Sabra Health Care REIT Inc (SBRA) 2025 Q1 法說會逐字稿

Good day, everyone. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the 2025 Sabra first quarter earnings call. (Operator Instructions)

大家好。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 2025 年 Sabra 第一季財報電話會議。（操作員指示）

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

現在我想將電話轉交給財務執行副總裁 Lukas Hartwich。請繼續，哈特維奇先生。

Thank you, and 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 our earnings guidance for 2025 and our expectations regarding our tenants and operators and our expectations regarding our acquisition, disposition and investment plans.

謝謝，早安。在我們開始之前，我想提醒您，我們將在我們的評論中做出前瞻性的陳述，並在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時做出前瞻性的陳述，包括我們對 2025 年的盈利預測以及我們對我們的租戶和運營商的預期以及我們對收購、處置和投資計劃的預期。

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, 2024, as well as in our earnings press release included as Exhibit 99.1 to the Form 8-K we furnished to the SEC yesterday. 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.

這些前瞻性陳述是基於管理層目前的預期，並受可能導致實際結果大不相同的風險和不確定性的影響，包括我們截至 2024 年 12 月 31 日的 10-K 表中列出的風險，以及我們昨天向美國證券交易委員會提交的 8-K 表附件 99.1 中的收益新聞稿。我們不承擔更新前瞻性陳述以反映後續事件或情況的義務，您不應在本季度稍後假設我們今天所作的評論仍然有效。

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.

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可比較 GAAP 結果的解釋和對賬，這些結果可參見我們網站 sabrahealth.com 投資者部分的財務頁面。您也可以在我們網站的「投資者」部分查閱我們的 10-Q 表格、收益報告和補充文件。

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

現在，請允許我將電話轉給 Sabra Health Care REIT 的執行長、總裁兼主席 Rick Matros。

Thanks, Lukas, and thanks, everybody, for joining us today. Our skilled nursing and triple-net senior housing EBITDA and rent coverage continued to set new highs at 2.19 and 1.41, respectively, with behavioral hitting its highest level since year-end 2023 at 3.77. On average, coverage for our top 10 relationships was up sequentially. And while not all of them were up, there were none that we have concerns about. Specifically as it relates to McGuire, about a year ago, they had a pretty large onetime Medicaid pickup due to some underpayments from the Michigan Medicaid system. In the absence of that, their coverage would not show a drop in the current period.

謝謝盧卡斯，也謝謝大家今天的參與。我們的專業照護和三重淨老年住房 EBITDA 和租金覆蓋率繼續創下新高，分別達到 2.19 和 1.41，行為覆蓋率達到 3.77，為 2023 年底以來的最高水準。平均而言，我們前 10 個關係的覆蓋率逐年上升。儘管並非所有股票都上漲，但我們對其中任何股票都沒有擔憂。具體來說，就麥圭爾而言，大約一年前，由於密西根州醫療補助系統的少付款，他們獲得了相當大的一次性醫療補助。如果沒有這種情況，他們的覆蓋率在當前時期就不會出現下降。

Our contract labor continues to improve. While not quite down to pre-pandemic levels, it is lower than it's been at 4.5 years. Labor still is difficult, but certainly moderating at a much quicker pace than we would have anticipated. Our skilled occupancy is up 80 basis points sequentially, with our skilled mix up 10 basis points. Our triple-net senior housing occupancy is up 50 basis points sequentially.

我們的合約工不斷改善。雖然還沒有完全恢復到疫情前的水平，但也低於 4.5 年前的水平。分娩仍然很困難，但緩和的速度肯定比我們預期的要快得多。我們的專業入住率連續上漲了 80 個基點，專業組合上漲了 10 個基點。我們的三重淨老年住房入住率較上月上升了 50 個基點。

Talya will discuss SHOP results in detail. Our deal pipeline continues to be busier than in a very long time, still primarily SHOP, but with enough opportunities that we're able to bid on newer vintage assets with attractive yields. We have a mix of deals with existing operators and are also entering into new relationships with proven operators we've been cultivating relationships with.

Talya 將詳細討論 SHOP 結果。我們的交易管道比很長一段時間以來都更加繁忙，仍然主要是 SHOP，但有足夠的機會讓我們能夠競標具有誘人收益的較新的古董資產。我們與現有營運商達成了多種交易，同時也與我們已經建立關係的可靠營運商建立了新的關係。

While we don't usually comment on awarded deals, given our experience in closing awarded deals, we wanted to provide a sense of the volume we hope to close on this quarter by noting the more than $200 million, which have been awarded to us. That's more than we did in all of 2024 with more coming as we speak. There's nothing new to note as it pertains to Medicaid, other than we're looking forward to this summer's Medicaid rate increases.

雖然我們通常不會對授予的交易發表評論，但鑑於我們在達成授予交易方面的經驗，我們希望透過指出我們已獲得的超過 2 億美元的交易來讓人們了解我們希望在本季度完成的交易量。這比我們在 2024 年全年所做的還要多，而且我們還會繼續做下去。除了我們期待今年夏天醫療補助費率的上漲之外，關於醫療補助沒有什麼新消息值得注意。

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

說完這些，我將把電話轉給 Talya。

Thank you, Rick. Sabra's managed senior housing portfolio held up well in the first quarter of 2025 despite an expectation that seasonality would be back and would drive a dip in operating results. Revenue, cash NOI and margin were flat on a sequential basis for the total managed portfolio, including non-stabilized communities and joint ventures at share.

謝謝你，里克。儘管預計季節性因素將再次出現並導致經營業績下滑，但 Sabra 管理的老年住房投資組合在 2025 年第一季表現良好。包括非穩定社區和合資企業在內的整體管理投資組合的收入、現金淨營業利潤和利潤率環比持平。

The senior housing industry continues to gain ground post pandemic with more units occupied than ever before, according to Rick, having absorbed significant inventory that came online starting just before and continuing during the pandemic. With little new supply expected to be delivered in the next few years, we see continued opportunities for internal as well as external growth in senior housing.

里克表示，老年住房產業在疫情後繼續發展，入住的單位比以往任何時候都多，吸收了疫情前開始並持續在疫情期間上線的大量庫存。由於預計未來幾年新增供應量很少，我們認為老年住房仍將存在內部和外部成長的機會。

Sabra's same-store managed senior housing portfolio, including joint ventures at share and excluding nonstabilized assets, continued its strong performance in the first quarter. The key numbers are: revenue for the quarter grew 6.3% year over year; first quarter occupancy in our same-store portfolio was 85.4% compared to 82.6% in the first quarter of 2024. Notably, our domestic portfolio occupancy was 83%, gaining 340 basis points of occupancy during that period, while our Canadian portfolio occupancy was 90.9%, adding 140 basis points of occupancy in the same period, having ramped up occupancy ahead of our US portfolio.

Sabra 的同店管理老年住房投資組合（包括股權合資企業但不包括非穩定資產）在第一季持續保持強勁表現。關鍵數字是：本季營收年增6.3%；我們同店組合第一季的入住率為 85.4%，而 2024 年第一季為 82.6%。值得注意的是，我們的國內投資組合入住率為 83%，同期入住率增加了 340 個基點，而我們的加拿大投資組合入住率為 90.9%，同期入住率增加了 140 個基點，入住率高於我們的美國投資組合。

RevPOR in the first quarter of 2025 increased 2.8% year over year for the same period. In our Canadian portfolio, where occupancy has been in the low 90% for a few quarters, RevPOR grew 4.9% this quarter on a year over year basis, demonstrating the impact of scarcity value. Importantly, as RevPOR and occupancy continue to rise, export declined 1.1% across the same-store portfolio.

2025 年第一季 RevPOR 年增 2.8%。在我們的加拿大投資組合中，入住率連續幾季維持在 90% 以下，本季 RevPOR 年比成長 4.9%，體現了稀缺價值的影響。重要的是，隨著 RevPOR 和入住率持續上升，同店出口額卻下降了 1.1%。

Cash NOI for the quarter grew 16.9% year over year in the same-store portfolio. In our US communities, cash NOI grew 14.4% on a year over year basis, while in our Canadian communities, cash NOI in the quarter increased 24.7% over the same period, demonstrating the power of operating leverage. The trends that we have been seeing for the past year continue. Senior housing operators are tactically deploying the levers of occupancy and rate to maximize revenue and expenses remain steady, causing NOI to grow and export to decline. Our net lease stabilized senior housing portfolio continues to do well with continued solid rent coverage, reflecting the underlying operational recovery.

本季同店現金淨營業利潤年增 16.9%。在我們的美國社區，現金 NOI 年比成長 14.4%，而在我們的加拿大社區，本季現金 NOI 年比成長 24.7%，展現了經營槓桿的威力。我們在過去一年中看到的趨勢仍在繼續。老年公寓營運商正在策略性地部署入住率和房價槓桿，以最大化收入，同時支出保持穩定，導致淨營業收入成長，出口下降。我們的淨租賃穩定的老年住房投資組合繼續表現良好，租金覆蓋率持續穩健，反映了潛在的營運復甦。

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

說完這些，我將把電話轉給 Sabra 的財務長 Michael Costa。

Thanks, Talya. For the first quarter of 2025, we recognized normalized FFO per share of $0.35 and normalized AFFO per share of $0.37 compared to $0.34 and $0.35, respectively, for the first quarter of 2024. Normalized FFO and normalized AFFO totaled $85.2 million and $88.2 million this quarter, respectively, which represents a year over year increase of 7% and 9% for normalized FFO and normalized AFFO, respectively.

謝謝，塔利亞。2025 年第一季度，我們確認每股標準化 FFO 為 0.35 美元，每股標準化 AFFO 為 0.37 美元，而 2024 年第一季分別為 0.34 美元和 0.35 美元。本季度，標準化 FFO 和標準化 AFFO 總計分別為 8,520 萬美元和 8,820 萬美元，分別比去年同期成長 7% 和 9%。

I would like to highlight a few key components of this quarter's earnings. Cash rental income from our triple net portfolio totaled $90 million for the quarter, up from $89 million in the first quarter of 2024 despite disposing of $115 million of real estate from our triple net portfolio last year. Cash NOI from our managed senior housing portfolio totaled $24.1 million for the quarter compared to $19.1 million in the first quarter of 2024. This increase was driven primarily by strong occupancy, NOI and margin gains in our same-store portfolio as well as the impact of our addition of eight properties to this portfolio in 2024 through acquisitions and transitions.

我想強調本季收益的幾個關鍵組成部分。本季度，我們三重淨投資組合的現金租金收入總計 9,000 萬美元，高於 2024 年第一季的 8,900 萬美元，儘管去年我們處置了三重淨投資組合中價值 1.15 億美元的房地產。本季度，我們管理的老年住房投資組合的現金淨營運收入總計 2,410 萬美元，而 2024 年第一季為 1,910 萬美元。這項成長主要得益於我們同店組合的強勁入住率、淨營業利潤和利潤率成長，以及我們在 2024 年透過收購和轉型向該組合中增加 8 處房產的影響。

Interest and other income was $10.1 million for the quarter compared to $8.9 million in the first quarter of 2024. Cash interest expense was $25.4 million, in line with the first quarter of 2024 and our 2025 guidance run rate. Recurring cash G&A was $10 million this quarter, which matches our 2025 guidance run rate. As noted in our earnings release, we have reaffirmed our previously issued 2025 earnings guidance, and the results for this quarter are in line with our assumptions underlying that guidance.

本季利息和其他收入為 1,010 萬美元，而 2024 年第一季為 890 萬美元。現金利息支出為 2540 萬美元，與 2024 年第一季和我們的 2025 年指導運行率一致。本季經常性現金 G&A 為 1000 萬美元，與我們 2025 年的指導運行率相符。正如我們的收益報告中所述，我們重申了先前發布的 2025 年收益指引，本季度的業績符合該指引所依據的假設。

Now briefly turning to the balance sheet. Our net debt to adjusted EBITDA ratio was 5.19 times as of March 31, 2025, a decrease of 0.08 times from December 31, 2024, and a decrease of 0.36 times from March 31, 2024. This improvement in leverage is driven primarily by the continued NOI growth in our managed senior housing portfolio, accretive capital recycling and prudent use of our ATM to fund growth. We have been proactively using the forward feature under our ATM to raise equity when our share price presents an attractive opportunity to lock in an accretive cost of capital to fund the deal flow we see in our pipeline.

現在簡單回顧一下資產負債表。截至 2025 年 3 月 31 日，我們的淨負債與調整後 EBITDA 比率為 5.19 倍，比 2024 年 12 月 31 日減少 0.08 倍，比 2024 年 3 月 31 日減少 0.36 倍。槓桿率的提高主要得益於我們管理的老年住房組合的持續淨營業收入增長、增值資本循環以及謹慎使用 ATM 為增長提供資金。當我們的股價呈現出有吸引力的機會來鎖定增值資本成本以資助我們在通路中看到的交易流時，我們一直在積極利用 ATM 下的遠期功能來籌集股權。

During the quarter, we issued $84.3 million on a forward basis at an average price of $17.32 per share after commissions. And in total, we currently have $110.5 million outstanding under forward contracts at an average price of $17.32 per share after commissions. We expect to use the proceeds to close on the investments we have been awarded and to do so on a leverage-neutral basis.

本季度，我們以遠期債券發行了 8,430 萬美元，扣除佣金後的平均價格為每股 17.32 美元。整體而言，我們目前未償還遠期合約總額為 1.105 億美元，扣除佣金後平均價格為每股 17.32 美元。我們期望利用所得款項來完成我們已獲得的投資，並以槓桿中性的方式進行。

As of March 31, 2025, we are in compliance with all of our debt covenants and have ample liquidity of over $1 billion, consisting of unrestricted cash and cash equivalents of $22.7 million, available borrowings under our revolving credit facility of $917.3 million, and the $110.5 million outstanding under forward sales agreements under our ATM program. As of March 31, 2025, we also had $297.7 million available under our ATM program.

截至 2025 年 3 月 31 日，我們遵守了所有債務契約，並擁有超過 10 億美元的充足流動資金，包括 2,270 萬美元的非限制現金和現金等價物、9.173 億美元的循環信貸額度下的可用借款以及 1.105 億美元的 ATM 計劃下遠期銷售協議下的未償還餘額。截至 2025 年 3 月 31 日，我們的 ATM 計畫下還有 2.977 億美元可用。

Finally, on May 5, 2025, 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 30, 2025, to common stockholders of record as of the close of business on May 16, 2025. The dividend is adequately covered and represents a payout of 81% of our first quarter normalized AFFO per share.

最後，2025 年 5 月 5 日，Sabra 董事會宣布每股普通股派發 0.30 美元的季度現金股利。股利將於 2025 年 5 月 30 日支付給 2025 年 5 月 16 日營業結束時登記在冊的普通股股東。股息已充分支付，相當於我們第一季每股正常化 AFFO 的 81%。

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

接下來，我們將開放問答環節。

(Operator Instructions)

（操作員指示）

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

This is Elmer Chang on with Nick. Congrats, Talya, on the upcoming retirement. My first question is on how you're thinking about dispositions throughout the year? I think you expected a $50 million skilled nursing facility sale in the near term from last quarter's call. Is that still on the table? And if so, when would you expect that to close and maybe how has delayed timing put pressure on the pricing for that sale?

我是 Elmer Chang，和 Nick 一起。恭喜塔利亞即將退休。我的第一個問題是，您如何考慮全年的部署？我認為您在上個季度的電話會議上預計短期內專業護理機構的銷售額將達到 5000 萬美元。這件事還在討論中嗎？如果是的話，您預計什麼時候會完成，以及時間延遲會對銷售定價造成什麼壓力？

We still expect that to close. It's just an estate that there's a lot more regulatory hoops to jump through and there won't be any change on the proceeds that we're expecting. So it's going to just be one of those. It will happen when it happens, but it's on course to happen. Beyond that, it's just ordinary course of business for us, like it used to be, which would be sort of $50 million to $100 million a year, but we don't have much in the way that's targeted right now.

我們仍然希望它能夠結束。這只是一個需要經過更多監管環節的房地產，我們預期的收益不會有任何改變。所以它只是其中之一。該發生的時候就會發生，但它正在按計劃發生。除此之外，這對我們來說只是正常的業務，就像以前一樣，每年的收入約為 5,000 萬至 1 億美元，但目前我們的目標金額並不大。

Okay. And then second question is just on SHOP. I was just wondering how you're thinking about the trajectory of RevPOR and expense growth throughout the year as the portfolio approaches that high 80% occupancy level given operator synthesize growing occupancy during the quarter. And it sounds like -- it seems like the US business may have less pricing power. So how are you just thinking about how those two levers are trending -- will trend throughout the year?

好的。第二個問題是關於 SHOP 的。我只是想知道，考慮到營運商在本季度綜合入住率不斷增長，當投資組合接近 80% 的高入住率時，您如何看待全年 RevPOR 和費用增長的軌跡。聽起來——美國企業的定價權似乎減弱。那麼您如何看待這兩個槓桿的趨勢—全年趨勢如何？

What we're seeing -- what we expect, subject to whatever might happen in the political arena right now, labor, which is the largest expense is stable. And as a function of export is decreasing because occupancy is increasing. I actually think that as occupancy continues to rise, and we expect it to rise throughout -- across all the spectrum of senior housing, both in the US and Canada, pricing is going to be is going to also get increased just because that's the lever that's going to be available to. Because the higher the occupancy, the higher the price you can actually start to demand once you cross a certain threshold. So I think there are significant tailwinds on both occupancy and RevPOR, and I think expenses, right now, I'd say, hold as they are subject to unknowns.

我們所看到的、我們所預期的，無論目前政治舞台上發生什麼，勞動力，也就是最大的開支，都是穩定的。由於入住率增加，出口量正在下降。我實際上認為，隨著入住率的不斷上升，我們預計它將在美國和加拿大的所有老年住房領域持續上升，價格也將上漲，因為這是可用的槓桿。因為入住率越高，一旦超過某個門檻，您實際上可以開始要求的價格就越高。因此，我認為入住率和每間客房可出租面積 (RevPOR) 都面臨顯著的順風，而且我認為，就目前而言，由於受到未知因素的影響，支出將保持不變。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

My first one is about your guidance -- reiterating guidance. I know you made commentary about deal awarded. So I wanted to just touch on, is any of that being contemplated? And also on the SHOP guidance, just given the execution this quarter, which tends to be seasonally softer, keeping the low to mid-teens cash NOI growth for the year?

我的第一個問題是有關您的指導—重申指引。我知道您對已達成的交易發表了評論。所以我想簡單談談，是否有人正在考慮這些事情？另外，關於 SHOP 指導，考慮到本季度的執行情況（由於季節性因素，執行情況往往較弱），全年的現金 NOI 增長率是否會保持在低至中等水平？

Yeah. So in terms of the acquisitions that we announced that we're working on, those are not included in our guidance. We'll include those in our guidance once they've closed. So you could expect, when we get into our second quarter call once those deals and potentially other ones have closed, we'll incorporate that into our thoughts around guidance. So short answer is no, they're not incorporated to the guidance currently.

是的。因此，就我們宣布正在進行的收購而言，這些並不包括在我們的指導範圍內。一旦它們關閉，我們將把它們納入我們的指導中。因此，你可以預期，當我們進入第二季電話會議時，一旦這些交易以及其他可能的交易已經完成，我們就會將其納入我們的指導思想中。所以簡短的回答是“否”，它們目前尚未納入指導中。

On your second question, we reaffirm guidance and all the assumptions underneath it. So that same that same-store growth that we -- the guidance that we gave of low to mid-teens, still stands.

關於您的第二個問題，我們重申指導意見及其背後的所有假設。因此，我們給出的同店銷售額成長率（低至百分之十幾）指引仍然有效。

Look, we want to be moderate here. So we just want to give ourselves a little bit more time. If we have a reason to revisit for the second quarter, we'll do that.

瞧，我們想在這裡保持溫和。所以我們只是想給自己多一點時間。如果我們有理由重新審視第二季度，我們就會這樣做。

Okay. And also just generally, in what you're seeing in the transaction market, especially with your ability to enter into a $200 million portfolio deal, what are you seeing in terms of deal flow? Are you seeing that increase and also the sellers and buyers entering into this space?

好的。另外，總體而言，就您在交易市場中所看到的情況而言，特別是您有能力達成 2 億美元的投資組合交易，就交易流程而言，您看到了什麼？您是否看到了這種成長以及賣家和買家進入這個領域的情況？

Happy to take that. And by the way, the $200 million that we've been awarded are actually not a single portfolio, but there are multiple transactions in there.

很高興接受這個。順便說一句，我們獲得的 2 億美元實際上並不是一個單一的投資組合，而是包含多筆交易。

Okay.

好的。

Just to -- just for clarity sake. We're seeing a very robust pipeline of deals come to us. It's heavily biased to senior housing, which we're largely viewing -- or entirely viewing at SHOP with rare exceptions. The assets we're seeing are primarily either single assets or a few assets that can be bought bundled or not. We have started to see some large portfolios. They're kind of outliers. Oftentimes, they are things we've seen -- they are portfolios we've seen before. There are of less interest to us at the moment because we're seeing the best opportunities for us -- for multiple reasons to be in these onesie two-sie situations.

只是為了清楚起見。我們看到有大量交易正在向我們湧來。它嚴重偏向老年住房，我們基本上都在 SHOP 上查看——或者說，除了極少數例外，完全都在查看。我們看到的資產主要是單一資產或一些可以捆綁購買或不捆綁購買的資產。我們已經開始看到一些大型投資組合。他們有點異常。通常，它們是我們曾經見過的東西——它們是我們以前見過的投資組合。目前我們對此不太感興趣，因為我們看到了對我們來說最好的機會——出於多種原因，我們處於這種一體化的二合一局面。

What's interesting about what we're seeing is that the sellers are frequently private equity firms that provided development capital or bought assets early stage and they're at fund life and want to sell. The assets were covered enough from COVID that they can exit at an okay multiple in terms -- but they need to get capital back to their LPs, so that they can launch their next fund. And that's really the recycling of capital issue that's driving quite a bit of sales.

有趣的是，我們看到的賣家通常是提供開發資本或在早期階段購買資產的私募股權公司，他們正處於基金生命週期並想要出售。這些資產在 COVID 疫情中得到了足夠的保障，因此他們可以以不錯的倍數退出——但他們需要將資本返還給他們的 LP，這樣他們才能推出下一個基金。這實際上是資本循環問題，推動了相當多的銷售。

There are occasionally situations where we're seeing some sellers who were unsuccessful, come back to the market again. And it's -- right now, it's a timing -- it's been a timing issue of getting good execution or decent execution. Sometimes it's just sufficient execution for these sellers. But assets now in the senior housing arena have recovered enough even though cap rates have risen for people to get out without having to oftentimes put additional cash into pay off debt.

我們偶爾會看到一些失敗的賣家再次重返市場。現在，這是一個時機問題，這是一個獲得良好執行或體面執行的時機問題。有時，對於這些賣家來說，這只是足夠的執行。但目前老年住房領域的資產已經恢復到足夠的水平，儘管資本化率已經上升，人們可以擺脫困境，而不必投入額外的現金來償還債務。

And has that increased competition that you've seen as well?

您認為這是否也加劇了競爭？

The private equity buyers are largely out as buyers. There are a few that are -- they're tiptoeing around. We've seen one that's been more active. We are seeing the public REITs be active as you have seen that as well. Sometimes we actually overlap with groups that we haven't typically overlapped with in the past. But pricing has remained pretty tight from our perspective on deals where we've bid.

私募股權買家多為外購者。有少數人——他們正小心翼翼地走著。我們已經看到了一個更加活躍的。我們看到公共房地產投資信託基金 (REIT) 很活躍，正如您所看到的。有時我們實際上會與過去通常不重疊的群體重疊。但從我們投標的交易的角度來看，定價仍然相當緊張。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

On the $200 million of senior housing acquisitions, are these all deals in the US? And can you just give us a sense of kind of the operating metrics where they sit today? And what sort of that may imply for kind of the future growth profile?

關於2億美元的老人公寓收購，這些都是在美國進行的交易嗎？您能否向我們介紹他們目前的營運指標？這對於未來的成長狀況意味著什麼？

Well, I'm going to be cautious here in terms of giving you hard numbers because these are deals that we've been awarded and we haven't closed on them quite yet. So first of all, they're all domestic. They're biased towards the eastern half of the United States, if that gives you an addition -- and you like good color. They all have growth embedded in them because while they are decently occupied, there is still room for growth and there's still room for RevPOR increases.

好吧，在給你確切的數字時我會非常謹慎，因為這些是我們已經獲得的交易，但我們還沒有完全完成它們。首先，它們都是國內的。他們偏向美國東部地區，如果這能給你一些補充——並且你喜歡好看的顏色的話。這些飯店都蘊含成長潛力，因為雖然入住率較高，但仍有成長空間，RevPOR 仍有成長空間。

They're also a little -- they're more heavily weighted towards AL memory care than IL. Did you want to add something, Talya?

他們也有點——他們更注重 AL 記憶護理而不是 IL。塔莉亞，你還有什麼要補充的嗎？

No, I'm good.

不，我很好。

Okay. And then just following up, Rick, you kind of referenced you haven't historically disclosed deals until they've closed. I guess, what led you to break that practice with this $200 million? And should we expect you'll continue to announce deals that have been awarded or under LOI?

好的。然後，里克，你剛才提到，你以前在交易完成之前不會披露交易。我想，是什麼促使你用這 2 億美元打破這種做法？我們是否應該期待您會繼續宣布已經授予或根據意向書達成的交易？

We did it because, one, our track record when we get deals awarded is that we get them closed. And we felt like we've got so much great activity now, that we didn't want another quarter to go by, would have -- making sure that you all were up to speed and what we expect to see happen because we had been saying even earlier in the year that we expect to do quite a bit more than we did last year, and that was certainly our target. So it was really specifically for that reason. We may or may not do it going forward because we'll have closed deals to announce at the rate things are going.

我們這樣做是因為，首先，我們獲得交易的記錄表明，我們總是能夠完成交易。我們覺得現在已經有很多很棒的活動了，我們不想再浪費一個季度了，我們會確保大家都能跟上進度，了解我們期望看到的事情，因為我們在今年早些時候就說過，我們期望做得比去年多得多，這當然是我們的目標。所以這確實是出於這個原因。我們未來可能會也可能不會這麼做，因為以目前的進展速度，我們將會宣布一些已完成的交易。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Talya, congratulations. First question, just -- no problem. First question is just on Genesis. I know you guys were super proactive trying to reduce exposure over the years. But if you could just remind us on how much NOI you're getting from Genesis? I know it's out of your top 10 list. And the kind of the structure that's in place and the credit behind that lease? And obviously, if you, in your paid rents to date through, I guess, May.

塔莉亞，恭喜你。第一個問題，沒問題。第一個問題是關於《創世紀》的。我知道你們這些年來一直非常積極主動地努力減少曝光。但是，您能否提醒我們您從 Genesis 獲得了多少 NOI？我知道它不在你的前十名之列。那麼現有的結構類型以及租賃背後的信用如何？顯然，如果您迄今為止支付了截至五月的租金。

Yeah. So we sold all but 8 of the original 86 last year because we wanted to have more security going forward. We decided to sublease those 8 assets to a trusted operator. Their rent was slightly less than Genesis, but because of the Genesis guarantee, Genesis makes up the stub. It's not material. So that's been going really well for us. No mispayments. They will be our operator going forward after the lease expires. The operations have improved materially since they started, but with really that many facilities, it's pretty negligible impact on our NOI. But yes, so we're good there.

是的。因此，我們去年將原有的 86 輛汽車中除 8 輛外全部賣掉，因為我們希望未來能有更高的安全性。我們決定將這 8 項資產轉租給值得信賴的業者。他們的租金比 Genesis 略低，但由於 Genesis 有擔保，所以 Genesis 可以彌補差額。這不是物質的。所以對我們來說，一切都很順利。沒有誤付款。租約到期後，他們將成為我們的營運商。自開始以來，營運已經有了實質的改善，但由於設施太多，對我們的淨營業利潤的影響幾乎可以忽略不計。但是是的，所以我們做得很好。

Great. Good to hear. And secondly, just on SHOP could you just remind us kind of the deferred or kind of revenue-generating CapEx that we should be thinking about this year for the in-place portfolio? And if we should be thinking about incremental kind of CapEx spend on the pipeline over and above traditional maintenance CapEx?

偉大的。很高興聽到這個消息。其次，僅在 SHOP 上，您能否提醒我們今年應該考慮現有投資組合中的遞延或創收資本支出？我們是否應該考慮在傳統維護資本支出之外增加管道資本支出？

Well, Mike's pointing that up, I would say that because of the vintage of the assets that we acquired last year and that we're currently in the process of acquiring, there really -- there are new assets that are less than 10 years old. Most of them are five, six, seven years old. So the CapEx requirements for the stuff that we're buying just isn't material.

嗯，麥克指出了這一點，我想說，由於我們去年收購的資產以及我們目前正在收購的資產的年份，所以實際上 - 有一些新資產的年份還不到 10 年。他們大多是五、六、七歲。因此，我們購買的東西的資本支出要求並不重要。

And when we were asked earlier about competition, we've got so much in the pipeline that we're really -- we've really been able to be extremely selective about the assets that we want to buy. So that regardless of what happens with competition in any of the geographic areas and in the markets that we're buying, we've got really new good-looking assets to compete with anybody.

當我們早些時候被問及競爭情況時，我們已經有很多準備收購的項目，我們真的能夠非常嚴格地選擇我們想要購買的資產。因此，無論我們購買的任何地理區域和市場中的競爭情況如何，我們都擁有真正新穎、外觀良好的資產來與任何人競爭。

Yeah. In terms of the dollars, Juan, so in terms of like regular maintenance CapEx, we've been spending on an average somewhere between, call it, $1.5 million to $2 million a quarter on our consolidated portfolio. On larger projects, that's going to be very community specific. We spent a lot last year, as we've talked about in the past. There's some deferred projects that got delayed because of the pandemic. That number was over $30 million that we spend across our entire portfolio. But we expect that number to be quite a bit lower in 2025 because of the fact that we caught up last year as well as what Rick pointed out with the newer vintage assets that we've been adding to our portfolio just naturally require less CapEx.

是的。就美元而言，胡安，就常規維護資本支出而言，我們平均每季在合併投資組合上花費 150 萬美元至 200 萬美元。對於較大的項目來說，這將非常特定於社區。正如我們過去談到的，去年我們花了很多錢。有一些延期的項目因疫情而被推遲。我們在整個投資組合中投入的資金超過 3000 萬美元。但我們預計，到 2025 年，這一數字將會大幅下降，因為我們去年已經趕上了進度，而且正如 Rick 指出的那樣，我們添加到投資組合中的較新的老式資產自然需要的資本支出較少。

Seth Bergey, Citi Group.

花旗集團的 Seth Bergey。

I guess just going back to the pipeline, kind of as you have them moving outlooks for SHOP, it sounds like there may be a little bit more competition out there for deals. Has there been any change to your underwriting criteria in terms of the type of assets you're looking at, geographies, or kind of your return expectations?

我想回到通路問題，就像你對 SHOP 的展望一樣，聽起來交易方面的競爭可能會更加激烈一些。就您所關注的資產類型、地理位置或回報預期而言，您的承保標準是否有任何變化？

So I actually think that there -- the competition has just shifted to being actually a smaller pool of buyers for the most part on the assets that we see in general. And then as Rick said, we're being very deliberate and picky about what we're pursuing for all the reasons that were outlined.

因此，我實際上認為，就我們通常看到的資產而言，競爭實際上已經轉移到了買家群體較小的情況。正如里克所說，基於上述所有原因，我們對所追求的目標非常謹慎和挑剔。

In terms of underwriting, really nothing has changed. We're really focused on our cost of capital and looking at making sure that how we underwrite leads us to get deals that are accretive. The other element that is relevant to us when we're looking at transactions -- and believe, we're looking at a lot. I probably clear 10 coffee agreements a week, just to give you a sense of scale. So that's a lot of deals.

在核保方面，實際上沒有任何改變。我們真正關注的是資本成本，並確保我們的承銷方式能讓我們獲得增值的交易。當我們查看交易時，與我們相關的另一個因素是——並且相信，我們正在查看很多因素。我大概每週要完成 10 份咖啡協議，只是為了讓你有個大概的規模。所以有很多交易。

We look at situations where we have an opportunity to buy at maybe not the highest price, because either we have a relationship and history with an operator who's involved in the deal and has an ability to effect or impact how the sale happens. And we're also looking at working with operators that have pipeline of assets that are expected to come to market in some fashion.

我們會考慮有機會以可能不是最高的價格購買的情況，因為我們與參與交易的運營商有關係和歷史，並且有能力影響或影響銷售方式。我們也希望與擁有資產管道並有望以某種方式進入市場的營運商合作。

And potentially even development opportunities someday in the future when that might make sense. We're not counting on development today, trust me. But there's -- so it's -- the assets themselves matter, but there are strategic reasons also for these specific investments in terms of the relationships and the future of our organization and opportunity to buy and invest.

當未來的某一天這變得有意義時，甚至可能帶來發展機會。相信我，我們今天不指望發展。但是，資產本身很重要，但這些特定投資也有策略性原因，包括我們組織的關係和未來以及購買和投資的機會。

Great. That's helpful. And then I guess just for the second one, your coverage level is continuing to improve, but are there any changes to your watch with respect to operators?

偉大的。這很有幫助。然後我想就第二個問題而言，您的覆蓋水平正在不斷提高，但是對於運營商而言，您的觀察有什麼變化嗎？

No, none.

沒有，沒有。

[Georgie Denko], Mizuho Securities.

[Georgie Denko]，瑞穗證券。

This is Georgie on for Vikram. Just in the press release, you mentioned that you're not seeing many attractive SNF opportunities. Can you just provide more color on what makes the SNF acquisition unattractive? Like is it a location, operator, anything else that you can share?

這是喬治 (Georgie) 取代維克拉姆 (Vikram)。就在新聞稿中，您提到您沒有看到很多有吸引力的 SNF 機會。您能否詳細說明 SNF 收購為何沒有吸引力？例如位置、運營商，或是其他可以分享的資訊嗎？

Losing a lot of money is a good starting point, and we see a fair amount of those. Because oftentimes, what we're seeing is a nonprofit since divesting because they're bleeding cash on the asset. So that's tough because it's really tough to structure a lease around an asset that doesn't have the ability to pay rent because it's going to take time even if you get the most fantastic operator in there and the asset is fundamentally well situated. And all that is going to be a while before they're able to turn the facility around so that they can pay rent. So that's the challenge of the math around lease. And we're not doing managed assets in the SNF space.

損失大量金錢是一個很好的起點，我們看到了相當多這樣的情況。因為我們經常看到的是，非營利組織因為資產剝離而損失了現金。這很困難，因為圍繞沒有能力支付租金的資產制定租賃協議非常困難，因為即使你找到最優秀的運營商並且資產的基本位置良好，這也需要時間。而這一切都需要一段時間，他們才能扭轉設施的局面，從而支付租金。這就是與租賃相關的數學挑戰。我們不會在 SNF 領域進行資產管理。

We're really not seeing anybody else get much done too. Hopefully -- look, there's a Medicaid overhang, obviously, on the space. So I think we're hopeful that as there's clarity on Medicaid, that more assets will come into the market. It's -- I mean people can go ahead and do deals and assume nothing is going to happen, but we prefer to be a little bit cautious about how we underwrote a SNF deal not knowing what's going to happen with their Medicaid revenue stream.

我們確實沒有看到其他人取得多大的成就。希望如此——看，顯然，醫療補助計劃在該領域存在過剩。因此我認為，我們希望隨著醫療補助計劃的明朗化，將有更多的資產進入市場。我的意思是——人們可以繼續進行交易並假設什麼都不會發生，但我們更願意對如何承銷 SNF 交易保持謹慎，因為不知道他們的醫療補助收入流會發生什麼。

That's helpful. And just a second question on the SHOP portfolio, can you just provide more color on like what you expect in terms of occupancy cadence throughout the year? And what are the trends that are you seeing so far in the second quarter?

這很有幫助。關於 SHOP 投資組合的第二個問題，您能否提供更多細節，說明您對全年入住節奏的期望？到目前為止，您看到的第二季度趨勢是什麼？

We're a month into the second quarter. So I hesitate to extrapolate too much. I think the first quarter was flat sequentially, as I said, which is kind of the new seasonality, at least for this year, I expect things will pick up. If you think about where assets are located, let's just say, let's talk about our Canadian assets. It's unlike -- people are less likely to move in during January, February and March when there are snowstorms and it's negative 20 degrees outside, right?

我們已經進入第二季一個月了。所以我不太願意進行過多的推論。我認為第一季環比持平，正如我所說，這是一種新的季節性，至少對於今年而言，我預計情況會好轉。如果你考慮資產位於何處，我們就來談談我們的加拿大資產吧。這不一樣——在一月、二月和三月，當暴風雪來襲，室外氣溫為零下 20 度時，人們不太可能搬進來，對吧？

So I think having -- we were at Vancouver last week, the skies were sunny and bright, nicer than Southern California. Toronto is getting better as well. I think the mood increases and move-ins will increase just -- even just in our Canadian portfolio for those reasons. And of course, any of our assets that are in the northern part of the US have the same issue with winter. It's just hard to be in Minnesota and think you're going to move in January and February and March.

所以我認為——我們上週在溫哥華，天空晴朗明亮，比南加州更美麗。多倫多的情況也越來越好。我認為，由於這些原因，人們的情緒會增強，入住率也會增加——甚至僅限於我們的加拿大投資組合。當然，我們位於美國北部的任何資產在冬季都會遇到相同的問題。當你在明尼蘇達州並想著要在一月、二月和三月搬家時，這很難。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Congrats, Talya. I guess we'll see you around for a few more quarters, though. So on the topic of not interested in any large portfolios, Rick, is that because of the portfolios? Or is that because of your sort of commitment to all of us to sort of keep it simple and not get into a firehose drinking situation again? I'm just curious what's motivating the lack of interest in large portfolios as you see it today?

恭喜，塔莉亞。不過，我想我們還會在接下來的幾季見到你。那麼，關於對任何大型投資組合不感興趣的話題，里克，是因為投資組合嗎？還是因為您對我們所有人做出了某種承諾，要保持簡單，不再陷入酗酒的境地？我只是好奇，您今天看到人們對大型投資組合缺乏興趣的原因是什麼？

Yeah. It's really that commitment. As you know very well because you've covered us for so long, we did a lot of things that we felt we had to do at the time that created a lot of noise, but it effectively repositioned us to be strong going forward. Nevertheless, it takes some time to get past that in people's minds and be an organization that people -- that is dependable and people can sort of predict more where things are going to be going. And so we articulated that in '23 coming out of the pandemic, and we stuck to it.

是的。這確實是一種承諾。如你所知，由於您報道我們很長時間，我們做了很多當時覺得必須做的事情，引起了很大的轟動，但它有效地重新定位了我們，使我們在未來變得更加強大。然而，要讓這個觀念在人們心中根深蒂固，成為一個值得人們信賴的組織，讓人們能夠更好地預測事情的發展方向，還需要一些時間。因此，我們在 2023 年擺脫疫情時明確了這一點，並且堅持了下來。

So there's so many -- so much activity out there for us to take advantage of. We don't need any big swings. When we repositioned the company with the merger and really exiting Genesis, we didn't need to do it again, and we still don't need to do. We've got a really strong portfolio. We had less SNF operator issues than I think pretty much everybody during the pandemic.

所以，有這麼多的活動可供我們利用。我們不需要任何大的波動。當我們透過合併並真正退出 Genesis 重新定位公司時，我們不需要再這樣做，而且我們現在也不需要這樣做。我們擁有非常強大的產品組合。我認為，在疫情期間，我們遇到的 SNF 運營商問題比幾乎所有人都要少。

And so we just want to be predictable and keep it simple. And we can do hundreds of millions of dollars of deals and do them with deals that are under $100 million. So -- and now the deals in this sort of basket of [200-plus] are close to [$100 million]. So that's our commitment to you all and a commitment to ourselves. We are going to be very laser-focused on it.

因此，我們只是希望保持可預測性和簡單性。我們可以完成數億美元的交易，也可以完成 1 億美元以下的交易。所以——現在這類[200多]個交易籃子裡的交易接近[1億美元]。這就是我們對大家的承諾，也是對自己的承諾。我們將全神貫注於此。

Will we be willing to do something larger next year or whatever? Yeah, of course, we might be willing to do that. But we're -- right now, we're able to have a better balance in our portfolio between senior housing and skill than we've ever had. It drives our growth better. We still want to do skilled deals. We got the space and obviously, it will increase our average weighted yield, but we want to have that balance in the portfolio. We want to have a component of our asset base that has a strong driver of earnings, stronger driver of earnings than the 2.25% to 2.5% bumps you get on a triple net. So not so. I'm belaboring it probably a little bit, Rich, but yeah.

我們是否願意在明年或其他時間做一些更大的事情？是的，當然，我們可能願意這麼做。但現在，我們的投資組合在老年住房和技能之間實現了比以往更好的平衡。它更好地推動了我們的成長。我們仍然想做技術性交易。我們有空間，顯然，這將增加我們的平均加權收益率，但我們希望在投資組合中保持這種平衡。我們希望我們的資產基礎中有一個組成部分能夠產生強大的獲利推動力，比三重淨收益的 2.25% 到 2.5% 的增幅更有力。事實並非如此。我可能有點過度強調了這一點，Rich，但是是的。

No. I enjoyed it. Good stuff. And so next question is we're hearing some of your peers are doing some SHOP conversions. Is that a part of your strategy at all within the portfolio? Or is it going to be mostly looking for stuff externally?

不。我很喜歡它。好東西。下一個問題是，我們聽說你們的一些同行正在進行一些 SHOP 轉換。這是您的投資組合策略的一部分嗎？或者它主要在外部尋找東西？

We've already -- we did a bunch of that and some of it during the pandemic. There's not much left for us to do there. I mean coverage is great. We've got some legacy assets in there that are doing really well and the operators are happy. So there might be a little bit here or there, but it's not going to be anything significant.

我們已經做了很多這樣的工作，其中一些是在疫情期間做的。我們在那裡能做的事情不多了。我的意思是覆蓋範圍很廣。我們在那裡擁有一些表現良好的遺留資產，而營運商也很高興。所以這裡或那裡可能會有一點點，但不會有什麼重大影響。

We got -- I think we reduced our triple-net senior housing portfolio over the last several years by one-third or something like that. So there's not much left there. And obviously, as we continue to grow SHOP, you'll see the triple-net senior housing portfolio drop as a percentage of our exposure and then behavioral obviously will drop as well because we're going to be allocating our capital to the two spaces that patent tailwinds, senior housing and skilled nursing.

我們得到了——我認為我們在過去幾年中將三重淨老年住房投資組合減少了三分之一左右。所以那裡剩下的不多了。顯然，隨著我們繼續發展 SHOP，您會看到三重淨老年住房投資組合占我們敞口的百分比會下降，然後行為顯然也會下降，因為我們將把我們的資金分配給兩個具有專利順風的領域，即老年住房和技術護理。

Okay. And last for me. The Medicare, the CMS suggestion or whatever, 2.8% for fiscal year '26 is fine, I guess. It's obviously down from last year, obviously, not to be unexpected given inflation subsiding. And then you have Medicaid questions that you can't answer yet, no one can.

好的。對我來說是最後一次。我認為，無論是醫療保險、CMS 建議還是其他什麼，26 財年的 2.8% 都是可以的。這顯然比去年有所下降，考慮到通貨膨脹正在消退，這顯然並不令人意外。然後你有一些關於醫療補助的問題，你還無法回答，沒有人可以回答。

And you layer that on top of what you've witnessed is improving coverage. I mean, is the day -- are we past sort of -- is the thrill gone, I guess, on coverage? Do we start to get sort of more of a sideways movement because the reimbursement sources are likely to slow down now on a year-over-year basis. And so coverage is -- had a nice run, but maybe it's kind of in the rearview mirror now. What do you think of that?

並且，在您所見證的不斷改善的覆蓋範圍內，您還能看到這一點。我的意思是，這一天──我們是不是已經過去了──我想，報道的熱情已經消失了？我們是否會開始看到更多的橫向移動，因為報銷來源現在可能比去年同期放緩。因此，報道曾經表現不錯，但現在可能已經過時了。您對此有何看法？

Yeah. No, it's a good question. I don't think we're going to be sideways for a while for a couple of reasons. One -- and we talked about this in the past, this was the year we expect to see Medicare rate and Medicaid rate increases come down. Just formulaically they're encompassing periods of time where inflation started coming down.

是的。不，這是個好問題。出於幾個原因，我認為我們暫時不會陷入困境。首先——我們過去討論過這個問題，今年我們預計醫療保險費率和醫療補助費率的增幅將會下降。從公式上來說，它們涵蓋了通貨膨脹開始下降的時期。

So -- and the 2.8 is still about a full point or so higher than it was historically -- what we saw historically every year. And while we expect Medicaid certainly not to be at the 7%-plus we saw last year, we still think it's going to be outsized. So I think given occupancy continuing to grow, given the moderation in labor and given another set of outsized based on historical effect -- outsized Medicaid rate increases this summer, about 70% of our buildings get their Medicaid rate increases in July and August. We still should see improved coverage for a while.

因此 — — 2.8 仍然比歷史上每年的水準高出約一個點左右。雖然我們預期醫療補助的佔比肯定不會達到去年的 7% 以上，但我們仍然認為其規模將會過大。因此，我認為，鑑於入住率持續增長、勞動力放緩以及另一組基於歷史效應的超額效應——今年夏天醫療補助費率超額增長，我們約有 70% 的建築的醫療補助費率將在 7 月和 8 月上漲。我們應該仍會看到覆蓋範圍在一段時間內得到改善。

Now if something should happen with provider taxes that could mitigate that somewhat, so that remains to be seen. But I think it will have a relatively negligible impact for us because there's going to be a cost offset as well if the ceiling comes down. And then you'll see it start picking up again once the Medicaid rate increases get baked in. So I think we still have some room to grow there over the course of this year, Rich.

現在，如果供應商稅收發生一些變化，可以在一定程度上緩解這種情況，那麼這還有待觀察。但我認為這對我們的影響相對較小，因為如果上限降低，成本也會被抵銷。然後，一旦醫療補助率增加，你會看到它再次開始回升。所以我認為我們今年仍然有一定的成長空間，里奇。

Alec Feygin, Baird Equity Research.

亞歷克費金（Alec Feygin），貝爾德股票研究公司（Baird Equity Research）。

So kind of speaking for the $200 million set of deals. And Talya, you kind of talked about maybe the strategic relationship angle, but maybe any more details with are these operators that you would like to grow? Are they new operators into the portfolio? And kind of what do you expect that shadow pipeline to kind of be after these deals close?

所以這算是 2 億美元的交易之一。Talya，您可能談到了戰略關係的角度，但您是否可以更詳細地談談這些是您想要發展的運營商？他們是投資組合中的新營運商嗎？這些交易結束後，您認為影子管道會是什麼樣子？

So the answer to question number one is, yes. All of the above. The answer to number two is tougher to assess. And I think we'd rather close the deals and then be able to report further detail on the additional opportunities that we're looking at.

所以第一個問題的答案是肯定的。上述所有的。第二個問題的答案更難評估。我認為我們寧願完成交易，然後能夠報告我們正在尋找的其他機會的更多細節。

All right. Fair enough. And then secondly, can you provide some details in the maybe kind of steady decline in occupancy in the behavioral health and specialty hospitals and other segment? Kind of what are the prospects for re-leasing those spaces, if they do go dark at what rents?

好的。很公平。其次，您能否提供一些有關行為健康和專科醫院以及其他領域的入住率可能持續下降的細節？如果這些空間真的停業，那麼重新出租這些空間的前景如何？租金是多少？

It's a very different business than senior housing and skilled nursing, obviously. The breakeven point is at a pretty low level of occupancy, like under 60%. The coverage went up pretty nicely, actually, because revenue per patient day went up. And so -- but it's a very, very dynamic business. And skilled and senior housing, your occupancy is pretty predictable for the most part. It doesn't change dramatically. That's not the same with the behavioral space. So we've got very short length of stay. It's a very dynamic business.

顯然，這與老年住房和專業護理業務截然不同。損益平衡點處於相當低的入住率水平，例如低於 60%。事實上，由於每位病人每天的收入增加了，所以保險覆蓋率也增加了不少。所以——但這是一個非常非常有活力的行業。對於技術工人和老年人住房來說，入住率大部分是相當可預測的。它並沒有發生巨大的變化。這與行為空間不一樣。所以我們的停留時間非常短。這是一項非常有活力的行業。

The holidays, and shortly right after the holidays, you always see pretty significant drops because no one is coming in for rehab typically during the holidays, and that carries a little bit over into the early part of the year. So there may be some recovery on that. So it's just something -- the coverage is so strong. It's just at 3.77, it's just not something that we are concerned about. It's just a different kind of business. And so we're -- for us, we're used to kind of seeing these ups and downs.

假期期間以及假期剛過後，你總會看到相當明顯的下降，因為假期期間通常沒有人來康復中心，而且這種情況會持續到年初。因此，這可能會有所復甦。所以這只是某種現象──覆蓋範圍非常強大。目前僅為 3.77，這並不是我們所擔心的事情。這只是一種不同類型的業務。所以，對我們來說，我們已經習慣了看到這些起起落落。

(Operator Instructions)

（操作員指示）

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

This is Sam on for Tayo. I was just wondering if you guys could give some updated thoughts on how Medicare reimbursement for skilled nursing could impact -- could be impacted by the current intent by the US government to establish a new federal budget?

這是 Sam 代替 Tayo 上場。我只是想知道你們是否能就醫療保險對熟練護理的報銷將如何影響——將受到美國政府目前製定新的聯邦預算的意圖的影響提供一些最新的看法？

Well, what we're hearing on the hill is that they're not going to touch Medicare. The President has said the same thing about Medicaid. But as we've talked about, I think the last couple of quarters, we think there is some exposure of provider taxes. But we're not seeing or hearing anything in any of the discussions that lobbies they're having on the hill relative to Medicare. And I'm not sure that the proposed rule would have come out the way if that was an issue.

嗯，我們在國會聽到的消息是，他們不會動用醫療保險。總統對醫療補助計劃也發表了同樣的看法。但正如我們所討論的，我認為在過去的幾個季度中，我們認為存在一些提供者稅的風險。但我們在國會山莊進行的任何有關醫療保險的遊說討論中都沒有看到或聽到任何內容。如果這是一個問題的話，我不確定擬議的規則是否會出台。

So the comment period once the proposed rule came out, everything is happening like it normally happens there. So -- and we're not hearing anything from inside CMS along those lines either. So look, we're in an environment where things change every hour apparently. So -- but that said, so I'm not making light of anything because we have our antenna up on the Medicaid, Sam, but we feel pretty comfortable with Medicare.

因此，一旦擬議規則出台，評論期就會像往常一樣進行。所以——我們也沒有聽到來自 CMS 內部的任何類似消息。所以，你看，我們所處的環境顯然每小時都在改變。所以 — — 但話雖如此，我並沒有輕視任何事情，因為我們對醫療補助計劃非常關注，山姆，但我們對醫療保險計劃感到非常滿意。

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

目前沒有其他問題。我把電話轉回給 Rick Matros。

Thanks, everybody, for joining us. We're available, as always, if you want to reach out and have additional discussions. And otherwise, we'll see you folks at NAREIT. Look forward to it. Thanks, everyone.

感謝大家加入我們。如果您想聯繫我們並進行進一步討論，我們一如既往地願意為您提供幫助。除此之外，我們將在 NAREIT 見到你們。敬請期待。謝謝大家。

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。