Omega Healthcare Investors, Inc. (OHI) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us. and welcome to Omega Healthcare Investors third-quarter earnings conference call. (Operator Instructions)

各位好。感謝各位加入我們。歡迎參加 Omega Healthcare Investors 2026 年第三季財報電話會議。(接線員指示)

I will now hand the conference over to Michele Reber. Please go ahead.

我現在把會議交給 Michele Reber。請開始。

Thank you, and good morning. With me today is Omega's CEO, Matthew Gourmand; CFO, Neal Ballew; CIO, Vikas Gupta; and Megan Krull, Senior Vice President, Data Intelligence and Government Relations.

謝謝，早安。今天與我一同出席的有 Omega 的執行長 Matthew Gourmand；財務長 Neal Ballew；投資長 Vikas Gupta；以及資料智慧與政府關係資深副總裁 Megan Krull。

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.

本次電話會議中非歷史事實的評論，可能構成前瞻性陳述，例如關於我們的財務預測、潛在交易、營運商前景及整體展望的陳述。可能導致實際結果與前瞻性陳述所述結果出現重大差異的因素，已詳載於公司向美國證券交易委員會（SEC）提交的文件中。

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

在今天的電話會議中，我們將提及一些非 GAAP 財務衡量指標，例如 NAREIT FFO、調整後 FFO、FAD 及 EBITDA。這些非 GAAP 指標與依一般公認會計原則下最可比指標之調節表，載於季度補充資料中。此外，我們討論的部分營運商覆蓋率與財務資訊係基於營運商提供的資料，Omega 未獨立驗證。

I will now turn the call over to Matthew.

我現在把電話會議交給 Matthew。

Thanks, Michelle. Good morning, and thank you for joining our third quarter 2026 earnings conference call. Today, I will discuss our third quarter financial results as well as some of our recent transactions. Third quarter adjusted funds from operations, AFFO, of $0.82 per share and FAD, funds available for distribution, of $0.78 per share reflects solid year-over-year growth.

謝謝，Michelle。早安，感謝各位參加我們 2026 年第三季財報電話會議。今天我將討論第三季財務結果，以及近期部分交易。第三季每股調整後營運資金（AFFO）為 0.82 美元、每股可供分配資金（FAD）為 0.78 美元，反映出穩健的年增成長。

However, it should be noted that sequentially, these financial metrics were effectively flat, driven by the headwind from $563 million of asset sales late in the second quarter. However, as we have been at pains to stress in our discussions with investors, we are managing this business to be a long-term sustainable value. We believe these dispositions which was sold at an effective 7% cap rate on cash flow, allowed us to exit assets that were going to require significant capital investment over the longer term while strengthening the underlying credit support of the related operators.

不過需要注意的是，按季比較，這些財務指標基本持平，主要受到第二季末出售 5.63 億美元資產所帶來的逆風影響。然而，正如我們在與投資人討論時一再強調的，我們以創造長期可持續價值來經營這項業務。我們認為，這些以現金流計算約 7% 資本化率（cap rate）出售的處分交易，使我們得以退出那些長期將需要大量資本投入的資產，同時強化相關營運商的基礎信用支撐。

This is an example of the active portfolio management that we've spoken about in recent quarters. And we were able to show another example in the third quarter as we transitioned 32 facilities to PACS, paying a $90 million termination fee to the prior operator and increasing annual cash rents on this portfolio by $26.1 million in the first year, an effective yield of 29%. This highly accretive transaction addressed the needs of two long-standing operators are supporting continued quality of careful residents.

這正是我們近幾季所談到的主動式投資組合管理的例子。第三季我們也展示了另一個例子：我們將 32 家機構轉由 PACS 承接，向原營運商支付 9,000 萬美元解約費，並在第一年使該投資組合的年度現金租金增加 2,610 萬美元，等同於 29% 的有效收益率。這筆高度增益（accretive）的交易，滿足了兩家長期合作營運商的需求，並支持持續提供高品質的住民照護。

And we believe there are selective opportunities to achieve similar strong accretion through further active portfolio management efforts in the coming quarters. As we highlighted last quarter, we expected our acquisition run rate to pick up in the second half of the year, and this proved correct as we've been able to allocate over $1 billion in the second half of the year-to-date.

我們相信，未來幾季透過進一步的主動式投資組合管理，仍有選擇性機會可達成類似的強勁增益。如同我們上季所強調的，我們預期下半年收購節奏將加快；事實也證明如此，因為截至目前下半年我們已配置超過 10 億美元。

As with so many of our transactions executed in recent quarters, the majority of these investments are structured to align our interests with those of our operators, with our initial accretive yields not creating an undue burden on the cash flow of the facilities and with an opportunity to benefit in the upside if, as we expect, and operator improves the financial performance of the portfolio.

如同我們近幾季執行的許多交易一樣，這些投資多數採取能使我們與營運商利益一致的架構：初始增益收益率不會對機構現金流造成過度負擔，並且若如我們所預期營運商改善投資組合的財務表現，我們也有機會分享上行收益。

This philosophy of alignment of interest has been resonating with operators and managers alike, and we continue to be disciplined in our capital allocation policies, focusing on investment opportunities that provide sufficient upside that each party is able to achieve favorable economics.

這種利益一致的理念，已同時獲得營運商與管理團隊的共鳴；我們也持續在資本配置政策上保持紀律，聚焦於能提供足夠上行空間、使各方都能取得有利經濟效益的投資機會。

With an excellent cost of capital, our lowest leverage in the company's history EBITDA coverage at the highest level in over a decade, robust secular tailwinds and a portfolio of strong operators looking to grow, we are very optimistic about our ability to create shareholder value for the foreseeable future.

憑藉優異的資本成本、公司史上最低的槓桿水準、超過十年來最高的 EBITDA 覆蓋率、強勁的長期結構性順風，以及一群希望成長的優質營運商組合，我們對於在可預見的未來創造股東價值的能力非常樂觀。

I will now turn the call over to Vikas.

我現在把電話會議交給 Vikas。

Thank you, Matthew, and good morning, everyone. Today, I'll review the latest performance trends across our triple net and operating portfolios, provide updates on Genesis and our recent operator transitions and discuss our investment activity and pipeline.

謝謝你，Matthew，各位早安。今天我將回顧我們三重淨租（triple net）與自營（operating）投資組合的最新表現趨勢，更新 Genesis 與近期營運商交接情況，並討論我們的投資活動與儲備案源（pipeline）。

Starting with portfolio performance. Our core triple net and mortgage loan portfolio continues to demonstrate positive operating trends. Trailing 12-month operator EBITDAR coverage as of June 30, 2026, improved to 1.67 times compared to 1.65 times in the prior reporting period. Occupancy also increased slightly to 82.7% compared to 82.6% previously. Additionally, our senior housing operating portfolio or SHOP, continues to perform in line with our underwriting expectations.

先從投資組合表現談起。我們的核心三重淨租與抵押貸款投資組合持續展現正向的營運趨勢。截至 2026 年 6 月 30 日的過去 12 個月（TTM）營運商 EBITDAR 覆蓋倍數提升至 1.67 倍，較前一報告期間的 1.65 倍改善。入住率也小幅上升至 82.7%，先前為 82.6%。此外，我們的高齡住宅自營投資組合（SHOP）亦持續符合我們的承作（underwriting）預期。

Turning to portfolio activity. We had two significant developments in October. First, the Genesis Chapter 11 bankruptcy sale was finalized and our master lease was assumed and assigned to 101 West Street an affiliate of New Gen. As part of the transaction, we received repayment of our DIP loan and a $150 million term loan. This represents an excellent outcome for Omega.

接著談投資組合動態。10 月有兩項重大進展。第一，Genesis 第 11 章破產出售案已完成定案，我們的總租約（master lease）已被承接並轉讓給 101 West Street（New Gen 的關係企業）。作為交易的一部分，我們收回了 DIP 貸款的償還款以及一筆 1.5 億美元的定期貸款。這對 Omega 而言是極佳的結果。

We preserved all of our existing lease economics, resolved our loan exposure to Genesis, and establish a new lease relationship with an experienced operator. Importantly, the Genesis portfolio continues to generate coverage above our overall portfolio average, providing NewGen with strong foundation as it assumes operations. We know the principles of NewGen well, having transacted with them previously and look forward to building on that relationship over time.

我們保留了既有的全部租約經濟條件，解決了對 Genesis 的貸款曝險，並與具經驗的營運商建立新的租約關係。重要的是，Genesis 投資組合的覆蓋率仍高於我們整體投資組合平均，為 NewGen 接手營運提供了穩固基礎。我們對 NewGen 的主要成員相當熟悉，先前也曾與其進行交易，並期待隨時間推進持續深化合作關係。

As Matthew mentioned, in October, we also completed the previously announced transition of 32 skilled nursing facilities in Florida from Airamid affiliated operators to PACS, one of our largest operating partners. The facilities were added to our existing PACS master lease with first year annual contractual rent of $58 million, representing a $26.1 million increase over the prior rent. In year two, rental increased by 4.3% or approximately $2.5 million, followed by annual escalators of 2% thereafter.

如 Matthew 所提到的，10 月我們也完成先前公告的交易：將佛羅里達州 32 家專業護理機構，從 Airamid 關係營運商轉由 PACS（我們最大的營運合作夥伴之一）承接。這些機構已納入我們既有的 PACS 總租約，第一年年度合約租金為 5,800 萬美元，較先前租金增加 2,610 萬美元。第二年租金增加 4.3%，約 250 萬美元，其後每年調升 2%。

To facilitate the transaction, Omega paid a $90 million lease termination fee to Airamid. We are pleased to support PAX' expansion into Florida, a new operating state for them. Importantly, the transaction is expected to generate approximately $0.065 per share in annualized FAD accretion, representing a highly attractive outcome for our shareholders.

為促成此交易，Omega 向 Airamid 支付 9,000 萬美元租約終止費。我們很高興支持 PACS 擴展至佛羅里達州，這對他們而言是新的營運州別。重要的是，預期此交易將帶來每股約 0.065 美元的年化 FAD 增益，對股東而言極具吸引力。

I want to emphasize that this transition was not driven by performance or rent collection issues. Airamid has been a strong long-standing operator for Omega, and we greatly value their partners. Rather, this transaction reflects the proactive approach to asset management that Matthew mentioned earlier, where we identified an opportunity to unlock additional value within our existing portfolio.

我想強調，這次交接並非由於營運表現或租金收取問題所驅動。Airamid 一直是 Omega 長期且表現強勁的營運商，我們非常重視與他們的合作夥伴關係。相反地，這筆交易反映了 Matthew 先前提到的主動式資產管理作法：我們辨識到一個能在既有投資組合中釋放額外價值的機會。

While transactions of this magnitude may be unique, we remain focused on identifying opportunities to enhance the value of our existing portfolio. These include similar lease termination and re-leasing transactions, dispositions of non-core assets at attractive cap rates and lease restructurings that allow Omega to participate in future operating upside.

雖然如此規模的交易可能較為罕見，但我們仍專注於尋找提升既有投資組合價值的機會。這些機會包括類似的租約終止與重新出租交易、以具吸引力的資本化率處分非核心資產，以及讓 Omega 得以參與未來營運上行的租約重整。

Now turning to new investments. During the third quarter, we completed $181 million in new investments, consisting of $167 million in real estate acquisitions and $14 million in real estate loan fundings. Our acquisitions included $73 million of skilled nursing facilities leased to a new operator, $16 million for six UK care homes leased to an existing operator and $78 million for five senior housing communities placed into a RIDEA structure with an existing operating partner.

接著談新投資。第三季我們完成 1.81 億美元的新投資，其中包括 1.67 億美元的不動產收購，以及 1,400 萬美元的不動產貸款撥款。我們的收購項目包括：7,300 萬美元出租給新營運商的專業護理機構、1,600 萬美元收購 6 間英國照護之家並出租給既有營運商，以及 7,800 萬美元收購 5 個高齡住宅社區並以 RIDEA 架構與既有營運合作夥伴合作。

In addition, during the quarter, we invested $48 million to convert 30 UK care homes across two operator relationships from triple net leases to RIDEA structures. These portfolios were already performing well with coverage above 1.4 times. And we believe there is an opportunity to capture additional upside through the operating structure.

此外，在本季度期間，我們投資4,800萬美元，將英國兩個營運商合作關係下的30家護理之家，從三重淨租賃（triple net leases）轉換為RIDEA架構。這些投資組合原本表現已相當良好，覆蓋倍數高於1.4倍。我們相信，透過營運架構有機會掌握額外的上行空間。

To manage these facilities, we are partnering with three established UK operators with whom we have existing relationships. These conversions further expand our UK operating platform and demonstrate our willingness to evolve our investment structures when we believe doing so can enhance long-term returns.

為了管理這些設施，我們與三家已建立的英國營運商合作，且我們與其皆已有既有合作關係。這些轉換進一步擴大我們在英國的營運平台，並展現我們願意在我們認為此舉可提升長期報酬時，調整並演進投資架構。

Also during the quarter, the Sabre PropCo joint venture, in which Omega owns a 49% equity interest, acquired five skilled nursing facilities for $88 million, funded through existing cash and third-party debt. Importantly, no additional equity was acquired from either Sabre or Omega. This is exactly the type of opportunity we envision when we initially invested in Sabre's real estate and operating platforms. As Sabre improves operations and stabilizes these facilities, we have the opportunity to participate in value creation in both the real estate and operating company levels.

同樣在本季度期間，Omega持有49%股權的Sabre PropCo合資企業，以8,800萬美元收購五家專業護理機構（skilled nursing facilities），資金來源為既有現金與第三方債務。重要的是，Sabre或Omega均未再投入額外股權。這正是我們當初投資Sabre的不動產與營運平台時所設想的機會類型。隨著Sabre改善營運並使這些設施趨於穩定，我們有機會在不動產層面與營運公司層面共同參與價值創造。

Turning to our new investment activity subsequent to quarter end. We have already completed $946 million in new investments during the fourth quarter. Our largest transaction was the Runwood UK investment, consisting of an $846 million mortgage loan secured by a portfolio of 55 care homes, including 7 leasehold interest located across the Southeast and Midlands regions of England.

接著談談季末之後我們的新投資活動。我們在第四季已完成9.46億美元的新投資。我們最大的一筆交易是Runwood英國投資案，包含一筆8.46億美元的抵押貸款，擔保品為55家護理之家的投資組合，其中包括7項租賃權益（leasehold interest），分布於英格蘭東南部與中部（Midlands）地區。

Our borrower Foundation Partners is an existing Omega tenant and an established UK operator with a strong track record of performance in comparable portfolios. The loan carries an initial interest rate of 8.72% and is expected to convert to a lease once we exercise our purchase option following the satisfaction of customary regulatory conditions. The initial lease yield will be consistent with the loan yield, with the potential to generate additional returns through our future rent reset tied to improved portfolio performance.

借款人Foundation Partners為Omega既有承租戶，亦為具備良好績效紀錄的成熟英國營運商，在相似投資組合上有強勁的表現。該貸款初始利率為8.72%，預期在我們於滿足慣常監管條件後行使購買選擇權時，將轉換為租賃。初始租賃殖利率將與貸款殖利率一致，並可望透過未來與投資組合績效改善連動的租金重設，帶來額外報酬。

We believe this is an attractive investment that combines a strong initial yield with meaningful potential upside while significantly expanding our presence in the UK through a partnership with an operator we know well and trust. Also subsequent to quarter end, we completed approximately $100 million of additional investments across six senior housing communities. Five of these communities will operate under RIDEA structures with two third-party managers, while the sixth, a continuing care retirement community will be added to an existing operator's master lease.

我們認為這是一項具吸引力的投資，兼具強勁的初始殖利率與可觀的上行潛力，同時透過與我們熟悉且信任的營運商合作，顯著擴大我們在英國的布局。此外，季末之後我們亦完成約1億美元的額外投資，涵蓋六個高齡住宅社區（senior housing communities）。其中五個社區將採RIDEA架構並由兩家第三方管理公司營運；第六個為持續照護退休社區（continuing care retirement community），將納入既有營運商的總租約（master lease）。

In total, we've completed approximately $1.5 billion in new investments year-to-date, including more than $1.1 billion since the beginning of the third quarter. As I have outlined, these transactions span skilled nursing, senior housing and UK care homes and reflects our team's ability to identify attractive investment opportunities, structured transactions creatively and deploy capital alongside strong operating partners.

截至今年迄今，我們合計已完成約15億美元的新投資，其中超過11億美元是在第三季初以來完成。如我所述，這些交易涵蓋專業護理、高齡住宅及英國護理之家，並反映我們團隊能辨識具吸引力的投資機會、以創意方式設計交易架構，並與優質營運夥伴共同部署資本的能力。

Finally, turning to our pipeline. We continue to see attractive market and off-market opportunities across both the US and the UK, and we remain focused on disciplined capital deployment, high-quality real estate, experienced operating partners and attractive risk-adjusted returns.

最後，談談我們的投資管線。我們在美國與英國持續看到具吸引力的市場內與場外（off-market）機會，並仍專注於審慎的資本部署、高品質不動產、具經驗的營運夥伴，以及具吸引力的風險調整後報酬。

Our pipeline remains strong, with numerous opportunities we are actively pursuing for potential closing in the fourth quarter and early 2027. Building on our recent investment momentum and successful portfolio initiatives, we believe Omega is well positioned to continue generating attractive returns and long-term shareholder value.

我們的投資管線仍然強勁，存在多項我們正積極推進的機會，可能於第四季及2027年初完成交割。在近期投資動能與成功的投資組合推動措施基礎上，我們相信Omega已具備良好條件，得以持續創造具吸引力的報酬與長期股東價值。

I'll now turn the call over to Neal.

接下來我把電話會議交給Neal。

Thanks, Vikas, and good morning. Turning to financials for the third quarter of 2026. Revenue for the third quarter was $341 million compared to $312 million for the third quarter of 2025. The year-over-year increase was primarily the result of $31 million in resident fees and services from our operating portfolio, which we continue to grow through new acquisitions and triple-net conversions.

謝謝你，Vikas，大家早安。接著說明2026年第三季的財務表現。第三季營收為3.41億美元，對比2025年第三季的3.12億美元。年增主要來自我們營運型投資組合的住民費用與服務收入增加3,100萬美元；我們持續透過新收購與三重淨租賃轉換來擴大該投資組合。

Net income available to common shareholders for Q3 2026 was $83 million or $0.27 per diluted common share compared to $180 million or $0.59 per diluted common share for Q3 2025. The year-over-year decrease was primarily the result of $60 million of acquisition, merger and transition-related expenses in Q3 2026 substantially all related to the terminating of our leases with the operators of the 30 UK care homes converted to RIDEA structures and a $28 million gain on asset sales in Q3 2025.

2026年第三季可歸屬普通股股東的淨利為8,300萬美元，或稀釋後每股普通股0.27美元；相較之下，2025年第三季為1.80億美元，或稀釋後每股普通股0.59美元。年減主要原因為2026年第三季認列6,000萬美元的收購、合併與轉換相關費用，幾乎全部與終止我們與已轉為RIDEA架構之30家英國護理之家營運商的租約相關；以及2025年第三季認列2,800萬美元的資產出售利益。

Adjusted FFO was $262 million or $0.82 per share for the quarter and FAD was $250 million or $0.78 per share. Reconciliations of these non-GAAP measures to net income are included in our earnings release and third quarter financial supplemental posted to our website. As expected, Q3 2026 AFFO per share decreased by approximately $0.01 compared to Q2 AFFO due to the approximate $775 million in asset sales and loan repayments over the past two quarters, which reduced Q3 AFFO by $8.8 million.

本季調整後FFO為2.62億美元，或每股0.82美元；FAD為2.50億美元，或每股0.78美元。這些非GAAP指標與淨利之間的調節表，已包含於我們的財報新聞稿及發布於官網的第三季財務補充資料中。如預期，2026年第三季每股AFFO較第二季下降約0.01美元，原因是過去兩季約7.75億美元的資產出售與貸款償還，使第三季AFFO減少880萬美元。

The decrease was partially offset by incremental income from $308 million in new investments completed during the second and third quarters, $124 million in net investment activity by the Sabre PropCo JV during the second and third quarters and lower net interest expense of approximately $5 million, driven by lower average revolver borrowings and higher interest income on cash balances.

該降幅部分被以下因素抵銷：第二與第三季完成的3.08億美元新投資所帶來的增量收入；Sabre PropCo合資企業於第二與第三季的1.24億美元淨投資活動；以及淨利息費用約500萬美元的下降，主要由平均循環信貸（revolver）借款較低與現金餘額利息收入較高所帶動。

Our balance sheet remains incredibly strong. Our debt is well laddered, and we have significant liquidity. During the quarter, we issued 4.7 million common shares through our ATM and DRIP programs for gross proceeds of $234 million at an average price of $49.44. At quarter end, we had no borrowings outstanding on our $2 billion revolver and $196 million in cash on hand.

我們的資產負債表仍然非常強健。我們的債務到期結構分布良好，且具備充足流動性。本季我們透過ATM與DRIP計畫發行470萬股普通股，總募集金額2.34億美元，平均價格為49.44美元。季末時，我們的20億美元循環信貸額度未有任何未償借款，且手上現金為1.96億美元。

Our fixed charge coverage ratio was 6.9 times and our leverage decreased to 3.1 times. Historically, we have targeted long-term leverage of between 4 times and 5 times adjusted normalized EBITDA, however, given the current rate environment and our ability to accretively fund investments through equity, we are targeting to maintain leverage under 4 times for the foreseeable future.

我們的固定費用覆蓋倍數為6.9倍，槓桿倍數下降至3.1倍。歷史上，我們的長期槓桿目標為調整後常態化EBITDA的4倍至5倍；然而，鑑於目前利率環境以及我們能透過股權增厚性（accretively）地為投資提供資金，我們的目標是在可預見的未來將槓桿維持在4倍以下。

Subsequent to quarter end, we funded the $846 million foundation mortgage loan using a combination of balance sheet cash, capital recycled from loan repayments and borrowings on our revolver. We continue to have access to the capital markets and have ample liquidity and optionality to fund both the next scheduled debt maturity due in April 2027 and to raise capital to accretively fund the investment pipeline.

季末之後，我們以資產負債表現金、由貸款償還回收再投入的資本，以及循環信貸借款的組合，撥付了8.46億美元的Foundation抵押貸款。我們仍可進入資本市場，並具備充足的流動性與彈性，以因應下一筆預定於2027年4月到期的債務到期償付，並籌措資金以增厚性地支持投資管線。

Turning to guidance. As we announced in yesterday's press release, we increased and tightened our full year adjusted FFO guidance to a range of $3.28 to $3.30 per share from our prior range of $3.22 to $3.26 per share. With that change, the midpoint of our guidance increased to $3.29 per share, a $0.05 increase over the midpoint of our July guidance.

接著談談財測指引。如同我們在昨日新聞稿中所宣布，我們上調並收窄全年調整後FFO指引區間至每股3.28至3.30美元，先前區間為每股3.22至3.26美元。隨著此調整，我們指引中位數上升至每股3.29美元，較我們7月指引的中位數提高0.05美元。

Our revised 2026 midpoint of $3.29 per share also represents a $0.19 increase over 2025 full year AFFO of $3.10. This would represent a 6% year-over-year increase in AFFO, while also paying out a dividend yield of nearly 6%. Our updated guidance reflects the $946 million of new investments completed since quarter end, including the $846 million foundation mortgage loan as well as the transition of 32 Florida facilities to PACS, which increases annual contractual rent on those facilities by $26.1 million and annual straight-line revenue of $33.8 million in the first year.

我們修訂後的2026年每股3.29美元中位數，也較2025年全年每股AFFO 3.10美元增加0.19美元。這代表AFFO年增6%，同時股息殖利率接近6%。我們更新後的指引反映了季末以來完成的9.46億美元新投資，包括8.46億美元的Foundation抵押貸款，以及將佛羅里達州32處設施轉由PACS承接，該轉換使這些設施的年度合約租金增加2,610萬美元，且第一年的年度直線法（straight-line）收入增加3,380萬美元。

With that said, I'd like to take a moment to highlight a few of the guidance assumptions we outlined in our earnings release. Guidance includes the impact of new investments completed through November 3 and does not include any additional investments not outlined in our press release. Guidance assumes that no additional operators are placed on a cash basis for revenue recognition that NewGen pays its full contractual rent of $13.3 million per quarter following its assumption of our lease, which will equate to approximately $14 million in straight-line revenue per quarter and that Maplewood continues to pay monthly rent of $6.9 million consistent with September. Guidance assumes $306 million of loans outstanding at September 30, 2026, are repaid in Q4, including $150 million of Genesis loans.

話雖如此，我想花點時間強調我們在財報新聞稿中所列出的幾項財測假設。財測包含截至 11 月 3 日完成之新投資的影響，且不包含任何未在我們新聞稿中說明的額外投資。財測假設不會再有其他營運商在收入認列上改採現金基礎；NewGen 在承接我們的租約後，將依合約每季全額支付 1,330 萬美元租金（折算為每季約 1,400 萬美元的直線法收入）；且 Maplewood 持續按月支付 690 萬美元租金，與 9 月一致。財測假設截至 2026 年 9 月 30 日未償還的 3.06 億美元貸款將於第四季償還，其中包括 1.5 億美元的 Genesis 貸款。

As we said at the beginning of the year, we are always seeking to prune and strengthen our portfolio, which could include $15 million to $25 million in asset sales each quarter. Guidance also assumes quarterly G&A expense of approximately $14 million to $15.5 million.

正如我們在年初所說，我們一向尋求修剪並強化投資組合，這可能包括每季 1,500 萬至 2,500 萬美元的資產出售。財測亦假設每季 G&A（一般及行政）費用約為 1,400 萬至 1,550 萬美元。

And lastly, the guidance includes the dividend announced last week of $0.68 per share. The high end of our guidance range includes, but is not limited to, additional payments from cash-based operators, exposure to our operating portfolio through RIDEA and JV investments and G&A at the lower end of the range. Our 2026 adjusted FFO guidance does not include any additional investments, portfolio activity, asset sales, loan repayments or capital market transactions other than what I just mentioned or what was included in the earnings release.

最後，財測包含上週宣布的每股 0.68 美元股利。我們財測區間的高端包含但不限於：來自採現金基礎營運商的額外付款、透過 RIDEA 與合資（JV）投資對我們營運型投資組合的曝險，以及位於區間低端的 G&A。我們 2026 年調整後 FFO 財測不包含任何額外投資、投資組合活動、資產出售、貸款償還或資本市場交易，除非是我剛提到的或已包含在財報新聞稿中的事項。

I will now turn the call over to Megan.

我現在把電話交給 Megan。

Thanks, Neal, and good morning, everyone. Fundamentals continue to be strong and reimbursement has been generally as expected this year, with no notable disruptions in our portfolio related to the future impact of the OBBBA. That said, certain Senate Finance Committee minority members, along with select nonmember Democrats have recently renewed their focus on quality in the long-term care sector, including the potential for increased or modified regulatory oversight.

謝謝，Neal，各位早安。基本面持續強勁，今年的補償（reimbursement）大致符合預期；就 OBBBA 未來影響而言，我們的投資組合目前沒有任何值得注意的干擾。不過，參議院財政委員會的部分少數黨成員，以及少數非委員會的民主黨人士，近期再度將焦點放在長期照護產業的品質議題上，包括可能提高或調整監管監督的可能性。

While the recent scrutiny has been decidedly partisan in nature, the underlying focus is not new to the industry, and we currently see limited risk that these efforts will translate into meaningful regulatory change in the near term. We are, however, mindful of the congressional elections and how a changing political environment could alter that calculus over the longer term.

雖然近期的審視明顯帶有黨派色彩，但其背後的關注點對產業而言並不新鮮；我們目前認為，這些努力在短期內轉化為具實質意義的監管變革的風險有限。然而，我們也留意國會選舉，以及政治環境的變化在較長期可能如何改變上述判斷。

Partnering with operators focused on quality of care is of the utmost importance to us as a REIT. At the same time, regulatory requirements need to be thoughtful and appropriately targeted to be effective. We, therefore, continue to engage with various industry associations to help ensure that the policy dialogue is grounded in a contextualized understanding of the data rather than the broad generalizations that sometimes characterize these policy debates.

作為一家 REIT，與重視照護品質的營運商合作對我們而言至關重要。同時，監管要求若要有效，必須審慎設計並適當聚焦。因此，我們持續與各產業協會互動，協助確保政策對話是建立在對數據具情境脈絡的理解之上，而非有時在這類政策辯論中出現的廣泛概括。

We are hopeful that when the time is right, both sides of the aisle will work together to ensure that any proposed regulation or legislation is reasonable and appropriately balanced. And encouragingly, given the current and impending demographic wave, we are pleased to see leaders on both sides making current and future staffing concerns in the industry, a high priority.

我們希望在適當時機，兩黨能攜手合作，確保任何擬議的監管或立法都合理且取得適當平衡。令人鼓舞的是，鑑於當前與即將到來的人口結構浪潮，我們很高興看到兩黨領袖都將產業當前與未來的人力配置（staffing）疑慮列為高度優先事項。

I will now open the call up to questions.

我現在開放提問。

(Operator Instructions)

（接線員指示）

Seth Bergey, Citi.

Seth Bergey，花旗。

Hi, good morning. Thanks for taking my question. I guess I just wanted to kind of dig in a little bit more to kind of the mortgage loan and just some more background on it. How does that kind of structure come to be? What's kind of the estimated time line to exercise the purchase option. How does the underwriting rent coverage compared to your existing UK care home portfolio? And was that an off-market transaction? Or can you just talk a little bit about how it came to be? Thanks.

嗨，早安。謝謝讓我提問。我想再更深入了解一下這筆抵押貸款，以及更多背景。這樣的架構是如何形成的？預計行使購買選擇權的時間表大概是多久？承作時（underwriting）的租金覆蓋率與你們現有的英國護理之家投資組合相比如何？這是一筆場外交易嗎？或者你能否多談談這筆交易是如何促成的？謝謝。

Yes. Hi, this is Vikas. Yes, I'll try to cover your questions. It was a marketed transaction, a very competitive process, which I believe Omega's track record and speed helped us win the deal. And part of the speed was the mortgage loan structure, which we've done before, helped us show the seller that we could quickly close on the transaction.

是的。嗨，我是 Vikas。好的，我會盡量回答你的問題。這是一筆公開推介的交易，競爭非常激烈；我相信 Omega 的過往紀錄與執行速度幫助我們贏得這筆案子。而速度的一部分來自抵押貸款的架構；我們以前做過，這有助於向賣方展示我們能夠快速完成交割。

And similar to what we've done in the past, we plan to convert this as soon as regulatory approvals to happen, which we expect to be in about one year. Coverage will be good day one, but we believe our new operator Foundation, who is an established operator and has operated similar portfolios before. We'll realize some upside through pushing acuity and rate increases. So there is when our red reset will take effect, and we'll be able to get a return close to as if we started at 10% return.

而且類似我們過去的做法，我們計畫在取得監管核准後儘快將其轉換，我們預期大約在一年內完成。第一天的覆蓋率就會不錯，但我們相信我們的新營運商 Foundation 是成熟的營運商，過去也經營過類似的投資組合。我們將透過提升照護等級（acuity）以及費率上調來實現一些上行空間。因此，當我們的租金重設（red reset）生效時，我們將能取得接近於一開始就以 10% 報酬率起步的回報。

Great. And then just how have you seen kind of the landscape change at all, if at all, with some of the move in the 10-year and kind of the number that is out there for assets.

很好。另外，隨著 10 年期利率的變動，以及市場上資產的定價水準，你們是否看到整體環境有任何變化（如果有的話）？

So far, we haven't really seen too much, Seth. I think that clearly, there will be an impact over time, but it's happened relatively recently. So a lot of the deals that have been struck were either previously agreed to are financed. Thankfully, our cost of capital on the equity side of things remains very robust. So from our standpoint, we're just going to continue underwriting exactly as we have.

到目前為止，我們其實沒有看到太多變化，Seth。我認為很明顯，隨時間推移會有影響，但這發生得相對近期。因此，許多已成交的交易要嘛是先前就已談妥，要嘛已完成融資。所幸我們在股權端的資本成本仍然非常有競爭力。所以就我們而言，我們會持續按照既有方式進行承作評估（underwriting）。

It has been a very competitive environment. We've been able to obviously deploy a solid amount of capital and some very compelling investments should the competitive environment become a little less challenging. Obviously, that would be great, but I don't I don't think the planning on that happening. And I don't think that we're relying on that to continue to deploy capital thoughtfully. So we should be okay either way.

這一直是個競爭非常激烈的環境。我們顯然已能部署相當規模的資本，也有一些非常具吸引力的投資；如果競爭環境變得沒那麼艱難，當然會更好。但我不認為我們是在規劃這件事會發生。而且我也不認為我們仰賴這件事，才能持續審慎地部署資本。所以不論如何，我們應該都沒問題。

Thank you.

謝謝。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀。

Good morning. Thanks for taking my question. Now with (inaudible), you have a very large at form in the UK And so just wondering, does that make it more attractive to continue to to be acquiring in that market? Or it does sound like your pipeline is kind of split somewhat evenly. So just trying to get an understanding of where the next acquisition comes and does this platform that you're building in the UK make it more attractive to continue to build upon.

早安。謝謝讓我提問。現在隨著（聽不清），你們在英國有一個非常大的平台；因此想請教，這是否讓你們更有吸引力在該市場持續收購？或者聽起來你們的案源管線（pipeline）大致上是相對平均分布。所以我想了解下一筆收購會來自哪裡，以及你們在英國建立的平台是否讓你們更想持續擴大規模。

I don't think it changes how attractive it is. We like the UK very much. You've seen we've allocated a lot of capital there in the past few years. We have, over the course of a decade, curated a thoughtful pipeline of operators with and we have strong relationships and these are proven quality operators from a clinical standpoint and from a financial standpoint.

我不認為這會改變其吸引力。我們非常喜歡英國市場。你也看到我們在過去幾年在那裡配置了大量資本。在十年的過程中，我們精心建立了一條由營運商組成的案源管線，並且我們有很強的合作關係；這些都是在臨床面與財務面都經過驗證的優質營運商。

So such that there are opportunities there, we will continue to work with our operators and managers and try to understand whether we want to do that in a triple-net or RIDEA format. In terms of the opportunities generally, we see a good amount of opportunities across the platform in all areas, and we kind of term ourselves equal opportunity capitalists.

因此，只要那裡有機會，我們會持續與我們的營運商與管理團隊合作，並嘗試了解我們是否要以三重淨租（triple-net）或 RIDEA 的形式來進行。就整體機會而言，我們在平台各領域都看到相當多的機會；我們也把自己稱作「機會均等的資本家」。

So from that standpoint, we don't start out with any premeditated expectations as to where we're going to allocate capital. We allocate each deal and underwrite each deal with a view of trying to buy quality real estate, partnering with quality operators and managers to create an accretive and sustainable yield over time. And we're just going to continue to do that. And ultimately, where we allocate capital is going to be determined through that lens.

因此，從這個角度來看，我們一開始並沒有任何預設的期待，認為資本會配置到哪裡。我們對每一筆交易進行配置與承作審核（underwrite），是以買進優質不動產、與優質的營運商與管理團隊合作為出發點，隨時間創造具增益性且可持續的收益率。而我們會持續這麼做。最終，我們把資本配置到哪裡，將會透過這個視角來決定。

Okay. Thanks for that. And then separately, you mentioned additional lease terminations, re-leasing and restructuring of the taxes magnitude may be unique? Like how significant can we -- should we be thinking about the opportunity and then along the same lines, you converted 30 homes in the UK to over (inaudible). So just maybe just talk about the opportunity for continued active portfolio management now that you've got a couple of pieces of evidence of what you've been able to accomplish.

好的。謝謝你的說明。另外，你提到額外的租約終止、重新出租，以及稅負規模的重整可能是獨特的？例如，這個機會可能有多大——我們應該如何看待這個機會？同樣地，你們也把英國的30戶住宅轉換為（聽不清）。所以也許請談談，在你們已經有幾個成果案例之後，接下來持續進行主動式投資組合管理的機會。

I think the good news is that when you've got a portfolio of $12-plus billion worth of real estate, there are all opportunities. We talk about alignment of interest, and that's never more relevant than when you're looking at these situations, right? You need a willing partner on the other side. to agree. And so it's very tough to quantify what it looks like in the near term.

我認為好消息是，當你擁有一個價值超過120億美元的不動產投資組合時，機會無所不在。我們談到利益一致性，而在你看這些情境時，這點再重要不過，對吧？你需要對方有意願成為合作夥伴。並同意。因此，要量化短期內會是什麼樣子，其實非常困難。

I think you know us well enough that we like to underpromise on these things. So I think it's it's clearly there. We've seen a couple of examples, and I think we'll see more in the next 12 months and over the next 5 to 10 years, I think it's just going to become more and more available to us. But in terms of quantifying it, it's going to be very much determined by finding partners who want to transact in these situations.

我想你對我們夠了解，我們在這些事情上傾向保守承諾。所以我認為機會顯然是存在的。我們已經看到幾個例子，我也認為未來12個月、以及未來5到10年，我們會看到更多，而且對我們而言可取得的機會只會越來越多。但就量化而言，將很大程度取決於能否找到願意在這些情境下進行交易的合作夥伴。

As you've seen, the yields that one is able to achieve in many of these structures are so compelling that you don't need a great deal from a dollar standpoint to be quite powerful from an earning standpoint. So the team continue to look for opportunities, continue to engage with operators. And the only thing I can reassure you is if the opportunity is there, we're going to do it.

如你所見，在許多這類架構下可達成的收益率非常具吸引力，因此從金額角度來看，你不需要很大的規模，就能在獲利角度產生相當強的效果。所以團隊會持續尋找機會，持續與營運商互動。我唯一能向你保證的是，只要機會存在，我們就會去做。

Thank you very much. Good luck for the next quarter.

非常感謝。祝你們下一季順利。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛。

Thanks for taking my question. Yes, maybe going back to the PACS transition. I was wondering, is the limiting factor on doing more of these -- the depth of the operator pool of strong partners willing and able to take on a transition like this one? Or is it rather having an existing partner who is willing to come to the table and find some arrangement to transition operators.

謝謝讓我提問。是的，也許回到PACS的轉換。我想請教，限制你們做更多這類交易的因素，是強而有力、願意且有能力承接這種轉換的營運商夥伴池深度不夠嗎？還是說，更主要是需要既有夥伴願意坐下來談，找出某種安排來轉換營運商？

I think it's probably more the latter. The backdrop, the operating backdrop for most of our operators right now is relatively benign. So from that standpoint, there isn't a pressing need on the part of many operators to look to transact in such a way. But I think that the appetite for -- from our operating partners who want to continue to take on these properties is somewhat unabated. So from that standpoint, it's more of the latter than the former as we see it today.

我想可能比較偏向後者。目前我們多數營運商的營運環境背景相對溫和。因此，從這個角度來看，許多營運商並沒有迫切需求以這種方式進行交易。但我認為，我們的營運夥伴對於持續承接這些資產的意願，某種程度上仍未減弱。所以就我們今天所看到的情況而言，比起前者，更偏向後者。

Okay. Great. And I was just wondering the election results change at all your sort of thinking around some of the regulatory risks, whether it be minimum staffing or sort of oversight of nursing home ownership -- sorry, nursing ownership, yes.

好的。我也想請教，選舉結果是否改變你們對某些監管風險的看法，例如最低人力配置，或是對護理之家所有權——抱歉，是護理機構所有權的監督，是的。

You know, it doesn't really. I mean we expected that this might happen that the House and the Senate might both go blue. And obviously, Democrats have a heavy concentration on regulatory changes. But we've dealt with that before in the past. It's not a new issue for us. And quite frankly, we're somewhat aligned in that. The Democrats are really looking from a regulatory perspective to make sure that there's quality of care and nursing.

你知道，其實不太會。我的意思是，我們原本就預期可能會發生這種情況，也就是眾議院與參議院可能都轉為民主黨掌控。而且很明顯，民主黨對監管變革相當重視。但我們過去也處理過這類情況。這對我們來說不是新議題。坦白說，我們在這方面某種程度上是立場一致的。民主黨從監管角度出發，主要是要確保照護品質與護理品質。

And that's what we're looking forward to. The only the way that we're successful on a long-term basis because we are a long-term holder of the real estate is to make sure that we align ourselves with operators who provide quality of care, right? So then it just becomes how does that regulation get implemented and making sure that we have a voice in that to make sure that through our associations that Congress has an understanding of what the reality is and making sure that they're doing something that actually has the benefit they're looking for.

而這也是我們所期待的。我們能在長期取得成功的唯一方式——因為我們是長期持有不動產的投資人——就是確保我們與提供高品質照護的營運商結盟，對吧？接下來就變成這些監管要如何落地執行，並確保我們能在其中發聲，透過我們的協會讓國會理解現實狀況，並確保他們所做的事情確實能帶來他們想要的效益。

Okay, thank you so much.

好的，非常感謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks. Good morning. Congrats, Matt, on your first call as CEO. So on Genesis, I just want to make sure I understand like the economics of your situation with NewGen, by the way, I'm glad it's not Siseneg, Genesis spelled backwards. Is it anything different than original Gen in terms of the expectation of rent growth. I guess the main question is, what does $14 million gap mean in terms of escalations? And how does that compare to the previous setup?

嗨，謝謝。早安。恭喜你，Matt，首次以執行長身分參加電話會議。關於Genesis，我只是想確認我理解你們與NewGen之間情況的經濟條件；順帶一提，我很高興它不是Siseneg，也就是Genesis倒過來拼。就租金成長的預期而言，這跟原本的Genesis有任何不同嗎？我想主要問題是，1400萬美元的缺口在調升（escalations）方面代表什麼？這跟先前的安排相比如何？

Rich, this is Vikas. I'll take the first part of your question. Neal can tackle the second. So the economics from a business perspective are the same. Our lease, we're going to get the same amount of rent and escalators. And I will just add, we went into the bankruptcy with a very good coverage, and that was through some hard work on our part and Genesis' part to approach us with some buildings, they wanted to exit, and we found those buildings, new homes. So we went into the bankruptcy with good coverage. And now we have a new tenant who will have good coverage, and we continue to get the same economics on them.

Rich，我是Vikas。我先回答你問題的第一部分。Neal可以回答第二部分。從商業角度來看，經濟條件是一樣的。我們的租約下，我們會收到相同的租金與調升條款。我再補充一點：我們進入破產程序時，租金保障倍數（coverage）非常好，這是我們與Genesis共同努力的成果；他們帶著一些想退出的建物來找我們，我們也替那些建物找到新的歸宿、新的業主。所以我們在進入破產時就有良好的保障倍數。而現在我們有一個新的承租人，也會有良好的保障倍數，我們仍然能取得相同的經濟條件。

I was going to say on the straight line piece, good question. We've been asked this question in the past. We just wanted to give the pieces and be transparent, right? So Genesis going to bankruptcy, they were on a cash basis. But with NewGen, having a good credit lotion a straight-line basis, we're just trying to give you the pieces of what the straight-line GAAP revenue is going to be of that $14 million per year.

我想說，關於直線法（straight-line）那一段，問得很好。我們過去也被問過這個問題。我們只是想把各個組成拆開並保持透明，對吧？Genesis進入破產時，他們是以現金基礎（cash basis）認列。但NewGen因為信用狀況良好，會以直線法基礎認列；我們只是想讓你看到各個組成，說明那每年1400萬美元中，直線法GAAP收入會是什麼。

Okay. And what is your appetite to grow with them? You mentioned sort of sort of portfolio management efforts. But are you open to growing in the future with NewGen.

好的。那你們對於與他們一起成長的意願如何？你提到一些投資組合管理的作為。但你們是否願意未來與NewGen一起擴張？

Yes. So we knew NewGen through some sale transactions we have done with them previously. But through this process, we really dug in, spend time with them. And at this point, we're generally impressed with our operating model. They have a proven locally focused business model. And we think that will work well, especially for these buildings that are spread across the US. So the proof is in the pudding. And if things go well, I think, yes, we would be open to more acquisition opportunities.

是的。我們先前透過一些與他們進行的出售交易而認識NewGen。但在這個過程中，我們確實深入了解並花時間與他們交流。目前我們整體上對他們的營運模式印象良好。他們有一個經驗證、以在地為核心的商業模式。我們認為這會運作得很好，特別是對於這些分布在全美各地的建物而言。所以成效最終要看結果。如果進展順利，我想是的，我們會願意開放更多收購機會。

And just a quick -- to close out my questions. They don't have any obligations around the unsecured creditors or anything like that, that's outside of this new company. Is that correct?

最後我再快速問一下——作為我問題的收尾。他們對無擔保債權人或諸如此類並沒有任何義務，那些都在這家新公司之外。這樣說對嗎？

That's correct.

沒錯。

Okay, thank you.

好的，謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, good morning, everyone. Congrats on the solid quarter and outlook. I just wanted to follow up on Michael's earlier question around the UK. And if we kind of think UK versus US today, where would you say you're getting the better relative value maybe the more attractive investment spreads in leasing economics? And can you just kind of walk us through a little bit of that?

各位早安。恭喜本季表現穩健、展望也不錯。我想延續 Michael 先前關於英國的問題。如果我們把今天的英國與美國做比較，您會說在哪裡能取得更好的相對價值、也就是在租賃經濟學上更具吸引力的投資利差？能否請您稍微帶我們走一遍？

Sure. That's a great question. I mean it's very deal specific, right, Tayo, but we've always looked at it from a standpoint of in the US, you can get standardly in the [SNF world,] we're looking for a 10% yield, which obviously will be a gross and a net 10. In the UK, we're tending to look for a 10 on a gross basis, but there is it tax friction that takes that down about 90 basis points. So inherently, there is a little bit of a a headwind on a net yield standpoint there.

當然。這是個很好的問題。我的意思是，這非常取決於個別交易，對吧，Tayo？但我們一向的看法是，在美國，你在[SNF 領域]一般可以做到我們尋求的 10% 殖利率，這顯然是毛、淨都約 10%。在英國，我們通常是以毛利基礎看 10%，但會有稅務摩擦，會把它拉低大約 90 個基點。所以從淨殖利率角度來看，先天上會有一點逆風。

And then in the US RIDEA we've been pretty open in saying that given the fact that we're able to get 10% yields and our triple net, we're looking for more than that when we're taking the operating exposure in the volatility that comes along with that. So when you look at it strictly from a yield standpoint, I think you probably would say that if done correctly, the RIDEA portfolio probably provides the best yield but obviously, a little bit more risk than the US SNF market is probably second in the UK third.

另外，在美國的 RIDEA，我們也一直很公開地表示，鑑於我們在三重淨租約（triple net）能做到 10% 殖利率，當我們承擔營運曝險以及隨之而來的波動時，我們會要求高於這個水準。所以如果單純從殖利率角度來看，我想你可能會說：若操作得當，RIDEA 投資組合可能提供最佳殖利率，但當然風險也較高；其次可能是美國 SNF 市場，第三是英國。

But that doesn't capture everything and the fact that there's also opportunities in some situations, as you've seen in the UK, to convert some of these things over to RIDEA. So that creates economic pickup that probably at least matches if not improved our yields above the standard [Smith 10] with (inaudible) escalators.

但這並未涵蓋所有因素，因為在某些情況下也存在機會——正如你在英國看到的——把其中一些轉成 RIDEA。

So it's quite a nuanced thing. And then you have to think about it from a standpoint also what's the quality of the real estate that you're getting in these situations as well. So we look at each deal very specifically. And as you've seen, given where we've been allocating capital over the last couple of years, we are relatively agnostic as to where that capital is allocated as long as it fits our criteria in terms of yield, quality of real estate and quality of operating or managing partner.

所以這其實相當細緻、需要很多判斷。此外你也必須從另一個角度思考：在這些情況下你取得的不動產品質如何。因此我們會非常具體地逐案評估。而且如你所見，考量我們過去幾年資本配置的方向，只要符合我們對殖利率、不動產品質，以及營運或管理夥伴品質的標準，我們對資本配置到哪個市場其實相對不帶偏好。

Got you. That's helpful. And then on the regulatory side, any update -- I know like over the summer, there was some talk from CMS about potential recalibration of PDPM because of concerns about upcoding, any kind of news in the past few months around those lines, kind of the change in the Senate and the House kind of potentially create more risk on that end in 2027? Like how do we kind of think about that?

了解。這很有幫助。另外在監管面，有沒有任何更新——我知道像今年夏天 CMS 曾提到，因為擔心 upcoding，可能會對 PDPM 進行重新校準；過去幾個月在這方面有沒有任何消息？再加上參議院和眾議院的變化，是否可能在 2027 年讓這方面的風險變大？我們該怎麼看待？

No, we haven't really heard anything on that front and neither have our industry partners.

沒有，我們在這方面其實沒有聽到什麼消息，我們的產業夥伴也沒有。

Got you. Thanks. Well done.

了解。謝謝。做得很好。

Dave Rogers, Raymond James.

Dave Rogers，Raymond James。

Nick Yulico, Scotiabank.

Nick Yulico，豐業銀行（Scotiabank）。

Thanks. First question, going back to the bid transition to packs. Can you talk about the coverage on the lease previously, what it looks like now? And how much was the higher rent driven by I guess, PACS view on a more optimistic, let's say, EBITDAR scenario for the facilities.

謝謝。第一個問題，回到投標轉換到 PACS 的部分。你能談談先前租約的覆蓋倍數（coverage）是多少、現在看起來如何嗎？另外，較高的租金有多少是來自於——我猜——PACS 對這些設施較為樂觀的 EBITDAR 情境的看法所驅動？

Hi, Nick, it's Vikas, I'll cover that. So we don't disclose coverages by operator. But I will say the Airamid coverage was strong. And hence, we were able to charge a good bit of rent increase there. And our PACS master lease coverage is extremely strong. So the way we see it is access coverage will be fine day one. But as PACS has done before, they will find upside in these buildings. So we think ultimately, that coverage with us will just improve in the long run.

嗨，Nick，我是 Vikas，我來回答。我們不會按營運商揭露覆蓋倍數。但我可以說，Airamid 的覆蓋倍數很強。因此我們才能在那裡收取相當幅度的租金調升。而我們與 PACS 的總租約（master lease）覆蓋倍數非常強。所以我們的看法是，PACS 的覆蓋倍數在第一天就會沒問題。但如同 PACS 過去做過的，他們會在這些建物中找到上行空間。因此我們認為，最終與我們之間的覆蓋倍數長期只會持續改善。

Okay. Thanks, Vikas. And then, Neal, I guess, just a question on the -- how to think about the balance sheet here. You talked about the fourth quarter investments and you got the loan repayments coming in. How should we think about sort of like equity issuance over the next couple of quarters to, I guess, reduce the line balance? And then also, how should we think about that line balance and sort of managing floating rate debt exposure along with the debt unsecured bond you have maturing next year? Thanks.

好的。謝謝你，Vikas。接著 Neal，我想問一下——該如何看待資產負債表。你提到第四季的投資，而且你們也會收到貸款償還款。我們該如何看待未來幾季可能的股權發行，以便——我想——降低循環信貸（revolver）的餘額？另外，對於這個循環信貸餘額，以及如何管理浮動利率負債曝險，並搭配你們明年到期的無擔保債券，應該怎麼思考？謝謝。

Yes, great question. Thanks. I'd say, of course, I'd tell you that our equity is still under value. But given the price, we can still accretively invest. And so I think we do, as I said, the talking points, have a lot of optionality and flexibility. Do you have that revolver there for these instances of being able to credibly put capital to work.

是的，這是個很好的問題。謝謝。我當然會告訴你，我們的股價仍然低於內在價值。但以目前價格，我們仍然可以做出具增益性的投資（accretively invest）。所以我認為我們——如同我在重點談話中所說——有很多選擇性與彈性。你也有那條循環信貸，能在這種情況下讓我們有能力、也有可信度地把資本投入運用。

But you're right, at this point, given this price, you could see us issuing equity to pay down the revolver. And then looking forward to next quarter, the $700 million bond coming due April 1, given where bond pricing is today, it doesn't look that compelling, but I think there's a scenario where you could see us do a combination of term loan and ATM proceeds to take down that bond issuance.

但你說得對，在目前這個價格水準下，你可能會看到我們發行股權來償還循環信貸。再往下一季看，4 月 1 日到期的 7 億美元債券，以目前的債券定價來看並不是那麼有吸引力，但我認為有一種情境是，你可能會看到我們用定期貸款（term loan）加上 ATM（隨市發行）所得的組合，來償付那筆債券到期。

Okay. Thanks, guys.

好的。謝謝各位。

Dave Rodgers, Raymond James.

Dave Rodgers，Raymond James。

Hey, good morning. My internet is down, so I don't know if I get these numbers right, but I am curious. The returns on the PACS deal were pretty clear and pretty strong. I'm curious about the returns on the RIDEA buyout in the UK in those conversions. I think the return on that, maybe a little less clear just from the way that you put it in the press release. So I was kind of curious if you could kind of talk about how you thought about some of those returns on top of what you've done in the US.

嗨，早安。我的網路斷了，所以我不確定我有沒有把這些數字聽對，但我很好奇。PACS 這筆交易的報酬率很清楚、也很強。我想了解英國那邊 RIDEA 買斷以及那些轉換的報酬率。我覺得從你們新聞稿的表述來看，那部分的報酬率可能沒那麼清楚。所以我想請你談談，你們如何看待那些報酬率，以及它們相對於你們在美國所做的事情。

Yes. Certainly, great question. I'll walk you through the quick math here. So in the press release, we gave you that we wrote a $48 million check to buy out those operators. And we also gave you the -- I'll give it to you in dollars, the annual rent for those 30 facilities was $26.7 million. And with the EBITDAR coverage of $1.47 million.

好的，當然，這是個很好的問題。我快速帶你算一下。在新聞稿中，我們提到我們開了一張 4,800 萬美元的支票來買斷那些營運商。我們也提供了——我用美元來說——那 30 家設施的年度租金是 2,670 萬美元。而 EBITDAR 覆蓋倍數是 1.47 倍。

The math there shows $12.5 million of cash flow after paying our rent. So in effect, by us taking over these properties in a RIDEA structure, we're going to continue to get the the proceeds of that rent and that $12.5 million on top. So the $2.5 million divided by the $48 million outlay is a 26% yield. I think that's the math I would think through. So not quite as good, but we're still happy with it. And I would say that we do believe there's operational upside to that. So we would say that, that is kind of a conservative number.

那裡的計算顯示，在支付我們的租金之後，現金流為1,250萬美元。因此，實際上，透過我們以RIDEA架構接手這些資產，我們將會持續取得該租金的收益，並且額外再加上那1,250萬美元。所以，2,500萬美元除以4,800萬美元的投入，相當於26%的收益率。我認為這就是我會採用的計算方式。所以沒有那麼好，但我們仍然對此感到滿意。而且我會說，我們確實相信在營運上仍有上行空間。因此我們會說，那算是一個相對保守的數字。

Great. That's helpful. I appreciate you running through that. And then with regard to Maplewood it seems like they're getting pretty close to stabilization at this point. I know you guys still provide kind of the quarterly run rate for that one. But how close are we to stabilization there and getting comfortable to the point of maybe not providing the detail on Maple each quarter.

很好。這很有幫助。感謝你帶我們走過這些計算。另外，關於Maplewood，看起來他們目前似乎已經非常接近穩定狀態。我知道你們仍會提供該項目的季度運行率。但那邊距離穩定還有多近？以及到什麼程度你們會覺得可以不再每季提供Maple的細節？

Yes. I think let me give you some occupancy that will help you a little bit. Second Avenue, our New York properties at 95%. Our DC properties at 78% and the whole core portfolio, which includes Second Avenue New York 96%. So it isn't stabilized because of DC. But again, we think of this as RIDEA effectively, and all of their cash flow comes to us. As you saw quarter-over-quarter, that cash flow continues to increase. We still have a few years until we stabilize or I should say, one to two years (technical difficulty) in our eyes, but that is still TBD.

是的。我想我先給你一些入住率，會對你有些幫助。Second Avenue，我們在紐約的資產為95%。我們在華府（DC）的資產為78%，而整個核心投資組合（包含Second Avenue紐約）為96%。所以因為DC的關係，還不能算是穩定。但同樣地，我們把這視為實質上的RIDEA，所有現金流都會回到我們這裡。如你所見，該現金流在季度對季度持續增加。我們距離穩定還有幾年，或者我應該說，在我們看來還需要一到兩年（技術問題），但這仍有待確定。

I would also say that (technical difficulty) there's still meaningful growth to come from this portfolio for many years to come.

我也想說，（技術問題）這個投資組合在未來很多年仍將有顯著的成長空間。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Hey, good morning. Thanks for the time. Just hoping to piggyback on Dave's question with regards to the UK SHOP transitions of those 30 assets. If you could a little time talking about the age of vintage of the asset mix and generally how you view kind of triple net versus shop type in the UK SHOP given the divergence or a spectrum of this.

嗨，早安。謝謝撥冗。我想延伸Dave的問題，關於英國SHOP那30項資產的轉換。如果可以的話，請你花點時間談談資產組合的屋齡／年代分布，以及在英國SHOP中，鑑於三重淨租（triple net）與SHOP類型之間的分歧或光譜，你們一般如何看待三重淨租相對於SHOP。

You break up a little bit, but we'll give it a go. And if we miss some of your questions, please follow up. So yes, in terms of the vintage of the assets that we converted, it's kind of consistent with most of our portfolio. It's what we would term kind of middle market assets. They're predominantly purpose-built assets with on suites.

你的聲音有點斷斷續續，但我們會試著回答。如果我們漏掉了你的某些問題，請再追問。所以是的，就我們轉換的資產年代而言，基本上與我們投資組合的大多數資產一致。我們會把它們稱為中端市場資產。它們主要是專門建造（purpose-built）的資產，並配有套房（en suites）。

They are fit for purpose for the longer term. There's a, quite frankly, a lack of real estate in the market over there to meet these needs. So we feel very high conviction that the quality of this real estate will be there for the long term. And then in terms of how we look at the quality. The real estate as part of the context of whether we do RIDEA or triple net, it doesn't -- it's not really a primary determining factor.

它們在長期而言是符合用途的。坦白說，那邊市場上能滿足這些需求的不動產供給相當不足。因此我們對這些不動產的品質能夠長期維持，抱持非常高的信心。接著就我們如何看待品質而言。在我們決定採用RIDEA或三重淨租的脈絡下，不動產本身——並不是主要的決定因素。

Ultimately, a lot of the time, it's determined by what the operator/manager wants. So if they believe there's meaningful upside, there's a far greater appetite amongst operators in the UK to take triple net leases than there are in the US seniors housing space. So from that standpoint, it's not surprising when a number of operators want to take that side of things.

最終很多時候，是由營運商／管理方想要什麼來決定。所以如果他們認為有顯著的上行空間，英國的營運商對承接三重淨租的意願，遠高於美國高齡住宅領域的營運商。因此從這個角度來看，當有不少營運商想要承擔那一端的風險與報酬時，並不令人意外。

Obviously, all of the assets that we look to buy, be they in a RIDEA format or in a triple net format have to be fit for purpose longer term. And that's something that we spend an awful lot of time looking at making sure that they have the requisite number of on suites or wet rooms that they were primarily built as purpose-built, and that whether they are capable of effectively providing the clinical needs and the quality of home care, the residents are going to be looking for for the foreseeable future. So that -- it's a major, major consideration. There's no point buying assets that ultimately in 5 to 10 years are just not going to be set for purpose.

顯然，我們評估要買的所有資產，不論是RIDEA形式或三重淨租形式，都必須在長期上符合用途。我們會花非常多時間檢視，確保它們具備足夠數量的套房或濕式浴室（wet rooms），確保它們主要是以專門建造的方式興建，並且確保它們是否能有效提供臨床需求與居家照護品質，這是住民在可預見的未來會尋求的。所以——這是一個非常、非常重要的考量。買進那些最終在5到10年後就不再適用的資產，是沒有意義的。

Thanks for that, Matthew, just as a follow-up, hoping you could talk a little bit about the pipeline going forward. the mix across the different buckets and how that's maybe changing prospectively, if at all, if you've seen any pickup implications for maybe changes you're seeing in high or lack thereof with regards to maybe tilting back towards US skilled nursing that I think you said maybe had the highest initial yields. Any color would be helpful there.

謝謝你，Matthew。再追問一下，希望你能談談未來的案源管線（pipeline）。不同類別（bucket）之間的組合，以及若有的話，未來是否可能出現變化；另外，你是否看到任何回升的跡象，或相反地缺乏跡象，關於是否會再度傾向美國專業護理（skilled nursing），我想你提到那可能有最高的初始收益率。任何補充說明都會很有幫助。

Yes, this is Vikas. I'll jump in on this one. So as I said in my prepared remarks, our pipeline is strong, and we're looking at all three asset classes, skilled nursing, senior housing in UK. It is competitive, but I will say there's a lot of volume. Hence, we were able to do the deal volume we've done and hence, our pipeline continues to be strong.

是的，我是Vikas。我來回答這題。如我在事先準備的發言中所說，我們的案源管線很強，我們也在看三大資產類別：專業護理、高齡住宅以及英國資產。競爭確實激烈，但我會說市場成交量很大。因此我們才能完成目前的成交量，也因此我們的案源管線仍然強勁。

As for where we continue to see opportunities, I would say it's leaning a little bit more towards senior housing RIDEA and care homes, both UK care homes, both in triple net and RIDEA. When it comes to skilled nursing, it's very competitive. But with that said, we do have scalers in deal on our pipeline, and we continue to keep pursuing them.

至於我們持續看到機會的方向，我會說稍微更偏向高齡住宅RIDEA與照護之家（care homes），包括英國照護之家，無論是三重淨租或RIDEA。談到專業護理時，競爭非常激烈。但即便如此，我們的管線中確實有一些規模較大的交易，我們也會持續追進。

And then the only thing I'd follow up on is just your comment on HUD. We have heard feedback from some very sophisticated players within the space that is possibly changing the ability to borrow and the like. We haven't seen that as of yet. But I wouldn't discount what other people are seeing. We just haven't seen it ourselves.

另外我唯一想補充的是你提到HUD的評論。我們確實聽到一些在這個領域非常成熟的參與者回饋，說這可能正在改變借款能力等等。我們目前還沒有看到那樣的情況。但我也不會否定其他人所看到的。只是我們自己尚未遇到。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC資本市場。

Thanks. Matt, I want to touch on where OHI is on refining its portfolio. I know you already us throughout this call about opportunities to do some operator transitions kind of similar to the tax deal. But what about opportunistic asset sales? Is there additional asset sales that you're kind of looking at within the portfolio that the company is looking at pursuing?

謝謝。Matt，我想談談OHI在精煉其投資組合方面的進展。我知道你在這通電話中已經提到，有機會做一些營運商的轉換，類似於那筆稅務交易。但關於機會型資產出售呢？在投資組合中，是否還有公司正在考慮、並打算推進的其他資產出售？

It's a great question. Thanks for that. We have spent a lot of time, our operations team has spent a lot of time looking at that portfolio. And I think that as we sit here today, there is no sense of urgency in terms of large elements of the portfolio that do not seem fit for purpose longer term. So obviously, we've gone through a fairly decent culling process from about 2016 onwards.

這是個很好的問題。謝謝你。我們花了很多時間，我們的營運團隊也花了很多時間檢視那個投資組合。而我認為，以我們今天所處的位置來看，對於投資組合中看起來長期不再符合用途的大型部分，並沒有迫切性。所以很明顯地，我們自2016年起已經進行過相當程度的汰弱留強（culling）流程。

And a certain amount of that was generated by challenged operators but sometimes challenged operators as a result of challenged facilities, right? So inherently, there probably was a culling of some underperforming facilities as a result of that. That having been said, we do challenge the team constantly to be making sure that we're revisiting that we are re-visiting that.

其中有一部分是由於營運商面臨挑戰所導致，但有時候營運商之所以面臨挑戰，是因為設施本身就有挑戰，對吧？因此，本質上，可能也因為這樣而汰除了部分表現不佳的設施。話雖如此，我們也會不斷要求團隊，確保我們持續回頭檢視、重新檢視這件事。

So I don't think that any sales that we would make in the next few years come from a position of necessity. But I do think that there are probably selective opportunistic sales that could happen at the right price. So I think it's going to be more determined by price than necessity.

所以我不認為我們在未來幾年會進行任何出售是出於必要性。但我確實認為，在合適的價格下，可能會出現一些有選擇性的機會型出售。因此我認為這將更多取決於價格，而非必要性。

Okay. And is there -- I know that you have sold a couple of SNF portfolios recently at pretty low cap rates. I mean, is there opportunistic sales that you could pursue that has those good price flow cap rate type transactions? Or is that something that just kind of comes up randomly when something like that arises?

好的。那是否——我知道你們最近以相當低的資本化率出售了幾個SNF投資組合。我的意思是，你們是否能追求那種具備良好定價、低資本化率類型的機會型出售交易？還是說這種事情比較像是隨機出現，等到類似機會浮現時才會發生？

Everything has a price. If anyone wishes to pay very large amounts of money for our assets, please call Vikas.

凡事都有價格。如果有人願意為我們的資產支付非常高的金額，請打給Vikas。

Thank you.

謝謝。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Good morning. Maybe going back to the UK mortgage deal, can you just talk about how that portfolio compares to the company's in-place UK assets in terms of price point, payer mix, location or anything else that could give us a sense of the quality of the assets.

早安。或許回到英國抵押貸款那筆交易，你能否談談該投資組合與公司現有英國資產相比，在價格水準、付款方組合、地點或其他方面的差異，讓我們對資產品質有個概念？

Yes. This is Vikas. I would start by saying it is a higher quality than our average portfolio right now, hence, the price per bed was a bit higher. But with that, we see a lot of opportunity. As I said earlier, we see some upside in this portfolio. We think our new operator foundation could see some of that opportunity through rate increases, and that will be driven by acuity. Overall, it is a good portfolio. It has a high private pay mix. And so overall, I think it will just -- it will elevate the caliber of our UK portfolio.

是的，我是Vikas。我先說，這個投資組合的品質高於我們目前的平均投資組合，因此每床價格稍高一些。但同時，我們看到很多機會。如我先前所說，我們認為這個投資組合有一些上行空間。我們認為我們新的營運商平台可以透過提高費率來實現部分機會，而這將由照護強度（acuity）所驅動。整體而言，這是一個不錯的投資組合。它的自費（private pay）占比很高。因此整體來看，我認為它將——提升我們英國投資組合的整體水準。

Got it. That's helpful. And maybe one on occupancy. It's been essentially flat over the past year or so. I guess how much of that is just because of investment activity versus more organic occupancy, I guess you said differently, what is occupancy growth been like over the past year or so on more of a same-store basis?

了解。這很有幫助。另外想問一下入住率。過去一年左右基本上持平。我想其中有多少只是因為投資/交易活動的影響，而非更有機的入住率變化？換句話說，過去一年左右在同店（same-store）基礎上的入住率成長情況如何？

A lot of what you are seeing is those ins and outs of what's going on transactionally. So from a same-store basis, we are seeing increased growth and we are continuing to see increased growth into the next quarter.

你看到的很多情況，都是交易層面進進出出所造成的影響。因此以同店口徑來看，我們看到入住率成長在提升，而且我們也持續看到這種成長延續到下一季。

Okay, appreicate it. Thank you.

好的，感謝。謝謝。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

Hi, morning. This is Andrew Real on for Farrell. I guess first, with Genesis now resolved, and the run wood investment initially structured as a loan. How should we think about the role of lending going forward? And how do you see the size of that loan book trending over time?

嗨，早安。我是Andrew Real，代Farrell發言。我想先問，既然Genesis現在已經解決，而Runwood投資最初是以貸款形式設計的。我們應該如何看待未來放貸業務的角色？你們如何看待這個貸款組合的規模隨時間的變化趨勢？

Yes. So loans for the purpose of loans, it is kind of like running on a treadmill, right? You exert a huge amount of energy and go nowhere over time. So it's just not something that we'll be looking to do. The loan structure in the UK is effectively a conduit to access the real estate. So I don't consider that to be a loan per se. I think that we would be extremely selective on doing loans for the sake of loans.

是的。單純為了放貸而放貸，有點像在跑步機上跑，對吧？你耗費大量精力，但長期來看哪裡也去不了。所以這不是我們會想去做的事情。英國的貸款架構實際上是一個用來取得不動產的通道。因此我不把它視為嚴格意義上的貸款。我認為若要做純粹為了放貸的貸款，我們會非常、非常挑剔。

I think you've either got to have access to real estate or some participation in economic upside, but we're not a bank, we don't want to trade at the kind of multiples that that warrant. So we will continue to look to own the real estate wherever possible. And if we are looking to do loan, if there better be something attached to it other than just putting money out the door.

我認為你要嘛能取得不動產，要嘛能參與經濟上行的收益，但我們不是銀行，我們也不想以那種倍數來交易、也不想要那種倍數所意味的定位。因此，只要可能，我們會持續尋求持有不動產。如果我們要做貸款，那它必須附帶一些東西，而不只是把錢放出去。

Okay. Thanks. And apologies if I missed this earlier, but just curious if you could maybe discuss just cap rates broadly you're seeing across the asset classes and maybe how they vary in the US versus UK today?

好的，謝謝。另外，如果我先前漏聽了先說抱歉，但想請你談談目前各資產類別整體看到的資本化率（cap rates）大概如何，以及今天美國與英國之間的差異？

Yes. As I mentioned, it's a competitive environment. I mean, look, cap rates haven't changed a lot historically, but there's a lot of players out there. So senior housing is very competitive in the US. You have all the other REITs playing in there, private equity playing in there. Care homes, we also have REITs playing there as well now, made run with a very competitive process. You can see the cap rate we're entering at this deal, which is a bit more aggressive than we've done historically. So in general, I would just say cap rates are more aggressive than what we've seen historically. But we are structuring things in ways that we can, over time, go back and get our normal returns of 10% plus.

是的。如我提到的，這是一個競爭激烈的環境。我的意思是，你看，資本化率在歷史上並沒有大幅變動，但市場參與者很多。因此在美國，老年住宅（senior housing）競爭非常激烈，其他所有REIT都在參與，私募股權也在參與。護理之家（care homes）方面，現在也有REIT在參與，我們在Runwood那筆交易中也經歷了非常競爭的流程。你可以看到我們在這筆交易的進場資本化率，這比我們過去歷史上做得更為積極一些。所以整體而言，我只會說資本化率比我們歷史上看到的更為積極。但我們正在以一些方式來設計交易，使我們隨著時間推移能回到我們正常的10%以上回報。

Okay, thank you.

好的，謝謝。

We have reached the end of the Q&A session. I will now turn the call back to Matthew Gourmand, CEO, for closing remarks.

我們已到達問答環節的結束。我現在把電話交回給執行長Matthew Gourmand作結語。

Thanks, everyone, for joining us today. If you have any questions, reach out to the group, and I would just like to take this opportunity to thank the team as well. The results that you're seeing are a result of huge amounts of hard work on the part of all the employees of the company. So I want to acknowledge that and thank them. Thanks, everyone. Bye.

感謝各位今天加入我們。如果你們有任何問題，請聯繫團隊；我也想藉此機會感謝團隊。你們看到的成果，是公司所有員工付出大量努力的結果。所以我想對此表示肯定並感謝他們。謝謝大家。再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。你們現在可以掛線。