thank and everybody, hello, you Well, us. joining for
call. off kick Chief excusing today Let Officer, first me our from Investment Callister, by the things James
just we guessing would how be matter acquisitions, have his a you. family trumps has and been you that Given for busy But justified us. morning, that with with he's too this participation busy he
like in So The XX resulted years to of of on I'd business. increase while start robust by the situation investments, our sharp we're to current growth. our unique a phase subject about has rates interest in talking of nearly
the like one our borrowing fortress relationships because we've have for this a On because the equity are of history. our lower cost today, than to debt of a better is cost because conservatively and of on sheet balance established formed in company's we But hand, costs grow remarkably other increased and our significantly. and hand, times we time any invest touch strategic everyone, like than positioned our
important couple positive to drive continue for for higher that who of opportunities extraordinary should in us know as allocation. a direction. follow when Those we to insofar rates say principles longer capital It's know of able staying it it be you interest best, view investment as we comes guiding to our CareTrust net to a
of a with immediately skilled and or nursing, be Health Every sake. operator. particular, in be not do level matched high accretive quickly must we care should First, growth's discipline. estate, requires grow acquisition for the real right
to us. company a building of all Second, we outlast are
the are financing nearly We and about balance in the strong because will team it sensitive such it, team and for some for business times sourcing algorithms I and thereby quarter-to-quarter We long-term when the be are and and this of to justifies to accretion growth. They million for closing pound-for-pound are investment potential not the investments. set start. at table tireless comes lock value dilution record when XXXX saw to future we $XXX the cash to congratulate started year deals. run creation the permanent to the on as a We want with of year best are pipeline as for the numbers. sheet take know I a short-term
investment X, the that approximately $XXX on or at $XXX options X.X%. has been investments, yield purchase new with acquisitions in million May either average of approximately With we've loans closed an of already million
other deals mezzanine our elaborated I on million closed The $XX to at of loans average lending. yield our of quarter, Last an XX.X%. approach strategic
Lending You agnostic to between by in does itself not growth. results recall in we not earnings lumpiness long-term lending. may that and acquisitions and result are
in However, who enthusiastically we real lend result strategic borrowers estate do in future. operators believe the acquisitions will and the we
put point a that. finer me on Let
million this that the today, estate borrower a don't in pretty of alone current operator came future, that of last deal of acquisition approach months opportunities least million to As or will are lending pipeline another we handshake in and we in in recent have strategic the our with low the XX acquisitions we chances lend. years. at from If attribute for real acquisitions $XXX about $XXX
at XX% X-property deal, back and is in loan fourth with borrowers million the loan.
After of Furthermore, relationship include a perfect a approximately as option we is interest The and with our rate in a annual connection triple-net of lease Tennessee nursing confident master goes deal of closed strong in example a that on understand on been the nursing tenant. years. now you an the to real portfolio pursuing Ensign pipe acquisitions long-term skilled philosophy is In The skilled this beginning the of acquisition of one in this pipe. with sits borrower today provided deal million action. in They case Wednesday they at X.X% on our XX% it, missed larger a $XX.X we we closed year Tennessee many own yesterday's us mortgage time preference $XXX we It today enough roughly pipeline almost properties. for estate, and quoted purchase loans. to includes have feel entirely some the our Wednesday,
deals quoted are that In probability at interested a pipe, addition we to in this include number. are enough in at not other that point some today's large high tracking also to
the to capitalize line opportunity sight sheet it on pipeline, our reloaded with to window remains of we this a of on So position open. while have wide continued balance
now debt We the still are hand, X.Xx. more net $XXX on if we credit, at the of cash arrive High a $XXX don't million report to pleased and only net X.Xx any we undrawn million of of can use to equity plus debt-to-EBITDA line EBITDA. deploy level,
we next quote In a close to deals least XX next pipe, are and locked likelihood months. the grow our how we closing under few way of have Remember loaded only strong other words, are quote should meaningful the we we that and years. within in a believe for that LOI at
Now turning the portfolio. to
X.XXx supplemental, strength level overall. the management EBITDARM lease X.XXx, in will and a X% Property with see reported and EBITDAR in security coverage respectively. coverage fee to a You at show continues tremendous was
coverage QX large both They occupancy have type debt XXXX, for had of Management QX. you they as due decline was reserve bad noted better accounted Priority in have and and seen the from Group reported. reported the in workers' have reserves WLC supplemental to may quarter headwinds the accruals been This during comp onetime You for the would and/or declining to not well. labor
However, drive higher year-end. both that year this favorable among increases other have rate state things, by Medicaid coverage should,
Ensign difference across this year. them lower March lease to we The coverage about that stepped Eduro see Eduro and transition of are our X remaining the either CareTrust or worried the place expect increase of Colorado XX. to as we took also fairly in facilities in going X at a do is not lease. on for to but anyone rent, covering We coverage X year, next tight Eduro, into Ensign top master Therefore, properties in the expect expected.
with XX will but get assets buyer the to good has challenging, the faith are portfolio a financing Also, we in been nursing Midwest. deal efforts still done. make Understandably, the to of believe sell under continues contract EBITDAR negative to that skilled us lead
On the regulatory items. a couple front, of
prevail minimum announced staffing with X.X% the CMS mandate.
We CMS impossible First, for the those disappointed takes remain this year in in final we will care course unfunded to employees an not as XXXX effective altogether a hopeful effect. We reasonable Medicare nursing given fiscal second, to remain rate that October. heads that publicized on implement rule widely the will staffing mandate make mandate appear. issued or health and Furthermore, modify is shortage rule the their before throughout today. increase of expected, And reverse staff D.C. more skilled magically
Now it like to before conclude me I Bill, this. hand let over
environment healthy. First, the is investment very
a term near capacity and have midterm. we provides the that balance flexibility Second, both enormous and for sheet historic
demographic wide now an at yesterday. have start for environment on the borrowing we decades we window long we color come. should that you longer. Third, of Bill are interest fourth, to of rate numbers a tailwinds will as as opened costs the And has higher for with last provide that opportunity remain reported
