Summit Hotel Properties Inc (INN) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Summit Hotel Properties Q4 2022 and Full Year Earnings Call. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 Summit Hotel Properties 2022 年第四季度和全年財報電話會議。 （操作員說明）請注意今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Adam Wudel, Senior Vice President, Finance, Capital Markets and Treasurer. You may begin.

我現在想把會議交給今天的演講者，財務、資本市場和財務主管高級副總裁 Adam Wudel。你可以開始了。

Thank you, Kevin, and good morning.

謝謝你，凱文，早上好。

I am joined today by Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner; and Executive Vice President and Chief Financial Officer, Trey Conkling.

Summit Hotel Properties 總裁兼首席執行官喬恩·斯坦納 (Jon Stanner) 今天加入了我的行列；執行副總裁兼首席財務官 Trey Conkling。

Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown, as described in our SEC filings. Forward-looking statements that we make today are effective only as of today, February 28, 2023, and we undertake no duty to update them later. 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 www.shpreit.com.

請注意，我們今天的許多評論都被視為聯邦證券法定義的前瞻性陳述。正如我們提交給美國證券交易委員會的文件中所述，這些聲明受已知和未知的風險和不確定因素的影響。我們今天做出的前瞻性陳述僅在今天，即 2023 年 2 月 28 日生效，我們不承擔以後更新這些陳述的義務。您可以在我們的網站 www.shpreit.com 上找到我們的 SEC 文件和收益發布的副本，其中包含與本次電話會議中引用的非 GAAP 財務指標的對賬。

Please welcome Summit Hotel Properties' President and Chief Executive Officer, Jon Stanner.

歡迎 Summit Hotel Properties 總裁兼首席執行官 Jon Stanner。

Thanks, Adam, and thank you all for joining us today for our fourth quarter and full year 2022 earnings conference call.

謝謝亞當，感謝大家今天加入我們的第四季度和 2022 年全年收益電話會議。

2022 was a year of meaningful growth for Summit as we augmented rapidly accelerating operating fundamentals with the acquisition of more than $900 million of high-quality hotels, reinstated our quarterly dividend and made our initial strategic investment in the high-growth glamping segment. Today, Trey and I will discuss our results from last year, our outlook for this year and how our recent transaction activity positioned Summit to continue to be a leader in a lodging recovery.

2022 年對 Summit 來說是意義重大的一年，因為我們通過收購超過 9 億美元的優質酒店來增強快速加速的運營基礎，恢復我們的季度股息，並對高增長的豪華露營領域進行初步戰略投資。今天，Trey 和我將討論我們去年的業績、今年的展望以及我們最近的交易活動如何使 Summit 繼續成為住宿復甦的領導者。

Overall, we were extremely pleased with the improving operating trends throughout our portfolio, which exceeded our expectations for the year. Pro forma RevPAR increased 38% year-over-year, driven by a 10% increase in occupancy and a 26% increase in average rate. In our portfolio of 92 hotels with comparable 2019 data, RevPAR recaptured 90% of 2019 levels and 85% of 2019 EBITDA levels, led by average rates, which exceeded 2019 by 2%. Importantly, these RevPAR recapture rates improve sequentially each quarter from 80% in the first quarter to a post pandemic high of 97% in the fourth quarter. Leisure demand led the recovery as weekend RevPAR for the full year surpassed 2019 levels by 3%, driven by average rates, which finished the year 12% higher than 2019.

總體而言，我們對整個投資組合的經營趨勢不斷改善感到非常高興，這超出了我們今年的預期。在入住率增長 10% 和平均房價增長 26% 的推動下，預計 RevPAR 同比增長 38%。在我們擁有 2019 年可比數據的 92 家酒店組合中，RevPAR 重新奪回了 2019 年水平的 90% 和 2019 年 EBITDA 水平的 85%，平均房價領先，比 2019 年高出 2%。重要的是，這些 RevPAR 回收率每個季度都從第一季度的 80% 連續提高到第四季度的大流行後高點 97%。休閒需求帶動了復甦，週末全年的 RevPAR 超過 2019 年水平 3%，受平均利率的推動，全年平均利率比 2019 年高出 12%。

Midweek and corporate demand began to improve meaningfully in the second half of 2022, most notably post Labor Day weekend. The acceleration of business transient midweek and urban demand helped drive October RevPAR to a $130, our highest nominal RevPAR since the pandemic started. While the natural seasonality of our business resulted in lower nominal RevPARs in the last 2 months of the quarter, our December RevPAR recapture for our 92 comparable hotels was 97%, another post pandemic era high. Fourth quarter pro-forma RevPAR increased 18% year-over-year, driven by a 3% increase in occupancy and a 14% increase in average rate. Despite the normal seasonal decline in demand experienced in the fourth quarter, average rates were essentially flat quarter-over-quarter and 6% above 2019 levels, demonstrating our ability to maintain strong pricing power even in softer demand periods.

周中和企業需求在 2022 年下半年開始顯著改善，尤其是在勞動節週末之後。周中短暫的商業和城市需求的加速推動 10 月的 RevPAR 達到 130 美元，這是自大流行開始以來我們的最高名義 RevPAR。雖然我們業務的自然季節性導致本季度最後兩個月的名義 RevPAR 較低，但我們 92 家可比酒店的 12 月 RevPAR 回收率為 97%，又創下大流行後時代的新高。受入住率增長 3% 和平均房價增長 14% 的推動，第四季度預估 RevPAR 同比增長 18%。儘管第四季度需求出現正常的季節性下降，但平均利率環比基本持平，比 2019 年水平高 6%，這表明我們即使在需求疲軟的時期也能保持強大的定價能力。

While leisure demand remained robust during the fourth quarter as weekend ADR surpassed 2019 levels by 16%, weekday RevPAR improved sequentially throughout the year and finished the fourth quarter at an 88% recapture to 2019 levels with ADR surpassing the comparable period of 2019 midweek.

雖然休閒需求在第四季度保持強勁，週末 ADR 超過 2019 年水平 16%，但工作日 RevPAR 在全年連續改善，並在第四季度結束時重新奪回 2019 年水平 88%，ADR 超過 2019 年周中同期水平。

Our asset and revenue management teams continue to drive impressive operating results as RevPAR index for our pro forma portfolio finished both the fourth quarter and full year at 112%, primarily driven by strong occupancy premiums and further demonstrating our ability to capture market share while maintaining pricing power throughout the portfolio. Trey will provide more details on the cost side of our business shortly, but we have been successful growing margins despite well-documented wage and cost pressures as we add back critical staff, services and amenities to address the rapid acceleration of demand across the portfolio.

我們的資產和收入管理團隊繼續推動令人印象深刻的經營業績，因為我們的備考投資組合的 RevPAR 指數在第四季度和全年都達到了 112%，這主要是由於強勁的入住率推動，並進一步證明了我們在保持定價的同時佔領市場份額的能力整個投資組合的力量。 Trey 將很快提供有關我們業務成本方面的更多詳細信息，但儘管工資和成本壓力有據可查，但我們已經成功地提高了利潤率，因為我們增加了關鍵員工、服務和便利設施，以應對整個投資組合需求的快速增長。

The improving operating trends we experienced throughout 2022 have continued into the first quarter of this year. Our preliminary January RevPAR increased approximately 28% from the prior year, despite being negatively affected by cold fronts across the country and severe rain storms and flooding in California in the first half of the month. Similar to last year, President's Day weekend served as a catalyst for a meaningful acceleration of demand with RevPAR results exceeding 2019 and 2022 by 15% and 11%, respectively, for the holiday weekend. February and March are pacing up 26% and 21%, respectively, month-over month, putting us on track to finish the first quarter with RevPAR growth between 17% and 19% year-over-year. We continue to be confident in the favorable demand backdrop for our portfolio, particularly with our concentration of newer hotels in key high-growth Sunbelt markets.

我們在整個 2022 年經歷的改善運營趨勢一直持續到今年第一季度。儘管上半月受到全國冷鋒以及加州暴雨和洪水的負面影響，但我們 1 月份的初步 RevPAR 比去年同期增長了約 28%。與去年類似，總統日週末成為需求顯著加速的催化劑，假期週末的 RevPAR 結果分別超過 2019 年和 2022 年 15% 和 11%。 2 月和 3 月環比分別增長 26% 和 21%，這使我們有望在第一季度結束時實現 17% 至 19% 的 RevPAR 同比增長。我們繼續對我們投資組合的有利需求背景充滿信心，尤其是我們的新酒店集中在關鍵的高增長陽光地帶市場。

As I mentioned, 2022 was another extremely successful year for Summit on the transaction front. In the first quarter, we acquired a high-quality portfolio of 27 hotels and various other assets from NewcrestImage for a total consideration of $822 million through our joint venture with GIC. Our basis in the hotel portfolio is just over $200,000 per key, which represents a meaningful discount to estimated replacement cost and compares quite favorably to recent trades of comparable quality of hotels. The portfolio has performed ahead of our initial expectations despite a labor-intensive transition period, during which we implemented numerous operational initiatives such as complexing multiple hotel operations and creating sales clusters to optimize revenue.

正如我所提到的，2022 年是 Summit 在交易方面又一個非常成功的一年。第一季度，我們通過與 GIC 的合資企業以 8.22 億美元的總對價從 NewcrestImage 收購了 27 家酒店和各種其他資產的優質投資組合。我們在酒店組合中的基礎是每把鑰匙略高於 200,000 美元，這比估計的重置成本有很大的折扣，並且與近期類似質量的酒店交易相比相當有利。儘管經歷了勞動密集型過渡期，但該組合的表現超出了我們最初的預期，在此期間我們實施了許多運營舉措，例如復雜的多個酒店運營和創建銷售集群以優化收入。

When excluding the Canopy New Orleans, which opened subsequent to the initial closing of the transaction, the portfolio was more than 3% ahead of our underwritten hotel EBITDA and resulted in a hotel EBITDA yield of just under 7% in 2022. We've emphasized repeatedly that much of the hard work needed to position these assets for future success was completed in 2022, and we believe we are just now starting to see the real benefits from those efforts. For example, in the fourth quarter, RevPAR recapture in the NCI portfolio increased to 97%, an 8 percentage point increase over the third quarter, culminating with 102% recapture rate in December. The 800 basis point improvement in recapture rate in the fourth quarter compares to approximately 150 basis point improvement in our same-store portfolio.

如果不包括在交易最初結束後開業的 Canopy New Orleans，該投資組合比我們承保的酒店 EBITDA 高出 3% 以上，導致 2022 年酒店 EBITDA 收益率略低於 7%。我們強調我們一再重申，為未來的成功定位這些資產所需的大量艱苦工作已於 2022 年完成，我們相信我們現在才剛剛開始看到這些努力帶來的真正好處。例如，在第四季度，NCI 投資組合中的 RevPAR 回收率增加到 97%，比第三季度增加了 8 個百分點，最終在 12 月份達到了 102% 的回收率。第四季度回收率提高了 800 個基點，而我們的同店產品組合提高了約 150 個基點。

Our outlook for the portfolio remains extremely positive, and we expect it to generate outsized RevPAR and EBITDA growth in 2023 compared to the same-store portfolio as our operational initiatives drive better performance and the newer hotels continue to ramp. As you will recall, many of these hotels are newly constructed and have never participated in a traditional RFP season, creating ample opportunity to grow midweek negotiated business in 2023. In June, we closed on our equity purchase option to acquire a 90% interest in the 264 guest room AC Element, dual branded hotel in Downtown Miami's Brickell neighborhood at a valuation of $89 million or $337,000 per key. The hotel features the acclaimed Rosa Sky Rooftop Bar, which has been a resounding success, generating on average nearly $500,000 of revenue per month since its opening in March of last year.

我們對該組合的前景仍然非常樂觀，我們預計與同店組合相比，它在 2023 年將產生超大的 RevPAR 和 EBITDA 增長，因為我們的運營舉措推動了更好的業績，並且新酒店繼續增加。您會記得，這些酒店中有許多是新建的，從未參加過傳統的 RFP 季節，這為在 2023 年周中談判業務增長創造了充足的機會。6 月，我們完成了股權購買選擇權，以獲得 90% 的權益擁有 264 間客房的 AC Element 雙品牌酒店，位於邁阿密市中心的布里克爾街區，估值為 8900 萬美元或每間客房 337,000 美元。酒店設有備受讚譽的 Rosa Sky 屋頂酒吧，該酒吧取得了巨大的成功，自去年 3 月開業以來平均每月產生近 500,000 美元的收入。

The hotels have ramped quickly since their December 2021 opening, generating a full year 2022 hotel EBITDA approximately 50% higher than our initial underwriting and generating a 7.5% hotel EBITDA yield. The long-term outlook for this market remains incredibly positive, and our attractive basis in the asset demonstrates the value creation potential of our unique mezzanine lending program. In October, we announced the acquisition of a 90% ownership stake in our first high-end glamping asset, a distinctive 11 unit property in Fredericksburg, Texas. In 2022, the property's first full year of operations, Onera, Fredericksburg generated RevPAR of approximately $440, hotel EBITDA margins of more than 60% and a net operating income yield of approximately 17% on our initial cost basis.

自 2021 年 12 月開業以來，這些酒店發展迅速，產生的 2022 年全年酒店 EBITDA 比我們最初的承保高出約 50%，並產生了 7.5% 的酒店 EBITDA 收益率。這個市場的長期前景仍然非常樂觀，我們在資產方面的吸引力基礎證明了我們獨特的夾層貸款計劃的價值創造潛力。 10 月，我們宣布收購我們首個高端豪華露營資產 90% 的所有權，這是位於德克薩斯州弗雷德里克斯堡的一處獨特的 11 單元物業。 2022 年，弗雷德里克斯堡 Onera 酒店的第一個全年運營產生了約 440 美元的 RevPAR，酒店 EBITDA 利潤率超過 60%，並且在我們的初始成本基礎上的淨營業收入收益率約為 17%。

Alongside this transaction, we announced a strategic partnership with Onera, which includes the right of first refusal on their next 10 projects designed to be a growth pipeline for the company. Yesterday, we announced the initial development of our next 2 Onera-branded projects. The expansion of our Onera, Fredericksburg site and a newly funded mezzanine loan for a separate glamping project, both of which are expected to open in 2024. Combined with our initial acquisition of the Fredericksburg property, we expect to invest between 40 and $45 million in these first 3 projects, which are forecasted to generate mid-teens unlevered stabilized yields.

除了此次交易，我們還宣布了與 Onera 的戰略合作夥伴關係，其中包括對其下 10 個旨在成為公司增長管道的項目的優先購買權。昨天，我們宣布了下兩個 Onera 品牌項目的初步開發。我們弗雷德里克斯堡 Onera 場地的擴建和新資助的夾層貸款用於一個單獨的豪華露營項目，這兩個項目預計將於 2024 年開放。結合我們最初收購弗雷德里克斯堡的房產，我們預計將投資 40 至 4500 萬美元用於這些前 3 個項目預計將產生十幾歲左右的無槓桿穩定收益率。

In addition, we have several other exciting projects under review that feature similar return profiles to our existing projects and would allow us to continue to scale our investment in this rapidly growing segment of our industry. In our earnings release yesterday, we also announced several pending asset sales through 3 separate transactions, including the sale of 4 noncore hotels in suburban Chicago and suburban Minneapolis, the sale of 2 hotels located in Atlanta and Kansas City and the sale of a vacant land parcel in San Antonio. The 6 hotels under contract for sale generated a combined RevPAR of $78 in 2022, a 30% discount to our overall portfolio and EBITDA margins that were nearly 18 percentage points below our total portfolio.

此外，我們還有其他幾個令人興奮的項目正在審查中，這些項目具有與我們現有項目類似的回報概況，將使我們能夠繼續擴大我們在這個快速增長的行業領域的投資。在昨天的收益發布中，我們還通過 3 項獨立交易宣布了多項待定資產出售，包括出售芝加哥郊區和明尼阿波利斯郊區的 4 家非核心酒店、出售位於亞特蘭大和堪薩斯城的 2 家酒店以及出售一塊空地包裹在聖安東尼奧。簽訂銷售合同的 6 家酒店在 2022 年的 RevPAR 合計為 78 美元，比我們的整體投資組合低 30%，EBITDA 利潤率比我們的整體投資組合低近 18 個百分點。

Proceeds from the sale of the 6 hotels totaled $78.6 million, which equates to a 4% net operating income yield on 2022 results. Importantly, all 6 of these hotels are due for significant renovations and the sales would allow us to forgo near-term capital expenditures of between 35 and $40 million. Including the foregone capital spend, the equivalent 2022 net operating income yield is approximately 2.7%. We expect the 2 transactions for the sale of 6 hotels to close in the second quarter and the land parcel sale to close in the fourth quarter.

出售這 6 家酒店的收益總計 7860 萬美元，相當於 2022 年業績的 4% 淨營業收入收益率。重要的是，所有這 6 家酒店都將進行重大翻新，銷售將使我們能夠放棄 35 至 4000 萬美元的短期資本支出。包括放棄的資本支出在內，相當於 2022 年的淨營業收入收益率約為 2.7%。我們預計出售 6 家酒店的 2 筆交易將在第二季度完成，地塊出售將在第四季度完成。

Our recent transaction activity highlights our ability to identify opportunistic and value accretive transactions. Since the onset of the pandemic, we've acquired 32 high-quality hotels located in high-growth markets, totaling nearly $1 billion of assets with minimal capital needs. Again, excluding the Canopy, New Orleans, which was delayed in opening, our acquisition portfolio finished 10.5% ahead of our 2022 underwriting, generating an additional $6 million of EBITDA compared to our expectations. Roughly 1/3 of these assets opened in 2019 or after and are still in the early stages of ramping towards stabilization, implying considerable growth and upside remain.

我們最近的交易活動凸顯了我們識別機會主義和增值交易的能力。自大流行開始以來，我們已經收購了 32 家位於高增長市場的優質酒店，總資產近 10 億美元，資本需求極低。同樣，不包括延遲開業的新奧爾良 Canopy，我們的收購組合比我們的 2022 年承保提前完成了 10.5%，與我們的預期相比，產生了 600 萬美元的 EBITDA。這些資產中約有 1/3 在 2019 年或之後開業，仍處於趨於穩定的早期階段，這意味著可觀的增長和上行空間依然存在。

In total, our acquisition portfolio generated a full year 2022 net operating income yield of more than 6%. This compares favorably to our recent and pending dispositions, including the 2022 sale of the Hilton Garden Inn, San Francisco, which collectively totaled nearly $155 million of gross proceeds, equating to a 2022 net operating income yield of approximately 3% or sub 2%, net of the estimated deferral of nearly $45 million of near-term capital expenditures.

總的來說，我們的收購組合產生了 2022 年全年超過 6% 的淨營業收入收益率。這與我們最近和未決的處置相比有利，包括 2022 年出售舊金山希爾頓花園酒店，總收益接近 1.55 億美元，相當於 2022 年淨營業收入收益率約為 3% 或低於 2%，扣除估計推遲的近 4500 萬美元的近期資本支出。

With that, I'll turn the call over to our CFO, Trey Conkling.

有了這個，我會把電話轉給我們的首席財務官 Trey Conkling。

Thanks, Jon, and good morning, everyone.

謝謝，喬恩，大家早上好。

Throughout 2022, our portfolio demonstrated significant improvement across all location types. While urban hotels lagged in the first quarter of the year relative to 2019, these hotels demonstrated strong recovery beginning in the second quarter as RevPAR recapture rates increased from 72% in Q1 to 92% in Q4. The recovery in our urban portfolio was driven by robust pricing power due to the acceleration of business travel, professional and college sporting events and citywide group and leisure demand in markets such as Dallas, Boston, Miami, Nashville and Chicago. This resulted in 2019 ADR recapture rates of 105% and 107% in the third and fourth quarters of 2022, respectively, versus the 93% recapture rate in the first quarter of the year.

整個 2022 年，我們的投資組合在所有位置類型上都表現出顯著改善。雖然城市酒店今年第一季度的表現落後於 2019 年，但這些酒店從第二季度開始表現出強勁復甦，RevPAR 回收率從第一季度的 72% 上升到第四季度的 92%。由於商務旅行、專業和大學體育賽事以及達拉斯、波士頓、邁阿密、納什維爾和芝加哥等市場的全市團體和休閒需求的加速，強勁的定價能力推動了我們城市投資組合的複蘇。這導致 2022 年第三季度和第四季度的 2019 年 ADR 回收率分別為 105% 和 107%，而今年第一季度的回收率為 93%。

The fourth quarter was highlighted by October, a month which typically produces the portfolio's highest nominal RevPAR as our urban hotels generated $135 RevPAR, representing a 5% premium to the pro forma portfolio and a 93% recovery to 2019 levels. Strength was particularly evident in Dallas, our largest market, where our comparable hotels posted a fourth quarter recapture rate of 102%. Nominal RevPAR for these hotels grew 20% in the fourth quarter in comparison to last year, driven by a $19 or 15% increase in average rate.

第四季度以 10 月為重點，該月通常會產生投資組合的最高名義 RevPAR，因為我們的城市酒店產生了 135 美元的 RevPAR，比備考投資組合溢價 5%，比 2019 年水平恢復 93%。在我們最大的市場達拉斯，實力尤為明顯，我們的可比酒店在第四季度公佈了 102% 的回收率。與去年同期相比，這些酒店的名義 RevPAR 在第四季度增長了 20%，這主要受平均房價增長 19 美元或 15% 的推動。

RevPAR for the nonurban portfolio was $109 in the fourth quarter, representing a recapture rate of 98% to 2019. This was driven by continued strength in our resort properties, which generated a fourth quarter RevPAR of $132, an increase of 11% compared to 2021 and 104% recapture rate to 2019. Additionally, the suburban portfolio experienced the largest year-over-year growth of any location type as fourth quarter RevPAR increased 18% compared to 2021, driven by a 4% increase in occupancy and a 13% increase in average rate.

第四季度非城市投資組合的 RevPAR 為 109 美元，到 2019 年的回收率為 98%。這是由我們度假村物業的持續強勁推動的，第四季度 RevPAR 為 132 美元，比 2021 年增長 11%和 104% 的回收率到 2019 年。此外，在入住率增長 4% 和 13% 的推動下，第四季度 RevPAR 與 2021 年相比增長了 18%，郊區投資組合在所有地點類型中實現了最大的同比增長在平均速度。

Shifting to portfolio segmentation. While seasonality translates to slowing room night demand in the fourth quarter, average rate for the fourth quarter exceeded 2019 levels in all segments apart from the negotiated segment. Notably, the group segment saw improvement relative to 2019 as occupancy mix increased by 30 basis points on a full week basis and average rate increased by $4 or 2.4%, primarily driven by weekend rates, which finished $12 or 8% ahead of the comparable period in 2019.

轉向投資組合細分。雖然季節性導致第四季度間夜需求放緩，但除協商部分外，所有部分的第四季度平均房價都超過了 2019 年的水平。值得注意的是，與 2019 年相比，集團細分市場有所改善，因為全週入住率組合增加了 30 個基點，平均房價上漲了 4 美元或 2.4%，主要受週末房價的推動，週末房價比同期高出 12 美元或 8% 2019年。

Our asset management team continues to deliver strong results despite a labor market dynamic that has resulted in material wage growth and challenges adding back necessary staff, services and amenities over the past year. These cost increases appear to be moderating as evidenced by operating cost per occupied room in the fourth quarter that increased only 1.4% from the third quarter despite a lower occupied room base. As a result, fourth quarter gross operating profit margin and hotel EBITDA margin for the pro forma portfolio were 44% and 36%, respectively, which were in line with the prior quarter despite a decline in absolute RevPAR of approximately 4.2% from the third quarter due to natural seasonality.

儘管勞動力市場動態導致工資大幅增長，並且在過去一年中增加必要的員工、服務和便利設施面臨挑戰，但我們的資產管理團隊繼續取得強勁業績。這些成本增長似乎正在放緩，第四季度每間已入住客房的運營成本僅比第三季度增長 1.4%，儘管已入住客房基數較低。因此，第四季度備考投資組合的營業毛利率和酒店 EBITDA 利潤率分別為 44% 和 36%，與上一季度持平，儘管絕對 RevPAR 比第三季度下降了約 4.2%由於自然季節性。

Fourth quarter hotel EBITDA margin in our pro forma portfolio was 120 basis points above 2019 levels, largely attributable to favorable property tax returns. We have demonstrated an ability to grow margins relative to 2019 in months with higher nominal RevPARs driven by strong rate growth. GOP margins in our comparable portfolio exceeded 2019 levels in September and October. And hotel EBITDA margins exceeded 2019 levels in 3 of the final 4 months of the year by nearly 100 basis points. We are encouraged to see periods of margin expansion in our portfolio relative to 2019 despite the significant expense growth experienced throughout the industry in 2022. Expense growth was particularly acute on the labor side, where the industry experienced well-documented increases in hourly wages and outsized reliance on more expensive and less productive contract labor. Looking ahead, we expect wage growth to moderate in 2023.

我們備考投資組合中第四季度的酒店 EBITDA 利潤率比 2019 年水平高 120 個基點，這主要歸因於有利的財產稅回報。我們已經展示了在強勁的利率增長推動下名義 RevPAR 更高的幾個月內相對於 2019 年的利潤率增長的能力。我們可比投資組合的 GOP 利潤率在 9 月和 10 月超過了 2019 年的水平。酒店 EBITDA 利潤率在今年最後 4 個月中的 3 個月超過 2019 年水平近 100 個基點。儘管 2022 年整個行業的費用增長顯著，但我們很高興看到我們的投資組合的利潤率相對於 2019 年出現了擴張。勞動力方面的費用增長尤為劇烈，該行業的小時工資和超額工資都有充分記錄的增長依賴成本更高、生產率更低的合同工。展望未來，我們預計工資增長將在 2023 年放緩。

Pro forma hotel EBITDA for the fourth quarter and full year 2022 was 62.1 and $243.9 million, respectively, representing increases of 27% and 63% year-over-year. Fourth quarter and full year adjusted EBITDA was 46.1 and $180.8 million, respectively, which reflects increases of 62% and 100% from 2021. Adjusted FFO in the fourth quarter was $30.3 million or $0.25 a share, an increase of $15.5 million from the fourth quarter of 2021 and full year adjusted FFO was $114 million or $0.94 a share, an increase of $77.2 million from 2021.

2022 年第四季度和全年的預計酒店 EBITDA 分別為 62.1 和 2.439 億美元，同比增長 27% 和 63%。第四季度和全年調整後的 EBITDA 分別為 46.1 和 1.808 億美元，比 2021 年增長 62% 和 100%。第四季度調整後的 FFO 為 3030 萬美元或每股 0.25 美元，比第四季度增加 1550 萬美元2021 年全年調整後 FFO 為 1.14 億美元或每股 0.94 美元，比 2021 年增加 7720 萬美元。

From a capital expenditure standpoint, in the fourth quarter and for the full year 2022, we invested approximately 27.7 and $76.5 million, respectively, in our portfolio on a consolidated basis and approximately 22.2 and $63.6 million, respectively, on a pro rata basis. CapEx spend for the full year and fourth quarter was driven by the completion of significant renovations at our Hilton Garden Inn, Houston Energy Corridor and the Hyatt Place, Orlando Universal Studios as well as ongoing transformative renovations at our Residence Inn, Downtown Portland and our Hilton Garden Inn, San Jose, Milpitas. We continue to ensure the quality and relative age of our portfolio positions the company to drive profitability and market share.

從資本支出的角度來看，在第四季度和 2022 年全年，我們在合併基礎上分別向我們的投資組合投資約 27.7 和 7650 萬美元，按比例分別投資約 22.2 美元和 6360 萬美元。全年和第四季度的資本支出支出是由我們的希爾頓花園酒店、休斯頓能源走廊和凱悅嘉軒、奧蘭多環球影城的重大翻新工程的完成以及我們的 Residence Inn、Downtown Portland 和我們的希爾頓酒店正在進行的改造性翻新所推動的花園旅館，聖何塞，米爾皮塔斯。我們繼續確保我們投資組合的質量和相對年齡使公司能夠提高盈利能力和市場份額。

Turning to the balance sheet. Our current overall liquidity position remains robust at more than $500 million pro forma for the 4 and 2 pack asset sales that Jon discussed earlier. The $79 million of gross proceeds from those asset sales continues to further deleverage Summit's balance sheet. In addition, during the fourth quarter, we defeased our only remaining 2023 debt maturity, a $32 million CMBS loan set to mature in August of this year, which eliminated all remaining debt maturities until the fourth quarter of 2024 after consideration of extension options. The defeasance unlocked $7 million of restricted cash and is accretive to AFFO given net cash savings of approximately $300,000 over the next 6 months. In combination, these transactions demonstrated strong progress towards our long-term stated leverage target of 3.5x to 4.5x net debt to EBITDA.

轉向資產負債表。我們目前的整體流動性頭寸仍然強勁，預計喬恩之前討論過的 4 和 2 包資產銷售超過 5 億美元。這些資產出售的 7900 萬美元總收益繼續進一步去槓桿化 Summit 的資產負債表。此外，在第四季度，我們取消了我們唯一剩餘的 2023 年到期債務，即定於今年 8 月到期的 3200 萬美元 CMBS 貸款，在考慮延期選擇權後，取消了所有剩餘到期至 2024 年第四季度的債務。鑑於在接下來的 6 個月內節省的淨現金約為 300,000 美元，此次廢除釋放了 700 萬美元的受限現金，並為 AFFO 帶來了增值。結合起來，這些交易表明我們在實現我們長期規定的槓桿率目標 3.5 倍至 4.5 倍的淨債務與 EBITDA 之間取得了巨大進展。

Finally, in the fourth quarter, we submitted notice to exercise the first 4 6-month extension options available under our $400 million senior revolving credit facility. The extended maturity date will be September 30, 2023. And when considering all available extension options, the facility has more than 2 years of remaining term with a final maturity of March 2025.

最後，在第四季度，我們提交了行使 4 億美元高級循環信貸額度下可用的前 4 個 6 個月延期選擇權的通知。延長到期日為 2023 年 9 月 30 日。考慮到所有可用的延期選項，該貸款的剩餘期限超過 2 年，最終到期日為 2025 年 3 月。

From an interest rate risk management perspective, our balance sheet is well positioned, including an average pro rata interest rate of 4.5% and approximately 65% of our pro rata share of debt fixed after consideration of interest rate swaps at year-end 2022. In addition, to address the recent maturity of $200 million in notional swaps, we recently entered into 2 $100 million interest rate swap agreements that fixed 1-month SOFR and carry fixed rates of 2.6% and 2.56%, respectively. These new swaps will mature in January 2027 and January 2029. This extends the average duration of our swap portfolio from less than 2 years to over 4 years. The swaps became effective in January of 2023. When accounting for the company's Series E, F and Z preferred equity within our capital structure, we are approximately 70% fixed. On January 26, our Board of Directors declared a quarterly common dividend of $0.04 per share or an annualized $0.16 per share. The current dividend represents a prudent AFFO payout ratio, leaving ample room for meaningful increases over time.

從利率風險管理的角度來看，我們的資產負債表處於有利位置，包括 4.5% 的平均按比例利率和 2022 年底考慮利率掉期後按比例固定的債務比例約為 65%。此外，為了解決最近到期的 2 億美元名義互換，我們最近簽訂了 2 份 1 億美元的利率互換協議，固定 1 個月的 SOFR，固定利率分別為 2.6% 和 2.56%。這些新掉期將於 2027 年 1 月和 2029 年 1 月到期。這將我們的掉期投資組合的平均期限從不到 2 年延長至 4 年以上。互換於 2023 年 1 月生效。在我們的資本結構中考慮公司的 E、F 和 Z 系列優先股時，我們大約有 70% 是固定的。 1 月 26 日，我們的董事會宣布派發每股 0.04 美元的季度普通股息或每股 0.16 美元的年化股息。當前的股息代表了謹慎的 AFFO 派息率，為隨著時間的推移進行有意義的增長留下了充足的空間。

Included in our press release last evening, you will note we reinstated full year guidance for 2023 operational metrics in addition to certain nonoperational items. This outlook is based on management's current view and does not account for any unexpected changes to the current operating environment. For the full year, we anticipate RevPAR growth of 6% to 11%. The high end of the range assumes continued strength in leisure demand and accelerating growth in business transient and group demand. The low end of the range reflects an economic slowdown that would result in low-single digit RevPAR growth in the back half of the year. RevPAR growth of 6% to 11% translates to an adjusted EBITDA range of $190.4 million to $205.9 million and an adjusted FFO range of $0.92 to $1.05 per share. The midpoint of our RevPAR guidance range implies hotel EBITDA margins to be essentially flat year-over-year.

在我們昨晚的新聞稿中，您會注意到除了某些非運營項目外，我們還恢復了 2023 年運營指標的全年指導。該展望基於管理層當前的觀點，並未考慮當前運營環境的任何意外變化。對於全年，我們預計 RevPAR 增長 6% 至 11%。該範圍的高端假設休閒需求持續強勁，商務短暫和團體需求加速增長。該範圍的低端反映了經濟放緩，這將導致今年下半年的低個位數 RevPAR 增長。 6% 至 11% 的 RevPAR 增長意味著調整後的 EBITDA 範圍為 1.904 億美元至 2.059 億美元，調整後的 FFO 範圍為每股 0.92 美元至 1.05 美元。我們的 RevPAR 指導範圍的中點意味著酒店 EBITDA 利潤率同比基本持平。

We expect interest expense, excluding the amortization of deferred financing costs, to be approximately $85 million, Series E and Series F preferred dividends to be $15.9 million, Series Z preferred distributions to be $2.6 million and pro rata capital expenditures to range from $60 million to $80 million. It's also worth noting that given the increased size of the GIC joint venture, the fee income payable to Summit now covers nearly 15% of annual cash corporate G&A expense, excluding any promote distributions Summit may earn during the year.

我們預計利息支出（不包括遞延融資成本的攤銷）約為 8500 萬美元，E 系列和 F 系列優先股股息為 1590 萬美元，Z 系列優先股分配為 260 萬美元，按比例的資本支出為 6000 萬美元至8000 萬美元。還值得注意的是，鑑於 GIC 合資企業規模的擴大，應付給 Summit 的費用收入現在佔年度現金公司 G&A 費用的近 15%，不包括 Summit 在這一年中可能賺取的任何促銷分配。

I also want to point out that we have furnished a new financial supplement as part of our fourth quarter earnings. We believe this supplement will more clearly outline the performance and relative contribution of our various portfolio ownership structures. We have also outlined additional detail on our balance sheet, which has continued to be a strength for the company and allowed us to acquire nearly $1 billion in acquisitions since July 2021.

我還想指出，作為我們第四季度收益的一部分，我們提供了新的財務補充。我們相信這份補充文件將更清楚地概述我們各種投資組合所有權結構的業績和相對貢獻。我們還在資產負債表上概述了更多細節，這一直是公司的優勢，並使我們自 2021 年 7 月以來獲得了近 10 億美元的收購。

And with that, we'll open the call to your questions.

有了這個，我們將打開您的問題的電話。

(Operator Instructions) Our first question comes from Austin Wurschmidt with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 Austin Wurschmidt 和 KeyBanc Capital Markets。

Jon or Trey, I guess I'm just curious on the 6-pack hotel for sale. Can you just speak to how you guys arrived at the number of assets that you selectively marketed presumably in the amount of proceeds you were looking to solve for?

Jon 或 Trey，我想我只是對待售的 6 人裝酒店感到好奇。你能談談你們是如何得出你們有選擇地銷售的資產數量的嗎？大概是你們希望解決的收益數額？

Yes, sure. Austin, first of all, the first thing I'd point out is there's 2 separate transactions involved here. There's a sale of the 4 pack, the 2 suburban Chicago and 2 Minneapolis assets and a separate sale for the asset in Atlanta and Kansas City. Look, I think we've talked for a while now about exiting some of these suburban assets that are lower RevPAR hotels, lower margins, in particular, in Minneapolis, which has been a market that has been much slower to recover. We just felt like it was a prudent and opportunistic time to exit those assets. I think the one common theme that you'll see across the 6 assets is just the need for significant capital to be spent across those for the next -- over the near term, over the next probably 12 to 18 months. And so between the 6 assets, we think we'll avoid spending somewhere between 30 and $35 million over that time period.

是的，當然。奧斯汀，首先，我要指出的第一件事是這裡涉及兩筆獨立的交易。出售 4 件裝，2 個芝加哥郊區和 2 個明尼阿波利斯資產，並單獨出售亞特蘭大和堪薩斯城的資產。看，我認為我們已經討論了一段時間，關於退出這些郊區資產中的一些，這些資產是較低的 RevPAR 酒店，較低的利潤率，特別是在明尼阿波利斯，這個市場的複蘇速度要慢得多。我們只是覺得現在是退出這些資產的謹慎和機會主義的時機。我認為你會在這 6 項資產中看到的一個共同主題是，需要在下一個資產上投入大量資金——在短期內，在接下來的 12 到 18 個月內。因此，在這 6 項資產之間，我們認為我們將在這段時間內避免花費 30 到 3500 萬美元。

The other thing I would just point out is I think where we've seen -- while it's not the easiest transaction marked today where we've seen the most liquid part of that transaction market has been for some of these smaller hotels and some of the more secondary and tertiary locations, where it appeals to a smaller owner, a local owner operator that can finance it through a local lender that isn't reliant on big money center banks or the CMBS market to get a financing done. And so we feel like the execution here is the appropriate one. I'll caveat this with, as we did in our press release by saying that these deals have not closed yet. They are under contract. We're optimistic that they will close. And we're happy with the execution if and when they close.

我想指出的另一件事是我認為我們已經看到了——雖然這不是今天最簡單的交易，但我們已經看到交易市場中最具流動性的部分是一些較小的酒店和一些更多的二級和三級地點，它吸引了較小的所有者，當地所有者運營商可以通過不依賴大型貨幣中心銀行或 CMBS 市場來完成融資的當地貸方為其提供資金。所以我們覺得這裡的處決是合適的。正如我們在新聞稿中所做的那樣，我會警告說這些交易尚未完成。他們有合同。我們對他們將關閉感到樂觀。如果他們關閉以及何時關閉，我們對執行感到滿意。

And then how do we think about the other side of that coin in capital deployment this year? I know you guys are very focused on returns more so than maybe markets, but are there any specific assets or markets you currently have your eye on if pricing makes sense? And given some of the benefits you highlighted in your opening remarks about putting assets into the joint venture, I guess, how do we think about sort of wholly owned purchases down the road versus continuing to use the joint venture vehicle with GIC?

那麼我們如何看待今年資本配置的另一面呢？我知道你們非常關注回報而不是市場，但是如果定價有意義，您目前是否關注任何特定資產或市場？考慮到您在開場白中強調的將資產投入合資企業的一些好處，我想，我們如何考慮未來的全資收購與繼續使用 GIC 的合資企業？

Yes. Look, we still really like the joint venture. I think Trey highlighted the fact that it's getting to a size where, particularly the fee income has become a meaningful source of income for us. They've been wonderful partners that allow us to execute on transactions that we otherwise wouldn't be able to execute on. So we still like that as a vehicle. We don't have to put everything into the vehicle. I think it will be a case-by-case basis. As we've said, I think a lot historically, we don't necessarily have a map with a bunch of dots on it that says that we need to be in certain markets.

是的。看，我們仍然非常喜歡合資企業。我認為 Trey 強調了這樣一個事實，即它已經達到一定規模，尤其是費用收入已成為我們重要的收入來源。他們一直是很棒的合作夥伴，使我們能夠執行我們無法執行的交易。所以我們仍然喜歡它作為一種交通工具。我們不必把所有東西都放進車裡。我認為這將視具體情況而定。正如我們所說，從歷史上看，我想了很多，我們不一定有一張地圖，上面有一堆點，表明我們需要進入某些市場。

You can see through our transaction activity post pandemic. We have had a bias towards investing in some markets that we like the demographic changes where we see more migration of people, more corporate relocation. That's put us in places like the Sunbelt, that's put us in some of these mountain towns that have performed really, really quite well since the onset of the pandemic. But we're certainly opportunistic. And again, through some of these dispositions, we will create some capacity to continue to be opportunistic where we see just better risk-adjusted returns on a relative basis.

您可以通過我們在大流行後的交易活動看到。我們傾向於投資一些我們喜歡人口變化的市場，在那裡我們看到更多的人遷移，更多的公司搬遷。這讓我們進入了像陽光地帶這樣的地方，這讓我們進入了一些自大流行病爆發以來表現非常非常好的山區城鎮。但我們當然是機會主義的。再次，通過其中一些配置，我們將創造一些能力繼續投機取巧，在相對基礎上我們看到更好的風險調整後回報。

And then just the last one for me, maybe for Trey. You mentioned that the midpoint of guidance assumes roughly flat hotel EBITDA margin. Can you share what that range is at the high and low end?

然後是我的最後一個，也許是 Trey。您提到指導的中點假設酒店 EBITDA 利潤率大致持平。你能分享高端和低端的範圍嗎？

Yes. I think if you look at the high and the low end of the range, we would say that's kind of minus 50 basis points to plus 50 basis points from 6% to 11% was kind of flat at the midpoint.

是的。我想如果你看看範圍的高低端，我們會說從 6% 到 11% 的負 50 個基點到正 50 個基點在中點處持平。

(Operator Instructions) Our next question comes from Bill Crow with Raymond James.

（操作員說明）我們的下一個問題來自 Bill Crow 和 Raymond James。

Just looking for a little bit more detail on the expense expectations for this year. I think you mentioned that wage rates would be growing at a slower pace, but you also have higher FTEs, I assume, at least the anniversary and those that were added last year. So how are you thinking about overall expense growth, what's going on with property taxes, which you actually were able to appeal, but what do you expect there, property insurance, et cetera?

只是想了解更多關於今年支出預期的細節。我想你提到工資率會以較慢的速度增長，但你也有更高的 FTE，我想，至少是周年紀念日和去年增加的 FTE。那麼，您如何看待總體費用增長、財產稅的進展情況，您實際上可以上訴，但您對財產稅、財產保險等有何期望？

Yes, sure. Bill, as we said in the prepared remarks, we do expect to see some moderating of expense growth. I think as we've gotten later into last year and the first part of this year, we've seen some of -- particularly on the wage pressure side, a fair amount of that moderate, and Trey articulated a little bit on expense on a per occupied room basis at the operating level was up less than 2% in the fourth quarter. Our actually aggregate dollars of expenses in the fourth quarter actually declined from where it was in the third quarter. So we have started to see some moderating there. I think you can tell by, as Trey just mentioned, our implied margin guidance, which is flat at a midpoint of 8.5% RevPAR growth, still does contemplate some level of expense pressure persisting into next year. And I think what we'll see that's a little unique from this year is if you look at our results in 2022, our EBITDA margins expanded more than our GOP margins. Our expectation is that, that will flip into 2023 as operating expenses moderate. But we did, as you alluded to, we had some nice successful property tax appeals, which helped our EBITDA margins in 2022. And we'll feel some pressure on expenses on the insurance line in 2023 that will make our EBITDA margin expansion lower than our GOP expansion was or is in the year.

是的，當然。比爾，正如我們在準備好的發言中所說，我們確實希望看到費用增長有所放緩。我認為隨著我們進入去年晚些時候和今年上半年，我們已經看到了一些 - 特別是在工資壓力方面，相當多的溫和，Trey 明確表達了一些費用第四季度，運營層面的每間客房增長不到 2%。我們在第四季度的實際總支出美元實際上比第三季度有所下降。所以我們已經開始看到那裡有一些緩和。正如 Trey 剛才提到的，我認為你可以看出，我們的隱含利潤率指引持平於 8.5% 的 RevPAR 增長的中點，仍然考慮到明年將持續存在一定程度的支出壓力。而且我認為，如果你看看我們在 2022 年的業績，我們會看到今年的一些獨特之處，我們的 EBITDA 利潤率的增長超過了我們的 GOP 利潤率。我們的預期是，隨著運營支出的減少，這種情況將進入 2023 年。但是正如您提到的那樣，我們確實成功地提出了一些不錯的財產稅上訴，這有助於我們在 2022 年實現 EBITDA 利潤率。而且我們將在 2023 年感受到保險業務支出的壓力，這將使我們的 EBITDA 利潤率擴張低於我們的 GOP 擴張過去或現在都在這一年。

Okay. And then a follow-up question for Trey. What was the cost of the 2 swaps on the $100 million debt pieces?

好的。然後是 Trey 的後續問題。 1 億美元債務的兩次掉期成本是多少？

The rates there were 2.6% and 2.5%, 2.56%.

利率分別為2.6%和2.5%，2.56%。

Yes. What was the actual cost of getting that transaction done?

是的。完成該交易的實際成本是多少？

Bill, those are -- this is Adam. Those are settled on a monthly basis going forward. There's no initial out-of-pocket.

比爾，他們是——這是亞當。這些都是按月結算的。沒有初始自付費用。

(Operator Instructions) Our next question comes from Michael Bellisario with Baird.

（操作員說明）我們的下一個問題來自 Michael Bellisario 和 Baird。

Just want to go back to the asset sales and dispositions. I guess if the 6 hotels do close on your expected time line, how much EBITDA in '23 might be sold for the remainder of the year?

只想回到資產銷售和處置。我想如果這 6 家酒店確實在您預期的時間線上關閉，那麼今年剩餘時間可能會出售多少 23 年的 EBITDA？

Yes. Some of that's going to depend on the timing of the sale, Mike. We've kind of outlined that we expect them to close in the second quarter. We will update our guidance at the time that they close. Our expectation on where we sit in the year is somewhere probably between 3 and $5 million of reduction in EBITDA.

是的。其中一些將取決於銷售時間，邁克。我們已經概述了我們希望他們在第二季度關閉。我們將在它們關閉時更新我們的指南。我們對今年所處位置的預期可能是 EBITDA 減少 3 到 500 萬美元。

Got it. And then maybe this is sort of just on the margin -- not margins, but on the margin, just as these asset sales are completed, the pro forma remaining portfolio will RevPAR be benefited? Will it be dilutive, the growth that is and margins to what's kind of the growth impact in '23 from these 6 asset sales?

知道了。然後，也許這只是邊際收益——不是邊際收益，而是邊際收益，就像這些資產銷售完成一樣，備考剩餘投資組合將受益於 RevPAR 嗎？這 6 項資產出售對 23 年增長的影響是什麼？

Yes. It's relatively marginal, Mike. It is slightly accretive to both RevPAR growth and our margin expectations for 2023, not enough that I would expect us to materially change our guidance range as a result of these. Again, these are relatively smaller. As we mentioned in the prepared remarks, they run on average about 30% discount to our nominal RevPAR levels. And again, we expect this to be accretive from a RevPAR growth perspective. The one thing I'll just kind of point out and reemphasize again is that part of the rationale for these sales is that we're -- while the per key prices aren't as high as maybe you'd expect the cap rates here are quite low. Combined with the asset sale in San Francisco last year, we're selling $155 million of assets at a 3 cap. And if you adjust for the deferred capital needs, it's sub-2%. And so one of the things that we like is that it's going to allow us to continue to bolster the balance sheet without giving up a ton of in-place earnings.

是的。這是相對邊緣的，邁克。它對 RevPAR 增長和我們對 2023 年的利潤率預期略有增加，但我預計我們不會因此而大幅改變我們的指導範圍。同樣，這些相對較小。正如我們在準備好的評論中提到的，它們平均比我們的名義 RevPAR 水平低 30%。同樣，我們希望從 RevPAR 增長的角度來看，這會有所增加。我要指出並再次強調的一件事是，這些銷售的部分原因是我們——雖然每個鍵的價格並不像你在這裡預期的上限率那麼高很低。結合去年在舊金山的資產出售，我們將以 3 的上限出售 1.55 億美元的資產。如果您根據遞延資本需求進行調整，則低於 2%。因此，我們喜歡的一件事是，它將使我們能夠在不放棄大量現場收益的情況下繼續加強資產負債表。

Yes. Understood. And then just one more, just thinking about the bottom portion of the portfolio. I guess maybe how many more $60,000 a key or maybe $75,000 or $700,000 per key type of assets that you guys have left in the portfolio?

是的。明白了。然後還有一個，只是考慮投資組合的底部。我想你們在投資組合中還剩下多少 60,000 美元的關鍵資產，或者 75,000 美元或 700,000 美元的關鍵類型資產？

Yes. Look, there's some. I mean, I think there's always kind of a bottom 10% of your portfolio. Like we don't have a ton of what I would describe as real noncore assets. I do think we'll try to continue to look opportunistically to sell assets. I think the execution, again, on the 6 plus the sale on SFO last year represent a really, really compelling execution, particularly with where we think we -- where and how we can redeploy those proceeds. And we've shown, again, I think a really nice delta between the yields on what we've sold versus the yields on what we've acquired. And so I think you can expect us to continue to look opportunistically for asset sales as we go through 2023.

是的。看，有一些。我的意思是，我認為你的投資組合中總有 10% 的底部。就像我們沒有大量我所說的真正的非核心資產一樣。我確實認為我們會嘗試繼續尋找機會出售資產。我認為 6 日的執行加上去年在 SFO 上的銷售代表了一個非常非常令人信服的執行，特別是在我們認為我們可以在哪里以及如何重新部署這些收益的地方。我們再次表明，我認為我們所售資產的收益率與我們所收購資產的收益率之間存在非常好的差異。因此，我認為您可以期望我們在 2023 年之前繼續尋找機會進行資產出售。

Got it. And then last one for me for Trey. Probably just year end net leverage, where did it stand? And then what would that have been on a pro forma basis if those 6 asset sales plus the land sale were completed at 12/31?

知道了。最後一個是我給 Trey 的。可能只是年終淨槓桿，它在哪裡？如果這 6 項資產出售加上土地出售在 12/31 完成，那麼在備考基礎上會是什麼？

Yes. I think if you look at our leverage, what I would say is that pro forma for the asset sales and the kind of $79 million that we anticipate bringing in from that standpoint and kind of what the midpoint of our guidance range is, we're probably right around 5x. That's obviously about half a turn higher than what our target is, but I think it's good progress that we've made over the last year as we've kind of recycled out of some of these noncore assets as well as the EBITDA growth that we've seen.

是的。我想如果你看看我們的槓桿率，我想說的是資產出售的形式以及我們預計從這個角度帶來的 7900 萬美元以及我們指導範圍的中點是什麼，我們是大概是 5 倍左右。這顯然比我們的目標高出大約半圈，但我認為這是我們在過去一年中取得的良好進展，因為我們已經回收了其中一些非核心資產以及我們的 EBITDA 增長'已經看到。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Jon Stanner, President and CEO, for any closing remarks.

我現在不會提出任何進一步的問題。我想將電話轉回給總裁兼首席執行官喬恩·斯坦納，聽取任何結束語。

Thank you all for joining us today.

感謝大家今天加入我們。

We're obviously very encouraged by our operating results for 2022. We're excited about the prospects for the acquisition activity that we completed in the year, and we're optimistic about the future of Summit. We look forward to seeing many of you as we progress through the year.

顯然，我們對 2022 年的經營業績感到非常鼓舞。我們對今年完成的收購活動的前景感到興奮，我們對 Summit 的未來感到樂觀。隨著我們這一年的進步，我們期待著見到你們中的許多人。

Thank you all again for joining. Have a good day.

再次感謝大家的加入。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。