Welltower Inc (WELL) 2022 Q1 法說會逐字稿

Hello, and welcome to the Q1 2022 Welltower Inc. Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce General Counsel, Matt McQueen.

您好，歡迎參加 2022 年第一季度 Welltower Inc. 收益電話會議。 （操作員說明）現在我很高興介紹總法律顧問 Matt McQueen。

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.

謝謝你，早上好。提醒一下，本次電話會議期間做出的某些陳述可能被視為《私人證券訴訟改革法案》意義上的前瞻性陳述。

Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurance that best 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.

儘管 Welltower 認為任何前瞻性陳述均基於合理的假設，但公司不能保證將獲得最佳預期結果。公司向美國證券交易委員會提交的文件中詳細說明了可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素。

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

有了這個，我將把電話轉給 Shankh 以聽取他的意見。

Thank you, Matt, and good morning, everyone. I'll describe our capital allocation priorities in the rapidly evolving investment environment and review high-level business trends before handing the call over to John, who will detail operational trends. .

謝謝你，馬特，大家早上好。我將描述我們在快速發展的投資環境中的資本配置優先事項，並在將電話轉交給 John 之前審查高級業務趨勢，他將詳細說明運營趨勢。 .

A little over 1 year ago, our seniors housing operating business witnessed a powerful inflection point with occupancy gains and pricing power sustained through the remainder of the year despite Delta and Omicron variants.

一年多前，我們的老年人住房運營業務見證了一個強大的拐點，儘管有 Delta 和 Omicron 的變體，但在今年剩餘時間裡，入住率和定價能力都保持不變。

This momentum continued into first quarter of this year and translated into the first period of year-over-year bottom line growth for our company since the beginning of pandemic. Our total portfolio revenue is up 32.7% year-over-year, driven by both organic revenue growth as well as a significant volume of high conviction capital deployment during the last 18 months.

這種勢頭一直持續到今年第一季度，並轉化為自大流行開始以來我們公司的第一個同比利潤增長時期。我們的投資組合總收入同比增長 32.7%，這得益於過去 18 個月有機收入增長以及大量高信念資本部署。

On a same-store basis, our Senior Housing Operating portfolio revenue is up 11.2% year-over-year. driven by a 4.6% occupancy growth and 4.6% rate growth. Encouragingly, we saw sequential pricing growth was 4.3%, the fastest growth recorded in our history despite only half of our operators pushing through in-house rent increases on Jan 1 schedule.

在同店基礎上，我們的高級住宅運營組合收入同比增長 11.2%。由 4.6% 的入住率增長和 4.6% 的增長率推動。令人鼓舞的是，儘管我們只有一半的運營商在 1 月 1 日推動內部租金上漲，但我們看到價格環比增長 4.3%，這是我們歷史上最快的增長速度。

All of these translated into 18.4% same-store NOI growth in Q1, an impressive number that surpassed our expectations. We're all very encouraged by the speed at which pre-trades are moving up. And we expect same-store NOI growth will accelerate into the second half of the year, barring another COVID spike.

所有這些都轉化為第一季度 18.4% 的同店 NOI 增長，這個令人印象深刻的數字超出了我們的預期。我們都對交易前交易上升的速度感到非常鼓舞。我們預計同店 NOI 增長將加速到今年下半年，除非 COVID 再次飆升。

All of this setting up to be a powerful earnings recovery that we anticipate in 2023 and beyond. Before I turn into investment environment, I want to make 2 things here that are very important for multiyear earnings growth path. Number one, in 2018, when we converted our Brandywine Senior Living lease to RIDEA, I mentioned there are 2 other portfolio we had in triple-net structure that we hope to convert.

所有這些都將成為我們預計在 2023 年及以後的強勁盈利復甦。在我進入投資環境之前，我想在這裡做兩件事，這對多年的盈利增長路徑非常重要。第一，在 2018 年，當我們將 Brandywine Senior Living 租約轉換為 RIDEA 時，我提到我們希望轉換的另外兩個三網結構的投資組合。

One of them was Legend Senior Living. After many years of discussion with Tim Buchanan, Legend's legendary founder and CEO, I'm pleased to report that we have converted this relationship into RIDEA. Recall that we had an 88% and 20% propco JV between Welltower and Legend.

其中之一是傳奇高級生活。經過與傳奇傳奇創始人兼首席執行官 Tim Buchanan 多年的討論，我很高興地報告我們已經將這種關係轉變為 RIDEA。回想一下，我們在 Welltower 和 Legend 之間擁有 88% 和 20% 的 propco 合資企業。

At conversion, Tim contributed a portion of his propco, 5 brand-new assets and has agreed to a future development agreement to create a powerful 93%, 7% equity partnership going forward. Finally, after years of persuasion, we have convinced him that we can grow the pie using our data analytics platform so significantly that he will still be better off despite owning a smaller portion of the pie.

在轉換時，Tim 貢獻了他的一部分 propco，即 5 項全新資產，並已同意未來的發展協議，以建立強大的 93%、7% 股權合作夥伴關係。最後，經過多年的說服，我們說服了他，我們可以使用我們的數據分析平台顯著擴大餡餅，即使他只擁有一小部分餡餅，他仍然會過得更好。

A partner of our company since '90s, Legend has paid every single dollar of rent that was owed to Welltower regardless of their coverage on a given day. Though these deals is dilutive to our FFO in 2022 due to significant agency leverages today, we expect cash flow relative to the previous rent will breakeven in beginning of 2023, and our shareholders will enjoy upside from there on.

自 90 年代以來，作為我們公司的合作夥伴，Legend 支付了欠 Welltower 的每一美元租金，無論他們在某一天的承保範圍如何。儘管由於今天的代理槓桿作用很大，這些交易在 2022 年稀釋了我們的 FFO，但我們預計相對於之前租金的現金流量將在 2023 年初實現盈虧平衡，我們的股東將從那時起享受上行空間。

We hope for extraordinary partnership over last week -- had extraordinary partnership over the last 3 decades, and we hope that it will continue for many more to come. This transition, along with acquisition and future development partnership exemplifies our sole focus on enhancing long-term value of the portfolio and is indicative of the potential earnings upside in the portfolio that can be captured through a simple cap rate or multiple valuation methodology.

我們希望在上周建立非凡的伙伴關係——在過去的 3 年中建立了非凡的伙伴關係，我們希望它會在未來繼續下去。這種轉變以及收購和未來發展合作體現了我們專注於提高投資組合的長期價值，並表明可以通過簡單的上限利率或多重估值方法捕捉到的投資組合的潛在收益上升。

Number two, historically, our SHO business focused on managing managers and assets. Now that we have significantly upgraded our operational capabilities, including through the hiring of John Burkart, our COO, our focus in the SHO business will mirror the real estate and management services that we provide in our medical office business or what an apartment rig does with an understanding that we're limited in providing care services in a health -- qualified health care property.

第二，從歷史上看，我們的 SHO 業務專注於管理經理和資產。現在我們已經顯著提升了我們的運營能力，包括通過聘請我們的首席運營官 John Burkart，我們對 SHO 業務的關注將反映我們在醫療辦公室業務中提供的房地產和管理服務或公寓鑽機的作用了解我們在健康-合格的醫療保健財產中提供護理服務方面受到限制。

This fundamental shift in our approach has a profound impact on how we think about our role in the operating stack. This is particularly important as we think through the most important part of that operating platform, which is the technology stack. John will get into the details as part of his script, but we are delighted that he is in full scale development and implementation of a true operating platform at Welltower.

我們方法的這種根本性轉變對我們如何看待我們在操作堆棧中的角色產生了深遠的影響。這一點尤其重要，因為我們考慮了該操作平台最重要的部分，即技術堆棧。 John 將在他的腳本中詳細介紹，但我們很高興他正在 Welltower 全面開發和實施一個真正的操作平台。

John is working closely with some of our best operating partners to launch this, call it RIDEA 4.0 for now, but honestly, that doesn't do our new approach justice, as to the scale and impact, we think his plans will have on the customer experience and value creation overall. Needless to say, we expect this multiyear initiative will have a tremendous impact on our earnings growth trajectory and long-term compounding machine that we are setting up at Welltower.

John 正在與我們一些最好的運營合作夥伴密切合作推出這個，現在稱之為 RIDEA 4.0，但老實說，這並沒有使我們的新方法公正，至於規模和影響，我們認為他的計劃將對整體客戶體驗和價值創造。不用說，我們預計這項多年計劃將對我們在 Welltower 建立的盈利增長軌跡和長期復利機器產生巨大影響。

Now let's talk about capital allocation. As you know, my team is extraordinarily focused on allocating capital to create part share value for existing shareholders. The keyword is existing. We'll favor our existing shareholders who have been our partners through thick and thin, especially through thin. We are fiercely protective of their interest on a per share basis, and won't act in a manner that does not create significant value for them.

現在讓我們談談資本配置。如您所知，我的團隊非常專注於分配資本，為現有股東創造部分股份價值。關鍵字是存在的。我們將支持我們現有的股東，他們一直是我們的合作夥伴，尤其是歷經風雨。我們以每股為基礎嚴格保護他們的利益，並且不會以不會為他們創造重大價值的方式行事。

Because we're extremely transparent and genuinely dislike drama, I will mention to you that Welltower is the party F referenced in the HTA HR merger proxy a couple of weeks ago. Every week, we call owners of assets and express our interest to buy them at a price. This was no different.

因為我們非常透明並且真的不喜歡戲劇，所以我會告訴你，Welltower 是幾週前 HTA HR 合併代理中提到的 F 方。每週，我們都會打電話給資產所有者，表達我們有興趣以一定價格購買它們。這沒有什麼不同。

I am genuinely disappointed that HR Board and management did not engage with us, but that is their prerogative. It is completely up to their shareholders and the Board, which presents those shareholders to decide how to maximize value. Because of the many rumors circulating and the reports and articles about this, I'll mention a few things before moving on to much more important items.

我真的很失望人力資源委員會和管理層沒有與我們接觸，但這是他們的特權。這完全取決於他們的股東和董事會，董事會讓這些股東決定如何實現價值最大化。由於流傳著許多謠言以及有關此的報導和文章，在繼續討論更重要的項目之前，我將提及一些事情。

Number one, we're fair win-win people, we offer to buy the company on public information at $31.75 per share, plus a breakup fee of $163 million from a merger which as you have seen, the market reported at significantly value destructive per analyst reports.

第一，我們是公平雙贏的人，我們在公開信息上提出以每股 31.75 美元的價格收購該公司，外加 1.63 億美元的合併分手費，正如你所看到的，市場報告的每家公司的價值都極具破壞性分析師報告。

We believe that our cash offer provided better value to HR shareholders than the HTA merger, and it was fully financed and were prepared to move within days. I read research notes that described our unfair pricing relative to what might be quoted in market cap rate.

我們相信，與 HTA 合併相比，我們的現金出價為 HR 股東提供了更好的價值，而且它得到了充分的資金，並準備在幾天內搬遷。我閱讀了研究報告，其中描述了我們相對於市值可能報價的不公平定價。

Please understand that we did not offer to buy an asset, we offer to buy a company that we are willing to pay for assets and pay a breakup fee that bails out company out for company's existing shareholders for potential dilution that well respected analyst community has been writing about.

請理解，我們沒有提議購買資產，我們提議購買一家我們願意為資產支付的公司，並支付解散費，為公司現有股東提供救助，以應對備受尊敬的分析師社區一直以來的潛在稀釋寫關於。

I hope this will stop mischaracterization of our offer and our intent. Number two, Welltower always has and always will honor its agreement with third parties, including that with HTA. In fact, HTA itself piloted our NDA with them by providing -- by first disclosing it to HR and then later to the public in the joint proxy.

我希望這將停止對我們的報價和意圖的錯誤描述。第二，Welltower 始終遵守與第三方的協議，包括與 HTA 的協議。事實上，HTA 自己通過提供——首先向 HR 披露，然後再通過聯合代理向公眾披露，來與他們一起試行我們的 NDA。

Further our NDA with them does not contain a standstill that will apply us to making an offer for HR as a stand-alone entity. As you would expect, we signed it with HTA in order to access information regarding HTA and its properties, therefore, the Standstill only applies to HTA and its properties.

此外，我們與他們的 NDA 不包含將適用於我們作為獨立實體向 HR 提出要約的停頓。如您所料，我們與 HTA 簽署了它以訪問有關 HTA 及其屬性的信息，因此，Standstill 僅適用於 HTA 及其屬性。

Our proposal was expressly conditioned on HR not completing their HTA transaction. Number three, we have never chased the deal and never will. We buy everything at a price and sell everything at a price. Although I'm disappointed that HR did not engage with us, as our offer -- we thought our offer would result into a superior outcome for HR shareholders, I have no intention of being hostile.

我們的提議明確以 HR 未完成其 HTA 交易為條件。第三，我們從未追求交易，也永遠不會。我們以某種價格購買一切，以某種價格出售一切。儘管我對 HR 沒有與我們接觸感到失望，因為我們的提議 - 我們認為我們的提議將為 HR 股東帶來更好的結果，但我無意敵視。

I personally like Todd, I called him and expressed our interest. We didn't buy shares in the public market, nor did we act in anything but a friendly way. They did not engage. Under these circumstances, we have nothing to do here.

我個人喜歡托德，我打電話給他並表達了我們的興趣。我們沒有在公開市場上購買股票，也沒有以友好的方式行事。他們沒有參與。在這種情況下，我們在這裡無事可做。

Number four, contrary to what some analysts might have written, this deal would not have been dilutive to our senior housing growth. You don't know what proportion of equity, debt or joint ventures we might have contemplated for the transaction. But even if you think we were to do this entirely on the balance sheet, it would be a rather simple exercise.

第四，與一些分析師可能寫的相反，這筆交易不會稀釋我們的高級住房增長。你不知道我們可能為這筆交易考慮了多大比例的股權、債務或合資企業。但即使你認為我們要完全在資產負債表上做這件事，這也是一個相當簡單的練習。

Look at the NOI bridge in our business update, divide that NOI by existing number of shares, calculate the additional shares required by the HR transaction to calculate dilution on a part share basis and then add back the accretion from the deal. You will see our existing shareholders would have covered ahead.

查看我們業務更新中的 NOI 橋，將該 NOI 除以現有股份數量，計算人力資源交易所需的額外股份以計算部分股份的稀釋，然後加回交易的增值。你會看到我們現有的股東會提前支付。

We look at every single investment through the lens of opportunity costs. Specifically, we have to satisfactorily answer three questions that Buffett has taught us. And then what, compared to what, at the expense of what. This is no different. And number five, we're not disappointed nor we are concerned about our growth of our senior housing business. While the contrary, in fact, we just reported 18.4% same-store NOI growth and expected to meaningfully accelerate in the second half of the year.

我們從機會成本的角度審視每一項投資。具體來說，我們必須滿意地回答巴菲特教給我們的三個問題。然後是什麼，與什麼相比，以犧牲什麼為代價。這沒有什麼不同。第五，我們並不感到失望，也不擔心我們的老年住房業務的增長。相反，事實上，我們剛剛報告了 18.4% 的同店 NOI 增長，預計下半年將顯著加速。

Now that I have put all these rumors to bed, let's talk about the 30 or so owners who did engage with us to create win-win partnership transactions. Year-to-date, we have closed $1.2 billion of acquisitions across 21 different off-market or privately negotiated transactions. This is a remarkable stat given the torrid pace of activity last year.

現在我已經消除了所有這些謠言，讓我們來談談與我們進行合作以創造雙贏合作交易的 30 多位業主。年初至今，我們已經完成了 12 億美元的收購，涉及 21 項不同的場外交易或私下協商的交易。鑑於去年活動的迅猛步伐，這是一個了不起的統計數據。

I find it difficult to talk about specific deals as it feels like picking your favorite children, but I still mention a handful of transactions to give you a sense. We bought 700 units, 3 large communities in Washington State with COGIR to expand our partnership with Matthew and Dave. Dave Eskenazy is one of the best in the business, and I'm glad that he's now back full time at COGIR US as a CEO.

我發現很難談論具體的交易，因為感覺就像挑選你最喜歡的孩子，但我仍然提到了一些交易給你一個感覺。我們與 COGIR 一起在華盛頓州購買了 700 個單位和 3 個大型社區，以擴大我們與 Matthew 和 Dave 的合作夥伴關係。 Dave Eskenazy 是業內最優秀的人之一，我很高興他現在回到 COGIR US 擔任 CEO 的全職工作。

We're also expanding our partnership with purchase of another property in Brentwood located in the East Bay of Northern California. All properties were bought at significant discount replacement cost. For example, the Brentwood asset contains large units, and it was bought for $320,000 per unit. We believe the replacement cost in each way today is easily significantly north of $500,000 units.

我們還通過購買位於北加州東灣的布倫特伍德的另一處房產來擴大我們的合作夥伴關係。所有物業均以大幅折扣重置成本購買。例如，布倫特伍德資產包含大型單位，以每單位 320,000 美元的價格購買。我們相信，如今每一種方式的更換成本都大大超過了 500,000 美元。

Additionally, we are significantly deepening our relationship with Dan and his team at StoryPoint with the acquisition of 33 communities in Michigan, Ohio and Tennessee in their backyard. With a median vintage of 2016, we're extremely pleased with the average price of $197,000 per unit which is meaningful discount replacement cost with 63% of current average occupancy this sizable deal will be dilutive to our 2022 FFO per share, but properties are anticipated to generate significant occupancy, margin and cash flow growth in 2023 and beyond under StoryPoint's enhanced operating platform.

此外，我們通過收購密歇根州、俄亥俄州和田納西州的 33 個社區在他們的後院，大大加深了我們與 Dan 和他在 StoryPoint 團隊的關係。 2016 年的中位年份，我們對每單位 197,000 美元的平均價格感到非常滿意，這是有意義的折扣重置成本，佔當前平均入住率的 63%，這筆可觀的交易將稀釋我們 2022 年的每股 FFO，但預計物業在 StoryPoint 增強的運營平台下，在 2023 年及以後產生顯著的入住率、利潤率和現金流增長。

This is another example of us choosing the right long-term investment decision and cash flow growth of our GAAP earnings separation, another thing you hear from us consistently.

這是我們選擇正確的長期投資決策和我們的 GAAP 收益分離的現金流增長的另一個例子，這是您一直從我們那裡聽到的另一件事。

In another transaction, we announced we're expanding our partnership with Courtney and her team at Oakmont with 7 new assets in extraordinary locations in California. Courtney and her team are at the absolute top of operating echelons, and we cannot be happier to grow this partnership together.

在另一筆交易中，我們宣布我們正在擴大與 Courtney 及其在 Oakmont 的團隊的合作夥伴關係，在加利福尼亞的特殊地點擁有 7 項新資產。考特尼和她的團隊處於運營梯隊的絕對頂端，我們非常高興能夠共同發展這種夥伴關係。

Separately, within the medical office space, we bought 4 building property portfolio on the campus of one of the strongest hospitals in Birmingham, Alabama for a 5.5% cap rate in an absolute net lease structure at a great basis. Given the absolute net structure, we expect unlevered IRR to be high single-digit range. We're also under contract to buy 2 large beautiful MOBs, 1 in San Francisco Bay Area, another in Sacramento MSA for a high 5% going-in cap rate at a great basis. Again, we expect to generate high single digits in IRR in both cases.

另外，在醫療辦公空間內，我們在阿拉巴馬州伯明翰最強大的醫院之一的校園內購買了 4 棟建築物業組合，其絕對淨租賃結構的上限率為 5.5%。鑑於絕對淨結構，我們預計無槓桿內部收益率將處於高個位數範圍。我們還簽訂了購買 2 個大型美麗 MOB 的合同，其中 1 個在舊金山灣區，另一個在薩克拉門托 MSA，以 5% 的高進入上限率在一個很好的基礎上。同樣，我們希望在這兩種情況下都會產生高個位數的 IRR。

In terms of the financing market, in the last 30 days or so, we have seen a massive shift with property level leverage down 15 points, cost doubling and interest only disappearing from the market, both in seniors as well as in MOBs. This is starting to have a tectonic impact on asset pricing. To put bluntly, I have not been this excited about our acquisition prospects since Q4 of 2020.

在融資市場方面，在過去的 30 多天裡，我們看到了巨大的轉變，房地產槓桿下降了 15 個百分點，成本翻了一番，利息只從市場上消失，無論是老年人還是暴民。這開始對資產定價產生結構性影響。坦率地說，自 2020 年第四季度以來，我從未對我們的收購前景如此興奮。

About 6 weeks ago, an investor, whom I respect very much asked me if I'm optimistic about the next $7 billion of acquisitions, as I was about the last $7 billion of acquisition that we did since pivoting to offense in 4Q of '20. I instinctively answered what I truly believe that we're driven by value, not by volume, which this investor took it as a no.

大約 6 週前，一位我非常尊敬的投資者問我是否對接下來的 70 億美元收購持樂觀態度，因為我對自 20 年第四季度轉向進攻以來我們所做的最後 70 億美元收購持樂觀態度.我本能地回答了我真正相信我們是受價值驅動的，而不是受交易量驅動的，這位投資者認為這不是。

Today, that answer will be unequivocal yes. Yes, we are excited about the figuratively net $7 billion as we are when we acted on the last $7 billion. To that effect, our pipeline today is roughly $1.5 billion of deals in process across 20 different off-market or privately negotiated transactions. Several of these are potentially operating unit transactions, which we expect to be very popular with the sellers.

今天，這個答案將是肯定的。是的，當我們對最後的 70 億美元採取行動時，我們對象徵性的淨 70 億美元感到興奮。為此，我們今天的管道大約有 15 億美元的交易，涉及 20 項不同的場外交易或私下協商的交易。其中一些是潛在的經營單位交易，我們預計這將非常受賣家歡迎。

Please recall that we define our pipeline as transactions that are already under contract. In addition to this, we're negotiating another couple of billion dollars of acquisitions across several other transactions. While we may not eventually succeed in convincing sellers to agree to our price, please note that we don't need any given transaction. Price is the price.

請記住，我們將管道定義為已經簽訂合同的交易。除此之外，我們還在就其他幾項交易進行另外數十億美元的收購談判。雖然我們最終可能無法成功說服賣家同意我們的價格，但請注意，我們不需要任何給定的交易。價格就是價格。

We see cracks in the market and are focused on where the puck is going and not where the puck might have been. The value of a party that never retreats and doesn't requires debt has really been higher. In most class systems in nature, such as coastline, cloud, turbulence no matter how much you scale up or scale down, you notice a remarkable self-similarity property. You notice that same occurrence everywhere in nature.

我們看到了市場的裂縫，並專注於冰球的去向，而不是冰球可能在哪裡。一個永不退縮、不欠債的一方，價值真的更高了。在自然界中的大多數類系統中，例如海岸線、雲、湍流，無論你放大或縮小多少，你都會注意到一個顯著的自相似性。你注意到自然界中到處都有同樣的現象。

For example, a floret of a cauliflower is same as the cauliflower. This phenomenon is called fractal geometry. This is the same idea that our drive time polygons and isochrones are based on if you have seen our data science presentation. Interestingly, organization history is full of companies who grow successfully through small bolt-on acquisitions in their advantageous niche only to convince themselves of strategic acquisitions that get them in trouble.

例如，花椰菜的小花與花椰菜相同。這種現象稱為分形幾何。如果您看過我們的數據科學演示文稿，我們的行駛時間多邊形和等時線所基於的想法與此相同。有趣的是，組織歷史上充斥著通過在其有利的利基市場中進行小型補強收購而成功成長的公司，只是為了說服自己相信會給他們帶來麻煩的戰略收購。

David Packer, the founder of HP brilliantly said, more businesses die of indigestion than starvation to discuss this phenomena. At Welltower, we don't have strategic acquisitions. In fact, self-similarity of mother nature is highly visible in our investment philosophy. No matter how small or big a specific investment is we are after the same, driven by the same factors.

惠普創始人大衛·帕克 (David Packer) 精彩地表示，討論這一現象時，更多的企業死於消化不良而不是飢餓。在 Welltower，我們沒有戰略性收購。事實上，大自然的自相似性在我們的投資理念中非常明顯。無論具體投資有多大或多小，我們都追求相同，受相同因素驅動。

In all cases, were buying, #1, a reasonable basis relative to replacement costs. And #2, where we can add value by driving operational improvement. We are not spread investing deal junkies. We are true total retail investors and are optimistic that 2022 will be one of the best years in the company's history from an acquisition point.

在所有情況下，購買#1 都是相對於重置成本的合理基礎。 #2，我們可以通過推動運營改進來增加價值。我們不是差價投資交易迷。我們是真正的全散戶投資者，我們樂觀地認為，從收購點來看，2022 年將是公司歷史上最好的年份之一。

With that, I'll hand the call over to my partner, John Burkart, our Chief Operating Officer. John?

有了這個，我將把電話轉給我的合夥人，我們的首席運營官 John Burkart。約翰？

Thank you, Shankh. My comments today will touch upon the performance of our operating business in the quarter and provide some elements of our vision for senior housing. Starting with our medical office portfolio.

謝謝你，尚赫。我今天的評論將涉及我們本季度的運營業務表現，並提供我們對老年住房的願景的一些要素。從我們的醫療辦公室產品組合開始。

In the first quarter, our outpatient medical business delivered 2.7% same-store NOI growth over the prior year's quarter, while occupancy declined modestly to 94.5%. We continue to see strong retention rates in the first quarter of 92%, likely driven by rising construction costs, construction delays and the related increases in new lease rents.

第一季度，我們的門診醫療業務實現了同店 NOI 比去年同期增長 2.7%，而入住率小幅下降至 94.5%。我們繼續看到第一季度 92% 的強勁保留率，這可能是由於建築成本上升、施工延誤和相關的新租賃租金增加所致。

Going forward, we expect occupancy to decline modestly as we continue to increase renewal rates in line with market increases. Now turning to our senior housing portfolio. The coiled spring, as Shankh has called it, is starting its expansion. Revenue in our same-store portfolio grew at 11.2% in the first quarter compared to the prior year's quarter.

展望未來，我們預計入住率將小幅下降，因為我們將根據市場增長繼續提高續訂率。現在轉向我們的高級住房組合。正如 Shankh 所說的，螺旋彈簧正在開始膨脹。與去年同期相比，第一季度我們同店組合的收入增長了 11.2%。

That's over 2x the growth rate experienced last quarter and the highest year-over-year increase since at least 2017. Our first quarter performance was led by our U.S. portfolio, which reported year-over-year top line growth of 13.5%. Additionally, as we've described in recent calls, pricing power continues to strengthen as reflected by strong renewal rate increases and improving market rate.

這是上一季度增長率的 2 倍以上，是至少自 2017 年以來的最高同比增幅。我們第一季度的業績由我們的美國投資組合引領，該投資組合報告的收入同比增長 13.5%。此外，正如我們在最近的電話會議中所描述的那樣，定價能力繼續加強，這反映在強勁的續訂率增加和市場利率的提高上。

In fact, RevPAR growth in the first quarter increased by the highest level in years at 4.6% year-over-year and 4.3% sequentially. While expenses grew at a rate of 9.5%, the more insightful expense metric is expense POR or expense per occupied room, which only grew at a rate of 3%, in the first quarter year-over-year on a year-over-year basis, the lowest since at least 2017.

事實上，第一季度的 RevPAR 增長率達到了多年來的最高水平，同比增長 4.6%，環比增長 4.3%。雖然費用以 9.5% 的速度增長，但更具洞察力的費用指標是費用 POR 或每間佔用房間的費用，第一季度同比僅增長 3%基數，是至少自 2017 年以來的最低水平。

The combination of higher rental rates, increasing occupancy and improving margins led to an outstanding NOI growth rate of 18.4%. Our operators continue to report very strong demand with traffic above 2019 levels, which bodes well for the peak sales season ahead.

較高的租金、增加的入住率和提高的利潤率共同導致了 18.4% 的出色 NOI 增長率。我們的運營商繼續報告非常強勁的需求，客流量高於 2019 年水平，這預示著未來的旺季銷售旺季。

And if things play out as we expect continued top line strength and further improvement on the expense side should result in a meaningful acceleration in NOI growth in the back half of the year. Understandably, since taking over as COO at Welltower, I've received questions about my vision and areas of focus, both of which I want to provide some insight to on this call.

如果事情像我們預期的那樣發展，持續的收入增長和支出方面的進一步改善應該會導致今年下半年 NOI 增長顯著加速。可以理解的是，自從接任 Welltower 的首席運營官以來，我收到了關於我的願景和關注領域的問題，我想在這次電話會議上提供一些見解。

I will outline the opportunity I see and highlight some key elements of my plan, which I believe Welltower is uniquely positioned to execute. As I evaluate the senior housing business, my perspective is a little different than the conventional wisdom that is developed as the health care REIT industry has evolved.

我將概述我看到的機會並強調我計劃中的一些關鍵要素，我相信 Welltower 具有獨特的執行能力。在我評估老年住房業務時，我的觀點與隨著醫療保健 REIT 行業的發展而形成的傳統智慧略有不同。

The healthcare REIT industry, including Welltower, started with triple-net leases for senior housing, giving the owners little to no say in operations and asset management. As the industry evolved with RIDEA, the historic reliance on the operators to run the business continued. The senior housing industry was founded by strong visionary leaders who saw that there was a much better way for society to provide quality lifestyles for its aging members, and they acted accordingly, like so many industries, which are started by small businesses, they are specialists in their core focus, in this case, providing quality living experience for our aging population and generalists and the many other important elements related to running a modern operating business.

包括 Welltower 在內的醫療保健 REIT 行業從高級住房的三網租賃開始，業主在運營和資產管理方面幾乎沒有發言權。隨著行業與 RIDEA 一起發展，歷史上對運營商的業務依賴仍在繼續。養老產業是由富有遠見的領導者創立的，他們看到社會有更好的方式為老年人提供優質的生活方式，他們採取了相應的行動，就像許多由小企業開創的行業一樣，他們是專家在這種情況下，他們的核心重點是為我們的老齡化人口和通才提供優質的生活體驗，以及與經營現代經營業務相關的許多其他重要因素。

But as you know, I come to this business with a different perspective and have broken down the business into a few components. It's essentially the multifamily business that provides care with some hospitality. As Shankh alluded to in his opening remarks. Although REITs are limited in providing care services, we can perform multifamily type functions like revenue management, capital management, procurement, provide IT expertise as well as leverage our data science expertise.

但如你所知，我以不同的視角來看待這項業務，並將業務分解為幾個部分。它本質上是多戶家庭企業，提供一些熱情好客的服務。正如尚赫在開場白中提到的那樣。儘管 REIT 在提供護理服務方面受到限制，但我們可以執行多戶類型的功能，如收入管理、資本管理、採購、提供 IT 專業知識以及利用我們的數據科學專業知識。

By doing so, we have the opportunity to fundamentally change the potential of this business by creating a full-scale operating platform and bringing operational excellence to the senior housing business. Overall, I have come to believe that Welltower has a substantial opportunity to improve the customer and employee experience and create shareholder value through leading the digital transformation of the business.

通過這樣做，我們有機會通過創建一個全面的運營平台並為老年住房業務帶來卓越的運營，從根本上改變這項業務的潛力。總體而言，我開始相信 Welltower 有很大的機會通過領導業務的數字化轉型來改善客戶和員工體驗並創造股東價值。

More to come on timing, but I will say that we are actively working on the initiative, partnering with best-in-class operators, and we will deliver various components as they are ready. The addition of the world-class operating platform will continue to dramatically increase the size and depth of the Welltower moat, and it will greatly simplify the business for our top operators, enabling them to focus on their core strengths, increasing their effectiveness and efficiency, and driving increased total returns.

更多的時間安排，但我要說的是，我們正在積極開展這項計劃，與一流的運營商合作，我們將在準備就緒時交付各種組件。世界級運營平台的加入將繼續大幅增加 Welltower 護城河的規模和深度，並將大大簡化我們頂級運營商的業務，使他們能夠專注於自己的核心優勢，提高效率和效率，並推動增加總回報。

We expect that all our stakeholders, including our operating partners and investors will emerge as winners in this next phase of the senior housing business. I'll now turn the call over to Tim.

我們希望我們所有的利益相關者，包括我們的運營合作夥伴和投資者，都將成為下一階段老年住房業務的贏家。我現在將把電話轉給蒂姆。

Thank you, John. My comments today will focus on our first quarter 2022 results. The performance of our triple-net investment segments in the quarter. Our capital activity, our balance sheet liquidity update; and finally, our outlook for the second quarter. Welltower reported fourth quarter net income attributable to common stockholders of $0.14 per diluted share and normalized funds from operations of $0.82 per diluted share, which was above the midpoint of our $0.79 to $0.84 per share guidance.

謝謝你，約翰。我今天的評論將集中在我們 2022 年第一季度的業績上。本季度我們的三網投資部門的表現。我們的資本活動，我們的資產負債表流動性更新；最後，我們對第二季度的展望。 Welltower 報告第四季度歸屬於普通股股東的淨利潤為每股攤薄後 0.14 美元，正常化運營資金為每股攤薄後 0.82 美元，高於我們每股 0.79 美元至 0.84 美元指引的中點。

Despite our results only including approximately $600,000 of HHS funds versus the $6 million expectation we had previously forecasted as part of our guidance. This quarter represented our first with year-over-year normalized FFO growth since the start of the pandemic. And when excluding provider relief funds received in the respective periods, our $0.82 per share represents 15% year-over-year growth versus the first quarter of 2021.

儘管我們的結果僅包括大約 600,000 美元的 HHS 資金，而我們之前作為指導的一部分預測的 600 萬美元。自大流行開始以來，本季度是我們首次實現 FFO 同比正常化增長。如果不包括在各個時期收到的提供者救濟資金，我們每股 0.82 美元與 2021 年第一季度相比同比增長 15%。

We are also pleased to report that total portfolio same-store NOI growth turned positive in the quarter. With 8.9% year-over-year growth, which compares favorably to guidance of 7%. Turning to our triple-net lease portfolios. As a reminder, our triple-net lease portfolio coverage and occupancy stats are reported at quarter in years. So these statistics reflect the trailing 12 months ending 12/31/2021.

我們也很高興地報告，本季度總投資組合同店 NOI 增長轉為正數。同比增長 8.9%，好於 7% 的指導。轉向我們的三網租賃組合。提醒一下，我們的三重淨租賃投資組合覆蓋率和入住率統計數據按季度報告。因此，這些統計數據反映了截至 2021 年 12 月 31 日的過去 12 個月。

In our seniors housing triple-net portfolio, same-store NOI increased 6.9% year-over-year and exceeded our expectations, driven by improvements in rent collections on leases currently in cash recognition and the early impact of rental increases tied to CPI.

在我們的老年人住房三網組合中，同店 NOI 同比增長 6.9%，超出了我們的預期，這得益於目前現金確認的租賃租金收款的改善以及與 CPI 相關的租金上漲的早期影響。

Trailing 12-month EBITDAR coverage was 0.82x and with a sequential improvement, mainly driven by the conversion of Legend Senior Living to day in the quarter. As indicated last quarter, we expect coverages to continue to move higher through the rest of the year as the positive inflection point we started experiencing in our SHO portfolio in the first quarter will be reflected in our triple-net coverages on a 1-quarter lag.

過去 12 個月的 EBITDAR 覆蓋率為 0.82 倍，並且環比有所改善，主要是由於本季度 Legend Senior Living 轉換為日間。如上一季度所述，我們預計覆蓋範圍將在今年剩餘時間內繼續走高，因為我們在第一季度開始在我們的 SHO 投資組合中經歷的積極轉折點將反映在我們滯後 1 個季度的三重網絡覆蓋範圍中.

Next, our long-term post-acute portfolio generated negative 1.8% year-over-year same-store NOI growth and trailing 12-month EBITDAR coverage was 1.3x. We completed $67 million of long-term post-acute sales in the quarter bringing our total sales in the last 12 months to $525 million and a blending cap rate of 7.5%, with an additional $202 million under contract for sale at quarter end.

接下來，我們的長期急性期後投資組合產生了 1.8% 的負同比同店 NOI 增長，過去 12 個月的 EBITDAR 覆蓋率為 1.3 倍。我們在本季度完成了 6700 萬美元的長期急性後銷售，使過去 12 個月的總銷售額達到 5.25 億美元，混合上限率為 7.5%，季度末還有 2.02 億美元的銷售合同。

As a result, our long-term post-acute portfolio represented just 4.8% of total in-place NOI at year-end versus 10.1% at the end of 2020, a 530 basis point decline driven largely by the exit of our Genesis relationship.

因此，我們的長期急性期後投資組合僅佔年底總 NOI 的 4.8%，而 2020 年底為 10.1%，下降了 530 個基點，主要是由於我們與 Genesis 關係的退出。

And lastly, health systems, which is comprised of our ProMedica Senior Care joint venture with ProMedica Health System, had same-store NOI growth of positive 2.75% year-over-year and trailing 12-month EBITDAR coverage was 0.02x.

最後，由我們與 ProMedica Health System 的 ProMedica Senior Care 合資企業組成的衛生系統，同店 NOI 同比增長 2.75%，過去 12 個月的 EBITDAR 覆蓋率為 0.02 倍。

As a reminder, this lease is backed by the full corporate guarantee from ProMedica Health System. Turning to capital market activity. We continue to enhance our balance sheet strength and position the company to capitalize a robust and highly visible pipeline of capital deployment opportunities by utilizing our ATM program to efficiently fund those near-term transactions.

提醒一下，此租約得到 ProMedica Health System 的全面公司擔保的支持。轉向資本市場活動。我們將繼續增強我們的資產負債表實力，並使公司能夠利用我們的 ATM 計劃有效地為這些近期交易提供資金，從而利用強大且高度可見的資本部署機會管道。

Since the start of the year, we have sold 21 million shares via forward sale agreement, at initial weighted average price of approximately $89.90 per share for expected gross proceeds of $1.9 billion. We currently have approximately 19.5 million shares remaining unsettled, which are expected to generate future proceeds of $1.8 billion.

自今年年初以來，我們已通過遠期銷售協議出售了 2100 萬股股票，初始加權平均價格約為每股 89.90 美元，預期總收益為 19 億美元。我們目前有大約 1950 萬股未結算的股票，預計未來將產生 18 億美元的收益。

Additionally, we are seeing significant interest from potential sellers to accept OP units as consideration, providing further investment capacity. Taken together, our unsettled ATM proceeds, potential OP unit issuances and $352 million of expected property disposition and loan payoff proceeds provide ample capacity to fund our current investment pipeline.

此外，我們看到潛在賣家對接受 OP 單位作為考慮有很大興趣，從而提供了進一步的投資能力。總而言之，我們未結算的 ATM 收益、潛在的 OP 單位發行以及 3.52 億美元的預期財產處置和貸款償還收益為我們當前的投資渠道提供了充足的資金。

During the quarter, we issued our second green bond comprised of $550 million of 10-year unsecured debt maturing in 2032, with a coupon of 3.85%. Following a similar discipline in our equity funding strategy, this is our fourth unsecured issuance since March of 2021, bringing total debt issuance over the span of $2.3 billion with an average duration of 9.5 years and average coupon of 3%.

在本季度，我們發行了第二隻綠色債券，其中包含 5.5 億美元的 10 年期無擔保債務，將於 2032 年到期，票面利率為 3.85%。遵循我們股權融資策略的類似原則，這是我們自 2021 年 3 月以來的第四次無擔保發行，總債務發行規模超過 23 億美元，平均期限為 9.5 年，平均票面利率為 3%。

At quarter end, when factoring in cash and restricted cash balances, our liquidity position exceeded the $4 billion of borrowing capacity on our line of credit. And when combined with the previously mentioned $2.1 billion of unsettled ATM proceeds and expected disposition proceeds, we remain in a very strong liquidity position.

在季度末，考慮到現金和受限現金餘額，我們的流動性狀況超過了我們信貸額度的 40 億美元借貸能力。再加上前面提到的 21 億美元未結算的 ATM 收益和預期的處置收益，我們仍處於非常強勁的流動性狀況。

Lastly, moving to our second quarter outlook. Last night, we provided an outlook for the second quarter of net income attributable to common stockholders per diluted share of $0.20 to $0.25 per share, normalized FFO per diluted share of $0.82 to $0.87 per share or $0.845 at the midpoint. This guidance takes into consideration approximately $6 million of HHS funds expected to be received in the second quarter.

最後，轉向我們的第二季度展望。昨晚，我們提供了第二季度歸屬於普通股股東的每股攤薄收益 0.20 美元至 0.25 美元的前景，每股攤薄後的正常化 FFO 為 0.82 美元至 0.87 美元或中點 0.845 美元。該指南考慮了預計在第二季度收到的大約 600 萬美元的 HHS 資金。

Guidance represents a $0.025 increase at the midpoint from our $0.82 per share number in 1Q. This $0.025 increase is composed of a $0.04 sequential increase in our Senior Housing Operating portfolio NOI, $0.01 incremental increase in HHS funds and is offset by $0.025 of increased interest expense, lower foreign exchange rates, particularly the British pound, and dilution from development deliveries.

指引表示中點比我們第一季度每股 0.82 美元的數字增加了 0.025 美元。這 0.025 美元的增加包括我們的高級住房運營投資組合 NOI 連續增加 0.04 美元、HHS 基金增加 0.01 美元，並被增加的 0.025 美元的利息費用、較低的外匯匯率（尤其是英鎊）以及開發交付的稀釋所抵消。

Underlying this FFO guidance is estimated in second quarter total portfolio year-over-year same-store growth of 8% to 10%, driven by subsegment growth of outpatient medical, 2% to 3%; long-term post-acute 2% to 3%; Health System, positive 2.75% and senior housing triple-net 7% to 8%. And finally, senior housing operating growth of 15% to 20%, driven by revenue growth of 11% and underlying this revenue growth is an expectation of approximately 500 basis points of year-over-year average occupancy increase and continued robust rate increases.

在此 FFO 指導的基礎上，預計第二季度總投資組合同店增長 8% 至 10%，受門診醫療細分市場增長 2% 至 3% 的推動；長期急性後 2% 至 3%；衛生系統，積極 2.75% 和老年住房三網 7% 至 8%。最後，在收入增長 11% 的推動下，高級住宅運營增長 15% 至 20%，而在這一收入增長的基礎上，預計平均入住率將同比增長約 500 個基點，並且房價將持續強勁增長。

We continue to be pleased by the momentum of the top line recovery in our senior housing operating portfolio, driven by a combination of rate and occupancy growth. setting the stage for a multiyear recovery to average occupancy in the portfolio at 76.4% at quarter end, nearly 1,100 basis points below pre-COVID levels and nearly 1,500 basis points below peak occupancy levels.

在利率和入住率增長的共同推動下，我們的老年住宅經營組合的收入恢復勢頭繼續令我們感到高興。為投資組合的多年平均入住率在季度末恢復至 76.4% 奠定了基礎，比 COVID 之前的水平低近 1,100 個基點，比峰值入住率低近 1,500 個基點。

We've described as recovery in the past as a coiled spring with both secular and cyclical tailwinds behind it. While we started to see the spring release in the core portfolio, we have made the conscious decision to steadily allocate capital to distressed, underoperated and often initially diluted properties, along with high-quality development projects.

過去，我們將復蘇描述為一個盤繞的彈簧，背後有長期和周期性的順風。雖然我們開始在核心投資組合中看到春季發布，但我們已經做出了有意識的決定，將資金穩定地分配給陷入困境、運營不足和通常最初被稀釋的房產，以及高質量的開發項目。

While this capital allocation has the effect of offsetting some of our core growth today, we will sustainably amplify it in the years to come. In short, we're working hard to keep that spring coil even as we start to realize the power of the earnings growth it can drive.

雖然這種資本配置抵消了我們今天的一些核心增長，但我們將在未來幾年可持續地擴大它。簡而言之，即使我們開始意識到它可以推動盈利增長的力量，我們也在努力保持這種彈簧線圈。

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

有了這個，我會把電話轉回給 Shankh。

I want to sum it up -- sum up the call by saying I cannot be more pleased with the internal and external growth prospects of the company. We have taken a lot of shots, suffered a lot of pain through the course of many years to finally get to the point where we believe we're primed for long-term compounding.

我想總結一下——總結一下，我對公司的內部和外部增長前景感到非常滿意。在多年的過程中，我們進行了很多嘗試，遭受了很多痛苦，最終達到了我們相信我們已經為長期復利做好準備的地步。

The only way we know how to create significant shareholder wealth over a long period of time.

我們知道如何在很長一段時間內創造大量股東財富的唯一方法。

A great investment has 3 characteristics, outsized returns, low risk and long duration. While we are very successful in finding outsized returns in off-market opportunities that we continue to execute on we're equally focused on lower risk and longevity. This is why we're obsessed with acquiring assets at a reasonable basis relative to replacement costs in order to reduce risk.

一項偉大的投資具有 3 個特點，超高回報、低風險和長持續時間。雖然我們非常成功地在場外機會中尋找超額回報並繼續執行，但我們同樣專注於降低風險和延長壽命。這就是為什麼我們痴迷於在相對於重置成本的合理基礎上收購資產以降低風險。

And in terms of longevity, Page 20 of our business update will describe to you 30 or so win-win contractual partnerships that we have signed through a seamless way of trust where we hope to deploy 30-plus billion dollars of capital over the next decade and beyond. We see enormous opportunity for growth within our circle of confidence, which we define as the area where we can allocate capital with house odds instead of gamblers odds our predictive analytics platform.

在壽命方面，我們業務更新的第 20 頁將向您描述我們通過無縫信任方式簽署的 30 個左右雙贏的合同合作夥伴關係，我們希望在未來十年內部署超過 30 億美元的資本超越。我們在我們的信心圈內看到了巨大的增長機會，我們將其定義為我們可以用房屋賠率而不是賭徒來分配資本的領域，而不是賭徒賠率我們的預測分析平台。

This confluence of outsized internal and external growth has created a rare condition, which is called Leaping Emergent Effect or as Munger describes it, Lollapalooza effect. You as our owners can rest assured that we will not make any poor capital allocation decisions that will jeopardize these rare leaping emergent conditions that we have achieved through many years of hard work, luck, courage and a culture where everybody is all in.

這種超大的內部和外部增長的匯合創造了一種罕見的情況，稱為跨越式緊急效應，或者如芒格所描述的，Lollapalooza 效應。作為我們的所有者，您可以放心，我們不會做出任何糟糕的資本分配決定，這將危及我們通過多年的努力、運氣、勇氣和每個人都參與其中的文化所取得的這些罕見的跨越式緊急情況。

With that, operator, please open the call up for questions. Thank you.

有了這個，接線員，請打開電話提問。謝謝你。

(Operator Instructions) Our first question comes from the line of Vikram Malhotra with Mizuho.

（操作員說明）我們的第一個問題來自 Vikram Malhotra 和 Mizuho 的台詞。

I'm going to try to just want to clarify one. But just first, Shankh, you talked about pricing power or rent growth accelerating. Can you maybe expand on that? What does that mean for the second half and maybe sustainability into '23 on shop pricing power?

我將嘗試澄清一個。但首先，Shankh，您談到了定價能力或租金增長加速。你能擴展一下嗎？這對下半年以及 23 年商店定價權的可持續性意味著什麼？

And then just a clarification, just you talked a lot about the MOB, the HR bid. Just very simplistically, I mean, you've talked -- you've not liked MOBs historically, at least maybe a year or 2 years ago, like what changed very simplistically.

然後只是澄清一下，剛才你談了很多關於 MOB 和 HR 出價的問題。只是非常簡單，我的意思是，你已經談過了——從歷史上看，你不喜歡 MOB，至少可能在一兩年前，就像非常簡單的變化一樣。

Okay. Let me answer both of those questions separately. It's not too in. So first, let's answer the MOB question. We like all asset classes at a price. I've always said, even if you look back 2 quarters ago, we said it makes no sense to us that people buy MOBs in the high 4% cap rate range and after CapEx, you're in the low 4s, when you foresee in the breakeven market how financing market was going to change, right?

好的。讓我分別回答這兩個問題。這還不算太。所以首先，讓我們回答 MOB 問題。我們喜歡所有資產類別的價格。我一直說，即使你回顧 2 個季度前，我們說人們在 4% 的上限利率範圍內購買 MOB 對我們來說毫無意義，而在資本支出之後，當你預見到時，你處於低 4s在盈虧平衡市場中，融資市場將如何變化，對吧？

I'm just surprised that people are surprised this happened. Now you are in a situation where your financing cost is higher than your cost of -- your return on equity at that kind of pricing, which in real estate is called Death Cross, right? That is the harbinger of obviously what's to come on the asset pricing side.

我只是驚訝於人們對這件事的發生感到驚訝。現在你的融資成本高於你的成本——你在那種定價下的股本回報率，在房地產中被稱為死亡十字，對吧？這顯然是資產定價方面即將發生的事情的預兆。

That just doesn't make any sense to me. Why would you buy something at those prices with that growth relative to inflation. Nothing has changed. Look at Vikram, what we just bought. We bought 1 MOB at an absolute triple-net lease, which obviously means we're not responsible to CapEx, call it, 5.5%, which in an equivalent triple-net will be close to a 6%. And we bought 2 others in California, that's high 5s, right, where we think that we can get to an unlevered high single-digit IRR. So that makes sense to us.

這對我來說沒有任何意義。你為什麼要以相對於通貨膨脹的增長而以這些價格購買東西。什麼也沒有變。看看維克拉姆，我們剛買的。我們以絕對的三網租賃購買了 1 個 MOB，這顯然意味著我們不對資本支出負責，稱之為 5.5%，在同等的三網中，這將接近 6%。我們在加利福尼亞買了另外 2 個，那是高 5，對，我們認為我們可以在那里達到無槓桿的高個位數內部收益率。所以這對我們來說很有意義。

So it is all about pricing, not exposure that determines your investment success. Second point, obviously, the pricing power. We're -- obviously, we talked about how we think in-house pricing increase would be, and that's obviously very necessary to offset all the costs that we have seen in the system.

因此，決定您的投資成功的關鍵在於定價，而不是風險敞口。第二點，顯然是定價權。我們 - 顯然，我們談到了我們認為內部定價增加的方式，這顯然對於抵消我們在系統中看到的所有成本非常必要。

I'm particularly encouraged that what we see is street rates are moving. Street rates have moved, I would say, first quarter, we have seen high single digit. In April, we have seen some operators raise street rates well into double digits, right? So that, along with, if you think about half of our -- roughly speaking, half our residents on not Jan 1 scheduled, right, to receive -- they are on a schedule of anniversary rate. So if you put those 2 together, we'll see sustained strong pricing power through the year, which we're very, very excited about.

我特別感到鼓舞的是，我們看到的是街頭價格正在發生變化。我想說，第一季度街道利率已經發生了變化，我們看到了高個位數。在四月份，我們看到一些運營商將街道費率提高到兩位數，對吧？因此，如果您考慮一下我們的一半 - 粗略地說，我們的一半居民在 1 月 1 日沒有安排，對，接收 - 他們都在周年費率的時間表上。因此，如果將這兩者放在一起，我們將看到全年持續強大的定價能力，我們對此感到非常非常興奮。

And our next question comes from the line of Steve Sakwa with Evercore ISI.

我們的下一個問題來自於 Evercore ISI 的 Steve Sakwa。

Shankh, I was hoping you could maybe just expound a little bit on the distress that you're seeing in the transaction market. And I realize that you're not necessarily focused on initial cap rates, but I'm curious, when you look at your underwriting, have the unlevered IRRs that you think you're going to achieve changed at all?

Shankh，我希望你能稍微解釋一下你在交易市場上看到的困境。而且我意識到您不一定關注初始上限利率，但我很好奇，當您查看您的承銷時，您認為您將實現的無槓桿內部收益率是否發生了變化？

And just trying to get a better flavor for the activity levels and just maybe how return hurdles might be going up for you?

並且只是試圖為活動水平獲得更好的風味，以及回報障礙可能會為您增加多少？

Yes. So Steve, if you recall, the initial phases of this pandemic, we have done many transactions in, call it, low single -- low double-digit unlevered IRR, which said as the market started to come back has sort of translated into a high single-digit unlevered IRR, right?

是的。所以史蒂夫，如果你還記得，在這場大流行的最初階段，我們已經完成了許多交易，稱之為低個位數 - 低兩位數的無槓桿內部收益率，這表示隨著市場開始回升，已經轉化為高個位數的無槓桿內部收益率，對吧？

And given what happened in the marketplace in the last 30 days, with financing market totally blew up. As I said, leverage is down, cost of leverage is significantly up and IO completely vanished. If you think through that, that's really put a levered IRR model upside down, right?

鑑於過去 30 天市場上發生的事情，融資市場完全炸毀了。正如我所說，槓桿率下降，槓桿成本顯著上升，IO 完全消失。如果你仔細想想，那真的是把槓桿式內部收益率模型顛倒過來了，對吧？

So we are now starting to see -- I've seen more deals dropping from contracts in the last 30 days than I've ever seen in my career. So we are starting to see that all the deals are bouncing back. We always have said that price is a price, we give people a price, underwrite a deal on an unlevered basis.

所以我們現在開始看到——在過去的 30 天裡，我看到的合同交易量比我職業生涯中看到的還要多。因此，我們開始看到所有交易都在反彈。我們一直說價格就是價格，我們給人們一個價格，在無槓桿的基礎上進行交易。

So for us, it doesn't really change anything and we'll honor the price. And we're seeing all those things that are coming back. So it is that I don't want to get too excited, but I'm starting to see the emergence of sort of those low double-digit unlevered deals starting to pop up again.

所以對我們來說，它並沒有真正改變任何東西，我們會尊重價格。我們看到所有這些事情都回來了。所以我不想太興奮，但我開始看到那些低兩位數的無槓桿交易開始再次出現。

And our next question comes from the line of Derek Johnston with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Derek Johnston。

Just on the agency expenses down 10% sequentially. Can we get a sense of month-by-month improvement especially since Jan and even Feb likely had pretty high Omicron cases, seems that agency utilization could have improved each month as we've moved through first quarter.

僅代理費用就環比下降10%。我們能否感受到逐月改善的感覺，尤其是自從 1 月甚至 2 月 Omicron 案例可能相當高以來，似乎隨著我們進入第一季度，機構利用率每個月都會有所改善。

We're just hoping you can quantify the monthly utilization trend and where agency stands today versus expectations?

我們只是希望您可以量化每月的使用趨勢以及代理機構今天與預期相比的位置？

Derek, we don't want to get into month by month, but you're -- obviously, the way you were thinking about this question is the correct one. We have seen steady improvement through the quarter, and we have seen significant improvement post the quarter, right?

Derek，我們不想逐月討論，但你——顯然，你思考這個問題的方式是正確的。我們在整個季度都看到了穩步改善，並且在本季度之後我們也看到了顯著改善，對吧？

So April is all set, in or coming in, we have seen that, which is, frankly -- so which sort of gives us the confidence that we think where things are continuing in the second quarter as well as in the back half of the year. This is obviously I want to -- I said this -- and I'm going to say this again, we're not in the business of predicting COVID. All bets are off if you have a massive COVID spike again. But that's what we're seeing in normalized market conditions, things are improving rapidly. I don't know, Tim, do you want to add anything to that?

所以四月已經準備好了，或者即將到來，我們已經看到了，坦率地說，這讓我們有信心認為，我們認為第二季度以及下半年的情況會繼續下去。年。這顯然是我想要 - 我說過 - 我要再說一遍，我們不從事預測 COVID 的業務。如果您再次出現大規模的 COVID 高峰，那麼所有的賭注都將被取消。但這就是我們在正常化的市場條件下看到的情況，情況正在迅速改善。我不知道，蒂姆，你想補充什麼嗎？

No, I think that's right. We gave color on our last call when we do January results we spoke to kind of seeing a 10% decline from December to January. And we gave similar color and seeing a little better than that as a trend for the full quarter. So I think it gives you a read, we kind of saw consistent decreases relative to the counterpart in the fourth quarter.

不，我認為這是對的。當我們做 1 月份的結果時，我們在最後一次電話會議上給出了顏色，我們談到從 12 月到 1 月下降了 10%。我們給出了相似的顏色，並且認為整個季度的趨勢比這要好一些。所以我認為它給了你一個閱讀，我們在第四季度看到了相對於同行的持續下降。

Our next question comes from the line of Joshua Dennerlein with Bank of America.

我們的下一個問題來自美國銀行的 Joshua Dennerlein。

I wanted to ask about the expanded partnership with Oakmont, what's so attractive about the Oakmont partnership? And then maybe could you also touch on the CCRCs that you acquired with them?

我想問一下與 Oakmont 擴大的合作夥伴關係，Oakmont 合作夥伴關係有什麼吸引人的地方？然後也許你能談談你和他們一起獲得的 CCRC 嗎？

Yes. So what's most attractive about Oakmont is Oakmont is one of the best operators in the business. I mean -- so we -- I mean, look at -- we have mentioned this before, -- they're one of the first ones to come back to sort of 90-plus percent occupancy range.

是的。因此，Oakmont 最吸引人的地方在於 Oakmont 是業內最好的運營商之一。我的意思是 - 所以我們 - 我的意思是，看看 - 我們之前已經提到過 - 他們是第一批回到 90% 以上的入住率範圍的人之一。

If you look at Oakmont's portfolio performance, it'll be hard for us to believe for the kind of performance that there was a pandemic, that good in operation. Now going back to the point, what else is very attractive. We disclosed, obviously, I think, a couple of quarters ago, that we signed a long-term partnership -- development partnership with them.

如果您查看 Oakmont 的投資組合表現，我們將很難相信發生大流行時的表現，以及運行良好的表現。現在回到正題，還有什麼很吸引人的。我認為，顯然，我們在幾個季度前披露了我們與他們簽署了長期合作夥伴關係 - 發展夥伴關係。

So we're very excited about that. We think we're going to create significant value for Oakmont principles as well as Welltower shareholders for us to come.

所以我們對此感到非常興奮。我們認為，我們將為 Oakmont 原則和 Welltower 股東創造重要價值，以供我們未來使用。

And CCRC, so we did not bring Oakmont to the CCRC, it's a CCRC that Oakmont developed on their own currently with a lot of -- obviously, this is not just entry-level CCRC. There's also a lot of rental units in there. So we thought they do an extraordinary job of that.

還有 CCRC，所以我們沒有將 Oakmont 帶到 CCRC，它是 Oakmont 目前自行開發的 CCRC，有很多——顯然，這不僅僅是入門級 CCRC。那裡也有很多出租單位。所以我們認為他們在這方面做得非常出色。

And as we always said, just don't think about these things as this moniker, CCRC, this that, RIDEA, triple-net, doesn't change what fundamentally the business is. These are large campuses. We think that we bought at a basis and at a cash flow and see a potential growth of cash flow that we think we can make a lot of money.

正如我們一直說的那樣，不要將這些事情視為這個綽號，CCRC，這個，RIDEA，三重網絡，並不會改變業務的本質。這些都是大型校園。我們認為我們是按基數和現金流量購買的，並且看到現金流量的潛在增長，我們認為我們可以賺很多錢。

So that's what we see about the partnership. We also bought 4 traditional rental model together that we think obviously is going to create meaningful growth as well. A lot of these assets opened in 2021. So you are not going to see probably a very significant amount of earnings contribution in 2022, but you will see potentially significant amount in 2023 and beyond.

這就是我們對合作夥伴關係的看法。我們還一起購買了 4 種傳統租賃模式，我們認為它們顯然也會創造有意義的增長。其中很多資產在 2021 年開業。因此，您在 2022 年可能不會看到非常可觀的收益貢獻，但您會在 2023 年及以後看到潛在的可觀金額。

Our next question comes from the line of John Pawlowski with Green Street.

我們的下一個問題來自 Green Street 的 John Pawlowski。

Shankh, I wanted to go back to your comments about no intention of going hostile on HR. Forget HR for a moment, I'd just like to better understand your philosophical views on hospital takeouts broader than HR. So if the price is right, are you interested in going to hospital or are you philosophically against it?

Shankh，我想回到你關於無意對 HR 懷有敵意的評論。暫時忘記人力資源，我只是想更好地理解你對醫院外賣的哲學觀點，而不是人力資源。因此，如果價格合適，您是有興趣去醫院還是從哲學上反對它？

I'm not going to comment philosophically what I think on hostile and not, frankly speaking, it's an inappropriate forum to do that. I will guarantee you that we will not go hostile. That's not how we do business.

我不會從哲學上評論我對敵對的看法，坦率地說，這是一個不合適的論壇。我向你保證，我們不會敵對。這不是我們做生意的方式。

We believe that we're a win-win people, and we like to deal with people who actually -- it just -- think about it just very simply, mirror reciprocation is how the world works. You walk into an elevator, you smile at a person, 95% of the time that person smiles back at you, that's called mirrored reciprocation.

我們相信我們是一個雙贏的人，我們喜歡與那些實際上 - 它只是 - 非常簡單地思考它的人打交道，鏡像互惠是世界的運作方式。你走進電梯，你對一個人微笑，95%的時間那個人都對你微笑，這叫做鏡像互惠。

We like to deal with people who believe in mirror reciprocation or we can do win-win transactions with people. We have 0 desire to go hostile on HR or anybody.

我們喜歡與相信鏡像互惠的人打交道，或者我們可以與人進行雙贏交易。我們對 HR 或任何人懷有敵意的願望為零。

And our next question comes from the line of Rich Anderson with SMBC.

我們的下一個問題來自 SMBC 的 Rich Anderson。

So if I can just kind of use HR as a platform, but think more broadly about how you're thinking about the investment horizon. If your offer price is a low 5% type implied cap rate on that stock, would you be -- would it make sense for you to kind of deploy this distressed model here?

因此，如果我可以將人力資源用作一個平台，但更廣泛地考慮一下您對投資範圍的看法。如果您的報價是該股票的 5% 類型的低隱含上限利率，您會 - 在這裡部署這種不良模型是否有意義？

I don't think there's a whole lot of distress, but relatively speaking, sell the very good stuff, keep the older stuff and feed it to redevelopment platform and thereby make your IRR a hurdle. Is that kind of the mindset for HR and generally speaking about how you're going to approach almost like a contrarian approach to investing where you are dilutive to start, but much more accretive to end. And specifically to HR are you now only sitting idly by to see how it plays out. No more activity there. And finally, the $163 million break fee, that's not paid to HR, if something were to happen. Is that correct? So that's my one question.

我不認為有很多苦惱，但相對而言，賣掉非常好的東西，保留舊的東西並將其提供給再開發平台，從而使您的 IRR 成為障礙。是那種 HR 的心態嗎？一般來說，你將如何接近就像一種逆向投資方法一樣，你開始稀釋，但結束時更具增值性。特別是對於 HR，您現在只是坐視其結果如何。那裡沒有更多的活動。最後是 1.63 億美元的違約金，如果發生了什麼事，它不會支付給 HR。那是對的嗎？這是我的一個問題。

Okay. You asked 3 questions. I'll see if I remember all of these. So first is, I will say that we invest, and I think I said this before, and I'm going to say this again, we invest -- and if there are 2 conditions that get satisfied. One, we think it's at a reasonable basis relative to replacement cost; b, we think we can add significant value on the operational side. These are the 2 things that needs to come together for us to invest capital in no matter what the specific one is.

好的。你問了3個問題。我會看看我是否記得所有這些。首先，我會說我們投資，我想我之前說過，我要再說一遍，我們投資——如果有兩個條件得到滿足。一，我們認為它相對於重置成本處於合理的基礎上； b，我們認為我們可以在運營方面增加重大價值。無論具體是什麼，這些都是我們投資資本需要結合在一起的兩件事。

My view of this hasn't changed. I'm not going to get into buy this, sell that, do this. It just not -- that's not just -- that's not appropriate for a conversation. It just depends on what asset you're talking about, right? So we're not going to obviously get into that.

我對此的看法沒有改變。我不會去買這個，賣那個，做這個。只是不——不只是——不適合談話。這僅取決於您在談論什麼資產，對嗎？因此，我們顯然不會涉及到這一點。

But I will tell you, what I have mentioned in my prepared remarks, at the price, you know for us, we do everything at a price. At the price that we offered we thought HR shareholders will be much better off than going with the HTA merger. That was our opinion, right? And that the price was for the assets as well as releasing them from a potential transaction, which all of you have described as a significantly dilutive deal and market voted as such, right?

但我會告訴你，我在準備好的評論中提到的價格，你知道，我們做任何事情都是有代價的。以我們提供的價格，我們認為 HR 股東會比 HTA 合併要好得多。那是我們的意見，對吧？而且價格是針對資產以及將它們從潛在交易中釋放出來的，你們所有人都將其描述為一項具有顯著稀釋性的交易，並且市場也如此投票，對嗎？

So you got to think about asset plus liability, not just assets. That is a fundamental mistake of characterization of what's happening here. Regardless, that's not, as I said, that each of our shareholders and their Board, which is representative of the shareholders progress, not ours.

所以你必須考慮資產加負債，而不僅僅是資產。這是描述這裡發生的事情的一個根本錯誤。無論如何，正如我所說，這並不是我們的每個股東及其代表股東進步的董事會，而不是我們的。

So it is very inappropriate for us to keep talking about something, but there's nothing to talk about, right? We're much more focused, as I said, about 30, 40 other owners who are very happily engaging with us to see how we can transact, how can we have a win-win transaction. And I don't have anything more to add to that.

所以我們一直在談論一些事情是非常不合適的，但是沒有什麼可談論的，對吧？正如我所說，我們更加關注大約 30、40 位其他業主，他們非常樂意與我們合作，看看我們如何進行交易，如何進行雙贏交易。我沒有什麼要補充的了。

Our next question comes from the line of Richard Hill with Morgan Stanley.

我們的下一個問題來自理查德希爾與摩根士丹利的觀點。

It's Adam Kramer on for Rich. And congrats on a really strong quarter here, and I appreciate all the commentary. I'll kind of keep this on aside from HR and kind of ask about April occupancy trends within SHO. Anything you can add about kind of sequential trends in April or second quarter to date, I think, would be really helpful.

是亞當·克萊默（Adam Kramer）代表里奇。並祝賀這裡的一個非常強勁的季度，我感謝所有的評論。除了人力資源部和關於 SHO 4 月份入住趨勢的問題，我會保留這一點。我認為，您可以在 4 月或第二季度添加任何關於連續趨勢的內容，這將非常有幫助。

We are encouraged by the April as well as early May trends. And we're also encouraged very much where the pricing is going. Remember, John's focus is on revenue maximization and frankly, NOI maximization. But we're very encouraged by both occupancy and rate trends and I'm assuming you're asking about senior housing. So in the senior housing portfolio.

我們對 4 月和 5 月初的趨勢感到鼓舞。我們也非常鼓勵定價的方向。請記住，John 的重點是收入最大化，坦率地說，是 NOI 最大化。但我們對入住率和房價趨勢感到非常鼓舞，我假設您正在詢問高級住房。所以在高級住房組合中。

Our next question comes from the line of Nicholas Joseph with Citi.

我們的下一個問題來自花旗銀行的 Nicholas Joseph。

This is Michael Griffin on for Nick. I'm curious, what do you need to see before being comfortable issuing full year guidance?

這是尼克的邁克爾格里芬。我很好奇，在發布全年指導之前，您需要看到什麼？

We need to be comfortable to see that COVID is not around us.

我們需要放心地看到 COVID 不在我們身邊。

Our next question comes from the line of Michael Carroll with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的邁克爾卡羅爾。

I wanted to stay on, I guess, or touch on the seniors housing pricing power topic. I mean, how much higher can REVPOR trend, REVPOR growth trend, particularly when the occupancy gets back into the high 80s or even the low 90% range. I mean, I'm assuming there's only so high you can push rates on the existing residents, but would this dynamic help push street rates higher and then that could drive REVPOR higher. I mean, how should we think about that?

我想我想繼續下去，或者談談老年人住房定價權的話題。我的意思是，REVPOR 趨勢，REVPOR 增長趨勢能提高多少，特別是當入住率回到 80 年代高位甚至 90% 的低位範圍時。我的意思是，我假設只有這麼高的價格可以推高現有居民的利率，但這種動態是否有助於推高街道利率，然後可能會推高 REVPOR。我的意思是，我們應該如何考慮？

Yes. So Mike, you were asking about my favorite topic, and you are asking me to venture a guess, right? So this is a pure guess and I understand you asked about it. .

是的。所以邁克，你問的是我最喜歡的話題，你是在讓我冒險猜測，對吧？所以這是一個純粹的猜測，我知道你問過這個問題。 .

But just start from the position of I don't know of any other sector where you can have pricing power in the high 70% kind of occupancy or mid- to high 70% occupancy range, right? So we're very encouraged what's happening. But today, the pricing is driven by the necessity, as I described a couple of calls ago or maybe last call, on the necessity of keeping up with the quality of service, cost of everything is going up, including labor, and we do not believe cutting corners on services.

但只是從我不知道任何其他行業的位置開始，您可以在 70% 的高入住率或 70% 的中高入住率範圍內擁有定價權，對嗎？因此，我們對正在發生的事情感到非常鼓舞。但是今天，定價是由必要性驅動的，正如我在幾次電話之前或最後一次電話中所描述的那樣，必須跟上服務質量，包括勞動力在內的一切成本都在上漲，而我們不相信在服務上偷工減料。

So that's just sort of the what's happening right now. However, there is going to be at a point, not so distant future and probably in the high 80% occupancy rate, where you will be -- you don't -- you wouldn't have rooms to sell. And then you're going to have a different type of pricing increase, right?

所以這就是現在正在發生的事情。然而，在不久的將來，可能會有 80% 的高入住率，你會——你不會——你不會有房間可以出售。然後你會有不同類型的價格上漲，對吧？

So that -- these 2 obviously provide a very, very good backdrop. And if you think through what are the development deliveries, right, in the next few years are -- a couple of years are. And obviously, it takes a lot of time to bring supply back particularly as you think through what happened, right? The last sort of nail on the coffin for a development project was the financing cost, and that's also now gone completely crazy.

所以——這兩個顯然提供了一個非常非常好的背景。如果你仔細考慮開發交付是什麼，對，在接下來的幾年裡是 - 幾年。很明顯，要恢復供應需要很長時間，尤其是在您考慮所發生的事情時，對吧？開發項目的最後一種釘子是融資成本，現在這也變得完全瘋狂了。

So you have costs going up every month for 1.5% to 2%, no one is going to give you a GMP for beyond these days before you lock something in for more than a week. That's kind of a crazy cost environment we are. So in putting it all together, pricing car can sustain for a very long period of time in this kind of demand supply scenario.

因此，您的成本每個月都會上漲 1.5% 到 2%，在您鎖定某個東西超過一周之前，沒有人會給您提供超過這些天的 GMP。這是一種瘋狂的成本環境。因此，綜上所述，在這種供需情況下，定價汽車可以維持很長時間。

Now going back to your street rate conversation, I'll just give 1 example, and 1 example doesn't obviously is not represented on the whole portfolio. We have seen in April, some of our operators have raised street rates by 15%, while that in-house rate increases by 8%, 9%, 10%, right? So we're starting to see for at least for a handful of operators, street rates has already -- increases are going above in-house rate increases.

現在回到你的街頭利率對話，我只舉一個例子，而 1 個例子顯然沒有出現在整個投資組合中。我們在 4 月份看到，我們的一些運營商將街道費率提高了 15%，而內部費率提高了 8%、9%、10%，對嗎？因此，我們開始看到至少對於少數運營商而言，街道費率已經 - 增長超過了內部費率增長。

A phenomena we haven't seen, I don't know -- don't hold me to it probably, I don't know, probably 2013, '14 time frame. But so we're pretty excited about it. We think that we have a long runway of pricing increase here. And frankly, as we fundamentally believe that our residents expect a lot from us, they're paying a lot and they expect a lot, they deserve a lot and for that it just costs more today.

一種我們沒有見過的現象，我不知道——不要讓我堅持，我不知道，可能是 2013 年，14 年的時間框架。但是，我們對此感到非常興奮。我們認為這裡的價格上漲還有很長的路要走。坦率地說，因為我們從根本上相信我們的居民對我們的期望很高，他們付出了很多，他們期望很多，他們應該得到很多，為此，今天的成本更高。

And our next question comes from the line of Nick Yulico with Scotiabank.

我們的下一個問題來自 Scotiabank 的 Nick Yulico。

Just wanted to go back to the Senior Housing Operating segment and how we should think about sequential monthly occupancy gains. I wanted to see if we can get actually the specific number for April. And then also as we think about moving into May through September, third quarter, right.

只是想回到高級住房運營部門以及我們應該如何考慮連續的月入住率增長。我想看看我們是否能得到四月份的具體數字。然後當我們考慮從 5 月到 9 月進入第三季度時，對。

I mean you did make the comment hearing that you expect your year-over-year same-store NOI growth to improve meaningfully in the back half of the year, which would presumably factor in higher sequential occupancy growth than what you're seeing in the second quarter. So just trying to understand about like how we should think about the monthly pace, occupancy gains that could happen, maybe even in relation to last year?

我的意思是您確實發表了評論，聽說您預計您的同店 NOI 同比增長將在下半年顯著改善，這可能會導致連續入住率增長高於您在第二季度。所以只是想了解我們應該如何考慮每月的節奏，可能發生的入住率增長，甚至可能與去年相比？

Yes. So Nick, if you look at Page 12 of our business update, you will see some sense of how seasonally plays out, right? We have laid that out. Obviously, we expect better than seasonal trends, significantly better than seasonal trends in the second quarter, but where you see the ship really takes off within the third quarter.

是的。所以尼克，如果你看一下我們業務更新的第 12 頁，你會看到一些季節性的變化，對吧？我們已經說明了這一點。顯然，我們預計第二季度的趨勢要好於季節性趨勢，明顯好於季節性趨勢，但你看到這艘船在第三季度真正起飛了。

So thinking about it without getting into month-to-month, as I have already indicated, the selling season, the summer selling season just started, right? We see very encouraging signs already and we think it will continue to improve as we go forward.

因此，請不要逐月考慮，正如我已經指出的那樣，銷售季節，夏季銷售季節才剛剛開始，對嗎？我們已經看到了非常令人鼓舞的跡象，我們認為隨著我們的前進，情況會繼續改善。

Also remember, usually, every year in the Q1 is sort of when you go into -- from Q1 to Q2, going to start at a hole, right, because you lose occupancy. This year, we did not start at a hole, right? We built occupancy where you see occupancy decline. That will have a tremendous impact as you build the revenue line through the rest of the year. Tim, you want to provide anything else.

還要記住，通常情況下，第一季度的每一年都是你進入的時候——從第一季度到第二季度，從一個洞開始，對，因為你失去了入住率。今年，我們沒有從一個洞開始，對吧？我們在您看到入住率下降的地方建立了入住率。當您在今年剩餘時間內建立收入線時，這將產生巨大影響。蒂姆，你想提供其他任何東西。

Yes, I'd just add that from an average occupancy perspective, kind of speaking that same point John just made, but because 1Q is historically negative, but even in this case, small game, average occupancy, which is kind of build off of the prior quarter and the current quarter recovery will accelerate into 3Q and does so historically.

是的，我只是從平均入住率的角度補充說，有點像約翰剛剛提出的觀點，但因為 1Q 在歷史上是負數，但即使在這種情況下，小遊戲，平均入住率，這是一種建立上一季度和本季度的複蘇將加速到第三季度，並且從歷史上看也是如此。

So when we think about kind of sequential, the drive -- the part of it that's driven by occupancy will be its highest in the third quarter.

因此，當我們考慮某種順序時，驅動力——由入住率驅動的部分將在第三季度達到最高水平。

And our next question comes from the line of Austin Wurschmidt with KeyBanc Capital Markets.

我們的下一個問題來自於 KeyBanc Capital Markets 的 Austin Wurschmidt。

So sticking with SHO and based on that move in street rates that you mentioned were up in the double-digit range. Are you considering pushing rate increases even higher on future renewals through the balance of the year?

因此，堅持使用 SHO 並基於您提到的街道價格的移動，上漲了兩位數。您是否考慮在今年餘下的時間裡進一步提高未來續訂的費率？

And then I'm curious if you have a sense how below market your in-place rents are today relative to market? And does this sort of acceleration in fundamentals make you more upbeat about future shop acquisitions and more willing to take on the initial dilution that you talked about in your prepared remarks.

然後我很好奇您是否知道您的現地租金相對於市場而言低於市場多少？這種基本面的加速是否會讓你對未來的商店收購更加樂觀，並且更願意承擔你在準備好的評論中談到的最初稀釋。

Three questions there, but we will -- welcome to our call. I will try to remember everything you asked. First is, no, it doesn't excite us more or less, investing is about price. It's not about exposure. I cannot say this million times enough and I recall for you guys to understand how we allocate capital.

那裡有三個問題，但我們會-- 歡迎來電。我會盡量記住你問的一切。首先是，不，它不會或多或少地讓我們興奮，投資是關於價格的。這與曝光無關。我不能說這百萬次，我記得讓你們了解我們如何分配資金。

It is all about price. We own more senior housing than anyone. We bought more senior housing than anyone in the last 18 months. So senior housing is going to do significantly better. There has been no other beneficiary, more beneficiary than us, right? So having said that, you think about the point, I also want to make sure you hear me, I said for a specific operator, I don't want you to think street rates are going up 15%, right? So everywhere. That's not what's happening.

一切都與價格有關。我們擁有比任何人都多的高級住房。在過去的 18 個月裡，我們購買的高級住房比任何人都多。因此，高級住宅的表現會好得多。沒有其他受益人，比我們受益人更多，對吧？話雖如此，你想一想，我也想確保你聽到我說的，我對一個特定的運營商說，我不希望你認為街頭費率上漲 15%，對吧？所以無處不在。這不是正在發生的事情。

But we see broad momentum of increasing street rate pretty much everywhere with every operator, okay? So let's just put that in the context of understanding how senior housing works. Remember, you have an acuity creep as people age in place or age in a community, okay? So you will always have the portion who is living versus the person who is coming in, there's a gap, right? There's a gap because of that to decrease, the frailty and the acuity creep. What we are seeing, this rapidly rising street rate is closing that gap pretty meaningfully.

但是我們看到每個運營商幾乎到處都有提高街道費率的廣泛勢頭，好嗎？所以讓我們把它放在理解老年住房如何運作的背景下。請記住，隨著人們在當地或社區中年齡的增長，您的視力會下降，好嗎？所以你總是有一部分活著的人和進來的人，有差距，對吧？有一個差距，因為那要減少，虛弱和敏銳度蠕變。我們所看到的，這種快速上升的街道利率正在非常有意義地縮小這一差距。

And we hope that we'll see at some point that gap is going to come together. But at the same point, understand, as we sort of get to the next year, right, there's going to be significant in-house rate increases again. So you create another gap and you chase that gap again, right? That's how you build revenue.

我們希望我們會在某個時候看到這種差距會縮小。但與此同時，請理解，隨著我們進入明年，對，內部利率將再次大幅上漲。所以你創造了另一個差距，你再次追逐那個差距，對吧？這就是你建立收入的方式。

So we're pretty optimistic. Generally speaking, your -- the tone of your question is the right one, which excites us very much this moving, obviously, rates that we are starting to see, we'll see that will be sustained, all things being equal through the year and will show up in our top line growth as well as the NOI growth that Tim and John talked about.

所以我們非常樂觀。一般來說，你的問題的語氣是正確的，這讓我們非常興奮，很明顯，我們開始看到的利率，我們將看到這將是持續的，所有的事情在一年中都是平等的並將出現在我們的收入增長以及蒂姆和約翰談到的 NOI 增長中。

And our next question comes from the line of Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的 Mike Mueller。

Just a quick expense question. It looks like your same-store show compensation has been running about 3.25 for the past 2 quarters. Can you remind us what portion of that would you say is abnormally high because of COVID and agency costs, where we could see that portion of it decline in the subsequent quarters.

只是一個快速的費用問題。在過去的兩個季度中，您的同店演出薪酬似乎一直在 3.25 左右。您能否提醒我們，由於 COVID 和代理成本，您認為其中哪一部分異常高，我們可以看到這一部分在隨後的幾個季度中下降。

Yes. So we peaked out at a little over 7% or 7.5% of our compensation line was agency in the fourth quarter. That came down to high 6x and we continue to expect that to normalize throughout the year. But just thinking about that from -- I think that's what you're asking, Mike, is just kind of what portion of that is agency.

是的。因此，我們在第四季度的薪酬線中達到了略高於 7% 或 7.5% 的峰值。這降至 6 倍的高位，我們繼續預計這一數字將在全年正常化。但是考慮到這一點——我認為這就是你要問的，邁克，這就是代理的哪一部分。

We expect that agency to continue to deflate. But remember, that gets backfilled by full-time hours. So it's not -- there will be some offset of that from full-time employees coming on. I'll just note that, that's something that we're certainly seeing progress on coming out of the first quarter and in April is that the focus our operators have put on hiring full-time employees and we all know that's the solution to agency.

我們預計該機構將繼續通貨緊縮。但請記住，這會被全職工作時間填補。所以它不是 - 全職員工的加入會抵消一些。我只想指出，這是我們在第一季度和 4 月肯定看到的進展，我們的運營商將重點放在僱用全職員工上，我們都知道這是代理的解決方案。

That's why we're seeing progress on the agency front. Because occupancy continues to build. So we're not seeing less of a demand for employees in the buildings. We're just seeing inability to fill it more and more with our own staff versus agency.

這就是我們看到代理方面取得進展的原因。因為入住率繼續增加。因此，我們並沒有看到建築物對員工的需求減少。我們只是看到越來越無法用我們自己的員工與代理機構來填補它。

In fact, April probably was the best month we have seen from a net hiring perspective since we've started tracking this from the beginning of COVID. So you haven't seen the impact that we're talking about, you'll see that obviously in Q2 on a sequential basis.

事實上，自從我們從 COVID 開始就開始跟踪這一情況以來，從淨招聘的角度來看，4 月可能是我們看到的最好的月份。所以你還沒有看到我們正在談論的影響，你會在第二季度明顯地看到這一點。

But again, I'm not going to comment on COVID. I have no way to predict COVID is happening, not happening, going. But in a normalized market conditions you will see that improvement will significantly expected in the second half of the year.

但同樣，我不會對 COVID 發表評論。我無法預測 COVID 正在發生，沒有發生，正在發生。但在正常化的市場條件下，您會看到下半年的改善將顯著改善。

And our next question comes from the line of Juan Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Juan Sanabria。

Just hoping if we could touch a little bit on the triple-net business. You mentioned the Legend transition and a little bit of dilution there. But just holistically speaking, how should we think about the potential for further transitions, I guess, to SHOP at this point and how same-store NOI should track towards the historical 2% to 3% given you're still kind of below the target rent coverage?

只是希望我們能稍微談談三網業務。你提到了傳奇的過渡和一點點稀釋。但就整體而言，我們應該如何考慮進一步轉變的潛力租金保障？

And kind of what you expect that timing to be to get coverage back to a more sustainable level for those to kind of normalize the same-store growth in the coverage level?

您期望將覆蓋率恢復到更可持續的水平，以使覆蓋率水平的同店增長正常化？

One thing about me that you probably have noticed over the years, we know each other that I'm extremely consistent. In 2018, I said there are 2 portfolios that I hope that we had in the RIDEA portfolio. In 2022, I'll tell you the same thing. And maybe if I couldn't convince the last one, I'll keep saying the same thing for years to come. So you should not expect a lot to change unless we believe there is fundamentally economic reasons to change from RIDEA to triple-net.

多年來，你可能已經註意到關於我的一件事，我們彼此都知道我非常一致。在 2018 年，我說過我希望我們在 RIDEA 投資組合中有 2 個投資組合。在 2022 年，我會告訴你同樣的事情。也許如果我不能說服最後一個，我會在未來幾年繼續說同樣的話。因此，除非我們認為從 RIDEA 更改為三網網絡存在根本的經濟原因，否則您不應期望會有很大變化。

Fundamentally, we believe it's the same business, different structures for different reasons, different growth profile. So I've gone through this in the call before, so I don't want to waste your time. But that just -- you should not expect a lot more except that one that I have hoped for, for many, many years. So let's just now take the second part of your question.

從根本上說，我們認為這是同一個業務，出於不同原因的不同結構，不同的增長情況。所以我之前在電話中已經完成了這個，所以我不想浪費你的時間。但這只是 - 你不應該期待更多，除了我多年來一直希望的那個。所以現在讓我們來回答你問題的第二部分。

So where you are today, Tim talked about it probably 3, 4 calls in a row now, that we have a significant portion of our triple-net portfolio in cash collection, right? And he mentioned when the growth comes back, you will see the other side of it. We have taken it on our chin, right, by putting in cash collection. And now we're on the other side.

所以你今天所處的位置，蒂姆現在可能連續 3 次、4 次地談到它，我們的三網組合中有很大一部分是現金收款，對吧？他提到當增長回來時，你會看到它的另一面。我們已經把它放在我們的下巴上，對，通過現金收集。現在我們在另一邊。

So obviously, that line item for these operators are behaving like RIDEA, right? Because that's what they are. They are cash collections. So on top of that, we have a substantial number of leases that are marked to inflation. And as inflation is going up, so you have, overall portfolio is going up. So that probably -- these 2 together, probably 35%, 40% of the triple-net portfolio, and that's why you are seeing, obviously, that's why not only you are seeing, you continue to see significant sort of above average growth as long as we have above average inflation that sort of in the system. Tim, do you want to add anything to that?

很明顯，這些運營商的訂單項的行為就像 RIDEA，對吧？因為他們就是這樣。它們是現金收款。因此，最重要的是，我們有大量的租賃標有通貨膨脹。隨著通貨膨脹的上升，你也有，整體投資組合也在上升。所以這可能 - 這兩個加在一起，可能是三網組合的 35% 和 40%，這就是為什麼你看到的原因，很明顯，這就是為什麼不僅你看到，你繼續看到顯著高於平均水平的增長，因為只要我們在系統中有高於平均水平的通貨膨脹。蒂姆，你想補充什麼嗎？

No, I'll just add, Juan, on your comment on coverages. So -- and restructuring -- so Shankh mentioned, we restructured a Legend lease in the quarter. We also restructured another triple-net lease in the quarter. And I would think about it from the timing makes sense given what we've talked about in the past, which is our operators were staying current with rent and resetting rents when they're staying current, and there's no line of sight and recovery, it doesn't make sense for either party.

不，胡安，我只是補充一下你對報導的評論。所以 - 和重組 - 所以 Shankh 提到，我們在本季度重組了 Legend 的租約。我們還在本季度重組了另一個三網租賃。考慮到我們過去所說的，我會從時間上考慮這一點是有道理的，即我們的運營商保持最新的租金並在他們保持最新時重置租金，並且沒有視線和恢復，這對任何一方都沒有意義。

So I think what you've seen here is an ability to come to the table on Legend, you get through an agreement that makes sense for both parties, and we think it will do very well for Welltower shareholders over time. But as you look at the Welltower triple-net portfolio coming out of the first quarter. We're at mid-80s coverage on a portfolio that's 70%, 70.5% occupied.

所以我認為你在這裡看到的是一種能夠在 Legend 上談判的能力，你達成了對雙方都有意義的協議，我們認為隨著時間的推移它會對 Welltower 的股東產生很好的影響。但是，當您查看第一季度推出的 Welltower 三網組合時。我們在 80 年代中期覆蓋了 70%、70.5% 的投資組合。

So I think -- the important thing about it is the sustainability of that, I think, is quite high, given our view on the recovery. We said it all along. It's all recovery dependent, but we saw a strong recovery last year. We've seen rents continue to be paid. And we think given the occupancy there and the outlook in general in the space and where coverages are currently at, we're at a pretty strong spot as far as sustainability of these rents and coverage recovery over the coming quarters.

所以我認為——考慮到我們對複甦的看法，重要的是它的可持續性非常高。我們一直都這麼說。這一切都取決於復蘇，但我們去年看到了強勁的複蘇。我們已經看到繼續支付租金。我們認為，鑑於那裡的入住率以及該空間的總體前景以及目前的覆蓋範圍，就這些租金的可持續性和未來幾個季度的覆蓋範圍恢復而言，我們處於非常有利的位置。

And our next question comes from the line of Steven Valiquette with Barclays.

我們的下一個問題來自巴克萊銀行的 Steven Valiquette。

So Shankh, all your comments on the HR situation where obviously helpful to clear the air. I guess my question is if the HR HTA merger does close and actually goes through is the existence of that merged entity change any of the strategic dynamics for Welltower in the MOB category, that is the positive or the negative that are worth calling out at this stage?

所以 Shankh，你對人力資源情況的所有評論顯然有助於澄清空氣。我想我的問題是，如果 HR HTA 合併確實完成並且實際上已經完成，那麼合併實體的存在是否會改變 Welltower 在 MOB 類別中的任何戰略動態，這是值得一提的正面或負面階段？

Or is that merger really is just expected to be immaterial to either MOB industry pricing going forward or just perhaps immaterial to what Welltower is trying to accomplish in the MOB area based on what you see now?

或者，根據您現在所看到的情況，是否真的只是預計合併對未來的 MOB 行業定價無關緊要，或者可能對 Welltower 試圖在 MOB 領域實現的目標無關緊要？

Steve, I have no comments on HR HTA merger. I will say that it remains a fragmented industry that one player size or lack thereof doesn't really make a difference. It's a health system driven industry and remains a very, very fragmented industry. So I have no comments other than the fact we don't see anything changing.

史蒂夫，我對 HR HTA 合併沒有意見。我會說它仍然是一個分散的行業，一個玩家規模或缺乏一個球員並沒有真正產生影響。這是一個由衛生系統驅動的行業，並且仍然是一個非常非常分散的行業。因此，除了我們沒有看到任何變化之外，我沒有任何評論。

But I will offer a comment that I already have offered and bore you with details of what I've already said. At Welltower, we don't have a strategic acquisition. The only strategy that we have is to make money on a per share basis for existing shareholders. That is the only strategy we follow. And anything that doesn't fit to that model, we don't do it, right? So please understand, never count on us to do a strategic acquisition because we'll never will.

但我將提供一個我已經提供的評論，並用我已經說過的細節讓你厭煩。在 Welltower，我們沒有戰略性收購。我們唯一的策略是以每股為基礎為現有股東賺錢。這是我們遵循的唯一策略。任何不適合該模型的東西，我們都不做，對吧？所以請理解，永遠不要指望我們進行戰略收購，因為我們永遠不會。

Our next question comes from Steve Sakwa with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Steve Sakwa。

I just wanted to have one follow-up. Tim, when you kind of looked at the second quarter guidance, obviously, NOI growth is kind of above FFO growth. And I know you kind of highlighted a couple of issues that seem to be pulling that down FX, G&A and development deliveries.

我只是想進行一次後續行動。蒂姆，當您查看第二季度的指導時，顯然，NOI 增長略高於 FFO 增長。而且我知道你強調了一些似乎會影響 FX、G&A 和開發交付的問題。

I guess my question really is, as you move into the back half of the year and maybe into '23, do you see some of those headwinds dissipating? And should we start to see FFO growth materially accelerate in line with NOI growth? Or does some of those headwinds persist for a bit longer?

我想我的問題確實是，當你進入今年下半年，也許進入 23 年時，你是否看到其中一些不利因素正在消散？我們是否應該開始看到 FFO 的增長隨著 NOI 的增長而大幅加速？還是其中一些不利因素會持續更長時間？

Yes. Thanks, Steve. And I think this is -- this will expand a bit on the comment in my opening remarks around just our continued steady allocation of capital to distressed situations, near-term dilutive, even developments, the idea that we're seeing core earnings growth that's really driving the portfolio now.

是的。謝謝，史蒂夫。我認為這是 - 這將擴大我在開場白中的評論，即我們繼續穩定地將資本分配給陷入困境的情況，短期稀釋，甚至發展，我們看到核心收益增長的想法現在真正推動投資組合。

And we're making long-term capital allocation decisions that are going to create sustainable growth over a multiyear period. And if I kind of take that and think about it in perspective of this quarter, you talked about same-store NOI growth on a year-over-year basis. So go back to the second quarter of 2021, on the call, I spoke to a $0.77 per share number, if you back out out-of-period government grants. So this compares to an $0.835 number ex HHS with our 2Q guide.

我們正在製定長期資本分配決策，這些決策將在多年內創造可持續增長。如果我從本季度的角度考慮這一點，你談到了同店 NOI 同比增長。所以回到 2021 年第二季度，在電話會議上，如果您退出非政府補助，我與每股 0.77 美元的數字交談。因此，這與我們的 2Q 指南中不含 HHS 的 0.835 美元數字相比。

And I think the right way to think about bridging this is kind of 3 different buckets. So you've got the core portfolio, which is to your comment on same-store driven by same-store growth, 9% cash same-store growth equates to about levered 10% FFO growth number. Then you've got accretion from investments over kind of the last 3 quarters, you've got an offset of $0.03 from a combination of higher interest expense, higher G&A and then lower exchange rates on a year-over-year basis.

我認為考慮橋接的正確方法是 3 個不同的桶。因此，您已經獲得了核心投資組合，即您對同店增長驅動的同店評論，9% 的現金同店增長相當於約 10% 的槓桿 FFO 增長數。然後，您從過去 3 個季度的投資中獲得了增長，您從較高的利息支出、較高的 G&A 以及較低的匯率（同比下降）中獲得了 0.03 美元的抵消。

So if you dig in that investment accretion number a bit more, over the last 3 quarters, we have invested about $4.8 billion in capital. We've delivered another $500 million in developments. So we've got $5.3 billion of capital fully funded on the balance sheet as of 3/31 and it's expected to yield in the low 4s in that 2Q '22 guide.

因此，如果您進一步挖掘該投資增長數字，在過去 3 個季度中，我們已投資了約 48 億美元的資本。我們已經交付了另外 5 億美元的開發項目。因此，截至 3 月 31 日，我們在資產負債表上已獲得 53 億美元的資金，預計 22 年第二季度指南中的低 4s 收益率。

So keep in mind that these assets are significantly under earning where they're going to be long term and near term it's because of operator transitions and lease-up within our recent deliveries. And of course, agency has also been a factor there. As these investments stabilize, they represent about $0.10 per share of FFO per quarter or $0.40 annually.

因此請記住，這些資產在長期和短期內的收益明顯低於預期，這是因為我們最近交付的運營商過渡和租賃。當然，代理也是其中的一個因素。隨著這些投資的穩定，它們相當於每季度每股 FFO 約 0.10 美元或每年 0.40 美元。

So just from the last kind of 3 quarters of capital allocation. And lastly, I'd just note, we've talked about our NOI bridge in our investor presentation and this is under 1/3 of that upside represented there. So it's kind of a snapshot within our year-over-year growth, showing how the capital we're putting to work is just creating the sustained earnings growth over a number of years going forward.

因此，僅從最近 3 個季度的資本配置來看。最後，我要指出的是，我們在投資者介紹中談到了我們的 NOI 橋樑，這還不到那裡所代表的上漲空間的 1/3。因此，這是我們逐年增長的一個縮影，顯示了我們投入工作的資本如何在未來幾年內創造了持續的收益增長。

And our next question comes from the line of Rich Anderson with SMBC.

我們的下一個問題來自 SMBC 的 Rich Anderson。

For the follow-up, I had some technical difficulties, so hopefully not repeating a question. But in terms of the use of OP units. Obviously, your distressed model would imply older assets and hence, the attractiveness of units in a deal. How would you model out funding one point -- what do you say, the pipeline is $1.5 billion pipeline, plus another $2 billion that is under -- in the works. What percentage of that would be OP-unit deals?

對於後續，我遇到了一些技術困難，所以希望不要重複一個問題。但就OP單元的使用而言。顯然，您的不良模型意味著較舊的資產，因此意味著交易中單位的吸引力。你將如何模擬一個點的資金——你怎麼說，管道是 15 億美元的管道，再加上另外 20 億美元的管道——正在建設中。其中有多少百分比是 OP 單元交易？

And then how would you time line the remaining forward ATM equity just so we can get our models in the right order.

然後，您將如何安排剩餘的遠期 ATM 權益，以便我們能夠以正確的順序獲得我們的模型。

Okay. I will -- I hope I remember all the questions. First, we're not going to get into how many of these transactions will be in OP units or not. We might have given some indication of our previous press releases on some of the transactions. But beyond that, we're not going to get into how many will be or will not be. We have a general sense, but we're not going to get into that.

好的。我會——我希望我能記住所有的問題。首先，我們不打算討論這些交易中有多少會在 OP 單元中。我們可能已經給出了一些關於我們之前關於某些交易的新聞稿的指示。但除此之外，我們不會討論有多少會或不會有多少。我們有一個普遍的認識，但我們不打算深入探討。

But let's just talk about something else that you asked, which is, if you think about the pipeline of $1.5 billion under contract, right? Think about what Tim said, the $1.8 billion of capital that's raised in the ATM, but not settled. We have a few hundred million dollars of disposition, and that's just the equity piece, right?

但讓我們談談你問的其他問題，如果你考慮一下合同下的 15 億美元管道，對嗎？想想蒂姆所說的，在 ATM 中籌集的 18 億美元資金，但尚未結算。我們有幾億美元的處置，這只是股權，對吧？

You add X million that you think will come from the OP side, and then on a 65-35, you will see our investment -- sort of dry powder for investment is actually $3-plus billion today, right? So that's sort of the question. And is there anything else I did not answer. I can't remember 3 questions at the same time, Rich.

你加上你認為來自 OP 方面的 X 百萬，然後在 65-35 上，你會看到我們的投資——某種干粉投資實際上是今天 3 多億美元，對吧？所以這是一個問題。還有什麼我沒有回答的。我不能同時記住 3 個問題，Rich。

But -- so I think I answered all your questions, if not just call me on my cell and we'll just walk you through. But we have ample capacity to invest capital that in the pipeline or could be in the shadow pipeline. Pipeline is costs to deals under contract, shadow pipeline is what we are negotiating.

但是 - 所以我想我回答了你所有的問題，如果不只是給我打電話，我們會引導你完成。但我們有足夠的能力將資金投入到管道中或可能在影子管道中。管道是合同交易的成本，影子管道是我們正在談判的。

And as I said, off that $2-plus billion, we might do 0 because we transact at our price and the price is the price. And if we can convince someone to come to our price, we will do that transaction. So very much of we have the capital raised but I cannot guarantee you that we apply to any of these transactions.

正如我所說，在這 2 多億美元的基礎上，我們可能會做 0，因為我們以我們的價格進行交易，而價格就是價格。如果我們能說服某人接受我們的價格，我們就會進行交易。我們籌集了很多資金，但我不能保證我們適用於任何這些交易。

And our next question comes from the line of John Pawlowski with Green Street.

我們的下一個問題來自 Green Street 的 John Pawlowski。

Just one modeling related item for me. Could you give me a sense, Tim, what percent of food and utility costs are ultimately passed through to the tenant on the SHO portfolio?

對我來說只有一個與建模相關的項目。蒂姆，你能給我一個感覺，食品和水電費的百分之多少最終轉嫁給了 SHO 投資組合中的租戶？

You think about a pass-through, I guess, you mean from like a direct billing?

我猜您考慮的是直通，您的意思是像直接計費一樣？

Via higher rents. Higher rents and higher fee income.

通過更高的租金。更高的租金和更高的費用收入。

I'd say, all of it, we have an operating profit in that business. So you're making a profit on all in basis. You're certainly seeing part of the rationale for rent increase being to offset inflationary pressures in both those categories.

我想說，所有這些，我們在該業務中都有營業利潤。因此，您在所有基礎上都在獲利。你肯定會看到增加租金的部分理由是為了抵消這兩個類別的通脹壓力。

But those aren't things -- food is something -- you're certainly in a lot of these different contracts you're highlighting as being a separate cost. Utilities generally not, but that's all wrapped into how pricing for the product works. So I think when we talk about kind of seeing inflationary plus type rental increases, we're talking about the ability to offset the pressure we're seeing in food and utility inflation.

但這些不是東西——食物是東西——你肯定在很多不同的合同中，你強調的是單獨的成本。公用事業通常不會，但這都包含在產品定價的運作方式中。所以我認為，當我們談論看到通貨膨脹加上類型的租金上漲時，我們談論的是抵消我們在食品和公用事業通脹方面看到的壓力的能力。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝你。女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。