Sonida Senior Living Inc (SNDA) 2024 Q2 法說會逐字稿

All statements made today, August 12, 2024, which are not historical facts, may be deemed to be forward-looking statements within the meaning of federal securities laws. The company expressly disclaims any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements.

今天（2024 年 8 月 12 日）發表的所有聲明均不是歷史事實，可能被視為聯邦證券法含義內的前瞻性聲明。該公司明確表示不承擔將來更新這些聲明的義務。實際結果和表現可能與前瞻性陳述有重大差異。

Certain factors that can cause actual results to differ are detailed in the earnings release that the company issued earlier today as well as in the reports that the company files with the SEC from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q.

公司今天稍早發布的收益報告以及公司不時向 SEC 提交的報告中詳細介紹了可能導致實際結果不同的某些因素，包括表格中年度報告中包含的風險因素10-K 表格和10-Q 表格中的季度報告。

Please see today's press release for the full Safe Harbor statement, which may be found in the 8-K filing from this morning at the company's Investor Relations page found at www.sonidaseniorliving.com. Also, please note that during this call, the company will present non-GAAP financial measures. For reconciliations of these non-GAAP measures to the most comparable GAAP measure, please also see today's press release.

請參閱今天的新聞稿，以了解完整的安全港聲明，該聲明可在今天上午公司投資者關係頁面的 8-K 文件中找到，網址為 www.sonidaseniorliving.com。另請注意，在本次電話會議中，該公司將介紹非公認會計準則財務指標。有關這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節，請另參閱今天的新聞稿。

At this time, I'd like to turn the call over to Sonida Senior Living President and CEO, Brandon Ribar.

現在，我想將電話轉給 Sonida Senior Living 總裁兼執行長 Brandon Ribar。

Thank you, Jason. Hello, and welcome to our 2024 second-quarter earnings call. I'm joined today by Kevin Detz, our Chief Financial Officer. Earlier today, we released our Q2 earnings and investor presentation, which will be referenced throughout this call as we discuss our strategic priorities and operating results in addition to updating you on our growth numbers in 2024.

謝謝你，傑森。您好，歡迎參加我們的 2024 年第二季財報電話會議。今天我們的財務長 Kevin Detz 也加入了我的行列。今天早些時候，我們發布了第二季度收益和投資者演示文稿，除了向您介紹我們2024 年的增長數據外，我們還將在本次電話會議中討論我們的戰略重點和運營業績時引用這些簡報。

You can find our latest presentation at sonidaseniorliving.com in the Investor Relations if you would like to follow along. In addition, we've included supplemental earnings information within our Investor presentation consistent with the prior quarter release.

如果您想繼續關注，可以在 sonidaseniorliving.com 的投資者關係部分找到我們的最新簡報。此外，我們還在投資者簡報中包含了與上一季發布的內容一致的補充收益資訊。

In the second quarter, the company delivered considerable progress across both our organic and inorganic or externally accretive growth initiatives. First and foremost, the same-store portfolio continued generating strong operating results on both a sequential and year-over-year basis, culminating with our highest occupancy in this portfolio's operating history and operating margins exceeding 28% for the quarter.

第二季度，公司在有機和無機或外部增值成長計劃方面都取得了顯著進展。首先也是最重要的是，同店投資組合繼續產生了連續和同比強勁的營運業績，最終實現了該投資組合營運史上的最高入住率，本季營運利潤率超過 28%。

The same-store owned portfolio averaged 86.2% occupancy for the quarter, with June averaging nearly 87% and spot occupancy for June 30 at 87.9%. Average occupancy for the second quarter improved by 220 basis points year-over-year and 30 basis points sequentially, with June occupancy finishing 290 basis points higher than June of 2023.

本季同店自有組合的平均入住率為 86.2%，其中 6 月的平均入住率為近 87%，6 月 30 日的現貨入住率為 87.9%。第二季的平均入住率年增 220 個基點，較上季提高 30 個基點，其中 6 月的入住率比 2023 年 6 月高出 290 個基點。

As a frame of reference, Q4 2019 average occupancy and spot occupancy were around 84%. The occupancy gains reflect a growing trend of strength across each of our operating regions and the ability to drive recovery in our underperforming communities.

作為參考，2019 年第四季的平均入住率和現貨入住率約為 84%。入住率的成長反映了我們每個營運區域的實力不斷增長的趨勢，以及推動表現不佳的社區復甦的能力。

The second half of the year has shown continuous positive momentum and portfolio-wide occupancy of 90% is our next significant goal. Based on our high-quality portfolio and industry-wide supply-demand dynamics, we believe that normalized occupancy can be meaningfully greater than 90% over the next several years.

下半年展現持續的正面勢頭，90%的投資組合入住率是我們的下一個重要目標。基於我們高品質的產品組合和全行業的供需動態，我們相信未來幾年正常化入住率將顯著高於 90%。

We also experienced continued growth on the rate front driven by our March 1 annual rate increases, coupled with a positive re-leasing spread on new move-ins leading to year-over-year rate growth of 8.4% for the quarter and 3% sequential improvement from Q1. Kevin will provide further detail on our rate strategy as we look to leverage higher occupancy levels to further grow market rates.

在 3 月 1 日的年度利率上調的推動下，我們的利率方面也經歷了持續增長，加上新搬入的正轉租價差，導致本季度利率同比增長 8.4%，環比增長 3%較第一季度有所改善。凱文將提供有關我們的房價策略的更多詳細信息，因為我們希望利用更高的入住率來進一步提高市場房價。

Finally, with the increased occupancy and rate profile across the portfolio, our operating margin continues to expand. Same-store net operating income increased 31% from Q2 of 2023 and 19% sequentially. We are also encouraged by the 400-basis-point margin expansion year over year to 28% and see even further opportunity to improve. Again, Kevin will dive into further detail around the key operating metrics in his comments.

最後，隨著整個投資組合入住率和房價的增加，我們的營業利潤率持續擴大。同店淨營業收入較 2023 年第二季成長 31%，較上一季成長 19%。我們也對利潤率年增 400 個基點達到 28% 感到鼓舞，並看到了進一步改善的機會。凱文將再次在評論中深入探討關鍵營運指標的更多細節。

On our previous earnings call, we outlined three areas of focus to drive growth in our existing portfolio: first, reinforcing the strength and importance of our local and regional leadership teams; second, further investments in capital and programming to support our community performance; and finally, driving the recovery and stabilization of a concentrated set of underperforming communities.

在我們先前的財報電話會議上，我們概述了推動現有投資組合成長的三個重點領域：首先，加強我們本地和區域領導團隊的實力和重要性；其次，進一步投資資本和規劃以支持我們的社區績效；最後，推動表現不佳的集中社區的恢復和穩定。

On the people front, local and regional leadership trained and empowered by strong central leadership for on-the-ground decision making and building and reinforcing overall culture is crucial to our success. Throughout Q2, we experienced continued improvement in retention at the community level and proudly promoted a number of Executive Directors to regional leadership roles as we completed recent acquisitions.

在人民方面，地方和地區領導層得到強有力的中央領導層的培訓和授權，以進行實地決策以及建立和加強整體文化，這對我們的成功至關重要。在整個第二季度，我們在社區層面的保留率不斷提高，並在完成最近的收購後自豪地晉升了一些執行董事擔任區域領導職務。

On the capital investment front, in the first half of the year, we invested more than $12 million across both technology and community-based capital expenditures, including both targeted NOI-generating capital and recurring maintenance. We expect these targeted NOI projects, which feature additional or converted resident units, to positively impact performance in 2025.

在資本投資方面，今年上半年，我們在技術和社群資本支出方面投資了超過 1,200 萬美元，其中包括有針對性的 NOI 產生資本和經常性維護。我們預計這些目標 NOI 項目（其中包括額外或改造的居民單位）將對 2025 年的業績產生正面影響。

On the programming front, investment in technology to improve the resident experience and simplify our care model continues rolling across business. This includes both monitoring systems to support fall prevention and employee notification technology to ensure prompt response times to meet resident needs.

在編程方面，用於改善居民體驗和簡化我們的護理模式的技術投資繼續在整個業務中滾動。這包括支援跌倒預防的監控系統和確保及時回應以滿足居民需求的員工通知技術。

Additionally, a new level of care initiative across each of our Magnolia Trails memory care locations more effectively matches services provided to residents with the cost of care. The collective impact of these efforts and investments drove significant improvement across our lower-performing communities in Q2 and strengthened key operating metrics across the board.

此外，我們每個 Magnolia Trails 記憶護理地點都採取了新水平的護理舉措，更有效地將向居民提供的服務與護理成本相匹配。這些努力和投資的集體影響推動了第二季度表現不佳的社區的顯著改善，並全面加強了關鍵營運指標。

I'll briefly comment on the expense side of the business, and Kevin will provide further detail and commentary. Each of the significant cost components of our operating structure remains stable and in line with our 2024 projections. The total cost of labor declined sequentially by 2% from Q1 as premium labor costs improved.

我將簡要評論業務的費用方面，凱文將提供進一步的細節和評論。我們營運結構的每個重要成本組成部分都保持穩定並符合我們 2024 年的預測。隨著優質勞動成本的改善，勞動力總成本較第一季下降了 2%。

Labor costs for the quarter increased 3.3% on a year-over-year basis. Combined with stability across other major cost categories and a reduction in cost and dependence on third-party referral agencies, our overall expense profile is trending well and declining as a percent of revenue.

本季勞動成本年增 3.3%。結合其他主要成本類別的穩定性以及成本和對第三方推薦機構的依賴的減少，我們的整體費用狀況趨勢良好，並且佔收入的百分比有所下降。

Switching to the external growth front, we continue to focus on the identification of high-quality recently constructed communities with significant value-add opportunity at an attractive basis. Collectively, we purchased nine communities either outright or through strategic joint ventures and deployed approximately $50 million of equity at an average basis of less than $125,000 per unit. Each of the assets created further density in attractive existing markets or provided an entry into targeted markets across both Texas and the Southeast.

轉向外部成長方面，我們繼續專注於識別新近建成的高品質社區，這些社區在有吸引力的基礎上具有顯著的增值機會。總的來說，我們直接或透過策略合資企業購買了 9 個社區，並部署了約 5,000 萬美元的股權，平均每單位不到 125,000 美元。每項資產都在有吸引力的現有市場中進一步提高了密度，或提供了進入德克薩斯州和東南部目標市場的機會。

Each acquisition offers material performance upside with the successful application of Sonida's operating model. Development and training for the local leadership teams blended with knowledge of the market at the regional support level and centralized support collectively drive improvement. Through a combination of occupancy growth, ongoing rate improvement, and effective expense management, each investment can stabilize at a double-digit cap rate based on what we believe is an attractive basis.

透過索尼達營運模式的成功應用，每次收購都帶來了實質的業績提升。對當地領導團隊的發展和培訓與區域支援層面的市場知識和集中支持相結合，共同推動改進。透過入住率成長、持續的利率提高和有效的費用管理相結合，每項投資都可以在我們認為具有吸引力的基礎上穩定在兩位數的上限利率。

We've included a summary of our recent investments in the investor deck, and each deal reflects a specific approach to growth opportunities in this market. From distressed purchases through banking relationships to strategic joint ventures and recapitalizations, our network of relationships continues to deliver accretive investments. Looking ahead, we have clear line of sight to additional external growth investments within our targeted community acquisition profile along a multifaceted sourcing strategy.

我們在投資者平台上總結了我們最近的投資，每筆交易都反映了該市場成長機會的具體方法。從透過銀行關係進行的不良購買，到策略合資和資本重組，我們的關係網絡不斷提供增值投資。展望未來，我們對在我們的目標社區收購概況中以及多方面的採購策略中進行額外的外部成長投資有著清晰的視線。

Our external growth focus remains both simple and concentrated: construct a high-quality, low leverage and regionally focused real estate portfolio with a best-in-class operating team to deliver accretive cash flow growth to our shareholders. We then bring the Sonida operating model to these assets. And as a result, we believe our corporate structure as a pure-play senior housing operator, owner, and investor provides significant benefit to shareholders.

我們的外部成長重點仍然既簡單又集中：透過一流的營運團隊建立高品質、低槓桿和以區域為重點的房地產投資組合，為股東帶來現金流成長。然後，我們將 Sonida 營運模式引入這些資產。因此，我們相信我們作為純粹的高級住房運營商、所有者和投資者的公司結構可以為股東帶來巨大利益。

Additionally, the opportunity to fully control the operations through real estate ownership and reinvest cash flow as a C corp into accretive acquisitions is both distinctive and highly attractive for Sonida as the senior housing market recovery accelerates.

此外，隨著高級房屋市場復甦的加速，透過房地產所有權完全控制營運並將 C 型企業的現金流再投資於增值收購的機會對於 Sonida 來說既獨特又極具吸引力。

As alluded to earlier, we believe that the financial success of a community is, first and foremost, dependent on having a strong local leadership team, and key to our success is the hiring and retention of great talent that together with Sonida tools and programs are able to stabilize challenged assets.

如同前面所提到的，我們認為社區的財務成功首先取決於擁有強大的當地領導團隊，而我們成功的關鍵是僱用和留住優秀人才，這些人才與 Sonida 工具和計劃一起能夠穩定有問題的資產。

In Q2, we introduced an operational excellence team led by our Chief Clinical Officer, focused on the integration of new acquisitions, including training and development on Sonida best practices and technology support systems. The team is comprised of operational, clinical, and sales resources with the experience and track record of successfully driving recovery in underperforming communities.

在第二季度，我們引入了由首席臨床長領導的卓越營運團隊，專注於新收購的整合，包括 Sonida 最佳實踐和技術支援系統的培訓和開發。該團隊由營運、臨床和銷售資源組成，擁有成功推動表現不佳社區復甦的經驗和記錄。

Our support teams have identified significant areas for operational improvement in each of our new communities in line with pre-transaction underwriting assumptions. On the financing front, we look forward to expanding our deep banking relationships with four new lenders providing debt capital for the acquisitions referenced in our presentation.

我們的支援團隊根據交易前承保假設，確定了每個新社區營運改善的重要領域。在融資方面，我們期待擴大與四家新貸方的深厚銀行關係，為我們演示中提到的收購提供債務資本。

We view these relationships as key for evaluating the optimized cost and structure, including overall leverage as we pursue further acquisitions. Each recent transaction was financed with the goal of reducing overall portfolio leverage and improving portfolio loan-to-value and coverage ratios. We are committed to further deleveraging the portfolio over the medium and long term.

我們將這些關係視為評估優化成本和結構的關鍵，包括我們尋求進一步收購時的整體槓桿率。最近的每筆交易的融資目標都是降低整體投資組合槓桿率並提高投資組合貸款價值和覆蓋率。我們致力於在中長期內進一步去槓桿化投資組合。

For the second half of the year, we continue to target similar opportunities to purchase assets outright or through joint venture relationships. The increasing default rate and level of non-performing loans across the market, in addition to the absence of interest rate released to date in 2024 continues to generate a robust pipeline of growth opportunities that we are positioned to access.

今年下半年，我們繼續瞄準類似的機會直接或透過合資關係購買資產。市場上不斷上升的違約率和不良貸款水平，加上迄今尚未發布 2024 年利率，繼續產生我們能夠獲得的強勁成長機會。

In summary, the Sonida platform with its differentiated approach to operating, owning, and investing in senior living communities positions the company to meaningfully capitalize on near-term market dislocation by layering on value-creating external investments designed to further enhance shareholder return, reinforced by the powerful trends of a growing senior population against the backdrop of an extended slowdown in construction activity of new properties.

總而言之，Sonida 平​​台以其差異化的營運、擁有和投資老年生活社區的方式，使該公司能夠透過分層創造價值的外部投資，旨在進一步提高股東回報，從而有意義地利用近期市場混亂。

Sonida's disciplined deployment of balance sheet capital coupled with flexible and creative deal structuring allows us to strategically acquire assets that can favorably impact our portfolio through an expansion of operations and highly attractive returns upon stabilization.

索尼達對資產負債表資本的嚴格部署，加上靈活和創造性的交易結構，使我們能夠策略性地收購資產，這些資產可以透過擴大業務和穩定後極具吸引力的回報來對我們的投資組合產生有利影響。

Sonida's culture, characterized by our commitment to building high-performing teams and delivering a valuable living experience to our residents, will remain the key to ongoing improvement in both our existing and newly acquired communities.

索尼達的文化以我們致力於建立高績效團隊和為居民提供寶貴的生活體驗為特徵，這將仍然是我們現有和新收購社區持續改善的關鍵。

I'll now turn it over to Kevin for discussion of the financial results.

現在我將把它交給凱文討論財務結果。

Thanks, Brandon. I will be walking through select pages of today's investor presentation, starting with slide 12. I wanted to note that most of the financial slides discussed on today's call will be presented on a same-store basis, which for comparative purposes, excludes the May acquisitions for our Macedonia community and the four communities under a joint venture structure. The appendix slides in the broader investor presentation include references to the company's consolidated portfolio as well as the 12 communities operated under third-party management agreements.

謝謝，布蘭登。我將從投影片 12 開始瀏覽今天投資者簡報的部分頁面。我想指出的是，今天電話會議上討論的大部分財務幻燈片將在同店基礎上呈現，出於比較目的，不包括五月份對我們的馬其頓社區和合資結構下的四個社區的收購。更廣泛的投資者演示中的附錄幻燈片包括對公司合併投資組合以及根據第三方管理協議運營的 12 個社區的參考。

As Brandon mentioned, during the outset of the call, the company continues to steadily push up occupancy with another 30-basis-point increase from the previous quarter. This 86.2% weighted average occupancy is 230 basis points higher than the prior-year Q2 occupancy of 83.9%. These occupancy gains were driven from a significant reduction in move-outs, which has been a continued focus of our community leadership teams in concert with our Chief Clinical Officer, who joined the team late last year.

正如布蘭登所提到的，在電話會議開始時，該公司繼續穩步提高入住率，比上一季又增加了 30 個基點。加權平均入住率為 86.2%，比去年第二季的 83.9% 入住率高出 230 個基點。這些入住率的成長是由於遷出人數大幅減少所致，這一直是我們的社區領導團隊與去年年底加入團隊的首席臨床長共同關注的焦點。

Specifically, for the second quarter, move-outs decreased 19% and 16% from the preceding quarter and comparable quarter in 2023. As of quarter end, only four Sonida communities remain less than 75% occupied, with just one of those under 70%. The company continues to focus on elevating rate with a quarter-over-quarter RevPOR increase of 3% driven from its March 1 portfolio-wide increases and continued success on market rate optimization, particularly in higher-occupancy communities.

具體來說，第二季的遷出量比上一季和 2023 年可比季度分別減少了 19% 和 16%。截至季末，只有四個索尼達社區的入住率仍低於 75%，其中只有一個社區的入住率低於 70%。該公司繼續專注於提高房價，由於 3 月 1 日整個投資組合的成長以及市場房價優化的持續成功，特別是在入住率較高的社區，RevPOR 環比增長了 3%。

On a year-over-year basis, RevPOR and RevPAR increased 8.3% and 11.3%, respectively, with the latter reflective of the company's revised level of care program in our assisted and memory care communities. The stabilization of later and occupancy-based expense accounts continues to support incremental NOI growth, with increases of 19% and 31% from prior quarter and the same quarter last year, respectively.

與去年同期相比，RevPOR 和 RevPAR 分別增長了 8.3% 和 11.3%，後者反映了公司在輔助和記憶護理社區中修訂後的護理計劃水平。後期費用和基於入住的費用帳戶的穩定性繼續支持 NOI 的增量增長，與上一季和去年同期相比分別增長 19% 和 31%。

Note that the first quarter is historically the lowest performing due to the seasonality associated with lead volume and higher benefit loads to start the calendar year as referenced in our May earnings call.

請注意，第一季是歷史上表現最低的季度，這是由於與鉛量相關的季節性以及新年伊始的較高福利負擔（如我們五月份的財報電話會議中所提到的）。

Moving ahead to slide 15, resident rates for the quarter increased 9.4% from the same quarter in 2023. Diving deeper into care levels, both assisted living and memory care had double-digit rate increases over the past year. Beyond the rework level of care platform reference, the company has developed new pricing structures on higher-acuity care through its Magnolia Trails program, including the recent extension to our memory care level.

繼續看投影片 15，該季度的居民利率較 2023 年同季成長 9.4%。更深入地研究護理水平，輔助生活和記憶護理在過去一年中都有兩位數的增長率。除了護理平台參考的返工級別之外，該公司還透過其 Magnolia Trails 計劃開發了更高敏銳度護理的新定價結構，包括最近擴展到我們的記憶護理級別。

This has led to both assisted living and memory care levels outpacing rate increases in independent living as well as the same care levels across the industry. Also responsible for driving up the rate profile in these care levels has been the increase in Medicaid rates in Indiana as a result of legislation passed in the summer of 2023.

這導致輔助生活和記憶護理水平的增長速度超過了獨立生活以及整個行業相同護理水平的增長速度。由於 2023 年夏季通過的立法，印第安納州醫療補助費率的提高也是導致這些照護等級費率上升的原因。

Moving to operating expense trends on slide 16, the cost of incremental labor to incremental revenue continues to show stabilization. For the first time since the industry started experiencing inflationary increases after COVID, the company's direct labor decreased slightly from the first quarter of 2024. This quarter's total hours decreased 110 basis points from Q1 2024, more than offsetting the 100-basis-point increase in average wage cost for that same period.

前往投影片 16 上的營運費用趨勢，增量勞動成本與增量收入的比值持續呈現穩定狀態。自新冠疫情之後該行業開始出現通貨膨脹以來，該公司的直接勞動力較 2024 年第一季首次略有下降。本季的總工時比 2024 年第一季減少了 110 個基點，足以抵銷同期平均薪資成本增加的 100 個基點。

The company also saw more positive trending on its premium labor, which decreased in sequential quarters this year on the strength of our community leadership teams controlling overtime through our recently developed labor BI tools. We believe both of these trends are sustainable and will be critical to continued margin expansion as the portfolio's occupancy base grows.

該公司的優質勞動力也出現了更積極的趨勢，由於我們的社區領導團隊透過我們最近開發的勞動力 BI 工具控制加班，今年連續幾季的勞動力數量有所下降。我們相信這兩種趨勢都是可持續的，並且隨著投資組合入住率的增長，對於利潤率的持續擴張至關重要。

On slide 17, non-labor operating expenses are also improving as a percentage of revenue, picking up 140 basis points, comparing this quarter to the same quarter in 2023. On an absolute basis, these costs decreased nearly $800,000 in sequential quarters this year.

在投影片 17 中，與 2023 年同一季度相比，非勞動力營運支出佔收入的百分比也有所改善，上升了 140 個基點。從絕對值來看，今年連續幾季這些成本減少了近 80 萬美元。

Whereas areas such as food costs and real estate taxes have been primary drivers of this favorable improvement over the last 12 to 18 months, we are now seeing reduced commissions on third-party referrals due in part to the evolution of our internal sales strategy, which marries our strong local market presence with enhanced digital marketing capabilities as well as a higher overall occupancy base.

儘管食品成本和房地產稅等領域是過去 12 至 18 個月中這一有利改善的主要推動力，但我們現在看到第三方推薦的佣金有所減少，部分原因是我們內部銷售策略的演變，將我們強大的本地市場影響力與增強的數位行銷能力以及更高的整體入住率結合。

Hitting on a few observations from our earnings release this morning, G&A remains below 10% as a percentage of total revenues under management, excluding the non-cash amortization of stock compensation and one-time transaction costs in connection with our recent debt, equity, and acquisition activities.

根據我們今天早上發布的財報中的一些觀察結果，一般管理費用佔管理總收入的比例仍然低於 10%，不包括股票補償的非現金攤銷以及與我們最近的債務、股權、和收購活動。

Just as important, the company should be able to further reduce this G&A-to-revenue ratio with its recent and expected portfolio growth. These costs already contemplate the company's one-time strategic investments and the growth-infrastructure-branded reference, namely the bolstering of our business development function, which continues to actively grow and convert our acquisition pipeline, and the newly created operational excellence department that has been vital in supporting community onboarding to keep our regional leaders focused on our same-store communities.

同樣重要的是，該公司應該能夠透過其近期和預期的投資組合成長進一步降低總管理費用與收入之比。這些成本已經考慮到公司的一次性策略投資和成長基礎設施品牌的參考，即支持我們的業務發展職能，該職能繼續積極發展和轉變我們的收購管道，以及新創建的卓越營運部門對於支持社區入職至關重要，讓我們的區域領導者專注於我們的同店社區。

Concluding the remarks on Q2 financial highlights, we will turn our attention to the balance sheet as seen on slide 13 and appendix 5. Last week, the company entered into loan modification agreements with one of its lenders on two cross communities in Texas. The modification includes revised maturities, and more importantly, the ability to make a discounted payoff of $18.5 million on the $28.7 million balance, which represents a $10 million or 36% discount on the current loan principle.

結束對第二季財務亮點的評論後，我們將把注意力轉向投影片 13 和附錄 5 所示的資產負債表。上週，該公司與其一家貸款機構就德州的兩個跨社區簽訂了貸款修改協議。此次修改包括修改期限，更重要的是，能夠對 2870 萬美元的餘額進行 1850 萬美元的折扣還款，這相當於當前貸款本金的 1000 萬美元或 36% 的折扣。

These two communities represent the last two communities that require material restructuring with the company having addressed 58 of 60 loans in the past 12 months. The remaining two loans account for approximately 2.5% of the current principal balance. Our total debt is comprised of 71% fixed-rate notes, with the remaining variable rate notes fully hedged, yielding a weighted average interest rate just below 5% for the portfolio.

這兩個社區是最後兩個需要進行重大重組的社區，該公司在過去 12 個月內解決了 60 筆貸款中的 58 筆。其餘兩筆貸款約佔目前本金餘額的2.5%。我們的總債務由 71% 的固定利率票據組成，其餘的浮動利率票據完全對沖，投資組合的加權平均利率略低於 5%。

Beyond this, the company continues to focus on de-levering its balance sheet, with the second of two scheduled $5 million principal payments due under the 2023 Fannie Mae restructuring made during the quarter. The company's outstanding indebtedness decreased nearly $60 million or roughly 10% on a year-over-year basis from Q2 2023. This excludes a further reduction of $10 million on the company's principal balance in connection with the DPO option.

除此之外，該公司繼續專注於資產負債表去槓桿化，本季根據 2023 年房利美重組計畫支付了兩次 500 萬美元本金付款中的第二次。與 2023 年第二季相比，該公司的未償債務減少了近 6,000 萬美元，年比減少了約 10%。這不包括與 DPO 選項相關的公司本金餘額進一步減少 1000 萬美元。

As EBITDA continues to grow and we acquire assets at reset debt ratios, we expect to de-lever the portfolio even further. As of today, the company is in compliance with all financial covenants required under its mortgages. We continue to be encouraged by the operating trajectory of this portfolio, including our ability to realize performance improvement on the recently acquired communities.

隨著 EBITDA 持續成長，並且我們以重置負債比率收購資產，我們預計將進一步降低投資組合的槓桿率。截至今天，該公司遵守其抵押貸款所需的所有財務契約。我們繼續對該投資組合的營運軌跡感到鼓舞，包括我們在最近收購的社區上實現績效改進的能力。

Back to you, Brandon.

回到你身邊，布蘭登。

Thanks, Kevin. 2024 continues to present opportunities for Sonida to deliver on our differentiated approach to both internal and external growth. Our focus and commitment for the second half of 2024 revolves around three key deliverables. The continued improvement of our organic portfolio performance with an expectation to achieve positive all-in cash flow by year end remains a top priority.

謝謝，凱文。 2024 年，索尼達將繼續為實現我們差異化的內部和外部成長方式提供機會。我們 2024 年下半年的重點和承諾圍繞著三個關鍵可交付成果。持續改善我們的有機投資組合績效，並期望在年底前實現正的全部現金流仍然是首要任務。

Second, delivering on the expected performance improvements within recently acquired communities will further build a proven track record for stabilizing distressed assets. Finally, leveraging our broad network to identify attractive acquisitions will provide investors with a differentiated platform to access the highly attractive market dynamics surrounding the senior living sector in the near term.

其次，在最近收購的社區中實現預期的績效改進將進一步建立穩定不良資產的良好記錄。最後，利用我們廣泛的網絡來確定有吸引力的收購，將為投資者提供一個差異化的平台，讓他們在短期內了解圍繞老年生活行業的極具吸引力的市場動態。

We firmly believe Sonida is positioned to fulfill our commitments to residents, employees, and shareholders to continue building a best-in-class operator, owner, and investor in senior living. Thank you all for participating and this concludes today's conference call.

我們堅信，索尼達有能力履行我們對居民、員工和股東的承諾，繼續打造一流的老年生活營運商、所有者和投資者。感謝大家的參與，今天的電話會議到此結束。