Medical Properties Trust Inc (MPW) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。我叫凱拉，今天我將擔任你們的會議接線生。此時此刻，我謹代表醫療地產信託基金歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給高級副總裁查爾斯·蘭伯特。請繼續。

Good morning. Welcome to the Medical Properties Trust conference call to discuss our third 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 Williams, 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基金的電話會議，我們將在此討論2025年第三季的財務表現。今天與我一同出席的有：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、財務總監兼首席會計官 Kevin Hanna；運營高級副總裁兼秘書 Rosa Williams；以及資產管理和承保董事總經理 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上午分發，並已透過 8-K 表格提交給美國證券交易委員會。如果您沒有收到副本，可以在我們的網站 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，您可以在同一版塊觀看直播。

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，我們將做出一些預測和其他一些陳述，這些陳述可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性陳述受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致我們的財務表現和未來事件與此類前瞻性陳述中表達或隱含的內容有重大差異。

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.

有關可能導致本公司實際業績或未來事件與本次電話會議中所述內容有重大差異的因素的討論，請參閱本公司向美國證券交易委員會提交的報告。今天提供的資訊僅截至今天為止，除非聯邦證券法另有規定。本公司不承擔更新此類資訊的義務。

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.

此外，在電話會議期間，我們將介紹一些非GAAP財務指標，這些指標應作為補充資訊考慮，而不是替代可比較的GAAP財務指標。請注意，在我們的新聞稿中，Medical Properties Trust 已根據 Reg G 的要求，將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了核對。

You can also refer to our website at medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations.

您也可以造訪我們的網站 medicalpropertiestrust.com，查看最直接可比較的財務指標和相關調節表。

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

現在我將把電話交給我們的執行長艾德·阿爾達格。

Thank you, Charles, and thanks to all of you for joining us this morning on our third quarter 2025 earnings call. Before you hear from the rest of the team, I'll spend a few minutes discussing recent strategic updates, including a few notable developments during the quarter in the Prospect bankruptcy process. First, across all asset types, our tenants are delivering exceptional performance.

謝謝查爾斯，也謝謝各位今天上午參加我們2025年第三季財報電話會議。在聽取團隊其他成員的報告之前，我將花幾分鐘時間討論最近的策略更新，包括本季度 Prospect 破產程序中的一些值得注意的進展。首先，在所有資產類型中，我們的租戶都取得了卓越的表現。

General acute care operators reported a more than $200 million increase in EBITDARM year-over-year. with tenants such as LifePoint Health and ScionHealth, delivering double-digit percentage revenue increases during the quarter. Post-acute operators reported a $50 million EBITDARM increase versus the same quarter last year. That includes Earnest Health, up 17%, Vibra up 33% and median up 7%.

綜合性急診護理業者報告稱，其 EBITDARM 年增超過 2 億美元，其中 LifePoint Health 和 ScionHealth 等租戶在本季度實現了兩位數百分比的收入成長。與去年同期相比，復健護理機構的 EBITDARM 增加了 5,000 萬美元。其中包括 Earnest Health（上漲 17%）、Vibra（上漲 33%）和中位數（上漲 7%）。

Finally, in our behavioral health portfolio, EBITDARM increased $10 million year-over-year. Rosa will share more details on this performance trends across our portfolio shortly. In August, NOR Healthcare Systems in California was named the successful bidder for Prospect's 6 California facilities. We promptly agreed to a new lease agreement with NOR, the terms of which are broadly similar to those agreed to with the other operators in our transitional portfolio.

最後，在我們的行為健康投資組合中，EBITDARM 年比成長 1,000 萬美元。羅莎稍後將分享更多關於我們投資組合績效趨勢的細節。8 月，加州的 NOR Healthcare Systems 中標 Prospect 在加州的 6 家醫療機構。我們迅速與 NOR 達成了一項新的租賃協議，其條款與我們過渡組合中的其他業者達成的條款大致相似。

All rent will be deferred for the first six-months, ramping to 50% for an additional six-months and then reaching total stabilized annual rent of $45 million per year thereafter. More recently, we reached a settlement agreement with Yale New Haven and Prospect whereby Prospect will receive $45 million from Yale.

前六個月所有租金將延期支付，接下來的六個月租金將延期支付 50%，之後每年租金總額將穩定在 4,500 萬美元。最近，我們與耶魯紐黑文大學和Prospect公司達成和解協議，根據該協議，Prospect公司將從耶魯大學獲得4,500萬美元。

This payment from Yale will be additive to the ultimate proceeds that prospect receives for these properties. Prospect has already entered into an agreement to sell two of its Connecticut facilities to another operator and is actively engaged in negotiation with buyers around the third hospital. Finally, our portfolio of new tenants continues to ramp monthly rent on schedule.

耶魯大學的這筆款項將計入潛在買家最終從這些房產中獲得的收益中。Prospect 已達成協議，將其在康乃狄克州的兩家工廠出售給另一家營運商，並且正在積極與買家就第三家醫院的出售進行談判。最後，我們的新租戶組合繼續按計劃逐步提高每月租金。

With a few exceptions, there are that are mentioned in our press release. We have collected all rent due from these operators through October, including 100% of rent from HSA. In August, we sold two facilities from this portfolio in Phoenix, Arizona, to a tenant for approximately $50 million pursuant to a purchase option in the lease. We continue to own approximately 15 acres of land in the area.

除少數例外情況外，其餘均已在我們的新聞稿中提及。我們已收取了這些業者截至 10 月的所有應收租金，包括 HSA 支付的 100% 租金。8 月，我們根據租賃合約中的購買選擇權，將位於亞利桑那州鳳凰城的兩處房產以約 5000 萬美元的價格出售給了租戶。我們在該地區仍然擁有大約 15 英畝的土地。

We are increasingly confident in our ability to generate total annualized cash rent of more than $1 billion by year-end 2026. Notably, this $1 billion target does not reflect any rent contributions from any of the California prospect properties. Reflecting this confidence as well as our strong belief that our share price remains significantly undervalued.

我們越來越有信心，到 2026 年底，我們能夠產生超過 10 億美元的年度現金租金總額。值得注意的是，這 10 億美元的目標金額並未計入加州任何潛在物業的租金收入。這反映了我們的信心，以及我們堅信我們的股價仍然被嚴重低估。

Our Board of Directors has authorized a new $150 million share repurchase program that we intend to deploy opportunistically. Furthermore, I want to call your attention to a comprehensive re-affirmation of our business model presentation posted to our website earlier this week. In this presentation, we directly address a range of false narratives that critics have been spreading about our business model.

我們的董事會已批准一項新的 1.5 億美元股票回購計劃，我們將擇機實施該計劃。此外，我想提請您注意，我們本週早些時候在網站上發布了一份關於我們商業模式的全面重申報告。在本次演講中，我們將直接回應批評者散播的關於我們商業模式的各種錯誤說法。

We believe it is important that shareholders, operators, journalists, and lawmakers, all have a complete understanding of the truth around MPT. There remains a dynamic macro policy environment, making the permanent and flexible capital solutions that MPT offers more important now than ever.

我們認為，讓股東、營運商、記者和立法者全面了解MPT的真相非常重要。宏觀政策環境依然動態變化，因此MPT提供的永久性和靈活的資本解決方案比以往任何時候都更重要。

Rosa?

羅莎？

Thank you, Ed. As always, I will cover some highlights from the quarter across our diverse global portfolio beginning with Europe. As a reminder, international operators comprise approximately 50% of our total portfolio. We continue to be pleased with the consistency of coverages exceeding two times across this portfolio.

謝謝你，埃德。像往常一樣，我將從歐洲開始，介紹我們多元化的全球投資組合在本季的一些亮點。需要提醒的是，國際業者約占我們總投資組合的 50%。我們對本投資組合中超過兩倍覆蓋率的持續穩定表現感到滿意。

This performance reflects these operators' strategic focus on high-quality patient care as well as continuous expansion of access to care within their communities. In the UK, Circle repeatedly ranks among the highest of all health care operators and patient satisfaction maintaining a reputation score well above its next closest competitor. Circle continues to make significant investments in advanced technologies, including AI and robotics, strengthening its competitive advantages and reinforcing its position as one of the leading health care providers in the UK market.

這項業績反映了這些業者對高品質病患照護的策略關注，以及不斷擴大其所在社區醫療服務覆蓋範圍的努力。在英國，Circle 在所有醫療保健營運商中屢次名列前茅，患者滿意度也一直保持在遠高於其最接近的競爭對手的聲譽得分水平。Circle 持續對人工智慧和機器人等先進技術進行大量投資，增強其競爭優勢，鞏固其作為英國市場領先的醫療保健提供者之一的地位。

Our Sulis Bath hospital in the UK is the first independent hospital to receive accreditation as an elective surgical hub deemed by the NHS and the Royal College of Surgeons of England. This recognition highlights the hospital's high standards in clinical performance, operational efficiency, and patient care. With coverages consistently above two times Priory has demonstrated its ability to adapt its service lines to the needs of each market, allowing for flexibility as the NHS' mental health model evolves.

我們位於英國的 Sulis Bath 醫院是第一家獲得英國國家醫療服務體系 (NHS) 和英國皇家外科醫學院認可的擇期手術中心認證的獨立醫院。這項榮譽彰顯了該醫院在臨床表現、營運效率和病患照護方面的高標準。Priory 的覆蓋範圍始終保持在兩倍以上，這表明它有能力根據每個市場的需求調整其服務範圍，從而隨著 NHS 精神健康模式的演變而保持靈活性。

Priory continues to explore technological opportunities, such as its partnership with -- to launch an innovative digital pathway that aims to revolutionize access to personalized mental health care. In Germany, MEDIAN continues to report strong negotiated reimbursement rates and occupancy trends, enabling them to meaningfully outperform prior year revenue and earnings.

Priory 繼續探索科技機遇，例如與——合作推出創新數位途徑，旨在徹底改變人們獲得個人化心理健康護理的方式。在德國，MEDIAN 繼續保持強勁的協商報銷率和入住率趨勢，使其收入和利潤顯著超過上一年。

In Switzerland, Swiss Medical has launched integrated care models in each of the French, German, and Italian speaking regions. With these new platforms successfully supplementing Swiss Medical's strong organic growth, EBITDAR grew more than 10% trailing 12-months year-over-year. In Spain, IMED continues to progress construction on new hospitals in Alicante and Barcelona with scheduled openings during 2026 and with over 70% of construction completed.

在瑞士，瑞士醫療集團已在法語區、德語區和義大利語區分別推出了綜合護理模式。這些新平台成功地補充了 Swiss Medical 強勁的內生成長，過去 12 個月的 EBITDAR 年比成長超過 10%。在西班牙，IMED 繼續推進阿利坎特和巴塞隆納新醫院的建設，計劃於 2026 年開業，目前已完成 70% 以上的建設。

Turning to our US portfolio. Ernest Health has continued increasing consolidated coverage every quarter over the past year with legacy IRF reporting strong results and new developments rapidly ramping. As such, consolidated EBITDARM coverage is now approaching 2.4 times. LifePoint Health continues to deliver high margin growth at a steady stable rate versus the rapid acceleration observed in 2024.

接下來我們來看看我們的美國投資組合。過去一年，Ernest Health 每個季度都在持續擴大其綜合覆蓋範圍，傳統 IRF 取得了強勁的業績，新的發展也迅速推進。因此，合併 EBITDARM 覆蓋率目前接近 2.4 倍。與 2024 年觀察到的快速成長相比，LifePoint Health 將繼續以穩定的速度實現高利潤成長。

Conemaugh Memorial continues to be the most significant growth driver within LifePoint -- MPT's LifePoint portfolio with trailing 12-month admissions increasing 15% year-over-year. Surgery Partners three facilities delivered another quarter of strong performance with consolidated EBITDARM coverage above six times. Our hospital in Wisconsin recently completed a much-anticipated expansion to their operating suite to accommodate additional surgeons wanting to bring cases to this respected facility.

Conemaugh Memorial 仍然是 LifePoint（MPT 旗下 LifePoint 醫療機構）最重要的成長動力，過去 12 個月的住院人數較去年同期成長 15%。Surgery Partners 旗下三家機構又一個季度業績強勁，綜合 EBITDARM 覆蓋率超過 6 倍。我們位於威斯康辛州的醫院最近完成了期待已久的手術室擴建工程，以容納更多希望到這家享有盛譽的醫療機構進行手術的外科醫生。

HSA continues to improve operations and staffing across markets with Q2 and Q3 EBITDARM coverage approaching one time on fully ramped rent, which, as a reminder, does not fully ramp until September of 2026. Summer seasonality drove softer volumes in the third quarter, but revenue remained strong due to a higher patient acuity mix.

HSA 繼續改善各市場的營運和人員配備，第二季和第三季 EBITDARM 覆蓋率接近完全提高租金後的一倍，但需要提醒的是，租金要到 2026 年 9 月才會完全提高。夏季季節性因素導致第三季銷售量下降，但由於患者病情嚴重程度較高，營收依然強勁。

MPT has committed to funding approximately $40 million over the next two years for necessary infrastructure and other capital improvement projects, including HVAC and elevator replacements. The vast majority of this amount is for a newly constructed 7-story parking deck. These costs will be added to the lease base upon which the tenants will owe rent.

MPT承諾在未來兩年內投入約4000萬美元，用於必要的基礎建設和其他資本改善項目，包括暖通空調和電梯更換。這筆款項的大部分將用於新建一棟7層高的停車樓。這些費用將計入租賃基數，租戶將據此支付租金。

HonorHealth launched its rebranding in Arizona by renaming Mountain Vista to Four Peaks Medical Center. In addition, Honor remains focused on physician recruitment, executing its self-funded CapEx strategy and upgrading facilities ahead of anticipated volume recovery. Quorum Health's Odessa facility continues to improve performance with stronger-than-expected admissions and surgical volumes.

HonorHealth 在亞利桑那州啟動了品牌重塑計劃，將 Mountain Vista 更名為 Four Peaks Medical Center。此外，Honor 仍專注於醫生招聘、執行其自籌資金的資本支出策略，並在預期業務量恢復之前升級設施。Quorum Health 的 Odessa 醫療機構業績持續提升，入院人數和手術量都超乎預期。

In August, Odessa Regional announced that it achieved silver certification as a Crib for Kids National Safe Sleep Hospital, demonstrating adherence to rigorous guidelines established by the Cribs for Kids National Safe Sleep Hospital Certification Program. Inside Health reopened ER services at Trumble Ohio earlier this month with plans to slowly open more services as volumes come back along with physicians and staff.

8 月，敖德薩地區醫院宣布獲得了「嬰兒床國家安全睡眠醫院」銀級認證，這表明該醫院遵守了「嬰兒床國家安全睡眠醫院認證計畫」制定的嚴格準則。本月初，Inside Health 在俄亥俄州特朗布爾重新開放了急診服務，並計劃隨著就診量、醫生和工作人員的恢復，逐步開放更多服務。

Prime Healthcare's MPT facilities continued to show improved performance with EBITDARM coverage over two time as volumes and ER conversion rates have increased across the portfolio. Prime received credit rating upgrades from Fitch, Moody's, and S&P during the third quarter. Pipeline Health continues to demonstrate growth with EBITDARM coverage over two time.

Prime Healthcare 的 MPT 設施持續表現出更好的業績，EBITDARM 覆蓋率超過兩倍，因為整個投資組合的業務量和急診室轉換率都有所提高。在第三季度，Prime獲得了惠譽、穆迪和標普的信用評級上調。Pipeline Health 連續兩年實現 EBITDARM 覆蓋率的成長。

Additionally, they are opening new service lines for patients at all four hospitals. In summary, we are very encouraged by performance trends across our portfolio. Our portfolio of new tenants continues to ramp monthly rent payments, and we remain well positioned to generate significant cash flow from our 388 properties and approximately 39,000 licensed beds around the world, enabling us to create value for shareholders moving forward.

此外，他們還在所有四家醫院為患者開設了新的服務項目。總而言之，我們對投資組合的整體表現趨勢感到非常鼓舞。我們新租戶的每月租金支付持續成長，我們仍然能夠從遍布全球的 388 處房產和約 39,000 張持牌床位中獲得可觀的現金流，從而為股東創造價值。

Kevin?

凱文？

Thank you, Rosa. Today, we reported normalized FFO of $0.13 per share for the third quarter of 2025. The normalized FFO result would have been $0.01 higher, if not for the payment of September rent by cash basis HSA on October 1. These results fully reflect the full quarter dilutive impact of not only our first quarter secured bonds to the second quarter median joint venture refinancing.

謝謝你，羅莎。今天，我們公佈了 2025 年第三季的正常化 FFO 為每股 0.13 美元。如果不是因為 10 月 1 日以現金制 HSA 支付了 9 月的租金，那麼標準化 FFO 結果將會高出 0.01 美元。這些結果充分反映了不僅第一季擔保債券對第二季合資企業再融資中位數的整個季度稀釋影響。

Higher G&A expense versus the second quarter also impacted GAAP results, primarily driven by higher stock compensation expense resulting from the change in the fair market value of 2024 and 2025 performance-based equity compensation, of which no shares have been earned or vested as of September 30, 2025.

與第二季相比，較高的 G&A 費用也影響了 GAAP 業績，這主要是由於 2024 年和 2025 年基於業績的股權激勵的公允市場價值發生變化，導致股票補償費用增加，截至 2025 年 9 月 30 日，這些股票尚未獲得或歸屬。

Our earnings from equity interest were higher in the quarter, as changes in German tax policy resulted in a net deferred tax benefit to our German JV and as the value of the underlying real estate in the Common Spirit joint venture continues to adjust upwards. Neither of these items are included in our normalized FFO results. We recorded approximately $82 million in net impairments, the majority of which related to prospect and the decline in expected proceeds of certain Pennsylvania and Rhode Island assets.

本季度，由於德國稅收政策的變化為我們的德國合資企業帶來了淨遞延稅款收益，以及Common Spirit合資企業的基礎房地產價值持續上調，我們的股權收益有所提高。這兩個項目均未包含在我們標準化的 FFO 結果中。我們提列了約 8,200 萬美元的淨減損損失，其中大部分與賓州和羅德島州某些資產的前景和預期收益下降有關。

We continue to expect the cash proceeds from both the settlement with Yale and Connecticut and the sale of the Connecticut facilities will be more than sufficient to repay MPT's outstanding debt loan balances. Despite this expectation, accounting rules require that we report impairments to our prospect carrying values. There are other immaterial adjustments to carrying values during the quarter, including routine adjustments to marketable securities that were disclosed as non-cash fair value adjustments in our reporting.

我們仍然預計，與耶魯大學和康乃狄克州達成的和解協議以及出售康乃狄克州設施所得的現金收益將足以償還 MPT 未償債務貸款餘額。儘管有此預期，但會計準則要求我們報告預期帳面價值的減損。本季還有其他一些對帳面價值的微不足道的調整，包括對有價證券的例行調整，這些調整已在我們的報告中披露為非現金公允價值調整。

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，讓他來討論我們未來的流動性和資本策略。史蒂夫？

Thank you, Kevin. I'll wrap up quickly with just a few points, none of which will be surprising and then we can take any questions. First, a quick summary of the strategies we have been executing for repaying and otherwise addressing future maturities. We've sold at significant gains and financed at above book values many billions of dollars in highly attractive hospital assets.

謝謝你，凱文。我先簡單總結幾點，這些內容應該都不會讓人感到意外，之後我們可以回答大家的問題。首先，快速總結我們為償還和應對未來到期債務所採取的策略。我們以顯著的收益出售了數十億美元的極具吸引力的醫院資產，並以高於帳面價值的價格進行了融資。

Almost without exception, these transactions have provided clear validation of our underwriting rigor and the resulting asset values. Access to these values has given us the assurance and flexibility to repay and refinanced several billion dollars of debt in 2025 alone. The secured notes we issued in February are now trading at significant premiums.

幾乎無一例外，這些交易都清楚地驗證了我們承銷的嚴格性和由此產生的資產價值。正是由於掌握了這些價值，我們才有信心和靈活性在 2025 年償還和再融資數十億美元的債務。我們2月發行的擔保票據目前以顯著溢價交易。

And our most recent transaction financed more than $2 billion of German rehabilitation hospitals at a 5.1% coupon. This access to capital has also given us the ability to re-tenant and begin collecting what is now scheduled to be in an incremental $200 million plus in annual cash rent from new operators, resolved the issues around Prospect bankruptcies and address debt maturing in 2027 and beyond, all of which we are doing successfully.

我們最近的一筆交易以 5.1% 的票面利率為超過 20 億美元的德國復健醫院提供了融資。獲得資金也使我們能夠重新招租，並開始從新的營運商那裡收取預計每年超過 2 億美元的現金租金，解決 Prospect 破產問題，並處理 2027 年及以後到期的債務，所有這些我們都在成功做到。

Along with our clear visibility into rent ramping to a scheduled incremental $200-plus million, the upcoming 2026 annual escalations, cash payment of our roughly $100 million DIP loan and periodic asset sales similar to what we have reported in the last few quarters. We also have reason to expect even more liquidity. Specifically, and while there is no certainty, Prospect is expected to generate proceeds in excess of the $100 million balance of our DIP loan. A substantial majority of any such proceeds will flow to MPT.

我們有明確的計劃，租金將逐步增加 2 億美元以上，2026 年的年度租金也將上漲，我們將用現金支付約 1 億美元的 DIP 貸款，並定期出售資產，這與我們在過去幾個季度報告的情況類似。我們也應該有理由預期會有更多流動性。具體而言，雖然不能保證，但預計 Prospect 將產生超過我們 DIP 貸款 1 億美元餘額的收益。此類收益的絕大部分將歸MPT所有。

We are evaluating the sale or lease of several assets, which are not currently yielding meaningful returns. And we also continue to evaluate sales of earning assets and portfolios for attractive gains. For example, Aevis Victoria, our co-owner of Infracore, and the parent of Infracore Swiss Medical Network lessee, is currently exploring various strategic options for its affiliates, including Infracore, to support their long-term development.

我們正在評估出售或租賃幾項資產的可能性，這些資產目前沒有產生有意義的回報。我們也會繼續評估出售獲利資產和投資組合的可能性，以尋求可觀的收益。例如，我們的共同所有者 Aevis Victoria（Infracore 的共同所有者，也是 Infracore Swiss Medical Network 承租人的母公司）目前正在為其附屬公司（包括 Infracore）探索各種策略選擇，以支持其長期發展。

Infracore is considering various opportunities to open up its capital or even list on a stock market in order to meet the growing demand for sale and leaseback solutions in the public and private hospital market in Switzerland. As this and other market indicators demonstrate demand for hospital real estate is strong across virtually all geographies.

為了滿足瑞士公立和私立醫院市場對售後回租解決方案日益增長的需求，Infracore 正在考慮各種機會開放其資本，甚至在股票市場上市。正如這項數據和其他市場指標所表明的那樣，幾乎所有地區對醫院房地產的需求都很強勁。

Our cost of capital is still higher than we expect it will be. But as we have previously said, we may make modest acquisitions when strategically important. But as Ed pointed out, repurchasing our own common stock is among our very best and most accretive uses of capital. And for that reason, we announced this morning that we have implemented a $150 million strategic stock repurchase plan that will make available some of this expected growing liquidity to capture that permanent value.

我們的資金成本仍然高於預期。但正如我們之前所說，當具有戰略意義時，我們可能會進行適度的收購。但正如艾德所指出的那樣，回購我們自己的普通股是我們最有效、最能增值資本的用途之一。因此，我們今天早上宣布，我們已實施一項 1.5 億美元的策略性股票回購計劃，該計劃將利用部分預期成長的流動性來獲取永久價值。

This announcement demonstrates our conviction that recent prices of our common stock do not reflect our assets underlying value. And we have, therefore, not issued any shares under our recently implemented at-the-market offering program. We reestablished that program and the long-term opportunistic flexibility it provides us in August, shortly after the effectiveness of our new three-year shelf registration statement.

這項公告顯示我們堅信，我們普通股近期的價格未能反映我們資產的內在價值。因此，我們沒有根據最近實施的市價發行計劃發行任何股份。我們在 8 月重新建立了該計劃及其為我們提供的長期機會靈活性，就在我們新的三年貨架註冊聲明生效後不久。

Importantly, some of our unsecured notes outstanding still trade at discounts in today's markets. And nothing we may consider with respect to share repurchase or ATM programs, rules out continued duration of possible debt refinancing or redemption strategies. We've conclusively demonstrated that we have the asset values to accomplish these strategies.

值得注意的是，我們一些未償還的無擔保票據在今天的市場上仍然以折扣交易。我們可能考慮的任何關於股票回購或ATM計畫的措施，均不排除繼續實施可能的債務再融資或贖回策略的可能性。我們已經充分證明，我們擁有實現這些策略所需的資產價值。

Moreover, as you would expect, we carefully monitor and plan for the maintenance of all debt covenants as we look into possible future capital transactions. We consciously designed and negotiated these covenants to provide us the opportunistic flexibility to execute these strategies, and we are confident that we will do so.

此外，如您所料，我們在考慮未來可能的資本交易時，會仔細監控並規劃維護所有債務契約。我們精心設計並協商了這些契約，以便為我們執行這些策略提供機會性的靈活性，我們有信心能夠做到這一點。

And with that, I will turn the call back to the operator to queue any questions. Kayla?

這樣，我就把電話轉回接線生，讓他們把所有問題排入隊列。凱拉？

(Operator Instructions) Mike Mueller, JPMorgan.

（操作說明）麥克·穆勒，摩根大通。

I guess, on the buyback, the questions here. I mean, how do you weigh looking at a buyback versus using the capital to either pay down debt, buy back other debt just given where the leverage level is today and even on a pro forma basis where it will be? And I guess the follow-up to that is in terms of funding a buyback, would you only use asset sales? Or would you use cash on hand or tap the credit line? Just can you just put that whole buyback into perspective for us?

我想，關於回購，這裡存在一些問題。我的意思是，考慮到目前的槓桿水平，甚至根據預測的未來槓桿水平，你如何權衡回購股票和利用資金償還債務、回購其他債務之間的關係？那麼，接下來我想問的是，就回購資金而言，您是否只會使用資產出售的方式？還是你會使用手頭現金還是動用信用額度？您能幫我們解釋一下整個回購計畫的情況嗎？

Sure, Mike. We, first of all, have a number of opportunities, and we've been talking about these for several quarters, and that's reinvest in the business with that, as I mentioned, and as we've done on a very limited basis, strategically buying new assets. We certainly recognize the trading volumes and levels of some of the unsecured bonds that could provide attractive opportunities for tendering or repurchasing on either small or large scale.

當然可以，麥克。首先，我們有很多機會，我們已經討論了好幾個季度了，正如我提到的，就是用這些資金對業務進行再投資，就像我們之前在非常有限的基礎上所做的那樣，有策略地購買新資產。我們當然認識到某些無擔保債券的交易量和水平，這些債券可能為小規模或大規模的投標或回購提供有吸引力的機會。

And we recognize as we've just conceded that we think our shares are significantly undervalued. So we have all of those options. We have resources available. We will continue to evaluate the opportunities and the timing of those opportunities and the sources of that capital. I can say I doubt we're going to borrow money, incremental money in order to fund the buyback.

正如我們剛才承認的那樣，我們也意識到我們認為我們的股票被嚴重低估了。所以我們有很多選擇。我們有可用的資源。我們將繼續評估各種機會、把握時機以及資金來源。我可以肯定地說，我們不太可能為了回購股票而藉錢，哪怕是逐步借錢。

And we've mentioned a few of the increasing -- possibly increasing cash resources that we'll have, including some assets that are currently not earning much, if anything, and possibly some of the well-received earning assets that we've demonstrated just as in the last several billion dollars of asset sales, we expect any additional asset sale -- earning asset sales would also be a very attractive profitable gains.

我們已經提到了一些我們可能增加的現金資源，包括一些目前幾乎沒有收益的資產，以及一些我們已經證明收益良好的資產。就像過去數十億美元的資產出售一樣，我們預計任何額外的資產出售——尤其是收益良好的資產出售——也將帶來非常可觀的利潤。

So all of that is available. And as we've been doing for a couple of years now, we evaluate periodically, constantly, in fact, what's the best use of the available capital that we have.

所以所有這些都是可用的。正如我們過去幾年所做的那樣，我們會定期（實際上是不斷地）評估如何最好地利用我們現有的資金。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

I just want to follow up with Mike's questions related to buy back mean is this -- can you kind of highlight the timing of this of when some of these purchases could occur? I mean I know you have a big debt maturity in 2027. You still are pulling money on the line of credit for -- to meet some of the debt covenant and you're still kind of cash flow negative at least in terms of some of the investments you made, I guess, post that.

我想就 Mike 關於回購的問題做個後續說明——你能否重點說明這些回購可能在什麼時候發生？我知道你們在 2027 年有一筆大額債務到期。你仍然在動用信貸額度來滿足一些債務契約，而且至少就你之後進行的一些投資而言，你的現金流仍然是負的。

I mean do we need to have all that kind of resolved before you start to buy back stock? Or are you willing to do that in the near term?

我的意思是，在你開始回購股票之前，我們需要把所有這些問題都解決嗎？或者你願意在短期內這樣做嗎？

Yes, Mike, I think you should assume it will start immediately.

是的，麥克，我認為你應該假設它會立即開始。

Okay. And then, Ed, can you give us an update on HSA. I know you were -- you had some positive commentaries on their progress and the ramp-up that they've been doing. Maybe provide some details on what drove the late September rent payment? And is that a concern that like does that cause you any concerns of their ability to pay the ramped-up rent over time. Can you provide some color on that?

好的。那麼，Ed，你可以為我們介紹一下HSA的最新情況嗎？我知道你確實如此——你對他們的進展和他們一直在進行的加速發展給予了一些正面的評價。能否詳細說明一下是什麼原因導致9月下旬才繳房租？而這是否會讓你擔心他們是否有能力隨著時間的推移支付不斷上漲的租金？能詳細說說嗎？

Sure. They continue to perform very well. The biggest improvements in Florida come from recruiting the doctors back to the facilities that left during the Steward debacle. They also have been extremely successful, probably exceeding even our expectations in Texas. From the standpoint of their cash delay in October and September, -- excuse me, it was the -- we believe the final steps of getting the TSA in order, getting the money repaid to the lender that they had for the debt money in Florida, and we do not expect any additional issues.

當然。他們的表現依然非常出色。佛羅裡達州最大的進步來自於將那些在 Steward 事件中離開的醫生重新招回醫療機構。他們在德克薩斯州也取得了巨大的成功，甚至可能超出了我們的預期。從他們 9 月和 10 月的現金延遲情況來看——抱歉，應該是——我們相信，他們已經完成了 TSA 的最後步驟，償還了他們在佛羅裡達州的債務，我們預計不會再出現其他問題。

And I'll just point out one last thing. And remember, September, the rent actually doubled. And so they paid twice in September, actually on October 1 and what they had been paying. And again, I think we made clear in the press release, they've already paid October rent.

最後我還要指出一點。別忘了，九月房租其實翻了一番。因此，他們在 9 月支付了兩次費用，實際上是在 10 月 1 日支付了他們之前支付的費用。而且，正如我們在新聞稿中明確指出的，他們已經支付了十月份的租金。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

I was just wondering if you could add a little commentary around the Yale New Haven hospitals. I saw the update with having at least two with greater line of sight of a potential close. Is there anything else that you can share and also the potential third if there's no further interest.

我只是想問您是否可以就耶魯紐黑文醫院做一些簡要的評論。我看到更新內容是至少有兩個位置視野更開闊，可以更清楚地看到潛在的成交點。還有什麼可以分享的嗎？如果沒有其他興趣，能否考慮第三個人？

So Farrell, I think you're going to need repeat that. No one around the table heard the first part of your question.

所以法雷爾，我覺得你需要再說一次。桌邊沒有人聽到你問題的第一部分。

So sorry about that. I was just asking about the Yale New Haven Hospitals and the progress on having those either re-leased or sold under the binding agreements or is that involved as well as the third property?

對此我深感抱歉。我只是想問耶魯紐黑文醫院的情況，以及根據具有約束力的協議重新出租或出售這些醫院的進展情況，或者這是否也包括第三處房產？

Yeah, sure. So the two facilities are under binding agreement. We expect those to close hopefully, before year-end, if not shortly thereafter. The other one, we hope to have a binding agreement imminently with another buyer.

當然可以。因此，這兩個設施之間簽訂了具有約束力的協議。我們預計這些項目預計在年底前完成，最晚也會在年底後完成。另一筆交易，我們希望盡快與另一位買家達成具有約束力的協議。

Okay. And also, I saw a little bit of commentary on the NHS restructuring and impacting of the referral on the behavioral providers. Does that grant you any concern on the future health of that sector for Priory for their EBITDARM coverage? Or does that maybe add a little target if that could be something to dispose of and use for capital funding?

好的。此外，我還看到一些關於 NHS 重組及其對行為健康服務提供者轉診的影響的評論。這是否讓您對 Priory 的 EBITDARM 覆蓋範圍在該行業的未來健康狀況感到擔憂？或者，如果可以處置某些東西並將其用於資本融資，這是否會增加一個目標？

So we've talked about this in the last quarter, I know perhaps the one before two. So NHS, as they have did with acute care a few years back, they won't to try to keep as much of their mix of patients in their own hospitals, and now they're doing the same thing with behavioral. It's our belief that they ultimately will realize the benefit of having independent hospitals to treat some of those patients, because they're just -- the resources are needed in the independent sector to assist with getting the volume of patients treated.

所以我們在上個季度討論過這個問題，我知道可能上個季度也討論過。所以，就像幾年前他們在急性護理方面所做的那樣，英國國家醫療服務體系 (NHS) 試圖盡可能地將各種類型的病人留在自己的醫院裡，現在他們又在行為健康方面做同樣的事情。我們相信，他們最終會意識到由獨立醫院來治療部分患者的好處，因為獨立醫院確實需要資源來幫助治療大量的患者。

So no, we think it's short term and will come back around. And in the meantime, Priory is as evidenced by the two times coverage, been able to put operational items in place to continue to perform very well.

所以，我們認為這只是短期現象，情況還會好轉。同時，從兩倍的報道量來看，Priory 已經能夠落實營運措施，並持續保持良好的績效。

Yes. The operator there does not expect to see a significant decrease in their coverage.

是的。當地業者預計其網路覆蓋範圍不會大幅下降。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes. In terms of the rent collections in the quarter, I think in the press release, you did mention that there was maybe not as much of collection as you expected in Pennsylvania and Ohio. I'm curious if that relates to insight in particular? And if you could just kind of give us an update on that asset transition?

是的。關於本季的租金收取情況，我認為您在新聞稿中提到，賓州和俄亥俄州的租金收取情況可能沒有達到您的預期。我很好奇這是否與洞察力有關？能否簡單介紹一下資產轉移的最新進展？

Yes. Tayo, it's almost exclusively the Ohio facility, as you probably know, probably read, they were delayed in reopening the facility that's up and has gotten open. Center to Marino has been very helpful in that. So we expect that to change. We have delayed when we expect their actual full rent to begin. And I believe that's in moved to January. And then the -- in Pennsylvania, that's a very, very small amount of money. The facility continues to improve. And not exactly sure when that one will start paying rent.

是的。Tayo，幾乎完全是俄亥俄州的工廠，你可能知道，也可能讀到過，他們推遲了重新開放已經建成並開放的工廠。Center to Marino 在這方面提供了極大的幫助。所以我們預計這種情況會改變。我們已經推遲了他們實際全額租金開始支付的時間。我相信那件事已經改到一月了。而且──在賓州，這只是一筆非常非常小的數目。該設施持續改善。而且還不確定那間房子什麼時候開始繳房租。

That's a $30,000 amount of rent payment, Tayo.

泰奧，那可是 3 萬美元的房租啊。

Got you. Okay. That's helpful. And then just kind of looking through this up, it looks like there was some additional about $20 million of new loans in the quarter. Just kind of curious if you could kind of talk us through who that was to, if it's to any of the kind of operator of the assets in transition?

抓到你了。好的。那很有幫助。然後我仔細查看了一下，發現該季度新增貸款約 2,000 萬美元。我有點好奇，您能否跟我們說說這筆交易是給誰的，是否是給那些正在過渡的資產的運營商的？

There were two loans to operators, one being in sight, and that was for CapEx and for reopening cost. And then there was a loan to the facility in Pennsylvania to tender, and that too was for CapEx.

有兩筆貸款發放給了營運商，其中一筆即將到位，這筆貸款用於資本支出和重新開業的費用。然後，賓州的一家工廠需要獲得一筆貸款進行招標，這也是一筆資本支出。

Got you. That's helpful. And then another one for me. The 8 assets two words you took back 23 assets, 16 were leased. -- were kind of out there and you kind of -- we're kind of looking at what to ultimately do with those eight assets, including some of the developments. Could you just walk us through kind of the status of those eight and kind of what's happening?

抓到你了。那很有幫助。然後又給我來了一份。你收回的8項資產，也就是23項資產中的16項，都已出租。 ——這些資產當時處於閒置狀態，我們正在考慮最終如何處理這8項資產，包括一些開發案。能否請您簡單介紹一下這八個人的現況以及目前的狀況？

Tayo, I'm not sure exactly the eight. I guess the two big ones would be the one in Massachusetts and Norwood and then the other one in Texas and Texstar Canada. Both of those facilities remain under construction. And other than -- about all I can say at this particular point because of various NDAs, we are in negotiations with people about those facilities.

Tayo，我不太確定具體是哪八個。我想最大的兩個應該是馬薩諸塞州諾伍德的那家，以及德州和加拿大Texstar公司的那家。這兩個設施目前仍在建設中。除此之外——由於各種保密協議，我現在只能說這麼多——我們正在與相關人士就這些設施進行談判。

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

現在我將把電話轉回給艾德‧阿爾達格，請他作總結發言。

Thank you very much, and thank you all for joining us. As always, if you have any questions, please don't hesitate to reach out to Drew, and we'll get back with you.

非常感謝，也感謝各位的參與。如有任何疑問，請隨時聯絡 Drew，我們會盡快回覆您。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。