Strawberry Fields Reit Inc (STRW) 2025 Q2 法說會逐字稿

Good morning. My name is Matthew, and I'll be your conference operator today. I'd like to welcome everyone to the Strawberry Fields REIT second-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

早安.我叫馬修，今天我將擔任你們的會議主持人。歡迎大家參加 Strawberry Fields REIT 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to Jeff Bajtner.

現在我想將會議交給 Jeff Bajtner。

Thank you and welcome to Strawberry Fields REIT Q2 2025 earnings call. I am the Chief Investment Officer, and joining me today on the call are Moishe Gubin, our Chairman and CEO; and Greg Flamion, our CFO. Earlier today, the company issued its Q2 2025 earnings results which are available on the company's Investor Relations website.

感謝您並歡迎參加 Strawberry Fields REIT 2025 年第二季財報電話會議。我是首席投資官，今天與我一起參加電話會議的還有我們的董事長兼執行長 Moishe Gubin 和我們的財務長 Greg Flamion。今天早些時候，該公司發布了 2025 年第二季的獲利結果，可在公司的投資者關係網站上查閱。

Participants should be aware that this call is being recorded and listeners are advised that any forward-looking statements made on today's call are based on management's current expectations, assumptions, and beliefs about Strawberry Fields REIT's business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings, and may or may not reference other matters affecting the company's business or the businesses of its tenants, including factors that are beyond its control.

參與者應該知道，本次電話會議正在錄音，並請聽眾注意，今天電話會議上做出的任何前瞻性陳述均基於管理層對 Strawberry Fields REIT 的業務及其運營環境的當前預期、假設和信念。這些聲明可能包括對未來財務表現、股利、收購、投資、回報、融資的預測，並可能提及或不提及影響公司業務或其租戶業務的其他事項，包括其無法控制的因素。

Additionally, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures as well as the explanation and reconciliation of these measures to the comparable GAAP results included on the non-GAAP measure reconciliation page in our Investor presentation.

此外，本次電話會議也將提及非公認會計準則財務表現。我們鼓勵投資者查看這些非公認會計準則財務指標以及投資者介紹中非公認會計準則指標調節頁面上包含的這些指標與可比較公認會計準則結果的解釋和調節。

And now on to discussing Strawberry Fields REIT in our Q2 2025 performance. I wanted to start by sharing some key highlights. During the quarter, the company collected 100% of its contractual rent. On April 4, the company completed the acquisition for our skilled nursing facility with 112 licensed beds near Houston, Texas. The acquisition was for $11.5 million, and the company funded the acquisition, utilizing cash from the balance sheet. The facility was added to the master lease of an existing third-party operator, and the initial annual base rents are $1.3 million and are subject to 3% annual rent increases.

現在讓我們來討論一下 Strawberry Fields REIT 在 2025 年第二季的表現。首先我想分享一些關鍵亮點。本季度，該公司收取了100%的合約租金。4 月 4 日，公司完成了對位於德克薩斯州休斯頓附近擁有 112 張許可床位的專業護理機構的收購。此次收購的價格為 1,150 萬美元，公司利用資產負債表中的現金為收購提供資金。該設施被添加到現有第三方營運商的主租約中，初始年度基本租金為 130 萬美元，每年租金將增加 3%。

On May 22, the company entered into a $59 million purchase agreement for nine skilled nursing facilities located in Missouri. Eight of the facilities will be added to the existing master lease of our tenant, the Tide Group, and the ninth facility will be added to another of our tenants' master leases, Reliant Care Group. Combined, these facilities will have an initial annual base rent of $6.1 million and are subject to 3% annual rent increases. The company closed the acquisition on July 1, 2025, and funded the acquisition utilizing working capital.

5 月 22 日，該公司簽署了一份價值 5,900 萬美元的購買協議，收購位於密蘇裡州的九家專業護理機構。其中八個設施將添加到我們租戶 Tide Group 的現有主租約中，第九個設施將添加到我們另一個租戶 Reliant Care Group 的主租約中。這些設施的初始年基本租金總計為 610 萬美元，每年租金將上漲 3%。該公司於2025年7月1日完成收購，並利用營運資金為收購提供資金。

On June 24, the company issued ILS312 million in Series B bonds on the Tel Aviv Stock Exchange, which is approximately $90 million. The bonds are unsecured and were issued at par with a fixed interest rate of 6.70%. Subsequent to this issuance, $30 million was used to pay down existing secured bank debt that had a higher interest rate. By making this pay down, the company will be saving approximately 100 basis points. A couple of other items I wanted to mention.

6月24日，該公司在特拉維夫證券交易所發行了3.12億以色列謝克爾的B系列債券，約9,000萬美元。該債券無擔保，以面額發行，固定利率為 6.70%。此次發行之後，有 3,000 萬美元用於償還現有的較高利率的銀行擔保債務。透過支付這筆款項，該公司將節省約 100 個基點。我還想提一下其他幾件事。

During the quarter, the company continued to pay its quarterly dividend and on June 30 made a payment of $0.14 a share. For the upcoming quarter, we are excited to announce that the Board of Directors has approved increasing the dividend to $0.16 a share. This increase represents a 14% increase in the dividend payment, and the company continues to maintain its dividend payout ratio below 50%.

本季度，該公司繼續支付季度股息，並於 6 月 30 日支付每股 0.14 美元。對於即將到來的季度，我們很高興地宣布，董事會已批准將股息提高至每股 0.16 美元。這一成長意味著股息支付增加了14%，該公司繼續將股息支付率保持在50%以下。

On the acquisition front, we closed on a couple of deals since the quarter end. The first was a $59 million acquisition in Missouri that I mentioned earlier in my remarks. The second was closed earlier this week for an 80 bed skilled nursing facility near McLoud, Oklahoma. The acquisition was for $4.25 million which the company funded, utilizing cash from the balance sheet. The facility was added to an existing master lease for a tenant of ours in Oklahoma, and the initial base rents are $425,000 and subject to 3% annual rent increases.

在收購方面，自季度末以來我們完成了幾筆交易。第一個是我之前在發言中提到的在密蘇裡州進行的一項價值 5900 萬美元的收購。第二家護理機構於本週稍早關閉，該機構位於俄克拉荷馬州麥克勞德附近，擁有 80 個床位。此次收購的價格為 425 萬美元，由公司出資，使用資產負債表中的現金。該設施被添加到我們在俄克拉荷馬州的租戶的現有主租約中，初始基本租金為 425,000 美元，每年租金增加 3%。

I would now like to have Greg Flamion, our Chief Financial Officer, discuss the quarter and financials.

現在我想請我們的財務長 Greg Flamion 討論一下本季和財務狀況。

Thank you, Jeff, and welcome everyone to the Strawberry Fields REIT second-quarter 2025 earnings call. Let's begin with the financial position for the quarter. Total assets are $897 million, an increase of $261 million or 41.1% compared to Q2 2024. The asset growth was driven by three factors. Our 2024 to 2025 real estate acquisitions, the retenanting of the landmark master lease and the Kentucky master lease as well as proceeds from our new bond series issued in late June. The additional cash on the balance sheet was used as a source of funds for the Missouri acquisition that closed in July 2025.

謝謝傑夫，歡迎大家參加 Strawberry Fields REIT 2025 年第二季財報電話會議。讓我們從本季的財務狀況開始。總資產為 8.97 億美元，與 2024 年第二季相比增加 2.61 億美元，增幅 41.1%。資產成長受三個因素推動。我們 2024 年至 2025 年的房地產收購、地標主租約和肯塔基州主租約的重新租賃以及 6 月底發行的新債券系列的收益。資產負債表上的額外現金被用作 2025 年 7 月完成的密蘇裡收購的資金來源。

On the liabilities and equity side, we saw corresponding increases due to the financing used for the acquisitions in foreign currency translation losses and other comprehensive income. As mentioned before, in July, we acquired nine properties in Missouri for $59 million. This slide shows a pro forma balance sheet detailing the impact of this transaction. The acquisition strengthens our regional footprint and supports our long-term growth strategy.

在負債和權益方面，由於用於收購的融資，我們看到外幣折算損失和其他綜合收入相應增加。如前所述，7 月份，我們以 5,900 萬美元的價格收購了密蘇裡州的 9 處房產。這張投影片展示了一份詳細列出該交易影響的備考資產負債表。此次收購增強了我們的區域影響力並支持了我們的長期成長策略。

Year-to-date revenue through June was $75.2 million, up $18.1 million compared to the same timeframe last year. That's a 31.7% increase that was driven by timing and integration of the 24 properties that we occurred over that time period and the landmark to Kentucky master lease retenanting that began in January 2025. While we experienced higher revenues, the income growth is offset by higher depreciation, amortization, and interest expense, which is driven by new property acquisitions. This results into a year-to-date net income of $15.7 million or $0.28 per share compared to $13 million or $0.26 per share in Q2 2024.

截至 6 月的年初至今營收為 7,520 萬美元，與去年同期相比成長了 1,810 萬美元。這一增長是 31.7%，其推動力來自於我們在該時間段內發生的 24 處房產的時間安排和整合，以及 2025 年 1 月開始的肯塔基州主租賃續租里程碑。雖然我們的收入有所增加，但由於新房地產收購而導致的折舊、攤提和利息支出增加，抵消了收入成長。這使得年初至今的淨收入為 1,570 萬美元或每股 0.28 美元，而 2024 年第二季為 1,300 萬美元或每股 0.26 美元。

Our quarterly performance has drivers consistent with those discussed in our full-year results. Revenue growth increased by $8.6 million due to acquisitions and lease retenanting activity. Expenses increased through depreciation, amortization, and interest expense. The quarterly net income is $8.7 million which represents an EPS of $0.16 per share. This compares to an income of $7 million in 2024 with an EPS of $0.14 per share.

我們的季度業績驅動因素與全年業績中討論的驅動因素一致。由於收購和租賃再租賃活動，收入增加了 860 萬美元。費用因折舊、攤提和利息費用而增加。季度淨收入為 870 萬美元，每股收益為 0.16 美元。相比之下，2024 年的收入為 700 萬美元，每股收益為 0.14 美元。

Finally, I'd like to end my presentation with some financial highlights. Projected 2025 AFFO is $73.4 million, up 31.5% versus 2024. The projected 2025 AFFO represents a 13.6% 2020 to 2025 compound annual growth rate. Projected adjusted EBITDA is $125.4 million, a 38.4% increase year over year. This represents a 13.5%, 2020 to 2025 compound annual growth rate. Our net debt -- net asset ratio currently sits at 49.1%. As of June 30, our dividend was $0.14 a share, representing a 5.3% yield.

最後，我想以一些財務亮點來結束我的演講。預計 2025 年 AFFO 為 7,340 萬美元，比 2024 年成長 31.5%。預計 2025 年 AFFO 代表 2020 年至 2025 年的複合年增長率為 13.6%。預計調整後的 EBITDA 為 1.254 億美元，年增 38.4%。這意味著 2020 年至 2025 年的複合年增長率為 13.5%。我們的淨負債-淨資產比率目前為49.1％。截至 6 月 30 日，我們的股息為每股 0.14 美元，收益率為 5.3%。

Our AFFO payout ratio remains at 44.1%, providing our shareholders with a healthy dividend while allowing the company room to make acquisitions. These results reflect discipline execution to our company's strategy and a continued focus on shareholder value.

我們的 AFFO 派息率維持在 44.1%，為股東提供豐厚的股息，同時也為公司提供收購空間。這些結果反映了我們公司對策略的嚴格執行以及對股東價值的持續關注。

With that, I'll turn it back over to Jeff Bajtner who will walk us through our portfolio highlights.

接下來，我將把主題轉回給 Jeff Bajtner，他將向我們介紹我們的投資組合亮點。

Thank you, Greg. I would now like to present the portfolio highlights of our collective portfolio. These numbers include the recent acquisitions in Missouri at the beginning of July and also the acquisition that we closed earlier this week in Oklahoma. The company now has 141 total facilities that we own. That is 15,418 beds. Our total asset valued acquisition is $1.1 billion.

謝謝你，格雷格。現在我想介紹一下我們集合投資組合的亮點。這些數字包括我們七月初在密蘇裡州的最新收購以及本週稍早在俄克拉荷馬州完成的收購。公司目前共有 141 個設施。即15,418張床位。我們的收購總資產價值為 11 億美元。

Currently, we have 16 consultants advising our operators. Our weighted average lease term is 7.4 years. Our portfolios, EBITDARM rent coverage as of May 2025 is 1.98 times. Our net debt to AEBITDA ratio is 5.6 times. We are -- we continue to be proud of our rent collection, that's 100%. And as a final point, our pipeline is currently -- our acquisition pipeline is currently in excess of $300 million.

目前，我們有 16 位顧問為我們的營運商提供諮詢。我們的加權平均租賃期間為 7.4 年。在我們的投資組合中，截至 2025 年 5 月的 EBITDARM 租金覆蓋率為 1.98 倍。我們的淨負債與 AEBITDA 比率為 5.6 倍。我們——我們繼續為我們的租金收取率感到自豪，這是 100%。最後一點，我們的收購管道目前已超過 3 億美元。

I would now like to hand over the microphone to Moishe Gubin, our Chairman and CEO, as he continues the presentation.

現在，我想將麥克風交給我們的董事長兼執行長 Moishe Gubin，他將繼續演講。

All right, thank you, Jeff. Hi, everybody. So I get the fun task of doing the peacock, walking around over here talking how good we're doing. As he's saying on page 6, you can see how our projected 2025 AFFO was over $73 million. I previously predicted $75 million. We might still hit that. But in the meantime, our projected -- our projection today is $73.4 million.

好的，謝謝你，傑夫。大家好。所以我得到了做孔雀的有趣任務，走來走去談論我們做得有多好。正如他在第 6 頁所說的那樣，您可以看到我們預計的 2025 年 AFFO 將超過 7300 萬美元。我之前預測的是7500萬美元。我們可能仍會達到這個目標。但同時，我們今天的預測是 7,340 萬美元。

Our projected 2025 versus 2024 AFFO growth is over 31%. Our growth rate from the last five years, being a 13.6% growth rate. Our projected 2025 EBITDA -- I don't really look at this number, but it's $125 million. That's also growing at a nice clip year over year 38%. And over the last five years, also 13.5% growth. Our net debt to net assets, super proud, less than 50%. And that's after raising debt. Our stock price is still in the dumps and such.

我們預計 2025 年與 2024 年相比 AFFO 成長率將超過 31%。我們過去五年的成長率是13.6%。我們預計的 2025 年 EBITDA——我並沒有真正關注這個數字，但它是 1.25 億美元。與去年同期相比，這一數字也以 38% 的速度成長。過去五年也成長了13.5%。我們的淨債務與淨資產之比，超級自豪，不到50%。這是在增加債務之後。我們的股價仍處於低迷狀態。

We weren't selling equity during the second quarter, and to fund our growth that we needed to do, we took on debt and we brought our net debt to net assets to be still below 50%. Our dividend yield as of June 30 is 5%. And as Jeff said earlier, the Board of Directors today, approved -- or yesterday approved a dividend increase from $0.14 to $0.16, which puts our dividend yield, I think, at today's price about 6% and 6.4%. Our projected AFFO payout ratio is still under 50%, which comparatively to our peers, is better than everybody.

我們在第二季度沒有出售股權，為了資助我們需要的成長，我們承擔了債務，並將淨債務與淨資產的比率保持在 50% 以下。截至 6 月 30 日，我們的股息殖利率為 5%。正如傑夫之前所說，董事會今天（或昨天）批准將股息從 0.14 美元提高到 0.16 美元，我認為，這使得我們的股息收益率以今天的價格計算約為 6% 和 6.4%。我們預計的 AFFO 派息率仍低於 50%，與同行相比，這比所有人都要好。

Okay, on slide 7, you see, our beautiful graph that from 2020 to 2025, like I said earlier, just two minutes ago, was 13.6% growth rate, $38 million, close to $39 million to $73 million. And that's really a testament to how we buy everything, as you all know. Our disciplined investor approach has us earning a 10% cash on cash unlimited return on day one and that should continue. We don't plan on changing how we buy and what we buy.

好的，在第 7 張投影片上，您可以看到我們漂亮的圖表，從 2020 年到 2025 年，就像我兩分鐘前說的那樣，成長率為 13.6%，從 3800 萬美元到 7300 萬美元，接近 3900 萬美元。正如大家所知，這確實證明了我們如何購買一切。我們嚴謹的投資者方法使我們在第一天就獲得了 10% 的無限現金回報，而這種回報應該會持續下去。我們不打算改變我們的購買方式和購買的內容。

Next slide. This slide just simply -- simple or similar in the growth rate, like the AFFO, our base rent, we hit -- we're projecting to hit for 2025 over $135 million top-line rent. Super proud of that, need to keep growing obviously to catch up to our peers.

下一張投影片。這張投影片很簡單 - 簡單或類似的成長率，例如 AFFO，我們的基本租金，我們達到 - 我們預計到 2025 年將達到超過 1.35 億美元的頂線租金。對此感到非常自豪，顯然需要繼續成長才能趕上我們的同行。

Next slide. This, unfortunately, is our stock price. It's part of our slides because, God willing, in future quarters, we're going to be able to do a victory lap as we hopefully start hitting highs. Our year high, I think is 12.90%, and right now we're somewhere near low for the year. For absolutely no reason, our returns are better. Our -- we continue to be able to make good investments with no bad debt.

下一張投影片。不幸的是，這就是我們的股價。這是我們幻燈片的一部分，因為，如果上帝願意，在未來的幾個季度裡，我們將能夠慶祝勝利，希望能夠開始創下新高。我認為，我們今年的最高點是 12.90%，而目前我們處於今年最低點附近。毫無理由的是，我們的回報更好。我們的－我們繼續能夠進行良好的投資，而沒有壞帳。

So on slide 10, like I was just saying about our stock price, on one side, unfortunately, our one-year total return versus our peers, has -- we've become the bottom. And in our AFFO trading multiples, you see we're being traded a lot lower than our peers. I'm hoping at some point the investment public realizes what a deal our stock is and our stock starts trading closer, at least to the next tier of LTC, Omega, and Sabra to be the mid 12 times, which should put our stock price probably somewhere $14 to $15 a share.

因此，在第 10 張投影片上，就像我剛才說的我們的股價一樣，一方面，不幸的是，與同業相比，我們的一年總回報率已經跌至谷底。在我們的 AFFO 交易倍數中，您會發現我們的交易價格比同業低很多。我希望投資大眾在某個時候能夠意識到我們的股票有多划算，並且我們的股票交易價格開始更接近，至少接近 LTC、Omega 和 Sabra 的下一層，即 12 倍的中間值，這應該會使我們的股價大概在每股 14 到 15 美元之間。

Next slide. In slide 11, you see our payout ratio. We're the lowest comparatively to our peers at 44%. Even once we increase the dividends, I think we still stay below 50%, so we have 2 times coverage of our dividend. Our dividend yield at 5.3% is the low, is at the low end, but, like I said, once we increase the dividend for payable in the third quarter, but before the second quarter, we'll be closer to 6.4%, and that's hopefully before the stock hopefully moves a little higher.

下一張投影片。在投影片 11 中，您可以看到我們的派息率。與同行相比，我們的這一比例最低，為 44%。即使我們增加股息，我認為我們的股息率仍將保持在 50% 以下，因此我們的股息覆蓋率是 2 倍。我們的股息殖利率為 5.3%，處於低位，但就像我說的，一旦我們增加第三季應付的股息，但在第二季之前，我們將接近 6.4%，希望這是在股價有望略有上漲之前。

Next slide. As we've talked about in previous quarters, we are the pure play, closest pure-play SNF real estate, investment trust out there, but over 91% of our portfolio is still nursing facilities. What used to be most similar appear to us was CareTrust, and now they are at 50.9%. And so we're not -- there's nobody even close to us. And we believe that the nursing home market, the SNF world is a great area for us to be in. I mean, we have expertise which mitigates risk for tenants going bad, which we haven't had, and it's one of the only businesses that is most of our tenants' revenue stream comes from the government, which is protected, Medicaid. They're not doing anything to the Medicaid program even though there was a scare most recently, but that didn't play out to be anything important.

下一張投影片。正如我們在前幾個季度所討論的，我們是純粹的、最接近純粹的 SNF 房地產投資信託，但我們投資組合的 91% 以上仍然是護理機構。在我們看來，過去最相似的是 CareTrust，現在他們的比例是 50.9%。所以我們不是──沒有人與我們親近。我們相信，養老院市場、SNF 世界對我們來說是一個很好的領域。我的意思是，我們擁有專業知識，可以減輕租戶變壞的風險，這是我們以前沒有的，而且它是唯一一家大部分租戶收入來自政府（受到醫療補助的保護）的業務之一。儘管最近出現了恐慌，但他們並沒有對醫療補助計劃採取任何措施，但這並沒有什麼重大影響。

And again, we always tell people like how our business is a need-based business as opposed to a lot of the other REITs are want-based business. If mom needs to be in a nursing home, you put mom in a nursing home. In the want-based business, assisted living, if you can't sell your house, they don't move into assisted living or retail or all the other kinds of REITs. Maybe with the exceptions of like the REITs for prisons and all that, but -- or post offices. But for the most part, most REITs are wants, retail, multi-family.

而且，我們總是告訴人們，我們的業務是基於需求的業務，而許多其他房地產投資信託基金是基於願望的業務。如果媽媽需要去養老院，你就把媽媽送到養老院。在以需求為基礎的輔助生活業務中，如果你不能賣掉你的房子，他們就不會進入輔助生活或零售或所有其他類型的房地產投資信託基金。也許除了監獄房地產投資信託基金之類的例外，或是郵局。但在大多數情況下，大多數房地產投資信託基金都是想要零售、多戶型的。

In this case, we're a need, and we think we're where we're supposed to be with my background and my management team's background being in the nursing home space previously. It provides a good support for our company for -- if there's any issues needed, strength and support from us.

在這種情況下，我們是需要的，我們認為，鑑於我和我的管理團隊之前在養老院領域的背景，我們現在處於我們應該處於的位置。它為我們公司提供了良好的支持——如果有任何問題需要我們的力量和支持。

Next slide. Just comparatively to our peers. Again, this is going to become not a good dataset because as they move away from SNFs and they are who they are, this will -- this should change. But in the meantime, our EBITDARM coverage close to 2 times, that continues to improve. Most recently, all of our Missouri portfolio, July 1, got a major increase to the rates. Tennessee, same thing as expected, and so our -- and I'm not sure a couple of other states, but we should see an increase in the EBITDARM and coverage ratio, and we're right in the middle of the pack, as far as the AFFO share growth.

下一張投影片。只是與我們的同行相比。再說一次，這將不再是一個好的數據集，因為隨著他們遠離 SNF，他們就變成了他們自己，這將會改變——這應該會改變。但同時，我們的EBITDARM覆蓋率接近2倍，而且持續改善。最近，我們所有的密蘇裡州投資組合的利率自 7 月 1 日起大幅上漲。田納西州的情況與預期相同，因此——我不確定其他幾個州的情況，但我們應該會看到 EBITDARM 和覆蓋率有所增加，就 AFFO 份額增長而言，我們正處於中間位置。

I think that's the big difference, an investor that's out there that's just looking at -- that's just looking at dividends and they're not looking at the total return. They may not realize how great of investment this is. When you take a look at our AFFO share growth compared to the peers, we're at an 11% growth rate, where most of the others are at a negative growth. You take that 11.1% growth and AFFO per share and added to the dividend yield, we're talking about a 16% to 17% return for the average investor buying our stock today, and that's without the upside of the stock being traded at such a low value. So I would feel that it's a very attractive stock to own.

我認為這就是最大的區別，投資者只關注股息，而不關注總回報。他們可能沒有意識到這是多麼巨大的投資。當您將我們的 AFFO 份額成長與同行進行比較時，我們會發現我們的成長率為 11%，而其他大多數公司都處於負成長狀態。如果你把 11.1% 的成長率和每股 AFFO 加上股息收益率，那麼對於今天購買我們股票的普通投資者來說，我們談論的就是 16% 到 17% 的回報，而且這還沒有考慮到股票以如此低的價值交易所帶來的好處。所以我覺得這是一檔非常有魅力的股票。

Next slide. This is one of my favorite slides where we talked already about the payout ratio, and we just talked about the AFFO share growth. This just puts it to you showing you the growth over the last five years, just year over year from $1.11 to $1.27, $0.16 on $1.11 is close to 14% for the year. So it's positive, and we're really proud of our company.

下一張投影片。這是我最喜歡的幻燈片之一，我們已經討論了派息率，並且剛剛討論了 AFFO 份額增長。這只是向您展示過去五年的成長情況，年復一年，從 1.11 美元增長到 1.27 美元，1.11 美元增長 0.16 美元，年增長率接近 14%。所以這是積極的，我們為我們的公司感到自豪。

Next slide. On slide 15, we're kind of aging out of the slide as well. Our company today, we're morphing into similar territory as our peers, still at a 50% debt, like we talked about before, and our range -- target range of 45% to 55%. If you look at this chart, you see how the bonds have taken over as being our largest source of debt. I love the Israeli market, and the Israeli market seems to love us in return.

下一張投影片。在第 15 張投影片上，我們也有點過時了。如今，我們公司正向與同業類似的方向轉變，債務率仍為 50%，就像我們之前談到的，而我們的目標範圍是 45% 到 55%。如果你看一下這張圖表，你會發現債券已經成為我們最大的債務來源。我熱愛以色列市場，以色列市場似乎也熱愛我們。

We just did a successful bond raise in the second quarter that we were oversubscribed by almost 3 times. And because the dollar was so weak, we took more money so that we could pay down American -- debt that was in dollar denomination, and we didn't recognize -- we recognized it's unrealized capital gain on the currency exchange because we were able to pay you off at a very good exchange rate which once everything settles in three years or whatever it is, we should recognize north of a $10 million currency exchange benefit.

我們剛在第二季成功發行債券，超額認購近三倍。由於美元如此疲軟，我們拿了更多的錢來償還以美元計價的美國債務，我們沒有意識到——我們意識到這是貨幣兌換的未實現資本收益，因為我們能夠以非常好的匯率償還債務，一旦一切都在三年內或無論多少年後穩定下來，我們應該意識到超過 1000 萬美元的貨幣兌換收益。

I know in this quarter because of the dollar becoming weak or weaker, on our balance sheet, you'll notice a decrease in equity which is based off of the recognized loss on currency, but in reality, we're weighing the money, and I expect all of that to go away and turn positive and actually we will realize net income from the currency at some point. That being said, HUD is 34%, 35% and the banks are minimum -- we're getting smaller.

我知道本季度由於美元走弱或走弱，在我們的資產負債表上，您會注意到權益減少，這是基於已確認的貨幣損失，但實際上，我們正​​在權衡資金，我預計所有這些都會消失並轉為正值，實際上我們將在某個時候實現貨幣淨收入。話雖如此，HUD 佔 34%、35%，銀行佔比最低——我們的規模正在變小。

We do have expectation, I know last quarter, one of the analysts asked, and I've answered, and we're on target to do exactly what I said earlier, which is we're going to refinance bond Series C, D, and A in the next 12 months and whatever the marketplace can absorb in Israel because of the size, and we're going to do staggered maturities so that we don't have, in the future, maturity date of too much in one time.

我們確實有預期，我知道上個季度有一位分析師問過這個問題，我也回答過，我們的目標是按照我之前說的去做，也就是我們將在未來 12 個月內對 C、D 和 A 系列債券進行再融資，無論以色列市場因為規模而能夠吸收多少，我們都會進行交錯到期，這樣將來我們就不會在一次到期日過多。

But then whatever we don't do in the Israeli market, we will do in a conventional unsecured credit line with one of the banks. And so hopefully by the end of '26, we should be in a nice spot between HUD, bonds, and banks. And similar to where we're at, maybe 1/3, 1/3, 1/3. I like to get the HUD debt to be a little higher. But in the meantime, we're still in the same range of 1/3, 1/3, 1/3, with the banks being the low end of that 22% and the bonds being the high end at 43%.

但是，無論我們在以色列市場沒有做什麼，我們都會透過與某家銀行的傳統無擔保信貸額度來做。因此，希望到 26 年底，我們能夠在 HUD、債券和銀行之間找到一個良好的平衡。與我們現在的情況類似，可能是 1/3、1/3、1/3。我希望 HUD 債務稍微高一點。但同時，我們仍然處於 1/3、1/3、1/3 的相同範圍內，其中銀行處於 22% 的低端，而債券處於 43% 的高端。

Next slide. Slide 16 has become my favorite slide. If you look at it, it's -- we diversified our portfolio by state and by consultants, by rent. And today, with the anomaly of Indiana being 25%, which is one tenant and two master, it's -- I think two master leases, outside of them, everybody else is below 18% as a percentage and as a group, and we're going to continue to diversify, and we're going to continue to keep growing the wedge here that's other, and the wedge there, it's Missouri. We're not growing Illinois, we're not growing Kentucky at this point; Tennessee, God willing; Indiana, God willing; and New States, God willing as well.

下一張投影片。第 16 張投影片已成為我最喜歡的投影片。如果你看一下，你會發現——我們根據州、顧問和租金實現了投資組合的多樣化。如今，印第安納州的異常比例為 25%，即一個租戶和兩個主租戶，我認為有兩個主租賃，除此之外，其他所有人的百分比和群體比例都低於 18%，我們將繼續實現多元化，我們將繼續擴大這裡的楔子，那是其他的楔子，那是密蘇裡州的楔子。目前，我們不會發展伊利諾州，也不會發展肯塔基州；如果上帝願意，我們也不會發展田納西州；如果上帝願意，我們也不會發展印第安納州；如果上帝願意，我們也不會發展新州。

And so, this is really nice. Like we've talked about before, when we started this 10 years ago, 11 years ago, in the form that it is now, we were two states with one operator, and now, we're a lot more states with -- being all together at 16 master leases and thank God, it's gone really well. Last slide that I'm presenting is 17, that just shows you the map. We're growing, we're growing. 141 properties. It's exciting times for us.

所以，這真的很好。就像我們之前談到的，當我們在 10 年前、11 年前開始這個計畫時，以現在的形式，我們有兩個州，只有一個運營商，而現在，我們的業務範圍擴大到更多的州，總共有 16 個主租約，感謝上帝，一切進展順利。我展示的最後一張投影片是第 17 張，它只是向你展示地圖。我們正在成長，我們正在成長。 141 處房產。對我們來說這是激動人心的時刻。

And with that, I believe I'm handing it back to Jeff.

就此而言，我相信我會把它交還給傑夫。

Thank you, Moishe. This marks the end of the company's prepared remarks. I would now like to hand it back to the operator who will be presenting questions to us from our analysts. Thank you so much.

謝謝你，Moishe。這標誌著該公司的準備發言結束。現在我想將電話交給操作員，他將向我們轉達我們的分析師提出的問題。太感謝了。

(Operator Instructions) Barry Oxford, Colliers.

（操作員指示）巴里牛津，科利爾。

Moishe, when you look at your tenant base, I know you collected 100% of the rents, but do you have a tenant or two that you might have on a watch list currently, or is the health of your tenants all pretty strong at this particular juncture?

Moishe，當您查看您的租戶基礎時，我知道您收取了 100% 的租金，但是您目前是否有一兩個租戶可能在您關注的名單上，或者在這個特定時刻，您的租戶的健康狀況是否都相當良好？

I would say that our -- if there's any weakness in our portfolio, it's not facility or operator. It's more the state, and right now, state of Illinois, which used to be our biggest part of our portfolio, now smaller thankfully. Illinois still is the laggard. That has to do with reimbursement and staffing still, which is like an old topic, but no one really talks about anymore, which thankfully 'cause otherwise you might have to defend it. But they're still paying the rent, and they're -- they have a coverage over one, but they're not -- that's still our struggling space today. We're retenanting a few of those properties. At some rent that we're getting now, we'll increase our walk by a drop because we'll reset them to 10 years.

我想說的是——如果我們的投資組合有任何弱點，那就不是設施或營運商。它更多的是州，現在是伊利諾伊州，它曾經是我們投資組合中最大的一部分，幸運的是，現在規模較小了。伊利諾伊州仍然落後。這仍然與報銷和人員配備有關，這是一個老話題，但沒有人真正談論它，謝天謝地，否則你可能不得不為它辯護。但他們仍然在支付租金，而且他們 - 他們有一個以上的保險，但他們沒有 - 這仍然是我們今天苦苦掙扎的空間。我們正在重新租賃其中一些房產。對於我們現在收到的某些租金，我們會稍微增加步行時間，因為我們會將其重置為 10 年。

But I don't -- we don't really have anyone that's really struggling, that's more of a watch than what we do to begin with. Let me just give you an idea for our way of asset managing, the asset managers are typically keeping an eye on surveys. We have a nurse consultant that's reviewing surveys from all of our tenants facilities, and we're constantly monitoring what's going on there and then we're in touch with the operators when there's a problem, and we push the -- to get results and if we have to even offer help with our nurse consultant helping them, it hasn't happened but we offer.

但我沒有——我們實際上並沒有遇到真正陷入困境的人，這比我們一開始所做的還要多。讓我給你介紹一下我們的資產管理方式，資產經理通常會關注調查。我們有一名護理顧問負責審查我們所有租戶設施的調查，我們不斷監控那裡發生的情況，然後在出現問題時與操作員聯繫，我們推動 - 獲得結果，如果我們甚至需要我們的護士顧問幫助他們提供幫助，雖然還沒有發生，但我們會提供幫助。

And so, we're keeping an eye on survey stuff. As far as financial spreads, we're doing that on a regular monthly basis when we get the data. And so -- everyone's watched the same way, but I guess, the real eye today is the push from the associations in Illinois, to push for the reimbursement to improve, and it's just the perfect storm, it's price-based reimbursement. So you need to -- you have to live within a budget, and then they put pressure on operators with union contracts and other things which -- I'm pro-union, I have to be, but regardless, the unions over there have gotten a higher base wage than everywhere else in our portfolio. And so the reimbursement has to catch up to it.

因此，我們正在密切關注調查情況。就金融利差而言，我們在獲得數據後會每月定期進行統計。所以——每個人都以同樣的方式觀看，但我想，今天真正關注的是來自伊利諾伊州協會的推動，推動報銷改善，這只是一場完美風暴，這是基於價格的報銷。所以你需要——你必須在預算之內生活，然後他們通過工會合約和其他方式向運營商施加壓力——我支持工會，我必須支持，但無論如何，那裡的工會獲得的基本工資比我們投資組合中的其他地方都要高。因此，償還金額必須跟上。

So I think that answers your question. We're watching what's going on. We don't have anything ranger-danger, but we have stuff that we're -- our eyes on and I'm not too worried, things will work out, God willing.

所以我認為這回答了你的問題。我們正在觀察正在發生的事情。我們沒有任何危險，但我們正在關註一些事情，我並不太擔心，如果上帝願意，事情會解決的。

But you touched on reimbursements and you talked on -- touched on the expenses, but is there some overriding concerns about Medicaid and how much they're going to bump?

但是您談到了報銷問題，也談到了費用問題，但是是否存在一些關於醫療補助的首要擔憂以及它們將增加多少？

So again, the program -- the Medicaid program is administered basically in two ways. It's either price-based or cost-based. And to be specific to our portfolio, really, Illinois is the only price-based state. And from that point of view, Illinois has historically always taken care of elderly and Medicaid program, and there's no real pressure on them. There's no pressure, of course, to cut anything but the pressure is for them to keep up when there's rising costs. And historically, Illinois was always a little slower on the uptick.

所以，再次強調，醫療補助計劃基本上以兩種方式實施。它要么基於價格，要么基於成本。具體到我們的投資組合，伊利諾伊州確實是唯一基於價格的州。從這個角度來看，伊利諾伊州歷來都注重老年人和醫療補助計劃，他們沒有真正的壓力。當然，他們沒有削減任何開支的壓力，但當成本上升時，他們面臨的壓力是跟上成本。從歷史上看，伊利諾伊州的成長速度總是比較慢。

And so I would expect -- I mean, rates have gone up. Don't get me wrong. When I first started this business, I think we have one of our buildings that are here that I was part of the operations. We were getting $90 a day or $94 a day as a Medicaid rate. I think today our average Medicaid rates are between $250 and $300 and that's 20 years later. So I don't know what that equals if someone could figure out the math, but I think that's a pretty good clip as far as increased costs and increased revenue.

所以我預計——我的意思是，利率已經上升了。別誤會我的意思。當我剛開始這項業務時，我記得我們這裡有一棟建築，我參與了它的運作。我們每天可以獲得 90 美元或 94 美元的醫療補助。我認為今天我們的平均醫療補助費用在 250 美元到 300 美元之間，這是 20 年後的情況。所以我不知道如果有人能算出數學的話這相當於什麼，但我認為就增加成本和增加收入而言這是一個相當不錯的增長。

I'm not too worried. At the end of the day, the reimbursement, the legislature -- based on price-based reimbursement, the only way it works is the state legislators have to go down to Springfield and then they have to allocate more resources, and their constituents and their districts and -- are all pushing and we're pushing as an association. Any chance we get to talk to the politicians because they're the only ones that can do it. It's not an act of Congress, it's an act of state legislature.

我不太擔心。歸根結底，報銷、立法——基於價格的報銷，唯一可行的方法是州立法者必須前往斯普林菲爾德，然後他們必須分配更多的資源，他們的選民和他們的選區都在推動，我們作為一個協會也在推動。我們有機會與政客交談，因為只有他們才能做到這一點。這不是國會的法案，而是州立法機構的法案。

And so I'm certain everything will work out. It's a blue state and the blue states always are better for caring for people as far as finding the money to fund, to fund these things and -- I'm not too worried. It's an item -- you brought the question up so I gave you an answer, but reality is, this is -- I'm not losing any sleep over this.

所以我確信一切都會順利。這是一個藍色州，藍色州在照顧人民方面總是做得更好，只要找到資金來資助這些事情——我並不太擔心。這是一件事——你提出了這個問題所以我給了你答案，但事實是——我不會為此失眠。

Right. And last one from me. Switching gears, you have a decent acquisition pipeline right now, but given where your stock price is, how do you think about your cost of capital and how do you think about financing future acquisitions without getting too far out on the debt metrics?

正確的。這是我的最後一句話。換個話題，您現在有一個不錯的收購管道，但考慮到您的股價，您如何考慮您的資本成本以及如何考慮為未來的收購提供資金，而不會在債務指標上走得太遠？

Yeah, that's probably the most popular question I get when I talk to investors. I mean, that really is because there's -- the parameters that you want to stay within that you don't want to upset the average investor that's looking for us to be within a certain range on things. If all things were equal and I had nothing to worry about and I knew that there was a brand of investors out there that would support my stock because our returns are going to be better than the next guy, then I would push our debt level higher and our range is 45%, 55%.

是的，這可能是我與投資者交談時最常見的問題。我的意思是，這確實是因為——你想要保持在某個參數範圍內，而你不想讓那些希望我們在某件事上保持在一定範圍內的普通投資者感到不安。如果所有條件都相同，我沒有什麼可擔心的，而且我知道有一批投資者會支持我的股票，因為我們的回報會比下一個更好，那麼我會提高我們的債務水平，我們的範圍是 45%、55%。

But my background in real estate, there was times where I was 80% levered in my portfolio, 20 years ago. We haven't been near there in many years. But I guess, push comes to shove some point down the road. If the leverage really got to a point that it was like at 55% and we had a sweet deal, I probably end up selling equity cheap or take a mix of equity and debt because I really want to respect the investor marketplace. I mean, I work for the shareholders regardless, but the investor marketplaces make or break in the long run of our company's stock and how we're looked at by you guys, the analysts, and by the investors themselves.

但由於我的房地產背景，20 年前我的投資組合槓桿率曾達到 80%。我們已經很多年沒有去那裡了。但我想，未來某個時候，事情會變得棘手。如果槓桿率真的達到 55% 左右，而我們達成了一筆不錯的交易，我最終可能會以低價出售股票，或者混合持有股票和債務，因為我真的想尊重投資者市場。我的意思是，無論如何我都是為股東工作的，但從長遠來看，投資者市場將決定我們公司股票的成敗，以及你們、分析師和投資者自己如何看待我們。

So I don't want to lose that trust and I don't want to lose the faith that they might have of us doing things responsibly in a normal range. So today, we don't got to worry about it. 50% leverage, which gives us an ability, just even if we got our own 55% internal limit, gives us enough room to add a bunch of debt if we needed to. And all of our banks and all of our lending has us to 65% leverage, which we're never going to get there. I mean, I can't see myself ever really doing that because that's like hitting like the ripcord that half the people that are -- that they want to own our stock a certain way would have to dump our stock because we would get out of the parameters that most people are comfortable with, and I don't want to do that.

所以我不想失去這種信任，也不想失去他們對我們在正常範圍內負責任地做事的信心。所以今天，我們不必擔心。 50% 的槓桿率賦予我們一種能力，即使我們有自己的 55% 的內部限制，也為我們提供了足夠的空間來在需要時增加大量債務。我們所有的銀行和所有貸款的槓桿率都達到了 65%，這是我們永遠無法達到的。我的意思是，我無法想像自己真的會這麼做，因為這就像拉開拉繩一樣，一半想要以某種方式持有我們股票的人將不得不拋售我們的股票，因為我們會脫離大多數人都能接受的參數，而我不想這麼做。

So I think that answers your question. This is a better question to ask if we end up finding a deal for $200 million to $300 million and the stock is still trading at $11 which would -- which is terrible. But if that would happen and then you say to me, Moishe, what are you going to do? And then I'm going to tell you, Barry, I'm going to make it work and we'll probably end up taking equity and we shouldn't, but I think that's the move to make sure that everybody stays happy with us.

所以我認為這回答了你的問題。如果我們最終達成 2 億至 3 億美元的交易，而股價仍以 11 美元的價格交易，那麼這個問題就更好了，這太糟糕了。但如果發生這種情況，然後你問我，Moishe，你打算怎麼做？然後我要告訴你，巴里，我會讓它發揮作用，我們最終可能會獲得股權，我們不應該這樣做，但我認為這是為了確保每個人都對我們感到滿意。

Kyle Katorincek, Janney.

凱爾·卡託林切克，詹妮。

Just picking back on Barry's question. Just trying to get an impact of potential reduction provider taxes at state level in the way that Medicare or Medicaid is financed.

只是重新回答巴里的問題。只是想在州一級透過醫療保險或醫療補助的融資方式獲得潛在的減少提供者稅收的影響。

Really, our portfolio, we're only really affected, I believe in Indiana, I think maxed out on the IGT or UPL depending on how you want to call it in federal matching. Federal matching, it pertains to the program that they're referring to. So Indiana happens to be our strongest state. We have coverages over too, tenant does real well, the relationships with the hospitals there are really strong, and there's a lot of upsides still that -- but that -- they're actually our weakest census state, though I've told the investor public over the years, previous meetings, how -- we're an efficiency -- our tenants are an efficiency business, not an occupancy business like a lot of other REITs, because most of the expenses on our tenants are variable and minimally fixed, whereas the other REITs are mainly fixed and minimally variable.

實際上，我們的投資組合只受到了影響，我相信在印第安納州，我認為 IGT 或 UPL 達到了最大值，這取決於你想在聯邦匹配中如何稱呼它。聯邦匹配，它與他們所指的計劃有關。因此，印第安納州恰好是我們最強大的州。我們也有保險，租戶做得很好，與那裡的醫院的關係非常牢固，並且仍然有很多好處 - 但是 - 它們實際上是我們最薄弱的人口普查州，儘管多年來我在以前的會議上告訴過投資者公眾，我們是一家效率型企業 - 我們的租戶是一家效率型企業，而不是像許多其他房地產投資信託基金那樣是一家最低限度的企業，因為我們的租戶是一家效率型企業，而不是像許多其他房地產投資信託基金那樣是一家最低限度的企業，因為我們的租戶是一家效率型企業，而不是像許多其他房地產投資信託基金那樣是一家最低限度的業務

So that being said, there's so much room for that tenant to increase bottom line, even though they're really our best performing state financially, but there's so much room for them and they'd be able to absorb -- they'd be able to absorb, and I don't know if I want this on the record, but some politician hears this, oh, Moishe said that they could absorb a cut, but the reality is that's really our effect in our portfolio, and that doesn't mean that we don't buy into a state and a new state with a new portfolio that can be affected by something over here. But you keep in mind that the starting point -- now these are good talking points by politicians, but the reality is Is that most of these programs were created for rural states that have rural communities that -- oh, no. I don't know. Did I lose people or did I --

話雖如此，租戶仍有很大的空間來增加底線，儘管他們確實是我們財務表現最好的州，但他們仍有很大的空間，他們能夠吸收 - 他們能夠吸收，我不知道我是否想記錄在案，但一些政客聽到這個，哦，莫伊舍說他們可以吸收削減，但現實是，這確實是我們投資組合的影響，這並不意味著我們不會購買一個州和一個州的但你要記住，起點——現在這些都是政客們很好的談話要點，但現實是，這些計畫大多是為擁有農村社區的農村州創建的——哦，不。我不知道。我是否失去了人，或者我--

I can still hear you.

我仍然可以聽到你的聲音。

Oh, I'm sorry. Yeah, my screen went blank. I thought maybe I lost power or something. So like I was saying, it's like, the programs were created to bring revenue to -- they wanted hospitals in smaller. If you needed to go to a hospital, they don't want you driving half an hour, 45 minutes or an hour to somewhere else. Same thing with the nursing home, they didn't want you -- if your mom is in a nursing home and you have to schlep an hour each way to a nursing home in somewhere else. They wanted a nursing home like per county, so it wouldn't be too far.

噢，對不起。是的，我的螢幕變黑了。我以為我可能斷電了或發生其他什麼事情。所以就像我說的，這些項目是為了帶來收入而創建的——他們希望醫院規模更小。如果您需要去醫院，他們不希望您開車半小時、45分鐘或一個小時去其他地方。養老院也是一樣，如果你的媽媽在養老院，而你又必須花上一個小時的時間去別處的養老院，那麼他們就不會想要你了。他們想要一個像每個縣一樣的養​​老院，這樣就不會太遠。

So even though the politicians have good talking points and are -- this is a good topic to talk about. The reality is is that the underlying point that they want to accomplish is they want to have healthcare local to where people are and they want to meet the needs. So states like Indiana, which is why they're using the most of it, you have counties with 5,000 people on them, like Jasper County or Roselawn or other counties that are -- Newton County, like these are counties that have minimal 50 -- not even 50,000 people, maybe 20,000 people and they want them to have a nursing home nearby that they don't have to schlep far away.

因此，儘管政客們有很好的談話要點——但這仍然是一個很好的話題。事實是，他們想要實現的根本目標是，他們希望醫療保健能夠貼近人們的所在地，並滿足他們的需求。因此，像印第安納州這樣的州（這也是他們使用最多的原因）的人口都在 5,000 人左右的縣，比如賈斯珀縣或羅斯勞恩縣或其他縣——牛頓縣，這些縣的人口至少有 50——甚至不到 50,000 人，也許只有 20,000 人，他們希望這些居民能在附近

So again, I don't think in the grand scheme of things these kind of changes are really going to happen. I think the changes that the government wants that will end up doing and rightfully is make sure that the people that are supposed to be on the Medicaid are the ones that are on Medicaid. It wasn't meant for illegal aliens, it wasn't meant for a bunch of other people that are on it. I remember when I first started in this business, you had to prove that you're a citizen.

所以，我再說一遍，我認為從總體上看，這種變化不會真正發生。我認為政府想要的改變最終會實現，理所當然的是確保那些應該享受醫療補助的人確實享受了醫療補助。它不是為非法外國人準備的，也不是為船上的其他人員準備的。我記得當我剛開始從事這項業務時，你必須證明你是公民。

And even that you had to prove that you were sick and you had to get some kind of assessment or pre-admission screening that really proved out. If you're under 65, then you're eligible and deserving, and now, they became so loose that you have all kinds of people that can get on there. So Kyle, I don't know if I answered your question. I think I did. I believe at the end of the day, a lot of this stuff, which is healthy discussion, but in reality, unless they really want to go to a point where people really can't visit mom and be so far away, I can't really see them really destroying it, like terrible. And if there is a little bit of a cut, the one place that can take the cut is the place that would get the cut. So I think that's the answer.

甚至你必須證明你生病了，並且必須接受某種評估或入院前篩檢才能證實。如果您未滿 65 歲，那麼您就有資格並值得享受這項福利，現在，福利變得非常寬鬆，各種各樣的人都可以享受這項福利。凱爾，我不知道我是否回答了你的問題。我想我做到了。我相信，歸根結底，這些內容都是健康的討論，但實際上，除非他們真的想讓人們無法探望媽媽，並且離媽媽太遠，否則我真的看不到他們真的會破壞它，就像可怕的事情一樣。如果有一點點削減，那麼能夠承受削減的地方就是最終得到削減的地方。所以我認為這就是答案。

And then one last one for me. You mentioned Tennessee and one other state had major increases to rates. How much do they increase over prior rates?

對我來說還有最後一個。您提到田納西州和另一個州的稅率大幅上漲。與之前的利率相比增加了多少？

Well, I don't know offhand. I saw it was a good number. Missouri had the biggest increase that I saw. They had just gotten another increase before, I think January rates went up big. I think July, they went up another easily 10%. When I saw rates for some of our tenants that were going up $30 to $40 a day, which is easily a 10%, 15% increase. If you need more data we could find something. You can just email Jeff or myself and we can find you a response.

嗯，我現在還不知道。我發現這是一個不錯的數字。密蘇裡州的增幅是我所見過的最大。他們之前剛剛又一次升息，我認為一月份的利率大幅上漲。我認為 7 月它們又輕鬆上漲了 10%。當我看到一些租戶的租金每天上漲 30 至 40 美元時，這很容易就是 10% 或 15% 的漲幅。如果您需要更多數據，我們可以找到一些。您可以直接向 Jeff 或我發送電子郵件，我們就可以回覆您。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

I wanted to go back to your comments on acquisition pipeline of more than $300 million. Can you provide a breakdown of what's in the pipeline? Are you looking at any portfolios or are these single assets and then, maybe break down by which markets you're looking at?

我想回到你關於超過 3 億美元收購管道的評論。您能否提供正在進行的計劃的詳細情況？您是否正在查看任何投資組合或這些單一資產，然後可能根據您正在查看的市場進行細分？

Oh, Jeff, you want to answer that?

哦，傑夫，你想回答這個問題嗎？

Yeah. Currently, we've got one deal we closed earlier this week. We have another small deal that we're working on in Missouri that we've got papered up and should be closing. Otherwise, we're looking at, by and large, just $300 million is comprised of predominantly in states that we're currently in. Some of them are bigger portfolios, some of them -- a couple of them are -- one of them is over $100 million. But the deals keep on coming into us. As we've said before, much has been in this industry a long time. We've been going to these healthcare conferences. Probably three or four times a year. Everybody knows who we are and there's a lot of interest in us.

是的。目前，我們已經達成了一筆本週稍早達成的交易。我們正在密蘇裡州進行另一筆小交易，已經完成了相關手續，即將完成。否則，總的來說，我們看到只有 3 億美元主要來自我們目前所在的州。其中一些是較大的投資組合，其中一些——其中有幾個——其中一個超過 1 億美元。但交易仍不斷湧向我們。正如我們之前所說，這個行業已經存在很久了。我們一直在參加這些醫療保健會議。大概一年三到四次。每個人都知道我們是誰，人們對我們很感興趣。

I mean, there's -- the deals keep on -- I mean, people keep on coming to us seeing what we could do, if we want to go to a new state, but we're only going to go to a new state if it makes sense. We're going to go to a new state if it's a sizable portfolio, similar to what we did last year in Missouri and Kansas earlier this year. And once we get a master lease in a new state, we'll grow that as well. But the $300 million really is right now, as I said earlier, we've got one more deal to close and we're just reviewing, we're working on -- we're reviewing a fair amount of deals and hopefully we'll be able to get a few more done before year end.

我的意思是，交易不斷，人們不斷來找我們，看看我們能做些什麼，如果我們想去一個新的州，但我們只會在有意義的情況下才會去一個新的州。如果投資組合規模較大，我們就會去一個新的州，類似於我們去年早些時候在密蘇裡州和堪薩斯州所做的。一旦我們在新州獲得主租約，我們也會擴大業務。但正如我之前所說，現在 3 億美元確實是我們還有一筆交易要完成，我們正在審查，我們正在努力 - 我們正在審查相當數量的交易，希望我們能夠在年底之前完成更多交易。

Yeah, I think just to add to Jeff, we would look at most states. There's a couple of states that are off, that we don't we don't ever want to go to. But there are other states that if the tenant is strong enough, the guarantee is good, their financials are good, then we'll entertain it and so, like one of those marginal states that typically we weren't so excited about, but for the right situation or the right tenants and all that would be a state like Connecticut or a state like Wisconsin. And so, we're looking at, I mean, right now, we don't have anything else in our pipeline that's others -- that are outside of our current territories other than looking at a few deals of like that, like I just said is, maybe Connecticut, Wisconsin or the like.

是的，我想補充傑夫，我們會考慮大多數州。有幾個州是錯的，我們不想去。但在其他州，如果租戶足夠強大，擔保良好，財務狀況良好，那麼我們就會考慮，所以，像那些我們通常不太感興趣的邊緣州之一，但對於合適的情況或合適的租戶，所有這些都會是康涅狄格州或威斯康星州這樣的州。所以，我們正在考慮，我的意思是，現在，我們的管道中沒有任何其他東西——除了考慮一些類似的交易之外，這些交易在我們目前的領土之外，就像我剛才說的，可能是康涅狄格州、威斯康星州或類似的地方。

Okay, second question I had was on the rent coverage. It seems like it moved up a little bit to 1.98 times from 1.89 times last quarter. Can you maybe talk about, how we should expect this, the rent coverage ratio going forward?

好的，我的第二個問題是關於租金覆蓋範圍的。看起來它從上一季的 1.89 倍略微​​上升至 1.98 倍。您能否談談，我們該如何預期未來的租金覆蓋率？

So I've talked about that before. The thing is when we start brand new leases, every brand new lease we bring in is at a 1.25 times. So it kind of makes us take a step back when we're looking at the overall rent coverage as a metric. So everything we have is improving, and everything is stable and improving and getting better than stable. So we're thriving, or stable, we're thriving.

我之前已經談過這個了。問題是，當我們開始新的租約時，我們引入的每個新租約都是 1.25 倍。因此，當我們將整體租金覆蓋率作為指標時，我們會退後一步。因此，我們所擁有的一切都在改善，一切都在穩定、改善，並且變得比穩定更好。所以我們正在蓬勃發展，或者說穩定，我們正在蓬勃發展。

And so depending on the deals that we do, if you dilute the pool and we do $150 million and we put that all in one quarter and the rest of the portfolio that we're showing the number as a metric is, I don't know what number we're using for that, maybe $800 million or $1 billion something, where it's still diluted by like by 10%.

因此，根據我們所做的交易，如果你稀釋資金池，我們投入 1.5 億美元，並將其全部放在一個季度，而我們以數字作為指標的其餘投資組合，我不知道我們使用的數字是多少，可能是 8 億美元或 10 億美元左右，它仍然被稀釋了 10%。

So like it's not -- so depending on how big our -- if we did no deals next year, that number would go way over to probably, with the increases to the rates now, probably be 2.25 times or 2.50 times. But if we do, like we've done, I think about $140 million in the last 12 months, so you figure we keep running at that clip, that growth goes from 1.98 times to maybe, 2.15 times or something, 2.20 times. It's going to keep improving because everything we have is improving and that's still -- we're still looking towards that -- the baby boomers and all that, what do we call that? The silver tsunami, whatever it is.

所以，這取決於我們的規模——如果我們明年不達成任何交易，那麼這個數字可能會遠遠超過現在利率的上漲，可能是 2.25 倍或 2.50 倍。但如果我們這樣做，就像我們所做的那樣，我認為過去 12 個月的收入約為 1.4 億美元，所以你認為我們繼續以這個速度成長，成長率將從 1.98 倍增加到 2.15 倍或 2.20 倍。它會不斷改善，因為我們擁有的一切都在改善，而且這仍然是——我們仍在期待——嬰兒潮一代和所有這一切，我們該怎麼稱呼它們？銀色海嘯，不管它是什麼。

So we're still waiting for that to happen. That hasn't even affected our portfolio yet. That's going to happen in the next few years, and that should be incredibly positive for our company and our shareholders.

所以我們仍在等待這一幕的發生。這甚至還沒有影響到我們的投資組合。這將在未來幾年內實現，這對我們公司和股東來說應該是一件非常積極的事情。

I want to add to Moishe's point there, specifically, as he mentioned to the previous question from Kyle. Tennessee is a long-term state that we've been in. They got a sizable increase a couple of years ago, but July 1 this year, they got another very good increase, so that's going to start flowing into the rent coverage. And then Missouri, where we're now up to 17 facilities, we expect that to bring up the overall rent coverage as well.

我想補充 Moishe 的觀點，具體來說，正如他在回答 Kyle 之前的問題時提到的那樣。田納西州是我們長期居住的州。幾年前，他們的租金得到了大幅上漲，但今年 7 月 1 日，他們又獲得了一次非常好的上漲，所以這筆錢將開始流入租金補貼。然後是密蘇裡州，我們現在在那裡擁有 17 個設施，我們預計這也會提高整體租金覆蓋率。

(Operator Instructions) Mark Smith, Lake Street.

（操作員指示）馬克史密斯，湖街。

Most of my questions have been answered here, but I am just curious about kind of integration of new acquisitions as you guys have been really busy here this year. Any learnings or any hiccups along the way that you guys can improve on?

我的大部分問題都在這裡得到了解答，但我只是對新收購的整合情況感到好奇，因為你們今年真的很忙。你們在這過程中有哪些經驗教訓或困難可以改進？

I think, I mean -- we're really -- we have a good war machine here at the end of the day to absorb -- that question would have been good maybe a year ago or a year and a half ago when we found out that we had some things that are harder to absorb, and we created the whole checklist. And at this point, the way we operate, it's really turnkey with minimal exposure for things going wrong. Even our worst-case scenario, this is the first month, we collect the rent a little late, we get the rent bills out late. That doesn't happen, but that could be -- it doesn't affect our cash flow.

我認為，我的意思是——我們真的——我們最終擁有一台優秀的戰爭機器來吸收——這個問題可能在一年前或一年半前就出現了，當時我們發現有些東西更難吸收，於是我們創建了整個清單。目前，我們的營運方式是真正的交鑰匙，將出錯的風險降到最低。即使是最糟糕的情況，這是第一個月，我們也會晚一點收取租金，晚一點發出租金帳單。這種情況不會發生，但也有可能發生——它不會影響我們的現金流。

At the end of the day, we really have a well-ran, and I guess, that's -- you can't really believe me because I'm talking about myself, I guess, because it's well-ran. But I would say that I have a well-ran company and from getting the deal closed, once the deal is closed and absorbing and getting the rent bills out and getting the rent in and paying the mortgages and the cash flow and running the financial stuff. That all runs real well. And bringing in the asset managers before we buy the asset and having them already have a baseline of how the facilities are and what to expect, that also helps us in preparation for when we absorb the asset, 'cause remember, we're triple net leases.

歸根結底，我們確實運作良好，我想，那是——你不能真的相信我，因為我在談論我自己，我想，因為它運作得很好。但我想說的是，我的公司經營得很好，從交易完成，到吸收和收取租金帳單，收取租金，支付抵押貸款和現金流，以及管理財務事宜。一切都進行得很順利。在我們購買資產之前引入資產經理，讓他們對設施的狀況和預期有一個大致的了解，這也有助於我們為吸收資產做好準備，因為請記住，我們是三重淨租賃。

So we don't -- it's not like we have to sit there and figure out a whole bunch of can calculations or tenant improvements or manage construction budgets, we don't do any of that. We're as simple as we make a deal, all the documents are negotiated way before we close the deal. Once we close the deal, we already have our first month's rent guarantee. Usually, the money is already wired in before the deal closes -- right when the deal is closing.

所以我們不會——我們不必坐在那裡計算一大堆罐頭計算或租戶改進或管理建築預算，我們不會做任何這些事情。我們做交易很簡單，所有文件都是在交易完成之前協商好的。一旦我們達成交易，我們就已經獲得了第一個月的租金擔保。通常，在交易結束前，也就是交易即將結束時，資金就已經匯入。

And we're off to the races and it's just that, I guess -- and that makes us different from I guess from most of the other REITs as well, 'cause it's that triple net -- we don't have any idea, we don't have any of that any other wonky stuff. So like, it's just that easy to go and absorb it at this point. And the people that have been with us, we've have longevity with the employees and people know what they're supposed to do. And it's been good, it's been good. I like the question. Thank you.

我們已經開始了比賽，我想，這就是我們與大多數其他房地產投資信託基金的不同之處，因為它是三重淨值——我們對此沒有任何想法，我們也沒有任何其他奇怪的東西。所以，此時去吸收它就這麼簡單。與我們共事的員工都與我們合作了很長時間，他們知道自己該做什麼。一切都很好，一切都很好。我喜歡這個問題。謝謝。

It's similar to that just as we think about kind of G&A. Are there any additional people that you need to bring in or do you feel like you've got kind of the whole infrastructure in place here today?

這和我們所考慮的 G&A 類似。您是否需要引入其他人員，或者您是否覺得今天這裡的整個基礎設施已經到位了？

Yeah, like I said, I think someone asked that maybe last meeting or a meeting before. Our only real material changes that may occur, and I guess, material is defined term. I don't know if any of its material when you have a balance sheet of a billion something. I don't know if $100,000 here, $200,000 there is material, but in regards to our company, we're -- we have the officers that we want to have at the top end of the company, which is myself and Jeff and Greg. And we've replaced out our Chief Lending -- our Chief Legal Officer to a new general counsel.

是的，就像我說的，我想有人在上次會議或之前的會議上問過這個問題。我們唯一可能發生的真正物質變化，我猜，物質是定義術語。當你擁有十億左右的資產負債表時，我不知道其中是否有任何材料。我不知道這裡的 10 萬美元、那裡的 20 萬美元是否重要，但就我們公司而言，我們——我們有我們想要在公司高層擁有的高管，也就是我、傑夫和格雷格。我們也更換了首席貸款官——首席法律官，換成了新的總法律顧問。

And so, we have what we need infrastructurally. I guess from an employee, there's always maybe a need for a little bit of clerical help here and there, maybe another person, maybe another asset manager as we grow as well. So maybe a fourth asset manager, right now we're at three. But overall, on the cost side, the only real cost -- well, the cost savings when we finally eliminate the -- we have a bond issuance or two bond issuances that are -- that force us to have accounting done, and a separate Board of Directors and everything that cost us between the DNO and everything, it's probably at $1 million a year that we're going to be able to eliminate. If not this calendar year, then it'll be in '26. So that'll be to the positive.

因此，我們已經擁有了所需的基礎設施。我想，身為員工，隨著我們的發展，我們可能總是需要一些文書的幫助，也許是另一個人，也許是另一個資產經理。所以也許有第四位資產經理，目前我們有三位。但總體而言，在成本方面，唯一的實際成本——好吧，當我們最終消除——我們發行了一兩次債券——這迫使我們進行會計核算，並設立一個單獨的董事會以及 DNO 之間的所有費用時，我們每年可以消除的成本約為 100 萬美元。如果不是今年，那就是 26 年了。所以這將是積極的。

And then to the other side, to the negative, at some point, I assume a compensation committee on our board level will at some point pay me market wage. Right now, I get paid $300,000 a year and I'm not complaining about it. We're fine. And that's probably why they're able to keep pushing it off year in, year out, to not give me a raise. But that might be an increase and I'm not thinking that that's going to break the bank regardless, but that's why we're ran so inexpensively because I get paid nothing compared to my peers, which is fine.

另一方面，從消極的方面來說，我認為在某個時候，我們董事會層面的薪酬委員會會在某個時候向我支付市場工資。現在，我每年的薪水是 30 萬美元，我對此沒有任何抱怨。我們很好。這也許就是為什麼他們能夠年復一年地拖延，不給我加薪的原因。但這可能是一個成長，而且我不認為這會讓我傾家蕩產，但這就是為什麼我們的營運成本如此低廉，因為與我的同行相比，我的薪水微薄，這很好。

So that's really our only other costs, our office space where we are, we've been there since inception. We don't expect those costs to go up. It's really well-ran, clean. You could look at our financial statements as minimal amount of lines on them for someone to be able to analyze and take a look and see how we're operating. I guess, the most confusion that we have for the investor public is our equity stack and how we have the LP units that somehow confuses folks on -- I explain that to people as non-voting common. Anyway, I'm on a tangent.

所以這實際上是我們唯一的其他成本，我們的辦公空間，我們自成立以來就一直在那裡。我們預計這些成本不會上升。它確實運行良好，乾淨。您可以將我們的財務報表視為其中最少的幾行，以便人們能夠分析和查看並了解我們的營運情況。我想，對於投資者來說，最令人困惑的是我們的股權結構以及我們如何擁有 LP 單位，這在某種程度上讓人們感到困惑——我向人們解釋說這是無投票權的普通股。無論如何，我已經離題了。

I hope that answers your question, Mark.

我希望這回答了你的問題，馬克。

Thank you. I will now hand the floor over to Jeff Bajtner for webcast questions.

謝謝。現在我將把發言權交給 Jeff Bajtner，回答網路直播問題。

That does it from our end. There's no further questions. So I wanted to thank everyone for joining today. On behalf of myself, Moishe, Greg, and the team, we're very excited and proud of the strong quarter that we produced, and we look forward to continuing to provide stable returns to our shareholders in the future. If anyone would like to reach out to us, the slide on the screen right now shows mine and Moishe's email. Feel free to send us an email and we will get back to you. I want to wish everyone a great weekend. Thank you so much.

從我們的角度來看，這就是目的。沒有其他問題了。所以我想感謝大家今天的參加。我代表我本人、Moishe、Greg 和團隊，對我們本季的強勁表現感到非常興奮和自豪，我們期待未來將繼續為股東提供穩定的回報。如果有人想聯絡我們，螢幕上的幻燈片現在顯示了我和 Moishe 的電子郵件。請隨時給我們發送電子郵件，我們會回覆您。祝大家週末愉快。太感謝了。

Thank you.

謝謝。