Healthcare Realty Trust Inc (HR) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Healthcare Realty second quarter earnings conference call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加醫療保健地產第二季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作員說明）

I would now like to pass the conference over to your host, Ron Hubbard, Vice President of Investor Relations. You may proceed.

現在我想將會議交給東道主投資者關係副總裁 Ron Hubbard。您可以繼續。

Thank you for joining us today for Healthcare Realty second quarter 2024 earnings conference call. Joining me on the call today are Todd Meredith, Kris Douglas and Rob Hull. A reminder that except for the historical information contained within the matters discussed in this call may contain forward-looking statements that involve estimates, assumptions, risks and uncertainties.

感謝您今天參加我們的 Healthcare Realty 2024 年第二季財報電話會議。今天和我一起參加電話會議的有托德·梅雷迪思 (Todd Meredith)、克里斯·道格拉斯 (Kris Douglas) 和羅布·赫爾 (Rob Hull)。提醒您，除了本次電話會議中討論的事項中包含的歷史資訊外，可能包含涉及估計、假設、風險和不確定性的前瞻性陳述。

These risks are more specifically discussed in the company's Form 10-K filed with the SEC for the year ended December 31, 2023. These forward-looking statements represent the company's judgment as of the date of this call.

這些風險在公司向 SEC 提交的截至 2023 年 12 月 31 日止年度的 10-K 表格中進行了更具體的討論。這些前瞻性陳述代表了本公司截至本次電話會議之日的判斷。

The company disclaims any obligation to update this forward-looking material. The matters discussed in this call may also contain certain non-GAAP financial measures such as funds from operations or FFO, normalized FFO, FFO per share, normalized FFO per share funds available for distribution or FAD, net operating income, NOI, EBITDA and adjusted EBITDA.

本公司不承擔更新本前瞻性資料的任何義務。本次電話會議討論的事項也可能包含某些非GAAP 財務指標，例如來自營運或FFO 的資金、標準化FFO、每股FFO、可供分配的標準化FFO 每股資金或FAD、淨營業收入、NOI、 EBITDA 和調整後的資金息稅折舊攤提前利潤。

A reconciliation of these measures to the most comparable GAAP financial measures may be found in the company's earnings press release for the quarter ended June 30, 2024. The company's earnings press release, supplemental information and Form 10-K are available on the company's website.

這些指標與最具可比性的 GAAP 財務指標的調整可以在該公司截至 2024 年 6 月 30 日的季度收益新聞稿中找到。該公司的盈利新聞稿、補充資訊和 10-K 表格可在公司網站上取得。

I'll now turn the call over to Todd.

我現在將把電話轉給托德。

Thank you, Ron, and thank you, everyone, for joining us today. Healthcare Realty had a strong second quarter. We are making notable progress on our capital allocation objectives, and we are accelerating our operational momentum.

謝謝羅恩，也謝謝大家今天加入我們。Healthcare Realty 在第二季表現強勁。我們在資本配置目標方面取得了顯著進展，並且正在加速我們的營運動能。

For the second quarter, normalized FFO was $0.38 per share. This was impacted by the previously disclosed Steward revenue reserve without the reserve results were $0.39 per share. Based on strong execution and momentum generated in the first half, we increased our full year 2024 FFO guidance midpoint by [$0.005. The increase would have been about $0.01] more without the reserve.

第二季度，標準化 FFO 為每股 0.38 美元。這受到先前披露的沒有儲備金的 Steward 收入儲備的影響，結果為每股 0.39 美元。基於上半年強勁的執行力和勢頭，我們將 2024 年全年 FFO 指導中點上調了 [0.005 美元。如果沒有準備金，增幅將增加約 0.01 美元]。

In terms of capital allocation, we expect to generate more than $1 billion of proceeds from completed or planned JVs and asset sales. Our new JV with KKR is already growing, and we recently announced an expansion of our existing JV with Nuveen.

在資本配置方面，我們預計已完成或計劃中的合資企業和資產出售將產生超過10億美元的收益。我們與 KKR 的新合資企業已經在不斷發展，最近我們也宣布擴大與 Nuveen 的現有合資企業。

We expect about 70% of total proceeds to come from asset contributions to these JVs. To redeploy this capital we moved early in the second quarter repurchasing stock at discounted levels. To date, we've repurchased almost $300 million at an average implied cap rate of 7.5%.

我們預計總收益的約 70% 將來自對這些合資企業的資產貢獻。為了重新部署這筆資金，我們在第二季初以折扣價回購了股票。迄今為止，我們已回購近 3 億美元，平均隱含上限率為 7.5%。

With JV contribution and asset sale cap rates at 6.6% this equates to 90 basis points of positive spread or well over 100 basis points, including JV fees. Looking ahead, we will remain opportunistic and continue repurchasing equity if it's accretive.

由於合資企業出資和資產出售上限率為 6.6%，這相當於 90 個基點的正利差或遠超過 100 個基點（包括合資費用）。展望未來，我們將保持機會主義，並在股票增值的情況下繼續回購股票。

Turning to operational momentum, we're seeing strong leasing trends and accelerating occupancy gains. The second quarter marks the fourth consecutive quarter with more than 400,000 square feet of new leases signed.

談到營運勢頭，我們看到強勁的租賃趨勢和加速的入住率成長。第二季標誌著連續第四個季度簽署了超過 40 萬平方英尺的新租約。

And our first half multi-tenant occupancy gain of 55 basis points was solidly above the top end of our first half bridge guidance. We expect this momentum the strong momentum to continue into the second half and 2025.

我們上半年的多租戶入住率成長了 55 個基點，遠高於我們上半年指引的上限。我們預計這種強勁勢頭將持續到下半年和 2025 年。

I'm especially pleased with our second quarter retention. This is our second consecutive quarter at the 85% level, which has improved materially from the mid to high 70s last year. Higher retention comes with the benefit of avoiding lost rent from downtime and avoiding higher tenant improvement dollars to re-tenant vacant space.

我對第二季的保留率感到特別滿意。這是我們連續第二個季度保持在 85% 的水平，比去年的 70 年代中後期有了顯著改善。更高的保留率帶來的好處是可以避免因停機而損失租金，並避免為重新租用空置空間而支付更高的租戶改善費用。

I want to commend our leasing operations teams. Their efforts to step up service levels and reduce move outs are really paying off. Our operations team is also successfully controlling operating expenses. Second quarter expenses declined year over year and are nearly flat for the first half.

我要讚揚我們的租賃營運團隊。他們提高服務水準和減少搬出的努力確實得到了回報。我們的營運團隊也成功地控制了營運費用。第二季費用較去年同期下降，幾乎與上半年持平。

We expect growth in operating expenses to be contained in the 2% to 3% range for the full year. It's worth noting our net operating expenses are expected to grow well below 2% in '24 after taking into account tenant reimbursements.

我們預計全年營運費用成長將控制在 2% 至 3% 的範圍內。值得注意的是，考慮到租戶報銷後，我們的淨營運支出預計將在 2024 年成長遠低於 2%。

As a result, we are seeing meaningful margin expansion. A combination of strong occupancy gains and well-controlled expenses is translating to higher NOI growth without the Stewart reserve, same-store NOI grew 3.5% in the second quarter, and total multi-tenant NOI grew 3.9%. Both of these are at the high end of our guidance ranges. With strong momentum in the first half, we are steadily driving multi-tenant NOI growth towards the 5% level.

因此，我們看到了利潤率的顯著擴張。強勁的入住率成長和良好控制的費用相結合，在沒有斯圖爾特儲備的情況下轉化為更高的 NOI 增長，第二季度同店 NOI 增長了 3.5%，多租戶總 NOI 增長了 3.9%。這兩個都處於我們指導範圍的高端。憑藉著上半年的強勁勢頭，我們正穩步推動多租戶 NOI 成長達到 5% 的水平。

Turning to maintenance CapEx spending on TI and commissions is elevated as expected based on strong new leasing volumes. This investment and positive absorption is revenue enhancing capital. In terms of capital allocation priorities, this is our highest return on investment by far. Excluding this revenue-enhancing capital, which we estimate to be $20 million to $25 million this year, our dividend is expected to be fully covered going into 2025.

轉向維護方面，基於強勁的新租賃量，TI 和佣金的維護資本支出如預期增加。這種投資和積極的吸收是增加收入的資本。就資本配置優先順序而言，這是我們迄今為止最高的投資回報。不包括我們預計今年為 2000 萬至 2500 萬美元的增收資本，我們的股息預計將在 2025 年之前全部支付。

Looking at the balance sheet, we expect our leverage to trend lower. Once we complete the announced JV and asset sale transactions. Leverage is expected to be approximately 6.4 times. And we expect leverage to improve further going into 2025 as occupancy gains flow through to higher EBITDA.

從資產負債表來看，我們預期槓桿率會下降。一旦我們完成宣布的合資企業和資產出售交易。預計槓桿約6.4倍。我們預計，隨著入住率成長帶來更高的 EBITDA，槓桿率將在 2025 年進一步提高。

Now I'll turn it over to Kris to discuss results guidance and the balance sheet. Kris?

現在我將把它交給克里斯討論結果指導和資產負債表。克里斯？

Thanks, Todd. The first half of the year has been marked by strong operational and capital allocation execution. Normalized FFO per share for the quarter was $0.38. Excluding the previously disclosed $3 million Stewart revenue reserve FFO per share was at the upper end of our quarterly guidance of $0.39.

謝謝，托德。今年上半年的特點是強勁的營運和資本配置執行力。本季標準化 FFO 每股為 0.38 美元。不包括先前披露的 300 萬美元 Stewart 每股收入準備金 FFO，處於我們季度指引的上限 0.39 美元。

Same-store NOI for the quarter without the revenue reserve improved 50 basis points sequentially to 3.5%. Multi-tenant NOI growth improved to 3.9%, which is at the upper end of our bridge expectations for the first half of the year.

本季不計收入儲備的同店 NOI 較上季提高 50 個基點至 3.5%。多租戶 NOI 成長改善至 3.9%，處於我們上半年預期的上限。

The strong NOI performance was driven by better than projected absorption and expense controls. Revenue growth benefited from 122,000 square feet of sequential multi-tenant absorption and 2.9% cash leasing spreads. The absorption outperformance came from a combination of better than planned new lease commitments and materially lower move outs.

強勁的 NOI 表現是由好於預期的吸收和費用控制所推動的。收入成長得益於 122,000 平方英尺的連續多租戶吸收和 2.9% 的現金租賃利差。吸納量的優異表現來自於好於計劃的新租賃承諾和大幅減少的遷出。

Tenant retention for the quarter improved to 85.5%, up from 79.3% last year. Cash NOI margins improved 50 basis points sequentially and 70 basis points year over year as a result of the occupancy gains and strong expense controls.

本季的租戶保留率從去年的 79.3% 提高至 85.5%。由於入住率成長和強有力的費用控制，現金 NOI 利潤率環比提高了 50 個基點，比去年同期提高了 70 個基點。

Year over year, quarterly operating expenses decreased almost 1% and net recoveries were down almost 3%. This came from disciplined and proactive efforts, especially on labor cost and property taxes. Labor costs declined 2.0% year over year.

與去年同期相比，季度營運費用下降近 1%，淨回收率下降近 3%。這來自於紀律和積極主動的努力，特別是在勞動成本和財產稅方面。勞動成本較去年同期下降2.0%。

Property taxes decreased 1.5% from successful property tax appeals late last year. We will lap some of these benefits in the second half, but expect total full year operating expenses to be well below 3%. Operating expenses at or below our in-place contractual escalators of 2.8% less the full impact of absorption drop to the bottom line and improve overall NOI margins.

自去年年底成功上訴財產稅以來，財產稅下降了 1.5%。我們將在下半年實現其中一些效益，但預計全年營運支出總額將遠低於 3%。營運費用等於或低於我們現有合約自動扶梯的 2.8%，減去吸收下降到底線的全部影響，並提高整體 NOI 利潤率。

Turning to capital allocation, JV contributions and asset sales have generated $400 million of proceeds to date. The proceeds funded existing capital commitments and $295 million of stock buybacks. The average repurchase price was $15.89, representing a 7.5% implied cap or approximately 20% discount NAV.

就資本配置而言，合資企業出資和資產出售迄今已產生 4 億美元的收益。所得資金用於現有資本承諾和 2.95 億美元的股票回購。平均回購價格為 15.89 美元，相當於 7.5% 的隱含上限或資產淨值折價約 20%。

For the year, we expect over $1 billion in total JV and asset sale proceeds. This will fund $200 million of existing capital commitments and $800 million of combined debt repayment and share buybacks. The $800 million of capital allocation proceeds are expected to generate over [$0.01 a share of accretion in 2024 and over $0.025] annualized.

今年，我們預計合資企業和資產出售收益總額將超過 10 億美元。這將為 2 億美元的現有資本承諾以及 8 億美元的債務償還和股票回購提供資金。8 億美元的資本配置收益預計將產生超過[2024 年每股增值 0.01 美元，年化超過 0.025 美元]。

FFO per share guidance for the year was increased and reflects the capital allocation accretion. In addition, the updated guidance incorporates the operating assumptions on page 30 of the supplemental. Including a reduction in expected G&A expenses and lower straight-line rent from asset sales.

今年 FFO 每股指引有所提高，反映了資本配置的增加。此外，更新後的指南納入了補充資料第 30 頁上的營運假設。包括預期管理費用的減少以及資產銷售所帶來的直線租金的降低。

The midpoint of guidance does not assume repayment in 2024 of the $3 million Steward revenue reserve taken in the second quarter. It does assume that we'll continue to pay monthly rent of approximately $2 million as they did in June and July.

指導中點並不假設在 2024 年償還第二季 300 萬美元的 Steward 收入儲備金。它確實假設我們將繼續像 6 月和 7 月那樣每月支付約 200 萬美元的租金。

Looking to the balance sheet run rate leverage is 6.4 times, including the expected debt repayment for remaining asset sales and JVs. The debt repayment is expected to pay off the $250 million term loan that expires next July, which will reduce 2025 debt maturities to less than $300 million. The combination of our operational and capital allocation momentum will drive an improved dividend payout ratio and lower leverage moving into 2025.

從資產負債表來看，槓桿比率是6.4倍，其中包括剩餘資產銷售和合資企業的預期債務償還。這筆債務償還預計將償還明年 7 月到期的 2.5 億美元定期貸款，這將使 2025 年債務到期日減少至不到 3 億美元。我們的營運和資本配置動力相結合，將推動 2025 年股息支付率的提高和槓桿率的降低。

I'll now turn it over to Rob for more details on our leasing progress.

我現在將其交給羅布，以了解有關我們租賃進度的更多詳細資訊。

Thanks, Kris. My comments today will be focused on multi-tenant occupancy gains and a strong leasing momentum. We exceeded our bridge guidance in the first half of the year and expect further gains in the second half and into 2025.

謝謝，克里斯。我今天的評論將集中在多租戶入住率成長和強勁的租賃勢頭上。我們在上半年超越了過渡指引，預計下半年和 2025 年將進一步成長。

Multi-tenant occupancy improved sequentially by 37 basis points or 122,000 square feet. Coupled with the first quarter net absorption for the year and our total multi-tenant portfolio was 183,000 square feet. At this level, we exceeded the top end of our bridge guidance for the first half of the year by over 30%.

多租戶入住率連續改善 37 個基點或 122,000 平方英尺。加上今年第一季的淨吸收量，我們的多租戶投資組合總面積為 183,000 平方英尺。在此水準上，我們超出了上半年橋樑指引的上限 30% 以上。

Our outperformance was driven by greater than expected new lease commencements and the move-out rate that was over 300 basis points lower than historical levels. Over the last three quarters, we gained 112 basis points of occupancy in our multi-tenant portfolio.

我們的優異表現是由於新租賃開始量高於預期以及遷出率比歷史水準低 300 個基點以上。在過去三個季度中，我們的多租戶投資組合的入住率增加了 112 個基點。

This puts us on track to deliver the 150 basis points to 200 basis points of multi-tenant occupancy gains published last November in our five-quarter bridge. It is also worth noting that the legacy HTA assets have gained 172 basis points of occupancy over the same period. Highlighting our ability to drive absorption in that portfolio.

這使我們有望實現去年 11 月發布的五季橋樑中多租戶入住率成長 150 至 200 個基點的目標。另外值得注意的是，傳統 HTA 資產的佔用率在同一時期成長了 172 個基點。強調我們推動該投資組合吸收的能力。

Strong absorption led to total multi-tenant NOI growth of 3.9% for the second quarter at the top end of our first half bridge guidance. Our leasing activity this year has been supported by favorable supply and demand fundamentals.

強勁的吸收導致第二季多租戶總 NOI 成長 3.9%，達到我們上半年指引的上限。我們今年的租賃活動得到了有利的供需基本面的支持。

Occupancy across the sector continues to climb and new MOB starts continue to trend lower. This quarter, absorption in the MOB sector reached 5.5 million square feet, the most on record since that data has been tracked.

該行業的入住率持續攀升，而新開工的 MOB 則持續呈下降趨勢。本季度，MOB 領域的吸收量達到 550 萬平方英尺，這是該數據追蹤以來的最高記錄。

Health system top line revenue and our operating margins continue to improve. Providers are seeing solid outpatient volume and revenue trends. Longer term, we expect demand to continue rising. Spending on health care services is expected to increase at 5.6% annually over the next decade.

衛生系統的營收和營業利益率持續改善。醫療服務提供者看到了穩定的門診量和收入趨勢。從長遠來看，我們預計需求將繼續上升。未來十年，醫療保健服務支出預計每年增長 5.6%。

Over the same time period, the over 65 age group will grow at more than 9 times the rate for the remaining US population. And those over 65 are the largest users of health care services spending 4 times more than those under 45.

同一時期內，65 歲以上年齡層的人口成長率將是美國其餘人口的 9 倍以上。65 歲以上的人是醫療保健服務的最大用戶，支出是 45 歲以下的 4 倍。

Combination of limited new supply and rising demand creates a tailwind to support ongoing leasing momentum. New signed leases in the second quarter totaled approximately 432,000 square feet. Notably, this marks our fourth consecutive quarter above 400,000.

有限的新增供應和不斷增長的需求相結合，為支持持續的租賃勢頭創造了有利條件。第二季新簽訂的租約面積總計約432,000平方英尺。值得注意的是，這標誌著我們連續第四個季度超過 40 萬。

An important part of the equation driving our projected gain of 100 basis points to 150 basis points of absorption this year. Our new lease pipeline reached 1.9 million square feet in the quarter, its highest level ever. This gives us visibility and positions us well to achieve projected absorption gains outlined in our bridge.

這是推動我們預計今年吸收收益從 100 個基點增加到 150 個基點的重要組成部分。本季我們的新租賃面積達到 190 萬平方英尺，創歷史最高水準。這為我們提供了可見性，並使我們能夠很好地實現橋樑中概述的預期吸收增益。

Our team has executed well in the first half of 2024 delivering a robust level of new leasing and outsized absorption. With current multi-tenant occupancy at 85.9%, we are in the early innings of a multiyear plan to reach 90% across our multi-tenant portfolio. This will drive continued absorption and outside NOI growth in 2025 and beyond.

我們的團隊在 2024 年上半年表現良好，實現了強勁的新租賃和大規模吸收水準。目前多租戶入住率為 85.9%，我們正處於多年計畫的早期階段，目標是讓我們的多租戶投資組合達到 90%。這將推動 2025 年及以後的持續吸收和外部 NOI 成長。

Now I'll turn it back to Todd for some final remarks.

現在我將把它轉回給托德，讓他做最後的評論。

Thanks, Rob. Now just make a few more comments before we shift to the Q&A portion. As our announced JV and asset sale transactions are completed over the next quarter, so we expect to have excess proceeds to redeploy in the near term, our capital allocation priorities are first to fund our existing obligations, such as the positive absorption capital I mentioned which is our highest investment -- return on investment by far.

謝謝，羅布。現在，在我們轉向問答部分之前，再發表一些評論。由於我們宣布的合資和資產出售交易將在下個季度完成，因此我們預計短期內將有多餘的資金進行重新部署，我們的資本配置優先事項是首先為我們現有的義務提供資金，例如我提到的正吸收資本是我們迄今為止最高的投資－投資報酬率。

Second to repurchase stock accretively, if the price trades at a discount and third, to repay debt, keeping our leverage neutral or trending lower. So '24 is shaping up to be an important year for HR in terms of building momentum and executing on our capital allocation and operational objectives.

其次，如果價格以折扣價交易，則增加回購股票；第三，償還債務，使我們的槓桿率保持中性或趨於走低。因此，對於人力資源部門而言，24 年將成為重要的一年，以增強動力並執行我們的資本配置和營運目標。

We're increasing 2024 FFO guidance based on strong first half results. External tailwinds of limited MOB supply and robust outpatient demand are bolstering our outlook for the second half of '24 and 2025. For the dividend coverage is well within reach and poised to keep improving in 2025 and 2026. In Healthcare Realty's balance sheet is strengthening with leverage expected to trend lower.

基於上半年的強勁業績，我們正在提升 2024 年 FFO 指引。MOB 供應有限和門診需求強勁的外部推動因素支撐了我們對 24 年下半年和 2025 年的展望。因為股利覆蓋率完全可以實現，並且預計在 2025 年和 2026 年持續改善。在醫療保健房地產方面，資產負債表正在走強，槓桿率預計將下降。

Cameron. Operator, we're now ready to move to the Q&A.

卡梅倫。接線員，我們現在準備好進入問答環節。

(Operator Instructions)

（操作員說明）

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

This is Robin sitting on for Juan. Just on Steward let's expectations how much space they look to keep looking through lower and a contractual rent? And how does it compare to the market?

這是羅賓在替胡安坐。就 Steward 而言，我們期望他們有多大的空間來繼續尋找較低的租金和合約租金？與市場相比如何？

Sure, Robin, this is Todd. It's very early to really be speculating on where that may go. Obviously, we all are paying attention very closely to what may be happening on the hospital front, and that's clearly driving this process through the bankruptcy process.

當然，羅賓，這是托德。現在真正猜測它可能會走向何方還為時過早。顯然，我們都在密切關注醫院方面可能發生的事情，這顯然正在推動這一進程通過破產程序。

It's still very early excuse me -- and so we are not down to a point where we're engaging. I think the good news is the outpatient space is needed and it will kind of play out after the hospital pieces are sorted out. So we're really not speculating that.

抱歉，現在還很早——所以我們還沒有達到參與的程度。我認為好消息是門診空間是需要的，並且在醫院的碎片整理完畢後它就會發揮作用。所以我們真的不是在猜測。

The one thing I can say about rents is we've done an assessment. We don't view that there's any material difference in terms of where our rents are versus markets. We feel very good about that. And obviously, any other speculation about space and what will be used or not, it's just way too early to tell. We're very encouraged by what we're hearing generally speaking.

關於租金我能說的一件事是我們已經進行了評估。我們認為我們的租金與市場租金沒有任何實質差異。我們對此感覺非常好。顯然，任何有關空間以及將使用什麼或不使用什麼的猜測，現在下結論還為時過早。我們所聽到的普遍情況讓我們深受鼓舞。

And the [$120 million] real estate impairment in the quarter. What was that related to steward or something else. Just curious.

以及本季的[1.2 億美元]房地產減損。這與管家或其他什麼有關。只是好奇。

No, it's related to the asset sales that are ongoing and expected to close here to the balance of the year.

不，它與正在進行的資產銷售有關，預計將在今年剩餘時間結束。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great, thanks. Todd, I'm just curious how sustainable you think the 85% retention is over the next 12 to 18 months. Just trying to understand that I guess, given that multi-tenant retention this quarter appeared to be lower.

太好了，謝謝。Todd，我只是好奇您認為 85% 的留存率在未來 12 到 18 個月內的可持續性如何。我想只是想了解這一點，因為本季的多租戶保留率似乎較低。

I also recall, I think you have some single tenant move outs later this year, another million square foot of expirations on the single-tenant side next year. So trying to think about it a little bit holistically as well as the breakout between multi and single-tenant over that timeframe.

我還記得，我認為今年稍後會有一些單租戶搬出，明年單一租戶方面還有一百萬平方英尺到期。因此，試著從整體上考慮這個問題，以及在這段時間內多租戶和單一租戶之間的突破。

Sure. Good question, obviously, we're pleased with being around 85% now for a couple of quarters. Generally speaking, single-tenant tends to sort of bring the average up a little bit. The mix isn't very high, as you know, in single tenant versus multi-tenant, but it brings it up maybe a percent or so year to date in this quarter.

當然。顯然，這是個好問題，我們很高興能夠連續幾季保持在 85% 左右。一般來說，單一租戶往往會稍微提高平均值。如您所知，單一租戶與多租戶的混合度並不是很高，但本季迄今可能會增加一個百分點左右。

But I would say generally speaking, we expect the multi-tenant to really be in that 80% to 85% range. Obviously, we had some numbers that were in the mid to upper 70s last year as we were continuing to work through the integration of the portfolio, increasing our service levels across the whole portfolio.

但我想說的是，一般來說，我們預計多租戶確實會在 80% 到 85% 的範圍內。顯然，去年我們的一些數字在 70 多歲左右，因為我們正在繼續整合產品組合，提高整個產品組合的服務水準。

And we've really seen that come around and really turn out to really strong retention service levels are very strong the team is fully in here. And I think also on the leasing side, we're making very concerted efforts where we see tenants who may be thinking about leaving working with them aggressively to see what we can do to retain them.

我們確實看到了這種情況的出現，並且確實證明了非常強大的保留服務水準非常強大，團隊完全在這裡。我認為在租賃方面，我們正在做出非常一致的努力，我們看到可能正在考慮離開的租戶積極地與他們合作，看看我們能做些什麼來留住他們。

So it's a joint effort across all of our teams. And I think it's really, really paying off. And we do think we can sustain this at sort of 80% to 85%. Obviously, any given quarter can vary. But I think importantly, over the time frame, you talked about the rest of this year, next year, we'll be looking to produce 80% to 85%.

所以這是我們所有團隊的共同努力。我認為這真的非常有回報。我們確實認為我們可以將這一比例維持在 80% 到 85% 左右。顯然，任何給定的季度都可能有所不同。但我認為重要的是，在這個時間範圍內，你談到了今年剩下的時間，明年，我們將尋求生產 80% 到 85%。

And really similar levels across multi and single are generally higher in single but in that same range and working on the backfill on both multi and single to not only backfill but create positive absorption.

多層和單層之間真正相似的水平通常在單層中更高，但在相同的範圍內，並且在多層和單層上進行回填，不僅回填，而且創造積極的吸收。

That's helpful. And then just on maybe hitting on the guidance piece, implied kind of back half same-store growth in the multi-tenant portfolio. I think it was at that lower end of that 4% to 5.5% range that you expect to achieve in the back half.

這很有幫助。然後，也許就在指導文章中，暗示了多租戶投資組合的同店成長的一半。我認為您期望在後半段實現的目標是 4% 至 5.5% 範圍的下限。

Is that conservatism or you haven't really pulled forward the better performance in the first half or is there something else that's changed from a timing or a back half growth perspective? That's all for me. Thanks.

這是保守主義還是你並沒有真正在上半年取得更好的表現，或者從時間或後半成長的角度來看還有其他改變嗎？這就是我的全部。謝謝。

Yeah, I would say it's the former just conservatism being halfway through the year. We're feeling good about where things are progressing so far in terms of occupancy as well as on operating expenses. Especially for the quarter, we were at the upper end of both those ranges, but just halfway through the year that try not get too far ahead of ourselves.

是的，我想說的是前者只是今年過半的保守主義。到目前為止，我們對入住率和營運費用的進展感到滿意。特別是在本季度，我們處於這兩個範圍的上限，但今年才過半，盡量不要超前太多。

Michael Griffin, Citi.

邁克爾·格里芬，花旗銀行。

Great, thanks. I wanted to ask first on leasing, it looks like cash leasing spreads declined slightly quarter over quarter, including the kind of negative cash rent spread bucket looked like it went up to about 10% from 4% of leases in this quarter. Should we interpret this tenants pushing back more on it on rent increases? Or was there something maybe market or tenant specific that drove delta?

太好了，謝謝。我想先問一下租賃方面的問題，看起來現金租賃利差逐季略有下降，包括負現金租金利差桶，看起來從本季租賃的 4% 上升到約 10%。我們是否應該將這種租戶解讀為進一步抵制租金上漲？或者是否有某些特定的市場或租戶因素推動了達美航空的發展？

Yeah. Hey, Michael, it's Rob. Yeah, you're right. They were cash leasing spreads were 2.9% this quarter. What I would say is that we've noted this year, we're really focused on driving occupancy. And I think our results are coming through where we've had a lower move-out rate.

是的。嘿，邁克爾，我是羅布。是的，你是對的。本季現金租賃利差為 2.9%。我想說的是，我們今年註意到，我們確實專注於提高入住率。我認為我們的結果是在遷出率較低的情況下實現的。

But what we've seen increased occupancy and that comes in two forms, certainly in places where we can push rents. We're doing that where market dynamics are strong and we're able to push even above kind of the averages let me put out there, but I think it also points to where we are have some markets where maybe it's more price-sensitive markets, we're being more aggressive about negotiating those deals to keep occupancy and avoid costly downtime and incremental TI from backfilling space.

但我們看到入住率的增加有兩種形式，當然在我們可以推高租金的地方。我們正在市場動態強勁的地方這樣做，我們甚至能夠將價格推至高於我所說的平均水平，但我認為這也表明我們擁有一些市場，這些市場可能是對價格更敏感的市場，我們正在更加積極地談判這些交易，以保持入住率並避免代價高昂的停機時間和回填空間帶來的增量TI。

So it's really kind of work in the tails and pushing aggressively on the top end. And then in those bottom end of that spread, you noted that was more where we're just being more aggressive.

所以這確實是尾部的工作，並積極推動頂端。然後，在該價差的底部，您注意到我們只是更加激進。

Got you. Appreciate the color there, Rob. And then, Todd, I appreciate your comments kind of on the your CapEx spend now for occupancy benefit in the future. But kind of as we think about the cadence of that, what is going to be the near term impact to FAD as a result of this CapEx spend you're going to need to spend on new leasing and then, how much occupancy upside or I guess looking at your return, do you get as a result of that CapEx investment?

明白你了。欣賞那裡的顏色，羅布。然後，托德，我很感謝您對您現在為未來的入住效益而支出的資本支出的評論。但當我們考慮這種節奏時，由於您需要在新的租賃上花費資本支出，那麼對 FAD 的近期影響是什麼，然後，入住率上漲多少或我猜猜看你的回報，你從資本支出投資中得到結果了嗎？

Sure. Yeah, I mentioned it's clearly our highest return on investment by far. And maybe a simple way to think about it is our marginal gross revenue that we can gain from absorbed space is around $36 kind of the average for the portfolio.

當然。是的，我提到這顯然是我們迄今為止最高的投資回報。也許一個簡單的思考方式是，我們可以從吸收空間中獲得的邊際總收入約為 36 美元，相當於投資組合的平均收入。

And then if you divide that by even on the high end, about $60 of all-in cost to -- for a new lease. That's obviously a great return, 50%, 60%-plus percent type returns on the marginal capital. So from our standpoint, that's a home run and something we want to be doing even looking at it almost as comparison to an external investment opportunity, but much, much higher returns.

如果你除以高端租金，新租約的總成本約為 60 美元。這顯然是一個巨大的回報，邊際資本達到 50%、60% 以上的回報率。因此，從我們的角度來看，這是一支全壘打，我們想要做的事情甚至幾乎將其與外部投資機會進行比較，但回報要高得多。

So our view is that's very much revenue enhancing capital. We're not -- we haven't broken it out as such, but we're just talking about, hey, there's $20 million to $25 million this year and frankly, would be similar next year, just given the absorption expectations we have that you really can think of that way.

所以我們的觀點是，這是非常能增加收入的資本。我們沒有——我們還沒有詳細說明，但我們只是在談論，嘿，今年有 2000 萬到 2500 萬美元，坦率地說，明年也會類似，只要考慮到我們的吸收預期你真的可以這樣想。

And that takes probably 6% off the payout ratio, if you just kind of run through that math. So it's a material piece of how we look at our dividend coverage and can get there as we go into 2025.

如果你算一下這個數學的話，這可能會使支付率降低 6%。因此，這是我們如何看待股利覆蓋率的重要部分，並且可以在進入 2025 年時實現這一目標。

Great. That's it for me. Thanks for the time.

偉大的。對我來說就是這樣。謝謝你的時間。

Thanks, Mike.

謝謝，麥克。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah, hi. Guess your comments about multi-tenant occupancy going above 90%. First, was that a leased or occupied comment? And what sort of timeframe are you expecting to get there by?

是的，嗨。猜猜您對多租戶入住率超過 90% 的看法。首先，這是租用的還是佔用的評論？您預計在什麼時間範圍內到達那裡？

Yeah, Mike, Rob talked about a multiyear plan of getting to 90%. And when we talk about it multiple years, we're talking about occupancy, obviously that lease percentage versus occupied is a delta that we track and report and gives us a lot of optimism along with our leasing pipeline that we can push gains over multiple years.

是的，麥克、羅伯談到了達到 90% 的多年計劃。當我們多年談論這個問題時，我們談論的是入住率，顯然，租賃百分比與佔用率是我們跟踪和報告的增量，這給我們帶來了很大的樂觀情緒以及我們的租賃管道，我們可以在多年內推動收益。

But certainly looking out over the second half of this year and into 2025 and so if you look at this year, we're saying 100 basis points to 150 basis points of gain in the multi-tenant portfolio. That's probably a similar range we'll be thinking about in '25, but it's a little early to lay that out specifically, but certainly another strong year in terms of our expectations next year.

但當然，展望今年下半年和 2025 年，如果你看看今年，我們會說多租戶投資組合將成長 100 到 150 個基點。這可能是我們在 25 年考慮的類似範圍，但現在具體闡述這一點還為時過早，但就我們明年的預期而言，肯定又是強勁的一年。

So if you started thinking about that as an annual pace, that's a three year sort of timeframe, but making some real headway in '24 and '25 on that.

因此，如果您開始將其視為每年的速度，那麼這是一個三年的時間框架，但在 24 和 25 年取得了一些真正的進展。

Got it. Okay. That's helpful. And then a second question, are you expecting more activity with the Nuveen JV?

知道了。好的。這很有幫助。第二個問題，您是否期待與 Nuveen 合資企業開展更多活動？

We are underway working on that and so we talked about a roughly $400 million set of transactions with Nuveen, so that work is underway. And so I guess depending on your question, it's in process some close -- couple of closing. So very much expanded --

我們正在為此開展工作，因此我們與 Nuveen 討論了大約 4 億美元的交易，因此這項工作正在進行中。所以我想根據你的問題，它正在一些接近的過程中——幾個結束。如此擴展--

I was thinking beyond that. I mean, should we think of that as a kind of growing the program beyond the $400 million that you flagged already.

我的思考超出了這個範圍。我的意思是，我們是否應該將其視為該計劃的一種增長，超出您已經標記的 4 億美元？

It's absolutely an option the -- as we embarked upon this process earlier this year to sort of ramp up our efforts they came to the table interested and that was great. So obviously, we have a strong relationship with them, work with them regularly on our existing properties in our JV together.

這絕對是一個選擇——因為我們今年早些時候開始了這個過程，以加大我們的努力，他們很感興趣地來到了談判桌，這很棒。顯然，我們與他們有著密切的關係，並定期與他們就我們合資企業的現有資產進行合作。

So they really come back multiple times and through that and that relationship, so it's always an option. It's not maybe to differentiate a little bit with KKR. It's not necessarily expressed in a way like KKR has said we want to commit a certain amount of existing of capital -- equity capital to grow it. So it's more opportunistic. Is the maybe the way I would describe it versus KKR being more of a programmatic commitment that we'll look to grow.

所以他們真的多次回來，透過那種關係，所以這總是一個選擇。也許這並不是為了與 KKR 有所區別。它不一定以 KKR 所說的方式表達，我們希望投入一定數量的現有資本——股權資本來成長它。所以它比較機會主義。也許我會這樣描述它，而 KKR 更像是我們希望發展的計劃承諾。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Thanks, Mike.

謝謝，麥克。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks, good morning down there. So you mentioned the revenue enhancing CapEx program. If you didn't do it, you'd be at 100% payout. I think you kind of alluded to that. So lets us isolate on that dynamic between that and payout or cover rent -- or dividend coverage, how much longer would we have to wait for dividend coverage.

謝謝，樓下早安。所以你提到了增加收入的資本支出計畫。如果您不這樣做，您將獲得 100% 的賠付。我想你有點提到了這一點。因此，讓我們將其與支付或支付租金（或股息覆蓋率）之間的動態分開，我們需要等待股息覆蓋率多長時間。

If you continue to do this $20 million to $25 million with these great returns on incremental investment. As opposed to shutting it down now, which you're not going to do and getting the right coverage that way.

如果您繼續這樣做，2000 萬至 2500 萬美元的增量投資將帶來巨大回報。而不是現在就關閉它，你不會這樣做並以這種方式獲得正確的覆蓋範圍。

Yeah, maybe to think about the trajectory of those two approaches within without the revenue enhancing treatment there, we still think we can drive towards a covered dividend and even with that extra capital sort of towards the end of '25.

是的，也許考慮這兩種方法在沒有收入增加待遇的情況下的發展軌跡，我們仍然認為我們可以推動覆蓋股息，甚至在 25 年底之前有額外的資本。

But obviously, if we have outsized absorption capital, then maybe that ticks you over a little bit, but that's obviously a good problem to have. As we're -- this is a ramping process in our occupancy and the flow through.

但顯然，如果我們擁有龐大的吸收資本，那麼也許這會讓你有點不安，但這顯然是個好問題。就我們而言，這是我們的入住率和流量不斷增加的過程。

So clearly, the further out you go the more beneficial, you're starting to get all the NOI, EBITDA, FAD that comes from that coverage. So it really becomes less of a concern late in '25, but treating it as revenue enhancing capital sort of separate than maintenance CapEx, you get there basically going into '25. So that's the difference.

很明顯，您走得越遠，受益就越大，您將開始獲得來自該覆蓋範圍的所有 NOI、EBITDA、FAD。因此，在 25 年後期，它確實不再那麼令人擔憂，但將其視為與維護資本支出不同的收入增強資本，基本上會在 25 年實現。這就是差別。

Okay. Next question, you've got $1 billion of dispositions and well, I guess the first part of the question is the buyback option at today's stock price. Is that essentially off the table? Is it still make sense to buy back stock at these levels?

好的。下一個問題，你有 10 億美元的配置，我想問題的第一部分是以今天的股價回購選擇權。這基本上是不可能的嗎？在這樣的水平上回購股票仍然有意義嗎？

Yeah, it's maybe to use the stoplight analogy. There's red and green, but then there's sort of the yellow. And I would say that's where probably we are today where you're right, the accretion gets pretty minimal and maybe a different way to express it is what discount to NAV.

是的，也許可以用紅綠燈來比喻。有紅色和綠色，但也有黃色。我想說，這可能是我們今天所處的情況，你是對的，成長變得非常小，也許另一種表達方式是對資產淨值的折扣。

And I'm just kind of using market consensus for the NAV levels. Once you get into the 10% single digit, less than 10% discount to NAV, yeah, the accretion math starts to fade. And so that's sort of where we're trading right now, which is a good thing it's been moving the right direction.

我只是利用市場共識來確定資產淨值水準。一旦你達到 10% 個位數，即資產淨值折扣不到 10%，是的，增值數學開始消失。這就是我們現在正在交易的地方，這是一件好事，它一直朝著正確的方向發展。

So we got in early, we bought nearly 30% discounts to NAV and then continued all the way down to about 10%. And as Kris said, sort of average 20% so there's a little more that can be gained. And I think really our view is we'll just be opportunistic. And if we see dislocations, we'll jump on it.

所以我們很早就入手了，我們以資產淨值折扣近 30% 的價格買入，然後一路下跌至 10% 左右。正如 Kris 所說，平均為 20%，因此還可以獲得更多。我認為我們的觀點其實是我們只是投機取巧。如果我們發現錯位，我們就會立即採取行動。

Okay. So that leaves the question you've got this capital program, $20 million, $25 million share buyback go on and off, we'll see. And then debt repurchase, your asset sales are creating a stream of impairments and will. -- So that's one sort of ghost factor.

好的。因此，剩下的問題就是你是否有這個資本計劃，2000 萬美元、2500 萬美元的股票回購會持續下去，我們拭目以待。然後是債務回購，你的資產出售正在創造一系列的減損和意願。 ——所以這是一種幽靈因素。

And then the other is on the debt repurchases, will there be prepayment penalties associated with that since that maybe will be weighted more in the deployment math. So can you comment on both potential for more impairments and the potential for prepayment penalties on the debt? Thanks.

另一個是債務回購，是否會有與之相關的預付款罰金，因為這可能會在部署數學中佔據更大的權重。那麼您能否評論一下更多減損的可能性以及債務提前還款罰款的可能性？謝謝。

Yeah, Rich, this is Kris. So on the impairments, yes, we have had to take some of those, but really think about it. A lot of those have been assets that were valued at the merger. And so at that point, if cap rates were in the kind of low to mid fives where they were put on. And so now you're saying we're selling them in the mid sixes. And so that's really a balance sheet impact that doesn't change at all.

是的，里奇，這是克里斯。因此，關於損害，是的，我們必須採取其中一些措施，但要認真考慮。其中很多都是在合併時進行估值的資產。因此，在那時，如果資本化率處於其所設定的低至五成左右的水平。現在你說我們以六點半的價格出售它們。所以這其實是對資產負債表的影響，根本不會改變。

What's going through on the income statement. What happens on your accretion, but that's the reason that you have the heavy impairments that are going on. And so we'll continue to see some of that as we continue with the asset sales.

損益表上發生了什麼事。你的吸積會發生什麼，但這就是你遭受嚴重損傷的原因。因此，隨著我們繼續進行資產出售，我們將繼續看到其中的一些情況。

In terms of the debt repayment, we still have capacity right now in terms of bank lines, I mentioned our delayed-draw term loan $250 million. We paid down $100 million in the second quarter. We have $250 million left that was set to expire on July of '25.

在償還債務方面，我們現在的銀行額度還有能力，我提到了我們的延遲提取定期貸款2.5億美元。我們在第二季支付了 1 億美元。我們還剩下 2.5 億美元，原定於 2025 年 7 月到期。

So that will be a priority of ours to pay off and there's no prepayment penalty associated with that. And the overall cost on that is around [6.4%]. So it's not a significant negative drag to be paying that type of debt down.

因此，這將是我們優先償還的事項，並且不會產生與之相關的預付款罰金。總成本約為[6.4%]。因此，償還此類債務並不是一個重大的負面拖累。

And we certainly have a bit of a line balance that we will address that as well. So generally, from what we see right now, we're not having to get into prepayment penalties, but if we increased it and we certainly would take that into consideration as we're considering our options.

當然，我們也有一定的生產線平衡，我們也會解決這個問題。因此，總的來說，從我們現在所看到的情況來看，我們不必支付提前還款罰款，但如果我們增加罰款，我們在考慮我們的選擇時肯定會考慮到這一點。

So there's a good chance then you could be sitting more cash than anticipated by the end of this year because of all these moving parts of that. Is that a fair statement?

因此，由於所有這些變化因素，到今年年底，您持有的現金很可能會比預期更多。這是一個公平的說法嗎？

No, Rich. I think if you look back at what Kris described in his prepared remarks, the $1 billion, the way we think about it is there's about $200 million if you look at our capital obligations that comes out first, that's development, redevelopment funding. It's this revenue-enhancing capital that I was talking about kind of first gen and acquisition capital.

不，里奇。我認為，如果你回顧一下克里斯在他準備好的演講中所描述的內容，即10億美元，我們的想法是，如果你看看我們首先出現的資本義務，即開發、再開發資金，那麼大約有2億美元。我所說的第一代資本和收購資本就是這種增加收入的資本。

So if we pull that $200 million out, you're at $800 million and then if you think of 50-50 leverage neutral that's a rough guide. That's $400 million for debt repayment, $400 million for stock buyback. Obviously, there's some flex in there. We've used up about [$300 million] for stock buyback so it kind of leaves us with about $500 million.

因此，如果我們提取 2 億美元，那麼您的資產就是 8 億美元，然後如果您考慮 50-50 的槓桿中性，那麼這是一個粗略的指導。其中4億美元用於償還債務，4億美元用於股票回購。顯然，那裡有一些彈性。我們已經用掉了大約[3億美元]用於股票回購，所以我們還剩下大約5億美元。

And Kris, just if you look at our debt, we have variable rate debt that we can pay off, it's about $500 million between the line and that term loan Kris mentioned. So I really don't see a scenario where we're sitting on excess cash there.

克里斯，如果你看看我們的債務，我們有可以償還的可變利率債務，與克里斯提到的定期貸款之間的債務約為 5 億美元。所以我真的不認為我們會持有多餘的現金。

Okay. Thanks very much.

好的。非常感謝。

Rich, we'd have to increase our proceeds beyond $1 billion, let's put it that way.

Rich，我們必須將收益增加到 10 億美元以上，這麼說吧。

Yes, okay. Thank you.

是的，好的。謝謝。

Thanks, Rich.

謝謝，里奇。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi, thank you. I'll just follow up on the last question there for the sources and uses. Earlier in the opening remarks, you mentioned $0.01 of accretion. Is that to do with what mostly with what has been accomplished year to date? Or is that largely to do with what you plan to do with the disposition proceeds for the rest of the year?

你好，謝謝。我將跟進最後一個問題，以了解來源和用途。早些時候在開場白中，您提到了 0.01 美元的增值。這與今年迄今所取得的成就有關嗎？或者這很大程度上與您計劃如何處理今年剩餘時間的處置收益有關？

Yeah, the $0.01 is what we're talking about for this year, '24 and [$0.025] on an annualized basis just to be to be clear on that. And it's a combination of doing the entire $1 billion really, I'm looking at the $800 million of what I have kind of coined the capital allocation portion.

是的，我們討論的是今年的 0.01 美元，'24 和年化基礎上的 [0.025 美元]，只是為了澄清這一點。實際上，這是全部 10 億美元的組合，我正在考慮我創造的資本分配部分中的 8 億美元。

The portion that goes to debt repayment and to the share repurchase. We obviously leaned in early on the share repurchase piece and have already executed on about $300 million of that. But then so now here on the back half of the year, you'll be we get a little bit more on the debt repayment. But the $0.01 for the year is the combination of all of that work.

用於償還債務和回購股票的部分。顯然，我們很早就開始進行股票回購，並且已經執行了其中約 3 億美元。但現在在今年下半年，我們將在債務償還方面得到更多的回報。但一年的 0.01 美元是所有這些工作的總和。

Got it. And just like as we look at the uses, you broke out the math the $200 million of CapEx and then right now we're at $300 million a share purchases, assuming you trade in line with where you are today that leaves about $500 million on the debt repayment side. I know you paid down some of your term loan.

知道了。就像我們查看用途一樣，您計算出 2 億美元的資本支出，然後現在我們每股購買 3 億美元，假設您按照今天的交易情況進行交易，剩下大約 5 億美元債務償還方。我知道你還清了一些定期貸款。

So what is it about $250 million left of the term loan and then the rest would be on the line. Is that correct? And could you give the rate on what you're paying on those today?

那麼，定期貸款還剩下 2.5 億美元，剩下的就可以了。這是正確的嗎？您能透露一下您今天支付的費用嗎？

Yeah. So yeah, and as of [630, we had $250 million on the delayed draw term loan and $250 million on the line. And they're slightly different rate but between 6.3% and 6.4%] as what we're paying on those right now. We also have a little bit more term loan -- non-hedge term loan that we could address as well on with -- if we did have additional proceeds.

是的。是的，截至[630]，我們有 2.5 億美元的延遲提取定期貸款和 2.5 億美元的待定貸款。它們的費率與我們現在支付的費率略有不同，但在 6.3% 到 6.4% 之間。如果我們確實有額外的收益，我們還有更多的定期貸款——我們也可以解決的非對沖定期貸款。

Okay. And then I guess thinking about '25 here with the incremental $600 million for KKR, let's say if you start to trade at a premium to match and the attractiveness of this disposition program paid, I guess, do you have any protections there? What's the next most accretive course of action for that capital?

好的。然後我想想想 25 年 KKR 增加了 6 億美元，假設你開始以與之匹配的溢價進行交易，並且支付了這個處置計劃的吸引力，我想，你那裡有任何保護嗎？該資本的下一個最增值的行動方案是什麼？

Yeah, John, as I mentioned, our priorities right now are very focused on the $1 billion that we've been talking about and what Kris just walked through. So it's really our existing commitments, stock repurchase and debt repayment.

是的，約翰，正如我所提到的，我們現在的首要任務非常關注我們一直在談論的 10 億美元以及克里斯剛剛經歷的事情。所以這其實是我們現有的承諾、股票回購和債務償還。

And that really kind of speaks for most of the capital we're talking about. As you look further, you're right, there is an opportunity as our stock price makes sense and it's accretive and it becomes more accretive to the JV, as you can imagine, with fee structures and putting out less capital.

這確實代表了我們正在談論的大部分資本。當你進一步觀察時，你是對的，這是一個機會，因為我們的股價是合理的，並且它具有增值性，並且正如你可以想像的那樣，通過費用結構和投入更少的資本，它對合資企業變得更加增值。

So it's a hard ROI. We can look selectively at incremental acquisitions through that KKR JV but that's something that we'll evaluate depending on our valuation, as you said, as we get to a full value relative to NAV or a premium that really starts to make a lot of sense.

所以這是一個很難的投資報酬率。我們可以選擇性地透過 KKR 合資企業進行增量收購，但正如您所說，我們將根據我們的估值來評估這一點，因為我們得到了相對於資產淨值的完整價值或真正開始有意義的溢價。

So clearly, as I mentioned earlier, we've sort of been in this yellow range. But as you get to sort of the green light, that's a great opportunity for us for external growth.

很明顯，正如我之前提到的，我們已經處於這個黃色範圍內。但當你獲得批准時，這對我們來說是外部成長的絕佳機會。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Emily Meckler, Green Street.

艾米麗·梅克勒，格林街。

Yeah, thank you, guys. Good morning, and I'd like to better understand the quality of recent dispositions associated with the Nuveen JV. How to occupancy levels, average age and remaining lease term compared to your portfolio average? And is it fairly similar to the assets in the KKR JV?

是的，謝謝你們，夥計們。早安，我想更了解與 Nuveen 合資企業相關的近期處置的品質。與您的投資組合平均值相比，入住率、平均年齡和剩餘租賃期限如何？它與 KKR 合資企業的資產相當相似嗎？

Sure. Good question. We actually have a page on this in our investor presentation it's our key highlights, page 8. And we don't necessarily break out the two JVs, not that specifically but we do differentiate between the wholly owned portfolio, the HR portfolio, JVs and dispositions.

當然。好問題。實際上，我們在投資者簡報中專門有一個頁面介紹了這一點，這是我們的主要亮點，第 8 頁。我們不一定要細分這兩個合資企業，不是那麼具體，但我們確實區分了全資投資組合、人力資源投資組合、合資企業和處置。

And this takes into account sort of $1 billion that we've been talking about. So if you look at that, probably the main differentiators, our geography, the top 50 MSAs, there's quite a big difference where the JV in the portfolio or a similar sort of the 90% to 100% range in top 50 MSAs dispose are down at 57%. So a pretty big difference.

這考慮到了我們一直在談論的 10 億美元。因此，如果你看一下，可能是主要的區別因素，我們的地理位置，前50 個MSA，投資組合中的合資企業或前50 個MSA 中類似的90% 到100% 的處置量下降了，這之間存在很大差異為 57%。所以差別很大。

I would say between just maybe going a later further between Nuveen and KKR, not a huge difference there. May be some slightly different preferences among those two groups, but generally high occupancy, strong markets, similar profile.

我想說的是，Nuveen 和 KKR 之間可能會進一步發展，但並沒有太大的區別。這兩個群體的偏好可能略有不同，但整體而言入住率高、市場強勁、形象相似。

And then the other aspect that I would say that's important to us is this clustered idea where it's part of our strategy, obviously, to own multiple properties in a tight cluster, typically around a hospital campus, and we're seeing very similar levels and maintaining similar on the balance sheet are wholly owned and JV, but are disposed much, much lower.

我想說的另一個對我們來說很重要的方面是這種集群化的想法，顯然，它是我們策略的一部分，在一個緊密的集群中（通常是在醫院園區周圍）擁有多個房產，我們看到了非常相似的水平和水平。

So I would encourage you to check out that page. We do provide some other stats as well. One comment, maybe one other differentiator is average escalator. Typically we're trying to keep those higher growth escalators on the balance sheet, wholly owned the JVs and dispose are slightly lower.

所以我鼓勵您查看該頁面。我們還提供了一些其他統計數據。一項評論，也許另一個區別因素是普通的自動扶梯。通常，我們會努力將那些較高成長的自動扶梯保留在資產負債表上，全資擁有的合資企業和處置略低。

On occupancy, you don't necessarily see as much differentiation, but I think it's important to note, generally more stabilized assets going into the JV than even the portfolio. And on dispose similar, although there's sort of two tails, we'll sell some things that are highly occupied, we'll also sell some things where Rob and his team don't see a lot of opportunity to improve leasing.

在入住率方面，你不一定會看到那麼多的差異，但我認為值得注意的是，通常進入合資企業的資產甚至比投資組合更穩定。在處置上類似，雖然有兩條尾巴，但我們會出售一些高度佔用的東西，我們也會出售一些 Rob 和他的團隊認為沒有太多機會改善租賃的東西。

So we're trying to keep as much of the occupancy upside on the balance sheet wholly-owned as we can. So certainly we can follow up if there's more questions, but that's a good page to look at.

因此，我們正在努力讓全資擁有的資產負債表上的入住率上升盡可能多。因此，如果還有更多問題，我們當然可以跟進，但這是一個值得一看的好頁面。

Okay, great. Thank you. And then just one more question generally on the depth of the transaction market. How big would you say the bidding path is for the top 10% of your properties versus bottom 10%?

好的，太好了。謝謝。然後還有一個關於交易市場深度的問題。您認為前 10% 的房產與後 10% 的房產的競價路徑有多大？

Say that again, Emily, I got the top 10% versus bottom 10%. How big is the buyer pool or what did you say?

艾米麗，再說一遍，我得到的是前 10% 的人，而我是後 10% 的人。買家群體有多大，或者你說了什麼？

The bidding 10%. Yeah, the buyer pool of the bidding 10%.

得標10%。是的，競價的買家池中的10%。

I wouldn't say it's gotten a lot better. I would say there's quite a market at both ends. Typically I would lean to say, hey, there's a bigger pool of buyers at the top end. But I think there's definitely folks looking for things they can get it at discounted prices or maybe an opportunity where they say they think they can go lease it out, maybe we don't.

我不會說情況已經好很多了。我想說兩端都有很大的市場。通常我會傾向於說，嘿，高端買家的數量更大。但我認為肯定有人在尋找可以以折扣價買到的東西，或者可能是一個他們認為可以出租的機會，也許我們不會。

So it's improved dramatically. The other factor there has been financing that's gotten a lot, lot better. And so it's actually helped both ends of that. But if you go back six, nine months, I would say a big deals were harder to finance that's changed dramatically. So that's good to see.

所以它得到了顯著的改善。另一個因素是融資已經變得非常非常好。所以它實際上對雙方都有幫助。但如果你回到六、九個月前，我會說大交易變得更難融資，這已經發生了巨大的變化。所以很高興看到這一點。

And it was actually the other way where you could do one-off deals maybe at the bottom end and get financing done with smaller loans that weren't syndicated. So I would say it's been -- it's trending towards neutralizing where both are pretty deep in our end.

這實際上是另一種方式，你可以在底端進行一次性交易，並透過非銀團的小額貸款完成融資。所以我想說，它一直在趨向於中和，而兩者都在我們的結局中非常深入。

One comment I would add to that I was talking to Ryan Crowley yesterday and he mentioned on one specific transaction and working on that the brokers representing us said that it was the highest ratio of LOIs to CAs that they've seen in quite some time. And I think that just is an indication of the depth of the market and what we're seeing right now and how it's improved over the last year 12 to 18 months.

我要補充的一條評論是，我昨天與瑞安·克勞利(Ryan Crowley) 交談，他提到了一項具體交易和工作，代表我們的經紀人表示，這是他們在相當長一段時間以來看到的最高的意向書與CA 的比值。我認為這只是市場深度的一個指標，以及我們現在所看到的情況以及它在過去 12 到 18 個月中的改善。

Okay, great. Thank you guys, very much for the time.

好的，太好了。謝謝你們，非常感謝你們。

Thank you.

謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, good afternoon, guys. Great work on the operational side of that kind of good to see the staff coming along. On the Steward issue, I think in your 10-Q filing there's a statements, say about maybe two leases that got canceled as part of the bankruptcy process?

嗨，是的，下午好，夥計們。在營運方面做得很好，看到員工的到來真是太好了。關於 Steward 問題，我認為在您的 10-Q 文件中有一項聲明，例如可能有兩份租賃在破產程序中被取消？

Could you talk a little bit about what's kind of going on there and why this is already been made and if there's any need through going forward about how Steward is thinking about the overall HR portfolio?

您能否談談正在發生的情況以及為什麼已經這樣做以及是否有必要進一步了解 Steward 如何考慮整個人力資源組合？

Yes, Tayo those were very small, I'd say de minimis is under 8,000 square feet, I believe, it's two leases and these were in buildings that they didn't have any other operations and we're off campuses. So it was -- they were just kind of small things that didn't really matter what happened with the sale of the hospitals. And so those did occur. But like I said, it's pretty small de minimis in the overall scheme of things.

是的，Tayo，那些非常小，我認為最小面積不到 8,000 平方英尺，我相信，這是兩份租約，這些建築位於他們沒有任何其他業務的建築物中，而且我們在校園外。事情就是這樣——它們只是一些小事情，與出售醫院時發生的事情無關。這些確實發生了。但就像我說的，這在整個計劃中是非常小的。

And Tayo, I would say at this point, there would be no inference from those as it relates to everything else. They were, as Kris said, kind of one offs and frankly, not even in Massachusetts. So is really not material at all.

對於 Tayo，我想說，在這一點上，不會有任何推論，因為它與其他一切相關。正如克里斯所說，這些都是一次性的，坦白說，即使在馬薩諸塞州也沒有。所以其實根本不重要。

So I guess it's kind of early to even tried to speculate what may play out. But we're generally encouraged what we're hearing in the process. And maybe I won't forget your comment thank you, I think the operations and leasing team are pretty ecstatic about the work this quarter and sort of the outlook ahead. So I appreciate your comments there.

所以我想現在嘗試推測可能會發生什麼還為時過早。但我們總體上對在此過程中聽到的消息感到鼓舞。也許我不會忘記您的評論，謝謝，我認為營運和租賃團隊對本季的工作以及未來的前景感到非常欣喜若狂。所以我很感謝你的評論。

Sound good, thank you.

聽起來不錯，謝謝。

Thanks, Tayo.

謝謝，泰約。

There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

目前沒有其他問題等待。我想將會議轉交給管理團隊進行總結發言。

Thanks, Cameron. We appreciate it. Thank you, everybody, for joining us today, and we will be around and available for follow-up and look forward to seeing many of you soon. Take care.

謝謝，卡梅倫。我們很感激。謝謝大家今天加入我們，我們將隨時跟進並期待很快見到你們中的許多人。小心。

That concludes the Healthcare Realty second quarter earnings conference call. Thank you for your participation, and enjoy the rest of your day.

Healthcare Realty 第二季財報電話會議到此結束。感謝您的參與，祝您有個愉快的一天。