DHC 2026년 3분기 실적 발표회: SHOP NOI 50.4% 급증, 가이던스 상향

핵심 요약

• 다이버시파이드 헬스케어 트러스트(Diversified Healthcare Trust)는 2026년 3분기 정규화 FFO가 전년 동기의 주당 0.02달러에서 증가한 3,070만 달러(주당 0.13달러)를 기록했다고 발표했다. 조정 EBITDAre는 전년 동기 대비 28.4% 증가한 7,340만 달러를 기록했다.
• 연결 동일 자산 현금 기준 순운영소득(NOI)은 25.6% 증가한 7,790만 달러를 기록했다. SHOP 동일 자산 NOI는 점유율이 200bp 상승한 84.4%를 기록하고 월평균 임대료가 5.2% 인상됨에 따라 50.4% 급증한 4,800만 달러를 나타냈다.
• DHC는 2026년 SHOP 동일 자산 NOI 가이던스의 중간값을 500만 달러 상향 조정하여 1억 9,000만 달러~2억 달러 범위로 제시했다. 또한 경상 자본적 지출 가이던스를 중간값 기준 1,000만 달러 하향하여 9,000만 달러~1억 500만 달러로 조정했다.
• 회사는 콜로라도주 소재 전문 간호 시설 7곳을 엔사인 그룹(The Ensign Group)과의 15년 만기 트리플 넷 임대차 계약으로 전환했다. 첫해 계약 임대료는 약 800만 달러로, 지난 12개월 동안 발생한 NOI 510만 달러와 대비된다.
• 분기 말 유동성은 현금 1억 1,100만 달러와 미인출 담보 회전한도대출 1억 5,000만 달러를 포함해 2억 6,100만 달러였다. 연환산 조정 EBITDAre 대비 순부채 비율은 전년 동기의 10.7배에서 8.2배로 감소했으며, 성과 관리 수수료를 제외하면 7.4배다.
• 경영진은 운영사가 해당 NIC 시장과의 격차를 줄임에 따라 SHOP 점유율이 추가로 500~600bp 상승할 잠재력이 있다고 추정했다.

주요 재무 데이터

2026년 3분기부터 정규화 FFO 및 조정 EBITDAre에는 GAAP에 따라 계상된 추정 성과 관리 수수료가 포함된다. 이전 기간 실적도 동일한 기준으로 재작성되었다. 이번 분기에는 계상된 성과 수수료 540만 달러(주당 0.02달러)가 포함되었으며, 연간 누계 금액은 2,200만 달러(주당 0.09달러)다. 경영진은 이러한 재무제표 표시 방식 변경이 GAAP 실적이나 현금 흐름에는 영향을 미치지 않는다고 밝혔다.

사업 및 운영 실적

SHOP은 여전히 DHC의 핵심 성장 동력으로 작용했다. 동일 자산 매출은 전년 동기 대비 5.8% 증가한 반면, 영업비용은 거의 변동이 없었다. 식단 조달 효율화 추진을 통해 전년 대비 비용을 약 130만 달러 절감했다.

전분기 대비 SHOP 동일 자산 NOI는 400만 달러(7.6%) 감소했다. 경영진은 이에 대해 2분기에 발생했던 일회성 비용 절감 효과 220만 달러의 미발생, 3분기 비경항성 비용 약 100만 달러, 계절적 공공요금 200만 달러에 기인한 것이라고 설명했다. 해당 항목들을 제외하면 3분기 동일 자산 NOI는 2분기 대비 2.5% 증가했을 것이다.

DHC는 13개 주거 단지에서 미활용되거나 폐쇄된 전문 간호 공간을 약 356개의 독립 주거, 생활 보조 및 치매 케어 유닛으로 전환하는 프로젝트를 승인했다. 경영진은 안정화 단계에서 10%대 중반 이상의 현금 수익률을 기대하고 있다. 공사는 2027년에 시작될 예정이며, 일부 유닛은 하반기에 공급될 것으로 예상된다.

기존 운영사가 관리하는 76개 SHOP 단지에 대한 신규 관리 계약이 2027년 1월 1일 자로 효력을 발휘할 예정이다. DHC는 이 계약을 통해 초기에 연간 약 200만 달러의 비용 절감 효과를 거두는 동시에 운영사의 인센티브를 주주 이익과 보다 긴밀하게 일치시킬 수 있을 것으로 기대한다.

콜로라도주 소재 전문 간호 시설 7곳은 10월 1일 15년 만기 트리플 넷 임대차 계약에 따라 엔사인 그룹으로 이관되었다. 이 임대 계약에는 연간 소비자물가지수(CPI) 연동 임대료 인상 조항이 포함되어 있으며, 환급·노무·자본적 지출 위험을 임차인에게 이전한다. 경영진은 프로포마(Pro Forma) 기준 이 구조가 적용되었다면 3분기 연결 SHOP 마진이 약 80bp 상승했을 것이라고 밝혔다.

메디컬 오피스 및 라이프 사이언스 포트폴리오에서 DHC는 이전 임대료 대비 25% 높은 수준으로 약 130,000제곱피트 규모의 임대차 계약을 체결했으며, 가중평균 임대기간은 9.7년이다. 7월 1일 약 213,000제곱피트를 점유하던 임차인 2곳이 퇴거함에 따라 전체 포트폴리오 점유율은 2분기 92.2%에서 88.4%로 하락했다.

DHC는 126,000제곱피트 규모의 공실 자산 1곳을 1,050만 달러에 매각하는 계약을 체결 중이었으며, 총 약 232,000제곱피트 규모의 추가 자산 2곳에 대한 매수 제안을 검토하고 있었다. 이 3개 자산은 3분기에 마이너스(-) 69만 달러의 NOI를 기록했으며, 이는 연환산 시 280만 달러에 달하는 손실이다.

경영진 가이던스

DHC는 2026년 SHOP 동일 자산 NOI 가이던스를 중간값 기준 500만 달러 상향된 1억 9,000만 달러~2억 달러로 상향 조정했다. 수정된 전망은 다음을 전제로 한다:

• SHOP 영업비용 증가율: 기존 2.5%에서 2.3%로 하향
• 월평균 임대료 인상률: 기존 5.5%에서 5.6%로 상향
• 점유율 증가폭: 200bp로 유지
• 매출 성장률: 6.3%

업데이트된 연간 가이던스에는 다음 항목도 포함된다:

정규화 FFO 가이던스에는 2,930만 달러(주당 0.12달러)의 추정 성과 관리 수수료가 포함되어 있다. SHOP NOI 증가로 인해 전망치에 주당 약 0.02달러가 추가되었으나, 성과 수수료로 인해 주당 0.12달러가 감소했다. 경영진은 최종 성과 수수료가 12월 31일까지 벤치마크 지수 대비 DHC의 총주주수익률(TSR)에 따라 결정되며, 9월 30일 기준 계상액과 크게 다를 수 있다고 경고했다.

4분기 실적에는 엔사인 임대료 한 분기 전체에 해당하는 약 200만 달러의 현금 NOI가 포함될 것으로 예상된다. 경영진은 이 거래 자체는 SHOP NOI 가이던스 상향의 원인이 아니며, 가이던스 상향은 SHOP의 견조한 기초 체력(펀더멘털) 실적을 반영한 것이라고 설명했다.

리스크 및 주시해야 할 사항

7월 임차인 퇴거 이후 메디컬 오피스 및 라이프 사이언스 점유율이 하락했다. 또한 연환산 임대 수입 220만 달러를 차지하는 캘리포니아주 프리몬트 소재 라이프 사이언스 임차인이 11월 말에 퇴거할 예정이다.

DHC의 다음 만기 도래 부채는 2028년 2월 만기 예정인 5억 달러 규모의 선순위 무담보 사채다. 경영진은 40억 달러 상당의 담보 미제공 자산, SHOP 현금 흐름 개선, 신용 지표 강화를 이유로 제시하며 만기 대응에 충분한 여력을 갖추고 있다고 밝혔다.

표적 입주 혜택 제공은 SHOP 점유율 상승을 가속화하는 데 도움이 되었지만 월평균 임대료는 전분기 수준을 유지하게 했다. 경영진은 높은 수준의 인센티브 제공이 장기간 지속되지 않을 것으로 보고 있으며, 주거 단지가 안정화됨에 따라 임대료 상승세가 더욱 뚜렷해질 것으로 예상하고 있다.

추정 성과 관리 수수료 계상액은 DHC의 주가 및 상대적 총주주수익률에 따라 분기마다 변동될 수 있으며, 이에 따라 정규화 FFO 및 조정 EBITDAre에 변동성이 발생할 수 있다.

애널리스트 Q&A 주요 내용

경영진은 경상 자본적 지출이 2027년과 2028년에 추가로 감소할 수 있으며, 장기 목표는 유닛당 3,000달러 수준에 가까워질 것이라고 언급했다.

자본 배분은 여전히 DHC의 기존 포트폴리오, 특히 전문 간호 병동 전환에 집중되어 있다. 자산 매각 대금은 재투자 또는 부채 감축(디레버리징)에 사용될 수 있는 반면, 자산 인수 우선순위는 낮다. 경영진은 미인출 한도대출 1억 5,000만 달러를 포함한 현재 유동성이 계획된 투자에 충분하다고 밝혔다.

3분기 비경항성 비용 약 100만 달러에는 판매세 및 사용세 정산액과 대손상각비 증가분이 포함되었다. 경영진은 이러한 항목이 4분기 이후에 반복되지 않을 것으로 예상하고 있다.

경영진은 점유율 인센티브가 전체 포트폴리오 차원의 영구적인 전략이 아닌 선별적인 방식으로 적용되고 있다고 밝혔다. 또한 2027년에도 임대료 개선이 지속되고 비용 절감 및 매출 증대 정책의 추가적인 효과가 나타날 것으로 기대하고 있다.

실적 발표 설명회(Earnings Call) 녹취록 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good morning, and welcome to the Diversified Healthcare Trust Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Matthew Murphy, Manager of Investor Relations. Please go ahead.

Matt Murphy

Good morning. Joining me on today's call are Chris Pilato, President and Chief Executive Officer; and Matt Brown, Chief Financial Officer and Treasurer. Today's call includes a presentation by management followed by a question-and-answer session with sell-side analysts.

Please note that the recording and retransmission of today's conference call is strictly prohibited without the prior written consent of the company. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.

These forward-looking statements are based upon DHC's beliefs and expectations as of today, Tuesday, November 3, 2026. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. other than through filings with the Securities and Exchange Commission, or SEC.

Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences is contained in our filings with the SEC. Investors are cautioned not to place undue reliance upon any forward-looking statements.

In addition, this call may contain non-GAAP numbers, including normalized funds from operations or normalized FFO, net operating income or NOI, cash basis net operating income or cash basis NOI and adjusted EBITDAre. A reconciliation of these non-GAAP measures to net income is available in our financial results package which can be found on our website at www.dhcreit.com.

Beginning this quarter, our calculation of normalized FFO and adjusted EBITDAre include estimated incentive management fees accrued under GAAP, and prior periods have been recast to conform to this presentation. And finally, we will be providing guidance on this call, including NOI.

We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all. such as gains and losses or impairment charges related to the disposition of real estate. With that, I would now like to turn the call over to Chris.

Michael Kodesch

Thank you, Matt. Good morning, everyone, and thank you for joining our call today. Our third quarter results reflect continued execution on the strategy we have laid out for the year. That strategy shows up across stronger operating results in our SHOP portfolio, active optimization of how we own and operate individual assets and a steadily improving financial profile.

Following the market close yesterday, DHC reported normalized FFO of $30.7 million or $0.13 per share and adjusted EBITDAre of $73.4 million, an increase of 28.4% year-over-year. Same property cash basis NOI increased 25.6% to $77.9 million and consolidated NOI increased 27.5% to $80.8 million.

Before going further, I want to note a change in our presentation Beginning this quarter, adjusted EBITDA and normalized FFO include incentive management fees as recognized under GAAP and prior periods have been recast on the same basis.

On a comparable basis, normalized FFO increased from $0.12 per share in the second quarter and from $0.02 per share a year ago and adjusted EBITDA increased both sequentially and year-over-year. The momentum in our portfolio is also reflected in our outlook. Today, we are raising our same-property shop NOI guidance by $5 million at the midpoint and lowering our expected SHOP recurring capital expenditures by $10 million.

Matt will walk through the full guidance update, including the effect of the incentive management fee change. Let me start with our shop segment. Same property NOI increased 50.4% year-over-year to $48 million, this growth was driven by a 200 basis point increase in occupancy to 84.4% and a 5.2% increase in average monthly rate which together expand same-property NOI margin by 470 basis points to 15.8%.

We used targeted move in incentives this quarter to accelerate occupancy which kept average monthly rate flat sequentially. As communities stabilize, we expect to reduce these concessions and allow rate growth to flow through more fully. Expense discipline also continues with our dietary procurement initiatives contributing to an expense reduction by approximately $1.3 million compared with the prior year.

Importantly, we believe significant embedded upside remains with same-property occupancy at 84.4%, we estimate 500 to 600 basis points of occupancy upside as our operators close the occupancy gaps between our communities and their respective NIC markets. Beyond occupancy, we continue to reposition underutilized and close skilled nursing weeks into independent living, assisted living and memory care units.

We have now approved projects across 13 communities that we expect will add approximately 356 units. We expect these investments to generate stabilized cash returns in the mid-teens or better while converting vacant space into revenue-generating units.

Finally, we are putting new management agreements in place across 76 shop communities that are managed by our legacy operators. Implementation is expected on January 1, 2027. These agreements extend the operator framework we initiated across our transition communities in 2025, including more closely aligned incentive structures and appropriately sized base management fees.

We expect them to initially generate approximately $2 million of annual cost savings while further aligning operator incentives with shareholder interests. Turning to our portfolio optimization strategy. Over the past 2 years, DHC has repositioned its portfolio through asset sales, operator transitions and targeted capital investment.

With much of that foundation in place, we are increasingly focused on optimizing individual assets. The clearest example this quarter is our transition of 7 skilled nursing facilities in Colorado to a 15-year triple-net lease with the Ensign Group effective on October 1.

This transition does 2 primary things for us. First, it increases cash flow. First year contractual rent is approximately $8 million with CPI annual escalators, which compares with $5.1 million of NOI over the prior 12 months or about $3.5 million after capital expenditures. Second, it sharpens our SHOP portfolio.

Skilled nursing relies primarily on government reimbursement and is a more labor-intensive which is why these facilities generated only about a 5.8% margin for the quarter. Skilled nursing is also more commonly under triple net leases with specialized operators. The new structure shifts reimbursement, labor and capital exposure to the tenant leads our shop portfolio more focused on private pay senior housing and on a pro forma basis, would have lifted our third quarter consolidated shop margin by about 80 basis points.

We are applying the same asset-by-asset approach to operator alignment. In September, we provided notice to transition 6 shop communities in Georgia, representing 486 units to a new manager, which we expect to begin as early as the fourth quarter. This consolidates these communities with an operator that has deep regional expertise and fits the operator framework we have built across our transition portfolio. We look forward to working closely with them to ensure a seamless transition.

Turning to our medical office and life science portfolio. Leasing activity remained healthy during the quarter. We completed approximately 130,000 square feet of leasing at rental rates 25% above prior rents with a weighted average lease term of 9.7 years. As discussed on our second quarter earnings call, 2 tenants representing approximately 213,000 square feet vacated on July 1, and and total occupancy declined to 88.4% from 92.2% in the prior quarter.

Near-term expirations are limited. Through year-end, $3.3 million of annualized rental income or 2.1% of the total is scheduled to expire. This includes $2.2 million from a life science tenant in Fremont, California that we expect to vacate at the end of November and we are actively marketing that space for lease.

The portfolio's weighted average remaining lease term was approximately 5.1 years at quarter end. As part of our capital recycling efforts, we are actively pursuing disposition opportunities. As of yesterday, we were under agreement to sell 1 vacant property consisting 126,000 square feet for $10.5 million, and we are valuing offers on 2 additional properties totaling approximately 232,000 square feet.

Together, these 3 properties generated negative NOI of $690,000 during the quarter or nearly $2.8 million annually, selling them eliminate that drag and provides capital for reinvestment. Looking ahead, our path to earnings growth is embedded in our existing portfolio. Several drivers are already in motion for 2027, a full year rent from the Ensign lease approximately $2 million of annual savings from our new shop legacy management agreements effective January 1, skilled nursing ROI conversion projects, adding approximately 350 units and the sale of nonearning medical office properties.

Most significant is the continued improvement in shop occupancy and rate on rate concessions normalize. Our third quarter results show this strategy is working with stronger shop operations, active optimization of individual assets and improving financial profile and a higher shot NOI outlook for the year.

These results are clearly resonating with investors at DHC has been the top-performing REIT in the U.S. over the past 3 years, with a total shareholder return in excess of 277% and we remain confident in our trajectory and in our ability to deliver sustainable earnings growth and long-term value for our shareholders. With that, I'll turn the call over to Matt.

Matthew Brown

Thanks, Chris, and good morning, everyone. Before I review our results, I would like to walk through a change to how we present our non-GAAP financial measures. The SEC recently provided its interpretation that incentive management fees accrued under GAAP should be included in normalized FFO and adjusted EBITDAre.

Historically, we excluded the incentive fee in these measures. While we believe our prior approach was appropriate and supported period-to-period comparability, we have adopted the SEC's interpretation and changed our presentation. Beginning this quarter, normalized FFO, adjusted EBITDAre and CAD include estimated incentive management fees as they are accrued under GAAP, and we have recast prior periods to conform.

To be clear, this is a change in presentation only. It does not affect our GAAP results or our cash flows, and it does not change how the incentive fee is calculated or the amount, if any, that would ultimately be payable to RMR because the fee is based on DHC's total shareholder return relative to a benchmark index over a 3-year period ending December 31, the accrual will fluctuate from quarter-to-quarter with our share price.

For the third quarter, normalized FFO and adjusted EBITDA include $5.4 million or $0.02 per share of accrued incentive fees, and year-to-date, we have accrued $22 million or $0.09 per share. Page 8 of our earnings presentation includes a bridge to previously issued guidance. We believe this bridge will assist our investors with comparability between our revised normalized FFO and adjusted EBITDA calculations from prior guidance.

During the third quarter, our normalized FFO was $30.7 million or $0.13 per share, and our adjusted EBITDA was $73.4 million, representing a 28.4% increase year-over-year. Our third quarter results continue to show the earnings power of our SHOP assets, the cash-generating ability of our business and a significantly stronger balance sheet than a year ago.

During the third quarter, consolidated same-property cash basis NOI was $77.9 million, a 25.6% increase year-over-year, Shop continues to drive this growth with same-property NOI increasing 50.4% year-over-year to $48 million and same-property NOI margin expanding 470 basis points to 15.8%. This improvement came from both the top line and expense side.

Same property shop revenue increased 5.8% year-over-year, driven by a 200 basis point increase in occupancy to 84.4% and and 5.2% growth in average monthly rate. At the same time, same property operating expenses were essentially flat year-over-year and expense core declined 30 basis points as our operators continue to capture the dietary maintenance and labor savings we discussed last quarter.

Sequentially, Shop Same property NOI decreased $4 million or 7.6%, driven by second quarter results that included approximately $2.2 million of onetime expense benefits that did not recur. Additionally, the third quarter includes approximately $1 million of nonrecurring expenses and $2 million of higher utility costs due to typical seasonality.

Excluding these items, third quarter same property NOI would have been 2.5% higher than the second quarter. Importantly, same property occupancy increased 130 basis points sequentially, our largest quarterly gain this year, which supports our view that the occupancy ramp on our transition communities is well underway. In our medical office and life science portfolio, same-property cash basis NOI was $22.9 million, a 1.6% decrease year-over-year.

This primarily reflects the previously disclosed tenant who vacated effective July 1 and which also drove the 120 basis point sequential decline in same-property occupancy to 94.5%. Third quarter G&A expense of $14.6 million includes $5.4 million of estimated incentive management fees, as I've discussed, and $2.2 million of noncash share-based compensation.

Excluding these items, G&A was $7 million, consistent with the second quarter. During the quarter, we invested $28.9 million of capital, including $22.6 million into our shop communities and $6.3 million into our medical office and life science portfolio. Year-to-date spending of $76.5 million is $32.1 million or approximately 30% lower than the same period in 2025.

We are reducing our 2026 recurring CapEx guidance by $10 million at the midpoint to $90 million to $105 million. At quarter end, we had total liquidity of $261 million, including $111 million of cash our undrawn $150 million secured revolving credit facility. Net debt to annualized adjusted EBITDAre was 8.2x, a 2.5x reduction from a year ago. This calculation now includes incentive fees, which added 0.8x, excluding them, leverage was 7.4x, within our 6.5 to 7.5x target range.

Adjusted EBITDAre to interest expense improved to 2x from 1.2x a year ago, and we remain comfortably in compliance with all of our bond covenants. Our next debt maturity is our $500 million of senior unsecured notes due February 2028 with $4 billion of unencumbered assets representing over 64% of our portfolio, growing SHOP cash flow and steadily improving credit metrics we believe we are well positioned to address this maturity.

Turning to full year 2026 guidance. Excluding the presentation change regarding estimated incentive fees, we are raising our SHOP same-property NOI guidance by $5 million at the midpoint to $190 million to $200 million, and that increase flows through to adjusted EBITDA and normalized FFO.

The increase reflects lower expected operating expense growth of 2.3% compared with 2.5% previously an average monthly rate growth of 5.6%, up from 5.5% and with occupancy growth unchanged at 200 basis points and revenue growth of 6.3%. It should also be noted that for the 9 months ended September 30, same-property shop NOI was $144.3 million.

Separately, adjusted EBITDAre and normalized FFO guidance now includes estimated incentive management fees of $29.3 million or $0.12 per share. Netting the 2, normalized FFO guidance moves to $0.46 to $0.52 per share from $0.56 to $0.62, up $0.02 from the SHOP NOI increase and down $0.12 for the estimated incentive fee.

The final amount, if any, will be based on our total return relative to the benchmark index through December 31 and could differ materially from the amount accrued as of September 30. Updated guidance ranges are as follows: $2 million to $328 million of same-property NOI, adjusted EBITDAre of $276 million to $291 million, normalized FFO of $111 million to $126 million or $0.46 to $0.52 per share and recurring capital expenditures of $90 million to $105 million which is a reduction of $10 million at the midpoint, as I previously discussed.

Fourth quarter results will also include a full quarter of Ensign Rent for the 7 skilled nursing facilities, which will contribute approximately $2 million of cash NOI. We are confident in our updated full year guidance, and we are building momentum into 2027. We will share our 2027 guidance on our next earnings call which will include changes to our shop segment, mainly driven by the 7 skilled nursing facilities now leased to Ensign being presented in our -- all Other segment. That concludes our prepared remarks. Operator, please open the line for questions.

Operator

[Operator Instructions] Our first question today is from Henry Newell with RBC Capital Markets.

질의응답

Unknown Analyst

Just hoping you could touch on the updated CapEx outlook briefly. Should we expect really this updated outlook to be a run rate moving forward into '27 and '28. Or is there any reason why we should expect recurring CapEx to decrease in '27 and '28.

Unknown Executive

Yes, it's a good question. I could see it decreasing a little bit into 2027 and 2028. We've been targeting closer to 3,000 per unit as we look forward. So we do expect that to continue to kind of come down as it has been over the last few years.

Michael Kodesch

Wonderful. And then just more generally, how are you viewing your different sources of capital at the moment? Is the current leverage profile and ongoing concern? And do you think you'll continue to finance CapEx or maybe any acquisitions with dispositions or something else moving forward? .

On the latter part of the question, I think right now, most of the investment we plan to make is within the existing portfolio. We've talked about the conversion of closed skilled nursing wings and that being kind of a priority given the returns that come from that profile. So that will be kind of top priority.

We are selling some assets, which we highlighted. I don't think the overall proceeds are overly material, but nonetheless, that will provide optionality for reinvestment to either delever or again, that's part of the flow skilled nursing wing strategy and then maybe in kind of small select cases considering whether or not acquisition makes sense, but I think that's kind of last aligned. So right now, it's really focused on the existing portfolio and kind of the embedded upside opportunities that we see and then Matt.

Yes. Just to add to that on leverage, leverage has been on a nice decline as we've seen the SHOP performance significantly improve over the last 15 to 18 months, and our trajectory should prove that, that will further decline as we move beyond 2026.

And as it relates to just kind of capital and liquidity for the things that we're focused on, which, as Chris mentioned, is mostly in our existing portfolio. We have adequate liquidity to continue making those investments. We have the $150 million credit facility. We have not drawn on that. So that produces us with sufficient liquidity for us.

Operator

[Operator Instructions] The next question is from John Massoca with B. Riley.

Unknown Analyst

Maybe just a quick clarification. With regards to the FLIR 26 guidance, does that include the positive impact you're expecting to NOI from the Ensign transaction?

Michael Kodesch

Yes. I mean it's factored in that we're going to receive $2 million in the fourth quarter. For the 9 months ended September, we've received a little bit over $4 million of NOI there. So there's some moving pieces as it relates to the change, but it is included. Is that part of where the increased shop NOI expectations are coming? Or is that something that was maybe kind of previously contemplated in the guide?

No, it's unrelated to that change in structure. -- on those skilled nursing facilities. But we've been trending towards the higher end of our SHOP NOI guidance for the first several quarters. And we're just shy of $145 million year-to-date through 9 months. So we really have added conviction in our SHOP results, and that's really the driver of the $5 million increase to the guide on this call. .

Unknown Executive

And John, I would just add that going back to the enzyme. The proceeds from the lease we get for the quarter in Q4 is more or less equivalent to what we would have gotten under the RIDEA. So as Matt alluded to, that's a wash. And again, the upside is more just performance base, which is driving the guidance.

Alexander Kubicek

Okay. In terms of the one-timers in 3Q, can you just provide a little more color on what those were? And are those things that we should expect to occur seasonally in 3Q going forward? Or was it just kind of really onetime events?

Unknown Executive

No, they were largely onetime events. It was about $1 million in total. We had some sales and use tax true-ups and a little bit of elevated bad debt. But we don't expect those to recur into Q4 or beyond.

Unknown Analyst

Okay. And then as you think about occupancy versus rate. I mean, should we expect some of these strategies using concessions to kind of promote occupancy before you push rate to continue going forward? Is that something that we can see kind of the next couple of quarters? Or is this kind of really a onetime situation based on an opportunity operator saw or something else in the market?

Unknown Executive

Yes, it's a mix. I mean, look, the concession piece is more hand-to-hand combat on certain assets to drive strategy. It's just -- it's more pronounced now as we think about where we see the opportunity. I don't envision this being something that continues long term. I think this is kind of incremental, and we will continue to see rate lift across the portfolio.

And so I think, generally speaking, we would expect to see at least the same lift we got in 2026. And again, we've also talked about a variety of different strategies we're finding with respect to expense reduction levels of care on the revenue side. So there's kind of a whole suite of different initiatives that we continue to work through, which will be more pronounced as we go into 2027.

Unknown Analyst

Okay. And then last 1 for me. In terms of some of the redevelopment potential within the portfolio, has any of that started? I mean, has there been any spend yet on that? I guess that wouldn't show up in the recurring CapEx guide, right? So are you in process on any of those projects? Or are those still primarily kind of 27 starts?

Unknown Executive

They are all '27 starts. Any spend this year is really soft costs related to design and consultants, but kind of the swinging of hammers will commence next year, and then we'll start to see delivery of some of those towards the back half of the year.

Operator

[Operator Instructions] It is showing no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks.

Christopher Bilotto

Well, thank you for joining our call today. We look forward to seeing many of you at the NAREIT conference in Atlanta this November. That concludes our call.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.