Medical Properties Trust Inc (MPW) 2022 Q3 法說會逐字稿

Good day, and welcome to the Third Quarter 2022 Medical Properties Trust's Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference back over to Charles Lambert. Please go ahead.

美好的一天，歡迎參加醫療財產信託 2022 年第三季收益電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想把會議轉回給查爾斯·蘭伯特。請繼續。

Good morning. Welcome to the Medical Properties Trust conference call to discuss our third quarter 2022 financial results.

早安.歡迎參加 Medical Properties Trust 電話會議，討論我們 2022 年第三季的財務表現。

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.

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.

我們的新聞稿於今天上午發布，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，可以在我們的網站 www.medicalpropertiestrust.com 的投資者關係部分找到副本。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 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所表達和/或潛在的情況有重大差異的因素。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。

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 thanks to all of you for joining today on our third quarter 2022 earnings call.

謝謝 Charles，也謝謝大家今天參加我們的 2022 年第三季財報電話會議。

While economic uncertainty and inflationary pressures continue to weigh on investors and businesses worldwide, we are seeing some positive trends over the last couple of months within the health care sector that are worth noting. Volumes have fluctuated throughout 2022, but August saw increasing volumes, which have provided a good boost in revenues. So while our trailing 12-month coverages may see marginal declines as grant funds roll out of the prior periods, we're seeing positive trends in quarter-over-quarter and August over July discrete coverages.

儘管經濟不確定性和通膨壓力繼續給全球投資者和企業帶來壓力，但過去幾個月我們看到醫療保健產業出現了一些值得注意的正面趨勢。 2022 年全年銷量有所波動，但 8 月份銷量有所增加，這為收入提供了良好的增長。因此，雖然隨著贈款基金從前期的推出，我們過去 12 個月的覆蓋範圍可能會出現小幅下降，但我們看到季度環比以及 8 月與 7 月離散覆蓋範圍的積極趨勢。

As we have previously discussed, our operators, especially the general acute care facilities have experienced the same general conditions and environments as have all hospital systems, including HCA, Tenet and others. Our operators have been executed on initiatives to reduce contract labor utilization and at the same time, negotiate more favorable pricing for contract labor that remains in place due to short staffing. In February of this year, our operators experienced the highest level of contract labor, but have subsequently seen a decline through the month of August. A similar decline has occurred in overall salaries, wages and benefits.

正如我們之前所討論的，我們的運營商，尤其是普通急診機構，經歷了與所有醫院系統（包括 HCA、Tenet 等）相同的一般條件和環境。我們的營運商已採取措施減少合約工的利用率，同時為因人員短缺而保留的合約工談判更優惠的價格。今年 2 月份，我們的營運商的合約工數量達到最高水平，但隨後整個 8 月份都出現下降。整體薪資、薪資和福利也出現了類似的下降。

I want to take a moment to remind everyone the nature of reimbursement for hospitals. Generally speaking, hospitals are paid after services are rendered. And more notably, these rates are adjusted at various intervals based on prior year's data. What this means is that reimbursement rates are not currently reflective of the increase in cost of care for patients that hospitals have incurred over the last year or two. CMS will catch up. Remember, historically, Medicare rates have on a whole outpaced inflation.

我想花點時間提醒大家醫院報銷的性質。一般來說，醫院是在提供服務後才付費的。更值得注意的是，這些利率是根據上一年的數據以不同的時間間隔進行調整。這意味著目前的報銷率並未反映醫院在過去一兩年內發生的病患照護費用的增加。 CMS 將迎頭趕上。請記住，從歷史上看，醫療保險費率總體上超過了通貨膨脹。

It is also important to note that our operators contract with and are reimbursed by numerous distinct payers. The terms of these contracts generally range from 1 to 3 years. Our operators are actively negotiating new contracts with their payers and expect to be successful in negotiating increased reimbursement rates that are even greater than CMS increases. It may not be immediate and all at once, but it is coming and in an escalating manner. As our operators effectively work to bring down cost and as reimbursement rates increase, we expect to continue to see coverages improving within our portfolio.

同樣重要的是要注意，我們的運營商與眾多不同的付款人簽訂合約並由其報銷。這些合約的期限一般為1至3年。我們的營運商正在積極與其付款人談判新合同，並期望在談判中成功提高報銷率，該報銷率甚至高於 CMS 的增幅。它可能不會立即發生，但它正在以逐步升級的方式發生。隨著我們的營運商有效地努力降低成本和報銷率的提高，我們預計我們的投資組合的覆蓋範圍將繼續改善。

As our operators are adjust their debt, we are confident they will continue to be successful. This is a long-term investment. And while we focus along with our operators on the month-to-month, quarter-to-quarter metrics, we are more focused with the long-term strength of our portfolio of assets. It can become too easy to lose the forest through the trees by myopically focusing on monthly spike in contract labor or coverages quarter after quarter. Our underwriting and managing of these assets are not done in a vacuum nor on a quarter-to-quarter time span. We see the forest, we've seen our portfolio go through numerous cycles over the years. Hospitals have always adapted to whatever the new norm and then they do it again.

隨著我們的營運商正在調整債務，我們相信他們將繼續取得成功。這是一項長期投資。雖然我們與營運商一起關注月度、季度指標，但我們更關注資產組合的長期實力。如果目光短淺地關注合約工每月的激增或逐季覆蓋的情況，很容易因樹木而失去森林。我們對這些資產的承保和管理不是在真空中完成的，也不是在每季的時間範圍內完成的。我們看到了森林，我們看到我們的投資組合多年來經歷了無數的週期。醫院總是適應新的規範，然後再做一次。

Earlier this month, Pipeline announced that it has filed for a petition for reorganization relief under Chapter 11 protection. Many of the financial challenges for the Pipeline organization involved their hospitals in Chicago. As a reminder, MPT does not own or lease those hospitals to Pipeline. We own Pipeline's 4 Los Angeles hospitals. We remain confident in Pipeline as an operator, especially considering the value of our hospital properties that serve a vital need in their respective L.A. communities. We understand the decision to restructure as it will provide the flexibility and implement sustainable strategies for the corporation going forward.

本月早些時候，Pipeline 宣布已根據第 11 章保護申請重整救濟。 Pipeline 組織面臨的許多財務挑戰都涉及其位於芝加哥的醫院。需要提醒的是，MPT 並不擁有或租賃這些醫院給 Pipeline。我們擁有 Pipeline 的 4 家洛杉磯醫院。作為營運商，我們對 Pipeline 仍然充滿信心，特別是考慮到我們的醫院資產的價值，這些資產滿足了各自洛杉磯社區的重要需求。我們理解重組的決定，因為它將為公司未來提供靈活性並實施永續策略。

We fully expect that our rents will continue to be paid and our hospitals will continue to serve their respective communities during the duration of the bankruptcy process.

我們完全期望在破產過程期間我們的租金將繼續支付，我們的醫院將繼續為各自的社區提供服務。

Over the past couple of decades, MPT has successfully underwritten tens of billions of dollars in health care real estate. And in that time, we've had very few operators go through the bankruptcy process. Our success rate is not perfect, but it's pretty darn close. Last quarter, we provided an investor update report on our website that details some of these occurrences where we've had needed to replace or transition operators, not all of which were the result of bankruptcy. In almost all of these situations, there was no interruption of services provided to the communities by these essential assets. Rents continue to be paid, and we were successfully able to transition the in-place lease agreements to new tenants.

在過去的幾十年裡，MPT 已成功承保了數百億美元的醫療保健房地產。在那段時間裡，我們很少有業者經歷破產程序。我們的成功率並不完美，但已經非常接近了。上個季度，我們在網站上提供了一份投資者更新報告，詳細介紹了我們需要更換或過渡營運商的一些事件，並非所有這些事件都是破產的結果。幾乎在所有這些情況下，這些重要資產向社區提供的服務都沒有中斷。租金繼續支付，我們成功地將就地租賃協議過渡給新租戶。

Regarding coverages for the 12 months ending June 30 of this year, we continue to see the impact of the COVID grant monies rolling off the trailing 12-month period. However, as I stated earlier, we are seeing positive increases in quarter-over-quarter coverages. This is being bolstered by increased volumes and decreases in contract labor and overall salary, wages and benefits. Our lease coverages or amounts are spelled out in detail in our supplement filed this morning with our earnings release, but there are a few points that I'd like to highlight.

關於截至今年 6 月 30 日的 12 個月的覆蓋範圍，我們繼續看到新冠疫情補助金的影響在過去 12 個月期間不斷擴大。然而，正如我之前所說，我們看到季度覆蓋率出現正面成長。合約工以及整體工資、工資和福利的數量增加和減少也支撐了這一趨勢。我們的租賃範圍或金額在今天早上與我們的收益發布一起提交的補充文件中詳細說明，但我想強調幾點。

We are almost at the point where no COVID grants will be included in the trailing 12 months. The EBITDARM coverage for the trailing 12 months ending June 30 with or without grant is only 7 basis points apart. Another very important point to note is that the coverages for our total portfolio and each separate category of hospitals saw an increase in coverage during the second quarter over the first quarter. The total portfolio was up 40 basis points, up 60 basis points for acute care, up 10 basis points for inpatient rehabs, up 20 basis points for behavioral health, and up 90 basis points for our long-term acute care facilities.

我們幾乎已經到了過去 12 個月內不會再計入新冠肺炎補助金的地步。截至 6 月 30 日的過去 12 個月的 EBITDARM 覆蓋範圍（無論有無補助）僅相差 7 個基點。另一個需要注意的非常重要的一點是，我們整個投資組合和每個單獨類別醫院的覆蓋範圍在第二季度比第一季增加。總投資組合成長了 40 個基點，其中急性照護增加了 60 個基點，住院復健成長了 10 個基點，行為健康成長了 20 個基點，長期急診照護設施成長了 90 個基點。

And before turning the call over to Steve, let me outline the strong operating performance that Steward is reporting to us. Unadjusted EBITDA for the second quarter was approximately $51 million. The third quarter is expected to be more than $30 million. Fiscal year '22 unadjusted EBITDA is projected to be between $50 million and $80 million. Contract labor in Q3 fiscal year '22 has decreased 30% from Q1 FY '22 run rate and is expected to decline an incremental 20% in Q4, resulting in a 50% decline since the first quarter of this year. Steward is also forecasting unadjusted EBITDA of more than $350 million for fiscal year '23. Steve?

在將電話轉給史蒂夫之前，讓我概述一下 Steward 向我們報告的強勁營運表現。第二季未調整的 EBITDA 約為 5,100 萬美元。第三季預計將超過3000萬美元。 22 財年未經調整的 EBITDA 預計在 5,000 萬至 8,000 萬美元之間。 22 財年第三季的合約工較 22 財年第一季的運行率下降了 30%，預計第四季將減少 20%，導致自今年第一季以來下降 50%。 Steward 也預測 23 財年未經調整的 EBITDA 將超過 3.5 億美元。史蒂夫？

Thank you, Ed. This morning, we reported normalized FFO of $0.45 per diluted share, in line with our prior expectations, including slight dilution relative to our previously announced use of capital recycling proceeds to continue our reduction in leverage. As this morning's press release noted, we have refined our 2022 calendar year estimate to a range of $1.80 to $1.82 per share, simply narrowing the previous range to the higher end.

謝謝你，艾德。今天上午，我們公佈的正常化 FFO 為每股攤薄後每股 0.45 美元，符合我們先前的預期，包括相對於我們先前宣布的使用資本回收收益繼續降低槓桿率的輕微稀釋。正如今天早上的新聞稿所指出的，我們已將 2022 年日曆年的預期細化至每股 1.80 美元至 1.82 美元的範圍，只是將之前的範圍縮小到了較高端。

Implied fourth quarter results primarily consider a full quarter impact of the third quarter recycling activity and higher interest rates. Adjustments to normalized FFO are routine and immaterial individually and in the aggregate, but I will be happy to address any questions you have about this during our Q&A.

隱含的第四季業績主要考慮了第三季回收活動和利率上升對整個季度的影響。對標準化 FFO 的調整是例行公事，無論從個人還是整體來看都是無關緊要的，但我很樂意在我們的問答中解答您對此提出的任何問題。

Let's review MPT's reliable, sustainable and inflation-protected cash-based business model. Year-to-date, as of September 30, MPT had collected 99% of contractual rents. In the interest of accuracy and transparency, however, I will point out the following definitional considerations.

讓我們回顧一下 MPT 可靠、可持續且抗通膨的現金業務模式。年初至今，截至 9 月 30 日，MPT 已收取合約租金的 99%。然而，為了準確性和透明度，我將指出以下定義注意事項。

First, as we reported last quarter, MPT supported Steward and Prospect with loan facilities, and I will review these momentarily. Second, in earlier quarters of 2022, we allowed 1 non-U.S. tenant relationship to defer $7 million of rent over 4 months. That tenant is now back to paying 100% of rent, and will repay the amounts deferred with interest over 12 months starting in January. And finally, many U.S. states have so-called Supplemental Medicaid programs that basically collect an assessment or a tax on all hospitals in the state. This aggregate assessment is often matched by the federal government and then is periodically allocated to the state's hospitals based on each hospital's relative provision of services to eligible patients.

首先，正如我們在上季度報導的那樣，MPT 透過貸款便利來支持 Steward 和 Prospect，我將立即審查這些。其次，在 2022 年前幾個季度，我們允許 1 個非美國租戶關係在 4 個月內延遲支付 700 萬美元的租金。該租戶現在重新支付 100% 的租金，並將在 1 月開始的 12 個月內償還延期付款和利息。最後，美國許多州都有所謂的補充醫療補助計劃，基本上是對該州所有醫院徵收評估或稅。這種總體評估通常由聯邦政府進行匹配，然後根據每家醫院向符合條件的患者提供的相對服務情況定期分配給州醫院。

There is frequently a long gap between payment into the fund and receipt of distributions from the fund, often in excess of a year or more. And for some hospitals, this represents a meaningful portion of periodic reimbursement. Some of our leases are negotiated with these timing gaps in mind by allowing limited deferral of rents based on the specific statutory provisions of each element of the supplemental program in that state. In which case, the deferred rent is paid to the landlord when the state distributes the supplemental funds.

向基金付款與收到基金分配之間常常存在較長的差距，通常超過一年或更長時間。對一些醫院來說，這代表了定期報銷的一個有意義的部分。我們的一些租約是在考慮到這些時間差距的情況下進行談判的，根據該州補充計劃每個要素的具體法定規定，允許有限的延期租金。在這種情況下，遞延租金將在國家分配補充資金時支付給房東。

As of the end of the third quarter, $24 million of such deferred rent has been recorded. This will be satisfied over the next 9 quarters.

截至第三季末，此類遞延租金已錄得 2,400 萬美元。這將在接下來的 9 個季度中得到滿足。

Just as important as MPT's historical rent collection performance, is the likelihood that we will sustain that collection performance in the future. And we currently expect that we will continue that level of collection performance over the long term. I'll make a few tenant specific comments that we hope will relate to you our own confidence in our continued collection of rents, including rents from some of the real estate that has attracted attention in recent periods and we'll start with Steward.

與 MPT 歷史收租表現同樣重要的是，我們未來維持這種收租表現的可能性。目前，我們預計我們將長期維持這種收集績效水準。我將針對租戶提出一些具體的評論，我們希望這些評論能讓您了解我們對我們繼續收取租金的信心，包括最近一段時間引起關注的一些房地產的租金，我們將從 Steward 開始。

Steward has faced the same operational, staffing, COVID-related revenue, inflationary and other pressures that the overall U.S. hospital environment has dealt with for well over 2 years. As we discussed in detail on last quarter's call, during this time, Steward's cash flow has been burdened by having to repay to CMS, the vast majority of MAP advances approximating $450 million.

Steward 面臨著與美國整體醫院環境兩年多以來相同的營運、人員配置、新冠相關收入、通貨膨脹和其他壓力。正如我們在上季度電話會議中詳細討論的那樣，在此期間，Steward 的現金流因必須向 CMS 償還而承受著負擔，其中絕大多數 MAP 預付款約為 4.5 億美元。

Delayed Medicaid reimbursement in Texas of about $70 million. The revenue impact of State of Massachusetts mandated elective procedure restrictions earlier this year. And finally, Steward's $300 million-plus cash investments in and working capital support for the 5 acute care hospitals in South Florida acquired about a year ago.

德州延遲醫療補助報銷約 7000 萬美元。馬薩諸塞州今年稍早強制實施選擇性程序限制，這對收入產生了影響。最後，Steward 大約一年前對南佛羅裡達州的 5 家急診醫院進行了 3 億多美元的現金投資和營運資金支持。

When we reported to you 3 months ago, Steward was in the middle of managing its cash flow to satisfy these cash requirements. Since then, and again, with some assistance from MPT, Steward has weathered this cash strain and is now on the flip side of these circumstances and expects to be strongly cash flow positive starting with the fourth quarter of 2022.

當我們 3 個月前向您報告時，Steward 正在管理其現金流以滿足這些現金需求。從那時起，在 MPT 的幫助下，Steward 經受住了這種現金緊張，現在正處於這些情況的另一面，預計從 2022 年第四季開始，現金流將出現強勁的正數。

I'll call out a few additional indicators of Steward's long-term capacity, which we hope will make even more clear why our second quarter loan to Steward was a prudent and profitable investment. Remember that HCA valued Steward's Utah operations and solely the Utah operations at $850 million. This transaction ultimately did not occur, but only because of the antitrust position of the FTC.

我將提出一些有關 Steward 長期能力的其他指標，我們希望這些指標能夠更清楚地說明為什麼我們在第二季度向 Steward 提供的貸款是一項審慎且有利可圖的投資。請記住，HCA 對 Steward 的猶他州業務（且僅猶他州業務）的估值為 8.5 億美元。這筆交易最終沒有發生，只是因為聯邦貿易委員會的反壟斷立場。

But the value of Steward's Utah operations did not suddenly go away just because 1 particular operator faced antitrust issues. Steward, of course, still owns these valuable assets, and has the option to continue to operate Utah on its own and generate strong after-rent cash flow as it is doing now or to explore monetization of the Utah operations by selling to other prospective purchasers, who would not face the level of antitrust scrutiny that HCA often attracts.

但史都華猶他州業務的價值並沒有因為某一特定業者面臨反壟斷問題而突然消失。當然，斯圖爾特仍然擁有這些有價值的資產，並且可以選擇繼續自己經營猶他州並像現在一樣產生強勁的租金後現金流，或者通過出售給其他潛在購買者來探索猶他州業務的貨幣化，他們不會面臨HCA 經常引起的反壟斷審查。

Under either scenario and whoever is the operator in Utah, the community infrastructure-like characteristics of MPT's Utah real estate assets should result in profitability and cash flow to pay MPT's rent at attractive coverage levels.

無論哪種情況，無論誰是猶他州的營運商，MPT 猶他州房地產資產的類似社區基礎設施的特徵都應該帶來盈利能力和現金流，以有吸引力的覆蓋水平支付 MPT 的租金。

Similarly, earlier this year, MPT sold a 50% joint venture interest in our Massachusetts real estate that is leased to Steward. The JV simultaneously placed secured debt on that real estate and MPT recognized an approximate $600 million gain on the sale and received an aggregate of $1.3 billion in cash. The self-evident point to be made is that 2 very sophisticated institutional investors, the infrastructure funds and the lender did substantial diligence on the operations, cash flow and value of Steward's Massachusetts operations, and concluded that MPT's contractual rents on its real estate were well supported.

同樣，今年早些時候，MPT 出售了我們出租給 Steward 的馬薩諸塞州房地產 50% 的合資權益。該合資企業同時對該房地產設置了擔保債務，MPT 確認了出售中約 6 億美元的收益，並收到了總計 13 億美元的現金。不言而喻的一點是，兩個非常成熟的機構投資者、基礎設施基金和貸款人對Steward 馬薩諸塞州業務的運營、現金流和價值進行了大量調查，並得出結論認為MPT 的房地產合約租金非常合理。

Again, the value of those operations has not suddenly gone away.

同樣，這些業務的價值並沒有突然消失。

MPT also owns 9 hospitals in Florida that are leased to Steward, where operations since last year, when Steward acquired 5 of these hospitals from Tenet, have continued to improve. And by the way, performance was very attractive even from the time of acquisition. These 3 markets, Utah, Massachusetts and Florida, comprise nearly 75% of Steward's total annualized rental obligations. On a weighted average basis, Steward's EBITDARM coverage in these markets has ranged from 2.7x for the trailing 12 months ended June 30, 2022, to in excess of 3x preliminarily for a stand-alone August. With these coverages, Steward appears well able to continue paying MPT rent.

MPT 還在佛羅裡達州擁有 9 家醫院，這些醫院出租給 Steward，自去年 Steward 從 Tenet 收購其中 5 家醫院以來，這些醫院的營運情況持續改善。順便說一句，即使從收購之時起，業績就非常有吸引力。猶他州、麻薩諸塞州和佛羅裡達州這 3 個市場佔 Steward 年度租金總額的近 75%。以加權平均計算，Steward 對這些市場的 EBITDARM 覆蓋率從截至 2022 年 6 月 30 日的過去 12 個月的 2.7 倍到 8 月的初步超過 3 倍不等。有了這些保險，Steward 似乎完全有能力繼續支付 MPT 租金。

And that, of course, is the cornerstone principle behind MPT's very long-term track record of buying hospital real estate that needs to be -- needs to continue operating in order to serve the critical health care needs of people in its community. It is by identifying those physical and market characteristics in the real estate we invest in, that has led to MPT avoiding renegotiation of rents or other impairments over our almost 19-year history. And this is why during the earlier part of this year when Steward was working out the issues I just described, that MPT elected to fund a loan to Steward rather than require Steward to borrow from another lender.

當然，這是 MPT 購買醫院房地產的長期記錄背後的基石原則，這些房地產需要繼續運營，以滿足社區人們的關鍵醫療保健需求。正是透過識別我們投資的房地產的物理和市場特徵，MPT 在我們近 19 年的歷史中避免了重新談判租金或其他損害。這就是為什麼在今年稍早 Steward 正在解決我剛才描述的問題時，MPT 選擇向 Steward 提供貸款，而不是要求 Steward 從另一家貸方借款。

Another lender would have required MPT to relinquish our existing and powerful security position in the value of Steward's best operations, a position we have by virtue of our master lease, security agreements and intercreditor agreements. We elected instead to retain this key position and value for ourselves for relatively little incremental exposure, all while earning an attractive return for doing so.

另一家貸款人可能會要求 MPT 放棄我們在 Steward 最佳營運價值中現有的強大擔保地位，我們憑藉主租賃、擔保協議和債權人協議而擁有這一地位。相反，我們選擇以相對較少的增量曝光來保留這一關鍵地位和價值，同時獲得有吸引力的回報。

A brief update on Prospect. First, we announced a few weeks ago that the Yale New Haven Health System has agreed to acquire Prospect's Connecticut facility, including our real estate, which we expect to sell for approximately $457 million, of which cash proceeds from Yale are expected to compromise a substantial majority. That is equivalent to the original investment we made about 3 years ago.

展望的簡要更新。首先，我們幾週前宣布，耶魯大學紐黑文醫療系統已同意收購Prospect 在康乃狄克州的設施，包括我們的房地產，我們預計將以約4.57 億美元的價格出售，其中來自耶魯大學的現金收益預計將損失大量資金。這相當於我們大約3年前的原始投資。

In addition to the expected recovery of our original investment, since that acquisition 3 years ago, Prospect has paid us cash rents of about $104 million. Some analysts and investors have opined that our Prospect investments are not among our stronger assets. And while we will not comment on that observation this morning, if it is true, then the Yale transactions will be an especially notable financial result for our shareholders and for our underwriting. That is an investment considered weaker, nonetheless generates a strong unlevered cash return and recovery of the original investment, all during the worst economic and health crisis in over a century.

除了預期收回的原始投資外，自三年前收購以來，Prospect 已向我們支付了約 1.04 億美元的現金租金。一些分析師和投資者認為，我們的 Prospect 投資並不屬於我們的強勢資產。雖然我們不會對今天早上的這一觀察發表評論，但如果這是真的，那麼耶魯大學的交易對於我們的股東和我們的承銷來說將是一個特別值得注意的財務結果。這是一項被認為較弱的投資，但在一個多世紀以來最嚴重的經濟和健康危機期間產生了強勁的無槓桿現金回報和原始投資的回收。

Yale's attraction to these facilities is a good example of why we think hospital real estate should not be valued based solely or even primarily on the financial performance of any particular operator during any particular time period. And while we monitor and report on lease coverage ratios only for directional indications. It is critical for a successful investor in hospital real estate to understand the value that a specific facility has to the health care needs of the community it serves. And just because the goals and periodic performance of 1 particular operator are not met in a certain location, does not at all mean that the performance of other operators cannot satisfy their own goals, resulting in a real estate investor enjoying attractive, well underwritten returns.

耶魯大學對這些設施的吸引力是一個很好的例子，說明了為什麼我們認為醫院房地產不應僅基於甚至主要基於任何特定運營商在任何特定時間段內的財務業績進行估值。雖然我們監控和報告租賃覆蓋率只是為了提供方向指示。對於醫院房地產的成功投資者來說，了解特定設施對其所服務的社區的醫療保健需求的價值至關重要。僅僅因為某個特定運營商的目標和定期績效在某個地點沒有得到滿足，並不意味著其他運營商的績效不能滿足他們自己的目標，從而導致房地產投資者享受有吸引力的、良好的承保回報。

On our second quarter earnings call, we said that while we were unable to discuss certain potential and confidential Prospect transactions, that we had reason to believe that such transactions would result in MPT's avoidance of material impairment or loss with respect to Prospect. We continue to be prohibited from disclosures about confidential discussions, but we remain cautiously optimistic about repayment in the relatively near term of the related second quarter $100 million increase in our original 2019 first lien mortgage loan.

在第二季財報電話會議上，我們表示，雖然我們無法討論某些潛在且保密的 Prospect 交易，但我們有理由相信此類交易將導致 MPT 避免與 Prospect 相關的重大減損或損失。我們繼續被禁止披露有關機密討論的信息，但我們對在相對較近期的時間內償還我們最初的 2019 年第一留置權抵押貸款增加的 1 億美元相關第二季度保持謹慎樂觀。

Of course, there is no assurance that any pending transactions, including possible repayments of mortgage loans in the near term, will occur.

當然，不能保證任何未決交易（包括短期內可能償還抵押貸款）都會發生。

Let's briefly review our strong capital and liquidity position. Our quarter end cash and revolver capacity provides about $1.5 billion in immediately available liquidity. Recall that earlier this year, in recognition of inevitable inflationary and interest rate pressures, MPT restated and amended our $2 billion revolving credit facility and extended its term to mature with extension options to June of 2026. In addition to the $1.5 billion, we have, of course, announced expected proceeds in 2023's first half from pending transactions that is Springstone and Yale of up to another $650 million.

讓我們簡要回顧一下我們強大的資本和流動性狀況。我們的季度末現金和左輪手槍容量可提供約 15 億美元的即時可用流動資金。回想一下，今年早些時候，考慮到不可避免的通貨膨脹和利率壓力，MPT 重申並修改了我們20 億美元的循環信貸安排，並將其期限延長至2026 年6 月，並提供延期選擇。 15 億美元之外，我們還有：當然，Springstone 和耶魯宣布預計 2023 年上半年未決交易的收益將高達 6.5 億美元。

Our earliest debt maturity is more than a year in the future when our GBP 400 million-pound sterling issue comes due in December 2023. Next in sequence to mature in 2024 is our approximately USD dollar equivalent $750 million term loan, the proceeds of which were used in 2019 to fund our acquisition of the Healthscope portfolio in Australia. Beyond that is a well-laddered maturity schedule of our various unsecured notes, which is detailed in our third quarter supplemental package.

我們最早的債務到期時間為未來一年多，屆時我們發行的4 億英鎊債券將於2023 年12 月到期。貸款，其收益為2019 年用於資助我們收購澳洲 Healthscope 投資組合。除此之外，還有我們各種無擔保票據的完善的到期時間表，這在我們的第三季補充方案中有詳細說明。

Looking forward to possible uses of our liquidity, it is evident that capital costs are not generally favorable for significant investments in today's global economic environment, and our situation is not different than other investors. Year-to-date, we have invested, subject to foreign currency fluctuations, about $750 million, and most of these investments were made early this year.

展望我們流動性的可能用途，很明顯，在當今的全球經濟環境下，資本成本通常不利於重大投資，我們的情況與其他投資者沒有什麼不同。今年迄今為止，受匯率波動影響，我們已投資約 7.5 億美元，其中大部分投資是在今年年初進行的。

For the foreseeable future, any additional acquisitions will require compelling economics, limited use of liquidity, and strategic support of opportunities presented to us by our strong operator relationships. Other evident uses may include reduction of debt and repurchase of our very attractively priced common shares. But even without use of capital for new investments, our inflation-linked lease revenue should result in substantial internal and highly accretive rent growth, especially given recent global inflation.

在可預見的未來，任何額外的收購都需要令人信服的經濟效益、有限的流動性使用以及我們強大的營運商關係為我們提供的機會的策略支援。其他明顯的用途可能包括減少債務和回購我們價格非常有吸引力的普通股。但即使不使用資本進行新投資，我們與通膨掛鉤的租賃收入也應該會導致內部租金的大幅增長和高度增值，特別是考慮到最近的全球通膨。

We continue to selectively explore additional opportunities to recycle invested capital through specific one-off asset sales and larger portfolio transactions. Although we are not prepared to make any announcements this morning.

我們繼續有選擇地探索更多機會，透過特定的一次性資產出售和更大規模的投資組合交易來回收投資資本。儘管我們今天早上不准備發布任何公告。

Finally, MPT's long-standing, consistent and successful business model has always been to invest in hospital real estate that regardless of the operator is underwritten to generate sustainable, long-term cash rental revenue. The key investment criteria for this success is our acquisition of real estate that is critical to the delivery of hospital services in any particular community. We consider it a mistake for real estate investors or analysts to assess hospital value based primarily on periodically volatile operating results instead of the important characteristics of the underlying real estate.

最後，MPT 長期、一致且成功的商業模式始終是投資於醫院房地產，無論營運商如何，都會對其進行承保，以產生可持續的長期現金租賃收入。這項成功的關鍵投資標準是我們收購對任何特定社區提供醫院服務至關重要的房地產。我們認為，房地產投資者或分析師主要根據週期性波動的經營業績而不是基礎房地產的重要特徵來評估醫院價值是錯誤的。

Our unequaled results in rent collections through many years of operating volatility related to disruptive regulatory changes, the 2008 financial crisis, reimbursement uncertainties and evolving payment methodologies, Obamacare, the Affordable Care Act, and its continuing disruptions, uncertainties and after effects, three years of an unprecedented global pandemic that included virtually closing many hospitals for months. And most recently, previously unseen disruptions to hospital employment and compensation along with generationally high spikes in inflation and disconnect between reimbursement and cost levels. Our unequaled results validate our skill in investing in the kind of hospital real estate that maximize our likelihood of continued long-term success.

經過多年的營運波動，我們在租金收取方面取得了無與倫比的成果，這些波動與顛覆性的監管變化、2008 年金融危機、報銷不確定性和不斷變化的支付方式、奧巴馬醫改、平價醫療法案及其持續的干擾、不確定性和後果有關，三年來一場史無前例的全球大流行，導致許多醫院幾乎關閉數月。最近，醫院就業和薪資出現了前所未見的中斷，通貨膨脹率逐代飆升，報銷與成本水準脫節。我們無與倫比的業績驗證了我們投資醫院房地產的能力，最大限度地提高了我們持續長期成功的可能性。

With that, we have time for a few questions, and I'll turn the call back over to the operator.

這樣，我們就有時間回答幾個問題，然後我會將電話轉回接線生。

(Operator Instructions) Our first question comes from Vikram Malhotra from Mizuho.

（操作員說明）我們的第一個問題來自 Mizuho 的 Vikram Malhotra。

Maybe I just want to start off with Steward. You referenced the value that was ascribed to the real estate. You also referenced the unadjusted EBITDA improving for potentially 2023. So given all of that, I'm just wondering 2 things. One, any sense or any update you can give on your own thoughts on them getting the permanent ABL extension? And then second, given the improvement in the value, can you just give us a sense of like other parties that may be wanting to buy certain select Steward operations? How close is that something on the table? Or is it just highly envisioned right now?

也許我只想從管家開始。您提到了房地產的價值。您還提到了 2023 年未經調整的 EBITDA 可能會有所改善。第一，您對他們獲得永久 ABL 延期的想法有何看法或更新？其次，考慮到價值的提高，您能給我們一種像其他可能想要購買某些精選 Steward 業務的各方一樣的感覺嗎？桌上的東西有多近？還是只是現在的高度設想？

Thanks, Vikram. On the ABL, what Steward announced a few weeks ago was that they had an extension until the middle of December, and during which time they expected to complete documentation requirements to presumably extend that for a full year beyond the time they deliver those documentation requirements. It's our understanding that the primary documentation is delivery of the 2021 audited financial statements, and it's our further understanding, although we don't have direct influence, is that Steward, its auditors and the lender group is well on its way to successfully delivering that documentation.

謝謝，維克拉姆。關於 ABL，Steward 幾週前宣布，他們將延期至 12 月中旬，在此期間，他們預計將完成文件要求，並可能將其延長一整年，超過他們交付這些文件要求的時間。我們的理解是，主要文件是 2021 年經審計的財務報表的交付，儘管我們沒有直接影響力，但我們進一步的理解是，Steward、其審計師和貸方集團正在順利交付該報表。

Vikram, just on your second part of your question there. As you recall, on the Utah HCA transaction, Steward did not do a process. They didn't have the property, those bigger hospitals up for sale. HCA came knocking on their door. But it's often the case when people learn that somebody might be -- have an inside track to buying something. You can imagine that a lot of other people have called as well. We're certainly not privy to those conversations and where they may be and any of that. But we certainly are aware of other people that have an interest not only in the Utah facilities but some of the one-off facilities as well. But we don't have any direct knowledge of where they may be in any of those discussions.

維克拉姆，關於你問題的第二部分。你還記得，在猶他州HCA交易上，Steward沒有做任何流程。他們沒有財產，那些更大的醫院可以出售。 HCA 來敲他們的門。但通常情況下，當人們了解到某人可能有購買某物的內部管道時。您可以想像很多其他人也打過電話。我們當然不知道這些對話以及它們可能在哪裡等等。但我們當然知道其他人不僅對猶他州的設施感興趣，而且對一些一次性設施感興趣。但我們並沒有直接了解他們在這些討論中可能處於什麼位置。

Okay. That's helpful. And then just on Prospect, obviously, you now included additional assets in that calculation of coverage. So we're seeing the negative coverages there. But can you just help us understand all the sources of capital that Prospect has and kind of your rent is current today? What's your confidence around that rent being current going forward?

好的。這很有幫助。然後，顯然，在 Prospect 上，您現在在覆蓋範圍的計算中包含了額外的資產。所以我們看到了負面報道。但是您能否幫助我們了解 Prospect 擁有的所有資金來源以及您目前的租金情況？您對目前租金未來的信心如何？

So that's a good question. So we included Pennsylvania in the coverage this time. And it's important to note that the California facilities continue to perform at acceptable levels. The Pennsylvania facilities are not where we would like them to be, certainly disappointed in where they are. I think that the changes or some of the changes that Prospect has going on at Pennsylvania is certainly in the right direction. Haven't borne the fruit that we certainly would hope that they would at this particular time. But remember, they've got the managed care business, which is extremely profitable that generates strong cash flow for them.

這是一個好問題。所以這次我們將賓州納入報道範圍。值得注意的是，加州的設施繼續以可接受的水平運作。賓州的設施並不在我們所希望的位置，當然對它們的位置感到失望。我認為 Prospect 在賓州正在進行的改變或某些改變肯定是朝著正確的方向發展的。還沒有結出我們當然希望他們在這個特定時刻結出的果實。但請記住，他們擁有管理式醫療業務，該業務利潤極高，可以為他們帶來強勁的現金流。

And as Steve pointed out earlier, there are potential transactions out there that we're not in a position where we can comment any further than that on that gives us comfort at this particular time. And we remain comfortable in the California facilities.

正如史蒂夫早些時候指出的那樣，存在一些潛在的交易，除了在這個特定時間讓我們感到安慰的交易之外，我們無法發表任何進一步的評論。我們在加州的設施中仍然感到舒適。

Okay. Great. And then just last one. Can you just clarify or provide us an update at this point where we are in the cycle, just look at what's happening to hospitals broadly, the improvements you referenced. Do you anticipate a need to provide any additional loans to any of your tenants?

好的。偉大的。然後就是最後一張。您能否澄清一下或向我們提供目前所處週期的最新情況，看看醫院廣泛發生的情況以及您提到的改進。您預計需要向任何租戶提供額外貸款嗎？

So that's a good point about the hospitals and a point that sometimes we take for granted that we probably should spell out more. Remember that these coverages that we present are on a trailing 12-month basis. So they'll look back. And on top of that, we report a quarter in arrear. So this is really second quarter trailing 12-month information. So it includes 1 of the worst quarters that hospitals have had in a very long time, the first quarter of this year. And as I pointed out in my prepared remarks, it includes a trailing off of the COVID grant in some of those earlier parts of the 12 months.

因此，這是關於醫院的一個很好的觀點，有時我們理所當然地認為我們可能應該詳細說明這一點。請記住，我們提供的這些保險範圍是過去 12 個月的。所以他們會回頭看。最重要的是，我們報告拖欠四分之一。所以這實際上是第二季度過去 12 個月的資訊。因此，它包括醫院很長一段時間以來最糟糕的一個季度，即今年第一季。正如我在準備好的演講中指出的那樣，這包括在 12 個月的早期部分中減少對新冠病毒的補助。

So it's important to note that if you look at second quarter to third quarter, the preview, we don't have all of the numbers in from all of our hospitals at this point, but what we've seen so far is that there is an improvement over the second quarter from first quarter and there's also a continued improvement in hospitals in the months of June -- I'm sorry, July and August.

因此，值得注意的是，如果您查看第二季度到第三季度的預覽，我們目前還沒有所有醫院的所有數據，但到目前為止我們看到的是第二季度比第一季度有所改善，六月的醫院也持續改善──對不起，七月和八月。

So we expect that to continue to improve. Just like most of the publicly reporting companies, our operators have made great strides with their labor costs. And so we expect that to continue to improve as well. Their volumes are also up. Now obviously, August is always a slow month in the hospital business. It seems to be the month that everybody takes vacation. So we'll see what the third quarter presents just from that particular aspect. But we expect that all of the operators will see better continued going forward coverage.

因此，我們預計這一情況將繼續改善。就像大多數公開報告的公司一樣，我們的營運商在勞動力成本方面取得了長足進步。因此，我們預計這一情況也將持續改善。他們的數量也在增加。顯然，八月始終是醫院業務淡季的一個月。這似乎是每個人都放假的月份。因此，我們將從這個特定方面來看第三季的表現。但我們預計所有營運商未來都會看到更好的持續覆蓋。

We do not have any knowledge or needs -- foreseeable need that we would need to loan any money to any of our tenants for any rent needs.

我們沒有任何知識或需求 - 可預見的需要我們需要向我們的任何租戶借錢以滿足任何租金需求。

The next question comes from Jonathan Hughes from Raymond James.

下一個問題來自雷蒙德詹姆斯的喬納森休斯。

I'd like to just focus on corporate governance. What steps has the Board taken beyond the announced dispositions and the stock buyback plan given the dislocation and the heightened focus on the company this year? Have there been any changes to committee members or plans to further refresh the Board? Has there been a special committee created to address the real-time concerns that have negatively impacted the company all year? Have there been any discussions, actions taken to help improve communication and messaging to help us in the investment community better understand MPT? I think a lot of people listening to this call definitely want to hear that the board outside of you two and Steve is aware of what's going on and are taking steps to address these issues and govern the company.

我想只關注公司治理。鑑於今年的混亂和對公司的高度關注，除了宣布的處置和股票回購計畫之外，董事會還採取了哪些措施？委員會成員是否有任何變動或計劃進一步更新董事會？是否成立了一個特別委員會來解決全年對公司產生負面影響的即時問題？是否進行了任何討論、採取了任何行動來幫助改善溝通和訊息傳遞，以幫助我們投資界更好地了解 MPT？我認為很多聽這個電話的人肯定希望聽到你們兩個和史蒂夫之外的董事會知道正在發生的事情，並正在採取措施解決這些問題並管理公司。

Jonathan, as you probably note, there were changes to committee members and composition this year as is often the case in most years. And then those were published following the annual meeting. We also added an additional Board member, as you know as well. Emily Murphy joined our Board recently as well.

喬納森，正如您可能注意到的那樣，今年委員會成員和組成發生了變化，就像大多數年份的情況一樣。然後這些內容在年會後發布。如您所知，我們還增加了額外的董事會成員。 Emily Murphy 最近也加入了我們的董事會。

Our Board is very, very involved. We have a risk committee that meets on a regular basis that reviews all aspects of the company, potential risk and obviously, current market conditions. The Board meets regularly, obviously, on a quarterly basis in person. We also have very often phone call meetings and we go over everything in great detail. They are not only informed from Ed and Steve, but they're also very informed from our outside advisors.

我們的董事會非常非常積極地參與其中。我們有一個定期召開會議的風險委員會，審查公司的各個方面、潛在風險以及當前的市場狀況。董事會定期召開會議，顯然每季親自召開一次會議。我們也經常舉行電話會議，並詳細討論所有事情。他們不僅從艾德和史蒂夫那裡得到訊息，而且還從我們的外部顧問那裡得到很多資訊。

Okay. Yes, I didn't know about the changes. I don't think I knew about the committee changes earlier this year. I knew about the addition to the Board. But I guess maybe going back to kind of communication and how the Board relays that to you and obviously us and the investor community.

好的。是的，我不知道這些變化。我想我今年早些時候並不知道委員會的變動。我知道董事會成員增加的事。但我想也許會回到溝通的方式以及董事會如何將其傳達給您，當然還有我們和投資者群體。

But with regards to Pipeline, we I think we all found out about that from Bloomberg and peers 8-K versus a filing for you. And I know it's a small part of your portfolio, and you did talk about what's going on there in your prepared remarks, but that just seems like it would have been an easy way to improve this communication that has been an issue among investors for years and then in your defense, it has gotten better, but maybe going forward, could we expect a little bit more forthcoming and disclosure on those type of events if they do happen in the future?

但關於 Pipeline，我想我們都從 Bloomberg 和同行 8-K 而不是為您提交的文件中發現了這一點。我知道這只是你投資組合的一小部分，你確實在準備好的發言中談到了那裡發生的事情，但這似乎是改善這種溝通的一種簡單方法，多年來一直是投資者之間的一個問題然後在你的辯護中，情況已經變得更好，但也許展望未來，如果將來確實發生此類事件，我們是否可以期待更多的資訊和披露？

So Pipeline is a very small piece of our portfolio. Pipeline is fully paid cash rent, virtually all other obligations as of the end of the quarter, which was when they filed for bankruptcy. We fully expect that this, again, relatively small relationship, will continue to pay rent, will come out of bankruptcy either under current ownership or another ownership with our leases intact.

因此，管道只是我們產品組合中很小的一部分。截至本季末（即他們申請破產的時間），管道已全額支付現金租金，幾乎所有其他義務。我們完全預計，這種相對較小的關係將繼續支付租金，將在當前所有權或在我們的租約完好無損的情況下以其他所有權的方式擺脫破產。

As of today, we have about $13 million in deposits and reserves on the Pipeline relationship. In addition, of course, as I say, to the -- what we think is adequate assurance right now for continuing to get paid. And so I'm not sure how we would have reacted differently. We did not have advance notice on Sunday night that they plan to file bankruptcy. So I just -- I'm not sure what we would have done differently, frankly, once the news was out.

截至今天，我們的管道關係存款和準備金約為 1300 萬美元。當然，正如我所說，我們認為現在有足夠的保證繼續獲得報酬。所以我不確定我們會有什麼不同的反應。週日晚上我們沒有提前收到他們計劃申請破產的通知。所以坦白說，我不確定一旦消息傳出，我們會採取什麼不同的做法。

I mean maybe an 8-K or a press release would have been helpful, but I do understand that you didn't have any previous knowledge of it. So that's a fair answer. I guess just 1 more for me then on capital allocation and external growth and dispositions. But how do you view other avenues to create or prove value outside of monetizing real estate? Like with the Springstone operating company transaction in August, is there any interest in packaging some of those OpCo investments with real estate in an effort to maybe create more incentive or upside for potential partners? Or is it going to be more just a focus on looking at potential real estate deals?

我的意思是，也許 8-K 或新聞稿會有幫助，但我確實理解您以前對此沒有任何了解。所以這是一個公平的答案。我想我還有一個關於資本配置和外部成長和配置的問題。但是，您如何看待房地產貨幣化之外創造或證明價值的其他途徑？就像 8 月的 Springstone 營運公司交易一樣，是否有興趣將一些 OpCo 投資與房地產打包在一起，以便為潛在合作夥伴創造更多激勵或優勢？或者它會更專注於尋找潛在的房地產交易？

The Springstone transaction, that whole series of transactions going back 18 months now is just a really, really good example of how we use our RIDEA-type investment. Springstone was a platform, a well-developed, well-managed, private equity-owned platform that was developed over many years. And even though it was developed over many years, the real estate was relatively newly developed, state-of-the-art behavioral hospitals. It was 18 hospitals worth about $750 million that we have had our eyes on for many years, frankly.

Springstone 交易，即 18 個月前的整個系列交易，是我們如何使用 RIDEA 類型投資的一個非常非常好的例子。 Springstone是一個平台，一個發展多年、管理完善、私募股權擁有的平台。儘管它已經開發了很多年，但該房地產是相對較新開發的、最先進的行為醫院。坦白說，我們多年來一直關注的是價值約 7.5 億美元的 18 家醫院。

In order to capture that very attractive real estate, which is now already grown as we thought it would, as Springstone continues to grow its business across the country. In order to capture that, when the private equity firm was ready to exit like most private equity firms and like several other transactions I could describe with similar examples, the seller was not willing to bifurcate real estate and OpCo, and make 2 separate sales. So in order for us to capture the real estate, which is what we wanted, and which was 75% or 80% of the total value, we had to be willing and capable frankly, of acquiring the whole company, and that's what we did a little over a year ago.

為了抓住這個非常有吸引力的房地產，隨著 Springstone 繼續在全國範圍內發展其業務，該房地產現在已經按照我們的預期增長。為了說明這一點，當私募股權公司像大多數私募股權公司一樣準備退出時，就像我可以用類似例子描述的其他幾筆交易一樣，賣方不願意將房地產和OpCo 分開，並進行兩次單獨的銷售。因此，為了讓我們獲得我們想要的、佔總價值 75% 或 80% 的房地產，我們必須坦率地願意並且有能力收購整個公司，這就是我們所做的一年多前。

And even before we closed that transaction, we have multiple parties interested and approaching us in acquiring the OpCo, which, while we are absolutely capable of managing along with our management team partner. That's not our business. That's not what we want to do long term. And so within 6 months, we had agreed with Apollo and LifePoint for them to acquire a majority interest in the operating platform for a very significant gain on our part. And now we have or we will have presuming closing that's expected, but certainly not guaranteed early in 2023, now we will have what we wanted from the beginning, which is a very, very good portfolio of well developed, specifically behavioral health care real estate.

甚至在我們完成交易之前，就有多方對收購 OpCo 感興趣並與我們接洽，而我們絕對有能力與我們的管理團隊合作夥伴一起管理 OpCo。那不是我們的事。這不是我們想要長期做的事情。因此，在 6 個月內，我們與 Apollo 和 LifePoint 達成一致，讓他們收購該營運平台的多數股權，這對我們來說是非常重大的收益。現在我們已經或我們假設將有預期的交割，但肯定不能保證在2023 年初完成，現在我們將擁有我們從一開始就想要的東西，這是一個非常非常好的開發良好的投資組合，特別是行為醫療保健房地產。

So I think it worked out. Again, I know it worked out very, very attractively for us. We are proud that we've developed the skill to underwrite operating companies, because it gives us a tremendous competitive advantage, when we do have opportunities to look at companies that are for sale, the total enterprise is for sale and there's a significant portion of real estate. And again, I won't go through it all in detail, but this is what we did with Ernest very, very profitably over a 5- or 6-year hold period. We did it with a similarly short hold period with Capella back in 2015.

所以我認為它成功了。再說一遍，我知道這對我們來說非常非常有吸引力。我們感到自豪的是，我們已經發展了承銷營運公司的技能，因為它為我們帶來了巨大的競爭優勢，當我們確實有機會考慮待售公司時，整個企業都在出售，而且其中很大一部分房地產。再說一次，我不會詳細介紹這一切，但這就是我們在 5 到 6 年的持有期內對 Ernest 所做的非常非常有利可圖的事情。早在 2015 年，我們就對卡佩拉進行了類似的短暫持有期。

And on smaller scales, we've captured significant gains on our equity interest, for example, in MEDIAN, in ATOS, two German platforms that we have and again on smaller scales and others.

在較小的規模上，我們的股權獲得了顯著的收益，例如，在 MEDIAN、ATOS、我們擁有的兩個德國平台以及在較小規模和其他方面。

So Springstone worked out exactly like we like it to work out, and we would hope that it would work out like that in the future on additional transactions. Sorry, I went kind of long-winded on that.

因此，Springstone 的表現與我們希望的完全一樣，我們希望在未來的額外交易中也能達到這樣的效果。抱歉，我在這方面有點囉嗦。

That's fine. I mean I understand the Springstone rationale and totally get -- I guess my question more so would you look at potentially selling part of your equity stake in Steward OpCo with real estate to get a deal done. I realize you own 10% of Steward today, sell 5% or so and package that with real estate. Is that something that could be considered?

沒關係。我的意思是，我理解 Springstone 的基本原理，並且完全明白——我想我的問題更多的是，您是否會考慮透過房地產出售您在 Steward OpCo 的部分股權來完成交易。我知道你今天擁有 Steward 10% 的股份，然後出售 5% 左右，然後將其與房地產打包在一起。這是可以考慮的事情嗎？

Well, that's not an unfair observation, I think, because there is a level -- a high level of interest. You already saw it, of course, with Macquarie earlier this year on the Massachusetts portfolio. There's a similar level of interest from other infrastructure and other funds that may be willing actually to consider something that you've just described. I don't -- again, we don't have anything to announce or even hint at this morning, but it's not an unfair observation, Jon.

嗯，我認為這並不是一個不公平的觀察，因為存在著一定程度的興趣——高度的興趣。當然，你已經在今年早些時候麥格理在馬薩諸塞州的投資組合中看到了這一點。其他基礎設施和其他基金也有類似的興趣，他們可能願意真正考慮您剛才描述的事情。我不——再說一遍，今天早上我們沒有任何要宣布的事情，甚至沒有任何暗示，但這並不是一個不公平的觀察，喬恩。

The next question comes from Michael Carroll from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的麥可‧卡羅爾。

Steve, regarding the potential Prospect deals that you kind of highlighted in your prepared remarks and I know you don't want to provide too many details on that, but can you highlight the potential timing of those transactions? I mean how far along are those discussions? And does the changing interest rate environment put those deals at risk at all?

史蒂夫，關於您在準備好的演講中強調的潛在前景交易，我知道您不想提供太多細節，但您能否強調這些交易的潛在時機？我的意思是這些討論進行到什麼程度了？不斷變化的利率環境是否會讓這些交易面臨風險？

Well, that's a very good question also. Mike, I think anything that depends today on a high level of debt, any type of transaction, I don't think anybody should assert any certainty maybe with the exception tomorrow of the Twitter thing. It looks like it will get done. But leverage lending right now is pretty volatile. And while you're right, it's not that I don't want to comment, it's really -- we're just legally prohibited from comment just as a general observation. The capital markets, including maybe even especially the leverage lending market is particularly volatile in our view right now.

嗯，這也是一個很好的問題。麥克，我認為今天任何取決於高額債務的事情，任何類型的交易，我認為任何人都不應該斷言任何確定性，也許除了明天的 Twitter 事件。看起來它會完成。但目前槓桿貸款的波動性相當大。雖然你是對的，但這不是我不想發表評論，而是真的——我們只是法律禁止發表評論，只是作為一般性觀察。我們認為，資本市場，尤其是槓桿貸款市場目前特別不穩定。

Okay. Does the changing in the interest rate environment, does that impact those potential deals? Or you just can't comment on that right now?

好的。利率環境的變化是否會影響這些潛在交易？或者您現在無法對此發表評論？

We just can't comment on it right now.

我們現在無法對此發表評論。

Okay. And then with regard to the sale, the Connecticut sale of Yale, I guess, what type of regulatory hurdles still needs to be clear there. Is there any concern that there's risks to that?

好的。然後，關於出售，耶魯大學在康乃狄克州的出售，我想，那裡仍然需要明確什麼樣的監管障礙。是否擔心這樣做有風險？

Well, there is risk to that. There's no question there's risk to that anytime you have the regulators involved. Primarily, the biggest hurdle is the transaction does require a certificate of need approval. Now given the circumstances, given the financial, the political, the other influence and power, and benefits of bringing Yale to these hospitals, 1 would think that the regulators would prefer to see Yale come in and stabilize these facilities. And so again, 1 would think maybe the risk is mitigated, but that is the risk. And we do understand that it's not going to be an overnight decision.

嗯，這樣做是有風險的。毫無疑問，只要監管機構介入，就會有風險。首先，最大的障礙是交易確實需要需求批准證書。現在考慮到這種情況，考慮到財務、政治、其他影響力和權力，以及將耶魯大學引入這些醫院的好處，我認為監管機構更願意看到耶魯大學介入並穩定這些設施。同樣，我會認為風險可能會降低，但這就是風險。我們確實明白這不會是一夜之間的決定。

Okay. Great. And then just last 1 for me. I know you kind of highlighted that there are several, I guess, portfolios that you're looking to sell within your portfolio currently. And I know that there is reports that MPW might be willing to sell the Healthscope properties not sure if you could provide any color on potential transactions outside of what's already announced. But maybe can you provide some color on private market valuations and how those have been impacted by the current interest rate? I mean, is it reasonable to expect that you can get some of those larger transactions completed in the current environment?

好的。偉大的。然後對我來說就是最後 1 個。我知道您強調了，我猜，您目前正在尋求在您的投資組合中出售幾個投資組合。我知道有報導稱 MPW 可能願意出售 Healthscope 財產，不確定您是否可以提供除已宣布的交易之外的潛在交易的任何資訊。但也許您可以提供一些有關私人市場估值的資訊以及當前利率如何影響這些估值？我的意思是，期望在當前環境下完成一些較大的交易是否合理？

Well, we think so. That's a really interesting answer to your interesting question, because as I just made the comment that the debt capital markets pretty volatile. There are investors, primarily sovereigns, pension funds and others, who are still assessing a pretty attractive, at least preliminarily based on what we see in the market, pretty attractive cap rates on well underwritten hospital real estate.

嗯，我們這麼認為。對於您有趣的問題，這是一個非常有趣的答案，因為正如我剛才所說，債務資本市場相當不穩定。有些投資者，主要是主權國家、退休基金和其他投資者，仍在評估承保良好的醫院房地產的相當有吸引力的上限利率，至少是初步基於我們在市場上看到的情況。

And so while we shouldn't kid ourselves that interest rates were up a couple of hundred basis points, then that's not going to affect pricing. It's not affecting our early indications as much as if we were trying to sell to a private equity firm, for example. So it's not a very clear answer, I understand, other than to say that there's still a high level of infrastructure-like cash flows that have the kind of inflation protection that many hospital leases have.

因此，雖然我們不應該自欺欺人地說利率上升了幾百個基點，但這不會影響定價。例如，它對我們早期跡象的影響並不像我們試圖出售給私募股權公司那麼大。因此，據我所知，這不是一個非常明確的答案，只是說仍然存在高水準的基礎設施類現金流，這些現金流具有許多醫院租賃所具有的通膨保護功能。

The next question comes from John Pawlowski from Green Street.

下一個問題來自 Green Street 的 John Pawlowski。

Ed, I may have missed the number in the beginning, but can you just let us know what's driving the difference between what sounds like a $350 million EBITDAR projection for Steward next year versus the $800 million run rate disclosed last quarter?

Ed，我一開始可能錯過了這個數字，但您能否告訴我們，Steward 明年的 EBITDAR 預測聽起來為 3.5 億美元，而上季度披露的 8 億美元運行率之間的差異是什麼？

Well, the $800 million is an EBITDAR number and the $350 million is an EBITDA number.

那麼，8 億美元是 EBITDAR 數字，3.5 億美元是 EBITDA 數字。

Okay. And then could you -- but then could you share kind of how you bridge the, I guess, $50 million to $80 million EBITDA figure for '22 up to the $350 million for next year?

好的。然後你能不能分享一下你是如何將 22 年 5000 萬至 8000 萬美元的 EBITDA 數字與明年的 3.5 億美元聯繫起來的？

Going from what we -- the projections of the fiscal year this year being the $50 million to $80 million to the $350 million next year, is that the question?

從我們對今年財政年度的預測為 5,000 萬至 8,000 萬美元到明年的 3.5 億美元來看，這是問題嗎？

Yes, how to get there.

是的，如何到達那裡。

Most of that is continued improvement in the operations, but the biggest number of that is the full effect of the cost savings that will be in effect in '23.

其中大部分是營運方面的持續改進，但其中最大的部分是將於 23 年生效的成本節約的全部效果。

Okay. Final question for me. Could you just give us a sense just in terms of your broader -- just all your hospitals, what percentage roughly in order of magnitude, what percentage of CapEx projects have been deferred in the last few years as hospitals have had bigger priorities and just strains on liquidity? I'm just trying to get a sense for the wave of deferred CapEx that we could expect over the next few years.

好的。對我來說最後一個問題。您能否讓我們了解您更廣泛的情況——只是您所有的醫院，大致的比例是多少，過去幾年由於醫院有更重要的優先事項和壓力而推遲了資本支出項目的百分比是多少關於流動性？我只是想了解我們預計在未來幾年內出現的遞延資本支出浪潮。

So John, I suppose you're talking about the CapEx that is funded directly by our operators, not the capital additions that we fund. And if that is the right question, I've been doing this for almost 38 years, and it has been a nice thing to see that hospitals generally do a very good job of keeping their hospital CapEx up to date. If they don't, then they certainly will see declines in their operations.

所以約翰，我想你談論的是由我們的運營商直接資助的資本支出，而不是我們資助的資本增加。如果這是一個正確的問題，那麼我從事這項工作已經近 38 年了，看到醫院通常在保持醫院資本支出處於最新狀態方面做得非常好，這是一件好事。如果他們不這樣做，那麼他們的業務肯定會下降。

To date, we do not have any facilities that we have seen substantial material deferments of CapEx. And we have teams here in the company that go out to every single property every year and review each 1 of those specific aspects for every property.

到目前為止，我們沒有發現任何資本支出出現實質延遲的情況。我們公司有團隊每年都會前往每個房產，並對每個房產的每個具體方面進行審查。

I'll just add a final comment on that. John, particularly in Europe and even in Australia, because of the nature of the reimbursement, which comes from employers and employer-related pension funds, our facilities are inspected frequently by these reimbursement payers, specifically for quality of the physical plant for the capital expenditures. And as Ed just alluded to, if they're not totally up to date, then revenue reimbursement is penalized. So it does no good for a hospital, even if they were so inclined in those circumstances to cut back on CapEx.

我將對此添加最後的評論。約翰，特別是在歐洲，甚至在澳大利亞，由於報銷的性質來自雇主和與雇主相關的退休基金，我們的設施經常受到這些報銷付款人的檢查，特別是資本支出的實體工廠的品質。正如艾德剛才所提到的，如果它們不完全是最新的，那麼收入報銷就會受到懲罰。因此，這對醫院來說沒有任何好處，即使他們在這種情況下非常傾向於削減資本支出。

The next question comes from Steven Valiquette from Barclays.

下一個問題來自巴克萊銀行的 Steven Valiquette。

So a couple of questions here in related on Steward. First, my understanding was that another use of cash within Steward over the past year was capital expenditures on the Florida hospitals that Steward acquired from Tenet Healthcare. So I'm wondering if the payoff on those investments is a big part of the expected EBITDA improvement at Steward in '23 versus '22. And at those kind of really tying to my bigger question is, with that EBITDA projected to be $50 million to $80 million for Steward this year, then going to $350 million next year. When you think about that just in the context of the breakdown of the Steward facilities geographically that you guys always show on Page 11 of your supplement between Utah, Florida, Texas, Arizona, et cetera. Are you able to discuss just at a very high level, which of those geographies may have the biggest improvement year-over-year? So just thinking about it geographically as well might be helpful.

這裡有幾個與 Steward 有關的問題。首先，我的理解是，過去一年 Steward 內部現金的另一個用途是 Steward 從 Tenet Healthcare 收購的佛羅裡達州醫院的資本支出。因此，我想知道這些投資的回報是否是 Steward 23 年與 22 年預期 EBITDA 改善的重要組成部分。與我更大的問題相關的是，Steward 今年的 EBITDA 預計為 5,000 萬至 8,000 萬美元，明年將達到 3.5 億美元。當您考慮到 Steward 設施在地理上的細分情況時，您總是在增刊第 11 頁上顯示猶他州、佛羅裡達州、德克薩斯州、亞利桑那州等之間的情況。您能否在非常高的層面上討論哪些地區的同比進步可能最大？因此，僅從地理角度考慮可能會有所幫助。

Yes. I think without a doubt, the biggest improvement is indeed Florida. Florida is way exceeding our original underwriting expectations. It may even be exceeding Steward's. I don't know for a fact, but I do know that those particular facilities have done exceptionally well. But all of all of their markets continue to perform well. There's the Ohio, Pennsylvania area that is probably the least performing, but none of them are negative. They all are performing very well.

是的。我認為毫無疑問，進步最大的確實是佛羅裡達州。佛羅裡達州遠遠超出了我們最初的承保預期。甚至可能超過Steward的。我不知道事實，但我確實知道那些特定的設施做得非常好。但他們所有的市場都繼續表現良好。俄亥俄州和賓夕法尼亞州的表現可能是最糟糕的，但沒有一個是負面的。他們都表現得很好。

The next question comes from Mike Muller from JPMorgan.

下一個問題來自摩根大通的麥克穆勒。

I have 2 questions, and I just want to check the math. So first, can you break down this $650 million of proceeds that you're expecting for next year, along with the blended yield? And then second, can you talk about the different geographies where you see your 10-year financing rates at this point? And then the math I wanted to check was, if Steward's expecting $350 million of EBITDA next year, I think your cash rent payments are around $375 million. So does that imply about a 1.9x coverage?

我有 2 個問題，我只想檢查數學。首先，您能否詳細分析您預計明年將獲得的 6.5 億美元收益以及混合收益率？其次，您能談談您目前在不同地區看到的 10 年期融資利率嗎？然後我想檢查的數學是，如果 Steward 預計明年的 EBITDA 為 3.5 億美元，我認為您的現金租金支付約為 3.75 億美元。那麼這是否意味著覆蓋範圍約為 1.9 倍？

So the quick answer to that last question is yes.

所以最後一個問題的快速答案是肯定的。

Okay, great.

好的，太好了。

The quick answer to the first question is the $650 million is comprised of an estimated $200 million that we expect to receive in first half of 2023 from proceeds for the Springstone transaction and then roughly another $450 million from the Yale transaction and that comprises the $650 million. And I'm sorry, I forgot the middle question.

第一個問題的快速答案是，6.5 億美元包括我們預計在 2023 年上半年從 Springstone 交易收益中獲得的約 2 億美元，以及從耶魯大學交易中獲得的約 4.5 億美元，其中包括 6.5 億美元。抱歉，我忘了中間的問題。

6 Yes. Just financing rates in the different geographies.

6 是的。只是不同地區的融資利率。

Yes. High and extraordinarily high in a couple of cases, primarily the U.K., where you've just seen and kind of an incredible social political situation that spiked interest rates and currency transactions. But just order of magnitude, Mike, if we're talking about the U.S. where the last issuance we did was 3 years ago, that we issued 10-year unsecured at 3.5%. I think we would feel very fortunate if we had to do that today, which, of course, we do not. But if we issue 10-year U.S. dollars today, it's probably going to be 8-plus percent.

是的。在某些情況下，特別是在英國，你剛剛看到了令人難以置信的社會政治局勢，導致利率和貨幣交易飆升。但麥克，如果我們談論的是美國，我們上次發行是在 3 年前，那隻是一個數量級，我們以 3.5% 的利率發行了 10 年期無抵押債券。我認為，如果我們今天必須這樣做，我們會感到非常幸運，當然，我們沒有這麼做。但如果我們今天發行 10 年期美元，利率可能會超過 8%。

Okay. Any similar commentary on euros, pounds, Australia?

好的。對歐元、英鎊、澳洲有類似的評論嗎？

Well, we certainly don't have any plans, especially in Australia. Remember, the only debt we have down there, it's Australian dollar debt is the term loan that we borrowed from the banks in order to buy Healthscope 3 years ago. That still has 2 years left on it. And so we -- and that's a very, very attractive transaction that we did. We are well, well into the money on the swap that we executed for that loan.

嗯，我們當然沒有任何計劃，尤其是在澳洲。請記住，我們在那裡唯一的債務是澳元債務，是我們三年前為了購買 Healthscope 而從銀行借來的定期貸款。那還有2年的時間。所以我們——這是我們所做的一項非常非常有吸引力的交易。我們為該貸款執行的掉期資金已經到位。

On the U.K., which is our earliest maturity in a little over a year, I think it's December of 2023. That was a relatively short-term issue and I don't know what that would be today even. But my guess and maybe it's a bit of a hope is, again, because of the political situation in the U.K., that rate will come back to something more normalized, which nonetheless would be much higher than that I think we're paying about 2.5% on that right now.

在英國，這是我們一年多來最早成熟的時間，我認為是 2023 年 12 月。但我的猜測，也許這有點希望是，由於英國的政治局勢，該利率將恢復到更加正常化的水平，儘管如此，這將比我認為我們支付的大約 2.5 倍要高得多% 現在就這樣做。

the next question comes from Joshua Dennerlein from Bank of America.

下一個問題來自美國銀行的 Joshua Dennerlein。

You commented in the press release you expect rent growth of 4% to 5% next year. How does that compare to potential rate increases for your operators like that they might be getting from the payers?

您在新聞稿中表示預計明年租金將成長 4% 至 5%。這與您的運營商可能從付款人那裡獲得的潛在費率上漲相比如何？

So, that's a great question. Obviously, CMS has already announced what their rate increase will be. I think it was 4.5% in that range. Very interestingly, we've just recently learned that Germany is going to be somewhere in the neighborhood of 6%, I believe. And so you're seeing those types of rates on a go-forward basis.

所以，這是一個很好的問題。顯然，CMS 已經宣布了他們的費率上漲幅度。我認為 4.5% 就在這個範圍內。非常有趣的是，我們最近才了解到，我相信德國將達到 6% 左右。因此，您將在未來的基礎上看到這些類型的利率。

I think the conceptual thing to remember, Josh, is with respect to rents, to the landlord rents, especially on acute care hospitals, it's a relatively small piece of net revenue, generally around 5%. So when it comes to inflation pressures, hospitals aren't focused on paying a little bit higher rent on 5%. They're certainly much more focused, as I described a little earlier on, getting down the inflationary escalations on salaries, wages and benefits and other supply chain issues.

喬許，我認為要記住的概念性的事情是關於租金，對於房東的租金，特別是在急診醫院，它是淨收入中相對較小的一部分，通常在 5% 左右。因此，當談到通膨壓力時，醫院不會專注於支付5%的高一點租金。正如我之前所描述的，他們當然更專注於降低薪資、薪資和福利以及其他供應鏈問題上的通膨升級。

And then again, over time, going all the way back to when records first started being kept for Medicare, over time, which doesn't mean from quarter-to-quarter, obviously, but revenue reimbursement has always kept up and in fact, exceeded inflation.

話又說回來，隨著時間的推移，一直追溯到醫療保險記錄首次開始保存的時候，隨著時間的推移，這顯然並不意味著逐季度進行，但收入報銷始終保持不變，事實上，超過了通貨膨脹。

Can you maybe walk us through that a bit more, like what kind of lag there is with the payers and inflationary pressures? And are there certain times of year where we should look for announcements from the payers?

您能否向我們詳細介紹這個問題，例如付款人和通膨壓力有什麼樣的延遲？一年中的某些時候我們應該尋找付款人的公告嗎？

So CMS is every year. And then the commercial insurance payers will vary, because people enter into contracts that vary in length from 1 year to 3 years, and it's different for every single 1 of their payers. Some states like Alabama only has 1 basically commercial insurer, but states like Texas have a lot. So you'll have hospital operators having 50% -- 40% to 50% of their revenue coming from a lot of different commercial insurers, and those are being negotiated all throughout the year.

所以每年都有 CMS。然後，商業保險的付款人也會有所不同，因為人們簽訂的合約期限從一年到三年不等，而且每個付款人的合約期限都不同。阿拉巴馬州等一些州只有 1 家基本商業保險公司，但德克薩斯州等州則有很多。因此，醫院業者 50% - 40% 到 50% 的收入來自許多不同的商業保險公司，而這些都在全年進行談判。

The next question comes from Tayo Okusanya from Credit Suisse.

下一個問題來自瑞士信貸銀行的 Tayo Okusanya。

Just a couple of quick ones on Steward. First of all -- and I may have missed it because I did get on the call a little late, but the delay in the Texas development to -- by about 1.5 years. Could you just talk a little bit about how that decision was made? And also noticed that Steward rents were kind of down this quarter from like to $117 million from $125 million before. Just curious if you could help us reconcile that difference.

簡單介紹一下 Steward 的一些內容。首先——我可能錯過了它，因為我接到電話的時間確實有點晚了，但德克薩斯州的開發推遲了大約 1.5 年。您能簡單談談這個決定是如何做出的嗎？並且還注意到，本季 Steward 的租金從先前的 1.25 億美元下降到了 1.17 億美元。只是好奇您是否可以幫助我們協調這種差異。

So Steward commenced active predevelopment for the Wadley Hospital about this time last year, sometime in mid- to late 2021. And then later that year, MPT made an initial advance funding. And then in 2022, Steward accelerated, trying to line up and prefund or at least pre-identify in recognition of supply constraints, materials cost and lining up contractors and general contractors. Anyway, that was the process through 2022, the early part of 2022, at which time Steward decided to change the general contractor.

因此，去年這個時候，即 2021 年中後期，Steward 開始積極為沃德利醫院進行前期開發。然後在 2022 年，Steward 加速行動，嘗試排隊並預先提供資金，或至少預先確定供應限制、材料成本，並安排承包商和總承包商。無論如何，這是整個2022年的過程，2022年初，當時Steward決定更換總承包商。

And so that change disrupted the timing and it's our understanding that we're very close to new agreements with a new general contractor and construction will restart late this year or very early next.

因此，這項變更擾亂了時間安排，據我們了解，我們非常接近與新總承包商達成新協議，施工將於今年年底或明年初重新啟動。

Okay. That's helpful. And then the lower rent, the difference?

好的。這很有幫助。那麼租金越低，差別又如何呢？

So remember a few years ago, the auditing rules makers made us recognize as an MPT expense -- let's just say, for example, we paid an insurance premium, sometimes insurance premiums and frankly, in this case, are very large on an annual basis, say, $7 million. We have to recognize that even though we turn around and the next day or the very same day, we collect a check back from the tenants, because tenants, of course, under triple net lease are responsible for paying insurance. So there's a timing issue that you're referring to in recognition of an MPT expense in 1 period and then in the same or a different period of the next year, you'll see that expenses turned around into income or vice versa.

因此，請記住幾年前，審計規則制定者讓我們承認 MPT 費用 - 比如說，我們支付了保險費，有時保險費，坦率地說，在這種情況下，每年的費用非常大，比如說，700 萬美元。我們必須認識到，即使我們在第二天或同一天轉身，我們也會從租戶那裡收取支票，因為當然，根據三重淨租賃，租戶有責任支付保險。因此，存在一個時間問題，您指的是在一個期間內確認 MPT 費用，然後在下一年的相同或不同期間，您會看到費用轉為收入，反之亦然。

Got you. That's helpful. And then last 1 for me. The big change in the straight-line rents as well during the quarter. Just kind of help us better understand what created that.

明白你了。這很有幫助。然後是我的最後 1 個。本季直線租金也發生了巨大變化。只是幫助我們更好地理解是什麼創造了它。

Well, the biggest issue on straight-line rent was just writing off the accrued straight-line rent with respect to those Prime assets. Remember, we sold $360-plus million of Prime assets, which had been accruing straight-line rent for many years. And so that's just a noncash write-off.

嗯，直線租金的最大問題只是沖銷這些優質資產的應計直線租金。請記住，我們出售了價值 3.6 億多美元的 Prime 資產，這些資產多年來一直在直線累積租金。所以這只是非現金沖銷。

Our last question is a follow-up from Steven Valiquette.

我們的最後一個問題是 Steven Valiquette 的後續問題。

Just 1 quick clarification question. I think on Steward, you mentioned it was roughly $50 million of EBITDA in 2Q and you said it was expected to be $30 million or maybe $30 million plus in the third quarter. I wasn't sure if that was for the full third quarter or just quarter-to-date or something like that or maybe a couple of months, but also if that is the full quarter, maybe just any quick color on why that was sort of stepping down sequentially, if I heard those numbers correct.

只是 1 個快速澄清問題。我想在 Steward 上，您提到第二季的 EBITDA 約為 5000 萬美元，並且預計第三季將達到 3000 萬美元或 3000 萬美元以上。我不確定這是否是整個第三季度的情況，還是只是本季度至今的情況，或者類似的情況，或者可能是幾個月的情況，但如果這是整個季度的情況，也許只是簡單說明一下為什麼會這樣如果我聽到這些數字正確的話，我會依序辭職。

It is for the full quarter, Steven, and I don't have the detail on why the step down.

這是整個季度的數據，史蒂文，我不知道為什麼要辭職的細節。

Okay. So we could follow up maybe offline later on that.

好的。所以我們可以稍後離線跟進。

Absolutely.

絕對地。

This concludes our question-and-answer session. I would like to turn the conference back over to Ed Aldag for any closing remarks.

我們的問答環節到此結束。我想將會議轉回艾德·阿爾達格（Ed Aldag）發表閉幕詞。

Thank you very much. And again, I appreciate everyone's interest today and appreciate all of the questions, and please don't hesitate to call us with any additional questions. Thank you very much.

非常感謝。再次，我感謝大家今天的關注並感謝所有的問題，如果有任何其他問題，請隨時致電我們。非常感謝。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。