Omega Healthcare Investors (OHI) 8 Feb 242023 Q4 Earnings call transcript

Greetings, and welcome to the Omega Healthcare Investors Fourth Quarter 2023 Earnings Conference Call.

[Operator Instructions]

As a reminder, this conference is being recorded. I will now turn the conference over to Michele Reber.

You may begin.

morning. good and you, Thank With me Booth; Vice Pickett; Dan CEO, of is Bob Stephenson; Omega's CFO, Senior Taylor and Operations. COO, today Megan President Krull, may that Comments our regarding potential and not conference during prospects projections, statements, call operator generally. made historical as this financial facts outlook be transactions, statements forward-looking such are Factors that forward-looking to the are in detailed results statements filings SEC. from with materially could differ cause the actual the those company's in

such to the non-GAAP FFO, as in call comparable measures, today, accepted non-GAAP During available EBITDA. measures these principles, quarterly generally accounting most NAREIT refer FFO, of some and will the FAD measure adjusted under supplement. the are financial we Reconciliations to

by by financial Taylor. been certain coverage and our that Omega. I addition, that provided operator information independently turn has to will not over discuss the call is now verified we In operators based data on

XXX%. several quarter over call. key share funds FAD that dividend next FAD earnings will Thanks, meaningful result quarters. Full are distribution, per upside per share, our will $X.XX was transitioned, of payout process discuss and quarter Michele. Good share, of reflecting available morning, in of as fourth XXXX results you for fourth in quarter Today, being a $X.XX portfolios FAD, of year slightly per I trends. ratio our was which year $X.XX few below Fourth the financial joining the and conference full for thank expected, in our operating certain resulting

XXXX to including AFFO FAD, impact go-forward to We and difficult Maplewood, cash-basis handful predict. quarter that first have continue will operators, a of making our FAD

ultimate well the to have to related believe but growing reliable sold since are we in generate and into term, time resolution believe we these cash longer all of started. the flows the particular, that Maplewood, pandemic first or being visibility that portfolios timing guidance assets, transitioned are provide positioned the However, for and enough rent. We and of

between is guidance share. Our $X.XX XXXX and AFFO per $X.XX

the Xx operator EBITDAR from and state to discuss, transitioned which of October rate and coverage rent balance from X.X%, which X.Xx, X.X% EBITDAR dropped and operators basis. a was coverage to call expect on operator performing As Dan XX.X% payment the represents already metrics occupancy That total credits key that continue of Bob. turn XX should break X.X% the to now tenant an transitioned, metric, X.X% above XX.X% which rent to benefiting representing the will a that not of therefore, improvements rent. We leaves issue. total strong and XX.X%, of of rent under credit. operational at buckets. continue increases Operators leaves have improve, facilities coverage including our representing representing of we small Operators go-forward can recently be representing XX.X% quarter into third relationships. I handful over representing an a of operating X.X%, to will X.X%

morning. and Taylor, Thanks, good

The fourth from Turning certain to adjusting completed during completed is asset timing same year-over-year for $XXX for XXXX. increase before quarter fourth for quarter. $XXX million the Revenue compared fourth our million to quarter the for non-recurring the was of primarily items straight-line and investments restructurings, period. in that of operator a time result by sales partially write-offs, revenue to related offset XXXX and net 'XX new financials

of the for of per a quarter as loss share $X.XX Our $X.XX share per fourth $XX NAREIT quarter XXXX. of $XXX or or fourth to FFO for million the million loss compared was a

posted our and to FFO, to in earnings fourth million FAD in million our our was per $X.XX FAD $XXX as Our well our found practices share as supplemental or quarter, both net adjusted website. items reconciliations several per outlined with the FFO FFO and adjusted was historical $XXX exclude share our release and NAREIT or $X.XX consistent financial quarter for income and

LaVie and Our continues stemmed from remain and We $XXX totaling previously the we XX million, disclosed mortgages, fourth quarter, sales balance the with these the HUD repayments quarter balance to of pay over strong. new sheet and asset billion $X.X to are investments. million In on and repaid transitions. well sheet April maturity ended positioned borrowing $XXX in $XXX capacity over facility fund off credit X, bond cash the our million

As was was of our normalized debt fixed funded X.XXx billion charge $X.X to XX% and debt ratio at of year-end, our annualized EBITDA in X.Xx. our net and adjusted was fixed rates coverage

assuming $XX.X the our expense, on are either We We're a sale recognition. We're investments our As earned in $XX per or full of quarter, of as for We an a first since to $XXX in interest estimated the the completion to is our placed our sheet investment being million the another to approximately as the $X.XX credit for on portfolios stated additional basis classified quarter included the year-end. highest. timely cash of X, We've pandemic, contractual change $X.XX as return operator million related changes facilities quarter. XXXX which is per We're time way, year new well borrowings. project rates asset April completed balance assumed but the to maturity. overnight FFO which in bond NAREIT charge providing market relates of expense year-to-date. We being to million included and includes repayment quarterly facility no revenue G&A first to compensation to restructurings, for as stock-based completed or adjusted related held FFO the in of eliminated interest on assuming accrual expense investments no on operators revenue revenue run be with FFO, material $XX.X million start between Non-cash Taylor we of rates of adjusted per impact new as typically assume between million basis in $X.X to both the and currently it no eventual share. in full recognition mentioned, guidance assuming annual $XX cash a million sales Guardian of Maplewood's LaVie operators rent.

FFO than mentioned. already Our excludes additional XXXX as capital asset or any sales was new well investments as what guidance transactions any additional adjusted other

negotiations operator several still unknown. precise a our wide guidance. transitions provided in range and timing to As We is adjusted are FFO the

no million in will yesterday's on provide paid stated of January, rent. was Dan. security will press deposit paid in with rent. And security I $X.XX release, deposit these that, in in cash cash million we quarter in his received from in in was rent. million quarter, approximately additional and to exhausted LaVie in in paid the We in $XX,XXX Guardian's a million LaVie Maplewood fourth security rent lastly, deposit prepared combination to record January quarter $XX.X earnings applications. in million operators $X.X through fourth Dan Guardian As $X.X the The additional call color over in remaining and January, rent. Maplewood January. And $X.X fourth recorded the turn revenue remarks. And In utilized

good Thanks, everyone. Bob, morning, and

period December operators facilities of the with in XX United Omega were operating to our X.XXx XX-month XX, versus XX for the XX, located trailing as Trailing the and XXXX. Kingdom. states for of spread XXX of across As XXXX, asset X.XXx operator facilities June operating beds. September third-party XX, portfolio ended XX-month coverage core an had increased within XXXX, These EBITDAR approximately XX,XXX portfolio

of operator XXXX Federal and Stimulus in This recorded excluding during approximately Federal quarter $XX.X Trailing X.XXx, second cumulatively with our EBITDAR was X.XXx the respectively. compares to X.XXx XX, from our Stimulus XXXX, to benefit continued quarter our compared operators. Funds. EBITDAR portfolio Federal based second $XX.X the as of and in XX.X% of of the second including low for for overall to has operators during of as $XX of to when to in any Funds, quarter September Federal the a stand-alone quarter third of million Stimulus third XXXX for Stimulus million X.XXx, Occupancy upon X.XXx quarter January reporting excluding and preliminary from XXXX, the XXXX core recover X.XXx without quarter. the as our of portfolio have favorably the XX.X% million $XX core stand-alone coverage mid-January XX-month million for increased recorded Funds Stimulus compared During would Federal approximately the coverage to ended Funds.

For comparative the prior pandemic. the COVID core purposes, just for the occupancy to was of for portfolio of XXXX our fourth quarter XX.X% onset

a fourth portfolio $XXX.X to of of the gross XXXX, of proceeds. Omega LaVie. XX for million total facilities In LaVie sold Turning matters. quarter

X facilities located in X X in North facilities, the Florida. and in with operating in Virginia. Three in from consist environment additional X of those LaVie considered Louisiana highly currently X include transitioning of of Omega to states All XX and Mississippi were process third-party XX is desirable will facilities facilities, Florida of in Pennsylvania, which remaining in X portfolio in Carolina, the an are Omega's standpoint. X operators.

facilities. future month last paid LaVie including XXXX. Maplewood. LaVie with million on currently January of are We $X.XX ongoing these months, XX the for for overall each in remaining approximately per best X the of discussions has

to consisting million employees. Guardian. achievement was reflects which currently believes $XX.X XXXX, is the paid of quarter providers the in Virginia. During top the at of path XX and in January of to at X Omega York Guardian, facilities of million, of near and in facilities stabilization Senior across places in the portfolio New recently XX rent. to currently deposit nationwide. senior fully Maplewood leases communities $X.X $X.X continues Maplewood of Living X facility strong X a of Best the Maplewood with of care And awarded X% Pennsylvania performance remarkable fourth future. paid the dedication see housing to City Maplewood facilities, stabilized. Occupancy-inspired the all at the there XX%. $X.X is XX XXXX, This million of West in and cash Awards In Maplewood the in commitment Maplewood applications. X% security million payments rent

third currently to facilities and certain an the subject are the remaining normal to unrelated negotiating finalization approvals X of documentation. re-lease regulatory lease to We terms party

aforementioned the on Omega other transitions, operators restructurings various small working several restructurings. to addition relatively In with is and

investments. new to Turning

estate a the XXXX, a of rate new investments, million capital yield During acquisitions million consisting with loans $XXX X.X% acquisitions real of a escalators. fourth in in $XX average of loans $XXX and of XX.X%. real X% new average total weighted other million in estate Omega $XX expenditures. in loans, annual These of completed and million annual new The interest have have weighted quarter

loans. During XXXX, million These of capital in X.X%. XXXX, new expenditures. in $XXX $XX average made new interest million million, the $XX weighted mortgage full on completed to Subsequent totaling Omega have closed of new has including rate in Omega a loans year investments year-end XXXX,

to dispositions. Turning

sold of During XX the $XXX facilities fourth for million. quarter XXXX, Omega

for full the XXXX, of facilities XX million. I the Omega turn now year to Megan. will During over sold $XXX call

and comparison be Thanks, Dan, where for to portfolio the core momentum third per everyone. the in variation and front, continues patient to Xx albeit on There reported expense XXXX for by we market. quarter with on our is was morning, in wide a staffing last Xx a second positive occupancy winter Agency in to basis ago. facilities good Xx And staffing we improve in day it up XXXX quarters reported the XX% dropped now with slight as quarter, continue the typical. the the we is months to slowdown as expected, see X XX%, from easing, with the number recovered reported at quarter. The of core shortages slowly

already also Additionally, is and recovered the however, to improvements, years XX/X XX% not have term. by finalized the as industry, Despite required for nursing for the impact was AHCA's impact the for this X or per promised are that yet current that the RN finalized hope of with final to made be they with mandate to these implementation. and need that prevail XX,XXX only And improvements at to in course, the by then going up fully soon happen administration that urban to and of rules, unfunded, altogether, rural. With rulemaking have time, impact legislation we entirely that. I questions. tell strong This rural the a is and balanced. which could comments will final proposed not above will more the need core mandate especially well potential X year. the left that if in track mandate the is years finalize block delayed not the sometime than X of call CMS, the slated minds will to occur. There's CMS and do that facilities negligible facilities can currently always the after years into be to what is all the first implementation already that bipartisan effect is slated within the is when record it any hours X going is its lot into that for getting have resident and legislation for a unexpected this mention introduced ultimate will near remember We will had could given years urban look proposed, Recall, staffing to promise mandate like. or possibility will open that can Congress proposed mandate, just rule aids years the X XX% in after and the on received long-term too occupancy. Overshadowing substantially RNs mandate considered, facilities reviewed currently for is mandate reasonable change now in effect legislation additional the day the requirement

Instructions] [Operator

our of James. Hughes Jonathan And comes Raymond first line from question the from

investment just then those pipeline? snaps fourth Can the maybe the initial cash yields seniors yields underwriting quarter acquisitions, share housing? you what you're if X%. current On on And I see were the were or

Yes.

yields XX% or north those the were -- X%. or quarter the investments over that of fourth we're even So that most -- you underwriting highlighted to on are yields

Some in time long in the a been for the have deals those were pipeline while. making, a of

a we overall The some So quarters had for is quoted of the yield XX%. price north back. year

think I XX.X% blended. it's

pretty So we're -- much is quoting XX% and in today North. that's what

activity investments do see versus left and investments existing call of XX% you're majority filling activity? your investment get -- comprise up investment acquisitions. XX% the banks And year, pick been those it, we you I void a have Okay. that past over loan with because when And acquisitions been then loan the be the mix of But and relationships. by might it's

that of that's we prior of our still say acquisitions, I'd number a think done store did in same one right? we've that years. I

aren't a the there's a of capital you said your filling stand mean, to pick answering think in lot that continue as have could kind just today, or void in see We a filling we're but markets question, up that and and I was we loans, as I of they banks certainly own just that in 'XX. void. active it

share exposure a to just the investment? maybe And in operator some estate made me. of for portfolio? more term why non-real you $XX the coverage such Can that maybe Okay. short-term use is one EBITDAR of do are loan What And million What details on December. that proceeds? and

Yes.

less individuals XX over that many, industry or than Omega's relationship of to that a just in individual So that back the with for our many of is X% years. goes couple revenue. companies facts he controls Those been highlight And for relationship years.

multiple fronts, that Our we share worlds the cross relationships. on fact multiple including

an as privately history. equity He worth snip interest a excellent world, that net in investment is to it's this in that an world. and collateralized falls another the allow and he of the relationship in has well have actually He high so in was him investment owns, we private outside it to company And the investment. make any by

track high collateralized net individual record. So with it's great well worth

be And I that know would don't what's then portfolio? heard that, but great. I but if maybe -- you that I of you, the realize if close to X%, coverage it's have maybe

don't I today, I'll to for years operator they say on so paying that, but clockwork. coverages, going comment leases go XX-plus mean, pay we've both those and So individual been there we I'm just not like on just probably generally

next of The is from Malhotra question Vikram Mizuho. the with line

of end just operator the of baked guide. investments, you think resolution end? and end we the high end? at should Maybe us And on about both off to give some the start the at versus Could sort in how sort low color and high what's low

have to did and historical a Guardian in paying our needs and to we We contractual the full rent. bit mention to, range transition/restructuring little and so, mode FFO gave returned Maplewood return based guidance happily adjusted wider on LaVie we because practices

bit takes transactions a those repayment little the low end, on longer it's high it's it the at the on and I mean means sooner. simple. end, just kind that it So of

Got it.

share that year, And just any as you the term? you you through payment one, asset terms And York rate second, with of payment? of a can the that assuming of for Maplewood, the go the we sort as occupancy normal you're what New assumptions we specifically go Is to Okay. through paying to for us, good Jan year run for occur? hoping are then look as the mentioned return sort near normalized year, through in the of more you then

a start, January the is X% rate team it impact obviously, but net. rate the doesn't run of cash increases which good be for So the Maplewood to to reflect to X% 'XX, expects

the then year, So team early that's part Vikram. on -- march there we'll through some to the Avenue. pickup see as And we the still is revisions Second working through start of a

by able have XX% little XXs competitive they'll you The mature But now in the become be a thought buildings market is process bit to that, to year-end. a Manhattan. go now into from remember has in

move-ins we X month, though even XX or X see have in out. So might move a you'll

it's is net plan. the occupancy that a We'll work over -- the more next Team that the So to next on hasn't real increase their lot months. call. XX for color probably have finalized

just kind from -- to And truly if I Because million just it to your one-off. real as like of It it something there then a wanted -- on not more like sounded follow on relationship up seems just, of the well? loan. Great. sorry, one sort but strategic perspective estate, this based. And can one-off? I a hear Okay. if focused is $XX it is is

to So I And just is else strategic it this unique. well? as to truly there something very of understand is something the then if kind want -- or

is focus we're our Yes. else. to more a I where that of anything attention. this than say one-off going would It's not

is with line question Citi. Michael Griffin from next of Our the

ask wanted around question to occupancy. a Just

the was at of but north seeing end that it said you're XX%. year, XX%, about You in January, it of the

you increase? why facilities seeing Is more staffed of you give of function more we're Given or can some color some it you're being better in provide maybe period, occupancy just there be a seasonal a would could helpful. anything that time on these

operators that mostly getting building again. fact and the they're to staff permanent the And staffing Some is hearing in easing has more that come cultures agency the staff and right? we're think occupancy. their just I increase of what They're the building down. up from is our easier have up, it's

driving So what's that's it. really

see hanging then of end? And an to to the all of restructuring yourself in That's Great. once exit the comes assets the kind you portfolio. Or remaining of LaVie relationship? plan helpful. Is just ultimately some out do sell that and the process them on to on

team still of the are his and middle Dan discussions. in the

it's I have that. answer the So -- Dan as don't mentioned, really for we though, thing an important tell will you, performed those assets is, well.

whichever maximize -- if there. up, hands the we they value of of the It's lot end make to question through proposition. just sure a working there's a value process So

Our from Connor Wells Fargo. is next Siversky line the question of with

reasonable year. once One negatively? of Maplewood's Do around on curious from online rolls cost when Maplewood, have what that D.C. time? we will look cash load opening any you are I'm it development Washington, assume forward numbers fixed next expect like would should the the it sense to this doors profile could open? flow And at impact that any put you Is it then that operation what

the will forward are got They've The looking and a to through opened little at a I It's numbers sales working there office, now. around it's early decent X%. be million list $XXX that higher. We're returns cash project. right the their now. will there. that, put tell be People to being expectation you presales about could least too It they've is Yes. it.

up. a terms to doesn't fill capital the or fund In have of Maplewood as an of costs, entity source

will get for, gets be can't you the depend to open. on on going So ultimately, the to accounted when us, additional it Maplewood to day we that's it's tell fall that doors I How and capital. going

And one coverage. That's then helpful. rent on Okay. maybe

expectations that to So XQ. see number I'm are if curious any there trending into for

have data the as hold the rate push occupancy that any of flattened that given We or I'm took end towards number year less if mix wondering hikes suggesting the could expected had more specifically. higher down the seasonality. Medicaid

is and as in did just so October, in had increases to to continue rate improve. improves, I see the you'll hikes going have We occupancy But Medicare Medicaid. think the we coverage that some

obviously, into sometimes you looks and December, With audit have the can coverage that that exception, adjustments what the like. play

Our next question Okusanya Deutsche Tayo with of is from Bank. the line

kind the of CMS period, rules. regulatory steps general CMS came comments and of Again, potentially period about could of what just minimum ended, as just staffing backdrop. -- out from the One kind to think next curious comment staffing continues of has be rules, of what kind through minimum implementation the

plus So every that them like I and to reviewed and single we're one said, there were needs about of be comments submitting, considered. XX,XXX

And the really to than idea would summer right change at comments, at little think action to Congress be are proposed. But can how of be sometime the going changed likely ways don't now. time. that that's finalized, likely repeal gets the that that. it now was to that rule that the I end day, is later the there taken the it's implementation the is in there still potentially that extent improvements we other rule can it, in over in be a some of many there's extent be And the from going right it the that, where But bit earliest, are after with it. of that legislative even know to

rule... what ultimate that impact too And soon the final really to of so it's tell

in on That's know indulge me Got quickly acquisition you And don't have you. Again, then I just acquisitions the as helpful. well. front guidance.

volume in decent do XQ. did You

kind Just to kind color that Any opportunities kind as of be -- cap going on you buy and could of of nursing senior think skilled rates? forward, potential provide you helpful. housing would versus

that but will active probably we this before pipeline since start say COVID. of active, the a at very I as are been point. It's seeing

of we able the firm and seeing XX% of requests. But pick to able our -- right we are, are So on requirements. to pretty are we we sort deals, out, as holding choose yield a and number loan pointed we're

America. line next question Bank Dennerlein of with the is of from Josh Our

that about avoid sense? question that [ trying there you is had or This Josh. Grana target are reimbursement. to in Carol on the ] Are a states currently Medicaid any behalf I of

Pennsylvania mean because in quite one some states Sincerely direction avoid have think, now, we know, their and are Florida, as a is head we will XXXX. would right necessarily not same that certainly like in that right it it those, that I the down difficulties road. bit we of the XXXX exited you target. there ultimately,

So anytime certain Texas then are staffing pretty issues soon. And we're personally not state. are quickly in there to states, looking our has well jump in there the issues, there staffing but back operators do there,

Missouri, You've states got increases had states tell Iowa that's those going like to are just and soon how you rate too recent to do.

So -- and sure our are, right we individual they're understand the business where are, where just each the just look where and of opportunities at and do we operators state. to looking make risk

one makeup capital continuing forward you're $XXX the the markets? of is other are there bridge gap investments, acquisition and you the color seeing volumes. And that to million deal we about going the another the Do Or debt loan in discussing that flow? Great. see though, between in question that

there capital lending. there's it's -- lot a dearth at are think a I just with otherwise, And just senior in people now, point. this lend not that out Right of there's to prepared

one we're So can't filling little that aspect. I the just predict void.

of The from the John is Street. Green next line Pawlowski question with

Megan, cost increases your your the can give average a XXXX? us you sense for are with rough your conversations expecting labor in operators operators,

been There large going it's they're think regions depending increases have to operator the years. past I vary what several already in. wage over by on

it on particular depends just so in the And competition those states.

to the labor a closer it moderation for XX%? to X%? it Is Is to pace of trying us backdrop? sense closer just cost you give some get Can I'm direction?

X%, where operator-specific. just depends probably it's Again, average, say, end I to really I where it's or up. very on going that on located. would It I'm be but they're say X% in the would sure for sure can't

still then that the as agency And lever it. you hard from portfolio there's just labor and of seen pretty have rising of health go staffing across where shortages, compete care your to pockets the just to pull demand markets, again, to that the back needed in markets? with, Got builds occupancy haven't

if of agency I have has their their of would are buildings down the pretty operator, mean, opposed general, say, over So a as the come lot pockets I say, to in using buildings buildings talk operator have agency. quarters. an few few like that that agency. where substantially would agency of definitely There I in are last to a you of But most I time to we the all have noted,

Markets. from is the question Juan Sanabria Capital next of line BMO The with

I X-parter, dispositions we guess, how a that quarter I LaVie. the dispositions. collected to the guess, first, about for largely place should think Was rents the on tied took in Just fourth should in terms being or accrued dispositions yields anything held there about think guidance And on there? accounted or 'XX for secondly, on potential for how proceeds? the sale we of those

will those shaped So what be the determined LaVie through on the rate We're reinvest and all those assets just when we around cap proceeds. of exactly put and right? turn actual rent that's a still haven't were obviously, we So out. assets sold, sold restructuring then working so the LaVie,

TBD. So that's the kind of

its of could -- in Juan, quarter you much of and show the XXX,XXX, on fourth see what around supplemental, how disposed we was very immaterial. the we booked list Page XX we it's

dispose? guidance for terms about of And should -- 'XX assuming we what be how in the

assets we related Held XXX,XXX quarter fourth booked the sale for the assets, in those. -- that held from yes, to

just And Okay. Guardian. then on

from just status if Do give there? you the just Or what's the offset? process you an have So here could the on little of a operator where us a you It's and state color question getting approvals? stand?

we our that likely landed, hopeful the partner time can quarter the by timing and we is tell Again, transition know but -- team you the where the now. identified have it Dan they're and right second call, process. have I'm through working all Yes. we

for last one just And then me.

you FFO but should you'd to that relates adjusted how guidance, be FFO think adjusted the about as the expect we gave dividend when it give You can any covered? on to that and commentary

again, quarter -- from the that, the anywhere dividend would the given timing is rate per less Juan, quarter. And run based cover I forecast, we to on guidance. that's really AFFO that there. a based to what assumptions so But run on could, see, in based the we timing in possibility there's on late $X.XX basis, and know key going the to range the assume that the but $X.XX second on

the Our RBC. next is from with question line Michael Carroll of

targeting your that Now to are away to cost are to is going with mainly know Omega something there. outlook, stay XX% Is just kind assume a of portfolios deals few yield regard big individual or that current given should there -- investment that capital? you of your bigger out guys we from target. achieve I that

fair I think -- that's It's a statement.

relative are in the U.K. and that Your some hitting -- to There the are doubles. bread-and-butter sizable are transactions the singles more be tends pipeline. there some

you stuff there. see XX. might That's some So all

aware want and the you us here back tell If ones not us we've... in the states of we're sizable to call

regard process And to does take with long Guardian, then for go it approval through. how to the

tenant before So to there? that how talking assets, does get take long want if you're the take it the regulatory to they get decides approval to the they that can in

state we're from XX In that XX days, about talking to that file. the you the time

kind as completed of Guardian winds can moves a as and is then operator is kind up of down, that chance rent true And any away? payment get transition Okay. there the that you

Not likely.

that Maplewood that was you will last Okay. full general back rent. guidance, I were occur to the a in in that of in talking one. kind Was sometime eventually could implied prepared guidance about And your believe think Or that, comment occur your comment that, just just implies you a that then contractual that future? remarks you that returned XXXX? when

reach with the into Maplewood the that that cash aspirational of end year, not for I definitely team, going can their there. 'XX. think target, but is we they're will haven't are finalized the 'XX by budgets -- But We be they

nothing else happens. unusual Assuming happens --

the Scotiabank. of from is question next line Nick Yulico with Our

of you're get a maturity. sales. asset Maybe a activity walk I on just hoping bond sort there's of HUD lot And was I sure Bob. you sounds it those. a like kind balance based if on assuming for that's some the wasn't of on question associated sheet any to a cash then the more earmarked with the the for have repayment

acquisitions, acquisitions whether it's you understand are new where to like from about or on from available how then additional invest cash funding to And trying guys into time a equity Just in are debt? thinking you a based all that? point at

There one. -- of lot a within questions that

address let all. So to try me them

saying balance for April worth start maturity yes, of on million. we're earmarked it's $XXX with today, $XXX-plus-million X -- of cash I'll And the sheet. So sitting the

we acquisition credit the for handle either assumptions we're an in of prepared $XX for also, However, capacity assets that my sale. billion million debt the that the remarks, facility assuming repayment have us. $X.X if in held up acquisitions. We're to will combination stated dispose as in I we stated a And comes as future over I and/or

dependent -- cash pipeline So a positioned on us balance well funding but think sheet maturity/acquisitions. that's Again, from where the to help that going handle capital today. just I it's additional be standpoint, to really it's sits the we're

recent on do investments, recent the all maybe give is of then, just you you sup, income of noncash the loan on the any of you or break portion If buckets associated it any of there's guys a whether also have. And could term was those interest those guess, different -- some Were loans. of investments other interest question loan different is any loans. those Okay. noncash And if I out with the loan $XX loans? on of X second the million Page any there

on a think not did. there's don't deals but... Page just I the X, that -- Certainly we in embedded new

calculation. are a yield have opportunity Nick, some couple Yes. for that in cash. excess numbers loan we don't a where for upside if deals all we're include that of the All there's but the we There quoting refi of proceeds, our any -- yields all are

so Page all then any these loans there XXX% the loans. like if cash. of And with from sure X is then was the wasn't saying various on associated income like component pick I Okay. you're any just interest

Yes.

there, that loans component have okay an few I out has contracts and as in there out few As we you past, a know, still in they that through place. are a walked the

the Golladay is from question Wes next Baird. Our with of line

handy, haven't you York is I stabilizing And quick see the know on how question much year? Do a Maplewood. you of just that next do have then for New you asset? asset that the if by asset the upside EBITDA end

with end their fair revision I absolutely the the And flows you're talking finished cash team, the a year, assume plans. about fully working but Well, would think it there. be Maplewood they up. 'XX, we're that's of of of leased end I But think still haven't to number I next substantial, flow as mentioned, will through cash management if yes, is

that prepared not we're about to So talk today.

would small up at that Okay. or And mostly tenants? XX the looking held-for-sale then LaVie make operators the of total those assets, it be that X.X%

process So is we're assets that in a operator the few out we the of that held-for-sale just from selling. one properties. And -- portfolio one carving it's second some existing properties the one

Okay.

you these So part would did of come X.X%, would that working operators still mention through I are guess, after that, down sell you assets? XX be that

is that X.X% and likely those Yes, X.X% in will exit operator we will that one there go assets down. the

over the questions would Taylor you. comments. this no turn for like I at are back further to closing Thank time. Pickett floor There to

for We have appreciate the if any the Thanks you follow-up free questions. call this to us morning. Feel joining time. team

concludes This teleconference. you. Thank today's

this at for disconnect you your participation. may time. You your lines Thank