Apple Hospitality REIT Inc (APLE) 2022 Q2 法說會逐字稿

Greetings. Welcome to Apple Hospitality REIT Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Kelly Clarke, President of Investor Relations. Thank you. You may begin.

問候。歡迎參加 Apple Hospitality REIT 2022 年第二季財報電話會議。 （操作員指示）請注意，本次會議正在錄音。現在我將會議交給投資者關係總裁凱利克拉克 (Kelly Clarke)。謝謝。你可以開始了。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Second quarter 2022 earnings call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon.

謝謝，早安。歡迎參加 Apple Hospitality REIT 2022 年第二季財報電話會議。今天的電話會議將基於我們昨天下午分發和提交的收益報告和 10-Q 表。

Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws. These forward-looking statements are based on current views and assumptions, and as a result, are subject to numerous risk, uncertainties and outcome of future events that could cause actual results, performance or achievements to materially differ from those expressed, projected or implied.

在我們開始之前，請注意，今天的電話會議可能包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述是基於當前的觀點和假設，因此受眾多風險、不確定性和未來事件的結果的影響，可能導致實際結果、績效或成就與表達、預測或暗示的結果、績效或成就有重大差異。

Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including our 2021 annual report on Form 10-K and speak only as of today. The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

任何此類前瞻性陳述均受我們向美國證券交易委員會 (SEC) 提交的文件中所述風險因素的限制，包括我們 2021 年 10-K 表格年度報告，並且僅代表截至今日的觀點。除法律要求外，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, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain items referred to in our remarks are included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com.

此外，本次電話會議也將討論非公認會計準則績效衡量指標。這些指標與 GAAP 指標的對帳以及我們在評論中提到的某些項目的定義都包含在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。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; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the second quarter of 2022. 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)；我們的財務長 Liz Perkins 將概述我們 2022 年第二季的業績。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 Justin.

現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us. Performance across our portfolio during the second quarter continued to exceed our expectations. Second quarter RevPAR surpassed pre-pandemic highs, coming in at $119, up 40% compared to second quarter 2021 and up 4% compared to second quarter 2019. RevPAR was bolstered by strong rate growth. ADR for our portfolio was $153 for the quarter, up 27% to 2021 and up 8% to 2019.

早安，感謝您加入我們。我們投資組合在第二季的表現持續超出我們的預期。第二季 RevPAR 超過了疫情前的最高點，達到 119 美元，比 2021 年第二季成長 40%，比 2019 年第二季成長 4%。 RevPAR 的成長得益於強勁的房價成長。本季度，我們投資組合的 ADR 為 153 美元，較 2021 年上漲 27%，較 2019 年上漲 8%。

Occupancy for the quarter was strong at 78%, up 10% to 2021 and down only 4% to 2019. Positive business and leisure demand trends have continued into July with occupancy of approximately 77% for the month and rate continuing to grow and exceed pre-pandemic levels.

本季入住率強勁，達 78%，較 2021 年成長 10%，較 2019 年僅下降 4%。 7 月份，商務和休閒需求持續保持正面趨勢，當月入住率約為 77%，且入住率持續成長並超過疫情前的水準。

We are encouraged by growth in weekday occupancies, which reached 75% for the quarter, indicative of the resiliency of business travel across our markets. Consistent with our expectations, leisure travel continues to be incredibly strong despite higher gas prices and an inflationary environment.

我們對工作日入住率的成長感到鼓舞，本季入住率達到了 75%，這表明我們各個市場的商務旅行具有彈性。正如我們的預期，儘管油價上漲且通膨環境嚴峻，但休閒旅遊仍保持強勁勢頭。

Weekend occupancy was approximately 85% per quarter, surpassing 2019 occupancy levels by 160 basis points. With stronger weekday occupancies adding to robust weekends, we are better positioned to more meaningfully move rates throughout the week and adjust our business mix to maximize profitability.

週末入住率約為每季 85%，比 2019 年的入住率高出 160 個基點。由於工作日入住率較高以及週末入住率較高，我們可以更好地在一周內更有效地調整價格，並調整業務組合以最大限度地提高盈利能力。

For the quarter, weekday ADR was $148, and weekend ADR was $165. Strong recovery in rate helped to offset challenging labor and inflationary pressures. As a result, second quarter operations were significantly ahead of the same period last year with comparable hotels total revenue up more than 39% relative to the second quarter of 2021, we achieved comparable hotels adjusted hotel EBITDA of $137 million, up 46% to the same period of 2021, and up 4% for the same period of 2019.

本季度，平日平均房價為 148 美元，週末平均房價為 165 美元。利率的強勁回升有助於抵銷勞動力和通膨壓力。因此，第二季的營運表現顯著優於去年同期，可比飯店總營收較 2021 年第二季成長超過 39%，可比飯店調整後飯店 EBITDA 達到 1.37 億美元，較 2021 年同期成長 46%，較 2019 年同期成長 4%。

We achieved comparable hotels adjusted hotel EBITDA margin of 40%, up 180 basis points as compared to the same period of 2021 and up 10 basis points to 2019. Adjusted EBITDAre was $126 million and modified funds from operations was $111 million or $0.48 per share, in line with second quarter 2019 results. These outstanding results further validate our strategy of investing in a diversified portfolio of high-quality, branded rooms-focused hotels with low leverage and are a testament to the tremendous efforts of our corporate and on-site management teams.

我們實現了可比飯店調整後飯店 EBITDA 利潤率 40%，與 2021 年同期相比上升 180 個基點，比 2019 年上升 10 個基點。調整後 EBITDAre 為 1.26 億美元，調整後營運資金為 1.11 億美元或每股 0.48 美元，與 2019 年第二季業績一致。這些出色的業績進一步驗證了我們投資多元化、高品質、品牌客房、低槓桿酒店的策略，也證明了我們公司和現場管理團隊的巨大努力。

Our portfolio includes 219 hotels and spans 86 different markets across 36 states and our unparalleled geographic diversification acts to reduce volatility and provides exposure to a wide variety of demand generators and industries. Our hotels are generally located in business-friendly markets that offer attractive cost of living and popular leisure and entertainment venues, which appeal to a variety of small and medium-sized businesses as well as large corporations.

我們的投資組合包括 219 家酒店，遍布 36 個州的 86 個不同市場，我們無與倫比的地理多樣化可以降低波動性，並讓客戶接觸到各種各樣的需求來源和行業。我們的飯店一般位於商業友善市場，這些市場提供誘人的生活成本和受歡迎的休閒娛樂場所，吸引了各種中小型企業以及大型企業。

Our rooms-focused hotels aligned with industry-leading brands and managed by best-in-class operators offered guest a strong value proposition while providing us the ability to produce robust operating margins and profitability. Fewer outlets to manage and less public space to maintain simplify operations and minimize utility, cleaning and maintenance costs.

我們以客房為中心的酒店與行業領先的品牌合作，並由一流的運營商管理，為客人提供了強大的價值主張，同時也使我們能夠實現強勁的營業利潤率和盈利能力。需要管理的網點更少，需要維護的公共空間更少，從而簡化了營運並最大限度地降低了公用事業、清潔和維護成本。

The hotels we own appeal to a broad set of business and leisure customers, operate at attractive margins are resilient during economic downturns require reasonable ongoing capital reinvestment, produce attractive cash returns, have a small relative environmental footprint, are attractive on resale to both local and institutional investors and can be effectively optimized in a scaled portfolio utilizing comparative data analytics and operational benchmarking.

我們所擁有的酒店吸引了廣泛的商務和休閒客戶，以誘人的利潤率運營，在經濟低迷時期具有彈性，需要合理的持續資本再投資，產生誘人的現金回報，相對較小的環境足跡，對本地和機構投資者轉售具有吸引力，並且可以利用比較數據分析和運營基準在規模化投資組合中進行有效優化。

The strength of our balance sheet further contributes to the long-term stability and optionality of our platform. In July, we refinanced our primary unsecured credit facility, further bolstering our already strong liquidity position. In addition to extended maturities and improved pricing, the refinancing upsized our revolving credit facility and term loans, providing the company with greater access to liquidity for a strategic growth and other corporate initiatives. We greatly appreciate the support of our lenders, their conviction in our strategy and their continued confidence in the underlying fundamentals of our business.

我們資產負債表的強勁進一步促進了我們平台的長期穩定性和可選性。 7 月份，我們對主要無擔保信貸額度進行了再融資，進一步增強了我們本已強勁的流動性狀況。除了延長期限和改善定價之外，再融資還增加了我們的循環信貸額度和定期貸款，為公司提供了更大的流動性，以實現策略性成長和其他公司計劃。我們非常感謝貸款方的支持、他們對我們策略的信任以及對我們業務基本面的持續信心。

Faced with the prospect of potentially greater macroeconomic uncertainty and volatility in capital markets over the coming years, the increased liquidity positions us to be opportunistic in ways that will drive incremental value for our shareholders. Rising interest rates and disruption broadly in debt markets have impacted competition for assets in recent months, which we anticipate will result at least temporarily in more attractive buying opportunities. Given our outperformance since the onset of the pandemic, the strength and flexibility of our balance sheet and the additional borrowing capacity under our amended credit facility, we are incredibly well positioned with just 3.7x net debt to EBITDA extended and staggered maturities, a relatively young portfolio and over $700 million in current total liquidity, we are able to be both patient and flexible as we work to capitalize on potential dislocations in the market.

面對未來幾年宏觀經濟不確定性和資本市場波動性可能加大的前景，流動性的增強使我們能夠抓住機會，為股東創造增量價值。近幾個月來，利率上升和債務市場的普遍混亂影響了資產競爭，我們預計這將至少暫時帶來更具吸引力的購買機會。鑑於我們自疫情爆發以來的優異表現、資產負債表的強勁和靈活性以及修訂後的信貸安排下的額外借貸能力，我們處於非常有利的地位，淨債務與 EBITDA 之比僅為 3.7 倍，延長和交錯期限，投資組合相對年輕，當前總流動資金超過 7 億美元，我們能夠既耐心又靈活地利用市場中的潛在混亂。

We continue to actively underwrite and explore dozens of opportunities for both on and off market, and anticipate that we will be a net acquirer of assets in 2022 with transactions likely over the coming months. The 12 hotels we have purchased since the onset of the pandemic contributed meaningfully to our year-to-date outperformance exceeding our original underwriting during the first 6 months of the year by over $3.2 million in hotel EBITDA, 1/3 of these hotels produced yields in excess of 10% on a trailing 12-month basis. We have been and will continue to be highly selective and intentional in the build-out of our portfolio, pursuing assets that are additive to those that we currently own where we can achieve attractive pricing.

我們將繼續積極承保並探索數十個場內場外交易機會，並預計到 2022 年我們將成為資產的淨收購者，交易可能在未來幾個月內進行。自疫情爆發以來，我們收購的 12 家酒店對我們今年迄今的優異表現做出了重大貢獻，今年前 6 個月的酒店 EBITDA 超出了我們最初的承保額 320 多萬美元，其中 1/3 的酒店在過去 12 個月的收益率超過 10%。我們一直以來都並將繼續在建立我們的投資組合時保持高度選擇性和專注性，追求那些可以補充我們目前所擁有資產的資產，並能實現具有吸引力的定價。

Future acquisitions will be consistent with our strategy of investing in high-quality rooms-focused hotels located in strong RevPAR markets with attractive cost structures and meaningful growth potential. We were fortunate to have entered the pandemic with a relatively young and well maintained portfolio. And as a result, we're able to strategically reduce renovation spend to preserve capital in 2020 and 2021.

未來的收購將符合我們的策略，即投資位於強勁的 RevPAR 市場、具有誘人的成本結構和可觀的成長潛力的高品質、以客房為中心的酒店。我們很幸運，在疫情爆發時就擁有一個相對年輕且維護良好的投資組合。因此，我們能夠策略性地減少裝修支出，以在 2020 年和 2021 年保留資本。

During the first 6 months of 2022, we invested approximately $17 million in capital expenditures and anticipate spending a total of $55 million to $65 million during the year. This year's spend will more closely approximate our historical investment of between 5% and 6% of revenues which we continue to feel is appropriate for our portfolio and a meaningful differentiator for us, which contributes to total shareholder returns over time.

2022 年前 6 個月，我們投資了約 1,700 萬美元的資本支出，預計全年總支出將達到 5,500 萬至 6,500 萬美元。今年的支出將更接近我們歷史上的投資金額，即佔收入的 5% 至 6%，我們仍然認為這對我們的投資組合來說是合適的，並且對我們來說是一個有意義的差異化因素，有助於長期的股東總回報。

Through our scale, ownership of branded rooms-focused properties over more than 2 decades, we have significant experience in determining the most effective scope and timing of our investments to ensure minimal disruption to property operations and maximum impact for dollar spent.

憑藉我們超過 20 年的規模和對以品牌客房為主的物業的所有權，我們在確定最有效的投資範圍和時機方面擁有豐富的經驗，以確保對物業運營的干擾最小，並使所花費的資金發揮最大的作用。

As of June 30, 2022, we had approximately $345 million remaining under our share repurchase program. As has been the case historically, we will be opportunistic in using this program where we see market dislocations that create opportunities to buy our portfolio at a meaningful discount. We also intend to continue to return capital to our investors through monthly dividends. During the second quarter, we paid $0.15 per share for a total of approximately $34 million.

截至 2022 年 6 月 30 日，我們的股票回購計畫剩餘資金約為 3.45 億美元。正如歷史上的情況一樣，當我們發現市場混亂，從而有機會以有意義的折扣購買我們的投資組合時，我們就會抓住機會使用這個計劃。我們也打算繼續透過每月股息向投資者返還資本。第二季度，我們支付每股 0.15 美元，總計約 3,400 萬美元。

Based on Wednesday's closing price the annualized distribution of $0.60 per common share represents an annual yield of approximately 3.6%. We interact with our Board on a monthly basis and assess our payout in the context of current operating environment. Our expectations for the future and other investment opportunities to ensure that we are allocating capital to drive the strongest total returns for our shareholders.

根據週三的收盤價，每股普通股 0.60 美元的年化分配金額相當於年收益率約為 3.6%。我們每月與董事會互動，並根據當前營運環境評估我們的支出。我們對未來和其他投資機會的期望確保我們分配資本，為股東帶來最強勁的總回報。

Our strategy was designed to create an asymmetrical risk profile, mitigating downside risk while providing meaningful opportunity for upside. We remain confident in the resiliency of travel and our ability to drive strong results and maximize shareholder value in any macroeconomic environment, with nearly every operating metric now exceeding pre-pandemic levels, additional upside remaining in business travel, and new supply at historically low levels, we are incredibly optimistic about the future of our business.

我們的策略旨在創造一個不對稱的風險狀況，減輕下行風險，同時提供有意義的上行機會。我們仍然對旅行的彈性以及在任何宏觀經濟環境下推動強勁業績和最大化股東價值的能力充滿信心，現在幾乎所有營運指標都超過了大流行前的水平，商務旅行仍有額外的上升空間，新供應處於歷史低位，我們對業務的未來非常樂觀。

Before I turn the time over to Liz, I just want to take a moment to thank her for her efforts on the successful refinance of our credit facility that I touched on in my earlier remarks. Liz, I'll now turn the time over to you for additional details on our balance sheet, operations and financial performance during the quarter.

在我將時間交給 Liz 之前，我只想花一點時間感謝她為成功再融資我們的信貸安排所做的努力，我在之前的發言中提到過這一點。利茲，現在我將把時間交給您，以提供有關本季度資產負債表、營運和財務業績的更多詳細資訊。

Thank you, Justin, and good morning. Top line performance for the second quarter improved sequentially by months with total portfolio revenues for June up approximately 28% to prior year and in line with June of 2019. RevPAR growth for the quarter was driven primarily by ADR, which improved 27% and 8% to the same period in 2021 and 2019, respectively.

謝謝你，賈斯汀，早安。第二季的營收表現逐月改善，6 月的總投資組合營收比去年同期成長約 28%，與 2019 年 6 月持平。本季 RevPAR 的成長主要由 ADR 推動，ADR 分別比 2021 年和 2019 年同期提高了 27% 和 8%。

Occupancy was up meaningfully to 2021, but came in approximately 4% lower than the second quarter of 2019. Preliminary results for July show continued strength in demand with occupancy of 77% and continued growth in rate. While July occupancy was down 6% to 2019, in large part the result of lower business demand around the fourth of July holiday, occupancy improved sequentially each week during the month and was down only 3% in the final week of July.

2021 年入住率大幅上升，但比 2019 年第二季下降了約 4%。 7 月的初步結果顯示，需求持續強勁，入住率為 77%，且入住率持續成長。雖然 7 月的入住率較 2019 年同期下降了 6%，這主要是由於 7 月 4 日假期前後商務需求較低，但當月入住率每週都在連續提高，7 月最後一周僅下降了 3%。

Our portfolio is now producing top line results above pre-pandemic levels even without a full recovery in business travel. As we look forward to the remainder of the year, we are optimistic that continued improvement in midweek occupancy driven by further recovery in business travel will push our operating performance even higher.

即使商務旅行尚未完全恢復，我們的投資組合目前的營收業績也高於疫情前的水準。展望今年剩餘時間，我們樂觀地認為，商務旅行進一步復甦將推動周中入住率的持續提高，從而進一步推高我們的經營業績。

Recent performance reflects both continued strength in leisure and a meaningful recovery in business demand. April, May and June weekend occupancies were 83%, 86% and 85%, respectively.

最近的表現既反映了休閒產業的持續強勁，也反映了商業需求的顯著復甦。四月、五月和六月的週末入住率分別為 83%、86% 和 85%。

Weekday occupancy improved significantly over last year and the first quarter of this year, with April and May weekday occupancy at 74% and 73%, respectively, both down less than 8% to 2019. Weekday occupancy improved further in June to 78%, only 6% down to June of 2019. With growth in weekday occupancy, weekday ADR meaningfully improved, moving from $142 in April to $155 in June, now exceeding 2019 weekday rate levels.

與去年和今年第一季相比，工作日入住率顯著提高，4 月和 5 月工作日入住率分別為 74% 和 73%，較 2019 年同期均下降不到 8%。 6 月工作日入住率進一步提高至 78%，較 2019 年 6 月僅下降 6%。隨著工作日入住率的增長，工作日平均房價也顯著提高，從 4 月份的 142 美元上漲至 6 月份的 155 美元，現已超過 2019 年工作日房價水準。

As we look at demand segments and business transient trends, travel patterns are beginning to normalize with Tuesday and Wednesday occupancies over 80% for the quarter. 56% of our portfolio produced RevPAR above pre-pandemic levels during the quarter with improvement in demand impacting nearly every market. Top performers included hotels with ramping operations like our Hyatt Place in Greenville, which ran RevPAR of $134 and our ACM Portland, which ran RevPAR of $198 for the quarter.

當我們觀察需求細分和業務瞬態趨勢時，旅行模式開始正常化，本季週二和週三的入住率超過 80%。本季度，我們投資組合中 56% 的飯店每間可用客房收入 (RevPAR) 高於疫情前的水平，需求的改善幾乎影響到了每個市場。表現最佳的酒店包括一些業務不斷擴大的酒店，例如位於格林維爾的凱悅酒店 (Hyatt Place)，其每間可用客房收入為 134 美元，以及位於波特蘭的 ACM 酒店 (ACM Portland)，本季度每間可用客房收入為 198 美元。

Other top producers included our hotels in Atlanta, Gainesville, San Antonio, Hattiesburg, Texarkana, Phoenix, Birmingham, Miami and Salt Lake City. While results improved across the portfolio, we continue to see slower recovery at our hotels in Northern Virginia, Chicago, Houston, Philadelphia and Saint Paul. Our portfolio has benefited from continued strength in leisure demand with improvements in business transient and group further lifting overall results and enabling us to produce RevPAR slightly higher than 2019 for the quarter. Looking forward we expect business travel to continue to improve lifting performance in a growing number of markets and providing us with meaningful upside for our portfolio.

其他頂級生產商包括我們在亞特蘭大、蓋恩斯維爾、聖安東尼奧、哈蒂斯堡、特克薩卡納、菲尼克斯、伯明罕、邁阿密和鹽湖城的酒店。儘管整個投資組合的業績都有所改善，但我們位於北維吉尼亞、芝加哥、休士頓、費城和聖保羅的飯店復甦速度仍然較慢。我們的投資組合受益於休閒需求的持續強勁，商務臨時和團體業務的改善進一步提升了整體業績，並使我們本季度的每間可用客房收入 (RevPAR) 略高於 2019 年。展望未來，我們預期商務旅行將持續改善，提升越來越多市場的業績，並為我們的投資組合帶來有意義的上升空間。

In terms of room night channel mix, brand.com bookings increased to over 38% during the quarter. OTA bookings remained stable at 13%, property direct bookings declined to 27%, but remained elevated to second quarter 2019, a testament to the continued efforts of our property and management company sales support team. And GDS bookings continue to increase showing growth in corporate demand d represented 15% for the quarter a 200 basis point increased from Q1. Looking at second quarter same-store segmentation far remained elevated to 2019 levels and in line with the first quarter at 34%.

就客房晚數通路組合而言，本季 brand.com 預訂量成長至 38% 以上。 OTA預訂量維持穩定在13%，飯店直接預訂量下降至27%，但仍高於2019年第二季度，證明了我們飯店和管理公司銷售支援團隊的持續努力。 GDS 預訂量持續增加，顯示企業需求成長，本季成長 15%，比第一季增加了 200 個基點。從第二季來看，同店細分市場仍維持在 2019 年的水平，與第一季的 34% 持平。

Other discounts moved from 27% in the first quarter to 28% in the second quarter. Negotiated ticked up to 18% from 17% in the first quarter, showing continued growth in business demand and group was 16% for the quarter, in line with the first quarter and slightly higher than the second quarter of 2019. Turning to expenses. Total payroll per occupied room for our same-store hotels was around $34 for the quarter, roughly in line with the first quarter and up 5% to the second quarter of 2019.

其他折扣從第一季的 27% 上升至第二季的 28%。協商費用從第一季的 17% 小幅上升至 18%，顯示業務需求持續成長，本季集團費用為 16%，與第一季持平，略高於 2019 年第二季。談到費用。本季度，我們同店飯店每間入住客房的總薪資約為 34 美元，與第一季基本持平，比 2019 年第二季成長 5%。

Low unemployment and rising occupancies have continued to put pressure on labor and second quarter results were impacted by higher wages for full and part-time employees, training costs and higher utilization of contract labor to fill short-term needs. While we anticipate that higher wages will be permanent, a large number of new hires and the temporary reliance on contract labor have resulted in lower productivity despite positive adjustments to brand service and amenity models.

低失業率和不斷上升的入住率繼續給勞動力帶來壓力，第二季度的業績受到全職和兼職員工工資上漲、培訓成本增加以及為滿足短期需求而增加合約工使用率的影響。雖然我們預計更高的工資將是永久性的，但儘管對品牌服務和便利設施模式進行了積極的調整，但大量的新員工和對合約工的暫時依賴導致生產力下降。

We anticipate that a portion of the elevated expenses will be temporary and that productivity improvement will help to offset some of the inflationary pressures as operations stabilize. As we have always done, we will continue to balance productivity initiatives with our efforts to uphold service levels and cleanliness and maintenance standards and support strong employee morale and low turnover in order to maximize long-term profitability.

我們預計，部分費用增加將是暫時的，隨著營運穩定，生產率的提高將有助於抵消部分通膨壓力。正如我們一直以來所做的那樣，我們將繼續在生產力計劃與維護服務水平、清潔度和維護標準的努力之間取得平衡，並支持強大的員工士氣和低流動率，以最大限度地提高長期盈利能力。

Excluding payroll, same-store rooms expenses continued to be well controlled and were down 4% per occupied room compared to 2019 for the quarter. Strong rate growth and effective cost control despite the challenging labor and inflationary environment, enabled us to achieve second quarter comparable adjusted hotel EBITDA of approximately $137 million and comparable adjusted hotel EBITDA margin of approximately 40%, up 10 basis points for the second quarter of 2019.

除薪資外，同店客房支出持續受到良好控制，與 2019 年同期相比，本季每間入住客房支出下降了 4%。儘管面臨嚴峻的勞動力和通膨環境，強勁的房價增長和有效的成本控制使我們第二季度的可比調整後酒店 EBITDA 達到約 1.37 億美元，可比調整後酒店 EBITDA 利潤率達到約 40%，比 2019 年第二季度增長了 10 個基點。

As we have highlighted on past calls, we continue to believe that growth in rate will be the primary driver of margin expansion as we move through the recovery. Following similar trends, MFFO also improved sequentially each month and was approximately $111 million or $0.48 per share for the second quarter, up 75% compared to the first quarter of 2022, up 64% compared to the second quarter of 2021 and in line with the second quarter of 2019.

正如我們在過去的電話會議中所強調的那樣，我們仍然相信，隨著經濟復甦，利率成長將成為利潤率擴張的主要驅動力。延續類似趨勢，MFFO 也逐月環比改善，第二季度約為 1.11 億美元或每股 0.48 美元，較 2022 年第一季增長 75%，較 2021 年第二季度增長 64%，與 2019 年第二季度持平。

Looking at our balance sheet. As of June 30, 2022, we had $1.4 billion in total outstanding debt, approximately 3.7x our trailing 12 months EBITDA with a weighted average interest rate of 3.6% and availability under our revolving credit facility of approximately $359 million. Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments is comprised of approximately $366 million in property-level debt secured by 22 hotels and approximately $1 billion outstanding on our unsecured credit facilities.

查看我們的資產負債表。截至 2022 年 6 月 30 日，我們的未償還債務總額為 14 億美元，約為過去 12 個月 EBITDA 的 3.7 倍，加權平均利率為 3.6%，我們的循環信貸額度下可用金額約為 3.59 億美元。未償還債務總額（不包括未攤銷的債務發行成本和公允價值調整）包括由 22 家酒店擔保的約 3.66 億美元的房地產級債務和我們無擔保信貸額度的未償還債務約 10 億美元。

At quarter end, our weighted average debt maturities were 3 years with approximately $96 million net of reserves maturing in 2022, including $66 million outstanding on our revolving credit facility. Within the quarter, we entered into a 7-year unsecured $75 million senior notes facility. We repaid and sold the $56 million note payable related to the purchase of the fee interest in the land at our Seattle Residence Inn, and we repaid 6 property level secured mortgages for a total of $67 million. In July, subsequent to quarter end, we amended and restated our existing $850 million credit facility, increasing the borrowing capacity to approximately $1.2 billion, extending maturity dates and achieving improved pricing across the facility.

截至季末，我們的加權平均債務期限為 3 年，其中 2022 年到期的淨儲備金額約為 9,600 萬美元，其中包括 6,600 萬美元的循環信貸額度未償還金額。在本季度，我們簽訂了一份為期 7 年、金額為 7,500 萬美元的無擔保優先票據協議。我們償還並出售了與購買西雅圖 Residence Inn 酒店土地權益相關的 5,600 萬美元應付票據，並償還了 6 筆財產級擔保抵押貸款，總額為 6,700 萬美元。 7 月份，即季度結束後，我們修改並重申了現有的 8.5 億美元信貸額度，將借款能力提高至約 12 億美元，延長了到期日，並實現了整個信貸額度的定價改善。

The $1.2 billion credit facility is comprised of a term loan of $275 million maturing in 2027, a term loan of up to $300 million maturing in 2028, including $150 million available with a delayed draw option and a revolving credit facility of $650 million with an initial maturity date in July 2026, which may be extended up to 1 year. These updates provides for additional capacity of $150 million under the term loan and $225 million under the revolving credit facility.

12 億美元的信貸額度包括一筆 2.75 億美元的定期貸款（到期日為 2027 年）、一筆最高 3 億美元的定期貸款（到期日為 2028 年），其中包括 1.5 億美元的可延期提取貸款，以及一筆 6.5 億美元的循環信貸額度（初始到期日為 2026 年 1 月）。這些更新為定期貸款提供了 1.5 億美元的額外容量，為循環信貸額度提供了 2.25 億美元的額外容量。

The agreement includes an accordion feature in which the amount of the total facility may be increased from approximately $1.2 billion to $1.5 billion. At closing, we borrowed $475 million under the term loan and used the proceeds to repay the $425 million outstanding under the term loans of the previous credit facility and $50 million outstanding under the revolving credit facility.

該協議包括一個可伸縮功能，其中總貸款金額可從約 12 億美元增加到 15 億美元。交易結束時，我們根據定期貸款借入了 4.75 億美元，並用所得款項償還了先前信貸安排中未償還的 4.25 億美元定期貸款和未償還的 5000 萬美元循環信貸安排。

On August 1, we repaid in full an additional 3 secured mortgage loans for a total of approximately $32 million. Through the refinance of our primary credit facility, the additional 7-year senior notes facility and the repayment of 9 secured mortgages, we achieved our key balance sheet objectives of managing and continuing to stagger our debt maturity, increasing access to liquidity through upsizing our revolving credit facility and shifting a portion of our secured debt to unsecured and as a result, increasing the unencumbered pool of assets in our portfolio.

8 月 1 日，我們全額償還了另外 3 筆抵押貸款，總額約 3,200 萬美元。透過對我們的主要信貸安排、額外的 7 年期優先票據安排進行再融資以及償還 9 筆擔保抵押貸款，我們實現了關鍵的資產負債表目標，即管理和繼續錯開我們的債務到期日，透過增加我們的循環信貸安排來增加流動性管道，並將部分擔保債務轉換為無擔保債務，從而增加我們投資組合中無抵押資產池。

These objectives could not have been met without the support of our lenders. We are extremely grateful for their efforts to help us execute these transactions and for their continued confidence in our team, strategy and performance. As for our outlook for the remainder of 2022, we remain confident in the broader industry recovery and the performance of our portfolio specifically. Second quarter performance exceeded our internal forecast. Preliminary results for July RevPAR are positive to 2019 and average daily booking trends continue to be elevated relative to pre-pandemic levels. Although macroeconomic and pandemic related factors continue to add a layer of complexity to the current operating environment. Leisure demand within our portfolio is strong and business travel has recovered ahead of our internal forecast. As we build back mid-week occupancy, we are gaining pricing power, which should enable us to further grow RevPAR for our portfolio.

如果沒有貸款方的支持，這些目標就不可能實現。我們非常感謝他們幫助我們執行這些交易的努力以及他們對我們的團隊、策略和績效的持續信任。至於我們對 2022 年剩餘時間的展望，我們仍然對更廣泛的產業復甦以及我們投資組合的表現充滿信心。第二季的業績超出了我們的內部預測。 2019 年 7 月 RevPAR 的初步結果為正值，且每日平均預訂量趨勢相對於疫情前的水準持續上升。儘管宏觀經濟和疫情相關因素仍持續為當前的經營環境增添一層複雜性。我們投資組合中的休閒需求強勁，商務旅行的復甦也超越了我們的內部預測。隨著我們恢復周中入住率，我們正在獲得定價權，這將使我們能夠進一步提高投資組合中每間可用客房收入 (RevPAR)。

With second quarter bottom line operating results in line with 2019, we expect to move earnings beyond pre-pandemic levels in the near term if these trends continue. As we move through the back half of the year, we are well positioned for any macroeconomic environment. We have weathered the most challenging period in our industry's history and demonstrated the resiliency of our differentiated strategy. With continued strength in leisure demand and increase in business travel our portfolio is poised to move beyond pre-pandemic operating level. Our balance sheet is strong and our recent restructuring provides extended maturities and additional liquidity, which we intend to use opportunistically to pursue accretive opportunities.

由於第二季的底線營運表現與 2019 年持平，如果這些趨勢持續下去，我們預計短期內獲利將超過疫情前的水平。隨著我們進入下半年，我們已做好充分準備應對任何宏觀經濟環境。我們度過了行業歷史上最具挑戰性的時期，並展示了我們差異化策略的彈性。隨著休閒需求的持續強勁和商務旅行的增加，我們的投資組合有望超越疫情前的營運水準。我們的資產負債表強勁，我們最近的重組提供了延長的期限和額外的流動性，我們打算利用這些機會來尋求增值機會。

Our assets are in good condition with recent dispositions and planned renovations, ensuring that we maintain a competitive advantage over other products in our markets. The supply picture is more favorable than it has been at any point in our over 20-year history in the industry. And our team has used our recent experience to enhance our internal systems and processes in ways that will enable us to further maximize the performance of our current holdings.

我們的資產狀況良好，最近進行了處置併計劃進行翻新，確保我們在市場上保持相對於其他產品的競爭優勢。目前的供應狀況比我們在該行業 20 多年曆史上的任何時候都要好。我們的團隊利用最近的經驗來增強我們的內部系統和流程，使我們能夠進一步最大限度地提高現有資產的表現。

We will now be happy to answer any questions that you may have for us this morning.

我們很樂意回答您今天早上可能提出的任何問題。

(Operator Instructions) Our first question is from Neil Malkin with Capital One Securities.

（操作員指示）我們的第一個問題來自 Capital One Securities 的 Neil Malkin。

Yes. Congrats on getting past 2019. First one, can you -- either of you talk about midweek or BT opportunity from here? Maybe you could start by saying or talking about what BT either pays or demand revenues were relative to '19 through Q2 and then into July. And then if -- I think that there is a sort of sentiment that group will recover ahead of BT just potentially there's some BT impairment , hybrid work environment, so it'd be interesting -- interested in your comment on how you see that side of the business shaking out and what the next several quarters look like in terms of BT holistically in the portfolio?

是的。恭喜您度過 2019 年。首先，您能否談談這裡的周中或 BT 機會？也許您可以先說說或談談 BT 支付或需求收入相對於 2019 年第二季以及 7 月的情況。然後，如果 - 我認為有一種情緒認為該集團將先於 BT 復甦，只是可能存在一些 BT 損害，混合工作環境，所以這將會很有趣 - 您對如何看待該業務方面動搖以及未來幾個季度 BT 整體投資組合情況的評論感興趣？

Good question. I know there's a lot of interest around BT trends for the industry as a whole, but our portfolio specifically, last quarter, we had started to see more sequential and consistent improvement in business transient, looking at a couple of different points, GDS as a percentage of our mix -- from a channel mix perspective and then a room segmentation perspective, looking at our negotiated -- both local and corporate negotiated, so big and sort of medium-sized corporate business. So we've seen a steady increase, but we're still shy of stabilized levels. In 2019, we were probably from a room segmentation standpoint for corporate and local negotiated combined in the low 20% range -- 20%, 21% range. And for the quarter, we were short of that.

好問題。我知道大家對整個行業的 BT 趨勢都很感興趣，但具體到我們的投資組合，上個季度，我們已經開始看到業務瞬態的更連續和持續的改善，從幾個不同的點來看，GDS 占我們組合的百分比 - 從渠道組合的角度，然後是房間細分的角度，看看我們的協商 - 包括本地和企業協商，所以是大型和中型企業。因此，我們看到了穩定的成長，但仍然低於穩定的水平。 2019 年，從客房細分的角度來看，我們公司和本地協商後的總和大概在 20% 以下——20%、21% 左右。但就本季而言，我們還沒有達到這個目標。

And for GDS we were about 18% for the quarter and probably 21%, 22% would have been where we were for the quarter in 2019 for corporate and local negotiated. And then for GDS, we improved to 15% in the quarter. So that's more -- your more traditional corporate negotiated as well from a channel mix perspective. And we are normally around 20% there as well, looking at it kind of a couple of different ways. And so still have upside as more markets recover. If you look at our portfolio, Neil, and you think about our comments around the 56% of hotels that are exceeding 2019 levels.

對於 GDS 來說，本季我們的市佔率約為 18%，而對於企業和本地協商的市場份額，我們本季的市佔率可能為 21% 到 22%，與 2019 年同期持平。對於 GDS 而言，本季我們提高了 15%。因此，從通路組合的角度來看，較傳統的企業也可以進行談判。我們通常也在這個範圍內佔 20% 左右，從幾個不同的角度來看這個問題。隨著更多市場復甦，其仍有上漲空間。尼爾，如果你看一下我們的投資組合，你會想到我們關於 56% 的酒店超過 2019 年水平的評論。

That's still a significant of our portfolio that still has room to grow in both on the corporate and leisure side. And so when I think -- when we think about how our portfolio is performing, with such disparity across the high and low end, there's significant upside from BT and a leisure perspective in some of the recovery markets. And then when you think about our overall occupancy levels and where we still have a little bit of room to grow to reach 2019 levels, it's midweek.

這仍然是我們投資組合中的重要組成部分，在企業和休閒方面仍有成長空間。因此，當我思考我們的投資組合的表現時，考慮到高端和低端之間的巨大差異，英國電信和一些復甦市場的休閒視角具有顯著的上升空間。然後，當您考慮我們的整體入住率以及我們是否還有一點成長空間以達到 2019 年的水平時，現在正是周中。

It's our mid-week occupancy. It's the BT. And so we still see meaningful upside as we look at some of these markets that are slower to return. But as a portfolio overall, we still see some opportunity on mid-week occupancies. The good news is, as we anticipated, the more and more markets midweek that start approaching and exceeding 2019 levels, we've had pricing power. And so there's opportunity on the rate side as that BT comes back.

這是我們週間的入住時間。這是 BT。因此，當我們觀察一些復甦較慢的市場時，我們仍然看到了有意義的上漲空間。但從整體投資組合來看，我們仍然看到周中入住率存在一些機會。好消息是，正如我們預期的那樣，隨著周中越來越多的市場開始接近並超過 2019 年的水平，我們擁有了定價權。因此，隨著英國電信的回歸，利率方面存在著機會。

Yes. And importantly, Neil, we've continued to see progressive improvement month-over-month on the business transient side of our business. And that's showing up in our mid-week occupancies was highlighted in our remarks that today, looking at the quarter as a whole, Tuesday and Wednesday for the entire quarter, those days were up about 80% from an occupancy.

是的。重要的是，尼爾，我們業務的瞬態方面繼續逐月取得進步。這體現在我們今天的評論中，從整個季度來看，週二和週三的入住率比上一季高出約 80%。

And so while we continue to have room certainly on the business side, we are seeing continual improvement in that area and anticipate that business travel will continue to improve through the back half of the year.

因此，雖然我們在商務方面仍然有發展空間，但我們看到該領域正在不斷改善，並預計商務旅行將在今年下半年繼續改善。

Even if you look at July and what we've seen on Tuesday, Wednesday night in July, excluding that first week, which was impacted by the Fourth of July and certainly impacted business transient on Tuesday and Wednesday, we push past that 80% occupancy mark that we saw in second quarter in July, and we're more in the mid-80s for those 3 weeks following the Fourth of July week for Tuesday, Wednesday. So continuing to see good growth.

即使您看一下 7 月份以及我們在 7 月份週二、週三晚上看到的情況，不包括第一周，因為第一周受到了 7 月 4 日的影響，並且肯定對週二和周三的業務瞬態產生了影響，但我們還是突破了 7 月第二季度 80% 的入住率，在 7 月 4 日那週之後的三週（週二入住率、週三），在 85% 左右的三週（週二入住率），85% 左右的三週（週二），在 85% 左右的三週入住率都徘徊。因此繼續保持良好的成長勢頭。

Great. Yes. Sounds good. And just thought you said something like, I think GDS is 15% versus 20% in 2019. That's around, what, like 75%. Is that like an accurate way to think about it? Like BT was 75% of '19. Again, just trying to understand.

偉大的。是的。聽起來不錯。我剛才以為你說了類似的話，我認為 2019 年 GDS 的比例是 15%，而這個數字是 20%。那大概是 75% 左右。這是一種準確的思考方式嗎？例如 BT 佔 19 年的 75%。再次，只是想理解。

Yes.

是的。

Yes. Okay. Other thing for me, Justin, I think you touched on it briefly, but one of the things you guys have always talked about, particularly since the pandemic is the balance sheet and the differentiated nature of it and you're able to get out of waivers early. And now that we have a more dubious financial or lending environment, maybe with some macro uncertainty sprinkled in there.

是的。好的。對我來說另一件事，賈斯汀，我想你已經簡要地提到了這一點，但你們一直在談論的事情之一，特別是自疫情以來，就是資產負債表及其差異化性質，而且你能夠提前擺脫豁免。現在，我們的金融或貸款環境更加可疑，其中可能還存在一些宏觀不確定性。

Do you feel like you're -- you want to or you are going on the offense or going -- being more aggressive in terms of finding deals or opportunities to acquire, I think you alluded to something about being more attractive from the competitive side now. But can you just shed some light on that on the acquisition environment and everything like that? That would be great.

您是否覺得您 - 您想要或您正在採取進攻或正在 - 在尋找交易或收購機會方面更加積極，我想您提到了現在從競爭方面來看更具吸引力的事情。但是您能否就收購環境以及諸如此類的一切問題進行一些解釋？那太好了。

Yes, certainly. In my prepared remarks, I highlighted the fact that disruptions in the debt market have at least temporarily created more attractive buying opportunities for us. And I think as a result consistent with what we've been saying from the beginning of the year, we anticipate that we will be net acquirers this year. Certainly, advantaged by our balance sheet and Liz and our teams work in getting for us additional liquidity.

是的，當然。在我準備好的發言中，我強調了債務市場的混亂至少暫時為我們創造了更具吸引力的購買機會。我認為，與我們今年年初所說的一致，我們預計今年我們將成為淨收購者。當然，我們的資產負債表具有優勢，Liz 和我們的團隊致力於為我們獲得額外的流動性。

I think we've been actively underwriting deals, continuously since the onset of the pandemic and competing for deals largely with private equity players who are now meaningfully disadvantaged by increasing interest rates and lack of availability of debt, specifically in the CMBS market.

我認為，自疫情爆發以來，我們一直在積極承銷交易，並主要與私募股權投資者競爭交易，而私募股權投資者現在因利率上升和債務缺乏而處於明顯不利地位，特別是在 CMBS 市場。

As a result, we've seen deals that were tied up coming back to market, both individual properties and larger portfolios. Deals that we had interest in and participated in processes on. And I think the conversations we're having today are productive around those and other assets, which we talked to the owners about off market.

結果，我們看到被捆綁的交易重新回到市場，包括單一房產和更大的投資組合。 我們感興趣並參與其中的交易。我認為我們今天圍繞這些資產和其他資產進行的對話是富有成效的，我們已經與業主就場外交易進行了交談。

Certainly, from the beginning, we've signaled that we wanted to be opportunistic buying assets that we thought were additive to our portfolio at pricing that we believe would be attractive and yield for our investors long term. And we see ourselves as being -- in as good a position as we have been over the past several years and better in many ways.

當然，從一開始，我們就表示，我們希望抓住機會購買那些我們認為可以補充我們投資組合的資產，並且以我們認為具有吸引力且能為我們的投資者帶來長期收益的價格購買這些資產。我們認為，我們目前的狀況與過去幾年一樣好，甚至在許多方面有所改善。

Our next question is from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

It's kind of a similar question. But Liz, can you just give a little bit more detail on the reasoning behind the increase in the size of the facility? Is it that it's more appropriate given the company today? Or is this really a read through about future growth? And then just a follow-up to Justin's comment, are there relatively large portfolios being marketed for sale today that are of interest to you?

這是一個類似的問題。但是 Liz，您能否更詳細地說明擴大設施規模背後的原因？對於現今的公司來說這是否更為合適？還是這真的是對未來發展的解讀？然後，針對賈斯汀的評論，請問目前市場上是否有相對較大的投資組合在售，並且您對此感興趣？

To answer the first part of your question, Dori, the -- upsizing the facility was the result of a couple of things. Number one, we wanted to transition some of our secured debt that was maturing this year to unsecured. And so a portion of the term loan or the term loan increase was the result of that objective. The revolver upside was strategic, both relative to the size of our company, the size of our average investment today and our desire to be nimble and be able to act quickly in any environment and grow strategically if the opportunity exists. So kind of twofold from a strategic standpoint.

為了回答你問題的第一部分，Dori，擴大設施規模是幾件事的結果。首先，我們希望將今年到期的部分擔保債務轉為無擔保債務。因此，定期貸款的一部分或定期貸款的增加是該目標的結果。循環信貸的優勢是策略性的，既相對於我們公司的規模，相對於我們目前的平均投資規模，也相對於我們希望在任何環境下都能靈活應對、迅速採取行動並在有機會時實現戰略性增長的願望。從策略角度來看，這具有雙重意義。

And then in terms of portfolios, there have been actually for some time, a number of attractive portfolios that have been marketed several of which we were active in the bidding process around, which are coming back to market with sellers having some additional flexibility around the makeup of those portfolios.

就投資組合而言，實際上一段時間以來，市場上已經出現了許多有吸引力的投資組合，其中一些我們積極參與了競標過程，這些投資組合正在重返市場，賣家對這些投資組合的組成擁有一些額外的靈活性。

So as we're initially underwriting the portfolios often contained assets that we thought would be less additive to our portfolio, and that impacted the value for us and our pricing and competitiveness around the portfolio. As the portfolios are coming back to market, so those are increasingly willing to consider disposition of a subset of the larger portfolio, which puts us in a position to more effectively align the makeup of the portfolio that we're underwriting with our existing strategy and the portfolio we currently have.

因此，當我們最初承保時，投資組合通常包含我們認為對我們的投資組合附加價值較低的資產，這會影響我們的價值以及我們投資組合的定價和競爭力。隨著投資組合重返市場，人們越來越願意考慮處置較大投資組合的子集，這使我們能夠更有效地將我們承保的投資組合的組成與我們現有的策略和我們目前擁有的投資組合結合起來。

So I'd say while we believe -- while the most likely scenario on a go-forward basis will be continued growth in our portfolio through a series of individual asset transactions, there's greater likelihood now than there was earlier in the year that, that could include small portfolios as well.

因此我想說，雖然我們相信——雖然未來最有可能的情況是我們的投資組合透過一系列個人資產交易繼續成長，但現在比今年早些時候更大的可能性是，其中可能也包括小型投資組合。

Okay. And I guess, what do you -- how would you describe small? Is that several hundred million?

好的。我想，你會如何描述小呢？那是幾億嗎？

It would be several hundred million, yes.

是的，那將是幾億。

Our next question is from Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Just one more follow-up there on transactions. Just maybe can you give us some more detail on what you've seen over the last 90-plus days in terms of pricing changes, expectations and pricing changes in cap rates? And then maybe kind of how would you characterize that differential between the -- kind of your last point, single assets versus portfolio pricing?

關於交易，還有最後一個後續問題。也許您可以向我們詳細介紹一下過去 90 多天來的價格變化、預期以及資本化率的價格變化？那麼也許您會如何描述您最後一點，即單一資產與投資組合定價之間的差異？

So it's certainly with a lack of available financing portfolios are impacted more significantly from a pricing standpoint because the portfolios haven't traded today, I can give you some directional commentary. But until they trade, it will be difficult to establish exactly where the variance ends up.

因此，從定價的角度來看，缺乏可用的融資投資組合肯定會受到更大的影響，因為這些投資組合今天還沒有交易，我可以給你一些方向性的評論。但在他們進行交易之前，很難確定差異的確切結果。

Today, I'd say, brokers are guiding to somewhere around a 10% discount to where values were prior to the disruption of the debt market for a portion of the potential sellers, that's a nonstarter and they'll pull assets from market. For other assets, the more rapid recovery in operating performance puts them in a position where they can achieve their objectives even at a higher potential cap rate, meaning that for us as a buyer we could potentially achieve higher yields even while having the seller achieve a price point that would be attractive for the asset. And we're in ongoing dialogue with a number of potential sellers around individual assets at larger portfolio trade.

今天，我想說，對於部分潛在賣家來說，經紀人指導的價格大約比債務市場混亂之前的價格低 10% 左右，這是行不通的，他們會將資產從市場上撤出。對於其他資產而言，經營績效的更快復甦使得它們即使在潛在資本化率更高的情況下也能實現目標，這意味著對於我們作為買家來說，即使賣家達到對資產有吸引力的價格點，我們也有可能獲得更高的收益。我們正在與一些潛在賣家就更大規模投資組合交易中的個別資產進行持續對話。

As I highlighted in response to the earlier question, I think there's greater flexibility based on the number of potential buyers in the market for us to customize portfolios, eliminate some of the assets that would be less additive to our portfolio and really fine-tuning our focus around assets that add to our geographic diversification and that our quality level that is meaningfully additive to our overall portfolio.

正如我在回答先前的問題時所強調的那樣，我認為，根據市場上潛在買家的數量，我們可以更靈活地定制投資組合，剔除一些對我們的投資組合附加值較低的資產，並真正調整我們對那些能夠增加地域多樣化的資產的關注，並確保我們的質量水平對我們的整體投資組合具有有意義的附加值。

So we're excited about where we are now and as I highlighted, I anticipate that we will be acquisitive as we move through the back half of the year.

因此，我們對目前的狀況感到非常興奮，正如我所強調的，我預計我們將在今年下半年進行收購。

So just to make sure I heard that correctly. Just for higher-quality properties that you might be interested in, prices have kind of come back to you and maybe the price is the same from your perspective, but the cap rate is higher because 6 months of fundamentals have been better. Is that fair?

只是為了確保我聽得正確。對於您可能感興趣的高品質房產，價格已經回到了您的手中，也許從您的角度來看價格是一樣的，但由於 6 個月的基本面較好，資本化率會更高。這樣公平嗎？

That's correct. More or less. And again, remembering that until the deals trade, we're giving directional commentary.

沒錯。或多或少。 再次提醒，請記住，直到交易完成之前，我們都會給出方向性的評論。

Speaking of directional commentary for Liz, just on July, I know you said it's up versus 2019, but maybe can you provide some context or any added detail just around the magnitude of that increase, particularly relative to June? And then just kind of all else equal, as you look out to August, September, October, what's kind of a normal seasonality for the portfolio for those months in terms of the cadence of absolute RevPAR and absolute margin just as we think about modeling on a go-forward basis?

說到 Liz 的方向性評論，就在 7 月份，我知道您說與 2019 年相比有所上升，但您能否提供一些背景信息或補充細節，說明增長的幅度，特別是相對於 6 月份而言？然後，在其他所有條件相同的情況下，當您展望 8 月、9 月和 10 月時，正如我們考慮未來建模時所考慮的，就絕對 RevPAR 和絕對利潤率的節奏而言，這些月份的投資組合的正常季節性是什麼樣的？

Good question. So for July specifically, we mentioned -- and had in our release, but we mentioned that July was 77% from an occupancy perspective, which compared to 2019 was down about 6%.

好問題。因此，具體到 7 月份，我們在發布中提到過，但從入住率來看，7 月份的入住率為 77%，與 2019 年相比下降了約 6%。

So relative to where we were in June was a little bit of a step back, given the impact of the Fourth of July week. If you look at the weeks following Fourth of July, we actually -- we're shrinking that gap relative to 2019 through the month and ended that last week at down only 3% from an occupancy perspective relative to 2019, which sort of normalizes for the fact that June is or was in 2019, a peak month from a RevPAR perspective.

因此，考慮到獨立紀念日那一周的影響，與六月相比，我們的表現略有倒退。如果你看一下七月四日之後的幾週，我們實際上 - 我們正在縮小與 2019 年相比的差距，並且截至上週，從入住率的角度來看，與 2019 年相比僅下降了 3％，這在某種程度上使 6 月是或曾經是 2019 年的高峰月這一事實正常化，從 RevPAR 的角度來看。

And so -- and was higher from an occupancy perspective than July of 2019. Looking at rate, we actually saw rate grow over where we came in, in June for July. We haven't given specifics around how much. But typically, July ADR actually takes a step back again from June being that June is a peak month or historically has been a peak month.

因此 — — 從入住率的角度來看，比 2019 年 7 月要高。從入住率來看，我們實際上看到 7 月的入住率比 6 月有所成長。我們還沒有給出具體數額。但通常情況下，7 月的 ADR 實際上比 6 月要低一些，因為 6 月是高峰月份，或者從歷史上看一直是高峰月份。

And so that rate growth into July will help offset the incremental impact of the Fourth of July week on occupancy and help overall RevPAR levels relative to June. So a positive from a rate perspective and even outside of the Fourth of July week a positive from an occupancy standpoint relative to 2019.

因此，7 月的房價成長將有助於抵銷獨立日當週對入住率的增量影響，並有助於提高相對於 6 月的整體 RevPAR 水準。因此，從利率角度來看這是一個積極因素，甚至在獨立日當週之外，從入住率角度來看，相對於 2019 年而言這也是一個積極因素。

That said, Q2 and Q3 are typically fairly similar from an overall sort of EBITDA contribution standpoint and RevPAR contribution standpoint, it depends some on how weekends fall and holiday fall, but in 2019, June was a peak month. July takes a slight step back, but is, again, one of our strongest months in the year was in 2019.

也就是說，從整體 EBITDA 貢獻和 RevPAR 貢獻的角度來看，第二季和第三季通常非常相似，這取決於週末和假期的情況，但在 2019 年，6 月是高峰月份。 7 月略有回落，但仍是 2019 年最強勁的月份之一。

And then August, more typically has mirrored May which is a little bit shy of where June was. And then September is impacted by Labor Day and BT picks up as leisure historically has pulled back some over the fourth quarter. So first and fourth quarter is more similar in second and third quarters more similar to each other, if that's helpful.

八月通常與五月相似，略低於六月。隨後，9 月受到勞動節的影響，英國電信 (BT) 業務開始回升，因為歷史上休閒業務在第四季度有所回落。因此，第一季和第四季與第二季和第三季更加相似，如果有幫助的話。

Our next question is from Chris Darling with Green Street.

下一個問題來自 Green Street 的 Chris Darling。

Just in thinking about future acquisitions, again, now that a larger swath of your markets are either above or closed to pre-COVID performance, does that at all change where you look to allocate capital going forward? And specifically, I'm thinking whether the value plays kind of putting capital to work and slower to recover markets might make more sense now than maybe a couple of quarters ago?

再想想未來的收購，既然現在你們的很大一部分市場要不是高於就是接近疫情之前的表現，這是否會改變你們未來的資本配置方向？具體來說，我在想，現在將資本投入使用、市場復甦速度較慢的價值投資是否比幾季前更有意義？

We have certainly been looking in markets that have been slower to recover. And our appetite to those markets really depends on our long-term view of how the markets will perform. I think we've highlighted in past calls and continue to believe that, to some extent, there has been a shift, demographic and economic shift in our country over the past 5 to 10 years away from higher-cost markets and into more business-friendly markets with lower operating costs.

我們確實一直在關注復甦較慢的市場。我們對這些市場的興趣實際上取決於我們對市場表現的長期看法。我想我們在過去的電話會議中已經強調過，並且仍然相信，在某種程度上，過去 5 到 10 年間，我國的人口和經濟已經發生了轉變，從成本較高的市場轉向了運營成本更低、對企業更加友好的市場。

And we've seen that with some of the larger corporate announcements that have happened over the past several years. That will have a long-term impact on some markets that have historically been top performers. And that colors our expectation and the pricing that we would offer for assets in those markets.

我們在過去幾年中發布的一些大型公司公告中看到了這一點。這將對一些歷史上表現最好的市場產生長期影響。這影響了我們的預期以及我們對這些市場資產的定價。

But I think as I highlighted in my prepared remarks, diversification is an important component of our overarching strategy, and we look to add assets to our portfolio that create exposure to demand generators where we have lower exposure today and in markets and at price points that over time will enable us to achieve the best yields for our investors.

但我認為，正如我在準備好的發言中所強調的那樣，多元化是我們總體戰略的重要組成部分，我們希望在我們的投資組合中增加資產，以便在我們目前風險敞口較低的市場和價格點上創造對需求生成器的風險敞口，隨著時間的推移，這將使我們能夠為投資者實現最佳收益。

I think we have the broadest vision from an acquisition standpoint of what might fit for our portfolio based on that strategic pillar for us and continuing to look at opportunities in a broad variety of different markets.

我認為，從收購的角度來看，我們擁有最廣闊的視野，知道什麼可能適合我們的投資組合，這基於我們的策略支柱，我們會繼續在各種不同的市場中尋找機會。

Okay. I appreciate those thoughts. And then shifting gears, just curious, have higher gas prices at all impacted the performance of the portfolio. And whatever the recent experience has been, I'm curious how that compares maybe with similar historical periods?

好的。我很欣賞這些想法。然後換個話題，只是好奇，更高的汽油價格是否對投資組合的表現產生了影響。無論最近的經歷如何，我很好奇這與類似的歷史時期相比如何？

So to date, we have not seen an impact specifically from higher gas prices. And looking back historically, gas prices alone have rarely negatively impacted hotel performance in the ways that you might anticipate they would. To the extent gas prices are part of a broader inflationary environment, and to the extent the inflationary environment negatively impacts discretionary income for individuals.

因此到目前為止，我們還沒有看到油價上漲帶來的具體影響。回顧歷史，單憑油價因素很少會像您預期的那樣對酒店業績產生負面影響。在某種程度上，汽油價格是更廣泛的通膨環境的一部分，通膨環境對個人可支配收入產生負面影響。

Over time, that can have impact on the performance of hotels as people make choices around how they allocate the limited funds that they have available. And to date, as we mentioned in our prepared remarks, we continue to see stronger bookings than we did pre-pandemic.

隨著時間的推移，這可能會對酒店的業績產生影響，因為人們會選擇如何分配有限的資金。正如我們在準備好的演講中提到的那樣，到目前為止，我們的預訂量仍然比疫情前更加強勁。

Looking out, our expectation is that through the back half of the year, that translates into performance at or above where we were in 2019, assuming current trends continue as they currently are. And so I'd say, for the time being, we feel good about where we are. And in fact, to some extent, the inflationary environment has created a backdrop enabling us to make adjustments to rate which have more than offset the increase in expenses in our portfolio, enabling us to achieve higher margins.

展望未來，我們預計，假設目前的趨勢持續保持下去，那麼到今年下半年，我們的業績將達到或超過 2019 年的水準。所以我想說，就目前而言，我們對目前的狀況感到滿意。事實上，在某種程度上，通膨環境創造了一個背景，使我們能夠調整利率，這足以抵消我們投資組合中費用的增加，使我們能夠實現更高的利潤率。

Our next question is from Tyler Batory with Oppenheimer & Company.

下一個問題來自 Oppenheimer & Company 的 Tyler Batory。

This is Jonathan on for Tyler. First one from me is on the business travel discussion. And broadly speaking, can you provide some color on what kind of business travel customers are leading the way, which are still lagging? And any expectations on the lacking segments to the group?

這是喬納森 (Jonathan) 代替泰勒 (Tyler)。我首先要討論的是商務旅行。從廣義上講，您能否提供一些信息，說明哪些類型的商務旅行客戶處於領先地位，哪些類型仍然落後？對團隊缺少的部分有什麼期望嗎？

Sure. I think we continue to see a strong performance from small- and medium-sized accounts. We continue to see those regional accounts perform. They've been performing sort of throughout and started coming back really in 2021 meaningfully.

當然。我認為我們將繼續看到中小型帳戶的強勁表現。我們繼續看到這些區域帳戶的表現。他們一直在進行表演，並於 2021 年開始真正意義上的回歸。

From a sector perspective, as we think about both small and large corporate accounts, technology companies have been slower. Although in Q2, we did see them move sort of ahead from a mix of where our sectors were coming from, move ahead slightly. So we're starting to see them improve some.

從產業角度來看，無論是小型或大型企業帳戶，科技公司的發展速度都比較慢。儘管在第二季度，我們確實看到它們在各個行業的混合體中取得了一定程度的領先，略有進步。因此我們開始看到它們有所改善。

But we've done well with university business, health care business, manufacturing, we've continued to see strong performance there. They've certainly outperformed technology, but technology has improved some. It continues to probably be relative to pre-pandemic levels for our portfolio, which will continue to lack the most. So we have seen some recent positive trends.

但我們在大學業務、醫療保健業務、製造業方面做得很好，我們在這些領域繼續保持強勁表現。他們的表現確實超越了技術，但技術也得到了一些改進。 對於我們的投資組合來說，這可能仍然與疫情前的水平有關，而疫情前的水平將繼續是最大的缺口。我們看到最近一些正面的趨勢。

Okay. Great. And then switching gears to margin. You gave some helpful commentary on the cost side in the prepared remarks, but can you provide some maybe high-level color on the sustainability of the higher margin levels given if I understand it correctly, the assumption that rates and costs will remain elevated in the back half of the year?

好的。偉大的。然後切換到保證金。您在準備好的評論中對成本方面給出了一些有益的評論，但如果我理解正確的話，您能否對較高利潤水平的可持續性提供一些高層次的闡述，假設利率和成本在下半年仍將保持高位？

Yes. I mean, going in, just a reminder that we do think that margin expansion will predominantly be driven by a continued ability to drive rate relative to 2019, given the overall inflationary environment and the labor environment that we're in.

是的。我的意思是，進入正題，我們確實認為，考慮到我們所處的整體通膨環境和勞動力環境，利潤率的擴張將主要受到相對於 2019 年的持續利率驅動能力的推動。

We continue to manage costs as effectively as we can. The labor environment continues to be challenging with increases in occupancy and leisure demand, in particular, having more occupants per room as we peak occupancy since the onset of the pandemic in June. The incremental labor was built in part by either new associates that needed to be trained or contract labor.

我們將繼續盡可能有效地管理成本。隨著入住率和休閒需求的增加，勞動力環境仍然充滿挑戰，特別是自 6 月疫情爆發以來，入住率達到峰值，每間客房的入住人數也隨之增加。增量勞動力部分由需要培訓的新員工或合約工組成。

And so our contract labor as a percentage of our total wages has increased over the past quarter, which impacted margins, particularly in June but throughout the quarter. I think we see that as opportunity long term as the environment stabilizes and we've retained associates that have been trained and transition more from contract labor to full-time associates.

因此，我們的合約工佔總薪資的百分比在過去一個季度有所增加，這對利潤率產生了影響，尤其是在 6 月份，但整個季度都是如此。我認為，隨著環境的穩定，我們將此視為長期機遇，我們保留了經過培訓的員工，並將更多員工從合約工轉變為全職員工。

That said, there continues to be some wage pressure. So there are some puts and takes. Outside of labor, rooms controllable, as I mentioned, are continuing to perform on a CPOR basis below pre-pandemic levels, which is a testament to the team and some of the brand adjustments that were made given the inflationary environment, we're certainly focused on continuing with that as long as we can, balancing again that costs have been increasing.

儘管如此，工資壓力仍然存在。因此存在一些得失。正如我所提到的，除了勞動力之外，可控房間的 CPOR 表現仍然低於疫情前的水平，這證明了團隊的努力以及在通膨環境下做出的一些品牌調整，我們當然會盡可能地繼續這樣做，同時再次平衡成本的增加。

But we've been managing what we can well, we're hopeful in that. Utilities will continue to probably be what you've seen. They're higher year-over-year and repairs and maintenance in the quarter were up slightly. I think we're mindful of maintaining our portfolio. I think you don't want to be shortsighted there. And so while particularly in June, that was higher for the quarter, on a long-term basis, I think we'll continue to see that slightly elevated to prior levels over the past year or 2, but -- and maybe slightly elevated to 2019, but we'll make every effort to keep that well controlled.

但我們一直在盡力做好我們能做的事情，我們對此充滿希望。公用事業可能仍將是您所看到的樣子。與去年同期相比，維修和保養費用增加，本季的維修和保養費用也略有增加。我認為我們會注意維護我們的投資組合。我認為你不想在這方面目光短淺。因此，雖然特別是在 6 月份，該數字是本季度最高的，但從長期來看，我認為我們將繼續看到該數字略高於過去一兩年的水平，甚至可能略高於 2019 年，但我們會盡一切努力將其保持在良好的控制範圍內。

So I think we're still optimistic as we look at margins through the back half of the year just with the caveat that in the current labor environment, there may be some temporary increases as we train new associates and transition contract labor to full-time associates and just hope that we're able to offset some of the wage increases that are real and throughout the industry.

因此，我認為，當我們展望下半年的利潤率時，我們仍然持樂觀態度，但需要注意的是，在當前的勞動力環境下，隨著我們培訓新員工並將合約工轉變為全職員工，利潤可能會出現一些暫時的增長，我只是希望我們能夠抵消整個行業實際存在的一些工資增長。

Our next question is 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。

One more question on July. So give me what you said about occupancy improving to down, I think, roughly 3% versus '19 by the end of July and your comment, is it safe to assume that by the end of July, you're seeing RevPAR growth versus '19 that was the highest of the COVID era for you?

關於七月，還有一個問題。那麼，請告訴我您所說的入住率是否有所改善，我認為到 7 月底，與 2019 年相比，入住率下降了大約 3%，您的評論是，是否可以安全地假設到 7 月底，您會看到 RevPAR 與 2019 年相比有所增長，而 2019 年是 COVID 時期的最高值？

We have -- I think directionally, you're -- I think directionally, we continue to see improvement relative to 2019, particularly if you're not looking at the Fourth of July week.

我們有 — — 我認為從方向上看 — — 我認為從方向上看，我們繼續看到相對於 2019 年的改善，特別是如果你沒有關注 7 月 4 日那一周的話。

Okay. Got it. And maybe on the dividend. I know it's a Board decision, but pre COVID, you're paying, I think, a very healthy dividend, about twice of what you're paying now, now your FFO and EBITDA is trending to above '19 levels.

好的。知道了。或許還有股息。我知道這是董事會的決定，但在 COVID 之前，我認為您支付的股息非常可觀，大約是現在的兩倍，現在您的 FFO 和 EBITDA 趨勢高於 19 年的水平。

I'm just curious, as you look at your dividend outlook going forward, is there anything that would prevent you from getting back to that level of payout? Was your taxable income maybe a bit lower than implied pre COVID. I'm just curious how we should think about the trajectory of the dividend over the next several quarters?

我只是好奇，當您展望未來的股息前景時，有什麼因素會阻止您回到那個派息水平？您的應稅收入是否可能比 COVID 之前的隱含收入略低？我只是好奇我們該如何看待未來幾季的股利走勢？

Certainly, taxable income is one consideration as we think about dividend payout. When we reinstated the dividend, the monthly dividend earlier this year, we established a payout but first we were confident we could maintain given the range of potential scenarios that we were anticipating. And two, restructure a level that would allow us to grow it over time. While we're currently paying out below pre-pandemic levels.

當然，當我們考慮股利支付時，應稅收入是一個考慮因素。當我們在今年早些時候恢復分紅，即月度分紅時，我們確定了派息額，但首先，我們有信心，考慮到我們預期的一系列潛在情況，我們可以維持這一派息額。第二，重新建構一個級別，以便我們能夠隨著時間的推移而發展它。雖然我們目前的支出低於疫情前的水準。

It's important to note that we're still paying the highest dividend in the industry. And certainly, as the year has played out, we performed above the high end of the scenarios we were considering at the beginning of the year. I think we're incredibly encouraged by the performance of our portfolio and anticipate that assuming current trends continue, we would be in a position to increase the dividend in the future.

值得注意的是，我們仍然支付著業界最高的股息。當然，隨著今年的進展，我們的表現超越了年初所考慮的情景的最高水準。我認為我們的投資組合的表現讓我們感到非常鼓舞，並且預計如果目前的趨勢繼續下去，我們將能夠在未來增加股息。

I think for us and for our shareholders, dividend has always represented a meaningful component of total shareholder return. And as we think about how we allocate capital, we look at dividend payout as a meaningful way for us to drive value for our shareholders.

我認為對我們和我們的股東來說，股利一直是股東總回報的重要組成部分。當我們思考如何分配資本時，我們將股利支付視為為股東創造價值的有效方式。

So it sounds like for you, dividends and then buying hotels rank meaningfully higher than buybacks at this point. Is that fair?

因此，對您來說，目前而言，股息和購買酒店的排名明顯高於回購。這樣公平嗎？

Certainly, we're not ruling out buybacks given the volatility in the stock market, that always represents an opportunity for us. But I think looking at what we see today, I think those 2 represent higher priorities for us, at least given the environment we're looking at, at the moment.

當然，考慮到股市的波動，我們並不排除回購的可能性，這對我們來說始終是一個機會。但我認為，從我們今天所看到的情況來看，這兩個問題對我們來說是更高的優先事項，至少考慮到我們目前所處的環境。

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

（操作員指示）我們的下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Justin, just going back to a prior question a bit on acquisitions. Diversification certainly has been a pillar of your strategy for a long time. And when you're looking at acquisitions, I'm just curious if -- I know you mentioned you're looking broadly, but are there still any markets you're specifically focused on adding to further that diversification? And even just more specific to locations within markets to further balance the urban and suburban exposure as the recovery in urban picks up a bit of momentum?

賈斯汀，我們再回到之前關於收購的問題。多元化當然一直是您長期以來策略的支柱。當您考慮收購時，我只是好奇——我知道您提到您正在廣泛地尋找，但是是否還有任何您特別關注的市場可以進一步實現多樣化？隨著城市復甦勢頭增強，是否可以更具體地針對市場內的位置，以進一步平衡城市和郊區的暴露？

I think because it takes time to move portfolios, we have never been a group to chase short-term trends. And so I think given the recent strength of leisure, we've benefited in markets where we have exposure to leisure. And given the expectation for stronger improvement in urban markets, our expectation is that the we will benefit in those markets as well.

我認為，由於調整投資組合需要時間，我們從來都不是一個追逐短期趨勢的群體。因此，我認為，鑑於近期休閒業的強勁勢頭，我們在涉足休閒業的市場中受益匪淺。鑑於對城市市場更強勁改善的預期，我們預期我們也將從這些市場中受益。

I think you've seen in our recent acquisitions, us investing in smaller urban markets, where we anticipate growth will be strong over an extended period of time. Markets like Portland, Maine and Greenville, have been great big examples of the types of markets -- urban markets that would be most attractive to us. But we continue to look at potential acquisitions in larger gateway markets and see potential opportunity to enter those markets at attractive price points and expect that high-density suburban will continue to represent a meaningful component of our overall acquisition activity as well.

我想您已經看到，在我們最近的收購中，我們投資於較小的城市市場，我們預計這些市場在較長時期內將保持強勁成長。波特蘭、緬因州和格林維爾等市場就是對我們最具吸引力的城市市場類型的典範。但我們仍在關注較大門戶市場中的潛在收購，並發現以有吸引力的價格進入這些市場的潛在機會，並預計高密度郊區也將繼續成為我們整體收購活動的重要組成部分。

As I highlighted in response to the earlier question, as we look at acquisitions, we're looking to balance the exposure of our portfolio to create the asymmetric risk profile that I highlighted in my prepared remarks, where looking at the portfolio as a whole, we've effectively limited the downside risk, which we, I think, have demonstrated over the past several years while creating an exposure that enables us to outperform during periods of economic prosperity.

正如我在回答先前問題時所強調的不對稱風險狀況，從整個投資組合來看，我們有效地限制了下行風險，我認為，我們在過去幾年中已經證明了這一點，同時創造了一種使我們能夠在經濟繁榮時期表現出色的風險敞口。

And I think that requires us to look forward at trends and ensure that we're investing ahead of those trends to ensure that we're achieving the highest returns possible for our shareholders.

我認為這要求我們展望未來趨勢，並確保我們在這些趨勢之前進行投資，以確保為股東實現最高的回報。

And then you've also historically looked to the prepurchase-type deals on development. I'm just curious, while I know construction has certainly slowed, but if you've got any opportunities you're evaluating on that front as well.

然後，您也一直關注開發中的預購型交易。我只是好奇，雖然我知道建築業確實已經放緩，但如果你有任何機會，你也會在這方面進行評估。

We have been active in discussions with groups around potential developments. And typically, at this point in the cycle, we would be signing up a large number of those deals foreclosing at later points in the recovery. The same challenges that are negatively impacting the supply numbers for the industry as a whole are creating challenges for us as we underwrite development deals for addition to our portfolio.

我們一直積極與各團體討論潛在的發展。通常，在周期的這個階段，我們會簽署大量此類交易，並在復甦的後期取消抵押品贖回權。同樣的挑戰不僅對整個行業的供應數量產生了負面影響，而且在我們承保開發交易以擴大我們的投資組合時也給我們帶來了挑戰。

And really, as we underwrite today, we're looking at meaningfully higher construction costs because we have historically developed through forward commitments or forward commitments for turnkey development. Rising interest rates impact costs for those developers as well and then uncertainty around supply chain and availability of labor, all contribute to higher costs for projects, making it more difficult, really, at this point, to underwrite new development deals than it ever has been for us in our over 2 decades experience within the industry.

事實上，正如我們今天所承保的那樣，我們正考慮更高的建設成本，因為我們歷來都是透過遠期承諾或交鑰匙開發的遠期承諾來開發的。利率上升也會影響開發商的成本，再加上供應鏈和勞動力供應方面的不確定性，所有這些都導致​​專案成本上升，使得承保新的開發交易比我們在該行業 20 多年的經驗中任何時候都更加困難。

Over time, we continue to anticipate that new development deals will represent roughly 1/4 of our total acquisitions. But in the near term, we're much more likely to be active on existing deals, especially in an environment where there are fewer buyers competing with us for those assets.

隨著時間的推移，我們預計新的開發交易將占我們總收購額的約 1/4。但在短期內，我們更有可能積極參與現有交易，尤其是在與我們競爭這些資產的買家較少的環境下。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Justin for closing comments.

我們的問答環節已經結束。我想將會議交還給賈斯汀，請他發表最後評論。

Thank you for joining us today. We are incredibly pleased with the performance of our portfolio over the past quarter and super optimistic about how things are likely to shape up through the back half of the year. As always, as you travel, we encourage you to stay with us at one of our hotels, and we look forward to speaking with you in the near term as we get out on the road.

感謝您今天加入我們。我們對過去一個季度投資組合的表現感到非常滿意，並且對今年下半年的情況發展非常樂觀。像往常一樣，當您旅行時，我們鼓勵您入住我們的酒店之一，我們期待在旅途中與您交談。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。