Medical Properties Trust Inc (MPW) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Q4 2022 Medical Properties Trust Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Charles Lambert, Vice President. Sir, please go ahead.

大家早上好，歡迎參加 2022 年第四季度醫療財產信託收益電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。現在，我想請副總裁 Charles Lambert 發言。先生，請繼續。

Thank you. Good morning, and welcome to the Medical Properties Trust conference call to discuss our fourth quarter and full year 2022 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.

謝謝。早上好，歡迎參加 Medical Properties Trust 電話會議，討論我們第四季度和 2022 年全年的財務業績。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 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 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，可以在我們網站 medicalpropertiestrust.com 的投資者關係部分找到。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 the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our financial results and future events to differ materially from those expressed in or underlying such forward-looking statements. We refer you to the company's reports filed with the Securities and Exchange Commission for 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陳述，這些陳述可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。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其他可能導致我們的財務結果和未來事件與此類前瞻性陳述中表達或支持的內容存在重大差異的因素。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. 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.

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。此外，在電話會議過程中，我們將描述某些非 GAAP 財務措施，這些措施應被視為補充而不是替代可比的 GAAP 財務措施。

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 medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations. I will now turn the call over to our Chief Executive Officer, Ed Aldag.

請注意，在我們的新聞稿中，Medical Properties Trust 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 medicalpropertiestrust.com，了解最直接的可比財務指標和相關調節。我現在將電話轉交給我們的首席執行官 Ed Aldag。

Thank you, Charles, and thank you all for listening in today on our fourth quarter earnings call. As one of the largest publicly traded owners of hospitals in the world across 10 different countries on 4 continents, we find the outlook for our tenants extremely encouraging on all fronts. Recent public comments from U.S. operators confirm the optimism about the industry.

謝謝查爾斯，感謝大家今天收聽我們的第四季度財報電話會議。作為全球最大的上市醫院所有者之一，業務遍及 4 大洲 10 個不同國家，我們發現租戶的前景在各個方面都非常令人鼓舞。美國運營商最近的公開評論證實了對該行業的樂觀態度。

Staffing costs are dramatically improved going into 2023, as is access to qualified patient care staff. And our tenants are implementing innovative means to develop and retain employees. Contract labor costs peaked last March and have come down approximately 33%. Our operators continue to take advantage of advances in technology to increase efficiencies, deliver quality patient care and reduce cost on a per-patient basis, my point being that, simply because an inflation index is high, doesn't mean that our operators do not have arrows in their quiver to reduce structural costs, transform procedures, et cetera.

進入 2023 年，人員成本將大幅降低，合格的患者護理人員的使用也是如此。我們的租戶正在實施創新方法來培養和留住員工。合同工成本在去年 3 月達到頂峰，現已下降約 33%。我們的運營商繼續利用技術進步來提高效率，提供優質的患者護理並降低每位患者的成本，我的觀點是，僅僅因為通貨膨脹指數高，並不意味著我們的運營商不會他們的箭筒裡有箭頭，可以降低結構成本、改造程序等。

Hospitals have been for decades required to continually improve process procedures, treatments and optimize charges to maintain equilibrium with a rapidly growing demand for patient treatment. As we move into 2023, the prognosis for generalized margin improvement across the entire industry on an increasing volume is encouraging. Our operators are experiencing low to mid-single-digit comparable revenue increases, depending on the diagnosis, acuity and payer, which, along with improving volumes and expanding reimbursement programs all along the scale are expected to generate an attractive 2023 for MPT's tenants.

幾十年來，醫院一直需要不斷改進流程、治療並優化收費，以與快速增長的患者治療需求保持平衡。隨著我們進入 2023 年，隨著銷量的增加，整個行業的普遍利潤率提高的預測令人鼓舞。我們的運營商正在經歷中低個位數的可比收入增長，具體取決於診斷、敏銳度和付款人，隨著數量的增加和報銷計劃的不斷擴大，預計將為 MPT 的租戶帶來有吸引力的 2023 年。

We've been very busy during all of 2022, maintaining relationships, building new ones and keeping our sights on our abundant opportunities throughout the world. We continue to see tremendous opportunities and are prepared to act on them as soon as the world settles down on the new normal for interest rates.

2022 年一整年，我們都非常忙碌，維護關係，建立新關係，並關注我們在世界各地的豐富機會。我們繼續看到巨大的機會，並準備在世界確定利率新常態後立即採取行動。

We continue to have a strong pipeline in our current markets like the United States, Europe and South America, but we also continue to explore new markets across the NAFTA and Asian business quarters. Our portfolio continues to produce operating results in line with our original underwriting standards. Like the results posted by the publicly reporting hospital operators, our operators continue to see vast improvements to the labor issues that affected the market this time last year.

我們在美國、歐洲和南美等現有市場繼續擁有強大的渠道，但我們也繼續在北美自由貿易區和亞洲業務區探索新市場。我們的投資組合繼續產生符合我們最初承保標準的經營業績。就像公開報告的醫院經營者發布的結果一樣，我們的經營者繼續看到去年這個時候影響市場的勞工問題有了很大的改善。

In December of 2022, we acquired approximately GBP 230 million of additional properties. This addition of 6 Priory hospitals purchased from a third party will be added to our master lease with Priory and improve the already strong Priory portfolio. And as you all know, we recently completed the Springstone transaction with Apollo. Springstone will be added to the LifePoint portfolio. This is another good example of our acquiring a holdco spinning out the operating piece out to a third party for profit and retaining the real estate.

2022 年 12 月，我們收購了約 2.3 億英鎊的額外財產。從第三方購買的 6 家 Priory 醫院將添加到我們與 Priory 的主租約中，並改善本已強大的 Priory 產品組合。眾所周知，我們最近完成了與 Apollo 的 Springstone 交易。 Springstone 將被添加到 LifePoint 產品組合中。這是我們收購控股公司的另一個很好的例子，將運營部分分拆給第三方以獲取利潤並保留房地產。

I'll spend a few minutes reviewing Prospect due to its relevance this quarter. Prospect continues to make progress with their East Coast divestitures in Rhode Island and Connecticut. The transaction in Connecticut with Yale new Haven Health systems is still tracking for a midyear close. While the non-MPT facilities in Rhode Island are expected to close in the latter part of 2023.

由於本季度的相關性，我將花幾分鐘時間回顧一下 Prospect。 Prospect 在羅德島和康涅狄格州的東海岸資產剝離方面繼續取得進展。康涅狄格州與耶魯紐黑文健康系統的交易仍在跟踪年中交易。而羅德島的非 MPT 設施預計將在 2023 年下半年關閉。

On an extremely encouraging note, independent third parties have valued Prospect's managed care business at around $1 billion. With our security interest in this managed care business, our share of proceeds from the Yale sale and the excess value in the California properties, we believe we have more than sufficient collateral even without regard to the value of the Pennsylvania properties to more than realize the full return of our investment in Prospect, including any deferred rent.

令人極為鼓舞的是，獨立第三方對 Prospect 的管理式醫療業務的估值約為 10 億美元。憑藉我們在該管理式醫療業務中的擔保權益、我們在耶魯大學出售收益中的份額以及加州房產的超額價值，我們相信即使不考慮賓夕法尼亞州房產的價值，我們也擁有足夠的抵押品來實現以上目標我們對 Prospect 的投資的全部回報，包括任何延期租金。

In addition to multiple initiatives at their hospitals, Prospect management is focused on an aggressive cost-cutting measure that should enable them to return the Pennsylvania market to profitability in approximately 12 to 18 months. The California facilities are currently generating a coverage of 1.2x on a trailing 12-month basis as of the end of the third quarter 2022. That being said, given the elongated timing of the Pennsylvania recovery, we felt it prudent to write off previously recorded straight-line rent and write down the Pennsylvania facilities.

除了他們醫院的多項舉措外，Prospect 管理層還專注於一項積極的成本削減措施，這將使他們能夠在大約 12 至 18 個月內使賓夕法尼亞市場恢復盈利。截至 2022 年第三季度末，加州設施目前在連續 12 個月的基礎上產生了 1.2 倍的覆蓋率。話雖如此，鑑於賓夕法尼亞州復甦的時間延長，我們認為註銷之前記錄的數據是明智的直線租金並記下賓夕法尼亞設施。

Last week, Steward and CommonSpirit announced a definitive agreement for Steward to sell the operations of their Utah facilities to Catholic Health Initiative, a CommonSpirit subsidiary. The purchase price will be used by Steward to pay down debt obligations, including the loan MPT made to Steward last summer and provide Steward with a good amount of liquidity. We announced our agreement to lease our entire Steward Utah hospital portfolio to Catholic Health Initiatives.

上週，Steward 和 CommonSpirit 宣布了一項最終協議，Steward 將其猶他州設施的運營出售給 CommonSpirit 的子公司 Catholic Health Initiative。 Steward 將使用購買價格償還債務，包括 MPT 去年夏天向 Steward 提供的貸款，並為 Steward 提供大量流動資金。我們宣布同意將整個 Steward Utah 醫院組合出租給 Catholic Health Initiatives。

This will be the second transaction we've done with CommonSpirit, and we were excited to expand this relationship. As you know, CommonSpirit with a credit rating of A, is one of the country's largest and most respected not-for-profit health-care providers. The announcement made last week regarding Steward's pending sale of its Utah facilities once again validates the MPT model of underwriting and further validates the value of our entire portfolio. Our track record of underwriting hospital real estate where the demand for the operations and, hence, the value of the underlying real estate can far outlast the operator itself has a 20-year outstanding history.

這將是我們與 CommonSpirit 完成的第二筆交易，我們很高興能擴大這種關係。如您所知，信用評級為 A 的 CommonSpirit 是美國最大、最受尊敬的非營利性醫療保健提供商之一。上週關於 Steward 即將出售其猶他設施的公告再次驗證了 MPT 承銷模式，並進一步驗證了我們整個投資組合的價值。我們在承保醫院房地產方面的記錄已有 20 年的傑出歷史，其中對運營的需求以及相關房地產的價值可以遠遠超過運營商本身。

I want to close this part of our earnings call to make a few comments about one in mine and Steve's cofounders, Emmett McLean. Today, we will announce Emmett's retirement from MPT effective on September 1, 2023. Emmett and Steve and I met in 2003 and have worked closely with each other ever since. It has been a remarkable collaboration of different strengths. I want to take this time to publicly thank Emmett for his work and dedication for the past 20 years. Emmett, we know that you and Catherine, your children and those precious grandchildren will cherish your much-earned retirement. Congratulations.

我想結束我們的收益電話會議的這一部分，對我和史蒂夫的聯合創始人 Emmett McLean 發表一些評論。今天，我們將宣布 Emmett 從 MPT 退休，自 2023 年 9 月 1 日起生效。Emmett、史蒂夫和我於 2003 年相識，此後一直密切合作。這是不同力量的非凡合作。我想藉此機會公開感謝 Emmett 過去 20 年的工作和奉獻。埃米特，我們知道你和凱瑟琳，你的孩子和那些寶貴的孫子們會珍惜你們來之不易的退休生活。恭喜。

We will issue a press release and an 8-K later today on Emmett's retirement. Steve?

我們將在今天晚些時候發布關於 Emmett 退休的新聞稿和 8-K。史蒂夫？

Thank you, Ed. This morning, we reported normalized FFO of $0.43 and $1.82 per diluted share for the fourth quarter and full year 2022, respectively, in line with our prior expectations. We also introduced our estimate of 2023 calendar net income and normalized FFO, which I will reconcile to the fourth quarter's results momentarily.

謝謝你，埃德。今天上午，我們報告了 2022 年第四季度和全年的標準化 FFO 分別為 0.43 美元和 1.82 美元，符合我們之前的預期。我們還介紹了我們對 2023 年日曆淨收入和標準化 FFO 的估計，我將立即將其與第四季度的結果進行核對。

First, I'll just mention a change we made to our supplemental reporting around our concentration metrics. In prior quarters, we had based operator concentration on an adjusted gross asset basis. That is a non-GAAP basis. Starting this quarter, we are using GAAP numbers. That's because, in December 2022, the SEC published updates to its non-GAAP financial measure guidance and basically stated that non-GAAP disclosures in charts, tables and graphs need to display the related GAAP measure in equal or greater prominence.

首先，我將僅提及我們對圍繞集中度指標的補充報告所做的更改。在前幾個季度，我們將運營商集中度建立在調整後的總資產基礎上。這是非 GAAP 基礎。從本季度開始，我們將使用 GAAP 數據。這是因為，在 2022 年 12 月，美國證券交易委員會發布了其非 GAAP 財務指標指南的更新，並基本上聲明圖表、表格和圖形中的非 GAAP 披露需要以同等或更高的顯眼程度顯示相關的 GAAP 指標。

In order to avoid duplicative disclosures of these charts, tables and graphs, we chose to provide the GAAP-related charts, tables and graphs to reduce confusion. However, we did provide our historical non-GAAP concentration metric on our key operators in the footnote to Page 11 of our supplemental for comparative purposes to the prior quarters.

為了避免重複披露這些圖表、表格和圖表，我們選擇提供與 GAAP 相關的圖表、圖表和圖表以減少混淆。但是，我們確實在我們的補充文件第 11 頁的腳註中提供了我們主要運營商的歷史非 GAAP 集中度指標，以便與前幾個季度進行比較。

As described in the press release and Ed's earlier comments, included in the determination of fourth quarter normalized FFO are adjustments to reserve prospects straight-line rent and the carrying value of our Pennsylvania Prospect's facilities. In conjunction with Prospect's continuing progress in improving its East Coast operations and strategies, we have decided to fully exit our non-California Prospect investment and reallocate that capital to new investments.

正如新聞稿和 Ed 之前的評論所述，第四季度標準化 FFO 的確定包括對儲備前景直線租金和我們 Pennsylvania Prospect 設施的賬面價值的調整。結合 Prospect 在改善其東海岸運營和戰略方面的持續進展，我們決定完全退出我們在加州以外的 Prospect 投資，並將該資本重新分配給新的投資。

At the end of this period of transition, we expect that we will have recovered and have available for reinvestment, most or all of our original investment plus any interim deferrals of rent through the following: As we have alluded to in recent months, Prospect owns a valuable managed-care business that we believe, based on third-party offers and negotiations and independent valuations, is currently worth about $1 billion. More immediately, we continue to expect the pending sale to the Yale New Haven Health System of our Connecticut hospitals to close by late next quarter. We do anticipate also that as hospital operations and financial results improve over the next several quarters, our Pennsylvania hospitals will become increasingly attractive acquisition targets and proceeds from their future sale will provide additional resources for reinvestment.

在此過渡期結束時，我們預計我們將通過以下方式恢復並可用於再投資，我們的大部分或全部原始投資加上任何臨時延期租金：正如我們最近幾個月提到的，Prospect 擁有我們認為，根據第三方報價和談判以及獨立估值，一項有價值的管理式醫療業務目前價值約 10 億美元。更直接的是，我們繼續預計我們康涅狄格州醫院的耶魯紐黑文衛生系統的待定出售將在下個季度末完成。我們也確實預計，隨著未來幾個季度醫院運營和財務業績的改善，我們賓夕法尼亞州的醫院將成為越來越有吸引力的收購目標，未來出售它們的收益將為再投資提供額外的資源。

The accounting adjustment in the fourth quarter to recognize an impairment acknowledges the possibility that such proceeds may be less than our original investment. However, we expect the value of the managed-care business will significantly exceed the aggregate amount of the fourth quarter impairment, any investment unrecovered from cash proceeds from the sale of Connecticut and the non-real estate loan that we originally extended to Prospect in 2019.

第四季度確認減值的會計調整承認此類收益可能少於我們最初的投資。然而，我們預計管理式醫療業務的價值將大大超過第四季度減值的總和、從出售康涅狄格州的現金收益中未收回的任何投資以及我們最初在 2019 年向 Prospect 提供的非房地產貸款.

During this transaction period, and Ed earlier mentioned that it is likely to extend beyond calendar 2023, we are considering providing rent and interest-deferral options to Prospect and expect to account for rental income from our non-California Prospect investments along with any interest from our $115 million non-real estate loan on a cash basis. And our 2023 guidance estimates take into account the range of our expectations about rent and interest that may not be paid during that period.

在此交易期間，Ed 早些時候提到它可能會延長到 2023 日曆年以後，我們正在考慮向 Prospect 提供租金和利息延期選擇權，並期望將我們非加州 Prospect 投資的租金收入以及來自我們 1.15 億美元的非房地產現金貸款。我們的 2023 年指導估計考慮了我們對該期間可能未支付的租金和利息的預期範圍。

So today, we are providing our estimate of calendar 2023 normalized FFO. The following may help investors bridge from our fourth quarter 2022 normalized FFO annualized run rate of about $1.71 to our guidance range of approximately $1.50 to $1.65 for normalized FFO on a calendar basis.

所以今天，我們提供了我們對 2023 年標準化 FFO 的估計。以下內容可能有助於投資者從我們 2022 年第四季度的標準化 FFO 年化運行率約 1.71 美元過渡到我們按日曆計算的標準化 FFO 的指導範圍約為 1.50 美元至 1.65 美元。

Starting with the $1.71. Contractual rent escalations will add about $0.05 a share, and the impact of rent and interest income from acquisitions and dispositions and the CommonSpirit Utah transaction, their related cash proceeds and interest expense with respect to transactions in the fourth quarter and through today, is an aggregate pro forma of another $0.03 a share. So those estimates on their own would yield a guidance estimate of approximately $1.79 of normalized FFO on a Prospect-neutral basis. That is as if Prospect paid all its 2023 rent and interest obligations.

1.71 美元起。合同租金上漲將使每股增加約 0.05 美元，來自收購和處置以及 CommonSpirit Utah 交易的租金和利息收入的影響，以及與第四季度和今天的交易相關的現金收益和利息支出，是一個總和每股 0.03 美元的備考。因此，在前景中性的基礎上，這些估計本身將產生大約 1.79 美元的標準化 FFO 的指導估計。這就好像 Prospect 支付了其 2023 年的所有租金和利息義務。

Our estimates of potential outcomes regarding Prospect range from a worst-case scenario, in which case we would recognize no rent or interest, to our more reasonably expected likely outcome that we recognize most of our California and Connecticut rent but nothing from the Pennsylvania investment. The per-share range of these scenarios would be 2023 normalized FFO of between $1.50 and $1.65, and that is what we reported in this morning's press release.

我們對 Prospect 的潛在結果的估計範圍從最壞的情況（在這種情況下我們將不承認租金或利息）到我們更合理預期的可能結果，即我們承認我們在加利福尼亞州和康涅狄格州的大部分租金，但不承認賓夕法尼亞州的投資。這些情景的每股範圍為 2023 年標準化 FFO 在 1.50 美元至 1.65 美元之間，這就是我們在今天上午的新聞稿中報導的內容。

Even at the $1.65 high end of our 2023 guidance, it does not consider incremental FFO that would be created by the recycling of our current investment in our Prospect East Coast investment, assuming success in the restructuring and monetization of Prospect's managed care business.

即使在我們 2023 年指導的 1.65 美元高端，假設 Prospect 管理式醫療業務的重組和貨幣化成功，它也不考慮通過回收我們當前對 Prospect 東海岸投資的投資而產生的增量 FFO。

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

這樣，我們就有時間問幾個問題，我會把電話轉回給接線員。

(Operator Instructions) Our first question today comes from Austin Wurschmidt from KeyBanc Capital Markets.

（操作員說明）我們今天的第一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Steve, I want to hit on that -- the guidance and sort of the buildup that you provided. So it sounds like when all is said and done, that $1.79 captures all of the announced activity that you've announced over the last 6-plus months and would be maybe a reasonable jumping-off point once we think about sort of you reinvesting proceeds into any future activity once you've buttoned up the Prospect deal. Is that a fair way to think about it? I'm just trying to understand what sort of the exit rate or run rate is on a go-forward basis once accounting for Prospect.

史蒂夫，我想談談你提供的指導和積累。所以聽起來總而言之，1.79 美元涵蓋了您在過去 6 個多月內宣布的所有已宣布活動，一旦我們考慮對您的收益進行再投資，這可能是一個合理的起點一旦您確定了 Prospect 交易，就可以參與任何未來的活動。這是一個公平的思考方式嗎？我只是想了解一旦考慮到 Prospect，退出率或運行率在前進的基礎上是什麼樣的。

I think that's generally correct and, again, assumes generally that we will replace the Prospect income with income from new investments, again, assuming the recycling of that capital.

我認為這通常是正確的，並且再次假設我們將用新投資的收入代替前景收入，再次假設該資本的循環利用。

And then I was hoping that you could maybe share with us how to think about sort of the monetization of the managed care? Do you expect to receive proceeds, I guess, from the sale of their managed care business? Or could you end up in some scenario with just a partial investment in that business down the line that maybe takes longer to monetize and ultimately reinvest the proceeds? I mean, is there any time line you can give us on when you would expect to receive that investment or proceeds from that investment?

然後我希望您可以與我們分享如何考慮管理式醫療的貨幣化？我想，您是否希望從出售他們的管理式醫療業務中獲得收益？或者您是否會在某些情況下最終只對該業務進行部分投資，而這可能需要更長的時間才能貨幣化並最終將收益再投資？我的意思是，您是否有任何時間表可以告訴我們您預計何時會收到該投資或該投資的收益？

Yes, I think it's the 12 to 18 months that Ed mentioned earlier. That business, as probably many on this call are aware, is very, very vibrant, very, very attractive right now. And again, we just saw yesterday the Amazon closing of its transaction with a kind of a similar business plan. And it is an up-and-running and currently profitable business for Prospect now. And to try to anticipate kind of beyond a 12- to 18-month sale process, which could involve any number of alternatives, and I won't mention them here, but that's our expectation is that -- we hope not to end up with a long-term equity type investment, and we don't think that's the likely outcome. We think it's more likely that there will be a sale or a recapitalization that will recover at least and possibly more than our investment in the East Coast properties.

是的，我想就是 Ed 之前提到的 12 到 18 個月。正如本次電話會議中的許多人所知，這項業務目前非常、非常有活力、非常、非常有吸引力。再一次，我們昨天剛剛看到亞馬遜以一種類似的商業計劃結束了它的交易。現在，它是 Prospect 的一項正在運行且目前盈利的業務。並嘗試預測超過 12 到 18 個月的銷售過程，這可能涉及任何數量的替代方案，我不會在這裡提及它們，但我們的期望是 - 我們希望不要以長期股權投資，我們認為這不是可能的結果。我們認為，出售或資本重組更有可能至少恢復甚至可能超過我們在東海岸物業的投資。

You're absolutely right. It is our intent as we work through this to push forward the sale sooner rather than later. But there are other issues we have to work through.

你是絕對正確的。我們的目的是通過此工作盡快推進銷售。但還有其他問題我們必須解決。

Understood. And can you just remind us what the total dollar investment is in those 4 Eastern PA hospitals and then what the contractual annual cash rent that those -- from those buildings?

明白了。您能否提醒我們這 4 家賓夕法尼亞州東部醫院的總美元投資是多少，然後這些建築物的合同年現金租金是多少？

So the Pennsylvania hospitals have an aggregate gross investment of about $420 million before impairment.

因此，賓夕法尼亞醫院在減值前的總投資約為 4.2 億美元。

Before impairment -- and then we should just describe sort of a high single, low double-digit type yield on that to get to an annual cash rent from those facilities?

在減值之前——然後我們應該描述一種高個位數、低兩位數的收益率，以獲得這些設施的年度現金租金？

Well, that would be right. But just to point out that, even in our high end of the range of $1.65, we're not counting on rent from Pennsylvania.

好吧，那是對的。但要指出的是，即使在我們 1.65 美元範圍的高端，我們也不指望賓夕法尼亞州的租金。

Our next question comes from Vikram Malhotra from Mizuho.

我們的下一個問題來自 Mizuho 的 Vikram Malhotra。

Maybe just first on Steward post the Utah transaction. Can you maybe just provide 2 things, one, just any update on your view on underlying cash flow projections as we look at '23 or other ins and outs, and then just, second, the remaining non-Utah, would you give us a sense of like the underlying health of those businesses/rent coverage?

也許只是首先在 Steward 上發布猶他交易。您能否提供兩件事，第一，當我們查看 23 年或其他來龍去脈時，您對基礎現金流量預測的看法的任何更新，然後，第二，剩下的非猶他州，您能給我們一個感覺這些企業/租金覆蓋面的潛在健康狀況？

Sure, Vikram. The expectations for 2023 continues to be in excess of $350 million, including the Utah facilities. Utah facilities represent approximately $80 million of that. So somewhere in the $300 million annualized 2023 post the Utah transaction. I think there is a public misnomer thinking that the Utah properties are the most profitable properties in the Steward portfolio. Actually, that is not the case. When the Utah property transaction closes, their overall coverage will actually increase. So it's an opportunity for them to take proceeds from a mature market from their concern into markets where they have the ability to grow even more. As we've stated before, the Florida properties, in particular, continue to way outperform our original underwriting, and Steward still believes there's tremendous growth there.

當然，維克拉姆。對 2023 年的預期繼續超過 3.5 億美元，包括猶他州的設施。猶他州的設施約佔其中的 8000 萬美元。因此，在猶他州交易後，2023 年的年化金額為 3 億美元。我認為有一種公眾誤稱，認為猶他州的房產是 Steward 投資組合中最賺錢的房產。其實不然。當猶他州的房地產交易結束時，他們的整體覆蓋率實際上會增加。因此，這對他們來說是一個機會，可以將成熟市場的收益從他們關注的領域轉移到他們有能力進一步發展的市場。正如我們之前所說，佛羅里達州的財產，尤其是繼續跑贏我們最初的承保，Steward 仍然相信那裡有巨大的增長。

Okay. That's helpful. And then just so on this -- the disclosure based on the new GAAP guidance or SEC guidance, I guess, maybe it seems like a sizable change, and maybe I'm not fully understanding what changed, would you mind -- I typically won't do this on the call, but would you mind just giving us an example, like takes the Steward Florida or Circle Health, just explain to us like what changed in the disclosure, and it would be helpful if you can, maybe in an update, give us just -- I know it's a lot more pages, but give us the pro forma versus what changed. And I guess, again, I'm not understanding what changed because I didn't see like other REITs having to make this change in their supplements.

好的。這很有幫助。然後就是這樣 - 基於新的 GAAP 指南或 SEC 指南的披露，我猜，這似乎是一個相當大的變化，也許我不完全理解發生了什麼變化，你介意嗎 - 我通常會贏'在電話中這樣做，但你介意給我們舉個例子嗎，比如 Steward Florida 或 Circle Health，向我們解釋一下披露中的變化，如果可以的話，這會很有幫助，也許在更新，給我們——我知道它有很多頁，但請給我們預估與變化的對比。我想，再一次，我不明白髮生了什麼變化，因為我沒有看到其他 REITs 必須在他們的補充中做出這種改變。

So the biggest changes, I'll just address that generally, and we can absolutely supplement our supplement with our prior guidance. But the big changes were, again, just GAAP changes, for example, to deduct depreciation, accumulative depreciation, that affects obviously the relative and the overall denominator of the calculation. And then in our prior pro forma examples, we would pro forma, for example, binding contracts for transactions that had not yet closed.

所以最大的變化，我只是一般性地解決，我們絕對可以用我們之前的指導來補充我們的補充。但大的變化再次只是 GAAP 變化，例如，扣除折舊、累計折舊，這明顯影響了計算的相對和總分母。然後在我們之前的備考示例中，我們將備考，例如，為尚未關閉的交易綁定合同。

So just by way, I'll give you a very brief example here. If you have the supplement in front of you, Page 11, and you look at the Steward Health Care, the aggregate of all of the Steward Health Care markets shown in the GAAP basis statement is 24.2%. Had we presented this on the old method, it would have been -- as the footnote says, it would have been 19.8%. And again, instead of going through line by line, the details of that, we'll get, as I say, a supplement to the supplement.

順便說一句，我會在這裡給你一個非常簡短的例子。如果您面前有補充資料，第 11 頁，並且您查看 Steward Health Care，GAAP 基礎報表中顯示的所有 Steward Health Care 市場的總和為 24.2%。如果我們用舊方法提出這個，它會是——正如腳註所說，它會是 19.8%。同樣，正如我所說，我們將獲得補充的補充，而不是逐行討論細節。

Okay. That would be helpful. If you can bridge the 2 with all the GAAP, like you said, depreciation because I felt both were net, but maybe I'm just reading it incorrectly and then any pro forma adjustments. Just to clear -- just to make it like crystal clear in terms of what you did.

好的。那會很有幫助。如果你可以將 2 與所有 GAAP 聯繫起來，就像你說的那樣，折舊，因為我覺得兩者都是淨值，但也許我只是讀錯了它，然後進行了任何備考調整。只是為了清楚 - 只是為了讓你所做的事情變得非常清楚。

Just last question. Can you remind us just in effort to shore up more cash flow and hopefully reduce leverage going forward, can you remind us sort of any update on, say, the Australian assets or other assets that you may be monetizing, what the underlying appetite is for hospital real estate today?

最後一個問題。您能否提醒我們只是為了支持更多的現金流並希望在未來降低杠桿率，您能否提醒我們關於澳大利亞資產或您可能正在貨幣化的其他資產的任何更新，潛在的胃口是什麼今日醫院地產？

Well, we don't have anything to report on Australia, but -- other than to address your question, we continue to see strong appetite across the geographies, and that's indicated by unsolicited occasional but fairly frequent inquiries about our assets across Western Europe. And although we've never acknowledged the Australian sale process, we don't deny it, but we have nothing to report on that at this time.

好吧，我們沒有任何關於澳大利亞的報告，但是——除了回答你的問題之外，我們繼續看到各個地區的強烈需求，這可以從對我們在西歐的資產的不請自來的偶爾但相當頻繁的詢問中看出。雖然我們從未承認過澳大利亞的銷售過程，但我們並不否認，但目前我們沒有什麼可報告的。

Our next question comes from Steven Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

Great. And also, appreciate the extra color around Prospect Medical. Maybe just to provide some additional updated color around their underlying operations within the Pennsylvania hospitals, can you just remind us what the key variables are to improve the profitability of the operations? And I recall there was some conjecture to potentially repurpose some of those PA assets into alternative use, I believe, on the behavioral side, but that may have hit some road blocks. I'm just curious if you can just give us an update on these collective dynamics and just path to improvement for these Pennsylvania hospitals just based on what you know right now.

偉大的。此外，欣賞 Prospect Medical 周圍的額外顏色。也許只是為了在賓夕法尼亞醫院內的基礎運營中提供一些額外的更新顏色，您能否提醒我們提高運營盈利能力的關鍵變量是什麼？我記得有一些猜測可能會將其中一些 PA 資產重新用於替代用途，我相信，在行為方面，但這可能遇到了一些障礙。我只是想知道您是否可以根據您現在所知道的，向我們提供有關這些集體動態的最新信息以及這些賓夕法尼亞州醫院的改進途徑。

Sure, Steve. As we've all talked about previously, that particular area was hit harder with COVID than a lot of other areas in the United States, and that's not just from a patient standpoint but probably worse from a staffing standpoint, the rules that we all used to have to go by, if you tested positive COVID, if you even tested for COVID, most hospitals don't even test for COVID anymore. So most of those issues have been resolved. But you're right, when they originally bought these facilities, they had a plan, which we knew about and in light of repurposing a number of the facilities. The problem is you've got facilities there that are very close to each other that are providing the same services, and we think they had a very good plan for repositioning what services were provided in each individual facility. What I guess none of us took into account was the political fallout that, that would cause various politicians saying, well, I'm not -- don't take my hospital the away, those types of things. That's been much harder than any of us realized. I think that as Prospect has gone through this, the politicians have been much easier to work with as of late.

當然，史蒂夫。正如我們之前所討論的那樣，與美國許多其他地區相比，該特定地區受到 COVID 的打擊更嚴重，這不僅是從患者的角度來看，而且從人員配置的角度來看可能更糟，我們都使用的規則不得不說，如果你的 COVID 檢測呈陽性，即使你對 COVID 進行了檢測，大多數醫院甚至不再對 COVID 進行檢測。所以大部分問題都已經解決了。但你是對的，當他們最初購買這些設施時，他們有一個我們知道的計劃，並且考慮到重新利用一些設施。問題是那裡的設施彼此非常接近，提供相同的服務，我們認為他們有一個很好的計劃來重新定位每個設施提供的服務。我想我們都沒有考慮到政治後果，這會導致各種政客說，好吧，我不是——不要把我的醫院帶走，諸如此類的事情。這比我們任何人意識到的要難得多。我認為隨著 Prospect 經歷了這一切，政客們最近更容易合作了。

So we have -- we do have hope that they can do what their original plan was in repurposing some of those facilities. I don't want to make a plan based on the last month and -- 2.5 months. But their operating statistics all look dramatically better than they did this time last year. And so they're clearly making some progress, but 2.5 months don't make a real plan at this point.

所以我們 - 我們確實希望他們能夠按照他們最初的計劃重新調整其中一些設施的用途。我不想根據上個月和 2.5 個月制定計劃。但他們的運營統計數據看起來都比去年這個時候好得多。因此，他們顯然取得了一些進展，但 2.5 個月目前還沒有製定真正的計劃。

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

我們的下一個問題來自 RBC Capital Markets 的 Michael Carroll。

I wanted to stay on Prospect. And I guess, Steve, you made some comments that you provided prospects with some percent potential deferred rent options. I mean, what do those options include? And had they made a decision on what they wanted to do with those options?

我想留在前景。我想，史蒂夫，你發表了一些評論，說你為潛在客戶提供了一定比例的潛在延期租金選擇。我的意思是，這些選項包括什麼？他們是否已經決定要用這些選項做什麼？

No. I think just to be clear, we're considering that, and we expect that we will provide some fairly significant rent options -- rent deferral options. Again, going back to Ed's opening comments about Prospect, it's going to be at least a 12- to 18-month process. And that's the reason, for example, we gave the worst-case scenario, as if during 2023, we collect nothing from Prospect. That's what gets you to the $1.50. So that truly is a worst-case scenario.

不，我想明確一點，我們正在考慮這一點，我們希望我們將提供一些相當重要的租金選擇——租金延期選擇。再次回到 Ed 關於 Prospect 的開場評論，這將至少是一個 12 到 18 個月的過程。這就是為什麼，例如，我們給出了最壞的情況，就好像在 2023 年期間，我們從 Prospect 那裡什麼也收不到。這就是讓您獲得 1.50 美元的原因。所以這確實是最壞的情況。

We do expect to provide Prospect some alternatives to manage its cash flow across the quarters, but we have not finalized that yet. And just because we are presenting a worst-case scenario of collecting no rent, that's not necessarily to imply that that's what we intend to offer Prospect.

我們確實希望為 Prospect 提供一些替代方案來管理其跨季度的現金流，但我們尚未最終確定。僅僅因為我們呈現的是不收取租金的最壞情況，並不一定意味著這就是我們打算提供給 Prospect 的。

What -- under what scenario would you defer all your rent? I mean, if they ask for it, would you necessarily provide that to them?

什麼 - 在什麼情況下您會推遲所有租金？我的意思是，如果他們要求，您一定會提供給他們嗎？

Well, we're a long way from that. There are lots of parties involved in the Prospect strategies and negotiations. And we have simply said that, along with other parties, we're willing to consider contributing to Prospect's 2023 cash needs and primarily by virtue of potential rent concessions, rent deferrals.

好吧，我們還有很長的路要走。前景戰略和談判涉及很多方面。我們只是簡單地說，與其他各方一起，我們願意考慮為 Prospect 的 2023 年現金需求做出貢獻，主要是通過潛在的租金優惠和租金延期。

Did Prospect pay their full rent in January and February?

Prospect 是否在 1 月和 2 月支付了全部租金？

No.

不。

Okay. Did they pay any rent in January and February?

好的。他們在一月和二月付過房租嗎？

That we haven't disclosed, but no, they did not pay their full rent.

我們沒有透露，但不，他們沒有支付全額租金。

Okay. And then under what scenario, I guess, do you expect that this will be completed. I know in the press release, you highlighted that this will take 12 to 18 months, but then you also indicated that you'd expect to get some recoveries in the second half of the year. I mean, what's the give and takes with that potential outcome?

好的。然後在什麼情況下，我猜，你希望這會完成。我知道在新聞稿中，你強調這將需要 12 到 18 個月，但隨後你也表示你希望在今年下半年獲得一些復甦。我的意思是，這種潛在結果的代價是什麼？

Yes. Well, it's the Yale sale, the Connecticut sale, the improvement of the overall operations in the facilities and an ultimate conclusion of a restructuring for them.

是的。好吧，這是耶魯大學的出售、康涅狄格州的出售、設施整體運營的改善以及重組的最終結論。

Okay. And then last question for me. What -- why has this transaction taken so long? I know in the middle of 2022, you kind of expected something would get done in the fourth quarter. So why is it being pushed out further into '23 -- it sounds like probably 2024.

好的。然後是我的最後一個問題。什麼——為什麼這筆交易花了這麼長時間？我知道在 2022 年年中，你有點希望在第四季度完成一些事情。那麼為什麼它被進一步推遲到 23 年——聽起來可能是 2024 年。

Well, we did expect -- we had good reason to expect in the fourth quarter actually going into the first quarter and into the early weeks of January. We -- I say we, Prospect was negotiating with a potential financial partner that would have begun the monetization process of the managed care business that would have provided immediate liquidity for operations. And those negotiations went very deep, and it was only in the middle of January that it became apparent that, that particular party was not going to continue to move forward. And that's what -- that's the big change that caused us to make these accounting decisions.

好吧，我們確實期待——我們有充分的理由期待第四季度實際上進入第一季度和 1 月的前幾週。我們 - 我說我們，Prospect 正在與一個潛在的金融合作夥伴進行談判，該合作夥伴將開始管理式醫療業務的貨幣化過程，該業務將為運營提供即時流動性。這些談判進行得非常深入，直到 1 月中旬才變得很明顯，那個特定的一方不會繼續前進。這就是 - 這就是導致我們做出這些會計決策的重大變化。

Our next question comes from Michael Mueller from JPMorgan.

我們的下一個問題來自摩根大通的 Michael Mueller。

Take you off mute there. So first of all, I guess after the Connecticut assets are sold, are you anticipating a rent cut on Pennsylvania and the California assets on a go-forward basis? And is any of that baked into that $0.15 cash recovery?

帶你去那裡靜音。所以首先，我猜想在出售康涅狄格資產後，您是否預計賓夕法尼亞和加利福尼亞資產的租金會繼續下降？那 0.15 美元的現金回收中是否包含了這些？

No. The difference -- the primary difference between the $1.50 worst-case scenario, which, again, not to belabor it, but assumes no rent at all from any Prospect properties. The difference between that $1.50 and the $1.65 is primarily collection of the Connecticut rent and collection of the California rent and interest.

不，區別是 1.50 美元最壞情況之間的主要區別，再次強調，它假設任何 Prospect 物業都沒有租金。 1.50 美元和 1.65 美元之間的差額主要是康涅狄格州租金和加利福尼亞州租金和利息的收取。

Got it. But on a go-forward basis, so you're assuming -- what are you assuming on a go-forward basis, not necessarily calendar '23, but for the Pennsylvania assets. Are you anticipating some sort of rent diminution there? Or is that operation being picked up and...

知道了。但是在前進的基礎上，所以你假設 - 你在前進的基礎上假設什麼，不一定是日曆'23，而是賓夕法尼亞州的資產。您是否預計那裡會出現某種形式的租金減免？還是正在接受該操作並...

I think at any point along the range of $1.50 to $1.65, there is no Pennsylvania rent assumed there. Ideally, we'd like to see Pennsylvania improved, and as I mentioned earlier, become an attractive -- it is an acquisition target. And you all may recall, this time last year, there was an offer, a nonbinding offer from an investment grade rated not-for-profit. And it is still an attractive facility for operators. So our preference would be for that to happen and Prospect defined a buyer, and we actually sell the real estate and recover at least the impaired value of the real estate.

我認為在 1.50 美元到 1.65 美元範圍內的任何一點，都沒有賓夕法尼亞州的租金。理想情況下，我們希望看到賓夕法尼亞州有所改善，正如我之前提到的，成為一個有吸引力的——它是一個收購目標。你們可能還記得，去年的這個時候，有一個非營利投資級別的非約束性要約。對於運營商來說，它仍然是一個有吸引力的設施。因此，我們希望這種情況發生，而 Prospect 定義了一個買家，我們實際上出售了房地產並至少收回了房地產的減值價值。

Mike, those hospitals aren't going away as can be seen in the political fight about any potential closures of any particular parts of hospitals. People want those hospitals. The politicians want those hospitals all to stay open. We just believe this is already proven to us to be taking longer than we had anticipated. And we just don't know anymore at this point to how quickly Pennsylvania can be resolved. But it's not a 0.

邁克，這些醫院不會消失，正如在有關醫院任何特定部分的任何潛在關閉的政治鬥爭中所看到的那樣。人們想要那些醫院。政客們希望這些醫院都保持開放。我們只是相信這已經被證明需要比我們預期的更長的時間。在這一點上，我們只是不知道賓夕法尼亞問題能多快得到解決。但它不是 0。

Got it. Okay. And then, I guess, on the managed care side, the $1 billion appraised value there, I guess -- how should we think about how much of that you're entitled to from, I guess, your -- what you have structured into the leases. It sounds like you think that, if it's $1 billion, as a base case, should we be thinking that you're entitled to, at least based on what you're telling us, the $170 million that you've kind of written down on the PA assets. So that's kind of the minimum threshold of what you think you can kind of -- you're entitled to out of the $1 billion valuation.

知道了。好的。然後，我想，在管理式醫療方面，那裡 10 億美元的評估價值，我想——我們應該如何考慮你有權從中得到多少，我想，你的——你已經構建的東西租約。聽起來你認為，如果它是 10 億美元，作為一個基本案例，我們是否應該認為你有權，至少根據你告訴我們的，你已經減記的 1.7 億美元在 PA 資產上。所以這是你認為你可以做的最低門檻——你有權獲得 10 億美元的估值。

Yes. I think a different way to look at it, Mike, would be that we think we're entitled to enough of it to get all of our money back, including obviously what we're going to get out of Connecticut and what we think the value of California is.

是的。邁克，我認為另一種看待它的方式是，我們認為我們有權獲得足夠的資金來收回我們所有的錢，顯然包括我們將從康涅狄格州得到什麼以及我們認為加州的價值是。

Our next question comes from Tayo Okusanya from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tayo Okusanya。

So a couple from me. Again, still on Prospect. So again, you guys have moved to cash basis. I'm curious if from an auditor's perspective, Prospect has any issues around being a going concern. If it does, how do you guys kind of think about a potential bankruptcy there on a Plan B for getting a new operator for those assets?

所以我有一對。同樣，仍然在前景上。再一次，你們已經轉向現金制。我很好奇，從審計師的角度來看，Prospect 是否存在持續經營方面的問題。如果是這樣，你們如何看待為這些資產尋找新運營商的 B 計劃中的潛在破產？

So we certainly haven't had anybody to raise the concern of a going concern at this particular point. But we believe we're in the same place whether this is a bankruptcy or work together restructuring standpoint. Obviously, if it's a bankruptcy, it may take a little bit longer, but we still believe we're in a good position to recover all of our investments, including the deferred rent.

因此，在這個特定點上，我們當然沒有人提出對持續經營的擔憂。但我們相信，無論是破產還是合作重組，我們都處於同一位置。顯然，如果是破產，可能需要更長的時間，但我們仍然相信我們有能力收回我們所有的投資，包括遞延的租金。

Okay. That's helpful. And then number two, moving on to Priory, could you talk a little bit about just the economics of that transaction, the cap rates you did the deal at and also the seller financing, what interest rates that was done at?

好的。這很有幫助。然後是第二，轉到 Priory，你能談談那筆交易的經濟學，你做交易的資本化率以及賣方融資，完成的利率是多少？

Yes. This is the one we just announced this morning, the additional 6 properties. These are 6 properties that were not owned by Priory when we bought the original transaction. These are owned by a third party who put them up for sale middle of late last year, last summer. And we've been working with them. They -- we believe they are some of the very best assets for Priory. And they will be added to the master lease with Priory go under the same terms that are there. We believe it will help even improve what's already a strong coverage there and a strong collateral base.

是的。這是我們今天早上剛剛宣布的，另外 6 個屬性。這些是我們購買原始交易時不屬於 Priory 的 6 處房產。這些由第三方擁有，他們在去年年底，去年夏天將它們出售。我們一直在與他們合作。他們——我們相信他們是 Priory 最好的資產之一。並且它們將被添加到與 Priory go 的主租約中，條款與那裡的條款相同。我們相信這將有助於改善那裡已經很強大的覆蓋範圍和強大的抵押品基礎。

But in regards to actual cap rates on it and as well as the funding cost on the seller financing and assumed debt, is that something you can provide?

但是關於它的實際上限利率以及賣方融資和承擔債務的資金成本，你能提供嗎？

No. As you know, Tayo, we normally don't give specific cap rates other than this is attractive and accretive and even on a cash basis with the seller financing is cash flow accretive and, again, is included in the guidance that we gave. I mentioned earlier the I think roughly $0.03 net accretion to the transactions that we announced this morning.

不，如你所知，Tayo，我們通常不給出具體的上限利率，除非這是有吸引力和增值的，甚至在賣方融資的現金基礎上也是現金流增值，並且再次包含在我們給出的指導中.我之前提到過，我認為我們今天早上宣布的交易淨增加約 0.03 美元。

Then can we move over to kind of current leverage and just taking a look at the balance sheet and some of the moving items there that kind of contributed towards higher leverage with the line of credit kind of going up a decent amount. It seems like, again, your accounts receivables increased. There's this kind of additional mortgage loans increase of about $60 million. Just kind of talk about some of the items that may have contributed to the higher use of the line and higher net debt.

然後我們可以轉向當前的槓桿率，只看一下資產負債表和那裡的一些移動項目，這些項目有助於提高槓桿率，信用額度也有相當大的提升。看來，您的應收賬款又增加了。這種額外的抵押貸款增加了大約 6000 萬美元。只是談論一些可能導致線路使用率更高和淨債務更高的項目。

Sure. The calculation we showed this morning at 6.4x -- and just to be clear, we footnoted that based on the range of potential outcome with Prospect. But starting with the baseline, 6.4 is up from last quarter's 5.8. That's due primarily, as I mentioned, to the effect of the range of Prospect assumptions. Secondly, as you mentioned, our acquisition of the Priory assets in the fourth quarter funded with seller financing and the impact of currency movements. The $60 million you mentioned was a European investment we made in the fourth quarter. And I think that's about it. Right? Yes.

當然。我們今天早上顯示的計算結果為 6.4 倍——為了清楚起見，我們根據 Prospect 的潛在結果範圍做了腳註。但從基線開始，6.4 高於上一季度的 5.8。正如我所提到的，這主要是由於 Prospect 假設範圍的影響。其次，正如您提到的，我們在第四季度收購了 Priory 資產，資金來自賣方融資和貨幣變動的影響。你提到的6000萬美元是我們在第四季度進行的歐洲投資。我認為就是這樣。正確的？是的。

And then the AR receivables being up $50 million, and anything going on there with kind of slower...

然後 AR 應收賬款增加了 5000 萬美元，那裡發生的任何事情都比較慢......

Yes, Prospect is a big piece of unpaid billed rent.

是的，Prospect 是一大筆未付的租金。

Got you. Okay. And then from an accounting perspective, just bear with me. I appreciate the explanation about the change to net investments that you discussed earlier on, Steve. The only challenge is when we have that change, when we don't see gross investments, we can't really see any additional investments that were made. Could you just talk about, again, since you guys did the $250 million of investments to Steward and Prospect, if there were any additional investments to those 2 operators since that time?

明白了好的。然後從會計的角度來看，請耐心等待。史蒂夫，我很欣賞你之前討論過的關於淨投資變化的解釋。唯一的挑戰是當我們發生這種變化時，當我們看不到總投資時，我們真的看不到任何額外的投資。你能不能再談談，既然你們對 Steward 和 Prospect 進行了 2.5 億美元的投資，那以後是否還有對這兩家運營商的額外投資？

No. Other than routine order of business, for example, the development funding that goes on with -- of course, there's no development funding at Prospect. There's the Texarkana and Norwood construction projects in -- with Steward. But that's the increased investment.

不。除了例行的業務秩序，例如，持續的開發資金——當然，Prospect 沒有開發資金。 Steward 參與了 Texarkana 和 Norwood 建設項目。但這是增加的投資。

Got you. Okay. That's helpful. And then just one final comment from me. I think, again, just having the EBITDA rent coverages that used to provide in the past, I think investors do find that useful. It would be great if you could see a return of those metrics in the next supplemental in 1Q '23.

明白了好的。這很有幫助。然後是我的最後一條評論。我再次認為，只要擁有過去提供的 EBITDA 租金覆蓋率，我認為投資者確實覺得這很有用。如果您能在 23 年第一季度的下一份補充報告中看到這些指標的回歸，那就太好了。

Our next question comes from John Pawlowski from Green Street Advisors.

我們的下一個問題來自 Green Street Advisors 的 John Pawlowski。

Maybe a follow-up to Tayo's question. Did you provide any operators at all financial support in fourth quarter through the rent deferrals, loans, equity stakes? Or do you expect to have to in the coming quarters outside of Prospect?

也許是 Tayo 問題的後續行動。您是否在第四季度通過延期租金、貸款、股權等方式向任何運營商提供了所有財務支持？或者您是否希望在 Prospect 之外的未來幾個季度中必須這樣做？

What's that final part? Do we expect to?

最後那部分是什麼？我們期望嗎？

Yes, do you expect to outside of Prospect?

是的，你期望在Prospect之外嗎？

Aside from Prospect. No, we don't.

除了前景。不，我們沒有。

Okay. Maybe going back to the Prospect's restructuring, Steve, I think you alluded to you expect to collect most of the California rent. So can you just take a step back, and I know you put some scenarios in there. I'm less concerned about worst-case scenarios that are embedded in guidance. I'm just trying to understand the actual reality in terms of how much cash is going to come in the door this year. So the total Prospect relationship, what percent of your annual cash payments that are owed by Prospect do you actually expect to collect this year. You can use a range if you'd like. And just -- we just need some quantification.

好的。也許回到前景的重組，史蒂夫，我想你提到你希望收取大部分加州租金。那麼你能不能退後一步，我知道你在裡面放了一些場景。我不太關心嵌入指南中的最壞情況。我只是想了解今年將有多少現金進入的實際情況。因此，總的潛在客戶關係，您實際期望今年收取潛在客戶所欠的年度現金付款的百分比。如果您願意，可以使用範圍。只是 - 我們只需要一些量化。

Well, I think we've given the range. We don't expect the worst case. It's possible that the $1.65, which as you point out, is basically collection of the California rent and 6 months of Connecticut, assuming we sell Connecticut at the end of the 6 months.

好吧，我想我們已經給出了範圍。我們不希望出現最壞的情況。正如您指出的那樣，1.65 美元可能基本上是加州租金和康涅狄格州 6 個月的租金，假設我們在 6 個月結束時出售康涅狄格州。

And those are cash not percent.

這些是現金而不是百分比。

Okay. But do you -- so am I right to interpret that there's going to be a shortfall in the California rent collection as well?

好的。但是你 - 所以我解釋加州租金也會出現短缺是正確的嗎？

That's quite possible, yes.

這很有可能，是的。

Okay. Are they paying rent currently under the California for hospitals?

好的。他們目前是否在加利福尼亞州支付醫院租金？

No. For -- as I mentioned a little earlier, very little of January, February rent has been paid.

沒有。因為——正如我之前提到的，一月份的租金很少，二月份的租金已經支付了。

Okay. Last one from me. I assume the repayment of the upsized mortgage loans didn't occur in the fourth quarter. Can you give us a sense for when you expect that mortgage loan to be repaid in the California properties?

好的。我的最後一個。我假設第四季度沒有償還增加的抵押貸款。您能否告訴我們您預計何時會償還加州房產的抵押貸款？

Along with the recovery from primarily the sale of the managed care business, although there are other restructuring options with respect to that particular facility. That facility, obviously, as you point out, is mortgaged now. We're considering a number of options that could include acquisition of that facility for the mortgage balance, but there's nothing definitive or binding with respect to that possible strategy.

隨著主要從管理式醫療業務的銷售中復蘇，儘管對於該特定設施還有其他重組選擇。顯然，正如您所指出的，該設施現在已抵押。我們正在考慮多種選擇，其中可能包括為抵押貸款餘額收購該設施，但對於該可能的策略沒有任何確定或約束。

Our next question comes from Andrew Rosivach from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Andrew Rosivach。

I was thinking maybe something that might help if you -- would you be able to translate kind of your FFO into an AFFO guidance? Because I'm guessing some of the puts and takes related to Prospect are probably related to cash basis versus straight line?

我在想，如果你——你能將你的 FFO 轉化為 AFFO 指南，也許會有幫助嗎？因為我猜測與 Prospect 相關的一些看跌期權和受讓可能與現金基礎與直線相關？

I got lost in that question. I'm sorry.

我迷失在那個問題中。對不起。

Sorry, Steve. So you have an FFO of $1.50 to $1.65. And I think a lot of us are trying to back in to dividend coverage. And I'm guessing that if we took a step from '22 to '23, the difference in AFFO is less than the difference in FFO.

對不起，史蒂夫。因此，您的 FFO 為 1.50 美元至 1.65 美元。而且我認為我們中的很多人都在努力回歸股息保險。我猜如果我們從 22 年邁出一步到 23 年，AFFO 的差異小於 FFO 的差異。

Yes, so if you take that worst-case scenario again at $1.50, and you make necessary adjustments for AFFO, we're at about $1.29.

是的，所以如果你再次以 1.50 美元的價格計算最壞情況，並對 AFFO 進行必要的調整，我們的價格約為 1.29 美元。

Got it. Okay. And then my second one is really nerdy, and I know some of these numbers are estimated, but your schedule for tenant disclosures, you used to have EBITDAR and EBITDARM. You now have EBITDARM. I'm just curious why you went to 1 column.

知道了。好的。然後我的第二個真的很書呆子，我知道其中一些數字是估計的，但你的租戶披露時間表，你曾經有 EBITDAR 和 EBITDARM。您現在擁有 EBITDARM。我只是好奇你為什麼去 1 專欄。

Yes. And Andrew, you may remember that we stopped doing EBITDAR a long time ago because it was confusing because a lot of that are assumptions that everyone has to make, including us about what the M part of the EBITDARM is. For example, if you look at that page, which is Page 14 in the supplement, a number of those operators' EBITDARM and the EBITDAR is the same thing. So what we did a long time ago when we were trying to show EBITDAR, we used an arbitrary number for us from -- that we got from what the management fee may be. Many times, those were much higher than actual numbers.

是的。安德魯，你可能還記得我們很久以前就停止做 EBITDAR，因為它令人困惑，因為其中很多都是每個人都必須做出的假設，包括我們關於 EBITDARM 的 M 部分是什麼。例如，如果您查看補充頁中的第 14 頁，許多運營商的 EBITDARM 和 EBITDAR 是一回事。所以很久以前我們在嘗試展示 EBITDAR 時所做的，我們使用了一個任意數字——我們從管理費中得到的。很多時候，這些數字遠高於實際數字。

Another example, we have a couple of operators who prefer not to be named in this report, although it doesn't take a genius to figure out which ones those are. But the -- we own a very small part of their overall portfolio. So it's not easy to try to go from EBITDARM to EBITDAR based on when you own a very small part of the overall portfolio. So what you see here on EBITDARM is what we've been reporting for a long time. And obviously, you can go back and look at what the various trends are. And you'll see that the overall trend for most of our operators is up in the right direction. So it's just that EBITDAR wasn't a scientific number, as we talked about in great detail, I believe, this time last year, it was -- had a lot of subjectivity to it.

另一個例子，我們有幾位不願在本報告中透露姓名的運營商，儘管找出這些運營商並不需要天才。但是 - 我們擁有他們整體投資組合的一小部分。因此，根據您何時擁有整個投資組合的一小部分，嘗試從 EBITDARM 轉到 EBITDAR 並不容易。因此，您在 EBITDARM 上看到的是我們長期以來一直在報告的內容。顯然，您可以回頭看看各種趨勢是什麼。您會發現我們大多數運營商的總體趨勢都在朝著正確的方向發展。所以只是 EBITDAR 不是一個科學數字，正如我們詳細討論的那樣，我相信，去年這個時候，它是 - 有很多主觀性。

You're typically taking -- you're making, I'm guessing an assumption of an expense as a percentage of revenues or...

你通常採取 - 你正在做，我猜假設費用佔收入的百分比或......

That's correct. Yes.

這是正確的。是的。

Whereas EBITDARM's an actual number that you're getting.

而 EBITDARM 是您獲得的實際數字。

That's correct.

這是正確的。

Our next question is a follow-up from Vikram Malhotra from Mizuho.

我們的下一個問題是來自 Mizuho 的 Vikram Malhotra 的跟進。

Just 2 quick follow-ups. First, can you just clarify the Utah sale to CommonSpirit. My quick calculation, I think the new rent, is it about 10% lower on a cash basis. Can you clarify, was there a rent change with CommonSpirit?

只需 2 次快速跟進。首先，你能澄清一下猶他州出售給 CommonSpirit 的事情嗎？我快速計算一下，我認為新租金按現金計算是否降低了 10% 左右。你能澄清一下，CommonSpirit 的租金有變化嗎？

Yes. Yes, there was a rent change. On a cash basis, they're paying -- you can do the arithmetic. They're paying 7.8% on the roughly $1.22 billion of investment. That's a reduction from what Steward paid in 2022 by a little more than $6 million. Some of that $6 million will be recovered through reallocation of that rent back to other Steward facilities. And again, all that's built in to the guidance numbers we gave.

是的。是的，租金發生了變化。在現金基礎上，他們支付——你可以算一下。他們為大約 12.2 億美元的投資支付了 7.8% 的費用。這比 Steward 在 2022 年支付的費用減少了 600 萬美元多一點。這 600 萬美元中的一部分將通過將該租金重新分配回其他 Steward 設施來收回。再一次，所有這些都包含在我們給出的指導數字中。

Okay. That's helpful. And then can you just maybe give us a little bit more color on the guidance components on 2 things. Just what's the straight-line rent baked into the guide on either end of the range, if you can? And also what the G&A range is, if it's possible?

好的。這很有幫助。然後你能不能給我們一些關於 2 件事的指導組件的更多顏色。如果可以的話，範圍兩端的指南中包含的直線租金是多少？如果可能的話，G&A 範圍是多少？

I think we'll probably have to get back to you on that. I don't think anybody around this table has an immediate answer, especially the straight line, the G&A is a recent run rate.

我認為我們可能必須就此回复您。我認為這張桌子周圍的任何人都沒有立即的答案，尤其是直線，G&A 是最近的運行率。

And our next question is also a follow-up from John Pawlowski from Green Street Advisors.

我們的下一個問題也是來自 Green Street Advisors 的 John Pawlowski 的跟進。

Steve or Ed, what level of leverage on a debt-to-EBITDA basis on your metrics do you expect to be running at this time next year? I think Ed's opening remarks were pretty bullish on acquisition pipelines, but there's a lot of moving pieces in terms of potential dispositions. So this time next year, what level of leverage can shareholders expect you to be running at?

Steve 或 Ed，根據您的指標，您預計明年此時運行的債務對 EBITDA 的槓桿水平是多少？我認為 Ed 的開場白非常看好收購渠道，但在潛在處置方面有很多動人之處。那麼明年這個時候，股東們期望你的槓桿水平是多少？

Let me make the point about the acquisitions that I was trying to make in the prepared remarks there. We have a great pipeline, but until we get a new norm for where interest rates are around the world, not going to be a whole lot of acquisitions from us. As we have said throughout the year, we will continue to support our existing customers and other very strategic moves like we did with the Priory transaction we announced today. But other than that, I'm just making the point that the pipeline is strong. We're continuing to work out those relationships.

讓我談談我在準備好的發言中試圖進行的收購。我們有一個很好的管道，但在我們為世界各地的利率制定新標準之前，我們不會進行大量收購。正如我們全年所說的那樣，我們將繼續支持現有客戶和其他非常具有戰略意義的舉措，就像我們今天宣布的 Priory 交易一樣。但除此之外，我只是想指出管道很強大。我們正在繼續解決這些關係。

Yes. And what goes unsaid, probably doesn't need to be said with Ed, we certainly don't expect to be leveraging up to take advantage of marginally accretive transactions.

是的。沒有說的，可能不需要和 Ed 說，我們當然不希望利用槓桿來利用邊際增值交易。

We expect leverage to remain essentially unchanged, or do you expect to do...

我們希望槓桿率基本保持不變，或者您希望...

Well, no, we expect it to remain in that 5 to 6x that we were working on and making great progress on until the latter part of last year. So that remains our strategy is to maintain that level of long-term leverage. And to do that, along with making accretive acquisitions, we need to see, first, as Ed has mentioned now, some certainty in the cost of debt, and we need to see some rationality on the part of sellers for recognizing that the cost of capital is driving down the otherwise value of their assets. And until all that happens, and we can access affordable equity-type capital, then we won't be making significant acquisitions, certainly not if that means driving up leverage.

好吧，不，我們預計它會保持在我們正在努力的 5 到 6 倍，並在去年下半年之前取得很大進展。因此，我們的策略仍然是保持長期槓桿水平。要做到這一點，在進行增值收購的同時，我們首先需要看到，正如埃德現在提到的，債務成本有一定的確定性，我們需要看到賣方的一些理性，以認識到債務成本資本正在壓低他們資產的其他價值。在這一切發生之前，我們可以獲得負擔得起的股權型資本，那麼我們將不會進行重大收購，如果這意味著提高槓桿率，當然不會。

And ladies and gentlemen, with that, we will end today's question-and-answer session. I'd like to turn the floor back over to Ed Aldag for any closing remarks.

女士們先生們，我們將結束今天的問答環節。我想將發言權轉回給 Ed Aldag，讓他發表任何結束語。

Jamie, thank you very much. And as always, we appreciate your listening in and your interest. If you have any follow-up questions, please don't hesitate to give us a call. Thank you very much.

傑米，非常感謝你。一如既往，我們感謝您的傾聽和興趣。如果您有任何後續問題，請隨時致電我們。非常感謝。

Ladies and gentlemen, with that, we'll be closing today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們，先生們，我們將結束今天的電話會議和演講。我們非常感謝您的加入。您現在可以斷開線路。