Welltower Inc (WELL) 2019 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Fourth -- First Quarter 2019 Welltower Earnings Conference Call.

早上好，女士們，先生們，歡迎參加 2019 年第四季度 Welltower 收益電話會議。

My name is Nicole, and I will be your operator today.

我叫妮可，今天我將是你的接線員。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員說明）提醒一下，正在錄製此會議以供重播。

Now I'd like to turn the call over to Tim McHugh, Senior Vice President of Corporate Finance.

現在我想把電話轉給公司財務高級副總裁蒂姆麥克休。

Please go ahead, sir.

請繼續，先生。

Thank you, Nicole.

謝謝你，妮可。

Good morning, everyone, and thank you for joining us today to discuss Welltower's First Quarter 2019 Results.

大家早上好，感謝您今天加入我們討論 Welltower 2019 年第一季度的業績。

Following the safe harbor, you will hear prepared remarks from Tom DeRosa, CEO; Shankh Mitra, Chief Investment Officer; and John Goodey, CFO.

在安全港之後，您將聽到首席執行官湯姆·德羅薩 (Tom DeRosa) 準備好的講話； Shankh Mitra，首席投資官；和首席財務官 John Goodey。

Before we begin, let me remind you that certain statements made during this conference call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，讓我提醒您，根據 1995 年《私人證券訴訟改革法案》，在本次電話會議中所做的某些陳述可能被視為前瞻性陳述。

Although Welltower believes results projected in any forward-looking statements are based on reasonable assumptions, the company can give no assurance that its projected results will be attained.

儘管 Welltower 認為任何前瞻性陳述中預測的結果都是基於合理的假設，但該公司無法保證其預測結果將會實現。

Factors and risk that could cause actual results to differ materially from those in the forward-looking statements are detailed in this morning's press release and from time-to-time in the company's filings with the SEC.

可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素和風險在今天上午的新聞稿中以及公司不時向美國證券交易委員會提交的文件中進行了詳細說明。

If you did not receive a copy of the press release this morning, you may access it via where the company's website at welltower.com.

如果您今天早上沒有收到新聞稿的副本，您可以通過公司網站 welltower.com 訪問它。

And with that, I'll hand the call over to Tom for his remarks in the quarter.

有了這個，我會把電話轉給湯姆，讓他在本季度發表評論。

Thanks, Tim.

謝謝，蒂姆。

I'm pleased to report a strong quarter completely in line with the expectations we laid out for you at our Investor Day last December.

我很高興地報告一個強勁的季度，完全符合我們在去年 12 月的投資者日為您制定的預期。

These results are the product of consistent growth across all of our business segments, in particular, seniors housing where performance is being driven by an ongoing stabilization of occupancy, which Welltower began to benefit from in 2018.

這些結果是我們所有業務部門持續增長的產物，特別是老年人住房，其業績受到入住率持續穩定的推動，Welltower 於 2018 年開始從中受益。

We expect this to continue through the rest of the year.

我們預計這種情況將持續到今年剩餘時間。

We also continue to benefit from excellent access to capital, which allowed us to both fund our contractual investment pipeline and position the balance sheet for opportunistic investments going forward, locking in long-term value creation for our shareholders.

我們還繼續受益於良好的資本獲取渠道，這使我們既可以為合同投資渠道提供資金，又可以為未來的機會主義投資調整資產負債表，從而為股東創造長期價值。

Our differentiated strategy and approach to capital allocation has resulted in a total of $2 billion in new investments, closed or announced, since the start of 2019, bringing accretive new investment volume to over $6 billion since early 2018.

自 2019 年初以來，我們差異化的資本配置戰略和方法已促成總計 20 億美元的新投資（關閉或宣布），使自 2018 年初以來的新增投資額超過 60 億美元。

This is enabling Welltower to deliver the earnings growth we report to you today.

這使 Welltower 能夠實現我們今天向您報告的收益增長。

Simply put, we run Welltower to deliver sustainable and reliable growth to our shareholders.

簡而言之，我們經營 Welltower 是為了為我們的股東帶來可持續和可靠的增長。

Our results demonstrate that our strategy works.

我們的結果表明我們的策略有效。

Shankh Mitra will now give you a closer look at our operating performance in the quarter as well as our new investment activity.

Shankh Mitra 現在將讓您更仔細地了解我們本季度的經營業績以及我們的新投資活動。

Shankh?

尚赫？

Thank you, Tom, and good morning, everyone.

謝謝你，湯姆，大家早上好。

I'll now review our quarterly operating results, provide additional details on performance, trends and recent investment activity.

我現在將回顧我們的季度經營業績，提供有關業績、趨勢和近期投資活動的更多詳細信息。

At our Investor Day in December, we gave you a detailed look into our view of senior housing supply and how adjusted competition units and yet-to-open inventory shock impacts our best-in-class portfolio within our specific micro markets.

在 12 月的投資者日，我們向您詳細介紹了我們對高級住房供應的看法，以及調整後的競爭單元和尚未開放的庫存衝擊如何影響我們特定微觀市場中的一流投資組合。

While pundits proclaim supply headwinds for years to come using their gut feel, as it suits their story at a given moment, our data analytics team of statistician and computer scientist found with machine learning, not gut feelings, informed our prediction of the turn in our operating trends that I have discussed with you over last 3 quarters.

雖然權威人士根據他們的直覺宣稱未來幾年的供應逆風，因為這符合他們在特定時刻的故事，但我們的統計學家和計算機科學家數據分析團隊發現機器學習而非直覺讓我們預測了我們的轉變我在過去 3 個季度與您討論的運營趨勢。

However, I have to admit, our first quarter SHOP results exceeded our expectations in all 3 main drivers: rate, occupancy and labor cost.

然而，我不得不承認，我們第一季度的 SHOP 結果超出了我們在所有 3 個主要驅動因素方面的預期：費率、入住率和勞動力成本。

Same-store NOI for the SHO portfolio is up 3% year-over-year, driven by 60 basis points of occupancy growth, 2.9% rate growth, partially offset by 3.6% labor cost growth.

SHO 投資組合的同店 NOI 同比增長 3%，這得益於 60 個基點的入住率增長，2.9% 的增長率，部分被 3.6% 的勞動力成本增長所抵消。

These are the best fundamental results we have seen in a long time.

這些是我們長期以來看到的最好的基本面結果。

Sequential results are even more encouraging.

連續的結果更令人鼓舞。

Sequential revenue growth of 0.4%, in a usually seasonally weak first quarter, is one of the best we have seen in years and is driven by both strong rate and occupancy.

在通常季節性疲軟的第一季度，收入環比增長 0.4%，這是我們多年來看到的最好的增長之一，並且受到強勁的房價和入住率的推動。

More interestingly, this quarter, for the first time in 5 years, we saw sequential revenue per-occupied-room growth of 3.3% outweighs compensation per-occupied-room growth of 2.8%, resulting in a positive spread of 50 basis points.

更有趣的是，本季度，我們看到每間客房收入連續增長 3.3%，超過每間客房收入增長 2.8%，這是 5 年來的第一次，產生了 50 個基點的正差。

One of the most underappreciated aspect of our company is the strength and diversity of our senior housing operating platform, which has 23 operators in 3 countries.

我們公司最被低估的方面之一是我們高級住房運營平台的實力和多樣性，該平台在 3 個國家/地區擁有 23 家運營商。

In any operating business, growth is not always a straight line as many of us wish it was.

在任何經營業務中，增長並不總是像我們許多人希望的那樣是一條直線。

However, due to significant diversity of our operating partners across geographies and acuity spectrums that volatility is softened in the aggregate.

然而，由於我們的運營合作夥伴在不同地區和敏銳度範圍內存在顯著差異，因此波動性總體上有所緩和。

Over the last few years, we have routinely seen parts of our portfolio results that resembles the challenges of the industry at large, but these operators have consistently been pulled up by other operating partners who serve a completely different customer need in another part of the country.

在過去的幾年裡，我們經常看到我們的部分投資組合結果類似於整個行業的挑戰，但這些運營商一直被其他運營合作夥伴拉動，這些合作夥伴在該國另一地區服務於完全不同的客戶需求.

Having said that, this quarter, we experienced broad strength across a majority of our operators.

話雖如此，本季度，我們的大多數運營商都表現出了廣泛的實力。

Exceptional U.K. results are driven by significant asset management efforts by our U.K. team, headed by Justin Skiver, a deep negative comp in prior year and the lease up of a couple of low-occupancy assets.

英國卓越的業績是由我們英國團隊的重大資產管理工作推動的，該團隊由 Justin Skiver 領導，前一年的嚴重負面影響以及一些低入住率資產的租賃。

We expect U.K. results to normalize as we move through the year.

我們預計英國的結果會隨著我們今年的推移而正常化。

On the other hand, the Canadian platform, facing a tough comparison year, is expected to normalize upwards as the year progresses.

另一方面，面對艱難的比較年的加拿大平台預計將隨著時間的推移正常化。

We continue to be encouraged by our U.S. portfolio this quarter.

本季度我們繼續對我們的美國投資組合感到鼓舞。

NOI is up 2.2% year-over-year, driven by 40 basis points of occupancy increase, 2.8% rate growth and particularly encouraging 3.8% compensation per-occupied-room growth.

NOI 同比增長 2.2%，受入住率增長 40 個基點、2.8% 的增長率以及特別令人鼓舞的每間客房補償增長 3.8% 的推動。

We have seen broad-based trends across larger and smaller market.

我們已經看到了更大和更小市場的廣泛趨勢。

From a product-type perspective, our industry-leading assisted living and memory-care portfolio drove results with 4% NOI growth.

從產品類型的角度來看，我們行業領先的輔助生活和記憶護理產品組合以 4% 的 NOI 增長推動了業績。

While a handful of quarters does not make a trend, we are cautiously optimistic that our portfolio is positioned for significant cash flow growth for years to come.

雖然少數幾個季度沒有形成趨勢，但我們對我們的投資組合在未來幾年的現金流量顯著增長持謹慎樂觀態度。

While results were in line in our other lines of businesses, I want to highlight few things to help you understand the trend.

雖然我們其他業務線的結果一致，但我想強調幾件事來幫助您了解趨勢。

First, in our Senior Housing triple-net segment, the reduction of coverage is driven primarily by the removal of StoryPoint portfolio, which we sold in the quarter and somewhat by Brookdale underperformance.

首先，在我們的高級住房三重網絡部分，覆蓋範圍的減少主要是由於我們在本季度出售的 StoryPoint 投資組合的移除以及 Brookdale 表現不佳所致。

As you know, we consider StoryPoint to be one of our best and most strategic operating partners.

如您所知，我們認為 StoryPoint 是我們最好、最具戰略意義的運營合作夥伴之一。

Yet, we sold these assets at an offer we could not refuse.

然而，我們以無法拒絕的報價出售了這些資產。

We sold this 20-year-plus-old asset at a 4.6% yield at an unlevered IRR of almost 19% for our 8-plus years of ownership, which achieved an NOI CAGR of 7.2% in face of significant headwind.

我們以 4.6% 的收益率出售了這項擁有 20 多年曆史的資產，在我們擁有 8 年多的時間裡，無槓桿 IRR 接近 19%，在面臨重大逆風的情況下實現了 7.2% 的 NOI CAGR。

We continue to grow with Story Point through a new RIDEA joint venture with 2 brand-new assets that we just bought, several in development and are transitioning many more communities to Dan and Brian that we believe will see cash flow growth similar to that experience in the portfolio that we just sold.

我們通過新的 RIDEA 合資企業繼續與 Story Point 一起成長，該合資企業擁有我們剛剛購買的 2 項全新資產，其中幾項正在開發中，並且正在將更多社區過渡到 Dan 和 Brian，我們相信這將看到類似於我們剛剛出售的投資組合。

While we are not working on any lease restructuring in our Senior Housing triple-net portfolio at this moment, we have plans for every asset.

雖然我們目前沒有在我們的高級住房三網投資組合中進行任何租賃重組，但我們對每項資產都有計劃。

And frankly, we'll be happy to get back many of these assets, so that we can transfer them to the operators, like StoryPoint, so that you, as our shareholders, can enjoy significant upside.

坦率地說，我們很樂意收回這些資產中的許多資產，這樣我們就可以將它們轉讓給像 StoryPoint 這樣的運營商，這樣作為我們股東的您就可以享受到巨大的收益。

Secondly, our post-acute portfolios decline in coverage is driven by handful of LTACs we own, which is less than 1% of our asset base.

其次，我們擁有的少數 LTAC 導致我們的後急性投資組合覆蓋率下降，這些 LTAC 不到我們資產基礎的 1%。

Skilled nursing licensed assets, which constitute a vast majority of our post-acute market, either in the traditional sense or in the short-stay category, are stabilizing as I have described in our last quarter earnings call and you subsequently heard from Genesis.

正如我在上一季度的財報電話會議中所描述的那樣，無論是在傳統意義上還是在短期停留類別中，構成我們急性後市場絕大部分的熟練護理許可資產正在穩定，您隨後從 Genesis 中了解到。

While mix shift is still a headwind, we're encouraged by occupancy growth, recent reimbursement announcements and upcoming PDPM implementation in Q4.

雖然混合轉變仍然是一個不利因素，但我們對入住率增長、最近的報銷公告以及即將在第四季度實施的 PDPM 感到鼓舞。

Third, we're very happy with a capital deployment plan in our ProMedica HCR ManorCare asset.

第三，我們對 ProMedica HCR ManorCare 資產的資本部署計劃感到非常滿意。

ProMedica HCR ManorCare team is working diligently with our data analytics team to prioritize capital deployment.

ProMedica HCR ManorCare 團隊正在與我們的數據分析團隊努力合作，以確定資本部署的優先順序。

We have 45 assets slated to go through this CapEx program in the next 2 to 4 months.

我們有 45 項資產計劃在未來 2 到 4 個月內通過此資本支出計劃。

And last, as I have no noteworthy update for our outpatient medical operating results, we're very encouraged by 2.1% net rent increase in the quarter and the dramatic changes that Keith and Ryan are making in the platform to position us for growth next year and beyond.

最後，由於我沒有關於我們的門診醫療運營結果的值得注意的更新，我們對本季度 2.1% 的淨租金增長以及 Keith 和 Ryan 在平台上為我們明年的增長定位所做的巨大改變感到非常鼓舞超越。

On the capital deployment side, we're busier than ever.

在資本部署方面，我們比以往任何時候都忙。

We have closed $778 million of investments so far this year and have significantly more that are closing in coming months.

今年到目前為止，我們已經完成了 7.78 億美元的投資，未來幾個月還將完成更多投資。

These investments have been made both in Senior Housing as well as medical office segment.

這些投資已在高級住房和醫療辦公室部門進行。

In Senior Housing segment, we continue to grow with our existing partners, such as Chelsea and Discovery.

在高級住房領域，我們繼續與現有合作夥伴一起發展，例如 Chelsea 和 Discovery。

We are very excited about our new joint venture, RIDEA relationship with Frontier Management that we established this quarter.

我們對本季度與 Frontier Management 建立的新合資企業 RIDEA 關係感到非常興奮。

Portland, Oregon-based Frontier is one of the finest operator in the higher acuity segment of the Senior Housing business.

總部位於俄勒岡州波特蘭的 Frontier 是高級住宅業務中較高敏銳度部分中最好的運營商之一。

Greg Roderick, who is the CEO and majority owner of Frontier, is a third-generation operator and leads one of the most operationally focused teams that we have seen in this industry.

格雷格·羅德里克 (Greg Roderick) 是 Frontier 的首席執行官和大股東，是第三代運營商，領導著我們在這個行業中見過的最專注於運營的團隊之一。

We have significant plans for growth with this team in near future.

我們有在不久的將來與這個團隊一起成長的重要計劃。

As we continue to acquire attractive assets with great operating partners or health systems, we will fund this capital need through disposition and common equity.

隨著我們繼續通過優秀的運營合作夥伴或衛生系統收購有吸引力的資產，我們將通過處置和普通股為這一資本需求提供資金。

We expect the parting yield on this position will be similar, very similar to the initial yield on acquisition, but our thesis is to drive higher total return or IRR in that trade through higher growth rates and lower CapEx.

我們預計該頭寸的分離收益率將與收購的初始收益率相似，非常相似，但我們的論點是通過更高的增長率和更低的資本支出來推動該交易的更高總回報或 IRR。

Whether through disposition or common equity, we only allocate capital when we believe this thesis holds.

無論是通過處置還是普通股，我們只在我們認為該論點成立時才分配資本。

However, there can be timing difference when the capital is raised and acquisition -- and an acquisition is closed.

但是，在籌集資金和收購時以及收購完成時可能存在時間差異。

This timing difference, which has no impact on our run rate earnings, can impact quarterly earnings, but we're willing to make that trade off in order to minimize balance sheet risk and lock in long-term value creation, as Tom described.

這種時間差異對我們的運行率收益沒有影響，但會影響季度收益，但我們願意做出這種權衡，以盡量減少資產負債表風險並鎖定長期價值創造，正如湯姆所描述的那樣。

We're not interested in rolling the dice in this volatile capital market pipeline short-term gain -- short-term earnings gain, but rather raising long-term cash flow and NAV growth.

我們沒有興趣在這個動蕩的資本市場管道中擲骰子獲得短期收益——短期收益收益，而是提高長期現金流和資產淨值增長。

Beyond our significant organic acquisition machine, we are beginning to see the emergence of value-add opportunities.

除了我們重要的有機收購機器之外，我們開始看到增值機會的出現。

By definition, these transaction are not accretive to cash flow day 1 but they come at a significant discount on core real estate valuation metrics, such as price per door or price per foot, and will drive significant IRR and NAV growth.

根據定義，這些交易不會增加第一天的現金流量，但它們在核心房地產估值指標（例如每門價格或每英尺價格）上有顯著折扣，並將推動顯著的 IRR 和 NAV 增長。

We believe our acquisition of South Bay portfolio with Discovery that we closed subsequent to the quarter end fits in this bucket.

我們認為，我們在季度末結束後通過 Discovery 收購 South Bay 投資組合符合這一條件。

We are exploring a few opportunities in the medical office space in this category as well.

我們也在這一類別的醫療辦公空間中探索一些機會。

We're looking for the right opportunity, but we very much like the idea of what these assets can become in hands of Keith and team.

我們正在尋找合適的機會，但我們非常喜歡這些資產可以在 Keith 和團隊手中變成什麼樣子的想法。

In summary, we're very encouraged by accelerating prospect of both internal and external growth opportunities.

總之，我們對內部和外部增長機會的加速前景感到非常鼓舞。

This will be a very busy year for us on all fronts.

對我們來說，這將是各方面都非常忙碌的一年。

With that, I'll pass it on to John Goodey, our CFO.

有了這個，我會把它傳遞給我們的首席財務官 John Goodey。

John?

約翰？

Thank you, Shankh, and good morning, everyone.

謝謝你，Shankh，大家早上好。

It's my pleasure to provide you with the financial highlights of our first quarter 2019.

我很高興為您提供我們 2019 年第一季度的財務亮點。

As you have just heard from my colleagues, Q1 has been another successful and very active quarter for Welltower that our highlighting our differentiated portfolio and corporate capabilities.

正如您剛剛從我的同事那裡聽到的那樣，第一季度是 Welltower 的又一個成功且非常活躍的季度，我們強調了我們差異化的產品組合和企業能力。

During the quarter, we completed $367 million of gross investments, completing $259 million of high-quality acquisitions at a blended yield of 6.3% with twice that value already closed to date in Q2.

在本季度，我們完成了 3.67 億美元的總投資，完成了 2.59 億美元的高質量收購，混合收益率為 6.3%，而這一價值的兩倍已經在第二季度完成。

We also completed $612 million of dispositions in the quarter at a blended yield of 6.78%.

我們還在本季度完成了 6.12 億美元的處置，混合收益率為 6.78%。

In addition, we received $14 million in loan payoffs.

此外，我們還收到了 1400 萬美元的貸款還款。

Q1 was especially active for Welltower on the balance sheet and capital raising fronts.

第一季度 Welltower 在資產負債表和融資方面尤為活躍。

During the quarter, we successfully raised $538 million of gross proceeds from our common equity issuance via our DRIP and ATM programs at an average price of $74.69 per share.

本季度，我們通過 DRIP 和 ATM 計劃以每股 74.69 美元的平均價格從普通股發行中成功籌集了 5.38 億美元的總收益。

In addition, we elected to effect the mandatory conversion of all of outstanding 6.5% Series I Cumulative Convertible Perpetual Preferred Stock into common stock preferred.

此外，我們選擇將所有已發行的 6.5% I 系列累積可轉換永久優先股強制轉換為普通股優先股。

During the quarter, we successfully accessed the senior unsecured notes market, issuing an aggregate of $1.05 billion across 5- and 10-year tenants, using the proceeds to redeem an aggregate $1.05 billion of existing notes during 2019 and 2020.

本季度，我們成功進入高級無抵押票據市場，為 5 年期和 10 年期租戶發行了總計 10.5 億美元的票據，並使用所得款項在 2019 年和 2020 年期間贖回了總計 10.5 億美元的現有票據。

In doing so, we increased our average debt maturity profile by 6 months to 8.1 years at the quarter end.

通過這樣做，我們在本季度末將平均債務期限延長了 6 個月，達到 8.1 年。

Finally, we initiated up to $1 billion unsecured commercial paper program providing us with an alternative source of short-term financing.

最後，我們啟動了高達 10 億美元的無擔保商業票據計劃，為我們提供了另一種短期融資來源。

In summary, Welltower continues to enjoy excellent access to a plurality of capital sources to fund and pre-fund our acquisition pipeline and future growth opportunities.

總而言之，Welltower 繼續享有獲得多個資本來源的良好途徑，為我們的收購渠道和未來增長機會提供資金和預先融資。

Our Q1 2019 closing balance sheet position was strong, with $249 million of cash and equivalents and $2.6 billion of capacity under our primary unsecured credit facility.

我們 2019 年第一季度的期末資產負債表狀況良好，我們的主要無擔保信貸額度下有 2.49 億美元的現金和等價物以及 26 億美元的能力。

Our leverage metrics improved from last quarter, with net debt-to-adjusted EBITDA rolling to 5.47x.

我們的槓桿率指標比上一季度有所改善，調整後的 EBITDA 債務比率達到 5.47 倍。

Moving on to earnings.

繼續收益。

Today, we are able to report a normalized first quarter 2019 FFO result of $1.02 per share, representing growth of 3% over Q1 2018.

今天，我們能夠報告正常化的 2019 年第一季度 FFO 結果為每股 1.02 美元，比 2018 年第一季度增長 3%。

As in the past, we do not include one-off income items such as lease notification or loan repayment fees in our normalized numbers.

與過去一樣，我們的標準化數字中不包括一次性收入項目，例如租賃通知或貸款償還費用。

Our overall Q1 same-store NOI growth was an encouraging 3.1% for the quarter, with all our segments recording solid growth.

我們第一季度的整體同店 NOI 增長率為 3.1%，令人鼓舞，我們所有的細分市場都實現了穩健增長。

Senior Housing operating same-store NOI grew by 3.0% in the quarter, with the U.K. delivering a standout result.

Senior Housing 經營的同店 NOI 在本季度增長了 3.0%，其中英國取得了出色的成績。

Senior Housing triple-net grew by 4%, Outpatient medical grew by 3.3% and long-term post-acute grew by 3.2%.

老年住房三網增長 4%，門診醫療增長 3.3%，長期後急性增長 3.2%。

I'd now like to turn to our guidance for the full year 2019.

我現在想談談我們對 2019 年全年的指導。

We are reaffirming our expected normalized FFO range of $4.10 to $4.25 per share and our previously announced expected average blended same-store NOI growth of approximately 1.25% to 2.25%.

我們重申我們預期的標準化 FFO 範圍為每股 4.10 美元至 4.25 美元，我們之前宣布的預期平均混合同店 NOI 增長率約為 1.25% 至 2.25%。

This growth expected in all of our business segments.

我們所有業務部門都預計會出現這種增長。

We are also reaffirming our segmental guidance of Senior Housing operating, approximately 0.5% to 2%; Senior Housing triple-net, approximately 3% to 3.5%; outpatient medical, approximately 1.75% to 2.25%; health systems, approximately 1.375%; and long-term post-acute care approximately 2% to 2.5%.

我們還重申了我們對高級住房運營的細分指導，約為 0.5% 至 2%；高級住房三網合一，約3%至3.5%；門診醫療，約1.75%至2.25%；衛生系統，約 1.375%；和長期急性期後護理約佔 2% 至 2.5%。

As usual, our guidance includes only acquisitions and includes all disposals anticipated in 2019.

與往常一樣，我們的指導僅包括收購，並包括 2019 年預期的所有處置。

Finally, on May 28, 2019, Welltower will pay its 192nd consecutive cash dividend being $0.87 per share.

最後，在 2019 年 5 月 28 日，Welltower 將連續第 192 次支付每股 0.87 美元的現金股息。

This represents a current annualized dividend yield of approximately 4.8%.

這代表當前的年化股息收益率約為 4.8%。

With that, I'll hand back to Tom for final comments.

有了這個，我會交還給湯姆最後的意見。

Tom?

湯姆？

Thanks, John.

謝謝，約翰。

Now Nicole, please open up the line for Q&A.

Nicole，請打開問答熱線。

(Operator Instructions) The first question comes from the line of Daniel Bernstein with Capital One.

（操作員說明）第一個問題來自 Daniel Bernstein 與 Capital One 的對話。

Good quarter.

好季度。

Wanted to expand on the comments about value-add opportunities that you first opened up your comments with.

想要擴展您首先打開評論的關於增值機會的評論。

What sectors are you seeing that end?

你看到了哪些部門？

And maybe what is causing those opportunities to pop up?

也許是什麼導致這些機會突然出現？

Is that private equity pulling back?

私募股權正在撤退嗎？

Is it simply developers who have kind of hit the end of their line on their development funding and now need to go ahead and sell assets?

僅僅是開發商在他們的開發資金上達到了極限，現在需要繼續出售資產嗎？

Just want to kind of understand the kind of the scope and extent of that.

只是想了解一下它的範圍和程度。

Good question, Dan.

問得好，丹。

I'd say it's all of the above.

我想說的是以上所有。

We're seeing opportunities across all of the sectors that we have focused in historically.

我們在歷史上關注的所有領域都看到了機會。

And there are value-add opportunities we see outside of our portfolio, and we've talked about value-add opportunities we see inside the portfolio.

我們在投資組合之外看到了增值機會，我們已經討論了我們在投資組合中看到的增值機會。

Shankh, you want to expand on that?

Shankh，你想對此進行擴展嗎？

Yes, I think, Dan, you're right.

是的，我認為，丹，你是對的。

What happened is, if you think about -- we think about supply as it impacts operating portfolio, right, operating results.

發生的事情是，如果你考慮 - 我們考慮供應，因為它會影響運營組合，對，運營結果。

And also if you think about supply, you think about a lot of inventory that you can either acquire or inventory that people have built people who are not from this business.

而且，如果你考慮供應，你會想到很多你可以獲取的庫存，或者人們已經建立的庫存，而不是來自這個行業的人。

If you think about multi-family developers, people have never been into an operating business have built and now they can lease up, right?

如果你考慮多戶型開發商，人們從來沒有從事過經營業務，現在他們可以出租了，對吧？

So that's sort of the point, they are hitting a wall so you can buy these things at 40%, 50%, 60% occupancy at a very, very good price per door.

所以這就是重點，他們正在碰壁，所以你可以以每門非常非常優惠的價格以 40%、50%、60% 的入住率購買這些東西。

I'm talking of seniors housing, that segment.

我說的是老年人住房，那個部分。

And you can do very well with them.

你可以和他們一起做得很好。

On the medical office, there are few on par between.

在醫療辦公室，很少有人能與之相提並論。

As I said, we're looking at couple of opportunities that are great price per foot.

正如我所說，我們正在尋找一些每英尺價格都很高的機會。

And the ownership of some of these buildings either have changed their strategic objective or they just could not maintain a capital structure that will require ongoing investment like we do in our portfolio and great owners -- other great owners doing that portfolio.

其中一些建築物的所有權要么改變了他們的戰略目標，要么他們只是無法維持資本結構，這需要像我們在投資組合和偉大的所有者中所做的那樣進行持續投資——其他偉大的所有者也在做這個投資組合。

So we're seeing that more in seniors housing, but we have some significant opportunities in medical office as well.

所以我們在老年人住房中看到了更多，但我們在醫療辦公室也有一些重要的機會。

Okay.

好的。

Will those opportunities require significant amount of CapEx?

這些機會是否需要大量資本支出？

Or is it more of an operational improvement that needs to happen?

還是需要進行更多的運營改進？

Just trying to understand that.

只是想了解這一點。

I know it's not created from day 1. I'm just still trying to understand how much you need to put in?

我知道它不是從第一天起就創建的。我只是想了解您需要投入多少？

How long is that going to take?

這需要多長時間？

Yes.

是的。

So if you buy 60% leased Senior Housing portfolio, it's not going to be accretive day 1, we know that.

因此，如果您購買 60% 的租賃高級住房投資組合，第一天就不會增值，我們知道這一點。

Some of these assets are newly built, so you don't have to do anything.

其中一些資產是新建的，因此您無需執行任何操作。

Some of these assets are older that you need to bring in operational improvement and refresh the physical plant, so it can be both.

其中一些資產較舊，您需要改進運營並更新實體工廠，因此兩者都可以。

So if we do require -- some of these things require CapEx, that will be part of our underwriting, right?

因此，如果我們確實需要 - 其中一些需要資本支出，那將是我們承保的一部分，對嗎？

We're not going to think -- okay, if you think about what we did with the 4 Sunrise assets we bought from SNH, it was a great value-add opportunity.

我們不會去想——好吧，如果你想想我們對從 SNH 購買的 4 項 Sunrise 資產做了什麼，那是一個很好的增值機會。

We put capital, and we underwrote as a part of it.

我們投入資金，並作為其中的一部分進行承銷。

So it can be both.

所以兩者都可以。

We are seeing the one portfolio we did with Discovery, it's a newly-built portfolio.

我們看到了我們用 Discovery 做的一個投資組合，它是一個新建的投資組合。

So you don't have to put any CapEx in it, and we're seeing opportunities that we do.

所以你不必投入任何資本支出，我們看到了我們所做的機會。

We're seeing both.

我們都看到了。

And if the value-add is bringing in one of our operators into a, let's just say, less than optimally managed portfolio of Senior Housing assets, understand that that's not like flipping on a switch.

而且，如果增值是將我們的一家運營商帶入一個管理不善的高級住房資產組合，那麼請理解，這不像是打開開關。

It takes some time.

這需要一些時間。

There is always going to be some level of disruption.

總會有某種程度的中斷。

So that -- and we're seeing many opportunities like that where we're seeing assets, types of assets that Shankh was referring to or actually our operators are seeing assets in their markets that are struggling where they know that their management template could significantly turn the performance around.

所以 - 我們看到很多這樣的機會，我們看到資產，Shankh 所指的資產類型，或者實際上我們的運營商正在他們的市場中看到資產，這些資產在他們知道他們的管理模板可以顯著扭轉局面。

So it's coming from lots of different directions, Dan.

所以它來自許多不同的方向，丹。

Okay.

好的。

One more quick question, if I could.

如果可以的話，還有一個快速的問題。

Just wanted to ask about how you saw the flu impact in the season?

只是想問一下您如何看待本季流感的影響？

I know it's just a quarter and there's normal seasonality, but the flu season did start late.

我知道這只是一個季度，而且有正常的季節性，但流感季節確實開始得很晚。

It's ending late.

結束的晚了

How did that impact 1Q?

這對第一季度有何影響？

And how do you see that going through your same-store numbers as we get into the second quarter?

當我們進入第二季度時，您如何看待您的同店數字？

So I'll just start and then have -- Mercedes will add color to that.

所以我會開始然後 - 梅賽德斯會為此增添色彩。

So first is that we're very encouraged by, as I said, we're seeing in rate growth, occupancy growth as well as first time in the expense growth.

首先，正如我所說，我們看到了利率增長、入住率增長以及首次費用增長，這讓我們感到非常鼓舞。

So I would not characterize our first quarter results are driven by flu.

所以我不會說我們第一季度的業績是由流感驅動的。

Having said that, we have, as I said, we expect U.K. to normalize down and Canada to normalize up as we go through the year.

話雖如此，正如我所說，我們預計英國將正常化下行，加拿大將在我們度過這一年時正常化。

We have high hopes for rest of the year, as you have seen.

如您所見，我們對今年剩餘時間寄予厚望。

But Mercedes, you want to comment on flu?

但是梅賽德斯，你想對流感發表評論嗎？

Just on some specific there, I would say that it's been a slightly longer flu season that we traditionally see.

就那裡的一些具體情況而言，我會說這是一個我們傳統上看到的稍微長一點的流感季節。

Having said that, we haven't had any reports from any of our operators a particular impact that it's noteworthy.

話雖如此，我們還沒有從我們的任何運營商那裡收到任何值得注意的特別影響的報告。

Your next question comes from the line of Vikram Malhotra with Morgan Stanley.

你的下一個問題來自 Vikram Malhotra 與摩根士丹利的合作。

So Shankh, just wanted to -- I just want to get more color on sort of the value add.

所以 Shankh，只是想 - 我只是想在某種增值方面獲得更多色彩。

Not only product but just thinking about geography as well.

不僅是產品，而且還考慮地理。

Obviously, I know you focused more on micro markets and submarkets.

顯然，我知道你更關注微觀市場和子市場。

But as these opportunities come about, how do we think -- how should we think about sort of your focus on the traditional coastal markets that you have focused on versus maybe newer markets or newer opportunities in new markets?

但是隨著這些機會的出現，我們如何思考——我們應該如何考慮你對你所關注的傳統沿海市場的關注，而不是新市場或新市場中的新機會？

Yes, Vikram, it's a very good question.

是的，維克拉姆，這是一個很好的問題。

So we're seeing these opportunities across all markets.

因此，我們在所有市場都看到了這些機會。

As you know that we don't focus on just what the headline major MSA looks like.

如您所知，我們不僅僅關注主要 MSA 的標題。

We're focused on micro markets.

我們專注於微型市場。

We believe there are seniors that you need to take care of in every market, just needs to be the right price point.

我們相信每個市場都有您需要照顧的老年人，只需要有合適的價位即可。

And as you're getting into the investment, it's needs to be the right price per door.

當您開始投資時，每扇門的價格都需要合適。

So as you can see that even in a Michigan-Ohio portfolio in StoryPoint, we sold the assets at 19% unlevered IRR.

因此，正如您所見，即使在 StoryPoint 的密歇根-俄亥俄州投資組合中，我們也以 19% 的無槓桿 IRR 出售資產。

I want to repeat it's unlevered IRR.

我想重複一遍，這是無槓桿的 IRR。

So you can make significant amount of money if it's the right assets with the right basis with the right operator.

因此，如果它是具有正確基礎的正確運營商的正確資產，您可以賺取大量資金。

So no change of template across the U.S. we're seeing these kind of opportunities.

因此，美國各地的模板沒有變化。我們看到了這些機會。

We're seeing sort of emergence of certain opportunities in U.K. We're seeing certain emergence of opportunities in Canada.

我們在英國看到了某些機會的出現。我們在加拿大看到了某些機會的出現。

We're just -- we're interested in all 3 of our countries across all product.

我們只是 - 我們對所有產品的所有 3 個國家感興趣。

What I would add to that Vik is that when you see us go outside of the core coastal markets or the major metro markets in Canada and the U.K., it's very operator-specific.

我要補充的是，當你看到我們走出核心沿海市場或加拿大和英國的主要地鐵市場時，這是非常特定於運營商的。

We cannot underscore enough the operating excellence of companies like StoryPoint, who face tremendous competition from new supply and have outperformed consistently because of their focus on operations.

我們怎麼強調像 StoryPoint 這樣的公司的卓越運營都不為過，他們面臨來自新供應的巨大競爭，並且由於專注於運營而一直表現出色。

These are not real estate developers that are trying to participate in a what's considered a new-new sector of real estate.

這些不是試圖參與被認為是新的房地產領域的房地產開發商。

These are people that come from really the health or technology sectors, who have a differentiated product, again, in not first-year market and they performed consistently.

這些人來自真正的健康或技術領域，他們擁有差異化的產品，而不是第一年的市場，而且他們的表現始終如一。

That's who we align ourselves with.

這就是我們與自己保持一致的人。

Yes.

是的。

That makes sense.

這就說得通了。

And then just second question.

然後是第二個問題。

we've obviously seen you be fairly active on the MOB side, but maybe, Tom and Shankh, can you sort of remind us or update us, you've talked in the past about opportunities with health systems and sort of opportunities both that could be specific to health system that also touch Senior Housing?

我們顯然已經看到你們在 MOB 方面相當活躍，但也許，Tom 和 Shankh，你們能不能提醒我們或更新我們的情況，你們過去曾談到過衛生系統的機會以及可能的機會特定於也涉及高級住房的衛生系統？

So could you remind -- can maybe update us on what sort of opportunities you're seeing with health systems and tie that back to the ProMedica deal?

那麼你能否提醒一下——也許可以向我們更新你在衛生系統中看到的什麼樣的機會，並將其與 ProMedica 交易聯繫起來？

I'll just talk about the medical office aspect of your question, then Tom will add on the health system side.

我只談談你問題的醫療辦公室方面，然後湯姆會補充衛生系統方面的問題。

If you look at, we have seen, as we have described in last call of 18 months, really we have seen sort of a air pocket in that aspect, that part of the capital market where the cap rates have become more reasonable and we have done a lot of transactions.

如果你看看，我們已經看到，正如我們在 18 個月的最後一次電話會議中所描述的那樣，我們確實看到了這方面的某種氣穴，資本市場的那部分資本化率變得更加合理，我們有做了很多交易。

As we told you that we need to hit a give or take 7% unlevered IRR to do any transactions, so we're still seeing opportunities to do that.

正如我們告訴您的那樣，我們需要達到 7% 的無槓桿 IRR 才能進行任何交易，因此我們仍然看到了這樣做的機會。

And there are many ways to get there, but we're focused on unlevered, not levered returns.

實現這一目標的方法有很多，但我們關注的是無槓桿回報，而不是槓桿回報。

And if those pricing changes, then you'll see that we will get out of the market, again, like we have when 2 to 3 years prior to that.

如果這些定價發生變化，那麼你會看到我們將再次退出市場，就像我們在 2 到 3 年前所做的那樣。

Vik, what I'll say about health systems is that when I came here or I came into the CEO spot here 5 years ago, I came with a knowledge and relationships, not the large non-for-profit health systems.

Vik，關於衛生系統，我要說的是，當我 5 年前來到這里或擔任 CEO 職位時，我帶來了知識和關係，而不是大型非營利性衛生系統。

I have been engaging in that space over the last 5 years initially by myself and then I brought other people to the company, like Shankh and Mark Shaver, who have helped really develop the dialogue in relationship.

在過去的 5 年裡，我一直在從事這個領域，最初是我自己，然後我把其他人帶到了公司，比如 Shankh 和 Mark Shaver，他們幫助真正發展了關係中的對話。

And the one thing I'll tell you, as major health systems start to consider their futures, they are thinking much more outside of the acute care hospital space about where they will meet their customers.

我要告訴你的一件事是，隨著主要的衛生系統開始考慮他們的未來，他們正在考慮在急症護理醫院空間之外更多地考慮他們將在哪裡會見他們的客戶。

And I'm saying -- I said that word specifically, not necessarily patients because patients means that you are sick.

我是說——我特意說了這個詞，不一定是病人，因為病人意味著你生病了。

Where they will meet their customers as their models evolve more towards health and wellness of the population, rather treating sick people in acute care hospital beds, which is simply not sustainable.

隨著他們的模式朝著人們的健康和保健方向發展，他們將在哪裡與客戶會面，而不是在急症護理病床上治療病人，這根本是不可持續的。

So that is leading to multilevel discussions with major health systems.

因此，這導致了與主要衛生系統的多層次討論。

And what I can tell you is, it takes a lot of time to develop these relationships.

我可以告訴你的是，發展這些關係需要很多時間。

This does not happen overnight, and we're making very good progress.

這不是一蹴而就的，我們正在取得很好的進展。

Your next question comes from the line of Jordan Sadler with KeyBanc Capital.

您的下一個問題來自 Jordan Sadler 與 KeyBanc Capital 的合作。

Wanted to just start on the same-store performance, particularly relative to the guidance.

想從同店業績開始，特別是相對於指導。

It seems like you guys came in very strong, particularly relative to the guidance and particularly within the Senior Housing operating portfolio.

看來你們的表現非常強勁，尤其是在指導方面，尤其是在高級住房運營組合中。

Can you maybe just comment on sort of what the expectation is that's embedded in the rest of the year's performance for the overall portfolio but SHOP in particular?

您能否評論一下對今年剩餘時間整體投資組合（尤其是 SHOP）業績的預期？

Yes.

是的。

So as you know, by policy, we do not update segment-level guidance for the year.

如您所知，根據政策，我們不會更新當年的細分市場指南。

We're -- you're right, Jordan, that we're very excited about the same-store performance really in the SHOP, but also medical office also outperformed as well.

我們 - 你是對的，喬丹，我們對商店中的同店表現感到非常興奮，而且醫療辦公室也表現出色。

So we're excited about what the sort of the year will shape up, but it's too early to change overall same-store guidance.

因此，我們對今年的情況感到興奮，但現在改變整體同店指導還為時過早。

But just remember that we do not change segment-level guidance through the year.

但請記住，我們不會在全年更改細分級別的指導。

I was just going to say, is there something we should be looking at that will soften up the trajectory, like -- so in other words, you did 3% in the SHOP portfolio in the quarter versus your guide of 1.25%.

我只是想說，我們是否應該關註一些可以緩和軌蹟的東西，比如——換句話說，你在本季度的 SHOP 投資組合中做了 3%，而你的指導值為 1.25%。

But as I look out to the next 3 quarters, is there something either comp-wise on the revenue or expense line item that should cause a meaningful slowdown that I may not be focused on?

但當我展望接下來的 3 個季度時，在收入或支出項目中是否有什麼東西應該導致我可能沒有關注的有意義的放緩？

No, I'm not going to comment on that.

不，我不會對此發表評論。

That will be giving you guidance.

那會給你指導。

I would say that we are just focused on different 3 countries.

我會說我們只關註三個不同的國家。

I expect U.K. will normalize down, Canada will normalize up and I expect continued and very, very encouraged by the U.S. performance.

我預計英國將正常化，加拿大將正常化，我預計美國的表現將繼續並且非常非常鼓舞。

Just focus on what I said on sequential basis, right?

只需按順序關注我所說的內容，對嗎？

First time in 5 years, we saw RevPAR growth that outpaced [ComPAR] growth, right?

5 年來第一次，我們看到 RevPAR 增長超過 [ComPAR] 增長，對嗎？

If you just think about that, what that does for the P&L rest of the year, I'll leave you to that math, but I'll just say, answer to your question, and I don't see anything that dramatically slows down the performance of the SHOP portfolio, except the U.K. and U.K. dynamics that I just described.

如果你只是想一想，這對今年剩餘時間的損益有何影響，我會留給你做數學題，但我只想說，回答你的問題，我沒有看到任何顯著減慢的事情SHOP 投資組合的表現，除了我剛才描述的英國和英國動態。

Okay.

好的。

That's helpful.

這很有幫助。

And then could you maybe just talk about the character of the StoryPoint buyer, so we get an idea of who is out there chasing assets like this?

然後你能不能談談 StoryPoint 買家的性格，這樣我們就能知道誰在外面追逐這樣的資產？

I can't because of NDA, but I can tell you that everybody and anybody.

我不能因為 NDA，但我可以告訴你每個人和任何人。

We're in the public markets focused that we know when -- many participants are focused and when their business exactly turns, which quarter, which year, private buyers or not.

我們在公開市場上專注於我們知道什麼時候 - 許多參與者都專注於他們的業務何時準確轉向，哪個季度，哪一年，私人買家與否。

They are seeing a multiyear trend that's coming and people are excited to deploy capital.

他們看到了即將到來的多年趨勢，人們很高興部署資本。

So from private equity to all the institutional investors that you're seeing, everybody is interested in the asset class, but this is, obviously, there's an operating for the business.

因此，從私募股權到您看到的所有機構投資者，每個人都對資產類別感興趣，但這顯然是一項業務運營。

So people are trying to partner with the right types of operating partners or people like us.

因此，人們正在嘗試與合適類型的運營夥伴或像我們這樣的人合作。

Okay.

好的。

My last one is just regarding the provision you took in the quarter.

我的最後一個只是關於你在本季度採取的規定。

Is that something based on something that's already happened, I just was confused by the footnote, it's $18.7 million charge related to a plan restructuring of Seniors Housing triple-net?

這是基於已經發生的事情嗎，我只是被腳註弄糊塗了，這是與老年人住房三網計劃重組相關的 1870 萬美元費用？

Is this on that new world...

這是在那個新世界...

Jordan, this is John.

喬丹，這是約翰。

Is that exhibit -- you're looking at the Exhibit 2?

那是展覽——您正在看展覽 2 嗎？

Normalizing adjustment, yes, correct.

歸一化調整，是的，正確的。

Yes, I mean, that was taken provision for a loan loss on restructuring a couple of triple-nets' buildings or special type of entities.

是的，我的意思是，這是為重組幾個三網建築或特殊類型實體的貸款損失準備的。

That was -- yes, that occurred barring the quarter, and there was no income impact.

那是 - 是的，那發生在本季度之外，並且沒有收入影響。

No restructuring was felt during the quarter.

本季度沒有感覺到重組。

Okay.

好的。

So that was just another -- like a conversion when you say restructuring.

所以那隻是另一個 - 就像你說重組時的轉換。

No, this is a provision.

不，這是規定。

This is a provision, in case, something happens, right.

這是一個規定，以防萬一，對吧。

So this is a provision, not loss.

所以這是一項準備金，而不是損失。

It's provision against the loan that we provide before a non-full recovery, and we did not recognize interest income on that loan in the quarter.

這是我們在未完全恢復之前提供的貸款準備金，我們在本季度沒有確認該貸款的利息收入。

Your next question comes from the line of Chad Vanacore with Stifel.

您的下一個問題來自 Stifel 的 Chad Vanacore 系列。

Since we touched on StoryPoint a couple of times, it looks like you sold the triple-net portfolio, but you actually expanded your RIDEA relationship there.

由於我們多次提到 StoryPoint，看起來你賣掉了三網投資組合，但實際上你在那裡擴展了你的 RIDEA 關係。

So could you tell us what was the coverage on a triple-net portfolio?

那麼你能告訴我們三網投資組合的覆蓋範圍是多少嗎？

And then who are the rationale behind selling it to the operator on purchase option?

那麼在購買選項上將其出售給運營商的理由是誰？

Did you want to reduce Michigan exposure or do something else there?

你想減少密歇根的曝光率還是在那裡做些其他的事情？

Yes.

是的。

So we did not expand on RIDEA portfolio.

所以我們沒有擴展 RIDEA 產品組合。

We created a new RIDEA joint venture.

我們創建了一家新的 RIDEA 合資企業。

All right.

好的。

Thanks for the clarification.

感謝您的澄清。

So that's sort of first one.

所以這是第一個。

Second is, the coverage was almost 1.7x.

其次，覆蓋率幾乎是 1.7 倍。

The reason to sell the operator -- those particular assets is what I told you in my prepared remarks.

出售運營商的原因——那些特定資產是我在準備好的評論中告訴你的。

If you can hit 20-plus years billing old buildings, you can hit a 4.6% yield to get to a 19% unlevered IRR; you do that all day.

如果您可以使用 20 多年的舊建築，則可以達到 4.6% 的收益率，從而達到 19% 的無槓桿 IRR；你整天都這樣做。

Every asset is for sell at a price.

每項資產都以一定價格出售。

So we sold the assets because we thought we got the fantastic value.

所以我們賣掉了這些資產，因為我們認為我們獲得了驚人的價值。

There's nothing to do with the..

跟..沒關係

Did you go to the operator?

你去找接線員了嗎？

Did the operator come to you?

接線員來找你了嗎？

No.

不。

We got an unsolicited offer.

我們收到了一份未經請求的報價。

Okay.

好的。

All right.

好的。

And then just thinking about the SHOP portfolio, you got Brookdale assets.

然後只要考慮 SHOP 投資組合，你就會得到 Brookdale 資產。

Looks like you transitioned about 18 of those.

看起來你過渡了其中的大約 18 個。

What's the expectation of performance there?

對那裡的表現有什麼期望？

What's left you also transition there?

還剩下什麼你也在那裡過渡？

Yes.

是的。

So I'm glad you asked that question.

所以我很高興你問了這個問題。

Our same-store pool has -- for SHOP portfolio has not changed.

我們的同店池有——因為 SHOP 組合沒有改變。

It was 473 assets, it is still 473 assets.

它是 473 資產，它仍然是 473 資產。

The total number of SHOP assets changed to 599.

SHOP資產總數變更為599個。

Why?

為什麼？

Because the restructuring of Brookdale that we talked about last summer got done -- finally got done some of the assets in California and other places this quarter.

因為我們去年夏天談到的 Brookdale 重組已經完成 - 本季度終於完成了加利福尼亞和其他地方的一些資產。

So you saw those transition from Brookdale to Pegasus happened this quarter actually onto 1, so that changed the overall number of SHOP assets, but I want to reemphasize again that our same-store pools that did not change.

所以你看到從 Brookdale 到 Pegasus 的轉變實際上發生在本季度到 1，所以這改變了 SHOP 資產的總數，但我想再次強調我們的同店池沒有改變。

What is the expectation?

期望是什麼？

We told you that we're pretty happy when we did the Brookdale transition.

我們告訴過你，當我們完成 Brookdale 過渡時，我們非常高興。

We transitioned the assets, so that we have good coverage, right?

我們轉移了資產，所以我們有很好的覆蓋範圍，對吧？

Our EBITDA coverage for the Brookdale asset is 0x 1.3x, right?

我們對 Brookdale 資產的 EBITDA 覆蓋率是 0x 1.3x，對嗎？

Having said that, is it -- I don't want to talk about specifically about Brookdale, any assets we have an operating portfolio, just think about it, just our RIDEA portfolio has 23 operators.

話雖如此——我不想具體談論 Brookdale，我們擁有運營組合的任何資產，想想看，我們的 RIDEA 組合就有 23 家運營商。

Our triple-net portfolio has several operators.

我們的三網組合有多個運營商。

There are assets that can be maximized, the value can be maximized in different operators.

有資產可以最大化，價值可以在不同的運營商中最大化。

So we have plans for every one of these assets, and I went through this in detail 2 quarters ago, how we think about it, how we look at it.

因此，我們對這些資產中的每一項都有計劃，我在兩個季度前詳細介紹了這一點，我們如何看待它，我們如何看待它。

We're more than happy to transition any of these assets for you, too.

我們也非常樂意為您轉換任何這些資產。

If Brookdale is now about 2.5% of our total operating -- our total income, so it is very, very manageable, the assets cover.

如果 Brookdale 現在約占我們總營業收入的 2.5%——我們的總收入，那麼它非常、非常易於管理，資產覆蓋。

And we think that Brookdale, under the current leadership, is turning the business around.

我們認為，在目前的領導下，Brookdale 正在扭轉業務局面。

If not, we have other operators to transition the assets, too, as we have done USC last year.

如果沒有，我們也有其他運營商來轉移資產，就像我們去年所做的 USC 一樣。

Chad, we had more buildings from the transition portfolio to transition from Brookdale to other operators, and we expect that to be done over the next 2 quarters.

乍得，我們有更多的建築物從過渡組合中過渡到從 Brookdale 到其他運營商的過渡，我們預計這將在接下來的兩個季度內完成。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

And then just one more question on there, which is -- it's in more building.

然後還有一個問題，那就是——它在更多的建築中。

Is that outside of -- you had a restructuring agreement I think that's about $5 million or so of rent.

那是不是——你有一份重組協議，我認為這大約是 500 萬美元左右的租金。

Is that outside that?

那是在外面嗎？

And then when would you expect that to be affected?

然後你預計什麼時候會受到影響？

That is -- so these are still part of the original restructured plan.

也就是說 - 所以這些仍然是原始重組計劃的一部分。

There's been no further asset at that sense, the original transaction.

從這個意義上說，沒有進一步的資產，即原始交易。

So it's just a matter of -- we gave that as kind of the pro forma when fully transitioned, what the difference in income would be and assets -- just 10 assets from that originally described transaction.

所以這只是一個問題——我們在完全過渡時將其作為一種備考，收入和資產的差異是什麼——最初描述的交易中只有 10 項資產。

All right.

好的。

Then I just want to take one more question, which is, labor cost look like they were down quarter-over-quarter in SHOP.

然後我只想再問一個問題，那就是勞動力成本看起來在 SHOP 中環比下降。

That seems to be obvious that rest of the Senior Housing market is seeing.

這似乎很明顯，其餘的高級住房市場正在看到。

So what was the contributor there?

那麼那裡的貢獻者是什麼？

And then what's the expectations going forward through '19?

然後對 19 年的期望是什麼？

Labor cost is not down, Chad.

乍得，勞動力成本沒有下降。

Labor cost is up significantly.

勞動力成本大幅上升。

That trajectory for the first time we saw is on the med.

我們第一次看到的軌跡是在醫學上。

So if you look at what I talked about that if you -- in the first quarter sequentially...

所以如果你看看我所說的，如果你 - 在第一季度依次......

Wait, Shank, 1 second there.

等等，Shank，1 秒鐘。

OpEx from last quarter to this quarter, it looks like it was up like 0.4%, which is flattish, right?

OpEx 從上一季度到本季度，看起來上漲了 0.4%，這很平淡，對吧？

And...

和...

Yes.

是的。

And that probably shouldn't be the expectation there going forward, right?

這可能不應該是對未來的期望，對吧？

I'm sorry, I don't understand the question.

對不起，我不明白這個問題。

Our unit, occupied unit, the labor cost is up 2.8% sequentially quarter-over-quarter.

我們的單位，佔用單位，勞動力成本環比上漲 2.8%。

Okay.

好的。

And the rate is 3.3% -- you understand what I'm saying.

利率是 3.3%——你明白我在說什麼。

Labor cost is still up significantly year-over-year.

勞動力成本同比仍大幅上漲。

I'm talking about...

我說的是...

Should we expect, you've got rate going up much higher than OpEx and...

我們應該期望，您的利率比 OpEx 高得多，並且......

Not much higher.

高不了多少。

Let's just be dramatic.

讓我們來點戲劇性的吧。

That's a pretty good portion of a growth right there.

那是那裡增長的很大一部分。

First time in 5 years, we got a positive spread, I'll take it, but just let's not be dramatic.

5 年來第一次，我們得到了積極的傳播，我會接受，但我們不要太戲劇化。

It's just 50 basis points, but look, as we talked about labor cost has been increasing in our portfolio 5-plus percent on a occupied room basis for the last 5-plus years.

這只是 50 個基點，但看，在過去 5 年多的時間裡，我們談到的勞動力成本在我們的投資組合中以佔用房間為基礎增加了 5% 以上。

I mean, now you see in the market -- I'll give you an example, let's just talk about New Jersey where labor cost is a problem.

我的意思是，現在你在市場上看到——我給你舉個例子，讓我們談談新澤西州，那裡的勞動力成本是個問題。

New Jersey is not slated to be $15 market until 2021.

到 2021 年，新澤西州的市價不會達到 15 美元。

If you look at our portfolio across the board, it's $15-plus today.

如果您全面查看我們的投資組合，今天的價格超過 15 美元。

So maybe the regulatory side in many aspects hasn't changed, but the actual labor market because of competition has already moved there because that I talked about some of the regulatory-driven change, which is $15 move to the $15 for -- let's talk about California.

所以也許很多方面的監管方面沒有改變，但由於競爭，實際的勞動力市場已經轉移到那裡，因為我談到了一些監管驅動的變化，即 15 美元到 15 美元——讓我們談談關於加州。

L.A. has hit $15 last summer.

洛杉磯去年夏天達到了 15 美元。

San Francisco has hit $15 last summer.

舊金山去年夏天達到了 15 美元。

L.A. is doing that this summer.

洛杉磯今年夏天正在這樣做。

So after that, you're going to get more of a market driven increase rather than just a big move from $11 to $15, which on a percentage basis is a big number.

所以在那之後，你將獲得更多的市場驅動的增長，而不僅僅是從 11 美元到 15 美元的大幅上漲，這在百分比基礎上是一個很大的數字。

So I'm not suggesting the labor cost is not going to be a problem, all I'm saying is I'm happy that finally the curve has been on the mend for the first time.

所以我並不是說勞動力成本不會成為問題，我只是說我很高興曲線終於第一次出現好轉。

Too early to comment whether that continues or not.

評論這種情況是否繼續還為時過早。

All right.

好的。

So fair to say, good quarter on that side of the expenses, but maybe change is going forward.

可以這麼說，在支出方面的好季度，但也許變化正在向前發展。

We'll see.

我們拭目以待。

Your next question comes from the line of John Kim with BMO Capital Markets.

你的下一個問題來自 BMO Capital Markets 的 John Kim。

The occupancy gap between Senior Housing triple-net and SHOP has widened over the past year.

Senior Housing triple-net 和 SHOP 之間的入住率差距在過去一年中有所擴大。

I think a year ago, it was basically the same.

我想一年前，基本上是一樣的。

And I'm wondering if this is a reflection of the quality difference between the 2 portfolios, their difference in CapEx spends?

我想知道這是否反映了兩個投資組合之間的質量差異，即它們在資本支出方面的差異？

And what do you think happens as the year progresses?

隨著時間的推移，你認為會發生什麼？

So look, I mean, we have our SHOP portfolio in bigger markets in better locations.

所以看，我的意思是，我們在更大的市場和更好的位置擁有我們的 SHOP 產品組合。

Generally, that's true.

一般來說，這是真的。

And we also have some really good operators in the triple-net portfolio, right?

我們在三網組合中也有一些非常好的運營商，對吧？

We talked about different operators over a period of time.

我們在一段時間內討論了不同的運營商。

I think it's just different -- if you think about a recovery, this is fundamentally a local business.

我認為這只是不同——如果你考慮復甦，這基本上是一個本地企業。

Different parts of the country is participating in the recovery in different times.

該國不同地區在不同時期參與復蘇。

So I wouldn't suggest there's fundamentally something different about Senior Housing business.

所以我不認為高級住房業務有根本的不同。

We're encouraged by the first quarter results, but this is not get the time to take a victory lap.

我們對第一季度的結果感到鼓舞，但現在還沒有時間慶祝勝利。

But we do think, if you think about a longer period of time, we think that you will see improvement in both sides of the house.

但我們確實認為，如果你考慮更長的時間，我們認為你會看到房子兩邊都有改善。

Okay.

好的。

And then on the supply in a 3- and 5-mile ring around your assets, I know that's not really how you look at it, but it has increased sequentially.

然後在你的資產周圍 3 英里和 5 英里的供應範圍內，我知道你並不是這樣看的，但它已經連續增加了。

And I'm just wondering how much of a headwind do you think this will be this year, given you have maintained your guidance for the year?

我只是想知道你認為今年會有多大的逆風，因為你一直保持著今年的指導方針？

I think your question has the answer, John.

我想你的問題已經有了答案，約翰。

That's not how we look at it.

我們不是這樣看的。

We gave you how we look at it, which is adjusted competition unit and yet-to-open SHOP.

我們給大家介紹一下我們是怎麼看的，就是調整後的比賽單元和還未開放的SHOP。

And we described that we expect roughly 15% to 20% reduction this year and walked you through the details of that on Investor Day; we still expect that.

我們描述了我們預計今年將減少大約 15% 到 20%，並在投資者日向您介紹了詳細信息；我們仍然期待這一點。

Now what happens is, delays happen some '18 flows into '19 and then '19 flows into '20.

現在發生的事情是，延遲發生一些'18 流入'19，然後'19 流入'20。

So obviously, all of these things can be stretched out, but as you can see from our results, the thesis that we had directionally is playing off.

很明顯，所有這些事情都可以延伸，但正如你從我們的結果中看到的那樣，我們的定向論點正在發揮作用。

But does that of level of supply increase surprise you just given it seems like it's impacting your markets more than the national average?

但是，鑑於它似乎對您的市場的影響超過全國平均水平，供應水平的增加是否讓您感到驚訝？

We -- again, we don't look at it that way The way we look at it, it's actually down, which is on ACU and yet-to-open way.

我們 - 再說一次，我們不會那樣看我們看待它的方式，它實際上已經下降，它在 ACU 上並且尚未開放。

We're not surprised.

我們並不感到驚訝。

Your next question comes from the line of Karin Ford with MUFG Securities.

你的下一個問題來自三菱日聯證券的 Karin Ford。

Appreciated your decision to over-equitize the balance sheet again this quarter and keep your powder dry.

感謝您決定在本季度再次將資產負債表過度證券化並保持火藥幹。

Just was wondering if the capital markets stay open, will you continue this strategy?

只是想知道如果資本市場保持開放，你會繼續這個策略嗎？

And how do you expect leverage to trend over the balance of the year?

您如何看待今年餘下時間的槓桿趨勢？

Yes, Karin on the -- I'll take the leverage side first.

是的，卡琳 - 我會先考慮槓桿方面。

So during our Investor Day, we talked about keeping leverage flat throughout the year.

因此，在我們的投資者日期間，我們討論了全年保持槓桿率不變的問題。

You've, obviously, taken it down significantly.

顯然，您已經大大降低了它。

As a just quick note on that, at the time of the Investor Day, we spoke about that EBITDA perspective.

作為一個簡短的說明，在投資者日的時候，我們談到了 EBITDA 的觀點。

And as it was not part of our plan to convert our preferreds in the first quarter, given where our stock was trading.

鑑於我們的股票交易地點，這不是我們在第一季度轉換優先股計劃的一部分。

We were given the opportunity to force a conversion on those and we did.

我們有機會強迫那些人皈依，我們做到了。

So we now expect our leverage on a duck plus preferred basis to come down significantly during the year, as it already has.

因此，我們現在預計我們在鴨子加優先基礎上的槓桿率將在年內顯著下降，就像已經發生的那樣。

Karin, I'll just add to that.

卡琳，我只是補充一下。

You think about the impact when you actually raise capital, whether through disposition or ATM versus you close an acquisition, there's a gap because -- not because we did not know what we'll do with the capital, but because it takes time, right?

你想想當你實際籌集資金時的影響，無論是通過處置還是 ATM 與你完成收購，存在差距，因為 - 不是因為我們不知道我們將如何處理資本，而是因為它需要時間，對吧？

So we generally think about match fund when we sign the PSA, but you think about there's diligence after that.

所以我們通常在簽署 PSA 時考慮配套資金，但您會考慮之後的盡職調查。

And if you think about a medical office building, you have to think about a ROFR process, which a health system is on the side of.

如果你考慮醫療辦公大樓，你必須考慮 ROFR 流程，衛生系統就在其中。

They don't respond in 7 days because we like to close the deal.

他們不會在 7 天內回复，因為我們希望完成交易。

On the Senior Housing side, you have to think about -- just look at some of the (inaudible) transactions, in California, it takes 6, 9 months to -- for you to get the license transferred.

在老年住房方面，你必須考慮——只要看看一些（聽不清）交易，在加利福尼亞，你需要 6、9 個月——才能獲得許可證轉讓。

So these are the reasons that things change.

所以這些就是事情發生變化的原因。

We're not looking at our -- either a stock or an asset to say, "That's a pretty good level, let's just do that." We're doing a match 1 basis that difference the timing comes from all these things that are just part of life if you do real estate transactions, which I hope that helps you to understand.

我們不會看著我們的股票或資產說，“這是一個相當不錯的水平，我們就這樣做吧。”我們正在做一個匹配 1 的基礎，如果您進行房地產交易，那麼不同的時間來自所有這些只是生活的一部分的事情，我希望這能幫助您理解。

We do match fund.

我們做配套基金。

We're not looking at our stock.

我們不看我們的股票。

We're not looking at a price of an asset and say, "That looks pretty good, let's just do it," right?

我們不會看著資產的價格然後說，“看起來不錯，我們就去做吧，”對吧？

We are match funding, but when you sell a stock on a given day, you got the money that day.

我們是匹配資金，但是當你在某一天賣出一隻股票時，你那天就拿到了錢。

When you got the license, ultimately, in California to transfer to close a deal I'd probably take 6 months.

當你最終在加利福尼亞州獲得許可證以完成交易時，我可能需要 6 個月的時間。

We're not going to roll the dice to think where the capital markets will be 6 months from now.

我們不會擲骰子去思考 6 個月後資本市場將走向何方。

Karin, just to finish that, we expect leverage to come back up as we close on our under contract pipeline not more than expected.

Karin，為了完成這一點，我們預計在我們關閉合同管道時槓桿率會回升，不超過預期。

And then on ATM, as Shankh said, we've got nothing planned as of now.

然後在 ATM 上，正如 Shankh 所說，我們目前還沒有任何計劃。

You should expect us to continue to match fund as we see opportunities, and we're very optimistic in that front right now.

你應該期望我們在看到機會時繼續匹配基金，我們現在在這方面非常樂觀。

Understood now.

現在明白了。

That's helpful.

這很有幫助。

The second question is on ProMedica HCR continuing integration.

第二個問題是關於 ProMedica HCR 的持續整合。

I think you said on your comments that you're happy with the way that's going.

我想你在評論中說過你對目前的發展方式感到滿意。

Can you give us any metrics on that front?

你能給我們這方面的任何指標嗎？

Can you talk about what trends are in occupancy, margin or synergies just to flesh that out a little bit?

你能談談入住率、利潤率或協同效應的趨勢嗎？

Well, I think you heard about many of those on our Investor Day directly from Randy and Steve.

好吧，我想你在我們的投資者日上直接從蘭迪和史蒂夫那裡聽說了很多。

So I'm not going to get into too much.

所以我不打算過多討論。

I was trying not to do it.

我試圖不這樣做。

I'll just give you one, so that you're happy that your question was answered.

我會給你一個，這樣你就很高興你的問題得到了回答。

We're looking at occupancy, both on the skill side as well as on the art and code side, which is the Senior Housing part of ProMedica deal occupancy of in both sides of the house.

我們正在關注技能方面以及藝術和代碼方面的入住率，這是 ProMedica 交易的高級住房部分，在房子的兩邊。

And skilled, it's up 100-plus basis points.

熟練的，它上升了 100 多個基點。

And it's in the Senior Housing side, it's close to that, but less than 100 basis points, but I'll just leave it at that.

在高級住房方面，它接近於此，但不到 100 個基點，但我將保留它。

And these things take time, and we're focused on what the long term looks like, but we're happy, very happy with how the short term has played out, whether that's on the reimbursement side or on the cost side, on the synergy side.

這些事情需要時間，我們關注的是長期的情況，但我們對短期的結果感到高興，非常高興，無論是在報銷方面還是在成本方面，在協同方面。

So we're excited about it.

所以我們對此感到興奮。

And obviously, as you know, the part of our thesis was these assets we bought at a very, very low basis, that was capital start.

很明顯，正如你所知，我們論文的一部分是我們以非常非常低的基礎購買的這些資產，即資本啟動。

And I touched on that, that finally that program -- it takes time to do these things.

我最後提到了那個程序——做這些事情需要時間。

Finally, that program is on the way.

最後，該計劃正在進行中。

We have 45 assets or so.

我們有 45 項左右的資產。

Actually, really -- exactly 45 assets to go through that program in next 2 to 4 months.

實際上，真的 - 在接下來的 2 到 4 個月內將有 45 項資產通過該計劃。

So very, very excited what will happen.

非常非常興奮會發生什麼。

And some of them are complete reno, some of them are touch ups, (inaudible), some of them are in between.

其中有些是完整的里諾，有些是修飾，（聽不清），有些介於兩者之間。

So it's just going through a whole series of renovation program, both on the skill side as well as on the Senior Housing side.

因此，它正在經歷一系列的翻新計劃，包括技能方面和高級住房方面。

Your next question comes from the line of Lukas Hartwich with Green Street Advisors,

你的下一個問題來自 Lukas Hartwich 與 Green Street Advisors 的合作，

Just a quick one for me.

對我來說只是一個快速的。

On the StoryPoint sale, was there a near-term rent reset or something like that, that explains the low cap rate?

在 StoryPoint 銷售中，是否有近期租金重置或類似情況，這可以解釋低上限率？

No.

不。

It doesn't.

它沒有。

Your next question comes from the line of Michael Carroll with RBC Capital Markets.

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

I wanted to touch on the long-term post-acute coverage ratios.

我想談談長期的急性後覆蓋率。

And Shankh, I believe you mentioned that the sequential drop related to the LTPAC, which is a small part of the portfolio.

Shankh，我相信你提到了與 LTPAC 相關的順序下降，它只是投資組合的一小部分。

Can you kind of go through what's actually happening with those LTPAC?

您能否介紹一下 LTPAC 的實際情況？

And it seems like it had be a pretty big drop to impact coverage that much.

看來影響覆蓋面的幅度很大。

Because you can see what's happening in the LTPAC industry that would suggest that you were right about your assumption.

因為您可以看到 LTPAC 行業正在發生的事情，這表明您的假設是正確的。

So what's the plan with LTPAC?

那麼 LTPAC 的計劃是什麼？

Is that something which you guys going to have to address here in the near term?

這是你們近期必須在這裡解決的問題嗎？

Or do you expect that they have something that they pull to help improve the results?

或者您是否期望他們有一些可以幫助改善結果的東西？

Or what's the outlook with that part of the portfolio?

或者這部分投資組合的前景如何？

Well, early to comment on that, but as we know that we are -- it's a very, very small part of our portfolio, right?

好吧，很早就對此發表評論，但據我們所知 - 這是我們投資組合中非常非常小的一部分，對吧？

We own a handful of assets.

我們擁有少量資產。

We look at everything from a profile-return perspective.

我們從個人資料回報的角度看待一切。

And if we have to adjust, we'll adjust.

如果我們必須調整，我們會調整。

But I just want to remind you again that it is a very, very small part of our portfolio.

但我只想再次提醒你，它只是我們投資組合中非常非常小的一部分。

That's why I wanted to have the differentiation.

這就是為什麼我想要差異化。

Secured is now less than 10% of our overall cash flow from a value perspective is much lower than that, but 10% -- less than 10% of our cash flow.

從價值的角度來看，有擔保現在不到我們整體現金流量的 10%，遠低於此，但 10%——不到我們現金流量的 10%。

Primarily that is skilled nursing -- skilled-nursing-license businesses, which means also Genesis Rehab, short stay, which is technically skilled nursing, but obviously a completely different business, but also traditional-skilled nursing.

主要是熟練護理——熟練護理執照企業，這也意味著 Genesis Rehab，短期停留，這是技術熟練的護理，但顯然是完全不同的業務，但也是傳統的熟練護理。

That's primarily what that bucket is.

這主要是那個桶。

But the handful of LTPACs that we own, we're thinking about how to maximize value there.

但是我們擁有的少數 LTPAC，我們正在考慮如何在那裡實現價值最大化。

Okay.

好的。

Great.

偉大的。

And then just touch on my last question on the value-add projects that you're looking at.

然後再談談我關於您正在查看的增值項目的最後一個問題。

What size of the pipeline does value-add represent right now?

增值目前代表的管道規模有多大？

I couldn't even tell you what the pipeline size looks like.

我什至不能告訴你管道的尺寸是什麼樣的。

We guys don't do business that way.

我們不以這種方式做生意。

So everything is a function of total return.

所以一切都是總回報的函數。

And if we see opportunities, that great, we'll do it.

如果我們看到機會，那太好了，我們就會去做。

If that 100% of the pipeline or 5% of the pipeline, that is -- we're not trying to sort of put those things in the bucket.

如果 100% 的管道或 5% 的管道，也就是說——我們不會試圖將這些東西放入桶中。

Your next question comes from the line of Nick Yulico with Scotiabank.

你的下一個問題來自豐業銀行的 Nick Yulico。

I just want to go back to the SHOP same-store pools, just a clarification.

我只想回到SHOP同店池，只是澄清一下。

I think you said the pool did not change this quarter versus the fourth quarter.

我想你說過本季度與第四季度相比池沒有變化。

Is that right?

是對的嗎？

Yes.

是的。

I did.

我做到了。

Okay.

好的。

So what I'm confused about it and if I look at the supplemental, why do the numbers change now versus the fourth quarter in terms of revenue and expenses for that pool?

那麼我對此感到困惑的是，如果我查看補充文件，為什麼現在的數字與第四季度相比在該池的收入和支出方面發生了變化？

I'm not sure I understand the question because there was...

我不確定我是否理解這個問題，因為有...

It's a different quarter.

這是一個不同的季度。

No.

不。

I just mean if you look at the historical results of the same-store pool in the fourth quarter supplemental versus in this supplemental, those numbers are different.

我的意思是，如果您查看第四季度補充與本補充中同店池的歷史結果，這些數字是不同的。

The revenue, the expenses and some NOI.

收入、支出和一些 NOI。

And so I'm just wondering if there was a change in accounting or if there is something else?

所以我只是想知道會計方面是否發生了變化，或者是否還有其他原因？

If this is -- since this is supposed to be the same, I guess, the same pool.

如果這是——因為這應該是相同的，我猜是同一個池。

It looks a little strange.

看起來有點奇怪。

There was no change in accounting.

會計沒有變化。

They are exactly the same, 473 assets.

它們完全相同，473 項資產。

The only thing you have to think about the change is FX.

您唯一需要考慮的變化是 FX。

Remember, we own assets outside the United States.

請記住，我們在美國境外擁有資產。

But Nick, you do raise a very important question that just sort of I hear a lot of noise in recent months about our same-store policy and our same store -- and there's just a lot of wasted time on it.

但是尼克，你確實提出了一個非常重要的問題，最近幾個月我聽到了很多關於我們的同店政策和我們同店的聲音——而且在這上面浪費了很多時間。

So I would like John to address that question.

所以我希望約翰解決這個問題。

John?

約翰？

Yes.

是的。

Certainly.

當然。

And I think Nick, we essentially disclose 2 same-store parameters.

我認為尼克，我們基本上公開了 2 個同店參數。

One is the one that we spent a lot of time talking about our non-GAAP for supplemental disclosure facts is essentially our economic participation in those same-store buildings.

一個是我們花了很多時間談論我們的非 GAAP 補充披露事實，本質上是我們對那些同店建築的經濟參與。

What do I mean by that?

那是什麼意思？

I mean that it is prorated for our ownership position, as you know, with our 23 RIDEA partners.

我的意思是，正如您所知，它與我們的 23 個 RIDEA 合作夥伴按比例分配。

We often have joint venturing agreement.

我們經常有合資協議。

So another 100% owner of those buildings, and therefore, not 100% owner of the income stream.

因此，這些建築物的另一個 100% 所有者，因此，不是收入流的 100% 所有者。

Whereas, for our GAAP disclosure, we are required also GAAP to do a consolidated view.

然而，對於我們的 GAAP 披露，我們還需要 GAAP 做出綜合觀點。

So we have to take all of the buildings where we have greater than 50% ownership consolidated and then report that on a 100% basis.

因此，我們必須合併我們擁有超過 50% 所有權的所有建築物，然後在 100% 的基礎上進行報告。

So we actually have 2 different pools, which is why you see 2 different numbers between the supplemental sort of business view that we use and we talk about with you because we believe that's the one that drives our view of how we're performing and drives your view -- should drive your view on how we're performing versus the GAAP which is essentially a mathematical equation that we have to produce to comply with our GAAP accounting requirement.

所以我們實際上有 2 個不同的池，這就是為什麼您在我們使用的補充業務視圖和我們與您討論的業務視圖之間看到 2 個不同的數字，因為我們相信這是驅動我們對我們如何執行和驅動的視圖你的觀點 - 應該推動你對我們的表現與 GAAP 的看法，GAAP 本質上是一個數學方程式，我們必須產生它以符合我們的 GAAP 會計要求。

So that's why that's different.

所以這就是為什麼不同。

Sometimes that number is above, sometimes it's below.

有時這個數字在上面，有時在下面。

It doesn't have necessarily a consistent trend over time.

隨著時間的推移，它不一定具有一致的趨勢。

Your next question comes from the line of Todd Stender with Wells Fargo.

你的下一個問題來自富國銀行的 Todd Stender。

Just to drill into the Chelsea acquisition.

只是為了鑽探切爾西的收購。

Obviously, it shows you still have an appetite for triple-net, but can you share some of the decision behind that?

很明顯，這表明你對三網還是有胃口的，但你能分享一下這背後的一些決定嗎？

I guess not going into RIDEA.

我想不會進入 RIDEA。

Is it the growth trajectory, labor cost or maybe just some of the rent coverage and underwriting?

是增長軌跡、勞動力成本還是僅僅是一些租金覆蓋和承銷？

So like, if you look at -- I believe, 2 quarters ago, I addressed this issue in a holistically on our earnings call.

所以，如果你看——我相信，2 個季度前，我在我們的財報電話會議上全面解決了這個問題。

We completely believe in the triple-net business.

我們完全相信三網業務。

I cannot emphasize that enough that we're sitting here trying to say RIDEA is the only way to go.

我無法強調我們坐在這裡試圖說 RIDEA 是唯一的出路。

Structure is secondary.

結構是次要的。

Primary focus is the quality of assets, the quality of markets and an alignment with an operator.

主要關注點是資產質量、市場質量以及與運營商的一致性。

Several ways you can get to that alignment.

有幾種方法可以達到這種一致性。

You can do it in what we call RIDEA 3.0.

您可以在我們所謂的 RIDEA 3.0 中完成。

Obviously, it's a different bells and whistles on a normal RIDEA contract, which makes it very, very different.

顯然，這是普通 RIDEA 合同中不同的花里胡哨，這使得它非常非常不同。

You can also do it on a triple-net lease structure.

您也可以在三網租賃結構上進行。

And obviously, we have different bells and whistles around it.

顯然，我們有不同的花里胡哨。

So we continue to believe in that business, and we think Chelsea is a good operator, and we're going to continue to grow that business.

所以我們繼續相信這項業務，我們認為切爾西是一個很好的運營商，我們將繼續發展這項業務。

And Shankh, how about the rent coverage that was underwritten at?

Shankh，承保的租金承保範圍如何？

And how about maybe the CapEx responsibilities of Chelsea?

切爾西的資本支出責任又如何呢？

Yes.

是的。

So rent coverage, it was underwritten at -- roughly, what we do is, we -- when we underwrite a new triple-net assets, we're underwriting at a north of 1.5x EBITDA basis or 1.2x EBITDA basis.

所以租金覆蓋率，它是在 - 粗略地說，我們所做的是，我們 - 當我們承保新的三淨資產時，我們在 1.5 倍 EBITDA 基礎或 1.2 倍 EBITDA 基礎上承保。

As you know that we -- I believe in our Investor Day, we talked about that some of assets that we are buying, the $1 billion pool has an average age of 4.5 years.

正如你所知，我們 - 我相信在我們的投資者日，我們談到了我們正在購買的一些資產，10 億美元的資金池平均年齡為 4.5 年。

Some of the Chelsea assets that we are buying, they're just developed.

我們正在購買的一些切爾西資產，它們剛剛開發。

So if you think about it, from that perspective that the NOI that maybe down is still ramping up.

因此，如果您考慮一下，從這個角度來看，可能下降的 NOI 仍在上升。

So -- but the stabilize coverage, we believe, will be in that range that I described.

所以——但我們相信，穩定的覆蓋範圍將在我描述的範圍內。

Your next question comes from the line of Steven Valiquette with Barclays.

你的下一個問題來自巴克萊銀行的 Steven Valiquette。

Congrats on these results.

祝賀這些結果。

So there's been some lot of big picture questions so far.

所以到目前為止有很多大問題。

I guess I have another one here for either Tom or for Shankh.

我想我在這里為 Tom 或 Shankh 準備了另一份。

Basically, over the past months or so, I mean, the medicare REIT updates for 2020 from CMS have been pretty strong for most healthcare facilities business models.

基本上，在過去幾個月左右的時間裡，我的意思是，CMS 的 2020 年醫療保險 REIT 更新對於大多數醫療設施商業模式來說都非常強勁。

I guess I'm curious to hear whether it feels like this has helped to keep momentum going with health systems and other partners, just regarding development projects and other transaction activity in that context?

我想我很想知道這是否有助於保持與衛生系統和其他合作夥伴的勢頭，就開發項目和其他交易活動而言？

And also conversely, maybe more importantly, my guess is that Medicare for all proposals and discussion, they are probably way too preliminary to give any one pause or hesitation on development or plan projects.

而且相反，也許更重要的是，我的猜測是 Medicare 對於所有提案和討論，它們可能都太初步了，不能讓任何人在開發或計劃項目上停下來或猶豫。

I'm wondering if just able to collaborate that view deal as well?

我想知道是否也可以合作查看該視圖交易？

Yes, Steve, I would definitely agree with you on the Medicare for all point that is not driving the strategic thinking at the health systems today.

是的，史蒂夫，我絕對同意你關於醫療保險的所有觀點，這並沒有推動當今衛生系統的戰略思維。

I think it's very early, and I sit on the side of -- I think, it's a completely something that would not work, but we'll get into that at another time.

我認為現在還為時過早，我站在一邊——我認為，這完全是行不通的，但我們會在另一個時間討論這個問題。

But I'm going to have Mark Shaver who spends a lot of time with the health systems comment on your earlier point.

但我將請 Mark Shaver 對你之前的觀點發表評論，他在衛生系統上花費了大量時間。

Yes, Steve, thanks [Mark].

是的，史蒂夫，謝謝[馬克]。

I think we track pretty closely what's happening at CMS.

我認為我們非常密切地跟踪 CMS 發生的事情。

In fact, Tom and I just had a session with administrative(inaudible) maybe 2 weeks ago.

事實上，湯姆和我大約 2 週前剛剛與行政人員（聽不清）進行了會談。

And I think we -- the country holistically is moving more towards valuable PDPM that Shankh alluded to on our post-acute side and new CMS reforms last week around primary care.

而且我認為我們 - 整個國家正在朝著有價值的 PDPM 邁進，這是 Shankh 在我們的後急性方面提到的，以及上周圍繞初級保健進行的新 CMS 改革。

We feel it's moving in the right direction, but just like all of our businesses in certain markets values accelerating and certain markets fee for service and the traditional commercial business very important.

我們認為它正朝著正確的方向發展，但就像我們在某些市場的所有業務都重視加速和某些市場的服務費和傳統商業業務非常重要一樣。

So we continue to work with the health systems in different markets that we think are progressive.

因此，我們繼續與我們認為進步的不同市場的衛生系統合作。

Understand where value is going, but also understand reimbursement under the traditional form as well.

了解價值的去向，但也了解傳統形式下的報銷。

And as Tom mentioned, we're working pretty closely with the systems on alternative sides of care and lower cost venues of care.

正如湯姆所提到的，我們正在與替代護理和低成本護理場所的系統密切合作。

Everything that we do is outside the 4 walls of the hospital, which we think bodes well for how reimbursement is moving in the country.

我們所做的一切都在醫院的 4 堵牆之外，我們認為這預示著報銷在該國的發展情況。

The next question comes from the line of Nick Joseph of Citi.

下一個問題來自花旗銀行的尼克約瑟夫。

I just wanted to clarify one question on guidance.

我只想澄清一個關於指導的問題。

In terms of the segment same-store NOI, do you plan to update that throughout the year?

在細分市場同店NOI方面，您是否計劃全年更新？

No, Nick.

不，尼克。

I addressed that before on this call.

我之前在這次電話會議上提到過這個問題。

We -- by policy, we don't do that.

我們 - 根據政策，我們不會那樣做。

We don't update segment level same-store guidance.

我們不會更新細分級別的同店指南。

We will update, if necessary, the total guidance for the same-store pool.

如有必要，我們將更新同店池的總體指導。

And honestly, you can look at the trends and you can come to your own conclusion.

老實說，您可以查看趨勢並得出自己的結論。

The problem of updating guidance in segments is that overemphasizing any segment, we're not -- we don't have a favorite children among the segments, right?

細分更新指南的問題是過分強調任何細分，我們不是——我們在細分中沒有最喜歡的孩子，對吧？

As a buyer of wealth of our stock, you get to buy all of them, right?

作為我們股票的財富買家，您可以購買所有股票，對嗎？

So we're trying to de-emphasize any part of our portfolio and have you focus on, are we good capital allocators, are we good to manager of the portfolio.

因此，我們正試圖淡化我們投資組合的任何部分，讓你關注我們是否是優秀的資本配置者，我們是否適合投資組合的經理。

Those are the decisions.

這些就是決定。

But if you look at the numbers and the trajectory and sequential, you should be able to get pretty close to what those numbers look like.

但是，如果您查看數字、軌跡和順序，您應該能夠非常接近這些數字的樣子。

Right.

正確的。

But why give segmental guidance and not update it throughout the year if you're going to update other line items of guidance?

但是，如果您要更新其他項目的指導，為什麼要提供分段指導而不是全年更新呢？

Because we don't want you to emphasize on any particular segment.

因為我們不希望您強調任何特定的細分市場。

We will update the total if it's necessary.

如有必要，我們將更新總數。

We do think that grades you to -- market to focus too much on one segment versus other when we as the manager of the business don't focus on one particular segment versus other.

我們確實認為，當我們作為業務經理不專注於一個特定細分市場而不是其他細分市場時，我們確實認為您的市場過於關註一個細分市場而不是其他細分市場。

Your next question comes from the line of Rich Anderson with SMB.

您的下一個問題來自 Rich Anderson with SMB 的專線。

So Shankh, I know you don't want to talk about ProMedica in advance of the real numbers coming out, but I just want to make sure I understand the starting point as we get closer to the time where you have some more real-time info.

所以 Shankh，我知道你不想在實際數字出來之前談論 ProMedica，但我只是想確保我理解起點，因為我們越來越接近你有更多實時數據的時間信息。

The [1/8] coverage that was identified when you did the deal, I think it was really if you look at the map -- it was really something higher than that or it should be based on, I think, a function of the 80-20 joint venture on the real estate.

當你做交易時確定的 [1/8] 覆蓋率，我認為如果你看一下地圖，它確實是——它確實比那個更高，或者它應該基於，我認為，一個函數80-20合資上房地產。

Am I thinking about that correctly about how the coverage is in reality from a real cash flow perspective?

從實際現金流的角度來看，我是否正確地考慮了實際覆蓋範圍？

I'm not sure I completely understand the question.

我不確定我是否完全理解這個問題。

I will give you 2 answers, which hopefully will help you to get to the answer.

我會給你2個答案，希望能幫助你找到答案。

One is Karin has been able to get me talk about it.

一是 Karin 能夠讓我談論它。

So actually gave some real-time sort of feedback on how the portfolio is performing.

因此，實際上就投資組合的表現提供了一些實時反饋。

And I don't want to repeat myself, but I did say that occupancy is up both on the skill set as well as on the Senior Housing side.

我不想重複自己的話，但我確實說過，技能組合和高級住房方面的入住率都在上升。

And we're just starting the CapEx program, which we think will dramatically change these businesses.

我們剛剛開始資本支出計劃，我們認為這將極大地改變這些業務。

Going back to your question, 20% -- we have 80% ownership in the real estate and now our partner, ProMedica, is the 20% owner.

回到你的問題，20%——我們擁有房地產 80% 的所有權，現在我們的合作夥伴 ProMedica 是 20% 的所有者。

And our cash flow is -- or rather their cash flow is subordinated to our cash flow and that's how the coverage is calculated.

我們的現金流量是——或者更確切地說，他們的現金流量從屬於我們的現金流量，這就是保險範圍的計算方式。

Okay, okay.

好吧好吧。

Maybe I'll take a little bit more offline later.

也許我稍後會多下線一點。

And then the second question...

然後第二個問題...

Yes -- no, I -- and Rich, by the way, welcome back.

是的 - 不，我 - 順便說一句，里奇歡迎回來。

You can go back to the call we did when we did the deal, and I walked through line-by-line of how that is calculated, but anyway, regardless, welcome back.

你可以回到我們做交易時打過的電話，我逐行介紹了這是如何計算的，但無論如何，歡迎回來。

Second question is on medical office.

第二個問題是關於醫務室的。

I think I recall you saying something about cap rates drifting up and it got you guys more interested in doing deals on the outpatient medical and you obviously did with CNL very early this year.

我想我記得你說過一些關於資本化率上升的事情，這讓你們對做門診醫療交易更感興趣，你顯然在今年早些時候與 CNL 進行了交易。

Is that an observation that you would agree with that?

您是否同意這一觀察？

There has been a trickle up on cap rates that have made the asset class more interesting to you?

資本化率有所上升，使您對資產類別更感興趣？

Just some clarity on that, please.

請澄清一下。

Yes, Rich.

是的，里奇。

We think the cap rates -- I forgot, about 2 years ago or 18 months ago, I can't keep the track of time, got to an unsustainable level.

我們認為上限利率——我忘了，大約 2 年前或 18 個月前，我無法跟踪時間，達到了一個不可持續的水平。

And since, obviously, it has got into a level, it's -- they definitely have trickled up.

而且，很明顯，它已經進入了一個水平，它是 - 他們肯定已經開始了。

I think I mentioned that probably last 3 calls, every call we have done.

我想我提到過可能是最後 3 個電話，我們完成的每個電話。

They're not just CNL.

他們不僅僅是 CNL。

We've done so far $2-plus billion of medical office acquisition in the last 12 months.

在過去的 12 個月裡，我們已經完成了超過 20 億美元的醫療辦公室收購。

So they have come to a level where we think that it all now makes sense.

所以他們已經達到了我們認為現在一切都有意義的水平。

We kind of give you a guidance that we think we need to hit a 7% IRR to get to a transaction; it's still there.

我們給你一個指導，我們認為我們需要達到 7% 的內部收益率才能進行交易；它還在那裡。

But as I said, if they go down again, because people want to be aggressive again, then we'll get out of the market again.

但正如我所說，如果他們再次下跌，因為人們想要再次變得激進，那麼我們將再次退出市場。

Right.

正確的。

So what does that say about this investment in particular?

那麼，這對這項投資有何特別說明？

Like, to what degree is the over/under that cap rates still trickle up following the closing of the transaction and perhaps making the investment you made less [prevalent] or something?

比如，在交易結束後，上限利率仍然在多大程度上上升/下降，並且可能使你所做的投資變得不那麼[普遍]或什麼？

How would you worry about that going forward?

你會如何擔心這件事的發生？

No, I don't.

不，我不知道。

No, I don't.

不，我不知道。

We're trying to get the total return.

我們正在努力獲得總回報。

We're not a buyer or seller of any assets on a cap rate.

我們不是任何資產上限率的買家或賣家。

We are not trying to top pick the market, bottom pick the market.

我們不是要挑高市場，挑低市場。

We're trying to get to a total return an IRR and fund it to capital, whether equity or asset, but the total return will be lower, right?

我們試圖獲得總回報率 IRR，並將其投入資本，無論是股權還是資產，但總回報率會更低，對吧？

So that's sort of what we're trying to drive value, that's a difference.

所以這就是我們試圖推動價值的東西，這是一個區別。

I don't...

我不...

Right, but if the cap rates go up and your IRR calculation on the terminal value change and is that the part of that concern perhaps, I guess, you don't have?

是的，但是如果資本化率上升並且您對最終價值的 IRR 計算發生變化，那麼我想這可能是您擔心的部分嗎？

No.

不。

We don't because we'll continue to deploy capital.

我們不這樣做是因為我們將繼續部署資本。

And remember, that would be a concern if we debt finance the deals.

請記住，如果我們為交易提供債務融資，那將是一個問題。

We are not debt financing the deals, right?

我們不是為交易提供債務融資，對吧？

We're equity financing the deal.

我們正在為這筆交易提供股權融資。

So even if that's the case, a, we'll continue to deploy capital.

因此，即使是這樣，a，我們也會繼續部署資金。

We hope that happens.

我們希望發生這種情況。

And if it does happen -- if it doesn't happen, then we'll just wouldn't do it.

如果它確實發生了——如果它沒有發生，那麼我們就不會這樣做。

You understand my question is, if it is equity-financed transaction, the value of what we just got on a spot basis does not matter.

你明白我的問題是，如果它是股權融資交易，我們剛剛在現貨基礎上獲得的價值並不重要。

We locked in a difference of a total return on what we bought versus what we sold.

我們鎖定了買入與賣出總回報的差異。

(Operator Instructions) The next question comes from the line of Sarah Tan with JPMorgan.

（操作員說明）下一個問題來自摩根大通的 Sarah Tan。

On for Michael Mueller.

邁克爾穆勒。

Just had one question regarding the development pipeline.

只是有一個關於開發管道的問題。

I think last quarter you guys talked about $3 billion development pipeline locked up across the 7 different projects.

我想上個季度你們談到了 7 個不同項目鎖定的 30 億美元開發管道。

Could you give us an update on which other projects have -- is underway?

您能否向我們介紹一下其他項目正在進行中的最新情況？

Sarah, I'll just say, I think you probably misheard.

莎拉，我只想說，我想你可能聽錯了。

It's not 7 different projects, it's 7 different operating partners.

這不是 7 個不同的項目，而是 7 個不同的運營夥伴。

And I'll just say, many of that, you'll start to see later this summer.

我只想說，其中很多，你會在今年夏天晚些時候開始看到。

So let's just -- today's call is not the appropriate time, but more to come.

所以讓我們——今天的電話會議不是合適的時間，但以後還會有更多的電話會議。

Your next question comes from the line of Tayo Okusanya with Jefferies.

你的下一個問題來自 Tayo Okusanya 與 Jefferies 的合作。

This is (inaudible) on Tayo.

這是（聽不清）在 Tayo 上。

I guess just a follow-up to that, I saw that the New York development project was pushed out, the conversion date to another quarter.

我想只是對此的後續行動，我看到紐約開發項目被推遲，轉換日期到另一個季度。

And at the Investor Day, the expectation was that construction was done by 1Q.

在投資者日，預計建設將在第一季度完成。

And just curious any new updates with that project?

只是好奇該項目的任何新更新？

Yes.

是的。

I mean, everything seems to be preceding according to plan, both in terms of cost and time line up to this point.

我的意思是，到目前為止，一切似乎都在按計劃進行，無論是在成本還是時間方面。

So there's no real update to...

所以沒有真正的更新......

I don't know there's been no announcement of any change.

我不知道有沒有任何變化的公告。

I don't know where do you saw that.

我不知道你在哪裡看到的。

I mean, our expectation is still pretty much what it was during the Investor Day.

我的意思是，我們的期望與投資者日期間的期望大致相同。

Yes.

是的。

Yes.

是的。

This is Tayo.

這是泰約。

Could I also actually ask one more follow-up question?

我真的可以再問一個後續問題嗎？

Go ahead, Tayo.

去吧，泰約。

Yes, it's actually more around again your data analytics platform.

是的，它實際上更多地圍繞著您的數據分析平台。

Again, I think, you guys really put that on display during the Investor Day.

再一次，我認為，你們真的在投資者日展示了這一點。

But I'm just kind of curious, just kind of given the micro-level analysis that you do if your data analytics platform is telling you anything different about operating trends today versus your Investor Day, whether across Senior Housing or any of your other business segments?

但我只是有點好奇，如果你的數據分析平台告訴你今天的運營趨勢與你的投資者日有任何不同，無論是在高級住房還是你的任何其他業務中，你都會做微觀分析段？

Our data analytics platform did give us that insight, which is why we started talking about 3 quarters ago that the business is turning.

我們的數據分析平台確實給了我們這種洞察力，這就是為什麼我們在 3 個季度前開始談論業務正在轉變的原因。

When the topic du jour was it's going to be really bad for next 5 years, that's what I hear.

當大談特談的話題是未來 5 年會非常糟糕時，這就是我聽到的。

So it's hard to talk about stuff that's already happened and take a victory lap.

所以很難談論已經發生的事情並獲得勝利。

That is not a display of humility I would say.

我會說，這不是謙遜的表現。

But as you can see, these people are very, very good and they have caused the turn.

但正如您所看到的，這些人非常非常好，他們已經引起了轉變。

And you are seeing the results.

你正在看到結果。

You are seeing the turn in the results.

您正在看到結果的轉變。

From December to day, Tayo, we're making 10, 15, 20 decisions.

從 12 月到現在，Tayo，我們做出了 10、15、20 個決定。

I mean, like from December to today, we don't change our views like that.

我的意思是，從 12 月到今天，我們不會那樣改變我們的觀點。

But remember, we're not making a poll on the industry sector with our data analytics.

但請記住，我們並不是通過數據分析對行業進行民意調查。

This is very specific to the Welltower portfolio, our operators and the locations of our assets.

這是非常特定於 Welltower 投資組合、我們的運營商和我們資產的位置。

As you learned at our Investor Day, we do look at the country on a micro-market basis.

正如您在我們的投資者日了解到的那樣，我們確實在微觀市場的基礎上看待這個國家。

So we have been managing our portfolio over the last 5 years and are making tough decisions that always didn't reflect well in quarterly performance, but they were the right decisions for the long term, and that is what you're starting to see flow through our results.

因此，我們在過去 5 年中一直在管理我們的投資組合，並且正在做出艱難的決定，這些決定總是不能很好地反映季度業績，但從長遠來看，它們是正確的決定，這就是你開始看到的流動通過我們的結果。

So yes, our data analytics gives us what we believe to be unique and proprietary insights into the way we run our business.

所以，是的，我們的數據分析為我們提供了我們認為對我們經營業務方式的獨特和專有的見解。

But again, we are not -- do not think our results and what we're seeing in our portfolio is a call on the senior housing industry changing.

但同樣，我們不是——不要認為我們的結果和我們在投資組合中看到的是對老年住房行業變革的呼籲。

And thank you for dialing into the Welltower earnings conference call.

感謝您撥入 Welltower 收益電話會議。

We appreciate your participation and ask that you please disconnect.

感謝您的參與，請您斷開連接。