Good morning, and welcome. LTC Properties first quarter analyst and investor call. I'll produce intensively emotionally mode. If you need assistant, please signal conference passes by pressing the star key, followed by zero. After today’s presentation will be opportunity to ask questions. Please note that this event is being recorded. Now I'd like to turn the conference over to Ms. Wendy Simpson, CEO. Please go ahead. Thank you, operator, and welcome to everyone joining us today for LTC's 2021 first quarter conference call. With me on the call are Pam Kessler, Co-President and Chief Financial Officer, and Clint Malin, Co-President and Chief Investment Officer. For the last year, I've started our calls by offering thanks and gratitude to our operators for all they have done to keep their patients, residents, and staff safe. Today is no different. Now, however, for the first time in a long while, I am cautiously optimistic that some of the more daunting challenges presented by the pandemic, and the many lives lost, are mostly behind us, and that we have entered the recovery stage. With the high percentages of vaccinations administered to the senior population, skilled nursing centers and assisted living memory care communities should begin welcoming new patients and residents at increasing frequencies from the lower levels that we've seen over the last 12 months. We don't know with any certainty when census numbers will return to pre-pandemic levels, but anecdotal evidence from some of our operating partners is encouraging. As in 2020, some of our operators have needed rent deferrals and abatements. First quarter rent and mortgage interest income collections were 86.5%, excluding the first quarter reduced 2021 rent escalations we provided to eligible operators in the form of rent credits. The credits were provided to give eligible operators additional working capital during the first quarter of 2021 and are expected to have an approximate $530,000 impact on our 2021 GAAP revenue and an approximate $1.3 million impact on our 2021 FAD. Approximately $292,000 and $1.2 million respectively was recognized during the first quarter. We expect to recognize a decrease of approximately $170,000 and $133,000 in GAAP and FAD revenue respectively in the second quarter, and a much smaller amount in the last six months of 2021. We don't anticipate providing additional across-the-board relief, but will continue to review relief requests, if any, on a case-by-case basis, keeping in mind the operator's ongoing operations, rent coverage, and corporate financial health and liquidity. Pam will discuss the specifics of current rent deferrals and abatements a bit later. One additional way we've helped our operators through the pandemic is by providing attractive financing to our operators through our Smart Design program. This program creates safer physical environments for residents, family, and staff by utilizing state-of-the-art infection control protocols, including air filtration, bipolar ionization, UV sanitation devices, custom dividers, and touchless equipment. We are working in partnership with Avenue Development to assist our operators with turnkey and customizable retrofitting options. To date, Smart Design is being implemented in 13 of our communities. I'll talk briefly about Senior Lifestyle. We are making progress on transitioning this portfolio, with several of the transactions expected to close in the second and third quarters. As we disclosed in a recent 8-K filing, Senior Lifestyle has not paid rent in 2021. Clint will provide details on this portfolio shortly. Regarding an update on Senior Care Centers, I'll refer you to the same 8-K, which was filed with the SEC on April 19th. The M&A market has not changed much since we last spoke, and we do not believe that LTC will engage in any large transactions in the immediate future, deal flow has picked up meaningfully. Over the last month in particular, we've seen a healthy uptick in inbound inquiries regarding preferred equity and mezzanine financing. We are performing due diligence on a host of these opportunities, which we believe have reduced risk profiles and strong returns, especially for development projects whose success is not dependent on immediate lease-up or current census. With respect to more traditional acquisitions, however, we are seeing more and more potential investments where pricing does not accurately represent what we see as the current value of the underlying properties. We have the ability to act quickly on investment opportunities as they arise and if they are accretive and provide value to LTC and our shareholders. I believe that LTC remains well-positioned in an industry that, despite the pandemic, has strong long-term fundamentals which point to an increasing need for senior housing and care solutions. We are starting to see some stability in our operators. However, it is too early to predict the timing of a full recovery. In light of the matters discussed above, together with the uncertainty regarding the Senior Care Centers bankruptcy, we do not plan to provide guidance again until occupancy and census increases gain additional traction. It has been our board's practice to support a dividend payout ratio of approximately 80% of FAD. As a result of the financial support we are providing some of our operators and the significant lease defaults of Senior Lifestyle Corporation and Senior Care Centers, our 2021 dividend payout ratio will likely exceed the 80% target. However, we see our 2022 FAD recovering as we are able to totally transition the Senior Lifestyle Corporation portfolio to more stable operators, and the issues involving LTC and the Senior Care Centers bankruptcy are resolved. Before turning the call over to Pam, I'd like to recognize our newest board member, Cornelia Cheng. Her addition brings to 50% the number of LTC directors who are women. Cornelia will be instrumental as we further develop our diversity and ESG initiatives. With that, please go ahead, Pam. Thank you, Wendy. Total revenue declined to $6.1 million compared with last year's first quarter, impacting our results with a decreased rental revenue related to non-payment of lease obligations by Senior Lifestyle, partially offset by rent received from 11 properties from this portfolio that were transitioned. Results were further impacted by abated and deferred rent granted in the quarter, a reduction in property tax revenue, and a one-time 50% reduction of 2021 rent and interest escalations to provide eligible operators with additional working capital in recognition of increased costs due to COVID-19. Additionally, we wrote off straight-line rent receivable related to the transition of an operator's lease to cash basis accounting. The decrease was partially offset by rent from acquisitions and completed development projects and higher rent payments from Anthem. Interest expense decreased by $738,000 due to lower interest rates under our line of credit in the 2021 first quarter, partially offset by lower capitalized interest. During the 2021 first quarter, we sold a closed assisted living community in Florida and recognized a loss of $861,000. Comparatively, during the first quarter of 2020, we sold 21 skilled nursing properties and recognized a total gain on sale of $43.9 million. As a result of the items discussed, net income available to common shareholders for the first quarter of 2021 decreased by $49.7 million, primarily due to a gain on sale in the prior year period and the revenue declines already discussed. This was partially offset by lower interest expense. Nareit FFO per fully diluted share decreased $0.12 to $0.62 in the 2021 first quarter, compared with $0.74 in the 2020 first quarter. Excluding the straight-line rent receivable write-off, FFO per fully diluted share was $0.64 this quarter, compared to $0.74 last year. During the first quarter of 2021, we received $1.6 million related to the payoff of a mezzanine loan and $936,000 related to the payoff of a note receivable. Additionally, we borrowed $17 million under our unsecured revolving line of credit at 1.3%. Moving on to our investment activity. During the 2021 first quarter, we invested the remaining $8 million of our $13 million preferred equity commitment to develop a 267-unit independent living and assisted living community in Vancouver, Washington. The preferred equity investment earns an initial cash rate of 8% and a 12% IRR and is accounted for as an unconsolidated joint venture. We also funded $1 million in capital improvement projects on properties we own and $158,000 under existing mortgage loans. We have a remaining commitment under a mortgage loan of $1.6 million related to the expansion and renovation on one property. We also paid $7 million in regularly scheduled principal payments under our senior unsecured notes and paid $22.4 million in common dividends. Subsequent to the end of the first quarter, we repaid $5 million under our unsecured line of credit. Including this repayment, we have $8.2 million in cash, $498.1 million available under our line of credit, under which $101.9 million is outstanding, and $200 million under our ATM program, providing LTC with liquidity of $706.3 million. As a reminder, we have no significant long-term debt maturities over the next five years. At the end of the 2021 first quarter, our credit metrics remain strong, with net debt to annualized adjusted EBITDA for real estate of 5.1 times, an annualized adjusted fixed charge coverage ratio of 4.6x, and a debt to enterprise value of 28.6%. Next, I'll touch on rent deferrals and abatements. As Wendy mentioned, we collected 86.5% of first quarter rent and mortgage interest income, excluding the 50% reduction of the 2021 rent and interest escalations provided to eligible operators in the form of rent credits in the first quarter, which reduced cash revenue by $1.2 million and GAAP revenue by $292,000. Additionally, during the quarter, we provided $1.1 million in rent deferrals net of repayments and $600,000 in rent abatements. As Wendy mentioned, Senior Lifestyle has not paid us rent thus far in 2021, but we did receive rent from the operators to whom we transitioned former Senior Lifestyle communities to date. In April 2021, rent deferrals net of repayments totaled $367,000 and rent abatements were $319,000. Additionally, we provided $133,000 in abated rent in April through a rent credit related to the rent escalation reduction already discussed. We also have agreed to provide rent deferrals and abatements of up to $800,000 for each of May and June 2021. Now I'd like to turn the call over to Clint. Thanks, Pam. I'll start my discussion today with an update on our Senior Lifestyle portfolio. After transitioning 11 of the 23 properties in the first quarter, we transitioned one additional property in April. This property, a 48-unit memory care community in Castle Rock, Colorado, was transitioned to Graceful Senior Living, an operator new to LTC. The lease agreement is for a five-year term with a purchase option exercisable after the first year of the lease. Cash rent starting in year two of the lease will be $150,000, $300,000 in year three, then escalating by 2% annually thereafter. There are now 11 buildings remaining in the portfolio. Of these, we expect to re-tenant three by the end of the second quarter and one by the end of the third quarter. Three additional properties in the portfolio are under contract for sale with an expected closing in Q2. That leaves four remaining buildings. One was closed and is expected to be sold for an alternative use in the third quarter, and we are evaluating options for the remaining three, which have a total book value of approximately $3.4 million. We will provide more details on all of these transactions after they have been completed. Next, I'll provide some color on our most recent development projects that are now operational. Weatherly Court, operated by Fields Senior Living in Oregon, began accepting residents last September. At March 31st, occupancy was 24%, up from 23% on February 15 and 10% on October 23rd. Ignite Medical Resort in Blue Springs, located in Missouri, began welcoming patients last October. At March 31st, occupancy was 64%, the same at February 15, and 23% on October 23rd. We currently have three properties under development. They are all on schedule and on budget. Moving now to Brookdale, whose master lease was scheduled for expiration on December 31, 2021. We have recently extended their term by one year, now maturing on December 31, 2022. Brookdale's first renewal option will begin on January 1, 2022 and go through April 30, 2022. Rent terms under the amended master lease did not change. Last year, we extended a $4 million capital commitment to Brookdale, which remains available through December 31, 2021 at a 7% yield. To date, we have funded $2.1 million of this commitment. As a reminder, we only have one other lease that expires this year. The SNF operated under this lease is under contract for sale, with closing expected in the second quarter. I'll discuss our portfolio numbers with the caveat that given the pandemic and the challenging environment it has created, we don't believe coverage is a good indicator of future performance at this time and are focused mainly on occupancy trends, which I will discuss shortly. Q4 trailing 12-month EBITDARM and EBITDAR coverage, as reported using a 5% management fee, was 1.13x and 0.93x respectively for our assisted living portfolio. Excluding stimulus funds received by our operators, coverage was one times and 0.8x respectively. Excluding Senior Lifestyle from our assisted living portfolio, as reported, EBITDARM and EBITDAR coverages would increase to 1.23x and 1.02x respectively. Excluding both Senior Lifestyle and stimulus funds, EBITDARM and EBITDAR coverages would be 1.12x and 0.91x respectively. For our skilled nursing portfolio, as reported, EBITDARM and EBITDAR coverage was 1.9x and 1.45x respectively. Excluding stimulus funds, coverage was 1.51x and 1.07x respectively. For some occupancy trends, which are as of March 31st. For our private pay portfolio, occupancy is as of that date specifically, and for our skilled portfolio, occupancy is the average for the month. Our partners have given this data to us on a voluntary and expedited basis, the information we are providing includes approximately 70% of our total private pay units and approximately 91% of our skilled nursing beds. Private pay occupancy was 71% at December 31st, 71% at January 31st, 70% at February 28th, and 72% at March 31st. For skilled nursing, average monthly occupancy for the same time periods respectively was 67%, 67%, 65%, and 65%. With respect to 2021 growth, our pipeline is more active than it's been in some time, with opportunities predominantly in private pay, including a mix of existing operating partners and those new to LTC. We are pleased to be seeing improved deal flow, and we are making an increasing number of bids, but we can't provide specificity with respect to when these deals or what kind of deals will be closed as the market has not yet returned to normal and sales cycles have been elongated. As I said last quarter, when we are confident that we can complete deals at the right price for the right return, we will use our liquidity to provide strong regional operators with the growth capital they need. For now, we are focusing on smaller investments with what we believe to be a better risk-reward profile, including mezzanine loans and preferred equity financing, several of which we have completed throughout the course of the pandemic. Partnering with regional operators is an important part of our ongoing strategy, and we will continue to build relationships with those that have good operating track records and are experts in their local markets and regions. With that, I'll turn the call back to Wendy for her closing remarks. Thank you, Pam and Clint. The disruption caused by the pandemic upended the world, more specifically, our industry, resulted in unprecedented, uncharted, and unpredictable operating cycles. However, the pandemic also highlighted the many deep strengths within our industry and the people who provide care to those in need of those particular services. There are countless stories of heroism and bravery of which we should all be proud. As I said at the outset of today's call, we are moving forward with cautious optimism as a result of the ramp-up of the vaccine rollout, government focus and attention on ending the pandemic, an industry that continues to work steadfastly to stabilize occupancy and restore consumer confidence. If we've learned one thing, it's that we are resilient. It is that resiliency that will help us through recovery as we work to return to pre-pandemic normalcy. You all know by now that I am very proud of our operators and the LTC team. While we were tested over this last year and continue to be tested, our culture of treating operators as partners and maintaining a solid balance sheet will serve us well as we continue to find accretive ways to enhance our portfolio, diversify our investments, and serve as a growth partner of choice. Now, we'll open the call for your questions. I'll begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble the roster. First question comes from John Kilichowski of BMO. Please go ahead. Hi, good morning out there. I was just hoping we could start a little bit with the senior care. If you could give a potential range of the decreases in rent for the new tenants you are negotiating with relative to the in-place leaser, just to get a sense of the quantum of potential decreases in the rental rate. This is Clint. At this point, we're not able to give that information. With the bankruptcy filing and assessing the timing of a transition, that's something that's in process. As we get more clarity on that, we'll provide updates next quarter. We're not able to provide that information today. Can you disclose if there was any letters of credit applied in the first quarter that may not be available to pay rents in the second quarter? Yeah. We discussed a letter of credit that we drew down on last quarter, but we did not give the amount. We don't have an update on right now. Okay. For switching topics to Brookdale, can you provide any color as to why they only renewed for a year? Should we take that as a point of caution, maybe, that there wasn't a longer extension at this time? I don't want to speculate on Brookdale's intentions. I'm led to believe, similar to last time with the pandemic, instead of locking into a 10-year renewal, they wanted to evaluate the current environment. My assumption is the same holds true for this extension. I don't have any speculation or any thoughts beyond that. Okay. Just one last quick one for me. On the Florida disposition, any NOI that was lost on that sale, and what were the proceeds? The proceeds were $1 million, right? It was $1 million and- No, it was two and a half. I'm sorry. Two and a half million dollars in the proceeds, and it was in the senior care lease. Proceeds lost, I mean, they're not paying. Okay. Florida was not in senior care. Oh, I'm sorry. No. She's wrong on that. No. It was not in senior care. It was another operator. There was no NOI in 2017 or 2019. In 2020 in that property. 2020. You are correct. Yes. Sorry. Among the three of us, we can get a right answer. I thought you were referring to the one we discussed that we're selling currently. I'm sorry. No. We are selling one right now out of Senior Care, and that one also has no revenue on it currently. That's okay. Thank you. It's been a long year, and it's Friday morning, so all good. The confusion, yeah. Thank you. Thank you. The next question is from Jordan Sadler of KeyBank. Please go ahead. Thanks. Good morning, guys. I wanted to follow up on Senior Care. Did you book a full quarter of rent or accrue a full quarter of rent in the first quarter from Senior Care Centers? Yes, and they're on a cash basis. Yeah, we drew down on the letter of credit, and we booked a full quarter of rent. Okay. there's Essentially, same rent in 4Q, 1Q from Senior Care Centers. Yes. Got it. That's helpful. The other question on them, I know this is super early days, but from what I remember of the process, they have a short window to reject or affirm the lease. Have we come to that point, or do you have line of sight to on what day they'll have to accept or reject the lease? Well, Jordan, it's typically a 60-day period to assume or reject, and there can be extensions granted by the court to that date based on certain circumstances. One thing that differs from this filing as opposed to last time is there's a Subchapter V provision in Chapter 11 that really was born out of COVID to expedite bankruptcy processes. This is under a Subchapter V, which is new, and in effect there's a trustee appointed by the judge to effectively attempt to mediate a resolution between the parties. The 60 days is the timeframe allotted to make that election to assume or reject. Okay. Just because this is a little bit unusual to us because it's atypical to see the same borrower or tenant file twice in two years. Obviously, extenuating circumstances in a sense, we kind of get the history a little bit with you guys and them. Is it your understanding, given that it's a Chapter 11, they'd want to try and protect and hold onto these properties assumedly, again. The objective or the motive of the 11 is to get rid of some other debt that's not the lease payment or the rent, right? There's working capital debt loans or some other debt in place that they'd look to get out from under. We're not aware of what their objective is in the filing or what they're trying to satisfy. Other than- We won't speculate on their motivation. Well, we can point Jordan to the press release they had. I don't know, Jordan, if you saw their press release. I think it was in May. Okay. Right? Yep, beginning of May. Yeah. Okay. Beginning of May. Okay. Yeah. I'm sorry, beginning of April. Okay. Beginning of April. I have that. We're- Okay. Thank you. I get it. I don't mean to put you in a pickle, but it's unusual. I get it. SLC, I know you can't really speak to the remaining properties that have not yet transitioned, but just curious, Clint, is what we're seeing with the property that you did transition, so year one rent of $150 going to $300 in year 3, 2% there, is that a good indication as a proxy for what might happen with the other leases? No. This is unique to this one asset in Colorado. There's effectively zero rent in year one. We've given them purchase option. Hopefully they can make improvements to occupancy and then be able to purchase the building in the second year. We think it's likely that a purchase option will be exercised in 12-24 months to purchase the asset. That's really the intent behind this on this asset specifically. It's a small asset. Yeah. It's 48 units. As I mentioned in my comments, it's a 48-unit memory care community. Okay. Lastly, just on CMS's news surrounding PDPM. We were a little bit surprised by that on the potential, call it a clawback or adjustment. What are sort of the current expectations? What are you guys thinking might happen as you talk with the industry groups and some of your partners? It wasn't a surprise to us. There's always been the potential for recalibration. I think that's been talked about since the commencement of PDPM. Just seemed earlier was my thought. I thought it might be on the table for next year. One would think that you'd get past the pandemic because there was an abnormal operating environment. You would think that probably wouldn't have happened after we've had a period of time beyond the pandemic. Yeah. I wouldn't think they would use 2020 and 2021 as a data set of which to make a permanent decision. That would seem illogical. They always put that out there, that there's going to be a recalibration. Right. Do you think, is the current thinking that this could be implemented for fiscal year 2022 as an ultimate adjustment to the rate come October 1st of this year? We're not sure when, as far as the actual implementation of it. It's still evolving as far as the recalibration. Yeah it's something we're going to follow. I think you would have to get some good recovery, return to normalcy data on which to make that decision. I don't know. We're not speculating on when that's going to happen in either of our asset classes. That's very fair. All right, guys. Thank you. Thank you. You're welcome. Thanks. Thank you. The next question's from Omotayo Okusanya of Mizuho. Please go ahead. Oh, well. Good try. Hi, guys. How are you? We're okay. Thank you. Not bad. Good. I wanted to first talk about just kind of skilled nursing recovery, again, because you're kind of talking about you're starting to see some signs in both asset classes of things stabilizing. On the skilled nursing side, could you just talk a little bit about recovery with your tenants, what kind of occupancy kind of rebound is kind of being seen since January, and whether that kind of gives you confidence? I think, again, the industry data seems to suggest that skilled nursing is kind of bouncing back at, like, 100 bips a quarter, but I'm not quite sure if you guys are seeing 100 bips a month. I'm not sure if your tenants are seeing that, whether they're kind of leading that, lagging that, and if you could kind of talk about just what they're seeing. Sure. Well, Omotayo Okusanya, I gave the average monthly occupancies for the last four months, and we have seen that it hasn't continued to decrease. We hope it's troughed. probably bottomed. Hope it's troughed. In discussions with operators in some markets, they are seeing a little bit of an uptick. Others have been flat. It depends on the market. The positive thing that we're looking at right now, hopefully, that that decrease has troughed. It just seems really different from what the data has kind of said about the industry for the first quarter, I guess. I'm struggling with why such a big difference. In January, you're hearing that there was a return to normal discharge patterns? Yeah. The industry data seems to suggest that things troughed in January. Then kind of February, March, you kind of saw this 100 basis points increase per month. It just seems like your tenants didn't kind of see that, or your portfolio didn't see that. I don't know. Most of our tenants were still in the middle of the surge in January and February. Okay. That's fine. The second question, if you'd indulge me. You've got the wrong states. We have a lot of assets in Michigan. We do. Michigan had a difficult- Yeah had a difficult time. Whole winter. Yeah. Yeah. Yeah. Well, understood. The dividend, again, I appreciate the commentary you made around that, Wendy. I guess my question is, what kind of assumptions are you making about recovery to make you feel confident that, one, you don't have to do anything with it, and then that two, you kind of return back to your target dividend payout by 2022? Well. This is Pam. We're assuming that there is a recovery and that the challenges our industry are facing currently are temporary, and that with the green shoots that we're seeing in the industry, that we will return to normal occupancy and with normal margins. The assets with Senior Care and Senior Lifestyle will be. Transitioned. Yep. contributing. Yep. All by 2022. That's like 12 to 18 months out. Do you think we're going to be at a point where we're kind of back to normal? Right. Okay. Appreciate that. Thank you. Thank you. Thank you. Again, if you have a question, please press star then one. Next question is from Michael Carroll, RBC Capital Markets. Please go ahead. Yep. Thank you. I want to talk about the Brookdale, I guess, renewal. I think, Wendy, you said last time is if that they execute the renewal option, they could get the 50% credit on the rent escalators. I guess since this was shorter, do they still qualify for that credit, or is that different now that since it's only a shorter-term renewal? No, they got the credit. It was- 150, yeah. $133,000. They got the credit. Okay, great. Mike, as Clint said, they're using money to improve the buildings. Their census is good from what we are getting reported. We thought it was a positive move by Brookdale, analysts take a different view sometimes. I mean, I guess renewing for an extra year during this environment's always good. I guess, Pam, with regard to the Senior Care Centers' letters of credit, I guess, what's the uncertainty about how big that is? Is it just because it's in bankruptcy, there's a little bit more uncertainty of what LTC is able to get from that? I guess why is that less known? You're correct. It's because they're in bankruptcy, and we're not providing much comment around that until it's resolved. Okay. Going back to Senior Lifestyles, what's the timeline of the four plan transitions? I know three is going to be in 2022 and one is in July. Why is it taking a longer time? Is it just due to the licensing transfer within those specific states is a problem, or is it an operator that's waiting for something different? Can you talk a little bit about that? I would say licensure, Mike. Some states are longer than others. Then we do have the sale. As I mentioned, sale cycles and process are a little bit elongated. Those would be the items. The surge delayed some things. You couldn't get surveys and things done during that time. Yeah. Earlier on. a little bit of a challenge, just getting people into the buildings. We're beyond that at this point, but nothing other than those items. Okay. The three assets that you guys are still analyzing on what to do, what's the status of that? Is that just you're getting offers on potential leases and/or sales, and you're analyzing those? Or is it the license transfer? What's the discussions around those assets? Just analyzing the options, we've got a couple that we're working on right now. Hopefully next quarter, we'll be able to provide more details regarding the timing of that. Again, we provided the net book value just for relevance associated with those three assets. Okay. What's the gross book value on those three assets? I don't have the gross book in front of me. We can get that information to you, but the net book, I think, is more relevant. Okay. Based on who they were built for, it's probably around $6 million or $7 million. Mm-hmm. Yeah. It's probably double the net book value. I'd say, Mike, yes, it's probably around $6 million-$7 million. Okay. Because we built them, We built them in the '90s. Yeah. Okay, great. Thank you. Thank you. Thanks. If I close, Pete, cc? I did not back. Ooh. Well, next we have a follow-up question from John Kilichowski of BMO. Please go ahead. Hi. Thanks for the extra time. Just a quick question on the rents received in the first quarter. Was there any letters of credit applied outside of Senior Care that helped, from a cash accounting perspective, that may not recur in the second quarter? No, there was not. Okay. Just following up on, I think, a comment at the end of Trent Trujillo's question. Did I hear correctly that you expect a full recovery for both seniors and skilled in 18 months? No. Occupancy and margin perspective? No. We expect a full recovery, yes, but we do not know the timing of that. Our crystal ball is not that sharp right now, not that clear. Okay. Glad I followed up. Thank you. Thank you. Next question is a follow-up from Omotayo Okusanya. Please go ahead. Yes, guys. Apart from kind of SLC and SCC, can we just talk a little bit about, again, some of these tenants you have in your portfolio that, again, kind of inherited portfolio. Those were all transition portfolios. Occupancy was already kind of weak going into the pandemic and has gotten even weaker. When I think about names like Anthem, names like Ignite, some of these other names, just talk a little bit about kind of what you're seeing with those tenants and how comfortable you feel with the idea that those tenants may not need additional help just because they're kind of starting from a lower occupancy as they kind of start to get their portfolios together. I would say, Trent Trujillo, that for Anthem, we have been working with them for a couple of years now to increase the rent, which we've done over the past couple of years. We provided them some flexibility by increasing the rent too high. They had some flexibility on their cash flow going into COVID. We've not had to extend any incremental support to Anthem beyond that. For the majority of the other operators that we've helped and provided assistance, it's really been the same set of operators, and it really is a result, as Pam's mentioned previously, on buildings that were in lease-up. At this point, it's the same population as we've talked about previously. Okay, great. Thank you. That subset has not changed. Okay. Thank you. Thank you. Thank you. We have no further questions at this time. I'd like to turn the call back over to Wendy Simpson for any closing remarks. Again, thank you very much for the time you spent paying attention to our company, and we look forward to speaking to you next quarter. Thank you. Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.