Welltower Inc (WELL) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower First Quarter 2024 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫 Jay，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Welltower 2024 年第一季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Matt McQueen, General Counsel. You may begin.

我現在想將會議交給總法律顧問馬特麥奎因。你可以開始了。

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

謝謝你，早安。提醒一下，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有重大差異的因素。

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，聽他的演講。

Thank you, Matt, and good morning, everyone. I'll review first quarter business trends and our capital allocation priorities. John will provide an update on the operational performance of our senior housing and outpatient medical portfolios. Nikhil will give you an update on the investment landscape. And Tim will walk you through our triple-net businesses, balance sheet highlights and guidance update.

謝謝你，馬特，大家早安。我將回顧第一季的業務趨勢和我們的資本配置優先事項。約翰將提供有關我們老年住房和門診醫療組合營運績效的最新資訊。尼基爾將為您介紹投資前景的最新情況。蒂姆將引導您了解我們的三網業務、資產負債表要點和指導更新。

I'm very pleased with the strong start to the year as we delivered nearly 19% year-over-year growth in FFO per share with contributions from all parts of our businesses, but I remain particularly excited about our senior housing business, which continues to surpass our expectations.

我對今年的強勁開局感到非常高興，在我們業務各個部門的貢獻下，我們每股 FFO 同比增長了近 19%，但我仍然對我們的老年住房業務感到特別興奮，該業務仍在繼續超出我們的預期。

Despite continued uncertainty with respect to the direction of the economy and turbulence across many sectors within commercial real estate, the demand supply backdrop for senior housing gets better with each passing day. We, along with our operating partners are proud yet humbled to provide an important solution for the rapidly growing number of seniors who make the choice to leave in a curated and purpose build environment. And while this demographic driven end market demand continues to strengthen, the new construction remains extraordinarily difficult, pushing off any impact of new supply many years into the future.

儘管經濟方向持續存在不確定性，商業不動產多個領域也出現動盪，但老年住宅的需求供應背景卻日益好轉。我們與我們的營運合作夥伴一起，為數量迅速增加、選擇離開精心策劃的專門構建環境的老年人提供重要的解決方案，感到自豪而又謙卑。儘管人口驅動的終端市場需求持續增強，但新建築仍然異常困難，將新供應的影響推遲到未來許多年。

In terms of our Q1 results, we posted another quarter of double-digit same-store revenue growth coming in 10.3%, driven by strong occupancy and rate growth. While Q1 is usually a seasonally weaker period than Q4, same-store occupancy grew 340 basis points year-over-year basis, which represented an improvement from Q4. This is the strongest growth we have seen in our history other than Q1 of 2022, when the comp year was a negative number as we lost occupancy in Q1 of 2021 due to COVID.

就第一季業績而言，在強勁的入住率和成長率的推動下，我們的同店營收再次實現兩位數成長，達到 10.3%。雖然第一季通常是淡季，但同店入住率年增 340 個基點，較第四季有所改善。這是我們歷史上除 2022 年第一季之外所見過的最強勁增長，當時公司年度為負數，因為我們因新冠疫情而在 2021 年第一季失去了入住率。

We also saw outperformance on the rate side. Reported same-store RevPOR or unit revenue growth of 4.8% was dragged down by the leap year impact of an additional day in February, However, adjusting for this extra day, RevPOR growth remained strong at 5.6%. Overall, same-store expenses were up 5.7%, and unit expense or ExpPOR was up 0.4% driven by same-store compensation expenses up 5.4% or just 0.1% on an occupied room basis. Reported ExpPOR was understated because of the leap year impact and otherwise would be up 0.9%.

我們也看到了利率的優異表現。報告稱，同店 RevPOR 或單位收入增長 4.8%，受到 2 月份額外一天的閏年影響所拖累，不過，對這一額外天進行調整後，RevPOR 增長仍然強勁，達到 5.6%。總體而言，同店費用增加了 5.7%，單位費用或 ExpPOR 增加了 0.4%，原因是同店補償費用增加了 5.4%（以已佔用客房計算僅增加了 0.1%）。由於閏年影響，報告的 ExpPOR 被低估，否則將上漲 0.9%。

Regardless, we are very pleased with the underlying trends as unit revenue growth far outpaced unit expense growth resulting in another quarter of significant margin expansion. And this combination of strong revenue and moderating expense drove same-store net operating income growth of 25.5% marking of the strongest quarter in our history. This growth was broad-based with all 3 regions posting year-over-year same-store NOI growth in excess of 20% with growth in the U.K. reaching nearly 50%.

無論如何，我們對基本趨勢感到非常滿意，因為單位收入成長遠遠超過單位支出成長，導致利潤率又一個季度大幅成長。強勁的收入和適度的支出相結合，推動同店淨營業收入成長 25.5%，這是我們歷史上最強勁的季度。這一成長基礎廣泛，所有 3 個地區的同店 NOI 年比成長均超過 20%，其中英國的成長接近 50%。

From a product standpoint, our independent living and wellness housing portfolios delivered another quarter of extraordinary growth. but our assisted living continued a streak of strong outperformance. And as for our non-same-store pool, we're even more pleased with the performance of these assets as numerous properties we transitioned within past year have seen a strong improvement in performance, while some recent acquisitions have also outperformed.

從產品的角度來看，我們的獨立生活和健康住房組合又實現了另一個季度的非凡成長。但我們的輔助生活持續保持強勁的表現。至於我們的非同店池，我們對這些資產的表現更加滿意，因為我們在過去一年內轉型的許多物業的業績都有了強勁的改善，而最近的一些收購也表現出色。

We continue to mine for opportunities within our own portfolios to effectuate farther triple-net to RIDEA conversion or of operator transition in an effort to enhance the resident and employee experience, where we believe financial performance will eventually follow.

我們繼續在自己的投資組合中挖掘機會，以進一步實現三網到 RIDEA 的轉換或營運商轉型，以努力增強居民和員工的體驗，我們相信財務表現最終將隨之而來。

We are confident that this informational feedback loop created through this continual focus on employee and customer is a long-term driver of lower risk and superior operational returns. We don't always get the community and the manager combination right in the first go, but it is our responsibility to try again. Status quo is not an option for us.

我們相信，透過持續關注員工和客戶而創建的資訊回饋循環是降低風險和卓越營運回報的長期驅動力。我們並不總是能在第一次就將社區和經理組合起來，但我們有責任再次嘗試。維持現狀對我們來說不是一個選擇。

Speaking of conversions, I'm pleased to inform you that we are in process of converting 8 additional well-located communities from triple-net to RIDEA. Despite short-term drag, we believe this action will be significantly additive to our full cycle stabilized earnings as we have demonstrated in our recent transaction with Legend. These capital-light transactions and others similarly made in 2023 will create significant growth for us in '25 and beyond.

說到轉換，我很高興地通知您，我們正在將另外 8 個位置優越的社區從三網轉換為 RIDEA。儘管存在短期拖累，但我們相信這一行動將顯著增強我們的全週期穩定收益，正如我們在最近與聯想的交易中所證明的那樣。這些輕資本交易和 2023 年進行的其他類似交易將為我們在 25 年及以後帶來顯著成長。

Speaking of transactions, the capital markets backdrop remains very conducive to deploying capital. Since the beginning of the year, we have closed or under contract to close $2.8 billion of investments across 23 separate transactions, including $1.1 billion, which we spoke to in February, mostly made up of the Affinity transaction.

說到交易，資本市場背景仍然非常有利於資本配置。自今年年初以來，我們已經完成或根據合約完成了 23 項獨立交易的 28 億美元投資，其中包括我們在 2 月談到的 11 億美元，其中大部分是 Affinity 交易。

These investments are predominantly with our repeat counterparties or existing operators. As excited as we are about this record level of activity in just first 4 months of the year, we remain incredibly busy parsing through granular opportunities in both the U.S. as well as the U.K.

這些投資主要是針對我們的重複交易對手或現有業者。儘管我們對今年前 4 個月創下的創紀錄的活動水平感到興奮，但我們仍然非常忙於解析美國和英國的細粒度機會。

Our near-term capital deployment pipeline remains robust, highly visible, actionable and squarely within our circle of confidence where we can bet with the house odds rather than the gamblers' odds. As rates and credit space continue to march higher, our telephones are ringing off the hook as we are requested to provide solutions to institutions, families, operators and other sellers. 2024 will be a very active year for us.

我們的近期資本部署管道仍然強勁、高度可見、可操作，並且完全在我們的信心範圍內，我們可以用賭場賠率而不是賭徒賠率下注。隨著利率和信貸空間不斷提高，我們的電話不斷響起，因為我們被要求為機構、家庭、營運商和其他賣家提供解決方案。 2024 年對我們來說將是非常活躍的一年。

While I wrote extensively about our apathy towards entity-level M&A transactions in our -- in my annual letter, our enthusiasm remains unbridled for tuck-in acquisitions one asset at a time, while we can invest at an attractive basis with operational upside and irreplicable uplift from Welltower's operating platform.

雖然我在年度信中廣泛寫到了我們對實體級併購交易的冷漠，但我們對一次收購一項資產的熱情仍然肆無忌憚，同時我們可以在具有運營優勢和不可複制的有吸引力的基礎上進行投資Welltower 操作平台的提升。

As we have said in the past, our goal is to achieve significant regional density seeking to grow deep in our market, not broad. And with the help of our data science platform Alpha, we're able to identify one asset at a time, which not only have the strongest growth prospects but also the strongest fit to our portfolio.

正如我們過去所說，我們的目標是實現顯著的區域密度，尋求在我們的市場中深入發展，而不是廣泛發展。在我們的數據科學平台 Alpha 的幫助下，我們能夠一次識別一種資產，它不僅具有最強的成長前景，而且最適合我們的投資組合。

Though we occasionally come across sellers who are disconnected from asset value as they appear to be living in a time capsule of yesterday's interest environment are simply hoping that we'll be back there soon. Many more pragmatic and smart institutions and families realize that perhaps hope is not a strategy, especially in face of a looming wall of debt maturity for the industry and [data] financing options. We continue to provide solutions to counterparties who want a sophisticated and reliable partner who shows up at the closing table without a fail with cash and operating partners. We at Welltower are in a handshake business and will remain so.

儘管我們偶爾會遇到與資產價值脫節的賣家，因為他們似乎生活在昨天利率環境的時間膠囊中，只是希望我們很快就能回到那裡。許多更務實、更聰明的機構和家庭意識到，希望也許不是一種策略，尤其是面對該行業迫在眉睫的債務到期牆和[數據]融資選擇。我們將繼續為那些想要一個成熟、可靠的合作夥伴的交易對手提供解決方案，該合作夥伴在交易結束時毫無失敗地提供現金和營運合作夥伴。我們 Welltower 從事的是握手業務，並將繼續如此。

Our stellar reputation is much more valuable to us than a few basis points here and there that we may leave on the table. After all, our NorthStar remains long-term compounding of par share value of our existing shareholders not to maximize the deal [for]a quarter. In the end, time is the friend of wonderful companies that compound and the enemy of the mediocre.

對我們來說，我們良好的聲譽比我們可能在桌面上留下的一些基點更有價值。畢竟，我們的北極星仍然是現有股東面額的長期複利，而不是在一個季度實現交易最大化。最後，時間是複合型優秀公司的朋友，也是平庸公司的敵人。

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

有了這個，我會把它交給約翰。約翰？

Thank you, Shankh.. Momentum that continues to build in our business through 2023 has carried into the early part of this year, as reflected by our strong first quarter results. Our total portfolio generated 12.9% same-store NOI growth over the prior year's quarter, once again, led by the senior housing operating business.

謝謝 Shankh。我們的總投資組合比去年同期實現了 12.9% 的同店 NOI 成長，再次由老年住房營運業務帶動。

First, I'll comment on our outpatient medical portfolio, which remains very stable, producing year-over-year same-store NOI growth of 2% for the first quarter of 2024. Leasing activity remains healthy, and our retention rate once again exceeded 90% leading to consistent and industry-leading same-store occupancy of nearly 95%. The full year same-store NOI guidance is unchanged between 2% and 3%.

首先，我要評論我們的門診醫療組合，該組合仍然非常穩定，2024 年第一季同店 NOI 同比增長 2%。領先，接近95%。全年同店 NOI 指引維持在 2% 至 3% 之間。

As for the senior housing operating portfolio, our results remain impressive. The 25.5% first quarter year-over-year same-store NOI increase represents the sixth consecutive quarter, in which growth has exceeded 20%. Our top line growth came in at 10.3%, driven by strong occupancy growth of 340 basis points and strong rate growth of 480 basis points. All 3 of our regions continue to show favorable same-store revenue growth, starting with Canada at 9.1%, and the U.S. and the U.K. growing at 10.1% and 14.8%, respectively. Additionally, expense growth continues to moderate, up 5.7% year-over-year with the broader inflationary pressures continuing to abate.

至於高級住房營運組合，我們的業績仍然令人印象深刻。第一季同店NOI年增25.5%，這是連續第六個季度成長超過20%。在入住率強勁成長 340 個基點和利率強勁成長 480 個基點的推動下，我們的營收成長了 10.3%。我們所有 3 個地區持續呈現良好的同店營收成長，其中加拿大成長 9.1%，美國和英國分別成長 10.1% 和 14.8%。此外，隨著整體通膨壓力持續減弱，費用成長持續放緩，年增 5.7%。

In terms of labor-related trends, we've not only seen broader macro pressures continue to ease, but also our various property and portfolio level initiatives have been paying off. For example, by creating greater regional density within our senior housing portfolio, employees are able to fill open shifts at other regional properties, reducing the usage of agency labor and improving the overall customer experience.

就與勞動力相關的趨勢而言，我們不僅看到更廣泛的宏觀壓力繼續緩解，而且我們的各種房地產和投資組合層面的舉措也得到了回報。例如，透過在我們的高級住房組合中創造更大的區域密度，員工能夠填補其他區域物業的空缺輪班，減少代理勞動力的使用並改善整體客戶體驗。

Regional densification also creates more opportunities for career progression and lower turnover as employees can take increasing levels of responsibility at different properties managed by the same operator in the same region. And equally important, through the build-out of our operating platform, we're beginning to create efficiencies, which will allow for more time to be set on resident care, improving the customer experience, reducing the administrative burden and related stress on site employees.

區域密集化也為職業發展創造了更多機會並降低了流動率，因為員工可以在同一地區由同一運營商管理的不同物業中承擔越來越多的責任。同樣重要的是，透過建立我們的營運平台，我們開始提高效率，這將使我們有更多的時間用於居民護理，改善客戶體驗，減輕現場員工的管理負擔和相關壓力。

Shifting back to the quarter, we reported 320 basis points year-over-year improvement in margins as unit revenue growth continues to solidly outpace unit expense growth. While NOI margins are below pre-COVID levels, the significant operating leverage inherent in our business and benefits of our operating platform should allow for multiple years of further margin expansion ahead. This year is still young, with peak leasing season ahead of us, but we remain encouraged by the start of this year. Ultimately, our Q1 numbers speak to the great work that the entire team is doing.

回到本季度，我們報告利潤率同比提高了 320 個基點，因為單位收入成長繼續大幅超過單位支出成長。雖然 NOI 利潤率低於新冠疫情爆發前的水平，但我們業務固有的巨大營運槓桿和我們營運平台的優勢應該允許未來多年的利潤率進一步擴張。今年還很年輕，租賃旺季即將到來，但我們仍然對今年的開始感到鼓舞。最終，我們第一季的數據說明了整個團隊所做的出色工作。

We are relentlessly focused on improving the customer experience and employee experience and we'll continue to pursue operational excellence. Thank you, Team Welltower, including our operators, WellTower employees and vendors.

我們不懈地致力於改善客戶體驗和員工體驗，並將繼續追求卓越營運。謝謝 Welltower 團隊，包括我們的操作員、WellTower 員工和供應商。

I'll now turn the call over to Nikhil.

我現在將把電話轉給尼基爾。

Thanks, John. Before speaking to our recent investment activity, I wanted to share some high-level market observations. As we have indicated before, we are in a unique environment in which business fundamentals are very strong, and at the same time, the opportunity to deploy capital remains extremely compelling.

謝謝，約翰。在談論我們最近的投資活動之前，我想先分享一些高層市場觀察。正如我們之前所指出的，我們處於一個獨特的環境中，業務基本面非常強勁，同時，部署資本的機會仍然極具吸引力。

In large part, this backdrop is a function of the challenged seniors housing debt, which sits on the balance sheet of the largest lenders in the space. While we have previously spoken about the $19 billion of seniors housing debt maturing this year and next, a deeper look into the performance of these loans is helpful.

在很大程度上，這種背景是受到挑戰的老年人住房債務的結果，該債務位於該領域最大貸方的資產負債表上。雖然我們之前談到今年和明年將有 190 億美元的老年人住房債務到期，但更深入地了解這些貸款的表現是有幫助的。

A great case study is Fannie Mae's senior housing debt book, with a total outstanding principal balance of $16 billion. It's worth noting that borrowers typically seek out agency financing upon stabilization. And so a vast majority of these loans are for assets that were previously stabilized at some point. Of these $16 billion of loans, $5.9 billion are subject to floating rates. But despite that, 44% or $7 billion of Fannie senior housing book is considered criticized, suggesting loans with high risk of default.

房利美 (Fannie Mae) 的高級房屋債務帳簿就是一個很好的案例研究，其未償本金餘額總額為 160 億美元。值得注意的是，借款人通常會在穩定後尋求機構融資。因此，這些貸款中的絕大多數都是針對先前在某個時刻穩定下來的資產。在這 160 億美元貸款中，有 59 億美元實施浮動利率。但儘管如此，房利美高級房屋帳簿中 44%（即 70 億美元）被認為受到批評，這表明貸款存在很高的違約風險。

In addition, over $1.1 billion of loans are more than 60 days past due. While the agencies are the lender of choice for stabilized product, borrowers typically seek out banks for riskier development and lease-up bridge loans. Unlike agency loans, these loans are almost always based on floating rates and have shorter durations.

此外，超過 11 億美元的貸款已逾期 60 天以上。雖然這些機構是穩定產品的首選貸款人，但藉款人通常會尋求銀行進行風險較高的開發和租賃過橋貸款。與代理貸款不同，這些貸款幾乎總是基於浮動利率且期限較短。

While granular information is hard to find on the status of these loans on bank balance sheet, it wouldn't be unreasonable to assume that at least a similar percentage or almost 50% of the $20 billion plus senior housing loans on bank balance sheets are showing similar distress. In fact, as I listened to first quarter earnings call, several regional banks that have historically been among the most active in the seniors housing space, I heard a consistent theme of concerns about their sector exposure and the desire to reduce it. This is not surprising given the poor performance of these loans over the last 5 years.

雖然很難找到有關銀行資產負債表上這些貸款狀況的詳細信息，但可以合理地假設，銀行資產負債表上的200 億美元以上高級住房貸款中至少有類似比例或幾乎50% 的數據顯示在銀行資產負債表上。事實上，當我聽取第一季財報電話會議時，幾家歷史上一直是老年人住房領域最活躍的區域銀行之一，我聽到了一個一致的主題，即對其行業風險的擔憂以及減少風險的願望。鑑於這些貸款在過去五年中表現不佳，這並不奇怪。

Given the staggering level of maturing and underperforming loans, current borrowers are left with tough choices. On one side, borrowers can capitulate and accept the ultimate downside of losing a significant portion or perhaps even all of their equity. On the other side, for those with staying power and the right set of incentives to continue to come out of pocket for incremental capital to service and rightsize the debt load with the hope that some combination of continued improvement in asset level performance and a reversal in the trajectory of interest rates will allow them to achieve a meaningfully better exit value over time.

鑑於到期貸款和不良貸款的數量驚人，當前借款人面臨艱難的選擇。一方面，借款人可以屈服並接受失去大部分甚至全部股權的最終後果。另一方面，對於那些有持久力和適當激勵措施的人來說，他們會繼續自掏腰包增加資本來償還債務並調整債務負擔，希望資產水準績效的持續改善和債務負擔的逆轉能夠實現某種程度的結合。

Perhaps unsurprisingly, with inflation showing signs of reacceleration over the last few prints and interest rates rising, the hope trade for a quick reversal in the trajectory of interest rates is dwindling and counterparties are coming back to us in droves with the hope of achieving an outcome somewhere in between the 2 extremes I just highlighted.

也許並不令人意外的是，隨著過去幾份報告中通膨顯示出重新加速的跡像以及利率上升，對利率軌跡快速逆轉的希望正在減少，交易對手紛紛回到我們身邊，希望能夠取得成果介於我剛才強調的兩個極端之間。

Given our reputation of being solutions-oriented and creative dealmakers that honor our original price through the course of the transaction, we continue to be the counterparty of choice for motivated sellers, seeking surety of execution and continue to engage with repeat sellers on follow-on transactions.

鑑於我們以解決方案為導向、富有創意的交易撮合者的聲譽，我們在交易過程中尊重我們的原始價格，因此我們將繼續成為積極賣家的首選交易對手，尋求執行的保證，並繼續與回頭客進行後續合作交易。

During the first quarter, we completed gross investments of $449 million, comprising $241 million of development funding and acquisitions and loan funding of $208 million, comprised solely of seniors and wellness housing property types. We acquired 3 senior housing communities with an average age of 8 years for $158,000 per unit. We also received repayments of $36 million across 3 outstanding loans over the course of the quarter.

第一季度，我們完成了 4.49 億美元的總投資，其中包括 2.41 億美元的開發資金以及 2.08 億美元的收購和貸款資金，僅包括老年人和健康住房財產類型。我們以每套 158,000 美元的價格收購了 3 個平均年齡為 8 年的老年住宅社區。本季我們還收到了 3 筆未償還貸款的 3,600 萬美元的還款。

In addition to the transactions closed in the first quarter, we are currently under contract or have closed on $2.6 billion of gross investments across 15 different transactions spanning 146 properties across the U.S., U.K. and Canada. These transactions have a median value of $37 million. As Shankh mentioned earlier, we are sticking to our mantra of building regional density through focused and granular transactions, and continue to grow with operators that are producing strong results for us in these markets.

除了第一季完成的交易外，我們目前正在簽訂或已完成 15 項不同交易的總投資 26 億美元，涉及美國、英國和加拿大的 146 處房產。這些交易的中位數價值為 3700 萬美元。正如 Shankh 之前提到的，我們堅持透過集中和精細的交易建立區域密度的口號，並繼續與在這些市場為我們帶來強勁業績的營運商一起成長。

Our recent activity includes incremental new business with our partners at Oakmont, Cogir, Sagora, Discovery, Liberty, LCB and Healthcare Ireland to name a few. I'll end by extending a warm and heartfelt thank you to our best in business investment team located across our offices in Dallas, L.A., London, New York, Toledo and Toronto. We have been fortunate to be able to hire, train and retain the brightest young minds from leading universities across the country year in and year out, while many other competitors eliminated or drastically reduced their teams during COVID.

我們最近的活動包括與 Oakmont、Cogir、Sagora、Discovery、Liberty、LCB 和 Healthcare Ireland 等合作夥伴增加新業務。最後，我要向我們位於達拉斯、洛杉磯、倫敦、紐約、托萊多和多倫多辦事處的最優秀的商業投資團隊表達熱烈和衷心的感謝。我們很幸運能夠年復一年地從全國頂尖大學聘用、培訓和留住最聰明的年輕人才，而許多其他競爭對手在新冠疫情期間淘汰或大幅減少了他們的團隊。

We had the foresight to plan the seeds of talent many years ago and are now able to enjoy the fruits from the trees that has since grown. While on one hand, the work at Welltower is incredibly challenging, fast pace and perhaps never ending. On the other hand, I believe that the training, opportunity, autonomy and accelerated career growth are unparalleled. The dedication, thoughtfulness and integrity exhibited by the professionals on our team is all inspiring. I couldn't be more proud of our team or more excited about the opportunity ahead of us.

多年前就高瞻遠矚地播種了人才的種子，如今也能享受到這棵樹所結的果實。一方面，Welltower 的工作極具挑戰性、節奏很快，而且可能永無止境。另一方面，我相信培訓、機會、自主權和加速的職業發展是無與倫比的。我們團隊中的專業人士所展現的奉獻精神、體貼和誠信令人鼓舞。我為我們的團隊感到無比自豪，對眼前的機會感到無比興奮。

I'll now hand the call over to Tim to walk through our financial results.

現在我將把電話轉交給提姆，讓他詳細介紹我們的財務表現。

Thank you, Nikhil. My comments today will focus on our first quarter results. The performance of our total investment segments, our capital activity, a balance sheet and liquidity update, and finally, an update to our full year 2024 outlook.

謝謝你，尼基爾。我今天的評論將重點放在我們第一季的業績。我們的總投資部門的表現、我們的資本活動、資產負債表和流動性更新，最後是我們 2024 年全年展望的更新。

Welltower reported first quarter net income attributable to common stockholders of $0.22 per diluted share and normalized funds from operations of $1.01 per diluted share, representing 18.8% year-over-year growth. We also reported total portfolio same-store NOI growth of 12.9% year-over-year.

Welltower 公佈第一季歸屬於普通股股東的淨利潤為每股攤薄後每股 0.22 美元，正常營運資金為每股攤薄後每股 1.01 美元，較去年同期成長 18.8%。我們也報告總投資組合同店 NOI 年成長 12.9%。

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 were reported a quarter in arrears. So these statistics reflect the trailing 12 months ending 12/31, 2023. In our senior housing triple-net portfolio, same-store NOI increased 3.8% year-over-year and trailing 12-month EBITDA coverage was 1.02x, which marks the first time this coverage has moved above 1x since the pandemic began impacting the segment.

現在轉向我們本季三網物業的表現。提醒一下，我們的三網租賃投資組合覆蓋範圍和入住率統計數據被報告拖欠了四分之一。因此，這些統計數據反映了截至2023 年12 月31 日的過去12 個月。這標誌著自大流行開始影響該領域以來，這一覆蓋率首次超過一倍。

Next, same-store NOI and our long-term post-acute portfolio grew 3.1% year-over-year and trailing 12-month EBITDA coverage is 1.23x. Staying with the long-term post-acute portfolio, the Integra Healthcare JV entered our same-store pool and coverage metrics this quarter. As a reminder, the 147 properties were put into a master lease in 4Q 2022 and the individual assets will then transition to local and regional operators over the following 5 quarters. The entire master lease enters the same-store pool this quarter while the individual assets will enter the rent coverage metrics as they complete 5 quarters of operations under their respective operators.

接下來，同店 NOI 和我們的長期急性後投資組合年增 3.1%，過去 12 個月 EBITDA 覆蓋率為 1.23 倍。繼續維持長期的急性後期投資組合，Integra Healthcare JV 在本季度進入了我們的同店池和覆蓋指標。需要提醒的是，這 147 處房產已於 2022 年第四季納入主租賃，個別資產將在接下來的 5 個季度內移交給當地和區域營運商。整個主租賃將在本季度進入同店池，而個別資產將在各自營運商完成 5 個季度的營運後進入租金覆蓋指標。

In Q1, 95 of the 147 assets entered our coverage metrics with trailing 12-month EBITDARM and EBITDAR coverage of 1.58x and 1.13x, respectively. As we've noted on previous calls, the Integra portfolio experienced continuous upward trend in cash flow over last year, as reflected in the trailing 3-month EBITDARM and EBITDAR coverages for these 95 assets at 2.23x and 1.74x, respectively. As we move through the year, the rolling forward of last year's positive operating recovery as well as the addition of the remaining transition Integra assets into coverage pool, should lead to a continual upward trend in our coverage metrics throughout 2024.

第一季度，147 項資產中有 95 項進入了我們的覆蓋範圍指標，過去 12 個月的 EBITDARM 和 EBITDAR 覆蓋範圍分別為 1.58 倍和 1.13 倍。正如我們在先前的電話會議中指出的那樣，Integra 投資組合的現金流比去年持續上升，這反映在這 95 種資產的過去 3 個月 EBITDARM 和 EBITDAR 覆蓋率分別為 2.23 倍和 1.74 倍。隨著這一年的推進，去年積極的營運復甦以及將剩餘的 Integra 過渡資產添加到覆蓋池中，應該會導致我們的覆蓋指標在 2024 年持續呈上升趨勢。

Turning to capital activity. As Nikhil just walked us through, we have $2.8 billion of closed or announced investments year-to-date, inclusive of the Affinity transaction announced last quarter. In the quarter, we continue to fund investment activity via equity issuance, raising $2.4 billion of gross proceeds at an average price of $91.22 per share. This allowed us to fund investment activity, along with the extinguishment of approximately $1.5 billion of debt in the quarter, including $1.35 billion of senior unsecured notes and ended the quarter with $2.5 billion of cash and restricted cash on the balance sheet.

轉向資本活動。正如 Nikhil 剛剛向我們介紹的那樣，今年迄今為止，我們已經完成或宣布的投資額為 28 億美元，其中包括上季宣布的 Affinity 交易。本季度，我們繼續透過股票發行為投資活動提供資金，以每股 91.22 美元的平均價格籌集了 24 億美元的總收益。這使我們能夠為投資活動提供資金，同時本季度還清償了約15 億美元的債務，其中包括13.5 億美元的優先無擔保票據，並在本季度結束時資產負債表上有25 億美元的現金和限制性現金。

Staying with the balance sheet. On the third anniversary of our COVID leverage maxing out in the mid-7s ex-COVID relief funds in the first quarter of 2021, [rented] this quarter at 4.03x net debt to adjusted EBITDA. And we expect to end the year at a target leverage of approximately 4.5x net debt to EBITDA implied by last night's full year guidance update.

堅持資產負債表。在 2021 年第一季度，我們的新冠病毒槓桿率在 7 年代中期的前新冠疫情救助基金中達到最大水平的三週年之際，本季度[租賃]的淨債務為調整後 EBITDA 的 4.03 倍。我們預計年底的目標槓桿約為 EBITDA 淨債務的 4.5 倍，正如昨晚的全年指導更新所暗示的那樣。

Consistent with past commentary on the balance sheet, I want to underscore that while our key credit metrics are at historical levels, over half of our NOI is represented by senior housing operating portfolio, which currently sits at just 82.5% occupancy, with NOI still well below pre-COVID levels. As NOI recovers back to pre-pandemic levels, the meaningful recovery in cash flow is expected to drive debt-to-EBITDA below 4x from projected year-end 2024 levels, further enhancing our financial position and access to capital.

與過去對資產負債表的評論一致，我想強調，雖然我們的關鍵信貸指標處於歷史水平，但我們一半以上的NOI 是由高級住房運營投資組合代表的，目前入住率僅為82.5%，NOI 仍然良好低於新冠疫情前的水平。隨著NOI 恢復到大流行前的水平，現金流的顯著恢復預計將使債務與EBITDA 相比，從2024 年年底預計水平降至4 倍以下，從而進一步增強我們的財務狀況和獲得資本的機會。

Lastly, as I move on to last night's update to our full year 2024 guidance, I want to remind you that we have not include any investment activity in our outlook beyond the $2.8 billion to date that has been closed or publicly announced. Last night, we updated our full year 2024 outlook for net income attributable to common stockholders to $1.48 to $1.61 per diluted share. And normalized FFO of $4.02 to $4.15 per diluted share or $4.085 at the midpoint.

最後，當我繼續昨晚對 2024 年全年指引的更新時，我想提醒您，除了迄今為止已結束或公開宣布的 28 億美元之外，我們的展望中還沒有包含任何投資活動。昨晚，我們將 2024 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 1.48 美元至 1.61 美元。標準化 FFO 為稀釋後每股 4.02 美元至 4.15 美元，中間值為 4.085 美元。

The incremental increase of $0.065 from prior normalized FFO guidance per share at the midpoint, is composed of $0.03 from an improved NOI outlook in our senior housing operating portfolio and $0.055 from accretive investments and financing activities, offset partially by $0.01 from higher G&A expectations and $0.01 of near-term drag due to a triple-net [through day] conversion.

較之前標準化FFO 每股指引中位數增量0.065 美元，其中0.03 美元來自我們高級住房運營投資組合的NOI 前景改善，0.055 美元來自增值投資和融資活動，部分抵消了0.01 美元的較高G&A 預期和0.01美元由於三網[全天]轉換而造成的近期阻力。

Underlying this increased FFO guidance is an increase in estimated total portfolio year-over-year same-store NOI growth to 9% to 12%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute, 2% to 3%; senior housing triple-net, 2.5% to 4%. And finally, senior housing operating growth of 17% to 22%. The midpoint of which is driven by revenue growth of approximately 9.2%, made up of RevPOR growth of approximately 5.25% and year-over-year occupancy growth of 290 basis points and total expense growth of approximately 6%.

FFO 指引增加的基礎是，在門診醫療細分市場成長 2% 至 3% 的推動下，預計總投資組合同店 NOI 年成長至 9% 至 12%；長期急性後，2%～3%；高級住房三網合一，2.5%至4%。最後，高級住房營運成長 17% 至 22%。其中中點是由約 9.2% 的收入增長推動的，其中包括約 5.25% 的 RevPOR 增長、同比入住率增長 290 個基點以及約 6% 的總費用增長。

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. While we are very pleased with our execution thus far in the year, we're on the cusp of all important summer leasing season. So let's see what the market gives us. And while we are proud of our recent operating results we have reported, it's important to recognize that it's not by happenstance. This is not a commodity business with a narrow range of outcomes.

謝謝你，提姆。雖然我們對今年迄今為止的執行情況感到非常滿意，但我們正處於所有重要的夏季租賃季節的風口浪尖。那麼讓我們看看市場為我們帶來了什麼。雖然我們對最近報告的經營業績感到自豪，但重要的是要認識到這並非偶然。這不是一個結果範圍狹窄的商品業務。

Our results are a function of capital allocation and portfolio management decisions of yesterday. To paraphrase buffet, someone is sitting in the shade today because someone planted a tree a long time ago. Similarly, capital allocation decisions of today will drive operating performance tomorrow.

我們的結果是昨天資本配置和投資組合管理決策的函數。套用自助餐的話，今天有人坐在陰涼處，因為很久以前有人種了一棵樹。同樣，今天的資本配置決策將推動明天的營運績效。

So even after nearly $15 billion of capital that we have deployed since the depth of COVID and hundreds of communities undergoing operator transition, we still have our hands full to optimize location, product, price point and operators on the asset side of the balance sheet.

因此，即使自新冠疫情嚴重以來我們已經部署了近150 億美元的資本，並且數百個社區正在經歷運營商轉型，我們仍然全力以赴在資產負債表的資產方面優化位置、產品、價格點和運營商。

On the liability side, under Tim's leadership, we're absolutely hitting it out of the park. A sharp improvement in cash flow, coupled with our recent capital raising efforts, has driven a net debt to adjusted EBITDA down to 4x, which represents the lowest level in our recorded history. In the very short term, we maintained significant dry powder with over $6 billion of total near-term liquidity to pursue attractive capital deployment opportunities and fund other near-term obligations.

在責任方面，在提姆的領導下，我們絕對成功了。現金流的急劇改善，加上我們最近的融資努力，已將調整後 EBITDA 的淨債務降至 4 倍，這是我們有記錄以來的最低水準。在很短的時間內，我們保持了超過 60 億美元的短期流動性總量，以尋求有吸引力的資本部署機會並為其他短期債務提供資金。

In the medium term, we have built significant debt capacity to take advantage of when we eventually get to the other side of the Fed cycle and still maintain an extremely strong balance sheet. Said another way, we don't believe that one's balance sheet should be viewed as an object of vanity, but instead as a countercyclical tool to prudently tap into to drive par share growth.

從中期來看，我們已經建立了巨大的債務能力，以便在我們最終進入美聯儲週期的另一端並仍然保持極其強勁的資產負債表時利用。換句話說，我們認為不應將資產負債表視為虛榮心的對象，而應將其視為一種反週期工具，可審慎利用以推動面值成長。

Our balance sheet was one of the 5 pillars of growth, which I articulated during our last call. And while I won't repeat all the 5 of those pillars today, I'll just reiterate that our confidence in delivering outsized levels of our share growth to our existing shareholders remain as strong as ever. And while we are fortunate to have a strong multi-decade tailwind at our back, just note that we will not settle for the beta of the business, and instead, we are committed to creating significant Alpha again for our existing shareholders with a years of compounding growth ahead of us. We appreciate your support.

我們的資產負債表是成長的 5 個支柱之一，我在上次電話會議中闡述了這一點。雖然我今天不會重複所有這五個支柱，但我只是重申，我們對向現有股東提供超額股票成長的信心仍然一如既往。雖然我們很幸運有一個強大的數十年的推動力，但請注意，我們不會滿足於業務的測試版，相反，我們致力於通過多年的努力再次為我們現有的股東創造重要的阿爾法。我們面前的複合成長。我們感謝您的支持。

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

這樣，我將開始提問。

(Operator Instructions) Your first question comes from the line of Ronald Kamdem of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Ronald Kamdem。

Great. Just starting with the SHOP guidance range -- guidance rate almost 20%. Looking at the assumptions, it looks like the occupancy and RevPOR assumptions haven't really changed, and it was really sort of same-store expense driven. So I was just wondering if you could comment on some conservatism is baked into that? And any early indication in the peak leasing season?

偉大的。剛從 SHOP 指導範圍開始——指導率接近 20%。從假設來看，入住率和 RevPOR 假設似乎並沒有真正改變，而且實際上是同店費用驅動的。所以我只是想知道你是否可以對其中融入的一些保守主義發表評論？租賃旺季有什麼早期跡象嗎？

Ron, as we have indicated, this is too early in the year. Just as you know, our annual results will be pretty much defined by what the summer leasing season gives us. You know we have -- though while we're pleased with what we have seen in the year, there's this healthy level of paranoia in our team. We don't know what the market will give us. We'll report to you.

羅恩，正如我們已經指出的，今年還為時過早。如您所知，我們的年度業績很大程度上取決於夏季租賃季節的表現。你知道我們已經做到了——儘管我們對這一年所看到的情況感到滿意，但我們團隊中存在著一定程度的偏執。我們不知道市場會給我們什麼。我們會向您報告。

Our promise to you remains that we'll get more than our fair share of the market, but we need to see what the market gives us, and we'll update you in 90 days, and we'll see where we land. Thank you.

我們對您的承諾仍然是，我們將獲得超過我們公平份額的市場份額，但我們需要看看市場給了我們什麼，我們將在 90 天內向您通報最新情況，然後看看我們的進展如何。謝謝。

Your next question comes from the line of Vikram Malhotra of Mizuho.

您的下一個問題來自 Mizuho 的 Vikram Malhotra。

Maybe, Shankh and Tim, just -- can you just talk about perhaps your outlook for underlying FAD growth. FFO was strong, but FAD growth was even stronger in the quarter. Just how do you see FAD trending? And if you can dovetail that into the dividend, your coverage is very, very healthy. So I'm just wondering how do you use those free cash flow proceeds or perhaps even grow the dividend.

Shankh 和 Tim，也許你們能談談你們對 FAD 潛在成長的展望嗎？ FFO 表現強勁，但本季 FAD 成長更為強勁。您如何看待 FAD 趨勢？如果你能將其與股息結合，那麼你的保險範圍就非常非常健康。所以我只是想知道你如何使用這些自由現金流收益，甚至可能增加股息。

Yes, Vikram. On the FAD side, we've had an ongoing conversation around this just FAD growth. And we continue to focus on the long term. On the CapEx side, growing an internal or internalizing our capital management team and growing that team has been a main initiative over the last 1.5 years. And so as we've done that, we've continued to identify value-add projects, it's really attractive basically returns. And so CapEx, probably a bit elevated here from a long-term run rate. But is helping drive cash flow alongside of it. And as long as we continue to see those opportunities, we'll continue to put capital to work.

是的，維克拉姆。在 FAD 方面，我們一直圍繞著 FAD 的成長進行持續的對話。我們繼續著眼於長期。在資本支出方面，發展內部或內部化我們的資本管理團隊並發展該團隊一直是過去 1.5 年的主要舉措。因此，當我們這樣做時，我們繼續尋找增值項目，它的回報確實很有吸引力。因此，資本支出可能比長期運作率有所提高。但同時也有助於推動現金流。只要我們繼續看到這些機會，我們就會繼續投入資金。

On the dividend part of the question, I'll start, and I'll let Shankh add anything. But when we cut the dividend at start a COVID, we referenced cash flow as being the main driver of our dividend policy. And so that hasn't changed. And so as we sit here today, not only is cash flow recovered pretty meaningfully from the COVID lows. So too is our confidence around the ongoing recovery in senior housing, and that was reflected with our updated guidance last night. So consistent with past commentary on the topic and our current financial position, you should expect that our current dividend policy is something we're actively discussing with our Board of Directors.

關於問題的股息部分，我將開始，然後我將讓尚赫添加任何內容。但當我們在新冠疫情爆發時削減股利時，我們將現金流視為股利政策的主要驅動力。所以這並沒有改變。因此，當我們今天坐在這裡時，現金流不僅從新冠疫情低點顯著恢復。我們對老年住房持續復甦的信心也是如此，這反映在我們昨晚更新的指引中。因此，與過去對該主題的評論和我們當前的財務狀況一致，您應該期望我們當前的股息政策是我們正在與董事會積極討論的內容。

I have nothing to add to that.

我對此沒有什麼要補充的。

Your next question comes from the line of Nick Yulico of Scotiabank.

您的下一個問題來自豐業銀行的尼克尤利科。

Just a 2-parter here on the acquisitions. In terms of the $2.6 billion, closed under contract. Can you give us a feel for the first year stabilized yield -- sorry, first year yield and then ultimate stabilized yield expectation. And then -- is any of the distress in the market or the higher interest rates pushing up yields on new investments?

這裡只是關於收購的兩人。就 26 億美元而言，已根據合約完成。您能為我們介紹一下第一年穩定收益率嗎？然後，市場的困境或更高的利率是否會推高新投資的報酬率？

And then just in terms of the funding, so I just want to be clear. It seems like you've already sort of raised the equity to fund that pipeline. But going forward, how should we think about an equity versus debt mix for additional investments since you do seem under-leveraged right now?

然後就資金而言，我只想說清楚。看起來你已經籌集了股本來為該管道提供資金。但展望未來，我們該如何考慮額外投資的股權與債務組合，因為你現在的槓桿率似乎確實不足？

Nick, I'll take the first part. So on the $2.6 billion, it's 100% senior housing and wellness housing. And if you look at the spot capital markets environment today is very similar to what it did in the fourth quarter as interest rates had run up, so we'll provide more disclosure next quarter as these transactions have closed, but you can expect the return profile to look very similar, both in terms of going in and stabilized yield as what we had in the fourth quarter.

尼克，我來聽第一部分。因此，26 億美元中，100% 是老年住房和健康住房。如果你看看今天的現貨資本市場環境與第四季度的情況非常相似，因為利率上升，所以我們將在下個季度提供更多披露，因為這些交易已經結束，但你可以預期回報無論是在投入還是穩定收益率方面，情況都與我們在第四季的情況非常相似。

Yes. Nick, you are correct that we have raised capital to close, obviously, all the transactions. I want to make sure that you understand that, that $2.8 billion that we spoke of is not our pipeline, it's the deals that have closed or under contract to close. Our pipeline is beyond that, and it remains a very robust pipeline. That we think are very near-term actionable, we'll see where we end up. But that's sort of our view. Speaking of -- I absolutely subscribe to your view that we remain unleveraged.

是的。尼克，你說得對，我們已經籌集了資金來完成所有交易。我想確保您明白，我們所說的 28 億美元不是我們的管道，而是已經完成或根據合約即將完成的交易。我們的管道超出了這個範圍，而且它仍然是一個非常強大的管道。我們認為短期內非常可行，我們將看看最終結果如何。但這是我們的觀點。說到——我絕對同意你的觀點，即我們仍然沒有槓桿化。

Our goal is to maximize our stabilized our full cycle earnings. And as I mentioned that you should fully expect us to use the balance sheet liability side of our balance sheet to drive significant additional part share growth on the other side of the Fed cycle.

我們的目標是最大化我們穩定的全週期效益。正如我所提到的，您應該完全期望我們利用資產負債表的資產負債表負債方面來推動聯準會週期另一方面的顯著額外部分份額增長。

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

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

With respect to senior housing operators that have changed their strategy by pushing back the annual rent increases into the earlier part of the key selling season, I guess, how does that trend appear to be playing out so far from a retention perspective? And would you expect that benefit to potentially flow through to new lease rate growth?

對於那些透過將年租金上漲推遲到關鍵銷售季節早期來改變策略的老年住房運營商，我想，從保留的角度來看，到目前為止，這種趨勢似乎表現如何？您是否預期這種好處可能會帶來新的租賃率成長？

Yes. So as it relates to the increases that are going out, there really hasn't been pushback. People understand what's going on in the cost side of the business. They appreciate the value proposition and so that has been going very smoothly. As it relates to market rents, again, we're seeing robust demand out there. So it's -- the 2 are related in the sense of -- obviously, the market drives the overall economics, but the -- it's not that renewals drive the market. The market drives the renewals at some level, and the market is strong. Supply-demand fundamentals work very well and the value proposition is there.

是的。因此，由於涉及到的增加，實際上並沒有出現阻力。人們了解業務成本方面的情況。他們欣賞這個價值主張，因此進展非常順利。由於它與市場租金相關，我們再次看到強勁的需求。因此，這兩者在某種意義上是相關的，顯然，市場驅動整體經濟，但並不是更新驅動市場。市場在一定程度上推動了續訂，市場強勁。供需基本面運作良好，價值主張就在那裡。

Your next question comes from the line of Jonathan Hughes of Raymond James.

你的下一個問題來自雷蒙德詹姆斯的喬納森休斯。

On the increased expected headcount spending this year, can you talk about the investments being made in the analytics and/or operations team and the scaling potential to address the capital deployment opportunities?

關於今年預期員工支出的增加，您能否談談對分析和/或營運團隊的投資以及解決資本部署機會的擴展潛力？

Yes. As it relates to the ops team, we are finding tremendous opportunities to build out that team and do things more effectively more efficiently than are currently being done. That's simply a surprise that we can bring operational excellence at our size. And so we continue to lean into that. We're finding that really throughout each of the areas that I'm involved in as it relates to investments (inaudible).

是的。由於它與營運團隊有關，我們正在尋找巨大的機會來建立該團隊，並比目前所做的事情更有效、更有效率。我們能夠以我們的規模實現卓越運營，這簡直是令人驚訝。所以我們繼續致力於這一點。我們發現，這確實存在於我參與的每個與投資相關的領域（聽不清楚）。

Yes. I think, Jonathan, if you think about the sheer number of transactions that we do, but beyond that, everything we look at we can humanly impossible to do that without having incredible tools, right? So that's what -- and you've seen a lot of this, but the tools and the capabilities on our analytics team are the only reason what we do. And so they are an integral part of every step of the investment process from a pretty screen to shift through hundreds of buildings to them be able to predict the stabilized NOI for each building under different operators and find the right operator for those buildings. It's integral to what we're doing. So all the investments that we've made are paying off in space.

是的。我想，喬納森，如果你考慮我們所做的交易數量，但除此之外，如果沒有令人難以置信的工具，我們所看到的一切都是人類不可能做到的，對吧？這就是—您已經看到了很多這樣的情況，但我們分析團隊的工具和能力是我們所做的唯一原因。因此，它們是投資流程每一步不可或缺的一部分，從漂亮的螢幕到數百座建築物的轉換，再到能夠預測不同運營商下每座建築物的穩定NOI，並為這些建築物找到合適的運營商。它是我們正在做的事情的一部分。因此，我們所做的所有投資都在太空中得到了回報。

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

您的下一個問題來自 BMO 資本市場的胡安·薩納布里亞 (Juan Sanabria)。

I just wanted to ask around the senior housing portfolio that non-same-store pool that Shankh mentioned was doing well. Just curious how many of those -- I think it's nearly 150 assets are in the transitions bucket, not in same-store, will be added over the course of the year. And how are those faring relative to the same-store pool? And should we expect those to be additive to growth as those are folded into same-store?

我只是想詢問尚赫提到的非同店池的高級住房投資組合表現良好。只是好奇其中有多少——我認為有近 150 項資產在過渡桶中，而不是在同家商店中，將在一年內添加。與同店群相比，這些人的表現如何？當這些產品併入同店時，我們是否應該預期這些產品能夠促進成長？

One, the -- a lot of these early transitions will eventually come into after 5 quarters. So depending on when they were done, they will come towards the end of the year. you should expect strong growth from them, whether they will be additive or not, it's too early to say. Probably, there will be similar growth or they will add to the growth. But it depends also -- remember, they're coming up with strong overlapping strong quarters behind them as well. What was the other part of your question, Juan that I missed?

第一，許多早期的轉變最終將在 5 個季度後發生。因此，取決於它們完成的時間，它們將在今年年底到來。你應該期待它們的強勁增長，無論它們是否會增加，現在說還為時過早。可能會出現類似的增長，或者它們會促進增長。但這也取決於——記住，他們背後也有強大的重疊的強大季度。胡安，我錯過了你問題的另一部分是什麼？

That was essentially it.

本質上就是這樣。

Juan, just on the kind of numbers there, the 159. So the Canadian assets that have transitioned, there's about 62 of those in our transition portfolio. Those transition in the fourth quarter. Those will be -- those will come back in '25, the majority of the rest of them come into the pool of '24.

Juan，就那裡的數字而言，159。這些轉變將在第四季進行。這些將在 25 年回歸，其餘大部分將進入 24 年。

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

你的下一個問題來自花旗銀行的麥可‧格里芬。

It's Nick here with Michael. You touched on what's happening on the bank side and on the lending side, but also on kind of the long-term drivers and the supply-demand imbalance. So I guess, are you seeing more capital that you're competing with for some of these deals, get more interest in the space? And I guess on the flip side, just on development, obviously, we haven't seen starts bounce back, but are you starting to see anything from a planning stage or any green shoots of supply starting to at least be contemplated?

尼克和麥可在這裡。您談到了銀行方面和貸款方面正在發生的事情，但也談到了長期驅動因素和供需失衡。所以我想，您是否看到更多的資本正在與您競爭其中一些交易，從而對該領域產生更多興趣？我想另一方面，就開發而言，顯然我們還沒有看到開工反彈，但您是否開始看到規劃階段的任何東西或至少開始考慮供應的任何綠芽？

Yes. Nick, I think the answer to both of those questions is a simple, no. We haven't seen any new capital come into the business. And there's really not much capital out there that is not reliant on the debt market. And the debt markets are just completely [open], and then we expect them to continue to be focused for the foreseeable future. And that obviously plays into the development cycle as well. So we've actually seen the opposite rather than folks take on new predevelopment and new potential projects, folks are giving us on products that they're previously pursuing, disbanding teams and all of that. So to answer your questions.

是的。尼克，我認為這兩個問題的答案都很簡單：不。我們還沒有看到任何新資本進入該行業。事實上，不依賴債務市場的資本並不多。債務市場剛剛完全[開放]，我們預計它們在可預見的未來將繼續受到關注。這顯然也影響到開發週期。因此，我們實際上看到了相反的情況，而不是人們接受新的預開發和新的潛在項目，人們向我們提供他們以前追求的產品，解散團隊等等。所以來回答你的問題。

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

您的下一個問題來自美國銀行的 Joshua Dennerlein。

John, I wanted to follow up on a comment you made on the operating platform and how a big part of the strategy is to create efficiencies to reduce the admin burden and put more time into care. I was hoping you could elaborate on where you are in building out this capability. And just in general, just provide more color on this aspect of the operating platform.

約翰，我想跟進您在操作平台上發表的評論，以及該策略的一個重要部分是如何提高效率以減輕管理負擔並投入更多時間進行護理。我希望您能詳細說明您在建立此功能方面的進展。總的來說，只是在操作平台的這方面提供更多的色彩。

Yes, absolutely. I would rather quite honestly about it, we're getting very close. There's not a lot of detailed updates to give other than we're right on plan right now. As it relates to the types of savings we expect and that we're identifying pretty substantial when you look at how a person starts as a prospect and move through the process ultimately into the community reducing the paperwork pretty dramatically, reducing the repetition of input of information because the system is a singular unified system. And so all of that reduces errors. It reduces wasted admin time and really enable senior people like the nursing teams, like the executive directors and others and sales teams to really focus on their job and leverage technology to drive value there.

是的，一點沒錯。我寧願坦白地說，我們已經非常接近了。除了我們目前的計劃之外，沒有太多詳細的更新可以提供。因為它與我們期望的節省類型有關，並且當您觀察一個人如何從潛在客戶開始並通過整個過程最終進入社區時，我們會發現相當可觀的節省，從而大大減少了文書工作，減少了輸入的重複訊息，因為該系統是一個單一的統一系統。所有這些都減少了錯誤。它減少了浪費的管理時間，並真正使護理團隊、執行董事等高級人員以及銷售團隊能夠真正專注於自己的工作，並利用技術來推動價值。

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

您的下一個問題來自加拿大皇家銀行資本市場部門的邁克爾·卡羅爾。

I guess, John, sticking with you, can you provide some color on the performance of the Cogir, PLR portfolio in Canada? I mean how has that relationship worked so far? And are there plans or discussions to kind of create new PLR relationships to kind of build off of the structure in different parts of the market?

我想，John，堅持你的看法，你能否提供一些關於 Cogir、PLR 投資組合在加拿大的表現的資訊？我的意思是，到目前為止，這種關係進展如何？是否有計劃或討論來創建新的 PLR 關係，以在市場的不同部分建立這種結構？

Yes, I'll start with the broader question as far as plans for broader PLR, our focus is and always has been to drive value from a customer employee perspective and, of course, from a shareholder perspective. So it's not the process to say, let's create, a bunch of those types of partnerships. The objective is to drive value. In this case, the value is substantial. Our partner, Cogir and my partner, Frederick, are fantastic to work with. That is doing very, very well. The assets have embraced Cogir -- the teams have embraced Cogir and Cogir management -- and we're very satisfied and appreciative to all the work that is being done there.

是的，我將從更廣泛的問題開始，就更廣泛的 PLR 計劃而言，我們的重點始終是從客戶員工的角度，當然還有股東的角度來推動價值。因此，這不是說讓我們創建一堆此類合作夥伴關係的過程。目標是驅動價值。在這種情況下，價值是巨大的。我們的合作夥伴 Cogir 和我的合作夥伴 Frederick 合作得非常愉快。這做得非常非常好。資產已經接受了 Cogir——團隊已經接受了 Cogir 和 Cogir 管理層——我們對在那裡所做的所有工作感到非常滿意和讚賞。

Our expectations of that portfolio will perform fantastically this year. Of course, this transition has occurred during the quiet period. So it's not a lot of activity as it relates to leasing. It's just starting at this point in time up in Canada.

我們對該投資組合的預期今年將表現出色。當然，這種轉變是在平靜時期發生的。因此，與租賃相關的活動並不多。加拿大此時才剛開始。

Your next question comes from the line of Jim Kammert of Evercore.

您的下一個問題來自 Evercore 的 Jim Kammert。

It looks like there's some real standouts on the senior housing side among your larger operators in terms of in-place NOI contributions. I mean, Sunrise was up 30% sequentially, Oakmont 11%, StoryPoint 19%, et cetera. And John, you speak to sort of the benefits of densification and regional operators, was such gains in the NOI really driven more by that, do you think in best practices? Or was this more of a cyclical episodic each portfolio in terms of NOI advances traditional occupancy, et cetera gains?

就地 NOI 貢獻而言，大型營運商中的老年住房方面似乎確實表現出色。我的意思是，Sunrise 連續上漲了 30%，Oakmont 上漲了 11%，StoryPoint 上漲了 19%，等等。約翰，您談到了密集化和區域運營商的好處，NOI 的這種收益是否真的更多地是由這一點驅動的，您認為在最佳實踐中嗎？或者這更像是一個週期性的片段，每個投資組合在 NOI 方面都提高了傳統入住率等收益？

We're not going to give on specific operator-level performance on this call, which we never do. I'm not going to start that today. We'll tell you that it was a very broad-based outperformance from all of our operators, across 3 regions. And obviously, that's not -- as I said, is a happenstance, right? Some of the operating partners, you mentioned have done terrifically well for us over a long period of time, and that continues. But this is a very deliberate strategy that we put together years ago to go deep and not go broad. And that's as we continue to double down on this strategy.

我們不會在這次通話中透露具體的操作員級別的性能，但我們從來不會這樣做。我今天不打算開始。我們會告訴您，我們跨 3 個地區的所有業者都取得了非常廣泛的優異表現。顯然，正如我所說，這不是偶然，對吧？您提到的一些營運合作夥伴在很長一段時間內為我們做得非常好，而且這種情況仍在繼續。但這是我們多年前製定的一項非常深思熟慮的策略，旨在深入而不是廣泛。這就是我們繼續加倍努力實施這項策略的原因。

And John gave several examples of that, that plays out, whether that's on the employee retention side, their long-term career and others. And that's also true, we can give you several examples how that plays out, obviously, on the revenue side where customers have different options within a close proximity to each other, right? So at the end of the day, that's what we are trying to do. We believe, as many of us mentioned on the call, that great customer and employee experience eventually drive great financial results. And we continue to double down on the simple strategy.

約翰舉了幾個例子，無論是在員工留任方面、他們的長期職涯或其他方面，這些例子都發揮了作用。這也是事實，我們可以給你舉幾個例子，顯然，在收入方面，客戶在彼此接近的情況下有不同的選擇，對吧？所以歸根結底，這就是我們正在努力做的事情。我們相信，正如我們許多人在電話會議中提到的那樣，良好的客戶和員工體驗最終會帶來良好的財務表現。我們繼續加倍努力實施簡單的策略。

Your next question comes from the line of Michael Mueller of JPMorgan.

你的下一個問題來自摩根大通的麥可‧穆勒(Michael Mueller)。

Tim, a quick question. Was there a change in the same-store operating expense guidance for show? Because it looks like your same-store revenue drivers didn't change, but the NOI growth expectation increased?

提姆，一個簡單的問題。展會同店營業費用指引是否有變動？因為看起來你們的同店營收驅動因素沒有改變，但 NOI 成長預期增加了？

Yes. Thanks, Mike. It did. So our expense -- our overall expense that were underlying our initial budget were 6.5%. So our revised outlook today moving down to 6% and the change 50 basis points lower.

是的。謝謝，麥克。它做了。所以我們的開支——我們最初預算的總體開支是 6.5%。因此，我們今天將預測下調至 6%，下調了 50 個基點。

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

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

Nikhil, when your team's underwriting new skilled nursing investments, can you give me a sense for kind of a range of EBITDA reductions you're potentially contemplating in your underwriting for staff mandates (inaudible).

Nikhil，當您的團隊承保新的熟練護理投資時，您能否讓我了解一下您在承保員工任務時可能考慮的一系列 EBITDA 削減（聽不清楚）。

Yes. I think, John, in the skilled business, we are essentially structured credit, short-duration providers of capital. And we're super focused on basis and (inaudible) beyond that. And so at the basis we play out, it doesn't really have a meaningful impact just given the downside protection we have. I think this question is probably a better question for folks that play (inaudible).

是的。約翰，我認為，在科技業，我們本質上是結構性信用、短期資本提供者。我們非常關注基礎和（聽不清楚）除此之外的基礎。因此，在我們的基礎上，考慮到我們擁有的下行保護，它並沒有真正產生有意義的影響。我認為這個問題對於玩遊戲的人來說可能是一個更好的問題（聽不清楚）。

(Operator Instructions) Your next question comes from the line of Rich Anderson of Wedbush Securities.

（操作員指示）您的下一個問題來自韋德布希證券公司的里奇·安德森（Rich Anderson）。

Great quarter. It keeps getting better and better. Shankh, used the word were abundant amount of paranoia in the company, which is good to hear. And I want to sort of tackle that side. I'm sure that you focus not only on the opportunities, which you're clearly doing but also on the potential risks that can materialize. And think of a company like Prologis obviously, like you and industry thought leader, but down 21% this year and trading near its 2-year low. How does Welltower anticipate potential pitfalls that may materialize. Some of the things that you're thinking about to manage around today, to your point, about deploying capital and making sure that it produces the end results that you're envisioning.

很棒的季度。它不斷變得越來越好。 Shankh，用了這個詞，公司裡有大量的偏執狂，這很高興聽到。我想解決這一問題。我確信您不僅專注於您正在做的機會，而且還關注可能出現的潛在風險。顯然，像 Prologis 這樣的公司，就像您和行業思想領袖一樣，但今年下跌了 21%，交易價格接近 2 年低點。 Welltower 如何預測可能出現的潛在陷阱。您今天正在考慮管理的一些事情，就您的觀點而言，是關於部署資本並確保它產生您所設想的最終結果。

I'm thinking about 25% same-store NOI growth and how someone might say why is Wall Street getting rich at the expense of seniors? Is there a rent control conversation potentially out there? I'm just wondering some of the things that frame your paranoia and how you might respond to that?

我正在考慮 25% 的同店 NOI 成長，以及有人可能會說為什麼華爾街要以犧牲老年人為代價來致富？是否有潛在的租金管制對話？我只是想知道一些導致你偏執的事情以及你會如何應對？

Thank you, Rich. I said a healthy amount of paranoia and we do, and we're constantly thinking -- constantly looking over a shoulder to think what can go wrong. Now let's talk about numbers. The law of numbers are very unforgiving, right? When your NOI goes down by 50%, $100 become $50, you need to go up 100% to go back to just where you started, right? So while 25% NOI growth is impressive, let's just be honest, like I think I said this in an industry conference a few months ago that we haven't made any money over the last 10 years as an industry. So while year-over-year numbers are impressive. We got to understand the basic numbers. Just to go back to where we started as an industry. And if NOI was -- let's just say it was down 50%, somewhere down 40%, but somewhere on cut in half, and that's what will happen if you lose 20 points of occupancy you need to just go back 100% to go back to a high watermark.

謝謝你，里奇。我說過一定程度的偏執，我們確實這麼做了，而且我們不斷地思考──不斷地反省思考可能會出現什麼問題。現在我們來談談數字。數字法則非常無情，對嗎？當你的 NOI 下降 50%，100 美元變成 50 美元時，你需要上升 100% 才能回到開始的地方，對嗎？因此，雖然25% 的NOI 成長令人印象深刻，但讓我們說實話，就像我在幾個月前的行業會議上所說的那樣，我們作為一個行業在過去10 年裡沒有賺到任何錢。因此，儘管同比數字令人印象深刻。我們必須了解基本數字。只是為了回到我們作為一個產業的起點。如果 NOI 下降了 50%，某個地方下降了 40%，但某個地方減少了一半，如果你失去 20 個點的入住率，你需要返回 100% 才能返回，就會發生這種情況到高水位線。

So if you put that in perspective, you realize that, obviously, the profitability of the industry remains pretty challenging. And you can see that in the margins. Margins remain significantly below where pre-COVID and frankly speaking, the peak of this business was not pre-COVID, was peak of the business was 2015 in last, call it, 1.5 decades and we're not even close to that.

因此，如果你正確看待這一點，你就會意識到，顯然，該行業的盈利能力仍然相當具有挑戰性。你可以在頁邊空白處看到這一點。利潤率仍然大大低於新冠疫情之前的水平，坦白說，這項業務的峰值並不是在新冠疫情之前，而是在2015 年，也就是1.5 年前的業務高峰期，而我們甚至還沒有接近這一點。

So all these points that you're raising, which are very good points are very interrelated, right? If we can't get to a basic level of margins, that will obviously be driven by basic level of rates and occupancy, then investments, particularly new investment going back to Nick's question on development doesn't make any sense. You need to attract capital to invest in the existing community doesn't make any sense, right? So all of these things are very interrelated.

所以你提出的所有這些非常好的觀點都是相互關聯的，對嗎？如果我們不能達到基本的利潤水平，這顯然是由基本的利率和入住率水平驅動的，那麼投資，特別是回到尼克關於發展的問題的新投資就沒有任何意義。你需要吸引資本來投資現有的社區沒有任何意義，對吧？所以所有這些事情都是非常相互關聯的。

We're trying to do the best we can to provide a great level of service to our communities, our residents, our employees. And we also have to put in perspective like a lot of other types of operational real estate apartment stores, single-family rentals, which in the heydays have raised rents 20%, 25-plus percent our rent growth has been good, but it has never been sort of a double-digit plus, right? So it's always sort of hovered around 8%, 9%. That's purely driven by demand supply on one side as well as obviously an escalating cost environment. So we feel good about it.

我們正在盡力為我們的社區、居民和員工提供高水準的服務。我們還必須像許多其他類型的經營性房地產公寓店、獨棟出租屋一樣，在全盛時期將租金提高了20%、25%以上，我們的租金增長一直不錯，但它已經從來都不是兩位數的加號，對吧？所以它總是徘徊在 8%、9% 左右。這純粹是由一方面的需求供應以及顯然不斷上升的成本環境所推動的。所以我們對此感覺良好。

We will see where we go from here as we are talking about this kind of rate growth. Also, I would like you to remember that just on a same employee basis, rates in the sort of cost of employees are up 30%, 40% in the last 5 years, right? So all of these things come into play. We're always looking over our shareholder. You can see how we're managing our balance sheet. Prologis is a terrific company. It will continue to be a terrific company regardless whether the stock is down in a given year or not. They've created a massive amount of value over the years. Stock goes up and down. That's not as managed as we control. Our responsibility is to manage the business and look for opportunities to create long-term value. Short term -- okay.

當我們談論這種成長率時，我們將會看到接下來的發展方向。另外，我希望您記住，在相同的員工基礎上，過去 5 年員工成本上升了 30%、40%，對吧？所以所有這些事情都會發揮作用。我們始終關注我們的股東。您可以看到我們如何管理資產負債表。 Prologis 是一家了不起的公司。無論股價在某一年是否下跌，它都將繼續是一家出色的公司。多年來，他們創造了巨大的價值。股票有漲有跌。這並不像我們控制的那樣管理。我們的責任是管理業務並尋找創造長期價值的機會。短期——好吧。

And your next question comes from the line of Wes Golladay of Baird.

你的下一個問題來自貝爾德 (Baird) 的韋斯·戈拉迪 (Wes Golladay)。

For that $19 billion opportunity over the next 2 years, is that a domestic opportunity only? And can you highlight what you're seeing in the U.K. and Canada?

對於未來兩年價值 190 億美元的機會，這只是國內機會嗎？您能強調一下您在英國和加拿大看到的情況嗎？

Yes, that is a domestic number we're talking about. We are seeing similar situations in our international markets. And one of them where particularly that market is challenged is U.K. and we're seeing significant opportunities in the U.K. And I think I mentioned that. And I think you will see us many granular transactions in U.K. this year to take advantage of that. Lack of credit, real estate -- health care real estate credit in U.K. If it is possible to be worse than the U.S., which is very hard today, it's probably U.K. market, debt market is worse than that of U.K. today. I mean U.K. debt market is worse than that of U.S. today.

是的，我們說的是國內號碼。我們在國際市場上也看到了類似的情況。其中一個特別受到挑戰的市場是英國，我們在英國看到了巨大的機遇，我想我已經提到過這一點。我認為今年你會在英國看到我們利用這一點進行許多細粒度的交易。英國缺乏信貸、房地產——醫療保健房地產信貸。我的意思是英國債務市場現在比美國更糟。

With no further questions, that concludes today's Q&A session. We thank you for your attendance. This concludes today's conference call. You may now disconnect.

沒有其他問題了，今天的問答環節就結束了。我們感謝您的出席。今天的電話會議到此結束。您現在可以斷開連線。