(WELL) 2023 Q1 法說會逐字稿

Good morning, ladies, and gentlemen. Welcome to the Welltower First Quarter 2023 Earnings Release Conference Call and Webcast. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

早上好，女士們，先生們。歡迎來到 Welltower 2023 年第一季度收益發布電話會議和網絡直播。 （操作員說明）請注意，此通話正在錄音中。 （操作員說明）

And now at this time, I'd like to turn the call over to Mr. Matt McQueen, General Counsel. Please go ahead, sir.

現在這個時候，我想把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。

With that, I'll turn 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. I'll review our first quarter results and describe high-level business trends and our capital allocation priorities. John will provide an update on the performance of our senior housing operating and outpatient medical portfolio. Tim will walk you through triple net businesses, balance sheet highlights and revised guidance. Nikhil is also on the call to answer questions. We are pleased to report another strong quarter with results that exceeded our expectations.

謝謝你，馬特，大家早上好。我將回顧我們第一季度的業績並描述高級業務趨勢和我們的資本分配優先事項。 John 將提供有關我們高級住房運營和門診醫療產品組合績效的最新信息。蒂姆將帶您了解三網業務、資產負債表要點和修訂指南。 Nikhil 也在電話中回答問題。我們很高興地報告另一個強勁的季度，結果超出了我們的預期。

Our strong performance was once again driven by outsized growth in our senior housing operating portfolio, we generated 23.4% same-store NOI growth, with both revenue and expense trends continue to move in the right direction. In fact, we produced our fifth consecutive quarter of double-digit organic revenue growth on the back of strong pricing power and occupancy build with each coming slightly better than expected. But perhaps equally, if not more encouraging, is the margin expansion story, which is being driven by a significant improvement on the cost side. While we generated strong revenue growth in 2020, these gains were largely offset by pressure across the expense tax, which ultimately resulted in last year in terms of partial growth.

我們的強勁業績再次受到高級住房運營組合的大幅增長推動，我們產生了 23.4% 的同店 NOI 增長，收入和支出趨勢繼續朝著正確的方向發展。事實上，在強大的定價能力和入住率增長的支持下，我們連續第五個季度實現了兩位數的有機收入增長，每一項都略好於預期。但也許同樣，甚至更令人鼓舞的是利潤率擴張的故事，這是由成本方面的顯著改善推動的。雖然我們在 2020 年實現了強勁的收入增長，但這些收益在很大程度上被費用稅的壓力所抵消，最終導致去年的部分增長。

We are delighted by the progress made on various expense items, but particularly pleased by the sharp decline in agency labor or temporary staffing across the portfolio. Over the past few quarters, we have noted the headway our operating partners have made in net hiring as JL employment rates have been weakening. This has ultimately translated into a meaningful reduction of prohibitively expensive temporary staffing, with cost declining over 50% versus the first quarter of last year.

我們對在各種費用項目上取得的進展感到高興，但對整個投資組合中代理人勞動力或臨時人員的急劇減少感到特別高興。在過去的幾個季度中，我們注意到我們的運營合作夥伴在淨招聘方面取得了進展，因為 JL 就業率一直在走弱。這最終轉化為顯著減少昂貴的臨時員工，與去年第一季度相比，成本下降了 50% 以上。

So we still have a long way to go to eradicate this problem, which is largely attributed to community leadership challenges. We believe that this trend, along with strong pricing power will continue to be a tailwind for further margin expansion. From a product and geographic standpoint, while assisted living continue to outperform independent living, IL pricing is starting to strengthen. This is reflected in our Canadian portfolio, which is finally rebounding after a disappointing couple of years. We have seen standout performance from our operating partner, Koge, which has returned to almost 40% margin for the first time since COVID.

因此，要根除這個問題，我們還有很長的路要走，這在很大程度上歸因於社區領導力的挑戰。我們相信，這種趨勢以及強大的定價能力將繼續成為進一步擴大利潤率的順風。從產品和地域的角度來看，雖然輔助生活繼續優於獨立生活，但 IL 定價開始走強。這反映在我們的加拿大投資組合中，該投資組合在經歷了令人失望的幾年後終於反彈。我們已經看到我們的運營合作夥伴 Koge 的出色表現，自 COVID 以來，它的利潤率首次恢復到近 40%。

We're grateful to our partner, Matthew Doug and his team for their hard work and dedication. Sticking with our international team, our U.K. portfolio continues to produce strong revenue growth, and we're starting to see some green shoots on the cost side. During our call, I express my enthusiasm around the appointment of Lorna Rose as the CEO of our largest U.K. operator, Avi. Lorna is already making significant impact with a strong Commercial acumen and implicable leadership skills. We expect our U.K. portfolio to be a strong source of growth as we look at 2024 and beyond. Returning to the U.S., our largest operator Sunrise continues to produce strong top and bottom-line results. There is meaningful embedded upside to this incredibly well located and virtually impossible to replicate portfolio, which sits at mid-70s occupancy today.

我們感謝我們的合作夥伴 Matthew Doug 和他的團隊的辛勤工作和奉獻精神。堅持我們的國際團隊，我們的英國投資組合繼續產生強勁的收入增長，我們開始在成本方面看到一些萌芽。在我們的通話中，我表達了對任命 Lorna Rose 為我們最大的英國運營商 Avi 的首席執行官的熱情。 Lorna 已經憑藉強大的商業敏銳度和切實可行的領導能力產生了重大影響。展望 2024 年及以後，我們預計我們的英國投資組合將成為強勁的增長來源。回到美國，我們最大的運營商 Sunrise 繼續產生強勁的頂線和底線結果。這個地理位置優越且幾乎無法複製的投資組合具有有意義的內在優勢，該投資組合如今的入住率已達到 70 年代中期。

Also, during our last call, I mentioned that we expect meaningful step function growth from a large regionally concentrated portfolio of StoryPoint. I am pleased to report that Dan and his team has started the year off with the bank as the no excuse culture and relentless focus on performance is paying off significantly. And last but not least, Oakmont. 1.5 years ago, we move seeks well-located California properties to Oakmont. And at that time, Courtney Siegel, Oakmont's CEO, made me a promise that her team would lease up this portfolio in 2 years. I'm pleased to report that the portfolio today sits at 86% occupancy, while NOI has gone up 13x since then. Courtney has set a simple performance-driven culture at Oakmont.

此外，在我們上次通話中，我提到我們期望 StoryPoint 的大型區域集中投資組合能夠實現有意義的階躍函數增長。我很高興地報告，Dan 和他的團隊在銀行開始了新的一年，因為無藉口文化和對績效的不懈關注正在取得顯著成效。最後但同樣重要的是，奧克芒。 1.5 年前，我們將尋找位置優越的加州物業搬到奧克芒。當時，Oakmont 的首席執行官考特尼·西格爾 (Courtney Siegel) 向我承諾，她的團隊將在 2 年內租用該投資組合。我很高興地報告，今天的投資組合佔用率為 86%，而 NOI 從那時起已經上升了 13 倍。 Courtney 在 Oakmont 建立了一種簡單的以績效為導向的文化。

If you're not 95% occupied, you are not performing. I'm confident that I will be able to soon report to you that this portfolio has reached 90-plus percent occupancy level -- pursuit of high standard is prerequisite of high performance. Last year, I described to you that we, as capital allocations strive to create part share value by compounding over a long period of time doing so by doing what's right in the long term for our continuing shareholders may result in short-term pain, our proactive portfolio management efforts, which includes transition of properties to our strongest operator is an example of this philosophy. I encourage you to look at the case studies within our business update presentation for more details on Oakmont success and the other key operators, including

如果你沒有 95% 被佔用，你就沒有表現。我有信心很快就能向大家報告，這個組合已經達到90%以上的入住率——追求高標準是高性能的前提。去年，我向你描述過，我們在資本配置中努力通過長期復合來創造部分股票價值，通過為我們的持續股東做長期正確的事情可能會導致短期痛苦，我們的積極的投資組合管理工作，包括將物業過渡到我們最強大的運營商，就是這一理念的一個例子。我鼓勵您查看我們的業務更新演示文稿中的案例研究，以了解有關奧克芒成功和其他主要運營商的更多詳細信息，包括

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capital, acquisitions, and our further efforts to transition other assets over the last few years. We're just beginning to capture significant embedded NOI from these properties as they return to their pre-COVID NOI levels and higher. And in fact, we have achieved 20% of that incremental NOI in the past quarter alone. Shifting to the operating platform and asset management initiatives.

資本、收購以及我們在過去幾年中為轉移其他資產所做的進一步努力。我們剛剛開始從這些屬性中捕獲重要的嵌入式 NOI，因為它們返回到 COVID 之前的 NOI 水平或更高。事實上，僅在過去一個季度，我們就實現了 20% 的增量 NOI。轉向運營平台和資產管理舉措。

As you know -- as you have come to know, Welltower at Welltower, we (inaudible) reject mediocrity and are relentless pursuit of higher standards. We continue to believe that there's an opportunity to recognize meaningful cash flow from our own portfolio as we optimize location, product, price point, and operators using our data analytics platform, alpha. To further add to this multidimensional optimization problem using machine learning, our operating platform initiatives are now becoming more tangible moving from drawing boards to pilots. While a few weeks don't make it a trend, we are optimistic that John and his team are on the verge of some real creative breakthrough, more on that in coming quarters. In terms of recent operating conditions, while I don't like to fix them on short-term trends, I want to mention the consistent rise in demand for our senior's product in Q1. Total volumes are up roughly 20% in the quarter, partially attributed to an easier comparison period last year due to Omicron variant, but also because of great organic demand as we enter another year of significant growth of the AD population.

如您所知 - 正如您所知，Welltower 的 Welltower，我們（聽不清）拒絕平庸，不懈追求更高的標準。我們仍然相信，隨著我們使用我們的數據分析平台 alpha 優化位置、產品、價格點和運營商，我們有機會從我們自己的投資組合中識別有意義的現金流。為了使用機器學習進一步解決這個多維優化問題，我們的運營平台計劃現在變得更加切實，從繪圖板轉向試點。雖然幾週不會成為一種趨勢，但我們樂觀地認為約翰和他的團隊即將取得一些真正的創造性突破，並在未來幾個季度取得更多突破。就最近的經營狀況而言，雖然我不喜歡將它們固定在短期趨勢上，但我想提一下第一季度對我們高級產品的需求持續增長。本季度總銷量增長了約 20%，部分原因是由於 Omicron 變體導致去年的比較期更容易，但也因為隨著我們進入 AD 人口顯著增長的又一年，有機需求量很大。

Leads and tours have picked up far down in April. While we remain confident in the prospect of our business, I'd be remiss not to acknowledge the rising macroeconomic uncertainty as we approach the summer and fall leasing season. We're encouraged by what we are seeing so far, which admittedly is also the seasonally lowest point in the year. Therefore, we need to see the -- what market gives us during the all-important upcoming leasing season. The need-driven nature of our product gives me hope that we will outperform majority of the asset classes, not just real estate, but it is also important for you to understand that we have no dilution of certainty.

4 月份的銷售線索和旅遊人數大幅回升。雖然我們對我們的業務前景充滿信心，但我不得不承認隨著夏季和秋季租賃季節的臨近，宏觀經濟的不確定性不斷上升。到目前為止，我們對所看到的情況感到鼓舞，無可否認，這也是一年中的季節性最低點。因此，我們需要看看——在即將到來的至關重要的租賃季節，市場會給我們帶來什麼。我們產品的需求驅動特性讓我希望我們能夠超越大多數資產類別，而不僅僅是房地產，但讓您了解我們沒有稀釋確定性也很重要。

Moving to capital allocation. Since our last call, U.S. banking sector has started to show some significant signs of strength, resulting in material declining trade flow in the economy. While no one is rooting for macroeconomic uncertainty, the current backdrop has suddenly created a further expansion to our already

轉向資本配置。自我們上次通話以來，美國銀行業已開始顯示出一些明顯的實力跡象，導致經濟中的貿易流量大幅下降。雖然沒有人支持宏觀經濟的不確定性，但當前的背景突然使我們已經存在的問題進一步擴大

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attractive set of capital deployment opportunities. We remain disciplined and will not risk the enterprise that we built with blood, sweat and tears, but we remain optimistic that we'll be able to grow our portfolio with well-located asset at a highly favorable basis and in-place cash flow. To illustrate that point further, we acquired $529 million of assets during the first quarter at a great basis and in-place cash flow. The (inaudible) medical office building that we acquired in D.C. perhaps tells you how favorable the investment environment has become.

具有吸引力的一系列資本部署機會。我們保持紀律，不會讓我們用鮮血、汗水和淚水建立的企業冒險，但我們仍然樂觀地認為，我們將能夠以高度有利的基礎和到位的現金流，通過位置優越的資產來發展我們的投資組合。為了進一步說明這一點，我們在第一季度以良好的基礎和到位現金流收購了 5.29 億美元的資產。我們在華盛頓收購的（聽不清）醫療辦公樓可能會告訴您投資環境變得多麼有利。

We continue to see underwriting standards starting meaningfully, leverage levels decline, and banks are now requiring more Commercial deposits and more reports. As a low leveraged buyer, this backdrop is very beneficial for us. Our pipeline today is robust with opportunities to deploy capital across senior housing in all 3 countries, our patient medical in the U.S. and debt opportunities on the skill side. Our team remains active and yet highly disciplined and price conscious, as always. From a balance sheet standpoint, I wanted to quickly highlight the continued progress we made in terms of leverage and liquidity on the team's leadership. He will get into more detail, but I'm very pleased with significant deleveraging that we have achieved in past year with net debt-to-EBITDA falling almost 1 turn to 6.3%, with further organic deleveraging going forward. And our ability to source over $1 billion of capital this year in the midst of a very challenging capital markets environment is a testament to the confidence entrusted in us by the banking community, the lenders, our investors and our other partners.

我們繼續看到承保標准開始有意義，槓桿水平下降，銀行現在需要更多的商業存款和更多的報告。作為低杠桿買家，這種背景對我們非常有利。我們今天的管道很強大，有機會在所有 3 個國家的高級住房、我們在美國的病人醫療和技能方面的債務機會中部署資本。我們的團隊一如既往地保持活躍，但紀律嚴明且價格敏感。從資產負債表的角度來看，我想快速強調我們在團隊領導層的槓桿和流動性方面取得的持續進展。他將介紹更多細節，但我對我們在過去一年中實現的顯著去槓桿化感到非常高興，淨債務與 EBITDA 的比率下降了近 1 倍至 6.3%，未來將進一步有機去槓桿化。在極具挑戰性的資本市場環境中，我們今年有能力籌集超過 10 億美元的資金，這證明了銀行界、貸方、我們的投資者和其他合作夥伴對我們的信任。

With approximately $700 million of the cash on the books and undrawn line of credit, we are not only positioned to endure further capital markets volatility, but also to deploy capital as opportunities arise. To summarize our optimism regarding the long-term growth trajectory of the business remains firmly intact. Top line growth remains strong. Expenses are moderating, and our external growth opportunities continue to expand. While all the while John and his team are making progress in turning our vision of creating a world-class operating platform into a reality.

憑藉大約 7 億美元的賬面現金和未提取的信貸額度，我們不僅能夠承受資本市場的進一步波動，而且能夠在機會出現時部署資本。總而言之，我們對業務長期增長軌蹟的樂觀態度仍然完好無損。營收增長依然強勁。開支正在放緩，我們的外部增長機會繼續擴大。與此同時，John 和他的團隊在將我們創建世界級運營平台的願景變為現實方面取得了進展。

And with that, I will turn it over to him for an update on the operational element of the business and build-out of the platform. John?

有了這個，我將把它交給他，以獲取有關業務運營元素和平台構建的最新信息。約翰？

Thank you, Shankh. Another great quarter, 11% same-store NOI growth over the prior year's quarter, led by the senior housing operating portfolio was 23.4% year-over-year growth. These results speak for themselves. They're great. So, I'll provide limited color this quarter. Medical office portfolio's first quarter same-store NOI growth was 1.6% over the prior year's quarter. As our guidance outlines, we expect the MOB portfolio to deliver between 2% to 3% same-store NOI growth in 2023. And therefore, we expect the remaining 3 quarters to be well above the first quarter number. Same-store occupancy was 94.9%, while retention remains extremely strong across the portfolio at 91.4%.

謝謝你，尚赫。另一個出色的季度，同店 NOI 較上年同期增長 11%，其中高級住房運營組合同比增長 23.4%。這些結果不言自明。他們很棒。因此，本季度我將提供有限的顏色。醫療辦公室投資組合的第一季度同店 NOI 比去年同期增長 1.6%。正如我們的指導方針所述，我們預計 MOB 投資組合將在 2023 年實現 2% 至 3% 的同店 NOI 增長。因此，我們預計剩下的 3 個季度將遠高於第一季度的數字。同店入住率為 94.9%，而整個投資組合的保留率仍然非常高，達到 91.4%。

The 23.4% first quarter NOI increase in our senior housing operating portfolio was a function of the 10% revenue growth and continued expense control for the period. I want to remind everyone that last quarter's revenue growth was driven in part by an operator pulling forward rental increases. Excluding that specific operator, revenue growth in Q1 would have been 10.8%, a 130-basis point increase over the growth for Q4 2022 for the comparable portfolio. All three of our regions continue to show strong revenue growth, starting with Canada at 7.7% and the U.S. and U.K. growing 9.3% and 17.4%, respectively. Revenue growth for the quarter was driven by a 240-basis point increase in average occupancy and another quarter of healthy pricing power with RevPAR growth of 6.8%.

我們高級住房運營組合的第一季度 NOI 增長 23.4%，這是該期間 10% 的收入增長和持續的費用控制的結果。我想提醒大家，上個季度的收入增長部分是由運營商拉動租金上漲推動的。不包括該特定運營商，第一季度的收入增長將達到 10.8%，比 2022 年第四季度可比投資組合的增長增長 130 個基點。我們所有三個地區的收入繼續強勁增長，首先是加拿大，增長率為 7.7%，美國和英國分別增長 9.3% 和 17.4%。本季度的收入增長受到平均入住率增長 240 個基點和另一個季度健康的定價能力以及 RevPAR 增長 6.8% 的推動。

The 10-basis point increase in sequential occupancy during the first quarter period that had historically see an occupancy decline due to seasonal factors reflects the continued increased demand for senior housing as we move into the all-important spring and summer leasing season. Turning to expenses. Agency use continues to decline, leading to a 53% expense decrease year-over-year for the same-store portfolio in the first quarter of 2023. Welltower's continued aggressive asset management is keeping expenses in check enabling margin expansion. During the first quarter, the operating margin expanded 240 basis points over the prior year's quarter. Regarding our operating platform, I'm very pleased with the progress the teams have made. We are executing rapidly as planned. As many of you know, I am somewhat secretive about the details of our platform for proprietary reasons. However, I will say that one of the challenges our operators in the pilot are having is keeping up with the increased qualified leads, a very good problem to have. We're at the very beginning of this process, but all lights are green at this time, and I'm very excited about the future. I'm grateful for the diversity of operational experience, engagement and enthusiasm of those operators who understand how the platform will transform the business, lead to consolidation and great success for the operators who leverage our best-in-class platform to improve the delivery of service to our customers, the quality of life of the employees and returns for our owners.

第一季度入住率環比增長 10 個基點，歷史上由於季節性因素導致入住率下降，這反映出隨著我們進入最重要的春季和夏季租賃季節，對高級住房的需求持續增加。談到開支。代理商使用率繼續下降，導致 2023 年第一季度同店投資組合的費用同比下降 53%。Welltower 持續積極的資產管理正在控制費用，從而實現利潤率擴張。第一季度，營業利潤率比去年同期擴大了 240 個基點。關於我們的運營平台，我對團隊取得的進展感到非常滿意。我們正在按計劃迅速執行。正如你們許多人所知，出於專有原因，我對我們平台的細節有些保密。但是，我要說的是，我們的運營商在試點中面臨的挑戰之一是跟上合格線索的增加，這是一個非常好的問題。我們正處於這個過程的最開始，但此時所有的燈都是綠色的，我對未來感到非常興奮。我很感謝那些了解該平台將如何轉變業務、為利用我們一流平台改善交付的運營商帶來整合和巨大成功的運營商提供的多元化運營經驗、參與度和熱情對客戶的服務、員工的生活質量和對業主的回報。

I will now turn the call over to Tim.

我現在將把電話轉給蒂姆。

Thank you, John. My comments today will focus on our first quarter 2023 results, performance of our triple net investment segments in the quarter, our capital activity, our balance sheet and liquidity update: and finally, our updated full year 2023 outlook.

謝謝你，約翰。我今天的評論將集中在我們 2023 年第一季度的業績、本季度我們三重淨投資部門的表現、我們的資本活動、我們的資產負債表和流動性更新：最後，我們更新的 2023 年全年展望。

Multi reported first quarter net income attributable to common stockholders of $0.05 per diluted share and normalized funds from operations of $0.85 per diluted share, representing a 4% year-over-year growth and 13% growth after adjusting for the year-over-year impact from a stronger dollar and higher base rates on floating rate debt. We also reported total portfolio same-store NOI growth of 11% year-over-year. Now turning to the performance of our triple net properties in the quarter. 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 12/31 to 2022. In our senior housing triple-net portfolio, same-store NOI increased 0.2% year-over-year and trailing 12-month EBITDA coverage of 0.86x in the quarter.

Multi 報告第一季度歸屬於普通股股東的淨收入為稀釋後每股 0.05 美元，標準化運營資金為稀釋後每股 0.85 美元，同比增長 4%，在調整同比影響後增長 13%美元走強和浮動利率債務的基準利率上升。我們還報告了總投資組合同店 NOI 同比增長 11%。現在轉向我們三網資產在本季度的表現。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 12 月 31 日至 2022 年的過去 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 0.2%，本季度過去 12 個月的 EBITDA 覆蓋率為 0.86 倍。

Next, same-store NOI in our long-term post-secuportfolio grew 4.2% year-over-year and trailing 12-month EBITDA coverage was 1.33x. Turning to capital market activity. In the quarter, we raised $413 million through our ATM program, which helped fund accretive investment activity during the quarter and maintained debt-to-EBITDA at 6.31x at quarter end, a substantial decrease from 7.1x at 3/31/2022.

接下來，我們長期後安全投資組合中的同店 NOI 同比增長 4.2%，過去 12 個月的 EBITDA 覆蓋率為 1.33 倍。轉向資本市場活動。在本季度，我們通過 ATM 計劃籌集了 4.13 億美元，這有助於為本季度的增值投資活動提供資金，並在季度末將債務與 EBITDA 的比率維持在 6.31 倍，較 2022 年 3 月 31 日的 7.1 倍大幅下降。

In March, we swapped $350 million of our $1 billion 2027 floating rate term loan to a fixed rate at 5.335% through March '24, prefloating-rate debt to 13.6% of total debt and just 4% of consolidated enterprise value as of quarter end. We ended the quarter with $639 million of cash, full capacity on our $4 billion revolving line of credit and $393 million of expected proceeds from near-term dispositions and loan paydowns, representing $5 billion near-term available liquidity.

3 月，截至 2024 年 3 月，我們將 10 億美元的 2027 年浮動利率定期貸款中的 3.5 億美元轉換為 5.335% 的固定利率，截至季度末，浮動利率債務佔總債務的 13.6%，僅佔綜合企業價值的 4% .本季度結束時，我們擁有 6.39 億美元的現金、40 億美元的循環信貸額度的全部容量以及 3.93 億美元的近期處置和貸款償還的預期收益，代表 50 億美元的近期可用流動性。

Over the last 12 months, we've seen leverage meaningfully improve from its post-COVID peak reached in the first quarter of 2022. As our senior housing operating NOI is starting to recover, we've experienced beginning stages of a cash flow growth driven deleveraging, and we have amplified this organic leverage reduction and the disciplined approach to capitalization of our external growth pipeline. The result of this approach is a balance sheet that in its current form, is poised to be substantially lower levered than it was pre-COVID as we continue to see senior housing operating NOI recover.

在過去的 12 個月裡，我們看到槓桿率從 2022 年第一季度達到的 COVID 後峰值顯著改善。隨著我們的高級住房運營 NOI 開始恢復，我們經歷了現金流增長驅動的開始階段去槓桿化，我們已經擴大了有機槓桿率的降低和我們外部增長管道資本化的嚴格方法。這種方法的結果是當前形式的資產負債表的槓桿率將大大低於 COVID 之前的水平，因為我們繼續看到高級住房運營 NOI 恢復。

Lastly, moving to our full year guidance. Last night, we updated our previously issued full year 2023 outlook to net income attributable to common stockholders to a range of $0.57 to $0.72 per diluted share and normalized FFO of $3.39 to $3.54 per diluted share or $3.465 at the midpoint. Our updated normalized FFO guidance represents a $0.025 increase in the midpoint from our previously issued guidance. This increase in guidance is reflective of $0.02 of fundamental outperformance, mainly from our senior housing operating segment, roughly $0.05 of which is from subsidies received in Q1 and $0.10 from investment activity completed in Q1.

最後，轉向我們的全年指導。昨晚，我們更新了之前發布的 2023 年全年展望，將歸屬於普通股股東的淨收入調整為每股攤薄收益 0.57 美元至 0.72 美元，並將 FFO 標準化為每股攤薄收益 3.39 美元至 3.54 美元或中點 3.465 美元。我們更新的標準化 FFO 指南比我們之前發布的指南的中點增加了 0.025 美元。這一指引的增加反映了 0.02 美元的基本業績，主要來自我們的高級住房運營部門，其中約 0.05 美元來自第一季度收到的補貼，0.10 美元來自第一季度完成的投資活動。

Underlying this FFO guidance is an increased estimate of total portfolio year-over-year same-store NOI growth of 9% to 13%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute, 3% to 4%; senior housing triple net, 13%; and finally, increased senior housing operating growth of 17% to 24% year-over-year.

該 FFO 指導的基礎是，在門診醫療細分市場增長 2% 至 3% 的推動下，對總投資組合同店 NOI 同比增長 9% 至 13% 的估計有所增加；長期後急性期，3% 至 4%；高級住房三網合一，13%；最後，高級住房運營同比增長 17% 至 24%。

The midpoint of which is driven by better-than-expected expense trends to start the year, along with year-over-year growth expectations of revenue approximately 9.5%. Underlying this revenue growth is an expectation of approximately 230 basis points of year-over-year average occupancy increase and rent growth of approximately 6.3%.

其中中點是由年初好於預期的支出趨勢以及收入同比增長約 9.5% 的預期推動的。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 6.3%。

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. Well, we're very pleased with our quarterly results and our improved outlook. It's a bittersweet moment for us in Toledo as we mourn the passing of George Chapman. George was the former Chairman and CEO of Healthcare REIT, Welltower Spaces company and a gifted person and a visionary in the health care real estate space and perhaps overall an incredibly kind NGS individual. -- during his many years at health care REIT, George not only served as a leader of the company but was also mentor and teacher to numerous individuals across the real estate space. He was raised in the Toledo area and always thought opportunities to give back to the community, including his high school in (inaudible) and through his service on various boards to strengthen the Northeast Ohio region. We are deeply appreciative of all he has done for us, and he'll be missed yearly.

謝謝你，蒂姆。好吧，我們對我們的季度業績和改善的前景感到非常滿意。在托萊多，我們哀悼喬治查普曼的逝世，這對我們來說是一個苦樂參半的時刻。 George 是 Welltower Spaces 公司 Healthcare REIT 的前任董事長兼首席執行官，在醫療保健房地產領域是一個有天賦的人和一個有遠見的人，也許總體上是一個非常善良的 NGS 人。 ——在醫療保健房地產投資信託基金工作多年期間，喬治不僅擔任公司領導，而且還是房地產領域眾多人士的導師和老師。他在托萊多地區長大，總是想著回饋社區的機會，包括他在（聽不清）的高中，並通過他在各個委員會的服務來加強俄亥俄州東北部地區。我們非常感謝他為我們所做的一切，我們每年都會想念他。

Lastly, before we go into Q&A, I wanted to highlight a document, which we posted on our website last evening, which was also part of our shareholder letter published a couple of weeks ago. This document contains a set of ground rules or shared principle, which form Welltower's philosophical foundation for long-term compounding through capital allocation, risk mitigation, and culture amongst other factors. -- and ultimately, the most importantly, who we seek as our long-term investor partners as we execute our mission of delivering to them superior absolute and relative total shareholder returns.

最後，在我們進行問答之前，我想強調一份我們昨晚發佈在我們網站上的文件，它也是我們幾週前發布的股東信函的一部分。本文件包含一組基本規則或共同原則，構成了 Welltower 通過資本配置、風險緩解和文化等因素實現長期復利的哲學基礎。 - 最後，最重要的是，我們尋求誰作為我們的長期投資者合作夥伴，因為我們執行我們的使命，為他們提供卓越的絕對和相對總股東回報。

I will now open up the call for questions.

我現在將打開問題電話。

(Operator Instructions) We'll take our first question this morning from Derek Johnston of Deutsche Bank.

（操作員說明）今天早上我們將從德意志銀行的德里克約翰斯頓那裡回答我們的第一個問題。

Can you share your thoughts on further transitions and potential consolidation of operators within the portfolio? But in your case studies, we were most impressed with Kisco. Are there opportunities to expand this relation from 7 or 8 communities, like you did with the Kensington. And look, we asked, given all operators are not operationally equal. So is there a plan or potential for further accretive transitions?

您能否分享您對投資組合中運營商的進一步轉型和潛在整合的看法？但在您的案例研究中，我們對 Kisco 印象最深。是否有機會從 7 或 8 個社區擴展這種關係，就像您在肯辛頓所做的那樣。看，我們問，鑑於所有運營商在運營上都不平等。那麼是否有進一步增值轉型的計劃或潛力？

So Derek, you asked a lot of questions, so I'll try to -- I think I'll try to remember and answer the question. Kisco is one of our best operating partners, and there are very significant opportunities to grow with Kisco. -- whether that's through transition, less acquisition, that's through development. Obviously, there is no question that they have absolutely hit it out of the park. So -- and we're having all these conversations going on. As I've mentioned on last quarter's call, I believe that we finally have figured out, hopefully, how to do transition very accretively as you sort of your words, but I think that's a good one.

所以 Derek，你問了很多問題，所以我會試著——我想我會試著記住並回答這個問題。 Kisco 是我們最好的運營合作夥伴之一，與 Kisco 一起成長的機會非常多。 ——無論是通過轉型、減少收購，還是通過發展。顯然，毫無疑問，他們已經完全成功了。所以——我們正在進行所有這些對話。正如我在上個季度的電話會議上提到的那樣，我相信我們終於找到了希望如何按照您的說法非常積極地進行過渡，但我認為這是一個很好的選擇。

I think I've given some examples in my script and Oakmont, let me give you another example. Probably last year this time, we announced a large set of acquisitions with our partner, StoryPoint, and the first tranche of that acquisition closed in Q3. So, let's think about it. So, these properties, the first tranche, there's 18 properties the StoryPoint took over from the existing operator at that point at end of Q2, it had 74% occupancy, call it circa $6.5 million, $6.4 million of NOI annualized NY. And 9 months later, they started taking this over in July. You would think that through transition and all of those, obviously, moving this asset NOI, it will be a great win if occupancy and NOI help. 9 months later, today, not today, end of March in the quarter end, occupancy was 82%, NOI was $16.2 million. That tells you what a great operator with significant focus can do. So, it is my belief that now you got, obviously, John and his team and with our premium operating partners who have done this many times over during the most difficult time of COVID has figured out how to do this extremely well. And accretively, I gave you a bunch of examples. We obviously provided more case studies. And we do think that there is significant opportunities to enhance our portfolio by what I said, optimizing four things, right? It's an optimization problem, which is location, product, price point and operator, right? So that's what obviously Swagat and Kevin and the team are trying to constantly do, and we're executing that with our premium operating partners.

我想我已經在我的腳本和 Oakmont 中給出了一些例子，讓我再舉一個例子。可能是去年這個時候，我們宣布了與我們的合作夥伴 StoryPoint 的大量收購，並且第一批收購在第三季度結束。那麼，讓我們考慮一下。因此，這些物業，第一批，StoryPoint 在第二季度末從現有運營商手中接管了 18 處物業，入住率為 74%，約為 650 萬美元，紐約年化 NOI 為 640 萬美元。 9 個月後，他們在 7 月開始接管這項工作。你會認為通過過渡和所有這些，顯然，移動這個資產 NOI，如果入住率和 NOI 有幫助，那將是一個偉大的勝利。 9 個月後的今天，不是今天，本季度末的 3 月底，入住率為 82%，NOI 為 1620 萬美元。這告訴你一個非常專注的偉大運營商可以做什麼。所以，我相信，現在你顯然已經明白了，約翰和他的團隊以及我們的高級運營合作夥伴，他們在 COVID 最困難的時期做了很多次，已經想出瞭如何做得非常好。而且，我給了你一堆例子。我們顯然提供了更多的案例研究。我們確實認為有很多機會可以通過我所說的優化四件事來增強我們的產品組合，對嗎？這是一個優化問題，就是選址、產品、價格點和運營商，對吧？所以這顯然是 Swagat 和 Kevin 以及團隊一直在努力做的事情，我們正在與我們的高級運營合作夥伴一起執行。

We go next now to Connor Siversky at Wells Fargo.

接下來我們去富國銀行的 Connor Siversky。

A question on labor for me. Can I appreciate that Welltower the operator base has made a lot of headway on improving labor sourcing methods across the portfolio and then the positive trends related to agency usage. So, I'm curious, what does the training schedule look like for a new hire in a senior housing facility? And can you provide any color or a number as to what turnover levels look like currently compared to, say, this time last year? And then what your expectations or goals are related to that turnover metric looking forward?

一個關於勞動的問題。我能否欣賞 Welltower 運營商基地在改進整個投資組合的勞動力採購方法以及與代理使用相關的積極趨勢方面取得了很大進展。所以，我很好奇，養老院新員工的培訓計劃是什麼樣的？你能提供任何顏色或數字來說明目前與去年這個時候相比的營業額水平嗎？那麼你的期望或目標與未來的營業額指標相關嗎？

Yes. I'll answer that. So a couple of things there. One is things are going fantastic. We've fundamentally changed how we looked at or how the operators look at personnel and effectively created a hiring funnel to move people through that process. The training is dependent upon physician but can take from a few weeks to a couple of months in some jurisdictions as far as certain requirements that are there. One of the things that I want to bring up, that's pretty important, it's a subtle piece, but it's pretty important. We appreciate the agencies stepping in when necessary to provide some assistance, but it's obviously both disruptive and not very efficient. So, as we move forward and we reduce agency and create a group of steady long-term employees that substantially improves the quality of life for our residents.

是的。我會回答的。所以有幾件事。一是事情進展順利。我們從根本上改變了我們看待人員或運營商看待人員的方式，並有效地創建了一個招聘渠道來推動人們完成該過程。培訓取決於醫生，但根據某些要求，在某些司法管轄區可能需要幾周到幾個月的時間。我想提出的一件事非常重要，這是一個微妙的部分，但它非常重要。我們感謝各機構在必要時介入並提供一些幫助，但這顯然既具有破壞性又效率不高。因此，隨著我們向前邁進，我們減少了代理機構並培養了一批穩定的長期員工，從而大大改善了我們居民的生活質量。

It improves our effectiveness and our efficiency. So the benefits are not just reduced expense. The benefits will come through via increased occupancy, increased RevPAR, et cetera. As far as for the turnover, the turnover at this point in time is going down. We have numerous initiatives to improve the quality of life for our employees as well. I've mentioned in the past, we are focused on that. We're looking through the lens of the employees. They're very hard-working people and making sure that they have what they need really for the whole aspect of their employment, whether it be things as simple as parking to break rooms to time off, et cetera. We've put a lot of effort into that, and we continue to put effort into that. So that's a very positive area. Thank you for the question.

它提高了我們的有效性和效率。因此，好處不僅僅是減少開支。這些好處將通過增加入住率、增加 RevPAR 等方式實現。至於營業額，這個時間點的營業額是在下降的。我們還採取了許多舉措來改善員工的生活質量。我過去提到過，我們專注於此。我們正在通過員工的視角來看待。他們是非常勤奮的人，確保他們擁有他們工作的整個方面真正需要的東西，無論是像停車、休息室、休息等簡單的事情。我們為此付出了很多努力，並將繼續為此付出努力。所以這是一個非常積極的領域。感謝你的提問。

We go next now to Vikram Malhotra at Mizuho.

接下來我們去 Mizuho 的 Vikram Malhotra。

Shankh or Tim, I have a broad 2-part question surrounding investments. Just maybe first, one of your peers had some challenges with the debt investment. They had to convert that. There are some headwinds there. If you could maybe give us some color on your loan book and particularly the investment you made with HC1. I think a couple of years ago, would correct me, maybe it was over $700 million. I just want to understand the structuring, perhaps kind of the time you underwrote that and just maybe give us an update on the status. And just related to investments, Shankh, you have a very unique cost of capital -- relative cost of capital retained in a world where equity and debt is very, very hard to get a lot of fear in the market. I'm just wondering, can you broadly give us color on where you greedy in terms of capital structure or type of property?

Shankh 或 Tim，我有一個關於投資的廣泛的兩部分問題。也許首先，您的一位同行在債務投資方面遇到了一些挑戰。他們必須轉換它。那裡有一些不利因素。如果你能給我們一些關於你的貸款簿的顏色，特別是你用 HC1 進行的投資。我想幾年前，我會糾正我，可能超過 7 億美元。我只想了解結構，也許是您承保的時間，也許只是給我們更新狀態。就投資而言，Shankh，你有一個非常獨特的資本成本——在一個股票和債務非常、非常難以在市場上引起很多恐懼的世界中保留資本的相對成本。我只是想知道，您能否就資本結構或財產類型方面的貪婪之處大致給我們一些顏色？

Let me try to address both of those questions, and Nikhil will jump in if I miss anything, okay? So let's just start with the second question first. We are always greedy when others are fearful, as you know. Where we're finding opportunities, as I mentioned in my prepared remarks, that we see a substantial -- we have a substantial actionable pipeline in seniors housing in all 3 countries. This is the first time we're seeing opportunities, not just in U.S. but also in Canada and U.K. So we're very optimistic about senior housing opportunities in all 3 countries, and we are seeing substantial opportunities, albeit small deals, as you know, Vikram we are very focused on individual buying individual assets, small transactions in outpatient medical in the U.S., right? So that sort of -- and we're seeing across capital structure, we're seeing opportunities on the debt side in the skill side of the business.

讓我嘗試解決這兩個問題，如果我有任何遺漏，Nikhil 會加入，好嗎？那麼我們先從第二個問題開始。如你所知，當別人恐懼時，我們總是貪婪。正如我在準備好的發言中提到的那樣，我們正在尋找機會，我們看到了實質性的 - 我們在所有 3 個國家/地區的老年人住房中都有大量可操作的渠道。這是我們第一次看到機會，不僅在美國，而且在加拿大和英國。所以我們對所有 3 個國家的老年住房機會都非常樂觀，我們看到了大量的機會，儘管是小交易，如你所知，Vikram 我們非常專注於個人購買個人資產，美國門診醫療的小額交易，對吧？所以那種 - 我們看到整個資本結構，我們看到業務技能方面的債務方面的機會。

So that's sort of where we're seeing opportunities. First question, debt book. If you think about that debt book, you should think about our debt book in 3 different buckets. But before I get into it, I'll remind you that majority of these loans, right, just call it, 80% of the book was originated after COVID. And we try to, as we have discussed in many of these cases, so let's just talk about 3 buckets and you'll understand. The first bucket is HC1. You have a specific question; I'll get to it. The second bucket is that our partnership with related. And as I've mentioned in previous calls, these developments are structured as a participating mass, right? That's the second bucket.

所以這就是我們看到機會的地方。第一個問題，債務簿。如果您考慮那本債務簿，您應該在 3 個不同的桶中考慮我們的債務簿。但在我開始之前，我會提醒你，這些貸款中的大部分，對，就這麼說吧，這本書的 80% 是在 COVID 之後產生的。正如我們在許多此類案例中所討論的那樣，我們嘗試這樣做，所以我們只討論 3 個存儲桶，您就會明白。第一個桶是 HC1。你有一個具體的問題；我會去做的。第二個桶是我們與相關的伙伴關係。正如我在之前的電話會議中提到的那樣，這些發展的結構是參與群眾，對吧？那是第二個桶。

Those are majority of the loans, if you take that -- to go beyond that, the average size of the loan is like $12 million, right? So, we're focused on -- so let's just talk one at a time. We are very much focused on not just debt but also last dollar basis of every day and possibly as a majority of these cases, an equity feature that attached to that debt. So, let's talk about one at a time. We talked about the relative development pipeline, and that's obviously structured as a participating mass by definition, that's equity like structure.

這些是貸款的大部分，如果你接受 - 超過這一點，貸款的平均規模約為 1200 萬美元，對嗎？所以，我們專注於 - 所以讓我們一次只談一個。我們非常關注的不僅是債務，還有每天的最後一美元基礎，並且可能在大多數情況下，與該債務相關的權益特徵。所以，讓我們一次談談一個。我們談到了相關的開發管道，根據定義，這顯然是一個參與的群體，這是一種類似股權的結構。

Second HC1, if you go back and see what we said when we did that, that is a whole loan, that is a senior loan, unlike a lot of the things that you see, it is not a mezzanine loan. There is no senior in front of us. We are the senior. The last pound basis of that loan is 32,000 pounds per bed, which tells you how low leverage that loan is. But to your question, if we were to take that over, which is we have no intention of, but if you were to take that over, there is no senior loan that sits in front of us, right? Understand our last dollar basis, you know what the values are in U.K., that sort of gives you a sense of what it is.

第二個 HC1，如果你回頭看看我們這樣做時所說的話，那是一筆完整的貸款，那是一筆高級貸款，與你看到的許多事情不同，它不是夾層貸款。我們面前沒有前輩。我們是前輩。該貸款的最後一英鎊基礎是每床 32,000 英鎊，這表明該貸款的槓桿率有多低。但是對於你的問題，如果我們要接管它，我們無意接管它，但如果你要接管它，我們面前就沒有高級貸款了，對吧？了解我們最後的美元基礎，你就會知道英國的價值是多少，這會讓你了解它是什麼。

But more importantly, if you go back and see what I said when we did the loan, we have actually a substantial amount of equity behind that in terms of warrants, right? So -- and then you go to the last one, there are some pure debt, there's a lot of participating press participating there. So that's sort of the prevention of the loan book. So we are -- we don't land anywhere where we don't think the last dollar is not significantly beneficial to us. We hope the people who borrow from us will do substantially well. And from the equity participating nature of many of these loans will participate with them, not just get a return on and off our capital. Hopefully, that's what's helpful for you.

但更重要的是，如果你回頭看看我在貸款時所說的話，我們實際上在認股權證方面擁有大量股權，對吧？所以 - 然後你去最後一個，有一些純粹的債務，那裡有很多參與的媒體。這就是防止借書的一種方式。所以我們 - 我們不會降落在我們認為最後一美元對我們沒有顯著好處的任何地方。我們希望從我們這裡借錢的人會做得很好。從股權參與的性質來看，這些貸款中的許多將與他們一起參與，而不僅僅是從我們的資本中獲得回報。希望這對您有所幫助。

I think I'll just quickly add on the 2 related products that are delivered in New York and San Francisco, New York, senior housing opened in January of this year. And so 4 months in, occupancy is beyond where we underwrote at the end of the first year. And then (inaudible) has been open for about a year, is also ahead of underwriting.

我想我會快速添加在紐約和舊金山交付的 2 個相關產品，紐約高級住宅於今年 1 月開業。所以 4 個月後，入住率超出了我們在第一年年底承保的水平。然後（聽不清）已經開放了大約一年，也提前包銷。

And sub rates are substantially above what we know.

次級利率大大高於我們所知道的。

We'll go next now to John Pawlowski at Green Street.

接下來我們將請到格林街的 John Pawlowski。

Shankh, you made the comment recently that if John and team are successful with their initiatives that the pace of improvement in expense growth will intensify from here? Just curious if some of the early operating issues, you're currently working on more flowing through the cost structure of the business in recent quarters. How much lower would expense per occupied room growth been relative to like the 3.5% reported growth in recent quarters?

Shankh，你最近發表評論說，如果約翰和團隊的舉措取得成功，費用增長的改善步伐將從這裡加快？只是好奇一些早期的運營問題，你目前正在研究最近幾個季度的業務成本結構。相對於最近幾個季度報告的 3.5% 的增長，每間客房的支出增長會低多少？

So I'm going to take that -- answer that question in 2 parts. First is asset management initiative and that asset management initiative that John has with his team that you are seeing the impact on the agency labor and replacing that agency liver with (inaudible) employees. And John mentioned many other sort of initiatives that's going on to attract and retain talent, which would continue to reduce that number. The other side of that, your question is the operating platform question. There, today, John, is entirely focused on top line. And we are seeing some signs of -- as I mentioned in my prepared remarks, that we have just moved on few places from drawing board to pilot, and we're seeing some significant successes on leads and other situations that obviously we're not prepared to talk about it, that you're going to see on top line, not on the expenses yet. He will get to the expenses, but he's focused on the big ball today on the revenue side.

所以我打算分兩部分回答這個問題。首先是資產管理計劃，以及 John 與他的團隊一起制定的資產管理計劃，您看到了對機構勞動力的影響，並用（聽不清）員工取代了該機構的肝臟。約翰提到了許多其他類型的舉措，這些舉措正在吸引和留住人才，這些舉措將繼續減少這一數字。另一方面，你的問題是運營平台問題。今天，約翰在那裡完全專注於頂線。我們看到了一些跡象——正如我在準備好的發言中提到的那樣，我們剛剛從繪圖板轉移到試點的幾個地方，我們看到在領先和其他情況下取得了一些重大成功，而我們顯然沒有準備好談論它，你將在頂線看到它，而不是在費用上。他將負責開支，但他今天專注於收入方面的大球。

The next now to Michael Griffin at Citi.

接下來是花旗的 Michael Griffin。

Maybe turning back to capital allocation. I'd just like to get some color maybe around the MOB acquisitions. It seems like it's pretty opportunistic. I believe you all were selling MOBs back in summer of 2020 when people were buying. Maybe some color around you list the initial yields here, the occupancy, at least for the Castree one seemed kind of low. Maybe (inaudible) underwriting, are you assuming maybe a stabilized high 80s, low 90s occupancy. And then Shankh, as a capital allocator, if we go back to your third quarter prepared remarks about those 5 sources of capital, does any one of those, whether it's debt or equity, selling assets, any one screen as more attractive right now?

也許回到資本配置。我只是想了解一些有關 MOB 收購的信息。這似乎是相當機會主義的。我相信在 2020 年夏天人們購買時，你們都在賣 MOB。也許你周圍的一些顏色在這裡列出了初始收益率，入住率，至少對於 Castree 來說似乎有點低。也許（聽不清）承銷，你是否假設穩定的高 80 年代，低 90 年代的入住率。然後 Shankh，作為一名資本配置者，如果我們回到你第三季度準備好的關於這 5 種資本來源的評論，那麼其中任何一種，無論是債務還是股權，出售資產，現在都更具吸引力嗎？

Okay. Nikhil will walk you through the MOB acquisitions that we did in the quarter but let me just answer some of the other questions you asked. So as you think about it, the 5 sources of capital, we have accessed three of them this quarter, right? We have done public equity, we've done private equity, right? We've sold assets and took capital and very attractive, obviously, returns. You can see it as an example, on Slide 12, the key studies that we put together on some of those assets and how we significantly maximize value there.

好的。 Nikhil 將向您介紹我們在本季度進行的 MOB 收購，但讓我只回答您提出的其他一些問題。所以你想想，這 5 個資金來源，我們本季度已經訪問了其中的三個，對嗎？我們做過公募股權，我們做過私募股權，對吧？我們已經出售了資產並吸收了資本，而且顯然回報非常有吸引力。您可以將其視為示例，在幻燈片 12 上，我們對其中一些資產進行的關鍵研究以及我們如何顯著最大化那裡的價值。

We still have some participation left in that transaction. And the other thing was debt, but that was on the secured side. So as you think about menu of capital, don't just think this is public equity and public debt, right, which is obviously the good -- very good source of capital and has been for us. But also think about private source of capital, whether it's joint venture, asset sales and private source of debt, senior housing is a housing business, and we have substantial portfolio under leveraged portfolio in the U.S. and in Canada, which has very significant agency support, right? So this quarter, in U.S., we have executed on transaction. But as you think about capital, think about menu of options. And depending on what that manual auction, how it is priced on a given day, we execute and think -- and only think through that use of capital as it relates to what are the returns of that as we deploy the capital back on an unlevered IRR basis from the perspective of a long-term return. That's just how we invest capital. Nikhil?

我們仍然有一些參與該交易。另一件事是債務，但那是有擔保的。因此，當你考慮資本菜單時，不要只認為這是公共股本和公共債務，對吧，這顯然是好的——非常好的資本來源，對我們來說一直如此。但也要考慮私人資本來源，無論是合資、資產出售還是私人債務來源，老年住房是一項住房業務，我們在美國和加拿大有大量的槓桿投資組合，有非常重要的機構支持， 正確的？所以本季度，在美國，我們執行了交易。但是，當您考慮資本時，請考慮選擇菜單。並且根據手動拍賣的內容，它在特定日期的定價方式，我們執行和思考 - 並且只考慮資本的使用，因為它與我們將資本重新部署到無槓桿上時的回報有關從長期回報的角度來看 IRR 基礎。這就是我們投資資本的方式。尼克爾？

Yes, I think, John, to answer your question on the MOBs. If you look at the Case Street, that's roughly 20% of the capital we deployed towards medical office this quarter. Case Street, and we're buying it at less than half of replacement cost with a 6.6% in-place yield at low 80s occupancy. And we've underwritten this to be beyond an 8% stabilized yield with occupancy with a 9% in front of it. I mean just think about the quality of the real estate, right? I mean it's 3 blocks from the Metro station. It's 2 blocks from the George Washington University hospital, you've got upgrade parking. I mean, it's a high quality of an asset that you can get, and we're getting it with very healthy in-place skill with a lot of upside. The other 2 portfolios, they are core as they get -- they've got healthy lease terms, high occupancy above 95% and very good association with the Great Health systems.

是的，約翰，我想回答你關於 MOB 的問題。如果你看看 Case Street，這大約是我們本季度部署在醫療辦公室的資金的 20%。 Case Street，我們以不到重置成本一半的價格購買它，在 80 年代的低入住率下，原地收益率為 6.6%。我們已經承保了超過 8% 的穩定收益率，並且入住率達到了 9%。我的意思是只考慮房地產的質量，對嗎？我的意思是距地鐵站 3 個街區。距喬治華盛頓大學醫院 2 個街區，您有升級停車位。我的意思是，這是您可以獲得的高質量資產，而且我們正在以非常健康的就地技能獲得它，並且有很多好處。其他 2 個投資組合，它們是核心的——它們有健康的租賃條款、超過 95% 的高入住率以及與 Great Health 系統的良好關聯。

And the next is now to Joshua Dennerlein of Bank of America.

接下來是美國銀行的 Joshua Dennerlein。

Tim, I would -- you mentioned there's more deleverging ahead. Just curious if you could kind of expand on those comments and how we should think about the trajectory of that deleverging?

蒂姆，我會——你提到未來會有更多的去槓桿化。只是好奇您是否可以擴展這些評論以及我們應該如何考慮去槓桿化的軌跡？

So we -- as we've talked about in the past, there's kind of two prongs to which we get the balance sheet back to the range, pre-COVID range, target range of 5.5x to 6x leverage. And the main one is just seeing NOI recover back to pre-COVID levels. We've been pretty clear in that shouldn't be taken as a stated goal of where NOI and those assets sit just more so a marker on the ground of where NOI actually was in those assets. And then what the impact both on earnings and leverage would be just to get it back to that level. And then obviously, we plan to get well beyond that.

所以我們——正如我們過去談到的那樣，有兩種方法可以讓資產負債表回到範圍，即 COVID 之前的範圍，目標範圍為 5.5 倍至 6 倍的槓桿率。最主要的是看到 NOI 恢復到 COVID 之前的水平。我們已經非常清楚，不應將其視為 NOI 和這些資產所處位置的既定目標，而更應作為這些資產中 NOI 實際所在位置的標記。然後對收益和槓桿的影響只是讓它回到那個水平。然後很明顯，我們計劃做得更好。

So think about our current leverage profile. Part of our deleveraging from 7.1% last year has been driven by the kind of beginning stages of that NOI recovery. And then as we've capitalized our external growth pipeline. We've continued to be pretty disciplined about the way that we've capitalized it fee equity. And so we've driven down current leverage much faster than what if it had just been purely through organic cash flow recovery. So now sitting at 6.3x leverage this quarter if you were to layer on kind of just a recovery of NOI back to pre-COVID levels, you get down to around 5x flat. So that's kind of the comment on seeing expectation that if you just take our current capital structure, we know nothing and continue to see NOI recover back to pre-COVID levels, you'll see us get to a leverage level that's well below where we would have been where we were pre-COVID.

所以想想我們目前的槓桿情況。我們從去年的 7.1% 開始去槓桿化的部分原因是 NOI 恢復的開始階段。然後當我們利用我們的外部增長渠道時。對於我們將其資本化的費用股權的方式，我們一直非常嚴格。因此，與純粹通過有機現金流恢復相比，我們降低當前杠桿率的速度要快得多。因此，如果您將 NOI 恢復到 COVID 之前的水平，那麼本季度現在的槓桿率為 6.3 倍，您將降至 5 倍左右。所以這是對看到預期的評論，如果你只是採用我們目前的資本結構，我們什麼都不知道，並繼續看到 NOI 恢復到 COVID 之前的水平，你會看到我們的槓桿水平遠低於我們的水平本來就是我們在 COVID 之前的地方。

We go next now to Steve Sakwa at Evercore ISI.

接下來我們去 Evercore ISI 的 Steve Sakwa。

Shankh, I was wondering if you could maybe just talk about the pricing power trends that you're seeing in senior housing and maybe some of the feedback you're getting from the operator's vis-a-vis kind of the residents and how you see that pricing may be trending into the second half of the year? And does that continue in the '24.

Shankh，我想知道你是否可以談談你在高級住房中看到的定價能力趨勢，也許你從運營商那裡得到的一些反饋，以及你如何看待該定價可能會在今年下半年出現趨勢？並在 24 年繼續這樣做嗎？

John, do you want to take that?

約翰，你要拿那個嗎？

Yes. Glad to take that. What we're seeing is tremendous strength in the -- across the board. The feedback from the operators is very positive. What's going on is people are appreciating that the environment that they have, they're appreciated in the social environment and the demand is strong. And it's quite affordable. Obviously, it's an asset play for the assisted and memory care living -- and so the expectations as to how this plays out. We have nothing that we're seeing would indicate that it's not going to continue with great strength for the foreseeable future. It's a supply-demand situation at one point. And obviously, demand is substantial, and supply is very, very, very limited going forward.

是的。很高興接受那個。我們看到的是全面的巨大力量。運營商的反饋非常積極。正在發生的事情是人們欣賞他們所擁有的環境，他們在社會環境中受到讚賞並且需求強勁。而且價格實惠。顯然，這是輔助和記憶護理生活的一項資產遊戲——因此人們對它如何發揮作用的期望也是如此。我們沒有看到任何跡象表明在可預見的未來它不會繼續保持強勁勢頭。這在某一時刻是一種供求關係。顯然，需求很大，而未來的供應非常、非常、非常有限。

I'll just add one point of color perhaps. First thing is, Steve, as I mentioned, as you think about pricing power, the initial phase of pricing power has been that our cost has been going up. And obviously, to bring back these communities to a profitable level or the only which only way this will actually continue to serve the community if they're profitable, right, over a long period of time is to increase pricing. And as I mentioned in last call that you will see the next 12, 18 months and over from pricing because cost has gone up to pricing power because we have no room to (inaudible), right? And that handover will come. And so the second point is just understand that we're not focused on absolute level of pricing but we are focused on the difference, the delta between RevPAR and export.

也許我只會添加一點顏色。首先，史蒂夫，正如我提到的，當你考慮定價權時，定價權的初始階段是我們的成本一直在上升。顯然，要使這些社區恢復到盈利水平，或者如果他們在很長一段時間內盈利，這實際上將繼續為社區服務的唯一方法是提高價格。正如我在上次電話會議中提到的那樣，您將在接下來的 12、18 個月和更長時間內看到定價，因為成本已經上升到定價能力，因為我們沒有空間（聽不清），對嗎？交接將會到來。因此，第二點就是了解我們並不關注定價的絕對水平，而是關注差異，RevPAR 與出口之間的差異。

That's what drives P&L, right? So keep those two in mind, and you will see where our focus has been and continue to will be. As we think as just understand our portfolio, roughly speaking, half and half on an average basis in an average year is January versus throughout the year, right? And so we continue to -- as we roll these leases and market rate confines to go up. we expect that pricing will continue to remain strong.

這就是推動損益的原因，對吧？所以記住這兩個，你會看到我們的重點一直在哪裡，並將繼續在哪裡。正如我們所認為的那樣，只要了解我們的投資組合，粗略地說，平均每年的一半是 1 月，而不是全年，對嗎？因此，我們繼續 - 隨著我們滾動這些租約和市場利率限制上升。我們預計定價將繼續保持強勁。

We'll go next now to Mike Mueller of JPMorgan.

接下來我們將請摩根大通的 Mike Mueller 發言。

(inaudible) current development pipeline, it looks like it's about 15% outpatient medical office and the balance in senior housing. I guess, as you think about anticipated starts over the next few years. Do you see that mix shifting dramatically between those buckets?

（聽不清）目前的開發管道，看起來大約有 15% 的門診醫療辦公室和高級住房的餘額。我想，就像您考慮未來幾年的預期啟動一樣。您是否看到這些桶之間的組合發生了巨大的變化？

Actually, if you look at into the senior housing bucket, you will see that majority of the new capital outlay has been on the wellness side of the house rather than on the senior housing side of the house. So -- and I expect that will absolutely continue. Medical office, majority, obviously, all of our medical office, I shouldn't say majority. All of our medical office developments have been 100% pre-leased, yield on cost development, so we're not exposed to the cost rate. Some hits in different quarters, you saw a bunch of them hit this quarter, which we have been working on for many, many years.

實際上，如果你看一下高級住房，你會發現大部分新資本支出都花在了房子的健康方面，而不是房子的高級住房方面。所以 - 我希望這絕對會繼續下去。醫療辦公室，多數，顯然，我們所有的醫療辦公室，我不應該說多數。我們所有的醫療辦公室開發項目都是 100% 預租的，成本開發收益，因此我們不會受到成本率的影響。不同季度的一些點擊率，你看到本季度有很多點擊率，我們已經為此努力了很多年。

But we should not expect anything different going forward. And majority of that -- what is showing up as senior housing development are actually on the wellness side of the house. Senior housing development as senior's product is very, very hard -- to make numbers work today. So we're not that focused on that side of the house, unless it is a very special project in a very special location, such as some of the related projects that Nikhil talked about.

但我們不應該期望未來會有什麼不同。其中大部分 - 顯示為高級住房開發的東西實際上是在房子的健康方面。作為老年人產品的老年人住房開發非常非常困難——今天要讓數字發揮作用。所以我們並沒有那麼專注於房子的那一側，除非它是一個非常特殊的項目，在一個非常特殊的位置，比如 Nikhil 談到的一些相關項目。

We go next now to Michael Carroll of RBC Capital Markets.

接下來我們請到加拿大皇家銀行資本市場公司的邁克爾·卡羅爾。

So if the seniors housing operator wants to access Welltower's platform, what do they have to do? I mean, do they need to sign some type of exclusive agreement? Or will you help any operator that manages your specific assets? And just one last thought. Are these -- are there different levels of services that you provide operators? So if you have an exclusive agreement, they can kind of fully tap your platform and if they just manage an asset, then you kind of are offering them help, but maybe not allowing them fully accessing your data?

那麼，如果養老房運營商想要接入Welltower的平台，他們需要做什麼呢？我的意思是，他們需要簽署某種排他性協議嗎？或者您會幫助任何管理您特定資產的運營商嗎？最後一個想法。這些 - 您是否為運營商提供不同級別的服務？因此，如果您有獨家協議，他們可以充分利用您的平台，如果他們只是管理資產，那麼您可以為他們提供幫助，但可能不允許他們完全訪問您的數據？

So we're not going to get on this call about contractual agreements and what kind of different levels of service and situations that might be going. We'll just focus on the fact that we have aligned interest with our operators. As always said, for years and years that the (inaudible) are the structures are all about thinking and swimming together, right? And there is substantial upside to many of these portfolio for us, but also for our operating partners. So this is -- we have different types of arrangements with different people. We're not going to obviously get into on this call. But I understand, at the end of the day, the goals are very simple. And we're trying to create a very good environment for our residents. We're trying to create an environment for our employees to stay and total lower turnover, resident satisfaction, employee satisfaction, and frankly, owner satisfaction. That's the goal. And if we can match those goals, it will be great for us, and it will be great for our operating partners.

因此，我們不會就合同協議以及可能發生的不同服務水平和情況進行電話會議。我們將只關注我們與運營商的利益一致這一事實。正如常說的那樣，多年來（聽不清）這些結構都是關於思考和一起游泳，對吧？這些投資組合中的許多對我們以及我們的運營合作夥伴都有很大的好處。所以這是 - 我們與不同的人有不同類型的安排。我們顯然不會參與這次電話會議。但我明白，歸根結底，目標非常簡單。我們正在努力為我們的居民創造一個非常好的環境。我們正在努力為我們的員工創造一個留下來的環境，並降低人員流動率、居民滿意度、員工滿意度，坦率地說，業主滿意度。這就是目標。如果我們能夠實現這些目標，那對我們和我們的運營合作夥伴來說都是一件好事。

The next now to Austin Wurschmidt at KeyBanc.

接下來是 KeyBanc 的 Austin Wurschmidt。

Shankh, you highlighted a robust investment pipeline with opportunities across all your regions I know you're return-driven as you consistently highlight. But given the pricing power you're seeing in IL in Canada or the acceleration in growth you highlighted in the U.K. heading into 2024, are returns more attractive in those regions today? And are you considering kind of leaning in, I guess, more international versus domestically in the senior housing side.

Shankh，你強調了一個強大的投資渠道，在你所有的地區都有機會，我知道你是回報驅動的，正如你一直強調的那樣。但考慮到您在加拿大 IL 看到的定價能力或您在英國強調的 2024 年增長加速，今天這些地區的回報是否更具吸引力？我想，您是否正在考慮在高級住房方面更加國際化而不是國內化。

I wish the answer to your question was yes, but the answer is no. Canada is a very tight market with very significant -- a few handful of owners, handful of banks and very significant CMAC presence. So returns in Canada usually are pretty tight. We're seeing opportunities to create value through our great operating partner that's there. U.K., we're actually now starting to see very significant returns. We made one investment in U.K. this quarter, like last quarter. And we are seeing that. So U.K. retails are good, but actually very good. but I will tell you the vast majority of opportunities are in the U.S. And frankly speaking, there -- because it's such a deep and robust pipeline that you can pick your spots and make some significant returns -- as we're seeing the unlevered IRRs in the senior space today without getting into which country -- what return for which country, but roughly speaking, I'll say, close to double digits.

我希望你的問題的答案是肯定的，但答案是否定的。加拿大是一個非常緊張的市場，擁有非常重要的——少數所有者、少數銀行和非常重要的 CMAC 存在。所以加拿大的回報率通常很低。我們看到了通過我們偉大的運營合作夥伴創造價值的機會。英國，我們實際上現在開始看到非常可觀的回報。與上一季度一樣，我們本季度在英國進行了一項投資。我們正在看到這一點。所以英國的零售業很好，但實際上非常好。但我會告訴你，絕大多數機會都在美國。坦率地說，那裡——因為它是如此深入和強大的管道，你可以選擇你的位置並獲得一些可觀的回報——因為我們看到了無槓桿的內部收益率今天在高級領域沒有進入哪個國家 - 哪個國家的回報，但粗略地說，我會說接近兩位數。

We're seeing opportunities that are in the double digits. Medical office today are our opportunities are 8.5% plus, I would say. And obviously, we are very focused on sort of participating debt structures in the (inaudible) side where we can create high-teen returns despite using some debt and some equity like features that I talked about in probably in the high-teens. So that's kind of our focus, we're purely return driven, we're purely basis driven. And all we are trying to do is we're trying to figure out where can we add value, not through just financial capital, but those four things I talked about. It's an optimization problem, right? It's an optimization problem of location, product, price point, and operator. That's how you make money in this business. And that's how we're trying to create value.

我們看到了兩位數的機會。我想說，今天的醫療辦公室是我們的機會是 8.5% 以上。顯然，我們非常專注於（聽不清）方面的參與式債務結構，儘管使用了一些債務和一些股權之類的功能，但我可能在十幾歲時就談到過，我們可以創造高回報。所以這就是我們的重點，我們純粹是回報驅動的，我們純粹是基礎驅動的。我們要做的就是弄清楚我們可以在哪裡增加價值，不僅僅是通過金融資本，而是通過我談到的那四件事。這是一個優化問題，對吧？這是一個位置、產品、價格點和運營商的優化問題。這就是您在這項業務中賺錢的方式。這就是我們試圖創造價值的方式。

We go next now to Steven Valiquette at Barclays.

接下來我們去巴克萊銀行的 Steven Valiquette。

So just to follow up on your earlier comments on the senior housing pricing power for the rest of '23 and into '24. I think you kind of suggested for us to maybe not focus as much on the absolute price increases at this stage, but just more on the spread between RevPAR versus export. I guess really the question is, without giving any specific guidance, can you just give us maybe just a general sense or range of what you might be targeting for the spread between RevPAR versus export over the next few years? Is 200 to 300 basis points or a reasonable assumption, the trend you've seen over the past several quarters? Or should we think more conservatively at this stage when they can beyond '23?

因此，只是跟進您之前對 23 年剩餘時間和 24 年的高級住房定價權的評論。我認為你有點建議我們在這個階段可能不要過多關注絕對價格上漲，而是更多地關注 RevPAR 與出口之間的價差。我想真正的問題是，在沒有給出任何具體指導的情況下，您能否僅給我們一個大概的概念或範圍，說明您可能針對未來幾年 RevPAR 與出口之間的差距設定什麼目標？你在過去幾個季度看到的趨勢是 200 到 300 個基點還是一個合理的假設？或者我們應該在他們可以超越 23 歲的這個階段更保守地思考嗎？

Thank you, Steve. So I was trying to add value, added color to the question that previously was asked. Tim already gave you our view of RevPAR increase as we sit today, right, 6.3% increase that we talked about. So I was trying to provide more color as we think about long term. Long term, we're focused on the spread between RevPAR and export. By no means, I'm trying to say that we're seeing anything in this sort of around us that says that pricing power is cooling down. In fact, it's top of it. And I think John probably mentioned that all I was trying to point out that long term without thinking about is it 6%?, is it 12%? Is it 3%? The way you're going to get the P&L right, which is ultimately what we are focused on, is the spread between that RevPAR and export, right? So that's what I was trying to answer. We do think that we'll see significant pricing power continue, as I mentioned, half of our portfolio gets renewed at different points in the anniversary cycle, and street case continues to go up. Hope that's helpful.

謝謝你，史蒂夫。所以我試圖增加價值，為之前提出的問題添加顏色。 Tim 已經向您介紹了我們對 RevPAR 增長的看法，正如我們今天所說的那樣，我們談到了 6.3% 的增長。因此，從長遠來看，我試圖提供更多顏色。從長遠來看，我們專注於 RevPAR 和出口之間的價差。絕不是，我想說的是，我們周圍的這種情況表明定價權正在降溫。事實上，它是最重要的。我想 John 可能提到過，我只是想指出那個長期，但沒有考慮它是 6% 嗎？是 12% 嗎？是3%嗎？你要獲得正確的 P&L 的方式，這最終是我們關注的重點，是 RevPAR 和出口之間的價差，對嗎？這就是我試圖回答的問題。正如我所提到的，我們確實認為我們會看到巨大的定價權繼續存在，我們一半的投資組合在周年紀念週期的不同時間點得到更新，街頭案例繼續上升。希望這會有所幫助。

We'll go next now to Nick Yulico at Scotia Bank.

接下來我們將請豐業銀行的 Nick Yulico 發言。

Just turning to the guidance. I want to make sure I'm understanding this right. So in terms of the NAREIT FFO guidance range coming down, there's various normalized items, expenses that are being added back to normalized FFO. A lot of that the transaction costs promotes. I know you guys break this out, but just trying to understand what's driving that. It's a pretty regular line item going back for the last year? And how we should think about -- is this still going to be other transaction costs hitting the P&L for the rest of the year, but it's just not in your NAREIT FFO guidance right now?

只是轉向指導。我想確保我理解正確。因此，就 NAREIT FFO 指導範圍的下降而言，有各種標準化項目，費用被添加回標準化 FFO。交易成本促進了很多。我知道你們打破了這個，但只是想了解是什麼在驅動它。這是去年的一個非常常規的訂單項嗎？我們應該如何思考——這是否仍將是其他交易成本在今年剩餘時間裡影響損益，但它現在不在你的 NAREIT FFO 指南中？

Yes. Thanks, Nick. So the transaction cost you're referencing, so other expenses, which is predominantly transaction costs, think about that being, as I described in the footnote noncapitalizable transaction costs, a lot of that tends to be dead deal cost. So tough to predict kind of how that comes through. We're a pretty active firm. I'd say that's stepped up a bit this quarter just because of -- as we've talked about and as Shankh highlighted on a few prior calls, our underwriting standards have picked up a bit, and we've seen cost increase. So you think about some developments that we've gotten beyond kind of early-stage development spend. And we think in a fairly disciplined manner and walked away from. So as we kind of look forward, -- similar to the way we don't try to guide to acquisition cost.

是的。謝謝，尼克。所以你提到的交易成本，所以其他費用，主要是交易成本，考慮一下，正如我在腳註不可資本化交易成本中所描述的那樣，其中很多往往是死交易成本。很難預測它是如何實現的。我們是一家非常活躍的公司。我想說這個季度有所提高只是因為 - 正如我們所討論的那樣，正如 Shankh 在之前的幾次電話中所強調的那樣，我們的承保標準有所提高，而且我們看到成本增加了。所以你想想我們已經超越了早期開發支出的一些發展。我們以相當有紀律的方式思考並走開了。因此，當我們有點期待時，——類似於我們不嘗試引導購置成本的方式。

We try to have flexible framework is how we think about our acquisition volume flexible framework is how we think about investing dollars. And the same goes for -- as we pursue things with the intent to move forward if we end up not moving forward with them. They could not come to this line item, but it's not something that we kind of have -- we've made decisions on right now or else it would be coming through this quarter.

我們嘗試擁有靈活的框架是我們如何看待我們的收購量靈活的框架是我們如何考慮投資美元。這同樣適用於 - 如果我們最終不與他們一起前進，我們追求的目的是向前邁進。他們無法解決這個問題，但這不是我們所擁有的——我們現在已經做出決定，否則它將在本季度完成。

We'll go next now to Ronald Kamdem at Morgan Stanley.

接下來我們將談談摩根士丹利的 Ronald Kamdem。

Just the presentation has sort of highlighted that the outsized occupancy gains was in AL and in other parts of the business, just a little bit more color on sort of the IL versus AL difference would be helpful because some of the NIC data suggests IL is accelerating.

只是演示文稿有點強調了 AL 和業務的其他部分的超大入住率收益，只是在 IL 與 AL 差異上多一點顏色會有所幫助，因為一些 NIC 數據表明 IL 正在加速.

I think you mentioned that as well would be helpful. And then the follow-up was post the PLR ruling, just what are the updated thoughts and vision in terms of having an in-house sort of operating platform? And any color on timing, cost would be helpful.

我想你提到的也會有所幫助。然後跟進是在 PLR 裁決之後，在擁有內部運營平台方面有哪些更新的想法和願景？時間上的任何顏色，成本都會有所幫助。

Let me try to take the first one, and John, why don't you take the second one? As I mentioned on my prepared remarks, assisted living continued to significantly outperform in independent living. The only thing I was trying to highlight that after underperformance, independent living is starting to pick up, particularly in Canada. And that's what we are seeing starting to come through our Canadian numbers, right? But if you just look at an absolute performance between the two, there is no question that assisted living has been outperforming. And if economic continues to weaken, might on a given rolling 12 to 18-month period, my guess is that it will continue to outperform very significantly given the need-driven nature of the business.

讓我試著拿第一個，約翰，你為什麼不拿第二個呢？正如我在準備好的發言中提到的那樣，輔助生活在獨立生活方面繼續明顯優於其他生活。我唯一想強調的是，在表現不佳之後，獨立生活開始好轉，尤其是在加拿大。這就是我們從加拿大的數字中看到的，對吧？但如果你只看兩者之間的絕對錶現，毫無疑問，輔助生活一直表現出色。如果經濟繼續疲軟，可能在給定的 12 到 18 個月的滾動期間內，我的猜測是，鑑於業務的需求驅動性質，它的表現將繼續非常顯著。

Yes. Regarding the self-management of the PLR, I want everyone to keep in mind, our focus is it always has been on driving results. That is the #1 most important thing to whether we're managing directly whether we're asset managing, and our partners are managing is less the point and it's more about getting the results. So with that said, I think it's probable that we end up in some form of self-management this year. And I would say as far as the costs go, what's happening right now is we're working very quickly on the technology aspect, the data analytics aspect of the operating platform. And that really is just swapping out.

是的。關於 PLR 的自我管理，我希望每個人都記住，我們的重點一直是推動結果。這是我們是否直接管理資產管理以及我們的合作夥伴正在管理的最重要的事情，這不是重點，而更重要的是獲得結果。所以話雖如此，我認為我們今年很可能會以某種形式進行自我管理。我想說，就成本而言，現在正在發生的事情是我們在技術方面、運營平台的數據分析方面的工作非常迅速。那真的只是換掉了。

So our operators have modules. They're paying for those modules, and now we're switching them to our module. So that is close to a net 0 on the cost side. There are a few other costs as we improve things, which will provide some more clarity going forward. But none of these are really big numbers. So I wouldn't worry about that in the sense of very big surprises. It's just really changing out and getting improved modules going forward. Hopefully, that's helpful.

所以我們的運營商有模塊。他們為這些模塊付費，現在我們將它們切換到我們的模塊。因此，這在成本方面接近於淨 0。隨著我們的改進，還有一些其他成本，這將使未來更加清晰。但這些都不是真正的大數字。因此，從非常大的驚喜的角度來看，我不會擔心這一點。它只是真正地改變並獲得改進的模塊。希望這會有所幫助。

We go next now to Michael Griffin at Citi.

接下來我們去花旗銀行的 Michael Griffin。

Just a quick one. I noticed in your investor presentation; I think it's Slide 7. Last quarter, I said the comp for growth decelerated at 2.6%, I know it's kind of nitpicky. And I didn't see anything on the slide in the current deck. So I don't know maybe (inaudible) or someone. If you could just clarify if there's that number available, that would be helpful.

只是一個快速的。我在你的投資者介紹中註意到；我認為是幻燈片 7。上個季度，我說增長速度下降了 2.6%，我知道這有點挑剔。我在當前幻燈片中沒有看到任何內容。所以我不知道也許（聽不清）或某人。如果您能澄清是否有可用的號碼，那將很有幫助。

Yes, Michael. So the -- what we provided is the pool change, I think one thing you're noting is that we've seen kind of export pick up from fourth quarter to first quarter. And we gave the number on what first quarter would have been based on the fourth quarter pool, as you noted in the footnote. And then just on the pickup in general, the reported same-store number in 4Q, 1Q, it's actually because we continue to expand the same-store pool. So you've got 95% of our operational properties that we've owned for more than 4 quarters in our same-store pool now and a lot of the transitions that came in were from the U.K. and U.K., we've just seen expense growth run higher than the rest of the portfolio, largely driven by utilities, which we've talked about a lot on this call.

是的，邁克爾。所以 - 我們提供的是池變化，我想你注意到的一件事是我們已經看到從第四季度到第一季度的出口有所回升。正如您在腳註中指出的那樣，我們給出了基於第四季度池的第一季度的數字。然後就一般的皮卡而言，報告的第 4 季度、第 1 季度的同店數量，實際上是因為我們繼續擴大同店池。因此，您現在擁有我們在同店池中擁有超過 4 個季度的 95% 的運營財產，並且許多過渡來自英國和英國，我們剛剛看到費用增長高於投資組合的其他部分，主要由公用事業推動，我們在這次電話會議上談了很多。

So some of the increase you're seeing just in 1Q is from that mix shift and inclusion of more U.K. properties.

因此，您在第一季度看到的部分增長來自混合轉變和更多英國資產的納入。

Also, you gave is that the sort of the earlier stages of normalizing labor cost. So it's the addition of U.K. that it makes it look like the comp has gone up. But if you look at on a same-store basis of -- not a same-store basis, but the same pool of fourth quarter, you will see it was relatively the same.

此外，您給出的是勞動力成本正常化的早期階段。因此，正是英國的加入讓它看起來像是在上升。但如果你在同店的基礎上看——不是同店的基礎，而是第四季度的同一個池，你會發現它是相對相同的。

We go next now to Juan Sanabria of BMO Capital Markets.

接下來我們請到 BMO Capital Markets 的 Juan Sanabria。

Just a big picture question. Curious if you guys could comment on overall seniors housing penetration. Talking to some of the privates and just reading some of the trade racks, it seems like acuity levels have gone up and maybe seniors are waiting to come in. Just, I guess, are you seeing that? What does that mean for the business? And what are your thoughts about overall penetration rates and the ability to effectuate that through marketing or what have you as part of this new data-driven platform and efforts?

只是一個大問題。很好奇你們是否可以對整體老年人住房滲透率發表評論。與一些私人交談並閱讀一些交易架，似乎敏銳度水平上升了，也許老年人正在等待進來。只是，我想，你看到了嗎？這對企業意味著什麼？您對總體滲透率以及通過營銷實現這一目標的能力有何看法，或者作為這個新的數據驅動平台和努力的一部分，您有什麼看法？

So I'll try to address the first part of your question. So Acuity actually went off I would say, in 2020, right? If you didn't absolutely need it, you would avoid the product pre vaccine. So we obviously have seen acuity gone up in 2020, but since then, we have seen acuity sort of normalize. So I'm not sure that I subscribe to this idea that acuity across the board for the industry is going up. In fact, someone just asked earlier in the portion for about Kisco. I was with the Kisco team last week, and Kisco's CEO were talking to me that (inaudible) the have seen at actually gone down, right? So probably gone down for some gone up for some, but I do believe that Acuity has normalized from that 2020 peak levels as we have seen a vaccine coming to play. You want to answer the second?

因此，我將嘗試解決您問題的第一部分。所以我會說 Acuity 實際上在 2020 年消失了，對吧？如果您不是絕對需要它，則可以避免使用疫苗前產品。所以我們顯然已經看到敏銳度在 2020 年有所上升，但從那以後，我們已經看到敏銳度在某種程度上恢復了正常。所以我不確定我是否贊同這個行業的整體敏銳度正在上升的觀點。事實上，有人剛剛在該部分的前面詢問了有關 Kisco 的信息。上週我和 Kisco 團隊在一起，Kisco 的 CEO 跟我說（聽不清）他們看到的實際上已經下降了，對吧？因此，有些人可能會下降，有些人會上升，但我確實相信 Acuity 已經從 2020 年的峰值水平恢復正常，因為我們已經看到疫苗開始發揮作用。你要回答第二個？

Yes, I'll just add a little bit. So obviously, as I said, the supply/demand incredibly favorable. We've said it many times, then you get to the next piece, which is penetration, which you're talking about. And I actually see penetration increasing. And what we're seeing is the senior desire, the loneliness of the desire for social safe active location as well as the cost of care.

是的，我只是補充一點。很明顯，正如我所說，供應/需求非常有利。我們已經說過很多次了，然後你就可以進入下一個部分，也就是你正在談論的滲透。我實際上看到滲透率在增加。我們看到的是老年人的渴望，對社會安全活動場所的渴望以及護理費用的孤獨感。

The cost of care has continually gone up. We all know that the labor for care has been a challenge and where you see that the most is in home care. And so we've had people move into our properties because they can't afford or cannot get the level of care. And so their costs actually net go down, which is a benefit. So I see that playing itself out over the next couple of years, so we get the benefit of supply/demand. Additionally, we get the benefit of penetration. And then finally, the platform will drive greater market share, and we'll get that benefit as well. So I see a very, very favorable future going forward.

護理費用不斷上漲。我們都知道護理工作一直是一項挑戰，而您看到最多的是家庭護理。因此，我們已經讓人們搬進我們的房產，因為他們負擔不起或無法獲得同等水平的護理。因此，他們的成本實際上淨下降了，這是一個好處。所以我認為這會在接下來的幾年內發揮作用，所以我們會從供需中獲益。此外，我們還獲得了滲透的好處。最後，該平台將推動更大的市場份額，我們也會從中受益。所以我看到一個非常非常有利的未來。

We'll take our final question this morning from Vikram Malhotra at Mizuho.

今天早上，我們將接受 Mizuho 的 Vikram Malhotra 的最後一個問題。

Just 2 clarifications. Tim, I guess, in your last call, you had mentioned in the guide, you were keeping the temp usage as a percent of total intact or flat through the year in your guide. And with what you've seen in 1Q, are you changing that in terms of it being lower? And then second, in the medical office side, I think your -- the OpEx went up maybe 7% or 8%. I'm just wondering, is there anything onetime in that number?

只需 2 個說明。蒂姆，我想，在你上次通話中，你在指南中提到過，你在指南中將臨時使用量保持在全年完整或持平的百分比。根據您在 1Q 中看到的情況，您是否正在改變它以降低它？其次，在醫療辦公室方面，我認為你的運營支出可能上升了 7% 或 8%。我只是想知道，那個數字中有一次嗎？

Yes. So I'll start with your first question on senior housing and John can add any color on the movie side. So for senior housing, yes, you're correct. We came in -- our first quarter results were better than expected as far as how agency came down. And of course, some of that benefit gets netted out with full-time employees coming on, but net, we ended up in a more favorable spot for compensation. And as I kind of noted in my guidance outlook, that's largely what's moving our outlook for the year is just a better trend coming out of Q1 on expenses with that being the main piece and the assumption revenue kind of holds given that we're moving into the revenue building months as we speak.

是的。所以我將從你關於高級住房的第一個問題開始，約翰可以在電影方面添加任何顏色。所以對於高級住房，是的，你是對的。我們進來了——就代理商的下降情況而言，我們第一季度的業績好於預期。當然，其中一些收益會隨著全職員工的加入而被抵消，但最終，我們最終處於更有利的補償位置。正如我在我的指導展望中指出的那樣，這在很大程度上改變了我們今年的前景，這只是第一季度支出的一個更好的趨勢，這是主要的部分，並且假設收入保持不變，因為我們正在移動就在我們說話的時候進入創收月份。

And then up on the MOB, as I mentioned in my prepared remarks, we're expecting guidance's between 2% and 3%. And so that is a timing issue for Q1, and it will reverse as we go through Q2, Q3, and Q4.

然後在 MOB 上，正如我在準備好的發言中提到的那樣，我們預計指引在 2% 到 3% 之間。所以這是第一季度的時間問題，隨著我們經歷第二季度、第三季度和第四季度，它會逆轉。

Thank you. And ladies and gentlemen, that will bring us to the conclusion of the Welltower First Quarter 2023 Earnings Release Conference Call. We'd like to thank you all so much for joining us this morning and wish you all a great remainder of your day. Goodbye.

謝謝。女士們，先生們，我們將結束 Welltower 2023 年第一季度收益發布電話會議。非常感謝大家今天早上加入我們，祝大家度過愉快的一天。再見。