Medical Properties Trust Inc (MPW) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Medical Properties Trust first quarter 2025 earnings conference Call. (Operator Instructions)

感謝您的支持。我叫貝利，今天我將擔任您的會議主持人。現在，我歡迎大家參加醫療地產信託 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Charles Lambert, Senior Vice President. Please go ahead.

現在我想將電話轉給高級副總裁查爾斯·蘭伯特 (Charles Lambert)。請繼續。

Good morning, and welcome to the Medical Properties Trust conference call to discuss our first quarter 2025 financial results. With me today are Edward K. Aldag Jr., Chairman, President and Chief Executive Officer of the company; Steven 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 Frey, Managing Director, Asset Management and Underwriting.

早安，歡迎參加醫療地產信託電話會議，討論我們 2025 年第一季的財務表現。今天與我在一起的還有公司董事長、總裁兼首席執行官 Edward K. Aldag Jr.；史蒂文·哈姆納 (Steven Hamner)，執行副總裁兼首席財務官；凱文·漢納 (Kevin Hanna)，高級副總裁、財務主管兼首席會計官；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 Frey。

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.

我們的新聞稿已於今天早上發布，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，您可以在我們網站 medicalpropertiestrust.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 or 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表達的或潛在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 a discussion of the factors that could cause the company's actual results or future events to differ materially from those expressed in this call. The information being provided today is as of this date only, and except as required by the federal securities laws, the company does not undertake a duty to update any such information.

我們請您參閱本公司向美國證券交易委員會提交的報告，以了解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。今天提供的資訊僅截至當日，除聯邦證券法要求外，本公司不承擔更新任何此類資訊的義務。

In addition, during the course of the conference call, we will describe certain non-GAAP financial measures, which should be considered in addition to and not in lieu of comparable GAAP financial measures. Please note that in our press release, Medical Properties Trust has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. You can also refer to our website at medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations.

此外，在電話會議期間，我們將描述某些非 GAAP 財務指標，這些指標應作為可比較 GAAP 財務指標的補充而不是替代。請注意，在我們的新聞稿中，Medical Properties Trust 已根據 Reg G 要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行協調。您也可以造訪我們的網站 medicalpropertiestrust.com，以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, Ed Aldag.

現在我將電話轉給我們的執行長 Ed Aldag。

Thank you, Charles, and thanks to all of you for joining us this morning on our first quarter 2025 earnings call. I'm pleased to be joined again today by Steve, Kevin, Rosa, and Jason. But before you hear from the rest of the team, I'll spend a few minutes discussing the state of the market and a few recent strategic updates.

謝謝你，查爾斯，也謝謝大家今天上午參加我們的 2025 年第一季財報電話會議。我很高興今天再次與史蒂夫、凱文、羅莎和傑森一起參加。但在您聽取團隊其他成員的意見之前，我將花幾分鐘時間討論市場狀況和一些最近的策略更新。

Beginning with the broader market environment, it's important to note that despite all of the noise surrounding the macro economy, health care has historically proven to be one of the most recession-resistant industries. Across our portfolio, operators continue to report strong results with increasing volumes and steady coverage. Further, any concerns surrounding the impacts of tariffs or proposed funding changes only served to reinforce the importance of MPT's business model.

從更廣泛的市場環境開始，值得注意的是，儘管宏觀經濟周圍存在各種噪音，但歷史證明醫療保健是最能抵禦衰退的行業之一。在我們的投資組合中，營運商繼續報告強勁的業績，業務量不斷增加，覆蓋範圍穩定。此外，任何有關關稅或擬議資金變化的影響的擔憂都只會加強 MPT 商業模式的重要性。

When hospitals need access to affordable capital solutions that enhance their financial flexibility and operational agility, that's where we come in. We empower operators to replace the expensive debt solutions, immediately unlock 100% of the value of their real estate and redirect those funds into patient care, and we are confident in our ability to continue playing that role in this critical economic environment.

當醫院需要獲得可負擔的資本解決方案來增強其財務靈活性和營運敏捷性時，我們就可以發揮作用。我們授權營運商更換昂貴的債務解決方案，立即釋放其房地產價值的 100%，並將這些資金重新用於患者護理，我們有信心在這個關鍵的經濟環境中繼續發揮這一作用。

Turning to a few updates from the quarter. In February, we issued more than $2.5 billion of seven-year secured bonds at a blended coupon rate of approximately 7.8% strengthening our balance sheet and providing sufficient liquidity to cover all debt maturities through 2026.

談談本季的一些更新。2 月份，我們發行了價值超過 25 億美元的七年期擔保債券，混合票面利率約為 7.8%，這增強了我們的資產負債表，並提供了足夠的流動性，以覆蓋到 2026 年到期的所有債務。

As Roger will discuss in more detail shortly, our new portfolio of tenants continues to ramp operations at facilities around the country. Broadly speaking, we remain highly encouraged by the volume improvements being reported across these locations as well as the steps these new operators are taking to upgrade facilities. And importantly, all new operators, except for insight who owned less than $100,000 were current on rent through the first quarter.

正如羅傑稍後將詳細討論的那樣，我們的新租戶組合將繼續在全國各地的設施中擴大業務。總體而言，我們仍然對這些地點報告的吞吐量改善以及這些新營運商為升級設施所採取的措施感到非常鼓舞。重要的是，除了擁有不到 10 萬美元的洞察力之外，所有新營運商都在第一季按時支付了租金。

And Ohio Insight Health had been making considerable progress turning around performance at two facilities in Trumble County. However, those efforts were interrupted by disputes between Steward Health Care's advisers and Insight regarding the distribution of cash collections from Insight's revenue under the terms of the transition services agreement.

俄亥俄州洞察健康中心 (Ohio Insight Health) 在扭轉特朗布爾縣 (Trumble County) 兩家醫療機構的業績方面取得了長足的進步。然而，這些努力因 Steward Health Care 的顧問和 Insight 之間就過渡服務協議條款下 Insight 收入現金收款的分配發生爭議而中斷。

We're working with Insight and government officials to explore all viable solutions to restore full operations at these facilities as soon as possible. A word briefly on prospect before turning it over to Rosa. In line with the terms of our global settlement agreement with Prospect and its other creditors that the bankruptcy court approved in March. Prospect and its advisers are in the process of marketing the prospect assets.

我們正在與 Insight 和政府官員合作，探索所有可行的解決方案，以盡快恢復這些設施的全面運作。在將話題交給羅莎之前，先簡單談談前景。符合我們與 Prospect 及其其他債權人達成的全球和解協議的條款，該協議已於三月獲得破產法院批准。Prospect 及其顧問正在行銷潛在資產。

With the progress of our new operators are making across most markets, the steady contributions from our stabilized portfolio, we remain confident in our ability to reach total annualized cash rent of more than $1 billion once our new tenants are fully ramped. As we continue with this progress, we look forward to opportunities for accretive growth and increasing shareholders return.

隨著我們的新營運商在大多數市場取得的進展，以及我們穩定的投資組合帶來的穩定貢獻，我們仍然有信心，一旦我們的新租戶全面入駐，我們有能力實現超過 10 億美元的年度現金租金總額。隨著我們繼續取得進展，我們期待獲得增值成長和增加股東回報的機會。

Rosa?

羅莎？

Thank you, Ed. Turning now to some of the highlights across our portfolio. Overall, operator trends remain largely consistent with our observations over the past few quarters. As publicly traded operators have recently reported in the first quarter of 2025, hospitals have produced strong revenues driven by reimbursement rate increase and admission trends.

謝謝你，艾德。現在來談談我們投資組合中的一些亮點。總體而言，營運商趨勢與我們過去幾季的觀察基本一致。正如上市公司最近在 2025 年第一季報告的那樣，在報銷率提高和入院趨勢的推動下，醫院的收入強勁。

Within our portfolio, we continue to see strong growth in admissions and rate improvements. And on a trailing 12-month basis, we saw an uptick in year over year EBITDARM coverage across asset types, driven by improved volumes and strategic expense management.

在我們的投資組合中，我們繼續看到入場人數和費率的強勁增長。在過去 12 個月中，我們看到各類資產的 EBITDARM 覆蓋率較去年同期有所上升，這得益於交易量的增加和策略費用管理的提高。

I'll begin with the new tenants in our transitional portfolio with cash rents ramping through the fourth quarter of 2026. HSA, which operates eight hospitals in South Florida, Texas, and Louisiana commenced rent payments as scheduled in March. Performance has trended up, particularly in South Florida, driven by top line growth on higher volumes.

我將從我們過渡投資組合中的新租戶開始，到 2026 年第四季度，現金租金將持續上漲。HSA 在南佛羅裡達州、德克薩斯州和路易斯安那州經營 8 家醫院，並於 3 月按計劃開始支付租金。業績呈上升趨勢，尤其是在南佛羅裡達州，這得益於銷售增加帶來的營業額成長。

In Louisiana and Texas, HSA remains focused on expanding inpatient capacity, reengaging key physicians and improving operational efficiency. HonorHealth, which operates in the Phoenix Metro area remains engaged in enhancing physician alignment in the market and upgrading facilities ahead of anticipated volume recovery. Honor is executing a CapEx strategy for 2025 and that includes $60 million of self-funded improvements spread of its new facilities.

在路易斯安那州和德克薩斯州，HSA 仍然致力於擴大住院容量、重新聘用關鍵醫生並提高營運效率。在鳳凰城大都會區營運的 HonorHealth 將繼續致力於加強市場上的醫生協調，並在預期的業務量恢復之前升級設施。Honor 正在執行 2025 年的資本支出策略，其中包括 6,000 萬美元的自籌資金改善新設施。

Quorum Health, which operates two facilities in West Texas, has committed to recruiting physicians and staff to recapture volumes, ramping up new service lines and upgrading facilities. In March, Quorum also finalized an agreement to assume ownership of Steward's remaining IT and revenue cycle transition service agreements.

Quorum Health 在西德州經營兩家醫療機構，該公司致力於招募醫生和員工來重新獲得醫療服務，增加新的服務線路並升級醫療設施。今年 3 月，Quorum 也達成協議，接管 Steward 剩餘的 IT 和營收週期過渡服務協議。

College Health is operating one MPT behavioral facility in Phoenix. They have been ramping up capacity at the facility and now have a license for 127 beds. With 30 beds opened so far, they are actively adding beds on a regular basis and expect to be at full capacity within the next few months.

學院健康中心在鳳凰城經營 MPT 行為設施。他們一直在提高該設施的容量，現在已獲得 127 張床位的許可。目前已開放 30 張床位，並正在定期積極增加床位，預計未來幾個月內將達到滿載狀態。

Finally, Tenor Health took over operations at Sharon Regional in Pennsylvania and reopened the facility in March. Tender is now expecting and executing an 18-month plan to fully stabilize the facility and to facilitate this plan recently secured new financing from a local community entity.

最後，Tenor Health 接管了賓州 Sharon Regional 的運營，並於三月重新開放了該設施。Tender 目前正在預期並執行一項為期 18 個月的計劃，以全面穩定該設施，並且為了促進該計劃，最近從當地社區實體獲得了新的融資。

Turning now to our more established portfolio of operators and beginning with Europe. In the UK, three of the operators in MPT's portfolio have been nominated for Health Investors Private Hospital Group of the Year, Circle Health, Priory ,and Ramsay. Circle Health continues to benefit from increased private medical insurance utilization. To capitalize on these market tailwinds, Circle is investing in innovative technologies such as robotics and AI.

現在轉向我們更成熟的運營商組合，從歐洲開始。在英國，MPT 投資組合中的三家業者已被提名為年度健康投資者私人醫院集團，即 Circle Health、Priory 和 Ramsay。Circle Health 繼續受益於私人醫療保險使用率的提高。為了利用這些市場順風，Circle 正在投資機器人和人工智慧等創新技術。

And Circle continues to report strong performance driven by increasing surgical volumes and patient acuity as more complex cases are being addressed in the private sector. The need for mental health care services has never been greater within the UK and Priory, the largest independent mental health care provider in the UK has maintained steady performance based on strong reimbursement trends and increased patient acuity.

隨著私營部門正在處理更多複雜病例，Circle 繼續報告強勁業績，這得益於手術量和患者敏銳度的增加。英國對心理健康護理服務的需求從未如此強烈，而英國最大的獨立心理健康護理提供者 Priory 憑藉強勁的報銷趨勢和不斷提高的患者敏銳度保持了穩定的業績。

Turning to Priory's parent company, MEDIAN. These German assets have performed well through Q4 2024. This solid performance is largely attributable to an improving reimbursement rate environment and increasing occupants. Swiss Medical's performance has benefited from a combination of continued cost optimization efforts and top-line growth, driving high single-digit EBITDAre growth.

談到 Priory 的母公司 MEDIAN。這些德國資產在 2024 年第四季表現良好。這種穩健的表現很大程度歸功於報銷率環境的改善和入住人數的增加。Swiss Medical 的業績受益於持續的成本優化努力和營收成長，推動了高個位數的 EBITDAre 成長。

With the planned integration of recent acquisitions, Swiss Medical's consolidated revenues are expected to increase by approximately CHF100 million in 2025. And in January 2025, Swiss Medical continued to grow its integrated care model with the addition of a second care region with 10 medical centers. In April, MPT invested approximately CHF50 million in the Infracore joint venture in Switzerland to facilitate the platform's acquisition of a strategically valuable general acute facility.

隨著近期收購的計畫整合，Swiss Medical 的綜合收入預計到 2025 年將增加約 1 億瑞士法郎。2025 年 1 月，Swiss Medical 繼續擴大其綜合護理模式，增加了第二個護理區，擁有 10 個醫療中心。今年4月，MPT向瑞士合資企業Infracore投資約5,000萬瑞士法郎，以促進該平台收購具有戰略價值的綜合急性病設施。

Turning to the US Ernest Health EBITDARM coverage remains excellent at 2.1 times. Ernest's legacy IRF are performing very well and newer IRF developments are moving closer to fully ramped capacity. Given the success of its first inpatient rehab unit at the Provo LTACH, Ernest is pursuing plans to open two more inpatient rehab units at the Post Falls and Billings LTACHs in 2025.

轉向美國 Ernest Health EBITDARM 覆蓋率仍維持在 2.1 倍的優異水準。Ernest 的原有 IRF 表現非常出色，較新的 IRF 開發也正在接近完全發揮其能力。鑑於其在普羅沃長期照護中心 (Provo LTACH) 的第一個住院復健單位取得成功，Ernest 計劃於 2025 年在波斯特福爾斯 (Post Falls) 和比林斯長期護理中心 (Billings LTACH) 再開設兩個住院復健單位。

LifePoint Health continues to report strong top line revenue growth, driven by increased admissions particularly at Conemaugh Memorial, where trailing 12-month admissions increased 17% year over year. LifePoint behavioral reported another quarter of consistent operating performance with higher admissions growth year over year.

LifePoint Health 繼續報告強勁的營業收入成長，這主要得益於康內莫紀念醫院入院人數的增加，該醫院過去 12 個月的入院人數同比增長了 17%。LifePoint 行為報告顯示其又一個季度的營運表現保持穩定，入院人數較去年同期成長率較高。

In '25, LifePoint behavioral will remain focused on increasing outpatient volumes to drive increased revenues. Finally, MPT owns three hospitals operating surgery partners. These facilities have performed exceptionally well with combined coverage greater than 7 times.

在 25 年，LifePoint 行為將繼續專注於增加門診量以增加收入。最後，MPT 擁有三家運作手術的醫院合作夥伴。這些設施表現非常出色，綜合覆蓋率超過 7 倍。

In closing, MPT is clearly well positioned to benefit from enhanced cash flows across a better diversified portfolio than ever before with our stabilized portfolio producing steady or improving performance and our transitional portfolio ramping as expected, we are confident in our ability to create value for shareholders moving forward.

最後，MPT 顯然處於有利地位，可以從比以往任何時候都更加多元化的投資組合中增強的現金流中受益，我們的穩定投資組合產生穩定或提高的業績，我們的過渡投資組合如預期般增長，我們有信心為股東創造價值。

Kevin?

凱文？

Thank you, Rosa. This morning, we reported a GAAP net loss of $0.20 per share and normalized FFO of positive $0.14 per share for the first quarter of 2025. It is worth pointing out that first quarter net loss and normalized FFO when compared to the fourth quarter of '24 were affected by the partial quarter impact of our February debt refinancing transactions.

謝謝你，羅莎。今天上午，我們報告了 2025 年第一季的 GAAP 淨虧損為每股 0.20 美元，標準化 FFO 為每股正 0.14 美元。值得指出的是，與 24 年第四季相比，第一季的淨虧損和正常化 FFO 受到了我們 2 月債務再融資交易部分季度影響的影響。

The normalization of cash rent payments from a small tenant who made a onetime catch-up payment of $10 million in the fourth quarter and a higher stock compensation expense. We expect the second quarter normalized FFO will be reduced by an additional approximately $0.02 per share due to the full previously projected quarterly impact of higher interest expense resulting from our transactions.

第四季度，一位小租戶一次補繳了 1,000 萬美元，現金租金支付正常化，股票薪資費用也隨之增加。我們預計第二季標準化 FFO 將再減少約 0.02 美元/股，這是由於我們交易產生的更高利息支出對整個季度產生的影響。

The increased stock compensation expense results from a change in the fair market value of 2024 performance-based equity compensation, of which no shares have been vested. In fact, none of these shares will ever vest unless the market price of our stock exceeds $7 for 20 consecutive days.

股票薪酬費用的增加是由於 2024 年基於績效的股權薪酬的公平市場價值發生變化，其中沒有股份已歸屬。事實上，除非我們的股市價格連續 20 天超過 7 美元，否則這些股票都不會歸屬。

pDuring the quarter, we recorded approximately $73 million in impairments and fair market value adjustments to our investments in Prospect, real estate in Connecticut and in PHP. These adjustments were made according to third-party appraisals and approved restructuring terms. Actual recoveries may ultimately differ from these book values.

在本季度，我們對 Prospect、康乃狄克州房地產和 PHP 的投資記錄了約 7,300 萬美元的減損和公平市場價值調整。這些調整是根據第三方評估和批准的重組條款做出的。實際回收金額最終可能與這些帳面價值有所不同。

Further, we impaired our mortgage investments in Colombia by approximately $11 million as the government continues to limit reimbursement to hospitals. Normalized FFO was also adjusted for a $12 million negative fair value adjustment related to marketable securities such as our investment in Aevis.

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 1,100 萬美元。標準化 FFO 也根據與有價證券（例如我們對 Aevis 的投資）相關的 1,200 萬美元負公允價值調整進行了調整。

With that, I will now hand the call over to Steve.

說完這些，我現在將電話交給史蒂夫。

Thank you, Kevin. I will just make a couple of brief comments that basically reiterate our near-term perspective. I'll not go through the details of the February secured notes offerings, except to point out again, that it was a significant culmination of two years of carefully executed transactions, reduce debt, extend maturities and provide liquidity.

謝謝你，凱文。我只想發表幾點簡短的評論，基本上重申一下我們的近期觀點。我不會詳細介紹二月份擔保票據發行的細節，但我想再次指出，這是兩年來精心執行的交易、減少債務、延長期限和提供流動性的重要成果。

All at market valuations that demonstrate the resilience of well underwritten hospital real estate and the long-term sustainability of our business model of net leased hospital real estate. But I will describe one detail of this refi. At quarter end, we thought it prudent to build some additional cushion for the covenant that measures our ratio of unencumbered assets to unsecured debt.

所有這些市場估值都顯示了承保良好的醫院房地產的彈性以及我們淨租賃醫院房地產業務模式的長期可持續性。但我將描述這次再融資的細節。在季度末，我們認為為衡量無抵押資產與無擔保債務比率的契約建立一些額外的緩衝是明智之舉。

At that time, we had not completed our evaluation of the need for impairments as of the quarter end, and we wanted this cushion in an abundance of caution. Drawing cash on a secured revolver has the effect of increasing that cushion.

當時，我們尚未完成對截至季度末的減損需求的評估，我們希望以謹慎的態度獲得這項緩衝。使用有擔保的循環信貸提取現金可以增加緩衝作用。

The amounts we borrowed on March 31 were fully repaid on April 1. We remain and expect to remain within all covenants required by the secured notes and the revolving credit facility. So our focus is on our existing portfolio of hospital real estate that used to perform in accordance with lease terms including annual inflationary escalations.

我們在 3 月 31 日借入的金額已於 4 月 1 日全部償還。我們將繼續並期望繼續遵守擔保票據和循環信貸安排所要求的所有契約。因此，我們的重點是現有的醫院房地產組合，這些組合過去按照包括年度通膨升級在內的租賃條款運作。

And over the remaining three quarters of 2025, cash rents solely from the former Steward facilities are scheduled to increase from the $4 million received in this first quarter to more than $23 million in the fourth. That's more than $90 million annualized.

在 2025 年剩下的三個季度中，僅來自前 Steward 設施的現金租金預計將從今年第一季的 400 萬美元增加到第四季度的 2,300 多萬美元。每年的收益超過 9,000 萬美元。

And investors can make their own estimates of an appropriate capitalization rate for the incremental revenue. And that incremental revenue is scheduled to continue growing to total contractual annual cash rents of $160 million from hospitals by October 2026.

投資者可以自行估算增量收入的適當資本化率。預計到 2026 年 10 月，增量收入將繼續增長，醫院合約年度現金租金總額將達到 1.6 億美元。

The first quarter results, of course, include no revenue or other proceeds from any prospect assets or from certain of our Colombian real estate assets, which have a book value of about $112 million. Any such revenue or proceeds will, of course, be available to further add to our operating and balance sheet strength.

當然，第一季的業績不包括任何潛在資產或某些哥倫比亞房地產資產的收入或其他收益，這些資產的帳面價值約為 1.12 億美元。當然，任何此類收入或收益都將用於進一步增強我們的營運和資產負債表實力。

We're not in a position to predict these outcomes today, but it is important that with the balance sheet repositioning we have completed over the last couple of years, we have multiple options to continue to use the demonstrated value of our performance for further delevering and repositioning as we may side.

我們今天無法預測這些結果，但重要的是，隨著過去幾年我們完成的資產負債表重新定位，我們有多種選擇，可以繼續利用我們業績的已證明價值，在我們可能的情況下進一步去槓桿和重新定位。

As we previously described, those options still include resolution of the prospect assets through sales and retenanting, possible other asset sales, joint ventures and other transactions to reposition and rationalize our equity value. And with our current level of near-term maturities and liquidity, we have the freedom to be patient. While even if we assume no external growth, our expected cash earnings escalate annually, and we can hope macroeconomic conditions stabilized.

正如我們之前所描述的，這些選擇仍然包括透過銷售和再租賃來解決潛在資產、可能的其他資產銷售、合資企業和其他交易，以重新定位和合理化我們的股權價值。鑑於我們目前的短期到期債務和流動性水平，我們可以保持耐心。即使我們假設沒有外部成長，我們的預期現金收益每年也會增加，我們可以希望宏觀經濟狀況穩定下來。

Lastly, as Ed emphasized, we are pleased with the operational performance that our new operators are achieving. This performance, along with the very public and widespread support of local, state and federal government officials and health care advocates yet again, demonstrates the importance of and the demand for these infrastructure-like hospital assets. Because our underwriting is designed to identify hospitals that we believe are critically necessary to their communities.

最後，正如 Ed 所強調的，我們對新業者所取得的營運表現感到滿意。這一表現，加上地方、州和聯邦政府官員以及醫療保健倡導者的公開和廣泛支持，再次證明了這些類似基礎設施的醫院資產的重要性和需求。因為我們的承保旨在確定我們認為對社區至關重要的醫院。

This performance in public support is what we expected. And from a financial perspective, MPT as landlord has gone above and beyond to demonstrate our long-term commitment to keeping these hospitals open. We have invested in the facilities. We have made working capital loans to facilitate the Steward transition, and we have agreed to lengthy periods where rent payments are not required.

這種公眾支持的表現是我們所期望的。從財務角度來看，MPT 作為房東已經竭盡全力展現了我們對維持這些醫院開放的長期承諾。我們已經對這些設施進行了投資。我們已經提供了營運資金貸款來促進 Steward 的過渡，並且我們已經同意在較長時間內無需支付租金。

Along with our own efforts, the new operators are devoting time, effort, resources, and their own finances to serve patients across many spectrums of care. And we can point to government officials and representatives in Ohio and Pennsylvania who we see working out a public view of the patients and employees in their own and even other jurisdictions. All of that is why we remain firm in our belief that these hospitals need to and will stay operating in their communities.

除了我們自身的努力之外，新的營運商還投入時間、精力、資源和自己的資金來為各個護理領域的患者提供服務。我們可以指出俄亥俄州和賓夕法尼亞州的政府官員和代表正在製定有關他們自己甚至其他管轄範圍內的患者和員工的公眾觀點。所有這些都是我們堅信這些醫院需要並將繼續在其社區運作的原因。

And this is what we expected. What we did not expect and what is virtually inexplicable to us are the apparent roadblocks in front of these efforts to keep the hospitals open and operating. The managers of the Steward bankruptcy process, for example, have paid professional fees acknowledging $400 million. They are collecting from Medicare, Medicaid, state reimbursement programs and commercial insurers amounts for medical, surgical and other treatment services that the new operators are providing to patients.

這正是我們所期望的。我們沒有想到，也幾乎無法解釋的是，在維持醫院開放和運作的努力中，竟然存在著明顯的障礙。例如，Steward 破產程序的管理人員已支付了 4 億美元的專業費用。他們從醫療保險、醫療補助、州報銷計劃和商業保險公司收取新運營商為患者提供的醫療、外科和其他治療服務的費用。

Our tenants in two Ohio hospitals believes it has owned more than $20 million that is lifted by the bankrupt to state, but not remitted to the operator. Most recently, another of the replacement operators was notified that the bankrupt estate is seeking to retain $55 million in Florida Medicaid supplemental funds that would not have been paid had not the new operator contributed approximately $30 million to the program in late December.

我們在俄亥俄州兩家醫院的租戶認為，他們擁有超過 2,000 萬美元的資金，這些資金被破產者轉移到州政府，但並未匯給醫院的營運商。最近，另一家替代業者被告知，破產機構正在尋求保留 5,500 萬美元的佛羅裡達州醫療補助補充資金，如果新業者沒有在 12 月底向該計畫貢獻約 3,000 萬美元，這些資金就不會支付。

These disputes are all apparently subject to defense by the professionals managing the Steward bankruptcy and they are being addressed in Bankruptcy Court. Our point is that these new operators are diligently treating patients, even though substantial payments for these services are being withheld from them. Thankfully, we believe these operators will soon be able to bill and collect for themselves.

這些爭議顯然都由管理 Steward 破產的專業人士進行辯護，並正在破產法庭上處理。我們的觀點是，儘管這些新手術者被扣留了大筆服務費用，但他們仍在勤勉地治療病人。值得慶幸的是，我們相信這些業者很快就能自己計費和收款。

Meanwhile, MPT has continued to cooperate with in local communities, including financially, while the Steward transition process finally unwinds. For example, during the first quarter, in order to accelerate this unwinding process we agreed to repurchase certain real estate interest we had previously exchanged for value with a secured creditor. Along with funding another small operator obligation, this aggregates about $40 million. We're actually happy to have these assets back because we believe value out of them than the secured lender could have.

同時，在 Steward 過渡過程最終結束之際，MPT 繼續與當地社區進行合作，包括提供資金支持。例如，在第一季度，為了加速這個解除過程，我們同意回購先前與有擔保債權人交換過的某些房地產權益。加上為另一家小型業者提供資金，總額約 4000 萬美元。我們實際上很高興能拿回這些資產，因為我們相信它們的價值比有擔保的貸款人所能獲得的要高。

And with that, I will turn the call back to Bailey to queue any questions.

說完這些，我將把電話轉回貝利，讓他回答任何問題。

(Operator Instructions)

（操作員指示）

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. Steve, I wanted to follow up on your, I guess, your prepared remarks, your last two comments. Do you think that there is risk to the Steward transitioned assets, those new operators and being able to have the ramp up versus what you expect given your comments regarding the issues within the Steward bankruptcy process and then not being able to collect the payments that are potentially owed to them?

是的，謝謝。史蒂夫，我想跟進你準備好的發言，也就是你的最後兩則評論。您是否認為 Steward 過渡資產、那些新運營商以及能夠實現與您所預期的相比有所提升（鑑於您對 Steward 破產程序中的問題的評論）並無法收取可能欠他們的款項存在風險？

No, I don't think so for a couple of reasons. Number one, I pointed out the Ohio situation. And I think we had already described that, that's very limited in any case. It's $100,000 that went uncollected. That's all that went in the quarter.

不，我不這麼認為，原因有幾個。首先，我指出了俄亥俄州的情況。我認為我們已經描述過這一點，無論如何這都是非常有限的。有 10 萬美元尚未收回。這就是本季發生的全部事情。

And my point really was that these operators are doing as well as they are in the face of the disruption and not being able to collect what they're actually billing. We are hopeful that the transition will be fully moved away from Steward. And it already is for some of the operators. But we think that will be complete in the very near future, and this issue will resolve going forward.

我的觀點是，這些業者在面臨中斷和無法收取實際帳單的情況下表現良好。我們希望過渡期能夠完全脫離 Steward。對於一些運營商來說，這已經是事實了。但我們認為這將在不久的將來完成，而這個問題將會得到解決。

Okay. And then can you talk about the $40 million investment. Was that made during the quarter? What type of asset did you get back from that? And are you getting rent on that asset now? And or do you plan on selling that asset in the near term?

好的。然後可以談談 4000 萬美元的投資嗎？這是在本季完成的嗎？您從中獲得了什麼類型的資產？現在您能從該資產中獲得租金嗎？或者您計劃在短期內出售該資產？

We did do it during the quarter. Those assets represent assets that were originally part of Steward campuses, for example, just as an example, a big piece of it is a parking lot. And the parking lot was necessary for the hospital operations other than to have contractual access to parking, which the hospital did. The secured creditor to which we transferred rights to it well over a year ago was to market it and monetize it really because it was still connected to a part of the hospital.

我們在本季確實做到了這一點。這些資產代表了最初屬於 Steward 校園的資產，例如，舉個例子，其中很大一部分是停車場。除了醫院簽訂的停車合約外，停車場對於醫院的運作也是必要的。一年多前，我們將權利轉讓給有擔保的債權人，以便對其進行行銷和貨幣化，因為它仍然與醫院的一部分相關。

And so we were very happy to be able to get that back. And frankly, we got it back at a significant discount to what the original transaction was and it will remain part of and could be monetized as part of the hospital. That's a typical example.

因此我們很高興能夠恢復它。坦白說，我們以比原始交易價低很多的價格收回了這筆錢，它仍將是醫院的一部分，並且可以作為醫院的一部分貨幣化。這是一個典型的例子。

So the vast majority of those, Mike, well, we will collect rent on.

因此，麥克，我們將對其中絕大多數收取租金。

Okay. And then just last for me. Were there any other investments that occur that didn't see the supplemental section highlight your investments in the sup this time around. And your debt seemed a little bit higher than what I would have expected. So is there any other cash outflows that we should be aware of that kind of explain some of that?

好的。然後就為我持續下去。是否有任何其他投資沒有在補充部分中突出顯示您這次在 sup 中的投資。你的債務似乎比我預期的要高一點。那麼，是否有其他現金流出情況需要我們注意，可以解釋其中的一些情況嗎？

We made a relatively modest investment in an additional hospital in Switzerland with Infracore.

我們與 Infracore 合作對瑞士的另一家醫院進行了相對適度的投資。

Okay. So just those -- just that $40 million deal on the Infracore deal?

好的。那麼只是那些——僅僅是那筆價值 4000 萬美元的 Infracore 交易嗎？

Yes. And as part of the transition very early in the quarter, I think very early in January, we did add to the Florida operator working capital loan to the extent of $10 million. Okay, thank you.

是的。作為本季初過渡的一部分，我想是在 1 月初，我們確實向佛羅裡達州運營商增加了 1000 萬美元的營運資金貸款。好的，謝謝。

Georgi Dinkov, Mizuho Securities.

瑞穗證券的 Georgi Dinkov。

Hi, this is Georgi on for Vikram. Can you just talk sort of what are you monitoring on the regulatory side and any potential Medicaid cuts? Like what are your expectations in a scenario where you see some severe budget cuts?

大家好，我是 Georgi，代表 Vikram。您能否談談您在監管方面正在監控什麼以及任何潛在的醫療補助削減？例如，在預算大幅削減的情況下，您有何預期？

Georgi, if you listen to our last earnings call, we welcome some of those Medicare cuts. As you know, Medicare doesn't just cover arrangement to hospitals. It's a very broad basket of items that we believe would be better served if it went to hospitals. So we, at this point, don't have any of our tenants that are nervous about any potential changes to Medicare or Medicaid.

喬治，如果你聽過我們上次的財報電話會議，你就會知道我們對部分醫療保險削減措施表示歡迎。如您所知，醫療保險不僅涵蓋醫院的安排。我們認為，這些物品種類繁多，如果送到醫院，效果會更好。因此，目前為止，我們的租戶中沒有任何人對醫療保險或醫療補助的任何潛在變化感到緊張。

Okay. And if I may squeeze a second question. Have you -- do you expect to provide any loans to any of the operators? And do you currently have any tenants on your watch list that you're closely monitoring?

好的。我可以問第二個問題嗎？您是否打算向任何業者提供貸款？您目前密切關注的觀察名單上是否有任何租戶？

So we don't expect to make any loans. We don't have any situations where we think that would come up, and we currently don't have any operators on our watch list.

所以我們不希望發放任何貸款。我們認為不會出現這種情況，而且我們目前的監視名單上也沒有任何運營商。

Great. Thank you for taking my question.

偉大的。感謝您回答我的問題。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thank you. My question is just on two operators. You mentioned no operators on the watch list, but I know that there were a couple of situations we were watching. There was an operator in Colombia dealing with some government holding back of reimbursement. And then there was another one that was 1% of assets that you had gotten $10 million for last year, but I think that was a onetime chunk. Could you give some color on how those processes are going?

早安.謝謝。我的問題只是針對兩個操作員。您提到監視名單上沒有操作員，但我知道我們正在監視幾種情況。哥倫比亞有一位業者正在處理一些政府拒絕償還的問題。然後還有另外一項，即你去年獲得的 1000 萬美元資產的 1%，但我認為那是一次性的。能否詳細說明一下這些進程的進展？

Well, the 1% tenant, the $10 million was a catch-up in rent. They remain current on the rent schedule now. I actually spoke to the CEO of that operator yesterday, and they had their best quarter in a long time. So they believe they're very much on track. We believe their operations are back where they should be.

嗯，對於 1% 的租戶來說，這 1000 萬美元是補繳的租金。他們現在仍然按時支付租金。事實上，我昨天與該運營商的首席執行官進行了交談，他們剛剛經歷了很長一段時間以來最好的一個季度。因此他們相信他們已經走在正確的軌道上。我們相信他們的營運已經恢復到應有的水準。

From Colombia standpoint, the hospitals in all of Colombia continue to perform well. There is a political fight trying to get some health care reforms by the current President, and he's using the reimbursement to their system as a way to help pressure the politicians there to go along with this reform. We are not concerned about the long-term viability, we obviously are concerned about when they'll start getting full reimbursement from the government, but we think it's just a matter of time, not a matter of if.

從哥倫比亞的角度來看，哥倫比亞各地的醫院繼續表現良好。現任總統正在進行一場政治鬥爭，試圖推動一些醫療改革，他正在利用向醫療系統償還費用的方式向政客施壓，讓他們接受這項改革。我們並不擔心長期可行性，我們顯然擔心他們何時才能開始從政府獲得全額補償，但我們認為這只是時間問題，而不是是否的問題。

Okay. And then maybe just on prospects following the court approval. How do you expect that process to go, I guess, as far as timing is concerned?

好的。然後也許只是關注法院批准後的前景。就時間而言，您預計這個過程會如何進行？

So it's a little bit different or a lot different, I should say, than the Steward process went. We and Prospect and the other creditors reached an agreement early in this process. We expect that we'll have the new -- the potential new tenants in the hospitals late -- identified late May, early June and then closing as soon as regulatory can happen after that. Alright. Thank you.

所以我應該說，這與 Steward 的流程有一點不同，或者說有很大不同。我們和 Prospect 以及其他債權人在這過程的早期就達成了協議。我們預計，我們將在 5 月底、6 月初確定醫院的新潛在租戶，並在此後監管到位後儘快關閉。好吧。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. First of all, just as I'm always impressed with all the details it gives in the operational overview, which I find it very helpful. In terms of the cash ramp-up for the transitional tenants, could you just give us some that they transfer kind of all the excess cash flow to kind of ramp up to that $40 million a quarter. Is there some type of set math of based on how much they earned that quarter, how much they have to kind of pay you? I'm just trying to understand how that works.

是的，大家早安。首先，正如我總是對它在操作概述中提供的所有細節印象深刻一樣，我發現它非常有用。關於過渡租戶的現金增加，您能否告訴我們，他們將所有多餘的現金流轉移到每季增加到 4,000 萬美元。是否存在某種固定的數學公式，根據他們當季度賺了多少錢，來決定他們要付給你多少錢？我只是想了解它是如何運作的。

Yes, it's actually a percentage of the rent, not based on revenue or on their income for example, at the beginning. And each lease is slightly different. They go from 25% to 50% to 75% to 100%. And by the time that we get to 100% is fourth quarter '26.

是的，它實際上是租金的一定百分比，而不是基於收入或他們的收入，例如一開始。每個租約都略有不同。它們的比例從 25% 上升到 50% 到 75% 再到 100%。當我們達到 100% 時，就是 26 年第四季了。

Got you. Okay. So that's helpful. And then in terms of, again, at March 31, the drawdown on the line to kind of make sure you guys are okay with the covenant. Just curious now that you've kind of settled in with the write-downs associated with prospects.

明白了。好的。這很有幫助。然後，就 3 月 31 日而言，我們將再次削減開支，以確保你們同意該契約。只是好奇現在您已經適應了與前景相關的減記。

Is that something you would expect to occur again at the end of a quarter? Or now that you kind of solidified what your write-down numbers are, you kind of have much more sense of what your coverage is and you may not have to do that going forward?

您是否預計這種情況會在一個季度末再次發生？或者現在您已經確定了您的減記數字，您對您的保險範圍有了更多的了解，並且您可能不必再繼續這樣做了？

Well, in retrospect, Tayo, we didn't have to do it even at the end of the quarter. Had we not made that draw down. We still had sufficient comfortable cushion even had we not done it. The reason we did it, as I said in my remarks, was because we were still working on the impairment calculations. And as it turned out, as I say, we had plenty of room even had we not done that.

好吧，回想起來，Tayo，我們甚至在本季末都不必這樣做。如果我們沒有做出這樣的撤退。即使我們沒有這樣做，我們仍然有足夠舒適的緩衝。正如我在發言中所說，我們這樣做的原因是我們仍在進行減損計算。事實證明，正如我所說，即使我們沒有這樣做，我們也有足夠的空間。

Kind of to answer your question going forward, it's available to us. Banks are perfectly satisfied with it. It was the plan all along that this would give us that type of cushion should we need it. But there's no expectation as we sit here today that we will or will not need it. It depends on a number of things, frankly.

為了回答您接下來的問題，我們可以提供答案。銀行對此非常滿意。這一直是我們的計劃，以便在我們需要時提供這種緩衝。但今天我們坐在這裡，並不期望我們是否需要它。坦白說，這取決於很多因素。

That's helpful. Thank.

這很有幫助。感謝。

And I will now turn the call back over to Ed Aldag for closing remarks.

現在我將把電話轉回給 Ed Aldag 做結束語。

Bailey, thank you very much. I do have an unplanned comment I'd like to make. Over the last year of walking through the Steward bankruptcy, I reflected on the different reactions and actions of the many different people involved. The bankruptcy process itself was obviously very painful. Those controlling the process didn't always have as their number one priority, the patients or the communities.

貝利，非常感謝。我確實有一個計劃外的評論想發表。在過去一年經歷 Steward 破產案的過程中，我反思了許多涉及其中的不同人士的不同反應和行動。破產過程本身顯然非常痛苦。控制這一過程的人並不總是把患者或社區作為首要任務。

Some politicians use this as an opportunity to further their own political agendas as opposed to finding ways that we could all work together for the best outcomes of each community affected. Steve has commented on more than $100 million that MPT has put in voluntarily to help keep these hospitals open but we haven't been alone in our fight to save these hospitals. And at the risk of inadvertently leaving someone out, let me do my best to call out some of the real heroes by name and some of those that I don't know their names.

一些政客利用這個機會來推進他們自己的政治議程，而不是尋找我們能夠共同努力為每個受影響的社區爭取最佳結果的方法。史蒂夫表示，MPT 已自願投入超過 1 億美元來幫助這些醫院維持運營，但在拯救這些醫院的鬥爭中，我們並不是孤軍奮戰。儘管可能會無意中遺漏某些人，但我還是盡力說出一些真正的英雄的名字，以及一些我不知道名字的英雄。

Let me start with Judge Marvin Isgur and Judge López over at the Bankruptcy Court in Houston. They recognize that the process that was in place to find replacement operators for Steward hospitals wasn't working. And in August of last year, Judge Isgur invited me to Houston to look for a solution. He worked tirelessly to give MPT the opportunity to retenant these hospitals. He and we obviously didn't have much time starting in early September.

首先，我要向休士頓破產法庭的馬文‧伊斯格爾 (Marvin Isgur) 法官和洛佩茲 (López) 法官致詞。他們認識到，為 Steward 醫院尋找替代運營商的流程並沒有發揮作用。去年八月，伊斯格爾法官邀請我到休士頓尋求解決方案。他孜孜不倦地努力，讓 MPT 有機會重新擁有這些醫院。從九月初開始，他和我們顯然沒有太多時間。

He literally worked 24 hours a day to find a solution that Judge López could approve and then he worked with the parties for months to implement. So without Judge Isgur and Judge López, none of this would have been possible. I got to know Judge Isgur well over a five month period of time. He's an outstanding person and a terrific mediator, and we appreciate all that he did for the people in all of the communities to ensure that these hospitals stayed open.

他確實每天 24 小時都在工作，以找到洛佩茲法官能夠批准的解決方案，然後與各方合作數月來實施。因此，如果沒有伊斯格爾法官和洛佩茲法官，這一切都不可能發生。在過去的五個月裡，我對伊斯格爾法官有了深入的了解。他是一位傑出的人，也是一位出色的調解員，我們感謝他為所有社區的人民所做的一切，確保這些醫院能夠繼續開放。

In Pennsylvania, I worked night and day with Judge Isgur and Deputy Attorney General, Jim Donahue to find solutions in Sharon, Pennsylvania. Jim and Judge Isgur and I spent many hours late into the night in the holidays, working to do what we could for Sharon.

在賓州，我與伊斯格爾法官和司法部副部長吉姆·多納休日以繼夜地工作，為賓州沙倫市尋找解決方案。假期裡，吉姆、伊斯格爾法官和我經常熬夜，盡力為莎倫做力所能及的事情。

State Senator, Michele Brooks, reached out to me to find ways that we could work together to find funding for the hospital there in Sharon. I can tell you, her commitment to that community is truly second to none and her willingness to work with MPT was very much appreciated.

州參議員米歇爾布魯克斯 (Michele Brooks) 與我聯繫，希望找到我們可以共同合作為沙倫醫院籌集資金的方法。我可以告訴你，她對這個社區的承諾確實是首屈一指的，她願意與 MPT 合作，這一點非常值得讚賞。

In Ohio, I've gotten to know US Senator, Bernie Marino. Senator Marino reached out to me to work with MPT defined solutions for the two facilities there. Senator Marino has been a breadth of fresh air and a real pleasure to work with, and we both are working very hard to keep these two hospitals in Ohio open.

在俄亥俄州，我認識了美國參議員伯尼·馬裡諾。參議員馬裡諾與我聯繫，希望與 MPT 合作為那裡的兩個設施制定解決方案。與馬裡諾參議員共事非常愉快，他為我們帶來了新鮮空氣，我們都在努力讓俄亥俄州的這兩家醫院保持開放。

In Florida, Texas, Arizona and Arkansas while I don't know the names, but without exception, the attorney general offices, the Departments of Health and others have truly been can-do people. People who jumped through hoops to work with us and Judge Isgur to ensure their community hospitals stayed open. They offered help at every turn, not roadblocks. And I'm truly sorry I don't know their names to give them the credit here.

在佛羅裡達州、德州、亞利桑那州和阿肯色州，雖然我不知道這些地方的名字，但沒有例外，總檢察長辦公室、衛生部和其他部門都是真正能幹的人。人們不遺餘力地與我們和伊斯格爾法官合作，以確保他們的社區醫院能夠繼續開放。他們處處提供幫助，而不是設置障礙。我真的很抱歉，我不知道他們的名字，因此無法在此給予他們榮譽。

While there have been people with personal agendas in other states, people who haven't wanted to let a crisis pass without using it for their benefit truly the vast majority of the people that I came in contact with during this whole process. But the true unsung heroes, and it's been my honor to work with each and every one of them. We look forward to moving forward from this point.

雖然其他州也有一些懷有個人目的的人，但那些不想讓危機過去而不利用危機為自己謀利的人，實際上是我在整個過程中接觸到的絕大多數人。但他們是真正的無名英雄，我很榮幸能與他們每一位共事。我們期待從這一點開始繼續前進。

And again, we thank you all for being with us today. And if you have any additional questions, please don't hesitate to reach out to Tim and Drew. Thank you.

再次感謝大家今天的到來。如果您還有其他問題，請隨時聯絡 Tim 和 Drew。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。