Welltower Inc. (WELL) 2026 Q3 法說會逐字稿

Hello, and welcome to the Welltower third quarter 2026 earnings call. (Operator Instructions) I would now like to turn the conference over to Matt McQueen, Chief Legal Officer and General Counsel. You may begin.

各位好，歡迎參加 Welltower 2026 年第三季財報電話會議。（接線員指示）現在我想把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. And with that, I'll hand the call over to Sean for his remarks.

謝謝，大家早安。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 認為任何前瞻性陳述均基於合理假設，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，已在公司向美國證券交易委員會（SEC）提交的文件中詳述。接下來，我把電話交給 Sean 發表談話。

Thank you, Matt, and good morning, everyone. I will review business trends and our capital allocation priorities, and the team will follow the usual cadence. Our business continued to fire on all cylinders during the third quarter as the all-weather compounding engine we have built continues to deliver exceptional results for our existing investors.

謝謝你，Matt，各位早安。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說明。第三季我們的業務持續全速運轉；我們打造的全天候複利引擎，持續為既有投資人帶來卓越成果。

The strong end market demand for our luxury senior living product, coupled with attractive capital deployment opportunities drove revenue growth of 38% and adjusted EBITDA growth of 35%. Most notably, we delivered nearly 25% FFO per share growth while maintaining extremely low leverage balance sheet and doubling down on our investments in operations and technology.

我們的高端（luxury）高齡住宅產品終端市場需求強勁，加上具吸引力的資本部署機會，帶動營收成長 38%，調整後 EBITDA 成長 35%。最值得一提的是，在維持極低槓桿的資產負債表之下，我們仍實現接近 25% 的每股 FFO 成長，並加碼投資於營運與科技。

These results, coupled with momentum that we are carrying into the fourth quarter, enabled us to raise the midpoint of our full year FFO outlook by $0.10 per share to $6.50, which, if achieved, would represent a 23% year-over-year growth.

這些成果，加上我們延續至第四季的動能，使我們將全年每股 FFO 展望中位數上調 0.10 美元至 6.50 美元；若能達成，將代表年增 23%。

What matters to us, however, is not simply the magnitude of the growth in a given quarter or year, but the duration of that growth. We believe that favorable demand supply backdrop when combined more importantly, with an affluent customer base and the digital transformation of our portfolio through Welltower Business System gives us a long runway to compound per share earnings and cash flow growth for existing investors.

然而，對我們而言，重要的不僅是某一季或某一年的成長幅度，更是成長能持續多久。我們相信，有利的供需環境，再加上更重要的富裕客群，以及透過 Welltower Business System 對我們投資組合進行數位轉型，將使我們擁有很長的跑道，為既有投資人持續複利式推動每股盈餘與現金流成長。

To be clear, our recent results and outlook are not simply a byproduct of demographic trends or the expansion of our footprint. Instead, they are a function of our long-held view that enduring businesses simply cannot respond to change. They must continue to reinvent themselves ahead of it.

需要說清楚的是，我們近期的成果與展望並非僅僅是人口結構趨勢或版圖擴張的副產品。相反地，這反映了我們長期以來的觀點：能夠長久的企業不能只是對變化做出回應。它們必須在變化來臨之前就持續自我再造。

In that vein, we have retooled nearly every aspect of our company over the past decade from capital allocation to improving the resident and employee experience in addition to meaningfully deleveraging our balance sheet. These actions have positioned us not to simply withstand an increasingly uncertain economic landscape, but to remain on offense and continue to deliver outsized growth, almost irrespective of macro conditions.

基於此，我們在過去十年間幾乎重塑了公司各個面向，從資本配置到提升住戶與員工體驗，並且大幅降低資產負債表槓桿。這些行動使我們不僅能承受日益不確定的經濟環境，更能保持進攻態勢並持續交出超額成長，幾乎不受總體環境影響。

Turning back to the quarter, our total portfolio same-store net operating income increased nearly 16%, second highest level of growth achieved in our recorded history. This is largely a function of mix shift of our portfolio, which we have discussed previously, as our Seniors Housing portfolio -- Operating portfolio, or SHOP, now represents 70% of total same-store NOI. And our SHOP performance remains strong, delivering 9.1% organic revenue growth, driven by another period of both healthy occupancy gains and robust pricing power.

回到本季，我們整體投資組合同店淨營運收入（NOI）成長接近 16%，為我們有紀錄以來第二高的成長水準。這主要源於我們先前討論過的投資組合結構轉變：我們的高齡住宅投資組合——營運投資組合（SHOP）目前占同店 NOI 的 70%。而 SHOP 表現依然強勁，實現 9.1% 的有機營收成長，來自又一段健康的入住率提升與強勁的定價能力。

Against the backdrop of growing macroeconomic uncertainty, the demand for luxury senior living remains resilient during the summer months, with a 120 basis points of average occupancy increase from second quarter. This gain exceeded the sequential occupancy increase recorded during the same period last year, reflecting the uncorrelated demand for our product offering.

在總體經濟不確定性升高的背景下，高端高齡住宅在夏季的需求仍具韌性，平均入住率較第二季提升 120 個基點。此增幅超過去年同期的季增入住率，反映出我們產品供給的需求與景氣循環關聯度較低。

And while it is still early, we're encouraged by the trends we're seeing to the start of the fourth quarter. Unless the strong sequential tailwind we experienced in Q2 and Q3 subside, we should be in a position to deliver another year of favorable occupancy growth next year.

雖然現在仍為時尚早，但我們對第四季初所看到的趨勢感到鼓舞。除非我們在第二季與第三季所經歷的強勁季節性順風消退，否則我們有望在明年再交出一年有利的入住率成長。

However, as communities are filling up, the deliberate and methodical handover from occupancy to pricing as the driver of revenue growth is taking place under the surface. Our all-in measure of pricing or RevPOR or unit revenue increased by 5.3% during the period, highlighting the strong pricing power maintained by our operators. If we zoom into the US, where occupancy crossed 90%, the portfolio achieved RevPOR growth of 5.5%. If you further zoom into our traditional senior living business, the same number was 5.8%.

不過，隨著社區逐步滿住，營收成長的驅動因素正悄然發生有意識且循序漸進的轉換：從入住率轉向定價。我們衡量定價的綜合指標（RevPOR，即每入住住戶收入／單位收入）在本期成長 5.3%，凸顯我們營運商維持的強勁定價能力。若聚焦美國市場（入住率已突破 90%），投資組合 RevPOR 成長為 5.5%；若再聚焦我們傳統高齡住宅業務，該數字為 5.8%。

Though quarterly numbers are irrelevant as we are focused on long term, the underlying trend perhaps provides a peek into the future, which is inherently uncertain. Taking a first principle approach, it makes fundamental sense that rates should continue to move higher as capacity in the system grows increasingly scarce.

雖然我們著眼於長期，單季數字本身並不重要，但其背後的趨勢或許能讓我們一窺本質上充滿不確定性的未來。從第一性原理出發，隨著系統內可用產能愈發稀缺，費率持續上行在基本面上是合理的。

But more importantly, our operators pricing power reflects a luxury product in premium locations, coupled with strong value proposition of the service that our operating partners provide to residents and their families. On the expense side, cost growth across our senior housing portfolio remained well contained even amongst the broader inflationary pressure. Expenses in SHOP grew 4.3% or below 1% on an ExpPOR basis due to operating leverage inherent our high fixed cost business alongside early wins from Welltower Business System.

更重要的是，我們營運商的定價能力反映了：位於優質地段的高端產品，以及我們營運夥伴為住戶及其家屬提供服務的強大價值主張。在費用端，即使面臨更廣泛的通膨壓力，我們高齡住宅投資組合的成本成長仍維持良好控制。SHOP 費用成長 4.3%；若以 ExpPOR（每入住住戶費用）衡量則低於 1%，原因在於我們高固定成本業務所固有的營運槓桿，以及 Welltower Business System 帶來的初步成果。

The favorable spread between RevPOR and ExpPOR growth persisted during the third quarter, driving another period of outsized margin expansion of 300 basis points. Going forward, we continue to see sustained opportunity for margin expansion as this delta is expected to remain wide while WBS initiatives continue to bear fruit.

第三季 RevPOR 與 ExpPOR 成長之間的有利差距持續存在，推動利潤率再度大幅擴張 300 個基點。展望未來，我們仍看到利潤率擴張的持續機會，因為在 WBS 計畫持續開花結果之際，預期這個差距仍將維持在較寬水準。

As John will describe momentarily, the flow-through margin of our SHOP business reached a record high, of high 66%, resulting in more cash flow dropping to the bottom line for each incremental revenue. When assessing the future earnings power of this platform, this relationship is important to consider, along with the pricing versus occupancy dynamic mentioned above.

如 John 稍後將說明，我們 SHOP 業務的流轉利潤率（flow-through margin）創下歷史新高，達到 66% 的高檔水準，使得每增加一單位營收，就有更多現金流落入最終盈餘。在評估此平台未來的獲利能力時，除了前述「定價相對於入住率」的動態之外，這種關係也很重要。

From a capital allocation standpoint, there was no letup in activity across US, UK and Canada. After a record-setting year of capital deployment in 2025, we have completed or announced over $21 billion of investment activity year-to-date. Similar to last year, we got lucky again with unprecedented interest rate and macro volatility this year, which drove this significant opportunity set. It didn't hurt that we are prepared with both an underlevered balance sheet and the most pristine reputation in this business as an entrepreneurial shop, which operates at lightning speed and the highest level of transaction integrity.

就資本配置而言，我們在美國、英國與加拿大的活動絲毫未見放緩。在 2025 年創下資本部署紀錄之後，我們今年迄今已完成或宣布超過 210 億美元的投資活動。與去年類似，今年我們再次「幸運地」遇到前所未有的利率與總體波動，進而帶來這一大波機會集合。此外，我們具備低槓桿的資產負債表，以及在本行業中最無可挑剔的聲譽——作為一家以創業精神運作、行動如閃電且交易誠信度最高的團隊——也確實為我們加分不少。

$21 billion could very well be the size of a large-cap REIT, but the total acquisition volume is the least relevant measure of what we have accomplished. Instead of large-scale M&A, we shun like the plague, we completed 196 granular transactions with a median size of $35.5 million in 204 business days. More importantly, please see page 9 of our business update for the number of transactions we rejected owing to issues concerning price, location, product market fit, management contract or other issues. Nonetheless, as Nikhil will describe shortly, our pipeline of opportunities remain robust, visible and actionable across our regions.

210 億美元的規模很可能相當於一家大型市值 REIT，但總收購量其實是衡量我們所完成成果時最不相關的指標。我們不做大規模併購（M&A）——我們避之唯恐不及——而是在 204 個工作日內完成了 196 筆細分交易，交易金額中位數為 3,550 萬美元。更重要的是，請參閱我們業務更新第 9 頁，了解我們因價格、地點、產品與市場契合度、管理合約或其他問題而拒絕的交易數量。儘管如此，正如 Nikhil 稍後將說明，我們在各區域的機會管線仍然強勁、可見且可執行。

As we have discussed previously, the vast majority of our acquisitions are granular, off-market opportunities with a clear path of driving meaningfully higher cash flow post closing. Said differently, we're not spread investing shadow banks that are fixated on cap rate, relative size and near-term earnings accretion. Those metrics take on outsized importance when there is little ability to drive excess operational cash flow from underlying portfolio.

如同我們先前所討論的，我們絕大多數的收購都是細分的、場外的機會，且在交割後具備清晰路徑可顯著提升現金流。換句話說，我們不是那種專注於資本化率（cap rate）、相對規模以及短期每股盈餘增厚的利差投資型影子銀行。當幾乎無法從底層投資組合中創造額外的營運現金流時，這些指標就會被過度放大其重要性。

We're playing a different game, buying an attractive basis and compounding cash flow over time through simple and yet extraordinarily difficult post-closing execution. This advantageous divergence is only widening, and it is critical how we think about creating long-term value for our existing investors. At the same time, I would be remiss not to mention that we continuously seek opportunities to refine the portfolio through selective dispositions.

我們玩的是不同的遊戲：以具吸引力的成本基礎買入，並透過簡單但極其困難的交割後執行，隨時間複利累積現金流。這種有利的分歧只會持續擴大，而這對於我們如何為既有投資人創造長期價值至關重要。同時，我若不提及我們也會持續尋找機會，透過選擇性處分來精煉投資組合，那就有所疏漏了。

With $6 billion of dispositions this year, we're clearly willing to accept some near-term dilution to extend and amplify the duration of our per share earnings and cash flow growth. Lastly, given the current macro backdrop, it's worth highlighting that our balance sheet remains in excellent shape. Tim will provide the details, but we maintain exceptionally low leverage with a meaningful ramp in free cash flow expected in the coming years, our financial flexibility will be enhanced even further.

今年我們已處分60億美元資產，顯示我們明確願意接受部分短期稀釋，以延長並放大我們每股盈餘與現金流成長的持續期間。最後，鑑於目前的總體環境背景，值得強調的是，我們的資產負債表仍維持在極佳狀態。Tim 會提供細節，但我們維持極低槓桿，且預期未來幾年自由現金流將顯著爬升，我們的財務彈性也將進一步提升。

With that, I will turn it over to John.

接下來，我把時間交給 John。

Thank you, and good morning, everyone. We reported solid third quarter results with continued strength across the business. Total portfolio same-store NOI increased 15.8%, driven by another standout performance from our Senior Housing Operating portfolio, which posted 21% year-over-year growth. This marks the 16 consecutive quarter or full full years of compounding growth in which the SHOP same-store NOI growth exceeded 20%.

謝謝，各位早安。我們公布了穩健的第三季業績，整體業務持續展現強勁動能。整體投資組合同店 NOI 成長15.8%，主要由我們的高齡住宅營運（Senior Housing Operating，SHOP）投資組合再度亮眼表現所帶動，其年增率達21%。這也代表 SHOP 同店 NOI 成長率連續第16個季度（亦即整整四年）超過20%的複利成長。

As Shankh mentioned, our niche Seniors Housing Portfolio remained largely insulated from growing economic uncertainty and heightened geopolitical turbulence. And while macro conditions may ebb and flow, our operating partners remain unwavering in their focus on maximizing NOI through a combination of occupancy, rate and expenses while also providing a superior resident and employee experience.

如 Shankh 所提到的，我們利基型的高齡住宅投資組合在很大程度上仍能隔離於日益增加的經濟不確定性與升高的地緣政治動盪之外。即使總體環境起伏變化，我們的營運合作夥伴仍堅定不移地專注於透過入住率、房價與費用的組合來最大化 NOI，同時提供更優質的住戶與員工體驗。

In that light, during the quarter, we reported a healthy occupancy gain of 320 basis points, but we're particularly pleased with the acceleration in RevPOR growth to 5.3%. The dual revenue drivers of occupancy and rate resulted in another quarter in which organic revenue growth exceeded 9%. A handoff from occupancy to rate as the primary driver of top line growth is now taking shape as we expected, with communities rapidly leasing up and further reinforced by the substantial affluence of residents across our micro markets.

在此背景下，本季我們回報入住率健康提升320個基點，但我們尤其滿意 RevPOR 成長加速至5.3%。入住率與房價這兩大收入驅動因素，使得本季有機收入成長再次超過9%。如我們所預期，營收成長的主要驅動正由入住率逐步交棒給房價；社區快速去化（leasing up），再加上我們各微型市場住戶的高資產水準，進一步強化了這一趨勢。

In communities above 90% occupancy, which represent nearly two-thirds of the portfolio, our operators are driving RevPOR growth above 6%. We are also delighted with our operators' expense management with same-store OpEx increasing just 4.3% year-over-year.

在入住率高於90%的社區（約占投資組合近三分之二）中，我們的營運商正推動 RevPOR 成長超過6%。我們也對營運商的費用管理感到非常欣喜，同店營運費用（OpEx）年增僅4.3%。

More importantly, after adjusting for occupancy gains during the period, ExpPOR, a more relevant measure of underlying cost growth, increased only 80 basis points. In Canada, ExpPOR growth was essentially flat, reflecting occupancy moving in the low 90% range and benign underlying expense pressure. While operational scaling has undoubtedly contributed to muted ExpPOR growth, of equal, if not greater importance, are our ongoing efforts to leverage technology, systems, processes and data through WBS to improve efficiency while simultaneously enhancing the resident and site level employee experience.

更重要的是，在調整本期入住率提升的影響後，ExpPOR（每間已入住房間費用；更能反映底層成本成長的指標）僅增加80個基點。在加拿大，ExpPOR 成長基本持平，反映入住率維持在90%出頭區間，且底層費用壓力溫和。雖然營運規模化無疑有助於抑制 ExpPOR 成長，但同等重要、甚至更重要的是，我們持續透過 WBS 槓桿運用科技、系統、流程與數據，以提升效率，同時改善住戶體驗與據點層級員工體驗。

In terms of labor, our largest expense item by a wide margin, wage growth has been subdued relative to prior years, while labor availability and retention trends have generally improved. As a result, CompPOR or compensation per occupied room increased just 90 basis points. Looking ahead, we expect further improvement in key metrics, including employee turnover driven by WBS initiatives, our regional densification strategy and the Munger Grant.

就人力而言（我們最大宗的費用項目，且差距明顯），相較於前幾年，薪資成長已趨於溫和，而人力供給與留任趨勢整體也有所改善。因此，CompPOR（每間已入住房間的人員薪酬）僅增加90個基點。展望未來，我們預期關鍵指標將進一步改善，包括在 WBS 推動下的員工流動率下降、我們的區域密度化策略，以及 Munger Grant 的帶動。

From an overall profitability standpoint, SHOP achieved a same-store NOI margin of 31.7%, up 310 basis points year-over-year. Notably, the flow-through margin for the quarter came in at 66%, a post-COVID high watermark for the company. While operator leverage provides meaningful flow-through, the rental rate growth is a more powerful driver as incremental revenue carries essentially no associated costs.

從整體獲利能力來看，SHOP 同店 NOI 利潤率達31.7%，年增310個基點。值得注意的是，本季的流轉利潤率（flow-through margin）為66%，創公司後疫情時期新高。雖然營運商槓桿能帶來可觀的流轉效益，但租金漲幅是更強的驅動因素，因為新增收入幾乎不伴隨相關成本。

We are encouraged by another quarter of favorable results, but as you know, we take nothing for granted. Senior housing is a 24/7 business where execution at the micro level remains critically important. This is anything, but a commodity business. Even with the same micro market, differences in operator acumen and product market fit can mean the difference between 2% growth and 20% growth. This is exactly why together with our best-in-class operators, our priority remains creating a modern digital experience for our residents, their families and site-level employees through Welltower Business System.

我們對又一季的良好成果感到鼓舞，但如各位所知，我們不會把任何事視為理所當然。高齡住宅是24/7的業務，微觀層級的執行仍至關重要。這絕非一門商品化的生意。即便在相同的微型市場中，營運商能力與產品市場契合度的差異，可能就決定了成長是2%還是20%。這也正是為什麼我們與一流的營運商合作時，首要任務仍是透過 Welltower Business System，為住戶、其家屬以及據點層級員工打造現代化的數位體驗。

The data it generates is what enables our partners to optimize execution at that micro level. To sum it up, it was another strong quarter for Welltower and our operators, but we remain squarely focused on the future. I'm grateful for all the hard work by our site team members, our operating partners and the Welltower team. The opportunity set to drive cash flow from our existing portfolio continues to expand and remains our top priority. We're thrilled with the caliber of talent we continue to attract and excited about the broader team what the broader team will deliver in 2027 and the years beyond.

其所產生的數據，正是讓我們的合作夥伴能在微觀層級優化執行的關鍵。總結而言，這對 Welltower 與我們的營運商而言又是一個強勁季度，但我們仍堅定聚焦未來。我感謝我們各據點團隊成員、營運合作夥伴以及 Welltower 團隊的辛勤付出。從既有投資組合中提升現金流的機會集合持續擴大，且仍是我們的首要任務。我們對持續吸引到的優秀人才感到振奮，也期待更廣泛的團隊在2027年及往後年度所能交出的成果。

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 environment has continued to deteriorate. In September, the Fed raised rates for the first time since 2023. The ECB and the Bank of Japan raised rates the same month, taking Japan's policy rate to its highest level since 1995. Inflation reaccelerated to 3.7% in September and markets are now pricing more hikes, not cuts.

謝謝你，John，各位早安。自上次電話會議以來，總體經濟環境持續惡化。9月，聯準會自2023年以來首次升息。歐洲央行與日本央行也在同月升息，使日本政策利率升至1995年以來最高水準。通膨在9月重新加速至3.7%，市場目前正在反映更多升息而非降息。

At the long end, the picture is starker. The 30-year treasury moved above 5.3% in August, a level last seen in 2007. And earlier this month, the 10-year touched 5.36%, its highest level since 2002. Meanwhile, the war in the Middle East has widened rather than resolved with attacks on Gulf energy infrastructure pushing oil back above $100 a barrel. The stress from a highly volatile macro and geopolitical environment is showing up exactly where you would expect.

在長天期端，情況更為嚴峻。30年期美國公債殖利率於8月升破5.3%，為2007年以來首見水準。而在本月稍早，10年期殖利率觸及5.36%，為2002年以來最高。同時，中東戰事不但未解決反而擴大，對波灣地區能源基礎設施的攻擊使油價回升至每桶100美元以上。高度波動的總體與地緣政治環境所帶來的壓力，正如你所預期地在最該出現的地方浮現。

For equity capital, we are seeing core capital seek double-digit core plus returns without stepping up on the risk curve. On the credit side, private credit defaults are running near 6% once PIK amendments and extensions are counted versus historic averages of 2% to 2.5% and global regulators now designate the sector a systemic risk.

就股權資本而言，我們看到核心資本在不提高風險曲線的情況下，尋求兩位數的核心加值（core plus）報酬。在信貸方面，若將 PIK 修訂與展期納入計算，私募信貸違約率接近6%，相較於歷史平均的2%至2.5%明顯偏高；全球監管機構如今也將該領域指定為系統性風險。

CMBS delinquencies have climbed above 8%, the highest since late 2020, and special servicing rates are the highest since 2013. Spreads on the lowest rated corporate credit are the widest since 2022. Let me be clear about what this means for our sector and for us. After roughly $8 billion of US seniors housing debt comes due in 2026, annual maturities step up further in '27, and '28, to between $10 billion and $12 billion.

CMBS 延滯率已攀升至 8% 以上，為 2020 年底以來最高，且特別服務（special servicing）比率為 2013 年以來最高。最低評級公司信用的利差為 2022 年以來最寬。我想清楚說明，這對我們的產業以及對我們本身意味著什麼。約 80 億美元的美國高齡住宅（seniors housing）債務將於 2026 年到期之後，年度到期額在 2027 年與 2028 年進一步上升至 100 億至 120 億美元之間。

Much of this debt was originated between 2020 and '22, in a fundamentally different rate environment. The owners of these assets face a critical decision to recapitalize or sell. While some owners may recapitalize, most will sell as the impact of rising rates offset improved industry fundamentals. That is where Welltower comes in. When financing markets turn volatile, sellers stop asking who will pay the most on paper. They ask who will actually close on time at the agreed price without a retrade.

這些債務多數是在 2020 年至 2022 年間、於利率環境根本不同的情況下發放。這些資產的所有人面臨一項關鍵決策：進行資本重整（recapitalize）或出售。雖然部分所有人可能會進行資本重整，但在升息影響抵銷產業基本面改善之際，多數將選擇出售。這正是 Welltower 發揮作用之處。當融資市場轉趨波動時，賣方不再問誰在紙面上出價最高。他們會問：誰能在不重新議價（retrade）的情況下，按約定價格準時完成交割。

Our reputation has been built on exactly that, speed, quality and ease of execution and honoring our word through the life of a transaction. We have strategically positioned our balance sheet to support that reputation through an entire cycle with the liquidity and flexibility to honor our commitments and capitalize on opportunities when others are constrained. In a handshake business, we have a balance sheet that no one ever questions.

我們的聲譽正是建立在這一點上：速度、品質與執行的便利性，並在交易全程信守承諾。我們已策略性地配置資產負債表，以在整個景氣循環中，以充足流動性與彈性支撐這份聲譽，既能履行承諾，也能在他人受限時把握機會。在一個講求握手承諾的產業裡，我們擁有一張從不被質疑的資產負債表。

As the 2027 maturity wall and the higher for longer interest rates come into focus, we are seeing our investment activity expand, we remain extremely disciplined in the opportunities that we pursue, acquiring less than 3% of the assets that we screen by leveraging our proprietary and irreplaceable data science platform.

隨著 2027 年到期高峰（maturity wall）以及「高利率維持更久」的情境逐漸明朗，我們看到投資活動擴大；同時，我們對所追求的機會仍保持極高紀律，透過我們專有且不可取代的資料科學平台，在所篩選的資產中僅收購不到 3%。

Even at that hit rate, since our last call, our investment activity has increased by another $5.5 billion, bringing our year-to-date investment activity to $21 billion. With $13.3 billion closed through the end of the third quarter, our team is working diligently to close the remaining $7.7 billion across 50 different transactions. Nearly 85% of the $7.7 billion of activity was sourced off market and more than 50% involves the sellers taking at least some portion of the sales proceeds in Welltower OP Units.

即便在這樣的命中率下，自上次電話會議以來，我們的投資活動又增加了 55 億美元，使年初至今的投資活動達到 210 億美元。截至第三季末已完成交割 133 億美元，我們的團隊正努力推進其餘 77 億美元、共 50 筆不同交易的交割。這 77 億美元活動中，近 85% 為場外（off market）取得，且超過 50% 涉及賣方以 Welltower OP Units 形式收取至少部分出售款項。

I want to reflect on this for a moment. In a market where cash is scarce and expensive, these owners have a choice. They can cash out or they can roll their equity into Welltower and stay invested in the sector alongside us. Increasingly, they are choosing the latter. They are choosing our balance sheet over their own. We take that as the most meaningful vote of confidence a counterparty can give. They are not just selling to us, they are investing alongside us.

我想花點時間思考這件事。在現金稀缺且成本高昂的市場中，這些所有人有一個選擇。他們可以套現退出，或將其股權轉入 Welltower，與我們一同持續投資於本產業。他們愈來愈多地選擇後者。他們選擇我們的資產負債表，而不是他們自己的。我們將此視為交易對手所能給予最有意義的信任投票。他們不只是把資產賣給我們，他們是在與我們並肩投資。

Digging into the third quarter, we completed more than 30 transactions totaling $3.8 billion with a median transaction size of $38 million. 70% of this activity spanned 43 communities in our Seniors Housing Operating portfolio. These assets have an average age of four years, an average size of over 160 units and are currently 66% occupied. These communities have a blended RevPOR in excess of $10,000 per month and represent amongst the highest quality cohorts of our acquisition activity in the last few years.

深入第三季來看，我們完成了超過 30 筆交易、總額 38 億美元，交易中位數規模為 3,800 萬美元。其中 70% 的活動涵蓋我們高齡住宅營運（Seniors Housing Operating，SHO）投資組合中的 43 個社區。這些資產平均屋齡 4 年、平均規模超過 160 個單位，目前入住率為 66%。這些社區的加權平均 RevPOR（每入住住戶收入）超過每月 10,000 美元，代表我們近幾年收購活動中品質最高的一批資產。

These assets were acquired at an approximately 10% to 15% discount to replacement cost with material growth potential as we lease them up and stabilize operations by working closely with our operating partners and leveraging WBS. I encourage you all to review some of the images of these communities in our earnings presentation. In addition to these seniors housing properties, our roughly $850 million of SNF acquisitions in this quarter spanned 8 different transactions with 100% of them sourced off market, a reflection of our deep network in that part of the business.

這些資產的收購價格相較重置成本約有 10% 至 15% 的折價；隨著我們提升入住率並透過與營運夥伴密切合作、運用 WBS 使營運穩定，仍具顯著成長潛力。我鼓勵各位在我們的財報簡報中查看這些社區的部分圖片。除這些高齡住宅資產外，我們本季約 8.5 億美元的護理機構（SNF）收購涵蓋 8 筆不同交易，且 100% 皆為場外取得，反映我們在該業務領域深厚的人脈網絡。

Staying on skilled nursing for a moment, I am pleased to report that Genesis Healthcare has completed its Chapter 11 process and Welltower received full repayment of our $130 million of senior secured term loans. When we substantially exited this relationship in 2021, we reported an 8.5% unlevered IRR on our investments since 2011. Since then, interim payments and this final repayment takes that IRR to nearly 9%.

在專業護理（skilled nursing）方面再補充一下，我很高興報告 Genesis Healthcare 已完成其第 11 章破產重整程序，而 Welltower 已全額收回我們 1.3 億美元的優先擔保定期貸款。當我們在 2021 年大幅退出這段合作關係時，我們曾報告自 2011 年以來相關投資的未槓桿 IRR 為 8.5%。自那之後的期間性回收款項，加上這次最終清償，使該 IRR 提升至接近 9%。

When this management team took over nearly 11 years ago, Genesis, a highly levered and underperforming company, represented almost 20% of our earnings with our loan exposure sitting at more than $600 million. The Street would have preferred, we split the company as others did or sell at the bottom and move on. We chose to fight. We sold a large portfolio to a private equity buyer financed through one of the largest CMBS transactions in health care real estate. We formed the sector's first direct joint venture with Asian capital and later bought it back at a discount.

當這個管理團隊在近 11 年前接手時，Genesis 這家高槓桿且表現不佳的公司，幾乎占我們獲利的 20%，而我們的貸款曝險超過 6 億美元。市場（The Street）原本更希望我們像其他人一樣拆分公司，或在谷底賣出後就此離場。我們選擇迎戰。我們將一大組合資產出售給私募股權買方，並透過醫療不動產領域規模最大的 CMBS 交易之一提供融資。我們成立了本產業第一個與亞洲資本直接合資的合資企業，之後又以折價買回。

We recapitalized and invested as participating preferred equity in other assets with a stronger operator to learn from a better track record than our own. We restructured out of court in the middle of a pandemic. And finally, we saw it through a long and messy bankruptcy. I'll be candid. A sub-10% return is nothing to celebrate, but Genesis taught us the skilled nursing business and its many intricacies, allowing us to overcome our negative bias of the space through this experience.

我們對其他資產進行資本重整，並以參與型優先股權（participating preferred equity）方式投資，與更強的營運商合作，從比我們自身更佳的績效紀錄中學習。我們在疫情期間於法院外完成重組。最後，我們也一路走過漫長且混亂的破產程序。我坦白說。低於 10% 的報酬並不值得慶祝，但 Genesis 讓我們學會了專業護理業務及其諸多細節，使我們透過這段經驗克服了對該領域的負面偏見。

We learned to underwrite operators, not just building and to structure for the downside because we had lived it. And it showed us something about our own team that a good investment never could. When things go wrong, we lean in. In good times, everyone looks like a great investor. Hard times reveal character. Genesis is now behind us. The lessons will stay with us for a very long time.

我們學會了評估（underwrite）的是營運商，而不只是建物；也學會了為下行情境設計交易結構，因為我們親身經歷過。而且它也讓我們看見一件再好的投資都不一定能揭示的事：我們自己的團隊是什麼樣子。當事情出錯時，我們會迎難而上。在好時光裡，每個人看起來都像是很棒的投資人。艱難時刻才會顯露品格。Genesis 已成為過去。這些教訓將長久伴隨我們。

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，請他帶大家回顧我們的財務結果。

Thank you, Nikhil. My comments today will focus on our third quarter 2026 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 2026 outlook. Welltower reported third quarter net income attributable to common stockholders of $0.54 per diluted share and normalized funds from operations of $1.67 per diluted share, representing 24.6% year-over-year growth. We also reported year-over-year total portfolio same-store NOI growth of 15.8%, driven by 21% growth in our SHO portfolio. Now turning to the performance of our triple net properties in the quarter.

謝謝你，Nikhil。我今天的發言將聚焦於我們 2026 年第三季的業績、三重淨租（triple net）投資分部的表現、我們的資本活動、資產負債表與流動性更新，最後是對 2026 全年展望的更新。Welltower 公布第三季歸屬普通股股東的淨利為每股稀釋後 0.54 美元，標準化營運資金（normalized funds from operations，FFO）為每股稀釋後 1.67 美元，年增 24.6%。我們也公布整體投資組合的同店（same-store）NOI 年增 15.8%，主要由 SHO 投資組合 21% 的成長所帶動。接著來看本季三重淨租資產的表現。

In our senior housing triple-net portfolio, same-store NOI increased 4.2% year-over-year and trailing 12-month EBITDAR coverage was 1.22 times. Next, same-store NOI in our skilled nursing portfolio grew 2.8% year-over-year and trailing 12-month EBITDAR coverage was 1.32 times.

在我們的高齡住宅三重淨租投資組合中，同店 NOI 年增 4.2%，過去 12 個月的 EBITDAR 覆蓋倍數為 1.22 倍。接著，我們的專業護理投資組合之同店 NOI 年增 2.8%，過去 12 個月的 EBITDAR 覆蓋倍數為 1.32 倍。

Moving on to capital activity. During the third quarter, we raised $4.4 billion of capital, comprised of $3.1 billion through share issuance and OP unit funding, $480 million of capital recycling and $835 million through our return to the Canadian unsecured market, which was our first Canadian issuance since 2019. This capital, along with retained cash flow, allowed us to fund $4.1 billion of gross investment activity and retire over $600 million of debt, while ending the quarter with $2.4 billion of cash on hand and net debt to adjusted EBITDA of 3.02 times.

接著談資本活動。在第三季，我們籌集了44億美元資本，其中包括透過股票發行與OP單位融資取得的31億美元、4.8億美元的資本回收，以及透過我們重返加拿大無擔保市場取得的8.35億美元；這也是我們自2019年以來首次在加拿大發行。這些資本加上留存現金流，使我們得以支應41億美元的總投資活動並償還逾6億美元債務，同時在季末持有24億美元現金，且淨負債對調整後EBITDA為3.02倍。

On the Canadian issuance, we raised CAD1.15 billion of senior unsecured notes at a blended coupon of 3.95% and an average term of roughly six years, allowing us to extend the duration of our liabilities at attractive pricing and highlighting the efficiency with which we are able to source global capital. Our $2.4 billion of cash on hand, together with recent capital activity and approximately $1.9 billion of expected dispositions, position us to fund approximately $7.7 billion of incremental investment activity.

就加拿大發行而言，我們以加幣11.5億元發行優先無擔保票據，綜合票面利率為3.95%，平均期限約六年，使我們得以在具吸引力的定價下延長負債久期，並凸顯我們取得全球資本來源的效率。我們手上24億美元現金，連同近期的資本活動以及約19億美元的預期處分收入，使我們具備資金條件以支應約77億美元的新增投資活動。

Taken together, this net investment activity and continued cash flow growth from the in-place portfolio are expected to result in year-end net debt to adjusted EBITDA ending in the low 3s, reflecting the timing of our net investment activity. Before turning to guidance, I want to spend a moment on the earnings growth implied at the midpoint of our refreshed full year guidance range, 22.9% normalized FFO per share growth for 2026, now ahead of our full year growth we delivered in 2025 and off of a meaningfully larger base.

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，預期將使年末淨負債對調整後EBITDA落在3倍出頭的區間，反映我們淨投資活動的時點安排。在進入財測之前，我想花一點時間談談我們更新後全年財測區間中點所隱含的獲利成長：2026年每股標準化FFO成長22.9%，如今不僅高於我們在2025年交出的全年成長，且是建立在顯著更大的基期之上。

On the fourth quarter call earlier this year, I highlighted how the transformation of our portfolio, anchored by the disposition of our outpatient medical portfolio would change both the structural growth rate of the enterprise and the capital efficiency of that growth. Seniors Housing Operating revenue as reported in the third quarter now approximates $12.5 billion annualized. And the growth of that revenue base is becoming more durable and visible as RevPOR growth accelerated again in the quarter and flow-through also moved higher with our SHO portfolio converting approximately 66% of incremental revenue into net operating income.

在今年稍早的第四季電話會議上，我曾強調我們投資組合的轉型——以處分門診醫療投資組合為核心——將如何改變企業的結構性成長率以及該成長的資本效率。第三季所揭露的高齡住宅營運（SHO）營收，年化後目前約為125億美元。隨著本季每入住日收入（RevPOR）成長再度加速，且流入率（flow-through）亦走高，我們的SHO投資組合將約66%的增量營收轉化為淨營運收入（NOI），使得該營收基礎的成長更具韌性且更為可見。

As occupancy continues to trend higher, unit economics should continue to improve further. That is exactly what is coming through in these results, an improving portfolio mix, flow-through that continues to move higher and revenue growth increasingly led by rate, and we believe each of these trends has room to run.

隨著入住率持續走高，單位經濟效益應可進一步改善。這正反映在本次結果中：投資組合組成持續改善、流入率持續上升，且營收成長愈來愈由價格帶動；我們相信這些趨勢仍有延續空間。

Moving on to guidance. Last night, we updated our full year 2026 outlook for net income attributable to common stockholders to $3.31 to $3.37 per diluted share and normalized FFO to $6.47 to $6.53 per diluted share or $6.50 at the midpoint. Our normalized FFO guidance represents a $0.10 increase at the midpoint from our prior normalized FFO range. This increase is comprised of a $0.03 increase from Seniors Housing Operating NOI, a $0.055 increase from investment and financing activity and a 1.5% increase from FX and income tax, slightly offset by higher expected G&A.

接著談財測。昨晚，我們將2026年全年歸屬普通股股東之淨利展望更新為每股稀釋後3.31至3.37美元，並將標準化FFO更新為每股稀釋後6.47至6.53美元（中點為6.50美元）。我們的標準化FFO財測中點較先前區間上調0.10美元。此上調包含：高齡住宅營運（SHO）NOI貢獻上調0.03美元、投資與融資活動貢獻上調0.055美元，以及外匯與所得稅帶來的1.5%提升；部分被較高的預期一般及行政費用（G&A）所抵銷。

Our updated outlook assumes total portfolio year-over-year same-store NOI growth of 15% to 16.25%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute, 2% to 3%; senior housing triple net, 3.5% to 4.5%; and finally, senior housing operating of 20.25% to 21.75%, which is driven by the following midpoints of their respective ranges. Revenue growth of 9.3% comprised of RevPOR growth of 5.1% and year-over-year occupancy growth of 350 basis points and expense growth of 4.6%, equating to ExpPOR growth of approximately 60 basis points.

我們更新後的展望假設整體投資組合同店NOI年增15%至16.25%，其動能來自各子分項成長：門診醫療2%至3%；長期後急性照護2%至3%；高齡住宅三網（triple net）3.5%至4.5%；以及最後，高齡住宅營運20.25%至21.75%，其係由各自區間中點的以下假設所驅動。營收成長9.3%，由RevPOR成長5.1%與入住率年增350個基點所構成；費用成長4.6%，相當於每入住日費用（ExpPOR）成長約60個基點。

Before handing the call back to Shankh, I'd like to take a moment to highlight several enhancements we've made to our disclosure, including combining our earnings release and supplemental into a single integrated document and expanding transparency across our operating performance, growth drivers and capital-light businesses. These changes were shaped by feedback from our investors and analysts, and we appreciate the continued engagement. We believe these enhancements will streamline how you engage with our results while providing greater visibility into our business and the core drivers of long-term per share cash flow growth.

在把電話交回給Shankh之前，我想花點時間強調我們在資訊揭露方面所做的幾項強化，包括將盈餘新聞稿與補充資料合併為單一整合文件，並提升我們在營運表現、成長驅動因素與輕資本（capital-light）業務方面的透明度。這些變更係根據投資人與分析師的回饋所形成，我們也感謝各位持續的互動。我們相信，這些強化將簡化各位與我們業績互動的方式，同時讓各位更清楚看見我們的業務以及長期每股現金流成長的核心驅動因素。

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

接下來我把電話交回給Shankh。

Thank you, Tim. As I reflect on the current state of the industry, I'd like to reiterate a point I've been making for years, which is plainly stated on our website itself. And that is we believe there is no data in the business of senior living. This is not a homogenous industry. The cyclical post-COVID bounce in occupancy we have witnessed across the sector has masked the fact that rising tide does not lift all boats.

謝謝你，Tim。回顧目前產業的狀態，我想重申一個我多年來一直在強調的觀點，而且我們的網站上也明確寫著。也就是：我們認為在高齡生活（senior living）這門生意裡，沒有「數據」可言。這不是一個同質性的產業。我們在整個產業所見到的COVID後入住率循環性反彈，掩蓋了一個事實：水漲不一定船高。

We're now entering a period in which pricing power should become an increasingly important driver of performance as occupancy eclipses 90%, reflecting a simple reality. In a consumer-oriented business, differentiated premium product commands pricing power that commodity products simply don't. Looking forward, it is differentiated operations and product market fit that will increasingly define revenue growth and thus margin expansion and cash flow growth. This is where much of the mid-market product may begin to falter and the early signs of that are already emerging amongst some industry participants.

我們正進入一個階段：當入住率突破90%後，定價能力將成為愈來愈重要的績效驅動因素，這反映了一個簡單的現實。在以消費者為導向的業務中，具差異化的高端產品擁有定價能力，而商品化產品則不具備。展望未來，具差異化的營運與產品市場契合度（product market fit）將愈來愈決定營收成長，進而帶動利潤率擴張與現金流成長。這也是許多中端市場產品可能開始失速之處，而其中一些產業參與者已經出現早期跡象。

While passive capital has once again taken an approach that allocating money to this newfound industry is a sure bet riding silver tsunami, they once again will learn a costly lesson when the returns don't come through. An institutional investor at a conference in Chicago last week asked me, how hard can it be given the rising tide? I asked her to check her firm's own track record in the sector over the last decade to answer that question. After all, as Mark Twain once said, it ain't what you don't know that gets you in trouble, it's what you know for sure that ain't so.

儘管被動資本再度採取一種做法，認為把資金配置到這個新發現的產業、搭上所謂「銀色海嘯」就是穩賺不賠，但當報酬未能兌現時，他們將再次學到代價高昂的一課。上週在芝加哥的一場會議上，一位機構投資人問我：既然大環境水位上升，能有多難？我請她查看她所在機構過去十年在該領域的投資紀錄，來回答這個問題。畢竟，正如馬克・吐溫曾說過：讓你陷入麻煩的不是你不知道的事，而是你深信不疑、但其實並非如此的事。

As far as we at Welltower are concerned, we remain obsessive of our product market fit and continue to further hone our portfolio by allocating capital with house odds instead of gambler's odds. Our $6 billion asset sales this year with our extreme selectivity that I described earlier, hopefully paints a clear picture for you. Perhaps will be proven wrong and catch phrases like demographics or silver tsunami will bail out everyone. Let me make it abundantly clear. We don't think so.

就我們Welltower而言，我們仍然對產品市場契合度保持近乎偏執的專注，並持續透過以「莊家勝率」而非「賭徒勝率」來配置資本，進一步精煉我們的投資組合。我們今年60億美元的資產出售，加上我先前所描述的極度嚴格篩選，希望能讓各位看得很清楚。也許我們會被證明是錯的，而像「人口結構」或「銀色海嘯」這類口號會拯救所有人。但我要把話說得非常清楚。我們不這麼認為。

The world is becoming more complex, more interconnected and more volatile by the day. Sudden shifts in technology, geopolitics, culture and capital that once unfolded over years or decades now can happen in a blink of an eye. These abrupt changes are not simply rewriting the rules, they're changing the game itself, pushing our society and markets into increasingly unfamiliar territories. We welcome these environments and as you may have noticed over the years, tend to thrive in them.

世界正日益變得更複雜、更相互連結，也更具波動性。科技、地緣政治、文化與資本的突然轉變，過去往往需要數年甚至數十年才會發生，如今可能在轉瞬之間就出現。這些劇烈變化不只是改寫規則，而是在改變遊戲本身，將我們的社會與市場推向愈來愈陌生的領域。我們歡迎這樣的環境，而且如各位多年來可能已注意到的，我們往往能在其中茁壯。

Our team performed unusually well in volatile, ambiguous and high-stakes situations, drawing on sheer grit, intellectual curiosity, the humility of a beginner's mind and the temperament of a stoic. Perhaps it helps that we operate in a needs-based business with enormous opportunity for improvement regardless of the noise around us. Perhaps it also helps that we sit at the center of a deeply human-centric business where our success does not depend on predicting winners and losers across many cross currents shaping the markets. Yet one broader trend is difficult to ignore, the quiet and steady erosion of human agency in our society today.

我們的團隊在波動、模糊且高風險的情境中表現得異常出色，憑藉的是純粹的韌性、求知的好奇心、初學者心態的謙遜，以及斯多葛式的沉著氣質。或許這也有幫助：我們所處的是以需求為導向的業務，不論外界雜音如何，改善空間都極其巨大。或許也有幫助的是：我們位於一個深具人本色彩的業務核心，我們的成功並不取決於在眾多影響市場的交錯力量中去預測誰是贏家、誰是輸家。然而，有一個更宏觀的趨勢難以忽視：當今社會中，人類能動性正被悄然且持續地侵蝕。

In an increasingly complex and chaotic world, our -- we are determined to move in the opposite direction. In the moments that matter the most, we want to provide our residents with an attentive, empathetic and delightful human interactions rooted in dignity and compassion. We do not believe future, however, uncertain, is something that we simply inherit. It is something we have a responsibility to help shape and where we can to build.

在一個日益複雜且混亂的世界裡，我們——我們決心朝相反的方向前進。在最關鍵的時刻，我們希望為住戶提供專注、富同理心且令人愉悅的人際互動，並以尊嚴與慈悲為根基。然而，我們不認為未來——無論多麼不確定——只是我們被動繼承的事物。它是我們有責任去協助塑造的事物，並在力所能及之處加以建構。

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

那麼，接下來我開放提問。

(Operator Instructions)

(接線員指示)

Farrell Granath, Bank of America.

Farrell Granath，美國銀行。

Thank you and good morning. My first question is really around the added commentary and the added slide in your deck when it came to your investment volumes and specifically the execution of the 196 granular deals, your added commentary about the 2027 maturities as well as only executing less than 3% of the deals that you're evaluating. And so when it comes down to it, the question is, why is WELL winning these deals? Is it the pricing opportunity that you are presenting? Is it the operations or platform that you are able to pretty much show in your portfolio? Or is it the co-investing opportunity that you also outlined?

謝謝，早安。我的第一個問題主要是關於你們簡報中新增的說明與新增的投資量相關投影片，特別是你們執行的196筆細分交易、你們對2027年到期項目的補充說明，以及你們實際執行的交易僅占正在評估交易的不到3%。所以歸根結底，問題是：為什麼WELL能贏下這些交易？是你們所提供的定價機會嗎？是你們在投資組合中幾乎可以展示的營運能力或平台嗎？還是你們也提到的共同投資機會？

Yeah, I think, Farrell, it just comes down to reputation, right? I mean we are paying a fair value on the seller's cash flow. And then no one questions the speed, the conviction, the ability to close. And we just bend over backwards to deliver a high-quality transaction experience to whoever we do business with, right? It comes down to every step of the way from the speed, the quality, the practical mindedness of how you negotiate documents and how you move things along.

是的，我想，Farrell，這歸結於聲譽，對吧？我的意思是，我們會以公平價值來支付賣方的現金流。而且沒有人會質疑我們的速度、決心與完成交割的能力。我們也會竭盡所能，為任何與我們做生意的對象提供高品質的交易體驗，對吧？這取決於每一個環節：從速度、品質，到你如何以務實的方式談判文件並推動事情向前。

It's just a pleasant experience. And just think about anything you do in life. If you have a pleasant experience with something, you'd like to do more of that, right? So there's a lot of repeat business with folks we do business with. I mentioned a lot of folks are taking OP Units as part of the consideration. So there is a choice to be made where they decide that between party A, B or C, whose currency do they want to take and the proof is in the pudding, right?

這就是一段愉快的體驗。想想你生活中做的任何事。如果你對某件事有愉快的體驗，你就會想多做一些，對吧？因此，和我們合作過的夥伴有很多回頭生意。我提到過，很多人會把OP Units作為對價的一部分。因此他們需要做出選擇：在A、B或C三方之間，他們想拿哪一方的「貨幣」，而結果就擺在眼前，對吧？

You're seeing folks' actions. And we're doing all of this while being incredibly disciplined, right, executing at a very granular level. 196 transactions is a lot of transactions, almost one transaction closed per business day of the year. It's a lot. But that's it's a detailed business. It's a granular business, and we are fortunate to have the data science tools that allow us to have that level of neighborhood level granular view of an asset and a really strong view on what we can do with the asset once we own it. And so that's how we execute.

你看到的是人們的實際行動。而我們在做這一切的同時，仍然保持極度自律，對吧？以非常細緻的層級來執行。196筆交易是很多交易，幾乎等於一年中每個工作日就完成一筆交易。這很多。但這就是一門細節導向的生意。這是一門高度細分的生意，而我們很幸運擁有資料科學工具，使我們能在社區/街區層級對資產有如此細緻的視角，並且對我們在取得資產後能做什麼有非常強的判斷。所以我們就是這樣執行的。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

Morning. Thanks for the question. I guess, Shankh, you referenced pricing power a couple of times and the differentiation. So I guess my question is like if we were two years forward, looking back, what would differentiate WELL from an operating standpoint? And similarly, from an external growth standpoint, just given your size, are we running into sort of a law of large numbers? So just if you can give us a sense of like what really will differentiate two, three years from now when we look back?

早安。謝謝提問。我想，Shankh，你提到過幾次定價能力與差異化。所以我的問題是：如果我們把時間往後推兩年再回頭看，從營運角度來看，什麼會讓WELL與眾不同？同樣地，從外部成長的角度來看，考量到你們的規模，我們是否會遇到所謂「大數法則」的限制？所以如果你能讓我們了解一下，兩三年後回頭看，究竟什麼會真正形成差異化？

Thank you, Vikram. So a couple of things I would mention. First is if you -- let's start with the first question, which I think is the most important one. I think we have obsessed if you sort of think about last 10 years to completely change this company, the portfolio from selling tens of billions of dollars of assets and then building a significant data science platform that doesn't exist in the business of commercial real estate to really focus and hone in on micro markets, understand psychographics, understand sort of driving patterns, cell phone data, all of these to come together are what we think where we can offer with our operating partners the premium operating partners an exceptional performance.

謝謝你，Vikram。我會提幾點。首先，如果你——我們先從第一個問題開始，我認為那是最重要的。我認為我們在過去10年裡幾乎是著迷般地徹底改造這家公司與投資組合：透過出售數百億美元的資產，並建立一個在商用不動產領域並不存在的、重要的資料科學平台，真正聚焦並深耕微型市場，理解心理特徵（psychographics）、理解行車/移動模式、手機數據等；我們認為這些要素匯聚在一起，使我們能與營運夥伴——那些頂尖營運夥伴——共同提供卓越的表現。

That -- for that performance is discerning customers are willing to pay. It's very important that you understand that people have choice. If they're choosing to live with us, that's a responsibility we have to deliver that premium service, that premium product. And for that, people are willing to pay. And that will become a differentiator as you sort of think about the easier occupancy growth story is increasingly behind us as the industry fills in.

而對於那樣的表現，眼光挑剔的客戶願意付費。你必須理解一點非常重要：人們是有選擇的。如果他們選擇和我們一起居住，這就意味著我們有責任交付那種高端服務與高端產品。而為此，人們願意付費。當你回頭看時，這將成為一個差異化因素，因為隨著產業逐步被填滿，較容易的入住率成長故事正越來越成為過去。

Sort of that's the most important point. And you could recall that last year on summer, I said this on this call that as we get closer to sort of end of '26, and the industry sort of gets to 90% plus occupancy, that will become the main driver. And I'm glad that, that is happening. We have not seen roughly 11 years of doing this, a better pricing environment that we saw this summer, this fall, right? So this is very important. But very importantly, for a discerning customer, they will only will be willing to pay that for a discerning product and service.

這大概是最重要的一點。你也許記得，去年夏天我在這通電話上說過：當我們更接近26年底、而產業入住率達到90%以上時，這將成為主要驅動因素。我很高興看到這正在發生。我們在大約11年的經營中，從未見過像今年夏天、今年秋天這樣更好的定價環境，對吧？所以這非常重要。但同樣非常重要的是：對於眼光挑剔的客戶，他們只會願意為同樣挑剔的產品與服務付費。

That's sort of the first -- the answer to your first question. The second question is an interesting one, which is a sort of a size point. If our goal was the size of a balance sheet or size of a company, I, 100% agree the idea of, say, a smaller balance sheet relative to a larger balance sheet would be the right way to think about it. And frankly speaking, the reason that a lot of people think about it is the historic triple net nature of this business. But remember, that's not our goal. Our goal is to drive per share cash flow and earnings.

這就是對你第一個問題的回答。第二個問題很有意思，關於規模。如果我們的目標是資產負債表的規模或公司的規模，我100%同意：用較小的資產負債表相對於較大的資產負債表來思考，會是正確的方式。坦白說，很多人之所以這樣想，是因為這個產業過去的三重淨租賃（triple net）特性。但請記住，那不是我們的目標。我們的目標是推動每股現金流與盈餘。

And the per share cash flow or earnings, it's really driven by from our standpoint of what we own and not what we can buy, right? So it's a different understanding. That's what I mean. This is clearly a shadow bank mentality, and I understand why that's the case, right? But understand our ability to drive post closing, our ability to drive cash flow is what drives our per share earnings and cash flow.

而每股現金流或盈餘，從我們的角度來看，真正的驅動因素是我們「擁有什麼」，而不是我們「能買什麼」，對吧？所以這是不同的理解方式。這就是我的意思。這顯然是一種影子銀行（shadow bank）的思維，我也理解為什麼會如此，對吧？但請理解：我們在交割後提升表現的能力、我們推動現金流的能力，才是驅動我們每股盈餘與每股現金流的關鍵。

If we never buy another asset, I'll be completely fine. I hope that answered your question.

如果我們再也不買任何資產，我也完全沒問題。希望這回答了你的問題。

Ronald Kamden, Morgan Stanley.

Ronald Kamden，摩根士丹利。

Hey, great. Just thinking about the total occupancy of the portfolio, it's still at 88.3%. Obviously, I appreciate the acquisitions are coming in. I know historically, we've talked about the 95% plus occupied cohort. I guess I was curious if, number one, we could get an update on those. And number two, if you had a view of what the structural vacancy of the portfolio is?

嗨，很好。我在想投資組合的整體入住率，目前仍是 88.3%。顯然，我理解收購資產正在併入。我知道過去我們談過入住率 95% 以上的那一組資產。我想問的是，第一，能否更新一下那一組的情況。第二，你們對投資組合的結構性空置率有什麼看法？

So let me try to answer that question. First is when I'm really emphasizing on price, that does not mean that we think that occupancy growth is not ahead of us. We believe that this -- we have a fairly significant number of or percent of our portfolio is above 90% occupied, and we believe there's no reason we cannot take the whole portfolio up there if we freeze the portfolio where it is today, right? So you made the point that, obviously, as we buy as Nikhil said on the call, with this quarter's acquisitions were 66% occupied.

我來試著回答這個問題。第一，當我非常強調價格時，並不代表我們認為入住率成長不會到來。我們相信——我們投資組合中有相當可觀的數量或比例的資產入住率在 90% 以上，而且我們相信，如果把投資組合凍結在今天的狀態，也就是維持目前不變，沒有理由不能把整個投資組合提升到那個水準，對吧？所以你提到，顯然如 Nikhil 在電話會議中所說，本季收購的資產入住率是 66%。

So if you think about mix shift aside of product coming in, we freeze the portfolio today. There is no reason that we would not be able to take the whole portfolio there. What was the other part of the question, Ron, that I did not answer?

所以如果你把產品併入帶來的組合結構變化先放一邊，假設我們今天就把投資組合凍結。那就沒有理由我們不能把整個投資組合提升到那個水準。Ron，你問題的另一部分是什麼？我剛剛沒有回答到哪一段？

Performance of the 95% plus cohort, how that's sort of trending?

入住率 95% 以上那一組的表現，趨勢大概如何？

The performance of the 90% plus of the cohort had RevPOR growth above 6% and NOI growth about 21%.

入住率 90% 以上那一組的表現，RevPOR 成長超過 6%，NOI 成長約 21%。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀。

Good morning. Thanks a lot for taking my questions. Shankh, it seems like capital doesn't appear to be the constraint today. The acquisition opportunity seems to be expanding. So as you think about Welltower over the next five years, like what ultimately becomes the binding constraint to compound your cash flow? Is it acquisitions? Is it operating partner capacity, WBS? Just trying to get a sense of what could prevent that constraint from becoming the bottleneck.

早安。非常感謝回答我的問題。Shankh，看起來目前資本似乎不是限制因素。收購機會似乎正在擴大。所以當你思考 Welltower 未來五年時，最終會成為限制你們複利成長現金流的「約束」是什麼？是收購嗎？是營運夥伴的承載能力、WBS 嗎？我只是想了解，什麼因素可能會阻止那個限制因素變成瓶頸。

So I want to be I think I was trying to answer that question when Vikram asked it. I want to be abundantly clear. Acquisition first is we're not capital constrained, we're opportunity constrained. If we're not opportunity constrained, we wouldn't be this selective, right? Our selectively suggests to you that we are extraordinarily focused on the long-term pricing and sort of opportunity to compound cash flow. So we see everything that happens in this business, right?

我想我在 Vikram 問這個問題時就試著回答了。我想非常清楚地說。就收購而言，我們不是資本受限，而是機會受限。如果我們不是機會受限，我們就不會這麼挑剔，對吧？我們的挑選性向你顯示，我們極度專注於長期定價，以及複利成長現金流的機會。所以這個產業裡發生的事情，我們都看得到，對吧？

And then we see majority of it before anybody else sees it. That's how you get to 90% plus of sort of off-market opportunity off-market execution that we had in this business. So capital is not a constraint. Opportunity is the constraint, right? So but if you just think about that, your question is more focused on if we think about next five years of compounding of cash flow, which we define as per share cash flow, not just cash flow, right?

而且在其他人看到之前，我們就能看到其中大多數。這就是為什麼我們在這個業務中，能做到 90% 以上的場外（off-market）機會與場外執行。所以資本不是限制。機會才是限制，對吧？不過如果你這樣想，你的問題更聚焦在：若看未來五年現金流的複利成長——我們定義的是每股現金流，而不只是現金流本身，對吧？

It will be entirely dependent on our execution of our existing portfolio. What we are able to achieve on a multi business system perspective, while our operating partners are able to provide an exceptional product and a service to a very discerning customer, it will be that. It will not be about whether we can buy or sell another property.

那將完全取決於我們對既有投資組合的執行。從多業務系統（multi business system）的角度，我們能達成什麼；以及我們的營運夥伴能否為非常挑剔的客戶提供卓越的產品與服務——關鍵會在這裡。不會取決於我們是否還能再買或再賣一個物業。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just hoping, Nikhil, maybe you could talk a little bit about the SNF investments that you made, the trends in kind of price per unit or yields, the opportunity set and the competitive dynamics with higher rates in the market today.

嗨，早安。我想請 Nikhil 也許談一下你們做的 SNF 投資：每單位價格或收益率的趨勢、機會集合，以及在當前市場利率較高的情況下競爭動態如何。

Yeah, Juan, so it's about $850 million across eight different transactions, four different states, 100% off market. And rent yields in skilled nursing have always been around the 9%, right? So that's where they are. Then the question is what's behind the scenes, what's the risk exposure. And as you've known, we've been executing on turnaround skilled transactions for many years now and have a really good track record in doing that.

好的，Juan，總額大約 8.5 億美元，涵蓋八筆不同交易、四個不同州，100% 都是場外交易。而且專業護理（skilled nursing）的租金收益率一直大約在 9% 左右，對吧？所以目前也差不多在那個水準。接下來的問題是：幕後是什麼、風險曝險在哪裡。如你所知，我們多年來一直在執行需要翻轉（turnaround）的專護交易，而且在這方面有非常好的紀錄。

So there's more of the same. A lot of the former Integra subtenants, 20 plus different operators that we've got good relationships with and have had a lot of success together. They're consistently feeding us opportunities. And based on that, we evaluate and see what makes sense for us to execute.

所以基本上是同樣的策略。很多是前 Integra 的次承租人（subtenants），我們與 20 多家不同營運商有良好關係，也一起取得很多成功。他們持續提供我們機會。基於此，我們會評估並判斷哪些交易值得我們去執行。

One new trend we're starting to see is we're seeing HUD for the first time, impose single borrower limits on how much capital they'll finance for any particular person through HUD. And with that, obviously, a follow-through effect of that is if HUD is shut for some owners, then the bank market will pull back because their takeout has gone.

我們開始看到一個新趨勢：我們第一次看到 HUD 對單一借款人（single borrower）設定限制，規定 HUD 對任何特定個人可融資的資本額度上限。隨之而來的連鎖效應是，如果 HUD 對某些業主關閉了融資管道，那麼銀行市場會收縮，因為他們的退出融資（takeout）來源不見了。

And so what you're seeing is a lot of high-quality portfolios with a lot of trapped equity given the value appreciation and the improvement to operations that they just are not able to tap. And so that's a new type of environment or new type of transaction that we're seeing. We'll see what comes of it, but that's a relatively new trend that we started seeing over the last couple of months.

因此你會看到，許多高品質投資組合因為價值上升與營運改善而累積了大量被困住的股權（trapped equity），但他們就是無法動用。所以這是我們正在看到的一種新環境或新型態交易。我們會看看後續發展，但這確實是過去幾個月才開始出現、相對新的趨勢。

Nick Yulico, Scotiabank.

Nick Yulico，豐業銀行。

Oh, thanks. Good morning. I was hoping to hear how the performance of the non-same-store pool is in SHOP. And just wondering because the metrics I know it's helpful you guys give those metrics in the sub, but they are kind of lagging on occupancy margin growth, and I know it's not perfect since the pool is changing, but maybe just talk about the performance there relative to the same-store and also whether the UK and Canada, how those are -- those acquisitions are performing since I think they're going to be start entering the same-store pool over the next year.

喔，謝謝。早安。我想了解 SHOP 中非同店（non-same-store）資產池的表現如何。也想問一下，因為我知道你們在補充資料裡提供那些指標很有幫助，但在入住率與利潤率成長方面看起來有點落後；我也知道因為資產池在變動，所以不完全可比。不過能否談談那邊相對於同店（same-store）的表現？另外英國和加拿大那邊——那些收購案的表現如何？因為我想它們在未來一年會開始納入同店資產池。

So I'll start with that, Nick. So I think we enhanced our disclosure this quarter with our non-same-store properties, and I think that's what you're kind of referencing. I think there's two things going on in that pool we should be cognizant of. When there's developments that open, those are all sitting in there, thinking about size impact, think about margins and occupancy.

Nick，我先回答這題。我認為我們本季在非同店資產的揭露上做了加強，我想你指的是這個。我認為那個資產池有兩件事需要注意。當有開發案（developments）開業時，那些都會被放在那個池子裡；從規模影響來看，也會影響利潤率與入住率。

And also for the second straight quarter, Nikhil has highlighted how we're actively seeking out and successfully buying low occupied assets. So those are rolling in. If you strip those out and look at the assets that have been in the pool for kind of like-for-like periods, close to 90 basis points of sequential occupancy increase. So we continue to see performance in this pool of assets that's in line with what we have in our what we see in our same-store portfolio. And I think in regards to kind of geographic portfolios, we continue to be very optimistic on how they're going to play out in 2027.

另外，連續第二個季度，Nikhil 都強調我們正積極尋找並成功收購低入住率資產。所以這些也在陸續併入。如果把這些剔除，改看在該資產池中、可做類似期間（like-for-like）比較的資產，入住率環比提升接近 90 個基點。因此我們持續看到，這個資產池的表現與我們在同店投資組合中看到的情況一致。至於地理區域投資組合方面，我們仍然對它們在 2027 年的發展非常樂觀。

And just, Nick, just see Tim's comments in light, with the disruption that comes with operator change, right? Everything we're buying, we're effectively changing operators. So that disruption is also there, which is -- we don't mind taking disruption if it is the right decision for the communities in the long term. But those assets are performing well, and we think there is obviously significantly more upside over the next few years as you lease up those assets and then get into sort of that trend where you get pricing as a bigger opportunity for growth.

而且，Nick，請把 Tim 的評論放在脈絡下看：營運商更換所帶來的干擾，對吧？我們買進的每一項資產，實際上都在更換營運商。所以那種干擾也會存在；也就是說——如果這是對社區長期而言正確的決策，我們不介意承受干擾。但那些資產目前表現良好，而且我們認為，未來幾年當你把那些資產出租率拉升、然後進入你能以定價作為更大成長機會的趨勢時，顯然還有顯著更大的上行空間。

Nick Joseph, Citi.

Nick Joseph，花旗。

Thanks. How are you thinking about the magnitude of the pricing power opportunity for the portfolio? And then what metrics do you focus on to understand pricing power for an individual unit?

謝謝。你們如何看待整體投資組合的定價能力機會的幅度？另外，針對單一物件（unit），你們會關注哪些指標來理解其定價能力？

So Nick, one of the important things as you think about RevPOR is a combined pricing units of many different types of pricing you have to think about. If you think about sort of existing customer rent increases, I have a long-standing belief that I wrote in the last annual letter in a section called Trade-offs that we will not supportive of significant customer rent increases beyond sort of, call it, high single digit because we just don't want to do that. And we believe that ultimately, running a portfolio below market is very good for us. It's not a problem, right?

Nick，當你思考 RevPOR 時，其中一個重要點是：它是多種不同定價要素的綜合體，你必須把各種定價類型一起考量。如果你看既有客戶的租金調漲，我長期以來一直相信——我在上一封年度信中「取捨（Trade-offs）」那一節也寫過——我們不會支持把客戶租金大幅調高到超過所謂的高個位數百分比，因為我們就是不想那樣做。而且我們相信，最終而言，以低於市場的水準經營一個投資組合，對我們非常有利。這不是問題，對吧？

We're not in a hurry. At some point, we will get that unit and we will get the unit back to the market. So if that's the case and RevPOR is accelerating through the year, which really shouldn't happen given the majority of the customers get their rent increases in the beginning of the year, that leaves you with one idea, right? What is changed, what is different is Street rates, right? So if ECRI remains relatively same, you get most of your ECRI at the beginning of the year and only thing that changed, your Street rates.

我們不急。在某個時間點，我們會收回那個單位，並把該單位的租金拉回到市場水準。所以如果是這樣，而 RevPOR 在一年中持續加速——考量到大多數客戶的租金調整都在年初發生，這其實不應該出現——那就只剩下一個解釋，對吧？改變的是什麼、不同的是什麼？就是街價（Street rates），對吧？所以如果 ECRI 大致維持不變，你的大部分 ECRI 都在年初取得，而唯一改變的就是你的街價。

So we are seeing meaningfully change, enhanced Street rates as customers are as discerning customers are increasingly realizing that the differentiation of product and services that our premium operating partners provide. And as I said, that at least 11 years of this team doing this, we have never seen a better pricing environment that we see today.

因此我們看到街價出現了顯著變化、明顯提升；因為客戶——尤其是更挑剔的客戶——越來越意識到我們的高端營運夥伴所提供的產品與服務差異化。而且如我所說，這個團隊做了至少 11 年，我們從未見過比今天更好的定價環境。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

Yeah, I appreciate the new ExpPOR disclosure, in particular. Curious, can you talk a little bit about the runway for keeping that growth sub-1% where you are today or even sub-2%?

是的，我很感謝你們新增的 ExpPOR 揭露，尤其是這一點。我想請教，你們能否談談把那個成長率維持在目前低於 1%（甚至低於 2%）的空間（runway）有多大？

Mike, we're not going to anchor ourselves to a specific number. But as you know, there are two things at play. One is there's a relatively large fixed cost component of the business. So operating leverage does matter. That is generally for the business.

Mike，我們不會把自己錨定在某個特定數字上。但如你所知，有兩個因素在起作用。第一是這個業務有相對較大的固定成本組成。所以營運槓桿確實重要。這對整個業務一般而言都是如此。

But for us specifically, Welltower Business System is a very, very specific driver. If you just think about how the industry works. you get sort of flat files from -- on a monthly basis from the operators and relatively high-level numbers versus you think about when the community sit on our side of the ledger, you can understand every detailed line item all the way through where the invoice sits, right?

但就我們而言，Welltower Business System 是一個非常、非常具體的驅動因素。如果你只看這個產業的運作方式，你每月會從營運商那邊拿到某種「平面檔（flat files）」以及相對高層級的數字；相較之下，當社區是在我們這一側的帳上時，你可以一路看到每一個細項科目，甚至能追到發票目前卡在哪裡，對吧？

That sort of gives you an opportunity to understand different cost items on a granular basis and then think about what is necessary versus not or how you optimize that. It's a line item by line item conversation. It's not a broad line item conversation. So and that's what our team is focused on with our operating partners to see where the business as it gets really transformed by technology and systems what part of the business side can be enhanced.

這讓你有機會以非常細緻的層級去理解不同的成本項目，然後思考哪些是必要的、哪些不是，或是如何把它最佳化。這是一個逐項（line item by line item）的討論。不是一個粗略的大項目討論。所以，我們的團隊正與營運夥伴專注在這件事上：當業務因科技與系統而真正被改造時，業務端有哪些部分可以被強化。

That's obviously completely different from the care side of the business, which we have, which is the people side, which we have a very clear idea, which is we want the best talent, and we're willing to pay above market for the best talent. So that's different, right? We're focusing on the business side versus the people side. Hopefully, that gives you a sense of how we're thinking about this.

這顯然與我們所涉及的照護端業務完全不同；照護端是「人」的面向。我們的想法非常清楚：我們要最優秀的人才，而且我們願意為最優秀的人才支付高於市場的薪酬。所以那是不同的，對吧？我們聚焦在業務端，而不是人員端。希望這能讓你理解我們是如何思考這件事的。

James Feldman, Wells Fargo.

James Feldman，富國銀行。

Great. Thank you for taking the question. I mean I know the market seems focused on some of the core drivers, occupancy RevPOR today and the stock move. But maybe just taking a step back because I know, Shankh, whenever we speak to you, it's all about earnings growth, long-term growth. Can you just talk more about one of the comments that stuck with us that you made is just how fast things are changing.

很好。謝謝你回答問題。我的意思是，我知道市場似乎聚焦在一些核心驅動因素上：今天的入住率、RevPOR，以及股價的變動。但也許退一步來看，因為我知道 Shankh，每次我們和你交流，你談的都是獲利成長、長期成長。你能否多談談一個讓我們印象深刻的評論：也就是事情正在改變得有多快。

Clearly, geopolitically, a lot is changing, sovereign debt balance sheets are changing. Can you just talk about the long-term view of expansion of the business across the globe, where you think the long-term growth opportunities might be or even domestically, where maybe macroeconomic is changing across geographic markets as well as you think about the long term?

很明顯，在地緣政治上，很多事情正在改變，主權債務的資產負債表也在改變。你能否談談你對於在全球範圍擴張業務的長期觀點、你認為長期成長機會可能在哪裡；或者即使是在國內，當你從長期角度思考時，宏觀經濟也可能在不同地理市場之間發生變化？

Thank you. So if you just think about this, we truly believe in expertise, right? Remaining within someone's circle of competence is an extraordinarily important concept for us. As you have seen that we have effectively sold out on most of the businesses and have focused on a very, very narrow set of businesses. This narrowing of focus is an extraordinary important for us.

謝謝。所以如果你這樣想，我們確實相信「專業能力（expertise）」，對吧？維持在自己的能力圈（circle of competence）之內，對我們而言是一個極其重要的概念。如你所見，我們基本上已經把大多數業務都出清，並聚焦在一組非常、非常狹窄的業務上。這種聚焦範圍的收斂，對我們而言極其重要。

So you can be rest assured that we're not looking to go in different countries, right? We just -- that's without a question. Even within our own, say, US, we are a prolific investor, right? We have a very focused product market fit, and that's what we're saying. In fact, we are becoming more and more selective about what product market fit that we're after and have focused, narrowed the business meaningfully into one idea, right?

所以你可以放心，我們不打算去其他國家，對吧？這點毫無疑問。即便在我們自己的市場——比如美國——我們是非常積極的投資人，對吧？我們有非常聚焦的產品—市場契合（product market fit），而這就是我們在說的。事實上，我們對於要追求哪一種產品—市場契合正變得越來越挑剔，並且把業務顯著收斂到一個核心想法上，對吧？

So you just think about -- so from our standpoint, we made our bets. From what product we want and what we think that we can do well and provide a strong value for our customers while still provide a strong value for our owners, beyond that, we have no interest. So then there's just a question of, okay, in this environment, beyond sort of what's going on in the sort of the macroeconomic environment and others, how do you drive additional value?

所以你只要想——就我們的立場而言，我們已經下了注。關於我們想要什麼產品、以及我們認為自己能把什麼做好，並在為客戶提供強大價值的同時，也為我們的業主提供強大價值；除此之外，我們沒有興趣。那接下來就只是個問題：好，在這樣的環境下，除了宏觀經濟環境等因素之外，你要如何創造額外價值？

And that is where we are doubling down and tripling down every day in our investments, in technology and people and how we transform the business. And that, I think, will be the biggest driver of the business going forward.

而這正是我們每天都在加倍、加倍再加倍投入的地方：投資於科技與人才，以及我們如何改造這個業務。而我認為，這將會是未來推動業務的最大驅動因素。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good morning, everyone. Just wondering if you could talk a little bit about the growth opportunities in your other asset-light fee income-driven businesses, specifically the funds business and licensing of the data science platform, just interest in those two platforms, how you expect it to kind of grow over the next two to three years?

是的，各位早安。想請問你們是否可以談談你們其他輕資產、以費用收入驅動的業務的成長機會，特別是基金業務以及資料科學平台的授權；就這兩個平台而言，目前的市場興趣如何，以及你們預期未來兩到三年它們會如何成長？

Yeah. So in the capital-light business, we added some additional disclosure in our sub. And you'll see we expect that the revenues from that business should continue to go up. We've had an incredible start to our fund management business. I think I previously described the full deployment of our first equity fund, the raising of a credit fund, that's going well, and we're raising a subsequent equity fund. On data science partnerships, we're in conversations with many groups, we're making good progress there as well. And you'll continue to see progress in those in the sub as we keep getting more things completed.

是的。所以在輕資本業務方面，我們在補充資料（sub）中新增了一些額外揭露。你會看到，我們預期該業務的營收應會持續上升。我們的基金管理業務開局非常亮眼。我想我先前提過，我們第一支股權基金已完成全面投資部署；我們也在募集一支信貸基金，進展順利，並且正在募集後續的股權基金。在資料科學合作夥伴關係方面，我們正與許多團體洽談，進展也很不錯。隨著我們持續完成更多事項，你也會在補充資料（sub）中持續看到這些方面的進展。

Jim Kammert, Evercore.

Jim Kammert，Evercore。

Good morning. Thank you. I Apologize for line here. Are you going to disclose kind of the current SHOP -- pardon me, Wellness Housing NOI contribution as a portion of the total and the margin for the Wellness Housing?

早安。謝謝。抱歉線路有點問題。你們會揭露目前 SHOP——不好意思，健康住宅（Wellness Housing）的 NOI 貢獻占總體的比例，以及健康住宅的利潤率嗎？

It's about 10% of the SHOP portfolio, and margins in the mid-50s still.

約占 SHOP 投資組合的 10%，利潤率仍在 50% 中段。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

Hey, good morning, everybody. A question on dispositions. I know, Shankh, you've mentioned several times that obviously, product market and fit are sort of critical components to the portfolio that you would retain over time. So is it safe to assume that whatever has sort of been sold this year somehow doesn't check one or more of those boxes? And then also, could you add a little context around the recent Brookdale transaction that was made public earlier this month?

嗨，各位早安。有個關於處分（dispositions）的问题。我知道 Shankh，你多次提到，產品、市場與契合度顯然是你們會長期保留投資組合的關鍵要素。所以是否可以合理推論，今年出售的資產在某種程度上未能符合其中一項或多項條件？另外，能否就本月稍早公開的近期 Brookdale 交易補充一些背景說明？

Yeah, look, I think on the dispositions, a decent amount of the numbers you're seeing is the medical office transaction that we talked about last year that's obviously closed in tranches as we've gotten ground lessor and tenant approvals. But look, in general, our view on dispositions is that if we think certain assets are optimized or will not keep up with the growth of the rest of the company, just like the disposition of a significant portion of our medical office business, there's other hands that find more value in them, and that's a good thing, right? So that's how we decide what we're keeping versus what we're selling. It's all dependent on what the contribution it has to the go-forward growth of the company. And what was your other question?

是的。你看，我想在處分方面，你們看到的數字中有相當一部分是我們去年談到的醫療辦公（medical office）交易；該交易顯然是隨著我們取得土地出租方（ground lessor）與承租戶的核准而分批完成交割。但總體而言，我們對處分的看法是：如果我們認為某些資產已經達到最佳化，或未來無法跟上公司其他部分的成長——就像我們處分了醫療辦公業務中相當大的一部分——那麼由其他持有人來持有、在其手上能創造更高價值，這其實是好事，對吧？所以我們就是用這樣的方式來決定哪些要保留、哪些要出售。一切都取決於它對公司未來成長的貢獻。你另一個問題是什麼？

Brookdale.

Brookdale。

Brookdale, Yes. I think the Brookdale transaction, obviously, is two public companies and there's disclosure out there. But it's a win-win transaction, right? I mean I think from Brookdale, you should ask them, but they have a strategy of continuing to want to own more of their assets. And our general view is we want to own Seniors Housing assets in an equity structure AKA RIDEA wherever we can. And for these subset of assets, it made sense for Brookdale to continue on with their plan of owning more assets, and we were happy with the price we got. And so it was a win-win transaction.

Brookdale，是的。我想 Brookdale 這筆交易，顯然是兩家上市公司之間的交易，外界也已有相關揭露。但這是一筆雙贏的交易，對吧？我的意思是，從 Brookdale 的角度你應該去問他們，但他們的策略是希望持續擁有更多自有資產。而我們的一般看法是：只要可行，我們希望以股權結構（亦即 RIDEA）持有更多高齡住宅（Seniors Housing）資產。就這一組資產而言，Brookdale 延續其擁有更多資產的計畫是合理的，而我們也對取得的價格感到滿意。因此這是一筆雙贏的交易。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Great. Thank you. Shankh, you've spoken about the importance of product, demographics and wealth and kind of the benefits that that's going to have on pricing power as the occupancy growth kind of hands off to higher RevPOR growth. But you've also said that development really only pencils at the high end. And I know there's virtually very limited amount of new starts today. But any concern that when supply ramps that it will be at that higher end and luxury side of the business and limit your ability to push rate?

很好。謝謝。Shankh，你談到產品、人口結構與財富的重要性，以及當入住率成長逐步交棒給更高的 RevPOR 成長時，這些因素將如何帶來定價能力的好處。但你也說過，開發案基本上只有在高端市場才算得過來（pencils）。而且我知道目前幾乎沒有什麼新的開工。但你是否擔心，當供給回升時，會集中在更高端、奢華端的業務，從而限制你們推升房價/費率的能力？

So if you think about it, supply where it makes economic sense today, which I have seen very few, right? If you just think about it is with all the talks of supply and the best development pitch that somebody has given me at the NIC conference was a 7.5%. I will tell you that in our books is a negative development spread. We can do untrended acquisition deals today that is in high 7s, low 8s after we buy an asset and then improve cash flow.

所以如果你想一想，今天在經濟上仍說得通的供給——我看到的其實非常少，對吧？如果你只看供給的各種討論，在 NIC 會議上有人給我的最佳開發提案是 7.5%。我可以告訴你，在我們的帳上，這是負的開發利差（negative development spread）。我們今天可以做未計趨勢（untrended）的收購交易，買進後再改善現金流，報酬率可在 7% 高段到 8% 低段。

So the returns are clearly not there. But where it would make sense is will be where you have unlimited pricing power, such as Brookline or Wellesley. The thing is that if you go and try where supply probably would make sense, say Cupertino, say a Brookline. That's why it will take you a decade to actually get the supply.

所以回報顯然不在那裡。但在哪裡會有意義呢？會是在你擁有無限定價能力的地方，例如 Brookline 或 Wellesley。問題是，如果你去嘗試在供給可能說得通的地方——比如 Cupertino，比如 Brookline——那也正是為什麼你可能要花十年才能真正把供給做出來。

So it will make sense for somebody, let's say, you want to build an asset in Cupertino and actually might make sense on a spreadsheet. The question caution is, right? So we do not believe that we're going to live in a world that will be oversupply in Cupertino. And if that happens, we're willing to live through that because we do believe that, that's why you will have the best pricing power. But anything is possible, I don't consider that as probable. But we'll see.

所以對某些人來說，假設你想在 Cupertino 蓋一個資產，從試算表上看也許是合理的。但需要提醒的是，對吧？所以我們不認為我們會處在一個 Cupertino 供給過剩的世界。而如果真的發生了，我們也願意承受，因為我們相信那正是你能擁有最佳定價能力的原因。但任何事都有可能，我不認為那是很可能發生的情境。但我們再看看。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Yes, thanks. With the comments in the prepared remarks that Welltower's portfolio is starting to transition to more RevPOR gains from occupancy gains. Now I understand that RevPOR should pick up when occupancy gets into that low to mid-90% range. But is this RevPOR increase similar to the incremental scaling you get from occupancy gains? I guess I'm just trying to understand, does the spread between RevPOR and ExpPOR, does that hold steady as you start to push RevPOR more aggressively when occupancy kind of gets up into that low to mid-90% range?

是的，謝謝。根據你們在事先準備的講稿中的評論，Welltower 的投資組合正開始從入住率帶動的成長，轉向更多由 RevPOR 提升所帶動的成長。我理解當入住率進入 90% 初到中段時，RevPOR 應該會加速。但這個 RevPOR 的提升，是否類似於入住率提升所帶來的那種邊際規模效益（incremental scaling）？我想了解的是：當入住率上到 90% 初到中段、你們開始更積極推升 RevPOR 時，RevPOR 與 ExpPOR 之間的利差是否能維持穩定？

Mike, what we're seeing right now in the portfolio, and this is why we kind of talk about it from where we see our assets 95% plus occupied and as that makes up a bigger part of the pool, now it's about 35% of our total properties in the same-store pool. It just gives us a good view into how assets will perform or how more of the portfolio performs as it hits that level. And we are seeing RevPOR, ExpPOR spreads there that are comparable, in fact, greater than what we see in the rest of the portfolio.

Mike，我們目前在投資組合中看到的是——這也是為什麼我們會從資產入住率達到 95% 以上的角度來談——隨著這類資產在整體池子中的占比提高，目前在同店（same-store）池中約占我們總物業的 35%。這讓我們能更清楚地觀察資產在達到該水準時的表現，或更多投資組合在達到該水準時會如何表現。而我們在那裡看到的 RevPOR、ExpPOR 利差是相當可比的，事實上甚至高於我們在投資組合其他部分看到的水準。

Mike, I personally -- this is obviously I personally think that obviously, pricing has a bigger impact on flow-through margin, right? Not necessarily we're just thinking just RevPOR, ExpPOR, you got the answer from Tim. But on the margin, whether it's from a dollar of revenue from occupancy versus pricing, you will have a bigger impact if it comes from pricing on flow-through margins.

Mike，我個人——這當然是我個人的看法——我認為定價對流轉利潤率（flow-through margin）的影響更大，對吧？不一定只是看 RevPOR、ExpPOR；你已經從 Tim 那裡得到答案。但就利潤率而言，同樣是一美元的營收，若來自入住率提升與若來自價格提升相比，來自價格提升對流轉利潤率的影響會更大。

So if you think about the total dollar of profitability, that absolutely is go shifted higher as you sort of think about more pricing than occupancy. And that's sort of where the comments came from. And you saw that in this quarter's numbers. And I think you will see that as sort of next few years play out.

所以如果你從總獲利金額（以美元計）來看，當你把重點更多放在定價而非入住率時，那確實已經轉向更高。這也就是那些評論的由來。而你也在本季的數字中看到了。我認為在接下來幾年逐步展開時，你也會看到這一點。

Richard Anderson, Cantor Fitzgerald.

Richard Anderson，Cantor Fitzgerald。

Hey, good morning, everyone. Great quarter. I wanted to go back to Nikhil's comment around Genesis and lessons that will stay with you for a long time. Can you just talk about what those lessons are specifically and what you won't do again in context with that Genesis situation? And maybe you can also extrapolate that to other swings and misses that you might characterize other transactions in your past and how that informs you going forward?

嗨，各位早安。本季表現很棒。我想回到 Nikhil 關於 Genesis 的評論，以及那些會長期伴隨你們的教訓。你能否具體談談那些教訓是什麼，以及在 Genesis 這個情境下，你們有哪些事不會再做一次？另外也許你也可以把這延伸到其他你們過去可能會形容為「失手」的交易，並說明這如何影響你們未來的決策？

Rich, I would let Nikhil answer that question, but I would be particularly focused on the framing of that question you had, which is what we wouldn't do again is not the right framing because we did not do Genesis. Our predecessor company did. And it will start with not making $600 million loans to a broken balance sheet would be a good start. But Nikhil, I would let you answer the question.

Rich，我會讓 Nikhil 來回答這個問題，但我會特別聚焦在你提問的框架：所謂「我們不會再做什麼」其實不是正確的框架，因為 Genesis 不是我們做的。是我們的前身公司做的。而一個好的起點會是：不要對一個資產負債表已經出問題的公司放出 6 億美元的貸款。不過 Nikhil，我把問題交給你回答。

Yeah, I think, Rich, beyond Shankh stole kind of my loan thunder, don't make a problem by make it bigger by lending to it. But look, I think our initial reaction of skilled nursing when we were starting to clean up Genesis was that it's a bad business. It's a bad business where you cannot get decent skilled mix. It's a bad business where like unlike the Senior Housing business, where if you make a building beautiful, you spend money improving the quality of it, you have a good reputation, you have good relationships, that none of that matters.

是的，我想，Rich，除了 Shankh 有點把我想講的貸款重點先講了——不要透過借錢給問題來把問題變得更大。但你看，我們在開始收拾 Genesis 時，對護理機構（skilled nursing）的第一反應是：這是一門不好的生意。這是一門你無法取得理想「專業護理組合」（skilled mix）的不好的生意。這也是一門不好的生意，因為不像高齡住宅（Senior Housing）那樣，你把建物做得漂亮、投入資金提升品質、建立良好口碑、維持良好關係——在這裡這些都不太重要。

At the end of the day, you're going to have a building that just has a 10% margin for lack of better terms, right? But then as we dug into I think the preferred equity investment we made was one of the best things we did as a company, small check, but we did a joint venture with one of the operators that had a really good track record. And we just out of intellectual curiosity, we said, why is it that if we try to sell some assets, 10 folks show up to try and buy assets.

到頭來，你的建物大概也就只有 10% 的利潤率（用比較通俗的說法）。但接著當我們深入研究時，我認為我們做的那筆優先股權投資（preferred equity investment）是公司做過最好的事情之一；金額不大，但我們與一個有非常好往績的營運商成立了合資。而且出於純粹的求知欲，我們問：為什麼當我們嘗試出售一些資產時，會有 10 個人出現想要買這些資產？

Folks have made a lifetime worth of living by buying assets from Genesis and other similar companies and turning them around. I mean you saw what we did with the Integra portfolio of the former ManorCare assets. So it was just digging into the business not being a bad business as we originally thought, it came down to execution. It came down to specificities on how you manage the business, how you manage hospital relationships, operating expenses.

有些人靠著買進 Genesis 以及其他類似公司的資產並把它們扭轉經營，賺到足以過一輩子的收入。我的意思是，你也看到我們對前 ManorCare 資產的 Integra 投資組合所做的事情。所以，當我們深入研究後發現，這門生意並不像我們一開始以為的那麼糟，關鍵其實在於執行。關鍵在於你如何管理這門生意的細節：如何管理與醫院的關係、如何控管營運費用等。

And if you do enough things right, it can be a good business, right? So those are the big things we learned. And we had to keep questioning our own biases. We had to keep questioning our own views. But we did that through data, through incremental information. And as the facts change, our views changed, and that's what you do.

如果你把足夠多的事情都做對，它就可以是一門好生意，對吧？所以這些就是我們學到的主要重點。而且我們必須不斷質疑自己的偏見。我們必須不斷質疑自己的觀點。但我們是透過數據、透過逐步增加的資訊來做到這點。當事實改變時，我們的看法也會改變，這就是你該做的。

Michael Stroyeck, Green Street.

Michael Stroyeck，Green Street。

Thanks, and good morning. Can you just touch on the Senior Housing transaction market and valuations across the US, UK and Canada? Where have you seen the most repricing in recent months? And can you just give us some sense for the magnitude of repricing that's occurring relative to, call it, three or so months ago before rates ran up a bit?

謝謝，早安。你能否談談美國、英國與加拿大的高齡住宅交易市場與估值情況？近幾個月你們在哪些地區看到最多的重新定價？另外，相較於大約三個月前、利率稍微上升之前，你能否讓我們了解目前重新定價的幅度大概有多大？

Yeah. Look, I think it's probably too soon to see significant repricing. There's always a lag between what you see on the Bloomberg screen versus what you see in the transaction market. But what you are seeing is folks value certainty, folks be concerned about retrades, folks be concerned about the ability to close that is starting to show up. I mean if you look at the acquisitions we had in the third quarter, 66% occupied for newer vintage assets, why did people decide to sell those assets?

好的。你看，我認為現在要看到顯著的重新定價可能還太早。你在 Bloomberg 螢幕上看到的變化，和你在交易市場上看到的變化之間，總是存在時間落差。但你正在看到的是：大家重視確定性，大家擔心重新議價（retrade），大家擔心能否順利完成交割——這些開始浮現。我的意思是，如果你看我們第三季的收購案，較新年份（newer vintage）的資產入住率只有 66%，為什麼有人會決定賣掉那些資產？

They decided to sell those assets because in their head, they had a view as developers that interest rates are coming down and then the Fed changed course. And now it's starting to become a foregone conclusion that there will be more of that.

他們之所以決定出售，是因為作為開發商，他們原本心裡的看法是利率會下降，但接著聯準會改變了路線。而現在，市場開始覺得這種情況會持續發生，幾乎已成定局。

And so then the response to that was, if I can get a reasonable number for my asset, I will not try to stay the course, wait a year or two to fill up the buildings and try to maximize the outcome, right? So it's that change of sentiment that folks are saying good enough is good enough and let's go to a high-quality counterparty and maybe we can participate in some of the recovery that we're leaving behind through taking some OP units. So you're starting to see all of that.

因此他們的反應是：如果我能為我的資產拿到一個合理的價格，我就不會選擇硬撐下去、再等一到兩年把大樓填滿，然後試圖把結果最大化，對吧？所以這是一種情緒的轉變：大家覺得「夠好就好」，然後把資產賣給高品質的交易對手；也許我們還能透過拿一些 OP 單位（OP units）來參與一部分我們放棄掉的復甦成果。所以你開始看到這些現象。

This concludes the question-and-answer session and will conclude today's earnings call. Thank you for joining. You may now disconnect.

問答環節到此結束，也將結束今天的法說會。感謝各位參與。各位現在可以斷線。