Teleconferência de Resultados do 3T26 da DHC: NOI do SHOP Dispara 50,4%, Guidance Elevado

Principais Destaques

• A Diversified Healthcare Trust relatou FFO normalizado no 3T26 de US$ 30,7 milhões, ou US$ 0,13 por ação, ante US$ 0,02 por ação um ano antes. O EBITDAre ajustado subiu 28,4% na comparação anual, para US$ 73,4 milhões.
• O NOI consolidado no conceito mesmas propriedades (regime de caixa) aumentou 25,6%, para US$ 77,9 milhões. O NOI do segmento SHOP no conceito mesmas propriedades subiu 50,4%, para US$ 48,0 milhões, com a ocupação aumentando 200 pontos-base, para 84,4%, e as tarifas médias mensais subindo 5,2%.
• A DHC elevou o ponto médio do guidance de NOI do segmento SHOP no conceito mesmas propriedades para 2026 em US$ 5 milhões, para uma faixa entre US$ 190 milhões e US$ 200 milhões. A empresa também reduziu a estimativa de despesas de capital (capex) recorrentes em US$ 10 milhões no ponto médio, para US$ 90 milhões a US$ 105 milhões.
• A empresa transferiu sete instalações de enfermagem especializada no Colorado para um contrato de locação triple-net de 15 anos com o The Ensign Group. O aluguel contratual do primeiro ano é de aproximadamente US$ 8 milhões, em comparação com US$ 5,1 milhões de NOI nos 12 meses anteriores.
• A liquidez ao final do trimestre era de US$ 261 milhões, incluindo US$ 111 milhões em caixa e uma linha de crédito rotativo garantida não sacada de US$ 150 milhões. A dívida líquida sobre o EBITDAre ajustado anualizado caiu para 8,2x, ante 10,7x um ano antes, ou 7,4x excluindo as taxas de gestão por incentivo.
• A administração estima que a ocupação do segmento SHOP tem um potencial de alta adicional de 500 a 600 pontos-base à medida que os operadores reduzem a diferença em relação aos seus respectivos mercados NIC.

Principais Dados Financeiros

A partir do 3T26, o FFO normalizado e o EBITDAre ajustado incluem estimativas de taxas de gestão por incentivo acumuladas sob o GAAP. Os períodos anteriores foram reapresentados na mesma base. O trimestre incluiu US$ 5,4 milhões, ou US$ 0,02 por ação, de taxas de incentivo acumuladas; o valor no acumulado do ano foi de US$ 22 milhões, ou US$ 0,09 por ação. A administração declarou que essa mudança na apresentação não afeta os resultados GAAP ou o fluxo de caixa.

Desempenho Operacional e dos Negócios

O segmento SHOP permaneceu como o principal motor de crescimento da DHC. A receita no conceito mesmas propriedades aumentou 5,8% na comparação anual, enquanto as despesas operacionais ficaram essencialmente estáveis. Iniciativas de suprimentos para alimentação reduziram as despesas em aproximadamente US$ 1,3 milhão em relação ao ano anterior.

Na comparação trimestral, o NOI do segmento SHOP no conceito mesmas propriedades caiu US$ 4 milhões, ou 7,6%. A administração atribuiu isso a US$ 2,2 milhões em benefícios não recorrentes de despesas no 2T que não se repetiram, aproximadamente US$ 1 milhão em despesas não recorrentes no 3T e US$ 2 milhões em custos sazonais de serviços públicos (utilities). Excluindo esses itens, o NOI do 3T no conceito mesmas propriedades teria aumentado 2,5% em relação ao 2T.

A DHC aprovou projetos em 13 comunidades para converter espaços subutilizados ou fechados de enfermagem especializada em aproximadamente 356 unidades de vida independente, vida assistida e cuidados de memória. A administração espera retornos em caixa estabilizados na faixa de 15% ou superiores. O início da construção está programado para 2027, com a entrega de algumas unidades prevista para o segundo semestre do ano.

Novos contratos de gestão abrangendo 76 comunidades do SHOP geridas por operadores legados devem entrar em vigor em 1º de janeiro de 2027. A DHC espera que os contratos gerem inicialmente cerca de US$ 2 milhões em economia anual de custos, alinhando mais estreitamente os incentivos dos operadores com os interesses dos acionistas.

As sete instalações de enfermagem especializada no Colorado foram transferidas para o The Ensign Group sob um contrato de locação triple-net de 15 anos em 1º de outubro. O contrato inclui reajustes anuais pelo CPI e transfere o risco de reembolso, mão de obra e capital para o locatário. Em uma base pro forma, a administração afirmou que a estrutura teria aumentado a margem consolidada do SHOP no 3T em aproximadamente 80 pontos-base.

No portfólio de escritórios médicos e ciências da vida, a DHC concluiu aproximadamente 130.000 pés quadrados em locações com tarifas 25% acima dos aluguéis anteriores e prazo médio ponderado de locação de 9,7 anos. A ocupação total do portfólio caiu para 88,4%, ante 92,2% no 2T, após dois inquilinos que ocupavam cerca de 213.000 pés quadrados desocuparem em 1º de julho.

A DHC estava sob contrato para vender um imóvel vago de 126.000 pés quadrados por US$ 10,5 milhões e avaliava propostas para dois imóveis adicionais que somavam aproximadamente 232.000 pés quadrados. Os três ativos geraram NOI negativo de US$ 690.000 no 3T, ou quase US$ 2,8 milhões de forma anualizada.

Guidance da Administração

A DHC elevou o guidance de NOI do segmento SHOP no conceito mesmas propriedades para 2026 para US$ 190 milhões a US$ 200 milhões, um aumento de US$ 5 milhões no ponto médio. A perspectiva revisada pressupõe:

• Crescimento das despesas operacionais do SHOP de 2,3%, ante 2,5% anteriormente.
• Crescimento da tarifa média mensal de 5,6%, ante 5,5%.
• Crescimento da ocupação de 200 pontos-base, sem alterações.
• Crescimento da receita de 6,3%.

O guidance atualizado para o ano inteiro também inclui:

O guidance do FFO normalizado inclui estimativas de taxas de gestão por incentivo de US$ 29,3 milhões, ou US$ 0,12 por ação. O aumento do NOI do SHOP adicionou aproximadamente US$ 0,02 por ação à perspectiva, enquanto a taxa de incentivo a reduziu em US$ 0,12 por ação. A administração alertou que a taxa de incentivo final dependerá do retorno total ao acionista da DHC em relação ao seu índice de referência até 31 de dezembro e poderá diferir materialmente do valor acumulado em 30 de setembro.

Os resultados do 4T devem incluir aproximadamente US$ 2 milhões em NOI em caixa provenientes de um trimestre completo do aluguel da Ensign. A administração afirmou que a transação em si não foi o motivo para a elevação do guidance do NOI do SHOP, o qual refletiu, na verdade, o forte desempenho operacional subjacente do SHOP.

Riscos e Pontos de Atenção

A ocupação nos segmentos de escritórios médicos e ciências da vida caiu após as desocupações de inquilinos em julho. Além disso, prevê-se que um inquilino de ciências da vida em Fremont, Califórnia, representando US$ 2,2 milhões em receita de aluguel anualizada, desocupe o imóvel no final de novembro.

O próximo vencimento de dívida da DHC é de US$ 500 milhões em títulos seniores sem garantia com vencimento em fevereiro de 2028. A administração declarou que a empresa está posicionada para enfrentar o vencimento, citando US$ 4 bilhões em ativos não onerados, melhoria no fluxo de caixa do SHOP e métricas de crédito mais fortes.

Concessões direcionadas para adesão ajudaram a acelerar a ocupação do SHOP, mas mantiveram as tarifas médias mensais estáveis na comparação trimestral. A administração não espera que concessões elevadas persistam no longo prazo e prevê que o crescimento das tarifas se torne mais visível à medida que as comunidades se estabilizarem.

A provisão estimada para a taxa de gestão por incentivo pode flutuar de um trimestre para outro com o preço das ações da DHC e o retorno total relativo ao acionista, criando volatilidade no FFO normalizado e no EBITDAre ajustado.

Destaques do Q&A com Analistas

A administração indicou que os investimentos de capital (capex) recorrentes podem recuar ainda mais em 2027 e 2028, com uma meta de longo prazo mais próxima de US$ 3.000 por unidade.

A alocação de capital permanece focada no portfólio existente da DHC, especialmente na conversão de alas de enfermagem especializada. Os recursos das vendas de ativos podem ser usados para reinvestimento ou desalavancagem, enquanto aquisições figuram como prioridade menor. A administração declarou que a liquidez atual, incluindo a linha de crédito não sacada de US$ 150 milhões, é suficiente para os investimentos planejados.

Aproximadamente US$ 1 milhão em despesas não recorrentes no 3T incluiu ajustes de impostos sobre vendas e uso e aumento de inadimplência. A administração não espera que esses itens se repitam no 4T ou posteriormente.

A administração informou que os incentivos de ocupação estão sendo aplicados seletivamente, e não como uma estratégia permanente para todo o portfólio. A empresa espera melhoria contínua nas tarifas e benefícios adicionais de reduções de despesas e iniciativas de receita em 2027.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.

Perguntas e respostas

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.