Apple Hospitality REIT Inc (APLE) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke. Thank you. You may begin.

您好，歡迎來到 Apple Hospitality REIT 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人凱莉·克拉克。謝謝。你可以開始了。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Fourth Quarter and Full Year 2022 Earnings Call. Today's call will be based on the earnings release and Form 10-K, which we distributed and filed yesterday afternoon. 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 risks, uncertainties and the outcome of future events that could cause actual results, performance or achievements to materially differ from those expressed, projected or implied. Any such forward-looking statements are qualified by the risk factors described in our filings with the SEC, including in our 2022 annual report on Form 10-K and speak only as of today.

謝謝，早上好。歡迎來到 Apple Hospitality REIT 的第四季度和 2022 年全年收益電話會議。今天的電話會議將基於我們昨天下午分發並提交的收益發布和 10-K 表格。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定義的前瞻性陳述。這些前瞻性陳述基於當前的觀點和假設，因此受到眾多風險、不確定性和未來事件結果的影響，這些風險、不確定性和未來事件的結果可能導致實際結果、業績或成就與明示、預測或暗示的結果、業績或成就存在重大差異.任何此類前瞻性陳述都符合我們向美國證券交易委員會提交的文件中描述的風險因素，包括我們 2022 年 10-K 表格年度報告中所述的風險因素，並且僅在今天發表。

The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. 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.

除非法律要求，否則公司不承擔公開更新或修改任何前瞻性陳述的義務。此外，本次電話會議還將討論非 GAAP 績效指標。這些措施與 GAAP 措施的協調以及我們評論中提到的某些項目的定義包含在昨天的收益發布和提交給美國證券交易委員會的其他文件中。

For a copy of the earnings release or additional information about the company, please visit 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 fourth quarter and full year 2022 and an operational outlook for 2023. Following the overview, we will open the call for Q&A.

如需收益發布的副本或有關公司的其他信息，請訪問 applehospitalityreit.com。今天早上，我們的首席執行官賈斯汀·奈特 (Justin Knight)；和我們的首席財務官 Liz Perkins 將概述我們 2022 年第四季度和全年的業績以及 2023 年的運營展望。在概述之後，我們將開始徵集問答。

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

此時，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today. We are pleased to report another year of strong operating performance and continued growth for Apple Hospitality REIT. Additionally, during 2022, we took steps to ensure that we are well positioned for the year ahead by investing in staff and training, renovating and reinvesting in our hotels, reinstating monthly distributions, further bolstering our balance sheet and optimizing our portfolio through the strategic acquisition of 2 high-quality hotels and the disposition of one noncore asset.

早上好，感謝您今天加入我們。我們很高興地報告 Apple Hospitality REIT 又一年的強勁經營業績和持續增長。此外，在 2022 年期間，我們採取措施確保我們為來年做好準備，包括投資於員工和培訓、翻新和再投資我們的酒店、恢復每月分配、進一步加強我們的資產負債表並通過戰略收購優化我們的投資組合2 家優質酒店和一項非核心資產的處置。

2022 RevPAR for our portfolio was $108, a 32% improvement over 2021 and a 3% improvement over 2019. RevPAR growth was driven by meaningful improvement in rate. ADR for the year was $149, an improvement of 21% as compared to 2021 and 9% as compared to 2019. Occupancy was 73%, up approximately 10% compared to 2021 and down 6% compared to full year 2019. And total portfolio revenue for the year was up approximately 33% to 2021, down only 2% to 2019.

我們投資組合的 2022 年 RevPAR 為 108 美元，比 2021 年提高 32%，比 2019 年提高 3%。RevPAR 的增長是由利率的顯著提高推動的。全年 ADR 為 149 美元，與 2021 年相比增長 21%，與 2019 年相比增長 9%。入住率為 73%，與 2021 年相比增長約 10%，與 2019 年全年相比下降 6%。投資組合總收入到 2021 年，這一年增長了約 33%，到 2019 年僅下降了 2%。

Strong rate growth and effective cost controls enabled us to achieve actual adjusted hotel EBITDA margin for the year of 37%, up 250 basis points to 2021 and 10 basis points to 2019. MFFO was approximately $351 million or $1.53 per share, up 67% compared to 2021 and down 4% compared to 2019. Emerging from the pandemic-related business disruption, we have rebuilt portfolio occupancy and have worked with our management companies to make strategic investments in our hotel level talent to cultivate and retain associates despite a challenging labor environment by providing necessary training and focusing on culture and associate engagement.

強勁的增長率和有效的成本控制使我們實現了 37% 的實際調整後酒店 EBITDA 利潤率，到 2021 年增長了 250 個基點，到 2019 年增長了 10 個基點。MFFO 約為 3.51 億美元或每股 1.53 美元，同比增長 67%到 2021 年，與 2019 年相比下降了 4%。從與大流行相關的業務中斷中走出來後，我們重建了投資組合的入住率，並與我們的管理公司合作，對我們的酒店級人才進行戰略投資，以培養和留住員工，儘管勞動力環境充滿挑戰通過提供必要的培訓並專注於文化和員工敬業度。

These important investments in developing on-property teams position us to maintain the quality of our hotels and provide the service levels necessary to support continued growth in market share, in particular, through higher rates, which we believe will be key to our long-term profitability. As our managers stabilize staffing at our hotels and invest in on-site training, we expect to realize efficiencies, which should act as a partial offset to higher wages.

這些對發展酒店團隊的重要投資使我們能夠保持酒店的質量並提供支持市場份額持續增長所需的服務水平，特別是通過更高的價格，我們認為這將是我們長期發展的關鍵盈利能力。隨著我們的管理人員穩定我們酒店的人員配置並投資於現場培訓，我們期望實現效率，這應該可以部分抵消更高的工資。

Additionally, we see benefit to both service levels and profitability as we work to reduce dependence on contract labor, which continues to be elevated to pre-pandemic levels. 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. During 2022, we invested approximately $62 million in capital expenditures with significant renovations at 24 of our hotels. Our in-house CapEx team has done a tremendous job managing inflationary pressures and supply chain challenges to deliver outstanding and cost-effective results that strengthen our competitive position within our respective markets.

此外，隨著我們努力減少對合同工的依賴，我們看到服務水平和盈利能力都有好處，合同工繼續上升到大流行前的水平。我們很幸運能夠以相對年輕且維護良好的投資組合進入大流行。因此，我們能夠在 2020 年和 2021 年戰略性地減少裝修支出以保護資本。在 2022 年期間，我們投資了約 6200 萬美元的資本支出，對我們的 24 家酒店進行了重大翻新。我們的內部資本支出團隊在管理通貨膨脹壓力和供應鏈挑戰方面做了大量工作，以提供出色且具有成本效益的結果，從而加強我們在各自市場中的競爭地位。

We anticipate spending $70 million to $80 million during 2023, which includes comprehensive renovation projects at 20 to 25 of our hotels. Our 2022 and anticipated 2023 CapEx spend more closely approximate our historical investment of between 5% and 6% of revenues, which we believe is appropriate for our portfolio and a meaningful differentiator for us, contributing to total shareholder returns over time.

我們預計 2023 年將花費 7000 萬至 8000 萬美元，其中包括我們 20 至 25 家酒店的全面翻新項目。我們 2022 年和預期的 2023 年資本支出支出更接近我們歷史上佔收入 5% 至 6% 的投資，我們認為這對我們的投資組合來說是合適的，對我們來說是一個有意義的差異化因素，隨著時間的推移有助於股東總回報。

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 dollars spent. Supported by our strong operating performance, we have led the industry in post-pandemic dividend payments, reinstating regular monthly cash distributions beginning with the March payment and increase in our monthly distribution in August and again in October.

通過我們 20 多年來對以品牌客房為中心的物業的規模所有權，我們在確定最有效的投資範圍和投資時機方面擁有豐富的經驗，以確保對物業運營的干擾最小，並使支出的資金產生最大的影響。在我們強勁的經營業績的支持下，我們在大流行後的股息支付方面處於行業領先地位，從 3 月的支付開始恢復每月定期現金分配，並在 8 月和 10 月再次增加月度分配。

In December, our Board approved a special distribution of $0.08 per share in addition to our regular monthly distribution of $0.08 per share, both of which were paid in January of this year. Based on our closing price on Friday, February 17, our annualized distribution of $0.96 per share represents an annual yield of approximately 5.6%. Strong operating fundamentals also positioned us to further bolster our balance sheet. During the year, we produced approximately $200 million in excess of distributions paid to shareholders, which we were able to utilize to fund capital reinvestments and new acquisitions.

12 月，我們的董事會批准了每股 0.08 美元的特別分配，以及我們在今年 1 月支付的每月定期分配每股 0.08 美元。根據我們 2 月 17 日星期五的收盤價，我們每股 0.96 美元的年化分配代表年收益率約為 5.6%。強勁的運營基礎也使我們能夠進一步加強我們的資產負債表。在這一年裡，我們產生了大約 2 億美元，超出支付給股東的分配，我們能夠利用這些資金為資本再投資和新收購提供資金。

In July, we amended and restated our existing $850 million credit facility, increasing the borrowing capacity, extending maturities and achieving improved pricing. Our low leverage and attractively structured debt were key contributors to our outperformance over the past years. Face now with greater macroeconomic uncertainty and volatility in capital markets, our significant liquidity position, staggered maturity dates and conservative secured debt exposure provide us with flexibility to be both thoughtful and opportunistic to drive incremental value for our shareholders.

7 月，我們修改並重申了現有的 8.5 億美元信貸額度，提高了借貸能力，延長了期限並改善了定價。我們的低杠桿率和有吸引力的結構性債務是我們過去幾年表現出色的關鍵因素。面對更大的宏觀經濟不確定性和資本市場波動性，我們重要的流動性頭寸、交錯的到期日和保守的有擔保債務敞口為我們提供了靈活性，使我們能夠既深思熟慮又把握機會，為股東創造更多價值。

In 2022, we sold 1 hotel, a 55-room independent boutique hotel in Richmond, Virginia for $8.5 million, resulting in a gain on sale of approximately $1.8 million. During the year, we also purchased 2 hotels, the AC Hotel Louisville Downtown and the AC Hotel Pittsburgh downtown for a combined total of $85 million, both of which were acquired during the fourth quarter. As we have built and refined our portfolio over time, we have intentionally sought great exposure to markets that benefit from a mix of business and leisure demand and to concentrate our ownership in markets that have been and will be beneficiaries of macroeconomic and demographic shifts.

2022 年，我們以 850 萬美元的價格出售了位於弗吉尼亞州里士滿的 1 家酒店，這是一家擁有 55 間客房的獨立精品酒店，銷售收益約為 180 萬美元。年內，我們還購買了 2 家酒店，路易斯維爾市中心 AC 酒店和匹茲堡市中心 AC 酒店，總價 8500 萬美元，這兩家酒店都是在第四季度收購的。隨著時間的推移，我們已經建立和完善了我們的投資組合，我們有意尋求對受益於商業和休閒需求混合的市場的大量敞口，並將我們的所有權集中在已經並將成為宏觀經濟和人口變化的受益者的市場中。

Since the onset of the pandemic, we have invested approximately $558 million in 14 hotels. These recent acquisitions have exceeded our original underwriting by more than $12 million in hotel EBITDA during the full year, contributing meaningfully to our operational outperformance. The 12 hotels owned for all of 2022 produced a total unlevered return for our investment after CapEx of over 8% despite the impact of the Omicron variant on first quarter numbers and with meaningful upside remaining as assets continue to ramp and markets improve. 1/3 of these hotels produced unlevered yields in excess of 10%.

自大流行開始以來，我們已在 14 家酒店投資了約 5.58 億美元。這些最近的收購在全年的酒店 EBITDA 中超出了我們最初的承銷超過 1200 萬美元，為我們的運營業績做出了有意義的貢獻。儘管 Omicron 變體對第一季度數字產生了影響，但 2022 年全年擁有的 12 家酒店在資本支出後為我們的投資帶來了超過 8% 的無槓桿總回報，並且隨著資產繼續增加和市場改善，仍有顯著的上升空間。這些酒店中有 1/3 的無槓桿收益率超過 10%。

Looking forward to 2023, we have reason to be optimistic. January top line numbers for our portfolio were strong, helped by easy 2022 comps and continued strength in travel demand. While we are mindful of the potential for macroeconomic headwinds later in the year, our property teams have entered the year with high expectations for continued improvement in both business and leisure demand. The supply picture is favorable with nearly half of our hotels having no exposure to projects under construction within a 5-mile radius. And many of our markets that were slow to rebound from pandemic lows have shown meaningful improvement in recent months.

展望2023年，我們有理由樂觀。得益於輕鬆的 2022 年業績和旅遊需求的持續強勁，我們投資組合的 1 月份營收數據強勁。雖然我們注意到今年晚些時候宏觀經濟逆風的可能性，但我們的房地產團隊在進入這一年時對商業和休閒需求的持續改善抱有很高的期望。供應情況良好，我們近一半的酒店在 5 英里半徑範圍內沒有涉及在建項目。近幾個月來，我們許多從大流行低點反彈緩慢的市場都出現了顯著改善。

Our combined acquisitions and dispositions activity has positioned us to produce better portfolio margins and to drive greater profitability over time. And while the transaction market in recent months has been relatively quiet, we expect debt maturities and brand-mandated capital investment to increase the number of properties coming to market as the year progresses. With ample liquidity and over 20 years of transaction history, we are optimally positioned to grow our portfolio when market conditions are right. We are incredibly proud of our accomplishments this past year and remain confident in the resiliency of travel and our ability to drive strong results and maximize shareholder value in any macroeconomic environment.

我們合併的收購和處置活動使我們能夠產生更好的投資組合利潤率，並隨著時間的推移推動更大的盈利能力。雖然最近幾個月的交易市場相對平靜，但我們預計隨著今年的進展，債務到期和品牌授權的資本投資將增加上市的房產數量。憑藉充足的流動性和超過 20 年的交易歷史，我們處於最佳位置，可以在市場條件合適時擴大我們的投資組合。我們為過去一年的成就感到無比自豪，並對旅遊的彈性以及我們在任何宏觀經濟環境中取得強勁業績和最大化股東價值的能力充滿信心。

I'm now pleased to turn the call over to Liz for additional details on our balance sheet, operations and financial performance during the year.

我現在很高興將電話轉給 Liz，以了解有關我們這一年的資產負債表、運營和財務業績的更多詳細信息。

Thank you, Justin, and good morning. Top line performance for the fourth quarter continued to be strong with total portfolio revenue up approximately 19% to the fourth quarter 2021 and 3% to the fourth quarter 2019. Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve RevPAR of $103, an improvement of 16% over a strong fourth quarter in 2021 and 7% as compared to fourth quarter 2019.

謝謝賈斯汀，早上好。第四季度的收入表現繼續強勁，投資組合總收入到 2021 年第四季度增長約 19%，到 2019 年第四季度增長約 3%。本季度休閒需求的持續強勁和商務旅行的複蘇使我們能夠實現RevPAR 為 103 美元，比 2021 年第四季度強勁增長 16%，與 2019 年第四季度相比增長 7%。

ADR for the quarter was $147, approximately 12% ahead of both the fourth quarter 2021 and 2019, and occupancy was up 3% to the same period in 2021 and down only 4% to 2019. The Preliminary results for January show continued strength in demand with occupancy of approximately 64%, just 4% shy of January 2019. With leisure and business demand seasonally lower, ADR growth was 7%, down modestly to what we saw in the fourth quarter. We have begun to see and are confident that rate growth will continue to improve as we progress through the first quarter and reach our seasonally stronger occupancy months. Relative to seasonal expectations, recent performance reflects both continued strength in leisure and a meaningful recovery in business demand. October, November and December weekend occupancies were 85%, 77% and 64%, respectively.

本季度 ADR 為 147 美元，比 2021 年第四季度和 2019 年第四季度都高出約 12%，入住率比 2021 年同期增長 3%，比 2019 年僅下降 4%。1 月份的初步結果顯示需求持續強勁入住率約為 64%，僅比 2019 年 1 月低 4%。由於休閒和商務需求季節性下降，ADR 增長率為 7%，略低於我們在第四季度看到的水平。我們已經開始看到並相信隨著我們在第一季度取得進展並達到我們季節性強勁的入住月，房價增長將繼續改善。相對於季節性預期，最近的表現反映了休閒活動的持續強勁和商業需求的顯著復甦。十月、十一月和十二月的周末入住率分別為 85%、77% 和 64%。

As we entered the fourth quarter, October weekday occupancy was 75%, an improvement over September and down only 5% to October 2019. Although typical seasonality impacted weekday occupancy in November and December, December weekday occupancy was up 4% to December 2019. Weekday ADR for the quarter was $142, up nearly 4% to 2019 rate levels. As we look at demand segments and business transient trends, travel patterns continue to normalize. 61% of our portfolio produced RevPAR above pre-pandemic levels during the quarter, with improvement in demand impacting nearly every market.

當我們進入第四季度時，10 月的工作日入住率為 75%，比 9 月有所改善，與 2019 年 10 月相比僅下降了 5%。儘管典型的季節性影響了 11 月和 12 月的工作日入住率，但 12 月的工作日入住率比 2019 年 12 月增長了 4%。工作日本季度的 ADR 為 142 美元，較 2019 年的利率水平上漲近 4%。當我們審視需求細分和業務瞬態趨勢時，旅行模式繼續正常化。我們 61% 的投資組合在本季度產生了高於大流行前水平的 RevPAR，需求的改善幾乎影響了每個市場。

75 of our hotels had RevPAR improvement of 10% or more relative to the same period in 2019. The Top performers included a mix of urban and suburban locations such as Tampa, Phoenix, Anchorage, Syracuse, Huntsville, San Diego, Savannah and Fort Worth. While results improved across the portfolio, we continue to see slower recovery in a number of markets, including our assets in New York, San Jose and Denver. These high-quality hotels are well located within their respective markets, and we expect the performance to improve over time, providing additional upside for our portfolio.

與 2019 年同期相比，我們的 75 家酒店的 RevPAR 提高了 10% 或更多。表現最好的酒店包括城市和郊區的混合地點，例如坦帕、鳳凰城、安克雷奇、錫拉丘茲、亨茨維爾、聖地亞哥、薩凡納和沃思堡.雖然整個投資組合的業績有所改善，但我們繼續看到許多市場的複蘇放緩，包括我們在紐約、聖何塞和丹佛的資產。這些優質酒店位於各自市場內，我們預計業績會隨著時間的推移而改善，為我們的投資組合提供額外的上升空間。

In terms of room night channel mix, brand.com bookings remained stable at 39% during the quarter. OTA bookings moved from 13% in the third quarter to 12% in the fourth. Property direct bookings increased to 27%, a testament to the continued efforts of our property and management company sales support team. Lastly, GDS bookings continued to represent 16% for the quarter and preliminary revenue data shows improvement early in the first quarter, indicating a continuation of the positive business travel trends.

在間夜渠道組合方面，本季度 brand.com 的預訂量穩定在 39%。 OTA 預訂量從第三季度的 13% 上升到第四季度的 12%。物業直接預訂增加到 27%，這證明了我們的物業和管理公司銷售支持團隊的持續努力。最後，本季度 GDS 預訂量繼續佔 16%，初步收入數據顯示第一季度初有所改善，表明商務旅行的積極趨勢仍在繼續。

Looking at fourth quarter same-store segmentation, [PAR] continue to be elevated to 2019 levels at 34%. Other discounts increased slightly to 29% in the quarter. Group was in line with the third quarter at 14%, still meaningfully higher than the fourth quarter of 2019, which illustrates the resiliency of small group demand. The negotiated segment remains between 17% and 18%, though the occupancy mix relative to 2019 improved from the third quarter, a positive indicator for business travel demand. And after 3 years without meaningful changes in corporate negotiated pricing, our hotels have just gone through successful 2023 rate negotiations with corporate and local business accounts. And we are optimistic that not only will production continue to improve, but that we'll also see an improvement in negotiated rates.

從第四季度的同店細分來看，[PAR] 繼續提升至 2019 年的水平，達到 34%。本季度其他折扣略有增加至 29%。團體與第三季度一致，為 14%，仍顯著高於 2019 年第四季度，這說明了小型團體需求的彈性。儘管與 2019 年相比，第三季度的入住率組合有所改善，但協商部分仍保持在 17% 至 18% 之間，這是商務旅行需求的積極指標。在企業協商定價 3 年沒有發生重大變化之後，我們的酒店剛剛成功地與企業和本地企業客戶進行了 2023 年價格談判。我們樂觀地認為，不僅產量會繼續提高，而且我們也會看到協商利率有所改善。

Turning to expenses. Total payroll per occupied room for our same-store hotels was just under $39 for the quarter, slightly higher than the third quarter and up 12% to the fourth quarter of 2019. With occupancy seasonally lower for the quarter, the increase per occupied room cost wasn't unexpected. A tight labor market continued to create operational challenges and fourth quarter results were impacted by higher wages for full and part-time employees, training costs and higher utilization of contract labor.

談到開支。本季度我們同店酒店每間客房的總工資略低於 39 美元，略高於第三季度，比 2019 年第四季度增長 12%。由於本季度入住率季節性下降，每間客房成本增加並不意外。勞動力市場緊張繼續給運營帶來挑戰，第四季度業績受到全職和兼職員工工資上漲、培訓成本和合同工利用率提高的影響。

While we anticipate wages will remain elevated relative to pre-pandemic levels, we believe a portion of the overall increase in labor cost is temporary and the year-over-year growth rates will come down as in-house staffing stabilizes, and we are able to reduce recruiting and onboarding costs and the reliance on contract labor. As we have always done, we will continue to balance productivity initiatives with our efforts to uphold a positive work environment conducive to attracting and retaining top talent. These efforts better position us to support the high levels of service and cleanliness necessary to sustain rate growth and maximize the long-term profitability of our assets.

雖然我們預計工資將相對於大流行前水平保持較高水平，但我們認為勞動力成本總體增長的一部分是暫時的，隨著內部人員配置穩定，同比增長率將下降，我們能夠減少招聘和入職成本以及對合同工的依賴。一如既往，我們將繼續平衡生產力舉措與我們努力維護有利於吸引和留住頂尖人才的積極工作環境。這些努力使我們能夠更好地支持維持利率增長和最大化我們資產的長期盈利能力所必需的高水平服務和清潔度。

Our asset management and on-site teams were able to keep increases in same-store rooms expenses, excluding payroll on a per occupied room basis to 3% relative to 2019 despite significant inflationary pressure. Strong rate growth and effective cost control despite the challenging labor and inflationary environment, enabled us to achieve fourth quarter comparable adjusted hotel EBITDA of approximately $102 million and comparable adjusted hotel EBITDA margin of approximately 34%, down only 10 basis points for the fourth quarter of 2019.

儘管存在巨大的通脹壓力，但我們的資產管理和現場團隊能夠保持同店客房費用的增長，不包括每間客房的工資，相對於 2019 年增長 3%。儘管勞動力和通貨膨脹環境充滿挑戰，但強勁的增長率和有效的成本控制使我們能夠實現第四季度可比調整後酒店 EBITDA 約 1.02 億美元和可比調整後酒店 EBITDA 利潤率約 34%，僅比去年第四季度下降 10 個基點2019.

Actual adjusted hotel EBITDA margin for the fourth quarter was also 34%, but up 70 basis points to 2019, highlighting the positive impact of our transactional activity since the onset of the pandemic. As we have stated on past calls, we believe that long-term margin expansion for the industry and for our portfolio will be largely conditioned on our ability to grow rate. While we expect a portion of our recent expense growth to be temporary, driven by elevated employee recruiting and onboarding costs and short-term increases in our use of contract labor. We anticipate continued near-term pressure on wages and other operating expenses.

第四季度實際調整後的酒店 EBITDA 利潤率也為 34%，但比 2019 年上升了 70 個基點，突顯出自疫情爆發以來我們的交易活動產生了積極影響。正如我們在過去的電話會議上所說，我們認為該行業和我們的投資組合的長期利潤率擴張將在很大程度上取決於我們的增長率能力。雖然我們預計近期費用增長的一部分是暫時的，但受員工招聘和入職成本上升以及我們使用合同工的短期增加的推動。我們預計工資和其他運營費用的短期壓力將持續存在。

Approximately 85% of our hotels are operated under a proprietary management agreement structure, which utilizes among other things, a variable rate management fee with payments based on performance against a balanced scorecard to better align owner and managers around optimizing performance of our hotels within their markets. Over the past 3 years, because of the meaningful disruption experienced by our industry, we have fixed payments under these contracts at 3%, the midpoint of the variable range.

我們大約 85% 的酒店在專有管理協議結構下運營，除其他外，該結構利用可變費率管理費，並根據平衡計分卡的績效進行支付，以更好地協調業主和經理，優化我們酒店在其市場中的績效.在過去 3 年中，由於我們的行業經歷了有意義的中斷，我們將這些合同下的付款固定為 3%，這是可變範圍的中點。

Beginning in 2023, we have reintroduced the variable fee structure. Among other things, management fees earned are based on performance against property budgets, achievement of target market share and guest satisfaction scores. Fourth quarter adjusted EBITDA was $90 million, up 22% to the same period in 2021 and up 4% to 2019. MFFO for the quarter was approximately $75 million, up 27% compared to the fourth quarter 2021 and 6% compared to the fourth quarter of 2019.

從 2023 年開始，我們重新引入了可變費用結構。除其他事項外，賺取的管理費是根據酒店預算的績效、目標市場份額的實現情況和客人滿意度得分計算的。第四季度調整後的 EBITDA 為 9000 萬美元，比 2021 年同期增長 22%，比 2019 年增長 4%。本季度的 MFFO 約為 7500 萬美元，比 2021 年第四季度增長 27%，比第四季度增長 6% 2019 年。

Looking at our balance sheet as of December 31, 2022, we had $1.4 billion in total outstanding debt, approximately 3.3x our trailing 12-month EBITDA with a weighted average interest rate of 3.9%. Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments is comprised of approximately $329 million in property-level debt secured by 19 hotels and approximately $1 billion outstanding on our unsecured credit facilities. Our weighted average debt maturities are almost 5 years.

從我們截至 2022 年 12 月 31 日的資產負債表來看，我們的未償債務總額為 14 億美元，約為過去 12 個月 EBITDA 的 3.3 倍，加權平均利率為 3.9%。未償還債務總額（不包括未攤銷債務發行成本和公允價值調整）包括約 3.29 億美元的由 19 家酒店擔保的財產級債務和約 10 億美元的無擔保信貸額度。我們的加權平均債務期限接近 5 年。

At the end of the quarter, we had cash on hand of approximately $4 million, availability under our revolving credit facility of approximately $650 million and term loan availability of $50 million. 84% of total debt outstanding was fixed or hedged. Subsequent to year-end, we repaid in full 3 secured mortgage loans for a total of approximately $24 million, increasing the number of unencumbered hotels in our portfolio to 204. Valuable swap agreements and most importantly, low overall leverage levels mitigate the impact of the current interest rate environment.

在本季度末，我們手頭現金約為 400 萬美元，循環信貸額度約為 6.5 億美元，定期貸款可用額度為 5000 萬美元。未償債務總額的 84% 是固定的或對沖的。年底後，我們全額償還了 3 筆總計約 2400 萬美元的有抵押抵押貸款，使我們投資組合中的未負擔酒店數量增加到 204 家。有價值的掉期協議以及最重要的是，較低的整體槓桿水平減輕了當前的利率環境。

As Justin highlighted, in July, 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. These updates provided for additional capacity of $150 million under the term loans and $225 million under the revolving credit facility. The agreement includes an accordion feature in which the amount of the total credit facility may be increased from approximately $1.2 billion to $1.5 billion. Through the refinance of our primary credit facility in July, the additional 7-year senior notes facility closed in June and the repayment of additional secured mortgages, we further strengthened our balance sheet.

正如賈斯汀強調的那樣，我們在 7 月修改並重申了我們現有的 8.5 億美元信貸額度，將藉貸能力提高到約 12 億美元，延長了到期日並提高了整個貸款額度的定價。這些更新提供了 1.5 億美元的定期貸款和 2.25 億美元的循環信貸額度額外能力。該協議包括一個手風琴功能，其中信貸額度總額可能從大約 12 億美元增加到 15 億美元。通過在 7 月份對我們的主要信貸安排進行再融資、在 6 月份關閉額外的 7 年期優先票據安排以及償還額外的擔保抵押貸款，我們進一步加強了資產負債表。

Also, in December, we published our inaugural corporate responsibility report, which details our ESG performance, strategies and initiatives. We have always worked to uphold high environmental, social and governance standards, and we believe these key areas of focus are an integral part of driving long-term value for our shareholders. We will continue to enhance and expand our ESG-related disclosures as our progress deepens and industry-wide standards evolve.

此外，在 12 月，我們發布了首份企業責任報告，其中詳細介紹了我們的 ESG 績效、戰略和舉措。我們一直致力於維護高環境、社會和治理標準，我們相信這些重點關注領域是為股東創造長期價值不可或缺的一部分。隨著我們的進步和全行業標準的發展，我們將繼續加強和擴大與 ESG 相關的披露。

Turning to our outlook for 2023 provided in yesterday's press release. Given limited visibility into future performance due to short-term booking windows and meaningful macroeconomic uncertainty, our outlook reflects a broader range of comparable hotels RevPAR change and other key metrics for 2023. Although forward booking data for our portfolio does not currently provide evidence of a slowdown, our outlook anticipates that the lodging industry recovery will be impacted by macroeconomic headwinds in the latter portion of the year.

轉向我們在昨天的新聞稿中提供的 2023 年展望。由於短期預訂窗口和顯著的宏觀經濟不確定性，未來業績的可見度有限，我們的展望反映了更廣泛的可比酒店 RevPAR 變化和 2023 年的其他關鍵指標。儘管我們投資組合的前瞻性預訂數據目前沒有提供證據表明放緩，我們的展望預計住宿業復甦將在今年下半年受到宏觀經濟逆風的影響。

For the full year, we expect net income to be between $165 million and $209 million. Comparable hotels RevPAR change to be between 3% and 7%; comparable hotels adjusted hotel EBITDA margin to be between 35.3% and 36.9% and adjusted EBITDA to be between $420 million and $457 million. While our asset management and hotel teams are working diligently to mitigate cost pressures, margins are anticipated to be impacted relative to 2022 by increased wages and inflationary pressures on utilities, insurance and other operating costs.

對於全年，我們預計淨收入將在 1.65 億美元至 2.09 億美元之間。可比酒店 RevPAR 變化在 3% 到 7% 之間；可比酒店調整後的酒店 EBITDA 利潤率介於 35.3% 和 36.9% 之間，調整後的 EBITDA 介於 4.2 億美元和 4.57 億美元之間。雖然我們的資產管理和酒店團隊正在努力減輕成本壓力，但預計相對於 2022 年，利潤率將受到工資上漲以及公用事業、保險和其他運營成本的通脹壓力的影響。

This outlook is based on our current view and does not take into account any unanticipated developments in our business or changes in the operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. Based on current trends, results for the first quarter 2023 are expected to benefit significantly from the easier comparison to the first quarter 2022, when the Omicron variant negatively impacted lodging demand. The high end of the full year range reflects relatively steady macroeconomic conditions throughout 2023, with RevPAR growth slowing, but continued strength in leisure demand and improvement in business transient.

該展望基於我們當前的觀點，並未考慮我們業務的任何意外發展或經營環境的變化，也未考慮任何未宣布的酒店收購或處置。根據當前趨勢，與 2022 年第一季度相比，2023 年第一季度的業績預計將顯著受益，當時 Omicron 變體對住宿需求產生了負面影響。全年範圍的高端反映了整個 2023 年相對穩定的宏觀經濟狀況，RevPAR 增長放緩，但休閒需求持續強勁，商業瞬態改善。

The low end of the range reflects the softening in lodging demand beginning in the second quarter with comparable hotels RevPAR change roughly flat compared to 2022 in the second half of the year. Over the last 3 years, we have demonstrated the resiliency of our differentiated strategy. And as we move into 2023, we believe we remain well positioned for any macroeconomic environment. 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.

該範圍的低端反映了從第二季度開始的住宿需求疲軟，與今年下半年的 2022 年相比，可比酒店的 RevPAR 變化大致持平。在過去 3 年中，我們展示了差異化戰略的彈性。隨著我們進入 2023 年，我們相信我們在任何宏觀經濟環境中都處於有利地位。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 capital investments, ensuring that we maintain a competitive advantage over other products in our markets. Overall, the supply picture continues to be favorable and should help to bolster the performance of our existing portfolio through the coming year. 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 hotels.

我們的資產狀況良好，最近進行了處置和資本投資，確保我們在市場上保持相對於其他產品的競爭優勢。總的來說，供應情況繼續有利，應該有助於在來年加強我們現有投資組合的表現。我們的團隊利用我們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酒店的績效。

And that concludes our prepared remarks. Justin and I will now be happy to answer any questions that you may have for us.

我們準備好的發言到此結束。賈斯汀和我現在很樂意回答您可能向我們提出的任何問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Your first question comes from Anthony Powell with Barclays.

謝謝。我們現在將進行問答環節。 （操作員說明）你的第一個問題來自巴克萊銀行的安東尼鮑威爾。

Question on, I guess, the impact of the temp labor and higher trading costs on margins. How many basis points of the sequential margin decline from '22 driven by those 2 items? And if you're able to kind of guess get those under better control, how much of a tailwind could that be as you kind of exit this year?

我想問題是臨時工和更高的交易成本對利潤率的影響。由這兩項驅動的 22 年連續利潤率下降了多少個基點？而且，如果您能夠猜測讓這些得到更好的控制，那麼今年您退出時會有多大的順風？

So remembering how last year played out, we ramped occupancy and staffing as the year went on. As part of that, we saw elevated use or that rapid ramp necessitated an increased use of contract labor in a number of our markets, which continued through the latter part of the year. Though it came down slightly in the fourth quarter relative to where we had been based, we think, in large part, on lower occupancy, which is seasonally the case during the fourth quarter.

因此，記住去年的表現，隨著時間的推移，我們增加了入住率和人員配備。作為其中的一部分，我們看到使用量增加或快速增加需要在我們的許多市場中增加合同工的使用，這種情況一直持續到今年下半年。儘管第四季度相對於我們之前的基礎略有下降，但我們認為在很大程度上是由於入住率下降，這是第四季度的季節性情況。

As we start the year, our expectation is that we will continue to have elevated reliance. And remember, contract labor costs, on average, somewhere around 30% more than our regular employees. And that's without taking into consideration lower productivity because of more rapid turnover in that group. We haven't gone through to quantify the exact impact as we get towards the latter part of the year, we will have easier comps, obviously on the contract labor part.

今年伊始，我們預計我們將繼續提高依賴度。請記住，合同工成本平均比我們的正式員工高出 30% 左右。而且這還沒有考慮到由於該組人員更替更快而導致的生產率降低。我們還沒有量化確切的影響，因為我們到了今年下半年，我們將有更容易的補償，顯然是在合同工部分。

But in the beginning of the year, as we're comping to 2022 numbers. The comps will be more challenging for us and the impact will be more significant, not just on the contract labor front. But if you remember, first and second quarter of last year, we weren't yet fully stacked to the levels that were necessary to provide services to the increased number of guests that were staying at our hotels. And as a result, we had somewhat inflated productivity in those quarters.

但在今年年初，我們正在計算 2022 年的數字。 comps 對我們來說將更具挑戰性，影響將更加顯著，而不僅僅是在合同工方面。但如果你還記得，去年第一季度和第二季度，我們還沒有完全堆積到為入住我們酒店的更多客人提供服務所需的水平。結果，我們在這些季度的生產力有所提高。

Maybe on the current trends, I think you said. You gave the January numbers, and you said that you're starting to see some pickup in guess pricing and just demand trends, maybe get into what you're seeing in February and what you expect to kind of see for the rest of the quarter and maybe some more detail on that improvement you talked about.

也許就目前的趨勢而言，我想你說過。你給出了 1 月份的數字，你說你開始看到猜測價格和需求趨勢有所回升，也許會進入你在 2 月份看到的情況以及你希望在本季度剩餘時間看到的情況也許還有關於您所說的改進的更多細節。

We gave January numbers. And as I shared in my prepared remarks, it did illustrate a slight pullback in rate growth relative to 2019 in January. And I think relative to seasonality, that's not unexpected. We begin to ramp back from an occupancy perspective in February and then even more so in March. And as we look both in February and at on the books rates as you would expect with occupancy increasing, we're beginning to see rate increase as well.

我們給出了一月份的數字。正如我在準備好的發言中分享的那樣，它確實說明了 1 月份利率增長相對於 2019 年略有回落。我認為相對於季節性，這並不意外。我們從 2 月的入住率角度開始回落，然後在 3 月更是如此。當我們查看 2 月份的賬面利率時，正如您預期的那樣，隨著入住率的增加，我們也開始看到利率上升。

And it's important to note that we did have some storm-related disruption and increased number of properties under renovation in the first -- well, in January as well.

重要的是要注意，我們確實遇到了一些與風暴相關的破壞，並且在第一時間進行翻新的房產數量有所增加——嗯，在 1 月份也是如此。

Next question Tyler Batory with Oppenheimer.

下一個問題是 Tyler Batory 和 Oppenheimer。

First one for me, Justin, on the acquisition topic. You talked about being opportunistic. It sounds like you think maybe some more deals might be coming to market later this year, obviously, in a really strong liquidity position right now to take advantage of that. Just kind of walk us through what you're seeing out there right now interested, what your pipeline looks like and interested where cap rates and valuations are as well.

第一個是我，賈斯汀，關於收購主題。你談到了機會主義。聽起來你認為今年晚些時候可能會有更多交易進入市場，顯然，現在流動性非常強，可以利用這一點。只是讓我們了解一下您現在感興趣的內容，您的管道是什麼樣子以及對資本化率和估值感興趣的地方。

So we've been in market and active since the beginning of the pandemic and have made significant acquisitions. But we've been selective in that process and allowed our core portfolio to build back from an operational standpoint such that we have acquired assets that are additive and been able to maintain the strength of our balance sheet. I highlighted in my prepared remarks that the acquisitions market continues to be relatively quiet. We are underwriting a number of deals today. Many of them are deals that we looked at last year and that have come back to market. And our expectation continues to be that higher interest rates will combine with greater pressure from the France around CapEx would cause more assets to come to market as we move through the year.

因此，自大流行開始以來，我們一直在市場上活躍，並進行了大量收購。但我們在這個過程中一直是有選擇的，並允許我們的核心投資組合從運營的角度重建，這樣我們就獲得了可增加的資產，並能夠維持我們資產負債表的實力。我在準備好的發言中強調，收購市場仍然相對平靜。我們今天承銷了一些交易。其中許多是我們去年看過的交易，現在又回到了市場。我們的預期仍然是，更高的利率將與法國圍繞資本支出施加的更大壓力相結合，這將導致更多資產在我們度過這一年時進入市場。

That said, we're not seeing a lot of new deals today. Most of what we're underwriting are deals that, again, we looked at last year and that have continued to be marketed. And to date, we haven't seen a meaningful adjustment in pricing for those assets. We'll continue to monitor and be active in the market. And as you highlighted in your question, we have significant capacity on our balance sheet to be acquisitive when the market's right and really anticipate that there will be an opportunity for that as we move into the back half of the year.

也就是說，我們今天沒有看到很多新交易。我們承保的大部分交易都是我們去年研究過的交易，這些交易一直在市場上銷售。迄今為止，我們還沒有看到對這些資產的定價進行有意義的調整。我們將繼續監測並活躍在市場上。正如你在問題中強調的那樣，我們的資產負債表上有很大的能力在市場合適的時候進行收購，並且真的預計在我們進入下半年時會有這樣的機會。

I think importantly, higher interest rates have made private equity participants in the market meaningfully less competitive. And a number of those players were unable to complete transactions that they had signed up in the latter part of last year. As a result, looking at the 2 deals that we closed last year, we were able to acquire those assets without being the high bid because we did not have a financing contingency. And as we think about our ability to underwrite assets based on our experience in the space and our existing portfolio and our ability to act quickly to close without financing contingencies. As the market opens up, we have a meaningful competitive advantage.

我認為重要的是，更高的利率使市場上的私募股權參與者的競爭力明顯下降。其中一些球員無法完成他們在去年下半年簽署的交易。因此，看看我們去年完成的兩筆交易，我們能夠在沒有出價高的情況下收購這些資產，因為我們沒有融資應急。當我們考慮根據我們在該領域的經驗和我們現有的投資組合承銷資產的能力，以及我們在沒有融資意外情況的情況下迅速採取行動關閉的能力時。隨著市場的開放，我們擁有有意義的競爭優勢。

And then a quick follow-up on wages. In terms of your guidance, what are you expecting for overall wage inflation or overall labor cost increase year-over-year in 2023. Is there a significant difference between some of the more urban resort markets and the suburban locations in terms of what you're expecting with wage increases.

然後快速跟進工資。就您的指導而言，您對 2023 年整體工資通脹或整體勞動力成本同比增長的預期是什麼。就您的情況而言，一些更城市化的度假勝地市場和郊區地區之間是否存在顯著差異？重新期待工資增長。

I'll start with the latter part of your question. It really depends on what suburban and urban location. It's very market specific. It's not necessarily location-specific. We certainly have urban locations that are very business friendly that have ramped really well that don't have sort of more onerous challenges around them that would allow for their wage rates to be more in line with the average. And then there are urban locations where the wage rates may be more challenging.

我將從你問題的後半部分開始。這實際上取決於郊區和城市的位置。這是非常特定於市場的。它不一定是特定於位置的。我們當然擁有非常商業友好的城市地區，這些地區發展得非常好，周圍沒有更艱鉅的挑戰，這將使他們的工資率更符合平均水平。然後是工資率可能更具挑戰性的城市地區。

And on the suburban side, I think in general, we have markets, whether it's a suburban or urban location, even within that same broader market where we've had to rely on contract labor more and wages have been more challenged. So it's really market-specific. As we look at guidance and as we think about wage rates, we really took into account how we ramped through last year and how we finished the year relative, especially to 2019, but also year-over-year, anticipating that we would continue to have that pressure into this year.

在郊區，我認為總的來說，我們有市場，無論是郊區還是市區，即使在我們不得不更多地依賴合同工且工資受到更大挑戰的同一個更廣闊的市場中也是如此。所以它真的是針對特定市場的。在我們審視指導和考慮工資率時，我們確實考慮了去年的增長情況以及相對於今年的結束情況，尤其是與 2019 年相比，但也與去年同期相比，預計我們將繼續有壓力進入今年。

Justin mentioned in response to Anthony's question, just that we have easier comps in the first half of this year due to the fact that we ramped very quickly and well but did not ramp staffing at that same level. And through the first half of last year, we're indicating that we weren't at stabilized labor model levels. That said, I think we've significantly increased wages over the past few years. And we think on a year-over-year basis, we're hopeful and have, to some extent, modeled some stabilization to more normalized or inflationary wage rates year-over-year as opposed to last year feeling more of a compound from 2019 --compound increase from 2019.

賈斯汀在回答安東尼的問題時提到，由於我們的增長速度非常快而且很好，但沒有在同一水平上增加人員配置，因此今年上半年我們的組合更容易。去年上半年，我們表明我們並未處於穩定的勞動力模型水平。也就是說，我認為我們在過去幾年中大幅增加了工資。我們認為，與去年同期相比，我們充滿希望，並且在某種程度上模擬了一些穩定性，以實現更正常化或通貨膨脹的工資率，而不是去年，感覺比 2019 年更複雜--自 2019 年以來的複合增長。

Next question, Dany Asad with Bank of America.

下一個問題，美國銀行的 Dany Asad。

Question is, how much RevPAR growth would you need in 2023 to get operating leverage or margins to improve for peer when you're underwriting your cost base?

問題是，當您承保成本基礎時，您需要在 2023 年實現多少 RevPAR 增長才能獲得運營槓桿或利潤率以提高同行？

Increase relative to what -- at the high end of our range, at 7% on a comparable basis, we're in line with margins slightly up. So I think the more rate that we get and the more RevPAR growth that comes through rate from that point forward, the more growth we would have on the bottom line.

相對於我們範圍的高端，在可比基礎上增加 7%，我們的利潤率略有上升。所以我認為我們獲得的利率越高，從那時起通過利率帶來的 RevPAR 增長越多，我們的利潤增長就越大。

When we think about -- since we are largely recovered here, when we think of the EBITDA contribution by quarter for 2023, is there any reason why the seasonality would be any different than what we've seen kind of in 2019?

當我們考慮 - 由於我們在這里基本恢復，當我們考慮 2023 年季度的 EBITDA 貢獻時，是否有任何理由說明季節性與我們在 2019 年看到的有所不同？

No. Generally, our seasonality, I mean has really performed the way that it did on a stabilized basis back in 2019, even with the portfolio mix changes that we've had with acquisitions. We bought more leisure-based properties. Portland, Maine is coming to mind specifically. That season is sort of anti-seasonal to our historical portfolio, but still overall, the fee overall portfolio will perform strongest in the second and third quarter and first and fourth, we'll be slightly behind the second and third.

不。一般來說，我們的季節性，我的意思是，實際上已經按照 2019 年穩定的方式表現，即使我們在收購中發生了投資組合組合變化。我們購買了更多休閒物業。特別想到緬因州波特蘭。那個季節對我們的歷史投資組合來說有點反季節，但總的來說，收費整體投資組合將在第二和第三季度以及第一和第四季度表現最強，我們將略微落後於第二和第三季度。

Dany, it's important to note, too, that when you look -- we've provided comp guidance, when you look at actual performance year-over-year and especially as you're looking at actual performance for our portfolio relative to 2019, our transaction activity will have meaningful impact on actual margins and overall productivity for the portfolio.

Dany，同樣重要的是要注意，當你看 - 我們提供了 comp 指導，當你查看實際業績同比，特別是當你查看我們投資組合相對於 2019 年的實際業績時，我們的交易活動將對投資組合的實際利潤率和整體生產力產生重大影響。

Next question, Michael Bellisario with Baird.

下一個問題，Michael Bellisario 和 Baird。

Just a first clarification question. Just on the renovation disruption. Is there a net year-over-year impact that you could provide or that's embedded in the '23 guidance that you provided?

只是第一個澄清問題。就在裝修中斷。您是否可以提供或包含在您提供的 '23 指南中的同比淨影響？

We have not -- I think year-over-year, we were renovating throughout 2022. And so when you look at the comp guidance relative to 2022, I think overall, it should be fairly similar, though the distribution of renovations will be a little bit different. Last year, as we entered the year, we were slower to release our capital budget. We had more summer projects than we will have this year, and we had more Q4 projects that spilled over into January of this year, and we did not have that at the beginning of 2022, given how we were managing CapEx coming out of COVID. So I think from an overall rooms out of service perspective, the distribution throughout the year might look a little bit different, but overall, should be fairly similar. We had some significant renovations last year.

我們沒有——我認為與去年同期相比，我們在整個 2022 年都在進行翻新。因此，當你查看與 2022 年相關的補償指南時，我認為總體而言，它應該非常相似，儘管翻新的分佈將是一個有點不同。去年，當我們進入這一年時，我們發布資本預算的速度較慢。我們有比今年更多的夏季項目，而且我們有更多的第四季度項目溢出到今年 1 月，而我們在 2022 年初沒有這些項目，因為我們是如何管理 COVID 後的資本支出的。因此，我認為從整體客房服務角度來看，全年的分佈可能看起來有些不同，但總體而言應該相當相似。去年我們進行了一些重大的整修。

But it's fair to assume if rooms out of service are similar, but occupancy is up. There might be some incremental earnings impact though in '23, right, thinking about that conceptually?

但是可以公平地假設停止服務的房間是否相似，但入住率上升了。雖然在 23 年可能會對收益產生一些增量影響，對吧，從概念上考慮一下？

Predominantly in the first quarter.

主要集中在第一季度。

And then just also on the topic of kind of renovations and supply, trying to understand the backdrop there and how it impacts your capital allocation decision with low supply growth in a lot of your markets, does that maybe make you more willing to renovate a hotel instead of selling it today or maybe push out the renovation a year or 2 because the supply growth outlook there is better? Any insight into kind of how the supply growth outlook is impacting your capital decisions would be helpful.

然後也是關於裝修和供應的話題，試圖了解那裡的背景，以及它如何影響你的資本配置決策，因為你的許多市場供應增長緩慢，這是否會讓你更願意翻新酒店而不是今天賣掉它，或者因為那裡的供應增長前景更好而將裝修推遲一兩年？任何有關供應增長前景如何影響您的資本決策的見解都會有所幫助。

I think that for the most part, it's putting us in a position to have greater discretion around allocating capital towards those projects where we anticipate getting a better return on our investment. I think certainly in an environment where we have less in the way of new hotels opening, we can remain competitive by maintaining our assets in many of those markets. And as we prioritize CapEx spend coming out of the pandemic, we've been able to direct the vast majority of that spend towards markets where we anticipate we'll be able to more meaningfully move rate and increase profitability.

我認為，在很大程度上，這使我們能夠在將資本分配給那些我們預計會獲得更好投資回報的項目方面擁有更大的自由裁量權。我認為，在我們開設新酒店的方式較少的環境中，我們可以通過在許多這些市場中維持我們的資產來保持競爭力。當我們優先考慮大流行帶來的資本支出支出時，我們已經能夠將絕大部分支出用於我們預計能夠更有意義地提高利率和提高盈利能力的市場。

I think as we move through our portfolio or as we move through the next several years, we'll continue to be mindful of the upside potential for individual markets based on renovations and continue to look at dispositions as an important piece of our overall capital strategy.

我認為，隨著我們的投資組合或未來幾年的發展，我們將繼續關注基於翻新的個別市場的上行潛力，並繼續將處置視為我們整體資本戰略的重要組成部分.

And then just one more for me on expenses. Maybe can you help us understand what sort of baked at this point and included in your guidance and what's still an estimate or a placeholder that could maybe surprise to the upside or downside throughout the full year? And any commentary would be helpful maybe aside from the contract labor topic that you've already touched on.

然後再給我一個費用。也許你能幫助我們了解在這一點上烘焙了什麼樣的東西並包含在你的指導中，以及什麼仍然是一個估計或占位符，可能會在全年的上行或下行中出人意料？除了您已經提到的合同工主題之外，任何評論可能都會有所幫助。

So we have not gone through our property insurance renewal yet, but do have significant increase modeled into the guidance. So that could go better or worse than what we have modeled. But I feel like we've been -- feel like we have conservatively budgeted there. Property taxes have been fairly favorable in the past couple of years. I think in our guidance, we have assumed an increase whether -- to what degree that materializes, we'll see. So that's a portion that could go either way as well. We have utilities continuing to go up, and we modeled that off of what we were seeing in the fourth quarter, in particular, in the back half of the year and same with labor. And I think as we looked at modeling hotel expenses generally, we modeled consistency where we've seen consistency and performance.

因此，我們還沒有通過我們的財產保險續簽，但確實在指南中模擬了顯著增加。因此，這可能比我們建模的更好或更糟。但我覺得我們已經 - 感覺我們在那裡進行了保守的預算。在過去的幾年裡，房產稅一直相當優惠。我認為在我們的指導中，我們已經假設會增加——到什麼程度會實現，我們將拭目以待。所以這部分也可以採用任何一種方式。我們的公用事業繼續上漲，我們根據我們在第四季度看到的情況建模，特別是在今年下半年，勞動力也是如此。而且我認為，當我們總體上研究酒店費用建模時，我們在看到一致性和性能的地方建模了一致性。

So our team has done an exceptional job maintaining sort of outside of payroll costs, controllable costs that 3% are lower for a majority of the year. I think there's continued anticipation that we will manage those well. And on the labor side, we really took a look at how we ramped in the back half of the year. We are hopeful and certainly at the higher end of the range, there's maybe more -- there's more assumption that we may be able to wean off of contract labor a little bit more and gain some productivity efficiencies. But at the midpoint, I think we tried to model labor expenses the way we were experiencing them in the back half of the year, recognizing the first half, as Justin mentioned, we have a tough comp.

因此，我們的團隊在維持工資成本之外的某種程度上做得非常出色，可控成本在一年中的大部分時間都低於 3%。我認為人們一直期望我們能很好地管理這些。在勞動力方面，我們真的看看我們在下半年的增長情況。我們充滿希望，當然在範圍的高端，可能還有更多 - 有更多的假設我們可以更多地擺脫合同工並獲得一些生產力效率。但在中點，我認為我們試圖按照我們在今年下半年經歷的方式來模擬勞動力支出，認識到上半年，正如賈斯汀提到的那樣，我們有一個艱難的競爭。

(Operator Instructions) Your next question comes from Bryan Maher with B. Riley Securities.

（操作員說明）你的下一個問題來自 B. Riley Securities 的 Bryan Maher。

Anyway, a couple of questions. On the acquisition front, kind of following on from earlier questioning. But I know you said it seems a little quiet out there now. But you got off to a fast start in 2021 with some acquisitions slowed in 2022. I get the sense that you're willing to ramp in 2023. Does that look more like onesie-twosies, does that look like portfolio acquisitions? And kind of how long do you wait to see if there's real refinance stress out there, which could create better opportunities than kind of a steady pace early or throughout the year?

無論如何，有幾個問題。在收購方面，有點像之前的質疑。但我知道你說過現在外面似乎有點安靜。但是你在 2021 年開始了一個快速的開始，一些收購在 2022 年放緩了。我覺得你願意在 2023 年增加。這看起來更像是一二三事，這看起來像投資組合收購嗎？你要等多久才能看到那裡是否存在真正的再融資壓力，這可能會比早期或全年的穩定步伐創造更好的機會？

I think we've been very purposeful and strategic in pursuing acquisitions. I really could say for the past 20 years, but specifically since the onset of the pandemic. And as I highlighted earlier, as a result, we have a balance sheet that's intact with significant capacity to acquire hotels when pricing is appropriate for those hotels. We're constantly in market underwriting individual assets and larger portfolios. And we will transact when we're able to pencil. And the primary driver for us is per share earnings accretion. And I think looking at the deals we've done since the onset of the pandemic, I highlighted the fact that they're yielding in excess of 8% unlevered after CapEx and that's even utilizing a year where there was massive disruption in the first quarter as a result of Omicron.

我認為我們在進行收購時非常有目的性和戰略性。我真的可以說過去 20 年，但特別是自大流行病爆發以來。正如我之前強調的那樣，因此，我們的資產負債表完好無損，在定價適合這些酒店時具有強大的收購酒店的能力。我們不斷在市場上承銷個人資產和更大的投資組合。當我們能夠使用鉛筆時，我們將進行交易。我們的主要驅動力是每股收益的增長。而且我認為，看看自大流行病爆發以來我們所做的交易，我強調了一個事實，即在資本支出之後，它們的無槓桿收益率超過 8%，甚至利用了第一季度出現大規模中斷的一年由於 Omicron。

So anticipate meaningful upside in those. We want to make sure on a go-forward basis that we do good deals. And while we have the capacity to do a significant number of deals, we want to make sure that every deal we do is additive to the portfolio that we currently have. I think as we think about the opportunities that may materialize as we move into the latter part of the year, we certainly anticipate that there will be a meaningful increase in individual assets coming to market. But there will likely be smaller portfolios that will come to market as well. And as has been the case in the past, we'll be active in underwriting those, and we'll transact when they meet our underwriting criteria.

因此，預計這些方面會有有意義的上漲空間。我們希望確保在前進的基礎上，我們做的是好的交易。雖然我們有能力進行大量交易，但我們希望確保我們所做的每筆交易都能增加我們目前擁有的投資組合。我認為，當我們考慮進入今年下半年時可能實現的機會時，我們當然預計進入市場的個人資產將會顯著增加。但也可能會有更小的投資組合進入市場。和過去一樣，我們將積極承銷這些，當它們符合我們的承銷標準時，我們將進行交易。

And then you mentioned in your prepared comments something about brand standards, and we always know there's a risk that Marriott, Hilton and others raise those or put out PIPs. Is there something that compelled you to talk about that since that we should be thinking 2023, 2024 could be years in which brand standards are raised, how might that impact cost? And do you think that, that could just be one other lever that could push existing owners into the marketplace to sell?

然後你在準備好的評論中提到了一些關於品牌標準的事情，我們一直都知道萬豪、希爾頓和其他公司存在提高這些標准或推出 PIP 的風險。有沒有什麼事情迫使你談論這個，因為我們應該考慮 2023 年，2024 年可能是提高品牌標準的年份，這對成本有何影響？你是否認為，這可能只是將現有所有者推向市場出售的另一個槓桿？

Really, I was speaking specifically to capital requirements. When we look at overall brand standards, we're still -- and as our peers and other owners in the hospital space in a more favorable position than we were coming into the pandemic, meaning that the brands have made meaningful adjustments to brand standards which have acted as an offset to inflationary pressures at the operating level. What we're seeing and anticipated we would see is more significant emphasis around needed capital improvements.

真的，我是專門針對資本要求說話的。當我們審視整體品牌標準時，我們仍然——作為我們在醫院領域的同行和其他所有者，我們處於比我們進入大流行病時更有利的位置，這意味著這些品牌已經對品牌標准進行了有意義的調整，這在運營層面起到了抵消通脹壓力的作用。我們所看到和預期的是，我們會更加重視所需的資本改進。

And generally, hotels follow a regular cycle of improvement. Many ownership groups put on hold major renovations in order to reallocate capital towards funding operating deficits through the pandemic and have been in the process of rebuilding reserves to fund future renovations. But what we've found historically is that motivated sellers bring assets to market either on refinancings where there's a need to make capital calls to fund shortfalls or around major renovations where they're required to go back to investors and ask for capital to reinvest in the hotels.

通常，酒店遵循定期的改進週期。許多所有權集團擱置了重大翻新工程，以便通過大流行重新分配資金，為運營赤字提供資金，並一直在重建儲備金，為未來的翻新工程提供資金。但我們從歷史上發現的是，有動機的賣家將資產推向市場，要么是在需要為資金短缺籌集資金的再融資中，要么是在重大翻新工程中，他們需要回到投資者那裡，要求資金重新投資於酒店。

And I think as we think about how things will play out in the current environment where lenders have adjusted LTVs and where interest rates are significantly higher. And as we think about pressure that the brands will increasingly put on ownership groups to move forward with deferred renovations. We see both of those factors driving groups to explore potential sale opportunities for their assets. And that would be consistent with what we've seen in the past. As we look at our own portfolio, we're meaningfully advantaged by having a relatively young portfolio that we have continued to invest in. And as I highlighted in my prepared remarks, our expectation is that we will continue to be able to fund our capital needs, utilizing between 5% and 6% of revenues, which is consistent with our historical average. And our portfolio continues to generate significant cash. Importantly, this past year, even after distributions, we had more than enough capital from operations to fund all of our CapEx and our acquisitions activity, and we anticipate having an ability to continue to do that on a go-forward basis.

我認為，當我們考慮在當前環境下，貸款人調整 LTV 和利率顯著提高時，事情將如何發展。當我們考慮到品牌將越來越多地向所有權集團施加壓力以推進延期翻新時。我們看到這兩個因素促使集團探索其資產的潛在銷售機會。這將與我們過去看到的一致。當我們審視我們自己的投資組合時，我們擁有一個我們繼續投資的相對年輕的投資組合，這是有意義的優勢。正如我在準備好的發言中強調的那樣，我們的期望是我們將繼續能夠為我們的資本提供資金需求，利用收入的 5% 到 6%，這與我們的歷史平均水平一致。我們的投資組合繼續產生大量現金。重要的是，在過去的一年裡，即使在分配之後，我們也有足夠的運營資金來為我們所有的資本支出和收購活動提供資金，我們預計有能力在未來的基礎上繼續這樣做。

Next question, Chris Darling with Green Street.

下一個問題，來自 Green Street 的 Chris Darling。

Justin, going back to some of your earlier comments, you mentioned some deals that have come back to the market, but with limited pricing adjustments. So I think that's a mean that there's still a sizable bid-ask spread at play. Wondering if you could comment on that dynamic and maybe even quantify it, if possible?

賈斯汀，回到你之前的一些評論，你提到了一些已經回到市場的交易，但價格調整有限。所以我認為這意味著仍有相當大的買賣價差在起作用。想知道您是否可以評論這種動態，甚至可能量化它，如果可能的話？

Absolutely. So highlighted earlier, and I think in my prepared remarks in response to questions that we are anticipating greater deal flow as we move through the back half of the year. A portion of that will be deals that were marketed, I think, openly this past year. And some of those deals were at some point, tied up either under contract or LOI and then sell out as a result of the buyers' inability to obtain financing and/or obtain financing at pricing consistent with our underwriting. I think because buyers in many cases, had firm contracts at elevated prices, they've been reluctant to meaningfully adjust pricing to take into consideration the variances -- or meaningful increases in financing costs, which ordinarily would impact the market.

絕對地。前面如此強調，我認為在我準備好的回答問題的評論中，我們預計在今年下半年會有更多的交易流量。我認為，其中一部分將是去年公開銷售的交易。其中一些交易在某個時候根據合同或 LOI 被捆綁，然後由於買方無法獲得融資和/或以與我們的承銷一致的定價獲得融資而售罄。我認為，因為在許多情況下，買家以高價簽訂了堅定的合同，他們一直不願有意義地調整定價以考慮差異——或融資成本的有意義增加，這通常會影響市場。

But the other factor that's continued to support the bid-ask spread is the fact that operating fundamentals continue to be strong and improved year-over-year. And I think sellers in today's environment, anticipate that should things go well this year, even with adjustments in cap rates, they might be in a position to get similar pricing for the assets if they hold. Now that said, going back to the responses I gave to Brian's question, we do feel that there will be increased pressure on a number of sellers as we move through the year. Many of them have floating rate debt, which will increase their costs and then some will have refinancings. And the brands will put additional pressure on groups to reinvest in their assets. And I think with that incremental pressure and without a change in the debt markets, we could see some pricing adjustment as we move into the back half of the year.

但繼續支持買賣價差的另一個因素是，經營基本面繼續強勁並逐年改善。而且我認為，在當今環境下的賣家預計，如果今年一切順利，即使資本化率有所調整，如果他們持有，他們也可能能夠獲得類似的資產定價。話雖如此，回到我對 Brian 問題的回答，我們確實認為隨著這一年的推移，許多賣家的壓力會越來越大。他們中的許多人都有浮動利率債務，這將增加他們的成本，然後一些人將進行再融資。這些品牌將對集團施加額外壓力，要求他們對其資產進行再投資。而且我認為，隨著壓力的增加以及債務市場沒有變化，我們可能會在進入下半年時看到一些定價調整。

And then last one for me. I might have missed it in the prepared comments, but just hoping you could discuss the impairment charges that were taken this quarter.

然後最後一個給我。我可能在準備好的評論中錯過了它，但只是希望你能討論本季度的減值費用。

The impairment charges were on 2 assets. It was just a result of our normal analysis that we do throughout and at the end of the year. And really, the bulk of it was one asset and it was marketing performance driven.

減值費用針對 2 項資產。這只是我們在全年和年底進行的正常分析的結果。實際上，它的大部分是一項資產，而且是由營銷績效驅動的。

I will now turn the call over to Justin Knight for closing remarks.

我現在將把電話轉給 Justin Knight 作結束語。

I will now turn the call over to Justin Knight for closing remarks.

我現在將把電話轉給 Justin Knight 作結束語。

Thank you. We appreciate you taking time to participate in our call today and hope, as always, that as you travel, you'll take the opportunity to stay with us at one of our hotels. Have a great day, and we look forward to meeting with a number of you very shortly.

謝謝。感謝您今天抽出時間參加我們的電話會議，並一如既往地希望您在旅行時能藉此機會入住我們的酒店之一。祝你有美好的一天，我們期待很快與你們中的許多人見面。

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

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。