Medical Properties Trust, Inc. (MPT) 2026 Q1 法說會逐字稿

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

感謝您耐心等候。我叫 Jeannie，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 Medical Properties Trust 2026 年第一季財報電話會議。(接線員指示)

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

現在我想把電話交給資深副總裁 Charles Lambert。請開始。

Good morning. Welcome to the MPT conference call to discuss our first-quarter 2026 financial results.

各位早安。歡迎參加 MPT 電話會議，討論我們 2026 年第一季的財務結果。

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.

今天與我一同出席的有：公司董事長、總裁兼執行長 Edward K. Aldag, Jr.；執行副總裁兼財務長 Steven Hamner；資深副總裁、財務控管長兼會計長 Kevin Hanna；營運資深副總裁兼公司秘書 Rosa Williams；以及資產管理與承銷董事總經理 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早發布，並以 8-K 表格提交至美國證券交易委員會（SEC）。若您尚未收到副本，可至我們網站 mpt.com 的投資人關係（Investor Relations）專區取得。此外，我們也提供今日電話會議的線上即時網路直播，您可在同一專區進入收看。

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.

在本次電話會議過程中，我們將提出預測及其他若干陳述，這些內容可能構成 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。此等前瞻性陳述受已知與未知之風險、不確定性及其他因素影響，可能導致我們的財務結果與未來事件與該等前瞻性陳述所表達或所依據者出現重大差異。

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.

我們請您參閱公司向美國證券交易委員會提交之報告，其中討論了可能導致公司實際結果或未來事件與本次電話會議所表達內容出現重大差異的因素。今日提供之資訊僅截至本日；除非聯邦證券法另有要求，公司不承擔更新任何此類資訊之義務。

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, MPT 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 results and related reconciliations.

此外，在本次電話會議過程中，我們將說明若干非 GAAP 財務衡量指標；這些指標應與可比較的 GAAP 財務衡量指標一併考量，而非用以取代之。請注意，在我們的新聞稿中，MPT 已依 Reg G 規定，將所有非 GAAP 財務衡量指標與最直接可比較的 GAAP 指標進行調節（reconcile）。您亦可至我們網站 mpt.com 查閱最直接可比較的財務結果及相關調節表。

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 Ed Aldag。

Thank you, Charles, and thanks to all of you for joining us this morning on our first-quarter 2026 earnings call. In a moment, you will hear details from the rest of the team, but let me first summarize what we're seeing across our diverse portfolio of hospitals.

謝謝你，Charles，也感謝各位今天早上參加我們 2026 年第一季財報電話會議。稍後各位將聽到團隊其他成員的詳細說明，但我先概述一下我們在多元化醫院投資組合中所觀察到的情況。

Total portfolio EBITDARM coverage remained steady year over year at 2.5 times. Our post-acute portfolio delivered standout results, with EBITDARM increasing approximately $80 million year over year, led by a 24% increase in MEDIAN, a 16% increase at Ernest Health, and a 61% increase at Vibra, which continues to deliver excellent results following the new 20-year master lease agreement executed in late 2025. General acute performance was largely stable, with EBITDARM increasing nearly $40 million year over year.

整體投資組合的 EBITDARM 覆蓋倍數（coverage）年比維持穩定，為 2.5 倍。我們的後急性照護（post-acute）投資組合表現突出，EBITDARM 年比增加約 8,000 萬美元，其中 MEDIAN 年增 24%、Ernest Health 年增 16%、Vibra 年增 61% 居功；Vibra 於 2025 年底簽署新的 20 年期總租約（master lease agreement）後，持續交出優異成果。一般急性照護（general acute）表現大致穩定，EBITDARM 年比增加近 4,000 萬美元。

These strong results were partially offset by our behavioral health portfolio, which continues to navigate two entirely separate challenges in the US and UK markets. While both markets continue to experience strong demand, in the US, providers are grappling with staffing shortages, and in the UK, demand is being dampened by funding pressures at the NHS. Rosa will elaborate shortly on strategic actions being taken to address this.

上述強勁結果部分被我們的行為健康（behavioral health）投資組合所抵銷，該組合仍在因應美國與英國市場兩項完全不同的挑戰。雖然兩個市場的需求皆維持強勁，但在美國，業者正面臨人力短缺；在英國，NHS 的資金壓力正在抑制需求。Rosa 稍後將進一步說明為因應此情況所採取的策略行動。

Looking ahead, we are encouraged by the trends we see across the portfolio in early 2026. Our momentum continues to build in post-acute. Our general acute care performance remains stable with strong performance across the portfolio. And we continue to see solid demand trends in the behavioral sector.

展望未來，我們對 2026 年初在投資組合中看到的趨勢感到鼓舞。我們在後急性照護的動能持續增強。我們的一般急性照護表現維持穩定，且整體投資組合表現強勁。同時，我們也持續看到行為健康領域穩健的需求趨勢。

Additionally, our portfolio of recently transitioned tenant rent continues to ramp as expected, with our tenants across Florida, Texas, Arizona, and Louisiana fully current on rent due through April. Quorum and HonorHealth reached their fully stabilized rents in the third quarter of last year, and HSA ramped to 75% in March, and we continue to expect 100% of monthly payments from HSA beginning in October.

此外，我們近期完成承租人轉換（transitioned）的租金投資組合，仍如預期逐步爬升（ramp）；我們在佛羅里達、德州、亞利桑那與路易斯安那的承租人，均已全數按期繳納截至 4 月到期的租金。Quorum 與 HonorHealth 已於去年第三季達到完全穩定的租金水準，而 HSA 於 3 月已爬升至 75%；我們仍預期自 10 月起，HSA 將開始支付 100% 的月度款項。

Based on these encouraging trends, we remain confident in reaching our goal of over $1 billion in annualized cash rent by year-end.

基於這些令人振奮的趨勢，我們仍有信心在年底前達成年度化現金租金超過 10 億美元的目標。

Rosa?

Rosa？

Thank you, Ed.

謝謝你，Ed。

This past quarter marked a period where our mature portfolio continued to deliver steady results while new operators began moving from transition toward stabilization. That progress is increasingly visible as we look forward through 2026 and beyond.

本季標誌著我們成熟投資組合持續交出穩健成果，同時新營運商也開始從過渡期邁向穩定期。隨著我們展望 2026 年及更長遠的未來，這項進展正變得愈發清晰可見。

In this context, our international assets have provided a meaningful stabilizing force. In Germany, MEDIAN delivered one of its best operating periods today, supported by high occupancy, improving reimbursements, and sustained demand across orthopedics and other rehabilitation services. We are confident in MEDIAN's ability to drive strong performance throughout 2026, given its scale and operating discipline.

在此背景下，我們的國際資產提供了重要的穩定力量。在德國，MEDIAN 交出其迄今最佳的營運期間之一，受惠於高入住率、報銷改善，以及骨科與其他復健服務的持續需求。鑑於其規模與營運紀律，我們對 MEDIAN 在 2026 年持續推動強勁表現的能力充滿信心。

Swiss Medical Network reinforced its leading position in the Swiss healthcare market through strategic acquisitions and expanded outpatient activities, focusing on disciplined capital deployment and the growth of their integrated care models.

Swiss Medical Network 透過策略性併購與擴大門診業務，鞏固其在瑞士醫療市場的領先地位，並聚焦於嚴謹的資本配置以及其整合式照護模式的成長。

In the UK, Circle Health continues to perform well within the general acute segment, benefiting from private pay utilization and higher acuity case mix. Priory reports that demand for inpatient mental health services in the UK continues at record levels. Historically, the National Health Service has reimbursed private providers for a substantial majority of these patients. But as we have reported on previous earnings updates, the NHS is significantly reducing that reimbursement. In reaction, Priory continues to prioritize service line optimization, cost management, and selective repositioning of certain facilities. We and Priory believe this to be a temporary condition, but the timing and degree of any recovery is unpredictable.

在英國，Circle Health 在一般急性照護領域持續表現良好，受惠於自費（private pay）使用率以及更高病情嚴重度（acuity）的病例組合。Priory 表示，英國住院精神健康服務的需求仍處於歷史新高。過去，國民保健署（NHS）對其中絕大多數病患會向民營業者提供報銷。但如我們在先前的財報更新中所報告，NHS 正大幅降低該等報銷。因此，Priory 持續優先推動服務線優化、成本管理，以及對部分設施進行選擇性重新定位。我們與 Priory 均認為此為暫時性狀況，但任何復甦的時點與幅度皆難以預測。

For purposes of our reported Priory EBITDARM coverages in this morning's supplemental, we have revised our allocated central cost, better reflecting retrospective, recent, and future facility-level actual performance. Applying these allocations retrospectively has the effect of reducing trailing 12-months coverage by 40 basis points for Priory, by 20 basis points for the behavioral health property type, and not at all for the consolidated portfolio.

就我們今早補充資料中所揭露的 Priory EBITDARM 覆蓋倍數而言，我們已修訂所分攤的中央成本，使其更能反映回溯期間、近期以及未來各設施層級的實際表現。將此等分攤回溯適用的結果，會使 Priory 的過去 12 個月（trailing 12-months）覆蓋倍數降低 40 個基點，使行為健康資產類型降低 20 個基點，而對合併投資組合則完全沒有影響。

Turning to the US portfolio, I'll begin with the operators most closely tied to recent transitions. At HSA, management is focused on improving its constrained liquidity and cash collections. In April, HSA engaged and fully onboarded Conifer to manage its revenue cycle operations. Additionally, HSA will be utilizing its own MEDITECH electronic health records system beginning tomorrow. These are critically important steps that HSA is confident will improve collections, drive operational efficiency, and reduce IT expense.

轉向美國投資組合，我將先從與近期轉換最密切相關的營運商談起。在 HSA，管理團隊正專注於改善其受限的流動性與現金回收。4 月，HSA 聘請並已全面導入 Conifer 來管理其營收循環作業。此外，HSA 將自明日起開始使用其自有的 MEDITECH 電子病歷系統。這些都是至關重要的步驟，HSA 相信將可改善收款、提升營運效率，並降低 IT 費用。

Management is also continuing efforts to add service lines, recruit physicians, and improve the facilities and equipment. HSA recently obtained equipment financing and has already begun ordering high-priority replacement equipment with these funds.

管理團隊也持續推動新增服務線、招募醫師，以及改善設施與設備。HSA 近期取得設備融資，並已開始運用該資金訂購高優先順序的汰換設備。

Additionally, CMS recently granted contingent approval for the State of Florida's Medicaid Directed Payment Program. HSA expects a significant increase in their net benefit compared to 2025, which would substantially improve their liquidity position. HSA has numerous capital projects in process, including a new parking deck, structural and electrical recertification, wound care center improvements, elevator upgrades and modernization, roof restorations, and replacement of critical equipment.

此外，CMS 近期已對佛羅里達州的 Medicaid 定向支付計畫（Directed Payment Program）給予附條件核准。HSA 預期其淨受益相較於 2025 年將大幅增加，這將顯著改善其流動性狀況。HSA 目前有多項資本專案進行中，包括新建停車樓、結構與電力再認證、傷口照護中心改善、電梯升級與現代化、屋頂修復，以及關鍵設備汰換。

Turning to NOR. Operations have been stable in the first few months, with EBITDARM already in excess of its full contractual rent obligation, which goes into effect at the end of the year. Inpatient admissions are ahead of prior year, and NOR is working to add service lines such as interventional radiology and restarting construction of a new emergency department at Culver City.

接著談 NOR。前幾個月營運維持穩定，EBITDARM 已超過其全年合約租金義務（該義務將於年底生效）。住院入院量高於去年同期，NOR 正致力於新增服務線，例如介入放射科，並重啟位於 Culver City 的新急診部門建設。

This new state-of-the-art ED includes 23 private patient rooms, increases treatment and office space by 80%, and fully meets state-mandated seismic standards. This project is expected to be completed in the summer of 2027. We are encouraged by the steps NOR is taking to improve these facilities that anchor care for some of the most underserved communities in Los Angeles County.

這座全新的最先進急診部門（ED）包含 23 間獨立病房，使治療與辦公空間增加 80%，並完全符合州政府規定的耐震標準。此專案預計於 2027 年夏季完工。我們對 NOR 為改善這些設施所採取的措施感到鼓舞，這些設施是洛杉磯郡部分最缺乏醫療資源社區的照護支柱。

More broadly, across the transition to US portfolio, performance remains aligned with underwriting expectations. As Ed mentioned, Quorum and HonorHealth are paying fully stabilized rent as of the third quarter 2025. And with HSA now ramped to 75%, we have line of sight toward full contractual rent across these assets as we move through the ramp period.

更廣泛而言，在轉換至美國投資組合的過程中，整體表現仍與承作（underwriting）預期一致。如 Ed 所提，Quorum 與 HonorHealth 自 2025 年第三季起已支付完全穩定後的租金。而 HSA 現已爬坡至 75%，隨著我們度過爬坡期，已可望在這些資產上達到全額合約租金。

Turning to the rest of our US operators, performance trends remain stable. Ernest Health remains a standout across post-acute rehabilitation, with strong inpatient rehab performance, improving operating leverage and balance sheet strengthening following its refinancing. Ernest plans to convert all six MPT-owned LTAC facilities to IRFs by the end of 2026 as it transforms into a pure-play rehab operator. Ernest rehabilitation hospitals have historically had meaningfully higher EBITDARM coverages than their average LTAC.

再談我們其餘的美國營運商，績效趨勢仍維持穩定。Ernest Health 在後急性期復健領域仍表現突出，住院復健表現強勁，營運槓桿改善，且在完成再融資後資產負債表更為強健。Ernest 計畫在 2026 年底前，將所有 6 家 MPT 持有的 LTAC 設施轉為 IRF，藉此轉型為純復健營運商。歷史上，Ernest 的復健醫院 EBITDARM 覆蓋倍數顯著高於其平均 LTAC 水準。

At LifePoint, while performance has moderated from the elevated growth experienced in 2024, admissions and acuity continue to support stable cash generation.

在 LifePoint，儘管表現較 2024 年的高成長有所降溫，但入院量與病患嚴重度（acuity）仍支撐穩定的現金創造能力。

Following the balance sheet and portfolio repositioning actions discussed last quarter, Vibra's EBITDARM coverage improved to 3 times, driven by accelerating volumes across both the rehabilitation and long-term acute care segments. Vibra's California assets performed particularly well, including the Redding facility, which is tracking ahead of MPT's underwriting expectations.

在上季所討論的資產負債表與投資組合重新定位措施之後，Vibra 的 EBITDARM 覆蓋倍數提升至 3 倍，主要受惠於復健與長期急性照護兩大業務區塊的量能加速成長。Vibra 在加州的資產表現尤其亮眼，包括 Redding 設施，其表現正超出 MPT 的承作預期。

As we look into 2026, we expect sustained progress around rent ramps, stabilization across transitioned assets, and steady performance from our core operators. Collectively, these trends give us a clear view toward normalized contractual rent across the portfolio as we approach 2027. We believe the portfolio is increasingly positioned to deliver durable, sustainable cash flows and strategic growth opportunities over the long term.

展望 2026 年，我們預期租金爬坡將持續取得進展、已轉換資產將趨於穩定，且核心營運商將維持穩健表現。整體而言，這些趨勢讓我們在接近 2027 年之際，能清楚看見投資組合回到正常化合約租金水準的路徑。我們相信，該投資組合正日益具備在長期提供耐久、可持續現金流與策略性成長機會的定位。

Kevin?

Kevin？

Thank you, Rosa.

謝謝你，Rosa。

Today, we reported normalized FFO of $0.14 per share for the first quarter of 2026, which was in line with our expectations. As we disclosed in last quarter's results, were approximately $0.03 to $0.04 higher than it otherwise would have been due to one-time cash rent receipts.

今天，我們公布 2026 年第一季每股正常化 FFO 為 0.14 美元，符合我們的預期。如同我們在上季財報中揭露的，由於一次性現金租金收款，我們的數字約比原本應有水準高出 0.03 至 0.04 美元。

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 cash sold awards in 2024 and 2025, of which no award has been earned or vested at this time. Additionally, and as discussed in our Form 10-K filing, we moved seven additional legal entities into our UK restructure, effective in the first quarter, which resulted in a one-time $44 million tax benefit in the first quarter.

本季一般及管理費用（G&A）較去年同期下降，主要是因 2024 與 2025 年部分以現金結算之獎酬（cash-settled awards）公允市價變動，導致股票酬勞費用降低；截至目前，尚無任何獎酬已達成或歸屬（vested）。此外，且如我們在 Form 10-K 申報中所述，我們自第一季起將另外 7 個法律實體納入英國重整架構，因而在第一季產生一次性 4,400 萬美元的稅務利益。

Steve?

Steve？

Thank you, Kevin. I have just a few brief comments.

謝謝你，Kevin。我只有幾點簡短的評論。

Our balance sheet is relatively unchanged from the fourth quarter. Our nearest maturity is a EUR500 million unsecured notes issue due in October of this year, which has a coupon of only 0.99%. Our $200 million term loan will mature in June of 2027, as will our revolver, subject to our extension right. Our $1.4 billion unsecured notes issue matures in October 2027. We retain the options that we have discussed on recent quarterly updates and we continue to plan around our ample security value and indenture flexibility to maximize delevering and interest coverage as our revenue continues to grow.

我們的資產負債表相較第四季變動不大。我們最近一期到期的是今年 10 月到期的 5 億歐元無擔保票據，票面利率僅 0.99%。我們 2 億美元的定期貸款將於 2027 年 6 月到期，我們的循環信貸亦將於同時到期（可依我們的展延權延長）。我們 14 億美元的無擔保票據將於 2027 年 10 月到期。我們保留近期季度更新中所討論的各項選項，並持續以充足的擔保價值與契約（indenture）彈性為規劃基礎，隨著營收持續成長，最大化去槓桿與利息保障倍數。

As we have previously suggested, our near-term use of capital for acquisitions is expected to be modest, strategic, and accretive. During the quarter, we completed only the EUR23 million acquisition of a hospital in Germany that we had previously reported and had been negotiating for well over a year. Separately, and again consistent with our previous guidance that dispositions may continue at modest levels, we completed the sales of two small hospitals in the US.

如我們先前所提，短期內我們用於收購的資本預期將維持在溫和、具策略性且具增益（accretive）的水準。本季我們僅完成一筆先前已公告、且談判逾一年的德國醫院收購案，金額為 2,300 萬歐元。另外，且同樣符合我們先前對處分可能以溫和水準持續進行的指引，我們完成了美國兩家小型醫院的出售。

Operationally, as already discussed, cash rent collections from the hospitals we re-tenanted in September 2024 continue to be paid in accordance with the contractual ramp, with the exception of the small Ohio and Pennsylvania facilities that we have previously explained. Based on cash rent received for April, our annualized rent for these facilities, net of those we have sold, represents about 74% of the contractual cash rent that was required under the previous master lease at the time of the September 2024 transition.

在營運面，如前所述，我們於 2024 年 9 月重新出租（re-tenanted）的醫院，其現金租金收款仍依合約爬坡條款支付，先前已說明的小型俄亥俄州與賓夕法尼亞州設施除外。以 4 月收到的現金租金為基礎，這些設施（扣除我們已出售者）的年化租金約相當於 2024 年 9 月轉換時、前一份總租約（master lease）所要求之合約現金租金的 74%。

And once HSA reaches its fully stabilized cash rent, beginning in this year's fourth quarter, that percentage is expected to grow to about 98% of the previous rent. The remaining 2%-ish generally relates to the Ohio and Pennsylvania facilities. We again received no rent from these tenants in the first quarter, and we believe it is increasingly unlikely that they will return to operational profitability in the immediate future, partially because local health regulators have not granted necessary approvals to reopen. Accordingly, we recognize an impairment of our loan collateral related to these two facilities.

而一旦 HSA 自今年第四季起達到完全穩定的現金租金水準，該比例預期將提高至約相當於先前租金的 98%。其餘約 2% 通常與俄亥俄州與賓夕法尼亞州的設施有關。我們在第一季仍未自這些承租人收到任何租金，且我們認為其在短期內恢復營運獲利的可能性愈來愈低，部分原因是當地衛生監管機關尚未核發重新開業所需的必要核准。因此，我們就與這兩處設施相關的貸款擔保品認列減損。

As Ed mentioned, we remain confident that our fourth-quarter run rate for cash rents, including our portion of JV rents, will approximate $1 billion. During the quarter, Prospect completed the sales of its remaining hospitals and continues to collect patient and other receivables in the ordinary course. MPT's previously discussed DIP loan at quarter-end was approximately $60 million and is secured primarily by the proceeds from the claims that the bankruptcy estate is litigating.

如 Ed 所提到的，我們仍然有信心，我們第四季現金租金的運行率（run rate），包括我們在合資企業（JV）租金中的份額，將接近 10 億美元。本季期間，Prospect 完成其剩餘醫院的出售，並持續在日常營運過程中收取病患及其他應收款項。MPT 先前討論過的 DIP 貸款在季末約為 6,000 萬美元，主要以破產財產正在訴訟中的索賠所產生的收益作為擔保。

As of March 31, those proceeds are estimated to substantially exceed our DIP loan commitment. To the extent there is such an excess, we will also receive a significant but as yet undetermined portion over and above our DIP loan balance. While outstanding, the DIP loan accrues interest at all-in rates approximating 16%, although we will recognize any such income only as received.

截至 3 月 31 日，估計該等收益將大幅超過我們的 DIP 貸款承諾。若確有此等超額，我們也將在 DIP 貸款餘額之外，額外取得一筆可觀但目前尚未確定的份額。在貸款未償期間，DIP 貸款按約 16% 的全包利率計息，但我們僅會在實際收到時才認列該等收入。

And with that, I will turn the call back to the operator to cue any questions. Jeannie?

接下來，我會把電話交回給接線員，請其引導提問。Jeannie？

(Operator Instructions) Mike Mueller, JPMorgan.

(接線員指示) Mike Mueller，摩根大通（JPMorgan）。

Yeah, hi. I know you gave some color around the percentage of rents tied, I guess, the cash collections in April as compared to the prior master lease. But can you give us any more clarity in terms of the actual dollar amounts collected, and are you still targeting that roughly $160 million as it relates to that steward pool?

是的，你好。我知道你們針對與租金相關的比例提供了一些說明，我想是指 4 月的現金收款相較於先前主租約（master lease）的情況。但你們能否再更清楚一些，說明實際收取的美元金額？以及就那個 Steward pool 而言，你們是否仍以約 1.6 億美元為目標？

We are, Mike. And when I gave those percentages, 74%, 98%, that's with respect to that $160 million target amount. So going forward, again, pro forma for what we collected in April, we'll be collecting 74% of that $160 million.

是的，Mike，我們是的。而我提到的那些百分比，74%、98%，都是針對那個 1.6 億美元的目標金額而言。因此往後來看，再次以 4 月我們已收取的金額作為備考（pro forma）基礎，我們將收取該 1.6 億美元的 74%。

Got it. Okay. Just wanted to make sure that that was the right way to think about that.

了解。好的。只是想確認這樣理解是正確的。

And then second question. I know you talked about maintaining financial flexibility as it relates to upcoming maturities. But can you just tell us if you were heading down that path today, number one, where do you think refi -- are you largely looking, particularly for the '26 maturity at a refi? What would rates be? I mean, just get a little more granular, if you can, about what we should be expecting in the next couple of quarters there.

第二個問題。我知道你們談到為了因應即將到期的債務而維持財務彈性。但如果你們今天就要走那條路，第一，你們認為再融資（refi）會怎麼做——你們是否主要是針對 2026 年到期的部分進行再融資？利率會是多少？如果可以的話，能否更細緻地說明一下，讓我們了解未來幾季應該預期什麼？

Yeah. We're not in a position to really know with any precision what a coupon may be. That will be driven by a lot of things, including, as you point out, the sequencing, what we might address first, what we might address comprehensively.

是的。我們目前無法非常精準地知道票息（coupon）可能會是多少。這會受到很多因素影響，包括如你所指出的，處理的先後順序、我們可能先處理哪一部分、以及我們可能會以更全面的方式處理哪些事項。

I'll just point, just for reference and nothing else, our most recent secured lending has been done with our German portfolio that we did about a year ago at a 10-year, roughly 5%-plus coupon. Obviously, a little over a year ago, we did secured senior notes that are today trading in the 6% to 7% range. I'm not predicting that that's what we'll be able to refinance at, but those are data points that we all have to look at.

我僅供參考、沒有其他含義地指出，我們最近一次的擔保融資是以我們的德國投資組合為標的，約一年前完成，期限 10 年，票息大約在 5% 以上。顯然，在一年多以前，我們也發行了擔保優先票據（secured senior notes），目前在市場上的交易殖利率約在 6% 到 7% 區間。我並不是在預測我們能以那樣的條件再融資，但這些都是我們必須參考的數據點。

Okay. Appreciate it. Thank you.

好的。感謝。謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC 資本市場（RBC Capital Markets）。

Yeah, thanks. Can you guys provide us some color on HSA's current financial position, just given the noise that has occurred over the past few months? And will the Florida DPP payments that Rosa mentioned, will that just be used to catch up on their accounts payable? Or do you think that they could use some of those proceeds to pay down the working capital loan that you have out to them?

是的，謝謝。鑑於過去幾個月出現的各種雜音，你們能否就 HSA 目前的財務狀況提供一些說明？另外，Rosa 提到的佛羅里達 DPP 付款，是否只是用來補上他們的應付帳款？或者你們認為他們可能會用其中一部分款項來償還你們提供給他們的營運資金貸款？

Mike, to answer the last part of that question first, the answer is yes. We think they'll use some of the DIP funding to repay our ABL. We also believe that they are in a position now where they've got real interest in getting a permanent ABL, which hopefully will replace 100% of our ABL in the recent and near future.

Mike，先回答你問題的最後一部分，答案是會。我們認為他們會使用部分 DIP 資金來償還我們的 ABL。我們也相信他們目前有強烈意願取得一筆永久性的 ABL，希望在近期與不久的將來能 100% 取代我們的 ABL。

Second part of the question was, how are they doing financially? From a EBITDARM standpoint, they continue to perform exceptionally well. They're generating approximately 3 times EBITDARM coverage on a current cash rent basis, but they still are continuing not to collect as much cash as we and they would like to see.

問題的第二部分是，他們財務表現如何？從 EBITDARM 的角度來看，他們仍然表現非常出色。以目前的現金租金基礎計算，他們約有 3 倍的 EBITDARM 覆蓋倍數，但他們仍持續未能收取到我們和他們都希望看到的那麼多現金。

If you remember recently in their press releases, they've entered into a transaction with Conifer to take over their revenue cycle management. That literally just happened last month, and they have just recently begun getting off of the old steward MEDITECH license and having their own, literally going -- the first hospital, I believe, was sometime in late April. They've gone from roughly a 78% to roughly an 82% in cash collections. That's a big number, but they need to get up in, obviously, in the 90s for those numbers to work well.

如果你記得他們最近的新聞稿，他們已與 Conifer 達成一項交易，由 Conifer 接手其收入循環管理（revenue cycle management）。那其實就在上個月才發生，而他們也才剛開始從舊的 Steward MEDITECH 授權轉移到自己的系統，基本上是逐院切換——我相信第一家醫院是在 4 月下旬左右。他們的現金收款率已從約 78% 提升到約 82%。這是很大的改善，但他們顯然需要提升到 90% 以上，這些數字才會運作得更好。

Okay, that's helpful. And then just switching to Priory real quick. When Rosa was kind of highlighting that the NH payment reductions were dropped or reduced, when does that actually start hitting their P&L? So does the 1.6 coverage ratio in the supplemental, does that fully reflect those lower payments? Or should we expect that coverage ratio to continue to drop as more quarters of that lower payment starts to roll on into that calculation?

好的，這很有幫助。接著快速切換到 Priory。當 Rosa 提到 NHS 付款削減被取消或降低時，那實際上何時會開始反映在他們的損益表（P&L）上？所以補充資料中的 1.6 倍覆蓋率，是否已完全反映那些較低的付款？或者我們應該預期，隨著更多季度的較低付款逐步納入計算，該覆蓋率還會繼續下降？

No, we're hopeful that we're near the bottom of that. As I think I said, or Rosa said in her prepared remarks, we think it's a temporary situation. But there's no predictability of that. Historically, private providers in the UK have provided a significant majority of all of the mental health, especially inpatient services. And so what that means is, if the NHS is not paying, then those people are going untreated, and we think that's unsustainable.

不，我們希望我們已接近谷底。正如我想我說過的，或 Rosa 在事先準備的發言中提到的，我們認為這是暫時性的情況。但這件事沒有可預測性。從歷史上看，英國的私人供應商提供了絕大多數的心理健康服務，尤其是住院服務。因此這代表，如果 NHS 不支付，那些人就得不到治療，而我們認為這是不可持續的。

So we're hopeful that at a trailing 12, 1.6 times coverage -- and again, keep in mind that's an EBITDARM coverage -- that we're near the bottom. But there's no assurance of that. We're comfortable with our original underwriting, our facilities continue to be fully paid rent, and I think, again, the biggest takeaway is this really isn't sustainable. But once again, we can't predict about -- predict the timing or the velocity of any recovery.

因此我們希望，以過去 12 個月（trailing 12）的 1.6 倍覆蓋率——再次提醒，這是 EBITDARM 覆蓋率——我們已接近谷底。但對此沒有任何保證。我們對原先的承作假設（underwriting）感到安心，我們的設施仍持續足額支付租金；而我認為，再次強調，最重要的重點是這種情況確實不可持續。但同樣地，我們無法預測任何復甦的時間點或速度。

Mike, it's really a political issue here. The good news for us and for all behavioral health operators in the UK is that demand is exceptionally strong, continues to increase. The NHS has limited the number of beds available in private care for NHS patients in the behavioral sector. Obviously, as Steve points out, that can't last forever.

Mike，這裡確實是一個政治議題。對我們以及英國所有行為健康服務營運商而言，好消息是需求異常強勁，且持續增加。NHS 已限制在行為健康領域中，提供給 NHS 病患於私立照護機構可使用的床位數量。顯然，如 Steve 所指出的，這不可能永遠持續下去。

And then just real quick, when you say it's temporary, do you think that the NHS could change those standards? And I'm assuming that's going to take some time, right? That's not going to happen in the next year or so.

另外很快問一下，當你說這是暫時性的，你認為 NHS 可能會改變那些標準嗎？而且我想這會需要一些時間，對吧？這不會在接下來一年左右就發生。

I don't know that we agree with that, with the amount of demand that you have for the patients there. It literally is just a funding and political issue, a political issue in the funding for the NHS and the demand in the public that they have access to behavioral health matters. It literally could be fixed overnight. I'm not suggesting that it will be, but it could be.

就你們那裡對病患的需求量而言，我不確定我們同意那個看法。這真的就只是資金與政治問題——NHS 的資金配置以及大眾對於能夠取得行為健康服務的需求，都是政治層面的議題。這確實可能一夜之間就能解決。我不是說一定會，但確實有可能。

Okay. Thanks.

好的。謝謝。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

Hi. Thank you. Good morning. My first question is just on the potential impacts of the One Big Beautiful Bill to your portfolio. If you think about the flow-throughs of once that bill is implemented, how will that affect your tenants and maybe specifically HSA as it's tracking towards -- you said one-time coverage at full rent.

嗨。謝謝。早安。我的第一個問題是關於《One Big Beautiful Bill》對你們投資組合的潛在影響。如果從該法案一旦實施後的傳導效應來看，這將如何影響你們的承租戶，或更具體地說，HSA 目前的進展——你提到一次性恢復到全額租金的覆蓋。

Yeah. John, from the Big Beautiful Bill overall, very broadly speaking, our operators do not believe overall that it will have a negative effect. There are obviously a few hospitals that will have more of an effect than it will on others. HSA is fortunate in their portfolio that they don't believe it will have a significant effect on -- negative effect on any of their facilities.

是的。John，就《Big Beautiful Bill》整體而言，非常概括地說，我們的營運商普遍認為它不會帶來負面影響。當然，有少數幾家醫院受到的影響會比其他醫院更大。HSA 在其投資組合方面比較幸運，他們認為該法案不會對其任何設施造成顯著的——負面影響。

Okay, that's helpful. Thank you. And then my second question is, did you lend to any of your tenants in the quarter?

好的，這很有幫助。謝謝。那我的第二個問題是，你們這一季有對任何承租戶放款嗎？

Very limited. During the quarter, the only working capital loan we made was to the small Pennsylvania tenant that I mentioned earlier, and that was for less than $1 million. We previously reported we're funding through a secured loan the approximate $25 million cost of HSA's conversion to the MEDITECH EMR system that Rosa mentioned that actually goes into effect, she may have said, as early as today or tomorrow. We loaned about $13 million during the quarter under that loan. And then we also funded, through a second secured loan, approximately $12 million in capitation liabilities that remained at the Prospect California hospitals when they exited bankruptcy very early this year.

非常有限。本季我們唯一提供的營運資金貸款，是給我先前提到的賓州那家小型承租戶，金額不到 100 萬美元。我們先前已揭露，我們正透過一筆擔保貸款，資助 HSA 轉換至 MEDITECH EMR 系統的約 2,500 萬美元成本，Rosa 也提到該系統實際上可能最早在今天或明天就會上線。本季我們在該筆貸款項下放款約 1,300 萬美元。此外，我們也透過第二筆擔保貸款，提供約 1,200 萬美元資金，用於 Prospect 加州醫院在今年年初非常早期退出破產時仍留存的按人頭計費（capitation）負債。

Very helpful. Thank you.

非常有幫助。謝謝。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

Hello. Good morning. This is Farrell Granath. My first question was just about the dispositions. I quickly wanted to touch on the first-quarter disposition that was expected that was mentioned on the last call. I believe it was with the prospect remaining Waterbury asset. Was that completed in this quarter, or is that still ongoing?

你好。早安。我是 Farrell Granath。我的第一個問題是關於資產處分。我想快速提一下上次電話會議中提到、原本預期在第一季完成的那筆處分。我相信是與 Prospect 剩餘的 Waterbury 資產有關。這筆交易在本季完成了嗎？還是仍在進行中？

Yes, the Waterbury transaction was completed in the quarter. I think I mentioned on my remarks that while those proceeds had been received and paid to us, the estate continues to collect receivables and will continue to do that probably for at least a few more months just in the ordinary course. And those proceeds will also come in to repay our DIP loan.

是的，Waterbury 交易已在本季完成。我想我在發言中提到，雖然那些款項已收取並支付給我們，但破產財產（estate）仍在收取應收款，且按一般流程可能還會持續至少幾個月。而那些款項也將用於償還我們的 DIP 貸款。

Thank you. And then also when just considering your portfolio, how do you evaluate potential targets for dispositions? Or is there a certain product that you're receiving inbound either as a value add or more stabilized assets that get more attention that you consider disposing of?

謝謝。另外，在考量你們的投資組合時，你們如何評估可能的處分標的？或者你們是否會收到某些類型的主動接洽（inbound），例如增值型或較穩定的資產，因而更受到關注、並被你們納入處分考量？

Yeah. Farrell, we obviously get a lot of inbounds and have for the last 20-something years on different assets. And when those come in, we look at the total picture and whether or not it's something that we would like to get rid of or whether it's the price was high enough that it would be something that we would be willing to accept.

是的。Farrell，我們顯然會收到很多主動接洽，過去二十多年來一直如此，涉及各種不同資產。當這些機會出現時，我們會從整體角度評估：是否是我們想要出清的資產，或者價格是否高到足以讓我們願意接受。

We don't have a list of properties other than some of the few remaining steward closed facilities that we're actively marketing. But other than that, we don't have facilities that we're actively marketing.

除了少數幾個仍剩下、由 Steward 關閉的設施我們正在積極推銷之外，我們沒有其他正在列出並積極行銷的物業清單。但除此之外，我們沒有正在積極行銷的設施。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will now turn the call back over to Ed Aldag for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Ed Aldag 作結語。

Thank you very much. And as always, if you have any additional questions, don't hesitate to call us once the call is over. Thank you for your time.

非常感謝。一如往常，如果你們還有任何其他問題，電話會議結束後也請隨時致電給我們。謝謝各位撥冗。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。現在可以掛線。