Healthcare Realty Trust Inc (HR) 2025 Q3 法說會逐字稿

Good morning, and welcome to Healthcare Realty's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Healthcare Realty 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I would now like to turn the call over to Ron Hubbard, Vice President of Investor Relations. Thank you. Please go ahead, sir.

現在我將把電話交給投資人關係副總裁羅恩‧哈伯德。謝謝。請繼續，先生。

Thank you for joining us today for Healthcare Realty's third quarter 2025 earnings conference call. 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 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. A discussion of risks and risk factors are included in our press release and detailed in our filings with the SEC.

感謝您今天參加 Healthcare Realty 2025 年第三季財報電話會議。提醒各位，除本文所載歷史資訊外，本次電話會議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。這些前瞻性陳述代表了本公司截至本次電話會議之日的判斷。本公司不承擔更新此前瞻性內容的任何義務。我們在新聞稿中討論了風險和風險因素，並在提交給美國證券交易委員會的文件中詳細說明了這些風險和風險因素。

Certain non-GAAP financial measures will be discussed on this call. 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 September 30, 2025. The earnings press release and earnings supplemental information are available on the company's website.

本次電話會議將討論某些非GAAP財務指標。這些措施可以在本公司截至 2025 年 9 月 30 日的季度獲利新聞稿中找到與最可比較的 GAAP 財務指標的調整表。公司網站上提供了盈利新聞稿和盈利補充資訊。

I'd now like to turn the call over to our President and CEO, Pete Scott.

現在我想把電話交給我們的總裁兼執行長皮特·史考特。

Thanks, Ron. Joining me on the call today are Rob Hull, our COO; and Austen Helfrich, our CFO. Also available for the Q&A portion of the call is Ryan Crowley, our CIO.

謝謝你，羅恩。今天和我一起參加電話會議的有我們的營運長羅伯·赫爾和我們的財務長奧斯汀·赫爾弗里希。我們的資訊長 Ryan Crowley 也將參與電話會議的問答環節。

I wanted to open with some important feedback on the strategic plan. During the course of the third quarter, we met with over 100 investors across trips to Chicago, New York City, Boston and the Mid-Atlantic. With dividend decision behind us, the tone of the meetings differ dramatically from earlier in the year. The excitement around our strategic plan is palpable, and the value creation opportunity is significant.

我想先就戰略計劃提出一些重要的回饋意見。第三季期間，我們走訪了芝加哥、紐約、波士頓和大西洋中部地區，並與 100 多位投資者進行了會面。隨著分紅決定塵埃落定，股東大會的氣氛與年初相比發生了巨大變化。我們策略計劃帶來的興奮之情溢於言表，其價值創造機會也十分巨大。

The challenge ahead of us is simple to exceed our three-year growth framework. To that end, we are assessing every possible opportunity to improve earnings and the hard work is already manifesting into better results. Over the last two quarters, same-store NOI growth has averaged 5.25% and same-store occupancy has increased 180 basis points, and net debt to EBITDA has been reduced by 0.5 a turn.

我們面臨的挑戰很簡單，就是超越我們三年成長框架的目標。為此，我們正在評估每一個可能提高收益的機會，而辛勤的努力已經初見成效。過去兩個季度，同店淨營業收入平均成長 5.25%，同店入住率提高了 180 個基點，淨負債與 EBITDA 的比率每季下降 0.5。

We are also becoming increasingly more positive on the tailwinds for Healthcare Realty. First, the secular trends in outpatient medical continue to improve with demand far exceeding supply. For the 17th straight quarter, occupancy increased across the top 100 metros and is approaching 93%, an all-time record.

我們也越來越看好醫療保健不動產的利多因素。首先，門診醫療的長期趨勢持續改善，需求遠超過供給。前 100 大都會的飯店入住率連續第 17 季上升，接近 93%，創歷史新高。

Second, our new leasing pipeline continues to grow and stands at 1.1 million square feet. Two thirds of our pipeline is in the LOI or lease documentation phase indicating a high probability of completion. Third, with our improved occupancy levels, we can push harder on lease economics. Our primary focus is no longer on volume but on economic returns as we seek to maximize retention, escalators and cash leasing spreads.

其次，我們的新租賃項目持續成長，目前已達 110 萬平方英尺。我們三分之二的專案處於意向書或租賃文件階段，這表示專案完成的可能性很高。第三，隨著入住率的提高，我們可以在租賃經濟效益方面加大力度。我們的主要關注點不再是銷量，而是經濟回報，因為我們力求最大限度地提高客戶留存率、升級收益和現金租賃價差。

Fourth, with our rapidly improving leverage profile, for the first time in years, we have capital to invest accretively into our portfolio, and we are quickly building up dry powder to go back on offense. Fifth, with the progress we've made on our strategic dispositions, our portfolio is uniquely concentrated within the largest and fastest-growing MSAs. When combined with our exceptional health system alignment, these key portfolio attributes should lead to superior operating performance in the quarters and years ahead.

第四，隨著我們槓桿率的快速改善，多年來我們第一次擁有了可以增值投資於我們投資組合的資金，我們正在迅速累積資金，以便重新發動攻擊。第五，憑藉我們在策略佈局方面取得的進展，我們的投資組合獨特地集中在規模最大、成長最快的都會統計區 (MSA) 內。結合我們卓越的醫療體系優勢，這些關鍵的投資組合屬性應該會在未來幾季和幾年內帶來優異的營運績效。

Turning to the third quarter. We delivered excellent results with contributions across the platform. With the financial rigor we are instilling in the organization, we are quickly shifting from a company that fell short of expectations to a company that is exceeding them.

進入第三節。我們透過在整個平台上的貢獻，取得了優異的成績。隨著我們在組織內部推行嚴格的財務管理，我們正迅速從一家未能達到預期目標的公司轉變為一家超越預期目標的公司。

Normalized FFO was $0.41 per share. We raised both our FFO and same-store guidance and for the first time since early 2022, net debt to adjusted EBITDA is below 6 times. A special thanks to the entire Healthcare Realty team for their extraordinary efforts this quarter. We followed up a win in the second quarter with a win in the third quarter. That is not an easy thing to do, and the team rose to the challenge.

調整後的FFO為每股0.41美元。我們提高了 FFO 和同店銷售預期，自 2022 年初以來，淨債務與調整後 EBITDA 的比率首次低於 6 倍。特別感謝 Healthcare Realty 團隊在本季付出的卓越努力。我們在第二節贏球後，第三節又贏了一場。這並非易事，但團隊迎難而上。

Turning to the transaction market. As evidenced by recent activity, the transaction market for outpatient medical is heating up. A variety of factors are contributing to this, including improving sector fundamentals, a favorable lending market and strong health system appetite to own strategic real estate. The combination of these favorable dynamics are driving cap rate compression. We are benefiting from these improving trends and we have reduced the midpoint of the expected cap rate on our dispositions by 25 basis points.

轉向交易市場。從近期的交易活動來看，門診醫療交易市場正在升溫。多種因素促成了這一結果，包括行業基本面的改善、有利的貸款市場以及醫療系統對擁有策略性房地產的強烈需求。這些有利因素共同推動了資本化率的下降。我們正受益於這些改善的趨勢，並將我們資產處置的預期資本化率中點降低了 25 個基點。

We are nearing completion of our lofty disposition initiatives. Year-to-date, we have sold 500 million of assets at a blended cap rate of 6.5%. Our remaining disposition pipeline totaling approximately $700 million is almost entirely under binding contract or LOI. By our next earnings call, we expect to have closed on the vast majority of our remaining dispositions.

我們宏偉的處置計劃即將完成。今年迄今為止，我們已售出 5 億資產，綜合資本化率為 6.5%。我們剩餘的待處置項目總額約為 7 億美元，幾乎全部已簽訂具有約束力的合約或意向書。預計到下次財報電話會議時，我們將完成剩餘資產處置的大部分。

With every completed transaction, our go-forward NOI growth profile improved, as demonstrated by our strong same-store growth results this quarter. In addition, with the potential for excess balance sheet capacity by year-end, we are monitoring the transaction market for select external investment opportunities that are both strategic to our portfolio and accretive to earnings.

隨著每一筆交易的完成，我們的未來淨營業收入成長前景得到改善，本季強勁的同店成長業績證明了這一點。此外，考慮到年底資產負債表容量可能過剩，我們正在密切關注交易市場，尋找既對我們的投資組合具有戰略意義又能增加收益的精選外部投資機會。

We wanted to elaborate more on the cap rates achieved on dispositions. Two thirds of our dispositions were approximately $800 million are what we would characterize as noncore assets. We define noncore assets as those located in nonpriority markets with suboptimal operating performance and significant capital needs. Noncore assets also include a few legacy office properties. The blended cap rate for these assets is 7.25%.

我們想更詳細地闡述資產處置所實現的資本化率。在我們處置的資產中，約有三分之二（約 8 億美元）屬於非核心資產。我們將非核心資產定義為位於非優先市場、營運績效不佳且需要大量資金的資產。非核心資產也包括一些遺留辦公物業。這些資產的綜合資本化率為 7.25%。

The other one third of our dispositions or $400 million are what we would characterize as core disposition assets. We define core disposition assets as those with good operating performance and high occupancy but are located in markets where we have limited scale and/or an inability to achieve meaningful scale. The blended cap rate for this subset of assets is 5.75%.

我們處置資產的另外三分之一，即 4 億美元，是我們所謂的核心處置資產。我們將核心處置資產定義為營運績效良好、入住率高，但位於我們規模有限和/或無法實現有意義規模的市場中的資產。該部分資產的綜合資本化率為 5.75%。

A good example of a core disposition is our sixth asset Richmond, Virginia portfolio, which we are under binding contract to sell with an expected mid-November closing. We received unsolicited interest in this portfolio and opted to run a full sales process to maximize value. Final pricing was $171 million or roughly $425 per square foot, achieving a high 5% cap rate.

核心資產處置的一個很好的例子是我們位於弗吉尼亞州里士滿的第六項資產組合，我們已簽訂具有約束力的出售合同，預計將於 11 月中旬完成交易。我們收到了對該投資組合的主動諮詢，並決定開展完整的銷售流程以實現價值最大化。最終定價為 1.71 億美元，約合每平方英尺 425 美元，實現了 5% 的高資本化率。

Richmond is one of our few remaining markets where we utilize third-party property management, and we did not see an opportunity to grow our market share. With an occupancy rate above 93%, average building age of nearly 30 years and strong tenancy, we believe the cap rate on this portfolio is a good representation of the value embedded within our remaining stabilized portfolio.

里士滿是我們為數不多仍然使用第三方物業管理的市場之一，我們沒有看到擴大市場份額的機會。該投資組合的入住率超過 93%，平均建築年齡接近 30 年，且租戶狀況良好，我們認為該投資組合的資本化率很好地體現了我們剩餘穩定投資組合中所蘊含的價值。

Turning now to our development and redevelopment platform. We have two projects in our active development pipeline. The All Saints II project in Fort Worth, Texas, that is anchored by Baylor Scott & White, and our Macon Pond project in Raleigh, North Carolina, that is anchored by UNC Rex Health. The All Saints II project is now 72% leased, up from 54% last quarter, and we recently placed the project into service. The Macon Pond project is 51% pre-leased, and we expect to place the project into service in mid-2026. Stabilized NOI from these two projects is expected to be approximately $8 million, providing a source of near-term upside.

現在轉向我們的開發和再開發平台。我們目前有兩個項目正在積極開發中。位於德克薩斯州沃斯堡的 All Saints II 計畫由貝勒斯科特和懷特醫療中心 (Baylor Scott & White) 提供支持，而位於北卡羅來納州羅利市的 Macon Pond 計畫則由北卡羅來納大學雷克斯健康中心 (UNC Rex Health) 提供支持。All Saints II 專案目前的出租率已達 72%，高於上一季的 54%，我們最近已將該專案投入使用。Macon Pond 專案已預租 51%，我們預計將於 2026 年中投入使用。這兩個項目的穩定淨營業收入預計約為 800 萬美元，可提供近期收益。

We see significant opportunity to harvest meaningful upside in our portfolio through targeted ROI-driven investments. During the third quarter, we added five assets into our redevelopment portfolio, with a total budget of approximately $60 million. These assets are in strong submarkets and include Nashville, Seattle, Denver, Charlotte and Dallas. The incremental NOI from these five projects is also expected to be nearly $8 million. In the coming quarters, we expect to have more assets enter the redevelopment pool as we seek to accelerate our capital spend and potential earnings upside.

我們看到，透過有針對性的、以投資報酬率為導向的投資，我們的投資組合有很大的機會獲得可觀的收益。第三季度，我們為重建項目組合新增了五項資產，總預算約 6,000 萬美元。這些資產位於強勁的次級市場，包括納許維爾、西雅圖、丹佛、夏洛特和達拉斯。預計這五個項目帶來的新增淨營業收入也將接近 800 萬美元。在接下來的幾個季度裡，隨著我們尋求加快資本支出和潛在獲利成長，我們預計將有更多資產進入重建池。

You will note that we enhanced our development and redevelopment disclosures in the supplemental. We have also included a table of our current non-income-producing land parcels. We own strategic land parcels in key markets such as Denver, White Plains, Atlanta, Nashville and Austin with annual carry costs of approximately $1.5 million. We are in the process of assessing each parcel to determine if it makes sense to continue to hold or monetize.

您會注意到，我們在補充文件中加強了開發和重建方面的資訊揭露。我們還附上了一張表格，列出了我們目前未產生收入的土地。我們在丹佛、懷特普萊恩斯、亞特蘭大、納許維爾和奧斯汀等主要市場擁有策略性地塊，每年的持有成本約為 150 萬美元。我們正在對每一塊土地進行評估，以確定是繼續持有還是變現。

In finishing, we are incredibly excited about the future at Healthcare Realty 2.0. Our operating performance is steadily improving, our transition to an operations oriented culture is happening faster than anticipated. Our balance sheet initiatives are nearly complete. We are accelerating capital spend into our existing portfolio, and we are rebuilding much-needed credibility with the investor community.

最後，我們對 Healthcare Realty 2.0 的未來感到無比興奮。我們的營運績效正在穩步提升，向以營運為導向的企業文化轉型的速度也超出了預期。我們的資產負債表調整計劃已接近完成。我們正在加快對現有投資組合的資本投入，並重建與投資者群體之間亟需的信譽。

On my first earnings call, I said we have one overarching objective. To be the first choice for equity investors when they are seeking exposure to outpatient medical. As the only pure-play outpatient medical REIT, our undivided attention allows us to singularly focus on this objective every day.

在我第一次財報電話會議上，我說過我們有一個總體目標。成為股票投資者在尋求投資門診醫療產業時的首選。作為唯一專注於門診醫療的房地產投資信託基金，我們能夠全心全意地專注於此目標，這使我們能夠每天專注於此。

Let me turn the call over to Rob, who will expand more on operations and leasing.

讓我把電話交給羅布，他將詳細介紹營運和租賃方面的事宜。

Thanks, Pete. We had an exceptional quarter on the operations front. Leasing activity was strong with 1.6 million square feet of executed leases, including over 441,000 square feet of new leases. Tenant retention increased to nearly 89%, the highest in six years and our sixth consecutive quarter over 80%. And annual escalators of 3.1% improved the average across our total portfolio.

謝謝你，皮特。我們在營運方面度過了一個非常出色的季度。租賃活動十分活躍，已簽訂租賃合約面積達 160 萬平方英尺，其中包括超過 44.1 萬平方英尺的新租賃合約。租戶續約率提高至近 89%，為六年來最高水平，也是連續第六個季度超過 80%。每年 3.1% 的遞增收益率提高了我們整個投資組合的平均收益率。

Our activity this quarter contained several notable deals with some of our top health system partners. As example, a 21,000 square foot lease was signed with Baptus Memorial and Memphis, an 18,000 square foot lease was executed with Baylor Scott & White at our on-campus development in Fort Worth, and a 25,000 square foot renewal was completed with MultiCare at our building on the Overlake Hospital campus in Seattle.

本季度，我們與一些頂尖的醫療系統合作夥伴達成了幾項值得關注的交易。例如，我們與 Baptus Memorial 和 Memphis 簽訂了一份 21,000 平方英尺的租賃合同，與 Baylor Scott & White 在我們位於 Fort Worth 的校內開發項目中簽訂了一份 18,000 平方英尺的租賃合同，並與 MultiCare 在我們位於 Seattle Overlake 醫院園區的大樓中完成了一份 25,000 平方英尺的續約。

The backdrop for industry fundamentals remain strong, supporting further growth in our 1.1 million square foot lease pipeline. This quarter, demand in the top 100 MSAs outstripped supply by over 740,000 square feet and completions as a percentage of inventory remain near all-time lows. Health systems remain on solid footing and continue to rely on outpatient facilities as a key component to reduce operating costs and expand market share. Throughout this year, health system activity as a percentage of our total leasing has continued to climb. This quarter, we saw health system leasing comprise nearly 50% of our total activity, up almost 20% from the low point in 2023.

產業基本面依然強勁，這將進一步支撐我們110萬平方英尺租賃專案的持續成長。本季度，前 100 個大都會統計區 (MSA) 的需求比供應量高出 74 萬平方英尺以上，竣工量佔庫存的比例仍接近歷史最低水準。醫療系統仍然保持穩健，並繼續依靠門診設施作為降低營運成本和擴大市場份額的關鍵組成部分。今年以來，醫療系統租賃活動占我們總租賃活動的比例持續攀升。本季度，醫療系統租賃業務占我們總業務量的近 50%，比 2023 年的低點成長了近 20%。

Turning to our same-store portfolio. Occupancy improved by 44 basis points sequentially, ending the quarter at 91.1%. For the year, we have gained 77 basis points of occupancy, placing us inside the range of our full year expectations of 75 basis points to 125 basis points. We expect our absorption momentum to continue in the fourth quarter. Shifting to the operating platform. We have made considerable progress migrating to an asset management model.

接下來，我們來看看同店產品組合。入住率較上季提高了 44 個基點，季末達到 91.1%。今年以來，我們的入住率提高了 77 個基點，達到了我們全年預期的 75 至 125 個基點的範圍。我們預計第四季度吸收成長勢頭將持續保持。切換到操作平台。我們在向資產管理模式過渡方面取得了相當大的進展。

Recently, we hired two additional asset managers and we expect to fill the last couple of positions within this new in the coming months. Full conversion is targeted for the end of the year, providing greater accountability closer to the real estate. A key area of focus for the new asset management team will be the portion of our portfolio deemed lease-up and our strategic plan. This quarter, we saw notable leasing activity from this segment of our portfolio.

最近，我們又聘請了兩位資產管理人員，預計在未來幾個月內填補該新公司內的最後幾個職缺。預計年底前全面完成轉換，以便更貼近房地產業，提升問責。新資產管理團隊的重點領域將是我們的投資組合中已出租的部分以及我們的策略計劃。本季度，我們投資組合中的這一部分房產租賃活動顯著增加。

Out of the 441,000 square feet of new leases that I mentioned earlier, 217,000 square feet or nearly 50% came from these properties. I want to congratulate our team on the leasing and absorption gains we made this quarter. With a robust leasing pipeline, strong tenant retention and tightening supply, our portfolio is poised to see further leasing momentum and NOI growth throughout the remainder of the year and into 2026.

在我之前提到的 441,000 平方英尺的新租賃面積中，有 217,000 平方英尺（近 50%）來自這些物業。我要祝賀我們的團隊在本季取得的租賃和吸收業績成長。憑藉強勁的租賃市場、穩定的租戶留存率和日益緊張的供應，我們的投資組合預計將在今年剩餘時間和 2026 年繼續保持租賃動能和淨營業收入成長。

I will now turn it over to Austen to discuss financial results.

現在我將把發言權交給奧斯汀，讓他來討論財務表現。

Thanks, Rob. This morning, I'll provide an overview of our third quarter 2025 results, our capital allocation activity and our updated 2025 guidance. Our strong year-to-date momentum carried into the third quarter with normalized FFO per share, up 5% year-over-year to $0.41 and same-store cash NOI growth of 5.4%. Additionally, second quarter FAD per share was $0.33, resulting in a quarterly payout ratio of 73%. Our outperformance this quarter was broad-based, including 90 basis points of year-over-year occupancy gains, 3.9% cash leasing spreads and strong expense controls.

謝謝你，羅伯。今天上午，我將概述我們 2025 年第三季的業績、資本配置活動以及我們更新後的 2025 年業績指引。今年以來強勁的成長勢頭延續到了第三季度，經調整後的每股 FFO 同比增長 5% 至 0.41 美元，同店現金 NOI 增長 5.4%。此外，第二季每股 FAD 為 0.33 美元，季派息率為 73%。本季我們的業績表現優異，涵蓋多個方面，包括年比入住率成長 90 個基點、現金租賃價差 3.9% 以及強有力的費用控制。

We are at or above the high end of all of our core operational expectations for the year, driven by our focus on pushing accountability and decision-making closer to the real estate as well as a natural uplift from the sale of the disposition assets. We moved rapidly in the second quarter to reduce expenses across the organization. This progress showed in the third quarter with normalized G&A of $9.7 million. While we are still building out key teams, we have a clear line of sight on our target of $45 million of G&A in 2026 and are well on our way to completing the build-out of our best-in-class platform.

我們今年所有核心營運預期均達到或超過預期上限，這得益於我們致力於將問責制和決策權下放至房地產部門，以及處置資產出售帶來的自然增長。第二季度，我們迅速採取行動，削減了整個組織的開支。這項進展在第三季有所體現，經調整後的一般及行政費用為 970 萬美元。雖然我們仍在組建關鍵團隊，但我們對 2026 年 4500 萬美元的 G&A 目標有著清晰的認識，並且我們正在穩步推進一流平台的建設。

Proceeds from disposition activity during the third quarter and through October funded the repayment of approximately $225 million of our 2027 term loans, decreasing our leverage to 5.8 times. Inclusive of our bond repayment earlier this year, we have paid down approximately $500 million of notes and term loans in 2025. The revolver in 2027 term loans will continue to be the use of proceeds for near-term dispositions as our leverage continues to move into the mid-5s.

第三季及 10 月的資產處置活動所得款項用於償還約 2.25 億美元的 2027 年定期貸款，使我們的槓桿率降至 5.8 倍。包括今年稍早償還的債券在內，我們在 2025 年已償還了約 5 億美元的票據和定期貸款。2027 年定期貸款的循環信貸將繼續用於近期資產處置，因為我們的槓桿率將持續上升到 5 倍中段。

Now, turning to our updated 2025 guidance. We are increasing the midpoint of our FFO per share guidance by $0.01 to a new range of $1.59 to $1.61. Additionally, we now see same-store cash NOI growth of 4% to 4.75% and G&A of $46 million to $49 million.

現在，讓我們來看看我們更新後的 2025 年指引。我們將每股FFO預期中位數上調0.01美元，至1.59美元至1.61美元的新區間。此外，我們現在預計同店現金NOI將成長4%至4.75%，一般及行政費用為4,600萬美元至4,900萬美元。

Before we turn to Q&A, I want to note that this quarter, we received board authorization for a $1 billion ATM equity program and up to $500 million in share buybacks. The prospectus for the equity program will be filed in the fourth quarter. Our existing share repurchase authorization expired this quarter, and this new authorization is part of our normal course business. It's good practice that both programs approved and available should we need them.

在進入問答環節之前，我想指出，本季我們獲得了董事會的授權，實施一項 10 億美元的 ATM 股權計劃，以及高達 5 億美元的股票回購計劃。該股權計畫的招股說明書將於第四季提交。我們現有的股票回購授權已於本季到期，這項新的授權是我們正常業務的一部分。這兩個程序都獲得批准並且可以在我們需要時使用，這是一種很好的做法。

Operator, we're now ready to move to the Q&A portion of the call.

接線員，我們現在準備進入問答環節。

(Operator Instructions) Nick Yulico, Scotiabank.

（操作員說明）Nick Yulico，加拿大豐業銀行。

I guess first question is just in terms of -- as we think about like the NOI impact on the whole portfolio over the next several quarters, it's a little bit easier to model the asset sales. But can you talk some more about the redevelopment. You talked about more assets entering that pool. Presumably, there's some earnings drag from that, but then you also have occupancy sort of picking up and in the rest of your pool. So just any sort of high-level thoughts about how to think about that impact over the next couple of quarters.

我想第一個問題是關於——當我們考慮未來幾季 NOI 對整個投資組合的影響時，資產出售的建模就容易一些。但能否再詳細談談重建項目？你提到會有更多資產進入該資金池。想必這會對收益造成一些拖累，但同時入住率也逐漸回升，而且你的其他房源也出現了這種情況。所以，請大家就未來幾季可能產生的影響，提出一些高層次的想法。

Yeah, Nick, it's Pete here. So I think from the stabilized portfolio perspective, as we've talked about and as we laid out in our strategic deck, we think a good stabilized year-over-year growth rate is probably more like 3% to 4%. And if fundamentals continue to improve, we'll continue to assess if you can even do better than that. But I think we've laid out 3% to 4%.

是的，尼克，我是皮特。所以我認為，從穩定的投資組合的角度來看，正如我們討論過並在策略報告中闡述的那樣，我們認為一個良好的穩定年增長率可能更接近 3% 到 4%。如果基本面持續改善，我們將繼續評估你是否能做得更好。但我認為我們已經投入了 3% 到 4%。

And I think on the incremental $50 million of upside to NOI over the next three-plus years, we did forecast probably $20 million to $40 million was the range over the next three years since the capital spend does take time to go out the door and ultimately the NOI you achieve from those redevelopments, takes a couple of years to earn in.

我認為，未來三年多時間裡，淨營業收入 (NOI) 預計將增加 5,000 萬美元，我們預測未來三年內增幅可能在 2,000 萬美元到 4,000 萬美元之間，因為資本支出需要時間才能收回成本，而且最終從這些重建項目中獲得的淨營業收入也需要幾年才能實現。

So we have laid out a revamped table in our supplemental and we're open to any feedback from people on any additional information to include in there to help from the modeling perspective. And I think if you think about the $50 million of NOI, probably half of that is coming from redevelopments and we added five assets in. This quarter, I would expect to add probably another 5 to 10 over the next couple of quarters.

因此，我們在補充資料中重新製作了一個表格，我們歡迎大家就任何需要添加到表格中的附加資訊提出回饋意見，以幫助從建模的角度進行改進。我認為，如果你考慮一下 5000 萬美元的淨營業收入，其中可能有一半來自重建項目，而且我們還新增了五項資產。本季度，我預計在接下來的幾個季度可能會再增加 5 到 10 個職位。

One of the things I've challenged the team here to do is to identify those assets sooner rather than later, so we can start to work towards the higher end of that incremental NOI upside. And that's why you saw a lot more come into the pool this quarter, and you'll see more come in in the next couple of quarters as well. And we'll continue to provide information for everybody to track.

我給團隊的任務之一就是儘早確定這些資產，這樣我們才能開始努力實現更高的增量淨營業收入成長。所以你才會看到本季有更多的人加入這個圈子裡，而且在接下來的幾個季度裡，你還會看到更多的人加入。我們將繼續提供資訊供大家追蹤。

The other kind of $25 million of the $50 million of upside is going to come from the lease-up portfolio that is not redevelopment. A lot of those are in same store. And I think that's one of the reasons why you're able to see some better than 3% to 4% NOI growth numbers that are coming out today as we're beginning the lease-up and the absorption in those assets. I could see that continuing for another year or two as well as we selectively invest capital into suites and not do redevelopments there, but targeted specific suite by suite capital investment. So that's the way we're thinking about it. I know there was a lot to unpack within that, but I wanted to give the two big buckets within the $50 million of incremental NOI over the next couple of years.

5000萬美元的潛在收益中，另外2500萬美元將來自非重建項目的租賃組合。很多商品都在同一家商店裡。我認為，隨著我們開始租賃和吸收這些資產，今天公佈的淨營業收入成長數據能夠達到 3% 到 4% 以上，這也是原因之一。我認為這種情況還會持續一兩年，我們會有選擇地將資金投資到套房，而不是在那裡重建，而是有針對性地逐個套房進行資本投資。這就是我們考慮的方式。我知道這裡面有很多東西需要解釋，但我只想談談未來幾年 5,000 萬美元新增淨營業收入中的兩個主要部分。

Okay. Great. And then, the second question is just in terms of the health system share of leasing picking up this quarter. Was that also just like skewed by renewals for those health systems in the quarter versus prior quarters? Or are you having -- can you think more success in terms of actually capturing a higher health system here in your new leasing, which I know has been a focus for you guys?

好的。偉大的。第二個問題是關於本季醫療系統租賃份額是否有所增加。這是否也僅僅是因為本季與前幾季相比，這些醫療系統的續約情況造成了偏差？或者，你們是否在新的租賃計畫中取得了更大的成功，真正建立了一個更完善的醫療體系？我知道這一直是你們的重點工作。

Maybe I'll let Rob handle that one.

或許我會讓羅布來處理這件事。

Nick, yeah, I think that the volume that I talked about was total leasing. And certainly, we've seen a pickup this year, it's sort of been a gradual trend upwards this year and really going all the way back to '23, as I mentioned, at low point in '23. And so it's what we've continued to experience in terms of the continuing trend from moving services out of the hospital into the outpatient setting, which is certainly a tailwind for us. But then, I think it also is continuing to improve tenant relations with our health systems and the effort that we've been doing over the past couple of years, you're really seeing that pay off for us.

尼克，是的，我想我說的那個數量指的是全部租賃量。當然，我們今年已經看到了回升，今年一直呈現逐漸上升的趨勢，實際上可以追溯到 2023 年的低谷，正如我所提到的。因此，我們持續見證著服務從醫院轉移到門診環境的趨勢，這無疑對我們來說是一個利好因素。但是，我認為它也在不斷改善租戶與我們醫療系統的關係，以及我們在過去幾年所做的努力，現在真的看到了成效。

So it's a combination of health systems are continuing to grow into grow their market share, but then I think also just better tenant relations and continuing to work the relationships we have.

所以，一方面是醫療系統不斷發展壯大，擴大市場份額，另一方面我認為也是因為我們與租戶的關係越來越好，並且繼續維護我們現有的關係。

Yeah. And Nick, on the revamped asset management platform, I think this is one of the really big benefits of it. is the asset managers are really going to be point on the health system relationships and with the local teams out in their various markets and dialogue from our company to then has picked up pretty significantly over the last couple of quarters, and I expect that to continue to pick up going forward.

是的。尼克，關於改進後的資產管理平台，我認為這是它最大的優勢之一。資產管理人員將真正專注於與醫療系統的關係，並與他們在各個市場的本地團隊保持密切聯繫。過去幾個季度，我們公司與他們的對話顯著增加，我預計未來這種趨勢還會繼續。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

You lowered your cap rate assumption for dispositions by 25 basis points to [6.75%.] You've been able to achieve 6.5% year-to-date. I'm wondering if that's conservatism or if you think more -- Well, I guess you did say more of the remaining is coming out of the noncore bucket. Is that right, we would expect that the cap rate number for the remaining dispositions to be higher for that reason. Do I have that logically correct?

您將處置資本化率假設降低了 25 個基點至 [6.75%]。今年迄今為止，您已實現了 6.5% 的資本化率。我想知道這算是保守主義，還是你認為——嗯，我想你確實說過，剩餘部分更多來自非核心領域。如果是這樣，我們預期剩餘資產處置的資本化率會因此而更高。我的理解邏輯上正確嗎？

Yeah. Obviously, we've been pleased with the execution so far. And year-to-date, we're at 6.5%. Our expectation is some of the assets that are taking longer to get done, and it shouldn't be a surprise or those with value-add components associated with them. Good assets, just maybe in different markets or markets we're not going to be concentrated in going forward.

是的。顯然，我們對目前的執行情況感到滿意。今年迄今為止，我們佔 6.5%。我們預計某些資產的完成時間會更長，這不應該令人意外，尤其是那些具有增值組件的資產。都是優質資產，只是可能分佈在不同的市場，或是我們未來不會集中精力關注的市場。

So I'd say that the balance of what is remaining to close is probably skewed more to the value add component. And like I said, there's also some legacy office assets as well that we're looking to shed. So I would not look into anything other than -- it's just the mix of the assets remaining is probably a little bit higher from an unlevered IRR perspective as the way the buyers are looking at it.

所以我認為，剩餘待辦事項的平衡可能更傾向於增值部分。正如我所說，我們還有一些遺留的辦公資產也想出售。所以我不會考慮其他因素——只是從無槓桿內部收益率的角度來看，剩餘資產的組合可能略高一些，因為買家是這麼看的。

Okay. And then, there's a lot going on in medical office these days, largely in terms of dispositions. You, Welltower, Dock are all in the market to sell total about $9 billion or $10 billion, at least just from those three companies. What does that tell you in terms of the appetite? I mean, does it give you any pause to see that level of selling when this is your business? And if not, I assume you're going to say no. And if not, tell me why.

好的。而且，如今醫療辦公室裡發生了很多事情，主要都與處置有關。你們、Welltower、Dock這三家公司都在市場上出售價值約90億至100億美元的資產。這說明你的食慾如何？我的意思是，當這是你的生意時，看到這種銷售水平，你會不會有所顧慮？如果不是這樣，我猜你會說不。如果不是，請告訴我原因。

I think what it's showing is that there's a very, very strong bid for outpatient medical in the private markets right now. It's probably the best way to characterize it. Our focus on dispositions is really to create the best portfolio going forward from an NOI growth perspective. And our balance sheet was overlevered and that dates back multiple years. And we need to get our balance sheet leverage metrics to a more appropriate level. And they're almost there at this point in time.

我認為這表明，目前私人市場對門診醫療的需求非常非常旺盛。這或許是對它最好的描述方式。我們進行資產配置的重點在於從營業淨收入成長的角度出發，打造未來最佳的投資組合。而我們的資產負債表槓桿率過高，這種情況可以追溯到很多年前。我們需要將資產負債表槓桿率指標調整到更適合的水平。他們現在幾乎就要成功了。

So our intent is to complete the dispositions that we are working on right now. We're pretty darn close to that. It's a pretty lofty goal in all that done this year or really before our next earnings call. But we're really happy with the strong bid for the asset class. I think it shows that investors see a lot of value in it. and we look forward to continuing to generate pretty strong returns on the portfolio that we're keeping and going forward. And we'd like to be switching to going more on offense as opposed to going on -- or really playing more of a defensive game at the moment.

因此，我們的目標是完成我們目前正在處理的這些事項。我們已經非常接近目標了。就今年要完成的所有工作而言，或者說在我們下次財報電話會議之前要完成的工作而言，這是一個相當遠大的目標。但我們對這類資產的強勁需求感到非常滿意。我認為這表明投資者看到了它的巨大價值。我們期待著我們目前持有的投資組合能夠繼續獲得相當可觀的回報。我們希望能夠更多地採取進攻策略，而不是像現在這樣採取更多防守策略。

And I think that's going to come pretty soon. We're going to have balance sheet capacity to be able to shift to go on offense as well. So I look at it and say, great, there's a lot of product on the market. Maybe there's opportunities for us in joint ventures or even on balance sheet to start to take advantage of that.

我覺得那一天很快就會到來。我們將擁有足夠的資產負債表實力，以便能夠轉向進攻。所以我看到後會想，太好了，市面上有很多這類產品。或許我們可以透過合資企業，甚至透過調整資產負債表來抓住這些機會。

I guess the thing that I concern myself with is like the one thing that we've been waiting to happen is to extract some of the medical office ownership by the systems and get a stuff that's sort of tied up there. Is a lot of this sale activity going back to the health systems and hence, sort of, kind of, going backwards in time in terms of the ownership structure of medical office. I'm just wondering, I guess, the buyer pool and what the long-term ramifications are of it.

我最關心的是，我們一直期待的事情就是將一些醫療機構的所有權從醫療系統剝離出來，並把一些被束縛在那裡的東西弄出來。許多出售活動都回到了醫療系統，因此，從某種程度上說，醫療機構的所有權結構正在倒退。我只是想知道，買家群體的情況以及這會帶來哪些長期影響。

Health systems have certainly picked up their purchasing. And we've noted that we've actually generated some pretty strong cap rates. I'd say the health system deals tend to be on the lower end of the cap rate range of what we've been quoting. So I think that's great. We can take advantage of that to the extent that we need to.

醫療系統的採購量確實增加了。我們注意到，我們實際上已經獲得了相當可觀的資本化率。我認為，醫療系統交易的資本化率往往處於我們一直以來所報價範圍的較低水準。我覺得這很棒。我們可以根據需要利用這一點。

But the majority of what you just quoted, the $8 billion to $10 billion is not going to health systems. I mean health systems have ROFRs and some of it will end up in their hands because they want to control the strategic real estate on their campuses. But most of that $8 billion to $10 billion that you just mentioned is going to nonhealth system buyers.

但你剛才引用的那 80 億到 100 億美元中的大部分，並不是流向醫療系統。我的意思是，醫療系統擁有優先購買權，其中一些最終會落入他們手中，因為他們想要控制其園區內的策略性房地產。但你剛才提到的 80 億到 100 億美元中，大部分都流向了非醫療系統買家。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Pete, just going back to the plans to add additional assets to the redevelopment pool in the coming quarters, I'm just wondering, are these currently occupied assets that there could be an initial move out before you add that into the pool. It looked like there was a move out in that bucket this quarter. Or are these just normal course assets that are in that lease-up bucket that needs a little bit of capital in order to achieve the returns that you're focused on?

皮特，關於未來幾季向重建池添加更多資產的計劃，我只是想知道，這些資產目前是否有人居住，在將其添加到池中之前，是否有人會先搬走？本季該類別似乎出現了人員流動。或者這些只是普通的課程資產，屬於租賃範疇，需要一些資金才能實現你所關注的報酬？

Yeah. I would say that most of it is current vacancy and we see an opportunity to invest capital or perhaps there's near-term role coming up and we see an opportunity with some investment to get the anchor health system to extend on a long-term lease and at a pretty healthy mark-to-market. That's the majority of it. Every now and again, you will have a vacate, although if you look, our retention numbers are pretty darn high.

是的。我認為目前大部分都是空缺職位，我們看到了投資機會；或者近期可能會出現職位空缺，我們看到了透過一些投資讓主要醫療系統續簽長期租約並以相當健康的市價出售的機會。大部分就是這樣。雖然偶爾會有職缺，但如果你仔細觀察，你會發現我們的員工留任率相當高。

So I'd say this is in the minority where you have a tenant vacate and you say, what do we want to do with the asset? It may require some pretty significant capital investment to reposition it to get the appropriate increase in rates within that market. But I'd say that happens probably less frequently than it is for us today, current vacancy or an opportunity to invest some capital and also get a pretty nice markup on the existing rent roll roster.

所以我覺得這種情況比較少見，就是房客搬走後，你會問，我們該如何處理這處房產？要重新定位，使其在該市場中獲得適當的利率成長，可能需要相當大的資本投入。但我認為這種情況發生的頻率可能比我們今天遇到的要低，目前存在空置房源，或者有機會投資一些資金，並且還能從現有的租金收入中獲得相當不錯的收益。

That's helpful. And then, Peter or Austen, I mean, Pete, you had referenced kind of looking forward to pivoting and potentially moving on offense and then Austen kind of flagged that you put in place the ATM as a capital allocation tool and a source. I mean, is that something that we should expect in the near term from you guys to start to lean into that a little bit? And given the fact that the transaction market is heating up and there are opportunities out there that maybe you could mine through it and find something that kind of fits with the profile that you're looking for today and sort of the Healthcare Realty 2.0?

那很有幫助。然後，彼得或奧斯汀，我的意思是，彼得，你曾提到期待轉型並可能採取進攻策略，然後奧斯汀指出，你已經設立了 ATM 作為資本配置工具和來源。我的意思是，我們是否可以期待你們在近期內開始稍微重視這方面呢？鑑於交易市場正在升溫，並且存在著一些機會，您或許可以從中挖掘出一些符合您當前需求以及醫療保健房地產 2.0 模式的項目？

Yeah. I would say I think as a matter of course, it makes sense to just always have an active ATM in place. We're not intending to use it based upon where our stock is trading today. We do have some balance sheet capacity that we are building though through delevering below our target leverage levels. And as we think about going on offense, it's not huge numbers as a result of the fact that we are constrained. We're not going to issue equity at today's levels. But we certainly could look to grow some of our joint ventures, and we are talking to our joint venture partners actively on that.

是的。我認為，理所當然地，始終配備一台正在使用的自動櫃員機是明智之舉。根據我們股票目前的交易情況，我們不打算使用它。我們確實有一些資產負債表容量正在透過降低槓桿率至目標水準以下來建構。當我們考慮進攻時，由於資源有限，我們的人數不會很多。我們不會以目前的價位發行股票。但我們當然可以考慮擴大一些合資企業，我們正積極與合資夥伴就此進行洽談。

And then, we could look to do some selective smaller deals, tuck-in acquisitions in core markets or on core campuses. But that's the way we're thinking about it right now. And I don't want anyone to come off this call and they're putting an ATM in place, they're going to start issuing equity again. I just think it's important to have it up and running. It hasn't been up and running for years. So that's really why I had Austin say what he said in the prepared remarks was to just tell people it's coming, but I wouldn't read anything into it.

然後，我們可以考慮進行一些有選擇的小規模交易，在核心市場或核心園區進行一些小規模收購。但這是我們目前的想法。我不想任何人結束這通通話後發現他們正在安裝自動櫃員機，他們又要開始發行股票了。我覺得讓它正常運作很重要。它已經多年沒有正常運作了。所以，我請奧斯汀在準備好的演講稿裡說那些話的真正原因，就是告訴大家這件事即將發生，但不要過度解讀。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

This is Robin sitting in for Juan. On the $700 million of dispositions on the contract, just curious if any of them are in the same-store pool, if anything, any of them are targeted for a JV and what pricing you're expecting?

這是羅賓代替胡安上場。關於合約中涉及的 7 億美元資產處置，我只是好奇其中是否有任何資產屬於同店資產池，如果有的話，是否有任何資產計劃成立合資企業，以及您預期的定價是多少？

Yeah. No, none of them are targeted for joint ventures. So they're all going to get sold 100%. And then are any in the same-store pool, I would say, at this point in time, no, given how far along we are and the probability of those closing, not the high degree of probability of them closing, they're all in held for sale at this point in time, and that was the big move where you saw I don't know, forward loss assets go from the operating portfolio into held for sale this quarter.

是的。不，它們都不屬於合資企業的目標對象。所以它們肯定會全部售罄。至於同店資產池中是否有任何資產，我認為，就目前而言，沒有。考慮到我們目前的進度以及這些資產關閉的可能性（並非指關閉的可能性很高），它們目前都被列入了待售資產池。而這正是本季發生的重大變化，即預期虧損資產從營運資產池轉移到了待售資產池。

And so on the recent dispositions, there wasn't any impact to the same-store NOI increase as they were -- they were not part of the same store Poland on the recent dispositions either.

因此，最近的資產處置並未對同店淨營業收入成長產生任何影響——它們也不是最近資產處置中波蘭同店業務的一部分。

Yeah. It's Austin. If you look at the increase in same-store NOI guidance for the year, I'd say the vast majority of that is being driven by especially looking at the third quarter, 4% same-store revenue growth, 90 basis points of year-over-year occupancy gains and sub-2% property operating expenses. I would say the core portfolio, the stabilized portfolio continues to perform extremely well. And even including the assets moving into held for sale, we still would have been at the top end of our revised guidance range for same-store growth. That being said, there is, as I mentioned in my prepared remarks, a little bit of an uplift just given the disposition portfolio as we showed in the strategic deck does grow slower than the core stabilized portfolio.

是的。是奧斯汀。如果看一下全年同店淨營業收入預期增長，我認為絕大部分增長是由第三季度推動的，特別是第三季度同店收入增長 4%，入住率同比增長 90 個基點，以及物業運營費用低於 2%。我認為核心投資組合，也就是穩定投資組合，持續表現得非常好。即使算上轉為待售資產，我們仍會處於修訂後的同店成長預期範圍的上限。也就是說，正如我在準備好的發言稿中提到的，由於我們在策略性簡報中所展示的處置組合的成長速度比核心穩定組合慢，因此還是有一些提升的。

And shifting to the external growth opportunity. Could you maybe level set expectations with us when you earlier see a possibility to go on offense?

轉向外部成長機會。如果您之前看到有機會發動進攻，能否和我們明確預期？

Well, I think just from a balance sheet capacity perspective, we said we wanted to be kind of in the mid- to high 5s net debt to EBITDA. We're at 5.8%. We'd like it to come down a little bit from here. But when you factor in $700 million more of sales still yet to go and some debt repayment there. We will go likely less than 5.5 times net debt to EBITDA. So it's probably anywhere from $150 million to $300 million of capital we can put out without taking our leverage levels beyond what our targets are.

嗯，我認為僅從資產負債表能力的角度來看，我們說過我們希望淨債務與 EBITDA 的比率保持在 5% 到 5% 之間。我們現在是 5.8%。我們希望它能再降一點。但考慮到還有 7 億美元的銷售額尚未實現，以及一些債務需要償還。我們的淨負債與 EBITDA 比率可能會低於 5.5 倍。因此，我們大概可以投入 1.5 億美元到 3 億美元的資金，而不會讓我們的槓桿水準超過我們的目標。

So we're building up a little bit of dry powder, and that doesn't give us any benefit for EBITDA growth in future years and so on and so forth. It's just the immediate amount of capital. So there's some tuck-in acquisitions we could do, and they would be accretive since we'd be financing that with 100% leverage.

所以我們正在累積一些現金儲備，但這並不會為我們未來的 EBITDA 成長帶來任何好處等等。這只是眼前的資金數量。因此，我們可以進行一些小規模收購，而且由於我們將以 100% 的槓桿率進行融資，這些收購將會帶來收益成長。

And then lastly for me, if I may. On the margin improvement timeline, you outlined in the recent debt at the 65%, 66%. Can you maybe just elaborate a little bit on that on timing?

最後，如果可以的話，我想說幾句。關於利潤率改善時間表，您在最近的債務中概述了 65%、66% 的情況。能否再詳細解釋時間安排方面的問題？

Yeah. I think I'll talk both about occupancy, and I'll talk about margins. We did lay out a three-year growth framework and we did lay out the pieces to that. I think selling some of these, we call higher IRR value-add assets, you get an immediate benefit from that, and you're seeing that right now with our same-store occupancy at a little bit better than 91% in our total occupancy and the very high 80s, I think it's 88%, 89%, it's probably 89% plus at this point in time. And our margins are in that 64% to 65% area last quarter and this quarter.

是的。我想我會談談入住率，也會談談利潤率。我們制定了一個為期三年的成長框架，也制定了實現該框架的各個組成部分。我認為出售其中一些我們稱之為高內部收益率增值資產的東西，你會立即從中受益，你現在就能看到這一點，我們的同店入住率略高於 91%，總入住率也達到了 80% 以上，我認為是 88%、89%，目前可能超過 89%。上個季度和本季，我們的利潤率都在 64% 到 65% 之間。

So it's probably over multiple years that we would see that stabilized occupancy and margin levels, but we're working our way towards that pretty darn fast. And the more and more absorption we get, the better the lease environment, the quicker we can get there. But I think this quarter was a very good example as to how fast we could get there through sales. And then going forward, it's really going to come through organic leasing as well as expense controls.

因此，可能需要數年時間才能看到入住率和利潤率穩定下來，但我們正在以非常快的速度朝著這個目標努力。我們獲得的租賃份額越多，租賃環境就越好，我們就能越快實現目標。但我認為本季很好地展現了我們透過銷售能夠多快實現目標。展望未來，真正的成長將來自於有機租賃和成本控制。

Seth Berge, Citi.

Seth Berge，花旗集團。

I just wondered if you could start off by maybe commenting this has been talked about a little bit, but just overall changes to the buyer pool depth of the buyer pool since you kind of started the distasitions?

我想問一下，您能否先說明一下，雖然這個問題已經被討論過一些了，但自從您開始提出這些反對意見以來，買家群體的整體深度是否發生了變化？

Yeah. Maybe I'll have Ryan Crowley.

是的。或許我會請到瑞恩·克勞利。

I would say buyers have always been there. We've been selling -- we sold material assets in '24 and more so this year. The buyer demand and the buyer appetites remain strong all along. The biggest change has been the steady end market improvement in the lending environment. Bank liquidity is way up in our space. Today, bank originated loan rates are dipping into the high 4s. And so that's really fueling that buyer appetite.

我認為買家一直都存在。我們一直在出售——我們在 2024 年出售了實質資產，今年出售的更多。買家需求和購買意願一直都很強勁。最大的變化是貸款環境終端市場的穩定改善。我們所在領域的銀行流動性大幅提升。如今，銀行發放的貸款利率已跌至 4% 以上。因此，這確實刺激了買家的購買慾望。

The buyer appetite is being led by primarily private institutional capital and as Pete referenced earlier, the health systems, health system percentage of MOB acquisitions this year is about as high as it's been in recent memory. But for the full year for us on the $1 billion or so of dispositions, our mix, our buyer mix will be roughly half and half private buyers and health systems.

買家的需求主要由私人機構資本引領，正如皮特之前提到的，今年醫療系統在醫療辦公大樓收購中所佔的比例，是近年來最高的。但就我們全年約 10 億美元的資產處置而言，我們的買家組合將大致為私人買家和醫療系統各佔一半。

Okay. And then, I guess, just a second one, with the $700 million kind of under contract, is that just kind of like a timing issue of some of those closing kind of into next year in terms of why the disposition guide remain unchanged?

好的。然後，我想，第二個問題是，7億美元的合約已經簽訂，這是否只是因為一些交易要到明年才能完成，所以處置指南保持不變？

Yeah, some of them may close in early January but there's not much more to read into it than that.

是的，其中一些可能會在一月初關閉，但除此之外，也沒有其他資訊可以解讀。

I'll just add, it's a high number of transactions. Year-to-date, the 35 properties we've sold have been 24 different discrete transactions, we have over a dozen remaining. So it's not one or two large transactions that did take the timing, it's the number.

我補充一點，交易數量非常多。今年迄今為止，我們售出的 35 處房產是 24 筆不同的獨立交易，還有十幾處待售。所以，真正影響時間的不是一、兩筆大筆交易，而是交易數量。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Pete, I wanted to circle back on your comments on HR can be more offensive or a little bit more offensive in this market. I mean, how difficult is it to find these strategic investments just given the strong private did? I mean, is there options or opportunities where HR has specific relationships that it can lever to get these deals? I guess can you talk a little bit about that?

皮特，我想再談談你之前關於人力資源部門在這個市場中可能會更具冒犯性或稍微更具冒犯性的評論。我的意思是，考慮到私募股權的強大實力，要找到這些策略投資究竟有多難？我的意思是，人力資源部門是否有可以利用的特定關係或機會來達成這些交易？能稍微談談這方面嗎？

Sure. Why don't you jump in on this, Ryan, and then I'll touch on it on the end.

當然。瑞恩，不如你先參與討論，然後我最後再談到這一點。

Sure, Michael. I mean our reputation in the acquisitions market has historically been that of a sharp heater. During our growth in years past, we bought assets typically one at a time and primarily, frankly, in relationship-driven off-market transactions that would be a majority of the deals we had historically done.

當然可以，麥可。我的意思是，我們在收購市場上的聲譽歷來都是迅猛的。在過去幾年的發展過程中，我們通常一次只購買一項資產，坦白說，主要還是透過關係驅動的非公開交易，這構成了我們歷史上大部分的交易。

Today, we have an active inventory of what we call Tier 1 acquisition targets that we've already identified in our top 20 priority markets, with the systems we want to align with and specifically on the top-performing hospital campuses where we've already done the analysis, we've cataloged over 400 Tier 1 acquisitions, that our team tries to sharp shoot via these direct relationships that we have with owners, brokers and key relationships and health systems in these markets.

今天，我們已經在前 20 個優先市場中確定了所謂的“一級收購目標”，並建立了一個活躍的庫存。這些目標包括我們希望與之合作的系統，以及我們已經進行分析的績效最佳的醫院園區。我們已經整理了 400 多個一級收購目標，我們的團隊正努力透過與這些市場的所有者、經紀人、關鍵關係人和醫療系統建立的直接關係，精準地鎖定這些目標。

What does that represent probably 20 million square feet over $8 billion volume of value. And our team actively pursues that. The only other thing I'll add is as cap rates have steadily declined from the beginning of the year. We have definitely noticed over the recent months an uptick in the number of assets and the quality of assets coming to market. So there is more opportunity out there today.

這相當於大約 2000 萬平方英尺，價值超過 80 億美元。我們的團隊也積極追求這一點。我唯一要補充的是，資本化率從年初就一直在穩定下降。近幾個月來，我們明顯注意到進入市場的資產數量和資產品質都有所提高。所以現在機會更多了。

Yeah. Mike, I just want to jump in for a second on this. I'm glad we're obviously talking about going on, offense just a little bit. But our focus is, first and foremost, on our three-year growth framework and generating organic growth and reinvesting capital into our real estate. When we talk about going on offense, this is some modest balance sheet capacity that we have. And if we can find ways to put that capital to work to generate some nice accretion primarily in joint ventures where we get an enhanced yield, that stuff that we will look at. But to the extent that it's not additive to what we've laid out in our strategic plan we certainly can remain underlevered.

是的。麥克，我想插一句。我很高興我們顯然在討論如何稍微加強進攻。但我們的首要重點是三年成長框架，以及實現有機成長並將資本再投資於我們的房地產。當我們談到進攻時，這是我們所擁有的有限資源和能力。如果我們能找到方法讓這些資本發揮作用，主要透過合資企業獲得更高的收益，從而產生一些可觀的增值，那麼我們將考慮這些事情。但是，只要它不與我們戰略計劃中製定的內容相衝突，我們當然可以繼續保持低槓桿率。

So I just want to be a little bit careful when everyone hears the term offense that all of a sudden, we're disregarding our strategic plan and just looking at a bunch of acquisitions. I mean there's just some tuck-in things that we would like to do if the math pencils, but we do not need to do those. And our focus is primarily first and foremost, on the strategic plan and the three-year growth framework that we laid out.

所以我想提醒大家，當大家聽到「進攻」這個詞時，不要以為我們突然就無視了戰略計劃，而只是一味地進行收購。我的意思是，如果數學鉛筆需要整理，我們可以做一些收尾工作，但我們不需要做這些工作。我們的首要重點是製定的策略計劃和三年成長框架。

That's helpful. And now I guess, Pete, you also made a comment earlier in the call in the prepared remarks that given where occupancy is that you can be a little bit more aggressive pushing price? I mean, can you provide some color on what that means? Are you going to try to push it on spreads, annual bumps? And is this kind of something new or that you can do just given that the market is getting tighter over the past few quarters?

那很有幫助。皮特，我想你之前在電話會議的準備好的發言稿中也提到過，鑑於目前的入住率，你們可以更積極地推高價格？我的意思是，你能詳細解釋一下這代表什麼嗎？你打算在價差和年度漲幅增加投入嗎？這是新推出的策略，還是因為過去幾季市場趨緊而採取的策略？

Yeah, as we think about maximizing lease economics, we have implemented a payback period model as well as an IRR model over the last couple of quarters. So it's just trying to get the absolute best possible economic returns with all the leases that we end up signing.

是的，為了最大限度地提高租賃經濟效益，我們在過去幾季實施了投資回收期模型和內部報酬率模型。所以，我們只是想透過最終簽署的所有租賃協議，獲得盡可能最佳的經濟回報。

I think where we're seeing success today is certainly on the escalator front, we're also seeing higher retention since there's just a lot less supply out there. And I think the last piece is you think about the rent mark-to-market opportunity, which I think is helpful to get, and we've been able to achieve kind of the low single digits. If occupancy continues to increase, then there's an opportunity to continue to move more and more push harder and harder on that.

我認為我們目前取得成功的地方肯定是在自動扶梯方面，而且由於市場上的供應量少了很多，我們也看到了更高的用戶留存率。我認為最後一點是，你要考慮租金按市場價格調整的機會，我認為這很有幫助，而且我們已經能夠實現個位數的低漲幅。如果入住率持續上升，就有機會繼續加強推進，並不斷推進。

But I think most importantly, it's the high retention as well as getting the strong escalators because high retention, you have no downtime and you have no capital really that you have to invest. There's limited capital you have to invest on renewals relative to new leasing. So that's the way we're thinking about it.

但我認為最重要的是高客戶留存率以及強勁的晉升動力，因為高客戶留存率意味著沒有停機時間，也不需要投入任何資金。與新租賃相比，續租所需的投資資金有限。這就是我們考慮的方式。

Michael Gorman, BTIG.

Michael Gorman，BTIG。

Austen, maybe you could just spend a minute, you talked a lot about balance sheet strategy and productivity. The unsecured market has been pretty strong in the REIT space of late. Can you just talk about how you're thinking about access to that market into the end of the year and strategy around kind of the '26 maturities?

奧斯汀，或許你可以花一點時間，你談了很多關於資產負債表策略和生產力的問題。近期，房地產投資信託基金領域的無擔保市場表現相當強勁。您能否談談您如何考慮在年底前進入該市場，以及圍繞 2026 年到期債券的策略？

Yeah, it's a great question. We have $600 million of a bond maturing in August of next year. So I would say, first and foremost, we do have a lot of time. But to add to that, your point is not lost on us that, especially since we put out the strategic plan, rates up until maybe two days ago had moved slightly in our favor and you are seeing spreads at or near all-time lows. So it's certainly something that we're paying close attention to. We'll be opportunistic, I think, given the amount of time that we have until the bond refinancing but certainly could look at doing something if the opportunity and attractive opportunity presented itself.

是的，這是一個很好的問題。我們有6億美元的債券將於明年8月到期。所以我想說，首先，我們還有很多時間。但除此之外，我們明白您的意思，尤其是在我們發布戰略計劃之後，利率直到兩天前都略微對我們有利，而且您也看到利差處於或接近歷史最低水平。所以，這當然是我們密切關注的事情。我認為，鑑於距離債券再融資還有一段時間，我們會抓住機會，但如果出現合適的、有吸引力的機會，我們當然會考慮採取行動。

That's helpful. And then maybe just switching to the portfolio side. For the 2026 lease maturities, can you just talk a little bit about how those back up compared to some of the escalators that you've been able to achieve in the third quarter? And maybe how the '26 expirations look relative to that, just to give us a sense for the potential opportunity there?

那很有幫助。然後或許可以轉到投資組合方面。對於 2026 年到期的租賃合同，您能否簡要談談這些合同與您在第三季度實現的一些遞增條款相比有何不同？或許還可以看看 2026 年到期的債券相對於這方面的情況，以便我們了解其中的潛在機會？

Yeah. I think if you look out at '26, I mean we've got a good number of renewals coming up and the escalators on the total portfolio right now I think are in the averaging in the high 2s. I mentioned in my remarks that we've been achieving 3.1% on average across all of the renewals and new leases. And our new leases, we'd be even achieved a little bit higher than that.

是的。我認為，如果你展望 2026 年，我的意思是，我們有很多續約即將到來，而目前整個投資組合的遞增利率我認為平均在 2% 以上。我在演講中提到，我們所有續約和新租約的平均成交率達到了 3.1%。而我們的新租約，甚至還能比這略高一些。

So I think as we look out at '26, we see an opportunity to kind of move that up over 3%. We've been consistently getting greater than 3% escalators. And as supply tightens and the portfolio improves through asset sales, we see an opportunity to move that even potentially higher. So certainly looking at improving on the average that we have and achieved this quarter as we look to next year, trying to move that up into the mid-3s.

所以我認為，展望 2026 年，我們有機會將這一數字提高到 3% 以上。我們一直以來都能獲得高於 3% 的漲幅。隨著供應趨緊，並透過資產出售改善投資組合，我們看到了進一步提高價格的機會。因此，我們當然希望在明年之前提高本季的平均水平，並爭取將平均水平提高到 3% 左右。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Just how are you thinking about what's the right level of development, redevelopment to have underway at any given time? I know pre-leasing levels come into it, but just a little more color on how you're thinking about that would be great.

您認為在任何特定時期，進行何種程度的開發或重建才是適當的？我知道預租水準會影響租金，但如果您能更詳細地說明您是如何考慮這個問題的，那就太好了。

Yeah. Obviously, on the development side, those developments are legacy developments that have been ongoing for a while. I would not expect us to commence a new development unless we do have that land bank unless it was a very, very heavily pre-leased, attractive yield to us. And I would say there's nothing imminent on the horizon on that.

是的。顯然，在開發方面，這些開發案都是已經持續了一段時間的遺留項目。除非我們擁有土地儲備，而且該地塊的預租率非常高，收益率對我們來說很有吸引力，否則我不會期望我們開始新的開發案。而且我認為，目前來看，這方面還沒有任何即將發生的事情。

From a redevelopment perspective, it's going to be a little bit higher initially just because we're going to be reinvesting capital, first and foremost, into our portfolio. And by the way, we see a pretty darn good yield from that as well. You would calculate something in the 9% to 12% cash on cash yield with the IRRs being even higher than that.

從重建的角度來看，初期成本會略高一些，因為我們首先要將資金再投資到我們的投資組合中。順便說一句，我們也看到了相當不錯的收益。你可以計算出現金回報率在 9% 到 12% 之間，而內部報酬率甚至會更高。

So it's a really good way to invest capital I think that bucket will have some assets cycle out, some assets cycle in. There have been some assets in redevelopment for a while that are near completion at this point in time. But I could see having 25-ish or so assets in that bucket and I would say, on average, it's $10 million to $15 million of redevelopment spend across each project. So you can do the math on that, but I think that's probably a comfortable level for us going forward. And we obviously have the free cash flow opportunity to do that as well with our payout ratio being in the low 70s right now.

所以我認為這是一種非常好的資本投資方式，這個投資池裡會有一些資產流出，也會有一些資產流入。有些資產已經進行了一段時間的重建，目前已接近完工。但我認為這類資產大概有 25 項左右，平均而言，每個項目的重建支出在 1,000 萬到 1,500 萬美元之間。你可以自己算算，但我認為這對我們來說可能是比較合適的水平。而且，我們顯然也擁有足夠的自由現金流來做到這一點，因為我們目前的股息率在 70% 左右。

Got it. And one other question. Once you're through the $700 million of asset sales that are under contract letter of intent, should we be thinking of any additional dispositions on a go-forward basis or just something nominal and opportunistic as well?

知道了。還有一個問題。在完成已簽署意向書的 7 億美元資產出售之後，我們是否應該考慮在未來進行任何額外的資產處置，或者只是進行一些名義上的、機會主義的處置？

I think it would just be nominal and opportunistic, Mike. There would not be like a large program, but perhaps there could be some pruning on an annual basis every year, but that would be just a very nominal stuff and done opportunistically.

我覺得這只是名義上的、投機的行為，麥克。不會有大型項目，但或許每年可以進行一些修剪，但這只是像徵性的，而且是臨時性的。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，格林街。

Just two questions for me on the restructuring. I believe there's $12 million of restructuring cost this quarter. $22 million-ish in the last two quarters. Can you just give us a sense of the total restructuring costs expected in just in general, Pat, like I know you guys are moving fast, but what kind of inning are we in, in terms of your organizational restructuring of HR?

關於重組，我只有兩個問題。我認為本季重組成本為1200萬美元，過去兩季約為2,200萬美元。Pat，可以大致估算一下重組的總成本嗎？我知道你們進展很快，但就你們的人力資源組織重組而言，我們現在處於什麼階段？

Yeah. I think we're in the later innings on that. But if you think about the organizational restructuring charges, but you also factor in that we had $2 million to $3 million less of G&A this quarter, right? It's working its way into less G&A, a smaller cost structure. So I would say we've made really good progress. Are we done? We're getting closer to that level, but we're certainly in the later innings.

是的。我認為我們已經到了比賽的後半段。但如果你考慮到組織結構重組費用，同時也要考慮到我們本季的一般及行政費用減少了 200 萬至 300 萬美元，對吧？它正逐步減少一般及行政開支，縮小成本結構。所以我覺得我們已經取得了非常好的進展。我們結束了嗎？我們正在接近那個水平，但我們肯定已經到了比賽的後半段。

And then last one for me. I know you guys highlighted in your strategic review document, a little bit of a drag from 100,000 square foot single-tenant lease expiration in '27. Has there been any other additional single tenant vacates that we should expect in '26 and then you have a lot of lease rolling in the single-tenant portfolio in '27. So any other vacates have popped up in recent months that we should be aware of?

最後，也是我最後一個問題。我知道你們在策略審查文件中強調，2027 年 10 萬平方英尺的單一租戶租賃到期會帶來一些拖累。2026 年是否還有其他單一租戶搬離的情況？ 2027 年單一租戶物業組合中又會有很多租約到期。那麼，最近幾個月還有其他空缺職位出現嗎？我們應該注意嗎？

Yeah. No, I'd say nothing material. Obviously, we highlighted the '27 on in the strategic deck. And that really is the large lease roll in 2027, that tenant occupies two buildings. We are having conversations with them on extending in the entire other building that they are in. So I'd say we're making good progress on that. But no, to your question, is there anything additional that's popped up? No, there is not.

是的。不，我覺得沒什麼實質的問題。顯然，我們在戰略文件中重點強調了「27」。2027 年的租賃合約數量確實很大，該租戶佔用了兩棟建築。我們正在與他們商討將業務擴展到他們所在的另一棟建築物。所以我覺得我們在這方面取得了不錯的進展。但是，回到你的問題，還有其他什麼新狀況出現嗎？不，沒有。

We have no further questions. I'd like to turn the call back over to Mr. Pete Scott for any closing remarks.

我們沒有其他問題了。我謹將電話交還給皮特·史考特先生，請他作總結發言。

Great. Thanks, everyone, for joining us here. Like I said, we're very excited about the direction that we're headed in HR 2.0. And proud of the quarter we put up and look forward to continuing to talk to you over the coming months as we finish out the year. Thanks very much.

偉大的。感謝各位的到來。正如我所說，我們對人力資源2.0的發展方向感到非常興奮。我們為本季所取得的成績感到自豪，並期待在接下來的幾個月繼續與您交流，直到年底。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。