Office Properties Income Trust (OPI) 2020 Q1 法說會逐字稿

Good morning, and welcome to Office Properties Income Trust First Quarter 2020 Financial Results Conference Call. At this time, for opening remarks and introductions, I would like to turn the call over to Olivia Snyder, Manager of Investor Relations.

早安，歡迎參加 Office Properties Income Trust 2020 年第一季財務業績電話會議。此時，我想將電話轉給投資者關係經理奧利維亞·斯奈德 (Olivia Snyder) 進行開場演講和介紹。

Thank you, and good morning, everyone. Thanks for joining us today. With me on the call are OPI's President and Chief Executive Officer, David Blackman; Chief Financial Officer and Treasurer, Matt Brown; and Vice President, Chris Bilotto. In just a moment, they will provide details about our business and our performance for the first quarter of 2020, followed by a question-and-answer session with sell-side analysts.

謝謝大家，大家早安。感謝您今天加入我們。與我一起參加電話會議的有 OPI 總裁兼執行長 David Blackman；財務長兼財務主管馬特布朗；和副總裁克里斯·比洛托。稍後，他們將提供有關我們的業務和 2020 年第一季度業績的詳細信息，然後與賣方分析師進行問答。

First, I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on OPI's beliefs and expectations as of today, Friday, May 1, 2020, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from our website, opireit.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements.

首先，我想指出的是，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。另請注意，今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性陳述是基於 OPI 截至今天（2020 年 5 月 1 日星期五）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會 (SEC) 提交的文件中，您可以透過我們的網站 opireit.com 或 SEC 網站存取該文件。投資者應注意不要過度依賴任何前瞻性陳述。

In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations or normalized FFO, cash available for distribution, or CAD, adjusted EBITDA and cash basis net operating income, or cash basis NOI. A reconciliation of these non-GAAP figures to net income are available in our supplemental operating and financial data package, which also can be found on our website.

此外，我們將在本次電話會議中討論非 GAAP 數據，包括標準化營運資金或標準化 FFO、可用於分配的現金（或 CAD）、調整後 EBITDA 和現金制淨營業收入（或現金制 NOI）。這些非公認會計準則資料與淨利潤的對帳可在我們的補充營運和財務資料包中找到，這些資料包也可以在我們的網站上找到。

In addition, we will be providing guidance on this call, including normalized FFO and cash basis NOI. We are not providing a reconciliation of these non-GAAP figures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all, such as gains and losses or impairment charges related to the disposition of real estate.

此外，我們也將就本次電話會議提供指導，包括標準化 FFO 和現金制 NOI。作為我們指導的一部分，我們不會提供這些非公認會計原則數據的調節表，因為如果沒有不合理的努力，就無法獲得此類調節所需的某些信息，例如與房地產處置相關的損益或減值費用。

Before turning the call over to David, I would like to note that due to the Massachusetts shelter-in-place order, we are unable to conduct today's call from the same location. As a result, there may be some delays during our question-and-answer session, and there is a risk our audio may not be as clear as normal. David?

在將電話轉給大衛之前，我想指出，由於馬薩諸塞州的就地避難令，我們無法從同一地點進行今天的電話會議。因此，我們的問答環節可能會出現一些延遲，我們的音訊可能不像正常情況那樣清晰。大衛？

Thank you, Olivia, and good morning. Welcome to the first quarter earnings call for Office Properties Income Trust. Like most of you joined today's call, the COVID-19 pandemic has dramatically changed the way we conduct business. The economic disruption brought on by the oil price war and the closing of nonessential businesses across the U.S. has resulted in record unemployment claims not seen since the 1930s and has adversely impacted businesses of all sizes throughout the global economy. As I have worked remotely these past 45 days, focus on the continuity of our businesses, the health and well-being of my family, our stakeholders and tenants, I take comfort in the strength of the RMR Organization and how we have positioned OPI to not only survive this economic shock, but to likely thrive coming out of it.

謝謝你，奧利維亞，早安。歡迎參加辦公地產收入信託第一季財報電話會議。就像今天參加電話會議的大多數人一樣，新冠肺炎 (COVID-19) 大流行極大地改變了我們開展業務的方式。石油價格戰和美國各地非必要企業倒閉造成的經濟混亂導致申請失業救濟人數創 20 世紀 30 年代以來新高，並對全球經濟中各種規模的企業產生了不利影響。由於過去 45 天我一直在遠距工作，專注於我們業務的連續性、家人、利益相關者和租戶的健康和福祉，我對 RMR 組織的實力以及我們如何將 OPI 定位為不僅能在這場經濟衝擊中倖存下來，而且很可能從中受益。

There are several factors that position OPI to perform well in what will eventually be an economic recession. One, OPI has minimal lease expirations for the remainder of the year equal to only 4.7% of our annualized rents. Two, OPI's leverage is low on a net debt-to-EBITDA basis at only 5.9x, below our targeted range of 6x to 6.5x. Three, OPI has minimal debt maturities until 2022 with only $40 million of debt maturing. Four, OPI has adequate liquidity with almost $400 million of availability under our $750 million unsecured revolving credit facility and our investment-grade ratings have recently been affirmed as BBB-, Baa3 with stable outlooks. Five, OPI has one of the highest percentages of rents paid by investment-grade rated tenants in the office sector at 62.2% of our annualized rents, including more than 38% paid by government tenants. Six, OPI has granted minimal rent assistance to our tenants for the month of April through July equal to approximately 70 basis points of our contractual cash revenue over that period, and all of our top 20 tenants have paid April rents. Seven, OPI has a well-diversified portfolio of properties, both geographically with limited exposure to coastal gateway markets that have been hardest hit by the pandemic and by tenant industry, with approximately 78% of our annualized rent paid by tenants operating in industries deemed essential. Eight, OPI's first quarter CAD payout ratio was 56.1%, which is low for the office sector and below our targeted payout ratio of 75%. Considering annual capital spending will likely be below expectations, we also expect our full-year payout ratio will be low -- will be below our target.

有幾個因素使 OPI 在最終將出現的經濟衰退中表現良好。第一，OPI 在今年剩餘時間內的租賃到期時間極短，僅相當於我們年化租金的 4.7%。第二，以淨負債與 EBITDA 比率計算，OPI 的槓桿率較低，僅 5.9 倍，低於我們 6 倍至 6.5 倍的目標範圍。第三，OPI 的債務到期期限極短，直至 2022 年，到期債務僅 4,000 萬美元。第四，OPI 擁有充足的流動性，在我們的 7.5 億美元無擔保循環信貸額度下可提供近 4 億美元，我們的投資等級最近被確認為 BBB-、Baa3，前景穩定。第五，OPI 是辦公室領域投資等級租戶支付租金比例最高的公司之一，占我們年化租金的 62.2%，其中政府租戶支付的租金比例超過 38%。第六，OPI 向我們的租戶提供了 4 月至 7 月的最低租金援助，相當於我們同期合約現金收入的約 70 個基點，並且我們所有排名前 20 的租戶都支付了 4 月份的租金。第七，OPI 擁有多元化的物業組合，在地理位置上，對受疫情打擊最嚴重的沿海門戶市場和租戶行業的影響有限，我們約 78% 的年化租金是由從事重要行業的租戶支付的。第八，OPI 第一季的加幣支付率為 56.1%，對辦公產業來說較低，低於我們 75% 的目標支付率。考慮到年度資本支出可能會低於預期，我們也預期全年派息率將較低，低於我們的目標。

Chris and Matt will provide more detail in their prepared remarks that will further highlight OPI's excellent results for the first quarter.

Chris 和 Matt 將在他們準備好的演講中提供更多細節，進一步凸顯 OPI 第一季的出色業績。

In summary, normalized FFO was $1.40 per share, which beat consensus estimates. We completed almost 600,000 square feet of new and renewal leasing for a 4.1% roll-up in rents, consolidated occupancy increased almost 200 basis points year-over-year and same-property cash basis NOI increased 1.2% year-over-year.

總之，標準化 FFO 為每股 1.40 美元，超出市場普遍預期。我們完成了近 60 萬平方英尺的新租賃和續租租賃，租金上漲 4.1%，綜合入住率年增近 200 個基點，同物業現金基礎 NOI 年增 1.2%。

As a reminder, OPI's disposition program to reduce leverage was completed at year-end 2019. In addition, we successfully closed on the sale of all the properties we had under agreement when we reported fourth quarter results, completing more than $85 million of asset sales under our capital recycling program. The 6 properties sold during the first quarter contained approximately 700,000 square feet at an average age of 22 years, an average occupancy of 94%. A weighted average lease term of 6 years eliminated more than $22 million of budgeted capital over 5 years and resulted in a 5-year average cash contribution yield of 4.1%.

需要提醒的是，OPI 的降低槓桿處置計畫已於 2019 年底完成。此外，在報告第四季度業績時，我們成功完成了協議下所有財產的出售，根據我們的資本回收計劃完成了超過 8500 萬美元的資產出售。第一季出售的6處房產面積約70萬平方英尺，平均樓齡為22年，平均入住率為94%。6 年的加權平均租賃期在 5 年內消除了超過 2,200 萬美元的預算資本，導致 5 年平均現金貢獻收益率為 4.1%。

Once liquidity returns to the market, we will reinvigorate our capital recycling program. Likewise, our acquisition program will remain dormant until such time as we see interesting opportunities that are appropriately priced for today's economic risk.

一旦流動性回歸市場，我們將重振我們的資本回收計劃。同樣，我們的收購計劃將保持休眠狀態，直到我們看到針對當今經濟風險定價適當的有趣機會。

One final note is that 100% of our buildings are operational and available to our tenants, but in most cases are being lightly utilized. Chris will give greater detail in his prepared remarks, but RMR, as our property manager, has implemented numerous protocols to protect the health and safety of our property management staff in order to keep our buildings open. This has been balanced with managing property operating expenses to save costs for our tenants.

最後一點是，我們的建築 100% 已投入營運並可供租戶使用，但在大多數情況下利用率較低。克里斯將在他準備好的演講中提供更多細節，但 RMR 作為我們的物業經理，已經實施了許多協議來保護我們物業管理人員的健康和安全，以保持我們的建築物開放。這與管理物業營運費用相平衡，以節省租戶的成本。

With that, I'll turn the call over to Chris to review leasing and operating activity, followed by Matt to review financial results and the balance sheet. Chris?

這樣，我將把電話轉給克里斯來審查租賃和營運活動，然後由馬特來審查財務表現和資產負債表。克里斯？

Thank you, David, and good morning, everyone. As David highlighted, the strength of our portfolio and balance sheet should benefit us as we manage through the current economic challenges. While it is difficult to determine the duration and implications of the COVID-19 pandemic, our business was largely unaffected during the first quarter. OPI's portfolio has several characteristics, which we believe helps sustain us during times of economic volatility and keeps us largely insulated from events such as COVID-19. As David touched on, 62.2% of our portfolio is made up of investment-grade rated tenants, which includes 38.4% paid by government tenants. Other large industries in our portfolio, which we consider lower risk, include technology, communications and legal, while higher-risk co-working tenancy makes up less than 15,000 square feet of our portfolio.

謝謝大衛，大家早安。正如大衛所強調的那樣，在我們應對當前的經濟挑戰時，我們的投資組合和資產負債表的實力應該會讓我們受益。雖然很難確定 COVID-19 大流行的持續時間和影響，但我們的業務在第一季基本上沒有受到影響。OPI 的投資組合有幾個特點，我們相信這些特點有助於我們在經濟波動時期維持下去，並使我們在很大程度上免受 COVID-19 等事件的影響。正如 David 所說，我們的投資組合中有 62.2% 由投資等級租戶組成，其中 38.4% 由政府租戶支付。我們投資組合中的其他大型產業（我們認為風險較低）包括技術、通訊和法律，而風險較高的共享辦公室租賃占我們投資組合的面積不到 15,000 平方英尺。

Our properties are geographically diverse and in many cases building attributes such as access to transit and those with enhanced security infrastructure complement the needs of our tenants and their employees, therefore, helping drive retention. Further, tenants involved in essential goods or services make up 78% of our annualized revenue, and roughly 94% of our annualized revenue is considered low risk by industry. As of quarter end, the portfolio's weighted average lease term is 5.6 years with occupancy of 91.5%.

我們的物業分佈在不同的地理位置，在許多情況下，建築屬性（例如交通便利性和具有增強的安全基礎設施的屬性）可以滿足我們的租戶及其員工的需求，因此有助於提高保留率。此外，涉及必需品或服務的租戶占我們年化收入的 78%，而我們年化收入的約 94% 被業界認為是低風險的。截至季末，該投資組合的加權平均租約為5.6年，入住率為91.5%。

Turning to implications related to COVID-19. As Matt will discuss in more detail, to date, we have granted rental assistance to 18 tenants in the form of rent deferrals. Tenant requests for assistance are reviewed on a case-by-case basis giving consideration to financial statements, a business plan for managing through COVID-19 and participation through the CARES Act. In the event we grant rent assistance, our general position is to defer rent for 1 month at a time and reevaluate as needed. Tenants are required to repay the total deferral over a 12-month period beginning this fall. We believe this approach provides greater assurances for collection while also partnering with those tenants who are experiencing a financial hardship to support the long-term success of their business, thus preserving our tenant relationships, retention and portfolio stability.

轉向與 COVID-19 相關的影響。正如 Matt 將更詳細討論的那樣，迄今為止，我們已以延期租金的形式向 18 名租戶提供租金援助。租戶的援助請求將根據具體情況進行審查，同時考慮財務報表、管理 COVID-19 的業務計劃以及透過 CARES 法案參與的情況。如果我們提供租金援助，我們的一般立場是每次延遲 1 個月租金，並根據需要重新評估。從今年秋季開始，租戶必須在 12 個月內償還全部延期付款。我們相信，這種方法為收款提供了更大的保證，同時也與那些遇到財務困難的租戶合作，以支持其業務的長期成功，從而維護我們的租戶關係、保留率和投資組合穩定性。

9 of the 18 tenants who have been granted assistance are restaurants, ground floor retail or retail amenities. These higher-risk tenants are generally located on the ground floor of our building and make up less than 0.5% of our total annualized revenue. Through the RMR Group's credit risk team, we routinely review both industry and tenant risk while considering various factors around financials, industry and geography, to name a few. As noted earlier, roughly 94% of the portfolio by industry is considered low-risk, and for those industries identified as high-risk, approximately 28% of the tenants by annualized revenue are investment-grade rated.

獲得援助的 18 名租戶中有 9 名是餐廳、底層零售或零售設施。這些高風險租戶通常位於我們大樓的底層，占我們年化總收入的不到0.5%。透過 RMR 集團的信用風險團隊，我們定期審查產業和租戶風險，同時考慮財務、產業和地理等各種因素。如前所述，按行業劃分，大約 94% 的投資組合被認為是低風險的，而對於那些被確定為高風險的行業，按年化收入計算，大約 28% 的租戶被評為投資級。

As communities across the country have moved to shelter-in-place orders, 100% of our properties remain operable. We have established protocols to ensure the safety of our tenants and employees while also mitigating unnecessary costs given the temporary reduction in usage. Example of these protocols include, first, all RMR employee management and engineering employees were trained on COVID-19 precaution procedures. Second, prioritization of nonemergency tenant work orders to limit RMR employee and tenant interaction. Third, enhanced cleaning protocols to focus on sanitizing high-touch points in common areas and restrooms. Fourth, a focus on reducing operational costs with the implementation of energy reduction protocols for lighting and HVAC systems and the reduction of nonessential building services, such as the frequency of trash removal. And lastly, the shutdown of building amenities such as fitness centers and conference facilities.

隨著全國各地的社區已轉向就地避難令，我們的房產 100% 仍可營運。我們制定了協議，以確保租戶和員工的安全，同時在暫時減少使用的情況下減少不必要的成本。這些協議的範例包括，首先，所有 RMR 員工管理和工程員工都接受了有關 COVID-19 預防程序的培訓。其次，優先處理非緊急租戶工單，以限制 RMR 員工和租戶的互動。第三，加強清潔方案，並​​專注於公共區域和衛生間的高接觸點進行消毒。第四，透過實施照明和暖通空調系統節能協議以及減少垃圾清除頻率等非必要建築服務，重點是降低營運成本。最後，關閉健身中心和會議設施等建築設施。

In addition to implementing enhanced operating protocols and social distancing guidelines, our management teams at RMR have established business continuity plans to prevent the spread of COVID-19 and to ensure operational stability at our properties. Noncritical travel has been suspended. Regional leadership personnel have not been allowed to work in the same location at the same time. And personal protective equipment is required on all employees still working to manage our properties. RMR's platform with more than 30 offices across the country has allowed us to continue quality management of our properties, collect real-time information around evolving changes and to maintain our strong relationships and communications with tenants. Finally, while continuing to manage protocols to ensure safety of our employees and tenants, we are also evaluating procedures for a post-pandemic work environment and re-occupancy of our buildings.

除了實施強化的營運協議和社交距離準則外，RMR 的管理團隊還制定了業務連續性計劃，以防止 COVID-19 的傳播並確保我們酒店的營運穩定性。非關鍵旅行已暫停。地區領導人員不得在同一地點同時辦公。所有仍在管理我們財產的員工都需要配備個人防護裝備。RMR 的平台在全國設有 30 多個辦事處，使我們能夠繼續對我們的物業進行品質管理，收集有關不斷變化的即時信息，並與租戶保持牢固的關係和溝通。最後，在繼續管理協議以確保員工和租戶安全的同時，我們也正在評估疫情後工作環境和重新入住我們建築物的程序。

Turning to our leasing results for the quarter. While we have begun to see a slowdown in tenant towards a new leasing activity, renewal leasing discussions are continuing, and we delivered positive results in the first quarter. We completed new leasing for an aggregate of 589,000 square feet for a weighted average roll-up in rents of 4.1%, a weighted average lease term of 4.8 years and leasing concessions and capital commitments of $4.60 per square foot per lease year.

轉向我們本季的租賃業績。雖然我們開始看到租戶對新租賃活動的興趣有所放緩，但續租討論仍在繼續，我們在第一季取得了積極的成果。我們完成了總計 589,000 平方英尺的新租賃，加權平均租金上漲 4.1%，加權平均租賃期限為 4.8 年，租賃優惠和資本承諾為每個租賃年每平方英尺 4.60 美元。

Total portfolio occupancy has increased 190 basis points year-over-year to 91.5%. Our current leasing pipeline of 1.6 million square feet includes 450,000 square feet that could absorb vacant space across the portfolio. We anticipate a near-term conversion of 45% of our pipeline given the roughly 700,000 square feet of current activity that is in advanced stages of the signed proposal or lease documentation review.

投資組合總入住率年增 190 個基點，達到 91.5%。我們目前的租賃面積為 160 萬平方英尺，其中 45 萬平方英尺可以吸收整個投資組合的空置空間。鑑於目前約 70 萬平方英尺的活動處於已簽署提案或租賃文件審查的後期階段，我們預計近期將有 45% 的管道進行改造。

Despite an active lease pipeline, we anticipate new lease activity for the second quarter may slow. During our fourth quarter call, we provided guidance on a same-store basis, which included a year-end occupancy target of 92% to 93% with a roll-up in rents of 2% to 3%. We believe the near-term impact from COVID-19 may delay tenant's decisions to lease new space and, therefore, speculate roughly 100 to 200 basis points of our target year-end occupancy is at risk.

儘管租賃管道活躍，但我們預計第二季的新租賃活動可能會放緩。在第四季的電話會議中，我們提供了同店指導，其中包括年終入住率目標為 92% 至 93%，租金上漲 2% 至 3%。我們認為，COVID-19 的短期影響可能會推遲租戶租賃新空間的決定，因此，推測我們的年終目標入住率大約有 100 到 200 個基點面臨風險。

Before we move into our financial review, I will highlight that last month we announced that OPI received the 2020 ENERGY STAR Partner of the Year Sustained Excellence Award for its outstanding efforts in energy management. This is the third consecutive year that we have achieved partner of the year recognition and the first year earning the sustained excellence designation in the energy management category. Currently, 40 buildings in our portfolio are ENERGY STAR certified. Our manager, the RMR Group, was also honored with a 2020 ENERGY STAR Partner of the Year award for its outstanding efforts as a service and product provider for the second year in a row.

在進行財務審查之前，我要強調的是，上個月我們宣布 OPI 因其在能源管理方面的傑出努力而獲得 2020 年能源之星年度合作夥伴持續卓越獎。這是我們連續第三年獲得年度合作夥伴認可，也是第一年獲得能源管理類別的持續卓越頭銜。目前，我們投資組合中的 40 棟建築已獲得能源之星認證。我們的管理公司 RMR 集團也因其作為服務和產品提供商的傑出努力而連續第二年榮獲 2020 年能源之星年度合作夥伴獎。

I will now turn the call over to Matt Brown to provide details on our liquidity and this quarter's financial results. Matt?

我現在將把電話轉給馬特布朗，以提供有關我們的流動性和本季度財務業績的詳細資訊。馬特？

Thanks, Chris, and good morning, everyone. As David and Chris both highlighted, we are carefully monitoring the COVID-19 pandemic and possible impact to our results and our liquidity. April rent collections remained strong and consistent with trends over the prior months with 96% of rent obligations collected. Our top 20 tenants representing 58.6% of our annualized rental income have paid their April rent obligations. As of April 28, we have granted temporary rent deferrals to 18 tenants. Generally, these deferrals include 1 month of base rent in exchange for 12 increased monthly payments beginning in the fall of 2020. The total amount of rent deferred to date is $1.4 million broken down as follows: $452,000 in April, $809,000 in May and $71,000 in each of June and July. In aggregate, these deferrals represent 0.7% of the contractual cash revenue over that period. As these deferrals are deemed to be payment plans, consistent with the recent accounting guidance related to rent relief requests, we do not expect this rent assistance to impact our revenues. However, it will temporarily reduce our cash flows. To date, no rent has been forgiven or abated.

謝謝克里斯，大家早安。正如 David 和 Chris 所強調的那樣，我們正在仔細監測 COVID-19 大流行及其對我們的表現和流動性可能產生的影響。4 月的租金收繳情況依然強勁，與前幾個月的趨勢一致，已收繳 96% 的租金。我們的前 20 位租戶已支付 4 月份的租金義務，占我們年化租金收入的 58.6%。截至 4 月 28 日，我們已向 18 名租戶提供臨時租金延期。一般來說，這些延期包括 1 個月的基本租金，以換取從 2020 年秋季開始增加 12 個月的每月付款。迄今為止，遞延租金總額為 140 萬美元，細分如下：4 月為 452,000 美元，5 月為 809,000 美元，6 月和 7 月分別為 71,000 美元。總的來說，這些延期付款佔該期間合約現金收入的 0.7%。由於這些延期被視為付款計劃，與最近與租金減免請求相關的會計指南一致，我們預計這種租金援助不會影響我們的收入。然而，這將暫時減少我們的現金流。迄今為止，尚未免除或減少任何租金。

At March 31, we had $432 million of liquidity, including $30 million of cash and cash equivalents and $402 million of availability on our $750 million unsecured revolving credit facility. At March 31, our net debt to annualized adjusted EBITDAre was 5.9x, which remains below our target leverage range for the second consecutive quarter. We currently have $395 million of availability on our revolving credit facility and only $40 million of debt maturities until 2022. Our balance sheet remains strong, and we have ample liquidity to weather the current disruptions facing the real estate industry.

截至 3 月 31 日，我們擁有 4.32 億美元的流動資金，其中包括 3,000 萬美元的現金和現金等價物，以及 7.5 億美元的無擔保循環信貸額度中的 4.02 億美元。截至 3 月 31 日，我們的淨負債與年化調整後 EBITDA 比率為 5.9 倍，連續第二季低於我們的目標槓桿範圍。目前，我們的循環信貸額度有 3.95 億美元，而到 2022 年只有 4,000 萬美元的債務到期。我們的資產負債表仍然強勁，我們有充足的流動性來應對當前房地產行業面臨的混亂。

Turning to consolidated financial results for the quarter. Normalized FFO for the first quarter was $67.6 million or $1.40 per share, which beat consensus of $1.33 per share. Normalized FFO exceeded our guidance estimate of $1.30 to $1.33 per share for the following reasons: a decrease in property operating expenses of $0.04 per share, mainly due to snow removal costs coming in below our forecast; $550,000 or $0.01 per share of settlement income related to a dispute with a vendor that was not forecasted.

轉向本季的綜合財務業績。第一季標準化 FFO 為 6,760 萬美元，即每股 1.40 美元，高於每股 1.33 美元的市場預期。標準化 FFO 超出了我們每股 1.30 美元至 1.33 美元的指導預測，原因如下： 每股物業營運費用減少 0.04 美元，主要是由於除雪成本低於我們的預測； 550,000 美元或每股 0.01 美元的和解收入，涉及與未預測的供應商的糾紛。

Market disruptions as a result of COVID-19 impacted our estimate as follows: a reduction in interest expense on a revolving credit facility of $0.01 per share due to a decline in LIBOR, a reduction in business management fees within G&A expense of $0.01 per share due to a decline in our share price in March.

COVID-19 造成的市場混亂對我們的估計產生瞭如下影響：由於LIBOR 下降，循環信貸額度的利息費用減少了每股0.01 美元；由於LIBOR 下降，一般管理費用中的業務管理費減少了每股0.01美元。導致我們三月的股價下跌。

CAD for the first quarter was $47.4 million or $0.98 per share, which resulted in a CAD payout ratio of 56.1%. In April, we declared a $0.55 per share dividend, maintaining our previous level. Our dividend remains well covered, and we expect it to remain well covered for the remainder of 2020. Rental income, property operating expenses and depreciation and amortization all declined as compared to Q1 2019 due to the sale of 64 properties for aggregate proceeds of $934.2 million since January 1, 2019. G&A expense for the first quarter was $7.1 million compared to G&A expense of $8.7 million for the first quarter of 2019. The decline in G&A expense is mainly the result of lower business management fees paid to RMR due to lower debt levels from property dispositions since January 1, 2019, partially offset by an increase in OPI's average share price.

第一季加幣為 4,740 萬美元，即每股 0.98 美元，加元支付率為 56.1%。4 月份，我們宣布派發每股 0.55 美元的股息，維持先前的水準。我們的股息仍然得到充分支付，我們預計在 2020 年剩餘時間內也將保持良好支付。與 2019 年第一季相比，租金收入、物業營運費用以及折舊和攤銷均有所下降，原因是自 2019 年 1 月 1 日以來出售了 64 處房產，總收益為 9.342 億美元。第一季的一般管理費用為 710 萬美元，而 2019 年第一季的一般管理費用為 870 萬美元。一般及行政費用的下降主要是由於自 2019 年 1 月 1 日以來，由於財產處置造成的債務水平較低，支付給 RMR 的業務管理費減少，但部分被 OPI 平均股價的上漲所抵消。

In addition, we incurred higher amounts of share-based compensation in Q1 2019 as a result of increasing the number of trustees on our Board and the acceleration of unvested shares to SIR's former CFO, who retired from RMR in Q1 2019. As a reminder, our business management fee is paid based on the lesser of total market capitalization or assets under management and is currently being paid on total market capitalization. We believe this calculation represents a strong alignment of interest with shareholders built into our management contract with RMR. Interest expense for the first quarter was $27.2 million compared to interest expense of $37.1 million in the first quarter of 2019. The decline in interest expense is mainly the result of $750 million of unsecured senior note repayments since July 1, 2019, and $388 million of term loans repaid since Q1 2019.

此外，由於增加了董事會受託人的數量，以及加速向SIR 前首席財務官（他於2019 年第一季從RMR 退休）授予未歸屬股份，我們在2019 年第一季產生了更高數額的股權激勵。需要提醒的是，我們的業務管理費是根據總市值或管理資產中的較小者支付的，目前是根據總市值支付的。我們相信這項計算代表了我們與 RMR 的管理合約中所包含的股東利益的緊密結合。第一季的利息支出為 2,720 萬美元，而 2019 年第一季的利息支出為 3,710 萬美元。利息支出下降的主要原因是自 2019 年 7 月 1 日以來償還了 7.5 億美元的無擔保優先票據，以及自 2019 年第一季以來償還了 3.88 億美元的定期貸款。

Turning to property level results and capital expenditures. For the first quarter of 2020, same-property cash basis NOI increased 1.2% compared to the first quarter of 2019, which beat our guidance range of flat to down 2%. The increase was mainly driven by expense savings, most notably decreases in snow removal costs and utilities, partially offset by increases in property insurance premiums. We spent $16.3 million on recurring capital during the first quarter, including $9.2 million on building improvements and $7.1 million on leasing capital. As of quarter end, we had approximately $57.3 million of unspent leasing-related capital obligations, of which 52% represents tenant improvement allowances managed by our tenants and $15.8 million is leasing capital designated in leases for future years.

轉向財產水平結果和資本支出。2020 年第一季度，同物業現金基礎 NOI 比 2019 年第一季度增長 1.2%，超出了我們持平至下降 2% 的指導範圍。這一增長主要是由於費用節省所致，最顯著的是除雪成本和公用事業成本的下降，部分被財產保險費的增長所抵消。第一季我們在經常性資本上花費了 1,630 萬美元，其中包括用於建築改善的 920 萬美元和租賃資本的 710 萬美元。截至季末，我們有約 5,730 萬美元的未動用租賃相關資本義務，其中 52% 是由租戶管理的租戶改善津貼，1,580 萬美元是未來幾年租賃中指定的租賃資本。

Based on our current forecast, we expect 2020 recurring capital expenditures to be approximately $92 million, which is down from our initial forecast of $110 million, mainly due to the timing of capital projects and changes in speculative leasing capital as a result of the COVID-19 pandemic. We expect normalized FFO per share to be between $1.33 and $1.36 for the second quarter of 2020. We currently do not expect the material impact to our results from the COVID-19 pandemic. As a result, this estimate excludes any potential loss revenue that could result from tenant bankruptcies or defaults on lease obligations and excludes any acquisition or disposition activities. We expect our second quarter same-property cash basis NOI growth to be between negative 0.5% and positive 1.5% as compared to the second quarter of 2019.

根據我們目前的預測，我們預計2020 年經常性資本支出約為9,200 萬美元，低於我們最初預測的1.1 億美元，這主要是由於資本項目的時間安排以及新冠疫情導致的投機性租賃資本的變化。19 流行病。我們預計 2020 年第二季每股標準化 FFO 將在 1.33 美元至 1.36 美元之間。目前，我們預計 COVID-19 大流行不會對我們的業績產生重大影響。因此，此估計不包括因租戶破產或拖欠租賃義務而可能導致的任何潛在收入損失，也不包括任何收購或處置活動。我們預計，與 2019 年第二季相比，第二季同物業現金基礎 NOI 成長將在負 0.5% 至正 1.5% 之間。

Operator, that concludes our prepared remarks. We're ready to open the call up for questions.

接線員，我們準備好的發言到此結束。我們已準備好接受提問。

Operator? Olivia?

操作員？奧莉薇亞？

Yes. We're trying to contact them now.

是的。我們現在正在嘗試聯繫他們。

Have we lost the call?

我們失去電話了嗎？

We're still live. They're sending another operator over. She's having technical difficulties. Just hold a moment.

我們還活著。他們正在派另一名接線員過來。她遇到了技術困難。請稍等一下。

Okay. Thank you.

好的。謝謝。

Sorry about that. Our first question is from Bryan Maher from B. Riley FBR.

對於那個很抱歉。我們的第一個問題來自 B. Riley FBR 的 Bryan Maher。

And that was a pretty decent quarter you guys put up, so congrats in this difficult environment. David, can you tell us, are you effectively done now with the disposition process with the assets sold so far this year?

這是你們度過的一個相當不錯的季度，所以在這個困難的環境中恭喜你們。大衛，你能告訴我們，今年迄今出售的資產的處置流程是否已經有效完成？

Bryan, yes, we completed the deleveraging disposition process at the end of the year. We came into 2020 with the expectation that we would do a capital recycling program, selling somewhere between $100 million and $300 million. Right now the property sales market is substantially frozen because of the lack of availability of debt capital. So we've elected not to bring anything to the market until such time as we start to see liquidity come back to the market. My hope is that we can recommence with the capital recycling program sometime during the second half of the year. But we don't have to sell anything. So there's really no reason to bring anything to market until we believe we can transact efficiently and at decent pricing.

布萊恩，是的，我們在年底完成了去槓桿處置過程。進入 2020 年，我們期望開展一項資本回收計劃，銷售額在 1 億至 3 億美元之間。目前，由於缺乏可用的債務資本，房地產銷售市場嚴重凍結。因此，在我們開始看到流動性回到市場之前，我們選擇不向市場推出任何東西。我希望我們能夠在今年下半年的某個時候重新啟動資本回收計畫。但我們不必出售任何東西。因此，在我們相信我們能夠以合理的價格高效進行交易之前，確實沒有理由將任何產品推向市場。

Okay. And then on the flip side of that, are you getting any early -- any (technical difficulty).

好的。另一方面，你是否提前——任何（技術困難）。

I'm sorry, Bryan. I lost you.

對不起，布萊恩。我失去了你。

Our next question is with Vikram Malhotra from Morgan Stanley.

我們的下一個問題是來自摩根士丹利的 Vikram Malhotra。

And definitely put up a good quarter. I hope everyone is well and safe. Just a couple of questions. So some of your peers have talked about lower expenses or lower OpEx going forward. Wondering if you can give a bit more color in terms of quantifying kind of how OpEx could trend over the near term?

並且絕對表現出色。我希望每個人都安好、安全。只是幾個問題。因此，您的一些同行已經談到了未來降低費用或降低營運成本。想知道您是否可以在量化近期營運支出趨勢方面提供更多資訊？

Sure, Vikram. That's a good question. Matt, do you want to take that?

當然，維克拉姆。這是個好問題。馬特，你想接受這個嗎？

Sure. With the initiatives that our property management team has put in place as a result of lesser people in our buildings, we do expect to see a decline in operating expenses as a result of that. I don't have the exact numbers. It is not overly material, though.

當然。由於我們建築物內的人員減少，我們的物業管理團隊採取了一些舉措，我們確實預計營運費用會因此而下降。我沒有確切的數字。不過，它並不過分物質。

Okay. And then just a broader question. The whole work-from-home experience, certainly, there's a lot of debate as to whether this could permanently change the demand for office. And given your concentration on the government side, I'm just curious any early thoughts or discussions you may have had instead of thinking about the future space needs from your tenant base?

好的。然後是一個更廣泛的問題。當然，整個在家工作的經驗對於這是否會永久改變對辦公室的需求存在著許多爭論。鑑於您專注於政府方面，我只是好奇您可能有任何早期想法或討論，而不是考慮租戶群未來的空間需求？

Yes, Vikram, another good question. In fact, we had a conversation with Dan Mathews this week, who is Commissioner of GSA, just to kind of check in with us to see how our buildings were operating and how everything was going as a result of pandemic. GSA has a lot of employees that work remotely. And when they redid their building a couple of years ago in Washington, D.C., they created a lot of hoteling space so that they could increase the number of employees that work remotely. There are a number of federal agencies that don't have that luxury because they face the public, they deal with a lot of paper. And so I don't think there's going to be a material change as it relates to more remote working with the government tenants. I do think that they are having to rethink the increase in utilization rates that they have taken on over the last couple of years because they have a lot of people that sit certainly much closer than 6-feet apart. They have a lot of collaborative spaces. And so I think over time, they're going to have to rethink that. I think -- on the private sector, I think people have been very successful being productive working remotely. But by and large, I think most employees want to get back to the office. They miss the social interaction of being in an office. They miss the opportunity to be mentored and grow. And so while I think you may find more people working remotely going forward, I don't think it's a permanent remote work. I think it's probably maybe 1 or 2 days a week. So they'll continue to need space in an office. In all likelihood, you're going to see some tenants actually want to have more space to be able to create a little bit better physical distancing. So we could actually see office usage increase as a result of this. But as you would expect, it's still way too early to know.

是的，維克拉姆，另一個好問題。事實上，我們本週與 GSA 專員 Dan Mathews 進行了交談，只是為了向我們了解我們的建築的運營情況以及大流行造成的一切進展情況。GSA 有很多遠距工作的員工。幾年前，當他們在華盛頓特區重新裝脩大樓時，他們創造了大量的酒店空間，以便可以增加遠距工作的員工數量。有許多聯邦機構沒有那麼奢侈，因為它們面對公眾，需要處理大量文件。因此，我認為不會發生重大變化，因為它涉及與政府租戶進行更遠端的合作。我確實認為，他們必須重新考慮過去幾年中利用率的提高，因為他們有很多人，坐的距離肯定比 6 英尺近得多。他們有很多協作空間。所以我認為隨著時間的推移，他們將不得不重新考慮這一點。我認為，在私營部門，人們在遠距工作方面非常成功。但總的來說，我認為大多數員工都想回到辦公室。他們懷念在辦公室的社交互動。他們錯過了接受指導和成長的機會。因此，雖然我認為未來可能會有更多的人進行遠距工作，但我不認為這是永久性的遠距工作。我想可能每週只有 1 到 2 天。因此他們將繼續需要辦公室空間。您很可能會看到一些租戶實際上希望擁有更多空間，以便能夠創造更好的物理距離。因此，我們實際上可以看到辦公室使用量因此而增加。但正如您所料，現在知道還為時過早。

That's fair enough. Thanks for the color. Just 1 quick numbers question. The straight-line rent and the rent amortization just been moving around over the last few quarters. Just sort of wondering is there a run rate we can sort of expect or we should be modeling in?

這很公平。謝謝你的顏色。只是 1 個簡單的數字問題。直線租金和租金攤銷在過去幾個季度一直在變化。只是想知道是否有我們可以預期的運行率或我們應該建模？

What I'll say on the...

我要說的是關於...

Matt?

馬特？

Yes, what I'll say on the straight-line rent is that we had some free rent that burned off at the end of 2019, which was favorable to cash NOI this quarter of about $1 million. As we move forward to Q2, we do expect about another $1.4 million of free rent to burn off in terms of cash starting in Q2.

是的，關於直線租金，我要說的是，我們有一些免費租金在 2019 年底被燒掉，這有利於本季兌現約 100 萬美元的 NOI。當我們進入第二季時，我們確實預計從第二季開始將再消耗約 140 萬美元的免費租金。

On lease amortization, we had a tenant contraction during Q4, and that tenant had a -- was in a below-market lease position, so we had a write-off of that. So the number that's currently in Q1 is a good run rate for that number.

在租賃攤銷方面，我們在第四季度出現了租戶收縮，而該租戶的租賃狀況低於市場水平，因此我們對其進行了沖銷。因此，目前第一季的數字對於該數字來說是一個很好的運行率。

Our next question is from Bryan Maher from B. Riley FBR. Sorry about before.

我們的下一個問題來自 B. Riley FBR 的 Bryan Maher。之前的事很抱歉。

No problem. Can you hear me now, David?

沒問題。大衛，你現在聽得到我說話嗎？

Yes.

是的。

Okay. Kind of following up on my thought, post-disposition, I know it's really early innings, but are you seeing or hearing of any stressed owners out there of assets that you might be able to make a run at over the balance of 2020?

好的。有點跟進我的想法，處置後，我知道這確實是早期階段，但是您是否看到或聽到任何有壓力的資產所有者，您可能能夠在 2020 年餘下的時間裡進行投資？

Bryan, I think it's still a tad early. Definitely, there are some distressed owners that are looking to sell assets. There hasn't really been a capitulation in pricing, though. So the properties that we've seen come to market are still being proposed at relatively low cap rates. And so I think we're kind of in that time period right now where buyers have expectation for prices to come down and sellers haven't really capitulated to think that they're willing to do that. But that -- things continue as they are. That could change in the second half of the year.

布萊恩，我認為現在還為時過早。當然，有一些陷入困境的業主正在尋求出售資產。不過，定價方面並沒有真正讓步。因此，我們看到的上市房產仍以相對較低的資本化率提出。因此，我認為我們現在正處於這樣一個時期，買家預計價格會下跌，而賣家並沒有真正屈服於認為他們願意這樣做。但事情仍然如此。這種情況可能會在今年下半年改變。

And to the extent that you do make any acquisitions, I suspect that you wouldn't veer from your normal course of type of asset ownership and type of tenant. Is that realistic?

就您確實進行的任何收購而言，我懷疑您不會偏離資產所有權類型和租戶類型的正常流程。這現實嗎？

That is a realistic expectation, Bryan. We don't have any intention of veering from our business plans.

這是一個現實的期望，布萊恩。我們無意改變我們的商業計劃。

And then lastly for me. It looks like you guys have done a pretty good job of lowering your interest expense with what's going on both in the market and retiring some debt. But when we look at your capital stack on the debt side, there are a couple of pieces still lingering out there at fairly lofty interest expense levels, 2 in particular. Is there an opportunity to retire those early as well? Or are you stuck with those?

最後對我來說。看起來你們在根據市場情況降低利息支出和償還一些債務方面做得非常好。但是，當我們查看債務方面的資本累積時，有一些部分仍然處於相當高的利息支出水平，特別是2。是否有機會讓這些人提早退休？還是你被這些困住了？

Matt?

馬特？

It's a good question. Our debt generally comes with prepayment penalties. And then you have kind of a window, which is generally about 90 days where you can pay off without penalty. So we haven't kind of run the math of the prepayment penalty on those, makes sense to do. We only have $40 million of debt coming due between now and 2022. So we are very comfortable with our debt levels at the moment.

這是一個好問題。我們的債務通常會帶有提前還款罰金。然後你就會有一個窗口期，通常是 90 天左右，你可以在這個窗口期還清，而不會受到罰款。因此，我們還沒有對這些提前還款罰款進行數學計算，這是有意義的。從現在到 2022 年，我們只有 4,000 萬美元的債務到期。因此，我們對目前的債務水準感到非常滿意。

(Operator Instructions) Our next question is from Tayo Okusanya from Mizuho.

（操作員說明）我們的下一個問題來自 Mizuho 的 Tayo Okusanya。

Our next question is from Michael Carroll from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的麥可‧卡羅爾。

This is Jason on for Mike. Just a follow-up to Vikram's question on the operating expense trend. So I know you mentioned that you had the snow removal savings this quarter. So as far as the run rate moving forward, should we expect it to be relatively in line with the quarter-over-quarter values?

這是傑森替麥克發言。只是維克拉姆關於營運費用趨勢問題的後續。我知道您提到本季您節省了除雪費用。那麼，就未來的運行率而言，我們是否應該期望它與季度環比值相對一致？

It's a good question. I would expect for Q2 expenses to be slightly higher than Q1. We will have kind of seasonal utilities picking up, and then R&M activities are generally higher in Q2 over Q1.

這是一個好問題。我預計第二季的支出將略高於第一季。我們將看到季節性公用事業的成長，然後第二季的 R&M 活動通常會比第一季更高。

Our next question is from Tayo Okusanya from Mizuho.

我們的下一個問題來自 Mizuho 的 Tayo Okusanya。

Yes. Just a quick question around Tailored Brands. Again, it's listed in your top 20 tenants. I know you had made some comments earlier overall about your retail exposure. But could you kind of give a sense of -- about what's happening with that, particularly given that it's on your top tenant list?

是的。關於定製品牌的一個簡單問題。它再次被列在您的前 20 位租戶中。我知道您早些時候對您的零售業務發表了一些總體評論。但您能否介紹一下正在發生的事情，特別是考慮到它在您的頂級租戶名單上？

Sure. Matt, we received a request from them to defer rent, correct? And...

當然。馬特，我們收到了他們延遲租金的請求，對嗎？和...

That is correct.

那是對的。

We agreed to defer rents. Can you remind me how many months we did that for, Matt?

我們同意延後租金。馬特，你能提醒我我們這樣做了幾個月嗎？

2 months, April and May.

2個月，四月和五月。

Okay.

好的。

Okay. So you did it for 2 months for them, specifically. Okay. That's helpful. And then on the acquisition front, again, I appreciate the comments you made about capital recycling. Again, if the disposition side is getting delayed because of lack of debt capital, as you've mentioned, does that necessarily mean you're also delaying the acquisition side to max that up? Or do you kind of feel comfortable enough with your liquidity today that you could still go ahead and do attractive transactions even though you may not necessarily be selling assets on the other side to "match it?"

好的。所以你專門為他們做了兩個月。好的。這很有幫助。然後在收購方面，我再次感謝您對資本回收的評論。再說一次，如果處置方因為缺乏債務資本而被推遲，正如您所提到的，這是否一定意味著您也在推遲收購方以最大化債務資本？或者，您是否對今天的流動性感到足夠滿意，以至於您仍然可以繼續進行有吸引力的交易，即使您不一定會出售另一方的資產來「匹配它」？

It's a good question, Tayo. We did sell a little more than $85 million of assets during the first quarter that were part of our capital recycling program. On an after capital basis, the yield was about 4.1%. So we have some capacity that we could make some acquisitions on a leverage-neutral basis right now. We haven't seen any acquisitions that are attractive. We're also below our targeted leverage range. So we do have some room to take leverage higher, although I don't think that we will go out and make dramatic number of new acquisitions unless we're comfortable continuing with our capital recycling program. So we've got some capacity, but I don't think you're going to see it be dramatic until we re-enter the disposition market.

這是個好問題，泰約。我們在第一季確實出售了略高於 8500 萬美元的資產，這是我們資本回收計劃的一部分。以資本後計算，收益率約4.1%。因此，我們現在有一定的能力可以在槓桿中性的基礎上進行一些收購。我們還沒有看到任何有吸引力的收購。我們也低於目標槓桿範圍。因此，我們確實有一些提高槓桿率的空間，儘管我不認為我們會出去進行大量新收購，除非我們願意繼續我們的資本回收計劃。所以我們有一定的產能，但我認為在我們重新進入處置市場之前，你不會看到它有多大。

Got you. Okay.

明白你了。好的。

And then lastly, as regards to kind of upcoming lease maturities, any tenants out there giving you indications about possibly nonrenewals? I know we've kind of talked about the 2021 building, I believe, with the FBI, but is there anything else out there?

最後，關於即將到期的租約，是否有租戶向您表明可能不再續約？我知道我們已經與 FBI 討論過 2021 年的大樓，但還有其他事情嗎？

Yes. Through the rest of this year, Tayo, we have a few tenants that represent about 60 basis points of our annualized rents that we know are going to vacate. We have about another 40 basis points where we feel like they're at risk based upon current negotiations. So nothing at all material.

是的。在今年剩下的時間裡，Tayo，我們有一些租戶，占我們年化租金的約 60 個基點，我們知道這些租戶將要騰出。根據目前的談判，我們認為還有大約 40 個基點有風險。所以根本沒有什麼實質的東西。

Okay. And is that -- does that -- is that irrespective of the 1% to 2% of occupancy decline you were thinking could happen over the course of the rest of the year, just kind of given the slowdown in leasing?

好的。考慮到租賃放緩，您認為今年剩餘時間入住率可能會下降 1% 到 2%，這是否是如此？

I think that's part of it, Tayo.

我想這就是其中的一部分，Tayo。

That's part of it. Okay.

這是其中的一部分。好的。

Yes. Because we -- what we're not sure at this point is given the lack of showings from brokers and the inability of office users to get out and view space right now, how quickly that's going to pick back up once the various states reopen and the shelter-in-place orders are lifted.

是的。因為我們——我們目前不確定的是，考慮到缺乏經紀人的看房以及辦公室用戶現在無法出去查看空間，一旦各州重新開放，這種情況會以多快的速度回升就地避難令被取消。

This concludes our question-and-answer session. I would now like to turn the conference back over to David Blackman for closing remarks.

我們的問答環節到此結束。現在我想將會議轉回大衛布萊克曼（David Blackman）致閉幕詞。

Thank you, operator. Before signing off, I'd like to reiterate that our deleveraging efforts over the past 2 years, combined with the strength of our tenant base, has positioned OPI well to weather this current economic shock. We look forward to updating you on our continued evolution at the virtual NAREIT meeting in June. Thank you for joining us. Operator, that concludes the call.

謝謝你，接線生。在結束之前，我想重申，我們過去兩年的去槓桿化努力，加上我們租戶基礎的實力，使 OPI 能夠很好地應對當前的經濟衝擊。我們期待在 6 月舉行的 NAREIT 虛擬會議上向您通報我們持續發展的最新情況。感謝您加入我們。接線員，結束通話。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。