Welltower Inc (WELL) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower's Second Quarter 2023 Earnings Call. (Operator Instructions). It is now my pleasure to turn today's call over to Matt McQueen, General Counsel. Please go ahead.

女士們先生們，感謝你們的支持。我叫布倫特，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Welltower 的 2023 年第二季度收益電話會議。 （操作員說明）。現在我很高興將今天的電話轉給總法律顧問馬特·麥奎因。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 in the company's filings with the SEC.

謝謝你，早上好。提醒一下，本次電話會議中做出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均基於合理假設，但該公司不能保證其預期結果將會實現。該公司向美國證券交易委員會提交的文件中詳細介紹了可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素。

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

接下來，我將把電話轉交給尚赫，聽他的講話。

Thank you, Matt and good morning, everyone. I'll review our second quarter results and describe high-level business trends and our capital allocation activities. John will provide an update on the performance of our Senior Housing Operating and Outpatient Medical Portfolios. Tim will walk you through our triple-net businesses, balance sheet highlights and revised guidance. Nikhil is also on the call to answer questions. We are delighted to report results, which exceeded our expectations in both our Senior Housing Business as well as Outpatient Medical segment.

謝謝你，馬特，大家早上好。我將回顧我們第二季度的業績，並描述高層業務趨勢和我們的資本配置活動。約翰將提供有關我們老年住房運營和門診醫療組合業績的最新信息。蒂姆將帶您了解我們的三網業務、資產負債表要點和修訂後的指導方針。尼基爾也在電話中回答問題。我們很高興地報告結果，這超出了我們在老年住房業務和門診醫療領域的預期。

Let me first dig into the Senior Housing segment. The key drivers of this business, occupancy, rate and expenses all came in better than expected this quarter, supported by accelerating demand of our product and plummeting new deliveries. From a top line perspective, our Senior Housing Operating portfolio achieved approximately 10% growth on a same-store basis and 17.8% growth on a total portfolio basis, driven by another solid quarter of year-over-year occupancy growth and significant pricing power.

讓我首先深入探討老年住房領域。在我們產品的需求加速和新交付量直線下降的支持下，本季度該業務的主要驅動因素、入住率、費率和費用均好於預期。從營收角度來看，在又一個季度同比入住率穩健增長和強大的定價能力的推動下，我們的高級住房運營投資組合同店增長約 10%，整體投資組合增長 17.8%。

Last quarter, I discussed with you how the strong pricing trends, along with moderating expenses are resulting in significant margin expansions that we have been all waiting for. I'm pleased to report to you that this trend intensified in the second quarter as we saw revenue per occupied room or RevPOR growth of 7.3%, coupled with just 3.5% expense per occupied room or (inaudible) growth, resulting in an approximate 25% operating margin, a level not seen since the onset of the pandemic. And while that still leaves significant upside before achieving our pre-COVID NOI margin of above 30%, we expect to meaningfully exceed our pre-COVID level of profitability over time through John's build-out of the operating platform.

上個季度，我與您討論了強勁的定價趨勢以及適度的支出如何導致我們一直在等待的利潤率大幅增長。我很高興地向您報告，這一趨勢在第二季度加劇，因為我們看到每間已入住房間的收入或RevPOR 增長了7.3%，加上每間已入住房間的費用或（聽不清）增長僅為3.5%，導致大約25營業利潤率%，這是自大流行爆發以來從未見過的水平。儘管在實現新冠疫情前的NOI 利潤率達到30% 以上之前，這仍然存在顯著的上升空間，但我們預計，隨著時間的推移，通過John 構建的運營平台，我們的盈利水平將顯著超過新冠疫情前的盈利水平。

All regions and product types contributed significantly this quarter, resulting a 24.2% NOI growth for our Senior Housing Operating segment. While Assisted Living continues to outperform independent living, driving exceptionally strong results in the U.S. and U.K., Canada is also joining the party with 17.2% NOI growth. We firmly believe that our Canadian portfolio is finally in sustainable growth mode. In fact, we're in process of significantly optimizing our Canadian business and have recently allocated a meaningful amount of investment dollars to the region. I'll comment on both in a minute.

本季度所有地區和產品類型均做出了顯著貢獻，導致我們的老年住房運營部門的 NOI 增長了 24.2%。雖然輔助生活繼續優於獨立生活，在美國和英國取得了異常強勁的業績，但加拿大也以 17.2% 的 NOI 增長率加入其中。我們堅信，我們的加拿大投資組合最終處於可持續增長模式。事實上，我們正在大力優化我們的加拿大業務，並且最近向該地區分配了大量投資。我將在一分鐘內對兩者進行評論。

It is also important to mention that our Seniors Apartment business continued to drive double-digit NOI growth despite the broader deceleration in the apartment industry. We have put significant effort in last 6 years to build our Wellness Housing business which now nearly -- totals nearly 17,000 units and we are pleased to see that our thesis is playing out.

還值得一提的是，儘管公寓行業整體放緩，但我們的老年公寓業務繼續推動 NOI 實現兩位數增長。在過去的 6 年裡，我們付出了巨大的努力來建設我們的健康住房業務，目前總數已接近 17,000 套，我們很高興看到我們的論文正在得到落實。

All in all, we have finally exceeded $1 billion of annualized net operating income in our Senior Housing segment for the first time since COVID and believe we have a ton of growth left in the tank. At the risk of sounding like a broken record, I want to reiterate our core belief on how to make risk-adjusted return in Senior Housing. Unlike a lot of empirical years in the business, which either focuses on the location or the operators, we believe it is a 4-dimensional optimization problem of location, product, price point and operators. And we do this objectively through machine and statistical learning using our data science platform, [Alpha].

總而言之，自新冠疫情以來，我們的高級住房部門的年化淨營業收入終於首次超過 10 億美元，並且相信我們還有大量的增長空間。冒著聽起來像是破紀錄的風險，我想重申我們關於如何在老年住房中獲得風險調整回報的核心信念。與業界多年的經驗要么關注區位、要么關注運營商不同，我們認為這是一個區位、產品、價位、運營商的4維優化問題。我們使用我們的數據科學平台 [Alpha] 通過機器和統計學習客觀地做到這一點。

I'm delighted to inform you that we made perhaps the most significant impact in this pursuit through a mutually beneficial restructuring of our joint venture with Revera. Through a series of by sales, we materially simplified our balance sheet and we matched specific products and locations with the right regional operators in order to achieve meaningful density in their local markets.

我很高興地通知您，通過與 Revera 合資企業的互利重組，我們在這一追求中可能產生了最重大的影響。通過一系列的銷售，我們大大簡化了我們的資產負債表，並將特定的產品和地點與合適的區域運營商相匹配，以便在當地市場實現有意義的密度。

In the U.K., we took 100% ownership of 29 premier communities, many of which are located in the Greater London market and considered some of the best care homes in the country. We transitioned these care homes from Signature to Avery and believe we have a material upside in this virtually impossible to replicate portfolio, which was 72.8% occupied at the time of transition to Avery at the beginning of June. Though 2 months does not make a trend, I am delighted to inform you that these communities are showing positive trends right off the bat under Lorna's leadership with current occupancy around 73.5%.

在英國，我們擁有 29 個優質社區的 100% 所有權，其中許多位於大倫敦市場，被認為是該國最好的護理院之一。我們將這些療養院從 Signature 過渡到 Avery，並相信我們在這個幾乎不可能複制的投資組合中擁有實質性的優勢，在 6 月初過渡到 Avery 時，該投資組合的入住率為 72.8%。雖然 2 個月並不能形成趨勢，但我很高興地告訴您，在 Lorna 的領導下，這些社區立即呈現出積極的趨勢，目前入住率約為 73.5%。

In the U.S. We took 100% ownership of 9 extremely well-located assets recently built by Sunrise in high barriers to entry submarket in the West Coast, East Coast and South Florida at a favorable basis and sold a minority interest in 12 other assets. We also moved management of 28 incredibly well-located California buildings to Oakmont. We had California communities who were 77% occupied when they were transitioned to Oakmont at the end of June. I fully expect this portfolio to be materially additive to our growth in 2024 under [Courtney's] leadership.

在美國，我們以優惠的價格收購了Sunrise 最近在西海岸、東海岸和南佛羅里達州高准入子市場建造的9 項位置極佳的資產的100% 所有權，並出售了其他12 項資產的少數股權。我們還將加州 28 棟地理位置優越的建築的管理權轉移到了奧克蒙特。我們的加州社區在 6 月底轉移到奧克蒙特時，入住率為 77%。我完全預計，在 [Courtney] 的領導下，該投資組合將對我們 2024 年的增長產生實質性的促進作用。

As you can see in the case study on the Page 32 of our business update, highlighting previous Oakmont transitions in California, Courtney's team has taken occupancy from 64% to 90% in 2 years at these communities. Though this occupancy has far surpassed their previous high occupancy of 86% in 2016, I fully expect these communities will hit mid-90s occupancy in near future. All things being equal, that stabilization path should be faster for the most recent portfolio of 28 communities that they have assumed the management of. If not for the lessons learned previously, it will be for a higher starting point. And just after 4 weeks of operations under Oakmont, these properties are on a path to achieve approximately 100 basis points of occupancy growth in first month and are showing positive NOI traction in NOI out of the gate.

正如您在我們業務更新第32 頁的案例研究中看到的那樣，該案例突出顯示了加利福尼亞州奧克蒙特之前的轉型，Courtney 的團隊在2 年內將這些社區的入住率從64% 提高到了90 %。儘管這一入住率已遠遠超過了 2016 年 86% 的高入住率，但我完全預計這些社區的入住率將在不久的將來達到 90 年代中期。在所有條件相同的情況下，對於他們最近負責管理的 28 個社區的投資組合來說，穩定之路應該更快。如果不是為了以前的教訓，那就是為了更高的起點。在 Oakmont 運營 4 週後，這些酒店在第一個月的入住率就有望實現約 100 個基點的增長，並在 NOI 中展現出積極的 NOI 牽引力。

And finally, Canada, perhaps the most exciting part of this year's long effort to optimize our portfolio. Through -- though there is a multidimensional value creation opportunity in this effort, I'm delighted to inform you that we are launching a new platform with our partner, Mathieu Duguay in English-speaking Canada. As you know, Cogir, under Matthew's leadership is one of the best operators in the business and we cannot be more excited about launching our first operating platform in a post PLR world. We will double down on our investments in these communities, dramatically enhance resident experience and materially improve employee experience, resulting in exciting long-term carrier growth opportunity. I predict this operating JV will witness rapid growth in very near future.

最後，加拿大，也許是今年優化我們投資組合的長期努力中最令人興奮的部分。儘管這項工作存在多維價值創造機會，但我很高興地通知您，我們正在與我們的合作夥伴 Mathieu Duguay 在英語加拿大推出一個新平台。如您所知，Cogir 在 Matthew 的領導下是業內最好的運營商之一，我們對在後 PLR 世界中推出我們的第一個運營平台感到無比興奮。我們將加倍加大對這些社區的投資，大幅提升居民體驗並大幅改善員工體驗，從而帶來令人興奮的長期運營商增長機會。我預計這家合資企業將在不久的將來實現快速增長。

The series of steps, which is known as [Project Transformer] Inside Welltower is one of the most complex yet value-accretive transactions we have ever done. Under Eddy Cheung's leadership in Canada and U.K. and Russ Simon's leadership in the U.S., this multidimensional project will truly transform our company in the next chapter of its evolution. This transaction marks the conclusion of our 7-year journey of contract modernization as virtually all of our contracts are now in RIDEA 3.0 and RIDEA 4.0 structures. I cannot emphasize enough how important this milestone is for our firm as we have now full alignment with all of our key senior housing operating partners. We sink or swim together.

這一系列步驟被稱為 Welltower 內部的 [Project Transformer]，是我們做過的最複雜但最增值的交易之一。在加拿大和英國的 Eddy Cheung 以及美國的 Russ Simon 的領導下，這個多維項目將真正改變我們公司發展的下一個篇章。此次交易標誌著我們長達 7 年的合同現代化之旅的結束，因為我們幾乎所有合同現在都採用 RIDEA 3.0 和 RIDEA 4.0 結構。我無法充分強調這一里程碑對我們公司的重要性，因為我們現在與所有主要的高級住房運營合作夥伴完全一致。我們一起沉或遊。

To continue this theme of capital allocation, the favorable transaction environment that I described to you last quarter has resulted in an incredibly active summer for us. We currently have approximately $2.3 billion of deals under contract in 26 different off-market, privately negotiated transactions. Opportunities within Senior Housing segment represents the bulk of these transactions with approximately $2 billion of deals comprised of 8,900 units across all 3 regions. We estimate our investment in these deals to be very attractive, 30% to 40% discount at today's replacement cost, with accretive in-place cash flow and significant growth potential.

為了繼續這個資本配置的主題，我上個季度向您描述的有利交易環境為我們帶來了一個異常活躍的夏季。目前，我們在 26 項不同的場外私下協商交易中籤訂了約 23 億美元的合同交易。老年住房領域的機會佔了這些交易的大部分，交易額約為 20 億美元，涉及所有 3 個地區的 8,900 套公寓。我們估計我們對這些交易的投資非常有吸引力，按今天的重置成本計算有 30% 至 40% 的折扣，具有增加的就地現金流和巨大的增長潛力。

While I don't like to get into individual transactions, I would like to highlight a transaction in Canada with our partner, Cogir. We're recapping Cogir's existing institutional investor at propco in highly desirable (inaudible) portfolio, and Mathieu is investing his equity going forward. This CAD 935 million transaction of both recently built and attractive stable assets are a testament to the power of our relationship in this industry. Eddy and his team has been working tirelessly over the past 2 years on this transaction and we're delighted to inform you that we signed a definite document 3 weeks ago.

雖然我不想談論個人交易，但我想重點介紹一下與我們的合作夥伴 Cogir 在加拿大進行的交易。我們正在以非常理想的（聽不清）投資組合重新審視 Cogir 在 propco 的現有機構投資者，而 Mathieu 正在投資他的股權。這筆價值 9.35 億加元的新近建成且有吸引力的穩定資產交易證明了我們在該行業的關係的力量。過去兩年來，Eddy 和他的團隊一直在不知疲倦地致力於這項交易，我們很高興地通知您，我們在三週前簽署了一份明確的文件。

Additionally, following the completion of this deal and others under -- recently under contract, we have achieved another company milestone having closed or signed over $11 billion of transactions since our pivot to office in fourth quarter of 2020. But we are busier than ever with a robust, feasible and actionable pipeline of opportunities that we're underwriting right now. Again, heavily senior housing but we are also seeing some outpatient medical and skilled nursing opportunities up and down the capital stack. All of which we expect to keep us very busy for the rest of the year. Our deal teams didn't get much of a summer vacation and looks like they won't get much of a Christmas holiday either as many of these deals will close in Q4.

此外，繼完成這項交易以及最近簽訂的合同中的其他交易之後，我們又實現了公司的另一個里程碑，自2020 年第四季度上任以來，我們已完成或簽署了超過110 億美元的交易。但我們比以往任何時候都更加忙碌我們現在正在承保一個強大、可行且可操作的機會渠道。同樣，大量的高級住房，但我們也看到資本堆棧上下有一些門診醫療和熟練的護理機會。我們預計所有這些都將使我們在今年餘下的時間裡保持忙碌。我們的交易團隊沒有享受太多的暑假，而且看起來他們也不會享受太多的聖誕假期，因為其中許多交易將在第四季度完成。

As I described last quarter, both debt and equity capital continue to rapidly evaporate from the commercial real estate space. We're getting hit left, right and center from counterparties who truly appreciate our handshake approach to the business, where we can bring both cash and operator to the closing table. We're seeing now that the banks are no longer willing to kick the can down the road and in fact, are showing willingness to sell their loan books partially or completely. A handful of these transactions have taken place and many more are brewing. The increased capital requirement directive from the regulators last week will only intensify this trend and we are ready to help banks release their capital as they execute their other strategic priorities.

正如我上季度所述，債務和股權資本繼續從商業房地產領域迅速蒸發。我們受到來自對手方的攻擊，他們真正欣賞我們的握手方式，我們可以將現金和運營商帶到收盤台。我們現在看到，銀行不再願意拖延時間，事實上，它們願意部分或全部出售其貸款賬簿。其中一些交易已經發生，還有更多交易正在醞釀中。監管機構上週提高資本要求的指令只會加劇這一趨勢，我們已準備好幫助銀行在執行其他戰略重點時釋放資本。

Nikhil and Tim's cell phone number has been on full display in our full page ad of the American Banker Magazine since the summer of 2020. Please give them a call. I promise you they will respond within hours, not days as it is customarily acceptable standard in Senior Housing industry. I predict Welltower will play a meaningful role in helping to recapitalize distressed commercial real estate loan portfolios that fall within our circle of competence.

自 2020 年夏季以來，Nikhil 和 Tim 的手機號碼已完整顯示在《美國銀行家》雜誌的整版廣告中。請給他們打電話。我向您保證，他們將在幾小時內做出答复，而不是幾天，因為這是老年住房行業通常可接受的標準。我預測 Welltower 將在幫助對屬於我們能力範圍內的不良商業房地產貸款組合進行資本重組方面發揮有意義的作用。

And lastly, at the risk of stealing Tim's thunder, I would like to point out that our meaningful strengthening of our balance sheet over the last few quarters. Just in the last 1 year, our leverage has fallen from high 6s to mid-5s through a combination of outsized organic growth and prudent capital allocation activity. We're now armed with approximately $7.6 billion of near-term liquidity to address upcoming debt maturities and fund our various capital deployment opportunities. In summary, we have never been more delighted with our operating performance and have never been busier on the deals side and build-out of our platform. While no one knows what future may hold, my partners and I remain as optimistic as they were on the future of our business.

最後，冒著搶了蒂姆風頭的風險，我想指出，過去幾個季度我們的資產負債表得到了有意義的加強。就在過去一年，通過大規模的有機增長和審慎的資本配置活動，我們的槓桿率已從 6 的高位降至 5 的中位。我們現在擁有約 76 億美元的短期流動性，以應對即將到期的債務並為我們的各種資本部署機會提供資金。總而言之，我們對我們的經營業績從未如此滿意，並且在交易方面和平台建設方面也從未如此忙碌。雖然沒有人知道未來會怎樣，但我和我的合作夥伴對我們業務的未來仍然保持樂觀。

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

這樣，我就把電話轉給約翰。

Thank you, Shankh. Another great quarter like last quarter, just better. Our total portfolio generated a 12.7% same-store NOI growth over the prior year's quarter, led by the Senior Housing Operating portfolio with 24.2% year-over-year growth. These great results speak for themselves, so I will provide limited color on the quarterly results and focus more on the future, including the billions of dollars in value that are being unlocked as a result of the management transitions we announced last night.

謝謝你，尚赫。又一個像上季度一樣偉大的季度，只是更好。我們的總投資組合比上年同期實現了 12.7% 的同店 NOI 增長，其中老年住房運營投資組合領先，同比增長 24.2%。這些出色的業績不言自明，因此我將對季度業績提供有限的說明，並更多地關注未來，包括我們昨晚宣布的管理層換屆所釋放的數十億美元的價值。

First, on results. The medical office portfolio's second quarter same-store NOI growth was 3.2% over the prior year's quarter. Same-store occupancy was 95.1%, while retention remains extremely strong across the portfolio at 92.5%, highlighting the stability of the relationships as well as the quality of the portfolio. The 24.2% second quarter NOI increase in our same-store Senior Housing Operating portfolio was a function of 9.9% revenue growth driven by the combination of 7.3% RevPOR growth and 190 basis points of occupancy. As a note, this number excludes the U.K. communities, we recently transitioned to Avery that were originally included in the guidance. These communities grew occupancy at 9% year-over-year. So including the communities, our total portfolio same-store occupancy growth would have been 20 basis points higher at 210 basis points.

首先，關於結果。醫療辦公室投資組合第二季度同店 NOI 比去年同期增長 3.2%。同店入住率為 95.1%，而整個產品組合的保留率仍然非常高，達到 92.5%，凸顯了關係的穩定性以及產品組合的質量。第二季度我們的同店老年住房運營投資組合的 NOI 增長了 24.2%，這是由 7.3% RevPOR 增長和 190 個基點的入住率共同推動的 9.9% 收入增長的結果。請注意，這個數字不包括英國社區，我們最近過渡到最初包含在指南中的 Avery。這些社區的入住率同比增長 9%。因此，包括社區在內，我們的總投資組合同店入住率增長將高出 20 個基點，達到 210 個基點。

Though exclusion of these communities has a negative impact on our annual occupancy growth [stat] we maintained our guidance given the market strength we are seeing. Additionally, expenses remain in control, coming in at 5.8% for the quarter over the comparable prior year's quarter. More specifically, the pressure we experienced from a tight labor market over the past 2 years and broad-based use of agency has continued to abate. In fact, agency expense as a percentage of total compensation for the quarter declined substantially from nearly 8% in the first quarter of last year. This outstanding revenue growth and expense growth led to substantial margin expansion of 290 basis points.

儘管排除這些社區會對我們的年度入住率增長[統計]產生負面影響，但鑑於我們所看到的市場實力，我們維持了我們的指導。此外，本季度的支出仍處於控制之中，與去年同期相比增長了 5.8%。更具體地說，過去兩年勞動力市場緊張和廣泛使用代理機構給我們帶來的壓力持續減輕。事實上，本季度代理費用佔總薪酬的百分比較去年第一季度的近 8% 大幅下降。出色的收入增長和支出增長導致利潤率大幅增長 290 個基點。

All 3 regions continue to show strong same-store revenue growth, starting with Canada at 8.1% and the U.S. and U.K. growing at 9.9% and 13%, respectively. The strong revenue growth in each region, combined with the expense controls have led to fantastic NOI growth in Canada, the U.S. and U.K. of 17.2%, 24.8% and 38.2%, respectively.

所有三個地區的同店收入均繼續強勁增長，其中加拿大增長 8.1%，美國和英國分別增長 9.9% 和 13%。每個地區強勁的收入增長，加上費用控制，導致加拿大、美國和英國的 NOI 分別增長了 17.2%、24.8% 和 38.2%。

Onto the management transitions. We're very excited about the value being unlocked as a result of these transitions. Having the right manager for an asset is critical, a fact that Shankh has repeatedly stated. These transitions accomplish that objective while improving each operator's concentration of Welltower assets in various markets, a key factor to operational excellence. Concentration brings increased effectiveness and increased efficiency through improving the value proposition for customers in numerous ways, including greater choices and frictionless transfers, improving the value proposition for employees, including improved training and career paths and improving the efficiency of vendors operating at multiple sites, translating into increased NOI growth.

進入管理層轉變。我們對這些轉變所釋放的價值感到非常興奮。尚赫多次指出，擁有合適的資產管理者至關重要。這些轉變實現了這一目標，同時提高了各運營商 Welltower 資產在各個市場的集中度，這是卓越運營的關鍵因素。集中化通過多種方式改善客戶的價值主張（包括更多的選擇和無摩擦的轉移），改善員工的價值主張（包括改進培訓和職業道路，以及提高在多個地點運營的供應商的效率） ，從而提高效力和效率。 NOI 增長加快。

The benefits of increased concentration, which show up in margins have been proven many times over with the multifamily REITs. Welltower is now beginning to harvest those benefits. We continue to make substantial progress on our platform and the related rollout. To provide you with one example, one of our operators with over 50 properties is fully and rapidly transitioning to our platform over the coming 3 to 12 months. We've been working with them over the past year via our aggressive asset management program, enabling them to increase occupancy over 600 basis points in the last year. As I've mentioned in the past, the platform isn't only about technology. It's about people, processes, data and technology. After seeing the amazing improvement in occupancy in the 12 months related to our focus on processes, they are fully embracing our entire platform.

增加集中度的好處（體現在利潤率上）已經在多戶房地產投資信託基金中得到了多次證明。 Welltower 現在開始收穫這些好處。我們繼續在我們的平台和相關推廣方面取得實質性進展。舉個例子，我們擁有 50 多家物業的運營商之一將在未來 3 到 12 個月內全面、快速地過渡到我們的平台。在過去的一年裡，我們一直通過積極的資產管理計劃與他們合作，使他們的入住率在去年提高了 600 個基點以上。正如我過去提到的，該平台不僅僅涉及技術。它涉及人員、流程、數據和技術。在看到與我們對流程的關注相關的 12 個月內入住率的驚人改善後，他們完全接受了我們的整個平台。

I'm grateful that they see the opportunity and benefit of pursuing operational excellence and I appreciate their partnership. Additionally, as Shankh mentioned, we are partnering with Cogir, the premier Canadian operator for the management of many of our Canadian transition assets. The best outcomes are achieved by working with the best people and the best operators. I'm very excited about the opportunity to partner with Mathieu and Frederic and their team at Cogir on this new venture and the incredible value we will create for our investors. More to come in the coming year.

我很感激他們看到了追求卓越運營的機會和好處，並且我很欣賞他們的合作夥伴關係。此外，正如 Shankh 提到的，我們正在與加拿大首屈一指的運營商 Cogir 合作，管理我們的許多加拿大過渡資產。最好的成果是通過與最優秀的人才和最優秀的運營商合作來實現的。我很高興有機會與 Mathieu 和 Frederic 以及他們在 Cogir 的團隊合作開展這項新業務，以及我們將為投資者創造令人難以置信的價值。來年還會有更多。

I'll now turn the call over to Tim.

我現在將電話轉給蒂姆。

Thank you, John. My comments today will focus on our second quarter 2023 results, performance of our triple net investment segments in the quarter, our capital activity, a balance sheet liquidity update and finally, our updated full year 2023 outlook. Welltower reported second quarter net income attributable to common stockholders of $0.20 per diluted share and normalized funds from operations of $0.90 per diluted share, representing 4% year-over-year growth or 16% growth after adjusting for HHS and 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 12.7% year-over-year.

謝謝你，約翰。我今天的評論將重點關注我們 2023 年第二季度的業績、本季度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，最後是我們更新的 2023 年全年展望。 Welltower 報告第二季度歸屬於普通股股東的淨利潤為每股攤薄後每股0.20 美元，正常化運營資金為每股攤薄後每股0.90 美元，同比增長4%，經HHS 和同比調整後增長16 %美元走強和基準利率上升對浮動利率債務的影響。我們還報告總投資組合同店 NOI 同比增長 12.7%。

Now turning to the performance of our triple-net properties in the quarter. In our Senior Housing triple-net portfolio, same-store NOI increased 3.1% year-over-year and trailing 12-month [EBITDAre] coverage was 0.88x in the quarter. Next, Same-store NOI in long-term post (inaudible) portfolio grew 6.1% year-over-year and trailing 12-month EBITDAre coverage was 1.48x.

現在轉向我們本季度三網物業的表現。在我們的老年住房三網投資組合中，同店 NOI 同比增長 3.1%，本季度的過去 12 個月 [EBITDAre] 覆蓋率為 0.88 倍。接下來，長期後（聽不清）投資組合中的同店 NOI 同比增長 6.1%，過去 12 個月 EBITDAre 覆蓋率為 1.48 倍。

Turning to capital activity in the quarter. In May, we issued a $1.035 billion convertible note due in 2028. The note bears interest at 2.75% rate and is convertible at $95.41 per share. We intend to use the proceeds from the note to address our 2024 unsecured maturities coming due in the first quarter of next year. In addition to our convert offering, we continue to issue through our ATMs to fund ongoing investment spend, raising gross proceeds of $1.76 billion since the beginning of the second quarter. This capital activity, along with continued growth across our business segments, including the solid post-COVID recovery within our Senior Housing Operating business helped drive net debt-to-adjusted EBITDA to 5.62x at quarter end, which represents well over return of deleveraging versus 1 year ago.

轉向本季度的資本活動。 5 月份，我們發行了 10.35 億美元的可轉換票據，將於 2028 年到期。該票據的利率為 2.75%，可轉換價格為每股 95.41 美元。我們打算利用該票據的收益來解決明年第一季度到期的 2024 年無擔保到期問題。除了我們的轉換產品外，我們還繼續通過 ATM 機發行資金，為持續的投資支出提供資金，自第二季度初以來籌集了 17.6 億美元的總收益。這種資本活動，加上我們各業務部門的持續增長，包括我們高級住房運營業務在新冠疫情后的強勁復甦，幫助我們在季度末將淨債務與調整後EBITDA 之比提高至5.62 倍，這遠遠高於去槓桿化和去槓桿化的回報。 1年以前。

As Shankh mentioned, we are seeing ample opportunity to invest our large cash balance. But even so, we expect net debt-to-adjusted EBITDA to remain below 6x on a pro forma basis post deployment and to continue to move lower as the senior housing operating portfolio continues to drive organic cash flow higher. Additionally, (inaudible) and post-quarter capital activity, we have a current cash and cash equivalent balance of $2.7 billion. Along with full capacity on our $4 billion revolving line of credit and $910 million of remaining expected proceeds from near-term dispositions and loan paydowns, representing approximately $7.6 billion in near-term gross available liquidity and $6.3 billion of liquidity when netting for the $1.35 billion of unsecured maturities we have in 2024.

正如尚赫提到的，我們看到了充足的機會來投資我們的大量現金餘額。但即便如此，我們預計部署後的預計淨債務與調整後 EBITDA 仍將保持在 6 倍以下，並且隨著高級住房運營投資組合繼續推動有機現金流走高，該比率將繼續走低。此外，（聽不清）和季度後資本活動，我們當前的現金和現金等價物餘額為 27 億美元。加上我們40 億美元循環信貸額度的滿負荷以及來自近期處置和貸款償還的剩餘預期收益9.1 億美元，相當於近期可用流動性總額約76 億美元，淨額為13.5 億美元時流動性為63億美元2024 年我們擁有的無擔保到期日。

Lastly, moving to our full year guidance. Last night, we updated our previously issued full year 2023 outlook for net income attributable to common stockholders to a range of $0.73 to $0.84 per diluted share and normalized FFO of $3.48 to $3.59 per diluted share or $3.535 at the midpoint. Our updated normalized FFO guidance represents a $0.04 increase at the midpoint from our previously issued guidance. This increase in guidance is reflective of a $0.02 increase in expected full year senior housing operating NOI, a $0.02 increase in capital allocation activity, which assumes no further investments in the year beyond what has been announced to date and $0.015 from HHS and other out-of-period government grants received in 2Q. And these increases are offset by a $0.015 increase in expected full year G&A and interest expense.

最後，轉向我們的全年指導。昨晚，我們將之前發布的2023 年全年歸屬於普通股股東的淨利潤展望更新為稀釋後每股0.73 美元至0.84 美元，標準化FFO 為稀釋後每股3.48 美元至3.59 美元，中間值為3.535美元。我們更新後的標準化 FFO 指導意見比我們之前發布的指導意見中點增加了 0.04 美元。這一指引的增加反映了預計全年高級住房運營 NOI 增加 0.02 美元、資本配置活動增加 0.02 美元（假設今年除迄今為止宣布的投資之外沒有進一步投資）以及來自 HHS 和其他支出的 0.015 美元。第二季度收到的期外政府補助。這些增長被預計全年 G&A 和利息費用增加 0.015 美元所抵消。

Underlying this FFO guidance is an increased estimate of total portfolio year-over-year same-store NOI growth of 10% to 13%, driven by subsegment growth of outpatient medical, 2% to 3%, long-term post-acute, 3% to 4%; senior housing triple net, 1% to 3%; and finally, increased Senior Housing Operating growth of 20% to 25% year-over-year. The midpoint of which is driven by continued better-than-expected expense trends, along with revenue growth of approximately 9.7%. Underlying this revenue growth is an expectation of approximately 230 basis points of year-over-year average occupancy increase and rent growth of approximately 6.7%.

該 FFO 指引的基礎是對總投資組合同店 NOI 同比增長 10% 至 13% 的上調估計，這主要是由門診醫療細分市場增長 2% 至 3%、長期急性期後 3 %至4%；高級住房三重淨，1%至3%；最後，老年住房運營同比增長 20% 至 25%。其中中點是由持續好於預期的支出趨勢以及約 9.7% 的收入增長推動的。這一收入增長的基礎是預計平均入住率同比增長約 230 個基點，租金增長約 6.7%。

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

然後，我會將電話轉回給 Shankh。

Thank you, Tim. We're currently living in an uncertain macroeconomic environment where the outlook is getting murkier by the day. One day it is sunny and the next day, all people see are dark clouds. The Federal Reserve appears to be resolute in its fight against inflation and seems far less inclined to come to rescue private and public markets as most participants like to hope for. Against this backdrop, we continue to take a very balanced approach as we consider both growth opportunities and risk environment.

謝謝你，蒂姆。我們目前生活在一個不確定的宏觀經濟環境中，前景日益黯淡。有一天陽光明媚，第二天人們看到的卻是烏云密布。美聯儲似乎堅決反對通貨膨脹，而且似乎不太願意像大多數參與者所希望的那樣來拯救私人和公共市場。在此背景下，我們繼續採取非常平衡的方法，同時考慮增長機會和風險環境。

On one hand, we remain prudent and continue our deleveraging through rapid organic growth and appropriate capitalization of our external growth opportunities. On the other hand, we're aggressively putting capital to work, though we're ever more price and return conscious. We cannot predict the macro but we can predict with a high degree of confidence what is likely to come on a micro basis. And that is while we are seeing growth rolling over in most asset classes, including most other real estate property types, both the demand and supply outlook are getting better for us as we look into '24 and '25. As I mentioned on our fourth quarter call, I believe we're at the beginning of multiyear double-digit NOI growth cycle for our business, resulting from a long runway of occupancy gains, rate growth and operating margin expansion.

一方面，我們保持審慎態度，通過快速有機增長和適當利用外部增長機會繼續去槓桿。另一方面，我們正在積極投入資本，儘管我們越來越注重價格和回報。我們無法預測宏觀，但我們可以高度自信地預測微觀上可能發生的情況。雖然我們看到大多數資產類別（包括大多數其他房地產類型）都出現增長，但隨著我們展望“24 世紀”和“25 年”，需求和供應前景都在變得更好。正如我在第四季度電話會議上提到的那樣，我相信我們的業務正處於多年兩位數 NOI 增長周期的開始，這是由於長期的入住率增長、利率增長和營業利潤率擴張所致。

At Project Transformers, along with a relentless optimization of our operating platform, the impact which will start to show up in next year and the constant reloading of our external growth gun and or perhaps the growth bazooka at this point, through a highly targeted deal, you get an ideal setup for accelerating earnings and cash flow growth as we look into next year.

在變形金剛項目中，隨著我們運營平台的不斷優化，影響力將在明年開始顯現，以及我們的外部增長槍和/或增長火箭筒的不斷重新加載，通過高度針對性的交易，當我們展望明年時，您將獲得加速收益和現金流增長的理想設置。

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

這樣，我們將開始提問。

(Operator Instructions) Your first question is from the line of Jonathan Hughes with Raymond James.

（操作員說明）您的第一個問題來自 Jonathan Hughes 和 Raymond James。

I wanted to ask about the recent transitions. What's changed between how you're able to implement transitions today that minimize the economic impact versus prior ones in previous years that typically came with some lost income. Are these operators taking over just that much more sophisticated? Do they have more support from you? Is some of it driven by the very different supply-demand backdrop? I'm just trying to better understand how to interpret the term transition because previously that came with some near-term negative impacts but now that seems to be a positive.

我想問一下最近的轉變。與前幾年通常會帶來一些收入損失的轉變相比，今天實施轉變的方式發生了哪些變化，以最大限度地減少經濟影響。這些運營商接管的事情是否更加複雜？他們得到你更多的支持嗎？其中一些是由截然不同的供需背景驅動的嗎？我只是想更好地理解如何解釋“轉型”這個術語，因為以前這會帶來一些近期的負面影響，但現在似乎是積極的。

It's a really good question. A lot of it really is what I would call relates to leadership and that's because a lot of our transition relates to execution. So having the outstanding partners that we have, working together as a team to anticipate opportunities and issues, connecting with people. All these issues, all these items are about people, so connecting with the people, the sites and finding it all out flawlessly and executing flawlessly is what's changing that game. There's a lot of details involved each of these -- in each of these situations, there's literally transition teams that are 24/7 focused 100% on all the details and then there's operating teams that are focused on the operations. So a lot of work but ultimately, it's leadership that changes that game.

這是一個非常好的問題。我所說的很多確實與領導力有關，這是因為我們的很多轉變都與執行有關。因此，我們擁有優秀的合作夥伴，作為一個團隊共同努力預測機會和問題，與人們建立聯繫。所有這些問題、所有這些項目都與人有關，因此與人、網站建立聯繫並完美地找出一切並完美地執行是改變遊戲規則的原因。其中每一個都涉及很多細節 - 在每種情況下，實際上都有過渡團隊 24/7 100% 專注於所有細節，然後還有運營團隊專注於運營。雖然工作量很大，但最終改變遊戲規則的是領導力。

Jonathan, we are not going to give away how we do these things today versus what we -- happened before. But I have mentioned in previous calls, that we have learned finally under John's leadership, how to do these transitions right. But that's our proprietary obviously, you're seeing red lines that's showing up in the results but we're not going to give away our secrets obviously on this call.

喬納森，我們不會放棄我們今天如何做這些事情以及我們之前發生的事情。但我在之前的電話會議中提到，我們最終在約翰的領導下學會瞭如何正確地進行這些過渡。但這顯然是我們的專有權利，你會看到結果中出現的紅線，但我們不會在這次電話會議上顯然洩露我們的秘密。

Your next question is from the line of Connor Siversky with Wells Fargo.

您的下一個問題來自富國銀行的康納·西弗斯基 (Connor Siversky)。

I appreciate the color and the prepared remarks and congratulations on crossing that $1 billion threshold. It's quite an achievement. Just want to switch gears to Integra. Wondering if you could provide an update on the portfolio transition process. specifically looking for color on how cash flow metrics within the portfolio are trending and perhaps as a bonus, some perspective on access and retention of labor within those skilled nursing assets?

我很欣賞這種顏色和準備好的發言，並祝賀您跨過 10 億美元的門檻。這是一項相當大的成就。只是想切換到 Integra。想知道您是否可以提供有關投資組合過渡流程的最新信息。特別是尋找投資組合中現金流量指標趨勢的顏色，也許作為獎勵，對這些熟練護理資產中勞動力的獲取和保留的一些看法？

Connor, it's Nikhil. I'll take this one. So look, we're pretty pleased with the performance that we've seen so far. If you remember, there were a total of 147 buildings that were being transitioned, over of those 133 have already been transitioned to the new operators. And the results we're seeing are very encouraging. So if you look at those 133 buildings, for the 3 months prior to the transition, those buildings on an EBITDAre basis were losing roughly $90 million a year. 3 months later, first quarter of this year and those same buildings that are making positive $70 million. Still a lot more work to be done but their rapid turnaround has been really encouraging to see.

康納，我是尼基爾。我要這個。所以看，我們對迄今為止所看到的表現非常滿意。如果您還記得的話，總共有 147 棟建築正在過渡，其中 133 棟已經過渡到新的運營商手中。我們看到的結果非常令人鼓舞。因此，如果你看看這 133 座建築，在過渡前的 3 個月裡，這些建築按 EBITDA 計算每年損失約 9000 萬美元。 3 個月後，今年第一季度，這些建築的盈利達到了 7000 萬美元。還有很多工作要做，但他們的快速轉變確實令人鼓舞。

And on the second part of your question, on labor, all the numbers, all the metrics, seem to be following the broader trends we're seeing in our broader business that the labor situation is getting better by the day.

關於你問題的第二部分，關於勞動力，所有的數字、所有的指標似乎都遵循我們在更廣泛的業務中看到的更廣泛的趨勢，即勞動力狀況日益好轉。

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

您的下一個問題來自巴克萊銀行的 Steven Valiquette。

Congrats on the results as well. Yes. No, it's hard to answer for the whole industry. Your results are obviously incredibly strong in Senior Housing but there are some pockets from some other players where maybe the occupancy was slowing down a little bit in the quarter. Just curious if you have any high-level thoughts on maybe why your results were separate from maybe some other players that did see occupancy decelerating a little bit? Is there any signs of price sensitivity in any pockets of the market? Just curious about your thoughts around that.

也祝賀結果。是的。不，這對於整個行業來說很難回答。您在高級住房方面的業績顯然非常強勁，但其他一些參與者的一些口袋可能在本季度的入住率有所放緩。只是好奇您是否對為什麼您的結果與其他一些確實看到入住率略有下降的玩家不同有任何高層想法？市場的某些部分是否有任何價格敏感的跡象？只是好奇你對此的想法。

Steve, we're not going to get into what other players might or might not be seeing. We can only tell you what we are seeing. We're seeing a very strong start of the spring selling -- summer selling season. If you think about how this business works, Obviously, the activities pick up very significantly, sales start to happen in sort of second quarter, that translate into third quarter, early fourth quarter occupancy gains. That's seasonally how the business works. And we have seen some significant traction this summer as we're moving into the third quarter. We're seeing pricing trends getting better, occupancy trends getting better. So I really have no idea what you're referring to.

史蒂夫，我們不會討論其他玩家可能會看到或不會看到的內容。我們只能告訴你我們所看到的。我們看到春季銷售旺季和夏季銷售旺季的強勁開局。如果你考慮一下這項業務的運作方式，顯然，活動明顯增加，銷售在第二季度開始發生，這轉化為第三季度、第四季度初的入住率增長。這就是業務的季節性運作方式。今年夏天，隨著我們進入第三季度，我們已經看到了一些顯著的牽引力。我們看到價格趨勢變得更好，入住率趨勢也變得更好。所以我真的不知道你指的是什麼。

But I can tell you that we're very pleased with second quarter occupancy, right? John just mentioned, our reported same-store numbers are impacted by the removal of the U.K. assets. But we're very, very pleased with what we have seen. We don't know what future holds. I'm not going to try to sit here and guess what the future will look like. But the promise we made to you and our owners is very simple. We will get more than what the market gives us, right? That's our execution. And we're very pleased with what we have seen so far. If you look at the demand supply, trends are getting better every day. It's not the other way around.

但我可以告訴你，我們對第二季度的入住率非常滿意，對嗎？約翰剛才提到，我們報告的同店數量受到英國資產移除的影響。但我們對所看到的非常非常滿意。我們不知道未來會怎樣。我不會嘗試坐在這裡猜測未來會是什麼樣子。但我們向您和我們的所有者做出的承諾非常簡單。我們得到的會比市場給我們的更多，對嗎？這就是我們的執行。我們對迄今為止所看到的情況感到非常滿意。如果你看看需求供應，就會發現趨勢每天都在好轉。事實並非相反。

Your next question is from the line of Michael Griffin with Citi. Michael Griffin, your line is open.

你的下一個問題來自花旗集團的邁克爾·格里芬。邁克爾·格里芬，您的線路已接通。

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

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

I just want to understand, so with Well no longer having an investment in the Sunrise management company and sort of dissolving the joint venture relationship with Revera, are the remaining Sunrise-operated assets still revenue-based management contracts? And if so, I guess, how does that change the owner-operator relationship moving forward? And is there more restructuring to do over time with that portfolio specifically?

我只是想了解，隨著Well不再投資Sunrise管理公司，並解除與Revera的合資關係，Sunrise運營的剩餘資產是否仍然是基於收入的管理合同？如果是這樣，我想，這將如何改變業主與運營商之間的關係？隨著時間的推移，該投資組合是否需要進行更多重組？

The answer is, the Sunrise contracts are not what you described. We restructured our contract with Sunrise in 2011 -- 2021, sorry 2021. And Sunrise is fully aligned with us with this principal philosophy that we sink and swim together. So many years ago, I have described that our fundamental philosophy under my team's leadership has changed from owning part of management company's equity to contract. That's what we have described. And as you can see in one of the slides we have described this 7-year long effort to transform all our contracts from sort of top line focused contracts to bottom line focused contracts where we sink and swim together and virtually all of our contracts are there today.

答案是，日出合約不是你所描述的那樣。我們在 2011 年至 2021 年重組了與 Sunrise 的合同，抱歉是 2021 年。Sunrise 與我們完全一致，秉承我們共同沉浮的基本理念。很多年前，我就描述過，在我的團隊的領導下，我們的基本理念已經從擁有管理公司的部分股權轉變為契約。這就是我們所描述的。正如您在一張幻燈片中所看到的，我們描述了長達7 年的努力，將我們所有的合同從以營收為中心的合同轉變為以利潤為中心的合同，我們一起共沉共泳，幾乎所有合同都在那裡。今天。

So that sort of hopefully gives you answer to your question. We do not believe and we haven't done in sort of having influence on our communities through owning part of management contract -- part of management companies. We do it through our contracts and that's what you can see in the evolution of those contracts.

因此，希望這能為您提供問題的答案。我們不相信也沒有做過通過擁有部分管理合同（管理公司的一部分）對我們的社區產生影響的事情。我們通過合同來做到這一點，這就是您可以在這些合同的演變中看到的。

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

您的下一個問題來自加拿大皇家銀行資本市場部的邁克爾·卡羅爾。

I wanted to touch on the Welltower, Cogir, I guess, operating relationship. I mean how is that relationship going to work? And how should we think about the growth of that platform? I mean when you're growing into new markets, are you going to be doing that with Cogir or another operator? Or would you be doing that yourself?

我想談談 Welltower 和 Cogir 的運營關係。我的意思是，這種關係將如何運作？我們應該如何看待該平台的增長？我的意思是，當您開拓新市場時，您會與 Cogir 或其他運營商合作嗎？或者你自己會這樣做嗎？

The -- as far as for how it works, I'll talk about that and I'll let Shankh talk about the expansion. But as far as how it works, it's working fantastic right now. I'm partnering up with Frederic and we're working together really on the vision, the strategy and oversight. Cogir is handling all the execution on the daily decisions and all that type of stuff. And what you have is a very synergistic team. We're both extremely excited about reenvisioning the opportunity to reposition these assets. And so we're excited about what we're creating there. But I won't be involved in the daily aspects of it. I -- they're a fantastic operator. There's no value there. I'm focused to get on the bigger picture items.

至於它是如何運作的，我會談論它，我會讓 Shankh 談論擴展。但就其工作原理而言，它現在運行得非常好。我正在與 Frederic 合作，我們正在就願景、戰略和監督進行真正的合作。 Cogir 負責處理日常決策以及所有此類事務的所有執行。你們擁有一支非常具有協同作用的團隊。我們都對重新設想重新定位這些資產的機會感到非常興奮。因此，我們對在那裡創造的東西感到興奮。但我不會參與其中的日常事務。我——他們是一位出色的操作員。那裡沒有任何價值。我專注於了解更大的項目。

From an expansion standpoint, my comment that I made that this joint venture will have rapid growth. That comment obviously means that you will see that we're expanding -- we're very excited about Canada and doing lots of expansions in Canada that will come. We're focused -- if you think about it in a very simplistic terms, this platform that we're launching, we'll be focused on English-speaking Canada. Cogir has a tremendous brand in the French Canada and we'll work this together from that. Now what we do in U.S. is a different conversation. Just understand that our PLR is on independent living and majority of our exposure in independent living is in Canada. That's why we're starting this.

從擴張的角度來看，我的評論是這個合資企業將會有快速的增長。這個評論顯然意味著你會看到我們正在擴張——我們對加拿大感到非常興奮，並且即將在加拿大進行大量擴張。我們的重點是——如果你用一個非常簡單的術語來思考，我們正在推出的這個平台，我們將專注於英語國家的加拿大。 Cogir 在法屬加拿大擁有巨大的品牌，我們將以此為基礎共同努力。現在我們在美國所做的是不同的對話。請了解，我們的 PLR 是獨立生活，而我們的獨立生活大部分都在加拿大。這就是我們開始這個的原因。

Your next question is from the line of Vikram Malhotra with Mizuho.

你的下一個問題來自維克拉姆·馬爾霍特拉 (Vikram Malhotra) 和瑞穗 (Mizuho) 的專線。

Maybe Shankh or Tim, you talked a lot about stress in Senior Housing referencing obviously, the Fannie Mae delinquencies. I'm wondering if you can just -- and then you outlined the $30 billion decade opportunity. I'm wondering if you can give us more color on kind of how you think about the funnel in terms of all these distressed opportunities coming, whether it's operational or balance sheet distress. But how do you think about the funnel and filtering it down to what is actually actionable for Welltower, whether it is analytics-driven or strategic-driven. And then just combining that actionable pipeline, you mentioned with sort of the long-term earnings power. You talked about double-digit NOI growth but are there any tea leaves you can share on kind of the earnings, the underlying AFFO, is likely to grow over a longer time period?

也許尚赫或蒂姆，你們談到了很多關於高級住房壓力的問題，顯然提到了房利美的拖欠問題。我想知道您是否可以 - 然後您概述了 300 億美元的十年機遇。我想知道您是否可以向我們提供更多關於您如何看待所有這些即將到來的不良機會的渠道的信息，無論是運營還是資產負債表不良。但是，您如何看待這個漏斗並將其過濾為對 Welltower 來說實際可行的內容，無論是分析驅動的還是戰略驅動的。然後將您提到的可操作的渠道與長期盈利能力結合起來。您談到了兩位數的 NOI 增長，但是您是否可以分享一下收益（潛在的 AFFO）可能會在較長時期內增長的情況？

Let me see if I can answer your 5-part question. Likely, I will forget some pieces. So Vikram, frankly speaking, if we just take a step back and understand what's happening, the stress that we see are not cash flow driven, the stress that we see are balance sheet driven. And the balance sheet driven comes in many forms. There's a significant lack of equity and debt capital today. In fact, when we say the debt market is functioning -- not functioning, most people assume that sort of the debt market remains and it's not growing, it remains fairly flat. That's not what's happening today. The debt market -- banks are under significant pressure from regulators to shore up capital, which means they are actually selling, they're shrinking, right?

讓我看看是否可以回答您的 5 部分問題。很可能，我會忘記一些片段。因此，維克拉姆，坦率地說，如果我們退一步並了解正在發生的事情，我們看到的壓力不是現金流驅動的，我們看到的壓力是資產負債表驅動的。資產負債表驅動有多種形式。如今股本和債務資本嚴重缺乏。事實上，當我們說債務市場正在發揮作用——而不是發揮作用時，大多數人認為這種債務市場仍然存在，而且沒有增長，仍然相當平穩。今天的情況並非如此。債務市場——銀行面臨著來自監管機構要求支撐資本的巨大壓力，這意味著它們實際上正在出售，它們正在萎縮，對嗎？

Then you add on top of that, a lot of the construction that happened between '15 and '19 time frame, they're on SOFR-based loans, they're on LIBOR-based loans. And given how much that base rates have gone up, right, 500-plus basis points just in the last 12 months, is putting tremendous pressure. You think about it where a LIBOR plus [350, 400] is today, you are at 8%, 9% rate. And you just cannot -- these capital structures were not envisioned for that kind of rate environment. So you've got massive pressure on that. Then you see even people who put floater caps, a lot of these floater caps are coming off second half of this year and next year.

然後，除此之外，許多建設發生在 15 年至 19 年期間，它們是基於 SOFR 的貸款，它們是基於 LIBOR 的貸款。考慮到基本利率在過去 12 個月內上漲了 500 多個基點，這帶來了巨大的壓力。你想想今天的 LIBOR 加 [350, 400]，利率是 8%、9%。你就是不能——這些資本結構並不是為那種利率環境所設想的。所以你在這方面承受著巨大的壓力。然後你會看到，即使有人設置了浮動上限，很多浮動上限也會在今年下半年和明年取消。

So and you add insult to injury, majority of Senior Housing loans actually come with personal guarantees. So I can go on and on and on but that's not the point. What you're asking is, is very simply, these assets are not stressed, the balance sheet behind the assets are stressed. And we are ready and willing. And to do these executions, you just -- you need 2 things. You need cash because that -- we're not showing up with subject to financing, we're showing up with cash. And the other very important thing is operating partners. You need both to solve people's problems, their balance sheet problems and their go-forward problems and that's why we're doing it. Now we're not going to get into on this call a multiyear sort of a earnings growth projection.

因此，雪上加霜的是，大多數高級住房貸款實際上都帶有個人擔保。所以我可以繼續說下去，但這不是重點。你問的是，很簡單，這些資產沒有壓力，資產背後的資產負債表有壓力。我們已經準備好並且願意。要執行這些處決，您只需要做兩件事。你需要現金，因為我們不會帶著融資的問題出現，我們會帶著現金出現。另外一個非常重要的事情就是運營合作夥伴。你需要解決人們的問題，他們的資產負債表問題和他們的前進問題，這就是我們這樣做的原因。現在我們不打算在這次電話會議上討論多年的盈利增長預測。

As Tim has alluded to, (inaudible) earnings growth is significantly impacted by, obviously, our floating rate debt as well as strong dollar. You know what those numbers are. We have pointed out. Unless you believe rates are going from 5.5% to 11% again, you should not have those kind of impacts going forward, right? So from the NOI growth, with that, you can figure it out what that looks like. But from my comment, you can figure out that we're very excited about an accelerating earnings and cash flow growth trajectory as we look into '24.

正如蒂姆所提到的，（聽不清）盈利增長顯然受到我們的浮動利率債務以及強勢美元的顯著影響。你知道這些數字是什麼。我們已經指出了。除非你相信利率會再次從 5.5% 升至 11%，否則你不應該再受到此類影響，對嗎？因此，從 NOI 的增長來看，你可以弄清楚它是什麼樣的。但從我的評論中，你可以看出，當我們展望 24 世紀時，我們對盈利和現金流增長軌蹟的加速感到非常興奮。

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

您的下一個問題來自豐業銀行的 Nick Yulico。

In terms of the $2.3 billion of investments post second quarter, I know you talked about the discount to replacement costs and some of the IRR expectations. But can you just give us a feel for what these look like on a first year cap rate basis and then stabilized yield potential going out a couple of years. And any comments on occupancy or other drivers that are creating some of the NOI upside for the assets?

就第二季度後 23 億美元的投資而言，我知道您談到了重置成本折扣和一些 IRR 預期。但您能否讓我們了解一下第一年上限利率的情況以及幾年後穩定的收益率潛力。對於入住率或其他為資產創造一些 NOI 上升空間的驅動因素有何評論？

Yes. So I'll start with the last. Obviously, these assets have both occupancy and significant margin growth potential. With the occupancy, obviously, as you understand, Nick, sort of the flow-through mechanics of this business. Majority of the profitability in the business is after, call it, 80% occupancy because there's very significant fixed costs. So incremental margin, if you will, after 80% occupancy is, call it, 70-plus percent margin. And then as you get closer to 90% or 90% -- about 90% occupancy we're at kind of 90 -- your incremental margin is of course 90%, right?

是的。所以我將從最後一個開始。顯然，這些資產既有入住率又有顯著的利潤增長潛力。顯然，正如你所理解的，尼克，入住率是這項業務的流通機制。該業務的大部分盈利能力是在 80% 的入住率之後實現的，因為固定成本非常高。因此，增量利潤率，如果你願意的話，在 80% 的入住率之後，可以稱之為 70% 以上的利潤率。然後當你接近 90% 或 90% 時——大約 90% 的入住率，我們在 90 左右——你的增量利潤率當然是 90%，對嗎？

So majority of the profitability -- it's a hockey stick profitability in that kind of 10% plus occupancy range. So that's what's the driver of the growth that we think baked into this. So we like buying low-basis, lower occupancy portfolio. That's sort of what we do. We do not like to pay a cash flow on a highly occupied high NOI, which drives into -- obviously results into high-basis assets. We just don't do that here. That sort of gives you the answer to the second question, right? Let's just talk about the first question, which is a very simple question. You should assume a year 1 in this batch of acquisitions, roughly around 6%, going into 7 plus, following the math I just described to you.

因此，大部分盈利能力是 10% 以上的入住率範圍內的曲棍球棒盈利能力。這就是我們認為其中的增長動力。因此，我們喜歡購買低基差、低入住率的投資組合。這就是我們所做的。我們不喜歡在高度佔用的高 NOI 上支付現金流，這顯然會導致高基礎資產。我們只是不在這裡這樣做。這就是第二個問題的答案，對嗎？我們先來說第一個問題，這是一個非常簡單的問題。按照我剛才向您描述的數學計算，您應該假設這批收購中的第 1 年大約為 6%，進入第 7 年以上。

Your next question is from the line of (inaudible) with Evercore.

您的下一個問題來自 Evercore（聽不清）。

Thinking of the business update on the Revera transition, Pages 9 and 10, could you just provide what is a reasonable time line for that NOI capture and what capital you might have to spend to capture that NOI delta?

考慮到 Revera 過渡的業務更新（第 9 頁和第 10 頁），您能否提供捕獲 NOI 的合理時間表以及您可能需要花費哪些資金來捕獲 NOI 增量？

Yes. So we have never gotten into the time line of our bridge. This is part of our bridge, obviously. We'll leave you to determine when we think stable occupancy will come. And so that's part of your -- sort of answer to the first part of your question.

是的。所以我們從來沒有進入我們橋樑的時間線。顯然，這是我們橋樑的一部分。我們將讓您自行決定何時會出現穩定的入住率。這就是你問題第一部分的答案的一部分。

The second part, I just want to point out one thing, is what we are suggesting here, is that $120 million we mentioned is part of the $414 million or so of the bridge. So that's what it is. If we thought that's all we're going to get, we would not have done it. In other words, the bridge, the fundamental tenet of the bridge is we go back to fourth quarter of '19 occupancy. If you look at Page 32, which sort of shows one of these transitions we have done, not only the first 6 that we gave it to Oakmont, exactly 2 years ago, today is actually exactly 2 years. These occupancies are above 90% where the prior peak was 86% and change in 2016. That gives you and I expect -- fully expect to believe they will be in mid-90s in the next few months. That gives you a sense of where we think the occupancy will go and what the margin will follow.

第二部分，我只想指出一件事，就是我們在這裡建議的，我們提到的 1.2 億美元是大約 4.14 億美元的橋樑工程的一部分。就是這樣。如果我們認為這就是我們所能得到的一切，我們就不會這麼做。換句話說，這座橋，這座橋的根本宗旨是我們回到19年第四季度的佔用。如果你看一下第 32 頁，其中顯示了我們所做的其中一個轉變，而不僅僅是我們在 2 年前向 Oakmont 提供的前 6 個轉變，今天實際上是 2 年。這些入住率高於 90%，之前的峰值為 86%，並在 2016 年發生了變化。這讓你和我預計 - 完全相信他們將在未來幾個月內達到 90 年代中期。這讓您了解我們認為入住率將走向何方以及利潤率將如何變化。

For example, let me give you another example, the Canadian example. The Revera properties that we mentioned, I believe one of the pages said is like low 70s occupancy. That portfolio is sitting at 23% margin, give or take today. I mentioned to you that Cogir runs in their Canadian portfolio 40-plus percent margin. That sort of gives you a sense of where we think that these properties can go. [120] is part of the bridge that shows me [414]. But if we thought 120 is all we're going to get, we wouldn't have done it.

我再舉一個例子，加拿大的例子。我們提到的 Revera 房產，我相信其中一頁說的入住率就像 70 年代的低水平。無論今天的情況如何，該投資組合的利潤率為 23%。我向您提到過，Cogir 在其加拿大投資組合中的利潤率高達 40% 以上。這讓您了解我們認為這些屬性可以走向何方。 [120]是向我展示[414]的橋的一部分。但如果我們認為 120 就是我們能得到的全部，我們就不會這樣做。

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

您的下一個問題來自 BMO 資本市場的 Juan Sanabria。

Shankh or John, maybe if you could just talk about what you're thinking or seeing or you're discussing with your operators with regard to the rent bumps either this fall or next year? I'm not sure if it's too early but just curious on your thoughts on how that could change relative to last year's pretty sizable increases in a different inflationary environment?

Shankh 或 John，也許您可​​以談談您的想法或所見，或者您正在與運營商討論今年秋天或明年的租金上漲問題？我不確定現在是否為時過早，但只是想知道您對在不同的通脹環境下相對於去年相當大的增長而言會如何變化的想法感到好奇？

Yes. So one, we're not going to sit here and try to predict what will happen 6 months from now but I expect a very strong rate environment in 2024 as well. What will that be exactly depends on a lot of things. But I have no reason to believe, in a better environment of demand and supply, we're not going to have a strong pricing power. But we'll see when we get there.

是的。因此，我們不會坐在這裡嘗試預測 6 個月後會發生什麼，但我預計 2024 年也會出現非常強勁的利率環境。那到底是什麼取決於很多事情。但我沒有理由相信，在更好的供需環境下，我們不會擁有強大的定價能力。但當我們到達那裡時我們會看到。

Your next question is from the line of John Pawlowski with Green Street.

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

Tim, a question on funding going forward. And I know funding secured for the deals you've announced that are under contract. I'm just curious how -- what do you think the optimal funding mix for the next $1 billion of external growth is?

蒂姆，關於未來資金的問題。我知道您已宣布的合同中的交易已獲得資金保障。我只是好奇 - 您認為下一個 10 億美元外部增長的最佳融資組合是什麼？

Yes, John, I think consistent with how we've done in the past, the funding is going to be from the most attractive source you have, right? And whether that's public equity, debt or disposition proceeds, we'll continue to optimally fund as we move along. So we would just hesitate to try to provide you forward guidance on that. It will be -- decisions are made at whatever is the optimal time of the funding.

是的，約翰，我認為與我們過去的做法一致，資金將來自您擁有的最具吸引力的來源，對嗎？無論是公共股權、債務還是處置收益，我們都將在前進過程中繼續提供最佳資金。因此，我們會猶豫是否嘗試為您提供這方面的前瞻性指導。它將是——在融資的最佳時間做出決定。

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

您的下一個問題來自摩根士丹利的 Ronald Kamdem。

Just can we dig into the expenses a little bit, which just seems is trending better than expected. Historically, it's been on the labor, that's not a surprise. But going forward, maybe can you talk about what are the biggest drivers that you're going to be looking at? And what areas do you have conviction in and where could you be surprised up or down?

我們可以稍微深入研究一下費用，這似乎比預期的要好。從歷史上看，它一直在勞動力上，這並不奇怪。但展望未來，也許您能談談您將關注的最大驅動因素是什麼？您對哪些領域有信心？哪些領域可能會令您感到驚訝或下降？

We have a lot of conviction on both, continue to optimizing the labor side and other expenses. I would rather not get into what drivers you might get in the next 6 months versus 12 months but I will point out that the utility side, the energy side, last fall was very, very significant hit. So at least as we lap going into '24, we should get from a year-over-year perspective and frankly, energy prices have come down, we should see some benefit.

我們對兩者都有很大的信心，繼續優化勞動力方面和其他支出。我不想討論未來 6 個月和 12 個月可能會受到哪些驅動因素的影響，但我要指出的是，去年秋天公用事業方面、能源方面受到了非常非常重大的打擊。因此，至少當我們進入 24 世紀時，我們應該從同比的角度來看，坦率地說，能源價格已經下降，我們應該看到一些好處。

But we're not going to sit here and just try to predict what might or not might play later on but I will say that you have heard from our prepared remarks that we're feeling very good about continued margin expansion, not just sort of going back to pre-COVID but we do think that John will take these margins much higher over a period of time.

但我們不會坐在這裡，只是試圖預測稍後可能發生或不會發生的事情，但我會說，您從我們準備好的評論中聽到，我們對持續的利潤率擴張感到非常滿意，而不僅僅是某種程度的增長。回到新冠疫情之前，但我們確實認為約翰將在一段時間內將這些利潤率提高得多。

Your next question is from Mike Mueller with JPMorgan.

您的下一個問題來自摩根大通的邁克·穆勒（Mike Mueller）。

For the loan portfolio, loan assets that you're looking at, should we be thinking of those as being straight debt deal at discounts or just more specifically targeted toward portfolios where you can ultimately get to the real estate?

對於貸款組合，您正在尋找的貸款資產，我們是否應該將其視為折扣的直接債務交易，或者只是更具體地針對您最終可以進入房地產的投資組合？

So first thing is, I'm going to elaborate again. I think I've done it before. I'm just going to tell you, we don't lend against assets that we don't want to own at the last dollar basis that we -- our loan sits at. So that's sort of the fundamental premise that we have. Having said that, different transactions come in different forms. We're here to help people provide sort of -- we're here to help owners and borrowers with liquidity that they might need or institutions which owns -- already owns those loans. How different transaction will play out, whether it's an existing loan or we're coming in to provide capital, I don't know that yet. We are -- our focused investors and simple debt yield will determine where we get to but just a coupon is less interesting for us.

首先，我將再次詳細說明。我想我以前已經做過了。我只是想告訴你，我們不會以我們貸款所依據的最後美元為基礎，以我們不想擁有的資產為抵押放貸。這就是我們所擁有的基本前提。話雖如此，不同的交易有不同的形式。我們在這裡幫助人們提供某種 - 我們在這裡幫助所有者和借款人提供他們可能需要的流動性或擁有 - 已經擁有這些貸款的機構。不同的交易將如何進行，無論是現有貸款還是我們將提供資金，我還不知道。我們專注的投資者和簡單的債務收益率將決定我們的發展方向，但僅僅優惠券對我們來說就沒那麼有趣了。

We'll start, obviously, probably we're thinking about how we can get equity returns. If we're just going in and a 100 cents on the dollar, when we are actually loaning into a situation that doesn't have debt. Or if it is existing debt, we're going to have to think about what type of discount gives us the right return, assuming we get our money back. And if we don't, we're comfortable owning the asset at that last dollar basis, philosophically, that's what we think about it. Every transaction is different.

顯然，我們可能會開始考慮如何獲得股權回報。如果我們只是以 100 美分的價格投入，而實際上我們是在向沒有債務的情況提供貸款。或者，如果是現有債務，我們將不得不考慮哪種類型的折扣可以給我們帶來正確的回報，假設我們能收回我們的錢。如果我們不這樣做，我們會很樂意以最後一美元的價格擁有該資產，從哲學上講，這就是我們的想法。每筆交易都是不同的。

Your next question is from the line of Joshua Dennerlein with Bank of America.

您的下一個問題來自美國銀行的 Joshua Dennerlein。

John, last quarter, you mentioned you had rolled out a pilot program for drawing in leads to a couple of senior housing properties. And I think if I recall correctly, I guess the biggest challenge was just the sheer volume of leads. What's the latest on that pilot program? And maybe just how is that impacting pricing power?

約翰，上個季度，您提到您已經推出了一項試點計劃，以吸引一些高級住房的銷售線索。我想，如果我沒記錯的話，我想最大的挑戰就是潛在客戶的數量。該試點計劃的最新進展是什麼？也許這對定價能力有何影響？

Yes. So the comments, if I remember correctly myself, was the COO called us and it was funny to me said, geez, you've done so much to increase leads, we're struggling getting our hands around that in that pilot and they definitely did get their hands around it. It's a staffing opportunity there. We're continuing to roll out -- move from pilot to rollout, an so we're pressing forward. And as I mentioned, we have another operator that's jumping on 100% onboard and we'll be pushing forward their platform up with our venture up in Canada as well. We're seeing terrific results through the marketing efforts that we're applying. And what that does to pricing power, in essence, our focus is on maximizing NOI, right? So we're looking at combination between price, between occupancy, recognizing that occupancy comes with a price. So yes, we will push a little bit more on price and find the right point there but it's what's providing our outstanding results.

是的。所以，如果我沒記錯的話，這些評論是首席運營官給我們打電話，這對我來說很有趣，他說，天哪，你為增加銷售線索做了很多工作，我們在那個試點項目中正在努力解決這個問題，他們肯定是這樣的。確實得到了他們的幫助。這是一個人員配置的機會。我們正在繼續推出——從試點轉向推出，因此我們正在努力向前推進。正如我所提到的，我們還有另一家運營商 100% 加入，我們也將與我們在加拿大的合資企業一起推動他們的平台發展。通過我們正在應用的營銷努力，我們看到了極好的結果。這對定價能力有何影響，本質上，我們的重點是最大化 NOI，對吧？因此，我們正在研究價格和入住率之間的組合，並認識到入住率是有價格的。所以，是的，我們會在價格上稍微提高一點，並在那裡找到正確的點，但這正是我們取得出色成果的原因。

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

你的下一個問題來自花旗集團的邁克爾·格里芬。

I know you've talked in the past about redevelopment initiatives you've undertaken at some properties. I'm just curious if you can give us an update on these redevelopments, kind of what the expectation for growth in this platform is going forward? And any commentary there would be helpful.

我知道您過去曾談到過對某些房產進行的重建計劃。我只是好奇您能否向我們介紹這些重建的最新情況，以及該平台未來增長的預期是什麼？那裡的任何評論都會有幫助。

Yes. That's really a great question. And I think it's something that is -- we haven't talked about it that much. And the reality that -- I think it's completely underappreciated as far as the future earnings potential of this portfolio. You look at our portfolio, its roughly 20 years old in the Senior Housing business and that is the sweet spot for renovation. It's one I typically call fluff and buff because what you have is your infrastructure like plumbing, roofing, this kind of stuff that's in typically good order. But what isn't in good order is the first impressions, amenities, units and that type of thing.

是的。這確實是一個很好的問題。我認為這是——我們還沒有談論太多。現實是——我認為就該投資組合的未來盈利潛力而言，它完全被低估了。你看看我們的投資組合，它在老年住房業務上已有大約 20 年的歷史，這是翻新的最佳時機。我通常將其稱為絨毛和拋光，因為您擁有的是基礎設施，例如管道、屋頂等通常狀況良好的東西。但不好的是第一印象、便利設施、單位等等。

So I have been aggressively building out a renovation team -- in-house team at Welltower, experts and we are launching -- what you'll see is we'll start launching on pretty massive renovation programs, West Coast, East Coast, Canada, U.K., all these things are lining up and we're at the beginning stages. But the impact should be very positive on NOIs for certain, obviously, increase in occupancy first and increased occupancy and rate. The value proposition opportunity is significant. I've walked numerous properties in all the regions. And it's clearly a very big opportunity and having the expertise that we're bringing to the table will truly change the game in renovation of senior housing.

因此，我一直在積極組建一個翻新團隊——Welltower 的內部團隊、專家和我們正在啟動的——你會看到我們將開始啟動相當大規模的翻新項目，加拿大西海岸、東海岸在英國，所有這些事情都在排隊，我們正處於開始階段。但顯然，這對 NOI 的影響應該是非常積極的，首先是入住率的增加，然後是入住率和入住率的增加。價值主張機會是巨大的。我走遍了各個地區的眾多房產。這顯然是一個非常大的機會，擁有我們所提供的專業知識將真正改變老年住房翻新的遊戲規則。

Your next question is from the line of John Pawlowski with Green Street.

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

John, just curious within your U.S. portfolio, can you give me a sense for how the shortfall in independent living occupancy versus 2019 compares to the gap in your assisted living portfolio?

約翰，我只是對您的美國投資組合感到好奇，您能否告訴我，與 2019 年相比，獨立居住入住率的下降與您的輔助生活投資組合的差距有何不同？

We'll have to get back to you on that. But generally speaking, you have, Assisted Living fell farther. So obviously, it has longer to come back. Independent living didn't fall that far but it has been coming back slowly, sort of slowly. But specifically, our portfolio has changed materially since '19 as far as Independent Living and Assisted Living is concerned. So we will have to (inaudible) those numbers and get back to you.

我們必須就此回复您。但總的來說，輔助生活下降得更遠。顯然，它回來的時間更長。獨立生活並沒有下降那麼嚴重，但它一直在緩慢地、有點緩慢地恢復。但具體來說，自 19 年以來，就獨立生活和輔助生活而言，我們的投資組合發生了重大變化。因此，我們必須（聽不清）這些數字並回复您。

But clearly speaking, I will tell you, the Assisted Living continue to outperform. We are seeing Independent Living is starting to come back. And frankly speaking, Independent Living for us, like 75%, 80% is Canada and it's just sort of more of a -- I don't know it's a product comment or it's sort of it's a country comment, right? We're seeing very strong performance finally coming out of Canada. And we expect that will get better as all this sort of optimization that we're talking about, around (inaudible) will play out. But I cannot tell you, John, is it -- that it's a product thing or just a country thing because majority of our Independent Living portfolio sits in Canada.

但明確地說，我會告訴你，輔助生活繼續表現出色。我們看到獨立生活開始回歸。坦率地說，對我們來說，獨立生活，比如 75%、80% 是加拿大，這更像是——我不知道這是產品評論，還是國家評論，對吧？我們終於看到加拿大表現非常強勁。我們預計，隨著我們正在談論的所有此類優化（聽不清）將會發揮作用，情況會變得更好。但我不能告訴你，約翰，這是一個產品問題還是只是一個國家問題，因為我們的獨立生活產品組合大部分位於加拿大。

There are no further questions at this time. Ladies and gentlemen, thank you for participating. This concludes today's call. You may now disconnect.

目前沒有其他問題。女士們、先生們，感謝您的參與。今天的電話會議到此結束。您現在可以斷開連接。