Omega Healthcare Investors Inc (OHI) 2025 Q3 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。我叫黛西蕾，今天我將擔任你們的會議接線生。在此，我謹代表 Omega Healthcare Investors Inc. 歡迎各位參加第三季財報電話會議。（操作說明）

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

現在我將把會議交給米歇爾·雷伯主持。你可以開始了。

Thank you and good morning. With me today is Omega's CEO Taylor Pickett, President Matthew Gormand, CFO Bob Stephenson, CIO Vias Gupta, and Megan Kroll, senior Vice President of Operations.

謝謝，早安。今天與我在一起的是歐米茄的首席執行官泰勒·皮克特、總裁馬修·戈爾曼德、首席財務官鮑勃·斯蒂芬森、首席資訊長維亞斯·古普塔以及營運高級副總裁梅根·克羅爾。

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

本次電話會議中發表的非歷史事實的評論可能是前瞻性陳述，例如有關我們財務預測、潛在交易、營運商前景和展望的陳述。可能導致實際結果與前瞻性陳述中的結果有重大差異的因素，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 Nari FFO, adjusted FFO, FAD, and EBITDA.

在今天的電話會議中，我們將提及一些非GAAP財務指標，例如Nari FFO、調整後FFO、FAD和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.

季度補充文件中提供了這些非公認會計準則指標與最可比較指標的調節表。此外，我們討論的某些營運商覆蓋範圍和財務資訊是基於營運商提供的數據，而這些數據並未經過 Omega 的獨立驗證。現在我將把通話交給泰勒。

Thanks, Michelle. Good morning, and thank you for joining our third quarter 2025 earnings conference call. Today, I will discuss our third quarter financial results and certain key operating trends. Third quarter adjusted funds from operations (AFFO) of $0.79 per share and FAD, funds available for distribution, of $0.75 per share reflects strong revenue and EBITDA growth principally fueled by acquisitions and active portfolio management. Our dividend payout ratio has dropped to 85% for AFFO and 89% for FAD. We again raised and narrowed our 2025 AFFO guidance from a per share range of $3.04 to $3.07 per share up to $3.08 to $3.10 per share, which reflects our strong third quarter 2025 earnings.

謝謝你，米歇爾。早安，感謝各位參加我們2025年第三季財報電話會議。今天，我將討論我們第三季的財務表現和一些關鍵的營運趨勢。第三季調整後營運資金（AFFO）為每股 0.79 美元，可供分配資金（FAD）為每股 0.75 美元，反映出強勁的收入和 EBITDA 成長，這主要得益於收購和積極的投資組合管理。我們的股息支付率已降至 AFFO 的 85% 和 FAD 的 89%。我們再次上調並縮小了 2025 年調整後營運資金 (AFFO) 的預期範圍，從每股 3.04 美元至 3.07 美元上調至每股 3.08 美元至 3.10 美元，這反映了我們 2025 年第三季度強勁的盈利。

The $3.09 per share midpoint of our 2025 AFFO guidance range represents 8% year-over-year AFFO growth versus 2024 AFFO of $2.87 per share. Turning to the portfolio, our occupancy and coverage metrics continue to improve with EBITDAR coverage at its highest level in twelve years. Furthermore, as expected, the below 1x rent coverage bucket has dropped to 4.3% of total rent with the expectation of further improvement and all but one below 1x operator paying full contractual rent. I will now turn the call over to Matthew.

我們 2025 年 AFFO 指引範圍的中點為每股 3.09 美元，較 2024 年每股 2.87 美元的 AFFO 同比增長 8%。從投資組合來看，我們的入住率和覆蓋率指標持續改善，EBITDAR 覆蓋率達到十二年來的最高水準。此外，正如預期的那樣，租金覆蓋率低於 1 倍的租戶已降至總租金的 4.3%，預計未來還會進一步改善，除一家租戶外，所有租金覆蓋率低於 1 倍的租戶都將支付全額合約租金。現在我將把電話交給馬修。

Thanks, Taylor, and thanks to everyone for joining the call today. I'd like to take a few minutes this morning to discuss some of the ways in which we're looking to further enhance shareholder value. At Omega, our primary goal is to allocate capital primarily to healthcare real estate with a focus on growing FAD per share on a risk-adjusted basis. Historically, this has almost entirely involved acquiring healthcare real estate and entering into triple net leases at a yield above our cost of capital. This has been a very successful investment strategy returning over 1200% in total shareholder returns over the past twenty years.

謝謝泰勒，也謝謝今天參加電話會議的各位。今天早上我想花幾分鐘時間討論我們正在尋求哪些方法來進一步提升股東價值。在 Omega，我們的主要目標是將資本主要配置到醫療保健房地產領域，重點是在風險調整的基礎上提高每股 FAD。從歷史上看，這幾乎完全涉及收購醫療保健房地產，並以高於我們資本成本的收益率簽訂三方淨租賃協議。過去二十年來，這項投資策略非常成功，股東總回報率超過 1200%。

And it will likely continue to be a significant part of our capital allocation strategy going forward. However, as the elder care industry embarks on an expected period of burgeoning growth, that is likely to last for the next two decades, we have made a conscious decision to expand our investment structures to align ourselves with operators with the aim of achieving high returns over time. There are multiple ways in which we can structure such deals, from joint ventures, minority interest investments to back-end participation in value creation upon a sale or recapitalization as well as RIDEA-like structures.

而且，它很可能仍將是未來我們資本配置策略的重要組成部分。然而，隨著老年護理行業即將進入預計持續二十年的蓬勃發展期，我們已做出明確的決定，擴大我們的投資結構，與運營商保持一致，以期隨著時間的推移獲得高回報。我們可以透過多種方式來建構此類交易，從合資企業、少數股權投資到在出售或資本重組時參與價值創造，以及類似 RIDEA 的結構。

With decades of experience, a prudent capital allocation, and our platform of sophisticated operators, to enhance shareholder returns by acquiring underperforming assets at prices meaningfully below replacement cost and partnering with proven operators to significantly enhance the cash flow and hence value of such assets. We have been making such investments selectively on a small scale for approximately the past twelve months primarily through investments in the capital stack of real estate that provide an immediate yield in excess of our cost of capital with an ability to participate in incremental returns upon the sale or recapitalization of the assets. And Vikas will give you a recent example of such an investment in a minute.

憑藉數十年的經驗、審慎的資本配置以及我們成熟的運營商平台，我們將以遠低於重置成本的價格收購表現不佳的資產，並與經驗豐富的運營商合作，從而顯著提高現金流，進而提高此類資產的價值，以此來提升股東回報。在過去的十二個月裡，我們一直在選擇性地進行小規模此類投資，主要透過投資房地產資本結構來實現，這些投資能夠立即產生高於我們資本成本的收益，並且能夠在出售或重新資本化這些資產時獲得增量回報。Vikas 馬上會給你一個最近的例子來說明這種投資。

Our targeted returns for such investments is for an unlevered IRR of at least the low to mid-teens not assuming any cap rate compression upon exit in our underwriting. Another example of such an investment is the 9.9% equity investment in Sabre's operating company announced last night. Sabre has been an operating partner with Omega for over a decade. And during that time, we've grown to understand their corporate culture. With a fundamental focus on strong clinical care that drives sustainable financial performance. While our investment will receive a minimum quarterly cash distribution, equivalent to an annual 8% yield, we believe over time this investment will yield an IRR that will meaningfully surpass our low to mid-teen target.

我們對這類投資的目標報酬是，在不考慮退出時資本化率壓縮的情況下，無槓桿內部報酬率至少達到十幾到五成。昨晚宣布的對 Sabre 營運公司 9.9% 的股權投資，也是此類投資的另一個例子。Sabre與Omega的營運合作已超過十年。在此期間，我們對他們的企業文化有了更深入的了解。以強大的臨床護理為根本，推動可持續的財務表現。雖然我們的投資將獲得最低季度現金分紅，相當於年收益率 8%，但我們相信，隨著時間的推移，這項投資的內部收益率 (IRR) 將顯著超過我們十幾到十幾的目標。

We are grateful to the principles of Sabre for trusting us to invest in their operating company and look forward to continuing to support the further growth of Sabre while adhering to the key resident-focused tenants that we believe are primary drivers of their success. Going forward, we will continue to look at all opportunities and investment structures to potentially align with our operating partners and sustainably grow FAD per share. This includes RIDEA structures which we are evaluating in both The U.S. and UK. We will continue to be highly disciplined in our underwriting.

我們感謝 Sabre 的管理層信任我們，讓我們投資他們的營運公司，並期待繼續支持 Sabre 的進一步發展，同時堅持我們認為是其成功主要驅動力的關鍵以居民為中心的原則。展望未來，我們將繼續尋找各種機會和投資結構，以期與我們的營運合作夥伴達成一致，並實現每股 FAD 的可持續成長。這包括我們正在美國和英國評估的 RIDEA 結構。我們將繼續在核保方面保持高度自律。

And given the competition for such assets, there's no guarantee that this will become a meaningful part of our business in the next twelve to twenty-four months. However, we do believe that this approach will provide a high level of conviction as to the value creation opportunity for each investment we make. More importantly, we believe the business decisions we are making, be it in capital allocation, active portfolio management, or our balance sheet interest rate and currency management, will be made prudently and diligently using all salient available data with the primary goal of sustainably growing FAD per share on a risk-adjusted basis.

鑑於此類資產的競爭，無法保證在未來十二到二十四個月內，這將成為我們業務的重要組成部分。然而，我們相信這種方法能讓我們對每一筆投資的價值創造機會充滿信心。更重要的是，我們相信，無論是資本配置、積極的投資組合管理，還是資產負債表利率和貨幣管理，我們所做的商業決策都將審慎而認真地運用所有相關的可用數據，其主要目標是在風險調整的基礎上實現每股 FAD 的可持續增長。

You've seen this in recent quarters as our efforts have started to create traction in our FAD per share growth. And we are hopeful that this will continue over time as our capital allocation decisions bear further fruit. And with that, I'll now hand the call over to Vikas.

最近幾個季度，我們已經看到，我們的努力開始在每股 FAD 成長方面取得成效。我們希望隨著我們的資本配置決策取得更多成效，這種情況能夠持續下去。接下來，我將把電話交給維卡斯。

Thank you, Matthew, and good morning, everyone.

謝謝你，馬修，大家早安。

Today I will discuss the most recent performance trends for Omega's operating portfolio, including an update on Genesis and Omega's investment activity in the 3rd quarter of 2025, including the subsequent closing of the Sabre JV transaction, an update on Omega's pipeline and market trends for the remainder of 2025.

今天我將討論 Omega 營運組合的最新業績趨勢，包括 Genesis 的最新進展以及 Omega 在 2025 年第三季的投資活動，包括隨後完成的 Sabre 合資交易，以及 Omega 在 2025 年剩餘時間的研發管線和市場趨勢的最新進展。

Turning to portfolio performance, our core portfolio consists of 1,024 facilities, of which 60% is comprised of skilled nursing facilities and transitional care facilities in the US, and the other 40% is US senior housing in UK care homes, trailing 12-month operator Ear coverage for our core portfolio. As of June 30th, 2025 increased to 1.55 times compared to our first quarter, 2025 reported coverage of 1.51 times.

再來看投資組合表現，我們的核心投資組合包括 1,024 家機構，其中 60% 為美國的專業護理機構和過渡護理機構，其餘 40% 為英國養老院中的美國老年住房，以上數據為我們核心投資組合過去 12 個月的運營商預期覆蓋率。截至 2025 年 6 月 30 日，該倍數增至 1.55 倍，而 2025 年第一季報告的覆蓋倍數為 1.51 倍。

Core portfolio coverage continues to trend in an increasingly favorable direction, above industry average coverage levels and as discussed in prior quarters, provides us with confidence that our operating partners have sufficient means to continue to provide a superior clinical service to residents, even in a fluid regulatory and reimbursement environment. In addition to the strong credit supporting our existing investments, these coverage levels enable Omega and our operating partners to continue to grow our respective businesses with the support of the existing free cash flows produced by our current portfolio.

核心投資組合覆蓋率繼續朝著越來越有利的方向發展，高於行業平均覆蓋水平，正如前幾季所討論的那樣，這讓我們相信，即使在不斷變化的監管和報銷環境下，我們的營運合作夥伴也有足夠的資源繼續為居民提供優質的臨床服務。除了現有投資的強勁信用保障外，這些覆蓋水準使 Omega 和我們的營運合作夥伴能夠在現有投資組合產生的自由現金流的支持下，繼續發展各自的業務。

As reported on our last call, Genesis filed for chapter 11 bankruptcy protection in July 2025. As a reminder, Mega Lisa Genesis 31 facilities for annual rent payments of 52 million.

正如我們上次電話會議報導的那樣，Genesis 於 2025 年 7 月申請了破產法第 11 章的保護。提醒一下，Mega Lisa Genesis 31 的年租金為 5,200 萬。

Additionally, Omega has a $125 million term loan with Genesis, which is secured by a first lien on the equity of Genesis's 4 and 3 businesses, which we believe fully secure the loan and it subordinated all assets leaned from the overall business of Genesis.

此外，Omega 還向 Genesis 提供了一筆 1.25 億美元的定期貸款，該貸款以 Genesis 旗下 4 和 3 家企業的股權作為第一順位抵押，我們認為這完全保障了貸款，並且其抵押權次於 Genesis 整體業務的所有資產。

Based on at least coverage and collateral, we believe our credit position in this portfolio is strong.

至少根據覆蓋率和抵押品來看，我們認為我們在該投資組合中的信用狀況良好。

That the bankruptcy process is progressing with a few milestones approaching, including the auction of the Genesis assets in the sale approval hearing. We expect this will result in our lease being sued by Genesis and assigned to the winning bidder.

破產程序正在推進，幾個里程碑即將到來，其中包括在出售批准聽證會上拍賣 Genesis 的資產。我們預計這將導致 Genesis 起訴我們的租賃合同，並將合約轉讓給中標者。

As previously reported, Omega committed to support Genesis by providing an $8 million in debtor possession financing as part of a total $30 million debtor in possession loan. We've now fully funded our $8 million commitment.

正如先前報導的那樣，歐米茄承諾為 Genesis 提供 800 萬美元的債務人持有資產融資，作為總額 3000 萬美元的債務人持有資產貸款的一部分。我們已全額履行了800萬美元的捐款承諾。

Genesis has paid to make a full contractual rent each month since filing bankruptcy. The bankruptcy process is anticipated to conclude in Q1 or Q2 of 2026.

自申請破產以來，Genesis 每月都按合約全額支付租金。預計破產程序將於 2026 年第一季或第二季結束。

This timely, along with all elements of the bankruptcy filing process, is subject to the approval of the bankruptcy court.

此及時性，以及破產申請流程的所有要素，均須經破產法院批准。

There are no material open issues with any other large operators.

與其他大型業者之間不存在任何重大未決問題。

Turning to new investments, we are very excited to announce Omega's 2025 transaction activity through the end of October, with over $978 million in total new investments, of which over $850 million or 87%, were real estate investments added to our balance sheet.

談到新的投資，我們非常高興地宣布 Omega 截至 10 月底的 2025 年交易活動，新增投資總額超過 9.78 億美元，其中超過 8.5 億美元（佔 87%）為房地產投資，已計入我們的資產負債表。

During the 3rd quarter, Omega completed a total of $151 million in new investments, not including 24 million in CapEx. The new investments include $67 million in real estate and acquisitions via two separate transactions to acquire two facilities, one CCRC and one UK care home, and lease them to two existing operators. Both transactions have an initial annual cash yield of 10%, with annual escalators ranging from 2% to 2.5%. In addition, Omega invested $84 million real estate loans via 4 separate transactions, where the 4 loans have an interest rate of 10%, as well as an option for Omega to acquire an ownership interest in the underlying real estate upon the refinancing of the loans.

第三季度，歐米茄完成了總計 1.51 億美元的新投資，還不包括 2,400 萬美元的資本支出。新投資包括 6,700 萬美元的房地產和收購，透過兩筆獨立的交易收購兩處設施，一處是 CCRC，另一處是英國的養老院，並將它們租賃給兩家現有營運商。兩筆交易的初始年現金收益率均為 10%，年增長率介於 2% 至 2.5% 之間。此外，歐米茄透過 4 筆獨立的交易投資了 8,400 萬美元的房地產貸款，這 4 筆貸款的利率均為 10%，並且歐米茄可以選擇在貸款再融資時獲得相關房地產的所有權權益。

Regarding real estate loans, we would like to highlight that while we place a focus on allocating capital to own real estate investments to grow our balance sheet, we have and continue to see the opportunity to make strategic loan investments that provide a mega the ability to capture a portion of the upside in the underlying real estate.

關於房地產貸款，我們想強調的是，雖然我們專注於將資本配置到擁有房地產投資上以擴大我們的資產負債表，但我們過去和現在都看到了進行策略性貸款投資的機會，這些投資能夠讓我們獲得基礎房地產的部分上漲收益。

By way of example, in 2024, Omega made a loan investment for an assisted living facility in Connecticut, which provided for Omega to realize 50% of the value creation above the original cost basis.

例如，2024 年，歐米茄公司向康乃狄克州的一家輔助生活設施提供了一筆貸款投資，該投資規定歐米茄公司可以獲得高於原始成本基礎的價值創造的 50%。

Since that time, our operating partner was able to dramatically improve performance and refinance Omega's loan in October 2025 for triple the original basis, providing Omega with a material return and excess of our loan repayment, resulting in an IRR of 74%. This transaction is an example of how certain loan structures can provide for outsized returns in the absence of permanent real estate ownership.

自那時以來，我們的營運合作夥伴能夠大幅改善業績，並在 2025 年 10 月以原價的三倍為 Omega 的貸款進行再融資，為 Omega 提供了實質性的回報和超出我們貸款償還額的收益，從而實現了 74% 的內部收益率 (IRR)。這筆交易就是一個例子，說明某些貸款結構如何在沒有永久房地產所有權的情況下提供超額收益。

Turning to subsequent events, subsequent to quarter end in October, Omega invested $222 million to acquire a 49% equity interest in a portfolio of 64 healthcare facilities under a real estate joint venture, which is majority owned by affiliates of Sare Healthcare. ALL64 facilities are leased with Saber under long-term triple net leases with 2% annual fixed escalators.

再來看後續事件，在 10 月季度末之後，Omega 投資 2.22 億美元，收購了 Sare Healthcare 旗下關聯公司控股的房地產合資企業旗下 64 家醫療保健機構 49% 的股權。ALL64 的所有設施均與 Saber 簽訂了長期三方淨租賃協議，每年固定租金遞增 2%。

In underlying portfolio rent coverage of over 1.46 times, Omega anticipates receiving an initial annual return on its investment of 9.3%, escalating thereafter. The investment represents a total portfolio value of approximately $900 million for the real estate, which is encumbered with $449 million of mortgage debt.

Omega 預計，在基礎投資組合租金覆蓋率超過 1.46 倍的情況下，其投資的初始年報酬率將達到 9.3%，此後還會持續成長。該投資涉及的房地產總價值約為 9 億美元，其中有 4.49 億美元的抵押貸款債務。

This is a loan to value below 50%, which provides the joint venture with ample equity value to utilize for future acquisitions.

這是一筆低於50%的貸款，為合資企業提供了充足的股權價值，可用於未來的收購。

Sabre is a long-standing operating partner of Omega. Or in addition to the 64 joint venture facilities, Sabre operates 51 additional facilities owned by us and leased under a consolidated triple net master lease.

Sabre 是 Omega 的長期營運合作夥伴。除了 64 個合資企業設施外，Sabre 還經營 51 個由我們擁有並根據合併三方淨主租賃協議租賃的額外設施。

The entirety of the $222 million consideration was paid via the issuance of Omega operating Partnership units. The ability to utilize Omega OP units as currency for a new investment is another powerful tool Omega has at its disposal to provide sellers with a tax efficient vehicle and to also create alignment with us as the value of those OP units is tied to the continued performance of our share price.

全部 2.22 億美元的對價均透過發行 Omega 營運合夥單位支付。歐米茄 (Omega) OP 單位可作為新投資的貨幣，這是歐米茄 (Omega) 擁有的另一個強大工具，可以為賣家提供節稅工具，並且由於這些 OP 單位的價值與我們股價的持續表現掛鉤，因此也與我們保持一致。

As Matthew mentioned, in conjunction with the closing of the SAR Real Estate joint venture, Omega and Sabre entered into a definitive agreement for us to invest $93 million to acquire a 9.9% equity ownership interest in Saver Healthcare Holdings. Saber's parent operating company which operates 139 facilities, 126 scale nursing facilities, and 13 assisted living facilities.

正如馬修所提到的，隨著 SAR 房地產合資企業的完成，歐米茄和 Sabre 達成了一項最終協議，我們將投資 9,300 萬美元收購 Saver Healthcare Holdings 9.9% 的股權。Saber 的母公司經營 139 家機構，其中包括 126 家大型護理機構和 13 家輔助生活機構。

The closing of our ownership interests in Saver's parent operating company is expected to occur in January 2026 and will represent a unique structure in the skilled nursing industry, creating a strong alignment between the mega as a major capital partner and Sare as a best in class operating partner.

預計我們在 Saver 母公司營運公司的所有權權益將於 2026 年 1 月完成交割，這將代表專業護理行業的獨特結構，在作為主要資本合作夥伴的巨頭和作為一流運營合作夥伴的 Sare 之間建立牢固的聯盟。

With our geographic scope and access to capital and Sabre's operational expertise, both companies will be in an elevated position to evaluate further growth as a team, where real estate and operational success benefits both partners. It is our expectation that the Omega saver relationship will continue to grow meaningfully in the years ahead, with the added benefit of having the ability to transact under various deal structures our own triple net portfolio, the Saber Omega Real Estate joint venture, and the saver operating company.

憑藉我們的地域優勢和資金實力，以及 Sabre 的營運專長，兩家公司將處於更高的地位，可以作為一個團隊評估進一步的成長，房地產和營運的成功將使雙方合作夥伴受益。我們預計，在未來幾年裡，Omega 儲戶關係將繼續穩步發展，我們還將受益於能夠根據各種交易結構交易我們自己的三淨投資組合、Saber Omega 房地產合資企業和儲戶運營公司。

We're very excited about this new partnership and look forward to sharing that growth story in the years ahead.

我們對這項新的合作關係感到非常興奮，並期待在未來幾年與大家分享這一發展歷程。

Turning to the pipeline, our pipeline transaction outlook for the remainder of 2025 and into 2026 continues to be very favorable. Marketing opportunities both in the US and the UK continue to be substantial, and we are witnessing an increase in our ability to secure off-market opportunities that our operating partners and other relationships bring us.

再來看管道建設，我們對 2025 年剩餘時間和 2026 年的管道交易前景仍然非常樂觀。無論是在美國還是在英國，市場機會依然十分可觀，而且我們越來越能夠獲得營運夥伴和其他關係帶來的非公開市場機會。

We are seeing individual and regional clusters of senior housing assets, many of which are underperforming or non-stabilized, that can be acquired at prices meaningfully below replacement costs and the ultimate stabilized value.

我們看到，老年住房資產以個體和區域集群的形式存在，其中許多資產表現不佳或尚未穩定，因此可以以遠低於重置成本和最終穩定價值的價格收購。

Transaction activity for skilled nursing opportunities in the US and care homes in the UK also continue to be robust, and we are evaluating numerous opportunities from individual owner operators and regional sellers, most of which Omega has sourced from existing relationships. We continue to evaluate and consider all asset types with increased flexibility on deal structure to ensure that Omega and its shareholders are able to benefit from improvements to the underlying cash flows of our facilities. Whether that be through variations on triple net structures, for idea for senior housing assets, or strategic joint ventures as exemplified by our new partnership with Saber.

美國專業護理機構和英國養老院的交易活動仍然強勁，我們正在評估來自個體業主和區域賣家的眾多機會，其中大部分機會都是 Omega 透過現有關係獲得的。我們將繼續評估和考慮所有資產類型，並在交易結構方面增加靈活性，以確保 Omega 及其股東能夠從我們設施基本現金流量的改善中受益。無論是透過三淨結構的各種變體，為老年住房資產提供思路，還是透過策略合資企業，例如我們與 Saber 建立的新合作夥伴關係。

I will now turn the call over to Bob.

現在我將把通話轉給鮑伯。

Thanks, Vikas, and good morning. Turning to our financials for 2025. Revenue for the third quarter was $312 million compared to $276 million for 2024. The year-over-year increase is primarily the result of the timing and impact of revenue from net new investments completed throughout 2024 and 2025. Our net income for the third quarter was $185 million or $0.59 per common share compared to $112 million or $0.42 per common share for 2024. Our NAREIT FFO for the third quarter $242 million or $0.78 per share as compared to $196 million or $0.71 per share for 2024.

謝謝你，維卡斯，早安。接下來我們來看看2025年的財務狀況。第三季營收為 3.12 億美元，而 2024 年全年營收為 2.76 億美元。年比成長主要是由於 2024 年和 2025 年完成的淨新增投資所帶來的收入的時間和影響。第三季淨收入為 1.85 億美元，即每股普通股 0.59 美元，而 2024 年預計淨收入為 1.12 億美元，即每股普通股 0.42 美元。我們第三季的 NAREIT FFO 為 2.42 億美元，即每股 0.78 美元，而 2024 年的預期為 1.96 億美元，即每股 0.71 美元。

Our adjusted FFO was $243 million or $0.79 per share for the quarter and our FAD was $231 million or $0.75 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 third quarter financial supplemental posted to our website. Our third quarter FAD was $0.14 greater than our second quarter FAD with the increase primarily resulting from incremental revenue related to the timing completion of $678 million in new investments completed during the second and third quarters. Incremental Maplewood revenue as they paid $18.7 million in rent in the third quarter, an increase of $1.1 million compared to the second quarter.

本季調整後的FFO為2.43億美元，即每股0.79美元；FAD為2.31億美元，即每股0.75美元。這兩項數據均不包括我們在獲利報告以及發佈到我們網站的第三季財務補充文件中列出的NAREIT FFO、調整後的FFO和FAD與淨收入調節表中所列的若干項目。第三季 FAD 比第二季 FAD 高出 0.14 美元，成長主要源自於第二季和第三季完成的 6.78 億美元新投資的及時完工帶來的增量收入。Maplewood 第三季支付了 1,870 萬美元的租金，比第二季增加了 110 萬美元，因此其收入有所增加。

These were partially offset by $81 million of asset sales representing $1.2 million of revenue recorded in the third quarter and the issuance of 9 million common shares of stock over the past two quarters. Our balance sheet remains incredibly strong and we continue to take steps to improve our liquidity capital stack maturity ladder. We entered into a new $2.3 billion credit facility consisting of a $2 billion senior unsecured revolver and a $300 million delayed draw term loan. We intend to draw on the term loan on or about November 25 and use the proceeds to repay the $240 million secured mortgage loan we assumed in the acquisition of the Syndet JV last summer.

這些損失部分被 8,100 萬美元的資產出售所抵消，這筆出售在第三季度產生了 120 萬美元的收入，並且在過去兩個季度發行了 900 萬股普通股。我們的資產負債表依然非常穩健，我們將繼續採取措施改善我們的流動性資本結構期限階梯。我們達成了一項新的 23 億美元信貸協議，其中包括 20 億美元的高級無抵押循環信貸和 3 億美元的延期提取定期貸款。我們計劃在 11 月 25 日左右提取定期貸款，並將所得款項用於償還我們去年夏天收購 Syndet 合資企業時承擔的 2.4 億美元擔保抵押貸款。

Additionally, we both extended the maturity date of the existing $428.5 million term loan one year to August 2026 amended the term loan to improve the pricing grid by 35 basis points. At September 30, we ended the quarter with $737 million in cash on the balance sheet. On October 15, we repaid $600 million of the 5.25% senior unsecured notes at par. Our fixed charge coverage ratio was 5.1 times and our leverage reduced to 3.59 times. Given our strong equity currency we have the flexibility to accretively fund investments with equity as we have for the past several quarters including funding the Sabre PropCo JV using Omega operating partnership units.

此外，我們還將現有 4.285 億美元定期貸款的到期日延長了一年至 2026 年 8 月，並修改了定期貸款，將定價表提高了 35 個基點。截至9月30日，本季末資產負債表上的現金餘額為7.37億美元。10 月 15 日，我們以面額償還了 6 億美元的 5.25% 優先無擔保票據。我們的固定費用保障倍數為 5.1 倍，槓桿率降至 3.59 倍。鑑於我們強大的股權貨幣，我們可以靈活地以股權增值的方式為投資提供資金，就像我們在過去幾個季度所做的那樣，包括使用 Omega 營運合夥單位為 Sabre PropCo 合資企業提供資金。

In addition, next week we plan to put in place a new $2 billion ATM program. We are excited as our balance sheet and cost of capital have positioned us for significant adjusted FFO growth as we opportunistically look to the capital markets to fund our active pipeline. Turning to guidance. As Taylor mentioned, we raised and narrowed our full-year adjusted FFO guidance to a range between $3.8 to $3.1 per share. This is a 3.5p increase over the midpoint of our August guidance. The increase was due primarily to the completion of $374 million of new investments that closed post our second quarter earnings call.

此外，我們計劃下週啟動一項新的20億美元的ATM計畫。我們很高興，因為我們的資產負債表和資本成本已經使我們具備了大幅調整後FFO成長的條件，我們將抓住機會，利用資本市場為我們正在積極推進的項目提供資金。尋求指導。正如泰勒所提到的，我們將全年調整後FFO預期上調並縮小至每股3.8美元至3.1美元的區間。這比我們8月份的預期中位數高出3.5便士。這一增長主要是由於在第二季財報電話會議之後完成的 3.74 億美元新投資項目。

The key assumptions in our revised full-year guidance are on the revenue and expense side, we're assuming no other changes in our revenue related to operators on an accrual basis of revenue recognition. Genesis continues to pay full rent and interest payments pursuant to the terms of the debt financing agreement. Maplewood continues to pay $6.3 million per month which is consistent with our October payment. Derivative instruments reduced the impact of foreign currency fluctuations on income generated by our U.K. investments for the fourth quarter. We project our fourth quarter G and A expense runs between $13.5 million to $14.5 million.

我們修訂後的全年業績指引的關鍵假設在於收入和支出方面，我們假設與營運商相關的收入不會發生其他變化，收入確認採用權責發生製。Genesis 繼續按照債務融資協議的條款支付全額租金和利息。Maplewood 繼續每月支付 630 萬美元，這與我們 10 月的付款金額一致。衍生性商品降低了外匯波動對我們英國投資第四季營收的影響。我們預計第四季一般及行政費用將在 1350 萬美元至 1450 萬美元之間。

On the investment side, we've included the impact of the new investments completed as of October 30 and did not include any additional new investments. On the balance sheet, of the $2.00 $9 million in mortgages and other real estate-backed investments, contractually maturing in 2025, we're assuming $56 million will convert from loans to fee simple real estate with the balance of the loans being extended. We repaid our $246 million of secured debt on or about November 25 using proceeds from the $300 million delayed draw term loan.

在投資方面，我們已計入截至 10 月 30 日完成的新投資的影響，但未計入任何其他新投資。在資產負債表上，2025 年到期的 200 萬至 900 萬美元抵押貸款和其他房地產支援投資中，我們假設 5,600 萬美元將從貸款轉換為完全所有權房地產，其餘貸款將繼續延期。我們於 11 月 25 日左右用 3 億美元延期提取定期貸款的收益償還了 2.46 億美元的擔保債務。

Although we didn't end the quarter with any facilities classified as assets held for sale, we are always pruning and strengthening our portfolio which has historically led to between $10 million to $20 million in asset sales in any given quarter. And we assume no material changes in market interest rates. 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 the earnings release. I will now turn the call over to Megan.

雖然本季末我們沒有任何設施被列為待售資產，但我們一直在精簡和加強我們的資產組合，這歷來導致每個季度資產銷售額在 1000 萬美元到 2000 萬美元之間。我們假設市場利率不會發生實質變化。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，也不包括除我剛才提到的或在盈利報告中提到的交易之外的任何其他資本市場交易。現在我將把通話交給梅根。

Thanks, Bob, and good morning, everyone. While there is no telling when the federal government shutdown will end, it thankfully has largely no impact on funding mechanisms to the long-term care industry. That said, given the current state of affairs, the automatic 4% cut in Medicare to occur in early 2026 as the result of the deficit caused by the OBBVA has not yet had a chance to be dealt with legislatively. As I noted last quarter, historically, legislative action has been taken to avoid this type of reduction, however, even without legislative action, netted with a 3.2% increase in Medicare effective October 1, the overall impact on our portfolio would be minimal.

謝謝你，鮑勃，大家早安。雖然無法預測聯邦政府停擺何時結束，但值得慶幸的是，它對長期照護行業的資金機制基本上沒有影響。也就是說，鑑於目前的情況，由於 OBBVA 造成的赤字，Medicare 將於 2026 年初自動削減 4%，但這個問題還沒有機會透過立法來解決。正如我上個季度所指出的，從歷史上看，立法行動一直是為了避免這種類型的削減，然而，即使沒有立法行動，加上 10 月 1 日生效的 Medicare 增長 3.2%，對我們投資組合的總體影響也將是微乎其微的。

We continue to be grateful for the carve-out of skilled nursing from the Medicaid reductions in the OBBBA. But we are also carefully watching the landscape as the hospital systems deal with the reductions coming their way. As this could cause states to reassess their allocation of funds amongst the various provider groups. The state associations and our operators work closely on the local front to ensure an understanding of the necessity of long-term care, and that, coupled with our strong fundamentals and demographic tailwinds, continues to make us feel well-positioned in light of that potential headwind.

我們仍然感謝 OBBBA 將專業護理從醫療補助削減中排除出來。但我們也密切關注著醫院系統如何應對即將到來的經費削減。這可能會導致各州重新評估其在各個服務提供群體之間的資金分配。各州協會和我們的業者在地方層級密切合作，以確保人們了解長期照護的必要性，再加上我們強大的基本面和人口結構有利因素，這讓我們感覺能夠很好地應對潛在的不利因素。

While the staffing mandate was all but dead given the loss in two federal courts surrounding its key provisions, and the ten-year moratorium imposed on its implementation by the OBBBA, HHS has now also withdrawn its appeals in court. And as a final nail in the coffin, CMS has drafted an interim final rule under review by the Office of Management and Budget labeled repeal of minimum staffing standards for long-term care facilities. We applaud the continued efforts by industry associations partners, and operators to educate the legislative and executive branches on the importance of the long-term care industry. As well as the continued support by the administration.

儘管由於在兩家聯邦法院就其關鍵條款的訴訟中敗訴，以及《聯邦預算協調法案》(OBBBA) 對其實施實施的十年暫停令，人員配備強制令實際上已經名存實亡，但美國衛生與公眾服務部 (HHS) 現在也撤回了其在法庭上的上訴。最後，CMS 起草了一項臨時最終規則，目前正在由管理和預算辦公室審查，該規則名為廢除長期照護機構的最低人員配備標準。我們讚賞行業協會合作夥伴和運營商為教育立法和行政部門了解長期護理行業的重要性而做出的持續努力。以及政府的持續支持。

We also look forward to the potential for regulatory changes signaled by the request for information in the skilled nursing proposed payment rule earlier this year, on ways to streamline regulations and reduce administrative burdens. I will now open the call up for questions.

我們也期待今年稍早在專業護理擬議支付規則中徵求資訊所預示的監管變革的可能性，以簡化監管並減輕行政負擔。現在開始接受提問。

(Operator Instructions) Jonathan Hughes, Raymond James.

（操作說明）喬納森·休斯，雷蒙德·詹姆斯。

Hi there. Happy Halloween. Thanks for the prepared remarks and commentary. I was hoping you could share some more details on your pursuit of higher growth shop or opportunities, maybe, investment volume we could expect in the next 1,224 months. And then I think you mentioned low double-digit IRRs, but maybe, what about initial yields, that. You're looking for?

你好呀。萬聖節快樂。感謝您事先準備好的發言稿和評論。我希望您能分享更多關於您尋求更高成長的店或機會的細節，例如，我們在未來 1224 個月內可以預期的投資金額。然後我想你提到了兩位數的低內部報酬率，但是，初始報酬率呢？你在找什麼？

Sure, thanks, Jonathan, and happy Halloween to you too. I think in terms of investment volumes on a quarterly basis or on an annual basis, it's just really going to depend on what opportunities present themselves, but I think as we look at it, we think back to the way we entered the UK market a decade ago. Initially we dipped our toe in a little bit and and really took some time to understand. The industry, the operators within that industry, I think we have a much better understanding of a lot of that today within the US housing side of things, but you saw us effectively aggressively grow that portfolio, $2 billion of assets when the opportunities present themselves over the last 24 months. And so I think it's really just going to come down to that. We're looking extensively at all the different options, both in terms of structures and in terms of assets. And then in terms of your second question going in yields.

當然，謝謝你，喬納森，也祝你萬聖節快樂。我認為，就季度或年度投資金額而言，這真的取決於出現的機會，但當我們回顧十年前我們進入英國市場的方式時，就會發現這一點。起初我們只是淺嚐輒止，花了一些時間才真正了解。我認為，如今我們對美國住房領域的許多情況，包括產業本身以及產業內的營運商，都有了更深入的了解。在過去的 24 個月裡，當機會出現時，你們也看到了我們有效地積極拓展了投資組合，使其資產規模達到了 20 億美元。所以我覺得最終還是會取決於這個。我們正在廣泛研究所有不同的方案，包括組織結構和資產方面。然後，關於你的第二個問題，關於收益率。

We clearly like to have a decent positive yield out of the gate, but again, I think it's just going to really depend on the long-term opportunity for value creation there, understanding that sometimes the best opportunities don't necessarily have a very good return today. I think there are ways in which we can structure that, where we can have some level of accretion. Participation if we don't want to take on the entirety of the risk, but at the same time with right dear, we're willing to take on a lower yield going in if it ultimately means a meaningfully high yields and we're able to achieve in our triple nets over the longer-term. So I think we're relatively agnostic and just looking at each deal on a deal by deal basis for the long-term value creation to shareholders.

我們當然希望一開始就能獲得不錯的正收益，但話說回來，我認為這真的取決於長期的價值創造機會，要知道，有時候最好的機會並不一定能在今天帶來很好的回報。我認為我們可以透過一些方法來建構它，從而實現一定程度的累積。如果我們不想承擔全部風險，但同時，如果最終意味著有意義的高收益，並且我們能夠在長期內實現三重淨收益，我們願意接受較低的初始收益。所以我認為我們相對持中立態度，只是逐筆交易檢視其對股東長期價值創造的影響。

All right, it's a great color. I appreciate it. I've got just one more for maybe for Taylor. I think at the start you mentioned dividend coverage is now below 90% of FAD, and you were able to successfully maintain that dividend through the pandemic. Can you just talk about the potential for future dividend growth and, how the board views that dividend versus retaining funds for for external growth.

沒錯，這顏色真棒。謝謝。我還有一個，或許可以給泰勒。我認為您在開頭提到，目前的股息覆蓋率低於 FAD 的 90%，但您成功地在疫情期間維持了股息。您能否談談未來股利成長的潛力，以及董事會如何看待股利與留存資金用於外部成長之間的關係？

Yeah, and you're you're exactly right. It's a board decision, Jonathan. From our perspective, we start to bump up against tax limitations in the low 80s. So, and we're moving rapidly through the 80s towards the 70s, so I think every quarter we'll look at that.

是的，你說得完全正確。這是董事會的決定，喬納森。從我們的角度來看，收入在 80 美元出頭的時候就開始受到稅收限制了。所以，我們正迅速從 80 年代過渡到 70 年代，因此我認為我們每個季度都會關注這一點。

There's a pathway in the near term to get to a dividend increase, and, I would just say if you look back, not only did we not cut dividends during COVID, if you look back to the period of growth, a number of years ago, we were able to increase the dividend every quarter for 5 straight years. I think we have The set up in terms of our balance sheet and the team deploying capital in a way where returning to that type of growth is certainly a possibility, that's what we're aiming to do.

短期內有辦法實現股息成長，而且，我想說的是，回顧過去，我們不僅在新冠疫情期間沒有削減股息，而且回顧幾年前的增長期，我們連續 5 年每個季度都提高了股息。我認為，就我們的資產負債表和團隊的資本部署方式而言，我們已經具備了恢復那種成長水準的條件，這當然是可能的，這也是我們的目標。

All right, thanks again.

好的，再次感謝。

For the time.

暫時如此。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning.

早安.

Thank you. Maybe if we could start with the saber portfolio, I think you in the opening remarks made a comment that it was 1.46 times covered. I'm curious how that's trended recently and then also the underlying occupancy of the portfolio and just sort of what you're forecasting for the next 12 months.

謝謝。或許我們可以從光劍投資組合開始，我想您在開場白中提到過，它的覆蓋率為 1.46 倍。我很想知道最近的趨勢如何，以及投資組合的潛在入住率，以及您對未來 12 個月的預測。

Yeah, this is that, so the coverage is trending above the 1.46%, Saber continues to do very well, and, the occupancy is in the low 90%. So overall, Saber is just outperforming the budget and just doing a great job overall.

是的，情況就是這樣，所以覆蓋率正趨於高於 1.46%，Saber 的表現繼續非常好，入住率在 90% 左右。總的來說，Saber 的表現超出了預算，整體表現非常出色。

Okay.

好的。

That, that's helpful.

那很有幫助。

Thank you. And then maybe just, looking at the quarter holistically, you did a CCRC deal, you did an opco Propco deal with Saber. I'm just curious what the opportunities that looks like here going forward, maybe it feels like a little bit of a diversion from maybe your typical triple net, sniffs in your housing, some care homes, there's only. Care home in the corridor, what does this mean for the go forward pipeline?

謝謝。然後，從整體來看，本季你們完成了一筆 CCRC 交易，也與 Saber 完成了一筆 opco Propco 交易。我只是好奇未來這裡有哪些機會，也許感覺有點像是偏離了典型的三淨租賃模式，在你的住房裡嗅嗅，一些護理院，只有。走廊上的養老院，這對未來的發展計畫意味著什麼？

Are we likely to resume maybe to more of that, or do you think that there's a lot more opportunities out here with, operators like a saber that you have a lot of respect for how they operate and also are willing to participate in a structure like this?

我們是否有可能恢復到以前那種模式，或者你認為現在還有很多機會，比如和像Saber這樣的運營商合作，你非常尊重他們的運營方式，並且他們也願意參與到這樣的組織架構中來？

Yeah, a couple comments around that. I think you've not I think we've expanded the tool kit pretty broadly because we just have a deeper bench we have a better team. We can look at a lot more.

是的，還有幾點要補充。我認為你還沒有，我認為我們已經相當廣泛地擴展了工具包，因為我們的後備力量更強，我們擁有一支更好的團隊。我們還可以看看更多內容。

Types of transactions, particularly where the yields are higher than our traditional triple net with escalators. That being said, we're still finding plenty to do in the triple net side here and in the UK, and then Saber in particular.

交易類型，特別是收益率高於我們傳統的帶遞增條款的三重淨交易。即便如此，我們仍然發現，無論是在英國還是在三網球場上，我們都能找到很多事情要做，尤其是佩劍計畫。

That's pretty unique.

這真是太獨特了。

People should think of saber. They're essentially the private E.

人們應該想到軍刀。它們本質上是私人的E。

And they're set up to grow really significantly in a very creative way over the next 5+ years.

他們已做好準備，在未來 5 年甚至更長時間內以極具創意的方式實現顯著成長。

We're really excited to be part of that because I think the upside there, in our investment plus the yield we're getting on that investment, is really remarkable, and we'll see how that plays out. That being said, are there a lot of savers out there? No.

我們非常高興能參與其中，因為我認為我們的投資加上我們從這項投資中獲得的收益，其潛在收益非常可觀，讓我們拭目以待。也就是說，現在儲蓄的人多嗎？不。

We're happy to partner with that, and we're excited at this point in their for progression. I think that transaction for us is likely unique to the sniff industry.

我們很高興能與他們合作，並且對他們目前的進展感到興奮。我認為對我們來說，這種交易很可能是嗅覺產業獨有的。

Got it. Well, very helpful.

知道了。非常有幫助。

Thank you and congrats on the quarter.

謝謝，也恭喜你本季取得佳績。

Thank you.

謝謝。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

Alright, thanks for taking my question. Just a little bit more on Favor, can you kind of talk about, what the geographic focus is of the assets that are in the JB, and then, obviously this transaction allowed Saor to kind of, monetize some of the real estate, kind of, and you, you've talked about the growth opportunity with them. Can you kind of touch on maybe, their motivation for monetizing the the real estate and how they're thinking about deploying that capital?

好的，謝謝你回答我的問題。關於 Favor，您能否再多談談，JB 的資產的地理重點是什麼？顯然，這筆交易讓 Saor 能夠將一些房地產貨幣化，而您也談到了與他們共同發展的機會。您能否談談他們將房地產變現的動機，以及他們打算如何部署這些資金？

Yeah, this is it.

對，就是這樣。

Because I'll take the first part. So these are 64 facilities, 58 are skilled nursing facilities, and 6 are assisted living facilities. They're located in 6 states Delaware, Indiana, North Carolina, Ohio, Pennsylvania, and Virginia.

因為我會承擔第一部分。所以總共有 64 家機構，其中 58 家是專業護理機構，6 家是輔助生活機構。它們分佈在六個州：德拉瓦州、印第安納州、北卡羅來納州、俄亥俄州、賓夕法尼亞州和維吉尼亞州。

A partner of.

合作夥伴。

Account yeah, in terms of motivation.

是的，就動機而言。

The executives that own and run Saver are relatively young and they've created a lot of value and wealth.

Saver 的所有者和經營者都比較年輕，他們創造了大量的價值和財富。

And they just, I think for their from their perspective, it was a good time to take something off the table.

我認為，從他們的角度來看，這是個把某些事情排除在外的好時機。

But more importantly, the partner with a capital partner who can drive meaningful growth from here.

但更重要的是，我們需要一位擁有資本合作夥伴的合作夥伴，能夠推動公司在此基礎上實現有意義的成長。

So, they retained obviously 51% of their real estate, they retaining 90% of their operating company. That operating company generates substantial cash flow. They're setting themselves up for future growth, and they're, we're lucky enough to be partnering with that.

所以，他們顯然保留了 51% 的房地產，保留了 90% 的營運公司股份。這家營運公司能產生大量現金流。他們正在為未來的發展做好準備，我們很幸運能與他們合作。

Thanks and then just you know one more kind of, as you kind of expand the.

謝謝，然後你知道還有另一種，當你擴展它的時候。

Tool kit of opportunities, doing this type of structure, are you kind of weighing shop for skilled in the US versus other markets and, as you kind of think about all that, how do you kind of see the 26 pipelines shaping up as it compares to kind of the level of transaction activity you've done your debate in 25?

工具包的機會，做這種結構，您是否在權衡在美國和其他市場尋找熟練人才，以及，當您考慮所有這些時，您如何看待這 26 個管道的形成，與您在 25 個管道中進行討論的交易活動水平相比？

So we don't normally give guidance in terms of what we expect the pipeline to look like, but if you look at the opportunities presenting themselves today.

因此，我們通常不會就我們預期未來的專案儲備情況給予指導，但如果你看看目前出現的機會。

We've done nearly a billion dollars of deals year-to-date. It feels like we we're in that kind of cadence where we could allocate a similar amount of capital, and then in terms of the opportunities that present themselves, it's really just going to come down to the risk of just returns on everything. A couple of years ago we were the vast majority of what we did was in the UK because that's where the opportunity presented itself.

今年迄今為止，我們已經完成了近十億美元的交易。感覺我們現在正處於這樣的節奏，可以投入類似的資金，至於出現的機會，最終真的要看所有投資的回報風險了。幾年前，我們絕大部分業務都在英國開展，因為機會在那裡出現。

My suspicion is that, next year is going to look like. A good year for US UK care homes, and I think we'll also be able to augment that with a decent amount of US senior housing on top of that, predominantly in a non-triple net format. So I think the pipeline looks good on all of them, but it's really just going to be determined by what opportunities present themselves and provide a risk adjusted return that looks compelling to us.

我懷疑明年會是這樣。對於美國和英國的養老院來說，今年是個好年頭，而且我認為我們還能在此基礎上增加相當數量的美國老年住房，主要以非三淨租賃的形式進行。所以我認為所有這些專案的進度都不錯，但最終還是要看有哪些機會出現，以及這些機會能否帶來我們認為有吸引力的風險調整後收益。

Great, thanks.

太好了，謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Thanks for the time. Just hoping we could talk a little bit more about Sabre. I guess one of the questions we've got, which I think is fair, is just the investment in the op, the going in yield is lower than what you are getting on the traditional triple net low risk. Real estate investment. So if you could just talk about the strategy of why accepting a lower yield for that theoretically riskier optical investment.

您好，早安。謝謝你抽出時間。只是希望我們能再多聊聊 Sabre。我想我們收到的一個問題（我認為這很合理）是，這項投資的初始收益率低於傳統三淨低風險投資的收益率。房地產投資。所以，請您談談為什麼願意接受收益率較低、理論上風險較高的光學投資策略。

Yeah, Juan, I would tell you that our 9.9% of the projected 2026 cash flow.

是的，胡安，我會告訴你，這占我們預期 2026 年現金流的 9.9%。

Is far more than 8%.

遠不止8%。

But we're happy to have the operating company retain significant cash to build on their growth.

但我們很高興看到營運公司保留了大量現金，以繼續保持成長勢頭。

So from our perspective, risk adjusted returns.

所以從我們的角度來看，這是風險調整後的效益。

Proba likely very high teams. This is a business where from my perspective, I look at their equity value today and I think about the ensign trajectory and a very similar.

很可能是實力非常強的隊伍。從我的角度來看，這家公司目前的股權價值，以及它未來的發展軌跡，都非常相似。

Platform to smaller, I look at that, our equity investment. I'd be very disappointed if we don't double or triple that investment over time.

從平台到規模較小的公司，我關注的是我們的股權投資。如果隨著時間的推移，我們無法將這項投資翻一番甚至兩番，我會非常失望。

And then just.

然後就…

On the the investment, again, just if you could help us frame how you thought about valuing the oppco and if there's any EBITDA being generated outside of your prior existing lease in this kind of new.

關於投資，再次懇請您幫助我們闡明您是如何考慮評估營運公司價值的，以及在這種新的投資模式下，除了您之前現有的租賃之外，是否會產生任何 EBITDA。

Lease joint venture you set up.

您設立的租賃合資企業。

Well, as I mentioned earlier in my question, or in my response to your last question, the cash flow generated by the Oco is very substantial. Our 9.9% of share of that cash flow is far more than the 8% yield that they're paying on our investment.

正如我之前在問題中，或者在我回答你上一個問題時提到的那樣，Oco產生的現金流非常可觀。我們獲得的現金流量的 9.9% 份額遠高於他們為我們的投資支付的 8% 收益率。

But they're private companies, so beyond that, I can't disclose much more, other than to say that stands on its own, it's got lots of cash flow, there's lots of opportunities we think, it's, there's going to be great work there.

但它們都是私人公司，所以除此之外，我不能透露太多，只能說它本身運作良好，現金流充裕，我們認為有很多機會，那裡將會有很多很棒的工作機會。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, good morning, everyone. Just wanted to push a little bit more along Juan's line of questioning, in terms of the saber.

大家好，早安。我只是想就佩劍的問題，再沿著胡安的提問方向再深入探討一下。

Opco.

營運公司。

Again just just kind of give us a general sense of again what kind of growth profile did you guys kind of underwrite.

請您再次大致介紹一下，你們當時設想的成長模式是什麼樣的。

For that entity, is it kind of similar to, some of the stuff we've seen on the shop side on senior housing where these things are going 15-20% seems to know why we're just trying to get a better sense of kind of what the growth profile of that entity could be over the next few years.

對於該實體而言，這是否與我們在老年住房領域看到的一些情況類似，這些情況的成長率在 15% 到 20% 之間？我們似乎知道為什麼，只是想更了解該實體在未來幾年內的成長情況。

Yeah, so, Again, similar to inside, you can look at publicly how they've grown.

是的，所以，和內部情況類似，你也可以公開地觀察他們的發展。

It's not inside the, it's not same store inside the box room.

它不在裡面，它不是盒子房間裡的同一家商店。

It's the platform finding opportunities.

這是一個尋找機會的平台。

Additional facilities, that tend to be underperforming where you can be additive. So there's huge opportunities there, and it's really just, it comes down to how fast do they grow.

其他設施往往表現不佳，而你可以從中受益。所以那裡蘊藏著巨大的機遇，關鍵在於它們成長的速度有多快。

But again, I would point you to the public pier that I think is the best comp in that sense sign, and you can look at their growth quarter over quarter, it's really meaningful. And you don't have to rely on pushing rates. You don't have to rely on cutting expenses. It's really just taking underperforming assets in this industry, and turning them around, and we've seen Saber do that for the last decade.

但我還是要指出，我認為公共碼頭在這方面是最好的比較對象，你可以看看他們的季度成長情況，這真的很有意義。而且你也不必依賴推高利率。你不必依靠削減開支。實際上，就是將業內表現不佳的資產進行扭轉，而我們已經看到 Saber 在過去十年中做到了這一點。

Gotcha.

明白了。

On the proper side, any opportunities to refinance the 6.1% debt to kind of a.

從正確的角度來看，任何將 6.1% 的債務再融資的機會都可能成為一種選擇。

Lower rate.

降低利率。

Yes, absolutely, the majority of the debt is HUD debt today, which is long-term good rates, but the plan is to further refinance the non-HUD debt into HUD debt and then continue to just keep looking at the debt profile to lower rates as that becomes available.

是的，沒錯，目前大部分債務都是 HUD 債務，利率長期來看很不錯，但計劃是將非 HUD 債務進一步再融資為 HUD 債務，然後繼續關注債務狀況，以便在利率降低時盡快降低利率。

Gotcha. Thank. You.

明白了。感謝。你。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，格林街。

Good morning. Thanks for the time. I just have two questions on the labor backdrop.

早安.謝謝你抽出時間。關於勞動市場方面，我有兩個問題。

First, maybe compare and contrast the US versus the UK. When you talk to your operators, what type of wage increases are folks budgeting for next year in the in the US versus the UK?

首先，或許可以對美國和英國進行一番比較和對比。當你和你的運營商交談時，美國和英國的員工明年分別計劃進行怎樣的工資增長？

I mean, I think the wage increases are still pretty much matching inflation at this point in time. I don't know if that's different between the US and the UK. The UK doesn't quite have the same staffing issues that we have here in the US, although those have eased a bit, but the expectation is that demographics increase there, that there's going to be always an issue there.

我的意思是，我認為目前薪資成長基本上與通膨率持平。我不知道美國和英國的情況是否有所不同。英國目前還沒有像美國這樣嚴重的人員短缺問題，雖然這些問題有所緩解，但預計隨著人口增長，英國的人員短缺問題將一直存在。

Okay, final question, maybe to follow on there in the US, Megan, are you seeing, where are you seeing any pockets of labor availability issues resurface in certain states, are you seeing certain operators have to pull the temp agency, temp labor lever a little bit more?

好的，最後一個問題，梅根，在美國，你是否看到某些州再次出現勞動力短缺問題？你是否看到某些業者必須更依賴臨時工仲介或臨時勞動力？

We really haven't seen agency increase anywhere. It, came down after COVID and has pretty much stayed down. Obviously you're going to see it in a building here or there, right? People can't get 100% out of agency, that's a really tough thing to do. The rural areas tend to be the toughest, but really, I think what people are doing is rather than bring agency on, they just don't take the additional resident on until they have staff in there. And it's a big culture push for all of our operators to really change the way that they hire people and make sure that they retain them.

我們真的沒有看到任何地方的自主性有所提升。新冠疫情後，它的股價下跌，而且一直保持低迷狀態。顯然，你會在一棟或幾棟建築物裡看到它，對吧？人們不可能完全發揮自主權，這真的很難做到。農村地區往往是最艱難的，但實際上，我認為人們的做法是，與其引入機構，不如等到有工作人員在場後再接收額外的居民。這對我們的所有營運商來說都是一次巨大的文化變革，他們需要真正改變招募員工的方式，並確保留住人才。

Okay, but you haven't seen any in recent months or quarters. You haven't seen any glimpses of issues stemming from just slower immigration.

好的，但是最近幾個月或幾季你都沒看過。你還沒有看到任何因移民速度放緩而引發的問題跡象。

No, we haven't.

不，我們沒有。

Okay, thanks for your time.

好的，謝謝您抽出時間。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi, good morning. This is Carol Granitz.

您好，早安。這是卡羅爾·格拉尼茨。

I wanted to go back to Saber. I know that you just outlined the deal had a mix of Smith and AL, and I was curious on Saber's acquisition front or at least their strategy going forward. Are they aligned with you of also expanding into senior housing itself, or they want to maintain more of a skilled mix?

我想回到Saber。我知道你剛才概述了這筆交易涉及史密斯和AL，我很好奇Saber在收購方面的情況，或者至少是他們未來的策略。他們也像你一樣計劃拓展到老年住宅領域，還是希望維持更專業的服務組合？

Yeah, and just to repeat my numbers, there's 50 snips in this portfolio and 6 elves, and they're in 6 states, and the plan is to keep growing the snip portfolio in those states and other states.

是的，我再重複我的數字，這個投資組合裡有 50 個小項目和 6 個小精靈，它們分佈在 6 個州，計劃是繼續在這些州和其他州擴大小項目投資組合。

So we are very much aligned with them with that plan.

所以，我們和他們的計劃非常一致。

Well then talk about the that's within the JB but then overall.

那麼，就談談JB內部以及整體上的情況吧。

Oh yeah, I mean, overall, I mean, the portfolio consists of 126 snips and 13 elves. So once again, Sabre's a very snip focused operator, as Taylor both Matthew mentioned. We think of them as best in class. So again, the idea here is to keep growing the snip portfolio. If an occasional elf is picked up in that, that's okay. Sabre can handle it, but they are very snip focused.

哦，是的，我的意思是，總的來說，這個作品集由 126 個片段和 13 個精靈組成。所以，正如 Taylor 和 Matthew 所提到的，Sabre 再次展現出其作為狙擊手的精湛技藝。我們認為他們是同類產品中的佼佼者。所以，這裡的想法是繼續擴大剪報組合。如果偶爾抓到一個精靈，那也沒關係。Sabre 可以處理這種情況，但他們非常注重狙擊。

Okay, thank you. And then also when it comes to your your coverage levels, you made a comment that you've reached almost new highs currently and where are you seeing that trend going forward and do you think we're reaching a point of leveling out when it comes to coverage?

好的，謝謝。另外，關於你們的覆蓋率，你們曾提到目前已經達到了幾乎新的高度，您認為這一趨勢未來的發展方向是什麼？您認為在覆蓋率方面，我們是否會達到一個趨於平穩的點？

I will tell you the trend is still up.

我可以告訴你，這個趨勢仍然在上升。

And I think to the extent that occupancy continues to grow, that will be the trend.

我認為，只要入住率持續成長，這就會成為一種趨勢。

And we know from demographics, we You've seen it, we can model it. We know that occupancy is going to continue.

我們從人口統計中得知，我們已經看到了，我們可以建立模型。我們知道入住率將會持續上升。

Going up, we may for the first time in a while, begin to see some seasonality in occupancy. We haven't seen that for a while coming out of COVID, with the COVID lows in terms of occupancy, but, driving, the occupancy rules keep driving coverage, so.

隨著房價上漲，我們可能會在一段時間以來首次看到入住率出現一些季節性波動。自從新冠疫情爆發以來，我們已經很久沒有看到這種情況了，入住率也降至新冠疫情的低點，但是，由於入住率規則仍然影響著汽車保險的覆蓋率。

I think 155 is not a baseline and will keep growing.

我認為155不是一個基準線，它還會繼續成長。

Okay, thank you.

好的，謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, yeah, good morning, everyone. I want to go back to the opportunity of the where.

嘿，是的，大家早安。我想回到「哪裡有機會」這個主題上來。

You said you.

你說你。

Could do some loans with back and recaps.

可以做一些有本金和資本重組的貸款。

Are you seeing a lot of competition for these types of deals? Does your position as an existing landlord.

你覺得這類交易的競爭很激烈嗎？您作為現有房東的立場是什麼？

Give you a little bit of an advantage there?

這能帶給你一點優勢嗎？

Yeah, so I mean this product started when the debt markets were extremely tight in the US and you know we've partnered with many sponsors and operators to create a $300 million dollar portfolio. And as I said in one example, we created a lot of IRR with that one transaction, and we see a lot more of this coming potentially with our portfolio, but no, we're not seeing a ton of competition in the space because what we've proven to our operating partners is that we're there for that, for the turnaround opportunities. And they've proven to us they can throw them around.

是的，我的意思是，這款產品誕生於美國債務市場極度緊縮時期，我們與許多發起人和營運商合作，創造了一個價值 3 億美元的投資組合。正如我剛才舉例說的，我們透過那筆交易創造了大量的內部報酬率，而且我們看到未來我們的投資組合中可能會出現更多這樣的機會。但是，我們並沒有在這個領域看到很多競爭，因為我們已經向我們的營運夥伴證明，我們隨時準備好抓住這些扭虧為盈的機會。他們已經向我們證明，他們可以隨意投擲它們。

So, we continue to keep growing that segment of our business, meaningfully, but only if we believe in the upside.

因此，我們會繼續穩步發展這部分業務，但前提是我們相信它有發展前景。

Okay, thank you.

好的，謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yeah, thanks. How should we think about the opportunities to do more of these opco type deals? Do you have any more in your pipeline? I guess what's the outlook on that front?

嗯，謝謝。我們應該如何看待開展更多此類營運公司類型交易的機會？你們還有其他項目正在籌備中嗎？我想了解這方面的前景如何？

I, I'd say that said it's very narrow.

我覺得，這麼說的話範圍非常窄。

In terms of the type of transaction what we did with Saber, they're, a uniquely, fantastic operator.

就我們與 Saber 的交易類型而言，他們是一家非常出色、獨一無二的營運商。

That being said, it wouldn't be out of the question to see this again, but there is absolutely nothing in our pipeline today to repeat this transaction.

話雖如此，再次發生這種情況並非不可能，但我們目前絕對沒有任何計劃可以重複這筆交易。

Okay, and then when you underwrite these types of transactions, I mean, should we think about the the potential focus more on your existing tenant roster where you have, I guess close knowledge of their business model or or could you go outside of the tenant roster if you can get comfortable with that with that.

好的，那麼在承銷這類交易時，我的意思是，我們是否應該更多地考慮現有租戶名單，因為你對他們的商業模式比較了解；或者，如果你覺得合適，是否可以考慮租戶名單之外的其他選擇。

Yeah, I mean, obviously you, the more knowledge you have of an operator and experience you have of an operator, both from a financial standpoint, but more importantly from a clinical standpoint and and understanding the sustainability of that business model, the more comfortable you are going to be taking that alignment of interest by taking an op. Exposure and obviously that aligns more likely with our current operator portfolio but as Taylor said, there's nothing imminently on the horizon even within that portfolio today that would suggest this is going to be something we're going to be executing on in the next 6 to 12 months.

是的，我的意思是，很顯然，你對一家運營商了解得越多，對一家運營商的經驗越多，無論是從財務角度，還是更重要的是從臨床角度，以及對這種商業模式的可持續性的理解，你就越能安心地接受這種利益一致的做法，從而開展一項業務。顯然，這種投資方式更符合我們目前的營運商組合，但正如泰勒所說，即使在目前的投資組合中，也沒有任何即將發生的跡象表明我們將在未來 6 到 12 個月內執行這項投資。

Okay, great. I appreciate it.

好的，太好了。謝謝。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

Thanks. I'd like to ask a much larger picture question. You talked about sequestration risk being pushed into, well, we know it happened in 2026 if the government ever gets its act together, but on the Medicaid side, obviously sniffs were spared. But what is your comment about Medicaid cuts and state budgets and just indirect concern about how states may be able to operate in the future with with the Medicaid cuts even though you, your specific business wasn't targeted? Are you concerned at all about just state Profitability or something. I'm just I'm just curious where you stand on that.

謝謝。我想問一個更宏觀的問題。你談到了自動減支的風險被推遲，嗯，我們知道如果政府能夠齊心協力，這種情況會在 2026 年發生，但在醫療補助方面，顯然受到了影響。但是，對於醫療補助削減和州預算，以及您對各州未來如何在醫療補助削減的情況下維持運營的間接擔憂（即使您或您的企業並未受到直接影響），您有何評論？你是否只關心州的盈利能力或其他方面？我只是好奇你對此持什麼立場。

It is definitely something that we're keeping an eye on, and monitoring, and there have been a few states who have started to bring up OBBA issues. I will say that in most of those states, there's very strong support for skilled nursing and not cutting skilled nursing, rates, which has been a positive. We've seen some of those cuts come through, but we've seen that people are very supportive of maybe pulling back some of those cuts that have already occurred like in.

這絕對是我們正在密切關注和監測的事情，而且已經有一些州開始提出OBBA問題。我想說的是，在這些州的大多數地方，人們對專業護理和不削減專業護理費用都給予了非常強烈的支持，這是一個積極的信號。我們已經看到一些削減措施得以實施，但我們也看到人們非常支持撤回一些已經實施的削減措施，例如…

In Idaho and North Carolina. But the reality is when we look at our TOP10 states, I think we're pretty well positioned. We've got, Texas and Florida aren't expansion states. They won't be touched at all. And then all of the other states really fall into, we haven't heard any concerns or they have higher, coverages than our average coverage. So any cut would probably still keep them above that average coverage. And that's the case in North Carolina and Idaho right now, or they are very much so, in multiple states and so they're a little bit insulated from any one given state having an issue. And then couple that all with the fact that our coverages are where they are, we feel pretty well insulated that, we can weather that going forward.

在愛達荷州和北卡羅來納州。但實際上，當我們審視我們排名前十的州時，我認為我們處於相當有利的地位。我們知道，德州和佛羅裡達州都不是擴張州。它們根本不會受到任何影響。至於其他所有州，我們沒有聽到任何擔憂，或者他們的保險覆蓋率高於我們的平均水平。所以即使削減開支，他們的覆蓋率可能仍然會高於平均值。目前北卡羅來納州和愛達荷州的情況正是如此，或者說，多個州的情況非常如此，因此它們在一定程度上不會受到任何一個州出現問題的影響。再加上我們目前的保險覆蓋範圍，我們感覺自己能夠很好地抵禦這種情況，可以安然度過未來的難關。

Okay, great. Second question, I'm not going to ask about saber, it's been beaten to death. On Maplewood, I think it was 18.7 million of rent, that's 74, 75 million annualized.

好的，太好了。第二個問題，關於軍刀我就不問了，這個問題已經被問爛了。我記得在楓木專案上，租金是 1,870 萬美元，折合年租金就是 7,400 萬到 7,500 萬美元。

Is there an idea that you can ever get to the full 89 million in any kind of reasonable period of time, or is it starting to feel like it's approaching that because a couple of years ago I didn't think it was ever in the radar, but is it getting in the radar in your mind?

你認為有可能在合理的時間內達到 8,900 萬這個數字嗎？或者你覺得它正在接近這個數字，因為幾年前我根本沒想過它會實現，但你現在覺得它有可能實現嗎？

I mean, we have a lot of faith in that, management team. And they have been able to already demonstrate meaningful growth, right? You've seen it over the last couple of years where that number's moved up into where it sits today. So you look at that trajectory that they have very high occupancy which obviously limits their opportunity to push occupancy, but it increases their opportunity to push rates. These are highly desirable properties in very wealthy affluent communities. So I think that as they're able to push that rate with the 30+% margins they have, you see an opportunity for meaningful cash flow improvement continuing in their portfolio and so I almost put a time frame on it, but absolutely I think there is a visibility into that number at some point in the not too distant future.

我的意思是，我們對管理團隊非常有信心。他們已經展現了顯著的成長，對嗎？過去幾年，你已經看到這個數字一路攀升，最終達到了今天的水平。所以你看，他們的入住率非常高，這顯然限制了他們提高入住率的機會，但增加了他們提高房價的機會。這些都是位於富裕社區的非常搶手的房產。所以我認為，憑藉他們30%以上的利潤率，他們能夠推動這個利率，從而有機會持續改善其投資組合的現金流。因此，我幾乎可以給出一個時間表，但我絕對認為在不久的將來，這個數字是可以預見的。

What would you say about Second Avenue progress lately?

您如何評價第二大道近期的發展？

Well, the occupancy there is 96%. So things are the building is basically full as residents move out and more residents move in to Matthew's Point, they can push right. So we just, we expect further cash flow growth there.

那裡的入住率是 96%。所以現在的情況是，這棟建築基本上已經滿了，因為居民搬走了，而更多的居民搬進了馬修斯角，他們可以向右推進。因此，我們預計現金流將進一步成長。

Awesome. Okay, thanks everyone.

驚人的。好的，謝謝大家。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Morning, thanks for the questions. I guess just first want to clarify, you had mentioned that there was a loan that got repaid, in October with an upside kicker, that got you to high return. Just maybe give us a bit more detail how big was the loan, what was the gain above the interest rate.

早安，謝謝大家的提問。我想先澄清一下，您之前提到過有一筆貸款在十月份償還完畢，並且還有一筆額外的收益，這讓您獲得了高回報。或許您可以提供更詳細的信息，例如貸款金額是多少，以及高於利息的收益是多少。

Yeah, it, it's a smaller deal, but I'll detail it a little bit. It was a $6 million dollar transaction, a mega funded majority of the money.

是的，這件事比較小，但我會詳細說明一下。這是一筆價值 600 萬美元的交易，其中絕大部分資金來自巨額投資。

And then the operator was able to improve performance and refinance the building for $18 million. Omega was able to put 6 million bucks in our pocket. So once again, this was, and then sorry, on top of that we maintained a contractual agreement that if the building is refinanced again or sold, we also share 50% of the upside.

然後，營運商得以改善營運狀況，並以 1800 萬美元的價格為該建築進行再融資。歐米茄讓我們賺了600萬美元。所以，再一次，這是…，而且，很抱歉，除此之外，我們還維持了一項合約協議，即如果該建築物再次進行再融資或出售，我們還要分享 50% 的收益。

So again it's a, it's a small example with a meaningful IRR not saying we want achieve that in all deals, but we want to show an example of the potential of the outside in these type of translation.

所以，這只是一個小例子，它具有有意義的內部報酬率，並不是說我們希望在所有交易中都實現這一點，而是想展示外部力量在這些類型的轉換中的潛力。

Okay, so just to be clear, the gain what you said was 6.

好的，為了確認一下，你說的收益是 6。

Million?

百萬？

Right, yes, on that one on that.

對，是的，就是那個。

One, okay. And then just going back to the broader op opportunity set, I know you said they're very limited table type deals, but you just do clarification you referenced enzy, should we assume the saber margins.

好的，一。然後回到更廣泛的操作機會集，我知道你說過它們是非常有限的桌面交易，但你剛才澄清了一下，你提到了酶，我們是否應該假設劍的利潤率。

Ebi operating, net income margins are like ensign #1 and #2. Just can you clarify the comment about senior housing right there in the US.

Ebi 經營，淨利率與 ensign #1 和 #2 類似。能否具體解釋一下關於美國老年住房的評論？

In the past I think you've said you'd prefer more triple netlike deals where you can get higher yields over time.

我記得你以前說過，你更喜歡類似三淨租賃的交易，因為隨著時間的推移，你可以獲得更高的收益。

I just want to understand like what types of ideas you know housing US would you be looking at, and kind of what's the the pipeline look like. Thanks.

我只是想了解一下，您認為美國住房有哪些類型的構想，以及目前的規劃方向是什麼。謝謝。

Sure, Saber margins are are are very strong, enzyme-like margins.

當然，Saber 的邊緣非常堅固，具有類似酶的邊緣。

And then on the right idea front, I will tell you, we have a US deal and a UK deal in the pipeline today and we're working on documents. Does it mean they'll close? I don't know.

至於合適的創意方面，我可以告訴你們，我們目前正在洽談一項美國交易和一項英國交易，我們正在準備相關文件。這是否意味著他們會關門？我不知道。

But we're prepared to do your traditional idea. We spent a lot of time making sure we had the tools here, to handle that, and we don't, so will those deals close? I don't know, but we'll keep looking at those and others.

但我們願意接受你的傳統方案。我們花了很多時間確保我們擁有處理這種情況所需的工具，但我們沒有，那麼這些交易能完成嗎？我不知道，但我們會繼續關注這些以及其他方面。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Wanted to go back to some of Megan's commentary, just around CMS initiative, looking for input into how to streamline regulation within the skilled nursing industry. I'm just kind of curious what suggestions Omega may be making, what suggestions the industry as a whole may be making, and how does that end up, was improving the bottom line of skilled nursing facilities, improving operational processes, and a kind of whatever kind it may make, whatever the potential impact could be if these recommendations are. Are taken up by CMS.

我想回顧一下梅根的一些評論，特別是關於 CMS 的舉措，想了解如何簡化專業護理行業的監管。我只是有點好奇 ​​Omega 可能會提出什麼建議，整個產業可能會提出什麼建議，以及最終結果如何，例如改善專業護理機構的獲利狀況，改善營運流程，以及這些建議可能帶來的任何影響。被CMS接收。

Yeah, I mean, look, all the various industry associations are really pushing this pretty hard, and the idea is sort of surround how do you make the survey process a little bit more rational and reasonable.

是的，我的意思是，你看，各種行業協會都在大力推動這件事，其理念是讓調查過程更加理性合理。

Or that if you go in and you see an operator that's, they've they've had something that you could call for a tag, if they've already corrected it and they've done all the work to make sure they're in compliance and that it can't happen going forward, maybe don't have a system where you call that tag and you have financial repercussions when they're clearly showing that they're doing the right thing. So more rationalization around the survey process, more rationalization around. The rating, process as well, some of the maybe redundant reporting that's going on, I mean, all of these things, especially on the survey side, would have a major impact, and I think they're looking at ways that they can just, take that system, look at other systems, see if they can, just again, make it more rational in general, and I think that will all fall to the bottom line if they can. If they can fix some of those things, because we really find that the survey process can really penalize unnecessarily good operators, so.

或者，如果你進去後看到一個操作員，他們之前出現過一些你可以要求貼標籤的情況，但他們已經改正了，並且做了所有工作來確保他們合規，並且以後不會再發生類似的事情，那麼也許就不應該設置一個系統，讓你因為要求貼標籤而受到經濟處罰，因為他們已經清楚地表明他們正在做正確的事情。因此，需要對調查過程進行更多合理化，並對其他方面進行更多合理化。評級、流程，以及一些可能重複的報告，我的意思是，所有這些事情，尤其是在調查方面，都會產生重大影響，我認為他們正在尋找方法，可以藉鑑其他系統，看看是否能夠使之更加合理，我認為如果他們能夠做到這一點，最終都會對結果產生影響。如果他們能解決其中的一些問題，因為我們發現調查過程確實會對一些優秀的業者造成不必要的懲罰。

That's what we're looking forward. To.

這就是我們所期待的。到。

Thank you.

謝謝。

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

（操作說明）目前沒有其他問題。我謹將電話交還給泰勒‧皮克特先生，請他作總結發言。

Thanks, everyone, for joining the call today. As always, the team is available for follow-up. Have a great day. Have a happy Halloween.

感謝各位今天參加電話會議。團隊一如既往地隨時提供後續服務。祝你有美好的一天。萬聖節快樂！

Ladies and gentlemen, that concludes today's call. You all for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。