Apple Hospitality REIT Inc (APLE) 2020 Q3 法說會逐字稿

Greetings. And welcome to the Apple Hospitality REIT Third Quarter 2020 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Apple Hospitality REIT 2020 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, vice President of Investor Relations. Thank you, Ms. Clarke. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁凱利克拉克 (Kelly Clarke)。謝謝你，克拉克女士。你可以開始了。

Thank you, and good morning. We welcome you to Apple Hospitality REIT's Third Quarter 2020 Earnings Call, on this the sixth day of November 2020.

謝謝，早安。歡迎您參加 Apple Hospitality REIT 2020 年第三季財報電話會議，時間為 2020 年 11 月 6 日。

Today's call will be based on the third quarter 2020 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.

今天的電話會議將基於昨天下午分發和提交的 2020 年第三季財報和 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。

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.

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, 2019, quarterly report on Form 10-Q for the quarter ended September 30, 2020, and other filings with the SEC.

參與者應仔細審查我們的財務報表及其附註以及 Apple Hospitality 截至 2019 年 12 月 31 日的年度報告 10-K 表、截至 2020 年 9 月 30 日的季度報告 10-Q 表以及向美國證券交易委員會提交的其他文件中描述的風險因素。

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.

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。

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.

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。

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

如需獲取收益報告副本或了解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 2020.

今天上午，我們的執行長賈斯汀奈特 (Justin Knight)；以及我們的財務長 Liz Perkins；將概述我們 2020 年第三季的業績。

Following the overview, we will open the call for Q&A.

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. As the COVID-19 pandemic continues to impact our daily lives, I sincerely hope that each of you are doing well, staying healthy and managing the challenges impacting day-to-day life.

早安，感謝您今天加入我們。隨著 COVID-19 疫情持續影響我們的日常生活，我真誠希望你們每個人都一切安好，保持健康，並應對影響日常生活的挑戰。

I would like to take this opportunity to thank the management teams and associates at our hotels.

我想藉此機會感謝我們酒店的管理團隊和同事。

Our outperformance during these unprecedented times would not be possible without their strength, dedication and unwavering hospitality. We have effectively adjusted to the new work environment and continue to serve our guests with care during an especially challenging time.

如果沒有他們的力量、奉獻和堅定不移的熱情好客，我們不可能在這些前所未有的時期取得優異的成績。我們已經有效地適應了新的工作環境，並在特別具有挑戰性的時期繼續為我們的客人提供細心的服務。

I also want to thank our team at Apple Hospitality. This operating environment is unlike anything we have seen during our long history in the lodging industry. The collaboration across work groups and the ongoing communication with brand representatives, lenders and our third-party management teams have been exceptional and have laid the groundwork for maximizing performance and preserving long-term value for our shareholders throughout the recovery.

我還要感謝 Apple Hospitality 的團隊。這種經營環境與我們在住宿業長期經歷的任何環境都不同。各工作小組之間的協作以及與品牌代表、貸方和第三方管理團隊的持續溝通非常出色，為在整個復甦過程中最大化業績和維護股東的長期價值奠定了基礎。

Over the past 2 decades through hundreds of asset-level transactions and multiple corporate-level mergers and sales, we have developed and refined a hotel investment strategy unique in its ability to mitigate risk and volatility while producing compelling investor returns throughout economic cycles.

過去二十年來，透過數百筆資產級交易和多次公司級併購，我們開發並完善了獨特的酒店投資策略，該策略能夠降低風險和波動性，同時在整個經濟週期中為投資者帶來可觀的回報。

While the current environment has created more specific operating -- significant operating challenges than we experienced in prior cycles, it has highlighted the merits of our underlying strategy and diversified rooms-focused portfolio.

雖然當前環境為我們帶來了比前幾個週期更具體的營運挑戰，但它凸顯了我們的基本策略和以客房為中心的多元化投資組合的優點。

On prior calls, we indicated our expectation that we would be less impacted than many of our peers and among the first to benefit from a recovery in travel.

在先前的電話會議中，我們表示，我們預計受到的影響將比許多同行要小，並且是首批受益於旅遊業復甦的公司之一。

With meaningfully lower leverage, greater market diversification and more efficient asset-level operations we were first among our publicly-traded lodging REIT peers to generate positive cash flow. Our ability to keep our hotels open and operate efficiently at low occupancy levels and our disciplined in maintaining low-leverage late cycle enabled us to preserve our balance sheet protecting the value of our equity and uniquely positioning us to pursue opportunities early -- in the early stages of a recovery.

憑藉顯著降低的槓桿率、更大的市場多樣化和更有效率的資產層面運營，我們在上市住宿房地產投資信託基金同行中率先實現正現金流。我們有能力在低入住率水平下保持酒店開放並高效運營，並且我們在維持低槓桿後期週期方面的紀律使我們能夠保持資產負債表，保護股權價值，並使我們能夠在復甦的早期階段儘早尋求機會。

Our rooms-focused hotels do not rely on large group business and have proven appeal with the broadest group of potential customers. Our association with top brands, combined with a strong value proposition of the upscale select service model, have historically led to strong performance during all phases of economic cycles.

我們以客房為中心的飯店不依賴大型團體業務，並且已證明對最廣泛的潛在客戶群具有吸引力。我們與頂級品牌的合作，加上高檔精選服務模式的強大價值主張，在歷史上為我們在經濟週期的各個階段帶來了強勁的表現。

Since April, occupancy and RevPAR have sequentially improved for our portfolio, with occupancy increasing by over 20 percentage points from the second quarter to the third quarter. Average occupancy reached approximately 52% for the month of September and approximately 53% for the month of October.

自 4 月以來，我們飯店組合的入住率和每間可用客房收入 (RevPAR) 均持續改善，入住率從第二季到第三季增加了 20 個百分點以上。 9 月平均入住率約 52%，10 月平均入住率約 53%。

And we are pleased to report positive hotel-level EBITDA of approximately $35 million and positive modified FFO of approximately $9 million for the quarter.

我們很高興地報告，本季酒店級 EBITDA 約為 3500 萬美元，調整後 FFO 約為 900 萬美元。

By keeping our hotels open, we were able to retain key managerial and sales staff at our hotels who have worked closely with our internal revenue management resources to identify areas of opportunity in the current environment.

透過保持酒店開放，我們能夠留住酒店的關鍵管理和銷售人員，他們與我們的內部收入管理資源密切合作，以在當前環境下發現機會領域。

We have strategically targeted available demand in our markets, and our growth in occupancy has been driven by a wide variety of demand generators.

我們已經策略性地瞄準了市場上的可用需求，而我們的入住率成長則受到各種需求驅動。

With growing occupancy, RevPAR improved from down 75% year-over-year in the second quarter to down 54% in the third quarter.

隨著入住率的提高，RevPAR 從第二季的年減 75% 改善至第三季的下降 54%。

Hotel performance, of course, varies by market. And while we do not anticipate significant changes in the current demand trends, we cannot yet predict with certainty when operating metrics at our hotels will return to pre-pandemic levels.

當然，酒店業績因市場而異。雖然我們預計當前的需求趨勢不會發生重大變化，但我們還無法確定地預測我們酒店的營運指標何時會恢復到疫情前的水平。

Given the ongoing uncertainties related to the depth and duration of the COVID-19 pandemic, we are not yet in a position to provide an operational outlook for the company.

鑑於與 COVID-19 疫情的深度和持續時間相關的持續不確定性，我們尚無法為該公司提供營運前景。

We have been active participants in the hotel industry for more than 20 years with experience through multiple cycles. And over that time, we have developed strong relationships with Hilton, Marriott, Hyatt and our hotel management teams.

我們積極參與酒店業超過20年，並經歷了多個週期的經驗。在此期間，我們與希爾頓、萬豪、凱悅以及我們的酒店管理團隊建立了牢固的關係。

The scale of our platform and our ability to benchmark and share best practices has enabled a highly collaborative effort to optimize property level profitability. The management teams at our hotels have been exceptional in their willingness to take on new roles within our hotels and flex staff based on market demand.

我們平台的規模以及我們對基準進行評估和分享最佳實踐的能力使我們能夠高度協作地優化物業層面的盈利能力。我們飯店的管理團隊非常願意在飯店內部承擔新角色，並根據市場需求靈活調配員工。

In an environment where there is increased focus on cleanliness, our ownership of select service hotels has been especially beneficial given the fact that compared to full-service hotels, we have meaningfully less public space to sanitize, the flexibility to cross-utilize employees to maximize efficiencies and fewer outlets manage.

在人們越來越注重清潔的環境中，我們擁有精選服務酒店尤其有利，因為與全方位服務酒店相比，我們需要消毒的公共空間明顯更少，可以靈活地交叉利用員工以最大限度地提高效率，而且需要管理的門店更少。

We have been able to meaningfully scale back food and beverage offerings while continuing to provide convenient options for our guests. While we continue to discuss potential future operating models with the brands to improve long-term operating margins at our hotels, they have allowed significant flexibility in the interim, enabling us to modify services and amenities by market and occupancy level to help us maximize performance.

我們已經能夠大幅減少食品和飲料的供應，同時繼續為客人提供便利的選擇。雖然我們繼續與各品牌討論潛在的未來營運模式，以提高我們酒店的長期營運利潤率，但他們在此期間給予了我們很大的靈活性，使我們能夠根據市場和入住率修改服務和設施，以幫助我們最大限度地提高業績。

As we work with the brands over the next several months, we will remain focused on rethinking the standard offerings with the dual goal of enhancing our return on investment and ensuring that our hotels remain relevant with consumers and competitive within their markets.

在接下來的幾個月裡，我們將與這些品牌合作，繼續專注於重新思考標準產品，以實現雙重目標：提高投資報酬率，並確保我們的酒店與消費者保持相關性，並在其市場中保持競爭力。

Historically, new supplies lag demand trends by about 12 to 18 months. While we have not yet seen a meaningful decline in new supply across our markets, we are beginning to see some disruption in new construction starts and expect that trend will continue over the next several years, a trend that bodes well for our sector and should allow time to rebuild occupancy without incremental headwinds from new supply.

從歷史上看，新供應量落後於需求趨勢約 12 至 18 個月。雖然我們尚未看到整個市場新增供應量出現明顯下降，但我們開始看到新開工量出現一些波動，並預計這一趨勢將在未來幾年持續下去，這對我們的行業來說是個好兆頭，應該能讓我們有時間重建入住率，而不會受到新增供應帶來的阻力。

Beginning with our first hotel in 1999, we have assembled 8 hospitality portfolios, acquired 438 hotels and sold 203 hotels. We have done hundreds of individual property transactions closing over 70 in the single year, and have also completed scaled portfolio deals, both as buyer and seller.

從 1999 年的第一家酒店開始，我們已組建了 8 個酒店投資組合，收購了 438 家酒店並出售了 203 家酒店。我們一年內就完成了數百筆個人房地產交易，其中超過 70 筆，並且還以買方和賣方的身份完成了規模化的投資組合交易。

While industry transaction volume has been relatively low over the past several years, we anticipate that an increased number of assets will come to market in 2021 with elevated transaction levels continuing into '22 and '23.

儘管過去幾年行業交易量相對較低，但我們預計 2021 年將有更多的資產進入市場，並且交易水準將持續上升到 2022 年和 2023 年。

We intend to be active participants, both as buyers and sellers while remaining disciplined in our approach and using our extensive deal and operations experience to ensure transactions enhance our portfolio and drive returns for our investors.

我們打算成為積極的參與者，無論是作為買家還是賣家，同時保持嚴謹的態度，並利用我們豐富的交易和營運經驗來確保交易增強我們的投資組合併為我們的投資者帶來回報。

In August, we closed on the dual-branded Hyatt House and Hyatt Place in Tempe, Arizona, a development project which we contracted for in 2018 for a total purchase price of approximately $65 million.

8 月，我們完成了位於亞利桑那州坦佩的雙品牌凱悅嘉寓酒店和凱悅廣場酒店的收購，該項目於 2018 年簽約，總收購價約為 6,500 萬美元。

Construction of the Hilton Garden Inn in Madison, Wisconsin, which we contracted for in 2019 for approximately $50 million remains on track, and we anticipate acquiring the hotel in early 2021, assuming, of course, all conditions to closing are met.

我們於 2019 年以約 5,000 萬美元的價格承建的位於威斯康辛州麥迪遜的希爾頓花園酒店目前仍在建設中，我們預計將於 2021 年初收購該酒店，當然，前提是所有成交條件都得到滿足。

We anticipate that each of these hotels will be a meaningful contributor to our overall profitability in future years.

我們預計，未來幾年，這些飯店都將為我們的整體獲利能力做出有意義的貢獻。

In October, we entered into a contract for the sale of our 118-room Homewood Suites by Hilton in Charlotte, North Carolina, for a gross sales price of over $10 million.

10 月份，我們簽訂了位於北卡羅來納州夏洛特的擁有 118 間客房的希爾頓欣庭套房酒店的銷售合同，總售價超過 1000 萬美元。

We are pleased with the terms of the contract, which represents a mid-7s cap rate on 2019 numbers after a 4% FF&E reserve and excluding necessary PIP costs, or a mid-5s assuming renovation costs of $35,000 per key.

我們對合約條款感到滿意，該條款表示，在扣除 4% 的 FF&E 儲備金並扣除必要的 PIP 成本後，2019 年數據的資本化率約為 7 秒中段，或者假設每把鑰匙的裝修成本為 35,000 美元，則資本化率約為 5 秒中段。

If all conditions to close in are met, we expect the sale to be completed within the next 5 months and to recognize a gain upon the completion of the sale.

如果所有成交條件都已滿足，我們預計出售將在未來 5 個月內完成，並在出售完成後確認收益。

The potential buyer for our Homewood Suites in Memphis, which we discussed during our last call, terminated their contract during the quarter. Although we do not have an immediate need to sell hotels to create incremental liquidity, we are in active discussions with a number of potential buyers for this property and additional hotels in our portfolio.

我們在上次通話中討論過的孟菲斯 Homewood Suites 的潛在買家在本季度終止了合約。雖然我們目前不需要出售酒店來創造增量流動性，但我們正在與一些潛在買家就該酒店以及我們投資組合中的其他酒店進行積極討論。

These buyers who include small private equity groups, local owner-operators, and real estate investors exploring alternative uses for our properties are a mix of both direct and brokered relationships.

這些買家包括小型私募股權集團、當地業主經營者以及正在探索我們房產其他用途的房地產投資者，他們之間既有直接關係，也有經紀關係。

Our hotels are attractive to potential buyers, in part because of our regular reinvestment, which maintains their relevance and ensures their long-term market competitiveness.

我們的酒店對潛在買家具有吸引力，部分原因在於我們定期進行再投資，這保持了酒店的相關性並確保了其長期的市場競爭力。

Over the years, we have invested over $0.5 billion in our existing portfolio. As a result of these investments and the quality of our on-site management teams, our portfolio has consistently outperformed on measures of guest satisfaction and benefited from strong market share.

多年來，我們已在現有投資組合中投資超過 5 億美元。由於這些投資以及我們現場管理團隊的素質，我們的投資組合在客戶滿意度方面一直表現出色，並受益於強大的市場份額。

With the temporary easing of brand renovation requirements and in an effort to preserve capital, we postponed all nonessential capital improvement projects for the year, reducing our anticipated 2020 spend by approximately $50 million.

隨著品牌改造要求的暫時放寬，為了節省資金，我們推遲了今年所有非必要的資本改善項目，從而將 2020 年的預期支出減少了約 5000 萬美元。

During the 9 months ended September 30, 2020, we invested approximately $35 million in capital expenditures, completing renovations at 16 hotels starting prior to the onset of COVID-19.

截至 2020 年 9 月 30 日的 9 個月內，我們投資了約 3500 萬美元的資本支出，在 COVID-19 爆發之前完成了 16 家酒店的翻新工程。

We anticipate spending an additional $5 million in capital expenditures during the remainder of this year. We are fortunate to have entered the current downturn with a relatively young, well-maintained portfolio, which allows us the necessary flexibility to manage our near-term capital expenditures to preserve current liquidity.

我們預計今年剩餘時間內將額外花費 500 萬美元的資本支出。我們很幸運，在當前的經濟低迷時期，我們擁有相對年輕、維護良好的投資組合，這使我們能夠靈活地管理近期資本支出，以保持當前的流動性。

This incredibly challenging environment has highlighted the strength and resiliency of our portfolio and underlying strategy. And as the economy recovers, we are exceptionally well positioned. Our upscale rooms-focused hotels have broad geographic diversification, our affiliation with strong brands, our relationship with exceptional third-party managers, our data-driven approach to asset management, our strong balance sheet and our experienced team at Apple provide us with security in uncertain times and the ability to produce strong returns for our investors during periods of economic prosperity.

這種極具挑戰性的環境凸顯了我們的產品組合和基本策略的優勢和彈性。隨著經濟復甦，我們已處於非常有利的地位。我們專注於高檔客房的酒店擁有廣泛的地理分佈，我們與強大品牌的聯盟，我們與傑出的第三方管理者的關係，我們以數據為導向的資產管理方法，我們強大的資產負債表以及我們在蘋果的經驗豐富的團隊，為我們在不確定的時期提供了安全保障，並有能力在經濟繁榮時期為我們的投資者帶來豐厚的回報。

I am confident in our ability to weather the current environment and outperform as travel improves.

我相信我們有能力度過當前的環境，並隨著旅遊業的改善而取得優異成績。

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.

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, and thank you, everyone, for joining us this morning. We began the third quarter with portfolio occupancy in the mid-40s and positive cash flow beginning in July, just 4 months after the impact of the COVID-19 pandemic and resulting shutdowns that drove industry occupancies to their lowest point.

謝謝賈斯汀，也謝謝大家今天早上加入我們。第三季開始，我們的投資組合入住率達到 40% 左右，並從 7 月開始呈現正現金流，而這距離新冠疫情的影響和由此導致的停工導致行業入住率降至最低點僅過去了 4 個月。

Occupancy continued to improve throughout the quarter, though the rate of growth slowed, moving from 45% in July to 49% in August to 52% in September for a total of 49% for the quarter.

整個季度入住率持續改善，儘管成長率有所放緩，從 7 月的 45% 下降到 8 月的 49%，再到 9 月的 52%，本季總入住率達到 49%。

Growth continued in October, with portfolio occupancy reaching approximately 53%. By the end of October, 60% of our hotels had occupancy in excess of 50%, up from 6% in April and 32% at the end of the second quarter, and just 3% of our hotels had occupancy below 15%, including hotels where we've intentionally consolidated operations.

10 月持續成長，投資組合入住率達約 53%。截至 10 月底，我們 60% 的飯店入住率超過 50%，高於 4 月的 6% 和第二季末的 32%，只有 3% 的飯店入住率低於 15%，其中包括我們有意合併營運的飯店。

Occupancy at our extended-stay hotels, which represents over 1/3 of our total portfolio have continued to exceed our portfolio average at 60% in July, 64% in August and 65% in September.

我們的長住酒店占我們酒店總入住量的三分之一以上，其入住率繼續超過我們酒店平均入住率，7 月份為 60%，8 月份為 64%，9 月份為 65%。

Summer leisure travel drove demand across our portfolio with our Virginia Beach hotels running approximately 80% occupancy for the quarter and our Panama City and Hilton Head hotels running just under 70%.

夏季休閒旅遊推動了我們整個投資組合的需求，弗吉尼亞海灘酒店本季的入住率約為 80%，巴拿馬城和希爾頓黑德酒店的入住率略低於 70%。

Weekend occupancies for our portfolio exceeded weekday occupancies by approximately 12 percentage points for the quarter with the monthly spread being fairly consistent, except for the impact of a strong Labor Day weekend, which created a marginally greater differential for September.

本季度，我們投資組合中的周末入住率比工作日入住率高出約 12 個百分點，月度差距相當一致，但 9 月份的勞動節週末入住率略有上升。

For context, last year, our weekend and weekday occupancies were similar throughout the summer, with weekends being just slightly higher overall.

就背景而言，去年整個夏天，我們的周末和工作日的入住率相似，但週末的入住率總體略高一些。

Demand for our hotels has been broad-based and includes leisure, government, health care, construction, disaster recovery, insurance, athletics, education, crew and local and regional corporate business.

我們飯店的需求範圍廣泛，包括休閒、政府、醫療保健、建築、災難復原、保險、體育、教育、船員以及當地和地區企業業務。

Eight of our hotels ran occupancies in excess of 90% for the quarter, including our Hilton Garden Inn in Lafayette, Louisiana, our TownePlace Suites in Suffolk, Virginia; our Homewood Suites in Clovis, California, our Residence Inn in Manassas, Virginia and Santa Clarita and San Bernardino, California, and our Hampton Inns in Tulare, California and Texarkana, Texas.

本季度，我們有 8 家酒店的入住率超過 90%，其中包括位於路易斯安那州拉斐特的希爾頓花園酒店、位於弗吉尼亞州薩福克的 TownePlace Suites 酒店；我們位於加利福尼亞州克洛維斯的 Homewood Suites、位於弗吉尼亞州馬納薩斯、加利福尼亞州聖克拉麗塔和聖貝納迪諾克的 Residence Inn 酒店，以及加利福尼亞州納圖的 Hampton Inn 酒店，以及加利福尼亞州納圖克的 Residence Inn Hampton Inn 酒店，以及加利福尼亞州納圖的酒店，以及位於加利福尼亞州塔薩特場的 Residence Inn。

As we moved through the quarter, our year-over-year occupancy declines decreased for both weekends and weekdays. Weekends improved from down 38% in July to down 20% in September and weekdays improved from down 48% in July to down 39% in September, which we're pleased was driven in part by an increase in regional and local business demand.

隨著本季的推進，週末和工作日的入住率年減幅度都有所下降。週末客流量從 7 月的下降 38% 改善至 9 月的下降 20%，工作日客流量從 7 月的下降 48% 改善至 9 月的下降 39%，我們很高興看到這一改善部分是由於區域和本地業務需求的增長。

Our transient and group breakdown for the quarter, which includes both leisure and business, was approximately 88% transient and 12% group, fairly in line with third quarter 2019, trading a point in group for a point and transient this year.

本季度，我們的臨時和團體旅客分佈情況（包括休閒和商務）約為 88% 的臨時旅客和 12% 的團體旅客，與 2019 年第三季度基本持平，今年團體旅客的積分與臨時旅客的積分相等。

Historically, we've estimated that approximately 70% to 75% of our demand is business-related and 25% to 30% is leisure. Given the spread in weekday and weekend occupancies over the third quarter of this year, we estimate more of a 50-50 split.

從歷史上看，我們估計大約 70% 到 75% 的需求與商務有關，25% 到 30% 的需求與休閒有關。考慮到今年第三季工作日和週末入住率的差異，我們估計兩者的比例應該大致為 50-50。

That said, we never have absolute visibility into why people travel. And today, more than ever, there may be a propensity for trips to have both a business and leisure purpose.

話雖如此，我們始終無法完全了解人們出行的原因。如今，人們比任何時候都更傾向於將旅行同時用於商務和休閒目的。

From a mix-of-business standpoint during the quarter, government and bar were fairly consistent year-over-year while negotiated decreased by 7 percentage points and discount segments increased by 9 percentage points, which is expected given the outperformance on a relative basis of leisure versus negotiated business, particularly large corporate negotiated accounts.

從本季的業務組合角度來看，政府和酒吧業務同比基本上保持穩定，而協商業務下降了 7 個百分點，折扣業務增加了 9 個百分點，這是預料之中的，因為休閒業務相對於協商業務，特別是大型企業協商帳戶，表現更為出色。

Keeping our health -- hotels open and retaining key sales associates from the very onset of the pandemic, enabled us to actively seek out new business in our markets and service long-term customers in ways that will help to create loyalty throughout -- through the economic recovery.

保持健康－從疫情爆發之初就保持酒店開放並留住關鍵銷售人員，使我們能夠在市場上積極尋找新業務，並以有助於在整個經濟復甦過程中建立忠誠度的方式為長期客戶提供服務。

Our third quarter booking data shows property direct bookings represented approximately 33% of our total room night channel mix, up 10 percentage points from the prior year. Brand dot-com bookings were relatively consistent with last year, down 2 to 3 percentage points to 34%.

我們的第三季預訂數據顯示，飯店直接預訂約占我們客房晚數通路總預訂量的 33%，比前一年增加了 10 個百分點。品牌網路預訂量與去年基本持平，下降2至3個百分點至34%。

Choice was down approximately 3 points to 5% and while OTA was up approximately 6 percentage points to last year at approximately 17%, reflecting the stronger leisure demand during the quarter.

Choice 下降了約 3 個百分點，至 5%，而 OTA 則比去年同期上升了約 6 個百分點，達到約 17%，反映出本季休閒需求更加強勁。

GDS was down significantly, decreasing approximately 11 percentage points to 10%, again consistent with limited corporate travel. As we transition to the fourth quarter, based on the historical seasonality of our portfolio and despite exposure to several markets with strong fourth quarter demand, we would expect to see some pullback in occupancies in November and December. Though the past several months have been anything but ordinary.

GDS 大幅下滑，下降約 11 個百分點至 10%，這與商務旅行受限的情況一致。隨著我們進入第四季度，根據我們投資組合的歷史季節性，儘管我們接觸了幾個第四季度需求強勁的市場，但我們預計 11 月和 12 月的入住率將有所回落。儘管過去幾個月並不平凡。

We are confident that we are well positioned and prepared to respond to almost any conceivable change in demand. ADR for our portfolio was down approximately 25% for the quarter versus prior year, driven by business mix in our hotels and competition for customers in a low occupancy environment.

我們有信心，我們已做好準備，可以應對幾乎任何可以想像到的需求變化。本季度，我們投資組合的 ADR 與去年同期相比下降了約 25%，這是由於我們酒店的業務組合以及低入住率環境下的客戶競爭所致。

As has been the case in past cycles, we anticipate rate will continue to be challenged until portfolio occupancies allow for more active management of our mix of business as well as the ability to reduce discounts and push bar rates which further impacts ADR in all segments.

正如過去週期的情況一樣，我們預計利率將繼續受到挑戰，直到投資組合入住率允許我們更積極地管理業務組合，以及有能力降低折扣和推桿利率，從而進一步影響所有部門的 ADR。

This is typically as we get above 70% occupancy. While continued occupancy and rate improvement will depend on the timing and effectiveness of COVID-19 vaccines and therapeutics and the strength and speed of the economic recovery, we are encouraged by the pullback in new construction starts, which bodes well for future years, the resilience of demand for our hotels despite current challenges and the tenacity and resourcefulness of our on-site management teams.

通常情況下，我們的入住率會超過 70%。雖然入住率和房價的持續改善將取決於新冠疫苗和療法的時機和有效性以及經濟復甦的力度和速度，但新開工數量的回落令我們感到鼓舞，這對未來幾年來說是個好兆頭，儘管面臨當前挑戰，但我們酒店的需求仍具有韌性，而且我們現場管理團隊的毅力和足智多謀也讓我們感到鼓舞。

Strong property-level cost controls, efficient corporate overhead and relatively low interest obligations enabled us to produce positive cash flow at the corporate level throughout the third quarter.

強大的物業層面成本控制、高效的企業管理費用和相對較低的利息義務使我們能夠在整個第三季度在企業層面產生正現金流。

Together with the heroic efforts on the part of our third-party management companies and with the support from our brands, our best-in-class asset management team continued to implement cost elimination and efficiency initiatives, effectively managing labor costs, reducing or eliminating certain services and amenities and renegotiating rates under various service contracts.

在我們第三方管理公司的英勇努力和我們品牌的支持下，我們一流的資產管理團隊繼續實施成本削減和效率提升舉措，有效地管理勞動力成本，減少或取消某些服務和設施，並重新協商各種服務合約下的費率。

These efforts enabled us to lower rooms expenses by 26% year-over-year on a per occupied room basis and total property-level expenses by 50% during the third quarter as compared to the same period last year.

這些努力使我們第三季的每間客房費用年減 26%，飯店整體費用較去年同期下降 50%。

Corporate G&A was reduced by 26% compared to the same period last year and having achieved positive cash flow beginning in July, we further reduced borrowings on our line of credit to minimize interest expense.

與去年同期相比，企業一般及行政費用減少了 26%，並且從 7 月開始實現了正現金流，我們進一步減少了信用額度上的借款，以最大限度地降低利息支出。

These efforts resulted in impressive bottom line performance for the quarter. Adjusted hotel EBITDA was approximately $35 million and adjusted hotel EBITDA margin was approximately 23%. Adjusted EBITDAre was approximately $28 million and modified FFO was just over $9 million or a positive $0.04 per share.

這些努力使本季的獲利表現令人印象深刻。調整後飯店 EBITDA 約 3,500 萬美元，調整後飯店 EBITDA 利潤率約 23%。調整後的 EBITDAre 約為 2,800 萬美元，調整後的 FFO 略高於 900 萬美元，即每股收益 0.04 美元。

As a reminder, the company paid distributions of approximately $67 million or $0.30 per share during the first quarter of 2020. In March, we suspended our monthly distributions with our last distribution being paid on March 16, 2020.

提醒一下，該公司在 2020 年第一季支付了約 6,700 萬美元或每股 0.30 美元的分配。 3 月份，我們暫停了每月分配，最後一次分配於 2020 年 3 月 16 日支付。

At this time, we do not anticipate paying additional shareholder distributions for the remainder of 2020, unless required to do so in order to maintain our REIT status for federal income tax purposes.

目前，我們預計在 2020 年剩餘時間內不會支付額外的股東分配，除非為了維持我們的 REIT 地位以符合聯邦所得稅的要求。

At the end of the quarter, we had $1.5 billion in total outstanding debt, consisting of $516 million of mortgage debt secured by 33 hotels and $1 billion outstanding on our unsecured credit facilities with a weighted average interest rate of 3.8%.

截至本季末，我們的未償債務總額為 15 億美元，其中包括由 33 家飯店擔保的 5.16 億美元抵押貸款債務和 10 億美元未償還的無擔保信貸額度，加權平均利率為 3.8%。

As of September 30, we had available corporate cash on hand of approximately $27 million in unused borrowing capacity under our revolving credit facility of approximately $295 million.

截至 9 月 30 日，我們手頭上可用的公司現金約為 2,700 萬美元，在約 2.95 億美元的循環信貸額度下有未使用的借款能力。

We have no maturities for the remainder of 2020 and $51 million net of reserves maturing in 2021.

2020 年剩餘時間內我們沒有到期債務，2021 年到期的淨儲備金額為 5,100 萬美元。

With over $300 million of total liquidity and positive cash flow, we are confident in our ability to navigate the current uncertainty, preserve the value of our equity and strategically position ourselves to take advantage of opportunities.

憑藉超過 3 億美元的總流動資金和正現金流，我們有信心應對當前的不確定性，保持股權價值，並策略性地定位自己以利用機會。

Before opening the call for Q&A, I want to thank our teams who have worked tirelessly to optimize performance in the most challenging operating environment our industry has ever faced.

在開始問答環節之前，我要感謝我們的團隊，他們在我們行業面臨的最具挑戰性的營運環境中不懈努力地優化績效。

Their efforts and experience, coupled with the strength of our platform, have uniquely positioned us for outperformance and given us great ability to be opportunistic as we look to bring long-term value to our shareholders.

他們的努力和經驗，加上我們平台的實力，使我們擁有獨特的優勢，能夠取得優異的業績，並賦予我們極大的機會能力，讓我們能夠為股東帶來長期價值。

While significant uncertainty remains as we continue to navigate these unprecedented and challenging times, the current environment has underscored the strength and resiliency of our hotel portfolio and underlying strategy, and we remain confident in our ability to maximize performance and enhance long-term value for our shareholders.

儘管在我們繼續應對這些前所未有的挑戰性時期時仍然存在很大的不確定性，但當前的環境凸顯了我們酒店組合和基本戰略的實力和彈性，我們仍然對我們最大限度地提高業績和為股東提升長期價值的能力充滿信心。

We will now open the call for questions.

我們現在開始提問。

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

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

First question, maybe about the operating model and the expense side. A lot of talk has been going on with changes to brand standards, kind of fine tuning the operating model.

第一個問題可能是關於營運模式和費用方面。關於品牌標準的變化以及營運模式的微調，人們討論了很多。

You mentioned vendor services, contract services, renegotiations. So maybe, Liz, could you talk about some of the brand standards or changes you're most focused on given your types of hotels, trying to lower fixed costs from the system? Maybe -- yes, any color you could give would be helpful.

您提到了供應商服務、合約服務、重新談判。那麼，Liz，您能否談談針對您所在的酒店類型，您最關注的一些品牌標準或變化，以試圖降低系統的固定成本？也許——是的，您給出的任何顏色都會有幫助。

Absolutely. Good question. And I know something that most people are focused on right now, just trying to understand what the long-term model looks like.

絕對地。好問題。我知道大多數人現在關注的都是試圖了解長期模型是什麼樣的。

Thankfully, the brands have been really collaborative and recognize the opportunity that we have to evaluate all brand standards. One that may or may not be typically on any of our radars, right? Just going through all brand standards to try to understand where we could be more efficient long term.

值得慶幸的是，各品牌確實進行了合作，並認識到我們評估所有品牌標準的機會。它可能出現在我們的雷達上，也可能不在我們的雷達上，對嗎？只需查看所有品牌標準，即可了解我們可以在哪些方面長期提高效率。

Everyone's working to that end. We're in very regular conversations through our ownership advisory councils with them, and everything is on the table.

每個人都在為此而努力。我們透過所有權諮詢委員會與他們進行非常定期的對話，所有事宜都擺在桌面上。

Some of the areas that would have more focus or more attention for us just because of the impact it could have to the bottom line are certainly around labor and housekeeping.

由於其可能對底線產生影響，我們需要更加關注的一些領域肯定是勞動力和家務管理。

And I think we've talked a little bit about that before, but to the extent we could adjust the model and operate similarly to how we are today where stay overs are not being cleaned as often or on-request versus every single day would certainly help depending on your length of stay.

我認為我們之前已經討論過這個問題，但在某種程度上，我們可以調整模式，以與現在類似的方式運營，即不再像現在這樣頻繁地或按需清潔，而是每天都清潔，這肯定會有所幫助，具體取決於您的住宿時間長短。

So that's certainly an area of focus. And then comp services around free breakfast and evening social, just making sure that we're being efficient there and providing value to the guests that they are expecting, but doing it in a cost-effective way and certainly not adding back amenities and services that they may not be comfortable with long term or may not expect as we move forward.

所以這當然是一個重點領域。然後提供免費早餐和晚間社交等免費服務，只是確保我們在那裡高效地為客人提供他們所期望的價值，但要以具有成本效益的方式進行，並且肯定不會添加他們可能長期不滿意或可能在我們前進的過程中沒有想到的設施和服務。

Okay. I guess as a follow-up to that, are you concerned at all about the breakfast in particular? Is that kind of goes away or is modified significantly?

好的。我想作為後續問題，您是否特別關心早餐？這種情況會消失還是會得到重大修改？

Are you worried that, that is -- just given that's a big value proposition to certain travelers, small business or families, are you worried that, that may impair the value proposition that you provide to your customers?

您是否擔心，也就是說—鑑於這對某些旅客、小型企業或家庭來說是一個很大的價值主張，您是否擔心，這可能會損害您向客戶提供的價值主張？

I don't think that we will get to a place where we suspend comp service, breakfast to a degree that would degradate the value of the brands.

我認為，我們不應當暫停免費服務和早餐，以免降低品牌價值。

I think that ownership companies, broadly speaking, want to ensure that we're still a value proposition that they're still relevant with the brands that we operate in.

我認為，從廣義上講，所有權公司希望確保我們仍然具有價值主張，並且仍然與我們經營的品牌相關。

We certainly want to make sure that what brings guests to our hotels and the value proposition that exists today that, that exists long term for consumers. We just want to ensure, especially around breakfast, are we doing it the most efficient way and offering sort of the sweet spot of what they expect, but not anything more or less?

我們當然希望確保吸引客人入住我們酒店的因素以及目前存在的價值主張能夠長期惠及消費者。我們只是想確保，特別是在早餐方面，我們是否以最有效的方式提供他們所期望的最佳食物，而不是多或少？

And there are ways to leverage the scale of the brands from a cost savings standpoint and just cost negotiation standpoint that I think will be explored as well.

我認為，從成本節約和成本談判的角度來看，可以利用品牌規模的方法也將被探討。

But we're certainly partnered with the brands to ensure long-term value. We aren't trying to realize savings even in the near term that would prevent our long-term value for guests.

但我們肯定會與品牌合作以確保長期價值。我們不會試圖在短期內實現會妨礙我們為客人提供長期價值的節省。

I appreciate that. Other one for me is, Justin, you talked about -- you expect opportunities for acquisitions to hit the market more so starting next year and then carry on 24 months or so after that.

我很感激。對我來說，另一個問題是，賈斯汀，你談到了——你預計收購機會將從明年開始更多地進入市場，然後持續 24 個月左右。

One of the things that is, I guess, may be a disadvantage for the hotel sector compared to some other REIT sectors is just the absolute size. I wonder if this could be an opportunity just given the impact that COVID has had on this sector for you guys to be very acquisitive from a portfolio or just a very active standpoint such that you can grow your portfolio, just to be another way to be very differentiated amongst some of these hotel REITs that have a lot of high G&A load, limited scale benefits, et cetera.

我認為，與其他房地產投資信託基金 (REIT) 行業相比，酒店業可能面臨的一個劣勢就是絕對規模。我想知道，考慮到 COVID 對這個行業的影響，這是否會成為你們的一個機會，讓你們從投資組合中積極收購，或者只是從非常積極的角度進行收購，從而擴大你們的投資組合，這也是在這些 G&A 負擔高、規模效益有限等的酒店房地產投資信託基金中脫穎而出的另一種方式。

I'm just wondering how you think about that as we go forward.

我只是想知道在我們繼續前進的過程中您對此有何看法。

A really good question and certainly something we're focused on. I think we see -- well, first of all, it's important to highlight that from a relative scale standpoint, we've been able to achieve significant efficiencies really at our current scale based on the fact that we've been very consistent in our approach to the business and the types of assets that we pursue such that we're able to utilize data and benchmarking to drive operations without really layering on a significant overhead load in terms of G&A at the corporate level.

這是一個非常好的問題，也是我們關注的重點。我認為我們看到了——首先，重要的是要強調，從相對規模的角度來看，我們能夠在目前的規模下真正實現顯著的效率，這是因為我們對業務的方法和我們追求的資產類型非常一致，這樣我們就能利用數據和基準來推動運營，而不會在公司層面的一般及行政管理方面產生巨大的管理費用。

We think, given the type of assets that we own, that we're uniquely scaled -- scalable in ways that would benefit investors. And we see the potential for an opportunity to do so in the current environment and over the next couple of years.

我們認為，考慮到我們所擁有的資產類型，我們擁有獨特的規模——可擴展的方式將使投資者受益。我們看到了在當前環境下以及未來幾年內實現這一目標的潛在機會。

That said, I think we've proven that we can be disciplined in our approach. In the near term, we're beginning to see an increase in transactions and assets coming to market that would be the most likely scenario for us in the near term is that those would be funded -- new acquisitions will be funded with proceeds from dispositions.

話雖如此，我認為我們已經證明我們可以採取嚴謹的方法。在短期內，我們開始看到交易和資產進入市場的數量增加，短期內最有可能出現的情況是，這些交易和資產將獲得資金——新的收購將由處置收益提供資金。

And then as our share price continues to recover, and we see a more consistent trend line in terms of occupancy and rate growth, we would begin next to utilize the strength of our balance sheet.

然後，隨著我們的股價繼續回升，我們看到入住率和房價成長呈現更一致的趨勢線，我們接下來將開始利用我們資產負債表的優勢。

And finally, at some point, hopefully, we would have an opportunity to issue equity. I think we would only do that at a point in time when we were sure that we could -- we were priced appropriately such that we could pursue assets in ways that would benefit our current shareholders.

最後，希望在某個時候我們能夠有機會發行股票。我認為，只有當我們確信我們能夠做到這一點時，我們才會這樣做——我們的定價是合理的，這樣我們就可以以有利於現有股東的方式追求資產。

But following past trends, we think there will be a window of opportunity in '21 and possibly into '22 to potentially grow the size of our portfolio. And I highlighted in my remarks that we have a tremendous amount of experience doing that over 2 decades and through a very large number of transactions, both individual assets and portfolio transactions.

但根據過去的趨勢，我們認為 2021 年甚至 2022 年將有機會擴大我們的投資組合規模。我在演講中強調，我們在過去 20 年中透過大量交易（包括個人資產和投資組合交易）積累了豐富的經驗。

And we look forward to the opportunity. I think the fact that we were patient as values were peaking, and preserved our balance sheet, put us in a position -- I think, an enviable position relative to our peers as we emerge from this, combined with the fact that we have had a significantly shorter duration of cash burn.

我們期待這個機會。我認為，我們在價值達到頂峰時保持耐心，並保留了我們的資產負債表，這使我們處於一個位置 - 我認為，當我們擺脫困境時，相對於我們的同行而言，這是一個令人羨慕的位置，再加上我們的現金消耗時間明顯較短。

And I think we will -- we'll be in a position where we can do things that I -- enhance the value of our shareholders in the near term.

我認為，我們將能夠做一些事情，在短期內提高股東的價值。

Our next question comes from Austin Wurschmidt with KeyBanc.

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

Tagging on to that last question a little bit. Justin, as you think about the portfolio mix, suburban and urban as well as some of the other locations.

稍微補充一下最後一個問題。賈斯汀，當您考慮投資組合時，包括郊區、城市以及其他一些地點。

As you look out maybe 3 to 5 years, should we expect that location mix to remain relatively consistent? Or have you considered or would you like to reshape the portfolio in any way from a submarket location perspective?

展望未來 3 到 5 年，我們是否應該預期位置組合將保持相對一致？或者您是否考慮過或是否願意從子市場位置的角度以任何方式重塑投資組合？

That's a good question. And I think if you look at broad categories, the types of markets that we intend to be in won't change.

這是個好問題。我認為，如果從廣義來看，我們想要進入的市場類型不會改變。

I think a hallmark of our strategy has always been broad geographic diversification. And that diversification, in part, has included exposure to a variety of different types of markets, both urban and suburban.

我認為我們策略的一個標誌一直是廣泛的地理多樣化。這種多樣化在一定程度上包括接觸各種不同類型的市場，包括城市和郊區。

The mix and the split between urban and suburban has changed over time following shifts in general economic and demographic changes over the past 2 decades.

過去二十年來，隨著總體經濟和人口結構的變化，城市和郊區的混合和分裂也隨之改變。

And I think what you can expect from us is that we will continue to fine-tune ensuring that we own hotels in places that people want to visit.

我想，您可以期待我們將繼續進行微調，確保我們在人們想去的地方擁有酒店。

I think you can also be sure that we are -- we will not pursue transactions in a way that more heavily concentrates our portfolio in a single type of market or increases our reliance on a single industry.

我想你也可以確信，我們不會以將我們的投資組合過度集中在單一類型的市場或增加我們對單一產業的依賴的方式進行交易。

I -- our goal has always been to establish greater stability. And that comes through broader diversification and exposure to a broad array and of potential demand generators.

我——我們的目標一直是建立更大的穩定。這是透過更廣泛的多樣化和接觸廣泛的潛在需求產生器來實現的。

And if you look at the way our portfolio is made up now, what you can expect from us in the future is something similar.

如果你看一下我們現在的投資組合構成方式，你會發現我們未來也會有類似的表現。

So I think what we've shown over the past 5 years since we listed, is that we'll make adjustments on the margin such that we have exposure to those markets that are likely to produce outsized growth in the near term.

因此，我認為，自我們上市以來的過去五年裡，我們已經表明，我們將對利潤率進行調整，以便我們能夠接觸那些可能在短期內產生超額成長的市場。

So maybe along similar lines, given the outperformance and stability, greater stability in your suburban markets, is there any reason to believe that supply could return to the suburban submarket sooner than urban?

因此，也許沿著類似的思路，考慮到郊區市場的優異表現和穩定性，是否有理由相信供應能夠比城市更快地回到郊區子市場？

Well, I mean, supplies always follow demand. And so I think, certainly, to the extent there's significantly greater demand in suburban markets, and that demand excess -- or excess demand is sustained for any period of time, we would expect to see an increase in supply in those markets in the same way over the past cycle that we saw supply follow demand into urban markets.

嗯，我的意思是，供應總是跟隨需求。因此我認為，如果郊區市場的需求明顯增加，而這種需求過剩——或者說過剩需求持續一段時間，我們預計這些市場的供應量就會增加，就像上一個週期我們看到的供應跟隨需求進入城市市場一樣。

I think because there's a lag, and that lag tends to be 2 to 3 years for new supply to catch up with demand growth in particular markets, we tend to disassociate the 2.

我認為，由於存在滯後，而且特定市場的新供應往往需要 2 到 3 年才能趕上需求成長，所以我們傾向於將兩者分開。

But the reality is that the supply growth over time tends to be rational and follow demand trends, which is why we've seen supply growth in our particular sector or segment of the industry also exceeds supply growth in others. It follows the demand.

但現實情況是，隨著時間的推移，供應成長趨於合理並遵循需求趨勢，這就是為什麼我們看到特定產業或產業領域的供應成長也超過其他產業的供應成長。它遵循需求。

I highlighted in my earlier remarks, in the near term, we expect the fundamentals and increased cautiousness on the part of lenders to reduce the number of new construction starts. We've already seen that in our portfolio with the number of hotels that we have with new supply under construction within a 5-mile radius coming down 5 percentage points from the beginning of the year.

我在先前的評論中強調過，短期內，我們預計基本面因素和貸款方更加謹慎的態度將減少新開工建築的數量。我們已經在我們的投資組合中看到這一點，在 5 英里半徑範圍內正在建造的新酒店數量比年初下降了 5 個百分點。

Our expectation is that, that will continue and that we will have a window of opportunity to grow occupancy and to build back rates before we see supply begin to come into our markets again.

我們的預期是，這種情況將會持續下去，在我們看到供應再次進入我們的市場之前，我們將有機會增加入住率並恢復房價。

Helpful detail there. And then just last one for me. Liz, you mentioned the potential for seasonality to take hold in November and December. And I know visibility is very low today. But I was curious if -- as you look around the holidays in the next couple of months, how booking -- maybe booking trends and demand is shaping up specific to those times of year. Anything you can share there?

那裡有有用的細節。對我來說，這是最後一個。莉茲，你提到了季節性因素在十一月和十二月可能顯現出來。我知道今天的能見度很低。但我很好奇——當你展望未來幾個月的假期時，預訂情況如何——也許預訂趨勢和需求正在針對一年中的那些時間形成。能分享什麼嗎？

I wish, Austin, that I could give you more detail around the holidays. They're still a little bit far out to really draw any major conclusions from what we're seeing.

奧斯汀，我希望我可以在假期期間向您提供更多詳細資訊。他們距離從我們所看到的情況得出任何重大結論還有一段距離。

As a point of reference, backs -- back when COVID hit, and even as things were starting to improve for our portfolio, so back in July, 60% -- nearly 60% of our business was booked within 3 days. That has -- and compared to last year being around 30% being within 3 days, that has marginally gotten better month-to-month and is better in October still, but it's still roughly 50% within 3 days.

作為參考點，回想一下——當 COVID 爆發時，即使我們的投資組合情況開始好轉，在 7 月份，我們 60%——近 60% 的業務是在 3 天內預訂的。與去年 3 天內完成交易的比例約為 30% 相比，這一比例逐月略有改善，10 月的情況有所好轉，但 3 天內完成交易的比例仍約為 50%。

And so I can't really, with any certainty, say what we think will happen over the holidays. But I am encouraged with how things have progressed coming through the third quarter and even into October with continued occupancy growth.

因此，我無法確切地說出我們認為假期期間會發生什麼。但我對第三季乃至十月的進展感到鼓舞，入住率持續成長。

We've been pleased as we've sort of shifted from season-to-season. And each time there's been sort of an expected potential pullback in demand, some compensating demand that has materialized.

我們很高興看到我們從一個季節轉向另一個季節。每當預期需求可能回落時，就會出現一些補償需求。

And so with people being able to work remotely and educate remotely, there is the possibility that Thanksgiving and Christmas and the holidays could produce more leisure demand than historically.

因此，隨著人們能夠遠距工作和遠距教育，感恩節、聖誕節和假期可能會產生比歷史上更多的休閒需求。

And so I anticipate some seasonality will take shape to the degree, will it marry typical seasonality and be as significant? I -- too soon to tell. But we're certainly encouraged by October's results and feel like there is the chance that there would be some more leisure travel around the holidays.

因此，我預計某些季節性會形成到一定程度，它是否會與典型的季節性相結合並具有同樣重要的意義？我——現在說還太早。但我們確實對十月份的結果感到鼓舞，並覺得假期期間可能會有更多的休閒旅遊。

Our next question comes from Tyler Batory with Janney Capital Markets.

我們的下一個問題來自 Janney Capital Markets 的 Tyler Batory。

Just a couple for me. And first, Justin, in your prepared remarks, you talked about capital out there looking at your hotels.

對我來說只有一對。首先，賈斯汀，在您準備好的發言中，您談到了資本對您們酒店的看法。

Just talk a little bit about what you're seeing out there in terms of asset sales. I mean, how would you gauge that interest? And if you could elaborate a little bit more in terms of what sort of parties and what sort of entities are looking specifically at some of your properties.

請簡單談談您在資產銷售方面看到的情況。我的意思是，你如何衡量這種興趣？您是否可以更詳細地說明哪些團體和實體正在專門關注您的部分房產。

Happy to, and I appreciate the question. We -- I highlighted in my remarks that the groups that we're talking to now fit into -- generally into 1 of 3 categories, small private equity firms. A significant portion of those are opportunistic, more, I guess, vulture funds looking for deals. We've entertained conversations with those groups, but to date, because their pricing expectations have not aligned with ours, have been in a position to pursue transactions. From a scale standpoint, they're generally looking for smaller portfolios in the $100 million to $200 million value range.

我很高興，我很感謝你提出這個問題。我在我的演講中強調過，我們現在談論的團體一般分為三類：小型私募股權公司。我猜其中很大一部分是機會主義的，更多的是禿鷹基金在尋找交易。我們曾與這些團體進行對話，但到目前為止，由於他們的定價預期與我們的不一致，因此我們只能進行交易。從規模的角度來看，他們通常會尋找價值在 1 億美元到 2 億美元之間的小型投資組合。

We've also had a number of conversations with groups looking at a subset of our assets for potential repositioning into other real estate classes, specifically multifamily as a use for some of our earlier generation extended stay hotels. The group that we were talking to -- or that had our Memphis project under contract was a group like that and the groups that we continue to have conversations with around that project are similar.

我們也與一些團體進行了多次對話，他們正在考慮將我們的部分資產重新定位到其他房地產類別，特別是將多戶住宅用作我們上一代長住酒店的用途。我們正在交談的團體——或者與我們的孟菲斯計畫簽訂了合約的團體就是這樣的團體，而我們繼續就該計畫進行對話的團體也是類似的。

The Charlotte property that's currently under contract is under contract with the group that intends to utilize the property and the additional land associated with it for multifamily as well.

目前正在簽訂合約的夏洛特地產是與一個集團簽訂的合同，該集團打算利用該地產和與之相關的額外土地建造多戶住宅。

And then we continue to see interest from local owner-operators. Liz highlighted in her remarks, the fact that we have a range of results in terms of local market performance for individual assets, and we continue to have a number of assets in our portfolio that are putting up very strong occupancy and revenue numbers despite the current -- the challenges of the current environment.

然後我們繼續看到當地業主和經營者的興趣。利茲在發言中強調，就單一資產的本地市場表現而言，我們取得了一系列成果，儘管當前環境充滿挑戰，但我們的投資組合中仍然有許多資產的入住率和收入數字非常強勁。

Those assets continue to be very attractive for local owner-operators. And we've had a number of conversations with groups at price points that are comparable to where we would have been looking to potentially sell in 2019.

這些資產對於當地業主來說仍然非常有吸引力。我們已經與多個團體進行了交談，他們提出的售價與我們 2019 年可能出售的價格相當。

So I think those are the groups that are most active right now. Our expectation is that as we see an increase in the number of deals come to market, that the groups on the buy side will also increase.

所以我認為這些是目前最活躍的團體。我們的預期是，隨著進入市場的交易數量的增加，買方群體的數量也會增加。

And what we've seen historically is that as transaction volume increases, the bid-ask spread narrows. And transaction volume tends to accelerate in the early phases of a recovery.

從歷史上看，隨著交易量的增加，買賣價差會縮小。在復甦的初期，交易量往往會加速成長。

Just over the past several weeks, I've seen dozens of deals that would fit, from a product type and quality standpoint, our investment criteria come to market. And our expectation is that this is really just the beginning.

僅在過去幾週，我就看到數十筆從產品類型和品質角度來看符合我們投資標準的交易進入市場。我們的期望是，這真的只是一個開始。

But as we get into '21 and potentially into '22 and '23, as I highlighted, we'll see many more deals come to market. A portion of them obviously distressed deals that were either capitalized in a way that didn't position them well to survive the pandemic or in some cases, deals where there are extenuating circumstances that would drive ownership to bring them to market.

但正如我所強調的，隨著我們進入21年，甚至可能進入22年和23年，我們將看到更多的交易進入市場。其中一部分交易顯然是陷入困境的交易，這些交易要么是資本化的方式使其無法在疫情中生存下來，要么在某些情況下，存在著可以推動所有權將其推向市場的情有可原的情況。

But as the market becomes more frothy, we anticipate there will be people who are opportunistic, bringing assets to market in order to create liquidity events to potentially fund other investment opportunities.

但隨著市場泡沫加劇，我們預期會有人投機取巧，將資產推向市場，以創造流動性事件，從而為其他投資機會提供資金。

And I think to some extent, we fit into that latter category. I highlighted the fact that it's our intent to be active in the market, both as buyer and seller of assets. And that really, it's our intent in the near term in the early phases of the recovery to fund all or materially all of our new acquisitions with proceeds from dispositions, waiting to use the capacity that we have on our balance sheet until the market has stabilized a little bit more, and we have greater security that we'll have sufficient liquidity on a go-forward basis.

我認為從某種程度上來說，我們屬於後者。我強調了這樣一個事實：我們的目標是積極參與市場，既作為資產的買方，也作為資產的賣方。事實上，我們的目標是在短期內，在經濟復甦的早期階段，用處置所得為我們所有的或實質上所有的新收購提供資金，等待使用我們資產負債表上的產能，直到市場更加穩定，我們有更大的安全保障，在未來將擁有足夠的流動性。

That's great color. I appreciate that. And I also wanted to follow up on the labor and the expense topic of discussion. You're at 49% occupancy in the third quarter. We can make some assumptions in terms of the fourth quarter.

顏色真棒。我很感激。我還想跟進有關勞動力和費用的討論主題。第三季的入住率為 49%。我們可以對第四季做出一些假設。

I mean, when you book into next year and beyond, is there a good occupancy threshold to think about in terms of when you might add some incremental labor or when you might start to phase in some of the amenities at your properties that you have put on hold as the pandemic started?

我的意思是，當您預訂明年及以後的房間時，是否有一個合適的入住率門檻需要考慮，以便您何時可以增加一些勞動力，或者何時可以開始逐步啟用一些因疫情開始而暫停的設施？

So we've -- as we moved throughout the third quarter in markets where we had increased demand, we have added back some level of amenities, services and staffing.

因此，隨著我們在第三季進入需求增加的市場，我們增加了一定程度的便利設施、服務和人員。

We, at the onset, retained mostly managerial positions and sales positions. And so we have been able to add back, by and large, hourly associates as needed and can flex at different occupancy levels.

我們一開始主要保留管理職和銷售職位。因此，我們基本上能夠根據需要增加小時工，並且可以在不同的佔用水平上靈活調整。

And so at a -- as a portfolio, we are still probably at half of the FTEs that we were at a more stabilized level, maybe a 2019 level, but we have the opportunity to flex hourly wages as occupancies vary, both up and down.

因此，作為投資組合，我們的全職員工人數可能仍處於更穩定水平（可能是 2019 年的水平）的一半，但我們有機會隨著入住率的變化（無論是上升還是下降）靈活調整小時工資。

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。

Lots of great color there so far. A couple of questions from me. Justin, when you look out there at what there might be to buy, are you seeing any product similar to what you've done in the past with new developers and Apple being the takeout of them?

到目前為止，那裡有很多美麗的色彩。我有幾個問題。賈斯汀，當你看看外面有東西可以買的時候，你是否看到了類似於你過去為新開發者和蘋果公司所開發的產品？

I think you may have subsequently walked away from one of those. But are there any of those type of assets where product is about to be completed where the developer is kind of desperate to cash that in and their takeout has subsequently disappeared because of COVID?

我想你可能隨後就放棄了其中的一個。但是，是否有這樣的資產：產品即將完工，開發商急於套現，而他們的外賣卻因為新冠疫情而消失了？

The short answer to that, and that's a good question, is yes. And we anticipate we'll see more of it as we continue through this cycle, especially in the earlier part.

簡短的回答是肯定的，這是一個好問題。我們預計，隨著這個週期的推進，我們會看到更多這樣的情況，特別是在早期階段。

So as we continue through the end of this year and into the first part of next year, we're seeing a mix of deals and new development certainly is an attractive source of potential deals for us as the assets coming online have often been built in markets where the demand justifies the new construction, especially over this past cycle, where lenders were more disciplined in where they would lend for new development.

因此，從今年年底到明年上半年，我們將看到各種交易，而新開發項目無疑是我們潛在的交易的有吸引力的來源，因為上線的資產通常建在需求證明新建設合理的市場中，特別是在過去的這個週期中，貸款人在為新開發項目提供貸款方面更加自律。

And their advantages to having new assets within our portfolio, especially as we look at CapEx needs on a go-forward basis.

在我們的投資組合中擁有新資產的優勢，特別是當我們展望未來的資本支出需求時。

And so I think a portion of the transactions that you'll see us participate in, especially in the early phases of the cycle will be moving out of some of our older assets like Charlotte and Memphis and into some of these newer deals, where there's unique distress related predominantly to the financing and the availability of a takeout and not associated with the potential for the actual deal.

因此，我認為，您會看到我們參與的部分交易，特別是在周期的早期階段，將會從夏洛特和孟菲斯等一些較舊的資產轉移到一些較新的交易中，這些交易中存在獨特的困境，主要與融資和收購的可用性有關，而與實際交易的可能性無關。

Great. And then kind of taking that to the next step, what is your appetite maybe in dollar terms of acquisitions versus reinstating the dividend, maybe not at its past level, but at some level, to return some capital to shareholders. What are your thoughts on the 2 of those?

偉大的。然後進入下一步，從美元角度來看，您對收購的興趣是什麼，還是恢復股息，也許不是過去的水平，但在某種程度上，向股東返還一些資本。您對這兩者有何看法？

I -- we've always been focused on total return for our shareholders. There are 2 components of that. Because the assets that we own generate a tremendous amount of cash, there's a legal requirement that we pay dividends as a REIT, and we're in a position because of the assets that we own to pay a relatively strong dividend relative to our peers in the industry and certainly relative to other real estate investment trusts outside of our industry.

我——我們一直專注於股東的總回報。它有兩個組成部分。因為我們擁有的資產產生了大量的現金，所以法律要求我們作為房地產投資信託基金支付股息，而且由於我們擁有的資產，我們能夠支付相對於業內同行以及行業外其他房地產投資信託基金而言相對較高額的股息。

I think because of the unique opportunities in the -- or potentially available in the early phases of a recovery, you'll see us be extremely balanced in our approach, allocating capital to those opportunities, which will produce the strongest returns for our investors over time.

我認為，由於復甦初期存在或可能存在的獨特機會，你會看到我們採取極其平衡的方法，將資本分配給這些機會，這將隨著時間的推移為我們的投資者帶來最強勁的回報。

And there will be a mix of new acquisitions, which will propel the value of our stock. And then dividend payout, which, again, will be legally required of us.

我們還將進行一系列新的收購，這將推動我們股票的價值上漲。然後是股息支付，這也是法律要求我們支付的。

And because, again, we've gotten to cash flow positive sooner than our peers. And our expectation is that based on the pattern, which we anticipate demand to come back across the industry, we anticipate we'll be among the first to be in a position where we're required to reinstate it as well.

而且因為我們比同業更快實現了現金流為正。我們的預期是，基於我們預期整個產業需求將會回升的模式，我們預期我們將成為首批需要恢復這項需求的公司之一。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Could you -- first question for you, could you provide some color on your RevPAR index trend, kind of where it's at today and how it's tracked over the last few months?

第一個問題，您能否提供一些 RevPAR 指數趨勢的詳細信息，例如當前的情況以及過去幾個月的走勢如何？

We've certainly seen strong index in -- where we have a -- particular types of assets. For instance, the extended state properties have outperformed from an index standpoint, and we've performed most well there.

我們確實看到了強勁的指數——我們擁有特定類型的資產。例如，從指數的角度來看，擴展狀態屬性表現優異，我們在那裡表現得最好。

We have -- as a portfolio, we have consistent market index probably, by and large, when you take into account the hotels that we intentionally consolidated, some of our more urban locations and things like that, but where there has been demand, we have outperformed from an index standpoint.

作為一個投資組合，我們擁有一致的市場指數，總的來說，如果考慮到我們有意合併的酒店、一些更城市化的位置和諸如此類的東西，但在有需求的地方，從指數的角度來看，我們的表現優於其他公司。

Got it. And then just on the Madison development deal, I think I know the answer there, but how do you plan on funding that acquisition early next year? And then how does that affect the credit metrics as you think about them under your amended credit agreement test? And then also maybe in the context of potentially needing additional modifications or flexibility at some point early next year?

知道了。然後就麥迪遜開發協議而言，我想我知道答案，但您計劃如何在明年年初為該收購提供資金？那麼，當您根據修改後的信用協議測試考慮這些因素時，這會對信用指標產生什麼影響呢？然後也許在明年年初的某個時候可能需要額外的修改或彈性？

When we renegotiate the waivers that we have in place with the banks, we anticipated each of the development deals that we have under contract at that point in time. The -- [chemically], that the source of funds will be our line of credit, so we anticipate between now and then that we will have incremental sales, which will be the true source of funds for the transaction.

當我們與銀行重新談判豁免條款時，我們預計了當時簽訂的每項開發協議。從化學角度來說，資金來源將是我們的信用額度，因此我們預計從現在到那時我們將有增量銷售，這將是交易的真正資金來源。

So I think our early negotiations contemplated the closing of the assets, the 2 assets, which we closed in Cape Canaveral, the 2 that we closed recently in Tempe and then the upcoming asset in Madison.

所以我認為我們早期的談判考慮到了資產的關閉，我們在卡納維拉爾角關閉的2項資產，我們最近在坦佩關閉的2項資產，以及即將在麥迪遜關閉的資產。

We had sales transactions early in the year that roughly offset the Cape asset from a value standpoint.

我們在今年年初進行的銷售交易從價值角度來看大致抵消了 Cape 資產的價值。

And based on the interest that we're seeing in other assets in our portfolio, our expectation is that we'll be able to fund with proceeds from sale.

根據我們在投資組合中看到的其他資產的興趣，我們預計我們將能夠利用銷售收益來籌集資金。

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。

One of your peers sold a hotel to a jurisdiction for an alternate use at a pretty good cap rate. So have you looked at your portfolio to see if there are opportunities to sell hotels for alternative uses and recycle that capital into new acquisitions?

您的一位同事以相當不錯的資本化率將一家酒店出售給某個司法管轄區，用於其他用途。那麼，您是否曾審視過您的投資組合，看看是否有機會出售飯店用於其他用途，並將這些資本再利用到新的收購中？

I -- absolutely. And, yes. Absolutely. And we've had conversations in California with local municipalities for -- around similar potential uses for our assets. I highlighted in my remarks that we were selling the property in Charlotte at an all-in cap rate in the mid-5s taking into consideration renovation requirements in mid-7s pre-renovation. That's an asset in a much smaller market.

我——絕對是如此。是的。絕對地。我們也與加州的當地市政當局就我們資產的類似潛在用途進行了討論。我在我的演講中強調，我們在 5 年代中期以全包資本化率出售夏洛特的房產，同時考慮到 7 年代中期裝修前的裝修要求。在規模較小的市場中，這是一項資產。

But we're seeing, especially for our older extended stay assets, significant demand from groups intending to purchase the assets for an alternative use. And our thinking on that is that we will -- we'll be able to transact on a number of assets within our portfolio with groups that have the same profile.

但我們發現，特別是對於我們較舊的長期住宿資產，有意購買這些資產用於其他用途的團體的需求很大。我們對此的想法是，我們將能夠與具有相同資格的集團就我們投資組合中的多項資產進行交易。

How big is that opportunity in -- I guess, in either number of hotels or total proceeds?

我想，就酒店數量或總收益而言，這個機會有多大？

I'm reluctant to get -- give you an exact number. I'd say if you look at our portfolio, the interest is predominantly around extended day assets and more often in suburban locations, and you can get a general sense for the scale of the potential opportunity that way.

我不願意給出一個確切的數字。我想說，如果你看看我們的投資組合，你會發現我們主要對延長日資產感興趣，而且更多時候是在郊區，這樣你就可以從整體上了解潛在機會的規模。

The reality is multifamily demand has continued to be strong throughout this economic downturn, in pandemic and developers view conversion of extended safe properties into multifamily as a significant value add. And there are a number of groups, larger groups that are well funded that are pursuing that type of potential transaction.

現實情況是，在整個經濟低迷時期和疫情期間，多戶型住宅的需求持續強勁，開發商認為將擴建的安全房產改建為多戶型住宅可以帶來顯著的增值。有許多團體，資金充足的大型團體，正在尋求此類潛在交易。

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

我們的下一個問題來自美國銀行的 Dany Asad。

My question is a little bit more on rate. If -- it's been really like encouraging to see that your occupancy has been improving through October. But can you just give us a sense for how rate has been behaving since quarter end? And then my follow-up is how much of the rate decline we've been seeing so far is Just a change of mix. I know that was kind of mentioned in the prepared remarks, but if you could just kind of elaborate on that a little bit.

我的問題更多是關於利率。如果—看到您的入住率在十月有所提高，這確實令人鼓舞。但是您能否告訴我們自本季末以來利率的走勢如何？然後我的後續問題是，到目前為止我們看到的利率下降有多少只是組合的變化。我知道在準備好的發言中已經提到過這一點，但您是否可以稍微詳細說明一下。

Sure. I definitely think that rate is impacted by mix of business. But every segment is impacted by competition and the level of demand in the market. So at -- in different segments, each segment is impacted from a rate perspective just relative to the demand that's in the market. When there's enough demand, typically when we get to around 70%, we're able to preference different segments of business to drive overall ADR.

當然。我確實認為該比率受到業務組合的影響。但每個領域都會受到競爭和市場需求水準的影響。因此，在不同的細分市場中，每個細分市場都會從利率角度受到影響，這與市場需求有關。當需求足夠大時（通常達到 70% 左右），我們能夠優先考慮不同的業務部門來推動整體 ADR。

But within the segments, they're impacted by just the environment that we're in as well from an ADR perspective. And so part of it is that we're not in a position where we're preferencing higher-rated business over others. And that corporate demand, which tends to be the highest rated and drive peak demand over certain nights, helps us drive rate and manage mix on those nights. Since quarter end, we've seen similar trends to what we were seeing in the third quarter. Still no -- not meaningful moves one way or the other, but certainly still in a competitive environment at these occupancy levels.

但從 ADR 的角度來看，在各個細分市場中，它們也受到我們所處環境的影響。因此，部分原因在於我們不會優先考慮評級較高的企業。企業需求往往是評價最高的，並在某些夜晚推動需求高峰，這有助於我們提高價格並管理這些夜晚的組合。自季度末以來，我們看到了與第三季類似的趨勢。仍然沒有——無論如何都不是有意義的舉措，但在這些入住率水平下肯定仍然處於競爭環境中。

(Operator Instructions) Our next question comes from Floris Van Dijkum with Boenning & Scattergood.

（操作員指示）我們的下一個問題來自 Boenning & Scattergood 的 Floris Van Dijkum。

That's actually Compass Point. Quick question. I know it's the -- you have $70 million, I believe, of mortgage debt coming due next year. How are you thinking about mortgage debt that comes due given the difficulty of refinancing or getting hotel financing right now? And would you move that to your line of credit?

這其實是指南針點。快速提問。我知道——我相信你們有 7000 萬美元的抵押債務將於明年到期。鑑於目前再融資或獲得飯店融資的困難，您如何看待到期的抵押債務？您會將其轉移到您的信用額度嗎？

We have -- it's roughly $51 million net of reserves coming due in 2021. And so we will -- at the time that, that becomes due, we'll evaluate all options.

我們有大約 5,100 萬美元的淨儲備金將於 2021 年到期。因此，我們將在到期時評估所有選擇。

To your point, refinancing might be a challenge. But we still have some time between now and then, and we'll evaluate what makes the most sense. Certainly, if we're able to continue to rebuild occupancy and stay in a positive cash flow position, we would hope that we would have liquidity to fund that as well.

正如您所說，再融資可能是一個挑戰。但從現在到那時我們仍然有一些時間，我們會評估什麼是最合理的。當然，如果我們能夠繼續重建入住率並保持正現金流狀況，我們希望我們也擁有流動資金來為此提供資金。

My -- do you expect to be having to pay additional dividends this year based on your taxable income? I know it's tricky. There's still a quarter to go, but you did pay dividends in the first part of the year. Do you expect those could be a catch-up dividend? Or do you think you'll reinstate likely in the -- perhaps in the first quarter of next year?

我的—您是否預計今年需要根據您的應稅收入支付額外的股息？我知道這很棘手。還有一個季度的時間，但您確實在今年上半年支付了股息。您是否認為這些可以成為一種追趕紅利？或者您認為您可能會在明年第一季恢復此計劃嗎？

We do not anticipate that we would be in a position to pay a dividend through the end of 2020. Beyond that, the Board and management will continue to monitor operations, and we'll evaluate reinstating a dividend while balancing the other cash needs and priorities of the company, all with the intent of, as Justin had previously mentioned, total return for our shareholders, but maximizing total shareholder returns over the long term and doing what's best in the near term to that end.

我們預計到 2020 年底我們將無法支付股利。除此之外，董事會和管理層將繼續監控營運情況，我們將評估恢復股息，同時平衡公司的其他現金需求和優先事項，正如賈斯汀之前提到的，所有這些都是為了為股東帶來總回報，但從長遠來看，最大化股東總回報，並為此在短期內做到最好。

There are no further questions at this time. I'd like to turn the floor back over to Justin Knight for any closing remarks.

目前沒有其他問題。我想將發言權交還給賈斯汀奈特 (Justin Knight)，請他做最後發言。

Thank you. And again, I'd like to express our appreciation for all that have joined us today. I want to recognize the fact that some of you may have had technical difficulties accessing our web link through our website. We apologize for that. It was fixed midway through the call. And certainly, the transcript for this call will be available afterwards.

謝謝。我再次向今天參加會議的所有人表示感謝。我想承認這樣一個事實，你們中的一些人可能在透過我們的網站訪問我們的網頁連結時遇到了技術困難。我們對此深表歉意。通話過程中問題已解決。當然，本次通話的記錄隨後將會公佈。

We appreciate that these continue to be challenging times. I want again to give a special thank you to our team here at Apple and to our management companies and our teams who are actively working in the field. It's what everyone has been doing in our industry right now to ensure that we continue to be successful despite the current challenges. It has been remarkable and inspiring.

我們意識到這仍然是一個充滿挑戰的時期。我要再次特別感謝蘋果公司的團隊、我們的管理公司以及積極在該領域工作的團隊。這是我們行業中每個人都在做的事情，以確保我們在面臨當前挑戰的情況下繼續取得成功。這是非常了不起和鼓舞人心的。

And I hope that as you get back out and start traveling again, you will take the opportunity to stay with us in one of our hotels. Have a great weekend. Hope to talk to you soon.

我希望當您再次外出旅行時，能藉此機會入住我們的某家酒店。祝你周末愉快。希望很快能與您交談。

Ladies and gentlemen, this concludes today's webcast. You may now disconnect your lines at this time. Thank you for your participation, and have a great day.

女士們、先生們，今天的網路直播到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。