0001104659-26-056329
SEC filingSHOP转型驱动营收同比+94.6%至$95.4M，净利$25.0M，但利息费用与SHOP运营成本上升压制利润率。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $95,411K | $49,031K | +94.6% |
| Net Income | $24,956K | $22,221K | +12.3% |
| Net Income available to common stockholders | $23,437K | $20,517K | +14.2% |
| Nareit FFO | $35,426K | $29,508K | +20.1% |
| Adjusted EBITDA re | $46,146K | $39,530K | +16.7% |
| NOI | $56,423K | $49,589K | +13.8% |
营收同比+94.6%至$95.4M，核心驱动为2025年Q2新设SHOP分部贡献$49.6M居民费收入（去年同期为零），叠加融资应收利息+$1.3M（含$1.8M exit IRR收入）与抵押贷款利息+$1.1M；但Rental income同比-$5.1M至$26.3M，主因社区由Triple-Net转为SHOP及物业出售，部分被公平市场租金重置抵消。
利润端：净利$25.0M（+12.3%），净利可归属普通股股东$23.4M（+14.2%）。利息费用$10.8M（+36.3%）因2025年Q4新增$200M定期贷款及循环信贷余额上升；SHOP运营费用$36.9M全额新增；G&A $8.6M（+23.1%）反映SHOP扩张支持成本。信用损失由去年同期$3.1M计提转为$0.7M回收（出售三处Florida SNF融资应收相关）。
盈利质量：Nareit FFO $35.4M（+20.1%），Adjusted EBITDA re $46.1M（+16.7%）；一次性项净影响-$1.7M，含exit IRR收入$1.8M、信用损失回收$0.8M，被交易成本$0.7M及有效利息核销$0.2M部分抵消。NOI $56.4M（+13.8%），SHOP分部NOI $12.7M、Real Estate Investments分部NOI $43.4M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Real Estate Investments | $45,757K | — | NOI $43,363K | — | Triple-Net租金$26.3M、融资应收利息$8.3M、抵押贷款利息$10.2M、notes $0.6M、JV $0.3M |
| SHOP | $49,585K | — | NOI $12,696K | — | 居民费收入$49.6M减物业运营费用$36.9M；2025年Q2新设 |
| 项目 | 本期末 (2026-03-31) | 上期末 (2025-12-31) | 变化 |
|---|---|---|---|
| Cash & equivalents | $21.7M | $14.4M | +$7.3M |
| Total Debt（账面净额） | $867.4M | $842.2M | +$25.2M |
| — Revolving line of credit | $283.0M | $252.9M | +$30.1M |
| — Term loans, net | $198.3M | $198.2M | +$0.1M |
| — Senior unsecured notes, net | $386.1M | $391.1M | -$5.0M |
| Net Debt（现金抵减） | $845.7M | $827.8M | +$17.9M |
| Shareholders' Equity（LTC） | $1,110.0M | $1,075.0M | +$35.0M |
| Non-controlling interests | $73.1M | $87.4M | -$14.3M |
| SHOP deferred revenue | $2.5M | $2.1M | +$0.4M |
季末循环信贷可用额度 $317.0M；季后再偿还 $56.0M，循环信贷余额降至 $227.0M、可用额度升至 $373.0M（截至 2026-05-06）。加权平均利率 4.38%（循环 4.39%、Term loans 4.87%、优先票据 4.11%）。Notes 未披露 EBITDA，Net Debt/EBITDA 无法计算。
| 项目 | 金额/数据 | 说明 |
|---|---|---|
| ATM 增发（Q1） | $43.4M / 1,145,565 股 | 净额；季后再售 1,402,933 股募 $51.9M |
| ATM 剩余额度 | $244.5M → $192.4M | 截至 2026-05-06 |
| 股息（Q1 派发） | $29.2M / $0.57 股 | 月度 $0.19，同比持平；4月再宣派 Q2 每月 $0.19 |
| 债务净变化 | +$25.2M | 借入 $119.0M、偿还 $93.9M（含优先票据 $5.0M） |
| 房地产收购 | $108.1M | 佐治亚 3 处 SHOP 社区（394 单元） |
| 资本改善支出 | $2.7M | SHOP $2.0M + NNN $0.7M |
| 剩余投资承诺 | $47.2M | 2026 年内到期 $9.4M；抵押贷款 $34.7M、SHOP $8.1M、earn-out $3.0M |
| 板块 | Gross Investment | 占比 | 物业数 | 单元/床位 |
|---|---|---|---|---|
| NNN（Triple-Net） | $1,019.9M | 59.3% | 96 | 5,921 |
| SHOP | $701.6M | 40.7% | 30 | 2,555 |
| Financing receivables | $286.9M | 11.8% | 28 | 1,263 |
| Mortgage loans | $393.4M | 16.1% | 26 | 3,127 |
| Notes receivable | $25.8M | 1.0% | — | — |
| Unconsolidated JV | $12.6M | 0.5% | 1 | 104 |
SHOP 收入 $49.6M、运营费用 $36.9M，隐含运营利润 $12.7M；NNN 租金收入 $26.3M（同比 -$5.1M，主因社区转入 SHOP 及物业出售）。信用损失准备整体净回收 $0.7M（financing receivables 回收 $0.8M、mortgage 计提 $0.1M）。Prestige $179.9M 抵押贷款已通知拟提前偿还，为近期回收与再配置的关键变量。
| 项目 | 本期 | 去年同期 |
|---|---|---|
| Operating Cash Flow | $30,763K | $29,571K |
| Capex（Investment in real estate properties + capital improvements） | $110,818K | $1,326K |
| Free Cash Flow | — | — |
| FCF 转化率（FCF/Net Income） | — | — |
| Share Repurchases | — | — |
| Dividends Paid（Distributions paid to stockholders） | $29,171K | $27,259K |
CFO $30.8M 高于 Net income $25.0M，差额主要来自 Depreciation and amortization $12.0M 等非现金回加，但被营运资本净流出（Net change in other assets and liabilities -$6.6M、Increase in interest receivable -$1.9M）部分抵消，盈利质量总体尚可。本期 Capex 高达 $110.8M（含 Investment in real estate properties $108.2M），远超 CFO，投资活动净流出 $56.8M，缺口由 Proceeds from common stock issued $43.4M 与循环信贷净借 $30.1M 填补；CFO 可覆盖 Dividends paid $29.2M，但 FCF 对资本返还的覆盖因大额收购性投资而显著承压，需关注后续融资与资产处置（Proceeds from the sale of properties accounted for as a financing receivable $62.2M）对现金流的持续影响。