Welltower Inc (WELL) 2022 Q2 法說會逐字稿

Good morning. My name is Chantal, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Welltower Second Quarter 2022 Earnings Call. As a reminder, today's conference is being recorded. (Operator Instructions) Thank you. Matt McQueen, General Counsel. You may begin.

早上好。我叫 Chantal，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Welltower 2022 年第二季度財報電話會議。提醒一下，今天的會議正在錄製中。 （操作員說明）謝謝。馬特·麥昆，總法律顧問。你可以開始了。

Thank you, and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.

謝謝你，早上好。提醒一下，本次電話會議期間做出的某些陳述可能被視為《私人證券訴訟改革法案》意義上的前瞻性陳述。儘管 Welltower 認為任何前瞻性陳述均基於合理的假設，但該公司不能保證其預期結果將會實現。公司向美國證券交易委員會提交的文件中詳細說明了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。

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

有了這個，我將把電話轉給 Shankh 以聽取他的意見。

Thank you, Matt, and good morning, everyone. I'll review high-level business trends and describe our capital allocation priorities before handing the call over to John, who will detail the operational trends and provide more details on the operating platform that he is building.

謝謝你，馬特，大家早上好。在將電話轉給 John 之前，我將回顧高級業務趨勢並描述我們的資本分配優先事項，John 將詳細介紹運營趨勢並提供有關他正在構建的運營平台的更多詳細信息。

Our total revenue is up 29% year-over-year, driven by both organic revenue growth and contribution from significant capital deployment activity over the last 18 months. On a same-store basis, our senior housing operating portfolio revenue is up 11.5% year-over-year, driven by a 5% occupancy growth and a 4.5% REVPOR growth. All this translated into a 15.4% same-store NOI growth in Q2. Our annual EBITDA is back above $2 billion. Annualized in-place SHOP NOI is at $895 million. Though shy of $923 million of pre-pandemic numbers, our revenue has surpassed pre-pandemic levels.

我們的總收入同比增長 29%，這得益於過去 18 個月內有機收入增長和重大資本部署活動的貢獻。在同店基礎上，我們的老年住宅經營組合收入同比增長 11.5%，這得益於 5% 的入住率增長和 4.5% 的 REVPOR 增長。所有這一切都轉化為第二季度 15.4% 的同店 NOI 增長。我們的年度 EBITDA 回到了 20 億美元以上。年化就地 SHOP NOI 為 8.95 億美元。儘管大流行前的數字低於 9.23 億美元，但我們的收入已超過大流行前的水平。

However, I'm not happy with these results, which I would characterize mediocre at best. Why? Because the size of our portfolio is much bigger today, given the significant amount of capital deployment over the last 18 months and yet our quarterly results are not reflecting the cash flow that this portfolio is capable of generating. I'll give you a few things to reflect on.

但是，我對這些結果並不滿意，我充其量只能將其定性為平庸。為什麼？因為我們今天的投資組合規模要大得多，考慮到過去 18 個月的大量資本部署，但我們的季度業績並未反映該投資組合能夠產生的現金流。我會給你一些反思的東西。

First, we have about 120 senior living -- senior housing properties that are generating negative cash flow today. In other words, if we just shut down these buildings, our earnings would be significantly higher. Clearly, we would not do such a thing as they were recently developed or going through a value and repositioning program. Hence, the timing mismatch. Second, while I don't like to fix it on short-term trends and instead focus on long-term prospects of the business, I'll offer a few observations on the second quarter.

首先，我們有大約 120 處高級住宅——如今正在產生負現金流的高級住宅。換句話說，如果我們只是關閉這些建築物，我們的收益會顯著提高。顯然，我們不會做這樣的事情，因為它們是最近開發的，或者正在經歷價值和重新定位計劃。因此，時間不匹配。其次，雖然我不喜歡將其固定在短期趨勢上，而是關注業務的長期前景，但我將對第二季度提供一些觀察。

We started the quarter with results coming in better than expected, only to get hilt simultaneously by multiple challenges primarily related to another COVID spike during the last couple of weeks of June. Only this time, we didn't see it coming as the testing requirements have been lowered in recent months, particularly for those residents who are not experiencing symptoms.

我們在本季度開始時的結果好於預期，但同時受到了主要與 6 月最後幾週再次出現 COVID 高峰相關的多項挑戰的影響。只是這一次，我們沒有看到它的到來，因為最近幾個月檢測要求已經降低，特別是對於那些沒有出現症狀的居民。

In instances, while few residents or team members develop symptoms in an entire building, would be tested only to find out many asymptomatic residents and staff actually were COVID-positive. This created some disruption to move-ins, but particularly impactful to the use of agency labor in June.

在某些情況下，雖然很少有居民或團隊成員在整棟建築中出現症狀，但進行檢測只會發現許多無症狀的居民和工作人員實際上是 COVID 陽性。這對搬入造成了一些干擾，但對 6 月份代理勞動力的使用尤其有影響。

Our operators are walking through as we speak and made very good progress in July. Let me dig into some recent trends even a bit more. From a demand standpoint, we always see first half of July as 2 last weeks, similar to the last weeks of December as families celebrate 4th of July weekend and don't usually move parents and grandparents in. This July, we lost an additional week. And as a result, almost a whole month was shut from a move-in perspective before we gain significant traction later in the month with tour activities returning to the levels experienced in June.

我們說話的時候我們的運營商正在走過，並在 7 月份取得了非常好的進展。讓我深入探討一些最近的趨勢。從需求的角度來看，我們總是將 7 月上半月視為最後幾週，類似於 12 月的最後幾週，因為家庭慶祝 7 月 4 日的周末，通常不會讓父母和祖父母搬進來。今年 7 月，我們又失去了一周.結果，從入住的角度來看，幾乎整整一個月都關閉了，然後我們在本月晚些時候獲得了顯著的吸引力，旅遊活動恢復到 6 月份的水平。

We and our operators have a few theories of why that might be the case. One, the hyper positivity rate of COVID over 20%. Despite people on a reporting to government, families know from home testing they're COVID positive and are delaying move-ins as they wait for this wave to subside. And number two, travel. Summer travel has surged as families took advantage of looser COVID restrictions. Again, I would describe this as our conjecture because we don't know for sure. But we are clearly seeing broad-based demand recovery continues, particularly towards the second half of the month in terms of leads and tours, which led to a recent rebound in move-ins across the portfolio over the last couple of weeks.

我們和我們的運營商對為什麼會出現這種情況有一些理論。一、COVID的超陽性率超過20%。儘管有人向政府報告，但家庭從家庭測試中知道他們的 COVID 呈陽性，並在等待這一波消退時推遲入住。第二，旅行。隨著家庭利用更寬鬆的 COVID 限制，夏季旅行激增。同樣，我將其描述為我們的猜想，因為我們不確定。但我們清楚地看到，廣泛的需求復蘇仍在繼續，特別是在本月下半月的線索和旅遊方面，這導致最近幾週內整個投資組合的入駐人數出現反彈。

On the cost side, it is important that you understand the progress we made on the agency labor. In the U.S., most of our operators are decreased from June to July, resulting largely from a favorable net hiring trends. The July books have not closed yet, we're expecting a decline in agency labor expense in high-single digit from month of June.

在成本方面，您必須了解我們在代理勞動力方面取得的進展。在美國，我們的大多數運營商從 6 月到 7 月都在減少，這主要是由於有利的淨招聘趨勢。 7 月份的賬簿尚未結束，我們預計代理人工費用將比 6 月份以高個位數下降。

In terms of net hiring, our operators have continued to make significant momentum with July increase alone in headcount nearly equal to the net hires of past 6 months of the year combined. As a result, we're already starting to see benefit of this trend, which should reduce the dependence on agency labor in the second half of the year.

在淨招聘方面，我們的運營商繼續保持強勁勢頭，僅 7 月份的員工人數就幾乎等於過去 6 個月的淨招聘總和。因此，我們已經開始看到這一趨勢的好處，這應該會在下半年減少對代理勞動力的依賴。

The downside of high-frequency data is that you get a lot of noise. And I strongly believe that's what you're seeing in the numbers today, a lot of noise. I encourage my team and will encourage you not to confuse any short-term high-frequency noise whether good or bad as a signal and project that into the future prospect of the business.

高頻數據的缺點是你會得到很多噪音。我堅信這就是你今天在數字中看到的，很多噪音。我鼓勵我的團隊，並鼓勵您不要將任何短期高頻噪聲（無論好壞）混淆為信號，並將其投射到業務的未來前景中。

For a few quarters, I've been talking about the run rate earnings or the true earnings part of this portfolio being significantly different from our current reported earnings. Clearly, some of the anticipated second half growth has slipped into the next year, but this should only be a timing mismatch. As we focus on '23 and '24, I continue to believe that this earnings part will shine through.

幾個季度以來，我一直在談論該投資組合的運行率收益或真實收益部分與我們當前報告的收益顯著不同。顯然，一些預期的下半年增長已經滑到明年，但這應該只是時間不匹配。當我們專注於 23 和 24 年時，我仍然相信這部分收益會大放異彩。

Before I move on to the capital allocation priorities, let me make a comment on ProMedica. When we bought HCR ManorCare portfolio out of bankruptcy, we did not outsource our underwriting to rating agencies. Clearly, there was no way for us to predict a global pandemic or a day when almost every hospital system in the country would lose money similar to what happened in Q1 of this year because of COVID.

在繼續討論資本配置優先事項之前，讓我對 ProMedica 發表評論。當我們從破產中購買 HCR ManorCare 投資組合時，我們沒有將我們的承保外包給評級機構。顯然，我們無法預測全球大流行或該國幾乎所有醫院系統都會因 COVID 而出現與今年第一季度發生的情況類似的虧損的那一天。

We got comfortable because our basis of $57,000 per skilled nursing bed, we saw very minimal risk of pharma and capital loss, which is at the core of how we think about risk. Of all the structuring belts and whistles aside, which we're very proud of, we fundamentally believe investment basis not cash flow in a given building at a given point in time determines investment success. Having said that, the ProMedica team has been able to make reduced agency labor almost by half over the last 4 months and significantly narrowed their operating losses.

我們感到很舒服，因為我們以每張專業護理床 57,000 美元為基礎，我們看到製藥和資本損失的風險非常小，這是我們思考風險的核心。除了我們引以為豪的所有結構方面，我們從根本上相信投資基礎而不是給定建築物在給定時間點的現金流量決定了投資的成功。話雖如此，ProMedica 團隊在過去 4 個月中已將代理勞動力減少了近一半，並顯著縮小了運營虧損。

We have below-market basis and thus, below market rent here. I remain very comfortable with our rent and longer-term expected IRR from this investment that we discussed with you when we did this deal 4 years ago. Turning to the capital deployment. I cannot overstate how favorable of an environment we find ourselves in today. During the second quarter, our off-market, privately negotiated transaction machine kept humming, having deployed an additional $1.1 billion of capital. Today, there is definite stress in the lending environment given the significant rate and credit volatility and increasing recession talk.

我們有低於市場的基礎，因此低於市場租金。我對我們在 4 年前進行這筆交易時與您討論過的這項投資的租金和長期預期內部收益率仍然非常滿意。轉向資本部署。我不能誇大我們今天所處的環境是多麼有利。在第二季度，我們的場外私下協商交易機器一直在運轉，額外部署了 11 億美元的資金。如今，鑑於利率和信貸大幅波動，以及越來越多的經濟衰退言論，貸款環境確實存在壓力。

Cap rates are going up across the board and most institutional capital is waiting to see where the chips fall. We're seeing many high-quality opportunities, and we think the environment will only get more favorable as Fed continues to raise rate at a rapid clip. Our pipeline remains robust, having replenished after all of our Q2 and Q3 closings. Our fundamental investment thesis remains intact.

上限利率正在全面上升，大多數機構資本都在觀望籌碼在哪裡下跌。我們看到了許多高質量的機會，我們認為隨著美聯儲繼續快速加息，環境只會變得更加有利。我們的管道仍然強勁，在我們所有的第二季度和第三季度關閉後進行了補充。我們的基本投資論點保持不變。

One, we need to buy at a favorable basis relative to replacement cost; and two, we need to be able to add value through our platform. We're not spread-investing deal junkies and instead remains laser focused on total return or unlevered IRR. I continue to believe this year will be a record year for Welltower from a capital deployment standpoint. Cost of capital has surged for everybody, including governments and access to capital remains very sparse for most people. In this environment, we remain in a very favorable capital position with $2-plus billion of equity capital that is raised but not settled and almost full availability of our $4 billion line.

一、我們需要在相對於重置成本的有利基礎上購買；第二，我們需要能夠通過我們的平台增加價值。我們不是分散投資交易迷，而是專注於總回報或無槓桿內部收益率。從資本部署的角度來看，我仍然相信今年將是 Welltower 創紀錄的一年。包括政府在內的每個人的資本成本都在飆升，而對大多數人來說，獲得資本的機會仍然非常稀少。在這種環境下，我們仍然處於非常有利的資本狀況，擁有超過 2 億美元的股本，但尚未結算，我們的 40 億美元額度幾乎全部可用。

Sellers who did not like our price 6 months ago are realizing that glossy broker package and nonbinding LOI are not cash in a bank. This environment reinforces the value of a counterparty like Welltower, which always acts on a very simple principle. We say what we do and we do what we say. And in that vein, as our long-term investors have come to expect from us, we exercise utmost discipline on every transaction we look at, large or small and will not chase any deal.

6 個月前不喜歡我們價格的賣家意識到，光鮮的經紀人包裹和不具約束力的 LOI 不是銀行現金。這種環境強化了像 Welltower 這樣的交易對手的價值，它總是按照非常簡單的原則行事。我們說我們所做的，我們做我們所說的。在這種情況下，正如我們的長期投資者對我們的期望一樣，我們對我們所看到的每筆交易（無論大小）都嚴格遵守紀律，不會追逐任何交易。

As we have said in the recent past, price is the price, and we only act in a manner that creates long-term value for -- part share for our owners. With respect to capital deployment over the last 18 months, some of you have asked me if I'm satisfied with the performance of these properties. In many cases -- in the case of many of these acquisitions, including some larger ones, the answer is no. The same-store challenge that I have described above are accentuated in many non-same-store properties, which are being repositioned through operator changes.

正如我們最近所說，價格就是價格，我們只會以一種為我們的所有者創造長期價值的方式行事——部分份額。關於過去 18 個月的資本部署，你們中的一些人問我是否對這些物業的表現感到滿意。在許多情況下——對於許多此類收購，包括一些較大的收購，答案是否定的。我上面描述的同店挑戰在許多非同店屬性中得到了強調，這些屬性正在通過運營商的變化進行重新定位。

However, I do believe that we have turned the corner as we approach the completion of our operator transition and system integration for the COVID class of acquisitions. We should see significant progress from these properties as we enter next year. Please recall, we make investment decisions based on long-term IRR with an exit cap rate going up every single year from the duration of the ownership. And we feel strongly about achieving those return targets as we have discussed with you.

但是，我確實相信，隨著我們接近完成 COVID 類收購的運營商過渡和系統集成，我們已經轉危為安。當我們進入明年時，我們應該會看到這些房產的重大進展。請回想一下，我們根據長期內部收益率做出投資決策，退出上限率從所有權期限起每年都會上升。正如我們與您討論的那樣，我們對實現這些回報目標感到強烈。

As frustrating as near-term challenges of operator transition might be for reported earnings and trust me, I share those frustrations with you, we have to do what's right for long-term interest of our owners. I will give you 2 examples. Vintage and Gracewell, 2 of the most ill-fated HCN acquisition from many months ago. Despite some of the most coveted locations and CapEx plans, these assets did not live up to our expectations. We finally pulled the plug over last 12 months, frankly, because we're not permitted to do so earlier.

運營商轉型的近期挑戰可能令人沮喪，但請相信我，我與您分享這些挫敗感，我們必須為我們所有者的長期利益做正確的事情。我會給你2個例子。 Vintage 和 Gracewell，兩個多月前命運多舛的 HCN 收購案。儘管有一些最令人垂涎的地點和資本支出計劃，但這些資產並沒有達到我們的預期。坦率地說，我們終於在過去的 12 個月裡拔掉了插頭，因為我們不允許更早這樣做。

Our Gracewell assets were transferred to Care UK and the Vintage assets were mostly transferred to Oakmont with one each to Kisco and Cogir. Oakmont has already made incredible progress with the first tranche of the asset they received last fall, with occupancy up 13%, and I believe you will see this repeated in the most recent tranche as well. Care UK is having similar success with Gracewell assets taking occupancy above 80%. And I believe they will be stabilized or get close to it in 2023.

我們的 Gracewell 資產被轉移到 Care UK，Vintage 資產大部分被轉移到 Oakmont，Kisco 和 Cogir 各有一個。奧克蒙特去年秋天收到的第一批資產已經取得了令人難以置信的進展，入住率上升了 13%，我相信你會在最近的一批中看到這一點。 Care UK 也取得了類似的成功，Gracewell 資產的入住率超過 80%。我相信它們會在 2023 年趨於穩定或接近。

We made similar decisions for our other properties, which come with some short-term gain. But as we capital allocators strive every day to create per share value by compounding over a long period of time. While we hope near-term priorities do not conflict with those long term, practically speaking, we often encounter situations where those time horizons diverge. And it is critical for our investors to understand that at these crossroads, we'll always follow the path to long-term value creation at the expense of short-term gains.

我們為我們的其他物業做出了類似的決定，這帶來了一些短期收益。但是，由於我們的資本配置者每天都在努力通過長期復利來創造每股價值。雖然我們希望近期優先事項不會與長期優先事項發生衝突，但實際上，我們經常會遇到這些時間範圍不同的情況。我們的投資者必須明白，在這些十字路口，我們將始終以犧牲短期收益為代價來創造長期價值。

The good news is that all of these, as my partner, John Burkart, would say, is baked in the cake. With that, I'll hand the call over to John, who will describe to you perhaps the most exciting set of initiatives that will transform the business as we know today and creates tremendous value for our residents, team members, operating partners and most importantly, our shareholders. John?

好消息是，正如我的搭檔 John Burkart 所說，所有這些都是在蛋糕中出爐的。有了這個，我將把電話轉給約翰，他將向您描述可能是最激動人心的一系列舉措，這些舉措將改變我們今天所知道的業務，並為我們的居民、團隊成員、運營合作夥伴創造巨大價值，最重要的是，我們的股東。約翰？

Thank you, Shankh. My comments today will touch upon the performance of our operating business and provide additional color regarding our vision for senior housing as well as an update on our platform initiatives. Starting with our medical office portfolio. In the second quarter, our outpatient medical business sequentially increased occupancy by 30 basis points and delivered 2.5% same-store NOI growth over the prior year's quarter. We continue to see strong retention rates over 89% in the quarter, good demand and rising new lease rates.

謝謝你，尚赫。我今天的評論將涉及我們運營業務的表現，並為我們對老年住房的願景以及我們平台計劃的更新提供額外的色彩。從我們的醫療辦公室產品組合開始。第二季度，我們的門診醫療業務的入住率環比增加了 30 個基點，同店 NOI 同比增長 2.5%。我們繼續看到本季度超過 89% 的強勁保留率、良好的需求和不斷上升的新租賃率。

Now turning to our senior housing operating platform portfolio. The recovery in the sector continues. As Shankh mentioned, revenue in our same-store portfolio accelerated to 11.5% in the second quarter compared to the prior year's quarter. All 3 regions showed good revenue growth led by the U.S. and U.K. with growth of 13.1%, 14.7%, respectively. The revenue for the quarter was driven by a 500 basis point increase in occupancy and another quarter of healthy rate growth.

現在轉向我們的高級住房運營平台組合。該行業的複蘇仍在繼續。正如 Shankh 所說，與去年同期相比，第二季度我們同店組合的收入增長至 11.5%。在美國和英國的帶動下，這三個地區的收入均實現了良好的增長，分別增長了 13.1% 和 14.7%。本季度的收入是由入住率增加 500 個基點和另一個季度的健康增長率推動的。

Sequentially, the portfolio increased occupancy 100 basis points during a period in which sequentially average occupancy has historically been slightly negative. While expenses grew at a rate of 10.5%, our operators continue to control export or expense per occupied room, which only grew at a rate of 3.5% in the second quarter on a year-over-year basis. And as Shankh indicated, we're encouraged by recent trends in terms of agency hiring and new hiring, which we believe should drive a deceleration in the second half expense growth.

隨後，在歷史上連續平均入住率略為負值的時期，該投資組合的入住率增加了 100 個基點。雖然費用以 10.5% 的速度增長，但我們的運營商繼續控制每間客房的出口或費用，第二季度同比僅增長 3.5%。正如 Shankh 所指出的，我們對近期機構招聘和新招聘方面的趨勢感到鼓舞，我們認為這將推動下半年支出增長放緩。

Despite short-term challenges driven by COVID, the tight labor market and inflationary pressures, the portfolio delivered 15.4% year-over-year same-store NOI growth in the period, the second highest in the company's history with the U.S. portfolio generating over 20% same-store NOI growth. Going forward, we expect the portfolio to deliver outside NOI growth over a multiyear period with strengthening supply-demand backdrop compounded by our efforts to optimize the business, which I'll get to shortly.

儘管新冠疫情、勞動力市場吃緊和通脹壓力帶來了短期挑戰，但該投資組合在此期間實現了 15.4% 的同店 NOI 同比增長，是公司歷史上第二高的，美國的投資組合產生了 20 多個% 同店 NOI 增長。展望未來，我們預計該投資組合將在多年期間實現外部 NOI 增長，同時加強供需背景以及我們優化業務的努力，我很快就會談到這一點。

Regarding the overall market, the traffic this summer has been influenced by COVID in various ways. For example, the traffic was very good in June and then fell significantly as expected for the 4th of July weekend and continue to remain low until it accelerated in the last couple of weeks of July. We had total July traffic was about equal to total June traffic. We expect to increase traffic in the later part of July to lead to increased move-ins in August. The average occupancy for the portfolio in July was up over 40 basis points in the same-store portfolio.

就整體市場而言，今年夏天的流量受到 COVID 的多方面影響。例如，6 月份的流量非常好，然後在 7 月 4 日週末如預期的那樣顯著下降，並繼續保持低位，直到 7 月的最後幾週加速。我們 7 月份的總流量大約等於 6 月份的總流量。我們預計 7 月下旬的客流量會增加，從而導致 8 月的入住人數增加。 7 月份該組合的平均入住率在同店組合中上升了 40 多個基點。

I also want to quickly comment on recent management transitions within the SHO portfolio. As we make adjustments to our operators' portfolios and the related assets are in transition, we appropriately remove them from the same-store portfolio as they tend to underperform early in the transition and subsequently outperformed later in the transition which can create noise in the same-store portfolio performance. This is very similar to removing an asset for full renovation.

我還想快速評論一下 SHO 投資組合中最近的管理過渡。由於我們對運營商的投資組合進行調整併且相關資產正在轉型，我們會適當地將它們從同店投資組合中移除，因為它們往往在轉型初期表現不佳，隨後在轉型後期表現出色，這可能會在同店中產生噪音-商店投資組合表現。這與移除資產進行全面翻新非常相似。

Transitions take substantial amounts of time from the point of notice to the actual transition of management which negatively impacts staffing, sales leads and other operational aspects of the asset. The challenges the new operator faces upon takeover are significant. However, over time, they get resolved. And of course, the assets performance improves over the pre-transition baseline, which is the purpose of the transition to begin with. The fact that we have 59 assets in transition is meaningful and that management is willing to take short-term earnings pain for improved performance in the future.

從通知點到管理層的實際過渡需要大量時間，這會對人員配備、銷售線索和資產的其他運營方面產生負面影響。新運營商在被收購時面臨的挑戰是巨大的。但是，隨著時間的推移，它們會得到解決。當然，資產性能比過渡前的基線有所提高，這是過渡開始的目的。我們有 59 項資產正在轉型這一事實意義重大，管理層願意為未來改善業績而承受短期收益痛苦。

If we had not removed transition assets from the same-store portfolio, our year-over-year NOI growth for the quarter would have been 14.9%. Bottom line, strategic transitions are undoubtedly worth it, and they can drive significant value despite creating near-term noise for the same-store portfolio. Shifting to an update on the operating platform. Previously, I mentioned the opportunity to fundamentally change the growth potential of this business by creating a full-scale operating platform and bringing operational excellence to our senior housing portfolio.

如果我們沒有從同店投資組合中移除過渡資產，我們本季度的 NOI 同比增長將達到 14.9%。歸根結底，戰略轉型無疑是值得的，儘管短期內會為同店產品組合帶來噪音，但它們可以帶來巨大的價值。轉移到操作平台上的更新。之前，我提到了通過創建一個全面的運營平台並為我們的高級住宅組合帶來卓越運營，從根本上改變這項業務的增長潛力的機會。

In terms of industry life cycle, I would place the senior housing business in the infancy phase, but rapidly transitioning into the growth phase. This is very similar to the multifamily business years ago, whose transformation I witnessed firsthand. Businesses that are in infancy phase of the industry life cycle focus on effectiveness, which is essential. Without it, the business would not be able to exist long term.

在行業生命週期方面，我會將養老地產業務置於起步階段，但會迅速過渡到成長期。這與多年前的多戶家庭企業非常相似，我親眼目睹了它的轉變。處於行業生命週期初期階段的企業注重有效性，這是至關重要的。沒有它，企業將無法長期存在。

As an industry transitions from the infancy phase to the growth phase continuing to remain effective as the core objective is essential. However, the winners focus on operational excellence, including efficiency. The analogy that I've used is the diner business of the 1950s. To survive and thrive, you had to serve a good meal, a good burger, fries and shake in the case of the McDonald Brothers. However, to grow as the industry moved from its infancy to growth phase, a focus on operational excellence was imperative, including an obsessive focus on efficiency, which is what Ray Kroc did when he franchised McDonald's.

隨著一個行業從嬰儿期過渡到成長期，繼續保持有效，因為核心目標是必不可少的。然而，獲勝者專注於卓越運營，包括效率。我使用的類比是 1950 年代的餐館生意。就麥當勞兄弟而言，為了生存和發展，你必須提供一頓美餐、一個美味的漢堡、薯條和奶昔。然而，隨著該行業從起步階段進入成長階段，要想實現增長，就必須關注卓越運營，包括對效率的痴迷，這就是雷·克羅克 (Ray Kroc) 在加盟麥當勞時所做的。

The senior housing operators faced many small business challenges, including the inability to recruit and retain top talent and key functions from technology and data analytics to process and facilities management due to their size and inability to compete from a compensation perspective. Additionally, the fee-based structure limits the economic incentive to fully invest in optimizing the business as an owner operator would.

高級住房運營商面臨著許多小型企業挑戰，包括由於其規模和無法從薪酬角度競爭而無法招募和留住從技術和數據分析到流程和設施管理的關鍵人才和關鍵職能。此外，基於費用的結構限制了充分投資於優化業務的經濟激勵，就像業主運營商那樣。

For example, if a fee manager has paid 5% of revenues, the most they would logically spend to collect $1 of revenue is $0.05, whereas owner operators would theoretically invest $0.99 to collect $1. As you all know, we have worked to change this unfavorable incentive structure through our aligned RIDEA 3.0 contracts. And we are now working on our next generation of contracts that will provide Welltower with a greater ability to help address senior housing operators small business challenges. These challenges are across the board, including basic functions to illustrate in a relatively simple areas such as billing.

例如，如果費用經理支付了 5% 的收入，那麼他們在邏輯上為收取 1 美元的收入而花費的最多為 0.05 美元，而所有者運營商理論上會投資 0.99 美元來收取 1 美元。眾所周知，我們一直在努力通過我們一致的 RIDEA 3.0 合同來改變這種不利的激勵結構。我們現在正在製定下一代合同，這將為 Welltower 提供更大的能力來幫助解決老年住房運營商的小企業挑戰。這些挑戰是全方位的，包括基本的功能來說明在一個相對簡單的領域，例如計費。

In the 2 reviews we performed, we identified that Care revenue was underbilled by 25% or more, meaning that the necessary quality of care was provided to the resident. However, they were under billed. Other challenges are much greater, including keeping up with modern consumer expectations such as building-wide, high-speed internet connectivity, identifying and integrating quality technology systems and creating and delivering real time, insightful and actionable reporting to improve operational results.

在我們執行的 2 次審查中，我們發現護理收入少了 25% 或更多，這意味著向居民提供了必要的護理質量。然而，他們的賬單不足。其他挑戰要大得多，包括跟上現代消費者的期望，例如建設範圍內的高速互聯網連接、識別和集成高質量的技術系統，以及創建和提供實時、有見地和可操作的報告以改善運營結果。

Focusing on operational excellence is more than a digital transformation. It's about people, processes, data and technology, recognizing that everything starts with people. Our residents living at our communities, the employees serving those residents and the operators leading the effort. We start by focusing on the customer experience and the employee experience and optimizing the various processes. Then we evaluate the data that may -- that we may leverage to draw meaningful insight into the business in a way that improves the experience of the various stakeholders.

專注於卓越運營不僅僅是數字化轉型。它是關於人、流程、數據和技術的，認識到一切都始於人。我們居住在我們社區的居民、為這些居民服務的員工以及領導這項工作的運營商。我們首先關注客戶體驗和員工體驗，並優化各種流程。然後我們評估可能的數據——我們可以利用這些數據以改善各種利益相關者的體驗的方式對業務進行有意義的洞察。

Finally, we implement cutting-edge technology to simplify and automate the processes as we will provide real-time actionable, insightful information, improving the customer and employee experience while optimizing results. This isn't simply about buying the latest software. It's about fundamentally transforming the business. Over the years, many businesses have transformed from buying books to used cars to buying homes and finding vacation rentals.

最後，我們實施尖端技術來簡化和自動化流程，因為我們將提供實時可操作、有洞察力的信息，在優化結果的同時改善客戶和員工體驗。這不僅僅是購買最新的軟件。這是關於從根本上改變業務。多年來，許多企業已經從購買書籍轉變為購買二手車，再到購買房屋和尋找度假出租屋。

Digital transformations have fundamentally changed these businesses and improved the overall experience. One of the key imperatives of operational excellence is the recognition that data is the asset. There is no entity in this space better positioned to leverage data than Welltower as we are effectively building the operating platform to improve the overall experience on what we call Alpha, our data analytics platform that has been developed over the last 6 years.

數字化轉型從根本上改變了這些業務並改善了整體體驗。卓越運營的關鍵要求之一是認識到數據是資產。在這個領域，沒有任何實體比 Welltower 更適合利用數據，因為我們正在有效地構建運營平台以改善我們稱之為 Alpha 的整體體驗，我們在過去 6 年中開發的數據分析平台。

Welltower will improve the customer and employee experience and create shareholder value through leading transformation of the business. I have gone from full immersion and observation to planning and now action mode. I will not give away all the details of my future playbook, but I will say the following. We are moving very fast. Several recent highlights include forming an internal multidisciplinary team of experts focused on improving the senior housing operations in Q2, hiring a Chief Technology Officer in Q2 to lead the technology aspect of the operating platform, completing the implementation of Welltower's ERP last week, which is central to this effort.

Welltower 將通過引領業務轉型，改善客戶和員工體驗，為股東創造價值。我已經從完全沉浸和觀察到計劃和現在的行動模式。我不會透露我未來劇本的所有細節，但我會說以下內容。我們的步伐非常快。最近的幾個亮點包括組建一個內部多學科專家團隊，專注於在第二季度改善老年住房運營，在第二季度聘請首席技術官來領導運營平台的技術方面，上週完成了 Welltower 的 ERP 的實施，這是核心為此努力。

And frankly, I want to thank the Welltower team that executed this massive project with great speed and excellent execution. Initiating a data analytics pilot on the correct information that we have available with an expected rollout over the next 6 months, this step alone will enable us to start driving value. Finally, creating the sales force automation plan with expectations to launch a pilot in early 2023. We have numerous other modules in the works and we'll update as appropriate.

坦率地說，我要感謝 Welltower 團隊以極快的速度和出色的執行力執行了這個龐大的項目。根據我們現有的正確信息啟動數據分析試點，預計將在未來 6 個月內推出，僅此一步就能讓我們開始推動價值。最後，創建銷售人員自動化計劃，預計在 2023 年初啟動試點。我們還有許多其他模塊正在開發中，我們將酌情更新。

Although this is a huge effort, Welltower is uniquely positioned to execute it faster than historically possible. Our strategy is to leverage existing quality modules and only create new modules where they don't exist or where they give us a strategic advantage, such as our revenue management module, which we're developing. Another unique benefit that Welltower has relates to the number of top quality operators in our portfolio. We are separating the pilots of the modules into parallel initiatives, each with a different operator, which will minimize the potential delays that can be caused by a lack of employee bandwidth or overall fatigue and have slowed down other transformations. Ultimately, as we perfect each module, we will then rapidly roll it out to the broader group. This business transformation will continue to deepen and widen the moat Welltower has built while improving the overall experience of all stakeholders.

儘管這是一項巨大的努力，但 Welltower 具有獨特的優勢，可以比歷史上更快的速度執行它。我們的策略是利用現有的質量模塊，只在它們不存在或它們為我們提供戰略優勢的地方創建新模塊，例如我們正在開發的收入管理模塊。 Welltower 的另一個獨特優勢與我們投資組合中優質運營商的數量有關。我們將模塊的試點分成並行的計劃，每個計劃都有不同的操作員，這將最大限度地減少因員工帶寬不足或整體疲勞而可能導致的潛在延遲，並減緩其他轉型。最終，隨著我們完善每個模塊，我們將迅速將其推廣到更廣泛的群體。這種業務轉型將繼續深化和拓寬 Welltower 建立的護城河，同時改善所有利益相關者的整體體驗。

I'll now turn the call over to Tim.

我現在將把電話轉給蒂姆。

Thank you, John. My comments today will focus on our second quarter 2022 results. The performance of our triple net investment by each quarter, our capital activity, balance sheet liquidity update; and finally, our outlook for the third quarter. Welltower reported second quarter net income attributable to common stockholders of $0.20 per diluted share and normalized funds from operations of $0.86 per diluted share, which included $17 million of private relief funds from the Department of Health and Human Services, approximately $11 million or $0.02 per share more than what was assumed in our initial guide for the quarter.

謝謝你，約翰。我今天的評論將集中在我們 2022 年第二季度的業績上。我們每個季度的三重淨投資表現、我們的資本活動、資產負債表流動性更新；最後，我們對第三季度的展望。 Welltower 報告第二季度歸屬於普通股股東的淨利潤為每股攤薄後 0.20 美元，正常化運營資金為每股攤薄後 0.86 美元，其中包括來自衛生與公眾服務部的 1700 萬美元私人救濟資金，約為 1100 萬美元或每股 0.02 美元超出了我們本季度初始指南中的假設。

This quarter representing our second consecutive quarter with a year-over-year normalized FFO growth since the start of the pandemic, a positive 8.9% or 7.7% when normalized on HHS funds received and year-over-year changes in FX rates. We also reported our second consecutive quarter of positive total portfolio same-store NOI growth of 8.7% year-over-year growth.

本季度是我們連續第二個季度，自大流行開始以來，FFO 同比正常化增長，根據 HHS 收到的資金和外匯匯率的同比變化進行正常化，同比增長 8.9% 或 7.7%。我們還報告了我們連續第二個季度的總投資組合同店 NOI 同比增長 8.7%。

Turning to our triple net lease portfolios. As a reminder, our triple-net lease portfolio coverage and occupancy stats reported a quarter in arrears. So these statistics reflect the trailing 12 months ending March 31, 2022. In our senior housing triple-net portfolio, same-store NOI increased 9.9% year-over-year, driven by improvements in rent collections and leases currently on cash recognition and the early impact of rental increases tied to CPI.

轉向我們的三重淨租賃投資組合。提醒一下，我們的三重淨租賃投資組合覆蓋率和入住率統計報告拖欠了四分之一。因此，這些統計數據反映了截至 2022 年 3 月 31 日的過去 12 個月。在我們的高級住房三網組合中，同店 NOI 同比增長 9.9%，這是由於目前現金確認的租金收取和租賃的改善以及與 CPI 相關的租金上漲的早期影響。

Trailing 12-month EBITDAR coverage increased 0.01x to 0.83x in the quarter. Next, our long-term post-acute portfolio grew same-store NOI by positive 2.8% year-over-year and trailing 12-month EBITDAR coverage is 1.31x.

本季度過去 12 個月的 EBITDAR 覆蓋率增加了 0.01 倍至 0.83 倍。接下來，我們的長期急性期後投資組合同店 NOI 同比增長 2.8%，過去 12 個月的 EBITDAR 覆蓋率為 1.31 倍。

And lastly, health systems, which is comprised of our ProMedica Senior Care joint venture with the ProMedica Health system, which had same-store NOI growth of positive 2.75% year-over-year and trailing 12-month EBITDAR coverage was negative 0.29x as operation continued to be impacted by high agency utilization in the first quarter.

最後，由我們的 ProMedica Senior Care 與 ProMedica Health 系統組成的健康系統，其同店 NOI 同比增長 2.75%，過去 12 個月 EBITDAR 覆蓋率為負 0.29 倍，因為運營繼續受到第一季度高機構利用率的影響。

Turning to capital market activity. We continue to enhance our balance sheet strength and position the company and capitalize on our robust and highly visible pipeline of capital deployment opportunities by utilizing our ATM program to efficiently fund those near-term transaction. At the start of the second quarter, we sold 18 million shares via forward sale agreement at initial weighted average price of approximately $87.67 per share for expected gross proceeds of $1.6 billion.

轉向資本市場活動。我們將繼續增強我們的資產負債表實力和定位公司，並通過利用我們的 ATM 計劃有效地為這些近期交易提供資金，利用我們強大且高度可見的資本部署機會管道。在第二季度初，我們通過遠期銷售協議以每股約 87.67 美元的初始加權平均價格出售了 1800 萬股，預期總收益為 16 億美元。

We currently have approximately 22.5 million shares remaining unsettled, which are expected to generate future proceeds of $2.0 billion. Taken together, our unsettled equity proceeds includes some committed OP units on pipeline deals and $257 million of expected property dispositions and loan payoff proceeds, totaled $2.3 billion in equity capital, providing ample capacity to fund our current investment pipeline.

我們目前有大約 2250 萬股未結算的股票，預計未來將產生 20 億美元的收益。總而言之，我們未結算的股權收益包括一些在管道交易中承諾的 OP 單位以及 2.57 億美元的預期財產處置和貸款償還收益，總計 23 億美元的股權資本，為我們當前的投資管道提供了充足的資金。

During the quarter, we closed on an amended $4 billion unsecured revolving line of credit, along with an upsized term facility comprised of a USD 1 billion term loan and a CAD 250 million term loan. At quarter end, when factoring cash and restricted cash balances, our liquidity position exceeded the $4 billion of borrowing capacity on our line of credit. And when combined with the previous mentioned $2.3 billion of unsettled equity proceeds and expected disposition proceeds, we remain in a very strong liquidity position.

在本季度，我們完成了一項修正後的 40 億美元無擔保循環信貸額度，以及一項由 10 億美元定期貸款和 2.5 億加元定期貸款組成的大型定期貸款。在季度末，考慮到現金和受限現金餘額，我們的流動性狀況超過了我們信貸額度的 40 億美元借貸能力。再加上前面提到的 23 億美元未結算的股權收益和預期的處置收益，我們仍處於非常強勁的流動性狀況。

Lastly, moving to our third quarter outlook. Last night, we provided an outlook for the third quarter of net income attributable to the common stockholders per diluted share of $0.12 to $0.17. And normalized FFO per share of $0.82 to $0.87 or $0.845 at the midpoint. This guidance includes $7 million with HHS funds expected to be received in the third quarter.

最後，轉向我們的第三季度展望。昨晚，我們提供了第三季度歸屬於普通股股東的每股攤薄後淨收入的展望為 0.12 美元至 0.17 美元。並將中點的每股 FFO 標準化為 0.82 美元至 0.87 美元或 0.845 美元。該指南包括預計在第三季度收到的 HHS 資金 700 萬美元。

Excluding HHS funds, guidance represented a $0.005 increase at the midpoint from 2Q normalized FFO. The $0.005 increase composed of $0.025 from incremental SHO NOI growth and SHO investment activity and $0.01 from performance across the rest of our investment segments and from lower sequential G&A costs. This is offset by $0.03 of higher floating rate interest costs and unfavorable FX rates.

不包括 HHS 基金，指導值比第二季度標準化 FFO 的中點增加了 0.005 美元。 0.005 美元的增長包括來自 SHO NOI 增長和 SHO 投資活動的 0.025 美元，以及來自我們其他投資部門的業績和較低的連續 G&A 成本的 0.01 美元。這被 0.03 美元的較高浮動利率成本和不利的外匯匯率所抵消。

Underlying with FFO guidance is estimated third quarter total portfolio year-over-year same-store NOI growth of 7% to 9%, driven by subsegment growth of outpatient medical, 1.75% to 2.75%, long-term post acute of 2.5% to 3.5%, health systems of 2.75%, senior housing triple net of 5% to 6%, and finally, senior housing operating growth of 15% to 20%, driven by year-over-year revenue growth of 10%.

在 FFO 指導的基礎上，估計第三季度總投資組合同店 NOI 同比增長 7% 至 9%，受門診醫療子部門增長 1.75% 至 2.75% 的推動，長期急性後 2.5% 至3.5%，衛生系統 2.75%，老年住房三重淨額 5% 至 6%，最後，在收入同比增長 10% 的推動下，老年住房運營增長 15% 至 20%。

Underlying this revenue growth is an expectation for approximately 400 basis points of year-over-year average occupancy growth and continued robust rate growth. We continue to be pleased with the momentum of the top line recovery in our senior housing operating portfolio, driven by a combination of rate and occupancy growth. As I remarked last quarter, as we realize the recovery in our core portfolio, we have made the conscious decision to steadily allocate capital to distress under-operated and often initially diluted properties, along with high-quality development projects. While this capital allocation is the effect of offsetting some of our core growth today, it was substantially amplified in years to come.

在這種收入增長的基礎上，預計平均入住率將同比增長約 400 個基點，並且增長率將持續強勁增長。在房價和入住率增長的共同推動下，我們繼續對我們的老年住宅經營組合的收入復甦勢頭感到滿意。正如我上個季度所說，隨著我們意識到核心投資組合的複蘇，我們已經做出有意識的決定，將資金穩定地分配給經營不善且通常最初被稀釋的房產以及高質量的開發項目。雖然這種資本分配是抵消我們今天的一些核心增長的影響，但它在未來幾年被大大放大。

And with that, I'll hand the call back over to Shankh.

有了這個，我會把電話轉回給 Shankh。

Thank you, Jim. If I may distract you all from the short-term noise and focus on the main drivers of long-term earnings and cash flow per share growth, there are really 4 large buckets that we must pay attention to: occupancy, rates, labor cost and external growth.

謝謝你，吉姆。如果我可以分散大家對短期噪音的注意力，並專注於長期收益和每股現金流增長的主要驅動因素，那麼我們確實必須關注 4 大桶：入住率、費率、勞動力成本和外部增長。

In 2021, whenever we're hit by a massive COVID wave, it felt as though we are taking one step forward and two steps back in terms of occupancy, rates and labor costs. Thankfully, the health impact of COVID has been getting more mild and the psyche of the population has significantly improved. Now we are taking 2 steps forward and one step back in terms of occupancy and labor cost and it appears from the July trends that we're making that one extra step back forward very quickly. So COVID impacts are getting less pronounced and rebounds are getting quicker as we learn how to live with COVID.

在 2021 年，每當我們受到大規模 COVID 浪潮的衝擊時，就好像我們在入住率、費率和勞動力成本方面向前邁進了一步，又向後退了兩步。值得慶幸的是，新冠病毒對健康的影響越來越溫和，人們的心理也有了顯著改善。現在，我們在入住率和勞動力成本方面向前邁出了 2 步和後退了一步，從 7 月份的趨勢來看，我們正在非常迅速地向前邁出額外的一步。因此，隨著我們學習如何與 COVID 共處，COVID 的影響越來越不明顯，反彈越來越快。

Despite the reported issues of agency labor, the team member count in our communities has grown significantly offlet and we have not seen any let up -- though we have not seen any let up of the cost of labor, there is no question that we have seen the availability of labor increase meaningfully offlet. The portfolio has almost the same net hiring in July as we had in the first 6 months of the year combined.

儘管報告了代理勞工問題，但我們社區中的團隊成員人數顯著增加，我們沒有看到任何下降——儘管我們沒有看到勞動力成本有任何下降，但毫無疑問，我們有看到勞動力的可用性顯著增加。該投資組合在 7 月份的淨招聘人數幾乎與今年前 6 個月的總和相同。

Though our operators have had success in net hiring members over the last few months, as you can see from the case studies on Slide 7 and 8, it appears that the labor market is finally on demand from the significant success of hiring trends in July. Assuming these trends continue, this bodes very well for agency labor cost as we get a second half of the year. And where we continue to make the largest strides is through pricing power. The recent COVID spikes have not in any way dulled our operators' ability to push through strong rates. What is particularly encouraging is the street rates, which are up from high-single digits all the way up to 15%, 20% in case of some large operators.

儘管我們的運營商在過去幾個月中在淨招聘成員方面取得了成功，但正如您從幻燈片 7 和 8 的案例研究中看到的那樣，勞動力市場似乎終於因 7 月份招聘趨勢的顯著成功而受到需求。假設這些趨勢繼續下去，這對我們下半年的代理勞動力成本來說是個好兆頭。我們繼續取得最大進步的地方是通過定價能力。最近的 COVID 高峰並沒有削弱我們的運營商推動高利率的能力。特別令人鼓舞的是街道費率，從高個位數一直上升到 15%，在一些大型運營商的情況下為 20%。

Given the sharp acceleration in growth of the senior population and plummeting new supply of few projects penciling for developers today, our confidence in driving occupancy and rate growth for the next few years continue to strengthen. As for external growth opportunities, our prospects, which have been very good are only getting better, the willingness of owners to transact has grown over the last 2 years as they struggled with COVID-related challenges and debt maturity.

鑑於老年人口增長的急劇加速以及今天為開發商準備的少數項目的新供應量直線下降，我們對未來幾年推動入住率和房價增長的信心繼續增強。至於外部增長機會，我們一直非常好的前景只會越來越好，業主的交易意願在過去兩年中有所增長，因為他們正在努力應對與 COVID 相關的挑戰和債務到期。

And now with recent surge in borrowing costs and tighter lending standards that are keeping many bars at bay. If we overlay all this with how John is fundamentally transforming our business, I have not been more excited of the future prospect of our firm. We know we need to translate all of this into significant higher earnings run rate and cash flow per share and our team, which thinks and acts like long-term owners is hyper focused on that mission. With that, we'll open the call up for questions.

而現在，隨著最近借貸成本的飆升和更嚴格的借貸標準讓許多酒吧望而卻步。如果我們將所有這些與約翰如何從根本上改變我們的業務相結合，我對我們公司的未來前景感到無比興奮。我們知道我們需要將所有這些轉化為顯著更高的每股收益運行率和現金流，我們的團隊像長期所有者一樣思考和行動，非常專注於這一使命。有了這個，我們將打開電話提問。

(Operator Instructions) Our first question comes from Michael Griffin with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Michael Griffin。

This is Michael Bilerman here with Griff. Shankh, I was wondering if you can just step back and look, I appreciate the comment about the downside of using high-frequency data and the noise and effectively not to confuse the short term, whether it's good or bad to protect on the future. And you guys have been very all over COVID providing us a lot of business updates. And I think back in June, you use that data to lift guidance, right?

這是邁克爾·比勒曼和格里夫。 Shankh，我想知道您是否可以退後一步看一下，我很欣賞有關使用高頻數據和噪聲的不利之處的評論，並且有效地不要混淆短期，無論是對未來進行保護的好壞。你們對 COVID 非常了解，為我們提供了很多業務更新。我想在 6 月份，您使用這些數據來提升指導，對嗎？

And you issued the business update. And so I'm trying to understand whether you're thinking about a change and how you communicate to the Street and the reads that you're feeling, right? Because you took that data and you lifted the Street and you raised a bunch of equity and now things are a little bit lower. And I'm wondering, as you think about that short term, whether it makes sense to really start putting out the building blocks for all these things that you've done, I mean 20% of the portfolio has been bought since the late to 2020 and start to pencil that out on a 3- to 5-year basis and go through all the building blocks of all the deals you've done, the 120 assets that are negative cash flow and all these things to try to model out where that future growth really is because of all of these, what you call them noise today?

你發布了業務更新。所以我想了解你是否正在考慮改變，以及你如何與華爾街溝通，以及你的感受，對吧？因為你拿了這些數據，你舉起了華爾街，你籌集了一大筆股權，現在事情有點低了。而且我想知道，當你考慮那個短期的時候，是否真的開始為你所做的所有這些事情提供構建模塊是否有意義，我的意思是，自 2019 年 2 月以來，已經購買了 20% 的投資組合。到 2020 年，開始在 3 到 5 年的基礎上把它寫下來，檢查你完成的所有交易的所有組成部分，120 項負現金流資產以及所有這些東西，試圖找出哪裡未來的增長真的是因為所有這些，你今天稱之為噪音嗎？

Yes, Michael, I'll start with that and then Shankh can come in. I think the point on NAREIT and the guidance change there. I think Shankh spoke to this in the script. But we've tightened guidance at NAREIT based upon the trends that we saw and those trends reversed towards the end of the quarter and up towards the lower end of that range.

是的，邁克爾，我會從那開始，然後 Shankh 可以進來。我認為 NAREIT 的重點和指導在那裡發生了變化。我認為 Shankh 在劇本中談到了這一點。但我們已經根據我們看到的趨勢收緊了 NAREIT 的指導，這些趨勢在本季度末發生逆轉，並上升到該範圍的下限。

So I hear you on the high frequency of data and frankly, what we've been trying to do give updates because the longer-term view has been tougher to project. And given COVID is a backdrop, right? And we've been trying to balance essentially since we've been able to provide less of that long term view to provide more of that short-term information.

所以我聽到你關於數據的高頻率，坦率地說，我們一直在努力提供更新，因為更長期的觀點更難預測。鑑於 COVID 是一個背景，對吧？我們一直在努力平衡，因為我們能夠提供更少的長期觀點來提供更多的短期信息。

And I will speak for Shankh, if you can give a comment on this. But I think part of the commentary on the short-term noise is just trying to see the long-term trends continue to be strong in the recovery side. And we're certainly focused on that, and we continue to evaluate that piece of it. And although we understand the market's need for frequent updates on data, we're trying to make sure that you see how we're looking at it and keeping our long-term focus on kind of the core fundamentals of the business.

如果你能就此發表評論，我將代表 Shankh。但我認為對短期噪音的部分評論只是試圖看到長期趨勢在復蘇方面繼續強勁。我們當然專注於這一點，我們將繼續評估其中的一部分。儘管我們了解市場對數據頻繁更新的需求，但我們正在努力確保您了解我們如何看待它，並將我們的長期關注點放在業務的核心基礎上。

Yes. I'll just add one thing, Michael. As I mentioned, if you look at when we got hit by wave 5 when we were at second half, it was about a week after NAREIT. And that impact, which is sort of followed through about the middle of July. And you probably have noticed that we provided another business update a few weeks ago, is to make sure that everybody knows that our view has changed because of things that we talked about in NAREIT. So there was another business update, not just the ones that you mentioned. So we have -- we provide information as investors know. They see what we see.

是的。我只補充一件事，邁克爾。正如我所提到的，如果你看看我們在下半場被第 5 波擊中時，那是在 NAREIT 之後大約一周。這種影響大約持續到 7 月中旬。您可能已經註意到，幾週前我們提供了另一項業務更新，以確保每個人都知道我們的觀點已經改變，因為我們在 NAREIT 中談到了一些事情。所以還有另一個業務更新，不僅僅是你提到的那些。所以我們有 - 我們提供投資者所知道的信息。他們看到我們看到的。

But fundamentally, as I mentioned in my last quarter call that all our -- we tell you how we think, but if we get hit by a COVID wave, we're better off. I mentioned that in the last call, I mentioned that in 5 calls before that, and that continues. The good news here is with every passing wave, we're seeing the impact is lessening. And we're seeing the rebounds are getting faster.

但從根本上說，正如我在上個季度所說的那樣，我們會告訴你我們的想法，但如果我們受到 COVID 浪潮的打擊，我們會過得更好。我在上次通話中提到過，在那之前的 5 次通話中我提到過，而且這種情況還在繼續。好消息是，隨著每一波浪潮的過去，我們看到影響正在減弱。而且我們看到反彈速度越來越快。

But the fact of the matter is we just went through one and rather we're sort of coming towards the tail end of one. And we have no way to project how and when we're going to see COVID in our communities. That's just not what we can do, and I'm not aware of anybody else can do. We're just telling you as we are seeing things, but we're hoping at least we're trying to help you understand the fundamentals of the business, right?

但事實是我們剛剛經歷了一個，而我們正在接近一個尾端。而且我們無法預測我們將如何以及何時在我們的社區中看到 COVID。這不是我們能做到的，我不知道其他人能做到。我們只是在看到事情時告訴您，但我們希望至少我們正在努力幫助您了解業務的基本面，對嗎？

For example, if you can see, there's a tremendous amount of, obviously, noise on the agency labor. If you look at, that was obviously reported quarter of June, we see a pretty meaningful improvement in July. But if you truly see the improvement that we are excited about, it's the net hiring number because July net hiring number doesn't impact July agency numbers, right? It's sort of -- there's a lag between when you hire people versus when they impact your numbers because you got to train them and there's a lag between when you hire them and then they hit the floors, et cetera, right? So we're just telling you what we are seeing. And it's important that we communicate if trends change because of COVID and otherwise. But we -- I hope that you appreciate that we remain transparent, and we report things to you as we see things. And if things change, things change.

例如，如果你能看到，顯然，代理勞動有大量的噪音。如果你看一下，這顯然是在 6 月季度報告的，我們看到 7 月的改善非常有意義。但是，如果您真的看到了我們為之興奮的改進，那就是淨招聘人數，因為 7 月份的淨招聘人數不會影響 7 月份的機構人數，對吧？有點——在你僱傭人與他們影響你的數字之間有一個滯後，因為你必須培訓他們，在你僱傭他們然後他們上任之間有一個滯後，等等，對吧？所以我們只是告訴你我們所看到的。如果趨勢因 COVID 或其他原因而發生變化，我們必須進行溝通。但是我們——我希望你們感謝我們保持透明，並在我們看到事情時向你們報告事情。如果事情發生變化，事情就會改變。

Our next question comes from Vikram Malhotra with Mizuho.

我們的下一個問題來自瑞穗的維克拉姆馬爾霍特拉。

So maybe, Shankh and John, Tim, as well, I just want to kind of take the pricing power comments you echoed and just think about leaving costs aside, as you mentioned, COVID comes and goes, it's tough to predict. But would it be unfair or unreasonable to say given what you're seeing on the bumps, the re-leasing spreads, as we head into '23, given demand supply, pricing power should only accelerate, and I should not be surprised if we see call it, a mid- to high single-digit REVPOR growth for a couple of quarters? And lastly, can you just translate that pricing power into your latest thoughts on margins in the senior housing space?

所以也許，Shankh 和 John，Tim，以及，我只是想考慮一下你所回應的定價權評論，並考慮將成本放在一邊，正如你所提到的，COVID 來來去去，很難預測。但是，鑑於您在顛簸中看到的情況，重新租賃價差，當我們進入 23 年時，鑑於需求供應，定價能力只會加速，如果說我們不應該感到驚訝，我不應該感到不公平或不合理。看看吧，幾個季度的中高個位數 REVPOR 增長？最後，您能否將這種定價能力轉化為您對老年住房利潤率的最新想法？

Vikram, I'm not going to get into sort of giving you guidance on pricing power in particularly for next year's pricing power. But I will tell you that we are seeing that Street rates are significantly accelerating. There has been talks -- not talks. I mean I was in the U.K. for a few weeks. Our U.K. operators are talking about giving a midyear pricing increases in September-October time frame. I've not seen that before. There are some talks of U.S. operators thinking about something of that nature.

維克拉姆，我不打算為你提供有關定價權的指導，尤其是明年的定價權。但我會告訴你，我們看到街道利率正在顯著加速。有過會談——不是會談。我的意思是我在英國待了幾個星期。我們的英國運營商正在討論在 9 月至 10 月的時間範圍內提高年中價格。我以前沒見過。有一些關於美國運營商正在考慮這種性質的談話。

But most importantly, Street rates are just going up very significantly. So all this should translate into continued pricing power in our portfolio, especially if you look at next year, demand supply is even more favorable, right? But we're trying to optimize the revenue growth and frankly, so from our standpoint, we think that pricing power should continue. As you can appreciate that we had pricing power last year, right? So we obviously had REVPOR growth. We continue to push that, and we'll -- as we move forward, you'll see that we'll continue to push that pricing power.

但最重要的是，街道費率正在顯著上升。因此，所有這些都應該轉化為我們投資組合中持續的定價能力，特別是如果你看看明年，需求供應會更加有利，對吧？但我們正在努力優化收入增長，坦率地說，所以從我們的角度來看，我們認為定價權應該繼續存在。正如您所了解的，我們去年擁有定價權，對吧？所以我們顯然有 REVPOR 增長。我們繼續推動這一點，我們將——隨著我們的前進，你會看到我們將繼續推動這種定價能力。

As I've suggested before, the 2 types of pricing power that you should see. Frankly speaking, the one you are seeing today arises from the need of pushing pricing because of cost inflation, and that's sort of we're sort of going through that. But as we stabilize different buildings, you will see another set of pricing power which is we're raising prices because we don't have a lot of rooms to sell, right? So hopefully, you see a lot of that going through next year.

正如我之前建議的那樣，您應該看到兩種定價能力。坦率地說，你今天看到的這種情況是由於成本膨脹而需要推動定價，而我們正在經歷這種情況。但是當我們穩定不同的建築物時，你會看到另一套定價權，那就是我們正在提高價格，因為我們沒有很多房間可以出售，對吧？所以希望明年你會看到很多這樣的情況。

Our next question comes from Daniel Bernstein with Capital One.

我們的下一個問題來自與 Capital One 的 Daniel Bernstein。

I just wanted to ask something quickly about the differences in labor cost growth between AL, then Care and IL wellness and how that's factoring kind of into your capital allocation of what you want to buy and invest in?

我只是想快速詢問一下 AL、Care 和 IL 健康之間勞動力成本增長的差異，以及這如何影響您對想要購買和投資的資產的資本分配？

Yes. So on the wellness side, there's not a lot of cost, right, on the people side. So you don't have that. Though, I will say that sort of cost mostly driven by taxes as well as the energy cost increase. Our capital allocation is not driven by what we think of labor. You can just price that in. It is driven by what is the opportunity set, was the price relative to what the replacement cost is. So that's how we think about it. And if we have to think -- let's just say that you come with this idea that labor cost is going to be high forever, which I don't think it's going to be the case.

是的。所以在健康方面，對人來說，成本並不高。所以你沒有那個。不過，我會說這種成本主要是由稅收和能源成本增加驅動的。我們的資本配置不是由我們對勞動力的看法驅動的。你可以直接定價。它是由機會集驅動的，是相對於重置成本的價格。所以我們就是這麼想的。如果我們必須考慮 - 讓我們假設您認為勞動力成本將永遠很高，我認為情況不會如此。

Labor cost has been a problem for this industry for a very long period of time. And as I said, we are finally probably see that it's on the map, right? We'll see whether how that plays out, but we'll likely probably see the first sort of shot across the bow. But you can absolutely price that in. We're price-driven investors, not necessarily. So we take some thematic ideas and just run with it because you can price that in. Hopefully, that's helpful, Dan.

長期以來，勞動力成本一直是該行業的一個問題。正如我所說，我們最終可能會看到它在地圖上，對吧？我們將看看這是否會發揮作用，但我們可能會看到第一種射門。但你絕對可以將其定價。我們是價格驅動的投資者，不一定。因此，我們採用了一些主題創意，並按照它運行，因為您可以將其定價。希望這會有所幫助，Dan。

Our next question comes from Jonathan Hughes with Raymond James.

我們的下一個問題來自 Jonathan Hughes 和 Raymond James。

Could you just talk about the recurring CapEx spend trajectory? I see it is expected to kind of more than double through September from last year's pace. Is that higher spend due to some deferred or lower spending in the past few years during lockdowns and we're just catching up? Or much higher construction costs, a bit of both? And then kind of an extension of that, how that CapEx spend should trend in the next year and help fuel, increased competitiveness of your properties and ultimately, revenue growth potential?

您能談談經常性資本支出支出軌跡嗎？我預計到 9 月的速度將比去年增加一倍以上。支出增加是由於過去幾年在封鎖期間的一些延遲或較低支出，而我們只是在迎頭趕上嗎？還是更高的建築成本，兩者兼而有之？然後是這種情況的延伸，明年資本支出的趨勢如何，有助於推動、提高您的物業的競爭力，並最終提高收入增長潛力？

Yes, I'll start with that, and then John can add anything. Part of it is -- we have been certainly in 2010 -- 2022 playing a bit of catch-up in the costs of senior housing space and just the buildings being less accessible over 2020 and 2021. And then efficient for us a lot of the acquisitions we've made have had substantial value-add opportunities. So we've highlighted that with some of the larger ones and explicitly stated how much kind of redevelopment capital or value-add capital we put into it. But I think that's what's driving that right now is a combination of a little bit of deferred or catch-up capital from a period of time in which the buildings were for safety reasons less accessible. And on top of that, we put a lot of capital to work into opportunities that have high return value-add investment.

是的，我將從這個開始，然後約翰可以添加任何內容。部分原因是——我們肯定在 2010 年——2022 年在高級住房空間的成本上有所追趕，只是建築物在 2020 年和 2021 年變得不太容易進入。然後對我們很多我們進行的收購具有大量增值機會。因此，我們已經強調了一些較大的項目，並明確說明了我們投入了多少類型的重建資本或增值資本。但我認為這就是現在推動這一點的原因，是在一段時間內出於安全原因，建築物不太容易進入的時期，一些遞延或追趕資本的組合。最重要的是，我們將大量資金投入到具有高回報增值投資的機會中。

Yes. And I'll just add. You're actually pulling something from a certain sense from a future script because I talked about the operating platform. The next initiative that I'm focusing on in a big way or workflow really relates to capital and internal investments, what I'd call it as how we reposition the portfolio, our senior housing business portfolio age is at the absolute sweet spot, just right under 20 years old on average, providing tremendous opportunities to reposition those assets. So I'm actually building out a capital team right now, and we will align our CapEx with our value-add initiatives and drive pretty substantial value over the coming 3 to 5 years. So it will be a very big effort, and we're at the very front of that effort right now.

是的。我會補充一下。你實際上是從某種意義上從未來的腳本中提取了一些東西，因為我談到了操作平台。我正在重點關注的下一個計劃或工作流程確實與資本和內部投資有關，我稱之為我們如何重新定位投資組合，我們的高級住房業務投資組合時代處於絕對最佳狀態，只是平均不到 20 歲，為重新定位這些資產提供了巨大的機會。所以我現在實際上正在建立一個資本團隊，我們將讓我們的資本支出與我們的增值計劃保持一致，並在未來 3 到 5 年內推動相當可觀的價值。所以這將是一項非常大的努力，我們現在處於這項努力的最前沿。

Our next question comes from Austin Wurschmidt with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

I'm just curious for the 120 senior housing facilities currently generating negative cash flow, what is the NOI drag from those facilities? Can you give us what percent of the $538 million of total NOI upside in SHOP that they represent? And do you expect them to stabilize at a faster pace than the overall portfolio?

我只是對目前產生負現金流的 120 家高級住房設施感到好奇，這些設施的 NOI 拖累是什麼？你能告訴我們他們所代表的 SHOP 的 5.38 億美元總 NOI 上漲的百分比是多少嗎？您是否期望它們以比整體投資組合更快的速度穩定下來？

Well, Austin, we're not going to give you a number on how much capital -- how much cash flow that's losing today? Maybe I'll talk to Tim and see if we can kind of quantify that for you. Should they grow faster, the answer is obviously, yes, right? They are losing money because they're at a lower occupancy. And as they stabilize over, say, a number of years, just from the base they're coming out of, and if you think about the trajectory of the margin, they should grow faster.

好吧，奧斯汀，我們不會告訴你有多少資本——今天損失了多少現金流？也許我會和蒂姆談談，看看我們能否為你量化一下。如果它們增長得更快，答案顯然是，是的，對吧？他們正在賠錢，因為他們的入住率較低。並且隨著他們穩定下來，比如說，幾年，只是從他們出來的基礎開始，如果你考慮邊際的軌跡，他們應該會增長得更快。

But a lot of these properties have been recently built or we bought the properties at a very, very low occupancy, right? So if you look at the last tranche of, for example, the StoryPoint acquisitions we did, I think the average occupancy was like 40%, right? So if you think about it, average age of the portfolio, I think that we bought is between 2 to 4 years, and they're at 40% occupancy.

但是很多這些房產都是最近建成的，或者我們以非常非常低的入住率購買了這些房產，對吧？因此，如果您查看最後一批，例如，我們進行的 StoryPoint 收購，我認為平均入住率約為 40%，對吧？因此，如果您考慮一下，我認為我們購買的投資組合的平均年齡在 2 到 4 年之間，他們的入住率為 40%。

So there's no question, there's a lot of those buildings that opened in last year, 1.5 years, and we bought a lot of these things, right, from developers, from multifamily developers, from banks. They're just a drag. But the point here is they're not a sequential sort of a linear progress to your NOI growth, right, as they go from a negative sort of margin to the margin inflection and that sort of margin grows after you hit the J curve, right? So that's sort of the way to think about it. I mentioned that for you to understand that something very simple, right?

所以毫無疑問，有很多這些建築物在去年開業，1.5 年，我們從開發商、多戶型開發商、銀行那裡購買了很多這樣的東西。他們只是拖累。但這裡的重點是，它們不是你的 NOI 增長的連續線性進展，對，因為它們從負的邊距變為邊距拐點，並且在你達到 J 曲線後，這種邊距增長，對?所以這是一種思考方式。我提到過，是為了讓你明白這很簡單，對吧？

Just take an example of our East 56th Street property. That property opened 7.5 months ago. It's what? It's probably low 30% occupied today. And our average rate of those residents that we have received of the people who are living there is $23,000, $24,000, okay? Clearly, that has negative margins. But you would think about it as we thought about that property when we developed it, we're getting significantly high rates and trajectory of lease up is doing better than we thought. Still that's a negative value add. So as you think about negative value, as you think about putting a multiple on our income, understand that you are valuing 120 buildings at a negative value. That's all. So I'm not going to add anything more to that at this point, but something to just reflect on what's sort of dragging on our earnings and cash flow today.

以我們的東 56 街物業為例。該物業於 7.5 個月前開業。它是什麼？今天可能只有 30% 的佔用率。我們收到的居民的平均價格是 23,000 美元，24,000 美元，好嗎？顯然，這有負利潤。但是您會像我們在開發該物業時考慮的那樣考慮它，我們獲得了很高的利率，並且租賃的軌跡比我們想像的要好。這仍然是一個負面的附加值。因此，當您考慮負值時，當您考慮將我們的收入乘以倍數時，請了解您正在以負值評估 120 座建築物。就這樣。因此，此時我不會再添加任何內容，而是要反思一下是什麼拖累了我們今天的收入和現金流。

Our next question comes from Derek Johnston with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Derek Johnston。

On John Burkart's operational initiatives, what's his team hoping to accomplish and really to build confidence these endeavors can bear fruit, how are you guys measuring success? And what's the upside here?

關於 John Burkart 的運營計劃，他的團隊希望完成什麼並真正建立信心，這些努力可以結出碩果，你們如何衡量成功？這裡有什麼好處？

The measuring success -- actually, let's go back to what I hope to accomplish is, again, really bringing modern processes, technology, et cetera, to the business. And to give you an example, a very specific example. So one of the things I tested when I came in as I tested how we respond to our customer, customer experience. And what I found out after about 200 customer inquiries, was that 50% were never returned. And of the 50% that were returned, the average time was about 13 business hours.

衡量成功——實際上，讓我們回到我希望實現的目標，再次將現代流程、技術等真正帶入業務。給你舉個例子，一個非常具體的例子。因此，當我測試我們如何響應客戶和客戶體驗時，我測試了其中一件事。經過大約 200 次客戶諮詢後，我發現 50% 的產品從未退貨。在返回的 50% 中，平均時間約為 13 個工作小時。

So if a family member needs help on a Monday, and my father falls or something like this and I decide he needs to go into assisted living. I might get a call back on a Wednesday or I might not ever. That's a horrible experience and that is a very solvable situation. If you look at the current CRMs that are in place, they're basically relying upon the salespeople inputting data. It's like I write a sticky note. I put it in a file. That's my CRM. It's glorified because it's electronic, but it's the same thing.

因此，如果一個家庭成員在星期一需要幫助，而我父親跌倒或類似情況，我決定他需要進入輔助生活。我可能會在周三收到回電，或者我可能永遠都不會。這是一次可怕的經歷，這是一個非常可以解決的情況。如果您查看現有的 CRM，它們基本上依賴於銷售人員輸入數據。這就像我寫一個便箋。我把它放在一個文件裡。那是我的CRM。因為它是電子的，所以它被美化了，但它是同一回事。

So for example, I went to one of our large operators and gave them their results, which were 6 out of 6 calls did not get returned, 6 out of 6, 0 return and they said, "Gee, I'm shocked because I'm looking on my desk at our report, our pretty report, PowerPoint report that shows that 85% of the phone calls that come in, we respond to it in an hour." So that's shocking, but this is all something that we can work ourselves through because you can just test it yourself.

例如，我去了我們的一家大型運營商並給了他們他們的結果，6 個電話中有 6 個沒有得到返回，6 個中有 6 個，0 個返回，他們說，“哎呀，我很震驚，因為我’我正在辦公桌上看我們的報告，我們漂亮的報告，PowerPoint 報告顯示 85% 的來電，我們會在一小時內回复。”所以這很令人震驚，但這都是我們可以自己解決的事情，因為你可以自己測試。

That said, but first, tell me how does that get reported. And he said, "Well, it gets reported because our salespeople report it themselves." Well, there in lies the issue. The tracking systems weren't in place, et cetera, et cetera. It's really a bunch of sticky notes from a receptionist that get lost and picked up by the janitor and the calls get lost. So that's the type of professionalism that we're going to apply to the business, and the results will be to the financial benefit, most obviously, increased occupancy, increased rates and a better overall experience for the consumers. So that hopefully answers the question. As far as the details and time lines, we're obviously not giving that out.

話雖如此，但首先，請告訴我這是如何報告的。他說，“嗯，它會被報告，因為我們的銷售人員會自己報告。”嗯，問題就在這裡。跟踪系統沒有到位，等等，等等。這實際上是一堆來自接待員的便簽，丟失並被看門人撿起，電話丟失了。這就是我們將應用於業務的專業精神類型，其結果將是經濟利益，最明顯的是，增加入住率、提高價格和為消費者提供更好的整體體驗。所以希望能回答這個問題。至於細節和時間線，我們顯然沒有透露。

Our next question comes from John Pawlowski with Green Street.

我們的下一個問題來自 Green Street 的 John Pawlowski。

I appreciate the case study pages showing that you're hiring in recent months. I guess I still don't have a sense for the magnitude of understaffing, assuming occupancy starts climbing. So to the extent we get positive surprises on the occupancy upside is next 6 to 12 months, are you going to have to lean on agency expense to kind of meet that demand? Or do you think properties on average or staff properly right now to handle additional occupancy?

我很欣賞顯示您最近幾個月正在招聘的案例研究頁面。假設入住率開始攀升，我想我仍然沒有意識到人手不足的嚴重程度。因此，如果我們在未來 6 到 12 個月內對入住率上升產生積極的驚喜，您是否將不得不依靠代理費用來滿足這一需求？或者您認為現在的平均物業或員工是否適當地處理額外的入住？

I think, John, that's a very fair comment, which I should -- we talked about July was obviously a very positive month for net hiring. And we hired for the portfolio overall, our operating partners have hired as many people in July as they did 6 months ago.

我認為，約翰，這是一個非常公平的評論，我應該 - 我們談到 7 月顯然是淨招聘非常積極的月份。我們為整個投資組合招聘，我們的運營合作夥伴在 7 月份招聘的人數與 6 個月前一樣多。

But what we haven't told you that hiring puts us finally to a 2% plus above what the total number of employees were last year. We should have added that. It's a fair question -- comment from your end. So as you recall, this whole agency sort of cost drama started about a year ago, and we have finally worked our way through that with this July hiring, we're finally about 2% above where total employee count was on a net basis above last year.

但是我們沒有告訴你的是，招聘最終使我們比去年的員工總數高出 2%。我們應該補充一點。這是一個公平的問題——從你的角度發表評論。所以你還記得，整個機構的成本劇大約在一年前就開始了，我們終於在今年 7 月的招聘中解決了這個問題，我們最終比員工總數高出 2% 左右去年。

So what you're saying is possible, but I would say probably unlikely as we are finally seeing, as I said -- I talked a little bit about that, that our operators have been talking about the overall availability of labor is increasing in June. It feels like, again, I'm going to be very careful how I describe it because it is not that we know everything that's happening. But it feels like that finally that labor market is under-met from -- at least from an availability for sure, it's on demand. And hopefully, that translates into price of labor in not a distant future, but at this point, at least, we're hopeful -- not just hopeful, we're seeing it in the numbers that agency lever, which were obviously pretty ugly number in June, but has came down in July. And hopefully, obviously, there's net hire numbers in July, you'll see that should impact pretty positively as we get towards the end of the quarter.

所以你說的是可能的，但我會說可能不太可能，因為我們最終看到，正如我所說 - 我談到了一點，我們的運營商一直在談論勞動力的整體可用性在 6 月增加.感覺就像，再一次，我會非常小心地描述它，因為我們並不知道正在發生的一切。但感覺勞動力市場最終沒有得到滿足——至少從可用性來看，它是按需提供的。希望這在不遠的將來會轉化為勞動力價格，但至少在這一點上，我們充滿希望——不僅僅是充滿希望，我們在代理槓桿的數字中看到了這一點，這顯然非常醜陋六月的數字，但七月下降了。希望，顯然，7 月份有淨僱傭人數，隨著我們接近本季度末，你會看到這應該會產生非常積極的影響。

Our next question comes from Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

I wanted to actually touch on the study that you just answered, but I guess the -- just to frame it slightly differently, not to get redundant here. What percent of total open positions across all the senior housing were filled in July? If you think of it that way, are we talking 75%, nearly 100%? I think that's 2% above where you were before, it's still kind of hard to -- I guess, frame that perfectly in our own minds. So another thing is just on the double staffing, what's the typical time period of training where you have that double staffing? Are we talking weeks or months? Just any rule of thumb would help around that, too, as we think of magnitude of potential expense reduction for 3Q versus 4Q, et cetera?

我想真正談談你剛剛回答的研究，但我想 - 只是為了稍微不同的框架，而不是在這裡變得多餘。在 7 月份，所有老年住房的空缺職位總數的百分比是多少？如果你這樣想，我們說的是 75%，接近 100%？我認為這比你之前的水平高出 2%，但仍然有點難以——我想，在我們自己的腦海中完美地框架。所以另一件事是關於雙重人員，你有雙重人員的典型培訓時間段是多少？我們說的是幾週還是幾個月？只是任何經驗法則都會對此有所幫助，因為我們認為 3Q 與 4Q 的潛在費用減少幅度等等？

So net hiring in July was about 3%, just about 3% of total employee count. And you should think about the second half of your course should think about weeks, not months. So July hire should impact August and September sort of agency numbers. There is a case study that you can see on Page 7 and 8. Page 8, will show you, this is an interesting case, right? Page 7 and 8 has 2 large operators, which constituted roughly half of our agency labor costs. Page 7 would show you an operator who has already made the strides and the cost has come down meaningfully.

因此，7 月份的淨招聘率約為 3%，僅佔員工總數的 3% 左右。你應該考慮課程的後半部分應該考慮幾週，而不是幾個月。所以 7 月的招聘應該會影響 8 月和 9 月的代理機構數量。您可以在第 7 頁和第 8 頁看到一個案例研究。第 8 頁將向您展示，這是一個有趣的案例，對嗎？第 7 頁和第 8 頁有 2 家大型運營商，約占我們代理人工成本的一半。第 7 頁將向您展示一個已經取得長足進步並且成本已顯著下降的運營商。

Let's just say, call it from a $2 million a month to, call it, $0.5 million a month. Rough numbers in a matter of 4 months, call it, from April to July. The Page 8 shows you an operator, which actually has it. The numbers have been pretty much flat from June to July. But if you look at the number of hours booked, that has come down pretty significantly which tells you if that trend continues, they should see significant improvement in August and September, right?

我們只是說，從每月 200 萬美元到每月 50 萬美元。從 4 月到 7 月，大約 4 個月內的粗略數字。第 8 頁向您展示了一個實際擁有它的運算符。從 6 月到 7 月，這些數字幾乎持平。但是，如果您查看預訂的小時數，已經顯著下降，這告訴您如果這種趨勢繼續下去，他們應該會在 8 月和 9 月看到顯著改善，對吧？

So didn't take just 2 examples. I want to give you diversity of example and 2 consequential examples with sort of 2 constitute of pretty much half of the total cost. But hopefully, that sort of gives you a sense of what we are seeing. Rather than predicting the future, we're sort of giving you the positioning of our portfolio, which probably should help fully translate that into the future.

所以不只舉兩個例子。我想為您提供示例的多樣性和 2 個相應的示例，其中 2 個幾乎佔總成本的一半。但希望這能讓你對我們所看到的有所了解。我們不是在預測未來，而是在為您提供我們投資組合的定位，這可能有助於將其完全轉化為未來。

Our next question comes from Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的 Mike Mueller。

I was wondering, can you tie together the 4.5% same-store revenue growth -- REVPOR growth? And maybe talk a little bit about the sequential trend there relative to Q1? And can you dissect a little bit and talk about roll downs and just, I guess, pricing by unit type?

我想知道，你能把 4.5% 的同店收入增長——REVPOR 增長聯繫起來嗎？也許談談相對於第一季度的連續趨勢？你能不能稍微剖析一下，談談降價，我猜，按單位類型定價？

Yes, yes. And I will -- on the REVPOR side, I think the way to think about it is we talked about this last quarter, but we get a large amount of -- half of our portfolio roughly resets on Jan 1. So you see that occurred -- that part of the portfolio actually happened to also be heavily weighted towards our higher acuity unit types. The Jan 1 increases tend to be the daily billers. The daily billers are the part of the business that have your higher acuity assisted living weighting. So you saw those increases in the first quarter and what you're seeing now kind of spreading from the first quarter to the second quarter is we've talked about in this business, historically, you've seen kind of 10% or high single-digit roll-downs between move-in and move-out rates. A lot of it's acuity related, but that's actually -- that got as wide at 20-plus percent last year and it started to tighten into the mid- to low single-digit range.

是的是的。而且我會 - 在 REVPOR 方面，我認為考慮它的方式是我們在上個季度討論過這個問題，但是我們得到了大量 - 我們的投資組合的一半在 1 月 1 日大致重置。所以你看到發生了- 投資組合的那部分實際上也很重視我們更高敏銳度的單位類型。 1 月 1 日的漲幅往往是每日賬單。每日帳單是業務中具有更高敏銳度的輔助生活權重的一部分。因此，您在第一季度看到了這些增長，而您現在看到的從第一季度到第二季度的蔓延是我們在這個行業中談到的，從歷史上看，您已經看到了 10% 或高單- 搬入和搬出率之間的數字滾降。很多都與敏銳度有關，但實際上 - 去年增長了 20% 以上，並且開始收緊到中低個位數範圍。

So you're seeing some of those Jan 1 increases, I'd say bleed off a little bit with there is still some negative leasing spreads on that, and that's being offset by annual increases that are hitting throughout pretty much evenly throughout the year and the other half of the portfolio.

因此，您會看到 1 月 1 日的一些增長，我想說的是，在這方面仍然存在一些負租賃利差，這被年度增長所抵消，全年增長幾乎均勻，並且投資組合的另一半。

And as I mentioned, my last call, right, if you have pretty much a scenario, which we haven't seen in a long time, which is if Street rate continues to go up, the weight is going up. That gap will continue to narrow. And sort of -- it is conceivable that they come very close. We have seen a couple of operators where actually it has crossed over. But there's a -- portfolio-wise, it is conceivable that they come very, very close and that negative re-leasing spread that comes from the acuity clip that Tim talked about goes away.

正如我所提到的，我的最後一個電話，對，如果你有一個我們很長時間沒有看到的場景，那就是如果街道利率繼續上升，那麼權重就會上升。這一差距將繼續縮小。並且有點 - 可以想像它們非常接近。我們已經看到幾個運營商實際上已經跨越了。但是有一個 - 投資組合方面，可以想像它們非常非常接近，並且來自蒂姆談到的敏銳度剪輯的負再租賃利差消失了。

And so but remember, what we are also talking about, this is sort of a problem that you chase again as you raise -- you send the in-house increase letters again, right? So and you change that number again, right? So this is a phenomenon. But frankly speaking, we haven't seen in a long time, 8 or 9 years where Street rates are getting very close to in-place. So we're pretty encouraged by that.

所以但請記住，我們也在談論的是，這是一個你在籌集時再次追逐的問題——你再次發送內部增加信，對嗎？所以，你又改變了那個數字，對吧？所以這是一個現象。但坦率地說，我們在很長一段時間內（8 或 9 年）都沒有看到街道利率非常接近原位。所以我們對此感到非常鼓舞。

Our next question comes from David Rodgers with Baird.

我們的下一個問題來自貝爾德的大衛羅傑斯。

Shankh, you and Tim both mentioned ProMedica, I think, in your prepared comments. And you went through some of the coverage ratios and agency labor statistics and basis. But I was kind of curious the fact that you spent a little bit more time this quarter, was that just related to where their coverage has gone and you're reiterating comfort with that? Or are you having conversations or have they approached you about maybe making changes? I guess that would be the first question. And the second question is what about that portfolio relative to the other portfolio that you own has made them kind of lag in some of the recovery statistics that you've mentioned?

Shankh，我認為，您和 Tim 在您準備好的評論中都提到了 ProMedica。你瀏覽了一些覆蓋率和機構勞動力統計數據和基礎。但我有點好奇，你本季度花了更多時間，這是否與他們的報導去向有關，你重申對此感到安慰？或者您是否在進行對話，或者他們是否與您聯繫過可能會做出改變？我想這將是第一個問題。第二個問題是，相對於您擁有的其他投資組合，該投資組合如何使它們在您提到的一些復甦統計數據中有所滯後？

Yes. So I'm going to be -- I'm going to repeat what I said before. First is, understand, a lot of that portfolio has a skilled nursing, which has been impacted, obviously, very significantly. And it has been a very significant hit from agency labor in that portfolio. What we report is a one-quarter lag sort of a 4-quarter average type of EBITDAR. What I mentioned, if you look at -- reread the transcript, you will see that the improvement that they have seen has happened really in the last 4, 5 months. And that they have significantly narrowed their loss as occupancy has gone up and agency labor has come down, right?

是的。所以我要——我要重複我之前說過的話。首先，要理解，很多投資組合都有熟練的護理人員，顯然，這受到了非常顯著的影響。在該投資組合中，代理勞動力對它造成了非常重大的打擊。我們報告的是 4 季度平均 EBITDAR 類型的四分之一滯後。我提到的，如果你看一下-- 重讀成績單，你會發現他們所看到的改善確實發生在過去的4、5 個月中。隨著入住率的上升和中介勞動力的下降，他們已經大大縮小了損失，對吧？

So that's sort of the overall underlying picture of what's happening. It is very important for you to understand, as we have described before, that rent doesn't come from the 4 walls of those -- right, that went with the only reason we did that transaction, -- they -- and we mentioned this before, that rent was guaranteed by the mile shift, right? So that's very important for you to understand where that lies.

這就是正在發生的事情的總體基本情況。正如我們之前所描述的，您必須了解，租金不是來自那四堵牆——對，這與我們進行交易的唯一原因——他們——我們提到在此之前，租金是由里程轉移保證的，對嗎？因此，了解它的位置對您來說非常重要。

As I mentioned again, I'm going to say this again, as I've mentioned before, right? We fundamentally believe that below-market basis translate into below-market rent, like there's nothing -- there's no special insight into that. If you have a low basis and your market rent constant, you will get to a lower market rent, right?

正如我再次提到的，我要再說一遍，正如我之前提到的，對吧？我們從根本上認為低於市場的基礎轉化為低於市場的租金，就像沒有什麼一樣 - 沒有特別的洞察力。如果您的基礎較低且市場租金不變，您將獲得較低的市場租金，對嗎？

So on an average basis -- for example on the average basis, the ProMedica portfolio is roughly around $7,000 per bed of rent. If you look at any other skilled nursing provider, let's just take an example of Omega, you will see the average rent is about $10,000, right? So that sort of gives you a sense of if everything was exactly the same, the rent is 30% below, right?

因此，平均而言——例如，ProMedica 投資組合的平均租金約為每張床位 7,000 美元。如果你看看任何其他熟練的護理提供者，讓我們以 Omega 為例，你會看到平均租金約為 10,000 美元，對吧？所以那種讓你感覺如果一切都完全一樣，租金低於 30%，對吧？

So they sort of give you order of magnitude. I'm not talking about specific because it's hard to compare assets from portfolio 1 to portfolio 2, but that would give you a sense, which gives us a lot of comfort that about: a, first, our income from that portfolio; and b, what we strive to do, which is to achieve long-term returns as we deploy capital. And as I mentioned, I'm going to mention it again, I remain very comfortable that we're not losing our sleep over that income or that return from that portfolio.

所以他們給你一個數量級。我不是在談論具體的，因為很難比較投資組合 1 和投資組合 2 中的資產，但這會給你一種感覺，這讓我們感到很舒服：a，首先，我們從該投資組合中獲得的收入； b，我們努力做的事情，即在我們部署資本時實現長期回報。正如我所提到的，我將再次提及它，我仍然很放心，我們不會因為該收入或該投資組合的回報而失眠。

Our next question comes from Nick Yulico with Scotiabank.

我們的下一個問題來自 Scotiabank 的 Nick Yulico。

I was just hoping to understand for the operator transition assets in senior housing. What's embedded in the guidance for the third quarter about any incremental sequential NOI drag there since I think you said those assets are not in the same-store calculation?

我只是希望了解運營商在高級住房中的過渡資產。由於我認為您說這些資產不在同店計算中，因此第三季度的指導中嵌入了關於任何增量連續 NOI 拖累的內容？

Yes, correct. They're not in the same-store. So the assets, just to clarify, the assets that we -- in our July business update, that we talked about transitioning, those are still in the same-store portfolio, they completed the quarter in -- under the management of the prior manager. And then they're coming out going forward. From a sequential basis, we expect a slight drag from a non-build perspective, about 0.5% from those transitions.

是，對的。他們不在同一家商店。所以資產，只是為了澄清，我們在 7 月份的業務更新中談到了過渡的資產，這些資產仍然在同店投資組合中，他們在前任經理的管理下完成了這個季度.然後他們會繼續前進。從連續的基礎上看，我們預計從非建造的角度來看會有輕微的拖累，大約是這些過渡的 0.5%。

Our next question comes from Rich Anderson with SMBC.

我們的下一個問題來自 SMBC 的 Rich Anderson。

So I think we all get the message here on the short term versus the long term, but I want to see if I can get some kind of quantitive evidence of that. So the occupancy guide for the third quarter is 400 basis points year-over-year, and that seems to imply 120 basis points sequentially, which compares to 100 basis points sequential in the second quarter. So we didn't get the seasonal pop in occupancy and understand for the reasons you described.

所以我認為我們都在這裡得到了短期和長期的信息，但我想看看我是否能得到某種量化的證據。因此，第三季度的入住率指南同比增長 400 個基點，這似乎意味著連續增長 120 個基點，而第二季度連續增長 100 個基點。因此，由於您描述的原因，我們沒有得到季節性的入住和理解。

When you were sitting in your seat at NAREIT and you were thinking about the third quarter at the time, how much do you think we lost by virtue of what happened with the COVID wave in June and the kind of the lost month of July? And where do you think the sequential number, landing at 120 basis points as of now, would have been, if not for the disruptions that you faced after NAREIT?

當您坐在 NAREIT 的座位上並且當時正在考慮第三季度時，您認為我們因 6 月的 COVID 浪潮和 7 月的那種損失月份而損失了多少？如果不是因為您在 NAREIT 之後面臨的中斷，您認為截至目前達到 120 個基點的序列號會在哪裡？

Yes. So let's just -- I'll take the essence of your question, and there's no debate about the fact that for -- specifically for third quarter, and I mentioned this in my script that some of the growth has leaped into next year because we're not getting that growth in the third quarter. Why? Because we lost the month of July, right? So if you lose your traffic that much in first half of the month, it's very, very -- it's almost impossible to recover from that as you think through the sales cycle of tours translate into sales, right?

是的。所以，讓我們——我會抓住你問題的本質，沒有爭議的事實是——特別是第三季度，我在我的劇本中提到這一點，一些增長已經躍入明年，因為我們'在第三季度沒有得到這種增長。為什麼？因為我們失去了七月，對吧？因此，如果您在本月的前半個月失去了那麼多流量，那是非常非常的——幾乎不可能從這種情況中恢復過來，因為您認為旅遊的銷售週期會轉化為銷售，對吧？

So it's very important for you to understand that lost month with sort of -- it's a very important month, right? So we got an average occupancy growth in that month, as John said, about 40-plus basis points, there should have been double that. And that's was not the case because we got hit. So the only good news here, as I will suggest to you, and I think John mentioned this in his script, that we started first, call it, first 10 days, first 15 days of July, but tours were 40% below June, like with just the market just went away.

所以對你來說，理解那個失去的月份非常重要——這是一個非常重要的月份，對吧？因此，正如約翰所說，我們在那個月的平均入住率增長了大約 40 多個基點，應該是兩倍。事實並非如此，因為我們被擊中了。所以這裡唯一的好消息，正如我將向你建議的那樣，我認為約翰在他的劇本中提到了這一點，我們首先開始，稱之為，前 10 天，7 月的前 15 天，但旅遊比 6 月低 40%，就像剛剛消失的市場一樣。

By the time we ended the month, we caught up on a cumulative basis almost to the 95% of June. So if you think about, you start at a 40% hole, and you end up at a 5% hole, that sort of suggest to you, there's a remarkable progress made in the second half. And that's sort of we're seeing that now the move-ins are coming back on back of the tours. But by no coercion, but absolutely no coercion, Rich, that we -- because of this COVID hits are sort of, just call it, try to be specific on something that it can be that we saw between mid-June to mid-July, has hit our June numbers on an expense basis, which sort of recovered in July or at least hopefully recovered a lot in July, and it hit revenue because all the tours went away, it hits revenue in July.

到本月結束時，我們累計趕上了 6 月份的 95%。所以如果你想一想，你從一個 40% 的洞開始，到一個 5% 的洞結束，這對你來說是一種暗示，下半場取得了顯著的進步。這就是我們看到的，現在布展正在回歸巡迴賽的後面。但是沒有強制，但絕對沒有強制，Rich，我們 - 因為這個 COVID 命中有點，只是稱之為，嘗試具體說明我們在 6 月中旬到 7 月中旬看到的一些事情，在費用基礎上達到了我們 6 月份的數字，在 7 月份有所恢復，或者至少希望在 7 月份恢復了很多，並且它影響了收入，因為所有的旅行都消失了，它在 7 月份達到了收入。

I hope that sort of gives you a sense of how this wave hit us and how that translates from one side of the quarter from the other side of the quarter.

我希望這能讓你了解這波浪潮是如何衝擊我們的，以及它是如何從本季度的一側轉換到本季度的另一側的。

Our next question comes from Michael Carroll with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的邁克爾卡羅爾。

John, I know you're hesitant to provide too many details on your data plan, but I wanted to touch on your comments in your prepared remarks that Well is initiating on a data analytics pilot that's expected to roll out over the next 6 months. I guess what does this actually mean? And how does this different from the company's current data analytic programs that you have right now?

約翰，我知道你不願提供太多關於你的數據計劃的細節，但我想在你準備好的評論中談談你的評論，即 Well 正在啟動一項數據分析試點，預計將在未來 6 個月內推出。我猜這實際上是什麼意思？這與您現在擁有的公司當前的數據分析程序有何不同？

Yes. So, it's better to look at it versus the operating platform. So the operating platform will drive -- will provide tremendous amounts of data because we'll be able to gather all the nuanced information from the web hits the traffic all the way through. But currently, we can gather more information from our operators, and that's really the opportunity that I'm taking midterm is to gather some more. So we've been working with our operators to connect.

是的。因此，最好將其與操作平台進行比較。因此，運營平台將驅動 - 將提供大量數據，因為我們將能夠從網絡收集所有細微的信息，並一路點擊流量。但是目前，我們可以從我們的運營商那裡收集更多信息，而這正是我在中期採取的機會是收集更多信息。所以我們一直在與我們的運營商合作以建立聯繫。

And in this particular case, we connected with our cloud system to pull down on a daily basis the information that they currently have from the platforms that they're currently using. So we haven't done that level of detail before. We get good reporting from them, but now we're upping that gain. And so from an interim basis, that will inform us much better than we have right now from an operating level. The company -- what the company has done from the investment side is untouchable. But from an operating perspective, there's some more opportunities that I'm going after and that should help us from an asset management level.

在這種特殊情況下，我們與我們的雲系統連接，以每天從他們當前使用的平台獲取他們當前擁有的信息。所以我們以前沒有做過這樣的細節。我們從他們那裡得到了很好的報告，但現在我們正在增加這種收益。因此，從臨時基礎上看，這將比我們現在從運營層面更好地告知我們。公司——公司在投資方面所做的事情是不可動搖的。但從運營的角度來看，我正在尋找更多的機會，這應該從資產管理層面幫助我們。

Our next question comes from Juan Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just a longer-term question, I guess, you noticed some transitions happening and near-term drag for a long-term opportunity. But at this point, how should we think about the risk of further transitions into 2023? Are you confident that we're past 90% of any potential transitions? Or is that just part of the business where there's always going to be some laggards and maybe like I think about kind of Goldman calling 10% of the staff annually. Is that kind of the way we should think about? There's always going to be some underperformer you're going to kind of rectify that as things go? Or is this kind of -- we're at the end of that, given where we are in COVID and cyclically?

我想，這只是一個長期問題，你注意到一些轉變正在發生，短期內拖累了長期機會。但在這一點上，我們應該如何考慮進一步過渡到 2023 年的風險？您是否確信我們已經完成了 90% 的潛在過渡？或者這只是業務的一部分，總會有一些落後者，也許就像我認為高盛每年給 10% 的員工打電話一樣。這是我們應該思考的方式嗎？總會有一些表現不佳的人，你會隨著事情的發展而糾正嗎？還是這種——考慮到我們在 COVID 和周期性的位置，我們已經走到了盡頭？

So Juan, I think the way you should think about it for the COVID class of acquisitions that we have done, the transition, operator transition, system integration, all of those things are reaching nearing completion, right? So they are nearing completion. Now from the perspective of what you are asking, which is more of a philosophical question than a planning question, right, we are of the belief that you have to earn your keep if you want to manage our properties.

所以胡安，我認為你應該考慮我們已經完成的 COVID 類收購的方式，過渡，運營商過渡，系統集成，所有這些事情都接近完成，對吧？所以他們即將完成。現在從您所問的角度來看，這更像是一個哲學問題，而不是一個規劃問題，是的，我們相信，如果您想管理我們的財產，您必須賺取自己的收入。

It's very simple, right? Managing our properties, which had substantial amount of capital is a given. And you see that in all other businesses, whether it's a competitive business, whether just take an example of multifamily, right? And if you look at people who are managers, fee managers, they expect to earn their right to manage for fee. And frankly speaking, in senior housing business, there has been very significant amount of complacency, and we have not seen that.

這很簡單，對吧？管理我們擁有大量資本的資產是理所當然的。而且你看到在所有其他業務中，無論是競爭性業務，還是僅以多戶家庭為例，對嗎？如果你看看那些擔任經理、費用經理的人，他們期望獲得管理費用的權利。坦率地說，在老年住房業務中，自滿情緒非常明顯，而我們沒有看到這種情況。

So as long as people perform, we have absolutely no desire to move assets because it's disruptive. No one wants to do that. But if people don't perform, there will be transition. It's a lot of capital for our shareholders' capital are tied up into these buildings, but we're not going to see tier and take underperformance. That's just not what we do.

因此，只要人們表現出色，我們就絕對不想轉移資產，因為它具有破壞性。沒有人願意這樣做。但如果人們不表演，就會有過渡。我們股東的資本被捆綁在這些建築物中，這是很多資本，但我們不會看到等級和表現不佳。這不是我們所做的。

Near-term underperformance because something happened to an asset, completely understandable. But as John mentioned to you, some of the basic operating standards are expected. And if people don't perform, they're not going to be in our portfolio.

近期表現不佳，因為資產發生了一些事情，這是完全可以理解的。但正如約翰向你提到的，一些基本的操作標準是預期的。如果人們不表現，他們就不會出現在我們的投資組合中。

Our next question comes from Michael Griffin with Citi.

我們的下一個問題來自花旗的 Michael Griffin。

It's Bilerman, again. I just had 2 quick follow-ups. Shankh, just on ProMedica, who is funding the operating cash flow losses today? Or is the entity just taking on increased debt for that? So maybe you can just talk through the capital structure and how all of that's happening? And then secondarily, just going back to my opening question about sort of longer-term and focusing on all of the initiatives and investments that you've made. I think Burkart, when you were at Essex, you've put out a 3-year plan, and I remember UDR and ACO and there was a lot of that, do you think the company would benefit a little bit about -- you have done a lot of sending out all of the impacts and opportunities to start to understand the earnings as well as the asset value, NAV because it just feels that the market is focused to short term and you can provide a lot more details.

又是比勒曼。我剛剛進行了 2 次快速跟進。 Shankh，就在 ProMedica，誰在為今天的運營現金流損失提供資金？還是該實體只是為此增加了債務？所以也許你可以談談資本結構以及這一切是如何發生的？其次，回到我關於長期問題的開場問題，並關注你所做的所有舉措和投資。我認為 Burkart，當你在 Essex 時，你已經制定了一個 3 年計劃，我記得 UDR 和 ACO，其中有很多，你認為公司會從中受益嗎 - 你有做了很多發送所有的影響和機會開始了解收益以及資產價值，資產淨值，因為它只是覺得市場專注於短期，你可以提供更多的細節。

You've dropped little things like the Transit 59 transition, the $120 million negative cash flow, but actually getting the details and really putting the building blocks to your 3-year return based on everything that's involved, I think, would be really helpful. So if you can address those 2 things, that would be good.

您已經放棄了諸如 Transit 59 過渡、1.2 億美元的負現金流之類的小東西，但我認為，實際上了解詳細信息並真正根據所涉及的一切為您的 3 年回報奠定基礎，這將非常有幫助。所以如果你能解決這兩件事，那就太好了。

So I answer the first question. ProMedica is funding and the operating cash flows. As you guys know, it's an entity that has -- how their funding is very simple, that entity has -- really have $2 billion of cash on their balance sheet, so they're just using that cash to fund it. So John, do you want to add anything?

所以我回答第一個問題。 ProMedica 提供資金和運營現金流。如你們所知，這是一個實體——他們的資金非常簡單，該實體擁有——他們的資產負債表上確實有 20 億美元的現金，所以他們只是用這些現金為其提供資金。那麼約翰，你想補充什麼嗎？

Yes. I mean I will continue to provide more insight into the platform. And as I'm a very simple person, as you know, I call it the whole (inaudible). Literally, we'll start all the way from traffic, i.e., web and that type all the way through sales force management, all the way through the operating platform, the ERP, so to speak through every other aspect of the business, HRIS, et cetera. And we'll start to lay out more information.

是的。我的意思是我將繼續提供對該平台的更多見解。正如你所知，我是一個非常簡單的人，我稱之為整體（聽不清）。從字面上看，我們將從流量開始，即網絡和那種類型，一直到銷售隊伍管理，一直到運營平台，ERP，可以說是業務的所有其他方面，HRIS，等等。我們將開始列出更多信息。

I will say from the past the -- my experience -- the companies typically aren't laying out specific time lines for dollars. You lay out paths as to what you expect to accomplish and how that will positively impact the business, but not necessarily time that to dollars, and I don't intend to do that. But I'm glad to give more clarity over time. We're running extraordinarily fast at this point in time, and we'll provide some more detail on the coming calls and at NAREIT, et cetera.

我會從過去說——我的經驗——這些公司通常不會為美元製定具體的時間表。你為你期望完成的事情以及這將如何對業務產生積極影響制定了路徑，但不一定將時間安排在美元上，我不打算這樣做。但我很高興隨著時間的推移提供更多的清晰度。目前，我們的運行速度非常快，我們將提供有關即將到來的電話和 NAREIT 等的更多詳細信息。

And Michael, just a continuation to answer to your first question. I think overall, you should certainly hear from us that we've adapted the way that what we've disclosed over the last 2.5 years in a pretty dynamic environment. So a lot of it has been driven certainly by what we think is important. And a lot of this has been driven by feedback from individuals such as yourself and investors. So I hope you've seen that and certainly continued to have dialogue with the market on what is helpful to be seen, and we'll continue to adapt what we disclose based upon that. So you shouldn't think there'll be any change in the way that we -- our approach to that.

邁克爾，只是繼續回答你的第一個問題。我認為總體而言，您當然應該從我們那裡聽到，我們已經適應了過去 2.5 年在一個非常動態的環境中披露的方式。因此，其中很多肯定是由我們認為重要的事情驅動的。其中很大一部分是由您和投資者等個人的反饋推動的。因此，我希望您已經看到了這一點，並且肯定會繼續與市場就可以看到的內容進行對話，我們將繼續在此基礎上調整我們披露的內容。所以你不應該認為我們的方式會有任何改變——我們的方法。

We have reached the end of the question-and-answer session. This concludes today's conference call. You may now disconnect.

我們已經到了問答環節的尾聲。今天的電話會議到此結束。您現在可以斷開連接。