Medical Properties Trust Inc (MPW) 2025 Q2 法說會逐字稿

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

感謝您的支持。我叫約翰，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 年第二季財報電話會議。（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。

Thank you, and good morning. Welcome to the Medical Properties Trust conference call to discuss our second-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.

謝謝，早安。歡迎參加醫療地產信託電話會議，討論我們 2025 年第二季的財務表現。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. Aldag, Jr.；執行副總裁兼首席財務官 Steven 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 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. 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.

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未來事件有重大差異。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。

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 second-quarter 2025 earnings call. Before you hear from the rest of the team, I'll spend a few minutes discussing the state of the health care market and a few recent strategic updates. In early July, the US Congress passed the One Big Beautiful Bill Act, introducing Medicaid funding changes and work requirements for the Affordable Care Act.

謝謝你，查爾斯，也謝謝大家今天上午參加我們的 2025 年第二季財報電話會議。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醫療保健市場的狀況和一些最近的策略更新。7月初，美國國會通過了《一項偉大的美麗法案》，引入了醫療補助資金改革和平價醫療法案的工作要求。

These changes are expected to be phased in over the next decade to allow ample time for hospital operators to adjust their businesses as necessary. And as providers digest this impact, we expect they will increasingly explore innovative capital solutions, creating greater need for MPT's business model to enhance financial flexibility and operational agility. MPT's objective has always been to offer hospitals permanent capital solutions that facilitate greater focus on patient care. And we are committed to today as ever to doing our part to ensure hospitals can continue serving the communities that they rely on.

預計這些變化將在未來十年內分階段實施，以便醫院營運商有充足的時間根據需要調整業務。隨著供應商消化這種影響，我們預計他們將越來越多地探索創新的資本解決方案，從而對 MPT 的業務模式產生更大的需求，以增強財務靈活性和營運敏捷性。MPT 的目標一直是為醫院提供永久的資本解決方案，以使其更加重視病患照護。今天，我們將一如既往地盡自己的一份力量，確保醫院能夠繼續為其所依賴的社區提供服務。

Shifting to a few important updates from the quarter. As Roger will discuss in detail shortly, our portfolio of new tenants continues to report encouraging performance trends and rental income associated with these facilities is increasing rapidly as planned, whereas in the first quarter of this year, we reported approximately $3.4 million in cash revenue from these properties. That has increased to $11 million this quarter. We expect it to reach approximately $17 million by the third quarter.

轉向本季的一些重要更新。正如羅傑稍後將詳細討論的那樣，我們的新租戶組合繼續報告令人鼓舞的業績趨勢，並且與這些設施相關的租金收入正在按計劃快速增長，而今年第一季度，我們報告了來自這些物業的約 340 萬美元的現金收入。本季這一數字已增至 1,100 萬美元。我們預計到第三季它將達到約 1700 萬美元。

In fact, three of these new operators have already ramped up to fully old monthly contractual amounts. The new operators have done an impressive job to enhance operations, upgrade facilities, and attract top doctors and patients, and we look forward to continuing to partner with them moving forward.

事實上，其中三家新業者的月度合約金額已經全部達到舊水準。新的營運商在加強營運、升級設施以及吸引頂級醫生和患者方面做得非常出色，我們期待繼續與他們合作。

Turning to our European portfolio. In June, our joint venture in Germany announced a successful EUR702 million refinancing transaction at a 5.1% fixed rate. Steve will discuss this transaction in more detail as is an important demonstration of investor appetite for high-quality healthcare infrastructure in Europe and further validation of our ability to access low-cost capital. With steady contributions from our stabilized portfolio and a rapidly ramping portfolio of new operators, we remain confident in our ability to reach total annualized cash rent of more than $1 billion by year-end 2026.

轉向我們的歐洲投資組合。6月份，我們在德國的合資企業宣布成功完成7.02億歐元的再融資交易，固定利率為5.1%。史蒂夫將更詳細地討論這項交易，因為這是投資者對歐洲高品質醫療保健基礎設施的興趣的重要證明，也是我們獲取低成本資本能力的進一步驗證。憑藉我們穩定的投資組合和快速成長的新營運商組合的穩定貢獻，我們仍然有信心在 2026 年底實現超過 10 億美元的年度現金租金總額。

Rosa?

羅莎？

Thank you, Ed. Turning now to some highlights from across our diverse portfolio of operators around the world. Overall, our tenants continue to report growing admissions and surgical volumes translating to increasing EBITDARM coverage ratios across asset types year over year. I will begin with our international portfolio.

謝謝埃德。現在讓我們來談談我們遍布全球的多元化營運商組合的一些亮點。總體而言，我們的租戶繼續報告入院人數和手術量不斷增長，這意味著各類資產的 EBITDARM 覆蓋率逐年提高。我將從我們的國際投資組合開始。

Circle remains focused on being the UK's most innovative and technologically advanced hospital provider with significant investments in robotics and AI. Circle's trailing 12-month EBITDARM coverage continued to increase in the second quarter year over year.

Circle 將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，並在機器人和人工智慧領域投入大量資金。Circle 過去 12 個月的 EBITDARM 覆蓋率在第二季度同比持續增加。

Priory, the largest independent mental healthcare provider in the UK has maintained steady performance with top line growth, driven primarily by increased patient acuity and EBITDARM coverage of around 2.3 times. Priory expects that NHS England's recently announced 10-year health plan, which includes commitments for mental health services, will result in a more integrated, inclusive, and resilient health system that they are uniquely positioned to support.

Priory 是英國最大的獨立精神保健服務供應商，其業績保持穩定，收入成長，主要得益於患者敏銳度的提高和 EBITDARM 覆蓋率提高約 2.3 倍。Priory 預計，英國國民醫療服務體系 (NHS England) 最近宣布的 10 年健康計劃（其中包括對精神健康服務的承諾）將帶來一個更加全面、包容和有彈性的健康體系，而 NHS 在這方面擁有獨特的優勢。

Shifting to Continental Europe. In Germany, Median has delivered excellent year-over-year improvements in revenue and earnings, driven by strong occupancy trends and increasing reimbursement rates. This performance drove a competitive and successful refinancing that Steve will review in more detail shortly.

轉向歐洲大陸。在德國，受強勁的入住率趨勢和不斷提高的報銷率的推動，Median 的收入和收益同比增長顯著。這一業績推動了具有競爭力且成功的再融資，史蒂夫很快將對此進行更詳細的回顧。

During the quarter, MPT increased its equity investment in the Infracore joint venture by approximately CHF50 million, inclusive of a CHF25 million short-term loan to facilitate the acquisition of a general acute facility in Switzerland and to pay down debt.

本季度，MPT 對 Infracore 合資企業的股權投資增加了約 5,000 萬瑞士法郎，其中包括一筆 2,500 萬瑞士法郎的短期貸款，用於收購瑞士的一家綜合急性病設施並償還債務。

In June 2025, Aevis, the parent company of Swiss Medical Network held its first Capital Markets Day in the newly opened Genolier Innovation Hub event space. This event highlighted Swiss Medical's stellar performance with 21% year-over-year revenue growth in the first quarter of 2025, driven by significant expansion of its outpatient network and integration of new sites.

2025 年 6 月，瑞士醫療網絡的母公司 Aevis 在新開幕的 Genolier 創新中心活動空間舉辦了第一屆資本市場日。這項活動凸顯了 Swiss Medical 的出色表現，2025 年第一季營收年增 21%，這得益於其門診網絡的大幅擴張和新站點的整合。

Turning to the US. Earnest Health's EBITDARM coverage increased to 2.3 times, sustaining a trend of sequential quarterly increases over the past year as new developments ramp. Legacy IRFs are delivering impressive results with May 2025 trailing 12-month coverage exceeding 2.8 times. As discussed in previous quarters, Earnest continues to execute an action plan geared towards becoming more rehab-focused by establishing inpatient rehab units within its LTAC following the success of its first inpatient rehab unit at the Provo LTAC.

轉向美國。Earnest Health 的 EBITDARM 覆蓋率增加至 2.3 倍，隨著新開發案的湧現，維持了過去一年來逐季成長的趨勢。傳統的 IRF 取得了令人印象深刻的成果，2025 年 5 月的過去 12 個月覆蓋率超過 2.8 倍。正如前幾季所討論的那樣，Earnest 繼續執行一項行動計劃，旨在透過在其 Provo LTAC 內建立住院康復單元，從而更加註重康復，繼而實現其在 Provo LTAC 的第一個住院康復單元的成功。

LifePoint Health again reports strong topline revenue growth driven by increased admissions, particularly at Conemaugh Memorial, where trailing 12-month admissions increased 18% year over year. As a result, LifePoint's EBITDARM coverage increased significantly year over year. LifePoint Behavioral reported higher admissions growth year over year.

LifePoint Health 再次報告強勁的營收成長，這得益於入院人數的增加，尤其是康內莫紀念醫院，該醫院過去 12 個月的入院人數同比增長了 18%。因此，LifePoint 的 EBITDARM 覆蓋率逐年大幅增加。LifePoint Behavioral 報告稱，入院人數較去年同期成長率較高。

Surgery Partners delivered another quarter of excellent performance with EBITDARM coverage of approximately 7 times. In the South Florida market, HSA reports volume improvement, coupled with successful implementation of several cost-saving initiatives. Discharges for the first six months of 2025 are almost 7% higher than the same period in 2024. And successful physician recruitment efforts have led to recoupment of lost surgical volumes, which are outpacing 2024 volumes.

Surgery Partners 又一個季度表現出色，EBITDARM 覆蓋率約為 7 倍。在南佛羅裡達市場，HSA 報告銷售量有所改善，同時成功實施了幾項節約成本的措施。2025 年前六個月的排放量比 2024 年同期高出近 7%。成功的醫生招募工作已經彌補了損失的手術量，目前手術量已超過 2024 年。

In Louisiana, Glenwood's discharges in the first half of 2025 are almost 11% higher than the same period in 2024, and the local team is focused on opening additional beds as the volume demands. And at St. Joseph Hospital in Texas, HSA's effective physician recruitment efforts have resulted in discharges that are back in line with 2024, while surgical volumes are 3% ahead of 2024.

在路易斯安那州，格倫伍德 2025 年上半年的出院人數比 2024 年同期高出近 11%，當地團隊正致力於根據出院人數需求開設更多床位。在德州的聖約瑟夫醫院，HSA 有效的醫生招募工作已使出院人數與 2024 年持平，而手術量比 2024 年增加 3%。

HonorHealth in the Phoenix Metro area has been focused on executing its self-funded CapEx strategy and upgrading facilities ahead of anticipated volume recovery. Encouragingly, requests for applications to join the medical staff have been up approximately 20% since HonorHealth took over operations.

鳳凰城大都會地區的 HonorHealth 一直致力於執行其自籌資金的資本支出策略，並在預期的業務量恢復之前升級設施。令人鼓舞的是，自 HonorHealth 接管營運以來，加入醫務人員隊伍的申請數量增加了約 20%。

Quorum Health is now paying 100% of its monthly rent on which they are fully current. In Odessa, admissions and surgical volumes have been stronger than expected. Importantly, the Quorum team is focused on ramping up OB services, including the neonatal intensive care unit, which is a vital service line in the Odessa community.

Quorum Health 目前已全額支付其每月租金。在敖德薩，入院人數和手術量都超出了預期。重要的是，Quorum 團隊致力於加強 OB 服務，包括新生兒加護病房，這是敖德薩社區的重要服務線。

In summary, our transitional portfolio is quickly ramping performance and rent payments as expected, and our other tenants from around the world are delivering consistent performance, driven by healthy volume and cost trends. Put simply, MPT's portfolio is well positioned to continue to generate significant cash flow and create value for shareholders moving forward.

總而言之，我們的過渡投資組合正在按預期迅速提高業績和租金支付，並且在健康的數量和成本趨勢的推動下，來自世界各地的其他租戶也在提供穩定的業績。簡而言之，MPT 的投資組合已做好準備，繼續產生大量現金流並為股東創造價值。

Kevin?

凱文？

Thank you, Rosa. This morning, we reported normalized FFO of $0.14 per share for the second quarter of 2025. The normalized FFO result is notable because the quarter was fully loaded with the incremental quarterly interest related to the $2.5 billion in refinanced debt we completed earlier this year, the cost of which was substantially offset by the substantial increase as scheduled in cash rents from tenants that last year replaced Steward. Similarly, additional unconsolidated interest expense related to our German JV refinancing will fully impact Q3 results.

謝謝你，羅莎。今天上午，我們報告了 2025 年第二季的正常化 FFO 為每股 0.14 美元。正常化的 FFO 結果值得注意，因為本季充滿了與我們今年稍早完成的 25 億美元再融資債務相關的增量季度利息，其成本基本上被去年取代 Steward 的租戶按計劃大幅增加的現金租金所抵消。同樣，與我們的德國合資企業再融資相關的額外非合併利息支出將全面影響第三季的業績。

Lower G&A expense also impacted GAAP results, primarily driven by reduced stock compensation expense. This decreased stock compensation expense results from a change in the fair value -- fair market value of 2024 performance-based equity compensation, of which no shares have vested. And to remind you, no shares are even eligible for vesting unless the share value equals at least $7 by December 31, 2027. As is our historical practice, we reversed the impact of this favorable adjustment in our normalized results.

較低的 G&A 費用也影響了 GAAP 結果，主要原因是股票薪酬費用減少。股票薪酬費用的減少是由於公允價值的變化－2024 年基於績效的股權薪酬的公允市場價值，其中沒有股份已歸屬。需要提醒您的是，除非到 2027 年 12 月 31 日股票價值至少達到 7 美元，否則任何股票都沒有資格歸屬。按照我們的歷史慣例，我們在標準化結果中扭轉了這項有利調整的影響。

We recorded approximately $111 million in net impairments and fair market value adjustments primarily related to our investment in PHP based on the closed sale to Astrana that was previously reported. There were other immaterial adjustments to carrying values, including routine adjustments to marketable securities, that also included in the aggregate of net impairments and fair market value adjustments. The carrying values of certain assets related to Prospect are subject to resolution of matters pending in the Prospect bankruptcy, including whether the court will approve certain changes to the debtor and possession arrangements. To the extent these matters are resolved prior to the company's filing of its 10-Q, the impact of such resolutions may need to be reflected in the 10-Q and may vary possibly materially from the results we present today.

根據先前報告的對阿斯特拉納 (Astrana) 的封閉式出售，我們記錄了約 1.11 億美元的淨減值和公平市場價值調整，這主要與我們在 PHP 上的投資有關。還有其他對帳面價值的非重大調整，包括有價證券的常規調整，這些調整也包括在淨減損和公平市場價值調整的總和中。與 Prospect 相關的某些資產的帳面價值取決於 Prospect 破產案中未決事項的解決，包括法院是否會批准對債務人和占有安排的某些變更。如果這些問題在公司提交 10-Q 報表之前得到解決，則此類決議的影響可能需要反映在 10-Q 報表中，並且可能與我們今天呈現的結果有重大差異。

I will now hand the call over to Steve to discuss our liquidity and capital strategy moving forward. Steve?

現在我將把電話交給史蒂夫，討論我們未來的流動性和資本策略。史蒂夫？

Thank you, Kevin. I just have a couple of points to highlight about our earnings report. First, the hospital real estate, we re-tenanted late last year continues to generate the cash rents as expected. There was virtually no cash rent from those operators in last year's fourth quarter, a little less than $4 million in the first quarter, $11 million during the second quarter, and that is scheduled to continue to increase to $17 million next quarter.

謝謝你，凱文。關於我們的收益報告，我只想強調幾點。首先，我們在去年年底重新出租的醫院房地產繼續產生預期的現金租金。去年第四季度這些營運商的現金租金幾乎沒有，第一季略低於 400 萬美元，第二季為 1,100 萬美元，預計下個季度將繼續增加到 1,700 萬美元。

Rosa already spoke about the strong operations reported by these tenants, all of which validates the hospital real estate business model in general and our historical underwriting of these facilities in particular. To remind you, beginning in October 2026, we expect to be collecting 100% of fully ramped rent totaling about $160 million on an annualized basis. In fact, as of the start of 2025's third quarter, contracted annualized cash rent represents more than $60 million or almost 40% of the fully ramped up rent, and we have collected all but 3% of July rent as of today. Second, and as Kevin just pointed out, second quarter interest expense is fully loaded for the incremental cost of the $2.5 billion in new secured notes we issued mid-first quarter.

羅莎已經談到了這些租戶報告的強勁營運情況，所有這些都驗證了醫院房地產業務模式以及我們對這些設施的歷史承保。提醒您，從 2026 年 10 月開始，我們預計將收取 100% 的全額租金，按年計算總額約為 1.6 億美元。事實上，截至 2025 年第三季初，合約年度化現金租金已超過 6,000 萬美元，幾乎佔全部上漲租金的 40%，截至今天，我們已經收取了除 3% 之外的所有 7 月份租金。其次，正如凱文剛才指出的那樣，第二季的利息支出完全涵蓋了我們在第一季中期發行的 25 億美元新擔保票據的增量成本。

But on a quarter-to-quarter basis, the growing rental income substantially offset that incremental interest expense. All else equal, and there is no assurance that all else will remain equal. As we go into the third quarter, the expected further increases in cash rents should more directly drop to the bottom line. Now just a few observations about the balance sheet, all of which are consistent repeats from previous quarters.

但按季度來看，不斷增長的租金收入大大抵消了增加的利息支出。在其他所有條件都相同的情況下，並不能保證其他所有條件都會保持不變。隨著我們進入第三季度，預計現金租金將進一步上漲，這將更直接地影響利潤。現在只需對資產負債表進行一些觀察，所有這些都與前幾季的情況一致。

For the second consecutive quarter, we completed a substantial refinancing transaction, most recently, with the previously announced secured refi of our German joint venture. Two inarguable conclusions are evident. Our assets have not only retained but increased their values. Multiple sophisticated global institutional investors and lenders completed detailed physical and financial diligence, including independent appraisals that resulted in strong value growth in these JV assets.

連續第二個季度，我們完成了一項大額再融資交易，最近一次是先前宣布的德國合資企業的擔保再融資。顯而易見，有兩個無可爭辯的結論。我們的資產不僅保值，而且增值。多家經驗豐富的全球機構投資者和貸款機構完成了詳細的實物和財務調查，包括獨立評估，導致這些合資資產的價值強勁增長。

That's consistent with the strong valuations that attracted 7 times oversubscription of the $2.5 billion in secured notes in February. Following that February issuance, that had a blended rate of slightly less than 8% and an underwritten to -- very attractive underwritten 65% LTV. This most recent JV refi was executed at a low fixed rate of only 5.1%, a surprise to many analysts, especially in light of the 10-year term. This was a competitive process with an outcome that continues to demonstrate the depth of the global market for well underwritten hospital real estate, proving that MPT has multiple avenues for access to affordable capital.

這與 2 月 25 億美元擔保票據吸引 7 倍超額認購的強勁估值一致。在二月發行之後，其混合利率略低於 8%，承保 LTV 達到非常有吸引力的 65%。此次合資再融資的固定利率僅為 5.1%，令許多分析師感到意外，尤其是考慮到 10 年期限。這是一個競爭性的過程，其結果繼續證明了全球市場對承保良好的醫院房地產的深度，證明了 MPT 擁有多種途徑獲得可負擔的資本。

The $30 million sale in the second quarter of a stand-alone LTAC at an amount close to our original investment, along with a handful of additional transactions we expect in the near future, aggregating more than $100 million are priced at amounts near or in excess of our basis, continuing to demonstrate the resilience of our underwriting and maintaining the values of hospital real estate. These pending sales are all subject to binding contracts, one which we expect will benefit our prospect recovery waterfall. Finally, virtually every major decision we have made over the last year has been based on increasing our financial flexibility as we consider further balance sheet options. These are decisions to sell assets, retenant valuable hospital real estate with carefully attenuated cash rental schedules that are performing and paying as expected, refinancing debt, taking the dilution associated with early redemption of lower rate debt as we satisfy all near-term maturities and extending our maturity horizon to give us a long runway for execution of operational strategies that will build equity value.

我們在第二季度以 3000 萬美元的價格出售了一家獨立的 LTAC，金額接近我們的原始投資，加上我們預計在不久的將來進行的少量額外交易，總額超過 1 億美元，其定價接近或超過了我們的基準，繼續證明了我們承保的彈性並維持了醫院房地產的價值。這些待售商品均需遵守具有約束力的合同，我們預計這將有利於我們的潛在恢復。最後，我們在過去一年中做出的幾乎每一個重大決定都是基於提高我們的財務靈活性，因為我們正在考慮進一步的資產負債表選擇。這些決定包括出售資產、重新租賃有價值的醫院房地產，並精心調整現金租賃計劃，使其表現和支付符合預期、再融資債務、在滿足所有短期到期債務時承擔與提前贖回低利率債務相關的稀釋，並延長我們的到期期限，從而為執行能夠創造股權價值的運營戰略提供長期的跑道。

So today, we retain the optionality that execution of these strategies has provided us. We are not pressed for time as we continue to execute, and this quarter's growth in contractual cash rents is demonstrative of that execution. We retain all the options that we have described in earlier quarters. We have valuable hospital real estate that is available for monetization.

因此今天，我們保留了執行這些策略為我們提供的可選性。我們並不感到時間緊迫，因為我們會繼續執行，本季合約現金租金的成長證明了我們的執行力。我們保留了前幾個季度描述的所有選項。我們擁有可供貨幣化的寶貴醫院房地產。

This may include joint venture capital. We have clearly demonstrated the opportunities for further debt refinancing. And as we continue to execute and grow earnings, we look forward to further reduction in our cost of capital, leading to increases in our equity valuations. We will continue to evaluate the best approach and use of these options at the appropriate time.

這可能包括合資資本。我們已經清楚地展示了進一步債務再融資的機會。隨著我們繼續執行並增加收益，我們期待進一步降低資本成本，從而提高股權估值。我們將繼續評估最佳方法並在適當的時候使用這些選項。

And with that, I'll turn the call back to the operator to queue any questions. John?

說完這些，我會將電話轉回給接線生，以解答任何問題。約翰？

(Operator Instructions) Michael Carroll, RBC Capital Markets.

（操作員指示）邁克爾卡羅爾 (Michael Carroll)，RBC 資本市場。

Can you guys provide some color on HSA's performance? And how confident are you that rent ramp will occur as expected? I guess, when -- or have they already started paying cash rents? I guess, when does that specifically commence in your lease agreement with them?

你們能提供一些有關 HSA 表現的詳細資訊嗎？您對租金上漲會如預期般發生有多大信心？我猜，什麼時候——或者他們已經開始支付現金租金了？我想，您與他們簽訂的租賃協議具體從什麼時候開始呢？

So Mike, you must have missed the early part of the call. Rosa went over in great detail, the improvements that they've made in all of the hospitals that they've taken over, and they have been paying rent and they're current on their rent now.

那麼麥克，你一定錯過了通話的早期部分。羅莎詳細介紹了他們在所有接管的醫院中所做的改進，並且他們一直在支付租金，目前租金已按時支付。

And are you still confident that they can -- that can ramp up as written in lease?

您是否仍然相信他們可以按照租約中寫的那樣增加產量？

Yes. We are very impressed with what they've done with the hospitals, the way they brought doctors that were previously operating at Steward that left during the bankruptcy have come back, and we believe they're doing a good job.

是的。他們為醫院所做的​​工作給我們留下了深刻的印象，他們把之前在 Steward 醫院工作並在破產期間離開的醫生帶了回來，我們相信他們做得很好。

Okay. And then, Ed, I guess, in the bankruptcy filings with Steward, there was a claim from a lender that HSA was in default on a loan I mean it sounds like that issue was resolved. I mean are they still in default on that loan? Or can you kind of describe HSA's credit and if they're on default on any other issues outside of MPW?

好的。然後，艾德，我想，在向 Steward 提交的破產申請中，有貸方聲稱 HSA 拖欠了一筆貸款，我的意思是聽起來這個問題已經解決了。我的意思是他們還拖欠貸款嗎？或者您能否描述一下 HSA 的信用以及他們是否在 MPW 之外的任何其他問題上違約？

So Mike, that was well described in the various court filings. Just to remind you, when they took over from Steward September 11, Steward had not paid into the supplemental payment for Florida. There was approximately $28-some-odd million that was due and a $55 million payment that would then come from the state of Florida. HSA chose to borrow that money from a lender and pay that money into the state of Florida.

麥克，這在各種法庭文件中都有很好的描述。只是提醒你，當他們在 9 月 11 日接替 Steward 時，Steward 還沒有支付佛羅裡達州的補充款項。其中約有 2,800 萬美元到期，還有 5,500 萬美元將由佛羅裡達州支付。HSA 選擇從貸方借入這筆錢，然後將這筆錢存入佛羅裡達州。

And it took the state of Florida longer to repay that because the Steward -- the people that were running Steward, post the bankruptcy or post filing bankruptcy decided to file a claim on that money even though they hadn't paid any of the supplemental payment taxes for that. And you're right that, has been resolved and that lender has been mostly paid back. I believe there's a small amount of money still outstanding from both the state and then from HSA to that lender. And nothing to do with operations.

佛羅裡達州花了更長的時間來償還這筆錢，因為 Steward 公司——在 Steward 公司破產後或申請破產後經營 Steward 公司的人決定對這筆錢提出索賠，儘管他們沒有支付任何補充稅。您說得對，這個問題已經解決，貸款人的大部分債務也已償還。我相信州政府和 HSA 仍未向該貸方償還少量款項。和操作無關。

Okay. Great. No, I appreciate that. And then just lastly for me, and I know that you guys discussed this a little bit on the prepared remarks, but can you talk a little bit about the Prospect recovery process? I know the PHP proceeds were lower than expected.

好的。偉大的。不，我很感激。最後，我知道你們在準備好的發言中已經討論過這個問題，但是你們能否談談 Prospect 的恢復過程？我知道 PHP 的收益低於預期。

Is that -- was that impaired in your financial statements in the other bucket? And I guess, can you talk about like how -- what's the time line of the expectations of if MPW could collect anything in addition to, I guess, those PHP loans kind of in the Prospect bankruptcy case?

那是不是——您的財務報表中其他部分的金額被減值了？我想，您能否談談——如果 MPW 除了在 Prospect 破產案中收到 PHP 貸款之外還能收回任何款項，那麼預期的時間線是怎樣的？

So Mike, again, if you follow through the bankruptcy of this particular entity, we reached a global settlement with them, I believe it was January of this year, January, February, something along those lines that has a waterfall. So everything goes into a bucket and then flows out. The PHP process, I think Astrana paid something in the neighborhood of $700 million-plus. Vast majority of that ended up going to repay debt and legal fees and consulting fees.

所以麥克，再說一次，如果你跟進這個特定實體的破產，我們就會與他們達成全球和解，我相信是在今年一月、一月、二月之類的時候。所以所有東西都會進入桶子裡然後流出。對於 PHP 流程，我認為阿斯特拉納支付了大約 7 億多美元。其中絕大部分最終都用於償還債務、法律費用和諮詢費用。

And so that's why the small amount flowed through to MPT. We believe that the stalking horses for both Connecticut and California will be announced fairly soon. And then we believe that shortly thereafter, the auction will take place, and we will move forward with closing on these properties. Still a lot of interest, particularly in the California properties.

這就是少量資金流入 MPT 的原因。我們相信，康乃狄克州和加州的候選名單將很快公佈。我們相信，此後不久，拍賣就會舉行，我們將繼續完成這些房產的交易。人們仍然很感興趣，尤其是對加州的房產。

Michael Mueller, JPMorgan.

摩根大通的邁克爾·穆勒。

I jumped on late, too. So I have a feeling a lot of what I was going to ask has already been covered. But just in terms of the asset sales that you mentioned, I think you mentioned about $100 million. Is that still expected to close this year? Can you talk a little bit about the, I guess, the product type and geographies? And then as a follow-up on the -- I guess, the Swiss investment.

我也來晚了。所以我感覺我想問的很多問題已經被涵蓋了。但就您提到的資產出售而言，我認為您提到的金額約為 1 億美元。預計今年還會完成嗎？能否稍微談談產品類型和地理位置？然後作為後續行動——我想，是瑞士的投資。

I guess, what's the thought process there in terms of deciding to allocate new capital for investment as opposed to sitting on the sidelines?

我想，在決定分配新資本進行投資而不是袖手旁觀方面，他們的思考過程是怎麼樣的呢？

So Mike, on the properties that we expect to close on the sale, they do expect to close before year-end. And they are essentially either leftover Steward properties or other orphan type properties. On the Swiss Medical, as we have stated previously, one of the avenues that we've been trying to explore a long time with Swiss Medical and Infracore is to get inroads into the public hospitals. This was an opportunity, we believe, for Infracore to make a strong inroad into that market to allow them other avenues for buying properties outside of the private sector and into that public sector.

麥克，對於我們預計完成銷售的房產，他們確實預計在年底前完成交易。它們本質上要么是剩餘的 Steward 屬性，要么是其他孤立類型的屬性。關於瑞士醫療，正如我們之前所說，我們長期以來與瑞士醫療和 Infracore 合作探索的途徑之一就是進軍公立醫院。我們相信，這對 Infracore 來說是一個強勢進入該市場的機會，為他們提供在私營部門以外購買房產以及進入公共部門的其他途徑。

It's a relatively small investment, and we think strategically, it was the right thing to do.

這是一項相對較小的投資，但我們認為從策略上來說，這是正確的做法。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

A question for me on just the legacy Steward asset ramp-up here. Just based on the update that you've given us and the expected $17 million in 3Q, are you still on pace to hit that $160 million annualized run rate by October '26? Or do you think you're running ahead at this point?

我有一個問題，是關於遺留 Steward 資產增加的。僅根據您向我們提供的最新消息以及第三季度預計的 1700 萬美元，您是否仍有望在 2026 年 10 月之前達到 1.6 億美元的年化運行率？或者您認為您現在領先了嗎？

Well, I think the operators are running ahead, whether any of them will agree to ramp up their rent from their required portion, I kind of doubt it. But clearly, the operations is ahead where we thought it would be.

嗯，我認為運營商正在領先，他們中是否有人會同意提高他們所需部分的租金，我對此有點懷疑。但顯然，行動已經超越了我們的預期。

Got it. And then you increased your equity investment in Infracore in the quarter. Could you elaborate on the strategic rationale and the expected return profile?

知道了。然後您在本季增加了對 Infracore 的股權投資。您能詳細說明一下策略原理和預期回報狀況嗎？

Yeah. That was primarily done to pay off debt in Infracore. It had debt that was coming due, and we thought it was a good return on our investment for Infracore.

是的。這樣做主要是為了償還 Infracore 的債務。該公司有即將到期的債務，我們認為這對 Infracore 的投資來說是一個很好的回報。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Steve, I just wanted to confirm, I think, a point you made earlier on with Prospect. The California asset, you talked about a stalking horse on that. Is that going to be sold? I thought there was an opportunity to possibly retenant it instead.

史蒂夫，我想，我只是想確認一下你之前在 Prospect 上提出的觀點。您談到了加州資產，這是一個幌子。這個要賣掉嗎？我認為還有機會重新租賃它。

Tayo, you broke up there at the end, but I think you're asking about the potential stalking horse on the California properties. There are people that are -- they are looking -- there are people that are looking to lease the facilities and entities that are looking to purchase the facilities. And I think within the next couple of weeks or so, the stalking horse will be made public and then we'll go to an auction.

Tayo，你們最後分手了，但我認為你問的是加州房產的潛在掩護。有些人正在尋找——有些人正在尋找租賃設施，而有些實體正在尋找購買設施。我認為在接下來的幾週左右的時間裡，這個幌子就會被公開，然後我們會進行拍賣。

Okay. That's helpful. And then, Ed, I appreciate the comments you made earlier on about the changes to ACA and Medicaid expansion and kind of what you thought some of your operators would have to do -- operators in general would have to do in anticipation of that. Can you just talk to me a little bit about, again, when you talk to your operators, kind of how they are gearing up for that to ultimately happen once some of those changes start to happen in 2028? Like what are the key things that really have to get right over the next two to three years?

好的。這很有幫助。然後，艾德，我很感謝您之前對 ACA 和醫療補助擴展的變化所發表的評論，以及您認為您的一些運營商必須做的事情——一般運營商必須為此做好準備。您能否再次跟我談談，當您與您的運營商交談時，他們如何為 2028 年某些變化開始發生時最終實現這一目標做好準備？例如，未來兩到三年真正需要做好的關鍵事情是什麼？

Tayo, if you look at the bill and all the things that are in it, we -- none of us will know what exactly comes from it until we've had a few years to see what comes from it. And what I mean by that is the intent for the bill is to get people off of Medicaid and back into the workforce -- sorry, guys, somebody hit the mute button. One of the things that we won't know is how many of those people that get back into the workforce that are getting off Medicaid, go into an entity that allows them commercial insurance. If that's the case, then our operators would actually see an increase in their revenue.

Tayo，如果你看一下這張帳單和裡面的所有內容，我們——沒有人會知道它到底是什麼，直到我們有幾年的時間才能看到它到底是什麼。我的意思是，該法案的目的是讓人們擺脫醫療補助並重返工作崗位——抱歉，夥計們，有人按了靜音按鈕。我們不知道的一件事是，在那些退出醫療補助並重返工作崗位的人中，有多少人會進入允許他們享受商業保險的機構。如果是這樣，那麼我們的營運商的收入實際上就會增加。

If you ask our operators, most of them are not -- no one having a heart attack about it. Most of them believe that there will be some places that there are improvements to their revenue because of those changes. But the bottom line is that nobody will know for sure for a number of years to come.

如果你問我們的接線員，他們中的大多數人不會——沒有人會因此心臟病發作。他們中的大多數人相信，由於這些變化，一些地方的收入將會提高。但底線是，未來幾年內沒有人能夠確切知道答案。

Got you. That's helpful. And then last one for Steve. The balance on the line of credit and also the cash balance kind of remains elevated.

明白了。這很有幫助。最後一個是史蒂夫。信用額度餘額和現金餘額仍然較高。

I know in 1Q you were kind of trying to manage around some uncertainty around write-offs and things like that associated with Prospect. Just kind of curious with that kind of behind you now that you've kind of taken this additional write-offs of $113 million or $130 million or so this quarter, why you still kind of -- why that's still elevated and if we can expect some payoff of the line with the large cash balance going forward?

我知道在第一季度，您試圖解決與註銷以及與 Prospect 相關的類似事情的一些不確定性。我只是有點好奇，既然您在本季度已經額外註銷了 1.13 億美元或 1.3 億美元左右，為什麼這個數字仍然很高，我們是否可以預期未來大額現金餘額會帶來一些回報？

Yes, you're right, Tayo. It's the same explanation as in the first quarter, albeit significantly lower. Going into the end of the quarter, which is obviously the key date here in an abundance of caution, we simply build up the cash balance. That was repaid less than 24 hours later.

是的，你說得對，Tayo。這與第一季的解釋相同，儘管幅度明顯較小。進入季度末，這顯然是關鍵日期，出於謹慎考慮，我們只需增加現金餘額。不到 24 小時後就還清了款項。

Whether that will be the case at the end of the next quarter, I don't know, we'll continue to evaluate and make sure that there's no foot fault on our covenants.

我不知道下個季度末是否會出現這種情況，我們將繼續評估並確保我們的契約沒有任何錯誤。

Got it. So July, you already paid it down already in July.

知道了。所以七月，你在七月就已經還清了。

That's right.

這是正確的。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

I was hoping that you could add a little bit more color on the CMS proposed elimination of the inpatient-only list. I know you just made some comments about the Big Beautiful Bill, but I was curious if there's been any conversations on that, how that would impact the operations on your tenant level?

我希望您能對 CMS 提出的取消僅限住院病人名單的建議做出更詳細的說明。我知道您剛剛對《大美麗法案》發表了一些評論，但我很好奇是否有人就此進行過討論，這將如何影響您租戶層面的營運？

So Farrell, your volume was so low. We couldn't hear the first part of your question. We heard the last part. I went back up, can you repeat that, if you don't mind?

那麼法雷爾，你的音量太低了。我們聽不清楚您問題的第一部分。我們聽到了最後一部分。我又上去了，如果你不介意的話，你能再說一次嗎？

Yes. Sorry about that. But I was curious if you could add a little color around the CMS proposed elimination of the inpatient-only list and how that may impact the operations on the tenant level.

是的。很抱歉。但我很好奇，您是否可以對 CMS 提議的取消住院病人名單進行一些說明，以及這將如何影響租戶層面的運作。

Yes. Farrell, I think what you're referring to is that it just goes from an inpatient to an outpatient and none of our operators have expressed any concern over that.

是的。法雷爾，我認為你指的是它只是從住院病人變成了門診病人，我們的操作員都沒有對此表示任何擔憂。

Okay. And also a little bit more color. I know you mentioned there was about 3% of rent not collected. And I think there was also a note of in the press release on the $500,000 in rent related to two facilities.

好的。而且顏色也多了一些。我知道您提到大約 3% 的租金未收取。我認為新聞稿中還提到了與兩處設施相關的 50 萬美元租金。

If you could just give a little bit more color.

如果你能再多加一點顏色就好了。

Sure. It's the facilities in Ohio and the facility in Pennsylvania. I believe everybody is probably familiar with what's going on in Ohio. We had -- we -- the operator there had an issue with Steward and Steward not paying over the amount of revenue that they had generated.

當然。它是位於俄亥俄州的設施和位於賓夕法尼亞州的設施。我相信大家可能都熟悉俄亥俄州發生的事。我們——我們——那裡的運營商與 Steward 存在分歧，Steward 不願支付他們所創造的收入。

That is still an ongoing issue for them. They hope to be operational again by the end of next month. We'll see if it is or not. And then the other one is in Sharon, Pennsylvania, another very small facility.

對他們來說，這仍然是一個持續存在的問題。他們希望下個月底能夠恢復營運。我們將看看是否如此。另一家工廠位於賓州沙倫，規模也非常小。

It actually is operating well under the circumstances. It's just been a slow process for them.

事實上，在這種情況下，它運作良好。對他們來說這只是一個緩慢的過程。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

This is Georgi on for Vikram. And my apologies if I missed that, I just joined a little bit later. But have you provided any additional loans to the HSA? And does the HSA EBITDA cover the cash rent they're paying right now?

這是 Georgi 代替 Vikram 上場。如果我錯過了，我很抱歉，我只是稍後才加入。但是您是否向 HSA 提供了任何額外貸款？HSA EBITDA 是否能涵蓋他們現在支付的現金租金？

The answer is yes and no. We did loan an additional $5 million in May. That was, again, part of the issues that where they were having -- very public issues that they were having with Steward and their TSA agreement. Those have been resolved and they are not covering full cash rent at this point.

答案是肯定的，也是否定的。我們確實在五月額外貸款了 500 萬美元。這又是他們所面臨的問題的一部分——他們與 Steward 以及他們的 TSA 協議之間存在的非常公開的問題。這些問題已經解決，目前他們還沒有支付全額現金租金。

And just one more for me. Just on the one tenant that is below 1 coverage. I think those are the Columbia assets. What's the latest there? Any update on where do you see coverage trending? And are you -- is that like a potential risk you're monitoring?

對我來說，還有一件事。僅針對 1 個覆蓋範圍以下的租戶。我認為這些都是哥倫比亞的資產。那裡有什麼最新消息？您認為報道趨勢有什麼更新嗎？您—這是您正在監控的潛在風險嗎？

So interestingly, those hospitals are performing exceptionally well. They are extremely full. The problem is they aren't being reimbursed from the system down there. It's not just our hospitals, it's countrywide.

有趣的是，這些醫院的表現非常出色。它們非常飽滿。問題是他們沒有從那裡的系統獲得補償。這不只是我們醫院的情況，而是全國的情況。

So hopefully, it will be resolved over the next six months, but the administration, the new election is in May of 2026. And we certainly believe it will be resolved by that point. But it's not an issue of whether or not the facilities are generating the revenue. They just aren't collecting the cash.

所以希望這個問題能在未來六個月內解決，但政府的新選舉將在 2026 年 5 月舉行。我們堅信到那時這個問題一定會得到解決。但問題並不在於這些設施是否能產生收入。他們只是沒有收取現金。

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

現在我將電話轉回 Ed Aldag 作結束語。

John, thank you very much, and thank all of you again. I believe most of you probably know that Tim Berryman retired this past quarter. So this is our first earnings call in a very long time without Tim. We wish him the very, very best.

約翰，非常感謝你，再次感謝你們所有人。我相信大多數人可能都知道蒂姆·貝里曼 (Tim Berryman) 已於上個季度退休。這是我們很長一段時間以來沒有蒂姆參加的第一次財報電話會議。我們衷心祝福他一切順利。

And if you have any questions, please don't hesitate to call Drew.

如果您有任何疑問，請隨時致電 Drew。

Ladies and gentlemen, that concludes today's conference call. We thank you for your participation. You may now disconnect your lines. Have a pleasant day, everyone.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。祝大家有個愉快的一天。