Welltower Inc (WELL) 2022 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to I would like to welcome everyone to the Welltower Fourth Quarter Earnings Call. Today's conference is being recorded. (Operator Instructions)

早上好。我叫 Audra，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Welltower 第四季度財報電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Matt McQueen, General Counsel. Please go ahead.

此時，我想將會議轉交給總法律顧問 Matt McQueen。請繼續。

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 (inaudible). And with that, I'll hand the call over to Shankh.

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。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（聽不清）。有了這個，我會把電話交給 Shankh。

Thank you, Matt. Good morning, everyone. I will review fourth quarter and the year and describe high-level business trends and our capital allocation priorities. John will provide an update on operational performance of our show and MOB portfolios, and Tim will walk you through our triple-net business, balance sheet highlights and 2023 full year guidance. Nikhil, our newly appointed CIO is also on the call to answer questions.

謝謝你，馬特。大家，早安。我將回顧第四季度和這一年，並描述高層業務趨勢和我們的資本配置重點。 John 將提供我們展會和 MOB 投資組合的運營績效的最新信息，Tim 將帶您了解我們的三網業務、資產負債表亮點和 2023 年全年指導。我們新任命的首席信息官 Nikhil 也在電話中回答問題。

While we are happy to bring back full year guidance after 3 years, I'll point out that many macro and business uncertainties remain. I would recommend investors and analysts to focus on 2023 exit run rate to understand the earnings part of this platform and not overly emphasize the calendar year guidance. I have mixed emotions as I reflect back on 2022. As I've described during my prior calls, our results, frankly, underwhelmed our expectation during the first half of the year. While we don't like to fix that on short-term stock performance as we believe, an appropriate window to gauge our performance is at least 3 to 5 years you should throw tomatoes at us for generating an unsatisfactory return -- total return in 2022. But remember, a stock is a fractional ownership of a business and not a ticker.

雖然我們很高興在 3 年後恢復全年指導，但我要指出許多宏觀和商業不確定性仍然存在。我建議投資者和分析師關注 2023 年的退出運行率，以了解該平台的收益部分，不要過分強調日曆年的指導。回顧 2022 年，我心情複雜。正如我在之前的電話會議中所描述的那樣，坦率地說，我們上半年的業績低於我們的預期。雖然我們不希望像我們認為的那樣將其固定在短期股票表現上，但衡量我們表現的適當窗口至少是 3 到 5 年，你應該向我們扔西紅柿，因為我們產生了不令人滿意的回報——2022 年的總回報. 但請記住，股票是企業的部分所有權，而不是股票代碼。

We view our fellow investors as partners for the long haul and continuously strive to improve the prospects for long-term compounding of this business. In spite of some of the headwinds that we experienced in 2022, my team and I are pleased with the underlying improvements we have seen in this platform on a talent basis, resulting in a strong rebound of performance in fourth quarter and further improving momentum being carried into 2023.

我們將我們的投資者視為長期合作夥伴，並不斷努力改善該業務長期復合的前景。儘管我們在 2022 年遇到了一些不利因素，但我和我的團隊對我們在人才基礎上在這個平台上看到的潛在改進感到高興，這導致第四季度業績強勁反彈，並進一步改善勢頭進入 2023 年。

Our recent progress is only the tip of the iceberg of many of our initiatives, will truly manifest themselves in the year -- next year or 2, which I'll go in a minute. While overall macro headwinds persist, we have seen a considerable improvement in the key indicators of the unit economics of the business as reflected by expense per occupied room or EXPOR or revenue per occupied room, or REVPOR.

我們最近取得的進展只是我們許多舉措的冰山一角，將在今年真正體現出來——明年或明年，我會在一分鐘內進行。雖然整體宏觀逆風依然存在，但我們已經看到企業單位經濟的關鍵指標有了相當大的改善，這反映在每間客房的支出或 EXPOR 或每間客房的收入或 REVPOR 上。

On the expense front, we have seen significant progress on addressing certain challenges we have faced over first year plus most notably on the agency and temp labor situation. In fact, EXPOR has moderated to in Q4 to 3.4% and driven largely by acceleration in compensation per occupied room or COMPOR to 2.6%, the lowest level we have seen in our recorded history. At the same time, REVPOR, again, the revenue per occupied room remain a consistent bright spot for us, increasing 7.5% in Q4 and a clear reflection of strong pricing power resulting from our premier locations, product and operator base.

在費用方面，我們在解決第一年面臨的某些挑戰以及最顯著的代理和臨時工情況方面取得了重大進展。事實上，EXPOR 在第四季度已放緩至 3.4%，這主要是由於每間客房的補償加速或 COMPOR 至 2.6%，這是我們有記錄以來的最低水平。與此同時，REVPOR 再次顯示，每間客房的收入仍然是我們的一貫亮點，第四季度增長 7.5%，這清楚地反映了我們優越的地理位置、產品和運營商基礎帶來的強大定價能力。

As I mentioned on our last call, one of our largest operators pulled forward January rent increases in Q4. Even without that, our Q4 REVPOR would have exceeded 6% plus and reflecting a broad-based strength across our portfolio. And while we achieved record REVPOR growth in 2022 of 5.5% and we expect to surpass this level of growth in 2023. While we achieved an impressive 19% SHO NOI growth in 2022 and expect a 20% NOI growth in 2023 and I believe we're only at the beginning of a multiyear double-digit NOI growth resulting from a long runway of occupancy gain rate growth and operating margin expansion. And despite significant macro uncertainty already weighing on the fundamentals of many other sectors, our confidence in future growth of our business is supported by the need-based nature of our asset class along with a favorable demand supply backdrop, which is getting better every single day.

正如我在上次電話會議中提到的那樣，我們最大的運營商之一在第四季度提前了 1 月份的租金上漲。即使沒有它，我們的第四季度 REVPOR 也會超過 6% 以上，並反映出我們投資組合的廣泛實力。雖然我們在 2022 年實現了創紀錄的 5.5% 的 REVPOR 增長，但我們預計將在 2023 年超過這一增長水平。雖然我們在 2022 年實現了令人印象深刻的 19% 的 SHO NOI 增長，並預計在 2023 年實現了 20% 的 NOI 增長，我相信我們'由於長期的入住率增長和營業利潤率擴張，我們才剛剛開始出現多年的兩位數 NOI 增長。儘管重大的宏觀不確定性已經影響到許多其他行業的基本面，但我們對我們業務未來增長的信心得到了我們資產類別的基於需求的性質以及有利的需求供應背景的支持，這種背景每天都在好轉.

I'm pleased to report that 2023 is already off to a great start with January move-ins at up 16% of our '19 levels representing a meaningful acceleration from the fourth quarter. Forward-looking indicators are also showing promise in January with our total volume -- our [tour] volume across our senior housing operating portfolio is up 25% year-over-year. I would be completely remiss to ignore perhaps one of the most important milestones in the 53-year history of our company, and that is the private letter ruling we received which permits us to both own and self-manage independent living assets.

我很高興地報告說，2023 年已經有了一個良好的開端，1 月份的入住率比我們 19 年的水平高出 16%，這比第四季度有了有意義的加速。前瞻性指標在 1 月份也顯示出我們的總量的前景——我們高級住房運營組合的 [旅遊] 量同比增長 25%。如果我忽略了我們公司 53 年曆史中最重要的里程碑之一，那就是我完全疏忽了，那就是我們收到的私人信件裁定，它允許我們擁有和自我管理獨立的生物資產。

The PLR provides us significant flexibility in operating our assets. And its timing coincides almost specifically with the build-out of our industry-leading operating and asset management platform, which John and his team have been tirelessly working on. We remain optimistic that further investment in our platform will not only result in a better margin profile of our assets, but also will meaningfully benefit the third-party operating partners across the senior living spectrum, who we choose to do business with in the future. We continue to see a tremendous opportunity to professionalize and modernize the operating side of senior living business, following our instinct, where there's mystery, there's margin. And our PLR gives a significant ammunition to accelerate the pace for what Welltower 3.0 might look like.

PLR 為我們運營資產提供了極大的靈活性。它的時機幾乎恰逢我們行業領先的運營和資產管理平台的構建，約翰和他的團隊一直在不懈努力。我們仍然樂觀地認為，對我們平台的進一步投資不僅會帶來更好的資產利潤率，還會使我們未來選擇與之開展業務的整個老年生活領域的第三方運營合作夥伴受益匪淺。我們繼續看到一個巨大的機會，使老年生活業務的運營方面專業化和現代化，遵循我們的直覺，哪裡有神秘，哪裡就有利潤。我們的 PLR 提供了重要的彈藥來加快 Welltower 3.0 的外觀。

I want to thank Mike Garst, our tax team and many others whose efforts have related to this game-changing achievement.

我要感謝 Mike Garst、我們的稅務團隊和許多其他人，他們的努力與這一改變遊戲規則的成就有關。

Before turning to investing environment, I want to highlight the addition of Retirement Unlimited, or RUI, to Welltower's roster of exceptional operating partner. RUI is one of the best operating performing senior housing operator in the East Coast with the highest program quality programming and care standards. RUI has consistently maintained occupancy levels at north of 90% and with hardly any (inaudible) over past few years. We announced today that RUI has assumed the management of our first committee together in Alexandria, Virginia, with plans to meaningfully grow our relationship in near term through acquisitions, transition and development.

在談到投資環境之前，我想強調一下 Retirement Unlimited (RUI) 加入 Welltower 的卓越運營合作夥伴名單。 RUI 是東海岸運營表現最好的老年住房運營商之一，擁有最高的項目質量規劃和護理標準。 RUI 的入住率一直保持在 90% 以上，過去幾年幾乎沒有（聽不清）。我們今天宣布，RUI 已接管我們在弗吉尼亞州亞歷山大市的第一個委員會，併計劃在短期內通過收購、轉型和發展有意義地發展我們的關係。

We are extremely excited and humbled to partner with the Fralin and Waldron family and RUI's President, Doris-Ellie Sullivan, and welcome them to our Waldron family. In terms of other growth partners, it was exactly a year ago when we announced our partnership with David and Simon Reuben, along with their acquisition of Avery Health Care in the U.K. As you know, Reuben Brothers is one of the most sophisticated forward thinking and well-capitalized global investors with the reputation of attracting best-in-class talent and technology platform. Our thesis was validated when Reuben Brothers attracted Lorna Rose, one of the most well-respected operating -- senior housing operating executive in U.K. to join Avery as the company CEO in December. Lorna has spent 25 years in the industry and was most recently with Barchester, 1 of the U.K.'s largest senior housing platform.

我們非常高興也很榮幸能與 Fralin 和 Waldron 家族以及 RUI 的總裁 Doris-Ellie Sullivan 合作，並歡迎他們加入我們的 Waldron 大家庭。就其他增長合作夥伴而言，就在一年前，我們宣布與 David 和 Simon Reuben 建立合作夥伴關係，同時他們收購了英國的 Avery Health Care。如您所知，Reuben Brothers 是最成熟的前瞻性思維和資本雄厚的全球投資者，以吸引一流人才和技術平台而著稱。 12 月，魯本兄弟 (Reuben Brothers) 吸引了英國最受尊敬的運營高級住房運營主管之一洛娜·羅斯 (Lorna Rose) 加入 Avery 擔任公司首席執行官，從而驗證了我們的論點。洛娜 (Lorna) 在該行業工作了 25 年，最近任職於英國最大的高級住房平台之一巴徹斯特 (Barchester)。

Next, on the capital allocation side, we have rarely seen a favorable environment across all our product types in all 3 countries we do business with in -- there are $20-plus billion of exit cue for core real estate funds and perhaps even a longer one for nontraded REITs. This, along with the challenging debt markets give us an enormous advantage to buy the right product at the right location at the right basis. Please note that while we are underrunning by more than $0.5 billion of EBITDA from prepandemic level.

接下來，在資本配置方面，我們很少看到在我們開展業務的所有 3 個國家/地區的所有產品類型都處於有利環境——核心房地產基金有 20 多億美元的退出提示，甚至可能更長一種用於非交易房地產投資信託基金。這一點，加上充滿挑戰的債務市場，為我們提供了巨大的優勢，可以在正確的地點以正確的基礎購買正確的產品。請注意，雖然我們的 EBITDA 比大流行前水平少了 5 億美元以上。

We just reported debt metrics that are better than Q4 of 2019, along with more than $5 billion of near-term liquidity -- available liquidity. We have many avenues to access and deploy capital that I've described before, and we remain busy on all fronts. But our North Star remained consistent and simple. We strive to create par share value for our existing owners by compounding over a long period of time within our circle of competence, which we define as the area while we can assess and allocate capital with house odds rather than gambler's odds.

我們剛剛報告了優於 2019 年第四季度的債務指標，以及超過 50 億美元的近期流動性——可用流動性。我們有很多途徑來獲取和部署我之前描述的資本，而且我們在各個方面都保持忙碌。但我們的 North Star 始終如一且簡單。我們努力通過在我們的能力範圍內長期復合，為我們現有的所有者創造平價股票價值，我們將能力範圍定義為區域，同時我們可以根據賭場賠率而不是賭徒賠率來評估和分配資本。

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

有了這個，我會把它傳遞給約翰。

Thank you, Shankh. I'm excited about our operating performance this quarter and the acceleration in growth, which we've witnessed. My first conference call at Welltower was in Q2 of July 2021. Total portfolio same-store NOI was a negative 7.1%. Since that call, the portfolio's performance has continued to improve. In 2022, despite challenges, growth was in the range of 7% to 9% for the Q1 through Q3. However, in Q4, we accelerated a 12.9% portfolio NOI growth driven by senior housing operating business with NOI growth of 28.1% despite all the challenges of the current economy.

謝謝你，尚赫。我對我們本季度的經營業績和我們目睹的增長加速感到興奮。我在 Welltower 的第一次電話會議是在 2021 年 7 月的第二季度。總投資組合同店 NOI 為負 7.1%。自那次電話會議以來，投資組合的業績持續改善。 2022 年，儘管面臨挑戰，但第一季度至第三季度的增長率在 7% 至 9% 之間。然而，在第四季度，儘管當前經濟面臨種種挑戰，但在高級住宅運營業務的推動下，我們加快了 12.9% 的投資組合 NOI 增長，NOI 增長了 28.1%。

This amazing performance is a result of both the fantastic supply/demand dynamics of the senior housing sector and aggressive asset management. I continue to see many opportunities to professionalize the business, which are being proven out through various initiatives as noted in the case studies we presented in the slide deck. And clearly come through the financials when looking at the massive improvement in agency labor, which I'll outline in a moment.

這種驚人的表現是高級住房部門出色的供需動態和積極的資產管理的結果。我繼續看到許多使業務專業化的機會，正如我們在幻燈片中介紹的案例研究中指出的那樣，這些機會正在通過各種舉措得到證明。在查看機構勞動力的巨大改善時，顯然是通過財務數據得出的，我稍後將對此進行概述。

It is this abundance of opportunity, the opportunity of applying proven industry solutions to the senior housing industry which led me to reach out to my friend, Jerry Davis, and engage Jerry as a strategic adviser. As many of you know, during my multifamily days, Jerry was my counterpart at UDR, one of the largest multifamily REITs with the national platform of 60,000 apartment homes. Jerry spent 30 years in various roles at UDR and nearly 15 overseeing all the company's operations before we retired in 2021. He and I have always shared similar views that the operational excellence requires a focus on people, processes, data and technology, which, if well done, results in a superior experience for both residents and employees and ultimately drives stronger financial performance.

正是這種豐富的機會，將經過驗證的行業解決方案應用於高級住房行業的機會，促使我聯繫了我的朋友傑里戴維斯，並聘請傑里擔任戰略顧問。正如你們許多人所知，在我的多戶住宅時代，傑里是我在 UDR 的對手，UDR 是最大的多戶房地產投資信託基金之一，擁有 60,000 套公寓住宅的全國平台。在我們 2021 年退休之前，Jerry 在 UDR 擔任了 30 年的各種職務，近 15 年負責監督公司的所有運營。他和我一直持有相似的觀點，即卓越運營需要關注人員、流程、數據和技術，如果做得好，可為居民和員工帶來卓越的體驗，並最終推動更強勁的財務業績。

We have made substantial headway over the past 1.5 years in enhancing our management capabilities and Jerry's expertise will accelerate that progress. Bill focus his efforts on specific opportunities will all continue to build the broader operating platform from asset management and operations to capital resource management, renovation, et cetera, as Welltower transforms the business. Jerry will help us to continue accelerate -- continue to accelerate change in the senior housing industry. Our work together will not simply be additive. It will be exponential. (inaudible).

在過去的 1.5 年裡，我們在提升管理能力方面取得了長足的進步，傑里的專業知識將加速這一進程。隨著 Welltower 對業務的轉型，Bill 將專注於特定機會，將繼續構建從資產管理和運營到資本資源管理、翻新等更廣泛的運營平台。傑里將幫助我們繼續加速——繼續加速養老住宅行業的變革。我們的共同努力不會簡單地累加。這將是指數級的。 （聽不清）。

Now I'll provide some insight into our operating business, starting with the medical office portfolio. In the fourth quarter, same-store NOI growth for our outpatient medical business was 2.1% over the prior year's quarter. Same-store occupancy was steady throughout the year at nearly 95%, while retention remains extremely strong across the portfolio at 93% for the second straight quarter and nearly 92% for the entire year. This robust retention rate helps us drive improved lease rates and continued strong re-leasing rates.

現在，我將從醫療辦公室產品組合開始，對我們的運營業務提供一些見解。第四季度，我們門診醫療業務的同店 NOI 同比增長 2.1%。全年同店入住率穩定在近 95%，而整個投資組合的保留率仍然非常強勁，連續第二個季度達到 93%，全年接近 92%。這種強勁的保留率有助於我們提高租賃率和持續強勁的轉租率。

Turning to our senior housing operating portfolio. The 28.1% fourth quarter NOI increase over the prior year's quarter was driven by revenue growth of 10.3% for the period. Year-over-year margin growth of 320 basis points was also the strongest of the year. All 3 regions showed strong revenue growth, starting with Canada at 6.6%, the U.S. and the U.K., an impressive 10.6% and 19.2%, respectively. Revenue growth in the quarter was driven by a 200 basis point increase in average occupancy and another quarter of healthy pricing power with REVPOR growth of 7.5%, which, as Shankh mentioned, is the highest we've ever witnessed. Sequentially, portfolio average occupancy continued to improve with a gain of 20 basis points during the period.

轉向我們的高級住房運營組合。第四季度 NOI 較上年同期增長 28.1% 是由於同期收入增長 10.3%。 320 個基點的同比利潤率增長也是今年最強勁的。所有 3 個地區的收入增長都非常強勁，首先是加拿大，增長率為 6.6%，美國和英國的增長率分別為 10.6% 和 19.2%，令人印象深刻。本季度的收入增長是由平均入住率增加 200 個基點和另一個季度健康的定價能力推動的，REVPOR 增長 7.5%，正如 Shankh 提到的，這是我們見過的最高水平。因此，在此期間，投資組合平均入住率繼續提高 20 個基點。

Turning to expenses. Agency use has obviously been a key factor in 2022 expenses However, in Q4 2022, just as Tim had mentioned many times, agency expense is acting as an expense deflated. Agency in our same-store portfolio is down 44% year-over-year in Q4 '22. We often quote agency as a percentage of compensation. So looking at it that way, in Q4 of 2021, agency expense was 6.9% of compensation. And in Q4 of 2022, it was 3.7%. Regardless of how you look at agency, the expenses declining in the U.S. and Canada, where over 90% of our senior housing portfolio is located. The U.K. is still impacted by overall labor shortage as well as some rigid staffing models, which have led to lower occupancy properties being overstaffed.

談到開支。代理機構的使用顯然是 2022 年支出的一個關鍵因素，但是，正如蒂姆多次提到的那樣，在 2022 年第四季度，代理機構的支出相當於縮減的支出。 22 年第四季度，我們同店投資組合中的代理商同比下降 44%。我們經常引用代理作為補償的百分比。所以從這個角度來看，在 2021 年第四季度，代理費用佔薪酬的 6.9%。而在 2022 年第四季度，這一比例為 3.7%。無論您如何看待代理機構，美國和加拿大的費用都在下降，我們 90% 以上的高級住房組合都位於這兩個地方。英國仍然受到整體勞動力短缺以及一些僵化的人員配置模式的影響，這導致入住率較低的物業人滿為患。

Management in the U.K. is slowly adjusting to a dynamic staffing model, ensuring appropriate staffing at various levels of occupancy. Overall, COMPOR or compensation per occupied room, which represents about 60% of the expense per occupied room increased only 2.6% in the fourth quarter compared to the prior year's quarter, which is the lowest growth rate in over 5 years. This moderating COMPOR growth helped drive the deceleration in overall expense growth despite continued inflationary pressures in several line items, including food and utilities, which rose 10.5% and 10%, respectively, in the fourth quarter of 2022 on a per occupied room basis compared to the prior year's quarter.

英國的管理層正在慢慢調整以適應動態人員配置模式，確保在不同的入住率水平上配備適當的人員。總體而言，佔每間客房費用約 60% 的 COMPOR 或每間客房補償在第四季度與去年同期相比僅增長 2.6%，這是 5 年來最低的增長率。儘管包括食品和公用事業在內的幾個項目的通脹壓力持續存在，但 COMPOR 增長放緩有助於推動整體支出增長放緩，與 2022 年第四季度相比，食品和公用事業分別增長 10.5% 和 10%上一年的季度。

Food and utilities represent roughly 12% of expense per occupied. The combination of 7.5% REVPOR growth, the highest in over 5 years with a 3.4% expense core growth led to remarkable growth rate in net operating income per occupied unit of 25%. Regarding our operating platform, we continue to be on pace to highlight our first module in Q1 '23, with several other modules in the works. I must say that I'm purposefully not giving out the details as they're proprietary. However, I will say that I'm proud of the creative accomplishments of the Welltower team and I'm grateful for the wonderful operators that we are partnering with on these first modules. The successes that we have had through aggressive asset management, as noted in the slide deck, are the result of brute force and prove the opportunity. Operational excellence is achieved by a focus on people, processes, data and technology, and that is exactly what the team has done and the various initiatives that are outlined in 3 case studies on agency labor reduction, revenue management and care revenue.

食品和公用事業約佔人均支出的 12%。 7.5% 的 REVPOR 增長（5 年來最高）與 3.4% 的核心費用增長相結合，導致每佔用單位淨營業收入顯著增長 25%。關於我們的操作平台，我們將繼續在 23 年第一季度突出我們的第一個模塊，還有其他幾個模塊正在開發中。我必須說我故意不透露細節，因為它們是專有的。但是，我要說的是，我為 Welltower 團隊的創造性成就感到自豪，並且感謝我們在這些第一個模塊上與我們合作的優秀運營商。正如幻燈片中所指出的，我們通過積極的資產管理取得的成功是蠻力的結果，並證明了機會。卓越運營是通過關注人員、流程、數據和技術來實現的，這正是團隊所做的以及 3 個關於機構勞動力減少、收入管理和護理收入的案例研究中概述的各種舉措。

We will continue to leverage our team to drive results, yet the greatest opportunity will be realized as we roll out the operating platform in the coming years. Finally, I would like to thank our operators and all their employees and the well-care employees for making these results possible. Our teamwork has clearly paid off leading to improved resident and employee experiences and stronger overall results. I'll now turn the call over to Tim.

我們將繼續利用我們的團隊來推動成果，但隨著我們在未來幾年推出運營平台，將實現最大的機會。最後，我要感謝我們的運營商及其所有員工和精心照料的員工，是他們讓這些結果成為可能。我們的團隊合作顯然得到了回報，改善了居民和員工的體驗，並取得了更強勁的整體業績。我現在將電話轉給蒂姆。

Thank you, John. My comments today will focus on the fourth quarter 2022 results. the performance of our triple net investment segment in the quarter, our capital activity, a balance sheet liquidity update; and finally, our outlook for the year ahead. Welltower reported fourth quarter normalized funds from operations of $0.83 per diluted share. representing 7% year-over-year growth after adjusting for prior period government grants and FX headwinds. We also reported a total portfolio of same-store NOI growth in the quarter of 12.9% year-over-year. Before getting into our segment results, I want to provide an update on our recently closed ProMedica restructure and the go-forward reporting treatment. In late December, we announced the closing of our restructured joint venture with ProMedica Health System and our newly formed joint venture with Integra Health. The ProMedica Health System JV consisting of 58 private pay assisted living assets will continue to be operated under a lease with ProMedica Health System and is now part of our senior housing triple-net reporting segment.

謝謝你，約翰。我今天的評論將集中在 2022 年第四季度的結果上。本季度我們三重淨投資部門的表現，我們的資本活動，資產負債表流動性更新；最後，我們對未來一年的展望。 Welltower 報告稱，第四季度標準化運營資金為攤薄後每股 0.83 美元。在對前期政府補助和外匯逆風進行調整後，同比增長 7%。我們還報告了本季度同店 NOI 總投資組合同比增長 12.9%。在進入我們的部門結果之前，我想提供我們最近關閉的 ProMedica 重組和前進報告處理的最新情況。 12 月下旬，我們宣布關閉與 ProMedica Health System 的重組合資企業以及與 Integra Health 新成立的合資企業。 ProMedica Health System JV 由 58 個私人付費輔助生活資產組成，將繼續根據與 ProMedica Health System 的租賃經營，現在是我們高級住房三網報告部門的一部分。

The Integra Health joint venture consisting of 147 skilled nursing properties, comprised of a property joint venture and a master lease with Integra Health. The lease commenced upon closing in December as is the first tranche of the property JV with Integra acquiring 15% of Welltower's taking 54 of the assets for $73 million. As previously expected, subsequent to year-end, the second tranche of assets closed in January, as Integra acquired a 15% interest in another 31 assets for $74 million. The remaining 62 assets are expected to close in the second half of the year. As for the underlying operations, the subleasing of the portfolio is progressing in land expectations. 75% of the beds have already transition management, with the remainder of the portfolio waiting on state specific approvals. We will continue to update the market as the progress of management transitions in addition to underlying property level fundamentals.

Integra Health 合資企業由 147 個專業護理資產組成，包括一個資產合資企業和與 Integra Health 的主租約。租約於去年 12 月結束時開始，這是該物業合資企業的第一部分，Integra 以 7300 萬美元的價格收購了 Welltower 的 54 項資產的 15%。正如之前預期的那樣，在年底之後，第二批資產於 1 月結束，因為 Integra 以 7400 萬美元的價格收購了另外 31 項資產的 15% 權益。其餘 62 項資產預計將在下半年關閉。至於基礎業務，組合的轉租在土地預期中取得進展。 75% 的床位已經過渡管理，其餘的床位正在等待各州的具體批准。除了潛在的物業水平基本面之外，我們將隨著管理層轉型的進展繼續更新市場。

Now turning to the performance of the rest of our triple net properties in the quarter. As a reminder, our triple-net lease portfolio coverage and occupancy stats are reported quarter years. These statistics like the trailing 12 months, I mean, 9/30, 2022.

現在轉向本季度其他三網資產的表現。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數據是按季度報告的。這些統計數據就像過去的 12 個月，我的意思是，2022 年 9 月 30 日。

In our senior housing triple net portfolio, same-store NOI increased 4.3% year-over-year and trailing 12-month EBITDA coverage was 0.86x in the quarter. Next, same-store NOI and long-term post-acute portfolio grew 4% year-over-year,and trailing 12-month EBITDA coverage was 1.34x in the quarter.

在我們的高級住房三重淨投資組合中，本季度同店 NOI 同比增長 4.3%，過去 12 個月的 EBITDA 覆蓋率為 0.86 倍。接下來，同店 NOI 和長期急性後投資組合同比增長 4%，本季度過去 12 個月的 EBITDA 覆蓋率為 1.34 倍。

Turning to capital market activity. In the quarter, we settled $1.5 billion of previously raised equity through our forward ATM program, helping to bring debt to EBITDA down to 6.31x at year-end, a substantial decrease of nearly 7x at year-end 2021 and below pre-COVID levels of Q4 2019. For the year, we settled a total of $3.7 billion of equity to fund $3.7 billion of net investment activity, allowing us to continue to deploy capital into a desiccated private market while materially delevering the balance sheet.

轉向資本市場活動。在本季度，我們通過我們的遠期 ATM 計劃解決了之前籌集的 15 億美元股權，幫助將債務與年底的 EBITDA 降至 6.31 倍，在 2021 年底大幅下降近 7 倍，低於 COVID 之前的水平2019 年第四季度。全年，我們結算了總計 37 億美元的股權，為 37 億美元的淨投資活動提供資金，使我們能夠繼續將資本部署到干涸的私人市場，同時實質性地去槓桿化資產負債表。

Looking forward, we ended the year with $722 million of cash, full capacity on our $4 billion revolving line of credit and $383 million in expected proceeds from near-term dispositions and loan pay downs, representing $5.1 billion in near-term available liquidity. Before moving on to our 2023 guidance, I wanted to add more context to Shankh's earlier commentary around the opportunity provided to our company by last year's private letter ruling.

展望未來，我們在年底擁有 7.22 億美元的現金、40 億美元的循環信貸額度的全部能力以及 3.83 億美元的近期處置和貸款償還的預期收益，代表 51 億美元的近期可用流動性。在繼續我們的 2023 年指南之前，我想為 Shankh 早些時候關於去年私人信件裁決為我們公司提供的機會的評論添加更多背景信息。

Nearly 14 years ago, Welltower struck its first (inaudible) of management agreement, giving a direct economic exposure to senior housing operations. Over the last 5-plus years, we built a better and stronger alignment within this contractual structure, ultimately reaching a point in 2021, where we can generate meaningful ROI through centralized human capital and technology investment at Welltower. We hired John Burkart and started to build a team around him. The PLR we received last year allowed us to meaningfully accelerate that effort as the ROI friction is entirely removed under self-management.

將近 14 年前，Welltower 達成了第一份（聽不清）管理協議，直接對高級住房業務進行經濟曝光。在過去 5 年多的時間裡，我們在這個合同結構中建立了更好、更強大的一致性，最終在 2021 年達到了一個點，屆時我們可以通過 Welltower 的集中人力資本和技術投資產生有意義的投資回報率。我們聘請了 John Burkart 並開始圍繞他組建團隊。我們去年收到的 PLR 使我們能夠有意義地加快這項工作，因為在自我管理下完全消除了 ROI 摩擦。

This Welltower platform investment is evident through G&A. With greater than 80% of our expected year-over-year increase in overhead costs being driven by technology investment and new position additions in '22 and '23, focused primarily on asset management, data analytics and technology. We continue to believe that the opportunity to both modernize operations and drive efficiencies through scale in our business is vast and creates a sustainably strong cash flow tailwind when combined with the demographic-driven demand of the next decade plus. Lastly, moving to our full year guidance, which we are reintroducing for the first time since COVID uncertainty began impacting our business in March of 2020.

這種 Welltower 平台投資通過 G&A 顯而易見。 22 年和 23 年的技術投資和新職位增加推動了我們預期的間接費用同比增長的 80% 以上，主要集中在資產管理、數據分析和技術上。我們仍然相信，通過我們的業務規模實現運營現代化和提高效率的機會是巨大的，並且在與未來十年以上人口驅動的需求相結合時，可以創造持續強勁的現金流順風。最後，轉向我們的全年指導，這是自 2020 年 3 月 COVID 不確定性開始影響我們的業務以來我們首次重新引入該指導。

Last night, we provided an outlook for 2023 of net income attributable to common stockholders of $0.57 to $0.75 per diluted share and normalized FFO of $3.55 -- sorry, $3.35 to $3.53 per diluted share or $3.54 (sic) [$3.44] at the midpoint. As mentioned in the release, our 2022 guidance contemplates no adjustments for other government grants we received in the year. (inaudible) adjusting for $0.07 of nonrecurring government grants received in 2022, we are guiding for 5% year-over-year growth. This year-over-year increase in FFO is composed of $0.36 from growth in our senior housing operating portfolio. and $0.03 in growth across the rest of our segments. These are offset by $0.04 of prior mentioned higher G&A and Welltower platform costs and $0.19 of floating rate interest and foreign exchange headwinds. Underlying this FFO guidance is estimated total portfolio year-over-year same-store NOI growth of 8% to 13%, driven by subsegment growth of outpatient medical, 2% to 3%. And long-term post 2%, 3%; and senior housing triple net of 1% to 3%.

昨晚，我們提供了 2023 年普通股股東應占淨收入為每股攤薄後 0.57 美元至 0.75 美元和標準化 FFO 為 3.55 美元的展望——對不起，每股攤薄後 3.35 美元至 3.53 美元或中點 3.54 美元（原文如此）[3.44 美元]。正如新聞稿中所提到的，我們的 2022 年指南沒有考慮對我們在這一年收到的其他政府補助進行調整。 （聽不清）根據 2022 年收到的 0.07 美元非經常性政府補助進行調整後，我們預計同比增長 5%。 FFO 的同比增長來自我們高級住房運營組合的增長 0.36 美元。我們其他部門的增長為 0.03 美元。這些被前面提到的 G&A 和 Welltower 平台成本的 0.04 美元以及浮動利率和外匯逆風的 0.19 美元所抵消。根據這一 FFO 指導，估計總投資組合同比同店 NOI 增長 8% 至 13%，受門診醫療細分市場增長 2% 至 3% 的推動。及長期崗位2%、3%；和高級住房三重淨額為 1% 至 3%。

And finally, senior housing operating growth of 15% to 24%. The midpoint of which is driven by revenue growth of approximately 9.5% and Underlying this revenue growth is an expectation of approximately 230 basis points of year-over-year average occupancy increase and rent growth of approximately 6.25%.

最後，高級住宅運營增長 15% 至 24%。其中中點是由約 9.5% 的收入增長推動的，而這一收入增長的基礎是平均入住率同比增長約 230 個基點，租金增長約 6.25%。

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, Tim. While we ended 2022 on a positive note, it was also a year of sheer grit and perseverance from our team. As we face different challenges in our business, be it the expense pressure, the (inaudible) cost pressure of ProMedica remain state first in our belief that our job as stewards of our shareholders' capital is to solve problems when we encounter on this journey and not to rip the band it off and give the way potential future upside to private equity. To profit from either because, one, it is the easiest thing to do instead of working things out or two, the feeling on instant gratification as Wall Street tends to cheer such decisions.

謝謝你，蒂姆。雖然我們以積極的態度結束了 2022 年，但我們的團隊也充滿了勇氣和毅力。由於我們在業務中面臨不同的挑戰，無論是費用壓力，還是 ProMedica 的（聽不清）成本壓力，我們相信我們作為股東資本管家的工作是解決我們在旅途中遇到的問題，不要扯掉它並給私募股權帶來潛在的未來上行空間。從其中任何一個中獲利，因為，第一，這是最容易做的事情，而不是解決一兩個問題，華爾街傾向於為這樣的決定歡呼的即時滿足感。

We see too many market participants mix up short-term volatility with long-term risk apartment capital loss. As our partners in the business, our investors can count on us to take tough road to deliver strongest returns we believe are achievable when we face challenges. This is evident in the build-out of our operating platform and our transaction with ProMedica and Integra. To paraphrase. Mr. Munger, you can rest assured that we have a deferred gratification gene imprinted all over our culture, and we remind ourselves every day that "Big money is made not in buying and selling, but in waiting."

我們看到太多的市場參與者將短期波動與長期風險公寓資本損失混為一談。作為我們的業務合作夥伴，我們的投資者可以指望我們走艱難的道路，以提供我們認為在面臨挑戰時可以實現的最強勁回報。這在我們運營平台的構建以及我們與 ProMedica 和 Integra 的交易中顯而易見。釋義。芒格先生，您可以放心，我們的文化中有一種延遲享樂的基因，我們每天都在提醒自己“賺大錢的不是買賣，而是等待”。

Lastly, I'm extremely delighted to see many of my partners recently appointed to the executive and senior management roles within the organization. (inaudible) in the business fighting it together in the trenches, and I'm convinced that we have the deepest bench strength along with the [longest] runway as I look across the real estate space. Supplementing this talent is our unmatched data and machine learning capabilities which allows us to efficiently and cost effectively evaluate new investments as well as reinvestment in our portfolio.

最後，我非常高興地看到我的許多合作夥伴最近被任命為組織內的執行和高級管理職位。 （聽不清）在業務中一起在戰壕中戰鬥，我相信當我環顧整個房地產空間時，我們擁有最深的替補力量和 [最長的] 跑道。補充這一人才的是我們無與倫比的數據和機器學習能力，這使我們能夠高效且具有成本效益地評估新投資以及對我們投資組合的再投資。

In addition to our strength of our existing team, we continue to attract best-in-class talent from outside the industry who share our belief that the future of our business may look very different from the past. Simply said, we want to attract talent that comes from the industries with higher standards. And to that point, I could not be happier that John has convinced Jerry Davis, to join our team. As you all know from his many years in multifamily sector, Jerry has one of the sharpest operating minds in real estate. I have known and admired Jerry for 15 years and cannot be more excited to work with him and learn from him. I'm more convinced than ever that John along with Jerry will have an exponential impact and transform this industry. If you are or know someone of that operating caliber and more importantly have an outsider mindset from a related or frankly, unrelated industry who wants to join the formidable team of J. Square, please let us know. Welltower is wide open for business, not only for asset acquisition but also for talent acquisition.

除了我們現有團隊的實力外，我們還繼續吸引行業外的一流人才，他們與我們一樣相信我們業務的未來可能與過去大不相同。簡單地說，我們要吸引來自更高標準行業的人才。就這一點而言，約翰說服傑里戴維斯加入我們的團隊讓我感到非常高興。眾所周知，傑里在多戶住宅領域擁有多年經驗，是房地產領域最敏銳的經營頭腦之一。我認識傑瑞 15 年了，我很欽佩他，能和他一起工作並向他學習，我感到無比興奮。我比以往任何時候都更加相信約翰和傑里將產生指數級的影響並改變這個行業。如果您是或認識具有這種運營能力的人，更重要的是，如果您想加入 J. Square 強大的團隊，並且希望加入 J. Square 的強大團隊，請告訴我們。 Welltower 對業務開放，不僅是資產收購，也是人才收購。

With that, I'll open the call up for questions.

有了這個，我會打開問題的電話。

(Operator Instructions) We take our first question from Jonathan Hughes at Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Jonathan Hughes。

I just wanted to ask about the increasing operator relationships. Obviously, we just saw another one yesterday with RUI and you talked about more opportunities or expected opportunities in the future. But I'm wondering what the landscape looks like after 3 years of these pandemic headwinds, how many high-quality operators remain as an opportunity that you don't already have a relationship with in what's the size of those individual opportunities? Are they smaller or larger in terms of investment volume than the relationships established over the past few years?

我只是想問一下日益增加的運營商關係。很明顯，我們昨天剛和 RUI 看到了另一個，你談到了未來更多的機會或預期的機會。但我想知道，在經歷了 3 年的大流行逆風之後，情況會是什麼樣子，有多少高質量的運營商仍然是一個機會，而你還沒有與之建立關係，這些個人機會的規模有多大？與過去幾年建立的關係相比，它們的投資規模是小還是大？

Jonathan, you asked a very, very good question. So as I think about -- if your question is specific to senior housing industry, I see that, obviously, we have most of the operating partners that want to do business which we already do business with. So expansion of new operating partners is less of a focus and going deep rather than going broad is our focus. We are looking for striving for regional density with our existing partners across the different countries, right?

喬納森，你問了一個非常非常好的問題。因此，正如我所想的那樣 - 如果您的問題是特定於高級住宅行業的，我看到，顯然，我們有大多數想要開展業務的運營合作夥伴，我們已經與之開展業務。因此，擴展新的運營合作夥伴並不是我們關注的重點，深入而不是廣泛才是我們的重點。我們正在尋求與我們在不同國家/地區的現有合作夥伴一起爭取區域密度，對嗎？

Now we have, I mentioned before that we have -- there are operating partners in the business that operates in the business that we have admired for a very long period of time. And this is a long dating process. It takes a long time for both parties to understand how we can add value to each other, right? Capital is a commodity. Just capital -- us bringing capital to an operating partner, frankly speaking, in any relationship is not enough. And for our perspective, so we bring in data analytics and other operating platform initiatives that John is doing to the equation. At the same time, we want to understand whether these operating partners are thinking about the business or where the business is going 10, 20 years from now, not where the business was from -- 10, 20 years ago, right?

現在我們有，我之前提到過我們有 - 在我們長期欽佩的業務中運營的業務中有運營合作夥伴。這是一個漫長的約會過程。雙方需要很長時間才能了解我們如何才能為彼此增加價值，對嗎？資本是一種商品。只是資本——坦率地說，我們將資本帶給運營夥伴，在任何關係中都是不夠的。從我們的角度來看，我們引入了數據分析和約翰正在為等式所做的其他運營平台計劃。同時，我們想了解這些運營合作夥伴是否正在考慮業務或業務在 10 年、20 年後的發展方向，而不是業務的來源——10 年、20 年前，對嗎？

There's a significant mind shift that is needed in the business. And frankly speaking, as I mentioned a few minutes ago, we need higher standards, higher standards of employee engagement, higher standards of customer service and higher standards of how we treat capital and what we -- how we deliver results for the capital. And those are the type of operating partners and business partners that we're looking for, and we're grateful that we have a fundamentally a fantastic roster of these people to drive business with.

企業需要進行重大的思維轉變。坦率地說，正如我幾分鐘前提到的，我們需要更高的標準、更高的員工敬業度標準、更高的客戶服務標準以及我們如何對待資本以及我們如何為資本交付成果的更高標準。這些就是我們正在尋找的運營合作夥伴和業務合作夥伴的類型，我們很高興我們擁有一個從根本上來說非常棒的這些人名單來推動業務發展。

Now going to the second part of your question, from an investment volume standpoint, I want to reemphasize you're going to see a majority of the investment volume with existing partners as well as sort of the partners that we have already announced in the last couple of 2, 3 years.

現在轉到你問題的第二部分，從投資量的角度來看，我想再次強調你將看到現有合作夥伴的大部分投資量以及我們上次宣布的合作夥伴夫婦 2、3 年。

We'll take our next question from Michael Griffin at Citi.

我們將從花旗的 Michael Griffin 那裡回答下一個問題。

Maybe just on transaction activity. I mean, Shankh, I know you've always talked about how you're an unlevered IRR focused investor I'm curious if you've seen any change in maybe hurdle or return rates that might get you more excited about one property type relative to another. I know you seem pretty positive in your opening comments, but any additional clarity there would be helpful.

也許只是交易活動。我的意思是，Shankh，我知道你一直在談論你是一個無槓桿的 IRR 投資者，我很好奇你是否看到了可能的門檻或回報率的任何變化，這可能會讓你對一種房產類型的親屬更加興奮給另一個。我知道你在開場白中看起來很積極，但任何額外的澄清都會有所幫助。

Michael, if you think about different times give us opportunities for different types of product, you have seen us buy and sell every product that we own in last, call it, 7 years, 8 years under this another leadership of this team. right? So because different times, you get opportunities to buy different products at a very favorable basis. This might be the first time we're seeing across all our product type across the 3 countries that we do business with, and we're seeing opportunities, right? This is a very, very disruptive time from not only from debt side but also from equity side. The people who normally compete against, right, the core funds, nontraded REITs and now that everybody is facing very significant flow -- outflow, either because of the denominator effect that you see in pension fund as well institutional world or some other reasons such as availability of -- not availability of debt and other situations. So we're seeing across all product types. We're seeing very significant opportunities and frankly speaking, an ability to achieve IRRs that we haven't seen in some of the product types, frankly, forever.

邁克爾，如果你考慮不同的時間給我們不同類型產品的機會，你已經看到我們在這個團隊的另一個領導下購買和銷售我們最近擁有的每一種產品，稱之為 7 年，8 年。正確的？所以因為不同的時間，你有機會以非常優惠的價格購買不同的產品。這可能是我們第一次看到與我們有業務往來的 3 個國家的所有產品類型，我們看到了機會，對吧？這是一個非常、非常具有破壞性的時期，不僅從債務方面而且從股權方面也是如此。通常與核心基金、非交易房地產投資信託基金競爭的人，現在每個人都面臨著非常大的流量——流出，要么是因為你在養老基金和機構世界看到的分母效應，要么是其他一些原因，比如可用性——不是債務和其他情況的可用性。所以我們看到了所有產品類型。我們看到了非常重要的機會，坦率地說，實現我們在某些產品類型中從未見過的 IRR 的能力，坦率地說，永遠。

We'll move next to Jeff Dennerlein ((sic)) [Josh Dennerlein] at Bank of America.

我們將搬到美國銀行的 Jeff Dennerlein ((sic)) [Josh Dennerlein] 旁邊。

I guess it's Joshua Dennerlein here. Yes. No, I appreciate all the color on the asset management platform. Just kind of curious how we should be thinking about kind of is this like the full investment year and then payoffs start happening in 2024? Is there anything kind of built into guidance as far as like a payoff -- and how are we thinking about the J Square run rate for returns?

我猜是 Joshua Dennerlein。是的。不，我欣賞資產管理平台上的所有顏色。只是有點好奇我們應該如何思考這就像整個投資年，然後在 2024 年開始獲得回報？就回報而言，是否有任何內置於指導中的內容——我們如何考慮 J Square 的回報運行率？

Yes, I'll start and if Tim may want to comment. I'm not definitely for clarity, not commenting on Tim's guidance. But I think what we're seeing and what we're trying to show is the returns are already coming through. I mean you look at what's going on from a aggressive asset management perspective, you see that in the agency move and what the team has done, which is tremendous amount of blocking and tackling, the additional work that we're doing really relates to scaling those things and partly why we included that in the deck is I came in and I had a view of things from my gut, you might say, so to speak. And I probed around and got confirmation -- and then we started workflows and now that that's proving out, and that's what we wanted to show because that is critical. We were right. There is tremendous opportunity here.

是的，我會開始，如果 Tim 想發表評論的話。為清楚起見，我不確定，不評論蒂姆的指導。但我認為我們所看到的和我們試圖展示的是回報已經到來。我的意思是你從積極的資產管理角度來看正在發生的事情，你會看到在機構的舉動和團隊所做的事情中，這是大量的阻止和解決，我們正在做的額外工作確實與擴展有關這些東西以及我們將其包含在甲板上的部分原因是我進來了，我可以說我的直覺對事物有一個看法，可以這麼說。我四處探查並得到確認——然後我們開始了工作流程，現在已經證明了這一點，這就是我們想要展示的，因為這很關鍵。我們是對的。這裡有巨大的機會。

And the more I got into it the more opportunity I see, when you look at J Square to this exponential opportunity, it's huge. my view is where I'm working right now is across the whole platform, as I mentioned, and Jerry will be able to focus in on individual items and execute highest of all levels, which will speed up our process. So bottom line is we're already delivering numbers. It will continue for many, many years and it ultimately relate to significant margin improvement across the board.

而且我越深入，我看到的機會就越多，當你看著 J Square 看到這個指數級的機會時，它是巨大的。正如我所提到的，我的觀點是我現在正在整個平台上工作，Jerry 將能夠專注於單個項目並執行所有級別中的最高級別，這將加快我們的流程。所以底線是我們已經提供了數字。它將持續很多年，並最終與全面顯著提高利潤率有關。

And I'll just add on cost. We look at this as an investment, right, on the human capital side and on the technology side. So you know that we run our platform very efficiently, and we don't take the cost slightly as far as any further investment. But we think there's a lot of return here on investment. And so there is a bit of a lag between dollar's aiming higher in that return. But on a go-forward basis, I expect us to be very prudent about it and continue to show high return of $4 spend.

我只會增加成本。我們將此視為一項投資，對吧，在人力資本方面和技術方面。所以你知道我們非常有效地運行我們的平台，並且我們不會將成本視為任何進一步投資。但我們認為這裡的投資回報率很高。因此，美元在該回報率上的目標更高之間存在一些滯後。但在前進的基礎上，我希望我們對此非常謹慎，並繼續顯示 4 美元支出的高回報。

We'll move to our next question from Mike Mueller at JPMorgan.

我們將轉到摩根大通的 Mike Mueller 的下一個問題。

What's the range of margins that you think the SHO business could operate at full occupancy and to use your term when it's fully professionalized?

您認為 SHO 業務可以在滿員情況下運營並在完全專業化時使用您的術語的利潤範圍是多少？

Mike, I was just not going to sit here and try to speculate what might or might not happen, but I will repeat what I've said before. If you went back to pre-COVID occupancy and pre-COVID margin, I will be really disappointed. That's why we (inaudible), we'll be disappointed.

邁克，我只是不想坐在這裡試圖推測會發生什麼或不會發生什麼，但我會重複我之前說過的話。如果你回到 COVID 之前的入住率和 COVID 之前的保證金，我會非常失望。這就是為什麼我們（聽不清）會感到失望。

We'll go next to Derek Johnston at Deutsche Bank.

接下來我們將去德意志銀行的 Derek Johnston。

In addition to the REIT community, a lot of generalist investors are closely following well. So I know we touched on it in the opening but can you expand on this favorable private letter ruling with the IRS. I think around 45,000 independent living units are not really being designated as health care facilities and/or subject to ADEA. And so what does that mean, right? And importantly, how the decision may drive further earnings growth, especially given the beefed-up asset platform.

除了房地產投資信託基金社區，許多通才投資者也在密切關注。所以我知道我們在開頭提到了它，但你能否詳細說明與美國國稅局的這一有利的私人信件裁定。我認為大約 45,000 個獨立生活單元並沒有真正被指定為醫療保健設施和/或受 ADEA 的約束。那是什麼意思，對吧？重要的是，該決定將如何進一步推動收益增長，尤其是考慮到資產平台的增強。

Yes. I'll touch on that. So what it means, I think the easiest way to look at it is if you just go back and read history a little bit and you look at the multifamily world when everyone kind of came together in the mid-'90s when I started where I was at. And what you saw is this move from fee managers to owner operators was a fundamental shift in what I think a lot of people missed was there was a basic economics behind that. In essence, as a fee manager you get paid a percentage, let's say, 5% to collect $1, and that means you wouldn't spend more than $0.05 to collect the dollar as an owner operator you paid $1 to collect $1. So that's hit you would spend $0.99 to collect $1. And so that fundamental shift enabled us as owner operators to move much, much faster and changed how we looked at the world, whether it be investing in websites technology, et cetera, or bringing things in-house, marketing in-house, et cetera.

是的。我會談到這一點。所以這意味著什麼，我認為最簡單的看待它的方法是，如果你回過頭來讀一點歷史，看看多家庭世界，當每個人都在 20 世紀 90 年代中期聚集在一起時，我開始了我的工作在。你所看到的是，從收費管理人到所有者經營者的轉變是一個根本性的轉變，我認為很多人都忽略了這一點，因為這背後有一個基本的經濟學原理。從本質上講，作為一名費用經理，你會得到一定比例的報酬，比方說，5% 收取 1 美元，這意味著你不會花費超過 0.05 美元來收取美元，作為你支付 1 美元收取 1 美元的業主運營商。因此，您將花費 0.99 美元來獲得 1 美元。因此，這種根本性轉變使我們作為所有者經營者能夠以更快、更快的速度前進，並改變了我們看待世界的方式，無論是投資網站技術等，還是將東西帶入內部、內部營銷等.

All these things enabled a tremendous improvement in margins. And that's what it ultimately means is it will allow us to step into that business and have tremendous impact on the margins. More than that, I would say, I break the business down into 3 components overall. There's a real estate or multifamily component. There's what I call the hospitality component, which relates to meals, housekeeping activities, and then there's a care component.

所有這些都使利潤率有了巨大的提高。這就是它最終意味著它將使我們能夠涉足該業務並對利潤率產生巨大影響。不僅如此，我會說，我將業務總體分為 3 個部分。有一個房地產或多戶家庭組成部分。我稱之為招待部分，它與膳食、家務活動有關，然後是護理部分。

And so our various residential businesses have 1 to 3 of those parts. So as we step in, we address the real estate as well as this hospitality component at our independent living, we'll be able to take those best practices and move those into the assisted living, which we're obviously not managing. But if we find better ways, more effective ways to deliver higher quality meal service, et cetera, that will all be pushed out through our platform. No different than what we're doing right now in our case study on revenue management, how we push that out to one of the assisted living properties. So the same concept will apply. So this is pretty huge, and it will impact our overall residential platform.

因此，我們的各種住宅企業擁有其中的 1 到 3 個部分。因此，當我們介入時，我們會在獨立生活中解決房地產和招待問題，我們將能夠採用這些最佳實踐並將它們轉移到我們顯然沒有管理的輔助生活中。但是，如果我們找到更好的方法、更有效的方法來提供更高質量的餐飲服務等等，這些都將通過我們的平台推出。與我們現在在收入管理案例研究中所做的沒有什麼不同，我們如何將其推廣到其中一個輔助生活物業。所以同樣的概念將適用。所以這是非常巨大的，它將影響我們的整體住宅平台。

I'll just add, Derek, one thing to that. Just as I mentioned before, we're working towards regional density and going deep and not going broad with our existing partners, right? So think about it, I don't know, just -- you will see the future is with our select operating partners, strategic partners we're going to have bigger density or higher density and a bigger scale in a market and with our investment in the technology platform and the operating platform with our operating partners' the ability to execute on the ground I think, again, this is going to be not only a great win for our owners, our assets, but do also a great win for the select operator partners that we'll choose to do business with going forward. So it is a very much of a focus on win-win, and that's the way business got to be.

德里克，我只想補充一件事。正如我之前提到的，我們正在努力提高區域密度，並深入而不是與我們現有的合作夥伴進行廣泛合作，對吧？所以想一想，我不知道，只是 - 你會看到未來與我們精選的運營合作夥伴、戰略合作夥伴一起，我們將在市場和我們的投資中擁有更大或更高的密度和更大的規模在技術平台和運營平台以及我們的運營合作夥伴在實地執行的能力方面，我再次認為，這不僅對我們的所有者、我們的資產來說是一場偉大的勝利，而且對我們來說也是一場偉大的勝利選擇我們將選擇與之開展業務的運營商合作夥伴。因此，它非常注重雙贏，這就是商業必須的方式。

We'll take our next question from Michael Carroll at RBC Capital Markets.

我們將從 RBC Capital Markets 的 Michael Carroll 那裡回答下一個問題。

How has Welltower's relationship changed with this existing independent living operators since the PLR announcement. I mean are they more willing to work with Welltower given certain goals or targets? Or has there been any noticeable change since that was announced?

自 PLR 公告以來，Welltower 與現有獨立生活運營商的關係發生了怎樣的變化。我的意思是他們是否更願意在特定目標下與 Welltower 合作？或者自宣布以來是否有任何明顯的變化？

The forward thinking ones who are thinking about where the business needs to go 10 years from now, 5 years from now, 15 years from now, has come forward and want to participate in building out the platform together. The ones that are holding on to the notion of what the business was in the '90s are clearly realizing their future is not with us.

那些正在思考 10 年後、5 年後、15 年後企業需要走向何方的前瞻性思維已經挺身而出，並希望共同參與構建平台。那些堅持 90 年代業務概念的人清楚地意識到他們的未來不在我們身邊。

Next, we'll go to Ronald Kamdem at Morgan Stanley.

接下來，我們將去摩根士丹利的 Ronald Kamdem。

Adam on for. Just wanted to ask about the ProMedica, Integra asset. Wondering kind of with the new operators in place there for some of them, if you could kind of comment on the rent coverage. I'm not sure if it was in the supplemental. I know there's some changes there in terms of the reporting structure. So I'd love to just hear about the rent coverage. I think it would be helpful for investors kind of given the kind of the prior history there.

亞當上場。只是想問問 ProMedica，Integra 資產。想知道其中一些新運營商的情況，如果你能對租金範圍發表評論。我不確定它是否在補充中。我知道在報告結構方面有一些變化。所以我很想听聽有關租金的報導。考慮到那裡的歷史，我認為這對投資者會有所幫助。

I think with the new operators, we've transitioned to at least 16 operators so far. And by the time the dust settled, it will be north of 20 operators. But all these transitions have happened over the last month, 1.5 months. So it's too soon to have numbers and performance conversations about their performance, but overall transitions have been smooth. And in the upcoming months, we'll have better data to share on performance trends. But for now, the focus has been on getting the buildings in the right hand. And as you'll see, with 16 to 20 operators that the focus has been very deep and very sharp shooter-esque as where you want to find for every single asset, the right operator. So that's been the top priority so far.

我認為對於新運營商，到目前為止我們已經過渡到至少 16 家運營商。到塵埃落定時，將有 20 名操作員以北。但所有這些轉變都發生在過去一個月，即 1.5 個月。因此，現在就他們的績效進行數字和績效對話還為時過早，但總體過渡是順利的。在接下來的幾個月裡，我們將有更好的數據來分享性能趨勢。但就目前而言，重點是讓建築物掌握在正確的手中。正如您將看到的那樣，有 16 到 20 個操作員，重點是非常深入和非常敏銳的射手式，就像您想為每個資產找到合適的操作員一樣。所以這是迄今為止的首要任務。

We'll go next to Steve Sakwa with Evercore ISI.

我們將在 Evercore ISI 的 Steve Sakwa 旁邊。

Shankh, I was just wondering if you could talk a little bit more about the investment opportunities that you're sort of seeing out there? And sort of the distress in the system, you guys were obviously very active last year. I'm just curious what it takes to sort of shake the tree and how the returns might have changed kind of looking forward on the new deals?

Shankh，我只是想知道你是否可以多談談你在那裡看到的投資機會？以及系統中的某種困擾，你們去年顯然非常活躍。我只是好奇搖搖樹需要什麼，以及回報可能如何改變對新交易的期待？

Steve, I don't think I have much to add. Maybe Nikhil has something to add after I'm done. I would just tell you that this is sort of the only time I've seen where there's opportunity in all 3 product types across all 3 countries, right? You usually don't see that. And that's driven by -- last couple of years have been primarily debt driven, right? So we have seen a lot of opportunities in the IRR. So we have done senior housing 9%, call it circa 9%, some higher, some lower, but call it around 9%. Historically, I've said medical office is an interesting business to buy or interesting space to invest around, call it, 7-plus unlevered IRR. Finally, we're seeing opportunities in the 8+ level. And on the wellness side, where the cap rates have been very, very tight. IRRs have been in the 6s, we're finally seeing they're in the high 7s, right? So that's sort of, I would say, where the different investment landscape where we're seeing opportunities, but depends on -- some are obviously higher.

史蒂夫，我想我沒有什麼要補充的。也許 Nikhil 在我完成後有什麼要補充的。我只想告訴你，這是我唯一一次看到所有 3 個國家/地區的所有 3 種產品類型都有機會，對嗎？你通常看不到這一點。這是由——過去幾年主要是債務驅動的，對吧？所以我們在 IRR 中看到了很多機會。所以我們已經完成了 9% 的高級住房，稱之為大約 9%，一些更高，一些更低，但稱之為 9% 左右。從歷史上看，我曾說過，醫療辦公室是一個值得購買的有趣企業或值得投資的有趣空間，稱之為 7+ 無槓桿 IRR。最後，我們看到了 8+ 級別的機會。在健康方面，資本化率一直非常非常嚴格。 IRRs 一直在 6s，我們終於看到他們在高 7s，對吧？因此，我想說的是，我們看到機會的不同投資環境，但取決於 - 有些顯然更高。

We're still seeing some double-digit opportunities. But I will tell you the other thing is because it's not just debt driven but also equity driven, most of the stuff that we have bought in the last couple of years, we're fundamentally focused on right location, right product, right basis. And we have bought lots of assets with no cash flow, negative cash flow. And finally, we're seeing because people have to transact, right, what's happening, we are seeing opportunities that with very good bases, with very good locations, assets are also starting to come with cash flow. That's sort of, I will say, the slight change in nuance of the investment landscape. But I don't know, Nikhil you want to add anything?

我們仍然看到一些兩位數的機會。但我要告訴你的另一件事是，因為它不僅是債務驅動的，也是股權驅動的，我們在過去幾年購買的大部分東西，我們從根本上專注於正確的位置、正確的產品、正確的基礎。我們買了很多沒有現金流、負現金流的資產。最後，我們看到因為人們必須進行交易，對，正在發生的事情，我們看到了擁有非常好的基礎、非常好的位置的機會，資產也開始隨著現金流而來。我會說，這有點像投資環境細微差別的細微變化。但我不知道，Nikhil 您想添加什麼嗎？

And I think the other thing I'll add is we just go through a lot of pain and effort to try and be the highest quality counterparty for someone to deal with. Whether it is the speed of execution, whether it is across the time frame of a transaction sticking with what we started off saying initially, the deal was. And in times like these, it just makes us the preferred counterparty. And so there's a lot of recognition for that across the street. And it's times like these that we really are able to shine. So very excited about our pipeline for the year.

我想我要補充的另一件事是，我們只是經歷了很多痛苦和努力，試圖成為某人要處理的最高質量的交易對手。無論是執行速度，還是跨越交易的時間框架，都符合我們最初所說的，交易是。在這樣的時代，它只會讓我們成為首選的交易對手。因此，街對面的人們對此有很多認識。正是在這樣的時代，我們才真正能夠大放異彩。對我們今年的管道非常興奮。

We'll take our next question from Richard Anderson at SMBC.

我們將從 SMBC 的理查德安德森那裡接受下一個問題。

If I could just on the PLR, very, very interesting indeed. -- just some thoughts around it. Does this mean that we should see sort of a pace of investment from you guys to bring managers in-house for what you have currently? And how much of the IL portfolio that you have today didn't qualify. And will there be cut changes there to have them pass the test so that they also can qualify for the PLR ruling?

如果我能在 PLR 上，確實非常非常有趣。 - 只是圍繞它的一些想法。這是否意味著我們應該從你們那裡看到某種投資步伐，讓經理內部管理你們目前擁有的東西？您今天擁有的 IL 產品組合中有多少不符合條件。是否會有削減變化讓他們通過測試，以便他們也有資格獲得 PLR 裁決？

Yes. So I'll take the second part. Think about -- we have independent living at a stand-alone for example, Holiday Atria portfolio as well as our Canada portfolio. That's roughly, I would say, 2/3 to 3/4 of the independent living that we own, that obviously qualifies how this relates to when independent living is a part of the continuum, we will figure that out. Most importantly, I want to focus on what I said before that you will see with our forward thinking select operators who have density, you will see that we will be building out the platform, right? John has mentioned very clearly that he is building out the platform with our best operators, right? This is not a question of what part will do in-house versus in what part we'll do with operator. We have also another 15,000, 20,000 units in the wellness housing sector there. which obviously we always could have done in-house, right? So this is finding the right balance of retail density with all the product that surrounds that region and bringing in-house where we have the density versus or keeping it outside when our partners have density.

是的。所以我會講第二部分。想一想——我們有獨立的獨立生活，例如 Holiday Atria 投資組合以及我們的加拿大投資組合。這大概是，我想說，我們擁有的獨立生活的 2/3 到 3/4，這顯然證明了當獨立生活成為連續體的一部分時這與它的關係，我們會弄清楚的。最重要的是，我想專注於我之前所說的，你會看到我們的前瞻性思維選擇具有密度的運營商，你會看到我們將構建平台，對嗎？約翰已經非常清楚地提到他正在與我們最好的運營商一起構建平台，對嗎？這不是哪個部分將在內部完成，哪個部分將由運營商完成的問題。我們在那裡的健康住房部門還有另外 15,000、20,000 個單位。顯然我們總是可以在內部完成，對吧？因此，這是在零售密度與該地區周圍的所有產品之間找到適當的平衡，並將我們有密度的地方引入內部，或者當我們的合作夥伴有密度時將其留在外面。

So the game is not to who does what. This is not a fight of just because we do something, we'll do it better. The main goal is with our operating partners, build this operating platform to the highest quality technology and systems and processes and data to deliver the best outcome for our residents as well as frankly, employee experience. John, do you want to add anything to that?

所以遊戲不是為了誰做什麼。這不是一場僅僅因為我們做了某事，我們會做得更好的鬥爭。主要目標是與我們的運營合作夥伴一起，以最高質量的技術、系統、流程和數據構建這個運營平台，為我們的居民以及坦率地說，員工體驗提供最好的結果。約翰，你想補充什麼嗎？

Yes. I mean that's said perfectly. And I would just add to a sense of the speed, you can only imagine we're moving and we have been moving extremely fast to address the opportunities that we see, we'll definitely build on success. It's not exactly what Shankh's saying. It's not about going out and trying to control everything is about creating success that drives value to all the various stakeholders. So that's where our heads are at. And in the end, there'll be a little bit of the lag in the sense of where we spend money on G&A versus where we start to offset that because of reduced fees because we're just moving it like the multifamily, moving the property management services on to the book.

是的。我的意思是說得很完美。我只想增加一種速度感，你只能想像我們正在前進，而且我們一直在非常快速地行動以抓住我們看到的機會，我們一定會在成功的基礎上再接再厲。這與 Shankh 所說的不完全相同。這不是要走出去，試圖控制一切，而是要創造成功，為所有不同的利益相關者帶來價值。這就是我們的頭腦所在的地方。最後，由於費用降低，我們在 G&A 上花錢的地方與我們開始抵消的地方會有一點滯後，因為我們只是像多戶家庭一樣搬家，搬家管理服務上書。

So a little bit of a lag there, but ultimately, it will offset and the improvement will be in margins.

所以那裡有一點滯後，但最終會抵消，改善將體現在利潤率上。

We'll go next to Juan Sanabria at BMO.

我們將去 BMO 的 Juan Sanabria 旁邊。

Just wanted to hit on the SHO same-store NOI growth guidance. Shankh, I think you mentioned in your opening remarks about the exit run rate and focusing on that. So maybe hoping you can provide a little color there? And should we assume that there's any incremental transitions in '23, you mentioned RUI having growing going forward through transitions as well. So just curious if you could maybe just comment on those 2 moving pieces.

只是想了解 SHO 同店 NOI 增長指南。 Shankh，我想你在開場白中提到了退出率並關注這一點。所以也許希望你能在那裡提供一點顏色？我們是否應該假設 23 年有任何增量過渡，您提到 RUI 也通過過渡不斷發展。所以很好奇你是否可以對這兩個移動的部分發表評論。

Yes. Thanks, Juan. So the transition piece, we'll start with that. There is not a contemplation of further transitions in our guidance. So our first quarter has about 85% of our open and operating buildings in 2031. Our first quarter has 85% of that same-store and that grows to mid-90s. So on average, kind of 90% of the open and operating assets in that pool.

是的。謝謝，胡安。所以過渡部分，我們將從那裡開始。我們的指南中沒有考慮進一步的轉變。因此，到 2031 年，我們的第一季度大約有 85% 的開放和運營建築。我們的第一季度有 85% 的同店，並且增長到 90 年代中期。因此，平均而言，該池中大約 90% 的開放和運營資產。

What was the first question?

第一個問題是什麼？

The cadence of the exit run rate.

退出運行率的節奏。

Yes. So if you think about it, we're building occupancy, right? You know that Q1 is sort of the weaker point in the occupancy spectrum, and you build occupancy -- occupancy growth happens through spring and summer. So your occupancy billed on an average basis, you get closer to sort of that Q3, Q4 level where you get a better revenue, if you will, right, sort of in that annual journey.

是的。因此，如果您考慮一下，我們正在增加入住率，對嗎？你知道 Q1 是入住率範圍中的薄弱點，你建立了入住率——入住率增長發生在春季和夏季。因此，您的入住率是平均計費的，如果您願意的話，您會更接近 Q3、Q4 的水平，在那裡您可以獲得更好的收入。

Now think about expenses, which are also coming down, right? So you have -- you probably have a better significantly better exit run rate in Q4 than Q1, right? So following both revenue as well as expenses. Think about how -- other situation that I've described before, I think the last call, maybe the one before, is how REVPOR builds, right? You move your rents on a bunch of people at the beginning of the year and as well as our 4-hour portfolio, just call it, half and half. We also have a very large operator who moved in Q4, but just think through how that plays out. And then you chase that in-place rent through your market rent, which is also going up for the year. So if you think about from an occupancy, from rates, from expense improvements, which is we're glad that agency cost is down from, call it, 7% to sub 4%. We were very unhappy. It's still sub 4%. It should be significantly lower than that. So if you think through all of the main drivers, you're going to get a much higher exit run it in Q4 and Q1.

現在想想開支也在下降，對吧？所以你有 - 你在第四季度的退出運行率可能比第一季度好得多，對吧？因此，既要考慮收入又要考慮支出。想想我之前描述的其他情況，我認為最後一個電話，也許是之前的電話，是如何構建 REVPOR 的，對吧？你在年初把你的租金轉移給了一群人，還有我們的 4 小時投資組合，就這麼說吧，一半一半。我們還有一個非常大的運營商在第四季度搬家，但請仔細考慮一下結果如何。然後你通過你的市場租金追逐就地租金，市場租金也在今年上漲。因此，如果您從入住率、費率、費用改善等方面考慮，我們很高興代理成本從 7% 下降到 4% 以下。我們很不高興。它仍然低於 4%。它應該比那個低得多。因此，如果你仔細考慮所有主要驅動因素，你將在第四季度和第一季度獲得更高的退出率。

We'll move next to John Pawlowski at Green Street.

我們將搬到 Green Street 的 John Pawlowski 旁邊。

John Burkart, could you just give me a sense for how much more pushback your operators are seeing on rent increases today than in recent quarters, but they've had no issue pushing rents and if there's any segments of the portfolio that are starting to hit a wall just in terms of absolute rents. Any color there would be appreciated.

John Burkart，你能告訴我你的運營商今天在租金上漲方面遇到的阻力比最近幾個季度多多少，但他們在推動租金方面沒有問題，如果投資組合中有任何部分開始受到衝擊就絕對租金而言的一堵牆。那裡的任何顏色都會受到讚賞。

Yes. No, glad to. I'm not aware of any pushback. It's not to say, of course, when a rent increase goes out, there's not a discussion. But in the sense of defining pushback as a market response to that, no, I'm not aware of that. I think, the -- our partners have done a phenomenal job of communicating the increases and the reasons behind those increases. And I think our residents understand that they don't want to see important services and care cut. They want to have what they paid for the best of that, and we're just not aware of any issues there.

是的。不，很高興。我不知道有任何阻力。當然，這並不是說，當租金上漲結束時，就沒有討論。但就將阻力定義為市場對此的反應而言，不，我不知道這一點。我認為，我們的合作夥伴在傳達增長及其背後的原因方面做得非常出色。而且我認為我們的居民明白他們不希望看到重要的服務和護理被削減。他們希望得到他們付出的最好的東西，而我們只是不知道那裡有任何問題。

John, as I mentioned, I expect REVPOR increase to be better in '23 than '22. So that sort of gives you -- we'll see what the market gives us. But as we sit here today, we think the pricing environment is getting better.

約翰，正如我提到的，我預計 23 年的 REVPOR 增長會比 22 年更好。所以那種給你 - 我們會看到市場給我們什麼。但當我們今天坐在這裡時，我們認為定價環境正在好轉。

We'll move next to Vikram Malhotra with Mizuho.

我們將與 Mizuho 一起搬到 Vikram Malhotra 旁邊。

Just maybe building upon the pricing power, maybe Shankh or John, if you can just elaborate. You talked about the exit run rate earnings run rate sort of as a guide to the earnings power. Can you talk about both on pricing and say, CapEx, as you see inflation come in, your costs come in, your maybe ability to push higher rates. You said near term is not hampered. But as you see inflation come in, but occupancy is still low. Can you just give us some context on how you see pricing power evolving until occupancy recovers? And then similarly, CapEx-wise, after 2, 3 years of COVID, what do you need to invest from a run rate standpoint, maybe percent of NOI? Is there an uptick needed over the next few years on CapEx?

也許只是建立在定價權的基礎上，也許是 Shankh 或 John，如果你能詳細說明的話。你談到退出運行率收益運行率有點像盈利能力的指南。你能談談定價和資本支出嗎，當你看到通貨膨脹來了，你的成本來了，你可能有能力推動更高的利率。你說近期不受影響。但是正如你所看到的通貨膨脹，但入住率仍然很低。您能否給我們一些背景信息，說明您如何看待定價能力在入住率恢復之前的演變？然後類似地，在資本支出方面，在經歷了 2、3 年的 COVID 之後，從運行率的角度來看，你需要投資什麼，也許是 NOI 的百分比？未來幾年資本支出是否需要提高？

Let me try that. So first I do not believe, other than inflationary changes, anything change from a CapEx standpoint, right? So just understand that we bought predominantly in the last 2, 3 years, new assets. We bought 1 or 2 portfolio as the value-add portfolio. And when we bought it, for example, the Holiday Atria portfolio, we told you exactly what we underwrote to spend on CapEx, right? We bought in an extremely cheap basis. And we told you exactly what that CapEx needs are and how we plan to invest. So from that perspective, as you think about going forward, I do not believe outside those couple of value-add investments that we have done, and we told you otherwise, when we have done it, we do not believe the business is CapEx needs outside the sort of inflationary increases that are happening anything has changed.

讓我試試看。所以首先我不相信，除了通貨膨脹的變化，從資本支出的角度來看沒有任何變化，對吧？所以只要了解我們在過去 2、3 年主要購買了新資產。我們購買了 1 或 2 個投資組合作為增值投資組合。當我們購買它時，例如，Holiday Atria 投資組合，我們確切地告訴了你我們承銷的資本支出，對嗎？我們以極其便宜的價格買入。我們確切地告訴您資本支出需要什麼以及我們計劃如何投資。因此，從這個角度來看，當你考慮未來時，我不相信除了我們已經完成的那幾項增值投資之外，我們告訴過你，當我們完成它時，我們不相信業務是資本支出需求除了正在發生的通貨膨脹之外，一切都變了。

Now I think John has a very large plan, a very big plan to reamenitize the portfolio and sort of fundamentally changing what the value proposition might look like. Obviously, we'll do that. We think that you're getting a fantastic return on that incremental investment. But from a regular CapEx perspective, I don't think anything has changed. From a pricing power standpoint, I don't think what else I can add other than to what I said to John's question and the earlier question, which is we are feeling very good about the pricing power across all our countries and across all our product types. As you know that Canada has been a laggard, feels like Canada is starting to catch up. U.K. and U.S. has been strong and continue to be strong. So we're feeling pretty good.

現在我認為約翰有一個非常大的計劃，一個非常大的計劃來重新調整投資組合，並從根本上改變價值主張的樣子。顯然，我們會這樣做。我們認為您將從這些增量投資中獲得可觀的回報。但從常規資本支出的角度來看，我認為沒有任何改變。從定價權的角度來看，除了我對 John 的問題和之前的問題所說的內容之外，我認為我還能補充什麼，我們對我們所有國家和我們所有產品的定價權感覺非常好類型。如您所知，加拿大一直落後，感覺加拿大開始迎頭趕上。英國和美國一直很強大，並將繼續強大。所以我們感覺很好。

John, do you want to add anything to that?

約翰，你想補充什麼嗎？

Yes. I mean, again, I would just say, on the value-add side, this is purely opportunistic. I mean, I just look at the world and see our portfolio is positioned so well to come with another layer of value-add opportunities because of the age of the portfolio, which are really the highest returns because the infrastructure is all in great shape. And so you're talking about what some people would call fluff and buff, but reamenitize -- enhancing the units a little bit really improving that value proposition and getting paid very well for it, very much similar to what many of the multi have done. So -- but that's all enhance the returns.

是的。我的意思是，我只想說，在增值方面，這純粹是機會主義的。我的意思是，我只是看看世界，看到我們的投資組合定位得很好，可以帶來另一層增值機會，因為投資組合的年齡，這確實是最高的回報，因為基礎設施都處於良好狀態。所以你說的是一些人所說的虛張聲勢，但重新認識——稍微加強單位，真正改善價值主張，並因此獲得很好的報酬，與許多人所做的非常相似.所以——但這一切都提高了回報。

Vikram, I missed one part of your question. I'll just tell you that from a pricing power standpoint, this is something I mentioned in the last call, that we are -- despite our average occupancy of the portfolio, call it, circa 80%, there's a significant part of the portfolio, call it, give or take, half of the portfolio. 45% of the portfolio is in that in high 80s, mid- to high 80% occupancy. There, the pricing power changes to raising price because we have no loans to sell, right? So there is a dynamic that's going on and will increasingly we'll get to the point as we move average occupancy for the portfolio, more and more properties within the bucket that you will get to that pricing power because, frankly, you have no room to sell. So that transition is happening and will continue to happen in '23.

Vikram，我漏掉了你問題的一部分。我只想告訴你，從定價能力的角度來看，這是我在上次電話會議中提到的，我們是——儘管我們對投資組合的平均佔有率，大約 80%，但投資組合中有很大一部分，稱其為投資組合的一半。 45% 的投資組合處於 80 年代的高位，80% 的中高位入住率。在那裡，定價權變成了提高價格，因為我們沒有貸款可以出售，對吧？因此，有一種動態正在發生，並且隨著我們移動投資組合的平均入住率，我們將越來越多地達到這一點，桶中越來越多的房產您將獲得該定價權，因為坦率地說，您沒有空間賣。所以這種轉變正在發生，並將在 23 年繼續發生。

We'll take a follow-up from Michael Griffin at Citi.

我們將跟進花旗銀行的 Michael Griffin。

I just wanted a clarifying question. I you don't recall if I heard this earlier, but on the assets that continue to be operated by ProMedica, the assisted living and memory care. What is the coverage on those? Do you happen to have that into handy?

我只是想澄清一個問題。我你不記得我是否早些時候聽說過，但關於 ProMedica 繼續運營的資產，輔助生活和記憶護理。這些的覆蓋範圍是什麼？你碰巧把它放在手邊嗎？

Yes, those are covered 1x on EBITDA basis.

是的，這些在 EBITDA 的基礎上覆蓋了 1 倍。

And we'll go next to Derek Johnston at Deutsche Bank.

接下來我們將去德意志銀行的 Derek Johnston。

won't make the habit of it. But on staffing levels, that 80% occupancy in senior housing. I believe that's near fully staffed, and please correct me if I'm wrong. But the question is, what are you modeling or including in guidance for '23 relative to agency labor as a percentage of labor expenses. And do you view this as possible low-hanging fruit to get back to pre-pandemic levels of agency especially as John and the team increased property level accountability.

不會養成這樣的習慣。但就人員配備水平而言，80% 的入住率在高級住房中。我相信這幾乎是人滿為患，如果我錯了，請糾正我。但問題是，你在 23 年相對於代理勞動力佔勞動力支出的百分比的指導中建模或包括什麼。您是否認為這可能是唾手可得的成果，可以恢復到大流行前的代理水平，尤其是在約翰和團隊增加財產水平問責制的情況下。

Let me try to take part of that, and Tim will take part of that question. So we do not view this as a low-hanging fruit, but we do view this as a fruit that can be plucked, right? So there's a lot of effort that's going on, Tim will tell you what's modeled. Frankly, I don't know. But I will tell you that this is -- AD&C labor is a function of, frankly, weak management. That's just what it is, with leadership. And we're working with our best-in-class operators to get the right people in the right place so that we should, over a period of time, see that improvement. As I've said, coming below 4% is an achievement when we start from by 9% no means, I want you to think that I'm actually happy with that number. That number needs to be substantially lower. And we need to really get full-time employees in the community. This is not just a question of cost, but also, as John alluded to, it's also a question of culture and the customer experience.

讓我嘗試參與其中，蒂姆將參與該問題。所以我們不認為這是一個唾手可得的果實，但我們確實認為這是一個可以採摘的果實，對吧？因此，正在進行大量工作，Tim 會告訴您建模的內容。坦率地說，我不知道。但我會告訴你，這是 - 坦率地說，AD&C 勞動力是管理不善的結果。就是這樣，有領導力。我們正在與一流的運營商合作，讓合適的人到合適的地方，這樣我們應該在一段時間內看到這種改進。正如我所說，當我們從 9% 開始時，低於 4% 是一項成就，我想讓你認為我對這個數字真的很滿意。這個數字需要大大降低。我們需要真正在社區中獲得全職員工。這不僅僅是一個成本問題，而且正如約翰所暗示的那樣，這也是一個文化和客戶體驗的問題。

From a modeling perspective, we're essentially in the high 3s as a percentage of compensation. So pretty flat from where we came out of 2022.

從建模的角度來看，我們基本上處於高 3 的薪酬百分比。從我們 2022 年出來的地方來看非常平坦。

We'll move next to John Pawlowski at Green Street.

我們將搬到 Green Street 的 John Pawlowski 旁邊。

I just had one follow-up on the private letter ruling. I guess what else needs to happen internally in terms of people, systems technology before you're actually able to self-operate a substantial amount of IL units. I'm just curious how quickly we could actually see Welltower operate these assets.

我剛剛收到一封關於私人信件裁決的後續信件。我想在您真正能夠自行操作大量 IL 單元之前，在人員和系統技術方面還需要在內部發生什麼。我只是很好奇我們實際看到 Welltower 運營這些資產的速度有多快。

Yes. So I'll comment on what would need to happen, but not necessarily the speed of which -- but if you look at it, I mean, one way to look at it is really just to simplify the world a lot and to say what would happen when the company from my past experience, when the 2 companies merge, you look and say, okay, if I step into their systems and start to fly the plane with what they have, that could happen pretty fast, right? That's not that complex. And so the timing of it could be -- can be faster if we wanted it to be faster by stepping in that way. Obviously, what -- going back to what we're building, as I've mentioned previously, we're using largely existing modules. There's some creative stuff going on right now with the team. But generally, it's existing modules, that are out there.

是的。所以我會評論需要發生什麼，但不一定要發生的速度——但如果你看它，我的意思是，一種看待它的方法真的只是大大簡化世界並說出什麼根據我過去的經驗，當兩家公司合併時，你會說，好吧，如果我進入他們的系統並開始用他們擁有的東西駕駛飛機，那會發生得很快，對吧？那沒那麼複雜。因此，如果我們希望通過這種方式加快速度，那麼它的時間可能會更快。顯然，回到我們正在構建的內容，正如我之前提到的，我們主要使用現有模塊。團隊現在正在進行一些創造性的工作。但一般來說，它是現有的模塊。

And so that doesn't take that long either. So the speed can go fairly fast. The bigger issue is we're focused on success, and we're focused on working with people to deliver the success. It's not about us necessarily doing it. It's about us delivering success for all the stakeholders. So that's where my mind is at. But the speed you go pretty fast.

所以這也不需要那麼長時間。所以速度可以走得相當快。更大的問題是我們專注於成功，我們專注於與人們合作以取得成功。這與我們是否一定要這樣做無關。這是關於我們為所有利益相關者帶來成功。這就是我的想法所在。但是你走的速度還挺快的。

Not surprise me to see that we start to self-manage some assets in calendar year 2023.

看到我們在 2023 日曆年開始自我管理一些資產，我並不感到驚訝。

And that does conclude today's question-and-answer session. I'll turn the conference back over to management for any closing remarks.

這確實結束了今天的問答環節。我會將會議轉回管理層，聽取任何閉幕詞。

And that does conclude today's conference call. You may now disconnect.

這確實結束了今天的電話會議。您現在可以斷開連接。