Chatham Lodging Trust (CLDT) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Chatham Lodging Trust fourth-quarter 2025 financial results conference call. (Operator Instructions) I would now like to turn the conference call over to Chris Daly, owner of Daly Gray, Inc. Please go ahead.

女士們、先生們，早安，歡迎參加 Chatham Lodging Trust 2025 年第四季財務業績電話會議。（操作員指示）現在我將電話會議交給 Daly Gray, Inc. 的所有者 Chris Daly。請開始。

Thank you, Jenny. Good morning, everyone, and welcome to the Chatham Lodging Trust fourth-quarter 2025 results conference call.

謝謝你，珍妮。各位早安，歡迎參加 Chatham Lodging Trust 2025 年第四季業績電話會議。

Please note that many of our comments today are considered forward-looking statements as defined by federal securities law. These statements are subject to risks and uncertainties, both known and unknown, as described in our most recent Form 10-K and other SEC filings. All information in this call is as of February 25, 2026, unless otherwise noted, and the company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

請注意，我們今天發表的許多評論都屬於聯邦證券法定義的前瞻性陳述。這些聲明存在已知和未知的風險和不確定性，詳情請參閱我們最新的 10-K 表格和其他提交給美國證券交易委員會的文件。除非另有說明，本電話會議中的所有資訊均截至 2026 年 2 月 25 日，本公司不承擔任何義務更新任何前瞻性聲明，以使該聲明與實際結果或公司預期的變化相符。

You can find copies of our SEC filings and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call on our website at chathamlodgingtrust.com. Now to provide you with some insights into Chatham's 2025 fourth-quarter results, allow me to introduce Jeff Fisher, Chairman, President and Chief Executive Officer; Dennis Craven, Executive Vice President and Chief Operating Officer; and Jeremy Wegner, Senior Vice President and Chief Financial Officer.

您可以在我們的網站 chathamlodgingtrust.com 上找到我們提交給美國證券交易委員會 (SEC) 的文件和收益報告副本，其中包含本次電話會議中提及的非公認會計準則 (非GAAP) 財務指標的調節表。現在，為了讓大家對 Chatham 2025 年第四季的業績有所了解，請允許我介紹董事長、總裁兼執行長 Jeff Fisher；執行副總裁兼營運長 Dennis Craven；以及資深副總裁兼財務長 Jeremy Wegner。

Let me turn the session over to Jeff Fisher. Jeff?

讓我把發言權交給傑夫·費雪。傑夫？

Okay, Chris, thank you very much, and I certainly appreciate everyone joining us here for our call today. Before talking about the fourth quarter specifically and our outlook for this year, I'd like to spend just a few minutes highlighting some noteworthy accomplishments as we look back at the last year. Operationally, it was a really good year for us despite the extreme volatility that adversely impacted the industry and our top line.

好的，克里斯，非常感謝你，我也非常感謝今天所有參加我們電話會議的人。在具體討論第四季和今年的展望之前，我想花幾分鐘時間回顧過去一年中一些值得注意的成就。儘管市場劇烈波動對整個產業和我們的營收造成了不利影響，但從營運角度來看，這對我們來說仍然是非常好的一年。

On the top line, for the fourth consecutive year, though, our RevPAR performance beat the industry, and we continued pushing our other operating profits, other department operating profits higher as well. Despite essentially flat RevPAR and for this, we are really proud, we were able to limit our GOP margin decline to only 20 basis points by staying laser-focused on our staffing levels and improving productivity.

不過，在營收方面，我們的每間可供出租客房收入 (RevPAR) 連續第四年超過了行業平均水平，而且我們的其他營業利潤和其他部門營業利潤也繼續增長。儘管RevPAR基本持平（為此我們感到非常自豪），但我們透過始終專注於人員配備水平和提高生產力，成功地將GOP利潤率的下降幅度控制在20個基點以內。

Our labor and benefits costs actually declined slightly in 2026, offsetting wage increases of almost 4% in the year. And most importantly, for the first time since the pandemic, we generated the highest operating margins in the industry, reclaiming our top spot among the rankings that we held for an entire decade from 2010 to 2019.

2026 年，我們的勞動力和福利成本實際上略有下降，抵消了當年近 4% 的薪資成長。最重要的是，自疫情爆發以來，我們首次實現了業內最高的營業利潤率，重新奪回了我們在 2010 年至 2019 年這十年間一直保持的榜首位置。

Looking ahead to this year, our hotel wages are reassessed in July each year, and our wage increase for the second half of 2025 is up only 2% versus the first half of the year, which means wage pressures are moderating throughout 2026.

展望今年，我們的飯店薪資每年 7 月都會重新評估，2025 年下半年的薪資漲幅僅比上半年高出 2%，這意味著 2026 年薪資壓力將逐漸緩解。

Strategically, we sold four of our older lower RevPAR hotels at an approximate cap rate of 6% and used those proceeds to reduce debt and to acquire shares under the repurchase plan we initiated in 2025. Since announcing the plan, we've repurchased approximately 1.8 million shares or approximately 4% of our outstanding shares at an average price of $6.87 per share for a total repurchase of almost $13 million or just over half of our $25 million plan.

從戰略角度來看，我們以約 6% 的資本化率出售了四家較老的、RevPAR 較低的酒店，並將所得款項用於減少債務，並根據我們在 2025 年啟動的回購計劃收購股份。自從宣布該計劃以來，我們已回購了約 180 萬股，約占我們流通股的 4%，平均回購價格為每股 6.87 美元，總回購金額接近 1300 萬美元，略高於我們 2500 萬美元計劃的一半。

At our average acquisition price, those shares were acquired at an approximate 9.5% cap rate based on our 2026 corporate NOI guidance and might be the only lodging REIT with an average repurchase price below current trading levels since peers initiated their repurchase plans. Using average multiples for the last 25 years, these repurchases certainly are going to be accretive.

以我們的平均收購價格計算，這些股份的資本化率約為 9.5%（基於我們對 2026 年公司淨營業收入的預期），並且可能是自同行啟動回購計劃以來，唯一一家平均回購價格低於當前交易水平的酒店 REIT。以過去 25 年的平均倍數計算，這些回購肯定會帶來收益成長。

On the corporate side, we added 10 rooms to our portfolio by converting excess meeting space and other available spaces, which will deliver the best returns for those spaces in the hotels. We continue to participate in the GRESB sustainability benchmark and ranked 29th out of 95 listed companies.

在企業方面，我們透過改造多餘的會議空間和其他可用空間，在我們的酒店組合中增加了 10 間客房，這將為酒店的這些空間帶來最佳回報。我們繼續參與 GRESB 永續發展基準測試，在 95 家上市公司中排名第 29 位。

We completed the largest and most attractive financing in Chatham's history with total capacity of $0.5 billion while reducing our overall borrowing costs, and we used proceeds from the sale of assets and free cash flow to reduce our net debt by $70 million and further reduce our leverage ratio to a mere 20%.

我們完成了 Chatham 史上規模最大、最具吸引力的融資，總融資額達 5 億美元，同時降低了整體借貸成本。我們利用出售資產所得和自由現金流，減少了 7,000 萬美元的淨債務，並將槓桿率進一步降低至僅 20%。

By the way, that leverage compares to almost 35% in 2019. All of these accomplishments allowed us to increase returns to our shareholders, and we're able to increase our common dividend by 2020 -- excuse me, by 28% in 2025, including our repurchase plan and both common and preferred dividends, we returned approximately $35 million to our shareholders. It was truly a great job by our teams at Island Hospitality and Chatham, staying in constant communication and on the same page, delivering solid results throughout a very volatile year.

順便一提，這一槓桿率與 2019 年的近 35% 相比有所下降。所有這些成就使我們能夠提高股東回報，並且到 2020 年，我們將普通股股息提高 28%——抱歉，到 2025 年，包括我們的回購計劃以及普通股和優先股股息在內，我們向股東返還了約 3500 萬美元。Island Hospitality 和 Chatham 的團隊做得非常出色，他們保持著密切的溝通和一致的目標，在動蕩的一年中取得了穩健的成果。

As we move forward, we're confident in the industry long term. The supply-demand equation should benefit existing owners as construction costs remain quite high and development is only justified in certain markets. GDP growth is healthy and should accelerate if even a portion of the trillions of dollars of announced investments in technology and reshoring of manufacturing come to fruition in the United States.

展望未來，我們對產業的長期發展充滿信心。由於建築成本仍然很高，開發只有在某些市場才合理，因此供需關係應該有利於現有業主。GDP成長健康，如果宣布的數兆美元技術投資和製造業回流計畫中即使只有一部分在美國得以實現，GDP成長也應該會加速。

Existing hotel owners should benefit via stronger RevPAR growth in the years ahead. We obviously need to be able to push those incremental revenue dollars down to GOP. And really for the first time in almost a decade, wage pressures are mitigating to the lower single-digit range, which is vital given that labor costs are our largest expense. As we sit here today, we're in a great position to deliver earnings growth and shareholder returns in multiple ways.

未來幾年，現有酒店業主將受益於更強勁的每間可供出租客房收入（RevPAR）成長。我們顯然需要能夠將這些新增收入下放到共和黨。近十年來，薪資壓力首次緩解至個位數低位，考慮到勞動成本是我們最大的支出，這一點至關重要。時至今日，我們處於非常有利的地位，可以透過多種方式實現獲利成長和股東回報。

First, we will continue to repurchase shares and intend to utilize most, if not all, of our $25 million plan this year. Second, operationally, we are positioned to outperform the industry on both top and bottom line. There was a lot of noise in 2025 that impacted RevPAR in some of our key markets. So hopefully, things calm down this year. And if they do, our operating model is best at driving profits higher as we've demonstrated over and over again.

首先，我們將繼續回購股票，並計劃在今年使用我們 2500 萬美元計劃的大部分（如果不是全部）資金。其次，從營運角度來看，我們在營收和利潤方面都有能力超越產業平均。2025 年有許多幹擾因素影響了我們一些主要市場的每間可供出租客房收入 (RevPAR)。希望今年情況能平靜下來。如果他們真的這麼做了，正如我們一次又一次證明的那樣，我們的營運模式最能推動利潤成長。

Third, we'll continue to opportunistically sell older nonperforming assets with the goal of reinvesting those proceeds into share repurchases or hotel investments. And on that front, we were disappointed not to make any external acquisitions in 2025, but sometimes the best deals are the ones that you don't do, and we never had enough conviction on any deals and chose to remain patient with significant financial flexibility.

第三，我們將繼續伺機出售較老的不良資產，目標是將這些收益再投資於股票回購或飯店投資。在這方面，我們很失望 2025 年沒有進行任何外部收購，但有時候最好的交易就是不做的交易，我們對任何交易都沒有足夠的信心，所以選擇保持耐心，並擁有相當大的財務靈活性。

We are confident that we can make some acquisitions in 2026 as financing costs have lessened and seller pricing expectations have adjusted somewhat from where we were a year ago. The markets, though, of course, will have to make sense for us, and we are looking for some continued diversification, both in markets and demand generators. And of course, yields have to approximate the implied yield on buying our own stock. We want to invest in markets that are going to benefit from increased business investments, which is generally the Central and Southeastern US.

我們有信心在 2026 年進行一些收購，因為融資成本下降，而且賣方定價預期與一年前相比也有所調整。當然，市場必須對我們有意義，我們正在尋求持續的多元化，包括市場多元化和需求來源多元化。當然，收益率必須接近購買我們自己股票的隱含收益率。我們希望投資於那些將受益於商業投資增加的市場，這通常是美國中部和東南部。

Lastly, we do expect to commence our Portland, Maine hotel development in the coming months with opening before the 2028 summer. As I stated earlier in my comments, hotel development really only makes sense in certain markets and Downtown Portland happens to be one of them, especially considering we have no cost basis in the land.

最後，我們預計將在未來幾個月內啟動位於緬因州波特蘭的酒店開發項目，並於 2028 年夏季之前開業。正如我之前在評論中提到的，酒店開發只有在某些市場才有意義，而波特蘭市中心恰好是其中之一，尤其考慮到我們沒有任何土地成本基礎。

Our focus is on increasing shareholder returns. And in addition to the share repurchase program, we believe our initiatives should enable us to return even more money to our shareholders via further increased dividends this year.

我們的目標是提高股東回報。除了股票回購計畫外，我們相信我們的各項措施將使我們能夠透過今年進一步提高股息，向股東返還更多資金。

Before Dennis gets into the fourth-quarter details, I do want to spend a few minutes talking about our largest market, Silicon Valley, its performance in 2025 and our outlook beyond. Silicon Valley is our largest market, and RevPAR grew only 1% in 2026, but it was a tale of two halves as RevPAR was up 5% in the first half of the year, and then we were off 4% in the third quarter and less than 1% in the fourth. Our Mountain View Residence Inn was under renovation for the last two months of 2025 and will remain under reno through March of this year.

在丹尼斯詳細介紹第四季業績之前，我想花幾分鐘時間談談我們最大的市場——矽谷，以及它在 2025 年的表現和我們未來的展望。矽谷是我們最大的市場，2026 年的每間可供出租客房收入 (RevPAR) 僅增長了 1%，但情況卻截然不同，上半年 RevPAR 增長了 5%，第三季度下降了 4%，第四季度下降不到 1%。我們的山景城 Residence Inn 酒店在 2025 年最後兩個月進行了翻新，並將持續翻新至今年三月。

Also, if you recall from our third quarter call, we lost some business related to pricing strategies around a single corporate client at our two Sunnyvale hotels. Third-quarter RevPAR was down 9% in the third quarter, and we did a great job replacing that business or some of it in the fourth with RevPAR only down 1%. We'll continue to feel some impacts in the first quarter of this year as to that account.

另外，如果您還記得我們第三季的電話會議，我們因為圍繞一家企業客戶在桑尼維爾的兩家酒店的定價策略而失去了一些業務。第三季每間可供出租客房收入下降了 9%，但我們在第四季度很好地彌補了部分業務的損失，第四季度每間可供出租客房收入僅下降了 1%。今年第一季度，我們仍將感受到該帳戶的一些影響。

But as the year progresses, our comps will get better, and we'll benefit from the World Cup schedule, and that sets up very well for our two Sunnyvale hotels. And of course, we remain very constructive on the Valley and Mountain View, particularly, of course, is anchored by Google, Waymo, LinkedIn, Intuit and several other firms that certainly provide a good steady source of demand for that hotel.

但隨著這一年的推進，我們的比賽會越來越好，而且我們將受益於世界盃的賽程安排，這對我們在桑尼維爾的兩家酒店來說都是非常有利的。當然，我們對山谷和山景城仍然非常看好，尤其是谷歌、Waymo、LinkedIn、Intuit 和其他幾家公司，它們無疑為這家酒店提供了穩定的需求來源。

Sunnyvale is quickly rebounding from the post-pandemic slumber. Sunnyvale's office market is rebounding faster than any other Silicon Valley market and had 1.4 million square feet of positive absorption last year.

桑尼維爾正迅速從疫情後的沉寂中復甦。桑尼維爾的辦公大樓市場復甦速度比矽谷其他市場都快，去年的正吸收量達到了 140 萬平方英尺。

In 2025, Apple increased its square footage by over 1 million feet and LinkedIn added to its campuses and Applied Intuition, which is a $15 billion software company for self-driving cars moved into Sunnyvale. And of course, our largest client, Applied Materials, is building a $4 billion chip facility that's only a block or two away from our two Sunnyvale hotels. So we certainly look forward to continued better times over the next few years in the Valley.

2025 年，蘋果增加了超過 100 萬平方英尺的辦公室面積，LinkedIn 擴大了園區規模，而價值 150 億美元的自動駕駛汽車軟體公司 Applied Intuition 也遷入了桑尼維爾。當然，我們最大的客戶應用材料公司正在建造一座價值 40 億美元的晶片工廠，距離我們在桑尼維爾的兩家酒店只有一兩個街區。因此，我們非常期待未來幾年山谷地區能夠繼續迎來更好的發展時期。

With that, I'd like to turn it over to Dennis.

接下來，我想把麥克風交給丹尼斯。

Thanks, Jeff. Good morning, everyone. Some additional RevPAR information. Occupancy at our 4 Silicon Valley hotels was 72% and ADR was up 2.5% in the quarter despite that shift in business that Jeff talked about in Sunnyvale from the third and fourth quarters.

謝謝你，傑夫。各位早安。一些額外的每間可供出租客房收入（RevPAR）資訊。儘管傑夫在桑尼維爾談到了第三季度和第四季度業務的變化，但我們在矽谷的 4 家酒店的入住率仍達到 72%，平均房價在本季度上漲了 2.5%。

Our six predominantly leisure hotels, which account for approximately 20% of our EBITDA, produced RevPAR growth of 50 basis points in the quarter. And the shutdowns impact on our three D.C. area hotels accounted for about 60% of our quarterly RevPAR decline. Some more color on our larger markets, California, which is home to two of our -- two more of our top eight markets in addition to Silicon Valley, Los Angeles and San Diego.

我們旗下六家以休閒娛樂為主的飯店，約占我們 EBITDA 的 20%，本季每間可供出租客房收入 (RevPAR) 成長了 50 個基點。疫情封鎖對我們位於華盛頓特區的三家酒店的影響，導致我們季度每間可供出租客房收入下降了約 60%。再詳細說說我們的大市場——加州，除了矽谷、洛杉磯和聖地牙哥之外，這裡還有我們前八名的市場中的兩個。

San Diego RevPAR declined 8% in 2025 as the market retracted from an all-time best convention calendar in 2024. Additionally, demand slipped due to the opening of the nearby Gaylord as well as the shutdown of the border, which reduced our government business at our hotel. The 2026 convention calendar sets up similarly to 2025 with 43 conventions in '26 versus 46 in '25.

2025年，聖地牙哥的每間可供出租客房收入下降了8%，因為該市場在2024年經歷了有史以來最好的會展日程後有所回落。此外，由於附近的蓋洛德酒店開業以及邊境關閉，需求下滑，導致我們酒店的政府業務減少。2026 年的會議行程與 2025 年類似，2026 年有 43 場會議，而 2025 年有 46 場。

In L.A., RevPAR at our three hotels was up 4% in 2025 due in part to the significant fire-related business we received, especially at our Woodland Hills Home2, which benefited basically from January through the early parts of May. And then obviously, in the L.A. area for the balance of the year, it was generally softer of 2025 due to the general unrest in the L.A. area. Hopefully, that also settles down in 2026.

2025 年，洛杉磯三家酒店的每間可供出租客房收入 (RevPAR) 增長了 4%，部分原因是由於我們獲得了大量與火災相關的業務，尤其是我們的 Woodland Hills Home2 酒店，該酒店基本上從 1 月到 5 月初受益。然後很顯然，由於洛杉磯地區普遍動盪不安，2025 年剩餘時間裡，洛杉磯地區的經濟狀況普遍較為疲軟。希望到 2026 年情況也能穩定下來。

And similar to Sunnyvale, we should benefit from World Cup demand given the proximity of our Marina del Rey and Anaheim hotels to the stadium in L.A.

與桑尼維爾類似，鑑於我們的馬裡納德爾雷和阿納海姆酒店靠近洛杉磯體育場，我們應該會受益於世界盃的需求。

In other large markets, our Coastal Northeast hotels have better 2026 comps due to renovation impacts in '25 and our D.C. area hotels have much easier comps after January due to all the shutdown-related businesses or pauses in 2025. Our Bellevue Residence Inn also should continue to benefit from increasing corporate demand.

在其他大型市場，由於 2025 年的翻新影響，我們東北沿海地區的酒店 2026 年的同店銷售額會更高；而由於 2025 年所有與停業相關的企業或暫停營業，我們華盛頓特區地區的酒店在 1 月之後的同店銷售額會低得多。我們的貝爾維尤 Residence Inn 酒店也將繼續受益於不斷增長的企業需求。

In Texas, all three markets have felt the impact of convention demand falloff, with Dallas and Austin convention centers under renovation and expansion, while San Antonio just didn't have a great convention calendar in 2025.

在德州，所有三個市場都感受到了會議需求下降的影響，達拉斯和奧斯汀的會議中心正在進行翻新和擴建，而聖安東尼奧在 2025 年的會議日程安排並不理想。

Dallas will have tough convention comps through the first quarter, but we will see demand from the World Cup in the second and third quarters as Dallas not only hosts nine games, which is the most of any city, but the nearby Kay Bailey Convention Center will host up to 5,000 media professionals as it's serving as the international broadcast center for the World Cup.

達拉斯在第一季將面臨嚴峻的會展競爭，但隨著世界盃的舉辦，我們將在第二季和第三季看到需求成長。達拉斯不僅將舉辦九場比賽（是所有城市中最多的），附近的凱貝利會議中心將作為世界盃的國際轉播中心，容納多達 5000 名媒體專業人士。

And then in a very encouraging development for our two Austin hotels at The Domain, a planned $3 billion MD Anderson Hospital and Research Center that was previously expected to be built downtown is now expected to be built at The Domain with groundbreaking starting in 2026.

此外，對於我們在奧斯汀The Domain的兩家酒店來說，還有一個非常令人鼓舞的消息：原計劃在市中心建造的價值30億美元的MD安德森醫院和研究中心，現在預計將在The Domain建造，並於2026年破土動工。

Outside of our top markets at our Home2 in Phoenix, as a reminder, it opened in 2024, and we acquired the hotel in May of 2024, RevPAR was up approximately 17% in the quarter as we continue to gain market share as we've been able to partner with the nearby baseball stadium, the Arena and the convention center to participate in business blocks that were generally reserved far in advance of the stay dates.

除了我們在鳳凰城的 Home2 酒店（提醒一下，該酒店於 2024 年開業，我們於 2024 年 5 月收購了該酒店）之外，本季度每間可供出租客房收入 (RevPAR) 增長了約 17%，因為我們與附近的棒球場、體育館和會議中心合作，參與了，這些業務通常在預訂之前就擴大了市場份額。

Charleston and Savannah continued to grow due to rising corporate demand in South Carolina. And in Savannah, coming out of a really great renovation, it's really done well with getting additional corporate demand and leisure demand to the hotel. Our top five RevPAR hotels in the quarter were our Residence Inn White Plains with RevPAR of $200, our Residence Inn Fort Lauderdale at $186 and Residence Inn New Rochelle, New York at $185, followed by our Residence Inn Anaheim and our Hampton Inn Portland with RevPAR of $166.

由於南卡羅來納州企業需求不斷增長，查爾斯頓和薩凡納持續發展。薩凡納的飯店經過一次非常棒的翻新後，在吸引更多商務和休閒旅客方面做得非常出色。本季我們RevPAR排名前五的酒店分別是：RevPAR為200美元的懷特普萊恩斯Residence Inn酒店、RevPAR為186美元的勞德代爾堡Residence Inn酒店、RevPAR為185美元的紐約州新羅謝爾Residence Inn酒店，以及RevPAR為166美元的阿納海姆Residence Inn酒店和波特蘭Hampton Inn。

For 2025, our top RevPAR hotels were the Hampton Inn, Portland with RevPAR over $200. And of course, that's great news for our pending development, followed by our Hilton Garden Inn Marina del Rey, Residence Inn and White Plains, Fort Lauderdale and San Diego Gaslamp, all five with RevPAR over $185. As Jeff remarked in his opening comments, we were pleased with our ability to mitigate our margin loss throughout 2025. During the fourth quarter, our GOP margins only declined 30 basis points despite RevPAR declining almost 2%.

2025 年，我們選出的 RevPAR 最高的飯店是波特蘭漢普頓酒店，其 RevPAR 超過 200 美元。當然，這對我們即將開發的希爾頓花園酒店 Marina del Rey、Residence Inn 和 White Plains、Fort Lauderdale 和 San Diego Gaslamp 來說都是個好消息，這五家酒店的每間可供出租客房收入 (RevPAR) 均超過 185 美元。正如傑夫在開場白中所說，我們對在 2025 年全年減少利潤損失的能力感到滿意。第四季度，儘管每間可供出租客房收入下降了近 2%，但我們的 GOP 利潤率僅下降了 30 個基點。

We were able to hold the year-over-year increase in labor and benefit costs to just under 2% in the quarter and which was the primary driver behind limiting the decline in that department's profit to only 1%. Most other operating line items were relatively stable year over year with nondepartmental expenses flat at approximately $21 million. And the only other major item to note was that guest acquisition-related commission costs were down a couple of hundred thousand dollars and aided our margins by approximately 20 bps.

本季度，我們成功地將勞動力和福利成本的年增幅控制在略低於 2% 的水平，這也是該部門利潤下降幅度僅為 1% 的主要原因。其他大部分營運項目較去年同期相對穩定，非部門支出基本持平，約 2,100 萬美元。另一個值得注意的主要事項是，與客戶獲取相關的佣金成本下降了數十萬美元，使我們的利潤率提高了約 20 個基點。

Our hotel EBITDA margins benefited from some onetime property tax refunds, and they actually grew 70 basis points in the quarter. Property insurance was down 3% in the quarter and great news on our renewal is that those premiums are projected to decline a further 15% on a same-store basis in 2026. For the year, our GOP margin decline was limited to a mere 40 basis points. Labor and benefits only increased 1.2% on a per occupied room basis in the quarter and actually declined slightly from last year to 2025.

我們的飯店 EBITDA 利潤率受益於一些一次性房產稅退款，本季實際成長了 70 個基點。本季財產保險收入下降了 3%，續保方面傳來好消息，預計 2026 年同店保費將進一步下降 15%。今年，共和黨的支持率下降幅度僅 40 個基點。本季度，以每間已入住房間計算，勞動力和福利僅增加了 1.2%，而到 2025 年，實際支出比去年略有下降。

For the 33 comparable hotels, our headcount decreased 13% from a year ago. For the quarter, our top 5 producers of GOP were all Residence Inns. In fact, the top seven were all Residence Inns, but leading the way was Residence Inn Gaslamp with $1.6 million, followed by our Residence Inns in Anaheim, both Sunnyvales and White Plains.

與去年同期相比，33 家同類飯店的員工人數減少了 13%。本季度，我們GOP營收排名前5的飯店均為Residence Inn。事實上，前七名的都是 Residence Inn 酒店，其中 Residence Inn Gaslamp 酒店以 160 萬美元的收入位居榜首，其次是我們在阿納海姆、桑尼維爾和懷特普萊恩斯的 Residence Inn 酒店。

For the year, our Gaslamp Residence Inn led the way, followed by our Residence Inn Sunnyvale number two and Bellevue hotels and then rounding out the top five were our Embassy Suites Springfield despite all of the government shutdown impacts and threats. And lastly, our other Sunnyvale hotel.

今年，我們的 Gaslamp Residence Inn 酒店名列榜首，其次是排名第二的 Residence Inn Sunnyvale 酒店和 Bellevue 酒店，儘管受到政府停擺的影響和威脅，我們的 Embassy Suites Springfield 酒店仍然躋身前五名。最後，還有我們在桑尼維爾的另一家飯店。

So just to point out, despite a volatile last two quarters in Sunnyvale, the fact that both of those hotels as well as our Bellevue Residence Inn were in our top 5 of GOP producers in the year is pretty encouraging from a corporate demand standpoint.

所以需要指出的是，儘管桑尼維爾的過去兩個季度波動較大，但這兩家酒店以及我們的貝爾維尤 Residence Inn 酒店都位列年度 GOP 收入前 5 名，這從企業需求角度來看是相當令人鼓舞的。

On the CapEx front, we spent approximately $4 million in the quarter. And during the quarter, we had commenced renovations at our Residence Inn in Austin and Mountain View, California, and those will be wrapping up, as Jeff talked about shortly. Our CapEx budget for 2026 is approximately $26 million, basically the same as 2025 and includes three renovations at a cost of approximately $17 million. The three hotels scheduled for renovation in 2026 are our Gaslamp Residence Inn, our Hyatt Place Pittsburgh and our Homewood Suites Farmington, all three scheduled to commence in the fourth quarter.

在資本支出方面，我們本季花費了約 400 萬美元。本季度，我們已開始對位於奧斯汀和加州山景城的 Residence Inn 酒店進行翻新，正如 Jeff 稍後將提到的，這些翻新工程即將完成。我們 2026 年的資本支出預算約為 2,600 萬美元，與 2025 年基本相同，其中包括三項翻新工程，費用約為 1,700 萬美元。三家計劃於 2026 年進行翻新的酒店分別是 Gaslamp Residence Inn、匹茲堡凱悅嘉軒酒店和法明頓 Homewood Suites 酒店，這三家酒店都計劃在第四季度開始翻新。

Lastly, when you look at our guidance, I wanted to note the projected performance of our top markets. Silicon Valley RevPAR is projected up 3% to 5% in 2026 with increasing business travel demand as well as a favorable World Cup schedule as nearby Levi's Stadium is hosting six games. Los Angeles is down 1% to 3%, again, primarily due to the tough comps caused by the L.A. wildfire demand in our hotels in 2025.

最後，在查看我們的業績指引時，我想特別指出我們主要市場的預期表現。由於商務旅行需求不斷增長，以及世界盃賽程有利（附近的李維斯體育場將舉辦六場比賽），預計到 2026 年，矽谷的每間可供出租客房收入 (RevPAR) 將增長 3% 至 5%。洛杉磯的銷售額再次下降了 1% 到 3%，這主要是由於洛杉磯山火導致 2025 年酒店入住率下降，基數較高。

Our Coastal Northeast portfolio is projected to be up -- or between flat to up 2%, with our Greater New York hotels essentially projected to finish flat for 2026. And in D.C., we're projected up 2% to 4% as we lap over all the shutdown effects. San Diego is projected to be down slightly, again due to the decline in conventions from 46 to 43. And Dallas is projected to be down mid-single digits due to the lost business related to the convention center expansion and renovation that's ongoing.

我們預計東北沿海地區的飯店組合將成長，或持平或成長 2%，而我們大紐約地區的飯店預計在 2026 年將基本持平。而在華盛頓特區，由於所有停工的影響疊加在一起，預計經濟成長將達到 2% 至 4%。由於會議數量從 46 個減少到 43 個，聖地牙哥預計將略有下降。由於會議中心擴建和翻新工程正在進行中，導致業務損失，預計達拉斯的經濟將出現個位數百分比的下滑。

And lastly, of our top markets, Bellevue is expected to grow mid- to upper single digits as it laps over renovation comps, but also increased business travel demand and a little bit of World Cup as well. Jeremy?

最後，在我們最重要的市場中，貝爾維尤預計將實現個位數中高成長，這得益於翻新帶來的市場回暖，以及商務旅行需求的增加和世界盃的推動。傑里米？

Thanks, Dennis. Good morning, everyone. Our Q4 2025 hotel EBITDA was $22.4 million. Adjusted EBITDA was $20.2 million and adjusted FFO was $0.21 per share. We were able to generate a GOP margin of 40.2% and hotel EBITDA margin of 33.2% in Q4.

謝謝你，丹尼斯。各位早安。我們 2025 年第四季的飯店 EBITDA 為 2,240 萬美元。調整後 EBITDA 為 2,020 萬美元，調整後 FFO 為每股 0.21 美元。第四季度，我們的營業利潤率達到 40.2%，飯店 EBITDA 利潤率達到 33.2%。

GOP margins for the quarter were only down 30 basis points from Q4 2024 despite the 1.8% RevPAR decline in the quarter due to outstanding expense control and stabilizing inflationary increases and hotel EBITDA margins increased by 70 basis points due to $550,000 of property tax refunds in the quarter.

儘管本季每間可供出租客房收入 (RevPAR) 下降了 1.8%，但由於出色的費用控制和通膨穩定增長，本季度 GOP 利潤率僅比 2024 年第四季度下降了 30 個基點；此外，由於本季度獲得了 55 萬美元的房產稅點退款，酒店 EBITDA 利潤率提高了 70 個利潤率。

In late December, Chatham closed the sale of the Homewood Billerica for $17.4 million. And over the course of 2025, Chatham completed four asset sales for a total of $71.4 million. These asset sales, together with the successful refinancing and upsizing of Chatham's revolving credit facility and term loan in late September, have helped Chatham achieve its lowest ever leverage level and highest ever level of liquidity.

12 月下旬，查塔姆以 1740 萬美元的價格完成了霍姆伍德比勒里卡的出售。2025 年，查塔姆完成了四項資產出售，總金額達 7,140 萬美元。這些資產出售，加上 9 月下旬 Chatham 成功對循環信貸額度和定期貸款進行再融資和擴大規模，幫助 Chatham 實現了有史以來最低的槓桿率和最高的流動性水平。

Chatham's strong balance sheet puts the company in an excellent position to continue actively repurchasing shares and to grow opportunistically through accretive acquisitions.

Chatham 強勁的資產負債表使公司處於非常有利的地位，可以繼續積極回購股票，並透過增值收購抓住機會實現成長。

Turning to our 2026 guidance. We expect RevPAR of minus 0.5% to plus 1.5%, adjusted EBITDA of $84 million to $89 million and adjusted FFO per share of $1.04 to $1.14 for the full year. This guidance reflects our decision to exclude noncash stock-based compensation expense from our adjusted FFO effective January 1, 2026, so that our presentation is comparable to how the majority of lodging REIT peers report this measure.

接下來，我們來看看2026年的指導。我們預計全年每間可供出租客房收入 (RevPAR) 為 -0.5% 至 +1.5%，調整後 EBITDA 為 8,400 萬美元至 8,900 萬美元，調整後每股 FFO 為 1.04 美元至 1.14 美元。該指導意見反映了我們決定從 2026 年 1 月 1 日起從調整後的 FFO 中剔除非現金股票選擇權費用，以便我們的列報方式與大多數飯店 REIT 同行報告該指標的方式保持一致。

Our guidance reflects the sales of the Homewood Brentwood, Courtyard Houston -- Hampton Houston and Homewood Billerica, which closed in 2025 and collectively contributed $2.1 million to Chatham's 2025 EBITDA. You should also note that Chatham's 2025 EBITDA and FFO included approximately $2.6 million or $0.05 per share of onetime benefits from property tax refunds, workers' compensation refunds and payroll tax refunds, which are not expected to repeat in 2026.

我們的指導意見反映了 Homewood Brentwood、Courtyard Houston - Hampton Houston 和 Homewood Billerica 的銷售情況，這些項目於 2025 年完成，並為 Chatham 2025 年的 EBITDA 貢獻了 210 萬美元。您還應該注意的是，Chatham 2025 年的 EBITDA 和 FFO 包括約 260 萬美元或每股 0.05 美元的一次性收益，這些收益來自房產稅退款、工傷賠償退款和工資稅退款，預計這些收益在 2026 年不會再次出現。

Reflecting the asset sales completed in 2025, our 2025 RevPAR would have been $130 in Q1, $156 in Q2, $154 in Q3, $131 in Q4 and $142 for the full year. In 2025, our RevPAR increased 4.4% in Q1 before declining 0.4% in Q2, 0.9% in Q3 and 1.8% in Q4. So year-over-year comparisons will generally be challenging in Q1 2026 before getting easier over the rest of the year. We generally expect that Chatham's Q1 2026 RevPAR will decline low single digits and then be positive for the rest of the year.

考慮到 2025 年完成的資產出售，我們 2025 年的每間可供出租客房收入 (RevPAR) 分別為：第一季 130 美元，第二季 156 美元，第三季 154 美元，第四季 131 美元，全年 142 美元。2025 年，我們的每間可供出租客房收入 (RevPAR) 在第一季成長了 4.4%，然後在第二季下降了 0.4%，第三季下降了 0.9%，第四季下降了 1.8%。因此，2026 年第一季同比數據通常會比較具有挑戰性，之後會在今年剩餘時間內變得容易一些。我們普遍預期 Chatham 2026 年第一季的每間可供出租客房收入 (RevPAR) 將出現個位數百分比的下降，然後在今年剩餘時間內將保持正成長。

Also note that our capital structure includes $200 million of floating rate debt, and our guidance assumes that SOFR will decline based on the current forward curve, which reflects the assumption of rate cuts in 2026. So our guidance assumes quarterly interest expense will decline over the course of 2026. While our guidance does not reflect any share repurchases or acquisitions, our plan is to continue repurchasing shares and over time to reinvest asset sale proceeds into accretive acquisitions.

另請注意，我們的資本結構包括 2 億美元的浮動利率債務，並且我們的指導意見假設 SOFR 將根據當前的遠期曲線下降，這反映了 2026 年降息的假設。因此，我們的預期是，2026 年的季度利息支出將會下降。雖然我們的業績指引並未反映任何股票回購或收購，但我們的計劃是繼續回購股票，並隨著時間的推移，將資產出售所得再投資於增值收購。

This concludes my portion of the call. Operator, please open the line for questions.

我的通話部分到此結束。接線員，請開通提問線。

(Operator Instructions) Gaurav Mehta, Alliance Global Partners.

（操作說明）Gaurav Mehta，Alliance Global Partners。

I wanted to ask you on some of the dispositions that you have made in '25. As you look into your portfolio, do you think there's room to sell any more assets in '26.

我想問您在 2025 年做出的一些決定。檢視一下你的投資組合，你認為在 2026 年還有空間出售更多資產嗎？

Gaurav, this is Dennis. Nice to talk to you. Listen, I think we probably have one or two more that we'll opportunistically look at selling. But I think certainly, the half a dozen hotels we've sold over the last 18 months or so kind of did a good bit of trimming. So we'll always look to do a couple here and there, but with the purpose of certainly reinvesting those dollars.

高拉夫，這位是丹尼斯。很高興和你聊天。聽著，我覺得我們可能還有一兩處房產，我們會用伺機出售。但我認為，過去 18 個月左右我們出售的六家酒店確實起到了一定的精簡作用。所以我們會不時地進行一些投資，但目的當然是為了將這些資金重新投入投資。

Okay. And maybe on the, I guess, acquisition side, I think in the prepared remarks, you said maybe there's some improvement in the pricing. I'm just wondering if you could maybe provide some more color on, I guess, deploying some of the disposition proceeds from last year and maybe taking leverage up back to historical levels?

好的。或許在收購方面，我想您在準備好的發言稿中提到，定價方面可能會有所改善。我只是想問您能否再詳細說明一下，例如如何運用去年處置所得的部分資金，以及是否能將槓桿率恢復到歷史水平？

Yes. This is Jeff. Gaurav. Certainly, we're comfortable since we've been at this for a long time with leverage levels that we've had from 2010, for example, to 2020. So yes, we are -- we have been digging in here and doubling down on our efforts.

是的。這是傑夫。高拉夫。當然，我們對此感到很放心，因為我們已經在這個行業耕耘了很長時間，槓桿水平也一直保持在2010年至2020年這樣的水平。是的，我們一直在努力，加倍投入。

I think generally, what we're seeing in the market, since RevPAR has flattened out, and this always seems to be the case, sellers seem to get a little bit more realistic about what their hotel may or may not really be worth and have a little more incentive, I think, to transact if they've got flat RevPAR and EBITDA going down a little bit, such as occurred during 2025 and the prospect by most companies in the category that we like -- as you know, is kind of a flattish RevPAR outlook.

我認為，總的來說，由於RevPAR（每間可供出租客房收入）趨於平穩（這種情況似乎總是如此），我們在市場上看到的現像是，賣家對酒店的實際價值似乎更加務實，如果RevPAR持平且EBITDA略有下降（例如2025年發生的情況），他們就更有動力進行交易。如您所知，我們所看好的大多數同類公司的前景——RevPAR前景——都比較平穩。

Again, we think for us and maybe for others, that's a very conservative outlook, but we're going to take advantage of that outlook by owners as well and try to make a few deals.

再次強調，我們認為，對我們自己以及其他人來說，這是一種非常保守的看法，但我們將利用業主們的這種看法，嘗試達成一些交易。

All right. Great. Maybe on, I guess, the expense and margin side, where do you expect to see some pressures in '26. I think on the wage side, it seems like it's coming down to mid-single digits, maybe outside of wages, other expense line items?

好的。偉大的。我想，在費用和利潤方面，你預期 2026 年會在哪些方面面臨壓力？我認為薪資方面，似乎會降到個位數中段，也許薪資以外的其他支出項目也會降幅？

Yes. I mean, listen, I think especially early in 2026, utilities have a little bit of pressure on them just because of the cold storms that have hit, whether it was the Central and Southeast last month and now -- or earlier this month, but also now you have the Northeast.

是的。我的意思是，聽著，我認為尤其是在 2026 年初，公用事業公司會面臨一些壓力，因為寒流已經襲擊了中部和東南部地區，或者說是本月初襲擊了東北部地區。

So I think you probably -- all of us will have a little bit of utility pressures here in the first quarter. But really outside of that, Gaurav, I mean, I think it's really how much you can control the labor on a wage increase basis. So really, everything else is fairly stable from an operating expense standpoint.

所以我認為，在第一季度，我們所有人可能都會面臨一些公用事業的壓力。但實際上，Gaurav，我的意思是，我認為真正的問題在於你能在多大程度上控制勞動力，從而提高工資。所以實際上，從營運費用的角度來看，其他一切都相當穩定。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Maybe just following up on the expense side. You've had a lot of success there, and you've generated some real productivity improvements. Just curious how much room you think is left on that front and the ability to kind of keep a lid on costs just from those productivity improvements.

或許只是想跟進一下費用方面的狀況。你在那裡取得了巨大的成功，並且確實提高了生產力。我只是好奇你認為這方面還有多少提升空間，以及僅靠提高生產力能否控製成本。

Aryeh, I mean, listen, I think we'd certainly love to say there's always more. But I think as I talked about in my prepared remarks, our headcount is down about 13% year over year. Both Chatham and Island are spending a lot of time literally adjusting models every day based on trends, and it was very volatile in 2025. So I think given the fact that we're hopeful that, as Jeff talked about, with wage increases kind of averaging right at 2% from the first half of the year to the last half of 2025, that we haven't seen anything that has changed that over the first almost two months of 2026.

Aryeh，我的意思是，聽著，我想我們當然很想說總會有更多。但我認為，正如我在準備好的演講稿中提到的，我們的員工人數比去年同期下降了約 13%。Chatham 和 Island 每天都在花費大量時間根據趨勢調整模型，而 2025 年的波動性非常大。所以我認為，鑑於我們有理由相信，正如傑夫所說，從今年上半年到 2025 年下半年，工資增長平均約為 2%，而且在 2026 年的前兩個月裡，我們還沒有看到任何改變這一現狀的情況。

So for us, it's all about controlling wages and headcount. And we're going to continue to do that throughout the year. And hopefully, that helps us do a little bit better down the road.

所以對我們來說，關鍵在於控制薪資和員工人數。我們將在全年持續進行這項工作。希望這能幫助我們以後做得更好。

Yes. I mean the focus there is not trying to continue to find cuts that probably don't exist, but it is to flow -- if it's a nominal RevPAR increase, it's to flow that money to the GOP and to the bottom line. And I think we have proven that Island has been pretty successful in doing that. So really, that's for this year. If we get some upside, we want to see that flowing right to the bottom line to enhance those returns for everybody.

是的。我的意思是，重點不是繼續尋找可能根本不存在的削減措施，而是讓資金流動——如果名義上的每間可供出租客房收入 (RevPAR) 有所增長，那麼就是要把這筆錢輸送給共和黨，並提高利潤。我認為我們已經證明，Island 在這方面取得了相當大的成功。所以，今年的情況就是這樣了。如果收益有所成長，我們希望看到這些成長直接轉化為利潤，從而提高每個人的回報。

I appreciate that color. And then maybe just a couple of quicker ones. You gave a lot of detail on your market level expectations for 2026. Curious just overall, the impact from the World Cup and your expectations around that, given that you do have a number of markets that seem well positioned there. And then -- just on the Portland, Maine development, just the costs associated with that.

我喜歡這個顏色。然後也許再來幾個快一點的。您詳細介紹了您對 2026 年市場水準的預期。我很好奇世界盃的整體影響以及您對此的預期，因為您似乎有很多市場都處於有利地位。然後——僅就緬因州波特蘭的開發項目而言，僅與此相關的成本。

I don't believe that's included with CapEx. Just wanted to confirm that.

我不認為這包含在資本支出中。我只是想確認一下。

Yes. So I'll start with Portland. The cost is not included in our CapEx number. We'll come out with official guidance on that probably at our next earnings call, Aryeh, with respect to dollars and especially the timing of the flow of those dollars over the project to make sure everybody at least has it modeled correctly.

是的。那我就先從波特蘭說起吧。此成本未計入我們的資本支出數字。Aryeh，我們可能會在下次財報電話會議上就此發布官方指導意見，特別是關於美元金額以及這些資金在項目中的流動時間，以確保每個人至少都能正確地進行建模。

And then with respect to the World Cup, I mean, listen, I think we've -- certainly when you look at it by market, we're going to be fairly conservative at the outset. And just to give you a specific example, the International Broadcast Center at the Kay Bailey Convention Center in Dallas, just within the last few months, we had a smaller group that basically canceled for the hotel. I think you probably -- you hear that in some locations, there's concerns about demand and tickets and who's coming in and everything like that.

至於世界杯，我的意思是，聽著，我認為我們——當然，從市場角度來看，我們一開始會相當保守。舉個具體的例子，就在最近幾個月，達拉斯凱·貝利會議中心的國際廣播中心，我們有一個小團體因為酒店問題而取消了預訂。我想你可能聽說過——在某些地方，人們對需求、門票以及誰會來等等方面感到擔憂。

So yes, it's going to be very good for the markets in general. But at least where we sit here today, we're going to be -- we're still going to be a little bit conservative about how that ultimately translates because there is still some uncertainty over demand related to events in certain cities, whether that's L.A., Seattle and even at the -- even in Dallas.

所以，是的，這對整個市場來說都將是非常有利的。但至少就我們今天所處的位置而言，我們仍然會——對於最終結果如何，我們仍然會持保守態度，因為某些城市（無論是洛杉磯、西雅圖，甚至是達拉斯）的活動需求仍然存在一些不確定性。

(Operator Instructions) Tyler Batory, Oppenheimer.

（操作說明）泰勒·巴托里，奧本海默。

Just wanted to expand on the RevPAR guide a little bit, and you gave some details on markets and whatnot. But just really trying to get a good sense on the cadence that we should expect for the year. I think you said down low single digits in Q1 and then up the rest of the year. I mean how much of that is just the comps? Maybe remind us some company-specific building blocks this year that are contributing to the growth in the last 3 quarters of the year compared with the first quarter?

我只是想稍微擴展一下RevPAR指南，你已經提供了一些關於市場等方面的細節。但我們只是想真正了解今年的節奏大概會是什麼樣的。我想你說過第一季會跌到個位數，然後今年剩下的時間會上升。我的意思是，其中有多少只是同組比賽的結果？或許可以提醒我們一下，今年有哪些公司特有的因素促成了後三個季度相比第一季的成長？

Yes. I mean I think basically, if you look at first quarter this year, tough comps due to, one, inauguration last year and the wildfires. And then for the last three quarters of the year, you're kind of looking at a 0 to 2-ish, 1.5-ish RevPAR growth for the balance of the last three quarters. A lot of that is due to the effects of whether that was in D.C. with the three hotels with all the shutdowns.

是的。我的意思是，我認為基本上，如果你看一下今年的第一季度，由於去年的就職典禮和山火，比較基數很大。然後，在今年的最後三個季度，預計每間可供出租客房收入 (RevPAR) 的成長幅度在 0 到 2 左右，在最後三個季度的剩餘時間裡，RevPAR 的成長幅度在 1.5 左右。這很大程度上是由於華盛頓特區的三家酒店因疫情關閉所造成的影響。

You had a lot of uncertainty and unrest in L.A. that really pulled back some demand that I think should aid us this year.

洛杉磯當時有很多不確定因素和動盪局勢，這確實抑制了一些需求，但我認為這應該會對我們今年的發展有所幫助。

We have a couple of like onetime events. Obviously, Pittsburgh is hosting the NFL draft in the second quarter right outside the doors of our hotel. So that's going to be a plus in the second quarter. And I think from a summer perspective, if you look at it, we're trading off a Ryder Cup out on Long Island with a US -- I believe it's US open at Shinnecock. So that really shouldn't affect much. But I think in general, across some of our larger markets where there was some -- should be some easier comps the last three quarters of the year.

我們有一些類似一次性的活動。顯然，匹茲堡將在第二節比賽期間，就在我們酒店門口舉辦 NFL 選秀。所以這對第二季來說是個利好。從夏季的角度來看，我們用在長島舉行的萊德杯和在辛尼科克舉行的美國公開賽（我相信是）進行交換。所以這應該不會造成太大影響。但我認為，總體而言，在我們一些較大的市場中，今年最後三個季度的比較基數應該會比較低一些。

Okay. Great. From a revenue management perspective, how are you thinking about the mix of occupancy, ADR in 2026? And how is that influencing your margin expectations for the year.

好的。偉大的。從收益管理的角度來看，您如何看待 2026 年的入住率和平均房價組合？那麼這將如何影響您對今年利潤率的預期？

Yes. I mean I think, generally speaking, it's mostly ADR growth for 2026. I think it might be just a -- yes, it's basically kind of flattish occupancy. So strictly ADR.

是的。我的意思是，總的來說，我認為 2026 年主要還是 ADR 成長。我覺得可能只是──是的，基本上就是比較平坦的居住環境。所以嚴格來說，就是ADR。

Okay. So switching gears to capital allocation. You've been pretty active repurchasing shares. I assume you still view the stock as undervalued, given where shares are today, how aggressively do you expect to deploy the rest of that authorization? And just help us think about balancing potential buybacks with what you might do in terms of acquisitions?

好的。接下來，我們來談談資本配置。你一直在積極回購股票。我假設您仍然認為該股票被低估了，鑑於目前的股價，您預計會以多積極的方式運用剩餘的授權資金？請您幫我們思考一下，如何在潛在的股票回購和您可能進行的收購之間取得平衡？

Yes. I think, Tyler, I'll start. I mean, I think with respect to the repurchase plan, we intend to utilize most, if not all of it in 2025. If you look at kind of the portfolio and the free cash flow from '25 and 2026 after CapEx and after dividends, it's -- essentially, we're using all of that over the last -- between those two years to utilize the entire repurchase, which we think is just -- it's how it should be done, right? You're generating excess cash flow after dividends, and we believe we're undervalued there, and we're going to buy it back.

是的。我想，泰勒，我先來。我的意思是，就回購計劃而言，我認為我們打算在 2025 年使用大部分，甚至全部。如果你看一下 2025 年和 2026 年的投資組合和扣除資本支出和股息後的自由現金流，基本上，我們利用了這兩年的所有資金來完成全部回購，我們認為這樣做才是正確的，對吧？你們在支付股利後產生了多餘的現金流，我們認為這部分被低估了，所以我們打算回購這些股份。

So -- and I think, listen, from an external perspective, buying hotels, as we've talked, we haven't really done -- the last hotel we bought was Phoenix in May of 2024. So it's been almost two years. We've been very just patient in understanding not only from the financing and what Jeremy did with the balance sheet over the last couple of years, that was a lot of work. But we're in a great position from a debt perspective to hopefully do some deals.

所以——而且我認為，聽著，從外部的角度來看，購買酒店，正如我們之前談到的，我們還沒有真正做過——我們購買的最後一家酒店是 2024 年 5 月的鳳凰城酒店。到現在已經快兩年了。我們一直非常有耐心去了解，不僅是融資方面，還有傑里米在過去幾年裡對資產負債表所做的一切，這可是很多工作啊。但從債務角度來看，我們處於非常有利的位置，預計會達成一些交易。

And of course, it's got to be at a cap rate that makes money, especially and makes sense in light of where we're trading. But that's why we've been pretty patient. So we're hopeful to be able to execute on that a bit more here in 2026.

當然，它的資本化率必須能夠獲利，尤其是在我們目前的交易環境下，而且要合理。但正因如此，我們才一直保持著耐心。所以我們希望能在 2026 年能更好地執行這項計畫。

There are no further questions at this time. Please proceed.

目前沒有其他問題了。請繼續。

Well, I think we can wrap it up by saying thank you all for being on the call and being attentive, good questions. As I said, hopefully, this guidance is conservative, and we do have the benefit of some, as Dennis explained, some positive attributes for this year on the top line that should come to fruition and flow that to the bottom line is the focus. So we will look forward to talking to you for the next quarter. Thanks.

好了，我想我們可以以此結束今天的會議，感謝各位參加電話會議並認真聆聽，大家提出的問題都很好。正如我所說，希望這項指引是保守的，正如丹尼斯解釋的那樣，我們確實受益於今年營收的一些積極因素，這些因素應該會實現，並最終轉化為利潤，這是我們關注的重點。因此，我們期待在下個季度與您繼續交流。謝謝。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝。女士們、先生們，會議到此結束。感謝各位的參與。現在您可以斷開線路了。