Medical Properties Trust, Inc. (MPT) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Medical Properties Trust fourth-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。在此，我謹代表醫療地產信託基金歡迎各位參加 2025 年第四季財報電話會議。（操作說明）

Thank you. I would now like to turn the call over to Charles Lambert, Senior Vice President. Please go ahead.

謝謝。現在我將把電話交給高級副總裁查爾斯·蘭伯特。請繼續。

Thank you, and good morning. Welcome to the MPT conference call to discuss our fourth quarter and full year 2025 financial results. With me today are Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer of the company; Steven Hamner, Executive Vice President and Chief Financial Officer; Kevin Hanna, Senior Vice President, Controller, and Chief Accounting Officer; Rosa Williams, Senior Vice President of Operations and Secretary; and Jason Frey, Managing Director, Asset Management and Underwriting.

謝謝，早安。歡迎參加 MPT 電話會議，我們將討論 2025 年第四季和全年財務表現。今天與我一同出席的有：公司董事長、總裁兼首席執行官 Edward K. Aldag, Jr.；執行副總裁兼首席財務官 Steven Hamner；高級副總裁、財務總監兼首席會計官 Kevin Hanna；運營高級副總裁兼秘書 Rosa Williams；以及資產管理和承保董事總經理 Jason Frey。

Our press release was distributed this morning and furnished on Form 8-K with the Securities and Exchange Commission. If you did not receive a copy, it is available on our website at mpt.com in the Investor Relations section. Additionally, we're hosting a live webcast of today's call, which you can access in that same section.

我們的新聞稿已於今天上午分發，並已透過 8-K 表格提交給美國證券交易委員會。如果您沒有收到副本，可以在我們的網站 mpt.com 的「投資者關係」部分找到。此外，我們還將對今天的電話會議進行網路直播，您可以在同一版塊觀看直播。

During the course of this call, we will make projections and certain other statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our financial results and future events to differ materially from those expressed in or underlying such forward-looking statements.

在本次電話會議期間，我們將做出一些預測和其他一些陳述，這些陳述可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性陳述受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致我們的財務表現和未來事件與此類前瞻性陳述中表達或隱含的內容有重大差異。

We refer you to the company's reports filed with the Securities and Exchange Commission for a discussion of the factors that could cause the company's actual results or future events to differ materially from those expressed in this call. The information being provided today is as of this date only, and except as required by the federal securities laws, the company does not undertake a duty to update any such information.

有關可能導致本公司實際業績或未來事件與本次電話會議中所述內容有重大差異的因素的討論，請參閱本公司向美國證券交易委員會提交的報告。今天提供的資訊僅截至今天為止，除聯邦證券法要求外，本公司不承擔更新任何此類資訊的義務。

In addition, during the course of the conference call, we will describe certain non-GAAP financial measures, which should be considered in addition to, and not in lieu of, comparable GAAP financial measures. Please note that in our press release, Medical Properties Trust has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. You can also refer to our website at mpt.com for the most directly comparable financial measures and related reconciliations.

此外，在電話會議期間，我們將介紹一些非公認會計準則財務指標，這些指標應作為補充資訊考慮，而不是替代可比較的公認會計準則財務指標。請注意，在我們的新聞稿中，Medical Properties Trust 已根據 Reg G 的要求，將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了核對。您也可以造訪我們的網站 mpt.com，查看最直接可比較的財務指標和相關調節表。

I will now turn the call over to our Chief Executive Officer, Ed Aldag.

現在我將把電話交給我們的執行長艾德·阿爾達格。

Thank you, Charles, and thanks to all of you for joining us this morning on our fourth quarter 2025 earnings call. Before you hear from the rest of the team, I'll spend a few minutes discussing what we're seeing across our diverse portfolio of hospitals as well as a few recent strategic updates.

謝謝查爾斯，也謝謝各位今天上午參加我們2025年第四季財報電話會議。在聽取團隊其他成員的報告之前，我將花幾分鐘時間討論我們旗下各家醫院的運作情況以及最近的一些策略更新。

Beginning with performance trends, total portfolio EBITDARM coverage increased year over year to 2.6 times. General acute operators delivered particularly strong performance with more than $130 million EBITDARM increase versus the same quarter last year. For the second consecutive quarter, post acute care operators reported a $50 million EBITDARM increase year over year, led by a 15% improvement at Ernest Health, a 28% improvement at Vibra, and an 8% increase at Median.

從業績趨勢來看，投資組合總 EBITDARM 覆蓋率年增至 2.6 倍。綜合性急診營運商表現尤為強勁，與去年同期相比，EBITDARM 成長超過 1.3 億美元。連續第二個季度，急性後期護理業者報告稱，其 EBITDARM 同比增長 5000 萬美元，其中 Ernest Health 增長 15%，Vibra 增長 28%，Median 增長 8%。

Finally, our behavioral health portfolio was down slightly year over year, driven by certain volume headwinds in the UK market and labor cost pressures in the US, which Rosa will elaborate on shortly.

最後，由於英國市場銷售受到一定不利因素的影響，以及美國勞動成本面臨壓力，我們的行為健康投資組合較去年同期略有下降，Rosa 稍後將對此進行詳細說明。

During the quarter, we continued to take decisive steps to strengthen our portfolio. Given the strong performance of its post-acute facilities over the past few quarters, we are pleased to enter into a new 20-year master lease agreement with Vibra. We capitalized on an opportunity to acquire a high-performing post-acute facility in California for approximately $32 million with a strong cap rate.

本季度，我們繼續採取果斷措施來加強我們的投資組合。鑑於其康復後設施在過去幾季的強勁表現，我們很高興與 Vibra 簽訂新的 20 年主租賃協議。我們抓住機會，以約 3,200 萬美元的價格收購了加州一家業績優異的復健護理機構，該機構的資本化率很高。

More recently, we acquired a new post-acute care facility in Europe for EUR23 million. We also continue to identify opportunities within the portfolio to achieve attractive returns that enhance our capital allocation flexibility moving forward. To that end, we sold six smaller properties during the quarter.

最近，我們斥資 2,300 萬歐元在歐洲收購了一家新的復健護理機構。我們也會繼續在投資組合中尋找機會，以實現可觀的回報，從而增強我們未來資本配置的靈活性。為此，我們在本季出售了六處較小的房產。

Before turning it over to Rosa, I also want to acknowledge that 2025 marked our 20th anniversary as a publicly traded company. Throughout the past two decades, we have been guided by the same core principles, providing hospital operators with capital solutions that allow them to focus on patient care, acquiring high-value real estate to deliver attractive returns for our shareholders, and supporting the communities we serve around the world.

在將發言權交給羅莎之前，我還想提及，2025 年是我們作為上市公司成立 20 週年。在過去的二十年裡，我們始終秉持著相同的核心原則，為醫院業者提供資本解決方案，使他們能夠專注於病患照護；收購高價值房地產，為我們的股東帶來可觀的回報；並支持我們在世界各地服務的社區。

These principles have stayed true as we've navigated periods of significant opportunities and challenges, and they continue to shape the strength of our business today. We are entering our third decade as a public company with strong conviction in our business model and a clear focus on strengthening our platform for the long term.

在我們經歷重大機會和挑戰的時期，這些原則始終不變，它們繼續塑造著我們今天業務的實力。我們即將邁入上市公司的第三個十年，我們對我們的商業模式充滿信心，並明確專注於加強我們的平台以實現長期發展。

We recently unveiled an updated brand identity, and we were able to acquire MPT as our stock ticker. Given the encouraging performance trends across the portfolio, we remain confident in reaching our goal of over $1 billion in annualized cash rent by year-end.

我們最近推出了更新的品牌標識，並且成功將 MPT 作為我們的股票代碼。鑑於整個投資組合的良好業績趨勢，我們仍然有信心在年底前實現超過 10 億美元的年度現金租金目標。

Rosa?

羅莎？

Thank you, Ed. Entering 2026, I'm encouraged by the strength and steadiness we see across our global portfolio. Echoing Ed's comments, 2025 was a year in which we solidified our foundation for long-term, sustainable performance. Our operators' discipline, coupled with our own structured approach to retenanting and portfolio positioning gives us confidence as we look ahead to 2026 and beyond.

謝謝你，埃德。進入2026年，我對我們全球投資組合所展現出的實力和穩定性感到鼓舞。正如 Ed 所說，2025 年是我們鞏固長期永續發展基礎的一年。我們業者的嚴謹作風，加上我們自身在重新招租和投資組合定位方面的結構化方法，使我們對 2026 年及以後的發展充滿信心。

Our international portfolio today comprises 50% of our investments, and these operators continue to be a cornerstone of portfolio stability. In Germany, Median recorded its strongest quarter since entering the portfolio with quarterly EBITDARM increasing more than 20% year over year with occupancy at 90%. Improving reimbursement levels, growing orthopedics demand contributed to notable operational momentum that positions Median for continued strong performance in 2026.

目前，我們的國際投資組合占我們投資的 50%，這些業者仍然是投資組合穩定的基石。在德國，Median 取得了自進入投資組合以來最強勁的季度業績，季度 EBITDARM 年成長超過 20%，入住率達到 90%。報銷水準的提高和骨科需求的成長，為 Median 帶來了顯著的營運動力，使其在 2026 年繼續保持強勁的業績。

In the UK, general acute operators such as Circle Health sustained strong performance in the face of an evolving health care landscape. As a result of NHS budget constraints impacting the behavioral health market, Priory remains focused on adjusting to shifts in referral patterns and strategically modifying service lines to meet market demand at certain of its facilities.

在英國，像 Circle Health 這樣的綜合性急性醫療機構在不斷變化的醫療保健環境中保持了強勁的表現。由於 NHS 預算限制影響了行為健康市場，Priory 仍然專注於調整轉診模式的變化，並策略性地調整其某些機構的服務線，以滿足市場需求。

Across Continental Europe, Swiss Medical Network reported solid year-over-year growth in hospital EBITDARM. Its new clinical collaboration with the Mayo Clinic enhances its long-term capabilities and international reputation. Additional operators such as HM Hospitales, EMA, and Atos continue to produce steady performance trends.

在整個歐洲大陸，瑞士醫療網絡報告稱醫院 EBITDARM 實現了穩健的同比增長。它與梅奧診所建立的新的臨床合作關係增強了其長期能力和國際聲譽。HM Hospitales、EMA 和 Atos 等其他業者也繼續保持穩定的業績趨勢。

Turning to the US portfolio. Ernest Health delivered double-digit growth in EBITDARM year over year, supported by strong performance of their inpatient rehabilitation facilities and expansion of inpatient rehab units within LTAC facilities.

接下來看看美國投資組合。Ernest Health 的 EBITDARM 年成長兩位數，這得益於其住院復健設施的強勁表現以及 LTAC 設施內住院復健單位的擴張。

Ernest also successfully refinanced their 2026 term loan and revolver in Q4, extending maturities out to 2030 and compressing the rate, a significant credit enhancement. At LifePoint Behavioral, new leadership is implementing forward-looking program enhancements that will modernize the segment, control labor cost, and support a strong revenue mix throughout 2026.

歐內斯特還在第四季度成功地對其 2026 年到期的定期貸款和循環貸款進行了再融資，將到期日延長至 2030 年，並壓縮了利率，這是一項重要的信用增級措施。LifePoint Behavioral 的新領導層正在實施前瞻性的專案改進措施，這些措施將使該部門現代化，控制勞動力成本，並支持在 2026 年實現強勁的收入組合。

As Ed mentioned, we recently entered into a new master lease agreement with Vibra, who increased EBITDARM coverage 28% year over year in Q3, driven by strong earnings in the rehab division. Our other long-standing tenants such as Surgery Partners and Pipeline continue to report healthy performance trends. Finally, our portfolio of recently transitioned tenants rent continues to ramp, and we expect them to be at 100% contractual rent by the end of 2026.

正如 Ed 所提到的，我們最近與 Vibra 簽訂了一份新的主租賃協議，在康復部門強勁盈利的推動下，Vibra 第三季度的 EBITDARM 覆蓋率同比增長了 28%。我們其他長期租戶，如 Surgery Partners 和 Pipeline，也持續維持良好的業績趨勢。最後，我們近期完成過渡的租戶組合的租金持續上漲，我們預計到 2026 年底，他們的租金將達到合約租金的 100%。

During the quarter, we entered into a new 15-year lease agreement with NOR Healthcare Systems in California, which is expected to reach stabilized annual cash rent of $45 million in December, in line with the rent previously paid by Prospect for these facilities. HSA showed measured progress in Q4 with modest improvements in collections across its markets.

本季度，我們與加州的 NOR Healthcare Systems 簽訂了一份新的 15 年租賃協議，預計到 12 月，該協議將達到穩定的年度現金租金 4500 萬美元，與 Prospect 先前為這些設施支付的租金一致。HSA在第四季度取得了穩步進展，其各個市場的收款情況均略有改善。

Upcoming supplemental receipts and the expected implementation of the MEDITECH EMR system in Q2 are anticipated to support operations and facilitate cost savings. While HSA remains focused on improving cash collections, it's important to remember that HSA will finally be fully stand-alone operationally once the EMR system is implemented. We feel comfortable with the steps underway to drive revenue cycle management enhancements.

預計第二季將有補充收入到位，MEDITECH EMR 系統也將投入使用，這將支援營運並有助於節省成本。雖然 HSA 仍然專注於改善現金收款，但重要的是要記住，一旦 EMR 系統實施，HSA 將最終實現完全獨立的營運。我們對目前正在採取的旨在改善收入週期管理的措施感到滿意。

Our team continues to carefully monitor performance across these new operators. In fact, just last week, members of our team visited the NOR and HSA Miami facilities, all of which had high patient activity. It's clear the efforts to bring back doctors and improved EMS turnaround times are already having a positive impact. While the facilities are generally clean and in good condition, each operator is actively undertaking projects to modernize the properties.

我們的團隊將繼續密切關注這些新營運商的營運情況。事實上，就在上週，我們團隊的成員參觀了 NOR 和 HSA Miami 的設施，這些設施的病人數量都很多。很明顯，讓醫生回歸崗位和提高急救服務週轉時間的努力已經產生了積極的影響。雖然設施總體上乾淨整潔，狀況良好，但每個運營商都在積極開展項目，以使物業現代化。

Taken together, the consistent performance of our international assets, the steady execution of our core US operators and the ongoing ramp of our transition tenants provide us with a clear, confident outlook heading into 2026. We expect 2026 to be a year of continued stabilization and increasing cash rents as our tenants capitalize on service line enhancements, reimbursement tailwinds, EMR modernization, and operating efficiencies gained throughout 2025.

綜合來看，我們國際資產的持續表現、美國核心運營商的穩步運營以及過渡租戶的持續增長，使我們對 2026 年充滿信心。我們預計 2026 年將是持續穩定和現金租金成長的一年，因為我們的租戶將利用 2025 年獲得的各項服務改善、報銷利好、EMR 現代化和營運效率提升。

Our global portfolio is stronger, more diversified, and more resilient than it has ever been. We are confident in the long-term earnings power of these assets, and we remain steadfast in our commitment to generating stable, growing cash flows for shareholders.

我們的全球投資組合比以往任何時候都更加強大、更加多元化、更具韌性。我們對這些資產的長期獲利能力充滿信心，並將繼續堅定不移地致力於為股東創造穩定、不斷增長的現金流。

Kevin?

凱文？

Thank you, Rosa. Today, we reported normalized FFO of $0.18 per share for the fourth quarter and $0.58 per share for the full year 2025. As mentioned in our press release this morning, we completed a restructuring transaction with Vibra in the fourth quarter, resulting in a new master lease agreement and collection of approximately $18 million in the form of a onetime rent payment for past obligations.

謝謝你，羅莎。今天，我們公佈了第四季度經調整後的每股 FFO 為 0.18 美元，2025 年全年經調整後的每股 FFO 為 0.58 美元。正如我們今天早上發布的新聞稿中所述，我們在第四季度完成了與 Vibra 的重組交易，達成了一項新的主租賃協議，並收到了約 1800 萬美元的一次性租金，用於償還過去的債務。

In October, we received a $4 million payment of September rent from HSA. As a result of these cash receipts, normalized FFO was approximately $0.03 to $0.04 higher than it otherwise would have been for the quarter.

10 月份，我們收到了 HSA 支付的 400 萬美元 9 月份租金。由於這些現金收入，該季度的正常化 FFO 比原本應有的水平高出約 0.03 至 0.04 美元。

In the fourth quarter, we entered into a new lease with NOR Healthcare Systems for the six California properties previously leased to Prospect. NOR is contractually scheduled to begin paying partial rent in June 2026 and with ramp up to 100% of contractual rents in December of 2026. We plan to account for their revenue on a cash basis as well.

第四季度，我們與 NOR Healthcare Systems 簽訂了一份新的租賃協議，將先前租賃給 Prospect 的六處加州房產重新出租。根據合約約定，NOR 將於 2026 年 6 月開始支付部分租金，並於 2026 年 12 月逐步支付 100% 的合約租金。我們也計劃採用現金收付制來核算他們的收入。

G&A expense was lower year over year in the quarter, primarily driven by the lower stock compensation expense due to the change in fair market value of certain performance-based equity compensation. Finally, we recorded approximately $34 million of impairment charges in the quarter, the majority of which related to Prospect.

本季一般及行政費用較去年同期下降，主要原因是由於某些基於業績的股權激勵的公允市場價值發生變化，導致股權激勵費用下降。最後，本季我們提列了約 3,400 萬美元的減損費用，其中大部分與 Prospect 有關。

From a cash flow perspective, we received approximately $70 million of net proceeds from the Prospect bankruptcy in the quarter with a remaining investment of $60 million expected to be collected in 2026 as the bankruptcy process nears in the end.

從現金流的角度來看，本季我們從 Prospect 破產案中獲得了約 7,000 萬美元的淨收益，剩餘的 6,000 萬美元投資預計將在 2026 年隨著破產程序的結束而收回。

Steve?

史蒂夫？

Thank you, Kevin. I just have a few general comments about our financial position and outlook, and then we can take any questions. First, a general reminder of our debt maturities and our options for refinancing and deleveraging. Our nearest maturity is a EUR500 million unsecured notes issue due in October of this year. We are paying a rate of 0.99% on these notes. And so we'll, of course, maximize the time benefit from that rate.

謝謝你，凱文。我只想就我們的財務狀況和前景做一些整體說明，之後我們可以回答大家的問題。首先，我們來回顧一下債務到期日以及我們的再融資和去槓桿化方案。我們即將到期的債券是今年 10 月到期的 5 億歐元無擔保債券。這些票據的利率為0.99%。因此，我們當然要最大限度地利用該利率帶來的時間效益。

Our bank revolver and $200 million term loan will mature in June of 2027 after our presumed extension of this facility. And then our $1.4 billion unsecured notes issue matures in October 2027.

我們的銀行循環信貸和 2 億美元定期貸款將在 2027 年 6 月到期，屆時我們將延長此項信貸安排。然後，我們發行的 14 億美元無擔保債券將於 2027 年 10 月到期。

We retained numerous options for refinancing maturing debt over the next two years. Without belaboring those options, which we have discussed previously, they include refinancing with secured debt, additional asset sales, and other transactions as the capital markets and our cost of capital continue to evolve.

未來兩年內，我們保留了多種到期債務再融資的選擇。無需贅述我們之前討論過的那些選擇，它們包括以擔保債務進行再融資、出售更多資產以及隨著資本市場和我們的資本成本不斷變化而進行的其他交易。

We are confident in these options because of our recent successes generating highly profitable sales of hospital real estate, achieving attractive terms on the $2.5 billion of secured notes we issued a year ago, the euro portion of which are now trading at premiums implying a 5%-ish rate, and the successful 10-year secured financing of our German rehab portfolio in June of last year at a similar 5%-ish coupon.

我們對這些選擇充滿信心，因為我們最近在醫院房地產銷售方面取得了巨大成功，獲得了豐厚的利潤；一年前發行的 25 億美元擔保票據獲得了誘人的條款，其中歐元部分目前以溢價交易，暗示利率約為 5%；去年 6 月，我們成功地以類似的約 5% 的票面利率為德國康復投資組合擔保。

Our carefully crafted covenants have provided plenty of headroom to be able to consider each of these potential options. As Ed mentioned, we announced a $150 million share repurchase plan last quarter that we used to repurchase a little less than 1% of our market cap through the end of the year. We also invested about $60 million in two attractively priced and well-performing, post-acute rehabilitation facilities, which we intend to add to the respective master leases of two important long-term tenants.

我們精心製定的契約提供了充足的空間，讓我們能夠考慮每一種可能的選擇。正如 Ed 所提到的，我們在上個季度宣布了一項 1.5 億美元的股票回購計劃，我們在年底前用這筆資金回購了略低於我們市值 1% 的股票。我們還投資了約 6000 萬美元，購買了兩家價格合理、運營良好的康復後護理設施，我們打算將它們添加到兩家重要的長期租戶各自的主租賃合約中。

While these are relatively modest acquisitions, the acute and post-acute hospital real estate market continues to offer attractive growth opportunities, both in the US and Europe that we will take advantage of as our cost of capital continues to improve.

雖然這些收購規模相對較小，但美國和歐洲的急診和復健醫院房地產市場仍然提供了有吸引力的成長機會，隨著我們的資本成本不斷改善，我們將充分利用這些機會。

And with that, I will turn the call back over to the operator to queue any questions. Regina?

好了，接下來我會把電話轉回給接線生，讓他們排隊等待提問。雷吉娜？

(Operator Instructions) Michael Diana, Maxim Group.

（操作說明）邁克爾·戴安娜，馬克西姆集團。

Thank you. I'd like to talk a little about your facility recycling during the quarter. I think you mentioned you sold six small properties and a surprise to me anyway, bought two properties. So maybe you could talk about those eight properties, but also just more in general, what your view is on the recycling.

謝謝。我想和您談談本季貴廠的回收情況。我想你曾說過你賣了六套小房產，但令我驚訝的是，你又買了兩套房產。所以，或許您可以談談這八個方面，但也可以更廣泛地談談您對回收的看法。

Sure, Michael. But let me first take the opportunity to thank you for picking up coverage on us and the time you spent with us to fully understand the company and our business model, and we certainly look forward to working with you.

當然可以，麥可。但首先請容許我藉此機會感謝您對我們公司的報道，感謝您花時間與我們充分了解公司和我們的商業模式，我們非常期待與您合作。

So the six properties that we sold were smaller properties. They were properties that were underperforming for the rest of the portfolio. We will continue to look at opportunities like that going forward.

所以我們賣出的六處房產都是面積較小的房產。這些房產在整個投資組合中表現不佳。我們將繼續關注類似的機會。

But also, we're in a position now where we can go back into the acquisition mode. We'll do it very selectively. We believe that the two properties that we acquired are very good investments and the opportunity for us to continue to support our existing tenants.

但同時，我們現在也處於可以重新進入收購模式的位置。我們會非常謹慎地進行。我們相信，我們收購的這兩處房產都是非常好的投資，也是我們繼續支持現有租戶的機會。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thanks for taking my question. Maybe if we could just start on the prospect sales. If you could just help me source of uses. I think you gave some helpful color in the opening remarks, but maybe just to tie it all together. Could you talk about the sales proceeds from the assets that have closed, the expectations of the asset under contract, and then maybe what's going to be above and beyond the debt financing and where those proceeds will go?

早安.謝謝您回答我的問題。或許我們可以先從潛在客戶銷售入手。如果你能幫我找到一些用途來源就太好了。我認為你在開場白中增添了一些有益的色彩，但或許只是為了把所有內容串連起來。您能否談談已完成交易的資產的銷售收入、已簽訂合約的資產的預期收益，以及債務融資以外的額外收入將用於何處？

So the only remaining transaction that's pending is the binding contract to acquire the Waterbury facility in Connecticut, and we expect that to close in this quarter. That will significantly finalize the major components of the Prospect bankruptcy. We expect proceeds that will come from that sale, along with collecting of the receivables that will probably take over the next 60 to 90 days, will fully pay the DIP financing.

因此，目前唯一待完成的交易是收購康乃狄克州沃特伯里工廠的具有約束力的合同，我們預計該合約將在本季度完成。這將基本上完成Prospect破產案的主要部分。我們預計，此次出售所得款項，加上可能需要 60 到 90 天才能收回的應收帳款，將足以償還 DIP 融資。

And as we announced previously, probably going back as many as two quarters, we've committed to a super secured DIP commitment that we may fund going forward that the proceeds from causes of action, that is litigation that's being pursued by the litigation trust, we have first claim on those proceeds, and we remain highly confident, frankly, that the super secure DIP financing will be repaid from those proceeds.

正如我們之前宣布的那樣，可能早在兩個季度前，我們就承諾提供超級擔保的 DIP 融資，我們可能會在未來為訴訟信託基金正在進行的訴訟所得款項提供資金，我們對這些所得款項擁有優先索償權，坦率地說，我們仍然非常有信心，超級擔保的 DIP 融資將從這些所得款項中得到償還。

That's helpful. Thank you. And then maybe just jumping to your '26 rent target and the ramp from your legacy assets, legacy Steward assets, the $22 million that you got this quarter. I believe last quarter, we got some color on expectations looking forward. Are you able to provide any color on what you expect to receive in the first quarter of this year?

那很有幫助。謝謝。然後，也許可以直接跳到你的 2026 年租金目標，以及來自你遺留資產、遺留 Steward 資產的收益增長，也就是你本季獲得的 2,200 萬美元。我認為上個季度，我們對未來的預期有了一些了解。您能否提供一些關於今年第一季預期收入的具體資訊？

No, we're not yet giving guidance on quarterly or annual amounts for a couple of reasons. One is, as Kevin mentioned, we still have several fairly significant tenants that we are accounting for on the cash received basis. And -- so we continue to watch that rent ramp. It has ramped in accordance with the contract that we entered into with those tenants going on 18 months ago now. And I think we said in our press release this morning that virtually all of them are fully paid as we sit here today.

不，我們目前還不提供季度或年度金額的指導，原因有二。一是，正如凱文所提到的，我們仍然有幾個相當大的租戶，我們目前仍以現金收入為基礎進行會計核算。所以——我們繼續關注租金上漲的趨勢。按照我們18個月前與這些租戶簽訂的合同，它一直在逐步推進。而且我認為我們在今天早上的新聞稿中已經說過，截至目前，幾乎所有款項都已付清。

Now I'll qualify that with the two very small tenants that in recent quarters, we've also called out roughly 3% of the total replacement rents are not yet paying rent. But nonetheless, and as Ed pointed out, we continue to expect through 2026, by the end of 2026, will be at an annualized run rate of cash collections exceeding $1 billion.

現在我要補充一點，最近幾個季度，我們還發現有兩家規模很小的租戶，他們大約有 3% 的租金尚未支付。但儘管如此，正如 Ed 所指出的那樣，我們仍然預計到 2026 年底，現金回收的年化運行率將超過 10 億美元。

And John, I think just further answer that question with Steve, is that there was one payment that HSA made for that was received last quarter that was for the previous quarter. Kevin went through that. The next big jump will be when NOR starts paying rent in June, I believe it is.

約翰，我認為應該和史蒂夫一起進一步回答這個問題，那就是 HSA 上個季度收到的一筆款項是上個季度的款項。凱文經歷過這一切。我認為，下一個重大飛躍將是 NOR 六月開始支付租金的時候。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Austin Wurschmidt, KeyBanc.

Austin Wurschmidt，KeyBanc。

Hi. This is Vikram Garewal on for Austin. Thanks for taking our questions. Just one for me. Can you provide us with some additional color on the Vibra restructuring, apecifically, what was previous -- and what is the new cash rent expected from Vibra?

你好。這裡是代表奧斯汀的維克拉姆·加雷瓦爾。謝謝您回答我們的問題。我只留一個。您能否為我們提供更多關於 Vibra 重組的細節信息，特別是之前的情況——以及預計 Vibra 的新現金租金是多少？

No. We haven't detailed that out. I'll remind you for the last couple of years, we've referred to this tenant vaguely as the 1% tenant that we've been restructuring that was consummated in the fourth quarter, and therefore, the collection of $18 million of rent that was due, although not paying pending restructuring. And going forward, Vibra is a significantly stronger tenant for us.

不。我們還沒有詳細說明。我提醒各位，在過去幾年裡，我們一直含糊地稱這位租戶為“1%的租戶”，我們一直在對其進行重組，重組工作已於第四季度完成，因此，我們收回了1800萬美元的到期租金，儘管在重組期間尚未支付。展望未來，Vibra 將成為我們實力更強的租戶。

And I'll just again reiterate based on your question that there's no impact on previous rental revenue because we haven't been recognizing it because fiber has been on the cash basis. I don't know often that addressed your question.

我再次重申，根據你的問題，之前的租金收入不會受到影響，因為我們沒有確認這部分收入，因為光纖業務一直採用現金結算方式。我不知道這是否能解答你的問題。

Vik, as a part of answering that question, Vibra refinanced all of their debt. So as Steve said, they're in a much better position today than they have previously been. A couple of their properties are actually now leased to Select Medical and rather than Vibra from our standpoint.

為了回答這個問題，Vik 對 Vibra 的所有債務進行了再融資。正如史蒂夫所說，他們現在的處境比以前好得多。從我們的角度來看，他們的一些房產實際上已經租給了 Select Medical，而不是 Vibra。

Understood. That's helpful. Thank you.

明白了。那很有幫助。謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Michael, you might be on mute.

邁克爾，你可能處於靜音狀態。

Sorry. I wanted to stay on the Vibra transaction. I just wanted to confirm, in the press release, it sounded like the $32 million acquisition was leased to Vibra, I mean, did you buy that from Vibra? And if so, why was that included in this transaction?

對不起。我想繼續進行 Vibra 交易。我只是想確認一下，新聞稿中似乎提到這筆 3200 萬美元的收購是以租賃的方式提供給 Vibra 的，我的意思是，你們是從 Vibra 那裡買的嗎？如果屬實，為什麼這筆款項會包含在本次交易中？

We did buy it from Vibra and it is a great facility that we feel very good about and glad to have had the opportunity to acquire.

我們從 Vibra 手中買下了它，這是一個非常棒的設施，我們對此感到非常滿意，也很高興有機會收購它。

Okay. And then the cash went to Vibra for that specific deal then?

好的。然後這筆錢就轉給了Vibra，用在那筆特定的交易？

Correct. Just to clarify a little bit, the $18 million we've actually had on our books, a significant part of that since this time last year when Vibra remained a deposit of $20 million and up at about half of it, we held in reserve to apply to rent. So your point is well taken. Yes, we provided proceeds by virtue of acquiring this asset. But Vibra itself has put in probably upwards of $70 million over the course of this restructuring.

正確的。澄清一下，我們帳面上實際有 1800 萬美元，其中很大一部分是從去年這個時候 Vibra 還是 2000 萬美元的定金時起算的，大約有一半是我們保留下來的儲備金，用於支付租金。所以你的觀點很有道理。是的，我們透過收購這項資產獲得了收益。但 Vibra 本身在此次重組過程中可能已經投入了超過 7,000 萬美元。

And Vibra actually used the proceeds from this sale to pay off debt that they had.

Vibra 實際上用這次出售所得的資金償還了他們的債務。

Okay. I mean, is there -- and maybe it's just because the transaction is pretty complicated. I know that we've been talking about the 1% tenant/Vibra for it seems like the past few years now. I mean, is there a reason why it took so long to get this done? And is there anything -- and I guess, and back to your earlier comments, Steve, you said that you weren't recognizing any rent from Vibra. So did Vibra have zero rent payment in quarter outside of that $8 million payment, so it will be additive as you go into 1Q '26?

好的。我的意思是，確實存在這種情況——也許只是因為交易相當複雜。我知道我們似乎在過去幾年裡一直在討論1%租戶/Vibra。我的意思是，為什麼這件事花了這麼長時間才完成？還有什麼嗎——我想，回到你之前的評論，史蒂夫，你說過你不承認 Vibra 的任何租金。那麼，除了那筆 800 萬美元的付款之外，Vibra 在本季是否沒有其他租金支出？因此，隨著 2026 年第一季的到來，這筆支出將會增加。

No, they were actually paying rent. This was just additional rent that they owed as well.

不，他們實際上是在付房租。這筆錢也包括他們欠下的房租。

That had not previously been recognized.

這一點之前並未被認識到。

David, the first part of your question, as I said, it was a total refinancing of Vibra's balance sheet. So there were multiple parties involved.

David，正如我所說，你問題的第一部分是對 Vibra 資產負債表的全面再融資。所以，這件事涉及多個面向。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah. A couple of questions. I guess, on the first one, for this acquisition and the other acquisition, can you talk about pricing, I guess, the cap rates and coverages? And then for the second question, maybe just a little bit bigger picture. I know you bought some stock back in the quarter, but you also went through all the debt maturities coming due over the next couple of years. How are you thinking about today buybacks versus delevering?

是的。幾個問題。我想，關於第一個問題，也就是這次收購和另一次收購，您能談談定價嗎？例如資本化率和覆蓋率？至於第二個問題，或許可以從更宏觀的角度來看。我知道你在上個季度買了一些股票，但你也經歷了未來幾年即將到期的所有債務。您如何看待目前的股票回購與去槓桿化之間的關係？

So let me answer the first part of that, Mike. The coverage on both of these were very strong. The cap rates are also very attractive. As you know, it's not our policy. It is our policy not to go disclose each individuals on the various properties, but these are very strong both on the coverage and from our standpoint on the cap rate.

讓我來回答第一個問題，麥克。這兩件事的報道力道都非常大。資本化率也非常有吸引力。如您所知，這不是我們的政策。我們的政策是不透露各個物業的具體人員信息，但從我們的角度來看，這些物業在覆蓋範圍和資本化率方面都非常出色。

Going forward, Michael, on the balance sheet, and we invested, what, roughly $25 million in our own stock over the quarter, relatively modest amount. We'll continue to evaluate when it's appropriate to be in the market with the stock.

展望未來，邁克爾，從資產負債表來看，我們本季投資了大約 2500 萬美元購買我們自己的股票，金額相對較小。我們將繼續評估何時是買賣該股票的適當時機。

We have multiple opportunities that I tried to summarize very briefly in my prepared remarks to address the upcoming maturities and have a high level of confidence that we'll have some attractive options for addressing that, obviously, beginning this year as we have the very, very low-rate euro issuance coming due in October.

我們有很多機會可以應對即將到期的債務，我在事先準備好的演講稿中已經盡量簡要地總結了這些機會。我們非常有信心，我們將有一些有吸引力的方案來應對這些債務，顯然，從今年開始，因為我們將在10月份發行利率非常非常低的歐元債券。

Okay. Thank you.

好的。謝謝。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Good morning. Thanks for taking the question. I guess two. One, just bigger picture. You mentioned the acquisitions. I'm just wondering as the portfolio stands today, whether it's just noncore or international. Can you just talk about potential sales and give us an update on like how the buyer pool has shaped up, what capital is still interested in owning hospital real estate?

早安.感謝您回答這個問題。我猜是兩個。第一，從更宏觀的角度來看。你提到了收購事宜。我只是想知道，就目前的投資組合而言，它究竟是僅包含非核心業務還是國際業務。您能否談談潛在的銷售情況，並給我們更新買家群體的情況，以及還有哪些資本對擁有醫院房地產感興趣？

So Vikram, if I understood your question correctly, there still continues to be a very strong market for people interested in acquiring our properties. We get calls often. But where we are today, we are much more likely to be in an acquisition mode than a disposition mode. We'll do dispositions as we review various items and think it's appropriate for us. But we are more in an acquisition mode.

所以維克拉姆，如果我理解你的問題沒錯的話，目前仍然有很多人對購買我們的房產感興趣，市場需求仍然非常旺盛。我們常接到電話。但就目前而言，我們更有可能處於收購模式而非處置模式。我們將根據對各項事宜的審查情況，並酌情做出處置決定。但我們目前更傾向收購。

And then I guess just on that acquisition point, just looking at the different, I guess, sub-asset classes, behavioral -- leaving hospital side. I'm wondering the opportunity set when you look at post-acute and behavioral, are there any specific focus areas, any types of assets -- just -- and I'm wondering just if you look to maybe -- I don't want to call it expand, but maybe shift the focus in terms of types of healthcare/hospital settings in terms of acquisitions.

然後，我想就收購這一點而言，看看不同的，我想，子資產類別，行為——離開醫院方面。我想知道，當您審視康復後護理和行為健康領域時，有哪些機會？是否有任何特定的重點領域、任何類型的資產？我只是想知道，您是否考慮過——我不想稱之為擴張，但也許可以轉變一下收購方面的重點，例如醫療保健/醫院環境的類型。

Sure. Our focus will continue to be general acute care, which it has been through the vast majority of the life of medical properties. But we will continue to look at post-acute, but that's primarily almost exclusively in the rehab sector, which we've been very strong on since the inception of the company.

當然。我們將繼續專注於一般急性護理，這在醫療機構運作的大部分時間都是如此。但我們會繼續關注康復後領域，但這主要幾乎完全集中在康復領域，而自公司成立以來，我們一直非常重視這一領域。

We're still big believers in behavioral. In the US, behavioral softness has not come from lack of demand, but lack of ability to have nurses and staff at each of the facilities. In the UK, it's much more of a funding issue with NHS. If you follow the UK, you'll know that the need is there. The desire is there. It's just more of a political funding standpoint.

我們仍然非常相信行為學。在美國，行為上的軟弱並非源自於需求不足，而是因為每個機構缺乏足夠的護理人員和工作人​​員。在英國，這更多的是國民醫療服務體系（NHS）的資金問題。如果你有關注英國，就會知道那裡確實存在這種需求。願望是存在的。這更多的是一個政治資金方面的問題。

Still believers in both sectors, but probably the biggest acquisitions we'll make today will be in general acute care followed by post-acute care being rehab.

我們仍然看好這兩個領域，但今天我們可能進行的最大收購將是綜合急性護理領域，其次是復健護理領域。

Thank you.

謝謝。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi. Thank you for taking my question. This is Farrell Granath. I just wanted to also dig in a little bit more on your acquisitions. Just when thinking about Europe versus the US, especially now that we've seen some pressures just on public pay with headlines and reimbursement rates. Does that weigh in on how you're evaluating your pipeline, or can you give a quantifiable qualitative of how you think about your pipeline in both regions?

你好。感謝您回答我的問題。這是法雷爾·格拉納斯。我還想更深入了解你們的收購情況。尤其是在考慮到歐洲與美國的情況時，特別是現在我們看到公共部門薪酬和報銷率方面出現了一些壓力。這是否會影響您對銷售管道的評估？或者您能否對這兩個地區的銷售管道進行量化和定性分析？

That's a good question, Farrell. And as you know, we're roughly 50-50 now, 50% of the United States and 50% outside of the United States. Still believe that the United States is the best health care in the world, and we obviously will continue to focus here. But it is less political outside of the United States. And so we like our investments outside of the United States very strongly.

法雷爾，你問得好。如你所知，我們現在的人口比例大致為 50/50，50% 在美國境內，50% 在美國境外。我仍然相信美國擁有世界上最好的醫療保健，我們顯然也會繼續把重點放在這裡。但在美國以外，它的政治色彩就淡了許多。因此，我們非常看好在美國以外的投資。

We're in nine different countries. We'll continue to invest in the countries that we're in, and we'll continue to look for expansion places in Europe in places where we are not. We still feel very good about where health care in general is in the United States and feel very good that the -- we feel very strongly as they'll continue to be ups and downs, but we don't think there'll be any big ups and downs in the reimbursement in the United States.

我們遍佈九個不同的國家。我們將繼續投資我們目前所在的國家，並繼續在歐洲我們尚未涉足的地區尋找擴張機會。我們仍然對美國整體的醫療保健狀況感到非常滿意，並且非常有信心——儘管醫療保健領域還會有起伏，但我們認為美國的醫療報銷不會出現任何重大的起伏。

Thank you. And I guess also on that when thinking about the people who are selling, are these in the properties that you're acquiring? Are these marketed deals? Are you having reverse inquiries? Are these also just operators that you have passed business with? Just curious how that pipeline is building out.

謝謝。我想，在考慮出售房產的人時，這些房產是否也屬於你正在收購的房產？這些是促銷活動嗎？您是否收到反向查詢？這些也只是你曾經有過業務往來的經營者嗎？只是好奇這條管道的建設進展如何。

Yeah. It's probably 50% or slightly more of people that we've already done business with, our existing tenants or tenants that had formally been our tenants. There's still a very strong pipeline of people who know who we are that are looking to make acquisitions and to use our type of funding for those acquisitions. I would say most of the deals that come to us outside of our existing tenants are marketed transactions.

是的。可能其中有 50% 或略多一些的人是我們已經有過業務往來的人，也就是我們現有的租戶或曾經是我們的租戶。仍有許多了解我們、希望進行收購並利用我們這類資金進行收購的人。我認為，除了我們現有的租戶之外，我們獲得的交易大部分都是透過行銷達成的。

Farrell, I'll just point out in addition, just a little bit. We did a pretty limited amount, $60 million in total. That's a result of actually many quarters of negotiation and exploration. So it's not just something that generates just in the quarter. We're able to be and we are being very selective.

法雷爾，我還要補充一點。我們投入的金額相當有限，總共只有 6,000 萬美元。這實際上是多方談判和探索的結果。所以它不僅僅是當季產生的收益。我們有能力做到，而且我們也確實在進行非常嚴格的篩選。

Right now, again, we still want to see our cost of capital improve. And the point I think we want to make is as that happens, there is a pretty vibrant market. The fact that we did only $60 million in two transactions is not indicative of the size and vibrancy of the market. We could have. I'll put it this way, there were available many more transactions that we could have done that we evaluate. But again, we're being very selective.

目前，我們仍然希望看到資金成本有所改善。我想表達的觀點是，隨著這種情況的發生，市場會變得非常活躍。我們僅透過兩筆交易就完成了 6000 萬美元，但這並不能反映市場的規模和活力。我們本來可以的。這麼說吧，我們本來可以進行更多交易，但我們正在評估這些交易。但我們仍然會非常謹慎地進行篩選。

Thank you very much. That was great color.

非常感謝。顏色真漂亮。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yeah. Thanks. I guess, Ed or Rosa, I wanted to follow up and circle back on the comments related to HSA. Can you remind us, is that operator cash flow positive today with the rent fully ramped? I know that you indicated that last quarter that their coverage was above 1 on the full year rent ramps, but obviously, it takes time for cash collections to pick up to equal that.

嗯，謝謝。我想，Ed 或 Rosa，我想跟進並補充一些與 HSA 相關的評論。請問，在租金全面上漲的情況下，該業者目前的現金流是否為正？我知道你上個季度曾表示，他們的全年租金覆蓋率已經超過 1%，但顯然，現金收款需要時間才能達到這個水準。

Yeah. The cash collections, as Rosa pointed out, are not where any of us would like to see them. However, if you look at this from where they came from, not just as a typical startup, they actually started out in the whole picking up the Steward properties. We're very pleased with where they are. We obviously want them to be much better.

是的。正如羅莎指出的那樣，現金回收情況並沒有達到我們任何人希望看到的水平。但是，如果你從他們的出身來看，不僅僅是從一家典型的新創公司的角度來看，他們實際上是從收購 Steward 的房產開始的。我們對他們目前所處的位置非常滿意。我們當然希望他們能做得更好。

We talked about there being able to -- in the second quarter that we believe that they'll be totally independent acquiring the MEDITECH license and all that goes along with that, taking great steps in the cash collections. And we hope and feel good about their ability to do better than that. Where they are right now is still continuing to be at one times full rent coverage.

我們談到，我們相信他們在第二季將完全獨立，獲得 MEDITECH 許可證以及所有相關的一切，並在現金回收方面取得巨大進步。我們希望並相信他們有能力做得更好。他們目前的情況仍然是能夠全額支付租金。

Okay. And then just last one for me. I mean, does HSA or NOR need to be -- does MPW needing to provide the working capital loans still? Or have they weaned off of those specific loans and are able to work with what they have on their own balance sheets?

好的。最後，我還要再來一個。我的意思是，HSA 或 NOR 是否還需要——MPW 是否還需要提供營運資金貸款？或者他們已經擺脫了這些特定貸款，能夠依靠自身資產負債表上的資金來開展業務？

Yeah. We have not provided any additional working capital loans for either one of those entities. We have provided HSA with funding to help them acquire the MEDITECH license and with NOR the last fundings that we were participating in those were left over Prospect bills.

是的。我們沒有向這兩家實體提供任何額外的營運資金貸款。我們已向 HSA 提供資金，幫助他們獲得 MEDITECH 許可證，而我們參與的最後幾筆資金來自 NOR，即 Prospect 的剩餘款項。

Okay. Great. Thank you.

好的。偉大的。謝謝。

And I will now turn the call back over to Ed Aldag for closing comments.

現在我將把電話轉回給艾德·阿爾達格，請他做總結發言。

Regina, thank you very much. And again, thank all of you for listening today. And as always, if you have any additional questions, please don't hesitate to reach out to us. Thank you very much.

雷吉娜，非常感謝你。再次感謝各位今天的收聽。如有任何其他疑問，請隨時與我們聯繫。非常感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。