Financial Data and Key Metrics Changes - The company reported an AFFO of 63.4millionor0.35 per share, representing approximately 6.1% growth over the same period last year [22] - AFFO per share was flat quarter-over-quarter compared to Q2, primarily due to revenue generated from Q2 acquisitions offset by a full quarter share count from equity raised in late Q2 [22] - The company reaffirmed its AFFO guidance range for fiscal year 2022 at 1.38to1.40 per diluted share, implying a growth rate of 6.1% at the midpoint over 2021 results [23] Business Line Data and Key Metrics Changes - The company invested approximately 205millionin28propertiesduringQ3,withaweightedaverageinitialcashcaprateof6.5902 million of acquisitions either closed or under control year-to-date, reaffirming its acquisition guidance range of 900millionto1 billion for 2022 [12] Q&A Session Summary Question: Can you talk about the new operator for the Santa Cruz Hospital? - The new operator has extensive experience in hospital turnarounds and is expected to improve the property [27][28] Question: What are the economics of the new lease? - The new lease is a 21-year lease with an effective GAAP yield of 7.5%, including a variable free rent period based on the operator's ability to relicense the hospital [31] Question: Are there any other operators on the watch list? - The heightened credit watch list includes a few individual tenant names, with the Santa Cruz facility being a significant focus [32] Question: How is labor availability impacting underwriting? - Labor availability is a concern, particularly for lower-margin businesses, and is being closely monitored in future acquisitions [37][38] Question: What is the company's outlook on cap rates? - The company has seen cap rate expansion, particularly in industrial properties, and expects further movement as seller pricing expectations adjust [39][41] Question: What is the company's strategy for 2023? - The company plans to remain cautious and selective in acquisitions, with a focus on maintaining liquidity and assessing market conditions [51][52]