Welltower Inc (WELL) 2025 Q2 法說會逐字稿

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

感謝您的支持。我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Welltower 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Matt McQueen, Chief Legal Officer and General Counsel. Please go ahead.

現在我想將電話轉給首席法律官兼總法律顧問 Matt McQueen。請繼續。

Thank you, and good morning. 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. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.

謝謝，早安。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都是基於合理的假設，但該公司無法保證其預期的結果能夠實現。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。

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

說完這些，我將把電話交給 Shankh 來發表演說。

Thank you, Matt, and good morning, everyone. As usual, I'll review business trends and our capital allocation priorities, and the team will follow the usual cadence.

謝謝你，馬特，大家早安。像往常一樣，我將回顧業務趨勢和我們的資本配置優先事項，團隊也將遵循通常的節奏。

Second quarter marked another period of solid execution across the board at Welltower, from operations to investment activity and a further strengthening of our balance sheet. We also made significant progress on the rollout of our operating platform, which John will discuss shortly. Ultimately, we are pleased to have delivered another quarter of strong FFO per share growth of 22%, exceeding our already high expectations. These results, coupled with increased conviction for the back half of the year, has enabled us to once again raise the midpoint of our full-year FFO guidance, this time by $0.13 to $5.10 per share.

第二季標誌著 Welltower 從營運到投資活動以及資產負債表的進一步加強，全面進入穩健執行的時期。我們在推出營運平台方面也取得了重大進展，約翰稍後將對此進行討論。最終，我們很高興看到本季每股 FFO 再次強勁成長 22%，超出了我們原本很高的預期。這些結果，加上對下半年信心的增強，使我們能夠再次提高全年 FFO 指導的中點，這次提高了 0.13 美元，達到每股 5.10 美元。

For the quarter, we reported 23.4% same-store NOI growth for our senior housing operating portfolio, representing the 11th consecutive quarter in which the growth has exceeded 20%. Organic revenue growth came in at 10%, driven by 420 basis points of occupancy gains, the highest level of growth we have achieved outside the post-COVID recovery. Notably, our UK portfolio posted 600 basis points of pickup in occupancy and 27% same-store NOI growth, reflecting strong in-market demand and our favorable positioning of our purpose-built portfolio in highly selective and attractive micro-markets.

本季度，我們報告老年住房營運組合的同店淨營業利潤成長率為 23.4%，這是連續第 11 個季度成長率超過 20%。有機收入成長 10%，這得益於入住率成長 420 個基點，這是我們在疫情復甦之外取得的最高成長水準。值得注意的是，我們在英國的投資組合的入住率上升了 600 個基點，同店淨營業利潤增長了 27%，這反映了強勁的市場需求以及我們專門構建的投資組合在高度選擇性和有吸引力的微型市場中的有利定位。

Growth in RevPOR, reflective of pricing power, was approximately 5% and remained healthy across all regions. We expect a further strengthening of RevPOR in coming years as portfolio and industry-wide capacity continues to diminish. I will also highlight the spread between RevPOR or unit revenue and export or unit expense remains at historically wide level, driving additional 330 basis points of margin expansion in SHO. Our consistent pace of growth has allowed us to achieve two significant milestones this quarter as both in-place annualized NOI for SHO assets have surpassed $2 billion and overall annualized company revenue has reached $10 billion for the first time.

RevPOR 的成長（反映定價能力）約為 5%，並且在所有地區都保持健康成長。隨著投資組合和整個產業的容量持續下降，我們預計未來幾年 RevPOR 將進一步增強。我還要強調的是，RevPOR 或單位收入與出口或單位支出之間的差距仍然處於歷史較高水平，推動 SHO 的利潤率額外擴大 330 個基點。我們持續的成長速度使我們在本季實現了兩個重要的里程碑：SHO 資產的現有年度化淨營業收入已超過 20 億美元，公司整體年度化收入首次達到 100 億美元。

While the demand-supply dynamic remains attractive for the industry, we do not believe that the fundamentals alone will drive durable, long-term performance in such an operationally intensive business. As in the past, we will continue to leverage insights from our industry-leading data science platform and well-developed business systems to drive additional portfolio and asset management initiatives, efforts we believe have been key contributors to our historical outperformance.

儘管供需動態對該行業仍然具有吸引力，但我們認為，單憑基本面不足以推動這種運營密集型行業的持久、長期業績。與過去一樣，我們將繼續利用我們行業領先的數據科學平台和完善的業務系統的洞察力來推動更多的投資組合和資產管理計劃，我們相信這些努力是我們歷史性優異表現的關鍵因素。

For example, from a capital allocation standpoint, over the past five years, we have completed roughly $29 billion of investment activity to the scale achieved from our data science platform. But it's often forgotten that we also sold $16 billion worth of assets over the past decade to improve the quality and growth trajectory of overall portfolio as we enter the perceived golden age of the industry.

例如，從資本配置的角度來看，在過去五年中，我們已經完成了約 290 億美元的投資活動，規模與我們的數據科學平台相當。但人們常常忘記，在過去十年中，我們也出售了價值 160 億美元的資產，以便在我們進入行業黃金時代之際提高整體投資組合的品質和成長軌跡。

We have painstakingly transitioned hundreds and hundreds of properties over the past few years to best-in-class, aligned regional operators to unlock full operational potential of these communities. This includes the transition of 10,000 units Holiday by Atria portfolio, which we announced last summer, the largest portfolio transition to date. For background, Holiday was acquired in 2021 at a price we believe to represent an extraordinary value, but so far, it has turned out to be our biggest capital allocation mistake by yours truly.

過去幾年來，我們煞費苦心地將數以百計的房產轉移給一流的、協調一致的區域運營商，以充分釋放這些社區的營運潛力。其中包括 10,000 個單位的 Holiday by Atria 投資組合的轉型，這是我們去年夏天宣布的迄今為止最大的投資組合轉型。背景是，我們認為 Holiday 是在 2021 年以一個代表非凡價值的價格被收購的，但到目前為止，這已被證明是我們自己在資本配置方面犯下的最大錯誤。

We have increasing conviction that our initial execution plan and structuring was flawed. But regardless of the reason, we consider the deal a failure so far and our biggest disappointment over the past decade as we have so far been unable to make money for you, our fellow shareholders.

我們越來越確信，我們最初的執行計劃和結構有缺陷。但無論原因如何，我們認為這筆交易迄今為止是失敗的，也是我們十年來最大的遺憾，因為到目前為止我們還沒有為你們，我們的股東，賺錢。

As you have come to know, we do not take such shortcomings lightly and, as always, prepare to take decisive action when outcomes fall shy of our high standards. So in the middle of last year, we announced the transition of the portfolio to six of our existing regional operators. This was not an easy feat given the size of the portfolio, geographic disruption, and the challenge inherent in any operator transition, coupled with the value-add nature of the original business plan.

如您所知，我們不會輕視這些缺點，並且一如既往地準備在結果達不到我們的高標準時採取果斷行動。因此，去年年中，我們宣布將投資組合轉移給我們現有的六家區域營運商。考慮到投資組合的規模、地理位置的干擾、任何營運商轉型所固有的挑戰，再加上原始商業計劃的增值性質，這並非易事。

While we have a long way to go, we're encouraged by the hourly results. Since the beginning of this year, this portfolio has delivered a 560 basis points of improvement in occupancy, which you are not seeing the benefit of in our reported numbers as these properties are not yet in same-store. I would encourage you to take a look at the slide 13 and 14 of our business update presentation for more details.

儘管我們還有很長的路要走，但我們對每小時的成果感到鼓舞。自今年年初以來，該投資組合的入住率提高了 560 個基點，但由於這些物業尚未進入同店銷售，因此您在我們報告的數字中看不到這一好處。我鼓勵您查看我們的業務更新簡報的第 13 和 14 張投影片以了解更多詳細資訊。

While the NOI has yet to recover as operators tweak the service model, we're optimistic about the momentum in occupancy and estimate that the NOI will turn the corner in Q4. We believe that substantial upside remains not only from this portfolio, but also other transitions we have announced over past few years. I'm grateful to the Welltower team for our best-in-class and our best-in-class operating partners for their tireless efforts, and I look forward to providing further updates in future quarters.

儘管由於營運商調整服務模式，NOI 尚未恢復，但我們對入住率的勢頭持樂觀態度，並估計 NOI 將在第四季度出現轉機。我們相信，不僅這個投資組合還有巨大的上漲空間，而且我們過去幾年宣布的其他轉型也是如此。我感謝 Welltower 團隊為我們提供的一流服務以及我們一流的營運合作夥伴的不懈努力，並期待在未來幾季提供進一步的更新。

Shifting to capital deployment. Even after announcing a historic level of investment activity in the first quarter, which exceeded the level of acquisitions completed in all of 2024, our investment team has never been busier. Nikhil will provide you more details, but year to date, we have closed or under contract to close approximately $9.2 billion worth of highly attractive acquisitions across all of our regions. We remain pleased with the state of our pipeline, which remains robust, visible, actionable in all three countries that we do business in.

轉向資本部署。即使在第一季宣布投資活動達到歷史性水平，超過了 2024 年全年完成的收購水平之後，我們的投資團隊也從未像現在這樣忙碌。Nikhil 將向您提供更多詳細信息，但今年迄今為止，我們已經在所有地區完成或簽訂了合同，以完成價值約 92 億美元的極具吸引力的收購。我們對我們的通路狀況感到滿意，在我們開展業務的三個國家，我們的管道仍然強勁、可見且可操作。

And lastly, turning to our balance sheet, following the current trading upgrade we received last quarter from both S&P and Moody's to A, our balance sheet has strengthened even farther. Another quarter of strong cash flow growth, coupled with prudent funding of our balance sheet, has driven net debt to adjust to the EBITDA below 3 times and interest coverage over 6 times and lifted our total liquidity to $9.5 billion. Our upcoming debt maturity has been modest, and we have created significant flexibility to fund future investment activity.

最後，談到我們的資產負債表，繼上個季度標準普爾和穆迪將我們的交易評級升級至 A 之後，我們的資產負債表得到了進一步增強。又一個季度的強勁現金流成長，加上我們資產負債表的審慎融資，推動淨債務調整至 EBITDA 的 3 倍以下，利息覆蓋率的 6 倍以上，並將我們的總流動資金提升至 95 億美元。我們即將到期的債務規模適中，並且我們創造了很大的靈活性來為未來的投資活動提供資金。

Overall, it has been an incredibly active first half of the year, and I'm proud of what we have accomplished. However, our work is far from being complete this year. Our team shows up every day to win, and we have a long journey ahead of us.

整體而言，今年上半年異常活躍，我為我們所取得的成就感到自豪。然而，今年我們的工作還遠遠沒有完成。我們的團隊每天都在為勝利而努力，我們還有很長的路要走。

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

說完這些，我就把它交給約翰。

Thank you, and good morning, everyone.

謝謝大家，早安。

We delivered another strong quarter, reflecting the ongoing momentum across the business. In Q2, total portfolio same-store NOI increased 13.8% year over year, led by another standout performance from our senior housing operating portfolio. First, I'll touch on the outpatient medical business, which remains stable, delivering year-over-year same-store NOI growth of 2.6%. Leasing velocity remains healthy, and our retention rate remains consistent at 94.2%. Same-store occupancy, which continues to lead the peer group, also remains steady at 95%, reflecting the high quality nature of the portfolio.

我們又取得了一個強勁的季度業績，反映出整個業務持續保持的良好勢頭。在第二季度，投資組合同店淨營業利潤年增 13.8%，這主要得益於我們老年公寓營運投資組合的優異表現。首先，我要談談門診醫療業務，該業務保持穩定，同店淨營業利潤年增 2.6%。租賃速度保持健康，我們的保留率保持在 94.2% 的水平。同店入住率繼續領先同行，並穩定保持在 95%，反映出該組合的高品質特性。

Turning to the senior housing operating portfolio. Performance continues to be outstanding, with the 11th consecutive quarter of same-store NOI growth well in excess of 20%, a remarkable feat. The broad-based strength witnessed across the regions and property types resulted in another upward revision to show portfolio guidance, which Tim will detail shortly.

轉向老年住房營運組合。業績持續出色，連續11季同店淨利增幅遠超20%，這是一項了不起的成就。各個地區和房地產類型的普遍強勁表現導致再次上調投資組合指導，蒂姆很快就會詳細介紹。

Top-line growth remained resilient at 10.1% year over year, supported by positive trends across all three regions. Canada delivered 8.5% growth, while the US and UK posted increases of 10.2% and 11.5%, respectively. We are particularly pleased with another quarter in which occupancy growth surpassed 400 basis points, reflecting healthy end market demand for a needs-based product. In terms of rental rates, RevPOR growth remained strong at 5%.

受三大地區正趨勢的支撐，營收年增 10.1%。加拿大成長8.5%，美國和英國分別成長10.2%和11.5%。我們特別高興地看到，本季的入住率成長超過了 400 個基點，這反映出終端市場對基於需求的產品有著良好的需求。就租金率而言，RevPOR 成長依然強勁，達到 5%。

We are pleased to report that expense pressures remain subdued, with year-over-year growth in ExpPOR or unit expense reaching the lowest level in our reported history at just 0.2%. This is largely a function of the scaling benefits received from the rapid increase in occupancy. We're also encouraged by trends within the labor market, with agency labor and employee turnover well below pre-COVID levels.

我們很高興地報告，費用壓力仍然較低，ExpPOR 或單位費用的同比增長達到我們報告歷史上的最低水平，僅為 0.2%。這很大程度上得益於入住率的快速成長所帶來的規模效益。勞動市場的趨勢也令我們感到鼓舞，代理勞動力和員工流動率遠低於疫情前的水平。

From a margin perspective, the continued historically wide gap between RevPOR and ExpPOR growth resulted in another leg higher in operating margins, up 330 basis points year over year to 30.7%. And as Shankh indicated, while we have essentially returned to pre-COVID levels of margins, we still expect significant upside going forward, driven primarily by three factors.

從利潤率角度來看，RevPOR 和 ExpPOR 成長之間持續存在的歷史性巨大差距，導致營業利益率再次上升，較去年同期成長 330 個基點，達到 30.7%。正如 Shankh 所指出的，雖然我們的利潤率已基本恢復到疫情之前的水平，但我們仍預計未來利潤率將大幅上升，主要受三個因素的推動。

First, as we've noted before, given the high fixed cost nature of senior housing business, flow-through margins are expected to rise alongside further occupancy gains. Said another way, the operating leverage inherent in the business will be recognized in a more meaningful way going forward. Second, continued benefits from the ongoing realignment of the portfolio, for increasing our portfolio concentration with our key growth operators and continuing collections of assets, creating collections of assets, allowing us to increase efficiency by sharing various employees, contractors and marketing, similar to what's been done in multifamily. Finally, the impact of WBS, or Welltower Business System, our end-to-end operating platform, which is benefiting from the synergistic partnership with our operators as we continue to improve our existing systems and add to our robust WBS roadmap.

首先，正如我們先前所指出的，鑑於老年住房業務的高固定成本性質，預計流水利潤率將隨著入住率的進一步提高而上升。換句話說，企業固有的經營槓桿將在未來以更有意義的方式得到認可。其次，持續的投資組合調整將帶來持續的收益，這將提高我們投資組合中關鍵成長營運商的集中度，並持續收集資產，創建資產集合，使我們能夠透過共享各種員工、承包商和行銷來提高效率，類似於在多戶家庭中所做的那樣。最後，WBS（即 Welltower 業務系統）的影響，這是我們的端到端營運平台，隨著我們繼續改進現有系統並補充我們強大的 WBS 路線圖，它受益於與營運商的協同合作。

As I've said many times, Coke doesn't give out the recipe, nor do I give out the proprietary details of our business. That said, I will say that we are touching many parts of the business via WBS in partnership with the operators and finding both opportunities and successes, which will translate to years of improved operations and margins. Tangible evidence of our work this quarter can be seen in utilities. We have bent the curve with an increase of only 2.8% overall on a year-over-year basis, and utilities actually declined 2.1% year over year on a per-occupied-day basis. Yes, even a line item that many people believe cannot be improved, such as utilities, has opportunity for improvement, and we're all over it.

正如我多次說過的，可口可樂不會洩漏配方，也不會洩漏我們業務的專有細節。話雖如此，我想說的是，我們正在透過 WBS 與營運商合作觸及業務的許多部分，並尋找機會和成功，這將轉化為多年的營運和利潤的改善。我們本季的工作在公用事業中得到了切實體現。我們已經扭轉了這一趨勢，與去年同期相比，整體僅增長了 2.8%，而公用事業費用實際上按每日使用量計算同比下降了 2.1%。是的，即使是許多人認為無法改進的項目，例如公用事業，也有改進的機會，我們對此非常重視。

Working with our partners, we're finding numerous opportunities in every aspect of the business. WBS is transforming all aspects of the senior housing business. And although the path is never smooth, I continue to have confidence in years of margin expansion as we continue to improve the customer and employee experience in this business.

透過與合作夥伴的合作，我們在業務的各個方面發現了無數的機會。WBS 正在改變老年住房業務的各個方面。儘管前進的道路從來都不是平坦的，但隨著我們不斷改善該業務的客戶和員工體驗，我仍然對未來的利潤成長充滿信心。

While we're encouraged by our results and the initial rollout of the operating platform, the team is running very hard. We've trained over 8,000 site employees who are now benefiting from using WBS on site. The more time we spend with our operating partners going through the details of the business, the more opportunities we identify to improve the customer and employee experience and address numerous inefficiencies which exist in the industry.

雖然我們對我們的結果和操作平台的初步推出感到鼓舞，但團隊仍在努力工作。我們已經培訓了超過 8,000 名現場員工，他們現在正受益於現場使用 WBS。我們與營運合作夥伴一起討論業務細節的時間越多，我們發現改善客戶和員工體驗以及解決行業中存在的眾多效率低下問題的機會就越多。

And even after bringing significant operating expertise into the company in recent years, we continue to seek and attract high-caliber talent from outside the industry to bring their experience and share our vision of disrupting the senior housing business, a vision that we share with our best-in-class operating partners who are working shoulder-to-shoulder with Welltower team to implement the platform while continuing to deliver exceptional care and support to our residents and their families. We continue to be grateful for their unrelenting efforts and the quality of care they're delivering. More to come in the coming quarters.

即使在近年來為公司引入重要的營運專業知識之後，我們仍在繼續尋找和吸引來自行業外的高素質人才，以帶來他們的經驗並分享我們顛覆老年住房業務的願景，我們與一流的運營合作夥伴分享這一願景，他們與 Welltower 團隊並肩工作以實施該平台，同時繼續為我們的居民及其家人提供卓越的護理和支持。我們繼續感謝他們的不懈努力和所提供的高品質護理。未來幾季還會有更多內容。

And with that, I'll now turn it over to Nikhil.

現在，我將把發言權交給尼基爾。

Thanks, John, and good morning, everyone.

謝謝，約翰，大家早安。

Since our first-quarter call in April, we've expanded our investment activity by an additional $3 billion, bringing our year-to-date closed or under contract volume to $9.2 billion. As of late July, our 2025 activity already exceeded all of 2024 by 50%, and that was the most active transaction year in our company's history. While volume is notable, it's never our measure of success. We remain focused on the quality of assets, the basis at which we acquire them, and most importantly, our ability to execute the business plan and deliver attractive risk-adjusted returns.

自 4 月第一季電話會議以來，我們的投資活動又增加了 30 億美元，使年初至今已完成或正在簽訂的合約達到 92 億美元。截至 7 月底，我們 2025 年的交易活動已經超過 2024 年全年的 50%，這是我們公司歷史上交易最活躍的一年。儘管數量引人注目，但它從來不是我們衡量成功的標準。我們仍然專注於資產的品質、我們獲取資產的基礎，最重要的是，我們執行業務計劃和提供有吸引力的風險調整回報的能力。

As many of our friends, family, and peers spent the summer on lakes or golf courses, we loved how our team was out pounding the pavement, engaging in the art of old-school deal-taking, looking people in the eye, shaking hands, and operating with honor and integrity, doing first-class business in a first-class way. Our $9.2 billion in year-to-date activity includes $3.7 billion in closed transactions through the first two quarters, with the remaining $5.5 billion under contract and expected to close in the coming months.

當我們的許多朋友、家人和同事在湖邊或高爾夫球場度過夏天時，我們喜歡我們的團隊在街頭忙碌，採用老式的交易方式，看著對方的眼睛，握手，以榮譽和誠信經營，以一流的方式做一流的生意。我們今年迄今的 92 億美元交易包括前兩個季度完成的 37 億美元交易，其餘 55 億美元已簽訂合同，預計將在未來幾個月內完成。

While we've already discussed the $3.2 billion Amica transaction, the remaining $2.3 billion spans 26 separate transactions, 90% of which were privately negotiated and are predominantly focused on our seniors and moment housing businesses. This speaks to the depth of our sourcing network and the trust and relationships we've built across the industry that continues to unlock high-quality, top-market opportunities.

雖然我們已經討論了 32 億美元的 Amica 交易，但剩餘的 23 億美元涉及 26 筆獨立交易，其中 90％ 是私下談判的，主要集中在我們的老年人和即時住房業務上。這體現了我們採購網絡的深度以及我們在整個行業中建立的信任和關係，這將繼續釋放高品質、頂級市場的機會。

During the second quarter, we closed on $1 billion of transactions on our balance sheet, excluding the pro-rata portion of our investment in the Welltower US Senior Housing Fund, our on-balance sheet activity span 10 transactions, covering over 2,500 units. Notably, 90% or $900 million of this activity was also sourced on an off-market basis, underscoring our ability to uncover and execute on differentiated opportunities. With a blended occupancy of 76% and a median asset age of just three years, this newer vintage portfolio is well positioned to deliver strong cash flow growth and compounding as we execute our business plans alongside our best-in-class operating partners.

在第二季度，我們的資產負債表上完成了 10 億美元的交易，不包括我們對 Welltower 美國老年住房基金的按比例投資部分，我們的資產負債表活動涵蓋 10 筆交易，涵蓋超過 2,500 個單位。值得注意的是，其中 90% 或 9 億美元也是透過場外交易獲得的，這凸顯了我們發現和執行差異化機會的能力。這個較新的投資組合的混合入住率為 76%，平均資產年齡僅為三年，在我們與一流的營運合作夥伴一起執行業務計劃時，它能夠實現強勁的現金流增長和複合增長。

This quarter's investments also reflect an expansion of our relationships with several key partners, including StoryPoint and Cogir, among others. While strong industry fundamentals can certainly make it more challenging to uncover high-quality opportunities with tremendous upside, our investment activity this year demonstrates that there is no shortage of attractive opportunities if you're willing to work hard and think deeper, and that's exactly what we're built to do.

本季的投資也反映了我們與幾個主要合作夥伴的關係的擴展，其中包括 StoryPoint 和 Cogir 等。雖然強勁的行業基本面肯定會使發現具有巨大上升空間的高品質機會變得更具挑戰性，但我們今年的投資活動表明，只要你願意努力工作並深入思考，就不會缺少有吸引力的機會，而這正是我們要做的事情。

The transactions that I described weren't just negotiated in conference rooms around the globe. They were also forged in living rooms in Canada, at a pub on a street corner in Paris, on a rooftop terrace in London, and even at the bar at the City Conference at The Diplomat Hotel in Hollywood, Florida. These moments and the people behind them are what make this business fun, and they're a big part of why we continue to find and create value where others might not be looking.

我所描述的交易不僅僅是在全球各地的會議室中談判達成的。這些硬幣也是在加拿大的客廳、巴黎街角的酒吧、倫敦的屋頂露台，甚至佛羅裡達州好萊塢外交官酒店城市會議的酒吧裡偽造的。這些時刻和背後的人們讓這項事業充滿樂趣，這也是我們不斷在別人可能沒有註意到的地方尋找和創造價值的重要原因。

This is also what makes this work so rewarding. As I reflect on our activity this year, I genuinely cherish the many moments where we sat across from counterparties and shook hands on deals built on trust and mutual respect. In a fragmented industry where our opportunities span three countries and tens of millions of micro-markets, with significant variation in operating outcomes across owners and operators, our team continues to identify opportunities to enhance the value of assets under our platform. This is made possible by our exceptional operating partners and our ever-expanding operating moat powered by the Welltower Business System.

這也是這項工作如此有意義的原因。當我回顧我們今年的活動時，我真誠地珍惜我們與交易對手坐在一起並在建立在信任和相互尊重基礎上的協議上握手的許多時刻。在這個分散的產業中，我們的機會遍及三個國家和數千萬個微型市場，所有者和經營者的經營成果有顯著差異，我們的團隊不斷尋找機會來提升我們平台下資產的價值。這得益於我們卓越的營運合作夥伴以及由 Welltower 業務系統提供支援的不斷擴大的營運護城河。

I want to take a moment to express my deep gratitude to our team and our operating partners. The unity of purpose, clarity of vision, and mutual respect that define our culture are what make this platform so special. We all take the responsibility of being fiduciary seriously, and it shows in the care, discipline, and passion with which our team approaches every opportunity. We often reflect internally on the quality of the opportunity to continue to unlock and how, years from now, we'll look back on this period as one that meaningfully enhanced the strength of our business and the quality of our portfolio. The actions we're taking today are mainly foundation for long-term compounding of earnings and cash flow, and we couldn't be more excited about what lies ahead.

我想花點時間向我們的團隊和營運合作夥伴表達深深的謝意。我們的文化以目標的統一、願景的清晰和相互的尊重為特徵，這些使得這個平台如此特別。我們都認真對待受託人的責任，這體現在我們的團隊對待每個機會時的細心、紀律和熱情。我們經常在內部反思繼續釋放的機會的質量，以及多年以後，我們將如何回顧這段時期，認為這段時期顯著增強了我們的業務實力和投資組合的品質。我們今天採取的行動主要是為了長期獲利和現金流的複合成長奠定基礎，我們對未來充滿期待。

With that, I'll turn the call over to Tim to walk through our financial results and updated earnings.

說完這些，我將把電話轉給提姆，讓他介紹我們的財務表現和最新的收益。

Thank you, Nikhil. My comments today will focus on our second-quarter 2025 results, performance of our triple-net investment segments, our capital activity, a balance sheet liquidity update, and finally, an update to our full-year 2025 outlook.

謝謝你，尼基爾。我今天的評論將集中在我們 2025 年第二季的業績、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，以及最後我們對 2025 年全年展望的更新。

Welltower reported second-quarter net income attributable to common stockholders of $0.45 per diluted share and normalized funds from operations of $1.28 per diluted share, representing 21.9% year-over-year growth. We also reported year-over-year total portfolio same-store NOI growth of 13.8%.

Welltower 公佈第二季歸屬於普通股股東的淨利為每股攤薄收益 0.45 美元，每股攤薄收益 1.28 美元，較去年同期成長 21.9%。我們也報告稱，總投資組合同店淨營業利潤年增 13.8%。

Now turning to the performance of our triple-net properties in the quarter. As a reminder, our triple-net lease portfolio coverage stats are reported a quarter in arrears. These statistics reflect the trailing 12 months ending 3/31/2025. In our senior housing triple-net portfolio, same-store NOI increased 5.1% year over year, and trailing 12-month EBITDAR coverage increased 1.19 times. Next, same-store NOI in our long-term post-acute portfolio grew 2.7% year over year, and trailing 12-month EBITDAR coverage was 1.9 times.

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覆蓋統計數據報告已拖欠一個季度。這些統計數據反映了截至 2025 年 3 月 31 日的過去 12 個月的情況。在我們的老年住房三重淨投資組合中，同店 NOI 年比成長 5.1%，過去 12 個月的 EBITDAR 覆蓋率增加了 1.19 倍。其次，我們長期急性後投資組合中的同店 NOI 年成長 2.7%，過去 12 個月的 EBITDAR 覆蓋率為 1.9 倍。

Moving on to capital activity. We continue to capitalize our investment activity with equity, raising $2 billion of gross proceeds in the second quarter. In addition, we re-entered the bond market for the first time in three years with our first issuance as an A-rated credit, raising $1.25 billion in senior unsecured notes across two tranches for a blended coupon of 4.825%. This capital, along with retained cash flow, allowed us to fund $1 billion in net investment activity, repay our $1.25 billion June bond maturity, and end the quarter with $4.5 billion of cash and restricted cash on the balance sheet, while driving net debt adjusted EBITDA to 2.93 times, the lowest leverage level recorded in Welltower's history.

轉向資本活動。我們繼續利用股權資本化我們的投資活動，第二季籌集了 20 億美元的總收益。此外，我們三年來首次重返債券市場，首次發行 A 級債券，分兩批籌集 12.5 億美元無擔保優先票據，混合票面利率為 4.825%。這些資本加上保留的現金流使我們能夠為 10 億美元的淨投資活動提供資金，償還 12.5 億美元 6 月份到期的債券，並在本季度末資產負債表上擁有 45 億美元的現金和受限現金，同時推動淨債務調整後的 EBITDA 達到 2.93 倍，這是 Welltower 歷史上最低的槓桿率水平。

As a result of our current capital position and the improvement in outlook for full-year operating results announced last night, we expect run rate net debt to adjusted EBITDA to end the year at approximately 3.5 times, while having added $7.2 billion to our planned 2025 acquisition activity since our initial balance sheet guidance was provided in February. Note that a substantial portion of our acquisitions under contract are expected to close in the fourth quarter, including the previously announced $3.2 billion Amica transaction.

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，我們預計到年底淨債務與調整後 EBITDA 的比率將達到約 3.5 倍，同時自 2 月份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 72 億美元。請注意，我們合約中的大部分收購預計將在第四季度完成，包括先前宣布的 32 億美元的 Amica 交易。

Sticking with positive cash flow trends, we announced a 10.4% increase to our quarterly dividend last night. The decision reflects the Board's confidence in the durability of our cash flows and our continued growth trajectory. At the same time, we are continuing to improve our cash flow retention profile, giving us greater flexibility to reinvest in high-return value-accretive opportunities.

堅持積極的現金流趨勢，我們昨晚宣布將季度股息提高 10.4%。該決定反映了董事會對我們的現金流持久性和持續成長軌蹟的信心。同時，我們正在繼續改善我們的現金流保留狀況，使我們能夠更靈活地再投資於高回報增值機會。

Lastly, as I turn to our updated 2025 guidance, I want to remind you that we have not included any investment activity in our outlook beyond the $9.2 billion that has been closed or publicly announced to date. Last night, we updated our full-year 2025 outlook for net income attributable to common stockholders to $1.86 to $1.94 per diluted share and normalized FFO of $5.06 to $5.14 per diluted share, or $5.10 at the midpoint. Our normalized FFO guidance represents a $0.13 increase in the midpoint from our prior normalized FFO range. This increase is composed of $0.03 increase from higher NOI in our senior housing operating portfolio, $0.07 increase from accretive capital allocation activity, $0.03 from increased FX income taxes, offset slightly by higher G&A.

最後，當我談到我們更新的 2025 年指引時，我想提醒您，除了迄今為止已完成或公開宣布的 92 億美元之外，我們的展望中沒有包括任何投資活動。昨晚，我們將 2025 年全年歸屬於普通股股東的淨收入預期更新為每股攤薄收益 1.86 美元至 1.94 美元，並將標準化 FFO 更新為每股攤薄收益 5.06 美元至 5.14 美元，中間值為 5.10 美元。我們的標準化 FFO 指導表明，中點比我們之前的標準化 FFO 範圍增加了 0.13 美元。這一成長包括：老年住房營運組合淨營業收入增加 0.03 美元，資本配置活動增加 0.07 美元，外匯所得稅增加 0.03 美元，但一般及行政費用增加略有抵銷。

Underlying this FFO guidance is an estimate of total portfolio year-over-year same-store NOI growth of 11.25% to 13.25%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute, 2% to 3%; senior housing triple-net, 3.5% to 4.5%; and finally, senior housing operating growth of 18.5% to 21.5%. This is driven by the following midpoints with their respective ranges: revenue growth of 9.2%, driven by increased expectations for both full-year RevPOR and occupancy growth, now at 5.1% and 360 basis points, respectively; and expense growth of 5.25%.

此 FFO 指引的基礎是預計總投資組合年比同店 NOI 成長率為 11.25% 至 13.25%，推動力包括門診醫療細分市場成長 2% 至 3%；長期急性後治療成長 2% 至 3%；老年房屋三重淨成長 3.5% 至 4.5%；最後，老年營運成長 18.5% 至 18.5%；最後，老年營運成長 18.5% 18.5%。這是由以下中點及其各自的範圍推動的：收入增長 9.2%，受全年 RevPOR 和入住率增長預期提高的推動，目前分別為 5.1% 和 360 個基點；費用增長 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 we start the Q&A, I want to highlight two things that are top of my mind; one, talent management and incentive design; and two, a refined focus on reimagination of our technology, data, and innovation ecosystem.

謝謝你，提姆。在我們開始問答之前，我想強調我最關心的兩件事：一是人才管理和激勵設計；二是更重視重新構想我們的技術、數據和創新生態系統。

Over the past few months, and through our January 2 press release, annual shareholder letter, and our new website, I've written extensively about talent, culture, and incentive design. Now, we are in the implementation and expansion phase for many of these ideas, both internally at Welltower and externally with our operating partners. Importantly, we're engaging with leaders across our key operating partners to achieve the same goals that I outlined previously for our internal stakeholders. Personally, I'm focused on integrating these workstreams guided by the same basic design tenets.

在過去的幾個月裡，透過我們 1 月 2 日的新聞稿、年度股東信以及我們的新網站，我廣泛撰寫了有關人才、文化和激勵設計的文章。現在，我們正處於許多這些想法的實施和擴展階段，包括在 Welltower 內部以及與我們的營運合作夥伴的外部。重要的是，我們正在與主要營運合作夥伴的領導者合作，以實現我先前為內部利害關係人概述的相同目標。就我個人而言，我專注於在相同的基本設計原則指導下整合這些工作流程。

As I described in my most annual letter, we believe that there are five pillars of well-designed incentive systems are the following: one, simple; two, significant; three, non-gameable, either by payer or payee; four, armed as a team; and five, duration matched. I envision a future where these five pillars shape the incentive structure for everyone, from executive leadership and regional management throughout Welltower and our operating partners to critical caregivers and frontline service in our communities. We're excited about a world where everyone is fully aligned and all in to create an ultimate win-win equation.

正如我在年度信函中所描述的那樣，我們認為精心設計的激勵制度有五大支柱：一、簡單；二、重要；三、不可遊戲，無論是付款人還是收款人；四、團隊武裝；五、持續時間匹配。我設想未來這五大支柱將塑造每個人的激勵結構，從 Welltower 和我們的營運合作夥伴的執行領導和區域管理人員到我們社區中的關鍵護理人員和第一線服務人員。我們很高興看到這個世界上每個人都齊心協力、共同創造最終的雙贏局面。

While I continue to be told that vision is utopian and perhaps even foolish, I remain convinced that it is achievable if we make the resident and employee experience our highest priority. This is why I believe the most important pillar is matching duration. We anticipate providing you more in this area as we begin to roll out our sixth generation of aligned partnership agreement and incentive programs in coming quarters.

儘管有人不斷告訴我，這個願景是烏托邦式的，甚至是愚蠢的，但我仍然堅信，只要我們把居民和員工的體驗放在第一位，這個願景是可以實現的。這就是為什麼我認為最重要的支柱是匹配持續時間。隨著我們在未來幾季開始推出第六代一致的合作夥伴協議和激勵計劃，我們期待在此領域為您提供更多服務。

Moving to the next topic. As we continue to ramp up our investments in Welltower Business Systems, we realize that we need to rethink -- we need to think more boldly and more holistically about technology ecosystem. Software and hardware, both at site level and enterprise level at Welltower, along with data architecture and innovation, all require the same level of focus, leadership, and talent that we have invested in past decades in building our data science platform. And the fastest way to move the dial is to narrow our focus. Over the past year, John, Tim, and Nikhil have been pushing me very hard to concentrate on the reimagination of our broader technology ecosystem, as admittedly, I have historically focused more on the data science side of the house.

轉到下一個主題。隨著我們不斷增加對 Welltower Business Systems 的投資，我們意識到我們需要重新思考——我們需要更大膽、更全面地思考科技生態系統。Welltower 的站點級和企業級軟體和硬體以及數據架構和創新都需要我們在過去幾十年構建數據科學平台時投入的同等程度的關注、領導力和人才。而改變方向的最快方法就是縮小我們的關注範圍。在過去的一年裡，約翰、提姆和尼基爾一直在努力推動我專注於重新構想我們更廣泛的技術生態系統，因為不可否認的是，我過去更關注數據科學。

After having immersed myself in this area during the summer, I see enormous potential in the interconnection of many of the initiatives which are currently underway, as well as identifying new opportunities to explore next. You can expect a handful of new leadership appointments in these coming months to drive maximum growth and maximum gain in this area, all following the principle of bringing the hottest source to the coldest sink that I spoke about a couple of quarters ago.

在暑假深入研究這個領域之後，我看到了目前正在進行的許多舉措之間的互聯互通的巨大潛力，並發現了下一步探索的新機會。在接下來的幾個月裡，你可以期待一些新的領導任命，以推動該領域的最大增長和最大收益，所有這些都遵循我在幾個季度前談到的將最熱的源帶到最冷的彙的原則。

To sum it up, while our recent performance has been somewhat satisfactory, we're never satisfied. But our confidence continues to grow as demand supply backdrop for senior housing business continues to improve, the implementation of Welltower Business System bears fruit, and our capital deployment opportunity set remains robust.

總而言之，雖然我們最近的表現還算令人滿意，但我們永遠不會滿足。但隨著老年住房業務的供需背景不斷改善、Welltower業務系統的實施取得成果以及我們的資本配置機會依然強勁，我們的信心繼續增長。

And as I have just outlined, we remain focused on rethinking the critical areas of our business, including talent, incentive management, and transformative potential of technology, information, data, and innovation. We remain intensely focused on pure execution in all facets of our business and have never been more excited as we are today about our future prospects. While our momentum is strong, we're still in early stages of a long journey of delivering compounding partial cash flow growth for our existing owners, our North Star. Thank you for your support.

正如我剛才概述的那樣，我們仍然專注於重新思考我們業務的關鍵領域，包括人才、激勵管理以及技術、資訊、數據和創新的變革潛力。我們始終高度重視業務各個方面的純粹執行，並且對未來前景感到前所未有的興奮。雖然我們的發展勢頭強勁，但我們仍處於為現有所有者——我們的北極星——實現複合部分現金流增長的漫長旅程的早期階段。感謝您的支持。

Operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Jonathan Hughes, Raymond James.

（操作員指示）喬納森·休斯、雷蒙德·詹姆斯。

Hi. Good morning. Thank you for the prepared remarks and commentary. I wanted to ask about future growth potential. At the start of 2022, you outlined an opportunity to deploy $30 billion of capital over the next 10 years. You've done nearly that in just three years and now achieved a market cap of over $100 billion. Following the success, what's next for Welltower from a growth standpoint? Thanks.

你好。早安.感謝您準備好的發言和評論。我想詢問未來的成長潛力。2022 年初，您概述了在未來 10 年內部署 300 億美元資本的機會。你們僅用三年時間就幾乎實現了這個目標，現在市值已超過 1000 億美元。繼取得成功之後，從發展的角度來看，Welltower 的下一步計畫是什麼？謝謝。

Thank you, Jonathan. Success is a relative term. While we're certainly proud of what we have achieved, I wouldn't call it a success. Welltower is a young organization. It is a work in progress and it is a startup movement. I am deeply worried about -- frankly paranoid about any perceived notion of success because that creates complacency. I think it's Rockefeller who said that if you go to sleep on a win, you will wake up with a loss.

謝謝你，喬納森。成功是一個相對術語。雖然我們為所取得的成就感到自豪，但我不會稱之為成功。Welltower 是一個年輕的組織。這是一項正在進行的工作，也是一場新創運動。我深深地擔心——坦白說，對任何所謂的成功觀念都感到偏執，因為這會導致自滿。我認為洛克斐勒曾說過，如果你帶著勝利入睡，那麼你醒來時就會面臨失敗。

When an organization is young and is on the way up, it presents a generative characteristic of a dynamic organization. It's on the hunt, playing to win. It's lean, lean, forward looking, unified in purpose, nimble, focused, responsive, open to risk, and most importantly, willing to look foolish. When the organization perceives itself to be successful, degenerative characteristics emerge. We made it mentality brings huddling in storm cellars, learning not to lose, the fear of appearing to be foolish. Culture becomes progressive where people look in the rearview mirror, become risk averse, and bureaucracy sets in.

當一個組織還年輕並且處於上升期時，它呈現出動態組織的生成性特徵。它正在進行追捕，並爭取勝利。它精簡、精益、前瞻性、目標統一、靈活、專注、反應靈敏、敢於承擔風險，最重要的是，它願意看起來很愚蠢。當組織認為自己成功時，就會出現退化的特徵。我們成功的心態讓我們擠在防風地下室裡，學習不失敗，害怕顯得愚蠢。當人們回顧過去、規避風險、官僚主義盛行時，文化就會變得進步。

And I think I talked a lot about this with you guys for a long period of time. Maybe with size and maturity, some changes are appropriate as we go from sprint to marathon. Nevertheless, the positive generative feel of a young organization is something an organization should never lose. You can define that generative feeling as a shared vibe of enthusiasm and unity, doing whatever it takes, stretching, enriching, and making dreams come true.

我想我和你們就這個問題討論了很多很久。也許隨著規模和成熟度的提高，我們從短跑走向馬拉松時需要做出一些適當的改變。儘管如此，年輕組織所具有的積極生成感是一個組織永遠不應該失去的。您可以將這種創造性的感覺定義為一種熱情和團結的共同氛圍，盡一切努力，拓展、豐富並實現夢想。

For us, we're still in that sprint mode, Jonathan. Still sprinting, still have an audacious dream of transforming this industry. Previous $30 billion or next $30 billion, previous $100 billion or next $100 billion, it's just a mince to an end. It is easier for a team to do really hard things that matter than do easy things that do not matter, as I truly believe that audacious dreams motivate people. As I've said this before, win this game for the love of the game.

對我們來說，我們仍然處於衝刺模式，喬納森。仍在衝刺，仍然懷抱著改變這個行業的大膽夢想。前 300 億美元或後 300 億美元，前 1000 億美元或後 1000 億美元，都只是一步之遙。對於一個團隊來說，做真正困難但重要的事情比做不重要但簡單的事情要容易得多，因為我堅信大膽的夢想能夠激勵人們。正如我之前所說的那樣，出於對比賽的熱愛而贏得這場比賽。

We'll see what the market gives us, but I really appreciate the question. But success defines a destiny -- a destination. For us, this is a journey. We'll see where we get to, but thanks for the question.

我們將看看市場會為我們帶來什麼，但我真的很感謝這個問題。但成功決定了命運——目的地。對我們來說，這是一趟旅程。我們會看看能取得什麼進展，但還是感謝您的提問。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Thanks. Good morning. So just had a question in terms of the senior housing operating portfolio. You now have, I think, more than half the NOI is actually in the non-same-store. Can you just talk a little bit about the performance of the non-same store sort of in the last year versus some of the same-store metrics and how we think about it going forward? Because clearly, it looks like there's some more occupancy growth potential in that portfolio, some more margin benefit. But in the last year, realizing that pool has changed a little bit in terms of some of the metrics you report, it feels like the occupancy growth and the margin expansion actually wasn't as strong in some of the non-same-store versus same-store assets. Thanks.

謝謝。早安.所以我剛才有一個關於老年住房營運組合的問題。我認為，現在一半以上的淨銷售額其實來自非同店銷售。您能否簡單談談去年非同店業務的表現與一些同店業務指標的對比情況，以及我們對未來的看法？因為很明顯，該投資組合似乎還有更多的入住率成長潛力，以及更多的利潤效益。但在去年，我們意識到，就您報告的一些指標而言，資產池已經發生了一些變化，感覺一些非同店資產與同店資產相比，入住率的增長和利潤率的擴張實際上並不那麼強勁。謝謝。

Yeah. I'll start with that, Nick. So when you look at the non-same-store portfolio, it's really important to think about what we're buying and what Nikhil has highlighted on these calls. We continue to buy under-occupied, under-optimized assets. We also continue to have developments come online. Both those things come into that pool and they come into that pool the quarter required or the quarter they come online.

是的。我先從這個開始，尼克。因此，當您查看非同店投資組合時，真正重要的是思考我們購買的是什麼以及尼基爾在這些電話會議中強調了什麼。我們繼續購買未充分利用、未優化的資產。我們還在繼續推動線上的發展。這些東西都會進入該池，並且它們會在所需的季度或上線的季度進入該池。

So that's part of what, you know, continues to keep the margin and occupancy profile below what the same-store portfolio looks like. And that makes sense, we think, through kind of what same-store is supposed to represent as being the more stabilized piece of it. So that being said, on an aggregate basis, growth looks very similar to our same-store portfolio. There's different pieces of that, but overall, there's been pretty similar bottom-line growth in that portfolio.

所以這就是利潤率和入住率繼續低於同店組合水準的部分原因。我們認為，這是有道理的，因為同店銷售額應該代表更穩定的部分。因此，從整體來看，成長與我們的同店組合非常相似。雖然有不同的部分，但總體而言，該投資組合的底線成長相當相似。

I'll just add, Nick, when you say that it appears that it wasn't as strong, you are comparing with last quarter's number and we don't restate those numbers. So you have a lot of new assets coming, including the elements, and we're sort of comparing apples to oranges.

我只想補充一點，尼克，當你說它看起來不那麼強勁時，你正在與上一季的數字進行比較，而我們不會重述這些數字。因此，您將獲得許多新資產，包括元素，我們就像在比較蘋果和橘子。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thank you. In your most recent annual letter and on your website, you spent a lot of time on this decade-long journey in harnessing technology and data, but mostly in the context of using your data science platform to inform capital allocation decisions and micro-market selections. But based on your comments this morning, it sounds like your views are evolving with an opportunity to apply the operating technology to improve the customer experience. Could you elaborate on this and strategically what you're trying to accomplish?

早安.謝謝。在您最近的年度信函和網站上，您花了大量時間介紹這一長達十年的利用技術和數據的歷程，但主要是在使用數據科學平台為資本配置決策和微觀市場選擇提供資訊方面。但根據您今天早上的評論，聽起來您的觀點正在發生變化，有機會應用操作技術來改善客戶體驗。您能否詳細說明這一點以及您想要實現的策略目標？

Yeah. So I think, John, if you just kind of take a step back and think about different industries, if you think about sort of real economic industries, say industrial companies, say real estate companies, say people like us, retail, these companies have real customers with real touchpoints in the physical world. What we tend to see is they are TAM-rich and they're tech-poor. That's what you see.

是的。所以我認為，約翰，如果你退一步思考不同的產業，如果你思考實體經濟產業，像是工業公司、房地產公司、像我們這樣的零售業，這些公司在現實世界中都有真正的客戶和真正的接觸點。我們往往看到的是，他們擁有豐富的 TAM，但缺乏技術。這就是你所看到的。

If you look at technology companies, we'll come up with at the frontier of changing the technology world, they're tech-rich and they're TAM-poor. What we have been trying to do is to have a company that we have, by definition, is extraordinarily TAM-rich and we're trying to be tech-rich. And the tech, as I just pointed out, is sort of the opportunity set which we have spent obviously a decade on the data science side. John has been focused last four years on the operational technology side, and we are sort of now putting even more focus on thinking how do we expand that from sort of enterprise technology to site level technology and the integration of everything in between as the technology ecosystem evolves.

如果你觀察科技公司，我們會發現，它們處於改變科技世界的前沿，它們擁有豐富的技術，但缺乏 TAM。我們一直在努力做的是，擁有一家擁有極其豐富 TAM 的公司，並且我們正努力成為一家技術豐富的公司。正如我剛才指出的，科技是一種機遇，我們在數據科學方面顯然已經花了十年的時間。過去四年來，約翰一直專注於營運技術方面，而現在我們更加重視思考如何將其從企業技術擴展到站點級技術，以及如何隨著技術生態系統的發展將兩者之間的一切進行整合。

So as I mentioned, there's going to be more to talk about this in the next six to nine months, more to be seen, but appreciate the question. But there's a lot going on in our organization, and I'll tell you after Tim has pushed me very, very hard over the last 18 months, I'm finally focused on it and you're going to see some significant changes in this area.

正如我所提到的，在接下來的六到九個月裡，我們會有更多關於這個問題的討論，還有更多值得觀察的地方，但我很感謝你提出這個問題。但我們的組織中發生了很多事情，我可以告訴你，在過去 18 個月裡，在蒂姆的大力推動下，我終於把注意力集中在這件事上，你會看到這個領域發生一些重大變化。

Ronald Kamden, Morgan Stanley.

摩根士丹利的羅納德·卡姆登。

Hey. Just a quick one. Last quarter, we talked about sort of the gradient of the portfolio, 90%-plus versus sort of 80% and below. I'd just love to get an update on how those are performing and your conviction on the potential for re-acceleration here, which you got a little bit this quarter, but re-acceleration going forward as occupancy builds. Thanks.

嘿。只是快速的一次。上個季度，我們討論了投資組合的梯度，90% 以上與 80% 及以下。我只是希望了解這些業務的最新表現，以及您對這裡重新加速潛力的信心，本季度您已經了解到了一些情況，但隨著入住率的提高，未來將重新加速。謝謝。

Yeah. What really hasn't changed, we sort of think about not below 80% or say sort of below 75% is sort of RevPOR growth was roughly call it 1%, 75% to 80%, call it, sort of same. But on the other hand, if you look at above 90% to 90% to 95% is roughly 5%, 7% above 95% -- 6%, 7%, so call it above 90% above 6%, that's sort of the gradient, sort of, call it, you have below 80% occupancy, you don't have pricing power, you have 90%-plus occupancy of significant pricing power. And it sort of scales in between, which makes sense. It's just basic demand-supply.

是的。真正沒有改變的是，我們認為 RevPOR 成長率不會低於 80%，或說低於 75% 大致相當於 1%，75% 到 80% 也差不多。但另一方面，如果你看一下 90% 以上到 90% 到 95% 之間，大約是 5%、7%，而 95% 以上則是 6%、7%，所以稱之為 90% 以上到 6% 以上，這是一種梯度，如果入住率低於 80%，你就沒有定價權，如果入住率有超過 90%，你相當大的定價。並且它在兩者之間有一定的規模，這是有道理的。這只是基本的供需關係。

And that's where the excitement is as it's just not us with getting more and more towards 90%-plus occupancy. Also, the world industry is getting there. I think you will see at some point, hopefully, and I think I'm on the record saying it should happen after summer leasing season next year, we'll see whether that happens. But sometimes the next 18, 24 months, we should see pricing power probably gets better, but we shall see what the market gives us.

這就是令人興奮的地方，因為我們的入住率正在持續接近 90% 以上。此外，世界工業也正在走向這一目標。我想你會在某個時候看到，希望如此，而且我認為我已經公開表示過這應該會在明年夏季租賃季節之後發生，我們將看看是否會發生。但有時在接下來的 18 到 24 個月裡，我們應該會看到定價能力可能會變得更好，但我們應該看看市場會為我們帶來什麼。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yeah, good morning. Shankh, in your opening -- and again, first of all, congrats on another solid quarter. In your opening comments, you talked quite a bit about just aligning incentives and you mentioned it quite a few times. I guess I'm just curious, again, when we kind of take a look at your company in particular, I think since your team has been in place, you guys have increased insider ownership. I can't recall any stock sales in recent times.

是的，早安。Shankh，首先，再次恭喜您本季業績再創佳績。在您的開場白中，您談了很多關於協調激勵措施的問題，並且提到過很多次。我想我只是很好奇，當我們特別關注你的公司時，我認為自從你的團隊成立以來，你們就增加了內部所有權。我不記得最近有任何股票銷售。

Just kind of curious as you kind of think about the overall philosophy around incentives. You're already kind of moving in the right direction. What's the additional kind of step you're trying to take in that regard? And what do you ultimately hope to achieve from that in regards to increasing additional, whether it's insider ownership or, again, more people across the company being tied into the stock?

我只是有點好奇，你對激勵措施的整體哲學有什麼看法。您已經朝著正確的方向前進了。在這方面，您還想採取哪些額外措施？那麼，就增加額外股份而言，您最終希望實現什麼目標？是內部人持股，還是讓公司更多的人持有股票？

Yeah. It's a very important -- it's a very, very important observation, Tayo. Actually, our management team, we have never sold one stock in this company. Neither I have, nor my partner can have. And it's hard for me to comment on people's personal financial situation. I understand sometimes you buy a house, you do this, you have a wedding or whatever. These things come up in life events.

是的。這是一個非常重要的－這是一個非常非常重要的觀察，Tayo。實際上，我們的管理團隊從未出售過這家公司的一股股票。我沒有，我的伴侶也不可能有。我很難評論人們的個人財務狀況。我知道有時候你會買房子，做某件事，舉辦婚禮或做其他事情。這些事情在生活中都會發生。

But we haven't -- I've never told explicitly to my partners they can, but they haven't because, at the end of the day, I have trouble with companies that sort of tells you that there's the best thing, fine-sliced bread, and every opportunity to get their own liquidity, their own ownership in the company to do. And just kind of -- it just seems -- at least it doesn't particularly work well with how I think about the world.

但我們沒有——我從來沒有明確地告訴我的合夥人他們可以，但是他們沒有，因為到最後，我對那些告訴你有最好的東西、精緻的麵包和各種機會來獲得自己的流動性、自己在公司的所有權的公司感到困擾。而且有點——看起來——至少它與我對世界的看法不太相符。

As I've written in our foundational document many years ago, whether -- we all -- pretty much all my partners, my entire team comes from little or no strong financial backgrounds. They're all self-made people. So the issue is not the amount. The issue is how much of your personal network is on the line. That's what we have promised that -- our shareholders tend to benefit from diversification, but we don't because I don't believe in that that should be the case. And that's the way you take away sort of the agency problem.

正如我多年前在我們的創始文件中所寫的那樣，我們所有人——幾乎所有的合夥人，我的整個團隊都沒有或根本沒有強大的金融背景。他們都是白手起家的人。所以問題不在於數量。問題在於您的個人網路有多少處於線上狀態。這就是我們所承諾的——我們的股東往往會從多元化中受益，但我們卻沒有這樣做，因為我不相信情況應該如此。這就是解決代理問題的方法。

This is a very important problem -- important thing to think about as we are thinking about how we do -- how do we design incentives. Think about what we're trying to do. We're trying to be all in. I just described how we've aligned that. You think about sort of what we expect from our operating partners. They're not diversifying. They're -- I have a tremendous amount of respect for privately owned enterprises in this country. And many of those, they think about what my operating partners do. They own their companies. We expect them to continue to own their company.

這是一個非常重要的問題——當我們思考如何做——如何設計激勵措施時，這是一個需要思考的重要問題。想想我們正在嘗試做什麼。我們正努力全力以赴。我剛才描述了我們如何調整這一點。您想想我們對營運夥伴的期望是什麼。他們沒有實現多元化。他們——我非常尊重這個國家的私人企業。他們中的許多人都在思考我的營運夥伴在做什麼。他們擁有自己的公司。我們希望他們能夠繼續擁有自己的公司。

Through these tough times, you think about -- I was yesterday with one of my strongest operating partners, StoryPoint in Toledo, where we are now, we're talking with Dan and his team and talking about how difficult the last five years have been. All the investments they have done in that company, you know where that money came from? Their own pockets. It didn't come from someone else. That's how I expect them to believe. I was thinking about that comment -- I was thinking about five years ago, I sat down with Oakmont and StoryPoint with Courtney, and we're thinking about what we want to do the next five years, where all this investment in Oakmont came from. It came from Courtney's pocket.

在這些艱難的時刻，你會想——昨天我和我最強大的營運合作夥伴之一，托萊多的 StoryPoint，我們現在正在與丹和他的團隊交談，談論過去五年有多麼艱難。他們在那家公司所做的所有投資，你知道這些錢是從哪裡來的嗎？他們自己的口袋。它不是來自別人。我希望他們能相信這一點。我在思考那則評論——我在思考五年前，我和考特尼一起與 Oakmont 和 StoryPoint 坐下來，思考未來五年我們要做什麼，以及對 Oakmont 的所有投資從何而來。它來自考特尼的口袋。

So why would it be okay for me to expect her to be all in, but not for us to be all in? So that's sort of the whole point is what we are trying to do, an incentive perspective from everybody from executives at Welltower to the executives that are operating partner all the way to the people who work in the community, they're defined by the same structure, they're defined by the same shared success, and I think that's possible. It's complicated, but it's possible if we prioritize resident experience and employee experience as a top priority. And if we can do that, I think we'll take this industry to a level that has never been seen before, but it remains to be --

那麼，為什麼我可以期望她全力以赴，而我們卻不能全力以赴呢？所以這就是我們正在嘗試做的重點，從 Welltower 的高管到營運合夥人的高管，再到社區工作人員，每個人都有激勵的視角，他們由相同的結構定義，他們由相同的共同成功定義，我認為這是可能的。這很複雜，但如果我們將居民體驗和員工體驗放在首位，這是可能的。如果我們能做到這一點，我認為我們將把這個行業提升到一個前所未有的水平，但這仍然有待--

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Good morning. Thanks for the time. Just hoping, Shankh, if you could, or Nikhil, talk a little bit about the competitive dynamics for investments. A lot of what you're buying seems to be newer product under lease. Just curious on the runway for that type of product as the industry kind of approaches pre-COVID levels of 90% next year or shortly thereafter, and just the financing environment more broadly just for seniors housing.

你好。早安.謝謝你的時間。只是希望，Shankh，或 Nikhil，能不能談談投資的競爭動態。您購買的許多產品似乎都是租賃的較新產品。我只是對這類產品的發展方向感到好奇，因為該行業明年或不久之後將接近新冠疫情之前的 90% 水平，而且更廣泛的融資環境僅適用於老年人住房。

Yeah. I think, Juan, it really comes down to whether it's occupancy or it's other aspects of the business plan, is there an opportunity to find transactions, find assets where we can improve the cash flow profile? I think there is no shortage of opportunity there, given everything that John and the team are working on to optimize the cash flow profile.

是的。我認為，胡安，這實際上取決於入住率還是商業計劃的其他方面，是否有機會找到交易，找到可以改善現金流狀況的資產？我認為，考慮到約翰和團隊為優化現金流狀況所做的一切努力，那裡並不缺乏機會。

So whether it's occupancy optimization or rate optimization or other aspects of the business plan, that is given how fragmented the industry is, given how varying the outcomes are under different operators and owners, we don't think really there is any limits to finding opportunities to add cash flow profile assets. And so as the minor activity that we continue to find those kind of opportunities. We have to work harder, we have to look in places, because if we haven't looked at it in the past, but there's no shortage of opportunity.

因此，無論是入住率優化、費率優化還是商業計劃的其他方面，考慮到行業的分散性，考慮到不同運營商和所有者的結果差異，我們認為尋找增加現金流資產的機會沒有任何限制。因此，作為一項小活動，我們會繼續尋找這類機會。我們必須更加努力，我們必須在各個地方尋找，因為如果我們過去沒有尋找過，那麼機會就不會缺乏。

And I'll just add one -- obviously, this is a very important one. At the end of the day, investing capital and making money is not the same thing. We're focused on obviously finding opportunities where we can make a strong risk-adjusted return for our customers. Making money is hard.

我只想補充一點——顯然，這一點非常重要。歸根究底，投資資本和賺錢不是一回事。我們顯然專注於尋找能為客戶帶來豐厚風險調整回報的機會。賺錢很難。

And let me tell you what is harder, making money at scale is much harder. And we believe that that is making money at scale, it's not just a function of your capital allocation acumen, which is important. It's a necessary, but not a sufficient condition.

讓我告訴你什麼更難，大規模賺錢要困難得多。我們相信，這就是大規模賺錢，它不僅僅是資本配置敏銳度的功能，這一點很重要。這是必要條件，但不是充分條件。

What's necessary on top of that, what is an asset worth in your own hands, right? So all these investments that for the last decade we have made from our data science platform to Welltower Business Systems is all designed to do just that. So far, it seems like we have no type of opportunities. We'll see what market gives us.

除此之外還有什麼必要呢，資產在自己手上值多少錢呢，對吧？因此，過去十年來，我們從數據科學平台到 Welltower 業務系統所做的所有投資都是為了實現這一目標。到目前為止，我們似乎還沒有任何機會。我們將看看市場會為我們帶來什麼。

Nick Joseph, Citigroup.

花旗集團的尼克約瑟夫。

Thanks. You talked about the runway to 3.5 times leverage and kind of the debt offering this year, we're in the debt markets and obviously the equity. So how do you think about the optimal capital stack going forward, particularly given the amount of acquisition and investment opportunity that you're seeing today?

謝謝。您談到了今年 3.5 倍槓桿和債務發行的情況，我們進入了債務市場，顯然還有股票市場。那麼，您如何看待未來的最佳資本配置，特別是考慮到您今天看到的大量收購和投資機會？

We believe a company that operates with this notion that you do handshake business and never walk away from a handshake needs to operate with a low leverage. That's the business model. It's not -- the balance sheet strategy is different from on one side of the balance sheet, which is the liability side of the balance sheet that you're talking about. And it's different from the left-hand side of the balance sheet.

我們認為，如果一家公司秉承「握手和做生意，永不放棄握手」的概念，那麼它就需要以低槓桿來運作。這就是商業模式。事實並非如此——資產負債表策略與資產負債表的一側不同，即您所談論的資產負債表的負債側。它與資產負債表的左側不同。

This is our business model. So you should expect us to continue to have very strong liquidity, very strong balance sheet all the time. And that's -- and so that no counterparty ever question if we make a promise, whether we'll come through. That's just sort of business model.

這就是我們的商業模式。因此，你應該期待我們始終保持非常強勁的流動性和非常強勁的資產負債表。這樣一來，任何交易對手都不會質疑我們是否會兌現承諾。這只是一種商業模式。

Having said that, how we fund an investment or a series of investments, it's just a function of where we think the best risk-adjusted sort of capital is as a source. That could be debt. Obviously, we think -- as we think about we've got a more and more conviction on where the growth prospects of our company is the downside of that, that our internal view of our equity costs of capital continues to go higher.

話雖如此，我們如何為一項投資或一系列投資提供資金，只是取決於我們認為最佳風險調整後的資本來源。那可能是債務。顯然，我們認為——當我們思考時，我們越來越確信我們公司的成長前景是不利的，我們對股權資本成本的內部看法繼續走高。

So that cost of capital is pretty obvious. It's fixed for next seven years, 10 years, 12 years, whatever tenor of debt that you're raising. So we -- you saw that we back to that -- we got back to the debt market and Tim and his capital markets team did a terrific execution.

因此資本成本是相當明顯的。無論您舉債的期限是多長，未來 7 年、10 年、12 年的利率都是固定的。所以我們——你看到我們回到了那個——我們回到了債務市場，蒂姆和他的資本市場團隊做得非常出色。

So it remains all open. It's debt, it's equity, it's asset sales, and most importantly, it's massive (inaudible) and free cash flow. So that's sort of all four we're thinking about. And depending on what the combination of capital assets we see and how much capital we need, you will see us execute different -- have different points of the market at different points in time.

因此一切仍處於開放狀態。它是債務、是股權、是資產出售，最重要的是，它是巨額（聽不清楚）和自由的現金流。這就是我們正在考慮的所有四個問題。根據我們看到的資本資產組合以及我們需要多少資本，你會看到我們在不同的時間點執行不同的市場點。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

Hi. Good morning. This is Farrell Granath. My question is around potential margin expansion. You've outlined now a lot of the focus that you have on expenses and individual line items. And I'm kind of curious when you were looking further out, how far can margins go?

你好。早安.這是法雷爾·格拉納斯。我的問題是關於潛在的利潤率擴大。您現在已經概述了對費用和個別項目的許多關注點。我很好奇，當您進一步觀察時，利潤率能達到多高？

We've said numerous times that there's not an exact number we're going to give up, but at the same time, Shankh has said clearly, and I said to Shankh, I will not be here unless we expand margins pretty significantly. The opportunity is substantial. Again, realize that we're talking about a business that has been created by numerous different operators, and they're very small as a general rule. They haven't had the resources to invest in all the various areas that a company like ours can invest in.

我們已經多次表示，我們不會放棄一個確切的數字，但與此同時，Shankh 也明確表示，我對 Shankh 說，除非我們的利潤率大幅提高，否則我不會留在這裡。這個機會是巨大的。再次，請注意，我們談論的是一家由眾多不同運營商創建的企業，而且一般來說，它們的規模都很小。他們沒有足夠的資源來投資像我們這樣的公司可以投資的所有各個領域。

So as we step into it and partner with our operators, we find all kinds of opportunities. And I just pointed out that one item on the utility, every line item of the GL has opportunities across the board, and we're just methodically going after them. So where exactly it ends up, I can't tell you. I can tell you, in multifamily, margins expanded dramatically when that business was professionalized. You can look that up and look at other businesses for comparison's sake.

因此，當我們進入這個領域並與我們的運營商合作時，我們發現了各種各樣的機會。我剛才指出，實用程式中的一項，總帳的每一項都有全面的機會，我們只是有條不紊地追求它們。所以它的最終結果如何，我無法告訴你。我可以告訴你，在多戶住宅領域，當業務專業化時，利潤率會大幅擴大。您可以查閱並查看其他企業進行比較。

So I'll just add one thing from your question. It appears, maybe you didn't mean it this way, that you think margin expansion is a function of expense management. I would say the bigger impact will come from the revenue side. Obviously, expenses matter, and we're intensely focused on every single line item.

因此，我只想根據您的問題補充一點。看起來，也許您不是這個意思，您認為利潤率擴大是費用管理的功能。我想說更大的影響將來自收入方面。顯然，費用很重要，我們會密切注意每一項費用。

I think we have a team who are focused on -- who are shared between John's teams, Nikhil's teams, and Tim's team -- about 50 people are focused on this, every single line item, and I think about our optimized costs, and really remove excess that you might see. And I can give you a million examples sitting right here. And I don't want to bore you with that, but just understand that margin expansion, whatever it might be, we're clearly optimistic about where it can get to will be a function of, I will not be surprised, significant more contribution comes from revenue than expenses, but it can come from both.

我認為我們有一個專注於此的團隊——由約翰的團隊、尼基爾的團隊和蒂姆的團隊共同負責——大約有 50 人專注於此，每一個項目，我考慮我們的優化成本，並真正消除您可能會看到的多餘部分。我可以在這裡給你們舉出一百萬個例子。我不想讓你感到厭煩，但你要明白，無論利潤率擴張如何，我們都對它能達到的水平持樂觀態度，我不會感到驚訝，收入貢獻比支出貢獻要大得多，但兩者也可以同時存在。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah, hi. I guess generally speaking, does the piece of occupancy gains increase or decrease materially once a property crosses 90%, I guess, on the way to what you see as full in the mid-90s?

是的，你好。我想一般來說，一旦一處房產的入住率超過 90%，那麼入住率收益會大幅增加還是減少，我猜，在 90 年代中期達到滿員狀態？

Yeah. So it depends, Mike, but I think I have said this before. I think John has said this before. It's harder to get an asset to 95% than staying at 95%. So you just sort of think about it.

是的。所以這取決於情況，麥克，但我想我之前已經說過這個了。我認為約翰以前說過這句話。讓資產利用率達到 95% 比維持在 95% 更難。所以你只要稍微想一下就好了。

The occupancy growth, again, depends on the area, depends on what units you have and not have in others. But just remember you have -- if you have same amount of demand in a rising demand environment, lower inventory will be easier to lease. But it's not that obvious in that sense that if you have, say, a building where all ALs is leased, but your demand for ALs, but you have only IL units.

再次強調，入住率的成長取決於地區，取決於你擁有哪些單位，而其他地區沒有哪些單位。但請記住——如果在需求上升的環境中需求量相同，那麼較低的庫存將更容易租賃。但從這個意義上來說，如果你有一棟建築，其中所有的 AL 都已出租，但你對 AL 有需求，但你只有 IL 單位，那麼這一點就不那麼明顯了。

So it's hard to generalize. But generally speaking, in a rising demand environment, less inventory will give you an easier piece of lease out, but on the other hand, you sort of have to think about what product do you have versus what the demand of that. So it's kind of hard to generalize that statement in that way.

所以很難一概而論。但一般來說，在需求上升的環境中，庫存較少會讓你更容易出租，但另一方面，你必須考慮你有什麼產品以及對該產品的需求是什麼。因此，用這種方式來概括這個說法有點困難。

Do you guys want to add anything to that?

你們還有什麼要補充的嗎？

Yeah, I think that's spot on. But again, I stay focused on the total revenue. And so whether it's occupancy increases or increases in market rent, they're all available.

是的，我認為說得很對。但我再次關注總收入。因此，無論是入住率增加還是市場租金增加，都是可行的。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Hey. Good morning. For many years now, senior housing development's been very difficult to pencil, continues to be the case, which you guys have talked a lot about. I guess at some point, that dynamic will likely change. And I'm just curious what you think -- what part are you doing strategically to develop the moat you talk a lot about should help well withstand any future pickup in construction activity?

嘿。早安.多年來，老年住房開發一直非常困難，這種情況仍然持續，這一點你們已經討論過很多次了。我想，在某個時候，這種動態可能會改變。我只是好奇您的想法——您正在策略性地採取哪些措施來開發您經常談論的護城河，以更好地抵禦未來建築活動的回升？

The fact of the matter is we want to be in areas where they're highly affluent, more difficult to build, and takes a long time to build. That's the environment that's where we want to be.

事實上，我們希望位於非常富裕、建設更困難、建造時間更長的地區。這就是我們想要的環境。

To your question of theoretical return of construction, as I've talked about this several times on calls, I don't want to go and repeat all the comments I made. You can go back and see it. I think there is a -- you need to sort of think about this that future construction will come if the economics is there. Just sort of think about that, and I think my team has described in several ways how to think about that from standpoint of replacement costs and from the brand and everything else. I'm just not going to go into that.

對於您提出的理論建設回報問題，由於我在電話中已經多次談到這個問題，所以我不想重複我提出的所有評論。你可以回去看看。我認為──你需要思考一下，如果經濟條件允許，未來的建設就會到來。想想這一點，我認為我的團隊已經從多種角度描述瞭如何從更換成本、品牌和其他所有方面來考慮這一點。我只是不想深入討論這個。

But the part of that statement, I just want to sort of reorient you in last decade where you saw a supply situation, we talked about supply purely because demand was flat. So the conversation was purely about supply. I would like you to think about economic way, which is excess supply, and think about what the demand growth is versus what the supply growth can be, could be, and obviously all of these happens if the economics is there, which doesn't exist.

但是關於該聲明的一部分，我只是想讓你重新認識過去十年的供應情況，我們談論供應純粹是因為需求持平。因此，談話純粹是關於供應的。我希望你們從經濟角度來思考，也就是供給過剩，思考一下需求成長是多少，而供給成長又可能是多少，顯然，如果存在經濟，所有這些都會發生，但經濟並不存在。

But anyway, reorient your thinking. Just don't think in terms of what happened in last decade. When demand is flat, which it was last decade, sort of the decade of the silent generation, if you will, you only had to think about supply. Next decade, when you think about supply, you got to think about excess supply and demand is rapidly rising.

但無論如何，重新調整你的思維。只是不要考慮過去十年發生的事情。當需求持平時，就像上個十年，有點像沉默的一代的十年，如果你願意的話，你只需要考慮供應。未來十年，當你考慮供應時，你必須考慮供應過剩和需求快速上升的問題。

Georgi Dinkov, Mizuho.

瑞穗的 Georgi Dinkov。

Hey, this is Georgie on for Vikram. Just on the occupancy cadence through the year, you increased the year-over-year guide by 10 basis points. Are you still baking in normal seasonality in the fourth quarter?

嘿，這是喬治，代替維克拉姆。僅從全年的入住率來看，您就將年比指南提高了 10 個基點。第四季的烘焙業務還處於正常的季節性嗎？

So we continue to see seasonality in the business. I think that's been one of the things that we've certainly talked to investors about is that the view that there's no seasonality left in business. There's still seasonality to volume of move-ins and also seasonality to the move-outs.

因此，我們繼續看到業務的季節性。我認為這是我們肯定與投資者討論過的事情之一，那就是商業不再有季節性。入住量仍然具有季節性，搬出量也具有季節性。

The absolute level has almost lifted. And so in the shoulders, you're seeing occupancy still gain or hold. And in the move-in seasons, you're seeing a greater amount of gains than you've seen historically. So as we've seen the last few years, you'll be still continuing to think that will be slow down in move-ins from seasonal trends towards the end of the year. And that's reflected in the guidance.

絕對水平幾乎已經提升。因此，在肩部，您會看到佔用率仍在增加或保持不變。在搬家季節，您會看到比歷史上更大的收益。因此，正如我們在過去幾年所看到的，您仍然會繼續認為，從季節性趨勢來看，到年底，入住率將會有所放緩。這反映在指導上。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey. Good morning, everyone. Can you give us an update on the private fund business? It looks like you have about $280 million invested to date. Have you deployed the capital? And do you have any debt at the fund level?

嘿。大家早安。可否介紹一下私募基金業務的最新情況？看起來您迄今為止已經投資了約 2.8 億美元。資金部署了嗎？您在基金層面有任何債務嗎？

Wes, we have talked about that we'll give you an update after the fund is closed, which I said that will happen by the end of the year, and then we'll give you the update on that. We can't talk about the fund as it is in progress and fundraising. Correct me if I'm wrong?

韋斯，我們已經討論過，我們會在基金結束後向您提供最新消息，我說過這將在年底前完成，然後我們會向您提供最新消息。由於該基金仍在籌資過程中，因此我們無法談論該基金。如果我錯了，請糾正我？

Yeah. I didn't just generally speak with everything on our track. We're deploying capital.

是的。我並不是泛泛地談論我們賽道上的一切。我們正在部署資本。

Mike Carroll, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Carroll。

Yeah, thanks. John, I want to circle back on your comments about the WS or WBS platform. I mean, how should we think that this platform will drive margin expansion? I mean, are the benefits more unique to each individual community as Welltower needs to collect the data and figure out the best way to create value at that specific community? So is it difficult to kind of put it all in one bucket and say you can drive margin expansion this way just because it's so unique depending on what operator you're working with?

是的，謝謝。約翰，我想回顧一下你關於 WS 或 WBS 平台的評論。我的意思是，我們該如何看待這個平台將推動利潤率的擴大？我的意思是，由於 Welltower 需要收集數據並找出在特定社區創造價值的最佳方式，因此每個社區的利益是否更加獨特？那麼，將所有這些放在一起並說你可以透過這種方式推動利潤率擴張是否很困難，因為它是如此獨特，取決於你正在與哪個運營商合作？

Yeah. No, there's a -- good question -- really more commonality across the properties and the system. You're right on the data. The more data we get, the more effective we are. And the more we get into the processes, the more effective we can make them.

是的。不，這是一個好問題，各個屬性和系統之間確實存在更多共通點。您對數據的判斷是正確的。我們獲得的數據越多，我們的效率就越高。我們越深入參與這些過程，我們就能使它們變得越有效。

So it does rapidly build on itself, but there's a lot of consistency across the board as we're looking at how we're executing. So the challenges come in in the sense of we're working with a lot of people, as I said, over 8,000 people we've brought onto the platform, which is truly stunning.

因此，它確實能夠快速地自我構建，但當我們觀察我們的執行方式時，會發現整體上具有很大的一致性。因此，我們面臨的挑戰是，我們與許多人合作，正如我所說，我們已經將超過 8,000 人帶入了該平台，這確實令人驚嘆。

Emily Meckler, Green Street.

艾米麗·梅克勒 (Emily Meckler)，綠街。

Good morning. Thanks for the time. Are you starting to see a slowdown in leasing in your wellness housing portfolio given the softening of the housing market?

早安.謝謝你的時間。鑑於房地產市場的疲軟，您是否開始看到健康住宅投資組合的租賃業務放緩？

Emily, I wouldn't say we're seeing slowdown because the growth sort of still has continued 10% plus. But I will say that if you look at some of the sequential occupancy growth, it was dragged down by some wellness housing sequential I'm purely talking about in the quarter. And that's because last year, we had a bunch of new openings from the prior year which hit the quarter -- sort of hit the same-store, but this year we didn't.

艾米麗，我不會說我們看到了經濟放緩，因為成長率仍然保持在 10% 以上。但我要說的是，如果你看一下連續的入住率增長，你會發現它受到了本季度我純粹談論的一些健康住房連續增長的拖累。這是因為，去年，我們在前一年開設了許多新店，這些新店對本季產生了影響，對同一家店產生了影響，但今年卻沒有。

But frankly speaking, that business continues to amaze me. The age-restricted and age-targeted communities we own continue to -- NOI continues to grow at low0double digit, 10%, 12% years in, years out. Frankly, it just really has been pretty resilient, pretty consistent, but we haven't really seen a change in any form or fashion.

但坦白說，這件事仍然讓我感到驚訝。我們所擁有的年齡限制和年齡針對性社區繼續——NOI 繼續以低兩位數、10%、12% 的速度增長。坦白說，它確實一直很有彈性，很一致，但我們還沒有看到任何形式或方式的改變。

But our reported metrics do have some slowdown just because of how the openings, some new openings of the communities came into last year. This year, if we look at sequential occupancy growth for the traditional (inaudible) house because it's actually been better than last year. But overall, metrics look similar and slightly lower just because of the point you made, but that was a function of new openings, not a slowdown in the business.

但我們報告的指標確實有所放緩，這是因為去年一些新社區的開放情況。今年，如果我們看一下傳統（聽不清楚）房屋的連續入住率成長，因為它實際上比去年更好。但總體而言，指標看起來相似且略低，只是因為你提出的觀點，但這是由於新開業而導致的，而不是業務放緩。

Jim Kammert, Evercore.

吉姆·卡默特（Jim Kammert），Evercore。

Good morning. Thank you. I was thinking about the persistent supply-demand imbalance in the seniors arena. Does that translate to a financially meaningful opportunity set for Welltower sort of in the redevelopment front? And your data says this is an A location from demographics and other attributes, but inventories are kind of C assets. Does that math work? And is that a meaningful market opportunity? Thank you.

早安.謝謝。我一直在思考老年領域持續存在的供需失衡問題。這是否意味著 Welltower 在重建方面將迎來一個具有經濟意義的機會？您的數據表明，從人口統計和其他屬性來看，這是一個 A 級地點，但庫存屬於 C 級資產。這個數學公式可行嗎？這是一個有意義的市場機會嗎？謝謝。

Yeah. No, that's a great question. And there's no doubt strategically we've seen an opportunity in our portfolio. I've talked about it previously. Our assets are roughly 17 years old, which is really the sweet spot. The infrastructure is in good shape, and we can improve the value propositions for the customer and get a wonderful win-win situation, wonderful return. What we're doing is providing like new experiences at a time when there really are very limited, if any, new product that's online or coming online. So yes, it is a tremendous opportunity for those teams to lean into.

是的。不，這是一個很好的問題。毫無疑問，從戰略上來說，我們已經在我們的投資組合中看到了機會。我之前已經談論過它了。我們的資產大約有 17 年歷史，這確實是一個最佳時期。基礎設施狀況良好，我們可以為客戶改善價值主張，實現雙贏，獲得豐厚的回報。我們所做的是在現有或即將上線的新產品非常有限（甚至沒有）的情況下提供新的體驗。所以，是的，這對這些團隊來說是一個巨大的機會。

I will just catch the last portion of your question, which is, can you make a C product put capital and make an A product. The answer is, almost in all cases, no. If the product market fit is not right, if the goals of an asset is not good, there's nothing you can change too.

我只想回答你問題的最後一部分，那就是，你能否製作 C 產品並投入資金製作 A 產品。答案幾乎在所有情況下都是否定的。如果產品市場契合度不高，如果資產目標不好，那麼你也無法改變任何事。

So we're sort of focused on sort of the value-add opportunities. You don't have to go for sort of -- beyond sort of what improves the customer experience in the front end, but maybe it is possible. Maybe some people will do it at some places that, frankly speaking, I do not believe that you can turn a C asset into A.

因此，我們主要關注的是增值機會。您不必追求某種程度的——超越某種程度的改善前端的客戶體驗，但也許這是可能的。可能有些人會在某些地方這麼做，坦白說，我不相信你可以把C資產變成A資產。

Yeah. Thank you, Shankh. I missed that comment because I agree 100%. This is about well-located quality assets and just improving the value proposition.

是的。謝謝你，Shankh。我錯過了那條評論，因為我 100% 同意。這與位置優越的優質資產以及價值主張的改善有關。

There are no further questions at this time. Therefore, this concludes today's call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。