Apple Hospitality REIT Inc (APLE) 2021 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to Apple Hospitality Second Quarter 2021 Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce your host, Ms. Kelly Clarke. Thank you. You may begin.

女士們、先生們，大家好，歡迎參加 Apple Hospitality 2021 年第二季財報電話會議。 （操作員指示）現在我很高興介紹您的主持人凱利克拉克女士。謝謝。你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Second Quarter 2021 Earnings Call on this, the 6th, day of August 2021. Today's call will be based on the second quarter 2021 earnings release and Form 10-Q, which were distributed and filed yesterday afternoon. As a reminder, today's call will contain forward-looking statements as defined by federal securities laws, including statements regarding future operating results and the impact to the company's business and financial condition from and measures being taken in response to COVID-19. These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 於 2021 年 8 月 6 日舉行的 2021 年第二季財報電話會議。今天的電話會議將基於昨天下午分發和提交的 2021 年第二季財報和 10-Q 表。提醒一下，今天的電話會議將包含聯邦證券法所定義的前瞻性陳述，包括有關未來經營業績以及 COVID-19 對公司業務和財務狀況的影響以及為應對 COVID-19 而採取的措施的陳述。這些聲明涉及已知和未知的風險和其他因素，可能導致 Apple Hospitality 的實際結果、業績或成就與此類前瞻性聲明表達或暗示的未來結果、業績或成就有重大差異。

Participants should carefully review our financial statements and the notes thereto as well as the risk factors described in Apple Hospitality's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today, and the company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. In addition, certain non-GAAP measures of performance such as EBITDA, EBITDAre, adjusted EBITDAre, adjusted hotel EBITDA, FFO and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the company, please visit applehospitalityreit.com.

參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 截至 2020 年 12 月 31 日的 10-K 表年度報告中所述的風險因素以及向美國證券交易委員會提交的其他文件。 Apple Hospitality 所做的任何前瞻性聲明僅代表今日的觀點，除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務。此外，本次電話會議還將討論某些非 GAAP 績效指標，例如 EBITDA、EBITDAre、調整後的 EBITDAre、調整後的飯店 EBITDA、FFO 和修改後的 FFO。我們鼓勵參與者審查昨天的收益報告和向美國證券交易委員會提交的其他文件中包含的這些指標與 GAAP 指標的對帳。如需查看收益報告副本或有關該公司的更多信息，請訪問 applehospitalityreit.com。

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the second quarter of 2021. Following the overview, we will open the call for Q&A. At this time, it is my pleasure to turn the call over to Justin.

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 2021 年第二季的業績。概述之後，我們將開始問答環節。現在，我很高興將電話轉給賈斯汀。

Good morning, and thank you for joining us today. As we look back on the last year and how far we've come as an industry, we feel incredibly grateful. With enhanced safety protocols in place, the accelerated rollout of the vaccine and the loosening of restrictions, travel confidence has significantly improved and positively impacted performance across our portfolio. While we remain cautious of the continued impacts of COVID-19 and the new Delta variant, we are optimistic that the worst of the pandemic is behind us and travel will continue to strengthen. We entered 2020 with a portfolio of hotels reflective of an ownership strategy developed to mitigate risk and volatility while producing compelling returns for our investors.

早安，感謝您今天加入我們。當我們回顧過去的一年以及我們行業所取得的進步時，我們感到無比感激。隨著安全協議的加強、疫苗的加速推出以及限制的放鬆，旅行信心得到了顯著改善，並對我們整個投資組合的表現產生了積極影響。儘管我們對 COVID-19 和達美新變種病毒的持續影響保持謹慎，但我們樂觀地認為，疫情最嚴重的時期已經過去，旅遊業將繼續增強。進入 2020 年，我們擁有一系列體現所有權策略的飯店，旨在降低風險和波動性，同時為投資者帶來豐厚的回報。

Our strategy in place for more than 2 decades and refined throughout multiple economic cycles is and has always been straightforward: own a portfolio of geographically diversified, select service hotels affiliated with the best brands, worked with the best management teams in the industry, consistently reinvest in our hotels to ensure they remain relevant and competitive and maintain a flexible capital structure with low leverage. During the last year, the merits of our approach were proven, and we navigated the most difficult operating environment our industry has ever seen with results ahead of industry averages and our publicly-traded peers. We successfully executed on the objectives we communicated at the onset of the pandemic and maintained a sound liquidity position, safeguarded long-term value for our shareholders and ensured our ability to thrive in future years.

我們的策略已經實施了 20 多年，並在多個經濟週期中不斷完善，並且始終如一：擁有地理多元化、隸屬於最佳品牌的精選服務酒店組合，與業內最佳管理團隊合作，持續對我們的酒店進行再投資，以確保它們保持相關性和競爭力，並保持靈活的資本結構和低槓桿率。在過去的一年裡，我們的方法的優點得到了證實，我們度過了行業有史以來最艱難的經營環境，業績領先於行業平均水平和上市公司。我們成功實現了疫情爆發之初所傳達的目標，保持了良好的流動性狀況，維護了股東的長期價值，並確保了我們在未來幾年蓬勃發展的能力。

Initially, as we indicated, we prioritized a swift return to positive cash flow by focusing on operations, keeping our hotels open, implementing enhanced safety and cleaning protocols, significantly reducing operating expenses and capturing existing demand within our markets. As a result, we were the first among our publicly-traded peers to return to positive cash flow at both the property and corporate levels. Hotel performance continue to strengthen during the second quarter of this year, with overall results for our portfolio the strongest since the onset of the pandemic, once again, exceeding industry averages and our internal expectations. For the quarter, we achieved occupancy of 71%, ADR of $121 and RevPAR of $85. Hotel EBITDA was approximately $95 million for the quarter, and modified funds from operations were approximately $68 million or $0.30 per share.

最初，正如我們所指出的，我們優先考慮透過專注於營運、保持酒店開放、實施增強的安全和清潔規程、大幅降低營運費用和抓住我們市場中的現有需求來迅速恢復正現金流。因此，我們在上市公司中率先在房地產和企業層級恢復正現金流。今年第二季度，飯店業績持續增強，我們投資組合的整體業績是自疫情爆發以來最強勁的，再次超過了行業平均水平和我們的內部預期。本季度，我們的入住率達到 71%，平均房價 (ADR) 為 121 美元，每間可用客房收入 (RevPAR) 為 85 美元。本季飯店 EBITDA 約 9,500 萬美元，調整後營運活動資金約 6,800 萬美元或每股 0.30 美元。

We have seen continued growth through July with improvement in both occupancy and rate relative to the prior month. I've been particularly pleased with the pace of recovery and rate, which in July was down only mid-single digits to 2019 and reached 2019 levels in most recent weeks. On our last call, we communicated our expectation that we would be among the first to be in a position to exit the covenant waiver period. The position our portfolio and our intense focus on property level operations enabled us to avoid taking on additional debt to cover operating shortfalls. And as industry fundamentals improved, we were well positioned to benefit. With net debt at roughly 4x annualized second quarter EBITDA and July showing continued growth, we elected out of our covenant waiver period effective July 29. Through the most challenging operating environment our industry has experienced, we preserved the strength and capacity of our balance sheet and protected the value of our equity.

我們看到七月份酒店業持續成長，入住率和房價與上個月相比都有所提高。我對復甦的速度和速度感到特別滿意，7 月的復甦速度僅比 2019 年下降了個位數中段，最近幾週又恢復到了 2019 年的水平。在我們最後一次通話中，我們表達了我們的期望，我們將成為第一批能夠退出契約豁免期的公司之一。我們的投資組合狀況以及對房地產層面營運的高度關注使我們能夠避免承擔額外債務來彌補營運缺口。隨著產業基本面的改善，我們已做好充分準備從中受益。由於淨債務約為第二季年化 EBITDA 的 4 倍，且 7 月持續成長，我們選擇退出自 7 月 29 日起生效的契約豁免期。在我們行業經歷的最具挑戰性的經營環境中，我們保持了資產負債表的實力和能力，並保護了我們的股權價值。

We are emerging from the downturn on incredibly strong footing with incremental flexibility to allocate capital in ways that will further drive shareholder value. In July, we successfully completed the opportunistic sale of a portfolio of 20 hotels for a total gross sales price of approximately $211 million. The sales price represents roughly an 8.5% cap rate on 2019 numbers and just under a 5% cap rate on pro forma 2021 numbers, inclusive of buyers anticipated capital expenditures of approximately $55 million. The portfolio we sold has an average effective age of 7 years, 2 years greater than our current portfolio and reported an average 2019 RevPAR approximately 18% lower and an average 2019 EBITDA margin approximately 170 basis points lower than our remaining portfolio averages.

我們正以極為強勁的基礎走出經濟衰退，並且能夠更靈活地配置資本，進而進一步提升股東價值。 7 月份，我們成功完成了 20 家飯店組合的機會性出售，總銷售價格約為 2.11 億美元。銷售價格大約相當於 2019 年數據的 8.5% 資本化率，略低於 2021 年預測數據的 5% 資本化率，其中包括買家預期的約 5,500 萬美元的資本支出。我們出售的投資組合的平均有效年限為 7 年，比我們目前的投資組合長 2 年，2019 年平均 RevPAR 比我們剩餘的投資組合平均值低約 18%，2019 年平均 EBITDA 利潤率比我們剩餘的投資組合平均值低約 170 個基點。

Half of the portfolio in the sale -- half of the hotels in the sale portfolio have fewer than 100 keys. As we contemplate potential disposition opportunities, we closely monitor hotel positioning, profitability, market conditions and capital requirements and work to maximize shareholder value by disposing of properties when superior value can be provided from the sale of the property and the proceeds can be redirected into assets with stronger growth profiles. Also, in July of this year, we entered into separate contracts for the potential purchase of 4 hotels for a total combined purchase price of approximately $227 million. The hotels under contract for purchase include the existing 178-room AC and the 157-room Aloft on the waterfront in downtown Portland, Maine, for a total combined purchase price of approximately $118 million. The Aloft is currently under development and is expected to open in the third quarter of this year.

出售的酒店組合中有一半——出售的酒店組合中有一半的酒店房間數不到 100 間。當我們考慮潛在的處置機會時，我們會密切關注酒店的定位、盈利能力、市場條件和資本需求，並在出售房產能夠提供更高價值且收益可以重新用於具有更強增長前景的資產時，通過處置房產來實現股東價值最大化。此外，今年 7 月，我們還簽訂了單獨合同，可能購買 4 家酒店，總購買價約為 2.27 億美元。簽訂購買合約的飯店包括現有的 178 間客房的 AC 飯店和位於緬因州波特蘭市中心海濱擁有 157 間客房的 Aloft 飯店，總購買價約為 1.18 億美元。雅樂軒酒店目前正在建設中，預計今年第三季開幕。

The 130-room Hyatt Place in downtown Greenville, South Carolina for a total purchase price of approximately $30 million. And An Embassy Suites by Hilton Hotel that will be constructed in Madison, Wisconsin with an expected 260 rooms and an anticipated total purchase price of approximately $79 million. We expect to close on the hotels in Portland and Greenville during the second half of this year and the Embassy Suites in Madison upon completion of construction, which is anticipated to occur no earlier than the fourth quarter of 2023. All these assets are relatively young, non-prototypical hotels. With the 2 existing assets, the AC in Portland and the Hyatt Place in Greenfield, each having opened within the last 3 years. We expect these acquisitions to produce stabilized returns above 8% and to have long-term RevPAR margins and growth rates that exceed those of our existing portfolio.

位於南卡羅來納州格林維爾市中心的凱悅嘉軒酒店擁有 130 間客房，總收購價約 3,000 萬美元。還將在威斯康辛州麥迪遜市建造一座希爾頓逸林酒店，預計擁有 260 間客房，預計總購買價格約為 7,900 萬美元。我們預計將在今年下半年完成波特蘭和格林維爾酒店的收購，並在麥迪遜的 Embassy Suites 酒店竣工後完成收購，預計最早將於 2023 年第四季完成。所有這些資產都是相對年輕的、非典型的酒店。現有 2 家酒店，分別是波特蘭的 AC 酒店和格林菲爾德的凱悅酒店，均在過去 3 年內開業。我們預計這些收購將產生8%以上的穩定回報，並實現長期RevPAR利潤率和成長率超過我們現有的投資組合。

Since the beginning of 2020, we have sold 26 hotels for a combined total of $290 million and purchased 5 hotels for a total of $161 million. We have the 4 hotels, I highlighted, under contract for $227 million and are in active discussions with multiple ownership groups related to incremental opportunities. As we have communicated on recent calls, we expect to be net acquirers of assets over the coming months. Our combined acquisitions and dispositions activity will reduce the age of our portfolio and associated near-term capital obligations while increasing our exposure to markets with strong relative growth trajectories. Transaction volume in the hotel space continues to increase and interest from a variety of public and private equity players has driven pricing higher, especially for premium select service assets.

自 2020 年初以來，我們已出售 26 家酒店，總價值 2.9 億美元，併購買了 5 家酒店，總價值 1.61 億美元。我強調過，我們已與 4 家酒店簽訂了價值 2.27 億美元的合同，並且正在與多個所有權集團就增量機會進行積極討論。正如我們在最近的電話會議中所傳達的那樣，我們預計未來幾個月我們將成為資產的淨收購者。我們的合併收購和處置活動將減少我們的投資組合和相關短期資本義務的期限，同時增加我們在具有強勁相對成長軌跡的市場中的曝險。飯店領域的交易量持續增加，各種公共和私募股權參與者的興趣推高了價格，尤其是對於優質精選服務資產。

As we explore potential opportunities, we leverage our long-standing industry relationships, in addition to evaluating brokered opportunities, in pursuit of accretive transactions that we believe will maximize long-term value for our shareholders and further grow and enhance our existing portfolio. The core elements of our portfolio strategy remain largely unchanged and have been further validated by our recent experience. As we pursue acquisition opportunities, we will continue to look for rooms-focused assets in the Marriott, Hilton and Hyatt brand families that further diversify our portfolio across markets, location types and demand generators. During the quarter, we entered into a contract to purchase the fee interest in the land at our Residence Inn in Seattle, Washington for a total of approximately $80 million, consisting of a $24 million cash payment and a 1-year note payable to the seller for a $56 million.

在探索潛在機會時，除了評估經紀機會外，我們還利用我們長期的行業關係來尋求增值交易，我們相信這將最大限度地提高股東的長期價值，並進一步擴大和增強我們現有的投資組合。我們的投資組合策略的核心要素基本上保持不變，並透過我們最近的經驗得到了進一步驗證。在尋求收購機會的同時，我們將繼續在萬豪、希爾頓和凱悅品牌系列中尋找以客房為中心的資產，以進一步實現我們在市場、地點類型和需求來源方面的投資組合多元化。在本季度，我們簽訂了一份合同，以約 8000 萬美元的價格購買位於華盛頓州西雅圖的 Residence Inn 酒店土地的產權，其中包括 2400 萬美元的現金支付和一張支付給賣方的 1 年期票據，金額為 5600 萬美元。

Through this potential purchase, we expect to close in August of this year. We will exit what had recently become an onerous ground lease. The hotel is ideally located off the water and within walking distance of downtown Seattle and has performed incredibly well for us over the years. We began discussions with the land owner prior to the onset of the pandemic and have entered into a contract below the appraised value and our previously agreed to purchase price. We are confident that Seattle will remain a strong market long term. and this investment will be incrementally positive for us over time. With clear line of sight to accretive acquisition opportunities, we accessed the equity markets during the second quarter through our ATM program, issuing approximately 4.7 million common shares for a gross proceeds of approximately $76 million at a weighted average market sales price of approximately $16.26 per share.

透過此次潛在收購，我們預計今年8月完成。我們將退出最近變得繁重的土地租賃。飯店地理位置優越，毗鄰水邊，步行即可到達西雅圖市中心，多年來一直為我們帶來出色的服務。我們在疫情爆發之前就開始與土地所有者進行討論，並簽訂了低於評估價值和我們先前同意的購買價格的合約。我們相信西雅圖將長期維持強勁的市場。並且隨著時間的推移，這項投資將為我們帶來越來越積極的影響。憑藉清晰的增值收購機會，我們在第二季度透過 ATM 計劃進入股票市場，發行了約 470 萬股普通股，總收益約為 7,600 萬美元，加權平均市場銷售價格約為每股 16.26 美元。

We will continue to assess the value of our stock relative to opportunities in the market and utilize the ATM only where we feel confident we can create incremental value for our shareholders. Consistent reinvestment in our hotels has always been a key element of our strategy, and we entered 2020 with a young, well-maintained portfolio. While we have prudently reduced our capital spend since the start of the pandemic, we have ensured that our assets continue to be well maintained and competitive within their markets. The brands have allowed a greater degree of flexibility over the past year. and we have been in continuous dialogue with them about the timing and scope of renovations for our portfolio, leveraging our strong relationships and our scale within individual brands to help find cost-effective solutions to focus on core elements of the guest experience.

我們將繼續根據市場機會評估我們股票的價值，並且僅在我們有信心為股東創造增量價值的情況下使用 ATM。持續對飯店進行再投資一直是我們策略的關鍵要素，我們帶著年輕、維護良好的飯店組合進入了 2020 年。雖然自疫情爆發以來，我們謹慎地減少了資本支出，但我們確保我們的資產繼續得到良好的維護並在其市場中保持競爭力。過去一年來，各品牌已提供了更大程度的靈活性。我們一直在與他們就我們酒店組合的翻新時間和範圍進行持續對話，利用我們在各個品牌中的牢固關係和規模來幫助找到具有成本效益的解決方案，專注於客戶體驗的核心要素。

During the first 6 months of 2021, we invested approximately $5 million in capital expenditures, and we anticipate investing an additional $20 million to $25 million in capital improvements during the remainder of 2021, which includes scheduled renovation projects for 7 hotels. We will continue to focus our investments on elements likely to have the greatest guest impact at assets where we feel we will achieve the best return on our investment over the long term and to strategically schedule major projects in order to minimize property level disruption. As we move through the recovery, we will continue our focus on operations, working to build on our second quarter successes through strategic revenue management and an obsessive focus on expenses. At the same time, we expect continued increases in hotel transaction volume, and we'll actively seek opportunities to grow and enhance our existing portfolio.

在 2021 年的前 6 個月，我們投資了約 500 萬美元的資本支出，並且我們預計在 2021 年剩餘時間內將額外投資 2000 萬至 2500 萬美元用於資本改進，其中包括 7 家酒店的預定翻新項目。我們將繼續把投資重點放在可能對客人產生最大影響的因素上，我們認為這些因素將在長期內帶來最佳的投資回報，並策略性地安排重大項目，以最大限度地減少對酒店層面的干擾。隨著經濟復甦，我們將繼續專注於運營，努力透過策略性收入管理和對支出的密切關注來鞏固第二季的成功。同時，我們預計酒店交易量將繼續增長，我們將積極尋求機會擴大和增強我們現有的投資組合。

As with every aspect of our business, we will be thoughtful and balanced in our approach, allocating capital to those opportunities, which will produce the strongest total returns for our investors over time. With the strength of our balance sheet, positive cash flow at the corporate level, the elimination of covenant waiver restrictions and significant liquidity and balance sheet capacity to pursue accretive opportunities, we are extremely well-positioned for growth as we move into the back half of the year. Throughout my career, I have been incredibly fortunate to be surrounded by exceptionally talented and motivated individuals who are passionate about our business and driven to achieve exceptional results. These individuals, both at our corporate office and employed by our brands and management companies, have been a constant inspiration to me. We have a winning strategy, investing in high-quality branded rooms-focused hotels, broadly diversified with low debt.

與我們業務的各個方面一樣，我們將採取深思熟慮和平衡的方法，將資本分配給這些機會，以便隨著時間的推移為我們的投資者帶來最強勁的總回報。憑藉我們強勁的資產負債表、公司層面的正現金流、契約豁免限制的取消以及尋求增值機會的大量流動性和資產負債表能力，我們在進入下半年時已為增長做好了極其有利的準備。在我的整個職業生涯中，我非常幸運，身邊都是才華橫溢、積極進取的人，他們對我們的業務充滿熱情，並努力實現卓越的成果。這些人，無論是在我們公司辦公室還是受僱於我們的品牌和管理公司，都一直激勵著我。我們有一個成功的策略，投資專注於客房的高品質品牌酒店，實現多元化經營且負債較少。

That strategy has been tested through multiple economic cycles and has consistently yielded compelling results for our investors. That said, the key to any successful strategy is found in its execution. To this end, I want to express my sincerest gratitude to my team, our management companies and our brand partners. At its core of the hospitality business is a people business, and our experience during the pandemic has strengthened us and prepared us for future successes. With that, it's now my pleasure to turn the call over to Liz, who will provide additional detail on our financial results and performance across our markets.

該策略已經經過多個經濟週期的考驗，並始終為我們的投資者帶來令人信服的成果。也就是說，任何成功策略的關鍵在於其執行。為此，我要向我的團隊、我們的管理公司和我們的品牌合作夥伴表達最誠摯的感謝。酒店業的核心是人本主義，疫情期間的經驗增強了我們的實力，為未來的成功做好了準備。現在我很高興將電話轉給 Liz，她將提供有關我們的財務表現和各個市場表現的更多詳細資訊。

Thank you, Justin. Our broad market diversification and significant suburban concentration enabled us to benefit from continued strength in leisure and improving business transient demand, resulting in our portfolio's outperformance as compared to national averages during the quarter. With the acceleration of vaccine distribution and loosening of travel restrictions, demand continued to improve more quickly than anticipated resulting in occupancy of 74% for the month of June, only down 11% from June of 2019. With this increase in occupancy, we produced sequential improvement in rate, moving from an ADR of $110 in April to over $131 in June, a 19% improvement over the course of the quarter. We are encouraged that the gap to 2019 ADR levels decreased consistently as we move through the quarter, with June ADR down only 9.5% to June of 2019 and the gap decreasing even further in July.

謝謝你，賈斯汀。我們廣泛的市場多元化和顯著的郊區集中度使我們能夠受益於休閒市場的持續強勁和商業瞬時需求的改善，從而使我們的投資組合在本季度的表現優於全國平均水平。隨著疫苗分發的加速和旅行限制的放鬆，需求繼續以比預期更快的速度改善，導致 6 月的入住率達到 74%，僅比 2019 年 6 月下降 11%。隨著入住率的提高，我們的房價也隨之提高，從 4 月的 110 美元平均房價上升到 6 月的 131 美元以上，本季提高了 19%。令我們感到鼓舞的是，隨著本季的推進，與 2019 年 ADR 水準的差距持續縮小，6 月份 ADR 較 2019 年 6 月份僅下降 9.5%，7 月份差距進一步縮小。

Our in-house revenue team has continued to work closely with our management company revenue support and on-site sales teams to grow market share, which furthered our outperformance, enabling us to once again produce results that exceeded internal expectations. Highlighting meaningful improvement in both weekday and weekend occupancies during the quarter, weekday occupancy moved from 63% in April to 70% in June, while weekend occupancy moved from 81% to 86%. Although weekend occupancies continued to exceed weekday occupancies, we saw greater acceleration in weekday, indicating in part an improvement in more traditional business transient demand. As mentioned, stronger occupancies enabled us to move rates significantly during the quarter, and weekday ADR increased from $106 in April to $127 in June, while weekend ADR increased from $116 to $141 over the same period.

我們的內部收入團隊繼續與我們的管理公司收入支援和現場銷售團隊密切合作，以擴大市場份額，這進一步提高了我們的業績，使我們能夠再次取得超出內部預期的業績。本季平日和週末的入住率均有顯著提高，平日入住率從 4 月的 63% 上升至 6 月的 70%，週末入住率則從 81% 上升至 86%。儘管週末入住率持續超過工作日入住率，但我們發現工作日的入住率成長更快，這在一定程度上表明更傳統的商業臨時需求有所改善。如上所述，更高的入住率使我們能夠在本季度大幅調整價格，工作日平均房價從 4 月份的 106 美元上漲至 6 月份的 127 美元，而周末平均房價則在同一時期從 116 美元上漲至 141 美元。

In July, we saw similar trends as our portfolio finished with approximately 75% occupancy at $137 midweek and at $150 on weekends. 25 of our hotels ran occupancy above 90% and more than 1/3 had occupancy above 80% for the full quarter. Top performers within our portfolio benefited from a mix of demand generators, including leisure, government and military, manufacturing, imports, insurance, construction and medical business. 29 hotels had RevPAR that exceeded 2019 levels for the quarter, representing many areas of the country, including Houston; Santa Clarita, California; Tucson; Miami; Provo; Suffolk, Virginia; Carolina Beach; Birmingham; and Hilton Head, among others. Our suburban hotels continue to outperform urban hotels in the quarter with occupancy of 73% as compared to 62% for comparable hotels.

7 月份，我們也看到了類似的趨勢，我們的投資組合入住率約為 75%，周中入住率為 137 美元，週末入住率為 150 美元。我們有 25 間飯店的入住率超過 90%，其中超過三分之一的飯店整個季度的入住率超過 80%。我們投資組合中表現最佳的股票受益於多種需求驅動因素，包括休閒、政府和軍事、製造、進口、保險、建築和醫療業務。本季有 29 家酒店的 RevPAR 超過了 2019 年的水平，代表了休斯頓等全國許多地區；加利福尼亞州聖克拉麗塔；圖森；邁阿密;普羅沃；弗吉尼亞州薩福克；卡羅萊納海灘；伯明翰；以及希爾頓黑德島等地。本季度，我們郊區飯店的入住率持續優於市區飯店，入住率為 73%，而同類飯店的入住率為 62%。

Similar to trends in the first quarter, we generally experienced weaker performance from hotels located in markets with greater historic exposure to large groups and convention. Our hotels in Northern Virginia, Chicago, St. Paul and in a number of markets in the Northeast and Northwest were among the weakest performers relative to 2019. We also continued to see weaker performance from our full-service hotels in Richmond and Houston. Despite a slower rebound in some of these challenging markets, the strong performance of our portfolio overall during the quarter is a tribute to our broad diversification, which provides exposure to a myriad of market and demand generators. Those markets that have been slower to recover represent additional upside for our portfolio as we realize a more widespread recovery in travel.

與第一季的趨勢類似，我們發現，位於歷史上對大型團體和會議影響較大的市場的酒店業績普遍較弱。與 2019 年相比，我們在北維吉尼亞、芝加哥、聖保羅以及東北部和西北部多個市場的飯店表現最差。我們在里士滿和休斯頓的全方位服務酒店的表現也持續疲軟。儘管部分充滿挑戰的市場反彈速度有所放緩，但本季我們整體投資組合的強勁表現得益於我們廣泛的多元化投資，這為我們提供了接觸眾多市場和需求驅動因素的機會。隨著我們意識到旅遊業更廣泛的復甦，那些復甦較慢的市場將為我們的投資組合帶來額外的上漲空間。

In terms of channel mix, on a comparable basis, we saw a meaningful increase in brand.com bookings, which moved from 33% of room nights in the first quarter to nearly 38% of room nights in the second quarter. OTA bookings continue to be elevated relative to prior years, but decreased slightly from 18% of room nights in the first quarter to just over 17% of room nights in the second. With the increase in leisure and business transient demand, property direct bookings declined from 33% of room nights in the first quarter to 28% in the second quarter, but remained elevated relative to 2019 levels. A testament to our revenue management and sales teams who continue to work diligently to maximize the mix of business in our hotels based on available demand.

在通路組合方面，在可比較基礎上，我們看到brand.com預訂量顯著成長，從第一季的33%間夜量上升到第二季的近38%。 OTA 預訂量相對於前幾年繼續上升，但從第一季的 18% 間夜量略微下降到第二季的 17% 以上。隨著休閒和商務短期需求的增加，飯店直接預訂的間夜量從第一季的 33% 下降到第二季的 28%，但相對於 2019 年的水準仍然較高。這證明了我們的收益管理和銷售團隊將繼續努力，根據現有需求最大限度地提高我們酒店的業務組合。

From a segmentation perspective, as occupancy continued to strengthen in the second quarter, we saw a shift from other discounts into [PAR] as compared to the first quarter, which we believe is the result of an increase in business transient as a percentage of our mix. PAR increased almost 3 points to over 30% in the second quarter from the first quarter, offsetting declines in other discounts, which declined to just under 37% in the second quarter. Negotiated government and group business remained relatively constant quarter-over-quarter. As we look forward, the booking window remains short. So with the data available, we have not yet seen significant impact from the recent rise in COVID cases and resulting reimplementation of mask mandate in some markets. These developments are likely to continue to weigh more heavily on urban markets and those with significant dependence on large group and convention business, where we have seen lagging results throughout the pandemic, including year-to-date, but where we have limited exposure.

從細分角度來看，隨著第二季度入住率的持續增強，與第一季相比，我們看到其他折扣轉向了 [PAR]，我們認為這是由於業務瞬時性在我們產品組合中的佔比增加所致。第二季的 PAR 較第一季增加了近 3 個百分點，達到 30% 以上，抵銷了其他折扣的下降，後者在第二季下降至略低於 37%。政府和團體業務談判環比保持相對穩定。展望未來，預訂窗口仍然很短。因此，根據現有數據，我們尚未看到近期新冠病例增加以及由此導致的某些市場重新實施口罩強制令造成的重大影響。這些發展可能會繼續對城市市場以及那些嚴重依賴大型團體和會議業務的市場產生更大的影響，在整個疫情期間，包括今年迄今為止，我們看到這些市場業績落後，但我們對這些市場的接觸有限。

Given the likely trajectory of the continued recovery, we are optimally positioned for continued outperformance, and we remain optimistic based on recent increases in vaccination rates and the resiliency of people's desire to travel when restrictions are lifted and they feel safe to do so, as demonstrated over the last quarter. Turning to expenses. Our team's relentless efforts to control costs and maximize profitability resulted in second quarter 2021 comparable adjusted hotel EBITDA of approximately $90 million and comparable adjusted hotel EBITDA margin of approximately 39%, down only 120 basis points to the second quarter of 2019, but representing an increase of more than 1,600 basis points from the first quarter of 2021. MFFO was approximately $68 million or $0.30 per share for the second quarter of this year.

考慮到經濟持續復甦的可能軌跡，我們已做好繼續取得優異表現的最佳準備，並且基於近期疫苗接種率的上升以及當限制解除且人們​​感到出行安全時，人們出行意願的彈性，我們仍然保持樂觀，正如上個季度所證明的那樣。談到費用。我們的團隊不懈努力地控製成本並最大化盈利能力，使得 2021 年第二季度可比調整後酒店 EBITDA 達到約 9,000 萬美元，可比調整後酒店 EBITDA 利潤率達到約 39%，僅比 2019 年第二季度下降 120 個基點，但比 2021 年第一季度增加了 1,600 多個基點。今年第二季度，MFFO 約為 6,800 萬美元或每股 0.30 美元。

While we continue to focus on controlling expenses, our bottom line performance has been meaningfully bolstered by the significant recovery in rate, which Justin has mentioned, approached 2019 levels for our full portfolio in recent weeks. With experience owning an unparalleled number of branded select service hotels over multiple economic cycle, we have developed and fine-tuned a strategy in partnership with our third-party managers to maximize property-level profitability in any environment. Over time, this has enabled us to produce best-in-class operating results at the property level, and it positioned us to make necessary adjustments to our business as we saw occupancies deteriorate in the spring of last year. Looking back over the past 5 quarters, our asset management and third-party management teams have done an exceptional job managing our business, producing competitive cost savings despite entering the pandemic with meaningfully more efficient operations than most.

雖然我們繼續專注於控制開支，但我們的底線業績因利率的大幅回升而得到了顯著提振，賈斯汀提到，最近幾週，我們的整個投資組合的利率已接近 2019 年的水平。憑藉在多個經濟週期中擁有數量無與倫比的品牌精選服務酒店的經驗，我們與第三方管理者合作制定並微調了一項策略，以在任何環境下最大限度地提高酒店層面的盈利能力。隨著時間的推移，這使我們能夠在物業層面產生一流的營運業績，當我們看到去年春季入住率下降時，它使我們能夠對業務進行必要的調整。回顧過去五個季度，我們的資產管理和第三方管理團隊在管理業務方面做得非常出色，儘管在疫情爆發時我們的營運效率比大多數公司都高得多，但仍實現了具有競爭力的成本節約。

With revenue down 27% in the second quarter relative to the second quarter of 2019, we were able to reduce total hotel expenses by 26%, an expense reduction ratio of 0.95, significantly higher than the full year estimate of 0.7 to 0.75 previously provided, driven in part by the improvement in rate declines relative to 2019 throughout the quarter. Cross utilization of managers and hourly team members, combined with adjustments to brand service models, enabled us to achieve total payroll on a per occupied room basis for our comparable hotels of under $27 in the second quarter, down 16% to the second quarter of 2019. While these results are impressive and our teams have worked diligently to maximize performance, we continue to experience challenges finding and hiring employees in a number of markets. So we expect payroll costs to stabilize higher than where they are currently as we are able to reach desired staffing levels over time.

由於第二季營收較 2019 年第二季下降 27%，我們能夠將飯店總費用減少 26%，費用減少率為 0.95，大大高於先前提供的全年預期 0.7 至 0.75，部分原因是本季房價下降幅度相對於 2019 年有所改善。透過經理和小時工的交叉使用，加上品牌服務模式的調整，我們在第二季度實現了可比酒店每間入住客房的總工資低於 27 美元，較 2019 年第二季度下降 16%。雖然這些結果令人印象深刻，而且我們的團隊也一直努力最大限度地提高績效，但我們在多個市場尋找和招募員工方面仍然面臨挑戰。因此，我們預計工資成本將穩定在高於目前的水平，因為我們能夠隨著時間的推移達到所需的人員配備水平。

Comparable hotels rooms expenses, excluding labor, were down 22% per occupied room compared to 2019 for the quarter, with almost half of the savings coming from adjustments to complimentary breakfast and evening social offerings. Since the onset of the pandemic, we have spent considerable time with our brands and our management companies discussing ways to modify long-term brand standards and rethink property-level staffing models to ensure that a portion of these savings remains throughout the recovery and beyond, while ensuring that we provide an exceptional guest experience. Taking into consideration the continued recovery, historical seasonal trends and labor pressures, we anticipate an expense reduction ratio in the 0.8 to 0.9 range during the second half of 2021.

本季度，同店飯店客房費用（不包括人工）與 2019 年相比下降了每間入住客房 22%，其中近一半的節省來自免費早餐和晚間社交活動的調整。自從疫情爆發以來，我們花了大量時間與我們的品牌和管理公司討論如何修改長期品牌標準並重新考慮酒店級別的人員配置模式，以確保在復甦期間及之後能夠保留部分節省的成本，同時確保我們提供卓越的賓客體驗。考慮到持續的復甦、歷史季節性趨勢和勞動力壓力，我們預計 2021 年下半年的費用削減率將在 0.8 至 0.9 之間。

Moving to supply. While we continue to see new openings in our markets over the past 12 months, the percentage of hotels within our portfolio with one or more new hotels under construction within a 5-mile radius has dropped from approximately 70% a year ago to around 50% in the most recent quarter. We anticipate the cost of materials, labor shortages and difficulty underwriting and financing new construction projects will continue to limit new supply in the near term. And recognizing that new construction projects typically take 2 to 3 years from start to completion, we anticipate limited pressure from new construction over the next several years.

轉向供應。雖然過去 12 個月我們繼續看到市場上有新酒店開業，但我們投資組合中在 5 英里半徑範圍內有一家或多家新酒店在建的酒店比例已從一年前的約 70% 下降到最近一個季度的 50% 左右。我們預計，材料成本、勞動力短缺以及新建築項目的承保和融資困難將在短期內繼續限制新的供應。考慮到新建築項目從開工到竣工通常需要 2 到 3 年的時間，我們預計未來幾年新建築的壓力將有限。

Shifting to our balance sheet. We are pleased to announce that with its strength, our track record of disciplined capital allocation and our current operational outperformance, we successfully exited the covenant waiver period effective July 29. As a result, we are no longer subject to the lender-imposed restrictions and limitations on investing and financing activities, including the acquisition of property, capital expenditures, payment of distributions to shareholders and use of proceeds from the sale of property or common shares. In addition, as a result of exiting the covenant waiver period, interest rates are expected to decrease on our unsecured credit facilities resulting in an estimated $3 million in savings for the remainder of the year and nearly $8 million annualized based on debt levels at the end of July.

轉向我們的資產負債表。我們很高興地宣布，憑藉其實力、我們嚴謹的資本配置記錄以及我們目前的營運表現，我們於 7 月 29 日起成功退出契約豁免期。因此，我們不再受到貸款人對投資和融資活動施加的限制和限制，包括收購財產、資本支出、向股東支付分配以及使用出售財產或普通股所得款項。此外，由於退出契約豁免期，預計我們的無擔保信貸額度的利率將會下降，從而導致今年剩餘時間內節省約 300 萬美元，根據 7 月底的債務水平，年化節省近 800 萬美元。

Consistent with the terms of the amendment, we were able to meet the financial maintenance covenants based on our annualized results for the 3 months ended June 30, 2021, and will test against certain modified covenant thresholds for up to 5 additional quarters. We are incredibly grateful for our long-standing relationships with our lenders and their continued support. Having exited the covenant waiver period, we now have additional flexibility to manage our business and pursue accretive opportunities. As of June 30, 2021, we had $1.4 billion in total debt outstanding with a weighted average interest rate of 4%, consisting of $451 million of mortgage debt secured by 28 hotels and $952 million outstanding on our unsecured credit facility. At the end of the quarter, we had available cash on hand of approximately $3 million and unused borrowing capacity under our revolving credit facility of approximately $343 million, with no scheduled maturities for the remainder of 2021.

根據修訂條款，根據截至 2021 年 6 月 30 日的 3 個月的年度業績，我們能夠滿足財務維護契約，並且將根據某些修改後的契約門檻進行最多 5 個額外季度的測試。我們非常感謝與貸款方的長期合作關係以及他們的持續支持。退出契約豁免期後，我們現在擁有更多的靈活性來管理我們的業務並尋求增值機會。截至 2021 年 6 月 30 日，我們的未償還債務總額為 14 億美元，加權平均利率為 4%，其中包括由 28 家飯店擔保的 4.51 億美元抵押債務和 9.52 億美元的無擔保信貸額度未償還債務。截至本季末，我們手頭上有大約 300 萬美元的可用現金，循環信貸額度下未使用的借款能力約為 3.43 億美元，2021 年剩餘時間內沒有預定到期日。

As Justin mentioned, subsequent to the end of the quarter, we sold 20 hotels increasing our total liquidity. With approximately $580 million available for acquisition, balance sheet capacity and positive cash flow for much of 2020 and in 2021, we are confident in our ability to continue to navigate the current environment, preserve the value of our equity and strategically take advantage of opportunities to drive incremental shareholder value. We're excited about the hotels we currently have under contract, and we are in active discussions around additional opportunities, which we believe would be additive to our existing portfolio. Our talented team and investment strategy have enabled us to effectively weather the most challenging environment ever experienced by our industry.

正如賈斯汀所提到的，在本季結束後，我們出售了 20 家酒店，增加了我們的總流動資金。由於我們擁有約 5.8 億美元可用於收購、資產負債表容量以及 2020 年大部分時間和 2021 年的正現金流，我們有信心繼續應對當前環境、保持股權價值並策略性地利用機會來推動股東價值的增加。我們對目前簽約的酒店感到非常興奮，並且正在積極討論其他機會，我們相信這些機會將豐富我們現有的酒店組合。我們優秀的團隊和投資策略使我們能夠有效地度過業界有史以來最具挑戰性的環境。

Operating results for our portfolio have exceeded even our own expectations, with July top line numbers approaching 2019 levels and with the continued benefit of operating efficiency. As we proceed through the recovery, we believe we are positioned for continued outperformance. We will now be happy to answer any questions that you have for us this morning.

我們投資組合的經營業績甚至超出了我們自己的預期，7 月份的營收接近 2019 年的水平，並且經營效率持續提高。隨著經濟復甦的推進，我們相信我們有能力繼續保持優異表現。我們很樂意回答您今天早上向我們提出的任何問題。

(Operator Instructions) Our first question comes from the line of Neil Malkin with Capital One Securities.

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

Congrats on exiting covenant waivers. Your share price performance today is boggling my mind, but yes, congrats nonetheless.

恭喜您退出契約豁免。您今天的股價表現令我感到困惑，但無論如何，還是要祝賀您。

Thank you very much.

非常感謝。

Sure. I just wanted to be clear on something that you guys have both touched and Liz most recently, in the prepared remarks, you -- given what you're seeing in terms of ADR and occupancies and also given that BT, which is a substantial amount of demand for you guys is really not back to 2019 levels, but should improve as the year goes on. Are you basically saying that RevPAR and EBITDA is going to be above 2019 levels, most likely in the back half? Is that -- am I understanding your commentary correctly based on what you're saying?

當然。我只是想明確你們和 Liz 最近在準備好的發言中談到的一個問題——考慮到你們所看到的 ADR 和入住率，以及考慮到 BT（這對你們來說是一個相當大的需求）實際上並沒有回到 2019 年的水平，但隨著時間的推移應該會有所改善。您是否說，RevPAR 和 EBITDA 將高於 2019 年的水平，而且很可能是在下半年？那是——根據您的說法，我是否正確理解了您的評論？

I think we have been pleased with how occupancies have performed in the second quarter and into the third quarter. We continue to feel that a large portion of that is related to leisure, but we've had other demand generators and business demand. Throughout the pandemic, some of that business we haven't historically taken. As we progressed through the quarter and saw weekday occupancies increase, while that may not be showing up in our negotiated segmentation mix that I've shared, or we don't have complete transparency, that weekday growth, we do think is partly contributed -- or is partly benefited by BT. When we think about the back half of the year, it's a volatile environment. It's unpredictable. We still haven't issued guidance. We're confident that our portfolio and what we've experienced over the past year, what it's proven is that in a range of scenarios, where we're positioned to outperform and to sustain pretty significant RevPAR declines.

我認為我們對第二季和第三季的入住率表現感到滿意。我們仍然認為其中很大一部分與休閒有關，但我們也有其他需求驅動因素和商業需求。在整個疫情期間，我們以前從未開展過一些業務。隨著本季的進展，我們看到工作日入住率有所增加，雖然這可能沒有體現在我所分享的協商細分組合中，或者我們沒有完全透明化，但我們確實認為工作日入住率的增長部分得益於英國電信，或者部分得益於英國電信。當我們考慮今年下半年時，我們會發現這是一個動盪的環境。這是不可預測的。我們尚未發布指導。我們相信，我們的投資組合以及過去一年的經驗證明，在各種情況下，我們都能表現出色，並能承受相當顯著的 RevPAR 下降。

We're optimistic based on what we've seen even quarter-to-date in Q3 that we'll continue to see leisure perform as well as continue to see BT pickup. When I mentioned channel mix, I was speaking specifically to Q2. But as we transitioned into Q3, I'm seeing through booking channels, GDS pick up month-over-month for future bookings. So that's a positive. We continue to believe in the strength of business travel. GDS is predominantly corporate negotiated. So I think that's thinking about August not being traditionally as strong as even July or the back end of September from a business standpoint. I think that, that's a positive trend.

根據第三季迄今的表現，我們感到樂觀，我們將繼續看到休閒業務的表現以及英國電信的回升。當我提到通路組合時，我具體指的是第二季。但隨著我們進入第三季度，我透過預訂管道看到，GDS 未來的預訂量逐月上升。這是積極的。我們仍然相信商務旅行的力量。 GDS 主要由企業協商決定。因此，我認為從商業角度來看，8 月的表現傳統上不如 7 月或 9 月底強勁。我認為這是一個積極的趨勢。

But predicting the future is tough right now. There's a lot of noise out there. We're mindful in watching the Delta variant, although haven't seen that transpire in our numbers quite yet and are hopeful that it won't. I think the fact that there's been some attention given to it has increased fascination rates, which also is encouraging. So too soon to tell what the back half of the year holds, but the second quarter was strong. We started the third quarter strong, and we're reasonably confident given the information that we have today.

但現在預測未來很困難。外面很吵。我們密切關注 Delta 變體，儘管我們目前還沒有看到這種情況在我們的數據中發生，但我們希望這種情況不會發生。我認為，人們對它給予了一些關注，從而提高了它的吸引力，這也是令人鼓舞的。目前還無法預測下半年的局勢，但第二季的情況十分強勁。我們第三季開局強勁，根據我們今天掌握的信息，我們相當有信心。

Okay. I appreciate that Apple (inaudible).

好的。我很感激 Apple（聽不清楚）。

I mean see -- remember, too, Neil, that we're speaking about the second quarter, the second quarter is typically our strongest quarter. The third quarter is right alongside with it. Think about the changes relative to '19 we saw and experienced some seasonal impact last year. We have not had the large-scale corporate BT boost that we're hopeful for post Labor Day. So that could be a tailwind, but there's some reasonable consideration that needs to be given to the fact that August is just slightly behind July normally. Labor Day impact September and then we pick back up in October. So continued improvement, that would be fantastic. It's not out of the realm of possibility. But if you look at seasonality in our portfolio in 2019, that's part of where your continued improvement through the back half of the year. I have to hedge there. It's just -- we don't know what's to come. But there was significant pent-up demand with leisure. We're hopeful we'll see that significant pent-up demand with BT as well at some point.

我的意思是——尼爾，也要記住，我們正在談論第二季度，第二季度通常是我們表現最強勁的季度。第三季也緊追在後。想想與 2019 年相比的變化，我們去年看到並經歷了一些季節性影響。我們尚未獲得勞動節後所期待的大規模企業 BT 推動。因此這可能是一個順風，但需要合理地考慮到 8 月通常略晚於 7 月。勞動節的影響在九月開始，然後在十月逐漸回升。因此，持續改進將會非常棒。這並非不可能。但如果你看一下我們 2019 年投資組合的季節性，這就是下半年持續改善的部分原因。我必須在那裡進行對沖。只是——我們不知道接下來會發生什麼事。但休閒方面仍存在大量被壓抑的需求。我們希望在某個時候也能看到 BT 的巨大被壓抑的需求。

Yes. I got you. I got you. I'm just being playful. Anyways, other one for me is on the acquisition side. I don't know if you talked about the yields you anticipate or stabilized yields on your acquisitions that you have agreements on. But can you just talk about sort of what opportunities are coming your way? Has the amount of opportunities you're underwriting or seeing coming across your desk? Has that improved over the last 30 to 60 days? Are you kind of remaining focused on your broad swath of markets? Are you more looking into Sunbelt? Anything along those lines in terms of how you're thinking about growth going into the back half of this year?

是的。我接到你了。我接到你了。我只是在開玩笑。無論如何，對我來說另一個是在收購方面。我不知道您是否談到了您預期的收益率或您已達成協議的收購的穩定收益率。但是您能否談談您面臨什麼樣的機會？您所承保或看到的機會有多少？在過去 30 到 60 天內，情況有改善嗎？您是否仍專注於廣泛的市場？您是否對陽光地帶 (Sunbelt) 更加感興趣？您對今年下半年的成長有何看法？

In my prepared remarks, I highlighted the fact that 4 acquisitions, those that we have currently under contract, we expect stabilized yields to be above 8%. Recognizing again, the assets are all relatively new with 2 of the 4 currently under construction, the Portland asset to be delivered in the next several months. But the Madison asset not to be delivered for some time yet. Looking at those markets individually, the 2 existing assets were delivered or opened in 2018, the back half of 2018, the AC in Portland opened in July and the Greenville asset opened in December. But looking at their more recent performance in May. In May, the Portland AC was up 14% from a RevPAR standpoint to the same period in 2019. And then in June was up 36%.

在我準備好的發言中，我強調了這樣一個事實：對於我們目前已簽訂合約的 4 項收購，我們預計穩定的收益率將超過 8%。再次確認，這些資產都相對較新，其中 4 項資產中有 2 項目前正在建設中，波特蘭資產將在未來幾個月內交付。但麥迪遜資產仍需一段時間才能交付。從這些市場單獨來看，現有的 2 項資產於 2018 年下半年交付或開業，波特蘭的 AC 於 7 月開業，格林維爾資產於 12 月開業。但看看他們五月最近的表現。 5 月份，波特蘭 AC 酒店的 RevPAR 與 2019 年同期相比成長了 14%。 6 月則成長了 36%。

And the Greenville asset, again, up 22% and up 60% for those same time periods relative to 2019. Recognizing they were new hotels, and there's some ramp in those numbers, still I think a wonderful signal. Those are incredibly strong markets that will likely outperform in the near term. As we look at the market more broadly, I highlighted in my prepared remarks that we continue to see pricing pressure. And we are, at the same time, seen a lot more potential deals come to market. We've been active for some time now in discussions with both brokers around broker transactions and with individual ownership groups and are in active discussions around a number of additional assets that we hope to be able to announce in the not-too-distant future. We see the opportunity set continue to increase as we move through the coming months. And as I highlighted, expect to be net acquirers through the recovery.

而格林維爾資產在同一時期再次上漲了 22%，與 2019 年相比上漲了 60%。考慮到它們是新酒店，而且這些數字有所上升，我仍然認為這是一個好信號。這些都是極為強勁的市場，短期內可能會表現出色。當我們更廣泛地看待市場時，我在準備好的演講中強調，我們繼續看到定價壓力。同時，我們也看到更多潛在交易進入市場。一段時間以來，我們一直在積極與經紀人討論經紀交易以及與個人所有權團體進行討論，並且正在積極討論一些額外資產，我們希望能夠在不久的將來宣布這些資產。我們看到，隨著未來幾個月的到來，機會將繼續增加。正如我所強調的，預計在經濟復甦期間，我們將成為淨收購者。

Our next question comes from the line of Austin Wurschmidt with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Austin Wurschmidt。

So given some of the comments that you made on ADR trends, reaching 2019 levels in recent weeks, it sounds like revenue is also getting very close. I know you gave some pieces on what you think the expense reduction ratio to be in the back half. But could you put kind of a finer point on maybe where hotel EBITDA or margins were for July? And how those compare versus 2019?

因此，考慮到您對 ADR 趨勢所做的一些評論，最近幾週達到了 2019 年的水平，聽起來收入也非常接近了。我知道您給了一些關於後半部費用削減率的意見。但是您能否更詳細地說明一下七月酒店的 EBITDA 或利潤率是多少？與 2019 年相比如何？

We do not have bottom line financials for July yet, so I can't speak to margin. I think July's -- touched on July's rate and strong rate in July and the fact that, that was approaching towards the end of the month and even exceeding at certain points in time, 2019 levels. We believe that flow-through should be strong and that margins will be strong. That said, we continue to try to hire incremental labor, and we ran very efficiently. I led into the second quarter talking about April and the first quarter that we were really efficient and that we were looking for people, and that remains the case. We've added back some labor over the course of the quarter.

我們還沒有七月的財務底線數據，所以我無法談論利潤率。我認為 7 月的利率觸及了 7 月的利率和強勁利率，事實上，該利率在月底已經接近，甚至在某些時間點超過了 2019 年的水平。我們相信流通量應該會很強勁，利潤率也會很高。話雖如此，我們仍在繼續嘗試僱用增量勞動力，而且我們的運作效率很高。我在第二季談到四月和第一季時表示，我們確實非常高效，我們正在尋找人才，現在情況仍然如此。我們在本季增加了一些勞動力。

But we're still -- we still have open positions. And so I think July, we'll have to wait and see, but has the recipe for being a strong month from a margin perspective. But we face the challenges that everyone faces with labor, the cost of labor. We're starting to see some increase with wages, although when I look back at the increases in wages or the visibility that we had with the increase in '19 over '18 not significantly more than that, at least to date. But we have some things that we need to hedge for and think through. Also, again, as I mentioned with Neil, we typically pull back a little bit in rate in August and occupancy. September, if BT -- if it follows normal seasonal and BT trends. The back half from a BT perspective is generally stronger, but leisure does pull back some, although the limited data that I have from a booking position standpoint still shows forward bookings for weekends in September to be strong, which is encouraging.

但我們仍然——我們仍然有空缺職位。因此，我認為 7 月還需拭目以待，但從利潤率的角度來看，這將是一個強勁的月份。但我們面臨著每個人都面臨的勞動力挑戰，即勞動成本。我們開始看到薪資有所成長，儘管當我回顧薪資的成長或 2019 年相對於 2018 年的成長可見度時，我發現至少到目前為止，2019 年的薪資成長幅度並沒有顯著提高。但有些事情我們需要防範和思考。另外，正如我和尼爾提到的那樣，我們通常會在 8 月稍微降低房價和入住率。 9 月，如果 BT——如果它遵循正常的季節和 BT 趨勢。從英國電信 (BT) 的角度來看，後半部分總體表現更強勁，但休閒旅遊確實有所回落，儘管從預訂情況來看，我所掌握的有限數據仍然顯示 9 月份週末的預訂量強勁，這是令人鼓舞的。

So I think we feel reasonably good, but have said all along the way that the efficiency that we're running today is not sustainable long term. At what point that catches up, we're not sure yet. There's been some talk about post Labor Day, some of the challenges around labor easing a bit, we'll see. We certainly received more applicants in areas where some of the stimulus benefits have pulled back some. So we're encouraged by that. And we've added back labor along the way. We're probably at 50% of our stabilized FTEs over the course of the summer last year. In April, I think we were at around 60% of stabilized FTEs. July, I think we're probably around 70%. So we still have we saw significant savings, probably a little bit more than we'd like.

所以我認為我們感覺相當好，但一直以來我們都說，我們今天的運作效率是不可持續的。什麼時候才能趕上，我們還不確定。有人談論勞動節後，勞動力方面的一些挑戰會有所緩解，我們拭目以待。在一些刺激政策減少的地區，我們確實收到了更多的申請。所以我們對此感到鼓舞。並且我們在過程中增加了勞動力。去年夏天，我們的 FTE 可能已經恢復到了穩定水準的 50%。 4 月份，我認為我們的 FTE 已穩定在 60% 左右。 7 月份，我認為我們大概完成了 70% 左右。因此，我們仍然看到了顯著的節省，可能比我們希望的多一點。

What is stabilized FTEs relative to prepandemic FTEs for your portfolio as I know you guys have run efficiently for quite some time, but just curious if that's still -- if that's changed?

我知道你們已經高效運行了相當長一段時間，相對於疫情前的 FTE，你們投資組合中穩定的 FTE 是多少，但我好奇這是否仍然——是否發生了變化？

Yes. We've said all along that we're hopeful and working with the brands and have every intention to run more efficiently as standards continue to evolve and guest preferences continue to evolve. If we have longer length of stays at our hotels and people opt out of stay over cleans, we'll be able to be more efficient. And I think we'll continue to leverage multiple managers across departments where we can. We haven't quantified or determined long term what stabilized FTE counts are relative to pre-pandemic other than to say, we will continue to make efforts, both with our management companies and our asset management team, but in combination with the brands and brand standards to be more efficient long term. So we're certainly hopeful that we'll have fewer FTEs long term.

是的。我們一直表示，我們充滿希望並與各品牌合作，隨著標準和客人偏好的不斷發展，我們決心更有效率地運作。如果我們飯店的入住時間更長，人們選擇不進行留宿清潔，我們就能提高效率。我認為我們將繼續盡可能地利用跨部門的多位經理。我們還沒有量化或確定長期穩定的 FTE 數量相對於疫情前是多少，只是說，我們將繼續與我們的管理公司和資產管理團隊一起努力，但結合品牌和品牌標準，長期提高效率。因此，我們當然希望長期內全職員工人數能夠減少。

Okay. That's fair. And then just last one for me. Justin, you guys have and Liz, you both have kind of highlighted the strength of your balance sheet, where leverage is annualizing 2Q results. Things have certainly improved since then. You did a good bit of match funding as well with the portfolio sale, but I do want to hit a little bit on the ATM and sort of how you weigh issuing common equity with respect to how you view your NAV and where you're trading versus private market values? And then kind of how you balance that versus issuing to fund, I guess, accretive uses? What's sort of the thought process?

好的。這很公平。對我來說，這是最後一個。賈斯汀，你們和利茲都強調了資產負債表的實力，其中槓桿作用使第二季業績年化。自那時起，情況確實有所改善。您在投資組合銷售中也做了大量配套融資，但我確實想稍微談談 ATM 以及您如何根據您對資產淨值的看法以及您的交易與私人市場價值來權衡發行普通股？那麼，您如何平衡這一點與發行資金以資助增值用途呢？思考過程是怎麼樣的？

So Liz highlighted in her prepared remarks, the fact that we emerged from the pandemic with an incredibly strong balance sheet. And so we're in a unique position not to need to issue dilutive equity in order to reset our balance sheet or to reposition ourselves on that side. In the recovery, I highlighted in my remarks, based on annualized second quarter performance, we were 4x debt to EBITDA, which is an incredibly good place to be. So with that said, our intent, as I've highlighted in the past, is to use the ATM to fund acquisitions and is one of the tools available to us to grow. Issuance on the ATM will occur only when we have clear line of sight to acquisitions where we can utilize proceeds accretively and to the benefit of our existing shareholders. And given the environment and pricing relative to the opportunities that we were exploring, we saw an opportunity to issue some equity.

因此，莉茲在準備好的發言中強調，我們在擺脫疫情後擁有了極為強勁的資產負債表。因此，我們處於一個獨特的地位，不需要發行稀釋性股權來重置我們的資產負債表或重新定位我們自己。在復甦過程中，我在我的發言中強調，根據第二季的年度化業績，我們的債務與 EBITDA 之比為 4 倍，這是一個非常好的水平。因此，正如我過去所強調的那樣，我們的目的是使用 ATM 來資助收購，這是我們可用的成長工具之一。只有當我們明確了收購目標，可以利用收益進行增值並造福現有股東時，我們才會在 ATM 上發行債券。考慮到我們正在探索的機會的環境和定價，我們看到了發行一些股權的機會。

The calculation is one that we run often as the environment is changing, both our share price is changing and the opportunity set is changing, but the methodology remains consistent. And so I think we will selectively use our ATMs to pursue assets where it makes sense to do so. Now having exited the covenant waiver period, we have a lot of additional sources of capital that we can utilize for acquisitions, and we will weigh those and measure those against the ATM as we look at opportunities in the market.

隨著環境的變化，我們的股價和機會集都在變化，我們經常進行這種計算，但方法保持不變。因此我認為我們將選擇性地使用 ATM 來追求有意義的資產。現在，我們已經退出了契約豁免期，我們有很多額外的資金來源可以用於收購，我們將在尋找市場機會時權衡這些資金並將其與 ATM 進行比較。

Our next question comes from the line of 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。

Just a follow-up to Austin's question. You talked about being a 4x debt to EBITDA. What's your appetite to go higher than that in the near-term, given improving results, but also given uncertainty? I guess what's the max, I guess, near-term leverage you would go to as you fund your acquisitions?

這只是對奧斯汀問題的後續回答。您談到了 EBITDA 的 4 倍債務。鑑於業績不斷改善但同時也存在不確定性，您是否希望在短期內實現更高的目標？我想，當您為收購提供資金時，您最大可以採用的短期槓桿是多少？

I mean we've been clear, I think, since we began having conversations that our long-term goal is to have low leverage as a portfolio. I think the merits of that strategy have proven themselves over the past 1 year, 1.5 years. And certainly positioned us relative to peers to get out of our covenant waivers, to be removed from restrictions and to not be in a position where we were beholden to the banks in ways that disadvantaged our shareholders. That said, we certainly considered leverage, especially short term as a funding source to pursue acquisitions and would be willing on a temporary basis the increased leverage to pursue acquisitions so long as we had a clear line of sight to reducing our debt over time to somewhere around pre-pandemic levels.

我的意思是，我認為，自從我們開始對話以來，我們就明確表示，我們的長期目標是降低投資組合的槓桿率。我認為該策略的優點在過去的一年到一年半已經得到了證實。當然，這也使我們相對於同業能夠擺脫契約豁免，擺脫限制，並且不會處於對銀行感恩戴德、損害股東利益的境地。話雖如此，我們當然考慮過利用槓桿，尤其是短期槓桿，作為進行收購的資金來源，並且願意暫時增加槓桿來進行收購，只要我們明確地希望隨著時間的推移將債務減少到疫情前的水平。

Got it. On the 2 open -- currently open potential acquisitions, you mentioned that your disposition is at a 5% cap when accounting for CapEx on 2021, what about the acquisitions? What are they kind of yielding currently on 2021, if you have an estimate?

知道了。關於目前正在進行的 2 項潛在收購，您提到，在計算 2021 年的資本支出時，您的處置上限為 5%，那麼收購情況如何？如果您有估計的話，他們目前在 2021 年的收益是多少？

So again, highlighting the fact that both opened late 2018, we have 2019 numbers for them. And I highlighted in response to one of the earlier questions, both are running ahead of that. The AC, which had been opened the longest on 2019 numbers, would be right around that 6.5% cap. It's tracking ahead of that. And so on 2021 numbers, depending on how the back half of the year shapes up, we could be very close to that at 8% range on that asset. The Greenville asset was lower, right around 5% on 2019 numbers, remembering the hotel opened in December. And so you have first half of the year a significant ramp of that asset. It's also running meaningfully better, more significantly better than 2019 than was the AC up 60% to 2019 in the most recent month. And so I would estimate for 2021, we would be a little bit behind the AC likely, but approaching that same level, certainly with meaningful upside beyond that.

因此，再次強調，這兩家公司都是在 2018 年底開業的，我們有 2019 年的數據。我在回答之前的一個問題時強調，兩者都已經領先於此。根據 2019 年的數據，AC 開放時間最長，上限將接近 6.5%。它正在跟踪這一情況。因此，就 2021 年的數據而言，取決於下半年的情況，我們可能會非常接近該資產 8% 的範圍。格林維爾的資產價格較低，僅比 2019 年的數字低 5% 左右，記得這家酒店是在 12 月開業的。因此，今年上半年該項資產將大幅增加。它的運作情況也明顯好轉，比 2019 年好轉的幅度更為顯著，而最近一個月 AC 比 2019 年上漲了 60%。因此，我估計到 2021 年，我們可能會稍微落後於 AC，但會接近同一水平，並且肯定會具有有意義的上升空間。

And it's important to remember, too, as we look at the portfolios, we're intentionally exiting assets that we felt had limited upside. And so looking at the portfolio we sold relative to the assets we're acquiring, that portfolio had regained meaningful occupancy early, but plateaued early. And so in most recent months, had been lagging our broader portfolio in terms of RevPAR growth, where these assets that we're acquiring are growing at a much faster pace. And so consistent with my prepared remarks, our goal in transactions as we look to manage our portfolio is to exit assets that have more limited upside where we have significant CapEx needs and we deploy proceeds into assets that have stronger growth profiles with more limited near-term CapEx needs. And again, we'll do that around a subset of our portfolio because, by and large, the assets that we own are assets that we like and assets that we think will perform incredibly well.

同樣重要的是要記住，當我們審視投資組合時，我們會有意退出那些我們認為上漲空間有限的資產。因此，相對於我們正在收購的資產，我們出售的投資組合雖然很早就恢復了有意義的佔用率，但也很早就進入了穩定期。因此，最近幾個月，我們的 RevPAR 成長一直落後於我們的整體投資組合，而我們收購的這些資產的成長速度要快得多。因此，與我準備好的發言一致，我們在管理投資組合時的交易目標是退出那些上行空間有限且我們有大量資本支出需求的資產，並將收益部署到增長前景更強勁且短期資本支出需求更有限的資產中。再次強調，我們將圍繞投資組合的子集進行投資，因為總的來說，我們擁有的資產都是我們喜歡的資產，而且我們認為這些資產的表現會非常好。

Got it. And AC and Aloft are 2 new brands for you, and they tend to skew a bit more urban, I guess, in their development profile. Is that something -- would you consider more urban select service in cases where it makes sense? Or are these kind of really one-off deals given the strong markets?

知道了。 AC 和 Aloft 是兩個新品牌，我猜，它們的發展概況更傾向於城市化。這是什麼情況—在合理的情況下，您會考慮提供更多的城市精選服務嗎？或者，鑑於市場強勁，這些真的是一次性交易嗎？

We actually love select service in urban markets. And we've been clear for a long time. We're incredibly bullish, especially on secondary and smaller urban markets. I think we saw them outperform through the last cycle and continue to outperform through the downturn. The demand drivers in markets like Greenville and Portland are meaningfully different than they are in downtown Chicago, New York or San Francisco. And we've seen a demographic shift towards those markets, companies expanding and reorganizing there. And the beauty of a market like Greenville, for example, is that it's not wholly dependent on a single major demand generator or industry. There's medical, there's technology, there's manufacturing and a very strong leisure component. When we look at Portland, Portland is a market where we've had exposure in the residents.

我們確實喜歡城市市場的精選服務。這一點我們早就清楚了。我們非常看好該市場，尤其是二級和較小的城市市場。我認為我們看到他們在上一個週期中表現出色，並且在經濟低迷時期繼續表現出色。格林維爾和波特蘭等市場的需求驅動因素與芝加哥、紐約或舊金山市中心的需求驅動因素截然不同。我們看到人口結構正在向這些市場轉移，企業也在那裡擴張和重組。例如，像格林維爾這樣的市場的優點在於它並不完全依賴單一的主要需求產生者或產業。這裡有醫療、科技、製造業，還有非常強大的休閒元素。當我們看波特蘭時，波特蘭是一個我們在居民之間有接觸的市場。

And the 2 assets we had there, I think, will complement our existing exposure in that market, much more heavy on the leisure side, but with a significant business component as well that helps to smooth out the non-leisure season. I think we'll continue to explore assets like those and have seen incredible results over our hold period for similar assets like the select surface assets we have in Richmond or Boise or some of these other smaller urban markets. So certainly, a meaningful piece of our strategy going forward.

我認為，我們在那裡擁有的兩項資產將補充我們在該市場的現有業務，在休閒方面更加側重，但同時也具有重要的商業成分，有助於平滑非休閒季節。我認為我們將繼續探索類似的資產，並且在我們持有類似資產期間看到了令人難以置信的結果，例如我們在里士滿或博伊西或其他一些較小的城市市場的精選地面資產。因此，這無疑是我們未來策略中一個有意義的一部分。

Got it. One quick one. What are the lease payment savings from the Seattle deal on an annual basis?

知道了。快一點。西雅圖交易每年可節省多少租賃付款？

We were at -- we were approaching a reset, which is why we began negotiations with the seller, and the reset would have been theoretically had it occurred somewhere in the high $8 million range.

我們正處於 - 我們正接近重新設定階段，這就是我們開始與賣家談判的原因，從理論上講，重新設定的價格將在 800 萬美元左右。

Perhaps, yes.

或許吧。

Based on the calculations that was in place in the contract. So a meaningful savings there. And again, this has an asset that has historically generated well over $9 million in free cash flow on an annual basis. So an incredibly valuable asset for us, very well located. We were able to purchase meaningfully below appraised value that the seller had and below where we had been discussing a purchase pre-pandemic.

根據合約中的計算。因此，這可以節省很多錢。再說一次，這項資產歷來每年產生超過 900 萬美元的自由現金流。因此，這對我們來說是一筆極為寶貴的資產，地理位置優越。我們能夠以遠低於賣方估價的價格購買，並且低於疫情前我們討論的購買價格。

What was the 2020 lease payment? So just sort of from a modeling purposes?

2020 年的租賃付款是多少？那麼只是從建模目的來看嗎？

I'd have to go back and check. It was almost -- the new would be almost double that the...

我得回去檢查一下。這幾乎是——新產品的價格幾乎是原來的兩倍…

Yes. The new lease has been almost double. We were in negotiations with them. And when the pandemic hit, they were gracious and so 2020 would even be stabilized. So -- but the exposure was significant.

是的。新的租約幾乎翻了一番。我們正在與他們談判。當疫情來襲時，他們表現得很寬容，因此 2020 年的情況甚至會比較穩定。所以——但曝光度很高。

Our next question comes from the line of Tyler Batory with Janney.

我們的下一個問題來自 Janney 的 Tyler Batory。

Add me to the list of people confused with the share price performance, but good on opportunity, I guess. So I know we've covered a lot of ground here, and there are other folks I know that have questions. So I'll be brief. Just in terms of some of the changes to breakfast and the social hours in the evening, talk a little bit more about how you're thinking about potentially adding back some of those services? And just also touch on some of the conversations with the brands in terms of potentially moving towards reinstituting some of those standards?

把我加到對股價表現感到困惑的人的名單中，但我想這是一個好機會。所以我知道我們已經討論了很多內容，而且我知道還有其他人有疑問。所以我的發言會很簡短。就早餐和晚上社交時間的一些變化而言，您能否再多談談您如何考慮重新添加其中一些服務？並且也談到與品牌進行的一些對話，關於可能重新制定某些標準的問題？

All along the way, as we've recovered occupancies in certain markets, we've added back some of those services. And part of the FTE increase even over the past 3 to 6 months has been as occupancies have increased and as leisure demand has picked up and people have felt more comfortable adding back or trying to add back F&B labor as well. So we've added back where it made sense just at modified -- with modified offerings and have really taken an approach. Of course, our team is benchmarking what's working and what's not and sharing best practices. But really, given the flexibility that the brands have afforded us, been specific around offerings in markets based on occupancy levels and consumer preferences and demand, but a reduced offering. And so we are working with the brands to think through long-term standards.

在此過程中，隨著我們在某些​​市場的入住率恢復，我們也增加了一些服務。並且，即使在過去 3 到 6 個月中，全職當量 (FTE) 的增長也部分是由於入住率的提高和休閒需求的回升，以及人們更願意增加或嘗試增加餐飲業勞動力。因此，我們重新添加了經過修改的、有意義的內容 - 修改了產品並真正採取了一種方法。當然，我們的團隊正在對哪些有效、哪些無效進行基準測試，並分享最佳實務。但實際上，考慮到品牌為我們提供的彈性，我們根據入住率、消費者偏好和需求，針對不同的市場提供不同的產品，但產品種類減少。因此，我們正在與品牌合作思考長期標準。

And I think there is a way that we can be more efficient, especially with the comp breakfast offering where it's part of -- it's a significant part of the value proposition. It's important to us. It's important to our guests. But the number of things that you offer on the buffet or how it's delivered, leveraging scale across brands to drive down pricing, all of those things are things we're talking to the brands about. So I think that there's some long-term savings there. The brands certainly are working with us to try to get there as well. So the evening social with Residence Inn and Homewood, ongoing conversations and ongoing testing, particularly on the Homewood side related to that. But that's been scaled back, and we have not brought that back to date. That wasn't a huge portion of the comp service cost. It's primarily around breakfast, but certainly would be a savings if that was meaningfully reduced or eliminated long term.

我認為有一種方法可以讓我們更有效率，尤其是免費早餐服務，它是價值主張的重要組成部分。這對我們很重要。這對我們的客人來說很重要。但是，自助餐中提供的菜餚數量或送餐方式，利用跨品牌的規模來降低價格，所有這些都是我們正在與品牌討論的事情。所以我認為這裡存在一些長期的節省。這些品牌當然也在與我們合作，努力實現這個目標。因此，Residence Inn 和 Homewood 的晚間社交活動、持續的對話和持續的測試，特別是與此相關的 Homewood 方面。但這目標已經縮減，而且我們至今尚未恢復這一目標。這並不是補償服務成本的很大一部分。它主要與早餐有關，但如果長期大幅減少或消除早餐費用，肯定會節省開支。

Our next question comes from the line of Dany Asad with Bank of America.

我們的下一個問題來自美國銀行的 Dany Asad。

I know we talked about margins a lot, but I just had like one more for you, if you will. So if we already have seen like the July industry are far broke away from Q2 trends. And margins are already running, like you said, they're at like close or at 2019 levels in May and June. Relative to '19, should we expect like a sequential improvement in margins into Q3? Or do you think staffing issues can offset any of those potential gains?

我知道我們討論了很多關於利潤的問題，但如果你願意的話，我只想再給你提一個。因此，如果我們已經看到 7 月的行業表現遠遠脫離了第二季的趨勢。正如您所說，利潤率已經在 5 月和 6 月接近或達到 2019 年的水平。相對於 2019 年，我們是否應該預期第三季的利潤率會持續提高？還是您認為人員配備問題會抵銷任何潛在收益？

We don't have financials for July. So it's too soon for me to say with certainty. We still have open positions. And so I think that, that will help from a flow-through perspective, and rate obviously sequentially increased. So rates certainly helps. But how that flows to the bottom line? I'm not quite sure. Again, I think we anticipate and part of the reason we took up for the back half of the year the expense reduction ratio expectations relative to what we gave earlier in the year is because with rate improvement, we do feel like we can flow more to the bottom line, and we'll have some strength there. It's just we're balancing that with the unknowns around labor, how many people we can hire? What wages may do? And there's some talk around inflation, too, although some people say that's transitory. So there's just a lot of variables, so it's too soon for us to really give guidance.

我們沒有七月份的財務數據。因此我現在還不能肯定地說這一點。我們仍有空缺職位。因此，我認為從流通角度來看，這將有所幫助，並且速率顯然會連續增加。因此利率肯定有幫助。但這如何影響最終結果呢？我不太確定。再次，我認為我們預期，並且我們之所以對下半年的費用削減率預期相對於我們今年早些時候給出的預期有所提高，部分原因在於，隨著利率的提高，我們確實覺得我們可以將更多的資金投入到底線，並且我們會在那裡擁有一些實力。我們只是在平衡勞動力方面的未知因素，我們可以僱用多少人？工資多少可以做？還有一些關於通貨膨脹的討論，儘管有些人說這只是暫時的。因此存在許多變量，因此我們現在給出指導還為時過早。

Fair. Okay. Got it. And then just from -- for the net -- from an EBITDA perspective, the net impact on the portfolio, from the dispositions and the acquisitions that were announced for July, do you have a sense -- or is it still too early, but do you have a sense for kind of what the net impact will be on the portfolio?

公平的。好的。知道了。然後僅從淨值來看——從 EBITDA 的角度來看，對投資組合的淨影響，從 7 月宣布的處置和收購來看，您是否有感覺——或者現在還為時過早，但您是否知道對投資組合的淨影響是什麼？

I mean, we haven't given guidance for the overall portfolio. So to give specific guidance for these assets for the back half of the year, I'm not confident it would be particularly useful to you.

我的意思是，我們還沒有為整體投資組合提供指導。因此，對於今年下半年這些資產的具體指導，我不確定它是否對您特別有用。

Or even on a stabilized basis?

甚至是在穩定的基礎上？

On a stabilized basis, relative to '19, if you look at our total transaction activity, we have been or will be upon completion of these transactions, net acquirers of assets. And so there should be positive impact relative to '19 on a stabilized basis from our transaction activity so far. And as I've highlighted a couple of times now, we're not done. We expect to have additional transactions to announce in the not too distant future. So looking at all of our transaction activity combined, our expectation would be that the net impact to EBITDA would be to increase it.

在穩定的基礎上，相對於 19 年，如果你看一下我們的整體交易活動，我們已經或將在完成這些交易後成為資產的淨收購者。因此，到目前為止，我們的交易活動應該會在穩定的基礎上對 19 年產生積極影響。正如我多次強調的那樣，我們還沒有完成。我們預計不久的將來還會宣布更多交易。因此，綜合考慮我們所有的交易活動，我們預計對 EBITDA 的淨影響將會增加。

Our next question comes from the line of Dori Kesten with Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

I apologize if this has been addressed, but based on your expectations of operating trends and now that you've exited the covenant waiver period, when do you think is the earliest you'd be required to return to paying a common dividend?

如果這個問題已經解決，我深感抱歉，但根據您對經營趨勢的預期，並且現在您已經退出契約豁免期，您認為最早什麼時候需要恢復支付普通股股息？

Given the fact that we haven't given guidance, I don't know that we can answer that with conviction though or certainty. And certainly, it's something that our Board is -- our Board would be involved in from a decision standpoint. But from a requirement standpoint, we have carryforward losses from last year, transactions and taxable gains and impact that calculation as well. So there's a lot of variables still at play for this year to know whether we'd be in a position where we'd be required to pay a dividend or not. So I'm not sure that we can give clear direction on that at this point.

鑑於我們尚未給予指導，我不知道我們是否能夠確信或確定地回答這個問題。當然，這是我們董事會從決策角度參與的。但從要求的角度來看，我們有去年的結轉虧損、交易和應稅收益，也會影響該計算。因此，今年仍有許多變數在起作用，以決定我們是否需要支付股息。所以我不確定我們現在能否就此給出明確的方向。

Certainly, having exited the covenant waiver as a result of strong results puts us closer to that. Though for the reasons Liz highlighted, we're not in a position to give specific timing yet.

當然，由於業績強勁而退出契約豁免使我們更接近這一目標。儘管由於 Liz 強調的原因，我們還不能給出具體的時間。

Our next question comes from the line of Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Just want to follow up on that last question. I think I know the answer, but maybe can you just -- how are you guys thinking about the capital allocation, balancing acquisitions and a higher dividend payments? I know you can pay a higher dividend, but how are you thinking about the potential uses of proceeds and the relative returns, maybe at least on a 6-, 12-month basis as you look out right now?

我只是想繼續回答最後一個問題。我想我知道答案，但也許你可以——你們是如何考慮資本配置、平衡收購和更高的股息支付的？我知道您可以支付更高的股息，但您如何考慮收益的潛在用途和相對回報，至少就您目前所看到的 6 個月或 12 個月而言？

I think we've been clear in past calls that we're incentivized as an executive team to drive and to maximize total return for our shareholders. Dividend has historically been an important component of that and it is something that we weigh continually versus other uses of capital. In the near term, as we've demonstrated, we're more apt to utilize cash to pursue acquisition opportunities. That said, to the extent we continue to outperform as we have year-to-date, we'll be in a position where we have significant cash flow, which would put us in a position to increase our dividend in the not-too-distant future as well. I don't think we see them necessarily as either/or, but as 2 ways that we can create incremental value for our investors.

我想我們在過去的電話會議中已經明確表示，作為執行團隊，我們有動力推動並最大化股東的總回報。從歷史上看，股利一直是其中一個重要的部分，我們會不斷權衡股利與其他資本用途之間的關係。從短期來看，正如我們所顯示的，我們更傾向於利用現金來尋求收購機會。也就是說，只要我們繼續保持今年迄今的優異表現，我們就會擁有大量現金流，這也將使我們在不久的將來能夠增加股息。我認為我們不一定將它們視為非此即彼，而是將其視為可以為投資者創造增量價值的兩種方式。

Got it. And I assume the overarching gating factor for both of those options is the annualization of your debt-to-EBITDA metrics and wanting to stay within the ranges that you're allowed under the covenant agreement, right? That's really the gating factor, at least over the next couple of quarters?

知道了。我認為這兩個選項的首要限制因素是您的債務與 EBITDA 比率的年化，並且希望保持在契約協議允許的範圍內，對嗎？至少在接下來的幾個季度裡，這確實是個限制因素嗎？

Certainly, I mean, with any capital allocation decision, we're monitoring how that would impact, how we would test covenants relative to the modified metrics and historic metrics. So certainly, we'll be balancing all of that as we think about our capital allocation decisions.

當然，我的意思是，對於任何資本配置決策，我們都會監控其將如何影響，以及我們將如何測試與修改後的指標和歷史指標相關的契約。因此，當我們考慮資本配置決策時，我們肯定會平衡所有這些因素。

Got it. And then just switching gears, just back to July, I may have missed it, but could you guys provide a July RevPAR percentage change versus '19? I don't think you've actually given that yet.

知道了。然後換個話題，回到 7 月份，我可能錯過了，但你們能否提供 7 月份 RevPAR 與 2019 年相比的百分比變化？我認為你實際上還沒有給出這個。

We have not given that yet. And I think if you look at where we were from an occupancy perspective and where we shared relative to 2019 and if you look at the breakdown from weekday to weekend, we don't have final numbers, but you can get close to where we would be which would...

我們還沒有給出這個。我認為，如果您從入住率的角度來看我們現在的情況，以及我們相對於 2019 年的份額，如果您查看從工作日到週末的細分情況，我們沒有最終的數字，但您可以接近我們的水平，這將是......

Fair to assume the 81.7% occupancy that you guys reported in July of 2019, pulling out from last year's press release and other portfolio has changed a little bit. Is that still a fair percentage?

可以合理地假設，你們在 2019 年 7 月報告的入住率為 81.7%，與去年的新聞稿和其他投資組合相比，情況略有變化。這個比例還公平嗎？

Yes.

是的。

So my math is, I guess, you gave rate down mid-single-digit occupancy, down 8%. We're still talking July RevPAR is down 10-plus percent, plus or minus, right? We're not talking July is a couple of percentage points off. I think there's lots of confusion around.

所以我的計算是，你給的入住率下降了中個位數，下降了 8%。我們仍在討論 7 月 RevPAR 下降 10% 以上，上下浮動，對嗎？我們並不是說七月的成長率會下降幾個百分點。我認為周圍存在著很多混亂。

Correct, correct.

正確，正確。

Yes. Okay.

是的。好的。

Yes, correct.

是的，正確。

With the primary driver being occupancy still not getting back to prior levels, yes.

是的，主要原因是入住率仍未恢復到之前的水平。

Yes. Right, right. And then just on margins, I know nothing for July to provide. But for June, can you maybe provide some specifics on what EBITDA margin was? And how June specifically compared to 2019 on a year-over-year basis?

是的。對，對。然後就利潤而言，我不知道 7 月會提供什麼。但是對於 6 月份，您能否提供一些有關 EBITDA 利潤率的具體資訊？與 2019 年相比，6 月的具體情況如何？

I don't have it right in front of me. I could follow up with you, Mike, on that.

它並不在我面前。麥克，我可以跟進你這個問題。

Our next question comes from the line of Chris Darling with Green Street.

我們的下一個問題來自 Green Street 的 Chris Darling。

Just a couple of quick questions from me regarding July's asset sales. First, is there any difference in the price you can achieve by selling a cluster of hotels versus, say, selling individually?

我只想問幾個關於七月資產出售的簡單問題。首先，出售一組飯店與單獨出售飯店在價格上是否有差異？

A lot of that depends on the market. We had for really preceding the pandemic seen more individual asset trades than we had portfolio trades. But in prior periods, they're looking back a decade or so, portfolios had tended to trade at premium pricing. I think there's increasingly a pool of buyers who are interested in amassing scale in select service assets, which has created an environment which we anticipate will persist where portfolios trade on par or at premiums to individual asset sales. I think that would be consistent with what we've seen in the past. And I think while our portfolio sale was early and the buyer for the pool was a group that had historically done more individual asset transactions, there are an increasing number of private equity groups and other investors who are interested in larger portfolios and financing is available for those at this point in time.

這很大程度取決於市場。在疫情爆發之前，我們看到的個人資產交易比投資組合交易還要多。但在之前的時期，回顧過去十年左右，投資組合往往以溢價交易。我認為，越來越多的買家有興趣在精選服務資產中累積規模，這創造了一種環境，我們預計這種環境將持續存在，即投資組合的交易價格與單一資產的銷售價格持平或溢價。我認為這與我們過去所看到的情況一致。我認為，雖然我們的投資組合出售為時過早，而且買家是歷史上做過更多個人資產交易的集團，但越來越多的私募股權集團和其他投資者對更大的投資組合感興趣，目前他們可以獲得融資。

Got it. And then secondly, you mentioned in your prepared remarks, tilting the portfolio more towards markets with stronger growth outlooks sort of the rationale for the portfolio sale. I'm just wondering, should we take that comment more as tilting around stronger submarkets? I was just thinking about those 20 different properties, seem to be a pretty wide mix of markets and regions across the country.

知道了。其次，您在準備好的發言中提到，將投資組合更傾向於具有更強勁成長前景的市場，這是投資組合出售的理由。我只是想知道，我們是否應該將該評論更多地視為圍繞更強大的子市場？我只是在考慮這 20 種不同的房產，它們似乎是全國各地市場和地區的廣泛組合。

Absolutely. I mean if you look at our broader transactions over time, we sold an asset in Greenville and now have another asset in Greenville under contract. I think in some instances, the repositioning will be within markets. Exiting one particular suburb to move into a new suburb or a downtown area where we anticipate greater growth, the broad strategy continues to be diversification. And really given our portfolio's outperformance, we're not looking to radically shift our strategy just to fine-tune around the edges in order to maximize the growth rate throughout the recovery and to adapt to changing trends within individual markets and across the country as a whole.

絕對地。我的意思是，如果你看一下我們一段時間內的更廣泛的交易，我們出售了格林維爾的一項資產，現在又與格林維爾簽訂了另一項資產的合約。我認為在某些情況下，重新定位將在市場內部進行。離開某個特定的郊區，遷入我們預計會有更大成長的新郊區或市中心區域，整體策略仍然是多元化。鑑於我們投資組合的優異表現，我們並不打算徹底改變我們的策略，而只是進行一些邊緣調整，以在整個復甦過程中最大限度地提高增長率，並適應各個市場以及整個國家不斷變化的趨勢。

Makes sense.

有道理。

And Mike, going back to your question for June, whether you look at it on a comparable basis, which was slightly better or an absolute basis, for June, we were right on top of 2019 margins -- hotel EBITDA margins.

麥克，回到你關於 6 月份的問題，無論你是從可比基礎（略好一些）還是絕對基礎來看，6 月份我們的利潤率（酒店 EBITDA 利潤率）都超過了 2019 年的水平。

Ladies and gentlemen, at this time, there are no further questions. I would like to turn the floor back to Justin Knight for closing comments.

女士們、先生們，目前沒有其他問題。我想把發言權交還給賈斯汀奈特 (Justin Knight)，請他發表最後評論。

Thank you. We really appreciate everybody joining us today. This was an incredibly busy quarter for us and one that we're incredibly proud of. Again, a huge thank you to our team here at our corporate office and the many individuals we work with at the brands and with our management companies. This has been a challenging time. We've all learned a lot of new things, but are incredibly proud about our performance. We hope that you're traveling. And 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 all of you here in the not-too-distant future.

謝謝。我們非常感謝今天與我們一起的各位。對我們來說這是一個異常繁忙的季度，我們對此感到無比自豪。再次衷心感謝我們公司辦公室的團隊以及與我們合作的品牌和管理公司的眾多人士。這是一個充滿挑戰的時期。我們都學到了很多新東西，但對我們的表現感到無比自豪。我們希望您正在旅行。當您旅行時，您將有機會入住我們的某家酒店。我們期待在不久的將來與大家交流。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，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。