Welltower Inc (WELL) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Keline, and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower first-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫 Keline，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Welltower 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Matt McQueen, Chief Legal Officer and General Counsel. You may begin.

現在我想將電話轉給首席法律官兼總法律顧問 Matt McQueen。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 results will contain. 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. And with that, I'll hand the call over to Shankh for his remarks.

謝謝，早安。提醒一下，本次電話會議中所做的某些聲明可能被視為《私人證券訴訟改革法案》所定義的前瞻性聲明。儘管 Welltower 認為任何前瞻性陳述均基於合理的假設，但公司無法保證結果會包含這些內容。可能導致實際結果與前瞻性陳述中的結果大不相同的因素已在公司向美國證券交易委員會提交的文件中詳細說明。說完這些，我會把電話交給 Shankh 來發表演說。

Thank you, Matt, and good morning, everyone. I'll review business trends and our capital allocation priorities and the team will follow the usual cadence. I'm pleased to report that we began the year on a positive note, delivering approximately 19% growth in FFO per share, driven by better-than-expected results from our seniors housing operating portfolio and significant acquisition activity. These results and our refreshed outlook for the remainder of the year have enabled us to raise the midpoint of our full year FFO guidance by $0.10 per share to $4.97.

謝謝你，馬特，大家早安。我將審查業務趨勢和我們的資本配置重點，團隊將遵循通常的節奏。我很高興地報告，我們以積極的態勢開始了新的一年，每股 FFO 增長了約 19%，這得益於我們老年人住房運營組合的業績好於預期以及重大收購活動。這些結果以及我們對今年剩餘時間的更新展望使我們能夠將全年 FFO 指引的中點提高 0.10 美元/股至 4.97 美元。

Before getting into some of the details, I first want to mention that our achievements this quarter extend well beyond operational execution and attractive capital deployment. Our years of unrelenting effort culminated into an announcement of several major achievements, which I believe will allow us to both augment our growth and extend its duration even further into the future.

在介紹一些細節之前，我首先想提一下，我們本季的成就遠遠超出了營運執行和有吸引力的資本配置。我們多年來不懈的努力最終取得了幾項重大成就，我相信這將使我們能夠進一步發展並延長未來的發展時間。

These achievements include one, the launch of our private fund management business; two, significant advancement in the Welltower business system, our proprietary end-to-end operating platform three, solidifying our leadership through several key promotions; four, our successful rollout of a corporate rebranding that reflects Welltower's transformation from a health care real estate deal shop to a data science and technology-driven operating company in a real estate wrapper.

這些成果包括：一是推出私募基金管理業務；二、我們專有的端到端營運平台 Welltower 業務系統取得重大進展；三、透過幾項關鍵升級鞏固我們的領導地位；第四，我們成功推出了企業品牌重塑，體現了 Welltower 從一家醫療保健房地產交易公司向一家以房地產為包裝、以數據科學和技術為驅動的運營公司的轉型。

And finally, and most recently, an upgrade to a credit rating by both S&P and Moody's to A- and A3, respectively. I'm humbled by this unwavering dedication of our team in achieving these major milestones.

最後，也是最近，標準普爾和穆迪分別將其信用評級上調至 A- 和 A3。我們團隊為實現這些重大里程碑所展現的堅定奉獻精神令我感到榮幸。

Turning to fundamentals. Seniors housing operating business remains strong. There is no diminution of the momentum, which we carried into the year as reflected by our tenth consecutive quarter in its same-store net operating income growth has exceeded 20%. From an occupancy perspective, following a period of exceptional results in 2024, we reported 400 basis points of year-over-year growth in Q1, the highest level of growth we have witnessed in any quarter outside post-covid recovery. Perhaps even more impressive is that despite seasonal headwinds that we typically encounter early in the year, the portfolio's sequential average occupancy growth of 60 basis points was the strongest we have reported in the first quarter of any year in our recorded history.

轉向基本面。老年人住房營運業務依然強勁。我們今年的動能並沒有減弱，這體現在我們連續第十個季度的同店淨營業收入成長超過 20%。從入住率的角度來看，繼 2024 年取得優異成績之後，我們報告第一季同比增長 400 個基點，這是我們在疫情後復甦以外的任何季度中見證的最高增長水平。或許更令人印象深刻的是，儘管我們通常會在年初遇到季節性逆風，但該投資組合的連續平均入住率增長率為 60 個基點，這是我們有史以來在任何一年的第一季報告的最強勁增長。

Please look at Slide 6 of our business update to reflect on what kind of seasonal outlier Q1 was. The business also maintained strong pricing power with growth in RevPOR or unit revenue of nearly 6% with 90% occupancy cohort experiencing 7%-plus growth. Excluding the impact of leap year, RevPOR growth was still strong at 5.1%, and ExPar, our unit expense would have been 1.3% and same-store revenue growth of 9.9%. With the spread between RevPOR and ExPAR remaining at the historically wide level, we achieved another period of outsized margin expansion of nearly 300 basis points year-over-year. with a significant runway of further growth, which John will touch on shortly.

請查看我們的業務更新的第 6 張投影片，以了解 Q1 是什麼樣的季節性異常值。該業務還保持了強大的定價能力，RevPOR 或單位收入增長近 6%，90% 的入住率實現了 7% 以上的增長。排除閏年的影響，RevPOR 成長仍然強勁，達到 5.1%，而 ExPar（我們的單位費用）將達到 1.3%，同店收入將成長 9.9%。由於 RevPOR 和 ExPAR 之間的價差仍處於歷史較大水平，我們再次實現了利潤率的大幅擴張，比去年同期增加近 300 個基點。具有顯著的進一步成長空間，約翰很快就會談到這一點。

As we look ahead, the demand supply backdrop for senior living sector continues to strengthen, setting us up for a multiyear period of attractive growth and we continue to augment that growth by taking market share with our best-in-class operating partners and Welltower business system execution. Nonetheless, we are acutely aware of the rising macroeconomic uncertainty particularly as we approach the summer leasing season.

展望未來，老年生活領域的供需背景持續增強，為我們帶來多年的誘人成長，並且我們將繼續透過與一流的營運合作夥伴和 Welltower 業務系統執行搶佔市場份額來增強這一成長。儘管如此，我們敏銳地意識到宏觀經濟的不確定性正在上升，尤其是在夏季租賃季節臨近之際。

We are encouraged by the strong trends we have observed thus far in the year but also need to see what market gives us during the all-important summer leasing season. The need-based private pay nature of our product provides optimism around our ability to outperform, not only other forms of real estate, but also major asset classes. However, as you know, we have no dilution of certainty.

我們對今年迄今為止觀察到的強勁趨勢感到鼓舞，但也需要看看市場在最重要的夏季租賃季節會為我們帶來什麼。我們產品基於需求的私人支付特性使我們對不僅超越其他形式的房地產，而且超越主要資產類別的能力充滿信心。然而，如您所知，我們的確定性並未減弱。

Shifting to transaction environment. As we have discussed in recent quarters, the opportunity set for compelling investments have grown meaningfully and our recent activity clearly reflects that momentum. In mid-February, we announced $2 billion of pro rata acquisitions. In March, we announced the CAD4.6 billion acquisition of Amica Senior Living. Today, we're pleased to announce another $1 billion of additional acquisition, bringing our total Pro data acquisition activity to roughly $6.2 billion for the year.

轉向交易環境。正如我們最近幾個季度所討論的那樣，引人注目的投資機會已經顯著增長，我們最近的活動清楚地反映了這一勢頭。二月中旬，我們宣布了價值 20 億美元的比例收購。今年3月，我們宣布以46億加幣收購Amica Senior Living。今天，我們很高興地宣布再次進行 10 億美元的額外收購，使我們今年的專業數據收購總額達到約 62 億美元。

To put this into perspective, we have closed $6 billion of investments in all of 2024. As we reached the end of April, we have already invested more of our precious capital this year than in any previous years in the company's history. However, as you know, our focus is not volume of investment, but the value they deliver. Transactions that we completed this quarter were secured at significant discount replacement cost and are expected to meaningfully enhance our growth in coming years. This includes 38 community Amica portfolio, the highest-quality senior housing portfolio in North America.

為了更清楚地說明這一點，我們在 2024 年全年完成了 60 億美元的投資。截至四月底，我們今年投入的寶貴資金已超過公司歷史上任何一年。但是，如您所知，我們的重點不是投資額，而是他們帶來的價值。我們本季完成的交易以大幅折扣重置成本獲得擔保，預計將在未來幾年顯著促進我們的成長。其中包括 38 個社區 Amica 投資組合，這是北美品質最高的老年住房投資組合。

This trophy portfolio of 38 communities is located in highly affluent neighborhood -- Vancouver and Victoria with an exceptional outlook for long-term growth.

這個由 38 個社區組成的獎盃組合位於非常富裕的地區——溫哥華和維多利亞，具有良好的長期成長前景。

Nikhil will provide more details, but we are thrilled to form a long-term partnership with Robert -- and their team who share our vision of delivering a killer value proposition for residents and a dynamic environment for site level employees to grow and thrive. If you want to look at another example of what great management does to thriving communities, please look at another Canadian example. In fourth quarter of 2023, we bought the SaaS portfolio for CAD885 million. While the portfolio was highly occupied at the time of acquisition, in last 18 months, Matthew, Fredrik and the team has taken the portfolio to 97% occupancy and 47% margin, well exceeding our high expectations.

Nikhil 將提供更多細節，但我們很高興與 Robert 及其團隊建立長期合作夥伴關係，他們與我們有著共同的願景，即為居民提供殺手級價值主張，並為現場員工提供成長和發展的動態環境。如果您想了解優秀管理對繁榮社區所起的作用的另一個例子，請看另一個加拿大的例子。2023 年第四季度，我們以 8.85 億加元收購了 SaaS 產品組合。雖然該投資組合在收購時入住率很高，但在過去的 18 個月裡，Matthew、Fredrik 和團隊已將該投資組合的入住率提高到 97%，利潤率達到 47%，遠遠超出了我們的高預期。

Another great example of similar win success stories taking place in the US, our partnership with Timber Canon and Legend. Through our IDEA conversions, acquisitions and transition we have collaboratively created a much bigger pie to share in, together by expanding their portfolio to 53 communities. Legend has since grown their legacy portfolio cash flow to nearly 2.5x and also received long-lead benefit as greater regional density drives higher management and incentive fees, higher real estate values and improved employee retention across all legend communities.

我們與 Timber Canon 和 Legend 的合作是另一個在美國發生的類似成功案例的絕佳例子。透過我們的 IDEA 轉換、收購和轉型，我們共同創造了更大的蛋糕，將其投資組合擴展到 53 個社區。此後，傳奇的遺留投資組合現金流增長了近 2.5 倍，並且由於區域密度的提高帶來了更高的管理和激勵費用、更高的房地產價值以及所有傳奇社區員工保留率的提高，還獲得了長期收益。

Before turning it over to John, I wanted to quickly touch base on our balance sheet. As I mentioned earlier, our efforts in recent years to reduce leverage and was our liquidity profile was recognized by S&P and Moody's through an upgrade of our trade rating. And during the quarter, our net debt to adjusted EBITDA further declined to just 3.3x, another record low for the company as a result of prudent funding of our acquisition activity and strong cash flow growth. Additionally, with nearly $9 billion of balance sheet liquidity, we are not only in a position to endure any further capital market volatility, but also to deploy capital as opportunities arise. All in all, we are pleased with our execution so far in the year, but we have a long and busy year in front of us.

在將其交給約翰之前，我想快速了解我們的資產負債表。正如我之前提到的，近年來我們為降低槓桿率和流動性狀況所做的努力得到了標準普爾和穆迪的認可，並提高了我們的貿易評級。本季度，我們的淨債務與調整後 EBITDA 比率進一步下降至僅 3.3 倍，由於我們對收購活動的審慎融資和強勁的現金流增長，創下公司歷史新低。此外，憑藉近 90 億美元的資產負債表流動性，我們不僅能夠承受任何進一步的資本市場波動，還能在機會出現時部署資本。總而言之，我們對今年迄今為止的執行情況感到滿意，但我們面前還有漫長而忙碌的一年。

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

說完這些，我就把它交給約翰。

John?

約翰？

Thank you, and good morning, everyone. As Shankh mentioned, the momentum that continued to build through the fourth quarter of 2024 has carried into the early part of this year. We reported total portfolio same-store NOI growth of 12.9% driven by another quarter of solid senior housing operating portfolio growth of 21.7%. I'll start with the outpatient medical segment. which remains steady, posting 2.7% year-over-year same-store NOI growth.

謝謝大家，早安。正如 Shankh 所提到的，2024 年第四季持續增強的勢頭一直延續到今年年初。我們報告稱，投資組合同店淨營業利潤增長 12.9%，這得益於老年住房運營投資組合另一個季度穩健增長 21.7%。我先從門診醫療部分開始。維持穩定，同店淨利年增 2.7%。

Same-store occupancy trended higher on both a year-over-year and sequential basis, coming in at 94.5% and while tenant retention also remains healthy at over 94%.

同店入住率較去年同期均呈現上升趨勢，達到 94.5%，租戶保留率也維持在 94% 以上的健康水準。

Now shifting to the senior housing operating portfolio. We continue to be pleased with our performance with Q1 marking the tenth consecutive quarter in which year-over-year same-store NOI growth exceeded 20%. This incredible feet isn't just a function of the attractive demand supply backdrop for senior housing, however.

現在轉向老年住房營運組合。我們對我們的業績持續感到滿意，第一季是同店淨營業利潤同比增長超過 20% 的連續第十個季度。然而，這一驚人的成長不僅僅是老年住房供需背景吸引的結果。

Welltower's Alpha continues to be driven more so by our best-in-class operating partners and deployment of the Welltower business system our proprietary end-to-end operating platform and our focus on deepening regional density across the portfolio. These initiatives continue to bear significant fruit.

Welltower 的 Alpha 繼續受到我們一流的營運合作夥伴和 Welltower 業務系統（我們專有的端到端營運平台）的部署以及我們對深化整個投資組合的區域密度的關注的推動。這些措施不斷取得重大成果。

During the quarter, year-over-year same-store revenue growth of 9.6% was clearly the highlight driven by a remarkable 400 basis points of occupancy growth and strong RevPOR growth of nearly 6%. Revenue growth was generally consistent across all three of our regions led by the US at 9.8%, followed by the UK at 9.3% and Canada at 8.3%.

本季度，同店營收年增 9.6% 顯然是亮點，這得益於顯著的 400 個基點的入住率增長和近 6% 的強勁 RevPOR 增長。我們三個地區的營收成長基本上一致，其中美國成長 9.8%，其次是英國 9.3% 和加拿大 8.3%。

Importantly, we also reported nearly 300 basis points of year-over-year margin expansion during the quarter as revenue continues to solidly outpace unit expense growth. And while NOI margins remain below pre-Covid levels, the inherent operating leverage in our business, combined with widening of our moat through Welltower business system position us well for substantial margin expansion well into the future. Although I tend to keep quiet about various Welltower business system initiatives for proprietary reasons, I have commented on the technology platform, which is foundational to the customer and employee experience as well as driving alpha. These efforts have continued, and we are on pace with our 2025 rollout plans.

重要的是，由於收入持續穩定超過單位支出成長，我們也報告本季利潤率年增近 300 個基點。儘管淨營業利潤率仍低於新冠疫情之前的水平，但我們業務固有的營運槓桿，加上透過 Welltower 業務系統拓寬的護城河，使我們在未來很長一段時間內都能夠大幅提高利潤率。儘管出於專有原因，我傾向於對 Welltower 的各種業務系統計劃保持沉默，但我對技術平台發表了評論，該平台是客戶和員工體驗以及推動 alpha 的基礎。這些努力仍在繼續，我們正在按計劃推進 2025 年的實施。

Currently, multiple operators have some portion of their assets on our technology platform, and we continue to add assets monthly. -- collaboratively working with our operating partners to address pain points and drive efficiencies in the business. While it's early in the peak leasing season is ahead of us, -- we're pleased with our results thus far.

目前，已有多家營運商將部分資產部署在我們的技術平台上，並且我們每月都在持續增加資產。 ——與我們的營運夥伴協作解決痛點並提高業務效率。雖然現在正值租賃旺季初期，但我們對迄今為止的業績感到滿意。

The need-based and private pay nature of the business has clearly proven its resilience but we'll take nothing for granted, and we'll continue to operate with the same level of dog determination and vigilance across all aspects of operations with a focus on providing a delightful customer experience and driving site-level employee satisfaction higher.

該業務的基於需求和私人支付性質已清楚地證明了其彈性，但我們不會想當然，我們將繼續以同樣的決心和警惕性在運營的各個方面開展工作，重點是提供愉快的客戶體驗並提高站點級員工的滿意度。

I'd like to take a moment to commend both our internal Welltower team and our world-class operating partners for their efforts in generating our industry-leading results. We remain relentlessly focused on operational excellence as we strive to deliver an unmatched service offering for residents and their families while making our communities the most desirable places to work in the industry.

我想花點時間讚揚我們的內部 Welltower 團隊和世界一流的營運合作夥伴，感謝他們為創造我們行業領先的業績所做的努力。我們始終堅持不懈地專注於卓越運營，努力為居民及其家人提供無與倫比的服務，同時使我們的社區成為業內最理想的工作場所。

I'll now turn the call over to Nikhil.

我現在將電話轉給尼基爾。

Thanks, John. As we've discussed over the past few quarters, we have observed a noticeable expansion in capital deployment opportunities, resulting not only from debt-driven challenges, but also from pension funds sun liquid and other institutions reducing exposure to commercial real estate. This backdrop has resulted in year-to-date investment activity, which has already surpassed our acquisition volume for all of last year, which in itself was a record year for the company.

謝謝，約翰。正如我們在過去幾季所討論的那樣，我們觀察到資本配置機會明顯擴大，這不僅是由於債務驅動的挑戰，也是由於退休基金、sun liquid 和其他機構減少了對商業房地產的投資。在這樣的背景下，今年迄今為止的投資活動已經超過了我們去年全年的收購量，而去年本身就是公司創紀錄的一年。

In addition, our investment pipeline remains robust with recent capital markets volatility presenting additional opportunities for us. Turning to the quarter. we completed $2.6 billion of new investments in the first quarter. On our last call in February, we had previously announced $2 billion of year-to-date activity -- and since then, in the last 2.5 months, we have expanded our investment activity by $4.2 billion, bringing our total year-to-date balance sheet investment activity to $6.2 billion. This additional activity is comprised of the USD3.2 billion acquisition of Amica Senior Lifestyle announced last month and an additional $1 billion plus of new granular activity.

此外，我們的投資管道依然強勁，近期資本市場的波動為我們提供了更多機會。轉向本季。我們在第一季完成了26億美元的新投資。在二月的上次電話會議上，我們曾宣布年初至今的投資活動總額為 20 億美元——自那時起，在過去的 2.5 個月裡，我們的投資活動增加了 42 億美元，使我們年初至今的資產負債表總投資活動達到 62 億美元。這項額外活動包括上個月宣布的以 32 億美元收購 Amica Senior Lifestyle，以及另外 10 億美元以上的新細粒度活動。

Of this additional $1 billion, $660 million has already closed in Q1, with the remaining transactions expected to close in the coming months. Zooming in on our Amica transaction, which is expected to close around year-end, we are already incredibly excited to announce our partnership with one of the strongest seniors housing operators in Canada. Alongside Cogir, one of Welltower's most valued growth partners, Amica's inclusion in our portfolio further enhances our partnership with best-in-class operators in the country.

在這額外的 10 億美元中，6.6 億美元已於第一季完成，其餘交易預計將在未來幾個月內完成。放大我們的 Amica 交易，預計將於年底完成，我們已經非常高興地宣布與加拿大最強大的老年人住房運營商之一建立合作夥伴關係。與 Welltower 最有價值的成長合作夥伴之一 Cogir 一起，Amica 加入我們的投資組合進一步增強了我們與該國一流營運商的合作夥伴關係。

As Shankh mentioned earlier, -- the quality of the Amica portfolio is simply unparalleled as demonstrated by its locations within highly affluent neighborhood and its performance track record. -- This ultra luxury portfolio that is comprised of 38 locations in Vancouver, Victoria and the Greater Toronto area boasts home values of $2 million to $4 million within the immediate vicinity of the communities or 3 to 4x the average home values in those respective provinces. Living in an Amica building is a matter of great pride in prestige for the residents and the service offering and the food quality are truly 5 star.

正如 Shankh 之前提到的那樣，Amica 投資組合的品質無與倫比，這從其位於高度富裕社區的位置和其業績記錄可以看出。 -- 這個超豪華投資組合由溫哥華、維多利亞和大多倫多地區的 38 個地點組成，社區附近的房屋價值為 200 萬至 400 萬美元，是相應省份平均房屋價值的 3 至 4 倍。居住在 Amica 大樓對居民來說是一件非常自豪的事情，而這裡提供的服務和食物品質確實是五星級的。

The total consideration of CAD4.6 billion is comprised of the following components. -- in-place operational assets with an average age of 11 years. These properties include 24 in-service assets with in-place occupancy in the mid-90s. These assets have sustained occupancy at these levels for a long period of time and boost margins in the low to mid-40s. Given their strong reputation -- these assets have demonstrated CAGR RevPOR growth of nearly 7% during the last five years.

總對價46億加幣由以下部分組成。 ——現有營運資產平均使用年資為11年。這些資產包括 24 項現役資產，於 90 年代中期投入使用。這些資產長期維持這些水準的入住率，並將利潤率提高到 40% 左右。鑑於其良好的聲譽——這些資產在過去五年中實現了近 7% 的複合年均收入成長率。

Beyond the stable 24, there are 7 in-place assets that are newly built and currently in lease-up with average in-place occupancy of approximately 70%. Amica has demonstrated an incredible lease-up track record with their last 10 development projects leasing up in just 18 months on average. The next bucket includes 7 projects that are currently under construction and will be acquired at a preset price upon construction completion without Welltower bearing any construction and cost-related risk. These projects are expected to be completed between 2025 and 2017.

除了穩定的 24 處資產外，還有 7 處新建資產，目前處於租賃狀態，平均入住率約 70%。Amica 擁有令人難以置信的租賃記錄，其最近 10 個開發項目平均僅用 18 個月就租賃完畢。下一批包括 7 個目前正在建設中的項目，這些項目將在建設完成後以預設價格收購，Welltower 無需承擔任何建設和成本相關風險。這些項目預計將於2025年至2017年間完工。

The final real estate component includes nine development parcels, which have gone through elongated, multiyear entitlement processes. These parcels comprise of expansion opportunities for existing Amica buildings or de novo developments in the most desirable and supply constrained locations in Vancouver, Victoria and the Greater Toronto area. In addition to these components, the transaction includes the assumption of CAD560 million of CMHC debt priced attractively at 3.6% and an approximately one-third ownership of the Amica management company, along with in a line dried D5. -- contract.

最終的房地產部分包括九個開發地塊，這些地塊都經歷了漫長且多年的授權程序。這些地塊包括現有 Amica 建築的擴建機會或在溫哥華、維多利亞和大多倫多地區最受歡迎和供應受限的地點進行全新開發。除了這些組成部分之外，這筆交易還包括承擔 5.6 億加元 CMHC 債務（利率為 3.6%）以及 Amica 管理公司約三分之一的所有權，同時還有一條 D5 線。 - 合約.

The nondevelopment components of the transaction are underwritten to generate an unlevered IRR in the double-digit range with additional upside expected from the expansion and development projects as their respective business plans are executed over the coming years. Zooming back out to our first quarter activity, 93% of our activity was off market and 75% of this was with repeat counterparties. Our activity was comprised of 26 different transactions with a median size of $55 million. I want to let this sink in. [20] different transactions in 13 weeks are on average, 2 transactions a week.

此交易的非開發部分將產生兩位數的無槓桿內部收益率，隨著未來幾年各自業務計劃的實施，預計擴建和開發項目將帶來額外的上漲空間。回顧我們第一季的活動，93% 的活動是在場外進行的，其中 75% 是與重複交易對手進行的。我們的活動包括 26 筆不同的交易，平均規模為 5500 萬美元。我想讓大家好好消化一下。 [20] 13 週內不同的交易平均每週 2 筆。

We acquired 88 properties comprising nearly 10,000 units across all three countries and asset classes that we invested. Just within the US, we invested capital across 23 states in the first quarter with team members sitting across just three offices in the US and one office each in the U.K. and Canada, we're able to invest in a granular manner due to the strength of our data science and machine learning platform.

我們在三個國家以及我們投資的資產類別中收購了 88 處房產，總計近 10,000 個單位。僅在美國，我們在第一季度就對 23 個州進行了投資，團隊成員分佈在美國的三個辦事處以及英國和加拿大各一個辦事處，憑藉我們強大的數據科學和機器學習平台，我們能夠以精細的方式進行投資。

Our data science solutions, which have been created over the past decade by Swagat and his team provide us with a unique view of the terrain giving us a neighborhood level view of 10-plus million micro markets in the US, allowing us to attain a level of scale, which is truly unprecedented in real estate.

我們的數據科學解決方案由 Swagat 和他的團隊在過去十年中創建，為我們提供了獨特的地形視角，讓我們可以對美國 1000 多萬個微型市場進行鄰裡級觀察，從而讓我們達到了房地產領域前所未有的規模。

When combined with our investment teams intellectual curiosity, and relentless drive to get it right, not just to be right with the disciplined execution of our high-performing operating partners, backed by the proven strength of the Welltower business system. We are able to get the air just right. This setup enables us to create significant value and consistently deliver strong returns and durable growth for our investors.

當與我們的投資團隊的好奇心和不懈的努力相結合時，不僅僅是與我們高績效營運合作夥伴的嚴格執行相結合，而且還得到了 Welltower 業務系統經過驗證的實力的支持。我們能夠獲得合適的空氣。這種設置使我們能夠創造巨大的價值，並持續為投資者帶來強勁的回報和持久的成長。

I will now pass the call over to Tim to cover our financial results and updated guidance for 2025.

現在我將把電話轉給提姆，讓他介紹我們的財務表現和 2025 年的最新指引。

Thank you, Nikhil. My comments today will focus on our first quarter 2025 results. performance of our triple net investment segments, our capital activity, a balance sheet liquidity update; and finally, an increase to our full year 2025 outlook. Welltower reported first quarter net income attributable to common stockholders of $0.40 per diluted share and normalized funds from operations of $1.20 per diluted share, representing 18.8% year-over-year growth.

謝謝你，尼基爾。我今天的評論將集中在我們 2025 年第一季的業績。我們的三重淨投資部門的表現、我們的資本活動、資產負債表流動性更新；最後，我們提高了 2025 年全年的展望。Welltower 公佈第一季普通股股東淨利為每股攤薄收益 0.40 美元，每股攤薄收益 1.20 美元，年增 18.8%。

We also reported year-over-year total portfolio same-store NOI growth of 12.9%. Now turning to the performance of our triple net properties in the quarter. As a reminder, our triple-net lease portfolio covered stats reported a quarter in arrears. So these statistics reflect the trailing 12 months ending 12-31-2024. I -- in our seniors housing triple-net portfolio, same-store NOI increased 5.1% year-over-year and trailing 12-month EBITDAR coverage increased to 1.16x.

我們也報告稱，總投資組合同店淨營業利潤年增 12.9%。現在來談談本季我們的三重淨資產的表現。提醒一下，我們的三重淨租賃組合涵蓋的統計數據顯示，有一個季度出現拖欠。因此，這些統計數據反映了截至 2024 年 12 月 31 日的過去 12 個月的情況。I—在我們的老年人住房三重淨投資組合中，同店 NOI 年增 5.1%，過去 12 個月的 EBITDAR 覆蓋率增加至 1.16 倍。

Coverage in this portfolio continues to strengthen, now well exceeding pre-pandemic levels. as fundamentals align with those of our operating portfolio, a trend we expect to continue going forward.

該投資組合的覆蓋範圍持續加強，目前已遠遠超過疫情前的水準。由於基本面與我們的營運組合一致，我們預計這一趨勢將持續下去。

Next, same-store NOI in our long-term post-acute portfolio grew 2.8% year-over-year. and trailing 12-month EBITDA coverage is 1.56x. Moving on to capital activity. During the quarter, we funded $2.3 billion of net investment activity with equity and retained cash flow. We issued $2.2 billion back in the quarter, with over 10% of our investment activity funded through the issuance of units directly to sellers-- ultimately ending the quarter with $3.6 billion of cash and lower leverage than we had at year-end. As Shankh mentioned, we ended the quarter with net debt to adjusted EBITDA ratio of 3.33x, the lowest level recorded in Welltower's history.

其次，我們長期急性後投資組合中的同店淨營業利潤年增 2.8%。過去 12 個月的 EBITDA 覆蓋率為 1.56 倍。轉向資本活動。本季度，我們利用股權和留存現金流為 23 億美元的淨投資活動提供資金。我們在本季發行了 22 億美元債券，其中超過 10% 的投資活動是透過直接向賣家發行單位來提供資金的——最終，本季末我們的現金為 36 億美元，槓桿率低於年底。正如 Shankh 所提到的，本季末我們的淨債務與調整後 EBITDA 比率為 3.33 倍，這是 Welltower 歷史上的最低水準。

As a result of our current capital position, and the improvement in the outlook for full year operating results announced last night. We still expect run rate net debt adjusted EBITDA to end the year at 3.5x. And while adding $4.2 billion to our planned 2025 acquisition activity since our initial balance sheet guidance was provided in February. Before we dive into our updated guidance, I want to quickly spotlight or key milestones from this past quarter. The credit upgrades we received from both S&P and Moody's.

由於我們目前的資本狀況，以及昨晚宣布的全年經營業績前景的改善。我們仍然預計，到年底，運行率淨債務調整後的 EBITDA 將達到 3.5 倍。自 2 月提供初始資產負債表指引以來，我們計劃的 2025 年收購活動已增加了 42 億美元。在深入探討更新後的指導意見之前，我想先快速回顧一下上個季度的關鍵里程碑。標準普爾和穆迪均對我們的信用評級進行了升級。

A strong balance sheet has always been a pillar of our strategy, not just in terms of lower leverage, but also in the quality of our asset base. Welltower before the onset of the pandemic, we initiated a deliberate transformation of our business, repositioning the portfolio, driving greater alignment in our operating agreements, and building out our asset management capabilities, resulting in a platform with the risk profile is virtually unrecognizable compared to where we started. It's gratifying to see that transformation recognized by both agencies.

強勁的資產負債表一直是我們策略的支柱，不僅體現在降低槓桿率方面，也體現在我們資產基礎的品質上。在疫情爆發之前，Welltower 就啟動了一項有計劃的業務轉型，重新定位投資組合，加強營運協議的協調，並構建資產管理能力，最終打造出一個風險狀況與我們最初成立時相比幾乎面目全非的平台。很高興看到這一轉變得到了兩個機構的認可。

Importantly, we have never managed to a rating and there's no finish line here. This is an ongoing deliberate effort to ensure we are optimally positioned for whatever lies ahead. That discipline gives us the strongest possible foundation for uninterrupted compounding through any market environment. Lastly, as I turn to our updated 2025 guidance. We have not included any investment activity in our outlook beyond the $6.2 billion that has been closed or publicly announced to date.

重要的是，我們從未成功過評級，而且這裡沒有終點線。這是一項持續不斷的刻意努力，旨在確保我們為未來的一切做好準備。這種紀律為我們在任何市場環境下不間斷地複利提供了最堅實的基礎。最後，我要談談我們更新後的 2025 年指引。除了迄今已完成或公開宣布的 62 億美元之外，我們的展望中還沒有包括任何投資活動。

And as a reminder, there is no expected earnings contribution in 2025 from our acquisition of the Amica portfolio. which is expected to close at year-end.

需要提醒的是，我們收購 Amica 投資組合預計不會在 2025 年帶來任何收益貢獻。預計將於年底完成。

Last night, we updated our full year 2025 outlook for net income attributable to common stockholders of $1.70 to $1.84 per diluted share, and normalized FFO of $4.90 to $5.04 per diluted share or $4.97 at the midpoint. Our normalized FFO guidance represents a $0.10 increase at the midpoint from our prior normalized FFO range. This increase is composed of $0.02 increase from higher NOI in our senior housing operating portfolio, $0.07 increase from accretive capital allocation activity $0.02 increase from FX and income taxes, offset by $0.01 from higher expected G&A in the year.

昨晚，我們更新了 2025 年全年預期，即歸屬於普通股股東的淨利潤為每股稀釋後 1.70 美元至 1.84 美元，標準化 FFO 為每股稀釋後 4.90 美元至 5.04 美元，或中間值為 4.97 美元。我們的標準化 FFO 指引值比我們之前的標準化 FFO 範圍中點增加了 0.10 美元。這一增長包括：老年住房運營組合淨營業利潤增加 0.02 美元，增值資本配置活動增加 0.07 美元，外匯和所得稅增加 0.02 美元，以及本年度預期一般行政費用增加 0.01 美元。

Underlying this FFO guidance is an estimate of total portfolio year-over-year same-store NOI growth of 10% to 13.5%, driven by subsegment growth of outpatient medical, 2% to 3%, long-term post-acute, 2% to 3% and senior housing triple net 3% to 4%.

此 FFO 指引的基礎是，預計總投資組合的同店 NOI 年成長率為 10% 至 13.5%，主要受門診醫療細分市場成長（2% 至 3%）、長期急性後治療（2% 至 3%）和老年住房三重淨成長（3% 至 4%）的推動。

And finally, senior housing operating growth of 16.5% to 21.5%. This is driven by the following midpoints of their respective ranges. Revenue growth of 9%, driven by increased expectations for both full year RevPOR and occupancy growth, now at 5% and 350 basis points, respectively, and expense growth of 5.25%.

最後，老年住房營運成長率為16.5%至21.5%。這是由其各自範圍的以下中點驅動的。營收成長 9%，受全年 RevPOR 和入住率成長預期提高的推動，目前分別為 5% 和 350 個基點，費用成長 5.25%。

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

說完這些，我會把電話轉回給 Shankh。

Thank you, Tim. Before I open the call up for questions, I wanted to quickly reflect on the current macroeconomic environment. Please note that during our second quarter call last year, we described our base case macro view for next few years. Without fully repeating my comments, I'll summarize them by saying that we appear to be entering a potentially long period of higher inflation and higher interest rate, a stark contrast to the market conditions over the past 40 years.

謝謝你，提姆。在開始提問之前，我想快速回顧一下當前的宏觀經濟環境。請注意，在去年第二季的電話會議上，我們描述了對未來幾年的基本宏觀看法。我不再完全重複我的評論，而是總結一下，我們似乎正在進入一個可能長期的高通膨和高利率時期，這與過去 40 年的市場狀況形成了鮮明對比。

As a result of that shift, the tailwind, which have lifted asset prices, including that real estate for the past few decades are not just subsiding, but also may well very well turn into a headwind. Additionally, the current macro uncertainty may introduce another layer of complexity in the near term. Cyclical pressure on economic growth unfolding against a backdrop of elevated rates and persistent inflation, that you can observe in the consumer confidence and other high-frequency economic data. While we are not in the business of forecasting economic trends, we are keen observers of market-based signals. Higher interest rates, coupled with significant widening of credit spreads across investment grade, high yield and all asset-based financing markets warrant cautions as it relates to asset prices going forward.

由於這種轉變，過去幾十年來推高資產價格（包括房地產價格）的順風不僅正在減弱，而且很可能會變成逆風。此外，目前的宏觀不確定性可能會在短期內帶來另一層複雜性。在利率上升和通貨膨脹持續的背景下，經濟成長面臨週期性壓力，您可以從消費者信心和其他高頻經濟數據中觀察到這一點。雖然我們的工作不是預測經濟趨勢，但我們是市場訊號的敏銳觀察者。更高的利率，加上投資等級、高收益和所有資產融資市場信貸利差的大幅擴大，對未來資產價格的走勢需要保持謹慎。

Said in another way, in our world of real estate, we expect higher rates along with wider debt spreads will put downward pressure on asset prices. On our recent calls, while we have repeatedly discussed the wall of debt maturities and lack of credit availability, the other trend we are paying close attention to is on the equity side.

換句話說，在我們的房地產領域，我們預期更高的利率以及更大的債務利差將對資產價格造成下行壓力。在我們最近的電話會議中，雖然我們反覆討論了債務到期障礙和信貸可用性不足的問題，但我們密切關注的另一個趨勢是股票方面。

Following the slow return of capital to LPs this cycle and the impact of denominator effects after many years of pension funds and endowments steadily marching towards the Ye Swanson model, many large pools of capitals are reducing their exposure to private assets, including private real estate.

隨著本輪資金向LP回歸的緩慢，以及多年來養老金和捐贈基金穩步向Ye Swanson模式邁進後的分母效應的影響，許多大資金池都在減少對私募資產，包括私募房地產的敞口。

This phenomena has potential to exacerbate the negative credit-driven impact of asset prices, which I just described. We at Welltower are focused on risk, reward and duration when deploying capital. and we perceive a higher level of risk than we did 90 days ago. While we hope that these clouds will pass, we do not believe hope is a strategy. We believe capital allocation is all about positioning, not predicting.

這種現像有可能加劇我剛才所描述的信貸驅動的資產價格的負面影響。在 Welltower，我們在部署資本時注重風險、回報和期限。我們認為風險程度比 90 天前更高。雖然我們希望這些陰雲會過去，但我們不認為希望是一種策略。我們認為資本配置的關鍵在於定位，而非預測。

And to that point, I want to thank Tim and our capital markets team for putting us in an enviable position in terms of our balance sheet strength and liquidity to protect our owners' capital on one hand and take advantage of the market opportunities that may arise on the other. Ultimately, we believe that the days of generating returns through financial wizardry and levered beta are over. Instead, as an operating company in a real estate wrapper, we're convinced that the only path to delivering satisfactory returns will be through compounding of cash flow generated by superior operations and supplemented with capital allocation to suboptimized assets, further growing our network effect.

在這一點上，我要感謝蒂姆和我們的資本市場團隊，他們讓我們在資產負債表實力和流動性方面處於令人羨慕的地位，一方面保護了我們所有者的資本，另一方面利用了可能出現的市場機會。最終，我們相信，透過金融魔法和槓桿貝塔來獲取回報的日子已經結束了。相反，作為一家房地產營運公司，我們堅信，實現令人滿意的回報的唯一途徑是透過優質營運產生的現金流複合，並補充對次優資產的資本配置，進一步擴大我們的網路效應。

And with that, I will open the call for questions.

現在，我將開始提問。

(Operator Instructions)

（操作員指示）

Vikram Malhotra - Mizuho.

維克拉姆·馬洛特拉 (Vikram Malhotra) - 瑞穗。

Morning. Thanks for your question and congrats on the strong internal and external results. I wanted to focus on the platform or the business systems that you've been talking about for a while. I mean you're clearly having very strong internal and external activity. And I'm wondering how the business system overlay now. I think it's been two years.

早晨。感謝您的提問，並祝賀您取得強勁的內部和外部成果。我想重點討論一下您最近一直在談論的平台或業務系統。我的意思是，你們顯然擁有非常強大的內部和外部活動。我想知道現在業務系統是如何被覆蓋的。我想已經兩年了。

How does that parlay into both sort of the margins but also CapEx control. Just I guess, accentuating both the magnitude and the duration of the performance. If you could kind of help frame it perhaps with some numbers? Or just give us more details, that would be helpful.

這如何兼顧利潤率和資本支出控制？我猜，這是為了強調表演的規模和持續時間。您能否用一些數字來幫助您理解這一點？或者只要向我們提供更多詳細信息，那將會很有幫助。

Thank you, Vikram. So the margin expansion possibilities that we have talked about, which is not unique to our asset class just were the last ones from an asset class standpoint you could observe in multifamily in the '90s and 2000 and self-storage industry, single-family rentals and so on and so forth. And that's true institutionalization of these asset classes and with sort of the last one going through this, our asset class is going through this.

謝謝你，維克拉姆。因此，我們所討論的利潤率擴大的可能性，並不是我們資產類別所獨有的，只是從資產類別的角度來看，你可以在 90 年代和 2000 年的多戶住宅和自助倉儲行業、單戶住宅租賃等中觀察到的最後一個。這是這些資產類別的真正制度化，隨著最後一個資產類別經歷這個過程，我們的資產類別也正在經歷這個過程。

I'll tell you whether we're successful in this journey or not and how far we're successful will matter both on our side on Welltower Business System execution as well as our best-in-class operators who are doing this, obviously, this execution on a day-to-day basis on a hand-to-hand combat, frankly. It's a complex business. It's not an easy business to pull off. But we are with our operating partners shoulder to shoulder no matter what. But if you just think about reflecting a little bit on what Welltower business system is or what is it designed to be, it is a complex adaptive system that aims to balance chaos and order and can self-organize based on dynamic feedback loop and adapt to changing conditions.

我會告訴您，我們是否在這次旅程中取得了成功，以及我們取得多大成功，這對於我們在 Welltower 業務系統執行方面以及我們一流的運營商都至關重要，顯然，他們每天都在進行肉搏戰，坦率地說。這是一件複雜的事。這並不是一件容易的事。但無論怎樣，我們都將與我們的營運夥伴並肩作戰。但是，如果你稍微思考一下 Welltower 業務系統是什麼或它的設計目的，它就是一個複雜的自適應系統，旨在平衡混亂和秩序，並能基於動態反饋迴路進行自我組織並適應不斷變化的條件。

That's what we are focused on, right? So if you think about just sort of what I mentioned that -- we're not -- we're relied on our operating partners who have great talent pool in these companies. And we're augmenting that talent pool with our talent pool who is coming in to solve their problems, customers' problem, employees end points, et cetera.

這才是我們關注的重點，對嗎？因此，如果您考慮我提到的內容 - 我們不是 - 我們依賴在這些公司中擁有大量人才的營運合作夥伴。我們正在透過我們的人才庫來擴大這個人才庫，這些人才可以幫助解決他們的問題、客戶的問題、員工的問題等等。

So ultimately, the goal of Welltower Business System is to bring system-level thinking to remit bottlenecks, streamline flow and minimize friction in all human interactions that you see in these communities, which is family to residents and obviously, our caregivers and our employees and it's sort in a round robin manner, right? So that's sort of what we are focused on to streamline that row and minimize that friction in all those human interactions and focus solely in areas where scalability creates a strategic advantage. While relying on our operating partner to solve the unremovable complexities that are inherent in our business. So what do we mean by that?

因此，Welltower 商業系統的最終目標是透過系統級思維來緩解瓶頸、簡化流程並最大限度地減少您在這些社區中看到的所有人際互動中的摩擦，這些互動包括居民的家人，顯然還有我們的護理人員和員工，並且以循環的方式進行，對嗎？因此，我們專注於簡化流程、最大限度地減少人際互動中的摩擦，並只專注於可擴展性能夠創造策略優勢的領域。同時依靠我們的營運合作夥伴來解決我們業務中固有的無法消除的複雜性。那我們這樣說到底是什麼意思呢？

So we are focused on providing Welltower Business System to offer site-level employees that John mentioned, obviously, his early college days of Costco experience last call, was our business system to provide site level employees with real-time actionable business insights and free up valuable time to provide a real human touch to our residents.

因此，我們專注於提供 Welltower 業務系統，為現場級員工提供服務，正如 John 所提到的，顯然，他大學早期在 Costco 的經歷就是我們的業務系統，為現場級員工提供實時可操作的業務見解，並騰出寶貴的時間為我們的居民提供真正的人性化服務。

And if we think we can do this, we have a long runway of margin expansion in our business.

如果我們認為我們能夠做到這一點，我們的業務利潤率將有很長的提升空間。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Thank you. Good morning, Shankh, we really enjoyed your annual shareholder letter this year. Something we found particularly interesting was the section on how your data science platform has improved your velocity to market in the transaction process. Would you mind walking us through the process in a bit more detail? And then also maybe giving some color around what percentage of your pipeline do you believe this proprietary technology is directly responsible for?

謝謝。早安，Shankh，我們非常喜歡您今年的年度股東信。我們發現特別有趣的部分是關於您的資料科學平台如何在交易過程中提高您的上市速度。您介意向我們更詳細地介紹一下這個過程嗎？然後，您能否再稍微解釋一下，您認為這項專有技術直接負責了您管道的多少比例？

So I'm not going to walk you through, I wrote in a very detailed format of how general markets sort of structure work in a marketed transaction? But if you go back and read it, you will see the path is sort of it. Real estate is a very glacially moving slow business, right? So if you just think about what the whole process looks like, John, when you say you're a seller, you are looking to sell something, you hire broker, you grow through all this to ultimately you close the deal, that whole process takes about 5 to 10 months depending on whether the counterparty needs financing or not financing and all of those kind of things, right?

所以我不會帶你一步步了解，我會用非常詳細的格式來描述一般市場結構在市場交易中是如何運作的？但如果你回過頭去讀它，你會發現這條路就是這樣的。房地產是一個發展極其緩慢的行業，對嗎？因此，約翰，如果你想想整個過程是什麼樣的，當你說你是一個賣家時，你想出售一些東西，你僱傭經紀人，你通過這一切最終完成交易，整個過程大約需要 5 到 10 個月，具體取決於交易對手是否需要融資以及所有這些事情，對嗎？

So if you just think about in our business, let's just say that focus on just our business, market participants in our business, not most, all of them are focused on sort of NIC 99 or that kind of information, which is sort of -- that's not a great level of information, but that's kind of what you have, level of information that's sort of MSA level information and then sort of that whole process rolls out.

因此，如果您只考慮我們的業務，我們就說只關注我們的業務，我們業務中的市場參與者（不是大多數），他們都關注 NIC 99 或那種信息，這種信息不是很高，但這就是您所擁有的信息級別，是 MSA 級別的信息，然後整個流程就會展開。

For us, as Nikhil mentioned, our proprietary platform analyses 10-plus million micro market nationwide, leveraging a unique and nonreplicable data sets accumulated over 100-plus senior housing operators over 20 years, right? So this granular machine learning approach powered by a long time series of data across diverse properties and operators enables us to take a neighborhood level view of any asset and provide initial interest within our team within a few minutes and it determines a narrow range of predicted performance within a day. It used to be two to three days.

對我們來說，正如尼基爾所提到的，我們的專有平台分析了全國 1000 多萬個微型市場，利用了 20 多年來 100 多家老年住房運營商積累的獨特且不可複製的數據集，對嗎？因此，這種由跨不同屬性和運營商的長期數據系列支援的細粒度機器學習方法使我們能夠對任何資產進行鄰域級別的查看，並在幾分鐘內在我們的團隊中提供初步興趣，並在一天內確定預測性能的狹窄範圍。以前是兩到三天。

We have brought it down with significant more compute power within a day, allowing us to provide initial sort of preliminary pricing feedback within a week that we can live with, subsequently to the assets and have a handshake on definitive terms within two weeks that we can -- again, we can stand by. Remember, at Volta, we have Nova walked away from a handshake, right? So it's not just a question, we'll look at our broker pro forma and give people throw people a number. That's how real estate industries work. right?

我們在一天之內就利用顯著增強的計算能力將其解決，使我們能夠在一周內提供我們可以接受的初步定價反饋，隨後在兩週內就資產達成最終協議——再次強調，我們可以待命。還記得嗎，在 Volta，我們與 Nova 握手告別，對吧？所以這不僅僅是一個問題，我們會查看我們的經紀人表格並給人們一個數字。房地產行業就是這樣運作的。正確的？

So ultimately closed that deal in 45 to 60 days. So just think about that velocity to market makes us the first call to more sellers because frankly speaking, and obviously our reputation, that we never walk away from handshake, as fundamentally upended the status quo in this business, the real estate industry, which hasn't changed in decades, right? Because if you're a seller, what do you have to lose. If you don't like your answer within a week, you go do that process anyway, that we described that will take you 5 to 10 months. So think about -- so what are we trying to do -- we're trying to bring down latency that is inherent in a glacially moving industry in a significant way.

所以最終在 45 到 60 天內完成了這筆交易。所以想想看，上市速度使我們成為更多賣家的首選，因為坦白說，顯然我們的聲譽，我們從不放棄握手，從根本上顛覆了這個行業，房地產行業的現狀，幾十年來都沒有改變，對吧？因為如果你是賣家，你有什麼好失去的呢？如果您在一周內不喜歡您的答案，您仍然需要執行該流程，我們描述了流程將花費您 5 到 10 個月的時間。所以想想——我們在嘗試做什麼——我們正在嘗試顯著降低冰川移動產業固有的延遲。

And latency is a very important concept when we study network effect. In most industries that moves in that glacial pace, no different in our industry, as I said, in real estate. And that is a very, very thing that we're trying to disrupt by reducing latency in our system by completely turning the velocity to market in his head.

當我們研究網路效應時，延遲是一個非常重要的概念。大多數產業的發展速度都十分緩慢，我們這個產業，像是房地產產業，也不例外。而這正是我們試圖打破的局面，透過在他的頭腦中完全將速度轉化為市場速度來減少我們系統的延遲。

And as latency shrinks, materially, as we talked about -- just talked about, the network effect kicks into high gear, creating a new paradigm of maximum growth maximum gain that simply doesn't occur in businesses and industries that moves at a glacial pace, right? So that's how it works. If you think about the journey of our journey of what we have been able to achieve. And you want to point out to one thing, as Tim mentioned, you can't point out to one thing. This is a long decade long journey of transforming this industry and the transforming the business.

而且隨著延遲時間的縮短，從本質上講，正如我們剛才談到的，網路效應開始發揮巨大作用，創造出一種最大增長、最大收益的新範式，而這種範式在以緩慢速度發展的企業和行業中根本不會出現，對吧？這就是它的工作原理。如果您想想我們的旅程，我們取得了什麼成就。你想指出一件事，正如提姆所提到的，你不能只指出一件事。這是一段長達十年的改變產業和業務的漫長旅程。

But if you want to point out one thing, that will be reducing that latency, right? That's how you sort of go into a paradigm of maximum growth maximum gain and that sort of created another level of network effect that kicks into the high year.

但如果您想指出一件事，那就是減少延遲，對嗎？這就是你如何進入最大成長最大收益的範式，並創造另一個層次的網路效應，進入高峰年。

[Pharaoh Grenath], Bank of America.

[Pharaoh Grenath]，美國銀行。

Hi, good morning. Thank you for taking the question. I was curious, just getting your current size, how can you frame how you continue to think about of sustained growth going forward?

嗨，早安。感謝您回答這個問題。我很好奇，了解了您目前的規模後，您如何繼續考慮未來的持續成長？

[Pharaoh], that's a really, really good question. If Welltower was a spread investing vehicle that is relied on financial engineering, I would say growth at some point should be a problem. -- size under growth should be somewhat inversely correlated at some point. And I don't know what that is, frankly speaking, and you can see different industries have come to different conclusions.

[法老]，這是一個非常非常好的問題。如果 Welltower 是一種依賴金融工程的利差投資工具，我會說在某個時候成長應該是一個問題。 —— 在某種程度上，成長下的規模應該是呈反比的。坦白說，我不知道那是什麼，你可以看到不同的行業得出了不同的結論。

However, if we can see, as I've mentioned before, we have changed this company, which frankly was that what exactly were describing, it was a real estate deal shop, which was reliant on capital markets and frankly speaking, cost of capital.

然而，如果我們看到，正如我之前提到的，我們已經改變了這家公司，坦白說，這就是我們所描述的，它是一家房地產交易商店，依賴於資本市場，坦白說，依賴於資本成本。

We have -- it was a decade-long effort for us to change this company into an operating company in a real estate wrapper.

我們花了十年的時間努力將這家公司轉變為房地產營運公司。

So if you just think about it as an operating company, the opposite trend actually happens due to network effect that I was just talking about to John's question earlier. As we have grown, just think about that for a second, right? We capture more and more data and two of our key competitive advantage, our data science platform and Welltower Business System continues to strengthen, further expanding our more and driving a wider performance gap between ourselves and our competitors. So you think about that what you are describing, which happens in some of these kind of levered beta spread investing vehicles, you will see as they go bigger their performance spread to market actually shrinks.

因此，如果你只是把它看作一家營運公司，那麼由於網路效應，實際上會出現相反的趨勢，正如我之前在回答約翰的問題時談到的那樣。隨著我們長大，想一想，對嗎？我們捕獲的數據越來越多，我們的兩個關鍵競爭優勢——數據科學平台和 Welltower 業務系統——也不斷增強，進一步擴大了我們的競爭力，並拉大了我們與競爭對手之間的績效差距。因此，您想想您所描述的情況，這種情況發生在一些槓桿貝塔價差投資工具中，您會發現，隨著它們的規模擴大，其與市場的業績差距實際上會縮小。

If you go back and see that we had our Investor Day in 2018, and there, in that Investor Day, I talked about this topic and I said that despite our outperformance to our competitors up to leading up to that point, that will widen. And if you just see what happened since then, it has widened our market, our performance to market has widened, and that happened because we had transformed this company from a real estate deal shop to an operating company and a real estate wrapper and I would like to tell you that's unique. It's not. If you just look at all operating companies, you will see they have achieved success because of their success. Look at Home Depot, look at Costco, look at Amazon, not in spite of their success.

如果你回顧一下，我們在 2018 年舉辦了投資者日，在那個投資者日，我談到了這個話題，我說，儘管我們的表現優於競爭對手，但這種差距還會擴大。如果你看看從那時起發生的事情，它擴大了我們的市場，我們的市場表現也擴大了，而這是因為我們已將這家公司從一家房地產交易店轉變為一家運營公司和房地產包裝公司，我想告訴你，這是獨一無二的。它不是。如果你看看所有經營的公司，你會發現他們憑藉著自身的成功而獲得了成功。看看家得寶 (Home Depot)、看看好市多 (Costco)、看看亞馬遜 (Amazon)，儘管它們取得了成功。

And that's because of the network effect, and that's because of the impact these companies have and the data capture and everything else I talked about to John's question earlier, where your size becomes positive to your growth, not negative, but it's an extraordinarily important question. Thank you.

這是因為網路效應，這是因為這些公司的影響和數據捕獲以及我之前在回答約翰的問題時談到的其他一切，你的規模對你的成長產生積極的影響，而不是消極的影響，但這是一個非常重要的問題。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Jonathan Hughes, Raymond James Financial, Inc.

喬納森·休斯，雷蒙德詹姆斯金融公司

Hi, good morning. Thank you for the prepared remarks and commentary. Tim, you reiterated the 3.5 leverage target by year-end. That's up from 3.3 today, so flying a levering up in the next few quarters. I guess, why utilize debt when your cost of equity is arguably lower and would be more accretive and it never has to be refinanced. I'm just trying to better understand that near-term leverage target and how you think about the right capital structure or target capital structure on a longer-term or normalized basis? Thank you.

嗨，早安。感謝您準備好的發言和評論。提姆，你重申了年底前 3.5 的槓桿目標。這比今天的 3.3 有所上升，因此未來幾個季度槓桿率將大幅上升。我想，當你的股權成本可以說更低、更增值且永遠不需要再融資時，為什麼還要利用債務呢？我只是想更好地理解近期槓桿目標，以及您如何看待長期或正常情況下的正確資本結構或目標資本結構？謝謝。

Jonathan, before Tim gives you an answer. I'll just say that we fundamentally disagree with your assumption that our cost of equity is lower than our cost of debt. Our cost of equity is much higher than you think. And that's probably because we think our potential growth in our long-term business is much higher, right? You got to think about your cost of equity on a long-term arc, not just your spot cost of equity.

喬納森，在提姆給你答案之前。我只想說，我們從根本上不同意你的假設，即我們的股權成本低於我們的債務成本。我們的股權成本比你想像的要高得多。這可能是因為我們認為我們長期業務的潛在成長要高得多，對嗎？您必須從長期角度考慮股權成本，而不僅僅是股權的現貨成本。

Anyway Tim?

無論如何，蒂姆？

Yeah, Jonathan, I'd just say the -- what's driving our view on leverage higher is putting the cash to work off the balance sheet. It's not the assumption that we're issuing debt. It's just part of the mechanics of the cash coming off the balance sheet, putting it to work. With the guidance we provided last night, we're fully funded for all the capital activity. In fact, we're even paying off $1.25 billion in debt in those assumptions.

是的，喬納森，我只想說——推動我們對槓桿率的看法上升的原因是將現金投入資產負債表之外。這並不是我們發行債務的假設。這只是現金從資產負債表出來並投入使用的機制的一部分。根據我們昨晚提供的指導，我們已為所有資本活動提供了充足的資金。事實上，根據這些假設，我們甚至要償還 12.5 億美元的債務。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just my question is, look, clearly, occupancy jumped off the pace this quarter. And you guys put a couple of slides in the presentation, including the acceleration from January, February to March. I guess I'd love to sort of -- I know occupancy and pricing matters, but just staying on the occupancy front, just internally, what are expectations sort of long term for your markets? And then is this pace sustainable? Could it accelerate?

我的問題是，你看，本季的入住率明顯上升。你們在簡報中放了幾張投影片，包括從一月、二月到三月的加速情況。我想我很想問一下——我知道入住率和定價很重要，但僅就入住率而言，僅從內部來看，您對市場的長期預期是什麼？那麼這種速度可持續嗎？能加速嗎？

Just how are you guys thinking about that? Would love some high-level color.

你們對此有何看法？想要一些高級的色彩。

Ron, I would just say our expectation of what we think occupancy growth this year, as Tim just described to you, so I have nothing to add to that. Long term, we believe that as we sort of optimize this business with fewer and fewer operating partners who increasingly have a much greater regional density. We believe that frictional vacancy is a lot lower than we thought, and John talked about this in the call as you lead 2, 3 calls ago. And so we believe we have a long journey in front of us to a much higher level of occupancy. And obviously, I'm not talking about optics.

羅恩，我只想說一下我們對今年入住率增長的預期，正如蒂姆剛才向您描述的那樣，所以我沒有什麼可補充的。從長遠來看，我們相信，隨著我們業務的最佳化，營運合作夥伴的數量會越來越少，而區域密度則會越來越大。我們認為摩擦空置率比我們想像的要低得多，約翰在 2、3 個電話會議之前主持的電話會議上談到了這一點。因此，我們相信，要達到更高的入住率，我們還有很長的路要走。顯然，我說的不是光學。

I'm talking about the current portfolio because remember, Nikhil continues to add a lot of underoccupied buildings.

我談論的是目前的投資組合，因為請記住，尼基爾繼續增加大量未充分利用的建築。

So we think we have a long journey in front of us. And but we're just think about this year, right? We're giving you our best guess. Remember, it's a guess. And our business is a June to October type of a business, right?

因此我們認為我們還有很長的路要走。但我們只考慮今年，對吧？我們正在給你最好的猜測。請記住，這只是猜測。我們的業務是六月到十月的業務類型，對嗎？

It summer leasing system business. We'll go through summer, and we'll tell you what we see. But if we didn't feel good about the current face some activity, current phase of sort of future resident engagement, we would not have raised guidance in Q1 for both occupancy and rates, right? But that's what we see today. We'll see what tomorrow brings us.

其夏季租賃系統業務。我們將度過夏天，並告訴你我們所看到的。但是，如果我們對目前面臨的一些活動、未來居民參與的當前階段感覺不好，我們就不會在第一季提高入住率和房價的指導，對嗎？但這就是我們今天所看到的。我們將拭目以待明天會發生什麼。

Austin Wurschmidt, KeyBanc.

奧斯汀·沃施密特（Austin Wurschmidt），KeyBanc。

Great, thanks, Shankh, just kind of wanted to hit on your comments that you wrapped up in the prepared remarks. You discussed this period of potentially higher inflation with cyclical pressure on economic growth. as well as the potential for a negative impact on asset prices from the Reliance on credit over the last few decades. I guess with many seniors utilizing savings and equity from their homes and retirement in that backdrop, how do you think senior housing performs based on what you outlined? Thanks.

太好了，謝謝，Shankh，我只是想談談你在準備好的發言中總結的評論。您討論了這段時期潛在的高通膨以及經濟成長的周期性壓力。以及過去幾十年來對信貸的依賴可能對資產價格產生負面影響。我想，在這種背景下，許多老年人都在利用他們的住房和退休金儲蓄和資產，您認為根據您的概述，老年人住房的表現如何？謝謝。

That's a really, really good question. Why don't I start on jump in as you see fit. We have a pretty good case study of how that might turn out. We can see, obviously, a lot of senior wealth is not in the equity market, right? Clearly, a majority of them actually not.

這是一個非常非常好的問題。我為什麼不按照你認為合適的方式開始跳躍呢？我們有一個很好的案例研究來研究結果會如何。我們可以看到，顯然很多高級財富都不在股票市場，對嗎？顯然，大多數人實際上並非如此。

And they are in other fixed income or housing type assets -- and we believe that we don't see a case of why housing prices will collapse like it has during GFC. But let's just say that we're wrong and you can see even during global financial crisis, which was driven by housing and even and housing collapsed 50%, and you could see even then how the asset class has held up, right?

這些投資都屬於其他固定收益或房屋類資產——我們認為，房價不會像全球金融危機期間那樣暴跌。但是，假設我們錯了，您可以看到，即使在由房地產引發的全球金融危機期間，即使房地產價格下跌了 50%，您仍然可以看到資產類別如何保持穩定，對嗎？

So look, the thing is the future is uncertain by definition, and it's a redundant statement, but it's a very important one. And we fundamentally believe that life is about positioning, not predicting. And given where we are, with the near term, we go into -- I believe that the asset class will hold up better than all real estate and many, many other industries. We'll see what happens. And as you have seen from our track record that if there is disruption, and again, that's not my base case view, there will be disruption.

所以，從定義上來說，未來是不確定的，這是多餘的說法，但卻非常重要。我們從根本上相信，生活在於定位，而不是預測。考慮到我們目前的狀況，就短期而言，我相信該資產類別的表現將比所有房地產和許多其他行業都要好。我們將拭目以待。正如您從我們的過往記錄中看到的那樣，如果出現中斷，那就會出現中斷，這並非我的基本情況觀點。

But if there's disruption, you know how well behave, we're perfectly predictable. That's why we have a terrific balance sheet for, right?

但如果出現混亂，你知道我們的行為是多麼的好，我們的行為是完全可以預測的。這就是我們擁有如此出色資產負債表的原因，對吧？

And if there is disruption, you will see, obviously, that will put more pressure in asset prices, more pressure on people who have 60%, 70%, 80% leverage. Our leverage is what right? And we will go lean into it. We are very optimistic about our business for the next 5, 10, 15, 20, 30 years. And frankly speaking, will welcome disruption, but that's not our base case scenario.

如果出現混亂，你顯然會看到，這將給資產價格帶來更大的壓力，給那些擁有 60%、70%、80% 槓桿的人帶來更大的壓力。我們的槓桿是什麼？我們將全心投入其中。我們對未來5年、10年、15年、20年、30年的業務感到非常樂觀。坦白說，我們會歡迎顛覆，但這不是我們的基本情況。

Seth Bergey, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergey)。

Hi, good morning. You kind of mentioned in the opening remarks that the pipeline is expanding given the capital markets dislocation, -- can you kind of quantify the expansion and kind of what portion of that expansion would be of the type of assets that you would be interested in potentially acquiring?

嗨，早安。您在開場白中提到，鑑於資本市場的混亂，管道正在擴大——您能否量化這種擴張，以及這種擴張中有多少部分是您可能有興趣收購的資產類型？

Seth, we are not going to sit here and try to speculate on what our pipeline may or may not do. We do believe that when this kind of capital markets disruption happened, people who absolutely looking for liquidity, whether that's equity driven or debt driven that Nikhil talked about, we'll need to access liquidity. And if it is that their expectation is commensurate with today's reality of rates and spreads. We'll provide them that liquidity? And if not, we'll not.

塞思，我們不會坐在這裡試圖猜測我們的管道可能會做什麼或不會做什麼。我們確實相信，當這種資本市場混亂發生時，那些絕對尋求流動性的人，無論是尼基爾所說的股權驅動還是債務驅動，我們都需要獲得流動性。而他們的預期是否與當今利率和利差的實際情況相符。我們會為他們提供流動性嗎？如果不是，我們就不會。

We are not in the business of doing deals. We're an operating company. We only add assets in in our markets and in our micro markets where we feel we can build regional density. So if we can, we will do it. If not, we'll just sit here and wait.

我們不做交易。我們是一家營運公司。我們只在我們認為可以建立區域密度的市場和微型市場中增加資產。所以如果我們可以的話，我們就會這麼做。如果沒有的話，我們就坐在這裡等待。

Yeah. I think the only thing I'd add to that is, we talked earlier about what Welltower's pace of execution is versus what the conventional market time line is to bring a transaction home and that 6 to 10 months that we talked about, just think about what has happened in the last 6 to 10 months between Fed rate cuts, the election, liberation date -- and so just think about sellers that chose to work with somebody else, and they did not have ultimate price certainty from then to until now. And just given how macro has changed, imagine the ups and downs, then the deal fatigue that they've gone through. And so there's a lot of broken deals. And when there's broken deals, we get the call.

是的。我認為我唯一要補充的是，我們之前談到了 Welltower 的執行速度與傳統市場完成交易的時間線，以及我們談到的 6 到 10 個月，想想過去 6 到 10 個月美聯儲降息、選舉、解放日期之間發生的事情——想想那些選擇與其他人合作的賣家，從那時到現在他們都沒有最終的價格性。考慮到宏觀經濟的變化，想像一下他們經歷的起伏，以及交易疲勞。因此有很多交易失敗了。當交易失敗時，我們會接到電話。

So we're actively looking at a lot, but as Shankh mentioned, we are squarely focused on playing in places that we have high conviction in our end markets that we already have a lot of scale.

因此，我們正在積極地關注許多領域，但正如 Shankh 所提到的，我們專注於在終端市場中我們非常有信心已經擁有大規模的領域開展業務。

Richard Anderson, Wedbush.

理查德·安德森，韋德布希。

Hey, thanks and good morning, Great quarter, of course. So Shankh, you said something fewer operating partners that are deeper more densified in their geographies, I'm paraphrasing, but something like that. So where do you see that sort of that optimal sort of cadence in terms of how big of a pie chart of operating partners is the right number for you guys, call it, three, five years from now. And out of curiosity, do you sense any sort of pushback given the current climate doing business with operators in Canada and the UK what are some of the sort of variables as it relates to that ultimate plan to reduce your operator -- the number of your operators in your portfolio? Thanks.

嘿，謝謝，早上好，當然，這是一個很棒的季度。因此，Shankh，您說了一些話，即營運合作夥伴數量減少，其在各自地域的分佈更加深入、更加密集，我只是轉述一下，但大致如此。那麼，就營運夥伴餅圖的大小而言，您認為最佳節奏在哪裡，對於您來說，三年或五年後是合適的。出於好奇，考慮到目前與加拿大和英國的營運商開展業務的氣氛，您是否感覺到任何阻力？與減少運營商（即您投資組合中的運營商數量）的最終計劃相關的一些變數是什麼？謝謝。

Yeah. That's a very good question. It's a question that we reflect on our shop all the time. So let's just take a step back and think about -- so the -- if you are looking for a numeric cancer, I'll just say it's fewer -- and that sort of is no question that we are focusing on regional density, focusing more and more concentrating on our existing partners who have performed really well. There is no question that every year we look at obviously, a lot of new operating teams.

是的。這是一個非常好的問題。這是我們店家一直在反思的問題。所以，讓我們退一步思考一下——所以——如果你正在尋找一種數位癌症，我只會說它更少——毫無疑問，我們關注的是區域密度，越來越關注表現非常出色的現有合作夥伴。毫無疑問，每年我們都會看到許多新的營運團隊。

And we added one or two and then obviously a lot of people also fall the wayside. But generally speaking, I will say, is there a pushback? Look, we're fair people. We're entirely focused on performance, we're entirely focused on outlook of how some of our operating sort of partners that think about the future, right? This is all about the future.

我們增加了一兩個人，但顯然很多人也退出了。但一般來說，我會說，是否有阻力？瞧，我們是公正的人。我們完全專注於業績，我們完全專注於我們的一些營運夥伴對未來的看法，對嗎？這一切都與未來有關。

And that is nothing to do with frankly speaking. There are two types of operators, right? You think about what we call Gen 1 operators in our business, people who have been around with our company, with George Chapman and others, and they're absolutely killed it. Tim Bacano would be a great example. right? Then there are operators that I grew up in this business with who are sort of, say, Gen 2 operators who have built the business as with us such as Matthew at Coseer or say Dan at story points, right?

這與坦白說無關。有兩種類型的運算符，對嗎？你想想我們公司裡所謂的第一代營運商，那些在我們公司工作過的人，還有喬治·查普曼和其他人，他們絕對是我們的佼佼者。提姆·巴卡諾就是一個很好的例子。正確的？然後，還有一些與我一起在這個行業中成長起來的運營商，他們可以說是與我們一起建立業務的第二代運營商，例如 Coseer 的 Matthew 或 Story Points 的 Dan，對嗎？

So these are the operators that I grew up in the business with a tremendous amount of respect for what they do and how they do it.

這些都是我在業界成長起來的操作員，我對他們所做的事情以及他們的工作方式非常尊重。

And frankly speaking, the outlook for the future, do want to get better every day, do new things, try things, fail fast and move the business forward. do we find new operating partners sort of who share that view. Amica would be a very good example of that, right. Amica is an exceptionally good operator, we have founded Care UK and UK.

坦白說，對於未來的展望，我們確實希望每天都變得更好，做新的事情，嘗試新事物，快速失敗並推動業務向前發展。我們是否找到了持有相同觀點的新營運夥伴？Amica 就是一個很好的例子，對吧。Amica 是一家非常優秀的營運商，我們創立了 Care UK 和 UK。

would be a great example of that, right? The exceptional team. But generally speaking, our view is as the business has grown, we want to reduce complexity by focusing on think about what we're trying to do. We're trying to deploy at our business system across, grow with our operators. And so it is that it's a moving target.

就是一個很好的例子，對吧？卓越的團隊。但總的來說，我們的觀點是，隨著業務的成長，我們希望透過集中思考我們正在做的事情來降低複雜性。我們正在嘗試在我們的業務系統中進行部署，並與我們的營運商一起成長。所以它是一個移動的目標。

We have not seen any pushback, obviously, from all these sort of UK and Canada. In fact, we can Canadian businesses are growing fabulously, and we expect that both of those business will continue to grow significantly.

顯然，我們還沒有看到英國和加拿大的任何反擊。事實上，我們可以看到加拿大的企業正在快速發展，我們預計這兩項業務都將繼續大幅成長。

But that's kind of what I have to say at this point in time. I always sort of think about in current context of assets we have. But remember, our assets, Nikhil, is making our job harder every day by growing the asset base significantly. And we'll see where these things land, but philosophically, we want to be with people who -- right or wrong. This is not -- we're not pointing out that were right somebody else is wrong.

但這就是我現在必須要說的。我總是思考我們目前擁有的資產狀況。但請記住，我們的資產尼基爾正在大幅擴大資產基礎，使我們的工作每天都變得更加困難。我們將會看到這些事情的最終結果，但從哲學上來說，我們希望與正確或錯誤的人在一起。這並不是——我們並不是指出我們是對的而別人是錯的。

It's just like we're philosophically aligned with us on where we're trying to take the business. And so that's kind of a very important point is we want to be with people who are shoulder to shoulder with us no matter what.

這就像我們在經營業務的理念上是一致的。所以，非常重要的一點是，無論發生什麼，我們都想和那些與我們並肩作戰的人在一起。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

Hi, good morning, everyone. Just a couple of questions on senior housing. First, given that we are in a more uncertain macro environment, I was hoping to get a feel for how leading indicators for senior housing looked in April such as maybe tour volume, leads, conversions into move-ins, how those are tracking versus a year ago? And then in terms of the guidance and the decision to raise the revenue guidance in senior housing clearly, you have some confidence in the business.

大家好，早安。我只想問幾個關於老年住房的問題。首先，鑑於我們處在一個更不確定的宏觀環境中，我希望了解 4 月份老年住房的領先指標情況，例如參觀量、潛在客戶、入住轉換率，這些指標與去年同期相比如何？然後，就指導和提高老年住房收入指導的決定而言，顯然您對這項業務有一定的信心。

But maybe just give us a feel about how, again, the macro environment might have impacted that guidance? And do you even build in some cushion there, preventing and, let's say, there would have been an even bigger raise in sort of a more clear economic environment? Thanks.

但也許只是讓我們感受一下宏觀環境可能如何影響該指導？您是否會在那裡建立一些緩衝，以防止在更清晰的經濟環境下出現更大的加薪？謝謝。

Let me try to start and Tim will really give an answer to your question. So you just think about it I have very clearly stated, I think, last year that 90 days, a short enough time frame for a company of our size and scale to even comment on things, let alone talk about month-to-month what's happening, right? So clearly, we have walked away from all monthly sort of what's going on this month, this week. We really honestly not focused on that. Having said that, Nick, the fundamental premise of your question is the right one.

讓我嘗試開始，蒂姆會真正回答你的問題。所以你想想，我已經非常清楚地說過，我認為，去年 90 天，對於我們這種規模的公司來說，這是一個足夠短的時間範圍，甚至可以對事情發表評論，更不用說談論每月發生的事情了，對吧？顯然，我們不再關注本月、本週發生的所有月度事件。說實話，我們確實沒有註意到這一點。話雖如此，尼克，你的問題的基本前提是正確的。

We know how April up to this point has progressed. And frankly speaking, if we didn't feel good about that data, we wouldn't give you sort of in Q1, we would not have raised both occupancy and rate assumption, which, again, I want to make it abundantly clear, that's our guess, right? It's an educated guess, but it's a guess. We've not done it as sitting at the end of April. So what we see, we really like what we see, but we have no dilution of certainty. Remember, this business is a June to October business, and we need to see how June to October plays out, and we'll tell you as we see.

我們知道四月到目前為止的進展。坦白說，如果我們對這些數據不滿意，我們就不會在第一季度給您提供數據，我們也不會提高入住率和房價假設，我再次明確表示，這是我們的猜測，對吧？這是一個有根據的猜測，但這只是猜測。截至四月底我們還沒有完成這件事。所以，我們確實喜歡我們所看到的，但我們的確定性並沒有減弱。請記住，這項業務是六月至十月的業務，我們需要觀察六月至十月的進展情況，然後我們會告訴您。

Tim?

提姆？

Yeah. I'll just add to that, Nick, I like the way you asked that on the guidance side. Clearly, when you provide projections or forecasts, the having more uncertainty and an outlook drives a little bit of a wider range of outcomes. And so that's always factored in. That being said, the biggest piece of it, the anchor to is what Jon just said, what are we actually seeing in the business?

是的。我只想補充一點，尼克，我喜歡你在指導方面提出這個問題的方式。顯然，當你提供預測或預報時，更多的不確定性和前景會導致更廣泛的結果。所以這一點始終被考慮在內。話雖如此，其中最重要的部分，也就是喬恩剛才所說的，我們在業務中實際上看到了什麼？

And if we're not seeing trends change, that's going to drive the biggest piece. We don't see it as kind of part of our job here to make -- to forecast what may or may not happen beyond what we're seeing and then taking a reasonable range of outcomes into it.

如果我們沒有看到趨勢發生變化，那麼這將成為最大的推動力。我們不認為這是我們工作的一部分——預測超出我們所見範圍的可能發生或不可能發生的事情，然後將合理的結果納入其中。

So I think your view that some sort of increased uncertainty would be taken into account would be correct. And I think Sean's comments on current business shows no signs of weakness goes along with that.

因此我認為，您關於將某種程度的不確定性增加考慮在內的看法是正確的。我認為肖恩對當前業務的評論沒有顯示出任何軟弱的跡象。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

I just wanted to touch on like how you guys view the spread between RevPOR and ExPOR. I know the current spread has been solid and is well above or at least higher versus historical levels. how can that trend going forward? I mean is it fair to assume that it could stay at this level just because I know there's some sensitivity to push rate -- or does like the Welltower business system rollouts kind of changed that formula a little bit and there is some room for that to continue to expand?

我只是想談談你們如何看待 RevPOR 和 ExPOR 之間的差距。我知道目前的利差一直很穩固，遠高於或至少高於歷史水準。這種趨勢將如何發展？我的意思是，僅僅因為我知道推送率有一定的敏感性，就可以假設它能夠保持在這個水平嗎？或者像 Welltower 業務系統的推出那樣，稍微改變了這個公式，並且有一定的繼續擴展的空間？

I think we've been pretty clear. Our expectations are to grow margin over time. And so that definitely indicates that we continue to outgrow revenue out past per unit expenses. So yes, we see a lot of run rate with that. I'm not going to repeat what Sean said earlier, but Welltower business system, what goes on their enables us to drive that margin for many years into the future.

我想我們已經說得很清楚了。我們的期望是隨著時間的推移利潤率會不斷增長。這無疑表明我們的收入成長將繼續超過單位支出的成長。是的，我們看到了很高的運行率。我不會重複肖恩之前說過的話，但是 Welltower 業務系統及其所發生的事情使我們能夠在未來許多年內保持這一利潤率。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning. Hoping you could talk a little bit about the skilled nursing investments you made in the quarter, it looks like it was about $1.2 billion. Is that fee simple? Was the loan investments if you could talk about kind of the coverage there or just the portfolio of assets maybe that was driving that? Thank you.

早安.希望您能談談本季對專業護理的投資，看起來大約有 12 億美元。這個費用簡單嗎？如果您可以談論貸款投資的覆蓋範圍，或者只是資產組合，那麼這可能是推動因素嗎？謝謝。

Yeah, an -- so there was a couple of different transactions, but -- and in this particular quarter, look, we use the skilled nursing business as a credit business for us. sometimes that comes in the form of a debt investment, sometimes it comes in the form of a triple net lease investment, but they're both underwritten from a credit investment perspective.

是的，有幾筆不同的交易，但是，在這個特定季度，看，我們將專業護理業務用作我們的信貸業務。有時它以債務投資的形式出現，有時它以三重淨租賃投資的形式出現，但它們都是從信貸投資的角度承保的。

The large transaction this quarter has a lot of things that we're really excited about. So the first thing is it was a broken transaction there was some softness in the market, dealer, Welltower was able to come in and come in with a dual-path solution. One was we brought an operator to the table that the deal was lacking.

本季的大額交易有很多讓我們感到非常興奮的事情。因此，首先，這是一次失敗的交易，市場有些疲軟，經銷商 Welltower 能夠介入並採取雙路徑解決方案。一是我們向營運商提出了交易不足的問題。

And then the other was obviously a certainty to close. So first thing is we leverage that the fact that it was a broken deal to get a favorable price adjustment to the tune of a couple of hundred million bucks in our favor. Then the operator that we brought in is an operator, we have an existing book of business of it Aspire that has done an incredibly good job for us. And with Aspire, we bought a turnaround portfolio towards the end '23 and their performance in just a matter of five, six quarters has been quite incredible. It took a portfolio that was on an EBITDAR basis losing, call it, $15 million and improved cash flow, so significantly that today, that EBITDA is north of $90 million.

然後另一個顯然肯定會關閉。因此，首先我們要利用這是一筆失敗的交易這一事實來獲得對我們有利的數億美元的價格調整。然後，我們引入的營運商是一名營運商，我們擁有一本現有的 Aspire 業務簿，它為我們做了非常出色的工作。我們在 2023 年底購買了 Aspire 的轉虧為盈投資組合，短短五、六個季度內他們的表現就相當令人難以置信。它接管了一個以 EBITDAR 為基礎的虧損（比如說 1500 萬美元）的投資組合，並顯著改善了現金流，以至於今天的 EBITDA 已經超過 9000 萬美元。

So given -- and there was the scaled portfolio just given the dollars we're talking about here. So given their strength in the quality of execution, this portfolio given its size made a lot of sense for them. And from a performance perspective, in place, this portfolio is generating enough cash flow to cover rent 10, year 1 or in place. And that's said occupancy in the mid-60s. So we have an operator that has a proven track record of improving performance pretty substantially.

所以考慮到——並且考慮到我們在這裡討論的美元，就有了規模化的投資組合。因此，考慮到他們在執行品質方面的實力，這個投資組合的規模對他們來說非常有意義。從業績角度來看，此投資組合產生的現金流量足以支付第 1 年或第 10 年的租金。據說入住率在 60 年代中期。因此，我們擁有一位在大幅提高績效方面有著良好記錄的營運商。

But in this case, unlike the Florida case, you have significant in-place cash flow that covers. And on top of that, there is additional credit enhancements in terms of guarantees and there's north of $0.5 billion worth of net worth. That is in assets outside of skilled making that is sitting behind this transaction to support, right?

但在這種情況下，與佛羅裡達州的情況不同，您擁有大量現有現金流可以彌補。除此之外，還有擔保方面的額外信用增強，淨資產價值超過 5 億美元。那是技術製造以外的資產，支撐著這筆交易，對嗎？

So you've got quality assets, checks, quality operator check, in-place cash flow with room to the upside check and additional credit protection check, right? So that's the setup here. And you just found on a great transaction that was broken?

所以，您擁有優質資產、支票、優質運營商支票、有上行空間的現有現金流支票和額外的信用保護支票，對嗎？這就是這裡的設定。您剛發現一筆很棒的交易出了問題嗎？

All investments, once your question and that is in the bucket that is made in the quarter of what people no.

所有投資，一旦你的問題，那就是在桶裡，在這個季度裡人們沒有做什麼。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, everyone. You talked about your outlook for development in Canada. And once you close Amica, do you envision any starts next year?

嘿，大家早安。您談到了對加拿大發展的展望。一旦關閉 Amica，您是否計劃明年開始任何業務？

Yeah. So look, as I mentioned in the prepared remarks, there is nine development parcels that we're acquiring as part of the transaction. And they've had extended multiyear five, six, seven year entitlement processes. Now some of those are expansions. The other are de novo projects.

是的。所以，正如我在準備好的演講中提到的那樣，作為交易的一部分，我們將收購九個開發地塊。他們已經將授權流程延長了五年、六年、七年。現在其中一些是擴展。其他是從頭項目。

As you can imagine, expansions are easier to pencil just given that the operating cost load that you're going to add to the incremental units is, in most cases, de minimis or a fraction of what you would have for a de novo project. So those projects continue to make a lot of sense and will develop. And the handful that are de novo, they are in the highest quality, highest rent market, and those will evaluate, right?

正如您所想的，由於您要添加到增量單位的營運成本負荷在大多數情況下都是最低限度的，或者只是從頭開始專案的一小部分，因此擴展更容易進行。因此這些項目仍然很有意義並且會不斷發展。而少數新成立的公司，他們處於品質最高、租金最高的市場，他們會進行評估，對嗎？

We'll evaluate to see if once the dust settles a bit on tariffs and cost certainty, we'll see if it makes sense to start them today or in the future, but just given that there's a bunch of expansion projects, we'll certainly expect to see some starts next year.

我們將進行評估，看看一旦關稅和成本確定性塵埃落定，我們是否會在今天或將來啟動這些項目是否有意義，但考慮到有大量擴建項目，我們肯定會期待明年看到一些項目的啟動。

Emily Meckler, Green Street.

艾米麗·梅克勒 (Emily Meckler)，綠街。

Good morning. Thanks for the time. What percentage of the properties as Welltower's operating platform been rolled out to? And have you received any pushback from operators that has maybe delayed the rollout?

早安.謝謝你的時間。Welltower 的營運平台已涵蓋了多少比例的物業？您是否受到來自運營商的阻力，從而可能導致推出延遲？

Starting with the pushback. The answer is no. The -- we work with our operators, listen to them. They have great feedback. As Shankh said, it's shoulder to shoulder.

從反擊開始。答案是否定的。我們與我們的運營商合作，傾聽他們的意見。他們給了很好的回饋。正如 Shankh 所說，這是肩並肩的。

And so we iterate with them on how to move forward with the platform. As far as for the percentage, I don't give out the details. And when I talk about the platform, there's broad look at the platform. We're really working with all the different operators with different aspects of our platform.

因此，我們與他們一起討論如何推動該平台的發展。至於百分比，我不會透露細節。當我談論平台時，我會廣泛地看待這個平台。我們確實正在與所有不同的營運商就我們平台的不同方面進行合作。

So I'm not going to give much more detail than that. But the reception has been fantastic. -- and appreciative and at this point, quite successful.

所以我不會提供更多細節。但反響卻十分熱烈。 ——並且值得讚賞，而且在這一點上，相當成功。

Emily, I'll just add. Mike asked this question on the last call, I think, John, you said that the whole rollout will be a two to three year process. So you derive any conclusion that you want from this percent as percent, but it's a real businesses are not driven from Excel spreadsheet. And so we'll see where we get to.

艾米麗，我只是想補充一下。我認為麥克在上次通話中問了這個問題，約翰，你說過整個推出過程將需要兩到三年的時間。因此，您可以從這個百分比中得出任何您想要的結論，但真正的業務並不是由 Excel 電子表格驅動的。我們將會看到我們能達到什麼程度。

Michael Mueller, JP Morgan.

摩根大通的邁克爾·穆勒。

Yeah, hi. The same-store show portfolio, it looks like it's about 88% occupied but what portion of it is stabilized or close to it? And how is RevPOR growth in those assets been compared to the 6% average.

是的，你好。同店展示組合看起來佔用率約為 88%，但其中有多少部分保持穩定或接近這一水平？這些資產的 RevPOR 成長率與 6% 的平均成長率相比如何？

I mentioned, Mike, in my prepared remarks that 90%-plus occupied part of the portfolio, which is a SIM was like 40% to 50% about 50%. That has grown RevPOR 7%-plus. And the other end of that, I believe, Tim said like less than 80% cohort, I think Tim said last quarter, it was like roughly one-fourth of the portfolio wherever is lucky flat. I think it was up 1% or 2%, something like that. So it's just sort of that sort of you think about the gradient of that, everything is in between, right?

麥克，我在準備好的發言中提到過，90% 以上佔據了投資組合的一部分，其中 SIM 大約佔 40% 到 50%，大約 50%。這使得 RevPOR 成長了 7% 以上。而另一方面，我相信，提姆說過，不到 80% 的群體，我想提姆上個季度說過，大約有四分之一的投資組合是幸運持平的。我認為它上漲了 1% 或 2% 左右。所以這只是那種你認為的梯度，一切都在中間，對嗎？

It's simple demand supply of how many units you need to sell versus if you fold.

這很簡單，就是您需要銷售多少單位以及您是否要放棄多少單位的需求供應。

There are no further questions at this time. This does conclude today's conference call, and you may now disconnect.

目前沒有其他問題。今天的電話會議到此結束，您可以斷開連線了。