Sabra Health Care REIT Inc (SBRA) 2025 Q3 法說會逐字稿

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

大家好。我叫約翰，今天我將擔任你們的會議接線生。在此，我謹代表 Sabra Health Care REIT 宣布 2025 年第三季財報，歡迎各位參加。（操作說明）

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

現在我將把電話交給財務執行副總裁盧卡斯·哈特維奇。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. 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.

謝謝，早安。在開始之前，我想提醒各位，在我們的評論以及對各位問題的回答中，我們將做出一些前瞻性陳述，這些陳述涉及我們對未來財務狀況和經營業績的預期，包括我們對 2025 年的盈利預期，以及我們對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。這些前瞻性聲明是基於管理層目前的預期，並受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異，包括我們在截至 2024 年 12 月 31 日止年度的 10-K 表格中列出的風險，以及我們昨天向美國證券交易委員會提交的 8-K 表格附件 99.1 中包含盈利的新聞稿中包含的風險。

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.

我們不承擔更新前瞻性聲明以反映後續事件或情況的義務，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GAAP財務表現。

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 website at sabrahealth.com. Our Form 10-Q, earnings release and supplement can also be accessed in the Investors section of our website.

我們鼓勵投資人查閱這些非GAAP財務指標，以及這些指標與可比較GAAP結果的解釋和調節表，這些內容均可在sabrahealth.com網站的「投資者關係」頁面找到。我們的10-Q表格、獲利報告和補充文件也可在網站的「投資者關係」頁面查閱。

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

接下來，我將把電話交給 Sabra Health Care REIT 的執行長、總裁兼董事長 Rick Matros。

Thanks, Lukas, and thanks, everybody, for joining us. I'll start by making some comments on our SHOP portfolio. So the growth of our SHOP portfolio has exceeded our expectations, and now stands at approximately 26% of our portfolio. As a result of that, we had set -- we had publicly set a target of increasing our SHOP from 20% to 30%, we're now setting a new target of setting our SHOP from where it is now at 26% to 40%. And as we get closer to that, we'll reach that target again.

謝謝盧卡斯，也謝謝大家的參與。我先對我們的 SHOP 產品組合做一些評論。因此，我們的 SHOP 產品組合的成長超出了我們的預期，目前約占我們產品組合的 26%。因此，我們先前公開設定了將 SHOP 從 20% 提高到 30% 的目標，現在我們設定了一個新的目標，將 SHOP 從目前的 26% 提高到 40%。隨著我們越來越接近目標，我們將再次實現這個目標。

Cash NOI growth was a solid 15.9%, excluding the 16 ex-Holiday properties included in same store and with those in same-store was still a solid 13.3%. We believe the performance of the 21 facilities in transition had bottomed out in July. We saw a really nice improvement in August and even stronger improvement in September.

現金淨營業收入成長穩健，達到 15.9%；若不計入同店銷售的 16 家前 Holiday 物業，則現金淨營業收入成長依然穩健，達到 13.3%。我們認為，這 21 家轉型中的工廠的營運狀況在 7 月已經觸底。8月我們看到了非常好的改善，9月的改善幅度更大。

So we look forward to that portfolio continuing to stabilize and to contribute to earnings growth going forward. We will exceed the high end of our investment targets. Originally, our investment target was $400 million to $500 million. We will exceed the $500 million. In addition to that, the pipeline continues to be robust, and we'll be working on deals diligently, obviously, through the end of the year, which will allow us to get 2026 off to a much stronger start and should bode well for volume next year.

因此，我們期待該投資組合繼續保持穩定，並為未來的獲利成長做出貢獻。我們將超額完成投資目標。最初，我們的投資目標是 4 億至 5 億美元。我們將超過5億美元。除此之外，專案儲備依然充足，我們顯然會在今年年底前努力達成交易，這將使我們能夠在 2026 年有一個更強勁的開端，並預示著明年的銷量將會成長。

Our EBITDAR rent coverage in all asset classes increased as they have been in the past two quarters. SNF occupancy and skilled mix continues to increase.

與過去兩個季度一樣，我們所有資產類別的 EBITDAR 租金覆蓋率均有所提高。養老院入住率和專業護理人員比例持續成長。

Our top 10 had its best showing yet. Our skilled exposure dropped below 50% for the first time. We're really focused on having a very well-balanced portfolio between skilled nursing and senior housing, with senior housing, obviously, being SHOP specifically, being a much stronger driver of earnings growth than the triple-net portfolio. The regulatory environment for skilled nursing remains stable. Leverage came in below 5 times.

我們的前十名榜單表現最佳。我們的專業人才佔比首次降至 50% 以下。我們非常注重在專業護理和老年住房之間建立一個非常平衡的投資組合，其中老年住房（特別是 SHOP）顯然比三淨投資組合更能推動獲利成長。專業護理行業的監管環境保持穩定。槓桿率低於5倍。

And Talya and Darrin will both provide details on our SHOP performance. Talya?

Talya 和 Darrin 將會詳細介紹我們的 SHOP 演出狀況。塔利亞？

Thank you, Rick. First, I want to say something, and that is this is my last earnings call at Sabra. So before I begin my remarks, I want to thank everyone for following and supporting Sabra for the past 15 years. As of the third quarter, Sabra's managed senior housing portfolio contributed nearly 26% of our total annualized cash NOI as recent acquisitions contributed to Sabra's expanded exposure to manage senior housing and reduce Sabra skilled nursing exposure below 50%.

謝謝你，里克。首先，我想說的是，這是我在 Sabra 的最後一次財報電話會議。在我開始發言之前，我想感謝大家在過去15年對Sabra的關注與支持。截至第三季度，Sabra 的管理型老年住房投資組合貢獻了我們年度現金淨營業收入的近 26%，因為最近的收購擴大了 Sabra 在管理型老年住房方面的投資，並將 Sabra 在專業護理領域的投資減少到 50% 以下。

During the quarter, Sabra invested $237 million in managed senior housing, including $20 million for the acquisition of the operations of four leased senior housing properties. In addition, during the third quarter, Sabra was awarded an additional $124 million in managed senior housing investments, which closed after quarter end.

本季度，Sabra 在管理型老年住房領域投資了 2.37 億美元，其中包括 2,000 萬美元用於收購四處租賃老年住房物業的營運權。此外，在第三季度，Sabra 獲得了額外的 1.24 億美元老年住房管理投資，這些投資在季度末後完成。

Subsequent to quarter end, Sabra's pipeline of acquisitions remained strong, with an additional $121 million of awarded deals not including the acquisition of the operations of a leased senior housing community for an additional $14.5 million, all of which are expected to close later this year or in early 2026. Closed plus awarded deals in 2025 totaled more than $550 million.

季度末之後，Sabra 的收購項目儲備依然強勁，新增 1.21 億美元的交易，還不包括以 1,450 萬美元收購一家租賃老年住房社區的營運權，所有這些交易預計將於今年稍後或 2026 年初完成。2025年已完成和已授予的交易總額超過5.5億美元。

We continue to see high-quality properties coming to market, and while competition for assets is real, pricing has remained reasonable, allowing Sabra to continue to be competitive. The full impact of acquisitions from the first half of the year and the partial impact of third quarter closings resulted in continuing positive momentum in the portfolio.

我們不斷看到優質房產進入市場，雖然資產競爭確實存在，但價格仍然合理，這使得 Sabra 能夠繼續保持競爭力。上半年收購的全面影響以及第三季交易完成的部分影響，使得投資組合繼續保持積極勢頭。

Cash NOI and cash NOI margin were up 18.6% and 90 basis points, respectively, on a sequential basis for the total managed portfolio, including non-stabilized communities and joint venture assets at share. Further, occupancy increased 60 basis points to 86.8% and RevPAR rose 4.3%, both sequentially in the total managed portfolio, excluding non-stabilized communities and those held for share, underscoring the quality of the properties in which Sabra has been investing. Development of new senior housing remains in a lull suggesting that the current supply-demand equation will continue for some time.

包括非穩定社區和合資資產在內的總管理投資組合的現金淨營業收入和現金淨營業收入利潤率分別環比增長了 18.6% 和 90 個基點。此外，入住率較上季成長 60 個基點至 86.8%，每間可供出租客房收入成長 4.3%，這兩項數據均在不包括非穩定社區和股份制社區在內的整個管理投資組合中環比增長，凸顯了 Sabra 一直投資的物業的品質。新建老年住宅的開發仍處於低迷狀態，這表明目前的供需關係將持續一段時間。

Now I will turn over the call to my colleague, Darrin Smith, to discuss Sabra's same-store portfolio operating results.

現在我將把電話交給我的同事達林史密斯，讓他討論 Sabra 的同店投資組合經營績效。

Thank you, Talya. Sabra's same-store managed senior housing portfolio, including joint venture assets at share and excluding non-stabilized assets, continued its strong performance in the third quarter. The key numbers are: Revenue for the quarter grew 5.4% year-over-year with our Canadian communities growing 10.2% in the same period.

謝謝你，塔利亞。Sabra 的同店管理型高級住宅投資組合（包括合資資產，不包括非穩定資產）在第三季持續保持強勁表現。關鍵數據如下：本季營收年增 5.4%，其中加拿大社區同期成長 10.2%。

Third quarter occupancy in our same-store portfolio was up 110 basis points to 86%. Notably, our domestic portfolio occupancy increased 90 basis points to 82.6%, while our Canadian portfolio was up 150 basis points to 93.1% over the same period and marking the sixth consecutive quarter where occupancy has been above 90%.

第三季同店入住率上升 110 個基點至 86%。值得注意的是，我們的國內投資組合入住率上升了 90 個基點，達到 82.6%；而同期我們的加拿大投資組合入住率上升了 150 個基點，達到 93.1%，這是連續第六個季度入住率超過 90%。

RevPAR in the third quarter of 2025 increased 3.4% year-over-year, while in our Canadian portfolio, RevPAR grew 5.8% over the same period. While RevPAR and occupancy continue to grow, exPOR remained relatively flat, only increasing 30 basis points across the same-store portfolio.

2025 年第三季的每間可供出租客房收入 (RevPAR) 較去年同期成長 3.4%，而同期加拿大投資組合的每間可供出租客房收入 (RevPAR) 成長了 5.8%。儘管每間可供出租客房收入 (RevPAR) 和入住率持續增長，但每間可供出租客房收入 (exPOR) 卻保持相對平穩，同店組合僅增長了 30 個基點。

Cash NOI for the quarter grew 13.3% year-over-year in the same-store portfolio. Excluding the 16 properties in the same-store portfolio formally operated by Holiday, same-store cash NOI grew 15.9%. While in our Canadian communities, cash NOI for the quarter increased 20.2% on a year-over-year basis, demonstrating the impact of operating leverage that higher occupancy burnings.

本季同店組合的現金淨營業收入年增 13.3%。若排除 Holiday 正式營運的 16 家同店物業，同店現金 NOI 成長 15.9%。而在我們加拿大的社區，本季的現金淨營業收入較去年同期成長了 20.2%，這顯示出更高的入住率帶來的營運槓桿效應。

Industry tailwinds remain strong, senior housing communities continue to gain occupancy while operators balance rate and occupancy to maximize revenue. With cost structure stable and revenue increasing, cash NOI and margin continue to grow. Our net leased stabilized senior housing portfolio continues to do well, with sequentially improving rent coverage, a reflection of continued strong operating results.

行業利好因素依然強勁，老年住宅社區入住率持續上升，業者在價格和入住率之間尋求平衡，以實現收入最大化。成本結構穩定，收入不斷成長，現金淨營業收入和利潤率持續成長。我們的淨租賃穩定型老年住宅投資組合持續表現良好，租金覆蓋率逐週提高，反映出持續強勁的經營績效。

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

接下來，我將把電話交給 Sabra 的財務長 Michael Costa。

Thanks, Darrin. For the third quarter of 2025, we recognized normalized FFO per share of $0.36 and normalized AFFO per share of $0.38. Year-to-date through September 30, normalized FFO per share was $1.09 and normalized AFFO per share was $1.12, representing an increase of 5% and 4%, respectively, over the same period in 2024.

謝謝你，達林。2025 年第三季度，我們確認每股經調整後的 FFO 為 0.36 美元，每股經調整後的 AFFO 為 0.38 美元。截至 9 月 30 日，年初至今，每股經調整後的 FFO 為 1.09 美元，每股經調整後的 AFFO 為 1.12 美元，分別比 2024 年同期增長 5% 和 4%。

In absolute dollars, normalized FFO and normalized AFFO totaled $88.6 million and $92.2 million this quarter, respectively. Cash rental income from our triple-net portfolio decreased $3.5 million from the second quarter, while cash NOI from our managed senior housing portfolio increased $4.7 million for a net sequential increase of $1.3 million.

以絕對美元計算，本季經調整後的FFO和經調整後的AFFO總額分別為8,860萬美元和9,220萬美元。我們的三淨租賃組合的現金租金收入比第二季減少了 350 萬美元，而我們管理的養老住房組合的現金淨營業收入增加了 470 萬美元，環比淨增長 130 萬美元。

The decrease in cash rental income was primarily due to a $1.4 million decrease from transitioning four previously triple-net leased senior housing facilities to our managed senior housing portfolio during the quarter, a $1.2 million decrease related to facilities sold late in the second quarter and during the third quarter and a $600,000 decrease in percentage rents.

現金租金收入的減少主要是由於本季度將四處以前採用三淨租賃方式出租的老年住房設施轉為我們管理的老年住房組合，導致收入減少了 140 萬美元；此外，第二季度末和第三季度出售的設施也導致收入減少了 120 萬美元；百分比租金也減少了 60 萬美元。

As we noted in last quarter's call, percentage rents were elevated during the second quarter while the third quarter was closer to the historical trend. These decreases were partially offset by annual rent escalators on leases accounted for on a straight-line basis which improved normalized AFFO, but do not have an impact on normalized FFO.

正如我們在上個季度的電話會議中提到的，第二季的租金百分比較高，而第三季則更接近歷史趨勢。這些下降部分被直線法核算的租賃合約的年度租金遞增所抵消，這改善了正常化調整後營運資金 (AFFO)，但對正常化營運資金 (FFO) 沒有影響。

Cash NOI from our managed senior housing portfolio totaled $30.1 million for the quarter compared to $25.3 million last quarter. This $4.7 million increase was primarily the result of investment activity completed during the quarter, including $1.9 million from the aforementioned transition of four previously triple-net leased senior housing facilities.

本季我們管理的養老住房投資組合的現金淨營業收入總計為 3,010 萬美元，而上一季為 2,530 萬美元。這 470 萬美元的成長主要是由於本季度完成的投資活動，其中包括上述四家以前採用三淨租賃方式的老年住房設施的過渡所帶來的 190 萬美元。

This transition also resulted in the write-off of $9.2 million of straight-line rent receivables and $1.2 million of lease termination expense, both of which have been backed out of normalized FFO and normalized AFFO. Interest and other income was $12.7 million for the quarter compared to $10.3 million last quarter.

此次轉型也導致直線法租金應收款 920 萬美元和租賃終止費用 120 萬美元被註銷，這兩項均已從正常化 FFO 和正常化 AFFO 中剔除。本季利息及其他收入為 1,270 萬美元，而上一季為 1,030 萬美元。

This increase was primarily due to a $2.8 million lease termination income recognized as a result of terminating the Genesis leases and has been backed out of normalized FFO and normalized AFFO. Cash interest expense was $26.7 million compared to $25.8 million last quarter. This increase is due to higher borrowings under our revolving credit facility to fund recent investment activity.

這一增長主要是由於終止 Genesis 租賃而確認的 280 萬美元租賃終止收入，並且已從正常化 FFO 和正常化 AFFO 中扣除。現金利息支出為2670萬美元，而上一季為2580萬美元。這一增長是由於我們根據循環信貸額度增加了借款，以資助最近的投資活動。

Additionally, noncash interest expense increased by $500,000 from the previous quarter, primarily related to the repayment of our 2026 bonds and entering into our new five-year term loan this quarter. Recurring cash G&A was $9.1 million this quarter compared to $9.4 million last quarter.

此外，非現金利息支出較上一季增加了 50 萬美元，主要與本季償還 2026 年到期債券以及簽訂新的五年期定期貸款有關。本季經常性現金一般及行政費用為 910 萬美元，而上季為 940 萬美元。

As noted in our earnings release, we have updated our 2025 earnings guidance ranges. However, the implied midpoint for both normalized FFO and normalized AFFO remain unchanged at $1.46 and $1.50 per share, respectively. Consistent with previous quarters, our guidance only includes completed investment, disposition and capital market activities.

正如我們在獲利報告中所述，我們已更新了 2025 年獲利預期範圍。然而，經調整後的FFO和經調整後的AFFO的隱含中點分別保持不變，為每股1.46美元和1.50美元。與前幾季一致，我們的業績指引僅包括已完成的投資、處置和資本市場活動。

We are also reaffirming the following assumptions included in our previously issued guidance. General and administrative expense is expected to be approximately $50 million, which includes $11 million of stock-based compensation expense. Ignoring the impact of acquisitions and dispositions, cash NOI growth for our triple-net portfolio is expected to be low single digit, in line with contractual escalators.

我們也重申了先前發布的指南中包含的以下假設。一般及行政費用預計約為 5,000 萬美元，其中包括 1,100 萬美元的股票選擇權費用。忽略收購和處置的影響，我們三淨投資組合的現金淨營業收入成長預計將達到個位數低段，與合約規定的遞增幅度一致。

Additionally, our guidance assumes no additional tenants are placed on cash basis or moved to accrual basis for revenue recognition. Our updated guidance assumes that full year average same-store cash NOI growth for our managed senior housing portfolio is expected to be in the mid-teens.

此外，我們的指導意見假設沒有其他租戶採用現金製或改為權責發生製來確認收入。我們更新後的預期是，我們管理的養老住房投資組合的全年平均同店現金淨營業收入增長率預計在15%左右。

For context, this quarter, cash NOI for our same-store managed senior housing portfolio increased 13.3% year-over-year, and on a year-to-date basis is approximately 16%. Our updated guidance also assumes that cash interest expense is expected to be approximately $104 million.

作為參考，本季我們同店管理的養老住房組合的現金淨營業收入年增 13.3%，年初至今約為 16%。我們更新後的指引也假設現金利息支出預計約為 1.04 億美元。

Lastly, our updated guidance assumes a weighted average share count of approximately 244.7 million and 245.7 million for normalized FFO and normalized AFFO, respectively, which is in line with this quarter's weighted average share count after adjusting for the timing of ATM issuances during the quarter. Now briefly turning to the balance sheet. Our net debt to adjusted EBITDA ratio was 4.96x as of September 30, 2025, a decrease of 0.04 times from June 30, 2025, and a decrease of 0.34 times from September 30, 2024.

最後，我們更新後的指引假設經調整後的FFO和AFFO的加權平均股數分別為約2.447億股和2.457億股，這與本季度經調整ATM發行時間後的加權平均股數一致。現在簡要地看一下資產負債表。截至 2025 年 9 月 30 日，我們的淨負債與調整後 EBITDA 比率為 4.96 倍，比 2025 年 6 月 30 日下降了 0.04 倍，比 2024 年 9 月 30 日下降了 0.34 倍。

As of September 30, 2025, the cost of our permanent debt was 3.94% and the weighted average remaining term on our debt was 4.4 years, with the next material maturity being in 2028. All metrics that were meaningfully improved through the opportunistic refinancing of our 2026 bonds with a five-year term loan during the quarter.

截至 2025 年 9 月 30 日，我們的永久債務成本為 3.94%，債務的加權平均剩餘期限為 4.4 年，下一個實質到期日為 2028 年。本季度，我們透過對 2026 年到期債券進行機會性再融資，獲得了一筆五年期貸款，所有指標均得到了顯著改善。

Additionally, we have no floating rate debt exposure in our permanent capital stack, with the only floating rate debt being borrowings under our revolving credit facility. We remain committed to maintaining a strong balance sheet, and this commitment, together with the anticipated future earnings growth of our portfolio were significant factors in Moody's upgrading our zduring the quarter.

此外，我們的永久資本結構中沒有浮動利率債務敞口，唯一的浮動利率債務是根據我們的循環信貸額度進行的借款。我們始終致力於維持強勁的資產負債表，這項承諾，加上我們投資組合預期的未來獲利成長，是穆迪在本季上調我們評級的重要因素。

This quarter, we entered into a new $750 million ATM equity offering program, which gives us added capacity to thoughtfully and efficiently finance the numerous investment opportunities we are evaluating. During the quarter, we issued $58.5 million on a forward basis at an average price of $18.45 per share after commissions.

本季度，我們啟動了一項新的 7.5 億美元的 ATM 股權發行計劃，這使我們能夠更周全、更有效率地為我們正在評估的眾多投資機會提供融資。本季度，我們以遠期方式發行了 5,850 萬美元的股票，平均價格為每股 18.45 美元（含佣金）。

And in total, we currently have $157.3 million outstanding under forward contracts at an average price of $18.14 per share after commissions. We also settled $165 million of outstanding forward contracts to fund this quarter's investment activity. We expect to use the proceeds from the outstanding forward contracts to close on the investments we have been awarded and do so on a leverage-neutral basis.

目前，我們共有 1.573 億美元的遠期合約未平倉，扣除佣金後平均價格為每股 18.14 美元。我們也結算了1.65億美元的未結遠期合約，為本季的投資活動提供資金。我們預計將利用未平倉遠期合約的收益來完成我們已獲得的投資，並以槓桿中性的方式進行。

As of September 30, 2025, we were in compliance with all of our debt covenants and have ample liquidity of approximately $1.1 billion, consisting of unrestricted cash and cash equivalents of $200.6 million, available borrowings under our revolving credit facility of $717.8 million and the $157.3 million outstanding under forward sales agreements under our ATM program. As of September 30, 2025, we also had $690.9 million available under our ATM program.

截至 2025 年 9 月 30 日，我們遵守了所有債務契約，並擁有約 11 億美元的充足流動資金，其中包括 2.006 億美元的非限制性現金及現金等價物、7.178 億美元的循環信貸額度下可用借款以及根據 ATM 計劃簽訂的遠期銷售協議未償還的 1.573 億美元。截至 2025 年 9 月 30 日，我們的 ATM 計畫下還有 6.909 億美元可用資金。

Finally, on November 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 November 28, 2025, to common stockholders of record as of the close of business on November 17, 2025. The dividend is adequately covered and represents a payout of 79% of our third quarter normalized AFFO per share.

最後，在 2025 年 11 月 5 日，Sabra 董事會宣布派發每股普通股 0.30 美元的季度現金股利。股利將於 2025 年 11 月 28 日支付給截至 2025 年 11 月 17 日營業結束時登記在冊的普通股股東。股息支付金額充足，相當於我們第三季調整後每股AFFO的79%。

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) Farrell Granath, Bank of America.

（操作員說明）法雷爾·格拉納斯，美國銀行。

And first, I want to congratulate Talya. Thank you for everything you've done. And looking forward, I'm sure, to not having to be on these earnings calls again. But my first question is really around the guidance. So as you were saying, we saw strong core performance, especially in your SHOP portfolio as well as we've seen these increased acquisitions. And I'm just curious how the guidance was maintained, while we're also seeing these increasing core metrics?

首先，我要祝賀塔利亞。感謝你所做的一切。我當然很期待以後不用再參加這些財報電話會議了。但我的第一個問題其實是關於指導方面的。正如您所說，我們看到了強勁的核心業績，尤其是在您的 SHOP 投資組合方面，同時我們也看到了收購數量的增加。我很好奇，在這些核心指標不斷提高的情況下，指導方針是如何維持的？

Yes. I think the easiest answer to that, Farrell, is the fact that the vast majority of these investments that we're closing on this year are in the latter half of the year, so they're really going to have a pretty muted impact on 2025 performance, but we look forward to their contribution to 2026.

是的。法雷爾，我認為最簡單的答案是，我們今年完成的這些投資絕大多數都發生在下半年，因此它們對 2025 年的業績影響不大，但我們期待它們對 2026 年的貢獻。

Okay. And I was wondering if you could also just give a little bit more color on the core SHOP portfolio and pretty much the metrics, excluding Holiday, specifically on the occupancy. If you can give any color on those transitioned assets and maybe the impacts that are causing the difference between the same-store NOI.

好的。我還想知道，您能否再詳細介紹 SHOP 的核心產品組合以及各項指標（不包括假日入住率），特別是入住率方面。如果您能詳細說明這些已轉移的資產，以及造成同店淨營業收入差異的影響，那就太好了。

Yes, this is Darrin. So the same-store NOI is largely being driven down, as we had mentioned before, through Holiday. The Holiday same-store NOI is at 5.1%. All the other metrics are very positive.

是的，這是達林。因此，正如我們之前提到的，同店淨營業收入很大程度上是受到假日消費的拖累。假日同店淨營業收入為 5.1%。其他所有指標都非常積極。

Yes. And we also -- it was a pretty tough comp as well to a year ago, if you go back and look at it. So -- but from our perspective, one of the reasons we changed the guidance to reflect mid-teens versus low to mid-teens is because our confidence continues to grow in the stability and contribution of SHOP, but the comp was a big part of it.

是的。而且，如果你回顧一年前的情況，你會發現今年的情況也相當嚴峻。所以——但從我們的角度來看，我們改變指導方針，將十幾到十幾的水平從十幾到十幾的水平改為十幾到十幾的水平，其中一個原因是，我們對 SHOP 的穩定性和貢獻的信心不斷增強，但比較結果也是其中一個重要因素。

The other thing I'll add to that, Farrell -- sorry, one other thing I'll add to that. Our same-store pool, the occupancy there was 86% for the quarter. The occupancy for those Holiday assets that are included in that same-store pool are probably closer to 80%. So you kind of do the math there on what the non-Holiday assets are, how they're performing.

我還要補充一點，法雷爾──抱歉，我還要補充一點。本季，我們同店入住率達 86%。那些包含在同店資產池中的 Holiday 資產的入住率可能接近 80%。所以你需要計算一下非假日資產的情況，以及它們的表現如何。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Knowing that the same-store pool is a significant chunk of the overall SHOP portfolio, but can you just share what total portfolio occupancy is? And then also how that compares to where occupancy stands on the recent SHOP acquisitions?

我們知道同店物業池在整個 SHOP 物業組合中佔很大比例，但您能否分享一下整個物業組合的入住率是多少？那麼，這與近期SHOP收購專案的入住率相比又如何呢？

Yes. So we don't disclose that, Austin. I would say the majority of the assets that are not in the same-store aren't in same store because they haven't been around long enough to be in same store. That's a good chunk of that. And the occupancy in those non-same-store assets is going to be largely in line with our same-store pool is probably the easiest way to describe it.

是的。所以，我們不會透露這件事，奧斯汀。我認為，大部分不在同一家商店的資產之所以不在同一家商店，是因為它們存在​​的時間還不夠長，無法被放在同一家商店裡。那可是很大一部分。最簡單的描述方式可能是，這些非同店資產的入住率將與我們的同店資產池基本保持一致。

Got it. And I guess, as you continue to lease up the senior housing managed assets, what type of pricing power do you think is achievable for the markets that you're targeting as this becomes a growing part of the overall company?

知道了。我想，隨著您不斷出租養老住房管理資產，隨著這部分業務在公司整體業務中佔比越來越大，您認為您所瞄準的市場能夠實現什麼樣的定價權？

Well, I think that's a really interesting question. Some of the statistics Darrin provided on our Canadian assets is very telling about pricing power. As those assets have been above 90% occupancy, the rate growth there, I think Darrin said, it was over 5% on a Q-over-Q basis. So I think you can extrapolate that over time, assuming there isn't a major development occurring in this country, which it doesn't look like it's going to be anytime soon, that we're going to -- our domestic portfolio will hit -- will get to that level of occupancy where pricing power becomes very relevant and very impactful in addition to operating leverage.

嗯，我覺得這個問題很有趣。Darrin 提供的關於我們加拿大資產的一些統計數據非常能說明定價能力的問題。由於這些資產的入住率一直高於 90%，因此，正如 Darrin 所說，這些資產的租金成長率按季度計算超過了 5%。所以我認為，隨著時間的推移，假設這個國家沒有發生重大發展（看起來短期內不會發生），我們可以推斷，我們的國內投資組合將會達到入住率水平，屆時定價權除了運營槓桿之外，也將變得非常重要和非常重要。

Can you share any sense what annual rent increases in the SHOP segment could look like heading into '26?

您能否預測一下 2026 年商店租金的年漲幅？

I think we're looking at mid --

我認為我們目前的情況是中游。--

Yes, mid-single digits.

是的，個位數中段。

John Kilichowski, Wolf Fargo.

約翰·基利喬夫斯基，沃爾夫·法戈。

My first one is on, Rick, you made some opening remarks about Holiday starting to improve this quarter. And I just wanted to hear more about the glide path of those assets and what are those operators accomplished so far? I think you noted that occupancy is a little bit lower there. Is there a possibility that they're additive to the overall growth of that portfolio?

我的第一個問題是，里克，你開場白提到假日季本季開始好轉。我只是想更多地了解這些資產的滑行路徑，以及這些運營商迄今為止取得了哪些成就？我想你已經注意到那裡的入住率略低一些。它們是否有可能對該投資組合的整體成長起到促進作用？

Yes, they will be additive. I think the primary accomplishment to date with all three operators because they all assessed their piece of the Holiday portfolio the same way. And that is that they've rightsized and stabilized labor in the buildings because even in IL, there's been some acuity creep and the lack of stability in labor or the lack of appropriate staffing of labor prior to the transition did contribute to the -- just sort of meandering of occupancy and contributed to greater move-outs and move-ins because they simply couldn't take care of certain residents.

是的，它們會相互疊加。我認為迄今為止，這三家營運商取得的主要成就是，他們都以相同的方式評估了自己在假日酒店集團中的份額。也就是說，他們已經對建築物內的勞動力進行了合理調整和穩定，因為即使在伊利諾伊州，護理需求也出現了一些增長，而且在過渡之前勞動力不穩定或缺乏適當的人員配備，確實導致了入住率的波動，並導致了更多的搬出和搬入，因為他們根本無法照顧某些居民。

So job one basically has been accomplished, which is stabilize all that, now remarketing themselves to the referral sources so they can demonstrate that they can, in fact, take residents who are a little bit higher acuity, which should result in not just a wider number of residents that can be admitted but better length of stay, which obviously contributes to occupancy as well. So there's always going to be some lag time between stabilizing your infrastructure and having the benefits of that stability result in a stronger top line, but that's fully our expectation.

所以第一項工作基本上已經完成，那就是穩定這一切，現在要重新向轉診機構推銷自己，以便證明他們實際上可以接收病情稍重一些的居民，這不僅應該帶來更多可以接收的居民，而且應該帶來更長的住院時間，這顯然也有助於提高入住率。因此，在基礎設施穩定下來和這種穩定性帶來的好處轉化為更強勁的營收之間總會存在一些滯後時間，但這完全符合我們的預期。

Okay. And then my second one is just on underwriting. Obviously, there's a bit of concern about cap rates are getting a little bit tight relative to where your spot cost of capital is. But maybe if we think longer term about that unlevered IRR that you're achieving today on these, I don't know if you can give color there. And then also talking about what that implies as far as like a stabilized occupancy or a stabilized margin.

好的。我的第二個問題是關於承保的。顯然，人們有點擔心資本化率相對於你的現貨資本成本而言會變得有點緊。但如果我們從更長遠的角度來看待您目前在這些項目上實現的無槓桿內部報酬率 (IRR)，我不知道您能否對此做出詳細說明。然後也要討論這對於穩定的入住率或穩定的利潤率意味著什麼。

Sure. This is Darrin. So the investments that we have closed on and are evaluating have going in yields of between 7% and 8% and are expected to deliver a mid-single-digit annual earnings growth. As a result, we estimate levered -- or unlevered IRRs, excuse me, for the investments we've made are in the low double-digit range. As far as occupancy is concerned, it really depends on each individual micro markets, but we typically temper stabilized occupancy to be in the lower to mid-90% maximum.

當然。這是達林。因此，我們已經完成並正在評估的投資項目的收益率在 7% 到 8% 之間，預計將實現中等個位數的年收益成長。因此，我們估計我們所做投資的槓桿內部報酬率（或者抱歉，應該是無槓桿內部報酬率）在兩位數的低點範圍內。至於入住率，這實際上取決於每個細分市場的具體情況，但我們通常會將穩定的入住率控制在 90% 到 95% 的範圍內。

Seth Bergey, Citi.

Seth Bergey，花旗集團。

I guess, my first one is just kind of on the pipeline. As you kind of increased your target for the SHOP exposure, how do you see kind of the mix of the pipeline of opportunities you're looking at skew between SHOP and skilled?

我想，我的第一部作品應該還在籌備中。隨著您加強對 SHOP 管道的關注力度，您如何看待您正在關注的通路機會在 SHOP 和技能型人才之間的比例偏差？

So this is Darrin again. So our current pipeline as it has been for the past several quarters, typically, we see 90% to 95% of that volume or opportunity set is within SHOP and only maybe 5% to 10% on SNF. So I would expect us to be heavily weighted towards SHOP moving forward.

我是達林。因此，正如過去幾個季度以來的情況一樣，我們目前的業務管道通常有 90% 到 95% 的業務量或機會集中在 SHOP 領域，而只有 5% 到 10% 的業務量或機會集中在 SNF 領域。因此，我預計我們未來會更加重視 SHOP。

We have a couple of smaller off-market SNF deals that we are working on that more likely to be in early 2026 event. And we do have some hope that we'll start seeing more SNF volume next year. We're not shying away from it. I mean we have our own standards relative to the quality we're looking for, but we are looking forward to being able to get more SNF deals done next year.

我們正在洽談幾筆規模較小的非公開 SNF 交易，這些交易更有可能在 2026 年初完成。我們確實希望明年能看到更多的SNF（專業護理機構）業務量。我們不迴避這個問題。我的意思是，我們對品質有自己的標準，但我們期待明年能達成更多 SNF 交易。

Great. And then I guess just a second one kind of on the loan book piece. You have the $300 million mortgage loan that matures next October. Can you just kind of give us an update on your thoughts around what happens as you kind of get closer to the maturity date there?

偉大的。然後，我想第二個問題是關於貸款帳簿的。你有一筆3億美元的抵押貸款，將於明年10月到期。您能否簡要介紹一下，隨著到期日的臨近，您對接下來會發生什麼有什麼想法？

Yes. I think the only comments we'd make at this point is that the operations continue to get better. They have a great operating team in place. So that's really been great to see. And as far as what we're going to do on a go-forward basis as we get closer to the extension, we're having those conversations now.

是的。我認為我們目前唯一要補充的是，營運情況正在不斷改善。他們擁有一支優秀的營運團隊。看到這些真是太好了。至於隨著續約日期的臨近，我們將採取哪些後續行動，我們現在正在進行討論。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping you could talk a little bit, Rick, about your appetite or lack thereof around pursuing skilled nursing or RIDEA or opco investments as everybody looks for external growth opportunities in the space?

瑞克，我只是希望你能稍微談談你對投資專業護理機構、RIDEA 或經營公司（opco）的興趣（或缺乏興趣），因為大家都在尋找該領域的外部成長機會？

No appetite.

沒有食慾。

I like succinctness. Secondly, just hoping you could give us a little bit more color on the US versus Canada split for SHOP. What's the current split on an NOI basis today? Is Canada market you'd like to grow in? And is there any kind of limitations or governors on RevPOR growth in Canada? I know some markets, Quebec may or may have some pricing restrictions or rent controls. So just curious on that.

我喜歡簡潔。其次，希望您能為我們詳細介紹美國和加拿大在 SHOP 上的業務劃分情況。目前以營業淨收入計算的分配比例是多少？您是否希望拓展加拿大市場？加拿大對RevPOR成長是否有任何限製或監管？我知道魁北克的一些市場可能有價格限製或租金管制。我只是對此感到好奇。

I'll take the part about appetite. So we would like to grow in Canada. We've had good success with the portfolio investments we've made there. I think the biggest -- and Canada faces even a longer time frame for getting new supply added to their existing inventory and they have the same demographic issues we do, but without the labor -- same labor pressures. So there's a really good setup there.

我來回答關於食慾的那部分。所以我們希望在加拿大發展壯大。我們在那裡的投資組合取得了良好的成功。我認為最大的問題是——加拿大需要更長的時間才能將新的供應添加到現有庫存中，而且他們也面臨著和我們一樣的人口結構問題，但卻沒有勞動力——同樣的勞動力壓力。所以那裡的配置真的很不錯。

The challenge for us is pricing, and that is assets trade for, call it, six handle cap rates, and that's just not -- doesn't work for us right now. We continue to stay close to that market and obviously have enough exposure to see what's going on.

我們面臨的挑戰是定價，資產交易的資本化率高達六倍，但這對我們來說行不通──目前還不行。我們將繼續密切關注該市場，並且顯然有足夠的了解情況來掌握市場動態。

I'll let Darrin respond to the rate and as such.

我會讓達林來回應這個利率問題。

Yes. As far as the rate is concerned, it does determine which province you're located in, with Quebec having the most punitive or tempered sort of rate opportunity. That being said, there tend not to be any sort of rate restrictions with respect to care, so it's a balance.

是的。至於利率，它確實取決於你所在的省份，魁北克省的利率優惠力度最大，也最寬鬆。也就是說，護理方面通常沒有任何價格限制，所以需要權衡利弊。

And what's the split between the US and Canada presently in the SHOP portfolio?

目前美國和加拿大在SHOP投資組合中的佔比是多少？

Of the 70 total same-store assets, Canada is 25.

在總共 70 家同店資產中，加拿大佔 25 家。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

So I have a question about the fact that everybody is sort of doing the same thing, which is expanding into SHOP. And it reminds me of, I don't know, 2015-2016 time frame when operators were all pushing the REITs to move from a net lease model to a SHOP model. I remember thinking what do they know that we don't.

所以我有個問題，就是大家都在做同樣的事情，那就是向 SHOP 領域擴張。這讓我想起了 2015-2016 年那段時間，當時營運商們都在推動 REIT 從淨租賃模式轉向 SHOP 模式。我記得當時我在想，他們是不是知道一些我們不知道的事。

And then next thing you know, we're oversupplied and the REITs are underwater, it's not underwater, but struggling with SHOP. So I mean when you use that history of sort of everyone moved to SHOP, now everyone is buying SHOP and everyone is going in SHOP, do you have any concerns about this sort of mass wave of movement that everyone is doing it and maybe we should be thinking about this a little bit more closely because it does feel a little herd like to me. And I wonder if that enters any concern in your mind about pursuing this like everybody else is doing.

然後，接下來我們就面臨供應過剩，房地產投資信託基金（REITs）虧損，雖然沒有虧損，但正因 SHOP 法案而苦苦掙扎。所以我的意思是，當你回顧過去，看到大家都搬到了 SHOP，現在大家都在買 SHOP，大家都在進 SHOP，你對這種人人都在做的群體性行為有什麼擔憂嗎？也許我們應該更仔細地思考一下，因為這對我來說確實有點像是羊群效應。我想知道，在像其他人一樣繼續做這件事的過程中，你是否也曾經有過這樣的顧慮。

Yes. So I totally get your point. I think the dynamics are dramatically different right now. I mean you've got the demographics that everybody has been waiting for, for three decades are really kicking in. We've got several years, if not longer runway before new supply has any impact whatsoever.

是的。我完全明白你的意思了。我認為現在的情況已經截然不同了。我的意思是，大家期待了三十年的人口結構變化現在真的開始發揮作用了。至少在新的供應產生任何影響之前，我們還有好幾年的時間，甚至更長。

When you look at the breadth of opportunities out there, for those of us who have been on the SNF side of the REIT business as well, it's almost like it was before the pandemic where there were just so many different SNF opportunities out there. They were enough for all of us to get sort of our fair share.

當你審視市場上的各種機會時，對於我們這些也從事 REIT 業務中 SNF 領域的人來說，這幾乎就像疫情之前一樣，當時市場上有太多不同的 SNF 機會。數量足夠我們所有人分到自己應得的一份。

And I think that's the case now. And then the other thing, obviously, is a complete change in interest rates in the debt market from when the PEs got high on crack because of really zero interest for so long and just leverage everything up. And of course, that all imploded on them once the pandemic hit.

我認為現在情況就是這樣。顯然，還有一點，那就是債務市場的利率發生了徹底的變化。先前，由於長期零利率，私募股權公司（PE）過度活躍，瘋狂地提高槓桿。當然，疫情爆發後，這一切都崩潰了。

And even with interest rates coming down, it's not going back to what it was. And as PEs start to circle around and get more interested in maybe getting back into the space, they still need a spread and they're not going to be able to impact cap rates the way they did back then. So that's my answer, Rich.

即使利率下降，情況也不會回到以前那樣了。隨著私募股權基金開始回流，並可能對重返該領域產生更大的興趣，他們仍然需要利差，而且他們無法像以前那樣影響資本化率。這就是我的答案，里奇。

Well, I mean -- go ahead, Talya.

嗯，我的意思是──你繼續吧，塔利亞。

I want to add one other thing, and that is we've been doing SHOP for a long time, like basically almost a decade, if not actually a decade. So that's one. We're not newbies to this. That's one. So we didn't follow everybody.

我還要補充一點，那就是我們做 SHOP 已經很久了，差不多有十年了，如果不是真的有十年的話。這是其中之一。我們並非新手。這是其中之一。所以我們並沒有跟隨所有人。

But I think the important thing to note is we continue to be really selective of what we're buying. We're very intentionally buying recent vintage assets. All those assets that those PEs develop that then they took forever to lease up and it ruined their IRRs, we're taking advantage of that.

但我認為需要注意的是，我們仍然會非常謹慎地選擇購買的商品。我們有意地選擇購買近期成立的資產。那些私募股權公司開發的資產，由於出租時間過長而導致內部收益率大幅下降，我們正在利用這一點。

And it's been an opportunity to buy new assets that are geared to the future and those residents like me in a few years. And I think that's really important for people to understand. There's plenty of senior housing you can buy, that's value add at that 20-plus years old, there -- that may forever be in value-add mode. We're not buying those.

這為我們提供了一個機會，讓我們能夠購買面向未來、面向幾年後像我這樣的居民的新資產。我覺得這一點對人們來說非常重要。有許多老年住房可供購買，這些住房房齡超過 20 年，具有增值潛力——而且可能永遠處於增值模式。我們不買那些。

Okay. By the way, Talya, good luck to you. I will miss your perfect pronunciation of every word that comes out of your mouth. I don't know if anybody else has noticed that about your delivery, but I have.

好的。對了，塔利亞，祝你好運。我會想念你清晰完美的發音。我不知道其他人是否也注意到你們的送貨方式有這個問題，但我注意到了。

Thank you.

謝謝。

My second question is what's the shelf life of this growth spurt? Like what -- do we have five years ahead of us? As soon we have a SNF of new supply coming at us, obviously, maybe that changes that dynamic. But assuming that holds off for the time being, is this a five year sort of story, two years? What do you think knowing what's out there today?

我的第二個問題是，這種快速成長期能持續多久？例如──我們還有五年時間嗎？一旦有新的供應源湧入，很顯然，這或許會改變這個局面。但假設這種情況暫時擱置，這是一個需要五年的故事，還是兩年時間的故事？了解了當今世界的情況後，你有什麼想法？

Yes, this is Darrin. I think at the very least, it's going to be two years. I think there's -- I've seen numbers around $20 billion of senior housing mortgage debt that's coming due over the next two years, which should provide a lot of opportunity there. I think it's at least two years.

是的，這是達林。我認為至少需要兩年。我認為——我看到一些數據顯示，未來兩年內將有約 200 億美元的老年房屋抵押貸款債務到期，這應該會帶來很多機會。我認為至少需要兩年。

Alec Feygin, Baird.

Alec Feygin，Baird。

So first, may you speak about the managed seniors pipeline/deal flows, specifically what you were seeing between IL and AL?

首先，您能否談談養老地產項目的管道/交易流程，特別是您在IL和AL之間觀察到的情況？

Yes, sure. So we see a combination of both, but it's definitely much more weighted towards AL memory care than IL.

當然可以。所以我們看到兩者兼而有之，但肯定更專注於輔助生活記憶護理，而不是獨立生活。

Okay. And second one for me is, are there any new observations with private capital entering or exiting either the skilled nursing or the SHOP acquisition market? And do you think Sabra and its public REIT peers are taking market share currently?

好的。第二個問題是，私人資本進入或退出專業護理或 SHOP 收購市場是否有任何新的觀察？您認為Sabra及其上市房地產投資信託基金同業目前是否正在搶佔市場份額？

On the SNF side, I think you're still seeing very active private capital involved using HUD debt for leverage and REITs having to be clever in how they deploy capital into the SNF world. On senior housing, we are starting to see private equity come in. They are not disrupting pricing, at least not yet because of the factors that Rick outlined, but we are seeing names come in, they're not coming in with doing huge deals, but they -- or take privates yet or other methods that they use to go in and make a big splash in the past. We're seeing them at the asset level, onesie-twosies start. I think they're tiptoeing coming back in. I think there's some institutional memory, although it's usually brief.

在養老院方面，我認為仍然可以看到非常活躍的私人資本利用 HUD 債務進行槓桿投資，而 REITs 則必須巧妙地將資本部署到養老院領域。在養老住房領域，我們開始看到私募股權投資進入。由於里克概述的那些因素，他們並沒有擾亂定價，至少目前還沒有，但我們看到一些公司開始進入市場，他們並沒有達成巨額交易，但他們——或者採取私募或其他他們過去用來引起轟動的方法。我們在資產層面看到了它們，一開始是零星的。我覺得他們是小心翼翼地回歸的。我認為存在一些機構記憶，儘管這種記憶通常很短暫。

Michael Stroyeck, Green Street.

邁克爾·斯特羅耶克，格林街。

So you've now had three consecutive quarters of, call it, 1% to low 2% SHOP expense growth. Do you see this as a sustainable pace in the near term?

所以，你們已經連續三個季度實現了 1% 到 2% 左右的 SHOP 支出成長。你認為這種速度在短期內可持續嗎？

This is Darrin. Yes, we don't see anything that should disrupt that trend from continuing.

這是達林。是的，我們認為沒有任何因素會阻礙這一趨勢的持續。

And the operating leverage as occupancy continues to grow just contributes to that.

隨著入住率的持續成長，營運槓桿效應也隨之增強。

Right. Okay. Is any of that low expense growth due to maybe weakness in occupancy within the Holiday portfolio or maybe that's actually been a headwind given some of your comments on labor rightsizing, just curious how the Holiday portfolio is impacting that?

正確的。好的。低支出成長是否與假日飯店組合入住率疲軟有關？或者考慮到您對勞動力精簡的一些評論，這實際上可能是一個不利因素？我只是好奇假日酒店組合對此有何影響？

Yes, it was more a headwind than anything. And we've talked about this now for several quarters now, Talya's always pointed this out. On an exPOR basis, we've actually seen flat to declining exPOR on our portfolio because of the operating leverage. Given where the occupancy is on this total portfolio, there's not a lot of incremental expense you need in order to increase occupancy.

是的，與其說是風，不如說是逆風。我們已經討論這個問題好幾個季度了，塔利亞也一直指出這一點。從 exPOR 的角度來看，由於經營槓桿效應，我們投資組合的 exPOR 實際上持平甚至下降。鑑於該投資組合目前的入住率，您無需投入太多額外費用即可提高入住率。

(Operator instructions) Omotayo Okusanya, Deutsche Bank.

（操作員指示）Omotayo Okusanya，德意志銀行。

Talya, end of the road, we'll definitely miss you and all your advice, and I wish you all the very best. Congrats on the credit upgrade guys. Just kind of curious as you kind of think about the cost of debt the implications of the upgrade, does it kind of -- you're going to issue debt -- of unsecured debt going forward? Do you think you're kind of 25% -- or 25 bps in? Or does it have any impact on your pricing grid?

塔利亞，路要走了，我們一定會想念你和你的所有建議，祝你一切順利。恭喜各位信用等級提升！我只是有點好奇，當你考慮債務成本以及升級的影響時，這是否會——你未來會發行無擔保債務？你覺得你大概完成了 25%——或者說 25 個基點？或者說，這會對你們的定價體系產生任何影響嗎？

Yes, it's a good question, Tayo. I think the short answer is it doesn't have a material impact on our pricing today by having all three credit rating agencies rate us investment grade, probably a couple of basis points to be very honest with you. It doesn't impact our pricing grid on our credit facility anything like that. I think what it does for us more than anything. One, it validates our story, which is huge and something we've been pounding the table, with Moody's on for 15 years and finally, that worked.

是的，泰奧，你問得好。我認為簡而言之，三大信用評等機構都將我們評為投資等級，並不會對我們的定價產生實質影響，坦白說，可能只會影響幾個基點。這不會對我們的信用定價體系產生任何影響。我認為它對我們的意義遠遠超越其他任何事。首先，這證實了我們的故事，這意義重大，也是我們15年來一直向穆迪強調的，最終，這奏效了。

But then importantly, is now that we have all three of those rating agencies onboard, we're not exposed to perhaps one of them going rogue one day and changing their rating methodology hypothetically, right, and that would impact our credit rating. If we only had two at that level and then one did that, then we'd be in a different situation from a pricing perspective. So now it just gives us more breathing room, more comfort over being able to continue being an investment-grade issuer going forward.

但更重要的是，現在我們有了這三家評級機構的合作，我們就不會面臨其中一家機構有一天突然改變評級方法（假設如此）的風險，對吧？那樣會影響我們的信用評級。如果我們只有兩個達到那個水平的球員，然後其中一個發生了這種情況，那麼從定價的角度來看，情況就會有所不同。所以現在這給了我們更大的喘息空間，也讓我們更有信心繼續保持投資級發行人的地位。

Got you. That's helpful. And then could you just talk a little bit about the behavioral portfolio at this point and kind of long-term plans around that?

抓到你了。那很有幫助。那麼，您能否談談目前的行為投資組合以及圍繞該投資組合的長期計劃呢？

Sure. So you'll see that continue to shrink as a percent of our portfolio. When we first started investing in it, it was really still during the pandemic, and it was just another pathway to growth. And it was before both the senior housing and skilled spaces really started recovering way more quickly than anticipated from the pandemic, and it became clear that the best use of our capital allocation was in senior housing and skilled nursing to the extent that we could find opportunities.

當然。所以你會看到它在我們投資組合中所佔的比例繼續下降。我們最初開始投資的時候，正值疫情期間，這只是另一個成長途徑。當時，老年住房和護理機構的復甦速度遠超預期，遠超疫情前的預期，很明顯，我們資本配置的最佳用途是投資老年住房和專業護理機構，只要我們能找到機會。

And we noted all along from the beginning of those investments that we thought it was an interesting space. It had some different dynamics and unit economics from both skilled and senior housing that we liked, particularly the fact that the breakeven point on profitability was sort of in the 50% to 60% range. We like that. We see it as a growing space.

從投資之初，我們就一直認為這是一個很有趣的領域。它與技能型住房和老年住房相比，在動態和單位經濟效益方面有一些不同之處，我們很喜歡這一點，特別是其盈利盈虧平衡點在 50% 到 60% 的範圍內。我們喜歡這樣。我們認為這是一個不斷發展的領域。

But all that said, we also noted that it was very young. There were -- the operators that have been proven were few and far between. And so the opportunities were always going to be incremental. And so that's kind of how we sort of got into it and why the growth is really was so slow initially, and we just haven't grown in that.

但即便如此，我們也注意到它還很年輕。確實有——但被證明有效的運營商寥寥無幾。因此，機會始終只能是漸進的。所以，這就是我們進入這個領域的方式，也是為什麼最初發展如此緩慢的原因，而我們在這方面一直沒有取得進展。

But again, since, call it, the latter part of '23, when it became so apparent what the runway was going to be for senior housing and skilled, that really is the best use of our capital. So it will shrink naturally, as I said, as a percent of our exposure. If we have opportunities to divest some of those assets, we'll explore that. And that's kind of it.

但是，從 2023 年下半年開始，隨著老年住房和專業護理的發展前景變得如此清晰，這才是我們資本的最佳用途。所以正如我所說，它在我們暴露中所佔的比例會自然而然地減少。如果有機會剝離部分資產，我們會考慮這樣做。差不多就是這樣。

Does that answer your question, Tayo?

泰奧，這樣回答你的問題了嗎？

At this time, we have no further questions. I will now turn the call over to Rick Matros for closing remarks.

目前我們沒有其他問題了。現在我將把電話交給瑞克·馬特羅斯，請他作總結發言。

Thank you all for joining us today. We appreciate the support. As always, we're available for follow-up and look forward to talking with all of you again. And for those of you that we don't talk to before year-end, hope you all have great holidays and be safe. Thank you.

感謝各位今天蒞臨。感謝大家的支持。和以往一樣，我們隨時可以提供後續服務，期待再次與大家交流。對於那些在年底前我們沒能聯絡上的朋友們，祝你們假期愉快，注意安全。謝謝。

This concludes today's conference call. We thank you for your participation. You may now disconnect. Have a pleasant day, everyone.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。