Strawberry Fields Reit Inc (STRW) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Strawberry Fields REIT Q3 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加 Strawberry Fields REIT 2025 年第三季業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

At this time, I would like to turn the conference over to Mr. Jeff Bajtner, Chief Investment Officer. Sir, please begin.

此時，我謹將會議交給首席投資長傑夫‧巴伊特納先生。先生，請開始。

Thank you, and welcome to Strawberry Fields REIT's Q3 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. Yesterday evening, the company issued its Q3 2025 earnings results, which are available on the company's Investor Relations website. 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.

謝謝，歡迎參加 Strawberry Fields REIT 2025 年第三季財報電話會議。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，以及我們的財務長 Greg Flamion。昨晚，該公司發布了 2025 年第三季財報，報告可在公司投資人關係網站上查閱。參與者應注意，本次電話會議正在錄音，並建議聽眾注意，今天電話會議上作出的任何前瞻性陳述均基於管理層對 Strawberry Fields REIT 業務及其經營環境的當前預期、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，包括公司無法控制的因素。

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. Now on to discussing Strawberry Fields REIT and our Q3 2025 performance. I want to start by sharing some key highlights. During the quarter, the company collected 100% of its contractual rents.

此外，本次電話會議也將提及非GAAP財務表現。我們鼓勵投資人審查這些非公認會計準則財務指標，以及這些指標與可比較公認會計準則結果的解釋和調節表，這些內容包含在我們的投資者簡報的非公認會計準則指標調節表中。接下來我們將討論 Strawberry Fields REIT 以及我們 2025 年第三季的業績。我想先分享一些關鍵要點。本季度，該公司收取了100%的合約租金。

As we discussed in last quarter's conference call, on July 1, 2025, the company completed the acquisition of 9 skilled nursing facilities comprised of 686 beds, located in Missouri. The acquisition was for $59 million. On August 5, 2025, the company completed the acquisition for a skilled nursing facility with 80 licensed beds near McLoud, Oklahoma. The acquisition was for $4.25 million. The company funded the acquisition utilizing working capital.

正如我們在上個季度的電話會議上所討論的那樣，2025 年 7 月 1 日，公司完成了對位於密蘇裡州的 9 家專業護理機構（共 686 張床位）的收購。此次收購價格為5900萬美元。2025 年 8 月 5 日，該公司完成了對俄克拉荷馬州麥克勞德附近一家擁有 80 張許可床位的專業護理機構的收購。此次收購金額為425萬美元。公司利用營運資金完成了此次收購。

The initial annual base rents are $425,000 and are subject to 3% annual rent increases. On August 29, the company completed the acquisition for a health care facility comprised of 108 skilled nursing beds and 16 assisted living beds near Poplar Bluff, Missouri. The acquisition was for $5.3 million. The company funded the acquisition utilizing working capital and the initial annual base rents are $530,000 and subject to 3% annual rent increases. A couple of other items I wanted to mention.

初始年度基本租金為 425,000 美元，並以每年 3% 的幅度遞增。8 月 29 日，該公司完成了對位於密蘇裡州波普勒布拉夫附近的一家醫療保健機構的收購，該機構擁有 108 張專業護理床位和 16 張輔助生活床位。此次收購金額為530萬美元。該公司利用營運資金為此次收購提供資金，初始年度基本租金為 53 萬美元，並以每年 3% 的租金遞增計算。還有幾件事我想提一下。

During Q3, the Board of Directors approved increasing the dividend to $0.16 a share. This increase represented a 14% increase over previous quarters. Yesterday, the Board of Directors approved the Q4 2024 dividend, which will also be $0.16 a share and will be paid on December 30, to shareholders of record on December 16. On the acquisition front, we continue to see deals coming from around the country. As we have discussed in previous investor presentations, we are a big fan of the master lease structure and currently, 89% of our facilities are in master leases.

第三季度，董事會批准將股息提高至每股 0.16 美元。這一增長比前幾個季度增長了14%。昨天，董事會批准了 2024 年第四季股息，每股 0.16 美元，將於 12 月 30 日支付給 12 月 16 日登記在冊的股東。在收購方面，我們持續看到來自全國各地的交易。正如我們在先前的投資者報告中所討論的那樣，我們非常喜歡主租賃結構，目前我們 89% 的設施都採用主租賃模式。

With our disciplined approach, if there is a deal in an existing state, our current operators are looking to grow, and we can simply add the new facility to an existing master lease. If we were to enter and grow in a new state, we would be looking to acquire a sizable portfolio of at least 500 beds. As a final point, I'd like to point out that Strawberry Fields REIT is currently the closest pure-play skilled nursing REIT in the market with 91.5% of our facilities being skilled nursing facilities.

憑藉我們嚴謹的方法，如果現有州有交易，我們目前的營運商希望發展壯大，我們可以簡單地將新設施添加到現有的主租賃協議中。如果我們要進入一個新的州並發展壯大，我們將尋求收購至少 500 張床位的大型飯店組合。最後，我想指出，Strawberry Fields REIT 目前是市場上最接近純粹的專業護理 REIT，我們旗下 91.5% 的設施都是專業護理設施。

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

現在我想請我們的財務長格雷格·弗拉米恩來討論一下季度末的財務狀況。

Thank you, Jeff, and welcome, everyone, to Strawberry Fields REIT Third Quarter 2025 Earnings Call. Let's begin with the balance sheet. Total assets reached $880 million, which is a 33.1% increase compared to Q3 of 2024. This growth is primarily driven by our acquisition strategy and the successful retenanting of specific leasing. On the liabilities and equity side, we saw increases aligned with our financing activities and some foreign currency exchange losses, which impacted other comprehensive income.

謝謝傑夫，歡迎各位參加 Strawberry Fields REIT 2025 年第三季財報電話會議。我們先從資產負債表開始。總資產達到 8.8 億美元，比 2024 年第三季成長 33.1%。這一增長主要得益於我們的收購策略和特定租賃物業的成功續租。在負債和權益方面，我們看到與融資活動相關的成長以及一些外匯損失，這影響了其他綜合收益。

Overall, the balance sheet reflects our continued investment in long-term growth. Turning to our income statement. Year-to-date revenue through September was $114.9 million, up $28.3 million versus September of last year. This increase is largely due to the timing and integration of properties acquired over the past year, as well as the retenanting activity that began in January. While revenue is up, we've also seen higher expenses, mostly driven by depreciation, amortization and interest.

整體而言，資產負債表反映了我們對長期成長的持續投資。接下來來看看我們的損益表。截至9月份，今年迄今的收入為1.149億美元，比去年9月份增加了2830萬美元。這一成長主要歸功於過去一年中收購的房產的收購時機和整合，以及從 1 月開始的重新招租活動。雖然收入有所增長，但我們也看到支出增加，這主要是由於折舊、攤提和利息支出增加所致。

These higher expenses are a result of the acquisitions discussed earlier in the presentation. Net income year-to-date is $24.5 million or $0.44 a share compared to $19.9 million or $0.40 a share last year. Looking at our quarterly performance, the drivers are similar to our year-to-date results. Revenue increased by $10.2 million, again, due to the acquisitions and lease transitions. Expenses rose as well, driven by higher depreciation, amortization and interest from new assets.

這些較高的支出是由於先前在簡報中討論過的收購所造成的。今年迄今的淨利潤為 2,450 萬美元，即每股 0.44 美元，而去年同期為 1,990 萬美元，即每股 0.40 美元。從季度業績來看，其驅動因素與我們年初至今的業績類似。由於收購和租賃變更，收入再次增加了 1,020 萬美元。由於折舊、攤銷和新資產利息增加，支出也有所上升。

Net income for the quarter was $8.8 million or $0.16 a share, up from $6.9 million or $0.14 per share in Q3 2024. To close, I'd like to highlight some key financial metrics. Projected AFFO for 2025 is $72.7 million, a 28.2% increase over the last year with a compound annual growth rate or CAGR of 13.3% since 2020. Adjusted EBITDA is projected at $126.1 million, up 38.9% year-over-year with a 13.6% CAGR. Our net debt-to-asset ratio was 49.2%, maintaining a balanced capital structure.

本季淨收入為 880 萬美元，即每股 0.16 美元，高於 2024 年第三季的 690 萬美元，即每股 0.14 美元。最後，我想重點介紹一些關鍵的財務指標。預計 2025 年調整後營運資金 (AFFO) 為 7,270 萬美元，比上一年增長 28.2%，自 2020 年以來的複合年增長率 (CAGR) 為 13.3%。調整後 EBITDA 預計為 1.261 億美元，年成長 38.9%，複合年增長率為 13.6%。我們的淨負債資產比率為 49.2%，維持了均衡的資本結構。

As of September 30, our dividend was $0.16 a share, representing a 5.2% yield. With an AFFO payout ratio of 46.8%, we're delivering strong results while preserving capital for future growth. These results reflect our disciplined execution and commitment to long-term shareholder value.

截至9月30日，我們的股息為每股0.16美元，收益率為5.2%。AFFO 派息率為 46.8%，我們在取得強勁業績的同時，也為未來的成長保留了資本。這些成果體現了我們嚴謹的執行力和對股東長期價值的承諾。

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

接下來，我將把麥克風交還給傑夫·巴伊特納，他將帶領我們了解投資組合的亮點。

Thank you, Greg. I'd now like to point out some of the Strawberry Fields REIT's portfolio highlights as of September 30. Currently, the company has 142 facilities. This is comprised of 130 skilled nursing facilities, 10 assisted living facilities and 2 long-term acute care hospitals. These facilities are in 10 states.

謝謝你，格雷格。現在我想指出截至 9 月 30 日 Strawberry Fields REIT 的一些投資組合亮點。目前，該公司擁有142家工廠。這包括 130 家專業護理機構、10 家輔助生活機構和 2 家長期急性護理醫院。這些設施分佈在10個州。

And as you'll see later on in the presentation, we've got a map showing their locations. In these facilities, we've got 15,542 licensed beds. The company's total asset value at acquisition or its historical cost is $1.1 billion. I would like to point out that this amount reflects facilities which have been bought over the past 20 years. If you were to look at the company's fair market value of these facilities or the portfolio, it would be in excess of this amount.

正如您稍後將在演示中看到的那樣，我們有一張地圖顯示了它們的位置。這些設施共有 15,542 張核定床位。該公司收購時的總資產價值或其歷史成本為 11 億美元。我想指出，這個金額反映的是過去 20 年購買的設施。如果查看該公司這些設施或資產組合的公允市場價值，就會發現其價值將超過此金額。

Currently, our portfolio has 17 consultants who advise operators. Our weighted average lease term is 7.3 years. Our tenants continue to do well, which is reflected by the EBITDARM rent coverage of 2.01x. Our net debt to adjusted EBITDA ratio is 5.7x. As I mentioned earlier, we're pleased that we continue to collect 100% of our rent.

目前，我們的投資組合中有 17 位顧問為營運商提供諮詢服務。我們的加權平均租賃期間為 7.3 年。我們的租戶經營狀況良好，這反映在2.01倍的EBITDARM租金覆蓋率。我們的淨債務與調整後EBITDA比率為5.7倍。正如我之前提到的，我們很高興能夠繼續100%收取租金。

And as I mentioned earlier in my prepared remarks, the company continues to have a strong pipeline. We're seeing deals from across the country. And at this time, our acquisition pipeline is in excess of $250 million.

正如我之前在準備好的演講稿中提到的，公司仍然擁有強大的產品線。我們看到來自全國各地的交易。目前，我們的收購項目儲備超過 2.5 億美元。

With that, I'd like to have Moishe Gubin, our Chairman and CEO, continue with the presentation.

接下來，我謹請我們的董事長兼執行長莫伊舍·古賓繼續進行演講。

All right. Thank you, Jeff, and thank you, Greg. Staying on this slide, I would just reiterate what Jeff has said. We've continued to grow, as we'll talk about in a future slide with almost 15,500 -- well, the actual number, 15,542. Of course, we're going to keep growing.

好的。謝謝你，傑夫，也謝謝你，格雷格。我同意傑夫剛才的說法，所以就繼續討論這個話題吧。我們一直在持續成長，我們將在以後的幻燈片中討論這一點，目前已經接近 15,500 人——確切地說是 15,542 人。當然，我們會繼續發展壯大。

On the assets, total assets, we feel that our total assets real true market value is probably closer to $1.6 billion. I would stress potential investors not to really spend time looking at our balance sheet for our equity or our assets because they are net of depreciation, which we rely on, of course, to have the surplus cash that we use to buy more assets. I would move on to the next slide and show you all our growth, super proud. As we said on the previous slides, 13.3% growth rate. It was only 5 years ago that we made $38 million of AFFO, and now we are close to double that in 5 years.

關於資產，我們認為總資產的實際真實市場價值可能更接近 16 億美元。我會強調潛在投資者不要花太多時間查看我們的資產負債表，因為這些資產負債表上的權益或資產都是扣除折舊後的淨值，而我們當然依靠折舊來獲得盈餘現金，以便購買更多資產。接下來我會打開下一張投影片，向大家展示我們的成長歷程，我為此感到非常自豪。正如我們在前幾張投影片中所說，成長率為 13.3%。僅僅5年前，我們的調整後營運資金（AFFO）為3800萬美元，而現在，5年內我們幾乎翻了一番。

That's a good growth rate, what to be proud of. We'll hopefully break $73 million and next year, do even better. On the next slide, this is one that I don't usually really spend too much time on. It's the base rent growth. Obviously, that's going to keep growing as we continue to buy.

這是一個不錯的成長率，值得驕傲。我們希望能夠突破 7,300 萬美元，明年做得更好。下一張投影片，是我通常不會花太多時間製作的一張。這是基本租金增長。顯然，隨著我們繼續購買，這個數字還會繼續成長。

We're in the business of buying and leasing. We do not give options. So everything you see in looking at straight-line rent should continue to be the same or better going forward. It's very rare that we sell something, even though in third quarter, we actually did sell something. That being said, we'll go on to Slide #8.

我們從事買賣和租賃業務。我們不提供其他選擇。因此，從直線租金的角度來看，未來一切都應該保持不變或更好。我們很少能賣出東西，儘管在第三季我們確實賣出了一些東西。話雖如此，我們接下來將看第 8 張投影片。

On Slide #8, this is something that we actually ended the quarter okay, within range of last year. Obviously, with the increased AFFO, we should be trading a lot higher than last year. We're continuously working for the shareholders going to events. This week, we were in Arizona, meeting with new tenants and looking at deals. And like Jeff said, we have a very strong pipeline.

在第 8 張投影片中，我們實際上在本季末表現尚可，與去年同期相比沒有太大變化。顯然，隨著調整後營運資金 (AFFO) 的增加，我們的交易價格應該比去年高出許多。我們一直在為參加活動的股東們努力工作。本週，我們在亞利桑那州，會見了新的租戶並考察了交易。正如傑夫所說，我們擁有非常強大的人才儲備。

Again, our bogey that we're trying to break is 150 million to 160 million in dollar spent a year. As we get bigger, we want to spend more, obviously, but we do our deals exactly the same way. And like we've talked about quarter in, quarter out, year in, year out, we are so disciplined on how we buy things that has to fit or we don't buy it. On Page 9, you see our growth rate. We try to educate the marketplace on -- you take the AFFO share growth of 11.3%, you add that to the dividend yield, and we're steadily bringing a return of 16% to 18% a year.

再次強調，我們試圖打破的紀錄是每年花費 1.5 億至 1.6 億美元。隨著公司規模的擴大，我們顯然想要投入更多資金，但我們的交易方式卻完全一樣。就像我們之前討論過的季度末、年度初、年度末一樣，我們在購買東西方面非常自律，東西必須合適，否則我們就不買。第 9 頁顯示了我們的成長率。我們努力普及市場——AFFO 股份增長率為 11.3%，加上股息收益率，我們每年穩步實現 16% 至 18% 的回報。

That's going to continue to grow. We've maintained the payout ratio to be below 50%, and we've not been erratic at all with how we've done our dividend. In fact, we've raised our dividend, I think, now already 5x, 6x. And we will continue to do exactly what we're doing, paying out what we're paying, which this quarter, which we just announced, is 100% of our net income. And that leaves us $40 million or so from depreciation of surplus cash to go use to buy more assets.

這種趨勢還會持續成長。我們一直將派息率維持在 50% 以下，而且我們在派發股息方面也一直很穩定。事實上，我們已經提高了股息，我認為現在已經提高了 5 倍、6 倍。我們將繼續按原計劃行事，支付我們正在支付的款項，本季（我們剛剛宣布）支付的款項占我們淨收入的 100%。這樣一來，我們就剩下大約 4,000 萬美元的剩餘現金折舊收入，可以用來購買更多資產。

So that's just funding our future growth. I love this. I love this slide. Slide 10. You can see our stock is undervalued.

所以這只是在為我們未來的發展提供資金。我喜歡這個。我喜歡這張投影片。第10張幻燈片。你可以看出我們的股票被低估了。

Our AFFO trading multiples on the right side, we are the lowest by far. And I believe our profitability is better than most, if not all, of our peers. That being said, we're going to keep working it. We're going to keep meeting investors. We're going to keep doing what we can.

在右邊的AFFO交易倍數圖中，我們遙遙領先其他公司。而且我相信，我們的獲利能力優於大多數同行，甚至可能優於所有同行。話雖如此，我們還是會繼續努力。我們將繼續與投資者會面。我們會繼續盡我們所能。

We're going to manage the marketplace, continue. We're going to be doing a capital raise at some point. And when we do that, hopefully, that will help bring in more institutional investors and bring more liquidity to the stock price. On the next slide, Page 11, you can see our payout ratio, like I said, we're at 46.8%. Everybody else is in the 70s or higher.

我們將繼續管理市場。我們遲早會進行融資。當我們這樣做時，希望能夠吸引更多機構投資者，並為股價帶來更多流動性。在下一頁（第 11 頁）上，您可以看到我們的派息率，正如我所說，我們目前的派息率為 46.8%。其他人的分數都在70分以上。

Our dividend yield is middle of the road at 5.2%. I would expect as our profitability grows, that dividend yield will grow. And because every time we raise a $0.01, right, if we're at $0.16, we go to $0.17, that's 1/16. That's close to 10% growth, and that puts the dividend yield at a nicer number, and that should happen. On Slide 12, again, this reflects Jeff's comments about us being the closest pure-play REIT.

我們的股息殖利率處於中等水平，為 5.2%。我預期隨著獲利能力的成長，股息殖利率也會成長。因為每次我們籌集 0.01 美元，對吧，如果我們現在是 0.16 美元，我們就到 0.17 美元，那就是 1/16。這接近 10% 的成長，這將使股息殖利率達到一個更理想的水平，而這正是我們應該看到的。在第 12 張投影片中，這再次反映了 Jeff 的評論，即我們是與純粹的 REIT 最接近的實體。

You see we're still 92% -- almost 92%, and our peers are actually decreasing in percentage. And so again, this is a marketplace, which we never have investor calls, we'd like to say it's relatively bulletproof where the clientele that comes to us, they have to come to -- they have to go to our tenant because they need to be cared for a certain way. And with the baby boomers pushing, which we'll talk about in a future slide, the reality is, is that we think that we're in a good spot because it's a business that's government paid for. So it doesn't -- inflation really doesn't affect it. And we keep going out to giving the story.

你看，我們仍然有 92%——接近 92%，而我們的同行實際上百分比卻在下降。所以，再說一遍，這是一個市場，我們從不召開投資者電話會議，我們想說它相對來說非常穩固，來找我們的客戶，他們必須來——他們必須去我們的租戶那裡，因為他們需要以某種方式得到照顧。隨著嬰兒潮世代的推動（我們將在以後的幻燈片中討論這一點），現實情況是，我們認為我們處於有利地位，因為這是一個政府出資的行業。所以，通貨膨脹其實並不會影響它。我們繼續外出報道這個故事。

We feel that the investor public should be happy with us and things should pick up. On Slide 13, you see what our AFFO share growth, the growth rate over the last 5 years. We're at 11.3% as our growth rate. There's only 2 other of our peers that are positive. The other 3 are negative, which basically tells you that what do they do?

我們認為投資者和公眾應該對我們感到滿意，情況應該會好轉。在第 13 張投影片中，您可以看到我們過去 5 年的 AFFO 份額成長和成長率。我們的成長率為11.3%。我們同儕中只有另外2人檢測結果呈陽性。其他 3 個都是否定的，這基本上告訴你它們的作用是什麼？

They don't have enough AFFO to cover their dividends, and they have to sell equity to use the cash to be able to pay dividends. In our case, we're paying dividends, we have twice the amount of money so we can go use to buy more deals so that we break the -- so that we can make the AFFO per share grow because we're not increasing the amount of shares outstanding, but yet we're increasing the amount of money we're making. EBITDARM coverage, we're above 2x is acceptable at any level. And I'm happy with where it is, but it's going to continue to go higher. Now because our investment is formulaic, every time we do a new deal and every deal is priced to 1.25x, we're fighting that EBITDARM coverage because of that, because we're our worst end.

他們的調整後營運資金不足以支付股息，他們必須出售股權來籌集現金，以便能夠支付股息。就我們而言，我們支付股息，我們有兩倍的資金，所以我們可以用這些資金購買更多交易，從而打破——這樣我們就可以讓每股調整後營運資金增長，因為我們沒有增加流通股數量，但我們卻增加了收入。EBITDARM 覆蓋率，2 倍以上在任何水準都是可以接受的。我對它現在的位置很滿意，但它還會繼續上漲。現在，由於我們的投資是公式化的，每次我們進行新交易，每筆交易的定價都是 1.25 倍，因此我們正在努力實現 EBITDARM 覆蓋率，因為我們處於最糟糕的境地。

We want to grow and everything we bring in is 1.25x, which lowers our EBITDARM coverage. So if we would stop buying, which nobody wants us to do, and we're not going to. But let's say, if we did stop growing, then that EBITDARM coverage would go a lot higher because everybody -- we give it to them and everybody is always trying to improve and succeed. Again, we're only leasing out to seasoned operators that know their marketplaces that are local, and they continue to thrive and do better, and that's why the EBITDARM coverage would go up. Again, the fact that we grow, it makes it go down.

我們希望發展壯大，但我們帶來的每一筆收入都是 1.25 倍，這降低了我們的 EBITDARM 覆蓋率。所以如果我們停止購買，雖然沒有人希望我們這樣做，我們也不會這樣做。但假設我們停止成長，那麼 EBITDARM 覆蓋率將會更高，因為每個人——我們都會給他們這個覆蓋率，而每個人總是努力改進和取得成功。再次強調，我們只將物業租賃給了解當地市場的經驗豐富的營運商，他們不斷蓬勃發展並取得更好的業績，這就是為什麼 EBITDARM 覆蓋率會上升的原因。再說，正因為我們不斷成長，所以它才會下降。

Anyway, Slide 14. This used to be one of my favorite slides, not so much anymore. Our debt is below 50% leverage, like we said. And our debt has turned into basically 1/3, 1/3, 1/3 between HUD debt, bond debt, and bank debt. Interesting to note really that out of all of that debt, there's only -- it's the bank debt, which is basically 23% of the debt.

總之，請看第 14 張投影片。這曾經是我最喜歡的幻燈片之一，但現在沒那麼喜歡了。正如我們所說，我們的債務槓桿率低於50%。我們的債務基本上變成了房屋和城市發展部債務、債券債務和銀行債務各佔三分之一。值得注意的是，在所有這些債務中，只有——是銀行債務，基本上只佔債務的 23%。

That's the only debt that's variable rate. Everything else is with balloons that are at fixed rates. Like we talked about last quarter, the Israeli public on the last raise and there's a lot of demand they -- they wanted to give us. We were oversubscribed by twice 2x, we could have taken even more. So going forward, we have a lot of arrows in our quiver, whatever the word is.

這是唯一一筆浮動利率的債務。其他所有商品都採用固定價格的氣球。就像我們上個季度討論的那樣，以色列公眾對上次升息有很多需求——他們想給我們很多。我們的招生人數超出了預期兩倍，我們本來還可以招收更多。所以展望未來，我們有很多應對之策，不管用什麼字眼來形容都行。

We have a lot of different choice on what to do to raise debt. If we need debt, I'd like to see the stock price go up, so that we could also sell equity at some point. But I think debt is cheaper than equity at this point. Next slide, Slide 15. This has become my favorite slide.

我們有很多不同的舉債方式可以選擇。如果我們需要舉債，我希望看到股價上漲，這樣我們也可以在某個時候出售股權。但我認為目前債務比股權更划算。下一張投影片，第 15 張投影片。這已經成為我最喜歡的幻燈片了。

This is as diversified as we've ever been, and we continue to get diversified where not a single state or a single tenant is over 25%. And in our case, the 25% is the best state, which is Indiana. So we're in 10 states, like Jeff said earlier, and God willing, and like Jeff said earlier, we're only willing to go to new states if it's a sizable portfolio, as we are a fan of the master lease, like he said as well. And so we're looking at other states now, and we're looking to grow our relationships. All of our tenant relationships today are good.

這是我們迄今為止最多元化的局面，而且我們將繼續實現多元化，沒有任何一個州或單一租戶的比例超過 25%。就我們而言，25% 的分數代表最好的州，那就是印第安納州。所以，正如傑夫之前所說，我們目前在 10 個州開展業務。而且，正如傑夫之前所說，如果上帝保佑，我們只會在擁有相當規模的投資組合時才願意進入新的州，因為我們是主租賃的擁護者，正如他所說。因此，我們現在正在關注其他州，並希望擴大我們的合作關係。我們目前與所有租戶的關係都很好。

Like you said earlier, we're getting 100% of our rents and our relationships with the tenants are good where they're doing well. They're paying the rent. Things seem to be -- the building is being taken care of. So we have the ability to grow in other places, and we're going to try to do that. Slide 16 shows the map.

正如你之前所說，我們收到了 100% 的租金，而且我們與租戶的關係也很好，他們的生活狀況也不錯。他們負責支付房租。一切似乎都正常——這棟大樓有人在維護。所以我們有能力在其他地方發展壯大，我們也會努力做到這一點。第 16 張幻燈片顯示了地圖。

And you could see how we're finding our way left and right. We really like the idea of Southeast, Mississippi, Alabama, Georgia. These are all places we'd like to go. Deals are hard to come by over there. Georgia seems to be picking up that we'll be able to find something in Georgia. Again, pure play, you look at the pie graph on the bottom, you see 91.5% SNF, and that's what we do.

你可以看到我們是如何左右辨別方向的。我們非常喜歡東南部、密西西比州、阿拉巴馬州和喬治亞州這幾個地方。這些都是我們想去的地方。那邊很難找到划算的交易。喬治亞州似乎已經意識到我們可以在喬治亞州找到一些東西。再說一遍，純粹的比賽，你看底部的餅圖，你會看到 91.5% 的 SNF，這就是我們所做的。

So with that, I'd like to turn it over to the operator for questions and comments from our analysts and for those on the call.

那麼，接下來我將把發言權交給接線員，請我們的分析師和所有參加電話會議的人員提出問題和發表評論。

(Operator Instructions) Rob Stevenson, Janney Montgomery Scott.

（操作說明）羅伯史蒂文森，詹尼蒙哥馬利斯科特。

Did I hear correctly that you guys sold something in the third quarter?

我沒聽錯吧，你們第三季賣東西了？

Yes. We had an outlier in our portfolio, one facility in Michigan, that we owned for over 10 years. So we basically doubled our money on the property to begin with. And it was an outlier. We were never able to grow that region.

是的。我們的投資組合中有一個例外，那就是我們在密西根州擁有的一個設施，我們擁有它超過 10 年。所以，我們當初買這棟房產的投資基本上翻了一番。而且這只是個例外。我們始終沒能發展壯大那個地區。

We wanted -- this is really an asset that's been with us a long, long, long time. And we were never able to grow into a normal master lease where this could have fit into and grow the region. We haven't had good luck buying in Michigan. So we had an opportunity to get out of the asset, the tenant that was there ended up, the math worked itself out where we raised rent elsewhere. So we stayed budget neutral as far as rent being collected or rent being collected and the inverse of that is getting cash out of 10 cap for the portion of rent we're not getting.

我們想要——這真的是我們擁有了很久很久的寶貴資產。我們始終未能發展成為能夠融入並促進該地區發展的正常總租賃項目。我們在密西根州買房一直不太順利。所以我們有機會擺脫這處房產，原來的租戶最終搬走了，我們透過計算在其他地方提高了租金，最終達成了協議。因此，我們在收取租金方面保持預算中立，反之亦然，即從 10 倍上限中獲得現金，以彌補我們沒有收到的租金部分。

So yes, so we pared down. That's why we went down from 11 states to 10 states. And we feel good about that transaction. We're usually never a seller. We don't give options to anybody, but this was an asset that really -- we should have moved this asset a long time ago.

是的，我們縮減了規模。這就是為什麼我們從11個州減少到10個州的原因。我們對這筆交易感到滿意。我們通常都不是賣家。我們不給任何人選擇權，但這確實是一項——我們早就該轉移這項資產了。

The operator that was operating it, they were sending in a nurse consultant from Indiana. They were sending in a marketing team from Illinois, and they were really struggling with on the ground. And the facility had good care. I mean the survey results were fine, but they just weren't able to move that building forward, and they were always marginally making like maybe a one coverage, maybe even drop lower. And so finally got an ability to sell it, and they're happy, we're happy.

操作這台設備的運營商，他們從印第安納州派了一名護理顧問過來。他們從伊利諾伊州派出了一個行銷團隊，但他們在當地真的遇到了很多困難。而且這家機構的照護很好。我的意思是，調查結果還不錯，但他們就是無法推進那棟大樓的建設，而且他們的業績總是差強人意，可能只有1%的覆蓋率，甚至更低。所以最後我們能夠賣出去了，他們高興，我們也高興。

But that's a one-off kind of deal for us, Rob.

但對我們來說，這只是一次性的交易，羅布。

What were the proceeds from that? How meaningful was that?

那筆交易的收益是多少？那件事有多重要？

It's immaterial. We sold it for, I think, $2.6 million or so, and we gave them a note or we took a note at 10% interest, which is our 10% cap. So it's -- and so they have a couple of years to pay it off with a balloon, and they're actually operating well there already. And we're good with this transaction.

這無關緊要。我想，我們賣了大約 260 萬美元，我們給了他們一張票據，或者我們以 10% 的利率接受了一張票據，這是我們 10% 的利率上限。所以——所以他們有幾年的時間用一筆可觀的資金償還債務，而且他們實際上已經在那裡運作得很好了。我們對這筆交易很滿意。

What do your acquisition pipeline look like today? How are you guys thinking about the end of the year and into '26 at this point?

你們目前的收購通路情況如何？你們現在對今年年底和2026年有什麼想法？

So end of the year at this point, we had a couple of hot deals that would have been great to end the year. We would have to do a capital raise. It would have been a beautiful ending to the year. And now it seems like there's going to be -- we should have some good volume in the first quarter '26. And if '26 will be like '25 and '24, hopefully, we break the $150 million, $200 million mark for next year for growth.

所以到了年底，我們本來有幾筆很棒的交易，本來可以完美地為這一年畫下句點的。我們需要籌集資金。那本該是為這一年畫下一個完美的句點。現在看來，2026 年第一季應該會有不錯的銷售量。如果 2026 年的情況能像 2025 年和 2024 年一樣，希望我們明年的成長能突破 1.5 億美元、2 億美元大關。

The comments around the dividend increase, were you guys at sort of your minimum payout? And was the increase from $0.14 to $0.16 basically something that you had to do? Or is that something that the Board wanted to do at this point in time?

關於提高股利的評論，你們當時是不是已經達到最低股利水準了？從 0.14 美元漲到 0.16 美元，基本上是你們不得不做的嗎？或者說，這是董事會目前想要做的事情？

Yes, that's a great question. So like we sit here at the Board meeting and we lay out -- I act as -- I'm the CEO. So I sit there and I basically lay out here's the deal for us to stay in REIT compliance to distribute 90%, for us to not be erratic with our dividend, for us to satisfy to move our dividend yield up a little bit and for us to keep the investors happy. We debate the topic. I mean we have the capacity to distribute a lot more, as you know, because our payout ratio is so low.

是的，這是一個很好的問題。所以就像我們坐在這裡參加董事會會議，我們制定方案——我扮演——我是執行長。所以我坐在那裡，基本上闡述了以下條件：為了遵守 REIT 法規，分配 90% 的收益；為了保證我們的股息不會出現波動；為了滿足投資者的要求，稍微提高我們的股息收益率；為了讓投資者滿意。我們對此主題展開辯論。我的意思是，正如你所知，我們有能力發放更多，因為我們的派息率很低。

The $0.16 is exactly 100% of our net income for the quarter. The year-end number, when we end the year, there will be an adjustment somewhere that will include a little bit of capital gains, which you have to do 100% of. So when it all comes down to it, the -- they don't get a K-1 to the investors. I forgot the actual tax form that they get. There will be a portion of this that will be like -- that will be a return of capital, which is not taxable actually.

0.16 美元正好是我們本季淨收入的 100%。年末數字，也就是我們結束一年時，會在某個地方進行調整，其中包括一些資本利得，而您必須全額繳納這部分資本利得。所以歸根結底，他們——他們無法向投資者提供 K-1 表格。我忘了他們實際上要填寫的稅表是什麼了。其中一部分將類似於——那將是資本返還，實際上這部分是不需要繳稅的。

1099.

1099.

It's 1099, but it's not a regular 1099, I don't think, I don't exactly what the form is. But regardless, this -- the conversation in the room is we want to -- we know we're going to move every year because the way our model is, it's status quo and going higher. It's never -- we don't have the choppiness of going up and down. It's flat or higher. So we know that we're going to have at least one raise of a dividend a year, at least that's what we expect.

這是 1099 表格，但我覺得它不是普通的 1099 表格，我不太清楚它的格式是什麼。但無論如何，房間裡的討論是，我們想要──我們知道我們每年都會進步，因為按照我們的模式，就是在維持現狀的同時不斷提高。從來沒有——我們沒有上下波動的情況。地勢平坦或較高。所以我們知道每年至少會提高一次股息，至少我們是這麼預期的。

And so we had just raised last quarter to $0.16. We could have made this one $0.17, but we left it at $0.16 for now. We'll see what fourth quarter brings and then either -- and most probably the next bump will probably be either -- probably not be the fourth quarter, probably the first quarter of 2026. But yes, that's basically the conversations that we have in the boardroom about the -- we have a few Board members that want us to distribute more. And I'm basically arguing that we have this 13% -- this 11% to 13% growth rate of AFFO because we're able to take this and spend it and do good with the money and continue the model and grow the model.

所以上個季度我們剛好把股價提高到0.16美元。我們本來可以把這季度的股價提高到0.17美元，但目前我們還是維持在0.16美元。我們將看看第四季度會帶來什麼，然後——而且很可能下一次成長高峰可能不是在第四季度，而是在 2026 年第一季。是的，這基本上就是我們在董事會上討論的內容——我們有一些董事會成員希望我們分發更多。我基本上認為，我們之所以能實現 13%——11% 到 13% 的 AFFO 成長率，是因為我們能夠利用這筆錢做好事，繼續推行並發展這種模式。

And so right now, that's the prevailing argument in the boardroom to keep the dividend higher than the requirements and constantly growing annually, at least once a year to go up. And that's basically all the color on that topic, Rob.

因此，目前董事會的主流觀點是，要維持股息高於要求，並且每年至少成長一次。羅布，關於這個主題，基本上就這些細節了。

Can you remind me when the Series D bond matures? I think that's by far and away, your highest cost of debt and when you basically get an opportunity there to refinance that?

請問D系列債券何時到期？我認為那是你迄今為止最高的債務成本，而當你有機會進行再融資時呢？

Yes. We have our bond debt expiring September of '26. On this topic, I guess most people wouldn't air their dirty laundry, but I'm an honest straight-up guy. So one of the flaws of the bond, which we're fixing going forward is that there's a prepayment penalty all the way to the last day of the bond maturity. So we're holding out because the prepayment penalty today because the bond is traded at such a premium because it's such a high coupon, it would cost us way too much money to refinance today.

是的。我們的債券債務將於2026年9月到期。關於這個主題，我想大多數人不會把自己的家醜外揚，但我是一個誠實坦率的人。因此，該債券的一個缺陷（我們將在未來予以糾正）是，提前還款將收取罰金，直到債券到期日的最後一天。所以我們還在觀望，因為如今債券的提前還款罰金很高，而且由於票面利率很高，所以現在進行再融資會花費我們太多錢。

But come September time, there will be a nice savings because we know that our -- we know that we're going to get repriced out probably 3 points lower, maybe give or take, a little higher, a little lower, but we'll save a ton of money going forward, and that reprices in September of '26.

但到了九月份，就會有一筆可觀的節省，因為我們知道——我們知道我們的價格可能會降低 3 個百分點，也許上下浮動一點，也可能稍微高一點，或者稍微低一點，但我們以後會省下一大筆錢，而價格會在 2026 年 9 月重新調整。

So at this point, you think that if you had to access the debt markets today, you're probably pricing somewhere plus or minus around the sub-6%?

所以，你認為如果今天必須進入債券市場，利率大概會在6%以下左右？

Yes. Yes, 100%. We know it. It's not even a question. If I want to take the money today, I think it would be maybe sub-6%.

是的。是的，百分之百。我們知道。這根本就不是一個問題。如果我今天就想拿到這筆錢，我想收益率可能會低於 6%。

It's traded today at -- it was like 5% above par. So they love us. I mean, it's the actual yield. The yield on Series D today is in the 5s. So in theory, if we did a bond to replace it, the pricing would be a little bit higher because we would take 5-year money and because everyone is expecting rates to go down to lock in 5 years, they want to get a little bit of a premium.

它今天的交易價格是——比面值高出約 5%。所以他們愛我們。我的意思是，這是實際產量。D系列債券目前的收益率約為5%。所以理論上講，如果我們發行債券來替代它，價格會稍微高一些，因為我們會接受 5 年期的資金，而且由於每個人都預期利率會下降以鎖定 5 年的期限，他們希望獲得一些溢價。

Actually, I think maybe -- I think what I just told you is right, but I have to think it has to give you the right exact thought, but duration plays a role in the pricing up and down. So this is a short duration today, and that's why its rates a little bit. It's as low as it is. So I guess, yes, that's the story there. The market there loves us.

實際上，我認為也許——我認為我剛才告訴你的是對的，但我認為它必須給你一個準確的想法，但持續時間確實會影響價格的漲跌。所以今天的時間很短，所以價格也略高一些。已經是最低的了。所以我想，是的，事情就是這樣。那裡的市場很喜歡我們。

I love the market there. I do still really want to investigate doing similar to like a GMRE, like what their financing look like with BMO and lead and a couple of other guys. And so we're talking to our IPs to see what we can do here. But we're definitely going to keep a bunch of our debt staying in Israel.

我喜歡那裡的市場。我仍然很想研究一下類似GMRE的模式，例如他們與BMO、Lead和其他幾家公司合作的融資模式。所以我們正在和我們的智慧財產權所有者溝通，看看我們能做些什麼。但我們肯定會讓很大一部分債務留在以色列。

Barry Oxford, Colliers International.

Barry Oxford，高力國際。

Just to build on Rob's question regarding the pipeline. It was at $300 million, I think you indicated last quarter, now at $250 million. Is that just more a function of how you define your pipeline, but not necessarily a commentary on what's available out there in the marketplace?

我只是想補充一下羅布關於管道的問題。我記得你上個季度說過，當時是 3 億美元，現在是 2.5 億美元。這更取決於你如何定義你的銷售管道，而不一定是對市場上現有產品的評論？

Yes. Our -- it's a moving target. Our pipeline -- I mean, I don't know if our competitors or peers use pipeline and stuff that's inked already the deals that are going to close. Our pipeline, we have a high, medium and low on probability of deals getting done. And so we're giving you the overall total pipeline.

是的。我們的——這是一個不斷變化的目標。我們的銷售管道——我的意思是，我不知道我們的競爭對手或同行是否使用銷售管道以及已經簽署的即將完成的交易。我們的交易流程，依照交易完成機率的高、中、低三個等級進行劃分。因此，我們將向您提供整個流程。

Again, we're very disciplined in how we buy, as you know. And so for us to -- when we make a deal, that deal almost always closes. So we have to put in there the mix of the stuff that we've given LOIs, as well as things that are in contract. I don't know if that answer. I think that...

如您所知，我們在採購方面一直非常自律。所以對我們來說——當我們達成交易時，這筆交易幾乎總是會完成。所以我們必須把我們已經發出意向書的內容，以及已經簽約的內容都考慮進去。我不知道這個答案是否正確。我認為…

I'd add to that. I mean, it's almost like living and breathing. Every week, it changes. We're constantly going to conferences. We've got people reaching out.

我還要補充一點。我的意思是，這幾乎就像生活和呼吸一樣。每週都會變化。我們經常參加各種會議。已經有人聯絡我們了。

And I mean $250 million represents deals that make sense for us, not just deals that are sitting -- I mean, in our e-mails. I mean, what's going into our pipeline is ultimately deals that we believe that if we can get the LOI in and we can get it, I mean, locked up, we could close it.

我的意思是，2.5 億美元代表的是我們真正需要的交易，而不僅僅是那些擱置在我們電子郵件裡的交易。我的意思是，我們目前正在洽談的交易，最終都是我們認為如果能拿到意向書，並且能敲定合同，就能完成的交易。

Given that your property type is doing very well, it seems to be attracting investor interest. Are you seeing more people showing up at the bidding process? And also, we've seen some REITs trying to add more to their skilled nursing?

鑑於您的房產類型表現非常出色，似乎已經吸引了投資者的興趣。您是否注意到參與競標的人數增加？而且，我們也看到一些房地產投資信託基金試圖增加其專業護理服務？

First of all, I don't know if I agree with you, Barry. The REITs -- I was just with David Sedgwick on Tuesday, who I love, by the way. But they're not -- and a lot of the other guys, they're buying less SNF portfolios today. And it seems like the assisted living product is still the -- for some reason, that's the product of choice by a lot of the peers of ours. I don't like it at all.

首先，我不知道我是否同意你的觀點，巴瑞。房地產投資信託基金——順便說一句，我星期二剛和戴維·塞奇威克在一起，我很喜歡他。但他們並沒有——而且其他很多投資者現在都在減少對養老院投資組合的購買。而且，不知何故，輔助生活產品似乎仍然是我們許多同行的首選產品。我一點也不喜歡。

But no, we're -- it's the same competition that we've had. And for us, like again, our sweet spot -- first of all, people are still willing to make a deal with us because they know we're going to close a deal. And I guess that's the same with our competitors. But the difference between us and the competitors, you don't see the competitors doing these small deals. Like we look at big deals, we look at small deals.

不，我們面臨的還是同樣的競爭。對我們來說，再次強調，我們的優勢在於——首先，人們仍然願意與我們達成交易，因為他們知道我們會完成交易。我想我們的競爭對手也面臨同樣的問題。但我們與競爭對手的不同之處在於，你不會看到競爭對手做這些小額交易。就像我們關注大交易一樣，我們也關注小交易。

On the huge deals, right, CareTrust, Omega and the others are always going to beat us by pricing. It's not even close because they're willing to go 8%, 8.5% cap and we stay at the 10%. And then you have small deals like we've talked about before in the past, like we have an owner-operator kind of deal, and they're willing to overpay because for them, they're going to be the administrator there, their wife could be the dean, right, or it could be their children with them. It's like -- so for them, they don't have they have a different setup on how they operate and where their money is coming from. And if they get a less of a return on their capital, that's okay for them.

在大宗交易方面，CareTrust、Omega 等公司總是會在價格上勝過我們。差距很大，因為他們願意接受 8% 或 8.5% 的上限，而我們堅持 10%。然後還有一些像我們以前討論過的小額交易，例如業主經營的交易，他們願意支付更高的價格，因為對他們來說，他們將在那裡擔任管理者，他們的妻子可能是院長，對吧，或者他們的孩子也可能和他們一起在那裡。這就好比——所以對他們來說，他們的運作方式和資金來源都不一樣。如果他們的投資報酬率較低，對他們來說也沒關係。

It becomes a family or a legacy asset. And for us, we have the shareholders to think about, and we just stay within our model. With that, again, we -- that soft spot between -- or that sweet spot for us between, I'd say, $20 million to $50 million deals, that's where we have a good shot at getting those deals. And then we also have these smaller deals that people come to us and just -- they don't even market it. And so that's where our deals come from.

它會成為家族或世代傳承的資產。而對我們來說，我們還要考慮股東的利益，所以我們只能堅持自己的模式。因此，我們再次強調——在我們看來，2000萬美元到5000萬美元的交易額之間的那個軟肋——或者說對我們來說的那個甜蜜點，就是我們有很大機會達成交易的那個區間。然後我們還有一些規模較小的交易，人們找到我們，但他們甚至都不做市場推廣。這就是我們達成交易的由來。

Like the last few deals we did, these were all deals that, that they came to us. They didn't put it through a broker per se, and they said, this is a deal we -- that's for you guys and you want it. And we've done it, includes a couple of deals in Oklahoma and a couple of deals in Texas. And with those same sellers, we have other deals that we know we're going to end up buying from them. So it's going to -- they're creating part of our pipeline.

和我們之前做的幾筆交易一樣，這些都是客戶主動找上門的。他們並沒有通過經紀人，而是說，這是我們——這是給你們的，你們想要的。我們已經完成了，其中包括在俄克拉荷馬州的幾筆交易和在德克薩斯州的幾筆交易。而且，我們和這些賣家還有其他交易，我們知道最終肯定會從他們那裡購買商品。所以，他們正在打造我們生產流程的一部分。

They're happy with the way we close a deal and the way we do business that they want to do business again with us and bring us another deal.

他們對我們的成交方式和經營方式感到滿意，所以他們想再次與我們合作，為我們帶來另一筆交易。

Perfect. Then just kind of switching gears real quick. The G&A was lower by about $500,000 or $600,000, which is a good thing. But is that a good run rate? Or will we see it move back up closer to the $2 million level?

完美的。然後就迅速轉換話題。一般及行政費用減少了約 50 萬至 60 萬美元，這是一件好事。但這樣的運轉率算好嗎？或者我們會看到它回升到接近 200 萬美元的水平嗎？

Greg, do you know the answer to that? I think he's on mute.

格雷格，你知道答案嗎？我覺得他把麥克風靜音了。

I haven't really looked at the run rate for next quarter. I mean, to be honest with you, we -- Q4, I would expect this to kind of tick up a little bit more. So I guess if you want to answer right now, I'd say that we'll probably be closer to the $2 million. But I can give you a better answer, I guess, after the call, if you wish.

我還沒仔細研究過下個季度的運行率。說實話，我預計第四季這個數字還會再小幅上漲一些。所以，如果你現在就想回答這個問題，我會說我們可能更接近 200 萬美元。不過，如果您願意的話，通話結束後我可以提供更詳細的答案。

I could just -- just from a practical thought, we haven't added a new employee since I think maybe the first quarter when we added an asset manager, I think that was first quarter. We did hire a new lawyer, but we replaced a lawyer that was leaving after 14 years with us, and we brought in a new lawyer and it was relatively budget neutral. So from that, we talked about in the past, my personal compensation that hasn't changed. And as far as Board fees goes, that stayed exactly the same. We haven't raised Board fees in 3 years or 4 years.

我只是——從實際角度考慮，自從我們第一季增加了一名資產經理以來，我們就沒有再增加過新員工了，我想那應該是第一季。我們確實聘請了一位新律師，但我們更換了一位在我們公司工作了 14 年的離職律師，我們引進了一位新律師，這筆費用相對來說沒有超出預算。所以，從我們過去討論過的我的個人薪酬來看，這一點並沒有改變。至於董事會費用，則完全維持不變。我們已經三、四年沒有提高董事會費用了。

So that's, I guess, another positive about us. Only other thing that's out there that may be some -- that could be some G&A is legal, and that could be based on deals and financing and some other things that maybe makes one period more wonky. Doing -- having an ATM, which we haven't been using because the stock price isn't good, we still have to pay for comfort letters and all this and some of the work that needs to go for the ATM for the accounts and law professional fees. But at this point, it's the same quarter-over-quarter. It's not -- we're not doing something new that's going to have a bunch of fees associated with it.

所以，我想，這算是我們身上另一個正面的面向吧。唯一可能還有一點——一些一般及行政費用是合法的，這可能基於交易、融資和其他一些事情，這可能會使某個時期變得更加古怪。我們正在做——雖然我們有一台自動櫃員機，但由於股價不好，我們一直沒用它，我們仍然要支付安慰函之類的費用，以及自動櫃員機帳戶所需的一些工作費用和法律專業費用。但就目前而言，與上一季相比，情況相同。不是的——我們並沒有做任何會產生大量相關費用的新事情。

So I would bet you that it stays relatively flat to what you see, give or take, put yourself plus/minus a small margin percentage difference. But because there are payroll differences, some quarters have an extra payroll and others don't. So that should be the answer.

所以我敢打賭，它與你所看到的相比，基本上保持平穩，上下浮動一點點，誤差可能在百分比上。但由於薪資總額不同，有些季度會有額外的薪資支出，而有些季度則沒有。答案應該就是這樣了。

Mark Smith, Lake Street.

馬克史密斯，湖街。

You've talked a bit about kind of liquidity and ability to finance additional acquisitions. I'm curious kind of your ability or thoughts around using stock more in future deals?

您剛才談到了一些流動性以及為額外收購提供資金的能力。我很好奇您在未來的交易中更多地使用股票方面的能力或想法？

I love this question. One thing that gets lost in the investor public is that -- and I'm going different than what your question is, and I'm going to try to remember what your question is when I answer it. But is that one thing that gets forgotten is when we issue a bond series in Israel, the bond series has capacity for a couple of hundred million dollars more than we closed. So when we ever needed cash, if there was ever -- there's an investor public out there that might think, well, we might need cash and we're not going to be able to get the cash. In our case, because we have an approved bond series that's a lot higher than what our bonds are than what we actually took, we have availability of money at the original -- and a private placement would be at the trading price, not at the coupon price.

我喜歡這個問題。投資人群體常常忽略的一點是──雖然我接下來要說的可能和你的問題不太一樣，但我會在回答你的問題時盡量記住你的問題是什麼。但有一件事常常被遺忘，那就是當我們在以色列發行債券時，該債券系列的發行能力比我們最終完成的發行規模還要多出幾億美元。所以，當我們真的需要現金的時候——如果真的有那麼一天——總會有投資者認為，好吧，我們可能需要現金，但我們卻無法獲得現金。就我們而言，因為我們有一系列已獲批准的債券，其規模遠高於我們實際發行的債券，所以我們可以按原價獲得資金——而私募配售將按交易價格進行，而不是按票面價格進行。

So in theory, if it's trading higher, then we're getting paid a premium to issue more bond debt under a series that already exists in the past. That being said, as far as equity goes, I would love to sell equity. I would love to get more shares out in the public. I would like to get more liquidity in the stock. I would love to have more institutions be able to trade at larger volumes of stock.

所以理論上講，如果債券價格上漲，那麼我們就可以獲得溢價，發行更多過去已經存在的系列債券。話雖如此，就股權而言，我非常樂意出售股權。我非常希望能夠讓更多股票上市。我希望提高該股票的流動性。我希望更多機構能夠進行更大批量的股票交易。

We've done a bunch of deals so far where we paid -- where we've been able to do stock. The last deal was the Missouri deal, where I think they took $2 million in stock or $3 million in stock. And they're actually happy with it. We had an investor call with them and walk them through their return, and they were happy with the stock. And I don't know if they're accumulating more at this point, but they're still holding it and they're happy to hold it.

到目前為止，我們已經完成了一系列交易，其中我們支付了款項——我們能夠進行股票交易。上一筆交易是密蘇裡州的交易，我記得他們獲得了價值 200 萬美元或 300 萬美元的股票。他們其實很滿意。我們與他們進行了投資者電話會議，向他們詳細介紹了投資回報，他們對股票感到滿意。我不知道他們現在是否還在繼續囤積，但他們仍然持有這些資產，而且他們樂於持有這些資產。

We need our stock to move. I don't know what the catalyst is at this point. Maybe we get into a really big deal and then we do a roadshow and sell a bunch of stock at a decent price and then maybe that will be the catalyst to make more trading happen and get more -- get the volume up. I mean our AFFO is at this point, it's going to be a run rate of like $1.30, $1.40 for the year. Based on an average of 13% or 14% AFFO multiple, I mean, our stock is trading at a 40% discount or something like that.

我們需要盡快消除庫存。我目前還不清楚催化劑是什麼。也許我們會達成一筆大交易，然後進行路演，以不錯的價格出售大量股票，然後這或許會成為催化劑，促使更多交易發生，並提高成交量。我的意思是，我們目前的調整後營運資金（AFFO）預計全年運行價格約為 1.30 美元至 1.40 美元。按照平均 13% 或 14% 的 AFFO 倍數計算，我的意思是，我們的股票目前以 40% 的折扣進行交易，或類似的折扣。

I mean it's ridiculous. So I don't want to sell stock and dilute. The reality is our NAV is still probably at or around what -- where the stock is trading. It's not a metric we use for anything other than me being conscientious thinking about my shareholders and not wanting to dilute anybody. And that could be maybe a holdup that I shouldn't have, but I kindly use that to -- I'm looking out for the shareholders that they shouldn't be diluted.

我的意思是，這太荒謬了。所以我不想賣股票，以免稀釋股權。現實情況是，我們的淨資產值可能仍然與股票的交易價格持平或相近。這並不是我們使用的任何指標，只是我出於對股東的認真考慮，不想稀釋任何人的權益。這或許會成為我不該造成的阻礙，但我善意地利用這一點——我是在為股東著想，確保他們的權益不會被稀釋。

I know my peers don't care about that, and that's why like one of the slides, if you look at the deck, sees where they have a negative AFFO growth, and that's because they had to sell equities so they could pay a dividend. And that ends up hurting the shareholders. But I don't know, Mark, I don't know if I answered you, but that's my take on it. I would love it if somehow our stock got to be in a normal range where I could just go then do an offering so that all my IBs can make a little money and we can bring in institutions and we could be off to the races. And that's what I'm hoping that happens at some point soon.

我知道我的同行們並不在乎這一點，所以如果你看一下演示文稿，你會發現其中一張幻燈片顯示他們的調整後營運資金 (AFFO) 增長為負，那是因為他們不得不出售股票才能支付股息。最終，這會損害股東的利益。但我不知道，馬克，我不知道我有沒有回答你的問題，但這就是我的看法。我希望我們的股票價格能夠回到正常水平，這樣我就可以進行增發，讓我的所有投資銀行家都能賺點錢，我們也能吸引機構投資者，然後就可以開始蓬勃發展了。我希望這件事能在不久的將來發生。

I did also want to ask just if there's any impact on you or your operators here with the government shutdown.

我還想問一下，政府停擺是否對您或您的電信業者造成了任何影響。

Zero. The only impact that we have at Strawberry is we have stuff stuck in the HUD queue that they're not working. And without the HUD folks being able to process changes, we have a little bit of limbo on certain things, but money makes the world go around. And in our world, thinking about it from that point of view, business is good. We're collecting all our rents.

零。我們在 Strawberry 造成的唯一影響是，有些東西卡在 HUD 隊列中，無法正常工作。由於住房和城市發展部 (HUD) 的人員無法處理變更，我們在某些​​方面處於一種不確定狀態，但金錢驅動著世界運轉。從這個角度來看，在我們這個世界裡，生意是好的。我們正在收取所有租金。

We're meeting all our obligations. And so it doesn't have a real impact. But reality is I have a bunch of the loose ends that we'd love to tie up that aren't necessarily financial things. They're just things that have to get tied up so that we -- everything is tucked in so we can go to sleep at night. So that's really the only thing that affects us, my tenants.

我們履行了所有義務。所以它並沒有產生實際影響。但實際上，我們還有很多未解決的問題想要解決，這些問題不一定與財務有關。這些事情都需要處理好，這樣我們才能──一切都安排妥當，晚上才能安心入睡。所以，這實際上是唯一會影響我和我的租戶的事情。

I don't -- I hear a little bit of noise regarding surveys because if they're not paying for that, there's not people that could go out there and survey them. We had that problem maybe 6, 7, 8 years ago, and it ended up becoming a disaster because by certain regulations require the regulators to -- anytime they hear a complaint or this or that, they actually have to visit the property and inspect, investigate the complaint. And if they're not working and you have a buildup of 6 months' worth of complaints because they don't act on a day 1 when they were working, right? So it takes some time. It ends up being they show up in a year from now, but something that happened a year ago, and then they say you did something wrong a year ago.

我不太清楚——我聽到了一些關於調查的討論，因為如果他們不為此付費，就沒有人會出去做調查。我們大概在 6、7、8 年前遇到過這個問題，結果釀成了一場災難，因為某些規定要求監管機構——無論何時他們聽到投訴或其他什麼情況，都必須親自到現場進行檢查和調查。如果他們不工作，而你卻因為他們第一天工作時沒有採取行動而積攢了 6​​ 個月的投訴，對吧？所以需要一些時間。結果是，一年後他們出現了，但起因是一年前發生的事情，然後他們說你一年前做錯了什麼。

And they say, well, but as of now, we already fixed everything. It's not -- they didn't do anything wrong today. And then they say, well, we have to give you a fine retroactively back there. And so there could be some kind of exposure there. But again, I've argued over the years, the operators are seasoned people that know what they're doing.

他們說，但是現在，我們已經解決了所有問題。不是的——他們今天沒做錯任何事。然後他們說，好吧，我們得追溯性地給你罰款。因此，那裡可能存在某種程度的暴露風險。但是，多年來我一直認為，這些操作員都是經驗豐富的人，他們知道自己在做什麼。

And even more importantly is they're nimble enough to recognize that there's ups and downs in business, especially in the nursing home business. Corona is the exception of being the craziest thing that any of us have seen, right? But like in a regular world, you have ups and downs, labor disputes being one example that happens, unfortunately, time from time and reimbursement being down and then up and down, that just happens. So like the guys that know this business and are really in it because they really care about residential, but they also want to make a living. They are a business in the end.

更重要的是，他們足夠靈活，能夠認識到商業有起有落，尤其是在養老院行業。新冠病毒或許是個例外，它可能是所有人見過的最瘋狂的事情，對吧？但就像在現實世界中一樣，總會有起起落落，勞資糾紛就是一個例子，不幸的是，這種情況時有發生，報銷金額也會時而下降時而上升，這些都是不可避免的。所以，那些了解這個行業並真正投入其中的人，是因為他們真心關心住宅，但他們也想以此謀生。歸根究底，他們都是企業。

So they recognize that there's going to be ups and downs. So if there's something that is a little negative that comes out of this, so be it. It will be okay.

所以他們明白，人生總會有起伏。所以，如果這件事最終產生了一些負面影響，那就這樣吧。沒事的。

(Operator Instructions) Viacheslav Obodnikov, Freedom Broker.

（操作員指示）Viacheslav Obodnikov，自由掮客。

Can you hear me clearly?

你聽得清楚我說話嗎？

Yes.

是的。

Great. And yes, my question is on capital allocation strategy in the context of the current market. As you said, there is a very huge discount, implying about 16% to 18% annually. And maybe could you walk us through how the Board weighs the immediate and certain accretion from a share buyback against the returns from a new property acquisition? And at what point does the valuation gap become so compelling that maybe buybacks would take precedence over even a good acquisition?

偉大的。是的，我的問題是關於當前市場環境下的資本配置策略。正如你所說，折扣非常大，相當於每年16%到18%的折扣。或許您能為我們詳細介紹一下董事會如何權衡股票回購帶來的即時且確定的收益與新購置房產帶來的回報嗎？那麼，估值差距究竟要達到什麼程度，才會讓股票回購優先於哪怕是好的收購呢？

Jeff, if you understood that, you can answer that.

傑夫，如果你理解了這一點，你就可以回答這個問題了。

He was asking -- I believe he was asking if we plan on doing a share buyback program to help get our stock price.

我相信他是在問我們是否計劃進行股票回購計畫來幫助提振股價。

I can rephrase actually. like there is a kind of huge discount and it implying a huge for investors about 16% to 18%, right? And there is like another decision to invest into new interesting opportunities in the market. And maybe you could walk us through how the Board thinks about those 2 decisions, like buyback against new acquisitions?

我其實可以換個說法。就好像現在有很大的折扣，這意味著投資者能獲得大約 16% 到 18% 的巨大收益，對吧？而且，還有另一個投資於市場上新的有趣機會的決定。或許您可以為我們詳細介紹董事會是如何考慮這兩項決定的，例如股票回購與新收購？

So that's a really good question. The pluses and minuses of that dialogue are we recognize the need for more shares in the marketplace, not less shares in the marketplace, counterbalanced by the fact that we can buy back shares at a discount. That's true. And we've utilized it when like the stock really egregiously linked at $10 a share. We've used the buyback program that we have on file.

這確實是個好問題。這種對話的優點和缺點在於，我們認識到需要在市場上增加股份，而不是減少股份，但同時我們也可以以折扣價回購股份，這在一定程度上抵消了上述缺點。這是真的。當股票價格嚴重偏離正常水平，與每股 10 美元的價格掛鉤時，我們就利用了這一點。我們已經啟動了公司存檔的回購計畫。

We've used that a little bit to prop up the stock, small. It hasn't been anything big. We still feel that -- and this is not something that comes up a lot. This comes up conversationally randomly, and it hasn't come up so recently because the stock was at more -- it was over $12 again. But our model, if we continue doing exactly what we're doing and we ignore for this conversation, we ignore the stock price and we keep returning the collective AFFO growth plus dividend yield of a 17% return, we feel at some point that should be recognized by the investor public.

我們稍微利用這一點來支撐股價，但幅度不大。沒什麼大事發生。我們仍然有這種感覺——而且這種情況並不常發生。這件事經常在閒聊中被提及，最近沒怎麼被提及是因為股價更高了——又一次超過了 12 美元。但是，如果我們繼續按照目前的做法進行，為了方便討論，我們忽略股價，繼續實現 17% 的 AFFO 增長加上股息收益率，我們認為，在某種程度上，投資者應該會認可這一點。

And if we take the cash that we're producing and we use that cash to be able to continue the growth the way we're growing, that meets our objective as a company to keep growing with a disciplined approach and making the high double-digit returns and building a portfolio that will continue to pay and doing it the right way, meaning we're not squeezing our tenants like a lot of other people. We have that set model and how it works, which I think is fair that we put capital out there, we take risk because this is -- it's not the simplest business to be in. And we take the risk. And for that risk, we're getting a 10% return, which we compound by doing what we do by adding debt and this and that, 10% return, I think, is fair. So -- but what you're asking is a good question because in reality is we could go and do that and then bring the stock price up.

如果我們利用產生的現金來維持目前的成長勢頭，那麼我們就實現了公司以嚴謹的方式持續增長、獲得兩位數的高回報、構建一個能夠持續盈利的投資組合的目標，並且以正確的方式進行，這意味著我們不會像其他許多公司那樣壓榨租戶。我們有既定的模式和運作方式，我認為這很公平，因為我們投入資金，承擔風險，因為這——這不是最簡單的行業。我們承擔風險。承擔這樣的風險，我們獲得了 10% 的回報，透過增加債務等等方式不斷複利增長，我認為 10% 的回報是合理的。所以——但你問的是個好問題，因為實際上我們可以這樣做，然後再推高股價。

But then if there's less shareholders, there's less liquidity. And then inevitably, if somebody sells, it will kill the stock price again at some point. So I don't know. At some point, if our model stops working because the stock is just not found favorable, we'll have to do something. And I don't know if that is a fix, but it will be something that we look at.

但是，如果股東人數減少，流動性也會減少。然後，不可避免地，如果有人拋售，股價遲早會再次暴跌。我也不知道。如果某個時候，由於股票表現不佳而導致我們的模型停止工作，我們就必須採取一些措施。我不知道這是否能解決問題，但我們會考慮這個問題。

Just a quick follow-up about the last call. There was a discussion about Illinois remains a laggard from a reimbursement perspective. Could you please kind of contrast the regulatory and reimbursement environments in kind of newer states where you're starting to invest much more against the legacy markets?

關於上次通話，我再簡單跟進一下。會上討論了伊利諾伊州在報銷方面仍然落後的問題。能否請您將您開始加大投資的新興州的監管和報銷環境與傳統市場進行比較？

Yes. So again, to reiterate what we said in the past, right, there's two basic types of reimbursement in the country for Medicaid. There's price-based and there's cost based. The cost base is simply put, you get reimbursed for what you spend. And in those states are typically red states.

是的。所以，再次重申我們之前說過的話，對吧，目前美國醫療補助計劃有兩種基本的報銷方式。有按價格計算的，也有用成本計算的。成本基礎簡單來說就是，你花的錢會得到報銷。而這些州通常都是共和黨佔優勢的州。

And in those red states, you don't have any labor issues because you're able to pay people more because you get reimbursed more. It's almost every dollar you spend on a nurse or CNA, you get it back from the government. So you might as well take care of your staff easier because you have the money. Illinois is price-based. And that's basically the government gives you an allowance and says live within your means.

在這些紅州，不會出現任何勞工問題，因為政府的報銷額更高，所以能夠支付員工更高的工資。你在護士或護理助理身上花的每一美元，幾乎都能從政府那裡得到補償。既然你有錢，不如好好照顧你的員工。伊利諾州實施價格導向政策。基本上，政府會給你發津貼，並告訴你量入為出。

But at the same token, in that case, I'm using labor as an example just because -- in that case, you have the employees that need to make more money because things are costing more money. And it's like an impasse because you want to give them more money, but the state doesn't give you more money to give them, and it's tough. So our portfolio in Illinois is performing. It's just -- you have some that are doing amazing and you have a bunch that are -- an amazing I'm talking about is rent coverage. I'm not talking about anything else in that example.

但同樣地，在這種情況下，我以勞動力為例，只是因為——在這種情況下，員工需要賺更多的錢，因為東西的價格上漲了。這就像一個僵局，因為你想給他們更多的錢，但國家卻不給你更多的錢，這很棘手。因此，我們在伊利諾州的投資組合表現良好。情況是這樣的——有些人做得非常出色，而有些人則不然——我所說的出色之處是指租金支付能力。我舉的那個例子裡指的不是其他任何事。

Collectively, they're positive and everyone is paying rent. But you have laggards. And what's going on for our portfolio, the biggest tenant in Illinois for about almost half the portfolio is stuff that I personally have an ownership interest in. And we've announced that it's known where if we have an opportunity, we will start divesting out of not the company, but the tenant, which is related to the tenant. We will stop being in operations in some of these buildings because a mom-and-pop operator can do a better job because they don't have a corporate overhead of managing a bunch of homes.

總的來說，他們態度積極，而且每個人都在按時交房租。但你們也有落後者。至於我們的投資組合，伊利諾州最大的租戶租用了我們投資組合中近一半的資產，而這些資產是我個人擁有所有權的。我們已經宣布，如果有機會，我們將開始剝離的不是公司本身，而是與租戶相關的租戶。我們將停止在其中一些樓宇的運營，因為小型個體經營者可以做得更好，因為他們沒有管理大量房屋的公司開支。

So our Illinois portfolio as the landlord, hopefully, I didn't confuse anybody here by mixing landlord tenant kind of deal. But on the landlord side of things, we're getting our rent. The rent coverage is sufficient. It's over 1. I don't know exactly the number for Illinois, but it's something.

所以，作為房東，我們在伊利諾州的投資組合，希望我沒有因為把房東和房客之類的交易混淆而讓任何人感到困惑。但就房東而言，我們收到了租金。租金覆蓋率足夠。已經超過1了。我不知道伊利諾伊州的具體數字，但總比沒有強。

And it's still a laggard. Illinois is the biggest laggard. And that's because -- and that's really because the state has to catch up with the costs, and they will. At some point, they always do. And in fact, the union in Illinois actually is a help because they recognize -- for the most part, they recognize that the government has to raise the money, and they were out there lobbying and trying to push for their members, they're pushing to try to get that the reimbursement should go up so that there's more money to pay their employees -- to pay their members.

它仍然落後。伊利諾伊州是最大的落後者。那是因為——而且這確實是因為國家必須承擔這些成本，而且他們也一定會承擔。總有一天，他們會這麼做的。事實上，伊利諾伊州的工會確實起到了幫助作用，因為他們認識到——在很大程度上，他們認識到政府必須籌集資金，他們一直在遊說並努力為他們的成員爭取權益，他們正在努力爭取提高報銷額度，以便有更多的錢來支付他們的員工——支付他們的成員。

So I think I answered your question. At the end of the day, Illinois, any price-based state, which really Illinois is the only one in this example that we have is the laggard and it's always going to be a laggard because the only way that it improves is that the state legislature has to be the ones who vote to increase rates because there's no set methodology that says, okay, you spend X and therefore, we'll give you back X. We'll reimburse you that X in year 2 or year 3, whenever they do it like the other states. And in this example, they just -- the legislature has to say, okay, the nursing homes are allowed X amount of millions -- billions a year, and we have to give them more money because they have to cover their expenses and it has to happen that way. So I think I answered your question.

我想我已經回答你的問題了。歸根結底，伊利諾伊州，以及任何以價格為基礎的州（實際上，在這個例子中，伊利諾伊州是唯一一個），都是落後的，而且它永遠都會落後，因為它唯一的改善途徑就是州議會投票決定提高費率，因為沒有一套固定的方法來規定，好的，你們花費了X，因此我們會返還你們X。我們會像其他州一樣，在第二年或第三年返還你們這X。在這個例子中，立法機構必須說，好吧，養老院每年可以獲得數百萬至數十億美元的資金，我們必須給他們更多的錢，因為他們必須支付他們的開支，事情必須這樣發展。我想我已經回答你的問題了。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Jeff Bajtner for any closing remarks.

目前隊列中沒有其他問題。我謹將會議交還給傑夫·巴伊特納先生，請他作總結發言。

Thank you so much, and I'd like to thank everybody for joining us today. On behalf of myself, Greg and Moishe and the team here, we continue to work hard on behalf of our shareholders, making disciplined acquisitions and ultimately working on getting our stock price up. So if you have any questions on all our presentations in the back, there's both my e-mail address and Moishe's e-mail address, we're always available while connecting with our shareholders and investors. Have a great weekend. Thank you.

非常感謝，也感謝今天到場的各位。我謹代表我自己、Greg、Moishe 和我們團隊，繼續為我們的股東努力工作，進行審慎的收購，最終目標是提高我們的股價。所以，如果您對我們所有的簡報有任何疑問，後面有我的電子郵件地址和 Moishe 的電子郵件地址，我們隨時樂意與我們的股東和投資者聯繫。祝你周末愉快。謝謝。

Thank you, everybody.

謝謝大家。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。