0000766704-25-000040
SEC filingQ3营收增31%至$2.69B，Seniors Housing Operating NOI增51%，但净利降38%因去年同期高基数。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2.69B | $2.06B | +31% |
| Gross Profit | $1.11B | $843M | +32% |
| Gross Margin | 41.3% | 41.0% | +30 bps |
| Operating Income | $293M | $184M | +59% |
| Operating Margin | 10.9% | 8.9% | +200 bps |
| Net Income | $282M | $457M | -38% |
| Diluted EPS | $0.41 | $0.73 | -44% |
| FFO | $824M | $636M | +30% |
| FFO per Share | $1.20 | $1.03 | +17% |
| Operating Cash Flow | $2.23B | $1.70B | +31% |
| Free Cash Flow | $1.49B | $1.16B | +29% |
增长驱动：Q3营收增长31%主要得益于Seniors Housing Operating板块的强劲表现，该板块收入增长37%至$2.07B，其中Care UK并表贡献显著。入住率持续提升至86.9%（去年同期83.8%），带动Resident fees and services收入增长36%。Triple-net板块收入增长25%，主要受益于租金收入增长及去年同期低基数。
利润率改善：Gross Margin提升30 bps至41.3%，Operating Margin大幅提升200 bps至10.9%，主要由于运营杠杆效应及费用控制。Seniors Housing Operating NOI利润率提升至27.6%（去年同期25.0%），反映入住率提升带来的运营效率改善。
盈利质量：Net Income同比下降38%至$282M，主要因去年同期确认$272M房地产处置收益（本期仅$4M）。剔除一次性项目后，FFO增长30%至$824M，FFO per share增长17%至$1.20，显示核心运营盈利能力强劲。Operating Cash Flow增长31%至$2.23B，与FFO增长趋势一致，盈利质量良好。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Seniors Housing Operating | $2.07B | +37% | $138M | 6.7% | 入住率提升、Care UK并表 |
| Triple-net | $287M | +25% | $198M | 69.1% | 租金收入增长、去年同期低基数 |
| Outpatient Medical | $215M | +5% | $82M | 38.2% | 租金收入稳定增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $6.94B | +$3.23B |
| Total Debt | $16.85B | +$1.05B |
| Net Debt | $10.02B | -$1.88B |
| Operating Cash Flow | $2.23B | +$530M |
| Capex | $1.07B | -$101M |
| Free Cash Flow | $1.49B | +$330M |
| FCF 转化率 | 177% | — |
Net Debt/EBITDA（TTM）约2.6倍，杠杆水平健康。
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前瞻指引：未提供具体财务指引。
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