Medical Properties Trust Inc (MPW) 2020 Q1 法說會逐字稿

Good morning, and welcome to the Q1 2020 Medical Properties Trust Earnings Conference Call. It is my pleasure to turn today's call over to Charles Lambert, Treasurer and Managing Director. Mr. Lambert, the floor is yours.

早上好，歡迎參加 2020 年第一季度醫療財產信託收益電話會議。我很高興將今天的電話轉給財務主管兼董事總經理查爾斯蘭伯特。蘭伯特先生，請發言。

Good morning. Welcome to the Medical Properties Trust conference call to discuss our first quarter 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.

早上好。歡迎參加 Medical Properties Trust 電話會議，討論我們 2020 年第一季度的財務業績。今天和我在一起的有公司董事長、總裁兼首席執行官 Edward K. Aldag, Jr.；執行副總裁兼首席財務官 Steven Hamner。

Our press release was distributed yesterday 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.

我們的新聞稿於昨天發布，並以 8-K 表格形式提交給美國證券交易委員會。如果您沒有收到副本，可在我們網站 www.medicalpropertiestrust.com 的投資者關係部分獲取。此外，我們還舉辦了今天電話會議的網絡直播，您可以在同一部分訪問。

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 its 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 and/or underlying such forward-looking statements. 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.

在本次電話會議期間，我們將根據 1995 年《私人證券訴訟改革法案》做出預測和某些可能被視為前瞻性陳述的其他陳述。這些前瞻性陳述受已知和未知的風險、不確定性的影響以及可能導致我們的財務結果和未來事件與此類前瞻性陳述所表達和/或潛在的內容存在重大差異的其他因素。我們建議您參考公司向美國證券交易委員會提交的報告，以討論可能導致公司實際業績或未來事件與本次電話會議中表達的內容存在重大差異的因素。

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.

今天提供的信息僅截至該日期，除聯邦證券法要求外，公司不承擔更新任何此類信息的義務。

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，這些指標應被視為補充而非替代可比的 GAAP 財務指標。請注意，在我們的新聞稿中，Medical Properties Trust 已根據 Reg G 的要求將所有非 GAAP 財務指標與最直接可比的 GAAP 指標進行了核對。您還可以訪問我們的網站 www.medicalpropertiestrust.com，了解最直接的可比財務指標和相關調節。

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

我現在將電話轉交給我們的首席執行官 Ed Aldag。

Thank you, Charles. Good morning, and thank all of you for joining us today for our first quarter earnings call. I want to address our portfolio in the coronavirus, COVID-19, but first allow me to acknowledge the incredible work and sacrifices the health care workers all over the world have made to keep the rest of us healthy and safe. Many of these workers risk their own lives to save others. In fact, in places like Italy, where we have 8 hospitals, many of these healthcare workers became victims to the virus themselves. I'd like to offer our sincere gratitude to these workers and sympathy to all of their families.

謝謝你，查爾斯。早上好，感謝大家今天加入我們的第一季度財報電話會議。我想談談我們在冠狀病毒 COVID-19 方面的投資組合，但首先請允許我感謝全世界的醫護人員為保持我們其他人的健康和安全所做的令人難以置信的工作和犧牲。其中許多工人冒著生命危險拯救他人。事實上，在意大利這樣的地方，我們有 8 家醫院，其中許多醫護人員自己成為了病毒的受害者。謹向這些工人表示衷心的感謝，向他們所有的家人表示慰問。

This pandemic has brought an unprecedented focus on healthcare access, delivery and particular, hospitals. Never has it been more apparent than it is today of the importance of hospitals worldwide. Our hearts have been broken by the tragic stories, pictures and videos of devastating repercussions of this deadly virus. And our hearts have been warmed as we have seen the good in mankind as individuals, businesses and governments have come together to assist those impacted physically, financially and mentally by this terrible disease. We are so proud of all the healthcare providers and workers, not only across the nearly 400 MPT-owned hospitals, but also throughout the world as they battle this pandemic and sacrificed, sometimes, with their own lives.

這種流行病使人們前所未有地關注醫療保健的獲取、交付，尤其是醫院。世界各地醫院的重要性從未像今天這樣明顯。這種致命病毒造成毀滅性影響的悲慘故事、圖片和視頻讓我們心碎。當個人、企業和政府齊心協力幫助那些在身體、經濟和精神上受到這種可怕疾病影響的人們時，我們看到了人類的善良，我們的心也被溫暖了。我們為所有醫療保健提供者和工作人員感到驕傲，他們不僅來自 MPT 擁有的近 400 家醫院，而且來自世界各地，因為他們與這一流行病作鬥爭，有時甚至犧牲了自己的生命。

Our portfolio of hospitals and hospital operators remain financially strong. They continue to meet their financial obligations. For April, MPT collected more than 96% of our rental revenue, and based on the reports from our operators and information we've been able to review, we expect this trend to continue. Across our portfolio, our hospitals have treated thousands of COVID-19 patients. Following government directives, all hospitals, including those in MPT's portfolio, stopped most, if not all, elective procedures. Please keep in mind that elective procedures does not mean they're not medically -- they are medically unnecessary, just that they are ones that can be delayed. These procedures will still need to be performed. Our operators across the globe expect that there will be a large backlog of surgeries, that will need to be done once we all come out of the pandemic crisis. Our operators have been able to rightsize their staffs and operations to account for this temporary deferral.

我們的醫院和醫院運營商組合的財務狀況仍然強勁。他們繼續履行財務義務。 4 月份，MPT 收取了我們 96% 以上的租金收入，根據我們運營商的報告和我們能夠審查的信息，我們預計這一趨勢將繼續下去。在我們的產品組合中，我們的醫院已經治療了數千名 COVID-19 患者。根據政府指示，所有醫院（包括 MPT 旗下的醫院）都停止了大部分（如果不是全部的話）擇期手術。請記住，選擇性手術並不意味著它們不是醫學上的——它們在醫學上是不必要的，只是它們是可以延遲的。這些程序仍然需要執行。我們在全球的運營商預計會有大量積壓的手術，一旦我們都擺脫了大流行危機，就需要完成這些手術。我們的運營商已經能夠調整其員工和運營規模，以應對這一臨時延期。

Both internationally and domestically, we have seen our post-acute care providers step up, step forward to assist acute care hospitals by offering their value-add capabilities to provide for the transfer of certain patients from acute care settings, thereby creating additional capacity for COVID-19 patients in the acute care facilities. We have also seen operators work in close alignment with their respective federal and local authorities to ensure appropriate coordination in the provisions of healthcare services during this time of crisis. One example of this has been in England, where private health care providers like MPT portfolio operators, Circle and BMI and Ramsey have reached a temporary agreement with the National Health Service to fully align operations in both the public and private sector in order to ensure that the capacity needs are accomplished. With this alliance, England can arrange for the appropriate allocation of resources, both human and material, to the desired points of care. MPT is absolutely supportive of this extraordinary cooperation agreement. As a part of this agreement by the NHS is to assure that operating costs of the hospitals are met, including, but not limited to, facility rent. This same scenario is being played out with our operators in Spain, Italy and Australia.

在國際和國內，我們都看到我們的急症後護理提供者挺身而出，通過提供增值能力為急症護理醫院提供幫助，以提供某些患者從急症護理環境中轉移的能力，從而為 COVID 創造額外的能力-19 名患者在急症護理設施中。我們還看到運營商與各自的聯邦和地方當局密切合作，以確保在此危機時期適當協調醫療服務的提供。這方面的一個例子是在英格蘭，MPT 投資組合運營商、Circle 和 BMI 以及 Ramsey 等私人醫療保健提供者已與國家醫療服務體系達成臨時協議，以全面調整公共和私營部門的運營，以確保能力需求得到滿足。有了這個聯盟，英格蘭可以安排適當的人力和物力資源分配到所需的護理點。 MPT 絕對支持這一非凡的合作協議。作為該協議的一部分，NHS 將確保滿足醫院的運營成本，包括但不限於設施租金。我們在西班牙、意大利和澳大利亞的運營商正在上演同樣的場景。

Another example is in the hard hit northern region of Italy, where MPT's portfolio operator, PdM, and other private and public hospital systems have been working together to meet the high demand for patient care. These collaborative efforts will be compensated as the Italian government issued a decree law, indicating the possibility for Italian regions to increase reimbursement for all healthcare operators, including the private ones that cared for COVID-19 patients or took non-COVID-19 patients or simply made their beds available by delaying nonlife-threatening procedures at the request of the government. These increases would be exempt from the limit on health care costs set by regulators previously issued.

另一個例子是在受災嚴重的意大利北部地區，MPT 的投資組合運營商 PdM 和其他私立和公立醫院系統一直在共同努力，以滿足對患者護理的高需求。隨著意大利政府頒布法令，這些合作努力將得到補償，表明意大利地區有可能增加對所有醫療保健運營商的報銷，包括照顧 COVID-19 患者或接受非 COVID-19 患者或僅僅是應政府的要求，通過延遲非危及生命的程序來提供床位。這些增加將不受監管機構先前發布的醫療保健費用限制的限制。

In Australia, Healthscope continues to work with the Commonwealth states and territory governments to secure arrangements for providing health care services to respond to COVID 19. In Switzerland, our operator, The Swiss Medical Network, worked very closely with the federal government and each canton to develop and implement a plan for dealing with this virus. They expect to be back to full operations in late May or early June. In Germany, our largest German operation, Median, has performed superbly. Median expects their overall operations to remain strong throughout the year. Andre and his team at Median have done an outstanding job adjusting to the COVID-19 virus.

在澳大利亞，Healthscope 繼續與英聯邦州和領地政府合作，以確保提供醫療保健服務以應對 COVID 19。在瑞士，我們的運營商瑞士醫療網絡與聯邦政府和每個州密切合作，以制定並實施應對這種病毒的計劃。他們預計將在 5 月底或 6 月初恢復全面運營。在德國，我們在德國最大的業務 Median 表現出色。 Median 預計他們的整體運營將在全年保持強勁。 Andre 和他在 Median 的團隊在適應 COVID-19 病毒方面做得非常出色。

During the height of the crisis, I was in daily contact with the CEOs of all of our largest operators. I cannot stress enough how proud I am with each of them on how they've handled this pandemic and cooperation that they offer to MPT and to me personally. As most of you know, on April 10, 2020, Health and Human Services announced the immediate release of $30 billion of the $100 billion Public Health Emergency Fund provided for by the CARES Act. The fund reimburses eligible healthcare providers for expenses and lost revenue directly attributable to COVID-19. These funds are being released in tranches. The initial $30 billion in immediate relief funds have been delivered to all facilities and providers that received Medicare fee-for-service reimbursements in 2019. To date, our top 5 operators have received almost $400 million in stimulus funds. Additionally, they received almost $2.2 billion in Medicare advances. Plans have been announced to distribute a portion of the remaining $70 billion. However, operators do not yet know the amount of funding that they will receive from this round of stimulus. Additionally, Congress and the President have recently agreed to another $75 billion of funding to providers.

在危機最嚴重的時候，我每天都與我們所有最大運營商的首席執行官保持聯繫。我怎麼強調都不為過，我為他們每個人如何應對這一流行病以及他們向 MPT 和我個人提供的合作感到自豪。正如你們大多數人所知，2020 年 4 月 10 日，衛生與公眾服務部宣布立即釋放 CARES 法案規定的 1000 億美元公共衛生應急基金中的 300 億美元。該基金補償符合條件的醫療保健提供者直接因 COVID-19 而產生的費用和收入損失。這些資金分批發放。首批 300 億美元的即時救助資金已交付給 2019 年獲得 Medicare 按服務收費報銷的所有設施和提供者。迄今為止，我們的前 5 大運營商已收到近 4 億美元的刺激資金。此外，他們還收到了近 22 億美元的醫療保險預付款。已宣布計劃分配剩餘 700 億美元中的一部分。但是，運營商尚不清楚他們將從這一輪刺激計劃中獲得多少資金。此外，國會和總統最近同意向供應商提供另外 750 億美元的資金。

Let me now provide a quick update on the lease coverage for our portfolio for the fourth quarter. Remember that we report 1 quarter in arrears, so these numbers represent the quarter ending 12/31/19. We added a net of one additional facility to our same-store portfolio. Our same-store portfolio EBITDARM coverage for the trailing 12 months Q4 2019 is essentially flat at 2.7x. Same-store acute care EBITDARM coverage is 2.93x, which represents a slight decline year-over-year. IRF EBITDARM coverage is 2.06x, which represents a 4% increase year-over-year. And LTACH EBITDARM coverage is 1.93x, which represents a 19% increase year-over-year. The lease coverages for the first quarter 2020 will be irrelevant when they are reported. We will obviously look for other ways to show how our portfolio and hopefully, the world is back up and running.

現在讓我快速更新一下我們第四季度投資組合的租賃範圍。請記住，我們報告了 1 個季度的欠款，因此這些數字代表截至 2019 年 12 月 31 日的季度。我們在同店產品組合中增加了一個額外的設施。我們在 2019 年第四季度過去 12 個月的同店投資組合 EBITDARM 覆蓋率基本持平，為 2.7 倍。同店急性護理 EBITDARM 覆蓋率為 2.93 倍，同比略有下降。 IRF EBITDARM 覆蓋率為 2.06 倍，同比增長 4%。 LTACH EBITDARM 覆蓋率為 1.93 倍，同比增長 19%。 2020 年第一季度的租賃覆蓋率在報告時將無關緊要。我們顯然會尋找其他方式來展示我們的投資組合以及希望世界如何恢復和運行。

Remember what I said earlier, all of the elective surgeries and procedures that have been postponed are stacking up. These are procedures that are still medically necessary and in need of getting done. The volume and more will be there when the world is able to focus on providing health care without the threat of COVID-19.

記住我之前說過的話，所有被推遲的擇期手術和程序都在堆積。這些程序在醫學上仍然是必要的，需要完成。當世界能夠在沒有 COVID-19 威脅的情況下專注於提供醫療保健時，數量和數量將會增加。

In January of this year, we announced the completion of our largest single investment to date of almost $2 billion in 30 U.K. hospitals with Circle BMI. As a part of the review and approval process of U.K.'s competition and markets authority, Circle is expected to divest its Bath and Birmingham Hospital operations. Both of these hospitals are in new state-of-the-art facilities that MPT owned prior to the BMI acquisition, and we are confident in the ability to find suitable replacement operators.

今年 1 月，我們宣布完成了迄今為止最大的單筆投資，投資近 20 億美元，投資於 30 家擁有 Circle BMI 的英國醫院。作為英國競爭和市場管理局審查和批准程序的一部分，Circle 預計將剝離其巴斯和伯明翰醫院的業務。這兩家醫院都擁有 MPT 在收購 BMI 之前擁有的最先進的新設施，我們有信心能夠找到合適的替代運營商。

We continue to have a large active pipeline of projects we are working. As a part of the COVID-19 crisis, several new opportunities have come to light. We are confident that we'll be able to act on these opportunities, but at this time, do not believe it would be prudent to try to predict when these will occur. We remain very bullish on MPT and hospitals throughout the world.

我們繼續擁有大量正在開展的項目。作為 COVID-19 危機的一部分，出現了幾個新的機會。我們有信心能夠抓住這些機會採取行動，但目前不認為嘗試預測這些機會何時發生是明智之舉。我們仍然非常看好 MPT 和世界各地的醫院。

As the first and only pure-play hospital REIT, MPT has always seen and understood the importance that hospitals play as the keystone and foundation of healthcare delivery systems throughout the world. I've always said it is impossible to imagine our healthcare systems without hospitals. And at times like this, I don't think anyone can.

作為第一個也是唯一一個純粹的醫院房地產投資信託基金，MPT 一直看到並理解醫院作為全球醫療服務系統的基石和基礎的重要性。我一直說，無法想像沒有醫院的醫療保健系統。在這樣的時候，我認為沒有人能做到。

At this time, I'll let Steve go over the specifics of our financial performance and our very strong balance sheet. Steve?

在這個時候，我將讓史蒂夫詳細介紹我們的財務業績和我們非常強大的資產負債表。史蒂夫？

Thank you, Ed. I want to take most of our time to focus on our future outlook and expectations concerning rent collections, liquidity, capital expenditures and growth opportunities. But first, let me briefly review a few matters that are part of our historical quarterly results.

謝謝你，埃德。我想把大部分時間花在我們對未來的展望和對租金收取、流動性、資本支出和增長機會的期望上。但首先，讓我簡要回顧一下我們歷史季度業績中的一些事項。

Last night, we reported normalized FFO of $0.37 per diluted share for the first quarter of 2020. As you're all aware, we do not provide calendar earnings guidance, but rather run rate annualized estimates of normalized FFO, generally based on in-place assets and a normalized capital structure. The $0.37 per share we reported last night is consistent with our estimate range of $1.65 to $1.68, taking into account, among other reconciling items that follow it.

昨晚，我們報告了 2020 年第一季度的標準化 FFO 為每股攤薄收益 0.37 美元。眾所周知，我們不提供日曆收益指導，而是運行標準化 FFO 的年度化估計，通常基於就地資產和正常化的資本結構。我們昨晚報告的每股 0.37 美元與我們 1.65 美元至 1.68 美元的估計範圍一致，考慮到其後的其他調節項目。

First, as Ed just mentioned, we closed a $2 billion Circle BMI transaction in early January, subject to the lease agreement that was in place immediately prior to the closing of the transaction. We had agreed with Circle BMI to amendments to terms of that lease agreement that will become effective upon the approval of the transaction by the U.K. competition and markets authority. That amendment increases the GAAP lease rate, and we will begin recognizing rent based on the newer higher rate. Had these new terms been in effect for the entire quarter, including all of January, our $0.37 per share normalized FFO would have been $0.024 per share higher, all else equal. By the way, and again, as Ed has mentioned, the CMA has concluded that only 2 markets in the U.K. will require Circle to dispose of any operating subsidiaries. This will have no impact on MPT's pro forma run rate because we're not required to dispose of the related real estate assets. So unless we elect to sell the underlying real estate or otherwise amend those leases, any new operator will assume the leases with their existing terms.

首先，正如 Ed 剛才提到的，我們在 1 月初完成了一筆價值 20 億美元的 Circle BMI 交易，但要遵守交易結束前立即簽訂的租賃協議。我們已與 Circle BMI 就該租賃協議條款的修訂達成一致，該修訂將在英國競爭和市場管理局批准交易後生效。該修正案提高了 GAAP 租賃利率，我們將開始根據更新的更高利率確認租金。如果這些新條款在整個季度生效，包括整個 1 月份，我們每股 0.37 美元的標準化 FFO 將高出每股 0.024 美元，其他條件相同。順便說一句，正如 Ed 所提到的，CMA 得出的結論是，英國祇有 2 個市場將要求 Circle 處置任何運營子公司。這不會對 MPT 的備考運行率產生影響，因為我們不需要處置相關的房地產資產。因此，除非我們選擇出售相關房地產或以其他方式修改這些租約，否則任何新運營商都將按照現有條款承擔租約。

Second, because of our extraordinary financial performance and market-leading shareholder returns in 2019, which, by the way, we delivered a sector-leading 39% total return to shareholders. And also for the 3-, 5- and 10-year results, we are now required to assume similar outperformance with respect to the performance hurdles in our share-based compensation estimates. And that is even in the face of the potential impact that the COVID crisis may create. These mandated assumptions result in increased expense accruals over the next 3 years even though there is no assurance that we will continue to generate the levels of operating performance and of total shareholder return that will result in that maximum payout. For example, if our actual performance is at only the threshold rather than the maximum outperformance level, the quarterly FFO would increase by approximately another $0.01 per diluted share.

其次，由於我們在 2019 年取得了非凡的財務業績和市場領先的股東回報，順便說一下，我們為股東提供了行業領先的 39% 的總回報率。對於 3 年、5 年和 10 年的結果，我們現在需要假設與基於股票的薪酬估計中的績效障礙相關的類似表現。即使面對 COVID 危機可能造成的潛在影響，情況也是如此。這些強制性假設導致未來 3 年的應計費用增加，儘管無法保證我們將繼續產生將導致最大支出的經營業績和股東總回報水平。例如，如果我們的實際業績僅達到閾值而不是最高業績水平，則季度 FFO 將增加每股攤薄後約 0.01 美元。

In general, as a result then of effectively doubling the size of the company in 2019 and growing FFO per share by more than 25% in 2020, our 2020 share-based compensation expense is expected to increase by approximately $2.5 million per quarter in excess of the 2019 accruals.

總的來說，由於 2019 年公司規模實際上翻了一番，2020 年每股 FFO 增長了 25% 以上，我們 2020 年的股權補償費用預計每季度增加約 250 萬美元，超過2019年應計費用。

Finally, I will point out a few other items in the quarter that are notable, even though they do not affect normalized FFO. Almost 2 years ago, we disclosed that we would no longer include rental revenue from a relatively small relationship in our pro forma run rate, and we simultaneously recorded impairment charges related to the respective real estate, a facility that the operator ceased operating and closed last year. The impact of the COVID situation has resulted in our decision now to offer to give this facility to the local municipality, resulting in a charge in the first quarter of approximately $9 million. Again, this has no impact on any previously recognized revenue or on our run rate normalized FFO estimates.

最後，我將指出本季度其他一些值得注意的項目，儘管它們不會影響標準化的 FFO。大約 2 年前，我們透露我們將不再將來自相對較小關係的租金收入計入我們的預估運行率，同時我們記錄了與各自房地產相關的減值費用，這是運營商停止運營並最後關閉的設施年。受 COVID 形勢的影響，我們現在決定向當地市政當局提供該設施，從而在第一季度產生約 900 萬美元的費用。同樣，這對任何先前確認的收入或我們的運行率標準化 FFO 估計沒有影響。

Similarly, the COVID impact on traffic at freestanding emergency facilities around the country led us to reevaluate certain of the freestanding ERs that remain leased to affiliates of Adeptus. And we have recorded an impairment on those remaining facilities of approximately another $9 million. We simultaneously wrote off an aggregate of about $7.7 million of accrued straight-line rent related to these facilities.

同樣，COVID 對全國獨立應急設施交通的影響導致我們重新評估某些仍租給 Adeptus 附屬機構的獨立 ER。我們還記錄了大約 900 萬美元的剩餘設施減值。我們同時註銷了與這些設施相關的總計約 770 萬美元的應計直線租金。

As a reminder and a summary of Adeptus, when Adeptus filed for bankruptcy in August 2017, we had committed to approximately $415 million of investment in about 60 facilities. Today, after almost 3 years post-bankruptcy, we believe the current value of those facilities that we retain, along with proceeds from sales in the interim, is at least $450 million. And while we have no current plans to dispose of them, even in today's pandemic conditions, we are confident that there is a deep and vibrant market for such facilities that are leased to investment grade, locally-dominant healthcare systems, such as the University of Colorado Health, Common Spirit Health Care, which was formerly Dignity and Catholic Health Initiatives, and Ochsner Clinic.

作為 Adeptus 的提醒和總結，當 Adeptus 於 2017 年 8 月申請破產時，我們已承諾對約 60 個設施進行約 4.15 億美元的投資。今天，在破產後將近 3 年之後，我們相信我們保留的這些設施的當前價值，連同臨時出售的收益，至少為 4.5 億美元。雖然我們目前沒有處置它們的計劃，但即使在今天的大流行病情況下，我們也相信，對於這些租賃給投資級、當地主導的醫療保健系統的設施，如Colorado Health、Common Spirit Health Care（前身為 Dignity and Catholic Health Initiatives）和 Ochsner Clinic。

Finally, we recorded an approximate $10 million noncash unrealized loss in our common equity investment in AEVIS, who most of you will recall is the parent company of our large Swiss hospital operator, Swiss Medical Network, the second largest private operator in Switzerland. Swiss Medical is fully paid up on its rental obligations, but because AEVIS's primary businesses are hospitals and luxury resort hotels, we are not surprised that as a relatively thinly traded public company, its equity value has suffered along with other healthcare and hospitality companies worldwide. While we, of course, cannot provide absolute assurance, we are hopeful that as conditions return to normal, with respect to Swiss healthcare and luxury travel, the value of our AEVIS stock will also return to normalcy.

最後，我們在 AEVIS 的普通股權投資中記錄了大約 1000 萬美元的非現金未實現損失，你們大多數人都記得它是我們瑞士大型醫院運營商 Swiss Medical Network 的母公司，它是瑞士第二大私營運營商。 Swiss Medical 已全額支付其租金義務，但由於 AEVIS 的主要業務是醫院和豪華度假酒店，作為一家交易相對清淡的上市公司，其股權價值與全球其他醫療保健和酒店公司一起遭受損失，我們並不感到意外。當然，我們不能提供絕對保證，但我們希望隨著瑞士醫療保健和豪華旅遊的情況恢復正常，我們 AEVIS 股票的價值也將恢復正常。

Moving on to the future. As we disclosed last night in our press release and based on these limited exceptional items, our first quarter results are right in line with our expectations, and we are able to reaffirm our annualized run rate guidance at its previous range of $1.65 to $1.68 per diluted share. This range could change, possibly materially, if the impact of the COVID pandemic causes our hospital operator tenants to be unable to pay us their rental obligations, a risk we described in the April 8, 2020, 8-K we filed with the SEC and is also subject to risks described in last night's press release and in the other risk factors described in our most recently filed 10-K. But at present, our expectation is that we will collect materially all of the rent and interest currently called for under our lease and other financing contracts. We base this confidence on, among other information, the following: we collected 99% of all payments due for the first quarter; in April, in the depths of the pandemic, we collected 96% of all payments due; we continue to expect to collect all of the rent and interest that is due pursuant to our existing lease and loan agreements. These payments, by the way, were made by our tenants even before the receipt of the government grants and advances that Ed mentioned. Our largest 5 U.S. operators, who comprise 65% of our global monthly cash expectations, received in April alone approximately $2.6 billion in grants and Medicare advances. By way of perspective, this represents more than 10% of their combined 2019 net revenue. And again, as Ed mentioned, in the most recent tranche of additional government COVID stimulus, hospitals were allocated another $75 billion in support.

走向未來。正如我們昨晚在新聞稿中披露的那樣，基於這些有限的特殊項目，我們第一季度的業績符合我們的預期，我們能夠重申我們的年化運行率指導在之前的每股稀釋後 1.65 美元至 1.68 美元的範圍內分享。如果 COVID 大流行的影響導致我們的醫院運營商租戶無法向我們支付租金義務，這個範圍可能會發生重大變化，我們在 2020 年 4 月 8 日向美國證券交易委員會提交的 8-K 中描述了這種風險，並且還受到昨晚新聞稿中描述的風險以及我們最近提交的 10-K 中描述的其他風險因素的影響。但目前，我們的預期是，我們將收取租賃和其他融資合同目前要求的所有租金和利息。我們的信心基於以下信息：我們收集了第一季度所有應付款項的 99%； 4 月，在疫情最嚴重的時候，我們收取了所有應付款的 96%；我們繼續期望收取根據我們現有的租賃和貸款協議到期的所有租金和利息。順便說一下，這些付款是我們的租戶甚至在收到埃德提到的政府補助和預付款之前就已經支付的。我們最大的 5 家美國運營商占我們全球每月現金預期的 65%，僅在 4 月份就收到了大約 26 億美元的贈款和醫療保險預付款。從角度來看，這佔他們 2019 年總淨收入的 10% 以上。而且，正如埃德所提到的，在最近的政府 COVID 刺激計劃中，醫院又獲得了 750 億美元的支持。

In each other country where we have hospital investments, the respective governments have offered support to compensate our operators for lost revenue so that these hospitals will be available for COVID patients. But even if after all of this immediate and liquid and future support, certain operators are nonetheless faced with temporary cash flow pressures that result in delayed rent and interest payments, we believe these operators will be able to recover over a relatively short time and catch up on their payments.

在我們有醫院投資的每個其他國家，各自的政府都提供了支持，以補償我們運營商的收入損失，以便這些醫院可以為 COVID 患者提供服務。但即使在所有這些直接的、流動的和未來的支持之後，某些運營商仍然面臨暫時的現金流壓力，導致延遲支付租金和利息，我們相信這些運營商將能夠在相對較短的時間內恢復並趕上在他們的付款上。

It should be clear by now that as we appear to be moving into the back half of this once-in-a-century global crisis, we are very optimistic about the outlook for hospitals in MPT areas of the world. Most of you have heard us say many times that if MPT people do their jobs and underwrite hospitals that serve a true need in their communities, those facilities are like infrastructure. If they were to close or for any reason could not treat the citizens in their areas, healthcare suffers, people suffer. Our view remains that communities, governments, providers, payers and investors will join us in that belief more strongly than ever. And that even if in the near term, financial pressures on hospital operators become greater than we presently expect, MPT is extraordinarily well-positioned to transition through any such pressures and take unique advantage of what we expect will be new found support to maintain overall hospital facilities to be prepared for future challenges to the world's acute health care needs.

現在應該清楚的是，隨著我們似乎正在進入這場百年一遇的全球危機的後半段，我們對世界 MPT 地區醫院的前景非常樂觀。你們中的大多數人都聽過我們多次說過，如果 MPT 人員做好自己的工作並為滿足其社區真正需求的醫院提供資金支持，那麼這些設施就像基礎設施一樣。如果他們關閉或出於任何原因無法治療其所在地區的公民，醫療保健就會受到影響，人們就會受到影響。我們的觀點仍然是，社區、政府、供應商、付款人和投資者將比以往任何時候都更堅定地加入我們的行列。即使在短期內，醫院運營商的財務壓力變得比我們目前預期的更大，MPT 也非常有能力通過任何此類壓力進行過渡，並利用我們預期的新支持來維持整個醫院的獨特優勢為應對未來世界緊急醫療保健需求的挑戰而準備的設施。

Even over the past several years as we have invested to deliver unmatched growth, those investments have been well underwritten, prudently financed and as evidenced by our results in the first quarter and since, have contributed great strength to our platform. That strength includes that we have more than $1.8 billion in immediately available cash and liquidity, with no debt maturities for 2 years and only minimal ordinary course required capital expenditures. Our largest single exposure to any hospital represents less than 3% of our total investments, and the great majority of our facilities around the world are part of master leases that produce the strength that comes with diversity in multiple unconnected markets.

即使在過去幾年裡，我們為實現無與倫比的增長而進行投資，這些投資也得到了很好的承保，審慎的融資，正如我們在第一季度及此後的業績所證明的那樣，為我們的平台貢獻了巨大的力量。這種實力包括我們擁有超過 18 億美元的即時可用現金和流動資金，沒有 2 年到期的債務，並且只有最低限度的常規課程所需的資本支出。我們對任何一家醫院的最大單一敞口占我們總投資的不到 3%，而且我們在世界各地的大部分設施都是主租賃的一部分，這些租賃在多個不相關的市場中產生了多樣性所帶來的優勢。

Most reassuring, if we needed proof, it has been abundantly provided that in the countries that MPT invest in, people will not be turned away from hospitals, regardless of cost and regardless of ability to pay. Even more than the statutory support provided by the governments of these countries, it is their citizenry, their people, who for generations have demanded and been willing to pay to assure that hospitals are available when needed, even if that need occurs only once in 100 years.

最令人安心的是，如果我們需要證據，那麼在 MPT 投資的國家，人們將不會被醫院拒之門外，無論成本和支付能力如何。比這些國家政府提供的法定支持更多的是他們的公民、他們的人民，他們幾代人一直要求並願意支付以確保醫院在需要時可用，即使這種需要僅在 100 人中出現一次年。

And with that, I will turn the call back to the operator for any questions.

然後，如果有任何問題，我會將電話轉回給接線員。

(Operator Instructions) And your first question is from the line of Derek Johnston with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Derek Johnston。

We'd like to know as much as possible about the international impacts and what funds are available outside the U.S. to assist hospitals and operators going through similar circumstances as we see here in the U.S. Essentially, any forms of CARES Act international version or other assistance for your international operators that you could walk us through?

我們想盡可能多地了解國際影響以及美國以外有哪些資金可以幫助醫院和運營商經歷我們在美國看到的類似情況。基本上，任何形式的 CARES 法案國際版本或其他援助對於您的國際運營商，您可以向我們介紹一下嗎？

Sure, Derek. This is Ed. From the international standpoint, keep in mind that for the most part, they were a month or more ahead of us in this crisis, so we were able to see what their reactions were going to be and what the overall effects it was going to be on the various hospitals. As Steve mentioned earlier, in every single location that we're in, the government has stepped up to assist hospitals, understanding the very important need of all of them in providing care to their citizens. It's been very different from location to location, but it has all been extremely supportive.

當然，德里克。這是埃德。從國際的角度來看，請記住，在大多數情況下，他們在這場危機中比我們早了一個月或更長時間，因此我們能夠看到他們的反應是什麼以及它的整體影響是什麼關於各個醫院。正如史蒂夫之前提到的，在我們所在的每一個地方，政府都加緊協助醫院，了解所有醫院在為公民提供醫療服務方面的非常重要的需求。各地的情況大不相同，但都非常支持。

As I mentioned earlier, in the U.K., as an example, the NHS went with the procedure where they would actually have -- reached an agreement with the top 5 largest private operators. Whereby they would, in essence, control those hospital beds to make them available, not so much for the COVID-19 patients, but for the non-COVID-19 patients. And in return for that, they agreed to make all of the operating costs of those operators, which includes their rental payments. So very, very safe and secure issues there.

正如我之前提到的，例如在英國，NHS 採取了他們實際應該採取的程序——與前 5 大私營運營商達成協議。因此，他們實質上將控制這些醫院病床，使其可用，而不是供 COVID-19 患者使用，而是供非 COVID-19 患者使用。作為回報，他們同意承擔這些運營商的所有運營成本，其中包括他們的租金。那裡有非常非常安全的問題。

In Germany, it's been 2 different things. Our post-acute care operator, which is our largest operator in Germany, has performed exceptionally well. The government recognized the need for the post-acute care providers to be able to take patients from the acute care hospitals to allow the acute care hospitals to be able to have patients at beds available for the COVID-19. And that worked very, very well. Our hospitals in the post-acute care sector in Germany, were able to adjust in just a 2 weeks minimum time. They actually project that they will do -- they have so far done better in 2020 than they have in 2019 for the same period. Obviously, Germany has just recently reopened, so we'll get to see how the coronavirus works and a reopening of the societies.

在德國，這是兩件不同的事情。我們在德國最大的運營商是我們的急症後護理運營商，其表現非常出色。政府認識到急症後護理提供者需要能夠從急症護理醫院接收患者，以便急症護理醫院能夠為 COVID-19 提供可用床位的患者。這非常非常有效。我們在德國的急症後護理部門的醫院能夠在最短 2 週的時間內進行調整。他們實際上預測他們會做——到目前為止，他們在 2020 年的表現比 2019 年同期要好。顯然，德國最近剛剛重新開放，因此我們將了解冠狀病毒的工作原理以及社會的重新開放。

From the standpoint of the acute care providers, our largest acute care provider there is ATOS, and they remain very financially strong. They, like the rest of the world, have not seen the number of COVID patients that I think we all expected in the acute care hospital situations. But they have a very, very strong balance sheet, have a tremendous amount of cash and have also been protected with what they refer to as an umbrella over the beds that they've made available to the government.

從急症護理提供者的角度來看，我們最大的急症護理提供者是 ATOS，他們的財務狀況仍然非常強勁。與世界其他地區一樣，他們還沒有看到我認為在急症護理醫院情況下我們都期望的 COVID 患者數量。但他們擁有非常非常強大的資產負債表，擁有大量現金，並且還受到他們提供給政府的床位保護傘的保護。

In some of the other states like Switzerland and Italy and Australia, it's more fragmented because it's more state-involved than it is federal government-involved. But in each case, they have gotten assurances or actual payments from the local governments to compensate them for making their beds available for either COVID-19 or for the non-COVID-19 patients moving out of the public hospitals. So doing very financially well there, even in Italy, where they've been hit the hardest.

在瑞士、意大利和澳大利亞等其他一些州，它更加分散，因為它更多地涉及州政府而不是聯邦政府。但在每一種情況下，他們都得到了地方政府的保證或實際付款，以補償他們為 COVID-19 或離開公立醫院的非 COVID-19 患者提供床位。所以在那裡的財務狀況非常好，即使是在意大利，他們受到的打擊最嚴重。

In Spain, our 2 most recent hospitals there are primarily cancer-based hospitals. The government has transferred all of their cancer patients from their public hospitals into those hospitals. Their financial situation also remains very strong. So we feel very good about our international hospitals as well as our domestic hospitals here in the U.S.

在西班牙，我們最近的 2 家醫院主要是癌症醫院。政府已將所有癌症患者從公立醫院轉移到這些醫院。他們的財務狀況也仍然非常強勁。所以我們對我們的國際醫院以及我們在美國的國內醫院感覺非常好。

Okay. Great. And just one more for me. So back to the U.S. So the CARES Act set aside over $100 billion, now it seems to be $175 billion to assist hospitals in the form of grants, and I believe these are largely with no repayment. So as the capital flows through the hospitals in the U.S., as some has already, I guess the question is, how much will these grants assist your hospital operators in getting through this tough time? And ultimately, is it enough?

好的。偉大的。還有一個給我。所以回到美國，所以 CARES 法案預留了超過 1000 億美元，現在似乎是 1750 億美元以補助金的形式幫助醫院，我相信這些大部分是沒有償還的。因此，隨著資本流經美國的醫院，正如一些人已經這樣做的那樣，我想問題是，這些贈款將在多大程度上幫助您的醫院經營者度過這段艱難時期？最終，這就足夠了嗎？

So Derek, I want to reiterate the point that Steve made at the tail end of his presentation because I think it's very important for everybody to hear and to understand. Long before the CARES Act, long before any of our domestic hospitals here in the U.S. received any funding, additional funding through the CARES Act from the various -- from the federal government, our hospitals were all in good financial shape, and we -- they all paid their April rent, and we didn't expect them to have any issues. They all rightsized their staffs. They were able to move very, very quickly in adjusting their expense levels. And so even before any of them received the first dollar funding from the CARES Act, they all believe that they were going to continue to be in good shape from their strong balance sheets and their ability to rightsize all of their operations.

所以德里克，我想重申史蒂夫在他的演講結束時提出的觀點，因為我認為每個人都能聽到和理解這一點非常重要。早在 CARES 法案出台之前，早在我們在美國的任何一家國內醫院通過 CARES 法案從聯邦政府獲得任何資金、額外資金之前，我們的醫院都處於良好的財務狀況，而且我們——他們都付了四月份的房租，我們沒想到他們會有任何問題。他們都對員工進行了合理化調整。他們能夠非常非常迅速地調整他們的費用水平。因此，甚至在他們中的任何人從 CARES 法案獲得第一筆美元資金之前，他們都相信他們將繼續保持良好的狀態，因為他們強大的資產負債表和他們調整所有業務規模的能力。

Now I don't think we yet know exactly how much of the funding they'll be able to keep long term. Obviously, there is the grants, but then there are also the Medicare advances. At this point, the Medicare advances that they received are -- is a far larger number than the grants. The repayment schedule for that is set, but there obviously has been some talk about extending that as well. But I want us all to remember that as we go through the finalization of those particular payments, that our hospitals were doing well before they receive those payments.

現在我認為我們還不知道他們能夠長期保留多少資金。顯然，有補助金，但也有醫療保險預付款。在這一點上，他們收到的 Medicare 預付款 - 遠遠大於贈款。還款時間表已經確定，但顯然也有一些關於延長還款時間表的討論。但我希望我們所有人都記住，在我們完成這些特定付款的最終確定時，我們的醫院在收到這些付款之前表現良好。

Your next question is from the line of Steven Valiquette of Barclays.

你的下一個問題來自巴克萊銀行的 Steven Valiquette。

So a couple of questions. First of all, because we followed the hospital sector, I think we got a pretty good view that the federal grant money, I think, for the most part, will be treated as revenue and EBITDA or let's call it, EBITDAR. So I think when you're sort of calculating your coverage ratios going forward, that will be in there. So I guess, we'll see how that plays out. But is there any color you can provide? Do you have any insights on where some of those coverage ratios are shaking out right now that you can share in terms of how much that might have moved just across the overall portfolio? Or is it just too premature to give any numbers around that?

所以有幾個問題。首先，因為我們關注醫院部門，我認為我們有一個很好的觀點，即我認為聯邦撥款大部分將被視為收入和 EBITDA，或者我們稱之為 EBITDAR。所以我認為當你在計算未來的覆蓋率時，它就會在那裡。所以我想，我們將看看結果如何。但是有什麼顏色可以提供嗎？您是否對這些覆蓋率中的一些正在發生變化的地方有任何見解，您可以分享整個投資組合中可能發生的變化程度？還是現在給出任何數字還為時過早？

Yes, it's really too premature, Steve. And remember that of the $2.6 billion that our top 5 hospital operators have received to date, only $400 million of that represents the grants. The rest of it are in Medicare advances that still a little up in the air exactly how that will be treated in the long run. But if you look just overall across the board, hospital operations are probably down 30% or 40%. That's from a -- everything, from surgeries, ER visits and everything, obviously, the numbers vary from different sections of the country. For instance, the Northeast, obviously, been hit much harder than the rest of the country. We've got places that some of our hospital operators haven't had any COVID-19 patients. So they've been sitting there, pretty much twiddling their thumbs with a much reduced staff. So it's hard to say what the coverages are going to be, but we obviously have focused for the last 30, 60 days on what is the cash balances and their ability to pay rent without having this additional revenue, and it's all very strong. And we -- as we've pointed out, we don't expect anybody to miss their rental payments on a substantial basis. And we don't expect anybody, that no one has asked for any rent abatement, the 4% in the rental payments that haven't been collected, we still expect that those will be collected. They've just been deferred or delayed.

是的，這真的太早了，史蒂夫。請記住，在我們排名前 5 位的醫院運營商迄今為止收到的 26 億美元中，只有 4 億美元是撥款。其餘部分在醫療保險預付款中，但從長遠來看，究竟將如何處理這些問題仍然懸而未決。但如果你從整體上看，醫院運營可能下降了 30% 或 40%。這是來自——一切，從手術、急診就診和一切，顯然，這個數字因國家不同地區而異。例如，東北顯然比全國其他地區受到的打擊要嚴重得多。我們有一些醫院經營者沒有收治任何 COVID-19 患者的地方。所以他們一直坐在那裡，幾乎是在工作人員大幅減少的情況下擺弄他們的拇指。所以很難說保險範圍是什麼，但在過去的 30、60 天裡，我們顯然一直關注現金餘額是多少，以及他們在沒有額外收入的情況下支付租金的能力，這一切都非常強大。而且我們 - 正如我們所指出的那樣，我們不希望任何人在很大程度上錯過他們的租金。我們不指望任何人，沒有人要求減租，4% 的租金尚未收取，我們仍然希望這些費用會被收取。他們只是被推遲或延遲了。

That was going to be the follow-up, actually, it was for that 4%, how much of that is maybe like officially deferred under some sort of signed agreement versus just kind of more of a handshake of, hey, don't worry, it will still be paid but sounds like you just sort of answered that. So...

這將是後續行動，實際上，它是針對那 4%，其中有多少可能是根據某種已簽署的協議正式推遲的，而不是更多的握手，嘿，別擔心，它仍然會被支付，但聽起來你只是回答了這個問題。所以...

Yes. Steve, the vast majority of it, 99.9% of that is from, "hey, can't make the full payment right now, but we'll make it up," and so it's a bit more of a handshake. We haven't had anybody ask for official requests other than some very, very small tenants that we have. As an example, in the Portugal facility that we acquired last year, we have 2 small tenants that -- one's a dentist, and I can't remember what the other is. But other than that, there hasn't been any formal request.

是的。史蒂夫，其中絕大部分，其中 99.9% 來自，“嘿，現在不能全額付款，但我們會補上的，”所以這更像是一次握手。除了我們擁有的一些非常非常小的租戶之外，我們沒有任何人提出正式要求。例如，在我們去年收購的葡萄牙工廠中，我們有 2 個小租戶——一個是牙醫，我不記得另一個是什麼。但除此之外，沒有任何正式的要求。

Your next question is from the line of Michael Carroll with RBC.

你的下一個問題來自 RBC 的 Michael Carroll。

Yes. Ed or Steve, I know in the press release that you guys put out last night, there was some commentary on the strength of your investment pipeline and how that continues to grow. What's your stance right now on new investments? I mean how aggressive are you willing to be? I mean has that been delayed here in the near term? Or is that something that you're still pursuing right now?

是的。埃德或史蒂夫，我知道在你們昨晚發布的新聞稿中，有一些關於你們投資管道的實力以及它如何繼續增長的評論。您現在對新投資的立場是什麼？我的意思是你願意有多積極？我的意思是這在短期內被推遲了嗎？或者這是你現在仍在追求的東西？

Well, Mike, I think all of it has been delayed. We certainly haven't lost anything. We continue to work on it. But as the COVID crisis really got hot and heavy, even the people that were working on it with us from the other side have delayed their need to push it as well. But as I mentioned in my prepared remarks, we've had a couple of things that have come up post the COVID crisis that we believe are great opportunities. They're not large numbers. So I think some of those that we can take advantage of, because they're opportunistic, they just aren't very large numbers that will affect our liquidity in a very important way.

好吧，邁克，我想這一切都被推遲了。我們當然沒有失去任何東西。我們繼續努力。但隨著 COVID 危機真正變得火熱和沈重，即使是從另一邊與我們一起工作的人也推遲了他們推動它的需要。但正如我在準備好的發言中提到的那樣，在 COVID 危機之後出現了一些我們認為是巨大機遇的事情。他們不是很大的數字。所以我認為我們可以利用其中的一些，因為它們是機會主義的，它們只是數量不是很大，不會以非常重要的方式影響我們的流動性。

And do you think that this current environment has, I guess, changed private market valuations a little bit to allow you to pursue deals earlier than you would have previously expected? Or is it holding in there on the valuation, holding in there better than you thought?

我猜，你認為當前的環境是否稍微改變了私人市場估值，使你能夠比之前預期的更早地進行交易？或者它是否持有估值，比你想像的更好？

Mike, I'm not sure anybody knows exactly what effect this is going to have long term on the valuations. I certainly don't have any pushback. We haven't been working hard on any transactions to get to the point of closing, so I can't give you any real numbers on whether anybody -- or exactly where I think the cap rates will end up. But if I had to guess right now, I think that they'll be slightly higher than where they are today. What I do think that we'll see and what we are seeing is, that some of the one-off operators just don't -- realize that they just don't have the ability to handle situations like this. And so some of our larger operators see great opportunities with further consolidation in some of those areas.

邁克，我不確定是否有人確切知道這會對估值產生長期影響。我當然沒有任何阻力。我們還沒有在任何交易上努力工作以達到結束的程度，所以我不能給你任何關於是否有人——或者我認為上限利率最終會達到什麼水平的真實數字。但如果我現在不得不猜測，我認為它們會比今天略高。我認為我們將會看到的和我們正在看到的是，一些一次性運營商只是沒有——意識到他們只是沒有能力處理這樣的情況。因此，我們的一些較大的運營商看到了在其中一些領域進一步整合的巨大機會。

Okay. And then, Steve, can you provide some commentary on the, I guess, the G&A expense uptick in 1Q '20? I know you kind of mentioned this in your prepared remarks, is that mostly due to the equity compensation, and that's a good run rate we should expect going forward just given the performance that the company has delivered over the past few years?

好的。然後，史蒂夫，你能就我猜的 20 年第一季度 G&A 費用上漲發表一些評論嗎？我知道你在準備好的發言中提到了這一點，這主要是由於股權補償嗎？考慮到公司過去幾年的業績，我們應該期待未來的良好運行率？

Yes. The answers are yes and yes. It is mostly due to the increased accrual of the performance-based share, which is driven, again, as I tried to mention, by our past history when our accountants look at estimating really what's a wide range of potential outcomes for share issuance in the compensation plans. We're now in a position where we have to assume that we're going to continue this extraordinary performance that we've done over the last several years. Again, last year, 39% total return to shareholders, we doubled the size of the company. We are positioned now. Our guidance is that our per share FFO will increase by upwards of 25%. And now whether long term, all of that is sustainable, and 3 years from now, when we look back, will we have met all of those hurdles? I don't know. We would all love to think so. And if we do, then that will be great. But if we don't, then, of course, these accruals we're making now that are the reason for the increased G&A, they won't actually be paid out. And regrettably, the way the accountants work, they won't let us reverse that. But nonetheless, you are absolutely right. That's the primary reason for the increase.

是的。答案是肯定的。這主要是由於基於績效的股票的應計收益增加，正如我試圖提及的那樣，這再次受到我們過去歷史的推動，當時我們的會計師著眼於估計股票發行的廣泛潛在結果補償計劃。我們現在處於一個位置，我們必須假設我們將繼續我們在過去幾年中所做的非凡表現。同樣，去年，股東總回報率為 39%，我們將公司規模擴大了一倍。我們現在定位。我們的指導是我們的每股 FFO 將增加 25% 以上。現在無論從長遠來看，所有這些都是可持續的，從現在開始的 3 年後，當我們回顧時，我們是否會遇到所有這些障礙？我不知道。我們都願意這樣想。如果我們這樣做，那就太好了。但如果我們不這樣做，那麼，當然，我們現在所做的這些應計費用是增加 G&A 的原因，它們實際上不會得到支付。遺憾的是，會計師的工作方式不允許我們改變。但儘管如此，你是絕對正確的。這是增加的主要原因。

And your second question, yes, it is a good run rate.

你的第二個問題，是的，這是一個很好的運行率。

Your next question is from the line of Joshua Dennerlein of Bank of America.

你的下一個問題來自美國銀行的 Joshua Dennerlein。

Just curious if you could give some more color on the 4% of the portfolio that didn't pay rent. Was that one specific tenant? Was it more than one tenant? And then is there any color you can provide on like geographic or maybe like commonalities across operators or hospitals that kind of didn't pay rent?

只是好奇您是否可以在不支付租金的 4% 的投資組合中添加更多顏色。那是一個特定的租戶嗎？不止一個租戶嗎？然後，您是否可以提供任何顏色，例如地理或運營商或醫院之間的共同點，這些不支付租金？

Josh, it's less than a handful of operators. It's generally a situation where they didn't pay all of the rent but have assured us that they will catch up all of that rent shortly. As I mentioned earlier, there isn't anyone that's asked for an abatement. There isn't anyone that we've had to do any lease amendments to. And we, based on everybody's cash situations, we believe that some of those ones that have deferred some rent, they continue to have a tremendous amount of cash on their balance sheet. They have just been hoarding cash for whatever reason -- obviously, the fear of the COVID continuing longer than I think some of us hope that it will.

喬什，它少於少數操作員。通常情況下，他們沒有支付所有租金，但向我們保證他們會很快付清所有租金。正如我之前提到的，沒有人要求減免。我們沒有對任何人進行任何租約修訂。我們，根據每個人的現金情況，我們相信其中一些已經推遲了一些租金的人，他們的資產負債表上仍然有大量現金。他們只是出於某種原因囤積現金——顯然，對 COVID 的恐懼持續的時間比我認為我們中的一些人希望的要長。

Your next question is from the line of Jordan Sadler with KeyBanc.

你的下一個問題來自 Jordan Sadler with KeyBanc。

Just wanted to follow-up on the -- the G&A is part of it, but also just getting to the run rate guidance, Steve. Maybe you could walk us from the almost $0.40-or-so of FFO in the quarter. If you add back the $0.024 number, to the $0.41 to $0.42-or-so embedded in the run rate per quarter, embedded in the run rate guidance. Because it sounds like the G&A is going to stay at the same level. So what else is expected to happen to drive that run rate higher sequentially?

只是想跟進 - G＆A 是其中的一部分，但也只是為了獲得運行率指導，史蒂夫。也許您可以讓我們擺脫本季度近 0.40 美元左右的 FFO。如果你將 0.024 美元的數字加回每季度運行率中嵌入的 0.41 美元到 0.42 美元左右，嵌入到運行率指導中。因為聽起來 G&A 將保持在同一水平。那麼預計還會發生什麼來推動該運行率連續上升？

The bit imprecision is in the capital structure. 3 months ago when we initially put out the $1.65 to $1.68, we were in a normalized environment. And today, obviously it's not normalized. Certain markets may be open, but we're not in a position where we need to go into the markets when we don't think we would get fair pricing. So there's cushion, wiggle room, uncertainty really around that. The other issue would be, remember, it is a run rate, and therefore, there are developments that -- we don't have a lot of developments, but they are marginally very additive when they come online. And so we've got the Idaho Hospital, we've got the Birmingham Hospital, in England, there are a couple of others that will all in make up another $0.01 or $0.02. And so that's really it. It's not with great precision, and it leaves room for us to be flexible. We've said we want to get the -- we expect to get the leverage down to 5.5 again. When that happens now, at what equity valuation now, so those are the primary inputs.

有點不精確是在資本結構中。 3 個月前，當我們最初推出 1.65 美元至 1.68 美元時，我們處於一個正常化的環境中。而今天，顯然它沒有正常化。某些市場可能是開放的，但當我們認為我們無法獲得公平定價時，我們無法進入市場。因此，確實存在緩衝、迴旋餘地和不確定性。另一個問題是，請記住，這是一個運行率，因此，有一些發展——我們沒有太多的發展，但是當它們上線時它們會稍微增加。所以我們有愛達荷醫院，我們有英格蘭的伯明翰醫院，還有其他一些醫院，它們將再補足 0.01 美元或 0.02 美元。就是這樣。它不是很精確，它給我們留下了靈活的空間。我們已經說過我們希望獲得 - 我們希望將槓桿率再次降至 5.5。現在發生這種情況時，現在的股權估值是多少，所以這些是主要的投入。

So just to be clear, so it's sort of there would have been an expectation of potentially lower interest expenses a result of sort of going into the markets, be it in Europe or wherever. And now, it's just -- you wouldn't necessarily do that today. So that $0.01 or $0.02 of upside or -- that you could see once -- you could start to see that once things normalize. Is that the right way to think about it?

所以要明確一點，無論是在歐洲還是在任何地方，都有可能因為進入市場而導致利息支出降低的預期。而現在，它只是 - 你今天不一定會這樣做。因此，0.01 美元或 0.02 美元的上漲空間，或者——你可以看到一次——一旦事情恢復正常，你就可以開始看到了。這是正確的思考方式嗎？

Yes. With respect to the capital, both the leverage level itself, and then even if the leverage level didn't change, say, we stay at 5.9x, the interest cost going into the market today is obviously vastly different, if it can even be measured today, versus what it was a few weeks ago. So -- but we do hope and expect and again, given opportunities for upside on the revenue side, that's where the additional -- I think your arithmetic is right, starting with the $0.40 plus a couple more cents comes from.

是的。關於資本，槓桿水平本身，即使槓桿水平沒有變化，比如說，我們保持在 5.9 倍，今天進入市場的利息成本顯然有很大的不同，如果它甚至可以今天測量，與幾週前相比。所以 - 但我們確實希望並期待再次考慮到收入方面的上行機會，這就是額外的 - 我認為你的算術是正確的，從 0.40 美元開始再加上幾美分。

Was there any bad debt reserve or expense taken in the quarter, just as a -- in terms of -- as a cautious measure, just reflecting the fact that 4% wasn't collected in April? Or no?

本季度是否有任何壞賬準備金或費用，作為一項謹慎的措施，只是反映了 4 月份未收取 4% 的事實？或沒有？

No, there was not. I'll take the opportunity to answer a question you didn't ask, and that is there is a new accounting provision that everybody other than banks basically had to implement this quarter, but that was a prior period adjustment to equity. It did not impact us. And it was about around $8 million, where accountants now have to estimate at the time a credit facility is originated, how much it will lose over the life of that facility. So we took a roughly $8 million, $8.5 million charge, but it didn't go into earnings in the period of implementation. It hits retained earnings. But no, that had no impact.

不，沒有。我會藉此機會回答一個你沒有問的問題，那就是除了銀行以外的每個人基本上都必須在本季度實施一項新的會計規定，但這是對權益的前期調整。它沒有影響我們。它大約是 800 萬美元，會計師現在必須估計在信用額度發起時，在該額度的整個生命週期中會損失多少。因此，我們收取了大約 800 萬美元、850 萬美元的費用，但在實施期間並未計入收益。它會影響留存收益。但不，那沒有影響。

Was there a particular lease that, that pertained to? Or is that just across the board in aggregate?

是否有特定的租約？還是只是總體而言？

It's not leases, by the way, but it is across the board of everything that's not a straight operating lease. So to the extent we have loans in the aggregate and mortgages, even all of that was reviewed and determined that based on history, which is very, very difficult because we don't have much of a write-off history, that if you look at all of that number, and I'm sorry, I don't have the nominal amount. Be happy to get that to you, but it's a very, very small percentage of the probably $1 billion-plus in exposure.

順便說一句，這不是租賃，但它涵蓋了所有非直接經營租賃的內容。因此，就我們的總貸款和抵押貸款而言，甚至所有這些都根據歷史進行了審查和確定，這非常非常困難，因為我們沒有太多的註銷歷史，如果你看所有這些數字，對不起，我沒有名義上的金額。很高興將其提供給您，但這在可能超過 10 億美元的風險敞口中所佔的比例非常非常小。

Okay. And then on the top operators, I appreciated, Ed, the commentary and the fact that you guys were able to pull together the total amount of grants and receipts from the federal government. Can you maybe parse this a little bit more for us? Just thinking about these top 5 in particular. Are there -- not looking for you to tell us who received what per se, but just as you're thinking about it maybe qualitatively, who of these are having the most difficulty in terms of COVID relative to payments? And if any of these folks have been a source of some of the discussions that you've been having that was referred to, I guess, net amendment to the 10-K that you had earlier in the quarter?

好的。然後在頂級運營商上，我很欣賞，Ed，評論以及你們能夠將聯邦政府的贈款和收入總額匯總在一起的事實。你能為我們再分析一下嗎？只是特別考慮這些前 5 名。有沒有 - 不是要你告訴我們誰收到了什麼本身，而是正如你正在考慮的那樣，也許是定性的，這些人中有哪些人在 COVID 方面遇到的困難最大？如果這些人中的任何一個是你所提到的一些討論的來源，我想，你在本季度早些時候對 10-K 進行了淨修正？

Yes. And let me reference the 10-K first. The 10-K was a typical risk disclosure. It was not related to any particular tenant. In fact, if you look at our top 5 tenants, and I'll just remind everybody who they are, it's Steward, Prospect Medical, LifePoint, Prime and Ernest Health. All of those operators continue to perform very well. Many of them, like Steward as an example and Lifepoint and Prospect Medical, and again, those are the U.S., top 5 operators that we're talking about the CARES Act here. They reduced all of their elective surgeries or most of their elective surgeries and just did not have that many COVID-19 patients. I think that -- Steward, as an example, has roughly 7,000 to 8,000 hospital beds, and I think they had roughly 1,000 of hospitalized COVID-19 patients. Those are roughly the same types of percentages and numbers that you see for everybody else. But all of them, all of those that I've mentioned, are performing very well. They moved very, very quickly early on to rightsize their operations. They were able to obtain all of the PPE that they needed. They jumped through some hoops in some cases, but that was never an issue for them. Ventilators were never an issue for them. Ernest Health in this category is the only one that's a non-acute care operators. They actually -- their rehab portion has operated very, very well. Their LTAC operations, as you saw from the increase in the coverages earlier, have also performed well. So none of these top 5 U.S. operators are anybody that we're worried about. These are people that I literally talked to on a daily basis during the height of it, at least on a weekly basis now and updated as late as earlier this week. So I'm confident in all of their operations.

是的。讓我先參考 10-K。 10-K 是典型的風險披露。它與任何特定租戶無關。事實上，如果你看看我們的前 5 名租戶，我會提醒大家他們是誰，它們是 Steward、Prospect Medical、LifePoint、Prime 和 Ernest Health。所有這些運營商都繼續表現出色。他們中的許多人，例如 Steward 以及 Lifepoint 和 Prospect Medical，再一次，這些是我們在這裡談論 CARES 法案的美國前 5 大運營商。他們減少了所有擇期手術或大部分擇期手術，只是沒有那麼多 COVID-19 患者。我認為——舉個例子，Steward 有大約 7,000 到 8,000 張病床，我認為他們有大約 1,000 名住院的 COVID-19 患者。這些與您在其他人身上看到的百分比和數字大致相同。但是所有這些，我提到的所有這些，都表現得非常好。他們很早就採取了非常非常迅速的行動來調整他們的業務規模。他們能夠獲得所需的所有個人防護裝備。在某些情況下，他們跳過了一些障礙，但這對他們來說從來都不是問題。呼吸機對他們來說從來都不是問題。該類別中的 Ernest Health 是唯一一家非急症護理運營商。他們實際上 - 他們的康復部分運作得非常非常好。他們的 LTAC 業務，正如您從之前覆蓋範圍的增加中看到的那樣，也表現良好。因此，這 5 大美國運營商都不是我們擔心的人。這些人是我在高峰時期每天都與之交談的人，至少現在每週一次，最遲在本週早些時候更新。所以我對他們的所有操作充滿信心。

Your next question is from the line of Connor Siversky of Berenberg.

您的下一個問題來自 Berenberg 的 Connor Siversky。

Hope all is well. Taking a bit of a long-term view on the situation, I'm wondering if there's any dichotomy in performance for your larger and smaller operator tenants. And then is there any possibility that the fallout from this period would usher in some M&A activity with those operators?

希望一切安好。從長遠的角度來看這種情況，我想知道您的大型和小型運營商租戶的性能是否存在任何二分法。那麼，這一時期的後果是否有可能引發與這些運營商的一些併購活動？

Yes. I think there will be a good amount of M&A activity from these operators, these larger operators that I mentioned in the group just a minute ago. All of them are in a good position financially. Their balance sheets are in good positions. They've got good cash reserves and other liquidity reserves. And early on, they recognized that there were going to be winners and losers in this, and they have their eyes on some people that they think will make good acquisition targets. I think those are primarily going to be the one-offs that don't have the ability to handle crises like this as well as some of the larger, more diversified operators do. So we think that they are all going to have great opportunities there.

是的。我認為這些運營商將會有大量的併購活動，我剛才在小組中提到的這些較大的運營商。他們所有人的經濟狀況都很好。他們的資產負債表狀況良好。他們有充足的現金儲備和其他流動性儲備。很早以前，他們就認識到在這方面會有贏家和輸家，他們將目光投向了一些他們認為會成為良好收購目標的人。我認為這些主要是一次性的，它們沒有能力處理這樣的危機，一些更大、更多元化的運營商也有能力。所以我們認為他們在那裡都會有很好的機會。

Okay. Great. Thanks for the color. And then another one on ventilator capacity. And I'm working under the assumption that in the state of New Jersey, for example, we've never actually reached ventilator capacity. So I'm wondering if we see a resurgence of the virus come colder months if there would be a need to cut back on elective procedures again, or if we could kind of keep the ball rolling in that regard?

好的。偉大的。謝謝你的顏色。然後是另一個關於呼吸機容量的問題。我假設在新澤西州，例如，我們從未真正達到呼吸機容量。所以我想知道我們是否會在寒冷的月份看到病毒捲土重來，是否需要再次減少擇期手術，或者我們是否可以在這方面保持進展？

Oh gracious, Connor. I don't think anybody has any idea of where we're going to be with this virus and where and when a vaccine becomes available. The good news is, is that if we do have a resurgence in the fall and in the winter months, we've all been here before, I think we'll have a better handle on how to operate. I think that from our operator standpoint anyway, I think that they will be in a very good position should we have any resurgence. But let's hope that we don't for the whole economy standpoint.

哦，天哪，康納。我認為沒有人知道我們將在哪裡感染這種病毒以及何時何地可以獲得疫苗。好消息是，如果我們確實在秋季和冬季復甦，我們以前都來過這裡，我認為我們將更好地處理如何操作。我認為無論如何從我們運營商的角度來看，如果我們有任何復蘇，我認為他們將處於非常有利的位置。但我們希望我們不要站在整個經濟的立場上。

Right. I can definitely agree with you there. And then one more for me on the construction side of things. Any developing narratives that would suggest hospital and carriers would need to be refit out to mitigate the spread of respiratory illnesses in the future?

正確的。我絕對同意你的看法。然後再給我一個關於建築方面的問題。是否有任何發展中的敘述表明醫院和攜帶者需要進行改造以減輕未來呼吸道疾病的傳播？

So I don't think so, Connor. I think that most hospitals are in a good position from having isolation rooms and isolation wards. There obviously has been some academic type talk about making rooms bigger so you can convert single occupancy rooms to double occupancy, and those will be things that we all study for a long time. I think that the private hospitals are probably in better shape than most of the public hospitals that are generally older facilities and maybe less well-capitalized. So I think from all of the CEOs that I've talked to about this particular issue, I don't think any of them are concerned about where their particular hospitals stand. You may remember early on that Steward was one of the first operators that actually designated in each one of their regions, a hospital to be their COVID patients. And I think that, that's a good way for people that have more than one facility to operate because some facilities are better equipped than others for it.

所以我不這麼認為，康納。我認為大多數醫院都處於隔離室和隔離病房的有利位置。很明顯，有一些學術類型的討論是關於把房間變大，這樣你就可以把單人房變成雙人房，這些都是我們都研究了很長時間的東西。我認為私立醫院的狀況可能比大多數設施較舊且資本不足的公立醫院更好。所以我認為，從我就這個特定問題與我交談過的所有首席執行官來看，我認為他們中的任何一個都不關心他們特定醫院的立場。您可能很早就記得，Steward 是第一批實際在他們每個地區指定一家醫院作為他們的 COVID 患者的運營商之一。我認為，對於擁有多個設施的人來說，這是一種好方法，因為有些設施比其他設施配備得更好。

Your next question is from the line of Tayo Okusanya with Mizuho.

你的下一個問題來自 Tayo Okusanya 與 Mizuho 的合作。

Hope everyone is keeping safe and healthy. Gentlemen, I guess one of the questions I would like to ask is, when we do think about a world where, hopefully, COVID is behind us, all these elective procedures start to come back, going forward. How does one think about kind of the profitability of the hospital systems going forward, especially in a world where we have such high unemployment? You probably have a whole bunch of people who would have been paying commercial who certainly can't pay commercial anymore. And so when you kind of think about what could happen to profitability of the hospitals, does that kind of change your opinion about kind of tenant credit risk?

希望每個人都保持安全和健康。先生們，我想我想問的一個問題是，當我們確實想到一個希望 COVID 已經過去的世界時，所有這些選擇性程序開始回歸，向前發展。人們如何看待未來醫院系統的盈利能力，尤其是在我們失業率如此之高的世界中？你可能有一大群本來會支付廣告費用的人肯定不能再支付廣告費用了。因此，當您考慮醫院的盈利能力可能發生什麼變化時，這是否會改變您對租戶信用風險的看法？

Tayo, that's a good question. I think that if you look at in Europe where they're getting back to work quicker than we are here in the U.S., it's a little bit of a different story because of the way their reimbursement works from an overall standpoint. Let me use Switzerland, probably is the best example, they plan to be fully operational in late May or early June. They're actually going to go to a 6-day work week schedule because they expect the volume to be so very strong that they can't get it all done in their typical 5-day work schedule. The various governments there, remember, Switzerland is more of a confederation than the system that we have here, and so you're dealing with a lot of different states there. But the overall -- the plan that they have is that they will increase their reimbursements to basically have a catch-up type situation through the remaining part of the year. I don't know that, that will continue into 2021 or not.

泰約，這是個好問題。我認為，如果你看看歐洲，他們恢復工作的速度比我們在美國更快，這會有點不同，因為從整體角度來看，他們的報銷方式是不同的。讓我用瑞士，可能是最好的例子，他們計劃在 5 月底或 6 月初全面投入運營。他們實際上將採用 6 天的工作週時間表，因為他們預計工作量會非常大，以至於他們無法在典型的 5 天工作時間表中完成所有工作。那裡的各個政府，記住，瑞士更像是一個聯邦而不是我們這裡的系統，所以你要和那裡的許多不同的州打交道。但總的來說——他們的計劃是他們將增加報銷，以便在今年餘下的時間里基本上實現追趕型情況。我不知道，這是否會持續到 2021 年。

Here in the U.S., we hope that most of the unemployment, the large numbers of unemployment, as the economy gets back open and working, this won't be like a typical recession. You'll see those workers getting back to work very quickly. But if they're not, if they don't and they don't have the health care insurance. And keep in mind, at this point, I'm not sure if anybody had any exact numbers on that. But there's still going to be reimbursed something, whether it's reimbursed through a Medicaid-type number or back through some sort of commercial or Medicare-type number. We still believe that the overall impact will be that when we can get the operations back up and fully running that the hospitals will continue to be profitable. Remember that we were dealing with coverages in the 3.5x range, so there's a lot of room there.

在美國，我們希望大部分失業，大量失業，隨著經濟重新開放和運轉，這不會像典型的衰退那樣。你會看到那些工人很快恢復工作。但如果他們沒有，如果他們沒有，他們就沒有醫療保險。請記住，在這一點上，我不確定是否有人對此有任何確切數字。但是仍然會有一些東西得到報銷，無論是通過醫療補助類型的號碼報銷還是通過某種商業或醫療保險類型的號碼返回。我們仍然相信，總體影響將是，當我們能夠恢復運營並全面運行時，醫院將繼續盈利。請記住，我們正在處理 3.5 倍範圍內的覆蓋範圍，因此那裡有很大的空間。

Okay. That's very helpful. And then just along those lines as well, when we do kind of think about whether it's 4 to 6 months from now, a lot of these Medicare advances have to get paid back according to the current rules. What confidence do you have at that point, that kind of elective surgeries and all those things would have come back enough and profitability will be robust enough where tenants can pay back the Medicare advancements, can pay back the interest obligations, can continue to kind of pay your rent? Look, I'm just kind of curious that is the problem going to be in 4 months or so when the rubber hits the road in regards to some of these things having to get paid back and it puts kind of more stress on the cash flows of hospital systems.

好的。這很有幫助。然後同樣沿著這些思路，當我們考慮是否是從現在開始的 4 到 6 個月時，許多這些 Medicare 預付款必鬚根據現行規則得到償還。那時你有什麼信心，那種選擇性手術和所有這些事情都會回來，盈利能力會足夠強勁，租戶可以償還醫療保險預付款，可以償還利息義務，可以繼續付房租？看，我只是有點好奇，問題會在 4 個月左右的時間裡出現，因為其中一些事情必須得到償還，這會給現金流帶來更大的壓力的醫院系統。

Well, that's a good question, Tayo. And I don't think anybody knows the exact answer of that and exactly how we'll ultimately end up in the repayment of those. But I think the -- when trying to analyze that from our standpoint or your standpoint, as an analyst covering us, the important thing to remember is that even before any of our hospital operators received any of those payments, we were assured by them and through our own analysis that they all had sufficient cash to continue to pay their rent. So I think that if the hospital operations haven't come back in such a manner that they can make those repayments as -- are currently planned, 2 things will happen: one is there'll be an overall adjustment to what those repayment plans because the U.S. government certainly doesn't want to put hospitals out of business, that will be counterproductive to what they're trying to do here; and secondly, if they haven't come back in full the way that we've all expected that they will have come back, then I think some of this cash that they had planned to use before they received it, they could use that cash to make the repayments.

嗯，這是一個很好的問題，Tayo。而且我認為沒有人知道這個問題的確切答案，也不知道我們最終將如何償還這些債務。但我認為 - 當試圖從我們或您的角度分析這一點時，作為一名覆蓋我們的分析師，要記住的重要一點是，即使在我們的任何醫院經營者收到任何這些付款之前，我們就得到了他們的保證，並且通過我們自己的分析，他們都有足夠的現金繼續支付房租。所以我認為，如果醫院的運作沒有恢復到他們可以按照目前的計劃還款的方式，就會發生兩件事：一是對這些還款計劃進行全面調整，因為美國政府當然不想讓醫院倒閉，那會適得其反。其次，如果他們沒有像我們所期望的那樣完全回來，那麼我認為他們在收到之前計劃使用的一些現金，他們可以使用這些現金進行還款。

Got you. That's helpful. One other one if you would indulge me. Again, you mentioned that you weren't really doing anything actively in regards to underwriting today. But again, just curious, with all the uncertainty, how would you underwrite a hospital transaction today? Like what would be the things you would have to kind of think about or get comfortable with to pull the trigger on a transaction, if one kind of came, kind of showed up at your door step today?

明白了這很有幫助。另一個如果你願意放縱我。再一次，你提到你今天在承銷方面並沒有真正積極地做任何事情。但是，再次好奇，在所有不確定性的情況下，您今天將如何承保醫院交易？就像你必須考慮或習慣於觸發交易的事情是什麼，如果今天出現在你家門口？

So let me clarify my comment. We are actively underwriting. We are not actively preparing to close anything -- any transactions, with the exception of those very few COVID-related type opportunities that we have that we think are from the timing are opportunistic, but those aren't large in numbers from our liquidity standpoint. But from an underwriting standpoint, we're underwriting it as if there were no COVID-19, all the things that we normally do. Is the hospital needed in that community, is it truly part of the infrastructure, what happens if that hospital closes, if it closes and nobody misses their healthcare needs, obviously, it's the same questions that we would always ask. And then what obviously has become much more important is the strength of the operator. But as Steve talked about some in his prepared remarks, we've done a really good job with our growth that we've had over the last 5 or 6 years with operators that have really strong balance sheets and good financial position. So I think we'll just continue that trend.

所以讓我澄清一下我的評論。我們正在積極承保。我們沒有積極準備關閉任何交易——除了我們認為從時間上看是機會主義的極少數與 COVID 相關類型的機會，但從我們的流動性角度來看，這些機會並不多.但從承保的角度來看，我們正在承保它，就好像沒有 COVID-19，我們通常會做的所有事情。該社區是否需要醫院，它是否真的是基礎設施的一部分，如果該醫院關閉會發生什麼，如果它關閉並且沒有人錯過他們的醫療保健需求，顯然，這是我們經常問的相同問題。然後顯然變得更加重要的是運營商的實力。但正如史蒂夫在他準備好的發言中談到的那樣，我們在過去 5 或 6 年的增長中做得非常好，運營商擁有非常強大的資產負債表和良好的財務狀況。所以我認為我們將繼續這種趨勢。

Got you. And then one more, if you don't mind. Your international operations, do they see the same level of kind of drop-off in admission volumes that we saw in the U.S. as well? Like U.K., Germany, Australia's admission volumes also down 50%, 60%, 70% as well.

明白了如果你不介意的話，再來一張。您的國際業務，他們是否也看到了我們在美國看到的同樣程度的入學量下降？與英國、德國一樣，澳大利亞的錄取量也下降了 50%、60%、70%。

So yes and no. So it varies from location to location. Australia, as an example, saw a very similar type drops that we saw here in the U.S. and very similar non-numbers of COVID-19 patients. The COVID-19 patients just didn't materialize like we all thought they would materialize. But Australia hasn't had the number of COVID patients that the rest of the world has, for whatever reason. Switzerland, they operated much like has happened to us in Spain, where the hospitals there have more been responsible for dealing with the non-COVID-19 patients, so transfers from public hospitals of normal patients, if you will, to make room for the COVID-19 patients within their hospitals, there are some exceptions to that in Switzerland. They've had one hospital that was one of ours that has been dedicated to the COVID-19 patients. But all of them saw an initial drop. But in Spain and in Switzerland, they then saw those patients being replaced with public patients from the public hospitals.

所以是和不是。所以它因位置而異。例如，澳大利亞出現了與我們在美國看到的非常相似的下降類型，以及非常相似的非 COVID-19 患者數量。 COVID-19 患者並沒有像我們所有人認為的那樣出現。但無論出於何種原因，澳大利亞的 COVID 患者數量都不及世界其他地區。瑞士，他們的運作很像我們在西班牙發生的事情，那裡的醫院更多地負責處理非 COVID-19 患者，所以如果你願意的話，從公立醫院轉移普通患者，為COVID-19 患者在其醫院內，但瑞士有一些例外。他們有一家醫院是我們的醫院之一，專門收治 COVID-19 患者。但他們都看到了最初的下降。但在西班牙和瑞士，他們隨後看到這些患者被公立醫院的公立患者所取代。

Germany is a totally different success story because it's mostly post-acute. They took about 2 weeks to revamp their operations, to take a lot of patients that would have normally been in an acute care setting, but were able to come out and come into the post-acute quicker. So they saw about a 30% drop very quickly, but all of that has recovered since then. Obviously, a very, very different story in the U.K., where the NHS is managing all of the bed accesses, so it's really hard to analyze those particular numbers.

德國是一個完全不同的成功故事，因為它主要是後急性期。他們花了大約 2 週的時間來改進他們的手術，接收了很多通常處於急性護理環境中的患者，但他們能夠更快地出院並進入急性後期。所以他們很快就看到了大約 30% 的下降，但從那以後所有這些都恢復了。顯然，英國的情況非常非常不同，NHS 負責管理所有病床通道，因此很難分析這些特定數字。

Your next question is from the line of Mike Mueller with JP Morgan.

你的下一個問題來自摩根大通的 Mike Mueller。

Just a quick one. Can you talk a little bit about what you're seeing in terms of debt availability for the different regions around the globe that you operate in and estimated capital cost for those?

只是一個快速的。你能談談你在全球不同地區經營的債務可用性以及這些地區的估計資本成本方面所看到的情況嗎？

Well, we haven't actually been planning to need any. Early in the process, I think, especially in the high-yield area, things kind of froze up. Rates have -- spreads, I should say, have widened dramatically. New issue premiums have, just from observations of a company that's not really in the market, all of that is to say, from our perspective, is we're thankful that we have upwards of $2 billion in liquidity and we don't need to access the debt markets. We are hopeful, of course, as things come back to normal, that the pricing will get back to where it was before the crisis.

好吧，我們實際上並沒有計劃需要任何東西。在這個過程的早期，我認為，尤其是在高產區，事情有點停滯不前。利率 - 我應該說，利差已經急劇擴大。新發行溢價，僅從一家不在市場上的公司的觀察來看，所有這一切就是說，從我們的角度來看，我們很慶幸我們擁有超過 20 億美元的流動性，我們不需要進入債務市場。當然，我們希望隨著一切恢復正常，定價將回到危機前的水平。

Your next question is from the line of Todd Stender with Wells Fargo.

你的下一個問題來自富國銀行的 Todd Stender。

I hope you guys are well.

我希望你們都好。

We are. Todd, thanks for asking.

我們是。托德，謝謝你的提問。

Sure thing. Elective surgeries, just to stay on that theme. Really, that's top of mind, I would think, for some investors, as far as health systems getting back on their feet and generating revenue. How is your geographic footprint, at least here in the U.S., weighted towards states that look to be reopening sooner than later?

當然可以。擇期手術，只是為了保持那個主題。真的，我認為，對於一些投資者來說，就醫療系統重新站起來並創造收入而言，這是最重要的。您的地理足跡（至少在美國這裡）如何偏向於希望盡快重新開放的州？

Most of where we are, are looking to reopen sooner rather than later. We don't have anything in New York, and we don't have much in the Northeast. So probably Massachusetts would probably be one of those last states to reopen for us. But Florida, Alabama, the lot to the West are areas that expect to get reopened fairly quickly. Now the question will be, as I mentioned earlier, how places like Germany and Switzerland do because they're going to be some of the first to reopen, and then some of the states here that are reopened quickly, we'll see whether there's any resurgence, has any effect there. But we've had a lot of hospital capacity that's been sitting around waiting for the COVID-19 patients that just didn't materialize in a very big way. So we'll -- I think that we'll see in the -- in May and in June, a lot of those surgeries getting back going.

我們所在的大部分地區都希望儘早重新開放。我們在紐約什麼都沒有，在東北也不多。因此，馬薩諸塞州可能是最後為我們重新開放的州之一。但是佛羅里達州、阿拉巴馬州和西部的很多地區預計會很快重新開放。現在的問題是，正如我之前提到的，像德國和瑞士這樣的地方會怎麼做，因為它們將是最先重新開放的一些州，然後這裡的一些州會迅速重新開放，我們將看看是否有任何復興，都會在那裡產生任何影響。但是我們有很多醫院容量一直在等待 COVID-19 患者，只是沒有以非常大的方式實現。因此，我們將——我認為我們將在 5 月和 6 月看到，許多手術將重新開始。

Those patients Ed that have been moved out of the hospitals have really gone to post-acute. Is that fair, whether it's rehab, LTAC, even skilled nurses?

那些被搬出醫院的病人埃德真的已經到了晚期。這公平嗎，無論是康復中心、LTAC，還是熟練的護士？

Or home. Or home.

或者回家。或者回家。

Or sent home, yes. Or just stayed home. Do you see a rising appetite from you guys? I know you're certainly more on the acute care side, maybe a bigger appetite going forward for post-acute, just in the sense of health care migrating towards the lowest cost setting.

或者送回家，是的。或者只是呆在家裡。你看到你們胃口大增了嗎？我知道你肯定更傾向於急性護理方面，也許對後急性病有更大的胃口，只是在醫療保健轉向最低成本環境的意義上。

Todd, I think that we'll have some opportunities in Europe from the post-acute care setting. It's slightly different than what we have here in the U.S. In the U.S., we've always remained strong on the inpatient rehabilitation business. We actually have also liked the LTAC business. The market just hasn't liked it very much, but maybe they've proven their worth to the industry because they certainly have been very needed in this time frame. The real problem for the post-acute here in the U.S. for us is there's just not that much volume. So even if we doubled what we had now, it just wouldn't be that much volume.

托德，我認為我們將在歐洲的後急性護理環境中獲得一些機會。這與我們在美國的情況略有不同。在美國，我們在住院康復業務方面一直保持強勁勢頭。我們實際上也喜歡 LTAC 業務。市場只是不太喜歡它，但也許它們已經向行業證明了它們的價值，因為在這個時間範圍內肯定非常需要它們。對我們來說，美國後急性期的真正問題是數量不多。因此，即使我們現在的數量翻了一番，也不會那麼多。

At this time, there are no further questions, I'll turn the call back over to Ed Aldag to close the call.

目前，沒有其他問題了，我會將電話轉回給 Ed Aldag 以結束通話。

Thank you, Stephanie. And again, all of you, we appreciate you being on the call today. We appreciate your questions. If you have any further questions, please don't hesitate to contact any one of us. And prayers to all of your family and hope you all remain safe. Thank you very much.

謝謝你，斯蒂芬妮。再一次，你們所有人，我們感謝你們今天的電話會議。感謝您提出問題。如果您有任何其他問題，請隨時與我們中的任何一位聯繫。並為你所有的家人祈禱，希望你們都平安。非常感謝。

Thank you. This concludes today's meeting. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連接。