Office Properties Income Trust (OPI) 2024 Q4 法說會逐字稿

Good day and welcome to the OPI fourth quarter 2024 earnings conference call. (Operator instructions)

大家好，歡迎參加 OPI 2024 年第四季財報電話會議。（操作員指示）

But I would now like to turn the conference over to Kevin Barry of Investor Relations. Please go ahead.

但現在我想將會議交給投資者關係部門的凱文·巴里 (Kevin Barry)。請繼續。

Thank you and good morning everyone. Thanks for joining us today.

謝謝大家，早安。感謝您今天加入我們。

With me on the call are OPI's President and Chief Operating Officer Yael Duffy, and Chief Financial Officer and Treasurer Brian Donley. In just a moment they will provide details about our business and our performance for the fourth quarter of 2024.

與我一起參加電話會議的還有 OPI 總裁兼營運長 Yael Duffy 以及財務長兼財務主管 Brian Donley。他們馬上就會提供有關我們的業務和 2024 年第四季業績的詳細資訊。

I would like to note that the recording and re-transmission 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, February 14, 2025, and actual results may differ materially from those that we project.

我想指出的是，未經公司事先書面同意，禁止錄製和重新播放今天的電話會議。另外請注意，今天的電話會議包含《1995 年私人證券訴訟改革法案》和其他證券法所定義的前瞻性陳述。這些前瞻性聲明是基於 OPI 截至今天（2025 年 2 月 14 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。

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 oppiread.com or the SEC's website.

本公司不承擔修改或公開發布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，您可以從我們的網站 oppiread.com 或 SEC 的網站上存取。

Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations or normalized FFO, and cash basis net operating income, or cash basis NOI. A reconciliation of these non-GAAP figures to net income are available in OPI's earnings release presentation that we issued last night, which can be found on our website.

提醒投資者不要過度依賴任何前瞻性陳述。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，以及現金基礎淨營業收入或現金基礎 NOI。這些非 GAAP 數據與淨收入的對帳表可在我們昨晚發布的 OPI 收益報告中找到，該報告可在我們的網站上找到。

We will be providing guidance on this call, including normalized FFO and cash basis NOI. We are not providing reconciliation of these non-gap measures 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.

我們將在本次電話會議上提供指導，包括標準化的 FFO 和現金基礎 NOI。我們沒有將這些非缺口指標的調節作為指導的一部分，因為此類調節所需的某些資訊如果不付出不合理的努力就無法獲得，或者根本無法獲得，例如與房地產處置相關的損益或減值費用。

And finally, last week OPI announced that it has commenced offers to exchange certain of its outstanding unsecured senior notes. Because the offering period is open, Management will not be taking questions on today's conference call. I will now turn the call over to the aisle.

最後，OPI 上週宣布已開始提供部分未償還無擔保優先票據的交換要約。由於發行期已開放，管理層將不會在今天的電話會議上回答問題。我現在將電話轉給過道。

Thank you, Kevin, and good morning. Before we begin, I would like to highlight the steps we have taken in 2024 to address our debt maturities and liquidity constraints. Through a series of transactions, we completed $1.8 billion in secured financing, including exchanging $488 million of new notes during the fourth quarter for $378 million of our outstanding 2025 senior unsecured notes that were coming due in February 2025.

謝謝你，凱文，早安。在我們開始之前，我想強調一下我們在 2024 年為解決債務到期和流動性限製而採取的措施。透過一系列交易，我們完成了 18 億美元的擔保融資，包括在第四季度用 4.88 億美元的新票據交換 2025 年 2 月到期的 3.78 億美元的未償還 2025 年優先無擔保票據。

We paid the balance of these notes off last month with $113 million of cash using the proceeds from the sale of 24 properties. Totaling approximately 2.8 million square feet for nearly $200 million in 2024.

上個月，我們用出售 24 處房產所得的 1.13 億美元現金償還了這些票據的餘額。預計 2024 年總面積約 280 萬平方英尺，耗資近 2 億美元。

As a result of the exchanges and repayments, OPI's 2025 debt maturity was satisfied in its entirety. And OPI's total debt principle was reduced by nearly $200 million as compared to the prior year.

透過交換和償還，OPI 的 2025 年到期債務已全部滿足。OPI 的總債務本金與前一年相比減少了近 2 億美元。

As we look ahead, our net debt maturity is $140 million of senior unsecured notes due in June 2026. To address this maturity and reduce debt coming due in 2027 and 2031, last week, OPI announced that it has commenced additional offers to exchange certain of its outstanding unsecured senior notes for up to $175 million of new senior guaranteed unsecured notes.

展望未來，我們的淨債務到期日為 2026 年 6 月到期的 1.4 億美元無擔保優先票據。為了解決這一到期問題並減少 2027 年和 2031 年到期的債務，OPI 上週宣布，已開始提供額外要約，將其部分未償還無擔保優先票據交換為價值高達 1.75 億美元的新優先擔保無擔保票據。

Now turning to the quarter. I will start with an overview of our portfolio and market fundamentals, summarize leasing activity for 2024 as well as the fourth quarter, and provide an update on OPI's upcoming lease expirations. I will then turn the call over to Brian to review our financial results.

現在轉向本季。我將首先概述我們的投資組合和市場基本面，總結 2024 年以及第四季度的租賃活動，並提供 OPI 即將到期的租約的最新資訊。然後我會將電話轉給布萊恩來審查我們的財務結果。

As of December 31, 2024, OPI's portfolio consisted of 128 properties totaling 17.8 million square feet with a weighted average remaining lease term of 7.4 years. The portfolio generates $428 million of annualized revenue. Down from $513 million a year ago.

截至 2024 年 12 月 31 日，OPI 的投資組合包括 128 處房產，總面積為 1,780 萬平方英尺，加權平均剩餘租賃期限為 7.4 年。該投資組合的年收入為 4.28 億美元。較一年前 5.13 億美元有所下降。

Our portfolio is diversified by both industry and geography, with approximately 58% of our revenues coming from investment grade rated tenants or their subsidiaries. Single-tenant properties represent 61% of our square footage and nearly 80% of our properties are in suburban locations.

我們的投資組合在產業和地理上呈現多元化，其中約 58% 的收入來自投資等級租戶或其子公司。單一租戶物業占我們建築面積的 61%，近 80% 的物業位於郊區。

Recent research and news publications have begun to highlight green shoots within the office sector. The economy remains strong. Employers in both the private sector and the federal government are actively promoting return to office mandates. And there is minimal new supply hitting the market. However, these positive trends have not yet materialized in our portfolio.

最近的研究和新聞出版物開始關注辦公室領域的復甦跡象。經濟依然強勁。私部門和聯邦政府的雇主都在積極推動復工規定。而進入市場的新增供應量卻很少。然而，這些正面趨勢尚未在我們的投資組合中實現。

In Washington DC, our largest MSA OPI's vacancy is nearly 33%, and leasing conditions remain challenging as competition among landlords continues to put further pressure on net effective rents. As the new Presidential administration begins to implement efficiency measures, the impact on OPI's largest tenant, the GSA, may be a headwind for our portfolio.

在華盛頓特區，我們最大的 MSA OPI 的空置率接近 33%，而且租賃條件仍然充滿挑戰，因為房東之間的競爭繼續對淨有效租金造成進一步的壓力。隨著新總統政府開始實施效率措施，對 OPI 最大租戶 GSA 的影響可能會對我們的投資組合造成不利影響。

Today, the GSA represents 2.4 million square feet, or approximately $70 million of annualized revenue. Of this, approximately 413,000 square feet, or $10.5 million in annualized revenue is within their soft term, which gives the GSA a right to terminate the lease in whole or in part without penalty.

如今，GSA 的佔地面積為 240 萬平方英尺，年收入約為 7,000 萬美元。其中約 413,000 平方英尺（或 1050 萬美元的年收入）處於軟期限內，這使得 GSA 有權全部或部分終止租約而不受處罰。

We anticipate and have forecasted that at least one agency, the Department of Safety and Environmental Enforcement, that leases 110,000 square feet, Representing $856,000 in annual revenue may terminate its lease in the second quarter of 2025.

我們預計並預測至少有一個機構，即租賃面積為 110,000 平方英尺、年收入為 856,000 美元的安全和環境執法部，可能會在 2025 年第二季終止其租約。

The balance of the leases in soft term are leased to what we believe. But cannot be certain are mission critical agencies with low risk of vacating, such as the Secret Service, Veterans Affairs, Social Security, and the Department of Justice. The essential nature of the work these agencies do and their need to physically occupy our properties has historically provided OPI with stable cash flows, although the Department of Government Efficiency's efforts are broad-based and unpredictable.

我們認為，軟期限的租賃餘額是租賃給的。但不能確定的是撤離風險較低的關鍵任務機構，例如特勤局、退伍軍人事務部、社會安全局和司法部。儘管政府效率部的努力範圍廣泛且難以預測，但這些機構所做工作的本質以及它們需要實際佔用我們的財產，這在歷史上為 OPI 提供了穩定的現金流。

Turning to our leasing results. In 2024, our total leasing volume increased more than 20% year over year, driven by renewal activity. We signed 52 leases for more than 2 million square feet at a weighted average lease term of nearly nine years and a rental rate increase of 6.3%. The impact of this activity is an increase of $2.9 million in annualized rental revenue, of which 59% has not yet been realized and will take effect in 2025 or beyond.

談到我們的租賃結果。2024 年，受續約活動的推動，我們的總租賃量年增 20% 以上。我們簽署了 52 份租約，面積超過 200 萬平方英尺，加權平均租約近 9 年，租金成長率為 6.3%。該活動的影響是年化租金收入增加 290 萬美元，其中 59% 尚未實現，將在 2025 年或以後生效。

However, despite these efforts, OPI's least square footage decreased 2.8 million square feet during 2024, and we finished the year with total portfolio occupancy of 85% and same property occupancy of 89.4%. In the fourth quarter, we executed 13 leases totaling 359,000 square feet at a weighted average lease term of 7.1 years and a 24.3% roll up in rent, representing the strongest quarterly growth in over four years. Leasing activity included a six-year renewal with the AT&T for 191,000 square feet in Plano, Texas at a 25% roll up in rent.

然而，儘管做出了這些努力，OPI 的最小建築面積在 2024 年仍然減少了 280 萬平方英尺，而我們當年的總投資組合入住率為 85%，同一物業的入住率為 89.4%。第四季度，我們簽訂了 13 份租約，總面積為 359,000 平方英尺，加權平均租期為 7.1 年，租金上漲 24.3%，這是四年來最強勁的季度增長。租賃活動包括與 AT&T 續簽六年期租賃合同，租賃位於德克薩斯州普萊諾的 191,000 平方英尺的空間，租金上漲 25%。

A 13-year expansion and early renewal for 74,000 square feet with a residential services company in Naperville, Illinois at a 36% roll up in rent. And a 14-year renewal with the GSA for 60,000 square feet in Sacramento, California at a 20% roll up in rent.

與伊利諾伊州內珀維爾的一家住宅服務公司合作，對 74,000 平方英尺的辦公空間進行為期 13 年的擴建和提前續約，租金上漲了 36%。並與美國總務管理局續簽了 14 年的合同，租用加州薩克拉門託的 60,000 平方英尺土地，租金上漲 20%。

Concessions and capital commitments of $5.92 per square foot per year declined 10% quarter over quarter. Almost a year ago, we completed the redevelopment of Unison Elliott Bay, a 30,000 square foot life science and office project in Seattle, Washington.

每年每平方英尺 5.92 美元的優惠和資本承諾比上一季下降了 10%。大約一年前，我們完成了位於華盛頓州西雅圖的 Unison Elliott Bay 的重新開發，這是一個佔地 30,000 平方英尺的生命科學和辦公室項目。

The Seattle market has been burdened by oversupply and minimal demand, with vacancy rates of 30% for lab space and 22% for office space. Though the property was 28% pre-leased prior to its completion, we have seen no tour or proposal activity in recent months.

西雅圖市場一直面臨供應過剩和需求不足的困境，實驗室空間空置率為 30%，辦公空間空置率為 22%。儘管該房產在竣工前已預租了 28%，但近幾個月來我們並未看到任何參觀或求婚活動。

As such, we are not optimistic about the leasing prospects of this project in 2025 or in the first half of 2026. Looking ahead, 2 million square feet representing $42 million or nearly 10% of OPI's annualized rental income is set to expire in 2025.

因此，我們對該專案在 2025 年或 2026 年上半年的租賃前景並不樂觀。展望未來，200 萬平方英尺的租賃合約將於 2025 年到期，相當於 4,200 萬美元或 OPI 年租金收入的近 10%。

As we have long telegraphed, 1.5 million square feet, or $29.3 million of annualized revenue are known vacates. Many of these pending vacancies represent large single-tenant properties which face challenging market conditions and low tenant demand.

正如我們早就報道的那樣，已知的空置面積為 150 萬平方英尺，或年收入為 2930 萬美元。這些待售空置物業中有許多是大型單一租戶物業，面臨嚴峻的市場條件和低租戶需求。

Additionally, significant downtime, declining market rents, and increased tenant improvement and concession packages, plus the cost to multi-tenant these properties are likely to put further pressure on OPI's liquidity.

此外，大量的停工期、不斷下降的市場租金、不斷增加的租戶改善和優惠方案，再加上將這些房產出租給多個租戶的成本，都可能對 OPI 的流動性造成進一步的壓力。

As of December 30, 2024, 522,000 square feet, or $18.1 million of annualized revenue is scheduled to expire in 2026. Down from 1.4 million square feet, or $41 million of annualized revenue compared to a year ago.

截至 2024 年 12 月 30 日，522,000 平方英尺或 1,810 萬美元的年收入計劃於 2026 年到期。與去年同期相比，面積減少了 140 萬平方英尺，年收入減少了 4,100 萬美元。

Additionally, our current leasing pipeline totals 1.3 million square feet, of which approximately half could result in a mid-single digit roll up in REM. Turning to dispositions, we are under agreement to sell six properties totaling 581,000 square feet for an aggregate sales price of $55 million.

此外，我們目前的租賃管道總計 130 萬平方英尺，其中約一半可能導致 REM 的租賃量出現中等個位數的成長。談到處置，我們已達成協議出售六處房產，總面積為 581,000 平方英尺，總售價為 5,500 萬美元。

These properties are either vacant or soon to become vacant and located in markets with weak leasing fundamentals. Five of these assets held for sale are unencumbered properties, and one is collateral for our senior secured notes due in 2027.

這些房產要么空置，要么即將空置，並且位於租賃基本面疲軟的市場。其中五項待售資產為無抵押財產，一項是我們 2027 年到期的優先擔保票據的抵押品。

We expect to complete the majority of these sales by the end of the second quarter. Last month, we launched a marketing campaign to sell our 427,000 square foot mixed-use development at 20 Mass Ave in Washington DC.

我們預計第二季末完成大部分銷售。上個月，我們啟動了一項行銷活動，以出售位於華盛頓特區馬薩諸塞大道 20 號的 427,000 平方英尺的混合用途開發項目。

Senesta International Hotels operates a 274 key hotel on floors two through six of the property, or 56% of the square footage. We anticipate the likely buyer of this project to be a hotel investor. Effective January 1, 2025, we restructured our agreement with Sonesta to convert the existing lease to a hotel management agreement.

Senesta International Hotels 經營著一家擁有 274 間客房的飯店，佔據該飯店二至六層，佔總面積的 56%。我們預計該項目的潛在買家是酒店投資者。自 2025 年 1 月 1 日起，我們重組了與 Sonesta 的協議，將現有租約轉換為飯店管理協議。

Under this agreement, any earnings OPI may receive from the hotel will now be tied to the revenue and expenses of the hotel's operations. We believe the change from a lease to a more customary hotel management agreement enhances the marketability of the property to hotel investors and improves the valuation compared to having the pre previous lease agreement in place.

根據該協議，OPI 從酒店獲得的任何收益都將與酒店運營的收入和支出掛鉤。我們相信，從租賃轉變為更傳統的飯店管理協議，可以提高飯店物業對飯店投資者的適銷性，與先前的租賃協議相比，可以提高估值。

Today, no additional properties are being marketed for sale. But we continue to evaluate additional disposition opportunities that could further mitigate occupancy risk in the associated carry costs of vacant properties.

目前，沒有其他房產正在出售。但我們仍在繼續評估其他處置機會，以進一步減輕空置物業相關持有成本的入住風險。

However, if we consider any future sales, we must balance the impact the potential dispositions would have on our liquidity, debt covenants, and operating metrics. I will now turn the call over to Brian.

然而，如果我們考慮任何未來的銷售，我們必須平衡潛在處置對我們的流動性、債務契約和營運指標的影響。我現在將電話轉給布萊恩。

Thank you, Yael, and good morning. For the fourth quarter, we reported normalized FFO of $20.9 million or $0.36 per share for the quarter, which came in a penny above our guidance range as a result of the impact and timing of our dispositions.

謝謝你，Yael，早安。第四季度，我們報告的正常化 FFO 為 2090 萬美元或每股 0.36 美元，由於我們處置的影響和時間安排，該數字比我們的指導範圍高出一美分。

This compares to normalized FFO $22.1 million for $0.43 per share for the third quarter of 2024. Decrease on a sequential quarter basis was driven by higher interest expense, partially offset by an increase in NOI.

相比之下，2024 年第三季的正常化 FFO 為 2,210 萬美元，每股 0.43 美元。環比下降是由於利息支出增加所致，但被營業淨收入的增加部分抵銷。

Same property cash basis in I was $60.9 million representing an increase of 4.9% compared to the fourth quarter of 2023, beating our expectations for the quarter due to lower operating expenses at our comparable properties and the sale of certain vacant properties.

I 季度的同類物業現金基礎為 6090 萬美元，較 2023 年第四季度增長 4.9%，由於我們可比物業的運營費用降低以及某些空置物業的出售，超出了我們對本季度的預期。

Turning to our outlook for the first quarter of 2025, we expect normalized FFO to be between $0.08 and $0.10 per share for Q1.

展望 2025 年第一季的展望，我們預計第一季的正常化 FFO 將在每股 0.08 美元至 0.10 美元之間。

The decrease sequentially from Q4 is primarily driven by lower NOI as a result of asset sales, tenant vacancies, and increased interest expense. Our current estimated quarterly interest expense run rate is approximately $52 million consisting of $41 million of cash interest expense and $11 million of non-cash amortization of financing costs, discounts, and premiums. This guidance does not include any potential impact on the debt exchange offer we launched last week.

與第四季相比，淨營業利潤的下降主要是由於資產出售、租戶空置和利息支出增加導致的淨營業利潤下降。我們目前估計的季度利息支出運行率約為 5,200 萬美元，其中包括 4,100 萬美元的現金利息支出和 1,100 萬美元的融資成本、折扣和溢價的非現金攤銷。該指引不包括對我們上週推出的債務交換要約的任何潛在影響。

We expect the same property cash bases in the wide to decrease 8% to 10% as compared to the first quarter of 2024. Driven by tenant vacancies and an increase of free rent from recent leasing activity. The COI guide does not include any potential changes to our same store portfolio.

我們預計，與 2024 年第一季相比，同一房地產現金基礎將下降 8% 至 10%。受租戶空置率和近期租賃活動免租金增加的推動。COI 指南不包括我們同店組合的任何潛在變化。

Turning to our investing activities, we spent $36.1 million on capital expenditures during the fourth quarter. And our 2025 full year CapEx guidance is expected to be a total spend of approximately $80 million comprised of $18 million of building capital and $62 million of leasing capital.

談到我們的投資活動，我們在第四季度花費了 3,610 萬美元的資本支出。我們預計 2025 年全年資本支出總額約為 8,000 萬美元，其中包括 1,800 萬美元的建築資本和 6,200 萬美元的租賃資本。

During the fourth quarter, we sold 17 properties with 1.8 million square feet for proceeds of about $114.5 million. At quarter end we had five properties with a carrying value of $32 million classified as held for sale.

第四季度，我們出售了 17 處房產，總面積 180 萬平方英尺，收益約 1.145 億美元。在本季末，我們有五處資產被歸類為持有待售，帳面價值為 3,200 萬美元。

We took an $8 million impairment charge during the quarter to write down the carrying value of one of these properties. As of today, we have six properties under agreement for sale for $55 million including five of the properties classified to sell for sale.

我們在本季提列了 800 萬美元的減損費用，以減記其中一處房產的帳面價值。截至今天，我們已有六處房產按照協議出售，售價為 5,500 萬美元，其中五處房產已歸類為待售。

Turning to the balance sheet, in mid December, we completed a private debt exchange of $340 million of outstanding 4.5% senior unsecured notes due in 2025 for $445 million of new 3.25% senior secured notes due 2027 and 11.5 million common shares.

談到資產負債表，12 月中旬，我們完成了一項私人債務交換，將 3.4 億美元的 2025 年到期的 4.5% 優先無擔保票據換成 4.45 億美元的 2027 年到期的 3.25% 優先擔保票據和 1150 萬美元普通股。

In January, we used the proceeds from asset dispositions to repay our remaining unsecured notes due in 2025. I would also like to highlight that we've enhanced our disclosures and provided additional visibility into our property, securing our various debt transactions with our earnings within our earnings presentation posted to our website.

一月份，我們使用資產處置所得償還了2025年到期的剩餘無擔保票據。我還想強調的是，我們加強了資訊揭露，提高了我們財產的透明度，並在我們網站上發布的收益報告中用我們的收益來確保我們的各種債務交易。

Our total liquidity today is $113 million of cash. We are currently projecting to burn $60 million to $70 million of cash from operations in 2025, including capital expenditures. Given our liquidity position, financial covenant constraints under our debt agreements, and debt principal repayments coming due in 2026, we have limited options to address our upcoming debt maturities, and we do not believe that those options include cash repayments or debt for equity exchanges.

我們今天的總流動資金為 1.13 億美元現金。我們目前預計，2025 年營運現金支出將達到 6,000 萬至 7,000 萬美元，其中包括資本支出。鑑於我們的流動性狀況、債務協議下的財務契約限制以及 2026 年到期的債務本金償還，我們解決即將到期債務的選擇有限，並且我們認為這些選擇不包括現金償還或債轉股。

OPI's next maturity consists of approximately $140 million of senior unsecured notes due June 2026, which we are looking to address with the debt exchange offer we announced last week of up to $175 million of new 8% senior priority guaranteed unsecured notes.

OPI 的下一筆到期票據包括約 1.4 億美元的優先無擔保票據，到期日為 2026 年 6 月，我們希望透過上周宣布的債務交換要約來解決這一問題，即發行高達 1.75 億美元的新 8% 優先擔保無擔保票據。

Under the offer, priority will be given to holders of OPI's 2.65% senior notes due in 2026. The offer is subject to a number of conditions including that a minimum of 75% or $105 million of our existing 2026 notes participate in the exchange.

根據該要約，OPI 2026 年到期的 2.65% 優先票據持有者將獲得優先權。該要約需滿足一些條件，其中包括至少 75% 或 1.05 億美元的現有 2026 年票據參與交換。

Under the debt exchange we completed in the fourth quarter, our new $445 million of 3.25% senior secured notes due in 2027 require a quarterly principal amortization of $6.5 million and a principal payment of $125 million by March 2026.

根據我們在第四季完成的債務交換，我們新的 4.45 億美元 3.25% 優先擔保票據將於 2027 年到期，需要每季攤銷 650 萬美元的本金，並在 2026 年 3 月前支付 1.25 億美元的本金。

We're currently projecting asset sales, including the potential sale of 20 Mass Ave in Washington DC, which serves as collateral to the 2027 notes, will be our source of liquidity to make this payment.

我們目前計劃出售資產，包括可能出售華盛頓特區馬薩諸塞大道 20 號（作為 2027 年票據的抵押品），這將成為我們支付這筆款項的流動資金來源。

We look forward to providing updates about our progress in the future. As Kevin highlighted earlier, now that OPI is debt exchange offer period is open, we will not be taking any questions on our call today.

我們期待在未來提供有關我們進展的最新資訊。正如凱文之前強調的那樣，現在 OPI 債務交換要約期已經開放，我們今天的電話會議中不會回答任何問題。

Thank you for joining us. This concludes our conference call.

感謝您加入我們。我們的電話會議到此結束。

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。