0001104659-26-122029
SEC filingLTC第三季度营收因SHOP并购与资产出售大幅增长，净利受3.24亿美元出售收益推动，SHOP已成核心增长引擎。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $115,246 thousand | $69,290 thousand | — |
| Net income available to common stockholders | $346,374 thousand | $(20,149) thousand | — |
| Diluted earnings per common share | $6.39 | $(0.44) | — |
| Nareit FFO available to common stockholders | $40,069 thousand | $(10,424) thousand | — |
| Nareit diluted FFO per common share | $0.74 | $(0.23) | — |
| Core FFO | $38,653 thousand | $31,994 thousand | — |
| Diluted Core FFO per share | $0.71 | $0.69 | — |
| FAD | $40,900 thousand | $35,720 thousand | — |
| Diluted FAD per share | $0.75 | $0.77 | — |
| Core FAD | $39,484 thousand | $33,609 thousand | — |
| Diluted Core FAD per share | $0.73 | $0.72 | — |
| NOI | $62,451 thousand | $49,786 thousand | — |
| SHOP NOI | $19,731 thousand | $4,841 thousand | — |
| Real estate investment portfolio NOI | $42,190 thousand | $44,843 thousand | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Full Year 2026 | Diluted earnings per common share | $8.08 to $8.10 | GAAP |
| Full Year 2026 | Diluted Core FFO per share | $2.76 to $2.78 | Non-GAAP |
| Full Year 2026 | Diluted Core FAD per share | $2.83 to $2.85 | Non-GAAP |
| Full Year 2026 | SHOP NOI | $73.5 million to $76.4 million | Non-GAAP |
| Full Year 2026 | SHOP investment | mid-point $1 billion | N/A |
本季营收由SHOP并购与转换、出售租赁物业收到的lease termination fee、贷款发放与建设融资带来的利息收入，以及市场租金重置与递增推动，部分被资产出售与贷款偿还抵消。净利大幅转正主要来自$323,948 thousand的房地产出售净收益（含两笔合计$324 million的gain on sale），属非经营性；同时SHOP NOI增长、利息与租金收入上升，被折旧摊销、利息费用及$2,310 thousand减值部分抵消。核心口径下Diluted Core FFO每股$0.71、Core FAD每股$0.73，改善幅度温和，反映SHOP并购贡献与利息收入增加，但被资产出售与贷款偿还导致的收入减少及利息费用上升所稀释。
分部层面，SHOP NOI由$4,841 thousand升至$19,731 thousand，年化NOI占比已达45%，自2025年5月启动以来累计并购$1.3 billion、占总投资的53%，覆盖14家运营商（其中12家为新关系）；传统地产投资组合NOI则由$44,843 thousand降至$42,190 thousand，反映资产出售与贷款偿还的收缩。管理层将2026年SHOP投资中值指引由$900 million上调至$1 billion，SHOP NOI指引收窄至$73.5–$76.4 million，并重申全年EPS $8.08–$8.10、Core FFO $2.76–$2.78、Core FAD $2.83–$2.85；季度股息维持$0.57/股，前三季度累计派息$1.71/股，流动性合计$903 million（含现金$11 million、循环信贷可用$490 million、ATM可用$402 million）。需注意净利与EPS受大额出售收益严重放大，核心盈利增速有限，且指引依赖SHOP并购落地与运营商执行。