Diversified Healthcare Trust (DHC) 2022 Q4 法說會逐字稿

Good day, and welcome to the Diversified Healthcare Trust Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Melissa McCarthy, Manager of Investor Relations. Please go ahead.

美好的一天，歡迎來到多元化醫療信託 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係經理 Melissa McCarthy。請繼續。

Good morning, and welcome to Diversified Healthcare Trust covering -- Call covering the fourth quarter 2022 results. Joining me on today's call are Jennifer Francis, President and Chief Executive Officer; and Rick Siedel, Chief Financial Officer and Treasurer.

早上好，歡迎來到涵蓋 2022 年第四季度業績的多元化醫療保健信託基金。與我一起參加今天電話會議的還有總裁兼首席執行官 Jennifer Francis；和首席財務官兼財務主管 Rick Siedel。

Today's call includes a presentation by management, followed by a question-and-answer session. I would like to note that the transcription, recording and retransmission of today's conference call are strictly prohibited without the prior written consent of Diversified Healthcare Trust, or DHC.

今天的電話會議包括管理層的演示，然後是問答環節。我想指出，未經 Diversified Healthcare Trust (DHC) 事先書面同意，嚴禁轉錄、錄音和轉播今天的電話會議。

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 current beliefs and expectations as of today, Thursday, March 2, 2023. 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 the filings with the Securities and Exchange Commission, or SEC.

今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性陳述基於 DHC 截至 2023 年 3 月 2 日星期四的當前信念和預期。公司不承擔修改或公開發布對今天電話會議中所做的前瞻性陳述的任何修改結果的義務, 除了通過向美國證券交易委員會 (SEC) 提交的文件。

In addition, this call may contain non-GAAP numbers, including normalized funds from operations, or normalized FFO, EBITDA, net operating income, or NOI, and cash basis net operating income, or cash basis NOI. Reconciliations of net income or loss attributable to common shareholders to these non-GAAP figures and the components to calculate AFFO, CAD or FAD are available in our supplemental operating and financial data package found on our website at www.dhcreit.com. 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.

此外，此電話可能包含非 GAAP 數字，包括標準化運營資金或標準化 FFO、EBITDA、淨營業收入或 NOI，以及現金制淨營業收入或現金制 NOI。在我們的網站 www.dhcreit.com 上提供的補充運營和財務數據包中提供了這些非 GAAP 數據和計算 AFFO、CAD 或 FAD 的組成部分對普通股股東的淨收入或虧損的調節。實際結果可能與任何前瞻性陳述中預測的結果存在重大差異。有關可能導致這些差異的因素的更多信息包含在我們提交給美國證券交易委員會的文件中。提醒投資者不要過分依賴任何前瞻性陳述。

As we've previously disclosed in February, we agreed to tender all of the AlerisLife Inc. common shares we currently own in connection with the tender offer and proposed acquisition of AlerisLife Inc. by ABP Acquisition, LLC. In light of the pendency of the tender offer, we do not intend to speak to these matters on today's call, and instead refer you to our current report on Form 8-K we filed with the SEC on February 2, 2023, and to the offer to purchase filed by AlerisLife Inc. with the SEC on February 17, 2023, for additional information.

正如我們之前在 2 月份披露的那樣，我們同意投標我們目前擁有的與 ABP Acquisition, LLC 對 AlerisLife Inc. 的要約收購和擬議收購有關的所有 AlerisLife Inc. 普通股。鑑於要約收購的懸而未決，我們不打算在今天的電話會議上討論這些問題，而是請您參考我們於 2023 年 2 月 2 日向美國證券交易委員會提交的關於 8-K 表格的當前報告，以及AlerisLife Inc. 於 2023 年 2 月 17 日向 SEC 提交的購買要約，以獲取更多信息。

Now I'd like to turn the call over to Jennifer.

現在我想把電話轉給詹妮弗。

Thank you, Melissa, and good morning. Thank you for joining us on today's fourth quarter and year-end 2022 conference call. 2022 was a year of recovery for Diversified Healthcare Trust, as we executed on our plan to deploy capital across our portfolio and support the operators and asset managers that are implementing the recovery strategy in our senior living communities. All of our operators have been successful in growing occupancy and revenue during the year, while they worked diligently to battle inflationary pressures that are impacting labor, utilities, food and other expenses across our portfolio.

謝謝你，梅麗莎，早上好。感謝您參加今天的第四季度和 2022 年底電話會議。 2022 年是 Diversified Healthcare Trust 復甦的一年，因為我們執行了在我們的投資組合中部署資本的計劃，並支持在我們的老年生活社區實施複蘇戰略的運營商和資產管理公司。我們所有的運營商在這一年中都成功地增加了入住率和收入，同時他們努力工作以應對影響我們投資組合中勞動力、公用事業、食品和其他支出的通脹壓力。

Rick and I will provide details this morning on some of their successes and also on some of the challenges still to overcome in the year ahead.

里克和我今天上午將詳細介紹他們取得的一些成就，以及來年仍需克服的一些挑戰。

After market closed yesterday, DHC reported normalized FFO of $0.03 per share for the fourth quarter. The year-over-year and quarter-over-quarter improvement in normalized FFO from negative $0.07 per share and negative $0.06 per share, respectively, was largely driven by continued improvements in 3 areas within our SHOP segment during the fourth quarter. First, growth in net operating income and operating leverage for the quarter and the year; second, an acceleration in occupancy recovery and rate growth during the quarter; and third, a decrease from the third quarter in the use of contract labor and the associated costs.

昨日收盤後，DHC 公佈第四季度標準化 FFO 為每股 0.03 美元。標準化 FFO 的同比和環比分別從負的每股 0.07 美元和負的每股 0.06 美元改善，這在很大程度上是由於第四季度我們 SHOP 部門內 3 個領域的持續改善。第一，季度和年度淨營業收入和經營槓桿的增長；其次，本季度入住率恢復和房價增長加速；第三，與第三季度相比，合同工的使用和相關成本有所下降。

Starting with the positive trends in our SHOP segment, many of our metrics are trending positively, but most notably, occupancy improved 380 basis points year-over-year to 76.3%, and same property occupancy also increased 380 basis points year-over-year to 76.7%. We're continuing a consistent trend of improvement as this is our seventh consecutive quarter of occupancy growth in this segment as we saw a 180-basis-point increase in occupancy from the last quarter in our same property occupancy and a 160-basis-point increase over the last quarter in our consolidated portfolio.

從我們 SHOP 細分市場的積極趨勢開始，我們的許多指標都呈現積極趨勢，但最值得注意的是，入住率同比提高 380 個基點至 76.3%，同一物業的入住率也同比增長 380 個基點到 76.7%。我們繼續保持一貫的改善趨勢，因為這是我們在這一領域連續第七個季度的入住率增長，因為我們看到同一物業的入住率比上一季度增加了 180 個基點，並且比上一季度增加了 160 個基點我們的綜合投資組合在上個季度有所增加。

Our transitioned communities achieved a year-over-year occupancy increase of 660 basis points.

我們的轉型社區入住率同比增長 660 個基點。

Similar to the overall senior living industry, the recovery in our SHOP segment was led by our needs-based assisted living communities, which were hard hit during the pandemic due to the impact that COVID-19 had on high acuity seniors in assisted living, and by the fact that occupancy in these communities was trending lower prior to the pandemic as the assisted living sector had experienced more oversupply than independent living.

與整個老年生活行業類似，我們的 SHOP 部門的複蘇是由我們基於需求的輔助生活社區引領的，由於 COVID-19 對輔助生活中的高敏銳度老年人的影響，這些社區在大流行期間受到重創，並且事實上，在大流行之前，這些社區的入住率呈下降趨勢，因為輔助生活部門比獨立生活部門經歷了更多的供過於求。

Occupancy improvements have been bolstered by our operators' improved marketing and sales processes and by the positive impact of our ongoing capital investment strategy. We believe that continued focus in these areas will yield further improved performance.

我們的運營商改進營銷和銷售流程以及我們持續的資本投資戰略的積極影響促進了入住率的提高。我們相信，對這些領域的持續關注將進一步提高業績。

We're encouraged by the quarter's progress in occupancy, but we believe there is still room for improvement across this segment.

我們對本季度入住率的進步感到鼓舞，但我們相信該細分市場仍有改進的空間。

SHOP revenue increased $33 million year-over-year, or 14%, and 3.5% since the last quarter. These increases in revenue were driven primarily by higher rental and care revenue and reduced discounts, a direct result of the sales training that has been implemented by all of our operators. Average monthly rates increased nearly 9% year-over-year as our operators are pushing rate across the board.

SHOP 收入同比增長 3300 萬美元，增幅為 14%，自上一季度以來增長 3.5%。這些收入的增長主要是由於租金和護理收入增加以及折扣減少，這是我們所有運營商實施的銷售培訓的直接結果。由於我們的運營商正在全面推動費率，平均月費率同比增長近 9%。

While this occupancy and revenue growth are encouraging, elevated expenses in our SHOP segment remain a challenge. This quarter's property level operating expenses increased by close to $19 million, or 8% from last year. They decreased by close to 2% sequentially, though, as operators began to see certain expenses moderate. For instance, contract labor and utilities declined compared to the third quarter, but remained elevated year-over-year.

雖然這種入住率和收入增長令人鼓舞，但我們 SHOP 部門的支出增加仍然是一個挑戰。本季度的物業級運營費用增加了近 1900 萬美元，比去年增加了 8%。不過，隨著運營商開始看到某些費用有所減少，它們環比下降了近 2%。例如，合同工和公用事業與第三季度相比有所下降，但同比仍保持高位。

Our operators experienced less pressure on wages during the quarter, with agency usage down significantly from the third quarter, although there's still improvement needed in our communities with skilled nursing units.

我們的運營商在本季度的工資壓力較小，代理機構的使用率比第三季度顯著下降，儘管我們的社區仍需要改進，擁有熟練的護理單位。

Our operators remain very focused on employee recruitment and retention. Recruitment efforts include the use of dedicated hiring specialists, careful evaluation of competitive wages and the more frequent use of sign-on bonuses. Retention efforts center on paying competitive wages to existing employees, active employee engagement, consistent career path development and generally fostering a strong workplace culture within their teams. While the cost and availability of labor remains a challenge in this industry, the recruitment and retention of nurses remains the greatest staffing challenge for our operators.

我們的運營商仍然非常關注員工的招聘和保留。招聘工作包括使用專門的招聘專家、仔細評估有競爭力的工資以及更頻繁地使用簽約獎金。保留工作的重點是向現有員工支付有競爭力的工資、積極的員工敬業度、一致的職業道路發展以及在團隊中普遍培養強大的工作場所文化。雖然勞動力的成本和可用性在這個行業仍然是一個挑戰，但護士的招聘和留用仍然是我們運營商面臨的最大人員配置挑戰。

We've made significant progress with our planned renovation projects and our managed senior living communities. We've added a page to our supplemental package that highlights and provides detail on our development projects in our SHOP segment. Renovation projects were completed at 36 of our communities in 2022. In 2023, we're in active stages of planning or construction for renovations at 89 communities, and we anticipate approximately 70% of these projects will be completed by year-end.

我們在計劃的翻新項目和管理的老年生活社區方面取得了重大進展。我們在我們的補充包中添加了一個頁面，該頁面突出顯示並提供了我們在 SHOP 部分的開發項目的詳細信息。 2022 年，我們的 36 個社區完成了改造項目。到 2023 年，我們正處於 89 個社區改造規劃或施工的積極階段，我們預計這些項目中約 70% 將在年底前完成。

As I've said in the past, we believe that our capital spend in communities is an important part of the turnaround underway in this segment.

正如我過去所說，我們相信我們在社區的資本支出是這一領域正在進行的轉變的重要組成部分。

Turning to our Office Portfolio segment. Year-over-year, rental income was up slightly in our same property office portfolio, but fourth quarter cash basis NOI was down slightly by 90 basis points due to a number of onetime expenses across our portfolio.

轉向我們的 Office Portfolio 部分。與去年同期相比，我們同一物業辦公室投資組合的租金收入略有上升，但由於我們投資組合中的一些一次性支出，第四季度現金基礎 NOI 略微下降了 90 個基點。

For leasing activity, we executed 182,000 square feet of new and renewal leases in the quarter, with strong roll-up in rents of 8.9% and a weighted average lease term of 9.2 years. We ended the quarter at 90% occupancy in our same property office portfolio segment and had a leasing pipeline of just over 1 million square feet at year-end, in line with our pipeline in the third quarter.

在租賃活動方面，我們在本季度執行了 182,000 平方英尺的新租和續租，租金大幅上漲 8.9%，加權平均租期為 9.2 年。本季度結束時，我們同一物業寫字樓投資組合部門的入住率為 90%，年底的租賃管道超過 100 萬平方英尺，與我們第三季度的管道一致。

We have just over 110,000 square feet of transactions in our pipeline where leases have been signed or are in letter-of-intent stage with leases being negotiated.

我們的管道中有超過 110,000 平方英尺的交易，其中租約已經簽署或處於意向書階段，租約正在談判中。

I'd like to speak briefly about our wellness centers, which accounted for 3.6% of our fourth quarter NOI. In January, we terminated the leases of a tenant of 3 wellness centers located in Tampa, Atlanta and the suburban D.C. area. These are extremely well located properties in affluent submarkets. Subsequent to termination, we have a signed lease for 1 of the locations and have a signed letter of intent for the 2 other clubs. Also in February, we announced that we had amended our credit facility to provide DHC covenant relief while we continue to execute on our recovery strategy this year.

我想簡單談談我們的健康中心，它占我們第四季度 NOI 的 3.6%。 1 月，我們終止了位於坦帕、亞特蘭大和華盛頓特區郊區的 3 個健康中心租戶的租約。這些都是位於富裕子市場中位置極佳的物業。終止後，我們簽署了其中 1 個地點的租約，並簽署了其他 2 個俱樂部的意向書。同樣在 2 月，我們宣布我們已經修改了我們的信貸額度以提供 DHC 契約減免，同時我們今年繼續執行我們的複蘇戰略。

I'll now turn the call over to Rick, who will provide more detail on our financial results and the key terms of this amendment. Rick?

我現在將電話轉給里克，他將提供有關我們財務業績和本修正案關鍵條款的更多詳細信息。瑞克？

Thanks, Jennifer, and good morning, everyone. For the fourth quarter, we reported normalized FFO of $0.03 per share. Adjusted EBITDA for the fourth quarter was $59.7 million, up $23.9 million or 67% from the third quarter. Our consolidated cash basis NOI increased approximately $18.9 million in the third quarter with growth in each of our segments. Cash NOI from our SHOP segment increased $13.6 million, while our Office Portfolio segment increased $3.5 million or 12.3%, and our triple net leased senior living communities and wellness centers increased $1.8 million or 21.5%. These increases were partly attributable to certain events specific to the quarter.

謝謝，詹妮弗，大家早上好。對於第四季度，我們報告的標準化 FFO 為每股 0.03 美元。第四季度調整後的 EBITDA 為 5970 萬美元，比第三季度增加 2390 萬美元或 67%。隨著我們每個部門的增長，我們的綜合現金基礎 NOI 在第三季度增加了約 1890 萬美元。 SHOP 部門的現金 NOI 增加了 1360 萬美元，而我們的 Office Portfolio 部門增加了 350 萬美元或 12.3%，而我們的三網租賃高級生活社區和健康中心增加了 180 萬美元或 21.5%。這些增長部分歸因於本季度特定的某些事件。

First, in our SHOP segment, we recognized an insurance recovery of $3.6 million related to expenses recognized in the third quarter due to Hurricane Ian. In our triple net leased senior living communities and wellness centers, we recognized $3 million of percentage rent as we do each year during the fourth quarter, which was partially offset by an $800,000 decrease in cash NOI related to the wellness center default that Jennifer just discussed.

首先，在我們的 SHOP 部分，我們確認了與第三季度因颶風伊恩確認的費用相關的 360 萬美元的保險回收。在我們的三重淨租賃高級生活社區和健康中心，我們在第四季度確認了每年 300 萬美元的租金百分比，這部分被詹妮弗剛剛討論的與健康中心違約相關的現金 NOI 減少 800,000 美元所抵消.

Finally, we recognized a lease termination benefit of $3 million related to one of our office redevelopment projects when we had the opportunity to negotiate a favorable termination as the tenant was at risk of default.

最後，當我們有機會談判一個有利的終止時，我們確認了與我們的一個辦公室重建項目相關的 300 萬美元的租賃終止收益，因為租戶有違約風險。

I'll next provide additional detail on our SHOP segment performance that I believe illustrates the work we and our operators have ahead of us and the opportunity for the portfolio.

接下來，我將提供有關我們 SHOP 細分市場績效的更多詳細信息，我認為這說明了我們和我們的運營商在我們面前的工作以及投資組合的機會。

Our total SHOP NOI for the fourth quarter of $7.9 million included 119 communities operating with 11,582 units that had negative NOI totaling $18.7 million, or NOI margins of negative 16%. Approximately 44 of these communities have occupancies over 75% and will focus on growing rates and controlling expenses to return to profitability. The remaining 75 communities will focus on occupancy, rate and expense control as part of their business plan.

我們第四季度的 SHOP NOI 總額為 790 萬美元，其中包括 119 個社區，共有 11,582 個單位，NOI 為負，總額為 1,870 萬美元，NOI 利潤率為負 16%。其中大約 44 個社區的入住率超過 75%，並將專注於提高利率和控制開支以恢復盈利。其餘 75 個社區將把入住率、費率和費用控製作為其業務計劃的一部分。

We also had 111 communities with 13,764 units that produced positive NOI of $27.2 million. Average NOI margin in these communities was 18%, which included 23 communities that were below 75% occupied. We expect to see margin expansion as these communities bring in additional residents and are better able to leverage fixed cost as occupancy increases. We also expect our operators to continue to push rates and expand margins in our communities with stabilized occupancies as we continue to face inflationary cost pressures.

我們還有 111 個社區的 13,764 個單元產生了 2,720 萬美元的正 NOI。這些社區的平均 NOI 利潤率為 18%，其中包括 23 個佔用率低於 75% 的社區。我們預計，隨著這些社區帶來更多居民，並且隨著入住率的增加，能夠更好地利用固定成本，利潤率將會擴大。我們還預計，隨著我們繼續面臨通脹成本壓力，我們的運營商將在入住率穩定的情況下繼續提高利率並擴大我們社區的利潤率。

General and administrative expenses decreased $2.8 million or approximately 33% from a year ago and $415,000 from the third quarter as a result of our lower management fees. Our managers' business management fees continue to be calculated based on our market capitalization and not on the historical cost of our assets, which resulted in a reduced fee paid to RMR in the fourth quarter, which, when annualized, equates to a $21 million reduction.

由於我們的管理費用較低，一般和行政費用比去年同期減少 280 萬美元或約 33%，比第三季度減少 415,000 美元。我們經理的業務管理費繼續根據我們的市值計算，而不是根據我們資產的歷史成本計算，這導致第四季度支付給 RMR 的費用減少，按年計算相當於減少 2100 萬美元.

Interest and other income of $9.2 million for the quarter included $3.2 million of income from government grants and relief programs related to the pandemic. Interest expense of $49.3 million for the fourth quarter represented a 22% reduction from a year ago, but an increase of approximately $2.5 million or 5% from the third quarter as a result of higher interest rates on our floating rate credit facility. In October, we repaid a mortgage note on a life science property for approximately $10 million. And as Jennifer mentioned, in February, we announced an amendment to our credit facility. This amendment provides us with fixed charge coverage ratio covenant relief into 2024, while our SHOP segment recovers, and allows us flexibility to continue investing in our portfolio to accelerate that recovery. The amendment also reduced the minimum liquidity requirement from $200 million to $100 million.

本季度 920 萬美元的利息和其他收入包括 320 萬美元來自與大流行病相關的政府補助和救濟計劃的收入。第四季度的利息支出為 4,930 萬美元，較上年同期減少 22%，但由於我們的浮動利率信貸安排利率較高，因此較第三季度增加約 250 萬美元或 5%。 10 月，我們以大約 1000 萬美元的價格償還了生命科學財產的抵押票據。正如 Jennifer 提到的，我們在 2 月份宣布了一項對信貸安排的修正案。該修正案為我們提供了到 2024 年的固定費用覆蓋率契約減免，同時我們的 SHOP 部門恢復，並使我們能夠靈活地繼續投資我們的投資組合以加速復蘇。該修正案還將最低流動性要求從 2 億美元降至 1 億美元。

In exchange, we have paid down the facility to $450 million, have agreed to a 40-basis-point increase in the interest rate and no longer have the ability to reborrow funds. Our credit facility is secured by mortgages recorded on 61 medical office and life science properties. These properties totaling 5.3 million square feet are located in 21 states, including Washington, D.C. We're approximately 90% occupied and generated $18.7 million of cash basis NOI in the fourth quarter. At year-end, we had total outstanding debt of $3.1 billion and net debt of $2.4 billion was equal to just 30.6% of gross assets. We have no significant maturities until 2024, and we have over $5.8 billion of unencumbered gross real estate assets.

作為交換，我們已將貸款償還至 4.5 億美元，同意將利率提高 40 個基點，並且不再有能力再藉入資金。我們的信貸額度由記錄在 61 個醫療辦公室和生命科學財產上的抵押擔保。這些物業總面積為 530 萬平方英尺，位於 21 個州，包括華盛頓特區。我們大約 90% 被佔用，第四季度產生了 1870 萬美元的現金基礎 NOI。年底時，我們的未償債務總額為 31 億美元，淨債務為 24 億美元，僅相當於總資產的 30.6%。我們在 2024 年之前沒有重大期限，我們擁有超過 58 億美元的未支配房地產資產總額。

As we've previously said, investing in our portfolio is a priority for us, and we continue to execute on plans to improve our properties to grow occupancy, push rental rates and enhance the overall value of the portfolio.

正如我們之前所說，投資我們的投資組合是我們的首要任務，我們將繼續執行改善我們物業的計劃，以增加入住率、提高租金並提高投資組合的整體價值。

In the fourth quarter, we spent $118.6 million on capital expenditures across the portfolio, which included $99.4 million of capital improvements and redevelopment within our SHOP segment.

第四季度，我們在整個投資組合的資本支出上花費了 1.186 億美元，其中包括 SHOP 部門的 9940 萬美元的資本改進和重建。

That concludes our prepared remarks. Operator, please open up the line for questions.

我們準備好的發言到此結束。接線員，請打開問題熱線。

(Operator Instructions) The first question comes from Joshua Dennerlein from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Joshua Dennerlein。

Just kind of curious how you guys are thinking about the SHOP recovery going forward? And then maybe, I know you've done some CapEx to the properties, like additional CapEx you might want to put in. And if there's any additional kind of -- you mentioned sales training that the operators are putting in place, like any kind of additional initiatives that might kind of help get that kind of kicking up higher going forward?

只是有點好奇你們如何看待未來的 SHOP 復甦？然後也許，我知道你已經對這些屬性進行了一些資本支出，比如你可能想要投入的額外資本支出。如果還有任何其他類型——你提到了運營商正在實施的銷售培訓，就像任何一種有哪些額外的舉措可能有助於推動這種情況的進一步發展？

Sure. Thanks for the question. I think that the operators, the training in marketing and sales is really having an impact. The other thing that they're -- I mean, one of the other things they're focused on is making sure that their leads are qualified leads. We've spent a lot of time talking about growth in leads over the past couple of years. And instead of thinking about the number of leads, they're extremely focused on making sure that the leads that they do spend time on are qualified leads so that we then have higher conversion rate. That's just one of the many things. I mean there are improvements across the board that they're focused on.

當然。謝謝你的問題。我認為運營商、營銷和銷售方面的培訓確實產生了影響。他們的另一件事——我的意思是，他們關注的另一件事是確保他們的線索是合格的線索。在過去的幾年裡，我們花了很多時間討論潛在客戶的增長。他們沒有考慮潛在客戶的數量，而是非常專注於確保他們花費時間的潛在客戶是合格的潛在客戶，以便我們獲得更高的轉化率。這只是眾多事情中的一件。我的意思是他們關注的是全面的改進。

As far as the capital, we will continue to spend capital in this portfolio this year and next. It's been extremely well received by the residents and the communities and by the employees. And it just makes the quality of the employee experience and the residents experience better. And so we have some great projects in the queue in the coming 2 years.

就資金而言，今年和明年我們將繼續在這個投資組合中投入資金。受到了居民、社區和員工的一致好評。它只會讓員工體驗和居民體驗的質量更好。因此，在未來 2 年中，我們有一些很棒的項目在排隊。

Okay. Is there any way you can kind of quantify the spend on that additional kind of CapEx you're planning to put into properties over the next 2 years?

好的。有沒有什麼方法可以量化您計劃在未來 2 年內投入到物業中的那種額外資本支出的支出？

Sure. Rick?

當然。瑞克？

Yes. So we spent a little over $300 million in 2022 and about $228 million of it was in the SHOP portfolio. We expect it to continue kind of at that level for 2023 as well. We do have some flexibility and can be pretty nimble in adjusting which projects are moving forward at which time. A lot of the planning is done, and we're really getting to the execution phase, which is great. But I would say that SHOP portfolio likely to get about $225-or-so million in 2023. And then I guess we'll see how the results come out, but I expect to see some really great returns on that cost throughout the portfolio, generally in the high teens, low 20% returns.

是的。因此，我們在 2022 年花費了 3 億美元多一點，其中約 2.28 億美元用於 SHOP 投資組合。我們預計它在 2023 年也將繼續保持這種水平。我們確實有一定的靈活性，可以非常靈活地調整哪些項目在哪個時間向前推進。很多計劃已經完成，我們真的進入了執行階段，這很棒。但我會說 SHOP 投資組合可能會在 2023 年獲得大約 225 億美元左右。然後我想我們會看到結果如何，但我希望在整個投資組合中看到一些非常好的成本回報，一般在十幾歲，低 20% 的回報。

So we'll have the ability to pivot them into 2024, but it will really depend on what the cost of capital looks like and everything else. But it should be -- we're really excited about the potential growth in the portfolio.

所以我們將有能力將它們調整到 2024 年，但這實際上取決於資本成本和其他一切。但它應該是——我們對投資組合的潛在增長感到非常興奮。

(Operator Instructions) The next question comes from Bryan Maher with B. Riley.

（操作員說明）下一個問題來自 Bryan Maher 和 B. Riley。

And sorry if I missed any of this, my call got dropped for a moment. But on the SHOP rates up 8.9% year-over-year, a little bit higher than what we were expecting. Can you give us a little bit of your thoughts on how you think that, that plays out over 2023? I know you guys don't guide, but maybe some commentary on the momentum there.

抱歉，如果我錯過了這些，我的電話會暫時掛斷。但 SHOP 利率同比增長 8.9%，略高於我們的預期。你能給我們一些關於你如何看待 2023 年的想法嗎？我知道你們不指導，但也許可以對那裡的勢頭髮表一些評論。

Sure. Our operators are pushing rate across the board, and we'll continue to do so with -- everybody sees what's going on with inflation and cost increases so there's really -- there's a good story in pushing rate. In addition, some of the sales training that we talked about, or that we've been talking about is also sales training for having those difficult conversations with the residents and families of the residents about pushing rate and overcoming objections. So it's not just sales to the outside, but it's also sales training on defending rate increases. So we expect to see similar increases in the coming year.

當然。我們的運營商正在全面提高利率，我們將繼續這樣做——每個人都看到了通貨膨脹和成本增加的情況，所以真的——提高利率是一個好故事。此外，我們談到的或我們一直在談論的一些銷售培訓也是銷售培訓，用於與居民和居民家屬就推動利率和克服異議進行艱難的對話。所以不光是對外銷售，還要進行保衛率提升的銷售培訓。因此，我們預計明年會出現類似的增長。

And I don't know if you're comfortable commenting on this, but you've had pretty good momentum on the occupancy side lately. I know that you look at Trade Rags and what have you, and some of your competitors, they talk about 1Q typically being a little bit seasonally weaker, but do you think that, that puts a [kink it on] the current momentum you have?

我不知道你是否願意對此發表評論，但最近你在入住方面的勢頭非常好。我知道你在看 Trade Rags 和你有什麼，你的一些競爭對手，他們談論 1Q 通常是一個季節性的弱點，但你認為，這會給你目前的勢頭帶來 [扭結] ？

I don't think so. I mean traditionally, Q4 and Q1 are a little slower, but we were able to kind of beat the trend in Q4 and January was trending pretty well, so, no.

我不這麼認為。我的意思是傳統上，Q4 和 Q1 有點慢，但我們能夠在 Q4 和 1 月的趨勢中擊敗趨勢，所以，不。

And I think we'll continue. We're expecting to have similar momentum.

我想我們會繼續。我們期待有類似的勢頭。

Great. And then maybe 1 more for me before I hop back in the queue for Rick. I know that the big bogey out there is the second half trying to get to that incurrence covenant at 1.5. I know that there's some noise in the numbers because you just paid down the facility $250 million or so. But even looking at the 4Q over 3Q momentum in net debt-to-EBITDA metrics was -- which improved hugely and EBITDA to interest expense, again, improved hugely, can you give us any flavor on how you're thinking about the incurrence test?

偉大的。在我跳回 Rick 的隊列之前，也許再給我 1 個。我知道下半場最大的障礙是試圖達到 1.5 的發生率。我知道數字中有一些噪音，因為你剛剛支付了 2.5 億美元左右的設施費用。但即使看看 4Q 超過 3Q 的淨債務與 EBITDA 指標的勢頭——它有了很大的改善，EBITDA 與利息費用的比值再次有了很大的改善，你能告訴我們你是如何考慮發生測試的嗎？

It appears we have lost connection with our speakers. Please hold while we reconnect.

看來我們與揚聲器失去了聯繫。我們重新連接時請稍候。

(technical difficulty)

（技術難度）

Ladies and gentlemen, thank you for your patience. We've reconnected with our speakers. We currently have Bryan Maher on the question queue.

女士們先生們，感謝你們的耐心等待。我們已經與我們的揚聲器重新連接。目前，我們的問題隊列中有 Bryan Maher。

Great. I don't know if you guys heard my question or not. Can you hear me now?

偉大的。不知道大家有沒有聽到我的問題。你能聽到我嗎？

Yes, we can. And, Bryan, we did, and apologize our line went dead so we quickly called back in. I think Rick is prepared to answer your question.

我們可以。而且，布萊恩，我們做到了，很抱歉我們的線路中斷了，所以我們很快就打回來了。我想里克已經準備好回答你的問題了。

Great. Because my e-mail lit up as soon as you guys dropped off.

偉大的。因為你們一下車，我的電子郵件就亮了。

Sorry about that, Bryan. So I think the question, just to recap is basically when -- how close are we to the 1.5x debt incurrence test so that we can refinance and operate like normal. So you probably noticed we reported in the supplemental on a trailing 12 months basis that consolidated income available for debt service over debt service was about 0.83x. If you adjust that for the acquisition that we did and the couple of properties that we've sold, along with the debt paydowns that have happened, kind of on a pro forma basis for that, we're at about 1.04 right now. And that leaves us with needing to improve NOI by about $74 million to get back to compliance.

對不起，布萊恩。所以我認為問題，只是回顧一下，基本上是什麼時候——我們離 1.5 倍的債務發生測試有多近，這樣我們就可以再融資並像往常一樣運作。所以你可能注意到我們在過去 12 個月的補充報告中報告說，可用於償還債務的綜合收入約為 0.83 倍。如果你針對我們所做的收購和我們出售的幾處房產以及已經發生的債務償還進行調整，那麼我們現在的估值約為 1.04。這使我們需要將 NOI 提高約 7400 萬美元才能恢復合規性。

So we do believe there's a path there. The question as far as when is a difficult one to answer. There are a lot of moving variables. But we think we're executing on the right plan, again, investing in the SHOP portfolio, while also very focused on managing them operationally is, we think, the recipe for success to get back there.

所以我們確實相信那裡有一條路。至於什麼時候是一個很難回答的問題。有很多移動變量。但我們認為我們正在執行正確的計劃，再次投資於 SHOP 投資組合，同時也非常專注於對其進行運營管理，我們認為這是成功回到那裡的秘訣。

This number is only about 53% of where the portfolio used to perform back in 2019. So we think it's -- we think it's achievable. We just need to actually execute on it now. So that's where all of our focus is.

這個數字僅為 2019 年投資組合過去表現的 53% 左右。所以我們認為這是 - 我們認為這是可以實現的。我們現在只需要實際執行它。這就是我們所有的重點所在。

Great. And just to be clear, I mean, in our model, we have you getting there by year-end. We'll see how that plays out, but the trends are clearly moving in the right direction. But maybe you can just talk to briefly, and then I'll hop back in the queue, kind of plans B and C if that weren't to happen? I mean you continue to talk about $5.8 billion in unencumbered assets. I would suspect that you could sell some or JV some to kind of get where you need to be for 2024, if push came to shove?

偉大的。明確地說，我的意思是，在我們的模型中，我們讓你在年底前到達那裡。我們將拭目以待，但趨勢顯然正朝著正確的方向發展。但也許你可以簡單地談談，然後我會跳回到隊列中，如果沒有發生的話，計劃 B 和 C 是什麼？我的意思是你繼續談論 58 億美元的未支配資產。我懷疑你可以出售一些或合資一些，以便在 2024 年到達你需要的地方，如果推到緊要關頭？

That's right, Bryan. And thanks for the question. There are a couple of levers. You're correct that we could -- we have some great MOB and life sciences assets that many investors are interested in. So whether it was a disposition, more likely a JV. The other thing is our capital spend. While we believe that the capital spend is pretty important, we've planned it in a way that it's being done in phases so that we -- some of our -- many of our large capital projects are broken up into Phase 1, Phase 2, Phase 3. So we can get through Phase 1 and then assess whether we continue on to Phase 2, and then, again, Phase 3. So we do have the ability to regularly think about the projection of that capital spend.

沒錯，布萊恩。謝謝你的提問。有幾個槓桿。你是對的，我們可以——我們擁有許多投資者感興趣的一些偉大的 MOB 和生命科學資產。所以無論是處置，更可能是合資企業。另一件事是我們的資本支出。雖然我們認為資本支出非常重要，但我們已經以分階段完成的方式對其進行了規劃，以便我們 - 我們的一些 - 我們的許多大型資本項目被分解為第一階段，第二階段，第 3 階段。因此我們可以通過第 1 階段，然後評估我們是否繼續進入第 2 階段，然後再次進入第 3 階段。因此我們確實有能力定期考慮資本支出的預測。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Jennifer Francis, President and Chief Executive Officer, for any closing remarks.

（操作員說明）我們的問答環節到此結束。我想將會議轉回給總裁兼首席執行官詹妮弗·弗朗西斯，聽取任何閉幕詞。

Thank you, and thanks to everyone for joining our call today. Operator, that concludes our call.

謝謝，也感謝大家今天加入我們的電話會議。接線員，結束我們的通話。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。