Welltower Inc (WELL) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Welltower third quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Matt McQueen, Chief Legal Officer and General Counsel. Matt?

感謝您的耐心等待。在此，我謹代表 Welltower 公司歡迎各位參加今天的 2025 年第三季財報電話會議。（操作員指示）現在我將把電話轉交給首席法律官兼總法律顧問馬特·麥奎因。馬特？

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

謝謝，早安。提醒各位，本次電話會議中某些陳述可能被視為《私人證券訴訟改革法案》意義上的前瞻性陳述。儘管 Welltower 認為任何前瞻性聲明都是基於合理的假設，但該公司無法保證其預測的結果能夠實現。可能導致實際結果與前瞻性聲明中的結果有重大差異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。接下來，我將把電話交給 Shankh，請他發言。

Thank you, Matt, and good morning, everyone. Given the sheer volume of announcements last evening, we'll keep our Q3 related comments concise, but I'm pleased to report that it was another record quarter with occupancy, margins and net operating income, all exceeding our already very high expectations.

謝謝你，馬特，大家早安。鑑於昨晚發布的公告數量龐大，我們將盡量簡明扼要地評論第三季度業績，但我很高興地報告，第三季度再次創下紀錄，入住率、利潤率和淨營業收入均超出我們原本就非常高的預期。

However, it was a watershed period in our company's history from two important perspectives: capital allocation and people. After I walk you through our significant capital allocation-related activities, the team will provide details of Q3 results.

然而，從兩個重要的角度來看，這是我們公司歷史上的一個分水嶺時期：資本配置和人員。在我向你們介紹完我們重要的資本配置相關活動之後，團隊將提供第三季業績的詳細資訊。

Then I'll return to discuss my favorite topics of people, culture, incentive design and beginning of a new era of our farm, Volta 3.0. Let's start with acknowledging luck. Many of yesterday's transaction announcements started six months ago at the height of uncertainty post Liberation Day. We always believed that life is not about predicting. It is about positioning.

接下來，我將回到我最喜歡的話題，討論人、文化、激勵機制設計以及我們農場新時代——Volta 3.0 的開始。讓我們先從承認運氣的重要性開始。昨天公佈的許多交易公告都始於六個月前解放日後最不確定的時期。我們一直認為，人生不是關於預測的。關鍵在於定位。

So when the luck knocked on our door in April and May, we are positioned with our balance sheet, exceptional team, technology platform and perhaps most importantly, courage to run towards this uncertainty and chaos. This positioning drove more than $23 billion in incremental transactions, resulting in year-to-date activity over $33 billion and bringing us closer to ever realizing our decade-long ambition of transforming Welltower into a pure-play rental housing platform for the rapidly aging population. \

所以，當好運在四月和五月降臨到我們身上時，我們憑藉著穩健的資產負債表、優秀的團隊、技術平台，或許最重要的是，我們擁有勇往直前的勇氣，去迎接這種不確定性和混亂局面。這項定位促成了超過 230 億美元的新增交易，使今年迄今為止的交易額超過 330 億美元，並使我們離實現長達十年的願景更近了一步，即將 Welltower 轉型為服務於快速老齡化人口的純粹租賃住房平台。\

At the core of our offering will always be systems, process, technology and data-driven insights to enhance the experience of our customers and site level employees, not capital, which is ultimately a commodity. Every capital allocation decision made at Welltower is viewed through an opportunity cost prism, evaluating the value foregone by pursuing a specific course of action while considering all implication of those decisions well into the future.

我們始終以系統、流程、技術和數據驅動的洞察力來提升客戶和現場員工的體驗，而不是以資本（資本最終只是一種商品）為核心來提供產品和服務。Welltower 的每項資本配置決策都是透過機會成本的視角來看待的，評估採取特定行動方案所放棄的價值，同時考慮這些決策在未來可能產生的所有影響。

And that opportunity cost prism allow us to narrow our focus on technology-driven transformation of our niche housing business. There is always room in organizations to boost performance by amping up their pace and intensity. And the fastest way to move the dial is to narrow the focus in a maximum growth, maximum gain war.

而這種機會成本視角使我們能夠將注意力集中在以技術驅動的利基住房業務轉型上。組織總有提升績效的空間，可以透過加快步伐和加強來實現。而最快的扭轉局面的方法就是在追求最大成長、最大收益的競爭中縮小關注範圍。

This is why we're exiting our outpatient property management business. While we'll continue to own some outpatient medical assets, it will consume little management time and effort due to triple net nature of the retail properties. This is not to say a B2B business like OM is not a good business, but the intensity that is needed to achieve our audacious dream of transforming a tech for TAM-rich B2C industry like senior housing requires the laser focus of a hedgehog and the discipline to say no to hundreds of good ideas.

這就是我們退出門診物業管理業務的原因。雖然我們將繼續擁有一些門診醫療資產，但由於零售物業的三方淨租賃性質，這些資產將佔用我們很少的管理時間和精力。這並不是說像 OM 這樣的 B2B 企業不是一家好企業，而是說，要實現我們大膽的夢想——將技術應用於像老年住房這樣目標市場豐富的 B2C 行業——所需的強度，需要像刺猬一樣的專注力，以及對數百個好想法說“不”的自律精神。

While our motivation to go all in on senior living with focus and opportunity to enhance the enterprise growth rate, we recognize that the direction of asset prices for what we are giving up is uncertain. Hence, we structured our large OM sale with significant participating profit interest -- while the deal structure reflects a degree of heightened creativity, it is by no means a novel approach within our firm.

雖然我們有動力全力投入養老產業，並希望藉此機會提高企業成長率，但我們也意​​識到，我們所放棄的資產價格走向是不確定的。因此，我們透過分配大量利潤分成來建立我們的大型 OM 出售計劃——雖然交易結構體現了一定程度的創造力，但這絕不是我們公司內部的新方法。

We applied a similar idea nearly five years ago when we wrote a participating senior credit note on HC1 assets in the UK with warrants and equity kicker at the height of Brexit and COVID uncertainty. I am delighted to inform you that the significant downside protected structure has generated a nearly 14% unlevered IRR at exit while providing us an opportunity for the seat at the table in a bilateral negotiation for this recap.

大約五年前，我們在英國脫歐和新冠疫情不確定性最嚴重的時候，就曾運用過類似的想法，當時我們為HC1在英國的資產編寫了一份參與型高級信用票據，附帶認股權證和股權激勵。我很高興地通知您，這種具有顯著下行保護的結構在退出時產生了近 14% 的無槓桿內部收益率，同時為我們提供了在此次重組的雙邊談判中佔有一席之地的機會。

This recapitalization transaction marks the beginning of new chapter of new operating income growth as our long-duration strategy unfolds for HC1 assets. Speaking of the UK, I'm delighted to announce that after six years of conversations, negotiation and a near transaction, we're finally the proud owner of Barchester senior living portfolio.

此資本重組交易標誌著我們HC1資產長期策略的展開，開啟了新的營業收入成長章節。說到英國，我很高興地宣布，經過六年的對話、談判和幾乎完成的交易，我們終於自豪地成為了巴徹斯特高級生活地產組合的所有者。

We recognize that buying highly successful family-owned businesses requires patience, fines and a commitment to excellence that their legacy deserves. While a large checkbook that no counterparty ever question is necessary, it is by no means a sufficient condition. We have carefully studied many transactions that Warren and Charlie have completed over the years with family-owned businesses. And I'm delighted to inform you that this $7 billion negotiation was done during a single sitting resulting into a farm handshake.

我們體認到，收購非常成功的家族企業需要耐心、資金和對卓越品質的承諾，才能不辜負他們的遺志。雖然擁有一筆交易對手永遠不會質疑的巨額支票簿是必要的，但這絕不是充分條件。我們仔細研究了華倫和查理多年來與家族企業完成的許多交易。我很高興地告訴大家，這項價值 70 億美元的談判在一次會議上就完成了，最後達成了農場握手協議。

Our years of conversation and close familiarity with the Barchester assets and management was certainly helpful as preparation. Equally important with the integrity and professionalism demonstrated by our counterparty. We're proud to welcome Pete and Barchester management team to Welltower operating Partner family.

多年來我們與巴切斯特公司的資產和管理團隊的交流和密切了解，無疑對準備工作大有幫助。與對方展現的誠信和專業同樣重要。我們非常榮幸地歡迎 Pete 和 Barchester 管理團隊加入 Welltower 營運合作夥伴大家庭。

Despite giving up in-place yield in HC1 and other loans and initial dilution incurred from 170 assets that are in lease-up from our recent acquisitions, together, the dispositions and acquisitions are expected to be accretive to FFO per share in 2026.

儘管放棄了 HC1 和其他貸款的現有收益，以及近期收購的 170 項正在租賃中的資產帶來的初始稀釋，但預計這些處置和收購將在 2026 年增加每股 FFO。

To be clear, we would have completed these deals even if they are collectively near-term dilutive because of the significant opportunity of earnings and cash flow growth in '27 and beyond and due to the long duration aspect of the transactions. These capital allocation decisions together are expected to change the near- and long-term growth rate of our farm despite the significant size of our asset base. This speaks to the level of excitement and high expectations we have from this year's $33 billion of transformative capital allocation activity.

需要明確的是，即使這些交易在短期內會稀釋股權，我們也會完成這些交易，因為 2027 年及以後存在巨大的盈利和現金流增長機會，而且這些交易具有長期性。儘管我們的資產規模龐大，但這些資本配置決策預計將改變我們農場的近期和長期成長率。這反映了我們對今年330億美元變革性資本配置活動的興奮程度和高度期望。

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

這樣，我就把它轉交給約翰了。

Good morning, everyone. I'll keep my comments relatively brief this morning. But as Shankh mentioned, -- we reported another fantastic quarter with no letup in the strong momentum experienced in the first half of the year. While uncertainty persists for the direction of the broader economy, our business continues to gain strength given the needs-based and private pay nature of our business, while our asset management initiatives through the Welltower Business System, or WBS, continue to bear fruit.

各位早安。今天早上我的發言會比較簡短。但正如 Shankh 所提到的，我們又取得了一個非常棒的季度業績，延續了上半年強勁的發展勢頭。儘管整體經濟走向仍不明朗，但由於我們業務以需求為基礎且以私人付費為特徵，我們的業務持續走強，同時，我們透過 Welltower 業務系統 (WBS) 開展的資產管理舉措也繼續取得成效。

Our strong results this quarter were once again driven by the exceptional performance from our senior housing portfolio. In fact, Q3 marked the 12th consecutive quarter in which SHO portfolio same-store NOI growth exceeded 20%. Attaining 20% plus NOI growth for any sector is an incredible achievement, but 12 consecutive quarters is truly exceptional and likely unprecedented. Year-over-year organic revenue growth remains at approximately 10%, driven by a 400 basis point occupancy gain and strong pricing power.

本季強勁的業績再次得益於我們養老住房投資組合的出色表現。事實上，第三季是SHO投資組合同店淨營業收入連續第12季成長超過20%。任何行業實現 20% 以上的淨營業收入成長都是一項了不起的成就，但連續 12 個季度實現這一目標更是非同尋常，而且很可能是前所未有的。年比有機收入成長仍維持在 10% 左右，這主要得益於入住率提升 400 個基點以及強大的定價能力。

Our solid top line results were led by our UK portfolio as a 550 basis point year-over-year ramp in occupancy drove a 10.4% increase in revenue. Operating margins across the same-store portfolio took another step higher, rising 260 basis points as growth in RevPAR or unit revenue continues to solidly outpace growth in EO or unit expense.

我們穩健的營收業績主要得益於英國業務的強勁表現，入住率年增 550 個基點，推動營收成長 10.4%。同店組合的營業利潤率進一步提高，上升了 260 個基點，因為每間可供出租客房收入 (RevPAR) 或單位收入的增長繼續穩步超過單位支出 (EO) 或單位費用的增長。

And while we've experienced a substantial recovery in margins over the past few years, we have a long runway for further expansion due to the scaling benefits achieved through higher occupancy, i.e., greater operating leverage, which will be further amplified by our far-reaching WBS initiatives aimed at transforming the senior housing business. The backdrop for growth in 2026 and well beyond remains favorable as senior housing demand is expected to grow even stronger while supply remains dormant.

儘管過去幾年我們的利潤率已大幅回升，但由於入住​​率提高帶來的規模效益（即更大的營運槓桿），我們仍有很大的擴張空間，而我們旨在變革老年住房業務的深遠WBS計劃將進一步放大這一效益。2026 年及以後的成長前景依然樂觀，因為老年住房需求預計將進一步強勁增長，而供應卻保持低迷。

The beta of the sector remains attractive. But what truly sets us apart are our efforts to generate outsized alpha through operational excellence. And with the exit of our outpatient medical property management business, we are doubling down our efforts, attention and resources to our senior housing business with a singular focus of operational excellence through digital transformation.

該產業的β值依然具有吸引力。但真正讓我們脫穎而出的是我們透過卓越的營運來創造超額收益的努力。隨著我們退出門診醫療物業管理業務，我們將加倍努力、關注和資源投入到老年住房業務中，專注於透過數位轉型實現卓越營運。

This includes the appointment of Russ Simon, as EVP of Operations. Russ has created tremendous value for Welltower shareholders as Co-Head of US Investments as well as partnering with me on asset management. Going forward, Russ will shift his focus to overseeing our asset management, capital planning and experiential solutions initiatives.

其中包括任命 Russ Simon 為營運執行副總裁。Russ 身為美國投資聯席主管，為 Welltower 的股東創造了巨大的價值，並且與我合作進行資產管理。接下來，Russ 將把工作重心轉移到監督我們的資產管理、資本規劃和體驗式解決方案計劃。

Additionally, as Shankh will describe in greater detail, we are in the midst of a complete reimagination of our technology ecosystem. We're delighted to have Jeff Stott join us from Extra Space Storage as our Chief Technology Officer. We Logan Grzell and Tucker Joseph have been appointed Chief Innovation Officer and Chief Information Officer, respectively. I'll conclude by saying that we've never been more excited as we are today about the prospects for our company.

此外，正如 Shankh 將要更詳細地描述的那樣，我們正在對我們的技術生態系統進行徹底的重新構想。我們很高興 Jeff Stott 從 Extra Space Storage 加入我們，擔任技術長。我們 Logan Grzell 和 Tucker Joseph 分別被任命為首席創新長和資訊長。最後我想說，我們從未像今天這樣對公司的未來前景感到如此興奮。

The Welltower team continues to work tirelessly alongside our best-in-class operating partners to reinvent our business through WBS and to elevate the experience of senior housing residents, their families and the site level employees. While I'm thrilled about the progress we've made to date, our excitement truly lies in what's to come as we enter Welltower 3.0, which will be defined by operations first.

Welltower 團隊繼續與我們一流的營運合作夥伴不懈努力，透過 WBS 重塑我們的業務，提升老年住房居民、他們的家人和現場員工的體驗。雖然我對我們迄今為止的進展感到非常興奮，但我們真正的興奮點在於即將進入 Welltower 3.0 階段，而這一階段將首先由營運來定義。

With that, I'll turn it over to Nikhil.

接下來，我將把麥克風交給尼基爾。

Thanks, John, and good morning, everyone. Since our last call three months ago, we have expanded our year-to-date transaction activity by $23 billion, including $14 billion of acquisitions and $9 billion of dispositions and loan payoffs. With today's announcements, our year-to-date investment activity now totals $23.2 billion, up from the $9.2 billion announced on the second quarter call.

謝謝你，約翰，大家早安。自三個月前我們上次通話以來，我們今年的交易活動已增加了 230 億美元，其中包括 140 億美元的收購和 90 億美元的資產處置和貸款償還。加上今天的公告，我們今年迄今的投資活動總額已達 232 億美元，高於第二季電話會議上宣布的 92 億美元。

Of this $23.2 billion, $5.4 billion closed through the end of the third quarter and nearly another $11 billion has closed since, with the remaining $7 billion expected to close later this year and in the first half of next year. On the disposition front, we are under contract to sell an additional -- to sell an 18 million square foot outpatient medical portfolio for $7.2 billion, resulting in a $1.9 billion gain on sale.

在這 232 億美元中，54 億美元在第三季末完成交易，此後又有近 110 億美元完成交易，剩餘的 70 億美元預計將在今年晚些時候和明年上半年完成交易。在資產處置方面，我們已簽訂合約出售另一處資產——一個佔地 1,800 萬平方英尺的門診醫療資產組合，售價為 72 億美元，出售所得收益為 19 億美元。

We structured this investment to retain a $1.2 billion preferred equity stake accompanied by a profits interest, giving us 25% of upside while protecting our downside through the buyer's subordinated equity. We closed on the first GBP2 billion tranche of this transaction last week with subsequent closings expected through next summer.

我們設計的這項投資保留了 12 億美元的優先股股份以及利潤分成，使我們獲得 25% 的收益，同時透過買方的次級股權保護我們的下行風險。我們上週完成了這筆交易的第一筆 20 億英鎊的款項，預計後續款項將在明年夏季之前陸續完成。

Additionally, we will exit the OM property management business with over 160 of our colleagues transitioning to Remedy Medical properties, allowing them to continue their career growth. Following this transaction, our residual OM portfolio will essentially consist of premium net lease assets to high-quality investment-grade tenants. The long-term absolute net nature of these leases require minimal management intensity.

此外，我們將退出 OM 物業管理業務，超過 160 名同事將轉入 Remedy Medical 物業管理公司，使他們能夠繼續發展自己的職業生涯。交易完成後，我們剩餘的營運管理資產組合將主要由優質淨租賃資產組成，出租給高品質的投資等級租戶。這些租賃的長期絕對淨收益性質要求管理強度極低。

Turning to acquisitions. We are pleased to announce the GBP1.2 billion acquisition of the HC1 portfolio in the UK. Many of you will recall our courageous GBP540 million first mortgage investment in HC1's recapitalization at the height of COVID and Brexit uncertainty. That investment was structured with downside protection through a claim on HC1's real estate portfolio at a last pound basis of approximately 40,000 a bed and upside participation through warrants and equity kickers.

轉向收購。我們很高興地宣布以 12 億英鎊收購英國 HC1 資產組合。許多人可能還記得，在新冠疫情和英國脫歐不確定性最嚴重的時候，我們勇敢地向 HC1 的資本重組提供了 5.4 億英鎊的第一筆抵押貸款投資。該投資的結構設計旨在透過對 HC1 房地產投資組合的索償權來保護下行風險，索償權的價格約為每張床 40,000 英鎊；並透過認股權證和股權激勵來參與上行收益。

We have enjoyed a close working relationship with the company's management and ownership and have supported the company's growth through modest additional capital support. This investment has now delivered a profit of greater than GBP350 million and over the last four-plus years with an unlevered IRR of nearly 14% and a 1.6 times equity multiple.

我們與公司管理層和所有者保持著密切的合作關係，並透過適度的額外資金支持，促進了公司的發展。這項投資目前已帶來超過 3.5 億英鎊的利潤，在過去的四年多時間裡，其無槓桿內部收益率接近 14%，股權倍數為 1.6 倍。

While the payoff of this high-yield loan is modestly dilutive near term, the equity ownership of these assets adds significant duration to our returns. by deploying significant value-add capital and leveraging Welltower business systems and the best practices from our broader UK business, we expect this transaction to generate an unlevered IRR in the low teens.

雖然這筆高收益貸款的償還會在短期內略微稀釋我們的股權，但這些資產的股權所有權將顯著延長我們的收益期限。透過投入大量增值資本，並充分利用Welltower的業務系統以及我們在英國其他業務中的最佳實踐，我們預計此次交易將產生十幾個百分點的無槓桿內部收益率（IRR）。

Moving on to our GBP5.2 billion acquisition of Barchester, which spans three buckets. First, 111 assets under a highly aligned RIDEA 6.0 structure. These high-growth assets rank in the top quartile within the UK and have in-place occupancy in the high 70s due to 39 newly delivered assets. Second, 152 mature assets in a triple net structure. These mature assets are 90% occupied with strong coverage, 3.5% annual rent escalators and the ability for Welltower to reset rent every five years to capture additional upside.

接下來談談我們斥資 52 億英鎊收購 Barchester 的交易，這涉及三個面向。首先，111 項資產屬於高度一致的 RIDEA 6.0 結構。這些高成長資產在英國排名前四分之一，由於新增了 39 處資產，入住率高達 70% 以上。其次，152項成熟資產採三方淨結構。這些成熟資產的入住率達 90%，覆蓋率高，每年租金遞增 3.5%，Welltower 可以每五年重置一次租金，以獲取額外的收益。

Third, 21 assets that are currently being developed. In addition, through several other transactions, we are acquiring an additional nine assets under construction in the UK. Given the significant nonpurpose-built stock and negative net supply growth over the last 10 years in the UK, we are ecstatic about the significant growth opportunity embedded within this portfolio.

第三，目前正在開發的 21 個資產。此外，透過其他幾項交易，我們正在收購英國正在建造的另外九個項目。鑑於英國過去 10 年非專用建築存量龐大且淨供應量為負成長，我們對該投資組合中蘊含的巨大成長機會感到無比興奮。

While I have highlighted our larger transactions, our focus on granular activity remains unabated. The $14 billion of new investments announced today span more than 46,000 units across 700-plus communities across 50 different transactions.

雖然我重點介紹了我們的大宗交易，但我們對細粒度業務的關注度仍然沒有減弱。今天宣布的140億美元新投資涵蓋700多個社區的46,000多個單元，涉及50多項不同的交易。

Our team spent the last few months walking every single one of these communities, conducting their diligence and establishing business plans with our operating partners. 91% of this activity was sourced off market. 16 of these transactions were in the UK, two in Canada and the remaining 32 in the US. I expect that with our narrower focus and relentless pursuit of better outcomes, the transactions announced today will fundamentally enhance the long-term growth potential of our company's earnings.

過去幾個月，我們的團隊走訪了所有這些社區，進行了盡職調查，並與營運夥伴共同製定了商業計劃。其中91%的項目是透過非公開管道獲得的。這些交易中，16筆發生在英國，2筆發生在加拿大，其餘32筆發生在美國。我預計，憑藉我們更專注的領域和對更好結果的不懈追求，今天宣布的交易將從根本上提高我們公司盈利的長期成長潛力。

With yesterday's announcement, we have added over 170 senior housing communities to our investment pipeline that are under development or still in lease-up. These communities will be a drag on near-term results, but as we detailed in our letter to our future shareholders, we will not hesitate to make capital allocation decisions, which are a drag today, but have the potential to create significant value tomorrow.

隨著昨天的公告，我們已將 170 多個正在開發或仍在租賃階段的老年住房社區納入我們的投資計劃。這些社群會在短期內拖累業績，但正如我們在致未來股東的信中所詳述的那樣，我們將毫不猶豫地做出資本配置決策，這些決策雖然目前會帶來拖累，但有可能在未來創造巨大的價值。

I'll now turn the call over to Tim to walk through our financial results and updated earnings guidance.

現在我將把電話交給提姆，讓他來詳細介紹我們的財務表現和最新的獲利預期。

Thank you, Nikhil. My comments today will focus on our third quarter 2025 results, the performance of our triple-net investment segments, our capital activity, a balance sheet and liquidity update and finally, an update to our full year 2025 outlook. Welltower reported third quarter net income attributable to common stockholders of $0.41 per diluted share and normalized funds from operations of $1.34 per diluted share, representing 20.7% year-over-year growth. We also reported year-over-year total portfolio same-store NOI growth of 14.5%. 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.

謝謝你，尼基爾。我今天的演講將重點放在我們 2025 年第三季的業績、三重淨投資部門的表現、我們的資本活動、資產負債表和流動性更新，以及最後，我們對 2025 年全年展望的更新。Welltower公佈第三季歸屬於普通股股東的淨利為每股攤薄收益0.41美元，經調整後的營運資金為每股攤薄收益1.34美元，較去年同期成長20.7%。我們也報告稱，全年投資組合同店淨營業收入年增 14.5%。現在來看看我們本季三淨租賃物業的業績。提醒各位，我們的三方淨租賃組合覆蓋率統計每季落後公佈一次。

So these statistics reflect the trailing 12 months ending 6/30/2025. In our senior housing triple net portfolio, Same-store NOI increased 3.1% year-over-year and trailing 12-month EBITDAR coverage increased to 1.21 times. Next, same-store NOI in our long-term post-acute portfolio grew 2.7% year-over-year and trailing 12-month EBITDA coverage was 2.02 times. Moving on to capital activity. We continue to capitalize our investment activity with predominantly equity raising $2.9 billion of gross proceeds in the third quarter. Additionally, in August, we completed a follow-on issuance of $1 billion in senior unsecured notes across two tranches for the blended coupon of 4.875%.

因此，這些統計數據反映的是截至 2025 年 6 月 30 日的過去 12 個月的情況。在我們的高級住宅三淨投資組合中，同店淨營業收入年增 3.1%，過去 12 個月的 EBITDAR 覆蓋率提高至 1.21 倍。其次，我們長期復健照護組合的同店淨營業收入年增 2.7%，過去 12 個月的 EBITDA 覆蓋率為 2.02 倍。接下來談談資本活動。我們持續加強投資力度，主要透過股權融資，第三季總收益達 29 億美元。此外，8 月份，我們完成了 10 億美元的後續優先無抵押票據發行，分兩期發行，綜合票息為 4.875%。

This capital, along with retained cash flow, allowed us to fund $1.7 billion in net investment activity and end the quarter with $7 billion of cash and restricted cash on the balance sheet. While driving net debt to adjusted EBITDA to 2.36 times, representing yet another record low leverage level for the company.

這筆資金，加上留存現金流，使我們能夠為 17 億美元的淨投資活動提供資金，並在季度末資產負債表上擁有 70 億美元的現金和受限現金。同時將淨債務與調整後 EBITDA 的比率降至 2.36 倍，這代表了該公司又一個創紀錄的低槓桿水平。

With our current capital position, near-term liquidity profile, and expected proceeds from asset sales and loan payoffs, we are fully funded for the entirety of our acquisition pipeline, including the $14 billion of new acquisition activity, which we announced last night. And we expect run rate net debt to adjusted EBITDA to take modestly higher by approximately one turn on a run rate basis for all of our announced transaction activity.

憑藉我們目前的資本狀況、近期流動性狀況以及預期從資產出售和貸款償還中獲得的收益，我們已為所有收購計劃提供充足的資金，包括我們昨晚宣布的 140 億美元的新收購活動。我們預計，所有已公佈的交易活動的淨債務與調整後 EBITDA 的年化比率將略微上升約一倍。

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 what has been closed or publicly announced to date. Last night, we updated our full year 2025 outlook for net income attributable to common stockholders of $0.82 to $0.88 per diluted share and normalized FFO of $5.24 to $5.30 per diluted share or $5.27 at the midpoint.

最後，在談到我們更新後的 2025 年業績指引時，我想提醒各位，我們的展望中並未包含迄今為止已完成或已公開宣布的任何投資活動。昨晚，我們更新了 2025 年全年歸屬於普通股股東的淨利潤預期，預計每股攤薄收益為 0.82 美元至 0.88 美元，調整後 FFO 預計每股攤薄收益為 5.24 美元至 5.30 美元，或按中間值計算為 5.27 美元。

There are two items I want to highlight in last night's net income guidance that relate to fourth quarter activity and beyond. The first is our medical office portfolio sale. -- which, as Akhil detailed earlier, is expected to have a total gain on sale of approximately $1.9 billion, $400 million of which is expected to be reflected in net income in the fourth quarter, with the remaining $1.5 billion expected in 2026.

昨晚的淨利潤預期中有兩點我想重點強調，這兩點與第四季及以後的業務活動有關。首先是我們的醫療辦公大樓資產組合出售——正如 Akhil 先前詳細介紹的那樣，預計此次出售的總收益約為 19 億美元，其中 4 億美元預計將在第四季度計入淨收入，剩餘的 15 億美元預計將在 2026 年計入。

The second item relates to the 2035 10-year executive continuity and alignment program. We expect approximately $1.1 billion of upfront costs associated with the initiation of the plan to impact net income in the fourth quarter, which will be adjusted out of normalized FFO. In addition, the program will result in a recurring amortization expense stream that will flow through normalized earnings over the next decade, alongside the ongoing impact of the increased diluted share count.

第二項內容與 2035 年為期 10 年的高階主管連續性和協調計畫有關。我們預計與該計劃啟動相關的約 11 億美元的前期成本將對第四季度的淨收入產生影響，這將從正常化的 FFO 中調整出來。此外，該計劃還會產生持續的攤銷費用流，該費用將在未來十年內計入正常收益，同時還會持續受到稀釋股份數量增加的影響。

Now turning to our normalized FFO guidance. Last night's increased range represents a $0.17 increase at the midpoint from our prior normalized FFO range. This increase is composed of has an increase from higher NOI in our senior housing operating portfolio, $0.105 from accretive capital allocation activity and a $0.02 increase from FX and income tax benefits.

現在來看我們標準化的FFO指引。昨晚擴大的波動範圍意味著中點較我們之前標準化的 FFO 波動範圍增加了 0.17 美元。這一增長包括：老年住房運營組合的淨營業收入增加，資本配置活動帶來的 0.105 美元增長，以及外匯和所得稅優惠帶來的 0.02 美元增長。

Underlying this FFO guidance is an estimate of total portfolio year-over-year same-store NOI growth of 13.2% to 14.5%, 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 20.5% to 22%. This is driven by the following midpoints of their respective ranges. Revenue growth of 9.6% and driven by increased expectations for occupancy growth of 390 basis points and RevPAR growth of 5.1% and expense growth of 5.25%.

這項 FFO 指導方針的基礎是對整體投資組合同比同店 NOI 增長 13.2% 至 14.5% 的估計，這主要得益於門診醫療（增長 2% 至 3%）、長期康復護理（增長 2% 至 3%）和老年住房三淨租賃（增長 3.5% 至細分市場增長 3.5% 至 4.5%）的細分市場增長。最後，老年住房營運成長率為 20.5% 至 22%。這是由它們各自範圍的中點決定的。營收成長 9.6%，主要得益於入住率成長預期提高 390 個基點、每間可供出租客房收入 (RevPAR) 成長 5.1% 以及支出成長 5.25%。

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

就這樣，我將把電話交還給 Shankh。

Thank you, Tim. Before we start Q&A, I want to highlight the most important announcements we made last night, the launch of Volta 3.0 and operations and technology-first platform. This is the third iteration of our company after refunding our firm from a deal shop called Health Care REIT. We took HCN down to his starts and built Welltower 1.0 with a goal of being a great capital allocator. We turned over half of the assets, majority of the operators and 95% of the people. And we launched a data science platform that in words of a CIO from a leading private equity firm has become synonymous with the category, much like Band-Aid or Kleenex, then came COVID.

謝謝你，提姆。在開始問答環節之前，我想重點介紹我們昨晚發布的最重要的公告，即 Volta 3.0 的發布以及以運營和技術為先的平台。這是我們公司在從一家名為 Health Care REIT 的交易機構獲得退款後的第三次重組。我們帶著 HCN 回到他的起點，並建造了 Welltower 1.0，目標是成為優秀的資本配置者。我們交接了一半的資產、大部分的營運人員和 95% 的人員。我們推出了一款數據科學平台，用一家領先私募股權公司的首席資訊長的話來說，它已經成為該領域的代名詞，就像邦迪創可貼或舒潔紙巾一樣，然後新冠疫情就來了。

And with Charlie's trading, I realized we needed to recruit individuals from industries of high standards or equivalent of short-haul trucking executives who address the challenges of the railroad industry decades ago. The hiring of John Burkart from multifamily industry and subsequent hiring of hundreds of our colleagues we're focused on operations and asset management to delight customers and site-level employees marked the beginning of Welltower 2.0, a well-oiled capital allocation machine with high-performance compute power to sort through trillions of data points to buy one asset at a time.

透過查理的交易，我意識到我們需要從高標準行業招募人才，或者像幾十年前解決鐵路行業挑戰的短途貨運高管那樣的人才。從多戶住宅行業聘請 John Burkart，以及隨後聘請數百名專注於營運和資產管理的同事，旨在讓客戶和現場員工滿意，這標誌著 Welltower 2.0 的開始，這是一個運轉良好的資本配置機器，擁有高性能的計算能力，可以篩選數萬億個數據點，一次購買一項資產。

We brought in best-in-class operators under aligned contracts and provided them with an end-to-end asset management and technology platform while also building regional density. Things have been going on well in recent years, with performance which I would describe as being somewhat satisfactory. And yet again, we are disrupting our own farm from within, which we believe will create a leaping emergent effect culminating into Welltower 3.0 an operating company in a real estate wrapper.

我們引入了業內頂尖的運營商，並與他們簽訂了協調一致的合同，為他們提供了端到端的資產管理和技術平台，同時還提高了區域密度。近年來一切進展順利，表現也基本令人滿意。然而，我們再次從內部顛覆了自己的農場，我們相信這將產生巨大的湧現效應，最終形成 Welltower 3.0，一家披著房地產外衣的營運公司。

This new era places operations and technology first with a singular focus on delighting customers and prioritizing site level employee satisfaction with complementary capital allocation actions to go deeper in our markets with a narrower focus. This phase starts with a complete retooling of our organization, not writing a manifesto.

新時代將營運和技術放在首位，專注於取悅客戶，優先考慮員工滿意度，並輔以資本配置措施，以更聚焦的重點深入市場。這一階段始於對我們組織的全面重組，而不是撰寫宣言。

Many organizations hire management consultants, create pretty PowerPoint decks, announced new mission and vision statement, but ultimately changed nothing about how they go about doing business. There's no place for consultants, Silverton bankers or managerial layers at our shop, only leaders who are willing to get their hand tardy by actually doing the work and building the business, laying on air type brick at a time.

許多組織聘請管理顧問，製作漂亮的 PowerPoint 演示文稿，宣布新的使命和願景聲明，但最終並沒有改變他們的經營方式。我們公司不需要顧問、銀頓銀行家或管理階層，只需要那些願意腳踏實地、腳踏實地、一步一個腳印地建立業務的領導者。

We're taking the best from our capital allocation side of our house, including Tim McCue and Russ Simon to lead the next phase of our journey focused on operations, technology and innovation. Additionally, we're once again bringing in significant talent from industries with higher standards, which includes proven tech executives such as Jeff, Logan and Tucker to join Swagat to form a Tech Quad, which will serve at the core of Welltower 3.0 growth engine.

我們將從公司資本配置中選拔最優秀的人才，包括 Tim McCue 和 Russ Simon，來領導我們下一階段的旅程，專注於營運、技術和創新。此外，我們再次從具有更高標準的行業引進了眾多優秀人才，其中包括 Jeff、Logan 和 Tucker 等經驗豐富的科技高管，他們將加入 Swagat，組成一個科技四人組，這將成為 Welltower 3.0 增長引擎的核心。

I'm convinced you will see a new wave of talent from -- will follow these leaders, similar to what we have witnessed in recent years on the capital allocation side of the house, which has become the envy of the real estate industry. This newly established tech quad will be key to reduce latency in a complex adaptive system like our business as latency shrinks materially, the network effect will kick in high gear creating a new paradigm of maximum growth and maximum gain that simply does not occur in an industry like ours who changes at glacial pace.

我確信你會看到一股新的人才浪潮——他們將追隨這些領導者，就像我們近年來在資本配置方面所看到的那樣，這已成為房地產行業的羨慕對象。新建立的技術四元組對於降低像我們這樣的複雜自適應系統的延遲至關重要。隨著延遲大幅減少，網路效應將迅速發揮作用，創造最大成長和最大收益的新範式，而這在我們這樣變化緩慢的行業中是根本不可能發生的。

Lastly, today, I will describe a dramatic change which strikes at the heart of this company's incentive structure. From my first day in this business, I've been bothered by the misalignment of the incentives between our company, the owner of our assets and our operating partners, the manager of the community. I wish I could have said better things about the alignment between management and for owners of a company like ours.

最後，今天我將介紹一項重大變革，這項變革觸及了該公司激勵機制的核心。從我進入這個行業的第一天起，我就一直對我們公司（資產所有者）和我們的營運合作夥伴（社群管理者）之間的利益衝突感到困擾。我真希望我能對我們這類公司管理階層和所有者之間的利益一致性做出更好的評價。

Hence, you have seen a decade-long effort from us to fix and align external and internal incentives. As Charlie would constantly tell us show me the incentives, and I'll show you the outcome. Following years of deep structural changes in this area, I'm delighted to inform you that my utopian idea of everyone swimming or sinking together is finally taking shape, an ecosystem of internal and external participants where everybody is fully aligned and everybody is all in.

因此，你們已經看到了我們為解決和協調外部和內部激勵機製而付出的長達十年的努力。正如查理經常告訴我們的那樣，給我看看激勵措施，我會告訴你結果。經過多年該領域的深刻結構性變革，我很高興地告訴大家，我關於大家同舟共濟、共同沉淪的烏托邦式構想終於正在成形，這是一個由內部和外部參與者組成的生態系統，每個人都完全一致，每個人都全力以赴。

I would argue you to read our press release from last night carefully to fully grasp the changes that are taking place in three distinct steps to achieve the same goal of alignment and ownership, one, elimination of compensation for well care management and making their owners through performance-oriented Welltower stock. Two, introduction of RIDEA six construct, where the operator wealth creation is now evocably tied to Welltower stock. And three, and $10 million annual grant for site-level employees for the 10 best roiling senior housing communities also in Welltower staff.

我建議您仔細閱讀我們昨晚發布的新聞稿，以便充分理解為實現同一目標（即協調和所有權）而分三個不同步驟進行的變革：第一，取消對油井維護管理人員的補償，並通過以業績為導向的 Welltower 股票使其成為他們的所有者。第二，引入 RIDEA 六結構，其中營運商的財富創造現在與 Welltower 股票緊密相關。第三，Welltower 也為 10 個最優秀的養老社區的員工提供每年 1,000 萬美元的現場補助金。

All of them capture the five key tenets of the incentive design that we have previously laid out to you. Simple, significant nongamable, earned as a team and duration matched with the immediacy of roles impact 10 years to four-well tower management, five to seven years for operating partners and one year for site-level employees.

它們都體現了我們先前向您介紹的激勵機制設計的五個關鍵原則。簡單、重要、不可賭博，以團隊形式獲得，持續時間與角色影響的直接性相匹配，對四井塔管理的影響為 10 年，對營運合夥人的影響為 5 到 7 年，對現場員工的影響為 1 年。

I would underscore that my colleagues are betting their prime years of their career on this idea, and so are many of my operating partners. Dan Hughes at StoryPoint, Matthew Duguet, Cogir and Cornesigl at Oakmont, while we are embarking on. What we are embarking on invades a unity of partners, share sacrifice and perhaps some share dilution, oven in a seamless wave of deserved trust and mirror reciprocation by a group of random people from different walks of life, and they share two rare genetic qualities, a fiduciary gene representing the innate desire to put the interest of our owners ahead of their own and the delayed gratification gene, which refers to their instinctive bias towards sacrificing an immediate reward for a much larger again tomorrow.

我想強調的是，我的同事們把他們職業生涯的黃金時期都押在了這個想法上，我的許多營運合夥人也是如此。StoryPoint 的 Dan Hughes、Oakmont 的 Matthew Duguet、Cogir 和 Cornesigl，我們正著手進行這項工作。我們即將開啟的，是一場夥伴間的團結，需要共同做出犧牲，或許還需要一些股份稀釋，在來自不同背景的一群陌生人之間，形成一種無縫銜接的信任和相互回報的氛圍。他們擁有兩種罕見的基因特質：一種是信託基因，代表著將所有者的利益置於自身利益之上的內在願望；另一種是延遲滿足基因，指的是他們本能地傾向於為了更大的未來而犧牲眼前的回報。

While a long-winded person like me with long attention span is perfectly capable of spending hours detailing every part of this plan. Let's focus on my favorite, the Welltower brand for site-level employees to honor the memory of Charlie Munger. -- and let's start by inverting.

像我這樣話多、注意力持續時間長的人，完全可以花幾個小時詳細描述這個計畫的每一個部分。讓我們專注於我最喜歡的品牌——Welltower，它是針對現場員工，以此紀念查理·蒙格。 ——讓我們從倒過來開始。

Our ultimate goal is to delight customers and their family. And of course, they want a digital experience, the ability to find us easily in a crowded and rapidly than data world and so on and so forth. But more than anything, residents want a consistent and happy pace who cares for them.

我們的最終目標是讓顧客及其家人感到滿意。當然，他們也想要數位體驗，能夠在擁擠且瞬息萬變的數據世界中輕鬆找到我們等等。但居民最渴望的還是一個穩定、快樂的生活節奏，以及有人關心他們。

Imagine a world where our site level employee work in beautiful and inviting communities equipped with most advanced and easy-to-use digital tools, freeing them from paperwork and administrative gardens. Not to mention meaningful career advancement opportunities in sister communities with the only regional portfolio of scale in this business and they get paid more than they otherwise would in a competitive community sometimes in a significant and life-changing way due to Welltower Grand.

想像一下，我們的第一線員工在美麗宜人的社區中工作，社區配備了最先進、最易用的數位工具，使他們擺脫了文書工作和繁瑣的行政事務。更不用說，由於 Welltower Grand 擁有業內唯一規模化的區域投資組合，他們在姐妹社區還有著有意義的職業發展機會，而且由於 Welltower Grand 的存在，他們的收入有時會比在競爭激烈的社區中更高，甚至會帶來重大且改變生活的影響。

Why would they leave? Cost to experience many -- over many they can suggest perhaps they owned. Instead, they will continue to delight our customers. Our reputation of happy customers will further attract even more customers who are willing to pay for that level of service in an industry where usually half of the phone calls go unanswered.

他們為什麼要離開？體驗很多東西的成本——比他們可能擁有的很多東西都要高。相反，他們將繼續為我們的客戶帶來驚喜。我們擁有眾多滿意的客戶，這將進一步吸引更多願意為這種服務水準付費的客戶。在這個行業裡，通常有一半的電話都無人接聽。

That's network effect, pure and simple. And the fruits of this network effect will silently compound over many years and decades to come. Charlie often said, take a simple idea and take it seriously. He would be happy to note today that we have taken the simple idea of Boxer star stewardship, along with Costco style customer obsession very, very seriously and getting our life on it.

這就是網路效應，簡單明了。這種網路效應的成果將在未來許多年甚至幾十年中悄悄累積。查理常說，要認真看待一個簡單的想法。他今天一定會很高興地註意到，我們已經非常非常認真地對待了拳擊明星管理這一簡單的理念，以及 Costco 式的顧客至上，並為此傾注了全部心血。

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

接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Congrats for the strong results for all the transactions. I guess just, Shankh, you've outlined a lot of changes, portfolio personnel, comp plan, et cetera. And I'm just trying to understand, like you talked about Welltower 3.0, but things have been going really well for well the industry. You've got leading results, stock 2x, 3x, depending on when you measure it. So I'm just trying to get a sense of like, ultimately, two things. One, in general, is there a goal? Is there something you're trying to prove? And kind of how should we think about the growth engine from a cash flow standpoint from here on?

恭喜所有交易都取得了優異的成績。我想說的是，Shankh，你已經概述了很多變化，包括投資組合人員、薪酬計劃等等。我只是想了解一下，就像你剛才提到的 Welltower 3.0 一樣，但對於整個產業來說，情況一直都很好。你的業績領先，股票價格是原來的 2 倍、3 倍，取決於你何時進行測量。所以，我最終只是想了解兩件事。第一，總的來說，是否存在目標？你是不是想證明什麼？那麼，從現金流的角度來看，我們該如何看待未來的成長引擎呢？

Thank you, Vikram. We're not trying to prove anything. We fundamentally believe, I personally fundamentally believe that we're here to contribute where we have really nothing to prove. Fundamentally, what we are trying to do is to take away if you just think about agency problem from the system across the board and try to align people to be owners, right? So align interest with our owners across the way through the whole ecosystem.

謝謝你，維克拉姆。我們並不是想證明什麼。我們從根本上相信，我個人也從根本上相信，我們來到這裡是為了做出貢獻，而我們真的不需要證明什麼。從根本上講，我們試圖做的就是消除整個系統中的代理問題，並努力讓人們成為主人翁，對吧？因此，要在整個生態系統中，與我們的所有者保持利益一致。

That's all we are trying to do. And bringing sort of the second question you asked, which is a very important one, which is how do we elongate the growth care well into the future. Making real money is all about duration and duration of growth is all that it matters. We're too focused on near term or too short term in this world. And if you think about think through how real value creation works, it's all about duration. So part of your question was why things are going well, why are we again disrupting it?

這就是我們努力的目標。引出您提出的第二個問題，這是一個非常重要的問題，那就是我們如何延長生長護理的持續時間，使其能夠持續到未來。真正賺錢的關鍵在於持續時間，而成長的持續時間才是最重要的。在這個世界上，我們太注重近期或過於短視的利益。如果你仔細思考真正的價值創造是如何運作的，你會發現一切都與持續時間有關。所以你的問題的一部分是，為什麼事情進展順利，我們又要再次破壞它？

Think about things who are going well very well for Netflix when they are killing it by sending people DVDs. And what would -- where would they be if that's what they're still doing today, right? If you don't has dropped your organization from within, somebody else will do it for you. And so that's what we are trying to do, thinking through what the future of this business will look like and we have taken them on ourselves to transform this business digitally to get to a better outcome for our customers and site level employees.

想想Netflix是如何透過寄送DVD而大獲成功的。如果他們今天還在做那件事，那他們會在哪裡呢？如果你自己不從內部瓦解你的組織，其他人也會替你這麼做。因此，我們正在努力思考這個產業的未來發展方向，並承擔數位轉型的責任，以期為我們的客戶和第一線員工帶來更好的結果。

That's all we are doing, and we hope that will generate very significant growth and compounding of cash flow over a period of time for our owners. And frankly speaking, that's the journey we're in.

這就是我們所做的一切，我們希望這能在一段時間內為我們的所有者帶來非常顯著的現金流成長和複利效應。坦白說，這就是我們正在經歷的旅程。

Jonathan Hughes, Raymond James.

喬納森·休斯，雷蒙德·詹姆斯。

Thanks for the prepared remarks and commentary and congrats on all the announcements. A lot to talk about, but hoping you can share more details on this new comp plan, was that presented by the Board as a team package as an all or nothing proposal? Did it evolve into that? And then the three operators that are now similarly changing their incentive fee to take units, is that structure being offered to other partners as part of EDA-6.0 to further align them with shareholders, now management and extend the duration of hopeful outperformance?

感謝各位準備的發言和評論，並祝賀所有宣布的事項。有很多內容要討論，但希望您能分享更多關於這項新薪酬方案的細節，董事會是否將其作為團隊方案提出，並且是全盤接受或全盤拒絕的？它演變成那樣了嗎？現在，這三家業者也以類似的方式改變了其激勵費用，以獲得股份。作為 EDA-6.0 的一部分，這種結構是否也提供給其他合作夥伴，以進一步使他們與股東（現在的管理層）保持一致，並延長有望取得優異業績的持續時間？

Okay. So let me answer the first question, and then we'll go to your second question. So our Board has spent enormous amount of time with leading comp consultants several law firms and many, many consultants and advisers for months at this point and spend hundreds and hundreds of hours to come up with what they consider is the right plan which you saw. So I have really nothing to add to that other than the fact that it aligns with the five tenants of the incentive design that we have always talked about, right? Simple, significant aren't as a team, duration matched and nongame, right?

好的。那麼，讓我先回答第一個問題，然後再回答你的第二個問題。因此，我們的董事會已經花費了大量時間與領先的薪酬顧問、幾家律師事務所和許多顧問進行磋商，幾個月來耗費了數百個小時，最終制定出了他們認為正確的方案，也就是你們看到的方案。所以，除了它與我們一直討論的激勵設計的五個原則相符之外，我真的沒有什麼要補充的了，對吧？簡單來說，重要的不是團隊合作，持續時間匹配，而且不是遊戲，對吧？

That's really what it is. As I said, the first three operators that we mentioned, they are the founding class. They don't necessarily have to be the only ones, right? We are trying to simply align the interest of our operating partners with our owners. And obviously, as you know, that regional density is very important to us.

事實的確如此。正如我所說，我們提到的前三個運營商，是創始集團。他們不一定是唯一的，對吧？我們只是想讓營運合夥人的利益與所有者的利益保持一致。顯然，正如您所知，區域密度對我們來說非常重要。

So if there will be opportunities to bring in other operating partners into the fold, we'll consider it. But at this point in time, we only have the three partners with the founding class of this new program, and we'll see where the future gets us.

所以，如果將來有機會引入其他營運合作夥伴，我們會考慮的。但目前，我們只有這三位合夥人，他們是這個新計畫的創始成員，未來會如何發展，我們拭目以待。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Shankh, in the past, you've talked about the various sources of capital available to the company. In the case of the acquisitions you announced yesterday, why not issue equity to fund some of those investments instead of the asset sales?

Shankh，您之前曾談到公司可獲得的各種資金來源。就您昨天宣布的收購而言，為什麼不發行股票來為部分投資提供資金，而不是出售資產？

Very, very good questions. So if you go to John, the first call I did as CEO, I laid out my belief of how capital allocation works. Most people think of capital allocation as a function of where capital goes or what you buy in a very simplistic term. It's actually so much more intricate than that. And then you have to think about your source of capital, and you have to think about relative cost of that capital.

非常好的問題。所以，如果你去問約翰，我作為執行長打的第一通電話，我就闡述了我對資本配置運作方式的看法。大多數人認為資本配置就是資本流向或購買物品，這種想法非常簡單。實際上情況遠比這複雜得多。然後你還要考慮你的資金來源，以及該資金的相對成本。

And so as you can think about what we are doing, if you fix the side, which is the buy and just purely consider the cell, -- you're right, correct. We could have done it through equity. And frankly speaking, the spot cost of that equity is lower than the spot cost of that asset sales, which is like $9 billion of asset sale that Nikhil talked about. So it would have generated a higher near-term accretion and it would have created a disaster for the long-term value creation of this company.

所以，你可以想想我們正在做的事情，如果你固定住買入的那一方，並且只考慮單元格，——你說得對，沒錯。我們本來可以透過股權融資來實現的。坦白說，這些股權的現貨成本低於這些資產出售的現貨成本，而這些資產出售的金額大約是尼基爾所說的 90 億美元。因此，雖然短期內可能會產生更高的收益，但對這家公司的長期價值創造來說卻是一場災難。

So in other words, if you think about our assessment of what we are giving up, you have to think about these things from an opportunity cost standpoint. What we are giving up by definition that we're not doing it through equity tells you that our view, which is a view you don't have to agree with, our view of our cost of equity is higher than the cost of the capital of the asset sales.

換句話說，如果你想想我們對放棄的東西的評估，就必須從機會成本的角度來考慮這些事情。我們放棄的東西，從定義上來說，就是我們不透過股權來實現這一點，這說明我們認為（你不必同意這種觀點），我們的股權成本高於資產出售的資本成本。

So you can come to the decision, obviously, why is that? Because we have a higher view of growth and the duration of growth of that equity. It is an incredibly important question. I have seen so many companies and their management get sucked into near-term FFO accretion math and dilute their shareholders without thinking through how long term value creation works. Thank you for the question.

所以你很可能會得出這樣的結論：為什麼會這樣呢？因為我們對股權的成長及其成長持續時間有更高的期望。這是一個極為重要的問題。我看過太多公司及其管理階層陷入短期 FFO 成長的計算中，不去思考如何創造長期價值，就稀釋股東權益。謝謝你的提問。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Shankh, wanted to circle up on the recent Care Home deals, the Barchester and -- he how do these portfolios compared to Welltower's current portfolio in terms of asset quality and maybe the private pay percentage? And does that impact the growth outlook of those assets at all? Or is it very similar to the current portfolio?

Shankh 想了解最近的養老院交易，例如 Barchester 和——這些投資組合與 Welltower 目前的投資組合相比，在資產品質和私人支付比例方面有何不同？這是否會對這些資產的成長前景產生任何影響？還是它與目前的投資組合非常相似？

Yes. On a cumulative basis, it's very, very similar. It's similar quality assets on a blended basis, similar metrics. So really no change there.

是的。從整體來看，兩者非常非常相似。它是在混合基礎上擁有相似品質的資產，具有相似的指標。所以實際上並沒有什麼變化。

Farrell Granath, Bank of America.

法雷爾·格拉納特，美國銀行。

I know in the opening remarks, you outlined a lot of the aspects of the MOB disposition, but I was wondering if you could discuss your decision why for the structure?

我知道在開場白中，您概述了 MOB 處置的許多方面，但我很想知道您能否討論一下您選擇這種結構的原因？

Yes. So let me repeat fell what I said. If you just think about it we are making an opportunity cost decision of two things. First, refocusing entirely have a singular focus of management's time and attention into this digital transformation of the industry called senior living. That's what we are focusing on. So that's sort of one aspect of a strategic move that's behind this. The second, obviously, is the cost of capital conversation We just had.

是的。讓我再重複一次我剛才說的話。仔細想想，我們其實是在做一項關於兩件事的機會成本決策。首先，要將管理層的時間和注意力完全集中到老年生活產業的數位轉型。這就是我們關注的重點。所以，這算是這項策略舉措背後的一個面向。第二個顯而易見的問題是資本成本，我們剛剛討論過這個問題。

Now remember, at the end of the day, we have no idea what the future looks like. We don't have a crystal ball. It is entirely possible that the value of these assets tomorrow is significantly higher, right? We obviously have a view that next 10 years is in a deglobalized world, it is going to look obviously, relative to the last 10 years, when we had zero inflation zero rates, it's going to be different.

但請記住，歸根究底，我們根本無法預知未來會是什麼樣子。我們沒有水晶球。這些資產明天的價值完全有可能大幅上漲，對吧？我們顯然認為，未來 10 年將是一個去全球化的世界，與過去 10 年零通膨、零利率的局面相比，情況顯然會有所不同。

But we have no idea we're right or not. So the structure reflects that if values go up significantly, right? Our value goes up at all. We -- our shareholders will still reap the benefit of that value accretion that we are living behind today. That's what the whole structure is about is how do we sort of do what we are trying to do and focus that capital into high-growth opportunities at the same time. We think very highly of remedy as an operator. All our colleagues are going there. We think they will continue to create a lot of value. It is entirely possible that cap rates come down. Interest has come down.

但我們完全不知道我們的做法是對是錯。所以，這種結構反映瞭如果價值大幅上漲的情況，對吧？我們的價值根本沒有提升。我們——我們的股東——仍將享受我們今天所擁有的價值成長所帶來的好處。整個架構的意義就在於，我們如何在實現目標的同時，將資本集中投入高成長機會。我們對 Remedy 作為營運商的評價非常高。我們所有的同事都要去那裡。我們認為他們將繼續創造巨大價值。資本化率完全有可能下降。利率下降了。

We're totally wrong about our macro views. And if all of those things happen, you have to sort of think about, okay, did I sell these assets in a wrong time in the cycle, right? So you just sort of think about an opportunity cost from a strategic standpoint, also an opportunity cost from a capital standpoint, and that's how we came to this conclusion.

我們對宏觀情勢的看法完全錯誤。如果所有這些事情都發生了，你就得考慮一下，好吧，我是否在周期中的錯誤時機出售了這些資產，對吧？所以，你要從策略角度考慮機會成本，也要從資本角度來考慮機會成本，這就是我們得出這個結論的原因。

Nick Yulico, Scotiabank.

Nick Yulico，加拿大豐業銀行。

Just following back up on the outpatient medical sale. Just a few questions there. I mean you guys in the sub give that held-for-sale NOI. I just want to make sure that, that's sort of apples-to-apples to apply that to the sale of the $7.2 billion and that looks like it's a 6.25% cap rate. And I just want to see if that's right. And then also on the preferred, if you could just talk about what the yield is you're getting on the preferred. And then also if you guys are offering any seller financing as part of the transaction?

跟進一下門診醫療銷售的情況。就問幾個問題。我的意思是，你們這些在子版塊裡的人，都給了待售的NOI。我只是想確認一下，將其應用於 72 億美元的出售是否恰當，看起來資本化率為 6.25%。我只是想看看是不是真的。另外，關於優先股，能否談談優先股的殖利率是多少？另外，你們是否提供賣方融資作為交易的一部分？

Sure. So I'll start kind of backwards. On the preferred, the coupon is -- and it's $1.2 billion, and that's really all we're leaving behind. That's why the $7.2 billion transaction results in net proceeds of $6 billion. So no seller financing -- this will be financed through bank financing.

當然。那我就從倒敘的方式開始吧。就優先股而言，優惠券是——而且是 12 億美元，這真的是我們留下的全部了。因此，這筆 72 億美元的交易最終淨收益為 60 億美元。因此，不提供賣方融資——這筆交易將透過銀行貸款進行融資。

Then secondly, to answer your question about the yield, that 6.25s in the right ballpark. That includes some property management and profitability as well. The real estate yield is a little bit lower -- but then, obviously, if you think about the net yield once you factor in the reinvestment of the pref, that's closer to 6%.

其次，回答你關於報酬率的問題，6.25 左右比較適合。這其中也包括一些物業管理和盈利能力方面的工作。房地產收益率略低——但顯然，如果你考慮到優先股的再投資，淨收益率就接近 6% 了。

Omotayo Okusanya.

奧莫塔約·奧庫桑亞。

Yes. more high-level question for you guys. When your numerous press releases hit last night, I couldn't help go back to strong annual letter where you really kind of doubled down on this idea that you can actually grow faster at a bigger size and that because of various network effects you would get. And you also kind of talked a lot about doubling down on data design, because of just kind of improved latency and how would just kind of help you do business with better operational efficiency.

是的，還有一些高層次的問題想問你們。昨晚你們發布了大量新聞稿，我不禁回想起你們那份強有力的年度信函，信中你們再次強調了這樣一個觀點：規模越大，增長速度反而越快，而且由於各種網絡效應，你們還能獲得更大的發展空間。你也多次談到要加大對數據設計的投入，因為這可以改善延遲，並幫助你以更高的營運效率開展業務。

Could you talk a little bit about just to get Welltower 3.0 in and everything that's going on, whether it's REDIA 6.0, all this alignment with management compensation. How do you kind of just see all that stating together? And exactly what does that set you up for going forward?

您能否談談Welltower 3.0的引入以及所有正在進行的工作，無論是REDIA 6.0，還是與管理層薪酬相關的所有這些調整？你如何看待所有這些因素綜合在一起？那這究竟會為你的未來帶來什麼影響呢？

Very, very good questions. So to think about it, let's take it simplistically. Let's talk about, obviously, we laid out in my annual letter, how sort of a growth confirm an organization works, right? We sort of talked about first, to get a team of people together in close proximity, which is obviously talked about how that works.

非常好的問題。所以，讓我們用最簡單的方式來思考這個問題。我們來談談，顯然，正如我在年度信中闡述的那樣，成長如何確認一個組織運作良好，對吧？我們首先討論的是如何將一群人聚集在一起，這顯然也涉及到如何實現這一點。

And according to Newton's law of gravitation, so you got it, obviously, that forces proportional to the invest in proportion to square the distance. So it's a very important factor that you bring this team as tight and close as possible. Why? Because a tight team is where you have very, very little latency. But let's think about that a little bit more, how that reflects, right?

根據牛頓萬有引力定律，很明顯，力與距離的平方成正比。所以，讓這個團隊盡可能團結緊密是一個非常重要的因素。為什麼？因為團隊協作越緊密，延遲就越低。但讓我們再仔細想想，這反映了什麼，對吧？

You think about, okay, let's just take easy example. Examples, right? This is a business John talked a lot about like if you call a community there's a pretty good chance that 50% of the chance that you'll not hear back.

你想想，好吧，我們舉個簡單的例子。舉例子，對吧？這是約翰經常談到的一個行業，例如如果你打電話給一個社區，有 50% 的可能性你不會得到回應。

And if you do hear back, there's a pretty good chance that you will hear back in two business days. Now think about where Welltower business system has been deployed our customers, prospective customers are hearing back in single-digit minutes, which is still not acceptable to me. But at least hearing back in single-digit minutes instead of two days. That's significantly reducing latency.

如果收到回复，很有可能會在兩個工作天內收到回覆。現在想想 Welltower 商業系統已經部署到哪裡了，我們的客戶和潛在客戶在個位數分鐘內就能收到回复，這對我來說仍然是無法接受的。但至少能在幾分鐘內收到回复，而不是兩天。這樣可以顯著降低延遲。

Think about historically, this business room turned happened in 37 days. Now it's happening in 11, still significantly higher than what John did Jay did, which was three to five days, but as we're getting there. that latency, that you are taking latency out of the system right? If you think about -- we just talked about, right, in our company, I'll give you a third corporate level example. In our company, there is no management layer. It's not like things flow through layers from A to B to C to D. And finally, it comes to the executive, and we make decisions.

從歷史角度來看，這個商業空間的轉變只花了 37 天。現在需要11天，仍然比John和Jay之前花費的時間（三到五天）要長得多，但我們正在逐步提高效率。延遲，也就是你正在消除系統中的延遲，對吧？想想我們剛才討論的，對吧，在我們公司裡，我再舉一個公司層面的例子。我們公司沒有管理層級。事情並不是像從A到B到C到D那樣層層流轉，最後才送到高階主管那裡，由我們來做決定。

That's not how this organization works. We actually do the work with the bar hands sitting down and make decisions on the spa, right? So you think about bass-taking latency out of the system and you make decisions fast, right? That's how you get these kind of results. When latency comes down in a system, that's when network effect kicks into gear, high gear and you get into award a maximum gain maximum growth in otherwise what is a glacially moving pace of doing business.

本組織並非如此運作。實際上，我們都是和吧台員工坐下來一起討論水療中心的相關事宜，對吧？所以你會考慮如何降低系統的延遲，並迅速做出決定，對嗎？這就是獲得這類結果的方法。當系統延遲降低時，網路效應就會迅速發揮作用，讓你在原本緩慢發展的業務中獲得最大收益和最大成長。

That's what we're trying to do. We have done that, as I talked about on my annual letter on the transaction side, deal side of the house, right? Think about how many people have, think about the common Nikhil made we have bought 700 communities.

這就是我們努力的目標。我們已經做到了這一點，正如我在年度信函中談到的交易方面，對吧？想想有多少人擁有，想想尼基爾製造的普通人，我們已經買了 700 個社區。

And I'm going to repeat what he said. We have worked every single one of these communities. That is not given. How do we do that, right? Sort of how do we take the latency out of the system is a lot of technology initiative, a lot of decade of effort.

我要重複他剛才說的話。我們已經與這些社區中的每一個都進行了合作。那並非既定事實。我們該怎麼做呢？如何消除系統延遲是一個需要大量技術創新和十年努力才能實現的問題。

So that's kind of what we do. And on the other hand, if you just think about it, the hiring of Jeff and Tucker and Logan -- and what is the next step of that is to do that in the operations. I expect someday that no calls will go unanswered. And every case, if it goes it will be returned immediately. That will be taking latency to zero. And those days of operations are coming.

所以，我們基本上就是這麼做的。另一方面，如果你仔細想想，聘用傑夫、塔克和洛根——下一步就是在營運方面做到這一點。我希望有一天所有來電都能得到接聽。如果任何物品寄出，都會立即退回。這將使延遲降至零。行動的日子終將到來。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Lots of exciting news today. So I'll ask something maybe more holistic in that. How do you go about managing the execution risk of everything announced today, including acquisitions, dispositions, new leaders. Where are you focused from an operational perspective to ensure these changes are implemented successfully and what could go wrong here?

今天有很多令人興奮的消息。所以我可能會問一些更全面的問題。如何管理今天宣布的所有事項（包括收購、處置、新領導人）的執行風險？從營運角度來看，您重點關注哪些方面以確保這些變革成功實施？這裡可能會出現哪些問題？

That's a very, very broad question. So look, the fact of the matter is how do we manage risk on -- on the deal side of the house, we have a very, very large team, which obviously has more experience in doing transaction than pretty much any team in this business, right, that doesn't require an asteric. It does. So you think about it, that's -- obviously, that happens, that team has done even during COVID incredible execution. When you couldn't fly, you couldn't do all of those things. So a that sort of way. And that team is teams in the Nikhil's team deal tax, deal accounting and deal sort of on the legal side.

這是一個非常非常廣泛的問題。所以，事實是我們如何管理風險——在交易方面，我們有一個非常非常龐大的團隊，顯然，他們在交易方面比這個行業中幾乎任何其他團隊都更有經驗，對吧，這不需要星號標記。確實如此。所以你想想，這——很明顯，這種情況確實會發生，即使在新冠疫情期間，這支團隊也取得了令人難以置信的執行力。當你無法飛行時，你就無法做所有這些事情。就是這樣。而這個團隊包括 Nikhil 團隊中的稅務、會計和法律方面的團隊。

So there's a very, very strong team combined whether it's US, Canada and UK. On the operations side, the reducing risk on operations is a purely a function of what we talked about building out Welltower business systems and trying to put that into high gear. And we are constantly evolving that, right? We're bringing in executives from industries are higher standards. We obviously talked about a few.

所以，美國、加拿大和英國聯合起來組成了一支非常非常強大的隊伍。在營運方面，降低營運風險完全取決於我們先前討論的建置 Welltower 業務系統並努力使其高速運轉。我們一直在不斷改進這一點，對吧？我們正在從標準更高的行業引進高階主管。我們當然也談了一些。

And that process is evolving. Our view of what the opportunity is is we're getting more and more and more excited about it every day. And we're bringing people who are looking at ourselves and say, what kind of skills we're missing. And we're bringing in people to complement that and take this thing forward. That's really what it is, and that's what we are doing. Remember, business is all about people. Spreadsheets don't do business with spreadsheets, legal documents don't do business with legal documents.

而且這個過程還在不斷發展中。我們每天都越來越興奮地看待這個機會。我們正在邀請一些人來審視我們自身，並思考我們缺乏哪些技能。我們正在引進人才來補充現有人員，並推動這項工作向前發展。事實的確如此，而這正是我們正在做的。記住，商業的本質在於人。電子表格不會和電子表格做生意，法律文件不會和法律文件做生意。

That it is entirely a people-driven business, most business, I believe, are people-driven business. And for us, it is all about bringing and attracting the best talent and retaining the best talent. That's all we are trying to do. That's your ultimate risk mitigation through building a real vibrant culture where people, everybody is all in and they behave like owners.

這是一個完全以人為本的企業，我相信大多數企業都是以人為本的企業。對我們來說，關鍵在於引進並吸引最優秀的人才，並留住最優秀的人才。這就是我們努力的目標。透過建立真正充滿活力的企業文化，讓每個人都全力以赴，像主人翁一樣行事，這就是降低風險的最終方法。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

A quick two-parter for me. So on the incentive structure for Welltower 3.0. The presentation mentioned the five named executive officers, but far down the release, it also notes that management is working with the Board on long-term incentive and retention for two existing and five newly promoted EVPs. So I guess my first question is, is it -- was it possible for all 12 to go all in on the incentive structure -- and then my quick follow-up is just on competition over the next 10 years, whether it's talent, whether it's technology as more capital comes to the space, how do you think about protecting Welltower's moat over that time period?

對我來說，這篇內容很快就能分成兩個部分。關於 Welltower 3.0 的激勵機制。簡報中提到了五位指定的執行官，但在新聞稿的後半部分，也指出管理層正在與董事會合作，為兩位現有執行副總裁和五位新晉升的執行副總裁制定長期激勵和留任計劃。所以我想我的第一個問題是，這 12 家公司是否有可能全部都參與激勵機制？然後我的後續問題是，關於未來 10 年的競爭，無論是人才競爭還是隨著更多資本流入該領域的技術競爭，您認為如何在這段時間內保護 Welltower 的護城河？

Thank you, Ron. Those two questions are actually fairly correlated. So let's start with your first question. As we said that we are working with our Board to come up with strategy to retain our colleagues who are actually doing all the works. We're absolutely have doing all these things and hopefully, that you guys are pleased with our execution. That's not because of me or Tim or Nikhil, that's our group team.

謝謝你，羅恩。這兩個問題其實相當相關。那麼，我們就從你的第一個問題開始吧。正如我們所說，我們正在與董事會合作，制定策略來留住那些真正做所有工作的同事。我們絕對會盡力做好所有這些事情，希望你們對我們的執行感到滿意。那不是因為我、Tim 或 Nikhil，而是因為我們整個團隊。

This is a team game. We're all putting tremendous amount of effort 24/7, and this has been 10 years in a row. So this has been obviously for us that retaining that group of people that you mentioned is extremely important. How we go about it, it's a board process or as I mentioned in the previous question, that our Board has gone through enormous amount of effort with their lawyers and bankers and comp consultants to come up with a process that has been satisfactory for us.

這是一項團隊運動。我們所有人都在日夜不停地付出巨大的努力，而且這種情況已經持續了10年。所以很明顯，對我們來說，留住你提到的那群人至關重要。我們採取的方式是，這是一個董事會流程，或者正如我在上一個問題中提到的，我們的董事會與他們的律師、銀行家和薪酬顧問進行了大量的努力，最終制定出了一個令我們滿意的流程。

And we'll hope that, that same process will unfold, and we'll get to the satisfactory answer for our rest of our colleagues here that you mentioned -- but as far as I'm concerned, as you know, I only believe in one way of living, go all in and do it in that manner, right? Do very few things. The only things I like to do is to go absolute all in. So that will be my hope. And think about it, the second point of your question as more capital comes in, there's a structural element to that question.

我們希望同樣的流程能夠展開，並最終得到您提到的其他同事滿意的答案——但就我而言，正如您所知，我只相信一種生活方式，那就是全力以赴，按照這種方式去做，對吧？少做事。我唯一喜歡做的事情就是全力以赴。這就是我的希望。仔細想想，你問題的第二點，隨著更多資本的流入，這個問題有結構性因素。

As you think about it, a lot of capital is structured in GP LP style. Frankly speaking, LPs don't pay GP enough to spend the hundreds of millions of dollars that we spend on technology to get there because there's no way to get that money back, frankly speaking, so we shall see how that happens. It needs to be done by Palm and Capital. And from a Palm and Capital standpoint, you need a mindset. It's not a question of money. You just need a mindset to say, how do I transform a business?

仔細想想，很多資本都是以普通合夥人（GP）和有限合夥人（LP）的形式建構出來的。坦白說，有限合夥人支付給普通合夥人的錢不足以讓我們投入數億美元用於技術研發，因為坦白說，這些錢根本無法收回，所以我們拭目以待。這件事需要由Palm和Capital來完成。從 Palm 和 Capital 的角度來看，你需要一種思考方式。這不是錢的問題。你只需要轉變思維方式，思考“我該如何改造一家企業？”

How do I invest today where I may or may not see the benefits of which for a long time to come. That's the question of long attention span. You guys don't remember, but when we went after this sort of the data science approach in those days, we was not call AI or something, we call machine learning. supervised learning, unsupervised learning. We've got no nothing out of it for three years, and we keep investing, right, and kept going around and seeing -- our we can get there.

我今天該如何投資，才能確保在很長一段時間內都能看到收益？這就是注意力持續時間的問題。你們可能不記得了，但當年我們研究這種資料科學方法的時候，不叫人工智慧之類的，我們叫機器學習，也叫監督學習、無監督學習。三年來我們一無所獲，但我們一直在投資，一直在四處奔走，看看我們能否成功。

Ultimately, it's exciting to talk about. After five years, we got something out of it. And what has done to today for latency in our firm, but it requires years of investment and that sort of evolves the needs of the organization, the talent of the organization. We are constantly trying to move them all forward and we welcome other people to do. Most people so that we want to see what is out of the possible looks like.

歸根結底，談論這個話題令人興奮。五年後，我們終於有所收穫。而這為我們公司今天的延遲帶來了什麼影響呢？但這需要多年的投資，並且會隨著組織的需求和人才的演變而發展。我們一直在努力推動它們向前發展，也歡迎其他人參與其中。大多數人都想看看超出預期範圍的東西是什麼樣子。

And if other people come up with good stuff, we have no problem to copy. But unfortunately, in this world, most people do have long intention span. Instant gratification is how most of the companies work. And as I said, GP LP structure is actually not very amenable to long-term innovations. It needs to come from Palm and Capital.

如果其他人想出了好東西，我們也不介意借鏡。但遺憾的是，在這個世界上，大多數人的注意力持續時間都很短。大多數公司都奉行即時滿足的原則。正如我所說，GP LP 結構實際上不太適合長期創新。它需要來自Palm和Capital。

Seth Berge, Citi.

Seth Berge，花旗集團。

It's, Nick Joseph, here with Seth. Shankh, just one question, obviously, on the strategy change. Curious if you could touch on the balance between going more all-in on senior housing versus the earnings volatility as Welltower becomes less diversified going forward.

我是尼克·約瑟夫，和塞思在一起。Shankh，顯然，我只有一個關於策略改變的問題。我很想知道，隨著 Welltower 未來業務多元化程度的降低，增加對老年住房的投資與收益波動之間的平衡問題是什麼。

Very good question. So Nick, I would refer you to sort of understand how we think about this topic, starting from our foundational document, which is called the letter to future shareholders. you will see that there's a whole section I wrote about this topic of volatility versus risk.

問得好。所以尼克，我建議你先了解我們是如何看待這個問題的，可以從我們的基礎文件——致未來股東的信——開始。你會看到，我專門用一個章節來討論波動性與風險之間的關係。

We are not concerned about volatility, we are concerned about risk. And risk is the probability of losing Palm Capital. So for your first question, if you just think about how we behave, let's take an example of the last five years. What are the two periods of volatility? One was COVID, right?

我們並不擔心波動性，我們擔心的是風險。風險是指棕櫚資本遭受損失的機率。所以對於你的第一個問題，如果你想想我們的行為方式，讓我們以過去五年為例。波動期分為哪兩個階段？其中之一就是新冠病毒，對吧？

And sort of what happened subsequent to that COVID, whether it's labor and other inflation issue all -- what did we do? We ran towards it, not run from it. So we like volatility. What happened six months ago, liberation, the exact same thing. So if you think about where we built our organization, we built through the moats of volatility-- we love volatility. But on the other hand, risk mitigation, that's why you are seeing we're running a balance sheet impossibly low leverage, right?

而新冠疫情之後發生的事情，無論是勞動市場問題還是其他通貨膨脹問題──我們做了什麼？我們迎著它跑去，而不是逃離它。所以我們喜歡波動性。六個月前發生的事情，解放，和現在一模一樣。所以，如果你想想我們是如何建立起我們的組織的，我們就是在波動性的護城河中建立起來的——我們熱愛波動性。但另一方面，為了降低風險，所以我們才看到我們的資產負債表槓桿率低得不可思議，對吧？

So risk management is if not just you have to think through, you can do it from the asset side, the asset mix or you can do it through the liability side. So that's sort of thing I sort of -- I would like you to sort of think about that. Some kind of belts and suspenders we have built into it.

所以風險管理，如果不是只靠思考，你可以從資產面、資產組合面著手，也可以從負債方面著手。所以，我希望你們能思考這個問題。我們在其中加入了一些雙重保障措施。

Second is operational. And think about what we are doing in this business from an operational standpoint to reduce -- meaningfully reduce risk to get into -- to understand how this business works, right? Obviously, it is a business where it's a complex adaptive system different people got, obviously, results are almost always on the tails. I wrote about that for many years in my annual letters. And so we know how to manage the tail risk -- and that's what we are doing.

第二點是營運層面。從營運角度思考一下，我們在這個行業中正在做什麼，以降低——切實降低進入這個行業的風險——從而了解這個行業是如何運作的，對吧？顯然，這是一個複雜的適應性系統，不同的人得到的結果顯然幾乎總是差強人意。我在每年的年度信件中都寫過這件事。所以我們知道如何管理尾部風險——而這正是我們正在做的。

Everything we are doing to build out our operating systems, what our business system is to manage that risk. We like volatility. We're trying to manage risk. And that comes in both forms, One is to managing the risk through balance sheet and managing operational risk throughout our business system, which is why we're putting all the efforts. Hopefully, that answers your question.

我們為建構作業系統所做的一切，以及我們為管理風險而建立的業務系統。我們喜歡波動性。我們正在努力管控風險。這體現在兩個方面：一是透過資產負債表管理風險，二是透過管理整個業務系統中的營運風險，這也是我們全力以赴的原因。希望這能解答你的疑問。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just on the investment side, curious on your thoughts on both single-family and manufactured housing and opportunities or lack thereof in those two food groups relative to the seniors in active adults.

就投資方面而言，我很好奇您對獨棟住宅和預製房屋的看法，以及這兩個食品類別相對於老年人和活躍成年人的機會或缺乏機會。

Very, very good question. Finally, somebody gave me an easy question to answer. I remain within my cycle of competence. I don't comment on things that I don't know anything about. So that's one of our key tenets of our business that we are very much focused on what we know and our cycle of confidence, what do I know about manufactured housing and nothing. So we'll remain within our circa competence, keep doing what we do.

問得非常好的問題。終於有人給了我一個容易回答的問題。我仍在我的能力範圍內。我不評論我不了解的事。所以，這是我們業務的關鍵原則，即我們非常專注於我們所了解的事物以及我們的信心週期，我對預製房屋了解多少？一無所知。所以我們會繼續在能力範圍內工作，繼續做我們正在做的事情。

Richard Anderson, Cantor Fitzgerald.

理查德·安德森，康托·菲茨傑拉德。

So the investments in hard assets is real interesting. And headline grabbing and all that. But I think you would agree, the most important investments you're making are -- and I don't even know, I don't have to guess in people but also in operating systems and technology.

所以，對硬資產的投資真的很有意思。還有，博取眼球之類的。但我認為你會同意，你最重要的投資是──我甚至不知道該怎麼形容，不用我猜測，就是在人才、作業系統和技術方面。

But so I want you to reconcile something for me and how you're approaching this. So your incremental tech investment is is requiring a requisite return on that investment for it to be a reasonable investment. And so for all the customer experience that you're talking about and happy customers, happy associates and all that sort of stuff.

所以我想請你幫我解釋一下你處理這件事的方式。因此，你新增的技術投資需要獲得相應的回報，才能稱得上是合理的投資。所以，你剛才提到的所有顧客體驗、滿意的顧客、滿意的員工等等，都非常重要。

What do you -- do you have concern about fatigue at the rent level? In other words, everyone's happy, but then they see a 10%, 12% increase in the rent every year. At what point are you kind of watching it to make sure it's not happening and to maybe have to sort of scale back some of these internal investments that are really what are going to sustain you for the next 5, 10 years. I'm just curious how you approach that line of sight.

你覺得──你是否擔心租金水平會讓人感到疲倦？換句話說，大家都很高興，但他們發現房租每年上漲 10% 到 12%。你會在什麼情況下密切關注，以確保這種情況不會發生，並可能不得不縮減一些內部投資，而這些投資才是未來 5 到 10 年真正能夠支撐你發展的。我只是好奇你是如何看待這條視線的。

Very, very good question. So if you just think about the two questions inside your question. First is the technology investments, whether it's technology itself or its people around technology we almost have an unlimited appetite to do it. And the way we see that returns, it's a significantly higher returns than real estate returns, and you see that returns come through a real estate P&L. I hope you are seeing that look at your performance relative to the industry performance or relative to anybody.

問得非常好的問題。所以，如果你仔細想想你問題中包含的兩個問題。首先是技術投資，無論是科技本身還是圍繞著科技的人才，我們都有著幾乎無限的熱情去進行投資。我們看到，這種投資回報比房地產回報高得多，而房地產的損益表卻反映了這種回報。我希望你能看到這一點，看看你的表現相對於行業表現或相對於任何人的表現。

And you will see that. And these performances are not coming through because we have easy comps. We have very, very hard comps -- and despite that these results are coming through. So you are getting back that ROI, which is significantly higher than, as I said, real estate ROI through the P&L. So that's sort of the first question.

你會看到這一點的。這些表現之所以沒有體現，是因為我們面對的是一些容易的對手。我們面臨著非常非常嚴峻的競爭環境——儘管如此，我們還是得到了這樣的結果。所以你獲得了投資回報率，正如我所說，這比透過損益表計算出的房地產投資回報率要高得多。所以，這算是第一個問題。

Second question the nuance question, nuance question, which is if you think about -- I've said this before, we like to think about how this business works. Obviously, if you have no rooms to sell by nature of demand supply, rents go up. However, we have always kept rents sort of in high single-digit level. We think that's sustainable in that sense, and we have no problem leaving money on the table today for tomorrow, right?

第二個問題是細微差別問題，細微差別問題，那就是──我以前說過，我們喜歡思考這個產業是如何運作的。顯然，如果由於供需關係而沒有房間出售，租金就會上漲。然而，我們一直將租金維持在個位數的高點。我們認為從這個意義上講，這是可持續的，我們今天少賺點錢是為了明天，對吧？

Now one of the things that in senior living business, if you think about sort of the -- how long people stay in your community on average of, say, 20 months you only get one of those rent increases, right? So from your perspective, I thinking people are getting first 10, 12 is not something we send people. But regardless if you're thinking, okay, what if somebody gets 10% rent case for five years, that's not really how it works, right? An average duration is, call it, 18 to 24 months, so you usually get one trend to increase there.

在養老社區產業，如果你想想人們平均在你的社區居住的時間，比如說 20 個月，你只會漲一次房租，對吧？所以從你的角度來看，我認為人們會收到前 10、12 個，但我們不會把這些發送給人們。但不管你怎麼想，好吧，如果有人獲得五年 10% 的租金減免，那又怎樣呢？但實際情況並非如此，對吧？平均持續時間約為 18 至 24 個月，因此通常會出現一種成長趨勢。

So put all of those things together, just no philosophically, if that question is a philosophical question. I've said this that delayed gratification gene is part of this organization's ethos. We'll always leave money on the table today for a greater gain tomorrow. That's just how this place works. So we're not in a hurry -- we won the duration of that growth and duration of the growth comes from happy customers and happy employees, and that's what we're focused on.

所以把所有這些因素綜合起來，只是不要從哲學角度去探討，如果這個問題本身就是一個哲學問題的話。我曾說過，延遲滿足的基因是本組織精神的一部分。我們總是會為了明天更大的利益而放棄今天現有的利益。這裡就是這樣運作的。所以我們並不著急——我們贏得了成長的持續時間，而成長的持續時間來自於滿意的客戶和滿意的員工，而這正是我們所關注的。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Apologies a bit of a pedestrian question, but maybe for Tim. How was the $1.1 billion noncash charge for the comp plan calculated? Just trying to understand some of the accounting mechanics here, please.

抱歉問個有點普通的問題，但也許對提姆來說會有幫助。該薪酬計畫中11億美元的非現金支出是如何計算的？我只是想了解這方面的會計運作機制，謝謝。

Yes, Jim. So the plan is highlighted in our 10-Q. The plan is since you broken up into two pieces. There's an upfront expense piece of it which is the $1.1 million that you're alluding to. And then there's another $200 million that will be amortized over the following 10 years of the plan.

是的，吉姆。因此，該計劃已在我們的 10-Q 表格中重點列出。計劃是這樣的，因為你已經分裂成兩個部分了。其中有一部分前期費用，也就是你提到的 110 萬美元。此外，還有 2 億美元將在該計劃的接下來 10 年內攤提。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Do you see similar opportunities for the Welltower business system in the UK as you do in the US? Is it pretty much plug in play?

您認為Welltower商業系統在英國的發展機會與在美國的發展機會類似嗎？它是不是幾乎即插即用？

It is nothing but plug and play, but yes, we do enormous opportunity. Just think about, generally speaking, there's a tremendous amount of opportunity overall. -- in this business from an operations and operations sophistication perspective and that same opportunity exist in UK as well in a very much so.

它完全就是即插即用，但確實，我們擁有巨大的機會。總的來說，想想看，這個產業整體上蘊藏著巨大的機會──從營運和營運成熟度的角度來看，英國也同樣蘊藏著巨大的機會。

And our operating partners are welcoming us to bring in new ideas, new technology, new process. Business Systems is about business first systems later. It's about process and first technology leader. But still all of those things we're enormously excited about that opportunity in. Nikhil, do you want to add anything to that? Or John?

我們的營運夥伴歡迎我們帶來新的理念、新技術和新流程。業務系統先專注於業務，其次才是系統。關鍵在於流程和領先的技術。但即便如此，我們對這個機會仍然感到無比興奮。尼基爾，你還有什麼要補充的嗎？或約翰？

No, I think that covers it. It's really the same opportunity set.

不，我想這樣就夠了。實際上，機會是一樣的。

One of the things I just mentioned from a UK standpoint, yes, you have seen, hopefully, in coat on our press release that the UK government is meaningfully welcoming us to bring that technology that operational sophistication to the care sector. So that's also very much of a strong angle that we have been working with the government.

從英國的角度來看，我剛才提到的其中一點是，是的，希望你們已經在我們的新聞稿中看到了，英國政府非常歡迎我們將這種技術及其操作上的複雜性引入護理行業。所以，這也是我們與政府合作的重要方向。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，格林街。

Can you help frame how NOI is performing in 2024 vintage as senior housing acquisitions versus expectations at underwriting.

您能否幫忙分析一下 2024 年到期的老年房屋收購專案的 NOI 表現與承銷預期之間的差異？

John, generally speaking, we have -- let's just talk about where it's not performed. We wiped obviously very big in holiday, right? Other than holiday, I would say, most on not just as an individual butters and also as an aggregate, acquisitions have performed in line to higher than what we underwrote. Nikhil, would you say that?

約翰，總的來說，我們有——我們來談談它沒有被執行的地方吧。我們假期顯然擦得很乾淨，對吧？除了假期之外，我想說，大多數收購，無論是作為個體還是作為一個整體，其表現都高於我們的預期。尼基爾，你會這麼說嗎？

Yes, absolutely correct. Yes.

是的，完全正確。是的。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Just curious what percent of the show NOI, the three operators under 6.0 represent? And I guess as you continue to grow, how do you keep a large percentage of the show NOI under that new alignment -- and just curious if there are rules to adding other operations structure in the near term?

我只是好奇，營業淨收入低於 6.0 的三家業者分別佔整個展會淨營業收入的百分比是多少？我想隨著你們的不斷發展，你們是如何在新架構下保持大部分的節目NOI？另外，我很好奇在短期內增加其他營運結構是否有任何規則？

Yes. So I don't really have that information this up. I don't have the number top of my head.

是的。所以我目前還沒有掌握這些資訊。我一時想不起來具體數字。

20%.

20%。

So that's, in that sense, at 20%. But remember, as I answered in the previous question that this doesn't have to be -- that was the founding class. This doesn't have to be only those three operating partners. And what we are trying to do is to run a regional density of a business, bringing our operators operating partners to focus on what they do. This is a business that has unremoval complexity at the customer level, which our operating partners do an exceptional job of providing their care and handling that complexity. On the other hand, we are only focused on where scalability creates a strategic advantage, right?

所以從這個意義上講，就是 20%。但請記住，正如我在上一個問題中回答的那樣，這不一定是——那是創始階級。這不一定非得是那三個營運合夥人。我們正在努力實現的是區域性的業務密度，讓我們的營運商合作夥伴專注於他們所做的事情。這是一個在客戶層面具有不可消除的複雜性的業務，而我們的營運合作夥伴在提供關懷和處理這種複雜性方面做得非常出色。另一方面，我們只關注可擴展性能夠創造策略優勢的領域，對嗎？

So that's sort of how the responsibilities are being divided and were both, as I know, as I mentioned times, several times, our interests are aligned, and we're all trying to get to the same place, right? So if that's the case, we don't see a lot of issues to get there as operational issues come up, we're obviously solving it together, and we'll see where we get to.

所以，這就是責任的劃分方式。而且，正如我多次提到的，我們雙方的利益是一致的，我們都在努力達到同一個目標，對吧？如果情況真是如此，我們認為實現目標不會遇到太多問題，如果出現營運方面的問題，我們顯然會一起解決，看看最終結果如何。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Just a quick one on the announced investments. You talked about IRRs, but can you just give a sense as to the overall initial blended yield on the $14 billion and maybe parameters for how wide the range was between the different components?

關於已公佈的投資項目，簡單提一下。您提到了內部報酬率 (IRR)，但您能否大致說明一下 140 億美元的初始綜合收益率，以及不同組成部分之間的收益率範圍有多大？

Yes, Mike, we never really disclosed yields until the transaction is closed, and then it shows up in the sub. But in general, the activity is not that dissimilar to our activity in the last couple of years.

是的，麥克，我們通常直到交易完成才會揭露收益率，然後收益率才會出現在子報告中。但總的來說，這項活動與我們過去幾年的活動並沒有太大的不同。

All right. Thank you, Mike, and thank you all for your questions today. Ladies and gentlemen, this does conclude today's call. So again, thanks for joining in. You may now disconnect. Have a great day, everyone.

好的。謝謝你，麥克，也謝謝大家今天提出的問題。女士們、先生們，今天的電話會議到此結束。再次感謝大家的參與。您現在可以斷開連線了。祝大家今天過得愉快。