Sabra Health Care REIT Inc (SBRA) 2024 Q1 法說會逐字稿

Good day, everyone. My name is Katherine, I will be your conference operator today. At this time, I would like to welcome everyone to the Sabra Health Care REIT first quarter earnings call (Operator Instructions)

今天是個好日子。我叫凱瑟琳，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Sabra Health Care REIT 第一季財報電話會議（操作員說明）

And now, I would like to turn the call over to Lukas Hartwich, SVP Finance. Please go ahead, Mr. Hartwich.

現在，我想將電話轉交給財務高級副總裁 Lukas Hartwich。請繼續，哈特威奇先生。

Thank you. Good morning. Before we begin, I want to remind you that we will be making forward-looking statements in our comments, and in response to your questions concerning our expectations regarding our future financial position and results of operations, including reiterating our earnings guidance for 2024, expectations regarding our tenants and operators, and our expectations regarding our acquisition, disposition, and investment plans.

謝謝。早安.在開始之前，我想提醒您，我們將在評論中做出前瞻性陳述，並回答您有關我們對未來財務狀況和經營業績的預期的問題，包括重申我們對 2024 年的盈利指導、預期關於我們的租戶和營運商，以及我們對收購、處置和投資計畫的期望。

These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the risks listed in our Form 10-K for the year ended December 31, 2023, as well as in our earnings press release included as Exhibit 99.1 to the Form 8-K we furnished to the SEC yesterday.

這些前瞻性陳述是基於管理階層目前的預期，並受到可能導致實際結果產生重大差異的風險和不確定性的影響，包括我們截至2023 年12 月31 日止年度的10-K 表格中列出的風險，以及我們的收益新聞稿包括我們昨天向 SEC 提供的 8-K 表格中的附件 99.1。

We undertake no obligation to update our forward-looking statements to reflect subsequent events or circumstances, and you should not assume later in the quarter that the comments we make today are still valid. In addition, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures as well as the explanation and reconciliation of these measures to the comparable GAAP results included on the financials page of the Investors section of our website at sabrahealth.com. Our Form 10-Q, earnings release, and supplement can also be accessed in the Investors section of our website.

我們沒有義務更新我們的前瞻性陳述以反映後續事件或情況，您不應在本季度稍後認為我們今天發表的評論仍然有效。此外，本次電話會議也將提及非公認會計準則財務表現。我們鼓勵投資者查看這些非 GAAP 財務指標，以及這些指標與我們網站 sabrahealth.com 投資者部分財務頁面中可比較 GAAP 結果的解釋和調節。我們的 10-Q 表格、收益發布和補充資料也可以在我們網站的投資者部分取得。

And with that, let me turn the call over to Rick Matros, CEO, President, and Chair of Sabra Health Care REIT.

接下來，讓我將電話轉給 Sabra Health Care REIT 執行長、總裁兼主席 Rick Matros。

Thanks, Lukas. Thanks, everybody, for joining us. Hope you all have a good day. So this quarter is really just a continuation of the last couple of quarters. Our operating performance continues to improve. Our balance sheet strength has us in a position to grow. Our skilled nursing EBITDA and coverage continues to nut job exceeding pre-pandemic coverage. Our senior housing triple net lease coverage continues to improve that is near pre-pandemic levels.

謝謝，盧卡斯。謝謝大家加入我們。希望大家都有美好的一天。所以這個季度其實只是過去幾季的延續。我們的經營績效持續改善。我們的資產負債表實力使我們能夠實現成長。我們熟練的護理 EBITDA 和覆蓋範圍繼續超過大流行前的覆蓋範圍。我們的高級房屋三重淨租賃覆蓋率持續改善，接近疫情前的水準。

Our top 10 is stronger than it's ever been. Our skilled occupancy is up 110 basis points sequentially, and our skilled mix is higher than it's been in several quarters. Our senior housing triple net occupancy is higher than pre-pandemic occupancy. Our SHOP growth continues with occupancy higher than it's been since the early months of the pandemic. Contract labor continues to improve, dropping to where we were three years ago, well below peak levels, although still higher than we want to see.

我們的前十名比以往任何時候都更強大。我們的技術人員入住率連續上升了 110 個基點，而且我們的技術人員組成比幾個季度都要高。我們的老年住房三重淨入住率高於大流行前的入住率。我們的商店持續成長，入住率高於疫情最初幾個月以來的水平。合約工繼續改善，降至三年前的水平，遠低於峰值水平，但仍高於我們希望看到的水平。

Our deal flow is improving and notes primarily SHOP we are finally starting to see some skilled nursing opportunities. In both Skilled and SHOP, sales pricing has moved towards buyers. While we don't have new investments to announce this quarter, based on current activity, we expect to be in a position to announce new deals on our second quarter earnings call. We are running better than anticipated on our forecast, including our SHOP performance. But since it's still very early in the year, we're going to wait until Q2 to reassess our guidance.

我們的交易流程正在改善，主要是我們終於開始看到一些熟練的護理機會。在 Skilled 和 SHOP 中，銷售定價已轉向買家。雖然我們本季沒有宣布新的投資，但根據目前的活動，我們預計能夠在第二季的財報電話會議上宣布新的交易。我們的運作情況比我們的預測預期要好，包括我們的商店業績。但由於現在還為時過早，我們將等到第二季重新評估我們的指導。

And with that, I'll turn the call over to Talya.

然後，我會將電話轉給塔莉亞。

Thank you, Rick. Sabra's managed senior housing portfolio, including joint ventures at share continues to perform well. The portfolio grew by five communities during the quarter and seven communities year-over-year, which were all properties previously leased to other operators, and I underscore leased. While the added community has had a limited contribution to the total, Sabra's managed portfolio saw a 16.5% quarterly revenue growth and just over 26% quarterly cash net operating income growth on a year-over-year basis. This was driven by the trends that we've been noting for the past several quarters.

謝謝你，瑞克。Sabra 管理的高級住房投資組合（包括參股合資企業）持續表現良好。該投資組合在本季度增加了 5 個社區，同比增加了 7 個社區，這些都是之前租賃給其他運營商的房產，我強調租賃。雖然新增社群對整體貢獻有限，但 Sabra 管理的投資組合季度營收成長了 16.5%，季度現金淨營業收入較去年同期成長略高於 26%。這是由我們過去幾個季度注意到的趨勢所推動的。

rowing demand, driving occupancy, and REVPOR gains and moderating expenses. Wage growth has decelerated as open positions are filling together, reducing overtime needs and even eliminating agency usage. Sabra's same store manage the inner housing portfolio, including joint board ventures at Chair, includes 64 properties, 43 of which are in the US and the balance in Canada. Excluding non-stabilized assets and government stimulus, the headline numbers are same-store portfolio revenue for the quarter grew 5.8% year-over-year, with our Canadian communities growing revenue by 9.2%.

賽艇需求、推動入住率和 REVPOR 收益並控制支出。隨著空缺職位的填補，加班需求減少，甚至消除了代理商的使用，薪資成長已經放緩。Sabra 的同一家商店管理內部住房投資組合，其中包括 Chair 的合資董事會企業，包括 64 處房產，其中 43 處位於美國，其餘位於加拿大。不包括不穩定資產和政府刺激措施，本季的主要數據是同店投資組合收入年增 5.8%，其中我們的加拿大社區收入成長了 9.2%。

Cash NOI for the quarter grew 9.5% over the first quarter of 2023, skewed down by a lower-than-usual expense item in the first quarter of 2023. Cash NOI for the quarter increased 16.7% in our Canadian communities.

該季度的現金 NOI 比 2023 年第一季增長 9.5%，受到 2023 年第一季低於正常水平的支出項目的影響。本季加拿大社區的現金 NOI 成長了 16.7%。

REVPOR's first quarter of 2024 increased by 3.4% year-over-year with REVPOR in our Canadian portfolio growing by 5.1% in the period. The senior housing recovery in Canada has been lacked in the US and is now catching up. Drivers of revenue growth in our Canadian community outpaced our US communities this past quarter on a year-over-year basis, while expense growth has come into line with our US community, particularly on a sequential quarter basis.

REVPOR 2024 年第一季同比增長 3.4%，其中我們加拿大投資組合中的 REVPOR 在此期間增長了 5.1%。加拿大的老年住房復甦一直落後於美國，但現在正在迎頭趕上。上個季度，加拿大社區收入成長的推動因素比去年同期超過了美國社區，而支出成長與美國社區一致，尤其是較上季成長。

Our net lease stabilized senior housing portfolio continues to thrive with occupancy for the past quarter at about 90%, as Rick said, above pre-pandemic levels and steadily improving rent coverage. Sabra's total investment in behavioral health remained approximately $800 million as we provide time for our assets to complete conversion and lease up and reach stabilization. You will note that we have combined specialty hospitals and behavioral health in our coverage disclosure in our supplemental because combined, these categories represent 21 stabilized properties contributing about 10.5% of Sabra's NOI with only six behavioral properties in there.

正如里克所說，我們的淨租賃穩定的高級住房投資組合繼續蓬勃發展，上個季度的入住率約為 90%，高於大流行前的水平，並且租金覆蓋率穩步提高。Sabra 在行為健康方面的總投資仍約為 8 億美元，因為我們為資產完成轉換、租賃並達到穩定提供了時間。您會注意到，我們在補充資料的承保範圍揭露中合併了專科醫院和行為健康，因為這些類別合計代表 21 個穩定資產，約佔 Sabra NOI 的 10.5%，其中只有 6 個行為資產。

And with that, I will turn the call over to Michael Costa, Sabra's Chief Financial Officer.

接下來，我會將電話轉給 Sabra 財務長 Michael Costa。

Thanks, Talya. For the first quarter of 2024, we recognized normalized FFO per share of $0.34 and a normalized AFFO per share of $0.35, both up $0.02 from our fourth quarter 2023 results. Year-over-year, both normalized FFO per share and normalized AFFO per share increased 3%, representing the first year-over-year increase in both, since before the pandemic.

謝謝，塔莉亞。2024 年第一季度，我們確認每股標準化 FFO 為 0.34 美元，每股標準化 AFFO 為 0.35 美元，均較 2023 年第四季業績成長 0.02 美元。與去年同期相比，每股標準化 FFO 和每股 AFFO 均增長了 3%，這是自大流行之前以來兩者首次同比增長。

This sequential increase was driven by the following: a $1.8 million sequential increase in cash rents received with the majority coming from stronger collections from cash basis tenants compared to the fourth quarter; a $1.3 million reduction in normalized cash G&A expense, primarily related to performance-based compensation true-ups, that occurred in the fourth quarter; $900,000 of business interruption insurance income related to a property that suffered fire damage last year; and a $600,000 improvement in NOI from our managed senior housing portfolio, due to improved performance as well as the transition of five facilities to our managed portfolio that were previously leased on a triple-net basis.

這一連續增長是由以下因素推動的：收到的現金租金連續增加了 180 萬美元，其中大部分來自現金租戶的收款比第四季度有所增加；第四季正常化現金管理費用減少了 130 萬美元，主要與基於績效的薪酬調整有關；與去年遭受火災損壞的財產相關的 90 萬美元營業中斷保險收入；由於績效改善以及將五個設施過渡到我們管理的投資組合（之前以三網租賃），我們管理的高級住房投資組合的 NOI 提高了 60 萬美元。

This was partially offset by a $500,000 increase in cash interest expense due to higher outstanding borrowings under our revolving credit facility. As Rick noted earlier, our first quarter performance came in slightly better than what we had forecast in our 2024 guidance estimate. While we are pleased with this out performance, given that it's early in the year, we feel it's most prudent to reaffirm our full year 2024 guidance ranges at this time, and we will revisit these ranges for our second quarter earnings call.

由於循環信貸額度下未償還借款增加，現金利息支出增加了 50 萬美元，部分抵消了這一損失。正如 Rick 早些時候指出的那樣，我們第一季的業績略好於我們在 2024 年指導估計中的預測。雖然我們對此業績感到滿意，但考慮到現在還處於今年年初，我們認為此時重申 2024 年全年指導範圍是最謹慎的做法，我們將在第二季度財報電話會議上重新審視這些範圍。

Our full year 2024 guidance ranges on a diluted per share basis are as follows: net income $0.53 to $0.57; FFO $1.33 to $1.37; normalized FFO $1.34 to $1.38; adjusted FFO $1.38 to $1.42; normalized adjusted FFO of $1.39 to $1.43. As a reminder, our guidance does not assume any acquisition or disposition activity.

我們對每股攤薄後的 2024 年全年指引範圍如下：淨利 0.53 美元至 0.57 美元； FFO 1.33 美元至 1.37 美元；標準化 FFO 1.34 美元至 1.38 美元； FFO 調整為 1.38 美元至 1.42 美元；標準化調整後的 FFO 為 1.39 美元至 1.43 美元。提醒一下，我們的指南不假設任何收購或處置活動。

Now briefly turning to our balance sheet. Our net debt to adjusted EBITDA ratio was 5.55 times as of March 31, 2024. As our portfolio continues its recovery from the pandemic, we expect this to result in improvement to both our earnings as well as our leverage.

現在簡單地轉向我們的資產負債表。截至 2024 年 3 月 31 日，我們的淨負債與調整後 EBITDA 比率為 5.55 倍。隨著我們的投資組合繼續從大流行中恢復，我們預計這將改善我們的收益和槓桿率。

As of March 31, 2024, we are in compliance with all of our debt covenants and have ample liquidity of $914 million, consisting of unrestricted cash and cash equivalents of $60 million, and available borrowings of $854 million, under our revolving credit facility.

截至 2024 年 3 月 31 日，我們遵守所有債務契約，並在循環信貸安排下擁有 9.14 億美元的充足流動性，其中包括 6000 萬美元的無限制現金和現金等價物，以及 8.54 億美元的可用借款。

Finally, on May 8, 2024, Sabra's Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2024, to common stockholders of record as of the close of business on May 20, 2024. The dividend is adequately covered and represents a payout of 86% of our first quarter normalized AFFO per share, and this payout percentage is expected to improve over the course of 2024.

最後，Sabra 董事會於 2024 年 5 月 8 日宣布季度現金股利為每股普通股 0.30 美元。該股將於2024年5月31日支付給截至2024年5月20日收盤時登記在冊的普通股股東。股息已充分支付，相當於第一季每股正常 AFFO 的 86%，預計這筆支付百分比將在 2024 年有所改善。

And with that, we'll open up the lines for Q&A.

至此，我們將開放問答線路。

(Operator Instructions) Austin Wurschmidt, KeyBanc.

（操作員說明）Austin Wurschmidt，KeyBanc。

Hey. Good morning, everybody. Just wanted to hit on the SHOP and just with respect to that, I wanted to clarify, the low to mid-teens that you said kind of felt right last quarter, I know you didn't provide explicit guidance, but kind of pointed towards that low to mid-teens growth, does that include the contribution from the unconsolidated joint venture portfolio? And is that a same-store figure?

嘿。大家早安。只是想談談商店，就這一點而言，我想澄清一下，您上個季度所說的中低青少年感覺是正確的，我知道您沒有提供明確的指導，但有點指向如此低至中位數的成長，是否包括未合併的合資企業投資組合的貢獻？這是同店數字嗎？

It does include the contribution from the joint ventures, and it's not a same-store number. It's a year-over-year number on a comparative basis.

它確實包括合資企業的貢獻，而且不是同店數字。這是一個可比較的同比數字。

Got it. So this includes the benefit from the transition of these five facilities that are now moved from a triple-net lease to the RIDEA structure?

知道了。那麼這包括這五個設施現在從三網租賃轉移到 RIDEA 結構的過渡帶來的好處嗎？

That's right. And if you also think about it, these were triple net assets before that we transitioned, they weren't performing a triple net assets. They weren't contributing anything to our NOI in 2023.

這是正確的。如果你也想一想，在我們轉型之前，這些是三重淨資產，他們並沒有表現出三重淨資產。他們沒有為我們 2023 年的 NOI 做出任何貢獻。

Got it. That's helpful. And then just another one for me, clarification. So has there been any change to the cash NOI contribution from Signature Healthcare? It looked like the quarterly cash NOI number came down a bit. So just curious if there's anything there.

知道了。這很有幫助。然後我又需要澄清一下。那麼 Signature Healthcare 的現金 NOI 貢獻有任何變化嗎？季度現金 NOI 數字似乎有所下降。所以只是好奇那裡是否有東西。

Yeah. It was just a timing issue really. It was just a timing issue in the first quarter. Since we're on a cash basis, we recorded revenues when the cash comes in the door. And part of the March payment came in shortly after March 31, that simply is.

是的。這實際上只是一個時間問題。這只是第一季的時間問題。由於我們採用現金制，因此當現金到來時我們就記錄收入。3 月份的部分付款是在 3 月 31 日之後不久支付的，就是這樣。

So there'll be a catch-up payment that gets them on par with the prior kind of quarterly run rate in the second quarter that we should expect?

那麼，是否會有一筆補足付款，使它們與我們預期的第二季度的季度運行率持平？

Yeah, we would expect, on balance second quarter to be a little bit higher because of the fact that you have that catch-up payment plus the regular payments during the quarter.

是的，我們預計，總的來說，第二季的價格會更高一些，因為您有追繳付款加上本季的定期付款。

Got it. Thank you.

知道了。謝謝。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Yeah. Hey, guys. Thanks for the time. Rick, just wanted to kind of get your take on the final minimum staffing ruling from the CMS. How do you think this plays out from here? And then just curious like how we should -- I know it's a couple of years out with the phase, and just like how should we think about potential impact on your portfolio?

是的。大家好。謝謝你的時間。里克（Rick），只是想聽聽您對 CMS 的最終最低人員配置規定的看法。您認為事情從這裡開始會如何發展？然後只是好奇我們應該如何——我知道這個階段還需要幾年時間，就像我們應該如何考慮對你的投資組合的潛在影響？

I think the same as we've been saying all along, and that is -- the rule is ludicrous on its face simply because the labor isn't available. And as I've stated in the past that and it's been publicly stated by the industry and the trade association, you can expect to see both legal legislative action to overturn this.

我認為這與我們一直以來所說的一樣，那就是——這個規則從表面上看是荒謬的，僅僅因為勞動力不可用。正如我過去所說的那樣，而行業和貿易協會也公開表明了這一點，你可以期待看到法律立法行動來推翻這一點。

Okay. And if it doesn't get overturned or like stays as is, is there any kind of thought process on how it might impact like your portfolio, your operators? Or are you just saying they just like won't be able to even find the labor?

好的。如果它沒有被推翻或保持原樣，是否有任何思考過程會如何影響您的投資組合、您的運營商？還是你只是說他們甚至找不到勞動力？

Well, it depends on the market. Most of our buildings are actually in pretty good shape relative to it, and I think higher than national average from a staffing perspective. But as you noted, even if this wouldn't stay in place, it's a phase-in process that's not going to start for two years, and it's not going to start for another couple of years. And labor has been improving, certainly contract labor, as I noted, has improved dramatically.

嗯，這取決於市場。相對而言，我們的大多數建築物實際上都處於相當好的狀態，我認為從人員配置的角度來看高於全國平均水平。但正如您所指出的，即使這種情況不會持續下去，這也是一個分階段的過程，兩年內不會開始，而且再過幾年也不會開始。勞動力一直在改善，正如我所指出的，合約工當然已經有了顯著改善。

And so presumably, things will improve more. So it's a little bit hard to anticipate. But it isn't just a matter of putting a number out there that's going to be a lot of operators in certain markets, completely unable to fill positions. And so it's really got nothing to do with quality of care. It's got everything to do with punishing nursing homes. That's really what it's about.

因此，事情大概會有所改善。所以有點難以預測。但這不僅僅是提供一個數字的問題，某些市場上的許多業者完全無法填補職缺。所以這實際上與護理品質無關。這與懲罰療養院有關。這就是它的真正意義。

And the other point that's really critical here is it's a one size fits all. And even in the final rule, they really didn't address the criticisms about the lack of inclusion of LPNs, which are backbone to every operator in the business. This -- they left that one number out there that you could fill with LPN, but that's not the same thing. But operators staff buildings based on acuity, both in terms of total hours and in terms of the mix of those hours between RNs, LPNs, nursing assistants, you've got facilities that bring in NPs.

這裡真正關鍵的另一點是它是一刀切的。即使在最終規則中，他們也確實沒有解決缺乏 LPN 的批評，而 LPN 是該行業每個運營商的支柱。他們留下了一個可以用 LPN 填充的數字，但這不是一回事。但營運商根據敏銳度來配置大樓的人員，無論是在總工作時間方面，還是在 RN、LPN、護理助理之間的工作時間組合方面，你都有引進 NP 的設施。

So any evidence that you look at, we'll tell you pretty clearly that one size fits all does not work and does not lead to better quality outcomes. And in addition to that, putting an arbitrary number of what staffing should be, does not -- there's no correlation between that and quality and outcomes as well. So that's probably more than you needed to hear. I hope I made sure I cover all aspects of it.

因此，您看到的任何證據，我們都會非常清楚地告訴您，一刀切是行不通的，也不會帶來更好的品質結果。除此之外，任意數量的人員配置也不會——這與品質和結果之間也沒有相關性。所以這可能比你需要聽到的更多。我希望我確保涵蓋了它的所有方面。

Good color. Appreciate the time. I'll jump back in the queue. Thanks.

顏色好。珍惜時間。我會跳回到隊列中。謝謝。

Michael Griffin, Citigroup.

邁克爾·格里芬，花旗集團。

Great, thanks. I wanted to touch a bit on the acquisition pipeline and sort of what you're seeing out there. Obviously, you're not giving any speculative acquisitions in guidance. But if you annualize the midpoint of earnings this quarter gets you to kind of that low end. So how are you thinking about acquisitions, whether from a yield perspective? And how much do you think they contribute to earnings on a stabilized basis this year?

萬分感謝。我想談談收購管道以及你們所看到的一些情況。顯然，您並沒有給出任何投機性收購的指導。但如果你將本季收益的中點年化，你就會達到這個低端。那麼，您是如何考慮收購的，無論是從收益率的角度來看？您認為他們今年對穩定獲利的貢獻有多大？

Well, I'll tell you what we're seeing, just to elaborate on what Rick had said earlier. Deal flow is back up, but we're seeing a lot. I think we've said this in the past that the best deals we're seeing are the ones that are coming to us off market. And I suspect that's true for our peers as well. We are focused more on the acquiring assets, although we're open to doing some loans, that's not -- but that's not where we're focused. So we're seeing quite a bit, and we're seeing quite a bit from operators who we'd like to do repeat business. And that's really the key piece.

好吧，我會告訴你我們所看到的，只是為了詳細說明里克之前所說的內容。交易量有所回升，但我們看到了很多。我想我們過去已經說過，我們看到的最好的交易是來自市場外的交易。我懷疑我們的同行也是如此。我們更關注收購資產，儘管我們願意提供一些貸款，但這不是我們關注的重點。因此，我們看到了很多，我們從運營商那裡看到了很多我們希望做重複業務的人。這確實是關鍵部分。

How much we get done and awaits to be seen, we'll keep everyone apprised of that. But the contribution to 2024 is really going to be dependent on when we close in anything else. Rick mentioned that buyers' and sellers' pricing expectations have come much closer. That's generally true. And so the opportunity to deals exists, and we're managing our balance sheet carefully, but we see opportunities that are worthwhile.

我們已經完成了多少工作，有多少工作有待觀察，我們會讓每個人都知道這一點。但對 2024 年的貢獻實際上取決於我們何時完成其他工作。里克提到，買家和賣家的定價預期更加接近。這通常是正確的。因此，交易機會是存在的，我們正在仔細管理我們的資產負債表，但我們看到了有價值的機會。

(multiple speakers)

（多個發言者）

The only other point of emphasis I make is that our guidance, as you know, doesn't include any assumptions about acquisitions in my statement in my opening remarks, about revisiting guidance in the second quarter because we're ahead of where we thought we'd be already, has nothing to do with any assumptions about acquisitions this year.

我強調的唯一另一點是，正如您所知，我們的指導在我的開場白中的聲明中不包括任何有關收購的假設，即關於重新審視第二季度的指導，因為我們領先於我們認為的水平已經，與今年收購的任何假設無關。

So that would just be great on top of that. But to Talya's point, the reality is if you're closing most of your stuff over the last five or six months of the year, it's going to have more of a muted impact and just serves more to fuel growth going into 2025.

因此，除此之外，那就太好了。但就 Talya 而言，現實情況是，如果你在一年的最後五六個月內關閉大部分業務，那麼它的影響將會更加微弱，只會更多地推動 2025 年的成長。

Great. That's helpful. And then just a quick follow-up on that, Talya. Are you seeing any more appetite in the financing environment for SNFs? Is there any bridge-to-HUD financing that's out there at favorable terms?

偉大的。這很有幫助。然後是快速跟進，塔利亞。您是否認為 SNF 的融資環境有更大的興趣？是否有任何條件優惠的過渡到 HUD 的融資？

We are seeing non-bank lenders interested in lending on a bridge-to-HUD basis, in theories bridge to HUD. We've not been targeting that segment. We've looked at it quite a bit in the past. Yeah, and it's not cheap. The challenge that was different now than it was, call it, 1.5 years ago, is that 1.5 years ago, people were doing bridge-to-HUD lending based on forward valuation that's pretty much gone now from cost of capital, and we will work on cost of capital to the expense to do that.

我們看到非銀行貸款機構對在 HUD 橋接基礎上提供貸款感興趣，理論上是與 HUD 橋接。我們並未瞄準該細分市場。我們過去已經研究過很多次了。是的，而且它並不便宜。現在的挑戰與 1.5 年前不同，1.5 年前，人們基於遠期估值進行過橋至 HUD 貸款，而現在資本成本已基本消失，我們將努力資金成本與這樣做的費用。

Yes. And also to reiterate, our philosophy of loans have to change. That is we do loans really specifically in relation -- to the relationships we have with operators. So how is it helpful in the current relationship when an operator is trying to grow? Is there a load to own opportunity here? So we really don't have interest even though we know there are opportunities, our peers are doing it and building a portfolio of loans.

是的。還要重申的是，我們的貸款理念必須改變。也就是說，我們提供的貸款確實與我們與營運商的關係有關。那麼，當營運商試圖發展時，它對當前的關係有什麼幫助？這裡有很多機會嗎？因此，儘管我們知道有機會，但我們的同行正在這樣做並建立貸款組合，但我們確實沒有興趣。

Got you. That's helpful, Rick. And then one last one, if I may. I know you touched on the implications of the minimum staffing mandate in a question earlier. But can you give any maybe concrete initiatives that the industry is looking at, whether it's lobbying certain committees, trying to take litigation into different courts. I mean, just kind of hard things that you're seeing on the ground as the industry gears up to fight this thing.

明白你了。這很有幫助，瑞克。如果可以的話，還有最後一張。我知道您在先前的問題中談到了最低人員配置要求的影響。但您能否給出該行業正在考慮的任何具體舉措，無論是遊說某些委員會，還是試圖向不同的法院提起訴訟。我的意思是，當行業準備好應對這個問題時，你會在實地看到一些困難的事情。

Yes. So I really can't talk about that too much other than to say that everything is in place. There is a bill on the hill, it's not to bipartisan support in terms of legal action. Much of the groundwork has been done there as well. But beyond that, I can't really say probably about anything else. And most of our focus or most of the industry is focused, the trade association specifically, is going to be on the legislative strategy.

是的。所以我真的不能談太多，只能說一切都已就位。有一項法案在山上，它不是兩黨在法律行動上的支持。大部分基礎工作也已經在那裡完成。但除此之外，我真的不能說其他任何事情。我們的大部分重點或大部分行業的重點，特別是行業協會，將集中在立法策略上。

Great. That's it for me. Thanks for the time.

偉大的。對我來說就是這樣。謝謝你的時間。

Vikram Malhotra, Mizuho.

維克拉姆·馬爾霍特拉，瑞穗。

Thanks for taking the questions. Just maybe going back to the first, just the quarter results. I just want to understand kind of how the sharp growth cadence trended. I think last call, you mentioned January, you saw 20%-plus year-over-year growth and ended up at 9%. So I'm just wondering like what happened in Feb and March? And if you could, could you just give us a sense of how April has trended?

感謝您提出問題。也許回到第一季的結果。我只是想了解急劇增長節奏的趨勢。我想您在上次電話會議中提到 1 月份，您看到了 20% 以上的同比增長，最終達到了 9%。所以我只是想知道二月和三月發生了什麼？如果可以的話，可以為我們介紹一下四月份的趨勢嗎？

Well, I have some spot occupancies on April, and they are -- and the spot occupancies through the end of April are versus first quarter are roughly about 1% to 1.5% higher. So occupancy is continuing to grow. REVPOR is -- I don't have spot over for REVPOR, but we've seen continued growth there. And I think the big piece that we're seeing finally happen is expenses, specifically labor decelerate its growth. So while we're still seeing some incremental growth, largely it's the filling of vacant positions as opposed to labor-wage growth. So I don't have an April cash NOI number for you to share at this point.

嗯，我有一些 4 月份的現貨入住率，到 4 月底的現貨入住率與第一季相比大約高出 1% 到 1.5%。因此入住率持續成長。REVPOR 是——我不喜歡 REVPOR，但我們看到了那裡的持續成長。我認為我們最終看到的最重要的部分是支出，特別是勞動力減緩了其成長。因此，雖然我們仍然看到一些增量成長，但主要是空缺職位的填補，而不是勞動力薪資的成長。因此，我目前沒有 4 月份現金 NOI 號碼可供分享。

And the other thing I'd say is, as we mentioned earlier and noted in the press release, there wasn't as if there was a big drop off in the quarter. It was simply a comp issue to the prior year quarter, where repairs and maintenance will exceedingly low, and they're running at a normal run rate right now. And so, normalizing for that comp and those lower expenses, we would have been in mid-teens for our growth number for the quarter.

我要說的另一件事是，正如我們之前提到的並在新聞稿中指出的那樣，本季似乎沒有大幅下降。這只是上一年季度的一個補償問題，維修和維護費用非常低，而且它們現在正在以正常的運行速度運行。因此，如果考慮到該比較和較低的費用，我們本季的成長數字將達到十幾歲左右。

I also want to underscore another thing to just clarify, the same-store managed portfolio that I spoke about a few minutes ago had 64 assets in it, okay, because it also includes the joint ventures at share. The portfolio we talked about last quarter as same-store had 51 assets. So we're also talking about different pools here. So just to add here.

我還想強調另一件事來澄清，我幾分鐘前談到的同店管理投資組合中有 64 項資產，好吧，因為它還包括參股的合資企業。我們上季談論的同店投資組合有 51 項資產。所以我們在這裡也討論不同的池子。所以就在這裡補充一下。

Would it be fair to say that given your team's comment about adjusted team's comment, like for the balance of the year, I'm not asking for a specific number, but that team's comment like should hold through as we go through the year, whether it's 12 or 18, I don't know, but like do you see an accelerating trajectory, decelerating? How should we just think about the cadence of growth for the balance of the year?

公平地說，鑑於您的團隊對調整後的團隊評論的評論，例如今年的剩餘時間，我並沒有要求具體的數字，但該團隊的評論應該在我們度過這一年時保持不變，無論是我不知道是 12 還是 18，但你是否看到加速軌跡、減速軌跡？我們該如何考慮今年剩餘時間的成長節奏？

Yes. I mean, it's going to be dependent on occupancy recovery, but I think what we have to continue to pivot back to Vikram is, we reaffirm guidance. And what we reported for first quarter is in line with what we had forecast for guidance. So I think that should provide all the information you need.

是的。我的意思是，這將取決於入住率的恢復，但我認為我們必須繼續轉向維克拉姆的是，我們重申指引。我們第一季的報告與我們的指導預測一致。所以我認為這應該提供您需要的所有資訊。

We don't see any trends that growth that are going to get in the way of either meeting or exceeding guidance.

我們沒有看到任何成長趨勢會妨礙達到或超過指導。

Yeah. I mean it just sounded like you had earlier mentioned you exceeded kind of your expectations, but you're being conservative, I guess, just early on. And then it seems like the SHOP comp should get easier through the year given what you mentioned about expenses. So it sounds like you're -- I'm not putting words in your mouth, but it sounds like if you take those components, you could -- numbers could go higher, but that's just the way I was thinking about it.

是的。我的意思是，聽起來你之前提到過你超出了你的期望，但我猜你很保守，只是很早就這樣了。鑑於您提到的費用，今年的商店補償似乎會變得更容易。所以聽起來你——我不會把話放在你嘴裡，但聽起來如果你採取這些成分，你可以——數字可能會更高，但這就是我的想法。

Just to clarify on the acquisitions, could you -- let's just say you do see in the US portfolios you like more real estate portfolios as opposed to loans, can you just talk about how you're thinking about funding these going forward?

只是為了澄清收購，您可以 - 假設您確實在美國投資組合中看到更多的房地產投資組合而不是貸款，您能否談談您如何考慮為這些投資組合提供資金？

Sure. I think it's going to be dependent on a couple of things. I think first off, if we're looking at SNF deals, given where our stock is trading currently, relative to our NAV and just on a yield basis, that is a source of capital we could use to fund SNF deals, use that to match fund with our line of credit. To the extent there's any sales proceeds that come in, there's not a ton out there still, but there's always some sales proceeds in the normal course of business, that will also be capital available for us to redeploy into other assets.

當然。我認為這將取決於幾件事。我認為首先，如果我們正在考慮SNF 交易，考慮到我們的股票目前的交易情況，相對於我們的資產淨值，並且僅以收益率為基礎，這是我們可以用來資助SNF 交易的資金來源，用它將資金與我們的信用額度相匹配。就銷售收入而言，目前還沒有太多，但在正常業務過程中總會有一些銷售收入，這也將成為我們可用於重新部署到其他資產的資本。

And if we see SHOP deals or we see senior housing deals that we could pair up with skilled nursing deals, when we look at that on a blended basis, it would have to make sense on a blended base, from a blended yield basis for us to use the ATM. But we think there's opportunity there as well when you look at the totality of our investment pipeline.

如果我們看到商店交易或我們看到可以與熟練護理交易配對的高級住房交易，當我們在混合基礎上看待這一點時，從我們的混合收益基礎上來看，它必須在混合基礎上有意義使用自動櫃員機。但我們認為，當你審視我們的整體投資管道時，也存在著機會。

Got it. Okay. And then just, sorry, one last, just to clarify. Any sense of the final, the Medicare ruling that I think comes out when, in June or July from the initial proposal? Any sense if the comments how the kind of push together number higher, or how that plays out?

知道了。好的。然後，抱歉，最後一點，只是為了澄清。我認為最終的醫療保險裁決將在 6 月或 7 月根據最初的提案發布，您對此有何感想？如果評論數量更高，或者結果如何，有什麼意義嗎？

We're still in the comment period, and it won't come out until August, usually in the first week of August. So we'll see, but I would anticipate it to be where it is now. I don't anticipate it being lower, but I think the odds are greater that it stays where it is as opposed to going higher, but not lower.

我們仍處於徵求意見期，要到八月才會出來，通常是八月的第一週。所以我們拭目以待，但我預計它會是現在的樣子。我預計它不會更低，但我認為它保持在原位的可能性更大，而不是更高，但不會更低。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks. Good morning, everyone. So about to minimum staffing, you had 46,000 comments, CMS said, thanks for that and went ahead with it anyway. I know a lot of your peers in the REITs and operators are saying, we hope that they'll come to their senses, and we can all agree, it's crazy what the requests are here, what the mandate would be. But what could possibly change CMS' direction now another 1,000 comments? I mean I don't want to understand what more the industry could do to change the direction? Or is it more of a political thing, where if we have a change of administration, maybe that incites a change. But separate from that, how does this not go through as it stands today?

謝謝。大家，早安。CMS 表示，關於最低人員配置，您收到了 46,000 條評論，感謝您的回饋，並繼續進行。我知道很多房地產投資信託基金和營運商的同行都在說，我們希望他們能醒悟過來，我們都同意，這裡的要求和授權都太瘋狂了。但現在又有 1,000 則評論，什麼可能會改變 CMS 的方向呢？我的意思是我不想了解該行業還可以做些什麼來改變方向？或者這更像是政治問題，如果我們更換政府，也許會引發改變。但除此之外，這怎麼會不會像今天這樣呢？

We believe we can successfully address the issue legislatively. You're right, they essentially ignored all the comments, and they rush to get this out because there's no way even 40,000 to 50,000 comments that they could have thoughtfully reviewed all of those and not as far to rule out, what they did. So it's left the industry with no position -- with no option rather than to take legislative action and potentially legal action as well.

我們相信我們能夠透過立法成功解決這個問題。你是對的，他們基本上忽略了所有的評論，他們急於將其發布，因為即使有 40,000 到 50,000 條評論，他們也無法深思熟慮地審查所有這些評論，並且不能排除他們所做的事情。因此，這讓該行業失去了立場——除了採取立法行動和潛在的法律行動外，別無選擇。

Okay. And then as it relates to your portfolio, have you done any work to say, well, this percentage is subject to the three-year phase, and this is five years and this percentage might actually be exempt from the legislation as it currently stands. Have you done that work yet? Do you have an idea of what it might be from a geographic standpoint?

好的。然後，由於它與您的投資組合相關，您是否做了任何工作來說明，這個百分比受三年階段的約束，而這是五年，這個百分比實際上可能不受目前立法的約束。你完成那件工作了嗎？您知道從地理角度來看它可能是什麼嗎？

No, I think it's premature to do that work, Rich, not just because people are still recovering. But the impact of this, if it doesn't go away, it's two to five years out. So we've got some time right now to see if the remedies, if you will, that the industry is going to undertake to get rid of this mandate takes hold. I think there'll be plenty of time. If we succeed in that, great. If we don't succeed in that effort, we'll still have plenty of time to do as you suggest.

不，我認為現在做這項工作還為時過早，里奇，不僅僅是因為人們仍在康復中。但這種影響如果不消失，則需要兩到五年的時間。因此，我們現在有一些時間來看看該行業將採取的消除這項強制措施的補救措施（如果你願意的話）是否有效。我想會有充足的時間。如果我們成功了，那就太好了。如果我們的努力沒有成功，我們仍然有足夠的時間按照您的建議去做。

Okay. And then last for me, switching to SHOP same-store. I understand comps in February and March and all that. But you said off to a good start in the first quarter, going to take a look at guidance next quarter. The SHOP figure into that as well? Is that outperforming? And I think you said in the line --

好的。最後對我來說，切換到同店購物。我了解二月和三月的比賽等等。但您說第一季有一個良好的開端，將看看下個季度的指導。SHOP也包含在內？這是否表現出色？我想你在行中說過--

Our SHOP is somewhat ahead of our internal forecast guidelines.

我們的商店有點領先我們的內部預測指南。

Okay. And your internal forecast guidance are for what, on a same store, if you can remind me, I just don't remember.

好的。您的內部預測指導是針對同一家商店的，如果您能提醒我的話，我只是不記得了。

Sorry, you're asking what our same-store NOI growth assumption in our guidance is?

抱歉，您是想問我們指南中的同店 NOI 成長假設是什麼？

Yeah, for SHOP.

是的，為了商店。

Yes. I mean like I answered it earlier on the call, Rich, what we have talked about on previous calls, was we didn't put that number out, right? But what other folks are saying is mid-teens growth on an NOI basis year-over-year, and that feels reasonable given our portfolio.

是的。我的意思是，就像我早些時候在電話中回答過的那樣，里奇，我們在之前的電話中討論過，我們沒有把這個號碼公佈出來，對嗎？但其他人所說的是 NOI 同比成長，考慮到我們的投資組合，這感覺是合理的。

Okay. I'm sorry, I missed that part of it. Thanks very much.

好的。抱歉，我錯過了那部分。非常感謝。

[Alex Faki] Baird.

[亞歷克斯法基]貝爾德。

Hello, and thank you for taking my question. First one for me. Can you talk a little bit, give some color on maybe the NOI growth between IL and AL, and where that's been trending?

您好，感謝您提出我的問題。第一個對我來說。您能否談談伊利諾伊州和阿拉巴馬州之間的 NOI 增長以及趨勢？

Well, we're not going to give the specific numbers that I would say, as we've talked about in the past, they are fundamentally different businesses. So the AL growth is going to be stronger than the IL growth, simply because you've got more tools to impact the revenue line than you do in IL, which effectively isn't really a health care facility, even though there's been acuity creep, which is why we got the PLR letter back in 2020.

好吧，我們不會給出我想說的具體數字，正如我們過去討論過的那樣，它們是根本不同的業務。因此，AL 的成長將比 IL 的成長更強勁，僅僅是因為你比 IL 擁有更多的工具來影響收入線，而 IL 實際上並不是一個真正的醫療保健機構，儘管敏銳度有所下降，這就是我們在2020 年收到PLR 信函的原因。

And the other point I would make is that the IL portfolio never got hit this hard during the pandemic as the AL, so there's less recovery to be had there.

我要說的另一點是，IL 投資組合在大流行期間從未像 AL 那樣受到如此嚴重的打擊，因此那裡的復甦較少。

Got it. And we noticed you combined the two and that occupancy was down quarter-over-quarter. Was that driven by any one of them, more or less?

知道了。我們注意到，將兩者結合起來，入住率較上季下降。這或多或少是由他們中的任何一個人推動的嗎？

No, I think that was really just -- we go through all of our disclosures periodically and especially in our supplement. And what we saw was that, we were an outlier and given that level of granular detail. So we basically made our disclosures conform to what our peers show.

不，我認為這確實是——我們定期審查所有披露的內容，尤其是在我們的補充資料中。我們看到的是，我們是一個局外人，考慮到這種程度的細節。因此，我們的揭露基本上與同業的情況一致。

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

知道了。對我來說就是這樣。謝謝。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

Thanks and good morning. Could you just share where spot occupancy and coverage levels for the SNF portfolio sit today? And then just assuming the company can get spot occupancy back to pre-COVID levels in that, call it, 82% range. How sizable of an impact would you expect for that to have on coverages?

謝謝，早安。您能否分享一下目前 SNF 投資組合的現貨佔用率和覆蓋率水準？然後假設該公司可以將現場佔用率恢復到新冠疫情之前的水平，即 82% 的範圍。您預計這會對保險範圍產生多大的影響？

It's going to be pretty sizable. On the last call, on our year-end call, Rich Anderson asked it. Given that dynamic that you're talking about, is it possibly going to get a consolidated 2 times coverage. And I'm not going to say we're soon to be there, but it's clearly going to have a material impact on coverage. With coverage higher now than pre-pandemic occupancy, our margins are back to where they were pre-pandemic occupancy, which means the pull-through of that operational leverage is actually settled in at a lower occupancy level. So that's all positive for us. So it's hard to sit here and say this is what the exact impact is going to be on coverage, near two years from now of occupancy is 300 basis points higher, but it's clearly going to have a material impact.

它將相當大。在最後一次電話會議上，也就是我們的年終電話會議上，里奇·安德森問了這個問題。考慮到您所談論的動態，它是否有可能獲得合併的 2 倍覆蓋率。我不會說我們很快就會實現這一點，但它顯然會對覆蓋範圍產生重大影響。由於現在的覆蓋率高於疫情前的入住率，我們的利潤率回到了大流行前的入住率，這意味著營運槓桿的拉動實際上是在較低的入住率水平上實現的。所以這對我們來說都是正面的。因此，很難坐在這裡說這就是對覆蓋範圍的確切影響，從現在起的近兩年內，入住率將提高 300 個基點，但這顯然會產生重大影響。

Got it. Okay. And then maybe just one more on the SHOP portfolio. How much labor vacancy is there in that portfolio? Or maybe said differently, is there still quite a bit of staffing in terms of headcount needed in order to be able to achieve the occupancy upside there?

知道了。好的。然後也許還只是 SHOP 產品組合中的一個。該投資組合中有多少勞動力空缺？或者換句話說，為了實現入住率的上升，是否還需要相當多的人員配置？

I think the answer is no. I think that the opportunity to actually hire labor full time, reduce over time and agency has been very important and has been very actionable. So I would say that based on what I've seen, our operators are already in 80% to 90% occupancy of the range on stabilized assets. And they're all positioned to take advantage of operating leverage and alluding to a rate just then because they've staffed up to actually be able to sell.

我想答案是否定的。我認為，實際僱用全職勞動力、隨著時間的推移和代理減少的機會非常重要，而且非常可行。所以我想說，根據我所看到的情況，我們的營運商已經達到穩定資產範圍內 80% 到 90% 的佔用率。他們都準備好利用營運槓桿並提到當時的利率，因為他們已經配備了真正能夠銷售的人員。

So no one is holding back on admissions because of labor issues in the SHOP portfolio.

因此，沒有人會因為 SHOP 投資組合中的勞工問題而阻止招生。

Okay. Great. Thanks for the time.

好的。偉大的。謝謝你的時間。

(Operator Instructions) There are no further questions at this time. I turn the call back over to Rick Matros.

（操作員說明） 目前沒有其他問題。我把電話轉回給瑞克·馬特羅斯。

Thank you all for joining us. We're always here available for additional conversations if you want to talk offline. And in the meantime, hope you'll have a good day. Thank you.

感謝大家加入我們。如果您想離線交談，我們隨時可以為您提供更多對話。同時，希望您有美好的一天。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。