Omega Healthcare Investors Inc (OHI) 2024 Q3 法說會逐字稿

(audio in progress) Narrowed and increased our 2024 AFFO guidance to a range of $2.84 and $2.86 per share. We have issued a significant amount of equity to fund our robust pipeline, which is bolstered our liquidity and further dilevered the balance sheet.

（音訊正在進行中）將 2024 年 AFFO 指導範圍縮小並提高至每股 2.84 美元和 2.86 美元。我們發行了大量股權來為我們強大的管道提供資金，這增強了我們的流動性並進一步分散了資產負債表。

1%As Dan will discuss, key tenant occupancy and rent coverage metrics are strong while the under one times EBITDA coverage operator metric has no material risks or concerns.

1%正如丹將討論的那樣，關鍵租戶入住率和租金覆蓋率指標強勁，而低於一倍的 EBITDA 覆蓋率營運商指標沒有重大風險或擔憂。

During the first three quarters of 2024, we have issued over $800 million in equity. And year to date, we've invested over $900 million.

2024 年前三個季度，我們發行了超過 8 億美元的股票。今年迄今為止，我們已投資超過 9 億美元。

The pipeline remains very active. Our annual revenue run rate now exceeds $1.1 billion. With 25% of that revenue coming from our large and growing senior housing portfolio, we are well positioned to continue to deploy capital accretively, increasing our revenue, AFFO, FAD, and dividend coverage.

該管道仍然非常活躍。我們的年收入運行率現已超過 11 億美元。其中 25% 的收入來自我們龐大且不斷增長的老年住房投資組合，我們處於有利位置，可以繼續增加資本部署，增加我們的收入、AFFO、FAD 和股息覆蓋率。

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 third quarter, revenue for the third quarter was $276 million compared to $242 million for the third quarter of 2023.

謝謝，泰勒，早安。轉向我們第三季的財務數據，第三季的營收為 2.76 億美元，而 2023 年第三季的營收為 2.42 億美元。

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.

年比成長主要是由於 2023 年和 2024 年完成的營運商重組、轉型和新投資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 third quarter was $196 million, or $0.71 per share as compared to $161 million or $0.63 per share for the third quarter of 2023. Our adjusted FFO was $203 million, or $0.74 per share for the quarter, and our FAD was $192 million, or $0.70 per share. And both excludes several items outlined in our Nareit FFO, adjusted FFO, and FAD reconciliations to net income found in our earnings release, as well as our third quarter financial supplemental posted to our website.

我們第三季的 Nareit FFO 為 1.96 億美元，即每股 0.71 美元，而 2023 年第三季為 1.61 億美元，即每股 0.63 美元。本季調整後的 FFO 為 2.03 億美元，即每股 0.74 美元，FAD 為 1.92 億美元，即每股 0.70 美元。兩者都不包括我們的 Nareit FFO、調整後的 FFO 和 FAD 對淨利潤的調節中列出的幾個項目，這些項目在我們的收益發布以及我們網站上發布的第三季度財務補充中找到。

Our third quarter FAD was $0.02 greater than our second quarter FAD as highlighted in yesterday's earnings press release for the [repayment], an additional $3 million in the third quarter. I saved continue to pay monthly rent of $3 million per month starting in June. We paid $3 million in rent for the month as of October as well. Maplewood paid $12.1 million in rent in the third quarter versus $11.8 million in the second quarter. In October, Maplewood paid $4.05 million in rent.

我們第三季的 FAD 比第二季的 FAD 高出 0.02 美元，正如昨天的[償還]收益新聞稿中所強調的那樣，第三季額外增加了 300 萬美元。從六月開始，我存下錢繼續每月支付 300 萬美元的租金。截至 10 月份，我們還支付了 300 萬美元的租金。Maplewood 第三季支付的租金為 1,210 萬美元，而第二季為 1,180 萬美元。10月份，Maplewood支付了405萬美元的租金。

And lastly, we continue to issue equity to both pre-fund acquisitions and prepare for our$ 400 million bond maturing in January 2025. We generated almost $2 million or $900,000 in incremental short term interest income over the second quarter as we ended the quarter with $307 million of incremental balance sheet cash over the second quarter.

最後，我們繼續為兩項預融資收購發行股權，並為 2025 年 1 月到期的 4 億美元債券做好準備。我們在第二季產生了近 200 萬美元或 90 萬美元的增量短期利息收入，截至本季末，我們在第二季的資產負債表現金增量為 3.07 億美元。

Our balance sheet continues to remain strong. In the third quarter, we completed $467 million in new investments, including CapEx and funded investments through a combination of cash from operations, the assumption of $243 million in debt, and the issuance of $14.2 million shares of common stock or over a $0.5 billion equity proceeds.

我們的資產負債表持續保持強勁。第三季度，我們完成了 4.67 億美元的新投資，包括資本支出和透過營運現金、承擔 2.43 億美元債務以及發行 1,420 萬美元普通股或超過 5 億美元股本組合進行的融資投資收益。

1%We ended the quarter with over $340 million in cash on the balance sheet and a fully available credit facility with a borrowing capacity of $1.45 billion. At September 30, 95% of our $4.9 billion in debt was at fixed rates. And our net funded debt to annualized adjusted EBITDA was 4.23 times, down from 4.76 times in the second quarter and our fixed charge coverage ratio was 4.6 times. As Taylor mentioned, we increased our full year adjusted FFO guidance to a range between $2.84 to $2.86 per share.

1%本季結束時，我們的資產負債表上有超過 3.4 億美元的現金，以及完全可用的信貸額度，借款能力為 14.5 億美元。截至 9 月 30 日，我們 49 億美元債務中的 95% 是固定利率債務。我們的淨融資債務與年化調整後 EBITDA 比率為 4.23 倍，低於第二季的 4.76 倍，固定費用覆蓋率為 4.6 倍。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 2.84 美元至 2.86 美元之間。

A few of the key fourth quarter assumptions are we're assuming no change in our revenue related to operators on an accrual basis of revenue recognition.

第四季的一些關鍵假設是，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。

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 were assuming the new operator of the Guardian transition properties continues to pay $2.9 million in rent per quarter, consistent with the third quarter. We're assuming $31 million in asset sales in the fourth quarter related to the sale of a portion of the facilities classified as held for sale at the end of the third quarter, for which we recorded $200,000 in revenue in the third quarter.

我們假設 LaVie 繼續以每月 300 萬美元的現有費率支付，並且 Maplewood 支付合約租金的能力繼續提高，假設 Guardian 過渡物業的新營運商繼續每季支付 290 萬美元的租金，與第三季。我們假設第四季度的資產銷售為 3,100 萬美元，與第三季末分類為待售的部分設施的出售有關，為此我們在第三季錄得 20 萬美元的收入。

We've included the impact of the $119 million of new investments completed in October, which were funded with equity. We project our quarterly G&A expense to continue to run between $11.5 million and $13.5 million in the fourth quarter. We assume no material changes in market interest rates as they relate to either the interest earned on balance sheet cash or interest expense charge on credit facility by borrowings.

我們已經考慮了 10 月完成的 1.19 億美元新投資的影響，這些投資是透過股權融資的。我們預計第四季管理及行政費用將繼續在 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，因為它們與資產負債表現金賺取的利息或借款信貸便利的利息費用有關。

Finally, we assume we will continue to pre-fund acquisitions and prepare for our January 2025 $400 million bond maturity by issuing equity. As a reminder, for every 4 million shares issued, our quarterly adjusted FFO is negatively impacted by slightly less than $0.01 per share until the cash is put back to work in new investments.

最後，我們假設我們將繼續為收購提供預先融資，並透過發行股票為 2025 年 1 月到期的 4 億美元債券做好準備。提醒一下，每發行 400 萬股，我們的季度調整後 FFO 就會受到每股略低於 0.01 美元的負面影響，直到現金重新用於新投資。

Our 2024 adjusted FFO guidance does not include any additional investments or asset sales as well as any additional capital transactions other than what I just mentioned or what was included in the earnings release.

除了我剛才提到的或收益發布中包含的內容之外，我們的 2024 年調整後 FFO 指引不包括任何額外投資或資產出售以及任何額外資本交易。

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 September 30, 2024 Omega had an operating asset portfolio of 962 facilities with approximately 90,000 operating beds. These facilities were spread across 81 third-party operators located within 42 states in the United Kingdom. Trailing 12-month operator EBITDA coverage for our core portfolio as of June 30, 2024, increased to 1.49 times versus 1.42 times for the trailing 12 month period ended March 31, 2024.

謝謝鮑勃，大家早安。截至 2024 年 9 月 30 日，Omega 擁有由 962 個設施組成的營運資產組合，擁有約 90,000 個手術床位。這些設施遍佈英國 42 個州的 81 個第三方營運商。截至 2024 年 6 月 30 日，我們核心投資組合的過去 12 個月營運商 EBITDA 覆蓋率增加至 1.49 倍，而截至 2024 年 3 月 31 日的過去 12 個月期間為 1.42 倍。

Turning to portfolio matters. As of today, Omega is currently not engaged in any restructuring activity with any of its material operators. The one exception being will be, which will be seeking confirmation of its plan of reorganization in mid-November.

轉向投資組合問題。截至目前，歐米茄尚未與其任何材料營運商進行任何重組活動。唯一的例外是，該公司將在 11 月中旬尋求重組計劃的確認。

Turning to new investments. During the third quarter of 2024, Omega completed a total of $467 million in new investments, inclusive of $27 million in CapEx. The new investments include the previously announced bio -- 51% JV partner in 63 care homes in the United Kingdom.

轉向新的投資。2024 年第三季度，歐米茄總共完成了 4.67 億美元的新投資，其中包括 2,700 萬美元的資本支出。新投資包括先前宣布的 Bio——合資夥伴在英國 63 家護理院的 51% 股權。

The 63 care homes are leased to establish UK operators with current annual rent of $43.6 million. Inclusive of Omega's third quarter investment of $365 million, Omega's total cash investment in the 63 care homes is $441 million, which results in a gross return of 9.9%.

這 63 所護理院被出租給英國營運商，目前年租金為 4,360 萬美元。包括歐米茄第三季3.65億美元的投資在內，歐米茄對63家護理院的現金投資總額為4.41億美元，總回報率為9.9%。

The additional third quarter, new investments of $75 million have a weighted average cash yield of 10.1% and above seven facilities in three states and the United Kingdom. Subsequent to the third quarter of 2024, Omega closed on $119 million in additional new investments excluding CapEx. The investments in both three facilities in two states and 14 facilities in the United Kingdom and have a weighted average yield of 10.5%. Year to date through October for Omega has closed on $915 million in new investments, including CapEx through the third quarter.

第三季新增投資 7,500 萬美元，加權平均現金收益率為 10.1%，在三個州和英國擁有超過 7 個設施。2024 年第三季之後，Omega 完成了 1.19 億美元的額外新投資（不包括資本支出）。投資於兩個州的 3 個設施和英國的 14 個設施，加權平均收益率為 10.5%。今年截至 10 月份，Omega 已完成 9.15 億美元的新投資，其中包括截至第三季的資本支出。

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. State reimbursement continues to be one of the keys to be improved metrics that Dan spoke to. While we applaud the fact that many states have and continue to step up in very meaningful ways, we also know that reimbursement support has a tendency to ebb and flow. And therefore, we would caution anyone from thinking that these levels that increases our guaranteed to continue in the long term.

謝謝丹，大家早安。丹談到，國家報銷仍然是改善指標的關鍵之一。雖然我們對許多州已經並將繼續以非常有意義的方式採取行動表示讚賞，但我們也知道報銷支持有起起落落的趨勢。因此，我們警告任何人不要認為這些增加的水平保證會長期持續。

Meanwhile, we are all anxiously awaiting the outcome of the various efforts against the staffing mandate. Plaintiffs including certain industry association, have filed a motion for summary judgment in Federal Court in the State of Texas with respect to their lawsuit against the mandate, which they argue overstep CMS's authority. Well, not guaranteed, the ruling on that could come as early as first quarter of 2025.

同時，我們都在焦急地等待針對人員配置任務的各種努力的結果。包括某些行業協會在內的原告已就其針對該授權的訴訟向德克薩斯州聯邦法院提出簡易判決動議，他們認為該授權超越了 CMS 的權力。好吧，但不能保證，對此的裁決最早可能會在 2025 年第一季做出。

Additionally, 20 attorneys general have also filed suit against the staffing mandate in Federal Court in Iowa. While the overturning of the Chevron Doctrine by the Supreme Court earlier this year certainly appears to pave the way for a victory on the legal front, post-election legislative efforts also remain as the reversal of the rule would stand to save the federal government $22 billion over 10 years according to the Congressional Budget Office. With no federal funding specifically earmarked for the mandate and no imminent structural improvement that would improve staffing availability, we are hopeful that there will ultimately be returned and then any future regulatory changes, staffing, or otherwise will be introduced in a much more thoughtful way.

此外，20 名總檢察長也向愛荷華州聯邦法院提起針對人員配置授權的訴訟。雖然今年早些時候最高法院推翻了“雪佛龍主義”，這顯然為法律方面的勝利鋪平了道路，但選舉後的立法努力仍然存在，因為推翻該規則將為聯邦政府節省 220 億美元根據國會預算辦公室的數據，超過10 年。由於沒有專門指定用於該任務的聯邦資金，也沒有即將進行的結構性改進來改善人員配置，我們希望最終能夠歸還，然後任何未來的監管變化、人員配置或其他方面都將以更加深思熟慮的方式引入。

I will now open the call up for questions.

我現在將開始提問。

(Operator Instructions) Jonathan Hughes, Raymond James.

（操作員說明）喬納森·休斯、雷蒙德·詹姆斯。

Looking at EBITDAR coverage, and it's now basically 1.5 times. That's, I think, the highest in the post-pandemic world. And the outlook for improving coverage is strong due to some favorable supply-demand dynamics that I think we all know about.

看看EBITDAR覆蓋率，現在基本上是1.5倍。我認為，這是大流行後世界的最高水準。由於我想我們都知道一些有利的供需動態，改善覆蓋率的前景十分強勁。

But I wanted to ask about the triple net lease structure. I know you don't necessarily get to participate in that EBITDAR upside, but the safety of the rent paid to you does increase. I don't believe I've ever asked a question about lease expirations. But for those few leases that do expire, what's the ability you have to either increase rent and maybe reset coverage back to, say, a historical 1.3, 1.4 times range? Or would you rather just renew them higher modestly and take the higher coverage and greater rent safety?

但我想問一下三重淨租賃結構。我知道你不一定能分享到 EBITDAR 的好處，但支付給你的租金的安全性確實增加了。我想我從來沒有問過有關租約到期的問題。但對於那些確實到期的少數租約，您有什麼能力增加租金，或將覆蓋範圍重置回歷史的 1.3 倍、1.4 倍範圍？或者您寧願適度更新它們並接受更高的覆蓋範圍和更高的租金安全性？

That's a great question, Jonathan. If you look at -- we have a couple of maturities that are pretty big in 2027. And it's a good example of the structure in this industry where you typically have a 10- to 15-year lease that has renewals at the operator's option. So structurally, there's really not a big opportunity in most leases to reset. We have a handful with reset rights for various reasons.

這是一個很好的問題，喬納森。如果你看一下——我們有幾個到期日在 2027 年相當大的債券。這是該行業結構的一個很好的例子，您通常擁有 10 到 15 年的租約，營運商可以選擇續約。因此從結構上來說，大多數租約確實沒有很大的機會重置。由於各種原因，我們有少數人擁有重置權。

But in terms of the overall model, you just don't -- that's not how this industry has evolved.

但就整體模式而言，你只是不這麼做——這不是這個產業的發展方式。

And then I'll stick with just one more and looking at leverage. So maybe for Bob or you, Taylor as well. I think the 4.2 times leverage today is a decade low. I don't know what the all-time low is, but it's lower than at any point, I think, since 2014.

然後我會堅持再看一看槓桿率。所以也許對於鮑勃或你，泰勒也是如此。我認為今天 4.2 倍的槓桿率是十年來的最低水準。我不知道歷史最低點是多少，但我認為它比 2014 年以來的任何時候都低。

The investment spreads today are really wide and accretive using equity that obviously never has to be refied.

今天的投資利差確實很大，而且利用股權不斷增值，顯然永遠不需要重新兌換。

So my question is, has there been any change to the leverage target of 4 to 5x? Or is it still that range? Maybe any consideration to running even lower to put you in a better position for opportunities over the next several years?

所以我的問題是，4至5倍的槓桿目標有改變嗎？還是仍然是這個範圍？也許有考慮過降價以讓你在未來幾年中處於更好的位置以獲得機會嗎？

We haven't changed the stated guidance. It's still between 4 and 5 times. But I think given the pipeline and given the equity currency and the spread that you just mentioned, I would -- you would think it would continue to go down.

我們沒有改變既定的指導。仍然在4到5次之間。但我認為，考慮到管道、股票貨幣以及您剛才提到的利差，您會認為它會繼續下跌。

Michael Griffin of Citi.

花旗銀行的邁克爾·格里芬。

Just wanted to touch on occupancy for a bit. Obviously, it continues to increase on a sequential basis. And I'm curious if you can kind of give us some building blocks on what the drivers of this are? Is this due to facility staffing increasing? Is it due to greater resident penetration?

只是想談談入住率。顯然，它在連續的基礎上繼續增加。我很好奇你能否給我們一些關於其驅動因素的建構模組？這是由於設施人員配備增加所致嗎？是因為居民滲透率提高了嗎？

And do you think we're in a world and a scenario in the near term where we are at or above kind of your pre-COVID level of occupancy?

您認為短期內我們的入住率是否會達到或高於您在新冠疫情前的入住率？

Yes. I mean I think -- look, the occupancy is going to continue to go up. I think it's going to -- we've seen some increases in the last couple of months from where even that number is. But we're back to a time where there's sort of -- the cyclical times where in the summer months, it might go down a little bit. In the winter, it might go down a little bit.

是的。我的意思是，我認為——看，入住率將繼續上升。我認為，在過去的幾個月裡，我們已經看到這個數字增加。但我們又回到了一個週期性的時期，在夏季的幾個月裡，它可能會略有下降。冬天的話，可能會稍微下降一些。

But ultimately, I think, yes, staffing has improved a little bit. It's still a struggle in a lot of different areas. And so you'll see different occupancies in different areas depending on what's going on. But certainly, staffing continues to be a concern.

但最終，我認為，是的，人員配備有所改善。在許多不同領域，這仍然是一場鬥爭。因此，根據發生的情況，您會在不同區域看到不同的佔用情況。但可以肯定的是，人員配備仍然是一個問題。

And then just maybe turning to the transaction activity and kind of your thoughts on the acquisition environment. Are you seeing a lot of these deals mostly driven by motivated sellers that have upcoming maturities they can't refi? Or has the market become more deep and liquid and bid-ask spreads have narrowed somewhat?

然後也許會轉向交易活動以及您對收購環境的想法。您是否看到許多此類交易主要是由積極主動的賣家推動的，而這些賣家的到期日即將到期，無法再融資？或者市場變得更加深入和流動，買賣價差有所縮小？

And then if you could comment maybe on the availability of any bridge to HUD lending, that would be helpful, too.

然後，如果您可以對 HUD 貸款橋樑的可用性發表評論，那也會有幫助。

Yeah. I mean, the market has been and continues to be awfully active. I think that there's no one reason to point to, to tell why that's become so active. But obviously, the rates have come down a little bit and people are seeing big dollars out there available. There is more capital now.

是的。我的意思是，市場一直並將繼續非常活躍。我認為沒有任何理由可以指出為什麼它變得如此活躍。但顯然，利率已經下降了一點，人們看到了大筆資金可用。現在資本多了。

So I think overall, that's just creating a very active market. And I think we'll see that going forward here for the next at least 12 months.

所以我認為總的來說，這只是創造了一個非常活躍的市場。我想我們會在接下來的至少 12 個月內看到這種情況的發展。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

It's [Jes] on for John. Just outside of the minimum staffing, like what else is on the ballot here that we should be aware of? We've heard discussions around care at home, Medicare Advantage denying SNF claims at elevated levels, et cetera. And also, we'd just like your thoughts on how each candidate would impact the SNF landscape.

這是約翰的[傑斯]。除了最低人員配置之外，我們還應該注意選票上的哪些內容？我們聽到有關家庭護理、Medicare Advantage 拒絕高水平 SNF 索賠等問題的討論。此外，我們也想了解您對每位候選人將如何影響 SNF 格局的看法。

I mean, look, at the end of the day, we can't really determine what's going to happen with the election or what would happen depending on who gets put into power. But this industry always does better when there's a balance of power. So regardless of who wins the presidency we will be looking at Congress to sort of balance that piece of it.

我的意思是，看，歸根結底，我們無法真正確定選舉會發生什麼，或取決於誰上台會發生什麼。但當力量平衡時，這個行業總是會做得更好。因此，無論誰贏得總統職位，我們都會尋求國會來平衡這一部分。

You mentioned a bunch of regulatory items and certainly, will those have an impact on the industry? Potentially. But really, nursing homes have already pushed everybody out to home health that could be there. It's really a needs-based industry. And I think you'll see stuff around the edges, but I don't think that there's going to be anything that would substantially change the industry.

您提到了許多監管項目，當然這些項目會對產業產生影響嗎？有潛力。但實際上，療養院已經把每個人都推到了可能在那裡的家庭健康中心。這確實是一個以需求為基礎的行業。我認為你會看到一些邊緣的東西，但我不認為會有任何東西會實質地改變這個行業。

And just a quick follow-up here. So just talk about the original expectations back in June for LaVie to emerge out of the bankruptcy process here with the restructured balance sheet and how you expect the situation to play out during 4Q as comments seem to indicate that you guys are expecting some resolution here come mid-November here. Is there going to be any loss of rent or downtime as a result of this transition?

這裡只是一個快速跟進。因此，只需談談 6 月份對 LaVie 通過重組資產負債表走出破產程序的最初預期，以及您預計第四季度情況將如何發展，因為評論似乎表明你們期待這裡出現一些解決方案十一月中旬在這裡。此次過渡是否會導致租金損失或停機時間？

So they're currently scheduled for a plan of confirmation in mid-November. We do expect that to go through. The plan sponsor will assume the lease as it stands today, which includes monthly rent payments of $3 million, and that we expect to be the rent going forward. There is a difference in timing between confirmation and the effectiveness, but we expect to receive the full three months -- or the full $3 million in that period. And the effective date is relying upon regulatory approvals.

因此，他們目前計劃在 11 月中旬確認該計劃。我們確實希望這能夠成功。計劃發起人將承擔目前的租約，其中包括每月 300 萬美元的租金，我們預計未來的租金也是如此。確認和生效之間的時間存在差異，但我們預計會收到完整的三個月，或在此期間收到全部 300 萬美元。生效日期取決於監管部門的批准。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，《格林街》。

Megan, one for you on the regulatory front. I know state support has been a positive surprise for a while now. Have any of your major states reimbursement or kind of tied staffing service roles actually surprised negatively in recent months?

梅根，一位在監管方面為您服務的人。我知道一段時間以來，國家的支持一直是個正面的驚喜。近幾個月來，您的主要州的報銷或某種相關的人員配備服務角色是否確實出現了負面的意外情況？

Can you repeat that? Sorry, the end of that?

你能再說一次嗎？抱歉，就這樣結束了嗎？

Yes. Have any states -- essentially has state support surprised negatively in any recent months in any of your states?

是的。最近幾個月，有哪個州的政府支持率出現了負面的表現嗎？

I haven't seen anything negative. There have been some neutral ones where there's slightly positive to slightly negative, but most of what we've been seeing is pretty nice sizable increases.

我沒有看到任何負面的東西。有一些中性的，有輕微的積極到輕微的消極，但我們看到的大多數都是相當不錯的大幅增長。

And then any concerning staffing rules kind of in the realm of a Pennsylvania-like scenario rumored right now in the market in any other states?

那麼，目前在任何其他州的市場上傳聞的類似賓夕法尼亞州的情況，是否有任何有關的人員配置規則？

No. I mean, look, states are always looking at doing things like that, but I think everybody is holding off a little bit to see what happens with the staffing mandate.

不。我的意思是，各州一直在考慮做這樣的事情，但我認為每個人都在推遲一點，看看人員配置任務會發生什麼。

Nick Yulico of Scotia Bank.

豐業銀行的尼克·尤利科。

This is Elmer Chang on with Nick. I mean, just looking at your exposure to different segments, skilled nursing, senior housing, I mean, this is a function of what you've been investing in. But given exposure to skilled nursing ticked down this quarter, maybe below at least historical levels, how are you thinking about operational volatility and investments going forward between these two segments?

這是艾爾默張 (Elmer Chang) 和尼克 (Nick) 的談話。我的意思是，只要看看你對不同領域的接觸，熟練的護理，高級住房，我的意思是，這是你一直在投資的函數。但鑑於本季熟練護理人員的接觸量有所下降，可能至少低於歷史水平，您如何看待這兩個細分市場之間的營運波動和投資？

Our investments are really driven by our -- principally by our operating partner relationships. So to the extent we can lever into any of those relationships with the right underwriting, that's where our capital is going to go. It happens that senior housing, we've driven a lot more capital into senior housing over the last couple of years, and you've seen those percentages change a little bit. And I think that trend probably continues, but there's no particular goal other than continuing to allocate capital with meaningful spreads to our existing relationships.

我們的投資實際上是由我們的——主要是我們的營運合作夥伴關係所驅動的。因此，只要我們能夠透過正確的核保來利用這些關係，這就是我們的資本的去向。碰巧的是，在老年住房方面，過去幾年我們向老年住房投入了更多的資金，並且您已經看到這些百分比發生了一些變化。我認為這種趨勢可能會持續下去，但除了繼續向我們現有的關係分配有意義的資本之外，沒有什麼特別的目標。

And then sticking to the investment side. You did add a skilled nursing facility development in Florida, I think -- I believe this quarter into the pipeline. How are you thinking about exposure to that market and maybe development as an investment avenue going forward depending on spreads you're seeing?

然後堅持投資方面。我認為，你們確實在佛羅裡達州增加了一個熟練的護理設施開發項目——我相信這個季度已經進入籌備階段。您如何考慮進入該市場，並根據您所看到的利差將其作為未來的投資途徑進行開發？

Again, with the right operator, we'll continue to allocate into that market. But -- and the reimbursement has gotten much better in the state of Florida. So it's a lot friendlier environment than it was a few years ago. So if it fits our underwriting, we'll continue to allocate into that state.

同樣，有了合適的運營商，我們將繼續分配到該市場。但是——佛羅裡達州的報銷情況要好得多。所以現在的環境比幾年前友善許多。因此，如果它適合我們的承保，我們將繼續分配到該州。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

This is [Robin Haneland] sitting in for Juan. I was just curious on Maplewood, what's the occupancy trend at the second out assets? And what's the outlook for stabilization at this point?

我是[羅賓·哈內蘭] 代替胡安。我只是對 Maplewood 感到好奇，第二個資產的入住率趨勢如何？目前穩定的前景如何？

So just a little note on Maplewood. We're done with the financial restructuring there. There's still some change of ownership and legal work around those documents. But just a note there. It's not -- there's no material financial restructuring, but Maplewood has a little more wood to chop on the legal side.

關於楓木的一點說明。我們已經完成了那裡的財務重組。這些文件的所有權和法律工作仍存在一些變化。但只是有一個註解。事實並非如此——沒有重大的財務重組，但楓木在法律方面還有更多的麻煩。

Inspir is now 72% occupied. And it's really -- it's a slow trudge up that hill. I don't know when they'll be to 85%, 90%, but they are adding net residents each month. It's just -- it takes -- it's going to take some time. So I'm hopeful sometime in 2025, we're talking about them being at those levels of occupancy, but remains to be seen.

Inspir 目前已佔用 72%。確實，爬上那座山是一段緩慢的過程。我不知道什麼時候他們會達到 85%、90%，但他們每個月都在增加淨居民。只是——需要——需要一些時間。因此，我希望在 2025 年的某個時候，我們會討論它們的入住率水平，但仍有待觀察。

Got it. On the DC development, what's the level of confidence there that Maplewood can increase incremental rents?

知道了。在 DC 開發方面，Maplewood 能夠增加租金增量的信心程度如何？

Can you help me one more time? The level of confidence that we can increase?

你能再幫我一次嗎？我們可以增加多少信心？

Incremental rent.

增量租金。

Yes, DC is going to be net additive to our rent pretty meaningfully. It's 6%, 7%, 8% year-over-year, and our expectation is we'll be receiving them.

是的，華盛頓特區將非常有意義地增加我們的租金。年比成長 6%、7%、8%，我們的預期是我們會收到它們。

Okay. And just on the investment pipe, what's the appetite to do bigger deals at this point?

好的。就投資管道而言，目前進行更大交易的興趣是什麼？

I mean, there have been some bigger deals out there. We've had an opportunity to look at them. Maybe our underwriting is a little bit more disciplined than others. We've mostly passed on some of these bigger deals or, to some degree, we might still play some role in their cap structure on a go-forward basis.

我的意思是，那裡有一些更大的交易。我們有機會觀察它們。也許我們的承保比其他承保更嚴格一些。我們大多已經放棄了其中一些較大的交易，或者在某種程度上，我們可能仍會在未來的基礎上在他們的上限結構中發揮一些作用。

Justin Haasbeek, RBC Capital Markets.

賈斯汀‧哈斯貝克，加拿大皇家銀行資本市場部。

Just where do you see the best new investment opportunities? Should we still think about the best opportunities being in the U.K. care home market?

您在哪裡看到最好的新投資機會？我們是否還應該考慮英國養老院市場的最佳機會？

I think in the short run, meaning fourth quarter and maybe even first quarter, that will be a lot of what the pipeline is currently made up of. I think after that, we'll see. Obviously, the US pipeline or the US activity has picked up quite a bit throughout this year.

我認為從短期來看，即第四季度甚至第一季度，這將是目前管道的大部分組成部分。我想在那之後，我們會看到。顯然，今年美國的管道或美國的活動已經大幅增加。

So I expect that will shift at some point in 2025.

所以我預計這種情況會在 2025 年的某個時候發生變化。

Okay. And then you mentioned that there are some bigger portfolios on the market that you guys did see. Can you just provide some color on sort of the pipeline, the size of the pipeline right now and the asset mix and location?

好的。然後你提到市場上有一些更大的投資組合，你們確實看到了。您能否提供一些有關管道類型、管道目前規模以及資產組合和位置的資訊？

It's a little bit of a mixed bag. As I said, we've got a number of deals still that we're looking at in the UK. The US pipeline activity has picked up. We're looking at mostly SNFs, but we've got some ALFs sprinkled in there as well.

這是一個魚龍混雜的情況。正如我所說，我們仍在英國考慮一些交易。美國管道活動有所回升。我們主要關注的是 SNF，但也有一些 ALF。

So as far as size goes, we don't -- it's hard to comment on what exists inside the pipeline, but we're obviously looking at virtually every deal that's out there in the market, including the big ones.

因此，就規模而言，我們不會——很難對管道中存在的內容發表評論，但我們顯然正在關注市場上幾乎所有的交易，包括大型交易。

Alec Feygin of Baird.

貝爾德 (Baird) 的亞歷克費金 (Alec Feygin)。

Kind of off the pipeline question, you already talked about the US versus UK, but can you talk about lending versus real estate acquisitions and where the pipeline is headed so far in 4Q? It looks like it's been weighted to the loan side.

有點離譜的問題，您已經談到了美國與英國，但您能談談貸款與房地產收購以及第四季度到目前為止的進展嗎？看起來它已經被加權到貸款方了。

Yes. I think for the most part, you'll still see us more heavily invested, obviously, in real estate acquisitions in the fee simple properties themselves. We have dabbled in the loan side a little bit as of late. Those loans have a lot of different attributes. There's mezz financing.

是的。我認為在大多數情況下，您仍然會看到我們在房地產收購中投入更多資金，顯然是在收費簡單的房產本身。我們最近涉足了貸款方面。這些貸款有很多不同的屬性。有夾層融資。

There's some loans to lease. There's some long-term loans that actually look like leases with lockout provisions. So you got a pretty vast mixed bag of what type of loans they are.

有一些貸款可以出租。有些長期貸款實際上看起來像是帶有鎖定條款的租約。所以你得到了各種各樣的貸款類型。

So we will do some of those. A lot of those are involved existing operators and just meeting some of their needs. Some of them are additive to the portfolio in terms of new operators, just getting -- finding a new operator potentially in a new space.

所以我們會做其中一些。其中許多都涉及現有營運商，只是滿足他們的一些需求。其中一些是新營運商投資組合的補充，只是在新領域尋找潛在的新營運商。

Okay. And maybe speak on the 15 assets that are currently held for sale? And then also how much of the portfolio can be a candidate for asset sales?

好的。或許可以談談目前待售的 15 項資產？還有，投資組合中有多少可以作為資產出售的候選人？

Yes. We have 15 currently. It's made up of really three operators. As I said in my talking point, I expect half of that to be sold in the fourth quarter and the other half early next year. And there really is very limited.

是的。目前我們有 15 個。它實際上由三個操作員組成。正如我在談話中所說，我預計其中一半將在第四季度售出，另一半將在明年初售出。而且確實非常有限。

We're always looking at ways to improve the portfolio and there might be sales opportunities, but there's not a lot of that within the existing portfolio as we sit here today.

我們一直在尋找改進產品組合的方法，並且可能存在銷售機會，但當我們今天坐在這裡時，現有產品組合中的銷售機會並不多。

Daniel Byun, Bank of America.

丹尼爾·拜恩，美國銀行。

Just to go back on Maplewood. Do you provide any color on why you pushed back on the timing for the Maplewood development?

只是為了回到楓林。您能否解釋為什麼推遲 Maplewood 開發的時間？

The DC development, we were scheduled for December and now it looks like January. So it goes quarter-to-quarter, but this is really getting certificate buttoning up the last pieces of construction and getting the CO. We're talking about 30 days.

DC 的開發，我們原定於 12 月進行，現在看起來是 1 月。所以它是按季度進行的，但這實際上是在獲得證書，搞定最後的建設並獲得 CO。我們談論的是30天。

Joe Dickstein, Jefferies.

喬·迪克斯坦，傑弗瑞斯。

It looks like a new SNF operator was added to the sub 1 times EBITDAR coverage list, representing 3.2% of rent. I guess, if you could just provide some color on maybe what drove the coverage decline and maybe where -- what states the operator is located in?

看來新的 SNF 營運商被添加到低於 1 倍 EBITDAR 的覆蓋範圍清單中，佔租金的 3.2%。我想，如果您能提供一些信息，說明可能是什麼導致了覆蓋率下降，也許是在哪裡——運營商位於哪些州？

Yes. We have one operator that is always sort of on that cusp of falling below or above 1.0 times, but they're primarily in the state of Florida, which is going to have a large rate increase. So we expect that to, over the next several quarters, work its way out of that bucket.

是的。我們有一家業者總是處於低於或高於 1.0 倍的風口浪尖，但他們主要位於佛羅裡達州，該州的利率將會大幅上漲。因此，我們預計在接下來的幾個季度中，這一點將能夠擺脫困境。

And your last question comes from the line of Juan Sanabria of BMO Capital Markets.

你的最後一個問題來自 BMO 資本市場的胡安·薩納布里亞 (Juan Sanabria)。

This is Robin here again. I just had a follow-up on Guarding actually. Curious why they paid slightly higher rents and what it would take going forward to unlock the full $12.4 million.

羅賓又來了。事實上，我剛剛對《守護》進行了後續報導。很好奇為什麼他們要支付略高的租金，以及接下來需要什麼才能解鎖全部 1240 萬美元。

Yes. I mean, we obviously were able to hit the higher rent for 2024. Obviously, we won't know until 2025 whether we hit the upper end of the rent range.

是的。我的意思是，我們顯然能夠在 2024 年達到更高的租金。顯然，直到 2025 年我們才能知道租金是否達到了上限。

And Megan, just one for you. You mentioned there are some areas that are seeing staffing difficulties still. Could you maybe just elaborate on specific states or markets?

還有梅根，只為你準備一份。您提到有些領域仍面臨人員配置困難。能否詳細說明一下具體的州或市場？

I mean, look, Florida is tough at times, but I think with the rate increase they're getting, that hopefully helps things out a little bit. Texas is tough. Some of these rural areas are just a little bit tougher to find the staffing still. And so you do have people who are stuck in the hospital system who can't get pushed out because there's just not the ability to do that.

我的意思是，聽著，佛羅裡達州有時很艱難，但我認為隨著利率的提高，希望對事情有所幫助。德克薩斯州很難。其中一些農村地區仍然很難找到工作人員。因此，確實有人被困在醫院系統中，無法被趕出去，因為他們沒有能力這樣做。

Thank you. And with that, that concludes our Q&A session. I'll now turn the conference back over to Taylor Pickett for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把會議轉回泰勒·皮克特致閉幕詞。

Thanks, everyone, for joining today. Please direct any follow-up calls to the team. Have a great day.

謝謝大家今天的加入。請將任何後續電話轉給團隊。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。