The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Carroll - RBC Capital Markets - Analyst
: Yeah, thanks, Rose. I wanted to touch on your comments regarding the new tenants taking over the former steward assets. I mean, can you remind
us, has enough time passed for these tenants to be cash flow positive before rent? I know there's always a delay between billing and collecting.
Patients revenues, so has enough time passed where they're actually cash flow positive now like excluding your rent?
Question: Michael Carroll - RBC Capital Markets - Analyst
: Okay, and then how should we think about the ramp up in rent? I mean, I know the $90 million annualized target in 4Q, '24. I mean, so will they
pay a quarter of that $90 million because it's an annualized run rate and then the expectations for the ABLs to be paid back is that by the end of
this year?
Question: Michael Carroll - RBC Capital Markets - Analyst
: Okay, and then just last one for me I guess James, you made a comment about a catch up payment of $10 million in the quarter from a smaller
tenant. Is that the 1% tenant that you previously mentioned and and our should we expect that that tenant will continue to pay rent going forward?
Question: Michael Carroll - RBC Capital Markets - Analyst
: Okay, so are they current on their rent right now?
Question: Mike Mueller - JPMorgan - Analyst
: Yeah, hi, I guess with the mentality of let's rip the band-aid off and given the demand that you talked about with the offering, why not upsize it
even more just to completely take care of all of 26 maturities, outside of the stuff that we do in October.
Question: John Klichkowski - Wells Fargo - Analyst
: Good morning. Thank you. Maybe just kind of following up on all the the capital market activity in the quarter. I just have a question on sort of,
were there any amendments to the credit agreement, and I believe last time we spoke there was a discussion about covenants were waived up
until September 25. Would you expect to be in breach of any covenants? I mean, from now through that point?
Question: John Klichkowski - Wells Fargo - Analyst
: Okay, very helpful. And then I guess is there any expectation about collecting rent from any of the cost payments expected to happen this quarter?
Question: Omotayo Okusanya - Deutsche Bank - Analyst
: Yes, sir. Good morning, everyone. Congrats on all the progress. I just wanted to follow up on the prior question about the covenant, in the kind of
new, secured credit, agreement. Any kind of covenant around kind of being able to fully access the capacity of the line or anything like that and
new arrangement that we should be aware of.
Question: Omotayo Okusanya - Deutsche Bank - Analyst
: That's super helpful. And then also, on the other prior question around the encumbered versus the unencumbered assets, is there a way to get a
better sense of kind of, the 167 assets that are encumbered, kind of what those are related to versus what's still unencumbered that could give the
opportunities to do further secured financing or potential asset sales. Like, could we get something that, it could be very high level, but just to kind
of get a general sense of what is what.
Question: Omotayo Okusanya - Deutsche Bank - Analyst
: Could I ask, is the unencumbered pool more US assets at this point versus European assets?
| 
