Creative Media & Community Trust Corporation (CMCT) 2024 Q3 法說會逐字稿

Hello and welcome to the Creative Media and Community Trust. Third quarter, 2024 earnings call,

您好，歡迎來到創意媒體和社區信託基金。2024 年第三季財報電話會議，

(Operator Instructions)

（操作員說明）

I would now like to hand the call to Steve Altebrando. Please go ahead.

我現在想把電話轉給史蒂夫·阿爾特布蘭多。請繼續。

Hello, everyone and thank you for joining us.

大家好，感謝您加入我們。

My name is Steve Altebrando, the portfolio oversight for CMCT.

我叫 Steve Altebrando，是 CMCT 的投資組合主管。

Also on the call today are David Thompson, our Chief Executive Officer and Barry Berlin, our Chief Financial Officer.

今天參加電話會議的還有我們的執行長 David Thompson 和我們的財務長 Barry Berlin。

This call is being webcast and will be temporarily archived on the investor relations section of our website where you can also find our earnings release. Our earnings release includes a reconciliation of nongaap financial measures discussed during today's call.

本次電話會議正在網路上直播，並將暫時存檔在我們網站的投資者關係部分，您也可以在其中找到我們的收益發布。我們的收益發布包括今天電話會議中討論的非公認會計準則財務指標的調節表。

During this call. We will make forward-looking statements. These forward-looking statements are based on the beliefs of assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and other factors that are beyond our control or ability to predict.

在這次通話過程中。我們將做出前瞻性陳述。這些前瞻性陳述是基於我們所做的假設和目前可獲得的資訊。我們的實際結果將受到已知和未知的風險、趨勢、不確定性以及其他超出我們控製或預測能力的因素的影響。

Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect.

儘管我們相信我們的假設是合理的，但它們並不能保證未來的業績，而且有些假設會被證明是不正確的。

Therefore, our actual future results can be expected to differ from our expectations and those differences may be material for a more detailed description of potential risks. Please refer to our sec filings which can be found in the investor relations section of our website.

因此，我們未來的實際結果預計會與我們的預期有所不同，這些差異對於更詳細地描述潛在風險可能很重要。請參閱我們網站的投資者關係部分中的證券交易委員會備案文件。

With that, I'll turn the call over to David Thompson.

這樣，我會將電話轉給大衛湯普森。

Thanks Steve and thank you everyone for joining our call. Today. We continue to work through the challenges in the real estate market, particularly the traditional office asset class, as well as the challenges in the Bay area.

感謝史蒂夫，感謝大家加入我們的電話會議。今天。我們持續應對房地產市場的挑戰，特別是傳統辦公室資產類別，以及灣區的挑戰。

We remain committed to increasing our multifamily portfolio as well as reducing our traditional office assets. A strategy that we have pursued for more than two years and believe is best suited for the current market environment.

我們仍然致力於增加我們的多戶投資組合併減少我們的傳統辦公資產。我們已經實施了兩年多的策略，並認為該策略最適合當前的市場環境。

In the third quarter, we announced actions to accelerate our focus towards premier multifamily assets. These steps are also aimed at strengthening our balance sheet and improving our liquidity and cash flow. We are making progress against these goals.

第三季度，我們宣布採取行動，加快對優質多戶資產的關注。這些步驟也旨在加強我們的資產負債表並改善我們的流動性和現金流。我們正在朝著這些目標取得進展。

First, we are in the advanced stages of refinancing several of our assets including our Sheraton Grant Hotel and several of our high quality Los Angeles office assets.

首先，我們正處於對多項資產進行再融資的後期階段，其中包括喜來登格蘭特酒店和洛杉磯的一些優質辦公資產。

We intend to use the proceeds from these property level refinancings to fully repay and retire our recourse corporate level credit facility. We plan to invest in your remaining proceeds along with proceeds from future potential asset sales or refinancings principally to acquire additional premier multifamily properties.

我們打算利用這些財產級再融資的收益來全額償還和收回我們的追索權企業級信貸額度。我們計劃投資您的剩餘收益以及未來潛在資產出售或再融資的收益，主要用於收購更多優質多戶住宅。

Second, we continue to make progress on rebalancing our portfolio including through our multifamily development pipeline and the renovation of our hotel asset.

其次，我們繼續在重新平衡我們的投資組合方面取得進展，包括透過我們的多戶住宅開發管道和酒店資產的翻新。

We will continue to evaluate the disposition of assets that do not fit our strategy with respect to our multifamily pipeline. We recently completed an office to multifamily conversion at 4,750 Wilshire and are on track to complete our 36 unit multifamily development in Echo Park in Los Angeles. In the third quarter of 2025 we also just closed a coinvestment in 1,902 Park Avenue, another premier class a apartment property which is located also in Echo Park.

我們將繼續評估不符合我們多戶住宅管道策略的資產處置。我們最近在 4,750 Wilshire 完成了從辦公室到多戶住宅的改造，並預計在洛杉磯 Echo Park 完成 36 個單元的多戶住宅開發。2025 年第三季度，我們也剛完成了 1,902 Park Avenue 的共同投資，這是另一個頂級 A 級公寓物業，也位於 Echo Park。

That transaction provided a cash distribution to CMC and will contribute recurring management fees.

該交易向 CMC 提供了現金分配，並將貢獻經常性管理費。

We believe we have a growing portfolio of premier assets and these steps will better position the company to participate in the real estate recovery.

我們相信，我們擁有不斷成長的優質資產組合，這些步驟將使公司更好地參與房地產復甦。

Turning to our third quarter results, we continue to be impacted by elevated short term interest rates, continued soft rental rates at our Bay area multifamily assets, lower office occupancy and renovation disruption at our hotel with respect to the office we noted last quarter, our largest tenant at one Kaiser Plaza gave back approximately 130,000 square feet at the end of July with respect to our hotel.

談到我們第三季的業績，我們繼續受到短期利率上升、灣區多戶資產租金持續疲軟、辦公室入住率下降以及我們酒店相對於上季度辦公室的裝修中斷的影響。最大租戶於7 月底歸還了我們酒店約13 萬平方英尺的面積。

Our results were significantly impacted this quarter by a temporary disruption from the renovation of our hotel property in Sacramento. However, we anticipate finalizing the room renovation around year end which will be in time for the busier seasonal period typically in the 1st and 2nd quarters of each year.

由於薩克拉門托酒店物業翻修造成的暫時中斷，我們本季的業績受到了重大影響。然而，我們預計在年底左右完成房間裝修，這將趕上通常在每年第一和第二季的繁忙季節。

With that, I will turn it over to Steve to provide a further update on our development pipeline, the portfolio and our co investment activity.

至此，我將把它交給史蒂夫，以提供有關我們的開發管道、投資組合和共同投資活動的進一步更新。

Thanks David. Starting with the coinvestment, we just closed at 1902, Park Avenue, a 75 unit, fully leased apartment community, an international institutional investor acquired a 49% interest in this premier class a apartment property located in Echo Park, a thriving walkable submarket with abundant dining and entertainment options.

謝謝大衛。從共同投資開始，我們剛剛關閉了1902 Park Avenue，這是一個擁有75 個單元的完全出租公寓社區，一家國際機構投資者收購了位於Echo Park 的這一頂級A 級公寓物業49% 的權益，Echo Park 是一個繁榮的步行子市場，擁有豐富的資源。

Proceeds from the investment were used to pay off the mortgage and fund a distribution to C MC T and another C I IC im advised fund, the CMCT and the CIM advised fund each acquired a 50% ownership interest in 1902 Park Avenue in early 2023. In an off market transaction.

投資收益用於償還抵押貸款，並為 C MC T 和另一個 C I IC im 建議基金的分配提供資金，CMCT 和 CIM 建議基金於 2023 年初各自收購了 1902 Park Avenue 50% 的所有權權益。在場外交易中。

After this transaction, CMc T's ownership will decline to about 25.5%. C MC T will earn a management fee and potentially an incentive fee based on future performance.

此次交易後，CMc T的持股比例將下降至25.5%左右。C MC T 將賺取管理費，並可能根據未來業績賺取獎勵費。

This represents C Mc T's second coinvestment where C MC T earns fee income turning to our development pipeline. And as David just mentioned, we have three projects underway or just completed including two multifamily projects in L A and the hotel room renovation in Sacramento.

這是 C Mc T 的第二次共同投資，其中 C MC T 賺取的費用收入轉向我們的開發管道。正如大衛剛才提到的，我們有三個項目正在進行或剛剛完成，包括洛杉磯的兩個多戶住宅項目和薩克拉門託的酒店客房翻新項目。

Starting with our multifamily projects, our office to residential project at 4,750 Wiltshire was completed in the third quarter ahead of schedule with the residential component being renamed 701, South Hudson.

從我們的多戶住宅計畫開始，我們位於威爾特郡 4,750 號的辦公住宅計畫於第三季提前完工，住宅部分更名為 701, South Hudson。

The asset is located in Hancock Park, an affluent residential submarket of L A where housing is supply constrained.

該資產位於漢考克公園，這是洛杉磯的一個富裕住宅子市場，該市場的住房供應有限。

The property was previously a three story office building and the ground floor creative office is 100% leased and the top two floors were converted to 68 high end four rent residential units leasing has commenced and as of today, the residential portion is currently 10% leased.

該物業以前是一棟三層辦公大樓，底層創意辦公室已 100% 出租，頂層兩層改建為 68 套高端四層出租住宅單元，租賃已開始，截至今日，住宅部分目前 10% 出租。

We are also evaluating additional multifamily development opportunities at this property on adjacent land that is currently used for surface parking. We are in the initial stages of seeking entitlements.

我們也正在評估該房產位於目前用於地面停車場的鄰近土地上的額外多戶住宅開發機會。我們正處於尋求權利的初始階段。

Our second multifamily development is 1,915 Park in Echo Park which has an expected mid 2025 delivery upon completion, the new seven story building will feature 36 units. The building is currently being topped off with rough and work underway.

我們的第二個多戶住宅開發案是位於 Echo Park 的 1,915 Park，預計將於 2025 年中期竣工後交付，這座新的七層建築將擁有 36 個單元。目前，該建築正在進行毛坯封頂工作。

Turning to our hotel. Our $21 million room renovation at the Sheridan Grand Sacramento which began in July includes a refresh of ALL503 rooms. We have completed nearly 300 rooms so far and we expect to complete the project around the end of 2024 which is also ahead of our original schedule.

轉向我們的酒店。我們於 7 月開始耗資 2,100 萬美元對 Sheridan Grand Sacramento 酒店進行客房翻新，其中包括對 ALL503 間客房進行翻新。到目前為止，我們已經完成了近300個房間，我們預計在2024年底左右完成該項目，這也比我們原定的時間表提前了。

We believe this renovation will be especially beneficial to the asset as it is one of just two hotels located directly across the street from Sacramento's Convention Center which itself completed a major renovation and expansion in 2021 according to our operating portfolio on a consolidated basis. At quarter end, our multifamily segment was about 92% occupied excluding the recently opened seven and one South Hudson property.

我們相信，此次翻修將對該資產特別有利，因為它是薩克拉門托會議中心街對面僅有的兩家酒店之一，根據我們的綜合運營組合，該會議中心本身已於2021 年完成了重大翻修和擴建。截至季末，我們的多戶住宅市場的入住率約為 92%，不包括最近開業的 7 個和 1 個 South Hudson 房產。

This compares to 79.3% at the end of 2023.

相較之下，2023 年底這一比例為 79.3%。

This increase is largely driven by a significant improvement in occupancy at our channel house and 1,150 clay multifamily assets in Oakland.

這一增長主要是由於我們位於奧克蘭的海峽住宅和 1,150 套粘土多戶住宅的入住率顯著提高。

Our achieved rental rates have been below expectations as the market continues to absorb the high level of supply added across Oakland in 2018 through 2022.

隨著市場持續吸收奧克蘭 2018 年至 2022 年新增的高供應量，我們實現的租金率一直低於預期。

Given the still elevated cost to develop, we believe the local rents would need to increase dramatically before it is economical to see new multifamily construction. Therefore, we expect minimal new supply for the foreseeable future and eventually market rent growth.

鑑於開發成本仍然較高，我們認為當地租金需要大幅上漲，新的多戶住宅建設才具有經濟性。因此，我們預期在可預見的未來，新增供應量將很少，最終市場租金也會成長。

Turning to office overall, our office lease percentage declined to 72.9% at the end of the quarter from 83.5% last quarter. Primarily due to the lower occupancy at our One Oakland office building, a traditional office investment that does not fit our current strategy with that. I'll turn it over to Barry.

就辦公室整體而言，我們的辦公室租賃率從上季的 83.5% 下降至本季末的 72.9%。主要是由於我們的 One Oakland 辦公大樓入住率較低，這是一項傳統的辦公投資，與我們目前的策略不符。我會把它交給巴里。

Thank you, Steve.

謝謝你，史蒂夫。

Good morning.

早安.

I will be going over some of our financial highlights for the third quarter starting with our segment. No, I, which was $7.6 million for the third quarter of 2024. Compared to $11.2 million in the prior year. Comparable period. A decrease of $3.6 million broken down by our four segments. We experienced decreases of $3.9 million in our office segment and $950,000 in our hotel segment, which were partially offset by increases of $900,000 and $320,000 respectively. In our multifamily and lending business segments.

我將從我們的部門開始回顧第三季的一些財務亮點。不，我，2024 年第三季的營收為 760 萬美元。相比之下，去年為 1120 萬美元。可比時期。按我們的四個部門劃分，減少了 360 萬美元。我們的辦公部門減少了 390 萬美元，酒店部門減少了 95 萬美元，但分別被增加了 90 萬美元和 32 萬美元部分抵消了。在我們的多戶住宅和貸款業務領域。

Our office segment decrease of $3.9 million in net O I to $5.4 million from $9.3 million was primarily driven by the pickup of earnings from our unconsolidated office entities which collectively experienced net unrealized losses on their investments in real estate during the current quarter compared to net unrealized gains in Q3 last year.

我們的辦公部門淨O I 減少390 萬美元，從930 萬美元降至540 萬美元，主要是由於我們未合併辦公實體的收益回升，與未實現淨收益相比，這些實體在本季度的房地產投資中集體經歷了未實現淨虧損去年第三季。

Additionally, we saw an increase in operating expenses at our consolidated properties primarily at an office property in Oakland, California and an office property in Austin, Texas.

此外，我們的合併物業的營運費用增加，主要是加州奧克蘭的辦公物業和德州奧斯汀的辦公物業。

Our hotel segment decrease of $950,000 in no I to $970,000 for the third quarter of 2024. From $1.9 million in the third quarter. Last year was primarily attributable to a decrease in occupancy which was negatively impacted by construction related to hotel renovations that began during the third quarter of 2024.

我們的飯店業務第一季減少 95 萬美元，至 2024 年第三季的 97 萬美元。第三季為 190 萬美元。去年的主要原因是入住率下降，而入住率下降受到 2024 年第三季開始的飯店裝修相關施工的負面影響。

Our multifamily segment increase of approximately $900,000 in no I to a profit of $510,000 from a loss of $390,000 for the third quarter. Last year, the improvement was primarily due to higher occupancy and higher monthly rent per occupied unit net of rent concessions at our multifamily properties in Oakland, California and our lending division increase of $325,000 in no I to approximately $690,000 from $365,000 for the third quarter. Last year was primarily due to decreased interest expense resulting from principal repayments on our SB A seven a loan back notes in our non segment expenses. We had a significant decrease in depreciation and amortization of $9.7 million which was driven by the full amortization during 2023 of the acquired in place and tangible assets for our Oakland assets while there was no amortization for acquired in place lease intangible assets during 2024.

我們的多戶住宅部門在第三季虧損 39 萬美元，第二季增加了約 90 萬美元，利潤達到 51 萬美元。去年，這項改善主要是由於我們位於加州奧克蘭的多戶住宅的入住率和每個佔用單位的月租金（扣除租金優惠）有所提高，以及我們的貸款部門從第三季度的365,000 美元增加到了約69 萬美元，第一期增加了32.5 萬美元。去年主要是由於我們的非部門費用中的 SB A 7 貸款支持票據本金償還導致利息費用減少。我們的折舊和攤銷大幅減少了 970 萬美元，這是由於我們的奧克蘭資產在 2023 年全額攤銷了就地收購的有形資產，而 2024 年就地收購的租賃無形資產沒有攤銷。

Also of importance is our election to redeem a total of approximately $2.6 million shares of series A one preferred stock and $2.2 million shares of series A preferred stock. In late September 2024 we paid for these redemptions through the issuance of shares of our common stock which in total amounted to approximately $60.5 million shares.

同樣重要的是，我們選擇贖回總計約 260 萬美元的 A 系列優先股和 220 萬美元的 A 系列優先股。2024 年 9 月下旬，我們透過發行總價值約 6,050 萬美元的普通股來支付這些贖回費用。

Concurrent with such redemption, we suspended our offering of the series A one preferred stock.

在進行此類贖回的同時，我們暫停了 A 系列優先股的發行。

The redemption caused us to record approximately $16 million as a reduction of net income available to common stockholders.

這筆贖回導致我們普通股股東的淨利潤減少了約 1,600 萬美元。

The preferred redemptions are part of our ongoing efforts to improve our liquidity and FFO and based on the current fed funds rate will reduce our preferred dividend by nearly $8 million per year.

優先贖回是我們持續努力改善流動性和 FFO 的一部分，根據目前的聯邦基金利率，我們的優先股股息每年將減少近 800 萬美元。

Our FFO was a negative $1 per diluted share compared to negative 31¢ in the prior year comparable period. And our core FFO was a negative 40¢ per diluted share compared to a negative 29¢ in the prior year comparable period.

我們的 FFO 稀釋後每股收益為負 1 美元，而去年同期為負 31 美分。我們的核心 FFO 稀釋後每股收益為負 40 美分，而去年同期為負 29 美分。

The decrease in FFO was primarily caused by the redeemable preferred stock redemptions of $15.7 million and the decrease of $3.6 million in segment no, I the decrease in core FFO was driven by the previously mentioned decrease in segment noi but not impacted by the increase in redeemable preferred stock redemptions. As these are excluded from our core FFO calculation, we can now open the line for questions.

FFO 的減少主要是由於可贖回優先股贖回1,570 萬美元以及第I 部門減少360 萬美元造成的。股增加的影響優先股贖回。由於這些被排除在我們的核心 FFO 計算之外，我們現在可以打開提問熱線。

(Operator Instructions)

（操作員說明）

Today's first question comes from John Maoka with B Riley Securities. Please go ahead.

今天的第一個問題來自 B Riley 證券公司的 John Maoka。請繼續。

Good morning.

早安.

Maybe he's going up first to the, he's going first to the the preferred conversion.

也許他會先進行，他會先進行首選轉換。

You maybe provide some color on. And the drivers behind the decision to convert those into common equity. And I guess maybe longer term.

你也許可以提供一些顏色。以及將其轉換為普通股的決定背後的驅動因素。我想也許是更長期的。

What's the potential for more conversions going forward?

未來更多轉化的潛力有多大？

Sure, this is David. I'll, take a shot at that and see if you can fill in if I miss anything. I mean, as we noted in our press release and our discussions and we're very focused on strengthening the balance sheet, improving cash flow, focusing on liquidity. You know, we've long said that our target capital structure has about 40% common equity and what we've seen over the last couple of years with the values of real estate going down because of interest rates and particularly for us challenges in the Bay Area, you know, that had gotten out of balance.

當然，這是大衛。我會嘗試一下，看看如果我遺漏了什麼，你是否可以補充。我的意思是，正如我們在新聞稿和討論中指出的那樣，我們非常注重加強資產負債表、改善現金流、關注流動性。你知道，我們早就說過，我們的目標資本結構約為40% 的普通股，過去幾年我們所看到的情況是，由於利率的影響，尤其是我們在房地產領域面臨的挑戰，房地產價值不斷下降。

So this helps us in that regard and it also helps us with again taking more proactive steps to improve cash flow. So we, you know, we save on the the cash preferred dividend by converting it into common. And again, this kind of aligns with some of the other things we we've talked about doing, including, you know, being in the advanced stages of refinancing the hotel and several of our high quality L A office assets.

因此，這在這方面對我們有幫助，也有助於我們再次採取更積極的措施來改善現金流。所以，你知道，我們將現金優先股股息轉換為普通股來節省現金。再說一遍，這與我們討論過的其他一些事情是一致的，包括，你知道，正處於酒店再融資的後期階段以及我們在洛杉磯的一些優質辦公資產。

And, and again, to put us in a better position to be, again, focused on strengthening the balance sheet and improving the cash flow, I think, with respect to going forward, I mean, it's something we just have to continue to evaluate, you know, ultimately, that will be a decision of our board, but it's something that we're, we're keeping an eye on and again, don't have a view one way or the other at this point, but it's something where we'll continue to evaluate.

而且，為了讓我們處於更好的位置，再次專注於加強資產負債表和改善現金流，我認為，就未來而言，我的意思是，我們必須繼續評估這一點，你知道，最終，這將是我們董事會的決定，但這是我們正在關注的事情，我們一次又一次地沒有任何看法，但它是我們將繼續評估。

Okay. is there a certain kind of conversion price that is off putting to doing more going forward? I mean, you know, the stock obviously has been down significantly, you know, the common equity has been down significantly since the conversion happened.

好的。是否存在某種特定的轉換價格會阻礙未來採取更多行動？我的意思是，你知道，股票顯然已經大幅下跌，你知道，自從轉換發生以來，普通股已經大幅下跌。

And I don't know if that, you know, if you and the board find that off putting for more conversions going forward or if it's just kind of, this is something that, that needs to happen in order to right size, you know, where you want the balance sheet to be positioned.

我不知道你和董事會是否發現這種情況阻礙了未來更多的轉換，或者這只是為了調整規模而需要發生的事情，你知道，您希望資產負債表位於何處。

Yeah, I mean, I think they are all factors. We're going to have to look at, we'll have to look at where it's trading. We'll have to look at again, what are the benefits to our liquidity? What are the benefits to begin getting our capital structure back more in line with the target? So it's all going to come into play.

是的，我的意思是，我認為它們都是因素。我們必須看看它的交易地點。我們必須再次審視，對我們的流動性有什麼好處？開始讓我們的資本結構更符合目標有什麼好處？所以這一切都會發揮作用。

And again, ultimately, it will be something the board will have to make a decision on.

最終，這將是董事會必須做出決定的事情。

Okay. And then, you know, in terms of some of the planned future refinancings is there, you know, broad strokes, kind of a range of interest rates, sorry, interest rate savings, you're kind of looking at today as you, as you think about some of those that refinancing activity or is it still, you know, too early.

好的。然後，你知道，就一些計劃中的未來再融資而言，你知道，大體上，有一定的利率範圍，對不起，利率儲蓄，你今天就像你一樣，你會考慮其中一些再融資活動，或者你知道，現在還為時過早。

Steve If you want to take that? I don't know yet.

史蒂夫 如果你想接受這個嗎？我還不知道。

Yeah, I mean, a lot of it is really dependent on the five year which has been pretty volatile of late. But I think more than anything, I think there is an opportunity for interest rate savings, but kind of bigger picture for us is we are shifting our financing strategy more to a property level strategy.

是的，我的意思是，其中很大一部分確實取決於最近非常不穩定的五年。但我認為最重要的是，我認為有機會節省利率，但對我們來說更大的前景是我們正在將融資策略更多地轉向房地產層面的策略。

And you know, there's certain benefits of that including I think just, just lower overall risk to the enterprise. I think there is an opportunity for some interest rates and things and certainly an opportunity to term out our debt extended maturities.

你知道，這樣做有一定的好處，包括降低企業的整體風險。我認為有一些利率和事物的機會，當然也有機會延長我們的債務期限。

So, that's really the driver behind it is really the, I would say that the shift of the strategy as opposed to the rate Yeah, but having said that I do think there are some, some opportunities to, to reduce rate a little bit.

所以，這確實是其背後的驅動因素，我想說的是策略的轉變，而不是利率，是的，但話雖如此，我確實認為有一些機會可以稍微降低利率。

Would you be looking to you know, to create more capital via those refinancings or is it kind of going to be a one for one? And you're just kind of looking to you know, shift stuff positional positionally and then also would the focus be more on fixed or kind of floating? You think at a property level.

您是否希望透過這些再融資創造更多資本，或者這會是一對一的？你只是想知道，改變位置上的東西，然後焦點會更多地放在固定還是浮動上？你在財產層面思考。

There, there is an Opportunity to free up some capital, our our leverage when you look at just pure debt versus our assets is, is, is pretty low. So there is an opportunity to free up some, some capital and which for respect to, for the most part, we're looking at fixed rate.

在那裡，有一個釋放一些資本的機會，當你只考慮純粹債務與我們的資產時，我們的槓桿率非常低。因此，有機會釋放一些資本，而在大多數情況下，我們正在考慮固定利率。

You know, the exception being the hotel where there's a business plan to our term and with respect to the renovation, in which case, you know, we're looking at refinancing that asset right now and it would be a floater and that, and the benefits of that is, it allows you to basically refinance at a later date and without any restrictions of basically prepayments.

你知道，例外的是酒店有我們的期限和翻新方面的商業計劃，在這種情況下，你知道，我們現在正在考慮對該資產進行再融資，這將是一個浮動資金，並且這樣做的好處是，它允許您在以後基本上進行再融資，基本上沒有預付款的任何限制。

And then any kind of other things going forward that could, you know, create additional capital, you know, maybe you know, disposition of assets you're looking at today and or you know, other forms of raising capital now that, you know, the preferred pipeline if you will has been turned off.

然後，任何其他可能會創造額外資本的事情，你知道，也許你知道，你今天正在考慮的資產處置，或者你知道，現在籌集資金的其他形式，你知道，首選管道（如果您願意）已關閉。

We are really looking across every asset in the portfolio and evaluating whether it makes sense to potentially sell.

我們確實正在審視投資組合中的每一項資產，並評估出售是否有意義。

So I would say everything is on the table on that front. So and we'll we'll continue to you really, really be focused on positioning the portfolio and raising some capital near term positioning the portfolio for growth going forward.

所以我想說，一切都在這方面。因此，我們將繼續讓您真正、真正專注於定位投資組合併在短期內籌集一些資金，以定位投資組合以實現未來的成長。

Okay? And then one last one for me, sorry, it's a little all over the place given, you know, the direction of the last couple of questions. But if if you did create more capital on the balance sheet today, any thoughts to a buyback just given where the stock is trading?

好的？然後是我的最後一個問題，抱歉，考慮到最後幾個問題的方向，有點亂。但是，如果您今天確實在資產負債表上創造了更多資本，那麼考慮到股票交易的情況，您是否有回購的想法？

I think it's a little Too early.

我認為現在有點太早了。

Go ahead Steve.

繼續吧，史蒂夫。

Yeah, I think it's a little too early. We're we're still have some wood to chop on the on the refi you know, once we get through that. So the goal is to retire that the credit facility entirely and, and wind up with some additional capital.

是的，我認為現在有點太早了。一旦我們解決了這個問題，我們仍然有一些木材需要在改裝上砍伐。因此，我們的目標是完全取消該信貸安排，並最終獲得一些額外的資本。

And, and at that point, you know, we can start evaluating whether you know, something like that makes sense.

而且，到那時，你知道，我們可以開始評估你是否知道，類似的事情是否有意義。

I appreciate taking questions. That's it for me. Thank you.

我很高興接受提問。對我來說就是這樣。謝謝。

Thanks John.

謝謝約翰。

Thank you. This concludes our question and answer session and the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。我們的問答環節到此結束，會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。