Apple Hospitality REIT Inc (APLE) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Apple Hospitality REIT Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Apple Hospitality REIT 2023 年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kelly Clarke. Please go ahead.

現在我很高興介紹您的主持人凱莉克拉克。請繼續。

Thank you, and good morning. Welcome to Apple Hospitality REIT's Third Quarter 2023 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 2023 年第三季財報電話會議。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 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. The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.

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。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 2022 年 10-K 表格年度報告，並且僅截至今天有效。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 third quarter of 2023 and an operational outlook for the remainder of the year. 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 2023 年第三季的業績以及今年剩餘時間的營運展望。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 today. We're incredibly pleased with our performance year-to-date. A steady recovery in business transient and continued strength in leisure demand drove comparable hotels third quarter RevPAR growth of more than 7% as compared to the third quarter of 2019, our highest quarterly comparable hotels RevPAR growth since the onset of the pandemic. Despite more challenging year-over-year comparisons during the third quarter, we achieved improvements in occupancy, ADR and RevPAR. Third quarter 2023 comparable hotels ADR increased by 1%. Our occupancy was up 2% and RevPAR improved by 3% as compared to the third quarter of 2022. Continued top line growth enabled us to achieve third quarter comparable hotels adjusted hotel EBITDA of $132 million, a 1% improvement over third quarter 2022.

早安，感謝您今天加入我們。我們對今年迄今的表現感到非常滿意。商業暫時的穩定復甦和休閒需求的持續強勁推動同店可比酒店第三季度 RevPAR 與 2019 年第三季度相比增長超過 7%，這是自疫情爆發以來我們同店可比酒店的最高季度 RevPAR 增幅。儘管第三季的年比情況更具挑戰性，但我們的入住率、平均房價和每間可用客房收入均有所提高。 2023 年第三季可比飯店 ADR 成長了 1%。與 2022 年第三季相比，我們的入住率上升了 2%，RevPAR 提高了 3%。持續的營收成長使我們第三季可比飯店調整後飯店 EBITDA 達到 1.32 億美元，比 2022 年第三季成長了 1%。

Positive trends have continued and based on preliminary results, comparable hotels occupancy for the month of October was 78% with continued growth in ADR. Given the strength of our performance, as we approach the end of last year, top line comparisons will become increasingly difficult as we continue through the fourth quarter. Still, overall travel trends are favorable. Leisure demand remains elevated to pre-pandemic levels and steady improvement in business travel demand continues to bolster mid-week occupancies.

正面的趨勢仍在持續，根據初步結果，10 月可比飯店入住率為 78%，平均房價持續成長。鑑於我們業績的強勁，隨著我們接近去年年底，隨著我們進入第四季度，營收比較將變得越來越困難。不過，整體旅遊趨勢還是不錯的。休閒需求仍維持在疫情前的水平，商務旅行需求的穩定改善持續提振周中入住率。

We have adjusted our annual guidance to reflect portfolio performance through the first 9 months of the year, top line performance through October and the recently completed and announced acquisitions. Expense growth, which was elevated as a result of general inflationary pressures and a competitive labor environment moderated somewhat in the latter portion of the quarter as we lap periods where we saw significant growth last year. Through continued rate growth and disciplined cost controls, we achieved a comparable hotels adjusted hotel EBITDA margin for the quarter of 37%, down 110 basis points to third quarter 2022.

我們已調整年度指導，以反映今年前 9 個月的投資組合表現、截至 10 月的營收表現以及最近完成和宣布的收購。由於普遍的通膨壓力和競爭激烈的勞動力環境，費用增長有所上升，但在本季度後半段有所放緩，因為我們經歷了去年顯著增長的時期。透過持續的房價成長和嚴格的成本控制，我們實現了可比飯店調整後飯店 EBITDA 利潤率在本季達到 37%，較 2022 年第三季下降 110 個基點。

We are fortunate to be partnered with some of the best operators in the industry who, together with our experienced asset management team work to share best practices, monitor real-time performance and focus on-site efforts to maximize profitability at our hotels without sacrificing service, cleanliness or overall guest satisfaction. Our outperformance since the onset of the pandemic is attributed to the combined efforts of our corporate team and our managers and is a testament to our strategy of investing in a broadly diversified portfolio of high-quality rooms-focused hotels with low leverage, which has enabled us to maintain the strength and flexibility of our balance sheet, positioning us to be acquisitive within the current transaction environment.

我們很榮幸能與業內一些最優秀的運營商合作，他們與我們經驗豐富的資產管理團隊一起分享最佳實踐，監控實時性能並專注於現場努力，以在不犧牲服務、清潔度或整體客人滿意度的情況下最大限度地提高我們酒店的盈利能力。自疫情爆發以來，我們的優異表現歸功於公司團隊和管理人員的共同努力，也證明了我們投資於廣泛多元化、專注於高品質客房、低槓桿率酒店的策略，這使我們能夠保持資產負債表的強勁和靈活性，使我們能夠在當前交易環境中進行收購。

We have acquired 4 hotels since the beginning of the year with 3 additional hotels under contract for purchase and are actively underwriting additional opportunities. In October, we acquired a Courtyard, a recently renovated Hyatt House and a corresponding parking garage in downtown Salt Lake City for a combined total of $91.5 million. We're pleased to expand our presence within the business-friendly downtown Salt Lake City area, which has seen significant economic growth and positive demographic trends in recent years and is poised for continued expansion.

自今年年初以來，我們已收購了 4 家酒店，另有 3 家酒店正在簽訂購買合同，並且正在積極尋找更多機會。十月份，我們收購了位於鹽湖城市中心的一家庭院酒店、一家新裝修的凱悅嘉寓酒店以及相應的停車場，總價為 9,150 萬美元。我們很高興能夠在商業友善的鹽湖城中心區擴大我們的業務，該地區近年來經濟顯著增長，人口趨勢積極，並準備繼續擴張。

These hotels sit adjacent to one another and are located directly across the street from the Delta Center within walking distance of the Salt Palace Convention Center and convenient to Temple Square, the Utah State Capital, the University of Utah, Salt Lake City International Airport, numerous performing art venues and multiple ski areas. Salt Lake City's diversified economy offers a wide variety of business and leisure demand generators and includes software development, hardware manufacturing and information technology firms as well as defense, oil and gas, transportation, tourism, health care and financial service industries, among others.

這些飯店彼此相鄰，位於 Delta Center 街對面，步行即可到達鹽宮會議中心，方便前往聖殿廣場、猶他州首府、猶他大學、鹽湖城國際機場、許多表演藝術場所和多個滑雪場。鹽湖城的多元化經濟提供了各種各樣的商業和休閒需求驅動力，其中包括軟體開發、硬體製造和資訊科技公司以及國防、石油和天然氣、交通運輸、旅遊、醫療保健和金融服務業等。

In October, we acquired the recently built Residence Inn Seattle South Renton for $55.5 million. Renton is well known for its proximity to downtown Seattle and Bellevue as well as its strong business environment that spans aviation, aerospace, manufacturing, technology, life science and health care. The hotel is less than 1 mile from Boeing's Renton production facility known for its assembly of the Boeing 737 family of commercial airplanes. And from a leisure perspective, the hotel is located across from the Southeastern shore of Lake Washington and convenient to the Seattle Seahawks headquarters and trading facility, Tequila Station and the Seattle-Tacoma International Airport.

十月份，我們以 5,550 萬美元收購了新建的西雅圖南倫頓 Residence Inn 飯店。倫頓因其靠近西雅圖市中心和貝爾維尤以及其涵蓋航空、航太、製造、技術、生命科學和醫療保健的強大商業環境而聞名。該飯店距離波音公司的倫頓生產基地不到 1 英里，該基地以組裝波音 737 系列商用飛機而聞名。從休閒角度來看，飯店位於華盛頓湖東南岸對面，方便前往西雅圖海鷹隊總部和交易中心、龍舌蘭站和西雅圖-塔科馬國際機場。

We continue to have one existing hotel under contract for purchase for a total of approximately $37 million, the Embassy Suites, South Jordan Salt Lake City, which we anticipate acquiring by year-end. This hotel is part of a transit-oriented mixed-use development with 2 Class A office buildings located just off Interstate 15 in the Silicon Slopes region of the Salt Lake City metropolitan area, just 20 minutes south of Downtown Salt Lake City with a variety of amenities nearby, including Nuta transit, Sogo station north and south, serving an 83 mile corridor with connections to downtown Salt Lake City and the Salt Lake City International Airport, South Jordan Town Center and South Valley Regional Airport. South Jordan is home to a diverse range of businesses, including technology, biotech, health care, education and retail is near several key areas. The 192-room hotel opened in 2018 and has market-leading meeting space at over 8,000 square feet.

我們仍有一家現有酒店正在簽訂購買合同，總價約為 3700 萬美元，即鹽湖城南喬丹大使套房酒店，我們預計將於年底前收購該酒店。該酒店是一個交通導向混合用途開發項目的一部分，該項目由兩棟 A 級辦公大樓組成，位於鹽湖城大都會區矽坡地區 15 號州際公路旁，距離鹽湖城市中心以南僅 20 分鐘車程，附近有各種便利設施，包括 Nuta 交通站、南北 Sogo 站，服務於 83 英里長的城市，可連接到南鹽湖城機場、南鹽湖城機場和南鹽湖城機場。南喬丹擁有各種各樣的企業，包括科技、生物技術、醫療保健、教育和零售業，並且靠近幾個關鍵區域。該酒店擁有 192 間客房，於 2018 年開業，擁有超過 8,000 平方英尺的市場領先會議空間。

The combined purchase price for the recently acquired Salt Lake City and Renton assets, together with the Embassy Suites in South Jordan, represent a blended 8% cap rate on trailing 12-month financials through September of this year after an industry standard 4% FF&E reserve. We believe each of these assets has embedded upside and will be a meaningful contributor to our overall portfolio performance.

近期收購的鹽湖城和倫頓資產以及南喬丹的 Embassy Suites 酒店的總購買價格，在行業標準 4% 的 FF&E 儲備金之後，代表了截至今年 9 月的過去 12 個月財務狀況的 8% 混合資本化率。我們相信，這些資產均具有內在的上升空間，並將對我們的整體投資組合表現做出有意義的貢獻。

We also have 2 hotels under contract for purchase that are currently under development. The Embassy Suites in Downtown Madison, Wisconsin for a purchase price of $79 million and the Moto in downtown Nashville for $97 million. We anticipate acquiring the Madison Embassy in mid-2024 and the Nashville Moto in 2025, both following completion of construction.

我們還有兩家酒店已簽訂購買合同，目前正在開發中。位於威斯康辛州麥迪遜市中心的 Embassy Suites 酒店以 7,900 萬美元的價格收購，位於納許維爾市中心的 Moto 酒店則以 9,700 萬美元的價格收購。我們預計將於 2024 年中期收購麥迪遜大使館，並於 2025 年收購納許維爾摩托，兩者均在建造完成後。

Since the onset of the pandemic, we have strategically transacted in ways that have refined and grown our portfolio. We have completed approximately $253 million in hotel sales and have invested approximately $736 million in new acquisitions. On a trailing 12-month basis, the 14 hotels acquired since the pandemic and owned for at least a full year have produced an unlevered yield of approximately 9% after capital expenditures. Importantly, we have completed these acquisitions while maintaining the strength of our balance sheet with estimated post-acquisition debt levels still below 3.5x trailing 12-month EBITDA.

自從疫情爆發以來，我們採取了策略性交易，不斷改進和擴大我們的投資組合。我們已經完成了約 2.53 億美元的酒店銷售額，並已投資約 7.36 億美元用於新收購。在過去 12 個月中，自疫情爆發以來收購並至少擁有一年的 14 家酒店在扣除資本支出後產生了約 9% 的無槓桿收益率。重要的是，我們在完成這些收購的同時，保持了資產負債表的強勁，預計收購後的債務水準仍低於過去 12 個月 EBITDA 的 3.5 倍。

We continue to underwrite numerous potential opportunities and remain intently focused on maximizing total returns for our shareholders through strong operating fundamentals and portfolio growth when conditions are optimal. With our tremendous transaction experience, our available balance sheet capacity and our deep industry relationships, we are well positioned within the current marketplace.

我們將繼續承保眾多潛在機會，並在最佳條件下透過強勁的營運基本面和投資組合成長，專注於為股東實現總回報最大化。憑藉我們豐富的交易經驗、可用的資產負債表能力以及深厚的行業關係，我們在當前市場中佔據有利地位。

Supported by our strong operating performance, we continue to lead our peers in post-pandemic dividend payments. During the quarter, we paid distributions totaling $0.24 per share based on Monday's closing stock price, our annualized distribution of $0.96 per share represents an annual yield of approximately 5.7%. Together with our Board of Directors, we will continue to monitor our distribution rate and timing relative to the performance of our hotels and other potential uses of capital.

在強勁的經營業績支撐下，我們在疫情後的股息支付方面繼續領先於同業。在本季度，我們根據週一收盤股價支付了每股 0.24 美元的分配，每股 0.96 美元的年化分配金額代表著年收益率約為 5.7%。我們將與董事會一起，繼續監控相對於酒店業績和其他潛在資本用途的分配率和時間。

As we approach year-end, the fundamentals of our business remain favorable with continued strength in demand and limited near-term supply growth. As has been the case for several quarters, nearly half of our hotels do not have any new supply under construction within a 5-mile radius, providing us with the ability to meaningfully benefit from the incremental demand. And we believe our recent acquisitions further enhance our portfolio and position us for continued outperformance.

隨著年底的臨近，我們的業務基本面依然良好，需求持續強勁，短期供應成長有限。正如過去幾季的情況一樣，我們近一半的酒店在 5 英里半徑範圍內沒有任何正在建造的新酒店，這使我們能夠從增量需求中獲得有意義的利益。我們相信，我們最近的收購將進一步增強我們的投資組合，並使我們繼續保持優異的表現。

Our strategy was designed to create an asymmetrical risk profile, mitigating downside risk while providing significant opportunity for upside. Our portfolio of upscale rooms-focused hotels is broadly diversified across a wide variety of markets and demand generators. Our hotels are franchised with industry-leading brands managed by some of the best management companies in the industry and provide a strong value proposition with broad consumer appeal. Underlying the strength of our portfolio is a balance sheet with low leverage and financial flexibility and consistent reinvestment and effective portfolio management strategy and dedicated corporate team with extensive industry experience. While we have reason to be optimistic about the trajectory of our industry and our portfolio specifically, I'm confident we are well positioned to continue to outperform and maximize shareholder value in any macroeconomic environment.

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，同時提供巨大的上行機會。我們的以高檔客房為主的飯店組合廣泛分佈於各種市場和需求來源。我們的酒店是行業領先品牌的特許經營酒店，由業內一些最好的管理公司管理，並提供強大的價值主張，具有廣泛的消費者吸引力。我們投資組合的優勢在於低槓桿、財務靈活的資產負債表、持續的再投資、有效的投資組合管理策略以及擁有豐富產業經驗的專業企業團隊。雖然我們有理由對我們的產業和投資組合的發展軌跡感到樂觀，但我相信，在任何宏觀經濟環境下，我們都有能力繼續表現出色並實現股東價值最大化。

It is now my pleasure to turn the call over to Liz for additional details on our balance sheet, financial performance during the quarter and updated annual guidance.

現在我很高興將電話轉給 Liz，以了解有關我們的資產負債表、本季財務業績和最新年度指引的更多詳細資訊。

Thank you, Justin, and good morning. We're pleased to report another strong quarter for our portfolio of hotels. Comparable hotels total revenue was $356 million for the quarter and over $1 billion for the first 9 months of the year, up 4% and 9% as compared to the same period of 2022, respectively. Continued strength in leisure demand and recovery in business travel during the quarter enabled us to achieve comparable hotels RevPAR of $123, a 3% increase over third quarter 2022 with ADR of $159, up 1% and occupancy of 77%, up 2% to third quarter 2022. Year-to-date through September, comparable hotels ADR was up 5% and occupancy was up 3%, with RevPAR up 8% compared to the same period of 2022.

謝謝你，賈斯汀，早安。我們很高興地報告，我們的酒店組合又一個季度表現強勁。本季可比飯店總營收為 3.56 億美元，今年前 9 個月可比飯店總營收超過 10 億美元，分別比 2022 年同期成長 4% 和 9%。本季休閒需求持續強勁且商務旅行復甦，使我們實現了可比酒店平均每間可用客房收入 (RevPAR) 達到 123 美元，較 2022 年第三季度增長 3%；平均房價 (ADR) 達到 159 美元，增長 1%；入住率達到 77%，較 2022 年第三季度增長 2%。截至 9 月的年初至今，與 2022 年同期相比，可比飯店平均房價上漲 5%，入住率上漲 3%，平均每間可用客房收入上漲 8%。

Leisure travel continued to be strong during the quarter with weekend occupancies of 82%, up 1% compared to the third quarter of 2022. In addition, we continue to see improvement in business demand, supporting average weekday occupancies of 75%, an increase of 2% year-over-year. While weekly occupancies are ahead of 2022 for the quarter, there still remains upside opportunity relative to pre-pandemic weekday occupancy levels. Midweek occupancies have continued to strengthen over the last 3 weeks in October, while shoulder night and weekend occupancies remain strong, supporting the resiliency of leisure demand.

本季休閒旅遊持續保持強勁勢頭，週末入住率為 82%，較 2022 年第三季成長 1%。此外，我們看到商務需求持續改善，平日平均入住率為 75%，較去年同期成長 2%。雖然本季的每週入住率高於 2022 年同期，但相較於疫情前的工作日入住率，仍有上行機會。 10 月最後 3 週，周中入住率持續走高，夜間和週末入住率也保持強勁，支撐了休閒需求的彈性。

In terms of same-store room night channel mix, brand.com bookings remained constant at 40% quarter-over-quarter. OTA bookings increased slightly to 13%. Property direct bookings were steady at 25% for the quarter. And while GDS bookings decreased seasonally from 17% during the second quarter to 16% in the third quarter, GDS room night volume was up 2% quarter-over-quarter. This channel mix speaks to the powerful direct bookings our brands command, the strong property direct sales efforts, our properties maintained in the field, our ability to leverage OTAs when beneficial and the continued recovery of business demand.

就同​​店客房住宿通路組合而言，brand.com 預訂量較上季維持 40% 的穩定。 OTA預訂量小幅成長至13%。本季房地產直接預訂量穩定在 25%。儘管 GDS 預訂量從第二季的 17% 季節性下降至第三季的 16%，但 GDS 客房間夜量較上季成長了 2%。這種通路組合體現了我們品牌強大的直接預訂量、強大的酒店直銷力度、我們在現場維護的酒店、我們在有利時機利用 OTA 的能力以及業務需求的持續復甦。

Looking at third quarter same-store segmentation as compared to the second quarter, bar remained strong at 33%. Driven by seasonality, other discounts increased from 28% to 30%. The Group is still slightly elevated to the same period in 2019. And the negotiated segment was 17% of our mix, up slightly to the same period in 2022, but remains lower than 2019, which we believe represents continued upside.

與第二季相比，第三季同店細分市場仍保持強勁，達 33%。受季節性影響，其他折扣從 28% 增加到 30%。集團業績仍略高於 2019 年同期。協商分部占我們產品組合的 17%，略高於 2022 年同期，但仍低於 2019 年，我們認為這代表著持續的上行空間。

Turning to expenses. Total payroll per occupied room for our same-store hotels was under $38 for the quarter, up slightly to the second quarter of this year. Year-over-year comparisons eased as we moved through the quarter, with September same-store total payroll up just 4% compared to September 2022. Contributing to the improvement was an 18% reduction in same-store contract labor as a percentage of wages as compared to the third quarter of 2022. While we expect fourth quarter year-over-year growth to also moderate given the meaningful increases in the back half of 2022, we anticipate that higher wages for full and part-time employees and higher utilization of contract labor will continue to result in elevated cost per occupied room relative to prepandemic levels.

談到費用。本季度，我們同店飯店每間入住客房的總薪資不到 38 美元，略高於今年第二季。隨著本季的推進，年增率放緩，9 月同店總薪資與 2022 年 9 月相比僅成長 4%。與 2022 年第三季相比，同店合約工佔薪資的比例下降了 18%，這是導致年增率改善的原因之一。雖然考慮到 2022 年下半年的大幅成長，我們預計第四季度的同比增長也會放緩，但我們預計，全職和兼職員工工資的上漲以及合約工利用率的提高將繼續導致每間入住客房的成本相對於疫情前的水平有所上升。

Hotel margins during the quarter were also impacted by travel and registration costs associated with brand conferences. We will continue to balance productivity and efficiency initiatives with our efforts to train and celebrate associates and 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, cleanliness and maintenance necessary to sustain rate growth and maximize the long-term profitability of our assets.

本季的飯店利潤率也受到與品牌會議相關的旅行和註冊費用的影響。我們將繼續在生產力和效率措施與培訓和表彰員工的努力之間取得平衡，並維持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費率成長和最大限度地提高資產的長期獲利能力所必需的高水準的服務、清潔和維護。

A focus on property level cost controls amid a challenging labor and inflationary environment enabled us to achieve comparable hotels adjusted hotel EBITDA of approximately $132 million for the quarter and $382 million for the 9 months ended September 30, up 1% and 6% to the same period of 2022, respectively. Comparable hotels adjusted hotel EBITDA margin was strong at 37.1% for the quarter and 37.2% year-to-date through September, down 110 basis points and 90 basis points to the same periods of 2022, respectively. With expense comparisons having eased somewhat as we move into the back half of the year as anticipated, this reflects a 50 basis point improvement quarter-over-quarter and quarterly margin comparisons to 2022.

在充滿挑戰的勞動力和通膨環境下，我們專注於物業層面的成本控制，使我們在本季度實現了可比飯店調整後飯店 EBITDA 約 1.32 億美元，截至 9 月 30 日的 9 個月實現了 3.82 億美元，分別比 2022 年同期增長 1% 和 6%。可比飯店調整後飯店 EBITDA 利潤率在本季表現強勁，為 37.1%，年初至今（截至 9 月）為 37.2%，分別比 2022 年同期下降 110 個基點和 90 個基點。正如預期的那樣，隨著我們進入下半年，費用比較有所緩解，這反映了與 2022 年相比，季度利潤率環比提高了 50 個基點。

As we have stated on past calls, we believe that long-term margin expansion for the industry and for our portfolio will largely be conditioned on our ability to grow rate. So with inflation figures coming down and hotels more appropriately staffed, we expect near-term growth in operating expenses to moderate relative to the significant increases we have seen in past quarters.

正如我們在過去的電話會議上所說的那樣，我們相信產業和我們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成長率能力。因此，隨著通膨數據下降和飯店人員配備更加合理，我們預計近期營運費用的成長相對於過去幾季的大幅成長將會有所放緩。

Despite the continued inflationary environment, adjusted EBITDAre for the third quarter was $122 million and year-to-date was $346 million, up 3% and 7% to the same periods of 2022, respectively. MFFO for the quarter was $104 million and year-to-date was $294 million, up 1.5% and 6% as compared to the same period of 2022, respectively. Looking at our balance sheet. As of September 30, 2023, we had $1.3 billion in total outstanding debt net of cash, approximately 3.1x our trailing 12 months EBITDA with a weighted average interest rate of 4.3%.

儘管通膨環境持續，第三季調整後息稅折舊攤銷前利潤為 1.22 億美元，年初至今為 3.46 億美元，分別比 2022 年同期成長 3% 和 7%。本季 MFFO 為 1.04 億美元，年初至今為 2.94 億美元，分別比 2022 年同期成長 1.5% 和 6%。查看我們的資產負債表。截至 2023 年 9 月 30 日，我們的未償還債務總額（扣除現金）為 13 億美元，約為過去 12 個月 EBITDA 的 3.1 倍，加權平均利率為 4.3%。

Total outstanding debt, excluding unamortized debt issuance costs and fair value adjustments is comprised of approximately $285 million in property-level debt secured by 15 hotels and approximately $1.1 billion outstanding on our unsecured credit facilities. At the end of the quarter, our weighted average debt maturities were 4 years. We had cash on hand of approximately $35 million, availability under our revolving credit facility of approximately $650 million, and approximately 80% of our total debt outstanding was fixed or hedged.

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 15 家酒店擔保的約 2.85 億美元的房地產級債務和我們無擔保信貸額度的未償債務約 11 億美元。截至本季末，我們的加權平均債務期限為 4 年。我們手頭上有大約 3500 萬美元的現金，循環信貸額度下的可用金額約為 6.5 億美元，並且我們未償還債務總額的約 80% 是固定的或對沖的。

As previously discussed, in July, we entered into an amendment of our $225 million term loan facility, which extended the maturity of the existing $50 million term loan by 2 years to August 2025 and align the maturity date with the other term loan in the broader $225 million facility. We continue to be grateful for our supportive and long-standing lender relationships as further demonstrated by this recent amendment. As of September 30, we have approximately $106 million of debt maturing in the next 12 months, consisting of 1 $85 million term loan and a mortgage loan of approximately $21 million. We plan to pay for these upcoming debt maturities using funds from operations, borrowings under our revolving credit facility and/or new financing.

如前所述，7 月份，我們對 2.25 億美元定期貸款協議進行了修訂，將現有 5000 萬美元定期貸款的到期日延長 2 年至 2025 年 8 月，並將其到期日與更廣泛的 2.25 億美元貸款協議中的另一筆定期貸款保持一致。我們繼續感謝我們長期以來的支持性貸款關係，最近的修訂進一步證明了這一點。截至 9 月 30 日，我們有大約 1.06 億美元的債務將在未來 12 個月內到期，其中包括 1 筆 8,500 萬美元的定期貸款和約 2,100 萬美元的抵押貸款。我們計劃使用營運資金、循環信貸額度下的借款和/或新融資來償還這些即將到期的債務。

Acquisitions completed subsequent to the third quarter were funded using cash on hand and availability on our revolving credit facility. As Justin highlighted in his remarks, we continue to be well positioned with pro forma debt to trailing 12-month EBITDA of less than 3.5x, including the recently acquired acquisitions and closing on the South Jordan Embassy, and we have ample liquidity on our line of credit to pursue accretive opportunities.

第三季之後完成的收購由庫存現金和循環信貸額度提供資金。正如賈斯汀在演講中所強調的那樣，我們繼續處於有利地位，預計債務與過去 12 個月 EBITDA 的比率不到 3.5 倍，其中包括最近收購和關閉南喬丹大使館，並且我們的信用額度擁有充足的流動資金來尋求增值機會。

Shifting to our outlook. With top line performance exceeding our expectations through the third quarter and with continued strength in preliminary numbers for October, we have narrowed our RevPAR guidance range and increased the midpoint by 50 basis points. We now anticipate comparable hotels RevPAR growth to be between 5.5% and 7.5% for the year. We have made similar adjustments to our EBITDAre guidance, narrowing the range by increasing the lower end to $423 million and decreasing the high end to $440 million. Given continued inflationary pressures on expenses, we have adjusted our comparable hotels adjusted hotel EBITDA margin guidance by holding the low end at 35.4% and reducing the high end by 70 basis points to 36.3%. We expect net income to be between $167 million and $189 million. We continue to expect capital expenditures to be between $70 million and $80 million for the year.

轉變我們的視角。由於第三季的營收表現超出了我們的預期，並且 10 月的初步數據繼續保持強勁，我們縮小了 RevPAR 指導範圍，並將中間點提高了 50 個基點。我們現在預計今年可比飯店的 RevPAR 成長率將在 5.5% 至 7.5% 之間。我們對 EBITDAre 指引也做出了類似的調整，將範圍縮小，將下限提高至 4.23 億美元，將上限降低至 4.4 億美元。鑑於通膨壓力持續存在，我們已調整可比飯店調整後飯店 EBITDA 利潤率指引，將低端維持在 35.4%，將高端降低 70 個基點至 36.3%。我們預計淨收入在 1.67 億美元至 1.89 億美元之間。我們繼續預計今年的資本支出將在 7,000 萬美元至 8,000 萬美元之間。

Our updated comparable guidance includes properties acquired and announced for acquisition before year-end as if the hotels were owned as of January 1, 2022, excludes dispositions since January 1, 2022, and excludes one non-hotel property. Our New York asset, Hotel 57 where hotel operations have been leased to a third party. We are encouraged by recent trends and the strength of fundamentals for our business. And while our updated guidance reflects some ongoing macroeconomic uncertainty, October top line performance for our portfolio showed continued strength in both business and leisure demand for our hotels and expense growth has moderated in recent months. A continuation of current trends would position us to perform above the midpoint of our guidance.

我們更新後的可比指引包括在年底前收購和宣布收購的物業，就好像這些酒店截至 2022 年 1 月 1 日就已擁有，不包括自 2022 年 1 月 1 日起的處置，也不包括一處非酒店物業。我們的紐約資產 Hotel 57 的飯店營運已租賃給第三方。我們對近期的趨勢和業務基本面的強勁感到鼓舞。雖然我們更新後的指引反映了一些持續存在的宏觀經濟不確定性，但我們投資組合 10 月份的營收表現表明，我們酒店的商務和休閒需求持續強勁，而且近幾個月來費用增長有所放緩。當前趨勢的延續將使我們的業績超出預期的中點。

As we approach the end of 2023, we are pleased with our performance and confident we are well positioned for the coming year. Our differentiated strategy has proven resilient through economic cycles. Our balance sheet is strong with ample liquidity, which we will continue to use opportunistically to pursue accretive transactions. Our assets are in good condition with consistent capital investments, ensuring that we maintain a competitive advantage over other products in our markets. And we believe the fundamentals of our business are sound, with favorable supply dynamics, allowing us to benefit from incremental demand.

隨著 2023 年即將結束，我們對自己的表現感到滿意，並有信心為來年做好充分準備。事實證明，我們的差異化策略在經濟週期中具有韌性。我們的資產負債表強勁，流動性充足，我們將繼續抓住機會，尋求增值交易。我們的資產狀況良好，持續的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。我們相信，我們的業務基本面良好，供應動態良好，使我們能夠從增量需求中受益。

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

我們的準備好的演講到此結束。賈斯汀和我很樂意回答您今天上午提出的任何問題。

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

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

Great. So Liz, can you just help us understand what the revised guidance assumes for hotel EBITDA margin change on the comparable 220 hotels or when you adjust out that the impact that the new acquisitions had to the revised the revised range for adjusted hotel EBITDA margin?

偉大的。那麼 Liz，您能否幫助我們理解修訂後的指南對可比 220 家酒店的 EBITDA 利潤率變化的假設，或者當您調整新收購對修訂後的酒店 EBITDA 利潤率的修訂範圍的影響時？

Sure, absolutely, Austin. At the midpoint, the revised guidance, if you're just looking at the existing comp and not the new acquisition subsequent to quarter end, the difference is about 50 basis points. So we get a 30 basis point benefit on an absolute basis from the new acquisitions.

當然，奧斯汀。在修訂後的指引中點，如果您只看現有的公司而不是季度末之後的新收購，差異約為 50 個基點。因此，我們從新收購中獲得了絕對 30 個基點的收益。

So that gets you down in the 150 basis point range at the midpoint on that revised range for that comparable pool, just to be clear.

因此，為了清楚起見，這會使您在可比較池的修訂範圍的中點處處於 150 個基點的範圍內。

140.

140.

140. Okay. And so margins are down 90 basis points year-to-date through the first 3 quarters. So basically, you saw some improvement in the year-over-year margin change in the third quarter, you're expecting a little bit of a step back in the fourth quarter but it sounds like you don't expect some of that growth to bleed into '24 because I believe you said that expenses should continue, expense growth should continue to moderate in the quarters ahead. Is that fair?

140. 好的。因此，今年前三個季度的利潤率已下降 90 個基點。因此，基本上，您看到第三季度的同比利潤率變化有所改善，您預計第四季度會略有回落，但聽起來您並不認為部分增長會延續到 24 年，因為我相信您說過，未來幾個季度支出應該會繼續增長，支出增長應該會繼續放緩。這樣公平嗎？

That is what we believe will happen or that's certainly what we're hopeful will happen. And based on what we saw, especially in September, if we continue to see year-over-year comparisons like we saw in September, we could outperform the midpoint of our range. I think we looked at the full quarter, which included a tough comp in July, some improvement in August and then more meaningful improvement in September from a margin perspective year-over-year, in an expense growth perspective year-over-year as well. And I think we saw the latter quarter trends throughout the fourth quarter and into next year, that would be more positive than the midpoint of our guidance.

我們相信這會發生，或者說，我們確實希望這會發生。根據我們所看到的情況，尤其是 9 月的情況，如果我們繼續看到像 9 月那樣的同比變化，我們的業績可能會超過預期範圍的中點。我認為我們考察了整個季度，其中包括 7 月份的艱難同比表現、8 月份的一些改善以及 9 月份更有意義的同比改善，無論是從利潤率角度還是從費用增長角度來看，都是如此。我認為，我們看到了整個第四季以及明年的後一季度趨勢，這將比我們預期的中點更為積極。

But considering that 1 month doesn't make a trend with September, I think we opted to be more cautious, more conservative, but we're certainly pleased with what we've seen most recently, both with the improvement that our team has made with the management companies and their focus and efforts around contract labor and productivity. I mentioned in my prepared remarks that we have seen some improvement there. We're pleased with that. We're certainly hopeful that, that will continue. They're really doing a great job and have continued to maintain higher productivity levels despite the challenges and wages have started to moderate year-over-year as we anticipated. So I think we're hopeful.

但考慮到 1 個月的趨勢與 9 月不同，我認為我們選擇更加謹慎、更加保守，但我們對最近看到的情況感到非常滿意，包括我們團隊與管理公司合作的進步以及他們在合約工和生產力方面的重點和努力。我在準備好的發言中提到，我們已經看到那裡有一些改善。我們對此感到高興。我們當然希望這種情況能夠持續下去。他們確實做得非常出色，儘管面臨挑戰，但他們仍然保持了較高的生產力水平，而且正如我們預期的那樣，工資水平也開始逐年下降。所以我認為我們充滿希望。

One of the things that impacted us in the third quarter was we had some favorable real estate taxes in prior quarters that was helping to offset the increase in insurance premiums, and we had some uninsured loss deductibles that hit in the third quarter that we hadn't had. So we've had some favorable experience relative or to offset some of the insurance premium increases and that we didn't have that benefit in the third quarter. We carried that negative drag through the fourth quarter into the guidance that may or may not happen.

對我們第三季度產生影響的因素之一是，前幾個季度我們實施了一些優惠的房地產稅，這有助於抵消保險費的上漲，而且我們在第三季度出現了一些以前沒有的未投保損失免賠額。因此，我們有一些相對有利的經驗，或者可以抵消部分保險費的上漲，但我們在第三季度沒有獲得這種好處。我們將這種負面拖累延續到了第四季度，這可能會發生，也可能不會發生。

No, that's really helpful detail. And then just last one on the guidance. Just to clarify, I mean, how much hotel EBITDA contribution do you expect from the acquisitions that are set to close this year?

不，這確實是很有幫助的細節。最後再說一下指導。只是為了澄清一下，我的意思是，您預計今年完成的收購將為酒店 EBITDA 貢獻多少？

If you look at -- I think it's Page 16 on our earnings release, you can see the add back for pre-ownership EBITDA for the new properties. That would include Cleveland, which we closed on at the end of the second quarter. If you annualize that, it's probably around $16 million.

如果你看一下——我想這是我們收益報告的第 16 頁，你可以看到新房產的所有權前 EBITDA 的加回。其中包括克利夫蘭，我們在第二節末結束了對克利夫蘭的比賽。如果以年計算，大概是 1600 萬美元左右。

Our next question comes from Floris Van Dijkum with Compass Point.

我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

On the cap rates. I'm curious, Justin, obviously, you guys have been active. I like the update of how your acquisitions have fared so far and how the yield has been pretty attractive. As you look out, do you expect your investment activity to be one-offs? Or how is the market looking for larger transactions as well? And how do you think about -- are there going to be opportunities on the troubled refinancing of portfolios in your view? And would you participate in those kinds of investments?

關於資本化率。我很好奇，賈斯汀，顯然你們一直很活躍。我喜歡了解你們迄今為止的收購進度以及收益率如何相當吸引人。從您的角度來看，您是否預期您的投資活動是一次性的？或者市場如何尋求更大的交易？您如何看待－您認為不良資產投資組合的再融資是否存在機會？您會參與這類投資嗎？

So I'll start and work my way backwards. I think to your last point, would we consider or participate in some of the various types of investments that you highlighted. I think certainly, we are active in the marketplace. I highlighted in my prepared remarks that we continue to be active in underwriting additional potential acquisitions, and that includes a mix of individual one-off assets and small and medium-sized portfolios. Because of where the debt markets are right now, we've seen less activity at the large portfolio level, meaning fewer large portfolios being brought to market, but that could change. And I think we have consistently underwrote those as well.

因此我將開始並以相反的方式進行工作。我認為對於你的最後一點，我們是否會考慮或參與你所強調的一些不同類型的投資。我認為，我們確實在市場上很活躍。我在準備好的演講中強調，我們將繼續積極承銷其他潛在收購，其中包括個人一次性資產和中小型投資組合。由於債務市場目前的狀況，我們看到大額投資組合層面的活動減少，這意味著進入市場的大額投資組合減少，但這種情況可能會改變。我認為我們也一直在支持這些。

From a preference standpoint, generally, our preference is to pursue individual assets. And we found that we can be incredibly competitive in that space. Certainly, the landscape has changed slightly. And when we look at total transaction volume, that has not meaningfully increased, but our share of the total transaction volume has. And I think that's a firm indication of our ability to transact in a market that has become more challenging for some of our -- some of the groups that we're competing with when we look back 12 months or so.

從偏好的角度來說，一般來說，我們傾向於追求個人資產。我們發現我們在該領域具有極強的競爭力。當然，情況已經略有改變。當我們查看總交易量時，我們發現交易量並沒有顯著增加，但我們在總交易量中的份額卻有所增加。我認為這有力地表明了我們在這個市場中進行交易的能力，回顧 12 個月左右的時間，這個市場對於我們的一些競爭對手來說變得更具挑戰性。

I think on a go-forward basis, we anticipate a continued steady stream of potential deals that we will have an opportunity to underwrite. I think you highlighted in your question, a portion of those are likely to be brought to market because of financing issues or overall liquidity issues with the sponsor. That is an area that we've been very successful recently. And as we continue to move into next year, we do anticipate the continued pressure from the brands around capital investments should bring incremental assets to market as well. But I think incredibly pleased with the opportunity set that we're seeing now with pricing for those assets and with our ability based on the flexibility that we have because of the strength of our balance sheet to be active in a market that's become more challenging for many of the other groups that would be interested in acquiring assets.

我認為，從未來來看，我們預計將持續不斷地獲得潛在交易，我們將有機會承保這些交易。我認為您在問題中強調了，其中一部分可能會因為融資問題或發起人的整體流動性問題而被推向市場。這是我們最近取得巨大成功的一個領域。隨著我們繼續進入明年，我們確實預計來自品牌在資本投資方面的持續壓力也將為市場帶來增量資產。但我認為，我們對現在看到的機會感到非常高興，這些資產的定價，以及我們基於資產負債表實力所具有的靈活性而活躍在市場中的能力，對於許多其他有意收購資產的集團來說，這個市場變得更具挑戰性。

If I can have one more follow-up or other. I know that your business is typically not viewed as being group dependent. You mentioned, I think, in your remarks or Liz did, 14% of your demand is group. It's certainly a lot lower than some of your full service peers. But how do you think about the convention calendar. I note that your largest exposure to a market is San Diego. San Diego's convention calendar, I believe, looks very good. How much of a benefit will flow through to your properties in your view? Maybe give a little bit of a backdrop in terms of how your exposure to group might be bigger than what people think it is.

我是否可以再進行一次後續或其他活動。我知道您的業務通常不被視為依賴團體。我認為，在您的評論中您提到或 Liz 提到，您的 14% 需求是群體性的。這肯定比一些提供全方位服務的同行要低得多。但是您對會議日程有什麼看法？我注意到您最大的市場是聖地牙哥。我認為聖地牙哥的會議日程看起來非常好。您認為這會為您的財產帶來多少好處？也許可以提供一些背景信息，說明您對團體的曝光度可能比人們想像的要大。

I'd say I need to temper that a little bit in that we certainly own hotels in or adjacent to markets that benefit from large convention business. And to some extent, we obviously benefit from compression related to those events. In most cases, we're fortunate. I'd say, in recent years, we've become actually less dependent on that type of business, meaning we've been able to attract a variety of individuals and smaller groups that are not immediately associated with larger conventions. But certainly in a market like San Diego or in Denver, where we own assets that are readily accessible or within close proximity to major conference centers we do benefit to the extent that the convention calendar is strong.

我想說我需要稍微緩和一下，因為我們確實在受益於大型會議業務的市場內或附近擁有酒店。並且在某種程度上，我們顯然受益於與這些事件相關的壓縮。大多數情況下，我們是幸運的。我想說，近年來，我們對這類業務的依賴實際上已經減少了，這意味著我們能夠吸引各種與大型會議沒有直接聯繫的個人和小團體。但毫無疑問，在聖地牙哥或丹佛這樣的市場，我們擁有交通便利或靠近主要會議中心的資產，只要會議日程安排充足，我們就能從中受益。

Of the 7 assets that we own in and around the San Diego area, we have 2 that are downtown that will certainly benefit from incremental compression around the convention calendar. And then as you move out beyond the downtown area, depending on the size of the convention, we can see additional compression. But certainly, our downtown assets should see the benefit of the more paper full convention calendar.

我們在聖地牙哥地區及其周邊地區擁有 7 項資產，其中 2 項位於市中心，這些資產肯定會從會議日程的逐步壓縮中受益。然後，當您移出市中心區域時，根據會議的規模，我們可以看到額外的壓縮。但毫無疑問，我們的市中心資產應該會從更多的紙本會議日程中受益。

Maybe the 14% group exposure today, how would that compare to pre-covid. So you mentioned it's a little bit lower now. What was it like prior to 2019?

也許今天的群體接觸率為 14%，與疫情之前相比如何。所以你提到現在它有點低了。 2019 年之前的情況如何？

Very, very close to where it is. It's still slightly elevated to 2019 levels, even though year-over-year, quarter-over-quarter, it's slightly down. But it's still elevated, yes, to pre-covid levels, just a percentage point or 2 depending on the time of the year.

距離它現在的位置非常非常近。儘管與去年同期和上一季相比略有下降，但仍略高於 2019 年的水準。但確實，它仍然高於新冠疫情之前的水平，只是上升了一個百分點或兩個百分點，具體取決於一年中的時間。

Our next question comes from Tyler Batory with Oppenheimer & Co.

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

I'm hoping you can put a finer point on October RevPAR and your expectations for Q4. What was RevPAR growth year-over-year in October? How did trends compare with September? And then when we look at the guide and what's implied for Q4 overall, are you expecting a little bit of a step down in November and December? How much of that is seasonality versus maybe a change in trends or prospectus in terms of what you're seeing in terms of demand?

我希望您能更詳細地說明 10 月的 RevPAR 以及您對第四季的預期。十月份 RevPAR 年成長多少？與 9 月相比趨勢如何？然後，當我們查看指南以及對第四季度整體的暗示時，您是否預計 11 月和 12 月會出現小幅下降？就您所看到的需求而言，其中有多少是季節性因素，有多少是趨勢或前景的變化？

Really good questions, Tyler. So October, we don't have final top line RevPAR numbers in for October, but it looks like it will come in, in line, maybe slightly lower than our month-over-month growth from September. So September was around 3%. That's probably in and around that range, maybe slightly lower. So we saw ADR growth and occupancy sort of right in line with where it had been prior years. So still good trends in October.

真是好問題，泰勒。因此，十月份我們還沒有公佈最終的 RevPAR 數據，但看起來它將與九月份的環比增長持平，甚至可能略低。 9月的增幅約為3%。這可能就在這個範圍內，也許稍微低一點。因此，我們看到 ADR 的成長和入住率與前幾年的水平基本一致。因此十月趨勢仍然良好。

The fact that we're not seeing a meaningful pullback from an occupancy perspective, especially given October is typically a peak month. And we certainly had a strong October last year and continuing to see some ADR growth as well. So taking that and knowing that, that's the strongest month of the quarter, leading into the other part of your question, guidance at the midpoint implies flattish RevPAR for the quarter, which would be November and December would have to take a step back in order to come in line with our midpoint RevPAR guidance range. I think we've built in or continue to maintain some macro uncertainty, there's not really a meaningful change in trends that's pushing us to do that. I think we're still remain pleased and optimistic with the trends that we've seen in our portfolio.

事實上，從入住率的角度來看，我們並沒有看到明顯的回落，尤其是考慮到十月通常是旺季。去年 10 月我們的業績確實表現強勁，並且 ADR 也持續保持成長。因此，考慮到這一點並知道這是本季度表現最強勁的月份，從而引出您問題的另一部分，中點指導意味著本季度的 RevPAR 將持平，即 11 月和 12 月必須後退一步才能符合我們的中點 RevPAR 指導範圍。我認為我們已經建立或繼續維持一些宏觀不確定性，趨勢上並沒有真正發生有意義的變化來推動我們這樣做。我認為我們仍然對我們投資組合中看到的趨勢感到滿意和樂觀。

I think the biggest question mark is prior to the pandemic, we didn't historically benefit from leisure as much in November and December as we have in a post-pandemic world. And November and December are lighter from a business transient perspective. And while we continue to see improvement from a -- on the BT side, it's kind of just waiting to see what the balance is between leisure and BT travel and just softer occupancy months for us seasonally.

我認為最大的疑問是在疫情爆發之前，從歷史上看，我們在 11 月和 12 月享受的休閒福利並不像疫情後的世界那麼多。從業務瞬態角度來看，十一月和十二月的業務較為清淡。雖然我們繼續看到英國電信方面的改善，但我們只是在等待觀察休閒和英國電信旅行之間的平衡，以及季節性入住率較低的月份。

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

我們的下一個問題來自 B. Riley Securities 的 Bryan Maher。

Great. Just a couple for me. You've talked a lot today about acquisitions. And I'm curious what the view is from a disposition standpoint, to some degree, matching up some acquisitions with dispositions since that leverage doesn't go meaningfully higher. Maybe 2 parts to the question here. I think you said something along the lines of you're buying it like an 8 cap with embedded upside. Where can you sell at a cap rate, your older stuff? Let's just start with that for a second.

偉大的。對我來說只有一對。您今天談了很多有關收購的問題。我很好奇從處置的角度來看，在某種程度上，將一些收購與處置進行匹配，因為這種槓桿率並沒有顯著提高。這裡的問題可能分為兩個部分。我認為您說的是類似這樣的話：您要購買一個具有內在上行潛力的 8 號上限。您可以在哪裡以資本化率出售舊物品？讓我們先從這個開始。

I mean a little bit of a complicated question just based on the depth of the market today and somewhat dependent on the individual asset. I'd say we have seen recent trades of older select service assets in secondary markets at very low cap rates. Those transactions are typically -- or transaction pricing for those deals is typically driven by a replacement cost for those assets. And so the per key values would be lower.

我的意思是，這是一個有點複雜的問題，僅基於當今市場的深度，並且在某種程度上取決於單一資產。我想說的是，我們最近看到二級市場上較舊的精選服務資產的交易利率非常低。這些交易通常——或者這些交易的交易定價通常由這些資產的重置成本所驅動。因此每個鍵的值將會更低。

Generally speaking, in a healthy transaction environment, we would see as much as 100 basis points, maybe 150 basis point spread between the more premier assets and secondary assets. But that can that spread can swing widely depending on groups and their particular interest and activity in the market at any point in time. I think we're continually looking at assets within our portfolio. There are a number of older assets where we have very low basis. And even in the market as it is today, we feel we could transact at attractive pricing that would yield or lock in meaningful profit based on our original investment.

一般來說，在健康的交易環境中，我們會看到優質資產和二級資產之間的利差高達 100 個基點，甚至 150 個基點。但這種傳播可能會根據各個群體及其在市場上的特定興趣和活動而發生很大波動。我認為我們正在不斷關注我們投資組合中的資產。有許多舊資產，我們的基準非常低。即使在當今的市場環境下，我們也認為我們可以以有吸引力的價格進行交易，從而根據我們的原始投資產生或鎖定可觀的利潤。

And we do have assets where we think we could transact at a positive spread, even to the investment where we have assets like those I described earlier. I think you can anticipate that we will continue to explore opportunities for disposition as we're looking at acquisitions in an effort to ensure that our portfolio remains relevant and competitive and that we're optimized to take advantage of the most recent economic and demographic trends.

我們確實擁有一些我們認為可以以正利差進行交易的資產，甚至包括我之前描述的那些資產的投資。我想您可以預料到，我們將繼續探索處置機會，因為我們正在考慮收購，以確保我們的投資組合保持相關性和競爭力，並且我們能夠充分利用最新的經濟和人口趨勢。

So let's assume for a minute that dispositions remain somewhat muted. And we all know that you've carried historically pretty low leverage, 27%, 28% currently. If the opportunities on the acquisition side continue to open up, where would you be willing to take that number?

因此，讓我們暫時假設情緒仍然保持相對平靜。我們都知道，你們歷史上的槓桿率相當低，目前為 27%、28%。如果收購方面的機會繼續開放，您願意把這個數字帶到哪裡？

I mean, we've highlighted that we are comfortable between 3 and 4x opportunistically with a desire to be long term at the lower end of that range. And so I think Liz and I both highlighted in our prepared remarks, taking in total, the acquisitions we anticipate for this year, which include South Jordan, we're well below on a pro forma basis, 3.5x. We continue to have roughly $0.5 million -- $0.5 billion available on our line of credit. And so ready access to incremental financing to pursue acquisitions.

我的意思是，我們已經強調，我們在 3 到 4 倍之間感到滿意，並希望長期處於該範圍的低端。因此，我認為 Liz 和我都在準備好的發言中強調，總的來說，我們預計今年的收購（包括 South Jordan）將遠低於備考基礎的 3.5 倍。我們的信用額度仍然有大約 50 萬至 5 億美元可用。從而隨時獲得增量融資來進行收購。

But to the point that I think was implicit in your question, ultimately, it's not our intent regardless of the opportunity set to move the needle so much from a debt standpoint that we change the risk profile of our company. And so to the extent we were to get more active in a meaningful way or become very active from an acquisition standpoint. We would look to fund a portion of those acquisitions with proceeds from sales and/or equity raise to the extent pricing was appropriate.

但我認為您的問題隱含著這一點，歸根結底，無論機會如何，從債務角度來看，我們的目的都不是改變公司的風險狀況。因此，在某種程度上，我們要以有意義的方式變得更加活躍，或從收購的角度變得非常活躍。只要定價合適，我們就會尋求利用銷售和/或股權融資所得來為部分收購提供資金。

And just staying on that for one last question. Your property tax and insurance was fairly meaningfully higher than we were expecting. You talked a little bit about acquiring assets in business-friendly Salt Lake City, but you own a lot of assets in business unfriendly, California and Illinois. Would you consider selling some of those assets to lessen your exposure to those 2 states? And that's all for me.

我還想問最後一個問題。您的房產稅和保險比我們預期的要高得多。您談到了在商業友好的鹽湖城收購資產，但您在商業不友善的加州和伊利諾伊州擁有大量資產。您是否考慮出售部分資產以減少對這兩個州的風險敞口？對我來說這就是全部了。

Absolutely. Without singling those states out as the only states where we're seeing increased cost pressure, certainly, we're mindful of our exposure. And interestingly, looking at California specifically, we've benefited from being concentrated in Southern California versus Northern where we have to date seen revenue increases that have more than offset expense growth in those markets such that the profitability for the assets has continued to be beneficial for our portfolio overall. That has not necessarily been the case widely speaking, in and around Chicago, where the market dynamics are slightly different.

絕對地。我們不會將這些州列為成本壓力增加的唯一州，當然，我們也注意到了我們的風險敞口。有趣的是，具體來看加州，我們受益於集中在南加州而不是北加州，到目前為止，我們看到收入的增長已經超過了這些市場的費用增長，因此資產的盈利能力繼續對我們的整體投資組合有利。從總體上看，情況並非如此，但在芝加哥及其周邊地區，市場動態略有不同。

I think to the point I made earlier, we are constantly looking at the makeup of our portfolio, which now is over 220 assets and looking to adjust in ways that ensure continued outperformance, which takes into consideration the likely trajectory of costs relative to the potential upside from a rate standpoint.

我想，正如我之前提到的那樣，我們一直在關注我們的投資組合的組成，現在我們的投資組合已超過 220 種資產，並且正在尋求進行調整以確保持續優異的表現，這考慮到了從利率角度來看成本相對於潛在上行空間的可能走勢。

(Operator Instructions) And our next question comes from Michael Bellisario with Baird.

（操作員指示）我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Justin, thank you for being diplomatic with your commentary on Chicago, much appreciated. 2 questions. First, probably for Liz, just on sort of a guidance-related question, but more so on revenue management and bookings. Just how much is on the books today or when you turn the calendar from October to November for the next month or the current month rather, and then 60 days out, basically trying to understand how much are you dependent on in the month for the month bookings the last 2 months of the year? And is that any different than some of the higher demand months, call it, June, July, August for your portfolio?

賈斯汀，感謝你對芝加哥的評論如此圓滑，非常感謝。 2 個問題。首先，對 Liz 來說，可能只是一些與指導相關的問題，但更多的是關於收入管理和預訂。今天的預訂量到底是多少？或者，當您將日曆從 10 月翻到 11 月時，下個月或本月的預訂量是多少？然後再過 60 天，您基本上想了解一下，今年最後兩個月，您對當月預訂量的依賴程度是多少？這對於您的投資組合來說，與一些需求較高的月份（例如六月、七月、八月）有什麼不同嗎？

Good question, Mike. Typically, we enter the month with about 50% of our occupancy on the books. And then in the month for the month, we realize the other 50%. And that stays pretty consistent month by month throughout the year. So 30 days out, 50% of our occupancy on the books, 60 days out, about half of that. And so really, you only have a small portion of your bookings or a view towards occupancy as you enter 30 days out, but certainly 60 days out it's not very clear where we may end up, especially if there's a change in trend.

問得好，麥克。通常情況下，我們每個月的入住率約為 50%。然後，我們每個月都實現了剩下的 50%。並且全年每個月的趨勢都保持相當一致。因此，30 天后，我們的入住率約為 50%，60 天后，約為一半。因此，實際上，在進入 30 天后，您只能看到一小部分預訂量或入住率，但進入 60 天后，我們肯定不清楚最終結果會如何，尤其是在趨勢變化的情況下。

If trends continue, we can project how we may materialize for the month and trends seem to be consistent and still remains strong. And so we're optimistic there. But really, as you progress through the months, especially in months where you have large holidays like Thanksgiving or Christmas and New Year's, you can -- your view as you move throughout the month can change just depending on how business and leisure perform relative to those holidays.

如果趨勢持續下去，我們可以預測本月可能實現的情況，而且趨勢似乎是一致的，仍然保持強勁。所以我們對此持樂觀態度。但實際上，隨著時間的推移，特別是在有感恩節、聖誕節和新年等大型節日的月份，你的觀點會隨著整個月的變化而變化，這取決於商務和休閒活動在這些節日期間的表現。

And so I think that's where some of our caution comes in at the midpoint around November, December. It's not indicative of a change in trends in bookings that we're seeing today. We entered the month of November very similar with average daily bookings above prior year and 2019 levels as we have been seeing. So I think overall, we're still encouraged, but just have low visibility.

所以我認為，這就是我們在十一月和十二月中期採取謹慎態度的原因。這並不代表我們今天看到的預訂趨勢發生了變化。進入 11 月份，我們看到的情況與往年非常相似，平均每日預訂量高於去年和 2019 年的水平。所以我認為總體而言，我們仍然受到鼓舞，只是知名度較低。

Got it. That's helpful. That's what I was trying to understand if it was just seasonality driven or if it's just business versus leisure mix at the end of the year and it sounds like it's that. So helpful there.

知道了。這很有幫助。我想了解的是，這是否只是由季節性因素驅動，還是只是年底的商務與休閒組合，聽起來確實如此。非常有幫助。

And then just switching gears for one for Justin. Just maybe can you big picture review your underwriting criteria more on the quantitative side than the qualitative commentary you've already provided? Just where do cap rates need to be? Where do IRRs need to be? And then how that all compares to where your stock is trading? Just kind of help us understand what goes in the black box and what gets spit out on the other end on your side?

然後就為賈斯汀 (Justin) 換了一個話題。也許您能否從定量的角度而不是您已經提供的定性評論的角度來全面審查您的承保標準？資本化率到底應該是多少？ IRR 需要在哪裡？那麼這一切與您的股票交易情況相比如何？只是幫助我們了解黑盒子裡有什麼以及你們那邊的另一端吐出了什麼？

I mean, we're continually looking at market trends and assessing those relative to the pricing for our stock and the implied multiples there. I think share prices for the space broadly speaking, have been more volatile, really since the onset of the pandemic than they had been in periods prior. And so generally, we're looking at a moving average of daily pricing as we think about our share price.

我的意思是，我們不斷關注市場趨勢，並根據我們股票的定價和隱含的倍數來評估這些趨勢。我認為，總體而言，自疫情爆發以來，該領域的股價波動性比之前時期更大。一般來說，當我們考慮股價時，我們會查看每日價格的移動平均值。

And then from a property standpoint, we have seen some movement in cap rates, at least in terms of where we're able to transact. And that's been a positive for us. As we think about investments, we have -- as a result of those shifts -- really driven largely by a meaningful cost of capital change for private equity groups who have been very active in the space. That puts us in a position to pursue high-quality institutional assets and more challenging to enter markets at price points that meet our minimum hurdles from an investment standpoint. And outside of those harder to replace assets moves the needle even further such that we're able to transact as we build out portfolios in ways that drive overall returns from the total acquisition activity.

然後從房地產的角度來看，我們看到資本化率有所變動，至少就我們能夠進行交易的地方而言。這對我們來說是件好事。當我們考慮投資時，由於這些轉變，我們實際上很大程度上受到在該領域非常活躍的私募股權集團的資本成本重大變化的推動。這使我們能夠追求高品質的機構資產，並且從投資角度來看，以滿足最低門檻的價格進入市場也更具挑戰性。除了那些難以取代的資產之外，我們還能夠以能夠推動整體收購活動整體回報的方式建立投資組合，從而進一步推動這一進程。

I think, generally speaking, we're looking to acquire assets either at neatly higher implied returns on the day of acquisition than our current portfolio or at similar implied multiples, but with meaningfully different profiles from a growth standpoint and from a capital need standpoint on a go-forward basis. And we're open really to adding assets that fit into either of those 2 categories.

我認為，一般來說，我們希望收購的資產要么在收購當天的隱含回報率明顯高於我們目前的投資組合，要么在隱含倍數相似的情況下收購，但從增長角度和未來資本需求角度來看，其情況有顯著不同。我們確實願意添加適合這兩類的資產。

And I highlighted in response to several of the earlier questions, but it's worth reiterating. We are continually looking at our existing portfolio as well and looking to add and subtract from the portfolio in ways that move the value of the total portfolio in a positive direction. And from time to time, that will mean improving from our portfolio. And as we're adding to the portfolio, we're looking to complement the holdings that we already have and shift or expand our exposure beyond the set of current demand generators and into markets where we have lower exposure.

我在回答之前的幾個問題時已經強調過這一點，但值得重申。我們也不斷審視我們現有的投資組合，並尋求以某種方式增加或減少投資組合，從而使總投資組合的價值朝著正面的方向發展。有時，這意味著我們的投資組合會有所改善。隨著我們不斷擴大投資組合，我們希望補充現有的持股，並將我們的投資範圍從當前的需求產生者轉移到或擴展到我們投資範圍較低的市場。

Our next question comes from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

So I guess on the acquisitions and financing the acquisitions, I think you used the line, which is pricing at about 7%, I think, currently. What's your view on permanent financing fixed versus floating? And how you're looking at it? And where could you finance assets like this in the market right now?

因此，我想，關於收購和收購融資，我認為您使用了這條線，我認為目前的定價約為 7%。您對固定和浮動的永久融資有何看法？您如何看待它？那麼現在市場上哪裡可以融資這樣的資產呢？

Generally speaking, we've looked to balance fixed versus floating rate. Historically, when rates were extremely low and the risk to higher rates in the future was higher. We were near 100% fix. As we progressed through the changing rate environment and seeing the potential for future rate decreases we pulled back slightly, but still predominantly fixed rate largely through hedges on our unsecured line and/or interim loan.

一般來說，我們尋求平衡固定利率和浮動利率。從歷史上看，當利率極低時，未來利率上升的風險較高。我們已接近 100% 修復。隨著我們在不斷變化的利率環境中不斷前進，並看到未來利率下降的可能性，我們略微回落，但仍然主要透過對無擔保額度和/或臨時貸款進行對沖來固定利率。

Yes. We're about 20% variable as of quarter end. I think as we look forward and certainly have some swaps that are maturing over the next couple of years, we'll look at the curve closely and be in close contact with the banks and sort of evaluate our overall structure from a swap versus fixed or variable versus fixed perspective and try to manage that effectively given the current environment and the way the forward curve looks. But I think at one point, we felt like we were overhedged and I think 80/20 isn't a bad place to be. But certainly, as these incremental hedges mature over the next year, we'll continue to look at it.

是的。截至季末，我們的變動率約為 20%。我認為，展望未來，肯定會有一些掉期在未來幾年到期，我們將密切關注曲線並與銀行保持密切聯繫，從掉期與固定或可變與固定的角度評估我們的整體結構，並嘗試在當前環境和遠期曲線的情況下有效地進行管理。但我認為，在某個時刻，我們感覺自己對沖過度了，我認為 80/20 並不是一個糟糕的狀態。但可以肯定的是，隨著這些增量對沖在明年到期，我們將繼續關注它。

And in terms of permit financing for individual assets and the pricing of that, some of it depends, and it was unclear from your question whether you're talking about what we might be able to do versus what others in the marketplace might be able to do. But important to note, that on the margin, our borrowing costs are lower on average than those we're competing with, which is part of what that and the ready access to the capital has put us in an advantageous position from an acquisition standpoint. And then actual pricing will still depend largely on the borrower at this point in the asset specifically. But -- and the amount of leverage relative to value. But relative to our incremental borrowing costs, that would put others probably 100 to 200 basis points higher.

就個人資產的許可融資及其定價而言，有些情況是取決於具體情況的，從您的問題中我們無法明確您是在談論我們可能做什麼，還是市場上其他人可能做什麼。但值得注意的是，從邊際上講，我們的借貸成本平均低於競爭對手，這也是為什麼我們可以隨時獲得資本，從收購的角度來看處於有利地位。然後，實際定價仍將在很大程度上取決於此時借款人的資產狀況。但是——以及相對於價值的槓桿量。但相對於我們的增量借貸成本，這可能會使其他人的借貸成本高出 100 到 200 個基點。

Okay. And maybe one more on some of your more leisure focused markets in Virginia Beach and maybe Melbourne in Florida. Those were down in the quarter, like other user markets across the industry, do you see that stabilizing as we get into 2024? Or is there a bit more, I guess, normalization there assumed?

好的。也許您還會再談一下弗吉尼亞海灘和佛羅裡達州墨爾本等一些更注重休閒的市場。與整個行業的其他用戶市場一樣，本季這些市場有所下降，您認為到 2024 年這種情況會穩定下來嗎？或者我猜，那裡是否有更多正常化的假設？

When we look at overall leisure trends, they vary by market. And certainly, you've highlighted a couple of markets where we saw meaningful increases in performance relative to where those markets have performed prepandemic. As they pull back from a portfolio standpoint, they've largely been offset by improvement in leisure and/or business travel elsewhere, such that we've been able to maintain growth in our overall portfolio numbers. Having been in markets like Virginia Beach for an extended period of time. That market has, and we anticipate will continue to vary from an absolute performance standpoint year-over-year based on things that are as unpredictable as weather on weekends.

當我們觀察整體休閒趨勢時，會發現它們因市場而異。當然，您已經強調了幾個市場，我們發現這些市場的表現相對於疫情前有顯著提高。從投資組合的角度來看，他們的撤退在很大程度上被其他地方休閒和/或商務旅行的改善所抵消，因此我們能夠保持整體投資組合數量的成長。在弗吉尼亞海灘等市場已經存在很長一段時間了。我們預計，從絕對表現的角度來看，該市場將繼續逐年變化，這取決於週末天氣等不可預測的因素。

And I think overall, based on what we're seeing from a new supply standpoint, we continue to be bullish about the long-term prospects for those markets. And I think see them nearly without exception, stabilizing and growing from a starting point well above where they were prior to the pandemic. But the actual level will vary a little bit from mark-to-market.

我認為整體而言，基於我們從新的供應角度看到的情況，我們仍然看好這些市場的長期前景。我認為，它們幾乎毫無例外地都從遠高於疫情之前的起點開始穩定和成長。但實際水準與市價會略有不同。

And for context, we've dropped the 2019 comparisons in the release, but they're still up meaningfully to 2019. For the quarter, Virginia Beach was up over 12% or 13%, and Melbourne was up 7% to 2019 for the quarter.

就背景而言，我們在發布中取消了與 2019 年的比較，但它們與 2019 年相比仍有顯著上升。本季度，維吉尼亞海灘上漲了 12% 或 13% 以上，墨爾本上漲了 7%。

There are no further questions at this time. I would like to turn the floor back over to Justin Knight for closing comments. Please go ahead.

目前沒有其他問題。我想將發言權交還給賈斯汀奈特 (Justin Knight) 來做最後評論。請繼續。

I'd like to thank you for joining us today. It's always a pleasure having the opportunity to speak with you. We hope that as you travel, you'll take an opportunity to stay with us at one of our hotels, and we look forward to talking to many of you next week out in California.

感謝您今天加入我們。我很高興有機會與您交談。我們希望您在旅行期間能有機會入住我們的酒店，我們也期待下週在加州與您中的許多人交談。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。