The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Connor Serge Siversky - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: First one just to add to Josh's question on the investment activity in the U.K. I'm curious about behavioral health, some of the initiatives that have
been laid out by the NHS there. I'm wondering if you can provide any color as to what kind of momentum that space is seeing in the U.K. in terms
of funding from the NHS?
Question: Connor Serge Siversky - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: That's great color. Change in gears a little bit, thinking about the race to distribute the vaccine versus some of the emerging virus of variants that
we're seeing news flow on. Is there any commentary available from your operators, whether in the U.S. or elsewhere, in regard to the take-up of
the vaccinations by the health care workers and how quickly it's -- they're being distributed through the facilities?
Question: Connor Serge Siversky - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. And then one more quick one for me. Just looking at pro forma leverage ticked up a little bit. So I'm just wondering when you consider the
investment pipeline through the end of the year, maybe beyond if you're going to consider a different financing mix for future acquisitions?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Yes. I wanted to touch on the NHS deal that you guys announced. And it seems like this is with a, I guess, a private operator within NHS, I guess,
how does that work out I guess, is it with NHS? Or was it a private operator? Or was this just on special segments that they created?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: And now is that corporate guarantee or that lease directly with that NHS? Or is it a subsidiary to NHS?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Okay. And then, I guess, how big is an opportunity is it for you to continue to grow with NHS in the U.K.? I know that most of the growth has been
with private operators. I mean, there's an opportunity to make bigger investments with NHS?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Does NHS typically sell their real estate? I mean, I guess, do they own most of their own?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Okay. And then can you talk a little bit about the Swiss Medical Network deal. Did I hear that correctly, that was into the operator? Or was there
some real estate investment tied with that?
Question: Michael Albert Carroll - RBC Capital Markets, Research Division - Analyst
: Okay. Okay. And then I know that there was an opportunity when you fortunately did that deal to kind of consolidate and grow in that market. I
mean, have you started doing that yet? Or is there a near term opportunities to kind of start acquiring new properties and grow that entire venture?
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