Medical Properties Trust Inc (MPW) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2020 Medical Properties Trust earning -- Inc. (sic) [Medical Properties Trust, Inc. earnings] conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Charles Lambert, Vice President. Please go ahead, sir.

女士們、先生們，謝謝大家的支持，歡迎參加 2020 年第四季 Medical Properties Trust 收益 -- Inc.（原文如此）[Medical Properties Trust, Inc. 收益]電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將會議交給今天的發言人、副總統查爾斯·蘭伯特。請繼續，先生。

Good morning. Welcome to the Medical Properties Trust conference call to discuss our fourth quarter and calendar year 2020 financial results. With me today are Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer of the company; and Steven Hamner, Executive Vice President and Chief Financial Officer.

早安.歡迎參加 Medical Properties Trust 電話會議，討論我們第四季和 2020 年曆年的財務表現。今天與我在一起的有公司董事長、總裁兼執行長 Edward K. Aldag, Jr.；以及執行副總裁兼財務長史蒂文‧哈姆納 (Steven Hamner)。

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 www.medicalpropertiestrust.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發布，並以 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 www.medicalpropertiestrust.com 上取得。在投資者關係部分。此外，我們還將舉辦今天電話會議的網路直播，您可以在同一部分中進行觀看。

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.

在本次電話會議期間，我們將做出預測和某些其他可能被視為1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述的陳述。不確定性的影響以及其他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所依據的內容有重大差異的因素。

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 federal securities laws, the company does not undertake a duty to update any such information.

我們建議您參閱該公司向美國證券交易委員會提交的報告，以討論可能導致該公司的實際結果或未來事件與本次電話會議中表達的結果有重大差異的因素。今天提供的資訊僅截至當前日期，除非聯邦證券法要求，否則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 www.medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations.

此外，在電話會議期間，我們將描述某些非 GAAP 財務指標，這些指標應作為可比較 GAAP 財務指標的補充而非替代。請注意，在我們的新聞稿中，Medical Properties Trust 已根據 Reg G 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 www.medicalpropertiestrust.com，以了解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.

我現在將把電話轉給我們的執行長艾德·阿爾達格。

Thank you, Charles, and good morning to all of you listening in today to our 2020 recap and insight into what 2021 will look like for MPT. 2020 will be a year that we will all remember for the rest of our lives. For those of us at MPT, it will be remembered not only for the pandemic, but how well MPT was positioned to continue our outperformance. We outperformed our peers in almost every measurable financial metric. But what makes me the proudest about that is the fact that the business plan and the groundwork we put in place for the last almost 20 years was absolutely validated and reinforced during the pandemic.

謝謝 Charles，大家早安，今天收聽我們的 2020 年回顧以及對 MPT 2021 年情況的見解。 2020年將是我們終生難忘的一年。對於我們 MPT 的人來說，人們不僅會記住這場流行病，還會記住 MPT 為繼續保持優異表現所做的努力。我們幾乎在所有可衡量的財務指標上都優於同業。但最讓我感到自豪的是，我們在過去近 20 年所做的商業計劃和基礎工作在疫情期間得到了絕對的驗證和加強。

I also want to take this opportunity to congratulate the MPT workforce for the incredible job they did adjusting to the virtual offices and the new norms created by the virus. They did all of this without missing a beat. I also want to thank the tens of thousands of frontline workers in all of the hundreds of MPT hospitals for literally putting their lives on the line to keep health care available to people all around the world. MPT hospitals proved essential and extraordinary in 9 countries on 4 continents. Truly, our proudest moment to date.

我也想藉此機會祝賀 MPT 員工在適應虛擬辦公室和病毒創造的新規範方面所做的出色工作。他們毫不猶豫地完成了這一切。我還要感謝數百家 MPT 醫院的數萬名一線工作人員，他們冒著生命危險，為世界各地的人們提供醫療服務。事實證明，MPT 醫院在 4 大洲 9 個國家中發揮著重要作用和非凡作用。確實，這是我們迄今為止最自豪的時刻。

And while the year had untold numbers of challenges, I want to take just a moment to reflect on the remarkable accomplishments of our health care systems and providers worldwide. Just like we knew they were all capable of, our operators adjusted their operations on a moment's notice, they reconfigured their beds, added PPE ventilators and learned how to treat a new world disease. Our operators are world class. They moved quickly and amazingly to treat their populations with COVID while not ignoring their COVID -- non-COVID patients. I cannot say enough to express my gratitude through each and every one of them for the job they did.

儘管這一年面臨無數挑戰，但我想花點時間回顧我們的醫療保健系統和全球醫療服務提供者所取得的非凡成就。就像我們知道他們都有能力一樣，我們的操作員立即調整了他們的操作，他們重新配置了床位，添加了個人防護裝備呼吸機，並學習瞭如何治療一種新的世界疾病。我們的運營商是世界一流的。他們採取了迅速而令人驚訝的行動來治療感染了新冠病毒的人群，同時也沒有忽視新冠病毒（非新冠病毒）患者。我無法用言語來表達我對他們每一個人所做的工作的感激之情。

At MPT, we were able to continue our remarkable growth. We were able to close on almost $3.6 billion in transactions throughout 2020. We began 2020 with the announcement of our approximate $2 billion acquisition of BMI in the U.K. We entered South America for the first time with our Columbia transaction. We expanded our ownership of Infracore, the real estate owner of Swiss Medical Network, the second largest private operator in Switzerland. We acquired new and valuable hospital assets with established partners such as Prime Healthcare, Circle and MEDIAN, and we grew our earnest portfolio via several new earth developments throughout the U.S.

在 MPT，我們能夠繼續取得顯著的成長。 2020 年，我們完成了近 36 億美元的交易。我們擴大了對 Infracore 的所有權，Infracore 是瑞士第二大私人營運商瑞士醫療網路 (Swiss Medical Network) 的房地產所有者。我們與 Prime Healthcare、Circle 和 MEDIAN 等老牌合作夥伴一起收購了新的有價值的醫院資產，並透過美國各地的幾個新地球開發項目擴大了我們的投資組合。

We also established new relationships with operators, including the NHS in the U.K. and Curahealth, a U.S. operator of inpatient rehabilitation hospitals. And just like last year, we began 2021 with a major announcement of an approximate GBP 800 investment -- GBP 800 million investment to acquire a portfolio of real estate of Priory Group, the leading behavioral health provider in the U.K. This acquisition further expands our investment in behavioral health, an area of health care that we believe has a tremendous underserved need throughout the world. And also offers MPT a major platform for future growth.

我們還與營運商建立了新的關係，包括英國 NHS 和美國住院復健醫院營運商 Curahealth。就像去年一樣，我們在 2021 年伊始就宣布了一項約 800 英鎊的投資——投資 8 億英鎊收購英國領先的行為健康提供商 Priory Group 的房地產投資組合。在行為健康方面，我們認為這是一個醫療保健領域，全世界的需求都尚未被充分滿足。也為 MPT 未來的發展提供了一個主要平台。

We were able to improve our concentration metrics with the Priory acquisition. Now with a total of 50 operators, our largest tenant represents 22% of our portfolio. And most importantly, no single property represents more than 2.8% of our overall portfolio. Remember, every single hospital serves a distinct local market. Health care is truly a local business. Regardless of parent ownership, the most important diversity measure is at the single property level.

透過收購 Priory，我們能夠提高我們的集中度指標。目前，我們共有 50 家營運商，其中最大的租戶占我們投資組合的 22%。最重要的是，沒有任何單一房產占我們整體投資組合的 2.8% 以上。請記住，每家醫院都服務於獨特的當地市場。醫療保健確實是一項本地業務。無論母公司所有權如何，最重要的多樣性衡量標準是單一財產層面。

Our hospitals performed very well in 2020 despite hospitals across the world, being essentially shut down for 2 to 3 months. Let me take a moment to walk you through some amazing statistics. As we did last quarter, we want to be very transparent about our coverage ratios. So while first will provide you with EBITDARM coverages for the trailing 12 months, Q3 2020 with all brands, but still not including any Medicare advances that have been received by our operators to date. I will then give you those same ratios without any grants.

儘管世界各地的醫院基本上關閉了 2 至 3 個月，但我們的醫院在 2020 年表現非常好。讓我花點時間向您介紹一些驚人的統計數據。正如我們上季度所做的那樣，我們希望我們的覆蓋率非常透明。因此，雖然 First 將為您提供過去 12 個月、2020 年第三季所有品牌的 EBITDARM 保險，但仍不包括我們的營運商迄今為止收到的任何 Medicare 預付款。然後我會在沒有任何補助的情況下給你同樣的比率。

Remember that we added 4 properties, 3 international IRHs and 1 acute care to our same-store reporting and we removed 4 acute care properties. Inclusive of the $706 million in grants through the CARES Act fund received to date, our same-store portfolio EBITDARM coverage for all sectors for the trailing 12 months ending Q3 2020 was 3.13x. This represents an 18.4% increase year-over-year.

請記住，我們在同店報告中新增了 4 家飯店、3 家國際 IRH 和 1 家急診飯店，並刪除了 4 家急診飯店。包括迄今為止透過 CARES 法案基金收到的 7.06 億美元贈款，截至 2020 年第三季的過去 12 個月，我們所有行業的同店投資組合 EBITDARM 覆蓋率為 3.13 倍。這意味著同比增長 18.4%。

Same-store acute care EBITDARM coverage was 3.51x, which represents a 20% increase year-over-year. LTACH EBITDARM coverage was 2.39x, which represents an almost 50% increase year-over-year. IRH EBITDARM coverage was 2.21x, which represented a 6.6% increase year-over-year.

同店急診 EBITDARM 覆蓋率為 3.51 倍，較去年同期成長 20%。 LTACH EBITDARM 覆蓋率為 2.39 倍，較去年同期成長近 50%。 IRH EBITDARM 覆蓋率為 2.21 倍，較去年同期成長 6.6%。

Now those same ratios, excluding any grants and remembering all hospitals were essentially shut down for 2 to 3 months. Our same-store portfolio EBITDARM coverage for all sectors for the trailing 12 months ending Q3 2020 declined to 2.02x. And again, these coverages did not include any CARES Act and did include the 2 to 3 months of these hospital operators were essentially shut down. Same-store acute care EBITDARM coverage was approximately 2x, which represented a 32% decrease. LTACH EBITDARM coverage approximately 2.07x, which represented an almost 30% increase year-over-year, and the IRH coverage was 2.1, which represented a 1.4% increase year-over-year.

現在，排除任何補助金並記住所有醫院基本上都關閉了 2 到 3 個月，這些比率是相同的。截至 2020 年第三季的過去 12 個月，我們所有產業的同店投資組合 EBITDARM 覆蓋率下降至 2.02 倍。再次強調，這些承保範圍不包括任何 CARES 法案，並且確實包括這些醫院業者基本上關閉的 2 到 3 個月。同店急診 EBITDARM 覆蓋率約 2 倍，下降了 32%。 LTACH EBITDARM 覆蓋率約 2.07 倍，較去年同期成長近 30%，IRH 覆蓋率為 2.1，年成長 1.4%。

So you see that even without any CARES Act grants whatsoever, our operators were still very well covered. And furthermore, without any grants, comparing the third quarter 2020 to the third quarter 2019, all of the operations are very close to or better than they were in 2019. Excluding any grants or advances, the total same-store portfolio EBITDARM coverage was off just 6% from 2019 levels for the third quarter.

所以你可以看到，即使沒有任何《關懷法案》的撥款，我們的業者仍然得到了很好的保障。此外，在沒有任何贈款的情況下，將2020 年第三季與2019 年第三季進行比較，所有營運都非常接近或好於2019 年。總覆蓋率低於2019 年。

As I previously mentioned and Steve will report on in more detail, we have already had a great start to 2021. We continue to work on strong opportunities, both in the U.S. and abroad. We expect 2021 to be another successful year for MPT. MPT has the strongest portfolio of hospitals in the world. Our operators are at the very top of the class in their regions. We remain committed to quality, accretive investments and look forward to seeing MPT continue its role as the leading provider of capital to hospitals worldwide. Steve?

正如我之前提到的（史蒂夫將更詳細地報告），我們已經在 2021 年有了一個良好的開端。我們預計 2021 年將是 MPT 又一個成功的一年。 MPT 擁有世界上最強大的醫院組合。我們的營運商在其所在地區處於一流水平。我們仍然致力於高品質、增值性投資，並期待看到 MPT 繼續發揮其作為全球醫院領先資本提供者的作用。史蒂夫？

Thank you, Ed. This morning, we reported normalized FFO of $0.41 per diluted share for the fourth quarter of 2020. This represents growth of 17% over last year's fourth quarter results. And on a full year basis is an astounding 21% year-over-year growth rate during a period in which the entire world was battling a devastating pandemic.

謝謝你，艾德。今天早上，我們報告 2020 年第四季的正常化 FFO 為每股攤薄後每股 0.41 美元。在全世界都在與一場毀滅性的流行病作鬥爭的時期，全年增長率達到了驚人的 21%。

As Ed has just described, we expect continued double-digit per share FFO growth as we go into 2021. All else equal, even if we stopped our acquisition activities today and based on the assumptions underlying our updated run rate guidance, FFO per share would be expected to increase by another 10-plus percent. And we certainly do not expect to stop our acquisition activities. I'll make a few points about the financial results we reported with this morning's press release.

正如艾德剛才所描述的，我們預計，進入2021 年，每股FFO 將持續兩位數成長。 ，每股FFO 也將預計將再成長10%以上。我們當然不希望停止我們的收購活動。我將就我們今天上午的新聞稿中報告的財務業績提出幾點觀點。

First, we recorded $27.6 million or $0.05 per share in a debt refinancing charge during the fourth quarter. This is related to our redemption of $800 million of unsecured notes that were due in 2024. We redeemed these notes, which had a weighted average coupon of 6% with proceeds from our recent issuance of new notes that have a 3.5% coupon, generating long-term interest savings and a strongly positive net present value.

首先，我們第四季的債務再融資費用為 2,760 萬美元，即每股 0.05 美元。這與我們贖回2024 年到期的8 億美元無擔保票據有關。 3.5%，產生了長期債券- 長期利息節省和強勁的正淨現值。

Second, our practice is to deduct from AFFO, the unbilled or straight-line rent portion of revenue to reflect an amount closer to a cash basis. You will note that the $71.7 million deduction in our reconciliation to net income exceeds the $55.1 million of straight-line rent in the statement of income. That's because to be more reflective of cash like revenue, we also deduct from AFFO, the straight-line rent that is recognized by our unconsolidated joint venture operations and other noncash revenue.

其次，我們的做法是從 AFFO（收入中的未開票或直線租金部分）中扣除，以反映更接近收付實現制的金額。您會注意到，我們對淨利潤的調節中扣除的 7,170 萬美元超過了損益表中直線租金的 5,510 萬美元。這是因為為了更好地反映現金等收入，我們也從 AFFO 中扣除，也就是由我們未合併的合資企業業務和其他非現金收入確認的直線租金。

Finally, total G&A continues to represent about 9% of total revenue, and that total revenue adjusted similarly includes unconsolidated joint venture revenue. It is also helpful to point out that 35% of G&A is for estimated share-based compensation. A significant portion of which is not actually paid unless we continue to deliver strongly accretive acquisitions, dividend growth and market-leading returns to our shareholders.

最後，總管理費用繼續佔總收入的 9% 左右，調整後的總收入同樣包括未合併的合資企業收入。指出 35% 的一般管理費用用於估計的基於股份的薪酬也很有幫助。除非我們持續為股東提供強勁的增值收購、股息成長和市場領先的回報，否則其中很大一部分並未實際支付。

Other items immaterial on both an individual and collective basis included a small fair value adjustment loss on our equity investment in AEVIS, the parent of our tenant Swiss Medical Network; a favorable tax adjustment related to our investment in Infracore and other onetime items.

其他對個人和集體而言都不重要的項目包括我們對 AEVIS（我們的租戶 Swiss Medical Network 的母公司）股權投資的小額公允價值調整損失；與我們對 Infracore 和其他一次性項目的投資相關的優惠稅調整。

During the fourth quarter, we closed on roughly $670 million of accretive transactions in 5 -- with 5 different operators. First, in late November, we acquired for GBP 50 million, the 999-year ground lease on the Royal Marsden Private Care, a general acute facility operated by England's National Health Service and prominently located in London's Cavendish Square at the very entrance to the world-renowned Harley Street complex of Premier London Hospital providers.

第四季度，我們與 5 家不同的營運商完成了約 6.7 億美元的增值交易。首先，在11 月底，我們以5000 萬英鎊收購了皇家馬斯登私人護理中心(Royal Marsden Private Care) 999 年的土地租賃權，這是由英格蘭國家醫療服務體系(National Health Service) 運營的綜合急診設施，位於世界入口處的倫敦卡文迪什廣場(Cavendish Square) 的顯要位置-著名的哈利街綜合醫院由倫敦頂級醫院提供者組成。

It has been a long-term goal of ours to find an opportunity to demonstrate to the NHS, the ease of working with the hospital experts at MPT, and we could not have found a better facility. Already, this has led to other real opportunities that we fully expect to manifest in additional investments with the NHS.

我們的長期目標是找到一個機會向 NHS 展示與 MPT 醫院專家合作的便利性，我們找不到比這更好的設施了。這已經帶來了其他真正的機會，我們完全期望在 NHS 的額外投資中體現出來。

We also acquired in mid-December, the Reading Hospital for GBP 85 million. We actually bid to acquire this hospital several years ago when an institutional investor paid more than we were willing at the time. But when it came time to consider the impact of market changes and a stand-alone hospital operation in the very bespoke hospital real estate market, the institutional investor preferred to sell to someone with a long-term expertise in that market, and we ultimately acquired the hospital. Reading will be joined to our long-term master lease agreement with Circle, providing a substantial accretion of value to both the Reading investment and the overall Circle relationship.

我們還在 12 月中旬以 8500 萬英鎊收購了雷丁醫院。事實上，我們幾年前就曾出價收購這家醫院，當時機構投資者支付的價格超出了我們當時的意願。但是，當考慮到市場變化以及在定制醫院房地產市場中獨立醫院運營的影響時，機構投資者更願意將其出售給在該市場擁有長期專業知識的人，我們最終收購了醫院。 Reading 將加入我們與 Circle 的長期主租賃協議，為 Reading 投資和 Circle 的整體關係帶來巨大的增值。

The United Kingdom and Central London, in particular, remain one of the most attractive real estate markets in the world. But even with keen competition, especially for the Premier Cavendish Square location on an ultra-long-term lease, these investments will yield to us a blended lease rate and spread to our funding costs consistent with our recent European and U.K. investments.

尤其是英國和倫敦市中心仍然是世界上最具吸引力的房地產市場之一。但即使競爭激烈，特別是對於超長期租賃的 Premier Cavendish Square 地點，這些投資仍將為我們帶來混合租賃利率，並分攤到我們的融資成本，與我們最近在歐洲和英國的投資一致。

We also added to our U.S. inpatient rehabilitation portfolio in the quarter with the mid-December acquisition of 2 properties in El Paso, Texas and Louisville, Kentucky, leased to Curahealth for roughly $58 million. Curahealth is an operator of 17 post-acute hospitals across 10 states and is sponsored by the respected and experienced health care investor Nautic. In addition, we purchased an Ernest facility for $17 million in Elgin, South Carolina and committed to the development of an Ernest facility in Stockton, California, at a total projected cost of $48 million. We also acquired from Ernest 4 hospitals that we had mortgaged as part of our initial 2012 transaction with Ernest. These hospitals, along with the Elgin and Stockton facilities have been joined to an existing master lease agreement with Ernest that now has a remaining initial term of 17 years until 2037. The Curahealth and Ernest leases have a weighted average GAAP lease rate approximating 10%.

我們還在本季度增加了美國住院康復投資組合，於 12 月中旬收購了德克薩斯州埃爾帕索和肯塔基州路易斯維爾的 2 處房產，並以約 5800 萬美元的價格出租給 Curahealth。 Curahealth 是 10 個州 17 家急性後期醫院的營運商，由備受尊敬且經驗豐富的醫療保健投資者 Nautic 贊助。此外，我們還斥資 1,700 萬美元在南卡羅來納州埃爾金購買了 Ernest 工廠，並致力於在加州斯托克頓開發 Ernest 工廠，預計總成本為 4,800 萬美元。我們也從 Ernest 收購了 4 家醫院，這些醫院是我們在 2012 年與 Ernest 首次交易時抵押的。這些醫院以及埃爾金和斯托克頓的設施已加入與Ernest 現有的主租賃協議，該協議的剩餘初始期限為17 年，直至2037 年。 10%。

Finally, at the end of the fourth quarter, we increased our investment in Infracore by approximately CHF 207 million. As Ed mentioned, we kicked off 2021 with the acquisition for GBP 800 million of about 40 primarily behavioral hospitals that will be leased to U.K.'s largest operator, the Priory Group. The leases will be structured to provide master lease characteristics for a term of up to 45 years and a GAAP basis capitalization rate of about 8.6%. Simultaneously, Priory was acquired by Waterland Private Equity, the premier Dutch private equity investor who also owns Median Kliniken, the largest private operator of German post-acute and behavioral hospitals and our long-established and successful tenant. MPT has a 5.1% passive interest in Median, and we'll have a 9.9% passive interest in the Priory tenant.

最後，在第四季末，我們對 Infracore 的投資增加了約 2.07 億瑞士法郎。正如 Ed 所提到的，我們以 8 億英鎊收購了約 40 家主要行為醫院，開啟了 2021 年的大門，這些醫院將出租給英國最大的營運商 Priory Group。租賃的結構將提供長達 45 年的主租賃特徵和約 8.6% 的 GAAP 基礎資本化率。同時，Priory 被Waterland Private Equity 收購，Waterland Private Equity 是荷蘭首屈一指的私募股權投資者，該投資者還擁有Median Kliniken（德國最大的急症後和行為醫院私人運營商）以及我們歷史悠久且成功的租戶。 MPT 在 Median 中擁有 5.1% 的被動權益，而我們在 Priory 租戶中擁有 9.9% 的被動權益。

Even in the depth of the COVID environment, Priory attracted significant interest by competing bidders, but MPT had unique competitive advantages that led to our successful bid with Waterland. The Priory transaction has a structure similar to a very successful Median investment. As a reminder, with Median, we originated and then assembled a EUR 1.2 billion portfolio of hospitals at very attractive cash returns. We seasoned that portfolio and validated our underwriting and then recapitalized it with low-cost joint venture equity priced at a substantially compressed cap rate. And while there is no assurance that these results will be replicated with Priory, we think the value of our investment in the Priory real estate will be even further improved as Waterland executes its planned strategy to combine Priory and Median, creating the largest behavioral platform in Europe.

即使在新冠疫情嚴重的環境下，Priory 也吸引了競標者的極大興趣，但 MPT 擁有獨特的競爭優勢，導致我們成功競標 Waterland。 Priory 交易的結構類似於非常成功的 Median 投資。需要提醒的是，我們透過 Median 發起並組建了價值 12 億歐元的醫院投資組合，而現金回報非常誘人。我們對該投資組合進行了調味，並驗證了我們的承銷，然後以大幅壓縮的上限利率定價的低成本合資股權對其進行了資本重組。雖然不能保證這些結果將在 Priory 中複製，但我們認為，隨著 Waterland 執行其計劃戰略，將 Priory 和 Median 結合起來，創建該地區最大的行為平台，我們對 Priory 房地產的投資價值將進一步提高。 。

Ed mentioned already that we did not slow down in 2020, and our recent transaction certainly demonstrate that. As we enter 2021, we continue to work on a vibrant pipeline, including expanding our investments and relationships in the U.S. As we negotiate these possible transactions, we see general underwriting and economic terms as unchanged from recent years' acquisitions. This includes a bias toward general acute facilities, consistent coverage projections and a mostly flat capitalization rate.

Ed 已經提到，我們在 2020 年並沒有放慢腳步，我們最近的交易無疑證明了這一點。進入2021 年，我們將繼續致力於建立充滿活力的管道，包括擴大我們在美國的投資和關係。沒有變化。這包括偏向一般急性設施、一致的覆蓋範圍預測和基本持平的資本化率。

I'll simply summarize what we previously reported about our capital activities in the quarter. I mentioned a minute ago that we recently issued $1.3 billion in 10-year unsecured notes at 3.5%, in part to redeem $800 million in unsecured notes maturing in 2024 that had a blended coupon of 6%. Also on the debt side, we recast our $1.5 billion credit facility earlier this month, extending the duration of the revolver and term loan components to 2024 and 2026, respectively.

我將簡單總結一下我們先前報告的本季資本活動的情況。我一分鐘前提到，我們最近以3.5% 的利率發行了13 億美元的10 年期無擔保票據，部分是為了贖回2024 年到期的8 億美元無擔保票據，其混合票面利率為6% 。同樣在債務方面，我們在本月稍早重新調整了 15 億美元的信貸安排，將循環貸款和定期貸款的期限分別延長至 2024 年和 2026 年。

On top of that, we arranged for an interim credit facility under similar initial terms for up to $900 million, about $680 million denominated as GBP 500 million of which was temporarily drawn to fund the Priory deal. On the equity side, we raised a combined $828 million from fourth quarter ATM activity and our early January follow-on offering. As mentioned earlier, we have increased our run rate normalized FFO guidance range to $1.72 to $1.76.

除此之外，我們還根據類似的初始條款安排了高達 9 億美元的臨時信貸安排，其中約 6.8 億美元折合英鎊，其中 5 億英鎊暫時用於為 Priory 交易提供資金。在股權方面，我們透過第四季 ATM 活動和 1 月初的後續發行總共籌集了 8.28 億美元。如前所述，我們已將運行率標準化 FFO 指導範圍提高至 1.72 美元至 1.76 美元。

This is based upon fourth quarter annualized normalized FFO of $1.63 and adjusted for the annualized EBITDA effects of mid-quarter and post quarter transactions, completion of and billing for development and expansion projects and the effect on interest expense and share count of assumptions about the capital transactions that would be necessary to generally achieve our target net debt-to-EBITDA ratio.

這是基於第四季度年化標準化 FFO 1.63 美元，並根據季中和季後交易、開發和擴張項目的完成和計費以及對利息費用和資本假設的股份數量的影響進行了調整總體上實現我們的目標淨債務與EBITDA 比率所必需的交易。

It is important for us to reiterate that this is not meant to be a forecast of earnings or FFO results for any particular quarter or year. In fact, this calculation will change with each material additional acquisition or disposition of assets, capital raising transactions, dividend modification, debt repayments and other planned changes to our in-place EBITDA. Accordingly, we will maintain our practice of updating this estimate periodically.

我們必須重申，這並不意味著對任何特定季度或年度的收益或 FFO 業績的預測。事實上，這種計算將隨著資產的每次重大額外收購或處置、融資交易、股息修改、債務償還和我們現有 EBITDA 的其他計劃變化而變化。因此，我們將保持定期更新這項估計的做法。

What this calculation does show is that based on the economics of our completed and committed investments, and on current expectations about future capital transactions, we continue to achieve strongly and immediately positive per share increases in FFO and AFFO. Our liquidity remains excellent with roughly $1.5 billion of cash and immediate borrowing capacity as of today.

這項計算確實表明，根據我們已完成和承諾投資的經濟性，以及當前對未來資本交易的預期，我們繼續實現 FFO 和 AFFO 每股強勁且立即的正成長。截至目前，我們的流動性依然出色，擁有約 15 億美元的現金和即時借貸能力。

With that, we'll turn the call back to the operator for questions.

這樣，我們會將電話轉回給接線生詢問問題。

(Operator Instructions) Your first question comes from Joshua Dennerlein with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Joshua Dennerlein。

Ed, I just wanted to follow-up on a comment from your opening remarks. You mentioned that the Priory Group is going to be a platform for MPW within behavioral health. Curious, is that growth going to be focused on the U.K.? Or is it kind of a partnership across Europe?

艾德，我只是想跟進您開場白中的評論。您提到 Priory Group 將成為行為健康領域 MPW 的平台。很好奇，這種成長會集中在英國嗎？或者這是一種跨歐洲的合作關係？

Yes. And I didn't mean to imply that it was a platform within the Priory reorganization, more of a platform for us to invest in more behavioral health. It's something that we wanted to do for a long time. We felt like it was very much needed. And certainly, as you know, under the Obama Care, it was something that was mandated to have coverage. But it's just not -- hasn't grown in the U.S. like it has outside of the U.S. So we're excited to have the Priory behavioral health. We think there are other opportunities outside of Priory, but we -- by having that big investment in Priory gives us the ability to approach other operators.

是的。我並不是想暗示這是修道院重組中的一個平台，更多的是我們投資更多行為健康的平台。這是我們長期以來想做的事情。我們覺得這是非常需要的。當然，如您所知，根據奧巴馬醫改，這是必須涵蓋的內容。但它在美國並沒有像在美國以外的地方那樣發展。我們認為 Priory 之外還有其他機會，但透過對 Priory 進行大量投資，我們有能力接觸其他業者。

Interesting. So it sounds like in Europe, it's a much bigger sector to invest in. Is that...

有趣的。聽起來在歐洲，這是一個更大的投資領域。

Yes, that is correct. That is correct.

對，那是正確的。那是對的。

Okay. Awesome. And then on the coverage ratios, can you remind me if the coverage ratio as you quote are trailing 12 months? And if so, how should we kind of think about the evolution going forward as kind of some of the pre-COVID operations rollout? And I guess I'm more focused on the coverage ratios, excluding the CARES Act grants.

好的。驚人的。關於覆蓋率，您能否提醒我，您引用的覆蓋率是否是過去 12 個月的？如果是這樣，我們應該如何看待未來的演變，就像新冠疫情前的一些行動的推出一樣？我想我更關注覆蓋率，不包括《關懷法案》的撥款。

Sure. Absolutely. They are trailing 12. So what we reported includes, obviously, the first quarter, the second quarter, in which all hospitals were basically shut down and in the third quarter in which they begin to come back into operations. Does not include any of the fourth quarter because of the reporting that we get from our hospital operators. We do have the unofficial October/November numbers from some of our operators. And it looks like the continuation of building back to where they were on a trailing 12 coverage to pre-COVID numbers look very, very positive. I certainly don't want to give the number where I think we'll be in the fourth quarter yet, but I think that it will be substantially higher without any CARES Act on where we are right now.

當然。絕對地。他們落後12。 所以我們報告的內容顯然包括第一季、第二季度，所有醫院基本上都關閉了，第三季開始恢復營運。由於我們從醫院運營商那裡得到的報告，不包括第四季度的任何數據。我們確實有一些業者提供的非官方 10 月/11 月數據。看起來，連續 12 個覆蓋率繼續回到新冠疫情前的水平，看起來非常非常積極。我當然不想給出我認為我們將在第四季度達到的數字，但我認為，如果沒有任何《關懷法案》，我們現在所處的位置將會更高。

Let me just give you a couple of statistics. As an example, just quarter-over-quarter, our same-store admissions for our acute care hospitals alone was up almost 20%, up 18%. In addition to that, many of the operators, as I mentioned on the last earnings call, were able to make lot of expense adjustments. We've seen that with some of the HCA reporting. That's the same thing with our operators as well. So I think that as HCA reported, I think that they all will come out of this in a much stronger position. And we're very excited about where they are operationally, and we'll continue to see those numbers grow. I don't know when we get back to a trailing 12 above where we were pre COVID, but these are very, very strong numbers. When you think about a 2x coverage with an entire quarter being shut down, that's extremely strong.

讓我給你一些統計數據。舉例來說，僅與上一季相比，我們的急診醫院的同店入院人數就增加了近 20%，增加了 18%。除此之外，正如我在上次財報電話會議上提到的，許多業者能夠進行大量費用調整。我們已經在一些 HCA 報告中看到了這一點。我們的營運商也是如此。因此，我認為正如 HCA 所報導的那樣，我認為他們都將在這場危機中處於更有利的地位。我們對它們的營運狀況感到非常興奮，我們將繼續看到這些數字成長。我不知道我們什麼時候才能回到新冠疫情爆發前的 12 倍以上，但這些都是非常非常強大的數字。當您考慮到整個季度都關閉的情況下的兩倍覆蓋率時，這是非常強大的。

Our next question comes from Connor Siversky with Berenberg.

我們的下一個問題來自康納·西弗斯基和貝倫貝格。

First one just to add to Josh's question on the investment activity in the U.K. I'm curious about behavioral health, some of the initiatives that have been laid out by the NHS there. I'm wondering if you can provide any color as to what kind of momentum that space is seeing in the U.K. in terms of funding from the NHS?

第一個只是補充喬希關於英國投資活動的問題，我對行為健康以及英國國民醫療服務體系 (NHS) 提出的一些舉措感到好奇。我想知道您是否可以提供有關英國 NHS 資助方面該領域的發展勢頭的任何資訊？

Absolutely. This actually started well before COVID. They made a very big push to outsource the behavioral health. The NHS' facilities were very old, very dilapidated. They didn't build any additional facilities. They instead closed the facilities and decided they were going to use the third-party private sector. So they have pushed it in a very big way. They've added additional funding. And all of this was pre COVID. So during COVID, they actually used some of the behavioral health hospitals in those early months and the same things that we had saw happen over here in the U.S. where they used some of those for true acute care facility. They didn't need as many as they thought they needed. So they very quickly opened them back up to behavioral. The behavioral came back in a very, very big way without any additional COVID funding from the NHS.

絕對地。這其實早在新冠疫情之前就開始了。他們大力推動行為健康外包。 NHS的設施非常陳舊、非常破舊。他們沒有建造任何額外的設施。相反，他們關閉了這些設施，並決定使用第三方私營部門。所以他們大力推動了它。他們增加了額外的資金。而這一切都是在新冠疫情之前發生的。因此，在新冠疫情期間，他們實際上在最初幾個月使用了一些行為健康醫院，與我們在美國看到的情況相同，他們將其中一些用作真正的急診機構。他們並不需要像他們認為需要的那麼多。所以他們很快就重新開放了行為。在沒有 NHS 提供任何額外的新冠病毒資助的情況下，這種行為以非常非常大的方式捲土重來。

So if you look at just the hospitals that we acquired from Priory, and remember that Priory has some 300-plus facilities, but a vast majority of those are educational or autistic, very small facilities that don't meet our criteria. So what we bought were the behavioral health hospitals. And when you look at those alone, they actually ended up 2020 about 2% better than they were in 2019 without any additional funding. But the NHS and all of England, as we've all learned even here in the U.S. that mental health, behavioral health is a real issue during the pandemic, and they are absolutely committed to increase the funding that they committed to prior to COVID. So it's in a very strong position right now.

因此，如果您只看我們從 Priory 收購的醫院，請記住，Priory 擁有約 300 多個設施，但其中絕大多數是教育或自閉症、非常小的設施，不符合我們的標準。所以我們買的是行為健康醫院。當你單獨看這些時，你會發現，在沒有任何額外資金的情況下，他們 2020 年的表現實際上比 2019 年好約 2%。但 NHS 和整個英格蘭，正如我們在美國都了解的那樣，心理健康、行為健康是大流行期間的一個真正問題，他們絕對致力於增加在新冠疫情爆發之前承諾的資金。所以它現在處於非常有利的地位。

That's great color. Change in gears a little bit, thinking about the race to distribute the vaccine versus some of the emerging virus of variants that we're seeing news flow on. Is there any commentary available from your operators, whether in the U.S. or elsewhere, in regard to the take-up of the vaccinations by the health care workers and how quickly it's -- they're being distributed through the facilities?

那顏色真棒。稍微改變一下節奏，想想分發疫苗與我們看到的新聞中出現的一些新出現的變種病毒的競賽。無論是在美國還是其他地方，你們的業者是否對醫護人員接種疫苗以及透過設施分發疫苗的速度有任何評論？

Yes, it obviously varies from region and how -- but it would follow the same that you would see people's additives about vaccines in general. But very generally speaking, very generally speaking, probably 70% of the hospital employees have agreed to take the vaccine. We don't have any operators at this point that have made the decision to require all of their operators. As all of us know, and some of us have had the opportunity to talk to some of the experts, particularly, in my case, with the people at Pfizer. They think that we need -- only need 40% of the population to take the vaccine along with roughly 30% of us that have already had COVID to get us to a herd immunity type situation. So the 70% of the health care workers that are taking the vaccine is a very, very strong number and stronger than what we're seeing throughout the population right now.

是的，它顯然因地區和方式而異，但它會遵循相同的原則，你會看到人們對疫苗的一般添加劑。但非常一般來說，非常一般來說，大概有70%的醫院員工都同意打疫苗。目前，我們還沒有任何營運商決定要求所有營運商參與。眾所周知，我們中的一些人有機會與一些專家交談，特別是就我而言，與輝瑞的人員交談。他們認為我們只需要 40% 的人口以及大約 30% 的已經感染過新冠病毒的人接種疫苗，就能讓我們達到群體免疫的狀態。因此，70% 的醫護人員正在接種疫苗，這是一個非常非常大的數字，比我們現在在整個人口中看到的還要強。

Okay. And then one more quick one for me. Just looking at pro forma leverage ticked up a little bit. So I'm just wondering when you consider the investment pipeline through the end of the year, maybe beyond if you're going to consider a different financing mix for future acquisitions?

好的。然後我又快了一張。光是看預計槓桿率就略有上升。因此，我只是想知道您何時考慮到年底的投資管道，或者是否會考慮為未來的收購採用不同的融資組合？

No, it wouldn't be accurate to say different because over the last especially couple of years, we've really tapped any number of sources from a traditional common equity issuances to long-term unsecured notes, with the joint venture financing, equity financing along with secured financing in those joint ventures. We've used the ATM over the course of those 2 years, not even including the Primonial joint venture a couple of years ago. We've sold several hundred million dollars of assets and that's provided accretive financing. We've got a handful of more assets that are ripe for sale that would allow accretive refinancing. And then at today's dividend rate, we know we're generating upwards of $200 million a year in retaining to AFFO. So we will continue to tap all of those. As the need arises and as the circumstances mandate, which of those various alternatives are better at any particular time.

不，說不同是不準確的，因為在過去特別是幾年裡，我們確實利用了許多來源，從傳統的普通股發行到長期無擔保票據，包括合資企業融資、股權融資以及這些合資企業的擔保融資。我們在這兩年裡一直在使用 ATM，甚至不包括幾年前的 Primonial 合資企業。我們已經出售了數億美元的資產，這提供了增值融資。我們還有更多可供出售的資產，可以進行增值再融資。按照今天的股息率，我們知道我們每年可以為 AFFO 帶來超過 2 億美元的收益。因此，我們將繼續利用所有這些。隨著需求的出現和環境的要求，在任何特定時間，這些不同的替代方案中哪一個更好。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

So Ed, when you were commenting in your prepared remarks around the pipeline, you talked about expanding investments in relationships in the U.S. So just curious -- I'm not to be able to get more color on the pipeline overall, but sort of balancing U.S. versus international opportunities. And also you've talked a lot historically about being able to better penetrate the not-for-profit hospitals in the U.S., I don't know if that portion of the U.S. pipeline has also accelerated. But I just wanted to get more color on the overall pipeline.

所以艾德，當你在準備好的有關管道的評論中發表評論時，你談到了擴大對美國關係的投資，所以只是好奇——我無法對管道的整體情況有更多的了解，但需要平衡美國與國際機會。而且您在歷史上也多次談到能夠更好地滲透到美國的非營利醫院，我不知道美國管道的這一部分是否也加速了。但我只是想在整個管道上獲得更多色彩。

Sure, Steven. It really hasn't changed from my comments on the last earnings call that we had. Obviously, as we all know, the acquisitions don't all happen on the same day, and we just did a big U.K. acquisition. So it's a little bit skewed right now. But we continue to see about 60% of the portfolio in the U.S. and 40% outside. That obviously is it's not a fixed number as we go because of the way acquisitions work out. But we have a number of good, large acquisition opportunities that we are actively working in the U.S., which we hope to be able to announce over the next couple of quarters.

當然，史蒂文。與我在上次財報電話會議上的評論相比，這確實沒有改變。顯然，眾所周知，收購不會全部發生在同一天，我們剛剛在英國進行了一項大型收購。所以現在有點傾斜。但我們仍然看到約 60% 的投資組合位於美國，40% 位於國外。顯然，由於收購的方式，這不是一個固定的數字。但我們正在美國積極開展許多良好的大型收購機會，我們希望能夠在未來幾季宣布這些機會。

We still continue to have opportunities outside of the U.S. again, most of what we're doing, it continues to be on a dollar basis, continues to be general acute care hospitals. But we also, as I mentioned earlier, have some good opportunities -- good-sized opportunities outside of the U.S. for behavioral. We still have behavioral opportunities in the U.S., but they're not big opportunities. So the vast majority of what we're looking at in both international and national is general acute care hospitals.

我們仍然繼續在美國境外再次擁有機會，我們正在做的大部分工作仍然以美元為基礎，仍然是普通急診醫院。但正如我之前提到的，我們也有一些很好的機會——在美國以外的行為方面有很大的機會。我們在美國仍然有行為機會，但不是大機會。因此，我們在國際和國內關注的絕大多數都是普通急診醫院。

Our next question comes from Todd Stender with Wells Fargo.

我們的下一個問題來自富國銀行的托德·斯坦德。

For the Priory deal, how many hospitals ended up coming with the portfolio?

對於 Priory 交易，有多少家醫院最終接受了投資組合？

So Todd, it is approximately -- somewhere between 35 and 40 hospitals. And you remember that, as I've said earlier, Priory has a total of 300-plus facilities, but many of those are very small facilities that don't fit our model. So if you look at their overall EBITDARM numbers, the vast majority of that comes from these 35, 40 facilities that we acquired.

托德，大約有 35 到 40 家醫院。你還記得嗎，正如我之前所說，Priory 總共有 300 多個設施，但其中許多都是非常小的設施，不適合我們的模型。因此，如果你看一下他們的整體 EBITDARM 數字，其中絕大多數來自我們收購的這 35、40 家工廠。

All right. So you've guys -- you've extended the loan. Is it cash flowing? Or that really just turns into real estate ownership upon consummation of the merger or acquisition of those operators?

好的。所以你們已經延長了貸款。是現金流嗎？或者，在這些業者的合併或收購完成後，這真的變成了房地產所有權？

No, it's current paying. And we'll just convert invisibly to observers from what will be categorized initially as interest to lease payments as we actually close each individual hospital.

不，是當前付款。當我們實際上關閉每家醫院時，我們將無形地從最初被歸類為租賃付款利息的觀察員轉變為觀察員。

I see. And what's the rate of the loan right now relative to that GAAP yield of 8.6%?

我懂了。相對於 8.6% 的 GAAP 收益率，現在的貸款利率是多少？

There's no difference.

沒有什麼差別。

No difference. Okay. How about the timing of the bridge loan? Is that consummated in the first half here? Is that what happens or that's...

沒有不同。好的。過橋貸款的時間安排如何？上半場到這裡就已經完成了嗎？是發生這樣的事還是...

The GBP 250 million loan that we made to the acquirer was funded. At the same time, we closed on the real estate transaction, and we expect that to be repaid during 2021.

我們向收購方提供的 2.5 億英鎊貸款已到位。同時，我們完成了房地產交易，預計將在 2021 年償還。

Got it. Okay. And then how about the 9.9% interest, has that amount been determined yet or not yet?

知道了。好的。那麼9.9%的利息呢，這個金額現在還沒確定嗎？

That hasn't been disclosed.

這一點尚未披露。

Okay. Got it. And then just for behavioral health, you underwrote this at a 2x EBITDARM. Is that a fair number for us to kind of think about for the long term? Or should that trend a little bit higher into the 2.5x range?

好的。知道了。然後，為了行為健康，您以 2 倍的 EBITDARM 承保了此專案。從長遠來看，這個數字對我們來說是一個合理的數字嗎？或者這種趨勢應該稍微高一點到 2.5 倍的範圍內嗎？

Yes, it will absolutely trend higher. That's a very strong going in coverage there in the U.K., and that will trend higher. That does not -- that is on existing numbers. It does not take into consideration the improvements that the new operator will make.

是的，它絕對會走高。英國的報道非常強勁，而且會呈現上升趨勢。那不是——那是根據現有的數字。它沒有考慮新運營商將做出的改進。

Got it. Okay. One last one for me. Steve, you mentioned the Ernest transaction. Was the South Carolina asset, was that a loan converted to real estate ownership in Q4?

知道了。好的。最後一張給我。史蒂夫，你提到了歐內斯特交易。南卡羅來納州的資產是第四季度轉換為房地產所有權的貸款嗎？

No. That was actually the purchase of a recently completed development.

不，那其實是購買了最近完工的開發案。

Understood.

明白了。

Our next question comes from Omotayo Okusanya with Mizuho.

我們的下一個問題來自 Mizuho 的 Omotayo Okusanya。

Congrats on another strong quarter. Thanks for all the details in regards to rent coverage and the trend. Just kind of curious, is there a way you can share additional detail a little bit more on the tenant level around rent coverages rather than the total portfolio? Even if you don't want to talk specifically about one tenant, just to get are they all kind of trending the same way? Is there someone that kind of behind all the others because of something unique, especially for some of your larger tenants? Just trying to understand what would be happening at that level.

祝賀又一個強勁的季度。感謝您提供有關租金覆蓋範圍和趨勢的所有詳細資訊。只是有點好奇，有沒有一種方法可以在租戶層面上分享有關租金覆蓋範圍而不是總投資組合的更多詳細資訊？即使您不想具體談論某個租戶，只是為了了解他們的趨勢是否相同？是否有人因為某些獨特之處而落後於其他所有人，尤其是對於您的一些較大的租戶？只是想了解在那個級別會發生什麼。

Absolutely, Tayo. And you'll notice in my very last part of my prepared remarks, I talked about the portfolio being the strongest group of hospitals in the world, and it truly is. These operators all across the board in our portfolio are trending in the same direction. They all have very strong coverages. We don't have any in the large group of operators that are having any issues whatsoever. You're seeing the same trends across the board. It is a very strong position where they are all right now.

絕對是，泰約。您會注意到，在我準備好的演講的最後一部分中，我談到該投資組合是世界上最強大的醫院集團，事實確實如此。我們投資組合中的這些業者都在朝著同一個方向發展。它們都有很強的覆蓋範圍。我們龐大的運營商群體中沒有任何一個出現任何問題。您將看到全面相同的趨勢。他們現在的處境非常有利。

Okay. That's helpful. And then second question, just -- and I think Steve, I think touched on it a little bit. Just when you think about U.S. versus U.K. opportunities, I know you kind of said this kind of 40-60 balance is kind of where you hope to end up but kind of when you kind of think about near term, what could happen? Is it really more of a U.S. opportunity that kind of lined up? Or is it more of a European or international opportunity?

好的。這很有幫助。然後是第二個問題，我想史蒂夫稍微觸及了這個問題。當你考慮到美國與英國的機會時，我知道你說過這種 40-60 的平衡是你希望最終達到的結果，但當你考慮近期情況時，會發生什麼？這真的更像是美國的機會嗎？還是這更多的是歐洲或國際機會？

No. Near term, it's more U.S.

不。

Our next question comes from Jordan Sadler with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jordan Sadler。

Right. So a little bit deeper on Priory so as a partner in Median, I'm sort of curious about the financing. And Steve, I think you touched on it a little bit, what was done with Median. Eventually, you brought in, I think Primonial. And I was curious to see -- to know if they were invited to participate in the Priory deal, given that they're a partner in Median.

正確的。因此，作為 Median 的合作夥伴，我對 Priory 的了解更深入一些，我對融資感到好奇。史蒂夫，我想你稍微談到了 Median 做了什麼。最終，你引入了，我認為是原始的。我很想知道他們是否被邀請參與 Priory 交易，因為他們是 Median 的合作夥伴。

No, we did, on our own, the Priory transaction.

不，我們自己進行了隱修會交易。

Okay. Well, that I know. Would it be likely that you would look to execute a similar type of structure around the permanent capital base of Priory?

好的。嗯，我知道。您是否可能希望在 Priory 的永久資本基礎周圍實施類似類型的結構？

Yes. We have no plans for that as we sit here today. I made the point in my remarks because it -- the Median transaction with Primonial was so extraordinarily successful. It's certainly not impossible that we would want to replicate that, but that would be a longer term process. Because as I mentioned, that was several years. I think we began assembling that Median portfolio in 2013, 2014, and it was not until late in 2018 that we had completed assembling it. We had seasoned it. We had allowed Median to bring its efficiencies to bear and only then did we take it out and recapitalized it. So that's possible that Priory could follow that pattern, but there is certainly no plan or commitment to do that as we sit here today.

是的。今天我們坐在這裡，對此沒有任何計劃。我在演講中指出這一點是因為 Median 與 Primonial 的交易非常成功。我們想要複製這一點當然不是不可能的，但這將是一個長期的過程。因為正如我所提到的，那是好幾年了。我認為我們從 2013 年、2014 年開始組裝中位數投資組合，直到 2018 年末我們才完成組裝。我們已經給它調味了。我們允許 Median 發揮其效率，然後我們將其取出並進行資本重組。因此，Priory 可能會遵循這種模式，但當我們今天坐在這裡時，肯定沒有計劃或承諾這樣做。

And Jordan, just to belabor the point that Steve is making, if we have had brought Priory or anyone else in on the front end, we wouldn't have had the ability to realize the gain that we think we could realize later down the road if we did it at that time.

喬丹，只是為了強調史蒂夫所說的觀點，如果我們在前端引入了 Priory 或任何其他人，我們就沒有能力實現我們認為以後可以實現的收益如果我們當時這樣做的話。

Okay. And then -- that makes sense. And then as it relates to the dispositions during the quarter, Olympia Medical? And then Steve, you talked about some other potential. So one on Olympia Medical, anything you can offer up in terms of the economics there? I know there was $51 million of proceeds, but any other details around sort of yield on sort of the sale? And then maybe the scale of additional dispositions or how much helps do you have teed up?

好的。然後——這是有道理的。那麼，與本季的處置有關，奧林匹亞醫療？然後史蒂夫，你談到了其他一些潛力。那麼，在奧林匹亞醫療上，您能提供一些關於那裡的經濟方面的資訊嗎？我知道有 5,100 萬美元的收益，但是有關出售收益的其他細節嗎？然後可能是額外處置的規模或您準備了多少幫助？

So remember, Olympia was a mortgage loan for us and the operator, Alecto, sold it to UCLA. And as part of our relationship with Alecto that we've been disclosing over the past couple of years, we've had a couple of facilities that we've taken impairment charges on. We've stopped recognizing current rent. And so the $51 million proceeds goes not only to repay 100% of the mortgage balance, our mortgage balance that was outstanding on the Olympia facility. But recovered some of those prior charges and provided for profit over and above that on other -- cross collateralizing cross defaulted charges we had taken over the last couple of years.

所以請記住，奧林匹亞是我們的抵押貸款，營運商 Alecto 將其賣給了加州大學洛杉磯分校。作為我們與 Alecto 關係的一部分（過去幾年我們一直在披露），我們已經對一些設施收取了減值費用。我們已停止確認目前租金。因此，5,100 萬美元的收益不僅用於償還 100% 的抵押貸款餘額，即我們在奧林匹亞設施上未償還的抵押貸款餘額。但收回了一些先前的費用，並提供了超出我們過去幾年承擔的其他交叉抵押交叉違約費用的利潤。

Okay. Got it. And then other sales? Like just how much you have teed up?

好的。知道了。那麼其他銷售呢？例如你已經做好了多少準備？

Relatively minimal. But when considering combining various sources for capital for recycling, meaningful upwards of a couple of hundred million dollars over the potential course of the next few quarters.

相對較少。但當考慮結合各種資金來源進行回收時，在未來幾季的潛在過程中，有意義的資金將達到數億美元以上。

Our next question comes from Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的麥克·穆勒。

Just a quick one. Is there any updated timing on recognizing the straight-line income from Priory?

只是快一點。 Priory 的直線收入確認時間有更新嗎？

Well, that will start. The straight-line will start as we close each facility, as Ed mentioned, and just by way of a little background, we agreed with Waterland to provide GBP 800 million of real estate financing. And it is our discretion as to which of the hundreds of facilities that Priory owns and operates, we choose, and that's why it comes up with the 35 to 40 facilities. We're in the process of selecting our facilities. That process then will lead to periodic closings of those facilities. And as each facility is closed, we'll start recognizing the straight-line component of the master lease agreement. So, to close that, Mike, we're hopeful that all of that is closed by the second quarter of this year.

嗯，那就開始吧。正如艾德所提到的，直線將從我們關閉每個設施開始，僅通過一點背景知識，我們同意 Waterland 提供 8 億英鎊的房地產融資。我們可以自行決定從 Priory 擁有和經營的數百個設施中選擇哪一個，這就是為什麼它提出了 35 到 40 個設施。我們正在選擇我們的設施。該過程將導致這些設施定期關閉。隨著每個設施的關閉，我們將開始認識主租賃協議的直線部分。因此，麥克，我們希望所有這些工作都能在今年第二季之前完成。

Our next question comes from Michael Carroll with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的麥可‧卡羅爾。

Yes. I wanted to touch on the NHS deal that you guys announced. And it seems like this is with a, I guess, a private operator within NHS, I guess, how does that work out I guess, is it with NHS? Or was it a private operator? Or was this just on special segments that they created?

是的。我想談談你們宣布的 NHS 協議。我想，這似乎是與 NHS 內的一家私人運營商合作的，我想，我猜這是如何實現的，是與 NHS 合作的嗎？還是私人運營商？或者這只是他們創造的特殊片段？

So we acquired a 999-year ground lease on the real estate. That has -- the term used in the U.K. is an occupational lease with the NHS operator. That occupational lease, I think, has a 40-plus potential years running after which just like any other transaction, then we would -- if they don't extend, we would -- the real estate would revert to us.

因此我們獲得了該房產的 999 年土地租約。在英國使用的術語是與 NHS 運營商的職業租賃。我認為，這份職業租賃有 40 多年的潛在期限，之後就像任何其他交易一樣，然後我們 - 如果他們不延長，我們會 - 房地產將歸還給我們。

And now is that corporate guarantee or that lease directly with that NHS? Or is it a subsidiary to NHS?

現在是公司擔保還是直接與 NHS 租賃？或者它是 NHS 的附屬機構？

Well, the subsidiary is not the right term. The NHS is responsible for funding all NHS trust in operations. And so it's effectively, in our view, a government yield.

嗯，子公司這個詞不合適。 NHS 負責為所有 NHS 營運信託提供資金。因此，我們認為，這實際上是政府收益率。

So technically, all of the trust operate independently of each other, but they are recognized as part of the NHS.

因此從技術上講，所有信託基金都彼此獨立運作，但它們被視為 NHS 的一部分。

Okay. And then, I guess, how big is an opportunity is it for you to continue to grow with NHS in the U.K.? I know that most of the growth has been with private operators. I mean, there's an opportunity to make bigger investments with NHS?

好的。然後，我想，繼續與英國 NHS 一起成長對您來說有多大的機會？我知道大部分成長來自私人業者。我的意思是，有機會對 NHS 進行更大的投資嗎？

We think so. We think that this opportunity has been there for a very long time, but it's always getting that first one in the door. We thought we had an opportunity 7 or 8 years ago with the Manchester Trust University Hospital there. But with this one actually closed, we expect that there will be others that we can do.

我們認為是這樣。我們認為這個機會已經存在很長一段時間了，但總是第一個機會出現。七、八年前，我們認為曼徹斯特信託大學醫院有機會。但隨著這項項目的實際關閉，我們預計還會有其他的事情可以做。

Does NHS typically sell their real estate? I mean, I guess, do they own most of their own?

NHS 通常會出售他們的房地產嗎？我的意思是，我想，他們擁有自己的大部分財產嗎？

So the -- again, it's individual -- with each individual trust and each individual trust has done a lot of different transactions similar to this, not necessarily a sale leaseback type transaction or exact transaction, but it's a sale leaseback type transaction. So this isn't foreign to them.

因此，同樣，它是個體的，每個單獨的信託和每個單獨的信託都進行了許多與此類似的不同交易，不一定是銷售回租類型交易或確切的交易，但它是銷售回租類型交易。所以這對他們來說並不陌生。

Okay. And then can you talk a little bit about the Swiss Medical Network deal. Did I hear that correctly, that was into the operator? Or was there some real estate investment tied with that?

好的。然後可以談談瑞士醫療網絡的交易嗎？我沒聽錯吧，是接線生的電話？或者是否有一些與此相關的房地產投資？

Yes. No, it is the real estate portion of it. You'll remember that our investment there is with an entity called Infracore, which is our tenant there is the Swiss Medical Network. And we bought out one of the other investors. This was something that we had planned on or hoped that we would be able to do when we made our original investment in Infracore. And so when the opportunity came along, we were very excited to consummate it. But it's entirely real estate.

是的。不，這是其中的房地產部分。您會記得我們在那裡的投資是一個名為 Infracore 的實體，它是我們在那裡的租戶，即瑞士醫療網絡。我們買下了其他投資者之一的股份。這是我們最初投資 Infracore 時就計劃或希望能夠做到的事情。因此，當機會出現時，我們非常高興能完成它。但這完全是房地產。

Okay. Okay. And then I know that there was an opportunity when you fortunately did that deal to kind of consolidate and grow in that market. I mean, have you started doing that yet? Or is there a near term opportunities to kind of start acquiring new properties and grow that entire venture?

好的。好的。然後我知道，當您幸運地完成這筆交易時，就有機會在該市場上進行鞏固和發展。我的意思是，你已經開始這樣做了嗎？或近期是否有機會開始收購新房產並發展整個企業？

Yes. I think we were very close to adding new properties before COVID hit. So it is still the ultimate plan, but obviously, with COVID everything in Switzerland got put on hold.

是的。我認為在新冠疫情爆發之前，我們就非常接近增加新房產了。所以這仍然是最終計劃，但顯然，由於新冠疫情，瑞士的一切都被擱置了。

Our next question comes from Tom Hennessy with Deutsche Bank.

我們的下一個問題來自德意志銀行的湯姆‧軒尼詩。

Just going back to the pipeline real quick. Could you just discuss the impacts of the pandemic on the pipeline, I guess, as the year progress. I mean I assume getting boots on the ground was a considerable challenge. But is there any way to quantify this, whether it'd be lost or delayed deals, how much capacity went unused as the year progressed? And then I guess, any challenges carrying over to '21? And would you anticipate a meaningful acceleration once we get back to normal?

很快就回到管道。我想，隨著時間的推移，您能否討論一下這場流行病對管道的影響。我的意思是，我認為讓靴子落地是一個相當大的挑戰。但有沒有辦法量化這一點，無論是交易損失還是延遲，隨著時間的推移，有多少產能被閒置？然後我想，21 世紀還有什麼挑戰嗎？一旦我們恢復正常，您是否預期會出現有意義的加速？

Yes. Thanks, Tom. I think that there weren't any deals that were lost. There were a large number of deals that got put on hold and delayed. Priory is a perfect example of that. We were working on Priory well before COVID hit. And obviously, when COVID hid it along with everything else got put on hold. Most everything has opened back up, including opportunities that we were just really getting into. So I think the pipeline, as a total figure is back to where we were on a pre-COVID basis. Some of the items still move a little slow. You talk about boots on the ground. We were very, very fortunate to have our Luxembourg office because while those of us here in the U.S. weren't allowed to come to Europe, our Luxembourg office was still able to travel freely. We also have boots on the ground in Australia. So with some of the expansions, most of them were planned there. You'll remember when we did the original transaction with Healthscope in Australia, we had a $300 million planned addition to that portfolio. That obviously got put on hold. But as I mentioned in the last earnings call, got started back up. And again, having our boots on the ground there has been able to be very, very beneficial.

是的。謝謝，湯姆。我認為沒有任何交易丟失。有大量交易被擱置和推遲。修道院就是一個完美的例子。早在新冠疫情爆發之前，我們就已經在製作 Priory 了。顯然，當新冠病毒將其隱藏起來時，其他一切都被擱置了。大多數事情都已經重新開放，包括我們剛剛真正抓住的機會。因此，我認為管道總數已回到新冠疫情爆發前的水平。有些物品的移動速度仍然有點慢。你談論的是地面上的靴子。我們非常非常幸運能夠擁有盧森堡辦事處，因為雖然我們這些在美國的人不被允許來到歐洲，但我們的盧森堡辦事處仍然可以自由地旅行。我們在澳洲也有實地考察。因此，對於一些擴建，大部分都是計劃在那裡進行的。您可能還記得，當我們與澳洲 Healthscope 進行最初的交易時，我們計劃向該投資組合追加 3 億美元。這顯然被擱置了。但正如我在上次財報電話會議中提到的那樣，公司又開始復甦了。再說一次，我們的腳踏實地是非常非常有益的。

In South America and Colombia, they still let us in. And so we've been able to have our team there and to continue that process. That's, as I have said to some of the people that have asked over the last few months, that's probably the biggest challenge that we have in going forward in '21 because it certainly is not going to be back to 2019 overnight. But it is our ability to operate in this new environment. And I think we've done a very good job of it. We pride ourselves on building relationships with people face-to-face. We have to -- have had to do some of that from a Zoom standpoint. But as we get into '21 and more and more people throughout the world are able to have the vaccine, we hope to be able to be -- we hope to be able to travel more freely. That obviously hasn't happened yet, but with our offices around the world, it hasn't slowed us down any. But that's where we are in the pipeline right now.

在南美洲和哥倫比亞，他們仍然讓我們進入。正如我對過去幾個月詢問的一些人所說的那樣，這可能是我們在 21 年前進中面臨的最大挑戰，因為它肯定不會在一夜之間回到 2019 年。但這是我們在這個新環境中運作的能力。我認為我們在這方面做得非常好。我們為能夠與人們面對面建立關係而感到自豪。從 Zoom 的角度來看，我們必須做些什麼。但隨著進入 21 世紀，世界各地越來越多的人能夠接種疫苗，我們希望能夠——我們希望能夠更自由地旅行。這顯然還沒有發生，但我們的辦事處遍布世界各地，這並沒有讓我們放慢腳步。但這就是我們現在正在做的事情。

Our next question comes from Michael Lewis with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Michael Lewis。

Great. My first question is about the run rate FFO guidance and our ability to use that as a yard stick. And the reason I ask is you gave FFO guidance back in December 2019. And now a full year later, you still haven't quite paid it even though you've made billions of dollars of accretive investments since then. You're still above the financial leverage target that was contemplated in that run rate. And I assume it's wrong to presume that your FFO would be higher today had you made no investments in 2020 and delever the balance sheet by almost a turn. So are you missing your guidance? Or is it just a timing-related thing where it can take a year or however long it takes to get to that run rate?

偉大的。我的第一個問題是關於運行率 FFO 指導以及我們將其用作標準的能力。我問的原因是您早在 2019 年 12 月就給了 FFO 指導。 現在整整一年過去了，儘管您自那時以來已經進行了數十億美元的增值投資，但您仍然沒有完全支付。您仍然高於該運行率中預期的財務槓桿目標。我認為，如果你在 2020 年沒有進行任何投資，並且將資產負債表去槓桿化近乎一轉，那麼你今天的 FFO 會更高，這是錯誤的。那麼你錯過了你的指導嗎？或者這只是一個與時間相關的事情，可能需要一年或多長時間才能達到該運行率？

So a couple of points would be, firstly, we reported in 2020 FFO per share, 21% higher than we did in 2019. And secondly, so I don't think we're lagging. But more importantly, as I made an attempt earlier in my prepared remarks to explain there's lots that goes into a run rate guidance. And when a company is growing very, very rapidly, like ours, I mean, over the last almost 10 years at 30-plus percent compounded annually, the only way to get to a firm target of FFO is to stop that growth. Because every single transaction that is done impacts the arithmetic, the calculation that goes in.

因此，有幾點是，首先，我們報告的 2020 年每股 FFO 比 2019 年高 21% 其次，我認為我們沒有落後。但更重要的是，正如我之前在準備好的發言中試圖解釋的那樣，運行率指導中有很多內容。當一家公司像我們一樣發展得非常非常快時，我的意思是，在過去近 10 年裡，年複合成長率超過 30%，實現 FFO 堅定目標的唯一方法就是停止這種成長。因為完成的每一筆交易都會影響算術，也就是進行的計算。

So I'm not quite sure, I didn't quite hear all of your question, but are we lagging? I don't think so. We're growing almost exponentially, accretively. And that's what the guidance has really meant to show because unless, like I say, you wanted to stop all of the forward looking assumptions, which include further growth, which include capital, which is a very significant part of the guidance is to bring the leverage back down from where we are, which is slightly above the 6x into something between 5 and 6. That's the most significant meaningful impact to a straight EBITDA-based accretion.

所以我不太確定，我沒有完全聽到你的所有問題，但我們是否落後了？我不這麼認為。我們幾乎呈指數級成長。這就是該指南真正想要展示的內容，因為除非像我說的那樣，你想停止所有前瞻性假設，其中包括進一步的增長，其中包括資本，這是該指南的一個非常重要的部分，就是要帶來槓桿率從略高於 6 倍的水平回落至 5 至 6 倍之間。

So again, I'm around to repeating myself. But as long as we continue to grow, that run rate guidance is going to be a constantly moving target and the faster we grow, the more unpredictable it becomes. But it is important for investors to see that nonetheless, we are investing accretively and frankly, very strongly accretively. And I think that's the evidence given by the 21% year-over-year per share results.

所以，我又要重複自己了。但只要我們繼續成長，運行率指引就將是一個不斷變化的目標，而且我們成長得越快，它就越難以預測。但重要的是，投資人要看到，儘管如此，我們正在進行增值性、坦率、非常強勁的增值性投資。我認為每股同比增長 21% 的業績證明了這一點。

Okay. So I guess there's no time period on when you might hit this $1.72 to $1.76, for example?

好的。所以我想，例如，沒有時間段可以達到 1.72 美元到 1.76 美元？

Well, yes, yes. If we stop growing, yes, we would expect to hit that in 2021. But we're not going to stop growing.

嗯，是的，是的。如果我們停止成長，是的，我們預計會在 2021 年達到這一目標。

I see. Because the number you gave in December 2019 was $1.65 to $1.68. You just reported $0.41, right, which if you annualized would be $1.64, which is why I asked the question, but we could do this offline, too.

我懂了。因為您在 2019 年 12 月給出的數字是 1.65 美元到 1.68 美元。您剛剛報告了 0.41 美元，對吧，如果按年化計算，則為 1.64 美元，這就是我問這個問題的原因，但我們也可以離線執行此操作。

My second question, I wanted to ask about -- and this one maybe has already been answered. But as you talked about the trailing 12-month nature of the coverage ratios, I mean, is it fair again setting expectations? I would assume that we probably don't see much movement in that coverage then since 4Q is not going to be a unique comp, year-over-year comp, 1Q won't be. And really, we may not see real movement in that ratio -- in that coverage ratio until we get this really kind of bizarre 2Q out of the trailing equation. Is that a fair way to think about it?

我想問的第二個問題——這個問題可能已經得到了解答。但當您談到覆蓋率的過去 12 個月性質時，我的意思是，再次設定預期是否公平？我認為我們可能不會看到該報道有太大變化，因為第四季度不會是一個獨特的比較，逐年比較，第一季也不會。實際上，在我們從尾隨方程式中得到這種奇怪的 2Q 之前，我們可能看不到該比率（即覆蓋率）的真正變化。這是一個公平的思考方式嗎？

Well, Mike, it is. But as I said earlier, while I don't want to set any expectations because we just have 2 months unofficial numbers for a number of our tenants for the fourth quarter. But the fourth quarter numbers, even on a trailing 12 looks substantially better than they did even on the third quarter trailing 12. So as I said earlier, we -- if you look at the same-store admissions compared to the third quarter, we're up -- or compare third quarter to second quarter, we're up 10% overall and up 18% in acute care. And then if you look at the reporting that we've had for October and November, they are very strong numbers.

嗯，麥克，是的。但正如我之前所說，雖然我不想設定任何期望，因為我們只有第四季度一些租戶的 2 個月非官方數據。但第四季的數字，即使是追蹤12 個季度的數據，看起來也比第三季追蹤12 個季度的數據要好得多。比的同店入場情況，我們會發現增長——或者將第三季度與第二季度相比，我們整體增長了 10%，急診護理增長了 18%。然後，如果您查看我們 10 月和 11 月的報告，您會發現它們是非常強勁的數字。

So again, notwithstanding exact expectations, I do expect you to see good movement in the coverage for when we get through the first quarter and reporting fourth quarter numbers, but you're absolutely right. Until we're through with the second quarter, in which case, all hospitals were basically shut down, you're not going to see numbers back above 2019.

因此，儘管有確切的預期，但我確實希望當我們完成第一季並報告第四季度的數據時，您會看到報告的良好變化，但您絕對是正確的。在第二季結束之前，所有醫院基本上都關閉了，你不會看到數字回到 2019 年以上。

Our next question comes from Jordan Sadler with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jordan Sadler。

Just a quick follow-up. I was confused a little bit by your answer to Mike's question about the rate on the Waterland loan versus the GAAP yield. I think in a previous question -- previous answer, you said that they were the same yield, but then straight-line rent is supposed to kick in as you close these properties. So I guess, from a modeling perspective, are we modeling the GBP 800 million at 8.6% yield going in?

只是快速跟進。我對你對麥克關於沃特蘭貸款利率與公認會計準則收益率的問題的回答感到有點困惑。我認為在之前的問題中——之前的回答，你說它們的收益率是相同的，但是當你關閉這些房產時，直線租金應該會開始計算。所以我想，從建模的角度來看，我們是否以 8.6% 的收益率對 8 億英鎊進行建模？

So it's a good point. And I didn't mean to imply that we will be earning 8.6% during this interim period. I was really, in my own mind, comparing that to the cash rate that actually -- which we haven't disclosed yet.

所以這是一個好點。我的意思並不是暗示我們在此過渡期間的獲利率為 8.6%。我確實在心裡將其與我們尚未披露的實際現金利率進行了比較。

Okay. So it's the same on the cash, so there will be a delta. And as you close these loans, the GAAP yield or FFO yield will step up incrementally throughout the second -- like through the second quarter, basically as you close these.

好的。所以現金上也是一樣的，所以會有一個 Delta。當您關閉這些貸款時，GAAP 收益率或 FFO 收益率將在整個第二季度逐步上升 - 就像第二季度一樣，基本上是在您關閉這些貸款時。

Yes. That's correct. Yes.

是的。這是正確的。是的。

Yes. Got you. And then one other on the refi opportunities ahead of you. So I mean to touch on this a little bit with the Priory earlier. But how do you intend to finance this portfolio with debt longer term?

是的。明白你了。然後再談談您面前的再融資機會。所以我想早些時候和隱修會談一下這個問題。但您打算如何透過長期債務為該投資組合融資？

So similar to our kind of long-term practice because of the very, very low rates away from the U.S. and because we naturally want to hedge our purchase price, our expectation would be that long term, we would finance the Priory deal with as much unsecured local currency based note as we can.

與我們的長期做法非常相似，因為遠離美國的利率非常非常低，而且我們自然想要對沖我們的購買價格，我們的預期是長期來看，我們將為 Priory 交易提供盡可能多的資金我們可以提供基於當地貨幣的無擔保票據。

Is there, along those lines, earlier, you did some refi or pre-refi opportunity redemption. Anything else here sort of eyeing in the capital structure that looks a little bit above market that can be taken out?

沿著這些思路，早些時候，您是否進行了一些再融資或再融資前的贖回機會。資本結構中是否還有其他看起來略高於市場的因素可以剔除？

I don't think so. There's a couple of euro issuances, but it's not nearly as attractive at this point. So we're not expecting that in the near term. It will be much more likely to be new issuances in the sterling market.

我不這麼認為。有幾種歐元發行，但目前還沒有那麼有吸引力。所以我們預計短期內不會出現這種情況。英鎊市場更有可能發行新債券。

And I'm not showing any further questions at this time. I would now like to turn the call back over to Ed Aldag for any further remarks.

目前我不會提出任何進一步的問題。我現在想將電話轉回埃德·阿爾達格以徵求進一步意見。

Josh, thank you very much. And again, thank all of you for listening in today. Thank you for your interest in Medical Properties Trust. And if you have any additional questions after the call, please don't hesitate to reach out to Drew or Tim, and they'll get with the right people. So thank you very much.

喬什，非常感謝你。再次感謝大家今天的收聽。感謝您對醫療財產信託的興趣。如果您在通話後還有任何其他問題，請隨時聯繫 Drew 或 Tim，他們會與合適的人員聯繫。非常感謝。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

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