Apple Hospitality REIT Inc (APLE) 2015 Q3 法說會逐字稿

Greetings and welcome to the Apple Hospitality third-quarter 2015 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.

歡迎參加 Apple Hospitality 2015 年第三季財報電話會議。 （操作員指令）。提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Miss Kelly Clarke. Thank you, you may begin.

現在我想將會議交給主持人凱莉克拉克女士。謝謝，你可以開始了。

Thank you. Good morning and welcome to Apple Hospitality REIT's third-quarter 2015 earnings call on this the 6th day of November 2015. Today's call will be based on the third quarter 2015 earnings release which was distributed yesterday afternoon.

謝謝。早安，歡迎參加 2015 年 11 月 6 日 Apple Hospitality REIT 的 2015 年第三季財報電話會議。今天的電話會議將基於昨天下午發布的 2015 年第三季財報。

I would like to remind everyone that today's call will contain forward-looking statements as defined by federal securities laws including statements regarding future operating results. These statements involve known and unknown risks and other factors which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

我想提醒大家，今天的電話會議將包含聯邦證券法定義的前瞻性陳述，包括有關未來營運績效的陳述。這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statements and the notes thereto as well as the risk factors described in Apple Hospitality's 2014 Form 10-K, our third-quarter 2015 Form 10-Q and other filings with the SEC.

參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 2014 年 10-K 表、2015 年第三季 10-Q 表和向美國證券交易委員會提交的其他文件中所述的風險因素。

Any forward-looking statement that Apple Hospitality makes speaks only as of today and the Company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

Apple Hospitality 所做的任何前瞻性聲明僅代表今日的觀點，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, certain non-GAAP measures of performance such as EBITDA, adjusted EBITDA, FFO and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as included in yesterday's earnings press release. For a copy of the press release or additional information about the Company, please visit AppleHospitalityREIT.com.

此外，本次電話會議也將討論某些非 GAAP 績效指標，例如 EBITDA、調整後的 EBITDA、FFO 和修改後的 FFO。我們鼓勵參與者檢視昨天收益新聞稿中所包含的這些指標與 GAAP 指標的對帳情況。如需新聞稿副本或有關該公司的更多信息，請訪問 AppleHospitalityREIT.com。

This morning Justin Knight, our President and Chief Executive Officer; Krissy Gathright, our Chief Operating Officer, and then Bryan Peery, our Chief Financial Officer, will provide an overview of our results for the third quarter and an outlook for the sector and for the Company. Following the overview, we will have a question-and-answer session.

今天上午，我們的總裁兼執行長賈斯汀奈特 (Justin Knight)；我們的營運長 Krissy Gathright 和財務長 Bryan Peery 將概述我們第三季度的業績以及對該行業和公司的展望。概述之後，我們將進行問答環節。

It is now my pleasure to turn the call over to Justin Knight.

現在我很高興將電話轉給賈斯汀奈特 (Justin Knight)。

Thank you, Kelly. Good morning and welcome to Apple Hospitality REIT's third-quarter 2015 earnings call. Our portfolio of hotels continues to benefit from broad geographic diversification, a focus on the upscale select service segment of the industry and a concentration with the Hilton and Marriott families of brands. At the end of the third quarter, our portfolio consisted of 177 hotels located in more than 80 MSAs across 32 states.

謝謝你，凱利。早安，歡迎參加 Apple Hospitality REIT 2015 年第三季財報電話會議。我們的酒店組合繼續受益於廣泛的地理多樣化、對行業​​高檔精選服務領域的關注以及對希爾頓和萬豪品牌系列的集中。截至第三季末，我們的投資組合包括遍布 32 個州 80 多個 MSA 的 177 家飯店。

Last night after the market closed, we reported comparable hotel RevPAR growth of 6.4% and adjusted hotel EBITDA growth of 11.4% for the third quarter as compared to the same period of 2014. RevPAR growth was driven primarily by rate with an increase in ADR of 5.5% and an increase in occupancy of 70 basis points to 80.6% for the quarter. Given the ongoing strength across our markets as we approach year-end, we anticipate full-year performance will fall well within our previously announced guidance for the year.

昨晚市場收盤後，我們報告稱，與 2014 年同期相比，第三季度可比酒店 RevPAR 增長 6.4%，調整後酒店 EBITDA 增長 11.4%。 RevPAR 的成長主要受房價推動，ADR 成長 5.5%，入住率增加 70 個基點，本季達到 80.6%。鑑於年底臨近，我們市場持續保持強勁勢頭，我們預計全年業績將遠低於我們先前宣布的年度預期。

On a national level, positive economic trends have continued with unemployment rates steady at a seven-year low of approximately 5%. Despite weaker than expected GDP growth at 1.5%, real disposable personal income rose 3.5% in the third quarter compared to a 1.2% increase in the second quarter. The result was continued growth in consumer spending.

從全國來看，經濟趨勢持續向好，失業率穩定在七年來的最低水準（約 5%）。儘管GDP成長率低於預期（1.5%），但第三季實際可支配個人收入成長3.5%，而第二季為成長1.2%。其結果是消費者支出持續成長。

While we have seen a slight uptick in new supply in some of our markets, the supply picture has not materially changed from what we provided in our second-quarter earnings call. Current occupancy levels across our portfolios support our view that demand continues to outpace supply in most markets. We believe that this will provide opportunity for continued rate growth over the coming months.

雖然我們看到部分市場新增供應量略有上升，但供應情況與我們在第二季財報電話會議上提供的情況相比並沒有發生實質變化。我們投資組合中的當前入住率支持了我們的觀點，即大多數市場的需求仍然超過供應。我們相信這將為未來幾個月利率持續成長提供機會。

Our portfolio of hotels is relatively young with an average age of approximately 11 years. That said, because travelers have more choices and greater access to information than ever before, regular capital expenditures are needed to establish and maintain guest preference necessary to drive long-term profitability.

我們的飯店組合相對年輕，平均年齡約 11 年。也就是說，由於旅客比以前擁有更多的選擇和更多的資訊管道，因此需要定期的資本支出來建立和維持推動長期獲利所需的客人偏好。

Consistent reinvestment in our portfolio has resulted in an average effective age for our hotels of approximately four years. During the first nine months of the year, the Company invested approximately $33.5 million in capital expenditures completing renovations on 16 hotels. During the fourth quarter, work will begin on an additional 20 hotels. Our asset management team works together with in-house project managers as well as our third-party property management companies to ensure renovations are scheduled so as to minimize operational disruption.

透過對我們投資組合的持續再投資，我們酒店的平均有效年限已達到約四年。今年前九個月，該公司投資約 3,350 萬美元的資本支出完成了 16 家飯店的翻新。第四季度，另外 20 家飯店將開工。我們的資產管理團隊與內部專案經理以及第三方物業管理公司合作，確保按計劃進行裝修，從而最大限度地減少營運中斷。

In general this means a significant number of our renovations are started in the fourth quarter when occupancies in many of our markets are lower than they are at other times during the year. Anticipated impact from these renovations has been factored into our full-year guidance. We believe our investment in these hotels will position them to take advantage of continued rate growth opportunities in the coming year.

總體而言，這意味著我們的大量裝修工程都是在第四季度開始的，而此時我們許多市場的入住率都低於一年中的其他時間。這些翻新工程的預期影響已計入我們的全年預期。我們相信，我們對這些酒店的投資將使它們在未來一年能夠抓住持續增長的價格機會。

In addition to renovations, we continually look for opportunities to enhance our portfolio through selective sales and acquisitions. Since June we have closed on five hotels including a new 170-room SpringHill Suites and a 190 room Courtyard in Burbank, a 245 room Courtyard in San Diego and a dual branded 102 room Courtyard and 78 room Residence Inn in downtown Syracuse. Similar to the two hotels acquired earlier in the year, these new acquisitions are on average higher-quality, younger, larger and generate higher RevPAR than the 19 assets we sold earlier in the year.

除了翻新之外，我們也不斷尋找機會透過選擇性銷售和收購來增強我們的投資組合。自 6 月以來，我們已經關閉了 5 家酒店，包括位於伯班克的擁有 170 間客房的新 SpringHill Suites 酒店和擁有 190 間客房的萬怡酒店、位於聖地亞哥的擁有 245 間客房的萬怡酒店，以及位於錫拉丘茲市中心的擁有 102 間客房的萬怡酒店和 788 個酒店的雙怡酒店 Residence 客房。與今年稍早收購的兩家飯店類似，這些新收購的飯店平均品質更高、開業時間更短、規模更大，並且產生的每間可用客房收入 (RevPAR) 也高於我們今年稍早出售的 19 家飯店。

We see the strength of our balance sheet as an important differentiating factor for our Company providing us security through economic cycles and the flexibility to act in meaningful ways to enhance shareholder value as opportunities arise. Whether working to refine our portfolio or purchasing shares through our share buyback program, we seek opportunities that are consistent with our operating philosophy and corporate strategy and where we anticipate the transaction will be meaningfully accretive to our shareholders.

我們認為，資產負債表的強勁是我們公司的一個重要的差異化因素，它為我們在經濟週期中提供了安全保障，並在機會出現時靈活地採取有意義的行動來提升股東價值。無論是努力完善我們的投資組合還是透過我們的股票回購計畫購買股票，我們都在尋求符合我們的經營理念和公司策略的機會，並且我們預計交易將為我們的股東帶來有意義的增值。

To this end, through our share buyback program we have been able to successfully acquire shares at a discount to what we believe our net asset value to be. We are also uniquely positioned to further refine and grow our portfolio through individual acquisitions or as a consolidator should opportunities present themselves.

為此，透過我們的股票回購計劃，我們成功地以低於我們認為的淨資產價值的價格收購了股票。我們也擁有獨特的優勢，可以透過個別收購或在機會出現時作為整合者來進一步完善和擴大我們的投資組合。

We will be prudent in our use of our balance sheet with a constant focus on pursuing those options which grow and enhance the long-term value of the Company.

我們將謹慎使用我們的資產負債表，並始終專注於尋求那些能夠增加和提高公司長期價值的選擇。

At this time I would like to turn the discussion over to our Chief Operating Officer, Krissy Gathright, to provide additional detail on the industry overall and performance across some of our key markets.

現在，我想將討論交給我們的營運長 Krissy Gathright，請她提供有關整個行業以及我們一些主要市場表現的更多詳細資訊。

Thank you, Justin. After realizing a healthy 6.2% comparable growth RevPAR growth in the second quarter our geographically diversified portfolio of hotels continued its strong performance in the third quarter achieving comparable RevPAR growth of 6.4%. Year to date, comparable RevPAR has increased 6.7%. These results compare favorably to Smith Travel reported results for the industry and the upscale category as well as the brand statistics reported by both Hilton and Marriott in their recent earnings releases.

謝謝你，賈斯汀。繼第二季實現 6.2% 的健康可比 RevPAR 成長後，我們地理多元化的飯店組合在第三季持續保持強勁表現，實現 6.4% 的可比 RevPAR 成長。今年迄今，可比 RevPAR 成長 6.7%。這些結果與史密斯旅遊公司報告的行業和高端類別的結果以及希爾頓和萬豪在最近的收益報告中報告的品牌統計數據相比更為有利。

We continue to see occupancy growth as demand is greater than supply in the majority of our markets. Our strong quarter three and year-to-date occupancy of 81% and 79% respectively enabled our operators to manage mix and drive rate increases of 5.5% in Q3 and 5.1% year to date.

由於大多數市場的需求大於供應，我們的入住率持續成長。我們第三季和年初至今的入住率分別達到 81% 和 79%，這讓我們的業者能夠管理組合並推動第三季的費率上漲 5.5%，年初至今的費率上漲 5.1%。

We experienced double-digit RevPAR growth in approximately one-third of our hotels for both the quarter and year to date. As we move into the fourth quarter, we see similar demand trends for our portfolio that have existed throughout the year. We are pleased with our October RevPAR growth of around 6% which was in line with our expectations.

本季和今年迄今，我們約有三分之一的飯店的平均可出租客房收入 (RevPAR) 都實現了兩位數的成長。隨著進入第四季度，我們發現我們的投資組合的需求趨勢與全年類似。我們對 10 月 RevPAR 成長約 6% 感到滿意，這符合我們的預期。

While we do anticipate experiencing a slightly higher amount of renovation disruption, we still expect RevPAR growth for the year to be above the midpoint of our range.

雖然我們確實預期裝修帶來的干擾會略多一些，但我們仍然預期今年的 RevPAR 成長將高於我們預期的中點。

Comparable adjusted hotel EBITDA margin increased by 140 basis points to a strong 40% for the quarter and 110 basis points to 39% for the year. The continued focus on increased rates combined with a modest increase in operating expenses helped drive margin expansion.

可比調整後飯店 EBITDA 利潤率本季成長 140 個基點至 40%，全年成長 110 個基點至 39%。持續關注利率的提高，加上營運費用的適度增加，有助於推動利潤率的擴大。

Wage increases remain moderate and productivity remains high. Utility costs have been favorable driven by lower fuel prices and asset management driven energy savings initiatives. We did see a reduction in the property taxes insurance and other category during the quarter as the Company received approximately $1.8 million in settlement proceeds net of cost related to business disruption at several of the Company's hotels from the Gulf of Mexico oil spill in 2010. This positive variance was offset somewhat by an increase of approximately $550,000 in real estate taxes.

薪資成長保持溫和，生產力維持在高位。受燃料價格下降和資產管理推動的節能措施的推動，公用事業成本一直處於有利地位。本季度，我們確實看到房產稅、保險和其他類別的稅款有所減少，因為公司收到了約 180 萬美元的和解金，扣除與 2010 年墨西哥灣漏油事件導致公司多家酒店業務中斷相關的成本。這一正向差異被約 55 萬美元的房地產稅增加所抵消。

I would like to add that we are very pleased with the progress from recent online travel agency negotiations undertaken by our brands and the resulting benefits we expect to see at our hotels.

我想補充一點，我們對我們品牌最近進行的線上旅行社談判的進展以及我們期望在我們的酒店看到的由此產生的效益感到非常高興。

We have been active participants with the American Hotel & Lodging Association and our brand to modify existing and introduce new distribution partner models which are more favorable to owners.

我們一直積極參與美國酒店及住宿協會和我們的品牌，修改現有的分銷合作夥伴模式並引入對業主更有利的新模式。

We expect the efforts to pay off in terms of greater ability to differentiate and protect our highest value direct channels, better control of our when and where our rooms are sold and reduced costs.

我們期望這些努力能帶來回報，使我們更有能力區分和保護我們最高價值的直接管道，更好地控制我們何時何地出售客房，並降低成本。

As I mentioned, our portfolio is geographically diverse providing protection from individual market downturns. Approximately 60% of our hotel EBITDA is derived from suburban locations. These markets have been aided by compression from high occupancy central business districts, a trend we expect to continue as group demand is growing at a healthy pace.

正如我所提到的，我們的投資組合在地理上是多樣化的，可以抵禦個別市場低迷的影響。我們約 60% 的飯店 EBITDA 來自郊區。這些市場受到高入住率中央商務區的壓縮，我們預期隨著團體需求以健康的速度成長，這一趨勢將持續下去。

Urban markets contribute about one-quarter of our hotel EBITDA with the remaining quarter following in the other categories as classified by Smith Travel. About half of our hotel EBITDA is derived from star top 25 markets. The other half is located outside the top 25. Our two largest markets in hotel EBITDA terms, Los Angeles and San Diego, each only represent 6% of total hotel EBITDA. We only have eight hotels in markets with significant energy sector presence in the state of Texas, Oklahoma and Louisiana representing less than 5% of our hotel EBITDA in total.

城市市場貢獻了我們飯店 EBITDA 的約四分之一，其餘四分之一則屬於 Smith Travel 分類的其他類別。我們飯店 EBITDA 的大約一半來自排名前 25 位的星級市場。另一半則位於前 25 名之外。我們飯店 EBITDA 最大的兩個市場是洛杉磯和聖地牙哥，它們各自僅佔飯店 EBITDA 總額的 6%。我們在德州、俄克拉荷馬州和路易斯安那州能源產業佔有重要地位的市場中只有 8 家飯店，占我們飯店 EBITDA 總額的不到 5%。

Even though we aren't significantly impacted by any one market due to our geographic diversity, I will provide a quick overview of regional performance during the quarter where we have greater presence.

儘管由於我們的地理多樣性，我們不會受到任何一個市場的顯著影響，但我將簡要概述我們在本季度佔有較大份額的區域表現。

Slightly greater than two-thirds of our portfolio EBITDA is attributable to the Pacific, South Atlantic and West South Central Star region. The Pacific region, which contributed approximately 27% of our hotel EBITDA during the quarter, continues to outperform with RevPAR up 7.5%. Our stunning new SpringHill Suites located in the heart of Burbank benefited from strong entertainment industry and leisure demand and achieved an 80% occupancy and $172 average rate after just opening in July.

我們投資組合的 EBITDA 中略高於三分之二的部分來自太平洋、南大西洋和西南中部星地區。太平洋地區在本季度貢獻了我們酒店 EBITDA 的約 27%，且持續表現出色，RevPAR 上漲 7.5%。我們令人驚嘆的全新 SpringHill Suites 酒店位於伯班克市中心，受益於強勁的娛樂業和休閒需求，在 7 月份開業後就實現了 80% 的入住率和 172 美元的平均房價。

In Anaheim, we also benefited from strong leisure demand as well as improved revenue management strategies at our newly acquired Hampton Inn. We assigned the hotels to manage of our existing Courtyard in the market and immediately addressed mix and pricing opportunities. As a result, the RevPAR at our Hampton Inn grew 26% for the quarter outpacing market growth and we look forward to implementing additional revenue generation and profit maximization strategies there.

在阿納海姆，我們也受益於強勁的休閒需求以及新收購的漢普頓酒店改進的收入管理策略。我們指派酒店來管理市場上現有的庭院，並立即解決組合和定價機會。因此，我們漢普頓酒店的 RevPAR 本季成長了 26%，超過了市場成長，我們期待在那裡實施額外的創收和利潤最大化策略。

The performance in the South Atlantic region was consistent with that of our portfolio with a RevPAR growth of just above 6%. RevPAR in the West South Central region increased 5.1%. The Texas markets make up the majority of our presence in that region. Our Austin hotels performed exceptionally well with a RevPAR growth of 18% lifted by strong technology industry demand and FEMA business. Results at our Dallas hotels were mixed as RevPAR grew 5% with the select service hotels outperforming the Hilton full service which had lower year-over-year group business. Houston hotel RevPAR declined 10% but only represents 1.3% of our EBITDA.

南大西洋地區的表現與我們的投資組合一致，RevPAR 成長率略高於 6%。西南中部地區的 RevPAR 成長了 5.1%。德克薩斯州市場佔據了我們在該地區的大部分業務。我們奧斯汀的飯店表現非常出色，受強勁的科技業需求和聯邦緊急事務管理局 (FEMA) 業務推動，每間可用客房收入 (RevPAR) 成長了 18%。我們達拉斯酒店的業績好壞參半，RevPAR 增長了 5%，其中精選服務酒店的表現優於希爾頓全服務酒店，後者的團體業務同比有所下降。休士頓飯店 RevPAR 下降了 10%，但僅占我們 EBITDA 的 1.3%。

To reiterate Justin's comments, given our broad geographic diversity, our focus on the upscale select service segment of the industry and our concentration within the Hilton and Marriott families of brands, we believe our portfolio will continue to benefit from forecasted improvement in industry fundamentals.

重申賈斯汀的評論，鑑於我們廣泛的地理多樣性、我們對行業高端精選服務領域的關注以及我們對希爾頓和萬豪品牌系列的集中，我們相信我們的投資組合將繼續受益於預測的行業基本面改善。

I will now turn the call over to our CFO, Bryan Peery.

現在我將電話轉給我們的財務長 Bryan Peery。

Thank you, Krissy, and good morning everyone. As Justin and Krissy discussed, with the trends across our portfolio remaining positive, we are affirming our operational and financial outlook for the full year of 2015 which includes expected comparable hotels RevPAR growth of 5% to 7% and adjusted EBITDA of $310 million to $330 million.

謝謝你，克麗西，大家早安。正如賈斯汀和克莉絲所討論的，由於我們投資組合的趨勢仍然保持積極，我們確認 2015 年全年的營運和財務前景，其中包括預計可比酒店 RevPAR 增長率為 5% 至 7%，調整後的 EBITDA 為 3.1 億美元至 3.3 億美元。

Year-to-date, September comparable hotels RevPAR growth was 6.7% and the third quarter growth was 6.4%. In the fourth quarter as Justin mentioned, we will have planned disruption from approximately 20 hotels under renovation. However, we do believe RevPAR will continue to approximate the overall upscale hotel industry RevPAR growth rate.

年初至今，9 月可比飯店 RevPAR 成長率為 6.7%，第三季成長率為 6.4%。正如賈斯汀所提到的，第四季度，我們將有大約 20 家酒店進行裝修，以應對計劃中斷的情況。然而，我們確實相信，RevPAR 將繼續接近高檔飯店產業整體 RevPAR 的成長率。

The Company's third-quarter adjusted EBITDA increased by 8.3% compared to the same three-month period last year, and increased approximately 16% year to date. Part of the year-to-date growth was due to the addition of 99 hotels in March 2014 from the Apple 7 and Apple 8 merger with the company.

該公司第三季調整後 EBITDA 與去年同期相比成長 8.3%，年初至今成長約 16%。今年迄今的成長部分歸因於 2014 年 3 月 Apple 7 和 Apple 8 與該公司合併後新增的 99 家飯店。

For the three and nine months ended September 30, 2015, adjusted EBITDA totaled $90.6 million and $251.8 million respectively. On a comparable hotels basis, adjusted hotel EBITDA increased a little over 11% for both the three and nine months ended September.

截至 2015 年 9 月 30 日的三個月和九個月，調整後的 EBITDA 總額分別為 9,060 萬美元和 2.518 億美元。與可比較飯店相比，截至 9 月的三個月和九個月的調整後飯店 EBITDA 均成長了 11% 多一點。

General and administrative expense for the three months ended September 30, 2015 and 2014 was $5.2 million and $5.6 million respectively. For the first nine months of 2015 and 2014, G&A expense was $14.4 million and $14.8 million respectively. The favorable trend compared to 2014 is due primarily to increased management fees received from Apple REIT 10. The fee is based on the performance of Apple REIT 10 whose performance has also improved year-over-year.

截至 2015 年 9 月 30 日及 2014 年 9 月 30 日的三個月的一般及行政費用分別為 520 萬美元及 560 萬美元。 2015 年及 2014 年前九個月的一般及行政費用分別為 1,440 萬美元及 1,480 萬美元。與 2014 年相比，這一良好趨勢主要歸功於從 Apple REIT 10 收到的管理費增加。這筆費用是基於 Apple REIT 10 的表現，而 Apple REIT 10 的表現也逐年改善。

The G&A increase from the run rate in the first two quarters of 2015 is primarily due to an increase in the Company's incentive plan accrual. One of the Company's metrics is relatively shareholder return which went into effect after the completion of our tender offer in June. Through September, the Company's shares traded on a relative basis at the high-end of the range for the metric and therefore the accrual was adjusted year-to-date to reflect the performance.

2015 年前兩季的一般及行政費用較運行率增加，主要是因為公司激勵計畫應計費用增加。該公司的指標之一是相對股東回報，該指標於我們 6 月完成要約收購後生效。截至 9 月份，該公司股票的交易價格相對處於該指標區間的高端，因此對年初至今的應計項目進行了調整，以反映業績表現。

At September 30, 2015, the Company had $964 million of debt with a current combined weighted average interest rate of approximately 3.8% for the remainder of 2015 comprised of $464 million in property level debt and $500 million outstanding on our $965 million unsecured credit facility. During the third quarter, we exercised the second half of our available term loan under the unsecured credit facility bringing our total outstanding term loan to $425 million under the facility.

截至 2015 年 9 月 30 日，公司負債 9.64 億美元，2015 年剩餘時間的當前綜合加權平均利率約為 3.8%，其中包括 4.64 億美元的房地產債務和 9.65 億美元無擔保信貸額度中的 5 億美元未償還債務。在第三季度，我們行使了無擔保信貸安排下可用定期貸款的後半部分，使該安排下未償還定期貸款總額達到 4.25 億美元。

Our outstanding debt is approximately 3 times actual trailing adjusted EBITDA and 23% of our enterprise value at September 30, 2015.

我們的未償債務約為實際調整後 EBITDA 的 3 倍，佔 2015 年 9 月 30 日企業價值的 23%。

Shortly after listing in May, we implemented a 10b5-1 share repurchase plan under our Board approved $500 million share repurchase program which became effective on July 8. Because repurchases under the plan are subject to certain pricing market and volume parameters, there is no guarantee as to the exact number of shares that will be repurchased. However, our objective in setting the plan's parameters was to take advantage of opportunities when our stock trades at a discount to our estimated net asset values. To date we have purchased approximately 1.2 million shares under the plan at a weighted average purchase price of approximately $17.61 per share for a total of approximately $22 million. Purchases under the plan have been funded and we plan to fund future purchases with the availability under the Company's credit facility.

5 月上市後不久，我們根據董事會批准的 5 億美元股票回購計劃實施了 10b5-1 股票回購計劃，該計劃於 7 月 8 日生效。由於該計劃下的回購受某些定價市場和數量參數的影響，因此無法保證將回購的確切股票數量。然而，我們制定計劃參數的目的是為了抓住股票交易價格低於預期淨資產價值的機會。迄今為止，我們已根據該計劃購買了約 120 萬股，加權平均購買價約為每股 17.61 美元，總計約 2,200 萬美元。該計劃下的採購已獲得資金，我們計劃利用公司信貸額度為未來的採購提供資金。

The Company paid distributions of $0.30 per share during the third quarter of 2015. Our Board of Directors has authorized a regular monthly cash distribution of $0.10 per common share. The annualized $1.20 per common share represents an annual 6.1% yield on our October 30 closing price of $19.72.

該公司在 2015 年第三季支付了每股 0.30 美元的分配。我們的董事會已授權每月定期以每股 0.10 美元的現金分配。每股普通股年化收益率 1.20 美元，相當於 10 月 30 日收盤價 19.72 美元的年收益率為 6.1%。

I will now turn the call back to Justin.

我現在將電話轉回給賈斯汀。

Thanks, Krissy and Brian. With rate growth continuing to help drive higher margins, our significant geographic diversity and strong fundamentals in our segment of the hotel industry, we believe we are well-positioned through the remainder of the year and into 2016.

謝謝，克莉西和布萊恩。由於房價成長持續有助於提高利潤率、我們顯著的地理多樣性以及酒店業領域強勁的基本面，我們相信，我們在今年剩餘時間和 2016 年將處於有利地位。

We expect our full-year 2015 performance will fall well within our guidance for the year. We have also begun our budget process with our managers for 2016 and are pleased with early indications that rate and margin growth will continue through the coming year.

我們預計 2015 年全年業績將遠超我們對今年的預期。我們也與管理人員開始製定 2016 年的預算流程，並且很高興看到早期跡象表明利率和利潤率的增長將持續到明年。

We see the current performance of our portfolio as evidence validating our strategy of investing in a geographically diverse portfolio of upscale select service Marriott and Hilton branded hotels and we have a balance sheet which positions us to act in meaningful ways to continue to enhance shareholder value as opportunities present themselves now and in the future.

我們認為，我們投資組合的當前表現證明了我們投資於地理多元化的高檔精選服務萬豪和希爾頓品牌酒店投資組合的策略的有效性，並且我們擁有資產負債表，這使我們能夠採取有意義的方式，在現在和未來出現機會時繼續提升股東價值。

Thank you again for joining us this morning and at this point we would be happy to respond to any questions you may have.

再次感謝您今天早上加入我們，我們很樂意回答您可能提出的任何問題。

(Operator Instructions). Bob LaFleur, JMP Securities.

（操作員指令）。 JMP證券的鮑伯‧拉弗勒（Bob LaFleur）。

A question about acquisitions and dispositions. You have got, you announced a sort of several turnkey acquisition opportunities. I wonder how deep that pipeline is, certainly with supply picking up it would seem like that would be a very attractive way for you to grow the portfolio.

關於收購和處置的問題。您已經宣布了幾種交鑰匙收購機會。我想知道這個管道有多深，當然，隨著供應的增加，這似乎是一個擴大投資組合的非常有吸引力的方式。

And then sort of the secondary follow-up question to that is it seems that your stock has held up much better than most of your peers and a lot of them seem to be out of the acquisition market. And I am wondering if you are seeing that out in the field with sort of a less crowded bidding environment when you are looking to acquire new assets? Thanks.

然後，第二個後續問題是，您的股票表現似乎比大多數同行好得多，而且其中許多似乎已經退出了收購市場。我想知道，當您尋求收購新資產時，您是否發現現場的競標環境不那麼擁擠？謝謝。

Thank you for joining us this morning. So to respond to your first question in terms of pipeline, we have, because of the amount of time that we've spent in the industry and the relationships we have built a limitless pipeline of possibilities. That being said, given where we are in the hotel cycle, we have been very selective in signing up assets which we feel are additive to our portfolio.

感謝您今天上午加入我們。因此，要回答您關於通路的第一個問題，由於我們在這個行業中花費了大量的時間和關係，我們已經建立了無限的可能性管道。話雖如此，考慮到我們所處的酒店業週期，我們在簽約那些我們認為可以補充我們投資組合的資產時非常謹慎。

The four that we have under contract are really three separate buildings that will be delivered to us over the next 12 to 24 months and we anticipate depending on where our stock is trading at the time we close -- purchasing -- using proceeds from an overnight raise or using our line of credit or potentially using proceeds from the sale of assets to close on those assets.

我們簽訂合約的四棟建築實際上是三棟獨立的建築，將在未來 12 到 24 個月內交付給我們，我們預計，這取決於我們完成交易時股票的交易情況——購買——使用隔夜加價所得或使用我們的信用額度或可能使用出售資產所得來關閉這些資產。

New development has always been a part of our portfolio building exercise. It enables us to keep an average age for our portfolio that is very young and maintain really a competitive portfolio in the marketplace.

新的發展一直是我們投資組合建立活動的一部分。它使我們能夠保持投資組合的平均年齡非常年輕，並在市場上保持真正有競爭力的投資組合。

In terms of the competitive landscape, the volatility in the stock market has resulted in fewer bidders for assets. That being said, the interesting phenomenon is when there are fewer bidders often sellers, potential sellers, wait to bring product to market so we are not necessarily seeing a significant increase in the number of deals that are available absent bidders for those properties. But where we are able to bid on assets, we are competing with fewer people for them.

從競爭格局來看，股市波動導致資產競標者減少。話雖如此，有趣的現像是，當競標者較少時，賣家（潛在賣家）通常會等待將產品推向市場，因此，我們不一定會看到在沒有競標者的情況下可供交易的數量顯著增加。但當我們能夠競標資產時，與我們競爭的人就更少了。

Thanks.

謝謝。

Michael Bellisario, Robert W. Baird.

麥可貝利薩裡奧、羅伯特W貝爾德。

Good morning, everyone. Just wanted to keep going on acquisitions and dispositions a bit and then I had one housekeeping item on RevPAR. But wanted to go back to your comment, Justin, on when you said where we are in the cycle. I am guessing that implies more latter half of the cycle. Has your or underwriting changed recently given that we are probably in the latter half of the cycle and the fact that everyone has taken what appears to be a more conservative approach to underwriting with all of the volatility in the market today?

大家早安。只是想繼續進行收購和處置，然後我在 RevPAR 上有一個家政項目。但是我想回到你的評論，賈斯汀，當你說我們處於週期的哪個階段。我猜測這意味著週期的後半部分。鑑於我們可能正處於週期的後半段，而且在當今市場波動的情況下，每個人都採取了似乎更為保守的承保方式，您的承保方式最近是否有所變化？

I should clarify and again I'm not going to argue whether or not we are in the latter half. We are certainly in a more mature phase of the cycle. And what I meant was that as the cycle progressed, we see a significant increase in per key pricing for our assets and less of a discount to replacement value which is really ideally where we like to be if we buy an asset.

我應該澄清一下，而且我不會爭論我們是否處於後半部分。我們無疑正處於週期的更成熟階段。我的意思是，隨著週期的推進，我們會看到資產的每筆關鍵定價大幅上漲，重置價值的折扣減少，而這正是我們購買資產時最理想的狀態。

We continue to see strong fundamentals in our space and anticipate that from a profitability standpoint, our existing portfolio will continue to grow in profitability but many of the assets we have been looking at of late have been fully priced. Over time as construction costs continue to increase and land costs continue to increase and absent significant new entrants from a competitive standpoint for acquisitions, we may see significant opportunities to actively participate as an acquirer of assets. But we are at a point in the cycle where it is important that we be selective. We are seeing growth rates differ broadly by market and it is more important than ever that we focus on those markets which we feel continue to have upside where we can generate the most profitability in the short term.

我們繼續看到我們所在領域的基本面強勁，並預計從盈利能力的角度來看，我們現有的投資組合的盈利能力將繼續增長，但我們最近關注的許多資產都已經完全定價。隨著時間的推移，隨著建築成本和土地成本的不斷增加，並且從收購競爭的角度來看，缺乏重要的新進入者，我們可能會看到作為資產收購者積極參與的重大機會。但我們正處於週期的某個階段，選擇性非常重要。我們發現不同市場的成長率有很大差異，因此比以往任何時候都更重要的是，我們要專注於那些我們認為仍然具有上升空間的市場，以便我們在短期內能夠產生最大的獲利能力。

That is fair. And then on your discount to replacement cost, can you give us an estimate of either where you think today that discount is or where it will be when the hotel is open for the three properties that are the take-out deals?

這很公平。然後，關於您對重置成本的折扣，您能否給我們一個估計，您認為今天的折扣是多少，或者當酒店開業時，對於三家提供外賣服務的物業來說，折扣會是多少？

We don't publicly release that information. We anticipate that we are buying assets below their replacement value and consistently pursue development deals to that end.

我們不會公開發布該資訊。我們預計我們將以低於其重置價值的價格購買資產，並為此不斷尋求開發交易。

That is fair. And then just switching gears to dispositions on the capital recycling front you mentioned it once or twice. Have you seen a change in buyer appetite for your non-core properties and have pricing expectations whether on your end or potential buyers end changed at all over the last 60 to 90 days?

這很公平。然後，我們再談談資本循環方面的處置，您曾經提過一兩次。您是否發現買家對您的非核心房產的興趣改變了？在過去 60 到 90 天內，您或潛在買家對價格的預期是否改變了？

You know, it is really difficult to say. There have been far fewer trades for the last 60 to 90 days. I think Ashford in their call announced that they had a large select service portfolio in the market they anticipate to close early next year. I think that will be a good indicator of what the market is for that type of asset.

你知道，這真的很難說。過去 60 到 90 天內的交易量大幅減少。我認為阿什福德在電話會議上宣布，他們在市場上擁有大量精選服務組合，預計將於明年初完成。我認為這將成為衡量此類資產市場狀況的一個很好的指標。

But I think given the volatility over the last month or so, people have pulled back and taken a little bit of a wait and see attitude both on the buy and the sell side. With the positive economic numbers that came out this morning, with the continued strength in most of our markets, we anticipate that that market will return and we will look to see how that shapes out when we get there.

但我認為，鑑於過去一個月左右的波動，買方和賣方都已經退縮並採取了觀望態度。由於今天早上公佈的積極經濟數據以及大多數市場的持續強勁表現，我們預計市場將會復甦，我們將拭​​目以待，看看屆時市場將如何發展。

And have your conversations changed in terms of the number of them that you are having not just your view broadly on the market but Apple specifically?

您的談話內容是否改變了？您談論的不僅是對市場的整體看法，而是對蘋果的具體看法？

On the buy or the sell side?

買方還是賣方？

On the sell side.

在賣方方面。

We continue to weigh our options and I think we are equally active but because again in our portfolio we are opportunistic on the sales side and don't really have assets that don't fit within our portfolio or where we have an immediate need to generate liquidity, we will be patient I think and wait for the market to return in terms of number of buyers before actively pursuing additional sales.

我們將繼續權衡我們的選擇，我認為我們同樣積極，但因為在我們的投資組合中，我們在銷售方面是機會主義的，並且沒有不適合我們投資組合的資產，或者我們立即需要產生流動性的資產，我認為我們會耐心等待市場在買家數量方面回升，然後再積極尋求額外的銷售。

Got it and then just one housekeeping item on RevPAR growth. Your 177 hotels, how many of them -- I think it is just the two in Richmond that were not open in the third quarter last year -- are there I guess -- I'm asking are there any other hotels that are boosting their RevPAR growth and then if you exclude those two Richmond hotels, what would RevPAR growth have been ex those?

明白了，然後只剩下 RevPAR 成長的一項管理事項。你們有 177 家酒店，其中有多少家——我認為只有里士滿的兩家酒店去年第三季度沒有開業——我想問一下，還有其他酒店的 RevPAR 增長率嗎？然後，如果排除這兩家里士滿酒店，那麼 RevPAR 成長率會是多少？

And then also, the aggregate RevPAR growth of the five recently acquired properties, I know you mentioned one of the Hamptons was up 20+% but looking for an aggregate figure for the quarter for the five.

然後，還有最近收購的五家酒店的 RevPAR 總體增長情況，我知道您提到其中一家漢普頓酒店的 RevPAR 增長了 20% 以上，但我們需要的是本季度這五家酒店的總體數據。

There is one other one, the Burbank SpringHill Suite that opened in mid-July of this year is also non same-store if you will and the difference in margin -- I don't have it in front of me but the Richmond properties are about average from the standpoint of RevPAR so they wouldn't have had a significant impact. The SpringHill Suites is a little bit higher so it is probably 10 to 20 basis points difference.

還有另外一家，今年 7 月中旬開業的 Burbank SpringHill Suite 也是非同店酒店，利潤率方面存在差異——我沒有這方面數據，但從 RevPAR 的角度來看，Richmond 的酒店大約處於平均水平，因此不會產生重大影響。 SpringHill Suites 稍微高一點，所以差異大概在 10 到 20 個基點之間。

And the Burbank Courtyard was up 13% in RevPAR. The SpringHill Suites was obviously brand new so there is not a comparison there. The Fort Lauderdale, that one was down slightly, the Fort Lauderdale property was down slightly. The Hampton Inn but that is because we are working on repositioning the mix and increasing higher rated business in that particular hotel. So that one was down slightly so we will have to pull together and follow-up with you on the aggregate number there.

伯班克庭院飯店的每間可用客房收入 (RevPAR) 上漲了 13%。 SpringHill Suites 顯然是全新的，所以沒有可比性。勞德代爾堡的房價略有下降，勞德代爾堡的房產價格略有下降。漢普頓酒店，但這是因為我們正在重新定位組合併增加該特定酒店的高評級業務。因此，這個數字略有下降，因此我們必須匯總並跟進那裡的總數。

Okay, thanks. That is all for me.

好的，謝謝。對我來說就這些了。

(Operator Instructions). Smedes Rose, Citigroup.

（操作員指令）。花旗集團的斯梅德斯‧羅斯 (Smedes Rose)。

I just wanted to ask you, you mentioned that you see limited supply in your markets. So within your markets, are you seeing more or less than what Smith Travel is forecasting for next year which I think is in the 1.5% range?

我只是想問你，你提到你們的市場供應有限。那麼，在您的市場中，您看到的成長率是高於還是低於史密斯旅遊公司對明年的預測（我認為在 1.5% 左右）？

Good morning. So on average because of the diversification of our portfolio, we will approximate growth rates published by Smith Travel. As we look at our competitive set and the position of our hotels, we look at new supply being built within a five-mile radius of our assets from most markets. That is an appropriate distance for assets to be competitive.

早安.因此，平均而言，由於我們的投資組合多樣化，我們將近似於史密斯旅遊公司公佈的成長率。當我們審視我們的競爭格局和酒店位置時，我們會關注大多數市場中我們酒店五英里半徑範圍內新建的酒店供應情況。這是資產具有競爭力的適當距離。

And as I mentioned in our second-quarter call, well over half of our markets don't have any new supply in the upper midscale, upscale or upper upscale segment within that radius. We have slightly higher use of high growth as you would anticipate in the top 25 markets which represent about half of our portfolio but we have roughly 57% of our portfolio that doesn't have any new supply in those three categories being built within a five-mile radius.

正如我在第二季電話會議上提到的那樣，我們超過一半的市場在相應半徑範圍內的中高檔、高檔或超高檔市場沒有任何新的供應。正如您所預料的那樣，在前 25 個市場中，我們對高成長產品的使用率略高，這些市場約占我們投資組合的一半，但我們投資組合中約有 57% 的這三個類別在五英里半徑範圍內沒有任何新供應。

So really from a competitive landscape standpoint and from a new supply standpoint we continue to feel very good about prospects for the next 12 to 18 months which is about as far as we have really clear visibility from a supply standpoint.

因此，從競爭格局和新供應的角度來看，我們對未來 12 到 18 個月的前景仍然非常樂觀，這是我們從供應角度真正清晰的可見程度。

Okay, so taking the sort of the first part of your remark and the second part of your remarks overall, the percentage increase in hotels or room supply is about comparable to what we would see from Smith Travel?

好的，那麼綜合您第一部分和第二部分的評論，飯店或客房供應量的百分比增幅與我們從史密斯旅行社 (Smith Travel) 看到的差不多嗎？

Yes.

是的。

Okay. And then are you seeing any change in -- just on the financing side on the ease of availability of financing to build new hotels or kind of the construction costs or things like that that might either cause an acceleration or deceleration in new supply?

好的。那麼，您是否看到融資方面有任何變化——例如，建造新酒店的融資難易程度，或者建築成本或諸如此類的因素，可能會導致新供應的加速或減速？

Interestingly and again we have been through several cycles now as a management team. Lending has really been the primary controlling factor in limiting new supply growth in this environment. We have seen easy access to funds primarily in formerly high barrier to entry markets like New York. Outside of those markets, funding for new development is still limited. Most of the major banks are watching the stock market and the volatility that has existed there and continuing their caution in lending. And really in the more suburban and tertiary market, the small local banks were historically the major lenders and they have been less active as well.

有趣的是，身為管理團隊，我們又經歷了幾個週期。在這種環境下，貸款確實是限制新供應成長的主要控制因素。我們發現，資金獲取管道變得十分便捷，主要是在紐約等以前門檻較高的市場。在這些市場之外，新開發的資金仍然有限。大多數主要銀行都在關注股市及其波動性，並繼續謹慎放款。而在郊區和第三產業市場中，小型地方銀行歷來是主要的貸款機構，而且它們的活躍度也較低。

I think the lending environment is very much the same as it has been for the past several years. We don't see right now nor do we anticipate significantly easier access to money for new development meaning that those who want to develop will end up putting significantly more equity into the deals and we think that is a good thing making sure that really only the deals that makes sense get done.

我認為貸款環境與過去幾年的情況大致相同。我們目前沒有看到，也不期望獲得新開發資金會變得更容易，這意味著那些想要開發的人最終會在交易中投入更多的股權，我們認為這是一件好事，確保只有真正有意義的交易才能完成。

Okay, thank you.

好的，謝謝。

Daniel Donlan, Ladenburg.

丹尼爾唐蘭，拉登堡。

This is actually John Massocca on for Dan. Good morning, everyone. So your SpringHill Suites and Homewood Suites assets really outperformed this quarter and on a nine-month basis. Is that driven by anything specific to the flags or is it more market and location specific?

這實際上是 John Massocca 為 Dan 主持的。大家早安。因此，您的 SpringHill Suites 和 Homewood Suites 資產在本季和前九個月的表現確實非常出色。這是由旗幟的具體特徵所驅動的嗎，還是更側重於市場和地點？

No, it is market and location specific as well as that we had some renovations year-over-year more in the Homewood Suites brand. Nothing specific or anything unusual going on with those brands.

不，這是特定於市場和位置的，而且我們對 Homewood Suites 品牌的翻新也比去年同期有所增加。這些品牌並沒有什麼特別或不尋常的事情發生。

Okay, that makes sense and then just a quick piece of housekeeping, your 2015 outlook, does that take into account the potential close of the hotels that you have which you have under contract, the three hotels you have under contract there?

好的，這很有道理，然後我簡單問一下，您對 2015 年的展望，是否考慮到了與您簽約的三家酒店可能關閉的可能性？

Well post the quarter we just have two, the Syracuse assets which we closed in late October and it does factor in a little bit for those two hotels.

好吧，本季結束後我們只剩下兩家了，錫拉丘茲的資產我們在 10 月底關閉，這對這兩家酒店確實有一點影響。

I'm talking about the Homewood Suites in Atlanta, the Courtyard in Fort Worth and the dual-branded hotel in Birmingham?

我說的是亞特蘭大的 Homewood Suites 酒店、沃斯堡的 Courtyard 酒店和伯明罕的雙品牌酒店？

No, they will not be delivered this year. They won't be open this year.

不，今年不會交付。他們今年不會開業。

Thank you so much. That is it for me.

太感謝了。對我來說就是這樣。

There are no further questions at this time. Mr. Knight, would you like to make any closing remarks?

目前沒有其他問題。奈特先生，您想做最後發言嗎？

Sure. Thank you. Thanks to everyone for joining us this morning. We hope that as you travel you will find opportunities to stay with us at our hotels and we hope you have a wonderful weekend.

當然。謝謝。感謝大家今天早上加入我們。我們希望您在旅行時能有機會入住我們的飯店，並希望您度過一個美好的週末。

This concludes today's teleconference. Thank you for participation and you may disconnect your lines at this time.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開線路了。