Sonida Senior Living, Inc. (SNDA) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Sonida Senior Living Q1 2026 earnings call. (Operator Instructions) I will now hand the conference over to Megan Caldwell, VP of Investor Relations. Megan, please go ahead.

各位好。感謝各位加入，歡迎參加 Sonida Senior Living 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係副總裁 Megan Caldwell。Megan，請開始。

Thank you, operator. All statements made today, May 11, 2026, which are not historical facts, are forward-looking statements within the meaning of federal securities laws. The company expressly disclaims any obligation to update these statements in the future, except as required by law.

謝謝接線員。今天（2026 年 5 月 11 日）所作之所有非歷史事實陳述，均屬於聯邦證券法所定義的前瞻性陳述。除法律要求外，本公司明確聲明不承擔未來更新這些陳述的任何義務。

Actual results or performance may differ materially from forward-looking statements. Certain factors that could 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, including the risk factors contained in the annual report on Form 10-K and quarterly reports on the Form 10-Q.

實際結果或表現可能與前瞻性陳述存在重大差異。可能導致實際結果不同的若干因素，已詳載於本公司今日稍早發布的財報新聞稿，以及本公司向美國證券交易委員會（SEC）提交的報告中，包括 Form 10-K 年度報告與 Form 10-Q 季度報告所載之風險因素。

Please see today's press release for the full safe harbor and forward-looking statements which may be found in the Form 8-K filing from this morning or at the company's Investor Relations page found at investors.sonidaseniorliving.com. As further described in the company's current report on Form 8-K filed with the SEC this morning, the company completed its previously announced acquisition of CNL Healthcare Properties, Inc., or CHP, on March 11, 2026.

完整的安全港條款與前瞻性陳述，請參閱今日新聞稿；亦可於今早提交的 Form 8-K 文件中查閱，或至本公司投資人關係網站 investors.sonidaseniorliving.com。

The transaction was completed through a series of steps ending with a forward merger of CHP with and into a subsidiary of Sonida. And as a result, the company now directly owns all of the assets of CHP. Unless otherwise specifically noted or the context otherwise requires, the financial results we are discussing today and that are included in our presentation reflect the combined company on a pro forma basis for the full quarters including CHP for the entire reporting period.

該交易係透過一系列步驟完成，最終以 CHP 與並入 Sonida 之子公司之正向合併（forward merger）作結。因此，本公司現已直接擁有 CHP 的全部資產。除非另有明確註明或文意另有所指，我們今日討論並納入簡報之財務結果，係以備考（pro forma）基礎反映合併後公司之完整季度表現，並假設 CHP 於整個報導期間均納入。

These pro forma metrics giving effect to the CHP acquisition are preliminary and subject to change. And we have provided estimated ranges in our earnings release. For the sake of clarity, during this earnings call, we will discuss our pro forma results based on the midpoint of the range presented, but we refer you to our earnings release for the ranges and more information.

上述反映 CHP 收購影響之備考指標屬初步數據，且可能變動。我們已在財報新聞稿中提供估計區間。為求清楚起見，本次財報電話會議中，我們將以所提供區間的中位數作為備考結果的討論基礎，但仍請參閱財報新聞稿以了解區間與更多資訊。

Please note that our GAAP financials reflect CHP's results from the closing date only. References to pro forma metrics, including those presented in the investor presentation, reflect a full quarter of CHP activity. 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 see today's earnings release.

請注意，我們的 GAAP 財務報表僅自交割日起反映 CHP 的業績。對備考指標的引用（包括投資人簡報中所呈現者）則反映 CHP 一整個季度的活動。另請注意，本次電話會議中公司將呈現非 GAAP 財務衡量指標。關於這些非 GAAP 指標與最可比 GAAP 指標之調節表，請參閱今日的財報新聞稿。

If you'd like to follow along during today's call, you can find Sonida's first quarter 2026 earnings presentation in the Investor Relations section of the company's website. In addition, we have included supplemental earnings information within our presentation consistent with prior quarter releases.

若您希望在今日會議中同步查看資料，可至公司網站之投資人關係專區取得 Sonida 2026 年第一季財報簡報。此外，我們亦在簡報中納入與前幾季發布一致的補充財報資訊。

I would now like to turn the call over to Sonida President and CEO, Brandon Ribar.

現在我想把電話交給 Sonida 總裁兼執行長 Brandon Ribar。

Thanks so much, Megan, and we are excited to welcome you to the Sonida leadership team. Good morning, and thank you for joining us on our first quarter 2026 earnings call. This quarter marks an important milestone for Sonida as we report results following a period of transformational expansion. With platform integration underway and on track and our operating foundation firmly in place, we are entering what we described in our recently published shareholder letter as Phase 3: Compounding.

非常感謝你，Megan，我們也很高興歡迎你加入 Sonida 領導團隊。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。本季對 Sonida 而言是一個重要里程碑，因為我們在一段具轉型意義的擴張期後首次公布業績。隨著平台整合正在進行且按計畫推進、營運基礎也已穩固到位，我們正進入我們在近期發布的股東信中所描述的第三階段：複利成長（Phase 3: Compounding）。

In Phase 1: Survival, and Phase 2: Stabilization, our team focused on strengthening the foundation of the business, stabilizing operations, repairing and fortifying the balance sheet, upgrading portfolio quality and investing in the operating capabilities required to compete effectively at scale.

在第一階段：生存（Phase 1: Survival）與第二階段：穩定（Phase 2: Stabilization）中，我們的團隊專注於強化業務根基、穩定營運、修復並強化資產負債表、提升投資組合品質，以及投資於在規模化競爭中有效致勝所需的營運能力。

Today we are shifting from building that foundation to now leveraging it to compound value for our shareholders. As a scaled, pure-play senior housing owner and operator, we enter this next phase supported by a stronger balance sheet, expanded liquidity and a differentiated operating platform.

如今，我們正從建立基礎轉向運用該基礎，為股東累積（複利）價值。作為具規模、專注於高齡住宅的純粹型（pure-play）業主兼營運商，我們在更強健的資產負債表、更充裕的流動性，以及具差異化的營運平台支持下，邁入下一階段。

Performance for the company continues to trend positively, supported by our constructive early momentum in 2026. Leveraging that stable operating foundation, we are heavily focused on a smooth integration of recently added communities into the Sonida platform, and unlocking a defined set of unmodeled synergies across our cost structure and operating model. These initiatives span asset management and community-level operations and are designed to support margin expansion and cash flow growth over time.

公司表現持續呈現正向趨勢，並受惠於我們在 2026 年初所展現的良好動能。憑藉穩定的營運基礎，我們高度聚焦於將近期新增的社區順利整合至 Sonida 平台，並釋放一系列先前未納入模型估算的協同效益，涵蓋成本結構與營運模式。這些措施橫跨資產管理與社區層級營運，旨在隨時間推進支持利潤率擴張與現金流成長。

Equally important, we are reinforcing performance through clearly defined incentive structures tied to community-level outcomes and dedicated operational support to sustain results while minimizing disruption as operational integration progresses. Underpinning all of this is the quality of our people.

同樣重要的是，我們透過明確界定、與社區層級成果連動的獎酬機制，以及專責的營運支援，來強化績效；在營運整合推進的同時，維持成果並將干擾降至最低。支撐這一切的核心，是我們人才的品質。

We entered Phase 3 with a meaningfully strengthened leadership team across operations, leaders who have deep experience at driving performance at scale. That investment in talent is not incidental to our growth strategy. It is the foundation on which Phase 3 is built.

我們在進入第三階段時，已在營運面打造出顯著更強的領導團隊——這些領導者在規模化推動績效方面具備深厚經驗。對人才的投資並非我們成長策略中的附帶事項。它正是第三階段得以建立的基石。

The CHP transaction was not simply an owner-operator combination. We acquired a REIT and, with it, a network of third-party manager relationships that preserves institutional knowledge and operational continuity across the portfolio. Those relationships are key to the performance trajectory of these communities whether or not they ultimately move to Sonida operations.

CHP 交易不僅僅是業主與營運商的結合。我們收購的是一家 REIT，並隨之取得一套第三方管理者關係網絡，得以在整個投資組合中保留機構知識並維持營運連續性。無論這些社區最終是否轉由 Sonida 營運，這些關係都是其績效走勢的關鍵。

And as some of those relationships mature into long-term strategic partnerships, they are a growing source of deal flow. Our recent preferred equity investment is a good example. Through one of these managers, we invested capital to support the refinancing of a high-end, full-continuum community in Texas while earning an attractive risk-adjusted return.

隨著其中部分關係成熟為長期策略夥伴關係，它們也日益成為交易來源（deal flow）。我們近期的優先股權投資就是一個很好的例子。透過其中一位管理者，我們投入資本以支持德州一處高端、全連續照護（full-continuum）社區的再融資，同時取得具吸引力的風險調整後報酬。

This is the kind of bespoke relationship-driven investment Sonida is built for and will continue to pursue. Executing across a larger, more complex portfolio requires the right operating infrastructure, and that is precisely what we have built. Essential component of that work is the rollout of SPIN, our Sonida Performance Insight Navigator.

這正是 Sonida 所擅長、並將持續追求的客製化、以關係驅動的投資類型。要在更大且更複雜的投資組合中有效執行，需要正確的營運基礎設施，而這正是我們所打造的。其中一項關鍵工作，是推行 SPIN——我們的 Sonida Performance Insight Navigator。

SPIN is our proprietary technology infrastructure that integrates resident care data, workforce information and operational metrics into a single actionable framework, giving community leaders the real-time visibility to act decisively as occupancy and acuity evolve. The platform optimizes both labor and nonlabor costs against relative occupancy, acuity and care levels to enhance unit economics and drive incremental margin expansion.

SPIN 是我們自有的技術基礎設施，將住民照護資料、人力資訊與營運指標整合至單一且可執行的架構中，讓社區領導者能即時掌握資訊，並在入住率與照護需求程度（acuity）變化時果斷採取行動。該平台會依相對入住率、acuity 與照護等級，最佳化人力與非人力成本配置，以提升單位經濟效益並推動額外的利潤率擴張。

SPIN provides the framework for decentralized decision-making without sacrificing accountability, enabling our local leaders to drive community performance with owner-operator urgency and without bureaucratic lag. Importantly, we view SPIN as a foundational operating platform rather than a finished product.

SPIN 提供去中心化決策的框架，同時不犧牲問責性，使我們的在地領導者能以業主兼營運商的緊迫感推動社區績效，而不受官僚流程延宕影響。重要的是，我們將 SPIN 視為基礎性的營運平台，而非已完成的成品。

We are continuously improving its capabilities and refining usage. As our platform scales across a larger and more diverse portfolio, it generates a richer data set, further strengthening timely insights, improved decision-making and compounding margin expansion. Each community and portfolio acquisition added to SPIN accelerates asset-level visibility and tie to performance through a standardized data infrastructure, which protects NOI from day one.

我們持續提升其功能並精進使用方式。隨著平台在更大且更多元的投資組合中擴展，它將產生更豐富的資料集，進一步強化即時洞察、改善決策，並帶來複利式的利潤率擴張。每一個納入 SPIN 的社區與投資組合收購案，都會透過標準化的資料基礎設施，加速資產層級的可視性並與績效連結，從第一天起就保護 NOI。

This scalable foundation is central to our growth strategy and our ability to drive sustainable margin expansion across our growing portfolio. As SPIN becomes more deeply embedded, early feedback and performance indicators have been encouraging, and we believe there remains significant opportunity to further refine and leverage the system as the business continues to scale.

這個可擴展的基礎是我們成長策略的核心，也是我們在持續擴大的投資組合中推動可持續利潤率擴張的能力所在。隨著 SPIN 更深度地嵌入營運流程，早期回饋與績效指標令人鼓舞；我們相信，隨著業務持續擴張，仍有相當大的空間可進一步精進並運用該系統。

As part of Phase 3, we are also introducing our Refined Capital Allocation Framework, first outlined in our Shareholder Letter and included in today's earnings presentation. This framework establishes a clear and disciplined approach for how we will evaluate and deploy capital as we move into the next phase of growth. Following Kevin's remarks, I'll expand on the strategy and its core principles.

作為第三階段的一部分，我們也將推出我們的「精進資本配置框架」（Refined Capital Allocation Framework），該框架最初在我們的股東信中概述，並已納入今日的財報簡報中。此框架建立了一套清晰且嚴謹的方法，用以指導我們在邁入下一階段成長時，如何評估並運用資本。在 Kevin 的發言之後，我將進一步說明該策略及其核心原則。

Turning to our performance for the first quarter. We are pleased with both the results we delivered and the momentum we are building. As previewed on our fourth quarter earnings call, this quarter reflects our new reporting buckets: Same-Store, Non Same-Store and NNN Lease. The portfolio delivered solid year-over-year growth across our Same-Store communities, highlighted by continued occupancy expansion, sustained pricing power and meaningful NOI margin improvement.

接著談我們第一季的表現。我們對所交出的成果以及正在累積的動能感到滿意。如同我們在第四季財報電話會議中預告的，本季反映了我們新的報導分類：同店（Same-Store）、非同店（Non Same-Store）以及 NNN 租賃（NNN Lease）。投資組合在同店社區實現穩健的年對年成長，亮點包括入住率持續提升、定價能力維持強勁，以及 NOI 利潤率顯著改善。

On a Same-Store basis, weighted average occupancy increased 220 basis points year-over-year to 87.2%, reflecting steady improvements in move-in volume, stable length of stay trends and continued execution by our sales, operations and clinical teams. This occupancy growth combined with significant annual rate increases drove a 7.6% increase in resident revenue and a 5% increase in RevPOR, demonstrating our ability to capture value while maintaining a high-quality resident experience.

以同店口徑計算，加權平均入住率年對年提升 220 個基點至 87.2%，反映入住量穩步改善、平均入住天數趨勢穩定，以及我們銷售、營運與臨床團隊持續落實執行。此入住率成長結合顯著的年度調價幅度，帶動住戶收入成長 7.6%，RevPOR 成長 5%，展現我們在維持高品質住戶體驗的同時，仍能有效掌握價值。

Sonida's SHOP portfolio is concentrated in markets projected to outpace the national average for 75-plus population growth by approximately 300 basis points over the next 5 years, positioning the portfolio at the intersection of demographic demand. Importantly, this revenue growth translated efficiently to the bottom line.

Sonida 的 SHOP 投資組合集中於預期在未來 5 年 75 歲以上人口成長將較全國平均高出約 300 個基點的市場，使該投資組合位於人口結構需求的交會點。重要的是，這些收入成長有效率地轉化為最終獲利。

Same-Store community NOI increased 14% year-over-year to $48 million, and NOI margins expanded 170 basis points to 31.2%. Based on early operational indicators across the portfolio, the performance we saw in the first quarter has continued into the second quarter. Last week we completed the first operational transition following the CHP acquisition, bringing six communities from two third-party operators onto the Sonida platform.

同店社區 NOI 年對年成長 14% 至 4,800 萬美元，NOI 利潤率擴張 170 個基點至 31.2%。根據投資組合各項早期營運指標，我們在第一季看到的表現已延續至第二季。上週我們完成了 CHP 收購後的首次營運交接，將來自兩家第三方營運商的六個社區納入 Sonida 平台。

These communities represent an important value creation opportunity for the company, and we are initially encouraged by the immediate feedback and smooth execution by our operational excellence team. We expect to transition an additional 11 communities from four third-party operators this summer while developing strategic growth partnerships with a select group of in-place third-party operators.

這些社區為公司帶來重要的價值創造機會，而我們對營運卓越團隊所獲得的即時回饋與順暢執行感到初步鼓舞。我們預期今年夏天將再從四家第三方營運商交接額外 11 個社區，同時與少數具備既有營運能力的第三方營運商建立策略性成長夥伴關係。

Our first quarter results reinforce the core tenets of our strategy: driving organic growth through consistent operational execution, leveraging pricing power responsibly and deploying capital in ways that enhance long-term earnings power. The scale achieved through the CHP acquisition further strengthens this approach by expanding our regional density, improving purchasing and operating leverage, and increasing flexibility to allocate capital toward the highest return opportunities across the portfolio.

我們第一季的結果再次印證策略的核心要點：透過一致的營運執行推動內生成長、以負責任的方式運用定價能力，以及以能提升長期獲利能力的方式配置資本。透過 CHP 收購所取得的規模，亦藉由提升區域密度、改善採購與營運槓桿，並提高資本配置彈性，使我們能在整體投資組合中將資本投向報酬最高的機會，進一步強化此一作法。

Our team remains intensely focused on execution both within the stabilized portfolio and across communities that are still ramping. We are encouraged by the momentum we are carrying into 2026 and confident in the durability of the operating trends taking shape across the portfolio. With that, I'll turn the call over to Kevin to walk through the financial results and balance sheet in more detail.

我們團隊仍高度專注於執行，涵蓋已穩定的投資組合以及仍在爬坡中的社區。我們對邁入 2026 年所延續的動能感到鼓舞，並對投資組合中逐步成形的營運趨勢之持久性充滿信心。接下來我將把電話會議交給 Kevin，請他更詳細說明財務結果與資產負債表。

Thanks, Brandon. Before jumping into our results, I'd like to start on slide 15 with a brief overview of our new reporting framework, how we're segmenting the portfolio and why this structure is important for the company. Beginning with the first quarter of 2026, we are reporting results across three portfolio groupings: Same-Store, Non Same-Store and NNN Lease.

謝謝你，Brandon。在進入業績之前，我想先從第 15 頁投影片開始，簡要概述我們新的報導架構、我們如何分割投資組合，以及為何此結構對公司很重要。自 2026 年第一季起，我們將以三個投資組合分組揭露業績：同店（Same-Store）、非同店（Non Same-Store）以及 NNN 租賃（NNN Lease）。

This structure better reflects differences in asset maturity across the portfolio and provides clear transparency into stabilization dynamics and capital allocation decisions. As Brandon discussed earlier, a core element of our Phase 3 strategy is the continued evolution of the portfolio toward communities with more durable, long-term growth characteristics.

此結構更能反映投資組合內資產成熟度的差異，並就穩定化動態與資本配置決策提供清楚透明度。如 Brandon 先前所述，我們第三階段策略的一個核心要素，是持續推動投資組合朝向具備更持久、長期成長特性的社區演進。

To support that objective, we will be deliberate in recycling capital out of select lower-growth or noncore communities over time. Based on current visibility, this represents approximately 10% of the portfolio by community count. Importantly, these communities represent significantly less than 10% of total NOI for the quarter ended March 31, 2026, reflecting their lower relative margin and growth profile.

為支持該目標，我們將在一段時間內有計畫地將資本自部分低成長或非核心社區回收。以目前可見度來看，這約占投資組合社區數量的 10%。重要的是，截至 2026 年 3 月 31 日止季度，這些社區對總 NOI 的貢獻顯著低於 10%，反映其相對較低的利潤率與成長輪廓。

The Non-Same-Store portfolio captures these noncore assets being ready for disposition alongside recently acquired and stabilizing communities, as well as communities undergoing targeted reinvestments or care model conversions. By separating these assets from our stabilized Same-Store base, we provide a clear view of the portfolio's core earnings power while highlighting areas of active optimization and integration.

非同店（Non-Same-Store）投資組合涵蓋這些已準備處分的非核心資產，以及近期收購且正在穩定化的社區，並包括正在進行針對性再投資或照護模式轉換的社區。透過將這些資產與已穩定的同店基礎分開，我們能清楚呈現投資組合的核心獲利能力，同時凸顯正在積極優化與整合的領域。

Over time, this framework allows us to more clearly demonstrate how disciplined portfolio management and capital deployment are contributing to margin expansion and long-term per share value creation. The NNN Lease portfolio includes the 15 communities we own that have operating leases in place. The initial lease maturities are between May 2030 and July 2032 and include tenant renewal options.

隨著時間推進，此架構使我們能更清楚展示嚴謹的投資組合管理與資本運用，如何促進利潤率擴張並創造長期的每股價值。NNN 租賃（NNN Lease）投資組合包含我們所擁有且已簽訂營運租約的 15 個社區。初始租約到期日介於 2030 年 5 月至 2032 年 7 月，並包含承租方續約選擇權。

Turning to slide 16. And as a reminder, all metrics referenced reflect a full quarter on a pro forma basis. Our Same-Store portfolio delivered strong year-over-year growth across all key operating metrics. RevPOR increased 5% as a direct result of another strong annual rate renewal campaign.

接著看第 16 頁投影片。提醒一下，所有提及的指標皆以擬制（pro forma）基礎反映完整一季。我們的同店投資組合在所有關鍵營運指標上均呈現強勁的年對年成長。RevPOR 成長 5%，直接來自另一波強勁的年度續約調價活動。

This continued rate trajectory, along with a 220 basis points increase in occupancy, yielded a 7.6% increase in Same-Store resident revenue. Importantly, more than half of this revenue growth flowed through to NOI over the same period. Same-Store community NOI increased 14% year-over-year to $48 million, while NOI margins expanded 170 basis points to 31.2%, supported by a strong contribution from our 2024 acquisition cohort as those communities continue to progress towards stabilization.

此一持續的調價趨勢，加上入住率提升 220 個基點，使同店住戶收入成長 7.6%。重要的是，在同一期間，超過一半的收入成長轉化為 NOI。同店社區 NOI 年對年成長 14% 至 4,800 萬美元，同時 NOI 利潤率擴張 170 個基點至 31.2%；其中，2024 年收購批次的社區在持續邁向穩定化的過程中，對業績提供了強勁貢獻。

These Same-Store results reflect effective labor management, disciplined control of nonlabor operating costs and the operating leverage we continue to generate as occupancy ramps up across a still-maturing Same-Store portfolio. With enhanced visibility into our revised Same-Store portfolio, we believe our ability to deliver on outsized resident rate increases commensurate with our elevated resident service offering, combined with a now stable operating cost profile, should result in wider incremental margin gains as occupancy continues to climb.

這些同店結果反映了有效的人力管理、對非人力營運成本的嚴謹控管，以及在同店投資組合仍處於成熟期、入住率逐步爬升之際，我們持續產生的營運槓桿。在對修訂後的同店投資組合有更高能見度的情況下，我們認為：我們提供與更高階住戶服務相匹配的顯著住戶調價能力，加上如今已趨於穩定的營運成本結構，應可在入住率持續上升時帶來更大的增量利潤率提升。

Moving to total portfolio results on slide 17. Total SHOP NOI grew 11.3%, supported by a steady same-store performance. Weighted average occupancy increased 100 basis points year-over-year to 85.7%, reflecting continued strength across stabilized core portfolio while incorporating acquired communities with lower starting occupancy basis and assets still in transition.

接著看第 17 頁投影片的整體投資組合結果。總 SHOP NOI 成長 11.3%，主要受穩健的同店表現支撐。加權平均入住率年對年提升 100 個基點至 85.7%，反映已穩定核心投資組合持續強勁，同時納入起始入住率較低的收購社區與仍在交接中的資產。

Additionally, as seen on slide 37, the percentage of communities with occupancy above 90% grew from 39% to 52%. Conversely, the percentage of communities below 80% decreased from 28% to 20%. In addition to the occupancy gains, the total SHOP RevPOR increase of 4.9% was consistent with the Same-Store portfolio's increase of 5%, supporting the quality of the underlying geographical submarkets with broader occupancy upside realizable upon community stabilization and/or transition.

此外，如第 37 頁投影片所示，入住率高於 90% 的社區占比由 39% 提升至 52%。相對地，入住率低於 80% 的社區占比由 28% 降至 20%。除入住率提升外，總 SHOP RevPOR 成長 4.9%，與同店投資組合 5% 的增幅一致，支持我們對其底層地理次市場品質的判斷；在社區完成穩定化及／或交接後，仍有更廣泛的入住率上行空間可望實現。

Resident revenue increased 8.5% year-over-year and community NOI reached $51.3 million, with NOI margin expanding 70 basis points year-over-year despite the near-term dilution associated with bringing newly-acquired, noncore and transitioning communities into the platform. I'll now spend some time diving deeper into our Same-Store portfolio and what's driving performance.

住戶收入年對年成長 8.5%，社區 NOI 達 5,130 萬美元；儘管將新收購、非核心及交接中的社區納入平台在短期內帶來稀釋，NOI 利潤率仍年對年擴張 70 個基點。接下來我將花一些時間更深入說明我們的同店投資組合，以及推動表現的因素。

Turning to slide 18, we continue to see strong pricing fundamentals across the portfolio. Underlying RevPOR growth remains strong as occupancy continues to ramp. In the first quarter, our resident lease renewal rate averaged 6.5%. Additionally, within the Same-Store portfolio, there are several legacy CHP communities that utilize the rolling anniversary convention for annual resident rate increases that should provide opportunity to further capture additional rate increases throughout the year.

接著看第18頁投影片，我們持續看到整體投資組合具備強勁的定價基本面。隨著入住率持續攀升，基礎 RevPOR 成長仍然強勁。第一季，我們住戶租約續約的平均調漲率為 6.5%。此外，在同店（Same-Store）投資組合中，有數個沿用 CHP 的社區採用「滾動周年」慣例進行年度住戶費率調整，這將為我們在全年進一步掌握額外漲價提供機會。

Finally, as we progress towards near-term management transitions that we referenced earlier in the call, there should be ancillary opportunities associated with the overlay of our clinical platform and the potential capture of incremental level of care revenue. I'll now turn briefly to our year-over-year expense trends on slide 19. Our Same-Store labor efficiency continued to improve in the first quarter.

最後，隨著我們推進先前在電話會議中提到的近期管理團隊交接，結合我們臨床平台的導入，以及潛在取得額外照護等級（level of care）收入，應可帶來附帶的機會。接著我將簡要說明第19頁投影片的年對年費用趨勢。我們同店的人力效率在第一季持續改善。

Total labor costs declined approximately 100 basis points as a percentage of revenue on a year-over-year basis, driven primarily by improved direct labor productivity, while both contract and other labor remain minimal and stable. The significant decrease in direct labor reflects our targeted pay-for-performance initiatives implemented in early 2025 and referenced in our recent Shareholder Letter.

人力總成本占營收比重年對年下降約 100 個基點，主要由直接人力生產力提升所帶動，而合約人力及其他人力成本仍維持在低檔且穩定。直接人力的顯著下降，反映我們於 2025 年初推行、並在近期股東信中提及的目標式績效給薪（pay-for-performance）計畫。

Specifically, SPIN allows us to more precisely measure job function productivity and invest in our top performers through above-market pay increases. This in turn resulted in fewer but more impactful labor hours required to serve our residents while significantly increasing retention and morale.

具體而言，SPIN 讓我們能更精準衡量各職務功能的生產力，並透過高於市場的加薪幅度投資於表現最佳的員工。因此，我們以更少但更具影響力的工時來服務住戶，同時顯著提升留任率與士氣。

These total labor results also reflect the durability of the more tactical labor initiatives we implemented in the second half of last year, all supported by SPIN. This included more informed and tighter scheduling discipline, daily staffing KPI dashboards, and ongoing work oversight and training from our corporate support center as occupancy continues to scale. On the nonlabor side, expenses remained well controlled.

這些人力總成本的成果，也反映我們在去年下半年推行、且皆由 SPIN 支援的更具戰術性的用工措施之持久性。其中包括更有資訊支撐且更嚴謹的排班紀律、每日人力配置 KPI 儀表板，以及在入住率持續擴張之際，由企業支援中心提供的持續工作督導與訓練。在非人力方面，費用仍維持良好控管。

While EXPOR increased modestly year-over-year, it grew meaningfully below RevPOR, resulting in a 320 basis points expansion in the RevPOR-to-EXPOR spread on a year-over-year basis. This reflects procurement efficiencies, disciplined cost management and the benefits of increased scale across the combined platform.

雖然 EXPOR 年對年小幅上升，但其增幅明顯低於 RevPOR，使 RevPOR 與 EXPOR 的差距年對年擴大 320 個基點。這反映採購效率提升、嚴謹的成本管理，以及合併後平台規模擴大所帶來的效益。

Turning to balance sheet on slide 20. Our balance sheet remains well positioned as we continue to make progress toward our targeted leverage range of 6 to 6.5x. As of March 31, 2026, the company's capitalization includes two term loans, totaling $550 million priced at SOFR plus 195 basis points, with step-down that allows pricing to compress to as low as SOFR plus 130 basis points as leverage is reduced.

接著看第20頁投影片的資產負債表。隨著我們持續朝目標槓桿區間 6 至 6.5 倍邁進，資產負債表仍維持良好態勢。截至 2026 年 3 月 31 日，公司資本結構包含兩筆定期貸款，合計 5.5 億美元，利率為 SOFR 加 195 個基點，並設有階梯式下調機制，隨槓桿降低，利差可壓縮至最低 SOFR 加 130 個基點。

These facilities provide attractive economics and meaningful flexibility as we continue to execute on our operating and growth initiatives. Since quarter-end, we have further strengthened our capital structure through an additional $50 million upsizing to corporate debt facilities, which allowed us to reduce our bridge financing dollar for dollar to $170 million and increase capacity within our permitted facilities with no change of net debt.

這些融資工具在我們持續推動營運與成長計畫之際，提供具吸引力的經濟條件與相當的彈性。自季末以來，我們透過將公司債務融資額度再增加 5,000 萬美元，進一步強化資本結構；此舉使我們得以將過橋融資（bridge financing）等額降至 1.7 億美元，並在不改變淨負債的情況下，提高核准額度內的可用容量。

As a result, our capital stack is now even more weighted toward longer-duration, lower-cost financing. In addition, as of today, our secured revolving credit facility now carries a $455 million total commitment inclusive of the additional post-quarter commitment, and continues to feature an accordion that provides significant incremental borrowing capacity to support future growth.

因此，我們的資本結構如今更偏向期限更長、成本更低的融資。此外，截至今日，我們的擔保循環信用融資（secured revolving credit facility）總承諾額已達 4.55 億美元（包含季後新增承諾），並持續設有「手風琴條款」（accordion），可提供可觀的額外借款能力以支持未來成長。

Taken together, our bank facilities represent $1.2 billion of committed capital, underwritten by a single borrowing base and supported by a strong diversified lender group that includes both new relationships and our long-standing partners: BMO and RBC. We remain very pleased with the quality, flexibility and scalability of this capital structure as we execute on our growth and deleverage strategy.

綜合而言，我們的銀行融資工具代表 12 億美元的承諾資金，採單一借款基礎（borrowing base）承作，並由強健且多元化的貸方團體支持，其中包含新建立的合作關係以及我們長期合作夥伴：BMO 與 RBC。在我們執行成長與去槓桿策略之際，我們對此資本結構的品質、彈性與可擴展性仍感到非常滿意。

Lastly, we expect the outstanding bridge loan of $170 million to be refinanced with new mortgage debt in the coming months. On the asset side, our approximate cash balance as of April 30 sits slightly above $50 million. Subsequent to quarter-end, we paid down $17 million on our revolver and closed two small investments, buying out a JV partner's interest in a high-performing 2024 acquisition cohort community for $3.6 million and investing $2.9 million of preferred equity that was referenced by Brandon earlier in the call.

最後，我們預期未償還的 1.7 億美元過橋貸款將在未來幾個月以新的抵押貸款債務進行再融資。在資產端，截至 4 月 30 日，我們的約當現金餘額略高於 5,000 萬美元。季末後，我們已償還循環信用額度 1,700 萬美元，並完成兩筆小型投資：以 360 萬美元買下合資（JV）夥伴在一個表現優異的 2024 年收購批次社區中的權益，以及投入 290 萬美元的優先股權（preferred equity），此項亦由 Brandon 先前在電話會議中提及。

The balance of the cash was used to settle post-close transaction expenses. As of April 30, we had over $100 million in availability under our revolving credit facility, which we expect to increase based on our NOI growth. Overall, our first quarter results reflect the earnings power of a maturing Same-Store portfolio, strong rate growth, disciplined cost management and expanding margins.

其餘現金用於結清交割後交易費用。截至 4 月 30 日，我們在循環信用融資項下仍有超過 1 億美元的可用額度，且我們預期隨 NOI 成長而提高。整體而言，我們第一季的結果反映出逐步成熟的同店投資組合所具備的獲利能力、強勁的費率成長、嚴謹的成本管理以及利潤率擴張。

They also demonstrate our ability to absorb near-term dilution from newly-acquired and transitioning communities as they progress along the stabilization curve. With that, I'll hand things over to Brandon to close out the call by walking through our new capital allocation framework.

同時也展現我們有能力吸收新收購與處於轉換期社區在沿著穩定化曲線推進時所帶來的短期稀釋影響。接下來我把時間交給 Brandon，由他說明我們新的資本配置框架，並為本次電話會議作結。

Thanks, Kevin. As I noted earlier, today we formally introduced our Refined Capital Allocation Framework, which is a core pillar of Sonida's Phase 3 strategy. This framework reflects a simple but powerful belief that long-term value creation in seniors housing comes from the combination of disciplined capital allocation and exceptional operating execution. And every investment decision we make in Phase 3 will be measured against that standard. Our approach is grounded in three core principles.

謝謝，Kevin。如我先前提到的，今天我們正式推出「精煉版資本配置框架」（Refined Capital Allocation Framework），這是 Sonida 第三階段策略的核心支柱之一。此框架反映一個簡單但強而有力的信念：高齡住宅（seniors housing）的長期價值創造，來自嚴謹的資本配置與卓越的營運執行相結合。而我們在第三階段所做的每一項投資決策，都將以此標準衡量。我們的方法建立在三項核心原則之上。

First, we will continue to enhance the quality and strategic positioning of our portfolio by investing in assets, markets and operating initiatives that strengthen the durability and long-term earnings power of the platform, while actively recycling capital out of lower-growth or noncore assets.

第一，我們將持續透過投資於能強化平台韌性與長期獲利能力的資產、市場與營運計畫，提升投資組合的品質與策略定位，同時積極將資本自低成長或非核心資產中回收再配置。

Second, we will deploy capital only where we believe returns meaningfully exceed our cost of capital and drive accretion to free cash flow and net asset value per share. Scale alone is not the objective; compounding per share value is. Importantly, our framework is return-driven, not category-driven. We will pursue stabilized assets when price, structure and fit meet our return thresholds.

第二，我們只會在我們相信報酬率明顯高於資金成本，且能提升每股自由現金流與每股淨資產價值（NAV）的地方部署資本。規模本身不是目標；每股價值的複利成長才是。重要的是，我們的框架以報酬為導向，而非以類別為導向。當價格、結構與契合度符合我們的報酬門檻時，我們將追求已穩定（stabilized）的資產。

And third, we will maintain disciplined risk-adjusted execution, preserving balance sheet flexibility so we can reach our near-term leverage target in the mid-6x range, with a longer-term goal of an even lower level that allows us to play offense through any future market volatility and act decisively as the opportunity set evolves. In practice, we deploy capital in a deliberate sequence.

第三，我們將維持嚴謹的風險調整後執行紀律，保留資產負債表彈性，以便達成近期約在 6 倍中段的槓桿目標；長期則以更低槓桿水準為目標，使我們能在未來任何市場波動中採取進攻姿態，並隨機會集合演變而果斷行動。在實務上，我們會依循一個審慎的順序來部署資本。

First priority is the highest-conviction internal opportunities: optimizing occupancy, RevPOR and margins, and investing in selective CapEx with the clearest return visibility across the existing portfolio. From there, we pursue accretive external growth, targeting acquisitions with operational upside, strategic fit and disciplined underwriting, where returns are driven primarily by operational improvement and platform integration, not cap rate compression.

第一優先是最具把握的內部機會：優化入住率、RevPOR 與利潤率，並在既有投資組合中投入具最高報酬可視性的選擇性資本支出（CapEx）。接著，我們追求具增益性的外部成長，鎖定具營運改善空間、策略契合度與嚴謹承作假設（underwriting）的收購案；其報酬主要來自營運改善與平台整合，而非資本化率（cap rate）壓縮。

And we maintain a strong focus on top MSA densification, building regional clustering that compounds operating leverage over time. Underpinning this framework is what we call our Sonida Growth Flywheel. Each acquisition makes the platform more powerful, broadening deal flow, deepening operator relationships and enriching the data sets that power SPIN, enabling sharper benchmarking and performance improvement across a larger, more diversified asset base.

同時，我們也將高度聚焦於頂尖 MSA 的密度提升，建立區域群聚，讓營運槓桿隨時間累積放大。支撐此框架的是我們所稱的 Sonida 成長飛輪（Sonida Growth Flywheel）。每一次收購都會讓平台更強大，擴大案源流量、深化營運商關係，並豐富驅動 SPIN 的資料集，使我們能在更大且更多元的資產基礎上進行更精準的標竿比較與績效改善。

This reinforcing cycle has a structural advantage that compounds over time. That flywheel also expands the aperture of investable opportunities available to us. As our platform scales and our operating track record deepens, we are increasingly well positioned to pursue higher-quality assets with stable operating characteristics provided they are located in strategic growth markets and can be acquired at a basis aligned with our cost of capital.

這個相互強化的循環具有結構性優勢，並會隨時間產生複利效果。該飛輪也擴大了我們可投資機會的範圍。隨著平台規模擴大、營運實績更為深厚，只要資產位於策略性成長市場，且可在與我們資金成本相匹配的基礎（basis）上取得，我們將愈來愈有利於追求具更高品質且營運特性穩定的資產。

For those opportunities, our underwriting discipline remains consistent. We require a clear line of sight to FFO per share accretion based on the underwritten growth profile of the asset, supported by the demographic tailwinds of the market and our demonstrated ability to drive performance through the Sonida platform. This is not a theoretical framework.

針對這些機會，我們的承銷紀律始終如一。我們要求能清楚看見每股FFO的增厚（accretion），其依據為該資產在承銷假設下的成長輪廓，並由市場的人口結構順風所支撐，以及我們已證明能透過Sonida平台推動績效的能力。這不是一套理論性的框架。

Our 2024 acquisition cohort, 19 assets acquired at an attractive basis and underwritten to a 10%-plus stabilized yield on cost over an 18 to 24-month horizon, is tracking ahead of plan. As of the first quarter, that cohort is running at an 11.5% yield on cost on an annualized basis, with meaningful gains across occupancy, NOI margin and absolute NOI.

我們2024年的收購組合（cohort）—以具吸引力的基礎成本收購的19項資產，並在18至24個月期間承銷至成本穩定化收益率（stabilized yield on cost）達10%以上—目前進度超前於計畫。截至第一季，該組合按年化計算的成本收益率為11.5%，入住率、NOI利潤率以及NOI絕對值均有顯著提升。

That track record gives us confidence in our underwriting discipline and the further refined operating model behind it. With an operational foundation firmly in place, a scaled and integrated platform and a sector backdrop that we believe is increasingly favorable, we are focused on deliberately compounding value over time and delivering durable, long-term returns for our shareholders.

這樣的實績讓我們對自身的承銷紀律，以及其背後進一步精煉的營運模式更具信心。在營運基礎已穩固到位、平台規模化並完成整合，以及我們認為產業環境愈發有利的背景下，我們專注於有節奏地隨時間複利累積價值，並為股東帶來穩健、長期的報酬。

Central to that execution is a people-centered culture and a leadership team with deep experience scaling senior living platforms, a combination that reinforces our confidence in the strategy and our ability to deliver on it. Thank you to everyone for joining our call today. This concludes our prepared remarks. Operator, please open the line for any questions.

執行的核心在於以人為本的文化，以及一支在擴張高齡住宅平台方面具深厚經驗的領導團隊；這樣的組合進一步強化我們對策略及其落地能力的信心。感謝各位今天參與我們的電話會議。以上為我們的事先準備發言。接線員，請開放線路供提問。

(Operator Instructions)

(接線員指示)

Ronald Kamden, Morgan Stanley.

Ronald Kamden，摩根士丹利。

Good morning. This is Derrick Metzler on for Ron. I guess you guys have been growing at an impressive rate, expanding the portfolio. And I know the dust has barely settled for the acquisition, but I guess looking forward, have you guys -- how should we think about the rate that you'll continue to deploy additional capital, continue to grow the portfolio?

早安。我是代替Ron出席的Derrick Metzler。我想你們一直以令人印象深刻的速度成長、擴大投資組合。我知道這筆收購才剛塵埃落定，但展望未來，你們—我們應該如何看待你們將持續投入額外資本、繼續擴大投資組合的速度？

And are there other kind of large portfolios similar to this that might be in your pipeline in the next couple of years? Or should we be looking at more like one-off assets and community acquisitions?

另外，在未來幾年，你們的管線中是否還有其他類似這種大型投資組合？還是我們應該預期更多是單一資產與社區的收購？

Hey, Derek, good morning. Thanks so much for your question. So I'd say a couple of things. One is we remain very active in the acquisition market, that not only the work we're doing to integrate the assets that we've just completed the purchase of in March, but also identifying opportunities to continue growing, building density in similar -- in some new markets as well. I'd say that we're targeting across the board opportunities both on the enterprise side as well as the individual asset basis.

嗨，Derek，早安。非常感謝你的提問。我想可以說幾點。第一，我們在收購市場仍然非常活躍；除了整合我們在3月剛完成收購的資產之外，我們也在辨識持續成長的機會，並在一些新市場建立密度。我會說，我們鎖定的機會涵蓋企業層級以及單一資產層級。

We've set up the company to be able to continue to purchase as we are integrating the CHP portfolio. And so we are engaging on both fronts. And I think in terms of just size of our pipeline, feel really good that it's at a robust level and believe that we can continue to acquire, if you kind of remove the CHP acquisition from the last couple of years, continue to acquire at a consistent pace as we did in '24 and 2025.

我們已把公司架構設計成在整合CHP投資組合的同時，仍能持續進行收購。因此我們兩條線都在推進。至於管線規模，我們感覺非常好，處於相當充沛的水位；而且我們相信，如果把過去幾年CHP收購案的影響先排除，我們仍能以與2024年及2025年相同的穩定節奏持續收購。

Great. That's really helpful. As is the capital allocation plan that you guys published, I guess you've got really good returns on your '24 acquisitions. And is that a similar range that you're targeting going forward? Or have you put out a different set of kind of yield or IRR hurdles that you're targeting as part of this plan?

很好。這非常有幫助。就你們發布的資本配置計畫而言，我想你們在2024年的收購取得了很好的報酬。未來你們的目標也會是相近的區間嗎？或者，作為這項計畫的一部分，你們是否提出了不同的一組收益率或IRR門檻？

I'd say that we're in a position to continue to target opportunities of similar quality to -- as what we bought in 2024. It's fair to say that the returns may have tightened just a bit because the markets, I think, heated up since 2024. We feel confident that our operating capabilities, when applied to kind of portfolio-level or smaller acquisition types of opportunities, can continue to drive yields that are really strong and in the high-single, low-double digits.

我會說，我們仍處於可以持續鎖定與2024年所收購資產相近品質機會的位置。可以合理地說，因為市場自2024年以來升溫，報酬率可能略為收斂一些。我們有信心，將我們的營運能力應用在投資組合層級或較小型的收購機會上，仍能推動非常強勁的收益率，落在高個位數到低雙位數的區間。

So we also believe there's good opportunity in those 2024 assets to continue growing. So that 11.5% yield that we referenced in our deck, that number will continue to improve as operational performance in that cohort stabilizes as well.

我們也相信，2024年那批資產仍有很好的持續成長空間。因此，我們在簡報中提到的11.5%成本收益率，隨著該組合的營運表現進一步穩定，這個數字也會持續改善。

Great. That's it for me. Thank you.

很好。我這邊就到這裡。謝謝。

Wes Golladay, Baird.

Wes Golladay，Baird。

Hey, good morning, everyone. Can you talk about the SPIN? Is it something you're using in underwriting right now, or will it be a big part going forward? And do you have any incremental SPIN -- or spend to build off the SPIN platform?

嗨，各位早安。可以談談SPIN嗎？你們現在在承銷時就有使用它嗎，或是未來它會成為很重要的一部分？另外，你們是否會在SPIN—或在SPIN平台上有任何額外的投入/支出？

Hey, Wes, good morning. Thanks so much for the question. So twofold. One is, we are using it currently in our underwriting process as we think about where assets are located and how they compare to any and all -- any of our existing portfolio across the 153 communities. And so we can look at margin trends.

嗨，Wes，早安。非常感謝你的提問。我從兩個面向回答。第一，我們目前已在承銷流程中使用它，用來評估資產所在位置，以及它們與我們現有投資組合（153個社區）中任何資產的比較。因此我們可以查看利潤率趨勢。

We can look at occupancy and rate profile of our existing communities to help us in underwriting assets in markets where we are today. I'd say that the big things we think about in terms of the benefit of SPIN is the timeliness of information that our communities are receiving on a real-time basis.

我們也可以查看現有社區的入住率與費率結構，協助我們在目前已布局的市場中承銷資產。我會說，我們認為SPIN的主要效益在於，社區能以即時方式取得資訊的時效性。

And then the granularity of the information that, when we combine what we can now see across our various systems, helps people in decision-making around deploying labor that's in line with the needs of our residents. It also helps us to identify how residents are trending from a clinical perspective on the kind of, call it, their wellness time line.

其次是資訊的細緻度；當我們把現在能在各種系統中看到的內容整合起來，能幫助同仁在決策上更精準地配置人力，使其符合住民需求。它也能協助我們從臨床角度辨識住民的趨勢，沿著所謂的健康（wellness）時間軸來觀察。

And then it also helps us with identifying opportunities on the rate front, both in capturing the rate requirements for the services we're providing, but also we can identify when occupancy is getting even higher where we have areas that we can grow rate and improve market rate.

此外，它也能幫助我們在費率面辨識機會：一方面掌握我們所提供服務的費率要求，另一方面，當入住率進一步提高時，我們也能找出可提高費率、改善市場費率（market rate）的空間。

So we use it not only for acquisitions, but kind of the real-time decision-making for our local and regional leadership teams. And we'll continue to invest in it. Sorry, I wanted to answer your last question. But we do have investments, as opportunities in AI continue to unfold that will allow for, again, more informed decision-making and advanced analytics, we'll keep investing on the AI front.

因此我們不僅在收購上使用它，也用於地方與區域領導團隊的即時決策。我們也會持續投資。抱歉，我想把你最後一個問題也回答到。隨著AI相關機會持續展開，我們確實會投入資源；這將使我們能再次做出更有資訊基礎的決策與更進階的分析，我們會持續在AI方面投資。

Okay. And then you did mention unmodeled synergies. Do you expect to see any of that this year? And can you quantify any of it at this point?

了解。另外你提到未納入模型的協同效益（unmodeled synergies）。你們預期今年會看到其中一些效益嗎？目前能量化多少嗎？

I'd say that we will see it this year. We're already seeing opportunities. We referenced that we transitioned the first six communities into the Sonida management portfolio here just last week. And so the communities that we've identified for transition in 2026 in various phased approach, each of those, we do think that there's benefits from our operational platform that we'll see.

我會說今年會看到。我們已經在看到一些機會。我們提到上週才剛把第一批六個社區轉入Sonida的管理投資組合。因此，對於我們已辨識、將在2026年以分階段方式進行轉換的各個社區，我們確實認為能從我們的營運平台中獲得效益，並將會看到。

Now we're always thoughtful around potential kind of immediate-term disruption as you're transitioning into our management platform. But we do see towards the back of the year, we'll begin to realize some of those benefits. And we'll provide additional color as we go throughout the year on exactly what those numbers look like and how they're progressing from the communities we are bringing internal.

在您轉換至我們的管理平台時，我們一直都會審慎考量可能出現的短期、即時性干擾。但我們確實看到，到了今年下半年，我們將開始實現其中部分效益。我們也會在今年進行期間，針對這些數字的具體樣貌，以及我們正在內部化管理的社區進展情況，提供更多說明。

I'd say that opportunities on the labor front that we've talked about as well as procurement and insurance and just kind of the overall Sonida program are still things we're optimistic we'll see.

我會說，我們先前談到的人力面機會，以及採購、保險，還有整體 Sonida 計畫等，仍是我們樂觀預期會看到的成果。

And Wes, beyond that -- thanks for the questions too. But beyond that, there's also the internalization of management. So right now, we're generally paying 5% of revenues to the third-party operators. And to the extent that we internalize those upon transition, that number should ramp down significantly, laid out on slide 30, so that the cost to serve and operate those communities would be something south of 5%.

Wes，此外——也謝謝你的提問。但除此之外，還有管理內部化。所以目前我們一般是向第三方營運商支付約營收的 5%。而在轉換過程中，只要我們將這些內部化，該比例就應會顯著下降，如第 30 頁投影片所示，因此服務與營運這些社區的成本將會低於 5%。

All right. Fantastic. Last one for me. On the disposition front, do you think that's going to be more of a 3Q, 4Q thing? Or are you going to start to see some already in the second quarter?

好的。太棒了。我最後一個問題。在資產處分方面，你認為會比較偏向第三季、第四季發生嗎？還是第二季就會開始看到一些？

I think 3Q, 4Q is a good way to think about that.

我認為用第三季、第四季來看待這件事是個不錯的方式。

Thank you.

謝謝。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，RBC Capital Markets。

Just wanted to follow up on some of that last line of questioning regarding the third-party operators and bringing those over under internal management. You also noted that you had some strategic investments with some of your operators in certain markets. I'm just wondering if that is changing in any way the longer-term opportunity to bring down that $19 million in management fee, and if you think that there could be maybe additional synergies with some of those relationships going forward?

我想延續剛才那一串問題，關於第三方營運商以及把這些社區轉到內部管理之下。你也提到在某些市場，你們與部分營運商有一些策略性投資。我想請問，這是否會在任何方面改變長期降低那 1,900 萬美元管理費的機會？以及你是否認為，未來與這些關係可能還會有額外的協同效益？

Thanks for the question, Ben, yes, I'd say that we're really optimistic about the relationships that we'll have for potentially longer-term strategic opportunities. We also feel that the $19 million management fee number that we'll be able to significantly reduce, as we've learned more and more, that number will be right on kind of our internal expectations of being able to -- we've talked about being able to save significant dollars against that $19 million.

謝謝你的問題，Ben。是的，我會說我們對這些關係能帶來潛在的長期策略性機會感到非常樂觀。我們也認為，隨著我們了解得越來越多，那 1,900 萬美元的管理費金額我們將能大幅降低；而且該數字也會符合我們內部對於可達成的預期——我們先前談過，能在這 1,900 萬美元上節省相當可觀的金額。

So no change in our approach. And I would still expect that over the long term, we will internalize the significant majority of all those 54 SHOP communities. And then we'll hold on to relationships that are strategic in nature with a small but meaningful number of the other managers, should opportunities arise.

所以我們的做法沒有改變。而且我仍然預期，長期來看，我們會將那 54 個 SHOP 社區中的絕大多數內部化管理。然後我們也會與少數但具重要性的其他管理方維持具策略性的關係，以便在機會出現時能夠把握。

Great. And then just in terms of the pacing of, I guess, dispositions you're planning through the rest of the year and any incremental M&A, and then also your just thoughts on the efficiencies that you've gained thus far, any color, with all those moving parts, any color on kind of pacings in earnings and cash flow?

很好。接著就今年剩餘期間你們規劃的資產處分節奏，以及任何新增的併購（M&A），還有你們迄今為止所獲得的效率提升——在這些變動因素之下，能否提供一些關於獲利與現金流節奏的說明？

With cash flow, I know we had refinancings, we had working capital movements just in the closing of the acquisition. But any thoughts on pacing of earnings and cash flow through the balance of the year would be very helpful.

就現金流而言，我知道我們有再融資，也有因收購交割而產生的營運資金變動。但若能分享一下今年剩餘期間獲利與現金流的節奏看法，會非常有幫助。

Sure, Ben. I'd say that in our remarks, we are optimistic of seeing at or above continued improvement in terms of year-over-year NOI growth. Feel like there's additional earnings potential in the communities that we have internalized. We were really pleased with the rate growth that we saw in terms of the in-place resident rate increases as well as good trends on the occupancy front.

當然可以，Ben。我會說，在我們的發言中，我們對於年對年（YoY）NOI 成長能持續改善、達到或高於目前水準感到樂觀。我們覺得在已內部化管理的社區中，還有額外的獲利潛力。我們對於既有住戶租金調升所帶來的費率成長，以及入住率方面的良好趨勢，都感到非常滿意。

So I think it's incumbent upon us to minimize disruption in the portfolio of new assets, and then to continue to aggressively move forward on the dispositions that have already been identified. We've talked about kind of 10% plus or minus on the total community count that we're targeting, and those are in active processes.

所以我認為，我們有責任將新資產組合的干擾降到最低，並持續積極推進已經確認的資產處分。我們談過目標約為總社區數的 10% 上下（正負），而這些都正在積極進行中。

And then on the acquisition side, again, we're out there and we are aggressively looking to acquire in what is a competitive landscape. I'd say that on the acquisition front, one aspect of our business that is -- we feel like can be differentiated is the opportunity to invest in owner-operators because we are not a REIT and we're a C-Corp.

至於收購方面，再次強調，我們正在市場上積極尋求收購，而目前的競爭環境確實激烈。我會說，在收購端，我們業務中有一個面向——我們認為可以形成差異化——就是投資於業主營運商（owner-operators）的機會，因為我們不是 REIT，而是 C-Corp。

We are having discussions with a number of different owner-operators where there's opportunity to consolidate those into the Sonida platform, both within our existing manager base but also outside of that. So we want to be continuing to aggressively grow and feel good about the trajectory of improvement in our earnings.

我們正與多家不同的業主營運商洽談，探討將其整合進 Sonida 平台的機會，這些對象既包括我們現有的管理方體系內，也包括體系外。因此我們希望持續積極成長，並對我們獲利改善的走勢感到樂觀。

Great. Just last quick one for me. I just wanted to confirm. It sounds like you, with some of the refinancing or the additional bank group members that you've brought on, it sounds like the bank loan piece and the revolver piece of your financing is kind of where you want the remaining $170 million agency and mortgage exclusively? Or is there opportunities to continue to expand the bank piece?

很好。我最後再快速問一個。我想確認一下。聽起來你們透過一些再融資或新增的銀行團成員，融資結構中銀行貸款與循環信用額度（revolver）這一塊，是你們希望承接剩餘 1.7 億美元的部分，而機構貸款與抵押貸款則是專門用於那一塊嗎？還是仍有機會繼續擴大銀行端的比重？

Ben, this is Kevin. Yes, we've gotten a lot of good feedback from lots of groups that want to participate. So we feel like we'll be in a position to take out the bridge at the end of the second quarter or early Q3 at the latest just based on the demand and the pricing that's coming back and the overall participation in our cap stack.

Ben，我是 Kevin。是的，我們從許多希望參與的團隊那裡得到了很多正面回饋。因此，基於回收的需求與定價，以及我們資本結構（cap stack）整體的參與度，我們認為最晚在第二季末或第三季初，就能把過橋貸款（bridge）置換掉。

Thanks, guys.

謝謝各位。

Your final question comes from the line of Rich Anderson from Cantor Fitzgerald. A reminder to unmute yourself locally, if you are. We have reached the end of the question-and-answer session. And I will now turn the call back to Brandon Ribar, President and Chief Executive Officer, for closing remarks.

最後一個問題來自 Cantor Fitzgerald 的 Rich Anderson。提醒您若已靜音，請在本地端解除靜音。我們已到達問答環節的結束。接下來我將把電話交回總裁兼執行長 Brandon Ribar 作結語。

Thank you all for participating this morning. Have a great week.

感謝各位今天早上參與。祝各位本週愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。