Pebblebrook Hotel Trust (PEB) 2025 Q2 法說會逐字稿

Greetings, and welcome to Pebblebrook Hotel Trust's second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Pebblebrook Hotel Trust 第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. You may begin.

現在我很高興介紹您的主持人、聯合總裁兼財務長 Raymond Martz。謝謝。你可以開始了。

Thank you, Donna, and good morning, everyone. Welcome to our second-quarter 2025 earnings call. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer; and Tom Fisher, our Co-President and Chief Investment Officer.

謝謝你，唐娜，大家早安。歡迎參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有我們的董事長兼執行長 Jon Bortz 和我們的聯席總裁兼首席投資長湯姆費雪 (Tom Fisher)。

But before we start, I would like to remind everyone that our remarks today are effective only as of today, July 30, 2025. Our comments may include forward-looking statements that are subject to various risks and uncertainties. Please refer to our SEC filings for a detailed discussion of these risk factors and visit our website for reconciliations of any non-GAAP financial measures mentioned today.

但在開始之前，我想提醒大家，我們今天的言論僅截至今天，即2025年7月30日有效。我們的評論可能包括前瞻性陳述，這些陳述受各種風險和不確定性的影響。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，以了解有關這些風險因素的詳細討論，並訪問我們的網站，以了解今天提到的任何非 GAAP 財務指標的對帳情況。

Now, let's jump into the quarter. We're pleased to report that our second-quarter performance exceeded our outlook. Our results were driven by healthy occupancy gains, continued resilient out-of-room revenue growth, and another strong quarter of cost discipline and efficiency improvements. As a result, we exceeded the midpoint of our same-property hotel EBITDA outlook and came in above the high end of our ranges for both adjusted EBITDA and adjusted FFO.

現在，讓我們進入本季。我們很高興地報告，我們的第二季業績超出了我們的預期。我們的業績受到健康的入住率成長、客房外收入持續強勁成長以及另一個季度強勁的成本控制和效率改進的推動。因此，我們超越了同類飯店 EBITDA 預期的中點，並且調整後的 EBITDA 和調整後的 FFO 都超出了預期範圍的高端。

Same-property hotel EBITDA totaled $115.8 million for the quarter, $1.8 million ahead of our midpoint. As anticipated, Los Angeles remained a modest drag on performance with a $2.2 million EBITDA headwind, which was about $700,000 more than we anticipated. Encouragingly, the rest of the portfolio more than offset the softness, reinforcing the strength and diversification of our portfolio.

本季同店飯店 EBITDA 總計 1.158 億美元，比我們的中間值高出 180 萬美元。正如預期的那樣，洛杉磯仍然對業績造成一定拖累，EBITDA 損失 220 萬美元，比我們預期的多出約 70 萬美元。令人鼓舞的是，投資組合的其餘部分抵消了疲軟的影響，增強了我們投資組合的實力和多樣化。

To better understand the underlying performance of the portfolio, if we adjust for the one-time real estate tax credits in last year's results and exclude Los Angeles, same-property hotel EBITDA increased by $2.5 million over the prior year quarter. And on a year-to-date basis, same-property hotel EBITDA is up $2.3 million. These adjusted figures more clearly reflect the continued recovery in our other markets and a meaningful ramp-up across our recently redeveloped hotels and resorts.

為了更了解投資組合的基本表現，如果我們根據去年業績中的一次性房地產稅收抵免進行調整併排除洛杉磯，那麼同酒店 EBITDA 將比去年同期增加 250 萬美元。從年初至今，同酒店 EBITDA 上漲了 230 萬美元。這些調整後的數據更清楚地反映了我們其他市場的持續復甦以及我們最近重新開發的酒店和度假村的顯著增長。

One key trend that we're watching closely is the continued shortening of the booking window, especially for leisure travel. It's putting near-term pressure on leisure rates and reducing forward visibility in today's uncertain macroeconomic environment. That said, our teams have adapted quickly, capturing demand within shorter lead times. Despite these headwinds, our teams executed exceptionally well. Hotel-level results were strong across most markets, more than offsetting the softness in L.A. and Washington, D.C.

我們密切關注的關鍵趨勢是預訂窗口的持續縮短，尤其是休閒旅遊。這給休閒率帶來了短期壓力，並降低了當今不確定的宏觀經濟環境中的前瞻性。也就是說，我們的團隊已經快速適應，在更短的交貨時間內滿足了需求。儘管面臨這些不利因素，我們的團隊仍然表現得非常出色。大多數市場的酒店業績表現強勁，足以抵消洛杉磯和華盛頓特區的疲軟影響。

Adjusted EBITDA was $117 million, $6.5 million above our midpoint. Adjusted FFO came in $0.65 per share, $0.06 ahead of our midpoint. This outperformance reflects a combination of solid hotel EBITDA results, a strong $1.8 million beat from Newport Harbor Island Resort, and $1.5 million more than expected in business interruption proceeds from LaPlaya's insurance claims. Newport, which is excluded from our same-property results due to its closure for part of Q2 last year, outperformed expectations, fueled by strong business growth and leisure demand and excellent flow-through across rooms and non-rooms revenues. We also received $3.2 million of BI income related to LaPlaya, $1.5 million above our outlook.

調整後的 EBITDA 為 1.17 億美元，比我們的中間值高出 650 萬美元。調整後的 FFO 為每股 0.65 美元，比我們的中間值高出 0.06 美元。這一優異表現反映了穩健的酒店 EBITDA 業績、紐波特港島度假村 180 萬美元的強勁增長以及 LaPlaya 保險索賠帶來的業務中斷收益超出預期 150 萬美元等因素的綜合作用。紐波特酒店集團因去年第二季度部分時間關閉而被排除在我們的同類酒店業績之外，但其業績超出預期，這得益於強勁的業務增長和休閒需求，以及客房和非客房收入的出色流通。我們還獲得了與 LaPlaya 相關的 320 萬美元 BI 收入，比我們的預期高出 150 萬美元。

Turning to hotel-level performance, total property -- same-property RevPAR grew by 1.3% year over year, led by a 1.7% increase in our urban portfolio and a 0.6% gain at our resorts. However, the strength of the broader portfolio is more apparent when we exclude Los Angeles, which continues to face a unique set of market-specific headwinds. Excluding L.A., same-property total RevPAR rose 2.7%, with our urban portfolio increasing a healthy 4.1%. These are encouraging results, particularly in light of reduced government travel, weaker international inbound demand, and macroeconomic certainty stemming from ongoing policy and geopolitical disruptions.

談到飯店層級的業績，整體飯店—同飯店 RevPAR 較去年同期成長 1.3%，其中，城市飯店組合成長 1.7%，度假村飯店成長 0.6%。然而，當我們排除洛杉磯時，更廣泛的投資組合的優勢更加明顯，因為洛杉磯繼續面臨一系列獨特的市場特定阻力。除洛杉磯外，同酒店總 RevPAR 上漲 2.7%，其中城市酒店組合上漲 4.1%。這些都是令人鼓舞的結果，特別是考慮到政府旅行減少、國際入境需求減弱以及持續的政策和地緣政治動盪導致的宏觀經濟確定性。

San Francisco led the portfolio once again this quarter, with RevPAR climbing to a robust 15.2%, fueled by an impressive 9-point increase in occupancy. The city's performance was supported by a stronger convention calendar, robust growth in business group and transient demand, particularly from the expanding tech and AI sectors, and a continued push for a return to office among the city's major employers. Momentum continues to build in San Francisco, and Jon will share more color on that shortly.

本季度，舊金山再次領先飯店組合，受入住率大幅提升 9 個百分點的推動，每間可用客房收入 (RevPAR) 強勁攀升至 15.2%。該市的表現得益於更強大的會議日程、強勁的商業團體成長和短暫的需求（特別是來自不斷擴張的科技和人工智慧領域的需求），以及該市主要雇主對重返辦公室的持續推動。舊金山的勢頭持續增強，喬恩很快就會分享更多相關內容。

Portland continued to recover, with RevPAR climbing 10.4% as the market continues to rebound from its more prolonged COVID-related challenges. Gains were driven by increased business travel and a steady rise in demand from regional leisure travelers, again, evidenced by healthy gains in weekend occupancies.

隨著市場繼續從更長期的新冠疫情相關挑戰中反彈，波特蘭繼續復甦，每間可用客房收入 (RevPAR) 上漲 10.4%。成長的動力來自於商務旅行的增加以及區域休閒遊客需求的穩定上升，而週末入住率的健康成長也再次證明了這一點。

In San Diego, our urban hotels posted a RevPAR growth of 8.6%, fueled by a healthy convention calendar and strong weekday demand. Our recently redeveloped downtown properties continue to outperform, gain market share, and deliver meaningful growth in both rate and occupancy.

在聖地牙哥，由於良好的會議日程和強勁的工作日需求，我們的城市酒店的 RevPAR 增長了 8.6%。我們最近重新開發的市中心物業繼續表現出色，獲得市場份額，並在房價和入住率方面實現顯著增長。

At our resorts, demand remained resilient. Total RevPAR increased 0.6% year over year, as a 1-point occupancy gain and continued strength in out-of-room spending offset a nearly 3% decline in ADR. This gain underscores the resilience of leisure demand. Out-of-room revenues at our resorts rose 3.3%, led by a 2.5% growth in food and beverage revenues, as guests continued to spend across our resort dining outlets, bars, and event offerings.

在我們的度假村，需求依然強勁。總 RevPAR 年增 0.6%，因為入住率增加了 1 個百分點，客房外消費持續強勁，抵消了 ADR 近 3% 的下降。這一增長凸顯了休閒需求的彈性。由於客人繼續在我們度假村的餐飲店、酒吧和活動場所消費，我們度假村的客房外收入增長了 3.3%，其中餐飲收入增長了 2.5%。

Same-property total revenues grew 1.3%, driven by a 1.7% increase at our urban properties. Excluding L.A., revenue growth rose 2.7%, supported by stronger events space utilization, elevated food and beverage performance, and the benefit of upgraded amenities across our redeveloped properties. Total out-of-rooms revenues increased 2.6% overall and climbed 3.5% excluding L.A., with food and beverage revenue up 3.3% year over year.

同店總收入成長 1.3%，其中城市物業收入成長 1.7%。除洛杉磯外，收入增長 2.7%，這得益於活動空間利用率的提高、食品和飲料業績的提升以及我們重新開發的物業設施升級的好處。客房外總收入整體成長 2.6%，除洛杉磯外成長 3.5%，其中餐飲收入較去年同期成長 3.3%。

Looking at our monthly trends, April was our strongest month, with the RevPAR increasing by 3.6%, benefiting from a favorable Easter shift, an extended spring bake season, and a major San Francisco convention that moved into April this year from May last year. That timing benefit created a tougher comp for May, which was down 0.8%, and June declined 0.6%. Excluding L.A., RevPAR was positive in all three months, up 5.5% in April, 0.7% in May, and 0.6% in June.

從月度趨勢來看，四月是我們業績最強勁的月份，RevPAR 增長了 3.6%，這得益於復活節的有利轉變、春季烘焙季節的延長，以及從去年五月移至今年四月的舊金山大型會議。這種時間優勢導致 5 月的銷售額年減 0.8%，6 月銷售額年減 0.6%。除洛杉磯外，所有三個月的 RevPAR 均為正值，4 月成長 5.5%，5 月成長 0.7%，6 月成長 0.6%。

Group demand also remained strong, with group room nights rising 1.9% and accounting for 27% of room revenue, up 100 basis points from last year. This reflects the continued resilience of the group segment and their early success for our multi-year strategic reinvestment program, particularly at our resort properties, where we've been focused on growing group-related business.

團體需求也保持強勁，團體間夜數成長 1.9%，佔客房收入的 27%，比去年同期成長 100 個基點。這反映了集團部門的持續韌性及其在我們多年戰略再投資計劃中取得的早期成功，特別是在我們的度假村物業，我們一直專注於發展與集團相關的業務。

On the expense side, our teams remained laser-focused and delivered another strong quarter of disciplined cost control, along with further productivity and efficiency improvements. Same-property hotel expenses, excluding fixed costs, rose just 1.7% year over year, and on a per occupied room basis, expenses declined by 0.8%, a very favorable result.

在費用方面，我們的團隊保持高度專注，並再次實現了強勁的成本控制，同時進一步提高了生產力和效率。扣除固定成本的同店飯店費用年比僅上漲 1.7%，以每間入住客房計算，費用下降 0.8%，這是一個非常有利的結果。

Energy was a standout this quarter, with costs down 2.1%. This was driven by reductions in energy and water usage, following some focused efforts to optimize the efficiency of some of our hotel systems and equipment. These results reflect the relentless focus and innovative efforts of our hotel teams and asset managers. Our strategic productivity and efficiency program is driving meaningful operating improvements, enhancing guest satisfaction, profitability, and long-term value. We're incredibly proud of the execution across the portfolio.

本季能源表現突出，成本下降了 2.1%。這是由於我們集中精力優化部分酒店系統和設備的效率，從而減少了能源和水的使用。這些結果體現了我們的酒店團隊和資產經理的不懈關注和創新努力。我們的策略生產力和效率計劃正在推動有意義的營運改進，提高客戶滿意度、獲利能力和長期價值。我們對整個投資組合的執行感到無比自豪。

Looking ahead, we're also embracing new technology as a lever for future efficiency gains. We've begun piloting a number of AI-enabled operating tools in collaboration with our hotel partners, which we believe will lead to increased productivity, reduced hotel operating expenses, improved hiring and retention, and enhanced real-time decision-making. We believe these tools will have the potential to significantly reshape our operating model over time.

展望未來，我們也將採用新技術作為未來提高效率的槓桿。我們已經開始與我們的酒店合作夥伴合作試用多種支援人工智慧的營運工具，我們相信這將提高生產力，降低酒店營運費用，改善招聘和保留率，並增強即時決策能力。我們相信，隨著時間的推移，這些工具將有可能顯著重塑我們的營運模式。

Shifting now to LaPlaya in Naples, Florida. We're pleased to report that the resort is fully restored and operational following last year's hurricanes. We've increased our full-year BI income forecast to $11.5 million, up from $8.5 million previously. We now expect LaPlaya to generate approximately $35.5 million in adjusted EBITDA this year, including both hotel EBITDA and BI income. This compares to $42.8 million in 2024, which included elevated BI collections following Hurricane Ian. As a reminder, BI income is excluded from our same-property hotel EBITDA, but is included in adjusted EBITDA and FFO.

現在轉移到佛羅裡達州那不勒斯的 LaPlaya。我們很高興地報告，該度假村在去年颶風過後已完全恢復運作。我們將全年 BI 收入預測從先前的 850 萬美元上調至 1,150 萬美元。我們現在預計 LaPlaya 今年的調整後 EBITDA 將達到約 3550 萬美元，其中包括酒店 EBITDA 和 BI 收入。相比之下，2024 年的稅收收入為 4,280 萬美元，其中包括颶風伊恩過後增加的 BI 收款。提醒一下，BI 收入不包含在我們同酒店 EBITDA 中，但包含在調整後的 EBITDA 和 FFO 中。

Turning to insurance. We completed our property insurance renewal on June 1, with significantly better results than expected. We reduced our overall premium by roughly 10%, thanks to a 13% rate drop, while increasing insurable values by 4% to reflect higher replacement costs, all without material changes to coverage or business terms. This favorable outcome lowers our near-term expense run rate and demonstrates the success of our proactive risk management strategies.

談保險。我們於6月1日完成了財產保險的續保，結果明顯優於預期。由於費率下降了 13%，我們的整體保費減少了約 10%，同時可保價值增加了 4%，以反映更高的重置成本，而所有這些都沒有對保險範圍或業務條款產生重大變化。這一有利結果降低了我們的近期費用運行率，並證明了我們主動風險管理策略的成功。

On the capital front, we invested $21 million into the portfolio during the quarter, net of the key money received from Hyatt related to the Delfina Santa Monica rebranding and renovation. We remain on track to invest $65 million to $75 million this year, primarily focused on capital maintenance and targeted ROI projects.

在資本方面，我們在本季向投資組合投資了 2,100 萬美元，扣除凱悅為 Delfina Santa Monica 品牌重塑和翻新項目支付的關鍵款項。我們今年仍將投資 6,500 萬至 7,500 萬美元，主要用於資本維護和有針對性的投資回報率項目。

And finally, our balance sheet remains in great shape. We ended the second quarter with $267 million of cash on hand, an increase of $49 million from last quarter, and we have more than $640 million of availability on our unsecured revolver. Nearly all of our debt is unsecured, and we have no significant maturities until December 2026. Our weighted average interest cost is a very attractive 4.2%, among the lowest in the sector, with 96% of our debt now fixed. We continue to generate strong free cash flow in addition to our existing cash, and we intend to deploy the vast majority of it towards future debt paydowns, including the convertible notes.

最後，我們的資產負債表仍然保持良好狀態。截至第二季末，我們手頭上有 2.67 億美元現金，比上一季增加了 4,900 萬美元，我們擁有超過 6.4 億美元的無擔保循環信貸額度。我們的債務幾乎都是無擔保的，並且在 2026 年 12 月之前沒有重大到期債務。我們的加權平均利息成本非常有吸引力，為 4.2%，是業內最低的，目前我們的 96% 的債務已得到固定。除了現有現金外，我們還繼續產生強勁的自由現金流，我們打算將絕大部分用於未來的債務償還，包括可轉換票據。

And with that, I'd like to turn the call over to Jon for a deeper dive into hotel operations, industry trends, and expectations for the rest of the year. Jon?

接下來，我想將電話轉給喬恩，讓他更深入地探討飯店營運、產業趨勢以及對今年剩餘時間的預期。喬恩？

Thanks, Ray.

謝謝，雷。

When we look at industry performance in the second quarter, we note that demand softened slightly from Q1. Both demand and RevPAR for the industry were negative in Q2 on a year-over-year basis. The decline was led by group, which was down in all three months versus last year, largely due to reduced government travel, weaker international participation in conventions and conferences, and some increasing attrition. Transient demand held up better, and while it was weaker for the same reasons, it remained positive versus 2024. I recognize that the group softness may surprise some of you, but the STR data clearly shows this trend over the last three months, and it has unfortunately continued into July.

當我們觀察第二季的行業表現時，我們注意到需求較第一季略有減弱。與去年同期相比，第二季飯店業的需求和每間可用客房收入均為負值。團體遊客人數下降最為明顯，與去年同期相比，團體遊客人數在三個月內均出現下降，這主要是由於政府旅行減少、國際會議參與度下降以及人員流失增加。瞬時需求保持得更好，雖然由於同樣的原因而減弱，但與 2024 年相比仍然保持正增長。我知道群體疲軟可能會讓一些人感到驚訝，但 STR 數據清楚地顯示了過去三個月的這種趨勢，不幸的是，這種趨勢一直持續到 7 月。

In terms of industry performance by price point or scale, there remains a sharp divide between the upper and lower ends of the market. Premium hotels and resorts continue to perform better, while the bottom half is seeing more weakness as lower-income consumers shift some of their spending toward necessities.

無論是從價格點或規模來看，產業表現都存在著上端市場與下端市場的明顯分化。高檔飯店和度假村的表現持續改善，而由於低收入消費者將部分支出轉向必需品，低收入階層的業績則更加疲軟。

In contrast, Pebblebrook outperformed the industry during the quarter. We successfully grew occupancy, including from group, and delivered modest RevPAR growth, even with the specific market challenges in Los Angeles. We attribute our outperformance to the strong recovery in several previously lagging markets, like San Francisco, Portland, and Chicago, and the continued share gains at our redeveloped properties. While our San Francisco hotels led the way in our portfolio, our redeveloped hotels and resorts once again were leaders, including Newport Harbor Island Resort, Estancia, and Southernmost Resort in Key West, and several urban standouts, like the 1 Hotel San Francisco, Hilton Gaslamp Quarter, and Margaritaville San Diego Gaslamp Quarter.

相比之下，Pebblebrook 在本季的表現優於業界。儘管面臨洛杉磯特定的市場挑戰，我們還是成功提高了包括團體入住率在內的入住率，並實現了適度的每間可用客房收入 (RevPAR) 增長。我們將我們的優異表現歸功於舊金山、波特蘭和芝加哥等幾個先前落後的市場的強勁復甦，以及我們重新開發的物業的持續份額增長。雖然我們的舊金山酒店在我們的投資組合中處於領先地位，但我們重新開發的酒店和度假村再次成為領導者，包括紐波特港島度假村、Estancia 和基韋斯特的最南端度假村，以及一些城市傑出酒店，如 1 Hotel San Francisco、希爾頓煤氣燈街區和瑪格麗塔維爾聖地亞哥煤氣燈街區。

For our portfolio, we continue to see a recovery in business travel in both transient and group. Group room nights, group ADR, and business transient rates all improved. Leisure demand also grew, though we saw increasing price competition due to much shorter booking windows. Still, weekend occupancies were up all across our portfolio, demonstrating the continued appeal of our high-quality properties, especially for leisure and social group customers.

就我們的投資組合而言，我們繼續看到短期和團體商務旅行的復甦。團體間夜數、團體平均房價、商務客流量率均有所提升。休閒需求也有所增長，但由於預訂時間大大縮短，價格競爭日益激烈。儘管如此，我們所有投資組合的周末入住率均有所上升，表明我們的高品質物業持續具有吸引力，特別是對於休閒和社交團體客戶而言。

As mentioned, our results were even stronger excluding Los Angeles, which faced another difficult quarter. The combination of a post-fire slowdown in business and transient demand and the often-exaggerated media coverage around the ICE raids, which created the impression that the protests and damage were all over the city, when in fact they were isolated to a few blocks in Downtown L.A., caused cancellations and a slowdown in bookings. The administration's military response only amplified the negative media coverage, creating an even broader misperception about safety in the market.

如上所述，除面臨另一個艱難季度的洛杉磯外，我們的業績甚至更加強勁。火災後商業和短暫需求的放緩，以及媒體對 ICE 突襲的誇大報道，造成了抗議和破壞遍布全城的印象，而實際上它們只局限於洛杉磯市中心的幾個街區，導致預訂取消和預訂量下降。政府的軍事反應只會放大媒體的負面報道，造成對市場安全的更廣泛的誤解。

Despite these short-term challenges, we remain confident in L.A.'s long-term outlook. It's a global gateway destination. It's the entertainment capital of the world. And it has big, beautiful beaches and great weather, among many unique amenities. And we don't expect to see any meaningful new hotel supply for the next 5 to 10 years.

儘管有這些短期挑戰，我們仍然對洛杉磯的長期前景充滿信心。它是一個全球門戶目的地。它是世界娛樂之都。這裡擁有美麗的大海灘、宜人的氣候以及許多獨特的設施。我們預計未來 5 到 10 年內不會出現任何有意義的新酒店供應。

We're encouraged by the new state legislation doubling film and television tax credits to $200 million to $750 million, which will help spur production activity, much of which should directly benefit Los Angeles. The city also passed legislation that makes it easier and cheaper to film in Los Angeles. And the president has talked about making Hollywood great again by bringing production back to the US, especially to L.A.

我們對新州立法感到鼓舞，該立法將電影和電視稅收抵免額增加一倍至 2 億美元至 7.5 億美元，這將有助於刺激製作活動，其中大部分將直接使洛杉磯受益。該市還通過了一項立法，使在洛杉磯拍攝電影變得更加容易和便宜。總統也談到要將電影製作帶回美國，特別是洛杉磯，讓好萊塢再次偉大。

Additional demand for L.A. will come from a loaded future calendar of events, starting with the NBA All-Star Game in February and eight World Cup matches next summer, then the Super Bowl in 2027, and finally the Summer Olympics in 2028, including all the preparation-generating demand in 2026 and 2027. Plus, the rebuilding of thousands of homes in the two neighborhoods destroyed by the January fires should also generate incremental demand for the market well before the games begin.

洛杉磯的額外需求將來自未來一系列的活動，首先是二月份的 NBA 全明星賽和明年夏天的八場世界盃比賽，然後是 2027 年的超級碗，最後是 2028 年的夏季奧運會，包括 2026 年和 2027 年的所有準備工作需求。此外，在一月份的大火中被摧毀的兩個社區中，數千所房屋的重建也應該會在奧運會開始前為市場帶來增量需求。

San Francisco, one of our previously slower-to-recover cities, demonstrated very strong performance in Q2 for the second quarter in a row and led all of our markets. RevPAR for our seven hotels there rose a robust 15.2%, with occupancy gains in the market from all segments. Business travel rose significantly from a better convention calendar and increases in transient and in-house group. Leisure demand also grew as leisure travelers returned to the city. SF Travel is doing a great job bringing more concerts, sporting events, and future conventions to the city, which is drawing increased business and leisure travel.

舊金山是我們之前復甦較慢的城市之一，但在第二季連續第二季表現強勁，領先我們所有的市場。我們在那裡的七家酒店的 RevPAR 強勁增長了 15.2%，所有細分市場的入住率都有所增加。由於會議日程安排更合理以及臨時和內部團體人數增加，商務旅行顯著增加。隨著休閒遊客重返城市，休閒需求也隨之成長。舊金山旅遊公司正在努力為這座城市帶來更多的音樂會、體育賽事和未來的會議，從而吸引更多的商務和休閒旅遊。

We're also extremely encouraged by the new city leadership, who are focused on improving safety, cleanliness, and quality-of-life issues. San Francisco looks and feels great. It's rapidly getting busier, and very positive momentum is clearly building each day. San Francisco has definitely turned, and we're very excited.

新市領導層也讓我們深受鼓舞，他們致力於改善安全、清潔和生活品質問題。舊金山看起來和感覺起來都很棒。它正在迅速變得更加繁忙，而且每天都在形成非常積極的勢頭。舊金山確實已經發生了轉變，我們非常興奮。

Portland and Chicago also made progress. Both cities are benefiting from cleaner, safer downtowns and are hosting more concerts and sporting events in their many venues, helping to successfully attract leisure back to the cities.

波特蘭和芝加哥也取得了進展。兩座城市都受益於更清潔、安全的市中心，並在其眾多場館舉辦了更多的音樂會和體育賽事，從而成功地吸引休閒活動重返城市。

Turning to performance at our redeveloped properties. Newport Harbor Island Resort led the way as it continued its strong ramp following the $50 million transformation completed last spring. The resort generated $5.1 million of EBITDA in Q2, which was $1.8 million above forecast. Revenues rose over 60% from Q2 last year, and out-of-room revenues jumped 70%, making up 50% of the resort's revenue mix. This revenue shift demonstrates the benefits of the significant improvements and additions we made to the restaurants and bars, as well as the dramatic enhancements we made to the number and quality of indoor and outdoor event venues. We now expect Newport to generate over $15 million of EBITDA in 2025, well ahead of the $13.6 million at acquisition in mid-2022, which was a peak year for most resorts.

轉向我們重新開發的物業的表現。紐波特港島度假村 (Newport Harbor Island Resort) 處於領先地位，自去年春天完成 5000 萬美元的改造後，其業務繼續強勁增長。該度假村第二季的 EBITDA 為 510 萬美元，比預期高出 180 萬美元。營收較去年第二季成長超過 60%，客房外營收成長 70%，佔度假村營收組合的 50%。這項收入轉變體現了我們對餐廳和酒吧進行的重大改進和擴建以及室內和室外活動場地的數量和質量的顯著提高所帶來的好處。我們現在預計，紐波特 2025 年的 EBITDA 將超過 1,500 萬美元，遠高於 2022 年中期收購時的 1,360 萬美元，而 2022 年是大多數度假村的巔峰年份。

We're very excited about Newport's future. In 2025, it's just our first full year of post-redevelopment operations. We believe the resort is positioned to generate even stronger performance over the next few years as it continues its ramp and benefits from increased group and leisure demand.

我們對紐波特的未來感到非常興奮。2025年，只是我們重建後營運的第一個完整年份。我們相信，隨著度假村繼續擴張並受益於團體和休閒需求的增加，度假村將在未來幾年取得更強勁的業績。

And Newport is just one example. Across the board, our redeveloped hotels and resorts are gaining share and growing cash flow, with most still having multiple years left until they stabilize. This includes Estancia, Chaminade, Southernmost, 1 Hotel San Francisco, Hilton Gaslamp, Margaritaville Gaslamp, and Jekyll Island Club, among others. There's more upside to come.

紐波特只是其中一個例子。總體而言，我們重新開發的酒店和度假村的市場份額正在增加，現金流也在不斷增長，但大多數酒店和度假村仍需要數年時間才能穩定下來。其中包括 Estancia、Chaminade、Southernmost、1 Hotel San Francisco、Hilton Gaslamp、Margaritaville Gaslamp 和 Jekyll Island Club 等。未來還會有更多好處。

Now shifting to operations. As Ray noted, we held same-property total expenses to just 1.7% growth after adjusting for last year's tax credits. Per occupied room expenses declined. That's a direct result of our team's relentless focus on improving every aspect of our cost structure and the benefits of our strategic productivity and efficiency program.

現在轉向營運。正如雷所指出的，在調整了去年的稅收抵免後，我們將同處房產的總支出成長率控制在僅 1.7%。每間客房的入住費用下降。這是我們團隊堅持不懈地致力於改善成本結構的各個方面以及策略生產力和效率計劃的優勢的直接結果。

We're working collaboratively with our operators to attack every expense category with targeted productivity and efficiency initiatives. This includes smarter labor scheduling through new technology and training, tighter procurement, appealing our tax assessments with almost 100 tax appeals underway, and operational upgrades to reduce accidents and claims. We're also investing in physical improvements to mitigate weather-related damage, particularly at properties like LaPlaya.

我們正在與營運商合作，透過有針對性的生產力和效率措施來解決每個費用類別。這包括透過新技術和培訓實現更聰明的勞動力調度、更嚴格的採購、對我們的稅收評估提出上訴（目前已有近 100 起稅收上訴），以及營運升級以減少事故和索賠。我們還投資於物理改進，以減輕天氣相關的損害，特別是對 LaPlaya 這樣的酒店。

On the technology front, we're piloting AI and automation tools aimed at improving hiring, retention, service delivery, and overall productivity across the portfolio. The pace of AI and robotics innovation is accelerating rapidly, and we're working closely with Curator to identify and implement the most impactful solutions. We believe the operating model for hotels will look quite different in a few years, and we intend to be ahead of that curve.

在技術方面，我們正在試行人工智慧和自動化工具，旨在改善整個投資組合的招募、留任、服務交付和整體生產力。人工智慧和機器人創新的步伐正在迅速加快，我們正在與 Curator 密切合作，以確定和實施最具影響力的解決方案。我們相信，幾年後飯店的營運模式將會有很大不同，我們打算走在這一趨勢的前面。

We're still in the early innings of new technology that reduces energy and water usage. We're applying the findings from our engineering audits and rolling out new systems, including solar and HVA upgrades, where the ROI justifies the investment. On top of that, we're actively pressing the major brands to pass through savings through their economies of scale and from the rollout of their own AI tools and centralized services. We believe these will evolve meaningfully over the next few years, ultimately resulting in additional cost reductions for owners.

我們仍處於減少能源和水資源使用的新技術的早期階段。我們正在應用工程審計的結果並推出新系統，包括太陽能和 HVA 升級，其中投資回報率證明了投資的合理性。除此之外，我們也積極敦促各大品牌透過規模經濟以及推出自己的人工智慧工具和集中服務來節省成本。我們相信，這些將在未來幾年內發生重大變化，最終為業主帶來額外的成本降低。

We're also clustering more operating teams where it makes sense to reduce costs and improve our property leadership teams. We're leaving no stone unturned. We're in the early stages of what we see as a transformational shift in hotel operations, and we intend to lead that evolution. Our teams deserve tremendous credit. Their creativity, discipline, and relentless execution are driving positive results and positioning us for even greater success going forward.

我們也將更多的營運團隊聚集到有意義的地方，以降低成本並改善我們的房地產領導團隊。我們正在竭盡全力。我們正處於飯店營運轉型的早期階段，我們打算引領這項變革。我們的團隊值得極大的讚揚。他們的創造力、紀律和不懈的執行力正在帶來積極的成果，並為我們未來取得更大的成功奠定基礎。

Now, let's shift to the third quarter and the macro outlook. We remain cautious about the macroeconomic outlook given the continuing uncertainty related to tariff policy and governmental efforts to reduce government spending and the ultimate impact of those policies on the economy in the next few quarters. While it's becoming increasingly clear where most tariffs are likely to settle, we believe both businesses and consumers remain hesitant until there's more clarity.

現在，讓我們轉向第三季和宏觀前景。鑑於關稅政策和政府削減政府支出的努力仍然存在不確定性，以及這些政策在未來幾季對經濟的最終影響，我們對宏觀經濟前景保持謹慎。儘管大多數關稅最終可能落到何種程度已變得越來越明朗，但我們認為，企業和消費者在情況更加明朗之前仍會猶豫不決。

Economists continue to forecast slower growth in the back half of this year. As a result, we expect the demand growth outlook to remain muted in the second half of this year, with Q3 likely the weakest quarter due to its heavier leisure mix. Leisure demand is expected to remain relatively price sensitive. For July, RevPAR is trending down 2% to 3% for our portfolio, though we expect higher occupancy year over year. That increase is being offset by modest ADR declines.

經濟學家繼續預測今年下半年經濟成長將放緩。因此，我們預計今年下半年需求成長前景將保持低迷，而第三季度可能是最疲軟的一個季度，因為該季度的休閒活動佔更高。預計休閒需求仍將對價格相對敏感。7 月份，我們飯店組合的每間可用客房收入 (RevPAR) 呈下降趨勢，但預計入住率將同比上升。這一增長被 ADR 的小幅下降所抵消。

In addition to the continuing overall weakness in Los Angeles from the multitude of negative events in the market, we're facing some less favorable city-wide comps in Q3 in markets like Chicago, which hosted the DNC last year, Boston, and San Diego to a lesser extent. Our total revenue pace for Q3 is down 3% with group pace down 4%, mostly on group room nights. In addition, group attrition has recently ticked up modestly. On the brighter side, Q4 group pace is currently flat and we're no longer seeing the same group hesitancy to sign contracts that we experienced last quarter. And importantly, we've not yet seen any increase in group cancellations. This gives us greater confidence that Q3 will likely mark the low point in performance for the year.

除了洛杉磯因市場上眾多負面事件而持續整體疲軟之外，我們在第三季還面臨著一些不太有利的城市的競爭，例如去年主辦民主黨全國大會的芝加哥、波士頓和程度較小的聖地牙哥。我們第三季的總收入下降了 3%，其中團體收入下降了 4%，主要是團體間夜量下降。此外，集團員工流動率近期略有上升。從好的方面來看，第四季度的集團步伐目前持平，我們不再看到上一季集團在簽訂合約時猶豫不決的情況。重要的是，我們尚未看到團體取消的情況增加。這讓我們更有信心，第三季很可能是今年業績的最低點。

As a result, our Q3 outlook assumes same-property RevPAR will decline 1% to 4%, with total RevPAR down 0.5% to 3.2%. On the cost side, due to the benefits of our strategic efficiency and productivity program, we expect total hotel expenses to grow just 0.2%, which means expenses per occupied room should decline again.

因此，我們對第三季的預測是，同店 RevPAR 將下降 1% 至 4%，總 RevPAR 將下降 0.5% 至 3.2%。在成本方面，由於我們的策略效率和生產力計劃的好處，我們預計酒店總費用僅增長 0.2%，這意味著每間客房的費用應該再次下降。

As for the year, the midpoint of our guidance still reflects our most likely outcome. While there's still macro uncertainty, the good news is we see no systemic issues at this time. Employment and corporate profits remain solid. If policy uncertainty improves, that alone could give the economy a boost, which should benefit the hotel industry. We're increasingly optimistic about 2026. If economic uncertainty fades, hotel demand should normalize with GDP growth. Supply is extremely restricted, and our industry fundamentals are set up for a very good year.

就今年而言，我們預期的中點仍然反映了我們最可能的結果。儘管宏觀不確定性仍然存在，但好消息是我們目前沒有發現系統性問題。就業和企業利潤依然穩健。如果政策不確定性得到改善，僅此一點就可能提振經濟，從而有利於酒店業。我們對 2026 年越來越樂觀。如果經濟不確定性消退，飯店需求應該會隨著 GDP 成長而恢復正常。供應極其有限，我們的行業基本面已經為今年的非常好的情況做好了準備。

For Pebblebrook, we're in a very good place and we expect to outperform the industry. Our redeveloped properties will contribute to this outperformance. Several of our urban markets, including San Francisco, Portland, and Chicago, are expected to continue their recoveries. L.A. comps, of course, will be much easier. On top of that, we'll see incremental demand from a multitude of major events across our portfolio: seven World Cup matches each in Boston and Miami, NCAA men's basketball tournament rounds in five of our markets, the 250th US anniversary celebrations in D.C. and Boston, the Super Bowl in San Francisco, and the NBA All-Star Game and World Cup matches in Los Angeles. While most of these events have yet to put many rooms on the books for next year, except for the Super Bowl in San Francisco, our group and total pace for next year are currently very favorable.

對於 Pebblebrook 來說，我們處於非常有利的地位，並且我們期望其表現優於整個行業。我們重新開發的物業將為此優異表現做出貢獻。預計我們的幾個城市市場，包括舊金山、波特蘭和芝加哥，將繼續復甦。當然，與洛杉磯的比賽會容易得多。除此之外，我們還將看到我們投資組合中眾多重大活動的增量需求：波士頓和邁阿密各有七場世界盃比賽、我們五個市場中的 NCAA 男子籃球錦標賽、華盛頓和波士頓的美國 250 週年紀念活動、舊金山的超級碗以及洛杉磯的 NBA 全明星賽和世界盃比賽。雖然除了舊金山的超級盃之外，大多數此類活動都尚未為明年預訂太多房間，但我們明年的團體和整體節奏目前非常有利。

For 2026, group room nights are up nearly 9%, ADR is ahead by almost 4%, and group revenues are up by 13.1%, over $10 million ahead of 2025. Total revenue pace, including both group and transient, is up by a strong 19%, over $17 million ahead of same time last year.

預計 2026 年，團體間夜量將成長近 9%，平均房價將成長近 4%，團體收入將成長 13.1%，比 2025 年增加 1,000 多萬美元。包括團體和臨時收入在內的總收入成長了 19%，比去年同期成長了 1,700 多萬美元。

So while none of this guarantees a great year, the setup for 2026 is very strong. We're confident in our trajectory. By executing on our strategic plan, driving revenue, maximizing productivity, and growing free cash flow, we're creating the foundation for durable long-term value creation. With a solid balance sheet, proven execution, and a redeveloped portfolio, we're positioned not just to navigate uncertainty, but to capitalize on it. We just need the macro to fall into place.

因此，儘管這些都不能保證 2026 年會取得好成績，但 2026 年的前景非常光明。我們對我們的發展軌跡充滿信心。透過執行我們的策略計劃、增加收入、最大限度提高生產力和增加自由現金流，我們正在為持久的長期價值創造奠定基礎。憑藉著穩健的資產負債表、成熟的執行力以及重新開發的投資組合，我們不僅能夠應對不確定性，還能從中獲利。我們只需要宏觀地落實到位。

To wrap up, we believe our relentless focus on generating operating efficiencies, our disciplined and nimble revenue strategies, our team's deep experience navigating cycles, and the transformational investments we've made across the portfolio all position us to outperform and deliver meaningful long-term returns.

總而言之，我們相信，我們對提高營運效率的不懈關注、我們嚴謹而靈活的收入策略、我們團隊在周期導航方面的豐富經驗以及我們在整個投資組合中進行的轉型投資，都使我們能夠表現出色並獲得有意義的長期回報。

So that completes today's remarks. Donna, we'd now be happy to proceed with the Q&A.

今天的發言到此結束。唐娜，我們現在很高興繼續問答環節。

(Operator Instructions) Smedes Rose, Citi.

（操作員指示）Smedes Rose，花旗。

Hi. Good morning. Jon, I wanted to ask you a little more just about Los Angeles. Just looking at just STR data for the quarter, L.A. was up 3.8%, I think, for RevPAR, so that stands sort of in contrast to what you saw. I'm just kind of wondering what's your confidence that the declines in RevPAR were largely related to the ICE activity that you mentioned or if there's maybe something going on in addition at your portfolio that's dragging on those assets.

你好。早安.喬恩，我想多問你一些關於洛杉磯的問題。僅查看本季度的 STR 數據，我認為洛杉磯的 RevPAR 增長了 3.8%，因此這與您所看到的情況形成了鮮明對比。我只是有點好奇，您是否相信 RevPAR 的下降很大程度上與您提到的 ICE 活動有關，或者您的投資組合中是否還發生了一些拖累這些資產的事情。

Sure. So the fires benefited a lot of the lower end of the market and a lot of the suburban end of the market because that's where a lot of your EPA, where your per diem, many of your middle income homeowners who lost their homes have relocated. Where the market has suffered has been in the West L.A. market, which is the higher end of the market. And the higher up the property is, generally the bigger the suffering. So that's really what's impacted our portfolio, which is really spread from Santa Monica on the West side through Westwood and Beverly Hills in the middle of the West side and then to the East into West Hollywood, which sounds weird because it's West Hollywood, but if you go further East, you get to Hollywood, obviously.

當然。因此，火災使許多低端市場和郊區市場受益，因為那裡是許多 EPA、每日津貼的發放地，許多失去家園的中等收入房主也搬遷到了那裡。遭受損失的是西洛杉磯市場，這是市場的高端。而且財產越高，通常痛苦越大。所以這確實影響了我們的投資組合，我們的投資組合從西區的聖莫尼卡延伸到西區中部的韋斯特伍德和比佛利山莊，然後向東延伸到西好萊塢，這聽起來很奇怪，因為它是西好萊塢，但如果你繼續向東走，顯然就會到達好萊塢。

So that's really what's happening in the market. The overall market doesn't really indicate how each of the individual sub-markets are performing, and it's those other markets that are really benefiting from the fires, whereas the central part of the market, including much of downtown, is really suffering as a result of the fires.

這就是市場上真正發生的情況。整體市場並不能真正反映出每個子市場的表現，真正從火災中受益的是其他市場，而包括市中心大部分地區在內的市場中心部分則因火災而遭受重創。

Okay, thank you. And I just wanted to follow up on -- as these sort of ICE activity and the raids seem to be stepped up, we're just hearing anecdotally that even some workers that are even here probably legally or et cetera are maybe not showing up for work or afraid of what's going on. Are you seeing that at all across your hotels? Or do you feel pretty good about where your sort of labor and staffing are right now?

好的，謝謝。我只是想跟進一下——由於 ICE 的此類活動和突襲似乎有所加強，我們聽到傳聞說，甚至一些可能合法居留在這裡或諸如此類的工人可能也沒有來上班，或者害怕正在發生的事情。您在飯店中看到過這種情況嗎？或者您對目前的勞動力和人員配置狀況感覺還不錯嗎？

No, we're not seeing that at all across our hotels. So we've not had an impact from that. And just -- I want to make it clear, it's not the ICE raids themselves that created the problem for -- and the falloff in demand. It was the media attention around them and the military response that really created this misperception of a lack of safety throughout the marketplace.

不，我們飯店根本沒有出現這種情況。因此我們並未受到任何影響。我想明確指出的是，造成問題和需求下降的並不是 ICE 突襲本身。正是媒體對他們的關注和軍方的反應，才真正造成了整個市場缺乏安全的誤解。

And as you know, and most people know, I mean, L.A. is extremely spread out. We had cancellations in Santa Monica when the events that were going on were concentrated in a three-block area in Downtown L.A., which is a 45-minute to an hour drive when traffic's not bad. So it wasn't -- it's not because of the ICE raids. It all has to do with the media attention and the creation of this misperception of a lack of safety.

正如你和大多數人所知，洛杉磯的分佈極為分散。當活動集中在洛杉磯市中心的三個街區時，我們在聖莫尼卡取消了行程，如果交通狀況良好，開車到那裡需要 45 分鐘到一個小時。所以這不是——這不是因為 ICE 突襲。這一切都與媒體的關注以及缺乏安全感的誤解有關。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, thanks. Good morning. Just to follow up on Smedes' question. And I want to ask you about really two markets, the recovery trajectory for L.A. and the continued growth trajectory for San Francisco. I don't know if you implicitly have sized like an L.A. headwind in the back half, what you think that looks like into the third quarter and into the fourth quarter. And the other half of that coin is just the convention calendar, do you see sustained strength in San Francisco as you look at maybe like a fourth quarter?

嘿，謝謝。早安.只是想跟進一下 Smedes 的問題。我想問您關於兩個市場的問題，洛杉磯的復甦軌跡和舊金山的持續成長軌跡。我不知道您是否已經隱含地估計了下半年洛杉磯逆風的規模，您認為第三季和第四季逆風會是什麼樣子。而這枚硬幣的另一半只是會議日程，您是否認為在第四季度舊金山會持續保持強勁勢頭？

Sure. So I think as it relates to L.A., I mean, we were on a pretty good recovery trajectory from the fires in -- throughout much of Q2 and until those activities happened in Downtown L.A. So I think our -- I mean, we feel pretty good that things are recovering. It's what we hear from our customer base there. We're seeing more production demand in the market that may or may not be related to -- I mean, I suspect it's related to one or two of the following. It's related to the ongoing recovery from the strikes with production coming back, and two, with additional credits available beginning July 1 of this year that the state is offering for production and in California.

當然。所以我認為就洛杉磯而言，我的意思是，在第二季度的大部分時間裡，直到洛杉磯市中心發生火災之前，我們從火災中恢復的軌跡相當不錯。所以我認為我們的——我的意思是，我們對事情正在恢復感到很高興。這是我們從那裡的客戶群聽到的。我們看到市場上生產需求的增加，這可能與以下因素有關，也可能與以下因素無關——我的意思是，我懷疑它與以下一兩個因素有關。一是罷工後經濟正在復甦，生產正在恢復；二是從今年 7 月 1 日起，加州將為生產提供額外補貼。

So it's been hard to forecast L.A. It jumps around from month to month, and we've had some unexpected activities. But I think the back half should continue to improve, and we have a much easier comp, particularly in Q4 when we had the renovation that started at what was Le Méridien that became the Hyatt Centric in Santa Monica, where we had a large amount of disruption in Q4. So we think L.A. should get better as the year goes on.

因此很難預測洛杉磯的情況。它每個月都在變化，我們遇到了一些意想不到的活動。但我認為後半部分應該會繼續改善，而且我們的業績會更加容易比較，特別是在第四季度，我們對聖莫尼卡的艾美酒店（Le Méridien）進行了翻新，並將其改名為凱悅尚萃酒店（Hyatt Centric），我們在第四季度受到了很大的干擾。因此我們認為隨著時間的推移洛杉磯的情況會越來越好。

As it relates to San Francisco, I mean, we do see sustained progress in sales related to the convention calendar, and Q4 is a blowout on a year-over-year basis compared to last year. So San Francisco is going to benefit from Dreamforce moving from September to October. But then September, Dreamforce being backfilled with a number of small to medium-sized conventions that are driving pretty healthy demand for September, and then with Dreamforce in October and then the success of bringing in Microsoft Ignite in November, which was in Chicago last year, and to use a pun, ignited that market when it was there, we expect the same result in San Francisco. So it's AI-focused, that conference.

就舊金山而言，我的意思是，我們確實看到與會議日程相關的銷售持續成長，與去年相比，第四季的銷售額年增。因此，舊金山將受益於 Dreamforce 從 9 月移至 10 月。但到了 9 月份，Dreamforce 迎來了一系列中小型會議，這些會議為 9 月份帶來了相當健康的需求，然後是 10 月份的 Dreamforce 以及 11 月份在芝加哥舉行的 Microsoft Ignite 的成功，用雙關語來說，它點燃了當時的市場，我們預計舊金山也會有同樣的結果。所以這次會議是以人工智慧為重點的。

And so Q4 sets up -- I mean, the numbers are huge in terms of the increase. At the same time, we have business transient business group and leisure returning to the city. So San Francisco looks really good in the back half of this year, especially in Q4.

因此第四季的設定——我的意思是，從成長來看，數字是巨大的。同時，我們也接待商務暫住商務團和休閒返城團。因此，舊金山今年下半年的表現非常好，尤其是第四季。

And Duane, just to provide a little reference of where San Francisco was in '24 and where it's trending in '25, in '24, in our properties, our occupancies were about 64%. This year, based upon our implied outlook, occupancy is going to finish upper 60%, 68% to 70%. So it's a pretty big improvement, but it's still a long way off from where it was in 2019. Not that 2019 should be the year that we should reference because it was a very busy year in San Francisco. But occupancies in our portfolios were in the upper 80s in 2019.

杜安，我可以給大家一點參考，說明一下 2024 年舊金山的狀況以及 2025 年的發展趨勢，2024 年，我們的物業入住率約為 64%。根據我們的預測，今年入住率將達到 60% 以上，即 68% 至 70%。所以這是一個相當大的進步，但與 2019 年的水平相比還有很長的路要走。我們不應該將 2019 年作為參考年份，因為那是舊金山非常繁忙的一年。但 2019 年我們投資組合的入住率已達 80% 以上。

So there's a long way to go. But it's certainly a very encouraging trend that we've seen here over the last two years in San Francisco.

所以還有很長的路要走。但我們在過去兩年在舊金山看到的確實是一個非常令人鼓舞的趨勢。

Thank you.

謝謝。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks, and good morning. I guess as it relates to the guidance, it looks like it implies some improvement in the fourth quarter relative to the third. Can you talk about what underpins that? Is that largely the San Francisco set that you talked about? Or are there other things driving that as well?

謝謝，早安。我想，就指導意見而言，它似乎意味著第四季相對於第三季會有所改善。您能談談背後的原因嗎？您談論的主要是舊金山的情況嗎？或者還有其他因素在推動這現象？

Sure. So Ari, it's a few things. One is it's some negative things in Q3 that are making Q3 worse, like the fact that Chicago had the DNC last year and doesn't have it this year. We have some weaker convention calendars, including in Boston, which is an important market for us in Q3, which then gets better in Q4.

當然。所以 Ari，有幾件事。一是第三季的一些負面因素使得第三季的情況更加糟糕，例如芝加哥去年有民主黨全國代表大會，而今年卻沒有。我們的一些會議日程安排較弱，包括波士頓，這是我們第三季的一個重要市場，但第四季的情況會好轉。

I mentioned that the easier comp in Santa Monica in Q4 related to the Hyatt in that market, that will help us. We also had about 100-basis-point impact from storms down in Florida outside of the impact on LaPlaya. We may have storms again. We don't have them in our forecast. Maybe we should. Who knows? But if we don't have those storms, we have that benefit, which we're taking into account. And then there's -- for D.C., there's no election this year and we hope less DOGE disruption by the fourth quarter. So those should all help Q4 be better than Q3.

我提到，第四季度聖莫尼卡與該市場的凱悅酒店相比業績更佳，這將對我們有所幫助。除了對拉普拉亞 (LaPlaya) 的影響外，佛羅裡達州的風暴也對我們造成了約 100 個基點的影響。我們可能再次遭遇暴風雨。我們的預測中沒有這些。也許我們應該。誰知道呢？但如果沒有這些風暴，我們就會有好處，我們正在考慮到這一點。然後還有——對於華盛頓特區來說，今年沒有選舉，我們希望到第四季 DOGE 的混亂情況能減少。因此，這些都應該有助於第四季比第三季表現更好。

And then the one thing I'd add, so those are all specific really to our portfolio and our markets. The one macro thing I'd say is it just -- as the public markets have clearly looked through this economic uncertainty that's beginning to happen on the private side, I mentioned the fact that the hesitancy we had seen for groups to book later in this year that we saw a few months back had gone away and those contracts came back signed, and we've we're not seeing that hesitancy again.

然後我想補充一點，這些都是針對我們的投資組合和市場的。我想說的一個宏觀問題是——由於公開市場已經清楚地看到了私人市場開始出現的經濟不確定性，我提到，幾個月前我們看到的團體在今年晚些時候預訂時的猶豫已經消失，那些合約又重新簽署了，我們不會再看到那種猶豫了。

Doesn't mean it won't come around again, but we're not seeing it right now. We just think as there's more clarity on these issues -- and clearly the tax bill has passed, so there's no uncertainty about that at this point -- we think that will ultimately lead to an improving economic outlook and companies and the leisure customer being a little less hesitant to travel at the margin than they are this summer.

這並不意味著它不會再次出現，只是我們現在沒有看到它。我們只是認為，隨著這些問題變得更加清晰——顯然稅收法案已經通過，所以目前對此沒有任何不確定性——我們認為這最終將導致經濟前景的改善，公司和休閒消費者在邊際旅行方面的猶豫將比今年夏天有所減少。

Thanks. And then maybe on the expense side, growth was up 2% in 2Q and flattish, I guess, in the third quarter. Do you think 2% or even sub-2% growth is something that can prove sustainable? And how significant can these efficiency and productivity enhancements that you're looking at ultimately be?

謝謝。然後也許在支出方面，第二季成長率為 2%，而第三季則持平。您認為 2% 甚至低於 2% 的成長率能夠持續嗎？您所期待的效率和生產力的提升最終能有多大意義？

Yeah. I mean, I'll let Ray jump in, but I think they're very substantial. I think they're significant offsets to what will continue to be, we expect, and we're historically in our industry, wages and benefits that have gone up faster than inflation. So we do think that we have some significant benefits from these programs. We're really at the early stages of many of them.

是的。我的意思是，我會讓雷加入，但我認為它們非常實質。我認為，這些變化對我們預期的持續成長有顯著的抵消作用，而且從我們行業的歷史來看，薪資和福利的成長速度一直快於通貨膨脹。因此，我們確實認為這些項目為我們帶來了一些顯著的益處。我們確實處於其中許多項目的早期階段。

The technology is developing extremely rapidly, almost mind-boggling fast. And so we do think it's going to be a big offset. What's the exact number? I mean, it's going to depend upon where inflation settles down, where if we get back down to that sort of 3% wage increase and benefits have historically gone up more than that each year. But yeah, I would hope that we can more than offset the wage and benefit side.

這項技術發展極為迅速，快得令人難以置信。所以我們確實認為這將是一個巨大的抵消。具體數字是多少？我的意思是，這將取決於通貨膨脹率在哪裡穩定下來，我們是否會回到 3% 的工資增長水平，而歷史上福利每年的漲幅都超過這個水平。但是的，我希望我們能夠抵消工資和福利方面的損失。

We also have some very significant real estate tax reductions to come. We just don't -- we just can't predict exactly when they're going to hit. But for the long term, it'll be very significant.

我們也將推出一些非常重大的房地產稅減免政策。我們只是無法——我們無法準確預測它們何時會襲擊。但從長遠來看，這將非常重要。

And Ari, in addition to all the efficiency tools and the AI programs that we're piloting, which we're very excited about, you must also remember a lot of the cost increases in these labor contracts from a lot of these cities that went through the union renegotiation last year, the big -- large hit was really this year. And the rate of change will be a little bit lesser in the outer years than just two, three, and four of these contracts. So that's also another benefit that gives us confidence.

阿里，除了我們正在試行的所有效率工具和人工智慧程式（我們對此感到非常興奮）之外，你一定還記得，去年許多經歷了工會重新談判的城市的勞動合約成本大幅增加，最大的打擊確實在今年。並且，後幾年的變化率會比兩年、三年和四年的合約變化率略低一些。這也是給我們信心的另一個好處。

But the law there is we -- that were pulling and looking at, and again as Jon mentioned, we're looking at every single line item. Our hotel teams have been greater, asset managers have been great looking at this. And we think there's a lot more that will come in, especially we'll start seeing that in '26.

但是法律是存在的，我們正在審查和審視，正如喬恩所提到的，我們正在審查每一個項目。我們的酒店團隊更加強大，資產經理對此也十分關注。我們認為還會有更多新事物出現，特別是我們將在 26 年開始看到這些事物。

Thank you.

謝謝。

Gregory Miller, Truist Securities.

格雷戈里·米勒（Gregory Miller），Truist Securities。

Thanks. Good morning. I also have a couple of questions on AI. To start with, do you expect certain hotels in your portfolio likely to see better opportunities, say, bigger key count hotels or rented hotels versus independents?

謝謝。早安.我對人工智慧也有幾個問題。首先，您是否預期投資組合中的某些飯店可能會有更好的機會，例如，與獨立飯店相比，擁有更多客房的飯店或租賃飯店？

It's a very broad question. Well, I think some of the areas that we're starting looking at, actually, in some ways, it's the more complicated the operations of the hotel is that could be where there's some of the bigger opportunities, because you think of a lot of our resorts where there's a lot of demand from the hotel teams because of different services and outlets and all the different venues and services that we provide the properties and the AI areas we're looking at. We can do a lot of those -- handling a lot of those calls because one of our properties that we tracked, I think in certain days of the week, 40% to 50% of calls were just to the front desk asking about to get their valet car.

這是一個非常廣泛的問題。嗯，我認為我們開始關注的一些領域實際上在某些方面是酒店的運營越複雜，就越有可能存在更大的機會，因為你可以想到我們的許多度假村，由於不同的服務和網點以及我們為酒店和正在關注的人工智能領域提供的所有不同場所和服務，酒店團隊的需求很大。我們可以處理很多這樣的電話，因為我們追蹤的其中一處房產，我認為在一周的某些日子裡，40% 到 50% 的電話只是打到前台詢問如何取代客泊車。

Well, that's an easy thing to use AI to reduce the pressure on the teams. And then our front desk agents can service the guests. It makes them happy. So there's a lot of -- it's not just productivity. It keeps the guests happy, gets other areas. And what we're really learning as we go through this is the more complicated the property, some of the bigger benefits we have there.

嗯，使用人工智慧來減輕團隊壓力是一件很容易的事。然後我們的前台接待員就可以為客人提供服務。這讓他們很高興。所以有很多——不僅僅是生產力。它讓客人感到高興，並讓其他地方感到高興。我們在經歷這個過程時真正了解到的是，財產越複雜，我們獲得的利益就越大。

So there's a lot of different areas we're looking at. Some will work better than others, and we'll look at it. But the good things are with our independent operators, they're very open to change, they're very flexible, and we'll make a lot of progress there and we'll continue to keep you apprised.

所以我們正在關注很多不同的領域。有些方法會比其他方法效果更好，我們會研究一下。但我們的獨立運營商的優點在於，他們非常樂於接受變化，非常靈活，我們將在那裡取得很大進展，並將繼續向您通報情況。

I do think, Greg, and to add on to that, what we're finding is because of some of the legacy systems that the brands have, it's just going to take them longer to incorporate AI into their systems, whereas a lot of the independents that we have are using third-party systems that are being much more quickly to adapt and incorporate AI into their software and their systems. So I do think it'll happen probably a little quicker at many -- most of our independents, but I think ultimately, it's going to be pervasive through the industry.

格雷格，我確實認為，此外，我們發現，由於品牌擁有一些遺留系統，它們需要更長的時間才能將人工智慧融入自己的系統中，而我們擁有的許多獨立品牌正在使用第三方系統，這些系統可以更快地適應並將人工智慧融入他們的軟體和系統中。所以我確實認為，在我們大多數獨立影院中，這種情況可能會發生得更快一些，但我認為最終，這種情況將在整個行業中普及。

Okay, thanks. I'll leave you here. Appreciate it, gentlemen.

好的，謝謝。我就把你留在這裡。非常感謝，先生們。

Thank you.

謝謝。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great. Thanks for taking the question. Wondering how you're thinking about potential wage pressure in both L.A. and San Diego, considering some of the moving pieces on the policy side in both markets and how that -- those potential wage increases would affect margins and outlook for long-term ownership.

偉大的。感謝您回答這個問題。想知道您如何看待洛杉磯和聖地牙哥的潛在薪資壓力，考慮到兩個市場政策方面的一些變動因素，以及這些潛在的薪資成長將如何影響利潤率和長期所有權的前景。

Well, we're -- the industry has mounted a quite a major effort to influence those outcomes in both L.A. and in San Diego. And in L.A., there were over 140,000 signatures collected to put that legislation on the ballot for the people to decide in June -- in the next election, which is the June of next year. And assuming that those are all ultimately verified and that we achieved the number of signatures required to put it on the ballot, which needs to be around 93,000 or more, then again, the increases are stayed from the legislation until the vote of the people.

嗯，我們——該行業已經付出了相當大的努力來影響洛杉磯和聖地亞哥的這些結果。在洛杉磯，已經收集了超過 14 萬個簽名，要求將該法案提交選票，供人民在 6 月的下次選舉（即明年 6 月）中決定。假設這些最終都得到驗證，並且我們獲得了將其列入選票所需的簽名數量（大約需要 93,000 個或更多），那麼，從立法到人民投票，增加的數額將保持不變。

At the same time, we've introduced a ballot initiative that we believe motivates the city to have some reasonable conversations with the business community, both not just the hotel and the airline industry, which are specific to the legislation they pass, but other Industry groups that have been affected by the high taxes and industry-focused legislation that the city's been passing. And so I think I'd like to say that the tide is turning as it ultimately did in San Francisco, where we can move towards more rational legislation that doesn't favor one industry and doesn't work against any other industry.

同時，我們提出了一項投票倡議，我們相信這項倡議可以促使市政府與商界進行一些合理的對話，這些對話不僅針對酒店業和航空業（這兩個行業針對它們通過的立法），也針對受到該市通過的高稅收和以行業為重點的立法影響的其他行業團體。所以我想說，潮流正在轉變，就像最終在舊金山發生的那樣，我們可以朝著更合理的立法邁進，既不偏袒任何一個行業，也不損害任何其他行業。

We have a very large group assembled in San Diego with a lot of money raised there. And again, we'll be an active participant, we believe, ultimately, in where legislation goes in that city, if anywhere.

我們在聖地牙哥聚集了一個非常大的團體，並在那裡籌集了大量資金。再次強調，我們相信，我們最終將積極參與該城市的立法進程，無論該城市將走向何方。

Great. Thank you. And then switching CapEx program, you completed the multi-year CapEx program, but in terms of timing on the next project, would you think about starting the Paradise Point conversion in early '26? Or fair to assume any free cash flow will be saved for the convert over the coming months?

偉大的。謝謝。然後轉換資本支出計劃，您完成了多年的資本支出計劃，但就下一個項目的時間而言，您是否會考慮在 26 年初開始天堂點轉換？或者可以合理地假設，未來幾個月內任何自由現金流都會被節省下來用於轉換？

Yeah. So I think as it relates to Paradise Point, I mean, we just don't control the timing of that. We're still working with California Coastal. We don't have approvals yet, and we don't know the timing of that at this point. So it's unlikely that we'd be beginning this in certainly the first half of '26.

是的。所以我認為，就天堂點而言，我們無法控制它的時間。我們仍在與加州海岸公司合作。我們尚未獲得批准，目前我們也不知道具體時間。因此，我們不太可能在 26 年上半年開始實施這項計畫。

We have -- we did get a waiver from California Coastal so that we can move ahead with the renovations at the -- in the meeting space, the conference center there. Those were done and completed earlier this year. And so that's one piece of the ultimate program. And it's possible we may get a waiver for a couple of other smaller pieces prior to final approval, and those might move forward next year. But in terms of major capital related to the property, I wouldn't expect it to be a major user of capital next year.

我們確實獲得了加州海岸公司的豁免，這樣我們就可以繼續進行會議空間、會議中心的翻修工作。這些工作已於今年早些時候完成。這就是最終計劃的一部分。在最終批准之前，我們可能會獲得其他一些較小物品的豁免，這些物品可能會在明年繼續處理。但就與房地產相關的主要資本而言，我預計它明年不會成為資本的主要使用者。

Thank you.

謝謝。

Daniel Hogan, Baird.

丹尼爾·霍根，貝爾德。

I just want to touch on your comments about leisure pricing sensitivity. Is it getting worse or staying the same into the summer? And then are customers booking through different channels, or is it being marketed differently? And is any promotions or discounting being used more or less at this time?

我只是想談談你對休閒價格敏感度的評論。情況是變得更糟了還是到了夏天仍保持不變？那麼，客戶是否透過不同的管道預訂，或者行銷方式是否不同？這次促銷或折扣活動是否會增加或減少？

Yeah. I mean, I think that it's sort of -- you've got to define what's going on. There's more discounting, there are more promotions going on. It has -- I don't know that it's gotten worse as the summer's gone on, but it definitely has impacted the summer fairly completely. And we're probably at least halfway through the summer. I'm not sure it's going to get worse in August.

是的。我的意思是，我認為這有點——你必須定義發生了什麼。折扣更多，促銷活動也更多。我不知道隨著夏天的過去，情況是否變得更糟，但它肯定對夏天產生了相當大的影響。或許，我們已經度過了至少一半的夏天。我不確定八月的情況是否會變得更糟。

It's possible towards the end when kids are back in school, we could see a little bit more price competition and discounting and promotions going on and some people booking through discount channels. But our guess is that by September and the early Labor Day, that that will dissipate. But we'll see what happens. That's primarily what we're seeing in the market.

當孩子們返校時，我們可能會看到更多的價格競爭、折扣和促銷活動，有些人會透過折扣管道預訂。但我們猜測，到九月和勞動節初期，這種狀況就會消散。但我們會看到會發生什麼。這主要是我們在市場上看到的。

Appreciate it. That's it for me.

非常感謝。對我來說就是這樣。

And Dan, please let Mike know that we're really excited for him, the birth of his third daughter yesterday, and tell him good luck because he's going to need it.

丹，請轉告麥克，我們為他感到非常興奮，他的第三個女兒昨天出生了，請祝他好運，因為他將需要它。

Certainly will do. Thanks a lot.

一定會的。多謝。

(Operator Instructions) Ken Billingsley, Compass Point.

（操作員指示）肯·比林斯利（Ken Billingsley），指南針點。

Good morning. My first question is follow-up on the Paradise Point. You talked about you got approvals to work on some of the buildings there. Are those within the Margaritaville plan? Or when you do a conversion, would you actually have to put more capital in there to develop that?

早安.我的第一個問題是關於天堂點的後續問題。您說過您已獲得批准對那裡的一些建築物進行施工。這些在瑪格麗塔維爾計劃之內嗎？或者當您進行轉換時，您是否實際上必須投入更多的資金來開發它？

Yeah. They're within the plan for Margaritaville. But if the property never became Margaritaville, it would work perfectly for the property because the property is sort of a perfect Paradise resort. So our designs that we're using with Margaritaville are fairly sophisticated, but they're local -- they're reflective of the local environment. They're not a standard Margaritaville -- I don't know if brand standard would be the word -- but so they fit the property and the property fits being a Margaritaville. So there wouldn't be additional dollars invested in the parts that we've already done.

是的。它們都在瑪格麗塔維爾的計劃之內。但如果該物業從未成為瑪格麗塔維爾，那麼它將完美地發揮作用，因為該物業是一個完美的天堂度假村。因此，我們在 Margaritaville 中使用的設計相當複雜，但它們是本地化的——它們反映了當地的環境。它們不是標準的瑪格麗塔維爾——我不知道是否可以用品牌標準來形容——但它們符合瑪格麗塔維爾的屬性，而瑪格麗塔維爾的屬性也符合瑪格麗塔維爾的屬性。因此，我們不會再對已經完成的部分投入額外的資金。

Okay. And then for your fourth-quarter outlook, obviously there's some confidence of that and definitely more confidence going into 2026. What are you tracking that you think would most negatively impact that outlook? I understand a lot of it's outside of your control. So like outside of weather, what are one or two of the major items that you are tracking that could impact what you think could be shaping up to be a good 2026?

好的。對於第四季度的展望，顯然您對此有信心，而對 2026 年的信心肯定會更大。您追蹤的哪些因素會對該前景產生最負面的影響？我知道很多事情都超出了你的控制範圍。那麼，除了天氣之外，您所追蹤的哪一兩個主要因素可能會對 2026 年的良好發展產生影響？

I mean, the things that could impact it that we look at on the negative side or the positive side, which are you asking about?

我的意思是，我們從消極的一面或積極的一面來看待可能對其產生影響的事情，您問的是哪一方面？

Well, obviously we're going to be more concerned about the negative side, but if there's positive -- obviously if there's some positive ones, I'd love to hear those as well.

嗯，顯然我們會更加關註消極的一面，但如果有積極的一面——顯然如果有一些積極的一面，我也很想聽到這些。

Sure. So I mean, in terms of what we look for, I mean, we're looking at cancellation, group cancellations. It's great when we have group on the books, but it can cancel. And the further out it cancels, the less income we get from that cancellation. So we're always looking at cancellations. And as I mentioned in my comments, we haven't seen an increase in cancellations yet, but that's what we watch for. And that would be a negative, obviously.

當然。所以我的意思是，就我們所尋找的內容而言，我們正在考慮取消，團體取消。當我們有團體在冊時這很棒，但它可能會取消。取消的時間越長，我們從取消中獲得的收入就越少。所以我們一直在關注取消的情況。正如我在評論中提到的那樣，我們還沒有看到取消數量增加，但這正是我們所關注的。顯然，這將是一個負面影響。

A slowdown in booking pickup, that's the second thing we look for. That's always an indication that businesses are changing their approach to meetings and travel. And we would see that in the booking pace, both what gets put on the books and how far out they're booking and how confident they are in booking further out, which we're always looking at. So we're looking at '27 already for our larger conferences. And so far, those are looking good.

預訂量成長放緩，這是我們關注的第二件事。這始終表明企業正在改變其會議和旅行方式。我們將在預訂速度中看到這一點，包括預訂的內容、預訂的時間以及他們對進一步預訂的信心，這些都是我們一直在關注的。因此，我們已經開始考慮 27 年舉辦更大規模的會議。到目前為止，一切看起來都很好。

I think in terms of the positives, I mean, it's certainly the pace at which we book. It's also our ability to push up price. Those are always things that we look at. I guess the one other positive and negative we look at, because it can be on both sides, obviously, is what's the spend outside of the room. How many dinners are they having? How many welcome receptions? How much are they spending on food? Are they spending at the upper end of our menus? Are they spending in the middle of the menus or at the bottom of the menus, as an example? So we're always looking at those items. That gives you a really good idea of the sort of economic confidence that these businesses have on a go-forward basis.

我認為就積極的方面而言，這肯定是我們預訂的速度。這也是我們提高價格的能力。這些始終都是我們關注的事情。我想我們要考慮的另一個正面和負面因素是房間外的支出是多少，因為顯然雙方都有可能遇到這種情況。他們吃了多少頓晚餐？有多少次歡迎招待會？他們在食物上花了多少錢？他們是否在我們的菜單上花費了高價？例如，他們是在菜單中間還是在菜單底部消費？所以我們一直在關注這些物品。這能讓你很好地了解這些企業對未來經濟的信心。

Thank you for those answers.

謝謝你的回答。

Sure.

當然。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Hey, thanks. Good morning. Just want to circle back to Paradise Point just for a second. What's your level of flexibility to either buy out or extend the ground lease there? And how does that influence your willingness to allocate more capital to that property over time?

嘿，謝謝。早安.我只想短暫地回到天堂角。您在購買或延長土地租賃方面的彈性如何？這會如何影響您隨著時間的推移為該房產分配更多資本的意願？

Yeah. I mean, the ground lease is with the city of San Diego -- I was going to say San Francisco. And historically, we've extended those, as was done for Mission Bay a few years back. Those can get extended as far out as, I think, 49 or 50 years. And so typically, what goes along with that is major investments that we're making in the property. So it's always important to us, in order to make major investments, to be able to have enough time to get an adequate and attractive return on that investment. And that would continue to be the case on a go-forward basis with Paradise Point.

是的。我的意思是，土地租賃合約是與聖地牙哥市簽訂的——我本來想說是舊金山。從歷史上看，我們已經擴展了這些範圍，就像幾年前對 Mission Bay 所做的那樣。我認為這些期限可以延長至 49 或 50 年。通常，伴隨而來的是我們對房地產的重大投資。因此，對我們來說，為了進行重大投資，能夠有足夠的時間來獲得足夠且有吸引力的投資回報始終非常重要。而這種情況在 Paradise Point 未來發展中仍將持續。

Okay, that makes sense. Helpful. And then maybe just more broadly, can you talk about what you're seeing in the transaction market today? Realize it's still slow, maybe there's not a ton of pricing clarity, but anything incremental you're observing these days would be interesting to hear.

好的，這很有道理。很有幫助。然後也許更廣泛地說，您能談談您今天在交易市場上看到的情況嗎？意識到它仍然很慢，也許沒有大量的定價清晰度，但這些天你觀察到的任何增量都會很有趣。

Well, thanks for that question, because we can wake Tom up so he can participate, Chris.

好吧，謝謝你提出這個問題，因為我們可以叫醒湯姆，讓他參與進來，克里斯。

Hey, Chris. So I think, as you know, we started the year with optimism. Obviously, it was interrupted with some of the macro and policy uncertainty late first quarter, second quarter. But we've seen some renewed interest, certainly within the last 60 days. Our investor inquiries are up, brokers are feeling better.

嘿，克里斯。所以我認為，正如你所知，我們以樂觀的態度開始了新的一年。顯然，第一季末和第二季的一些宏觀和政策不確定性打斷了這一進程。但我們又看到了一些新的興趣，尤其是在過去的 60 天內。我們的投資者諮詢量增加，經紀人的感覺也更好了。

I think there's kind of a shifting sentiment. The debt markets are functioning and open, and there seems to be, obviously, a little more clarity on the macro policy front. So I think there's kind of a shift in the tide here, and I would anticipate that, over the course of the next few quarters, we'll see increased transaction activity.

我認為情緒正在發生某種轉變。債務市場正在正常運作並開放，宏觀政策方面顯然也更加明朗了。所以我認為這裡有一種趨勢的轉變，我預計在接下來的幾個季度裡，我們將看到交易活動增加。

Okay. Yeah, that's helpful. I'm glad I was able to get you in there, Tom. So thank you, guys.

好的。是的，這很有幫助。我很高興能讓你來這裡，湯姆。所以謝謝你們，夥計們。

Yeah, thank you.

是的，謝謝。

Thank you. At this time, I'd like to turn the floor back over to Mr. Bortz for closing comments.

謝謝。現在，我想把發言權交還給 Bortz 先生，請他發表最後評論。

Thank you, Donna. Thanks, everyone, for participating. We look forward to catching up with you in 90 days, and we hope you enjoy the rest of your summer.

謝謝你，唐娜。謝謝大家的參與。我們期待 90 天後與您相聚，並希望您享受剩餘的夏天。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受剩餘的一天。