Complex sentence: The first term is the "linear" kinetic energy of the center of mass of the bodies, the second term is the "rotational" kinetic energy of each rod, and the last term is the potential energy of the bodies in a uniform gravitational field.
Split into simpler sentences: The first term is the "linear" kinetic energy of the center of mass of the bodies and the second term is the "rotational" kinetic energy of each rod. The last term is the potential energy of the bodies in a uniform gravitational field.