Sila Realty Trust Inc (SILA) 2025 Q4 法說會逐字稿

Good morning, and welcome to Sila Realty Trust's fourth quarter 2025 earnings conference call and Webcast. (Operator Instructions) I will now turn the conference over to your host, Miles Callihan, Senior Vice President of Acquisitions, Capital Markets Research and Credit for Sila. You may begin.

早安，歡迎參加 Sila Realty Trust 2025 年第四季財報電話會議與網路直播。(接線員指示) 現在我將把會議交給本次主持人——Sila 併購、資本市場研究與信貸資深副總裁 Miles Callihan。請開始。

Good morning, and welcome to Sila Realty Trust's fourth 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 年第四季財報電話會議。昨晚，我們發布了財報新聞稿與補充資料，均可於我們網站 investors.silarealtytrust.com 的投資人關係專區取得。

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

今天與我一同出席的有總裁兼執行長 Michael Seton，以及執行副總裁兼財務長 Kay Neely。在開始之前，我想提醒各位，今天的發言將包含依據聯邦證券法規所定義的前瞻性陳述。前瞻性陳述通常可由 will、be、intend、believe、expect、anticipate 等字詞及其他類似用語辨識。

Statements that are not historical facts such as statements about expected financial performance, are also forward-looking statements.

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。

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.

實際結果可能與此等前瞻性陳述所預期者存在重大差異。關於可能導致我們的結果與這些前瞻性陳述出現重大差異之因素的討論，載於我們向 SEC 提交的文件中。

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 fourth 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 衡量指標。您可在我們第四季財報新聞稿與財報補充資料中，找到這些歷史非 GAAP 指標與最直接可比之 GAAP 指標的調節表；上述資料亦可於我們網站的投資人關係專區，以及我們向 SEC 提交的 Form 8-K 中取得。

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

接下來，我將把電話會議交給我們的總裁兼執行長 Michael Seton。

Thank you, Miles, and good morning to everyone joining us today. As we begin a new year, I look back on 2025 our first full calendar year as a publicly traded company as one during which we faithfully executed our strategy of growing Sila Realty Trust in a skilful and thoughtful manner.

謝謝你，Miles，也向今天加入我們的各位道早安。在新的一年開始之際，我回顧 2025 年——我們作為上市公司第一個完整曆年——這一年我們以熟練且審慎的方式，忠實執行成長 Sila Realty Trust 的策略。

Sila was added to several prominent equity indices during the year. including the RMZ and the Russell 2000, and our shareholder base has continued to evolve to larger institutional investors from an entirely retail ownership at onetime prior.

Sila 在年度期間被納入多個重要的股票指數，包括 RMZ 與 Russell 2000；我們的股東結構也持續演變，從過去一度完全以散戶為主，轉向更多大型機構投資人。

We believe our ownership transition reflects the market's recognition of what we have been building at Sila for many years, a high-quality, necessity-based health care real estate portfolio designed to deliver predictable, durable and growing income streams through any market cycle.

我們相信，這樣的持股結構轉變反映市場對我們多年來在 Sila 所打造成果的認可：一個高品質、以必需性為基礎的醫療不動產投資組合，旨在於任何市場循環中提供可預測、具韌性且可成長的收益來源。

During 2025, we acquired six health care facilities for an aggregate purchase price of approximately $150 million, which equated to 241,000 rentable square feet. Each of these new facilities fits well within what we call the Sila mold, exhibiting the characteristics that we see in new opportunities, modern construction, high utilization, favourable market demographics and quality tenant sponsorship.

2025 年期間，我們收購了 6 處醫療設施，合計收購價約 1.5 億美元，合計可出租面積為 241,000 平方英尺。這些新設施皆非常符合我們所稱的「Sila 模式」，具備我們在新機會中所看重的特徵：現代化建築、高使用率、有利的市場人口結構，以及優質的承租方／營運方支持。

After the year-end, we closed on another purpose-built, state-of-the-art inpatient rehabilitation facility in Oklahoma City for $43.1 million. This well utilized facility further expands our relationship with Novus rehabilitation partners a well-respected and strong operator in the post-acute space.

在年末之後，我們以 4,310 萬美元完成收購位於奧克拉荷馬市的另一處專為用途打造、最先進的住院復健設施。這座高使用率的設施進一步深化我們與 Novus Rehabilitation Partners 的合作關係；該公司是在後急性照護領域備受尊敬且實力堅強的營運商。

The property was originally constructed in 2022 and has experienced such strong demand since opening that has recently undergone an expansion, increasing its licensed bed count from 40 to 58 beds.

該物件最初於 2022 年興建，自開業以來需求強勁，近期已進行擴建，將核准床位數由 40 床提升至 58 床。

With the support of a long-term lease with contractual lease escalators, strong EBITDAR coverage, experienced sponsorship and limited competition, we believe this facility aligns firmly within our objective to deliver lasting value to Sila and its shareholders.

在具契約性租金調升條款的長期租約、強勁的 EBITDAR 覆蓋率、經驗豐富的贊助方以及有限競爭的支持下，我們相信此設施與我們為 Sila 及其股東創造長期價值的目標高度一致。

Sila's ownership of high-quality, diverse health care assets with best-in-class tenancy creates opportunities to invest additional capital in existing properties which experienced outsized demand for health care services within current building envelopes.

Sila 擁有高品質且多元的醫療資產，並具備同級最佳的承租組合，這使我們得以在既有物件上投入額外資本，把握在現有建築範圍內對醫療服務需求顯著超出預期的機會。

Over the past year, we have completed over $7 million of redevelopment opportunities at compelling risk-adjusted returns. We are readily prepared to provide capital to our strong and growing tenant base when it aligns with our mutual interest to address market-driven demand requirements with minimal operating execution risk.

過去一年，我們已完成超過 700 萬美元的改造／再開發機會，並取得具吸引力的風險調整後報酬。當符合雙方共同利益、且能以最低的營運執行風險滿足市場驅動的需求時，我們已準備好向我們強勁且持續成長的承租方提供資本。

Consistent with this approach, we have already committed to providing additional capital at our Dover health care facility as previously disclosed during our third quarter earnings call and intend to execute a similar investment at our Overland Park health care facility, both of which are inpatient rehabilitation facilities leased to Pam Health, our largest tenant and one of the strongest and most respected post-acute operators.

依循此一作法，我們已承諾如同先前在第三季財報電話會議中所揭露，將在 Dover 醫療設施提供額外資本；並計畫在 Overland Park 醫療設施進行類似投資。兩者皆為出租予 Pam Health 的住院復健設施；Pam Health 是我們最大的承租方，也是後急性照護領域最強且最受尊敬的營運商之一。

We foresee additional expansion opportunities in the near future, which typically offer more favourable returns compared to recent acquisition opportunities frequently yielding 150 basis points to 200 basis points higher than going in capitalization rates.

我們預期在不久的將來還會有更多擴建機會；相較於近期的收購機會，這類擴建通常可提供更有利的報酬，常見可較初始資本化率高出 150 至 200 個基點。

Turning to an update on the Stoughton Healthcare Facility. I'm pleased to report that the building demolition has been completed and the removal of building debris is well underway which work we currently expect to be entirely finished by the end of the first quarter of 2026.

接著更新 Stoughton 醫療設施的進度。我很高興報告，建物拆除已完成，建築廢棄物清運也正順利進行中；我們目前預期相關作業將於 2026 年第一季末前全部完成。

The decision to raise the existing building structures has allowed us to already significantly reduce carrying costs of the property which will be reduced to approximately $35,000 per month from as much as $120,000 per month during the middle of last year. I would like to bring your attention to a few planned dispositions in 2026 and our continued pursuit to optimize our portfolio construction.

決定拆除既有建築結構，使我們已能大幅降低該物件的持有成本；該成本將由去年年中最高每月約 12 萬美元，降至每月約 3.5 萬美元。我也想請各位留意我們在 2026 年規劃的幾項處分案，以及我們持續優化投資組合配置的努力。

Toward year-end 2025, we executed purchase and sale agreements on 3 properties: our Henderson, Las Vegas to and Saginaw health care facilities.

在 2025 年接近年末時，我們就 3 項物件簽署了買賣協議：Henderson、Las Vegas 以及 Saginaw 醫療設施。

After year-end, we closed on the sale of the Saginaw Healthcare facility for gross sales proceeds of $14.5 million, while the Henderson and Las Vegas to health care facilities are estimated to close in the first quarter of 2026.

年末之後，我們已完成出售 Saginaw 醫療設施，總銷售收入為 1,450 萬美元；而 Henderson 與 Las Vegas 醫療設施預計將於 2026 年第一季完成交割。

We also recently executed a purchase and sale agreement to sell the Alexandria Healthcare facility which became vacant in December of 2025 with the departure of our ASC tenant. Subject to the typical due diligence process, we would expect this to close around the end of the first quarter or beginning of the second quarter. We had approximately 4.8% of total gross leasable area scheduled to expire in 2025.

我們近期也簽署了買賣協議，將出售 Alexandria 醫療設施；該設施因我們的 ASC 承租方於 2025 年 12 月退租而成為空置。在完成一般盡職調查流程的前提下，我們預期將於第一季末或第二季初左右完成交割。我們約有總可出租面積的 4.8% 原訂於 2025 年到期。

Our leasing team successfully retain 90% of scheduled expiring tenancy on a square foot basis, while the 10% of tenants who did not renew represented only 0.5% of ABR.

我們的租賃團隊以面積（平方英尺）計，成功續租了 90% 的到期租約；而未續租的 10% 承租方僅占 ABR 的 0.5%。

The Alexandria Healthcare facility, which I just mentioned, accounted for 60% of that 10% nonrenewal. In addition, the tenant which had a lease expiry in 2025 at our Tampa Healthcare facility did not fully vacate its space.

我剛提到的 Alexandria 醫療設施，占該 10% 未續租中的 60%。此外，於 2025 年在我們 Tampa 醫療設施租約到期的承租方，並未完全搬離其使用空間。

It simply reduced its footprint in the building due to the departure of a subtenant. This available space is only 2,100 square feet and has seen strong interest due to the facilities location in a bustling Medical Corridor in Tampa in close proximity to Baycare St. Joseph Hospital and Baycare's newly planned HealthHub.

由於一位轉租戶退租，它僅是縮減了在該建物內的使用面積。這部分可用空間僅 2,100 平方英尺，因該設施位於坦帕繁忙的醫療走廊（Medical Corridor），且鄰近 Baycare St. Joseph Hospital 以及 Baycare 新近規劃的 HealthHub，因此引發強烈興趣。

Our lease renewal activity and proactive early lease extensions at our other properties resulted in an increase to our weighted average remaining lease term from 9.7 years at the end of the third quarter of 2025 to 10 years by year-end.

我們的續租活動以及在其他物業主動提前延長租約，使加權平均剩餘租期由 2025 年第三季末的 9.7 年提高至年底的 10 年。

For leases scheduled to expire in 2026, we have already completed renewals for 34.8% of the 4.1% of total gross leasable area expiring in the year. For the renewal pipeline for 2026, we have a known conversion of a single-tenant property into a multi-tenant property.

對於預計於 2026 年到期的租約，我們已完成續租，涵蓋該年度到期之總可出租面積（GLA）4.1%中的 34.8%。就 2026 年的續租管線而言，我們已知有一處單一租戶物業將轉換為多租戶物業。

With this change, the legacy tenancy will renew approximately 60% of the total space leaving the balance of 40%, which represents approximately 0.3% of company ABR to be relet to new tenants. We have already engaged a well-known broker and are actively marketing the anticipated available space.

在此變更下，既有租戶將續租約占總面積約 60%，其餘 40%（約占公司 ABR 的 0.3%）將重新出租給新租戶。我們已聘請知名仲介，並正積極行銷預期可用的空間。

Our portfolio continues to demonstrate significant strength, while our high credit quality remains a critical factor in ensuring CLS sustained success.

我們的投資組合持續展現顯著的強勁表現，而我們高信用品質仍是確保 CLS 長期成功的關鍵因素。

Notably, there have been meaningful improvements in our tenant credit quality during 2025, which have aided the growth in our investment grade-rated tenant guarantor an affiliate percentage by 2.3% on a year-over-year basis to 40.6%.

值得注意的是，2025 年我們的租戶信用品質有明顯改善，帶動具投資等級評等之租戶擔保人（guarantor）／關係企業（affiliate）占比年增 2.3 個百分點至 40.6%。

As an example of credit quality upgrade in the fourth quarter of 2025, Washington Regional Medical Center, an investment-grade rated best-in-class regional hospital system, executed a lease and took occupancy of our Fayetteville Healthcare facility from Community Health Systems.

以 2025 年第四季信用品質升級為例，Washington Regional Medical Center（具投資等級評等、同級最佳的區域醫院體系）簽署租約，並自 Community Health Systems 承租並進駐我們的 Fayetteville Healthcare 設施。

This transition moves community health systems from being our third largest tenant to our seventh largest tenant at year-end, further diversifying our tenant concentration and upgrading our overall sponsorship profile.

此一轉換使 Community Health Systems 由我們第三大租戶降至年底的第七大租戶，進一步分散租戶集中度並提升整體贊助方（sponsorship）結構。

In addition, subsequent to year-end, Community Health Systems completed the divestiture of its three Pennsylvania hospitals, including our Wilks Berry health care facility to Tenor Health Foundation effective February 1, 2026, which will further reduce our CHS exposure going forward.

此外，於年底之後，Community Health Systems 完成其在賓夕法尼亞州三家醫院的剝離（divestiture），其中包括我們的 Wilks Berry 醫療保健設施，並自 2026 年 2 月 1 日起由 Tenor Health Foundation 生效接手，這將在未來進一步降低我們對 CHS 的曝險。

In the fourth quarter, our tenant at our Savannah Healthcare facility was successfully sold through the bankruptcy process to select medical, an existing tenant and Sila's portfolio, moving select up to be our fourth largest tenant and providing operational strength and stability to the Savannah asset going forward.

第四季期間，我們 Savannah Healthcare 設施的租戶已透過破產程序成功出售予 Select Medical（既有租戶，亦為 Sila 投資組合的一部分），使 Select 躍升為我們第四大租戶，並為 Savannah 資產未來營運提供更強的實力與穩定性。

Lastly, on the tenant sponsorship front. Late in the fourth quarter of 2025, Syncora, one of the largest Fortune 500 companies announced that it has entered into a definitive agreement to acquire the majority of the outstanding equity interest that it does not already own in One Oncology.

最後，談到租戶贊助方（tenant sponsorship）方面。在 2025 年第四季末，Syncora（《財富》500 大企業之一）宣布已簽署最終協議（definitive agreement），將收購其尚未持有之 One Oncology 多數流通股權（outstanding equity interest）。

Syncora with over $300 billion in annual revenue will be the common control at our seven former GenesisCare master leased properties. As we look ahead to the full year 2026, I see Sila as a company in prime position to continue executing on its strategy. We have the balance sheet strength, pipeline, team members and discipline to continue to allocate capital skilfully and lawfully.

年營收逾 3,000 億美元的 Syncora，將成為我們七處原 GenesisCare 主租（master lease）物業的共同控制方（common control）。展望 2026 全年，我認為 Sila 已處於可持續執行其策略的有利位置。我們具備資產負債表實力、案源管線、團隊成員與紀律，得以持續以專業且合規的方式配置資本。

The Silver tsunami is imminent with the entire baby boomer generation reaching 65 or older by 2030 which is expected to increase total outpatient health care spending to nearly $2 trillion. We continue to believe that this demographic shift should drive increasing patient volumes in case acuity supporting stronger operator revenues and therefore, more durable income streams for Sila.

「銀色海嘯」迫在眉睫；至 2030 年，整個嬰兒潮世代都將年滿 65 歲或以上，預期將使門診醫療支出總額增加至接近 2 兆美元。我們仍相信，這項人口結構轉變將推動病患量增加與病情嚴重度（case acuity）提升，支撐營運商更強的營收，進而為 Sila 帶來更具韌性的收入來源。

As we know, health care is nondiscretionary, which means health care real estate is vital social infrastructure. Today, Sila owns over $2 billion worth of institutional quality health care facilities with high utilization, which, along with the triple net lease structures, that we have in place at 99.9% of our properties provides a powerful combination for long-term success. I will now turn the call over to Kay to discuss our financial performance.

眾所周知，醫療保健屬於非選擇性支出（nondiscretionary），這意味著醫療不動產是重要的社會基礎設施。目前，Sila 擁有逾 20 億美元、具機構級品質且使用率高的醫療設施；再加上我們在 99.9% 物業採用的三重淨租賃（triple net lease）結構，形成長期成功的強大組合。接下來我把電話交給 Kay，請她說明我們的財務表現。

Thank you, Michael, and good morning, everyone. I'm pleased to report that our disciplined approach to operational integrity and capital allocation drove strong financial results throughout 2025.

謝謝你，Michael，各位早安。我很高興報告，我們在營運健全性與資本配置上的紀律性作法，推動 2025 年全年的強勁財務成果。

For the year ended 2025, cash NOI was $169.9 million compared to $168.6 million for the year ended 2024, representing a 0.8% increase. This increase was largely driven by acquisition activity and an increase in same-store cash NOI of 0.9%, partially offset by dispositions and the impact of the vacancy of the Stoughton Healthcare facility.

截至 2025 年止年度，現金 NOI 為 1.699 億美元，較 2024 年止年度的 1.686 億美元增加 0.8%。此增幅主要來自收購活動，以及同店現金 NOI 成長 0.9%，部分被處分資產及 Stoughton Healthcare 設施空置的影響所抵銷。

Year-over-year cash NOI growth was also impacted by the collection of over $6 million in onetime lease termination and lease severance fees in 2024 compared to less than $300,000 and in termination fees in 2025.

年對年現金 NOI 成長亦受到一次性租約終止費與租約解約費（lease severance fees）收取差異的影響：2024 年收取逾 600 萬美元，而 2025 年租約終止費不足 30 萬美元。

If we were to exclude these onetime fees from cash NOI in 2025 and 2024, cash NOI and same-store cash NOI growth would have been 4.4% and 1.1%, respectively.

若將 2025 年與 2024 年現金 NOI 中的上述一次性費用排除，則現金 NOI 與同店現金 NOI 的成長率將分別為 4.4% 與 1.1%。

Turning now to our earnings metrics. FFO per share for the full year was $2.16 or a 3.6% increase from the previous year, while AFFO per share for the full year was $2.18 or 5.8% decrease from the previous year. In addition to the cash NOI items just discussed, our increase in FFO per share was driven by several items, an increase in straight-line rent which was largely driven by the new lease amendments that we entered into in connection with our PAM Health properties in December 2024.

接著談我們的獲利指標。全年每股 FFO 為 2.16 美元，較前一年增加 3.6%；全年每股 AFFO 為 2.18 美元，較前一年下降 5.8%。除剛才討論的現金 NOI 項目外，每股 FFO 的增加亦由多項因素帶動，包括直線法租金（straight-line rent）增加，主要來自我們於 2024 年 12 月就 PAM Health 物業所簽訂的新租約修訂（lease amendments）。

Prior year write-off of above-market rent related to the GenesisCare bankruptcy in 2024. Higher revenue from interest income on our two outstanding mezzanine loans and a reduction in G&A and other costs in 2025 stemming from the incurrence of onetime separation pay and higher personnel costs in 2024 and $3 million in onetime listing fees in relation to our New York Stock Exchange listing.

2024 年因 GenesisCare 破產而沖銷（write-off）的高於市場租金（above-market rent）。我們兩筆未償還夾層貸款（mezzanine loans）的利息收入增加，以及 2025 年 G&A 與其他成本下降（源於 2024 年發生一次性離職分離給付與較高人事成本，並包含與我們於紐約證券交易所上市相關的 300 萬美元一次性上市費用）。

The FFO per share increase was partially offset by an increase in interest expense, largely related to new swaps that we entered into at the end of 2024 due to the expiration of prior swap maturities.

每股 FFO 的增幅部分被利息費用增加所抵銷，該增加主要與我們於 2024 年底因先前利率交換（swap）到期而新簽訂的交換合約有關。

Our decrease in AFFO per share was driven by the increase in interest expense, partially offset by the cash NOI items previously discussed, lower G&A costs due to lower personnel costs. and an increase in interest income related to our fully funded mezzanine loans.

每股 AFFO 的下降主要由利息費用增加所致，部分被前述現金 NOI 項目、因人事成本降低而使 G&A 成本下降，以及與我們已全額撥付（fully funded）的夾層貸款相關之利息收入增加所抵銷。

As Michael mentioned earlier in the call, the strength and resilience of our tenant base continued as demonstrated by the company's strong financial results. We now have 75.6% of our portfolio ABR reporting financial results at either the tenant or guarantor level. We generated a portfolio-wide EBITDAR rent coverage ratio of 5.9times in 2025 as compared to 5.3times in 2024.

如 Michael 先前在電話會議中提到的，我們租戶基礎的強度與韌性持續展現，並反映在公司強勁的財務成果上。目前我們投資組合中有 75.6% 的 ABR 於租戶或擔保人層級提供財務結果申報。我們在 2025 年的全投資組合 EBITDAR 租金保障倍數（rent coverage ratio）為 5.9 倍，較 2024 年的 5.3 倍提升。

The tenant at our Saginaw Healthcare facility, which we sold in late January 2026, was the tenant with an outsized EBITDARM coverage ratio that we described last quarter and drove our average up meaningfully. Without the Saginaw tenant included, our portfolio-wide EBITDARM rent coverage was 5.7times in 2025, still well above 2024 levels.

我們在 Saginaw 醫療照護設施的承租人（該設施已於 2026 年 1 月下旬出售）就是我們上季所提到、EBITDARM 覆蓋率異常偏高的那位承租人，並且顯著拉高了我們的平均值。若不納入 Saginaw 承租人，我們 2025 年全投資組合的 EBITDARM 租金覆蓋率為 5.7 倍，仍明顯高於 2024 年水準。

Moving to our balance sheet. Net debt to EBITDARM was a conservative 3.9times at year-end, remaining below our targeted leverage range of 4.5times to 5.5times.

接著談我們的資產負債表。截至年末，淨負債對 EBITDARM 為保守的 3.9 倍，仍低於我們目標槓桿區間 4.5 倍至 5.5 倍。

Our leverage level translates into over $200 million of debt capital we can readily deploy to reach the midpoint of our targeted leverage range.

以我們目前的槓桿水準換算，我們可隨時動用超過 2 億美元的債務資本，以達到目標槓桿區間的中點。

Total liquidity at year-end exceeded $480 million, providing substantial dry powder for acquisitions and growth initiatives. As of December 31, 2025, we had $676 million of outstanding debt under our unsecured credit facilities at a weighted average interest rate of 4.7%.

年末總流動性超過 4.8 億美元，為收購與成長計畫提供充足的可用資金。截至 2025 年 12 月 31 日，我們在無擔保信用融資項下的未償債務為 6.76 億美元，加權平均利率為 4.7%。

Our capital allocation philosophy remains unchanged, we will deploy capital in a manner that creates the most long-term value for our shareholders, be that through acquisitions, investment in existing properties in need of expansion, share repurchases or other means.

我們的資本配置理念維持不變；我們將以能為股東創造最大長期價值的方式部署資本，無論是透過收購、投資於需要擴建的既有物業、股票回購或其他方式。

With that, we look forward to taking your questions.

接下來，我們期待回答各位的提問。

(Operator Instructions) Michael Lewis, Truist.

(接線員指示) Michael Lewis，Truist。

Great, thank you. If this first one is too specific, I can follow up, but I was wondering how much rent you collected on the Alexander that you're selling? I think they had some holdover rent and then also the two redevelopments placed in service. I think they were placed in later in the quarter. I was wondering if they contributed significant rent in the quarter as well.

很好，謝謝。如果第一個問題太過細節，我可以再追問，但我想請教你們在正在出售的 Alexander 這個資產上，實際收了多少租金？我記得他們有一些續租期（holdover）的租金，另外也有兩個改建案投入使用。我想它們是在本季較後段才投入使用。我想了解它們在本季是否也貢獻了顯著的租金。

Hi Michael, this is Michael. Thank you for joining the call today. Great to hear from you. On the Alexandria property, we -- their scheduled rent was essentially $40,000 per month. Their lease expired in August, and they paid holdover rent through November.

嗨 Michael，我是 Michael。謝謝你今天加入電話會議。很高興聽到你的聲音。關於 Alexandria 這個物業，我們——他們的約定租金基本上是每月 40,000 美元。他們的租約在 8 月到期，並支付續租期租金到 11 月。

The holdover rent was at 125% of the scheduled rent. So they ultimately ended up essentially if you count it this way, paying full rent for the year due to the holdover rent. So they paid total rent in the fourth quarter of $120,000.

續租期租金是約定租金的 125%。因此，若以這種方式計算，因為有續租期租金，他們最終等同於全年都支付了足額租金。所以他們在第四季合計支付的租金為 120,000 美元。

Okay. And the redevelopments, I guess I'll tag on to that. Is there a -- difference between the lease percentage you show in the supplemental versus what's commenced? In other words, do you have some that may be on the come that we can't see from that lease number.

了解。那我順著問一下改建案。你們在補充資料中揭露的出租百分比，和實際已開始（commenced）的狀態之間是否有差異？換句話說，是否有一些即將開始但從該出租數字看不出來的？

You mean our lease status at year-end?

你是指我們年末的出租狀態嗎？

Yes. I think we -- you had two redevelopment projects placed in service during the quarter. Those were listed, I think, as leased last quarter but they started.

是的。我想我們——你們在本季有兩個改建專案投入使用。我記得它們上季被列為已出租，但它們本季才開始。

Yes. So specifically, for instance, the El Segundo property, which as UCLA is a tenant has a free rent period. So they're still in that free rent period. but they are considered the buildings considered leased as of the year-end. That one specifically comes to mind.

是的。例如 El Segundo 物業，UCLA 是承租人，且有免租期。所以他們仍在免租期內，但截至年末，該建物仍被視為已出租。這個案例特別明顯。

Okay. And my next question is about -- I guess, it's about acquisition yields, but I think you'll see where I'm going with this. When you acquire assets that are similar to what's in your portfolio or you see similar assets trade in the market, what's the pricing like for the types of assets you own?

了解。下一個問題是——我想是關於收購殖利率，但我想你會明白我的方向。當你們收購與投資組合相似的資產，或看到市場上有類似資產成交時，你們這類資產的定價大概是什麼水準？

The pricing for the type of assets that we own today, consistent, I think, with what we've done on the acquisition side is we generally see rehabs kind of in the -- this is subject to performing assets, longer-term leases, good national sponsors on the operational side in the high 6s to, I would say, generally speaking, the low 7s to mid-7s.

就我們目前持有的資產類型而言，與我們在收購端所做的交易一致，我們一般看到的定價——以表現良好的資產、較長期租約、營運端有優質全國性贊助商為前提——大致落在高 6% 到我會說通常是低 7% 到中 7% 的區間。

So generally speaking, 77.25% can be a little tighter, it can be a little wider depending upon circumstances. And the MOB outpatient, call it ASC-type assets, we can -- those get fairly tight and those can get to as low as 6% or low 6s to, I would say, generally not the high 6s so I'll say mid-6s, but MOB assets, again, 6 to 6.5.

所以一般而言，7%到 7.25% 可能會因情況而略緊或略寬。至於 MOB 門診、可稱為 ASC 類型的資產，利差會相當緊，最低可到 6% 或低 6% 左右；我會說通常不會到高 6%，所以大概是中 6%——但 MOB 資產大致是 6% 到 6.5%。

On the LTAC side, because we do own some LTACs, we frankly don't see them trade much at all. So I can't tell you the last time we saw an LTAC trade. We don't own too many, but we do own some surgical hospitals. We've seen, I would say, over the last, I would say, 12 months kind of interest, we call pre-2022. A lot of interest in surgical hospitals, and we've seen that kind of renewed interest, particularly over the last 12 months.

在 LTAC 方面，因為我們確實持有一些 LTAC，但坦白說幾乎看不到它們成交。所以我無法告訴你我們上次看到 LTAC 成交是什麼時候。我們持有的不多，但我們確實有一些外科醫院。我會說在過去——大概 12 個月——我們看到一些興趣，我們稱之為回到 2022 年以前的狀態。外科醫院受到高度關注，而這種重新升溫的興趣，特別是在過去 12 個月更為明顯。

And we will see those trade depending again on the credit circumstance, the lease term, anywhere from the high 6s to around 7. So I think when we think about the portfolio of assets that we own, on a blended basis, we do see it somewhere in the 7 cap range, cash cap rate going in.

而這些資產的成交，仍取決於信用狀況、租期等因素，約落在高 6% 到約 7% 左右。因此，當我們看我們持有的資產組合，以加權綜合的角度，我們確實看到其大致在 7 cap 左右，也就是買入時的現金資本化率。

Okay. So it was a little bit of a leading question to my last question. So on our calculate lease, we have the stock a little bit north of an 8% implied cap rate. It's been moving in the right direction. But the question is, as you sell some of these assets and you're below leverage, what's kind of the -- I know you've gotten this question before about potential stock repurchases.

了解。所以這有點是在鋪陳我最後一個問題。以我們計算的租賃情況來看，股價對應的隱含資本化率略高於 8%。它一直朝正確方向變動。但問題是，當你們出售部分資產且槓桿偏低時，關於——我知道你們以前被問過——潛在股票回購，你們大概怎麼看？

I also wonder to the extent you could answer if you get inbounds from institutions or private equity about the company at this price.

另外我也想問，在這個價格水準下，是否有機構投資人或私募股權主動接洽、對公司表達興趣？

So as it relates specifically to stock repurchases, I'll tell you what we've always said, which is it's a tool in the toolbox. I will also say that 1 thing that makes us particularly cautious about stock repurchases as we're trying to build our institutional investor base, it does pull liquidity for our stock out of the market. So that's where it causes us pause particularly. As it relates to inbounds, I would say, over time, we've certainly had interest in our company, even pre-listing, by the way, up to listing. The goal of our listing was, of course, to bring liquidity to our stockholders, which I think we've done.

就股票回購而言，我會重申我們一貫的說法：它是工具箱中的一項工具。我也要說，有一點讓我們在股票回購上特別謹慎：當我們正努力建立機構投資人基礎時，回購會把我們股票的流動性從市場上抽走。因此，這點特別讓我們有所顧慮。至於主動接洽，我會說，長期以來我們確實一直有人對公司感興趣，順帶一提，甚至在上市前、直到上市期間都有。我們上市的目標當然是為股東帶來流動性，我認為我們已經做到了。

We have seen our shareholder base rotate, as I said in my remarks, from 100% retail to really what is now 70% institutional and so we've seen that occur. We do see that disconnect, Michael, that you're referring to. I would say it makes us cautious on the acquisition side. We are poised for growth, but we are also conscious of others out there who have run up leverage and find themselves in a box, and we're definitely not in a box today because we've got a lot of liquidity, and we're not going to find ourselves in that box, but we would like to see a higher share price fairly significantly higher in order to raise equity.

正如我在發言中提到的，我們看到股東結構出現輪動，從原本 100% 的散戶，轉變為如今實際上約 70% 的機構投資人，因此我們確實看到了這樣的變化。Michael，我們也確實看到你所提到的那種脫節。我會說，這讓我們在併購方面更為謹慎。我們已準備好成長，但也意識到外面有些公司槓桿拉得很高，結果把自己困在一個框裡；而我們今天絕對不在那個框裡，因為我們有很充足的流動性，我們也不會讓自己落入那個框裡。不過，若要進行股權募資，我們希望股價能顯著更高。

Okay, great, thank you.

好的，很棒，謝謝你。

Thank you for joining.

感謝各位參與。

John Kilichowski, Wells Fargo.

Wells Fargo 的 John Kilichowski。

Hi, can you hear me?

嗨，你們聽得到我嗎？

Hi John, I can hear you perfect.

嗨 John，我聽得非常清楚。

Perfect. Sorry, I just barred from another call. So forgive me, I'm a little bit late, and I hope I didn't miss anything. But just kind of following up on that last question. I guess it felt like I got part of the answer there.

太好了。抱歉，我剛從另一通電話切過來。所以請見諒，我有點晚到，希望沒有錯過什麼。不過我想延續上一個問題再追問一下。我覺得剛才的回答我只聽到一部分。

My question is at what point here -- and maybe we can start with remaining leverage capacity and where you're comfortable taking that, what that buying power means for 2026. And then my second part of the question is going to be at what point do you start to -- not that maybe you're not taking it seriously today, but at what point do you get a little bit more aggressive if maybe that incremental growth doesn't get the stock working that you start to look for other ways to realize that?

我的問題是，在什麼情況下——也許我們可以先從剩餘的槓桿容量，以及你們覺得舒適的槓桿水位談起，這樣的購買力對 2026 年意味著什麼。然後我問題的第二部分是，在什麼情況下你們會開始——不是說你們今天沒有認真看待，但如果那種邊際成長無法帶動股價表現，你們會在什麼時點變得更積極一些，開始尋找其他方式來實現（股東）價值？

Sure. Just in terms of liquidity, ability to buy more, we essentially to reach the midpoint of our targeted leverage, which would be 5x because we've given some indications of between 4.5x and 5.5x, we could see investing about $225 million, roughly speaking. If we were to reach the high end of our leverage, it could be as much as $375 million. But again, we're being very discerning with the acquisitions. There is competition in the marketplace.

當然。就流動性與進一步收購的能力而言，若要達到我們目標槓桿的中位數（也就是 5 倍，因為我們曾給出 4.5 倍到 5.5 倍的區間指引），概略來說我們大約可以投資 2.25 億美元。如果我們把槓桿拉到區間上緣，最多可能達到 3.75 億美元。但再次強調，我們在併購上會非常審慎挑選。市場上也存在競爭。

I think our -- we have a good brand in the marketplace on the acquisition front with the developer, with the brokerage community, et cetera, with the tenant community. In terms of us looking at other ways to bring opportunity for our shareholders. I think we're always looking at that. In terms of timing, I can't really give you an indication of timing. We think the company is very solid right now.

我認為我們——在併購方面，我們在市場上對開發商、仲介／經紀社群等，以及對租戶社群，都建立了良好的品牌形象。至於我們是否會尋找其他方式為股東帶來機會，我想我們一直都在關注。就時間點而言，我無法給出明確的時程指引。我們認為公司目前非常穩健。

It's been stronger than it's ever been before in terms of our portfolio.

就我們的投資組合而言，現在比以往任何時候都更強。

And I think you can see that in the results that we reported last evening. And when we think about the opportunities within the portfolio to really get greater yield, which I mentioned in my remarks as well, those opportunities are coming more and more. So we mentioned some there are actually additional ones that we have where we can get yields north of -- Lewis talk about where he evaluates where we're trading at an implied cap rate basis, north of that. So we're going to take advantage of those opportunities within our portfolio that only exists when you own the existing real estate and have those existing direct tenant relationships so we're going to continue to be forward-footed as it relates to taking advantage of opportunity in deploying our capital, but we're going to do it cautiously and thoughtfully.

我想你們也能從我們昨晚公布的業績結果中看到這一點。當我們思考投資組合內部、真正提升收益率的機會（我在發言中也提到過），這些機會正變得越來越多。我們提到其中一些；其實我們還有更多額外的機會，可以取得高於——Lewis 也談到他如何以隱含資本化率（implied cap rate）的角度評估我們目前的交易水準——高於那個水準的收益率。因此，我們會把握投資組合內的這些機會；這些機會只有在你擁有既有不動產、並且與租戶建立既有的直接關係時才會存在。所以在資本部署、把握機會方面，我們會持續積極向前，但也會謹慎且深思熟慮地進行。

And in that same vein, if you think about the $375 million of capacity that you mentioned to the high end, what's a fair cadence for that as we look at maybe the incremental opportunities that are starting to come to you, yields have been relatively steady. Transaction markets seem to have improved from most. I'm curious, is there an improved cadence relative to what we've seen in the past that could maybe accelerate AFFO growth from here?

同樣延續這個脈絡，如果你們想到你剛提到的、上限約 3.75 億美元的容量，當我們觀察可能開始出現的增量機會時，合理的投入節奏會是什麼？收益率一直相對穩定。交易市場在多數人看來似乎也有所改善。我想了解的是，相較於過去，你們是否可能有更快的投入節奏，從而加速未來的 AFFO 成長？

I think the market will drive the cadence. That being said, I think that gives us about 24 months of buying capacity. So from an indication perspective, I would expect volume this year to be similar to what it would be last year. And of course, we already made an acquisition this year. It could be more at the towards the end of this year as opposed to the beginning of this year, particularly as we're focused on investing capital in these development opportunities with our existing tenancy and existing assets.

我認為市場會決定投入的節奏。話雖如此，我認為這大約相當於我們 24 個月的收購／投資容量。因此，就指引的角度來看，我預期今年的交易量會與去年相近。當然，我們今年已經完成了一筆收購。今年下半年可能會比上半年更多一些，特別是因為我們正專注於把資本投入到這些與既有租戶與既有資產相關的開發機會上。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks for joining, John. Good to hear from you.

謝謝你加入，John。很高興聽到你的聲音。

There are no further questions at this time. I will now turn the call back over to Michael Seton, CEO. Please continue.

目前沒有其他問題。我現在把電話交回給執行長 Michael Seton。請繼續。

I would like to once again extend my sincere thanks to the entire Sila team, their hard work, dedication and commitment to excellence continue to drive our success. We deeply appreciate the support and confidence of our shareholders and remain excited about the opportunities that lie ahead in 2026. Thank you for joining today's call.

我想再次向整個 Sila 團隊致上我誠摯的感謝；他們的辛勤工作、投入與對卓越的承諾，持續推動我們的成功。我們由衷感謝股東的支持與信任，並對 2026 年即將到來的機會感到振奮。感謝各位參與今天的電話會議。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。