Omega Healthcare Investors Q2 2024 Earnings Call Transcript

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Provided by Quartr
August 2, 2024

There are 13 speakers on the call.

Operator

Greetings, and welcome to the Omega Healthcare Investors Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. After today's presentation, there will be a brief question and answer session. As a reminder, this conference is being recorded. I would now like to turn the conference over to Michelle Reber.

Operator

Thank you. You may begin.

Speaker 1

Thank you, and good morning. With me today is Omega's CEO, Taylor Pickett COO, Dan Booth CFO, Bob Stevenson and Megan Kroll, Senior Vice President of Operations. Comments made during this conference call that are not historical facts may be forward looking statements, such as statements regarding our financial projections, potential transactions, operator prospects and outlook generally. Factors that could cause actual results to differ materially from those in the forward looking statements are detailed in the company's filings with the SEC. During the call today, we will refer to some non GAAP financial measures, such as NAREIT FFO, adjusted FFO, FAD and EBITDA.

Speaker 1

Reconciliations of these non GAAP measures to the most comparable measure under generally accepted accounting principles are available in the quarterly supplement. In addition, certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently by Omega. I will now turn the call over to Taylor.

Speaker 2

Thanks, Michelle. Good morning and thank you for joining our Q2 2024 earnings conference Call. Today, I will discuss our Q2 financial results and certain key operating trends. 2nd quarter FAD funds available for distribution of $0.68 per share was better than expected and should continue to improve as several portfolios are in the process of being transitioned, which will result in fat upside over the next few quarters. Our dividend payout ratio is now below 100% and should continue to drop into the mid-ninety percent range in the upcoming quarters.

Speaker 2

As a result of year to date portfolio transitions and acquisitions, we have narrowed and increased our 2024 AFFO guidance to a range of $2.78 per share $2.84 per share. We have issued a significant amount of equity to fund our robust pipeline, which has helped to further delever the balance sheet. As Dan will discuss, key tenant occupancy and rent coverage metrics continue to improve. The under one times EBITDAR coverage operator metric dropped to 8.9% of total rent. And looking at the 8.9% balance of below 1 times operators, we can break the 8.9% into 2 buckets.

Speaker 2

Operators representing 6.1% of 8.9% are strong credits and therefore payment of rent should not be an issue. That leaves operators representing 2.8% consisting of 8 small relationships. On July 24, we as the 49% minority partner in a real estate joint venture closed on the acquisition of the remaining 51% joint venture interest. We now own a 100% interest in the 63 U. K.

Speaker 2

Facilities previously owned by the joint venture. The acquisition included the assumption of $243,000,000 in secured debt. It is our intention to repay the secured debt in November 2025 as prepayment of the debt prior to November of 2025 will result in significant prepayment penalties. The interest rate of 10.38 percent on the assumed debt is significantly above Omega debt market rates. For GAAP accounting purposes, the above market portion of the interest expense is capitalized as part of the joint venture acquisition.

Speaker 2

We intend to use this same GAAP accounting treatment for our FFO, adjusted FFO and FAD calculations. Lastly, after more than 4 years of COVID related industry issues, the industry has generally recovered to pre COVID operating metrics. The combination of strong demographics and limited or no new supply should bode well for our operating partners.

Speaker 3

I will now turn the call over to Bob. Thanks, Taylor, and good morning. Turning to our financials for the Q2. Revenue for the Q2 was $253,000,000 compared to $250,000,000 for the Q2 of 2023. The year over year increase is primarily the result of the timing and impact of operator restructurings, transitions and revenue from new investments completed throughout 2023 2024, partially offset by asset sales completed during that same time period.

Speaker 3

Our NAREIT FFO for the 2nd quarter was $189,000,000 or $0.72 per share as compared to $155,000,000 or $0.63 per share for the Q2 of 2023. Our adjusted FFO was $185,000,000 or $0.71 per share for the quarter and our FAD was $177,000,000 or $0.68 per share and both exclude several items outlined in our NAREIT FFO, adjusted FFO and FAD reconciliations to net income found in our earnings release as well as our Q2 financial supplemental posted to our website. Our 2nd quarter FAD was $0.023 greater than our 1st quarter FAD. As outlined in our press release, the Guardian portfolio did not pay in Q1 and was transitioned to a new operator in April with an annual base rent of $5,500,000 and additional annual rent up to $6,900,000 based on the new operator's revenue. In the Q2, we received rental income of $2,800,000 from the new operator, which consisted of $1,300,000 of base minimum rent and $1,500,000 of incremental rent.

Speaker 3

Turning to LaVie. They paid an additional $1,500,000 in the 2nd quarter as the rent payment increased from $1,500,000 per month to $3,000,000 per month starting in June. And lastly, Maplewood paid $11,800,000 in rent in the Q2 versus $11,300,000 in the Q1. In July, Maplewood paid $4,000,000 in rent. Our balance sheet continues to remain strong.

Speaker 3

On April 1, we repaid our maturing $400,000,000 senior unsecured bond using $360,000,000 of balance sheet cash, April 1 rent collections and borrowed the balance on the credit facility. In the Q2, we completed $221,000,000 in new investments, excluding CapEx and funded the investments through the issuance of 7,600,000 shares of common stock or $245,000,000 in equity proceeds under our ATM program. We ended the quarter with over $35,000,000 in cash on the balance sheet and over $1,400,000,000 in credit facility borrowing capacity. At June 30, 99 percent of our $4,700,000,000 in debt was at fixed rates. Our net funded debt to annualized adjusted EBITDA was 4.76 times, down from 5.0 times in the 1st quarter and our fixed charge coverage ratio was 4.3x.

Speaker 3

Turning to guidance. As Taylor mentioned, we increased our full year adjusted FFO guidance to a range between $2.78 to $2.84 per share. A few of the key assumptions are we're assuming no change in our revenue related to operators on an accrual basis of revenue recognition. We're assuming LaVie continues to pay at the existing rate of $3,000,000 per month and Maplewood's ability to pay contractual rent continues to improve. We're assuming the new operator of the Guardian transition facilities will continue to pay rent of $2,800,000 per quarter consistent with the Q2.

Speaker 3

We're assuming $77,000,000 in asset sales in the second half of the year related to facilities classified as assets held for sale at the end of the second quarter, for which we recorded $1,400,000 in revenue in the Q2. We've included the annual impact of the 2024 investments and assumed debt completed through July 31, as outlined in the press release. We project our quarterly G and A expense to continue to run between 11.5 $1,000,000 to $13,500,000 per quarter. We assume no material changes in market interest rates as they relate to either interest earned on our balance sheet cash or interest expense charged on credit facility borrowings. Additionally, our $245,000,000 in ATM proceeds in the 2nd quarter were raised through equity predominantly issued in June.

Speaker 3

As such, the 7,600,000 shares issued only had a weighted average diluted impact of 2,300,000 shares in the Q2. Had all the shares been included within the weighted average, adjusted FFO would have been diluted by approximately 0 point 0 $1 Our weighted average shares for the 3rd quarter will include the full impact of the 7,600,000 shares plus any additional shares issued as we continue to fund new investments accretively with equity while maintaining leverage under 5 times. As a reminder, for every 4,000,000 shares issued, our quarterly adjusted FFO is negatively impacted by approximately $0.01 per share until the cash is put back to work in new investments. Our 2024 adjusted FFO guidance does not include any additional investments or asset sales as well as any additional capital transactions other than what has already been mentioned. I will now turn the call over to Dan.

Speaker 4

Thanks, Bob, and good morning, everyone. As of June 30, 2024, Omega had an operating asset portfolio of 900 facilities with approximately 86,000 operating beds. These facilities were spread across 77 third party operators and located within 42 states in the United Kingdom. FairLink 12 month operator EBITDAR coverage for our core portfolio as of March 31, 2024, increased to 1.42x versus 1.33x for the trailing 12 month period ended December 31, 2023. Occupancy for our overall core portfolio has continued to recover from a low of 74.6% in January of 2022 to 80.8% as of mid July 2024 based upon preliminary reporting from our operators.

Speaker 4

Turning to portfolio matters. Lavee. As previously announced, Lavee filed for Chapter 11 bankruptcy protection on June 2, 2024 in the Northern District of Georgia. Omega believes this filing was a necessary and important step in creating an entity that is operationally solvent and sustainable with enhanced liquidity and a strengthened balance sheet. We continue to believe that there is meaningful value in our portfolio of current La Vie assets.

Speaker 4

Omega has been working with La Vie for over a year to assist it in reducing its continued exposure to underperforming assets, which in turn has alleviated some of the financial burdens on the current L'Viv portfolio. We believe the current cash flow generated by our remaining L'Viv portfolio is sustainable and will support long term annualized rent of approximately $36,000,000 while also retaining sufficient cash within the business to provide for strong clinical care. LaVie paid approximately $3,000,000 in rent in the months of June, July August of 2024. Although the bankruptcy proceedings are still in process, Omega anticipates that the final resolution will be concluded prior to year end of 2024. In addition to the aforementioned restructurings, Omega is working with several other relatively small operators on various restructurings.

Speaker 4

Turning to new investments. During the Q2 of 2024, Omega completed the total of $254,000,000 in new investments, inclusive of $33,000,000 in CapEx investments. The new investments have a weighted average cash yield of 10.4% with annual escalators ranging from 2% to 2.5% and include the following: a $62,700,000 sale leaseback transaction, whereby Omega acquired 32 care homes in the U. K. And leased these facilities back to a new operator a $31,000,000 sale leaseback transaction whereby Omega acquired one facility in Michigan and leased it back to an existing operator a $21,000,000 sale leaseback transaction where EMEA acquired 1 facility in Louisiana and leased it back to a new operator and 4 separate loans to existing operators totaling $106,000,000 Subsequent to the Q2 of 2024, Omega closed on $373,000,000 in new investments, excluding CapEx.

Speaker 4

These investments include the aforementioned buyout of our 51% JV partner in 63 care homes in the U. K. The facilities are leased to 2 established U. K. Operators with current annual rent of $43,600,000 Omega's total investment is now $436,000,000 which results in a gross return of 10%.

Speaker 4

Year to date through July, Omega has closed on $702,000,000 in new investments, inclusive of CapEx investments through the Q2. I will now turn the call over to Megan.

Speaker 1

Thanks, Dan, and good morning, everyone. As discussed last quarter, the staffing mandate was finalized in April despite the inability of most facilities to meet the requirements with limited visibility into the structural implication from a labor perspective in terms of how to create access to the level of staffing required of the mandate. While it is unlikely that any of the levers, legislative or otherwise, to adjust or overturn the rule would be successful prior to the election, it is important to note that as previously expected, certain industry associations along with several operators have filed a lawsuit to overturn the mandate. Although it will take some time for the outcome of the lawsuit to be determined, both the Supreme Court's recent move to overturn the Chevron doctrine, which gave deference to regulatory bodies and interpreting laws and the fact that the attorney who successfully argued for Chevron to be overturned is the same as being used in the case against the mandate, certainly appear to weigh in favor of the ultimate success of the lawsuit against the staffing mandate. The fundamentals of the business continue to improve.

Speaker 1

While not at pre pandemic levels, occupancy has stabilized and the recovery from a coverage perspective is indicative of the fact that many states have and continue to step up in meaningful ways to provide the support necessary in recovery efforts. We hope they do the same in the face of any and all regulatory pressures going forward. CMS as well issued its final 2025 payment rule this week resulting in a net increase of 4.2 percent or approximately $1,400,000,000 which is slightly better than the 4.1% provided for in the proposed rule. This included a 3% market basket increase plus a 1.7% market basket forecast error adjustment offset by a 0.5% productivity adjustment. So while there continues to be and likely always will be some level of pressure on the industry from a regulatory perspective, hopefully cooler heads will always prevail and the ultimate scrutiny will be well balanced and achieve a level of reasonableness indicative of an understanding of the industry as a whole.

Speaker 1

I will now open the call up for questions.

Operator

Thank you. We will now be conducting the question and answer Our first question is coming from the line of Jonathan Hughes with Raymond James. Please proceed.

Speaker 5

Hi, good morning. Thank you for the prepared remarks and commentary. I was hoping you could share some details of what the investment pipeline looks like today in terms of size, yields, skilled nursing versus assisted living and then acquisitions versus loans?

Speaker 6

Sure. So as we indicated last quarter remains today, our pipeline is very active. We're seeing a lot of deals both here in the States and over in the UK. Our average yield is a little of north of 10%, which is consistent with what we're seeing in the market. If you compare that as we indicated on the call, we did just over $700,000,000 of deals through July of 2024.

Speaker 6

If you compare that to last year, we had done just over $300,000,000 of deals through the same time period. So we've more than doubled that. And once again, that's just a result of a very active pipeline.

Speaker 5

Okay. Are you seeing any more private capital competitors come back to

Speaker 7

the space or are they still largely on

Speaker 5

the sidelines due to the challenging bank lending environment?

Speaker 6

So we haven't seen them. So if they've come back, we're not seeing them in any material.

Speaker 5

Okay. And then just one more for me for Bob. The equity raise near the ATM in the quarter, I think it was the most since Q2 last year and obviously is an accretive source of capital to fund acquisitions and leverage is now sub five times. There's plenty of capacity on the revolver. Hoping you could just talk more about how you think of funding investment activity going forward and early thoughts on addressing the 2025 debt maturities?

Speaker 5

Thanks. Absolutely.

Speaker 8

I think your first statement hit a debt. We could do all acquisitions accretively using equity right now and we want to continue to do that to maintain our leverage less than 5 times. So I would looking forward, we'll continue to do that.

Speaker 5

And then just thoughts on the maturities for next year?

Speaker 8

Yes. We have $400,000,000 coming up in January 15 and we'll get in front of that similar to the way we got in front of our $400,000,000 that we just paid off on April. So in the Q4, we'll sit down and look at the market to see whether it's bond for bond, but more likely it would be equity.

Speaker 5

Thanks for the time.

Operator

Thank you. Our next question is coming from the line of Michael Griffin with Citi. Please proceed with your question.

Speaker 7

Good morning. I'm wondering if you could give some more color just on the buyout of your partner stake in the FinCots joint venture. Can you give us a sense, were there any capital or liquidity constraints that your partner had, you might have been wanting to for them to sell their stake kind of driving force behind that? And then you floated the interest rate on it. If you were to re buy it, I guess, when the debt comes due next year, how much benefit from the accretion do you think you'd get?

Speaker 8

Yes. I

Speaker 2

think, Michael, you're coming out. It was a

Speaker 8

little bit difficult to hear you, but I think I got your question. The relationship within the JV, when we first set it up, we had buy sell provisions. And we just felt like the timing was good from a market perspective to trigger that. The 51% partner had the opportunity to match the bid and take us out and they elected not to do so. We thought we got it at a really attractive price when you look at 10% yields ultimately on that asset.

Speaker 8

Unfortunately, it came with a piece of paper that's not all that attractive. Our cost of capital, debt capital would be about 6%. So you look at the differential there, it's 4.38% on $243,000,000 I mean that's essentially the pickup with the refi.

Speaker 7

Great. Appreciate the color there, Taylor. And then just on the Guardian portfolio, just wanted to get a sense, is there something that the new operator is doing differently that Guardian wasn't? I thought Pennsylvania was a relatively tough state to operate in, but any color you have there would be helpful.

Speaker 4

I'm not sure I heard all that question.

Speaker 6

The facilities in Pennsylvania were struggling, I can

Speaker 9

tell you

Speaker 6

that. We moved in in the Q2. We set up kind of a unique rent structure that was had basically a revenue kicker embedded in it if the operator performed well, which they did. The kicker if you will kicked in, in the second quarter, we were able to receive the higher rent and we expect that to go forward through the remainder of the year.

Speaker 7

Great. That's it for me. Thanks for the time.

Operator

Thank you. Our next question is coming from Jamie Feldman with Wells Fargo. Please proceed with your question.

Speaker 10

Great. Thanks for taking the question. I guess just starting, you have a decent number of mortgage and other real estate backed investments maturing in 'twenty four and 'twenty five. Can you talk about the plans for those and the opportunity to refinance to put that capital to work at a similar rate or how you think that plays out for earnings?

Speaker 6

So we've got they're kind

Speaker 4

of onesie mortgages that are coming due over the course of

Speaker 6

the next call it 12 months. No one in particular is that material. We expect some of those to pay off and we expect some of those to be extended. I don't think we're going to see a lot of dollars rolling back, but yes, there were short term mortgage loans for the most part, a little mezz sprinkled in there.

Speaker 10

Okay. I mean, do you think it ends that you think like I guess, it's obviously in 2024, but for 2025 you think it's neutral to earnings or you can

Speaker 6

Yes, it shouldn't have any material impact at all on earnings.

Speaker 10

Okay. And then it looks like the investment environment has been pretty favorable this year. Can you talk about what you're seeing more in particularly in the UK where it seems like you've had more opportunities recently? How much do you think you might put to work there and what the opportunity set looks like going forward?

Speaker 6

Both the states and the UK is quite active right now. I think what we have going for us in the UK is that there's not as many capital players over there just yet. I mean they had a quicker recovery overall from COVID. So we got in there pretty quick and haven't seen a lot of capital players come into that market yet. So we're able to pick and choose and we're being opportunistic at this point in the UK, looking at really kind of all facets of air homes.

Speaker 10

Okay. How would you frame like the magnitude of the investment opportunity?

Speaker 8

I would think about the pipeline. The pipeline that created the opportunities that we see in the 1st 7 months of this year hasn't changed. So you never can predict when stuff is going to come through, but it's a similar pipeline in terms of the opportunity set that we're seeing.

Speaker 10

Okay. And then finally, can you just give an update on the Second Avenue Maplewood project? What are your thoughts on lease up? How you think that develops into the back half of 'twenty four and early 'twenty five?

Speaker 8

Yes. So Second Avenue continues to ramp up in a market where there's a lot of new product. I mean, we were the first in, but there's 3 buildings that followed us in Manhattan and we're doing well, 67% occupied and we'll continue to trend up. But remember also the building has matured. So you have residents that pass away and are being backfilled with new residents.

Speaker 8

So it's I'm not sure it's tough to predict when we get to 90%, but there's certainly a pathway and they continue to do well.

Speaker 10

Okay. All right. Thank you for your thoughts.

Operator

Thank you. The next question is coming from the line of Vikram Malhotra with Mizuho. Please proceed with your question.

Speaker 9

Good morning. Thanks for taking the question. I just wondered if you could expand on the Maplewood point and maybe just also give us an update just on D. C. But just in New York, it seems like you said there's a lot of competition, maybe some discounting, lease ups are a bit slower.

Speaker 9

Any statistics you can share like I think you did at NAREIT, you gave us some 6 on move in, move out sort of occupancy. Just what are you anticipating for the lease up to sort of a run rate where you can get full rent?

Speaker 8

Yes, timing is impossible to predict. But I will say this, there has been as you mentioned, there's been some discounting of product in Manhattan. Fortunately, there's not there's not so much price sensitivity in Manhattan. If somebody is property is desirable, you can pretty much hold prices. So you think about Second Avenue, which has 120 residents.

Speaker 8

So it's a vibrant community already. It shows very well. The care is exceptional. And that's why we're able to get RevPAR of $22,000 a month. So I think we have everything headed the right direction.

Speaker 8

But to answer the question of when 67% get to 90%, not this year probably, you're looking at 25%. And then just to close the loop on Maplewood, there were really 3 key things for us with that team. 1 is transitioning operations out of the Greg Smith Estate, One was stabilizing that operating balance sheet. And the last is the ramp up of Second Avenue. The balance sheet has been stabilized.

Speaker 8

The transition of operations is in process and the ramp up is on its way. The rest of that core portfolio, the other 16 facilities do incredibly well. So you have this solid base that fully supports the current rent. And we feel really good about the outlook. It's just timing is impossible to predict.

Speaker 9

Okay, thanks. And then just Bob, a follow-up on the you mentioned the share count impact into 3Q, but just putting everything together, just on FAD, am I correct in the ballpark that your $0.68 in the quarter sort of goes to $0.70 $0.71 in the back half?

Speaker 8

That's the math that would fit the rate charge. Yes.

Speaker 9

Got it. Okay. And then just sorry, just to clarify, you mentioned the acquisitions that closed in the quarter. That also includes that's basically the loans as well as the deals that you've done in terms of the impact going forward into 3Q and 4Q, correct? In terms of the deals that you announced in the 3Q, as you bake that into the run rate, I just wanted to clarify the timing of those deals just so that we can model it out into the 3rd Q4?

Speaker 8

We've baked those in. I said all acquisitions completed through

Speaker 6

July 30 were baked into that the guidance.

Speaker 9

Got it. Okay. Thanks so much and congrats on a strong quarter.

Operator

Thank you. Our next question is coming from the line of Juan Sanabrio with BMO Capital Markets. Please proceed with your question.

Speaker 11

This is Robin sitting in for Juan. Just curious on Maplewood, why did Washington, D. C. Development budget increased by

Speaker 6

$50,000,000

Speaker 9

Yes, DC

Speaker 8

that really relates to what we've seen in construction costs over the last 3 years, not just in this industry, but across almost all construction industries, this 25% increase. And it just reflects the fact that when we close this out, that's what it's going to end up costing.

Speaker 11

Okay. And on the sub-one coverage, what's the expected trend into 2025? And how long can this exposure recently get to?

Speaker 8

So, I think there's a couple of things that are interesting there. We have a number of operators that the EBIT dorm coverage is above 1. And so there's a handful of those operators that I think just naturally work their way out of the bucket, including 1 larger the largest operator. And then there's a handful of smaller operators that are currently working through some restructuring activity and

Speaker 9

I think they'll come out of the bucket.

Speaker 8

And we probably settle it less than 2% going into 2025. That's that would be the goal. And that's normal. If you look at our history for 20 years, we've always had 2% to 4% in that bucket.

Speaker 5

Thank you.

Operator

Thank you. Our next question is coming from the line of Justin Hosbi with RBC Capital Markets. Please proceed with your question.

Speaker 2

You mentioned that the new operator for the Guardian assets can continue to pay $2,800,000 in total quarterly rent for the remainder of the year. How should we think about this portfolio going forward into next year? And just how volatile could this rent be going forward?

Speaker 6

Once again, it's revenue there's revenue based kickers. So we could move around, but right now based upon Q2 results, we think that that's sustainable and that's what we're going to see going forward.

Operator

Thank you. We'll move on to our next question, which is coming from the line of Alex Fagan with Baird. Please proceed with your question.

Speaker 5

Hello. Good morning. Thank you for taking my question. First is on the Cineda JV that you guys bought out, how are the 2 operators in that portfolio performing? Can you share any metrics about EBITDAR coverage or anything else?

Speaker 8

Their coverage is consistent with what we see in our overall portfolio. So nothing unusual there in terms of underwriting, really cut down the middle type portfolios for us.

Speaker 5

All right. And would you be able to provide an update on the $109,000,000 of other real estate loans that were due in 2024 that were extended from March 29 to June 28 for those paid out or is there any update there?

Speaker 8

Yes, I mean, it's a fully collateralized loan. There's plenty of liquidity in a market that's a little tough to borrow. And so we were very comfortable extending that one out.

Speaker 5

But the loan was extended to June 28, 2024, has that been paid back or extended again?

Speaker 8

You know what, we're all looking at each other trying to figure out what loan it is. Can I just have Bob circle back with you on that because I don't want to misstate anything?

Speaker 5

Yes, no worries. That's it for me. Thank you, guys.

Operator

Thank you. The next question is coming from Joshua Dennerlein with Bank of America. Please proceed with your question.

Speaker 12

Hi, this is Farrell Granite on behalf of Josh. I was wondering if you could also go back to the Guardian assets or the new tenants. Just an understanding mechanics and with the rent and I understand with the revenue kicker, is that evaluated throughout the quarter? Is it, is there a certain timing adjustment that we should be thinking that if they're hitting certain revenue goals that's being evaluated that that would be increased?

Speaker 4

So it was evaluated in the Q2.

Speaker 6

As I indicated, they did meet the criterion of having to take or kick in it to the extent that we reported it. We do believe it's sustainable. It will continue to go forward quarter after quarter throughout the year. There's no more magic to it.

Speaker 12

Or at least does it get reevaluated from going forward for that excess amount that they could continue to go up?

Speaker 6

Once again, I think that the revenue that they recorded in the Q2 is sustainable. So I don't think it's going to go either up nor down. It's going to pretty much remain flat.

Speaker 12

Okay. Thank you so much. And also in terms of the uptick that we saw in the occupancy and coverage data of your operators, Is there any specific, at least facility type or operator that's performing better than others or a standout?

Speaker 1

You mean in terms of like SNF versus ALF or?

Speaker 12

Yes.

Speaker 1

I mean, I think we've historically since COVID seen the ALF product come back a little bit quicker, but I think generally speaking, we're seeing census increase at all of them. The SNF is now catching up.

Speaker 12

Okay. Thank you so much.

Operator

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

Speaker 8

Thanks everyone for joining our call today. Please feel free to follow-up with the team.

Operator

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. We thank you for your participation.

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