Clipper Realty Inc (CLPR) 2023 Q4 法說會逐字稿

Good day, and welcome to the Clipper Realty quarterly earnings call. (Operator Instructions)

美好的一天，歡迎參加 Clipper Realty 季度財報電話會議。（操作員說明）

It is now my pleasure to turn the floor over to your host, Larry Kreider. Sir, the floor is yours.

現在我很高興將發言權交給主持人拉里·克雷德 (Larry Kreider)。先生，地板是你的了。

Good afternoon, and thank you for joining us for the fourth quarter of 2023 Clipper Realty Inc., earnings conference call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; and JJ Bistricer, Chief Operating Officer.

下午好，感謝您參加 Clipper Realty Inc. 2023 年第四季財報電話會議。與我一起參加今天電話會議的是董事會聯合主席兼執行長 David Bistricer；和營運長 JJ Bistricer。

Please be aware that statements made during the call that are not historical may be deemed forward-looking statements and actual results may differ material materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2023 annual report on Form 10-K, which is accessible at www.sec.gov and our website.

請注意，電話會議期間所做的非歷史陳述可能被視為前瞻性陳述，實際結果可能與此類前瞻性陳述所顯示的結果有重大差異。這些聲明面臨眾多風險和不確定性，包括公司 2023 年年度報告 10-K 表格中揭露的風險和不確定性，該報告可在 www.sec.gov 和我們的網站上存取。

As a reminder, the forward-looking statements speak only as of the date of this call, March 14, 2024, and the company undertakes no duty to update them.

提醒一下，這些前瞻性陳述僅代表截至本次電話會議之日（2024 年 3 月 14 日）的情況，本公司不承擔更新這些陳述的義務。

During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations, or AFFO; adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA; and net operating income, or NOI. Please see our press release, supplemental financial information, and Form 10-K posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures.

在本次電話會議中，管理階層可能會參考某些非 GAAP 財務指標，包括調整後的營運資金（AFFO）；調整後的息稅折舊攤提前利潤，或調整後的 EBITDA；以及淨營業收入（NOI）。請參閱我們今天發布的新聞稿、補充財務資訊和 10-K 表，以了解這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳。

With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.

現在，我將把電話轉給我們的聯合董事長兼執行長 David Bistricer。

Thank you, Larry. Good afternoon, and welcome to the fourth-quarter 2023 earnings call for Clipper Realty. I will provide a summary of some of our business performance and some existing new developments, after which JJ will discuss property-level activity, including leasing performance, and Larry will speak to our quarterly financial performance. We will then take your questions.

謝謝你，拉里。下午好，歡迎參加 Clipper Realty 2023 年第四季財報電話會議。我將總結我們的一些業務業績和一些現有的新開發項目，之後 JJ 將討論房地產層面的活動，包括租賃業績，拉里將談論我們的季度財務業績。然後我們將回答您的問題。

I'm pleased to report that we have recorded record operating income and AFFO, continuing the positive trends from previous quarters. Rental demand continues to be strong at all our properties. In the fourth quarter, Livingston exceeded prior rents by 6% across the entire market-based portfolio, and our properties were 98% leased.

我很高興地報告，我們的營業收入和 AFFO 均創歷史新高，延續了前幾季的正面趨勢。我們所有物業的租賃需求持續強勁。第四季度，利文斯頓整個基於市場的投資組合的租金比之前高出 6%，我們的房產 98% 已出租。

As for Tribeca House property in Manhattan and the Clover House property in Brooklyn, new leases were $8 per square foot. And overall rental levels remain at record levels, $78 at Tribeca House, $81 at Clover House, 40% better than the $63 square foot at the end of December 2021.

至於曼哈頓的 Tribeca House 房產和布魯克林的 Clover House 房產，新租約約為每平方英尺 8 美元。整體租金水平仍保持在創紀錄水平，Tribeca House 為 78 美元，Clover House 為 81 美元，比 2021 年 12 月底的 63 平方英尺高出 40%。

At Flatbush Gardens, since July, as previously announced, we're operating under a 40-year agreement according to the Article 11 of the Private Housing Finance Law in New York City Housing Preservation and Development. Under this agreement, known as Article 11, the elimination of real estate taxes and enhanced rental recoveries for assisted tenants should allow us to profitably provide for our communities for property improvement, tenant assistance, and higher wages. Of course, we are at the early stages, and we'll report our progress as we move forward.

在 Flatbush Gardens，正如先前宣布的那樣，自 7 月起，我們將根據紐約市住房保護和開發私人住房融資法第 11 條，按照為期 40 年的協議進行運營。根據這項協議（即第 11 條），取消房地產稅並提高受援助租戶的租金回收率，應使我們能夠為我們的社區提供有利可圖的財產改善、租戶援助和更高的工資。當然，我們還處於早期階段，隨著我們的進展，我們將報告我們的進展。

Operationally, we are also very pleased to report that our ground-up development project of Pacific House at 1010 Pacific Street in Brooklyn came online last quarter on budget and is 100% leased and on target to yield a 7% cap rate. The property is located in Prospect Heights, Brooklyn, about 1 mile from the Atlantic Terminal Barclays Center hub. The property has 175 units, 70% free market, and a 30% affordable, and this is tax-abated for 35 years.

在營運方面，我們也非常高興地報告，我們位於布魯克林太平洋街 1010 號的 Pacific House 底層開發項目已於上季度按預算上線，並已 100% 出租，目標是實現 7% 的資本化率。該物業位於布魯克林的 Prospect Heights，距離大西洋碼頭巴克萊中心樞紐約 1 英里。該房產有175個單位，70%自由市場，30%可負擔，而且這是35年的減稅。

At the nearby 953 Dean Street ground-up development, which is underway, we are completing the superstructure as scheduled, expected to complete the construction on time for 2025 leasing season, utilizing the $123 million on a construction loan we closed on last quarter.

在附近正在進行的 Dean Street 953 號地面開發案中，我們正在按計劃完成上層建築，預計將利用我們上季度結清的 1.23 億美元建築貸款在 2025 年租賃季按時完成施工。

We purchased the land in 2021 and '22, of which to build a nine-storey fully-amenitized residential building with 163,000 square feet of rentable square feet, 240 units, 70% free market, 30% affordable, 8,500 commercial rental square feet. And again, this is also tax-abated for 35 years.

我們於2021 年和22 年購買了這塊土地，其中用於建造一棟九層設施齊全的住宅樓，可出租面積為163,000 平方英尺，有240 個單位，70% 自由市場，30% 經濟適用房，8,500 平方英尺商業出租。再說一遍，這也是減稅35年的。

As the continued high interest rate environment, we believe the higher rates make for high demand for our rental product versus the purchase option, and we are buttress by the relatively long duration of debt at our operating profits. Our debt is 93% fixed at an average rate of 3.8% and average duration of 5.5 years, non-recourse, subject to limited standard carve-outs, and is not cross-collateralized by anyone of the properties. We finance our properties on an asset-by-asset basis.

由於持續的高利率環境，我們認為較高的利率會導致對我們的租賃產品相對於購買選擇的更高需求，並且我們的營業利潤中相對較長的債務期限支撐著我們。我們的債務 93% 固定，平均利率為 3.8%，平均期限為 5.5 年，無追索權，受有限的標準剝離限制，並且不由任何財產進行交叉抵押。我們以逐項資產為基礎為我們的房產提供融資。

With respect to inflation, we look to the short duration and high demand for residential leases to allow us to cover increased operating expenses.

就通貨膨脹而言，我們希望住宅租賃的期限短且需求高，以便我們能夠支付增加的營運費用。

With regard to our fourth-quarter results, we are reporting quarterly revenue at $34.9 million, record NOI of $20 million, and record AFFO of $6.3 million as a result of the strong leasing and cost reduction I just mentioned. These results represent significant improvements over the fourth quarter last year and as JJ and Larry will further detail.

關於我們第四季度的業績，由於我剛才提到的強勁租賃和成本削減，我們報告的季度收入為 3490 萬美元，NOI 創紀錄的 2000 萬美元，AFFO 創紀錄的 630 萬美元。這些結果比去年第四季有了顯著改善，JJ 和 Larry 將進一步詳細介紹。

I will now turn the call over to JJ, who will provide an update on operations.

我現在將把電話轉給 JJ，他將提供最新的營運情況。

Thank you. I am pleased to report that our residential leasing performance at all our properties continues to improve. At the end of the fourth quarter, all our residential properties had very high occupancy averaging 98%, and rents are continuing at record levels while still recording increases over previous levels. Overall, new lease and renewal rental rates in the fourth quarter exceeded previous rents by over 6% at our free market properties.

謝謝。我很高興地報告，我們所有物業的住宅租賃表現持續改善。截至第四季末，我們所有住宅物業的入住率非常高，平均為 98%，租金繼續保持創紀錄水平，同時仍較之前水平有所增長。總體而言，我們的自由市場物業第四季度的新租約和續租租金率比之前的租金高出了 6% 以上。

We expect leasing to remain very strong in the foreseeable future as demand remains high and overall rental housing supply remains constrained in the absence of significant new developments as widely publicized.

我們預計，在可預見的未來，租賃將保持強勁，因為需求仍然很高，而且由於缺乏廣泛宣傳的重大新開發項目，整體租賃住房供應仍然受到限制。

At Tribeca House and Clover House, we have maintained leased occupancy between 96% to 99% and increased average rent per square foot to $78 per square foot from $71 over the last 12 months and $63 per square foot near the end of the pandemic.

在Tribeca House 和Clover House，我們將租賃率維持在96% 至99% 之間，並將每平方英尺平均租金從過去12 個月的每平方英尺71 美元和疫情結束時的每平方英尺63 美元提高到每平方英尺78 美元。

And our new development property, Pacific House, is almost fully stabilized. The 70% free market and 30% affordable property came online at the beginning of the second quarter and was 100% leased at the end of this quarter. We expect the property to achieve a cap rate over 7% in 2024 in line with original underwriting.

我們的新開發物業 Pacific House 幾乎完全穩定下來。70%的自由市場和30%的經濟適用房於第二季初上線，並於本季末100%出租。我們預計該物業到 2024 年將實現超過 7% 的上限利率，與最初的承銷一致。

At the Flatbush Gardens property, we are pleased to be operating under the new Article 11 agreement made with the Housing Preservation Department of New York City that was completed on June 29, 2023. We received the full abatement of real estate taxes beginning July 1, have begun completing the capital projects we committed, have begun placing formerly owns residents, and have begun obtaining the enhanced reimbursement under Section 610 of the Private Housing Finance Law for tenants receiving assistance. The benefits we receive will allow us to profitably improve the property.

在 Flatbush Gardens 物業，我們很高興能夠根據與紐約市住房保護部於 2023 年 6 月 29 日簽署的新的第 11 條協議進行運營。自7 月1 日起，我們獲得了房地產稅的全額減免，已開始完成我們承諾的資本項目，已開始安置以前擁有的居民，並已開始根據《私人住房融資法》第610 條為接受援助的租戶獲得增強的報銷。我們收到的好處將使我們能夠對房產進行有利可圖的改善。

We are also getting increases from non-assisted tenants, where increases have been permitted under Rent Guidelines Board for the last couple of years at the 3% level per annum. As a result, overall average rents for the property are increasing, rising to $26.69 per square foot at the end of the quarter versus $25.97 at the end of the last year.

我們也收到非受助租戶的加價，過去幾年租金指導委員會允許這些租戶以每年 3% 的水平加價。因此，該物業的整體平均租金正在上漲，本季末升至每平方英尺 26.69 美元，而去年年底為每平方英尺 25.97 美元。

Operationally, our other residential properties at 10 West 65th Street, Aspen, and 250 Livingston Street continue to perform well. Average lease occupancy for these properties has been above 96%, and average rental rates have increased 11% from a year ago. Rent collections across our portfolio remain as expected at seasonally high levels. The overall collection rate in the fourth quarter was over 95% despite the lingering challenges of the pandemic.

在營運方面，我們位於阿斯彭西 65 街 10 號和利文斯頓街 250 號的其他住宅物業繼續表現良好。這些物業的平均出租率已超過96%，平均租金較去年同期上升11%。我們整個投資組合的租金收入仍符合預期，處於季節性高水準。儘管疫情挑戰依然存在，第四季整體收款率仍超過95%。

Looking ahead, we remain focused on optimizing occupancy, pricing, and expenses across the business, expeditiously completing our development projects and fully implementing the Article 11 transaction to best position ourselves for growth.

展望未來，我們仍然專注於優化整個業務的入住率、定價和費用，迅速完成我們的開發項目並全面實施第 11 條交易，為我們的成長做好最佳準備。

I will now turn the call over to Larry, who will discuss our financial results.

我現在將把電話轉給拉里，他將討論我們的財務表現。

Thank you, JJ. For the fourth quarter, revenues increased to a record $3.9 million (sic - see press release, "$34.9") from $33 million last fourth quarter by $1.9 million, or excluding the impact of Pacific House that came online in the second quarter, an increase of $0.7 million.

謝謝你，傑傑。第四季的收入從上一季的 3,300 萬美元增至創紀錄的 390 萬美元（原文如此，「34.9 美元」），增加了 190 萬美元，或者排除第二季上線的 Pacific House 的影響，增幅70 萬美元。

NOI this quarter was $20 million, an increase of $2.8 million from last year, or $2 million, excluding the impact of Pacific House. AFFO this year was $6.3 million, an increase of $1.6 million from last year, or $1.9 million excluding the impact of Pacific House, which reflected full interest expense since going online, but only partial initial lease-up.

本季的 NOI 為 2000 萬美元，比去年增加了 280 萬美元，即 200 萬美元，不包括 Pacific House 的影響。今年的 AFFO 為 630 萬美元，比去年增加了 160 萬美元，扣除 Pacific House 的影響即為 190 萬美元，該影響反映了上線以來的全部利息支出，但僅反映了部分初始租賃費用。

For the fourth quarter, residential revenue increased to $25.1 million by $2.1 million, or a $1 million revenue increase excluding the impact of Pacific House. This 4% increase was primarily due to higher residential rental rates for all properties from continued strong leasing previously discussed.

第四季住宅收入增加了 210 萬美元，達到 2,510 萬美元，排除 Pacific House 的影響，收入增加了 100 萬美元。4% 的成長主要是由於前面討論的持續強勁的租賃導致所有房產的住宅租金上漲。

Bad debt expense was substantially the same as last year reflecting high and stabilized collections. A $300,000 decline in commercial rental income was caused by a couple of leases at the Aspen property that are being replaced.

壞帳費用與去年基本相同，反映收款金額較高且穩定。阿斯彭房產的幾項租約被替換，導致商業租金收入下降了 30 萬美元。

On the expense side, key year-over-year changes quarter on quarter were as follows. Property operating expenses were flat compared to last year, excluding the impact of Pacific House, primarily due to lower utilities costs, mostly offset by higher repairs and maintenance and payroll at the Flatbush Gardens property to make necessary repairs and to comply with wage requirements under the Article 11 transaction.

在費用方面，季度環比主要同比變化如下。排除Pacific House 的影響，物業運營費用與去年持平，主要是由於公用事業成本降低，大部分被Flatbush Gardens 物業更高的維修和保養以及工資所抵消，以進行必要的維修並遵守《工資標準》下的工資要求。第十一條交易。

Real estate taxes and insurance decreased by approximately $1.3 million in the fourth quarter year on year, excluding the impact of Pacific House; $1.8 million due to elimination of real estate taxes at Flatbush Gardens; partially offset by $200,000 for routine increases in real estate taxes at the other properties; and $300,000 for insurance cost increases.

房地產稅和保險第四季年減約130萬美元，剔除太平房的影響；由於取消了弗拉特布什花園的房地產稅，180萬美元；部分抵銷其他房產房地產稅例行增加的 20 萬美元；保險費用增加 30 萬美元。

General and administrative costs decreased by $300,000 in the fourth quarter year on year, primarily due to lower audit costs and compensation-related expenses. Interest expense increased by $300,000 in the fourth quarter year on year, excluding the impact of Pacific House, due to conversion of the debt at the 10 West 65th property to variable rate according to its terms and the elimination of capitalized interest for Pacific House.

第四季一般及行政費用年減 30 萬美元，主要是由於審計費用和薪酬相關費用減少。排除 Pacific House 的影響，第四季度利息支出年增 30 萬美元，原因是 10 West 65th 房產的債務根據其條款轉換為浮動利率，並且消除了 Pacific House 的資本化利息。

With regard to our balance sheet, we have $22.2 million of unrestricted cash and $14.1 million of restricted cash. In the fourth quarter, we had no new debt activity other than draws under the construction loan that we closed last quarter for our Dean Street property development.

就我們的資產負債表而言，我們擁有 2,220 萬美元的非限制性現金和 1,410 萬美元的限制性現金。在第四季度，除了我們上季度為迪恩街房地產開發項目關閉的建築貸款中提取的資金外，我們沒有新的債務活動。

We financed our portfolio on an asset-by-asset basis. Our operating debt is non-recourse, subject to limited standard carve-outs, and is not cross-collateralized. The average duration of debt of our operating properties is 5.5 million -- 5.5 years, and 93% of our debt at our operating properties is fixed rate at an average rate of 3.87%.

我們以逐項資產為基礎為我們的投資組合提供資金。我們的經營債務是無追索權的，受到有限的標準例外限制，並且沒有交叉抵押。我們經營性物業的平均債務期限為 550 萬 - 5.5 年，我們經營性物業的債務中有 93% 是固定利率，平均利率為 3.87%。

Today, we are announcing a dividend of $0.095 per share for the fourth quarter, the same amount as last quarter. The dividend will be paid on April 4, 2024 to shareholders of record on March 27, 2024.

今天，我們宣布第四季每股股息 0.095 美元，與上季持平。股利將於2024年4月4日支付給2024年3月27日登記在冊的股東。

Let me turn the call back to David for concluding remarks.

讓我把電話轉回給大衛做總結發言。

Thank you, Larry. We remain focused on efficiently operating our portfolio. We look for our current operating improvements to continue through 2024 into '25. We look forward to capitalizing a myriad of growth opportunities, including optimizing Flatbush Gardens Article 11 transaction, Pacific House, the 953 Dean Street developments, and capitalizing other possibilities that may present themselves. We look forward to the transition of the 250 Livingston tenant and of the VCAS lease, which is coming up at the end of 2025.

謝謝你，拉里。我們仍然專注於有效運作我們的投資組合。我們希望目前的營運改善能夠持續到 2024 年至 25 年。我們期待著利用無數的成長機會，包括優化 Flatbush Gardens Article 11 交易、Pacific House、953 Dean Street 開發項目，並利用其他可能出現的可能性。我們期待 250 名利文斯頓租戶和 VCAS 租賃的過渡，該過渡將於 2025 年底完成。

Thank you. We look forward to seeing you in the next quarter.

謝謝。我們期待在下個季度見到您。

(Operator Instructions) Buck Horne, Raymond James.

（操作說明）Buck Horne，Raymond James。

Hey, good afternoon, guys. I was wondering if we could start with just 250 Livingston and the situation with the lease and the notification that the City of New York plans to vacate.

嘿，下午好，夥計們。我想知道我們是否可以從 250 利文斯頓以及租賃情況和紐約市計劃騰出的通知開始。

Just can you walk us through what the next steps are in terms of either trying to re-tenant the building or what your options are if re-leasing the space is not realistic? Do you -- you have a $125 million mortgage out on the property, does it make sense at some point to consider just handing the keys back?

您能否向我們介紹下一步是嘗試重新租用該建築物，還是如果重新租用該空間不現實，您的選擇是什麼？您是否—您的房產有 1.25 億美元的抵押貸款，在某些時候考慮將鑰匙歸還是否有意義？

We think that's a premature type of a conversation. The city was -- basically VCAS, who organizes all the leases for the city, is looking -- is in the marketplace for a new building occupation from about 300,000-something square feet by one of the affiliated agencies.

我們認為這種對話還為時過早。該市——基本上是為該市組織所有租賃的 VCAS 正在尋找——正在市場上由附屬機構之一尋找佔地約 300,000 平方英尺的新建築。

We are told that this building at 250 and the other building we have at 141 is a prime candidate for us. There's no guarantee, obviously, that we will be awarded that opportunity. But we're working diligently to try to get that tenant into our building. That would be an improvement of what we have right now. And we are in a position to be able to renovate that building if we had to accommodate a new tenant.

我們被告知，這座位於 250 號的大樓和位於 141 號的另一棟大樓是我們的主要候選建築。顯然，我們不能保證我們一定會獲得這個機會。但我們正在努力爭取讓該租戶入住我們的大樓。這將是我們現在所擁有的改進。如果我們必須容納新租戶，我們有能力翻新建築物。

We have an excellent relationship with VCAS over the many, many years. And in that particular marketplace, I think we're in a good position for the cost basis that we have in the building to be able to compete very aggressively in the marketplace to the tenant, the rent that they're looking for. That's only one option, and that's the one that we're most focused on at the moment.

多年來，我們與 VCAS 保持著良好的關係。在那個特定的市場中，我認為我們在建築成本基礎上處於有利地位，能夠在市場上與租戶以及他們所尋求的租金進行非常積極的競爭。這只是一種選擇，也是我們目前最關注的選擇。

Okay, appreciate that. Do you have any idea realistically what the cost to put in the tenant improvements or additional CapEx in the 250 Livingston? Any range of investment on what that would cost to get that ready for a new tenant?

好的，謝謝。您是否真正了解 250 Livingston 的租戶改善或額外資本支出的成本是多少？為新租戶做好準備所需的投資範圍是多少？

We don’t know yet because we haven't got that granular with this conversation. But usually, the way it would work is whatever we were putting into the building would be met by -- obviously, we're making $50 a foot on that particular tenancy. It's not a very high rent for the marketplace, but it was a fair rent for the condition of the building and the tenant.

我們還不知道，因為我們還沒有對這次對話進行詳細了解。但通常情況下，它的運作方式是我們在大樓裡投入的任何東西都會得到滿足——顯然，我們在那個特定的租約上每英尺賺 50 美元。對於市場來說，這不是一個很高的租金，但對於建築物和租戶的狀況來說，這是一個公平的租金。

Any money that we invest in the property will be always tested by return on equity to commensurate the lease at our investment. We were just putting the money to the building to get back a fair return on it. So it will be a long-term lease. It will be for accredited lease tenant. VCAS leases are all accredited at good credit. So that wouldn't be commensurate without those two things, the creditors and the tenant and also the amount of money.

我們投資於房產的任何資金都將始終透過股本回報率進行測試，以與我們投資的租賃相稱。我們只是把錢投入到這棟建築中以獲得公平的回報。所以這將是一個長期租賃。它將適用於經認可的租賃租戶。VCAS 租賃均獲得良好信用認證。因此，如果沒有債權人和租戶以及金額這兩件事，那就不相稱。

Usually, what they're looking to do is not that most commercial tenant ask for a lot more luxury types of improvements. This is a really very, very, I think, bare-bones kind of an operation that the agencies look for. So we will have more details than that. Right now, we'll see as we go along. We will report when we have something to report.

通常，他們想要做的並不是大多數商業租戶要求更多豪華類型的改進。我認為，這確實是各機構所尋求的一種非常非常簡單的操作。所以我們將會有更多的細節。現在，我們邊走邊看。當我們有需要報告的事情時，我們會報告。

Got it, got it. And for now, the -- any income and revenue from the building goes into an escrow account. Is that how this works until -- what requirements may be satisfied before you can start continue booking revenue from the building again?

明白了，明白了。目前，該建築的任何收入和收入都會存入託管帳戶。這是如何運作的，直到 - 在您可以再次開始繼續從建築物預訂收入之前，可以滿足哪些要求？

The revenue is a revenue. Nothing can stop the revenue. So that at least the revenues will be reported by the company, and it's taxable by the company whatever tax it is. It's our revenue. Whether there's going to be an escrow account, yeah, that has not been determined yet.

收入就是收入。沒有什麼可以阻止收入。這樣至少公司會申報收入，無論稅費是多少，公司都應繳稅。這是我們的收入。是的，是否會有託管帳戶，目前尚未確定。

Okay. Got it. And my last one is just simply just from a larger or a bigger picture, I guess, just noting where shares are trading and relative to even our estimates of what the NAV of the company is. Is there a consideration or longer-term thought of does it make sense to look at a potential property sale to try to either delever the balance sheet and/or potentially deploy some proceeds in the stock repurchases?

好的。知道了。我想，我的最後一個只是從一個更大的或更大的圖片來看，只是注意到股票的交易位置，甚至與我們對公司資產淨值的估計有關。是否考慮或長期考慮考慮潛在的房地產出售以嘗試去槓桿化資產負債表和/或可能將一些收益用於股票回購是否有意義？

We haven't yet discussed that yet with the property. The value of the stock -- the price of the stock has been where it is for quite some time. Obviously, we cannot think indicative where the overall market is. That discussion has not yet been considered yet that you're referencing.

我們尚未與酒店討論此事。股票的價值－股票的價格已經維持了相當長一段時間了。顯然，我們無法預測整體市場的情況。您所引用的討論尚未被考慮。

Got it. All right, guys. Thanks.

知道了。好吧，夥計們。謝謝。

Thank you.

謝謝。

(Operator Instructions) I would now like to turn the floor back to management for closing remarks.

（操作員指示）我現在想請管理階層發表結束語。

Thank you for joining us today. We look forward to speaking with you again soon. Have a good evening.

感謝您今天加入我們。我們期待很快再次與您交談。祝你晚上愉快。

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。女士們先生們，今天的電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。