Medical Properties Trust Inc (MPW) 2024 Q4 法說會逐字稿

Good morning everyone and welcome to the Q4 2024 Medical Properties Trust, earnings conference call. (Operator Instruction) Please note that today's 60 minute event is being recorded.

大家早安，歡迎參加 2024 年第四季醫療地產信託收益電話會議。（操作員指示）請注意，今天的 60 分鐘活動正在錄製。

At this time I'd like to turn the conference call over to Charles Lambert, Senior Vice President. Please go ahead.

現在，我想將電話會議交給高級副總裁查爾斯·蘭伯特 (Charles Lambert)。請繼續。

Thank you and good morning. Welcome to the Medical Properties Trust conference call to discuss our fourth quarter and full year 2024 financial results.

謝謝，早安。歡迎參加醫療地產信託電話會議，討論我們的第四季和 2024 年全年財務表現。

With me today are Edward K. Algad Jr, Chairman, President, and Chief Executive Officer of the company; Stephen Hamner, Executive Vice President and Chief Financial Officer; Kevin Hanna, Senior Vice President, Controller and Chief Accounting Officer; Rosa Hooper, Senior Vice President of Operations and Secretary; and Jason Fry, Managing Director, Asset Management and Underwriting.

今天與我一起出席的有公司董事長、總裁兼首席執行官 Edward K. Algad Jr；執行副總裁兼首席財務官 Stephen Hamner；高級副總裁、主計長兼首席會計官 Kevin Hanna；運營高級副總裁兼秘書 Rosa Hooper；以及資產管理和承銷業務董事總經理 Jason Fry。

Our press release was distributed this morning and furnished on Form 8K with the Securities and Exchange Commission. If you did not receive a copy, it is available on our website at medicalpropertiesrust.com in the Investor Relations section. Additionally, we're hosting a live webcast of today's call, which you can access in that same section.

我們的新聞稿已於今天早上發布，並以 8K 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，您可以在我們的網站 medicalpropertiesrust.com 的「投資者關係」部分找到。此外，我們還將對今天的電話會議進行網路直播，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 our underlying such forward-looking statements.

在本次電話會議期間，我們將做出預測和其他一些可能被視為《1995 年私人證券訴訟改革法案》所定義前瞻性的陳述。這些前瞻性陳述受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的財務結果和未來事件與這些前瞻性陳述中所表達的結果和事件有重大差異。

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.

我們請您參閱本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結果或未來事件與本次電話會議中所表達的結果或未來事件有重大差異的因素。

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. 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.

今天提供的資訊僅截至當日有效，除非聯邦證券法另有要求，否則公司不承擔更新任何此類資訊的義務。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 財務指標的補充而不是替代。

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 [regG] requirements. You can refer to our website, medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations.

請注意，在我們的新聞稿中，Medical Properties Trust 已根據 [regG] 要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行協調。您可以造訪我們的網站medicalpropertiestrust.com，了解最直接可比較的財務指標和相關對帳。

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

現在我將把電話轉給 Ed Aldag 的執行長。

Thank you, Charles. And thanks to all of you for joining us this morning on our fourth quarter 2024 earnings call. I'm pleased to be joined again today by Steve, Kevin, Rosa, and Jason.

謝謝你，查爾斯。感謝大家今天上午參加我們的 2024 年第四季財報電話會議。我很高興今天再次與史蒂夫、凱文、羅莎和傑森一起參加。

Before you hear from the rest of the team, I'll spend a few minutes covering a few important recent strategic updates. We entered 2024 with a plan to execute $2 billion in liquidity transactions. We significantly outperformed that target by executing approximately $3 billion in liquidity transactions during the year, sales that repeatedly provided third party validation of our real estate underwriting.

在您聽取團隊其他成員的意見之前，我將花幾分鐘時間介紹一些重要的近期策略更新。我們計劃在 2024 年執行 20 億美元的流動性交易。我們在這一年中完成了約 30 億美元的流動性交易，大大超出了這一目標，這些銷售交易多次為我們的房地產承銷提供了第三方驗證。

In early 2025 we were able to further strengthen our liquidity, issuing more than $2.5 billion of seven year secured bonds at a blended coupon of 7.88%. With this successful offering, we now have more than enough liquidity to cover all upcoming debt maturities through 2026.

2025 年初，我們進一步增強了流動性，發行了超過 25 億美元的七年期擔保債券，混合票面利率為 7.88%。透過此次成功發行，我們現在擁有足夠的流動性來涵蓋到 2026 年所有即將到期的債務。

Taken together, these actions clearly showcase the resilience of our business model and demonstrate that our diverse global portfolio of hospital real estate remains very attractive to both real estate investors and operators.

綜合起來，這些舉措清楚地展示了我們商業模式的韌性，並表明我們多樣化的全球醫院房地產組合對房地產投資者和營運商仍然非常有吸引力。

Last quarter, we discussed Prospect Medical Group's liquidity challenges, primarily resulting from stalled sales process across various East Coast markets.

上個季度，我們討論了 Prospect Medical Group 的流動性挑戰，這主要是由於東海岸各市場的銷售流程停滯所造成的。

In January, Prospect commenced Chapter 11, bankruptcy proceedings, citing a confluence of factors leading up to this decision ranging from the impacts of COVID-19 and labor cost inflation to reimbursement challenges to pension obligations.

今年 1 月，Prospect 啟動了第 11 章破產程序，理由是導致這項決定的因素有很多，包括 COVID-19 的影響和勞動力成本上漲，以及退休金義務的報銷挑戰。

This has been a very different process from Stewart's bankruptcy since the beginning. We've been working collaboratively with all other stakeholders, including quickly engaging with prospects advisers to reach a consensual resolution of various issues. In a short time, we reached a global settlement agreement. That will allow Prospect to more effectively market and sell its hospitals along with the related real estate and avoid the delays, uncertainty, and cost of a prolonged litigation.

這與史都華破產的過程從一開始就截然不同。我們一直在與所有其他利害關係人合作，包括迅速與潛在顧問接觸，就各種問題達成一致的解決方案。在短時間內，我們達成了全球和解協議。這將使 Prospect 能夠更有效地行銷和銷售其醫院以及相關房地產，並避免長期訴訟的延誤、不確定性和成本。

The proceeds from these asset sales will be allocated primarily to MPT and prospects other creditors. We've also agreed to provide $25 million in funding to supplement the new outside debtor in possession funding that prospect obtained at the outset of the bankruptcy process.

這些資產出售所得將主要分配給 MPT 和其他潛在債權人。我們還同意提供 2500 萬美元的資金，以補充該潛在客戶在破產程序開始時獲得的新的外部債務人持有資金。

While this agreement remains subject to court approval, with this settlement in place, all parties should be moving forward with the same objectives, and we believe this restructuring process will position us for enhanced recoveries.

雖然該協議仍需獲得法院批准，但有了這個和解方案，各方都應朝著相同的目標前進，我們相信，這個重組過程將使我們獲得更快的復甦。

MPT has more than a 20-year track record of successfully deploying capital into critically healthcare structures. A cornerstone to our underwriting process is to ensure that each facility is needed in their community, functioning like an infrastructure asset.

MPT 擁有超過 20 年的成功經驗，將資本投入關鍵的醫療保健結構。我們的承保流程的基石是確保每個設施都是其社區所需的，並像基礎設施資產一樣發揮作用。

Over the years, MPT has bought over 500 hospitals during our history, and virtually all of those hospitals remain hospitals to this day. There is no better validation of our underwriting than the fact that we buy hospitals and the facilities stay open, providing essential health care services to their respective communities.

多年來，MPT 已收購了 500 多家醫院，而且幾乎所有這些醫院至今仍是醫院。我們收購醫院並且這些設施保持開放，為各自的社區提供必要的醫療服務，這是我們承保能力的最佳證明。

While 2024 was a challenging year in many respects, we are proud of our ability to remain relentlessly focused on delivering on our objectives. As a result of our team's extraordinary efforts throughout the year, we now have a stronger balance sheet and a more diverse operator mix.

儘管 2024 年在許多方面都是充滿挑戰的一年，但我們為能夠堅持不懈地專注於實現我們的目標而感到自豪。由於我們團隊全年的非凡努力，我們現在擁有更強勁的資產負債表和更多樣化的營運商組合。

Global health care expenditures continue to grow. Hospital buildings are expensive, and one thing that's clear is hospitals need access to affordable capital to continue to innovate and serve patients in their communities.

全球醫療保健支出持續成長。醫院建築價格昂貴，有一點很明顯，那就是醫院需要獲得可負擔的資金才能繼續創新並為社區的患者提供服務。

As such, we believe our business model is more important than ever. In recent days, there has been very much focus in Washington on budget savings that may be possible through changes to Medicaid. We actually applaud and encourage this. First, and I make this point only because we have a number of new investors who may not be fully familiar with our business model.

因此，我們認為我們的商業模式比以往任何時候都更重要。最近幾天，華盛頓非常關注透過醫療補助改革可能實現的預算節省。我們確實對此表示讚賞和鼓勵。首先，我之所以提出這一點，只是因為我們有許多新投資者可能不完全熟悉我們的商業模式。

MPT gets zero revenue from Medicaid. Certainly some of our lessees do. But even that is a relatively small portion of total net revenue and moreover, it's not very profitable, so it contributes little to our tenants even darm results. Second, an enormous amount of the cost to the government of Medicaid goes to programs that have nothing to do with hospitals and other true medical costs, and we believe that savings from potential Medicaid restructuring. May be directed into actually providing acute health care to beneficiaries.

MPT 從醫療補助計劃中獲得的收入為零。我們的一些承租人確實如此。但即便如此，這在總淨收入中所佔的比例也相對較小，而且利潤也不是很豐厚，因此對我們的租戶甚至對最終業績的貢獻都很小。其次，政府醫療補助計劃的很大一部分成本都花在了與醫院和其他真實醫療費用無關的項目上，我們認為，潛在的醫療補助計劃重組可以節省這部分成本。可能直接用於向受益人提供實際的急性醫療保健。

We are entering 2025 with a great deal of confidence in our ability to continue to execute our strategy. The vast majority of our portfolio continues to generate predictable rent payments, and as we said last quarter, assuming no additional changes to our portfolio and inclusive of our share of real estate joint ventures. We expect total annualized cash rent of more than $1 billion once our new tenants are fully ramped.

邁入 2025 年，我們對持續執行策略的能力充滿信心。我們的投資組合中的絕大多數繼續產生可預測的租金支付，正如我們上個季度所說的那樣，假設我們的投資組合沒有發生其他變化，並且包括我們在房地產合資企業中的份額。一旦我們的新租戶全部入駐，我們預計年度現金租金總額將超過 10 億美元。

With our debt maturities covered through 2026, the road is clear for the rebound to take shape. The future is bright for MPT and we look forward to the year ahead. With that, I'll turn it over to Rosa.

我們的債務到期日將持續到 2026 年，因此，經濟反彈的道路已經暢通。MPT 的前景光明，我們期待未來的一年。說完這些，我就把麥克風交給羅莎。

Thank you, Ed. Turning now to some of the highlights across our portfolio, we've seen a continuation of many of the same trends discussed last quarter.

謝謝，埃德。現在來看看我們投資組合中的一些亮點，我們發現上個季度討論過的許多趨勢仍在延續。

Hospital fundamentals are clearly strengthening with admissions and surgical volumes growing, and against that backdrop, all asset types in our portfolio reported continued improvement in coverages on both a sequential and year over year basis.

隨著入院人數和手術量的不斷增長，醫院基本面明顯增強，在此背景下，我們投資組合中的所有資產類型的覆蓋率均環比和同比持續改善。

I'd like to begin today with what we see at the six new operators recently added to our portfolio. As we disclosed last year when we announced our new leases with these operators, contractual cash rent ramps up between January 2025 and October 2026 to an aggregate quarterly run rate of about $40 million.

今天，我想先介紹一下我們最近加入我們投資組合的六家新營運商的情況。正如我們去年宣布與這些營運商簽訂新租約時所披露的那樣，合約現金租金將在 2025 年 1 月至 2026 年 10 月期間上漲，達到每季總計約 4000 萬美元的運行率。

Only one of the tenants has been obligated to commence cash rent payments and has done so. The largest tenant is scheduled to commence cash rent payments on March 1, and recently fully paid that rent early. Honor Health now operates three MPT owned hospitals in the Phoenix metro area, representing approximately 300 of Honor's roughly 1,400 licensed beds in the area.

只有一名租戶有義務開始以現金支付租金，並且已經這樣做了。最大的租戶計劃於 3 月 1 日開始支付現金租金，並且最近提前全額支付了租金。Honor Health 目前在鳳凰城都會區經營三家 MPT 旗下醫院，佔 Honor 在該地區約 1,400 張授權床位中的約 300 張。

Patient satisfaction scores are increasing, and Honor is focused on physician alignment and upgrading facilities as they continue to progress towards volume recovery. Honor has also embarked on an impressive technology transformation effort at these facilities. HSA took over operations at eight hospitals in South Florida, Texas, and Louisiana.

患者滿意度分數正在提高，Honor 專注於醫生的協調和升級設施，繼續朝著容量恢復的方向前進。Honor 也在這些工廠開展了令人印象深刻的技術轉型工作。HSA 接管了南佛羅裡達州、德克薩斯州和路易斯安那州八家醫院的營運。

Notably, the first thing the HSA team did was stabilize the supply chain serving these hospitals. This helped to clear a key hurdle to recruiting back many of the excellent surgeons that had previously left. Through extensive community outreach and improved relationships with EMS, HSA has also quickly increased both emergency department volumes and discharges across the portfolio. Weekly cash collections are improving, and we are encouraged by several cost-saving initiatives being implemented.

值得注意的是，HSA團隊做的第一件事就是穩定為這些醫院服務的供應鏈。這有助於掃清招募許多之前離開的優秀外科醫生的關鍵障礙。透過廣泛的社區宣傳和改善與 EMS 的關係，HSA 也迅速增加了整個急診室的診量和出院人數。每週的現金收款情況正在改善，我們正在實施的幾項節省成本的措施令我們感到鼓舞。

Quorum Health assumed operations for two facilities in West Texas. Staff levels are increasing, and Quorum is reporting a high level of excitement and support from the local team. Supplies are readily available again, meaning patients no longer need to be diverted to other hospitals in the area, and fourth quarter inpatient volumes were up 35% versus 2023.

Quorum Health 負責西德州兩家醫療機構的營運。員工人數正在增加，Quorum 報告稱當地團隊表現出了高度的熱情和支持。物資再次充足，這意味著患者不再需要轉移到該地區的其他醫院，第四季度的住院人數與 2023 年相比增加了 35%。

Insight Health operates the Hillside and Trumbull facilities in Ohio, where staff levels have stabilized and supplies have been readily available since they took over operations. At Trumbull, Insight plans to continue the surgical residency program, expand the cardiac services department, and to open a neuroscience center.

Insight Health 經營位於俄亥俄州的 Hillside 和 Trumbull 醫療中心，自接管營運以來，這些醫療中心的員工水準一直穩定，物資供應充足。在特朗布爾，Insight 計劃繼續進行外科住院醫師培訓計畫、擴大心臟服務部門並開設一個神經科學中心。

College Health, which specializes in psychiatric care, is now operating one MPT behavioral help facility in Phoenix. In December, the facility received a limited license to open one of its 22 bed units, and they are already at full capacity. College Health anticipates receiving the license to open the remainder of the facility during the first quarter.

專門從事精神病護理的 College Health 目前在鳳凰城經營 MPT 行為幫助機構。去年 12 月，該機構獲得有限許可，開放其 22 個床位中的一個，目前這些床位已經滿載運作。大學健康中心預計將在第一季獲得開放其餘設施的許可。

Finally, a few weeks ago, in close collaboration with the Pennsylvania attorney General, we reached an agreement for tenor Health to take over operations at Sharon Hospital in Pennsylvania. Tenner's team impressed MPT, local officials, and the attorney general with their plan to turn around profitability at Sharon by implementing superior clinical protocols, expanding service lines with a focus on primary care and outpatient services, and implementing acuity-based staffing models.

最後，幾週前，我們與賓州總檢察長密切合作，達成協議，由 Tenor Health 接管賓州沙龍醫院的營運。Tenner 的團隊制定了扭轉 Sharon 盈利能力的計劃，透過實施卓越的臨床協議、擴大以初級保健和門診服務為重點的服務線、以及實施基於敏銳度的人員配置模式，該計劃給 MPT、當地官員和總檢察長留下了深刻的印象。

In short, we are confident that all of these facilities are in better hands today. And well positioned to deliver quality care to their local communities. The new operators are taking the right steps to ramp operations and resume partial monthly rent payments this year. Turning to our more established portfolio of operations, we'll begin as we always do in Europe with the UK, where private medical insurance utilization has hit an all-time high.

簡而言之，我們相信，今天所有這些設施都得到了更好的管理。並能夠為當地社區提供優質照護。新的營運商正在採取正確的措施來擴大營運並在今年恢復部分月租金支付。談到我們更成熟的業務組合，我們將像往常一樣從歐洲的英國開始，那裡的私人醫療保險利用率達到了歷史最高水平。

Circle Health is a clear beneficiary of this trend, reporting consistent growth in private medical insurance volumes. As mentioned last quarter, Circle's performance also continues to benefit from improved patient acuity mix as more complex cases are now being addressed in the private sector.

Circle Health 顯然是這一趨勢的受益者，其私人醫療保險量持續增長。正如上個季度所提到的，由於私營部門正在處理更複雜的病例，Circle 的業績也繼續受益於患者敏銳度組合的改善。

Circle continues to focus on being the UK's most innovative and technologically advanced hospital provider with significant investments in robotics, AI, fully digital pathways, and online booking. Priory, the largest independent mental health care provider in the UK, has continued to report steady performance with increased acuity mix driving strong reimbursement trends.

Circle 繼續致力於成為英國最具創新性和技術最先進的醫院供應商，並在機器人、人工智慧、全數位路徑和線上預訂方面進行了大量投資。Priory 是英國最大的獨立精神健康保健供應商，業績持續穩定，敏銳度組合的增加推動了強勁的報銷趨勢。

Revenue and EBITDA performance are both up by double digit percentages year over year. Behavioral health referral patterns from the NHS are expected to normalize in 2025 following minor disruption from the change in the UK government ruling party in 2024.

營收和 EBITDA 業績年比均實現兩位數百分比成長。2024 年英國政府執政黨發生變動，對 NHS 的行為健康轉診模式造成輕微幹擾，預計 2025 年將恢復正常。

Turning to Priory's parent company, Median in Germany has continued to deliver solid performance through the third quarter, with year-to-date revenues outpacing prior year, driven by increased occupancy and an improving reimbursement rate environment.

談到 Priory 的母公司，德國 Median 在第三季度繼續保持穩健的業績，年初至今的收入超過了去年同期，這得益於入住率的提高和報銷率環境的改善。

Swiss Medical Network reported an EBITDA increase of more than 11% during the third quarter, driven by revenue growth and cost optimization efforts. Following September's opening of the Genolier Innovation Hub, we received our first rental payments during the second half of the year.

瑞士醫療網絡報告稱，受收入成長和成本優化努力的推動，第三季 EBITDA 成長超過 11%。繼 9 月 Genolier 創新中心開業後，我們在下半年收到了第一筆租金。

Turning to the US. Ernest [He's] consolidated EBITDA coverage remains excellent at 2.1 times, with Ernest's legacy earths continuing to deliver coverages above 2.5 times. As discussed last quarter, given the success of its first inpatient re-hab unit at the [Probo LTAG], Ernest is progressing plans to implement this model at [LTA] and other markets during 2025.

轉向美國。Ernest [He's] 的合併 EBITDA 覆蓋率仍維持在 2.1 倍的優異水平，而 Ernest 的傳統地球繼續提供 2.5 倍以上的覆蓋率。正如上個季度所討論的，鑑於其在 [Probo LTAG] 的第一個住院復健部門的成功，Ernest 正在製定計劃，在 2025 年期間在 [LTA] 和其他市場實施該模式。

LifePoint Health continues to deliver strong top line growth driven by increased admissions. Kanama Memorial has been the most significant driver of this, with discrete quarter admissions of 23% year over year. Further, LifePoint reported significant year over year Edarm increases in October and November, driven by increased admissions, improved reimbursement rates, and benefits from supplemental funding programs.

在入院人數增加的推動下，LifePoint Health 繼續實現強勁的營收成長。卡納馬紀念醫院是推動這項進程的最重要因素，該醫院季度入院人數較去年同期增加 23%。此外，LifePoint 報告稱，受入院人數增加、報銷率提高以及補充資金計劃的收益推動，10 月和 11 月 Edarm 年比大幅增長。

Life point behaviorals, consistent year over year admissions growth and strong labor cost management led to another quarter of improved operating performance. To further increase revenues looking ahead, LifePoint behavioral is particularly focused on increasing outpatient volumes.

生命點行為、持續的逐年入院成長以及強大的勞動力成本管理導致營運績效再度改善。為了進一步增加未來的收入，LifePoint 行為特別著重於增加門診量。

[Bion] helps revenues increase by high single digits year over year, driven by higher admission volumes and patient days at its general acute facilities. Coupled with continued contract labor declines, trailing 12 month [EBITDA] at Scion's general acute facilities continues to increase sequentially and year over year.

[Bion] 的收入同比增長了高個位數，這得益於其綜合急性病治療設施的入院人數和患者天數的增加。加上合約工的持續下降，Scion 一般急性設施過去 12 個月的 [EBITDA] 繼續逐年增加。

In closing, we are pleased with the continuation of strong performance trends across our portfolio this quarter. Our portfolio is better diversified than ever before, and we are confident in the ability of these operators to generate sustainable cash flows for MPT over the near and long term.

最後，我們很高興看到本季我們的投資組合持續保持強勁的業績趨勢。我們的投資組合比以往任何時候都更加多樣化，我們相信這些營運商有能力在短期和長期內為 MPT 創造可持續的現金流。

Kevin?

凱文？

Thank you, Rosa. This morning we reported a GAAP net loss of $413 million and normalized FFO of $0.18 per share for the fourth quarter of 2024 and a GAAP net loss of [$2.4 billion] and normalized FFO of $0.80 per share for the four year period.

謝謝你，羅莎。今天上午，我們報告了 2024 年第四季的 GAAP 淨虧損為 4.13 億美元，標準化 FFO 為每股 0.18 美元，四年期間的 GAAP 淨虧損為 [24 億美元]，標準化 FFO 為每股 0.80 美元。

As we previewed in the January 29, 8K filing, which accompanied our January senior secured notes offering impairments and other adjustments related to prospects, Chapter 11, bankruptcy process impacted our GAAP results and resulted in adjustments to normalize FFO in the quarter by approximately $415 million.

正如我們在 1 月 29 日的 8K 文件中所預覽的那樣，該文件隨附於我們的 1 月份優先擔保票據，提供與前景相關的減值和其他調整，第 11 章破產程序影響了我們的 GAAP 結果，並導致調整以使本季度的 FFO 正常化約 4.15 億美元。

This impairment, along with the negative fair value adjustment related to PHP Holdings, even though this entity is not part of the bankruptcy, approximated roughly one-third of the previous investment and prospect. These adjustments to our various investments related to prospect were made according to third party appraisals and proposed restructuring terms which remain subject to court approval.

儘管 PHP Holdings 不屬於破產範圍，但該減損以及與其相關的負公允價值調整約佔先前投資和前景的三分之一。我們對與前景相關的各種投資的調整是根據第三方評估和擬議的重組條款進行的，這些調整仍需獲得法院的批准。

Actual recoveries related to any specific prospect related investment or as a whole may ultimate differ from those adjusted book values. Further, we impaired our mortgage investments in Colombia by approximately $19 million as the government continues to limit reimbursement to hospitals.

與任何特定前景相關投資或整體相關的實際回收金額最終可能與調整後的帳面價值不同。此外，由於政府繼續限制對醫院的報銷，我們在哥倫比亞的抵押貸款投資損失了約 1,900 萬美元。

We did receive $10 million in the quarter as a rent catch up payment for a small tenant subject to cash base accounting. This $10 million is reflected as revenue in the quarter and included in normalized FFO. With that, I will hand the call over to Steve to discuss our recent capital market activities and strategies going forward. Steve?

本季我們確實收到了 1000 萬美元，作為對採用現金基礎會計的小租戶的租金補繳。這 1000 萬美元反映為本季度的收入，並包含在標準化 FFO 中。說完，我將把電話交給史蒂夫，討論我們最近的資本市場活動和未來的策略。史蒂夫？

Thank you, Kevin. Earlier this month, we completed the two senior secured notes offerings that Ed mentioned, aggregating more than $2.5 billion at a blended coupon of less than 8%. The offering was more than 5 times oversubscribed, and the collateral of highly diversified real estate assets was underwritten at a 65% loan to value, reflecting the quality of the collateral pool.

謝謝你，凱文。本月初，我們完成了 Ed 提到的兩筆優先擔保票據的發行，總額超過 25 億美元，混合票面利率低於 8%。此次發行獲得了超過 5 倍的超額認購，高度多元化的房地產資產抵押品的承銷率為 65%，反映了抵押品池的品質。

The level of investor demand, the attractive coupon, and the valuation of the collateral, along with other considerations, validate yet again the quality of our healthcare real estate. That portfolio quality remains even after our aggregate $4 billion in sales, loan repayments, and secured financings over the last two years.

投資者需求水準、有吸引力的票面利率、抵押品的估值以及其他考慮因素再次驗證了我們醫療保健房地產的品質。即使在過去兩年中我們的銷售額、貸款償還額和擔保融資總額達到 40 億美元，我們的投資組合品質仍然保持不變。

The secured notes offerings cap off two years of transactions aggregating $6.5 billion in dozens of diverse assets that have individually and in the aggregate proved the deep market for sophisticated global private capital that remains attracted to healthcare real asset infrastructure.

這筆擔保票據發行結束了為期兩年的交易，總計涉及數十種不同資產，總價值達 65 億美元，這些資產單獨和總體上證明了成熟的全球私人資本的深厚市場，這些資本仍然對醫療保健實物資產基礎設施具有吸引力。

Importantly, these market transactions have proved that our real estate investments have maintained, in fact, increased their values through 5 years of a once in a century pandemic that saw virtually all hospitals closed. Industry-wide disruption to staffing and cost of critical employees, generationally high levels of inflation, worldwide constraints to credit markets, and steep spikes in interest rates.

重要的是，這些市場交易證明，在百年一遇的疫情導致幾乎所有醫院關閉的五年裡，我們的房地產投資保持了價值，事實上還增加了價值。整個行業的人員配置和關鍵員工成本中斷、通貨膨脹率創歷史新高、全球信貸市場受到限制以及利率急劇上升。

As we built this portfolio over more than 20 years, we consciously sequenced our unsecured debt maturities, and for the past several years, we have successfully accessed capital and satisfied these maturities from quarter to quarter.

在我們二十多年建構這個投資組合的過程中，我們有意識地對無擔保債務的到期日進行排序，並且在過去幾年中，我們成功地獲得了資金並按季度償還了這些債務。

With the recent secured notes transactions, we pivoted to a longer term and more comprehensive horizon and in the cliche words of some ripped the band-aid off and cleared the runway and fully addressed maturities for the next two years at once rather than continue, however successfully, to execute on a quarterly basis.

透過最近的擔保票據交易，我們轉向了更長遠、更全面的視角，用一些人的陳詞濫調來說，我們撕掉了創可貼，清理了跑道，一次性完全解決了未來兩年的到期問題，而不是繼續按季度執行（無論多麼成功）。

Simultaneously with the note issuances, we amended our bank credit facility so that it now shares in the same collateral pool as the secured notes. This amendment, with virtually 100% participation in the strong endorsement of our long-standing relationship banks, maintained the full credit facility commitment of about $1.5 billion effectively ended its extended its maturity to June of 2027. Increase to 40% our ability to secure unencumbered assets and actually reduce the cost of the facility.

在發行票據的同時，我們修改了銀行信貸安排，使其現在與擔保票據共享同一抵押品池。該修正案得到了我們長期合作銀行幾乎 100% 的參與和大力支持，維持了約 15 億美元的全部信貸額度承諾，並有效結束了其期限延長至 2027 年 6 月的情況。將我們保障無抵押資產的能力提高到 40%，並真正降低設施成本。

With about $1.4 billion in cash and undrawn revolver liquidity, the credit agreement and indenture covenants provide flexibility for continued execution of balance sheet strategies, and we are and expect to remain in compliance with all of these covenants.

憑藉約 14 億美元的現金和未提取的循環信貸流動性，信貸協議和契約為繼續執行資產負債表策略提供了靈活性，並且我們將繼續遵守所有這些契約。

All of that is to point out that after completing the secured notes transactions, the runway provided by addressing almost 3 years of debt maturities in this single offering allows thoughtful considerations of next steps that we believe will further improve our FFO, lower our leverage calculations, and drive equity value.

所有這些都表明，在完成擔保票據交易後，透過此次發行解決近 3 年的債務到期問題，我們可以深思熟慮地考慮下一步措施，我們相信這將進一步改善我們的 FFO、降低我們的槓桿計算並推動股權價值。

These next steps over coming quarters may include additional asset sales or joint ventures, other potential portfolio repositioning and rationalization transactions, benefiting from the contractual rent ramp up of the recently re-let hospitals, primarily in the Florida, Texas, and Arizona markets. 3 years of contractual rental escalations on our global portfolio.

未來幾季的後續舉措可能包括額外的資產出售或合資企業、其他潛在的投資組合重新定位和合理化交易，受益於最近重新出租的醫院（主要在佛羅裡達州、德克薩斯州和亞利桑那州市場）的合約租金上漲。我們全球投資組合的合約租金已上漲 3 年。

And potentially macroeconomic and credit market improvements globally. That's not to mention the potential impacts of our expected resolution of the prospect bankruptcy or the two hospitals under construction in Massachusetts and Texas. The blended secured notes rate of 7.88% is of course higher than the debt it repays.

並可能改善全球宏觀經濟和信貸市場。更不用說我們預期解決的潛在破產問題以及馬薩諸塞州和德克薩斯州正在建造的兩家醫院的潛在影響。7.88%的混合擔保票據利率當然高於其償還的債務。

That's the case with almost any borrower, regardless of credit rating, that today is refinancing debt issued during the long period of extraordinarily low rates in the years following the financial crisis. And we of course recognize that some of the increased coupon for MPT is related to company specific recent history. But there are a few points to highlight.

幾乎所有借款人，無論信用評級如何，今天都在為金融危機後長期超低利率時期發行的債務進行再融資。當然，我們認識到 MPT 的部分息票增加與該公司近期的具體歷史有關。但有幾點需要強調。

First, it is not a surprise that market rates may increase over the terms of our leases. That's why we require inflation referenced annual rent escalators. The scheduled annual increases in our cash rents, often at rates higher than the increases in market interest rates, are designed to effectively maintain the net spread over our cost of debt capital.

首先，在我們的租賃期內，市場利率可能會上升，這並不奇怪。這就是為什麼我們要求參考通貨膨脹來調整年度租金。我們的現金租金每年按計劃增加，通常增幅高於市場利率的增幅，旨在有效維持債務資本成本的淨利差。

In return for accepting this rate dilution, we now have the flexibility and time to carefully execute the available balance sheet strategies I just mentioned. Including continued re-establishing cash rents from facilities we transitioned to new operators late last year.

作為接受這種利率稀釋的回報，我們現在有了靈活性和時間來謹慎執行我剛才提到的可用的資產負債表策略。包括繼續重新建立我們去年年底過渡到新營運商的設施的現金租金。

Finally, while the new secured notes have a seven-year term, we also have certain early redemption options that depending on future market rates and our execution of further balance sheet strategies, will allow us to take advantage of lower rates when appropriate.

最後，雖然新的擔保票據期限為七年，但我們也擁有某些提前贖回的選擇權，這取決於未來的市場利率和我們進一步資產負債表策略的執行情況，這將使我們能夠在適當的時候利用較低的利率。

Meanwhile, as we continue with the potential transactions over coming quarters, we have a platform from which we expect to grow earnings even without additional capital. Starting with the fourth quarter reported $0.18 normalized FFO as a baseline, we would point out a few considerations. The incremental interest expense related to the secured bond offerings will be on a pro forma quarterly basis about $26 million or $0.04 per share.

同時，隨著我們在未來幾季繼續進行潛在交易，我們有一個平台，即使沒有額外的資本，我們也有望增加收益。以第四季度報告的 0.18 美元標準化 FFO 作為基準，我們將指出一些注意事項。與擔保債券發行相關的增量利息支出按季度計算約為 2,600 萬美元或每股 0.04 美元。

Prospect, the rent and interest for which we have recognized only as cash is received since the start of 2023, made no payments in the fourth quarter. So any future income or expense reductions resulting from the resolution of prospect will be on its own additive to result from operations.

Prospect，我們自 2023 年初以來僅確認為現金收到的租金和利息，在第四季度沒有支付。因此，由於前景解決而產生的任何未來收入或支出的減少都將成為營運結果的附加價值。

Similarly, as part of the global settlement we discussed last quarter, in the third and fourth quarters, we re-tenanted facilities with an aggregate lease base of approximately $2.1 billion but received no cash rents and recognized only limited straight line rent accruals in the fourth quarter.

同樣，作為我們上個季度討論的全球和解的一部分，在第三季度和第四季度，我們重新租賃了總租賃基數約為 21 億美元的設施，但沒有收到現金租金，並且在第四季度僅確認了有限的直線租金應計。

Again, as rent pursuant to these new leases is received and recognized over the next eight quarters, this revenue will be additive to operating results. Based on these contractual requirements and as we previously reported, contractual cash rent from these facilities is scheduled to ramp up to about $40 million per quarter or an incremental $0.06 per share by October 2026.

同樣，隨著根據這些新租約收到並確認的租金在未來八個季度內得到確認，這筆收入將增加經營業績。根據這些合約要求以及我們先前報告，到 2026 年 10 月，這些設施的合約現金租金計劃增加到每季約 4,000 萬美元或每股增加 0.06 美元。

To reiterate Rose's earlier comment, one of the leases required cash payments starting in January, and that was paid timely. And the master lease for more than half of the $2.1 billion covering hospitals in Florida, Texas, and Louisiana actually paid early the rent that commences in March.

重申羅斯先前的評論，其中一份租約要求從一月開始以現金支付，而且已經及時支付。而總租賃合約金額達 21 億美元，涵蓋佛羅裡達州、德克薩斯州和路易斯安那州的醫院，其中超過一半的租金實際上提前支付了 3 月開始的租金。

In recent years, we commenced construction of a handful of new hospitals and capital improvements for certain of our longtime tenants. These are detailed on page 15, of the fourth quarter supplemental. We posted that to our website this morning. When completed, we will earn market lease rates on these investments. Additional revenue that we estimate will total about $10 million annually, obviously is not included in this morning's reported fourth quarter $0.18.

近年來，我們開始為一些長期租戶建造一些新醫院並進行資本改善。這些內容在第四季補充資料第 15 頁有詳細說明。我們今天早上將其發佈到了我們的網站上。完成後，我們將從這些投資中獲得市場租賃利率。我們估計的額外收入每年總計約為 1000 萬美元，顯然不包括在今天上午報告的第四季度 0.18 美元中。

We are also prudently completing construction of two hospitals that we started before Stewart's decline in distress and bankruptcy, what we call Norwood and Wadley. As we progress with construction, we are simultaneously marketing both facilities for sale or lease and have reason to be confident that both will be attractive to hospital operators.

我們還審慎地完成了斯圖爾特陷入困境和破產之前開始建造的兩所醫院，我們稱之為諾伍德醫院和瓦德利醫院。隨著建設的進展，我們同時推銷這兩個設施以供出售或租賃，並且有理由相信這兩個設施對醫院營運商都具有吸引力。

Until we have more assurance about the timing of any agreements to sell or lease these hospitals, we intend to limit construction to a stage of protective weatherization of the buildings. We estimate the remaining cost to progress to this stage aggregates approximately $30 million.

在我們更確定出售或租賃這些醫院的協議時間之前，我們打算將建設限制在建築物的防護性防風雨階段。我們估計，推進到此階段的剩餘成本總計約為 3,000 萬美元。

Depending on the terms of any future negotiations with prospective lessees, we may agree to fund additional cost to fully complete construction. The impact of any prospective revenue and interest expense savings will be somewhat offset by an additional interest expense on cost to complete.

根據未來與潛在承租人談判的條款，我們可能會同意資助完成建設的額外費用。任何預期收入和利息支出節省的影響將在一定程度上被完成成本的額外利息支出所抵消。

So looking forward over the next several quarters, subsequent to the use of proceeds from this month's secured note offerings, we start 2025 with liquidity sufficient to satisfy debt obligations up to 20 October 2027.

因此，展望未來幾個季度，在使用本月擔保票據發行所得收益之後，我們將在 2025 年開始擁有足夠的流動性來償還截至 2027 年 10 月 20 日的債務。

A portfolio of highly attractive and unencumbered healthcare real assets. Multiple options to continue to improve the balance sheet in coming quarters, and near-term operations that we expect to continue to generate strong and growing FFO and returns to our shareholders.

極具吸引力且無抵押的醫療保健實體資產組合。我們有多種選擇來繼續改善未來幾季的資產負債表，並且我們預計近期營運將繼續產生強勁且不斷增長的 FFO 並為股東帶來回報。

With that, I will turn the call back to the operators to queue up any questions.

說完這些，我會將電話轉回給接線生，以便他們解答所有問題。

(Operator Instruction)

（操作員指令）

[Austin Worschmidt, KeyBank Capital Markets]

[Austin Worschmidt，KeyBank 資本市場]

Hi, this is Vikram Garwal on for Austin. Thanks for taking our questions. Was hoping you could provide some additional colorar on Prospect, specifically is the plan to sell all the real estate previously leased to Prospect, or is it possible that you would keep and really some of the facilities like what you own in California?

大家好，我是奧斯汀的 Vikram Garwal。感謝您回答我們的問題。希望您能為 Prospect 提供一些額外的信息，特別是計劃出售之前租給 Prospect 的所有房地產，或者是否有可能保留一些像您在加利福尼亞擁有的設施？

Thank you, Vikram. The settlement agreement is fully described in the bankruptcy court filings as are the benefits to NPT and the debtor entering this agreement. It is, of course, subject to court approval.

謝謝你，維克拉姆。破產法庭文件中詳細描述了和解協議以及該協議對 NPT 和債務人帶來的利益。當然，這需要得到法院的批准。

In general though, NPT is is now treated as a secured creditor, generally behind only the senior dip lender. Prospects advisors will now seek resolutions that provide the best financial results to the creditors, which is mainly us. This may include sales of hospital real estate and operations together, sales of operations and real estate separately. Sales of operations and a new MPT lease, some combination of these.

但總體而言，NPT 目前被視為有擔保債權人，通常僅次於優先貸款人。前景顧問現在將尋求為債權人（主要是我們）提供最佳財務結果的解決方案。這可能包括醫院房地產和營運一起出售，或營運和房地產單獨出售。出售業務和新的 MPT 租賃，或兩者的某種組合。

The financial statements we posted this morning reflect the best information we have about the ultimate realization in the aggregate of our prospect investments. So the somewhat long-winded answer to your question is it's simply uncertain right now.

我們今天早上發布的財務報表反映了我們掌握的有關潛在投資最終實現情況的最佳資訊。因此，對於您的問題，冗長的答案是，目前還不確定。

There are several buckets of assets including Philadelphia, Connecticut, Rhode Island, and very importantly California. These will likely resolve separately. These will almost certainly resolve separately and perhaps in different manners. And so it's just simply, not possible to predict how each one resolves.

有幾類資產，包括費城、康乃狄克州、羅德島州，以及非常重要的加州。這些可能會單獨解決。這些問題幾乎肯定會分別解決，而且可能以不同的方式解決。因此，根本無法預測每個問題將如何解決。

Okay, understood and beyond prospect, are there any other asset sales that you're currently evaluating at this time?

好的，明白了，除了前景之外，您目前正在評估其他資產銷售嗎？

No, we haven't announced any other pending sales. Let me take that back. I think maybe last quarter we announced some small sales and there's a couple of those still pending that certainly well under an aggregate of of $100 million.

不，我們還沒有宣布任何其他待售商品。我收回剛才的話。我想也許上個季度我們宣布了一些小額銷售，其中還有一些尚未完成，總額肯定遠低於 1 億美元。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah, thanks, Rose. I wanted to touch on your comments regarding the new tenants taking over the former steward assets. I mean, can you remind us, has enough time passed for these tenants to be cash flow positive before rent? I know there's always a delay between billing and collecting. Patients revenues, so has enough time passed where they're actually cash flow positive now like excluding your rent?

是的，謝謝，羅斯。我想談談您對新租戶接管前管家資產的評論。我的意思是，您能否提醒我們，這些租戶在支付租金之前是否已經過了足夠的時間來實現現金流為正？我知道計費和收款之間總會有延遲。患者收入，那麼是否已經過去了足夠的時間，以至於他們現在實際上的現金流為正，例如不包括租金？

Yes, so, most of these operators went in in September. It varies greatly, the timing that it takes for Medicare to do their thing, particularly as one of the large pay payers, but yes, cash collections are coming in. Certainly, they are ramping up still, which is the reason that we provided the ramp up in rental payments.

是的，所以這些業者大部分​​都是在九月進入的。醫療保險完成其任務所需的時間差異很大，特別是作為主要付款人之一，但現金收入確實到賬了。當然，他們仍在加大力度，這就是我們提高租金的原因。

But to answer your question, certainly the vast majority of them are cash flow positive at this point.

但要回答你的問題，目前絕大多數的現金流一定都是正的。

Okay, and then how should we think about the ramp up in rent? I mean, I know the $90 million annualized target in 4Q, '24. I mean, so will they pay a quarter of that $90 million because it's an annualized run rate and then the expectations for the ABLs to be paid back is that by the end of this year?

好的，那我們該如何看待租金上漲呢？我的意思是，我知道 24 年第四季的年度目標是 9000 萬美元。我的意思是，他們會支付 9000 萬美元中的四分之一嗎，因為這是年化運行率，然後預計 ABL 的償還時間是在今年年底？

So the answer to that second question is yes, certainly by the end of this year, and we think, well within that period. It's not a radical ramp up. There are what, six different lessees involved here, and each of them have different terms and and timing of their ramp up. So it's not radable. You can't simply take 25% of the $90 million in quarter one and expect that to be the rents.

因此，第二個問題的答案是肯定的，肯定會在今年年底前實現，而且我們認為，很有可能在那個時間段內實現。這並非是一次徹底的升級。這裡涉及六個不同的承租人，每個承租人都有不同的條款和提升時間。所以它是不可輻射的。你不能簡單地拿出第一季 9000 萬美元中的 25% 作為租金。

Okay, and then just last one for me I guess James, you made a comment about a catch up payment of $10 million in the quarter from a smaller tenant. Is that the 1% tenant that you previously mentioned and and our should we expect that that tenant will continue to pay rent going forward?

好的，然後對我來說最後一個問題，詹姆斯，你對本季一位較小租戶的 1000 萬美元補繳款發表了評論。這是您之前提到的 1% 的租戶嗎？我們是否應該預期該租戶將繼續支付租金？

That is the 1%, it may not be the full $10 million every quarter, but there will be continued payments, and they have made payments in January, February, and March already.

那是1%，可能不是每季都足額支付1000萬美元，但會繼續支付，而且他們已經在1月、2月和3月支付了。

Okay, so are they current on their rent right now?

好的，那麼他們現在的租金是準時支付的嗎？

They are.

是的。

[Jordan Dinko, Mizuho].

[喬丹丁科，瑞穗]。

Hi, this is Georgie on from [Vikram]. I just wanted to touch base. We noticed one of the tenants, Codian Health Services coverage went from 0.9 times to 0.7 times this quarter. Can you just provide more cover on what what led to the decline and if there is anything there we should be worried about?

嗨，我是 Georgie，來自[維克拉姆]。我只是想聯繫一下。我們注意到，其中一家租戶 Codian Health Services 的覆蓋率本季從 0.9 倍上升至 0.7 倍。您能否進一步說明導致下降的原因以及我們是否應該擔心什麼？

So that tenant is our Colombian asset and as we've mentioned publicly that that country continues to struggle with the leadership as they tey to navigate through some health care reform. So the facilities that we have are continuing to see volumes at capacity and so it's not a product of operations, it's more a product of the health care reform going on in the country.

因此，該租戶是我們的哥倫比亞資產，正如我們公開提到的那樣，該國在領導層試圖進行一些醫療改革時仍在繼續掙扎。因此，我們現有的設施繼續處於滿載狀態，這不是營運的產物，而是國家正在進行的醫療改革的產物。

In Georgia, this isn't just our facilities, and we actually have two sets of facilities operated by different operators, but it's countrywide. So right now the government is paying a lot of their fees and IOUs. They will, we have the utmost confidence that they will catch up.

在喬治亞州，這不僅僅是我們的設施，我們實際上有兩套由不同運營商運營的設施，但它是全國性的。因此，現在政府正在支付他們的大量費用和欠條。他們會的，我們非常有信心他們會趕上來。

Thank you. That's helpful. I just have a follow up on the dispositions, the $100 million of sales that you mentioned. What was the cap rate on those and then just going forward if you need to dispose any assets, do you see more opportunities domestically or in the international markets?

謝謝。這很有幫助。我只是對您提到的 1 億美元銷售額的處置情況進行了跟進。這些資產的資本化率是多少？如果您需要處置任何資產，您是否認為國內或國際市場上有更多機會？

So let me just be clear. I used a very broad range there. I don't think it's really close to $100 million. I said it's well less than $100 million. I think it totals probably about $50 million. Those are all US assets. There it's an aggregate of several small ones, but to answer your bigger question then.

所以讓我說清楚一點。我在那裡使用的範圍非常廣泛。我認為它實際上還不到 1 億美元。我說遠低於 1 億美元。我認為總額大概在 5,000 萬美元左右。這些都是美國資產。這是幾個小問題的集合，但可以回答你更大的問題。

As we've demonstrated, as I mentioned in my remarks over the last two years, we've sold dozens of facilities, $6.5 million either sold or refinanced that covers the UK, Europe, the US, Australia, every type of asset that we have, whether it be general acute or behavioral or post acute, and so the market. A worldwide or at least in the markets where we have hospitals now remain very vibrant, very active in the private infrastructure and health care real estate markets. There's nothing, as I mentioned earlier, that is pending that we've announced.

正如我們所展示的，正如我在過去兩年的評論中提到的那樣，我們已經出售了數十個設施，出售或再融資了 650 萬美元，涵蓋英國、歐洲、美國、澳大利亞，以及我們擁有的每一種資產，無論是一般急性還是行為或急性後，等等。在全球範圍內，或至少在我們擁有醫院的市場中，私人基礎設施和醫療房地產市場仍然非常活躍。正如我之前提到的，我們還沒有宣布任何懸而未決的事情。

But that remains, as you point out, asset sales remain an opportunity, a lever for us to pull as we go forward to access additional liquidity and equity.

但正如您所指出的，資產出售仍然是一個機會，是我們獲取額外流動性和股權時可以利用的一個槓桿。

Mike Mueller, JP Morgan.

摩根大通的麥克·穆勒。

Yeah, hi, I guess with the mentality of let's rip the band-aid off and given the demand that you talked about with the offering, why not upsize it even more just to completely take care of all of 26 maturities, outside of the stuff that we do in October.

是的，嗨，我想，本著讓我們撕掉創可貼的心態，考慮到您談到的發行需求，為什麼不進一步擴大規模，以便完全處理所有 26 個到期日，除了我們在 10 月份所做的事情之外。

Well, it was certainly available to us, as you might imagine with a 5.5 times oversubscribed book and the very attractive coupon we got. But we were driving coupon. I mean, to be very frank, we were driving coupon number one. Secondly, we don't need it. Thirdly, by not upsizing it further than the $2.5 billion plus or minus.

嗯，我們當然可以買到，正如你可能想像的那樣，這本書的認購量超額 5.5 倍，而且我們還得到了非常誘人的優惠券。但我們正在駕駛優惠券。我的意思是，坦白說，我們正在推動第一張優惠券。其次，我們不需要它。第三，不要擴大到超過 25 億美元的上下限。

We retain flexibility for the various strategies that I mentioned, including, further asset sales. We have the capacity clearly to do additional secured financings that's not on the table, at present, but it generally by not upsizing gave us the coupon we wanted. We are able to address everything in 2025 and 2026. And we retained the flexibility, frankly, we think to come back for even better terms in different structures.

我們對我提到的各種策略保留彈性，包括進一步出售資產。我們顯然有能力進行目前尚未考慮的額外擔保融資，但通常情況下，透過不擴大規模，我們可以獲得想要的息票。我們能夠在 2025 年和 2026 年解決所有問題。坦白說，我們保留了靈活性，我們認為可以透過不同的結構獲得更好的條款。

Got it. Okay, thank you.

知道了。好的，謝謝。

John Klichkowski, Wells Fargo.

約翰‧克里科夫斯基，富國銀行。

Good morning. Thank you. Maybe just kind of following up on all the the capital market activity in the quarter. I just have a question on sort of, were there any amendments to the credit agreement, and I believe last time we spoke there was a discussion about covenants were waived up until September 25. Would you expect to be in breach of any covenants? I mean, from now through that point?

早安.謝謝。也許只是跟進本季的所有資本市場活動。我只是有一個問題，關於信貸協議是否有任何修改，我記得上次我們談話時討論了在 9 月 25 日之前免除契約的問題。您是否預計會違反任何契約？我的意思是，從現在到那時？

So specifically with respect to the amendment we we negotiated in the third quarter, I think the third quarter of last year, all of that went away, and in fact we reverted to, as I mentioned earlier, we reverted to from a 25% to 40% ability to secure unencumbered properties. The the rate actually went down. And and again I probably couldn't remember the various components of that amendment that that was going to be effective through September of 2025, but that's totally gone now.

因此，具體到我們在第三季度談判達成的修正案，我認為在去年第三季度，所有這些都消失了，事實上，正如我之前提到的，我們恢復到了從 25% 到 40% 的無抵押財產擔保能力。但利率實際上下降了。而且，我可能不記得該修正案的各個部分了，該修正案原本將於 2025 年 9 月生效，但現在它已經完全消失了。

Okay, very helpful. And then I guess is there any expectation about collecting rent from any of the cost payments expected to happen this quarter?

好的，非常有幫助。那麼，我猜想，從本季預計發生的任何成本支付中收取租金是否有任何預期？

There's nothing new on that. The most significant exposure to [waf] is, as you may know, the Prospect California, which I think now it's scheduled to come in in March and April.

這沒什麼新鮮的。您可能知道，對 [waf] 最重大的曝光是 Prospect California，我認為它現在計劃在 3 月和 4 月到來。

[Ferrell Greno, Bank of America]

[美國銀行，費雷爾·格雷諾]

Hello, thank you so much for taking my question. I was curious if you give some color on the percentage of encumbered versus unencumbered assets in your base?

您好，非常感謝您回答我的問題。我很好奇，您是否能說明一下您的基地中有抵押資產和無抵押資產的百分比？

Could you repeat that?

你能再說一次嗎？

Oh sorry, I was curious if about the encumbered versus unencumbered assets, your general percentage.

哦，抱歉，我很好奇，關於有抵押資產和無抵押資產，您的總體百分比是多少。

Well, the The bond offerings along with the credit facility security totals about a little over [$6 billion] is encumbered, the remainder are unencumbered.

嗯，債券發行以及信貸融資擔保總額約略高於 [60 億美元] 是有抵押的，其餘部分則沒有抵押。

Okay, thank you for that. And I guess also, I appreciate the comments in the beginning in terms of the possible Medicaid cuts that could be expected. I was curious if you could give us a little bit more comment on maybe thoughts of worst case versus best case scenario, and if there would be any other pressures beyond Medicaid, even if it comes in the form of Medicare, that you would see affecting your tenants.

好的，謝謝你。而且我想，我也非常欣賞一開始關於可能削減醫療補助的評論。我很好奇，您是否可以給我們多一點評論，例如對最壞情況和最好情況的看法，以及除了醫療補助之外是否還有其他壓力，即使是以醫療保險的形式出現，您是否認為會影響您的租戶。

So it would be kind of hard to give you a color on that hypothetical of a question. I think what we said in the prepared remarks is that we believe there is room in Medicaid, even in Medicare, for items that don't affect the hospitals that could take care of some.

因此，對於這個假設性的問題，我們很難給出明確的答案。我認為我們在準備好的演講中說過，我們相信醫療補助計劃，甚至醫療保險計劃中都有空間容納那些不會影響醫院並能照顧部分病人的項目。

I don't want to call it abuse, but places where they can make make changes in both of those. We think that at this particular point that both parties believe that health care is important, and we believe that it's, that it will it will continue to be where essentially where it is today.

我不想稱之為濫用，但他們可以在這兩方面做出改變。我們認為，在目前這個特定時刻，雙方都認為醫療保健很重要，我們相信它將繼續保持目前的狀態。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, sir. Good morning, everyone. Congrats on all the progress. I just wanted to follow up on the prior question about the covenant, in the kind of new, secured credit, agreement. Any kind of covenant around kind of being able to fully access the capacity of the line or anything like that and new arrangement that we should be aware of.

是的，先生。大家早安。祝賀你取得的所有進展。我只是想跟進之前關於契約的問題，即一種新的、有擔保的信貸協議。我們應該了解關於能夠充分利用線路容量的任何契約或類似的東西以及新的安排。

No, we have full access to the line, and when I mentioned a little earlier that our total commitment remains was unaffected, it remains at $1.5 billion, $1.3 billion of that is the revolver, and as of recent days we have probably around EUR100 million drawn on that, no more than that.

不，我們可以完全使用這條信貸額度，我之前提到過，我們的總承諾額度沒有受到影響，仍然為 15 億美元，其中 13 億美元是循環信貸，截至最近幾天，我們大概已經從中提取了 1 億歐元左右，不會超過這個數字。

That's super helpful. And then also, on the other prior question around the encumbered versus the unencumbered assets, is there a way to get a better sense of kind of, the 167 assets that are encumbered, kind of what those are related to versus what's still unencumbered that could give the opportunities to do further secured financing or potential asset sales. Like, could we get something that, it could be very high level, but just to kind of get a general sense of what is what.

這非常有幫助。然後，關於另一個先前的問題，關於有抵押資產與無抵押資產，有沒有辦法更好地了解這 167 項有抵押資產，以及它們與哪些仍無抵押資產相關，從而提供進一步擔保融資或潛在資產出售的機會。例如，我們能否得到一些可能非常高級的東西，但只是大致了解一下它是什麼。

Yeah, so right now tell you again to repeat myself. We have the ability to encumber up to 40% of our assets today after the bond deals, we're at about a little more than half of that. I answered, I think Ferrell's question earlier.

是的，所以現在再告訴你一遍我的想法。債券交易之後，我們今天有能力抵押高達 40% 的資產，目前我們只佔其中的一半多一點。我回答說，我認為這是費雷爾之前提出的問題。

If you convert that to nominal dollars, we're about at a $6 billion encumbrance and maybe another after adjustments, maybe another $5 billion or $6 billion unencumbered now. So that's what's available to us under the current governance. That that's speaking, as you point out, very high level, very general.

如果將其轉換為名義美元，我們的負擔額度約為 60 億美元，調整後可能還有 50 億美元或 60 億美元沒有負擔。這就是在當前治理下我們可以做的。正如您所指出的，這是非常高層次、非常普遍的說法。

And again that's part of what gives us the flexibility, the cushion to execute, these various strategies that we've been talking about.

這也是我們執行所討論的各種策略時具有靈活性和緩衝能力的部分原因。

Could I ask, is the unencumbered pool more US assets at this point versus European assets?

我可以問一下，目前無抵押資產池中的美國資產比歐洲資產多嗎？

Maybe that's without looking at it, and I certainly couldn't get back to you, but maybe it's a little bit more weighted towards US.

也許那是在沒有看過的情況下，我當然無法回覆你，但也許它更偏向美國。

And ladies and gentlemen, at this time we'll be concluding today's question and answer session. I'd like to turn the floor back over to Ed Aldag for closing remarks.

女士們、先生們，我們今天的問答環節就此結束。我想把發言權交還給 Ed Aldag 來做最後發言。

Thank you, Jamie. As always, if anybody has any additional questions, please reach out to Drew or Tim, and we'll get back with you quickly.

謝謝你，傑米。像往常一樣，如果有人有任何其他問題，請聯絡 Drew 或 Tim，我們會盡快回覆您。

Thank you again for your time.

再次感謝您抽出時間。

And ladies and gentlemen, with that, we will conclude today's presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。