Omega Healthcare Investors Inc (OHI) 2025 Q1 法說會逐字稿

Thank you, everyone. My name is Karen, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Omega Healthcare Investors first-quarter earnings conference call. (Operator Instructions) Thank you.

謝謝大家。我叫凱倫 (Karen)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Omega Healthcare Investors 第一季財報電話會議。（操作員指示）謝謝。

I would like to turn the call over to Michele Reber. Please go ahead.

我想把電話轉給 Michele Reber。請繼續。

Thank you, and good morning. With me today is Omega's CEO, Taylor Pickett; President, Matthew Gourmand; CFO, Bob Stephenson; CIO, Vikas Gupta; and Megan Krull, Senior Vice President of Operations. Comments made during this conference call that are not historical facts may be forward-looking statements such as statements regarding 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.

謝謝，早安。今天和我一起的是歐米茄的執行長泰勒皮克特 (Taylor Pickett)；總裁 Matthew Gourmand；財務長鮑勃史蒂芬森 (Bob Stephenson)；首席資訊長 Vikas Gupta；以及營運資深副總裁 Megan Krull。本次電話會議中發表的非歷史事實的評論可能是前瞻性陳述，例如有關財務預測、潛在交易、營運商前景和整體展望的陳述。可能導致實際結果與前瞻性陳述中的結果大不相同的因素已在公司向美國證券交易委員會提交的文件中詳細說明。

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. I will now turn the call over to Taylor.

在今天的電話會議中，我們將參考一些非 GAAP 財務指標，例如 NAREIT FFO、調整後的 FFO、FAD 和 EBITDA。這些非公認會計準則指標與公認會計原則下最具可比性的指標的對帳可在季度補充報告中查閱。此外，我們討論的某些營運商覆蓋範圍和財務資訊是基於我們的營運商提供的數據，這些數據尚未經過 Omega 的獨立驗證。現在我將把電話轉給泰勒。

Thanks, Michele. Good morning and thank you for joining our first-quarter 2025 earnings conference call. Today, I will discuss our first quarter financial results and certain key operating trends. First quarter adjusted funds from operations of $0.75 per share and FAD, funds available for distribution, of $0.71 per share reflects continued revenue and EBITDA growth, funded primarily with equity, which has allowed us to reduce leverage to 3.7 times debt-to-EBITDA.

謝謝，米歇爾。早安，感謝您參加我們的 2025 年第一季財報電話會議。今天，我將討論我們的第一季財務表現和一些關鍵的營運趨勢。第一季調整後的營運資金為每股 0.75 美元，可供分配的資金為每股 0.71 美元，反映了持續的收入和 EBITDA 成長，資金主要來自股權，這使我們能夠將槓桿率降低至債務與 EBITDA 比率的 3.7 倍。

We raised and narrowed our 2025 AFFO guidance from a range of $2.90 to $2.98, up to $2.95 to $3.01, which reflects our strong first quarter 2025 earnings tempered by the dilutive impact of our significant year-to-date share issuances.

我們將 2025 年 AFFO 指引從 2.90 美元至 2.98 美元的範圍上調並縮小至 2.95 美元至 3.01 美元，這反映了我們 2025 年第一季度的強勁收益，但受到今年迄今為止大量股票發行的稀釋影響。

In March, Genesis did not pay its contractual rent of $4.2 million, and we partially pulled a letter of credit to cover the full shortfall. Genesis full contractual rent in April and has remained current on all interest obligations due on our secured term loan.

3 月份，Genesis 未能支付 420 萬美元的合約租金，我們部分撤回了信用證以彌補全部差額。Genesis 已於 4 月支付了全部合約租金，並且一直按時償還我們的擔保定期貸款到期的所有利息。

The balance of our letter of credit is $3.5 million. Genesis management has indicated that their current liquidity issues stem from a tightening of their borrowing base by their asset base lender and legacy general and professional liability obligations.

我們的信用狀餘額為350萬美元。Genesis 管理層表示，他們目前的流動性問題源於其資產基礎貸款人收緊借款基礎以及遺留的一般和專業責任義務。

Omega's credit position with Genesis is strong. Our trailing 12-month cash flow to rent coverage exceeds 1.6 times. We believe that our $118 million term loan is fully secured by our priority lean in all of the Genesis ancillary businesses, which includes the AlignMed physician practice, their accountable characterization, PowerBack rehab, and the equity ownership in ShiftMed as a result of the prior CareerStaff sale.

Omega 與 Genesis 的信用狀況良好。我們過去 12 個月的現金流量與租金覆蓋率超過 1.6 倍。我們相信，我們的 1.18 億美元定期貸款完全由我們在 Genesis 所有輔助業務中的優先傾斜擔保，其中包括 AlignMed 醫生執業、其負責任的特徵、PowerBack 康復以及之前 CareerStaff 出售後在 ShiftMed 中的股權。

Turning to revenue mix within the portfolio. Over the last decade, we have driven a meaningful shift in our sources of revenue through both US and UK senior housing capital allocation. The percentage of private pay and other has increased from 8% 10 years ago to 39% today. Based on our current pipeline and current tenant mix, we expect that the private and other revenue percentage will continue to grow. I will now turn the call over to Bob.

轉向投資組合內的收入組合。在過去十年中，我們透過美國和英國的老年住房資本配置推動了收入來源的重大轉變。私人支付和其他的比例從10年前的8%增加到今天的39%。根據我們目前的管道和租戶組合，我們預計私人和其他收入百分比將繼續成長。我現在將電話轉給鮑伯。

Thanks, Taylor. Good morning. Turning to our financials for the first quarter of 2025. Revenue for the first quarter was $277 million compared to $243 million for the first quarter of 2024. The year-over-year increase is primarily a result of the timing and impact of revenue from new investments completed throughout 2024 and '25, operator restructurings and transitions, and annual escalators, partially offset by asset sales completed during that same time period.

謝謝，泰勒。早安.談談我們 2025 年第一季的財務狀況。第一季營收為 2.77 億美元，而 2024 年第一季營收為 2.43 億美元。同比成長主要歸因於 2024 年和 2025 年期間完成的新投資、營運商重組和轉型以及年度自動扶梯的收入的時間和影響，但被同一時期完成的資產出售部分抵消。

Our net income for the first quarter was $112 million or $0.33 per common share compared to $69 million or $0.27 per common share for the first quarter of 2024.

我們第一季的淨收入為 1.12 億美元，即每股普通股 0.33 美元，而 2024 年第一季的淨收入為 6,900 萬美元，即每股普通股 0.27 美元。

Our Nareit FFO for Q1 was $184 million or $0.62 per share as compared to $153 million or $0.60 per share for the first quarter of 2024. Our adjusted FFO was $221 million or $0.75 per share for the quarter, and our FAD was $211 million or $0.71 per share. And both exclude several items outlined in our Nareit FFO, adjusted FFO, and FAD reconciliations to net income found in our earnings release, as well as our first quarter financial supplemental posted to our website.

我們第一季的 Nareit FFO 為 1.84 億美元或每股 0.62 美元，而 2024 年第一季為 1.53 億美元或每股 0.60 美元。本季我們的調整後 FFO 為 2.21 億美元，即每股 0.75 美元，FAD 為 2.11 億美元，即每股 0.71 美元。且兩者都不包括我們的 Nareit FFO、調整後的 FFO 和 FAD 與收益報告中的淨收入對帳中列出的幾項項目，以及我們網站上發布的第一季財務補充資料。

Our Q1 2025 FAD was $0.013 greater than our Q4 '24 FAD, with the increase resulting from incremental revenue related to the timing and completion of $340 million in fourth quarter '24 new investments and $78 million in Q1 '25 new investments.

我們 2025 年第一季的 FAD 比 2024 年第四季的 FAD 高出 0.013 美元，這一成長源自於 2024 年第四季 3.4 億美元新投資和 2025 年第一季 7,800 萬美元新投資的時機和完成相關的增量收入。

In addition, Maplewood paid $15.6 million in rent in the first quarter of '25, an increase of $3.3 million, inclusive of $2.1 million of rent related to the opening of the Washington DC facility in February of '25. And we had reduced interest expense as we repaid $400 million of 4.5% senior unsecured notes that matured January 15, 2025, using balance sheet cash. These were offset by the first quarter issuance of 7 million shares of equity for gross proceeds totaling $264 million as we continue to prefund our investment pipeline.

此外，Maplewood 在 25 年第一季支付了 1,560 萬美元的租金，增加了 330 萬美元，其中包括 2025 年 2 月華盛頓特區工廠開業相關的 210 萬美元租金。而且，我們使用資產負債表現金償還了 2025 年 1 月 15 日到期的 4 億美元 4.5% 優先無擔保票據，從而減少了利息支出。由於我們繼續為投資管道進行預融資，因此第一季發行了 700 萬股股票，總收益為 2.64 億美元，從而抵消了上述損失。

Our balance sheet remained strong as we ended the first quarter with $368 million in cash and the full borrowing capacity of our $1.45 billion dollar credit facility. Our balance sheet cash was used to fund a $344 million UK and Jersey acquisition on April 25 that Vikas will be discussing.

我們的資產負債表依然強勁，第一季末我們擁有 3.68 億美元現金和 14.5 億美元信貸額度的全部借貸能力。我們的資產負債表現金用於資助 4 月 25 日 Vikas 將要討論的 3.44 億美元的英國和澤西島收購案。

Additionally, in April, we repaid our $50 million term loan and officially extended our credit facility maturity to the end of October. At March 31, 95% of our $4.5 billion in debt was at fixed rates. And our fixed charge coverage ratio was 5.2 times, and our funded debt to annualized adjusted normalized EBITDA was 3.72 times, which is the lowest our leverage has been in over 10 years. We still have a target leverage range between 4 to 5 times, with a sweet spot being between 4.5 to 4.75 times.

此外，我們在四月償還了 5,000 萬美元的定期貸款，並正式將信貸期限延長至 10 月底。截至 3 月 31 日，我們 45 億美元債務中的 95% 都是固定利率。我們的固定費用覆蓋率為 5.2 倍，我們的融資債務與年度調整後標準化 EBITDA 比率為 3.72 倍，這是我們 10 多年來的最低槓桿率。我們的目標槓桿範圍仍為 4 至 5 倍之間，最佳範圍為 4.5 至 4.75 倍之間。

Given our equity currency, we have the flexibility to accretively fund investments with equity as we have for the past several quarters, thereby positioning ourselves for outsized adjusted FFO growth as we opportunistically look to the debt and banking markets if coupons and rates become more favorable.

鑑於我們的股權貨幣，我們可以靈活地透過股權為投資提供增值資金，就像過去幾個季度一樣，從而為超額調整後的 FFO 成長做好準備，因為如果票面利率和利率變得更有利，我們會抓住機會關注債務和銀行市場。

Turning to guidance, as Taylor mentioned, we raised and narrowed our full-year adjusted FFO guidance to a range between $2.95 to $3.01 per share. A few of the key 2025 full-year guidance assumptions are, we're assuming no change in our revenue related to operators on the accrual basis of revenue recognition. As a note, over 75% of our operators are currently on a straight line basis of accounting, which means any growth in revenue through annual escalators will not yield further growth in adjusted FFO, but would yield cash flow growth.

談到指導，正如泰勒所提到的，我們提高並縮小了全年調整後 FFO 指導至每股 2.95 美元至 3.01 美元之間的範圍。2025 年全年指導的一些關鍵假設是，我們假設在收入確認的權責發生製基礎上與運營商相關的收入不會改變。值得注意的是，我們超過 75% 的營運商目前採用直線會計，這意味著透過年度自動扶梯實現的任何收入成長都不會導致調整後的 FFO 進一步成長，但會導致現金流成長。

We're assuming Maplewood's ability to pay contractual rent continues to improve. We're assuming Genesis continues to pay full contractual rent and interest. Of the $247 million in mortgages and other real estate-backed investments contractually maturing in 2025, we're assuming $84 million will convert from loans to fee simple real estate, and $68 million will be repaid throughout 2025. We are assuming the balance of the loans will be extended beyond 2025.

我們假設 Maplewood 支付合約租金的能力將繼續提高。我們假設 Genesis 將繼續支付全額合約租金和利息。在 2025 年到期的 2.47 億美元抵押貸款和其他房地產支援投資中，我們假設 8,400 萬美元將從貸款轉換為完全產權房地產，6,800 萬美元將在 2025 年償還。我們假設貸款餘額將延長至 2025 年以後。

We've included the impact of the new investments completed as of April 30. We project our quarterly GNA expense to run between $12 million to $14 million in 2025. We assume we will repay our $238 million of secured debt in November 2025 with equity. We assume no material changes in market interest rates as they relate to either interest earned on the balance sheet cash or interest expense charged on credit facility borrowings.

我們已將截至 4 月 30 日完成的新投資的影響納入其中。我們預計 2025 年季度 GNA 支出將在 1,200 萬至 1,400 萬美元之間。我們假設我們將在 2025 年 11 月以股權償還 2.38 億美元的擔保債務。我們假設市場利率不會發生重大變化，因為它們與資產負債表現金所賺取的利息或信貸借款所收取的利息支出有關。

Finally, consistent with how we ended 2024, we assume we will position ourselves with enough cash on the balance sheet by year end of '25 to repay our January 2026, $600 million bond maturity. As a reminder, to the extent our equity currency and we continue to prefund investments prepare for debt maturities, for every 4 million shares issued, assuming shares are issued at a price consistent with the first quarter, our quarterly adjusted FFO is negatively impacted by slightly less than $0.01 per share, while our leverage improves or reduced by approximately 0.15 turns until the cash is put back to work in new investments.

最後，與我們 2024 年結束時的情況一致，我們假設到 2025 年底，資產負債表上將有足夠的現金來償還 2026 年 1 月到期的 6 億美元債券。提醒一下，就我們的股權貨幣和我們繼續為債務到期進行預付投資的範圍內而言，假設股票發行價格與第一季一致，則每發行 400 萬股，我們的季度調整後 FFO 將受到略低於每股 0.01 美元的負面影響，而我們的槓桿率將提高或降低約 0.15 週轉率，直到現金重新用於新投資。

Our 2025 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 was included in the earnings release. I will now turn the call over to Vikas.

我們 2025 年調整後的 FFO 指引不包括任何額外投資或資產出售，以及除我剛才提到的或收益報告中包含的內容之外的任何額外資本交易。現在我將把電話轉給維卡斯。

Thank you, Bob, and good morning, everyone. Today, I will be discussing the most recent performance trends for Omega's operating portfolio and Omega's investment activity in the first quarter of 2025, as well an update on Omega's pipeline and market trends for the remainder of 2025.

謝謝你，鮑勃，大家早安。今天，我將討論歐米茄營運組合和歐米茄 2025 年第一季投資活動的最新業績趨勢，以及歐米茄 2025 年剩餘時間的管道和市場趨勢的最新情況。

First, turning to portfolio performance. Trailing 12-month operator EBITDAR coverage for our core portfolio as of December 31, 2024, increased to 1.51 times versus 1.50 times for the trailing 12 month period ended September 30, 2024.

首先，談談投資組合表現。截至 2024 年 12 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 1.51 倍，而截至 2024 年 9 月 30 日的過去 12 個月為 1.50 倍。

The most recent quarter's performance is another quarter of modest but continued trailing 12 month coverage improvement across our portfolio. Omega's operating partners continue to showcase their expertise and resilience in a fluid regulatory and reimbursement environment.

最近一個季度的表現是，我們的投資組合在過去 12 個月的覆蓋率再次出現適度但持續的改善。Omega 的營運合作夥伴繼續在不斷變化的監管和報銷環境中展示他們的專業知識和韌性。

Omega and our operating partners continue to work towards the common goal of making disciplined and sustainable investment decisions while serving an increasingly complex resident population across various asset types and markets.

Omega 和我們的營運合作夥伴持續致力於實現共同目標，即做出嚴謹和永續的投資決策，同時服務各種資產類型和市場中日益複雜的居民群體。

Omega is currently not engaged in restructuring activity with any of our major operators. However, I did want to share a few positive updates for two of our larger operators, LaVie and Maplewood.

Omega 目前尚未與我們的任何主要營運商進行重組活動。不過，我確實想與我們的兩個較大的運營商 LaVie 和 Maplewood 分享一些積極的更新。

LaVie continues to work towards exiting bankruptcy during the second quarter of 2025, at which time the Omega LaVie master lease will be assumed and assigned to a new entity known as Avartis. The timeline for closing is based on final regulatory approvals and legal documentation between of Avartis, the various landlords, and the working capital lender. Omega is currently receiving full contractual rent of $3.1 million per month or $37.5 million per annum and no change in rent are expected at the time the lease is assigned to Avartis.

LaVie 將繼續努力在 2025 年第二季擺脫破產，屆時 Omega LaVie 主租約將被接管並分配給名為 Avartis 的新實體。完成時間表取決於 Avartis、各房東和營運資金貸款人之間的最終監管批准和法律文件。Omega 目前收到的全額合約租金為每月 310 萬美元或每年 3750 萬美元，並且預計在租約轉讓給 Avartis 時租金不會發生變化。

Turning to Maplewood, occupancy for the core 17 facility in Maplewood portfolio, inclusive of Inspīr Carnegie Hill in New York City, has reached a level of 94% as of April 2025. Maplewood paid $13.5 million in rent in the first quarter for this portfolio, which is an improvement of $1.3 million from the fourth quarter of 2024 and an improvement of $2.3 million from the first quarter of 2024.

談到 Maplewood，截至 2025 年 4 月，Maplewood 投資組合中 17 個核心設施（包括紐約市的 InspÄ«r Carnegie Hill）的入住率已達到 94%。楓木集團在第一季為該投資組合支付了 1,350 萬美元的租金，比 2024 年第四季增加了 130 萬美元，比 2024 年第一季增加了 230 萬美元。

The Inspīr Embassy Row facility in Washington DC opened in February 2025. This new facility comprises 174 units and is located in the historic and highly desired Embassy Row area of downtown Washington DC.

位於華盛頓特區的 InspÄ«r 使館區設施將於 2025 年 2 月開幕。這個新設施包含 174 個單元，位於華盛頓特區市中心歷史悠久且備受青睞的使館區。

The facility is in the process of leasing up with an occupancy of 20% as of the end of April. Maplewood paid 2.1 million of incremental rent in the first quarter for Inspire Embassy Row for a total rent payment of $15.6 million in the first quarter. In April 2025, Maplewood paid total rent of $5.8 million of which $1 million was attributable to Embassy Row.

該設施目前正在租賃中，截至 4 月底的出租率為 20%。Maplewood 在第一季為 Inspire Embassy Row 支付了 210 萬美元的增量租金，第一季的總租金為 1560 萬美元。2025 年 4 月，Maplewood 支付的租金總額為 580 萬美元，其中 100 萬美元來自 Embassy Row。

Turning to new investments, Omega 2025 transaction activity through the end of April was very strong, with over $423 million in new real estate investments and $34 million of CapEx investments funded in the first quarter or total new investment activity of over $457 million.

談到新投資，截至 4 月底，Omega 2025 交易活動非常強勁，第一季新房地產投資超過 4.23 億美元，資本支出投資 3,400 萬美元，總新投資活動超過 4.57 億美元。

During the first quarter, Omega completed a total of $112 million in new investments, inclusive of $34 million in CapEx. The new investments include $58 million in real estate acquisitions via two separate transactions, a purchase lease transaction of two senior housing communities in Texas, which were leased to a new operator, and a purchase leaseback transaction of four care homes in the UK leased to an existing operator. Both transactions have an initial cash yield of 10%, with the annual escalators ranging from 2% to 2.5%.

第一季度，歐米茄共完成 1.12 億美元的新投資，其中包括 3,400 萬美元的資本支出。新的投資包括透過兩筆獨立交易進行的 5,800 萬美元房地產收購，一筆是購買租賃交易，收購了德州的兩個老年住宅社區，並將其租賃給新的營運商，另一筆是購買回租交易，收購了英國的四家養老院，並將其租賃給現有的營運商。兩筆交易的初始現金收益率均為 10%，年化收益率在 2% 至 2.5% 之間。

In addition, Omega invested $20 million in new real estate loans in the first quarter, which have a weighted average interest rate of 10.8%. Subsequent to the first quarter of 2025, Omega closed on a $344 million investment for a portfolio of 45 care homes across the UK and Jersey. Omega leased the 45 care homes to four existing and two new operators with an initial cash yield of 10%.

此外，Omega 在第一季投資了 2,000 萬美元新的房地產貸款，加權平均利率為 10.8%。2025 年第一季之後，Omega 完成了 3.44 億美元的投資，投資對象包括英國和澤西島的 45 家養老院。Omega 將 45 家養老院出租給四家現有營運商和兩家新營運商，初始現金殖利率為 10%。

The UK continued to be a large driver of our 2025 new investment activity, totaling approximately 392 or 93% of our total new investments, excluding CapEx. As I have mentioned previously, we've accumulated a strong bench of operators and other relationships in the UK that lead us to highly accretive investment opportunities.

英國繼續成為我們 2025 年新投資活動的主要推動力，總計約 392 筆新投資（不包括資本支出），占我們新投資總額的 93%。正如我之前提到的，我們在英國累積了一批強大的營運商和其他關係，這為我們帶來了高度增值的投資機會。

Additionally, as a result of our scale, reputation, and strong operator base across the UK, we were able to quickly evaluate, structure, and close on complex transactions like the 45 care home transaction we closed in April.

此外，由於我們的規模、聲譽和遍布英國的強大營運商基礎，我們能夠快速評估、建立和完成複雜的交易，例如我們在 4 月完成的 45 家養老院交易。

It is important to highlight that while these transactions varied in size and nature and were comprised of both real estate investments and real estate loans, approximately $402 million, excluding CapEx, or 95%, were owned real estate investments leased to third-party operators under long-term triple net lease structures.

值得強調的是，雖然這些交易的規模和性質各不相同，並且包括房地產投資和房地產貸款，但其中約有 4.02 億美元（不包括資本支出）或 95% 是根據長期三重淨租賃結構租賃給第三方運營商的自有房地產投資。

We continue to support the growth of our existing and new operators by focusing on strong credit-backed real estate investments and real estate loans with exceptional returns that often provide Omega with the ultimate opportunity for real estate ownership.

我們繼續支持現有和新營運商的成長，重點關注強勁的信貸支持的房地產投資和具有卓越回報的房地產貸款，這些投資和貸款通常為歐米茄提供房地產所有權的終極機會。

Turning to the pipeline. Omega's pipeline and transaction outlook for the remainder of 2025 continues to be favorable. We continue to see marketed opportunities both in the US and the UK, while also benefiting from off-market opportunities that our operating partners and other relationships bring us. Additionally, while we continue to see inquiries for real estate loans due to the restricted lending environment, we're seeing a material increase in opportunities to acquire real estate in 2025.

轉向管道。歐米茄 2025 年剩餘時間的管道和交易前景依然看好。我們繼續看到美國和英國的營銷機會，同時也受益於我們的營運合作夥伴和其他關係為我們帶來的場外市場機會。此外，雖然由於貸款環境受限，我們繼續看到對房地產貸款的諮詢，但我們看到 2025 年收購房地產的機會將大幅增加。

Specifically in the US, with opportunities ranging the spectrum of individual sellers to regional owner operators, and institutional real estate sellers, we will continue to evaluate and engage in select loan opportunities primarily for existing operator relationships, but our priority will always be allocating capital towards the creative owned real estate deals that grow our balance sheet. I will now turn the call over to Megan.

具體來說，在美國，機會涵蓋個人賣家、區域業主經營者和機構房地產賣家，我們將繼續評估並參與精選貸款機會，主要針對現有的營運商關係，但我們的首要任務始終是將資本分配給能夠增加我們資產負債表的創意自有房地產交易。現在我將把電話轉給梅根。

Thanks, Vias and good morning, everyone. I'll start today with news that while not unexpected is very much appreciated. In early April, the federal judge in the Texas court case brought against the staffing mandate found in favor of the summary judgment filed by the industry associations amongst others.

謝謝，維亞斯，大家早安。今天我要先宣布一個消息，雖然這個消息並不出乎意料，但卻非常值得讚賞。4月初，德州針對人員配備強制令提起的訴訟案中的聯邦法官支持產業協會等機構提出的簡易判決。

The court found that CMS lacked the authority to issue a regulation requiring registered nurses 24/7 and 3.48 hours per resident day of nurse staffing time, which would have effectively replaced a statute already in place.

法院發現，CMS 無權頒布法規，要求註冊護士每週 7 天、每天 24 小時為每位住院醫生提供護理服務，並且每天為每位住院醫生提供 3.48 小時的護理時間，而該法規實際上將取代現有的法規。

As a reminder, the Congressional Budget Office had scored the reversal of this rule as saving the federal government $22 billion over 10 years. We are extremely grateful to finally see some conclusion on this front and applaud the efforts of all those involved.

提醒一下，國會預算辦公室認為，這項規定的撤銷將在 10 年內為聯邦政府節省 220 億美元。我們非常高興終於看到這方面的一些結論，並對所有參與人員的努力表示讚賞。

Also in April, both the Senate and House passed respective budget resolutions which, amongst other things, tasked the House Energy and Commerce Committee with reducing spending by $880 billion over 10 years. While not specifically calling out cuts to the federally funded portion of Medicaid, it is largely believed that in order to meet the requirement, some level of Medicaid reform will need to occur.

同樣在四月份，參議院和眾議院分別通過了預算決議，其中包括要求眾議院能源和商業委員會在 10 年內削減 8,800 億美元的支出。雖然沒有具體要求削減聯邦資助的醫療補助部分，但人們普遍認為，為了滿足要求，需要進行一定程度的醫療補助改革。

We continue to believe that the Medicaid expansion population, those able-bodied adults that were added with the Affordable Care Act, are likely the largest target of these spending cuts, given that the federal government covers a higher percentage of that Medicaid spend, 90%, than the traditional Medicaid population, approximately 63% on average.

我們仍然相信，醫療補助擴展人群，即《平價醫療法案》新增的那些身體健全的成年人，可能是這些支出削減的最大目標，因為聯邦政府承擔的醫療補助支出比例較高，為 90%，而傳統的醫療補助人口平均約為 63%。

However, while spending cuts there may cover a vast amount of the required cuts, there may still be some action that would impact the traditional Medicaid population. There's no way to tell at this time what will ultimately happen.

然而，雖然削減開支可能涵蓋大量所需削減，但仍有一些措施可能會影響傳統的醫療補助人口。目前還無法預測最終會發生什麼。

All of that said, with overall coverage strong, fundamentals continuing to improve, and a President that stood by this industry during COVID, essentially recognizing that it was too important to fail. We feel well positioned and are hopeful that no attempt at draconian cuts in this space will be proposed. I will now open the call up for questions.

儘管如此，由於整體覆蓋面強勁，基本面持續改善，而且總統在新冠疫情期間支持這個行業，基本上認識到這個行業太重要了，不能失敗。我們覺得自己處於有利地位，並希望不會有人試圖在這個領域採取嚴厲的削減措施。我現在開始回答問題。

(Operator Instructions) Jonathan Hughes, Raymond James.

（操作員指示）喬納森·休斯、雷蒙德·詹姆斯。

Good morning. Thanks for the prepared remarks and commentary. I was hoping you could share some more details on Genesis and then not paying rent and interest in March but then paying in April. I know that was surprising as we haven't really heard from them in a few years, but the shortfall was driven by their ABL lender. Can you just remind us of the Genesis corporate capital structure if they're on accrual or cash accounting and then the geographic footprint of your Genesis portfolio.

早安.感謝您準備好的發言和評論。我希望您能分享一些有關 Genesis 的更多細節，然後在 3 月不支付租金和利息，而是在 4 月支付。我知道這很令人驚訝，因為我們已經有幾年沒有收到他們的消息了，但資金短缺是由他們的 ABL 貸款人造成的。您能否提醒我們一下 Genesis 公司的資本結構是採用應計制還是現金會計，以及您的 Genesis 投資組合的地理分佈。

Yeah, Jonathan, it's Taylor. Good morning. So just a slightly bigger picture. The Genesis has a weak pouch, and so to the extent that their principal capital partner is their ABL lender, if they squeeze down on availability affects liquidity, I think it's just a one-time thing.

是的，喬納森，我是泰勒。早安.所以這只是一個稍微大一點的圖片。Genesis 的資金實力較弱，因此，就其主要資本合作夥伴是 ABL 貸款人的程度而言，如果他們壓縮可用性，就會影響流動性，我認為這只是一次性的事情。

From our perspective, they should continue to pay the coverage is great. Our mezz loan is collateralized by an enormous amount of ancillary assets. So I would expect they'll continue to pay. And if for some reason, their situation becomes more difficult, we're in a fine spot. I mean, we've been through these a million times. I'm not worried at all.

從我們的角度來看，他們應該繼續支付高額的保險費。我們的夾層貸款由大量輔助資產作為抵押。所以我希望他們會繼續付款。如果由於某種原因，他們的處境變得更加困難，那麼我們就會處於有利地位。我的意思是，我們已經經歷過無數次了。我一點也不擔心。

In terms of geography, it's principally, mid-Atlantic. We used to have some Northeast presence. We still have a tiny bit in that area, Mid-Atlantic, all the way down into West Virginia. And then in terms of accounting, Genesis is on a cash basis, because for, I don't know, 3, 4 years, they've had an accounting opinion going, and I don't expect that changes anytime soon.

從地理位置上看，它主要位於大西洋中部。我們曾經在東北地區有過一些業務。我們在那個地區還有一小塊土地，從大西洋中部一直到西維吉尼亞州。然後在會計方面，Genesis 採用現金會計制，因為，我不知道，3、4 年來，他們一直有一個會計意見，而且我預計這種情況不會很快改變。

Yeah, Jonathan. So on the lease is on a cash basis, it's been there since 2020. The loans that Taylor mentioned, given the fact that collateral supports the loan, usually supports the loans, that's on a cruel basis.

是的，喬納森。因此，租賃是以現金為基礎的，自 2020 年起就一直如此。泰勒提到的貸款，考慮到抵押品支持貸款，通常支持貸款，這是殘酷的。

Okay, that's great color. I appreciate that. And then, I've got more Genesis questions, but I'll save those, and I'll ask one about acquisitions. Can you, maybe share more details on the UK portfolio acquisition? We've seen a lot more interest lately in UK healthcare real estate from various capital sources.

好的，顏色很棒。我很感激。然後，我還有更多關於 Genesis 的問題，但我會保存這些問題，並詢問有關收購的問題。您能否分享更多有關英國投資組合收購的細節？我們最近看到來自各個資本來源對英國醫療保健房地產的興趣越來越強烈。

So yeah, I was pleasantly surprised to see the attractive 10% yield on that transaction. Can you just talk about how that deal evolved and share some details on composition of that portfolio? Thank you.

是的，我很高興看到這筆交易的收益率高達 10%。您能否談談該交易是如何發展的，並分享一些有關該投資組合構成的詳細情況？謝謝。

Yeah, Jonathan, it's Vikas. So, that deal is an example of how strong our platform is in the UK. There was a seller looking to exit, completely, and we were able to come in with six different operators and give them a solution and a very quick timeline. They wanted to close everything on the same day, and we were able to deliver that.

是的，喬納森，我是維卡斯。所以，這筆交易證明了我們的平台在英國有多強大。有一位賣家想要徹底退出，我們能夠與六位不同的營運商合作，為他們提供解決方案和非常快速的時間表。他們希望在同一天完成所有工作，而我們做到了這一點。

I mean, to be honest, I don't think there's a ton of competition because there's not a lot of people who could do that. So, these assets fit well. They're all over the UK, Scotland, and Jersey. And all of our operators took them that are taking them. It fits really well in their geographies. And good quality assets that have a very good useful life.

我的意思是，說實話，我不認為競爭太激烈，因為沒有多少人能做到這一點。所以，這些資產非常適合。它們遍布英國、蘇格蘭和澤西島。我們所有的操作員都服用了它們。它與他們的地理位置非常契合。並且優質資產具有非常好的使用壽命。

Alright, I appreciate the call. I'll hop off. Thank you for the time.

好的，感謝您的來電。我就跳下去。感謝您抽出時間。

Seth Berge, Citibank.

花旗銀行的塞思‧伯格。

Hi, thanks for taking my question. I guess you've seen any immigration impact on labor availability and wage pressures?

你好，謝謝你回答我的問題。我想您已經看到移民對勞動力供應和薪資壓力的影響了吧？

Yeah. We haven't seen that at this point. I mean there's a potential there could be an indirect impact down the road, but we really haven't seen anything at this point.

是的。目前我們還沒有看到這一點。我的意思是，未來可能會產生間接影響，但目前我們還沒有看到任何影響。

Great and then I guess for my follow up just going back to Genesis, do you have any sense of if they operating fundamentals are improving, or do you have any metrics you could provide there?

太好了，然後我想我的後續問題回到 Genesis，您是否知道他們的營運基本面是否正在改善，或者您可以提供任何指標？

Well, the coverage metric is the big one, the big driver. And our portfolio has been consistently above 1.5 times directionally it's -- it moved up through as COVID improved. And it's kind of leveled out like the rest of the portfolio at that -- for them north of 1.6 compared to the whole portfolio of 1.5.

嗯，覆蓋率指標是最重要的，也是最重要的驅動因素。我們的投資組合一直保持在 1.5 倍以上的水平，隨著 COVID 情況的改善，投資組合不斷上漲。並且它與投資組合中的其他部分一樣趨於平穩 —— 他們的比率在 1.6 以上，而整個投資組合的比率為 1.5。

Thanks.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just on Genesis, on the loan portion, how much, I guess, PIK interest or other kind of noncash is there where if that has to switch for whatever reason, you have a lot of credit behind that would be potentially at risk.

嗨，早安。僅在 Genesis 的貸款部分，我猜有多少 PIK 利息或其他類型的非現金，如果出於某種原因必須轉換，您背後的大量信貸可能會面臨風險。

As I said, we had, Taylor mentioned, we have those loans that have adequate collateral since the accounting referred to people in the full basis. In the quarter, we booked $2.4 million uptick.

正如我所說的，泰勒提到，我們有那些具有足夠抵押品的貸款，因為會計是全額計算的。本季度，我們的營收成長了 240 萬美元。

Okay, great. And just curious there was one of your larger cap peers did a significant transaction first time in a while. Did you guys look at that or how do you see them in in other deals? Or just curious on this data competition for [USB] simple acquisitions here and if there's been any impact as a result of dodge cuts to financing availability from hot or otherwise as a result of the government job cuts.

好的，太好了。只是好奇的是，你們其中一家市值較大的同行在一段時間內首次進行了一筆大額交易。你們看過這個了嗎？或者你們如何看待它們在其他交易中的表現？或者只是對這裡的 [USB] 簡單收購的數據競爭感到好奇，以及是否由於避免削減熱門融資可用性或由於政府裁員而產生了任何影響。

So Juan, are you talking about large GAAP peer. I'm not sure, peer well power.

那麼胡安，您說的是大型 GAAP 同行嗎？我不太確定，同儕實力不錯。

Yeah, I think they would say the same thing, but yeah, yes.

是的，我認為他們會說同樣的話，但是是的，是的。

We don't see will power much. But when you think about it, the deal I've heard that they closed on was rather large. And it was cobbled together privately. It wasn't a marketed deal. So we were aware of some things happening, but we were never part of a bid process.

我們不太重視意志力。但仔細想想，我聽說他們達成的交易規模相當大。而且它是私下拼湊起來的。這不是一項市場化交易。因此，我們知道發生了一些事情，但我們從未參與過競標過程。

Okay, and just this is a -- with the doge cuts, has there been any change to like the receptiveness or availability of hard lending as a result of cuts? I don't know if like that that particular department was downsized or what, but is that going to impact that financing availability generally?

好的，這只是一個問題——隨著總督府利率的削減，硬貸款的接受度或可用性是否因削減而發生了任何變化？我不知道那個特定部門是否被縮減了規模，但這是否會影響融資可用性？

Yeah, this time we haven't heard anything changing on the hot front, but we'll keep our eyes, we'll keep our -- you're close to the ground there but nothing at this time.

是的，這次我們沒有聽到熱鋒方面有任何變化，但我們會密切關注，我們會保持關注——你離地面很近，但此時沒有任何變化。

Thank you guys. I appreciate it.

謝謝你們。我很感激。

Emily Meckler, Green Street.

艾米麗·梅克勒 (Emily Meckler)，綠街。

Hi everyone, thanks for the time. Can you provide a little more color on the PACS portfolio? And to what extent you'd be able to retenant the current facilities operated by the company? And how have coverage levels trended over the past couple of quarters?

大家好，感謝大家抽空。能否詳細介紹 PACS 產品組合？您可以在多大程度上重新租賃公司目前營運的設施？過去幾季的覆蓋率趨勢如何？

Yeah, this is the case. We have around 50 buildings in PACS, and they do extremely well. And so overall, we don't have a worry that we would not be able to retenant them at the current rent or even more. But at the current time, we've had discussions with the PACS, and there's been no discussions of trying to exit our portfolio.

是的，確實如此。我們在 PACS 中擁有大約 50 棟建築，而且它們的運作狀況非常好。因此總體而言，我們不必擔心無法以目前的租金甚至更高的價格重新出租這些房屋。但目前，我們已經與 PACS 進行了討論，並且尚未討論退出我們的投資組合。

Okay. Great, thank you. And then just want to kind of turn to the transaction market. Has your underwriting criteria shifted over the past few months, specifically in the US given the potential changes to Medicaid repayments?

好的。太好了，謝謝。然後就想轉向交易市場。在過去幾個月裡，您的承保標準是否發生了變化，特別是在美國，考慮到醫療補助償還的潛在變化？

No, the answer is no. Nothing's changed, but we are -- I mean, we're watching things closely. But at the current time based on just all the unknowns out there, we continue to underwrite the same way.

不，答案是否定的。什麼都沒有改變，但是我們——我的意思是，我們正在密切關注事態發展。但目前基於所有未知因素，我們將繼續以相同的方式承保。

Okay. Thank you for the time.

好的。感謝您抽出時間。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yeah, good morning, everyone. So on Genesis again you had mentioned earlier like it's just again lending markets are a little bit tougher in general. Just kind of curious again what we're seeing with Genesis of the ABL lender reducing capacity. I mean, are you starting to see that more broadly in the industry just because lending is getting tighter, or do you really kind of really look at this more as a Genesis specific issue?

嗨，是的，大家早安。因此，您之前再次提到 Genesis，就像貸款市場總體上變得更加艱難一樣。我只是再次好奇我們看到 ABL 貸款機構的 Genesis 減少容量的情況。我的意思是，您是否開始在行業中更廣泛地看到這種情況，僅僅是因為貸款越來越緊縮，還是您真的將此視為 Genesis 特有的問題？

It's the latter. This is Genesis specific. We haven't seen anything across the landscape. I will tell you, ABL lenders are notoriously difficult as it is, but in terms of a trend, we're not seeing anything

是後者。這是 Genesis 特有的。我們沒有看到整個景觀。我會告訴你，ABL 貸款人是出了名的難纏，但就趨勢而言，我們沒有看到任何

Okay, that's helpful. And then for the term loan book, the $118 million, if you were to hazard a guess of the LTV on those assets relative to the collateral, like, what would that number be?

好的，這很有幫助。然後對於定期貸款帳簿，1.18 億美元，如果您猜測這些資產相對於抵押品的 LTV，那麼這個數字是多少？

That's really a guess, but I will tell you, I think we're substantially over collateralized, substantially.

這真的只是猜測，但我可以告訴你，我認為我們的抵押品數量已經大大超過了。

Got you. Okay. That's helpful. Maplewood, once it's all stabilized, what would be the run rate for the rent?

明白了。好的。這很有幫助。楓木鎮，一旦一切穩定下來，租金的運作率是多少？

On Maplewood, once it's all stabilized?

關於 Maplewood，一旦一切穩定下來？

You mean our contractual?

你是指我們的合約嗎？

Yeah, the contractual, yeah. What do you get to at the end of it all?

是的，合同，是的。最終你會得到什麼？

So this is Matthew here, it's a little bit convoluted because we're growing in our DC assets. So the contractual rent on the portfolio outside of DC is currently $69 million. And then the DC project it's going to be a 6% rate this year, going up to 7%, going up to 8%, and then 2.5% escalated thereafter. So you can kind of do the math around that.

這就是馬修，這有點複雜，因為我們的 DC 資產正在成長。因此，華盛頓特區以外投資組合的合約租金目前為 6,900 萬美元。然後，華盛頓特區預計今年的利率將為 6%，然後上升到 7%，再上升到 8%，之後再上升到 2.5%。所以你可以圍繞這一點進行計算。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Thanks. Good morning. Just turning to LaVie. You talked about the entity. It's going to be the master lease assigned to a new entity, no change to rent expected. Can you just remind us, is that -- does that mean then that the escalator is going to kick back in? What is the escalator there? And then also, is there any like straight line rent that gets returned on and once they exit bankruptcy?

謝謝。早安.只需轉向 LaVie。您談到了實體。這將是分配給新實體的主租約，預計租金不會改變。您能否提醒我們一下，這是否意味著自動扶梯將會重新彈回？那裡的自動扶梯是什麼？那麼，一旦他們擺脫破產，是否有任何類似直線租金可以返還？

Yeah, Nick, this is that, so basically nothing is going to change. We'll continue to get rent. We'll continue to get our kickers. I believe they're 2.5% on this lease. And so there's really nothing from a business perspective that will be changing on that lease asset side. We'll continue to get full rent, and this portfolio has strong coverage above 1.4 times.

是的，尼克，就是這樣，所以基本上什麼都不會改變。我們將繼續收取租金。我們將繼續爭取我們的踢球者。我相信他們對這份租約的稅率是 2.5%。因此，從業務角度來看，租賃資產方面實際上不會發生任何變化。我們將繼續獲得全額租金，並且該投資組合的覆蓋率高達 1.4 倍以上。

Bob, do you want to answer the straight-line question?

鮑勃，你想回答直線問題嗎？

So there's going to be straight line rent benefit that starts to kick in again on the lease?

那麼，在租賃期間直線租金補貼會再次生效嗎？

I'm sorry. Bob is how it was. So the question is, will straight line rent kick in with this initiation of the new lease?

對不起。鮑伯就是這樣的。所以問題是，隨著新租約的開始，直線租金會開始生效嗎？

Yes.

是的。

Is there a way can you just remind us like quantify what that benefit is?

有什麼方法可以提醒我們量化這種好處嗎？

Well, it's going to be the length of the lease at 2.5% and then you divide it by the length of the lease. I just don't know the ending date of that.

嗯，它將是租賃期限的 2.5%，然後將其除以租賃期限。我只是不知道它的結束日期。

Okay, got it. We can follow up, thanks. And then just the second question is any, high level perspective you could share on provider tax? I know you talked about it a little bit and potential Medicaid changes are in flux, but just at a high level? Like anything you're hearing about, what that could turn out to be if it's a proposal. And, any sort of early thoughts on impact to the portfolio, thanks.

好的，明白了。我們可以跟進，謝謝。那麼第二個問題是，您能否分享任何有關供應商稅的高層次觀點？我知道您談論了這一點，並且潛在的醫療補助變化正在不斷變化，但只是處於高水準嗎？就像您聽到的任何事情一樣，如果這是一項提議，那麼結果會是什麼？並且，對於對投資組合的影響，您有什麼初步想法嗎？謝謝。

Yeah, I mean, look, I think --- we think of the largest impact out there on Medicaid being on the Medicaid expansion population and within the last within the last couple of days that's actually come out that they're suggesting per capita caps on the expansion population only.

是的，我的意思是，看，我認為——我們認為對醫療補助的最大影響是對醫療補助擴展人口的影響，並且在過去的幾天內，他們實際上建議僅對擴展人口設置人均上限。

The greatest risk to traditional Medicaid is provider taxes, as you said. Right now, provider taxes can go anywhere up to 6% of net patient revenues. You have about half the states -- almost half the states in the US who are at 6%, but then it goes down from there. Several states don't have any provider tax whatsoever.

正如您所說，傳統醫療補助面臨的最大風險是提供者稅。目前，醫療服務提供者的稅收最高可達患者淨收入的 6%。大約有一半的州——幾乎美國一半的州的失業率都達到了 6%，但之後就開始下降了。有幾個州根本不徵收任何服務稅。

And we're not hearing that that would be wiped out completely, it's more so that it might come down 1% or 2%. In terms of the impact, it's really difficult to tell from a portfolio perspective. Every state's different.

我們並沒有聽說這一數字會被完全消除，更有可能的是下降 1% 或 2%。就影響而言，從投資組合的角度來看確實很難判斷。每個州都不同。

Certainly a certain number of states are going to step up and probably bridge that GAAP, and it's just too soon to tell what that would actually look like. But that is the greatest risk, which is probably a good thing when you look at the broad spectrum of the things they could do.

肯定有一定數量的州會加強力並可能彌合 GAAP 差距，但現在判斷實際情況還為時過早。但這是最大的風險，但當你考慮到他們所能做的廣泛的事情時，這可能是一件好事。

Okay, great. Thank you.

好的，太好了。謝謝。

John Kilichowski, Wells Fargo

約翰‧基利喬斯基，富國銀行

Thank you. Good morning. Maybe on the disposition side, you did a lot in the quarter. I'm curious if that was just a clean up of noncore assets or you're being opportunistic on a good deal. Just curious what prompted.

謝謝。早安.也許在處置方面，你在本季做了很多事。我很好奇，這是否只是對非核心資產的清理，或者你正在抓住機會進行一筆好交易。只是好奇是什麼促使了。

Sure, so a little bit of both. We had some assets held for sale at the end of last quarter that we, executed on. And then there was another portfolio that quite frankly we weren't necessarily envisioning selling. But somebody came along and made us an offer that would allow us to redeploy the capital effectively accretively and grow FAD.

當然，兩者都有一點。上個季度末，我們持有一些待售資產，並已執行這些資產。然後還有另一個投資組合，坦白說，我們不一定打算出售。但有人向我們提出了一個提議，讓我們能夠有效地重新部署資本並發展 FAD。

We felt that those assets were not necessarily core to the portfolio. They had been somewhat optimized in terms of the achievements that they'd realized in the coverage, and therefore, we took advantage of the price that was offered to us.

我們認為這些資產不一定是投資組合的核心。他們在報道中所取得的成就方面已經進行了一定程度的優化，因此，我們充分利用了提供給我們的價格。

Got it. And then just in the opening remarks, it sounded like a commentary about the opportunities in the US for your pipeline were improving because a lot of the activity we've seen in the UK. I'm curious what you think the rest of the year is going to look like in terms of acquisition opportunities between the US and the UK.

知道了。然後就在開場白中，這聽起來像是在評論美國管道機會的改善，因為我們在英國看到了許多活動。我很好奇，您認為今年剩餘時間美國和英國之間的收購機會將會如何。

Yeah, John, this is Vikas. Right now the pipeline overall is healthy. It is a little bit more US heavy at the moment, which is the change from where we have been historically the last year or so. But, we'll see how things play out as it progresses.

是的，約翰，這是維卡斯。目前，管道整體狀況良好。目前，美國的情況稍微嚴重一些，這與去年左右的歷史情況相比有所變化。但是，隨著事態的發展，我們將拭​​目以待。

And I guess last thing just kind of piggybacking on that is has your underwriting changed for those deals in the US based on what we've seen and kind of the the overhang of the Medicaid concerns.

我想最後一件事就是根據我們所看到的情況和醫療補助問題的懸而未決的問題，你們在美國對這些交易的承保是否發生了變化。

No, as I previously previously said, we are still underwriting the same because there's just too many unknowns out there.

不，正如我之前所說的，我們仍在承保同樣的費用，因為還有太多未知數。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Good morning. Going back to the UK market, I'm curious about how you get comfortable with extending into new operators. And can you just specifically characterize your platform and if it's any different than what you do in the US?

早安.回到英國市場，我很好奇您如何適應拓展新的營運商。您能否具體描述一下​​您的平台以及它與您在美國所做的平台有何不同？

This is Vikas, again. That's a good question. So I mean our platform is very similar to the US where we have -- we've grown a bunch of operators. Today we have about 14 operators in the UK, and to be honest, we underwrite the same.

再次，我是 Vikas。這是個好問題。所以我的意思是我們的平台與美國非常相似，我們已經發展了一批營運商。如今，我們在英國擁有大約 14 家營運商，說實話，我們承保的營運商數量也差不多。

We look at, real estate quality, markets and the operator and see how they would fit into our assets. So it is very much just taking our platform here and putting it out there, but it's been 10 years and going now. And we believe that we finally have it at a good level.

我們專注於房地產品質、市場和營運商，並了解它們如何融入我們的資產。所以，我們基本上只是把我們的平台搬到這裡，然後推廣到那裡，到現在已經 10 年了。我們相信我們最終會達到一個良好的水平。

Thank you. And also your comment about the material change in the transaction market in the US, I'm curious what, when you're coming to deals, are you seeing greater competition? And is that changing any cap rates that are coming to the table?

謝謝。另外，您談到了美國交易市場的重大變化，我很好奇，當您進行交易時，您是否看到了更大的競爭？這是否會改變即將出現的資本化利率？

Yeah, I mean, there's a pick up in volume right now due to the interest rate environment, but no, overall work -- I mean, different players come in and out, private equity, other res or space. But no, overall, the competition is about the same as it has been historically.

是的，我的意思是，由於利率環境，現在交易量有所回升，但總體而言，不同的參與者進進出出，私募股權、其他資源或空間。但整體而言，競爭與歷史上的競爭大致相同。

Okay. Thank you very much.

好的。非常感謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Good morning, everyone. Can you talk about your FX exposure now?

大家早安。現在您可以談談您的外匯風險嗎？

Yeah, so if you look at our UK and from a hedging standpoint, what we look at, we try to do net investment hedges and/or cross currency swaps but it makes sense. But the bigger picture is, we have a big portfolio of assets over there and we collect rent in the pound sterling. And as you know, looking at the pipeline and the acquisitions which we just completed, we're paying pound sterling. So that's in that investment hedge, right. It's a perfect edge there.

是的，所以如果你看看我們的英國，從對沖的角度來看，我們試圖進行淨投資對沖和/或交叉貨幣掉期，但這是有意義的。但從更大角度來看，我們在那裡擁有大量資產，並以英鎊收取租金。如您所知，從我們剛剛完成的管道和收購來看，我們支付的是英鎊。這就是投資對沖，對吧。那裡有一個完美的邊緣。

Okay. And then you have in your credit facility, are you looking to do something bigger at the end of the year?

好的。那麼，在您的信貸安排中，您是否希望在年底做一些更大的事情？

I would like to get something done prior to the end of the year, hopefully midsummer. And, given our size, yeah, you would expect we would hope that that would increase in size.

我希望在今年年底前完成一些事情，最好是在仲夏。而且，考慮到我們的規模，是的，你會期望我們希望規模能夠擴大。

Richard Anderson, Wedbush Security.

理查德·安德森，韋德布希安全公司。

So, in the beginning you said, you're not worried at all about Genesis, which it was worrisome. I guess, the fact that you have to say. And, it may all work out perfectly fine, but correct me if I'm wrong, and maybe this is the wrong way to look at it, but the 3.5 million that's remaining on the letter of credit seems so thin relative to the future. Is that a fair way to think about it, or am I looking at it the wrong way?

所以，一開始你就說，你一點也不擔心 Genesis，儘管它確實令人擔憂。我想，這是你必須要說的事實。而且，一切可能都會順利進行，但如果我錯了，請糾正我，也許這是錯誤的看法，但信用證上剩餘的 350 萬美元相對於未來似乎太少了。這是一種公平的思考方式嗎，還是我的看法是錯的？

I don't think. Well, certainly, $3.5 million is less than a month, right? So to the extent that you want more than a month, it doesn't give you a lot of room to maneuver. On the flip side, if we don't get paid, it's a default. If there is a default, there's a process. And these assets are incredibly valuable.

我不這麼認為。嗯，當然，350 萬美元還不到一個月，對吧？因此，如果你想要超過一個月的時間，它不會給你太多的迴旋餘地。另一方面，如果我們沒有得到付款，那就是違約。如果存在違約，就會有一個流程。這些資產極為寶貴。

So -- look, it's unfortunate that we have a lot of noise because of the blip in the payment. But the reality from our perspective is we're not work. And we'll work through the process, it may be.

所以——你看，很不幸，由於付款過程中出現問題，我們聽到了很多噪音。但從我們的角度來看，現實情況是我們沒有工作。也許我們會努力完成這個過程。

Okay. All right. I guess I'll move on from that. The other thing I wanted to ask about was the 2.8% CMS recommendation for fiscal year 2026 and the value-based adjustment of 2%. I kind of queried about this and you all think that the right number to think about relative to the 4.2 of this year is 2.8%, putting aside the incentive component of value of the VBP.

好的。好的。我想我會繼續前進。我想問的另一件事是 2026 財年的 2.8% CMS 建議和 2% 的基於價值的調整。我對此提出了一些疑問，你們都認為相對於今年的 4.2，正確的數字是 2.8%，撇開 VBP 的激勵價值部分。

But some see it differently, and I'm wondering where you stand. Is the real number 2.8% or is it some fraction of that or some lower number of that when you take into account, staffing, and you take into account wages, and you take into account, again, the VDP adjustment. What's the real number for 2026 in your mind?

但有些人有不同的看法，我想知道您的立場是什麼。當您考慮人員配備、薪資以及 VDP 調整時，實際數字是 2.8% 嗎？或者是這個數字的一小部分，或者是更低的數字。您心目中的 2026 年的真實數字是多少？

I mean, the true numbers, that 2.8%, we thought it was going to come in around 3%, so it's right around where we thought it was going to be. And quite frankly, normally what happens when you get a proposed rule by the time it becomes the final rule, there's probably maybe a little bit of a bump in there.

我的意思是，真實的數字是 2.8%，我們認為它會達到 3% 左右，所以它正好在我們預期的水平。坦白說，通常情況下，當你得到一項擬議規則時，當它成為最終規則時，可能會出現一些小問題。

But in terms of you're just talking total overall picture of what's going on in the the nursing homes, I mean, yes, staffing obviously costs more, but things have sort of leveled off from that perspective as well. It's not as, heated as it was over the last couple of years, and it's sort of too soon to tell even on the tariff side what that's going to do to expenses.

但是就你所談論的養老院總體情況而言，我的意思是，是的，人員配備成本顯然更高，但從這個角度來看，情況也已經趨於平穩。現在的情況並不像過去幾年那麼激烈，而且現在判斷關稅方面對開支的影響還為時過早。

But really when you think about it, the Medicare piece of the population is a very small percentage of our business. And we really tend to concentrate more on the Medicaid side of things, which has been very much so keeping pace, with inflation. And we hope to see that going forward.

但實際上，如果你仔細想想，你會發現醫療保險人口只占我們業務的一小部分。我們確實傾向於更多地關注醫療補助方面，因為它與通貨膨脹保持同步。我們希望看到這一進程不斷向前發展。

Okay, so is it overly simplistic to take the 2.8%, subtract the 2%, and then assume that the your operators will meet those thresholds and you'll end up at 2.8%. Is that the, is that the way to think about it, or am I kind of oversimplifying?

好的，那麼，取 2.8%，減去 2%，然後假設您的運營商將滿足這些閾值並且最終達到 2.8%，這是否過於簡單了。這就是思考這個問題的方式嗎，還是我有點過度簡化了？

I think you're probably oversimplifying. You're talking about the value-based piece where they potentially could pick up more is that.

我認為你可能過於簡化了。您談論的是基於價值的部分，他們可能會從中獲得更多。

Yeah, that's what I'm asking. Yeah, I mean, we have a swings.

是的，這就是我所問的。是的，我的意思是，我們有鞦韆。

Yeah, we tend to think of our operators as being pretty strong on the quality piece of it, and so they would pick up whatever they can from that aspect.

是的，我們傾向於認為我們的操作員在品質方面非常強大，因此他們會從這方面盡可能地學習。

Okay. Okay, that's the answer then. Thank you very much.

好的。好的，這就是答案。非常感謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah, thanks. I guess, Megan, I wanted to circle back on the provider tax comments. I know the House Republicans' initial menu of budget cuts included reducing the provider tax or potentially reducing the threshold to 3%.

是的，謝謝。梅根，我想重新回顧供應商稅收的評論。我知道眾議院共和黨最初的預算削減方案包括降低供應商稅或可能將門檻降低至 3%。

And I think you just said that they're talking about only reducing it by 100 to 200 basis points. I mean, has that changed or is it still kind of that evolving scenario where we just don't know yet where they want to set it, even if they do want to do something with it?

我認為您剛才說過，他們談論的只是將其降低 100 到 200 個基點。我的意思是，這種情況有改變嗎？或者這仍然是一種不斷發展的情景，我們只是還不知道他們想把它設置在哪裡，即使他們確實想用它做些什麼？

It is very much so evolving. So, one day you might hear they're going to cut it by 1% and the next day it might be 2%. So it's a little all over the place.

它正在不斷進化。因此，你可能今天聽說他們要降息 1%，明天可能就降息 2%。所以它有點混亂。

It'll be interesting to see what happens from an expansion perspective, right? The more they can pick up from that $880 billion from the expansion, the less they're going to have to pick up on the traditional Medicaid side.

從擴展的角度來看會發生什麼會很有趣，對吧？他們從擴張計畫中獲得的 8,800 億美元越多，他們在傳統醫療補助方面需要獲得的資金就越少。

Okay, no that that makes perfect sense. And then if I can just sneak one Genesis question. And did they pay their May rent yet, I guess, or how long do they have until they, need to pay their May rent?

好的，這完全說得通。然後如果我可以偷偷問一個創世紀問題。我想，他們已經支付五月的租金了嗎？還是他們還有多久才需要支付五月的租金？

The May rents due May 5, so still not to yet.

五月的租金將於 5 月 5 日到期，所以還沒到。

Vikram Mahorata, Mizuho.

維克拉姆·馬霍拉塔，瑞穗。

Thanks for taking the question. I guess just going back to Genesis in your conversations with them, why did the ABL lender shrink the borrowing base? Did something change, in the business or the collateral? And can you just clarify, is this AB lender, done this with any other operator?

感謝您回答這個問題。我想回到您與 Genesis 的對話中，為什麼 ABL 貸款人要縮減借款基礎？業務或抵押品是否發生了變化？您能否澄清一下，這家 AB 貸款機構是否與其他業者合作過？

I have no idea whether the ABL lender has done it with other operators. I believe it related to a pool of collateral that was aging. Beyond that, I don't have any more color.

我不知道 ABL 貸款人是否與其他業者一起做過這件事。我相信這與老化的抵押品池有關。除此之外，我沒有其他顏色。

Okay, just going back to the comments from the US acquisition, I guess, last quarter and maybe in the quarter before that, you sort of said it's you were, much more focused on the US, less opportunities that makes sense for you. So I'm wondering like apart from rates like what else has changed for the pool to become, larger, number one, and then more attractive to Omega.

好的，回到關於美國收購的評論，我想，上個季度，或者再上個季度，您好像說過，您更加關注美國，而較少關注對您來說有意義的機會。所以我想知道，除了費率之外，還有什麼變化使得游泳池變得更大、變得更第一，對歐米茄更有吸引力。

Yeah, it's just where we see a creative opportunities and it's a little bit more heavy on the US at the moment. We did close a large UK transaction, and at this point there's more US opportunities are coming to us. Again, we are focusing on accretive opportunities with current partners and new partners. So wherever we see them, that's where we're heading towards.

是的，我們看到了創造性的機會，目前它對美國來說更為重要。我們確實完成了一筆英國大交易，目前在美國也面臨更多的機會。再次，我們專注於與現有合作夥伴和新合作夥伴的增值機會。所以無論我們在哪裡看到它們，我們都會前往那裡。

Okay, great. And then, Bob, if I can just lastly clarify, you'd mentioned kind of having enough capital to deal with, the 26 debt payments if I'm -- correct me if I'm wrong. But does that essentially mean through the year you'll be raising a fair amount of equity to kind of deal with that and acquisitions as well.

好的，太好了。然後，鮑勃，如果我可以最後澄清一下，你提到擁有足夠的資本來處理 26 筆債務，如果我錯了，請糾正我。但這是否意味著您將在全年籌集相當數量的股權來應對這一問題以及收購。

That is correct. And again, it's predicated on price, not there.

沒錯。再說一次，這是以價格為前提的，而不是價格本身。

Thank you.

謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, that's a very quick follow up from Megan. Are you hearing anything about the federal government maybe potentially filing an appeal against a judgment on minimum staffing?

是的，這是梅根的快速跟進。您是否聽說過聯邦政府可能對最低人員配備判決提出上訴？

I have not heard anything like that at this point. I mean, but at the end of the day, regardless of the court case, right, the likelihood is that the mandate's going to end up in the budget as a $22 billion win for it being going away. So it'll be handled one way or another.

到目前為止我還沒有聽過類似的事情。我的意思是，但最終，無論法庭案件如何，這項強制令最終可能會以 220 億美元的取消費用計入預算中。所以我們會以某種方式處理此事。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

For Genesis, Taylor, how should we think of or what's the meaning behind the pool of collateral that was aging? Does that mean there's like a growing AR or bad debt balance for Genesis, or is that the same collateral pool you guys have? Just hoping for a little bit more color if that possible. This is with regards to the ABL question, sorry.

對於 Genesis，泰勒，我們該如何看待老化的抵押品池，或者說，這背後的意義是什麼？這是否意味著 Genesis 的應收帳款或壞帳餘額不斷增加，或者這與你們的抵押品池相同？如果可能的話，我只是希望顏色能多一點。這是關於 ABL 的問題，抱歉。

What do you look -- I'm trying to understand what it is you're looking for.

你在尋找什麼——我試著了解你在尋找什麼。

So I was basically following up on Vikram's question with regards to the ABL, the shrinking borrowing base. And you said it's the pool of collateral that was aging. I just, I'm not sure what that means. I'm just hoping for a little bit of clarification.

所以我基本上是在回答 Vikram 關於 ABL（即不斷縮小的借貸基礎）的問題。您說的是抵押品池正在老化。我只是，我不確定那是什麼意思。我只是希望得到一點澄清。

Yeah, so this is just what we've been told. I mean, I don't have, I don't audit their ADL asset base. My understanding is their asset base is north of $400 million. The loan is less than $300 million.

是的，這就是我們所聽到的。我的意思是，我沒有，我沒有審計他們的 ADL 資產基礎。據我了解，他們的資產基礎超過 4 億美元。貸款金額不到3億美元。

But ABL lenders can pull different talks, so. I don't have any more information than that. Really not worried about it. But to the extent that they rely on the ABL lender for liquidity. It can create issues for the company.

但 ABL 貸款人可以進行不同的談判，因此。我沒有更多資訊。真的不擔心。但他們在一定程度上依賴 ABL 貸款人提供流動性。這可能會給公司帶來問題。

Understood. Sorry about that. And just one quick one for me. How should we think of the cap rates for the yields for the first quarter dispositions?

明白了。很抱歉。對我來說，只有一個快速答案。我們該如何看待第一季處置收益的資本化率？

It's tough. Some of those assets we weren't receiving rent on, so it's effectively an infinite yield. But I think if you look back at what the rent was assigned on those facilities. You probably find it's in the 10% to 12% range on legacy rents.

它太硬。其中一些資產我們沒有收到租金，因此這實際上是一種無限的收益。但我認為如果你回顧一下這些設施的租金是多少。您可能會發現遺留租金在 10% 到 12% 的範圍內。

And then the opportunistic one was probably more like a 7% yield, which as you can see is why we want to take advantage of that because we're still getting tens in the marketplace. So the net number is probably below 10% once you look at the whole thing, but it's very difficult to pass that out given the fact we weren't receiving rent on some of those facilities.

然後機會主義的可能更像是 7% 的收益率，正如你所看到的，這就是為什麼我們想要利用這一點，因為我們仍然在市場上獲得數十個。因此，從整體來看，淨數字可能低於 10%，但考慮到我們沒有收到某些設施的租金，很難將其計算出來。

Thank you.

謝謝。

(Operator Instructions) Right, that seems to be all of our questions. I will now turn the call back over to Taylor Pickett, CEO for closing remarks.

（操作員指示）好的，這似乎就是我們所有的問題。現在我將把電話轉回給執行長泰勒皮克特 (Taylor Pickett) 做最後發言。

Thanks. Thank you all for joining our call today.

謝謝。感謝大家今天參加我們的電話會議。

This concludes our call. You may disconnect. Have a great rest of the day.

我們的通話到此結束。您可以斷開連線。祝您今天剩餘時間愉快。