Welltower Inc (WELL) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Kayla, and I will be your conference operator today.

我叫凱拉，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Welltower Second Quarter 2024 earnings.

現在，我歡迎大家關注 Welltower 2024 年第二季財報。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Matt McQueen, General Counsel.

我現在想將電話轉給總法律顧問馬特麥奎因。

You may begin.

你可以開始了。

Thank you and good morning.

謝謝你，早安。

As a reminder, certain statements made during this call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

謹此提醒，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》含義內的前瞻性陳述。

Although Welltower believes any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its projected results will be attained.

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。

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.

本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.

謝謝你，馬特，大家早安。

I'll review second quarter business trends and our capital allocation priorities.

我將回顧第二季的業務趨勢和我們的資本配置優先事項。

John will provide an update on operational performance for our senior housing and medical office 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.

約翰將提供有關我們高級住房和醫療辦公室投資組合運營業績的最新信息，尼基爾將向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。

We're very pleased to report another quarter of significant bottom-line growth, with normalized FFO per share up 17% year over year, or over 19% adjusted for prior-year subsidies.

我們非常高興地報告又一個季度實現了顯著的利潤增長，正常化的 FFO 每股同比增長 17%，根據上年補貼調整後增長超過 19%。

Quarter was once again led by our senior housing portfolio, but with notable contributions from all other areas of the business, including investments.

本季再次以我們的高級住房投資組合為主導，但包括投資在內的所有其他業務領域也做出了顯著貢獻。

Last night, we announced another $1 billion of acquisitions under contract since our last update at NAREIT conference in June, bringing our acquisition activity to approximately $5 billion year to date.

昨晚，自 6 月在 NAREIT 會議上上次更新以來，我們又宣布了 10 億美元的合約收購，使今年迄今的收購活動達到約 50 億美元。

There continues to be no [dearth of] capital deployment opportunities in front of us at extraordinarily attractive economics, which I'll get into shortly.

在極具吸引力的經濟領域，我們面前仍然不存在[缺乏]資本配置機會，我很快就會談到這一點。

Ultimately, we are pleased to once again be able to raise our full-year FFO-per-share guidance, as we continue to capitalize on the unprecedented internal and external growth opportunity in senior housing.

最終，我們很高興能夠再次提高全年 FFO 每股指引，因為我們將繼續利用高級住房領域前所未有的內部和外部成長機會。

Before John goes into details, I wanted to first provide some high-level thoughts on the senior housing business and why we remain as optimistic as ever about its future prospects.

在約翰詳細介紹之前，我想先提供一些關於老年住房業務的高層想法，以及為什麼我們對其未來前景保持一如既往的樂觀。

This quarter marks the seventh consecutive quarter in which our SHO portfolio has posted same-store NOI growth in excess of 20%, a truly remarkable feat.

本季是我們的 SHO 投資組合連續第七個季度實現同店 NOI 成長超過 20%，這確實是一項了不起的壯舉。

This noteworthy bottom-line growth was once again [fueled by] -- [flowed through] the combination of strong revenue growth and moderating expense.

這項值得注意的利潤成長再次受到營收強勁成長和支出放緩的共同推動。

RevPOR or unit revenue growth came in at 5.3%, while export or unit expense growth was up just 1%, a near record low for the Company.

RevPOR 或單位收入成長率為 5.3%，而出口或單位費用成長率僅成長 1%，接近公司歷史最低水準。

What matters to us, though, is the delta between the two, which is ultimately what drives the bottom line.

然而，對我們來說重要的是兩者之間的差異，這最終是驅動利潤的因素。

As we have elaborated in the past, our focus is not on the absolute level of RevPOR or export growth.

正如我們過去所闡述的，我們的重點不是 RevPOR 或出口成長的絕對水準。

The difference is what we are focused on, and it remains at historically high levels, as shown on slide 18 of our business update presentation, resulted in another quarter of substantial margin expansion of 290 basis points year over year to

差異在於我們所關注的重點，並且它仍然處於歷史高位，如我們業務更新簡報的幻燈片 18 所示，導致又一個季度的利潤率同比大幅增長 290 個基點，達到

[27.3%].

[27.3%]。

While margin remains well below pre-COVID levels.

而利潤率仍遠低於新冠疫情前的水準。

I would note that we have made significant progress since hitting the trough levels of profitability in 2021, with further upside remaining through the scaling benefits achieved through our occupancy, a.k.a. operating leverage, and as the operating platform begins to bear fruit.

我要指出的是，自2021 年盈利能力觸底以來，我們已經取得了重大進展，透過我們的入住率（又稱營運槓桿）實現的規模效益以及營運平台開始取得成果，我們還取得了進一步的上升空間。

Overall, while we are pleased with the results we achieved this quarter, what we are much more excited about is the fundamental backdrop is for us to dramatically improve as we look forward to 2025 and beyond.

整體而言，雖然我們對本季所取得的成果感到滿意，但更令我們興奮的是，在我們展望 2025 年及以後的過程中，我們將取得顯著進步。

It starts with end market demand.

它始於終端市場需求。

Baby Boomers are just entering the 80s and pickup in demand, which we have recently witnessed, will only intensify going forward.

嬰兒潮世代剛進入 80 年代，我們最近目睹的需求回升只會在未來加劇。

Not only is the 80 plus population growing at the fastest clip in decades, but what's even more compelling is the growth of this group of seniors will accelerate to 5% to 7% per annum as we close out the decade, driving demand even higher, and there is plummeting new supply.

不僅80歲以上的人口以幾十年來最快的速度增長，更引人注目的是，隨著這十年的結束，這群老年人的增長將加速到每年5%至7%，從而推動需求更高，而且新供應量直線下降。

The second quarter construction starts were once again negligible, falling well below trough levels we've seen even during GFC.

第二季的開工率再次微不足道，遠低於我們在全球金融危機期間看到的低谷水平。

It remains extraordinarily challenging to secure construction financing, as regional banks that served as the most prolific lender to the sector in previous cycles has effectively shut down all activity.

確保建築融資仍然極具挑戰性，因為在前幾個週期中作為該行業最多產貸款人的區域銀行實際上已經停止了所有活動。

And despite the attractive growth prospect of our industry, most developers have thrown in the towel due to a lack of development economics.

儘管我們行業的成長前景誘人，但大多數開發商由於缺乏發展經濟學而放棄了。

We think this will continue as returns, or should I say lack thereof, were made on other people's money no longer available, as investors lick their wounds from the last cycle.

我們認為這種情況將持續下去，因為回報，或者我應該說缺乏回報，是用其他人的錢不再可用而獲得的，因為投資者舔著上一個週期的傷口。

While the beta of the senior housing business remains extraordinarily attractive, what truly sets us apart are our efforts to generate outsized alpha for our existing owners.

雖然老年住房業務的貝塔值仍然極具吸引力，但真正使我們與眾不同的是我們努力為現有業主創造巨大的阿爾法值。

This is reflected by the difficult but important steps that we continue to take to further amplify our long-term growth trajectory.

我們為進一步擴大長期成長軌跡而繼續採取的困難但重要的步驟就反映了這一點。

This not only includes the build-out of our operating platform, which John will get into in a minute, but also involves numerous capital-light transaction such as operator transition, conversion and conversion of triple-net to RIDEA structures.

這不僅包括我們營運平台的建設（約翰稍後會介紹），還涉及大量輕資本交易，例如營運商轉型、轉換以及三網到 RIDEA 結構的轉換。

We are confident that several operating platform initiatives will start to improve occupancy and NOI next year.

我們相信，明年多項營運平台措施將開始改善入住率和 NOI。

Expanding on the theme of enhancing long-term growth through capital-light transactions, we announced transition of 89 Holiday by Atria assets to six of Welltower's strongest operating partners, with deep expertise and local scale in their regions.

為了擴展透過輕資本交易促進長期成長的主題，我們宣布將Atria 的89 個Holiday 資產轉移給Welltower 的六個最強大的營運合作夥伴，這些合作夥伴在其所在地區擁有深厚的專業知識和本地規模。

We have experienced tremendous success with hundreds of transitions were effectuated in recent years, and we expect similar outcomes from this most recent set of assets.

近年來，我們已經完成了數百次轉型，取得了巨大的成功，我們預計這組最新的資產也會取得類似的結果。

More importantly, we hope to achieve over $70 million of additional NOI upside when new operators stabilize these properties.

更重要的是，當新營運商穩定這些資產時，我們希望實現超過 7,000 萬美元的額外 NOI 上升空間。

And separately, we converted or agreed to convert 47 triple-net leased properties to RIDEA structure in Q2, allowing us to directly participate in substantial growth of these properties that are poised to deliver in coming years.

另外，我們在第二季將 47 個三網租賃物業轉換或同意將其轉換為 RIDEA 結構，使我們能夠直接參與這些預計在未來幾年交付的物業的大幅增長。

This was achieved in four different transactions, primarily with existing RIDEA operators that are growing with, including StoryPoint and New Perspective.

這是透過四個不同的交易實現的，主要是與正在成長的現有 RIDEA 運營商進行的交易，包括 StoryPoint 和 New Perspective。

These actions come with some short-term dilution, but we are confident that we'll substantially enhance our growth in the back half of 2025 and 2026.

這些行動會帶來一些短期稀釋，但我們有信心在 2025 年下半年和 2026 年大幅提高成長。

Assuming we only get to 92% occupancy, we should achieve approximately $40 million of NOI post stabilization from today's level.

假設我們的入住率僅達到 92%，那麼從目前的水平來看，穩定後的 NOI 應該會達到約 4,000 萬美元。

To illustrate that in new investment terms, you need $2 billion of new acquisitions to achieve that level of NOI accretion, assuming 2% long-term accretion of our investment model.

為了說明這一點，從新的投資角度來看，假設我們的投資模型的長期成長為 2%，則需要 20 億美元的新收購才能達到 NOI 成長的水平。

That's how impactful the [math] is for our near- to medium-term growth.

這就是[數學]對我們中短期成長的影響。

And clearly, our owners will capture all the upside from stabilization of this asset, which should enhance our long-term earnings growth trajectory as well.

顯然，我們的所有者將獲得該資產穩定帶來的所有好處，這也將增強我們的長期獲利成長軌跡。

Turning to investment activity, last night we announced additional investment activity that brings us to nearly $5 billion of transactions closed or under contract to close year to date.

談到投資活動，昨晚我們宣布了額外的投資活動，今年迄今已完成或已簽訂合約的交易金額接近 50 億美元。

The US and UK comprised of the bulk of our recent transaction, with virtually all transactions being completed in senior housing space.

我們最近的交易大部分來自美國和英國，幾乎所有交易都是在高級住房領域完成的。

Our investment teams remain busy as ever, as the opportunity to acquire senior housing assets continue to expand, largely from resulted of the broken capital structure and other debt-driven situations that Nikhil described on last call.

我們的投資團隊一如既往地忙碌，因為收購高級住房資產的機會不斷擴大，這主要是由於尼基爾在上次電話會議中描述的資本結構破裂和其他債務驅動的情況造成的。

Notably, while 2023 was the record year for us, with $5 billion of investment, we have achieved this level of transaction activity in just first seven months of 2024.

值得注意的是，雖然 2023 年是我們創紀錄的一年，投資額達 50 億美元，但我們僅在 2024 年前七個月就實現了這項交易活動水準。

Our pipeline beyond these transactions remains robust, visible, granular, and actionable.

除了這些交易之外，我們的管道仍然強大、可見、精細且可操作。

Lastly, I would like to commend Tim and our capital markets team for their efforts to further strengthen our balance sheet.

最後，我要讚揚提姆和我們的資本市場團隊為進一步加強我們的資產負債表所做的努力。

Through the tactical capitalization of acquisitions, coupled with dramatic rise in cash flow, our balance sheet leverage has declined to 3.68 times, another record low for the Company.

透過收購的戰術資本化，加上現金流的大幅成長，我們的資產負債表槓桿率已降至3.68倍，再創公司歷史新低。

This balance sheet enhancement was recognized by Moody's and S&P, with both rating agencies revising our credit rating outlook to positive during the quarter.

這種資產負債表的改善得到了穆迪和標準普爾的認可，兩家評級機構都將我們本季的信用評等展望調整為正面。

And yesterday, we announced the recast and upsize of our revolving credit facility to $5 billion, bringing near-term liquidity to nearly $9 billion.

昨天，我們宣布重新調整循環信貸額度並將其規模擴大至 50 億美元，使短期流動性達到近 90 億美元。

Our new revolver comes at an improved pricing and extended time relative to our previous facility, a testament to the strengthening of our credit profile and growth outlook of our business, even in these challenging times for real estate credit.

與我們以前的設施相比，我們的新左輪手槍的定價得到了改善，時間也延長了，這證明了我們的信用狀況和業務增長前景的增強，即使在房地產信貸充滿挑戰的時期也是如此。

We will remain disciplined in our funding of our future opportunities, but as I have previously mentioned, we have created significant debt capacity to tap into, creating another lever for us to further augment our earnings growth.

我們將繼續嚴格為未來的機會提供資金，但正如我之前提到的，我們已經創造了巨大的債務能力可以利用，為我們進一步提高盈利增長創造了另一個槓桿。

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

有了這個，我會把它交給約翰。

Thank you and good morning.

謝謝你，早安。

As Shankh mentioned, we reported another strong quarter, with total same-store NOI growth once again achieving double-digit levels, led by our senior housing operating portfolio, which I'll provide more details on momentarily.

正如 Shankh 所提到的，我們報告了另一個強勁的季度，在我們的高級住房運營投資組合的帶動下，同店總 NOI 增長再次達到兩位數水平，我將立即提供更多詳細信息。

But I'll first touch on outpatient medical business.

但我先談談門診醫療業務。

We reported 2.1% year-over-year same-store growth, which is in line with our expectations.

我們報告同店年增 2.1%，符合我們的預期。

Leasing velocity remains healthy and retention rate remains strong at 93%, and our industry-leading occupancy continues to be stable at 94.3%.

租賃速度保持健康，保留率維持在 93%，業界領先的入住率持續穩定在 94.3%。

Turning to senior housing, we continue to be pleased with the level of same-store NOI growth being generated by this business, which once again exceeded our expectations at 21.7%.

談到老年住房，我們仍然對該業務產生的同店 NOI 成長水準感到滿意，再次超越了我們 21.7% 的預期。

Attaining 20% plus NOI growth for any sector is an incredible achievement, but seven consecutive quarters is truly exceptional.

對於任何行業來說，實現 20% 以上的 NOI 成長都是一項令人難以置信的成就，但連續七個季度確實非常出色。

I'd also note that the strength in our business remains broad-based, with all regions and property types posting outsized levels of growth.

我還想指出的是，我們業務的優勢仍然廣泛，所有地區和房地產類型都實現了大幅成長。

And as Shankh described, our confidence in generating elevated levels of growth in future years continues to grow, given the extraordinary demand/supply backdrop ahead of us and our focus on improving the operating business.

正如尚赫所描述的，鑑於我們面臨的非凡的需求/供應背景以及我們對改善營運業務的關注，我們對未來幾年實現更高水準成長的信心繼續增強。

In terms of same-store revenue in the quarter, we posted 8.6% growth compared to the prior year's period, with contributions from both occupancy and rate.

就本季同店營收而言，我們的同店營收較去年同期成長 8.6%，這得益於入住率和入住率的貢獻。

Same-store occupancy increased 280 basis points, the highest level of year-over-year growth we've achieved in the second quarter of any year outside of 2022, when we were coming out of COVID.

同店入住率成長了 280 個基點，這是我們在 2022 年疫情結束後第二季實現的最高年成長水準。

RevPOR growth remains healthy at 5.3% and expense POR increased just 1%.

RevPOR 成長維持在 5.3% 的健康水平，而費用 POR 僅成長 1%。

On the expense side, we're witnessing a couple of different factors at play.

在費用方面，我們看到有幾個不同的因素在起作用。

First, we continue to see a reversal of the broader inflationary pressures which impacted the business in recent years.

首先，我們繼續看到近年來影響業務的更廣泛的通膨壓力出現逆轉。

And second, we're benefiting from the operating leverage inherent in the business, as we experience slowing incremental costs as occupancy increases.

其次，我們受惠於業務固有的營運槓桿，因為隨著入住率的增加，我們的增量成本正在放緩。

Another reflection of this trend is growth in CompPOR, or compensation per occupied room, which rose just 0.9% year over year, well below our historical average, due to the operational scaling benefits we're beginning to witness.

這一趨勢的另一個體現是 CompPOR 的增長，即每間入住房間的補償，同比僅增長 0.9%，遠低於我們的歷史平均水平，這是由於我們開始看到營運規模效益。

Overall, as Shankh mentioned, our focus remains on driving the delta between RevPOR and ExpPOR substantially higher as part of our platform initiatives.

總體而言，正如 Shankh 所提到的，作為我們平台計劃的一部分，我們的重點仍然是大幅提高 RevPOR 和 ExpPOR 之間的差值。

To give a real-time example, over the last few months, we've gone through an extensive review of different care levels across our assisted living portfolio, in an effort to create greater simplification for residents and their families.

舉一個即時的例子，在過去的幾個月裡，我們對我們的輔助生活組合中的不同護理等級進行了廣泛的審查，以努力為居民及其家人創造更大的簡化。

As a result of this exercise, we also made the strategic decision to focus our leasing efforts on lower acuity assisted living residents across many of our communities.

這項工作的結果是，我們也做出了策略性決定，將我們的租賃工作重點放在許多社區中視力較低的輔助生活居民身上。

While a lower acuity resident pays less than a higher acuity resident for the same room, they also consume far less human resources and tend to stay longer.

雖然同一房間的敏銳度較低的居民支付的費用低於敏銳度較高的居民，但他們消耗的人力資源也少得多，並且往往停留更長時間。

This creates a healthier rent roll over a longer period of time, leading to higher NOI.

這會在較長時間內創造更健康的租金滾動，從而導致更高的 NOI。

We are pleased to report that these initiatives are paying off, as we've been able to attract a substantially lower number of lower acuity AL residents during the summer leasing season.

我們很高興地報告，這些措施正在取得成效，因為我們在夏季租賃季節吸引的低敏銳度 AL 居民數量大幅減少。

I'm proud of what our team has been able to pull off, in close coordination with our operating partners.

我為我們的團隊與營運合作夥伴密切協調所取得的成就感到自豪。

Beyond that, we continue to make important strides in our efforts to optimize our portfolio and improve the resident and employee experience to the build-out of a platform.

除此之外，我們繼續在優化我們的產品組合和改善居民和員工體驗以建立平台方面取得重要進展。

We're going live with properties in Q3, and anticipate rolling out the end-to-end tech platform to the first operator in the near term.

我們將在第三季投入運營，並預計在短期內向第一家營運商推出端到端技術平台。

The excitement of the community and corporate team is palpable, as we truly streamline the business, integrating and digitizing the flow of information from the website to the CRM to ERP and the care module, as well as other modules.

社群和企業團隊的興奮是顯而易見的，因為我們真正簡化了業務，整合並數位化了從網站到 CRM、ERP 和護理模組以及其他模組的資訊流。

Our communities will be able to eliminate most paperwork and materially reduce administrative times and simplify many processes, including the onerous move-in process.

我們的社群將能夠消除大部分文書工作，大幅減少管理時間並簡化許多流程，包括繁瑣的入住流程。

Our objective of leveraging technology to improve the overall resident experience, and enabling employees to focus more of their time on residents, is being realized.

我們利用科技改善住戶整體體驗、讓員工將更多時間集中在住戶身上的目標正在實現。

We continue to achieve success in other initiatives, including the creation of the cap team at Welltower, which enables Welltower to directly execute capital, renovation, and facility projects on our sites in partnership with our offerings.

我們繼續在其他舉措中取得成功，包括在 Welltower 創建上限團隊，這使得 Welltower 能夠與我們的產品合作，直接在我們的場地上執行資本、改造和設施項目。

The result is that we are dramatically driving down costs 20% to 50%, while improving the execution and improving the customer's value proposition, positioning Welltower's assets to drive compounding earnings growth for many years.

結果是，我們大幅降低了 20% 至 50% 的成本，同時提高了執行力並改善了客戶的價值主張，使 Welltower 的資產能夠推動多年來的複合收益成長。

Since the start of the year, we have completed or are working on about 2,000 separate projects, with 17 different operators at over 150 sites in three countries.

自今年年初以來，我們已經完成或正在進行約 2,000 個獨立項目，由 17 個不同的營運商在三個國家的 150 多個地點開展工作。

As a result of the success of the teams, Welltower, and our operators, we have expanded our work more than originally planned, which includes thousands of units taken offline.

由於團隊、Welltower 和我們的營運商的成功，我們的工作範圍超出了原計劃，其中包括下線數千台設備。

This important initiative will result in some near-term disruption, but has the potential to meaningfully contribute to our growth in 2025 and beyond.

這項重要措施將在短期內造成一些幹擾，但有可能為我們 2025 年及以後的成長做出有意義的貢獻。

This tremendous amount of work requires the highest level of collaboration ever attempted and accomplished at Welltower between our operating partners, our vendors, and our corporate employees.

如此龐大的工作量需要我們的營運合作夥伴、供應商和公司員工之間在 Welltower 嘗試並完成最高水準的協作。

I am grateful to the support and teamwork by all involved people, and most certainly the leaders of our operators who are standing side by side with me as we re-envision this business, focused on improving both resident and employee experience.

我感謝所有相關人員的支持和團隊合作，當然還有我們營運商的領導者，他們在我們重新構想這項業務、專注於改善居民和員工體驗時與我並肩作戰。

In conclusion, another great quarter, great demand/supply dynamics, technology platform is launching, the cap team is executing, and many other earnings drivers are in place to enable years of compounding earnings growth.

總而言之，又一個偉大的季度，巨大的需求/供應動態，技術平台正在推出，上限團隊正在執行，並且許多其他盈利驅動因素已經到位，以實現多年的複合盈利增長。

Thank you, and I'll turn the call over to Nikhil.

謝謝您，我會將電話轉給 Nikhil。

Thanks, John.

謝謝，約翰。

It's hard to believe that we're almost at the end of the summer.

很難相信夏天已經快結束了。

We have worked tirelessly over the last three months since our first quarter call, expanding on our investment activity by an additional $2.1 billion.

自從第一季電話會議以來，我們在過去三個月不知疲倦地工作，將我們的投資活動額外擴大了 21 億美元。

Since we have been working at such a torrid pace, I thought it would be helpful to summarize what we have accomplished so far this year.

由於我們的工作節奏如此之快，我認為總結一下我們今年迄今為止所取得的成就會有所幫助。

We closed on $200 million of transactions in the first quarter and announced additional transaction activity of $2.6 billion on our first quarter call.

我們在第一季完成了 2 億美元的交易，並在第一季電話會議上宣布了 26 億美元的額外交易活動。

We subsequently signed up and announced another $1 billion of transactions at NAREIT in June, and last night announced an incremental $1.1 billion of acquisitions, bringing this year's total closed or under contract transactions to $4.9 billion.

隨後，我們於 6 月在 NAREIT 簽約並宣布了另外 10 億美元的交易，昨晚又宣布了 11 億美元的增量收購，使今年已完成或合約中的交易總額達到 49 億美元。

We are pleased to report that as of the end of the second quarter, we have closed on $1.6 billion of these transactions, and we are diligently working towards closing the remainder of our announced transaction activity by year end.

我們很高興地報告，截至第二季末，我們已完成了 16 億美元的此類交易，並且我們正在努力爭取在年底前完成已宣布的剩餘交易活動。

The incremental $2.1 billion of investment activity announced since our first quarter call is essentially entirely made up of seniors and wellness housing assets in the US and UK, and spans a total of 17 transactions, with a median transaction size of $65 million.

自第一季電話會議以來宣布的新增 21 億美元投資活動基本上全部由美國和英國的老年人和健康住房資產組成，總共涉及 17 筆交易，交易規模中位數為 6,500 萬美元。

These transactions comprised of 82 communities with nearly 7,000 units, an average age of seven years, and a stabilized yield above 8%.

這些交易涉及82個社區，近7,000套，平均房齡7年，穩定收益率在8%以上。

Through these transactions, we are growing our relationships with Legend, StoryPoint, QSL, Care UK, Arrow Senior Living, to name a few operators.

透過這些交易，我們正在發展與 Legend、StoryPoint、QSL、Care UK、Arrow Senior Living 等營運商的關係。

Welltower's stellar reputation permeates globally, as we remain the counterparty of choice for sellers, as evidenced by the unabated quality and pace of our investment activity.

Welltower 的良好聲譽享譽全球，我們仍然是賣家的首選交易對手，我們投資活動的品質和步伐有增無減就證明了這一點。

I want to highlight an emerging new trend that we have witnessed recently: inbound inquiries from Asian and Continental European investors who own seniors housing product in our target markets.

我想強調我們最近看到的一個新趨勢：來自在我們目標市場擁有老年人住房產品的亞洲和歐洲大陸投資者的入境詢問。

Perhaps driven by the strength of the dollar, but we are seeing direct inquiries to acquire senior housing assets from foreign counterparties who we have not transacted with before.

也許是受到美元走強的推動，但我們看到了來自我們以前從未與之進行過交易的外國交易對手方收購高級住房資產的直接詢問。

During this quarter, we had net loan funding of $349 million, as we originated $486 million of new loans and received repayments of $137 million across 17 loans.

本季度，我們的淨貸款資金為 3.49 億美元，因為我們發放了 4.86 億美元的新貸款，並在 17 筆貸款中收到了 1.37 億美元的還款。

A vast majority of the new lending activity was with one high-quality sponsor, from whom we also acquired a portfolio of seniors housing assets.

絕大多數新貸款活動都是由一位高品質的發起人發起的，我們也從他那裡獲得了老年人住房資產組合。

As I have stated before, we are creative deal makers with a problem-solving mindset.

正如我之前所說，我們是具有解決問題思維的創意交易者。

I spoke last quarter about the dearth of debt capital in the seniors housing space, and I'm pleased to announce that we have been able to close out a creative win/win transaction with a counterparty given that backdrop.

上個季度我談到了老年人住房領域債務資本的缺乏，我很高興地宣布，在這種背景下，我們已經能夠與交易對手完成一項創造性的雙贏交易。

We previously transacted with this counterparty last year, when we acquired 10 seniors housing assets for $469 million.

我們去年曾與該交易對手進行交易，當時我們以 4.69 億美元的價格收購了 10 處老年人住房資產。

We reengaged with them this year for a follow-on transaction.

今年我們再次與他們合作進行後續交易。

In this case, for a subset of the portfolio spanning roughly 1,000 units, we were able to see eye to eye on upfront pricing of $271 million and acquired those assets outright at a greater than 35% discount to replacement cost, assuming a maximum payout on the performance-based earnout.

在這種情況下，對於涵蓋約 1,000 個單位的投資組合子集，我們能夠一致同意 2.71 億美元的前期定價，並以重置成本 35% 以上的折扣直接收購了這些資產，假設最大支付額為基於績效的報酬。

For another subset of assets, we couldn't find alignment on the current valuation, but we were able to offer a creative debt solution.

對於資產的另一個子集，我們無法找到與當前估值的一致性，但我們能夠提供創造性的債務解決方案。

This $456 million first mortgage loan carries a 10% yield and spans nearly 1,000 units across several newly-built marquee senior housing properties.

這筆 4.56 億美元的第一抵押貸款收益率為 10%，涵蓋多個新建大型高級住宅物業的近 1,000 個單位。

With the last dollar basis at approximately half of replacement cost of these like-new assets, this loan reflects a 56% loan to value, based on our underwritten stabilized values.

根據我們承保的穩定價值，最後的美元基礎約為這些類似新資產重置成本的一半，這筆貸款反映了 56% 的貸款價值。

As with most of our loans, there are several structural enhancements to potentially convert these shorter-duration debt investments into long-duration equity investments.

與我們大多數的貸款一樣，有一些結構性增強措施可以將這些短期債務投資轉化為長期股權投資。

This entire transaction is underwritten to achieve an unlevered IRR north of 10%.

整個交易均經過承銷，以實現 10% 以上的無槓桿 IRR。

Moving on to capital-light transactions, as announced earlier, we are transitioning 89 former Holiday assets from Atria to six different regional managers. 69 of these transitions are already complete and the remaining 20 are scheduled for later this week.

轉向輕資本交易，正如先前宣布的，我們將把 Atria 的 89 項前 Holiday 資產移交給六家不同的區域經理。其中 69 項過渡已完成，其餘 20 項計劃於本週稍後完成。

As was our business plan all along, we have plans for significant capital investments across all these buildings. [65%] of these projects are either completed or underway, with the remaining working through plans, scopes, and budgets to start soon.

正如我們一直以來的業務計劃一樣，我們計劃對所有這些建築進行大量資本投資。 [65%] 這些項目要么已完成，要么正在進行中，其餘項目將通過計劃、範圍和預算盡快啟動。

With an inventory of over 900 modernized like-new units, the newly appointed regional managers are hard at work and training the sales teams to market the enhanced value proposition of these communities.

新任命的區域經理擁有 900 多個現代化的全新單元庫存，正在努力工作並培訓銷售團隊，以推銷這些社區的增強價值主張。

While we have been disappointed with the results achieved to date, we remain optimistic that we'll soon recognized significant operational upside in this portfolio through our focused regional density strategy.

雖然我們對迄今為止所取得的成果感到失望，但我們仍然樂觀地認為，我們很快就會透過我們重點關注的區域密度策略來認識到該投資組合的顯著營運優勢。

As part of these Holiday transitions, we have been able to negotiate triple-net to RIDEA conversion of 26 communities with two of the incoming operators, StoryPoint and Sagora.

作為這些假期過渡的一部分，我們已經能夠與兩家新營運商 StoryPoint 和 Sagora 協商將 26 個社區從三網轉為 RIDEA。

For Welltower, it's important that as we grow our operating partners' regional footprint, we have an aligned ownership structure across the various communities in their market.

對 Welltower 來說，重要的是，隨著我們營運合作夥伴的區域足跡不斷擴大，我們在其市場的各個社區中擁有一致的所有權結構。

While this results in our partners giving up future cash flow upside in these triple-net conversions, both Dan at StoryPoint and Brian at Sagora, our thoughtful entrepreneurs, focused on the long term and have bought into the merits of our regional density strategy and the positive impact it has on the lives of the residents and the employees that they serve.

雖然這導致我們的合作夥伴在這些三網轉換中放棄了未來的現金流上升空間，但我們深思熟慮的企業家 StoryPoint 的 Dan 和 Sagora 的 Brian 都著眼於長期，並認同我們的區域密度戰略和它對居民及其服務的員工的生活產生正面影響。

As always, we are squarely focused on executing both external transactions and internal portfolio investment decisions that create substantial shareholder value.

一如既往，我們專注於執行外部交易和內部投資組合投資決策，以創造可觀的股東價值。

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.

謝謝你，尼基爾。

My comments today will focus on our second quarter results, the performance of our triple-net investment segments, our capital activity, a balance sheet liquidity update, and finally, an update to our full year 2024 outlook.

我今天的評論將重點放在我們第二季的業績、三淨投資部門的業績、我們的資本活動、資產負債表流動性更新，最後是我們 2024 年全年展望的更新。

Welltower reported second quarter net income attributable to common stockholders of $0.42 per diluted share and normalized funds from operations of $1.05 per diluted share, representing 16.7% year-over-year growth or 19% year-over-year growth after adjusting for early funds received in Q2 2023.

Welltower 公佈第二季歸屬於普通股股東的淨利為每股攤薄後每股0.42 美元，正常營運資金為每股攤薄後每股1.05 美元，年增16.7%，對早期收到的資金進行調整後較去年同期成長19% 2023 年第二季。

We also reported total portfolio same-store NOI growth of 11.3% year over year.

我們也報告總投資組合同店 NOI 年成長 11.3%。

Now turning to performance of our triple-net properties in the quarter.

現在轉向我們本季三網物業的表現。

As a reminder, our triple-net lease portfolio coverage stats are reported a quarter in arrears, so these statistics reflect the trailing 12 months ending 3/21/2024.

提醒一下，我們的三網租賃投資組合覆蓋統計數據顯示有四分之一的拖欠，因此這些統計數據反映了截至 2024 年 3 月 21 日的過去 12 個月。

In our senior housing triple-net portfolio, same-store NOI increased 4.3% year over year, and trailing 12-month EBITDA coverage is 1.4 times, marking a new post-COVID high in coverage.

在我們的老年住房三網投資組合中，同店 NOI 年比成長 4.3%，過去 12 個月 EBITDA 覆蓋率是 1.4 倍，標誌著新冠疫情後覆蓋率的新高。

In the quarter, we reached agreements to transition 36 properties operated by StoryPoint and New Perspective from triple-net to RIDEA, effective 3Q, bringing total year-to-date RIDEA transitions to 47.

本季度，我們達成了協議，將 StoryPoint 和 New Perspective 營運的 36 家飯店從三網過渡到 RIDEA，從第三季開始生效，使年初至今的 RIDEA 過渡總數達到 47 家。

Consistent with our strategy over the past two years, these conversions, despite being short-term dilutive, should prove highly accretive over time, as Welltower moves in the equity position of. these assets continue to benefit from post-COVID recovery fundamentals and the industry's long-term secular growth trends.

與我們過去兩年的策略一致，這些轉換儘管會帶來短期稀釋作用，但隨著時間的推移，隨著 Welltower 的股權變動，這些轉換應該會帶來高度增值。這些資產持續受益於新冠疫情後的復甦基本面和產業的長期成長趨勢。

In the case of these two operators, it also moves our entire relationship to RIDEA, creating complete alignment across our portfolio of properties with them.

就這兩家業者而言，我們的整個關係也轉移到了 RIDEA，從而使我們的物業組合與他們完全一致。

Next, same-store NOI growth in our long-term post-acute portfolio grew 2.7% year over year, and trailing 12-month EBITDA coverage was 1.47 times, which represents an increase from 1.23 times last quarter, as more of the recovery in the Integra healthcare portfolio is reflected in our coverage metrics.

接下來，我們長期急性後投資組合的同店 NOI 成長率年增 2.7%，過去 12 個月 EBITDA 覆蓋率為 1.47 倍，較上季的 1.23 倍有所成長，因為更多的經濟復甦Integra 醫療保健產品組合反映在我們的覆蓋指標中。

Moving on to capital activity.

轉向資本活動。

We continued to equity finance our investment activity in the quarter, raising $1.6 billion of gross proceeds at an average price of $96.64 per share.

本季我們繼續對投資活動進行股權融資，以每股 96.64 美元的平均價格籌集了 16 億美元的總收益。

This allowed us to fund $1.2 billion of net investment activity and debt paydowns, and ended the quarter with $2.9 billion of cash and restricted cash on the balance sheet.

這使我們能夠為 12 億美元的淨投資活動和債務償還提供資金，並在本季結束時資產負債表上有 29 億美元的現金和限制性現金。

In July, our treasury team, led by Matt Carrus, refinanced our revolving line of credit, achieving increased capacity by $1 billion, resulting in $5 billion of total borrowing capacity.

7 月，由 Matt Carrus 領導的財務團隊對我們的循環信貸額度進行了再融資，實現了 10 億美元的能力增加，總借貸能力達到 50 億美元。

We're reducing our borrowing costs by 7.5 basis points through a reduction of facility fees and base rate to SOFR plus 72.5 basis points and extending the maturity by two years.

透過降低融資費用和將基本利率提高至 SOFR 加 72.5 個基點，並將期限延長兩年，我們將借貸成本降低了 7.5 個基點。

I want to thank our banking group for the support they continue to provide Welltower.

我要感謝我們的銀行集團繼續為 Welltower 提供的支持。

We deeply value these long-standing relationships.

我們非常重視這些長期的關係。

In July, we also issued a $1.035 billion convertible note due in 2029.

7 月，我們也發行了 2029 年到期的 10.35 億美元可轉換票據。

The note bears interest at 3.125% and is convertible to equity at $127.91 per share.

該票據的利率為 3.125%，可以每股 127.91 美元的價格轉換為股權。

We intend to use the proceeds from the note to address our 2025 unsecured maturities coming due next June.

我們打算利用該票據的收益來解決明年 6 月到期的 2025 年無擔保到期問題。

The combination of these efficiently priced refinancings increased the total duration of our debt stack to six years and brings our total current available liquidity to $8.7 billion.

這些有效定價的再融資將我們的債務總期限延長至六年，並使我們目前可用的流動性總額達到 87 億美元。

Staying with the balance sheet, we ended this quarter with 3.68 times net debt to adjusted EBITDA.

從資產負債表來看，本季末我們的淨負債與調整後 EBITDA 的比值為 3.68 倍。

After completing our incremental $2.7 billion of net investment activity, we expect to end the year at approximately 4.25 times net debt to EBITDA.

在完成 27 億美元的增量淨投資活動後，我們預計到年底，淨債務與 EBITDA 的比率約為 4.25 倍。

The resiliency of our business model, trajectory of our future growth and strength of our balance sheet were recognized by S&P and Moody's in the quarter, as they both moved their outlooks on our BBB+ and Baa1 credit ratings to positive during the quarter.

我們的業務模式的彈性、未來成長的軌跡以及資產負債表的實力在本季度得到了標準普爾和穆迪的認可，因為他們在本季度將我們的 BBB+ 和 Baa1 信用評級展望調整為正面。

Lastly, as I move on to last night's update or full year 2024 guidance, I will remind you that we've not included any investment activity in our outlook beyond the $4.9 billion to date that has been closed or publicly announced.

最後，當我談到昨晚的更新或 2024 年全年指引時，我要提醒您，我們的展望中沒有包含任何超出迄今為止已結束或公開宣布的 49 億美元的投資活動。

Last night, we updated our full year 2024 outlook for net income attributable to common stockholders to $1.52 to $1.60 per diluted share and normalized FFO of $4.13 to $4.21 per diluted share, or $4.17 at the midpoint.

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 1.52 美元至 1.60 美元，標準化 FFO 為稀釋後每股 4.13 美元至 4.21 美元，中間值為 4.17 美元。

This guidance increase represents an incremental increase at the midpoint of $0.06 per share from our NAREIT guidance and $0.085 per share from our first quarter normalized FFO guidance.

這項指導成長代表著我們的 NAREIT 指引中位數每股 0.06 美元的增量成長，以及我們第一季度標準化 FFO 指引中每股 0.085 美元的增量成長。

The $0.085 at the midpoint is composed of $0.035 from improved NOI outlook in our senior housing operating portfolio and $0.065 from accretive investment and financing activity, offset partially by a $0.015 from higher G&A expectations and near-term drag from triple-net to RIDEA conversions.

中點的0.085 美元由我們高級住房營運投資組合NOI 前景改善帶來的0.035 美元和來自增值投資和融資活動的0.065 美元組成，部分被較高的G&A 預期帶來的0.015 美元以及三網到RIDEA 轉換的近期拖累所抵銷。

Underlying this increased FFO guidance is an increase in estimated total portfolio year-over-year same-store NOI growth of 10% to 12.5%, driven by subsegment growth of outpatient medical 2% to 3%; long-term post-acute 2% to 3%; senior housing triple-net 3% to 4%; and finally, senior housing operating growth of 19% to 23%.

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 將年增 10% 至 12.5%；長期急性後2%～3%；老年住房三網3%至4%；最後，高級住房營運成長19%至23%。

This is driven by the following midpoints of their respective ranges.

這是由其各自範圍的以下中點驅動的。

Revenue growth of 9.2%, made up of RevPOR growth of 5.25% and year-over-year occupancy growth of 290 basis points, and total expense growth of 5.5%.

營收成長 9.2%，其中 RevPOR 成長 5.25%，入住率年增 290 個基點，總費用成長 5.5%。

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.

謝謝你，提姆。

In an effort to give you, our owners, a bit more insight in how we're thinking about the world today, I would like to share a few observations.

為了讓您，我們的所有者，更深入地了解我們如何思考當今的世界，我想分享一些觀察。

As we think about the last few decades over, there were several factors that have provided a strong tailwind for investment returns on risk assets.

回顧過去幾十年，有幾個因素為風險資產的投資回報提供了強勁的推動力。

Rates have gone from high to low.

利率從高到低。

We've printed an awful lot of money.

我們印了很多錢。

We brought future demand forward to fiscal borrowing almost everywhere in the world, including US, Europe, Japan, and China.

我們將未來的需求提前到世界各地幾乎所有地方的財政借款，包括美國、歐洲、日本和中國。

We benefited from globalization that led to lower inflation.

我們受惠於全球化帶來的通膨下降。

And we benefited for the most part an era of peace and cooperation after the Cold War.

我們在很大程度上受益於冷戰後的和平與合作時代。

Our management team had and continues to debate if some of these tailwinds will turn into headwinds, as we think about our investment time horizon, at the very least cautioning if these factors become the lack of tailwind.

當我們考慮我們的投資期限時，我們的管理團隊已經並將繼續爭論其中一些順風是否會變成逆風，至少要警告這些因素是否會缺乏順風。

This is especially relevant in the context of a few additional cautions.

這在一些額外注意事項的背景下尤其重要。

First, society is aging quickly in our markets.

首先，我們市場的社會正在快速老化。

Is this trend inflationary or deflationary?

這種趨勢是通貨膨脹還是通貨緊縮？

Second, given the current sovereign debt levels and fiscal policy, what will happen to the long end of the rate card, regardless of Fed actions?

其次，考慮到目前的主權債務水準和財政政策，無論聯準會採取什麼行動，利率卡的長期端將會發生什麼？

Third, now that the anchor of global [East] Japan has overcome zero lower bound, will the normal be higher for US rates?

第三，既然全球（東）日本的錨已經突破了零利率下限，那麼美國利率的正常水準會更高嗎？

We have no idea how to answer any of these questions definitively.

我們不知道如何明確回答這些問題。

And to further complicate the picture is the interplay of this caution against the backdrop of substantially reduced tailwinds, which I mentioned before.

讓情況變得更加複雜的是，這種謹慎態度與我之前提到的順風大幅減少的背景下相互作用。

We do acknowledge that they will have an impact on investments we're making today; some negatively, some positively.

我們確實承認它們將對我們今天所做的投資產生影響；有些是消極的，有些是積極的。

However, the beauty of our strategy and the platform is that we don't need these tailwinds to work in our favor.

然而，我們的策略和平台的美妙之處在於，我們不需要這些順風車來對我們有利。

Let me expand.

讓我擴充一下。

Would we benefit from a lower rate environment in which our assets we own will be worth more?

我們會從較低的利率環境中受益嗎？

Would such an environment turn our incredibly low leverage balance sheet into a powerful asset that we prudently tap into to drive per-share earnings?

這樣的環境是否會將我們令人難以置信的低槓桿資產負債表轉變為我們謹慎利用以推動每股盈餘的強大資產？

Absolutely.

絕對地。

Would we be fine, if not thrive, if we remain in a world of high long rates for an extended period of time?

如果我們長期處於高利率的世界中，即使不能蓬勃發展，我們也會過得很好嗎？

Unquestionably, as construction will remain subdued for foreseeable future and will continue to help solve broken capital structure problems.

毫無疑問，在可預見的未來，建築業將繼續低迷，並將繼續幫助解決破碎的資本結構問題。

Let's consider another issue: the aging of the population.

讓我們考慮另一個問題：人口老化。

While we are extremely excited about the higher end market demand that this trend will drive for many years, it also begs the question, is the demographic shift inflationary or deflationary in nature from a societal standpoint?

雖然我們對這一趨勢將在未來幾年推動的高端市場需求感到非常興奮，但它也引出了一個問題：從社會的角度來看，人口結構的變化本質上是通貨膨脹還是通貨緊縮？

If we are certain that the graying of our society is deflationary force, than we would be investing in middle market AL product, which we are not.

如果我們確定社會的老化是通貨緊縮的力量，那麼我們就會投資在中間市場的 AL 產品，但我們不是。

We're sticking to AL product in micro markets, where we have conviction that we can achieve sufficient pricing power to pass on inflation and then some.

我們堅持在微觀市場中使用 AL 產品，我們堅信我們能夠獲得足夠的定價能力來轉嫁通膨等等。

This is especially important to us, given the overall lack of growth of caregivers, commensurate with an older population.

鑑於護理人員整體上缺乏與老年人口相稱的成長，這一點對我們來說尤其重要。

Hence, our obsession with product market fit.

因此，我們對產品市場契合度的執著。

Amongst all these uncertainties we contend with on a daily basis, whether it be the direction of the economy, rates or geopolitics, what is certain that we're in the midst of one of the most pronounced demographic shifts ever witnessed, and it's occurring at the same time at which the challenges for new construction remain extraordinarily high.

在我們每天面臨的所有這些不確定因素中，無論是經濟方向、利率還是地緣政治，可以肯定的是，我們正處於有史以來最明顯的人口變化之一，而且它發生在與此同時，新建築面臨的挑戰仍然異常嚴峻。

To put simply, we believe that we are in the very early innings of an exceptional multiyear growth for the industry.

簡而言之，我們相信我們正處於該行業多年非凡成長的早期階段。

And add in to John's and what our operations team is doing to drive digital transformation of senior housing industry, which should result in high employee and customer satisfaction, we are confident in our ability to compound on a per-share basis over a very long period of time for our owners.

再加上約翰和我們的營運團隊正在做的事情，以推動高級住房行業的數位轉型，這應該會帶來較高的員工和客戶滿意度，我們對我們在很長一段時間內以每股為基礎實現複合的能力充滿信心我們的主人的時間。

We, as capital allocators and long-time investors, will take compounding per share of earnings over speculation of macro all day long.

我們身為資本配置者和長期投資者，整天只看複利每股收益，而不是宏觀炒作。

Long-term compounding is the only way we are aware of, is to create real shareholder wealth.

長期複利是我們意識到的唯一方法，就是創造真正的股東財富。

As Buffett tells us, predicting rain doesn't count; building and ark does.

正如巴菲特告訴我們的那樣，預測下雨並不重要；預測會下雨並不重要。建築和方舟確實如此。

I truly believe we have built an all-weather compounding ark that will continue to reward our owners across different environments for years into the future.

我堅信我們已經建造了一個全天候的複合方舟，它將在未來的歲月裡繼續獎勵我們在不同環境下的主人。

As proud as I am of the exceptional execution of the Welltower team in recent quarters, I'm convinced the best days of this company are squarely in front of us.

儘管我對 Welltower 團隊最近幾季的出色執行力感到自豪，但我相信這家公司最好的日子就在我們面前。

And with that, let's open the call up for questions.

接下來，讓我們開始提問。

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

（操作員說明）我們的第一個問題來自喬納森·休斯（Jonathan Hughes）和雷蒙德·詹姆斯（Raymond James）的線路。

Your line is open.

您的線路已開通。

Hi.

你好。

Good morning.

早安.

Thank you for the time.

謝謝你的時間。

Shankh, I think I heard you say there $70 million and $40 million of future cash flow upside over the next few years from recent triple-net to RIDEA transitions, and then about 7.5% of in-place NOIs from seniors housing triple-net.

Shankh，我想我聽到你說過，從最近的三網到RIDEA 的過渡，未來幾年未來現金流將有7000 萬美元和4000 萬美元的上升空間，然後約7.5% 的就地NOI 來自老年人住房三網。

I realize that's going to decline as we see some of those announced transitions be completed, but how much of the 7.5% could we see or do you want to see converts to RIDEA so that Welltower can participate in more cash flow and value creation upside?

我意識到，隨著我們看到其中一些已宣布的轉型完成，這一數字將會下降，但是我們可以看到7.5% 中的多少，或者您希望看到多少轉換為RIDEA，以便Welltower 可以參與更多的現金流和價值創造上升空間？

Thank you.

謝謝。

Yes, Jonathan, we are focused on growing with a set of operators that we find to be exceptionally good in the region at their price point for their product.

是的，喬納森，我們專注於與一群運營商一起發展，我們發現這些運營商在該地區的產品價格點上表現非常出色。

And there are -- there remains portfolios in a triple-net that fit the bucket and over time you can expect us to continue to work through that and convert into RIDEA.

而且，三重網路中仍然存在適合該桶的投資組合，隨著時間的推移，您可以期望我們繼續解決這個問題並將其轉換為 RIDEA。

And there will be assets in triple-net that will remain triple-net, because we think for those assets, primarily mid-market assets, that's the right structure.

三網中的一些資產將保持三網，因為我們認為對於這些資產（主要是中端市場資產）來說，這是正確的結構。

We've got to think about long term.

我們必須考慮長遠。

Obviously, as I mentioned last time, I think on last call, I mentioned that our underlying EBITDAR in our triple-net portfolio is actually growing slightly faster than our RIDEA portfolio, purely because of the geographic mix.

顯然，正如我上次提到的，我想在上次電話會議上，我提到我們三網投資組合中的基本EBITDAR 實際上比我們的RIDEA 投資組合增長得稍快，這純粹是因為地理組合。

That's primarily US and UK.

主要是美國和英國。

But it will not be prudent for us to think let's just convert the whole thing because right now we have the growth, right?

但我們認為，因為現在我們已經實現了成長，所以就將整個事情進行轉變，這是不明智的，對嗎？

We have to think about long term and think about the the growth prospects beyond stabilization, relative to what we think inflation will be over a period of time.

我們必須著眼長遠，考慮穩定後的成長前景，相對於我們認為一段時間內的通膨水準。

But there are opportunities and you can imagine that we're hard at work continuing to work through with our partners to structure win/win deals.

但機會是存在的，你可以想像我們正在努力工作，繼續與我們的合作夥伴合作，建立雙贏的交易。

And the next question comes from the line of Vikram Malhotra with Mizuho.

下一個問題來自維克拉姆·馬爾霍特拉 (Vikram Malhotra) 和瑞穗 (Mizuho) 的關係。

Your line is open.

您的線路已開通。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

Maybe just Shankh, building on your last comment.

也許只是香赫，以你最後的評論為基礎。

I mean, I don't know what innings we are in, in terms of the recovery, but whatever phase we're in, can you just maybe elaborate, give us color on sort of what gets you through this next phase of growth, both internal and external?

我的意思是，就恢復而言，我不知道我們處於哪一局，但無論我們處於哪個階段，您能否詳細說明一下，讓我們了解如何幫助您度過下一階段的成長，內部和外部？

And I just mean like you have the components that drove internal expenses and better pricing

我的意思是，就像您擁有推動內部支出和更好定價的組件一樣

[far seem sustained].

[似乎很持續]。

If you can comment on that, as well as on the external growth.

您可以對此以及外部成長發表評論嗎？

Just curious, the acquisitions you're doing, like how much occupancy upside do they have relative to the portfolio?

只是好奇，您正在進行的收購，例如相對於投資組合而言，它們的入住率有多少上升空間？

Thanks.

謝謝。

Yes, let me see if I can remember all the questions you asked.

是的，讓我看看我是否能記住你問的所有問題。

Let's just start with the acquisitions.

我們先從收購開始。

Roughly, you should think industry is in low 80s occupancy.

粗略地說，您應該認為該行業的入住率處於 80 年代的低水平。

And there's no reason to believe [for] obviously an aggregate amount that we are acquiring anything but in that sort of market rate occupancy, call it low 80%.

顯然，我們沒有理由相信我們正在收購的總金額，但在這種市場佔有率中，稱其為低 80%。

So we think there is substantial occupancy upside.

因此，我們認為入住率有很大的上升空間。

And I've said many, many times, really, you know, the toughest part of the margin story is sort of call it 80% to low 80% occupancy and majority of that flow-through happens after that.

我已經說過很多很多次了，真的，你知道，利潤率故事中最困難的部分是 80% 到低 80% 的入住率，而大部分資金流發生在這之後。

So not only occupancy upside, you should see a tremendous amount of cash flow upside into that, when we have never been yield buyers and will never be yield buyers.

因此，當我們從來沒有、也永遠不會成為收益買家時，不僅入住率上升，你還應該看到大量現金流上升。

We are total return buyers, and that's sort of how we think about investments.

我們是總回報買家，這就是我們對投資的看法。

So that's sort of, well, one aspect of your question.

這就是你問題的一方面。

The second question is harder to answer, and I absolutely do not want you to sort of take this as my forward-looking comments.

第二個問題更難回答，我絕對不希望您將此視為我的前瞻性評論。

I have no idea.

我不知道。

But as we are thinking about supply/demand and more importantly, supply/demand in our markets, but more importantly, my earlier comments that all the platform initiatives that John and his team has been building towards, we should see impact starting 2025.

但當我們考慮供應/需求時，更重要的是，我們市場的供應/需求，但更重要的是，我之前的評論是，約翰和他的團隊一直在構建的所有平台計劃，我們應該從2025年開始看到影響。

So if you just sort of think about that aspect of it, I think occupancy can -- I'm not saying it will, but can take a leg up, as we think about 2025, right?

因此，如果你稍微考慮一下這方面的問題，我認為入住率可以——我並不是說會，但可以有所幫助，就像我們對 2025 年的看法一樣，對嗎？

But now we sort of look into the different strata of pricing in different types of occupancy in our own portfolio today.

但現在我們在我們自己的投資組合中研究不同類型入住的不同定價層次。

I will share an observation with you that above 90% -- just [look at] this quarter.

我將與您分享一個超過 90% 的觀察結果——只要[看看]這個季度。

This, obviously, to make a point, not to specific numbers.

顯然，這是為了表明一個觀點，而不是具體數字。

Just if we think about 90% plus occupancy cohort of our portfolio, RIDEA portfolio, RevPOR growth was close to 7%, right?

如果我們考慮一下我們的投資組合 RIDEA 投資組合中 90% 以上的入住率，RevPOR 的成長接近 7%，對吧？

So our goal is for us, what we are trying to do, is to get the portfolio to that level as the industry also fills up, right?

因此，我們的目標是，我們正在努力做的事情是，隨著行業的飽和，使投資組合達到該水平，對嗎？

So is it possible that as we go into 2026, sort of summer of 2026 or summer of 2027 we see a leg up in rates again?

那麼，當我們進入 2026 年、2026 年夏季或 2027 年夏季時，我們是否有可能看到利率再次上升？

Absolutely we can.

我們絕對可以。

But this is too early to comment, but we'll see what market gives us.

但現在評論還為時過早，但我們將看看市場為我們帶來什麼。

We are so far very pleased with how this summer season is playing out.

到目前為止，我們對今年夏天的進展感到非常滿意。

July has been a very strong month for us, and we hope that sort of the summer season play out strong.

七月對我們來說是一個非常強勁的月份，我們希望夏季表現強勁。

But it's too early to comment how next couple of years play out.

但現在評論未來幾年的發展還為時過早。

But I wouldn't leave this question without answering the crux of what you asked, what inning we're in, in this growth cycle?

但我不會在不回答你所問問題的關鍵之前就離開這個問題，在這個成長週期中，我們正處於哪個階段？

Very early.

很早。

And your next question comes from the line of Nick Yulico with Scotiabank.

您的下一個問題來自豐業銀行的 Nick Yulico。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Good morning.

早安.

Just a question first on the senior housing guidance.

首先是關於老年人住房指南的問題。

Can you just talk about why you didn't revise the same-store revenue guidance for the segment?

能談談為什麼沒有修改該細分市場的同店收入指引嗎？

And then, if we look at the sequential occupancy growth in the quarter, a bit lighter than it's been previously in the second quarter.

然後，如果我們看一下本季的連續入住率成長，就會發現比第二季之前的成長要慢一些。

So just trying to understand that impact in the quarter and then, you know, for the back half of the year, it feels like there's a bigger sequential ramp that's going to happen, to get to the full year guidance.

因此，只要試著了解本季的影響，然後，你知道，在今年下半年，感覺將會出現更大的連續成長，以達到全年指引。

Just want to make sure that's correct and maybe you had some commentary on July or anything else that gives you sort of confidence in that back half of the year occupancy ramp?

只是想確保這是正確的，也許您對 7 月有一些評論或其他任何讓您對今年下半年入住率增長有信心的評論？

Thanks.

謝謝。

Nick, let me try and I think John and team, you can jump in as you fit.

尼克，讓我試試，我想約翰和他的團隊，你們可以根據自己的情況加入。

There's several questions.

有幾個問題。

I am not sure I will remember them all.

我不確定我會記住他們所有人。

First is the occupancy.

首先是入住率。

I think you heard John's comment that we have thousands of units that are under renovation that's going through.

我想你聽到了約翰的評論，我們有數千個單位正在進行翻修。

A lot of units are actually offline.

很多單位其實都處於離線狀態。

So that might have contributed.

所以這可能有所貢獻。

As John said, that will impact or has impacted some near-term fundamentals.

正如約翰所說，這將影響或已經影響一些近期基本面。

You know, I've said this millions of times, that we will always sacrifice short term for long term.

你知道，我已經說過數百萬次了，我們總是會為了長期而犧牲短期。

We would expect that will augment our 2025 growth.

我們預計這將促進我們 2025 年的成長。

But we are confident achieving obviously the NOI growth that we have put out; otherwise we would not be raising that guidance.

但我們有信心明顯實現我們所預測的 NOI 成長；否則我們就不會提出該指導意見。

On -- what was the other question?

關於——另一個問題是什麼？

Second half?

下半場？

Look, the thing is, is you think about the summer selling season.

聽著，問題是，你是否考慮過夏季銷售季節。

I sort of think about that as June, July, August, September phenomena.

我認為這是六月、七月、八月、九月的現象。

We got one month obviously in the quarter.

本季我們顯然有一個月的時間。

We're pleased with June.

我們對六月很滿意。

That sort of -- this is the second quarter is always the second half sort of growth, as we come out of the spring season.

當我們走出春季時，第二季總是下半年的成長。

And it's really July, August, September that makes or breaks the year, and we're very pleased with July, and I have nothing more to add to that.

事實上，七月、八月、九月決定了這一年的成敗，我們對七月非常滿意，我沒有更多可補充的了。

And your next question comes from the line of Joshua Dennerlein with Bank of America.

你的下一個問題來自美國銀行的 Joshua Dennerlein。

Your line is open.

您的線路已開通。

Yes.

是的。

Morning, everyone.

大家早安。

Tim, just wanted to get your thoughts on how you plan to lean into the balance sheet as a driver of future growth.

提姆，只是想了解您計劃如何將資產負債表作為未來成長的驅動力。

You've really taken the leverage down and just thinking about like the opportunities of that as you go forward.

你確實已經降低了槓桿作用，只是在前進的過程中思考這樣的機會。

Thanks, Josh.

謝謝，喬許。

So I think the key point for us is there there is no plan to lean into it.

所以我認為對我們來說關鍵點是沒有計劃投入其中。

As we sit here today, it just represents optionality, right?

當我們今天坐在這裡時，它只是代表了選擇性，對嗎？

And so thinking about how -- where we're at from a leverage standpoint and how we're still continuing to fund our investment pipeline.

因此，從槓桿的角度來看，我們處於什麼位置，以及我們如何繼續為我們的投資管道提供資金。

It's all about what we can't plan for.

這都是我們無法計劃的事。

And at that point, it provides you the backstop and the ability to continue to do what we're doing, and the business model doesn't need to change in really any macro backdrop.

到那時，它為您提供了後盾和繼續做我們正在做的事情的能力，並且業務模式不需要在任何宏觀背景下更改。

But Josh, if you just then think about longer-term basis, there is massive organic deleveraging that's happening and at the same time, the free cash flow generation is significantly picking up.

但喬什，如果你考慮更長期的基礎，你會發現正在發生大規模的有機去槓桿化，同時自由現金流的產生正在顯著增加。

You are onto something, as you think about a longer=term capital structure We clearly don't think, you know, if we just stay where it is, and organic deleveraging continues to happen, it will be 3 times leverage soon.

當你考慮更長期的資本結構時，你會發現一些事情。

We don't think that's where a company of our size and scale should work at.

我們認為，像我們這樣規模的公司不應該在這個領域工作。

So there is definite debt capacity to tap into to drive per-share growth.

因此，有一定的債務能力可以利用來推動每股成長。

But as Tim pointed out, that it's the optionality, that's where they're focused on.

但正如蒂姆所指出的那樣，這是他們關注的重點，那就是可選擇性。

It's not a question of what we will, in a given period of time, do.

這不是我們在特定時間內要做什麼的問題。

It's the question of what we can.

這是我們能做什麼的問題。

And as sort of as you think about what's the normalized earnings for this company, if you think about that in terms of normalized balance sheet?

就像您考慮這家公司的標準化收益是多少一樣，如果您從標準化資產負債表的角度考慮的話？

Not a point in time balance sheet that's too highly leveraged or too lowly leveraged as we are.

沒有像我們這樣的某個時間點的資產負債表槓桿過高或過低。

And your next question comes from the line of John Kilichowski with Wells Fargo.

你的下一個問題來自富國銀行的約翰·基利霍夫斯基（John Kilichowski）。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

In your opening remarks, you mentioned the operating leverage that's inherent in the business.

在您的開場白中，您提到了企業固有的營運槓桿。

Maybe could you talk about run rate, where you think that that can take margins to?

也許您可以談談運行率，您認為這可以將利潤率提高到什麼程度？

I think you're asking us to speculate on longer term.

我認為您是在要求我們進行長期推測。

I'm not going to do that.

我不會那樣做。

I will just say that we are -- that depends on occupancy and sort of all the operating platform initiatives that John has been building towards.

我只想說，我們是——這取決於入住率和約翰一直在努力建立的所有營運平台計劃。

But as we have said before, that if we can take margin higher than pre-COVID margins, that at the very least, you can expect the significant G&A savings from both me and John stepping down.

但正如我們之前所說，如果我們能夠使利潤率高於新冠疫情前的利潤率，那麼至少，你可以預期我和約翰辭職後將節省大量的一般管理費用。

Either way, a shareholder should be making money, either through the margin expansion, or through our failure of getting to where we think we should be, through G&A reduction in.

無論哪種方式，股東都應該賺錢，要麼透過利潤率擴張，要麼透過我們未能達到我們認為應該達到的目標，透過減少管理費用。

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

下一個問題來自邁克爾·格里芬與花旗的對話。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks.

謝謝。

I'd be curious to get some more color just on the investment environment and acquisition opportunities you're seeing out there.

我很想了解更多有關您所看到的投資環境和收購機會的資訊。

Has there started to be more competition for the product that you are looking to acquire, or our capital partners looking to come solely to you, I think similar to what we've seen so far this year?

對於您想要購買的產品，或者我們的資本合作夥伴希望只向您提供產品，是否開始出現更多競爭，我認為與我們今年迄今為止所看到的情況類似？

And then maybe if you can comment on the transaction market broadly, are you seeing mainly stabilized product trade or some more of that value add component?

然後，如果您可以對交易市場進行廣泛的評論，您是否看到主要是穩定的產品貿易或更多的增值部分？

Yes.

是的。

So I'll tried to start.

所以我會嘗試開始。

Nihkil, please jump in.

尼基爾，請跳進來。

So it depends on where in the product cycle you have availability of debt.

因此，這取決於您在產品週期的哪個階段有可用的債務。

So if you think about more stable product, which has in-place significant occupancy and significant in-place cash flow, that's still can be financed.

因此，如果您考慮更穩定的產品，該產品具有大量就地佔用率和大量就地現金流，那麼仍然可以融資。

So if there is any competition, then the competition is there.

因此，如果存在競爭，那麼競爭就存在。

We have no interest in buying that product.

我們沒有興趣購買該產品。

We are total return investor.

我們是全回報投資者。

You have to think about if you buy a 90%, 95% occupied senior housing building, no matter what cap rate you buy at, you will end up being at a basis that at least for most cases is not acceptable to us.

你必須考慮一下，如果你購買了90%、95%的高級住宅大樓，無論你以什麼上限利率購買，你最終都會處於至少在大多數情況下我們無法接受的基礎上。

For us, it's always about basis and staying power.

對我們來說，最重要的是基礎和持久力。

That's how we invest capital, right?

這就是我們投資資本的方式，對嗎？

So if there is any sort of interest or it's just purely on availability of debt, we play at a space where we are much more interested in future upside, much more in place interested in bringing our operators to change the operating platform and the operating environment.

因此，如果有任何形式的興趣，或純粹是關於債務的可用性，我們會在一個對未來上漲更感興趣的空間中進行遊戲，更感興趣的是讓我們的營運商改變營運平台和營運環境。

And that's why we don't.

這就是為什麼我們不這樣做。

We just -- you know, obviously, we have put up this kind of investment volume purely because people are coming to us directly before they go to market.

我們只是——你知道，顯然，我們之所以進行這樣的投資量純粹是因為人們在進入市場之前直接來找我們。

You will see things that go to market a lot of times.

你會看到很多次進入市場的東西。

We have looked at it and decided that's not a fit to our portfolio.

我們已經研究過它並認為這不適合我們的投資組合。

We are not -- this company is not designed to buy.

我們不是——這家公司不是為了收購而設計的。

We're trying to invest capital and build our regional density.

我們正在努力投資資本並建立我們的區域密度。

So we think about assets and one asset at a time, depending on what other assets we own in those markets with those operators.

因此，我們一次考慮一項資產，這取決於我們在這些市場上與這些業者擁有的其他資產。

And that's how we think about this business.

這就是我們對這項業務的看法。

And your next question comes 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門的邁克爾·卡羅爾。

Your line is open.

您的線路已開通。

Yes, thanks.

對了謝謝。

Nikhil, I wanted to touch on your comment that you made in your prepared remarks regarding foreign counterparties.

尼基爾，我想談談您在準備好的有關外國交易對手的評論中發表的評論。

Do you know, or I guess how much seniors housing exposure do these parties have, and why are they looking to exit or reduce their exposure?

你知道嗎，或者我猜這些政黨有多少老年人住房風險，以及為什麼他們希望退出或減少他們的風險？

I mean, are they just looking to completely get out of the business or are they just looking for a partner that can help them kind of capture some of the seniors housing upside that they might not be able to do themselves?

我的意思是，他們只是想完全退出這個行業，還是只是在尋找一個合作夥伴來幫助他們抓住一些他們自己可能無法做到的老年人住房優勢？

Yes, I think I'll start with the reason they're looking to get out.

是的，我想我將從他們想要離開的原因開始。

It's the same as domestic counterparties, right?

跟國內交易對手是一樣的吧？

It's debt pressure.

這是債務壓力。

Now, obviously, foreign counterparties have the benefit that their net outcome in their local currency is not as bad, given that the dollar is fairly strong.

現在，顯然，考慮到美元相當堅挺，外國交易對手的好處是，以本國貨幣計算的淨結果並沒有那麼糟糕。

But the reasons are the same.

但原因是一樣的。

And at least in the transactions that we're working on with a few of these counterparties, it has been to buy them out completely, not joint ventures or anything like that.

至少在我們與其中一些交易對手進行的交易中，我們是完全收購它們，而不是合資企業或類似的東西。

So we're looking to do simple asset acquisitions like we have been in the US.

因此，我們希望像在美國那樣進行簡單的資產收購。

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

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

Your line is open.

您的線路已開通。

Hi.

你好。

A question for Shankh or John.

問尚赫或約翰的問題。

You talked about platform investments starting to drive growth for the SHOP business in 2025.

您談到平台投資將在 2025 年開始推動 SHOP 業務的成長。

So just curious if you can make some general comments about what success would mean for you with regard to the platform investments and the growth contributions in 2025.

因此，我想知道您是否可以對 2025 年平台投資和成長貢獻的成功對您意味著什麼發表一些一般性評論。

Juan, I think I have already hinted about this to Vikram's question earlier.

胡安，我想我之前已經在維克拉姆的問題中暗示過這一點。

But we're very, as I said, we're very pleased with the occupancy growth over last couple of years, including this year.

但正如我所說，我們對過去幾年（包括今年）的入住率成長感到非常滿意。

But if we -- all the initiatives that John has been building towards, if that can enhance that growth, we'll be very pleased.

但如果我們——約翰一直在努力實現的所有舉措，如果能夠促進成長，我們會非常高興。

We shall see.

我們將會看到。

Even this year is not over yet.

甚至今年還沒結束。

It's hard to comment on next year, but we'll be very pleased if that happens.

很難對明年發表評論，但如果這種情況發生，我們會非常高興。

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

你的下一個問題來自邁克·穆勒 (Mike Mueller) 與摩根大通 (JPMorgan) 的對話。

Your line is open.

您的線路已開通。

Yes, hi.

是的，嗨。

Your development pipeline and commitments are about 75% senior housing and 25% outpatient medical.

您的開發管道和承諾約為 75% 的高級住房和 25% 的門診醫療。

How do you see these dollars invested and the mix between the two trending over the next few years?

您如何看待這些投資以及未來幾年兩者之間的組合趨勢？

Yes, I think I just want to clarify, when you said 75% of seniors housing.

是的，當你說 75% 的老年人住房時，我想我只是想澄清一下。

On our development page, in the supp, we provide a breakdown by units, and what you'll see is it's predominantly wellness housing, which is age-restricted or age-targeted product, low service.

在我們的開發頁面的補充中，我們提供了按單元的細分，您將看到它主要是健康住房，這是有年齡限製或針對年齡目標的產品，服務水平低。

So it's not traditional seniors housing.

所以這不是傳統的老年人住房。

I mean, there's barely any seniors housing in there in the US.

我的意思是，美國幾乎沒有老年人住房。

There's a couple of projects in the UK.

英國有幾個項目。

But as John mentioned in his prepared remarks, we have not been able to make seniors housing developments (inaudible), and so it makes no sense to do something that doesn't work out.

但正如約翰在他準備好的演講中提到的那樣，我們無法開發老年人住房（聽不清楚），因此做一些行不通的事情是沒有意義的。

And your next question comes from the line of Jim Kammert with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Jim Kammert。

Your line is open.

您的線路已開通。

Hi, good morning.

早安.

Thank you.

謝謝。

Actually just building on that prior question, if you think about the wellness housing segment, what is the organic growth profile there, contrasted with let's call it more traditional senior housing, AL, et cetera?

實際上，只是在先前的問題的基礎上，如果你考慮健康住房領域，與我們稱之為更傳統的高級住房、AL 等相比，那裡的有機增長概況是什麼？

Thank you.

謝謝。

Thank you.

謝謝。

I think I mentioned that two quarters ago or maybe even last quarter, I don't recall, but if you can go back and check.

我想我在兩個季度甚至上個季度都提到過，我不記得了，但如果你可以回去檢查一下。

But since 2018, we have built this business today to about 25,000 units.

但自 2018 年以來，我們如今已將該業務發展到約 25,000 台。

That whole business, through a pandemic, compounded roughly between 8% to 10%.

整個業務在大流行期間複合了大約 8% 到 10%。

So that obviously, as you know, these communities are highly occupied, and despite that have compounded at that level.

因此，正如您所知，顯然這些社區的居住率很高，儘管如此，情況仍然如此。

I hope that gives you a sense of why we're excited about the business.

我希望這能讓您了解為什麼我們對這項業務感到興奮。

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

你的下一個問題來自摩根士丹利的羅納德·卡姆德姆（Ronald Kamdem）。

Your line is open.

您的線路已開通。

Hey, thanks so much.

嘿，非常感謝。

So looking at the cash flow statement, looks like you generated $1 billion of operating cash flow over a six-month period, which looks to me like a first for the Company.

因此，請看看現金流量表，看起來您在六個月內產生了 10 億美元的營運現金流，在我看來，這對公司來說是第一次。

I know John is doing a lot on the operational side, which we'll see in 2025.

我知道 John 在營運方面做了很多工作，我們將在 2025 年看到這一點。

But curious if there's any sort of thought, either in sort of working capital efficiency, CapEx, right, as we're thinking about free cash flow?

但很好奇，當我們考慮自由現金流時，是否有任何想法，無論是營運資本效率、資本支出，對吧？

As you sort of scale and continue to grow these businesses, are there still sort of potential upside drivers to that?

當你擴大規模並繼續發展這些業務時，是否仍存在潛在的上行驅動因素？

Thanks.

謝謝。

Ron, I would say we're in the very early innings of seeing upside.

羅恩，我想說我們正處於看到好處的早期階段。

I think John mentioned in his prepared remarks, that's with the exact same scope of [work in] exact same places.

我認為約翰在他準備好的發言中提到，這是在完全相同的地方[工作]完全相同的範圍。

We were able to drive 25% to 50% lower cost on CapEx initiatives and all, and more importantly, we can drive at a much faster turnaround.

我們能夠將資本支出計畫等成本降低 25% 到 50%，更重要的是，我們可以加快週轉速度。

Just if you think through that, you know, the biggest question that we have in front of us was the frictional vacancy.

如果你想一想，你就會知道，我們面臨的最大問題是摩擦性空缺。

Time is much more important than even money, right?

時間比金錢重要，對吧？

Because turnaround time equals to occupancy equals to your high NOI [primarily new] stabilized NOI.

因為週轉時間等於入住率等於您的高 NOI（主要是新的）穩定的 NOI。

So you just think about that we're super excited about it.

所以你想想我們對此感到非常興奮。

There's a lot going on in the Company, but we are excited about -- at the end of the day, about free cash flow generation.

公司發生了很多事情，但歸根結底，我們對自由現金流的產生感到興奮。

So that's -- to answer your earlier question on balance sheet, I mentioned that you think through where free cash flow generation will be when we get to your definition of frictional vacancy, right?

所以，為了回答你之前關於資產負債表的問題，我提到，當我們得到你對摩擦性空缺的定義時，你會思考自由現金流的產生將在哪裡，對吧？

So we're excited about it.

所以我們對此感到興奮。

We're driving cash flow at the end of the day.

最終我們正在推動現金流。

That's all that matters.

這才是最重要的。

And we think we're in the very early innings of that.

我們認為我們正處於這方面的早期階段。

There's a lot to come.

還有很多事情要做。

Your rext question comes from the line of Rich Anderson with Wedbush.

你的下一個問題來自里奇·安德森和韋德·布希的對話。

Your line is open.

您的線路已開通。

Hey, thanks and good morning.

嘿，謝謝，早安。

I want to talk about the longer-term growth potential of senior housing shops, assuming it's not 20%.

我想談談老年住房商店的長期成長潛力，假設不是20%。

And I -- you know, just about everything that you said, you know, when you think about RevPAR or RevPOR, I know you're focused more on the spread.

我 - 你知道，幾乎你所說的一切，你知道，當你想到 RevPAR 或 RevPOR 時，我知道你更專注於價差。

So even if inflation subsides, I think you still get what you want there.

因此，即使通貨膨脹消退，我認為你仍然可以得到你想要的東西。

But then on occupancy gains, I wonder if you would agree that it's harder to get from 85% to 90% than it is to get from 75% to 80%.

但關於入住率的成長，我想知道您是否同意從 85% 上升到 90% 比從 75% 上升到 80% 更困難。

Just generally in life, is that last mile of occupancy harder than the first mile?

一般來說，在生活中，最後一英里的入住是否比第一英里更難？

And so when you think about that, but then you layer in the fact that this is a very small industry, right?

所以當你想到這一點時，你會意識到這是一個非常小的行業，對嗎？

It's 1 million, 1.5 million units in the US.

美國有100萬、150萬台。

And I wonder if that sort of dispels this occupancy theory I have because there's so few options.

我想知道這是否會消除我的入住理論，因為選擇太少了。

And if you can, at the end of the day, when you roll up all these thoughts, is sort of the growth profile of senior housing long term still approaching 20% when you think about all of this?

如果可以的話，歸根結底，當你匯總所有這些想法時，當你考慮所有這些想法時，高級住房的長期增長狀況是否仍然接近 20%？

Or is it something significantly less than that, but still impressive?

還是遠低於這個數字，但仍然令人印象深刻？

Thanks.

謝謝。

So first, let's talk about where we disagree and let's not take example of what exactly you said, but I will tell you it's much harder to get to 95% then actually stay at 95%.

首先，讓我們談談我們不同意的地方，我們不舉例說明您所說的內容，但我會告訴您，達到 95% 比實際保持在 95% 困難得多。

So your basic assumption that it gets harder as you grow on the occupancy assumption is exactly opposite of what our assumption is.

因此，您的基本假設是，隨著入住率假設的增長，事情會變得越來越困難，這與我們的假設完全相反。

So that's sort of the number one point.

這就是第一點。

Number two is what is the future growth of senior housing as a business?

第二個問題是老年住房作為一項業務的未來成長是什麼？

We will debate that when we get there.

當我們到達那裡時，我們將對此進行辯論。

Our first goal is, as I mentioned, you probably picked up on my earlier comment that as you stabilize assets, your ability to charge -- or your ability to get to higher RevPOR increases pretty dramatically, right?

正如我所提到的，我們的第一個目標是，您可能注意到了我先前的評論，即當您穩定資產時，您的充電能力或獲得更高 RevPOR 的能力會顯著增加，對吧？

So that's basic supply/demand.

這就是基本的供給/需求。

And so first, our goal is to get the whole portfolio there.

因此，首先，我們的目標是實現整個投資組合。

And as you know, we're constantly reloading the gun.

如你所知，我們不斷地為槍裝彈。

We're constantly buying lower-occupancy buildings.

我們不斷購買入住率較低的建築物。

And Nihkil bought a bunch of buildings this quarter that are 40% occupied, 50% occupied, right?

Nihkil 這個季度買了一堆建築，40% 被佔用，50% 被佔用，對嗎？

So we have a few years of work ahead of us, to get to the portfolio to where we believe frictional vacancy is.

因此，我們還需要幾年的時間才能將投資組合調整到我們認為存在摩擦性空缺的位置。

And it sounds like you and we have a very different opinion of what the frictional vacancy is, but let's just get there, and after that, we'll debate what the long-term NOI growth of the business looks like.

聽起來你和我們對於什麼是摩擦性空缺有非常不同的看法，但我們就到此為止吧，之後，我們將討論業務的長期 NOI 增長是什麼樣的。

However, I'll give you a hint to think about on your own.

不過，我會給你一個提示，讓你自己思考。

Think about what operational leverage at different level of occupancy is.

考慮一下不同入住率等級下的營運槓桿是多少。

The NOI growth is a function of at A occupancy level, what

NOI 成長是 A 入住率等級的函數，什麼

[are your flow-through margins turn]?

[您的流通利潤率有變化嗎]？

And as you know, flow-through margin goes up as occupancy goes up.

如您所知，隨著入住率的上升，流通利潤率也會上升。

Purely that's called operational leverage, right?

這純粹就是所謂的營運槓桿，對吧？

That is just operating leverage.

這只是經營槓桿。

Once you think through that, you can come to that conclusion yourself.

一旦你想清楚了，你自己就能得出這個結論。

But we're not going to sit here and speculate.

但我們不會坐在這裡猜測。

We first need to get to the promised land.

我們首先需要到達應許之地。

And 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。

Your line is open.

您的線路已開通。

Yes, thanks.

對了謝謝。

I wanted to hit on John's comments around focusing on lower-acuity customers.

我想談談約翰關於關注低敏銳度客戶的評論。

I'm just curious how long the tail is to continue to draw upon that resident base.

我只是好奇尾巴要持續多久才能繼續吸引居民基地。

And given the longer life cycle that you referenced, how does that play into your ability to sustain kind of the RevPOR/ExpPOR spread that you're focusing on?

考慮到您提到的更長的生命週期，這對您維持您關注的 RevPOR/ExpPOR 價差的能力有何影響？

We have a long runway here.

我們這裡有一條很長的跑道。

But again, just going back as steps overall on the same page, from myself coming from the multi-family world, when you look at spreads, effectively you're looking and saying, okay, bigger rents are better because largely, the expenses are baked irrespective of occupancy.

但同樣，只要回到同一頁上的整體步驟，從我自己來自多戶家庭的世界來看，當你查看價差時，實際上你會說，好吧，租金越高越好，因為在很大程度上，費用是無論入住人數如何，都會烘烤。

When you switch into senior housing, it's a different story because higher rents are in part reflective of higher acuity.

當你轉入老年住房時，情況就不同了，因為更高的租金在一定程度上反映了更高的敏銳度。

Higher acuity requires higher care and therefore cost, and therefore, higher RevPOR doesn't necessarily mean higher NOI.

更高的敏銳度需要更高的護理，因此需要更高的成本，因此，更高的 RevPOR 並不一定意味著更高的 NOI。

And so what comments were in my script and what Shankh's talked about is we're focused on optimizing NOI, increasing NOI, in doing so clearly targeting lower-acuity residents coming in who have longer stay, lower care, all goes toward -- in the AL world all goes towards maximizing NOI and NOI growth over time.

因此，我的劇本中的評論和Shankh 所談到的是，我們專注於優化NOI、增加NOI，這樣做明確針對的是入住時間較長、護理費用較低的視力較低的居民，所有這些都朝向—— AL 世界的一切都是為了最大限度地提高 NOI 和 NOI 隨著時間的推移的增長。

We're at the very beginning that process.

我們正處於這個過程的開始階段。

I mean, we've put a lot of work into it, but obviously, it takes time to work through all the different rent levels, all the different properties.

我的意思是，我們已經投入了大量的工作，但顯然，需要時間來解決所有不同的租金水平、所有不同的房產。

So we have a ways to go, and then that's completely separate from all the other operating initiatives we have going on, which have a positive impact in both areas, RevPOR and expense - ExpPOR.

因此，我們還有很長的路要走，這與我們正在進行的所有其他營運計劃完全分開，這些計劃對 RevPOR 和費用 - ExpPOR 這兩個領域都有積極的影響。

And your next question comes from the line of Omotayo Okusanya with Deutsche Bank.

您的下一個問題來自德意志銀行的 Omotayo Okusanya。

Your line is open.

您的線路已開通。

Yes.

是的。

Good morning, everyone.

大家，早安。

And again, congrats on another standout quarter.

再次恭喜又一個出色的季度。

I'm curious about the SHOP portfolio.

我對 SHOP 組合很好奇。

Again, the operating margin is still in the high 20s now and kind of curious, that [starts] to kind of go back to pre-pandemic highs of margins in the 30s.

同樣，營業利潤率現在仍處於 20 多歲的高位，有點奇怪，它[開始]回到了大流行前 30 多歲的利潤率高點。

You know, what has to kind of happen to kind of get there?

你知道，必鬚髮生什麼才能到達那裡？

Is it still further moderation in labor costs?

勞動成本仍進一步放緩？

Is it, you know, additional occupancy pickup, even though occupancy is pretty high relative to pre-pandemic levels?

你知道，儘管入住率相對於大流行前的水平相當高，但入住率是否會增加？

I'm just wondering how we kind of think about getting back to that kind of NOI margin over the next 12 to 24 months.

我只是想知道我們如何考慮在未來 12 到 24 個月內恢復這種 NOI 利潤。

Good morning.

早安.

So first, I just wanted to clarify that we're not just thinking about going back to pre-pandemic margins.

首先，我想澄清一下，我們不只是考慮回到疫情前的利潤率。

As I said, that if that's all we do, we failed.

正如我所說，如果這就是我們所做的一切，我們就失敗了。

But what needs to happen to get to a higher level of occupancy -- higher level of margin is simply we need to get a higher level of occupancy.

但要達到更高的入住率，更高的利潤率，我們需要獲得更高的入住率。

So, you know, I think there's a lot of businesses you guys follow and cover and all, and generally speaking, it's in our head that pre-pandemic was good.

所以，你知道，我認為你們關注和報導了很多企業，總的來說，在我們看來，大流行前是好的。

We have to remember that pre-pandemic for senior housing business was actually pretty bad times, right?

我們必須記住，大流行前的老年住房業務實際上是相當糟糕的時期，對嗎？

We got a few years of oversupply situations from, call it, 15% to 18%.

我們經歷了幾年的供應過剩情況，稱之為 15% 到 18%。

Pre-pandemic wasn't good times.

疫情前的日子並不好過。

So we should not target to get to pre-pandemic.

因此，我們不應該把目標定在大流行前。

But to answer your question, occupancy needs to be higher for us to get there.

但要回答你的問題，我們需要提高入住率才能實現這個目標。

And hopefully, you know, what you heard today that we're excited about occupancy growth this year, excited about occupancy growth next year, and we hope that, you know, we'll get to those margins as occupancy builds.

希望你知道，你今天聽到的消息是，我們對今年的入住率成長感到興奮，對明年的入住率成長感到興奮，我們希望，你知道，隨著入住率的增加，我們將達到這些利潤率。

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

你的下一個問題來自 Wes Golladay 和 Baird 的對話。

Your line is open.

您的線路已開通。

Hey, good morning, everyone.

嘿，大家早安。

Can you talk about what is the timeline to stabilize your wellness housing developments and how much does falling lumber impact the development costs?

您能否談談穩定健康住宅開發的時間表以及木材下降對開發成本的影響有多大？

It's about 12 to 18 months, sort of we think about stabilization.

大約需要 12 到 18 個月，我們會考慮穩定。

Just think about kind of to summarize what it takes to lease up these communities.

想一下總結一下出租這些社區需要什麼。

I think on the lumber point, that has helped.

我認為在木材方面，這很有幫助。

But overall, cost of development has not come down.

但整體而言，開發成本並沒有下降。

If you put everything in the blender with different contractors, different trades, labor costs, construction costs, it's still higher than it was a couple of years ago, meaningfully.

如果你把所有東西都放在不同承包商、不同行業、勞動成本、建築成本的攪拌機中，它仍然比幾年前高，這是有意義的。

And your next question comes from the line of Emily Meckler with Green Street.

你的下一個問題來自艾米麗·梅克勒（Emily Meckler）和格林街（Green Street）的對話。

Your line is open.

您的線路已開通。

Good morning, guys.

早上好傢伙。

On your last earnings call, you mentioned the significant amount of distressed senior housing opportunities in the market.

在上次財報電話會議上，您提到市場上存在大量陷入困境的高級住房機會。

What percentage of these at-risk-of-default properties totaling roughly [$16 billion], inclusive of agency and bank loans outstanding, would you consider the quality and price you'd be willing to buy?

這些有違約風險的房產（包括未償還的代理貸款和銀行貸款）總計約 [160 億美元]，其中您願意購買的品質和價格佔多大比例？

Emily, I'm not going to try to speculate on what percent of that we will be willing to buy.

艾米麗，我不會嘗試推測我們願意購買其中的百分之多少。

We, as I've said, that we don't have an amount in our mind that we're going to buy.

正如我所說，我們沒有確定要購買的數量。

We're investors; we're not deal junkies.

我們是投資者；我們不是交易迷。

Our entire strategy is based on something very simple.

我們的整個策略是基於非常簡單的事情。

We just want to build regional density and grow with our operating platforms, their operating partners, and as we see one asset at a time and we think about how it fits to the assets that we own in that area, we will make a decision to acquire/not acquire at a price.

我們只是想建立區域密度並與我們的營運平台及其營運夥伴一起成長，當我們一次看到一項資產並考慮它如何適合我們在該地區擁有的資產時，我們將做出決定以一定價格獲取/不獲取。

So it's a very strategic decision, deliberate decision that is taken on one asset at a time.

因此，這是一個非常具有策略意義的決策，一次針對一項資產所做的深思熟慮的決策。

You can see Nikhil said we acquired 7,000 units, 82 different communities, and we made 82 different deliberate decisions.

你可以看到 Nikhil 說我們收購了 7,000 個單位，82 個不同的社區，我們做出了 82 個不同的深思熟慮的決定。

This is not let's go buy senior living and buy $8 billion at Y percent spread.

這不是讓我們去購買老年生活並以 Y% 的價差購買 80 億美元。

That's just exactly what we don't do.

這正是我們不做的事。

So I'm not going to sit here and speculate, but I will tell you that we see a lot of motivated counterparties who wants us to help them solve their debt problem, and we're happy to do so.

所以我不會坐在這裡猜測，但我會告訴你，我們看到很多積極主動的交易對手希望我們幫助他們解決債務問題，我們很樂意這樣做。

And there are no further questions at this time.

目前沒有其他問題。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。