Medical Properties Trust, Inc. (MPT) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Medical Properties Trust Second Quarter 2026 Earnings Conference Call. (Operator Instructions) I will now hand the conference over to Charles Lambert, Senior Vice President. Charles, please go ahead.

各位好。感謝各位加入我們，歡迎參加 Medical Properties Trust 2026 年第二季財報電話會議。(接線員指示) 現在我將把會議交給資深副總裁 Charles Lambert。Charles，請開始。

Good morning. Welcome to the MPT conference call to discuss our second quarter 2026 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. 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.

早安。歡迎參加 MPT 電話會議，討論我們 2026 年第二季的財務結果。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。我們的新聞稿已於今早發布，並以 Form 8-K 形式提交至美國證券交易委員會。若您尚未收到副本，可至我們網站 mpt.com 的投資人關係專區取得。

Additionally, we're hosting a live webcast of today's call, which you can access in that same section. 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.

此外，我們也提供今日電話會議的即時網路直播，您可在同一專區進入觀看。在本次電話會議過程中，我們將提出預測及其他若干陳述，這些陳述可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述受已知與未知的風險、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. 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.

我們請您參閱公司向美國證券交易委員會提交的報告，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述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。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，該等指標應與可比的 GAAP 財務衡量指標一併考量，而非取而代之。

Please note that in our press release, Medical Properties Trust is reconciled on 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. I will now turn the call over to our Chief Executive Officer, Ed Aldag.

請注意，在我們的新聞稿中，Medical Properties Trust 依 Reg G 規定，已就非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節（reconciliation）。您也可至我們網站 mpt.com 查閱最直接可比的財務結果及相關調節表。現在我將把電話會議交給我們的執行長 Ed Aldag。

Thank you, Charles, and thanks to all of you for joining us this morning on our second quarter 2026 earnings call. Before I begin today, we'd like to extend our thoughts and prayers to the people of Colombia after this morning's earthquake. Now let me begin with the most significant update. Today, we announced a comprehensive refinancing transaction that extends $2.4 billion of debt maturities to 2032 significantly reducing near-term maturities and positioning us well to pursue a balanced capital allocation strategy moving forward.

謝謝你，Charles，也感謝各位今早參加我們 2026 年第二季財報電話會議。在我開始之前，我們想向今早地震後的哥倫比亞人民致上關懷與祈禱。現在讓我先從最重要的最新進展談起。今天，我們宣布一項全面性的再融資交易，將 24 億美元的到期債務展延至 2032 年，顯著降低短期到期壓力，並使我們在未來推動均衡的資本配置策略方面具備良好定位。

Steve will discuss this transaction in more detail shortly. Turning to our performance highlights. Total portfolio EBITDARM coverage remained steady as we continue to see robust demand for rehabilitation services around the world, our post-acute operators again delivered the strongest growth in the portfolio with EBITDARM increasing more than $70 million year-over-year led by a 24% increase in Median and a 13% increase in Ernest Health. General acute performance was stable.

Steve 稍後將更詳細說明這筆交易。接著談談我們的營運亮點。在全球復健服務需求持續強勁之際，我們整體投資組合的 EBITDARM 覆蓋倍數維持穩定；我們的後急性期（post-acute）營運商再次交出投資組合中最強勁的成長，EBITDARM 年增超過 7,000 萬美元，其中以 Median 成長 24% 及 Ernest Health 成長 13% 為主要帶動。一般急性照護（general acute）表現穩定。

Behavioral Health remains a source of pressure on the overall portfolio despite the increased importance and demand for these services, we continue to see around the world. In the UK market, especially, revenue continues to be impacted by funding pressures at the NHS as the new administration in the UK works to rebalance it's entire budget. I spent last week in the UK spending time with many of our operators there. I walked away from those meetings impressed with the level of activity across those facilities, confident in the opportunities for high-quality general acute providers and encouraged that behavioral market remains a compelling long-term investment.

儘管我們持續看到全球對此類服務的重要性與需求提升，行為健康（Behavioral Health）仍對整體投資組合造成壓力來源。尤其在英國市場，隨著英國新政府致力於重新平衡整體預算，NHS 的資金壓力持續影響營收。我上週在英國與我們當地多家營運商共度時間。我在這些會議後深受各設施活動量之活躍所鼓舞，對高品質一般急性照護提供者的機會充滿信心，也更確信行為健康市場仍是具吸引力的長期投資。

As most of you know, our Swiss joint venture went public this summer and is now listed on the SIX Exchange. Infracore continues to see attractive opportunities for growth, and the company was able to access capital for further growth. We retain a significant ownership position in Infracore and remain bullish on Switzerland and look forward to seeing our overall investments grow there. Finally, to further strengthen our portfolio, we consolidated all of our ScionHealth, general acute hospitals and LifePoint leases into one LifePoint master lease.

如各位多數人所知，我們的瑞士合資企業於今年夏天上市，目前已在瑞士證券交易所（SIX Exchange）掛牌。Infracore 仍持續看到具吸引力的成長機會，並得以取得資本以支持進一步成長。我們仍持有 Infracore 相當比例的股權，對瑞士市場維持樂觀看法，並期待我們在當地的整體投資持續成長。最後，為進一步強化我們的投資組合，我們將所有 ScionHealth 的一般急性醫院與 LifePoint 租約整併為一份 LifePoint 主租約（master lease）。

As a part of this conversion, Scion transitioned certain MPT-owned acute hospitals to LifePoint, and we are pleased with the resulting single lease relationship with a mature operator with an enhanced credit profile. With the strong trends we continue to see across our diverse portfolio of operators, the proving enduring value of our assets and a plan to clear the runway of debt maturities until late 2028. We are well positioned to achieve our goal of over $1 billion annualized cash rent by the end of the year and to create value for the shareholders moving forward. Rosa?

作為此次轉換的一部分，Scion 將部分由 MPT 持有的急性醫院移轉至 LifePoint，我們對於與一家具成熟經營能力且信用狀況更佳的營運商建立單一租約關係的結果感到滿意。在我們多元營運商投資組合持續展現強勁趨勢、資產價值經得起考驗，以及規劃將債務到期壓力清空至 2028 年底之後的前提下，我們已具備良好條件，於年底前達成年度化現金租金超過 10 億美元的目標，並在未來為股東創造價值。Rosa？

Thank you, Ed. As usual, I will walk through the trends we are seeing the continued progress of our recently transitioned operators and the steps tenants are taking to enhance performance. Across our core portfolio, performance trends remain broadly stable. General acute operators still comprise the majority of the portfolio and reported aggregate EBITDARM coverage of 2.8 times during the quarter. As Ed mentioned, our post-acute portfolio delivered another really strong performance with coverage of 2.4 times.

謝謝你，Ed。照例，我將說明我們所觀察到的趨勢、近期完成移轉之營運商的持續進展，以及租戶為提升表現所採取的措施。在我們的核心投資組合中，整體表現趨勢大致維持穩定。一般急性照護營運商仍占投資組合的大多數，本季合計 EBITDARM 覆蓋倍數為 2.8 倍。如 Ed 所提，我們的後急性期投資組合再度繳出非常強勁的表現，覆蓋倍數為 2.4 倍。

Finally, our behavioral portfolio coverage was down slightly to 1.4 times, reflecting the discrete headwinds in the UK and US markets that we have discussed all year. For individual operator coverage details, we would encourage you to review the supplemental published on the investor relations page of our website. Our international portfolio continues to provide meaningful stability with Medical Network, Median and Circle continue to produce strong, stable earnings, executing on their respective growth and innovation strategies. Swiss Medical Network is advancing its integrated care strategy with revenue growth supported by recent acquisitions and an ongoing shift toward higher-value outpatient and primary care. In Germany,

最後，我們的行為健康投資組合覆蓋倍數小幅下滑至 1.4 倍，反映我們全年已討論的英國與美國市場之個別逆風因素。關於各個營運商覆蓋倍數的細節，我們建議您查閱我們網站投資人關係頁面所發布的補充資料。我們的國際投資組合持續提供顯著的穩定性，Medical Network、Median 與 Circle 持續產生強勁且穩定的獲利，並各自執行其成長與創新策略。Swiss Medical Network 正推進其整合照護策略，營收成長受近期併購及持續轉向更高價值的門診與基層照護所支撐。在德國，

Median continues to build on its momentum with year-to-date EBITDA running ahead of budget. At Priory, proactive measures are being taken to address challenges related to the previously discussed shift in NHS referral patterns. With the ongoing budget constraints in the UK, management is focused on implementing even more disciplined cost control measures and optimizing services to better align with demand. Turning to the US NOR continues to produce strong results. NOR began paying 50% contractual rent in June. Operationally, NOR delivered encouraging momentum with admissions emergency department visits and surgeries, all higher year-over-year, reflecting volume recovery across the platform.

Median 持續延續其動能，年初至今 EBITDA 表現優於預算。在 Priory，管理團隊正採取積極措施，以因應先前所討論 NHS 轉介模式變化所帶來的挑戰。鑑於英國持續的預算限制，管理層專注於推行更嚴謹的成本控管措施，並優化服務，以更好地與需求相匹配。接著談到美國，NOR 仍持續繳出強勁成果。NOR 於 6 月開始支付合約租金的 50%。在營運面，NOR 展現令人鼓舞的動能，入院人次、急診就診量與手術量皆較去年同期增加，反映整體平台的量能正在復甦。

The emergency department project at Culver City is progressing and remains scheduled to open in the fourth quarter of 2027. HSA which operates hospitals in Florida, Louisiana and Texas saw mixed results in the second quarter due to certain disruptions that caused lower cash collections and volume declines in some markets. First, the MEDITECH EMR conversion caused a temporary inability to bill and collect cash for a period during the month of May, resulting in lower collections in May and June. Additionally, prior to the conversion, HSA transitioned its revenue cycle management to an outsourced firm. And because HSA operates in markets where they serve an above-average number of (inaudible) patients, reliance on supplemental payments from federal and state agencies is necessary.

Culver City 的急診部門專案正持續推進，並仍預計於 2027 年第四季開幕。HSA 在佛羅里達、路易斯安那與德州營運醫院，第二季因若干干擾因素而呈現好壞參半的結果，導致部分市場現金收款下降與量能下滑。首先，MEDITECH 電子病歷（EMR）轉換在 5 月期間造成一段時間暫時無法開立帳單並收取現金，導致 5 月與 6 月收款較低。此外，在轉換之前，HSA 已將其營收循環管理移轉至外包公司。且由於 HSA 營運的市場中，其服務的（聽不清）病患比例高於平均，因此必須仰賴聯邦與州政府機關的補充性付款。

These payments are not always predictable and can therefore be a strain on cash flows. That was evident when the Florida supplemental funding that was due in April was delayed until August which caused further short-term pressure on HSA's liquidity. With the MEDITECH conversion largely behind them, HSA has brought revenue cycle management back in-house and expects to improve revenue cycle and operational efficiency in the coming months. While cash collections are still lagging, HSA has received significant payments from the Florida supplemental funding program in August, enabling them to begin repayment of the working capital advances we made during the quarter.

這些款項並非總是可預測，因此可能對現金流造成壓力。當原本應於 4 月到位的佛羅里達補充性資金延後至 8 月才撥付時，這一點就很明顯，並對 HSA 的流動性造成進一步的短期壓力。隨著 MEDITECH 轉換大致告一段落，HSA 已將營收循環管理收回自營，並預期在未來數月改善營收循環與營運效率。雖然現金收款仍落後，但 HSA 已於 8 月自佛羅里達補充性資金計畫收到可觀款項，使其得以開始償還我們在本季提供的營運資金墊款。

While trailing 12-month EBITDARM to cash rent coverage of 2x, we remain cautiously optimistic about the trajectory of HSA and we'll continue carefully monitoring their operations. Our US post-acute portfolio remains an area of strength. Ernest helps us as stand out, and we're excited to see Ernest continue to grow with this acquisition of Reunion Rehabilitation Hospital adding 7 hospitals with closing expected this summer. Finally, we remain confident in the long-term earnings power of these assets and in our path towards normalized rent across the portfolio. With that, I'll turn it over to Kevin.

儘管過去 12 個月的 EBITDARM 對現金租金覆蓋倍數為 2 倍，我們對 HSA 的走勢仍保持審慎樂觀，並將持續密切監控其營運。我們在美國的後急性照護投資組合仍是強項。Ernest 對我們而言表現突出，我們也很期待 Ernest 透過此次收購 Reunion Rehabilitation Hospital 持續成長，該交易將新增 7 家醫院，預計於今年夏季完成交割。最後，我們仍對這些資產的長期獲利能力，以及我們在整體投資組合中邁向租金正常化的路徑充滿信心。接下來我把時間交給 Kevin。

Thank you, Rosa. Today, we reported normalized FFO of $0.15 per share for the second quarter of 2026, which was in line with our expectations as last quarter's results were $0.14 per share, and we expect that the rent from HSA and NOR continue to increase in accordance with our lease agreements. As a reminder, HSA is currently paying 75% of their contractual rent, increases to 100% in mid-September. While NOR started paying rent in mid-June equal to 50% of contractual rents increases to 100% in mid-December. As Ed noted in his remarks, we have combined the LifePoint and LifePoint Behavioral and all but one Scion post-acute property into a combined single master lease.

謝謝你，Rosa。今天我們公布 2026 年第二季每股正常化 FFO 為 0.15 美元，符合我們的預期；上季為每股 0.14 美元，而我們預期 HSA 與 NOR 的租金將依照租約持續增加。提醒一下，HSA 目前支付其合約租金的 75%，並將於 9 月中旬提高至 100%。而 NOR 自 6 月中旬開始支付相當於合約租金 50% 的租金，並將於 12 月中旬提高至 100%。如 Ed 在談話中所提，我們已將 LifePoint 與 LifePoint Behavioral，以及除一處之外的所有 Scion 後急性照護資產，合併至單一的綜合主租約之下。

Cash rent from this combined lease will be basically the same as it was previously. G&A expense for the quarter was higher year-over-year, primarily driven by stock compensation expense due to the change in fair market value of certain cash total stock awards and the increase in depreciation expense at the corporate headquarters building that was placed into service during the first quarter of this year. Finally, during the quarter, we impaired approximately $17 million in working capital loans, primarily related to the two Steward replacement tenants in the Midwest. Steve?

此綜合租約的現金租金基本上將與先前相同。本季 G&A（一般及行政）費用較去年同期增加，主要是因若干現金結算的股票獎酬之公允市價變動而導致的股票酬勞費用，以及本年度第一季投入使用的公司總部大樓折舊費用增加所致。最後，本季我們認列約 1,700 萬美元的營運資金貸款減損，主要與中西部兩家 Steward 替代承租人相關。Steve？

Thank you, Kevin. As Ed mentioned, this morning, we announced a two-step process to fully satisfy our 2026 and 2027 debt maturities, totaling about $2.7 billion along with an additional approximately $1.2 billion of longer-dated unsecured notes. Step 1, which we expect to complete later today, is the issuance of $2.4 billion in secured notes, the proceeds of which will be used as follows: first, to fully redeem the upcoming maturity of our EUR 500 million in unsecured notes and approximately $738 million or about 53% and of our unsecured notes due in 2027. We will also exchange at a discount, another approximately $1.2 billion of longer-dated unsecured notes, reducing gross debt by about $123 million.

謝謝你，Kevin。如 Ed 所提，今天早上我們宣布一項兩步驟流程，以完全滿足我們 2026 與 2027 年到期的債務，合計約 27 億美元，並另包含約 12 億美元較長天期的無擔保票據。第一步（我們預期將於今天稍晚完成）為發行 24 億美元的有擔保票據，其募集資金用途如下：首先，將全數贖回即將到期的 5 億歐元無擔保票據，以及約 7.38 億美元（約占 53%）的 2027 年到期無擔保票據。我們也將以折價交換另外約 12 億美元較長天期的無擔保票據，使總負債減少約 1.23 億美元。

Step 2, which we have commenced and expect to complete in coming weeks, we'll repay the remainder of the 2027 unsecured notes, complete a new multiyear bank revolver and repay our $200 million term loan due in June 2027. MPT will then have no debt maturing in 2026 or 2027. In fact, our sole maturity over the next three years will be a modest balance of about $600 million of notes due in June 2028. Moreover, with $1.1 billion of expected liquidity based on recent and expected near-term asset sales, we will have substantial flexibility for further delevering in the near term.

第二步我們已啟動並預期於未來數週完成，將償還其餘 2027 年到期無擔保票據、完成一項新的多年期銀行循環信用額度（revolver），並償還於 2027 年 6 月到期的 2 億美元定期貸款。屆時 MPT 在 2026 或 2027 年將不再有任何到期債務。事實上，未來三年內我們唯一的到期項目，將是於 2028 年 6 月到期、餘額約 6 億美元的一小部分票據。此外，基於近期及預期短期內的資產出售，我們預期流動性約 11 億美元，將使我們在短期內具備進一步去槓桿的高度彈性。

Also importantly, our single bond maintenance covenants that requires 150% of unencumbered assets over unsecured debt will be substantially improved, up to almost 300% depending on how we deploy our liquidity. The new notes have a coupon of 9.25%, a 5.5-year term that becomes prepayable after two years and other customary REIT-type provisions, all of which we describe and qualify by reference to the descriptions and documents included in a 2b filed current report on Form 8-K. I'll make a few additional observations about our overall financial position. Once again, and in several ways, sophisticated third-party investors have affirmed that market values of our hospital assets exceed their book values. First, some of the most sophisticated global fixed income investors underwrote the value of the assets that secure the $2.4 billion of notes we just discussed.

同樣重要的是，我們的單一債券維持性契約（要求無擔保資產需達無擔保債務的 150%）將大幅改善；視我們如何運用流動性而定，最高可提升至接近 300%。新票據票面利率為 9.25%，期限 5.5 年，於兩年後可提前償還，並包含其他慣常的 REIT 類型條款；相關內容我們已在 Form 8-K 的 2b 項下所提交之即時報告中，透過引用其中的說明與文件加以描述並作出限定。我再補充幾點關於我們整體財務狀況的觀察。再一次，且以多種方式，成熟的第三方投資人已確認我們醫院資產的市場價值高於其帳面價值。首先，一些最成熟的全球固定收益投資人，已為我們剛才討論的 24 億美元票據所擔保資產之價值進行承作（underwrite）。

Moreover, recent transactions, including the IPO of Infracore in Switzerland have established market values of our hospital assets above our original investment. In another pending sale that will close imminently, we will receive about $172 million in after debt cash proceeds, reflecting a 60% increase over our original investment and an IRR of about 34%. In addition to these recently completed transactions, we are in discussions with potential buyers of additional assets that if completed, will generate hundreds of millions of dollars more in sale proceeds at pricing well above our original investments.

此外，近期交易（包括 Infracore 在瑞士的 IPO）已為我們的醫院資產建立了高於我們原始投資的市場價值。在另一筆即將完成的待售交易中，我們將在扣除債務後收到約 1.72 億美元的現金收益，較我們原始投資增加 60%，內部報酬率（IRR）約為 34%。除這些近期已完成的交易外，我們也正與潛在買方洽談更多資產；若交易完成，將以遠高於我們原始投資的定價，帶來額外數億美元的出售收益。

There's no assurance that these transactions will be completed but the fact that sophisticated parties are even initially offering this level of pricing is encouraging validation of our overall asset values. Upon completion of these refinancings, we will retain significant additional collateral value and flexibility for future delivery. Just to reiterate, no debt maturities until June of 2028 and then a modest $600 million, up to $1.1 billion in liquidity dependent only on completion of certain asset sales that are already in process of being negotiated.

無法保證這些交易一定會完成，但成熟的市場參與者即便在初步階段就提出這樣的定價水準，令人鼓舞，並對我們整體資產價值形成正面驗證。在完成這些再融資後，我們將保留可觀的額外擔保品價值與未來執行的彈性。再重申一次：直到 2028 年 6 月之前都沒有債務到期；此外，流動性為 6 億美元，若僅取決於若干已在洽談中的資產出售完成，則可達 11 億美元。

And substantial cushion in our UA UD bond covenant that opens up opportunities for certain additional delevering strategies. In closing, our business model remains attractive and growth opportunities continue to present themselves in our markets. with our assets continuing to demonstrate attractive market value and with significant liquidity on hand, we are well positioned to continue to focus on reducing debt while capitalizing on strategic growth opportunities. With that, we will open up the call for questions. Operator?

同時，我們在 UA UD 債券契約條款上也有相當充足的緩衝，為某些額外去槓桿策略帶來機會。最後，我們的商業模式仍具吸引力，且在我們的市場中持續出現成長機會。隨著我們的資產持續展現具吸引力的市場價值，且手上握有充足流動性，我們已做好充分準備，在把握策略性成長機會的同時，持續專注於降低負債。接下來，我們開放提問。接線員？

(Operator Instructions) Mike Mueller, JPMorgan.

（接線員指示）Mike Mueller，摩根大通。

So I guess for the balance of the 2027 notes that you're looking to pay off, is that just going on basically a new credit line that's going to be the near-term mechanism? And what's going to be the rate on that facility?

那我想問一下，對於你們打算償還的 2027 年票據剩餘餘額，短期內的機制是否基本上就是透過一條新的信用額度來處理？那個融資安排的利率會是多少？

No, that's not the expectation, Mike. In fact, Phase II or step 2, as we call it, will include, as I noted, the repayment of the 2027 notes. But it will not be just based on using the credit line.

不，Mike，這不是我們的預期。事實上，我們所稱的第二階段或第 2 步，將如我所提到的，包含償還 2027 年票據。但不會只是單純依靠使用信用額度。

Okay. Will it be all from asset sales?

了解。那會全部來自資產出售嗎？

No. We have a number of options that we've always had including asset sales, including liquidity that we have and including additional secured debt opportunities.

不。我們一直都有多種選項，包括資產出售、我們現有的流動性，以及額外的擔保融資機會。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

Just to clarify, as I'm looking at the press release, we talked through in the opening remarks about '26 and '27, but this also talks about refinancing the '27 through 21 -- or excuse me, 2031 notes. Could you just kind of clarify that timing and when this goes into place and then the pro forma cash interest from this move?

我想釐清一下：我在看新聞稿時，開場談話主要談到 2026 年和 2027 年，但這裡也提到要為 2027 到 21——抱歉，是 2031 年票據再融資。你能否說明一下時點、何時生效，以及這項動作之後的備考（pro forma）現金利息費用？

John, we're having a lot of trouble getting your question here.

John，我們這邊很難聽清楚你的問題。

John, maybe you can try speaking up a little bit. Your's was very, very soft.

John，你可以試著大聲一點嗎？你的聲音非常、非常小。

Apologies. Can you hear me better now?

抱歉。現在聽得比較清楚嗎？

Much better now.

現在好多了。

All right. The opening remarks focused mostly on the '26 and '27 maturities, but I'm also seeing commentary in the press release about the '27 through 2031 notes. Could you just talk through the timing and clarify, is all of that being refied now as well and the pro forma cash interest number following this move?

好。開場談話主要聚焦在 2026 年與 2027 年到期，但我也在新聞稿看到關於 2027 年到 2031 年票據的說明。你能否談一下時程並釐清：那些也都正在再融資嗎？以及這項動作之後的備考現金利息數字？

No. It comes in two steps. Step 1 is the $2.4 billion that we announced this morning. That will fully prepay -- repay the '26s and cash and exchange combined of about $740 million of the '27. And then step next, which we expect to complete in the coming weeks will satisfy the remainder of the '27s. And in addition, as we mentioned during step 1, we'll also exchange about $1.5 billion of the longer-dated notes.

不是。這分兩步進行。第 1 步是我們今天早上宣布的 24 億美元。這將全額提前償還——償還 2026 年到期票據，並以現金與交換合計約 7.4 億美元處理 2027 年票據的一部分。接下來的下一步，我們預期在未來幾週內完成，將滿足 2027 年票據的剩餘部分。此外，如我們在第 1 步中提到的，我們也會交換約 15 億美元的較長天期票據。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC 資本市場。

Can you guys provide some more color on the HSA situation? I mean how confident are you that Conifer can push cash collections and where they need to be? I mean I believe you indicated last quarter that they were up to 82% from 78%. But it needs to be in the 90-plus percent range, and it sounds like it dipped in May and June just due to some of the transfers that you're talking about?

你們能否多提供一些關於 HSA 情況的細節？你們對 Conifer 能把現金回收推升到所需水準有多大信心？我記得你們上季提到已從 78% 提升到 82%。但需要到 90% 以上，而聽起來 5 月和 6 月因為你們提到的一些移轉而有所下滑？

Yes, Mike, it's been a lot slower than we hoped it would be. It's still in the 80s. The -- if you look from an operational -- the good news from an operational standpoint, as Rosa pointed out, they're generating 2x coverage. But that doesn't do you any good if you're not collecting the cash. And then you had the late payments from Florida. If you add all of that in together, we're cautiously optimistic, but they still got to improve the cash collections greatly.

是的，Mike，進展比我們希望的慢很多。目前仍在 80% 多。從營運面來看——好消息是，如 Rosa 指出的，他們產生了 2 倍的覆蓋倍數。但如果收不到現金，這對你沒有任何幫助。另外還有佛州的延遲付款。把這些因素合在一起，我們審慎樂觀，但他們仍必須大幅改善現金回收。

So what gives you confidence that they're able to do that? And they already receive the Florida DPP payments, and that's how the first $20 million got paid back. And can you talk about how and when you expect the next $20 million will be paid. And it was unclear in the press release. I mean, is $10 million of that is just going to be outstanding? Or will that be repaid soon, too?

那是什麼讓你們有信心他們做得到？而且他們已經收到佛州的 DPP 款項，這也是第一筆 2,000 萬美元得以償還的原因。你能談談你們預期下一筆 2,000 萬美元會如何、以及何時償還嗎？新聞稿裡不太清楚。我的意思是，其中有 1,000 萬美元會只是維持未償狀態嗎？還是也會很快償還？

So they have received approximately half of the DPP money from Florida. The other could come in as early as today, but certainly, in the next week or so. And with that money, they'll pay back the additional $20 million. And then they will have the additional $10 million -- or the remaining $10 million repaid sometime in the next quarter.

他們已收到約一半來自佛州的 DPP 款項。另一半最早可能今天就會入帳，但無論如何，應該會在接下來一週左右到位。有了這筆款項，他們將償還額外的 2,000 萬美元。然後另外的 1,000 萬美元——或剩餘的 1,000 萬美元——將在下一季的某個時間點償還。

Okay. And then just lastly for me. I know NOR was supposed to start paying rent in June. Did they pay that rent? And are they current right now to?

好的。最後一個問題。我知道 NOR 原本應該在 6 月開始支付租金。他們有付那筆租金嗎？而且他們目前是按期（current）嗎？

Yes. NOR did pay the rent, and NOR is doing well. Remember, those are two different entities, NOR and HSA. NOR's operations are doing very well.

是的。NOR 確實支付了租金，而且 NOR 的營運狀況良好。請記住，這是兩個不同的實體：NOR 與 HSA。NOR 的營運表現非常好。

Michael Diana, Maxim Group.

Michael Diana，Maxim Group。

I wanted to ask about asset sales. Could you just -- obviously, a lot of moving parts. Could you review for us the asset sales you know you're going to make the asset sales that you're probably going to make and the calculus that you're using when you're determining whether or not to sell an asset?

我想詢問資產出售的情況。能否請您——顯然有很多變動因素。能否為我們回顧一下：您確定會出售的資產、您可能會出售的資產，以及在判斷是否出售某項資產時所採用的計算邏輯？

So what we know has -- was that it, Mike?

所以我們所知道的——就這樣嗎，Mike？

No, that's it.

不，就這樣。

Okay. So what we know, what has happened and is happening in fact, as we speak, we mentioned the Infracore transaction, which generates about 140 -- has already generated about $140 million in proceeds for us. And I'll just point out, again, I'll reiterate that, that pricing tested by the market was at a higher valuation than we carry the assets on our books. Secondly, today, a transaction is closing that we are regrettably not able to identify, but will be within a matter of hours, but we can tell you a transaction is closing that will generate after debt payment, about $172 million to us today. That's the transaction that I spoke of that once again validates across the portfolio. The value of our assets exceeding sometimes by a significant amount of our original investment. In this case, an aggregate 60%-plus gain on our original recording of that investment representing about a 34% IRR. In addition, we are in various stages of negotiation for a handful of other significantly valued assets each of which, if they were to trade at the values that we're negotiating would again represent significant gains over not just net book depreciated value but our original investment. We think that could be realistically over the next few weeks, another between $200 million and $400 million in cash proceeds. Possibly it could be more than that, but we're relatively confident that we'll be in that additional $200 million to $400 million proceeds level.

好的。所以我們所知道的、已經發生且事實上正在發生的——就在我們通話的此刻——我們提到了 Infracore 交易，該交易為我們帶來約 140——已經為我們帶來約 1.40 億美元的收益。我再指出一次、也再次重申：市場檢驗後的定價所反映的估值，高於我們在帳上對這些資產的入帳價值。第二，今天有一筆交易正在完成交割，我們很遺憾目前無法透露其名稱，但在幾個小時內就可以；不過我們可以告訴各位，這筆交易今天完成後，在償還債務之後，將為我們帶來約 1.72 億美元。這就是我提到的那筆交易，它再次在整個投資組合層面驗證了——我們資產的價值有時甚至大幅高於我們的原始投資。在這個案例中，相較於我們對該投資的原始入帳金額，合計超過 60% 的增值，約相當於 34% 的 IRR。此外，我們正就另外少數幾項高價值資產處於不同階段的談判中；若它們能以我們目前談判的估值成交，將再次帶來顯著的增值，不僅高於淨帳面折舊後價值，也高於我們的原始投資。我們認為在接下來幾週內，現實上可能再帶來約 2.00 億至 4.00 億美元的現金收益。也可能高於此，但我們相對有信心可達到額外 2.00 億至 4.00 億美元的收益水準。

Okay. And obviously, that's very good news on the sales value versus book value. What what impact will this have on the income statement broadly?

好的。而且顯然，出售價值相對帳面價值而言是非常好的消息。這對損益表整體而言會造成什麼影響？

So obviously, a great question. and it depends on a number of things that kind of self evident to people on this call, obviously, the gain on sale. In other words, we're earning rent typically on these assets based on our original investment. To the extent we can sell for more than that and take those proceeds and apply them to, for example, 9.25% interest that we just issued this morning, one would think that has a very positive perhaps even accretive impact on normalized FFO. Obviously, timing of completion of the secured issuance we announced this morning, timing in terms of step 2, the refinance of the bank facility and completion of pay down of the '27s, execution and timing of asset sales and then further delevering by use of these asset sale proceeds will all have an impact on go-forward normalized FFO. As will continue ramp up the HSA and nor relationships. So as those become more definitive, we'll be able to better predict and return to providing run rate guidance in future quarters.

所以顯然，這取決於多項因素，對在座各位來說也不言自明，首先是出售收益（gain on sale）。換句話說，我們通常是以原始投資為基礎來向這些資產收取租金。若我們能以高於該基礎的價格出售，並將所得用於例如我們今天早上剛發行的 9.25% 利息工具，人們會認為這對常態化 FFO 具有非常正面、甚至可能具增益（accretive）的影響。當然，我們今天早上宣布的擔保發行完成時點、第二步（step 2）也就是銀行融資工具再融資的時點，以及完成償還 2027 年到期債（'27s）的時點、資產出售的執行與時程，接著再以資產出售所得進一步去槓桿，這些都會影響未來的常態化 FFO。HSA 與 NOR 關係的持續擴張也會有影響。因此，當這些事項更為明確後，我們將能更好地預測，並在未來幾季恢復提供運行率（run rate）指引。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

My question is on any collateral restrictions. I know you had mentioned some of that in your opening remarks, but hoping that you just dive a little bit deeper on how you're thinking about any of your credit facilities maintenance covenants as well as what would step 2 potentially influence on some of those unencumbered headroom that you still have available?

我的問題是關於任何擔保品限制。我知道您在開場致詞中提到了一些，但希望您能更深入說明：您如何看待各項信貸融資的維持性財務契約（maintenance covenants），以及第二步（step 2）可能會如何影響您仍可用的無擔保額度空間（unencumbered headroom）？

So both step 1 and step 2 have positive impacts on the UA UD. That really (inaudible) the only maintenance covenant we have. And while it will not go away because that's a bond covenant, the cushion, the headroom it brings, I mentioned earlier, the minimum, the requirement is 1.5 times. And we've been in that range, 155 to 160 over the last several quarters. And we expect that with completion of step 1, again, which will happen very likely today, that will go all the way up to an actual of almost 200% and completion of step next will drive it up again as much as to 300%.

第一步（step 1）與第二步（step 2）都會對 UA UD 產生正面影響。那其實（聽不清）是我們唯一的維持性財務契約。雖然它不會消失，因為那是債券契約，但它所帶來的緩衝空間（cushion、headroom）——我先前提到，最低要求是 1.5 倍。而過去幾季我們大約在 155 到 160 的區間。我們預期隨著第一步完成——很可能就在今天——該數值將上升到接近 200% 的實際水準，而完成下一步則可能再推升，最高可到 300%。

So what that does is give us additional flexibility to use different strategies and give us the opportunity to further delever, which is the goal. The goal is not simply to continue to extend maturities, but to actually reduce leverage. And these transactions we're announcing this morning take us a very long step towards being able to do that more aggressively.

這將使我們在採用不同策略上更具彈性，並讓我們有機會進一步去槓桿，而這正是目標。目標不只是持續展延到期日，而是實際降低槓桿。我們今天早上宣布的這些交易，讓我們在更積極達成該目標方面向前邁出很大一步。

Okay. And my second question is on -- I know the Prime Minister of the UK has made some commentary about potentially having social care for all adults over there. I'm just curious in your conversations that you're mentioning in your recent travels, has that been coming up as a concern or actually a tailwind for the companies that are over there?

好的。我的第二個問題是——我知道英國首相曾評論，可能會在當地為所有成年人提供社會照護。我只是好奇，您在近期出訪所提到的那些對話中，這是否被提及為一項疑慮，或反而是當地公司的利多（tailwind）？

Yes. So social care is very different than health care. Social care is primarily focused on the end of life and dementia type items and other items that aren't included in the current NHS services.

是的。社會照護與醫療照護非常不同。社會照護主要聚焦於臨終照護、失智症等項目，以及其他目前 NHS 服務未涵蓋的事項。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

Sorry, if I joined data and miss. Do you mind just clarifying for any additional like the '27 and any future maturities or other payments, just what the thinking is post this transaction?

抱歉，如果我加入得晚而錯過了部分內容。您介意釐清一下：關於額外的例如 2027 年到期債（'27）以及任何未來到期項或其他付款，在這筆交易之後的想法是什麼？

And I'm sorry, Vikram, the question was about '27s?

抱歉，Vikram，你的問題是關於 2027 年到期債（'27s）嗎？

Yes. Like just after you've done this transaction, you've pushed out the maturities, right? Like you said there's nothing now through '26, '27 -- sorry, I meant post '27. Just maybe give us the latest thinking on plans that you might sort of raise additional capital to take care of additional future maturities.

是的。例如在你完成這筆交易之後，你已經把到期日往後延了，對吧？你說現在到 2026 年、2027 年之前都沒有到期——抱歉，我的意思是 2027 年之後。能否請你談談最新的想法：你們是否可能會再籌集額外資本，以處理未來進一步的到期債務？

Well, the primary immediate liquidity comes from the asset sales that even assuming which we're not disclosing a new credit facility yet, but even assuming a meaningful decline in our current $1.3 billion revolver. We expect to reduce the -- out year, and I think this is your question, your longer date with the immediate reduction would come from asset sale proceeds.

嗯，主要的即時流動性來自資產出售；即使假設——我們目前尚未披露新的信貸額度——但即便假設我們現有的13億美元循環信貸額度（revolver）出現顯著下降。我們預期在未來年度降低——我想這就是你的問題，你較長期的時間點——而即時的降低將來自資產出售所得。

Yes. I guess I should have explained -- I mean like you said, look, we want to reduce overall leverage in the view that cash flow maybe takes a bit longer to ramp up from all the transitions or just overall, say, there's another tenant issue that you haven't called out but say there's something. I'm just trying to figure out like over the next two years, how do we like in absolute get net debt to EBITDARM down from here if there's any other plan. And maybe that works into a broader question. As you were contemplating this, any latest thoughts on -- I guess, I shouldn't call it simplifying, but maybe shrinking the overall portfolio. You've got US, you've got Global. Any thoughts on like taking thesis from here and doing a bigger, broader strategic transaction?

是的。我想我應該解釋一下——我的意思是，就像你說的，我們希望降低整體槓桿，因為我們認為現金流可能需要更長時間才能因所有轉換而加速，或者整體而言，假設還有另一個你尚未點名的承租人問題，但假設確實有些狀況。我只是想弄清楚，在接下來兩年內，如果還有其他計畫，我們要如何在絕對值上把淨負債對EBITDARM從目前水準降下來。而這也許會延伸到一個更廣泛的問題。當你們在思考這些時，對於——我想我不該稱之為簡化——但也許是縮小整體投資組合，有沒有最新想法？你們有美國業務，也有全球業務。有沒有想法從這裡出發，採取一個更大、更廣泛的策略性交易？

Well, as we've been saying now, really going on a couple of years, we have a number of alternatives. Those really haven't changed with our announcement this morning. We retain all of them. And they include maybe some things that you may be alluding to. There are a couple of ways to easily raise liquidity for debt reduction, one I've described selling assets. We're doing that. Another is selling equity. Well, we don't think it's the right time to sell equity with the stock where it is.

嗯，正如我們一直在說的，這其實已經持續了好幾年，我們有多種替代方案。這些方案並未因我們今天早上的公告而改變。我們保留所有選項。其中也包括你可能在暗示的一些事情。有幾種方式可以輕易提高流動性以用於降債，其中一種我已描述過，就是出售資產。我們正在這麼做。另一種是出售股權。但我們認為以目前股價水準，現在不是出售股權的適當時機。

We think the valuation is significantly greater than that. And we think that's proved almost every time we sell an asset. That our assets are significantly more valuable than what's reflected on our balance sheet. So -- but it would be wrong not to acknowledge that, that's one way to reduce debt. But we've cleared the runway to continue to be able to improve the operations, continue to see the asset values grow and continue to pay down debt in ways that aren't so grossly dilutive to selling stock when you think it's not the right time to sell stuff.

我們認為估值遠高於目前水準。而且我們認為幾乎每次出售資產都證明了這一點。我們的資產價值顯著高於資產負債表所反映的價值。所以——但若不承認這點也不對：那確實是一種降債方式。不過我們已經清出跑道，能夠持續改善營運、持續看到資產價值成長，並以不至於像在你認為不是賣的時機卻賣股票那樣造成嚴重稀釋的方式來償還債務。

That's fair. And then just lastly, if I can clarify. So with the sales you're contemplating, like, how should we think about where multiples are or cap rates are today? Like what's the broad the range? And how should we think about like a core asset in the US versus maybe one that's more struggling. Maybe just give us some sense of how the private markets valuing these assets relative to public.

這很合理。最後我想再釐清一下。就你們正在考慮的出售而言，我們應該如何看待目前的倍數或資本化率（cap rates）？大致的區間是多少？以及我們應該如何看待美國的核心資產，與可能較為吃力的資產之間的差異？也請你們分享一下，私募市場相對於公開市場是如何為這些資產定價的。

Vikram, I think that it goes across the board. But if you look at what Steve mentioned earlier in the call, every single one of the assets that we're in current negotiations with are actually closed. We weren't out marketing them. People came to us. There's a high demand for our assets, both in the US and in Europe.

Vikram，我認為這是全面性的。但如果你看Steve在電話會議稍早提到的，我們目前正在談判的每一項資產其實都已經是「成交」的。我們並沒有把它們拿出去行銷。是買方主動找上門。我們的資產在美國與歐洲都具有很高的需求。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Steve, where is MPT at on its secured debt ratio? Correct me if I'm wrong here, but I think that covenant is about 40%, and it sounds like with the Phase 1 secured debt issuance that kind of puts you pretty close to that ratio. So does MPT have capacity to issue additional secured debt via Phase II.

Steve，MPT的擔保債務比率目前是多少？如果我沒記錯的話，那個契約（covenant）大約是40%，而聽起來第一階段（Phase 1）的擔保債務發行讓你們相當接近那個比率。那麼MPT是否還有能力透過第二階段（Phase II）發行額外的擔保債務？

We do. But you're absolutely right, Mike. It does drive us up from where we were this morning, which was around 25% too much closer to that 40% level.

我們有。但你說得完全正確，Mike。這確實會把我們從今天早上大約25%的水準往上推，使我們更接近40%的門檻。

So then can you -- so I guess, will these additional asset sales give you more capacity to make more room on that secured debt ratio? And I mean I'm calculating that you're pretty tight where you don't really have much more secured debt. So is there any color on how you can regain additional secured debt via the Phase II path?

那你能不能——所以我想問的是，這些額外的資產出售是否會讓你們在擔保債務比率上有更多容量、騰出更多空間？而且我計算下來，你們其實很緊，幾乎沒有太多額外的擔保債務空間。那能否談談你們如何透過第二階段路徑重新取得更多擔保債務的空間？

So just by definition, you're right, Mike, asset sales would provide more headroom for that. Use of proceeds to reduce debt would provide more headroom for that.

所以就定義而言，你說得對，Mike，資產出售會為此提供更多餘裕（headroom）。將所得款項用於降低債務，也會為此提供更多餘裕。

Okay. And then just lastly, can you talk about an update related to Norwood. And then what is MPT's cost basis in that asset? I know there is some filings saying that it's about $350 million. I was under the impression it was just above $200 million. Is that just additional that MPT had to put into that asset to kind of weatherize it, which pushed that cost basis up into that mid-$300 million range?

好的。最後，能否談談與Norwood相關的最新進展？以及MPT在該資產上的成本基礎（cost basis）是多少？我知道有一些文件申報顯示大約是3.5億美元。但我的理解是略高於2億美元。那是否只是MPT為了讓該資產能夠「撐過去」而額外投入的資金，因而把成本基礎推升到3億多美元的區間？

Mike, as you know, this is a lot of stuff going on with Norwood and various discussions with the state. We've made public statements. Those are listed on our website, and that's where we'll leave it right now.

Mike，如你所知，Norwood這邊有很多事情在進行，包括與州政府的各種討論。我們已做過公開聲明。那些都列在我們的網站上，我們目前就先到此為止。

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

目前沒有進一步的問題。我現在把電話交回給執行長Ed Aldag作結語。

Thank you very much for everyone's interest today. If you have any additional questions, please don't hesitate to reach out to us. Thank you very much.

非常感謝各位今天的關注。如果你有任何其他問題，請隨時與我們聯繫。非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。你現在可以掛線。