Omega Healthcare Investors Inc (OHI) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Jericho, and I will be your conference operator today. At this time, I would like to welcome everyone to the Omega Healthcare Investors second-quarter earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫傑里科，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 第二季財報電話會議。（操作員指示）

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

現在我想將會議交給 Michele Reber。你可以開始了。

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 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.

謝謝，早安。今天與我一起出席的有歐米茄首席執行官泰勒·皮克特 (Taylor Pickett)、總裁馬修·古爾曼 (Matthew Gourmand)、首席財務官鮑勃·斯蒂芬森 (Bob Stephenson)、首席資訊官維卡斯·古普塔 (Vikas Gupta) 和營運高級副總裁梅根·克魯爾 (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，例如有關我們的財務預測、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.

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。

I will now turn the call over to Taylor.

現在我將把電話轉給泰勒。

Thanks, Michele. Good morning, and thank you for joining our second quarter 2025 earnings conference call. Today, I will discuss our second-quarter financial results and certain key operating trends. Second-quarter adjusted funds from operations of $0.77 per share and FAD, funds available for distribution, of $0.74 per share, reflects strong revenue and EBITDA growth, principally fueled by acquisitions and active portfolio management.

謝謝，米歇爾。早安，感謝您參加我們的 2025 年第二季財報電話會議。今天，我將討論我們的第二季財務表現和一些關鍵的營運趨勢。第二季調整後的營運資金為每股 0.77 美元，可供分配的資金 FAD 為每股 0.74 美元，反映了強勁的收入和 EBITDA 成長，主要得益於收購和積極的投資組合管理。

We again raised and narrowed our 2025 AFFO guidance from a per share range of $2.95 to $3.01, up to $3.04 to $3.07, which reflects our strong second quarter 2025 earnings and the issuance of $600 million in five-year bonds versus the continued sale of equity.

我們再次上調並縮小了 2025 年 AFFO 指引，從每股 2.95 美元至 3.01 美元，上調至 3.04 美元至 3.07 美元，這反映了我們 2025 年第二季度的強勁收益以及發行 6 億美元五年期債券與繼續出售股權。

Our balance sheet metrics are very strong with adjusted annualized EBITDA of nearly $1.2 billion and net funded debt of only $4.3 billion. In July, Genesis filed a Chapter 11 bankruptcy. Omega, along with other Genesis lenders, has committed to debtor in possession financing and in addition, to support a bid to buy assets via Section 363 bankruptcy sale process. In the interim, we expect to receive our full monthly contractual rent.

我們的資產負債表指標非常強勁，調整後的年度 EBITDA 接近 12 億美元，淨融資債務僅 43 億美元。7 月，Genesis 申請第 11 章破產保護。Omega 與其他 Genesis 貸款機構已承諾提供債務人持有融資，此外還支持透過第 363 條破產銷售程序購買資產。在此期間，我們期望收到全額的月合約租金。

Turning to portfolio mix. Our Senior Housing portfolio continues to grow. It is now comprised of 396 facilities, which is 38% of our total operating facility portfolio. With our strong acquisition pipeline, a favorable operating environment, and over $2 billion in liquidity with very low leverage, we are ideally positioned to grow both our Senior Housing and Skilled Nursing portfolios.

轉向投資組合。我們的老年住房投資組合持續成長。現在它由 396 個設施組成，占我們總營運設施組合的 38%。憑藉我們強大的收購管道、良好的營運環境以及超過 20 億美元的流動性和極低的槓桿率，我們完全有能力擴大老年住房和專業護理投資組合。

I will now turn the call over to Bob.

我現在將電話轉給鮑伯。

Thanks, Taylor, and good morning. Turning to our financials for the second quarter of 2025. Revenue for the second quarter was $283 million, compared to $253 million for the second quarter of 2024. The year-over-year increase is primarily the result of the timing and impact of revenue from new investments completed throughout 2024 and 2025, 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 年第二季的財務狀況。第二季營收為 2.83 億美元，而 2024 年第二季營收為 2.53 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 second quarter was $140 million or $0.46 per share compared to $117 million or $0.45 per common share for the second quarter of 2024. Our NAREIT FFO for the second quarter was $213 million or $0.70 per share as compared to $189 million or $0.72 per share for the second quarter of 2024. Our adjusted FFO was $232 million or $0.77 per share for the quarter, and our FAD was $223 million or $0.74 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 second-quarter financial supplemental posted to our website.

我們第二季的淨收入為 1.4 億美元，即每股 0.46 美元，而 2024 年第二季的淨收入為 1.17 億美元，即每股 0.45 美元。我們第二季的 NAREIT FFO 為 2.13 億美元或每股 0.70 美元，而 2024 年第二季為 1.89 億美元或每股 0.72 美元。本季度我們的調整後 FFO 為 2.32 億美元或每股 0.77 美元，FAD 為 2.23 億美元或每股 0.74 美元，且均不包括我們的 NAREIT FFO、調整後 FFO 和 FAD 與收益報告及發佈在我們網站上的第二季度財務補充報告中的淨收入對賬中列出的幾項項目。

Our second quarter 2025 FAD was $0.021 greater than our first quarter 2025 FAD, with the increase primarily resulting from incremental revenue related to the timing and completion of $605 million in new investments completed during the first half of 2025. In addition, Maplewood paid $17.6 million in rent in the second quarter, an increase of $2 million, inclusive of an additional $1.1 million of rent related to the Washington, D.C., facility compared to the first quarter of 2025; and $1.9 million in higher rental income from our UK operators due to favorable foreign currency fluctuations. These were partially offset by the second-quarter issuance of 7 million common shares of equity for gross proceeds totaling $258 million as we continue to prefund our investment pipeline.

我們 2025 年第二季的 FAD 比 2025 年第一季的 FAD 高出 0.021 美元，成長主要源自於 2025 年上半年完成的 6.05 億美元新投資的時間和完成情況帶來的增量收入。此外，Maplewood 在第二季度支付了 1,760 萬美元的租金，與 2025 年第一季相比增加了 200 萬美元，其中包括與華盛頓特區設施相關的額外 110 萬美元租金；由於有利的外匯波動，來自我們英國營運商的租金收入增加了 190 萬美元。由於我們繼續為投資管道進行預融資，第二季發行了 700 萬股普通股，總收益為 2.58 億美元，部分抵銷了上述損失。

Our balance sheet remains incredibly strong, and we've continued to take steps to improve our liquidity, capital stack, and maturity ladder. In June, we opportunistically issued $600 million, 5.2% senior notes due in July 2030. Our notes issuance was leverage neutral as proceeds will be used to repay the $600 million of 5.25% senior notes maturing in January 2026. We will repay the notes on or about October 15, 2025, which is the earliest we can repay at par.

我們的資產負債表依然非常強勁，我們一直在採取措施改善我們的流動性、資本堆疊和成熟度階梯。6 月份，我們抓住機會發行了 6 億美元、票面利率 5.2% 的優先票據，到期日為 2030 年 7 月。我們的票據發行是槓桿中立的，因為收益將用於償還 2026 年 1 月到期的 6 億美元 5.25% 優先票據。我們將於 2025 年 10 月 15 日左右償還票據，這是我們能夠以面額償還的最早時間。

Additionally, we repaid a $50 million term loan in April. Our $1.45 billion undrawn product facility was extended to the end of October, and we also extended our $429 million term loan until August 2026. We anticipate completing a new credit facility in the next few months.

此外，我們在四月償還了5000萬美元的定期貸款。我們 14.5 億美元未提取的產品信貸額度已延長至 10 月底，我們還將 4.29 億美元的定期貸款延長至 2026 年 8 月。我們預計在未來幾個月內完成一項新的信貸安排。

At June 30, we ended the quarter with $734 million in cash on the balance sheet. 95% of our $5 billion in debt was at fixed rates, and our fixed charge coverage ratio was 5.4 times. And our net funded debt to annualized adjusted normalized EBITDA was 3.67 times, which is the lowest our leverage has been in over a decade. We still have targeted leverage range between 4 and 5 times, with the sweet spot being between 4.5 and 4.75 times.

截至 6 月 30 日，本季結束時我們的資產負債表上有 7.34 億美元現金。我們 50 億美元的債務中有 95% 是固定利率，我們的固定費用覆蓋率為 5.4 倍。我們的淨融資債務與年度調整後標準化 EBITDA 的比率為 3.67 倍，這是我們十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 strong equity currency, we have the flexibility to accretively fund investments with equity as we have over the past several quarters, thereby positioning ourselves for outsized adjusted AFFO growth as we can opportunistically look to the debt and banking markets.

鑑於我們強大的股權貨幣，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，為超額調整後的 AFFO 成長做好準備，因為我們可以抓住機會關注債務和銀行市場。

As Taylor mentioned, we raised and narrowed our full-year adjusted FFO guidance to a range between $3.04 to $3.07 per share. The increase was primarily due to several factors. One, we completed $183 million of new investments post our first-quarter earnings call. Two, our prior guidance assumed we would issue equity or have approximately $600 million of cash on hand to repay our $600 million of notes due January 2026. We were able to issue bonds versus equity to put the cash on the balance sheet to handle that maturity. In addition, that maturity will be repaid in October.

正如泰勒所提到的，我們上調並縮小了全年調整後 FFO 預期至每股 3.04 美元至 3.07 美元之間。成長主要歸因於幾個因素。首先，我們在第一季財報電話會議後完成了 1.83 億美元的新投資。其次，我們先前的指導假設我們將發行股票或持有約 6 億美元現金來償還 2026 年 1 月到期的 6 億美元票據。我們能夠發行債券而不是股票，將現金放在資產負債表上來處理到期債務。此外，該筆到期債務將於十月償還。

And three, following the completion of the LaVie bankruptcy, on June 1, our master lease was assigned to Avardis. Given the improved balance sheet of Avardis and the strong operating performance of the underlying facilities, effective June 1, Avardis was placed on a straight-line basis for revenue recognition.

第三，在 LaVie 破產完成後，6 月 1 日，我們的主租約被轉讓給了 Avardis。鑑於 Avardis 資產負債表的改善和基礎設施的強勁營運表現，自 6 月 1 日起，Avardis 將採用直線法確認收入。

Turning to our revised full-year guidance. The key assumptions are as follows: on the revenue and expense side, we will record $3.6 million of monthly revenue related to Avardis, of which $3.1 million represents the contractual rent. We're assuming no other changes in our revenue related to operators on an accrual basis of revenue recognition. As a note, approximately 80% 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.

談到我們修訂後的全年指引。關鍵假設如下：在收入和支出方面，我們將記錄與 Avardis 相關的每月 360 萬美元收入，其中 310 萬美元代表合約租金。我們假設在權責發生製收入確認基礎上，與業者相關的收入沒有其他變動。值得注意的是，我們約有 80% 的業者目前採用直線會計，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 Genesis pays rent and interest pursuant to terms of the debt financing agreement. And Maplewood continues to pay at its July monthly run rate of $6.1 million. We entered into derivative instruments to reduce the impact of foreign currency fluctuations on income generated from our UK investments for the balance of the year. We project quarterly G&A expense to run between $13.5 million to $14.5 million for the remaining two quarters of 2025.

我們假設 Genesis 根據債務融資協議的條款支付租金和利息。而 Maplewood 則繼續以 7 月每月 610 萬美元的運行率支付。我們採用了衍生性商品來減少外匯波動對我們今年英國投資收入的影響。我們預計 2025 年剩餘兩個季度的季度 G&A 費用將在 1,350 萬美元至 1,450 萬美元之間。

On the investment side, we've included the impact of new investments completed as of June 30 and did not include any additional new investments. On the balance sheet, of the $233 million in mortgages and other real estate-backed investments contractually maturing in 2025, we're assuming $65 million will convert from loans to fee simple real estate and $88 million will be repaid throughout 2025 and the balance of the loans being extended beyond 2025. We're assuming approximately $50 million of asset sales, of which $12 million qualified as assets held for sale as of the end of the quarter. We recorded $1.3 million of revenue in the second quarter related to these assets. We assume we will repay $252 million of secured debt on or about November 25, 2025, with equity, and we assume no material changes in market interest rates.

在投資方面，我們已將截至 6 月 30 日完成的新投資的影響納入其中，但未包括任何額外的新投資。在資產負債表上，在 2025 年到期的 2.33 億美元抵押貸款和其他房地產支持投資中，我們假設 6500 萬美元將從貸款轉換為完全產權房地產，8800 萬美元將在 2025 年全年償還，其餘貸款將延長至 2025 年以後。我們預計資產銷售額約為 5,000 萬美元，其中截至本季末，有 1,200 萬美元符合持有待售資產的條件。我們在第二季記錄了與這些資產相關的 130 萬美元的收入。我們假設我們將在 2025 年 11 月 25 日左右以股權償還 2.52 億美元的擔保債務，並且我們假設市場利率不會發生重大變化。

Our 2025 adjusted FFO guidance does not include any additional investments or asset sales, as well as any additional capital market transactions, other than what I just mentioned or that was included in our earnings release.

除了我剛才提到的或我們的收益報告中包含的內容之外，我們 2025 年調整後的 FFO 指引不包括任何額外的投資或資產出售，以及任何額外的資本市場交易。

I will now turn the call over to Vikas.

現在我將把電話轉給維卡斯。

Thank you, Bob, and good morning, everyone. Today, I will discuss the most recent performance trends for Omega's operating portfolio, as well as recent activity for three of Omega's larger operators, Omega's investment activity in the second quarter of 2025, and 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的最新業績趨勢，以及歐米茄三家較大營運商的近期活動、歐米茄在 2025 年第二季度的投資活動，以及歐米茄在 2025 年剩餘時間內的管道和市場趨勢的最新情況。

Turning to portfolio performance. Trailing 12-month operator EBITDAR coverage for our core portfolio as of March 31, 2025, remained flat quarter over quarter at 1.51 times. This strong coverage level demonstrates our operators' ability across Skilled Nursing and Senior Housing to cover their rent and retain sufficient cash for clinical care while in the fluid regulatory and reimbursement environment. Our core portfolio consists of 1,032 facilities, of which 62% is comprised of Skilled Nursing facilities and other transitional care facilities in the US. And the other 38% is US Senior Housing and UK Care Homes.

轉向投資組合表現。截至 2025 年 3 月 31 日，我們核心投資組合的過去 12 個月營運商 EBITDAR 覆蓋率與上一季持平，為 1.51 倍。這種強大的覆蓋水平表明，我們的專業護理和老年住房運營商有能力在不斷變化的監管和報銷環境中支付租金並保留足夠的現金用於臨床護理。我們的核心投資組合包括 1,032 家機構，其中 62% 是美國的專業護理機構和其他過渡護理機構。其餘 38% 是美國老年住房和英國護理院。

Genesis, as Taylor previously mentioned, Genesis filed for Chapter 11 bankruptcy protection on July 9, 2025, with the goal of selling substantially all of its assets through a Section 363 sale to a winning bidder of such assets, followed by a liquidating plan of reorganization. Omega believes this filing was a necessary and important step in creating an entity that is operationally solvent and sustainable with enhanced liquidity and a strengthened balance sheet. Omega has worked with Genesis in recent years to divest underperforming facilities from its mass release, which has resulted in a strong current trailing 12-month coverage of 1.5 times.

創世紀，正如泰勒之前提到的，創世紀於 2025 年 7 月 9 日申請第 11 章破產保護，目標是透過第 363 條出售將其大部分資產出售給此類資產的中標人，然後進行清算重組計劃。Omega 認為，此次申請對於創建一個具有償付能力和可持續性、流動性增強、資產負債表強化的實體而言是必要且重要的一步。近年來，Omega 與 Genesis 合作，從其大規模發行中剝離表現不佳的設施，使其目前過去 12 個月的覆蓋率達到 1.5 倍。

As such, Omega's rent of $52 million generated by our 31 facility lease is stable, and the credit of our tenants should become stronger via the bankruptcy process. During the bankruptcy, Omega is committed to support Genesis by providing up to $8 million in debtor-in-possession financing. Genesis has agreed to pay full contractual rent to Omega during this period.

因此，Omega 透過我們的 31 個設施租賃產生的 5,200 萬美元租金是穩定的，而我們的租戶的信用應該會透過破產程序變得更強。在破產期間，Omega 承諾向 Genesis 提供高達 800 萬美元的債務人持有融資支持。Genesis 已同意在此期間向 Omega 支付全額合約租金。

In addition to our lease, Omega has a $121 million term loan with Genesis, which is secured by a first lien on Genesis' four ancillary businesses and subordinated all assets lean from the overall business of Genesis. We believe our loan is fully collateralized, with the credit of the borrow improving via the bankruptcy process.

除了我們的租約之外，Omega 還與 Genesis 簽訂了 1.21 億美元的定期貸款，該貸款由 Genesis 的四個輔助業務的優先留置權擔保，並從 Genesis 整體業務中剝離所有資產。我們相信我們的貸款已完全抵押，借款人的信用將透過破產程序得到改善。

Genesis has paid full contractual rent each month since April 2025, and as previously mentioned, has committed to doing so going forward. The bankruptcy process is anticipated to take a period of 9 to 12 months. This timeline, along with all elements of the bankruptcy filing process, is subject to the approval of the bankruptcy court and other complexities inherent in Chapter 11 proceedings.

自 2025 年 4 月以來，Genesis 每月都全額支付合約租金，並且如前所述，承諾今後仍將如此。破產程序預計將需要9至12個月。此時間表以及破產申請程序的所有要素均需獲得破產法院的批准以及第 11 章程序中固有的其他複雜因素。

LaVie, LaVie exited bankruptcy on June 1, 2025, at which time the Omega LaVie mass lease was assumed and assigned to Avardis. As anticipated, all material lease terms, including the contractual rent of $3.1 million per month or $37.5 million per annum, remain the same as under the legacy LaVie lease. Avardis has made full contractual payments for June and July.

LaVie，LaVie 於 2025 年 6 月 1 日退出破產，當時 Omega LaVie 大規模租賃被承擔並轉讓給 Avardis。正如預期的那樣，所有重要租賃條款（包括每月 310 萬美元或每年 3750 萬美元的合約租金）與舊 LaVie 租賃條款保持不變。Avardis 已全額支付了 6 月和 7 月的合約款項。

Maplewood, performance in occupancy for the 17 facility Maplewood portfolio, inclusive of Inspir Carnegie Hill in New York City remains strong with an occupancy level of 95% as of July 2025. Inspir Embassy Row, the new 174 unit senior housing facility in Washington, D.C., that opened in February 2025, is in the process of leasing up with an occupancy of 30% as of the end of July.

Maplewood 旗下 17 個設施（包括紐約市的 Inspir Carnegie Hill）的入住率表現依然強勁，截至 2025 年 7 月入住率為 95%。Inspir Embassy Row 是位於華盛頓特區的全新老年住房設施，擁有 174 個單元，於 2025 年 2 月開業，目前正在出租中，截至 7 月底入住率為 30%。

As Bob noted, for all 18 facilities, Maplewood paid $17.6 million in rend in the second quarter. Omega expects rent payments to increase in coming quarters as Maplewood increases rates, pushes occupancy growth and realizes further operational efficiencies. Other than Genesis, Omega is currently not engaged in restructuring activity with any of our major operators.

正如鮑勃所指出的，對於所有 18 家工廠，Maplewood 在第二季度支付了 1760 萬美元的租金。Omega 預計，隨著 Maplewood 提高租金、推動入住率成長並進一步提高營運效率，未來幾季的租金支付將會增加。除 Genesis 外，Omega 目前尚未與任何主要營運商進行重組活動。

Turning to new investments. We are pleased with Omega's 2025 transaction activity through the end of June, with over $605 million in total new investments year to date through June 30, of which over $560 million or 93% were real estate investments added to our balance sheet.

轉向新的投資。我們對歐米茄截至 6 月底的 2025 年交易活動感到滿意，截至 6 月 30 日，年初至今的新投資總額超過 6.05 億美元，其中超過 5.6 億美元或 93% 是添加到我們資產負債表中的房地產投資。

During the second quarter, Omega completed a total of $527 million in new investments, not including $30 million in CapEx. The new investments include $502 million in real estate acquisitions via five separate transactions.

第二季度，歐米茄完成了總計 5.27 億美元的新投資，其中不包括 3,000 萬美元的資本支出。新的投資包括透過五筆獨立交易進行的 5.02 億美元房地產收購。

As previously announced, in April 2025, we closed a $344 million investment for a portfolio of 45 care homes across the UK in the island of Jersey. Omega leased the 45 care homes to four existing operators and two new operators.

正如先前宣布的那樣，2025 年 4 月，我們完成了一項 3.44 億美元的投資，投資範圍覆蓋英國澤西島的 45 家養老院。Omega 將 45 家養老院出租給了四家現有營運商和兩家新營運商。

Additionally, in the second quarter, we invested $158 million across four separate transactions to acquire 12 facilities, eight skilled nursing facilities, and four assisted living facilities and leased them to two existing operators and two new operators. All transactions have an initial annual cash yield of 10%, with annual escalators ranging from 1.7% to 2.5%.

此外，在第二季度，我們透過四筆獨立交易投資了 1.58 億美元，收購了 12 家設施、8 家專業護理設施和 4 家輔助生活設施，並將它們租賃給兩家現有營運商和兩家新營運商。所有交易的初始年現金收益率為 10%，年遞增幅度從 1.7% 到 2.5% 不等。

Lastly, Omega invested $25 million in real estate loans via two transactions where both loans have an interest rate of 10%. As discussed last quarter, the UK continued to be a large driver of our 2025 new investment activity, totaling approximately $392 million or 65% of our total new investments, including CapEx. We continue to see ample opportunities to deploy capital in the UK, many of which are UK operating partners identify and secure off-market with Omega as their preferred capital partner.

最後，Omega 透過兩筆交易投資了 2,500 萬美元的房地產貸款，兩筆貸款的利率均為 10%。正如上個季度所討論的，英國繼續成為我們 2025 年新投資活動的主要推動力，總額約為 3.92 億美元，占我們總新投資（包括資本支出）的 65%。我們繼續看到在英國部署資本的大量機會，其中許多是英國營運合作夥伴在場外確定並確保歐米茄作為其首選資本合作夥伴。

Turning to the pipeline. Omega's pipeline transaction outlook for the second half of 2025 continues to be very favorable. We are witnessing an increase in marketed opportunities, both in the US and the UK while also securing off-market opportunities that our operating partners and other relationships bring us.

轉向管道。Omega 2025 年下半年的管道交易前景仍然非常樂觀。我們見證了美國和英國行銷機會的增加，同時也確保了我們的營運夥伴和其他關係為我們帶來的場外市場機會。

Looking at asset mix. Many of the larger marketed transactions we are seeing are for regional senior housing assets at prices meaningfully below replacement cost. Transaction activity on the skilled nursing front is also sizable, and we're seeing numerous opportunities from individual owner operators and regional sellers while also seeing larger off-market opportunities brought to us by our existing relationships. We are evaluating and considering all asset types with a focus on structuring new investments to be immediately accretive, while also providing opportunities for Omega to further improve returns in future years as the underlying cash flows of our communities increased from the continued occupancy gains and operational efficiencies.

查看資產組合。我們看到的許多較大的市場交易都是針對區域老年住房資產的，其價格遠低於重置成本。專業護理的交易活動也相當可觀，我們看到來自自僱人士和區域賣家的眾多機會，同時也看到現有關係為我們帶來的更大的場外交易機會。我們正在評估和考慮所有資產類型，重點是建立新的投資以立即實現增值，同時也為歐米茄提供未來幾年進一步提高回報的機會，因為我們社區的潛在現金流將隨著持續的入住率增長和營運效率的提高而增加。

I will now turn the call over to Megan.

現在我將把電話轉給梅根。

Thanks, Vikas, and good morning, everyone. The One Big Beautiful Bill Act or OBBBA was signed into law on July 4, and as an industry, there's a lot to be thankful for. Despite pressure on the provider tax program, Skilled Nursing was specifically carved out from any Medicaid reductions. Removing the usual target on the back of this industry is a major win for the industry associations and operators who continue to drive a broader understanding within the legislative and executive branches of the importance of the long-term care industry. It is also another indication of President Trump's support similar to what we saw at the start of the pandemic.

謝謝，維卡斯，大家早安。《一項偉大的美麗法案》（OBBBA）於 7 月 4 日簽署成為法律，作為一個行業，有很多值得感謝的事情。儘管服務提供者稅務計畫面臨壓力，但專業護理仍被明確排除在醫療補助削減範圍之外。取消該行業通常的目標對於行業協會和運營商來說是一個巨大的勝利，他們將繼續推動立法和行政部門更廣泛地了解長期護理行業的重要性。這也再次顯示川普總統的支持與我們在疫情開始時看到的類似。

As expected, the Medicaid expansion population, those able-bodied adults that were added with the Affordable Care Act were the target of much of the reform. However, non-SNF provider taxes and expansion states will also be reduced over time starting in 2028, which will have an impact on the hospital system. Generally speaking, a reduction in the overall Federal funding of Medicaid to the states, regardless of the target, may cause states to evaluate all programs. That said, given the continued improvement in fundamentals, the strong lobbying efforts on behalf of the industry, and demographic tailwinds, we feel well positioned to weather that potential storm.

正如預期的那樣，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，是大部分改革的目標。然而，從 2028 年開始，非 SNF 提供者稅和擴張州也將逐漸減少，這將對醫院系統產生影響。一般而言，無論目標如何，聯邦政府對各州醫療補助的整體資助減少都可能導致各州評估所有項目。儘管如此，鑑於基本面的持續改善、行業強有力的遊說努力以及人口結構的順風，我們認為自己有能力抵禦這場潛在的風暴。

While Medicare was not specifically targeted in the OBBBA, the expected increase in deficit caused by the act will, without legislative action, likely cause a 4% cut in the 2026 Medicare rate. However, given the scheduled Medicare rate increase later this year, coupled with the nature of our portfolio, with Skilled Nursing more heavily reliant on Medicaid and with an increasingly heavier concentration on private pay product, the near-term expected impact should be minimal. Historically, legislative action has been taken to avoid this automatic reduction.

雖然 OBBBA 並未專門針對醫療保險，但如果不採取立法行動，該法案預計會導致赤字增加，從而可能導致 2026 年醫療保險費率削減 4%。然而，考慮到今年稍後醫療保險費率的預定上漲，再加上我們投資組合的性質，專業護理更加依賴醫療補助，並且越來越集中於私人支付產品，因此短期內預期的影響應該很小。從歷史上看，已經採取立法行動來避免這種自動減少。

Finally, the OBBBA puts a moratorium on the implementation of the staffing requirements of the staffing mandate for 10 years. That said, the Texas and Iowa Federal courts have now both found that CMS locked the authority to issue the regulations surrounding the required hours and while still subject to appeal, given the overturning of the Chevron doctrine, it seems more likely than not that the higher courts will uphold that finding. We are grateful to have this latest reconciliation chapter behind us and look forward to continued support of this critical industry, serving some of the most vulnerable in our population.

最後，OBBBA 規定暫停執行人員配備規定中的人員配備要求 10 年。儘管如此，德州和愛荷華州聯邦法院現在都發現CMS鎖定了發布有關所需工作時間的規定的權力，儘管仍然可以上訴，但考慮到雪佛龍原則的推翻，上級法院維持這一裁決的可能性似乎更大。我們很慶幸這最新的和解篇章已經過去，並期待繼續支持這個關鍵產業，為我們人口中最脆弱的群體提供服務。

I will now open the call up for questions.

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。

Thank you for the prepared remarks and commentary. I was hoping you could share some more details of what the investment pipeline looks like today in terms of yields and specifically on the, I think, US Seniors Housing opportunities you mentioned in the prepared remarks and then maybe also yields on the sales in the quarter.

感謝您準備好的發言和評論。我希望您能分享更多細節，說明今天的投資管道在收益率方面的狀況，特別是您在準備好的評論中提到的美國老年人住房機會，然後也許還有本季度的銷售收益率。

Sure. Vikas here. As I mentioned, our pipeline is strong. It consists of US Senior Housing, US SNFs, and Care Homes in the UK. It's just as strong as it has been. It continues to be strong. We continue to just look at all the product that's out there for accretive investments.

當然。我是維卡斯。正如我所提到的，我們的管道非常強大。它由美國老年人住房、美國 SNF 和英國的養老院組成。它和以前一樣強大。它繼續保持強勁。我們持續關注所有可用於增值投資的產品。

Yield. Yield, we continue to push 10% across the board for all of those asset classes.

屈服。收益率，我們將繼續推動所有資產類別的收益率達到 10%。

And then on sales, we are -- any sales at this point forward are usually just strategic sales or at times purchase options related to old workouts. But otherwise, we have no sales on the horizon.

然後在銷售方面，我們現在的任何銷售通常都只是策略性銷售，或者有時是與舊鍛鍊相關的購買選擇。但除此之外，我們目前還沒有任何銷售前景。

Okay. And then my follow-up would be on Maplewood. They paid more rent versus the first quarter and that was due in part to Embassy Row being in the full second quarter. But even excluding Embassy Row, the rent there did tick up. Can you just remind us of the expected rent trajectory there, what's embedded in guidance, and when you expect them to hopefully return to paying full contract rent?

好的。然後我的後續行動將是楓木鎮 (Maplewood)。他們支付的租金比第一季要多，部分原因是使館區正處於第二季。但即使不包括使館區，那裡的租金也確實上漲了。您能否提醒我們一下那裡預期的租金走勢、指導中包含的內容以及您預計他們何時能夠恢復支付全額合約租金？

Yeah. We'll tag team on this, Jonathan. So what's laid out -- what they paid in the quarter was actually laid out in the press release pretty nicely. But I look at it from a modeling standpoint, they paid $6.1 million most recently. That's what we model on a go-forward basis. My upside guidance would be based on any additional rent, and we're hoping they do pay that.

是的。我們會組隊完成這件事的，喬納森。所以，他們在本季支付的費用實際上已經在新聞稿中清楚地列出來了。但我從建模的角度來看，他們最近支付了 610 萬美元。這就是我們未來所建立的模型。我的上行指引將基於任何額外的租金，我們希望他們確實支付這筆租金。

Yeah. And Jonathan, overall, Maplewood is doing a great job. Occupancy in New York is 93%. They're going to keep pushing that occupancy, pushing rate, and we're just hoping for further improvement.

是的。喬納森，總體而言，楓木鎮做得很好。紐約的入住率為93%。他們將繼續提高入住率和入住率，我們只是希望能進一步的進步。

All right. Thanks for the time.

好的。謝謝你的時間。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

First one is for Bob. It seems like there's a bit of a change of strategy on the balance sheet versus what you're planning on raising and (inaudible) in the quarter. Bob, can you maybe talk about that and maybe if the stock starts to work in your favor again sort of on the trajectory it was in '24, if that could change things in the back half of the year?

第一個是給鮑伯的。與您計劃在本季度籌集的資金和（聽不清楚）相比，資產負債表上的策略似乎有些變化。鮑勃，你能不能談談這個問題？如果股票價格再次對你有利，按照 24 年的軌跡發展，那麼這是否會在下半年改變情況？

You were a little hard to hear. I'll try to answer that. If I don't, just reask a piece of it. So the strategy, again, we were -- we have an equity currency. So leading into the year, we said we're going to take advantage of that equity currency, and the bond market was not available at the coupon we were looking for.

你說話有點難聽。我會盡力回答這個問題。如果我不知道，就再問一點。因此，我們的策略是──我們擁有股權貨幣。因此，在進入今年年初時，我們表示要利用股票貨幣，但債券市場無法提供我們預期的票面利率。

We saw an opportunity and opportunistically took advantage of that. So that's why on the guidance side, instead of having issuing equity to fund the next year's bonds, we decided to do debt for debt. And as you saw, they're basically leverage neutral. So it was a great transaction from our standpoint. I didn't catch the second part, if you wouldn't mind repeating that?

我們看到了機會並抓住了它。因此，在指導方面，我們決定以債務償還，而不是發行股票來為下一年度的債券提供資金。如您所見，它們基本上是槓桿中性的。所以從我們的角度來看，這是一筆偉大的交易。我沒有聽清楚第二部分，您不介意重複一遍嗎？

It was just about if things change in the second half of the year, is there the ability to -- or maybe the desire to try to fund future bonds with equity instead of just refi as you did? Or would you kind of hold course here?

問題只是，如果下半年情況發生變化，我們是否有能力——或者是否有意願嘗試用股權為未來的債券融資，而不是像你那樣僅僅進行再融資？還是你會在這裡堅持下去？

Yeah, that's a great question. So again, we're going to keep that same strategy, what I discussed in our prepared points that we'll use equity, given that it's a strong currency to fund acquisitions. There's a chance in the bank market, I am redoing our credit facility, if I could go out and potentially do a term loan, I may take out the secured debt with a term loan. If I do, that would take us to the outside of the guidance as well.

是的，這是一個很好的問題。因此，我們將再次保持相同的策略，正如我在準備好的要點中所討論的那樣，我們將使用股權，因為它是一種為收購提供資金的強勢貨幣。銀行市場存在機會，我正在重新安排我們的信貸安排，如果我可以出去並有可能進行定期貸款，我可能會用定期貸款來償還擔保債務。如果我這樣做，我們也會超出指導範圍。

Okay. That's helpful. And then my second question is just on the sub-1 coverage bucket for EBITDAR. There's a tenant that's growing. It looks like there's only two quarters currently included. But if you grow into a full number, I think you're roughly 11%. What gives you confidence in that tenant as they're growing with you?

好的。這很有幫助。我的第二個問題是關於 EBITDAR 的 1 以下覆蓋範圍。有一個正在成長的租戶。目前看起來只包括兩個季度。但如果將其擴大到一個整數，我認為大約是 11%。當租戶與您共同成長時，是什麼讓您對他們充滿信心？

And then maybe the second part of that is, there's also a tenant at 0.99% EBITDAR coverage. Do you think there's the potential for them to graduate out of this bucket and on a net basis next quarter, you'd be down quarter over quarter?

然後也許第二部分是，還有一個租戶的 EBITDAR 覆蓋率為 0.99%。您是否認為他們有可能脫離這個類別，而下個季度的淨收入會比上一季下降？

Yeah. I'll take the -- this is Taylor. I'll take the question in reverse order. So you're right to focus on the 0.99%. That tenant has continued to improve based on preliminary numbers in April and May. They will come out of the bucket next quarter if everything holds. So that's great news, and that takes the 9.8 down to 4 and change.

是的。我會接聽——這是泰勒。我將按相反的順序回答這個問題。因此，你關注 0.99% 是正確的。根據四月和五月的初步數據，該租戶的情況持續改善。如果一切順利的話，他們將在下個季度實現盈利。這是個好消息，這將使 9.8 降至 4 左右。

And then if you look at the two other big operators that are close, one at 0.85 and one at 0.87. And they also, in 2025, have had performance above those coverage amounts. So remember, it's trailing 12, we're headed in the right direction with both of those. So you really get down to a modest under 1 times bucket once you deal with those three big guys. We're really encouraged that directionally, we're in great shape. And I would add, just overall, although coverage at 1.51 was flat quarter to quarter. Again, if you look at April and May and the trajectory, we expect our overall coverages will continue to grow.

如果你看看另外兩家覆蓋率接近的大型營運商，一家是0.85，一家是0.87。到2025年，他們的業績也超過了這些覆蓋率。所以請記住，它落後 12 個，我們正朝著正確的方向前進。因此，一旦你與這三個大人物打交道，你真的會把成本降到 1 倍以下。我們確實受到鼓舞，從方向上看，我們的狀態非常好。我想補充的是，總體而言，儘管覆蓋率為 1.51，但各季度之間的覆蓋率持平。再次，如果你看一下四月和五月的走勢，我們預計我們的整體覆蓋率將繼續增長。

All right. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Just going back to Maplewood, can you remind us how the lease is structured and quantify how much upside in rents you could potentially capture?

回到 Maplewood，您能否提醒我們租賃的結構，並量化您可能獲得的租金上漲幅度？

Yeah. So this is Vikas. The lease structure, the contractual rent is $69 million, but at this point, we're not looking at it that way. We're looking at all the cash flow that comes to Omega. So they're trending close to full contractual rent. But like I said previously, we expect further improvements in coming quarters.

是的。這就是 Vikas。租賃結構，合約租金為 6900 萬美元，但目前我們並不這樣看待它。我們正在關注流向歐米茄的所有現金流。因此他們趨向於接近全額合約租金。但正如我之前所說，我們預計未來幾季會有進一步改善。

And just to add to that a little bit, basically, all the cash that's generated in the Maplewood entity will come to us for the foreseeable future. So it's very much like a RIDEA structure.

再補充一點，基本上，在可預見的未來，Maplewood 實體產生的所有現金都將歸我們所有。所以它非常像 RIDEA 結構。

Okay. That's helpful. And then can you just talk about who else you're seeing out there as you compete for investment opportunities? I mean, how is your underwriting things at all, kind of just given that the legislation around provider tax cuts is behind us?

好的。這很有幫助。然後您能否談談在競爭投資機會時您還看到了哪些人？我的意思是，鑑於有關供應商減稅的立法已經出台，您的承保情況如何？

Yeah. This is Vikas again. As for who we see out there, it hasn't really changed. We see our REIT years, we see private equity, we see family offices. And as for underwriting, we continue to underwrite the same. As I've said on previous calls, we didn't change our underwriting standards. So we've kept them the same, and now especially with the good news, we will continue to keep it the same.

是的。我又是 Vikas。至於我們在外面看到的人物，其實並沒有改變。我們看到了房地產投資信託基金 (REIT) 年，我們看到了私募股權，我們看到了家族辦公室。至於承保，我們將繼續承保。正如我在之前的電話會議中所說的那樣，我們沒有改變承保標準。因此我們保持了原有的風格，特別是現在有了好消息，我們將繼續保持原有的風格。

Great. Thank you.

偉大的。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just curious on the holistic portfolio metrics. Occupancy ticked up, but coverage kind of stayed flat. Just curious if -- why that was in confidence or visibility in future step-ups in rent coverage. I'm not sure if you could share Q3 or early thoughts on kind of the next quarter's EBITDAR TTM coverage. Thanks.

只是對整體投資組合指標感到好奇。入住率上升，但覆蓋率卻基本維持不變。只是好奇——為什麼這是對未來租金覆蓋率提高的信心或可見度。我不確定您是否可以分享第三季或對下一季 EBITDAR TTM 覆蓋範圍的早期想法。謝謝。

Yeah, yeah. Juan, it's interesting when you have trailing 12, you can have a quarter that falls off and a quarter that comes in. And you're not necessarily going to get the reaction from occupancy right away because there can be just odd accruals or whatever. But the general trajectory, as I mentioned earlier, based particularly on the April and May preliminary results that we have, is up. So I would expect, based on what we know today, that our overall coverages next quarter will be higher and to your point, reflecting just this continued occupancy driver of that coverage.

是啊是啊。胡安，有趣的是，當你有 12 個尾隨數字時，你可能會有一個季度下跌，而另一個季度上漲。而且您不一定會立即得到入住率的反應，因為可能會出現奇怪的累積或其他情況。但正如我之前提到的，根據我們掌握的 4 月和 5 月初步結果，整體趨勢是上升的。因此，根據我們今天所了解的情況，我預計下個季度我們的整體覆蓋率將會更高，正如您所說，這反映了覆蓋率持續受到入住率的驅動。

And second question, just wanted to follow up with the commentary made by Megan at the beginning about the potential for a cut just given statutory, I guess, considerations for Medicare, but then, obviously, there's a history of not doing that. So just curious if you could -- or hoping you could provide a little bit more color on the mechanics and the processes laid out.

第二個問題，我只是想跟進梅根一開始的評論，關於削減醫療保險的可能性，我想這是出於法定考慮，但顯然，歷史上並沒有這樣做。所以我只是好奇您是否可以——或者希望您能提供更多關於機制和流程的詳細資訊。

Yeah. There's just a general requirement that if there's an increase in the deficit by a certain amount, there has to be a cut as well to try to balance things out. And so it's capped for Medicare at 4%. So that's sort of worst-case scenario, although keep in mind, at the same time, you're going to have a 3.2% rate increase that just got finalized yesterday that's going to offset that.

是的。只有一個普遍的要求：如果赤字增加到一定金額，就必須削減赤字以達到平衡。因此，醫療保險的上限為 4%。所以，這是一種最糟糕的情況，但請記住，與此同時，昨天剛剛確定的 3.2% 的利率上調將抵消這一影響。

And as I said, the fundamentals are good. The demographics are good. But yes, legislatively, they have typically gone and gotten rid of that piece of it. Right now, I think the congress is in recess. So we wouldn't find out until a couple more months whether or not they'll do that.

正如我所說，基本面是好的。人口統計良好。但是，是的，從立法上來說，他們通常已經去掉了這部分內容。目前，我認為國會正在休會。因此，我們還要再過幾個月才能知道他們是否會這樣做。

Thank you.

謝謝。

Michael Stroyeck, Green Street.

麥可‧斯特羅耶克 (Michael Stroyeck)，綠街。

Maybe one on the labor side. What sort of wage increases are you seeing your operators pass along to employees today? And is there a meaningful difference between wage growth within your SNF and Senior Housing portfolios?

也許是勞動力方面的一個。您看到營運商今天向員工提供了什麼樣的薪資成長？您的 SNF 和老年住房投資組合中的薪資成長之間是否存在顯著差異？

I mean, I would say from a wage perspective, we're just seeing normal inflationary increases at this point, unlike what we have seen previously during COVID and right after COVID, where things were a little bit out of whack. And I don't know that we're seeing any differences between the SNF and the Housing portfolio on the wage side.

我的意思是，從薪資角度來看，我們現在看到的只是正常的通膨增長，不像我們之前在新冠疫情期間和疫情剛結束後看到的那樣，當時的情況有點失控。我不知道 SNF 和住房投資組合在薪資方面是否存在差異。

Okay. I guess, how about at the occupation level? Has there been any specific occupations that have been maybe more difficult to hire or retain?

好的。我猜，職業層面怎麼樣？是否有任何特定職業可能更難招募或留住？

I mean, the CNAs are always a little bit more of a difficult piece of things just because of where these states have pushed the minimum wages. So it's tough to keep that an attractive business. But our operators have been dealing with that over the last several years, and it's become more of a -- you just have to entice people to the culture that you build and that you want to be working here, and you want to attract the people who are looking to help people. And so I think it hasn't been as much of an issue that we've seen recently.

我的意思是，由於這些州推行了最低工資標準，CNA 總是會遇到一些困難。因此，要維持這項業務的吸引力十分困難。但我們的運營商在過去幾年中一直在處理這個問題，而且它變得更像——你只需要吸引人們接受你所建立的文化，並讓他們願意在這裡工作，你還想吸引那些想要幫助別人的人。所以我認為這並不是我們最近看到的那麼嚴重的問題。

Great. Thanks for the time.

偉大的。謝謝你的時間。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just a quick question on the guidance raise. Again, it's pretty impressive. It feels like it's a bunch of things that are coming together there. And I guess my question is, it just feels like the company is figuring out ways to kind of drive additional earnings growth and create additional shareholder value. And I'm curious from a -- internally, what may be changing that's helping Omega identify these opportunities quicker, faster, and also giving the company the ability to really kind of execute on these things?

這只是關於指導加薪的一個簡單問題。再次，這確實令人印象深刻。感覺就像有一堆東西聚集在那裡。我的問題是，感覺公司正在尋找方法來推動額外的獲利成長並創造額外的股東價值。我很好奇，從內部來看，哪些變化可以幫助歐米茄更快發現這些機會，同時也讓公司有能力真正執行這些事情？

Sure. Thanks, Tayo. It's Matthew here. I think we continue to just push active portfolio management as best we can. I think that we are actively looking at operators and facilities that maybe don't align, working with operators to get them out of facilities that maybe don't -- shouldn't be part of their core portfolio, and then sourcing other operators that are more suited to run those facilities. And often, that presents an opportunity for either risk mitigation or even rent pickup in those situations.

當然。謝謝，Tayo。我是馬修。我認為我們會繼續盡最大努力推動積極的投資組合管理。我認為我們正在積極尋找可能不一致的營運商和設施，與營運商合作，讓他們退出可能不屬於其核心投資組合的設施，然後尋找更適合經營這些設施的其他營運商。通常，在這種情況下，這為降低風險甚至提高租金提供了機會。

I would say also, as Vikas said in his talking points, that we're considering multiple different structures to try to create that incremental value to align ourselves better with our operators and to potentially benefit from the further upside that we think will happen in both skilled nursing and senior housing facility operating metrics over the next 10-plus years.

我還想說，正如維卡斯在他的談話要點中所說，我們正在考慮多種不同的結構，試圖創造增量價值，使我們與運營商更好地保持一致，並有可能從我們認為在未來 10 多年內熟練護理和老年住房設施運營指標將出現的進一步上漲中受益。

That's helpful. Then one other quick one for me. Apologies, I joined the call a little late. Just curious if you address the PACS at all?

這很有幫助。然後對我來說還有一個快速的。抱歉，我加入通話有點晚了。我只是好奇您是否解決了 PACS 問題？

Yeah. So Tayo, for PACS, we know just about everything but just we only know what the public markets know. But as an operator, we find PACS to be clinically strong. We continue to have strong coverages with them. So from our perspective, it's a non-event at this point.

是的。所以 Tayo，對於 PACS，我們幾乎了解一切，但我們只知道公開市場所知道的。但作為操作員，我們發現 PACS 在臨床上非常強大。我們將繼續與他們保持密切的聯繫。所以從我們的角度來看，目前這還不算什麼。

Got you. Thank you.

明白了。謝謝。

Nick Yulico, Scotland Bank.

蘇格蘭銀行的尼克尤利科 (Nick Yulico)。

First question is on the dividend. With the FAD improving this quarter and improvement in the guidance in the second quarter, you're at looks like a 90% dividend payout ratio on FAD. And so I'm just wondering how the Board is thinking about potential dividend increase in the future and how should we think about a payout ratio that you need to get to, to support dividend growth?

第一個問題是關於股息的。隨著本季 FAD 的改善以及第二季指引的改善，FAD 的股息支付率似乎達到了 90%。所以我只是想知道董事會如何考慮未來潛在的股息成長，以及我們應該如何考慮需要達到的股息率以支持股息成長？

Yeah, it's a great question, Nick. One that we actually talked about in our most recent Board meeting, I think the general view is that we need to be in the 80s, kind of that 85% payout ratio range before we contemplate a dividend raise. But from a tax perspective, you get into the high 70s, even low 80s, you start to push up against the threshold anyway. So we're not quite there, but I think we have some visibility into potentially having that conversation in the next three, four quarters.

是的，這是一個很好的問題，尼克。我們在最近的董事會會議上實際上討論過這個問題，我認為普遍的觀點是，我們需要達到 80% 左右的派息率範圍，然後我們才會考慮提高股息。但從稅收角度來看，如果你的稅率達到 70 多歲，甚至 80 多歲，你就會開始突破門檻。所以，我們還沒有完全實現這一目標，但我認為，我們有可能在未來三到四個季度內進行這樣的對話。

Okay. Thanks, Taylor. And then second is on Genesis. I know you talked about having gotten rid of some -- worked with them to get rid of some underperforming assets over the years. Just maybe remind us why you have a confidence that the pool of assets you own with them is still assets they want to keep and that there's not a risk of some sort of rejection of lease or any sort of move to rightsize rent to a bankruptcy process.

好的。謝謝，泰勒。第二個是《創世紀》。我知道您談到了多年來與他們合作擺脫一些表現不佳的資產。也許只是提醒我們，為什麼你有信心，你與他們共同擁有的資產池仍然是他們想要保留的資產，並且不存在某種拒絕租賃的風險，或者任何為了調整租金而進入破產程序的舉措。

Yeah. So it's a master lease, first of all. So they would have to -- they can't cherry pick the assets. They'd have to reject all 31 highly desirable assets with really good coverage, I would say, the best portfolio in that Genesis entity. So the idea of doing -- going through a reorganization without that portfolio, I don't think makes any sense.

是的。首先，這是一份主租賃合約。所以他們必須——他們不能挑選資產。他們必須拒絕所有 31 項覆蓋率極高的資產，我想說，這是 Genesis 實體中最好的投資組合。因此，我認為，在沒有該投資組合的情況下進行重組是沒有意義的。

We feel really good about the assumption and exit with our portfolio intact, and as Vikas mentioned, there are a handful of facilities, particularly in the Northeast that we've exited very tough markets. What we have left with them is Mid-Atlantic principally and really strong coverages with a lot of good visibility for growth.

我們對這一假設和退出感到非常滿意，我們的投資組合完好無損，正如維卡斯所提到的，我們已經退出了一些非常艱難的市場，特別是在東北地區。我們留給他們的主要是中大西洋地區，而且覆蓋範圍非常廣，具有很好的成長前景。

All right. Thanks.

好的。謝謝。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

My first question is about when you're looking within the marketplace. So I was curious if you can explain the split between either unsolicited inbound and what either efficiencies you're doing internally on your team for that external growth outlook, more focused on faster connection to negotiation and execution of deals.

我的第一個問題是關於您何時在市場中尋找。所以我很好奇，您是否可以解釋一下未經請求的入站和您在團隊內部為實現外部增長前景而採取的效率之間的區別，更側重於更快地與交易的談判和執行聯繫起來。

Yeah, this is Vikas. We do a lot for new deals, and that includes incomings. We have a corporate development team that goes out, tries to meet new operators, try to find real estate. And we also have a lot of data initiatives that we're using to look and see what's out there, what's available, what operators could want to sell real estate or partner with us. So I can't tell you like how that breaks down exactly, but we do it all. They look for new transactions.

是的，這是維卡斯。我們為新交易做了很多工作，其中包括接手交易。我們有一個企業發展團隊，負責外出尋找新的營運商和房地產。我們還利用大量數據計劃來了解市場上有哪些資源、有哪些可用資源以及哪些運營商可能希望出售房地產或與我們合作。所以我無法告訴你具體是怎麼回事，但我們都會做。他們尋找新的交易。

Great. And I guess also, can you just share a few thoughts on how you think about either using new operators versus current operators while you're expanding your footprint?

偉大的。另外，您能否分享一些想法，即在擴大業務範圍的同時，您是考慮使用新運營商還是現有運營商？

Yeah. We continue to -- a big part of our pipeline continues to be from our current operators, but we are actively looking for new operators. Sometimes, that happens through a workout situation where we meet a new operator. But as I mentioned, we have a corporate development team that is just specifically going out there looking for new operators today. So it's become one of our strategic initiatives.

是的。我們繼續——我們的大部分管道仍然來自我們現有的營運商，但我們正在積極尋找新的營運商。有時，我們會在訓練過程中遇到一位新的操作員。但正如我所提到的，我們有一個企業開發團隊，今天專門去尋找新的營運商。因此它已成為我們的策略性舉措之一。

Great. Thank you.

偉大的。謝謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

I want to circle back on the prepared remarks talking about, I guess, the Senior Housing transaction activity. It sounded like OHI is seeing more of these types of deals coming across their desk. I mean, would these be traditional net lease type transactions? I mean, is it hard to get those types of deals done? Or is this going to be more of a unique structure where Omega can also benefit in the upside?

我想回到準備好的發言內容，談論一下老年人住房交易活動。聽起來 OHI 正在看到更多此類交易出現在他們的辦公桌上。我的意思是，這些是傳統的淨租賃類型的交易嗎？我的意思是，完成這類交易很難嗎？或者這會成為更獨特的結構，讓 Omega 也能從中受益？

Actually, this is Matthew here. Yeah, I think you're right, the traditional triple-net structure is less appealing for a lot of operators these days. And so, we continue to look at various different structures, Michael. Ultimately, it's about creating long-term sustainable shareholder growth. And that really means partnering with superior operators and buying properties that are sustainably fit for purpose in markets that we like at prices that make sense for us. And if we can do that, we will consider various different structures to align those interests and ultimately achieve accretive growth for our shareholders. So everything is on the table.

實際上，這是馬修。是的，我認為你是對的，傳統的三網結構對於當今的許多運營商來說已經不那麼有吸引力了。因此，我們繼續研究各種不同的結構，邁克爾。最終，這是為了創造長期可持續的股東成長。這實際上意味著與優秀的營運商合作，並以對我們合理的價格購買我們喜歡的市場中可持續適用的房產。如果我們能夠做到這一點，我們將考慮各種不同的結構來協調這些利益，並最終為我們的股東實現增值成長。所以一切都擺在桌面上。

Okay. And then, Matthew, did I hear it correctly? It sounded like that this is something that's more in the forefront or that Omega is being more active on this front. Is that true? And would those structures be like a RIDEA structure, or would it be something different?

好的。那麼，馬修，我聽得對嗎？聽起來這是一件更重要的事情，或者歐米茄在這方面更為活躍。是真的嗎？這些結構會像 RIDEA 結構嗎，還是會有所不同？

It could be. I think we are continuing to look at it. We've always looked at it, but quite frankly, the market's changed. Previously, there was more appetite for triple nets. And now that doesn't seem to be the case. So yes, we would be open to that idea.

有可能。我認為我們會繼續關注這個問題。我們一直在關注這個問題，但坦白說，市場已經發生了變化。此前，人們對三網融合的興趣更大。但現在看來情況並非如此。所以是的，我們願意接受這個想法。

But at the same time, a lot of what we're seeing right now doesn't fit what we think makes financial sense. There are some stabilized portfolios with very little upside trading at prices that we can't reconcile. And so we're just going to have to be incredibly disciplined both with the operator and the real estate. So from that standpoint, I don't want to shout the word RIDEA and assume that it's going to be a significant portion of our business over the next 6 to 12 months.

但同時，我們現在看到的許多情況並不符合我們的財務觀念。有一些穩定的投資組合，其上漲空間很小，價格卻讓我們無法接受。因此，我們必須對營運商和房地產採取極其嚴格的紀律。因此從這個角度來看，我不想大聲喊出 RIDEA 這個詞，並假設它將在未來 6 到 12 個月內成為我們業務的重要組成部分。

We are going to be opportunistic. If it happens, it happens. But at the same time, if it doesn't, because the opportunities aren't presenting themselves, we still feel that there's a decent pipeline available to us to continue to accretively invest.

我們將抓住機會。如果發生了，那就發生了。但同時，如果沒有，因為機會沒有出現，我們仍然認為我們有一個不錯的管道可以繼續進行增值投資。

Great. Appreciate it.

偉大的。非常感謝。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I guess, Matthew, I just wanted to dig into those comments a bit more. A lot of your peers have sort of been more aggressive on the RIDEA structure, buying more, call it, 90%-plus stabilized assets at 7% initial yields. I'm just sort of wondering, does that type -- is that structure is what you're talking about? Is there some other structure? And if you could just dig into the four assets you bought on AL, like are those triple net? And what were the yields on those specifically?

馬修，我想，我只是想更深入地研究這些評論。許多同行對 RIDEA 結構的態度更為積極，以 7% 的初始收益率購買更多（稱為 90% 以上）的穩定資產。我只是有點好奇，您說的就是那種類型──那種結構嗎？還有其他結構嗎？如果您可以深入研究您在 AL 購買的四項資產，那麼它們是否是三重淨資產？這些的具體收益是多少？

Yeah. So some of our peers are buying those because some of our peers have the cost of capital to be able to do that and not be dilutive. We don't have that luxury. And so therefore, we have to be a little bit more selective in terms of what we take over. The opportunities are likely to be smaller portfolios or a small cluster of facilities as opposed to larger portfolios because those tend to be marketed and tend to, quite frankly, get into a price range that doesn't make financial sense for our shareholders and us.

是的。因此，我們的一些同業正在購買這些股票，因為我們的一些同業擁有足夠的資本成本來做到這一點，並且不會稀釋股權。我們沒有那麼奢侈。因此，我們在接管什麼方面必須更加謹慎。與較大的投資組合相比，機會可能是較小的投資組合或一小群設施，因為較大的投資組合往往會被行銷，而且坦白說，往往會進入對我們的股東和我們來說沒有財務意義的價格範圍。

But we still see a lot of opportunity out there of fit-for-purpose assets that if put in the hands of the right operator and you have rationalization of expenses and put some CapEx in to be able to push rate and occupancy can be highly accretive over time. So I think those are the kind of things that we're going to be looking at.

但是，我們仍然看到很多適合用途的資產的機會，如果將這些資產交到合適的運營商手中，並且合理化支出並投入一些資本支出，以便能夠提高利率，那麼入住率就會隨著時間的推移而大幅增長。所以我認為這些就是我們要研究的事情。

And for the second part of your question, Vikram, those four ALFs that we bought are triple net deals at 10%.

關於你問題的第二部分，維克拉姆，我們購買的四個 ALF 是 10% 的三重淨交易。

Okay. That's helpful. I guess just I wanted to go to the UK. There's more competition there recently from one of your peers, still seems like a very attractive market based on your comments. But I'm wondering just in the past, you've said -- I guess, the first half, you had said the UK was -- pipeline was good, and then you had mentioned it was smaller. Do you mind just updating us like how are you looking at the UK in terms of specific opportunities? And like how big could that eventually become over the next few years?

好的。這很有幫助。我想我只是想去英國。最近，來自您的一位同行的競爭更加激烈，但根據您的評論，該市場仍然非常有吸引力。但我想知道，就在過去，您曾說過——我想，上半年，您曾說英國的管道很好，然後您又提到它較小。您介意告訴我們您如何看待英國的具體機會嗎？未來幾年它最終會發展到多大？

Yeah. I'll start with your last part of your question. There are 17,000 care homes. So we believe there's still a lot of consolidation to take place in the UK. We do think it will be part of our pipeline going forward. At this very moment, it is not the lion's share of our pipeline, but we do have an ongoing UK pipeline that is largely driven by our current operators out there.

是的。我先從你問題的最後一部分開始。有17,000家養老院。因此，我們相信英國仍有許多整合工作要做。我們確實認為它將成為我們未來產品線的一部分。目前，這還不是我們管道的最大份額，但我們確實有一條正在運行的英國管道，主要由我們現有的營運商驅動。

Thank you.

謝謝。

Alec Feygin, Baird.

亞歷克費金，貝爾德。

I guess first one for me is, which segments in the US Senior Housing space are the best opportunities to target today? And then also, how do the Senior Housing metrics currently in the portfolio compare to the SNF side?

我想對我來說第一個問題是，美國老年住宅領域中哪些部分是目前最好的目標機會？那麼，目前投資組合中的老年住房指標與 SNF 指標相比如何？

So the first one, I think it just comes down to the individual asset. We've seen some IL portfolios that look interesting. We've seen some CCRCs that look interesting. We've seen IL, AL memory cares that don't still have a SNF component and therefore, can't really call themselves CCRCs that look interesting. But at the same time, we've seen multiple assets within all of those classes that we can't make sense of the pricing on.

因此，第一個問題，我認為這只取決於個人資產。我們看到了一些看起來很有趣的 IL 投資組合。我們看到了一些看起來很有趣的 CCRC。我們已經看到 IL、AL 內存護理仍然沒有 SNF 組件，因此不能真正稱自己為有趣的 CCRC。但同時，我們發現所有這些類別中的多種資產的定價都令人費解。

So I think from our standpoint, we have a fairly decent understanding. Obviously, we've been in this industry, in the Senior Housing industry for many years. We have a fairly decent understanding as to what each of these should be able to achieve and what the value is, what the cost to rebuild is. And so we're going to approach each one individually, especially in alignment with superior operating partners to understand what they can achieve.

所以我認為從我們的角度來看，我們有相當好的理解。顯然，我們在這個行業，在老年住房行業已經有很多年了。我們對每個目標應該實現的目標、價值以及重建成本都有相當深入的了解。因此，我們將對每位客戶進行單獨處理，特別是與優秀的營運合作夥伴保持一致，以了解他們所能取得的成就。

And ultimately, what we're looking for is a low to mid-teen IRR over time, not assuming any cap rate compression within that model of the CapEx that provides a sufficiently compelling return to be more appealing potentially than our standard triple net.

最終，我們所尋求的是隨著時間的推移，內部收益率 (IRR) 處於低至中等水平，不假設資本支出模型中的任何資本化率壓縮，從而提供足夠引人注目的回報，使其比我們的標準三重淨回報更具吸引力。

Innately, our standard triple net structure has a little bit more consistency to it, normally a little bit more visibility to it because you have that non-operating exposure and that coverage support. So in order to invest in these assets, it has to be providing a sufficiently compelling return, and that can be over any of those classes.

從本質上講，我們的標準三重淨結構具有更多的一致性，通常具有更多的可見性，因為您擁有非經營性風險和覆蓋支援。因此，為了投資這些資產，它必須提供足夠有吸引力的回報，而且回報必須超過任何類別。

Thank you for that. And I guess the second part was, how do the Senior Housing metrics currently in the portfolio compare to the SNFs?

謝謝你。我想第二部分是，目前投資組合中的老年住房指標與 SNF 相比如何？

Sure. In terms of coverage, pretty similar. I would say that we include our UK Care Homes within our Senior Housing component. I would say they probably have a moderately higher occupancy and coverage than our overall portfolio. But other than that, our US Senior Housing is materially in line metric wise from an operating -- obviously, the margins are higher. But in terms of occupancy and in terms of coverage, they're materially in line.

當然。就覆蓋範圍而言，非常相似。我想說的是，我們將英國養老院納入了老年住房部分。我想說，他們的入住率和覆蓋率可能比我們的整體投資組合要高一些。但除此之外，從營運角度來看，我們的美國老年住房在指標上基本一致——顯然利潤率更高。但就入住率和覆蓋率而言，它們基本上一致。

Got it. Thank you. That's it from me.

知道了。謝謝。我說的就這些。

(Operator Instructions) There are no further questions at this time. I would now like to turn the call over back to Taylor Pickett for closing remarks.

（操作員指示）目前沒有其他問題。現在我想將電話轉回給泰勒皮克特 (Taylor Pickett) 做結束語。

Thanks for joining our call this morning. We appreciate the thoughtful questions, and we're here if there's any follow-up. Have a great day.

感謝您今天上午參加我們的電話會議。我們很感激這些深思熟慮的問題，如果有任何後續問題，我們會在這裡。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。