Sila Realty Trust Inc (SILA) 2025 Q3 法說會逐字稿

Good morning, and welcome to Sila Realty Trust third quarter 2025 earnings conference call and webcast. (Operator Instructions)

早安，歡迎參加 Sila Realty Trust 2025 年第三季收益電話會議和網路直播。（操作說明）

I will now turn the conference over to your host, Drew Miles, Senior Associate of Capital Markets and Investor Relations for Sila. You may begin.

現在我將把會議交給主持人，Sila 資本市場和投資者關係高級助理 Drew Miles。你可以開始了。

Good morning, and welcome to Sila Realty Trust's third quarter 2025 earnings conference call. Yesterday evening, we issued our earnings release and supplement, which are available on the Investor Relations section of our website at investors.silarealtytrust.com.

早安，歡迎參加Sila Realty Trust 2025年第三季財報電話會議。昨晚，我們發布了收益報告和補充文件，可在我們網站 investors.silarealtytrust.com 的投資者關係部分查閱。

With me today are Michael Seton, President and Chief Executive Officer; and Kay Neely, Executive Vice President and Chief Financial Officer.

今天陪同我出席的有總裁兼執行長麥可·塞頓，以及執行副總裁兼財務長凱·尼利。

Before we begin, I would like to remind you that today's comments will include forward-looking statements under federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases.

在開始之前，我想提醒各位，今天的發言將包含聯邦證券法規定的前瞻性陳述。前瞻性陳述通常使用諸如“將”、“是”、“打算”、“相信”、“預期”、“預期”或其他類似詞語和短語來表達。

Statements that are not historical facts, such as statements about expected financial performance are also forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause a material difference in our results compared to these forward-looking statements is contained in our SEC filings.

並非歷史事實的陳述，例如關於預期財務表現的陳述，也屬於前瞻性陳述。實際結果可能與此類前瞻性聲明所預期的結果有重大差異。有關可能導致我們的實際結果與這些前瞻性陳述有重大差異的因素的討論，請參閱我們提交給美國證券交易委員會的文件。

Please note that on today's call, we will be referring to non-GAAP measures. You can find the reconciliation of these historical non-GAAP measures to the most directly comparable GAAP measures in our third quarter earnings release and our earnings supplement, both of which can be found on the Investor Relations section of our website and in the Form 8-K we filed with the SEC.

請注意，在今天的電話會議中，我們將提及非GAAP指標。您可以在我們的第三季財報和收益補充文件中找到這些歷史非GAAP指標與最直接可比較的GAAP指標的調節表，這兩份文件都可以在我們網站的投資者關係部分以及我們向美國證券交易委員會提交的8-K表格中找到。

With that, I will turn the call over to Michael Seton, our President and Chief Executive Officer.

接下來，我將把電話交給我們的總裁兼執行長邁克爾·塞頓。

Thank you, Drew, and good morning to everyone joining us today. As we reflect on the third quarter, I am pleased to report positive results that continue to exemplify the resilience and strength of Sila Realty Trust's investing platform. Our steadfast commitment to pursuing prudent, accretive growth has consistently yielded meaningful results for our shareholders, reinforcing the value of our strategic long-term approach to building our company.

謝謝你，德魯，也祝今天所有參加我們節目的朋友們早安。回顧第三季度，我很高興地報告，我們取得了積極的成果，這繼續體現了 Sila Realty Trust 投資平台的韌性和實力。我們始終堅持穩健、穩健的成長策略，不斷為股東帶來豐厚的回報，鞏固了我們公司長期策略發展方式的價值。

During the quarter, we made significant strides to further expand our net lease health care real estate portfolio by making several key investments in lower cost patient settings. Our $16.3 million acquisition of the Southlake portfolio comprised of a medical outpatient building and an adjacent ambulatory surgery center operate symbiotically and demonstrate the type of necessity-driven health care real estate that is central to our investment thesis.

本季度，我們透過在低成本患者場所進行幾項關鍵投資，取得了顯著進展，進一步擴大了我們的淨租賃醫療保健房地產投資組合。我們斥資 1,630 萬美元收購了 Southlake 的投資組合，其中包括一座醫療門診大樓和一座相鄰的日間手術中心。這兩個機構協同運作，體現了我們投資理念的核心——以需求為導向的醫療保健房地產。

These buildings are anchored by investment-grade affiliated tenancy and benefit from strong operational synergies and are strategically located in Southlake, Texas, an affluent suburb of Dallas. The overlapping physicians who are uniquely aligned in their ownership of the ASC tenant seamlessly transition from providing patient consultations in the MOB to surgical procedures in the ASC. Furthermore, the ownership affiliation with and proximity to Baylor Scott & White Medical Center enhanced the overall tenancy, acting as a referral network for strong patient volumes.

這些建築以投資級關聯租戶為核心，受益於強大的營運協同效應，並且策略性地位於德克薩斯州南湖市，這是達拉斯的一個富裕郊區。在 ASC 租戶所有權方面具有獨特一致性的重疊醫生，可以無縫地從 MOB 中的患者諮詢過渡到 ASC 中的外科手術。此外，與貝勒斯科特和懷特醫療中心的所有權關聯和地理位置優勢提升了整體租賃效果，使其成為一個強大的病患轉診網絡。

In addition to the Southlake acquisitions, during the quarter, we closed on the $70.5 million Reunion Nobis portfolio, which is comprised of two newly constructed state-of-the-art inpatient rehabilitation facilities located in Plano, Texas; and Peoria, Arizona. These purpose-built facilities operated by an experienced and well-regarded partner and Nobis Rehabilitation Partners serve two of the fastest-growing markets in the United States.

除了 Southlake 的收購之外，本季我們還完成了價值 7,050 萬美元的 Reunion Nobis 投資組合的收購，該投資組合包括位於德克薩斯州普萊諾和亞利桑那州皮奧裡亞的兩家新建的最先進的住院康復設施。這些由經驗豐富且備受尊敬的合作夥伴和 Nobis Rehabilitation Partners 經營的專用設施，服務於美國成長最快的兩個市場。

Both the Southlake and Reunion Nobis transactions, which total approximately $87 million, demonstrate our laser focus on acquiring best-in-class net lease health care assets in markets with strong and growing demographics.

Southlake 和 Reunion Nobis 兩筆交易總額約為 8,700 萬美元，顯示我們專注於在人口結構強勁且不斷增長的市場中收購一流的淨租賃醫療保健資產。

In addition to the achievements on the acquisition front during the quarter, we have had success at sourcing opportunities to deploy capital at attractive yields to serve our existing tenancy. In the first example, PAM Health entered into an amended lease in May for a facility, which we own in San Antonio, Texas, whereby Sila is providing approximately $5 million of capital at an attractive yield for the property's redevelopment as a 34-bed inpatient rehabilitation facility.

除了本季在收購方面取得的成就外，我們還成功地找到了以有吸引力的收益率部署資本的機會，以服務我們現有的租戶。在第一個例子中，PAM Health 於 5 月簽訂了一份修訂後的租賃協議，涉及我們在德克薩斯州聖安東尼奧擁有的設施。根據該協議，Sila 將提供約 500 萬美元的資金，用於將該物業重新開發為擁有 34 個床位的住院康復設施，收益率頗具吸引力。

The commencement of operations at this location is anticipated for December 2025. Please note that PAM Health has been paying full rent to Sila as it has anticipated repositioning the facility to better serve the San Antonio marketplace. Base rent will increase to reflect Sila's additional capital deployment upon commencement of operations, and Sila will also enjoy the benefit from a new 20-year triple net lease term.

預計該地點的運作將於 2025 年 12 月開始。請注意，PAM Health 一直向 Sila 支付全額租金，因為它預計會重新定位該設施，以便更好地服務聖安東尼奧市場。基本租金將增加，以反映 Sila 在開始營運後額外的資本投入，Sila 還將享受新的 20 年三方淨租賃期限帶來的好處。

As another example, we have made significant strides at our Dover Healthcare facility located in Dover, Delaware, which is tenanted by a joint venture between Bayhealth and PAM Health. Sila purchased the facility in April 2025 for $24.1 million. During the third quarter, we acquired adjacent land to the facility to support an approximately $12.5 million expansion of the building, which we expect to be completed by the end of 2026.

再舉一個例子，我們在特拉華州多佛市的多佛醫療保健設施取得了重大進展，該設施由 Bayhealth 和 PAM Health 的合資企業租用。Sila 於 2025 年 4 月以 2,410 萬美元的價格收購了該設施。第三季度，我們收購了該設施的相鄰土地，以支持該建築約 1250 萬美元的擴建工程，我們預計該工程將於 2026 年底完成。

Sila expects to generate a highly attractive yield on the deployment of its capital to expand the facility and benefit from a new 20-year triple net lease term, which commences upon completion of the expansion. This development will add nearly 13,000 square feet and up to 12 new beds to the facility, a much needed increase to serve the high demand of the patient population in Dover, Delaware.

Sila 預計透過投資擴建該設施，將獲得極具吸引力的收益，並受益於新的 20 年三方淨租賃協議，該協議將在擴建完成後生效。這項開發將為該設施增加近 13,000 平方英尺和多達 12 張新床位，這對於滿足特拉華州多佛市患者群體的高需求來說，是一個非常必要的增長。

As a final example, we expect to have a similar expansion in capital deployment opportunity at our PAM Health and University of Kansas IRF in Overland Park, Kansas, which is anticipated to cost approximately $16 million. This expansion will add two additional floors and 17 new beds, which we expect to commence and be completed in 2026.

最後舉一個例子，我們預計在堪薩斯州 Overland Park 的 PAM Health 和堪薩斯大學 IRF 將有類似的資本部署擴張機會，預計耗資約 1,600 萬美元。此次擴建將增加兩層樓和 17 張新床位，預計將於 2026 年開始並完成。

Collectively, the opportunities, which I just mentioned, along with others that we have in the pipeline, are our concerted response to the ongoing demand for high-quality health care services in the markets in which we operate. These expansion opportunities underscore our consistent ability to enhance value for Sila's shareholders, generating cash yields on our incremental capital deployment of typically 150 basis points or better, beyond our acquisition cash cap rates.

總而言之，我剛才提到的這些機會，以及我們正在籌備的其他機會，都是我們對我們所在市場對高品質醫療保健服務持續需求的共同回應。這些擴張機會凸顯了我們持續提升 Sila 股東價值的能力，我們新增資本部署的現金收益率通常為 150 個基點或更高，高於我們的收購現金資本化率。

Real estate ownership often presents opportunities to provide capital to a captive audience, our existing tenants. Utilizing our existing portfolio, these opportunities that I mentioned, along with more to come, lend support to our thesis of continuing to externally grow the company through acquisitions of highly utilized health care real estate.

房地產所有權通常為我們現有的租戶這個固定客戶群提供資金機會。利用我們現有的投資組合，我提到的這些機會，以及未來更多的機會，都支持我們透過收購高利用率的醫療保健房地產來繼續從外部發展公司的論點。

Our pipeline for acquisitions remains strong with an approximately $43 million opportunity that has been awarded to Sila and is anticipated to close in early 2026, subject to our customary due diligence process. We have a strong acquisition opportunity set as we head into 2026 and expect a similar level of acquisition volume next year, as we have accomplished so far this year.

我們的收購專案儲備依然充足，目前已授予 Sila 一項價值約 4,300 萬美元的收購機會，預計將於 2026 年初完成，但需經過我們慣常的盡職調查流程。展望 2026 年，我們擁有強大的收購機會，預計明年的收購量將與今年迄今的水平相當。

We do expect our targeted cap rate to tighten somewhat due to anticipated looser Central Bank monetary policy. As I have stated repeatedly, we are committed to growing thoughtfully, strategically and accretively.

我們預計，由於預期央行貨幣政策將趨於寬鬆，我們的目標利率上限將會略微收緊。正如我多次強調的那樣，我們致力於以深思熟慮、策略性、漸進式的方式發展壯大。

Turning to leasing activity. We have successfully renewed 90% of our 2025 lease expirations. In the third quarter, we executed three lease renewals, which accounted for approximately 58,000 square feet or 1% of portfolio ABR.

轉向租賃業務。我們已成功續約了 90% 的 2025 年到期租賃合約。第三季度，我們完成了三項租賃續約，涉及面積約 58,000 平方英尺，佔投資組合 ABR 的 1%。

Following the close of the quarter, we experienced an unanticipated tenant departure at our Alexandria healthcare facility located in Alexandria, Louisiana, whereby a tenant with whom we had a lease-out for signature to renew decided to vacate. This tenant represents 15,600 square feet or approximately 0.3% of total portfolio square feet in ABR. The tenant paid full rent and holdover rent between its stated lease expiration of July 31, 2025, and through, and including October.

季度結束後，我們位於路易斯安那州亞歷山大市的亞歷山大醫療保健設施遭遇了意料之外的租戶退租，我們與該租戶簽訂了續租協議，但該租戶決定搬走。該租戶的租賃面積為 15,600 平方英尺，約佔 ABR 總投資組合面積的 0.3%。承租人支付了從其約定的租約到期日（2025 年 7 月 31 日）到 10 月份（含 10 月份）的全部租金和續租租金。

In addition to leasing news, we are pleased to report that despite having approximately three years left on a lease with Community Health Systems, or CHS, at our Fayetteville Healthcare Facility in Fayetteville, Arkansas, we are agreeing to terminate our lease early with CHS, receiving a termination payment and anticipate simultaneously executing a new lease with Washington Regional Medical Center, best-in-class regional hospital system.

除了租賃方面的消息，我們很高興地宣布，儘管我們在阿肯色州費耶特維爾的費耶特維爾醫療設施與社區健康系統（CHS）的租賃合同還有大約三年才到期，但我們同意提前終止與CHS的租賃合同，並收到終止付款，同時預計與一流的區域醫院系統華盛頓區域醫療中心簽訂新的租賃合同。

Washington Regional will assume the entire facility under a new lease agreement for 17.5 years, and we expect this transition to take place in December 2025. This strategic transition from CHS to Washington Regional will move CHS from being our third largest tenant to our sixth largest tenant.

華盛頓地區醫院將根據一項新的租賃協議接管整個設施，租期為 17.5 年，我們預計這項過渡將於 2025 年 12 月完成。從 CHS 到 Washington Regional 的這項策略性過渡將使 CHS 從我們的第三大租戶變為我們的第六大租戶。

I would like to take a moment to remind everyone what Sila's differentiated proposition brings to its shareholders. Sila distinguishes itself from many peers through its integrated focus on health care assets and a long-term net lease structure, which we believe yields better long-term outcomes for shareholders. The non-discretionary nature of health care spending has been demonstrated to show durability and resilience across market cycles.

我想藉此機會提醒大家，Sila 的差異化優勢能為股東帶來什麼。Sila 與許多同行不同之處在於，它專注於醫療保健資產的整合以及長期淨租賃結構，我們認為這能為股東帶來更好的長期收益。醫療保健支出的非自由支配性已證明其在市場週期中具有持久性和韌性。

Our thesis around triple net lease structures is critical to achieving the best outcomes for our shareholders over time as property operating expenses are passed through to tenants, mitigating the high cost of day-to-day ownership of real estate.

我們圍繞三方淨租賃結構的概念對於長期為股東實現最佳收益至關重要，因為物業營運費用會轉嫁給租戶，從而降低日常房地產所有權的高昂成本。

Our longer duration lease terms should result in reduced re-tenanting capital expenses, namely tenant improvement allowances and lease commissions, relative to peers with shorter term lease agreements. We are confident that our distinctive and disciplined approach, supported by our robust balance sheet and available liquidity, position us to be able to sustain positive momentum and deliver value to our shareholders.

與租賃期限較短的同業相比，我們較長的租賃期限應該可以降低重新出租的資本支出，即租戶裝修補貼和租賃佣金。我們相信，憑藉我們獨特而嚴謹的方法，以及我們穩健的資產負債表和充足的流動資金，我們能夠保持積極的發展勢頭，並為股東創造價值。

At this time, I will turn the call over to Kay to provide further insight into our financial performance.

此時，我將把電話轉交給凱，讓她進一步介紹我們的財務表現。

Thank you, Michael, and good morning, everyone. I am pleased to share that our disciplined capital allocation and accretive transactions continue to result in strong financial performance in the third quarter.

謝謝你，邁克爾，大家早安。我很高興地宣布，我們嚴謹的資本配置和增值交易繼續為公司在第三季帶來強勁的財務表現。

For the third quarter of 2025, cash NOI was $42.8 million, an increase of 4.9% from $40.8 million in the third quarter of 2024. This increase was largely driven by acquisition activity over the last year and same-store cash NOI growth of 1.2%, partially offset by reduced cash NOI from our Stoughton Healthcare Facility.

2025 年第三季現金淨營業收入為 4,280 萬美元，比 2024 年第三季的 4,080 萬美元成長了 4.9%。這一增長主要得益於過去一年的收購活動和同店現金淨營業收入增長 1.2%，但部分被斯托頓醫療保健設施現金淨營業收入的減少所抵消。

Compared to the second quarter of 2025, cash NOI increased 2.2%, primarily due to the acquisition of the Southlake and Reunion Nobis portfolios as well as reduced carrying costs at Stoughton as demolition of the building is underway.

與 2025 年第二季相比，現金 NOI 成長了 2.2%，這主要是由於收購了 Southlake 和 Reunion Nobis 資產組合，以及隨著 Stoughton 大樓的拆除工作進行，其持有成本降低。

Our third quarter AFFO per share decreased by 0.8% compared to the third quarter of last year, primarily due to the increased interest expense related to the new swaps we entered into at year-end 2024. This was partially offset by the acquisitions and other cash NOI items mentioned previously and increased notes receivable interest income related to our fully funded mezzanine loans.

與去年第三季相比，我們第三季的調整後營運資金（AFFO）每股下降了0.8%，這主要是由於我們在2024年底簽訂的新互換協議導致利息支出增加。上述情況部分被收購和其他現金淨營業收入項目所抵消，並且與我們已全額融資的夾層貸款相關的應收票據利息收入增加也抵消了部分損失。

Compared to the second quarter of this year, AFFO per share increased 4.2%, primarily driven by the acquisitions mentioned previously, increased interest income from our mezzanine loans and a decrease in G&A.

與今年第二季相比，每股調整後營運資金增加了 4.2%，主要得益於前面提到的收購、夾層貸款利息收入的增加以及一般及行政費用的減少。

Beyond earnings, Sila's in-place tenancy remains strong. Our percentage of reporting obligors increased by 2.4% to 75.8% and collectively reported an EBITDARM rent coverage ratio of 6.19x, up from 5.31x from the second quarter of 2025. This increase in coverage was largely driven by one tenant, which possesses a high EBITDARM rent coverage ratio that was recently added into the reporting population due to a lease assignment.

除了獲利之外，Sila 的現有租戶依然保持強勁。我們報告的債務人比例增加了 2.4%，達到 75.8%，並且集體報告的 EBITDARM 租金覆蓋率為 6.19 倍，高於 2025 年第二季的 5.31 倍。此次覆蓋率的增加主要由一位租戶推動，該租戶的 EBITDARM 租金覆蓋率較高，由於租賃轉讓，最近被納入報告範圍。

Without this one tenant, our average EBITDARM rent coverage ratio would have remained at 5.31x quarter-over-quarter. These strong coverage ratios of our tenants and guarantors help further solidify our portfolio's resilience and demonstrate the durability of the income stream that we have built in our pursuit of providing long-term value to our shareholders.

如果沒有這位租戶，我們的平均 EBITDARM 租金覆蓋率將比去年同期維持在 5.31 倍。我們租戶和擔保人強而有力的償付能力進一步鞏固了我們投資組合的韌性，並證明了我們在追求為股東創造長期價值的過程中所建立的收入流的持久性。

Though political headlines and the macroeconomic landscape continue to be top of mind, we believe our strong tenancy, balance sheet position and available liquidity continue to distinguish us in terms of both security and growth potential.

儘管政治新聞和宏觀經濟狀況仍然是人們關注的焦點，但我們相信，我們強大的租戶基礎、資產負債表狀況和充足的流動性，在安全性和成長潛力方面仍然使我們脫穎而出。

At the conclusion of the third quarter, our revolver provided nearly $450 million of available funds, resulting in total liquidity exceeding $476 million, while our net debt-to-EBITDAre ratio of 3.9x remains below our targeted range. The combination of a robust balance sheet, low to moderate leverage and a prudent AFFO payout ratio of 71% for the quarter, reinforces our confidence in our ability to maintain a sustainable dividend and our ability to grow our portfolio thoughtfully and accretively.

第三季末，我們的循環信貸額度提供了近 4.5 億美元的可用資金，使總流動性超過 4.76 億美元，而我們的淨負債與 EBITDA 比率為 3.9 倍，仍低於我們的目標範圍。穩健的資產負債表、中低槓桿率以及本季度審慎的 AFFO 派息率 71%，增強了我們對維持可持續股息以及深思熟慮、穩步增長投資組合能力的信心。

During the third quarter, the Board authorized a share repurchase program of up to $75 million in gross proceeds for a three-year period from August 4, 2025, limited to $25 million in gross proceeds in any 12-month period. We did not purchase any shares under the program during the quarter.

第三季度，董事會批准了一項股票回購計劃，從 2025 年 8 月 4 日起，三年內總收益最高可達 7,500 萬美元，但任何 12 個月期間的總收益不得超過 2,500 萬美元。本季我們沒有根據該計劃購買任何股票。

Additionally, on August 12, 2025, we entered into an at-the-market equity offering sales agreement or our ATM program, through which from time to time, we may offer and sell shares when we believe it is in the best interest of our shareholders. We established the ATM program, as many REITs have done, to add another tool in our toolbox to be readily available when we are able to accretively raise equity capital with an immediate vision into how those funds will be deployed. To date, no shares have been issued under the ATM program.

此外，2025 年 8 月 12 日，我們簽訂了以市價發行股票協議（即我們的 ATM 計劃），根據該計劃，我們可能會不時地在我們認為符合股東最佳利益時發行和出售股票。我們像許多 REIT 一樣，建立了 ATM 計劃，以便在我們能夠增值籌集股權資本時，能夠立即使用這些工具，並立即了解這些資金將如何部署。截至目前，ATM計劃下尚未發行任何股份。

We are particularly proud of the results from this quarter, building on to many successes throughout 2025. Although we still possess considerable dry powder, we will continue to remain prudent in the allocation of our capital, ensuring that leverage levels are maintained within sustainable limits.

我們對本季的業績感到格外自豪，這將為2025年取得的許多成功奠定基礎。儘管我們仍有相當可觀的可用資金，但我們將繼續謹慎配置資本，確保槓桿水平維持在可持續的範圍內。

We have now put in place various tools, including the share repurchase program and the ATM, which give us full flexibility to take thoughtful and accretive actions when we believe the time is right. We remain fully committed to our capital allocation philosophy, focusing on the acquisition of high-performing triple net lease health care assets leased to quality tenants that operate in growing markets close to the patient.

我們現在已經建立了各種工具，包括股票回購計劃和自動櫃員機，這使我們能夠在認為時機成熟時，靈活地採取深思熟慮且有利可圖的行動。我們將繼續秉持我們的資本配置理念，專注於收購業績優異的三方淨租賃醫療保健資產，這些資產租賃給優質租戶，並在靠近患者的成長型市場中運作。

With that, we look forward to taking your questions.

接下來，我們期待回答您的問題。

(Operator Instructions)

（操作說明）

Rob Stevenson, Janney.

羅布史蒂文森，詹尼。

The CHS termination payment, was that in third quarter? Or is that going to be in fourth quarter? And how much was that?

CHS的終止付款是在第三季嗎？還是說要等到第四季？那一共多少錢？

Rob, thank you for joining. That CHS termination payment that we anticipate would come in the fourth quarter. The expectation is that Washington Regional will take over that facility. So essentially, we'll have an effective lease starting December 1. And so, my expectation is simultaneous with that, we would terminate the CHS lease, and we would receive that termination payment, which is, roughly speaking, a couple of hundred thousand dollars.

羅布，謝謝你的參與。我們預計CHS終止付款將在第四季到帳。預計華盛頓地區醫療中心將接管該設施。所以實際上，我們的租約將從12月1日起生效。因此，我的預期是，與此同時，我們將終止與 CHS 的租賃合同，並收到終止付款，粗略估計，金額約為幾十萬美元。

Okay. That's helpful. And then, Kay, you're going to get -- in the fourth quarter, you're going to get the full quarter benefit of the August and September acquisitions and the -- you're going to -- that's going to net out against some of the Louisiana departure. Anything else of note positively or negatively likely to impact the income statement in the fourth quarter versus the third quarter?

好的。那很有幫助。然後，凱，在第四季度，你將獲得 8 月和 9 月收購帶來的全部季度收益，並且——你將——這將抵消路易斯安那州部分業務流失的影響。還有其他值得注意的因素可能會對第四季與第三季相比的損益表產生正面或負面影響嗎？

Yes. The main things I would factor in would be continued decreased carry costs for Stoughton. So as that -- more and more of that building comes down, the carry is reduced. We're, I think, roughly about $75,000 a month as we get to the end of the year. And we expect that to be roughly about $35,000 a month into 2026. However, our intention is also to appeal real estate taxes and to drive that down even further once that occurs.

是的。我主要考慮的因素是斯托頓的庫存成本持續下降。因此，隨著越來越多的建築物被拆除，持有量也會減少。我認為，到年底的時候，我們每個月的收入大約在 75,000 美元左右。我們預計到 2026 年，這個數字將約為每月 35,000 美元。但是，我們的目標也是對房地產稅提出上訴，並爭取在上訴成功後進一步降低房地產稅。

In terms of -- we added a clarification on deferred rent. We have deferred rent we're receiving, Michael spoke to in his prepared remarks, on one of our PAM properties. That will just be reflected in rental revenues going forward. So you won't see that line item. So the amount will still factor in. It will just be up at the top as opposed to added in for AFFO.

關於－我們補充了關於延期租金的說明。麥可在事先準備好的發言稿中提到，我們收到了延期支付的租金，這是我們 PAM 旗下的一處房產的租金。這最終會反映在未來的租金收入中。所以你不會看到那一項。所以金額還是會考慮。它只會顯示在頂部，而不會被添加到 AFFO 中。

We do think G&A for the year will come in below previous communicated range. Previously, we had indicated a range of $22.5 million to $23.5 million for G&A. We do believe we will be at the low end, if not slightly below that range for 2025.

我們認為本年度的行政管理費用將低於先前公佈的範圍。此前，我們曾表示一般及行政費用範圍為 2,250 萬美元至 2,350 萬美元。我們相信，2025 年我們的預期值將處於該範圍的低端，甚至可能略低於該範圍。

We do have demolition costs. Of course, those, if you see in our supplemental, are added back for core and AFFO, but separately distinguished on our income statement and in that reconciliation table, so you can see those amounts. Those amounts will continue to be incurred through the end of the year and into the very early parts of 2026. And the only other item that's a little bit seasonal in nature is just any accruals related to any bonuses.

我們確實需要支付拆除費用。當然，如果您查看我們的補充報表，您會發現這些項目已加回核心業務和調整後營運資金 (AFFO)，但在我們的損益表和調節表中會單獨列出，因此您可以看到這些金額。這些款項將持續產生至今年年底以及 2026 年初。唯一其他具有一定季節性的事項就是與獎金相關的任何應計款項。

Okay. That's extremely helpful. Thank you very much for that detail. And then I guess the other thing for me is, so you've got -- it seems like with the third quarter, I don't know what the fourth quarter is looking like for you. But it seems like the deal volume has been kicking up as the stock price has sort of moved below $24. If you do that $40 million transaction in early '26, how much more capacity do you have and stay within your targeted leverage ranges to do additional deals without needing to issue equity at these type of levels?

好的。這非常有幫助。非常感謝您提供這個細節。然後，我想對我來說還有一點，所以你——看起來第三季的情況是這樣，我不知道你的第四季會是什麼樣子。但隨著股價跌破 24 美元，交易量似乎也開始上升。如果你在 2026 年初完成這筆 4000 萬美元的交易，那麼在不以這種水平發行股票的情況下，你還有多少能力在目標槓桿範圍內進行更多交易？

We estimate something around $200 million to $220 million to hit the midpoint of our communicated leverage target, which we had previously stated would be 4.5x to 5.5x net debt-to-EBITDA. So to around 5x is $200 million roughly.

我們估計需要大約 2 億美元到 2.2 億美元才能達到我們先前公佈的槓桿目標的中點，我們之前曾表示該目標為淨債務與 EBITDA 比率為 4.5 倍至 5.5 倍。所以，大約 5 倍就是 2 億美元左右。

Okay. That's extremely helpful. And then last one, Michael, as you're looking at the -- whatever you guys refer to it internally, but essentially a tenant credit watch list, and you look back a couple of quarters, is that list getting shorter? Is it staying the same? Is it increasing as operators have difficulty? How do you sort of characterize the sort of evolution of your credit watch list these days? And where is that likely to be going as we enter the beginning of '26?

好的。這非常有幫助。最後一個問題，邁克爾，當你查看——不管你們內部怎麼稱呼它，但本質上是一個租戶信用觀察名單——當你回顧幾個季度前的數據時，這個名單是否越來越短了？情況會維持不變嗎？隨著營運商面臨更多困難，這種情況是否正在加劇？您如何描述您近期對信用觀察名單的調整變化？那麼，進入 2026 年初，它的發展方向又會是什麼呢？

I would say that we're cautiously optimistic. We had a very good rent collection year this year. I would tell you, we're more focused on lease maturities and obviously, renewal rates for those leases as we look forward. We have a long lease duration in the portfolio, as you well know. I don't -- I wouldn't tell you the watch list has per se increased. We have things move up, we have things move down. I think we had a very solid year in 2025. We're obviously not done yet, but I'm optimistic.

我認為我們持謹慎樂觀態度。今年我們的租金收取情況非常好。我想說的是，我們更關注租賃到期日，以及展望未來這些租賃的續租率。如您所知，我們的投資組合中有很多租賃期限較長的房產。我不會——我不會說觀察名單本身有增加。事物有上升的趨勢，也有下降的趨勢。我認為我們在2025年取得了非常穩健的成績。顯然我們還沒完成，但我持樂觀態度。

As we go into next year, we do see our operators performing well. I mean, as you know, Big Beautiful Bill Act has been out there. We've talked about our assets being a mitigating factor in that space. I would say, overall, we're -- I'm cautiously optimistic about what the future holds. I mean that from a tenant credit perspective, because I don't think anybody knows what the future holds in the context of federal government reimbursement and so forth.

展望明年，我們預計我們的營運商將表現出色。我的意思是，如你所知，《美好未來法案》已經出台了。我們已經討論過，我們的資產可以作為該領域的緩解因素。總的來說，我對未來持謹慎樂觀的態度。我的意思是，從租戶信用角度來看，因為我認為沒有人知道聯邦政府報銷等方面的未來會如何。

But what -- you can see our coverage ratios are strong and they remain -- and they continue to be strong and they continue to go up. So we feel good about who we're aligned with on the tenant side.

但是——你可以看到我們的覆蓋率很強，而且一直保持強勁，而且還在持續上升。所以我們對租戶方面的合作夥伴感到滿意。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

My first one is just on capital deployment and where you find opportunities that are most attractive. I mean, given where your stock is trading today, does -- maybe rotating out of some non-core assets, surgical specialty and buying back stock here get more attractive relative to growing the asset base. I'm curious what that spread needs to be for you to say that's where incremental dollars should go?

我的第一點是關於資本部署，以及如何找到最具吸引力的機會。我的意思是，考慮到你股票目前的交易價格，或許拋售一些非核心資產、外科專科股票，然後回購股票，相對於擴大資產基礎而言，會更有吸引力。我很好奇，在你看來，利差需要達到什麼程度，你才會認為新增資金應該流向那裡？

John, thank you for joining. We found opportunities, I'll speak first to really 2025 thus far. The opportunities that we found have been more in the IRF space than the other spaces that we target. Of course, MOB is a key area of that. We've seen a lot of MOB sales. I mean, volumes are down admittedly from years ago, but we've seen a number of MOB sales out there, particularly large portfolios as you monitor as well in the marketplace.

約翰，謝謝你的參與。我們找到了機遇，我先談談目前的2025年狀況。我們發現的機會更集中在 IRF 領域，而不是我們關注的其他領域。當然，MOB是其中的關鍵領域。我們看到了很多MOB銷售。我的意思是，誠然，交易量比幾年前有所下降，但正如你在市場上觀察到的那樣，我們已經看到了很多 MOB 出售，特別是大型投資組合的出售。

But the quality of that hasn't been the quality that we seek to have within our portfolio, hence, our targeting of particularly IRFs, where we can get long WALT, we can get high-quality operators, we can get demonstrated performance in the portfolio. So that's what we've clearly found in the Nobis transactions. That's clearly what we found in the transaction that I'm referring to, that we may close on in January subject to our due diligence.

但這些投資的品質並沒有達到我們投資組合所追求的質量，因此，我們特別關注 IRF，因為我們可以獲得長期 WALT，可以獲得高品質的營運商，可以在投資組合中獲得已證明的業績。所以，這就是我們在 Nobis 交易中明確發現的情況。這正是我們在我所指的交易中發現的情況，我們可能會在1月完成這筆交易，但前提是我們需要進行盡職調查。

From the capital recycling perspective, we're long-term owners of real estate. Sure, there are things that we have on the radar, and we do have a list of properties that could be potential dispositions. I would say those tend to be a little bit more event-driven, whether they're tenant-driven, could be an issue with the tenant, or as it relates to a tenant simply wanting to own their real estate, which we have a number of those occurring as well.

從資本循環利用的角度來看，我們是房地產的長期持有者。當然，有些事情我們已經在關注之中，我們也有一份可能成為潛在處置對象的房產清單。我認為這些事情往往更多是事件驅動的，無論是租戶方面的問題，還是租戶想要擁有自己房產的問題（我們也遇到過很多這樣的情況）。

So I don't know that they'll come to fruition. Nothing is per se penned in. There are some discussions taking place. But as we look at those opportunities, I think the -- we are, I would say, slanted and prejudiced towards deploying capital in new investments at this point. Obviously, we are very aware of our share price in terms of cost of capital, ability to raise future equity capital. Kay gave some numbers as it relates to ranges where we can expect to lever up to, and the runway that we have. That being said, the Board did approve a share repurchase program.

所以我不知道它們能否實現。沒有什麼是絕對被束縛的。目前正在進行一些討論。但當我們審視這些機會時，我認為——可以說，我們目前傾向於將資金投入新的投資。顯然，我們非常清楚我們的股價與資本成本以及未來籌集股本的能力之間的關係。Kay給出了一些數字，這些數字與我們預期可以提升到的水平範圍以及我們所擁有的空間有關。儘管如此，董事會還是批准了一項股票回購計畫。

So we've got really, I would tell you, all the tools in the toolbox, capital ready to deploy, certainly properties that we could sell where we could invest those or buy back shares, of course, and then the share repurchase program. So we're remaining nimble in terms of our approach to capital deployment.

所以，我可以告訴你，我們已經掌握了所有必要的工具，資金也已準備就緒，當然，我們還有可以出售的房產，我們可以將這些資金用於投資，或者回購股票，當然，還有股票回購計劃。因此，我們在資本部署方面保持靈活。

Well, that was very helpful. And I guess as you think about -- obviously, you're still tilted towards the acquisition side. I guess when you talk about the development opportunities that you're seeing that are a little bit higher yielding and you look at your leverage capacity, I think the number was $200 million.

這很有幫助。我想，當你思考這個問題時——顯然，你仍然傾向於收購方面。我想，當你談到你看到的那些收益稍高的發展機會，並且你考慮到你的槓桿能力時，我認為這個數字是 2 億美元。

What percentage of that do you think could be deployed into maybe some of those opportunities relative to just the few simple acquisitions that you noted cap rates are getting a little bit tighter here?

您認為其中有多少比例的資金可以投入到一些機會中，而不是僅僅用於您提到的那些資本化率正在收緊的簡單收購項目？

We like the -- we, as you know, had done late last year now those Lynchburg mezzanine loans, and we like those kinds of opportunities because they're double-digit, mid-teens type returns. We recognize it as interest income for purposes of -- income purposes. So it's current development deals. If we're funding the development as equity owner, really the income gets recognized when that property goes into service.

我們喜歡—如您所知，我們去年底在林奇堡做了那些夾層貸款，我們喜歡這類機會，因為它們的回報率是兩位數到十幾的。我們將其確認為利息收入，用於所得稅申報。所以這是目前的開發協議。如果我們作為股權所有者為開發案提供資金，那麼真正的收入要等到該房產投入使用後才能確認。

That being said, when we talk about expansion opportunities within our portfolio, those are relatively short-term constructions, 12 months or less. And those yields, as I mentioned, are 150 basis points or greater. So we'd like to find more of those opportunities. We're conscious of tenant exposure. We want to make sure there's opportunity for that -- expansion of that property in that particular marketplace.

也就是說，當我們談到投資組合中的擴張機會時，這些都是相對短期的建設項目，12 個月或更短。正如我之前提到的，這些收益率為 150 個基點或更高。所以我們希望找到更多這樣的機會。我們非常重視租戶的風險敞口。我們希望確保有這樣的機會—在該特定市場中擴大該物業的規模。

But we love those opportunities because the tenants also captive to us because we own the underlying land, for instance, and they're adding on to their building and attaching it to existing building, which we already own.

但我們喜歡這樣的機會，因為租戶也受我們控制，例如，因為我們擁有土地所有權，他們正在擴大建築物並將其連接到我們已經擁有的現有建築物。

And by the way, I would mention some of those yields are 300 basis points wide of our acquisition cap rate. So it can really vary, but we -- I tried to be, I would say, relatively conservative in saying minimum kind of 150 basis points or greater.

順便提一下，其中一些收益率與我們的收購資本化率相差 300 個基點。所以情況可能會有所不同，但是——我盡量保持相對保守的態度，認為最低限度為 150 個基點或更高。

So we're looking for those development opportunities. I don't think there's a ton of medical development in the marketplace today. I think banks out there are willing and able to do, for instance, MOB transactions. But in the rehab space, there's probably more limited folks willing to do those kinds of transactions on the lending side. So we want to be a partner to those developers and to those tenants that want to expand.

所以，我們正在尋找這樣的發展機會。我認為目前市場上並沒有太多的醫療研發成果。我認為目前市面上的銀行都願意並且能夠進行行動銀行間交易等操作。但在房屋翻新領域，願意在貸款方面進行這類交易的人可能比較有限。所以我們希望成為那些開發商和想要擴張的租戶的合作夥伴。

Okay. Last one for me, if you wouldn't mind. Just on the opening remarks, you made the comment about the Alexandria tenant, and I apologize if I missed this, but that move-out that's happened in October, is there like -- do we have any expectations on what's going to happen to rent in 4Q?

好的。如果你不介意的話，這是我最後一個問題了。就開場白而言，您提到了亞歷山大的租戶，如果我錯過了，我深表歉意，但那次10月份的搬出事件，我們是否對第四季度的租金情況有任何預期？

Yes. So they were scheduled to expire already in late July. And as mentioned in the remarks, I mean, we had a lease out for signature with them. They paid holdover rent through the months of August through October. So full rent plus the 25% additional holdover rent. And we do have an expectation that they may need another month of staying there.

是的。所以它們原本計劃在七月下旬到期。正如剛才所提到的，我們和他們已經簽訂了租約。他們支付了從八月到十月的逾期租金。所以，租金總額加上25%的續租租金。我們預計他們可能還需要在那裡再待一個月。

So we may very well get November rents with holdover. We're obviously very early in the month of December. Most tenants kind of pay in the first, I'll call it, 10 days or so. So -- but that's the indication to us at this time.

因此，我們很可能會收到包含延期支付的11月份租金。現在顯然才12月初。大多數租戶都會在最初的十天左右付清房租。所以——但這就是目前我們所得到的指示。

(Operator Instructions)

（操作說明）

Michael Lewis, Truist Securities.

Michael Lewis，Truist Securities。

As far as these development or expansion projects, how do you know when one is a candidate? How do you know it works and that the risk reward is balanced? Does the tenant come to you with it and you kind of evaluate it? How do you get comfortable with those and you know you've got the right one?

至於這些開發或擴建項目，如何判斷哪個項目是候選項目？你怎麼知道它有效，風險報酬是平衡的？是租戶把東西拿給你，然後你進行評估嗎？如何才能對它們感到滿意，並確信自己找到了合適的那一個？

Michael, thank you for joining. I would tell you, it's -- the vast majority of the time, it's really an inbound from the tenant. So we're monitoring, as you know, the financials of these operations. The operations in a particular case may be doing very well and that property may be busting as it seems essentially. And that tenant is saying, hey, there's a market.

邁克爾，謝謝你的參與。我可以告訴你，絕大多數情況下，這都是租戶寄來的。如您所知，我們正在密切關注這些業務的財務狀況。某個特定案例中的營運可能非常成功，但該房產實際上可能正在破產，儘管它看起來似乎很糟糕。那位租戶說，嘿，這可是有市場的。

So we'll often review those pro formas of the tenant saying, hey, this is what it looks like if we add this number of beds. We've already got, of course, the benefit of the credit of the existing operations because the operations in those facilities are not shut down or stopped, they actually continue and the construction goes on. So I would tell you, it's really communication from the tenant. Of course, we monitor, so we know which properties are good candidates for those. And we do market our tenants and say, we're here to be your partner and provide capital.

因此，我們經常會審查租戶提供的那些財務預測表，說：“嘿，如果我們增加這麼多床位，情況就會變成這樣。”當然，我們已經享受了現有營運帶來的信貸效益，因為這些設施的運作並沒有關閉或停止，而是繼續進行，建設也持續進行。所以我覺得，這其實是租戶溝通的問題。當然，我們會進行監測，所以我們知道哪些房產適合進行這些改造。我們也會向租戶宣傳，並表示我們願意成為你們的合作夥伴，並提供資金。

Okay. Great. And then, this is an old question, I guess, but still relevant. As the shutdown goes on and the battle seems mostly focused on these ACA subsidies, you've got good coverage across the portfolio. Is there any risk anywhere you see if the, I guess, call it, the Republicans prevail and those subsidies go away?

好的。偉大的。而且，這雖然是個老問題，但仍然具有現實意義。隨著政府停擺的持續，這場鬥爭似乎主要集中在《平價醫療法案》的補貼上，而你們的投資組合則提供了良好的保障。如果共和黨人獲勝，這些補貼取消，您認為這會帶來哪些風險？

Yes. I mean that's a great question. I mean, as you know, we're not acute care hospital owners per se -- short-term acute care hospital owners per se. We're focused on outpatient procedure settings, lower-cost patient settings. So even when we have a situation where there may be a hospital partner, which we have a number of LifePoint transactions like that. In fact, all of our LifePoint transactions are really like that.

是的。我的意思是，這是一個很好的問題。我的意思是，正如你所知，我們並不是急診醫院的所有者——嚴格意義上的短期急診醫院的所有者。我們專注於門診手術環境和低成本的患者就診環境。所以即使我們遇到有醫院合作夥伴的情況，我們也有很多 LifePoint 交易是這樣的。事實上，我們所有的 LifePoint 交易都是這樣的。

We're not looking really to the hospital credit in that case. We're looking to the site performance in those transactions. We like the benefit of the branding of hospitals related to marketing and patient recognition. But from an operational standpoint, we're not looking to those.

在這種情況下，我們並不真正考慮醫院的信用記錄。我們正在關注這些交易的網站效能。我們喜歡醫院品牌在行銷和病患認知方面帶來的好處。但從營運角度來看，我們並不考慮這些。

I do think that it's -- we're going to see -- even if there is some ACA subsidy continuation or there's something more done than is currently passed by the Big Beautiful Bill, we might see more influx to emergency rooms. Naturally, we'll see less insured. I mean, even if someone's premium goes up $100 a month, they may elect to not have insurance. So I think that we'll see that. And I think that's a stress on the whole system overall.

我認為——我們將拭目以待——即使《平價醫療法案》繼續提供一些補貼，或者採取比目前通過的《大而美好的法案》更多的措施，我們也可能會看到急診室湧入更多患者。當然，投保人數會減少。我的意思是，即使某人的保費每月上漲 100 美元，他們也可能選擇不購買保險。所以我想我們會看到這一點。我認為這給整個系統帶來了壓力。

The facilities that we focus on, as you know, looking at our portfolio is really the MOB and the lower-cost patient setting, post-acute spaces. So the rehab and of course, we own some LTACs as well, kind of a limited amount of behavioral. So we think we're much more insulated than a lot of folks out there. But I would tell you, it's not good for the whole health care marketplace, just generally speaking. But again, with our focus, we think we're pretty well insulated.

如您所知，從我們的投資組合來看，我們重點關注的是醫療辦公大樓和低成本的患者環境，即康復後空間。所以，復健治療，當然，我們也擁有一些長期急性照護機構，以及一些有限的行為矯正機構。所以我們認為我們比很多人更能抵禦風險。但總的來說，我認為這對整個醫療保健市場來說並不好。但話說回來，憑藉我們專注的方面，我們認為我們受到的影響相當小。

Okay. And then lastly from me. So you've got the ATM program. You've got the buyback program. Is there -- are you closer to one or the other? Or does neither one of those look attractive here? Does it depend if an opportunity pops up? How do you think about that?

好的。最後，也是我的話。所以你已經有ATM程式了。你們有回購計劃。你比較傾向哪一個？或者說，這兩個選項在這裡都不吸引人？這取決於是否有機會出現嗎？你對此有何看法？

Well, we've read your reports, Michael, and I think you have a good -- when you think about NAV, for instance, for us not necessarily price target, as well as with your peers, that's what we're thinking about when we're thinking about kind of ATM type levels. So we feel we need to be higher. Issuing equity now, we think, is very dilutive and not reflective of the value of the company. So we don't think this is the right level to do it.

嗯，我們已經讀過你的報告了，邁克爾，我認為你的觀點很好——例如，當我們考慮淨資產值時，對我們來說，這不一定是目標價格，就像你的同行一樣，這就是我們在考慮平值水平時所考慮的。所以我們覺得我們需要排名更高。我們認為，現在發行股票會嚴重稀釋股權，而且不能反映公司的價值。所以我們認為現在這個級別不適合做這件事。

So we do feel we're trading at a pretty substantial discount. So that leads into, of course, your -- the alternative, which we could be doing. And I think that, that's always a topic of conversation in the company and with the Board. We want to be thoughtful about how we're spending money. If we only have $1, we only have that $1 to spend. So we want to put it in the right place.

因此，我們確實感覺到我們的交易價格受到了相當大的折扣。所以，這自然就引出了你的——另一個選擇，我們可以這樣做。我認為，這始終是公司內部以及董事會討論的議題。我們希望謹慎地花錢。如果我們只有1美元，我們就只能花這1美元。所以我們要把它放在適當的地方。

I mentioned from an acquisition standpoint that we had done -- we've done about $145 million of acquisitions so far this year. And sort of the indication I gave for next year was, hey, it's going to be a base case scenario kind of relatively consistent with that. And I think that's a fair statement. It could be more if we find the right opportunities. But at the end of the day, we want to be thoughtful and we want to be also -- what's critical in our minds is also the quality of our balance sheet as well.

我之前提到過，從收購的角度來看，我們今年已經完成了約 1.45 億美元的收購案。我對明年的預測是，嘿，這將是一個基本情況，與此相對一致。我認為這個說法很中肯。如果我們能找到合適的機會，收入可能會更高。但歸根結底，我們希望深思熟慮，我們也希望——在我們看來，至關重要的還有我們資產負債表的品質。

Ladies and gentlemen, there are no further questions at this time. I will now turn the call over to Michael Seton, CEO, for closing remarks. Please go ahead.

女士們、先生們，目前沒有其他問題了。現在我將把電話交給執行長麥可·塞頓，請他作總結發言。請繼續。

I would like to once again extend my sincere thanks to the entire Sila team. Their hard work and dedication continue to drive successful outcomes. On behalf of our leadership team and Board of Directors, we deeply appreciate the support and confidence of our shareholders. Thank you and have a great day.

我謹再次向Sila團隊全體成員表達我誠摯的謝意。他們的辛勤工作和奉獻精神不斷推動著成功的結果。我們謹代表領導團隊及董事會，衷心感謝各位股東的支持與信任。謝謝，祝您今天過得愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect

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