Welltower Inc (WELL) 2022 Q3 法說會逐字稿

Hello. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower Third Quarter 2022 Earnings Call. (Operator Instructions) I would now like to turn the call over to Mr. Matt McQueen, General Counsel. Please go ahead, sir.

你好。我叫麗莎，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Welltower 2022 年第三季度財報電話會議。 （操作員說明）我現在想將電話轉給總法律顧問 Matt McQueen 先生。請繼續，先生。

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，早上好。提醒一下，在本次電話會議中所做的某些陳述可能被視為《私人證券訴訟改革法》意義上的前瞻性陳述。儘管 Welltower 認為任何前瞻性陳述都是基於合理的假設，但該公司無法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，我會把電話轉給 Shankh 聽取他的評論。

Thank you, Matt, and good morning, everyone. Today, I would like to describe our capital allocation priorities, ProMedica Senior Care transaction and the rapidly evolving capital markets environment. I will also review some high-level business trends before handing the call over to John, who will provide details on operational trends and a brief update on our operating platform. I'm very pleased with the progress we have made since we last spoke 90 days ago. Despite a flattish earnings trends on a sequential basis, driven by several (inaudible) headwinds, including FX, interest rate and utility expenses, our underlying business is actually improving meaningfully and setting up for the coil spring recovery that we hoped for.

謝謝你，馬特，大家早上好。今天，我想描述一下我們的資本配置重點、ProMedica Senior Care 交易和快速變化的資本市場環境。在將電話轉交給 John 之前，我還將回顧一些高級業務趨勢，John 將提供有關運營趨勢的詳細信息以及我們運營平台的簡要更新。我對自 90 天前上次談話以來我們取得的進展感到非常高興。儘管在包括外匯、利率和公用事業費用在內的幾個（聽不清的）不利因素的推動下，連續盈利趨勢持平，但我們的基礎業務實際上正在顯著改善，並為我們希望的螺旋彈簧復甦做好準備。

In our senior housing operating business, same-store revenue is up 10.8% year-over-year, driven by strong occupancy gains and most importantly, pricing power. 5.3% same-store rate growth is the best we have seen in our recorded history. And I want to remind everyone that we're compounding already industry-leading rate growth from last year.

在我們的高級住宅運營業務中，同店收入同比增長 10.8%，這得益於強勁的入住率增長，最重要的是定價能力。 5.3% 的同店增長率是我們有記錄的歷史上最好的。我想提醒大家，我們正在復合去年行業領先的增長率。

From these early trains, I believe we will see a further improvement in Q4, which will create a strong setup for 2023. However, perhaps what I'm most excited about is the progress we are making on the labor front with compensation per occupied unit is up 4.3% year-over-year, the lowest level of growth we have reported since the beginning of pandemic.

從這些早期的培訓中，我相信我們將在第四季度看到進一步的改善，這將為 2023 年創造一個強大的基礎。然而，也許我最興奮的是我們在勞動力方面取得的進展，每個佔用單位的報酬同比增長 4.3%，這是我們報告的自大流行開始以來的最低增長水平。

Our operating partners are experiencing a significant surge in applications which has translated into a strong increase in net hiring. In fact, in September, total portfolio monthly contract labor spend was the lowest since August of 2021 and subsequently improved in October. We believe this trend will continue into year-end outside the normal pickup of agency use during the holiday season and into -- well into the next year.

我們的運營合作夥伴正在經歷應用程序的顯著激增，這已轉化為淨招聘的強勁增長。事實上，9 月份的總投資組合月度合同勞動力支出是 2021 年 8 月以來的最低水平，隨後在 10 月份有所改善。我們相信這種趨勢將持續到年底，除了假期期間代理機構使用的正常回升之外，並一直持續到明年。

We strongly believe that labor market is changing for the better, and it will help our sector to be a total standout amongst all real estate sectors next year on a relative basis. Show portfolio same-store NOI growth was 17.6% in the quarter, led by U.S., which posted third quarter of 20-plus percent growth, an assisted living product type reported same-store NOI growth of an impressive 25.1%.

我們堅信勞動力市場正在好轉，這將有助於我們的行業在明年的相對基礎上在所有房地產行業中脫穎而出。本季度展示產品組合的同店 NOI 增長 17.6%，其中以美國為首，第三季度增長了 20% 以上，輔助生活產品類型報告的同店 NOI 增長了 25.1%，令人印象深刻。

Let me highlight 3 operating partners for you that provide further insight into why I'm so pleased with our progress over the last 90 days. Number one, Oakmont. As you'll recall, we transitioned 10 top California assets to Oakland in August, while we expected some initial disruption to occupancy NOI during the transition in actuality, we recognized an immediate benefits due to remarkable performance from Courtney's team.

讓我為您重點介紹 3 個運營合作夥伴，它們可以讓您進一步了解為什麼我對過去 90 天的進展如此滿意。第一，奧克芒。您可能還記得，我們在 8 月將 10 項頂級加州資產轉移到了奧克蘭，雖然我們預計在實際過渡期間最初的入住率 NOI 會受到一些干擾，但我們認識到 Courtney 團隊的出色表現會帶來立竿見影的好處。

These assets have experienced a slight increase of NOI and occupancy despite challenges that are normally incurred during a transition. This is the first time we have seen a transition with no negative P&L impact apart from the 6 assets we transitioned to Oakmont last year. I expect these properties as well as the other assets that we transitioned to Oakmont to add significantly to our 2023 growth.

儘管在過渡期間通常會遇到挑戰，但這些資產的 NOI 和入住率略有增加。除了我們去年轉移到 Oakmont 的 6 項資產外，這是我們第一次看到沒有負面損益影響的過渡。我預計這些物業以及我們轉移到奧克芒的其他資產將顯著增加我們 2023 年的增長。

If you are visiting San Francisco this month for an NAREIT conference, I recommend you to join our property tour and experience firsthand the remarkable job this team has done. To my earlier point on shift of labor market during the summer, open positions across Oakmont platform was 16% of total jobs. It is down to low single digit at this point. Number two, StoryPoint.

如果您本月前往舊金山參加 NAREIT 會議，我建議您參加我們的房產之旅，親身體驗這個團隊所做的出色工作。對於我之前關於夏季勞動力市場轉移的觀點，Oakmont 平台上的空缺職位佔總職位的 16%。此時已降至低個位數。第二，故事點。

StoryPoint is 1 of our best operating partners, perhaps will be the source of biggest NY swing next year. We have $1 billion of investment with low occupancy properties, which is generating approximately 2.7% yield in Q3. StoryPoint made remarkable improvement in our top line on both occupancy and rates, but the properties have not generated significant NOI in 2022 as these properties were just over the breakeven occupancy and the agency cost was very detrimental. Their open positions are now down more than 50% through the end of October, and we expect 80% reduction of agency by end of this month.

StoryPoint 是我們最好的運營合作夥伴之一，也許明年將成為紐約最大的搖擺之源。我們對低入住率物業進行了 10 億美元的投資，第三季度的收益率約為 2.7%。 StoryPoint 在我們的入住率和房價方面取得了顯著改善，但這些物業在 2022 年並未產生顯著的 NOI，因為這些物業剛剛超過收支平衡的入住率，而且代理成本非常不利。截至 10 月底，他們的未平倉頭寸現在下降了 50% 以上，我們預計到本月底代理機構將減少 80%。

We believe that stabilized NOI for this group of portfolio is about circa $80 million, which will be substantially achieved in 2024. While we'll not close this gap in 2023, I expect we'll make significant strides next year and will be over the half year (inaudible). We cannot be more [flushed] with the execution than and team has pulled off. Number three, Sunrise. Sunrise is our largest operator due to a national presence. Sunrise experienced significant labor challenges and that has had to rely on contract labor for last many quarters.

我們認為，這組投資組合的穩定 NOI 約為 8000 萬美元，這將在 2024 年大幅實現。雖然我們不會在 2023 年縮小這一差距，但我預計明年我們將取得重大進展，並將超過半年（聽不清）。我們不能比團隊已經完成的執行更[激動]。第三，日出。由於遍布全國，Sunrise 是我們最大的運營商。 Sunrise 經歷了重大的勞動力挑戰，並且在過去的多個季度中不得不依賴合同工。

Jack and his team has made remarkable progress in this area over the last 60 days. contract labor down 52% from year-to-date run rate, and I believe Sunrise will be the biggest contributor to contract labor improvement in the coming months and quarters. Given strong rate Sunrise benefit from in this incredibly well-located Welltower billings, we should see extremely strong NOI growth contribution from Sunrise. While we are encouraged -- very encouraged by the trends and our fourth quarter guidance of 21% growth at the midpoint, I'll remind you that we are at the very early inning of senior housing recovery. We'll remain as excited as ever about the growth prospects in coming years and the 80-plus population growth will continue to accelerate. And as new construction in the sector will come to near a standstill.

在過去的 60 天裡，Jack 和他的團隊在這方面取得了顯著進步。合同工較年初至今運行率下降了 52%，我相信 Sunrise 將是未來幾個月和幾個季度合同工改善的最大貢獻者。鑑於 Sunrise 從這個地理位置優越的 Welltower billings 中受益的強勁利率，我們應該會看到 Sunrise 對 NOI 增長的貢獻非常強勁。雖然我們受到鼓舞——趨勢和我們第四季度 21% 的中點增長指導讓我們感到鼓舞，但我要提醒你，我們正處於高級住房復甦的早期階段。我們將一如既往地對未來幾年的增長前景感到興奮，80 歲以上人口的增長將繼續加速。隨著該行業的新建築將接近停滯。

In fact, 2023 should see 4.5% increase in AD population, as you may have observed only 2,700 units got started in Q3. And frankly, I don't even understand how these people will make any money in development. While new development should continue to come down, assuming people want to develop to make any money, another interesting phenomenon we are observing is that the thousands of units are being taken offline either because of obsolescence or because of higher and better use like behavioral health.

事實上，到 2023 年，AD 人口應該會增加 4.5%，因為您可能已經觀察到第三季度只有 2,700 個單位開始使用。坦率地說，我什至不明白這些人如何在開發中賺錢。雖然新的開發項目應該會繼續下降，假設人們想要開發項目來賺錢，但我們觀察到的另一個有趣的現像是，成千上萬的單元正在下線，要么是因為過時，要么是因為行為健康等更高更好的用途。

As of 9/30, almost 15,000 units were taken offline on a TTM basis. I also want to highlight consistent and steady performance of our outpatient medical group under Ryan's leadership, our retention rate for the quarter is a remarkable 92.7% and rent rates are ticking up into the mid-3s. Both new and renewal leases -- for both new and renewal leases, I'm pleased that our weighted average escalators are now above 3%. I'm also pleased that the low interest rate environment and the wall of capital that drove due to low 2% escalator seems to be a thing of the past.

截至 9 月 30 日，將近 15,000 台設備在 TTM 基礎上下線。我還想強調在 Ryan 的領導下，我們的門診醫療團隊始終如一和穩定的表現，我們本季度的保留率達到了驚人的 92.7%，租金率正在上升至 3s 中期。新租和續租——對於新租和續租，我很高興我們的加權平均自動扶梯現在超過 3%。我也很高興低利率環境和由於低 2% 自動扶梯而推動的資本牆似乎已成為過去。

KLCC Bolt, which is our largest MOB tenant and also represents into a very significant portion of our development pipeline was acquired by United Health during this summer. The significant credit upgrade of our largest tenant and our development client represents a meaningful value creation for our shareholders. The most significant change we observed in this -- however, in the MOB space is the remarkable widening of cap rates. I've said it like a broken record for a long time that MOB cap has made no sense to us, given where the forward view of inflation was relative to underlying growth rate of the cash flow. I'm pleased to see other capital sources are now waking up to the ugly realities of real return on capital in this inflationary environment.

KLCC Bolt 是我們最大的 MOB 租戶，也是我們開發管道中非常重要的一部分，它在今年夏天被 United Health 收購。我們最大的租戶和我們的開發客戶的顯著信用升級為我們的股東創造了有意義的價值。我們在這方面觀察到的最顯著變化——然而，在 MOB 領域是資本化率的顯著擴大。鑑於通貨膨脹的前瞻性觀點與現金流的潛在增長率相關，我已經說過很長時間了，MOB 上限對我們來說毫無意義。我很高興看到其他資本來源現在開始意識到在這種通貨膨脹環境下實際資本回報率的醜陋現實。

There was nothing wrong with this asset class except price, and I am relieve to see that has finally changed. Billions of dollars of transactions were consummated at low cap rates often with short-term floating rate debt. The party is over a with capital structure and cash flow as many of these vehicles are now upside down. We'll be observing the space closely in the coming months and quarter.

除了價格之外，這個資產類別沒有任何問題，我很欣慰地看到它終於發生了變化。數十億美元的交易以低上限利率完成，通常是短期浮動利率債務。由於這些工具中的許多現在顛倒了，所以派對已經結束了資本結構和現金流。我們將在接下來的幾個月和一個季度密切關注這個空間。

Now I would like to discuss our recent restructuring of our lease with ProMedica Health System. I'm not going to bore you with the details of our fundamental thesis of this investment in 2018. I laid it out clearly when we did this transaction. We didn't predict COVID and its impact on the cash flow portfolio and frankly, were underwhelmed by the execution.

現在我想討論我們最近與 ProMedica Health System 的租約重組。我不會讓你厭煩我們在 2018 年這項投資的基本論點的細節。當我們進行這項交易時，我已經清楚地說明了這一點。我們沒有預測 COVID 及其對現金流量組合的影響，坦率地說，我們對執行感到失望。

But the fundamental investment thesis of the original transaction should still protect our shareholders' capital that basis an appropriate structure are critical to any real estate investment. While we have historically relied on our operators' ability to drive cash flow and that yield, we never make real estate investment decision based on yield. We believe success in real estate investment over a long period of time is a function of right basis and staying power. If we own an apartment in New York City for $400,000, while everybody owns equivalent apartment for $1 million, you can still charge rent for that unit and generate strong returns.

但原始交易的基本投資論點仍應保護我們的股東資本，以適當的結構為基礎對任何房地產投資都至關重要。雖然我們歷來依賴運營商推動現金流和收益率的能力，但我們從不根據收益率做出房地產投資決策。我們相信房地產投資的長期成功取決於正確的基礎和持久力。如果我們在紐約市擁有一套價值 40 萬美元的公寓，而每個人都擁有價值 100 萬美元的同等公寓，您仍然可以為該單元收取租金並獲得豐厚的回報。

That is such a simple yet perhaps one of the most overlooked concept on Wall Street. The capital funding of noise on ProMedica's negative EBITDA coverage over the last few months have reached a fever pitch. And we honestly understand and empathize with this Pavlovian response as the history of health care REIT sector is full of remedies such as massive rent cuts or disposal of assets at fire sale prices that result in significant value destruction to shareholders.

這是一個如此簡單但也許是華爾街最容易被忽視的概念之一。過去幾個月 ProMedica 負 EBITDA 報導的噪音資本資金已經達到了狂熱的程度。我們真誠地理解並同情這種巴甫洛夫式的反應，因為醫療保健 REIT 行業的歷史充滿了補救措施，例如大規模減租或以甩賣價格出售資產，導致股東價值遭受重大損失。

Even though I'm personally humbled by the cash flow deterioration in the ProMedica portfolio, let me repeat that we are not experiencing a rent cut on a cash basis and our investors are the beneficiary of a satisfactory total return to date. And that goes back to our incredibly favorable basis and structure.

儘管我個人對 ProMedica 投資組合的現金流惡化感到謙卑，但讓我重申，我們沒有經歷現金減租，我們的投資者是迄今為止令人滿意的總回報的受益者。這可以追溯到我們非常有利的基礎和結構。

To continue my metaphor -- previous metaphor, Manhattan apartment rent might come down from $5,000 to $4,000 in a bad year, but we never hypothetically even charge $4,000 as we bought our unit at such a low price. That is why our rent is now going up, not down after this transaction. And I continue to believe it remains below market and will be a source of future value creation.

繼續我的比喻——之前的比喻，曼哈頓的公寓租金在糟糕的一年可能會從 5,000 美元降到 4,000 美元，但我們從來沒有假設地收取 4,000 美元，因為我們以如此低的價格購買了我們的單元。這就是為什麼我們的租金在這次交易後上漲，而不是下跌。我仍然相信它仍然低於市場，並將成為未來價值創造的源泉。

As I mentioned in our last call, ProMedica has made significant strides in reducing its operating losses, which have further narrowed in the last 90 days through both occupancy gains and lower labor costs -- contract labor costs, particularly. Integra brand entity, which we have done multiple transactions previously has successfully executed many turnarounds, including those involving HCR assets that we sold it to them in the last couple of years, and is well positioned to return these assets to its previous glory, using a regional operative strategy, just like they have done over the last couple of years.

正如我在上次電話會議中提到的那樣，ProMedica 在減少運營虧損方面取得了重大進展，在過去 90 天裡，通過入住率提高和勞動力成本降低——尤其是合同工成本，運營虧損進一步縮小。我們之前進行過多項交易的 Integra 品牌實體已經成功地執行了許多轉機，包括那些涉及我們在過去幾年將其出售給他們的 HCR 資產的轉機，並且有能力使這些資產恢復到以前的輝煌，使用區域運營戰略，就像他們在過去幾年所做的那樣。

We are looking through Integra's brand entity and the owner for the downside protection through subordination of their equity as well as significant other guarantees and will subsequently share significant value creation with us. But I cannot overemphasize that the fundamental idea of below-market rent -- basis equals to below market rent is not about ProMedica. It is about our belief how we invest and protect our shareholders' capital. If a business has demand growth and you can own it for significantly less than what it cost to build and a low leveraged capital structure, it is challenging for me to see how we lose money in most scenarios.

我們正在通過 Integra 的品牌實體和所有者尋找下行保護，通過他們的股權從屬以及其他重要擔保，並將隨後與我們分享重要的價值創造。但我不能過分強調低於市場租金的基本理念——基礎等於低於市場租金與 ProMedica 無關。這是關於我們如何投資和保護股東資本的信念。如果一家企業有需求增長，並且您可以以遠低於構建成本和低杠桿資本結構的價格擁有它，那麼我很難看到我們在大多數情況下是如何虧損的。

We remain partnered with ProMedica, all be done as such on a much smaller scale, and we'll be delighted to see the significant credit improvement of this important institution in Toledo.

我們仍然與 ProMedica 合作，所有這些都是在更小的規模上完成的，我們將很高興看到托萊多這個重要機構的信用顯著改善。

Finally, let's discuss the current capital markets environment, which excites me to know end. Before I go into what we might do in the future, let's discuss what we have done in the past under this leadership team. If we go back and read all our comments about capital deployment in the last few years, you will notice a few attributes.

最後，讓我們討論一下當前資本市場環境，這讓我很興奮，知道結束。在我討論我們未來可能做的事情之前，讓我們先討論一下我們過去在這個領導團隊的領導下所做的事情。如果我們回頭閱讀過去幾年我們關於資本配置的所有評論，您會注意到一些特徵。

One, we're unlevered IRR buyers and we underwrite significant cap rate expansion at exit. Hence, the recent rate increase don't fluster us just as we have never chased low rates down under the guise of low cost of capital. Two, our unrelenting focus on basis relative to replacement cost, and as a result, we seriously dislike low cap rates in stabilized occupancy scenarios. Nothing has happened so far, even in this turbulent capital markets backdrop that require us to change how we invest capital. We are experiencing historic volatility in the treasury market with every part of the yield curve inverted right now, with significantly the most important due to [10] curve is as inverted as it was during [Paul Walker's] time 40 years ago.

第一，我們是無槓桿的 IRR 買家，我們承諾在退出時大幅擴張資本化率。因此，最近的加息不會讓我們感到恐慌，就像我們從未打著低資本成本的幌子追逐低利率一樣。第二，我們不懈地關注與重置成本相關的基礎，因此，我們非常不喜歡穩定入住情況下的低上限利率。到目前為止，沒有發生任何事情，即使在這種需要我們改變投資方式的動蕩的資本市場背景下也是如此。我們正在經歷國債市場的歷史性波動，收益率曲線的每一部分現在都在倒轉，其中最重要的是 [10] 曲線與 40 年前 [Paul Walker] 時代一樣倒轉。

One approach for us would be to ride out this storm in a shelter and do nothing. But those of you who know us well, no, we're unlikely to do so. We maintain a very favorable capital position and a [warchest] due to our extremely talented capital markets team under the leadership of Tim. Despite our unfavorable public cost of capital on a spot basis today, we have no doubts of global institutions who want to partner with us. And let me remind you again, a simple capital allocation framework I've described to you before.

我們的一種方法是在避難所中安然度過這場風暴，什麼都不做。但是那些了解我們的人，不，我們不太可能這樣做。由於我們在 Tim 的領導下非常有才華的資本市場團隊，我們保持了非常有利的資本狀況和 [warchest]。儘管我們今天的現貨公共資本成本不利，但我們毫不懷疑希望與我們合作的全球機構。讓我再次提醒你，我之前已經向你描述過一個簡單的資本配置框架。

Every company effectively has 4 choices of raising capital: one, tapping internal cash flow; two, issuing debt; three, issuing equity; and four, disposition of existing assets. It also has 5 essential choices of deploying that capital: one, investing in existing assets; two, acquisitions; three, buying debt at a discount; four, paying a dividend; and five, buying stock at a discount. You can loosely call the first set of choices at selling, but the right description would be sourcing or raising capital. You can loosely call the second set of choices as buying, but perhaps the correct description will be deployment of capital. Following the same line of thinking, loosely speaking, consistently buying low and selling high creates value for shareholders.

每家公司實際上有四種籌資方式：一是利用內部現金流；二、發債；三、發行股權；四、存量資產處置。它還有 5 個部署該資本的基本選擇：一，投資於現有資產；二、收購；三、以折扣價購買債務；四、分紅；第五，以折扣價購買股票。您可以粗略地將第一組選擇稱為銷售，但正確的描述是採購或籌集資金。您可以粗略地將第二組選擇稱為購買，但也許正確的描述是配置資金。按照同樣的思路，籠統地說，持續低買高賣為股東創造價值。

In a more wholesome and thoughtful description, optimizing these choices from this menu of sources and uses in a tax-efficient manner creates meaningful value for continuing shareholders on a per share basis. Our goal is to maximize per share value and per share cash flow, not to become the biggest or the most revolutionary. Our capital allocation team on both sides of the balance sheet is poised to pound on this great menu of opportunities, while the most volatile interest rate environment in 4 decades has put in front of us. And at the same time, John's team is just getting started on the journey of cash flow and platform optimization.

在更健康和深思熟慮的描述中，以節稅的方式從這個來源和用途菜單中優化這些選擇，為持續股東按每股創造有意義的價值。我們的目標是最大化每股價值和每股現金流，而不是成為最大或最具革命性的公司。我們在資產負債表兩邊的資本配置團隊準備抓住這一巨大的機會菜單，而 4 年來最動蕩的利率環境已經擺在我們面前。與此同時，約翰的團隊才剛剛開始現金流和平台優化之旅。

With that, I'll pass it over to John. John?

有了這個，我會把它傳遞給約翰。約翰？

Thank you, Shankh. I'll provide some insight into our operating business, starting with the medical office portfolio. In the third quarter, same-store NOI growth for our outpatient medical business was 1.4% over the prior year's quarter, which was below trend due to some timing issues on tenant improvements, delay in move-ins and higher utility expenses. We continue to see strong retention levels at 93% in the quarter and accelerating renewal rates in the marketplace.

謝謝你，尚赫。我將從醫療辦公室組合開始，對我們的運營業務提供一些見解。在第三季度，我們門診醫療業務的同店 NOI 增長比去年同期增長 1.4%，由於租戶改善、入住延遲和公用事業費用增加等一些時間問題，低於趨勢。我們繼續看到本季度 93% 的強勁保留率，並且市場上的續訂率正在加快。

Turning to our senior housing operating portfolio. The recovery in this sector continues. As Shankh mentioned, revenue in our same-store portfolio came in at 10.8% in the third quarter compared to the prior year's quarter. All 3 regions showed strong revenue growth, starting with Canada at 4.4%, the U.S. and U.K. growing at an impressive 11.6% and 18.9%, respectively.

轉向我們的高級住房運營組合。該行業的複蘇仍在繼續。正如 Shankh 所提到的，與去年同期相比，第三季度我們同店投資組合的收入增長了 10.8%。所有 3 個地區都顯示出強勁的收入增長，首先是加拿大，增長率為 4.4%，美國和英國的增長率分別為 11.6% 和 18.9%，令人印象深刻。

Revenue growth for the quarter was driven by a 390 basis point increase in occupancy and another quarter of healthy pricing power with REVPOR growth of 5.3%, as Shankh mentioned, the highest we've witnessed.

本季度的收入增長是由入住率增加 390 個基點和另一個季度健康的定價能力推動的，REVPOR 增長 5.3%，正如 Shankh 提到的，這是我們見過的最高水平。

Sequentially, the portfolio occupancy continued to improve with the gain of 110 basis points during the quarter. While expenses remain a challenge, our operators continue to control expense for or expense per occupied room. The comp for or compensation per occupied room only grew at 4.3% in the third quarter over the prior year's quarter, the lowest growth rate since 2019. Expense for grew at a rate of 3.7% in the third quarter on a year-over-year basis, well below our REVPOR growth of 5.3% and driving expansion of 130 basis points on a year-over-year basis in our margins.

因此，本季度投資組合入住率繼續提高 110 個基點。雖然費用仍然是一個挑戰，但我們的運營商繼續控制每間客房的費用或費用。第三季度每間入住客房的補償或補償僅比去年同期增長 4.3%，是自 2019 年以來的最低增長率。第三季度的費用同比增長 3.7%基礎上，遠低於我們 5.3% 的 REVPOR 增長，並推動我們的利潤率同比增長 130 個基點。

As our operators have pivoted from the COVID state to normalized operations, and as labor and materials have become more available, we have aggressively addressed maintenance that was delayed during COVID, which resulted in slightly elevated repairs and maintenance during the maintenance expense during the quarter.

隨著我們的運營商從 COVID 狀態轉向正常化運營，並且隨著勞動力和材料變得更加可用，我們積極解決了 COVID 期間延遲的維護問題，這導致本季度維護費用中的維修和維護略有增加。

Overall, the quarter's occupancy gains, strong REVPOR and expense controls enabled the senior housing operating portfolio to deliver 17.6% year-over-year same-store NOI growth in the period led by the U.S. with over 20% year-over-year growth, while Canada NOI grew at 6.3% and the U.K. was up 9.8%. Going forward, we expect the operating portfolio to continue to deliver outside NOI growth with each geography expected to experience accelerating NOI growth in the fourth quarter.

總體而言，本季度的入住率增長、強勁的 REVPOR 和費用控制使高級住房運營組合在美國領先的時期實現了 17.6% 的同店 NOI 增長，同比增長超過 20%，而加拿大 NOI 增長 6.3%，英國增長 9.8%。展望未來，我們預計運營組合將繼續實現外部 NOI 增長，預計每個地區都將在第四季度加速 NOI 增長。

As we look forward to what many believe will be a weaker labor market in 2023, it's important to realize that labor as an expense represents about 60% of our total expenses. Additionally, nurses are only about 5% of the labor force at the communities. And although there are other more specialized positions at the communities, most of the positions require skills that are transferable from other sectors of the economy, allowing us to benefit from the softer labor market, as Shankh noted.

當我們期待許多人認為 2023 年勞動力市場將更加疲軟時，重要的是要認識到勞動力作為一項支出約占我們總支出的 60%。此外，護士僅佔社區勞動力的 5% 左右。儘管社區中還有其他更專業的職位，但大多數職位都需要可以從其他經濟部門轉移的技能，從而使我們能夠從疲軟的勞動力市場中受益，正如 Shankh 指出的那樣。

Regarding our operating platform, we continue to quickly move forward on plans to pilot our first module in early 2023 with several other modules in the works. Like all technology rollouts, it's about people, processes, data and then technology. So it's not about flipping a switch. It takes team works. The results will show up over time. Our meetings with our operators have been very productive as we bring together their skills and experience with our own to build a better future for the industry.

關於我們的運營平台，我們繼續快速推進計劃，在 2023 年初試行我們的第一個模塊，其他幾個模塊也在進行中。與所有技術推廣一樣，它涉及人員、流程、數據，然後是技術。因此，這與撥動開關無關。這需要團隊合作。結果會隨著時間的推移而顯現。我們與運營商的會面非常富有成效，因為我們將他們的技能和經驗與我們自己的技能和經驗相結合，為行業打造更美好的未來。

Finally, I would like to thank our operators and their employees for making these results possible. It's been a full sprint since the beginning of COVID, and they have addressed 1 challenge after the next. We are finally at a point where it seems like there's light at the end of the tunnel, occupancy continues to rise. Net hiring is occurring month after month REVPOR continues to outpace expense for, which will drive further margin expansion and so much more. We wish to thank everyone and wish them a wonderful Thanksgiving, and thank you for your hard work. I'll now turn the call over to Tim.

最後，我要感謝我們的運營商及其員工使這些結果成為可能。自 COVID 開始以來，這是一個完整的衝刺，他們已經解決了一個接一個的挑戰。我們終於到了隧道盡頭似乎有光的地步，入住率繼續上升。淨招聘逐月發生，REVPOR 繼續超過支出，這將推動利潤率進一步擴大等等。我們要感謝大家，祝他們感恩節愉快，感謝你們的辛勤工作。我現在將電話轉給蒂姆。

Thank you, John. My comments today will focus on our third quarter 2022 results. The performance of our triple net investment segments in the quarter are capital activity, a balance sheet and liquidity update and finally, our outlook for the fourth quarter. Welltower reported third quarter normalized bunds from operations of $0.84 per diluted share, representing 6.2% growth over the prior year period when adjusting for HHS funds received and changes in FX rates. And marking our second consecutive quarter of year-over-year growth since the start of the pandemic. We also reported our second consecutive quarter of positive total portfolio same-store NOI growth with 7.2% year-over-year growth.

謝謝你，約翰。我今天的評論將集中在我們 2022 年第三季度的業績上。本季度我們三重淨投資部門的表現是資本活動、資產負債表和流動性更新，最後是我們對第四季度的展望。 Welltower 報告稱，第三季度正常化運營收益為每股攤薄收益 0.84 美元，根據收到的 HHS 資金和匯率變化進行調整後，較上年同期增長 6.2%。這標誌著我們自大流行開始以來連續第二個季度實現同比增長。我們還報告了我們連續第二個季度的總投資組合同店 NOI 正增長，同比增長 7.2%。

Turning to our triple net lease portfolios. As a reminder, our triple-net lease portfolio coverage and occupancy stats reported a quarter arrears. So these statistics reflect the trailing 12 months ending 6/30, 2022. In our senior housing triple-net portfolio, same-store NOI increased 1.6% year-over-year, below the low end of our guidance range, which is primarily timing related. Trailing 12-month EBITDAR coverage was 0.83x in the quarter. Next, same-store NOI in our long-term post-acute portfolio grew 3.1% year-over-year and trailing 12-month EBITDA coverage 1.31x.

轉向我們的三重淨租賃組合。提醒一下，我們的三重淨租賃組合覆蓋率和入住率統計報告了四分之一的欠款。因此，這些統計數據反映了截至 2022 年 6 月 30 日的過去 12 個月。在我們的高級住房三網投資組合中，同店 NOI 同比增長 1.6%，低於我們指導範圍的低端，這主要是時機有關的。本季度過去 12 個月的 EBITDAR 覆蓋率為 0.83 倍。接下來，我們長期後急性投資組合中的同店 NOI 同比增長 3.1%，過去 12 個月的 EBITDA 覆蓋率為 1.31 倍。

And lastly, health systems, which is comprised of our joint venture with ProMedica Health System. As same-store NOI growth of positive 2.75% year-over-year and trailing 12-month EBITDARM and EBITDAR coverages were negative 0.01 and negative 0.6, respectively, as operations continue to be impacted by high agency utilization costs in the second quarter relative to the prior year.

最後，健康系統，它由我們與 ProMedica Health System 的合資企業組成。由於同店 NOI 同比增長 2.75%，過去 12 個月的 EBITDARM 和 EBITDAR 覆蓋率分別為負 0.01 和負 0.6，因為第二季度運營繼續受到高代理使用成本的影響前一年。

Putting these coverage figures in context of our announcement last night, trailing 12-month ProMedica Senior Care EBITDARM coverage of negative 0.01 implies trailing 12-month EBITDARM of negative $1.6 million. relative to $168 million of cash rent paid in the trailing 12-month period ending 6/30, 2022. The transition of the skilled nursing business will bring the remaining ProMedica Senior Care EBITDARM back to profitability with the trailing 12-month coverage of nearly 2x relative to the remaining rent on the 58 assisted living facilities that will continue to operate.

將這些覆蓋率數據放在我們昨晚宣布的背景下，過去 12 個月的 ProMedica Senior Care EBITDARM 覆蓋率為負 0.01 意味著過去 12 個月的 EBITDARM 為負 160 萬美元。相對於截至 2022 年 6 月 30 日的過去 12 個月支付的 1.68 億美元現金租金。熟練護理業務的轉型將使剩餘的 ProMedica Senior Care EBITDARM 恢復盈利，過去 12 個月的覆蓋率接近 2 倍相對於將繼續運營的 58 個輔助生活設施的剩餘租金。

Thus, the transition to Integra Health has a dual benefit to providing us a well-capitalized and strategic partner to focus on the skilled nursing properties, while also leaving ProMedica Senior Care a substantially better financial state following the transaction.

因此，向 Integra Health 的過渡具有雙重好處，為我們提供了一個資本充足的戰略合作夥伴，專注於熟練的護理資產，同時也使 ProMedica Senior Care 在交易後的財務狀況大大改善。

Turning to capital market activity. In the quarter, we continued to enhance our balance sheet strength by utilizing our ATM program to raise approximately $760 million of forward equity at an average price of $80.12. We settled 9.1 million shares for total proceeds of $842 million to fund $1 billion of net investment activity, leaving $1.5 billion of unsettled forward ATM as of 9/30.

轉向資本市場活動。本季度，我們利用 ATM 計劃以平均 80.12 美元的價格籌集了約 7.6 億美元的遠期股權，繼續增強資產負債表實力。我們結算了 910 萬股股票，總收益為 8.42 億美元，為 10 億美元的淨投資活動提供資金，截至 9 月 30 日，還剩下 15 億美元的未結算遠期 ATM。

Post quarter end, we settled additional ATM proceeds to fund investment activity and pay down $850 million of total debt, $817 million of which was floating rate. Post that paydown, we have the full $4.0 billion available borrowing capacity on our line of credit and no unsecured maturities until 2024.

季度結束後，我們結算了額外的 ATM 收益以資助投資活動並償還了 8.5 億美元的總債務，其中 8.17 億美元是浮動利率。償還後，我們的信貸額度擁有 40 億美元的全部可用借貸能力，並且在 2024 年之前沒有無擔保到期日。

We expect to finish the fourth quarter with consolidated net debt to EBITDA below 6.5x for the first time since 2020. From a liquidity perspective, in addition to the $4 billion we passed in line of credit, we have $1 billion of cash and forward equity and $580 million remaining near-term dispositions and loan paydown proceeds at a 4.6 yield, representing $5.6 billion of total near-term liquidity.

我們預計第四季度末合併淨債務與 EBITDA 之比自 2020 年以來首次低於 6.5 倍。從流動性角度來看，除了我們通過信貸額度的 40 億美元外，我們還有 10 億美元的現金和遠期股權以及 5.8 億美元的剩餘近期處置和貸款償還收益，收益率為 4.6，代表近期流動性總額為 56 億美元。

Lastly, moving to our fourth quarter outlook. Last night, we provided an outlook for the fourth quarter of net income attributable to common stockholders of $0.08 to $0.13 per diluted share and normalized FFO of $0.80 to $0.85 per diluted share or $0.825 at the midpoint. As mentioned in the release, our fourth quarter guidance contemplates no HHS funds to be received in the fourth quarter.

最後，轉向我們的第四季度展望。昨晚，我們對第四季度普通股股東應占淨收入的展望為稀釋後每股 0.08 美元至 0.13 美元，標準化 FFO 為稀釋後每股 0.80 美元至 0.85 美元或中點 0.825 美元。正如新聞稿中提到的，我們的第四季度指南預計第四季度不會收到任何 HHS 資金。

So after adjusting for $0.015 of nonrecurring items, including HHS funds received in the third quarter were effectively flat for sequential FFO. The sequential change is composed of $0.02 from sequential increases in senior housing operating portfolio and $0.01 from sequential increases in outpatient medical and senior housing triple net. These are offset by $0.03 of interest expense and foreign exchange headwinds.

因此，在調整了 0.015 美元的非經常性項目後，包括第三季度收到的 HHS 資金實際上與連續 FFO 持平。連續變化包括高級住房運營組合連續增加 0.02 美元和門診醫療和高級住房三重網絡連續增加 0.01 美元。這些被 0.03 美元的利息支出和外匯逆風所抵消。

Underlying this FFO guidance is estimated total portfolio year-over-year same-store NOI growth of 8.5% to 10.5%, driven by subsegment growth of outpatient medical, 1.5% to 2.5%, long-term post-Q 2.5% to 3.5%, senior housing triple net 5% to 6%. And finally, senior housing operating growth of 18.5% to 23.5%, driven by revenue growth of approximately 9.5% year-over-year. Underlying this revenue growth is an expectation of approximately 200 basis points of year-over-year average occupancy increase and rent growth of approximately 7%. And with that, I'll hand the call back over to Shankh.

在此 FFO 指導的基礎上，估計總投資組合同比同店 NOI 增長 8.5% 至 10.5%，受門診醫療細分市場增長 1.5% 至 2.5%，長期後 Q 增長 2.5% 至 3.5% 的推動、高級住房三聯淨5%至6%。最後，在收入同比增長約 9.5% 的推動下，高級住房運營增長 18.5% 至 23.5%。這一收入增長的基礎是平均入住率同比增長約 200 個基點，租金增長約 7%。有了這個，我會把電話轉回給 Shankh。

Thanks, Tim. One of my mentors, Peter Kaufman often says, life is not about predicting it's about positioning. Did we predict that ProMedica's EBITDA coverage will turn negative? Absolutely not. But we positioned for it and structured as such. Did we know it will happen and availability of credit in senior housing sector will weaken? No, but we positioned for it. We own more than 11,000 units of age-restricted and age-targeted apartments that will benefit from government agency backstop financing at very attractive pricing, from which we can generate a couple of millions of dollars of proceeds.

謝謝，蒂姆。我的一位導師彼得考夫曼經常說，生活不是預測，而是定位。我們是否預測 ProMedica 的 EBITDA 覆蓋範圍將變為負數？絕對不。但是我們為它定位並構建了這樣的結構。我們是否知道它會發生並且高級住房部門的信貸可用性會減弱？不，但我們為此做好了準備。我們擁有超過 11,000 套有年齡限制和年齡目標的公寓，這些公寓將以極具吸引力的價格從政府機構的支持融資中受益，我們可以從中產生數百萬美元的收益。

Did we predict that our stock will be in the low 60s and we'll lose our access to equity capital? No, we didn't. But we positioned for it and raised $3.28 billion of capital at an average price of $86.55 this year. We have no idea if rates are going back down or going back up, and how ugly the capital markets environment might turn before it gets better. We are laser focused on what we can control and have an incredible organization that is railing to take advantage of the opportunities with house odds as opposed to gamblers odds. I cannot be more excited about the period of unprecedented per share value creation that we are embarking on for our existing owners. And with that, I'll open the call up for questions.

我們是否預測到我們的股票將處於 60 美元的低位並且我們將失去獲得股權資本的機會？不，我們沒有。但我們為此做好了準備，今年以平均 86.55 美元的價格籌集了 32.8 億美元的資金。我們不知道利率是回落還是回升，也不知道資本市場環境在好轉之前可能會變得多麼糟糕。我們非常專注於我們可以控制的事情，並且擁有一個令人難以置信的組織，該組織正在努力利用賭場賠率而不是賭徒賠率的機會。我對我們為現有所有者開始的前所未有的每股價值創造時期感到無比興奮。有了這個，我會打開電話提問。

(Operator Instructions) Your first question comes from the line of Vikram Malhotra with Mizuho.

（操作員說明）您的第一個問題來自 Vikram Malhotra 與 Mizuho 的合作。

Just a quick 2-parter here. One, you talked a lot about pricing power. You gave the examples across operators on how pricing labor is improving. Just how sustainable is this across your regions maybe within the U.S., but also globally? And then can you just add on to that, any early signs that the elevated flu impacting fundamentals?

這裡只是一個快速的 2 人。第一，你談到了很多關於定價權的問題。你舉了運營商的例子，說明勞動力定價是如何改進的。這在您所在地區可能在美國乃至全球範圍內的可持續性如何？然後你能不能補充一點，流感升高影響基本面的任何早期跡象？

I'll take the pricing power, John, if you take the flu. Great. So from a pricing power standpoint, Vikram, if you just look at what we said at the beginning of the year, nothing really changed except if you think about what happens is in the industry, not at least for our portfolio, you've got a lot of renewals in the beginning of the year. And this year, we got very strong pricing, obviously. And given that there is a gap between where market rent is as well as where your renewal rates are obviously with the rents that are rolling off, there's a gap over a period of the year, that sort of comes down, right? That's sort of what happens in the normal year.

約翰，如果你得了流感，我將獲得定價權。偉大的。因此，從定價權的角度來看，維克拉姆，如果你只看我們在年初所說的話，沒有什麼真正改變，除非你考慮一下行業中發生的事情，至少對於我們的投資組合來說，你有年初有很多更新。顯然，今年我們的定價非常強勁。考慮到市場租金和你的續約率明顯與租金下降之間存在差距，一年中的一段時間內存在差距，這種差距會下降，對吧？這就是正常年份發生的事情。

What we have said this year, given that market rents have been rising at a faster rate than annual rates, first time, honestly, like a decade. So we have seen that gap close down pretty meaningfully, and you're seeing REVPOR increases are actually getting better through the year. You add on top of that, that we are seeing some only renewals for next year in that sort of, call it, another 10-ish percent range, and we expect that obviously, we'll do similar type of pricing increases as we come to next year, you will see that pricing power will continue to hold up and REVPOR rate increases will continue to hold up.

我們今年所說的話，鑑於市場租金的增長速度一直快於年增長率，老實說，這是十年來第一次。所以我們已經看到差距非常有意義地縮小了，而且你看到 REVPOR 的增長實際上在這一年裡越來越好。最重要的是，我們看到明年只有一些續訂，稱之為另一個 10% 的範圍，我們顯然預計，我們會在未來進行類似類型的價格上漲到明年，您將看到定價能力將繼續保持，REVPOR 利率增長將繼續保持。

So we're pretty excited about it. But remember, pricing power also comes in many forms and substances, right? So you have occupancy of the portfolio and many parts of the portfolio is getting to a point, overall portfolio might still be at 80% occupancy, but there is segments of the portfolio well above high 80s and 90% occupancy where it starts to get pretty meaningful pricing power because you have no interest to sell anymore, right? So as we get into that environment more and more, I believe that you will see sustainable pricing power. I have no crystal ball on exactly what the macroeconomic environment would be next year. But as we sit here today, we feel very good about pricing.

所以我們對此感到非常興奮。但請記住，定價權也有多種形式和實質，對嗎？所以你有投資組合的佔用率，並且投資組合的許多部分都達到了一個點，整體投資組合可能仍處於 80% 的佔用率，但投資組合的某些部分遠高於 80s 和 90% 的佔用率開始變得漂亮有意義的定價權，因為你沒有興趣再賣了，對吧？因此，隨著我們越來越多地進入這種環境，我相信你會看到可持續的定價能力。對於明年的宏觀經濟環境究竟如何，我沒有水晶球。但當我們今天坐在這裡時，我們對定價感到非常滿意。

Yes. On your question regarding the flu, I most certainly can't predict the future. But what I can say is that the COVID protocols, I think, will mitigate the situation within our community, they're still in place. I was at one of the properties very recently, and I'm waiting in line to get in, we wash hands, temperature check, wear a mask, et cetera. And I'm going to align with employees, any vendor, all of us. That's the protocol. It's a safe, thoughtful protocol. And so my expectation is that, that will have a very positive impact in the communities. How the flu season goes in the U.S. and otherwise, I don't -- I can't predict that. But I do think the COVID protocols will be very positive going forward.

是的。關於你關於流感的問題，我當然無法預測未來。但我可以說的是，我認為 COVID 協議將緩解我們社區內的情況，它們仍然存在。我最近去過其中一處房產，我在排隊等候進入，我們洗手、測量體溫、戴口罩等等。我將與員工、任何供應商以及我們所有人保持一致。這就是協議。這是一個安全、周到的協議。所以我的期望是，這將對社區產生非常積極的影響。美國的流感季節如何，否則，我不知道——我無法預測。但我確實認為 COVID 協議將非常積極地向前發展。

Your next question comes from the line of Derek Johnston with Deutsche Bank.

你的下一個問題來自德意志銀行的 Derek Johnston。

Can we discuss the newly authorized $3 billion in share repurchase program? How do you feel about the shares at current levels? And I guess, the possible timing of execution given the announcement comes in conjunction with earnings, which is -- seems unique.

我們能否討論新授權的 30 億美元股票回購計劃？您如何看待當前水平的股票？我想，鑑於公告的可能執行時間與收益相結合，這似乎是獨一無二的。

Derek. I think I laid out pretty clearly what our possible capital deployment opportunities look like buying back shares is one of them. And frankly speaking, as you know how we think, we are unlevered IRR buyers. And we look at everything from that lens or you can look at from the basis lens, and you will see that we find our stock to be very, very attractively priced, and we'll measure that against every other opportunities we have.

德里克。我想我已經很清楚地闡述了我們可能的資本配置機會，比如回購股票就是其中之一。坦率地說，如您所知，我們是無槓桿的 IRR 買家。我們從那個鏡頭看一切，或者你可以從基本鏡頭看，你會看到我們發現我們的股票價格非常非常有吸引力，我們會根據我們擁有的所有其他機會來衡量這一點。

I cannot predict on timing. That's just not -- we just don't do that, as you know. But we know -- you know how we think. We think through a lens of basis to replacement cost, and we think through an eye of total unlevered IRR. And if you do those calculations, you will come to the perhaps the same conclusion that we have done also.

我無法預測時間。正如你所知，那不是——我們只是不那樣做。但我們知道——你知道我們的想法。我們從基礎的角度思考重置成本，我們從總的無槓桿 IRR 的角度思考。如果您進行這些計算，您可能會得出與我們所做的相同的結論。

Next question comes from the line of John Pawlowski with Green Street.

下一個問題來自 John Pawlowski 與 Green Street 的對話。

John Burkart, as an operations recover in the SHOP portfolio, in between AL versus IL, do you expect structurally different margins between the 2 businesses once fundamentals fully stabilized?

John Burkart，隨著 SHOP 投資組合中業務的恢復，介於 AL 和 IL 之間，一旦基本面完全穩定，您是否預計這兩家公司的利潤率會出現結構性差異？

There naturally are different margins starting out. But do I think that the endpoint will change? I think what we're doing with the operating platform will change that across the board and because AL has perhaps, one might say, more opportunity, though the impact might be slightly greater there. But I think the whole business is going in the right direction at this point in time. And I think we're benefiting across the board.

開始時自然會有不同的邊距。但我認為端點會改變嗎？我認為我們在操作平台上所做的事情將全面改變這一點，因為 AL 也許，有人會說，有更多的機會，儘管那裡的影響可能會稍微大一些。但我認為目前整個業務都在朝著正確的方向發展。我認為我們正在全面受益。

John, you didn't ask for my opinion, my $0.02 on this topic is that you will see more improvement in AL than IL, but you'll see improvement in both. But you asked the right person, that question.

約翰，你沒有徵求我的意見，我在這個話題上的 0.02 美元是你會看到 AL 比 IL 有更多的改進，但你會看到兩者都有改進。但是你問對了人，那個問題。

Your next question comes from the line of Wendy Ma with Evercore.

你的下一個問題來自 Evercore 的 Wendy Ma。

So could you please give us some color about the moving trends of different senior housing project types like IL, AL and the senior apartments? And also given the current slowdown of the housing transaction market, have you observed any slowdown of your independent living move-in?

那麼，您能否給我們一些關於不同高級住宅項目類型（如 IL、AL 和高級公寓）的移動趨勢的顏色？並且考慮到目前房屋交易市場的放緩，您是否觀察到您的獨立居住入住放緩？

I'm not sure I completely followed that question, but do you think -- I think you hired -- you asked about the moving trends in the seniors apartment business. If I heard that correctly, I.

我不確定我是否完全理解了這個問題，但你認為——我想你僱用了——你問過老年公寓業務的發展趨勢。如果我沒聽錯的話，我。

And also -- sorry, can you give some color for different senior housing types like IL, AL and also the senior apartments?

還有——抱歉，您能否為不同的高級住房類型（如伊利諾伊州、阿拉巴馬州以及高級公寓）提供一些顏色？

Okay. So I think I understand the question. So look, I mean, if you think about from a product-type perspective, as I mentioned, that the assisted living is going through probably the most robust recovery perhaps for nothing other than the fact that it is the most need-based environment. It's more -- least susceptible too and macroeconomic environment, right? When you need it -- you need the product when you need it. And obviously, it also fail farther. So we have more rooms to climb back up.

好的。所以我想我理解了這個問題。所以，我的意思是，如果你從產品類型的角度考慮，正如我提到的那樣，輔助生活可能正在經歷最強勁的複蘇，也許只是因為它是最基於需求的環境。更重要的是——最不容易受到影響的還有宏觀經濟環境，對吧？當您需要它時——當您需要它時，您就需要它。顯然，它也會失敗得更遠。所以我們有更多的空間可以爬上去。

So that's why we're seeing the most sort of robust recovery. As I mentioned, the NOI growth in that sector for the quarter was 25-plus percent, right? So that's sort of -- let's just then talk about the seniors apartment business. That business has been as good of a business as any business I've seen, it's been very strong through COVID. It's been very, very strong through times. I mean our portfolio is at 95-plus percent occupancy.

這就是為什麼我們看到最強勁的複蘇。正如我所提到的，本季度該行業的 NOI 增長率超過 25%，對吧？所以這有點——讓我們談談老年公寓業務。該業務與我所見過的任何業務一樣出色，它通過 COVID 變得非常強大。它一直非常非常強大。我的意思是我們的投資組合的入住率超過 95%。

As you know, we operate in the mid-market portion of that business, which is very dependent on social security and everything else. And you've got a massive cola increase next year, which we also think will be very beneficial for the pricing power increase in that business next year.

如您所知，我們在該業務的中端市場部分運營，這非常依賴於社會保障和其他一切。明年可樂的銷量會大幅增加，我們也認為這對明年該業務的定價能力提升非常有利。

Independent living, you are obviously independent living did not fall as far as assisted living, and it's coming back more slowly. But that is -- I personally think that's a good business when you combine that with other property types. And I think obviously, Canada, which is our majority of our independent living exposure, has been so hard to recover, but as John noted, that we are starting to see improvement there.

獨立生活，很明顯，你的獨立生活並沒有像輔助生活那樣下降，而且恢復得更慢。但那是——我個人認為，當你將其與其他財產類型結合起來時，這是一項很好的業務。我認為很明顯，加拿大是我們獨立生活的大部分地區，很難恢復，但正如約翰指出的那樣，我們開始看到那裡有所改善。

Your next question comes from the line of Dan Bernstein with Capital line.

你的下一個問題來自 Dan Bernstein 和 Capital 的專欄。

I just wanted to kind of expand on your comments about the upside down, I guess, private buyers in the MOB space. Just trying to understand there a little bit more if lenders are actually foreclosing on assets? And maybe if you are already seeing some opportunities there to buy assets at a better IRR? And maybe on a related question, does that -- just do your comments also apply to seniors housing and skilled nursing where I believe there are some upside down loans as well?

我只是想擴展你對 MOB 空間中私人買家顛倒的評論。如果貸方實際上取消了資產贖回權，只是想多了解一點？也許如果你已經看到一些機會以更好的 IRR 購買資產？也許在一個相關的問題上，你的評論是否也適用於老年人住房和熟練護理，我認為在這些方面也有一些顛倒的貸款？

Yes. So Dan, we haven't seen lenders are foreclosing on medical office loans yet. But my comment was if you -- it's just called the convexity of the situation, right, when you have very, very low rates, and people buying cap rates that are in that environment makes sense and then treasury curve moves 200, 300 basis points. And now the treasury cuts sitting on top of or above the cap rates that you are paid that's a prior upside down convexity situation, and that's the comment I was making.

是的。所以丹，我們還沒有看到貸款人取消醫療辦公室貸款的贖回權。但我的評論是，如果你 - 它只是稱為情況的凸性，對，當你有非常非常低的利率時，人們購買在這種環境下的上限利率是有道理的，然後國債曲線移動 200、300 個基點.現在，財政部的削減高於或高於你支付的上限利率，這是一個先前的顛倒凸性情況，這就是我的評論。

It takes time for lenders to foreclose, it takes time. But we are starting to see some meaningful increase in the cap rates there, which is interesting. We're not yet to talk about whether we are going to look at that and execute on that yet. We have lots of opportunities. that we see on a relative basis. We talked about, obviously, senior housing is one of those. Nothing changed. I'm specifically pointed out in MOBs because that has changed. Senior housing as an opportunity was there for last 18 months and we're executing on it, nothing changed there, right, and continues to be super attractive.

貸方取消贖回權需要時間，需要時間。但我們開始看到那裡的資本化率出現了一些有意義的增長，這很有趣。我們還沒有談論我們是否要研究它並執行它。我們有很多機會。我們在相對基礎上看到的。我們談到，顯然，高級住房就是其中之一。沒有改變。我在 MOBs 中被特別指出，因為它已經改變了。在過去的 18 個月裡，高級住房作為一個機會一直存在，我們正在執行它，那裡沒有任何改變，對，並且繼續具有超級吸引力。

On top of that, to the earlier question Derek asked, our stock isn't really attractive. So we look at every opportunity and think about what's the unlevered RR on a risk-adjusted basis and what's the sort of execution risk as well as obviously the frictional cost that comes with the execution risk. But is the space finally first time in years has become interesting? The answer is yes, but it's interesting at a price. And that price is likely a lot lower than most Wall Street thinks.

最重要的是，對於 Derek 之前提出的問題，我們的股票並沒有真正的吸引力。因此，我們會審視每一個機會，並考慮在風險調整的基礎上無槓桿的 RR 是多少，執行風險的類型是什麼，以及執行風險帶來的明顯摩擦成本。但這個空間終於多年來第一次變得有趣了嗎？答案是肯定的，但它的價格很有趣。而且這個價格可能比大多數華爾街認為的要低很多。

Your next question comes from the line of Ronald Kamdem with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Ronald Kamdem。

Just 1 2-parter. Just looking back at the slide in the deck, on the long-term $543 million embedded NOI. My question is just on that $230 million that comes from getting back to 4Q '19 NOI levels. Your comments sounds like you're pretty constructive on sort of margin improvement, especially with sort of the acceleration you saw in revenues relative to expenses this quarter.

只有 1 2 夥伴。回顧一下甲板上的幻燈片，長期嵌入式 NOI 為 5.43 億美元。我的問題只是關於回到 19 年第四季度 NOI 水平所帶來的 2.3 億美元。您的評論聽起來好像您對提高利潤率很有建設性，尤其是在本季度您看到收入相對於支出有所加速的情況下。

Can you just remind us how you're thinking about the margins of that $230 million versus sort of the 4Q '19 level? It's part 1. And if I could take in a part 2, which is just on the ProMedica consideration, about $0.5 billion, how much of that is the 15% stake that they're giving up? And how much of that is sort of the working capital? Sorry.

你能提醒我們你是如何考慮這 2.3 億美元的利潤率與 19 年第四季度的水平嗎？這是第 1 部分。如果我可以考慮第 2 部分，這只是 ProMedica 的考慮，大約 5 億美元，其中有多少是他們放棄的 15% 的股份？其中有多少是營運資金？對不起。

Yes, I'll start with the first comment on the margin side. The assumption is we get back to pre-COVID levels. So no assumption on change in margins. We assume we get back to pre-COVID level profitability and operating margins of about [30.8%] across the portfolio.

是的，我將從頁邊空白處的第一條評論開始。假設我們回到 COVID 之前的水平。因此，沒有對利潤率變化的假設。我們假設我們在整個投資組合中恢復到 COVID 前水平的盈利能力和營業利潤率約為 [30.8%]。

On the consideration, it's roughly half and half.

仔細想想，大概是一半一半。

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 just wanted to touch on the new (inaudible) JV. I know you just kind of highlighted the rough size of the operating reserves ProMedica is going to be providing, but how is that going to be distributed to the new operators? Are they simply earmarked to fund near-term cash flow losses during the transitions? And what happens if these new operators don't actually need to access those reserves?

我只想談談新的（聽不清）合資企業。我知道你只是強調了 ProMedica 將要提供的運營儲備的粗略規模，但如何將其分配給新的運營商？它們是否只是專門用於為過渡期間的近期現金流損失提供資金？如果這些新運營商實際上不需要使用這些儲備會怎樣？

The reserves are earmarked for the operating losses, working capital losses -- and that reserve will go to them to improve the quality of the portfolio. So if they do a good job and don't need them all -- that's good for them, right? So they share the risk and they get the benefit of their savings there.

準備金專門用於彌補經營虧損、營運資本損失——這些準備金將用於改善投資組合的質量。因此，如果他們做得很好並且不需要所有人——那對他們有好處，對吧？所以他們分擔風險，並從那裡的儲蓄中獲益。

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

你的下一個問題來自瑞士信貸的 Tayo Okusanya。

Again, congrats on the quarter and the transition. I've been covering this for 15 years. I don't think I've ever seen a rent restructuring where the rents went up. So that's pretty cool to see. In regards to Integra, and again, this idea that they're going to be subleasing a lot of the assets to regional operators. Just curious a little bit again. Your mantra in the past is always going to be as close to the operator as you possibly can. You are even on the Board at ProMedica. How is that relationship going to be with these subcontracted operators? And how do you kind of manage that to ensure you continue to kind of get operational excellence out of them.

再次祝賀本季度和過渡。我已經報導這個 15 年了。我認為我從未見過租金上漲的租金重組。所以這很酷。關於 Integra，他們將再次將大量資產轉租給區域運營商。只是又有點好奇。你過去的口頭禪總是盡可能地接近操作員。您甚至是 ProMedica 的董事會成員。與這些分包運營商的關係如何？你如何管理它以確保你繼續從他們那裡獲得卓越的運營。

Tayo, extraordinarily good question, and thank you for your comment there. I'll just add 1 thing to that not only the rent is going up also the previous tenant being close to $0.5 million on the table to make sure that these properties are taking care of going forward. So we thank our partner for that. So I'll just add to the question of why we didn't go and find the operators. Our mantra is to get close to the operators, but that's in the senior housing business.

Tayo，非常好的問題，感謝您的評論。我只想補充一件事，不僅租金在上漲，而且之前的租戶也接近 50 萬美元，以確保這些房產在未來得到照顧。因此，我們感謝我們的合作夥伴。所以我只想補充一下我們為什麼不去找運營商的問題。我們的座右銘是接近運營商，但那是在高級住房業務中。

I fundamentally believe in the expertise, and we have worked with Integra and its parent company on many of these transactions before. There's no question that they are significantly better in the skilled nursing business than we ever were and will ever be, right? So we are sharing and for creating that value, I've mentioned in my script that we're seeing very significant upside that they can create with them. And return, they're providing us the downside protection, which is very important for us.

我從根本上相信專業知識，我們之前曾與 Integra 及其母公司就許多此類交易進行過合作。毫無疑問，他們在熟練的護理業務方面比我們過去和將來都要好得多，對嗎？所以我們正在分享並創造價值，我在我的腳本中提到我們看到他們可以與他們一起創造非常重要的好處。而回報，他們為我們提供了下行保護，這對我們來說非常重要。

So you think about it, you got to do in life, what you are best at, right? Think about from an op standpoint -- we think we understand operations of senior living, the wellness housing business as well as MOB business. And we want to partner with people who we fundamentally believe on the other hand, are very good in other businesses, and that's what you're saying.

所以你想一想，你必須在生活中做你最擅長的事情，對吧？從運營的角度考慮——我們認為我們了解老年生活、健康住房業務以及 MOB 業務的運營。另一方面，我們希望與我們從根本上相信的人合作，他們在其他業務中非常出色，這就是您所說的。

Fundamentally, it is sort of going through the decision-making is going to the people who are the best at what they are good at. At the same time, it sort of cut the risk reward in terms of who creates value. It's just as simple as that. As I've said before, you can see the value still remains at very attractively -- very attractive basis, what you can get to. You know the total rent, you know what market sort of rent -- sort of constant of skilled nursing business is, and you can divide to get to a value and you will see that value is still extraordinarily attractive and thus, the rent is extraordinarily attractive and remains below market.

從根本上說，這是一種通過決策的方式，這些決策將交給最擅長他們擅長的人。同時，它在某種程度上降低了誰創造價值的風險回報。就這麼簡單。正如我之前所說，你可以看到價值仍然非常有吸引力 - 非常有吸引力的基礎，你可以得到什麼。你知道總租金，你知道租金的市場類型——熟練護理業務的常數，你可以除以得到一個值，你會發現該值仍然非常有吸引力，因此租金非常高有吸引力且仍低於市場。

So there will be hopefully a lot of upside as the regional operators bring this portfolio back to his previous glory, which we actually -- this is not a guess, right? We have -- we kill how many assets we have transacted, (inaudible) assets were transacted with Integra and its parent.

因此，隨著區域運營商將這個投資組合帶回他以前的輝煌，希望會有很大的上漲空間，我們實際上 - 這不是猜測，對吧？我們有——我們殺死了我們交易過的資產數量，（聽不清）資產是與 Integra 及其母公司進行交易的。

About 21.

大約 21 歲。

21 assets, right? We have seen them doing it. And we are going on an execution path that we have seen in the last couple of years. So hopefully, there's a lot of value to be created for residents, for employees, for capital, and that will be shared between the 2 parties. But it is fundamentally the belief of they're giving us the downside protection for which they should enjoy very significant upside that they create.

21項資產，對吧？我們已經看到他們這樣做了。我們正走在過去幾年中看到的執行路徑上。因此，希望能為居民、員工和資本創造很多價值，並將在兩方之間共享。但從根本上說，他們相信他們正在為我們提供下行保護，他們應該享受他們創造的非常顯著的上行空間。

On the other hand, for us, it's all about where we sit in the risk spectrum. So it's a win-win-win for all 3 parties. ProMedica wants to focus on its core business, and wants to be in the higher margin business and that's the leadership that they are taking that forward. There's a very significant improvement in their credit. For Welltower, it's obviously a great day for some value realization as well as, obviously, taking this portfolio to the hands where we can create another round of very significant upstep of values. For Integra, they can ping it at a very attractive basis. And obviously, they're creating the value that they will share the upside with us. So it's a win-win-win on all fronts.

另一方面，對我們來說，這完全取決於我們在風險範圍內的位置。所以這對所有 3 方來說都是雙贏的。 ProMedica 希望專注於其核心業務，並希望從事利潤率更高的業務，這就是他們推動這一業務向前發展的領導力。他們的信用有了非常顯著的改善。對於 Welltower 而言，這顯然是實現某些價值的好日子，而且顯然，將這一投資組合交到我們手中，我們可以創造另一輪非常重要的價值提升。對於 Integra，他們可以在非常有吸引力的基礎上對其進行 ping。顯然，他們正在創造價值，他們將與我們分享優勢。所以這在各方面都是雙贏的。

Your next question comes from the line of Mike Mueller with JPMorgan.

你的下一個問題來自摩根大通的 Mike Mueller。

We appreciate the expanded development disclosure. But what's the time frame that you see for ramping the developments from the 1.6% initial yield to the 7% stabilized yield?

我們讚賞擴大的發展披露。但是，您認為將發展從 1.6% 的初始收益率提高到 7% 的穩定收益率的時間框架是什麼？

Yes, Michael, I appreciate recognition that we're trying to help just the ramp or the kind of trajectory of how that cash flow comes through and it depends on the type of development. So we think about our -- where a lot of our starts have been as of late is more in the senior apartments to on the housing side. And there, you're talking about more 12, 18 months type ramp towards stabilization in the traditional senior housing side, it's more of a 24-, 36-month ramp. And that's where more of the lower yields, negative yields come in the first 12 months.

是的，邁克爾，我很高興認識到我們正在努力幫助實現現金流的增長或軌跡，這取決於發展的類型。所以我們考慮我們的 - 我們最近的很多開始都是在高級公寓而不是住房方面。在那裡，你談論的是更多 12 個月、18 個月的斜坡，以實現傳統高級住房方面的穩定，更像是 24 個月、36 個月的斜坡。這就是前 12 個月出現更多低收益率、負收益率的地方。

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

你的下一個問題來自豐業銀行的 Nick Yulico。

I just want to go back to ProMedica. Clearly, strong pricing you got there and the cash rent going up as attractive. I just want to see, though, if you could let us know the GAAP impact because I didn't see any mention of lease escalators for the new arrangement you had previously. So just trying to understand the FFO impact from this. And separately, if you had -- I don't know if you're going to be filing details on the new lease, but if you had anything you can share right now in terms of escalators, financial covenants, CapEx requirements because those were specific, very sort of onerous conditions of the last lease with ProMedica, which kind of strengthened I think, the whole process you went through. So any detail there would be helpful.

我只想回到 ProMedica。顯然，您到達那裡的價格很高，而且現金租金上漲也很有吸引力。不過，我只想看看你是否能讓我們知道 GAAP 的影響，因為我沒有看到任何關於你之前新安排的租賃自動扶梯的提及。所以只是想從中了解 FFO 的影響。另外，如果你有——我不知道你是否要提交新租約的細節，但如果你有任何你現在可以在自動扶梯、財務契約、資本支出要求方面分享的東西，因為那些是與 ProMedica 的最後一份租約的具體、非常繁瑣的條件，我認為你經歷的整個過程有點加強。所以那裡的任何細節都會有所幫助。

Very good question. The escalators remains the same, 2.75%. And the GAAP impact, as we mentioned, will be roughly neutral to slightly accretive. One of the leases are remaining the same lease the ManorCare -- the Arden Courts senior living lease is going to 10 years. So you have a negative gap impact there. So net-net, you will be roughly neutral to slightly accretive.

很好的問題。自動扶梯保持不變，2.75%。正如我們所提到的，GAAP 的影響將大致是中性的，略有增加。其中一份租約與 ManorCare 的租約保持一致——Arden Courts 的老年居住租約將持續 10 年。所以你在那裡有負面的差距影響。所以 net-net，你會大致中性到略微增加。

Your next question comes from the line of Austin Wurschmidt with KeyBanc.

您的下一個問題來自 Austin Wurschmidt 與 KeyBanc 的合作。

Curious, first off, if there were other partners you approach for the new ProMedica joint venture. How do we think about you going from a health system investment with feeders into these assets to the more regional operator approach? And then just lastly, I'm curious, kind of going back to 2016, 2017, wasn't the plan to ultimately exit the SNF business. And so curious how you think about the strategic direction of that segment of the portfolio.

好奇，首先，如果有其他合作夥伴，你會為新的 ProMedica 合資企業接觸。我們如何看待您從對這些資產進行饋線的衛生系統投資到更具區域性的運營商方法？最後，我很好奇，有點回到 2016 年，2017 年，並不是最終退出 SNF 業務的計劃。很好奇您如何看待該投資組合的戰略方向。

So can you please repeat the first part of your question again?

那麼你能再重複一下你問題的第一部分嗎？

Yes. I was just curious if you approached any other partners beyond just Integra for the new joint venture.

是的。我只是很好奇，除了 Integra 之外，您是否為新的合資企業接觸過任何其他合作夥伴。

So look, it is no secret that we have been thinking about in the industry, that we have been thinking about this particular portfolio for a long time. We have been approached by at least 5 parties who are interested in being this transaction similar or higher value, similar or higher structures. We went with a partner that we know very well, where we felt the execution risk is much lower. But I think if you have heard that you have correctly heard that we have been approached by many groups because these assets are not only very attractive assets, they have very good history, but also the basis remains very, very attractive.

所以看，這已經不是什麼秘密了，我們一直在考慮這個行業，我們一直在考慮這個特定的投資組合。至少有 5 方與我們接洽，他們有興趣進行類似或更高價值、類似或更高結構的交易。我們選擇了一個我們非常了解的合作夥伴，我們認為執行風險要低得多。但我認為，如果你聽說過，你已經正確地聽到許多團體與我們接洽，因為這些資產不僅是非常有吸引力的資產，它們擁有非常好的歷史，而且基礎仍然非常非常有吸引力。

Going back to in 2016, '17, I think your question was to exit the SNF business. I -- we are very clearly laid out 2 years ago when I took over as CEO we have a very simple strategy that we want to make money on a risk-adjusted basis on a per share basis for our existing shareholders.

回到 2016 年，'17，我認為你的問題是退出 SNF 業務。我 - 兩年前當我接任首席執行官時，我們的佈局非常明確，我們有一個非常簡單的戰略，我們希望在風險調整的基礎上為現有股東每股盈利。

That's the strategy, and it's a very simple strategy whether it's skilled nursing, whether it's medical office or the senior apartments, whether it's senior housing, whether it's debt to equity, value-add development, opportunistic, we'll go anywhere we can find opportunities to make money on a per share basis for existing shareholders. That's a simple strategy.

這就是戰略，這是一個非常簡單的戰略，無論是熟練護理，無論是醫療辦公室還是高級公寓，無論是高級住房，還是債轉股，增值開發，機會主義，我們都會去我們能找到的任何地方現有股東以每股為基礎賺錢的機會。這是一個簡單的策略。

Your next question comes from the line of Juan Sanabria with BMO Capital Markets.

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

Shankh, I was just hoping you could talk to maybe opportunities you see outside of the U.S. given the unusually strong U.S. dollar and whether that presents a wider opportunity set for potential acquisitions?

Shankh，我只是希望你能談談你在美國以外看到的機會，因為美元異常堅挺，這是否為潛在的收購提供了更廣泛的機會？

One extraordinarily good question. As you know, we get really excited about basis and where USD -- we raised capital in USD, our expenses are mostly in USD, capital structures are in USD. And we think about basis in terms of USD. And as you can figure out, U.K. on a U.S. dollar basis has never looked more attractive and Canada also looks pretty attractive. But U.K. particularly given what happens to the currency situation, it's extraordinarily attractive.

一個非常好的問題。如您所知，我們對基礎和美元感到非常興奮——我們以美元籌集資金，我們的支出大部分以美元計價，資本結構以美元計價。我們考慮以美元為單位的基差。正如您所了解的那樣，以美元為基礎的英國看起來從未像現在這樣具有吸引力，而加拿大看起來也很有吸引力。但英國特別是考慮到貨幣狀況的變化，它非常有吸引力。

You add on top of that, that you don't have a super functioning debt market in U.K., like you have the agency support in U.S. and Canada. It's a very, very interesting market. I have never seen U.K. opportunities as cheap as it looks today from the IF and U.S. dollar investor. And that probably perhaps goes for any asset class, anything even for shoppers. So you're picking up the right thing, we're absolutely thinking about it.

最重要的是，你在英國沒有一個功能強大的債務市場，就像你在美國和加拿大有機構支持一樣。這是一個非常非常有趣的市場。從 IF 和美元投資者那裡，我從未見過像今天這樣便宜的英國機會。這可能適用於任何資產類別，甚至適用於購物者。所以你選擇了正確的東西，我們絕對在考慮它。

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

你的下一個問題來自 SMBC 的 Rich Anderson。

Congrats on the ProMedica Integra transaction. The market seems to be rewarding you for that resolution. But the way I look at it is you kind of married ProMedica in 2018, but you signed a prenup, and that protected your downside. And all this is based on basis and it's all clear and understood. But now you're selling 15% to Integra, what happens to basis for that 15%? In other words, 85% I assume, stays put.

祝賀 ProMedica Integra 交易。市場似乎會因為你的決定而獎勵你。但我的看法是你在 2018 年與 ProMedica 結婚，但你簽署了一份婚前協議，這保護了你的缺點。所有這一切都是基於基礎的，而且一切都清楚明白。但現在您將 15% 的股份出售給 Integra，這 15% 的基礎會發生什麼變化？換句話說，我認為 85% 的人會留在原地。

But are you selling -- are you upping your basis and eliminating some of that "prenup" component so that if there is a disruption going forward with Integra and its regional partners, that you still have an equal amount of protection should something go wrong here? Because a transition isn't a silver bullet. It usually -- it sometimes works, but sometimes not. So I just want to get a gauge in the future in terms of how you're protected going forward.

但是你是在賣——你是在提高你的基礎並消除一些“婚前協議”的組成部分，這樣如果 Integra 及其區域合作夥伴的未來出現中斷，如果這裡出現問題，你仍然可以獲得同等數量的保護？因為過渡不是靈丹妙藥。它通常——有時有效，但有時無效。因此，我只想在未來了解您如何受到保護。

Yes. So our basis remains the same, and you can do the calculation on -- again, you have the total rent. You know what the give or take yield is in the business, right And you can get to the total value, rent divided by the yield give will get you the value. You can divide that by the total number of beds, and you will see Integra's basis is also very attractive, right? So our basis remains attractive. Remember, what we sold to Integra is what we got for ProMedica for nothing, right? So it's important for you to understand the nuances of what's happening here. So our basis remain very attractive. Obviously, we got the support for the operator who is living and living, as I mentioned, leaving close to $0.5 billion on the table.

是的。所以我們的基礎保持不變，你可以計算——同樣，你有總租金。您知道業務中的收益或收益是多少，對嗎？您可以得到總價值，租金除以收益將得到您的價值。你可以除以床位總數，你會發現 Integra 的基礎也很吸引人，對吧？因此，我們的基礎仍然具有吸引力。請記住，我們賣給 Integra 的東西就是我們免費為 ProMedica 得到的東西，對吧？所以了解這裡發生的事情的細微差別對你來說很重要。所以我們的基礎仍然非常有吸引力。顯然，正如我提到的，我們得到了對生活和生活的運營商的支持，剩下將近 5 億美元。

We created another structure where that 15%, which Integra is paying for remains subordinated that further lowers our net basis, which is the first time when you remember, I talked about that, that condition remains, we have obviously other guarantees in place, as I said. And if that's not the case, remains -- remember, in the last question, I said that people want these assets because they're very well-located assets, and a very good location and the very attractive basis. So we don't see, as I said, look, anything can happen, Rich.

我們創建了另一個結構，其中 Integra 支付的 15% 仍然是次要的，這進一步降低了我們的淨基差，這是你記得的第一次，我談到過，那個條件仍然存在，我們顯然還有其他保證，因為我說。如果不是這種情況，仍然存在——請記住，在最後一個問題中，我說過人們想要這些資產，因為它們是位置非常好的資產，位置非常好，基礎非常有吸引力。所以我們看不到，正如我所說，看，任何事情都可能發生，Rich。

But as I've mentioned before, 4 years ago on this topic, that low basis, well-located assets that have demand that's held in low-level structure, it's hard to see how we lose money. Anything can happen, right? Anything is possible. But if you think about we have to leave within the realms of probabilities, not possibilities, it looks pretty good to me.

但正如我之前提到的那樣，4 年前在這個話題上，低基差、位置優越的資產具有低水平結構的需求，很難看出我們是如何賠錢的。任何事情都可能發生，對吧？世事皆可能。但如果你考慮我們必須離開概率範圍，而不是可能性範圍內，我覺得這很好。

Your next question comes from the line of Michael Griffin with Citi.

你的下一個問題來自花旗的邁克爾格里芬。

It's Nick Joseph here with Michael. You've talked a lot about the opportunity for improvements in modernization in senior housing. But when you look at the skilled side, and I recognize it's a very different business, more regulatory considerations and everything like that. But are there opportunities to improve either the operations or share best practices from a well perspective that maybe could help coverage going forward?

我是尼克約瑟夫和邁克爾。你已經談了很多關於改善高級住房現代化的機會。但是當你看技術人員時，我意識到這是一個非常不同的行業，更多的監管考慮等等。但是，是否有機會從可能有助於推進覆蓋面的良好角度改進運營或分享最佳實踐？

Nick, first, congratulations for getting the top job. We have been a big fan of yours for a long time, and obviously, thank you for your question on the call today. So look, I've mentioned very, very clearly that we do not consider ourselves a skilled nursing expert. If we did, then we would not bring in our partners in this deal, who we consider knows the business better than we do.

尼克，首先，祝賀你獲得最高職位。長期以來，我們一直是您的忠實粉絲，顯然，感謝您今天在電話中提出的問題。所以看，我已經非常非常清楚地提到我們不認為自己是熟練的護理專家。如果我們這樣做了，那麼我們就不會在這筆交易中引入我們的合作夥伴，我們認為他們比我們更了解業務。

So I will leave that to our partner to execute the strategy, which we have mentioned, as Nikhil just mentioned, that we have done just from these portfolio 21 assets before, we'll leave it to them to maximize where, in this case, is this sort of a structural protection is what we are after, not maximizing value through operators. That's what they're bringing to the table in this case, and we remain focused on our core businesses. where -- whether it's senior living, whether it's wellness housing or medical office, and that's what John is spending all this time.

所以我將把它留給我們的合作夥伴來執行我們提到的策略，正如 Nikhil 剛才提到的，我們之前只從這些投資組合 21 項資產中完成，我們將留給他們來最大化，在這種情況下，我們追求的是這種結構性保護，而不是通過運營商實現價值最大化。這就是他們在這種情況下帶來的好處，我們仍然專注於我們的核心業務。在哪裡——無論是高級生活，無論是健康住房還是醫療辦公室，這就是約翰一直在花的錢。

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。

Just sticking with ProMedica for a minute here. I guess 1 of the expected operational synergies from ProMedica acquiring the Manorcare SNF assets in the first place was likely centered around good flow of patient referrals from ProMedica hospitals into a lease of the ManorCare SNFs where it made sense geographically.

在這裡堅持使用 ProMedica 一分鐘。我猜 ProMedica 收購 Manorcare SNF 資產的預期運營協同效應之一可能集中在從 ProMedica 醫院轉診到 ManorCare SNFs 的良好轉診流程上，這在地理上是有意義的。

I guess I'm curious, with hindsight, it that part of the strategy play out the way everyone thought it would maybe just perhaps the underwhelming execution that you alluded to, Sean, was just more a function of just tough industry dynamics for SNFs overall? And also under the new agreement then, does ProMedica patient referrals to the SNFs under Integra's operating control stay intact going forward was part of the strategy for Integra to turn things around is really to maybe widen and expand the Medicare post-acute referral sources to improve the occupancy?

我想我很好奇，事後看來，戰略的一部分以每個人都認為的方式發揮作用可能只是你提到的執行不力，肖恩，更多的是 SNF 總體上艱難的行業動態的作用？而且根據新協議，ProMedica 患者轉診到 Integra 運營控制下的 SNF 是否保持不變是 Integra 扭轉局面的戰略的一部分，實際上可能會擴大和擴大 Medicare 急性轉診來源以改善入住率？

Let me try to address your question, Steve, and then Nikhil, you jump in. First is the fundamentally, the strategic part of the patient flow point that you made has not played out. And has it not played out because we walk directly into a very tough environment of COVID or has it not played out because the idea we couldn't execute or ProMedica could not execute. I don't know the answer to that question. Hindsight is 2020, right? But there is no caution that it hasn't played out and the leadership at ProMedica firsthand will tell you that they're underwhelmed with the execution as well.

讓我試著回答你的問題，史蒂夫，然後是尼克爾，你插進來。首先是從根本上說，你提出的患者流動點的戰略部分還沒有發揮出來。它沒有發揮作用是因為我們直接走進了一個非常艱難的 COVID 環境，還是因為我們無法執行或 ProMedica 無法執行的想法而沒有發揮作用。我不知道那個問題的答案。事後看來是 2020 年，對嗎？但請注意，它還沒有發揮作用，ProMedica 的領導層會直接告訴你，他們對執行也感到失望。

So no portion it hasn't played out -- and the second, but if you think about it, again, I would recommend you, it's hard to say things, easy to say things sort of looking back. I would like you to go back and -- to the call where I've described why we did this transaction, and we'll see how much we emphasize that we fundamentally think everything goes away, what we still have is the basis, right? Think about -- Steve, as I mentioned, that you have a 2-bedroom apartment in New York City where cost it costs everybody $1 million, but you bought something for $400,000 doing the HC.

所以它沒有任何部分沒有發揮出來——第二個，但如果你再想想，我會再次建議你，很難說，說起來很容易回顧。我希望你回到電話會議上，我已經描述了我們為什麼進行這項交易，我們會看到我們強調了多少我們從根本上認為一切都消失了，我們仍然擁有的是基礎，對吧？想想——史蒂夫，正如我提到的，你在紐約市有一套兩居室的公寓，每個人花費 100 萬美元，但你在 HC 上花了 40 萬美元買了一些東西。

You don't need to charge the rent that everybody else is charging. That is the fundamental idea of how you make money in real estate without taking a lot of risk, right? And that's what we saw, and that has played out, hopefully, you'll agree in this transaction. Nikhil, do you want to add anything to the second part of the question?

你不需要像其他人一樣收取租金。這就是你如何在不冒很大風險的情況下在房地產中賺錢的基本理念，對吧？這就是我們所看到的，並且已經發生了，希望你會同意這筆交易。 Nikhil，您想對問題的第二部分添加任何內容嗎？

Yes. I think from a clinical programming perspective, I think this portfolio ManorCare, ProMedica, has always been good at providing good clinical programs, and they work closely with hospitals across different markets, whether it's ProMedica hospitals or not in creating programming that serves the need for the local hospitals. And that programming stays in place. And obviously, as new operators come in, they'll decide if they want to keep that in place, scale that back, enhance it. But this whole platform has been known to have incredible clinical programming and that stays in place.

是的。我認為從臨床規劃的角度來看，我認為 ManorCare ProMedica 這個組合一直擅長提供良好的臨床項目，他們與不同市場的醫院密切合作，無論是否是 ProMedica 醫院，都在創建滿足需求的規劃當地醫院。並且該編程保持不變。顯然，隨著新運營商的加入，他們將決定是否要保留、縮減、增強它。但眾所周知，整個平台具有令人難以置信的臨床編程，並且一直存在。

Your next question comes from the line of Dave Rodgers with Baird.

你的下一個問題來自 Baird 的 Dave Rodgers。

Yes, maybe for John Burkart. John, as you obviously grow occupancy in the SHOP portfolio, you have more and more assets that are likely now at kind of stabilized to occupancy. Can you talk about the margins at the stabilized assets? And if they stabilize to pre-COVID levels. And then any delay between the occupancy stabilization and margin that you're witnessing in that larger group of assets?

是的，也許是為了 John Burkart。約翰，隨著您在 SHOP 投資組合中明顯增加入住率，您擁有越來越多的資產，這些資產現在可能會穩定到入住率。你能談談穩定資產的利潤率嗎？如果它們穩定到 COVID 之前的水平。然後，您在更大的資產組中看到的佔用率穩定和利潤率之間有任何延遲嗎？

Yes. Let me just give you an interesting piece of data. One of our operators that has very high occupancy in the [95%] actually had expenses going backwards. And so you see some tremendous margin improvement there. The whole portfolio is going that way. And no doubt that the higher occupancy levels, as Shankh mentioned, was pushing able to push rents to achieve higher rent, which is, again, then driving better margins. But on the expense side, we continue to see opportunities to improve as we go forward and move out of the situation during COVID.

是的。讓我給你一個有趣的數據。我們的一位運營商在 [95%] 中擁有非常高的入住率，但實際上卻出現了支出倒退的情況。所以你看到那裡有一些巨大的利潤率改善。整個投資組合都是這樣的。毫無疑問，正如 Shankh 所提到的那樣，更高的入住率正在推動能夠推動租金以實現更高的租金，這再次推動了更高的利潤率。但在費用方面，隨著我們前進並擺脫 COVID 期間的情況，我們繼續看到改進的機會。

As I mentioned in my prepared remarks, one of the situations during COVID was there's a challenge to get some maintenance done, get people into the buildings, et cetera, et cetera. So our numbers today even reflect some elevated maintenance expenses, which will be reduced over the coming quarters and again, provide a stronger run rate. So yes, things are going very good. They're going good at all levels. The -- as Shankh mentioned, we have maybe 4 buckets of assets with different levels of occupancy across the board and at the top occupancy assets. we're achieving fantastic margins as you get down the run. Obviously, that's not the case, but we're continuing to improve occupancy and things are all looking forward. So hopefully, that answers your question.

正如我在準備好的發言中提到的那樣，在 COVID 期間的一種情況是，在完成一些維護工作、讓人們進入建築物等方面存在挑戰。因此，我們今天的數字甚至反映了一些增加的維護費用，這些費用將在未來幾個季度減少，並再次提供更高的運行率。所以是的，事情進展順利。他們在各個層面都進展順利。正如 Shankh 所提到的，我們可能有 4 桶資產，它們的佔用率各不相同，而且佔用率最高。當您順利進行時，我們將獲得可觀的利潤。顯然，情況並非如此，但我們正在繼續提高入住率，一切都充滿期待。希望這能回答您的問題。

Your next question comes from the line of Josh Dennerlein line with Bank of America.

你的下一個問題來自美國銀行的 Josh Dennerlein 專線。

Yes. No, I appreciate all the color on ProMedica. I guess maybe 1 question on the senior housing side for the ProMedica. Was there any discussion of potentially moving that to another operator or you guys are pretty comfortable with how they're performing?

是的。不，我欣賞 ProMedica 上的所有顏色。我想 ProMedica 的高級住房方面可能有 1 個問題。有沒有討論過可能將其轉移給另一個運營商，或者你們對他們的表現非常滿意？

As Tim mentioned, those assets actually generate decent amount of profitability for them. And ProMedica, that is part of ProMedica strategic, obviously, planned. And those are, as you know, are margin businesses, and they have been even before COVID and we expect they will continue to come back to -- remember, where pre-COVID did assets on mid-80 to person occupancy was generating high 30% margin. right? So I expect as you sort of come back from the COVID and get that occupancy stabilize.

正如蒂姆所提到的，這些資產實際上為他們帶來了可觀的盈利能力。而 ProMedica，這是 ProMedica 戰略的一部分，顯然是計劃好的。如您所知，這些是保證金業務，它們甚至在 COVID 之前就存在了，我們預計它們將繼續回到——請記住，在 COVID 之前，資產在 80 至 80 人中期產生了高達 30 ％ 利潤。正確的？因此，我希望當您從 COVID 中恢復過來並穩定入住率時。

Frankly speaking, I will venture a guess that will be the best sort of margin part from all of ProMedica's businesses. So Look, I mean, that's where we stand today, and there's no reason to believe that those assets will not. As you can see, as part of this recovery from these occupancy levels in the business, margins are coming back. I'm not happy with where margins are today, and we're seeing obviously a lot of signs of improvement that we discussed. But the margin of this business should come back to a much higher level, and ProMedica should enjoy that like everybody else in the business.

坦率地說，我大膽猜測這將是 ProMedica 所有業務中最好的一種利潤部分。所以看，我的意思是，這就是我們今天所處的位置，沒有理由相信這些資產不會。正如您所看到的，作為從這些業務佔用水平恢復的一部分，利潤率正在回升。我對今天的利潤率不滿意，我們顯然看到了我們討論過的許多改善跡象。但這項業務的利潤率應該會回到更高的水平，而 ProMedica 應該像業內其他人一樣享受這一點。

At this time, there are no further questions. This concludes today's conference. You may now disconnect.

目前，沒有進一步的問題。今天的會議到此結束。您現在可以斷開連接。