Omega Healthcare Investors Inc (OHI) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Omega Healthcare Investors second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Omega 醫療保健投資者 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to Michele Reber. Thank you. You may begin.

現在我想將會議交給米歇爾·雷伯 (Michele Reber)。謝謝。你可以開始了。

Thank you, and good morning. With me today is Omega's CEO, Taylor Pickett; COO, Dan Booth; CFO, Bob Stephenson; and Megan Krull, Senior Vice President of Operations.

謝謝你，早安。今天與我在一起的是歐米茄 (Omega) 執行長泰勒皮克特 (Taylor Pickett)；營運長丹·布斯；財務長鮑伯‧史蒂芬森；和梅根克魯爾，營運資深副總裁。

Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, potential transactions, operator prospects, and outlook generally. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.

本次電話會議期間發表的非歷史事實的評論可能是前瞻性陳述，例如有關我們的財務預測、潛在交易、營運商前景和整體前景的陳述。該公司向美國證券交易委員會提交的文件中詳細介紹了可能導致實際結果與前瞻性陳述中的結果有重大差異的因素。

During the call today, we will refer to some non-GAAP financial measures, such as Nareit FFO, adjusted FFO, FAD, and EBITDA. Reconciliations of these non-GAAP measures to the most comparable measure under generally accepted accounting principles are available in the quarterly supplement. In addition, certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently verified by Omega.

在今天的電話會議中，我們將提及一些非 GAAP 財務指標，例如 Nareit FFO、調整後的 FFO、FAD 和 EBITDA。這些非公認會計原則衡量標準與公認會計原則下最可比較的衡量標準的調節可在季度補充中找到。此外，我們討論的某些運營商覆蓋範圍和財務資訊是基於我們的運營商提供的數據，未經歐米茄獨立驗證。

I will now turn the call over to Taylor.

我現在將把電話轉給泰勒。

Thanks, Michele. Good morning, and thank you for joining our second-quarter 2024 earnings conference call. Today, I will discuss our second-quarter financial results and certain key operating trends.

謝謝，米歇爾。早安，感謝您參加我們的 2024 年第二季財報電話會議。今天，我將討論我們第二季的財務表現和某些關鍵營運趨勢。

Second-quarter FAD, funds available for distribution of $0.68 per share was better than expected and should continue to improve as several portfolios are in the process of being transitioned, which will result in FAD upside over the next few quarters. Our dividend payout ratio is now below 100% and should continue to drop into the mid-90% range in the upcoming quarters.

第二季 FAD 可供分配的資金為每股 0.68 美元，好於預期，並且應該會繼續改善，因為多個投資組合正在轉型，這將導致 FAD 在未來幾季上漲。我們的股息支付率目前低於 100%，並應在未來幾季繼續降至 90% 左右。

As a result of year-to-date portfolio transitions and acquisitions, we have narrowed and increased our 2024 AFFO guidance to a range of $2.78 per share and $2.84 per share. We have issued a significant amount of equity to fund our robust pipeline, which has helped to further delever the balance sheet. As Daniel will discuss, key tenant occupancy and rent coverage metrics continue to improve.

由於年初至今的投資組合轉型和收購，我們已將 2024 年 AFFO 指導範圍縮小並提高至每股 2.78 美元和每股 2.84 美元。我們發行了大量股票來為我們強大的管道提供資金，這有助於進一步去槓桿化資產負債表。正如丹尼爾將討論的那樣，關鍵租戶入住率和租金覆蓋率指標持續改善。

The under 1 times EBITDAR coverage operator metric dropped to 8.9% of total rent. And looking at the 8.9% balance of below 1 times operators, we can break the 8.9% into two buckets. Operators representing 6.1% of 8.9% are strong credits and, therefore, payment of rent should not be an issue. That leaves operators representing 2.8% consisting of eight small relationships/

低於 1 倍的 EBITDAR 覆蓋營運商指標下降至總租金的 8.9%。而查看 1 倍以下業者的 8.9% 餘額，我們可以將 8.9% 分成兩部分。佔8.9%中6.1%的業者信用良好，因此支付租金不成問題。這使得營運商佔 2.8%，由八個小型關係組成/

On July 24, as the 49% minority partner in a real estate joint venture closed on the acquisition of the remaining 51% joint venture interest. We now own a 100% interest in the 63 UK facilities previously owned by the joint venture.

7月24日，作為一家房地產合資企業中持股49%的少數合夥人，完成了對合資企業剩餘51%權益的收購。我們現在擁有該合資企業之前擁有的 63 家英國工廠 100% 的權益。

The acquisition included the assumption of $243 million in secured debt. It is our intention to repay the secured debt in November 2025 as prepayment of the debt prior to November of 2025 will result in significant pre-payment penalties.

此次收購包括承擔 2.43 億美元的擔保債務。我們打算在 2025 年 11 月償還擔保債務，因為在 2025 年 11 月之前提前償還債務將導致巨額提前還款罰款。

The interest rate of 10.38% on the assumed debt is significantly above Omega debt market rates. For GAAP accounting purposes, the above-market portion of the interest expense is capitalized as part of the joint venture acquisition. We intend to use this same GAAP accounting treatment for our FFO, adjusted FFO, and FAD calculations.

所承擔債務的利率為 10.38%，遠高於 Omega 債務市場利率。出於 GAAP 會計目的，利息費用中高於市場的部分被資本化為合資企業收購的一部分。我們打算對 FFO、調整後的 FFO 和 FAD 計算使用相同的 GAAP 會計處理。

Lastly, after more than four years of COVID-related industry issues, the industry has generally recovered to pre-COVID operating metrics. The combination of strong demographics and limited or no new supply should bode well for our operating partners.

最後，經過四年多與新冠病毒相關的產業問題，該產業已普遍恢復到新冠病毒爆發前的營運指標。強大的人口統計和有限或沒有新供應的結合對我們的營運合作夥伴來說應該是個好兆頭。

I will now turn the call over to Bob.

我現在將把電話轉給鮑伯。

Thanks, Taylor, and good morning. Turning to our financials for the second quarter.

謝謝，泰勒，早安。轉向我們第二季的財務狀況。

Revenue for the second quarter was $253 million compared to $250 million for the second quarter of 2023. The year-over-year increase is primarily the result of the timing and impact of operator restructurings, transitions, and revenue from new investments completed throughout 2023 and 2024, partially offset by asset sales completed during that same time period.

第二季營收為 2.53 億美元，而 2023 年第二季營收為 2.5 億美元。年比成長主要是由於營運商重組、轉型以及 2023 年和 2024 年完成的新投資帶來的收入的時間表和影響，部分被同期完成的資產出售所抵消。

Our Nareit FFO for the second quarter was $189 million, or $0.72 per share, as compared to $155 million, or $0.63 per share, for the second quarter of 2023. Our adjusted FFO was $185 million, or $0.71 per share, for the quarter; and our FAD was $177 million, or $0.68 per share. And both exclude several items outlined in our Nareit FFO, adjusted FFO, and FAD reconciliations to net income found in earnings release as well as our second-quarter financial supplemental posted to our website.

我們第二季的 Nareit FFO 為 1.89 億美元，即每股 0.72 美元，而 2023 年第二季為 1.55 億美元，即每股 0.63 美元。本季調整後的 FFO 為 1.85 億美元，即每股 0.71 美元；我們的 FAD 為 1.77 億美元，即每股 0.68 美元。兩者均不包括我們的 Nareit FFO、調整後的 FFO 和 FAD 對淨利潤的調節中列出的幾個項目，這些項目在收益發布以及我們網站上發布的第二季度財務補充中找到。

Our second-quarter FAD was $0.023 greater than our first-quarter FAD. As outlined in our press release, the Guardian portfolio did not pay in Q1 and was transitioned to a new operator in April, with an annual base rent of $5.5 million, an additional annual rent up to $6.9 million based on the new operator's revenue. In the second quarter, we received rental income of $2.8 million from the new operator which consisted of $1.3 million of base minimum rent and $1.5 million of incremental rent.

我們第二季的 FAD 比第一季的 FAD 高出 0.023 美元。正如我們在新聞稿中所述，Guardian 投資組合在第一季沒有支付費用，並於4 月過渡到新營運商，年基本租金為550 萬美元，根據新營運商的收入，額外年租金高達690萬美元。第二季度，我們從新營運商獲得了 280 萬美元的租金收入，其中包括 130 萬美元的最低基本租金和 150 萬美元的增量租金。

Turning to LaVie. They paid an additional $1.5 million in the second quarter as the rent payment increased from $1.5 million per month to $3 million per month starting in June. And lastly, Maplewood paid $11.8 million in rent in the second quarter versus $11.3 million in the first quarter. In July, Maplewood paid $4 million in rent.

轉向拉維。他們在第二季額外支付了 150 萬美元，因為從 6 月開始，租金從每月 150 萬美元增加到每月 300 萬美元。最後，Maplewood 第二季支付的租金為 1,180 萬美元，而第一季為 1,130 萬美元。7月份，Maplewood支付了400萬美元的租金。

Our balance sheet continues to remain strong. On April 1, we repaid our maturing $400 million senior unsecured bond using $360 million of balance sheet cash, April 1 rent collections, and borrowed the balance of the credit facility. In the second quarter, we completed $221 million in new investments, excluding CapEx, and funded the investments through the issuance of 7.6 million shares of common stock or $245 million in equity proceeds under our ATM program.

我們的資產負債表持續保持強勁。4 月 1 日，我們使用 3.6 億美元的資產負債表現金、4 月 1 日收取的租金償還了即將到期的 4 億美元高級無抵押債券，並借用了信貸額度的餘額。第二季度，我們完成了 2.21 億美元的新投資（不包括資本支出），並透過 ATM 計劃發行 760 萬股普通股或 2.45 億美元的股權收益為這些投資提供資金。

We ended the quarter with over $35 million in cash on the balance sheet and over $1.4 billion in credit facility borrowing capacity. At June 30, 99% of our $4.7 billion in debt was at fixed rates; our net funded debt to annualized adjusted EBITDA was 4.76 times, down from 5.0 times in the first quarter; and our fixed charge coverage ratio was 4.3 times.

截至本季末，我們的資產負債表上有超過 3,500 萬美元的現金，信貸額度借貸能力超過 14 億美元。截至 6 月 30 日，我們 47 億美元債務中的 99% 都是固定利率；我們的淨融資債務與年化調整後 EBITDA 比率為 4.76 倍，低於第一季的 5.0 倍；我們的固定費用覆蓋率為4.3倍。

Turning to guidance. As Taylor mentioned, we increased our full-year adjusted FFO guidance to a range between $2.78 to $2.84 per share. A few of the key assumptions are, we're assuming no change in our revenue related to operators on an accrual basis of revenue recognition. We're assuming LaVie continues to pay at the existing rate of $3 million per month and Maplewood's ability to pay contractual rent continues to improve.

轉向指導。正如泰勒所提到的，我們將全年調整後的 FFO 指引提高至每股 2.78 美元至 2.84 美元之間。一些關鍵假設是，我們假設與營運商相關的收入在應計收入確認的基礎上沒有變化。我們假設 LaVie 繼續按現有的每月 300 萬美元的費率支付，並且 Maplewood 支付合約租金的能力繼續提高。

We're assuming the new operator of the Guardian transition facilities will continue to pay rent of $2.8 million per quarter, consistent with the second quarter. We're assuming $77 million in asset sales in the second half of the year related to facilities classified as assets held for sale at the end of the second quarter, for which we recorded $1.4 million in revenue in the second quarter.

我們假設 Guardian 過渡設施的新營運商將繼續每季支付 280 萬美元的租金，與第二季一致。我們假設下半年資產銷售金額為 7,700 萬美元，與第二季末被歸類為待售資產的設施相關，為此我們在第二季錄得 140 萬美元的收入。

We've included the annual impact of the 2024 investments and assumed debt completed through July 31 as outlined in the press release. We project our quarterly G&A expense to continue to run between $11.5 million to $13.5 million per quarter. We assume no material changes in market interest rates as they relate to either interest earned on our balance sheet cash or interest expense charge on credit facility borrowings.

如新聞稿所述，我們已納入 2024 年投資和截至 7 月 31 日完成的假設債務的年度影響。我們預計季度管理及行政費用將繼續維持在每季 1,150 萬美元至 1,350 萬美元之間。我們假設市場利率沒有重大變化，因為它們與我們的資產負債表現金所賺取的利息或信貸便利借款的利息費用有關。

Additionally, our $245 million in ATM proceeds in the second quarter were raised through equity predominantly issued in June. As such, the 7.6 million shares issued only had a weighted average diluted impact of 2.3 million shares in the second quarter. Had all the shares been included within the weighted average, adjusted FFO would have been diluted by approximately $0.01.

此外，我們第二季 2.45 億美元的 ATM 收益主要是透過 6 月發行的股票籌集的。因此，發行的760萬股對第二季的加權平均稀釋度影響僅為230萬股。如果所有股份均包含在加權平均值內，則調整後的 FFO 將稀釋約 0.01 美元。

Our weighted average shares for the third quarter will include the full impact of the 7.6 million shares plus any additional shares issued as we continue to fund new investments accretively with equity while maintaining leverage under 5 times.

我們第三季的加權平均股票將包括 760 萬股的全部影響，加上我們繼續用股本為新投資提供資金，同時將槓桿率保持在 5 倍以下，因此發行的任何額外股票。

As a reminder, for every 4 million shares issued, our quarterly adjusted FFO is negatively impacted by approximately $0.01 per share until the cash is put back to work in new investments. Our 2024 adjusted FFO guidance does not include any additional investments or asset sales as well as any additional capital transactions other than what has already been mentioned.

提醒一下，每發行 400 萬股，我們的季度調整後 FFO 就會受到每股約 0.01 美元的負面影響，直到現金重新用於新投資。我們的 2024 年調整後的 FFO 指引不包括任何額外的投資或資產出售，以及除已經提到的內容之外的任何額外的資本交易。

I will now turn the call over to Dan.

我現在將把電話轉給丹。

Thanks, Bob, and good morning, everyone. As of June 30, 2024, Omega had an operating asset portfolio of 900 facilities with approximately 86,000 operating beds. These facilities were spread across 77 third-party operators and located within 42 states in the United Kingdom.

謝謝鮑勃，大家早安。截至 2024 年 6 月 30 日，Omega 擁有由 900 個設施組成的營運資產組合，約有 86,000 個手術床位。這些設施遍佈 77 個第三方營運商，位於英國 42 個州。

Trailing 12-month operator EBITDAR coverage for our core portfolio as of March 31, 2024, increased to 1.42 times versus 1.33 times for the trailing 12-month period ended December 31, 2023. Occupancy for our overall core portfolio has continued to recover from a low of 74.6% in January of 2022 to 80.8% as of mid-July 2024 based upon preliminary reporting from our operators.

截至 2024 年 3 月 31 日，我們核心投資組合的過去 12 個月營運商 EBITDAR 覆蓋率增至 1.42 倍，而截至 2023 年 12 月 31 日的過去 12 個月期間為 1.33 倍。根據營運商的初步報告，我們整體核心投資組合的入住率持續從 2022 年 1 月 74.6% 的低點恢復至 2024 年 7 月中旬的 80.8%。

Turning to portfolio matters, LaVie. As previously announced, LaVie filed for Chapter 11 bankruptcy protection on June 2, 2024, in the Northern District of Georgia. Omega believes this filing was a necessary and important step in creating an entity that is operationally solvent and sustainable with enhanced (inaudible) rate and a strengthened balance sheet.

談到投資組合問題，LaVie。正如先前宣布的那樣，LaVie 於 2024 年 6 月 2 日在喬治亞州北區根據第 11 章申請破產保護。歐米茄認為，這次備案是創建一個具有營運償付能力和可持續性、提高（聽不清楚）利率和強化資產負債表的實體的必要且重要的一步。

We continue to believe that there is meaningful value in our portfolio of current LaVie assets. Omega have been working with LaVie for over a year to assist it in reducing its continued exposure to underperforming assets, which in turn has alleviated some of the financial burdens on the current LaVie portfolio.

我們仍然相信我們目前的 LaVie 資產組合具有有意義的價值。Omega 與 LaVie 合作一年多，協助其減少持續表現不佳的資產風險，從而減輕了目前 LaVie 投資組合的部分財務負擔。

We believe the current cash flow generated by our remaining LaVie portfolio is sustainable and will support long-term annualized rent of approximately $36 million, while also retaining sufficient cash within the business to provide for strong clinical care.

我們相信，我們剩餘的 LaVie 投資組合所產生的當前現金流是可持續的，並將支持約 3600 萬美元的長期年化租金，同時還在業務中保留足夠的現金以提供強大的臨床護理。

LaVie paid approximately $3 million in rent in the months of June, July, and August of 2024. Although the bankruptcy proceedings are still in process, Omega anticipates that the final resolution will be concluded prior to year-end of 2024. In addition to the aforementioned restructurings, Omega is working with several other relatively small operators on various restructurings.

LaVie 在 2024 年 6 月、7 月和 8 月支付了約 300 萬美元的租金。儘管破產程序仍在進行中，但歐米茄預計最終解決方案將在 2024 年底前完成。除了上述重組之外，歐米茄還與其他幾家相對較小的業者合作進行各種重組。

Turning to new investments. During the second quarter of 2024, Omega completed a total of $254 million in new investments, inclusive of $33 million in CapEx investments. The new investments have a weighted average cash yield of 10.4% with annual escalators ranging from 2% to 2.5% and include the following.

轉向新的投資。2024 年第二季度，歐米茄總共完成了 2.54 億美元的新投資，其中包括 3,300 萬美元的資本支出投資。新投資的加權平均現金收益率為 10.4%，年度自動扶梯範圍為 2% 至 2.5%，包括以下內容。

A $62.7 million sale-leaseback transaction, whereby Omega acquired 32 care homes in the UK and leased these facilities back to a new operator; a $31 million sale-leaseback transaction, whereby Omega acquired one facility in Michigan and leased it back to an existing operator; a $21 million sale-leaseback transaction where Omega acquired one facility in Louisiana and leased it back to a new operator; and four separate loans to existing operators totaling $106 million.

一項價值 6,270 萬美元的售後回租交易，歐米茄收購了英國的 32 家護理院，並將這些設施租回給新營運商；價值 3,100 萬美元的售後回租交易，歐米茄收購了密西根州的一處設施並將其租回給現有營運商；一項價值 2,100 萬美元的售後回租交易，歐米茄收購了路易斯安那州的一處設施，並將其租回給新營運商；以及向現有業者提供的四筆單獨貸款，總額達 1.06 億美元。

Subsequent to the second quarter of 2024, Omega closed on $373 million in new investments, excluding CapEx. These investments include the aforementioned buyout of our 51% JV partner and 63 care homes in the UK. The facilities are leased to two established UK operators with current annual rent of $43.6 million.

2024 年第二季後，Omega 完成了 3.73 億美元的新投資（不包括資本支出）。這些投資包括上述收購我們的合資夥伴 51% 股權和英國 63 家護理之家。這些設施出租給兩家英國老牌業者，目前年租金為 4,360 萬美元。

Omega's total investment is now $436 million, which results in a gross return of 10%. Year to date through July, Omega has closed on $702 million in new investments, inclusive of CapEx investments, through the second quarter.

歐米茄目前的總投資為4.36億美元，總回報率為10%。截至今年 7 月，Omega 在第二季已完成 7.02 億美元的新投資，其中包括資本支出投資。

I will now turn the call over to Megan.

我現在會把電話轉給梅根。

Thanks, Dan, and good morning, everyone. As discussed last quarter, the staffing mandate was finalized in April despite the inability of most facilities to meet the requirements and with limited visibility into the structural implication from a labor perspective in terms of how to create access to the level of staffing required of the mandate.

謝謝丹，大家早安。正如上季所討論的，儘管大多數設施無法滿足要求，並且從勞工角度看如何獲得任務所需人員配置水平的結構性影響的可見性有限，但人員配置任務還是於 4 月份最終確定。

While it is unlikely that any of the levers, legislative or otherwise, to adjust or overturn the rule would be successful prior to the election, it is important to note that as previously expected, certain industry associations, along with several operators, have filed a lawsuit to overturn the mandate.

雖然在選舉前調整或推翻規則的任何立法手段或其他手段不太可能成功，但值得注意的是，正如之前預期的那樣，某些行業協會以及一些運營商已經提交了一份提起訴訟以推翻授權。

Although it will take some time for the outcome of the lawsuit to be determined, both the Supreme Court's recent move to overturn the Chevron doctrine, which gave reference to regulatory bodies and interpreting laws, and the fact that the attorney who successfully argued for Chevron to be overturned is the same as being used in the case against the mandate certainly appear to weigh in favor of the ultimate success of the lawsuit against the staffing mandate.

儘管訴訟結果還需要一段時間才能確定，但最高法院最近推翻雪佛龍原則的舉動，其中提到了監管機構和解釋法律，以及成功為雪佛龍辯護的律師這一事實被推翻與在反對在任務授權的案件中使用相同，顯然有利於反對人員配置任務訴訟的最終成功。

The fundamentals of the business continue to improve. While not at pre-pandemic levels, occupancy has stabilized. And the recovery from a coverage is indicative of the fact that many states have and continue to step up in meaningful ways to provide the support necessary in recovery efforts. We hope they do the same in the face of any and all regulatory pressures going forward.

企業基本面持續向好。雖然入住率未達到疫情前的水平，但已趨於穩定。覆蓋範圍的恢復表明，許多州已經並將繼續以有意義的方式加緊努力，為恢復工作提供必要的支持。我們希望他們在面對未來的任何和所有監管壓力時也能這樣做。

CMS as well issued its final 2025 payment rule this week, resulting in a net increase of 4.2% or approximately $1.4 billion, which is slightly better than the 4.1% provided for in the proposed rule. This included a 3% market basket increase plus a 1.7% market basket forecast error adjustment, offset by a 0.5% productivity adjustment.

CMS 本週也發布了 2025 年最終付款規則，淨成長 4.2%，約 14 億美元，略優於擬議規則中規定的 4.1%。其中包括 3% 的市場籃子成長加上 1.7% 的市場籃子預測誤差調整，並被 0.5% 的生產力調整所抵銷。

So while there continues to be, and likely always will be, some level of pressure on the industry from a regulatory perspective, hopefully, cooler heads will always prevail and the ultimate scrutiny will be well balanced and achieve a level of reasonableness indicative of the understanding of the industry as a whole.

因此，雖然從監管角度來看，該行業仍然存在，而且很可能永遠存在一定程度的壓力，但希望冷靜的頭腦永遠佔上風，最終的審查將得到很好的平衡，並達到一定程度的合理性，表明理解整個行業的情況。

I will now open the call up for questions.

我現在將開始提問。

Thank you. We will now be conducting the question-and-answer session. (Operator Instructions) Jonathan Hughes, Raymond James.

謝謝。我們現在將進行問答環節。（操作員說明）喬納森·休斯、雷蒙德·詹姆斯。

Hi. Good morning. Thank you for the prepared remarks and commentary. I was hoping you could share some details of what the investment pipeline looks like today in terms of size, yields, skilled nursing versus assisted living, and then acquisitions versus loans.

你好。早安.感謝您準備好的發言和評論。我希望您能分享一些關於目前投資管道的細節，包括規模、收益率、熟練護理與輔助生活，以及收購與貸款。

Sure. So as we indicated last quarter and remains today, our pipeline is very active. We're seeing a lot of deals both here in the States and over in the UK. Our average yield is a little north of 10%, which is consistent with what we're seeing in the market.

當然。因此，正如我們上個季度和今天所指出的那樣，我們的管道非常活躍。我們在美國和英國都看到了很多交易。我們的平均收益率略高於 10%，這與我們在市場上看到的情況一致。

If you compare that -- as we indicated on the call, we did just over $700 million of deals through July of 2024. If you compare that to last year, we had done just over $300 million of deals through the same time period. So we've more than doubled that. And once again, that's as a result of a very active pipeline.

如果你進行比較的話，正如我們在電話會議中指出的那樣，到 2024 年 7 月，我們的交易額剛剛超過 7 億美元。如果與去年相比，我們同期的交易額剛好超過 3 億美元。所以我們已經把這個數字增加了一倍以上。再說一遍，這是非常活躍的管道的結果。

Okay. Are you seeing any more private capital competitors come back to the space? Or are they still largely on the sidelines due to the challenging bank lending environment?

好的。您是否看到更多的私人資本競爭對手重返該領域？或者由於銀行貸款環境充滿挑戰，他們仍然處於觀望狀態？

So we haven't seen them. So if they've come back, we're not seeing them in any material form.

所以我們沒有看到他們。因此，即使他們回來了，我們也不會以任何物質形式看到他們。

Okay. And then just one more for me for Bob. The equity raise via the ATM in the quarter, I think it was the most in second quarter last year and obviously, as an accretive source of capital to fund acquisitions. And leverage is now sub-5 times.

好的。然後再給我一份給鮑伯。本季透過 ATM 進行的股權融資，我認為是去年第二季最多的，顯然，這是為收購提供資金的增值來源。而且槓桿現在已低於 5 倍。

There's plenty of capacity on the revolver. Hoping you could just talk more about how you think of funding investment activity going forward and early thoughts on addressing the 2025 debt maturities. Thank you.

左輪手槍有足夠的容量。希望您能多談談您如何看待未來的投資活動融資以及解決 2025 年債務到期問題的早期想法。謝謝。

Absolutely. I think your first statement hit the debt. We could do all acquisitions accretively using equity right now, and we want to continue to maintain our leverage less than 5 times. So I would look -- looking forward, we'll continue to do that.

絕對地。我認為你的第一個聲明觸及了債務。我們現在可以利用股權來增加所有收購，我們希望繼續將槓桿率維持在 5 倍以下。所以我會展望未來，我們將繼續這樣做。

And then just thoughts on the maturities for next year?

然後只考慮明年的到期日？

Yeah. We have $400 million coming up in January 15, and we'll get in front of that similar to the way we got in front of our $400 million that we just paid off in April. So in the fourth quarter, we'll sit down and look at the market to see whether it's bond for bond. But more likely, it would be equity.

是的。我們將在 1 月 15 日支付 4 億美元，我們將像 4 月剛還清的 4 億美元一樣獲得該金額。因此，在第四季度，我們將坐下來觀察市場，看看是否是債券對債券。但更有可能的是股權。

Thanks for the time.

謝謝你的時間。

Thank you. Michael Griffin, Citi.

謝謝。邁克爾·格里芬，花旗銀行。

Okay. I'm wondering if you could give us some more color just on the buyout of your partner's stake in the Cindat joint venture. Can you give us a sense -- were there any capital or liquidity constraints that your partner had that might have been wanting to -- for them to sell their stake, driving force behind that? And then you quoted the interest rate on it. If you were to refi it, I guess, when the back comes due next year, how much benefit from the accretion do you think you'd get?

好的。我想知道您能否就收購您的合作夥伴在 Cindat 合資企業中的股份向我們提供更多資訊。您能給我們一種感覺嗎？然後你報了利率。如果你要重新改裝它，我想，當明年到期時，你認為你會從增加中獲得多少好處？

Yeah. Michael, you're cutting out. It was a little bit difficult to hear you, but I think I got your question. The relationship within the JV, when we first set it up, we had buy-sell provisions. And we just felt like the timing was good from a market perspective to trigger that.

是的。邁克爾，你要退出了。聽你說話有點困難，但我想我明白你的問題了。合資企業內部的關係，當我們剛建立的時候，我們有買賣條款。我們只是覺得從市場角度來看觸發這一點的時機很好。

The 51% partner had the opportunity to match the bid and take us out, and they elected not to do so. We thought we got it at a really attractive price when you look at 10% yields ultimately on that asset. Unfortunately, it came with a piece of paper that's not all that attractive.

51% 的合作夥伴本來有機會匹配出價並將我們淘汰，但他們選擇不這樣做。當你看到該資產最終 10% 的收益率時，我們認為我們以非常有吸引力的價格獲得了它。不幸的是，它附帶了一張不太有吸引力的紙。

Our cost of capital, debt capital would be about 6%. So you look at the differential there, it's 4.38% on $243 million. I mean, that's essentially the pickup with the refi.

我們的資本成本、債務資本約為 6%。所以你看一下那裡的差異，2.43 億美元的差異是 4.38%。我的意思是，這本質上是帶有改裝的皮卡。

Great. Appreciate the color there, Taylor. And then just on the Guardian portfolio. Just wanted to get a sense, is there something that the new operator is doing differently that Guardian wasn't? I thought Pennsylvania was a relatively tough case to operate in, but any color you have there would be helpful.

偉大的。欣賞那裡的顏色，泰勒。然後就是衛報的投資組合。只是想了解一下，新業者是否做了一些與衛報不同的事情？我認為賓州是一個相對難以操作的案例，但那裡的任何顏色都會有幫助。

I'm not sure I heard all of that question. The facilities in Pennsylvania were struggling, I can tell you that. We moved in the second quarter. We set up a unique rent structure that was -- had basically a revenue [kicker] embedded in it if the operator performed well, which they did.

我不確定我是否聽到了所有這個問題。我可以告訴你，賓州的設施正在陷入困境。我們在第二季搬家了。我們建立了一個獨特的租金結構，如果運營商表現良好，基本上就會嵌入收入[踢球器]，而他們確實做到了。

The kicker, if you will, kicked in in the second quarter. We were able to receive the higher rent, and we expect that to go forward through the remainder of the year.

如果你願意的話，踢球者在第二節開始踢球。我們能夠獲得更高的租金，我們預計這一情況將持續到今年剩餘時間。

Great. That's it for me. Thanks for the time.

偉大的。對我來說就是這樣。謝謝你的時間。

Thank you. Jamie Feldman, Wells Fargo.

謝謝。傑米·費爾德曼，富國銀行。

Great. Thanks for taking the question. I guess just starting, you have a decent number of mortgage and other real estate-backed investments maturing in '24 and '25. Can you talk about the plans for those and the opportunity to refi -- to put that capital to work at a similar rate or how you think that plays out for earnings?

偉大的。感謝您提出問題。我想剛開始，你就有相當數量的抵押貸款和其他房地產支持的投資將在 24 年和 25 年到期。您能否談談這些計劃以及再融資的機會——以類似的速度使用這些資本，或者您認為這對盈利有何影響？

So we've got -- they're one thing mortgages that are coming due over the course of the next, call it, 12 months. No one in particular is that material. We expect some of those to pay off, and we expect some of this to be extended. I don't think we're going to see a lot of dollars rolling back, but yeah, there were short-term volume ones for the most part, a little mess sprinkled in there.

所以我們得到了——它們是在接下來的 12 個月內到期的抵押貸款。沒有人特別適合這種材料。我們預計其中一些會得到回報，並且我們預計其中一些會得到延長。我認為我們不會看到大量美元回落，但是，是的，大部分都是短期成交量，其中散佈著一些混亂。

Okay. I mean, do you think it ends -- I guess, obviously, in '24. But for '25, you think it's neutral to earnings or you can --

好的。我的意思是，你認為它會結束嗎——我想，顯然，會在 24 年結束。但對於 25 歲的人來說，你認為這對收入是中性的，或者你可以--

Yeah, it shouldn't have any material impact at all on earnings.

是的，它不應該對收入產生任何實質影響。

Okay. And then it looks like the investment environment has been pretty favorable this year. Can you talk about what you're seeing more in -- particularly in the UK, where it seems like you've had more opportunities recently? How much do you think you might put to work there and what the opportunity set looks like going forward?

好的。而且今年的投資環境看起來還是相當有利的。您能談談您在英國看到的更多情況嗎？您認為您可能會在那裡投入多少工作以及未來的機會是什麼樣的？

Both the States and the UK is quite active right now. I think what we have going for us in the UK is that there's not as many capital players over there just yet. I mean, they had a quicker recovery overall from COVID.

美國和英國現在都非常活躍。我認為英國目前的優勢在於，那裡還沒有那麼多資本參與者。我的意思是，他們總體上從新冠病毒中恢復得更快。

So we got in there pretty quick, and we haven't seen a lot of capital players come into that market yet. So we're able to pick and choose. And we're being opportunistic at this point in the UK, looking at really all facets of there-ons.

所以我們很快就進入了這個市場，而且我們還沒有看到很多資本參與者進入這個市場。所以我們可以進行挑選。目前在英國，我們正在採取機會主義態度，著眼於所有方面。

Okay. Well, how would you frame like the magnitude of the investment opportunity?

好的。那麼，您如何看待投資機會的規模呢？

I would think about the pipeline. The pipeline that created the opportunities that we've seen in the first seven months of this year hasn't changed. So you never can predict when stuff is going to come through, but it's a similar pipeline in terms of the opportunity set that we're seeing.

我會考慮管道。我們在今年前七個月看到的創造機會的管道並沒有改變。因此，你永遠無法預測事情何時會發生，但就我們所看到的機會集而言，這是一個類似的管道。

Okay. And then finally, can you just give an update on the Second Avenue Maplewood project, what your thoughts are on lease up, how you think that develops into the back half of '24 and early '25?

好的。最後，您能否介紹一下第二大道 Maplewood 專案的最新情況，您對租賃有何想法，您認為該專案將如何發展到 24 世紀後半段和 25 年初？

Yeah. So Second Avenue continues to ramp up in a market where there's a lot of new products. I mean, we're the first in, but there's three buildings that followed us in Manhattan. And we're doing well, 67% occupied and will continue to trend up.

是的。因此，第二大道在一個有大量新產品的市場中繼續發展。我的意思是，我們是第一個進去的，但曼哈頓有三棟建築跟著我們。我們做得很好，入住率達到 67%，並將繼續呈上升趨勢。

But remember also, the building has matured so you have residents that pass away and are being backfilled with new residents. So it's -- I'm not sure. It's tough to predict when we get to 90%, but there's certainly a pathway and they continue to do well.

但也要記住，這棟建築已經成熟，因此有些居民已經過世，並且正在回填新居民。所以——我不確定。很難預測我們何時達到 90%，但肯定有一條途徑，而且他們會繼續表現出色。

Okay. All right. Thank you for your thoughts.

好的。好的。謝謝你的想法。

Thank you. Vikram Malhotra, Mizuho.

謝謝。維克拉姆·馬爾霍特拉，瑞穗。

Morning. Thanks for taking the question. I just wondered if you could expand on the Maplewood point and maybe just also give us an update just on DC. But just in New York, it seems like you said there's a lot of competition, maybe some discounting. Lease-up's a bit slower.

早晨。感謝您提出問題。我只是想知道您是否可以擴展 Maplewood 點，也許還可以向我們提供有關 DC 的最新情況。但就在紐約，你好像說競爭很激烈，也許還有一些折扣。租賃速度有點慢。

Any statistics you can share, like I think you did at Nareit? You give us some stick-on, move in, move out sort of occupancy. Just what are you anticipating for the lease up to sort of a run rate where you can get full rent?

您可以分享一些統計數據嗎？您給我們一些固定、入住、搬出之類的入住空間。您對租賃的預期是多少，以達到可以獲得全額租金的運行率？

Yeah. Timing is impossible to predict. But I will say that there has been -- as you mentioned, there's been some discounting of product in Manhattan. Fortunately, there's not so much price sensitivity in Manhattan. If somebody -- if the property is desirable, you can pretty much hold prices.

是的。時間是無法預測的。但我要說的是，正如你所提到的，曼哈頓的產品有一些折扣。幸運的是，曼哈頓對價格沒有那麼敏感。如果某人——如果該房產令人嚮往，你幾乎可以保持價格不變。

So you think about Second Avenue which has 120 residents. So it's a vibrant community already. It shows very well, the care is exceptional. And that's why we're able to get RevPOR of $22,000 a month. So I think we have everything headed the right direction.

所以你想想有 120 位居民的第二大道。所以它已經是一個充滿活力的社區了。它顯示得非常好，護理非常出色。這就是我們每月能夠獲得 22,000 美元 RevPOR 的原因。所以我認為我們一切都朝著正確的方向發展。

But to answer the question, when 67% get to 90%, not this year, probably. You're looking at '25. And then just to close the loop on Maplewood, there were really three key things for us with that team.

但要回答這個問題，當 67% 達到 90% 時，可能不是今年。你正在看'25。然後，為了結束 Maplewood 的循環，我們團隊確實需要做三件關鍵的事情。

One is transitioning operations out of the Greg Smith estate. One was stabilizing that operating balance sheet. And the last is the ramp-up of Second Avenue. The balance sheet has been stabilized.

一是將業務從格雷格史密斯莊園轉移出去。其中之一是穩定營運資產負債表。最後是第二大道的擴建。資產負債表已趨於穩定。

The transition of operations is in process, and the ramp-up's on its way. The rest of that core portfolio, the other 16 facilities, do incredibly well. So you have this solid base that fully supports the current ramp, and we feel really good about the outlook. It's just timing is possible to predict.

營運過渡正在進行中，產能提升也在路上。這個核心投資組合的其餘部分，即其他 16 個設施，都表現得非常好。因此，您擁有完全支持當前成長的堅實基礎，我們對前景感到非常樂觀。只是時間是可以預測的。

Okay, thanks. And then just, Bob, a follow-up on the -- you mentioned the share count impact into 3Q. But just putting everything together just on FAD, am I correct in the ballpark that your $0.68 in the quarter sort of goes to $0.70, $0.71 in the back half?

好的，謝謝。然後，鮑勃，您提到了對第三季度股票數量影響的後續行動。但是，將 FAD 上的所有內容放在一起，我認為本季的 0.68 美元會變成 0.70 美元，後半段會變成 0.71 美元，這樣說正確嗎？

That's the math that would fit the range, yes.

是的，這就是符合該範圍的數學。

Got it. Okay. And then just -- sorry, just to clarify, you said -- you mentioned the acquisitions that closed in the quarter. That also includes -- that's basically the loans as well as the deals that you've done in terms of the impact going forward into 3Q and 4Q, correct? In terms of the deal that you announced in the 3Q as you bake that into the run rate, I just want to clarify the timing of those deals just so that we can model it out into the third and fourth quarter.

知道了。好的。然後，抱歉，只是為了澄清一下，你說，你提到了本季完成的收購。這也包括——基本上是貸款以及您在第三季和第四季的影響方面所做的交易，對嗎？就您在第三季宣布的交易而言，當您將其納入運行率時，我只想澄清這些交易的時間安排，以便我們可以將其模型化到第三季和第四季。

We've baked those in. I said all acquisitions completed through July 30, we're baked into the guidance.

我們已經把它們烤進去了。我說過所有收購都在 7 月 30 日之前完成，我們已納入指導。

Got it. Okay. Thanks so much and congrats on a strong quarter.

知道了。好的。非常感謝並恭喜季度表現強勁。

Thank you. Juan Sanabria, BMO Capital Markets.

謝謝。Juan Sanabria，BMO 資本市場。

This is Robin sitting in for Juan. Just curious on Maplewood, why did the Washington, DC, development budget increase by $50 million?

這是羅賓代替胡安。只是對 Maplewood 感到好奇，為什麼華盛頓特區的開發預算增加了 5000 萬美元？

Yeah. DC, that really relates to what we've seen in construction costs over the last three years not just in this industry, but across almost all construction industries. This 25% increase, it just reflects the fact that when we close this out, that's what it's going to end up costing.

是的。DC，這確實與我們在過去三年中看到的建築成本有關，不僅在這個行業，而且在幾乎所有建築行業中。25% 的成長只是反映了這樣一個事實：當我們結束這個專案時，這就是最終的成本。

Okay. And on the sub-1 coverage, what's the expected trend into '25? And how low can this exposure recently get to?

好的。關於 sub-1 覆蓋範圍，25 年的預期趨勢是什麼？最近這種曝光能低到什麼程度？

So I think there's a couple of things that are interesting there. You have a number of operators that the EBITDARM coverage is above 1. And so there's a handful of those operators that I think just naturally work their way out of the bucket, including one larger -- the largest operator.

所以我認為有一些有趣的事情。您有許多營運商的 EBITDARM 覆蓋率高於 1。因此，我認為其中有一小部分運營商自然而然地從桶中脫穎而出，其中包括一家規模更大的運營商——最大的運營商。

And then there's a handful of smaller operators that are -- who're currently working for some restructuring activity and I think (inaudible) the bucket. And we probably settle at less than 2% going into 2025. That would be the goal, and that's normal. If you look at our history for 20 years, we've always had 2% to 4% in that bucket.

然後還有一些較小的運營商，他們目前正在從事一些重組活動，我認為（聽不清楚）是桶。到 2025 年，我們可能會將這一比例定為低於 2%。這就是目標，這很正常。如果你看看我們 20 年的歷史，你會發現我們的份額始終只有 2% 到 4%。

Thank you.

謝謝。

Thank you. Justin Haasbeek, RBC Capital Markets.

謝謝。賈斯汀‧哈斯貝克，加拿大皇家銀行資本市場部。

Yeah, thanks. You mentioned that the new operator for the Guardian assets can continue to pay $2.8 million in total quarterly rent for the remainder of the year. How should we think about this portfolio going forward into next year? And just how volatile could this rent be going forward?

是的，謝謝。您提到，Guardian 資產的新營運商可以在今年剩餘時間內繼續支付 280 萬美元的季度租金總額。我們該如何看待明年的這個投資組合？未來租金的波動到底有多大？

Once again, it's revenue. There's revenue-based kickers. So we could move around. But right now, based upon second-quarter results, we think that that's sustainable. And that's what we're going to see going forward.

再次是收入。有基於收入的踢球者。這樣我們就可以四處走動。但目前，根據第二季的業績，我們認為這是可持續的。這就是我們未來將看到的情況。

Thank you. Alec Feygin, Baird.

謝謝。亞歷克費金，貝爾德。

Hello. Good morning. Thank you for taking my question. First is on the Cindat JV, which you guys bought out. How are the two operators in that portfolio performing? Can you share any metric, EBITDAR coverage or anything else?

你好。早安.感謝您回答我的問題。首先是 Cindat JV，你們買下了它。該投資組合中的兩家業者表現如何？您能否分享任何指標、EBITDAR 覆蓋範圍或其他內容？

Their coverage is consistent with what we see in our overall portfolio, so nothing unusual there in terms of underwriting. Really cut down the middle type portfolios for us.

他們的承保範圍與我們在整體投資組合中看到的一致，因此在承保方面沒有什麼異常。確實為我們減少了中間類型的投資組合。

All right. And would you be able to provide an update on the $109 million of other real estate loans that were due in 2024 that were extended from March 29 to June 28? Were those paid out? Or just any update there?

好的。您能否提供 2024 年到期、從 3 月 29 日延期至 6 月 28 日的 1.09 億美元其他房地產貸款的最新情況？這些錢付了嗎？或只是有任何更新？

Yeah. I mean it's a fully collateralized loan. There's plenty of liquidity in a market that's a little tough to borrow. And so we were very comfortable extending that one out.

是的。我的意思是這是一筆完全抵押的貸款。市面上流動性充足，但藉貸有點困難。所以我們很樂意將其擴展出去。

But the loan was extended to June 28, 2024. Has that been paid back or extended again?

但貸款期間延長至2024年6月28日。是否已償還或再次延期？

You know what, we're all looking at each other trying to figure out what loan it is. Can I just have Bob circle back with you on that because I don't want to mistake anything.

你知道嗎，我們都在互相看著對方，試圖弄清楚這是什麼貸款。我可以讓鮑伯回你一下嗎，因為我不想犯任何錯誤。

Yeah, no worries. That's good for me. Thank you, guys.

是的，不用擔心。這對我有好處。謝謝你們，夥計們。

Thank you. Joshua Dennerlein, Bank of America.

謝謝。約書亞·登納林，美國銀行。

Hi. This is Carole Greenough on behalf of Josh. I was wondering if you could also go back to the Guardian assets or the new tenants. Just understanding mechanics with the rent, and I understand with the revenue kicker, is that evaluated throughout the quarter? Is there a timing adjustment that we should be thinking that if they're hitting certain revenue goals, that's being evaluated that that would be increased?

你好。我是卡羅爾·格里諾，代表喬許。我想知道你是否也可以回到衛報資產或新租戶。只需了解租金的機制，並且我了解收入的增加，整個季度都會對其進行評估嗎？我們是否應該考慮進行時間調整，如果他們達到了某些收入目標，那麼正在評估該目標是否會增加？

So it was evaluated in the second quarter. As I indicated, they did meet the criteria of having the kicker kick in to the extent that we reported it. We do believe it's sustainable. It will continue to go quarter after quarter throughout the year. There's no more magic to it.

所以第二季就進行了評估。正如我所指出的，他們確實符合我們報告的踢球者踢球的標準。我們確實相信它是可持續的。全年將持續一個季度又一個季度。它不再有魔力了。

Or at least does it get reevaluated from going forward for that excess amount that they could continue to go up?

或至少會重新評估未來可能繼續上漲的超額金額嗎？

Once again, I think that the revenue that they recorded in the second quarter is sustainable. So I don't think it's going to go either up or down. It's going to pretty much remain flat.

我再次認為他們第二季的收入是可持續的。所以我認為它不會上漲或下跌。它幾乎將保持平穩。

Okay. Thank you so much. And also in terms of the uptick that we saw in the occupancy and coverage data of your operators, is there any specific at least facility type or operator that's performing better than others or a standout?

好的。太感謝了。另外，就我們在運營商的佔用率和覆蓋範圍數據中看到的上升而言，是否有任何特定的至少設施類型或運營商比其他運營商表現更好或表現出色？

You mean, in terms of like SNF versus ALF or --

你的意思是，就 SNF 與 ALF 而言，或者--

Yes.

是的。

I mean, I think we've historically, since COVID, seen the ALF product come back a little bit quicker. But I think generally speaking, we're seeing census increase at all of them. The SNF is now sort of catching up.

我的意思是，我認為自從新冠疫情以來，我們一直看到 ALF 產品的回歸速度要快一些。但我認為總的來說，我們看到所有這些國家的人口普查都在增加。SNF 現在正在迎頭趕上。

Okay. Thank you so much.

好的。太感謝了。

Thank you. There are no further questions at this time. I would like to turn the floor back over to Taylor Pickett for closing comments.

謝謝。目前沒有其他問題。我想將發言權轉回泰勒·皮克特以徵求結束意見。

Thanks, everyone, for joining our call today. Please feel free to follow-up with the team.

感謝大家今天加入我們的電話會議。請隨時關注團隊的後續情況。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。我們感謝您的參與。