注於老年住房，其中包括大量的SHOP交易。

The balance sheet continues to be supportive of our ample capital needs. Our net debt to adjusted EBITDA at 3.6 times is below the low end of our target range, and we have available liquidity of over $1 billion. We believe this low leverage and strong access to capital creates a real competitive advantage as we're able to move quickly and with limited closing risk.

資產負債表仍能滿足我們充足的資金需求。我們的淨債務與調整後 EBITDA 比率為 3.6 倍，低於我們目標範圍的下限，並且我們擁有超過 10 億美元的可用流動資金。我們相信，這種低槓桿率和強大的融資管道創造了真正的競爭優勢，因為我們能夠快速行動，並將交易風險降至最低。

Touching briefly on the NHC rent negotiation, we disclosed last night that NHC has notified us of their intent to renew the master lease for one five-year term commencing on January 1, 2027. Management and the special committee are currently reviewing the effectiveness and legality of NHC's notice. Before turning the call to Kevin, I'd like to conclude to say that NHI is in a great position with several levers to pull both internally and externally that we expect to drive exceptional long-term FFO per share growth.

關於 NHC 的租金談判，我們昨晚透露，NHC 已通知我們，他們打算續簽主租賃合同，期限為五年，從 2027 年 1 月 1 日開始。管理階層和特別委員會目前正在審查NHC通知的有效性和合法性。在將電話轉給凱文之前，我想總結一下，NHI 目前處於非常有利的地位，擁有多種內部和外部槓桿，我們預計這些槓桿將推動每股 FFO 實現卓越的長期成長。

The third quarter benefited from some non-recurring items, but we believe the core remains strong and well positioned to create sustained shareholder value. The industry tailwinds are busting, our financial health is peak, and we have invested in the people and resources necessary to scale our future growth.

第三季受惠於一些非經常性項目，但我們相信核心業務依然強勁，並已做好充分準備，持續創造股東價值。產業發展勢頭強勁，我們的財務狀況處於巔峰狀態，我們已經投資於必要的人員和資源，以擴大我們未來的成長規模。

Kevin?

凱文？

Thank you, Eric. The transition of seven properties to the SHOP portfolio is just over three-months old, and we are happy with the early results. The third quarter NOI from these assets is above the prior cash rent, and we now expect that the 2025 NOI contribution exceeds our original forecast of approximately $3.7 million. As with any transition, we expect some impact to near-term growth with the introduction of new management and systems but still expect this portfolio to contribute meaningfully to SHOP NOI in 2026.

謝謝你，埃里克。七處房產過渡到 SHOP 投資組合至今已超過三個月，我們對目前的成果感到滿意。這些資產第三季的淨營業收入高於先前的現金租金，我們現在預計 2025 年的淨營業收入貢獻將超過我們最初預測的約 370 萬美元。與任何轉型一樣，我們預計引入新的管理和系統會對近期成長產生一些影響，但我們仍然預計該投資組合將在 2026 年為 SHOP NOI 做出有意義的貢獻。

We also completed our first SHOP acquisition, including four properties for $74.3 million on October 1 with Compass Senior Living as the operator. Our relationship with Compass is formally began in 2024 through a $9.5 million mortgage loan with purchase options on two properties in Oklahoma. In the process of looking for ways to expand the relationship, Compass brought us the opportunity to acquire two more properties that they operate in Oregon, which led to our first SHOP acquisition.

10 月 1 日，我們還完成了首次 SHOP 收購，以 7,430 萬美元的價格收購了四處房產，Compass Senior Living 是營運商。我們與 Compass 的合作關係正式始於 2024 年，當時我們獲得了一筆 950 萬美元的抵押貸款，並擁有在俄克拉荷馬州購買兩處房產的選擇權。在尋求拓展合作關係的過程中，Compass 為我們帶來了收購他們在俄勒岡州營運的另外兩處房產的機會，促成了我們的首次 SHOP 收購。

We expect the first year NOI yield on these stabilized properties to be 8.2% or 7.5% adjusting for recurring CapEx. As noted on our earnings press release, the balance of our mortgage and other notes receivable declined by $43.8 million compared to the second quarter due primarily to large paydowns on a couple of loans with limited or no opportunity for future ownership.

我們預計這些穩定營運的物業第一年的淨營業收入收益率為 8.2% 或 7.5%（扣除經常性資本支出後）。正如我們在獲利新聞稿中所述，由於部分貸款的償還額較大，且未來所有權機會有限或沒有，因此與第二季度相比，我們的抵押貸款和其他應收票據餘額減少了 4,380 萬美元。

While this may slightly weigh on near-term interest income, we are excited to be able to recycle this capital into investments with greater long-term value, including opportunities similar to the Compass deal I just described. On that note, the pipeline is active as ever with $195 million under LOI with an average yield of approximately 8.4%.

雖然這可能會對近期利息收入造成一定影響，但我們很高興能夠將這筆資金重新投入到具有更大長期價值的投資中，包括類似於我剛才描述的 Compass 交易的機會。就此而言，該專案管道依然活躍，目前已簽署1.95億美元的意向書，平均收益率約為8.4%。

This includes a mix of shop, triple-net and loan-to-own opportunities all in senior housing. We expect to close these deals in the fourth quarter and first quarter of 2026. Turning to our operating performance. Total SHOP NOI increased by 62.6% compared to the third quarter of 2024 due to the transition of seven properties on August 1.

這包括各種類型的商店、三淨租賃和貸款購買機會，全部都位於老年住房中。我們預計將在2026年第四季和第一季完成這些交易。接下來談談我們的營運表現。由於 8 月 1 日七處物業的交接，與 2024 年第三季相比，總 SHOP NOI 成長了 62.6%。

The same-store NOI on the 15 legacy holiday properties declined by 2.2% year-over-year, which is obviously not an acceptable result for us. Occupancy declined by 110 basis points from the third quarter of 2024 and 160 basis points sequentially. We experienced higher move-outs during the quarter, key personnel changes, 15 units taken out of service and approximately $0.2 million in nonrecurring costs, all of which negatively impacted the result.

15 家傳統度假酒店的同店淨營業收入較去年同期下降 2.2%，這顯然不是我們能夠接受的結果。入住率較 2024 年第三季下降 110 個基點，較上季下降 160 個基點。本季我們經歷了更高的搬出率、關鍵人員變動、15 個單位停用以及約 20 萬美元的非經常性成本，所有這些都對業績產生了負面影響。

We expect the out-of-service units to come back online in approximately six-months and we have taken measures to improve the occupancy in operations. But that will take some time, which led us to adjust our same-store NOI growth for this year, we expect NOI growth for this group to return to double-digit levels in 2026. We have and continue to make investments in our asset management platform, understanding that organic NOI is our best and cheapest source of capital.

我們預計停機的機組將在大約六個月後恢復運行，我們已經採取措施來提高營運入住率。但這需要一些時間，因此我們調整了今年的同店淨營業收入成長預期，我們預計該集團的淨營業收入成長將在 2026 年恢復到兩位數水準。我們過去和現在都在對我們的資產管理平台進行投資，因為我們深知有機淨營業收入是我們最好、最便宜的資金來源。

As we grow the SHOP portfolio, we expect the variability in same-store portfolio will be reduced, particularly as we believe the assets we are adding are higher quality properties with more consistent growth. 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 expectations and stable occupancy and EBITDAR coverages.

隨著 SHOP 投資組合的擴大，我們預期同店投資組合的波動性將會降低，特別是因為我們相信，我們新增的資產是品質更高、成長更穩定的物業。在整個三淨租賃投資組合中，我們普遍感受到穩健趨勢的延續，沒有租金減免，遞延租金的收取持續超出預期，入住率和 EBITDAR 覆蓋率保持穩定。

Cash lease revenue increased approximately 12% year-over-year to $70.1 million during the quarter. Excluding approximately $3.9 million in cash rent received in connection with the discovery lease terminations, cash revenue increased approximately 5.5% primarily due to acquisitions. On October 31, we exercised our purchase option on a CCRC in Columbia, South Carolina for $52.5 million, with an initial yield of 8.25%.

本季現金租賃收入年增約 12%，達到 7,010 萬美元。除因終止勘探租賃而收到的約 390 萬美元現金租金外，現金收入增長約 5.5%，主要原因是收購。10 月 31 日，我們行使了在南卡羅來納州哥倫比亞市購買 CCRC 的選擇權，價格為 5,250 萬美元，初始收益率為 8.25%。

This is a high-quality entrance fee community operated by our long-time partner, senior living communities, and we are excited to bring this property into our own portfolio. Bickford continues to generate strong NOI. Bickford's third quarter occupancy increased by 90 basis points from the second quarter to 86.1%. Trailing 12-month EBITDARM coverage through June 30, including deferral repayments, was 1.49 times.

這是一個由我們長期合作夥伴 Senior Living Communities 經營的高品質收費社區，我們很高興能將該物業納入我們自己的投資組合。Bickford 持續維持強勁的營業淨收入。Bickford 第三季入住率比第二季提高了 90 個基點，達到 86.1%。截至 6 月 30 日的過去 12 個月 EBITDARM 覆蓋率（包括延期還款）為 1.49 倍。

Bickford repaid $1.3 million in deferred rent during the third quarter and has an outstanding balance of $8.7 million at October 30. Due to their solid performance, we expect that we'll be able to capture more than the quarterly run rate of deferral repayments into the future base rent at the April 2026 reset with the ability to monetize any remaining deferral balances.

Bickford 在第三季償還了 130 萬美元的延期租金，截至 10 月 30 日，未償餘額為 870 萬美元。由於其穩健的表現，我們預計在 2026 年 4 月的重置時，我們將能夠把超過季度遞延還款額的款項計入未來的基本租金，並且能夠將任何剩餘的遞延餘額貨幣化。

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

現在我將把電話交給約翰，讓他來討論我們的財務表現和未來展望。約翰？

Thank you, Kevin, and hello, everyone. I'm pleased to report our third quarter results were above our expectations. I will highlight the significant areas that contributed to our positive quarter, but first, let me begin with our third quarter results. I'll be using average diluted common shares for all our per share results. For the quarter ended September 30, 2025, our net income per share was $0.69, up 6.2% from the prior year.

謝謝你，凱文，大家好。我很高興地報告，我們第三季的業績超出了預期。我將重點介紹促成我們本季業績成長的重要領域，但首先，讓我從第三季的業績開始說起。我將使用平均稀釋普通股股數來計算我們所有的每股盈餘結果。截至 2025 年 9 月 30 日的季度，我們的每股淨收入為 0.69 美元，比上年增長 6.2%。

Our NAREIT FFO results per share for the third quarter compared to the prior year period increased 5.8% to $1.09 per share. Our normalized FFO results per share for the third quarter increased 28% to $1.32 per share compared to the prior year third quarter. FAD for the third quarter ended September 30 compared to the prior year period, increased 26% to $62.2 million.

我們第三季的 NAREIT 每股 FFO 業績較上年同期成長 5.8%，達到每股 1.09 美元。與上年同期相比，我們第三季的正常化FFO每股收益成長了28%，達到1.32美元。截至 9 月 30 日的第三季 FAD 與去年同期相比成長 26%，達到 6,220 萬美元。

On August 1, we completed the conversion of seven assets from lease to shop. Together with the conversion, we recognized within our Real Estate Investments segment cash rent revenues of $4.6 million, noncash rental income related to operations transfer of $1.4 million and wrote off $12.1 million in straight-line rents placebo.

8月1日，我們完成了7處租賃物業轉為商店的轉換。隨著轉換的進行，我們在房地產投資部門確認了 460 萬美元的現金租金收入，140 萬美元的與營運相關的非現金租金收入轉移，並註銷了 1,210 萬美元的直線法租金安慰劑。

Upon conversion, we then additionally recognized $2 million in additional SHOP NOI from the conversion properties for the two months of operations during the quarter. All of these impacts are reflected in net income and NAREIT FFO. Our normalized FFO and FAD results exclude the impact from the noncash rental income related to the operations transfer and straight-line receivable write-off.

轉換完成後，我們在本季兩個月的營運中，從轉換物業中額外確認了 200 萬美元的額外 SHOP NOI。所有這些影響都反映在淨收入和 NAREIT FFO 中。我們調整後的 FFO 和 FAD 結果不包括與營運轉移相關的非現金租金收入和直線法應收帳款沖銷的影響。

During the quarter, we also received approximately $52 million in loan receivable payoffs, not in our previous guidance, which resulted in an improvement of $2 million in credit loss reserve impacting net income, NAREIT FFO and NFFO but was adjusted out of our FAD. NOI from our 22 property SHOP segment for the quarter ended September 30, increased 62.6% to $4.9 million compared to the prior year period.

本季度，我們還收到了約 5,200 萬美元的貸款應收款，這不在我們先前的預期之內，導致信貸損失準備金減少了 200 萬美元，影響了淨收入、NAREIT FFO 和 NFFO，但已從我們的 FAD 中進行了調整。截至 9 月 30 日的季度，我們旗下 22 家 SHOP 物業的淨營業收入 (NOI) 比去年同期成長 62.6%，達到 490 萬美元。

We expect these results to continue to rapidly grow further as we recognize NOI from our recent SHOP acquisition and continue to make additional SHOP investments in the coming quarters. Our 15-property same-store SHOP portfolio saw NOI decline 2.2% to $3 million from the prior year period. Same-store SHOP revenues and expenses grew 2.1% and 3.3%, respectively, resulting in a 90-basis point margin decline to 21.1% year-over-year.

我們預計，隨著我們確認近期收購 SHOP 帶來的淨營業收入，並在未來幾季繼續對 SHOP 進行額外投資，這些業績將繼續快速成長。我們旗下 15 家同店 SHOP 物業組合的淨營業收入較上年同期下降 2.2%，至 300 萬美元。同店 SHOP 收入和支出分別成長了 2.1% 和 3.3%，導致利潤率年減 90 個基點至 21.1%。

Interest expense for the quarter was down 8% year-over-year, while weighted average common diluted shares were up 8.3% to 47.6 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. Sequentially, compared to the second quarter, cash G&A increased 5.4% to $5.3 million, while legal expenses declined $1 million.

本季利息支出較去年同期下降 8%，而加權平均普通股稀釋股數增加 8.3% 至 4,760 萬股，這是因為該公司在過去一年中更多地使用股權而不是債務來為新投資提供資金。與第二季相比，現金一般及行政費用較上季增加 5.4% 至 530 萬美元，而法律費用則減少了 100 萬美元。

During the quarter, we did not close any new investments but did continue to fulfill our existing commitments. In October, we closed on new investments totaling $126.8 million which includes $46.7 million of previously deployed loan receivable capital. At the end of September, we issued $350 million in 5.35% coupon bonds resulting in net proceeds of $340 million after original issue discounts and bank fees. The bonds mature February 1, 2033.

本季我們沒有完成任何新的投資，但繼續履行了我們現有的承諾。10 月份，我們完成了總額為 1.268 億美元的新投資，其中包括 4,670 萬美元的先前已部署的貸款應收款資本。9 月底，我們發行了 3.5 億美元的票面利率為 5.35% 的債券，扣除原始發行折扣和銀行手續費後，淨收益為 3.4 億美元。債券將於2033年2月1日到期。

During the quarter, we settled approximately 155,000 common shares from our Q1 2025 forward ATM activity and an adjusted forward price of $73.96 per share after fees and forward costs, for proceeds of approximately $11.4 million. At September 30, 2025, we have remaining escrow forward equity proceeds of approximately $90.6 million available to us in exchange for the future delivery of 1.3 million common shares at an average price of $70.47 per share.

本季度，我們結算了 2025 年第一季遠期 ATM 交易中約 155,000 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 73.96 美元，收益約為 1140 萬美元。截至 2025 年 9 月 30 日，我們還有約 9,060 萬美元的剩餘託管遠期股權收益可供我們用於換取未來以每股 70.47 美元平均價格交付的 130 萬股普通股。

We ended the quarter with $81.6 million in cash on our balance sheet and $600 million in revolving capacity after paying down the bank term loan of $75 million at the end of the quarter. Subsequent to the third quarter, we extended the maturity of our $125 million term loan for six-months to June 16, 2026, retired a $50 million private placement loan and amended our bank credit facilities to remove a 10-basis point credit spread adjustment to our SOFR interest rate.

本季末，我們的資產負債表上現金餘額為 8,160 萬美元，在償還了本季末的 7,500 萬美元銀行定期貸款後，循環信貸額度為 6 億美元。第三季之後，我們將 1.25 億美元的定期貸款到期日延長了 6 個月至 2026 年 6 月 16 日，償還了 5000 萬美元的私募貸款，並修改了我們的銀行信貸安排，取消了對 SOFR 利率的 10 個基點信用利差調整。

Our balance sheet ended the third quarter in great shape with improvements in our leverage ratios and liquidity. Our net debt to adjusted EBITDA ratio was 3.6 times for the quarter, and our available liquidity was approximately $1.1 billion attributable to the cash on our balance sheet, excess revolver, forward equity and additional ATM capacity.

第三季末，我們的資產負債表狀況良好，槓桿率和流動性均有所改善。本季我們的淨負債與調整後 EBITDA 比率為 3.6 倍，可用流動資金約 11 億美元，這主要歸功於我們資產負債表上的現金、超額循環信貸額度、遠端權益和額外的 ATM 容量。

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 December 31, 2025, and payable January 30, 2026. We also adjusted our full year 2025 guidance, which includes increases to all our per share metrics. Our guidance includes the impacts from our SHOP conversion, announced subsequent events and our other expected results.

現在讓我談談我們的股利和業績指引。正如我們昨晚宣布的那樣，我們的董事會宣布向截至 2025 年 12 月 31 日登記在冊的股東派發每股 0.92 美元的股息，股息將於 2026 年 1 月 30 日支付。我們也調整了 2025 年全年業績預期，其中包括提高所有每股指標。我們的指導意見包括 SHOP 轉換的影響、已公佈的後續事件以及我們其他預期結果。

Compared to 2024, NAREIT FFO guidance at the midpoint is $4.64 or an increase of 2%, and normalized FFO at the midpoint is $4.90 or an increase of 10.4%. Compared to our original February full year guidance, we increased normalized FFO guidance $0.27 per share. Our guidance for FAD at the midpoint is $232.6 million, up from our original February guidance of $221.7 million, and represents a 13.9% increase in FAD over 2024. Our guidance includes same-store SHOP NOI growth in the range of 7% to 9% over 2024.

與 2024 年相比，NAREIT 的 FFO 指導值中位數為 4.64 美元，成長 2%；標準化 FFO 指導值中位數為 4.90 美元，成長 10.4%。與我們2月份最初的全年預期相比，我們將正常化FFO預期上調了每股0.27美元。我們對 FAD 中點的預測為 2.326 億美元，高於我們 2 月最初預測的 2.217 億美元，比 2024 年的 FAD 成長 13.9%。我們預計到 2024 年，同店 SHOP NOI 成長率將在 7% 至 9% 之間。

We are also providing guidance on our conversion plus new investment SHOP NOI for the full year of between $5.8 million and $6 million. Guidance also includes the continued collection of deferred rents and the fulfillment of our existing commitments. Our updated 2025 guidance includes $75 million in additional new unidentified investments and an average yield of 8%, which is an increase in our investment guidance as this is in addition to investments announced subsequent to our third quarter.

我們還提供了全年轉換和新投資 SHOP NOI 的指導，預計全年金額在 580 萬美元至 600 萬美元之間。指導意見還包括繼續收取延期租金和履行我們現有的承諾。我們更新後的 2025 年業績指引包括 7,500 萬美元的新增未確定投資，平均收益率為 8%，這比我們之前的投資指引有所提高，因為這是繼第三季之後宣布的投資之外的額外投資。

Our guidance does not include any additional impacts in 2025 for selling additional forward equity although some settlement is likely to occur prior to our December [x] dividend date. Our actual equity settlements will be dependent upon the volume and timing of additional new investments. Once again, thank you for joining the call today, and that concludes our prepared remarks.

我們的指引不包括 2025 年出售額外遠期股權可能帶來的任何額外影響，儘管一些結算可能會在我們 12 月 [x] 派息日之前發生。我們實際的股權結算將取決於新增投資的規模和時間。再次感謝各位今天參加電話會議，我們的演講到此結束。

So with that, operator, please open the lines for questions.

那麼，接線員，請開啟提問通道。

(Operator Instructions) Juan Sanabria, BMO Capital Markets.

（操作員指示）Juan Sanabria，BMO 資本市場。

Hoping to dig a little bit deeper into SHOP. You kind of made reference in the release in the opening remarks about some efforts to remediate things. So hoping you could talk a little bit about what that exactly means? And as part of that, I guess, the back story on why some units were taken offline, I guess, why now and what's the scope of work there?

希望能更深入地了解 SHOP。你在新聞稿的開場白中提到了一些補救措施。所以，您能否稍微談談這究竟意味著什麼？我想，其中也包括解釋為什麼有些單位被下線，為什麼是現在，以及那裡的工作範圍是什麼？

Sure. Juan, this is Kevin. One thing I guess I'd like to point out is that when we're talking about our same-store portfolio, that's the holiday portfolio, which has been noted difficult by some of our peers. It's definitely not had the trajectory that we would have liked that's a little more linear. But here we are. As it relates to the remediation, a lot of it is going back through the portfolio, making sure we have our units priced appropriately.

當然。胡安，這位是凱文。我想指出的一點是，當我們談論同店銷售組合時，指的是假日銷售組合，一些同行指出，假日銷售組合很難實現。它的發展軌跡絕對沒有達到我們所希望的那種更線性的發展軌跡。但我們現在就處於這種境地。至於補救措施，許多工作都是重新審視投資組合，確保我們的單位定價合理。

We have the tour pass done right, a lot of the basic blocking and tackling. We really have probably three or four buildings that we're focused on occupancy that were the laggards that dragged our performance down. So making sure that we have the right people in place, all that has taken place. I think some of the good news here is that our lead volumes are still very good.

我們已經把巡迴賽通行證做好了，很多基本的阻擋和擒抱技巧都掌握了。我們目前專注於三、四棟樓的入住率，這些樓的入住率落後於其他大樓，拖累了我們的整體表現。所以，確保我們配備了合適的人員，所有這些工作都已經完成了。我認為好消息之一是，我們的銷售線索數量仍然非常可觀。

It's a matter of just converting and making sure we have the right incentives in place for the people on the ground. So as we go through our budget processing right now, we're evaluating all those to make sure that we have the right incentives and again, the right pricing, being able to put the right programming in place and having the right resident engagement.

關鍵在於轉變觀念，並確保我們為第一線人員提供正確的激勵措施。因此，在我們進行預算處理的過程中，我們正在評估所有這些因素，以確保我們有正確的激勵措施和正確的定價，能夠制定正確的計劃並讓居民積極參與。

So those are all things that are in process to feel like a lot of the corrective measures have been put in place. So as we discussed on the call, we'll be looking to get additional growth out of the portfolio next year. As it relates to the units that were taken offline, we have a building in California that had some earth movement a couple of years ago.

所以這些事情都在進行中，感覺很多糾正措施已經到位了。正如我們在電話會議上討論的那樣，明年我們將尋求從投資組合中獲得進一步成長。至於那些被停用的單元，我們在加州有一棟建築，幾年前發生了一些地殼移動。

But we found out over time that we had some issues on the bottom floor with some of the plumbing. And the initial scope of the project was less than we had it in our forecast. So we knew about it, but it ended up being that we had -- we needed to take all of the first four units off-line, so we made the tough decision to do the right thing and do the project in full scope versus trying to just piecemeal it and -- so get it right the first time. So it was a decision we made to go ahead and make it a little bit bigger projects. So that way, it was done right for the community.

但隨著時間的推移，我們發現一樓的一些管道存在一些問題。專案的初始規模比我們預想的要小。所以我們知道這件事，但最終結果是——我們需要將前四個單元全部停產，所以我們做出了艱難的決定，要做正確的事，全面推進項目，而不是試圖零敲碎打地進行，這樣才能一次性做好。所以我們決定繼續前進，把專案做得更大一些。這樣一來，這件事才算是真正為社區做了妥善處理。

And just to confirm, there's no tangent operators or one change contemplated? I know you've had some movement with Discovery and their remaining operator would SHOP and no longer triple that?

再次確認一下，目前沒有考慮任何切線操作符或更改嗎？我知道你和Discovery那邊已經有一些進展了，他們剩下的運營商會接受SHOP方案，不再是原來的三倍了吧？

So -- correct. Discovery, as it relates to SHOP, Discovery and Merrill are our operators, our managers on those. We're working with them very closely to make sure we -- again, we have all the right people in place. I think as good stewards of the portfolio, we always have to keep in mind what's best for the portfolio. So -- but as it stands, we're working with them to go through the portfolio, make sure that we have all the right pieces in place to make sure that we get back on track from a performance standpoint.

沒錯。Discovery，就 SHOP 而言，Discovery 和 Merrill 是我們的營運商，也是我們的管理者。我們正與他們密切合作，以確保——再次強調，我們擁有所有合適的人員。我認為，身為投資組合的優秀管理者，我們必須時時牢記什麼對投資組合最有利。所以——但就目前而言，我們正在與他們合作審查投資組合，確保我們擁有所有正確的要素，以確保我們在業績方面重回正軌。

Great. And then just a second question on NHC. Just curious on where we stand. I know the lease was put into default and NHC kind of came back. And then they sent you a renewal notice, but then there was a comment in the prepared remarks about analyzing the legality of that notice. Just curious on, I guess, the technicality of where we stand today and why you said examining that legality of the renewal notice?

偉大的。然後，關於NHC，我還有第二個問題。只是好奇我們目前的處境如何。我知道租賃合約違約了，然後NHC又重新介入了。然後他們給你發了一份續約通知，但在事先準備好的評論中，有一條評論是要分析該通知的合法性。我只是好奇，我們目前所處的技術層面是什麼？以及您為什麼說要檢討續約通知的合法性？

Juan, this is Eric. Yes, that wording was artfully crafted. There could be a question about whether or not they're in default. And if they are in default, whether or not they're able to exercise their renewal option. The lease is pretty bare bones as you know, but it does say that if they're in default, they don't have the right to renew. So all of that could be subject to arbitration or litigation or legal interpretation. So that's what was meant by that comment.

胡安，這位是埃里克。是的，那句話措辭非常巧妙。可能會出現他們是否違約的問題。如果他們違約，他們是否能夠行使續約選擇權。如你所知，租賃合約條款非常簡單，但其中確實規定，如果他們違約，則無權續約。因此，所有這些都可能需要透過仲裁、訴訟或法律解釋來解決。原來那句話的意思就是這樣。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Just going back to the NHC question there a moment ago. I guess I was curious if the renewal option did prove to be legal, would that still be at the fair market rent? Or would it be at the current rent level? And I guess how else could that change NHI's negotiating position with respect to the adjustment to fair market rent?

剛才說到NHC的問題，現在再說回正題。我想知道的是，如果續租選擇權被證明是合法的，那麼租金是否仍然會是公平的市場租金？或會維持目前的租金水平？我猜想，除此之外，這還能如何改變 NHI 在調整公平市場租金方面的談判地位？

Austin, recognizing that NHC is and their counsel are listening to this call, I will just say that all of that is on the table. If the renewal is determined not to be valid, then it's a wide open negotiation that could include third parties. If the arbitration or litigation does hold that the renewal is valid than the terms of the lease say that the renewal should be at a market rate, which is also a wide open interpretation.

奧斯汀，我知道 NHC 及其律師正在收聽這通通話，我只想說，所有這些都在考慮之中。如果續約被認定無效，那麼將展開一場可能涉及第三方的公開談判。如果仲裁或訴訟裁定續約有效，那麼租賃條款規定續約價格應以市場價格計算，但這同樣是一個解釋空間很大的問題。

And as you know, we've hired Blueprint Advisors to help us survey the market and get touch points on lease rates and cap rates in the markets where these buildings reside.

如您所知，我們聘請了 Blueprint Advisors 來幫助我們進行市場調查，並了解這些建築物所在市場的租賃價格和資本化率。

That's helpful. And then Eric or Kevin, the pipeline of investment opportunities sounds very active. But it did appear like when some assets moved into the under LOI bucket and therefore, that investment pipeline was relatively stable. How far along are you in ramping that pipeline that you quote? And I'm just wondering if you guys are spending more time today on larger portfolios that maybe wouldn't go into the pipeline?

那很有幫助。埃里克或凱文，投資機會管道聽起來非常活躍。但似乎當一些資產進入意向書下的狀態時，投資管道就相對穩定了。您提到的那條生產線目前的產能提升進度如何？我只是想知道，你們現在是否花更多時間在那些可能不會進入後續投資流程的大型投資組合上？

Or are you more focused on deals that should over time tuck into the quoted investment pipeline as they move forward?

或者，您是否更關注那些隨著時間推移而逐步納入既定投資計畫的交易？

Austin, this is Kevin. I guess the way I would say is you definitely touched on an element of what we're looking at in the pipeline. In terms of the full scope of the pipeline, it's well over $1 billion. But we're not going to report to you a number that is we don't think is achievable. So there are some larger portfolios. Anything over $100 million, we're not reporting in our numbers because I think the percentage hit rate on those is going to be a little lower.

奧斯汀，這位是凱文。我想說的是，你確實觸及了我們正在研發的某個面向。從整個管道的規模來看，其價值遠遠超過 10 億美元。但我們不會向你們報告一個我們認為無法實現的數字。所以也有一些較大的投資組合。超過 1 億美元的項目，我們不會計入統計數據，因為我認為這些項目的命中率會略低一些。

So we want to make sure it's signed up before we would report that in terms of what we have under LOI or in our pipeline. So I think that's just a function of what we're looking at in a mix of the pipeline at the moment. So I would say it's as robust as it has been, if not more. It's been an extremely busy year here, and it continues to be. So I don't really have any hesitation on where our pipeline sits right now.

所以，在報告我們已簽署意向書或正在籌備的專案之前，我們希望確保專案已經正式簽約。所以我認為這只是我們目前在檢視各種產品組合時所關注的因素。所以我覺得它依然很強大，甚至比以前更強大了。今年這裡非常忙碌，而且這種忙碌還會持續下去。所以我對我們目前的管線狀況沒有任何疑慮。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

I had a quick question about the guidance increase. I was wondering if you could bridge between the old and the new guidance. What in there is including term fee as well as any additional -- was there incremental positivity and outlook or just having better confidence? Just wondering if you could go through a few of the items.

我有個關於指導價上調的問題想問一下。我想知道您是否能夠將舊的指導方針和新的指導方針銜接起來。其中包括期限費以及任何額外費用——是增加了積極性和前景，還是只是增強了信心？請問您能否幫忙看一下其中的一些物品？

Yes. Okay. Let me -- this is John Spaid. Let me see if I can start from the top. In August, we had to make a lot of assumptions regarding the conversion activity that we recognized in the third quarter. That activity was -- came in much better than expected. There's a couple of things that were -- onetime items that came in better than expected.

是的。好的。讓我來——我是約翰·斯佩德。讓我看看能不能從頭開始。8 月份，我們不得不對第三季確認的轉換活動做出許多假設。那項活動——效果遠超預期。有幾樣東西——都是一次性的，但效果卻比預期的要好。

There was also better than expected NOI that we recognized from the conversion SHOP portfolio. So that all influenced the raise. We also additionally saw a fair amount of loan receivable payoffs that occurred during the quarter. And oftentimes, what happens there is twofold, depending on what we're -- what's being paid off, we would then recognize credit loss reserve reversals, which flows through all of our metrics, except for FAD.

我們也發現，轉化型 SHOP 產品組合的淨營業收入 (NOI) 也高於預期。所以所有這些因素都影響了加薪。此外，我們也看到本季發生了相當數量的貸款應收款償還。而且通常情況下，那裡發生的事情有兩種，取決於我們正在償還的是什麼——我們會確認信用損失準備金的衝回，這會反映在我們所有的指標中，除了 FAD。

So that was a significant change in our forecast. Interest income will also change, both for the third quarter as recognized as well as the fourth quarter because our mortgage investments now have declined. But when we saw those mortgage payoffs, we collected some accrued interest that was accruing but not recognized, and we also had some exit fees as well.

所以，我們的預測發生了重大變化。利息收入也會發生變化，無論是已確認的第三季度還是第四季度，因為我們的抵押貸款投資現在已經下降。但當我們看到這些抵押貸款還款時，我們收回了一些先前累積但未確認的利息，此外還有一些退出費用。

And then I guess, finally, the same-store SHOP portfolio, we had to change that. We used to have a range of 13% to 16%. That's now 7% to 9% for the year. So I think those are the biggest factors.

最後，我想，對於同店 SHOP 產品組合，我們不得不做出改變。我們以前的範圍是 13% 到 16%。今年的成長率目前為7%至9%。所以我覺得這些都是最重要的因素。

Okay. And also going back to the SHOP portfolio in -- or in the acquisition pipeline. I was curious if you could add a few comments on how you're viewing with the competition in the market, you made the comment about the hit rates on the larger portfolios and across a lot of broader peer sets, we've been seeing an increase in SHOP activity as well as looking to buy full portfolios of SHOP. Just curious if you could just comment on competition. Is that impacting pricing? Is it leading others to pay above what you're underwriting for the pricing?

好的。而且，我們還要重新審視 SHOP 投資組合，或者說，我們正在進行收購。我很好奇您能否就您如何看待市場競爭發表一些評論，您提到了大型投資組合和許多更廣泛的同業群體的命中率，我們看到 SHOP 的活動有所增加，並且正在考慮購買 SHOP 的完整投資組合。我只是好奇您能否談談對競爭的看法。這會影響定價嗎？這是否會導致其他人支付高於你所承保價格的費用？

Sure. This is Kevin. The competition in the marketplace has definitely ramped up. That said, I feel like we have very strong ties with our operating partners that we were getting looks on properties that would be more off market. What you've seen close is indicative of that where we get a direct from our manager or operating partner and then also a function of our -- what we describe as our loan-to-own program.

當然。這是凱文。市場競爭無疑加劇了。也就是說，我覺得我們與營運夥伴的關係非常緊密，因此我們能夠接觸到一些非公開市場的房產。你剛才看到的正是這一點，我們直接從經理或營運合夥人那裡獲得資金，同時也得益於我們所謂的「貸款購買計畫」。

That's worked out really well for us. So it is a much more competitive environment. I think those are the deals that we try to exclude from our pipeline just because there are more groups that are looking at it. A lot of it is our REIT peers. When we look across the landscape, there's a little more private equity entering the space as well.

這對我們來說效果非常好。所以，這是一個競爭更激烈的環境。我認為，我們之所以盡量將這些交易排除在我們的收購計畫之外，只是因為有更多的收購者在關注它們。很多都是我們的房地產投資信託基金同業。從整體來看，也有越來越多的私募股權資金進入這個領域。

The uniqueness that we have and our peer share is that we don't have financing contingencies. So we're actually able to get a little bit better pricing versus what I would consider the top bid because they know we can close. So -- we'll continue to pursue those marketed deals as well, but we're really focusing on making sure we have the right relationships and being able to pull in stuff at a better value.

我們與同業相比的獨特優勢在於，我們沒有融資方面的顧慮。所以，我們實際上能夠拿到比我心目中最高報價更優惠的價格，因為他們知道我們能完成交易。所以——我們也會繼續爭取那些市場交易，但我們真正關注的是確保我們擁有正確的關係，並且能夠以更優惠的價格獲得產品。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

If we could just kind of close the circle on NHC for now. Can you remind the basics behind the whether or not they're in default. I know it's been said, but I just want to make sure we got that clear about your point of view on that topic.

如果我們現在能就NHC（國家颶風中心）的事情畫上一個句點就好了。你能再解釋一下它們是否處於預設狀態的基本原理嗎？我知道之前已經有人說過，但我只是想確保我們清楚地了解你對這個問題的看法。

Rich, this is Eric. So when we made the announcement that we sent them a notice of default, we said that there were nonmonetary provisions that they were not adhering to. That was certain audit requirements, that was certain reporting requirements, that was certain insurance requirements and CapEx requirements. We had done an inspection of all the buildings and found maintenance and level of CapEx to be lacking.

Rich，這位是Eric。因此，當我們宣布已向他們發出違約通知時，我們表示他們沒有遵守非金錢條款。那是某些審計要求、某些報告要求、某些保險要求和資本支出要求。我們對所有建築物進行了檢查，發現維護和資本支出水準不足。

So we put that in a letter and sent it to them. And then, of course, as I said earlier, under the terms of the lease, if they're in default, then they're not able to renew the lease. So that's kind of where we are. There's provisions that allow for arbitration. There's a question as to whether or not the lease renewal rate is subject to arbitration, so that's something that is a question mark that I can't really address. And --

於是我們把這些內容寫成信寄給了他們。當然，正如我之前所說，根據租賃條款，如果他們違約，那麼他們就不能續約。這就是我們目前的處境。有條款允許進行仲裁。關於租賃續約費率是否需要仲裁，這是一個我無法回答的問題。和--

But there -- this renewal offer from them is for the entirety of the portfolio. There's no cherry pick --

但是，他們提供的續約方案涵蓋了所有投資組合。沒有精心挑選。--

Correct. It's all or nothing.

正確的。要嘛全有，要嘛全無。

Okay. I understand the hiccups during the quarter on the SHOP. I know it's small with -- relative to the rest of the portfolio. But -- Kevin, you want to put the right people in place and you kind of went through that whole response to Juan's question. But -- what -- I guess my question is this is not like you had this stuff in place yesterday.

好的。我理解本季 SHOP 出現的一些小問題。我知道相對於投資組合中的其他部分而言，它規模很小。但是——凱文，你想安排合適的人選，而你對胡安的問題也做了類似的回答。但是——什麼——我想問的是，這不像是你昨天就已經準備好了這些東西。

You had -- you've been in this portfolio for some time now. Like what is it do you think that suddenly hiccup on you with this portfolio, you mentioned higher move-outs. It just seems a little sudden given the fact that this is not a new portfolio to you.

你一直——你已經在這個投資組合中工作了一段時間了。你覺得是什麼原因導致你的投資組合突然出現問題？你提到了較高的出庫率。考慮到這並非您第一次管理投資組合，這似乎有點突然。

Sure, this is Kevin. I understand your question. I would say we also telegraphed this last quarter that we saw. This was -- we knew that the third quarter was going to be softer than the second because of the things that we were seeing in the portfolio. So I don't think it crept up on us. I think it was a matter of -- we saw it coming. We telegraphed it.

當然，這是凱文。我明白你的問題。我認為我們在上個季度也已經預示了這一點。這是因為——我們知道第三季會比第二季疲軟，因為我們從投資組合中看到了一些問題。所以我覺得它不是悄悄發生的。我認為問題在於──我們預料到了。我們用電報通知了。

I would say the result was more -- was lower than what we would have liked to see. So we're trying to make the corrective measures that I described. I also think that this is a function of operations. We're looking at, as you've already said, a small portfolio, and we're drilling into a handful of buildings that are driving the result. As we continue to grow and we diversify our investment, that's going to be the key for us here in SHOP.

我認為結果比我們預期的要低。所以我們正在努力採取我剛才描述的糾正措施。我認為這與營運方式有關。正如您所說，我們正在研究一個規模較小的投資組合，並且正在深入研究少數幾棟對業績產生積極影響的建築。隨著我們不斷發展壯大，並實現投資多元化，這將是我們 SHOP 成功的關鍵。

Right. Okay. Fair enough. Like a couple can really move the needle at this point. And then, John, if you could just -- you mentioned the new guidance, and you mentioned some better-than-expected onetime items. Can you just quantify the onetime items in the third quarter that contributed to the guidance raised just in dollars, so we can have that in our model?

正確的。好的。很公平。就像現在一對情侶真的能起到很大的作用。然後，約翰，如果你能——你提到了新的指導方針，也提到了一些比預期更好的一次性項目。能否以美元為單位，量化第三季導致業績指引上調的一次性項目，以便我們將其納入模型？

Sure. Yes. This is John again. In my prepared remarks, I mentioned $4.6 million of cash revenues that came in under the converted properties. So that number included everything we collected, including 1 month's rent. We then recognized a $1.4 million, what we call it, a noncash rent revenues on operations transfer. And then we also recognized the $12.1 million straight-line receivable write-off.

當然。是的。我是約翰。在我的演講稿中，我提到了改建房產帶來的 460 萬美元現金收入。所以這個數字包含了我們收到的所有款項，包括1個月的房租。然後，我們確認了一筆 140 萬美元的非現金租金收入（我們稱之為營運轉移）。此外，我們也確認了 1,210 萬美元的直線法應收帳款註銷。

So when we recognize the cash rents, which flows all the way down through FAD, at the same time, we converted the SHOP, and we recognized $2 million of NOI. So there's a little bit of doubling up there as a result. The other big onetime item I just want to point out is that when we have significant, particularly mezz type loan payoffs, we'll have a reversal of the credit loss reserves, which flows through all of our metrics, including FFO and not FAD.

因此，當我們確認現金租金時（這筆錢會一直流經 FAD），同時，我們轉換了 SHOP，並確認了 200 萬美元的 NOI。因此，這裡出現了一些重複的情況。我還要指出另一個重要的一次性事項，那就是當我們有重大（特別是夾層貸款）償還時，我們會沖銷信貸損失準備金，這會影響我們所有的指標，包括 FFO，但不會影響 FAD。

And as a result of all of these sort of changes, including the Fed results, we've also seen some nice reductions in our interest expense. And that also was another topic I didn't really mention in my prepared remarks too forcefully, but we're seeing some benefit there because we have some variable rate interest expense. And we are also to get -- we're able to get out that bond at a 5.35% coupon.

由於所有這些變化，包括聯準會的政策結果，我們也看到利息支出下降。這也是我在準備的發言稿中沒有著重提及的另一個話題，但我們確實從中看到了一些好處，因為我們有一些浮動利率利息支出。而且我們還能以 5.35% 的票面利率發行該債券。

I wasn't sure we could do it quite that nicely as we did in the third quarter. So the forecast is always kind of reflected a little higher expectation for interest rates for the year. Does that help?

我不確定我們能否像第三節那樣完美地完成比賽。因此，預測結果總是反映出對今年利率略高的預期。這樣有幫助嗎？

Yes. That's good.

是的。那挺好的。

(Operator Instructions) Omotayo Okusanya, Deutsche Bank.

（操作員指示）Omotayo Okusanya，德意志銀行。

Quick question on -- you put an 8-K out yesterday, you were going to be losing two Board members by sometime in 2026. I know there's been a lot of board change in general at the company. But for these two particular roles, just talk a little bit about how the Board may potentially be thinking about replacement?

關於昨天發布的 8-K 表格，我有個問題想問一下——你們在 2026 年的某個時候將會失去兩名董事會成員。我知道公司董事會整體經歷了很多變動。但就這兩個特定職位而言，能否簡單談談董事會可能如何考慮人選替換？

Whether -- what particular type of skill sets of background you're looking for, whether it's someone who has Senior Housing operating experience? Just kind of curious what we may see that could help further bolster the Board going forward with these two opportunities?

具體來說，您正在尋找什麼樣的技能背景？例如，您是否需要有養老院營運經驗的人員？我只是有點好奇，透過這兩個機會，我們可能會看到哪些方面能夠進一步加強董事會的實力？

Sure, Tayo. This is Eric. Yes, we made that announcement yesterday that two Board members will be rolling off. And as you will recall, we had an activist campaign earlier in the year, and we addressed Board refreshment as part of our strategy to address the activists. So here we are. We're conducting a search using Ferguson Search firm.

當然可以，泰奧。這是埃里克。是的，我們昨天宣布了兩名董事會成員將離職的消息。您可能還記得，今年早些時候我們曾發起過一場激進運動，而董事會更新是我們應對激進分子策略的一部分。事情就是這樣。我們正在委託弗格森獵人頭公司進行招募。

Ferguson has helped us in the past with some Board members, and we're currently interviewing Board members and you're absolutely right. They will have some senior housing and operations exposure and stay tuned for announcements in that regard.

Ferguson 過去曾幫助我們挑選過一些董事會成員，我們目前正在面試董事會成員，您說得完全正確。他們將接觸到一些老年住房和營運方面的內容，敬請關注這方面的公告。

That's helpful. And then just going back to SHOP, and I think maybe this one maybe a little bit more for Kevin. But again, just given your experience with kind of with the Holiday portfolio and again, some of the changes you've made on the Discovery side. Just kind of talk about this idea of a SHOP moves from 5% to 10% to 20% of your portfolio, kind of like this next evolution kind of -- what are the kind of key things you're looking for from the operators to kind of prevent some of this kind of one step forward.

那很有幫助。然後回到商店，我覺得這個可能更適合凱文。但是，鑑於您在假日產品組合方面的經驗，以及您在探索方面所做的一些改變。就談談 SHOP 投資從投資組合的 5% 到 10% 再到 20% 這種轉變，這算是下一個發展階段——你希望運營商具備哪些關鍵素質，才能防止這種「一步到位」的轉變。

One step back that you've kind of dealt with through, through your current experience with the same-store portfolio. Just -- what are you really looking for going forward that kind of says, this is the operator we want to deal with, and there's an operator we don't want to deal with?

這是你透過目前在同店業務組合方面的經驗所遇到的一個倒退。那麼——你真正想要的是什麼，才能表明「這是我們想要合作的運營商，而是我們不想合作的運營商」？

Tayo, this is Eric again. I'm going to take this one. You're absolutely right. You'll recall that we kind of backed into the Holiday conversion of SHOP. The history of that portfolio, was a lease with Fortress and Holiday was the operator. The holiday got bought by Atria and Fortress sold its portfolio to Welltower. And the entity that was our tenant to Welltower, and you'll recall that we had litigation with Welltower as a result of that.

Tayo，我是Eric。我決定選這個。你說得完全正確。您可能還記得，我們​​算是偶然地促成了 SHOP 的假期轉型。該投資組合的歷史可以追溯到與 Fortress 簽訂的租賃協議，當時 Holiday 是營運商。該度假勝地被 Atria 收購，而 Fortress 將其投資組合出售給了 Welltower。還有我們租給 Welltower 的那家公司，您可能還記得，我們​​因此與 Welltower 發生了訴訟。

And it was a good opportunity for us to turn lemons into lemonade. Our Board had been on the fence about whether or not to engage and shop and operations, and this kind of forced the issue. So it was a science experiment. And generally, we're happy with the way it turned out. Last year's growth on the portfolio was 30%. Last quarter, we had good growth in holiday of 15%.

對我們來說，這是一個化腐朽為神奇的好機會。我們的董事會一直在猶豫是否要進行收購和運營，而這件事迫使我們不得不面對這個問題。所以這是一個科學實驗。總的來說，我們對結果很滿意。去年該投資組合的成長率為 30%。上個季度，我們的假期銷售額實現了15%的良好成長。

We'll be chasing those numbers and working to get those back again. We've added new talent to our bench. You look on our web page, you'll see we have a new SVP of Asset Management. We have new VPs of Asset Management. We're very highly skewed towards operations now. And we're very savvy about what it takes to run an operating platform. Recall that both John and I -- came from Emeritus, a large operator.

我們會努力追趕並恢復這些數字。我們為球隊補充了新的人才。您瀏覽我們的網頁，就會發現我們新聘了一位資產管理資深副總裁。我們任命了新的資產管理副總裁。我們現在非常專注於營運方面。我們非常清楚營運平台需要哪些條件。請記住，我和約翰都來自 Emeritus，一家大型營運商。

So I'm comfortable with this new footing that our company is engaged in and I'm excited about the opportunity to grow the new store. We converted seven buildings this quarter, and we bought six buildings, and we bought two more from Compass and we converted a loan for a total of four. So we are growing SHOP quickly. And I can tell you the majority of our pipeline is SHOP. So we're committed.

我對公司目前所處的新局面感到滿意，也對發展新店的機會感到興奮。本季我們改建了七棟建築物，購買了六棟建築物，從 Compass 公司又購買了兩棟，並將一筆貸款轉換為四棟建築物。所以我們的 SHOP 發展迅速。我可以告訴你，我們的大部分管道都是 SHOP。所以我們已下定決心。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just piggybacking on Tayo's question. Curious if you could provide any high-level thoughts about G&A with the additions of personnel and doubly down on asset management capabilities.

我只是藉用Tayo的問題。想請教各位，在人員增加、資產管理能力加倍投入的情況下，G&A（一般及行政費用）方面有哪些高層次的看法？

Sure. If you look in our supplemental, we address our G&A as a percentage of assets under management. And I would still pause it to you that we're cost-effective and very low compared to our peers. Looking at year-to-date, exclusive of stock comp at 0.56%. So that's a good metric. John, do you have anything?

當然。如果您查看我們的補充文件，您會發現我們以管理資產的百分比來列示一般及行政費用。我還要補充一點，與同業相比，我們的成本效益很高，價格也很低。年初至今，不包括股票補償，為 0.56%。所以這是一個很好的衡量標準。約翰，你有什麼嗎？

Yes.

是的。

Just looking more for growth parameters, just given the investments in people and systems for next year. Is there any early thoughts?

主要是在關注成長參數，因為明年我們在人員和系統方面都有投資。有什麼初步想法嗎？

Well, one way to think about it is -- and the way I think about it is revenues per employee. So I'm kind of working off of right now a metric of about $11 million of revenues per employee. I think that's probably something that might be a little bit heavy in terms of G&A for us as we move forward, but I'm thinking that way.

嗯，一種思考方式是──而我的思考方式是──每位員工的收入。所以我目前大致採用的指標是每位員工創造約 1,100 萬美元的收入。我認為，隨著我們未來的發展，這可能會為我們帶來一些額外的管理費用，但我目前是這麼想的。

And as I issued guidance, my guidance is including our expectations to grow internally as we take on more and more SHOP. So you can -- I'll give you a forward number here. If you think about our SHOP this year, we've grown it in terms of revenues, almost 60%. If you just look at what we've announced to date, excluding any new unidentified investments, our SHOP revenues year-over-year will probably be up in that 60% plus range, again before we talk about new investments again. So there you go. There's a couple of numbers you can work off of.

正如我發布的指導意見一樣，我的指導意見也包括我們對自身發展的期望，因為我們將承擔越來越多的 SHOP 業務。所以你可以－我給你一個轉接號碼。如果你看看我們今年的商店，我們在收入方面成長了近 60%。如果只看我們迄今為止公佈的內容，不包括任何新的未公開投資，我們的 SHOP 收入同比增長率可能會達到 60% 以上，這還是在我們再次討論新投資之前。就是這樣。你可以參考幾個數字來計算。

Okay. And then just for Bickford. Just curious if you can make any comments on their financial health and how we should think about the range of potential outcomes for that revenue set next spring?

好的。然後就只針對比克福德了。我很好奇您能否就他們的財務狀況發表一些看法，以及我們應該如何看待明年春季公佈的收入可能出現的各種結果？

Sure. Juan, this is Kevin. From a financial health standpoint, we disclosed our coverage ratios. The lease is doing very well. Again, somewhat similar to my comments about SHOP and our managers, we need to evaluate our entire portfolio, including Bickford on a continuous basis in terms of -- is there -- are there properties that need to go to a different home or to be sold, what have you.

當然。胡安，這位是凱文。從財務健康角度來看，我們揭露了我們的保險覆蓋率。租賃情況非常好。同樣，這與我對 SHOP 和我們經理的評論有些類似，我們需要持續評估我們的整個投資組合，包括 Bickford，看看是否有需要轉移到其他機構或出售的房產等等。

We'll be doing that exercise as we approach the reset to make sure that the properties we have are the most effective for the portfolio. But I feel good about our relationship with them, the coverage we have on our lease in terms of their overall health, they have some more capital planning. They need to do. We've talked about that in the past in terms of just getting some long-term debt in place.

我們將在調整投資組合時進行這項練習，以確保我們擁有的資產對投資組合而言是最有效的。但我對我們與他們的關係感到滿意，我們的租賃合約保障了他們的整體健康狀況，他們還有一些資本規劃。他們需要這樣做。我們過去也討論過這個問題，就是要建立一些長期債務。

So we're not dealing with some of these or they are not dealing with some of these issues that they have, that has been a work in progress. They've made some decent progress on moving some of their owned assets to HUD. So that is long-term fixed capital for them. They need to do some more work there. So I feel like they're making progress. We still have some more -- or they have some more work to do.

所以，我們還沒有處理其中一些問題，或者他們還沒有處理他們面臨的一些問題，這方面的工作一直在進行中。他們在將部分自有資產轉移到美國住房和城市發展部（HUD）方面取得了一些不錯的進展。所以，對他們來說，那就是長期固定資本。他們還需要在那方面做更多工作。我覺得他們正在取得進展。我們還有一些工作要做——或者說他們還有一些工作要做。

We'll be monitoring that very closely to make sure that work gets done. But overall, they've done what we've asked them to do. It's improving, but it's probably a little slower than we would have liked.

我們會密切關注此事，確保工作順利完成。但總的來說，他們完成了我們要求他們做的事情。情況正在好轉，但可能比我們預期的要慢。

As we have no further questions in the queue at this time, I would like to hand the call back over to Mr. Mendelsohn for any closing remarks.

由於目前沒有其他問題需要提問，我想把電話轉回給孟德爾頌先生，請他作總結發言。

Thank you all for your time and attention today, and we look forward to seeing you at NAREIT.

感謝各位今天抽出寶貴時間關注我們，期待在 NAREIT 與您再次相見。

Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位女士、先生。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。