Healthcare Realty Trust Inc (HR) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be your conference operator today.

感謝您的支持。我的名字是凱倫 (Karen)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Healthcare Realty fourth-quarter 2024 earnings conference call.

現在，我歡迎大家參加 Healthcare Realty 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I will now turn the call over to Ron Hubbard, Vice President of Investor Relations. Please go ahead.

現在我將電話轉給投資者關係副總裁 Ron Hubbard。請繼續。

Thank you for joining us today for Healthcare Realty's fourth-quarter 2024 earnings conference call.

感謝您今天參加 Healthcare Realty 2024 年第四季財報電話會議。

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. These risks are more specifically discussed in the company's Form 10-K filed with the SEC for the year ended December 31, 2024. These forward-looking statements represent the company's judgment as of the date of this call. 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. 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 December 31, 2024. The company's earnings press release, supplemental information and Form 10-K are available on our website.

提醒您，除其中包含的歷史資訊外，本次電話會議中討論的事項可能包含涉及估計、假設、風險和不確定性的前瞻性陳述。這些風險在公司向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表中有更具體地討論。這些前瞻性陳述代表了本公司截至本次電話會議召開之日的判斷。本公司不承擔更新此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，例如營運資金或 FFO、標準化 FFO、每股 FFO、標準化每股 FFO、可供分配資金或 FAD、淨營業收入、NOI、EBITDA 和調整後的 EBITDA。這些指標與最具可比性的 GAAP 財務指標的對帳可以在該公司截至 2024 年 12 月 31 日的季度收益新聞稿中找到。該公司的收益新聞稿、補充資料和 10-K 表格可在我們的網站上查閱。

And now I'll turn the call over to our Interim President and CEO, Connie Moore.

現在我將電話轉給我們的臨時總裁兼執行長康妮摩爾 (Connie Moore)。

Thank you, Ron, and good morning, everyone, and thank you for being with us today.

謝謝你，羅恩，大家早安，謝謝你們今天與我們在一起。

Joining me for our prepared remarks is Austen Helfrich, our Chief Financial Officer; and Rob Hull, our Chief Operating Officer.

與我一起發表準備好的發言的還有我們的財務長 Austen Helfrich；以及我們的營運長 Rob Hull。

Also here with us and available for questions and answers is Ryan Crowley, our Chief Investment Officer.

我們的首席投資長 Ryan Crowley 也來到了我們這裡，並且可以回答您的問題。

As many of you know, I've been affiliated with Healthcare Realty since the middle of 2022 as a member of the Board of Directors. Since our last call and shortly after I stepped into my current role as Interim President and CEO, the company made several meaningful Board and management changes.

你們很多人都知道，自 2022 年中期以來，我一直擔任 Healthcare Realty 董事會成員。自從我們上次通話以來，在我擔任臨時總裁兼執行長一職後不久，公司進行了幾次有意義的董事會和管理層變動。

We elevated existing Director, Tom Bohjalian to Independent Chair. We appointed three new independent directors with deep industry and leadership experience, Dave Henry, Glenn Rufrano, and Don Wood, and we promoted Austen Helfrich to Chief Financial Officer.

我們將現任董事 Tom Bohjalian 提升為獨立主席。我們任命了三位具有深厚產業和領導經驗的新獨立董事，Dave Henry、Glenn Rufrano 和 Don Wood，並將 Austen Helfrich 提升為財務長。

In my new leadership role at Healthcare Realty, I've had the opportunity to become directly involved in our operations, our capital allocation decisions, and outlining our 2025 strategic priorities. Coupled with other executive appointments we announced in September, I am pleased to share that our leadership team has a fresh perspective, renewed vigor, and is executing with intensity.

在擔任 Healthcare Realty 的新領導職務期間，我有機會直接參與我們的營運、資本配置決策以及製定 2025 年策略重點。加上我們在九月宣布的其他高階主管任命，我很高興地告訴大家，我們的領導團隊擁有全新的視角、新的活力，並且正在全力執行。

With these management enhancements, I'm more confident than ever that HR has the management team, competitive position, and portfolio to deliver incremental value to shareholders and to do so on an accelerated basis.

透過這些管理方面的提升，我比以往任何時候都更相信，HR 擁有管理團隊、競爭地位和投資組合，可以為股東帶來增量價值，並且能夠加速實現這一目標。

Moving to our '24 results. We laid out a plan to increase leasing and occupancy momentum and aggressively recycle capital during the year. Our normalized FFO per share in the fourth quarter was $0.40, at the high end of the range we provided and represents 2.5% year over year growth.

轉向我們的24年成果。我們制定了一項計劃來增加租賃和入住率，並在年內積極回收資本。我們第四季的每股標準化 FFO 為 0.40 美元，處於我們提供的範圍的高位，年增 2.5%。

We also achieved new lease commitments of nearly 600,000 square feet in the fourth quarter and 2 million square feet for the year, both all-time records. For occupancy absorption, we had projected 100 points to 150 points of occupancy gains in the multi-tenant portfolio.

我們在第四季度也實現了近 60 萬平方英尺的新租賃承諾，全年實現了 200 萬平方英尺的新租賃承諾，都創下了歷史新高。對於入住率吸收量，我們預計多租戶組合的入住率將上漲 100 點至 150 點。

We finished the year delivering 149 basis points, at the high end of our plan. We did what we said we would do. We also continued our efforts to focus on operational efficiency. We reduced controllable operating expenses by 100 basis points.

我們全年實現了 149 個基點，達到了計劃的最高水準。我們履行了所承諾的義務。我們也持續努力注重營運效率。我們將可控營運費用降低了100個基點。

Our 2024 capital allocation plan was to raise proceeds and accretively repurchase shares that were trading at a significant discount. We generated $1.3 billion in proceeds during the year, including nearly $500 million of non-core asset sales that had limited upside.

我們的 2024 年資本配置計畫是增加收益並增值回購以大幅折扣交易的股票。我們今年的收益為 13 億美元，其中包括近 5 億美元的非核心資產出售，但收益有限。

We also raised through an expanded joint venture platform with leading institutional partners KKR and Nuveen. These joint ventures have been a strong new capital source to monetize largely stabilized assets. We allocated $510 million of the $1.3 billion to repurchase 31 million shares on a leverage neutral basis.

我們也透過與領先的機構合作夥伴 KKR 和 Nuveen 擴大的合資平台籌集資金。這些合資企業已經成為將基本穩定的資產貨幣化的強大的新資本來源。我們分配了 13 億美元中的 5.1 億美元，以槓桿中性方式回購 3,100 萬股。

Along with the share repurchases, we also repaid $350 million of debt and ended the year at 6.4 times leverage, below the 6.5 times leverage we forecasted on our last call. Looking forward to '25, our strategic priorities are focused on one, continuing our operational growth and momentum and operating efficiencies. Two, refining our portfolio through asset sales to focus the portfolio on the densest and fastest growing markets to maximize long term NOI growth.

除了股票回購之外，我們還償還了 3.5 億美元的債務，年底的槓桿率為 6.4 倍，低於我們上次預測的 6.5 倍。展望25年，我們的策略重點集中在一點，持續維持營運成長和發展動能以及營運效率。二是透過資產出售來完善我們的投資組合，將投資組合集中在最密集、成長最快的市場，以最大化長期淨營運收入成長。

And finally, our capital allocation priority in 2025 is focused on significant debt reduction. Combined with our operational growth, we will allocate proceeds to debt repayment and drive a natural deleveraging process towards the low end of our debt to EBITDA range.

最後，我們 2025 年的資本配置重點是大幅減少債務。結合我們的營運成長，我們將把收益分配給債務償還，並推動自然的去槓桿過程，以達到債務與 EBITDA 比率的低端範圍。

With this deleveraging process, there will be a modest near-term earnings headwind. We believe it's the right strategy to position HR for a lower cost of capital and stronger long-term growth.

隨著去槓桿過程的推進，短期內獲利將面臨一定阻力。我們相信，讓人力資源定位於更低的資本成本和更強勁的長期成長是正確的策略。

Before I turn the call over to the rest of the team, I want to provide an update on the CEO search. When I assumed the Interim role, I communicated my tenure would be temporary, and the Board was committed to identifying a permanent CEO who would further advance our strategic priorities.

在將電話轉給團隊其他成員之前，我想提供有關 CEO 搜尋的最新進展。當我擔任臨時職務時，我表示我的任期是暫時的，董事會致力於尋找一位能夠進一步推進我們策略重點的常任執行長。

The Board's search committee was established, and the process began and has been underway since December with a leading executive search firm. We will not rush the process to ensure that the right leader is selected.

董事會的搜尋委員會已經成立，而該搜尋過程自 12 月起已與一家領先的高階主管搜尋公司開始並正在進行中。我們不會倉促行事，確保選出合適的領導者。

So with that, I'm going to turn the call over to Rob to cover more details on our operations and market fundamentals. Austen will then finish with our financial results for 2025 guidance.

因此，我將把電話轉給 Rob，以介紹有關我們的營運和市場基本面的更多細節。奧斯汀隨後將完成我們 2025 年財務業績指引。

Thanks, Connie.

謝謝，康妮。

I'd like to take a moment to put our results in context of the trends we're seeing in the industry.

我想花點時間將我們的結果放在我們所看到的行業趨勢的背景中。

The outpatient medical space continues to be one of the most durable property sectors in real estate, offering steady long-term growth. Demand is need-based and benefits from powerful secular demographic tailwinds.

門診醫療領域仍然是房地產中最持久的房地產領域之一，能夠實現穩定的長期成長。需求是基於需求的，並受益於強大的長期人口順風。

Supply remains constrained with building deliveries and construction starts for the fourth quarter at the lowest levels in a decade. Meanwhile, our biggest tenants, the country's largest healthcare systems, continue to shift patient care into lower cost outpatient settings.

供應仍然受限，第四季度建築交付量和開工量處於十年來的最低水平。同時，我們最大的租戶，也就是全國最大的醫療保健系統，繼續將病患照護轉移到成本較低的門診環境。

All combined, these trends produce long term tailwinds for our portfolio. When I took over as COO in October of last year, my objective was to continue driving the tremendous leasing and absorption momentum we had achieved and to focus on further operating efficiencies.

所有這些趨勢都將為我們的投資組合帶來長期的順風。當我去年十月接任營運長時，我的目標是繼續推動我們已經實現的巨大租賃和吸收勢頭，並致力於進一步提高營運效率。

We saw robust fourth quarter activity topping off a strong year of leasing and absorption for Healthcare Realty. We finished the year with almost 2 million square feet of new signed leases, of which an all-time quarterly high of nearly 690,000 square feet were signed during the fourth quarter.

我們看到第四季活動強勁，為醫療房地產強勁的租賃和吸收年度畫上了圓滿的句號。我們全年共簽訂了近 200 萬平方英尺的新租約，其中第四季度簽訂的租約面積創下季度新高，接近 69 萬平方英尺。

On tenant retention, we retained 83.4% of expiring tenants for the year, up 400 basis points from 2023. And across new and renewal lease commencements, more than 1,500 leases, totaling 6.6 million square feet, were commenced during the year.

在租戶保留方面，我們今年保留了 83.4% 的到期租戶，比 2023 年增加了 400 個基點。在新租約和續約開始生效的年份裡，全年共開始生效 1,500 多份租約，總面積達 660 萬平方英尺。

Of these, 349 leases for over 1.5 million square feet commenced during the fourth quarter. This activity was best in class compared to the MOB sector. As evidenced over the past four quarters, our rate of new lease commencements as a percentage of vacant space has been 50% higher than our peers.

其中，第四季開始簽訂租賃合約 349 份，面積超過 150 萬平方英尺。與 MOB 領域相比，此項活動是同類活動中最好的。過去四個季度的數據表明，我們的新租約開始生效率佔空置面積的百分比比同業高出 50%。

Coupled with strong tenant retention, we've generated 44 basis points of multi-tenant occupancy gains during the fourth quarter and nearly 150 basis points for the year. Multi-tenant absorption for 2024 was at the high end of our expectations provided a year ago.

加上強大的租戶保留率，我們在第四季度實現了 44 個基點的多租戶入住率成長，全年實現了近 150 個基點的成長。2024 年的多租戶吸收量達到了我們一年前預期的高點。

Moving to expenses. I am pleased with the 1% reduction in controllable expenses we realized last year. Our team will continue to manage these tightly in 2025 as we implement new operating initiatives that will drive efficiencies in the coming years.

轉向費用。我很高興看到我們去年可控支出減少了 1%。2025 年，我們的團隊將繼續嚴格管理這些問題，同時實施新的營運計劃，以提高未來幾年的效率。

In short, our operations team is firing on all cylinders. Our larger scale, leasing model, tenant relationships, and day to day execution are driving best in class performance. At this time, I want to take a moment to say thank you to my entire team for their tremendous effort and dedication this past year.

簡而言之，我們的營運團隊正在全力以赴。我們的規模、租賃模式、租戶關係以及日常執行正在推動一流的業績。此時，我想花點時間向我的整個團隊在過去一年中所做的巨大努力和奉獻表示感謝。

We are energized by the results and poised to carry the momentum into the coming year. The outlook for 2025 is strong. Our signed not occupied lease pipeline or SNO at year end represented over 160 basis points of additional occupancy across the portfolio.

我們對這一結果感到振奮，並準備將這一良好勢頭延續到新的一年。2025年的前景十分光明。我們截至年底已簽署的未佔用租賃管道或 SNO 代表整個投資組合中超過 160 個基點的額外佔用率。

This is up roughly 40 basis points from the third quarter and provides good visibility into absorption for the coming year. Also, our top rated health system partners represent a growing portion of our lease pipeline driven by improving operating margins and the ongoing shift to providing outpatient care in the lowest cost setting.

這比第三季上漲了約 40 個基點，為未來一年的吸收提供了良好的可視性。此外，由於營業利潤率的提高和以最低成本提供門診服務的持續轉變，我們評級最高的醫療系統合作夥伴在我們的租賃管道中所佔的比例越來越大。

And we'll continue to focus on maintaining high tenant retention with expectations for the year in the 80% to 85% range.

我們將繼續致力於維持較高的租戶保留率，預計今年的保留率將達到 80% 至 85% 左右。

In sum, I am confident we can deliver another strong year of performance.

總而言之，我相信我們能夠再創輝煌的一年。

Our team is laser focused on driving further occupancy gains to maximize NOI growth.

我們的團隊致力於進一步提高入住率，以最大限度地實現 NOI 成長。

I will now turn the call over to Austen.

現在我將電話轉給奧斯汀。

Thanks, Rob.

謝謝，羅布。

Fourth quarter normalized FFO per share was $0.40, which is at the high end of our prior guidance and represents 2.5% year over year growth. For the full year, normalized FFO per share was $1.56, again at the high end of our revised range.

第四季標準化每股 FFO 為 0.40 美元，處於我們之前預期的高位，年增 2.5%。就全年而言，每股標準化 FFO 為 1.56 美元，再次處於我們修訂範圍的高點。

As Rob mentioned, the fourth quarter was highlighted by strong absorption and robust growth in the core portfolio. Same store cash and NOI growth was 3.1% for the fourth quarter and 2.9% for the year.

正如 Rob 所提到的，第四季的亮點是核心投資組合的強勁吸收和強勁成長。第四季同店現金和淨營業利潤成長率為 3.1%，全年同店現金和淨營業利潤成長率為 2.9%。

I'll discuss Steward Health and Prospect Medical in more detail in a moment, but excluding these bankruptcies, same store cash NOI was 3.6% for the fourth quarter and 3.1% for the full year. On capital allocation, we generated nearly $1.3 billion in proceeds in 2024 and executed over $500 million in share repurchases and $350 million in debt paydown, ending the year at 6.4 times net debt to EBITDA, down from 6.7 times at the end of the third quarter and flat to year end 2023.

稍後我將更詳細地討論 Steward Health 和 Prospect Medical，但不包括這些破產，第四季同店現金 NOI 為 3.6%，全年同店現金 NOI 為 3.1%。在資本配置方面，我們在 2024 年創造了近 13 億美元的收益，並執行了超過 5 億美元的股票回購和 3.5 億美元的債務償還，年底淨債務與 EBITDA 之比為 6.4 倍，低於第三季末的 6.7 倍，並與 2023 年底持平。

We provided a full update on Steward Health and Prospect Medical in our supplemental. However, I'll make a few brief comments here. First, our team has made significant progress addressing Steward. I'm pleased to report that we now have leases in place on over 80% of our pre-bankruptcy Steward square footage.

我們在補充資料中提供了有關 Steward Health 和 Prospect Medical 的完整更新。不過，我在這裡想做幾點簡短的評論。首先，我們的團隊在解決 Steward 問題上取得了重大進展。我很高興地報告，我們現在已經簽訂了破產前 Steward 大樓 80% 以上的租約。

Of the original $27 million in total exposure that I outlined on the last call, we have already secured $19 million in total revenue, trending better than we previously anticipated. Longer term, we still expect to recover over 80% of our pre-bankruptcy Steward NOI.

我在上次電話會議上概述的原始總風險敞口為 2700 萬美元，其中我們已經獲得的總收入為 1900 萬美元，趨勢比我們之前預期的要好。從長遠來看，我們仍希望收回破產前的 80% 以上的管家淨資產。

In January of this year, Prospect Medical filed for Chapter 11 bankruptcy. We have approximately 81,000 square feet of leases across five buildings with Prospect Medical in the Hartford, Connecticut area with total revenue exposure of $2.9 million.

今年 1 月，Prospect Medical 申請第 11 章破產。我們與 Prospect Medical 在康乃狄克州哈特福德地區的五棟建築中簽訂了約 81,000 平方英尺的租約，總收入為 290 萬美元。

The vast majority of our Prospect exposure is in multi-tenant buildings where Prospect is on average about half of the existing tenancy. All of these buildings are currently fully leased and Prospect's rent per square foot is materially similar to other tenants in the buildings.

我們對 Prospect 的投資絕大部分集中在多租戶建築中，這些建築中 Prospect 平均佔現有租戶的一半左右。目前所有這些建築都已全部出租，Prospect 每平方英尺的租金與建築內的其他租戶基本相同。

Although it's early in the bankruptcy process and we have limited information, we have chosen to assume no revenue from Prospect in our 2025 guidance. In light of the specific guidance that I just provided on Steward and Prospect, these have been removed from same store in the 2025 guidance in order to provide better visibility into the core portfolio.

儘管破產程序還處於早期階段，我們掌握的資訊有限，但我們選擇在 2025 年指引中假設 Prospect 不會帶來任何收入。根據我剛剛提供的有關 Steward 和 Prospect 的具體指導，為了更好地了解核心投資組合，這些已從 2025 年指導中的同一家商店中刪除。

Let me put some of the recent bankruptcy events into perspective. Pre-merger, our total reserves as a percent of revenue averaged less than 10 basis points per year. Today, less than 2% of our total portfolio is affiliated with non-credit rated health systems.

讓我來客觀地分析一下最近發生的一些破產事件。合併前，我們的總儲備佔收入的百分比平均每年不到 10 個基點。今天，我們總投資組合中只有不到 2% 與非信用評級醫療系統有關。

I'll now turn to our 2025 capital priorities and our financial outlook. First, we will continue to capitalize on our best in class leasing momentum. As Rob discussed, we had an all-time high in both new leases signed and leases commenced in the fourth quarter.

現在我將談談我們 2025 年的資本重點和財務前景。首先，我們將繼續利用我們一流的租賃勢頭。正如 Rob 所討論的，我們在第四季度簽訂的新租約和開始的租約數量都創下了歷史新高。

We enter 2025 with strong momentum and are guiding to same store absorption between 75 basis points and 125 basis points and same store NOI growth of 3% to 3.75%. Second, we will prioritize continued portfolio refinement with initial guidance of $400 million to $500 million of non-core asset sales during 2025.

我們以強勁的勢頭進入 2025 年，並​​預計同店吸收量將在 75 個基點至 125 個基點之間，同店淨營業收入增長率將在 3% 至 3.75% 之間。其次，我們將優先繼續完善投資組合，初步預期 2025 年非核心資產銷售額將達到 4 億至 5 億美元。

Let me give you a sense of the refinement at work.

讓我讓你感受一下工作中的精緻度。

The targeted dispositions are in markets with population growth about 1.5% slower than the rest of our portfolio, are in locations where we have comparatively less scale and are properties with operating margins that are approximately 200 basis points below the portfolio average.

目標處置位於人口成長速度比我們投資組合中其他資產慢 1.5% 左右的市場，位於我們的規模相對較小的地點，且其營業利潤率比投資組合平均水平低約 200 個基點。

As we think about use of proceeds from these sales for 2025, we will continue to prioritize leasing capital, which is driving our absorption. We have an extremely high return on this incremental investment and it will continue to be a priority.

當我們考慮 2025 年這些銷售所得的用途時，我們將繼續優先考慮租賃資本，這將推動我們的吸收。我們對這筆增量投資獲得了極高的回報，我們將繼續把這筆投資作為優先事項。

After funding leasing capital, the primary focus of proceeds will be reinvestment back into the balance sheet to proactively address 2025 and 2026 debt maturities. This will serve the simultaneous goals of reducing leverage to 6 times to 6.25 times by year end, as well as extending the duration of our outstanding debt.

在為租賃資本提供資金後，收益的主要重點將是重新投資於資產負債表，以積極解決 2025 年和 2026 年到期的債務。這將同時實現到年底將槓桿率降低至 6 倍至 6.25 倍的目標，並延長我們未償還債務的期限。

This is a targeted reinvestment of near-term earnings to reduce leverage. Finally, unlocking value through cash flow growth is a key focus in 2025. This year, our total portfolio and same store lease expirations are down approximately 10% from 2024 levels.

這是針對性的短期收益再投資，以降低槓桿率。最後，透過現金流增長釋放價值是 2025 年的重點。今年，我們的總投資組合和同店租約到期量較 2024 年的水準下降了約 10%。

This decline in expirations coupled with continued improvements in tenant retention will naturally reduce our exposure to leasing costs while producing same store absorption gains comparable to or better than 2024.

到期量的下降加上租戶保留率的持續提高自然會降低我們的租賃成本風險，同時產生與 2024 年相當或更好的同店吸收量收益。

Our focus on capital efficiency, coupled with expected NOI growth and lower lease expiration schedule should contribute to our goal of achieving full dividend coverage in the fourth quarter of '25 or early '26.

我們對資本效率的關注，加上預期的淨營運收入成長和較低的租賃到期時間表，應有助於我們實現在 25 年第四季或 26 年初實現全額股息覆蓋的目標。

Let me close out 2025 guidance by providing two additional notes. First, our focus in 2025 is on achieving our full year goals. As such, we will not be providing quarterly guidance, but we'll provide additional commentary as necessary to address quarterly seasonality or significant transaction timing.

讓我透過提供兩個補充說明來結束 2025 年的指導。第一，2025年的重點是實現全年目標。因此，我們不會提供季度指導，但我們會根據需要提供額外評論，以解決季度季節性或重大交易時機問題。

As a reminder, due to typical seasonality, you should expect our first quarter FFO per share to be the lowest quarter of the year. Additionally, the first quarter is a difficult comp for same store NOI growth due to one-time property tax benefits in '24, as well as the winter weather that has hit the Southeast this year, including several significant snow events.

提醒一下，由於典型的季節性，您應該預期我們的第一季每股 FFO 將是全年最低的季度。此外，由於24年的一次性房產稅優惠，以及今年襲擊東南部的冬季天氣（包括幾場大雪），第一季同店淨營業收入成長較為困難。

Thus, you should expect 1Q same store NOI growth to be below our full year trend. Second, for simplicity and comparability of financial and operating metrics going forward, we will focus our guidance on the same store portfolio and the consolidated company.

因此，您應該預期第一季同店淨營業收入成長將低於我們的全年趨勢。其次，為了未來財務和營運指標的簡單性和可比性，我們將把指導重點放在同店組合和合併公司上。

We have provided multi-tenant growth rates for the fourth quarter for completion of 2024 results, but do not plan on providing similar metrics in 2025. You can see our full year guidance ranges in our supplemental.

我們提供了 2024 年第四季的多租戶成長率以完成結果，但不打算在 2025 年提供類似的指標。您可以在我們的補充文件中看到我們的全年指導範圍。

I'll now turn it back to Connie for closing remarks.

現在我將話題轉回給康妮，請她作最後發言。

Thanks, Austen.

謝謝，奧斯汀。

Healthcare Realty has an incredibly steady, consistently growing business with embedded occupancy upside. We are focused on executing our strategic priorities and to enhance shareholder value. In short, we're excited about the future of Healthcare Realty.

醫療地產業務極為穩定，持續成長，且具有龐大的入住率上升空間。我們專注於執行我們的策略重點並提高股東價值。簡而言之，我們對醫療房地產的未來充滿期待。

Before I turn it over to Q&A, I want to personally thank all the Healthcare Realty team members for not only their extraordinary accomplishments last year, but also for welcoming me into the organization. It has been a privilege to serve.

在進入問答環節之前，我要親自感謝醫療房地產團隊的所有成員，不僅感謝他們去年的非凡成就，也感謝他們歡迎我加入該組織。能夠為我服務是我的榮幸。

Karen, we're now ready for question and answers.

凱倫，現在我們可以開始問答了。

(Operator Instructions)

（操作員指令）

Austin Wurschmidt, KeyBanc Capital Markets.

KeyBanc 資本市場部的 Austin Wurschmidt。

I was hoping that you could break out new leasing this quarter related to some of the backfilling of the Steward space that you achieved. And then along the same lines, I'm curious if the same store net absorption guidance of 75 basis points to 125 basis points includes any releasing of that Steward space.

我希望您能在本季推出與您實現的 Steward 空間填補相關的新租賃。然後沿著同樣的思路，我很好奇同一家商店淨吸收指導 75 個基點到 125 個基點是否包括釋放該 Steward 空間。

And then what kind of that incremental leasing what's not in the SNO pipeline is assumed to achieve that net absorption?

那麼，什麼樣的增量租賃（不在 SNO 管道中）可以實現淨吸收量？

Yeah. Hey, Austin. This is Rob. I'll start and maybe Austen can chime in.

是的。嘿，奧斯汀。這是羅布。我先開始，也許奧斯汀也可以加入。

But on the new leasing, we treated the subtenant to direct leases, which is a big bulk of the Steward releasing activity, we treated those as renewals. So none of that activity is in our new lease number of almost 690,000 square feet.

但在新的租賃中，我們將轉租人視為直接租賃，這是管家釋放活動的很大一部分，我們將其視為續約。因此，這些活動都不在我們近 69 萬平方英尺的新租賃面積內。

There was about 15,000 square feet of new leasing in the fourth quarter related to those Steward buildings, but those were net new leases.

第四季與 Steward 大樓相關的新租賃面積約為 15,000 平方英尺，但這些是淨新租賃。

And then can you repeat your other question related to same store growth?

然後，您能重複一下與同店成長相關的另一個問題嗎？

Yeah. Trying to understand how much if there's any of the Steward spaces included in the 75 basis points to 125 basis points of net absorption expected this year as well as kind of what's the incremental new leasing you need to achieve to reach that absorption guidance recognizing you've got some lease up from the expansion of the SNO pipeline.

是的。試圖了解今年預計的 75 個基點到 125 個基點的淨吸收量中包含多少 Steward 空間，以及需要實現多少增量新租賃才能達到該吸收指導，同時認識到您從 SNO 管道擴建中獲得了一些租賃。

Austin, I'll chime in here for -- on the first question.

奧斯汀，我來回答第一個問題。

Our absorption target for next year, similar to what Rob discussed in the fourth quarter, does not include Steward. So there's no overlap between what we're achieving on Steward and our new absorption targets for 2025.

我們明年的吸收目標與 Rob 在第四季度討論的類似，並不包括 Steward。因此，我們在 Steward 上所取得的成就與我們 2025 年的新吸收目標之間沒有重疊。

What I would also say is on the lease commencement front for 2025, Rob referenced the SNO pipeline, which is essentially flat year over year. So I think from a new commencement standpoint, if you take our lower expirations and run it through the retention that we've given, what we're implying are similar lease commencements generally in '25 or '24.

我還想說的是，關於 2025 年的租賃開始方面，羅布提到了 SNO 管道，該管道與去年同期相比基本持平。因此，我認為，從新的開始的角度來看，如果您採用我們較低的到期日，並將其與我們提供的保留期進行比較，我們暗示類似的租賃開始時間一般在'25 年或'24 年。

And you're really seeing the benefit of having less expirations.

而且您確實看到了減少到期次數的好處。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Just hoping you could talk a little bit about expectations for FAD as it relates to normalized FFO guidance. And then is it -- and part of that, just the latest thoughts on the dividend. I know you kind of said you'd expect to be covered by the fourth quarter '25 or into '26.

只是希望您能談談與規範化 FFO 指導相關的 FAD 期望。然後就是這樣——其中的一部分，只是關於股息的最新想法。我知道您說過，您預計到 2025 年第四季或 2026 年將會覆蓋這一目標。

So is a dividend cut that was maybe talked about later last year, is that 100% off the table or just the latest thoughts around that?

那麼，去年稍後可能討論過的削減股息是否完全不可能了，還是只是最新的想法？

Hi, Juan. This is Connie.

你好，胡安。這是康妮。

Well, the dividend, as we've talked about and we talked about late last year is that we're pretty confident that just given with the leasing momentum that we have and the operation efficiency that we will grow into our dividend by the end of this year or next year.

至於股息，正如我們在去年年底討論過的一樣，我們非常有信心，鑑於我們現有的租賃勢頭和營運效率，我們將在今年年底或明年實現股息成長。

And so that's really the strategy that we've got right now is focused on our leasing activity and sort of a natural deleveraging from the dividend.

所以，我們現在的策略實際上是專注於我們的租賃活動以及從股息中自然去槓桿。

[FAD] payout or for FAD numbers, the guidance range was to think about that relative to normalized FFO.

[FAD] 支出或 FAD 數字，指導範圍是相對於規範化的 FFO 來考慮。

Yeah. I think if you look at the maintenance capital guidance that we've provided, Juan, and you think about what I talked about expirations and the level of those expirations through next year, that combined with the core growth in FFO per share, that will sort of bridge you, I think, to what your question is, which is how are we getting to coverage by the fourth quarter.

是的。胡安，我認為如果你看一下我們提供的維護資本指導，並思考一下我談到的到期日以及到明年的到期水平，再加上每股 FFO 的核心增長，我想這將有助於你回答你的問題，即我們如何在第四季度實現覆蓋。

Is that -- am I answering your question there?

那是——我正在回答你的問題嗎？

Sort of. Yes.

有點。是的。

Well, and I think two, that it really depends -- I mean if leasing accelerates, FAD will be adjusted because we'll have more TI, but that will be the right decision. So and that's why it's really sort of towards the tail end of '25 or early '26 because it really does depend on our leasing activity.

嗯，我認為這真的取決於——我的意思是，如果租賃加速，FAD 將進行調整，因為我們將有更多的 TI，但這將是正確的決定。所以這就是為什麼它實際上是在 25 年末或 26 年初，因為它確實取決於我們的租賃活動。

Nick Joseph, Citigroup.

花旗集團的尼克約瑟夫 (Nick Joseph)。

Connie, you mentioned obviously the CEO process that's ongoing and not wanting to rush it, which makes sense, but just curious where we are in the process and expectations of timing of an announcement.

康妮，你顯然提到了執行長的任命流程正在進行中，並且不想倉促行事，這很有道理，但我只是好奇我們處於流程的哪個階段，以及對宣佈時間的預期。

Well, I wish I had expectations for you. We -- the search committee really got together and in earnest and really started talking about their thoughts on the CEO search in December, but I think we talked about in Las Vegas, the end of the year is a tough time to be starting a search, particularly the magnitude of a CEO.

好吧，我希望我對你有所期望。我們 — — 搜尋委員會真的聚在一起，認真地討論他們在 12 月對執行長搜尋的想法，但我想我們在拉斯維加斯討論過，年底是開始搜尋的艱難時期，尤其是對於重要的執行長來說。

So it really started in January. So sitting here today, we're at about 60 days in. So I think when we were in Las Vegas, Tom Bohjalian used to say six to nine months. I am certainly hoping that it doesn't take that long. I think this company needs a permanent CEO.

所以它實際上是從一月開始的。所以今天坐在這裡，我們已經過了大約 60 天。所以我想，當我們在拉斯維加斯的時候，湯姆·博哈里安曾經說過六到九個月。我當然希望它不要花那麼久。我認為這家公司需要一位永久的執行長。

But I don't have expectations about when that will be done. But I will say that this committee has been working very aggressively. And I like to say they've got their running shoes on. And so I expect that we'll have one soon.

但我並不期望什麼時候能夠實現。但我要說的是，這個委員會一直非常積極地工作。我想說的是，他們已經穿上跑鞋了。因此我期望我們很快就會有一個。

But I just -- I can't really give a date because I just -- it's an important position and we want to make sure that it's right.

但我只是——我真的無法給出一個日期，因為我只是——這是一個重要的職位，我們想確保它是正確的。

And then just obviously, things are changing in Washington. There's probably some more direct impacts to some other property sectors. But is there anything from a MOB perspective that maybe changes in Washington could have a downstream impact to your tenants?

顯然，華盛頓的情況正在改變。其他一些房地產行業可能會受到更直接的影響。但是從 MOB 的角度來看，華盛頓的變化是否會對您的租戶產生下游影響？

I think similar to you, we're watching what's coming out of Washington. I think it'd be a difficult statement to say that we have a good feeling for what ultimately the new administration will decide in terms of healthcare.

我想與您類似，我們都在關注華盛頓的動向。我認為，我們很難說我們對新政府最終將在醫療保健方面做出什麼決定有良好感覺。

I think obviously it's a little early to speculate. What we do believe is, as Rob mentioned, that the health system demand for outpatient space right now remains robust. And we continue to be and outpatient continues to be the lowest cost setting of care.

我認為顯然現在猜測還為時過早。正如羅布所提到的，我們確實相信，目前醫療系統對門診空間的需求依然強勁。我們將繼續保持門診治療的成本最低。

So to the extent, the administration wants to lower cost, we are the natural beneficiary of that. I think to speculate at this point on any specifics out of the administration, candidly, it's just too early to do that.

因此，如果政府希望降低成本，我們自然就是受益者。坦白說，我認為現在就猜測政府的任何具體措施還為時過早。

Yeah. But Ryan and our legal team spend time in Washington just staying in front of legislators so that they're clear about the benefits of the MOB space.

是的。但 Ryan 和我們的法律團隊花時間在華盛頓與立法者交流，以便他們清楚了解 MOB 空間的好處。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Let me ask a question on the CEO also. Perhaps you won't answer it, but we'll see. You've laid out a very specific game plan around the dividend, around people, around strategy. And I'm wondering if that sort of stake in the ground on those important topics has made it harder to find a candidate that may naturally want his or her own thoughts to come through on the path forward for the company.

我也想問一個有關執行長的問題。也許你不會回答，但我們會看到。您圍繞紅利、人才和策略制定了非常具體的遊戲計劃。我想知道，在這些重要議題上，這種立場是否會讓尋找一位自然而然希望自己的想法在公司前進的道路上得以體現的候選人變得更加困難。

I'm just wondering if that is at all a headwind with a lot of the decisions -- big decisions already made.

我只是想知道，這是否會對許多已經做出的重大決定造成不利影響。

Right. Well, Rich, I think it's a really good question, but I would say no. First of all, of the people that we have met with, they understand that there are no sacred cows here, both in terms of people and decisions.

正確的。好吧，里奇，我認為這是一個很好的問題，但是我的答案是否定的。首先，我們所見過的人都明白，這裡沒有什麼不可侵犯的神聖之物，無論從人還是從決策的角度來看。

So that any new CEO -- and the committee is very clear on this, that any new CEO has the opportunity to evaluate the team, evaluate the strategy. We think we have a really good strategy. And we think that anyone coming in here is going to see that.

因此，任何新任執行長——委員會對此非常清楚，任何新任執行長都有機會評估團隊、評估策略。我們認為我們有一個非常好的策略。我們認為任何來到這裡的人都會看到這一點。

But time will tell. But no, I do not believe that it has been a hindrance to our search at all. The quality of the people that we're talking to is extraordinary. So no.

但時間會證明一切。但不，我不認為這會為我們的搜尋帶來任何阻礙。我們交談的對像素質非常高。所以不行。

I'm not surprised by that.

我對此並不感到驚訝。

And then just a quick one for me, the rub against medical office is, it doesn't sort of sit very well in an inflationary environment. I'm wondering maybe to Rob, if there's any sense that you can sort of deploy inflation into your conversations and get a spread over CPI to a greater degree in terms of rent growth in much of the way, we've seen in other asset classes.

我只想快速說一句，醫療辦公室的弊端在於，在通貨膨脹的環境下，它並不太適合。我想知道，羅布，您是否可以將通貨膨脹納入到您的談話中，並在租金增長方面獲得與 CPI 更大程度的利差，就像我們在其他資產類別中看到的那樣。

Is that something that you're finding some success with?

您是否發現這方面有些成功？

Yeah, Rich. I would say that our discussions and our leasing process starts with we introduced what we call the dynamic leasing guideline about a year ago. It's informed by local really submarket type data. And it's an IRR based model.

是的，里奇。我想說，我們的討論和租賃流程始於大約一年前我們引入的所謂的動態租賃指南。它是由當地真正的子市場類型數據告知的。這是一個基於 IRR 的模型。

And so our teams, out there going -- whenever they're renewing or looking for new deals, they're going on a lease by lease basis. If the opportunity arises to push rents, our model will inform them of that. And their real goal is to achieve the highest IRR on that lease, whether it's a renewal or a new lease.

因此，我們的團隊在進行續約或尋找新交易時，都會根據租約的具體情況進行。如果出現提高租金的機會，我們的模型就會告知他們。他們的真正目標是實現租約的最高 IRR，無論是續約還是新租約。

And so that's the way that we guide our leasing decisions. And you can see that in some cases, we put the spread in our supplemental in terms of where our renewals -- what the spreads look like. And some of them often, sometimes you can get high cash leasing spreads. Supply demand factors work out. The situation's right.

這就是我們指導租賃決策的方式。您可以看到，在某些情況下，我們會將利差放在補充內容中，以說明我們的續約情況——利差是什麼樣的。其中有些通常情況下，有時你可以獲得較高的現金租賃利差。供需因素發揮作用。情況正夠。

In other cases, our team is driven by the higher IRR that may produce a lower cash leasing spread. But avoid costly downtime and an expensive re-tenanting of the space. So that's the way that we're approaching our renewals and our new leasing in the portfolio.

在其他情況下，我們的團隊會追求更高的 IRR，從而產生更低的現金租賃利差。但要避免代價高昂的停機時間和昂貴的空間重新租賃。這就是我們處理續約和投資組合新租賃的方式。

And that we'll continue to do that and where we can push rents, we will. And when the opportunity arises to do so, we'll certainly factor that into our decision making.

我們會繼續這樣做，只要我們能夠提高租金，我們就會這麼做。當這樣的機會出現時，我們肯定會將其納入我們的決策中。

But you are getting bumps.

但你卻遇到了困難。

Yes, that is a good point. We are -- in all cases, we are getting escalators that are 3% plus in all of our deals. And so really I view that as that's embedded long term solid growth for the portfolio moving forward. So a very stable -- it supports a very stable cash flow in the MOB space.

是的，這是一個很好的觀點。在所有情況下，我們在所有交易中都獲得了 3% 以上的自動增值收益。因此，我確實認為，這是未來投資組合長期穩健成長的基礎。因此非常穩定——它支持 MOB 領域非常穩定的現金流。

John Kilichowski, Wells Fargo.

富國銀行的約翰‧基利喬斯基 (John Kilichowski)。

Maybe Austen, if I could kind of go back to your comments on sort of the capital recycling activity and the $400 million to $500 million of dispositions and guide. Could you help bifurcate one of those are asset sales versus JVs?

也許是奧斯汀，如果我可以回到你關於資本回收活動以及 4 億到 5 億美元處置和指導的評論。您能幫忙區分資產銷售和合資企業嗎？

And then kind of where the capital would go? Initially, it's kind of CapEx and redev seems to be the focus. But then what's left over, it looks like it's implied about $100 million to $200 million. Maybe what's on the balance sheet that's your first target?

那麼資本會流向何處？最初，它是一種資本支出，而重新開發似乎是重點。但剩下的金額看起來大約是 1 億到 2 億美元。也許資產負債表上的內容就是您的首要目標？

And then what are those '26 term loans may have any early termination fees associated with them?

那麼那些 26 期貸款可能會產生提前終止費用嗎？

Yeah. Let me make sure I got all of those questions. So I'll start taking through them and then you can tell me if I missed one.

是的。讓我確認我已經回答了所有這些問題。因此，我會開始檢查它們，然後你就可以告訴我我是否遺漏了哪一個。

So first on the $400 million to $500 million. I've talked a lot in my script about the non-core nature of those assets and a continued process of portfolio refinement. So you should expect us to primarily weight those towards asset sales.

首先是 4 億到 5 億美元。我在我的腳本中多次談論了這些資產的非核心性質以及持續的投資組合完善過程。因此你應該預料到我們主要會將這些重點放在資產銷售上。

Those are markets, those are properties that not only do we see a benefit from a monetization, but also from just a portfolio rationalization, footprint rationalization perspective. So simple answer is expect that to be heavily weighted towards sales.

這些是市場，這些屬性，我們不僅能從貨幣化中看到好處，也能從投資組合合理化、足跡合理化的角度看到好處。因此簡單的答案是預計其將主要側重於銷售。

I don't disagree with your math on leftover funding. The way that you ran through it. Easiest way to talk about what our intent for that would be, would be we have $250 million. I guess I should say that we're really happy with the flexibility that we have with the balance sheet entering this year.

我並不反對你對剩餘資金的計算。你奔跑的方式。談論我們的目的最簡單的方式就是我們有 2.5 億美元。我想我應該說我們對今年資產負債表的靈活性感到非常滿意。

We fully paid off our revolver at the end of '24. We do have $250 million of unsecured notes maturing in May. And then to your second question, we have no prepayment penalty on the term loans. So we will look to put the bonds maturing in May on the revolver.

我們在 24 年底全部還清了左輪手槍的債務。我們確實有 2.5 億美元的無擔保票據將於五月到期。然後回答您的第二個問題，我們對定期貸款沒有提前還款罰金。因此，我們考慮將五月到期的債券放入循環信貸中。

And then from there, we will have flexibility around prepayment of that or paydown of that combined with early paydown of the term loans. And then a lot of that will just depend as we go through the year on market conditions.

然後從那時起，我們將可以靈活地提前償還貸款或分期償還貸款，以及提前償還定期貸款。然後，很多事情將取決於我們全年的市場狀況。

So I think the good news is we have a lot of flexibility, but we do want to move to reinvest that non-core asset sales proceeds back into debt paydown.

因此，我認為好消息是我們有很大的靈活性，但我們確實希望將非核心資產銷售收益重新投資於償還債務。

And I guess so the disposition guide, I think my second part of this was that disposition cap rate kind of moved up from a 6.6 to that 6.8 to 7.3 range. You would say that's mostly indicative of the mix of dispositions between asset sales and JV contributions between '24 and '25 and not necessarily the nature of the portfolio moving in this environment?

我想，處置指南的第二部分是處置資本化率從 6.6 上升到 6.8 到 7.3 的範圍。您是否認為這主要表明了 24 年至 25 年期間資產出售和合資企業貢獻的配置組合，而不一定是這種環境下投資組合變動的性質？

That's correct. That's primarily an asset mix. We'll see how the sales go throughout the year, but I think you're right. That's a little bit of a NOI to pricing expectations given the non-core nature of some of these assets.

沒錯。這主要是一種資產組合。我們將關注全年的銷售情況，但我認為你是對的。考慮到部分資產的非核心性質，這對於定價預期來說有點 NOI。

Michael Gorman, BTIG.

邁克爾·戈爾曼（Michael Gorman），BTIG。

Maybe just sticking with that, Austen, can you just kind of walk through the bucket for the asset sales this year? Were those also potentially part of the non-core asset sales last year, or has the -- have the parameters of how you think about what's non-core in the portfolio changed?

也許只是堅持這一點，奧斯汀，你能否大致介紹一下今年的資產銷售情況？這些是否也可能是去年非核心資產銷售的一部分，或者您對投資組合中非核心資產的看法是否改變了？

And then maybe as you think about the capital allocation here, I'm just curious how you think about your cost of equity as that cap rate on non-core sales starts to creep up. And you were still active on kind of share repurchases in the fourth quarter. I'm just kind of curious how that all kind of pieces together.

然後也許當您考慮這裡的資本配置時，我只是好奇當非核心銷售的資本化率開始上升時，您如何看待股權成本。你們在第四季仍然積極進行股票回購。我只是有點好奇所有這些是如何組合在一起的。

Yeah. Good question. Definitely, I mean when we talk about 2024, I don't think we can gloss over that we did have non-core asset sales in that. When we're looking at the $400 million to $500 million in 2025, that is a continuation of portfolio refinement.

是的。好問題。當然，我的意思是，當我們談論 2024 年時，我認為我們不能掩蓋我們確實有非核心資產出售的事實。當我們展望 2025 年的 4 億到 5 億美元時，這就是投資組合優化的延續。

And I would say quite honestly, probably a more aggressive position on exiting certain markets entirely. And the benefit that we see to the overall portfolio, especially from what I talked about a growth in margin perspective.

我可以坦白說，我們可能會更積極地徹底退出某些市場。我們看到了對整個投資組合的好處，特別是從我談到的利潤率成長的角度來看。

So I think that is a move forward in the direction of portfolio refinement and we are taking, I think, a more aggressive step towards that in 2025. On the cost of equity discussion, if you look at 2024, the cap rate on asset sales was 6.6%. And that was a pretty diverse group of assets.

因此，我認為這是朝著投資組合完善方向邁出的一步，我認為，我們將在 2025 年朝著這個方向邁出更積極的一步。關於股權成本的討論，如果您看 2024 年，資產銷售的資本化率為 6.6%。這是一組相當多樣化的資產。

We did have non-core asset sales in there, as well as obviously some stabilized monetization into the ventures. So I think we think about private market cap rates today. We're still seeing good activity for core assets in the mid-6s.

我們確實有非核心資產出售，並且顯然有一些穩定的貨幣化進入企業。所以我認為我們今天要考慮的是私人市場資本化利率。我們仍然看到 6 年代中期核心資產的良好活動。

So I think that core pricing on MOBs has not moved from 2024. And our 2024 results are really matched that overall market dynamic. I think when you think about cap allocation for '25, obviously, we're going to be dynamic.

因此我認為 MOB 的核心定價從 2024 年起就沒有改變過。我們的 2024 年業績與整體市場動態確實相符。我認為，當你考慮 25 年的上限分配時，顯然我們會變得動態。

We are watching what is going on. But for the reasons that I mentioned, the balance sheet is really a focus moving into this year. And Connie had touched on in her prepared remarks really wanting to reinvest in that. It will -- it obviously is a little diluted to our earnings growth in '25, but from an overall long term growth perspective, we feel this is the right move.

我們正在觀察正在發生的事。但由於我提到的原因，資產負債表確實是今年的焦點。康妮在她準備好的演講中提到她確實希望對此進行重新投資。這顯然會稍微削弱我們25年的獲利成長，但從整體長期成長的角度來看，我們認為這是正確的舉措。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

So my question is really around, when you guys think about sustainable earnings growth for the overall HR platform, what do you guys kind of estimate that is? And how soon does HR get there?

所以我的問題是，當你們考慮整個人力資源平台的可持續獲利成長時，你們對此的估計是多少？HR 多久能到達那裡？

And I think again, you talked a little bit about delevering near term, being a little bit of a headwind. When we take a look at interest, debt maturities over the next two years or so, the large amount of debt maturity, the swaps also in place, and some of the interest rate risk there that probably is a headline or a headwind for the next two to three years.

我再次想一想，您談到了近期去槓桿的問題，這會帶來一些阻力。當我們考慮未來兩年左右的利息、債務到期情況時，大量的債務到期、掉期也已到位，而其中的一些利率風險可能成為未來兩到三年的頭條新聞或阻力。

Just again, how do you guys really kind of think through that that when you're kind of past all that, you have the right capital structure in place? This company is capable of generating 3%, 4% AFFO per share growth with a dividend growth commensurate with that.

再說一遍，你們是怎麼想的，當你們度過了所有這些難關之後，你們就已經擁有了正確的資本結構？該公司能夠實現每股 AFFO 3%、4% 的成長，並且股息成長與之相稱。

Just how do you kind of think through all that? And basically, what's the ask to investors of be patient for the next two years as we fix this to before you kind of get sustainable earnings growth?

您是如何看待這一切的？基本上，在我們解決這個問題之前，要求投資者在未來兩年內保持耐心，然後才能獲得可持續的獲利成長嗎？

I'll start by saying that if you look at the core growth in our portfolio right now, we obviously feel like we are executing extremely well. To your -- I think you made an excellent point around the capital structure. And we do have an earnings headwind in 2025 from delevering from interest rates.

首先要說的是，如果你看看我們目前投資組合的核心成長，你會發現我們顯然感覺我們的執行力非常好。對於您的—我認為您關於資本結構的觀點非常好。而且，到 2025 年，我們確實會面臨利率去槓桿帶來的獲利阻力。

I think when you look at the long term growth rate, which I suspect is where you're going in the MOB space, 20 years of data would tell you that the long term growth rate of this business is wrapped around 3%. I think in the near term, Healthcare Realty has an excellent opportunity to outperform that.

我認為，當你看長期成長率時，我懷疑這就是你在 MOB 領域的發展方向，20 年的數據會告訴你，這項業務的長期成長率在 3% 左右。我認為，短期內，醫療地產有絕佳的機會超越這一表現。

And from a headline growth perspective, we do face the same headwinds as many of our peers in terms of debt refinancing cost. So I think on the total AFFO growth long term, Tayo, I think if you think about the core growth of the portfolio, you can obviously leverage that to get your AFFO and FFO growth long term.

從整體成長角度來看，在債務再融資成本方面，我們確實面臨著與許多同業相同的阻力。因此，我認為就長期的 AFFO 整體成長而言，Tayo，我認為如果您考慮投資組合的核心成長，您顯然可以利用這一點來實現 AFFO 和 FFO 的長期成長。

We're obviously focused on executing 2025 and heads down on that at the moment. But I think those are the component pieces, and you're right, for long term growth for the company. And a lot of it goes back to 20 years of history of what is extremely durable growing cash flows.

顯然，我們目前正專注於執行 2025 年目標。但我認為，這些都是公司長期發展的一部分，你說得對。其中很大一部分可以追溯到 20 年前極其持久的成長現金流的歷史。

And that is the model and that is where we are focused on executing and getting back to the clean durable cash flow growth story with a near term opportunity for occupancy improvement that we've talked about.

這就是模型，我們專注於執行並回到乾淨、持久的現金流成長故事，以及我們所討論的近期入住率改善機會。

But as we do that, as Austen says, clearly, we have the headwind with paying off the debt and the difference in the interest rate. But we're using sale proceeds to do that. So we also have a headwind if you will by reducing NOI to pay off debt.

但當我們這樣做時，正如奧斯汀所說，顯然，我們在償還債務和解決利率差異方面面臨阻力。但我們利用銷售收益來實現這一點。因此，如果你願意的話，透過減少淨營運收入來償還債務，我們也面臨阻力。

So there's two things that are sort of headwinds for us in '25, but it's the right decision to get the balance sheet where we want to. So to your point, we get to a long-term stabilized growth.

因此，有兩件事對我們來說在 25 年是一種阻力，但這是一個正確的決定，可以讓資產負債表達到我們想要的水平。正如您所說，我們實現了長期穩定的成長。

John Pawlowski, Green Street.

約翰‧帕沃夫斯基 (John Pawlowski)，綠街。

Maybe just a follow on question to that that conversation topic. Austen, the 2026 maturity is $1.2 billion rolling in 2026. I think a lot of it's clustered around the middle of the year. How quickly will you look to refinance that?

也許只是對該談話主題的一個後續問題。奧斯汀，2026 年到期的債券金額為 12 億美元，滾動計入 2026 年。我認為很多事情都集中在年中左右。您希望多快完成再融資？

Is that a second half of '25 exercise in your mind? More color on how you tend to address the significant 2026 maturities would be appreciated.

你心中的這就是 25 年演習的後半部嗎？如果您能更詳細地說明如何解決 2026 年到期的重要債務問題，我們將非常感激。

I think you answered the question well, John. It is the second half of '25 is going to be the primary focus point for us and what we're assuming in our '25 outlook.

我認為你很好地回答了這個問題，約翰。25 年下半年將是我們關注的重點，也是我們對 25 年展望的假設。

Obviously, I talked about having flexibility on the balance sheet today. Our near term unsecured debt maturities. And then really in the second half of the year looking to A, execute on the debt pay down that I outlined from the asset sales and then B, start to refinance and chip away at those '26 maturities.

顯然，我今天談到了資產負債表的靈活性。我們的近期無擔保債務到期。然後實際上在下半年著眼於 A，執行我從資產出售中概述的債務償還，然後 B，開始再融資並逐漸償還那些 26 年到期的債務。

I wanted to go back to the conversation around the trajectory of FAD relative to the dividend. I know that maybe the messaging has changed late last year. But middle of last year, there was commentary from the company that you thought the dividend would be fully covered entering 2025.

我想回到 FAD 相對於股息的軌蹟的討論。我知道也許去年年底的訊息傳遞方式已經改變了。但去年年中，該公司有評論稱，您認為到 2025 年股息將完全覆蓋。

And we're not really close to that right now. So I guess what fundamentally has changed in the portfolio that's led to an underwhelming trajectory of FAD and throughout the second half of 2024?

但現在我們還沒有真正接近這個目標。那麼，我猜投資組合中發生了哪些根本性的變化，導致 FAD 以及整個 2024 年下半年的走勢不佳？

I don't remember -- hey, John, obviously, I wasn't sitting in this seat at that point in time. But I don't remember saying that it would be covered at the beginning of '25. I think we always sort of said late '25. And we've pushed it out a little bit potentially to '26 just depending on -- our leasing activity has been extraordinary as Rob has communicated.

我不記得了——嘿，約翰，顯然，我當時並沒有坐在這個座位上。但我不記得我說過它會在 25 年初被覆蓋。我認為我們總是說 25 年末。而且我們可能將其推遲到 26 年，這取決於——正如 Rob 所說的那樣，我們的租賃活動一直非常活躍。

And I think that's part of, I mean we spent a lot of money this year on TI and leasing to lease up all that space. So but I don't remember saying that we'd have it. I don't remember the company saying because I don't -- I wasn't saying anything at that point.

我認為這是有部分原因的，我的意思是，我們今年在 TI 和租賃上花了很多錢來租賃所有空間。但我不記得我說過我們會擁有它。我不記得公司說過什麼，因為我不知道──我當時什麼也沒說。

But I don't remember saying at the beginning. But we have visibility into end of '25, early '26 based on our current business plan that our dividend will be covered.

但我不記得一開始就說過。但根據我們目前的業務計劃，我們可以預見到 25 年底、26 年初我們的股利將會被覆蓋。

I'll add to that, John. I want to put into perspective that our FAD per share growth in the back half of '25 was up over 10%. And I think the honest answer to your question, John, is we've got a new team here looking out to '25. And that's where we feel comfortable today.

我要補充一點，約翰。我想說明的是，2025 年下半年我們的 FAD 每股成長率超過了 10%。約翰，我認為對你的問題的誠實回答是，我們已經有一個新團隊，專注於25年。這就是我們今天感到舒適的地方。

Nikita Bely, JPMorgan.

摩根大通的 Nikita Bely。

You guys talked about the occupancy absorption for '25, but specifically, can you talk about the multi-tenant? And maybe if you're comfortable providing an exact occupancy percent for '25 that you expect multi-tenant occupancy to be for over '25?

你們談到了 25 年的入住率，但具體來說，你能談談多租戶的情況嗎？也許，如果您願意提供‘25’的準確入住率百分比，並且您預計多租戶入住率將超過‘25’？

No. We talked about really focusing guidance this year on the same store portfolio as well as the total portfolio. I think given the focus on same store growth and total portfolio growth, we don't intend to provide an outlook on multi-tenants specifically.

不。我們討論了今年真正關注同店組合以及總組合的指導。我認為，鑑於我們對同店成長和整體投資組合成長的關注，我們不打算專門提供對多租戶的展望。

Obviously, in our supplemental, we do give you details in the multi-tenant, single tenant growth that you can reference, but we're not going to guide specifically on multi-tenant this year. I think really streamlining our occupancy guide versus same store and keeping the outlook simple is beneficial.

顯然，在我們的補充中，我們確實為您提供了有關多租戶、單一租戶成長的詳細資訊供您參考，但今年我們不會專門針對多租戶提供指導。我認為真正簡化我們的入住率指南與同店相比並保持外觀簡單是有益的。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Just hoping you could go through a little bit more detail on the sources and uses. I'm not sure how much should we budget towards redevelopment. And just trying to think about excess capital that you may have coming from dispositions that would allow you to do further buybacks in the '25 and just your general views on buybacks at this point.

只是希望您能更詳細地介紹一下來源和用途。我不確定我們應該為重建預算多少。只是想考慮一下您可能透過處置而獲得的過剩資本，這些資本將允許您在 25 年進行進一步的回購，以及您目前對回購的整體看法。

Well, I'm going to point you to the last page of our supplemental. We outlined pretty specifically the sources and uses for '25. I think somebody earlier on the call highlighted when you go through those, you kind of come back into, call it about $150 million to $200 million of debt repayment will be the focus for 2025.

好吧，我將向您指出我們補充材料的最後一頁。我們非常具體地概述了 '25 的來源和用途。我認為早些時候有人在電話會議上強調過，當你回顧這些內容時，你會發現，2025 年的重點將是償還 1.5 億至 2 億美元的債務。

Obviously, we watch the stock. Obviously, we're looking at the market. And we'll be flexible. But I think the real focus and what we're trying to convey on this call is asset disposition proceeds for 2025 will be focused on leasing the portfolio.

顯然，我們關注股票。顯然，我們正在關注市場。我們會靈活應對。但我認為真正的重點以及我們在這次電話會議上試圖傳達的是，2025 年的資產處置收益將集中在投資組合的租賃上。

And after that, the focus is on proactively addressing debt maturities and reducing debt. And through that, reducing our leverage to 6 times to 6.25 times.

此後，重點是積極解決債務到期問題並減少債務。透過這種方式，我們將槓桿率降低到 6 倍至 6.25 倍。

Yeah. It was -- I mean that's -- we've been saying it sort of all morning, but that really is the focus for '25. And obviously, early on in '24, it was very opportunistic to buy our stock back just given the discount to NAV. But I think going forward and in '25, our focus really is continuing on the leasing activity which is going to allow us then to produce additional cash flow and between the sales and the operational enhancements, we'll pay down debt.

是的。是的 — — 我的意思是 — — 我們整個上午都在談論這個，但這確實是 25 年的重點。顯然，在 24 年初，考慮到資產淨值 (NAV) 的折扣，回購我們的股票是非常有利的。但我認為，展望未來，在25年，我們的重點確實是繼續放在租賃活動上，這將使我們能夠產生額外的現金流，並透過銷售和營運增強來償還債務。

And then just curious, do you guys have any commentary on how margins may trend? You've done a good job on controllable expenses. It sounds like some of the dispositions may further enhance them as you have more depth in the markets you're staying.

然後只是好奇，你們對利潤率的趨勢有什麼評論嗎？您在可控開支方面做得很好。聽起來，隨著​​你對所駐留的市場有更深的了解，某些安排可能會進一步增強它們。

And so just curious on margins and your controllable expenses as we think about modeling in '25.

因此，當我們考慮在 25 年進行建模時，我只是對利潤率和可控費用感到好奇。

Yeah. Juan, this is Rob.

是的。胡安，這是羅布。

I would say that if you look at last year, we had a nice move in our margins. I think it was up 60 basis points year over year. As we continue to see improvement in occupancy in the portfolio, we would certainly expect that to improve this next year.

我想說，如果你回顧去年，我們的利潤率就有了很大的提高。我認為它比去年同期上漲了 60 個基點。隨著我們繼續看到投資組合入住率的改善，我們當然預計明年入住率也會有所改善。

I think we're projecting 75 basis points to 125 basis points of occupancy improvement in the same store portfolio. So we would expect the margins to trend upward with that occupancy improvement.

我認為我們預計同一門店組合的入住率將提高 75 個基點至 125 個基點。因此，我們預期利潤率將隨著入住率的提高而呈上升趨勢。

Yeah. There's a lot of margin leverage with all that leasing activity for sure.

是的。毫無疑問，所有租賃活動都存在著很大的利潤槓桿。

And one last one if you wouldn't mind indulging me, anything that's baked into guidance for Steward or Prospect in terms of further backfilling the space for those leases coming online that we should be factoring in?

最後一個問題，如果您不介意的話，請問 Steward 或 Prospect 的指導意見中是否包含我們應該考慮的關於進一步填補即將上線的租約空間的內容？

Really good question, Juan. No. There is the answer, the simple answer.

真是個好問題，胡安。不。這就是答案，簡單的答案。

I think on Prospect, I want to touch on Prospect vis-a-vis your question, which is that we have taken it fully out of '25 guidance. It is early in the bankruptcy process. I outlined a few reasons for why we feel good about that space.

關於前景，我想就你的問題談談前景，我們已經完全將其從'25 指導中剔除。目前破產程序尚處於早期階段。我概括了我們對這個空間感覺良好的幾個原因。

But I think for simplicity and clarity for '25 guidance, we have just gone ahead and removed that. As we have updates from the court process and/or expectations, we'll provide those to you.

但我認為，為了 25 指導方針的簡單和清晰，我們已經將其刪除了。當我們獲得有關法庭程序和/或預期的最新消息時，我們會將這些資訊提供給您。

And on Steward's, similar answer, no.

而 Steward 的回答也類似，不是這樣的。

That concludes the Q&A session.

問答環節到此結束。

I will now turn the call over to Connie Moore for her closing remark.

現在我將把電話轉給康妮·摩爾，請她致結束語。

Thank you, Karen.

謝謝你，凱倫。

Thank you, everyone for joining the call today, and we look forward to engaging with many of you next month at the upcoming REIT Industry Conference in Florida. Thank you.

感謝大家今天的電話會議，我們期待下個月在佛羅裡達即將舉行的房地產投資信託基金產業會議上與大家交流。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家加入，現在可以斷開連線。