Welltower Inc. (WELL) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Welltower first quarter 2026 earnings conference call and webcast. (Operator Instructions)

感謝各位稍候。此刻，我想歡迎各位參加 Welltower 2026 年第一季財報電話會議與網路直播。（接線員指示）

I would now like to turn the conference over to Matt McQueen, Chief Legal Officer and General Counsel. The floor is yours.

現在我想將會議交給首席法務長兼總法律顧問 Matt McQueen。請開始。

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

謝謝，各位早安。提醒各位，本次電話會議中所作的某些陳述，可能構成《私人證券訴訟改革法》所定義的前瞻性陳述。儘管 Welltower 相信任何前瞻性陳述係基於合理假設，公司仍無法保證其預測結果一定能達成。可能導致實際結果與前瞻性陳述存在重大差異的因素，已詳載於公司向美國證券交易委員會（SEC）提交的文件中。

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

接著，我把電話交給 Shankh 發表談話。

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，Matt，各位早安。如同往常，我將回顧業務趨勢與我們的資本配置優先事項，團隊也會依照一貫節奏接續進行。

We started the year on a strong note with the business continuing to fire on all cylinders. While the heightened geopolitical tension and macroeconomic volatility dominated the headlines, our niche need-based and private pay rental housing business did not miss a beat.

我們以強勁態勢展開新的一年，業務持續全速運轉。儘管地緣政治緊張升溫與總體經濟波動占據新聞版面，我們聚焦利基、以需求為導向且以自費（private pay）為主的租賃住宅業務仍穩健前行、絲毫未受影響。

Driven by a combination of strong organic growth and acquisition activity, our total revenue for the quarter increased 38% year over year, while adjusted EBITDA was up 36%. Most importantly, we delivered another quarter of strong bottom line part share growth with FFO per share increasing 23% while we continue to deleverage our balance sheet and invest in people and systems.

在強勁的內生成長與併購活動的共同帶動下，本季總營收年增 38%，調整後 EBITDA 年增 36%。更重要的是，我們再度交出亮眼的每股獲利成長：每股 FFO 成長 23%；同時我們持續降低槓桿、強化資產負債表，並投資於人才與系統。

Our balance sheet provides us with substantial firepower and flexibility. These results exceed our already high expectation coming into the year, enabling us to raise the midpoint of our full year FFO per share guidance by $0.11 to $6.28.

我們的資產負債表為我們提供了充足的火力與彈性。這些成果超出我們在年初已相當高的預期，使我們得以將全年每股 FFO 指引的中位數上調 0.11 美元至 6.28 美元。

The pronounced mix shift of our portfolio resulting from a transformative 2025 capital allocation activity has already begun to manifest itself. During the first quarter of this year, we reported 16.4% total portfolio same-store net operating income growth, by far the highest in our history.

由 2025 年具轉型意義的資本配置活動所帶來的投資組合結構性轉變，已開始顯現成效。今年第一季，我們公布整體投資組合同店（same-store）淨營運收入（NOI）成長 16.4%，為公司史上最高。

This is largely a function of combined strength from a senior housing operating portfolio, which now comprises 74% of our same-store NOI, up from 57% first quarter of last year. This is the first time in history the annualized in-place NOI from our shop portfolio exceeded $3 billion.

這主要來自我們高齡住宅營運投資組合（SHOP）的綜合強勁表現；該組合目前占我們同店 NOI 的 74%，高於去年第一季的 57%。這也是歷史上首次，我們 SHOP 投資組合的年化在位（in-place）NOI 超過 30 億美元。

During the first quarter, US outperformed from an occupancy perspective with nearly 400 basis points of year-over-year growth. On the other hand, Canada, with higher overall occupancy levels than US and UK, posted growth closer to 300 basis points, but generated RevPOR growth of 6%, giving you some perspective of the out of the possible as our overall portfolio leases up.

第一季在入住率方面，美國表現更為突出，年增接近 400 個基點。另一方面，加拿大的整體入住率水準高於美國與英國，入住率成長約 300 個基點，但 RevPOR（每入住居民收入）成長 6%；這可讓各位了解，隨著整體投資組合持續出租（lease up），我們仍有相當大的提升空間。

Ultimately, all three regions made strong contributions, and we achieved nearly 10% organic revenue growth in the quarter. And the subdued expense growth driven by scaling and the Welltower Business System, same-store NOI growth increased 22%, marking 14th consecutive quarter in which sharp growth exceeded 20%.

最終，三個地區皆做出強勁貢獻，本季我們達成接近 10% 的內生營收成長。同時，在規模化效益與 Welltower Business System 的帶動下，費用成長相對溫和，同店 NOI 成長提升至 22%，並創下連續第 14 季同店 NOI 成長超過 20% 的紀錄。

Drilling a bit further, the growth of RevPOR, the unit revenue continued to exceed ExpPOR or unit expenses by a wide margin resulting in another quarter of significant operating margin expansion of 320 basis points. Perhaps the most remarkable stat of the quarter was the circa 20% NOI growth gated by the communities with 95%-plus occupancy.

再深入一點來看，RevPOR（單位收入）的成長持續大幅領先 ExpPOR（單位費用），使本季營運利潤率再度顯著擴張 320 個基點。或許本季最令人驚訝的數據，是入住率達 95% 以上的社區仍實現約 20% 的 NOI 成長。

While I consider our recent senior housing results to be somewhat satisfactory, I'm convinced that the best years of this business are squarely in front of us. With the total senior housing portfolio occupancy at 87%, there is significant capacity in the system for us to drive multiple years of outsized occupancy gains, along with continued pricing opportunity.

雖然我認為我們近期的高齡住宅表現算是令人滿意，但我深信這項業務最好的年份仍在前方。整體高齡住宅投資組合入住率為 87%，系統仍有顯著容量可推動未來數年超常態的入住率提升，同時也具備持續的定價機會。

And with the operating leverage inherent in our high fixed cost business, margin should continue to drift higher. But as we have talked about during our most recent calls, what we remain most excited about and our most meaningful opportunity to drive bottom line growth is through the expanded role that technology, data and innovation will play in our business with the ultimate goal of improving the experience of our customers and site level employees.

此外，鑑於我們高固定成本業務所固有的營運槓桿，利潤率應可持續上行。但如同我們在最近幾次電話會議中所談到的，我們最感到興奮、也是推動獲利端成長最重要的機會，在於科技、數據與創新在業務中扮演更擴大的角色，最終目標是改善客戶與據點第一線員工的體驗。

The structural change driven by the Welltower business system should continue to impact virtually every revenue and expense line item driving the margins even higher. This digital transformation, which we are striving for, coupled with in-place above-market compensation and benefits for our site level employees, should result in lower turnover and lead happier customers.

由 Welltower Business System 所驅動的結構性變革，應會持續影響幾乎所有收入與費用科目，進一步推升利潤率。我們所追求的數位轉型，搭配對據點第一線員工提供的在位且高於市場水準的薪酬與福利，應可降低離職率，並帶來更滿意的客戶。

As I mentioned last quarter, Manga Grant is a clear example of how we are putting these ideas into action. As I've written extensively in my annual letter, which came out a few weeks ago, we have built a system of scaled economic share amongst all participant in the ecosystem.

如我上季所提到的，Manga Grant 是我們將這些理念付諸實行的明確例子。正如我在幾週前發布的年度信中所詳述，我們已建立一套在生態系中所有參與者之間共享規模化經濟利益的系統。

While shareholders will certainly benefit as we extend the duration of our growth, we want our operating partners, site level employees, residents and their families to benefit meaningfully as well. This is the only way to build and sustain a network effect in a complex adaptive system like ours.

當我們延長成長週期時，股東當然會受益；但我們也希望營運夥伴、據點第一線員工、住戶及其家屬同樣能獲得實質利益。這是我們在像我們這樣的複雜適應系統中建立並維持網路效應的唯一方式。

Turning to investment activity. Almost exactly a year after Liberation Day, the conflict in Middle East has led to another period of significant capital markets volatility creating a dynamic similar to that of last year.

接著談投資活動。幾乎就在「解放日」滿一年的時點，中東衝突引發資本市場再度出現顯著波動，形成與去年相似的態勢。

Recently, a spike in interest rates and gapping out of spreads has resulted in retrading of deals and various parties walking away from their new found love of senior housing. It is almost comical to see how predictable tourist capital's behavior can be.

近期利率飆升與利差擴大，導致交易重新議價，並使各方紛紛放棄他們新近燃起的對高齡住宅的熱情。看到「觀光客資本」的行為如此可預測，幾乎有些滑稽。

Many of our counterparties have seen this movie before and opted to bypass the theater and instead transacting with us directly in privately negotiated deals. However, some of the first-time sellers have learned the hard way that five to six months time line required to reach a signed definitive agreement in real estate is an eternity in today's world.

我們的許多交易對手早已看過這部電影，因此選擇不進戲院，而是改為直接與我們進行私下協商交易。不過，一些首次出售資產的賣方則吃了苦頭：在當今環境下，房地產交易從啟動到簽署最終確定協議所需的 5 到 6 個月時間，幾乎等同於永恆。

We behave exactly how we always have: running a first-class business in a first-class way and never walking from a handshake. Over the last 60 days, we have been busier than ever, generating an incredible amount of activity, which Nikhil will describe to you shortly. But to provide some additional context, we completed $3.2 billion of investments during the quarter and have closed or under contract to close an additional $7.3 billion of investments.

我們的行事方式一如既往：以一流方式經營一流企業，並且從不背離口頭承諾。過去 60 天我們比以往任何時候都更忙碌，產生了大量活動，Nikhil 稍後會向各位說明。為提供更多背景，本季我們完成 32 億美元投資，並已完成交割或已簽約、即將交割的額外投資達 73 億美元。

Our investment pipeline remains robust, visible and actionable in all three of our regions. In addition, often overlooked is our disposition activity which totaled nearly $3 billion in the quarter as we continue to rotate capital into opportunities, which we believe will both amplify and extend the revenue growth curve further into the future.

我們在三個地區的投資管線仍然強勁、可見度高且可執行。此外，常被忽略的是我們的處分活動：本季處分總額接近 30 億美元；我們持續輪動資本至我們認為能同時放大並延伸未來營收成長曲線的機會。

Overall, we have completed $11 billion of dispositions since the beginning of 2025, which has meaningfully dilutive -- which has been meaningfully dilutive to our 2026 earnings per share. However, calling our portfolio of lower growth assets, we have meaningfully extended our growth curve in outer years. For example, the assets we acquired in fourth quarter of last year are expected to deliver 10x level of growth in 2026 than the assets we have sold.

整體而言，自 2025 年初以來我們已完成 110 億美元的資產處分，這對我們 2026 年每股盈餘造成了顯著稀釋。然而，透過汰換（剔除）成長較低的資產，我們已在更遠期年度顯著延伸成長曲線。舉例來說，我們在去年第四季收購的資產，預期在 2026 年所帶來的成長水準將是我們出售資產的 10 倍。

Not selling this unprecedented volume of assets would have been easier and frankly, more fun as 2026 FFO per share would have been meaningfully higher, but we always have and always will choose hard, over easy and long term over short term. We have a long and hard year of execution in front of us, but our team has never been more fired up as it is today. We shall see what the market gives us in this summer leasing season.

若不出售這種前所未見規模的資產會更容易，坦白說也更有趣，因為 2026 年每股 FFO 將會顯著更高；但我們一向、也將永遠選擇困難而非容易、選擇長期而非短期。接下來我們仍有漫長且艱鉅的一年需要執行，但我們的團隊從未像今天這樣充滿幹勁。今年夏季出租旺季市場會給我們什麼，我們拭目以待。

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

接下來我把時間交給 John。

Thank you, and good morning, everyone. As Shankh mentioned, we are pleased with our start to the year having delivered the portfolio same-store NOI growth of 16.4%, the highest level in our company's recorded history. Once again, our results were driven by our senior housing operating portfolio, which delivered a 14th consecutive quarter in which the same-store NOI growth exceeded 20%.

謝謝，各位早安。如 Shankh 所提到的，我們對今年的開局感到滿意：投資組合同店 NOI 成長 16.4%，為公司有紀錄以來最高水準。我們的成果再次由高齡住宅營運投資組合所驅動，該組合已連續第 14 季同店 NOI 成長超過 20%。

During the first quarter, portfolio year-over-year same-store revenue increased 9.5%, driven by a 370 basis points of occupancy gains and strong pricing power with RevPOR growth of 5%.

第一季，投資組合同店營收年增 9.5%，主要受入住率提升 370 個基點帶動，並受惠於強勁的定價能力，RevPOR 成長 5%。

Revenue growth was consistent across all three regions, led by the UK at 9.7%, followed by the US at 9.5% and Canada at 9.2%. However, peeling back the onion, both the US and UK reported occupancy growth of nearly 400 basis points and RevPOR growth just shy of 5%.

三個地區的營收成長一致，其中以英國 9.7% 領先，其次為美國 9.5%，加拿大 9.2%。然而，進一步拆解來看，美國與英國的入住率成長皆接近 400 個基點，RevPOR 成長也略低於 5%。

On the other hand, as Shankh indicated, Canada reported occupancy growth of roughly 300 basis points, but RevPOR growth of nearly 6%. Ultimately, our goal is to provide a top quality customer experience and to be fairly paid for it. and that's showing up through a combination of occupancy and rate growth.

另一方面，如 Shankh 所指出，加拿大的入住率約成長 300 個基點，但每可用入住房收入（RevPOR）成長接近 6%。歸根結底，我們的目標是提供頂級的客戶體驗，並為此獲得合理報酬。而這正透過入住率與房價成長的組合反映出來。

Moving to expenses. We remain encouraged by the trends we are observing across most line items, but particularly with respect to labor, which is almost SHO expenses.

接著談費用。我們對在多數費用科目中觀察到的趨勢仍感到鼓舞，尤其是勞動力相關項目，這幾乎構成 SHO 費用的主要部分。

This is best reflected by comp for or compensation per occupied room, which increased 20 basis points year over year, near the lowest level of growth in recorded history.

這點最能從每間已入住客房的薪酬（comp，或每間已入住客房的補償）看出，其年增僅 20 個基點，接近有紀錄以來最低的成長水準。

As a result, expense per occupied room or ExpPOR was up just 40 basis points. This is largely a function of scaled economics in the business, whereby a growing number of communities are now either fully staffed or approaching those levels.

因此，每間已入住客房費用（ExpPOR）僅上升 40 個基點。這主要反映了業務規模化的經濟效益：越來越多社區目前已達到滿編，或正接近該水準。

As occupancy continues to grow, the need to add additional staff has moderated, leading to a meaningfully higher flow-through or incremental margins. In fact, during the quarter, we achieved a flow though margin of 64%, while our same-store NOI margin increased 320 basis points to 30.9%.

隨著入住率持續提升，新增人力的需求已趨於緩和，帶動顯著更高的流通率（flow-through）或增量利潤率。事實上，本季我們達成 64% 的 flow-through 利潤率，而同店 NOI 利潤率提升 320 個基點至 30.9%。

As for the future, we believe that significant upside exists. The combination of our same-store communities at 95% occupancy, posting NOI growth of roughly 20% and approximately 45% of our same-store SHOP assets operating below 90% occupancy with the opportunity for materially increased revenue and NOI via occupancy gain creating potential for years of compounding per share growth ahead.

展望未來，我們認為仍有顯著上行空間。我們的同店社區在 95% 入住率下，NOI 成長約 20%；同時，我們約 45% 的同店 SHOP 資產仍在 90% 入住率以下，透過提升入住率可望大幅增加營收與 NOI，為未來多年每股複利成長創造潛力。

While we take nothing for granted due to the operational intensity and persistent challenges which exist in the business, we are confident that through the efforts of our best-in-class operators and continued rollout of the Welltower business system across the portfolio, we will continue to drive outside levels of growth well into the future.

儘管由於營運強度高且業務中仍存在持續性挑戰，我們不敢掉以輕心，但我們有信心，憑藉一流營運商的努力，以及 Welltower business system 在全投資組合的持續推行，我們將在未來很長一段時間持續推動超常水準的成長。

It's still early in the year with the peak leasing season ahead, and we will see what the market gives us. But our goal remains consistent, partnering with our -- operating with our operators to deliver an exceptional resident employee experience.

目前仍是年初，旺季招租期尚在前方，我們將觀察市場給我們什麼。但我們的目標始終一致：與我們的營運商合作——與營運商一同運作——提供卓越的住戶與員工體驗。

Our Welltower operations and asset management teams, including the Tech Quad, continue to make leaps, nonincremental steps on this front and remain committed to maintaining this momentum through a relentless focus on operational excellence.

我們的 Welltower 營運與資產管理團隊（包括 Tech Quad）在這方面持續取得飛躍式、非線性（nonincremental）的進展，並將透過對營運卓越的持續專注，堅定維持這股動能。

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

接下來我把時間交給 Nikhil。

Thanks, John, and good morning, everyone. Since our last call, the macroeconomic and geopolitical backdrop has once again introduced meaningful volatility into the capital markets. Escalating conflict in the Middle East, combined with renewed stress in private credit, has driven a more pronounced risk-off tone, evidenced by higher treasury yields, elevated volatility across risk assets and growing signs of strain within private lending markets.

謝謝你，John，各位早安。自上次電話會議以來，宏觀經濟與地緣政治背景再次為資本市場帶來顯著波動。中東衝突升級，加上私募信貸壓力再起，使市場風險趨避（risk-off）情緒更為明顯，表現在公債殖利率走高、風險資產波動加劇，以及私人放貸市場壓力升高的跡象日益增加。

Credit spreads have widened in recent weeks. Redemption activity in certain semiliquid vehicles has increased and defaults have continued to trend higher. As Sean said, we have seen this movie before. In periods like this, when capital becomes less reliable and execution risk rises, our position strengthens. Our reputation as the highest quality counterparty backed by our incredible balance sheet becomes increasingly differentiated.

近幾週信用利差擴大。部分半流動性（semiliquid）工具的贖回活動增加，違約率也持續走高。正如 Sean 所說，我們以前看過這部電影。在這種資金可靠性下降、執行風險上升的時期，我們的地位反而更強。我們作為最高品質交易對手的聲譽，加上我們極其強健的資產負債表，差異化優勢愈發凸顯。

Sellers place a premium on certainty of close, lenders become more selective. And when that happens, the opportunity set expands. That is exactly what we are seeing today. As a result, we have seen a meaningful increase in our investment activity. Our investment volume for the year now stands at $10.5 billion, an increase of $4.8 billion since our last call in February.

賣方更重視成交確定性，放款人也變得更為挑剔。而當這種情況發生時，機會集合就會擴大。這正是我們今天所看到的。因此，我們的投資活動顯著增加。今年迄今的投資量已達 105 億美元，較我們 2 月上次電話會議增加 48 億美元。

During the first quarter, we closed 41 transactions totaling $3.2 billion. Of these, 37 were sourced off market, continuing to reflect the strength of our relationships and our origination platform. The majority of our acquisitions activity was highly granular, single-asset transactions where our teams operated as local sharpshooters supported by insights from our data science and machine learning platform, welltower.ai. These transactions added 37 communities and over 4,200 units to our seniors housing portfolio.

第一季我們完成 41 筆交易，總額 32 億美元。其中 37 筆為場外（off market）取得，持續反映我們關係網與案源平台的實力。我們的大部分收購活動高度細分，為單一資產交易；團隊以在地精準出擊者（local sharpshooters）的方式運作，並由我們的資料科學與機器學習平台 welltower.ai 提供洞見支持。這些交易為我們的高齡住宅投資組合新增 37 個社區與超過 4,200 個單位。

On the disposition side, during the quarter, we completed the remaining $520 million of the previously announced $1.3 billion of dispositions in our Integra JV as well as an additional $1.3 billion of OM sales to Kayne Anderson. With $6.7 billion of sales now complete, we expect the remaining approximately $500 million to be completed during the second quarter.

在處分方面，本季我們完成先前宣布之 Integra 合資企業（JV）13 億美元處分計畫中剩餘的 5.2 億美元，並另完成向 Kayne Anderson 出售 13 億美元的 OM 銷售。隨著目前已完成 67 億美元的出售，我們預期剩餘約 5 億美元將於第二季完成。

Turning to new activity. We have already closed on additional $4.2 billion of transactions in the second quarter, comprised primarily of our previously announced acquisition of Amica Senior Lifestyles in premium markets across the GTA and Vancouver. The incremental $3.1 billion of activity is comprised primarily of newer vintage seniors housing assets with roughly 95% sourced off market across a number of transactions.

接著談新的活動。我們在第二季已額外完成 42 億美元交易，主要包括先前宣布在大多倫多地區（GTA）與溫哥華等高端市場收購 Amica Senior Lifestyles。新增的 31 億美元活動主要由較新屋齡的高齡住宅資產構成，約 95% 透過場外（off market）在多筆交易中取得。

I'm also pleased to provide an update on our US seniors housing equity fund. As I mentioned on our last call, we held our final LP close in the fourth quarter of 2025. Since then, consistent with the acceleration in activity in our balance sheet, the entire $2.5 billion of fund capital is now fully committed. While we were significantly oversubscribed, we made a deliberate decision to limit the size of the fund.

我也很高興更新我們的美國高齡住宅股權基金進展。如我在上次電話會議提到，我們於 2025 年第四季完成最後一輪 LP 募集交割（final LP close）。此後，隨著我們資產負債表端活動加速，基金 25 億美元資金目前已全數承諾投入（fully committed）。儘管超額認購幅度很大，我們仍刻意決定限制基金規模。

Our focus was simple, raise the right amount of capital, not the maximum amount of capital. We also structured and are scheduled to deploy the fund in a way that avoids many of the common friction points for LPs.

我們的重點很簡單：募集適當金額的資本，而不是最大金額的資本。我們也在基金架構與部署節奏上做了設計與安排，以避免 LP 常見的摩擦點。

With 1.5 years still left in the investment period, capital is being put to work quickly and high conviction opportunity minimizing the typical J curve of returns. In addition, we have avoided the use of subscription lines to manufacture IRRs, remaining focused instead on driving real equity value creation over time.

在投資期間仍剩 1.5 年的情況下，資金正快速投入高信心機會，降低典型報酬的 J 曲線效應。此外，我們避免使用認購融資（subscription lines）來「製造」IRR，而是專注於隨時間推進創造真正的股權價值。

I'll leave you with a few thoughts. What we're seeing in the market right now is not new, but it is meaningful. Periods of volatility separate long-term capital from short-term tourists. In these moments, speed, conviction and underwriting and consistent execution aren't just advantages, they're differentiators.

最後分享幾點想法。我們目前在市場上看到的情況並不新鮮，但意義重大。波動期會把長期資本與短期「觀光客」區分開來。在這些時刻，速度、信念、承銷能力與一致的執行力不只是優勢，更是差異化關鍵。

That's where we have focused our time. Our platform is built to identify opportunities at a very granular level, move with speed and engage directly with counterparties.

這正是我們投入時間的地方。我們的平台旨在以非常細緻的層級辨識機會、快速行動，並直接與交易對手互動。

We are disciplined in how we deploy capital, valuing assets based on in-place performance while keeping the value add from WBS for our shareholders. We remain price disciplined with unlevered IRRs and discounts to replacement costs being our guiding principles and with terms like accretion, notably absent from our investment committee conversations.

我們在資本部署上保持紀律，依據資產現有（in-place）表現進行估值，同時將 WBS 帶來的增值留給股東。我們仍維持價格紀律，以無槓桿 IRR 與相對重置成本的折價作為指導原則；而像「增益（accretion）」這類用語，在我們投資委員會的討論中則明顯缺席。

Our focus on win-win outcomes and target pursuit of the truth rather than woven narratives, continues to drive our ability to source opportunities off-market and deploy capital thoughtfully, even in more uncertain environments.

我們對雙贏結果的重視，以及以追求真相為目標、而非編織敘事，持續驅動我們在場外取得機會並審慎部署資本的能力，即使在更不確定的環境中亦然。

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

接下來我把電話會議交給 Tim，請他說明我們的財務結果。

Thank you, Nikhil. My comments today will focus on our first quarter 2026 results, performance of our triple net investment segments, our capital activity, our balance sheet and liquidity update, and finally, an update to our full year 2026 outlook.

謝謝你，Nikhil。我今天的評論將聚焦於 2026 年第一季業績、我們三網（triple net）投資分部的表現、資本活動、資產負債表與流動性更新，最後是對 2026 年全年展望的更新。

Welltower reported first quarter net income attributable to common stockholders $1.02 per diluted share and normalized funds from operations of $1.47 per diluted share, representing 22.5% year-over-year growth. We also reported year-over-year total portfolio same-store NOI growth of 16.4% driven by 22.1% growth in our SHOP portfolio, which now makes up 74% of our same-store NOI.

Welltower 第一季歸屬普通股股東的淨利為每股稀釋後 1.02 美元，標準化營運資金（normalized FFO）為每股稀釋後 1.47 美元，年增 22.5%。我們也公布全投資組合同店 NOI 年增 16.4%，主要由 SHOP 投資組合 22.1% 的成長所帶動；目前 SHOP 已占我們同店 NOI 的 74%。

Now turning to the performance of our triple net properties in the quarter. In our seniors housing triple-net portfolio, same-store NOI increased 3.9% year over year and trailing 12-month EBITDA coverage was 1.23 times. Next, same-store NOI in our long-term post-acute portfolio grew 2.6% year over year and trailing 12-month EBITDAR coverage is 1.32 times.

接著看本季三網（triple net）物業的表現。在我們的高齡住宅三網投資組合中，同店 NOI 年增 3.9%，過去 12 個月 EBITDA 覆蓋倍數為 1.23 倍。其次，我們的長期照護後急性期（post-acute）投資組合同店 NOI 年增 2.6%，過去 12 個月 EBITDAR 覆蓋倍數為 1.32 倍。

Moving on to capital activity. In the first quarter, we raised $4.4 billion in gross proceeds through dispositions and equity issuance, allowing us to fund $3.3 billion of investment activity and end the quarter with a net debt to adjusted EBITDA ratio of 2.73 times, more than half a turn reduction from just a year ago.

再來談資本活動。第一季我們透過資產處分與股權發行籌得 44 億美元總募集資金，使我們得以支應 33 億美元的投資活動，並在季末將淨負債對調整後 EBITDA 比率降至 2.73 倍，較一年前降低超過半圈（turn）。

Subsequent to quarter end, we used free cash flow to pay off $700 million unsecured bond maturity in April, highlighting the strength of our balance sheet and the cash flow generating capacity of the portfolio.

在季後，我們使用自由現金流於 4 月償還 7 億美元到期的無擔保債券，凸顯我們資產負債表的強健，以及投資組合的現金流創造能力。

We ended the first quarter with $4.9 billion of cash on hand, which together with approximately $1.4 billion of incremental disposition activity, along with assumed debt and funding of transaction activity with OP units, positions us to fund roughly $7.3 billion of investment activity through the remainder of the year with a meaningful portion, again, expected to be sourced through capital recycling.

我們在第一季結束時持有49億美元現金；再加上約14億美元的額外處分活動，以及承接債務並以OP單位為交易活動提供資金，使我們得以在今年剩餘期間為約73億美元的投資活動提供資金，其中相當一部分預期同樣將透過資本回收（capital recycling）取得。

Taken together, this net investment activity and continued cash flow growth from the in-place portfolio, our expected result in year-end net debt to adjusted EBITDA of approximately 3 times, modestly below our prior expectations.

綜合而言，這些淨投資活動以及既有投資組合持續的現金流成長，使我們預期年末淨負債對調整後EBITDA約為3倍，較我們先前的預期略低。

Before turning to our guidance, I want to come back to a point I highlighted last quarter around how our portfolio transformation and what we describe as Welltower 3.0 is reshaping our growth profile. What we're seeing play out in the first quarter is a clear validation of the mix shift we spoke to, with Q1 marking the highest level of total portfolio same-store NOI growth we've delivered in company history. Importantly, that growth is anchored by the strength of our in-place portfolio.

在談到我們的指引之前，我想回到我上季強調的一點：我們的投資組合轉型，以及我們所稱的Welltower 3.0，正在如何重塑我們的成長輪廓。我們在第一季所看到的發展，清楚驗證了我們所談到的組合轉移（mix shift）；第一季也創下公司史上最高的整體投資組合同店（same-store）NOI成長。重要的是，這項成長是以我們既有投資組合的強勁表現為基礎。

Our initial guidance last quarter already reflected a high level of year-over-year visible earnings growth. And our updated outlook this quarter demonstrates the continued momentum we're seeing in the ground. As we continue to increase our concentration in senior housing operating, we believe the Welltower 3.0 portfolio is positioned to deliver a meaningfully higher rate of sustainable compounding than its predecessor.

我們上季的初始指引已反映出高度可見的年對年獲利成長。而本季更新後的展望，顯示我們在第一線持續看到的動能。隨著我們持續提高在高齡住宅營運（senior housing operating）上的集中度，我們相信Welltower 3.0投資組合有望較前一代帶來顯著更高、且可持續複利成長的速度。

Moving on to guidance. Last night, we updated our full year 2026 outlook for net income attributable to common stockholders of $3.24 to $3.38 per diluted share and normalized FFO of $6.21 to $6.35 per diluted share or $6.28 at the midpoint. Our normalized FFO guidance represents an $0.11 increase at the midpoint from our prior normalized FFO range.

接著談指引。昨晚，我們更新了2026年全年展望：歸屬於普通股股東的淨利為每股稀釋後3.24至3.38美元；標準化FFO為每股稀釋後6.21至6.35美元，中點為6.28美元。我們的標準化FFO指引中點較先前區間上調0.11美元。

This increase is composed of a $0.03 increase from senior housing operating NOI, a $0.07 increase from investment and financing activity and a $0.01 increase from better-than-expected income tax and other with some offset from higher G&A expectations.

這項上調由以下因素構成：高齡住宅營運NOI增加0.03美元；投資與融資活動增加0.07美元；所得稅與其他項目優於預期增加0.01美元；部分被較高的G&A（一般及行政費用）預期所抵銷。

Underlying this FFO guidance is an estimated total portfolio year-over-year same-store NOI growth of 12.25% to 16%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute, 2% to 3%; senior housing triple net, 3% to 4%; and finally, senior housing operating growth of 16.5% to 21.5%.

支撐此FFO指引的是：我們估計整體投資組合同店NOI年對年成長為12.25%至16%，其驅動來自各子分項成長：門診醫療2%至3%；長期後急性照護（post-acute）2%至3%；高齡住宅三重淨租賃（triple net）3%至4%；以及最後，高齡住宅營運成長16.5%至21.5%。

This is driven by the following midpoints of the respective ranges: Revenue growth of 9.2%, made up of RevPOR growth of 5% and year-over-year occupancy growth of 350 basis points and expense growth of 5.3%, equating to export growth of just below 1.3%.

其驅動因素為各區間中點如下：營收成長9.2%，由RevPOR成長5%以及年對年入住率提升350個基點所構成；費用成長5.3%，相當於出口成長（export growth）略低於1.3%。

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

以上，我把電話交回給Shankh。

Thank you, Tim. I would like to make 3 points before opening up the call. First, I want to take a moment to acknowledge the passing of David Simon, a true legendary figure, not just in real estate space, but all of corporate America.

謝謝你，Tim。在開放提問之前，我想提出三點。第一，我想花點時間悼念David Simon的逝世；他不僅在不動產領域，在整個美國企業界都是一位真正的傳奇人物。

David was a visionary in every sense of the term, growing a small portfolio of regional malls into one of the most well-respected companies in the world. He was a legend, a true pioneer, recognizing the enduring value of highest-quality real estate where shoppers and retailers could come together in vibrant environments. And the Simon ecosystem thrived under his leadership.

David在各方面都是一位遠見卓識者，他將一個小型的區域購物中心投資組合，發展成為全球最受尊敬的公司之一。他是一位傳奇、真正的先驅，洞察到最高品質不動產的長久價值——在那裡，消費者與零售商能在充滿活力的環境中相聚。而Simon生態系也在他的領導下蓬勃發展。

Just think of the long-term success of so many of America's great retailers, which would not have been possible without the setting that David created for them to grow and thrive. Of many of his qualities, one, I personally appreciated the most is that he was unapologetically himself. He spoke his mind with clarity and conviction and remained relentlessly focused on creating long-term value for his investors.

想想美國許多偉大零售商的長期成功，若沒有David為他們打造的場域，使其得以成長與茁壯，這一切都不可能實現。在他眾多特質之中，我個人最欣賞的一點是：他毫不掩飾地做自己。他以清晰與堅定表達想法，並始終如一地專注於為投資人創造長期價值。

The stellar returns Simon delivered for its shareholders under David leadership was no accident. He navigated the company through multiple recessions and structural changes in the industry via thoughtful countercyclical capital allocation, a focus on operational excellence and maintain utmost balance sheet discipline.

在David領導下，Simon為股東帶來的卓越報酬絕非偶然。他透過審慎的逆週期資本配置、對營運卓越的專注，以及維持最高程度的資產負債表紀律，帶領公司度過多次衰退與產業結構性變化。

He was unquestionably a stalworth and a true visionary, but also a friend, a mentor and a fellow Board member at Columbia. He was the one who encouraged me to take the lead from buy side to the corporate side, an advice, which I will never -- which I'll forever be grateful for.

他無疑是一位中流砥柱與真正的遠見者，同時也是朋友、導師，以及我在哥倫比亞大學董事會的同僚。正是他鼓勵我從買方轉到企業端領導職位——這個建議，我永遠——我將永遠心懷感激。

He leaves behind a legacy that extends far beyond the real estate sector, setting a standard for what great leadership looks like. Our deepest condolences to Simon family and those who are close to David.

他留下的傳承遠遠超越不動產產業，為何謂卓越領導樹立了標竿。我們對Simon家族以及所有與David親近的人致上最深切的哀悼。

Second, roughly a year ago, we launched our private fund management business establishing a capital-light revenue stream and another avenue to drive POR share growth for existing investors. During the first quarter of this year, we identified another additional revenue through which to expand our capital-light business by unlocking from an existing balance sheet asset, the monetization of our data science platform.

第二，大約一年前，我們啟動了私募基金管理業務，建立一條輕資本（capital-light）的營收來源，並為現有投資人提供另一條推動POR市占成長的途徑。今年第一季，我們又辨識出另一項可擴大輕資本業務的額外收入來源：從既有資產負債表資產中解鎖價值，也就是將我們的資料科學平台貨幣化。

As many of you know, since 2016, through the efforts of multidisciplinary team of PHD computer scientists, engineers, statistician and mathematicians, we have pioneered the application of data science and machine learning in real estate investing.

如各位所知，自2016年起，透過由博士級電腦科學家、工程師、統計學家與數學家組成的跨領域團隊努力，我們率先將資料科學與機器學習應用於不動產投資。

This was instrumental in driving over $80 billion of acquisition and disposition activity over the last 10 years. Given the modular and portable nature of the platform, we launched our first external partnership during the first quarter, licensing bespoke, supervised and unsupervised models to public storage and a leading global private equity firm.

這對於過去10年推動超過800億美元的收購與處分活動至關重要。鑑於該平台具備模組化與可攜性，我們在第一季啟動了首個對外合作夥伴關係，將量身打造的監督式與非監督式模型授權給Public Storage以及一家全球領先的私募股權公司。

These models enabling the real-world application of AI by accelerating capital allocation decisions from five to nine months to mere weeks and significantly increasing velocity to market. Ultimately, our mission is to scale real estate investing, which is historically was an unscalable business.

這些模型透過將資本配置決策從五到九個月加速至短短數週，並顯著提升進入市場的速度，使AI得以在現實世界中落地應用。最終，我們的使命是規模化不動產投資——而這在歷史上一直是一門難以規模化的生意。

More to come on this front in months and quarters ahead, but we have been incredibly busy since the announcement in March as many highly respected real estate, non-real estate and sovereign wealth funds have reached out to us to explore similar partnerships.

未來幾個月與幾季，我們會在這方面分享更多；但自3月公告以來，我們一直非常忙碌，因為許多備受尊敬的不動產機構、非不動產機構以及主權財富基金都主動聯繫我們，探討類似的合作夥伴關係。

Lastly, as I described in my annual letter, we have recently witnessed a surge of talent density that have -- we have been attracting to the company, particularly with respect to Tech quad.

最後，正如我在年度信中所述，我們近期見證了人才密度的激增——我們正在吸引的人才湧入公司，特別是在Tech quad方面。

Following our ethos that hire A people we have been successfully attracting the highest caliber technology and data science professionals to execute our vision. Aiding our effort is what is called or rapidly spreading narrative around who is the next on the disruptive path of AI, which is releasing an extraordinary pool of talent into the market.

秉持我們「聘用A級人才」的理念，我們已成功吸引最高水準的科技與資料科學專業人士來執行我們的願景。協助我們的一個因素是：市場上正在快速擴散一種敘事——誰會是AI顛覆路徑上的下一個——這使得一個極為龐大的人才庫釋放到市場。

This talent pool is increasingly focused on identifying businesses that cannot be replaced by AI, including sectors classified as halo or hard acid low obsolescence such as housing for rapid aging population. We are thrilled with the progress made by Tech Quad in reimagining our technology ecosystem to improve the resident and site level employee experience.

這個人才庫愈來愈聚焦於辨識那些不會被AI取代的企業，包括被歸類為「光環（halo）」或「硬資產、低汰舊（hard asset low obsolescence）」的產業，例如為快速老化人口提供的住宅。我們對Tech Quad在重新構想我們的科技生態系、以改善住戶體驗與據點層級員工體驗方面所取得的進展感到非常振奮。

Our newest addition to our team will only accelerate these efforts. Nonetheless, our biggest opportunity to drive POR share growth is through unlocking greater value for our existing assets with the most immediate and impactful way of being the implementation of Welltower Business System, our end-to-end operating platform across our senior housing portfolio.

我們團隊最新加入的成員只會加速這些努力。儘管如此，我們推動POR市占成長的最大機會，仍在於為既有資產解鎖更大價值；其中最即時且最具影響力的方法，就是在我們的高齡住宅投資組合全面導入Welltower Business System——我們端到端的營運平台。

In a maximum growth, maximum gain wall, the fastest way to move the dial is to narrow the focus. Our relentless and manacle focus on the digital transformation of the business and dramatically improving customer and site level employee satisfaction will be the force multiplier on the attractive beta of our business.

在一個追求最大成長、最大收穫的世界裡，最快推動指標改善的方法就是縮小焦點。我們對業務數位轉型的持續且近乎執拗的專注，以及大幅提升客戶與據點層級員工滿意度，將成為放大我們業務吸引人β值的乘數效應。

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

以上，我們開放提問。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

（接線員指示）Morgan Stanley的Ronald Kamdem。

Great. I just wanted to double-click on one of the comments you made on the 95% occupied portfolio and the same growing 20%. Wondering if we could double-click and get some more color around whether RevPOR, ExpPOR margins mix anything that could be interesting?

很好。我想針對你提到的95%入住率投資組合、同時成長20%的評論再深入追問一下。想了解是否能再多提供一些背景，例如RevPOR、ExpPOR、利潤率、組合等是否有任何值得注意之處？

Thanks, Ron. First, I clearly don't want you to run with that idea that that's what we are suggesting happen. But that is definitely something that I found in our data to be more surprising. A very significant part of our portfolio today is 95%-plus occupied, give or take, 50%. And that portfolio grew circa 20% net operating income, as I said.

謝謝你，Ron。首先，我顯然不希望你把那個想法當作我們在暗示一定會發生的事。但那確實是我在數據中看到、相對更令人意外的一點。我們目前投資組合中有非常大的一部分入住率在95%以上，大約占50%上下。而如我所說，那部分投資組合的淨營運收入（NOI）成長約20%。

And for -- clearly, for a couple of reasons, obviously, you got pricing power increases as capacity comes down in the system. That happened -- that part of the portfolio had give or take 6%-plus RevPOR growth. And with the expenses, major execution on the expense side that John mentioned through our operators and the contribution from Welltower Business System, it just landed to be an extraordinary number.

而且——顯然，原因有幾個。首先，隨著系統內供給容量下降，你會看到定價能力提升。那部分投資組合的RevPOR成長約在6%以上。至於費用端，John提到我們透過營運商在費用面的重大執行力，以及Welltower Business System的貢獻，最終呈現出一個非常驚人的數字。

So we were very happy about it. We do think that, that gives us confidence that will have double-digit NOI growth for a long time to come in our portfolio as the portfolio leases up, we'll see what market gives us as we get through the next few years as the portfolio leases up.

所以我們對此非常高興。我們確實認為，這讓我們有信心，隨著投資組合逐步出租，我們的投資組合在未來很長一段時間都將維持雙位數的 NOI 成長；接下來幾年隨著投資組合持續出租，我們也會看看市場會帶給我們什麼。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

Shankh, you hit on this at the end of your opening remarks, but could you talk more about the growth of the talent density and the data science platform given what you described as a halo sector? And how much this has accelerated the growth outlook of the business in your mind? And then if you could also maybe just talk to how investors should be thinking about the medium-term potential for earnings contribution from this business?

Shankh，你在開場談話的最後提到了這點，但你能否就你所描述的「光環」產業背景下，人才密度與資料科學平台的成長多談一些？在你看來，這在多大程度上加速了公司業務的成長展望？另外，你也能否談談投資人應如何看待這項業務在中期對盈餘貢獻的潛力？

Yes. John, let me take the first -- second part first, and then I'll go to the first part.

好的。John，我先回答第二部分，然後再回到第一部分。

If you just think about it, we built this data science capability, machine learning capability over the last 10-plus years to deploy capital on our balance sheet, on our books. And then we realized recently from -- at the really encouragement from some of our largest sovereign wealth partners in our fund business, that there could be a much bigger application of this, which you have seen our first partnership announcement.

如果你仔細想想，我們在過去 10 多年建立了這套資料科學能力、機器學習能力，用於在我們的資產負債表上、在我們的帳上部署資本。然後我們最近意識到——其實是在我們基金業務中一些最大型主權財富基金合作夥伴的強力鼓勵下——這套能力可能有更大的應用場景；你也已經看到我們第一個合作夥伴關係的公告。

We're in the building mode of this business, where there's something substantial come out or not, we will see in the future, but I can tell you that since the announcement was made under early March on public storage as well as the other PE pharma, I mentioned.

我們目前仍處於這項業務的建置階段，未來是否會產生實質成果，我們還要再觀察；但我可以告訴你，自從 3 月初就 Public Storage 以及我提到的其他 PE pharma（私募股權製藥）相關事項發布公告以來。

Our phones have been ringing up the hook. We have been exploring a lot of the opportunity with a lot of people. Real estate -- great real estate companies, many non-real estate companies such as banks and others, major sovereign wealth funds, which I mentioned to you at the first ones who actually told us that could be a significant opportunity of that nature.

我們的電話幾乎被打爆了。我們一直在與許多人探索大量機會——不動產方面，有很棒的不動產公司；也有許多非不動產公司，例如銀行與其他機構；還有大型主權財富基金——我先前也提到過，最早就是他們告訴我們，這可能是一個具重大規模的機會。

We'll see where it goes. Whether what remains a true major force behind our capital allocation and everything else becomes a fun project or we just take this as a a whole new business, we'll see what happens, right?

我們會看看它會走到哪裡。它究竟會成為我們資本配置與其他一切背後真正的主要力量，還是變成一個有趣的專案，或是我們把它當作一個全新的業務來經營——我們就看看會發生什麼，對吧？

Going back to the first part of your question, I have ever heard of this concept of halo even, say, 90 days ago. I heard that, as you know, probably that I personally interview most of the people who comes to our organization.

回到你問題的第一部分，老實說，就算在 90 天前，我都沒聽過「光環」這個概念。我之所以聽到，是因為如你所知，我個人會面試大多數加入我們組織的人。

And I heard it increasingly from the talent that was coming through. And many of the businesses which are impacted or people avoid that potentially impacted or frankly, a different level of talent pool I've never seen.

而我從來面試的人才口中越來越常聽到這個詞。許多受到影響的業務——或人們會避開那些可能受影響的業務——坦白說，出現了一個我從未見過的不同層級的人才庫。

And just in last -- since the last call, we have hired either data scientists or software engineers with the backgrounds that we look for, whether it's computer science or math, PhD, hired from the top quant funds, I never thought that will come and work for a real estate company let alone a senior living company. Or we started to see talent from people who are code breakers and three agencies.

而且就在上次電話會議之後，我們已經聘用了資料科學家或軟體工程師，他們具備我們所尋找的背景——不論是電腦科學或數學、博士學位——有些來自頂尖量化基金；我從未想過他們會來一家不動產公司工作，更別說是一家高齡住宅公司。或者我們也開始看到一些人才來自「破譯密碼」的人以及三個機構（three agencies）。

We're never -- 90 days ago, if you asked me, I would not have told you that we would attract talent from that places. It's talent density is increasing. We are trying to explore problems that we never thought that we will -- obviously, we think about there's a granularity of those problems, right?

如果在 90 天前你問我，我不會告訴你我們能從那些地方吸引到人才。人才密度正在提升。我們也在嘗試探索一些以前從未想過要解的問題——當然，我們認為這些問題有不同的粒度層次，對吧？

One granularity is obvious is we talk about housing prices, for example, in real estate. Housing prices of what? Most industry uses housing prices, as a median house price in the ZIP code, right?

其中一個很明顯的粒度例子是：例如我們談房價，在不動產裡，房價是指什麼的房價？大多數產業使用的房價，是郵遞區號（ZIP code）層級的房價中位數，對吧？

We today use every housing prices in an entire area, okay? That's an interesting idea. How about you think about what you have hidden? Is there other hidden signals such as -- I'm going to make this up, the price of which futures, the impact of that in housing assets in Great Plains? I totally made that up as we're going through.

而我們今天會使用某個區域內每一筆房價資料，好嗎？這就是一個有趣的想法。那你再想想：你還隱藏了什麼？是否還有其他隱藏訊號，例如——我隨便舉例——某種小麥期貨的價格，以及它對大平原（Great Plains）地區住宅資產的影響？我完全是隨口編的，只是用來說明我們思考的方向。

But those that the hidden insight we want to discover and understand we -- and that people are in the industry is overall in the world, but not in our kinds of industry. And that's what we are trying to attract and see where we can take the business, right? We'll see what happens. But thank you for the question.

但這些就是我們想要發掘並理解的隱藏洞見——這些洞見在整個世界、在其他產業可能有人在做，但在我們這類產業裡並不常見。而這正是我們想吸引的人才類型，也想看看我們能把業務帶到哪裡，對吧？我們就看看會發生什麼。謝謝你的問題。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀。

I'm here with Justin On the topic of capital allocation, Ventas recently acquired this portfolio. did you evaluate that opportunity? And maybe more broadly, you have the best cost of capital in this space. How do you think about accelerating accretive growth versus maintaining your discipline?

我和 Justin 一起。關於資本配置這個主題，Ventas 最近收購了這個投資組合。你們有評估過這個機會嗎？另外更廣泛地說，你們在這個領域擁有最佳的資金成本。你們如何在加速具增益（accretive）的成長與維持紀律之間取得平衡？

We don't -- Michael, we don't comment on other deals that our colleagues in the industry do. We did look at the portfolio, and we think that is a very high-quality portfolio that our colleagues are went us will do very well with. But I don't really want to get into it. When it was brought to us a few months ago, it was in a structure that was not something we find particularly, at that point, palatable.

Michael，我們不評論同業所做的其他交易。我們確實看過那個投資組合，我們認為那是一個非常高品質的投資組合，我們的同業 Ventas 會把它做得很好。但我不太想深入談這件事。幾個月前有人把它拿來給我們看時，其交易結構在當時並不是我們覺得特別能接受的。

I've mentioned many, many times that we have problems with encumbrance on assets and when it was brought to us, there was an encumbrance of assets of existing operators and asset management and all of those things, which I don't want to get to, but I think they're high-quality real estate and our colleagues at Ventas will do very well.

我已經多次提到，我們對資產上的負擔（encumbrance）有疑慮；當時拿來給我們看時，涉及既有營運商的資產負擔、資產管理以及諸如此類的事情——我不想展開細談——但我認為那是高品質的不動產，我們在 Ventas 的同業會做得很好。

On your other part of your questions is accelerating capital allocation. I want you to understand, this is what I wrote in my annual letter, which under a section called cognitive dissidence of acquisition volume. And I want you to understand that what we are trying not to do, we're not -- it's not a deal shop.

至於你問題的另一部分——加速資本配置——我希望你理解，這就是我在年度信中寫到的內容，在一個名為「收購量的認知失調」（cognitive dissidence of acquisition volume）的段落裡。我希望你理解，我們努力避免的一件事是：我們不是——我們不是一家只做交易的店（deal shop）。

That's why Welltower is different from our predecessor company. We want to allocate capital in a particular product market niche where we think we can add significant value. This is not a cost of capital business for us.

這也是 Welltower 與我們前身公司不同之處。我們希望在特定的產品市場利基中配置資本，在那裡我們認為自己能創造顯著價值。對我們而言，這不是一門靠資金成本取勝的生意。

We don't compete on cost of capital. We compete on ability on the data science side, on WBA side and a network of extraordinary operators who can drive higher value for customers and employees and for us and themselves.

我們不靠資金成本競爭。我們靠資料科學能力、WBA 端的能力，以及一個由卓越營運商組成的網絡來競爭；他們能為客戶與員工、也為我們與他們自己創造更高的價值。

That's the model. So not everything -- if the goal was to do more, we would not be selling $12 billion of assets in the last 12 months, right? So -- and we are getting -- we're seeing everything like we always have, as Nikhil said, 90%, 95% of everything we do comes to us off-market.

這就是這個模式。所以並不是所有事情——如果目標只是做更多交易，那我們在過去 12 個月就不會出售 120 億美元的資產，對吧？所以——而且我們也像以往一樣持續看所有機會；如 Nikhil 所說，我們做的事情有 90%、95% 都是場外（off-market）找上門的。

And frankly speaking, that makes sense, right? Because we'll tell you as a seller within a day or two whether we want to transact and probably within three to five days, give or take, what will transact at what price we'll transact at.

坦白說，這很合理，對吧？因為作為賣方，你來找我們，你幾乎在一兩天內就會知道我們是否想交易；而且大概在三到五天內（視情況而定），我們就能告訴你我們會以什麼價格成交。

So fundamentally, as a seller, you have nothing to lose for by coming to us. And so that's how the business rolls, and we'll see what market gives us. If we never buy another asset or we go back to the period pre-COVID where we sold -- we're net sellers and we sold $16 billion of assets, we will be just fine. Our goal is to grow per-share value for existing investors not do deals.

所以從根本上說，作為賣方，來找我們你沒有任何損失。這就是這門生意的運作方式，我們也會看看市場會給我們什麼。如果我們再也不買任何資產，或是回到 COVID 之前那段期間——我們是淨賣方、我們賣了 160 億美元的資產——我們也完全沒問題。我們的目標是為既有投資人提升每股價值，而不是為了做交易而做交易。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

First, that was a nice David tribute. When I think assignment over time, one thing that stands out is David's ability to walk away from deals whether it was or the first shot at Can you talk about an example or two of steering clear from a big transaction that didn't sit well with you?

首先，那段對 David 的致敬很棒。當我回想你們一路走來，有一件事特別突出，就是 David 能夠在交易上選擇轉身離開——不管是什麼情況，或是第一次出手就能拿下的交易。你能否舉一兩個例子，談談你們如何避開一筆你覺得不太對勁的大型交易？

Yes. Thank you very much. I always think of -- I was e-mailing back and forth with him a couple of months ago. David was the one on the best and most exciting day of my buy-side career called me and said, your carrier has speak today, leave the industry and come join me on the dock side.

好的。非常感謝。我總會想到——幾個月前我還和他來回用電子郵件聯繫。David 在我買方職涯中最棒、最令人興奮的一天打電話給我，對我說：你的職涯今天已經到頂了，離開這個產業，來加入我，站到碼頭這一邊（dock side）。

And that's how this whole thing started rolling. I think many of you -- I think we have had the conversations over a period of time. He was an extraordinary leader. Extraordinary leader. And it was something I had admired. I knew him for a long time. We're in the Columbia Business School Board.

而這就是整件事開始運轉的起點。我想你們很多人——我想我們在一段時間內都談過這些。他是一位卓越的領導者。卓越的領導者。這是我一直很欽佩的事。我認識他很久了。我們同在哥倫比亞商學院的董事會。

It was just in -- I was in all with leadership skills, not just his financial success of total returns and all of those things. But one of the things, as you mentioned, look, we -- David able walk away from deals and many times he did it.

那時我就是——我對他的領導力完全折服，不只是他在總報酬等各方面的財務成功。但如你所提到的，其中一件事是：你看，我們——David 能夠從交易中抽身離開，而且很多次他都這麼做。

Believe it or not, many times when you walk away from transaction and you do it in the right way so that you're not burning bridges, you tell people why you walked away you can still maintain the relationship. One of the largest transaction we have done in this company is the largest transaction we have done in this company is Barchester, Believe it or not, I walked away from that deal twice right?

信不信由你，很多時候當你以正確的方式從交易中抽身、而且不把路走死（不燒橋）時，你把你為什麼退出講清楚，其實仍然可以維持關係。我們公司做過的最大宗交易之一就是 Barchester；信不信由你，我從那筆交易裡退出過兩次，對吧？

So we -- there are many -- I don't want to get into granular transaction. Every day of the week our team walks away from transactions, tell the counterparties why we walked away, whether we walk away because we don't like the product market fit, we walk away because we don't like the income rentals that I just mentioned or written extensively about. We're respectful to the marketplace in the industry.

所以我們——有很多——我不想鑽進太細的交易細節。每週每天我們團隊都會退出一些交易，並告訴對手方我們為什麼退出；不管是因為我們不喜歡產品與市場的契合度，或是因為我們不喜歡我剛提到、也寫過很多的收入租金（income rentals）。我們對市場、對產業都保持尊重。

And we're direct, right? Nobody will tell you that we have ever said something we didn't do it. We are very direct to people. And then it's just -- we do a very small fraction of what we see. Nikhil, what do you think (inaudible)

而且我們很直接，對吧？沒有人會告訴你我們曾經說過做不到的事。我們對人非常直接。然後就是——我們在看到的機會裡只做非常小的一部分。Nikhil，你覺得呢（聽不清）

Yes, 10%.

是的，10%。

10%-or-so. So by definition, we walk away from 90% of what we see. But sometimes something like Barchester, we walk away. And eventually, it happens when the time is right from a pricing standpoint or on a structure standpoint. But very, very good question, Michael.

大概 10%。所以按定義，我們會退出我們看到的 90% 的交易。但有時候像 Barchester 這種，我們會先退出；最後在定價或結構的時點合適時，它就會成行。不過這是個非常、非常好的問題，Michael。

Thank you.

謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Shankh, I know that the WBS model continues to evolve, I mean, how beneficial are these new partnerships that you're creating with PSA and others to take WPS to the next level. I mean, I'm assuming that Welltower is getting access to more new data that they didn't have access to Bulfor. I guess, how beneficial could that be as you refine those systems?

Shankh，我知道 WBS 模型仍在持續演進；我的意思是，你們與 PSA 以及其他夥伴建立的這些新合作關係，對把 WPS 推向下一個層級有多大幫助？我想 Welltower 應該能取得更多以前無法取得的新數據。我想問的是，當你們精進這些系統時，這可能會有多大的助益？

Mike, think about in our SHOP technology in two different -- completely different segment, which that's obviously the interconnect at some levels, which is one is our data science platform, which is focused on allocation of capital and finding granular opportunity and changing the velocity that exists in this business from months to days right? And that's one idea.

Mike，把我們的 SHOP 科技想成兩個不同——完全不同的面向；當然在某些層面它們彼此互相連結。第一個是我們的資料科學平台，重點在資本配置、找出更細緻的機會，並把這個產業原本以「月」為單位的速度，改成以「天」為單位，對吧？這是一個方向。

The other idea is operational side of the business, which we call Welltower Business System, which we're building out, and I mentioned about Tech Quad and how Jeff and Tucker and Swagat and Logan and all these they are also taking that to a new level. Welltower Business System, which is the operational side of the business, is not something that we are collaborating with public storage.

另一個方向是營運端，我們稱之為 Welltower Business System（Welltower 商業系統），我們正在建置；我也提到 Tech Quad，以及 Jeff、Tucker、Swagat、Logan 等人如何把它帶到新的層級。Welltower Business System 作為營運端的系統，並不是我們與 Public Storage 合作的內容。

Public storage or people like that don't need our help to think about operationally how they should run the business. That industry is years ahead we're actually hiring from that industry who can help us to do it, right?

Public Storage 或那類公司不需要我們去協助他們思考營運上該如何經營；那個產業領先很多年——我們其實是從那個產業招募人才，讓他們來幫我們做到這件事，對吧？

On the other hand, our collaboration is on the data science side, which we have been at this for 10-plus years. And that's why we have changed the real estate investing business, where this latency of the system is five to nine months and we have taken that today, right? So I don't want you to confuse the two and understand how -- where the collaborations are coming.

相反地，我們的合作是在資料科學端；這件事我們做了 10 年以上。也正因如此，我們改變了不動產投資的做法——原本系統的延遲是 5 到 9 個月，而我們把它縮短到今天這樣的水準，對吧？所以我不希望你把這兩件事混在一起；要理解合作是發生在哪一端。

We have given you many examples on our business update, the problems that we are going after that people run people are coming to us. For example, obviously, real estate examples are easy, and you can see it on examples, whether that's multifamily, other types of asset classes.

我們在業務更新中給過你很多例子：我們正在攻克的問題，很多人、很多公司會帶著問題來找我們。比如說，當然，不動產的例子最容易理解，你也能從案例中看到，不管是多戶住宅（multifamily）或其他類型的資產類別。

So storage, obviously, you mentioned, all other types of asset classes. But people are coming to us with problems that are location-type problems, but not necessarily specifically real estate problems.

所以倉儲（storage）也是，你剛提到的，還有各種其他資產類別。但人們帶來的問題是「地點」類型的問題，不一定是特定的不動產問題。

For example, a big bank has come to us and asked us whether we can help them on predicting whether most profitable next branch -- bank branches should be? These are the types of problems that we are exploring, and we'll see where we get to. But thank you for your question.

例如，有一家大型銀行來找我們，問我們能不能幫他們預測下一個最有利可圖的分行——銀行分行——應該設在哪裡？這就是我們正在探索的問題類型；我們會看看最後能走到哪裡。謝謝你的提問。

Jim Kammert, Evercore ISI.

Jim Kammert，Evercore ISI。

Shankh and team, is there a way to leverage the data science into other geographies beyond your core UK, US and Canada? Or are those markets structurally don't have private pay or other cultural issues that leave you unlikely to pursue in terms of external growth?

Shankh 和團隊，有沒有辦法把資料科學能力延伸到你們核心的英國、美國與加拿大以外的其他地理區域？還是說那些市場在結構上缺乏自費（private pay）或存在其他文化因素，使得你們不太可能在外部成長方面去追求？

The short answer is, yes, it can be, in fact, on -- just for fun we're having this conversation with an investor -- a significant investor in Japan, and we built a model over three weeks, our guys did to show them like how to apply that in Japan, right?

簡短答案是：可以。事實上——只是出於好玩——我們最近正和一位投資人（日本的一位重要投資人）討論這件事；我們的人在三週內就建了一個模型，向他們展示如何把那套方法應用到日本，對吧？

I know obviously, we don't have as much of a data and we haven't bought like gobs and gobs of data, but it is absolutely scalable across geographies and product types and beyond real estate product that I just mentioned.

我知道很顯然，我們沒有那麼多數據，而且我們也還沒有買到一大堆、一大堆的數據；但它絕對可以跨地理區域、跨產品類型擴展，甚至也能延伸到我剛提到的不動產產品之外。

Richard Anderson, Cantor Fitzgerald.

Richard Anderson，Cantor Fitzgerald。

So Shankh, you talked about doing the hard things, not the easy things and making decisions with that mindset. And I'm thinking as you're talking about data analytics and all these tangential opportunities that spin out of senior housing platform.

所以 Shankh，你談到要做難的事、不要做容易的事，並以那種心態做決策。我在想，當你談到數據分析，以及從高齡住宅平台延伸出去的各種周邊機會時。

And then I think about Amazon, which once upon a time sold books and now they're what they are today or Berkshire Hathaway, which was an insurance company and is what it is today. Do you have aspirations along those lines where senior housing -- because we can talk to our blue in the face about how great it is, and you guys are doing a fantastic job.

然後我想到 Amazon——它曾經只賣書，現在變成今天的樣子；或 Berkshire Hathaway——它曾經是一家保險公司，現在也變成今天的樣子。你是否有類似的企圖心：也就是高齡住宅——因為我們可以一直講到口乾舌燥，說它有多棒，而你們也做得非常出色。

But longer term, this is not going to always be a 20% growing type of industry. Are you thinking about senior housing as a bed from which you grow other businesses outside of data centers or data analytics if you get my point, right, you become like a diversified vehicle. Is that in your mind today?

但長期來看，這不會永遠都是一個能以 20% 成長的產業。你是否把高齡住宅視為一個「基地」，從中長出其他業務——不管是資料中心或數據分析之外——如果你明白我的意思，對吧？也就是你們會變成一個多元化的載體。這是你今天腦中在想的事嗎？

No. Let me answer that question. We are not trying to go from senior living to other asset classes in real estate. In fact, we're doing exact opposite, right? We are selling out of all other asset -- other types of asset classes and focusing our balance sheet capital, our balance sheet capital, if you will, our book into one asset classes, which we think we have competitive advantage.

不是。讓我回答這個問題。我們不是想從高齡生活（senior living）走向不動產的其他資產類別。事實上，我們做的是完全相反，對吧？我們正在出售所有其他資產——其他類型的資產類別——並把我們的資產負債表資本、我們的資產負債表資本（如果你願意這麼說）、我們的資產組合（book）集中在一個我們認為具備競爭優勢的資產類別上。

However, if you think about we have built capabilities, right, such as this data business that we talked about could potentially become more than a platform that we use for an internal application, we'll see where we get to.

不過，如果你想想我們已經建立的能力，對吧？例如我們談到的這個數據業務，未來可能不只是我們用於內部應用的平台；我們會看看最後能走到哪裡。

We're not trying to become a diversified company. I do not believe diversification -- I do not believe in diversification. In fact, I believe diversification is the worst word that has been taught to investors, right? So if you think about -- you gave a Berkshire Hathaway example, if you think about -- look at Berkshire, you will see they've made the almost entirety of the return in five things -- five names, right?

我們不打算成為一家多元化公司。我不相信多元化——我不相信多元化。事實上，我認為「多元化」是教給投資人最糟糕的詞，對吧？所以如果你想——你舉了 Berkshire Hathaway 的例子；如果你看看 Berkshire，你會發現他們幾乎全部的報酬都來自五件事——五個名字，對吧？

So you think about it as -- we believe in concentration. We genuinely believe that capabilities, you cannot be good at five different things. But your question is a much more nuanced one, which is we -- right or wrong, our whole idea 10-plus years ago was very much that we want to understand the truth.

所以你可以這樣想——我們相信集中。我們真心相信，你不可能同時把五件不同的事都做得很好。但你的問題更細膩：我們——不論對錯——在 10 多年前的核心想法，很大程度上就是我們想理解真相。

We noticed that the real estate business people talk in heuristics rule of thumb. And we wanted to know the truth, and that's what we found. I give an example, right?

我們注意到，不動產產業的人常用啟發式（heuristics）、經驗法則在說話。而我們想知道真相，而這就是我們找到的東西。我舉個例子，對吧？

People use housing prices. Housing prices are what? Housing prices and average housing prices, mean housing prices, median housing prices, we're talking about a block group, we're talking about ZIP code. What are we talking about, right? So these are the things now I can complicate this problem many times over, right?

人們用房價。房價是什麼？房價與平均房價、平均值房價（mean）、中位數房價（median）——我們是在談一個街區群組（block group）？還是在談郵遞區號（ZIP code）？我們到底在談什麼，對吧？所以這些事情，我現在可以把這個問題複雜化很多倍，對吧？

You can think about it depending on product, how long people are willing to drive? You'll notice in real estate, people talked about distance as your competition not drive time.

你也可以想，取決於產品，人們願意開車多久？你會注意到，在不動產裡，人們談距離作為競爭，而不是談行車時間（drive time）。

But again, without getting into too much of this conversation, we do believe that our job, that what we are trying to do is to optimize over the -- optimize the duration of the growth over a very long period of time. That's what we're trying to do. So today, a lot of that is obviously coming to the mix shift and everything, but we do believe that there are two other things that can potentially add pretty significantly.

但同樣地，不深入展開太多，我們確實相信我們的工作、我們想做的事，是在非常長的時間裡把成長的「持續時間」最佳化——最佳化成長的持續性。這就是我們在做的事。所以今天，其中很大一部分顯然來自組合轉換（mix shift）等等；但我們也相信，還有另外兩件事可能會帶來相當顯著的增量。

One is our asset-light businesses, which is fund management business, the data science business. And as you know that we are obviously the fees we are getting, obviously, that is a reflection of our data science business. So it's interconnected nature of it.

第一是我們的輕資產（asset-light）業務，也就是基金管理業務、資料科學業務。你也知道，我們目前取得的費用（fees），顯然反映了我們的資料科學業務；所以它們之間具有相互連結的特性。

And the other thing, Rich, is just something I want you to think about is what is the potential -- untapped potential of our balance sheet, right? So we are thinking about years ahead of what this platform could look like.

另外一件事，Rich，我希望你思考的是，我們的資產負債表還有什麼潛在——尚未被開發的潛力，對吧？所以我們是在往未來好幾年去思考，這個平台可能會長成什麼樣子。

We're thinking how do we deliver a significant per-share growth opportunity for existing shareholders when things will not be as good in senior living, as you might say. But I do think that senior living as a business will remain our primary focus of the way to deploy our own balance sheet capital.

我們在思考，當你所說的高齡住宅（senior living）景氣不會那麼好的時候，如何仍能為既有股東帶來顯著的每股成長機會。但我確實認為，高齡住宅作為一門生意，仍將是我們運用自有資產負債表資本的主要重點。

Vikram Malhotra, Mizuho.

Vikram Malhotra，Mizuho。

Shankh, I guess one other thing in your letter I really enjoyed is reading about the hummingbird and how they fly very differently and achieve lifted at a discount.

Shankh，我想你信裡另外一件我很喜歡的內容，是讀到蜂鳥以及牠們如何以非常不同的方式飛行，並以折價達成升力。

So in that vein of a different approach, just I guess two questions. One, going forward, is there something WBS or the team can do to monitor reduce CapEx levels in senior housing, something that usually bites people where there's too much CapEx load?

沿著這種不同方法的思路，我想有兩個問題。第一，往前看，WBS 或團隊是否能做些事情來監控並降低高齡住宅的資本支出（CapEx）水準？這通常會讓人吃虧，因為 CapEx 負擔太重。

And then secondly, when you think about supply/demand, on the supply side, we still have not seen it start. Is there something different about your relationships or your markets which can limit supply perhaps longer than people perceive?

第二，當你思考供需時，在供給端，我們仍然還沒看到供給開始起來。你們的關係或市場是否有什麼不同之處，能讓供給受到限制、可能比大家認為的更久？

So second question was supply and the first question was CapEx and hummingbird. So the idea of hummingbird, I don't want to repeat it, I wrote extensively about it, you can read it and sounds like you have read it.

所以第二個問題是供給，第一個問題是 CapEx 和蜂鳥。關於蜂鳥的概念，我不想重複，我已經寫得很詳細了，你可以去讀，而且聽起來你也讀過了。

The idea is continuous improvement of candles will not give you a light bulb or Henry Ford will tell you that you can improve horse carriages as long as you want, but you're not going to get a Model T, right? So you got to think about the business in a completely different way, which is reimagining what the entire value chain looks like.

這個概念是：持續改良蠟燭不會讓你得到電燈泡；或者 Henry Ford 會告訴你，你可以一直改良馬車，但你不會因此得到 Model T，對吧？所以你必須用完全不同的方式思考這門生意，也就是重新想像整條價值鏈應該長什麼樣子。

And if you take our first principal approach to say, what are my goal is and you start from the customer, right? And solve, okay, how do I remove friction of customers and the people who the customers see as product, which is the site level employees, you can get very far. How far we will get to, we'll see in the future. And now let's talk if take the question of CapEx that you talked about, right?

如果你採用我們的第一性原理方法，先問「我的目標是什麼」，並從客戶出發，對吧？然後去解決：好，我要如何移除客戶的摩擦，以及客戶所視為產品的一群人——也就是據點層級的員工——你就能走得很遠。至於我們能走多遠，未來再看。現在回到你提到的 CapEx 問題，對吧？

John gotten into this in details. The CapEx in this business because of the short-term private equity type mentality, which I'm not actually denigrating private equity. If I got paid on short-term IRR, I would have done the same probably. But if you just think about it like people take a very piecemeal approach, right?

John 已經在細節上談過了。這個產業的 CapEx 之所以會這樣，是因為短期私募股權式的心態——我其實不是在貶低私募股權。如果我是按短期 IRR 領報酬，我可能也會那樣做。但如果你去想，大家往往採取非常零碎的做法，對吧？

One year you do roof because you have to then next year, you go back and do the gutters; the next year, you go back and fix your skylights and that's not how full cycle CapEx should work.

某一年你因為不得不做而去修屋頂，下一年你回來做排水槽；再下一年你回來修天窗——這不是全週期 CapEx 應該運作的方式。

On our particular -- if you look at our cash flow, you were obviously -- Vikram, you're seeing that CapEx is improving and it's improving for two reasons. One, CapEx is a concept that is not an idea that you should think about in terms of available or occupied room, you should think about all available room. Because if you think about you are doing, say, first impression, it is not going to be whether you have 40 people in the community or 400 people in the community, right?

就我們這邊——如果你看我們的現金流，你顯然——Vikram，你會看到 CapEx 正在改善，而且改善有兩個原因。第一，CapEx 這個概念不應該用「可用或已入住的房間」來思考，而應該用「所有可用房間」來思考。因為如果你想的是例如第一印象，那不會取決於社區裡是住了 40 個人還是 400 個人，對吧？

It will be on all the rooms. As the system is filling up, obviously, you are getting the scaling effort or as the NOI is going up, you're getting the scaling efforts. Second, CapEx today, two years ago, we didn't -- we obviously did all CapEx that was outsourced to operate us. Today, we have 200 people team, which works for us.

它會取決於所有房間。隨著系統逐步填滿，顯然你會得到規模化效益；或者隨著 NOI 上升，你也會得到規模化效益。第二，今天的 CapEx——兩年前，我們沒有——我們當時顯然是把所有 CapEx 外包給營運方來做。今天，我們有一個 200 人的團隊，是為我們工作的。

And that team is working with our operators to figure out how to do CapEx the best, how to do lifestyle -- think about lifecycle cost and executing where the best execution we can get. And that's just started to see that scaling effort over the last, say, six months. And I think you're going to see a lot more going forward.

這個團隊正與我們的營運商合作，找出如何把 CapEx 做到最好、如何做生活型態——從生命週期成本（lifecycle cost）的角度思考，並在我們能取得的最佳執行品質下落地。這種規模化效益大概在過去六個月才剛開始顯現。我認為未來你會看到更多。

And what was the second question? Did I answer both of the questions? Yes. Supply -- so look, the fact of the matter is -- the supply currently is a very low start you are seeing. I would expect that -- I personally think about supply it's almost a Pavlovian response to participants in the market when we see the supply.

第二個問題是什麼？我有回答兩個問題嗎？有。供給——你看，事實是——目前你看到的供給開工（starts）非常低。我會預期——我個人看供給時，覺得市場參與者對供給幾乎是一種巴甫洛夫式反射，只要看到供給就會有反應。

It's almost a third rail and people think supply equals to oversupply. Why that makes sense? Last decade, every unit of supply was oversupply because demand was flat.

這幾乎像是第三軌（third rail），大家會認為供給等於供給過剩。為什麼這樣想有道理？因為在上一個十年，每一個新增供給單位都是供給過剩，因為需求是持平的。

I think about supply and the impact of supply in terms of oversupply. You can see the demand growth and you can think, okay, how long it takes to bring supply in the market. We have a slide on our presentation and that walks you through. And you can see what's the oversupply can be. I personally think that supply will chase demand for a long period of time, just because what the demand growth looks like and the constraint of supply that is in.

我會用「供給對供給過剩的影響」來思考供給。你可以看到需求成長，並思考：好，把供給帶進市場需要多久。我們簡報裡有一張投影片會帶你走過這些，你也可以看到可能的供給過剩會是什麼。我個人認為，供給會在很長一段時間內追著需求跑，原因就是需求成長的樣貌，以及供給端存在的限制。

In our markets, in senior living one of the biggest constraint of supply on top of everything else that you can think about is availability of quality operators, right? That's a big constraint in the market. No bank will lend to you if you have a operators, especially after what they have gone through last cycle.

在我們的市場裡，在高齡住宅領域，除了你能想到的其他因素之外，供給最大的限制之一是優質營運商的可得性，對吧？這是市場上的一個重大限制。如果你沒有營運商，銀行不會借錢給你，尤其是在他們上一個週期經歷過那些之後。

And as you know, and this is something that you brought up Vikram, that I don't think we have people have asked us over the last three years. At the bottom of COVID, when we were the only people, only people who were actually allocating capital and leaning into senior living, we forged 25 to 30 long-term partnership with our operators, different developers, who were mostly exclusive or near exclusive in nature in our markets, which we believe will provide a governor on quality supply. And we'll see how this plays out. But thank you for your question.

而且如你所知——這也是你提到的，Vikram——我想過去三年大家沒有問過我們的一點是：在 COVID 最低谷時，當我們是唯一、唯一真正還在配置資本、加碼投入高齡住宅的人時，我們與營運商、不同開發商建立了 25 到 30 個長期合作夥伴關係，在我們的市場裡多半是獨家或近乎獨家的性質；我們相信這將對「高品質供給」形成一個調節器（governor）。接下來就看會如何發展。但謝謝你的問題。

Farrell Granath, Bank of America.

Farrell Granath，美國銀行（Bank of America）。

I also wanted to touch on a comment that you made in your annual letter, where you highlighted several operational heroes. What was some of the best operational advice that took away from those organizations? And how are you applying and executing on that advice across the portfolio?

我也想延伸你在年度信中提到的一段話，你在其中強調了幾位營運英雄。你從那些組織身上帶走了哪些最好的營運建議？你又如何在整個投資組合中應用並落實那些建議？

That's an interesting question. Farrell, some of the heroes we mentioned was not just operational, also capital allocation and culture and many other things. However, I will tell you, I personally believe and probably because of the influence of Charlie, one of the most well-run operational company in this country is a company called It's a private company, who's CEO -- long-term CEO, Peter Kauffman, has been a great friend and mentor of mine over a long period of time, and he's a true hardcore operator in the aerospace defense sector.

這是個有意思的問題。Farrell，我們提到的一些英雄不只是營運面，也包括資本配置、文化以及許多其他面向。不過我會告訴你，我個人相信——可能也因為 Charlie 的影響——這個國家營運管理得最好的公司之一，是一家叫做——它是一家私人公司——其 CEO、長期 CEO Peter Kauffman，多年來一直是我的摯友與導師，他是在航太國防領域真正非常硬派的營運者。

So first, people will tell you, first thing is before you get advice from people, you need to understand the credibility of their advice. Lots of people have lots of advice in things that they have no expertise in. I routinely see people have never ran lemonade stand and have opinions on how multibillion-dollar company should be run.

所以第一點，人們會告訴你，在你向別人取經之前，你需要先理解他們建議的可信度。很多人在自己沒有專業的事情上也有很多建議。我經常看到一些人連檸檬水攤都沒經營過，卻對一家數十億美元公司該怎麼運作有很多意見。

So that's first you have to have a filtering mechanism to understand who has expertise. But beyond that, and the best operational advice that I actually got that operations can be meaningfully improved from systems and process and technology, but operations is not about any of those things.

所以首先你必須有一個篩選機制，去理解誰真正有專業。但除此之外，我實際上得到的最佳營運建議是：營運確實可以透過系統、流程與科技而顯著改善，但營運並不關乎那些東西。

They can be enabler. Operations is all about people. So if you have -- if you're in L.A. and you have an hour, let me know, I'll help you go visit Peter and you will see what a well-run factory could look like and with all the focus of people. But anyway, thank you for the question.

那些可以是促成因素（enabler）。營運完全是關於人。所以如果你在洛杉磯（L.A.）而且有一個小時，跟我說一聲，我可以幫你安排去拜訪 Peter，你會看到一座管理良好的工廠可以是什麼樣子——而且一切都以人為核心。不過，謝謝你的問題。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Just going back to an earlier question about the portfolio of assets that are 95%-plus occupied. I guess as we continue to understand as you put the possible, within the 6% RevPOR growth for those assets, you indicated the benefits of capacity coming down and just pricing power are street rate increases exceeding increases on in-place customers within this subset of assets? And are you also seeing a greater benefit from high ROI ancillary income opportunities?

回到先前一個關於入住率 95% 以上資產組合的問題。隨著我們持續理解——如你所說——在這些資產 6% 的 RevPOR 成長中可能有哪些空間，你提到入住率下滑帶來的好處，以及定價能力，也就是市價（street rate）調漲幅度超過對既有住戶（in-place customers）的調漲幅度。在這一組資產中，你們是否看到這種情況更明顯？另外，你們是否也看到來自高 ROI 的附加收入（ancillary income）機會帶來更大的助益？

Thank you so much. You were a little further from the mic, but if I understand your question was on the 95%-plus are we seeing even within the pricing, are we seeing greater opportunities off (inaudible) so you hit on something extraordinarily important.

非常感謝。你離麥克風有點遠，但如果我理解正確，你的問題是：在入住率 95% 以上的資產中，即使在定價之內，我們是否看到更多來自（聽不清）（inaudible）的機會——你點到了一個極其重要的點。

I have a particular belief that just because you can doesn't mean you should. And this is something I'm boring you with reputation and details. Clearly, it sounds like you read my annual letter. There's a whole section on trade-offs that I would like you to go back to and will say in many places, in place customer rate increases could be meaningfully higher than what we are comfortable with, and I'm fine with that. I'm fine with that.

我有一個特別的信念：不是因為你做得到，就代表你應該做。而這也是我一直用聲譽與細節在跟你們講、可能講到你們覺得無聊的事情。很明顯，你讀過我的年度信函。裡面有一整段在談取捨（trade-offs），我希望你回去再看一次；我也在很多地方都說過：在某些情況下，客戶費率的調升幅度可能會顯著高於我們覺得舒適的水準，而我也可以接受。我可以接受。

So how do you -- if you are, if you say, okay, I'm not going to give customers 15%, 20% increases, how would the RevPOR will change? It will change because of the point you just made, right, which is not an existing customer increase, but it comes from the street rate. This is a fundamental negative mark-to-market in this business. because of the person who leaves versus the person who comes in, there's an acute difference between the two.

那你要怎麼——如果你是、如果你說，好，我不會給客戶 15%、20% 的漲幅，那 RevPOR 會怎麼變？它會改變，因為就像你剛剛說的那個點，對吧：不是來自既有客戶的調漲，而是來自街價（street rate）。在這個業務裡，這是一個根本性的負向按市價重估（negative mark-to-market），因為離開的人和搬進來的人之間，兩者的價格有非常明顯的差異。

However, when you have in this assets and its overall trading market when everybody else is full the street rate goes up and that's the impact you see in the overall RevPOR, right, which is a function of three different pricing, not just existing customer increases, increasing street rate.

不過，當你擁有這些資產、而且整體交易市場在其他人都滿租時，街價就會上升，而這就是你在整體 RevPOR 看到的影響，對吧？它是三種不同定價因素的函數，不只是既有客戶的調漲，還包括街價上升。

You picked up on something very important, and I think that will be a lot of driver as you go forward in many, many of the markets. And ancillary opportunities such as a lot of the other such as community fees and others also play an impact on that as well.

你抓到了一個非常重要的點，我認為在你往前看、在很多很多市場裡，這會成為很大的驅動因素。另外，像是社區費（community fees）等各種附加（ancillary）機會，也會對此產生影響。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO Capital Markets。

I'm just curious if you could talk a little bit about market share and the opportunity that's still left to consolidate a fragmented industry recognizing that you guys have a very targeted approach, hoping you could help us understand how much is left to consolidate, if you will?

我只是好奇，你能否談一下市占率，以及在一個高度分散的產業中，仍然存在的整併機會？我知道你們採取非常有針對性的策略，希望你能幫我們理解：如果要說的話，還剩下多少可以整併？

There's been a little bit of political pushback in Canada, and there's overviews or reviews going on in the UK. So in that context, just hoping you could help us understand how you think about the addressable market and the opportunities remaining?

在這樣的背景下，加拿大出現了一些政治上的反彈，英國也正在進行概覽或審查。所以在這個脈絡下，希望你能幫我們理解：你們如何看待可觸及市場（addressable market）以及剩餘的機會？

Yes. Juan, so if you just take a step back and think about from a customer standpoint, roughly, give or take, call it, 7% to 8% or call it, 10%.

是的。Juan，如果你先退一步，從客戶的角度來看，大概——上下浮動——可以說是 7% 到 8%，或乾脆用好算的數字，算 10%。

Let's just do easy math, 10% of the people who can use our product, use our product. So 90% of the people fundamentally don't use the product who can use our product, right? So it's just a small portion of the -- of your customers use the product.

我們就用簡單的數學：能使用我們產品的人當中，只有 10% 使用我們的產品。所以有 90% 的人，基本上是能用卻沒有用我們的產品，對吧？所以使用產品的客戶只占很小一部分。

Within that small portion, we're probably 7% of the industry.

在那一小部分裡，我們大概占整個產業的 7%。

So we're a very small portion of even the existing product. And -- so our -- so from that standpoint, if you just think about it, a 7% of 10%, you can imagine, like were insignificant from a customer standpoint, right? They just that -- those are the numbers.

所以即便在既有的產品使用者中，我們也只占非常小的一部分。——因此，從這個角度來看，如果你想一想，7% 的 10%，你可以想像，從客戶角度我們幾乎微不足道，對吧？數字就是這樣。

Now having said that, if we're 7%, say, of the entire base of products, does that mean that our opportunity -- and as you mentioned that obviously, it's an extraordinarily fragmented industry. Does that mean that our -- and I think the average operator or owner operator as of like 10 communities or 1,000 units or something like that.

不過話說回來，如果我們占整體產品基礎的 7%，這是否代表我們的機會——而且如你所說，這顯然是一個極度分散的產業——是否代表我們的 TAM（總可服務市場）是 15 倍？我想平均的營運商或業主營運商大概只有 10 個社區或 1,000 個單位之類的規模。

It's a very, very small. Does that mean that 7% of the industry is our TAM is 15 times.? The answer is no, right? Our TAM is probably -- we're very focused on -- even within senior living, we're very focused on the highest price point or the highest quality assets in the market, so very much of the very focused on the highest, highest end of this business.

規模非常、非常小。那是否代表產業的 7% 就是我們的 TAM 乘以 15 倍？答案是否定的，對吧？我們的 TAM 可能——我們非常聚焦——即便在高齡住宅（senior living）裡，我們也非常聚焦在市場中最高價位或最高品質的資產，因此我們非常專注在這個業務的最、最頂端。

That product market niche is what we have made our bet on. And that probably is -- the TAM is probably 2 times to 3 times, not 15 times. That's how we think about it. We see what the opportunities are.

那個產品市場利基（niche）是我們下注的地方。而那大概——TAM 大概是 2 倍到 3 倍，而不是 15 倍。我們是這樣思考的。我們看得到有哪些機會。

As I've mentioned in previous questions and in my annual letter, we would be comfortable if we never bought another asset. So the goal is not asset aggregation, goal is to pick where you think you can add significant value, and I think our team is doing a pretty good job of. And we'll take the -- we'll go forward with that and see what market gives us.

如同我在先前的提問以及我的年度信函中提到的，如果我們再也不買任何資產，我們也會覺得可以接受。所以目標不是資產聚合（asset aggregation），目標是挑選你認為能夠創造顯著價值的地方；我認為我們的團隊做得相當不錯。我們會沿著這個方向往前走，看看市場會給我們什麼。

Nick Yulico, Scotiabank.

Nick Yulico，Scotiabank。

I wanted to ask on the investment side. This quarter, the loan funding was a little over 50% of the investments. So if you could just remind us what the approach is there and where you're able to get -- what type of yield on that loan funding? And then also, if you could also break out of the $7.2 billion investments in April so far? What percentage of that is loan funding.

我想問投資端的問題。本季貸款資金投放（loan funding）占投資的比例略高於 50%。所以你能否提醒我們那邊的策略是什麼，以及你們在那類貸款投放上大概能拿到什麼樣的殖利率？另外，也能否拆解一下截至目前 4 月的 72 億美元投資？其中有多少比例是貸款投放？

Let me start, Nikhil you go. First is, you were seeing that, Nick, just to remind you that remember, that when we did the transaction, we took back $1 billion-plus in participating pref, and that's what showed up in the loan book, right? So it's not really a loan, it's a participating loan. It's with an equity derivative attached to it, but that's what you're seeing. Rest of it, you can see -- think about it as a refill of the HC1 loan and other loans that got paid off.

我先開始，Nikhil 你接著補充。第一點，Nick，你看到的那個情況——提醒你一下，記得我們做那筆交易時，我們收回了超過 10 億美元的參與型優先股（participating pref），而那部分就顯示在貸款帳上，對吧？所以它不完全算是一筆貸款，它是一筆參與型貸款。它附帶一個股權衍生性（equity derivative），但你看到的就是那個。其餘部分，你可以——把它想成是 HC1 貸款以及其他已被償還貸款的補回（refill）。

Some of it is just a bridge too hard of some of the assets and skilled nursing assets we sold. They will be gone as takes a long time, as you know. When that happens, they will be gone. But overall, that's the construct is that piece showed up. From your second part of your question, which is $7.2 billion. I do not recall, Nikhil, you might recall.

其中一些只是某些資產以及我們出售的護理機構（skilled nursing）資產的過渡安排（bridge）太難做。你也知道，這需要很長時間。等那件事發生時，它們就會消失。總體而言，架構就是那樣：那一塊顯示出來了。至於你問題的第二部分，也就是 72 億美元那塊，我不記得了，Nikhil，你可能記得。

I think the next specific question was what's closed in the second quarter. So of the $4.2 billion that's closed, as I said in my prepared remarks, Amica, which is north of $3 billion, is the vast majority of that. There might be one or two small loans, but it's been predominantly asset acquisitions.

我想下一個具體問題是第二季已完成（closed）多少。所以在已完成的 42 億美元中，如同我在事先準備的發言裡說的，Amica（超過 30 億美元）占了其中的絕大部分。可能有一兩筆小型貸款，但主要都是資產收購。

So -- that's -- I think you asked about the pipeline as well. That is maybe also the same thing. It's all just in one quarter, that piece landed, and that's what it looks like it's elevated. As you look back in the whole year, you'll not see it. And as you said, there's a remaining $500 million of sales left as part of the transaction.

所以——就是這樣——我想你也問了管線（pipeline）。那可能也是同一件事。全部都集中在同一季落地，所以看起來就會偏高。當你回頭看整年，你不會看到它一直是那樣。而且如你所說，作為該交易的一部分，還有剩下 5 億美元的出售（sales）尚未完成。

So as that happens, of course, that will come with some additional participating pref funding.

所以隨著那件事發生，當然也會帶來一些額外的參與型優先股資金投放（participating pref funding）。

Seth Bergey, Citigroup.

Seth Bergey，Citigroup。

I was hoping you could just touch on the transaction market more broadly. First, I guess, the impact of competition and then how prevalent is retrading deals walking away because of the capital markets? And then Shankh, I think you mentioned time to close. And I was just curious, well towers due diligence and time to close versus the average for other buyers in the market?

我希望你能更廣泛地談一下交易市場。首先，我想問競爭的影響；接著，因為資本市場因素而重新議價（retrading）或乾脆放棄交易（walking away）的情況有多普遍？另外，Shankh，我記得你提到結案時間（time to close）。我也想了解，Welltower 的盡職調查（due diligence）與結案時間，相較於市場上其他買家的平均水準如何？

Yes. I think let's start with the competition piece. As I said in the prepared remarks, regardless of whatever period we look at transactions that have closed, the pipeline and I say this every single quarter as an update, that give or take our transaction activities between 90% to 95% off-market.

是的。我想先從競爭談起。如同我在事先準備的發言裡說的，不管我們看哪一段期間已完成的交易、以及管線，我每一季都會用這個作為更新：我們的交易活動大概有 90% 到 95% 是場外（off-market）。

And so by definition, in that regard, there is no competition. But what we've seen is over the last couple of years as more capital has come into senior living, previously, when we would say no to one of those off-market opportunities, it wouldn't get done.

因此就定義上而言，在那種情況下是沒有競爭的。但我們看到的是，過去幾年隨著更多資金進入高齡住宅（senior living），以前當我們對某個場外機會說不時，那筆交易通常就做不成。

Now what you're seeing is, given that there's a more robust marketplace, if we say, no, more likely than not, somebody else to end up buying those assets. So that's certainly happening.

現在你看到的是，因為市場更活絡，如果我們說不，那些資產更有可能最後會被其他人買走。所以這確實正在發生。

Then your second question was about our speed. Well, I think as Shankh said earlier, it takes us a couple of days to within a very narrow range, have a view on what an asset should be priced thereafter in assuming there is a meeting of the minds, then it's the traditional diligence process, which involves site visits, finalizing business plans with operators, third parties, negotiating legal documents and we parallel path all of that, just given upfront, how much information we have from our data platform on what to expect from an asset.

接著你的第二個問題是關於我們的速度。嗯，我想如同 Shankh 先前說的，我們只需要幾天時間，就能在一個非常狹窄的區間內形成對資產合理定價的看法；之後，假設雙方達成共識（meeting of the minds），接下來就是傳統的盡職調查流程，包括實地訪查、與營運商敲定最終商業計畫、第三方作業、協商法律文件；而我們會把這些工作並行推進，因為我們的資料平台在前期就提供了大量資訊，讓我們對一項資產的表現有相當程度的預期。

And so we can parallel path all of that, and it takes us roughly 30 days from when we first see something to close something. In comparison to the broader market process, Shankh wrote extensively in his last annual letter last year, a typical process takes six months from starting to think about, hey, we're going to sell something to get BOVs from a bunch of different advisers to then picking an adviser to then populating all the information and creating a really pretty offering memorandum to then negotiating NDAs, to then having a first round process, to then having a second round to the process, finally picking a winner and then most transactions occur in a way that you first negotiate a contract, then you have a 30- to 60-day diligence period where you find financing for the asset and eventually close on it.

因此，我們可以把所有這些工作採取並行推進，從我們第一次看到某個機會到完成交割，大約需要30天。相較於更廣泛的市場流程，Shankh 在去年上一封年度信中有大量著墨：一個典型流程，從開始思考「嘿，我們要賣某個資產」，到向一堆不同顧問取得 BOV（經紀人意見價值），再到選定顧問，接著彙整所有資訊並製作一份非常精美的出售備忘錄（offering memorandum），再到協商 NDA，然後進行第一輪流程、再進行第二輪流程，最後選出得標者；而且多數交易通常是先談合約，接著有30到60天的盡職調查期，在此期間為資產尋找融資，最終完成交割。

So six months is a long time, if you think about what macro looked like six months ago versus it does today, a lot changes. So -- and given that the price -- the buyer is not going hard until 30 days before closing, so five months into six months, there's a lot of uncertainty. And we have, in the last two months, seen a lot of transactions that we liked, but weren't comfortable with the pricing get away from us to then come back to us. So that's certainly happening, and it happens all the time.

所以六個月是很長的時間；如果你想想六個月前的總體環境（macro）和今天相比，變化非常大。因此——而且考量到買方直到交割前30天才會真正全力投入，所以在六個月中的前五個月，存在很大的不確定性。過去兩個月，我們看到不少我們喜歡的交易，但因為對定價不夠放心而讓它從我們手上溜走，之後又回到我們這裡。這種情況確實正在發生，而且一直都會發生。

I'll just add two more things, right? So we are -- one of the very few SHOP who actually go and visit every single assets that we buy. That is not -- predominantly, that is not a percentage of we visit every single asset that comes on our balance sheet and walk on average, 12 people from Welltower go walk assets, not just our investment team, our asset management team, structural engineers. So we go and do this every single asset, which is very important for you to understand.

我再補充兩點，對吧？我們是少數真正會去實地拜訪我們所收購每一項資產的 SHOP 之一。這不是——在業界，通常並不是這樣。我們會拜訪每一個進入我們資產負債表的資產；平均會有12位 Welltower 的人員去走訪資產，不只是投資團隊，還包括資產管理團隊、結構工程師。我們對每一個資產都這麼做，這點對你理解我們非常重要。

And just to take the second question is, from our standpoint, is the reputation is our currency of business. If we tell people going to do something, we do it. I might as well give people bad news upfront than try to drag them through the process and then five months later, I said these are the five different things.

再來回答第二個問題：就我們的立場而言，聲譽就是我們的商業貨幣。如果我們告訴別人我們會做某件事，我們就會做到。我寧可一開始就把壞消息講清楚，也不要把人拖進流程裡，然後五個月後才說有這五件不同的問題。

I didn't like the color of your nails, so it will be retreated, right? And that's what happens in this business every day. That's very standard people accepted in real estate business to do, we just don't do that, right?

比如說「我不喜歡你指甲的顏色，所以要重新談」，對吧？這種事在這個行業每天都在發生。這在房地產業是非常標準、大家也接受的做法，但我們就是不這麼做，對吧？

We are always comfortable in the trade-off of short-term money versus long-term reputation that works out for us over a period of time. And hopefully, overall, our execution over the years will tell you that if you take a long-term approach, if you take a reputation approach, if you take an approach of running a first-class business in fast way, it generally works out for you.

我們一向願意在短期金錢與長期聲譽之間做取捨，而長期來看這對我們是划算的。也希望整體而言，我們多年來的執行表現能讓你看到：如果你採取長期視角、採取重視聲譽的做法、以快速的方式經營一流企業，通常結果會對你有利。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Shankh, I wanted to talk a little bit about just, again, the overall business model and again, the growth mode you're in, you definitely need a specific type of operator and SHOP to realize your strategy. So I'm just curious, at this point, are you still seeing opportunities to bring more operators into the fold or does the strategy really become doubling down on the operators you have?

Shankh，我想再談一下整體商業模式，以及你們目前所處的成長模式。要實現你們的策略，你們確實需要特定類型的營運商與 SHOP。所以我很好奇，到目前為止，你們是否仍看到把更多營運商納入體系的機會？還是說策略其實變成更專注加碼你們既有的營運商？

And if that's the case, what becomes the next level of incentive you can provide for your current operators to even have further better alignment? Is it stuff like the munger grants? Or what else is out there that can really align the two to continue to deliver the results you've been delivering?

如果是後者，那你們能為現有營運商提供的下一層級激勵是什麼，以便讓彼此的利益一致性更進一步提升？會是像 munger grants 這類的安排嗎？或還有什麼其他方式，能真正讓雙方更一致，持續交出你們一直以來交出的成果？

Yes. Thank you very much. It's a very, very important question that we reflect on and debate and talk about -- look, we think about this business as a complex adaptive system.

是的。非常感謝。這是一個我們會反覆思考、辯論並討論的非常、非常重要的問題——你看，我們把這門生意視為一個複雜的適應性系統（complex adaptive system）。

And as we think about this business as a complex adaptive system, we have after years and years of thinking through this every line item we have come to a point where we have a very good idea. If you just -- if you were sitting in it in one of our conference room, with our one of our operating partners and our people.

當我們把這門生意視為複雜的適應性系統時，經過多年反覆推敲每一個細項，我們已經走到一個階段：我們非常清楚該怎麼做。若你坐在我們某一間會議室裡，和我們的某位營運夥伴以及我們的人一起。

Again, you will not be able to say who works for Welltower, who works for this operator, they are all working very collaboratively and not trying to say this is your side, this is my side, and that's just not. That type of collaboration trust takes a long time to build, which we have built with a handful of our operating partners, and we're doubling down with them every day.

同樣地，你將無法分辨誰是 Welltower 的員工、誰是該營運商的人；大家都非常協作，而不是試圖劃分「這是你那邊、這是我這邊」。而那種協作與信任需要很長時間才能建立；我們已經與少數幾家營運夥伴建立起來，並且每天都在對他們加碼投入。

Having said that, are there a couple of people that we have long respected over time that we want to do business with? The answer is yes. At the same time, you will see -- if your question is, are we in an expansion mode from a number of operators we do business with or we're in a flat or we're shrinking? The answer is, unequivocally, our view is that we're shrinking, right?

話雖如此，是否有幾位我們長期以來非常尊敬、也希望合作的人？答案是有。同時，如果你的問題是：我們是在擴張與我們合作的營運商數量，還是持平，或是在縮減？答案是毫無疑問——我們的看法是我們正在縮減，對吧？

The number of people that we business with. That is in -- because we are doubling down with our existing partners, we have built these collaborations and we are not trying to be everything to every people, every product, every operator we have found the like-minded, a lot of like-minded operating partners, who are truly our partners. That's not they take partnership very seriously. They are extraordinarily focused on excellence like we have.

也就是我們合作的對象數量。這是因為我們正在對既有夥伴加碼；我們已建立這些合作關係，也不打算對每個人、每個產品、每個營運商都面面俱到。我們找到了志同道合的——很多志同道合的營運夥伴，他們真正是我們的夥伴。他們非常認真看待「夥伴關係」。他們和我們一樣，極度專注於卓越。

They want to treat their people right. They want to treat the residents right. They want -- they take reputation as the currency of business. And those are the type of cultural alignment, not just technological systems, money and everything, financials and everything has to work out. But the cultural element is the most important, and we are doubling down with them.

他們想善待員工，想善待住民。他們把聲譽視為商業的貨幣。這種文化上的一致性——不只是科技系統、資金與各項財務都要能運作——但文化面是最重要的，而我們正在對他們加碼投入。

And sometimes, we do find somebody like Amica that we tremendously respected over the time. And then when the stars align, and we go together and meeting of the mine happen.

而有時候，我們確實會遇到像 Amica 這樣、我們長期以來非常敬重的對象。當天時地利人和、星象對齊時，我們就會走到一起，產生理念相投的契合。

The same applies for Barchester. But generally speaking, our goal is to do more with our existing partners where the alignment has already happened. But it's an extraordinary question that we reflect on every day.

Barchester 也是同樣的情況。但一般而言，我們的目標是在既有夥伴身上做得更多，因為一致性已經建立。不過這確實是個非常好的問題，我們每天都在反覆思考。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

I just wanted to go back to an earlier question on applying the data science platform to new geographies. Has the company underwritten any transactions in geographies outside of the US, UK or Canada? Or are there any additional countries that Welltower could be interested in entering down the line on balance sheet?

我想回到先前一個問題：把資料科學平台應用到新的地理區域。公司是否曾在美國、英國或加拿大以外的地區承作（underwrite）任何交易？或者未來在資產負債表層面，Welltower 是否可能有興趣進入其他國家？

Yes, Michael, very, very good question. I'm glad that you asked the clarifying question. We have no desire to go to any other countries other than the three countries we are in from a capital perspective and balance sheet perspective. That comment was entirely on the capital light on the data science side. And obviously, we think that is imminently scalable across geographies, across asset classes.

是的，Michael，這是非常、非常好的問題。我很高興你提出這個釐清問題。從資本配置與資產負債表的角度，我們完全沒有意願進入除目前所在三個國家以外的任何國家。剛才那段評論完全是針對輕資本（capital light）的資料科學面向。而且顯然，我們認為那在不同地理區域、不同資產類別之間都具有高度可擴展性。

But from our standpoint, on a purely capital-light basis, we're trying to -- everything we are doing should tell we genuinely believe that in today's world, which is a maximum gain, maximum growth world, the fastest way to get to what we're trying to do is to narrow the focus, not extend the focus.

但就我們而言，在純粹輕資本的基礎上，我們想要——我們正在做的一切都應該能說明：我們真心相信在當今這個追求最大收益、最大成長的世界裡，最快達成我們目標的方法是收斂焦點，而不是擴大焦點。

Yes. And Michael, to directly answer your question, no, we have not underwritten anything, something we've even signed an NDA to get information beyond the three markets.

是的。Michael，直接回答你的問題：沒有，我們沒有在三個市場之外承作任何案子，甚至也沒有為了取得三個市場之外的資訊而簽署 NDA。

That concludes the Q&A session of the conference call. Thank you for your participation. You may now disconnect, and have a wonderful rest of your day.

本次電話會議的問答環節到此結束。感謝各位的參與。您現在可以斷線，祝您接下來一天愉快。