Healthcare Realty Trust Inc (HR) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Healthcare Realty first-quarter 2026 earnings conference call. (Operator Instructions)

感謝您耐心等候。我叫Tina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加Healthcare Realty 2026年第一季財報電話會議。（接線員指示）

It is now my pleasure to turn the call over to Ron Hubbard, Vice President of Investor Relations. You may begin.

現在我很榮幸將電話交給投資人關係副總裁Ron Hubbard。您可以開始了。

Thank you for joining us today for Healthcare Realty's first-quarter 2026 earnings conference call.

感謝各位今天參加Healthcare Realty 2026年第一季財報電話會議。

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 forward-looking statements represent the company's judgment as of the date of this call. This 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.

提醒各位，除本通話中所包含的歷史資訊外，本次通話所討論事項可能包含前瞻性陳述，涉及估計、假設、風險與不確定性。這些前瞻性陳述代表公司截至本通話日期的判斷。本公司不承擔更新此等前瞻性資料的任何義務。關於風險與風險因素之討論已載於我們的新聞稿，並於我們向美國證券交易委員會（SEC）提交的文件中詳述。

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 March 31, 2026. The company's earnings press release and earnings supplemental information are available on the company's website.

本次通話將討論若干非GAAP財務衡量指標。這些指標與最可比的GAAP財務衡量指標之調節表，可於公司截至2026年3月31日止季度的財報新聞稿中查閱。公司的財報新聞稿與財報補充資料可於公司網站取得。

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

接下來我想把電話交給我們的總裁兼執行長Pete Scott。

Thanks, Ron. Joining me on the call today are Rob Hull, our COO; and Dan Gabbay, our CFO. Also available for the Q&A portion of the call is Ryan Crowley, our CIO. It has been just over a year since I assumed the CEO role, and we have made significant progress in that short period of time. In many ways, we entered 2026 as an entirely new company.

謝謝你，Ron。今天與我一同參與通話的有我們的營運長（COO）Rob Hull，以及財務長（CFO）Dan Gabbay。在問答環節中，我們的投資長（CIO）Ryan Crowley也會在場。自我接任執行長職務以來已略超過一年，而我們在這段不長的時間內已取得顯著進展。在許多方面，我們以一個全新的公司面貌進入2026年。

We added industry expertise to our revamped and more financially rigorous operating platform, we refined our portfolio, and we rightsized our balance sheet. All of this was in preparation to meet or exceed our three-year earnings forecast.

我們在經過改造且財務紀律更嚴謹的營運平台上，增添了產業專業能力；我們精煉了投資組合；並將資產負債表調整至適當規模。這一切都是為了準備達成或超越我們的三年盈餘預測。

I am pleased to report the hard work, and immense preparation is manifesting into better results. While one quarter does not guarantee a three-year earnings forecast, it does create a solid foundation for outperformance while sustaining the winning mentality we have worked hard to instill at Healthcare Realty 2.0.

我很高興地報告，這些努力與大量的前期準備正逐步轉化為更好的成果。雖然單一季度並不能保證三年盈餘預測必然實現，但它確實為未來超越目標奠定了堅實基礎，同時也延續了我們努力在Healthcare Realty 2.0所建立的致勝心態。

Now let's turn to our results for the first quarter. Every day we are executing with purpose and intensity. We signed over 2 million square feet of leases an all-time high. We reported same-store NOI growth of nearly 7%, also an all-time high. We accretively bought back more stock. We completed our first joint venture acquisition. We continue to stabilize our redevelopment portfolio.

現在讓我們來看第一季的業績。我們每天都以明確目標與高度投入來執行。我們簽訂了超過200萬平方英尺的租約，創下歷史新高。我們公布同店NOI成長接近7%，同樣創下歷史新高。我們以具增益（accretive）的方式回購了更多股票。我們完成了第一筆合資收購案。我們持續推進重建開發投資組合的穩定化。

And our capital markets plan is beginning to take shape. The net impact of all this, our first quarter results were far better than expectations. We are raising both FFO and same-store guidance early in the year. And there is more to come on the horizon with a strong leasing pipeline.

同時，我們的資本市場計畫也開始成形。綜合上述因素，我們第一季的結果遠優於預期。我們在年初即上調FFO與同店指引。在強勁的租賃案源帶動下，未來還有更多進展可期。

I wanted to elaborate more on the earnings growth framework for Healthcare Realty 2.0. Earnings growth has unequivocally become the dominant metric that determines a premium multiple in the REIT industry. If you go into any AI platform and search medical office characteristics, you will note the typical catchphrases that have become synonymous with sector: stable cash flow, recession-resistant, Steady Eddie, and 2% to 3% growth.

我想進一步說明Healthcare Realty 2.0的盈餘成長架構。在REIT產業中，盈餘成長已毫無疑問成為決定是否享有溢價估值倍數的主導指標。如果你在任何AI平台搜尋醫療辦公（medical office）的特性，你會注意到一些已與該產業同義的典型關鍵詞：穩定現金流、抗衰退、穩健型（Steady Eddie），以及2%到3%的成長。

In a low-interest rate environment, like we experienced from 2010 to 2020 when the 10-year treasury averaged low 2%, this all sounded great. Investors were able to generate alpha in medical office with very little risk. However, with the 10-year treasury at 4.3% today and our stock trading at an 11 times FFO multiple, this simply won't cut it anymore.

在低利率環境下，例如我們在2010年至2020年期間所經歷的情況，當時10年期美國公債殖利率平均約在2%出頭，這些聽起來都很不錯。投資人能以極低風險在醫療辦公領域取得超額報酬（alpha）。然而，當今10年期美國公債殖利率為4.3%，而我們的股票以11倍FFO倍數交易時，這樣的表現已不再足夠。

We see two challenges in front of us: put up better numbers, which we are doing, and break down these historical stereotypes. As the only public REIT focused exclusively on outpatient medical, we will be the trailblazer and redefine what success means in our sector.

我們面前有兩項挑戰：拿出更好的數字——我們正在做到——以及打破這些歷史刻板印象。作為唯一一家專注於門診醫療（outpatient medical）的上市REIT，我們將成為開路先鋒，重新定義本產業的成功標準。

So let me walk you through the main pillars of organic growth. First, occupancy. Sector-wide occupancy is approaching 93% because of strong demand and limited supply growth. We see multiple years of sustained tailwinds in front of us driven by the rapid growth of the 65-plus population and the unabated shift in care to outpatient settings.

接下來我將帶各位了解內生成長的主要支柱。第一，出租率。在需求強勁且供給成長有限的情況下，全產業出租率正逼近93%。受65歲以上人口快速成長，以及醫療照護持續向門診場景轉移所驅動，我們預期未來數年仍將維持強勁順風。

At HR 2.0, our same-store occupancy improved this quarter to 92.3%, a year-over-year increase of 110 basis points. Total occupancy has improved to 90.5% and is a significant near-term earnings growth driver as we stabilize our lease-up and redevelopment portfolio.

在HR 2.0之下，我們本季同店出租率提升至92.3%，年增110個基點。總出租率已改善至90.5%；隨著我們使招租中與重建開發投資組合趨於穩定，這將成為短期內重要的盈餘成長驅動因素。

Second, annual escalators. Under the new asset management platform, our average annual escalator on signed leases is 3%-plus. I cannot overemphasize the importance of the annual escalator on earnings growth. With our portfolio NOI at approximately $650 million, escalators will be the primary driver of core earnings growth going forward.

第二，年度調租（escalators）。在新的資產管理平台下，我們已簽租約的平均年度調租幅度為3%以上。我再怎麼強調年度調租對盈餘成長的重要性都不為過。以我們投資組合NOI約6.5億美元計算，調租將成為未來核心盈餘成長的主要驅動力。

Third, retention rate. Often overlooked, retention rate is a critical driver of earnings growth. Downtime and capital expenditures, which are the silent killer of earnings growth, are significantly lower for renewal lease deals compared to new lease deals. Therefore, the higher the retention rate, the less capital we have to commit, the higher the lease IRR, the more profitable the deal is to us. During the first quarter, our retention rate was 93.5%.

第三，續租率。續租率常被忽略，但它是盈餘成長的關鍵驅動因素。相較於新租約，續租交易的空置期與資本支出——也就是盈餘成長的隱形殺手——顯著更低。因此，續租率越高，我們需要投入的資本越少，租約IRR越高，對我們而言交易就越有利可圖。第一季我們的續租率為93.5%。

Fourth, cash leasing spreads. With our portfolio optimization complete and our concentration of assets in higher growth markets, including the Sunbelt market, I would anticipate our cash leasing spreads improving. In the first quarter, our cash leasing spread was 4.2%. Importantly, 1 out of every 4 leases we signed had a cash leasing spread greater than 5%.

第四，現金租賃價差（cash leasing spreads）。隨著我們完成投資組合優化，並將資產更集中於成長較高的市場（包括陽光帶市場），我預期我們的現金租賃價差將有所改善。第一季我們的現金租賃價差為4.2%。重要的是，我們簽訂的租約中，每4筆就有1筆的現金租賃價差高於5%。

When you add all this up, occupancy growth, annual escalators, higher retention and improved cash leasing spreads, we expect to generate materially higher earnings growth going forward. Our same-store results this quarter are a good indicator that we are heading in the right direction. And as a reminder, our core earnings growth in 2026 is tracking above 5% excluding the impact from the necessary portfolio optimization and deleveraging.

綜合以上因素——出租率成長、年度調租、更高的續租率以及改善的現金租賃價差——我們預期未來將產生顯著更高的盈餘成長。本季同店表現是我們正朝正確方向前進的良好指標。並提醒各位，若排除必要的投資組合優化與去槓桿化影響，我們2026年的核心盈餘成長目前追蹤值高於5%。

I wanted to spend a moment on external growth and capital allocation, which are incremental to our organic pillars of growth. As we recently disclosed, our capital allocation approach will remain incredibly disciplined. During the first quarter, we did exactly what we said we would do. We bought back $100 million of stock, we completed in excess of $20 million of acquisitions and we invested $25 million in our redevelopment portfolio.

我想花一點時間談談外生成長與資本配置，這些是對我們內生成長支柱的增量補充。如我們近期所揭露，我們的資本配置方式將持續保持高度紀律。第一季我們確實照我們所說的去做。我們回購了1億美元股票，完成了超過2,000萬美元的收購，並在重建開發投資組合上投入2,500萬美元。

Let me provide a little more context behind our priorities. First, stock buybacks. If we experience dislocation in our stock price, we will not hesitate to acquire shares. This provides us with significant and immediate accretion. We have $400 million of stock buyback capacity remaining under our current authorization.

我再補充一些我們優先順序背後的脈絡。第一，股票回購。若我們的股價出現錯位（dislocation），我們將毫不猶豫地買回股份。這能為我們帶來顯著且立即的增益（accretion）。在目前的授權額度下，我們仍有4億美元的股票回購額度可用。

Second, acquisition. All external acquisitions will be done in joint ventures. Joint ventures currently encompass 5% of our total NOI, so there is ample room for this to grow. We would expect initial cash yields of greater than 7%, which exceeds our implied cap rate. In terms of magnitude, I could see us accretively allocating $50 million to $100 million of capital into our KKR joint venture in 2026.

第二，收購。所有外部收購都將透過合資企業進行。合資企業目前約占我們總NOI的5%，因此仍有充足的成長空間。我們預期初始現金收益率將高於7%，這高於我們隱含的資本化率。就規模而言，我可以想像我們在2026年向我們的KKR合資企業以增益方式配置5,000萬至1億美元的資本。

Third, redevelopment, which currently consists of 23 properties that are 64% pre-leased. Redevelopments are the primary source of the $50 million of NOI upside in our three-year forecast, and we continue to track ahead of schedule. I would expect the number of assets in redevelopment to modestly tick up in the coming quarters as we front-load our spend into the earlier part of our three-year plan. This will allow us to maximize the NOI upside opportunity sooner.

第三，重建開發，目前包含23項物業，預租率為64%。重建開發是我們三年期預測中5,000萬美元NOI上行空間的主要來源，而且我們持續領先進度。我預期未來幾季處於重建開發中的資產數量將小幅增加，因為我們會把支出前置到三年計畫的前段。這將使我們能更早最大化NOI上行機會。

As a reminder, our average cash-on-cash yield for the redevelopment portfolio is 10% and comes through a combination of increased occupancy and/or increased rental rate. Importantly, none of these priorities, buybacks, joint venture acquisitions and redevelopments, are mutually exclusive. In addition, while not part of our guidance, we are open to selling more assets, including core assets, and accretively recycling the proceeds into any one of our priorities to further improve earnings growth.

提醒一下，我們重建開發投資組合的平均現金對現金收益率為10%，主要來自入住率提升及／或租金單價提高的組合。重要的是，這些優先事項——庫藏股回購、合資收購與重建開發——彼此並非互斥。此外，雖然不在我們的財測指引之內，我們也願意出售更多資產（包括核心資產），並以增益方式將所得資金循環投入我們的任一優先事項，以進一步提升盈餘成長。

Finishing now with a quick note on our Board. As part of our ongoing Board refreshment initiatives, longtime Director, Jay Leupp announced he will retire after our upcoming annual meeting. I would like to provide a sincere thanks to Jay for his contributions to the organization over the years. Upon Jay's departure, the average tenure of our remaining directors is less than two years. We plan to add a new director later this year, to more prioritize that person's experience and diversity.

最後簡要說明董事會。作為我們持續推動董事會汰舊換新計畫的一部分，資深董事Jay Leupp宣布將在即將召開的年度股東會後退休。我想對Jay多年來對本組織的貢獻致上誠摯的感謝。在Jay離任後，我們其餘董事的平均任期將少於兩年。我們計畫在今年稍晚增聘一位新董事，更加重視該人士的經驗與多元性。

With that, let me turn the call over to Rob.

接下來，我把電話會議交給Rob。

Thanks, Pete. The first quarter was the company's strongest ever for leasing. Our team executed over 290 leases, representing more than 2 million square feet. Lease economics across both new and renewal leases continued to improve. Annual escalators averaged 3.1% and the weighted average lease term was nearly eight years, bolstering the portfolio's long-term growth profile.

謝謝，Pete。第一季是公司史上租賃表現最強的一季。我們團隊完成了超過290份租約，合計超過200萬平方英尺。新租與續租的租賃經濟條件持續改善。年度調租幅度平均為3.1%，加權平均租期接近八年，強化了投資組合的長期成長輪廓。

Tenant retention was 93.5%, driven by a number of early renewals across the portfolio. Included are eight single tenant renewals totaling nearly 740,000 square feet, for an average extension of approximately 10 years. This meaningfully reduces our lease maturities through the end of 2027. And cash leasing spreads were strong, averaging 4.2%.

租戶留存率為93.5%，主要受投資組合中多筆提前續約帶動。其中包含8筆單一租戶續約，合計近74萬平方英尺，平均延長約10年。這將顯著降低我們截至2027年底的租約到期壓力。而現金租賃價差表現強勁，平均為4.2%。

Demand for medical outpatient buildings remains robust. We continue to see favorable sector fundamentals as absorption outstripped completions during the quarter and rental rates continued to climb. Health systems are seeing steady operating trends and investing in higher-margin outpatient services. These favorable industry fundamentals are translating into better performance for our portfolio.

醫療門診大樓的需求仍然強勁。我們持續看到有利的產業基本面：本季吸納量高於完工量，租金水準也持續上升。醫療體系的營運趨勢穩健，並加碼投資於毛利較高的門診服務。這些有利的產業基本面正轉化為我們投資組合更佳的表現。

Health system relationships remain a key area of focus as their demand for space continues to grow, improving the credit profile of our portfolio. This quarter, we saw a substantial health system activity, including, in Atlanta, 176,000 square feet of new and renewal leases with Wellstar across six on-campus buildings, including a 59,000 square foot cancer center. The renewals carry an average term of five years with a blended cash leasing spread of approximately 4%. Wellstar is a leading health system in the Atlanta MSA with an A+ credit rating.

醫療體系關係仍是我們的重點領域，因其空間需求持續成長，進一步改善我們投資組合的信用輪廓。本季我們看到醫療體系活動顯著增加；例如在亞特蘭大，我們與Wellstar在六棟院區內大樓簽訂新租與續租合計176,000平方英尺，其中包含一座59,000平方英尺的癌症中心。續租平均租期為五年，合併後的現金租賃價差約為4%。Wellstar是亞特蘭大都會統計區（MSA）的領先醫療體系，信用評等為A+。

In Charlotte, six renewal leases totaling 154,000 square feet with Advocate Health. The average term was more than seven years with a blended cash leasing spread over 5%. Advocate Health is the leading health system in Charlotte with well over 50% market share and carries a AA credit rating.

在夏洛特，我們與Advocate Health完成6筆續租，合計154,000平方英尺。平均租期超過七年，合併後的現金租賃價差超過5%。Advocate Health是夏洛特的領先醫療體系，市占率遠超過50%，信用評等為AA。

In Upstate New York, we leased 64,000 square feet of clinical and surgery center space to Trinity Health St. Peter's Hospital. The leases have an average term of nearly 6.5 years and annual escalators of 3%. Trinity Health is a top 10 health system nationally with a AA- credit rating.

在紐約州上州地區，我們將64,000平方英尺的臨床與手術中心空間出租給Trinity Health St. Peter's Hospital。租約平均租期接近6.5年，年度調租幅度為3%。Trinity Health是全美前十大醫療體系之一，信用評等為AA-。

And in Charleston, three lease renewals for 55,000 square feet with MUSC Health, maintaining 100% occupancy across two buildings. The leases have an average term of nine years with an average cash leasing spread of nearly 14%. MUSC is South Carolina's only comprehensive academic health system with 16 hospitals and regional medical centers.

在查爾斯頓，我們與MUSC Health完成3筆續租、合計55,000平方英尺，使兩棟大樓維持100%入住率。租約平均租期為九年，平均現金租賃價差接近14%。MUSC是南卡羅來納州唯一的綜合性學術醫療體系，擁有16家醫院與區域醫療中心。

Looking ahead, occupancy gains over the remainder of the year will be driven by a robust new leasing pipeline of approximately 1.4 million square feet, strong tenant retention and our 490,000 square foot Signed Not Occupied or SNO pipeline.

展望未來，今年剩餘期間的入住率提升將由約140萬平方英尺的強勁新租管線、穩健的租戶留存，以及我們49萬平方英尺的「已簽約未入住」（Signed Not Occupied，SNO）管線所帶動。

Turning to redevelopment. We saw a gain of 900 basis points sequentially in the lease percentage of our redevelopment portfolio. This quarter, we added two new projects, including a $25 million redevelopment of a 155,000 square foot MOB connected to Tufts Medical Center in Boston. The building is 100% pre-leased with a 10-year term and 3% annual escalators.

接著談重建開發。我們重建開發投資組合的出租比例較前一季提升了900個基點。本季我們新增兩個專案，其中包括在波士頓、與塔夫茨醫學中心（Tufts Medical Center）相連的一棟155,000平方英尺MOB之2,500萬美元重建開發案。該大樓已100%預租，租期10年，年度調租幅度3%。

We also completed a $35 million two MOB project located in Charlotte, adjacent to Novant Health Huntersville Medical Center. The redevelopment is 98% leased with a stabilized yield within our targeted range of 9% to 12%. The two buildings will move into same store once a full calendar year has passed since completion.

我們也完成位於夏洛特、緊鄰Novant Health Huntersville Medical Center的一項3,500萬美元、兩棟MOB的專案。該重建開發案已出租98%，穩定後收益率落在我們目標區間9%至12%之內。兩棟大樓在完工滿一個完整曆年後，將納入同店（same store）範圍。

Our results this quarter demonstrate the team's ability to drive accretive lease economics and strengthen our health system relationships. We are well positioned to build on this momentum through the balance of the year and deliver strong NOI growth to our shareholders.

本季的成果展現了團隊推動具增益的租賃經濟條件、並強化我們與醫療體系關係的能力。我們已做好準備，在今年剩餘期間延續這股動能，並為股東帶來強勁的NOI成長。

Now I will turn it over to Dan to discuss our financial results.

現在我把時間交給Dan，請他說明我們的財務結果。

Thanks, Rob. 2026 is off to a great start. We reported normalized FFO per share of $0.41, up sequentially from $0.40, and we achieved same-store cash NOI growth of 6.9%. Additionally, FAD per share was $0.32, resulting in a quarterly dividend payout ratio of 75%.

謝謝，Rob。2026年開局表現非常強勁。我們公布的標準化每股FFO為0.41美元，較前一季的0.40美元上升，且同店現金NOI成長達6.9%。此外，每股FAD為0.32美元，使得季度股利配發率為75%。

Our outperformance this quarter was driven by 110 basis points of year-over-year same-store occupancy gains, 4.2% cash leasing spreads and our improved balance sheet. Q1 same-store occupancy finished at 92.3% and same-store margins expanded 60 basis points year-over-year. Notably, 95% of our total NOI is included in our same-store pool.

本季優於預期的表現，主要來自同店入住率年增110個基點、4.2%的現金租賃價差，以及我們改善後的資產負債表。第一季同店入住率為92.3%，同店毛利率年增擴張60個基點。值得注意的是，我們總NOI的95%已納入同店池（same-store pool）。

Turning to capital allocation. As Pete mentioned, Q1 was active across all our strategic priorities. In March, we opportunistically repurchased an additional $50 million of shares as global conflicts pushed the stock market into correction territory. This brings our total repurchases year-to-date to $100 million or 5.7 million shares at a weighted average price of $17.38.

接著談資本配置。如Pete所提，第一季在我們所有策略優先事項上都相當活躍。3月，因全球衝突使股市進入修正區間，我們把握機會額外回購了5,000萬美元的股票。這使我們年初至今的回購總額達1億美元，或570萬股，加權平均價格為17.38美元。

And at quarter-end, we closed on a JV acquisition for $18 million at our pro rata share, and commenced two new redevelopments with an expected cost of $31 million. We remain confident in our ability to continue allocating capital towards accretive redevelopments and selective external growth while maintaining our year-end leverage target in the mid-5 times area.

並且在季末，我們以按比例分攤的份額完成了一項合資（JV）收購，金額為1,800萬美元，並啟動了兩個新的再開發案，預計成本為3,100萬美元。我們仍然有信心，在維持年末槓桿目標約在5倍中段的同時，持續將資本配置於具增益性的再開發案及選擇性的外部成長。

I would like to call out a couple of items related to our balance sheet. First, we are putting in place a new $400 million unsecured delayed draw term loan. Our strong bank partnerships allowed us to move quickly during a period of heightened volatility. The facility is fully committed and expected to close in May. Drawn pricing is at SOFR plus 90 basis points and all-in pricing inclusive of transaction costs is approximately 4.8%. This is inside our 5% cost of debt assumption for 2026.

我想特別指出幾項與我們資產負債表相關的事項。首先，我們正在安排一筆新的4億美元無擔保延遲動用定期貸款。我們與銀行的強健合作關係，使我們能在波動加劇的期間迅速行動。該融資額度為完全承諾，預計於5月完成交割。動用後的利率為SOFR加90個基點，包含交易成本在內的全包成本約為4.8%。這低於我們對2026年5%的債務成本假設。

We plan to draw the term loan in late July to repay our $600 million bond maturity, with the balance funded on our line of credit. Factoring in this transaction, we would still have $1 billion of remaining liquidity on our line which provides meaningful flexibility as we consider all of our future capital markets alternatives.

我們計畫在7月下旬動用該筆定期貸款，以償還6億美元到期債券，其餘部分將由我們的循環信用額度（line of credit）提供資金。將此交易納入考量後，我們在該信用額度下仍將保有10億美元的剩餘流動性，這在我們評估未來各種資本市場替代方案時提供了相當大的彈性。

As discussed last quarter, we also launched our commercial paper program. We currently have roughly $250 million outstanding, which is fully backstopped by our line of credit. Borrowing costs today are approximately 40 to 50 basis points lower than our line.

如同上季所討論，我們也啟動了商業本票（commercial paper）計畫。目前未償餘額約為2.5億美元，並由我們的循環信用額度提供全額備援。以目前而言，借款成本約比我們的信用額度低40至50個基點。

Finally, during the quarter, we also extended the maturities on $400 million of swaps associated with our existing unsecured term loans, locking in SOFR at 3.3% through debt maturity in 2029. These levels remain attractive as expectations for Fed cuts diminished during the quarter.

最後，在本季期間，我們也延長了與既有無擔保定期貸款相關的4億美元利率交換（swaps）到期日，將SOFR鎖定在3.3%，直至2029年債務到期。由於本季市場對聯準會降息的預期減弱，這些水準仍具吸引力。

Turning to 2026 guidance, which you can find on page 11 of our Q1 supplemental report, we increased full year normalized FFO per share guidance by $0.01 to $1.59 to $1.65 per share or $1.62 at the midpoint. And we increased same-store cash NOI growth by 25 basis points to a revised range of 3.75% to 4.75%. These results are driven by strong leasing outcomes and 4%-plus cash re-leasing spreads in our same-store portfolio.

接著談2026年財測指引（可見於我們第一季補充資料第11頁），我們將全年標準化FFO每股指引上調0.01美元至每股1.59至1.65美元，或以中位數計為1.62美元。我們也將同店現金NOI成長率上調25個基點至修正後的3.75%至4.75%區間。這些結果主要來自強勁的租賃成果，以及我們同店投資組合中4%以上的現金續租租金價差（cash re-leasing spreads）。

Uses of capital increased $75 million for the year to reflect the incremental share repurchases and acquisitions in Q1 that we discussed earlier. Our guidance does not include any additional acquisitions, redevelopments or incremental share repurchases for the remainder of the year. Funding sources increased by $75 million to match the capital allocation activity in the quarter.

全年資金用途增加7,500萬美元，以反映我們先前提到在第一季進行的額外庫藏股回購與收購。我們的指引不包含今年剩餘期間任何額外的收購、再開發或額外的庫藏股回購。資金來源亦增加7,500萬美元，以對應本季的資本配置活動。

One last item before we go to Q&A. You probably noticed that we published a revised supplemental reporting package and updated investor presentation last night. We are pleased to provide cleaner, simpler disclosure going forward in our supp on the total portfolio while also maintaining key information and performance metrics that we have previously provided. The materials commence with our portfolio-level information across top markets and tenants followed by our same-store redevelopment and ancillary financial information.

在進入問答之前，最後一點。你們可能注意到我們昨晚發布了修訂版的補充揭露套件，並更新了投資人簡報。我們很高興未來在整體投資組合的補充資料中提供更乾淨、更簡化的揭露，同時也保留我們過去提供的關鍵資訊與績效指標。這些資料以我們在主要市場與主要租戶的投資組合層級資訊開頭，接著是同店再開發與其他財務補充資訊。

To recap, we are very excited about our Q1 results and upside for the year. Our core earnings growth model that Pete described is working across the board, and absent the dilution from our 2025 dispositions, we are already delivering mid-single-digit growth. We, therefore, remain confident and laser-focused as we target the upper end of our revised FFO per share and same-store NOI guidance.

總結來說，我們對第一季的成果以及今年的上行空間感到非常振奮。Pete所描述的核心獲利成長模型已全面發揮作用；若不計2025年處分所帶來的稀釋影響，我們已經實現中個位數成長。因此，我們仍然充滿信心並高度聚焦，目標是達成我們修訂後每股FFO與同店NOI指引區間的上緣。

With that, operator, let's open up the call for Q&A.

接下來，接線員，請開放問答。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行（Wells Fargo）。

Morning. Thanks for taking my question. Maybe first, if we could just start with the same-store guide we appreciate the bump here, but the 6.9% certainly stands out in 1Q. How do we think about that conservatism there? What drove the 6.9%? Was it comps? Was it just a great quarter? And is there an ability to repeat something a little bit closer to that going forward?

早安。謝謝讓我提問。也許先從同店指引開始，我們很感謝這次上調，但第一季的6.9%確實很突出。我們該如何看待其中的保守性？6.9%是由什麼驅動的？是比較基期（comps）嗎？還是只是特別好的一季？未來是否有能力重現更接近這個水準的表現？

Yeah. Hey, John, it's Pete here. I think as you pointed out, we had a great first quarter, posting same-store of nearly 7%. And the main pieces of that were we did see a pretty significant ramp-up in occupancy year-over-year and also some margin improvements. And that's something, if you go all the way back to our strategic deck, we said those were two important metrics that we wanted to improve, and we have. And we also had some strong leasing in the first quarter.

是的。嗨，John，我是Pete。如你所指出，我們第一季表現非常好，同店接近7%。主要原因是我們看到入住率（occupancy）年增有相當明顯的提升，另外也有一些利潤率改善。而這兩點，如果你回頭看我們的策略簡報，我們曾說這是我們想要改善的兩個重要指標，而我們確實做到了。此外，我們第一季也有一些強勁的租賃表現。

I think to your comments about deceleration implied in our same-store guidance, and I think you touched on this just a bit in your note last night, I don't really think about it necessarily as deceleration. I mean I think about it as an opportunity to raise guidance a few more times as the year progresses. So I like to look at it as the glass is half-full, not necessarily the glass is half-empty.

至於你提到我們同店指引所隱含的放緩，我想你昨晚在報告裡也稍微提到，我不一定把它視為放緩。我的看法是，隨著年度推進，我們還有機會再上調指引幾次。所以我更傾向把它看作是半杯滿，而不一定是半杯空。

I will say we had an easier comp in the first quarter. I think that was pretty well known. If you looked at our results last quarter -- or excuse me, last year, we had a tough first quarter and it ramped up significantly in quarters two through four. I still expect our growth to be quite strong and much longer than historical norms for the balance of the year. But we might not see something all the way at that like near 7% level, but I would expect it to continue to be strong.

我會說第一季的比較基期較容易。我想這點大家都很清楚。如果你看我們去年——更正，是去年——的表現，第一季較具挑戰，但第二到第四季顯著加速。我仍預期今年剩餘期間的成長會相當強勁，而且持續時間會明顯長於歷史常態。但我們可能不會一路維持在接近7%的水準，不過我預期仍會保持強勁。

Got it. That's very helpful. And then the second one, Pete, you gave some very helpful color in the opening remarks on the capital allocation opportunities and the buyback and doing what's best. I'm curious how you feel about the push and pull of doing what's most accretive but also managing leverage. You put a ton of effort into getting the balance sheet into a good place.

了解。這非常有幫助。第二個問題，Pete，你在開場談到資本配置機會、回購以及做最有利的事，提供了很有用的補充說明。我想了解你如何看待在追求最具增益性（accretive）的同時，也要管理槓桿的拉鋸。你們投入了大量心力把資產負債表調整到很好的狀態。

And now you've kind of done that, you take up leverage ever so slightly, like it's still in a good spot. But what's that point at which you're like, okay, the buyback is now off the table, we can't lever up past this and the incremental proceeds need to go towards, like you said, the JVs or the redev versus that?

現在你們算是做到這點了，槓桿只小幅上升，仍然在不錯的位置。但你們會在什麼點上覺得，好，回購現在要先暫停，我們不能再把槓桿拉得更高，新增的資金應該要像你說的那樣，轉向合資（JV）或再開發（redev），而不是回購？

Yeah. It's a good question and I'm glad you brought it up because I did want to spend a lot of time on it in the prepared remarks and on this call. In the first quarter, we did all three. I think it was a nice mix of buyback, we did a JV acquisition, and we allocated capital to redevelopments. All three are accretive to our earnings growth. So we're pleased about that, especially since we can utilize balance sheet capacity for it.

是的。這是個好問題，我也很高興你提出來，因為我確實想在事先準備的講稿以及這通電話上多花一些時間談這件事。第一季我們三件事都做了。我認為這是很好的組合：我們做了回購、完成了一筆合資收購，並把資本配置到再開發案。這三者都能增益我們的獲利成長。因此我們對此感到滿意，尤其是因為我們可以運用資產負債表的承載能力來進行。

So I think it's the right mix to continue to focus on all three. I will highlight the word disciplined, right? I have seen, and I'll again repeat the O word pop up from time to time, and I would not characterize it as that. I would characterize this as a very, very disciplined capital allocation approach.

所以我認為，持續同時聚焦這三項是正確的組合。我想強調「紀律」這個詞，對吧？我看到那個以 O 開頭的詞不時會被提起，我再重申一次，我不會把它形容成那樣。我會把這形容為一種非常、非常有紀律的資本配置方法。

And to your point about leverage, I would also point out that we will not shy away from selling more assets, including core assets, right? So not selling lower quality. That was a lot of what we did last year to get the portfolio to where we wanted it to be today. Our focus could be on selling more core assets and accretively recycling that back into the three priorities. We just think it's good to have a good mix of different options available to us, and we think it's the right mix right now.

至於你提到的槓桿，我也要指出，我們不會排斥出售更多資產，包括核心資產，對吧？所以不是賣掉品質較差的資產。去年我們做了很多這類事情，讓投資組合達到我們今天希望的樣子。我們的重點可能會放在出售更多核心資產，並以增益方式把資金回收再投入到這三項優先事項上。我們只是認為，手上有多種不同選項的良好組合是件好事，而我們也認為目前這個組合是正確的。

Got it. Thanks, Pete. Congrats on the quarter.

了解。謝謝你，Pete。恭喜本季表現。

Nick Yulico, Scotiabank.

Nick Yulico，豐業銀行（Scotiabank）。

Hello, hi. Good morning, everyone. I wanted to first ask on total occupancy. I know you have that 92% to 93% target. You said you're at 90.5% in the first quarter. I think sort of twofold here, one is just latest thoughts on sort of the time frame for achieving that target. And then I think a component of that is leasing up development, redevelopment, where there is just some pure vacancy today. And I think, Rob, you gave some stats on like a Signed Not Occupied pipeline, but I'm wondering if you had any of that time Signed Not Occupied specifically you could cite for that development/redevelopment pool?

你好，嗨。各位早安。我想先問一下整體出租率。我知道你們的目標是 92% 到 93%。你們說第一季是 90.5%。我想這裡大概有兩個面向：第一是你們對達成該目標時間表的最新看法。第二，我想其中一個組成是開發、再開發案的出租提升，因為目前那裡確實有一些純空置。我想 Rob 你提到一些像是「已簽約未進駐」（Signed Not Occupied, SNO）的管線數據，但我想知道，針對開發/再開發那一池，你是否能提供其中「已簽約未進駐」的時間長度（time SNO）相關數據？

Yeah. Hey, Nick, it's Pete here. I'll start and maybe I'll have Rob jump in on the backside. We do see redevelopments as a great way to invest capital and get a nice cash-on-cash return. It's the 10% cash-on-cash return that we are targeting on average.

是的。嗨，Nick，我是 Pete。我先回答，之後也許請 Rob 在後段補充。我們確實把再開發視為投入資本並取得不錯現金報酬率（cash-on-cash return）的絕佳方式。我們目標平均是 10% 的現金報酬率。

And as we think about that portfolio, we did improve our disclosures a couple of quarters ago to track the percent pre-leased within that bucket. That's actually where a lot of our SNO sits right now. So our 90.5% of occupancy today does not get the benefit of a lot of that pre-leasing that we've been able to do in the redevelopments. But we will continue to disclose that. And as you saw, there's 900 basis points effectively of sequential occupancy gains within that -- or I'd say leased gains within that portfolio. It hasn't turned into occupancy yet.

當我們看這個投資組合時，我們在幾季前改善了揭露方式，以追蹤該類別中預租（pre-leased）的比例。目前我們很多的 SNO 就是在那裡。因此，我們目前 90.5% 的出租率，尚未反映我們在再開發案中已做到的許多預租成果。但我們會持續揭露這些資訊。而如你所見，在那個投資組合內，序列（sequential）的出租率提升有效約 900 個基點——或者我應該說是已出租（leased）的提升。但它還沒有轉化為實際進駐（occupancy）。

So I don't know, Rob, if you want to give any more color behind that.

所以我不知道，Rob，你是否想就這部分再補充一些說明。

Yeah, I'll just add to that, this is a substantial -- in our SNO pipeline, 90,000 square feet, nearly half of that in that kind of lease-up redevelopment bucket. So a substantial amount, which is where we see a lot of the opportunity to drive occupancy over the course of this year.

是的，我補充一下：在我們的 SNO 管線中有 90,000 平方英尺，其中將近一半屬於那種出租提升中的再開發類別。所以占比相當可觀，而這正是我們看到今年推升出租率機會的所在。

I would also say that our pipeline remains strong at the 1.4 million square feet. That's a good leading indicator of where we're headed. Tenant retention is still a major source of occupancy gains. And we expect all three of those to contribute meaningfully this year.

我也想說，我們的管線仍然強勁，達到 140 萬平方英尺。這是我們走向何處的一個很好的領先指標。租戶續租（tenant retention）仍是出租率提升的重要來源。我們預期這三者今年都會做出有意義的貢獻。

Okay. Great. That's really helpful, guys. Second question. Pete, I want to go back to the commentary about you're open to selling core assets. And I guess -- and then also going back to your point about earnings growth and that being a focus. Is this an opportunity -- is this more than just a sort of opportunity to sell at a strong cap rate and sort of arbitrage that on the investing side, which is maybe like a onetime earnings benefit?

好的。很好。各位，這非常有幫助。第二個問題。Pete，我想回到你提到你們願意出售核心資產的評論。另外也回到你提到盈餘成長是重點的說法。這是否是一個機會——是否不只是單純在強勁的資本化率（cap rate）下出售，並在投資端做某種套利，而這可能只是一次性的盈餘助益？

Or are you also open to selling core assets because in some ways you're going to get a low cap rate and they're also structurally slower growth assets for every reason, maybe they're safer profile of the lease, whatever it is, that if you're actually selling core assets, you could be improving sort of a long-term growth profile? Thanks.

或者你也願意出售核心資產，是因為某種程度上你們會拿到較低的資本化率，而這些資產在結構上也是成長較慢的資產，原因可能很多，例如租約的安全性較高、或其他因素；因此如果你們真的出售核心資產，可能是在改善長期成長輪廓？謝謝。

Yeah. I would go back to my comment in the prepared remarks about 5% of our portfolio, the NOI being in joint ventures right now. And we get some pretty nice advantageous fees. So any going-in cap rate for like a core-plus asset is an enhanced yield to us with regards to our initial cash yield. I think that's one of the beauties of JVs and that's why a lot of REITs employ JVs as an important part of their business model.

是的。我會回到我在事先準備的講稿中提到的：目前我們投資組合中約 5% 的 NOI（淨營運收入）是在合資企業（JV）裡。而我們能取得一些相當不錯、具優勢的費用收入。因此，像核心加（core-plus）資產的任何初始資本化率（going-in cap rate），就我們的初始現金收益率而言，對我們是有加成的收益。我認為這就是 JV 的優點之一，也就是為什麼許多 REIT 會把 JV 作為其商業模式的重要一環。

I think 5% is low. I think 5% could grow. I won't give a number as to where it could grow, but I think it could grow well beyond 5%. And I think I'll look at selling core assets and recycling that capital back into potentially JVs as a use of proceeds could be done accretively and I think would be a good thing for our portfolio as well as for shareholders.

我認為 5% 偏低。我認為 5% 是可以成長的。我不會給出它可能成長到多少的數字，但我認為它可以遠遠超過 5%。而我認為，出售核心資產並把資本回收再投入到可能的 JV（作為資金用途）是可以以增益方式進行的，我也認為這對我們的投資組合以及股東而言會是好事。

Okay, thank you.

好的，謝謝。

Seth Bergey, Citi.

Seth Bergey，花旗（Citi）。

Hey, good morning. Thanks for taking my question. Just want to kind of go back to the JV comments. How are partners thinking about how many partners are you kind of in discussions with that are interested in investing in outpatient medical? And can you just talk about kind of the overall depth of the transaction market and interest in the outpatient medical space?

嗨，早安。謝謝讓我提問。我想回到 JV 的評論。合作夥伴是如何思考的？你們目前大概與多少個有興趣投資門診醫療（outpatient medical）的合作夥伴在洽談？另外你能否談談整體交易市場的深度，以及市場對門診醫療領域的興趣？

Yeah. Maybe I'll start with that and Ryan can talk briefly about the transaction market. As you think about our JV exposures, we do have a few different JVs, but there's really just one at the moment that is what I would call more a growth JV. And that's with our partner at KKR that was set up a couple of years ago. There was a pool of assets that was contributed by the company into that joint venture. But the hope was that, that joint venture would grow over time by acquiring third-party assets or, I'd say, external growth. It's another good way to characterize that.

好的。也許我先回答這個，然後 Ryan 可以簡要談談交易市場。談到我們的 JV 曝險，我們確實有幾個不同的 JV，但目前真正我會稱之為較偏成長型 JV 的其實只有一個。那就是我們與 KKR 的合作夥伴所成立的 JV，是在幾年前設立的。公司曾將一批資產投入該合資企業。但當初的期待是，該合資企業能透過收購第三方資產——或者我會說，透過外部成長——隨時間擴大。這也是另一種很好的描述方式。

Nothing happened over the last couple of years, really because there was no capital or balance sheet capacity here for any desire at Healthcare Realty to grow, even though our partner had a desire to grow. So I would say what we're focused on right now is growing with that one partner. I don't know that I want to get into any additional JVs that we could potentially look to set up over time.

過去幾年其實沒有發生什麼，主要是因為 Healthcare Realty 這邊沒有資本或資產負債表的容量去支持任何成長意圖，儘管我們的合作夥伴有成長的意願。所以我會說，我們目前的重點是與這一位合作夥伴一起成長。至於是否要再新增其他 JV、並在時間推移下可能去設立，我不確定我想在這裡深入談。

The other JVs that we do have, they're more discrete assets. Those were set up many years ago prior to that KKR joint venture, and I would not look at those necessarily as growth ventures. Our growth is really going to be focused with that one partner right now.

我們其他的 JV 則比較像是個別、離散的資產。那些是在 KKR 合資案之前、很多年前就設立的，我不會把它們視為成長型合資。我們的成長目前真的會聚焦在與那一位合作夥伴的合作上。

And then Ryan, do you want to talk about the transaction market briefly?

然後 Ryan，你要不要簡要談一下交易市場？

Sure, Pete. I'll say that the momentum that built from the transaction market last year has certainly carried into 2026. If anything, the strength of that private bid has only increased and financing remains really available. There's plenty of demand and liquidity out there. If you want me to talk about cap rates, I'd say that core assets are pricing today in the 5.5% to 6% range. And frankly, core-plus isn't much above those levels.

當然，Pete。我會說，去年交易市場累積起來的動能，確實延續到了 2026 年。如果要說有什麼不同，那就是私人買方出價的力道只增不減，而融資仍然相當充裕、可取得。市場上有大量需求與流動性。如果你要我談資本化率（cap rates），我會說核心資產目前的定價大約在 5.5% 到 6% 的區間。坦白說，核心加值（core-plus）也沒有比這些水準高多少。

Great. Thanks. And then just coming back to some of the -- your opening comments about retention and escalators. Just given that occupancy for outpatient medical is kind of in that low 90s places, where do you think those metrics could ultimately go in terms of just new lease economics?

很好。謝謝。接著回到你開場提到的一些——關於續租率與租金調升（escalators）的評論。考量到門診醫療的入住率大概在 90% 出頭的水準，你認為就新租約的經濟條件而言，這些指標最終可能走到什麼程度？

Yeah. Good question, Seth. I mean what I would say is we completely revamped our approach to leasing about the middle of last year and we've become just much more financially rigorous as we underwrite deals. And I think what you're starting to see is the benefits of that change is starting to work its way into both the amount of leases we're getting done as well as the output of those.

是的。好問題，Seth。我的意思是，我們大約在去年年中徹底調整了我們的租賃策略，並且在承作（underwrite）交易時變得更具財務紀律、更嚴謹。我想你開始看到的是，這項改變的效益正逐步反映在我們完成的租約數量，以及這些租約的成果表現上。

So retention, as you point out, at 93.5% is really strong. We did get the benefit of doing a couple of very, very large leases in our single tenant bucket that were pushed out quite a way. So if you look at our weighted average lease term, it actually almost went up about a year this quarter, which is a pretty big change in one quarter. I would say from a retention perspective, I don't know that I would model 93.5% going forward. But if it used to be 75% to 80%, I'd like to think that it could be more like 80% to 85% going forward.

如你所指出的，續租率 93.5% 真的很強。我們確實受惠於在單一承租戶（single tenant）類別中完成了幾筆非常、非常大型的租約，且到期日被大幅往後延。所以如果你看我們的加權平均租期（WALT），本季其實幾乎增加了約一年，這在單一季度是相當大的變化。就續租率而言，我不確定未來是否應該以 93.5% 來建模。但如果過去是 75% 到 80%，我希望未來可以更接近 80% 到 85%。

And then on the cash leasing spreads, we did put up a good quarter. This quarter, it was over 4%. I'll point out 1 out of every 4 lease deals that we did was greater than 5%. And we are focusing heavily on that, to try and push as much as we can on that metric. I'd like to think it can even improve upon 4%, but this will take perhaps a little bit of time to continue to work into the system.

至於現金租賃價差（cash leasing spreads），我們本季表現不錯。本季超過 4%。我也要指出，我們做的租約交易中，每 4 筆就有 1 筆高於 5%。我們正高度聚焦在這一點，盡可能推升這個指標。我希望它甚至能優於 4%，但這可能需要一些時間，才能持續在系統中發酵、反映出來。

But we are optimistic and we'll continue pushing.

但我們很樂觀，也會持續推進。

Great. Thank you.

很好。謝謝你。

Michael Carroll, RBC Capital Markets.

RBC Capital Markets 的 Michael Carroll。

Yeah, thanks. Pete, I wanted to circle back on those early renewals that you're able to execute during the quarter. I mean what drove those decisions? Is that something that you approached the tenant about? Or did they approach you about it? And given that those assets now have much longer term, is that something that you sell now or could potentially sell just given that you have about 10 years on some of those leases?

好的，謝謝。Pete，我想回頭再問一下你們本季能夠執行的那些提前續約（early renewals）。是什麼因素促成這些決策？是你們主動去找承租戶談的嗎？還是他們主動找你們？另外，既然那些資產現在的租期變得更長，考量到其中一些租約大約還有 10 年，這是否是你們現在就會出售、或可能出售的資產？

Yeah. I mean we certainly could. I don't know that I can go into each one of those. It would take too long on this call to go through all the different assets within that bucket. But certainly, if it's a single tenant expiration and it's got less term on it, I mean you guys can go talk to the folks in the triple-net world, but when there's not a lot of term on a single-tenant asset, it's really not worth anything. So we've certainly unlocked some value in extending those. But I won't really comment at the moment on what our lands are for those in particular.

是的。我的意思是，我們當然可以。我不確定我能逐一談每一筆。在這通電話裡把那個類別裡所有不同資產都講一遍會花太多時間。但可以確定的是，如果是單一承租戶到期、而剩餘租期又比較短——你們可以去跟三網（triple-net）領域的人聊聊——當單一承租戶資產剩餘租期不長時，基本上價值就不高。所以我們透過延長租期，確實解鎖了一些價值。但目前我不會評論我們對這些特定資產的計畫是什麼。

I will say extending the weighted average lease term was actually quite important. We got a question on that a couple of quarters ago. And I felt confident we were going to do it. I would say many of these discussions on those lease deals took multiple quarters to get done. So I think you're seeing multiple quarters of work in our results that we put out in the first quarter.

我會說，拉長加權平均租期其實相當重要。我們在前幾季被問過這件事。而我當時有信心我們做得到。我會說，這些租約的許多討論都花了好幾個季度才完成。所以我想你們在第一季看到的成果，其實反映了我們跨好幾季的努力。

I would just add to that, Pete, that, to your question about the systems approach us, in some cases, they did. And I would say that it's kind of an indication of the environment that we're in. Vacancy is getting lower. It's more expensive to build new products. And so we're seeing an uptick in discussions with health systems, and I think that's where you're seeing us able to drive lease economics.

我再補充一下，Pete，針對你問到是否由系統方來找我們，在某些情況下確實是他們主動。我會說，這也某種程度反映了我們所處的環境。空置率正在下降。新建產品的成本更高。因此我們看到與醫療體系（health systems）的討論增加，我想這也是你們看到我們能夠推動租約經濟條件的原因。

That's helpful. And then on the investment side, I know like in prior calls, I mean there's been a lot of discussions on how attractive some of those opportunities are, it does look like, given the stuff that you've done year-to-date, you're kind of approaching the top end of the guidance range provided. I mean how do we kind of compare those two?

這很有幫助。接著在投資面，我知道像之前的電話會議中，大家談了很多那些機會有多吸引人；看起來以你們今年迄今完成的案子來看，你們似乎正接近先前提供的指引區間上緣。我們該如何比較、理解這兩者？

So you're seeing good opportunities, but it's not reflected in guidance. Is that just you trying to be cautious, not wanting to over-extend yourself without having some type of source of funds coming in? Or how do we explain those two differences?

也就是說，你們看到不錯的機會，但指引沒有反映出來。這是因為你們想保持保守，在沒有某種資金來源進來之前不想過度擴張嗎？或者我們該如何解釋這兩者的差異？

Yeah. I mean one thing and then I'll turn it to Dan. I mean, look, Mike, it is early in the year. Obviously, we put up some good results and we're able to raise guidance in the first quarter. So I feel quite pleased with that. But there's more quarters to go, more for us to do, and I think there's more upside for us to go capture as well as we execute with purpose.

是的。我先說一點，然後交給 Dan。我的意思是，Mike，現在才年初。很明顯，我們交出了一些不錯的成果，也能在第一季上調指引。所以我對此相當滿意。但後面還有更多季度、還有更多事情要做；我也認為只要我們有目的地執行，還有更多上行空間可以去掌握。

But maybe I'll have Dan talk about balance sheet capacity.

不過也許我請 Dan 談談資產負債表的承載能力。

Yeah. And Mike, as we started talking about at the beginning of the year, we have balance sheet capacity. We've always talked about having upwards of $100 million to $200 million, sort of in that range, of balance sheet capacity as we entered the year. We've used some of that. We continue to have capacity. And as Pete mentioned, we have the ability, if there's the right assets to sell and harvest at great valuations, we can recycle more capital into external growth.

好的。Mike，正如我們在年初開始談到的，我們有資產負債表的承載能力。我們一直說，進入今年時，我們大約有 1 億到 2 億美元、在那個區間的資產負債表承載能力。我們已經使用了一部分。我們仍然有餘裕。而如 Pete 所提到的，如果有合適的資產可以在很好的估值下出售並收割（harvest）價值，我們就能把更多資本再循環投入外部成長。

As it relates to our guidance specifically, we're taking the approach with guidance that what you see in sources and uses is what we've announced to date, and we don't include any future acquisitions or share repurchases in our guidance going forward. And we've given folks our outlook on -- for the year of dispositions as well, which is tracking nicely. And we're already including this $45 million loan repayment we talked about in our press release being repaid, actually it's this week.

至於我們的指引本身，我們對指引採取的做法是：在資金來源與用途（sources and uses）中，你看到的是我們截至目前已公告的事項；我們不把任何未來的收購或庫藏股回購納入未來的指引。我們也向大家提供了今年處分（dispositions）的展望，目前進度追蹤得很不錯。而且我們已經把新聞稿中提到的那筆 4,500 萬美元貸款償還納入考量；實際上就是這週償還。

And so we are halfway on our dispositions already towards the midpoint of our target. So feeling good about those sources and uses. And as we have more activity, we'll continue to update those ranges and update you and the market as those transpire.

因此，我們在處分進度上已經走到一半，朝著我們目標的中點前進。所以對於這些資金來源與用途，我們感覺良好。而隨著活動增加，我們會持續更新那些區間，並在相關事項發生時，向各位以及市場更新。

Great. Appreciate it.

很好。感謝。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Good morning. Thanks a lot for taking my question. I'm here with [Justin Haasbeek] Maybe first, your same-store occupancy was up 110 basis points to 92.3% in the quarter. So really the question is how high can occupancy go in the same-store portfolio? Or maybe asked another way, how should we think about frictional vacancy for your portfolio in outpatient medical?

早安。非常感謝讓我提問。我和[Justin Haasbeek]一起。首先，你們同店入住率本季上升110個基點至92.3%。所以問題其實是：同店投資組合的入住率最高能到多高？或者換個方式問：對於你們的門診醫療（outpatient medical）投資組合，我們應該如何看待摩擦性空置（frictional vacancy）？

Yeah. Hey, Michael, it's Pete. And thanks for picking up coverage. We appreciate it. I mean, look, we're in the low 92% area. If you go back to our strategy deck, we said we'd like to get to 92% to 93%. I think as we've improved our portfolio, I'd like to think we can get closer to the 93%. We've said actually that we believe there is some absorption as the year progresses as well, which is a positive for us, and that certainly will help our same-store.

是的。嗨，Michael，我是Pete。也謝謝你開始覆蓋我們。我們很感激。我的意思是，我們目前在92%出頭。如果你回頭看我們的策略簡報，我們說希望達到92%到93%。我認為隨著我們改善投資組合，我希望我們能更接近93%。我們也確實說過，隨著年度推進，我們相信會有一些吸納（absorption），這對我們是正面的，當然也會幫助我們的同店表現。

As to your question around just like frictional vacancy, I mean, I think that's probably about right, like mid to high single digits. I mean we just don't have a very, very large triple-net, single-tenant portfolio, which typically when you see other REITs that own assets like we do, will have higher occupancy levels because of that. We have a big multi-tenant portfolio, which is actually, we think, a positive in an environment where you've got more demand and less supply right now.

至於你問的摩擦性空置，我的意思是，我認為大概就是那樣，大約在中到高個位數百分比。我們並沒有非常、非常大的三網（triple-net）、單一承租戶投資組合；通常你看到其他擁有類似資產的REIT，因為這個原因會有更高的入住率。我們有很大的多承租戶投資組合；在目前需求較多、供給較少的環境下，我們認為這其實是正面的。

So I think you'll always have a little bit of vacancy as doctors retire and things like that. But I feel like we're getting close to it. We're very focused on getting the total occupancy in the portfolio, the 90.5%, I mean getting that up to 92% to 93%, I mean that's going to be the big opportunity for us as we think about exceeding our three-year forecast over the next few years.

所以我認為你總會有一點空置，例如醫師退休之類的情況。但我覺得我們已經接近了。我們非常專注於把整體投資組合的入住率（目前90.5%）提升到92%到93%；我認為這將是我們在未來幾年思考如何超越三年預測時的一個重大機會。

Got it. And then just as a follow-up, when you annualize your first quarter normalized FFO, you get pretty close to the high end of the guidance range. So just wondering if there's some conservatism baked in or another drag outside of the August debt maturity that we should be aware of? Or just how we should think about it? Thanks.

了解。接著追問一下，若把第一季的標準化FFO年化，你會非常接近指引區間的上緣。所以想請教：指引裡是否包含一些保守因素，或除了8月到期的債務之外，還有其他我們需要留意的拖累？或者我們應該如何看待？謝謝。

I think you're thinking about it the right way. The only drag, I would point out is what's going to happen with that bond that does come due in August. But we did put out that delayed draw term loan, the announcement on that. So I feel like we've been able to significantly derisk that. And frankly, we've got plenty of runway now with that term loan where -- I'm a big believer in the capital markets.

我認為你的思考方向是對的。我會指出唯一的拖累，就是那筆在8月到期的債券會怎麼處理。但我們已經發布了那筆延遲動用的定期貸款（delayed draw term loan）的公告。所以我覺得我們已經大幅降低了這部分的風險。坦白說，有了那筆定期貸款，我們現在有很充足的時間跑道——我一直很相信資本市場。

You can never time them perfectly, but you can certainly access those markets at times when you can become a price maker and not a price taker. I felt like we were in the price taker bucket without putting that term loan in place.

你永遠不可能完美抓到時點，但你確實可以在某些時候進入市場，成為定價者（price maker），而不是被定價者（price taker）。我覺得如果沒有把那筆定期貸款安排好，我們就會落在被定價者那一類。

And with that bullet maturity coming up in August, and with the dislocation in the markets the last couple of weeks, we pivoted very, very quickly. And I credit Dan and his team for putting that together and I thank our banking partners for that. Because I think the all-in cost on that is in the mid-4s. When you compare that to bond pricing today, we'd probably be 50 to 75 basis points wider. So that's a really good financing for us to put in place.

而8月有一筆一次到期（bullet maturity），再加上過去幾週市場出現錯位（dislocation），我們非常、非常快速地轉向。我肯定Dan和他的團隊把這件事促成，也感謝我們的銀行合作夥伴。因為我認為那筆融資的全包成本（all-in cost）在4%中段。若與今天的債券定價相比，我們可能會寬50到75個基點。所以這對我們而言是一筆非常好的融資安排。

Thank you very much. Good luck in the second quarter.

非常感謝。祝第二季順利。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Hey. Good morning, everybody. Pete, I appreciate you highlighting some of the various items that you're targeting to improve the growth profile and just returns associated with medical office. If 2% to 3% internal growth doesn't cut it for the reasons you highlighted, I guess, what's the right growth level you think is achievable? And just the timeline it takes to reset that internal growth based on the lease maturity schedule.

嗨。各位早安。Pete，感謝你強調你們為了改善醫療辦公（medical office）的成長輪廓以及相關報酬所鎖定的各項措施。如果如你所說，2%到3%的內生成長不足以達成目標，那麼你認為可達成的合理成長水準是多少？以及基於租約到期時程，要把內生成長重設到那個水準，需要多長時間？

Yeah. Good question. I mean yeah, I agree, 2% to 3% NOI growth just, as much as I'd like to say it works, it just won't work anymore. So I don't know that 7% is the right number for us to anchor ourselves to right now, for the reasons I mentioned in a question before. But probably something right in between.

是的。好問題。我的意思是，我同意，2%到3%的NOI成長，儘管我很想說它可行，但它已經不再可行了。所以基於我在前一個問題提到的原因，我不確定7%是不是我們現在應該用來作為錨定的正確數字。但大概會是介於兩者之間的某個水準。

And then I will go back and focus you on a comment I said in my prepared remarks. And I get this is us working around some magic numbers behind the scenes. But if you back out the dilution from the portfolio optimization and the deleveraging from last year and you look at our actual organic growth this year, it's actually above 5%.

然後我想回到並提醒你我在事先準備的發言中提到的一點。我知道這聽起來像是我們在幕後用一些「魔術數字」在運算。但如果你把投資組合優化帶來的稀釋，以及去年去槓桿（deleveraging）的影響扣除，再看我們今年實際的有機成長（organic growth），其實是高於5%的。

So I'd probably start anchoring around a number like that. I mean obviously, we have other things we have to factor in as well with regards to our balance sheet and our refinancings over the next couple of years. But I think from a pure organic growth perspective, that's probably the best number I can anchor you to.

所以我大概會開始用那樣的數字作為錨定。當然，我們還有其他因素也必須納入考量，例如資產負債表，以及未來幾年的再融資（refinancings）。但就純粹的有機成長角度來看，這大概是我能提供你作為錨定的最佳數字。

That's helpful. And then switching gears, Ryan or Pete, as a follow-up to some comments earlier, you flagged the cap rates are in the 5.5%, 6% range for core assets, core-plus isn't much above that. I mean is that what we should be thinking about on future dispositions? And what gives you the confidence then that you can source deals at going-in yields in excess of 7%? I think you said in the prepared remarks, especially if these are lease-up opportunities with higher growth potential.

這很有幫助。接著換個話題，Ryan或Pete，作為對先前一些評論的追問，你提到核心資產（core assets）的資本化率（cap rates）在5.5%、6%區間，核心加值（core-plus）也沒有高出太多。我的意思是，這是否就是我們對未來處分（dispositions）應該採用的假設？那你們又憑什麼有信心能找到進場收益率（going-in yields）超過7%的交易？我想你在事先準備的發言中提到，尤其如果這些是具備出租提升（lease-up）機會、且有更高成長潛力的案子。

Yeah. Well, I'd point you to the deal we just did in Birmingham. It's a $90 million deal, a core asset, 100% occupied, newly developed, 12-year weighted average lease term. The going-in cap rate on that was a 6% and our going-in yield was in the low 7s from a cash perspective. I'd say from a GAAP perspective, which we don't really talk about a lot, you're actually north of an 8% on that. So as we think about stock buybacks and the FFO yield versus putting capital to work in investments, we do have to look at GAAP yields from time to time.

是的。我會請你參考我們剛在伯明翰（Birmingham）做的那筆交易。那是一筆9,000萬美元的交易，屬於核心資產，100%出租，新開發完成，加權平均租期（weighted average lease term）為12年。那筆的進場資本化率是6%，而以現金角度來看，我們的進場收益率在7%出頭。我會說，從GAAP角度（我們其實不太常談）來看，那筆其實超過8%。因此當我們在思考庫藏股回購與FFO收益率（FFO yield），相較於把資金投入投資案時，我們確實需要不時地看一下GAAP收益率。

So that's a core-plus asset that we feel quite good about the accretion on that because the going-in yield is actually wider than or above our implied cap rate, and that's an important metric that we would look at. I'd say if we were looking to sell core assets, I would expect to be getting pricing even inside of that. That would be our take.

所以那是一項核心加值（core-plus）資產，我們對其增值（accretion）感到相當有信心，因為其初始收益率（going-in yield）實際上比我們隱含的資本化率（implied cap rate）更寬、也就是更高，而這是我們會關注的一個重要指標。我會說，如果我們要出售核心資產，我預期成交價格甚至會比那個水準更好。這就是我們的看法。

Not every asset we're going to sell is going to be core. I think we will look to do just some typical core-plus pruning as well. But to the extent we looked at selling core assets, and we've got a lot of them, I would expect us to do quite well if we decided to transact.

並不是我們要出售的每一項資產都會是核心資產。我認為我們也會做一些典型的核心加值（core-plus）修剪（pruning）。但如果我們考慮出售核心資產，而且我們有很多這類資產，我預期若我們決定交易，表現會相當不錯。

Thanks for the color.

謝謝提供這些補充說明。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks. Good morning. So perhaps a cynical question first. You said at the top, and you just kind of got -- went through the growth number, Steady Eddie growth isn't going to cut it in this market, and you're saying maybe somewhere between 3% and 7% will cut it. I recognize you can't be very precise there. I wonder if that will sway the conversation around the growth profile of MOBs, we'll see.

嗨，謝謝。早安。那我先問一個可能有點犬儒的問題。你在一開始提到、剛才也大致走過成長數字，「穩穩的 Eddie」式成長在這個市場行不通，而你說也許介於 3% 到 7% 之間才行。我知道你不可能講得非常精準。我在想這是否會影響市場對醫療辦公大樓（MOB）的成長輪廓的討論，我們再看看。

But I guess the question I have is if you're solving for a growth level and then sort of work backwards to achieve it, there have been dangers in the past of people doing unnatural things to sort of break the status quo. So how do you avoid sort of the complications around that? How do you avoid sort of losing reputational capital if the rest of the MOB market isn't sort of buying into this new paradigm shift? I'm just curious how do you manage all of those sort of moving parts as you reassess the growth of the business.

但我想問的是，如果你們先設定要解出一個成長水準，然後再倒推去達成它，過去曾有一些人為了打破現狀而做出不自然的事情，這是有風險的。那你們如何避免相關的複雜性？如果其他 MOB 市場並沒有買單這種新的典範轉移，你們如何避免聲譽資本受損？我只是好奇，當你們重新評估業務成長時，如何管理這些變動的因素。

Yeah. Rich, good question, and thanks for your cynicism. But let me just spend a second on the value creation opportunity and maybe expand on my premium multiple comments that were in the prepared remarks. If you think about our current valuation, in my opinion, that implies basically minimal to no growth going forward, right?

是的。Rich，問得好，也謝謝你的犬儒。不過讓我先花點時間談談價值創造的機會，並且可能延伸一下我在事先準備稿裡提到的「溢價倍數」評論。如果你看我們目前的估值，在我看來，這基本上意味著未來幾乎沒有成長，甚至是零成長，對吧？

I mean I'm biased, I think it's way too low. But I think it implies very, very, very little growth when you look at how we stack up within the entire REIT industry. And I think it's very much backwards-looking. But I respect that, that's where we are right now, and we're still only a year into putting out our -- less than a year to putting out our strategic plan.

我的確有偏見，我覺得這估值低得離譜。但我認為，當你看我們在整個 REIT 產業中的相對位置時，這個估值隱含的是非常、非常、非常低的成長。而且我覺得它非常偏向回顧性。但我尊重這點，這就是我們目前所處的位置；而且我們推出策略計畫也才一年左右——甚至不到一年。

So as I said, we have a challenge in front of us. One, we have to put up better numbers. I think this quarter, and actually if you look at the last couple of quarters, they've been much better than they've been historically. And we obviously have to redefine what we think success is in our sector. I would say success for us is not going from an 11 times FFO multiple to a 30 times FFO multiple. I mean I tip my cap to those companies that trade at those stratospheric levels, and then they're doing a fantastic job keeping the market excited and it's great for them.

所以如我所說，我們面前有個挑戰。第一，我們必須交出更好的數字。我認為本季，實際上如果你看過去幾季，表現都比歷史上好得多。而且我們顯然也必須重新定義在我們這個產業裡，什麼叫成功。我會說，對我們而言，成功不是把 FFO 倍數從 11 倍拉到 30 倍。我的確向那些以那種高不可攀水準交易的公司致敬，他們在讓市場保持興奮方面做得非常出色，對他們來說很棒。

Success for us is not going all the way to those stratospheric levels. It is taking our multiple from 11 times to something commensurate with where I think other similar growth characteristics or other REIT sectors that grow at a similar level to where we can grow are. And they're not at 11 times. They are better than 11 times. I think they are about three to four turns better than where we trade right now. I'll let you guys do the math, but that's pretty significant value creation from where we trade today.

對我們而言，成功不是一路走到那種高不可攀的水準。而是把我們的倍數從 11 倍提升到一個我認為與其他具備類似成長特徵、或其他以相近成長率成長的 REIT 產業板塊相稱的水準。而他們不是在 11 倍。他們比 11 倍更好。我認為大概比我們目前的交易水準高出約 3 到 4 個「turn」。我讓各位自己算，但從我們今天的交易水準來看，這是相當可觀的價值創造。

So I'm not looking to all of a sudden persuade everybody and say, oh my God, these guys are now going to grow at such an amazing level that they deserve this stratospheric level type multiple. We're very, very much rooted in realism here and what we think the right total return profile is. But it's a lot better, we think, from an earnings growth perspective than the old Steady Eddie model.

所以我不是要突然去說服所有人，說「天啊，這些人現在要以驚人的速度成長，所以他們應該配得上那種高不可攀的倍數」。我們非常、非常務實，並且以我們認為合理的總報酬輪廓為根基。但我們認為，從盈餘成長的角度來看，會比過去那種「穩穩的 Eddie」模式好很多。

Okay. Perfectly fair. Thanks for that, Pete. And second question, on selling core assets, I know it's a little bit of a conversation piece today. What governors do you have on yourself to limit how much of that you're willing to do? Because you don't want to be guilty of throwing the baby out with the bath water.

好的。完全合理。謝謝你的說明，Pete。第二個問題，關於出售核心資產，我知道這今天算是一個話題。你們對自己有哪些「護欄」來限制願意做到什麼程度？因為你們不希望犯了把孩子連同洗澡水一起倒掉的錯。

I recognize that there is sort of an accretive transfer of capital. But you -- someone just brought up core numbers -- core cap rates for core assets, I should say, are 5.5% to 6%, and not so core are just a little bit above that. So I just wonder what the real risk-reward benefit is of being overly aggressive with the core to asset sales. Thanks.

我理解這裡存在某種具增值性的資本轉移。但你——剛才有人提到核心數字——核心資產的核心資本化率（cap rates）大約是 5.5% 到 6%，而非核心的只是略高一些。所以我只是想知道，如果在核心資產出售上過於積極，真正的風險報酬效益是什麼。謝謝。

Yeah. I will go back to the word disciplined, Rich, like we're going to be disciplined, and I said we are open to selling core assets and recycling that capital accretively. And if you go back and take a look at all the numbers I've been discussing in here, they are all very modest type figures. So I would not look at this as we're just going and liquidating the highest-quality stuff.

是的。Rich，我會回到「紀律」這個詞：我們會保持紀律。我也說過，我們願意出售核心資產，並以具增值性的方式回收再配置資本。如果你回頭看我在這裡討論的所有數字，它們都是非常溫和的數字。所以我不會把這解讀為我們要去清算最高品質的資產。

And you know this even better than we do, there's a limit from a tax gain capacity from how much we can do as well. But I think in moderation, we will certainly look to dispose of or potentially contribute some core assets into ventures as well where we still retain a stake in those.

而且你甚至比我們更清楚，從稅務的資本利得承受能力來看，我們能做的量也有上限。但我認為在適度的範圍內，我們當然會考慮處分，或也可能把一些核心資產投入到合資案（ventures）中，同時我們仍保留其中的持股。

So like I said, we're looking at all options. I know we get questions on balance sheet capacity and our ability to recycle capital into our capital allocation priorities. And I felt like just pointing out we're not just going to utilize the balance sheet for this and lever up. We will certainly look at taking advantage of our portfolio to allow us to continue to further that.

所以如我所說，我們在評估所有選項。我知道大家會問資產負債表的承載能力，以及我們將資本回收再投入到資本配置優先事項的能力。而我想強調的是，我們不會只靠資產負債表來做這件事、然後提高槓桿。我們當然也會考慮善用我們的投資組合，讓我們能持續推進這些目標。

Okay. Sounds good. Thanks very much.

好的。聽起來不錯。非常感謝。

Daniella de Armas Rosales, JPMorgan.

Daniella de Armas Rosales，JPMorgan。

Hi. Thanks for taking my question. Your spreads in the quarter were strong with 4% average. But can you give us some color on the 13% of renewals that had negative spreads? And do you think those roll-downs are largely behind you?

嗨。謝謝讓我提問。你們本季的租金價差（spreads）表現強勁，平均約 4%。但你能否就其中 13% 續約出現負價差的部分提供一些補充說明？你認為這些下調（roll-downs）大致已經過去了嗎？

Yeah. We tend to focus on the blended number of over 4% and actually achieving a lot higher on the upside. I would say that selectively, if we feel like, and I would go back to my comment earlier, if we feel like the better play for us is to retain a tenant as opposed to seeing them walk from a building, we will add time selectively, look at modest roll-downs because we will look at the whole financial package as we look at this. What's it going to cost to re-lease that? What's the downtime? What's the CapEx?

是的。我們通常會聚焦在超過 4% 的綜合（blended）數字，而且上行其實達成得更高。我會說，有選擇性地，如果我們覺得——回到我先前的評論——對我們而言更好的做法是留住租戶，而不是看著他們從一棟大樓離開，我們會有選擇性地延長租期、接受一些溫和的下調（roll-downs），因為我們會從整體財務方案來評估。重新出租要花多少成本？空置期多久？資本支出（CapEx）是多少？

So I don't know that I would say, going forward, we're always going to have every lease 5% or above. We'll certainly strive to do something like that. But at times, we may selectively make a decision to allow a tenant to stay for a variety of reasons. But at the end of the day, we would make that decision because the IRR for that lease is much better than the alternative.

所以我不確定我會不會說，往後我們一定會讓每一份租約都達到 5% 或以上。我們當然會努力朝那樣的方向做。但有時候，基於各種原因，我們可能會選擇性地做出讓某位租戶續留的決定。但歸根結底，我們會做出那個決定，是因為該租約的 IRR（內部報酬率）遠優於其他替代方案。

Thank you.

謝謝。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Thanks, and good morning. Maybe going back to same-store NOI growth, are there any known tenant move-outs or any other moving pieces that you expect to weigh on NOI growth during the rest of the year outside of just tougher year-over-year comps?

謝謝，早安。回到同店 NOI 成長這個話題，除了年對年比較基期變得更具挑戰之外，今年剩餘期間是否有任何已知的租戶搬離，或其他你們預期會拖累 NOI 成長的變動因素？

No. I mean if I look at the remaining lease expiration for 2026, I mean, that number, if you go back and look last quarter versus this quarter, has come down significantly. I gave you some thoughts on retention before in the 80% to 85% area. I'd expect the remaining lease expirations for this year to kind of track within that range. We'll retain the vast, vast majority of those tenants. So there's nothing that jumps out to me. I would just point out that we had a bit of an easier comp this quarter that we won't have in the next couple of quarters.

沒有。我的意思是，如果我看 2026 年剩餘的租約到期情況，那個數字，相較於上季到本季，已經顯著下降。我之前提過續租率大約在 80% 到 85% 的區間。我預期今年剩餘的租約到期也會大致落在那個範圍內。我們會留住絕大多數、絕大多數的租戶。所以沒有什麼特別讓我覺得需要擔心的。我只想指出，本季我們的比較基期稍微容易一些，而接下來幾季就不會有這樣的情況。

But I would still look at the blended midpoint of 4.25% today. And as we've said, we think there is probably a little bit of upside as the year progresses on that, or at least that's what we would hope if we execute. And that's still really strong growth. So I would focus -- while we are focusing on the strong number this quarter, one quarter you got to average out over the entire year. But I think for the year, it's still quite strong growth relative to historical norms.

但我仍會看目前 4.25% 的混合中位數。而且如我們所說，我們認為隨著年度推進，這個數字可能還會有一些上行空間，至少如果我們執行到位，這是我們所希望看到的。而那仍然是非常強勁的成長。所以我會把重點放在——雖然我們確實在關注本季的強勁數字，但單一季度必須放到全年平均來看。不過我認為就全年而言，相較於歷史常態，仍是相當強勁的成長。

Got it. That's helpful. And then maybe following up on an earlier acquisition yield discussion. You outlined the 6% yield going to 7% on that recent Alabama deal. So just clarifying, is that 7%-plus yields that you're underwriting, is that more of a stabilized yield or is that actually expected year one you expect to see?

了解。這很有幫助。接著延伸先前關於收購殖利率的討論。你提到最近那筆阿拉巴馬州交易，殖利率從 6% 走到 7%。所以我想確認一下，你們承作（underwrite）的 7% 以上殖利率，是指穩定後（stabilized）的殖利率，還是你們預期第一年就能看到的？

That's year one. That's not a stabilized yield. That's what we're going in at.

那是第一年。不是穩定後殖利率。那就是我們進場時的水準。

Okay, understood.

好的，了解。

Mike, I'd just point out that when we talk about the JVs, that's inclusive of the advantageous fee arrangements that we have with our partners, that we've talked about so far this year.

Mike，我補充一下，當我們談到合資（JV）時，那是包含我們與合作夥伴之間具優勢的費用安排在內的，這也是我們今年迄今已經談過的。

Got it. Okay, that makes sense. Thanks.

了解。好，這就說得通了。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO Capital Markets。

Hey, this is Robin Haneland sitting in for Juan. Just curious on the strategic three-year plan, if there's any updates compared to initial expectations, and whether you could share with us the next low-hanging fruits?

嗨，我是代替 Juan 出席的 Robin Haneland。想請教一下策略性的三年計畫，與最初預期相比是否有任何更新？以及你們是否能分享接下來有哪些「低垂的果實」（較容易達成的項目）？

Yes. Look, I think what I would say on that is that we're tracking ahead of schedule at this point in time. And frankly, we're 1 quarter into a 12-quarter forecast. And to be tracking ahead of schedule, I think, is a testament to the hard work that the entire organization has put into preparing for kicking off this three-year forecast, and also for the financial rigor that we're improving in this organization. I hate to continue to repeat that word, but I think if you guys were in here every day, you would see it and be quite impressed.

是的。我想我會這麼說：就目前而言，我們的進度超前於原定時程。坦白說，我們才剛進入 12 季預測中的第 1 季。能在這麼早的階段就超前進度，我認為這證明了整個組織為啟動這個三年預測所投入的努力，也反映出我們正在提升組織內的財務紀律與嚴謹度。我不想一直重複那個詞，但我想如果各位每天都在這裡，你們會看得出來，並且會相當印象深刻。

The other thing I would just point out with regards to this year, I mean, this year was expected to be a flat year from an FFO perspective. And I think one quarter into the year and we're already exceeding from that perspective, and we'd like to continue to have an opportunity if we execute to increase guidance for the balance of the year as we go along. Obviously, we have to continue to execute with the intensity that we have been. So as I would say, I feel like we're tracking ahead of schedule. Not ready to say much more than that at this point in time being one quarter in, but it's good to be saying that at least that early on.

另外我也想指出，就今年而言，今年原本從 FFO（營運資金）角度預期會是持平的一年。而我認為才進入第一季，我們在這方面就已經超出預期；我們也希望如果執行到位，能在接下來的時間裡，持續保有上調全年指引的機會。當然，我們必須繼續以目前的強度去執行。所以我會說，我覺得我們是超前進度的。在只過了一季的情況下，現在還不準備多說，但至少在這麼早的時間點能這樣說，是件好事。

And I was just also curious on if there are any signs of supply picking up and I'd be curious to know how far rents are off from being able to pencil.

另外我也想請教，是否有任何供給開始回升的跡象？也想了解租金距離能夠「算得過去」（pencil）的水準還差多遠？

I want to talk about supply, Ryan, because it really hasn't picked up?

Ryan，我想談一下供給，因為它其實並沒有回升？

We've seen new completions drop in recent quarters and new starts have remained fairly flat. They're actually tracking well below historical industry average of, call it, 1.5% to 2%, in what is a 1% of inventory range. So no, not much on that front.

我們看到近幾季的新完工量下降，而新開工量則大致維持相對持平。實際上，它們的走勢遠低於產業歷史平均（大約 1.5% 到 2%），目前大概是在庫存的 1% 左右。所以沒有，在這方面沒有太多變化。

Thank you.

謝謝。

And with no further questions in queue, I will now turn the call back over to the company for closing remarks.

由於目前沒有其他排隊提問，我現在把電話會議交回公司進行結語。

Great. Well, thanks, everyone, for joining the call. We have a couple of industry conferences coming up later this month. We look forward to seeing you there. And then if we don't see you there, we'll see you at NAREIT. Thanks very much.

很好。那麼，謝謝各位參加今天的電話會議。本月稍晚我們會參加幾場產業研討會。期待在那裡與各位見面。如果沒有在那裡見到各位，我們會在 NAREIT 再見。非常感謝。

Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

再次感謝各位今天的參與。今天的簡報到此結束。您現在可以掛線。