Apple Hospitality REIT Inc (APLE) 2018 Q4 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT's Fourth Quarter and Full Year 2018 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2018 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kelly Clarke, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。請繼續。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Fourth Quarter and Full Year 2018 Earnings Call, on this, the 26th day of February 2019.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2019 年 2 月 26 日舉行的 2018 年第四季和全年財報電話會議。

Today's call will be based on the fourth quarter and full year 2018 earnings release, which was distributed yesterday afternoon. As a reminder, 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.

今天的電話會議將基於昨天下午發布的 2018 年第四季和全年財報。提醒一下，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 2018 Form 10-K and other filings with the SEC. Any forward-looking statements 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. In addition, certain non-GAAP measures of performance, such as EBITDA, EBITDAre, adjusted EBITDA, adjusted EBITDAre, 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 release 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 2018 年 10-K 表格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。Apple Hospitality 所做的任何前瞻性陳述僅代表今日的觀點，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陳述的義務。此外，本次電話會議也將討論某些非 GAAP 績效指標，例如 EBITDA、EBITDAre、調整後的 EBITDA、調整後的 EBITDAre、FFO 和修改後的 FFO。我們鼓勵參與者審查昨天的收益報告和向美國證券交易委員會提交的其他文件中包含的這些指標與 GAAP 指標的對帳。

For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com.

如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; Krissy Gathright, our Chief Operating Officer; and Bryan Peery, our Chief Financial Officer, will provide an overview of our results for the fourth quarter and full year 2018 and an outlook for the sector and for the company. Following the overview, we will open the call for Q&A.

今天上午，我們的執行長賈斯汀奈特 (Justin Knight)； Krissy Gathright，我們的營運長；我們的財務長 Bryan Peery 將概述我們 2018 年第四季和全年的業績以及該行業和公司的前景。概述之後，我們將開始問答環節。

At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

現在，我很高興將電話轉給我們的執行長賈斯汀奈特 (Justin Knight)。

Thank you, Kelly. Good morning, and thank you for joining us today. As we begin 2019, the macroeconomic backdrop continues to be relatively strong with healthy GDP growth, low unemployment, rising corporate profits and high levels of consumer confidence, despite some political uncertainty in the U.S. and abroad. Although the hotel industry experienced only modest growth during 2018, fundamentals are stable and we remain optimistic that 2019 will be another year of steady performance for Apple Hospitality REIT.

謝謝你，凱利。早安，感謝您今天加入我們。2019年開始，儘管美國國內外存在一些政治不確定性，但宏觀經濟背景持續相對強勁，GDP成長健康，失業率低，企業利潤上升，消費者信心高漲。儘管 2018 年酒店業僅經歷了溫和增長，但基本面穩定，我們仍然樂觀地認為 2019 年將是 Apple Hospitality REIT 再次表現穩定的一年。

Our performance during the fourth quarter of 2017 related to hurricane recovery and restoration efforts in Houston and parts of Florida create a difficult year-over-year comps for us, which were exacerbated by the margin impact of the 2018 Hurricanes Florence and Michael and wrapping new supply in many of our markets.

2017 年第四季度，我們在休士頓和佛羅裡達部分地區的颶風恢復和重建工作方面的業績給我們帶來了同比困難，而 2018 年颶風佛羅倫薩和邁克爾對利潤率的影響以及許多市場新增供應的到來加劇了這一情況。

For our portfolio, comparable hotels RevPAR declined 0.8% during the fourth quarter and 0.2% for the year.

就我們的投資組合而言，可比飯店的 RevPAR 在第四季度下降了 0.8%，全年下降了 0.2%。

Adjusted EBITDA grew approximately 2% for the quarter and the full year. Through continued strategic mixed management and effective cost control measures, we were able to achieve comparable hotels adjusted hotel EBITDA margin of 35% for the quarter and 37% for the full year, well within guidance provided at the onset of 2018 and above the revised guidance despite revenue challenges. We are incredibly proud of both our asset management and on-site management teams, especially during this period of moderate-to-flat top line growth with continued wage and expense pressures.

本季和全年調整後的 EBITDA 成長約 2%。透過持續的策略性混合管理和有效的成本控制措施，我們實現了可比飯店調整後飯店 EBITDA 利潤率在本季達到 35%，全年達到 37%，儘管面臨收入挑戰，但仍遠低於 2018 年初提供的指導，並高於修訂後的指導。我們對我們的資產管理和現場管理團隊感到無比自豪，特別是在這個收入成長適度至平穩、薪資和支出壓力持續存在的時期。

We anticipate we will continue to see moderate demand growth in 2019 with property level performance challenged by new supply and continued expense growth overall, including increases in labor cost, driven primarily by a competitive labor market.

我們預計，2019 年需求將繼續溫和增長，房地產水平表現將受到新供應和整體費用持續增長的挑戰，包括勞動力成本的增加，這主要受到勞動力市場競爭的推動。

From a capital allocation standpoint, we returned $380 million to shareholders in 2018 and over $1.2 billion since listing through dividends and share buybacks.

從資本配置的角度來看，我們在 2018 年向股東返還了 3.8 億美元，自上市以來透過股利和股票回購返還了超過 12 億美元。

While we anticipate that funds used to buy shares will ultimately be offset by proceeds from asset sales, we were able to utilize our balance sheet to take advantage of what we saw as significant discrepancies between public and private market valuations, as hotel stocks traded down during the fourth quarter.

雖然我們預計用於購買股票的資金最終將被資產出售所得所抵消，但由於酒店股在第四季度交易下跌，我們能夠利用資產負債表來利用我們所看到的公開市場和私人市場估值之間的巨大差異。

As we have highlighted in the past, we will continue to evaluate share repurchases and act where we see opportunity to create incremental value for our shareholders. In addition to share buybacks, we continually seek opportunities that are additive to our portfolio and build upon our strategy to enhance shareholder value over the long term.

正如我們過去所強調的那樣，我們將繼續評估股票回購，並在看到為股東創造增量價值的機會時採取行動。除了股票回購之外，我們也不斷尋求補充我們投資組合的機會，並在我們的策略基礎上長期提升股東價值。

During the fourth quarter of 2018, we purchased the 127-room Hyatt Place Jacksonville airport for $15 million, bringing our total 2018 acquisitions to 5 hotels for $152 million. We are excited to have our first Hyatt branded hotel and look forward to adding additional Hyatt hotels when appropriate.

2018 年第四季度，我們以 1,500 萬美元收購了擁有 127 間客房的傑克遜維爾機場凱悅嘉軒酒店，使我們 2018 年的收購總額達到 5 家酒店，收購金額達 1.52 億美元。我們很高興擁有第一家凱悅品牌酒店，並期待在適當的時候增加更多凱悅酒店。

While we build scale within the Hyatt brands, we believe that we will be able to leverage our experience with comparable Hilton and Marriott's rooms-focused product to enhance property operating performance. We have 6 additional hotels under contract for acquisition with a combined purchase price of $162 million, including a recently signed contract for the existing 160-room Hampton Inn & Suites in St. Paul, Minnesota for $32 million. This asset, along with the 5 hotels highlighted on previous calls, which are new construction projects, augment and strengthen our existing portfolio.

在凱悅品牌內部擴大規模的同時，我們相信，我們將能夠利用與希爾頓和萬豪類似的以客房為中心的產品的經驗來提高酒店的營運表現。我們還有 6 家酒店正在簽訂收購合同，總收購價為 1.62 億美元，其中包括最近簽署的位於聖路易斯的現有 160 間客房的漢普頓酒店及套房的合同。保羅，明尼蘇達州，售價 3200 萬美元。這項資產以及先前電話會議中重點介紹的 5 家酒店（均為新建項目）擴大並加強了我們現有的投資組合。

We anticipate construction of the 128-room Home2 Suites in Orlando, Florida, will be completed this spring and construction for the remaining 4 hotels will be completed in 2020. All of the new build projects are with trusted developers and our contracts have enabled us to lock in attractive per key pricing in the current rising cost environment. As we add hotels to our portfolio, we assess our existing assets and look for opportunities to exit where we are able to achieve attractive pricing and where we feel proceeds can be redeployed in ways that further enhance shareholder value.

我們預計位於佛羅裡達州奧蘭多的 128 間客房的 Home2 Suites 酒店將於今年春季完工，其餘 4 家酒店的建設將於 2020 年完工。所有新建項目均與值得信賴的開發商合作，我們的合約使我們能夠在當前成本上升的環境中鎖定有吸引力的每筆價格。當我們將酒店添加到我們的投資組合中時，我們會評估現有資產並尋找退出機會，以便我們能夠實現有吸引力的定價，並且我們認為可以以進一步提高股東價值的方式重新部署收益。

During 2018, we completed the sale of 3 hotels and entered into a contract with a private equity buyer for the sale of 16 assets. The total combined sales price for the 16 assets of $175 million represented just under a 12x multiple on 2018 EBITDA after PIP or a 7.5% cap rate on 2018 results after anticipated PIP cost and industry standard FF&E reserve. In February, the buyer for the 16 assets failed to meet its obligation under our contract and we entered into a new contract at a similar multiple for a subset of the initial portfolio, representing 9 of the original hotels with an anticipated closing over the next couple of months. The buyer's $7 million deposit is nonrefundable.

2018年，我們完成了3家酒店的出售，並與私募股權買家簽訂了出售16項資產的合約。這 16 項資產的總售價為 1.75 億美元，相當於 PIP 後 2018 年 EBITDA 的 12 倍，或預期 PIP 成本和行業標準 FF&E 儲備後的 2018 年業績的 7.5% 資本化率。2 月份，這 16 項資產的買家未能履行合同規定的義務，我們以相似的倍數簽訂了一份新合同，收購了初始投資組合的一部分，代表了原始酒店中的 9 家，預計將在未來幾個月內完成交易。買家的 700 萬美元定金將不予退還。

With the first quarter rebound in the public markets and continued availability of debt for quality hotel assets, we view portfolio transactions as increasingly likely over the coming months. We continue to closely monitor new hotel supply growth in our markets, which has approximated national averages for our product type. Despite demand growth across much of the U.S., ramping supply continues to create a headwind for our portfolio in a number of markets.

隨著第一季公開市場的反彈以及優質飯店資產債務的持續供應，我們認為未來幾個月投資組合交易的可能性將越來越大。我們將繼續密切關注我們市場中新酒店供應的增長情況，該增長已接近我們產品類型的全國平均水平。儘管美國大部分地區的需求都在成長，但供應量的增加仍然對我們在多個市場的投資組合造成阻力。

At the end of the fourth quarter, approximately 64.3% of our properties had one or more upper mid-scale, upscale or upper upscale new construction projects within a 5-mile radius, a slight uptick from last quarter. We are optimistic that as construction costs continue to rise, new supply will begin to peak over the next 12 to 18 months and begin to represent less of a headwind for us. We are confident that the strength of our brands, our consistent reinvestment, our locations within markets and the quality of our on-site management teams position our portfolio to remain competitive over the long term despite near-term increased competition from newly opened hotels. Apple Hospitality was intentionally structured to mitigate risk of investing in the lodging industry and maximize operating results through all phases of an economic cycle. With a focus on providing our investors with consistent dividends and appreciation in the value of their underlying investment, we own hotels with broad consumer appeal that are diversified across a variety of U.S. markets and aligned with the best lodging brands and hospitality management teams in the industry. We consistently reinvest in our hotels. We follow a disciplined approach to capital allocation and we maintain financial flexibility with low levels of debt.

截至第四季末，我們約有 64.3% 的物業在 5 英里半徑範圍內擁有一個或多個中高檔、高檔或超高檔新建項目，較上一季度略有上升。我們樂觀地認為，隨著建築成本持續上升，新的供應將在未來 12 到 18 個月內達到峰值，並開始減輕我們的阻力。我們相信，儘管近期新開業酒店的競爭加劇，但我們的品牌實力、持續的再投資、市場定位以及現場管理團隊的素質將使我們的投資組合在長期內保持競爭力。Apple Hospitality 的結構旨在降低投資住宿業的風險，並在經濟週期的各個階段實現營運績效最大化。我們致力於為投資者提供持續的股息和基礎投資價值的升值，我們擁有具有廣泛消費者吸引力的酒店，這些酒店遍布美國各個市場，並與業內最好的住宿品牌和酒店管理團隊保持一致。我們持續不斷地對我們的酒店進行再投資。我們遵循嚴格的資本配置方法，並透過較低的債務水準來保持財務靈活性。

Today, with 241 hotels diversified across 88 U.S. markets, we are the largest publicly traded REIT focused on the rooms-focused segment of the lodging industry, and we are confident we are well positioned for continued success this year and beyond.

如今，我們在美國 88 個市場擁有 241 家多元化飯店，是專注於住宿業客房領域的最大上市房地產投資信託基金 (REIT)，我們有信心在今年及未來繼續取得成功。

I would now like to hand the call over to Krissy to provide additional detail on performance across our markets during the fourth quarter and full year 2018.

現在，我想將電話交給 Krissy，讓她提供有關 2018 年第四季和全年各個市場表現的更多詳細資訊。

Thank you. As Justin mentioned, the fourth quarter 2018 was challenging from a comparison standpoint due to elevated hurricane-related demand in late 2017. During the quarter, we also experienced a net positive impact from demand associated with the 2018 hurricanes and, to a lesser extent, the Boston area gas explosions. RevPAR, excluding the markets affected by these events was 130 basis points higher for the quarter and 20 basis points higher for the year.

謝謝。正如賈斯汀所提到的，由於 2017 年末颶風相關需求增加，2018 年第四季從比較角度來看充滿挑戰。本季度，我們也受到了 2018 年颶風以及波士頓地區天然氣爆炸（程度較輕）相關需求的淨正面影響。不包括受這些事件影響的市場，RevPAR 本季上漲了 130 個基點，全年上漲了 20 個基點。

In 2019, we estimate that the headwind from Hurricanes Harvey and Irma should materially subside by midyear. Elevated demand from Hurricane Florence will boost first quarter results, but along with the fourth quarter benefit from the Boston area gas explosions will create a headwind in the fourth quarter. And benefits from Hurricane Michael recovery business in Panama City should continue throughout the year, leading to an expectation for a slightly more favorable comparison in 2019. While the impact of the government shutdown is difficult to quantify, it weighed on January results. Our January comparable RevPAR declined almost 1% aided in part by more favorable Super Bowl comparison and Valentine's Day shifting one day forward, February results have improved with RevPAR increasing in the 2% range through the first full 3 weeks of the month. Market performance continues to vary across our geographically diversified portfolio. Many of our Sun Belt markets are benefiting from increased population growth due to their warmer climate, strong job growth and relative affordability. Our East South Central region RevPAR grew 4% in the quarter with several Alabama markets benefiting from multiyear manufacturing and government projects.

2019 年，我們估計颶風哈維和颶風伊爾瑪帶來的逆風將在年中大幅減弱。颶風佛羅倫斯帶來的需求增加將提振第一季的業績，但加上波士頓地區天然氣爆炸帶來的第四季收益將對第四季造成阻力。巴拿馬城颶風邁克爾恢復業務帶來的效益預計將持續全年，因此預計 2019 年的恢復情況將略有改善。儘管政府關門的影響難以量化，但它對一月份的業績造成了影響。1 月份，我們的可比 RevPAR 下降了近 1%，部分原因是超級盃比賽的成績更為有利，而且情人節提前了一天，2 月份的業績有所改善，在本月的前 3 週，RevPAR 增長了 2% 左右。我們地域多元化投資組合的市場表現持續存在差異。由於氣候溫暖、就業成長強勁以及相對的負擔能力，我們的許多陽光地帶市場都受益於人口成長。本季度，我們東南中部地區的 RevPAR 成長了 4%，其中阿拉巴馬州的幾個市場受益於多年的製造和政府項目。

Our Phoenix and Tucson markets continued to perform well with a solid outlook in 2019, including additional benefit from the ramp of our Downtown, Phoenix Hampton Inn & Suites, which opened in May 2018.

我們的鳳凰城和圖森市場在 2019 年繼續表現良好，前景穩健，這得益於我們 2018 年 5 月開業的鳳凰城市中心漢普頓酒店及套房的開業。

Our Pacific region performed well with a robust convention calendar in San Diego, strong technology demand in Sacramento and San Jose, some additional lift from wildfires in the Los Angeles area and earthquake, government and energy-related demand in Anchorage. Diminished hurricane recovery business as well as supply-related pressures resulted in declining RevPAR for several Florida and Texas markets in the fourth quarter. The Houston market was the largest underperformer with RevPAR down 23%. Austin remains one of our most challenging markets with RevPAR declining 20%, resulting from lower hurricane-related FEMA demand, ongoing renovations and increased supply. As 3 of our Austin area hotels come out of renovation in the first quarter, we will be well positioned to take advantage of new demand generators, including Apple's campus expansion, construction of the University of Texas's new world-class arena and the new MLS soccer park and stadium.

我們的太平洋地區表現良好，聖地牙哥的會議行程豐富，薩克拉門托和聖荷西的技術需求強勁，洛杉磯地區的野火帶來了一些額外提振，安克拉治的地震、政府和能源相關需求也帶來了提振。颶風恢復業務的減少以及與供應相關的壓力導致第四季度佛羅裡達州和德克薩斯州的幾個市場的 RevPAR 下降。休士頓市場表現最差，RevPAR 下降了 23%。奧斯汀仍然是我們最具挑戰性的市場之一，由於與颶風相關的聯邦緊急事務管理局需求下降、正在進行的翻修和供應增加，RevPAR 下降了 20%。由於我們位於奧斯汀地區的三家酒店在第一季完成翻新，我們將能夠充分利用新的需求驅動因素，包括蘋果園區的擴建、德克薩斯大學新的世界級體育館的建設以及新的 MLS 足球公園和體育場。

Moving into profitability. We are extremely pleased with our fourth quarter and full year results, achieving a strong hotel EBITDA margin of 34.6% and 37.2%, respectively. Same-store expenses grew a modest 40 basis points for the quarter and 1.4% for the year. Excluding fixed expenses, our operating margin only declined 30 basis points in 2018. While wage pressures persist, our proactive implementation of labor management tool, combined with the intensive oversight of our asset management team enabled our operators to improve scheduling efficiency, reduce over time and increase productivity. At the end of 2018, 90% of our operators had implemented the labor management system. Approximately half of our operators had fully implemented systems at the beginning of 2018. And for that subset of hotels, we completed an analysis of the key components of the savings. We focused our analysis on hourly wages in the rooms department and found that the average pay rate increase was 4.6% with a 2.2% overall reduction in hours with a net 2.3% increase in rooms hourly wages. On a per occupied room basis, the rooms wage increase for the subset was 2.7% compared to 3.4% for the remainder of the portfolio. As a percentage of total hours, overtime hours decreased 4% to 3.5% of total hours. Total same-store wages, both hourly and salaried, increased 2.1% for the year or 2.9% on a per occupied room basis, just under our target of 3%.

邁向盈利。我們對第四季和全年業績感到非常滿意，飯店 EBITDA 利潤率分別達到 34.6% 和 37.2%。本季同店支出小幅成長 40 個基點，全年成長 1.4%。不計固定費用，2018 年我們的營業利潤率僅下降了 30 個基點。儘管工資壓力持續存在，但我們積極實施勞動力管理工具，加上資產管理團隊的嚴格監督，使我們的操作員能夠提高調度效率、減少加班並提高生產力。截至2018年底，我們90%的作業人員已實施勞動管理制度。截至 2018 年初，我們約有一半的營運商已全面實施該系統。對於這部分飯店，我們完成了節省成本的關鍵組成部分的分析。我們重點分析了客房部的時薪，發現平均工資率增加了 4.6%，整體工作時間減少了 2.2%，客房部小時工資淨增加了 2.3%。以每間入住客房計算，該子集的客房工資漲幅為 2.7%，而其餘投資組合的客房工資漲幅為 3.4%。以佔總工時的百分比計算，加班時間減少了 4%，降至 3.5%。全年同店薪資總額（包括時薪和固定薪資）成長 2.1%，以每間入住客房計算成長 2.9%，略低於我們的 3% 的目標。

Our favorable reduction in workers' compensation expense and in line benefits costs produced an even lower increase in total same-store payroll dollars of 1.9% or 2.6% on a per occupied room basis. Considering that we are still challenged by tight labor environment and associate satisfaction and retention remains a high priority, our target is to be at or below 4% same-store wage growth in 2019. Well much of the efficiencies from the labor management systems have been realized, there are still savings to be achieved by the management companies that were not fully operational for the entire year. We've also seen success from Green Choice programs, which allow gas to forgo services in exchange for loyalty points and the take rate continues to grow as guests become more familiar with these programs. Our teams' diligent focus on maximizing parking and cancellation revenue continues to produce impressive results. Other revenue dollars on a same-store basis grew 23% or 60 basis points as a percentage of revenue in the quarter and 18%, a 40 basis point as a percentage of revenue for the year. Our highly effective process from executing timely renovations at minimized disruption to detail benchmarking enabling solid cost control to initiating sustainability projects that reduce energy consumption to a sharp focus on driving ancillary revenue have enabled us to maintain solid margins in a low revenue growth and increasing cost environment.

我們大幅降低了工人賠償費用和福利成本，導致同店總薪資的增幅更低，僅為 1.9% 或每間入住客房 2.6%。考慮到我們仍面臨勞動力緊張的挑戰，員工滿意度和留任率仍然是重中之重，我們的目標是2019年同店薪資成長率達到或低於4%。勞動力管理系統的大部分效率已經實現，但對於全年未全面投入營運的管理公司來說，仍有一些成本有待節省。我們也看到了綠色選擇計劃的成功，該計劃允許加油站放棄服務以換取忠誠度積分，並且隨著客人對這些計劃越來越熟悉，收費率持續增長。我們的團隊致力於最大限度地提高停車和取消收入，並持續取得令人矚目的成果。本季同店其他營收成長 23% 或占營收的 60 個基點，全年同店其他營收成長 18% 或占營收的 40 個基點。我們高效的流程，從及時進行改造以盡量減少干擾，到進行詳細的基準測試以實現可靠的成本控制，再到啟動降低能源消耗的可持續發展項目，再到高度重視推動輔助收入，使我們能夠在低收入增長和成本增加的環境中保持穩定的利潤率。

For 2019, we will continue these efforts as well as investing in additional internal resources to work with our operators on enhancing the revenue strategy capability, ensuring that revenue management sales and digital teams are working collaboratively and proactively to drive the optimal mix depending on individual market condition.

2019年，我們將繼續這些努力，並投入額外的內部資源，與我們的營運商合作，增強收入策略能力，確保收入管理銷售和數位團隊能夠協同並積極主動地根據各個市場情況推動最佳組合。

I will now turn the call over to Bryan to provide additional detail on our financial results.

現在我將把電話轉給布萊恩，讓他提供更多關於我們財務表現的細節。

Thanks, Krissy, and good morning. Summarizing some of our results for the quarter and year, total revenue was $295 million, an increase of 2% from the fourth quarter of 2017. For the year, total revenue was $1.3 billion, an increase of 30% from 2017. Adjusted EBITDA was $95 million in the fourth quarter and $449 million for the full year of 2018, both an increase of 2% from the same periods in 2017.

謝謝，克麗西，早安。總結本季和年度的部分業績，總收入為 2.95 億美元，較 2017 年第四季成長 2%。全年總營收為 13 億美元，較 2017 年成長 30%。2018 年第四季調整後 EBITDA 為 9,500 萬美元，全年調整後 EBITDA 為 4.49 億美元，均較 2017 年同期成長 2%。

Modified FFO per share was $0.36 per share, flat compared to the fourth quarter of 2018, and we were down 1% to $1.72 per share for the full year compared to 2017. Consistent with our normal annual spend, we invested $71 million in capital expenditures in 2018. Anticipate spending $80 million to $90 million in capital expenditures in 2019, a slight increase due to a planned renovation at 1 of our 3 full-service hotels and completing anticipated property improvement plans related to 2 of our 2018 acquisitions.

調整後每股 FFO 為 0.36 美元，與 2018 年第四季持平，全年與 2017 年相比下降 1% 至每股 1.72 美元。與我們的正常年度支出一致，我們在 2018 年投資了 7,100 萬美元的資本支出。預計 2019 年資本支出為 8,000 萬至 9,000 萬美元，由於我們計劃對 3 家全方位服務酒店中的 1 家進行翻新，並完成與 2018 年收購的 2 家酒店相關的預期物業改善計劃，因此資本支出略有增加。

Finished the year with $1.4 billion in outstanding debt with a weighted average maturity of approximately 5.2 years and an average rate of 3.7%. Availability under our credit facilities totaled $231 million at the end of the year. Almost 75% of our debt was effectively fixed rate with a weighted average rate of 4% in an average remaining term of 4.4 years. Krissy and Justin touched on it, but in addition to the revenue disruption, we did experience additional costs in the quarter related to Hurricane Michael. Some of our hotels in the hurricane's path have [named] storm insurance deductibles due to their location. As a result, we incurred approximately $900,000 in the fourth quarter to remediate and repair the affected hotels, which represented 30 basis points of the 50 basis points margin decline in the quarter. We continue to work through the insurance claims process and all the -- although the hotels are operational, we do have certain remediation tasks to complete. However, we do not anticipate any additional cost that will not be reimbursed by insurance carriers associated with hurricanes Florence and Michael, and we do anticipate receiving business interruption proceeds in 2019. Proceeds will not be recognized until received. Our 2018 adjusted EBITDA and hotel EBITDA margin percent were in line with the midpoint of our guidance provided in February of last year and above the high end of our expectations in early November.

年底未償還債務為 14 億美元，加權平均期限約為 5.2 年，平均利率為 3.7%。截至年底，我們的信貸額度總額已達 2.31 億美元。我們的債務中幾乎有 75% 是有效固定利率，平均加權率為 4%，平均剩餘期限為 4.4 年。克麗絲和賈斯汀談到了這一點，但除了收入中斷之外，我們在本季度還經歷了與颶風邁克爾相關的額外成本。我們位於颶風路徑上的一些酒店由於其位置而具有[指定的]風暴保險免賠額。因此，我們在第四季度花費了約 90 萬美元來補救和修復受影響的酒店，這佔本季利潤率下降 50 個基點中的 30 個基點。我們將繼續處理保險索賠流程以及所有事宜——儘管酒店仍在運營，但我們確實有一些補救任務需要完成。然而，我們預計與佛羅倫薩颶風和邁克爾颶風相關的任何額外費用都不會由保險公司報銷，並且我們預計 2019 年將收到業務中斷收益。收益只有在收到後才會確認。我們 2018 年的調整後 EBITDA 和飯店 EBITDA 利潤率百分比與去年 2 月提供的指導中點一致，並且高於 11 月初預期的高端。

Based on our operating performance to date, our announced transactions and our expectations for the year, we anticipate results for 2019 to be in the following ranges. Net income between $168 million and $192 million, comparable hotels RevPAR change between negative 1% and plus 1%, comparable hotels adjusted EBITDA margin percent between 35.4% and 36.4% and adjusted EBITDAre between $423 million and $443 million.

根據我們迄今為止的經營業績、已宣布的交易以及對今年的預期，我們預計 2019 年的業績將在以下範圍內。淨收入在 1.68 億美元至 1.92 億美元之間，可比飯店 RevPAR 變化在負 1% 至正 1% 之間，可比飯店調整後的 EBITDA 利潤率百分比在 35.4% 至 36.4% 之間，調整後的 EBITDA 在 4.23 億美元至 4.43 億美元之間。

To discuss the disposition of 9 hotels as completed is currently anticipated at the end of the first quarter, we do not believe the RevPAR change and hotel EBITDA margin percent change will be affected, however, our adjusted EBITDA range will be reduced by $7 million at the end of each range. Our guidance does not reflect the company's adoption of the new lease accounting standard effective 1/1/19. We anticipate the adoption of the standard will increase our adjusted hotel EBITDA margin percent and adjusted EBITDA as we will have 4 ground leases reclassified from operating to financing leases. As a result, these leases will reduce current ground lease expense and increase interest and depreciation expense. Company anticipates recording a total right-of-use asset in the first quarter of 2019 between $110 million and $125 million, of which between $100 million and $110 million relates to the 4 ground leases that will be classified as financing. We do not plan to restate any prior periods. Justin highlighted, we acquired over 6.5 million shares of our common stock through our share repurchase program for a total of just over $100 million since the end of the third quarter. The weighted average purchase price was $15.79 per share. We currently had a written trading plan in place, intended to comply with 10b5-1. Our repurchase program may be suspended or terminated at any time.

目前預計在第一季末對 9 家已完工的酒店進行處置，我們認為 RevPAR 變化和酒店 EBITDA 利潤率百分比變化不會受到影響，但是，我們調整後的 EBITDA 範圍將在每個範圍末減少 700 萬美元。我們的指導並未反映本公司自 2019 年 1 月 1 日起採用的新租賃會計準則。我們預計，採用該標準將提高我們調整後的飯店 EBITDA 利潤率百分比和調整後的 EBITDA，因為我們將有 4 項土地租賃從經營租賃重新分類為融資租賃。因此，這些租約將減少當前的土地租賃費用並增加利息和折舊費用。該公司預計 2019 年第一季記錄的使用權資產總額將在 1.1 億美元至 1.25 億美元之間，其中 1 億美元至 1.1 億美元與 4 項土地租賃有關，這些租賃將被歸類為融資。我們不打算重述任何前期數據。賈斯汀強調，自第三季末以來，我們透過股票回購計畫回購了超過 650 萬股普通股，總額略高於 1 億美元。加權平均購買價格為每股 15.79 美元。我們目前已經制定了書面交易計劃，旨在遵守 10b5-1。我們的回購計劃可能隨時暫停或終止。

During the fourth quarter, the company paid distributions of $0.30 per share or a total of approximately $69 million. For the full year of 2018, the company paid distributions of $1.20 per share or a total of $276 million. The annualized $1.20 per common share represents an annual 7.2% yield on our February 21 closing price of $16.76. Thank you for joining us this morning, on what we know is a very busy morning. We will now open the call up for questions.

第四季度，該公司支付了每股 0.30 美元的分配，總計約 6,900 萬美元。2018 年全年，該公司每股派息 1.20 美元，總計 2.76 億美元。每股普通股年化收益率 1.20 美元，以 2 月 21 日收盤價 16.76 美元計算，年收益率為 7.2%。感謝您今天早上加入我們，我們知道這是一個非常忙碌的早晨。我們現在開始回答問題。

(Operator Instructions) Our first question comes from Austin Wurschmidt with KeyBanc Capital Markets.

（操作員指示）我們的第一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

This is Kasey O'Brien calling for Austin Wurschmidt. With respect to the portfolio disposition, you mentioned the 9 assets under contract will still be sold as similar multiple at 7.5 cap rates. And I was curious if you're still actively marking the remaining 7 assets that were in your original '16 asset portfolio?

我是凱西‧奧布萊恩 (Kasey O'Brien)，呼叫奧斯汀‧沃施密特 (Austin Wurschmidt)。關於投資組合處置，您提到合約下的 9 項資產仍將以 7.5 的資本化率以相似倍數出售。我很好奇，您是否仍在積極標記原始 16 個資產組合中的剩餘 7 個資產？

Thanks for joining us. Yes, that is correct. We were able to re-sign the 9 assets at a similar multiple to the initial deal. And we continue to explore opportunities for other assets with -- in our portfolio, including the balance of that portfolio.

感謝您的加入。是的，正確。我們能夠以與初始交易相似的倍數重新簽署這 9 項資產。我們將繼續探索投資組合中其他資產的機會，包括該投資組合的餘額。

Okay. Awesome. And then also one more question, with the stock split of $16, how much buyback capacity do you have relative to your leverage targets? And what do you consider buying back stock prior to the closing of the portfolio sale in February?

好的。驚人的。還有一個問題，股票分割為 16 美元，相對於您的槓桿目標，您的回購能力是多少？您認為在二月投資組合出售結束前回購股票怎麼樣？

Good question. We -- from a capacity standpoint, we have more than enough capacity. We have $360 million approximately available under our share repurchase authorization. And we have roughly $200 million immediately available on our line of credit. Our expectation would be that future share repurchases would be funded with proceeds from disposition in an effort to preserve our balance sheet. That said, should we encounter a situation like we did in the fourth quarter, where there is a massive displacement, we have flexibility to act near term using our balance sheet and then to pay down the debt with proceeds from sale at a point -- at some point in the future.

好問題。從產能角度來看，我們的產能綽綽有餘。根據我們的股票回購授權，我們有大約 3.6 億美元可用。我們的信用額度目前大約有 2 億美元可用。我們的預期是，未來的股票回購將由處置收益提供資金，以維護我們的資產負債表。也就是說，如果我們遇到像第四季那樣的情況，出現大規模的流失，我們可以靈活地利用我們的資產負債表在短期內採取行動，然後在未來的某個時候用銷售收益償還債務。

Our next question comes from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Another question on the -- another one on disposition. So what caused the original buyer to reduce their commitment? And have you seen other buyers come in with interest in the space, especially given the connection between public and private market valuations?

另一個問題是關於處置的另一個問題。那麼是什麼原因導致原來的買家減少他們的承諾呢？您是否看到其他買家對該領域感興趣，特別是考慮到公開市場和私人市場估值之間的關聯？

So I have it in our last call, that this particular buyer, like many of the buyers that we've interacted with, responded to our first inquiries was relatively new to the space and this for -- this transaction for this particular buyer was a larger transaction than the buyer had done in the past. We resized the portfolio to be a better fit for the buyer and this buyer's capacity, with the intention that upon successfully completing this transaction, we might pursue additional transactions with him in the future. The makeup of the subset of the portfolio is fairly similar to the broader portfolio. The average age of the portfolio that we currently have under contract is 14 years. We have RevPAR for that portfolio approaching $75. The remaining assets of the asset that were pulled are slightly younger, about a year younger and about $10 more in RevPAR. But otherwise relatively similar in terms of geographic distribution. As I highlighted in response to your earlier question, we continue to explore opportunities for the remaining assets as we look at opportunities with other assets in our portfolio as well.

因此，在上次通話中，我了解到，這位特定的買家，就像我們接觸過的許多買家一樣，對我們的第一次詢問做出了回應，他是這個領域的新手，而且對於這位特定的買家來說，這筆交易比他過去做過的交易要大。我們調整了投資組合的規模，使其更適合買家及其能力，目的是在成功完成此交易後，我們可能會在未來與他進行更多交易。此投資組合子集的組成與更廣泛的投資組合非常相似。我們目前簽訂的合約投資組合的平均年資為 14 年。我們該投資組合的 RevPAR 接近 75 美元。被撤出的資產的剩餘資產稍微年輕一些，大約年輕一年，RevPAR 高出約 10 美元。但就地理分佈而言，情況相對相似。正如我在回答您先前的問題時所強調的那樣，我們將繼續探索剩餘資產的機會，同時也在尋找投資組合中其他資產的機會。

Last year, there was a big hope or expectation, I guess, that you would see signings and infrastructure starts in the self-storage space decline given higher interest rate costs and higher labor costs. Did you see that to the extent you expected? And are you seeing a bit more of a pickup in those metrics this year as significant cost, I guess, come back in line?

我想，去年，人們曾抱持著很大的希望或期望，鑑於利率成本和勞動成本的上升，自助倉儲空間的簽約量和基礎設施開工量將會下降。您是否看到了您所期望的程度？我猜，由於成本大幅回落，您是否認為今年這些指標會回升？

It's a good question. We haven't seen a material change, at least beneficial change, in terms of the cost structure for these deals. We continue, as you know, to underwrite for our own purposes a number of development deals and have seen construction costs driven by labor and the cost of raw materials and land continue to go up. So we haven't seen a major change there. The most notable pattern that we've recognized is we've looked at this quarter-to-quarter and year-over-year is that there is a meaningful discrepancy between pipeline and anticipated deliveries and what we actually are seeing delivered in our markets. And so that could be 100 to 200 basis point variant. And what we are finding is that it's taking longer for projects to get completed even once they are in the ground. We've experienced this firsthand with our Home2 project in Florida and have seen it with other projects in markets where we anticipate a project will come online long before it actually ends up getting delivered. And that's the most consistent trend. As we highlighted in our remarks, we continue to anticipate that and the dynamics driven largely by continued cost increases and this slow growth within the overall economy will over time produce fewer new hotels. But right now, that's a meaningful pipeline and it's taking longer for those deals to be delivered, and as a result, we think there will be continuing supply coming online for the next 12 to 18 months before we begin to see a noticeable decline.

這是個好問題。就這些交易的成本結構而言，我們還沒有看到實質的變化，至少是有益的變化。如您所知，我們繼續為自己的目的承保一些開發交易，並且看到由勞動力、原材料和土地成本推動的建築成本持續上漲。所以我們還沒有看到重大變化。我們認識到的最顯著的模式是，透過對季度和年度的觀察，我們發現管道和預期交付量與我們在市場上實際看到的交付量之間存在顯著差異。因此這可能是 100 到 200 個基點的變數。我們發現，即使專案已經開始，也需要更長的時間才能完成。我們在佛羅裡達州的 Home2 專案中親身經歷了這種情況，並且在其他市場專案中也看到了這種情況，我們預計專案將在實際交付之前很久就上線。這是最一致的趨勢。正如我們在評論中所強調的那樣，我們繼續預計，主要受成本持續上漲和整體經濟緩慢成長驅動的動態將隨著時間的推移產生更少的新酒店。但目前，這是一個有意義的管道，這些交易需要更長的時間才能完成，因此，我們認為在未來 12 到 18 個月內，將繼續有供應上線，然後我們才會開始看到明顯的下降。

Got it. And maybe one more from me. I mean, Hyatt is a -- has changed sort of its food offering at Hyatt Place, and I believe that resulted in some RevPAR volatility at those brands in the fourth quarter. What's your view on that process? And how does that impact your view of the brand going forward?

知道了。也許我還會再說一個。我的意思是，凱悅已經改變了凱悅嘉軒酒店的餐飲供應，我認為這導致該品牌在第四季度的每間可用客房收入 (RevPAR) 出現波動。您對此過程有何看法？這對您對品牌未來發展的看法有何影響？

Anthony, sorry, I missed that. Are you talking about the Hyatt Place or Jacksonville performance for the fourth quarter?

安東尼，抱歉，我忽略了這一點。您說的是凱悅酒店或傑克遜維爾酒店第四季的表現嗎？

Just the Hyatt select service brand, in general, I believe, they changed some of their food offerings.

整體而言，我相信凱悅精選服務品牌改變了部分食品供應。

Oh, sorry, sorry, I missed that. Okay. So in terms of the Hyatt Place product, the Hyatt Place, in order -- Hyatt Place, in order to grow to strengthen their loyalty program, actually made a change, that for those who book directly and that are Hyatt -- World of Hyatt members, they're able to receive guests for complimentary breakfast. Before it used to be open to everyone. So that should result in 2 additional benefits. Number one is that it should hopefully grow and we're monitoring that increased loyalty members and increased direct bookings, which then reduces distribution costs. And the second impact of that and I think we really only have one Hyatt Place at this particular moment. We look to -- we look forward to acquire more. But the second benefit of that is a favorable reduction, a slight reduction from what we've seen in talking to our operators so far, but a favorable reduction in complimentary cost as well.

哦，對不起，對不起，我忘記了。好的。因此，就凱悅嘉軒產品而言，凱悅嘉軒為了發展壯大其忠誠度計劃，實際上做出了改變，對於那些直接預訂的凱悅酒店和凱悅天地會員，他們可以為客人提供免費早餐。以前它對所有人開放。因此這會帶來另外兩個好處。首先，我們希望它能夠成長，我們正在監控忠誠會員的增加和直接預訂的增加，從而降低分銷成本。第二個影響是，我認為目前我們實際上只有一家凱悅酒店。我們期待——我們期待獲得更多。但這樣做的第二個好處是有利的減少，與我們迄今為止與運營商交談時看到的情況相比，這是一個略微的減少，但同時也有利地降低了免費成本。

Our next question comes from Bryan Maher with B. Riley.

下一個問題來自 B. Riley 的 Bryan Maher。

Bryan, you alluded to in your comments, very briefly the potential for portfolio transactions on your part on the acquisition side. Can you give us a little bit more color as to what the scope and scale of something like that might be?

布萊恩，您在評論中非常簡要地提到了您在收購方面進行投資組合交易的可能性。您能否向我們詳細介紹一下這類事情的範圍和規模？

I appreciate the questions. Really, I was speaking to the likelihood of that happening from our perspective on the disposition side rather than the acquisition side. As we've highlighted -- in direct response to your question, as we've highlighted in past calls, we continue to underwrite, both individual assets and larger portfolios. What we have found, given the size of our portfolio, is to date, we've been far more effective at pursuing individual assets which complement our broader portfolio than purchasing larger portfolios, given pricing and then disposing of the assets that aren't a good fit. The friction cost related to those types of transactions have made them less desirable for us. That said, we've highlighted over the past several calls, the fact that we continue to receive inbound inquiries from private equity buyers looking for small portfolios of assets. That dynamic continues to exist. We feel reasonably good about the portfolio we currently have under contract and are continuing to explore similar opportunities with other potential buyers. That said, what we found or have found is that the interest of private equity buyers in our sector is somewhat correlated to the performance of hotel REIT stocks. And when we saw the massive trade down in the fourth quarter across the public markets, that spooked private equity buyers, and for a period of time, inbound inquiries declined with some stabilization that continue to strengthen the debt market, we're seeing that stabilizing. And that, on top of the fact that what we're seeing in the market in terms of available assets is a significantly greater number of assets similar to the types of assets that we would be looking to sell and/or buy. And we think that bodes well for the market, finally freeing up after a number of years of being relatively quiet.

我很感謝你們提出這些問題。實際上，我是從處置方面而不是收購方面的角度談論發生這種情況的可能性。正如我們所強調的—直接回答您的問題，正如我們在過去的電話會議中所強調的，我們將繼續承保單一資產和更大的投資組合。我們發現，考慮到我們投資組合的規模，到目前為止，我們在追求補充我們更廣泛投資組合的單一資產方面比購買更大的投資組合更有效，因為定價後會處置那些不太合適的資產。與這些類型的交易相關的摩擦成本使得它們對我們來說不那麼有吸引力。話雖如此，我們在過去的幾次電話會議中強調，我們繼續收到尋求小型資產組合的私募股權買家的來電諮詢。這種動態仍然存在。我們對目前簽訂的合約組合感到相當滿意，並正在繼續與其他潛在買家探索類似的機會。話雖如此，我們發現或已經發現，私募股權買家對我們行業的興趣與酒店房地產投資信託基金股票的表現有一定相關性。當我們看到第四季度公開市場交易量大幅下滑時，私募股權買家感到恐慌，一段時間內，入站諮詢量有所下降，並有所穩定，這繼續加強了債務市場，我們看到債務市場正在趨於穩定。而且，就可用資產而言，我們在市場上看到的資產數量明顯多於我們希望出售和/或購買的資產類型。我們認為這對市場來說是個好兆頭，在經過多年的相對平靜之後，市場終於開始釋放活力。

And maybe a question for Krissy. And I really appreciate the details that you gave us on your labor cost. But can you just kind of share with us where your operators are sourcing new labor in such a tight labor market we see across the country?

也許還有一個問題想問克莉絲。我非常感謝您向我們提供的有關勞動力成本的詳細資訊。但是，您能否與我們分享一下，在全國勞動力市場如此緊張的情況下，您的運營商在哪裡尋找新勞動力？

Absolutely. So for our particular portfolio, contract labor still remains a small percentage of our overall payroll dollars. It's actually less than 10%. In certain markets, we are finding with the hospitality industry having so many open positions that we do need to use contract labor. But for the most part, with our individual operators, they're using the traditional online resources, whether it be different indeed.com, different online sourcing models as well as, in many cases, they've actually increased the HR resources internally, and in some cases have hired internal recruiters to go out and source the additional labor. So the one of the main things that we are making sure that we are doing, which is helping with increasing associate retention and ultimately reducing turnover cost is making sure that we're regularly surveying the market to make sure that we're paying competitive wages and that -- and doing that, we're finding that we were able to fill positions faster and we're also able to increase associate satisfaction.

絕對地。因此，對於我們的特定投資組合而言，合約工仍然只占我們整體工資總額的一小部分。事實上還不到 10%。在某些市場中，我們發現酒店業有如此多的空缺職位，以至於我們確實需要使用合約工。但大多數情況下，我們的個人運營商都在使用傳統的線上資源，無論是不同的 indeed.com，還是不同的線上採購模式，而且在許多情況下，他們實際上在內部增加了人力資源，在某些情況下還聘請了內部招聘人員去尋找額外的勞動力。因此，我們要確保做的其中一件主要事情就是幫助提高員工留任率並最終降低人員流動成本，確保我們定期調查市場，以確保我們支付具有競爭力的工資——這樣做，我們發現我們能夠更快地填補職位空缺，也能夠提高員工滿意度。

(Operator Instructions) Our next question comes from Michael Bellisario with Robert W. Baird.

（操作員指示）我們的下一個問題來自 Robert W. Baird 的 Michael Bellisario。

Just on the one-off acquisition front, can you maybe give us a little bit of background on the St. Paul transaction and how you source that? And then also how you're thinking about balancing acquisitions and buybacks with your investment capacity and disposition proceeds [today] ?

就一次性收購而言，您能否向我們介紹 St.保羅交易以及你如何獲得該交易？那麼，您如何考慮平衡收購和回購與您的投資能力和處置收益（今天）？

Certainly. So the St. Paul acquisition is with -- was developed by a group that has sold a large number of hotels to us and that currently manages a portion of our existing portfolio. It's a group we've had a great relationship with historically and a group that builds extremely high-quality assets, which are uniquely positioned in markets [to] , we think, have extended longevity and relevance within those markets. The particular deal gets us into a market, where we have not had a presence and the location of this particular project, we think, is ideal within that market. As we look at -- the second part of your question was related to share buybacks and the purchase of individual assets. And as we've stated in the past, we continue to look at both at the same time and pursue the opportunity that's the most favorable for us at any given point in time. As I highlighted in my remarks and in response to one of the earlier questions, given current market dynamics and what we see as value in maintaining the strength of our balance sheet, the most likely scenario on a go-forward basis through this year has been acquisitions and share buybacks would be funded with proceeds from the sale of assets. And given our activity last year leading into this year, there is even a possibility and given market dynamics, the most likely scenario would be that we would be on the margin net sellers of assets in today's environment. That said, I think, what the past couple of years have proven is that the situation can be volatile. And we feel we are uniquely positioned to take advantage of opportunities as they present themselves like the opportunity we saw in our stock in the fourth quarter. And I think we'll continue to act when we see those opportunities to drive meaningful value for our shareholders.

當然。所以聖。Paul 的收購是由一個集團開發的，該集團向我們出售了大量酒店，目前管理著我們現有投資組合的一部分。這是我們一直以來都保持著良好關係的集團，他們建立了極高品質的資產，我們認為這些資產在市場中具有獨特的優勢，能夠延長其在市場中的壽命並具有相關性。這筆交易使我們進入了一個我們尚未涉足的市場，我們認為，這個特定項目的位置在該市場中是理想的。正如我們所看到的—您問題的第二部分與股票回購和個人資產購買有關。正如我們過去所說的那樣，我們會繼續同時考慮這兩個方面，並在任何特定時間點尋求對我們最有利的機會。正如我在發言中以及回答之前的一個問題時所強調的那樣，鑑於當前的市場動態以及我們認為維持資產負債表強勁的價值，今年最有可能的情況是，收購和股票回購將由出售資產的收益提供資金。考慮到我們去年到今年的活動，甚至存在這樣一種可能性，考慮到市場動態，最有可能的情況是，在今天的環境下，我們將成為資產的保證金淨賣家。話雖如此，我認為過去幾年的情況已經證明局勢可能不穩定。我們認為，我們擁有獨特的優勢，可以利用這些機會，就像我們在第四季看到的股票機會一樣。我認為，當我們看到這些為股東創造有意義價值的機會時，我們會繼續採取行動。

I would like to turn the call over to Justin Knight for closing comments.

我想將電話轉給賈斯汀奈特 (Justin Knight) 來做最後評論。

I would like to thank everybody for joining us today. We know this is a busy day. And we hope, as always that as you travel that you'll take opportunity to stay with us at one of our hotels. Have a great day. Look forward to talking to you again soon.

我感謝大家今天的出席。我們知道這是忙碌的一天。我們一如既往地希望，您在旅行時能有機會入住我們的飯店。祝你有美好的一天。期待很快再次與您交談。

This concludes today's conference. Thank you for your participation.

今天的會議到此結束。感謝您的參與。