Healthcare Realty Trust Inc (HR) 2021 Q3 法說會逐字稿

Hello all and a warm welcome to Healthcare Trust of America's Third Quarter 2021 Earnings Call. My name is Lydia, and I'm your operator today. (Operator Instructions)

大家好，熱烈歡迎參加美國醫療信託 2021 年第三季財報電話會議。我叫莉迪亞，今天我是您的接線生。 （操作員指令）

It's my pleasure to now hand you over to our host, David Gershenson, Chief Accounting Officer. Please go ahead when you're ready.

我很高興現在將您交給我們的主持人、首席會計官 David Gershenson。準備好後請繼續。

Thank you and welcome to Healthcare Trust of America's Third Quarter 2021 Earnings Call.

感謝您並歡迎參加美國醫療信託 2021 年第三季財報電話會議。

We filed our earnings release and our financial supplement earlier this morning. These documents can be found on the Investor Relations section of our website or with the SEC. Please note, this call is being webcast and will be available for replay for the next 90 days. We'll be happy to take your questions at the conclusion of our prepared remarks.

我們今天早上提交了收益報告和財務補充報告。這些文件可以在我們網站的投資者關係部分或美國證券交易委員會找到。請注意，本次通話正在網路直播，並將在接下來的 90 天內提供重播。我們很樂意在準備好的發言結束時回答您的問題。

During the course of the call, we will make forward-looking statements. These forward-looking statements are based on the current beliefs of management and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance. Therefore, our actual future results can materially differ from our current expectations. For a detailed description on potential risks, please refer to our SEC filings which can be found in the Investor Relations section of our website.

在通話過程中，我們將做出前瞻性陳述。這些前瞻性陳述是基於管理階層目前的信念和我們目前所掌握的資訊。我們的實際結果將受到已知和未知的風險、趨勢、不確定性以及我們無法控製或預測的因素的影響。儘管我們相信我們的假設是合理的，但它們並不能保證未來的表現。因此，我們未來的實際結果可能與我們目前的預期有重大差異。有關潛在風險的詳細說明，請參閱我們網站的投資者關係部分中的 SEC 文件。

I will now turn the call over to Brad Blair, Chairman of Healthcare Trust of America. Brad?

現在我將電話轉給美國醫療信託公司主席布拉德布萊爾。布拉德？

Good morning. Thank you for joining us for Healthcare Trust of America's third quarter earnings conference call. Joining me today is Peter Foss, our Interim Chief Executive Officer; Robert Milligan, our Chief Financial Officer; and Amanda Houghton, our Executive Vice President of Asset Management.

早安.感謝您參加美國醫療信託公司第三季財報電話會議。今天與我一起出席的是我們的臨時執行長 Peter Foss；羅伯特‧米利根 (Robert Milligan)，我們的財務長；以及我們的資產管理執行副總裁 Amanda Houghton。

Before we get into discussing another strong quarter for HTA, I wanted to provide some additional insight to the HTA Board priorities and actions, which have certainly accelerated since July. First, we announced the preliminary conclusion of the company's previously disclosed investigation into allegations reported through its whistleblower hotline. As outlined in yesterday's SEC filing, the Audit Committee and the company investigated allegations stemming from the whistleblower reports the company received in July 2021. The allegations included claims related to the whistleblower policy in potential retaliation as well as the company's policies related to personal expense management around corporate cards and corporate aircraft use.

在我們開始討論 HTA 的另一個強勁季度之前，我想對 HTA 董事會的優先事項和行動提供一些額外的見解，這些事項和行動自 7 月以來無疑已經加速。首先，我們宣布了公司先前披露的對通過舉報熱線報告的指控的調查的初步結論。正如昨日提交給美國證券交易委員會 (SEC) 的文件所述，審計委員會和該公司調查了源自該公司在 2021 年 7 月收到的舉報人報告的指控。

Given the seriousness of the claims and the potential impact to those involved, the Board undertook a very thorough and extensive investigation that utilized independent counsel to come to an objective conclusion of fact. Counsel for the Audit Committee worked closely with counsel for the company to conduct the investigation, which involved collection and review of a significant number of documents and interviews of numerous witnesses.

鑑於索賠的嚴重性及其對相關人員的潛在影響，董事會進行了非常徹底和廣泛的調查，並聘請了獨立顧問得出了客觀的事實結論。審計委員會的法律顧問與公司的法律顧問密切合作進行調查，包括收集和審查大量文件以及採訪眾多證人。

The investigation concluded this week and found that the former CEO engaged in conduct that was either in violation of or inconsistent with various company policies as it relates to the whistleblower policy, personal expense reimbursements and personal use of the company aircraft. The financial impact of the inappropriate expenses that were specifically identified in these preliminary findings would not result in any material impact to the company or cause any financial restatements.

調查於本週結束，發現前執行長的行為違反或不符合公司的各項政策，包括舉報人政策、個人費用報銷和公司飛機的私人使用。這些初步調查結果中明確指出的不當費用的財務影響不會對公司造成任何重大影響或導致任何財務重述。

As a result of these findings, the Board and the Audit Committee have begun a process with the assistance of counsel to address the results of the investigation. The Board and the Audit Committee also intend to enhance the company's policies and procedures regarding personal expenses and aircraft usage, the whistleblower policy and disclosure controls and procedures. We are encouraged that HTA's commitment to empowering employees to raise legitimate concerns, coupled with the Board's seriousness in addressing allegations of inappropriate behavior, has served the greater purpose of ensuring accountability across the organization.

根據這些發現，董事會和審計委員會在法律顧問的協助下開始處理調查結果。董事會和審計委員會還打算加強公司有關個人開支和飛機使用的政策和程序、舉報人政策以及揭露控制和程序。我們感到鼓舞的是，HTA 致力於授權員工提出合理關切，再加上董事會認真處理不當行為指控，這在很大程度上確保了整個組織的責任感。

As it relates to Scott, our former CEO, declined to be interviewed for the investigation, he resigned of his own volition without any reason. This occurred at a time when the Board was just beginning its investigation process. Since then, the Board has elected to limit any dialogue and has turned its focus exclusively to moving the business forward. We will not make any further comments or statements related to his resignation and respect his privacy at this time.

至於史考特，我們的前執行長拒絕接受調查採訪，他是無故自願辭職的。此事發生時，委員會才剛開始調查程序。自那時起，董事會選擇限制任何對話，並將注意力完全轉向推動業務發展。目前，我們不會就他的辭職發表任何進一步的評論或聲明，並尊重他的隱私。

Second, the company continued its search for a permanent CEO. As announced in September, the search is being led by a leading executive search firm and an independent search committee consisting of 3 independent Board members. We believe the search for a permanent CEO to be a critical component in the Board's overall evaluation of its strategic alternatives.

其次，公司繼續尋找永久執行長。正如 9 月宣布的那樣，此次搜尋由一家領先的高階主管搜尋公司和一個由 3 名獨立董事會成員組成的獨立搜尋委員會領導。我們認為，尋找永久執行長是董事會對其策略選擇進行整體評估的關鍵要素。

Lastly, the Board regularly reviews the company's strategic plan, priorities and opportunities in order to enhance shareholder value. As such, we have been reviewing and continue to review the company's strategic plan as it continues to evolve amongst viable alternatives.

最後，董事會定期審查公司的策略計畫、優先事項和機會，以提高股東價值。因此，我們一直在審查並將繼續審查公司的策略計劃，因為它在可行的替代方案中不斷發展。

As previously disclosed, we engaged advisers, including JPMorgan, to assist us in fulfilling our commitment to act in the best interest of HTA shareholders. With their help, we are actively evaluating a number of alternatives, including, among others, a corporate sale or merger, joint ventures and partnerships or asset sales. During the Board's evaluation, HTA will continue to adapt its strategic plan and position the company in its portfolio for growth, success and value creation as we will continue to discuss on this earnings call.

如前所述，我們聘請了摩根大通等顧問來協助我們履行以 HTA 股東的最大利益為出發點的承諾。在他們的幫助下，我們正在積極評估多種替代方案，其中包括公司出售或合併、合資和合作或資產出售等。在董事會評估期間，HTA 將繼續調整其策略計劃，並將公司定位在其投資組合中，以實現成長、成功和價值創造，我們將在本次財報電話會議上繼續討論。

I want to stress that there can be no assurance in any transaction result from the strategic review process, and we do not intend to disclose developments relating to this process, unless and until the Board has approved a specific agreement or transaction or has terminated its review. We continue to execute and position HTA in its portfolio for growth, success and value creation.

我想強調的是，我們不能保證戰略審查流程中的任何交易結果，我們不會透露與此流程相關的進展，除非且直到董事會批准具體協議或交易或終止審查。我們將繼續執行並將 HTA 定位在其投資組合中，以實現成長、成功和創造價值。

That said, the purpose of this call is to discuss our financial results. As a Board, we have split the Chairman and CEO role so that the Board can focus on these strategic alternatives while Peter is focused on running the business with his capable team. To this end, we will be unable to answer any questions on our strategic evaluations, and we ask that you keep your questions focused on the company's current performance.

話雖如此，這次電話會議的目的是討論我們的財務表現。作為董事會，我們將董事長和執行長的角色分開，以便董事會可以專注於這些策略替代方案，而彼得則專注於與他的能幹團隊一起經營業務。為此，我們將無法回答有關我們策略評估的任何問題，我們要求您將問題集中在公司目前的表現上。

With that, I'd like now to turn the call over to Peter.

說完這些，我現在想把電話轉給彼得。

Thanks very much, Brad.

非常感謝，布拉德。

Before Amanda and Robert present our specific growth for the quarter, I'd like to provide you some of my initial observations as I approach 100 days as the company's interim CEO. And believe me, it's gone by very quickly and very -- and with a lot of great events. As you'd expect, I've spent a significant amount of my time focused on people, our teams, shareholders, our key tenants and health system relationships. And I can report to you that our people are excited about the potential of this great company to turn the page and deliver significant value in ways that we haven't before.

在阿曼達和羅伯特介紹本季的具體成長之前，我想先向大家提供一些我的初步觀察，因為我擔任公司臨時執行長已接近 100 天。相信我，時間過得很快，也發生了很多偉大的事。正如您所期望的，我花了大量的時間關注員工、我們的團隊、股東、我們的主要租戶和醫療系統關係。我可以告訴你們，我們的員工對這家偉大公司的潛力感到非常興奮，它有望翻開新的一頁，並以我們以前從未有過的方式創造巨大的價值。

I've been fortunate in my career to be associated with some great growth businesses, helping to grow GE Plastics from less than $1 billion to over $7 billion in sales over a 15-year period and turning the Olympics for GE into $1 billion revenue source for the GE businesses. We, in those adventures, use both scale, size and capabilities to accelerate growth. That's exactly the positioning of HTA, a franchise that has size, scale and capabilities that's ready to be unleashed.

在我的職業生涯中，我有幸與一些成長性極佳的企業合作，幫助 GE 塑膠集團的銷售額在 15 年間從不到 10 億美元增長至超過 70 億美元，並將 GE 奧運會轉變為 GE 業務 10 億美元的收入來源。在這些冒險中，我們利用規模、大小和能力來加速成長。這正是 HTA 的定位，一家擁有規模、實力並隨時準備釋放潛力的特許經營公司。

In the past few months, I've spent my time getting to know our team. In my time as an independent Board Director, we frequently interacted. However, there was no replacement -- there is no replacement for the daily interaction as a CEO. I've been very impressed with our team's expertise, sophistication. And when it comes to operating our assets and their command of the inherent complexities in the MOB sector, there's nobody better. While we have a strong team, we've added exceptional talent to our company and roles that can help us accelerate our growth and profitability in leasing, in investments and operations.

在過去的幾個月裡，我花了一些時間來了解我們的團隊。在我擔任獨立董事會董事期間，我們經常互動。然而，沒有什麼可以替代——沒有什麼可以替代作為執行長的日常互動。我們團隊的專業知識和成熟度給我留下了深刻的印象。在經營我們的資產以及掌控 MOB 領域固有的複雜性方面，沒有人比我們更優秀。我們不僅擁有強大的團隊，還為公司增添了傑出的人才和職位，以幫助我們加速租賃、投資和營運方面的成長和獲利能力。

We're also focused on adding infrastructure to assist in our growth, investments in HR and technology and market analytics that will help us scale and add value to our larger customers while also helping us to operate as an efficient team with a relentless focus on delivering value. In this quarter alone, we've made great strides in growing and improving our HR team while also making significant investments in market and health care analytics, adding staff and capabilities that will make us faster and help us be more insightful. We can do that without adding significant costs by working on our structure and developing our people, investments that will pale relative to growth they will produce on the top line.

我們也致力於增加基礎設施以促進我們的發展，在人力資源和技術以及市場分析方面的投資將幫助我們擴大規模並為大客戶增加價值，同時也幫助我們作為一個高效的團隊運作，堅持不懈地專注於創造價值。僅在本季度，我們在發展和改善人力資源團隊方面就取得了長足的進步，同時在市場和醫療保健分析方面也進行了大量投資，增加了員工和能力，這將使我們的速度更快，並幫助我們更具洞察力。我們可以透過改善公司結構、培養人才來做到這一點，且無需增加大量成本，這些投資相對於他們所帶來的營收成長而言顯得微不足道。

During the past few months, I've also spent time touring our portfolio and meeting with many health care leaders. As I toured these markets, it is apparent, the quality of our assets in the communities we play and our health care provider tenants are the best. Our strategy has been clear, to establish critical scale in gateway markets with dense patient bases with assets in an operating platform that can create value for top health care providers. In my time working with GE Healthcare and running various health care foundations, I've worked closely with many leading health care providers across the country. As I call on these leaders with members of the HTA team, they're excited about the opportunities to work with each other and move their businesses forward.

在過去的幾個月裡，我還花了一些時間參觀我們的投資組合併會見許多醫療保健領導人。當我巡視這些市場時，很明顯，我們所在的社區和醫療保健提供者租戶的資產品質是最好的。我們的策略很明確，在擁有密集患者基礎的入口網站市場建立關鍵規模，並在能夠為頂級醫療保健提供者創造價值的營運平台上擁有資產。在我為通用電氣醫療集團工作並經營各種醫療保健基金會期間，我與全國許多領先的醫療保健提供者密切合作。當我與 HTA 團隊的成員一起拜訪這些領導者時，他們對彼此合作並推動業務發展的機會感到興奮。

On top of all this, our team has continued to execute in the third quarter without missing a beat. And despite all the noise that surrounded us, in the quarter alone, we executed leases for 670,000 square feet of space, 227,000 square feet of which represented new leases, the highest levels of new leasing in over 4 years. This allowed us to increase our same-store lease rate by 0.4%. And for the 450,000 square feet of leases that were renewed in the quarter, our re-leasing spreads were an impressive 2.9%. We also closed on over $130 million of acquisitions and moved forward on our development pipeline with more than 300,000 square feet of LOIs currently outstanding on our development pipeline assets. This shows that our team remains focused while moving things forward.

除此之外，我們的團隊在第三季繼續表現出色，沒有任何失誤。儘管我們周圍充滿噪音，但僅在本季度，我們就簽訂了 670,000 平方英尺空間的租賃合同，其中 227,000 平方英尺為新租賃合同，這是四年多來新租賃合同的最高水平。這使我們的同店租賃率提高了0.4%。對於本季續約的 45 萬平方英尺租約而言，我們的重新租賃利差高達 2.9%。我們也完成了超過 1.3 億美元的收購，並推進了我們的開發管道，目前我們的開發管道資產有超過 30 萬平方英尺的未決意向書。這表明我們的團隊在推動事情向前發展的同時仍保持專注。

In summary, my first 100 days as interim CEO have further confirmed my views of the company, which were formed over my 6 years as an independent director. It's clear to me that as a result of our people, platform and portfolio, HTA is uniquely positioned to deliver value to our tenants and our stakeholders. Let me restate that you have my commitment to continue the development and growth of this HTA franchise that Scott and this team, great team, have created.

總而言之，擔任臨時執行長的頭 100 天進一步證實了我在擔任獨立董事的 6 年時間裡形成對公司的看法。我很清楚，憑藉我們的人才、平台和產品組合，HTA 擁有獨特的優勢，可以為我們的租戶和利害關係人創造價值。讓我重申一下，我承諾將繼續開發和壯大斯科特和這支偉大的團隊所創建的 HTA 特許經營權。

Now I'd like to turn it over to Amanda to discuss the quarterly performance and specific leasing activity.

現在，我想讓阿曼達討論季度業績和具體租賃活動。

Thank you, Peter.

謝謝你，彼得。

Our operating performance remained strong in the third quarter, highlighted by same-store NOI growth of 2.5%. This meaningful portfolio growth was led by strong performance from both our leasing and operations team. Our new leasing totaled 227,000 square feet was one of the highest levels since 2017 driven by growth in markets like North Haven, Dallas and Charlotte. Our teams have seen a notable pickup in new leasing activity and increased willingness of health systems and physician partners to invest long term in our assets as reflected in the increasing level of term for new leases over 7 years for the last 2 quarters.

我們的經營業績在第三季保持強勁，同店淨營業利潤成長 2.5%。這一有意義的投資組合成長得益於我們的租賃和營運團隊的強勁表現。我們的新租賃總面積為 227,000 平方英尺，是自 2017 年以來的最高水準之一，這得益於北黑文、達拉斯和夏洛特等市場的成長。我們的團隊看到新的租賃活動大幅增加，醫療系統和醫生合作夥伴對我們的資產進行長期投資的意願增強，這反映在過去兩個季度中新租賃期限超過 7 年的增加。

In addition to new leases, we had over 400,000 square feet of renewals that resulted in 83% retention for the same-store portfolio and rent growth of 2.9%. Year-to-date, leasing activity has totaled over 2 million square feet with nearly 600,000 square feet coming in the form of new leases. Our annual escalators for new leases signed in the third quarter were 2.7%, reaching 2.8% on a year-to-date basis, continuing our trend of increasing escalators to approximately 3% as we manage lease expirations in our portfolio. As a result, our lease rate increased on a sequential basis by 30 basis points for same-store pool.

除了新租約外，我們還續約了超過 40 萬平方英尺的租約，使同店組合的保留率為 83%，租金增加了 2.9%。年初至今，租賃活動總面積已超過 200 萬平方英尺，其中近 60 萬平方英尺是以新租賃的形式出現的。我們第三季簽署的新租約的年度成長率為 2.7%，年初至今已達到 2.8%，隨著我們管理投資組合中的租約到期，我們繼續將成長率提高至約 3% 的趨勢。因此，我們的同店租賃利率較上季增加了 30 個基點。

Despite inflationary pressures, expenses in our same-store portfolio this quarter increased only 1.2% year-over-year. This minimal increase is a testament to our operating team's ability to efficiently operate our assets and the benefits of having a scaled platform like ours in order to deliver cost savings to our tenants.

儘管面臨通膨壓力，本季我們同店業務的支出較去年同期僅成長了 1.2%。這一微小的成長證明了我們的營運團隊高效營運資產的能力，以及擁有像我們這樣的規模化平台的好處，從而為我們的租戶節省成本。

I'll now turn the call over to Robert.

現在我將電話轉給羅伯特。

Thanks, Amanda.

謝謝，阿曼達。

Our financial performance in the third quarter remained strong as highlighted by improved portfolio performance with same-store NOI growth of 2.5%. Normally, the FFO per share held during the quarter at $0.44, an increase of 2.3% versus 2020, bringing our year-to-date earnings to $1.32 per share, which is up 3 -- over 3% compared to 2020. Our normalized FAD was $78 million and year-to-date normalized FAD is up 4% from 2020 to $248 million.

我們第三季的財務表現依然強勁，投資組合業績改善，同店淨營業利潤成長 2.5%。正常情況下，本季每股 FFO 為 0.44 美元，較 2020 年增長 2.3%，使我們年初至今的每股收益達到 1.32 美元，比 2020 年增長 3% 以上。

Our G&A remained consistent at $10.8 million, less than 10% of NOI. This includes approximately $0.5 million of costs related to our whistleblower investigation with costs for a new CEO Chairman compensation being offset by the elimination of unvested shares related to our prior CEO. As a result, we were able to reconfirm our previous guidance for the full year, tightening the range but leaving the midpoint intact.

我們的一般及行政開支維持穩定在 1,080 萬美元，不到淨營業收入的 10%。其中包括與我們的舉報人調查相關的約 50 萬美元的成本，新任執行長董事長薪酬的成本透過消除與我們前任執行長相關的未歸屬股份來抵消。因此，我們能夠重新確認先前的全年預期，縮窄範圍但保持中點不變。

From a balance sheet perspective, we ended the quarter with $1.2 billion of liquidity and net debt to EBITDA of 5.8x, including the impact of unsettled forward equity agreements totaling $218 million. In October, we refinanced our $1.3 billion unsecured credit facility, resulting in a reduction in our borrowing cost and an additional 4 years of term, including extension options.

從資產負債表的角度來看，本季末我們的流動資金為 12 億美元，淨負債與 EBITDA 比率為 5.8 倍，其中包括總額為 2.18 億美元的未結算遠期股權協議的影響。 10月份，我們對13億美元的無擔保信貸額度進行了再融資，從而降低了借貸成本，並延長了4年的期限，包括延期選擇權。

In terms of acquisition activity, we closed on 4 previously announced MOB acquisitions in the quarter, totaling $135 million at an anticipated in-place year-1 yields of 5.7%. These acquisitions increased densification in our key markets and brought our year-to-date investment activity to $188 million. We have an additional $159 million of acquisitions under contract or exclusive letters of intent that we expect to close prior to year-end. Including the $69 million of loan funding commitments to projects in Houston's Texas Medical Center of $54 million that was funded through third quarter 2021, investment activity is expected to total over $400 million.

在收購活動方面，我們在本季完成了 4 項先前宣布的 MOB 收購，總額為 1.35 億美元，預計第一年收益率為 5.7%。這些收購增加了我們在主要市場的密度，並使我們年初至今的投資活動達到 1.88 億美元。我們還有價值 1.59 億美元的額外收購合約或獨家意向書，預計在年底前完成。包括截至 2021 年第三季為休士頓德州醫療中心專案提供的 5,400 萬美元貸款融資承諾（6,900 萬美元）在內，預計投資活動總額將超過 4 億美元。

From a development perspective, in the third quarter, we completed core and shell construction on time in our development project in Dallas with cash rents expected to commence before the end of the year. In addition, we have a development pipeline of 5 projects in various stages in the pre-leasing process totaling almost $400 million and over 850,000 square feet of GLA, highlighted by our strategic partnership with Medistar Corporation to codevelop the Horizon Tower on the Texas A&M Innovation Plaza in the Texas Medical Center.

從開發角度來看，第三季度，我們按時完成了達拉斯開發案的核心和外殼建設，預計年底前開始支付現金租金。此外，我們還有 5 個項目處於預租賃過程的不同階段，總額近 4 億美元，GLA 面積超過 850,000 平方英尺，其中最突出的是與 Medistar Corporation 的戰略合作夥伴關係，共同開發位於德克薩斯醫療中心德克薩斯 A&M 創新廣場的 Horizo​​​​n Tower。

Following quarter end, we made a strategic investment in Pivotal Analytics, an Optum Health partner and an innovative company that is applying the tremendous data and insights that can come from the billions of health insurance claims completed on an annual basis to the physical world with an ultimate goal of improving the decision-making process for health care providers around strategic office locations, the impact of referral patterns and also, best efforts around service-line implementations. While relatively small from a monetary basis at $6 million, this investment under Series A provides us with a preferred position to grow and utilize the tools being developed by this innovative company. That way, we can leverage -- in a way that we can leverage as we execute our strategic plan.

在隨後的季度末，我們對 Pivotal Analytics 進行了戰略投資，Pivotal Analytics 是 Optum Health 的合作夥伴，也是一家創新型公司，它將每年完成的數十億份健康保險索賠所產生的海量數據和見解應用到現實世界，最終目標是改善醫療保健提供者在戰略辦公地點、轉診模式的影響方面的決策過程，以及在服務線方面盡決策過程，以及在服務線方面盡最大努力實施。雖然從金額上看 600 萬美元相對較小，但 A 輪投資為我們提供了優先地位，可以發展並利用這家創新公司正在開發的工具。這樣，我們就能在執行戰略計劃時充分利用這一優勢。

Outside the specific numbers in the quarter, we believe HTA is very well positioned to accelerate our earnings as we head into 2022. This is, in part, related to several steps that we are intently focused on from a strategic perspective, including investing in our talent and infrastructure. As Peter noted, we will always operate with focus on efficiency. However, we believe that growing the overall capabilities of our team will provide tremendous returns and drive growth within our portfolio and on an external basis. This includes a focus on training and alignment but also an investment in headcount to add additional leasing, investment professionals in market research, also adding additional infrastructure that can help us streamline our operations to add efficiency.

除了本季的具體數字之外，我們相信 HTA 在邁入 2022 年時完全有能力加速我們的獲利。正如彼得所說，我們的營運始終注重效率。然而，我們相信，提高團隊的整體能力將帶來巨大的回報，並推動我們投資組合和外部的成長。這包括注重培訓和協調，也包括對員工進行投資，增加額外的租賃、投資市場研究專業人員，同時還增加額外的基礎設施，以幫助我們簡化運營，提高效率。

Second, we're focused on markets and data analytics to drive performance. We already have great teams on the ground but are supplementing that with a greater focus on analytics to drive the depth and intelligence that's needed to really outperform in ways that improve our capital allocation decision-making, improving leasing performance and adding value for our customers. Our investment in Pivotal is just one effort that we have undertaken to better position our teams.

其次，我們專注於市場和數據分析來提高績效。我們已經擁有優秀的實地團隊，但我們更注重分析，以提高我們真正超越對手所需的深度和智慧，從而改善我們的資本配置決策，提高租賃業績，為我們的客戶增加價值。我們對 Pivotal 的投資只是我們為了更好地定位我們的團隊而採取的一項努力。

Third, by aligning capital sources with the reality of the MOB marketplace. Simply put, the public markets do not always value the stable growth of MOBs. To remain competitive, we must diversify our capital sources in ways that enable us to execute on the unique opportunities that we see as the leader in this space.

第三，將資金來源與MOB市場的現實結合。簡單來說，公開市場並不總是看重MOB的穩定成長。為了保持競爭力，我們必須實現資本來源多元化，以便我們能夠抓住我們作為該領域領導者所看到的獨特機會。

From a practical perspective, this should drive upside growth in the following ways. First, through occupancy upside. Our occupancy was 88% as of September 30. We believe a realistic run rate occupancy for our portfolio is closer to the 92% to 93% range, which is consistent with the broader MOB market and which we have achieved prior to COVID. Achieving this occupancy gain would result in almost 1 million square feet of absorption and could result in $16 million to $20 million in incremental annual NOI. We believe this to be achievable given that some of our highest growth markets currently contain meaningful amounts of occupancy upside, including Houston and Dallas and Charlotte and Phoenix. These 4 markets, each with strong underlying operating fundamentals, account for nearly 900,000 square feet or 1/3 of the 2.7 million square feet of leasable space as of September 30.

從實際角度來看，這將透過以下方式推動上行成長。首先，入住率上升。截至 9 月 30 日，我們的入住率為 88%。 我們認為，我們投資組合的實際入住率接近 92% 至 93% 的範圍，這與更廣泛的 MOB 市場一致，並且我們在 COVID 之前已經實現了這一目標。實現這一入住率成長將帶來近 100 萬平方英尺的吸收量，並可能帶來每年 1,600 萬至 2,000 萬美元的增量淨營運收入。我們相信這是可以實現的，因為我們的一些成長最快的市場目前擁有相當大的入住率上升空間，包括休士頓、達拉斯、夏洛特和鳳凰城。這 4 個市場均具有強勁的基本營運基礎，截至 9 月 30 日，共佔可出租面積 270 萬平方英尺的近 90 萬平方英尺或 1/3。

Second area is by driving development. We believe that the development will come in multiple ways. First, with the traditional health system of RFP where we will compete to win pre-leased projects. However, these are extremely competitive, driving the pricing down. The real opportunity is using our market intelligence from both the tenant and local market relationships and our balance sheet flexibility to proactively identify key areas of growth for health care providers and creatively structure medical office opportunities for which providers will compete.

第二是推動發展。我們相信，發展將會呈現多種形式。 首先，我們將透過傳統的 RFP 醫療體系競爭贏得預租項目。然而，競爭非常激烈，導致價格下降。真正的機會是利用我們從租戶和本地市場關係中獲得的市場情報以及我們的資產負債表靈活性，積極識別醫療保健提供者的關鍵成長領域，並創造性地建立提供者將競爭的醫療辦公機會。

Third area is by pursuing joint ventures. Private market interest in medical office has never been higher. As seen across other REIT sectors, partnering with private capital joint venture partners is an attractive path for growth, allowing established public companies to leverage our operating platform and expertise while benefiting from access to currently lower-cost private capital. In a space that has seen several regional operators raise $1 billion funds, we believe we are uniquely positioned as a best-in-class operator where many can and should want to partner over the long term.

第三個領域是開展合資企業。私人市場對醫療機構的興趣從未如此高漲。如同在其他房地產投資信託基金領域所見，與私募資本合資夥伴合作是一條頗具吸引力的成長途徑，它允許成熟的上市公司利用我們的營運平台和專業知識，同時受益於目前成本較低的私募資本。在這個領域，已經有幾家地區營運商籌集了 10 億美元的資金，我們相信，我們擁有獨特的優勢，是一流的營運商，許多人可以而且應該願意與我們進行長期合作。

Fourth area is through asset sales. In addition to the JVs, we'll be utilizing this competitive market to sell assets that no longer fit our strategic plans. These are great assets that just happen to be located on noncore markets or assets for which we believe we maximize value, assets that we can sell at great pricing and redeploy into other opportunities for the benefit of shareholders. In short, HTA has a number of opportunities on which to execute to drive performance in the short to medium term.

第四個領域是透過資產出售。除了合資企業之外，我們還將利用這個競爭激烈的市場出售不再適合我們策略計畫的資產。這些優質資產恰好位於非核心市場，或者我們認為可以實現價值最大化的資產，我們可以以極好的價格出售這些資產，並將其重新部署到其他機會中，以造福股東。簡而言之，HTA 有很多機會可以實施，以在短期至中期內提高績效。

With that, I will now turn it over to Peter to wrap it up.

說完這些，我現在將話題交給彼得結束。

Thanks, Robert, and thanks, Amanda.

謝謝，羅伯特，謝謝，阿曼達。

Before I open up for questions, I just want to make one more comment. First, I just want to say thanks to all the HTA folks for welcoming Brad and I into a pretty difficult situation, one we weren't expecting and they weren't expecting. But you folks have done a wonderful job, kept the focus, the results speak for themselves. I'd also like to thank Brad. You couldn't have a better partner than Brad. He's kept focus on his side of it and let me focus on the operations with Robert and Amanda and a great team. So I just say thanks to all of you for letting us continue in such a nice, fluid manner.

在我開始提問之前，我只想再發表一點評論。首先，我只想感謝所有的 HTA 員工，感謝他們歡迎我和布萊德進入一個相當困難的境地，這是我們沒有想到的，他們也沒有想到的。但你們做得很好，保持了專注，結果不言而喻。我還要感謝布萊德。你不可能找到比布萊德更好的搭檔了。他一直專注於自己的工作，而我則與羅伯特、阿曼達和一個優秀的團隊一起專注於營運。所以我只想對大家說聲感謝，讓我們能夠以如此良好、流暢的方式繼續下去。

With that, we'll open up the call for questions. Thank you.

現在，我們將開始回答問題。謝謝。

(Operator Instructions) Our first question today comes from Rich Anderson of SMBC.

（操作員指示）我們今天的第一個問題來自 SMBC 的 Rich Anderson。

So the comment was made early that a permanent CEO is critical as you look around for strategic alternatives, and I'm trying to overlay that with the process. I know you're not going to talk about it, but that would imply that you're primarily looking at an entity-level type of deal. No CEO is going to come in if they're going to get bought by another REIT and be gone 10 minutes later. So I'm curious if that's the right way to think about it, as an entity-level type of transaction primarily perhaps through private equity channels. Any kind of color you can give on that would be interesting.

因此，很早就有人提出，在尋找策略替代方案時，任命一位常任執行長至關重要，我正試圖將這一點與整個過程結合。我知道你不會談論它，但這意味著你主要專注於實體層面的交易。如果他們將被另一個房地產投資信託基金 (REIT) 收購，並且在 10 分鐘後就離開，那麼沒有 CEO 會來。因此，我很好奇這是否是正確的思考方式，作為一種實體層面的交易，可能主要透過私募股權管道進行。您能賦予其任何一種顏色都會很有趣。

This is Brad, Rich. As we have announced, our Search Committee engaged Spencer Stuart to assist with the reach or the search for a new CEO. We continue to conduct that process in a robust way, and you -- and we intend to do that with this prospect that we will identify the appropriate person to lead HTA. It's -- I believe that the characteristics of HTA will give us the opportunity to interview a number of such people. And we would not consider it as we're addressing just a stand-alone, but we want to make sure the company has continued to advance itself and be prepared in whatever event might come out of our process.

這是布拉德，里奇。正如我們已經宣布的那樣，我們的搜尋委員會聘請了史賓沙來協助尋找新的執行長。我們將繼續以強而有力的方式開展這項進程，我們打算以此為契機，找到合適的人選來領導 HTA。我相信 HTA 的特點會讓我們有機會採訪許多這樣的人。我們不會認為這只是一個獨立問題，但我們希望確保公司能夠繼續發展，並為我們的流程中可能出現的任何事件做好準備。

Okay. And if I could just ask a very quick follow-up. Same-store was 2.5%. Occupancy was down 150 basis points. How would that possibly happen? Maybe that's for Amanda.

好的。我可以快速問一個後續問題嗎？同店銷售額成長 2.5%。入住率下降了150個基點。這怎麼可能發生呢？也許這對阿曼達來說是這樣的。

Yes. Rich, our -- on a quarter -- sequential quarter-over-quarter basis, we were up about 30 basis points quarter-over-quarter, same-store; 40 on the total portfolio. In the first quarter, I think we had pretty low retention, but we still are getting our existing portfolio. The close to 90% that's occupied, we have the existing rent bumps in it. So while on a year-over-year basis, we're down slightly with our existing escalators in place and the new leases that we're doing, favorable leasing terms of those I think that's driving much of the revenue increase, which results in an NOI growth.

是的。 Rich，我們 — — 按季度計算 — — 同店銷售額比上一季增長了約 30 個基點；總投資組合中有 40%。在第一季度，我認為我們的保留率相當低，但我們仍然可以獲得現有的投資組合。目前，大約有 90% 的房屋已被佔用，因此租金有所上漲。因此，雖然與去年同期相比，我們的現有自動扶梯和新租約略有下降，但我認為這些優惠的租賃條款推動了大部分收入的增長，從而導致了淨營業收入的增長。

And Rich, also, keep in mind, last year is when we had a number of kind of early renewals as part of our strategy of really working with health systems to work through the COVID process. So I think in the prior year period, we had a number of leasing concessions, free rent that was the result of early renewals that drove revenue down. So even though we had occupancy down on a year-over-year basis, the total amount of cash pay revenue was not nearly as impacted as it was on an occupancy basis. So that's really how you get to that math.

Rich，請記住，去年我們進行了一些早期更新，這是我們與衛生系統真正合作應對 COVID 進程的策略的一部分。因此，我認為在去年同期，我們有一些租賃優惠和免租金，這是由於提前續約導致的收入下降。因此，儘管我們的入住率比去年同期有所下降，但現金支付收入總額受到的影響遠不及入住率受到的影響。這就是真正得到數學結果的方法。

Our next question today comes from Nick Joseph of Citi.

今天的下一個問題來自花旗的尼克約瑟夫。

I just want to better understand what the strategic review process involves. Is the adviser actively soliciting bids and being proactive on outreach to potential bidders? Is there a data room set up? Just any more color on the mandate there.

我只是想更了解戰略審查過程涉及的內容。顧問是否積極徵求投標並主動聯繫潛在投標者？是否設立了數據室？只是對那裡的任務有更多的說明。

Well, I appreciate and understand the question. As we addressed in the Board-related matters in our prepared remarks, we will have to limit our comments with respect to this process. We'll continue to be guided by JPMorgan and advising us in this process. And that's about all I can tell you about the process details.

嗯，我很欣賞並理解這個問題。由於我們在準備好的評論中討論了董事會相關事宜，因此我們必須限制對此流程的評論。我們將繼續接受摩根大通的指導並在此過程中為我們提供建議。這就是我能告訴你的全部過程細節。

Yes. I mean, I guess a process is pretty broad, right? I mean is there -- I recognize on this call, you're trying to stick to your current quarter results. But is there going to be another opportunity to expand on what exactly that mandate is?

是的。我的意思是，我猜這個過程相當廣泛，對嗎？我的意思是——我認識到在這次電話會議上，您正試圖堅持當前季度的業績。但是否還會有另一個機會來詳細闡述這項任務的具體內容呢？

Well, the mandate is to review all alternative options. And when we have such a conclusion as to one or none, we will certainly bring that to your attention. But at this stage, we can't comment any further about the details.

嗯，任務是審查所有備選方案。當我們得出一個或沒有結論時，我們一定會提請您注意。但目前我們無法對細節發表進一步評論。

And then just maybe on the whistleblower news that you guys filed yesterday. I mean are there any continued investigations or complaints outstanding? Or was that everything that was related to the whistleblower from 3 months ago?

然後也許只是關於你們昨天提交的舉報新聞。我的意思是是否還有任何未決的調查或投訴？或者這一切都與 3 個月前的舉報人有關？

The investigation of the fact has concluded. And as we've indicated in our press release, the Board will be reviewing circumstances that need to be improved and/or addressed in the final conclusion process.

該事實的調查已經結束。正如我們在新聞稿中所指出的，董事會將審查需要在最終結論過程中改進和/或解決的情況。

Were there any other employees disciplined or terminated related to the whistleblower findings?

是否有其他員工因舉報人的調查結果而受到紀律處分或解僱？

We're not at liberty to talk about those. Thank you.

我們沒有權利談論這些。謝謝。

(Operator Instructions) Next question comes from Juan Sanabria of BMO Capital Markets.

（操作員指示）下一個問題來自 BMO 資本市場的 Juan Sanabria。

Just following up on Rich's question on the CEO search, is it the intention to have somebody in the seat before the strategic review process is complete in whatever form that takes?

我只是想跟進一下 Rich 關於尋找執行長的問題，無論採取何種形式，在策略審查過程完成之前，是否打算安排某人上任？

We can't comment on any time lines on how and when that closes and gets completed, but we will rely on the Search Committee and Spencer Stuart to give us the best outcome possible. And I can't, as I said, comment on any time lines.

我們無法評論該項目何時以及如何結束和完成的時間表，但我們將依靠搜索委員會和史賓沙為我們提供最好的結果。正如我所說，我無法對任何時間表發表評論。

Okay. And can you comment if you've received any unsolicited bids as of yet into the Board for the company in one form or another?

好的。您能否評論一下到目前為止您是否收到任何以某種形式向公司董事會發出的未經請求的收購要約？

Once again, we can't comment on that at this time.

再次強調，我們目前無法對此發表評論。

Okay. And maybe just one last follow-up from me given the brevity of the answers. Maybe just on joint ventures, can you talk about that as the sourcing for attractive capital and how far along you may or may not be with partners on discussions? And would that be focused on new assets for acquisitions where you come in as a minority partner perhaps or something where you contribute existing assets?

好的。鑑於答案很短，也許我只需要最後一次跟進。也許只是關於合資企業，您能否談談這是吸引資本的來源，以及您與合作夥伴的討論可能進行到什麼程度？這是否會專注於收購新資產，您以少數股東的身份加入，還是投入現有資產？

Yes. Juan, this is Robert. And we can probably comment a little bit more about this. It is one of the options that I think the Board is looking at and, frankly, that we've been looking at for some time. I think we look at it as the number of really high-quality capital sources that are out there that really would like to get a foothold in the medical office space as a real opportunity to get private capital that comes in that definitely has kind of different timing and different return requirements than what the public markets do for us right now as something we can move forward with. Just over the past quarter, you've seen a couple of really smaller regional operators announced kind of billion-dollar funds and the ability to move forward with it.

是的。胡安，這是羅伯特。我們或許可以對此發表更多評論。我認為這是董事會正在考慮的選項之一，坦白說，我們已經考慮了一段時間了。我認為，我們將其視為真正希望在醫療辦公領域站穩腳跟的高品質資本來源的數量，將其視為獲得私人資本的真正機會，這些資本的進入肯定具有與公開市場目前為我們所做的不同的時機和不同的回報要求，是我們可以向前邁進的事情。就在過去的一個季度，我們已經看到一些規模非常小的區域運營商宣布了數十億美元的資金，並有能力繼續推進這項計劃。

So I think as we look at it, it's an opportunity both to potentially sell assets into a joint venture with a seed portfolio and take those proceeds and reinvest them or do other things with them as well as the opportunity to grow on a go-forward basis. So I think from a timing perspective, obviously, the Board is looking at kind of all sorts of options and we're preparing to go down that path and have a number of good conversations currently in the works. And we're excited about what that opportunity could be for us.

因此，我認為，從我們的角度來看，這是一個機會，可以將資產出售給擁有種子投資組合的合資企業，然後利用這些收益進行再投資或做其他事情，同時也是一個在未來實現成長的機會。因此我認為從時間角度來看，董事會顯然正在考慮各種各樣的選擇，我們正準備沿著這條道路前進，並且目前正在進行一系列良好的對話。我們對這個機會能帶給我們什麼感到非常興奮。

Our next question is a follow-up from Rich Anderson of SMBC.

我們的下一個問題是來自 SMBC 的 Rich Anderson 的後續問題。

Just one question, promise. When you think about cap rates in the marketplace and let's say, a one-off deal is a 5 cap, just to use a round number, what is your experience on portfolio premiums? And if you were to be a buyer or a seller, what type of lower cap rate from a 5 would you be interested in making a deal?

只問一個問題，保證。當您考慮市場上的資本化率時，假設一次性交易的上限為 5，僅使用一個整數，您對投資組合溢價的經驗是什麼？如果您是買家或賣家，您會對 5 中哪種較低的資本化率感興趣？

Like, Rich, that's a very specific question you're asking there. So we'll try to be a bit broader on that. I think in the marketplace in the MOB space, you certainly have seen portfolio premiums take place. As we've talked extensively as we're announcing our acquisitions, we've been very much a buyer of single assets that typically gives 25 to 50 basis points more cap rates at least in the current environment, on top of which, we typically get another, call it, 25 to 35 basis points of synergies from our property management platform.

就像，里奇，你問的是一個非常具體的問題。因此，我們將嘗試更廣泛地探討這個問題。我認為在 MOB 領域的市場中，您肯定已經看到了投資組合溢價的出現。正如我們在宣布收購時廣泛討論的那樣，我們一直是單一資產的買家，至少在當前環境下，這通常會帶來 25 到 50 個基點的更高資本化率，在此基礎上，我們通常還能從我們的物業管理平台獲得另外 25 到 35 個基點的協同效應。

So I think when we look at the current marketplace over the last 6 to 9 months, as you've seen with some of our peers and some of the other transactions, there are certainly a 25 to, call it, 50 basis points premium for portfolio assets. Sometimes even more than that, if there's the ability for -- to acquire a platform and be able to partner with somebody and see that growth opportunity go forward from there. So...

因此，我認為，當我們回顧過去 6 到 9 個月的當前市場時，正如您從我們的一些同行和其他一些交易中看到的那樣，投資組合資產的溢價肯定有 25 到 50 個基點。有時甚至更多，如果有能力——獲得一個平台，並能與某人合作，並看到成長機會從那裡向前發展。所以...

Does that premium gets bigger -- much bigger as the portfolio gets bigger? Or is 50% kind of the ceiling? Could it be much more than that if you're getting into a much larger type of transaction?

隨著投資組合的擴大，溢價是否會變得更大—更大？或者說 50% 是上限？如果你正在進行更大規模的交易，那麼這個數字還會遠高於這個數字嗎？

I think that's probably a question that we haven't seen a super large portfolio. I mean I think the biggest one that we've seen was certainly by our good friends out of Milwaukee that they did up there. And I think it was a very high-quality transaction. And I think you certainly saw a very competitive pricing around there. Relative to the individual assets, I think it's a little bit hard to compare on it, but high-quality assets, as you can see, are very well valued, so -- especially when you get a good operating partner that can help you grow in the space.

我想這可能是我們還沒看到超大型投資組合的問題。我的意思是，我認為我們所見過的最大的一個肯定是我們的密爾瓦基好朋友在那裡做的。我認為這是一次非常高品質的交易。我想你肯定會看到那裡的定價非常有競爭力。相對於單一資產，我認為比較起來有點困難，但正如你所看到的，高品質資產的估值非常高，所以——尤其是當你找到一個可以幫助你在該領域成長的優秀營運合作夥伴時。

So -- and it's not just that. I think we've seen it, like I said, with the announcement of both acquisitions as well as announcement of joint ventures with really 2 other -- 2 to 3 other operators that we've seen just this quarter alone in this space. So I think it's hard to project exactly what it is, but it's certainly in the 25 to 50 basis points for the deals we've seen, but truly large deals have been relatively infrequent in the space.

所以——而且不只是那樣。我想我們已經看到了這一點，就像我說的，隨著兩家運營商宣布收購以及與另外兩到三家運營商宣布成立合資企業，我們在本季度就看到了這種情況。因此，我認為很難準確預測出具體數字，但就我們所看到的交易而言，肯定在 25 到 50 個基點之間，但真正大型交易在該領域相對少見。

(Operator Instructions) We have no further questions in the queue, so I'll hand back to the management for closing remarks.

（操作員指示）我們沒有其他問題了，因此我將把發言交還給管理層，由他們作結束語。

Great. Well, I think we just want to thank everybody for joining us on the call today, and we look forward to having additional conversations next week as part of the virtual NAREIT session and appreciate all your interest in HTA and the MOB space.

偉大的。好吧，我想我們只想感謝大家今天參加我們的電話會議，我們期待下週作為虛擬 NAREIT 會議的一部分進行更多對話，並感謝您對 HTA 和 MOB 領域的所有關注。

Thanks very much for your time.

非常感謝您抽出時間。

Thank you.

謝謝。

This concludes today's call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路了。