RMR Group Inc (RMR) 2022 Q1 法說會逐字稿

Good day, and welcome to the RMR Group Fiscal First Quarter 2022 Earnings Call.

美好的一天，歡迎參加 RMR 集團 2022 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead.

請注意，此事件正在被記錄。我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續。

Good morning, and thank you for joining RMR's First Quarter of Fiscal 2022 Conference Call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan. In just a moment, they will provide details about our business and quarterly results, followed by a question-and-answer session.

早安，感謝您參加 RMR 2022 財年第一季電話會議。與我一起參加今天電話會議的是總裁兼執行長 Adam Portnoy；和財務長馬特喬丹。稍後，他們將提供有關我們業務和季度業績的詳細信息，然後進行問答環節。

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. 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 RMR's beliefs and expectations as of today, January 28, 2022, 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.

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。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 RMR 截至今天（2022 年 1 月 28 日）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。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at www.rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we may discuss non-GAAP numbers during this call, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin. A reconciliation of net income determined in accordance with U.S. generally accepted accounting principles to adjusted net income, adjusted earnings per share, adjusted EBITDA and calculation of adjusted EBITDA margin can be found in our earnings release.

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提交的文件中，您可以在我們的網站 www.rmrgroup.com 上找到該文件。投資者應注意不要過度依賴任何前瞻性陳述。此外，我們可能會在本次電話會議中討論非 GAAP 數據，包括調整後淨利潤、調整後每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率。根據美國公認會計原則確定的淨利潤與調整後淨利潤、調整後每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率的計算可以在我們的收益報告中找到。

And now I would like to turn the call over to Adam.

現在我想把電話轉給亞當。

Thank you, Michael, and thank you all for joining us this morning. For the first quarter of fiscal 2022, which ended on December 31, we reported adjusted net income of $0.46 per share and adjusted EBITDA of $23.3 million. We ended calendar year 2021 with $33.4 billion of assets under management and remain well capitalized with over $181 million of cash and no debt.

謝謝邁克爾，也謝謝大家今天早上加入我們。截至 12 月 31 日的 2022 財年第一季度，我們報告調整後淨利為每股 0.46 美元，調整後 EBITDA 為 2,330 萬美元。截至 2021 日曆年，我們管理的資產為 334 億美元，資本充足，現金超過 1.81 億美元，無債務。

As we begin calendar year 2022, we are increasingly optimistic about our business. Despite the continued headwinds and certain of our clients are facing related to COVID-19 variance, over 87% of the adult population is at least partially vaccinated in the United States, recent consumer spending has trended higher, and the fourth quarter GDP growth was approximately 7%. Real estate fundamentals are generally healthy and continue to be supported by a strong commercial real estate market, as fourth quarter transaction volumes increased 97% year-over-year. These trends are influencing the strong fundamentals across the majority of the real estate portfolio that RMR manages.

隨著 2022 年的到來，我們對我們的業務越來越樂觀。儘管逆風持續存在，並且我們的某些客戶面臨著與COVID-19 相關的差異，但美國超過87% 的成年人口至少部分接種了疫苗，近期消費者支出呈上升趨勢，第四季度GDP 增長率約為7%。房地產基本面整體健康，並持續受到強勁商業房地產市場的支撐，第四季交易量較去年同期成長 97%。這些趨勢正在影響 RMR 管理的大部分房地產投資組合的強勁基本面。

From an operational perspective, our organization continued its focus on delivering high-quality, wellness-focused and amenity-rich buildings to our tenants. This was evidenced by leasing volumes this quarter. They were at the highest levels over the last decade as RMR arranged approximately 4 million square feet of leases for an average term of 8.5 years and with an average GAAP rent roll-up in excess of 7%. These leasing levels represented an increase of 39% sequentially and a 35% increase over pre-pandemic 2019 comparable period leasing volumes.

從營運角度來看，我們的組織持續致力於為租戶提供高品質、注重健康且設施豐富的建築。本季的租賃量證明了這一點。 RMR 安排了約 400 萬平方英尺的租賃，平均期限為 8.5 年，平均 GAAP 租金上漲超過 7%，因此它們處於過去十年來的最高水平。這些租賃水準比上一季成長了 39%，比 2019 年大流行前的同期租賃量增加了 35%。

While the industrial sector remains robust, this quarter's leasing activity was spread broadly across all the real estate sectors we manage. We also remain confident in the future of office and the prospect of increased business travel to fuel increased hospitality and leisure spending in the coming months.

儘管工業部門依然強勁，但本季的租賃活動廣泛分佈在我們管理的所有房地產部門。我們對辦公室的未來以及商務旅行增加的前景仍然充滿信心，這將推動未來幾個月酒店和休閒支出的增加。

Before moving to some of the notable private capital announcements of the quarter, I wanted to first highlight some significant strategic steps taken to best position our client companies for success. As a reminder, we are limited as to what we can discuss this quarter regarding our public clients as we are reporting results in advance of them.

在討論本季一些著名的私人資本公告之前，我想先強調為我們的客戶公司取得成功而採取的一些重要策略步驟。提醒一下，我們本季可以討論的有關公共客戶的內容有限，因為我們要先於他們報告結果。

First, despite tracking ahead of its peers on a 3-year total return basis throughout most of the year, market volatility in the fourth quarter adversely impacted OPIs total return relative to its peer group, resulting in no incentive fee for calendar year 2021. While we were disappointed, we remain highly encouraged by OPI's 3-year total return of 14.4%, which reflects OPI's successful deleveraging and capital recycling initiatives over the last 3 years. Similarly, ILPT's total return over the past 3 years was 43.9%. And we are excited to continue utilizing private capital partners to grow this company meaningfully without the need for dilutive equity raises.

首先，儘管全年大部分時間在 3 年總回報率上領先於同行，但第四季度的市場波動對 OPI 相對於同行的總回報率產生了不利影響，導致 2021 年沒有激勵費。我們很失望，但OPI 14.4% 的3 年總回報率仍然令我們深受鼓舞，這反映了OPI 在過去3 年裡成功的去槓桿和資本回收舉措。同樣，ILPT過去3年的總回報率為43.9%。我們很高興能夠繼續利用私人資本合作夥伴來有意義地發展這家公司，而無需進行稀釋性股權融資。

SVC continues to hit strategic repositioning milestones as the overall economy continues to improve. Earlier this year, SVC announced the expected sale of 68 Sonesta Hotels in the first quarter of 2022 in order to create a stronger hotel portfolio and enhance overall liquidity. Operationally, Sonesta, which assumed management of over 200 SVC owned hotels in 2021, has produced occupancy, run rate and RevPAR metrics that remain on par with its peer set.

隨著整體經濟持續改善，SVC 持續達到策略重新定位的里程碑。今年早些時候，SVC 宣布預計在 2022 年第一季出售 68 家 Sonesta 酒店，以打造更強大的酒店組合併增強整體流動性。在營運方面，Sonesta 於 2021 年接管了 SVC 旗下 200 多家飯店的管理，其入住率、營運率和 RevPAR 指標與同行保持一致。

DHC is in a similar phase of repositioning its business as the company completed over 100 senior living operator transitions and continues to take proactive measures to improve its balance sheet. Following DHC's recent joint venture announcement, which I will discuss in more detail in a moment, the company is currently well capitalized to reduce leverage and invest meaningfully in its portfolio. At both DHC and SVC, we believe the future reinstatement of dividends will significantly help to increase total shareholder returns in the future.

DHC 也處於重新定位業務的類似階段，該公司完成了 100 多個老年生活營運商的轉型，並繼續採取積極措施改善其資產負債表。在 DHC 最近宣布成立合資公司之後（我將在稍後詳細討論），該公司目前資本充足，可以降低槓桿並對其投資組合進行有意義的投資。在DHC和SVC，我們相信未來恢復股利將大大有助於增加未來股東的總報酬。

Finally, we are pleased with the recent activity at our managed commercial mortgage REIT, Seven Hills Realty Trust, and continue to believe that the business has attractive long-term prospects. During the fourth quarter, Seven Hills raised its dividend 67% on the heels of another quarter of record originations, and at this pace, we expect they will fully deploy the remaining dry powder by this summer. Seven Hills leverages RMR's best-in-class originations platform that touts a strong default-free track record, which we believe will enable RMR to raise meaningful capital for this business line moving forward.

最後，我們對我們管理的商業抵押房地產投資信託公司七山房地產信託公司最近的活動感到滿意，並繼續相信該業務具有有吸引力的長期前景。在第四季度，繼又一個季度創紀錄的派息之後，七山將股息提高了 67%，按照這個速度，我們預計他們將在今年夏天充分部署剩餘的乾粉。七山利用 RMR 一流的發起平台，該平台擁有強大的無違約記錄，我們相信這將使 RMR 能夠為該業務線的未來籌集有意義的資金。

I'd now like to turn to the more significant developments made within our private capital platform this quarter, starting with our industrial REIT, ILPT. The pending $4 billion acquisition of Monmouth Real Estate Investment Corporation is currently expected to close this quarter. This portfolio is comprised of 126 Class A industrial and logistics properties that are largely occupied by tenants whose businesses are driven by e-commerce. As a result, ILPT does not plan to raise common equity to fund this transaction and expects to fund a portion of the acquisition with private capital raise via large institutional joint venture partners. Not only does this transaction grow RMR's assets under management, but also highlights RMR's alignment our client shareholders by expanding access to capital and growth opportunities with high-quality assets.

我現在想談談本季我們的私人資本平台取得的更重大的進展，首先是我們的工業房地產投資信託基金 ILPT。蒙茅斯房地產投資公司 (Monmouth Real Estate Investment Corporation) 的 40 億美元收購案目前預計將於本季完成。該投資組合由 126 個甲級工業和物流物業組成，大部分由電子商務驅動的租戶佔據。因此，ILPT 不計劃籌集普通股來為本次交易提供資金，並預計透過大型機構合資夥伴籌集私人資本來為部分收購提供資金。此交易不僅增加了 RMR 管理的資產，還突顯了 RMR 透過擴大高品質資產的資本獲取和成長機會，與我們的客戶股東保持一致。

In addition to the pending Monmouth acquisition, ILPT also announced that it contributed 6 industrial properties to its existing industrial joint venture for $206 million. This transaction effectively raises equity capital at net asset value versus at a discount at the corporate level for ILPT, which will be used to reduce leverage and fund future growth.

除了即將進行的 Monmouth 收購外，ILPT 還宣布以 2.06 億美元向其現有工業合資企業貢獻 6 處工業地產。此次交易有效地以資產淨值而非公司層面的折扣為 ILPT 籌集了股本，這將用於降低槓桿率並為未來成長提供資金。

Finally, just before the end of the year, DHC announced a $378 million joint venture sale of a 35% equity interest in its two-building life science property in the Seaport District of Boston. DHC acquired this property for $1.1 billion in 2014, and the current valuation of the property is $1.7 billion, underscoring the attractive return on investment achieved in a relatively short period of time.

最後，就在今年年底前，DHC 宣布以 3.78 億美元的價格合資出售其位於波士頓海港區的兩棟生命科學地產的 35% 股權。 DHC 於 2014 年以 11 億美元收購了該房產，目前該房產的估值為 17 億美元，凸顯了在相對較短的時間內實現的有吸引力的投資回報。

We have repeatedly stated that our ability to further expand our private capital relationships comes from our commercial real estate expertise, operational excellence and world-class client service. The transactions announced in the fourth quarter collectively raises our private capital assets under management from $1.3 billion to $3.2 billion this quarter, or an increase of 139%. We believe this firmly highlights the organic success RMR has had building out our private capital fundraising capabilities and demonstrates how quickly RMR can scale its business with its current infrastructure.

我們一再表示，我們進一步擴大私人資本關係的能力來自於我們的商業房地產專業知識、卓越的營運和世界一流的客戶服務。第四季宣布的交易使我們本季管理的私人資本資產從 13 億美元增至 32 億美元，增幅為 139%。我們相信，這有力地凸顯了 RMR 在建立我們的私人資本籌款能力方面所取得的有機成功，並展示了 RMR 能夠利用其現有基礎設施快速擴展其業務。

I'll now turn the call over to Matt Jordan, our Chief Financial Officer, who will review our financial results for the quarter.

我現在將把電話轉給我們的財務長馬特喬丹，他將審查我們本季的財務表現。

Thanks, Adam, and good morning, everyone. As Adam highlighted earlier, this quarter we reported adjusted net income of $0.46 per share and adjusted EBITDA of $23.3 million, with both of these measures being slightly below our quarterly guidance primarily due to cash compensation coming in higher than our expectations. Management and advisory service revenues were $46 million, which was in line with our guidance for the quarter. Revenues this quarter represent an increase of $4.7 million on a year-over-year basis and a sequential quarter decline of approximately $800,000.

謝謝亞當，大家早安。正如亞當早些時候強調的那樣，本季度我們公佈的調整後淨利潤為每股0.46 美元，調整後EBITDA 為2330 萬美元，這兩項指標均略低於我們的季度指導，主要是因為現金薪酬高於我們的預期。管理和諮詢服務收入為 4,600 萬美元，符合我們本季的指導。本季營收年增 470 萬美元，季減約 80 萬美元。

The sequential quarter decline was primarily attributable to a reduction in business management fees at SVC and DHC as share price declined throughout the quarter adversely impacted their respective enterprise values. I would continue to highlight our expectations of revenue growth from construction management fees as this quarter includes fees of $3.2 million, a 31% sequential quarter increase.

環比下降的主要原因是 SVC 和 DHC 的業務管理費減少，因為整個季度股價下跌對各自的企業價值產生了不利影響。我將繼續強調我們對施工管理費收入成長的預期，因為本季包括 320 萬美元的費用，季增 31%。

As we highlighted last quarter, construction volumes are expected to further increase throughout the fiscal year as many of our clients embark on redevelopment and repositioning activities within their respective portfolios. Looking ahead to next quarter, we expect revenues to be between $48 million and $49 million, driven by the following factors. First, we are driving base business management fees from projected enterprise values at DHC, SVC and OPI using recent share price levels, and factoring in the deconsolidation of $620 million in joint venture mortgage debt at DHC.

正如我們在上季度所強調的那樣，隨著我們的許多客戶在各自的投資組合中開始重新開發和重新定位活動，預計整個財年的建築量將進一步增加。展望下個季度，我們預計營收將在 4,800 萬美元至 4,900 萬美元之間，主要受到以下因素的推動。首先，我們使用最近的股價水平，根據 DHC、SVC 和 OPI 的預期企業價值來推算基本業務管理費，並考慮到 DHC 6.2 億美元的合資抵押貸款債務的分拆。

Secondly, the Monmouth transaction is expected to generate approximately $2 million in incremental business and property management fees per month. Over time, these amounts are subject to change based on how much joint venture capital is raised and property disposition activity occurs. Third, private capital joint venture activity is expected to generate approximately $1 million in incremental fees next quarter. And lastly, the continued increases in construction management fees I previously highlighted will generate approximately $1.5 million in incremental revenues next quarter.

其次，蒙茅斯交易預計每月將產生約200萬美元的增量業務和物業管理費。隨著時間的推移，這些金額可能會根據籌集的合資資本數量和財產處置活動的發生而變化。第三，私人資本合資活動預計下季將產生約 100 萬美元的增量費用。最後，我之前強調的施工管理費的持續增加將在下個季度產生約 150 萬美元的增量收入。

Turning to expenses. Cash compensation of $31.8 million represented an increase of approximately $2.8 million sequentially, which was driven by annual merit increases, bonus inflation, as well as an unexpected slowdown in vacation usage most likely tied to the recent COVID variant surge. Looking ahead, we expect cash compensation to be approximately $32.5 million next quarter, driven primarily by payroll tax and 401(k) contributions resetting on January 1, along with continued investments in roles to support the growth of the organization.

轉向開支。現金薪酬為 3,180 萬美元，比上一季增加了約 280 萬美元，這是由於年度績效增長、獎金膨脹以及假期使用意外放緩（很可能與最近的新冠病毒變異激增有關）所致。展望未來，我們預計下季度的現金薪酬約為 3250 萬美元，這主要是由 1 月 1 日重置的工資稅和 401(k) 繳款以及對支持組織發展的角色的持續投資推動。

G&A was $7.7 million this quarter and represents run rate levels for the organization. With that said, as in previous years, we expect our Board of Directors will be issued annual share grants in March, which will result in next quarter including incremental G&A costs of approximately $600,000 beyond our run rate levels. Aggregating these collective insights on next quarter we expect adjusted earnings per share to range from $0.48 to $0.50 per share, and adjusted EBITDA to range from $24.5 million to $25.5 million, both of which represent meaningful sequential quarter increases. We closed the quarter with over $181 million in cash and continue to have no debt. We believe our balance sheet leaves us well positioned to pursue a variety of strategies to expand our private capital business.

本季的一般管理費用為 770 萬美元，代表了該組織的運作率水準。儘管如此，與往年一樣，我們預計董事會將在 3 月發放年度股份贈款，這將導致下個季度的一般管理費用增加超出我們的運行水平約 60 萬美元。綜合下個季度的這些集體見解，我們預計調整後每股收益將在0.48 美元至0.50 美元之間，調整後EBITDA 將在2,450 萬美元至2,550 萬美元之間，這兩個季度都代表了有意義的連續季度增長。本季結束時，我們擁有超過 1.81 億美元的現金，並且仍然沒有債務。我們相信，我們的資產負債表使我們能夠採取各種策略來擴大我們的私人資本業務。

That concludes our formal remarks. Operator, would you please open the line to questions?

我們的正式發言到此結束。接線員，請打開線路提問好嗎？

(Operator Instructions)

（操作員說明）

Our first question comes from Bill Katz with Citigroup.

我們的第一個問題來自花旗集團的比爾‧卡茨。

Your guidance. Maybe a big picture question to get started. Just sort of curious, as you migrate the capital from the managed REIT to the private markets, at what point do you think that actually it becomes a net contribution to the firm from here? And do the economics, is there any sort of arbitrage in the economics as the dollars move from the public REIT into the private space?

您的指導。也許是一個大問題來開始。只是有點好奇，當您將資本從託管房地產投資信託基金轉移到私人市場時，您認為何時它實際上會成為對公司的淨貢獻？從經濟學角度來看，當美元從公共房地產投資信託基金轉移到私人領域時，經濟學中是否存在任何形式的套利？

Sure. Bill. From a big picture perspective, generally speaking, the way those deals are structured, there's not a meaningful difference in the expected fees that we will generate, whether they're in the REIT or in the private vehicle. We've been embarking for the last few years on a comp effort to try to get more and more private capital AUM under management. And as coincided, especially in the last couple of years, with the need for some of our REITs to delever, given largely what's happened in some instances with COVID and what's happened to their businesses. So it's sort of a perfect situation where we were able to take some assets at some of our REITs that needed to delever and in some instances, due to an increase in value and then put them into a private vehicle that we can continue to manage.

當然。帳單。從大局來看，一般來說，這些交易的結構方式，我們將產生的預期費用沒有顯著差異，無論它們是在房地產投資信託基金還是私人工具中。過去幾年我們一直在努力讓越來越多的私人資本資產管理規模受到管理。同時，特別是在過去幾年，我們的一些房地產投資信託基金需要去槓桿化，主要考慮到在某些情況下發生的新冠疫情及其業務的情況。因此，這是一個完美的情況，我們能夠在一些需要去槓桿化的房地產投資信託基金中獲取一些資產，在某些情況下，由於價值的增加，然後將它們放入我們可以繼續管理的私人工具中。

And you're right that, that doesn't effectively increase AUM in the short term. But really, what we've been trying to do for the last couple of years is build a base, and that's really what we did over the last few years with the deals that has been -- that have already occurred, the $3.2 billion. I think the Monmouth transaction is really a demarcation or sort of a different sort of indicates sort of the beginning of when it's going to start to grow net AUM going forward. To put it in perspective, the Monmouth transaction is the largest transaction that the organization is 6 years of history has ever taken on, it's $4 billion. It's also the only transaction of any size that we've ever done that we are not raising public company equity to fund it. That's pretty remarkable. I say it a lot around the organization. That's a pretty remarkable change for us. We are largely raising all the equity there from private institutional partners. And the only way we could do that is from the relationships we've built over the last few years in sort of building up the current AUM.

你是對的，這並不能在短期內有效增加資產管理規模。但實際上，過去幾年我們一直在努力做的是建立一個基礎，這就是我們過去幾年透過已經發生的 32 億美元交易所做的事情。我認為蒙茅斯交易實際上是一個分界線，或者說是一種不同的跡象，標誌著未來淨資產管理規模將開始成長的開始。客觀地說，蒙茅斯交易是該組織6年歷史以來所承接的最大交易，達40億美元。這也是我們做過的唯一一筆沒有籌集上市公司股權為其提供資金的交易。這非常了不起。我在組織中說了很多次。這對我們來說是一個非常顯著的改變。我們主要從私人機構合作夥伴籌集所有股權。我們能做到這一點的唯一方法是利用我們在過去幾年中建立的關係來建立當前的資產管理規模。

So I look at the Monmouth transaction, is hopefully all incremental assets under AUM that would not have been able to occur if we hadn't built out those relationships. And so I see that as sort of a watershed moment this transaction. And I think that going forward, this is the beginning of us being able to actually grow AUM within the private sector -- private side of the business meaningfully, rather than just taking assets, let's say, from existing vehicles and sort of putting it from one pocket into the other and not really growing AUM. I do think going forward, we're now at that point where I do think it's going to start to accelerate, and we're going to be able to do more and more, grow AUM net on the private side.

所以我看看蒙茅斯交易，希望是管理資產規模下的所有增量資產，如果我們沒有建立這些關係，這些資產就不可能發生。所以我認為這是這筆交易的分水嶺時刻。我認為，展望未來，這是我們真正能夠在私營部門（業務的私營部門）內實際增加資產管理規模（AUM）的開始，而不是僅僅從現有工具中獲取資產，然後將其從現有工具中提取出來。一個口袋塞進另一個口袋，但資產管理規模並沒有真正增長。我確實認為，展望未來，我們現在正處於我認為它將開始加速的階段，我們將能夠做越來越多的事情，增加私人方面的資產管理規模淨值。

Matt, do you want to talk -- I said, largely, we try to keep the fee that's generally in line. But why don't you talk on the short term what's going on?

馬特，你想談談嗎？我說，很大程度上，我們會盡力保持費用基本上一致。但為什麼不談短期內發生的事情呢？

Yes. So in my prepared remarks, we highlighted next quarter, we're going to see incremental fees of about $1 million. That is largely -- even though the arrangements are intended to be largely neutral. There is a step-up in fair value ignite that Adam highlighted at the Vertex building. And then you also have the phenomenon right now in the case of DHC where they're paying us on a base -- fee basis on an enterprise value basis, which is the lower measure and on an implied fee basis that they're paying at about 32 basis points. So under the joint venture agreement, there's an inherent step up in the short term given where DHC's enterprise value currently sits. So we're going to see $1 million sequential increase quarter-over-quarter that should normalize over time.

是的。因此，在我準備好的發言中，我們強調下季我們將看到約 100 萬美元的增量費用。這在很大程度上是——儘管這些安排的目的基本上是中立的。 Adam 在 Vertex 大樓中強調了公允價值的提升。現在 DHC 也存在這樣的現象，他們按照企業價值的基礎費用向我們付款，這是較低的衡量標準，並且是按照他們支付的隱含費用為基礎。約32個基點。因此，根據合資協議，鑑於 DHC 目前的企業價值，短期內會有固有的提升。因此，我們將看到季度將比去年同期增加 100 萬美元，隨著時間的推移，這種成長應該會正常化。

Okay. That's helpful. Maybe just a follow-up. On Monmouth, any updated guidance in terms of how you think that the funding mix will play through? And then, Adam, maybe one last big picture question for you. On one hand, your net cash, your balance sheet is clean and net cash built sequentially, but it also sounds like deal multiples out there might be a bit on the higher side. So can you give us a sense of how to think about capital deployment from here?

好的。這很有幫助。也許只是後續行動。在蒙茅斯，您認為融資組合將如何發揮作用有任何更新的指導嗎？然後，亞當，也許是要問你的最後一個大問題。一方面，你的淨現金、資產負債表是乾淨的，淨現金是連續建立的，但聽起來交易倍數可能有點偏高。那麼您能否為我們介紹如何從這裡考慮資本配置？

Sure. So Bill, on the Monmouth transaction, this is -- unfortunately, we can't say much more than what's been already publicly announced. And obviously, ILPT hasn't announced its earnings yet. We're making public further disclosures around the transaction. I can tell you the following: the shareholder vote in Monmouth is scheduled currently for February 17, and the closing is expected to occur shortly thereafter. When we announced the Monmouth transaction, there were sort of two big ranges we told the marketplace or ILPT to the market. It said we'd raise between $430 million and $1.3 billion of equity and that it would sell between $0 million and $1.6 billion of sales.

當然。比爾，關於蒙茅斯交易，不幸的是，我們不能說比已經公開宣布的更多的內容。顯然，ILPT 尚未公佈其收益。我們正在公開有關該交易的進一步披露。我可以告訴你的是：蒙茅斯的股東投票目前定於 2 月 17 日進行，預計不久後將進行交割。當我們宣布 Monmouth 交易時，我們向市場或 ILPT 告知了兩個大範圍。它表示我們將籌集 4.3 億至 13 億美元的股權，並將出售 000 萬至 16 億美元的銷售額。

What I can tell you definitively is we're going to be off sort of the -- we're not going to be at the worst-case scenarios of those ranges. We will raise more than $430 million of equity, and we will sell less than $1.6 billion. So I can directionally tell you things are going to be better we think, than sort of the outlier worst-case funding scenarios that we outlined. But I can't really go much further than that.

我可以明確地告訴你的是，我們將偏離這些範圍的最壞情況。我們將籌集超過 4.3 億美元的股權，並出售不到 16 億美元的股權。因此，我可以直接告訴您，我們認為情況會比我們概述的異常最壞情況融資場景更好。但除此之外我真的無法走得更遠。

With regards to big picture net cash and what we're -- how we're thinking about cash, as you know, we obviously in the third quarter announced and paid a large onetime special dividend of $7 a share. That got our retained cash down by roughly $400 million to about $180 million today, and we have no debt outstanding. For the last few years, we've been talking a lot about how we want to retain a cash balance so that we could do two things, look at two different things to deploy that cash: one, to think about strategic M&A; and two, to invest -- co-investments for new vehicles, neither of which we've had to do.

關於淨現金的整體情況以及我們如何看待現金，如您所知，我們顯然在第三季宣布並支付了每股 7 美元的一次性特別股息。這使得我們保留的現金減少了約 4 億美元，降至今天的約 1.8 億美元，我們沒有未償債務。在過去的幾年裡，我們一直在談論如何保留現金餘額，以便我們可以做兩件事，考慮兩件不同的事情來部署現金：一是考慮戰略併購；二是考慮戰略併購。第二，投資－共同投資新車，這兩者我們都不需要做。

On one side, we've actually been very fortunate in the fact that we've gotten as of today, $3.2 billion of AUM under management on the private capital side, we've not had to use $1 of co-investment dollars. That's been very fortunate for RMR, but I'm not sure that's going to continue that way as we continue to grow the business and launch new vehicles.

一方面，我們實際上非常幸運，截至今天，我們在私人資本方面管理著 32 億美元的資產管理規模，我們不必使用 1 美元的共同投資美元。這對 RMR 來說非常幸運，但我不確定隨著我們繼續發展業務並推出新車，情況是否會繼續下去。

On the strategic M&A side, I think we talked a lot about this in the last quarter, especially we are not proactively looking for acquisitions. For a couple of years, we are very proactively looking for acquisitions. We've sort of had -- we had many conversations with folks. As I said on the last quarter, we went down the road pretty far with 3 different parties entered into LOI, start negotiating the contract. All those 3 deals came apart, not because of economics, but really over social issues. We feel pretty good that we have scarred universe of potential partners that we would like to partner with or buy. They know we're out there. I'm not ruling out M&A, but I think it's going to be more inbound or reverse inquiry, things that come to us.

在策略併購方面，我認為我們在上個季度對此進行了很多討論，特別是我們並沒有主動尋求收購。幾年來，我們非常積極地尋求收購。我們與人們進行了​​很多對話。正如我在上個季度所說，我們已經走了很長一段路，3 個不同的各方簽訂了意向書，開始談判合約。這三筆交易都失敗了，不是因為經濟原因，而是因為社會問題。我們感覺非常好，因為我們有很多我們想要合作或購買的潛在合作夥伴。他們知道我們在那裡。我不排除併購，但我認為這將是更多的內向或反向詢問，這些事情都會發生在我們身上。

We receive phone calls. I think we are very much in the deal flow now because we were so proactive for over 2 years out in the marketplace that companies and advisers and brokers know about us and our appetite, but we are much more sort of sitting back and waiting for to see if an opportunity presents itself. And so I am less optimistic because we are not proactively doing it, that that's going to be a source of our -- where to use capital that way. I can't rule it out. Something might show up that we would be very accretive and attractive for us. But we're not -- that's not something we're proactively looking at every day.

我們接到電話。我認為我們現在非常活躍在交易流程中，因為兩年多來我們在市場上非常積極主動，以至於公司、顧問和經紀人都了解我們和我們的胃口，但我們更多的是坐下來等待看看是否有機會出現。所以我不太樂觀，因為我們沒有主動這樣做，這將成為我們在哪裡以這種方式使用資本的來源。我不能排除這種可能性。可能會出現一些情況，表明我們對我們來說非常有增值性和吸引力。但我們不是——這不是我們每天積極關注的事情。

Our next question comes from Bryan Maher with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Bryan Maher。

Thanks for that information so far. Two kind of bigger picture questions for me. As it comes down to DHC and SVC, which has been challenged for the past 2 years with COVID. And I know you can't give us specifics related to occupancy trends maybe at DHC or the hotel component of SVC. But would you expect with the trend of what you're seeing at those 2 managed REITs that maybe by the back half of 2022, it starts to become a little bit more business as usual as opposed to all of the transitions that have been going on more recently?

感謝到目前為止提供的資訊。對我來說有兩種更大的問題。歸根結底，DHC 和 SVC 在過去兩年中一直受到新冠疫情的挑戰。我知道您無法向我們提供與 DHC 或 SVC 飯店部分的入住趨勢相關的具體資訊。但是，您是否期望從這 2 個託管 REIT 的趨勢來看，也許到 2022 年下半年，它開始變得更加一切如常，而不是最近一直在進行的所有轉型？

Sure. From a big picture perspective, you're absolutely right, Brian. Those two vehicles, DHC and SVC have been the most severely hit by COVID and have suffered the most specifically within their portfolios at SVC hotels and within DHC, the senior living communities. Yes, overall, we are generally optimistic things are going to get better in the second half of 2022 for both those sectors, senior living as well as hotels. If I had to put my thumb up in the air and decide which one was going to get better faster, I'm a little bit more optimistic that the hotels can come back faster and may come back faster. We're pretty -- we're fairly optimistic that hotel business travel may rebound better than people think as we enter the second and third quarters and especially in the second half of the year.

當然。從大局來看，你絕對是對的，布萊恩。 DHC 和 SVC 這兩種工具受到新冠疫情的打擊最嚴重，在 SVC 酒店和 DHC（老年生活社區）的投資組合中受到的影響最為嚴重。是的，總體而言，我們普遍樂觀地認為，老年生活和酒店這兩個行業的情況將在 2022 年下半年有所改善。如果我必須豎起大拇指並決定哪一家會變得更好更快，那麼我會更樂觀一些，因為酒店可以更快地回來，並且可能會更快地回來。我們相當樂觀地認為，隨著進入第二季度和第三季度，尤其是今年下半年，飯店商務旅行的反彈可能會比人們想像的更好。

And that's sort of informed by two data points that we've been able to observe over the last couple of years and especially by the fact that now with Sonesta affiliated company that we can now get data daily now versus the way we were getting data -- good data -- hotel data before, but now we get it obviously much more frequently.

這在某種程度上是由我們在過去幾年中觀察到的兩個數據點得出的，特別是現在透過 Sonesta 附屬公司，我們現在可以每天獲取數據，而不是我們獲取數據的方式 - - 良好的數據——以前的酒店數據，但現在我們顯然更頻繁地獲得它。

What's -- we think when you look back at 2021 in hotels, for example, if you look back at Q3, really this summer, and that's when COVID was waning and business channel picked up much faster than people originally thought it was going to pick up and even trail into parts of Q4. And the hotel occupancy actually rebounded better than all the prognosticators out there we're talking about how fast it was going to come back. Obviously, things have sort of go back now with the Omicron variant since December and into January.

我們認為，當你回顧 2021 年的酒店業時，例如，如果你回顧第三季度，實際上是今年夏天，當時新冠疫情正在減弱，業務渠道的複蘇速度比人們最初想像的要快得多上升，甚至拖入第四季的部分地區。飯店入住率的反彈實際上比我們所說的所有預測者都好，我們正在談論它會以多快的速度回升。顯然，自 12 月到 1 月以來，Omicron 變體的情況已經有所回溯。

The second thing that gives us -- or data point that gives us some optimism is unlike the first half of '21, where large group events, corporate events were largely just being canceled. We're not seeing cancellations. In fact, some are going off there in the hotel industry last -- earlier this week was the ALIS Conference, in the healthcare industry, the ASHA Conference went off this week. So there are conferences happening.

給我們帶來一些樂觀情緒的第二件事——或者說給我們帶來一些樂觀情緒的數據點與21世紀上半年不同，當時大型團體活動、企業活動基本上都被取消了。我們沒有看到取消。事實上，最後在酒店業舉行了一些會議——本週早些時候舉行了 ALIS 會議，在醫療保健行業，本週舉行了 ASHA 會議。所以有一些會議正在發生。

But we're seeing folks in the hotel space, not canceled, just push it out by a quarter, pushing out events 1, 2 quarters. That also gives us a sense of optimism. So we're seeing -- we have specific data points that we've now seen over the last 18 months within hotels, that gives us a fair amount of optimism that things might get better, much faster in hotels in the second half than some of the prognosticators out there are talking about.

但我們看到飯店空間裡的人們並沒有取消，只是將活動延後了四分之一，延後了第一、二季的活動。這也給我們帶來了樂觀的感覺。所以我們看到——我們有過去 18 個月在酒店內看到的具體數據點，這讓我們相當樂觀，認為下半年酒店的情況可能會比某些酒店好轉得更快那裡的預言家正在談論。

Senior living is a little more difficult. There, I think the trends that were occurring before COVID have just been accelerated like many things have during covering trends got accelerated. One of those trends that got accelerated was people staying at home longer and being able to deliver and get their services in the home or where they are for much longer than they used to or realizing they can and COVID sort of fed this.

老年人的生活稍微困難。在那裡，我認為在新冠疫情之前發生的趨勢只是加速，就像報導趨勢期間的許多事情一樣。其中一個加速發展的趨勢是，人們待在家裡的時間更長，能夠在家中或在自己所在的地方提供和獲得服務的時間比以前長得多，或者意識到自己可以做到這一點，而新冠疫情在某種程度上助長了這個趨勢。

And I think what you're seeing at one of our affiliated companies, AlerisLife, used to be called Five Star, is that they have really take a focus on recognizing this trend and trying to address that. Now what does that mean for DHC and occupancy, I think it's going to take -- it's not going to snap back as fast in senior living. It's going to be a little bit more gradual and take time to get the occupancy to grow. We are seeing growth in occupancy at senior being. It certainly is above where it was in the depth of, let's say, March and April of '21, which is really the low point in senior living occupancy and it has improved steadily since then. It's just a much more gradual improvement. And so I do think things will get better, but I think it's going to take us beyond '22 into '23 until we really start to see meaningful improvement in the senior living space.

我認為您在我們的附屬公司 AlerisLife（以前被稱為五星級）中看到的是，他們確實致力於認識這一趨勢並試圖解決這個問題。現在，這對 DHC 和入住率意味著什麼，我認為這將需要——老年生活不會那麼快地恢復。這將是一個漸進的過程，需要時間來讓入住率成長。我們看到高級飯店的入住率有所成長。它肯定高於 21 年 3 月和 4 月的深度，這確實是老年人居住率的最低點，並且自那時以來一直在穩步改善。這只是一個更漸進的改進。所以我確實認為事情會變得更好，但我認為這將讓我們從 22 世紀進入 23 世紀，直到我們真正開始看到老年生活空間的有意義的改善。

And my second question relates to -- you talked a lot about your leasing results, and we've been hearing that from other companies we cover as well, including office, most importantly. Can you talk a little bit about the skepticism that we keep hearing out there from some investors related to people actually returning to office relative to what we're seeing in medical office building and regular office building, leasing activity in real terms every quarter that you and others keep reporting?

我的第二個問題涉及——您談了很多關於租賃結果的信息，我們也從我們報道的其他公司那裡聽到了這一點，最重要的是包括辦公室。您能否談談我們不斷從一些投資者那裡聽到的懷疑態度，這些投資者與實際返回辦公室的人有關，相對於我們在醫療辦公大樓和普通辦公大樓中看到的情況，每個季度的實際租賃活動還有其他人繼續檢舉？

Yes, you're right. There's us and I think the industry had a record fourth quarter in terms of leasing activity. There's a lot of things that you can read into that. I imagine many tenants were looking at the market and thought this was a pretty good time to lock in a long-term lease given the state of their office market, for example. And so that led to a lot of that leasing activity in the fourth quarter.

你是對的。我們，我認為該行業第四季度的租賃活動創下了紀錄。你可以從中讀到很多東西。我想許多租戶正在關注市場，並認為考慮到辦公市場的狀況，這是鎖定長期租賃的好時機。因此，這導致了第四季度的大量租賃活動。

But generally, I think our -- what we're seeing in terms of true occupancy and there's a lot of different data points out there, including our own portfolio. The metric that we -- I've been focused on was around Labor Day, we were seeing in September around 30% of buildings, office buildings in our portfolio had people in them or 30% occupied, you could almost say with 30% capacity. That was slowly creeping up. And by the time we got to Thanksgiving beginning of December, that was about 40% is what we saw. That's obviously come back as we've gotten into January.

但總的來說，我認為我們在真實入住率方面所看到的，並且有很多不同的數據點，包括我們自己的投資組合。我一直關注的指標是勞動節前後，我們在 9 月看到，我們投資組合中大約 30% 的建築物、辦公大樓有人居住，或者 30% 被佔用，你幾乎可以說有 30% 的容量。那是慢慢爬升的。當我們到 12 月初感恩節時，我們看到的比例約為 40%。隨著我們進入一月份，這種情況顯然又回來了。

But I would say that our view firmly in the fall, and I think it's going to be this case as we get into the spring as well. The delay in return to office is less and less about health and safety and more and more around employee work preferences. And I think many employers, especially larger employers, the larger the employer, the more this is becoming an issue is just in such a tight labor market -- many employees have been working from home and be able to have a very flexible schedule for 2 years now.

但我想說，我們在秋季的觀點是堅定的，而且我認為，當我們進入春季時，情況也會如此。延遲返回辦公室越來越少與健康和安全有關，而越來越多地與員工的工作偏好有關。我認為許多雇主，尤其是規模較大的雇主，雇主規模越大，這個問題就越成為一個問題，正是在如此緊張的勞動力市場中——許多員工一直在家工作，並且能夠有一個非常靈活的工作時間，可以工作2天。現在幾年了。

It's -- many of them in a tight labor market are not eager to return to the office full time. And I think many companies are trying to work through what is their hybrid workplace environment going to look like. And I think that is really what's going to happen. And I do think you're going to see that play out in the spring. That is -- that's what we think. That all being said, I'll just give a quick commercial on our portfolio.

他們中的許多人在勞動力市場緊張的情況下並不急於全職返回辦公室。我認為許多公司正在努力研究他們的混合工作環境將會是什麼樣子。我認為這確實會發生。我確實認為你會在春天看到這種情況的發生。這就是我們的想法。話雖如此，我只是簡單地介紹一下我們的產品組合。

Look, we own a large number of MOBs. We own a large number of life science buildings. We own a large number -- those buildings themselves, obviously, are work-from-home resistant. You basically have to be occupied the folks that do the work there. What we've been doing over the last couple of years in our office portfolio at OPI specifically hasn't really trying to think about -- we don't think office is going away. But we do think in this environment, it's just going to be actuated. The better located, the newer buildings with more amenities are going to be what tenants want.

看，我們擁有大量的 MOB。我們擁有大量生命科學大樓。我們擁有大量建築——顯然，這些建築本身不適合在家工作。你基本上必須忙於在那裡做工作的人。過去幾年，我們在 OPI 的辦公室投資組合中所做的事情並沒有真正嘗試去思考——我們不認為辦公室會消失。但我們確實認為在這種環境下，它只會被啟動。位置更好、設施更多的新建築將是租戶想要的。

And so we've been pretty active, and you saw that at OPI last year, buying newer, modern, well amenitized, well-located office buildings, divesting of maybe buildings in the suburbs that are older that aren't as well amenitized. That is what we've been doing at OPI for some time. I imagine we're going to continue to do that because in the current office environment, I think it's as important ever -- as ever to have a portfolio that way.

所以我們一直非常活躍，你在去年的 OPI 上看到了這一點，購買了更新的、現代化的、設施齊全的、位置優越的辦公大樓，並剝離了郊區較舊、設施不完善的建築。這就是我們 OPI 一段時間以來一直在做的事情。我想我們將繼續這樣做，因為在當前的辦公環境中，我認為以這種方式擁有投資組合一如既往地重要。

Our next question comes from James Sullivan with BTIG.

我們的下一個問題來自 BTIG 的 James Sullivan。

I just wanted to talk with Matt here about the guide for next quarter in terms of the top line guide, that guide, I think, is $48 million to $49 million. Now back with the fourth quarter, obviously, you had provided a guide that assumed that first quarter would be flat with fourth quarter, came in a little below that. And as I understand your prepared comments, that was because of two of the REITs, management fees and two of the rates declining. So the question, in providing the guide for the second quarter, what are you assuming regarding the two REITs that had -- that were the source of the negative comp? And how do you factor that into these quarterly guides, the share price changes, which have obviously been pretty significant year-to-date?

我只是想在這裡與 Matt 討論下個季度的營收指南，我認為該指南為 4800 萬至 4900 萬美元。現在回到第四季度，顯然，您提供了一份指南，假設第一季將與第四季度持平，但結果略低於該值。據我了解，您準備好的評論是因為其中兩個房地產投資信託基金、管理費和兩個利率下降。所以問題是，在提供第二季的指導時，您對這兩個房地產投資信託基金有何假設——這是負補償的根源？您如何將這一點納入這些季度指南中，即股價變化（今年迄今為止顯然相當重要）？

It's a great question, Jim, and we try and do our best to prognosticate where share prices will land, especially if those two REITs. And what we've done in our guide this quarter is we've looked back over the last 7 or so weeks given the significant volatility in both directions to try and come up with an average, and that is what we've based our guide on in our forecast number. So just around $9 for SVC and just around $3 per share for DHC.

吉姆，這是一個很好的問題，我們盡力預測股價將走向何方，尤其是這兩個房地產投資信託基金。我們在本季度的指南中所做的是，我們回顧了過去 7 週左右的時間，考慮到雙向的巨大波動，試圖得出平均值，這就是我們指南的基礎在我們的預測數字中。因此，SVC 每股約為 9 美元，DHC 每股約為 3 美元。

Okay. So you take the kind of the average close or the average trading range and just provide an average for that and build that into the model?

好的。那麼，您採用平均收盤價或平均交易範圍，並為其提供平均值並將其構建到模型中嗎？

Correct. And in periods of greater stability, quite frankly. If I look back to last quarter, we'll use, say, the current month as a proxy since that is the first -- typically, we're reporting results at the end of the first quarter -- first month of the quarter that's coming up. But given the volatility we're seeing, we took a little more of a conservative approach this quarter.

正確的。坦白說，在更穩定的時期。如果我回顧上個季度，我們將使用當前月份作為代理，因為這是第一個 - 通常，我們在第一季末報告結果 - 該季度的第一個月接下來。但考慮到我們所看到的波動性，我們本季採取了更保守的做法。

Okay. Fair enough. Appreciate that. And then a question for Adam. Obviously, you talked in answering the prior question about the outlook over the course of the year. The topic that there over the last several weeks, of course, has been the rate of inflation. And clearly, the hotel portfolio is probably very well positioned for an inflationary environment.

好的。很公平。感謝。然後問亞當一個問題。顯然，您在回答之前的問題時談到了今年的前景。當然，過去幾週的話題是通貨膨脹率。顯然，飯店投資組合可能非常適合通膨環境。

And I'm curious, when you think about your more triple net lease portfolios as opposed to the more active portfolio like the hotel portfolio currently. How do you feel about your exposure to rising inflation overall? And really, I'm looking here at the net lease portfolio, the office portfolio as well as the health care?

我很好奇，當你考慮更多的三重淨租賃投資組合，而不是目前酒店投資組合等更活躍的投資組合。您對整體通膨上升的風險有何看法？真的，我在這裡關注的是淨租賃投資組合、辦公大樓投資組合以及醫療保健？

Sure. So thanks, Jim. Yes, I think generally speaking, we have a very diverse portfolio that runs the gamut, all the way at one extreme, as you pointed out, in hotels where rates are set daily, all the way to the other extreme where you have long-term 15-year net lease, let's say, in an office building. And in between, we have everything in between two, obviously. For example, in the senior housing assets, rates are monthly, but they're usually reset annually, if not quarterly.

當然。謝謝，吉姆。是的，我認為一般來說，我們擁有非常多樣化的投資組合，涵蓋了各個領域，一直到一個極端，正如您所指出的，在每天設定價格的酒店中，一直到另一個極端，在那裡您長期比方說，辦公大樓的 15 年淨租賃。顯然，在兩者之間，我們擁有介於兩者之間的一切。例如，在高級住房資產中，利率按月計算，但通常每年（甚至每季）重置一次。

So you have fairly -- often, you can reset rates there. I will tell you, in the -- what you categorize broadly is within retail, industrial office portfolio. You're right, we tend to have a well-occupied longer lease term than, let's say, many of our peers, with the exception maybe at OPI where the average lease term, I believe, is about 5 years, so it's not quite as long. Obviously, at ILPT in the industrial, it is a little longer, pushing up to 10 years on the retail portfolio, it is pushing up the 10 years.

所以你通常可以在那裡重置利率。我會告訴你，你所概括的分類是在零售、工業辦公組合。你是對的，我們的租期往往比我們的許多同行更長，也許 OPI 是個例外，我相信，平均租期約為 5 年，所以這並不完全是只要。顯然，在工業ILPT，它有點長，在零售投資組合上推高了10年，它正在推高10年。

At DHC on the MOB and life science portfolio, I think it's also maybe just over 5 years. So it's not -- one, I want to point out that it's not overwhelmingly a 10-, 15-year net lease portfolio. That all being said, 80% of what you -- what's in that retail broadly industrial, broadly office and including an office, general office, MOBs, life science buildings, we have in 80% of those leases, either CPI adjustments and/or fixed step-ups. So I think we feel pretty good that, that will largely cover us in this, what hopes to be a short- to medium-term period of high inflation.

在 DHC 的 MOB 和生命科學領域，我認為也可能只有 5 年多一點。所以，第一，我想指出的是，這不是 10 年、15 年期的淨租賃投資組合。總而言之，80% 的零售業、廣泛的工業、廣泛的辦公室，包括辦公室、普通辦公室、MOB、生命科學大樓，我們在 80% 的租賃中擁有，無論是 CPI 調整和/或固定的升壓。因此，我認為我們感覺很好，這將在很大程度上涵蓋我們希望出現的中短期高通膨時期。

And obviously, commercial real estate and especially core commercial real estate have traditionally been a very good hedge in a high inflationary environment, especially if you're willing to hold it for 5 to 10 years, which is our typical hold period, for us in our REITs as well as in our joint ventures.

顯然，商業房地產，尤其是核心商業房地產，傳統上在高通膨環境下一直是非常好的對沖工具，特別是如果你願意持有它5 到10 年，這是我們典型的持有期，對於我們來說我們的房地產投資信託基金以及我們的合資企業。

So I think overall, we feel pretty good. Look, we've been in -- we've held a pretty diverse portfolio. And part of what we try to do from RMR's perspective is make sure we have a diverse portfolio. So we're not sort of all of our eggs in one sort of sector and doing one type of -- or one lease type. And that served us pretty well over the last 36 years of being operations. We've obviously operated in many cycles. And I think that diversity has served us well, granted, we're probably in a higher inflationary environment than we've seen in a long time. But I think we are reasonably, if not well positioned to deal with it in the coming years.

所以我認為總的來說，我們感覺很好。看，我們一直在——我們擁有相當多樣化的投資組合。從 RMR 的角度來看，我們嘗試做的部分工作是確保我們擁有多元化的投資組合。因此，我們並不是將所有雞蛋集中在某一類行業並從事一種類型或一種租賃類型。這在過去 36 年的營運中為我們提供了很好的幫助。顯然我們已經進行了很多周期的操作。我認為多樣性對我們很有好處，當然，我們可能正處於一個比我們長期以來所見過的更高的通膨環境中。但我認為，在未來幾年裡，我們即使沒有做好應對這個問題的準備，也是合理的。

Just a follow-up on that. You mentioned CPI adjustments, which are typical -- I guess, typically annual adjustments. Is it not true though, in health care that oftentimes the CPI adjustments were capped at either a specific rate or a specific percentage of CPI, or was it -- is it in fact full CPI adjustments?

只是對此的後續行動。您提到了 CPI 調整，這是典型的——我猜，通常是年度調整。不過，在醫療保健領域，CPI 調整常常被限制在特定比率或 CPI 的特定百分比，這不是真的嗎？或者，實際上是完全的 CPI 調整嗎？

Sometimes they're capped, sometimes they're fixed rates. Jim, honestly, it's -- different markets have different conventions. The industry doesn't necessarily follow one convention. As you know, within -- generally within office and within MOB specifically as well, you will have a different market convention, let's say, in the Boston market than you might have in the Dallas market versus you might have in the Denver market. That's an old saying that all real estates are sort of local.

有時它們有上限，有時它們是固定費率。吉姆，老實說，不同的市場有不同的慣例。該行業不一定遵循一種慣例。如您所知，通常在辦公室內，特別是在 MOB 內，您將擁有不同的市場慣例，比方說，在波士頓市場、達拉斯市場和丹佛市場可能會有不同的市場慣例。有句老話說，所有的房地產都是本地的。

Real estate leasing is hyper local in terms of how it gets structured we talk all the time about net effective rents. When you cut through it all, that's what we are always looking at RMR and when we're looking through everything because we look at a nationwide portfolio we have to adjust all these different variable nuances as leases are negotiated by different market convention to get down to the effect -- net effective rents. And so generally, it's all over the place. It's not necessarily one way, let's say, in MOBs versus it really depends on the market.

就其結構而言，房地產租賃非常本地化，我們一直在談論淨有效租金。當你剖析這一切時，這就是我們始終關注的RMR，當我們審視所有內容時，因為我們著眼於全國範圍內的投資組合，我們必須調整所有這些不同的變量細微差別，因為租賃是由不同的市場慣例協商的。大意是－淨有效租金。一般來說，它無所不在。比方說，在 MOB 中，這不一定是一種方式，而這實際上取決於市場。

Okay. And then final question for me. Adam, the company is obviously a enviable position with no debt and plenty of cash on the balance sheet. And you made mention in the prepared comments about how many transactions the company has been involved in the portfolio of companies have been involved in. And given what has been kind of a significant pivot here, in terms of the macro variables, inflation higher interest rates moving up. Can you share with us your sense as to where cap rates are going? Do you have a sense that cap rates are finally going to start moving higher along with interest rates and inflation or not?

好的。然後是我的最後一個問題。亞當，該公司的狀況顯然令人羨慕，沒有債務，資產負債表上有大量現金。您在準備好的評論中提到了該公司在公司投資組合中參與了多少筆交易。考慮到這裡的重大轉變，就宏觀變數而言，通貨膨脹率更高。向上。您能否與我們分享您對資本化率走向的看法？您是否感覺到上限利率最終會隨著利率和通貨膨脹而開始走高？

They feel like it's hard to see them go any lower, let me put it that way. I think they were modestly -- my view is they have got to go up a little bit. I think they're going to be tempered in their raise. I don't think you're going to see a one-for-one correlation to increased cost for, let's increased debt costs and inflation, having a meaningful impact on increases in cap rates. And the reason I say that we're pretty active in the market. There is a tremendous amount of capital trying to be put to work in real estate. -- just to make a quick anecdote.

他們覺得很難看到他們再走低了，讓我這麼說吧。我認為他們是謙虛的——我的觀點是他們必須上升一點。我認為他們會在加薪時受到鍛鍊。我認為你不會看到成本增加與債務成本增加和通貨膨脹之間存在一對一的相關性，從而對上限利率的增加產生有意義的影響。這也是我說我們在市場上非常活躍的原因。有大量資本試圖投入房地產領域。 ——只是簡單講一個軼事。

Yesterday, Blackstone announced their earnings, they talked a lot about the BREIT. They're raising $5 billion a month just in their BREIT. That money has got to be deployed -- that is just a fraction of what needs to be deployed market-wise. And unfortunately, folks are more and more, including us focused on certain sectors over other sectors. And so that sort of demand for the real estate and supply of money looking for a home is going to temper that growth in cap rates. So I think cap rates are probably going to moderate, they're going to come up a little bit because debt costs are going to move.

昨天，黑石公佈了財報，他們對 BREIT 進行了許多討論。他們每月僅透過 BREIT 就能籌集 50 億美元。這筆錢必須部署——這只是需要在市場上部署的一小部分。不幸的是，人們越來越多，包括我們，都專注於某些領域而不是其他領域。因此，對房地產的需求和尋找房屋的資金供應將抑制上限利率的成長。因此，我認為資本化率可能會放緩，因為債務成本會發生變化，所以資本化率會略有上升。

But look, before the current -- and I'll give you an anecdote, we don't play a lot in the multifamily space, but we lend against multifamily projects. We have lent money. This is prior to the run-up in rates or expected run-up in rates prior to the announcements of increase in inflation. This was 6 months ago. We were lending money out to certain hotel -- I'm sorry, to certain multifamily owners at higher rates than the cap rate that they were going into the deal.

但是，在當前之前，我會給你講一則軼事，我們在多戶型空間中玩得不多，但我們針對多戶型項目提供貸款。我們借了錢。這是在宣布通膨上升之前利率上升或預期利率上升之前。這是 6 個月前的事了。我們向某些飯店借錢——對不起，是向某些多戶家庭業主借錢，利率高於他們參與交易的上限利率。

Now of course, these were value-add plays. They were planning to turn it around over a period of time. But that just gives you a sense, and we're making first lien mortgages against a multifamily. Our rates, I'm going to make it up 3.5% and the cap rate going in is 3%. And we would spend a lot of time looking at that, and that just gives you a feel for the amount of money trying to be put to work in the space. Now of course, there was a business plan there, and they're planning to increase NOI over the 2 to 3 years. But they have to do it going in the debt cost more than the cap rate. That gives you a sense of how much money is out there and is going to temper those cap rate expansions.

當然，現在這些都是增值遊戲。他們計劃在一段時間內扭轉局面。但這只是給你一種感覺，我們正在針對多戶家庭提供第一留置權抵押貸款。我們的利率，我將提高 3.5%，上限利率為 3%。我們會花很多時間來研究這個問題，這只會讓你感受到在這個領域投入了多少錢。當然，現在有一個商業計劃，他們計劃在 2 到 3 年內增加 NOI。但他們必須這樣做，因為債務成本高於上限利率。這讓你了解有多少資金，並將緩和資本化率的擴張。

Next question from Ronald Kamdem at Morgan Stanley.

摩根士丹利的羅納德·卡姆德姆 (Ronald Kamdem) 提出了下一個問題。

Great. Just going back to sort of the private capital transactions that happened during the quarter, just trying to get a sense of how much more is there to come down the road. Are there sort of other assets that sort of would make sense for these types of transactions, both at ILPT and DHC? And is this something where we could see happen in the other two REITs, the office and OPI and SEC?

偉大的。只是回顧一下本季發生的私人資本交易，只是想了解未來還有多少交易。在 ILPT 和 DHC 中，是否有其他資產對這些類型的交易有意義？我們可以在其他兩個房地產投資信託基金（辦公室、OPI 和 SEC）中看到這種情況嗎？

Sure. Generally speaking, we are having conversations with private capital partners pretty much on all types of commercial real estate that we manage, every sector. So you can go the gamut. It can be office, industrial, hotels, senior living and service retail. Every type of sector we are in, we are having some level of conversation with others around that. Some of those conversations would involve vehicles that potentially could include our REITs and some of those conversations are involving vehicles that would not include our REITs.

當然。一般來說，我們正在與私人資本合作夥伴就我們管理的所有類型的商業房地產、每個領域進行對話。所以你可以無所不用其極。它可以是辦公室、工業、酒店、高級生活和服務零售。我們所處的每一個領域，我們都會與其他人圍繞這個領域進行一定程度的對話。其中一些對話可能涉及可能包含我們的房地產投資信託基金的工具，而其中一些對話則涉及不包含我們的房地產投資信託基金的工具。

The overwhelming -- what's going on at our REITs? And so the question is, could you see other things happen at the other REITs? This is all sort of tied together. What we are very focused on in, we haven't collected an incentive fee for 2 years at RMR. And so I want to point out that we're very focused on the fact that we haven't collected incentive fees. And so one of the things that we think we need to do with those REITs is delever because we are running at a little bit higher leverage than we have typically run, especially -- and that's across the board. At DHC and SVC, the two things that I think will do the most to increase the shareholder return in addition to deleveraging is also to reinstate the dividend. And I can't really give guidance on when that's going to happen, but we hope it's going to happen sooner rather than later.

壓倒性的－我們的房地產投資信託基金發生了什麼事？所以問題是，你能看到其他房地產投資信託基金發生其他事情嗎？這一切都是緊密相連的。我們非常關注的是，我們在RMR已經兩年沒有收取激勵費了。所以我想指出，我們非常關注我們沒有收取獎勵費的事實。因此，我們認為我們需要對這些房地產投資信託基金做的事情之一是去槓桿化，因為我們的槓桿率比通常的槓桿率要高一些，尤其是——而且是全面的。在DHC和SVC，我認為除了去槓桿之外，最能提高股東回報的兩件事就是恢復股利。我真的無法就何時發生提供指導，但我們希望它能早點發生，而不是晚點發生。

And because I think the faster we can reinstate the dividend and delever, better returns we get. I tell you all that story as it relates to private capital because it plays into -- yes, we could, if it made sense for our other REITs enter into additional joint ventures because it behooves them to delever because again, by deleveraging and getting the dividends reinstated, especially DHC and SVC, it behooves everybody so that those companies total shareholder returns are improved.

因為我認為我們恢復股息和去槓桿的速度越快，我們就能獲得更好的回報。我告訴你們這個故事，因為它與私人資本有關，因為它會發揮作用——是的，我們可以，如果我們的其他房地產投資信託基金進入更多合資企業有意義的話，因為它們理應去槓桿化，因為再一次，通過去槓桿化並獲得恢復股息，特別是DHC和SVC，每個人都應該提高這些公司的股東總回報。

I think I'm talking -- what I'm really saying is a high alignment of interest between RMR, our actions and the shareholders of the different REITs. And that's really what I'm trying to talk about. But at the same time, it does lead to, yes, we could be doing additional joint ventures at the other vehicles, but it's because we want to delever and get those shareholder returns to improve so we can start earning incentive fees.

我想我說的是——我真正想說的是 RMR、我們的行動和不同房地產投資信託基金的股東之間的利益高度一致。這正是我想要談論的。但同時，它確實導致，是的，我們可以在其他工具上建立更多的合資企業，但這是因為我們希望去槓桿化並提高股東回報，以便我們可以開始賺取激勵費用。

Great. That's helpful. And then just back on ILPT. I think you talked about private capital getting involved, whether it's one, two or three. Just any color on what sort of the debate, what's driving the decision, either to get involved or not involved? And what's driving the amount of capital commitments they're willing to put there? I can appreciate conversations are still fluid, but just sort of curious what that money is debating.

偉大的。這很有幫助。然後回到ILPT。我想你談到了私人資本的參與，無論是一個、兩個或三個。只是關於什麼樣的辯論的任何顏色，是什麼推動了決定，參與還是不參與？是什麼推動了他們願意投入的資本承諾？我可以欣賞對話仍然流暢，但只是有點好奇這筆錢在爭論什麼。

The ILPT, I think the question is really the capital partners that we're out talking to about that. I think the conversations are overall going well. And I really can't say much more than what I said before in the sense that when we announced the transaction, we said that we would be raising private capital at the smallest amount of $430 million and the greatest amount, $1.3 billion.

ILPT，我認為問題實際上是我們正在談論的資本合作夥伴。我認為對話整體進展順利。我真的不能說比我之前說過的更多的話，當我們宣布交易時，我們說我們將以最小金額 4.3 億美元和最大金額 13 億美元籌集私人資本。

What I think we feel comfortable saying definitively here in this form before ILPT announces its earnings and before there's a shareholder vote, at Monmouth is that we will raise more than $430 million of private capital. And so I think generally, the conversations are going well, and we feel optimistic that we will close -- on not only close but funded largely along the lines that we hope to.

我認為，在 ILPT 宣布其收益之前以及在蒙茅斯進行股東投票之前，我們可以放心地以這種形式明確表示，我們將籌集超過 4.3 億美元的私人資本。因此，我認為總體而言，對話進展順利，我們對我們的結束感到樂觀——不僅結束，而且基本上按照我們希望的方式提供資金。

Great. And then I want to switch gears to expenses a little bit, thinking about sort of wage pressures. Just what are you seeing on the ground in sort of the construction business in terms of wages for workers? And if you can give us a sense of sort of magnitude of what increases -- what wage increases are there, that would be great?

偉大的。然後我想稍微轉向一下支出，考慮一下薪資壓力。您對建築業工人薪資的實際情況有何看法？如果你能讓我們了解薪資成長的幅度，那就太好了？

Sure. So I don't have great insight to what we're seeing specifically with contractors. I can give you anecdotes more generally around what we're seeing across our platform. Remember, RMR, we're a commercial real estate company, alternative asset management company, principally, that's where we generate the large majority of our revenues. That all being said, we do have affiliated operating businesses. And if you look at those affiliate operating businesses, if they're fully employed, they have 45,000 employees.

當然。因此，我對我們在承包商身上看到的具體情況沒有太深入的了解。我可以向您提供有關我們在平台上看到的更廣泛的軼事。請記住，RMR，我們是一家商業房地產公司、另類資產管理公司，主要是我們產生大部分收入的地方。話雖如此，我們確實有附屬經營業務。如果你看看那些附屬營運企業，如果他們充分就業，他們就有 45,000 名員工。

We currently have about 20% open positions, roughly or 8,000 job openings across the board, about 2.5x the normal job openings. So that just gives you a sense. That's not necessarily construction necessarily, but that gives you a sense on the broader economy, what we're seeing across the board. Generally speaking, at our operating companies in the fourth quarter, and this is a very general statement, depends on the market presents on the position, about 5% growth in wages.

目前，我們大約有 20% 的空缺職位，大約有 8,000 個職位空缺，大約是正常職位空缺的 2.5 倍。所以這只是給你一種感覺。這不一定是建築業，但這讓你對更廣泛的經濟有一個了解，即我們所看到的全面情況。一般來說，在我們營運的公司第四季度，這是一個非常籠統的說法，取決於市場呈現的情況，大約有5%的薪資成長。

I'll let Matt talk about what we saw in the fourth quarter here at RMR.

我會讓 Matt 談談我們在 RMR 第四季看到的情況。

Yes. So while wage inflation is definitely real Ron, and I'll come back to that in a second. I do want to just reinforce this quarter, comp -- cash comp came in higher than where we had guided primarily due to vacation usage, believe it or not, which was a sizable amount of the miss, over $0.5 million just not being where it normally would be in a non-COVID, especially COVID variant environment. and that was the driver.

是的。因此，雖然薪資通膨絕對是真實存在的，但我稍後會回到這一點。我確實想強調本季度的補償 - 現金補償比我們指導的水平要高，主要是由於假期的使用，不管你信不信，這是一個相當大的失誤，超過 50 萬美元只是沒有達到預期的水平通常會在非新冠病毒，特別是新冠病毒變異環境。那就是司機。

Now we are at September 30 year-end, as you know, merit increases go effective October 1. So they were baked into our forecast. I will tell you that wage inflation is real. So incorporating normal merit increases plus market adjustments, we averaged about 7%. Going forward, what I would just piggyback off of Adam's point, while salary inflation continues to be real, I would say the thing that will create the most volatility in our forecasting of cash comp and what probably keeps me up at night is labor shortage. As we're growing as an organization, as we're creating new roles, finding the talent, which creates -- we do our best in our forecasting to predict when jobs will be filled and at what rates. Finding that talent and when it will come on board to support this organization and the growth, we're going to experience with Monmouth and the other private capital transactions, is probably the biggest variable that we're experiencing as a firm.

現在我們已經到了 9 月 30 日年底，正如你所知，績效加薪將於 10 月 1 日生效。因此，它們已納入我們的預測中。我會告訴你，薪資上漲是真實存在的。因此，將正常的績效加薪加上市場調整，我們的平均增幅約為 7%。展望未來，我想藉用亞當的觀點，雖然薪資通膨仍然存在，但我想說的是，在我們的現金補償預測中，最不穩定的因素可能是勞動力短缺，這可能讓我徹夜難眠。隨著我們作為一個組織的成長，隨著我們創造新的角色，尋找人才，我們會盡最大努力預測職缺的時間和比率。尋找人才以及何時加入來支持這個組織和發展，我們將與蒙茅斯和其他私人資本交易一起經歷，這可能是我們作為一家公司所經歷的最大變數。

(Operator Instructions)

（操作員說明）

Our next question comes from Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer。

Going back to the comp and competition, you just mentioned a lot of openings, a lot of competition I don't think it's specific to RMR, but how do you tackle this rising labor costs at the same time being competitive to hire people? I would love to get your thoughts about how you manage that.

回到薪資和競爭，你剛才提到了很多空缺，很多競爭，我不認為這是 RMR 特有的，但是你如何在應對勞動力成本上升的同時保持招聘人員的競爭力？我很想了解您對如何管理這一點的想法。

Yes. So number one, Greater Boston is incredibly competitive, and that's where the bulk of our corporate level employees that are overhead costs, if you will, to RMR reside. So obviously, we're in the fortunate position of being profitable, having strong operating margins, which allows us to compete and stay commensurate with the market as we're seeing the inflation, especially in the more specialized roles, whether it be technology, and frankly, we're seeing it across all disciplines in the Greater Boston market.

是的。因此，第一，大波士頓地區的競爭非常激烈，如果您願意的話，我們公司的大部分員工（如果您願意的話）都居住在大波士頓地區。顯然，我們處於有利可圖的位置，能夠盈利，擁有強勁的營業利潤率，這使我們能夠在通貨膨脹的情況下競爭並與市場保持同步，特別是在更專業的角色上，無論是技術，坦白說，我們在大波士頓市場的各個領域都看到了這種情況。

But I think it comes back to the employee wellness and the different programs we've employed as an organization to make this a place people want to come work at through career growth and opportunities as well as our benefits programs and the amenities we provide, whether it be here at our corporate office or across the country. It's just a collective battle, I think all of leadership and our HR organization takes the heart every day to make sure we're an employer of choice.

但我認為這又回到了員工的健康和我們作為一個組織所採用的不同計劃，透過職業發展和機會以及我們的福利計劃和我們提供的便利設施，使這裡成為人們想要工作的地方，無論是它可以在我們的公司辦公室或全國各地。這只是一場集體戰鬥，我認為所有領導層和我們的人力資源組織每天都在盡最大努力確保我們成為首選雇主。

Yes. Owen, the only thing I would add is that our -- while we have -- we do have a challenge filling open roles. Our retention rate is pretty high in our corporate office. I haven't seen specific statistics, but I just anecdotally think it's much higher than many of our peers in this market. What Matt is talking about, we have normal attrition that happens every year, but we have nothing outside of the normal attrition. Our metrics are -- in fact, we're probably stronger this year in terms of retention than we were in some of the years in '18 and '19. So we actually feel pretty good about retention. It's really filling new roles, and we have had a handful of new roles that we've created as we've been growing and diversifying the portfolio that we're trying to fill, and they've become challenging in this environment. But our retention is very good, and I think it's important to point that out also.

是的。歐文，我唯一要補充的是，我們的——雖然我們有——我們確實面臨著填補空缺職位的挑戰。我們公司辦公室的保留率相當高。我沒有看到具體的統計數據，但我只是偶然認為它比這個市場上的許多同行要高得多。馬特所說的，我們每年都會發生正常的人員流失，但除了正常的人員流失之外，我們沒有任何其他情況。我們的指標是——事實上，今年我們在保留率方面可能比 18 年和 19 年的某些年份更強。所以我們實際上對保留率感覺很好。這確實在填補新的角色，隨著我們不斷擴大和多樣化我們試圖填補的投資組合，我們已經創造了一些新角色，它們在這種環境下變得具有挑戰性。但我們的保留率非常好，我認為指出這一點也很重要。

Got it. That's very helpful. And then Matt, you talked about the guide in terms of incremental revenue. I think that's very helpful. But could you please remind us how much revenue RMR will generate from the private real estate fund? My understanding is you charge 100 basis points on contributed capital, but how much is the base of these contributed capital? And then more broadly, strategically speaking, Adam, you talked about the limitation and the leverage on maybe some of the REITs like DHC and SVC. Is there any other major world block to present you from raising additional funds from asset owners and how traction and conversation with investors on that front?

知道了。這非常有幫助。然後馬特，您談到了增量收入方面的指南。我認為這非常有幫助。但您能否提醒我們，RMR 將從私人房地產基金中產生多少收入？我的理解是你對出資額收取100個基點，但是這些出資額的基數是多少？然後更廣泛地說，從戰略上講，Adam，您談到了 DHC 和 SVC 等房地產投資信託基金的限制和槓桿作用。是否還有其他主要的世界障礙可以向您展示從資產所有者那裡籌集額外資金以及在這方面如何吸引投資者並與投資者進行對話？

Yes. Let me take the first question in terms of growing the REITs. The principal issue with growing the REITs is the stock price. It's hard for us to compete for assets, especially high-quality assets, and that's what we are focused on, very high-quality assets. And unfortunately, they trade at low cap rates. And so given our cost of equity capital where those REITs are trading, we can't effectively grow them given where their stock prices are. Some of the REITs are closer to a point where perhaps we could think about equity raises versus others, but none of them are at a point where we would feel comfortable, I think, raising equity today. That's the biggest prohibitor.

是的。讓我回答關於發展房地產投資信託基金的第一個問題。發展房地產投資信託基金的主要問題是股價。我們很難爭奪資產，尤其是優質資產，而這正是我們所關注的，非常優質的資產。不幸的是，他們的交易資本化率很低。因此，考慮到這些房地產投資信託基金交易的股權資本成本，考慮到它們的股價，我們無法有效地成長它們。與其他房地產投資信託基金相比，一些房地產投資信託基金更接近我們可能可以考慮進行股權融資的階段，但我認為，目前沒有房地產投資信託基金達到了我們可以放心融資的地步。這是最大的障礙。

It's not necessarily that we can't buy things. It's just that we have to be able to fund it competitively on an equity basis. And one of the things that I think we've done successfully by doing these joint ventures not only has it delevered these companies, which is very important. I think long term, you can look at lots of stats and we've been in the REIT business for a long time. Lower leverage REITs tend to outperform higher leverage REITs. We've been able to raise the equity effectively by selling assets at NAV, which is very important from a REIT perspective.

我們不一定買不到東西。只是我們必須能夠在股權基礎上有競爭力地為其提供資金。我認為我們透過建立這些合資企業成功完成的一件事不僅是降低了這些公司的槓桿率，這一點非常重要。我認為從長遠來看，你可以查看很多統計數據，我們從事房地產投資信託業務已經很長時間了。槓桿率較低的房地產投資信託基金的表現往往優於槓桿率較高的房地產投資信託基金。我們已經能夠透過以資產淨值出售資產來有效地籌集股本，從房地產投資信託基金的角度來看，這非常重要。

So versus selling equity at the corporate level at much below NAV because that's where their stocks are trading. And so it's actually, I think, behooves the REITs to do this because it effectively raises equity capital without taking a discount and delevers. Eventually, look, we are thinking these stock prices are going to get better. And once they do get better, we'll start earning incentive fees, and we can then think about hopefully growing and raising equity to grow those vehicles on their own. But it's also important I think for the REIT shareholders and investors to understand, and this is another reason that private capital is important.

因此，與以遠低於資產淨值的價格出售公司層級的股票相比，因為那是他們的股票交易的地方。因此，我認為，房地產投資信託基金實際上應該這樣做，因為它可以有效地籌集股本，而無需進行折扣和去槓桿化。最終，我們認為這些股票價格將會變得更好。一旦它們確實變得更好，我們將開始賺取獎勵費用，然後我們可以考慮希望增長和籌集股本來自行發展這些車輛。但我認為房地產投資信託基金股東和投資者的理解也很重要，這也是私人資本重要的另一個原因。

It's important for those shareholders to understand that RMR can grow without raising equity at the REITs. That's an important element. And that's -- and if shareholders understand that we don't have to raise equity and dilutive deals to grow that we have other avenues to grow the business, that actually helps, I believe, long term with the stock price performance because there's not this overhang that we're going to do an equity deal because it's maybe the only way to grow our AUM. And so I think there's all sorts of reasons why it's important for us to build out the private capital. But the principal prohibitor is not structural. It's really just -- we're not willing to issue equity at a very dilutive price at the REITs to fund growth.

對於這些股東來說，重要的是要了解 RMR 可以在不籌集 REIT 股本的情況下實現成長。這是一個重要的因素。如果股東們明白，我們不必透過籌集股本和稀釋性交易來實現成長，我們還有其他途徑來發展業務，我相信，從長遠來看，這實際上有助於股價表現，因為沒有這種情況我們將進行股權交易，因為這可能是增加我們資產管理規模的唯一途徑。因此，我認為有各種各樣的原因說明我們建立私人資本很重要。但主要的阻礙因素並不是結構性的。這實際上是——我們不願意在房地產投資信託基金中以非常稀釋的價格發行股票來為成長提供資金。

And then, Owen, I guess, from a modeling perspective, the way I would think about it is the $3.2 billion in gross private capital, we've disclosed this quarter on a fee-paying basis, that number is just over $1.5 billion. And then our arrangements, which include some legacy arrangements range anywhere from 50 to 100 basis points on that fee paying capital with a weighted average based on the arrangements we have today of about 60 basis points. So that gets you to just over $9 million in annual run rate base fees from that fee-paying capital. And then as you model and think forward, most of our current JVs will be levered or levered at around 60% and will fall somewhere in that fee paying range of 50 to 100 basis points.

然後，歐文，我想，從建模的角度來看，我的想法是 32 億美元的私人資本總額，我們本季在付費基礎上披露了這一數字，這個數字剛剛超過 15 億美元。然後，我們的安排（包括一些遺留安排）的費用支付資本的幅度從 50 到 100 個基點不等，根據我們今天的安排，加權平均約為 60 個基點。因此，您可以從該付費資本中獲得略高於 900 萬美元的年度運行費率基本費用。然後，當您進行建模和思考時，我們目前的大多數合資企業的槓桿率或槓桿率將在 60% 左右，並將落在 50 至 100 個基點的費用支付範圍內。

This concludes the question-and-answer session. I would like to turn the conference back over to Adam Portnoy for any closing remarks.

問答環節到此結束。我想將會議轉回亞當·波特諾伊（Adam Portnoy）發表閉幕詞。

Thank you all for joining us today. Operator, that concludes our call.

感謝大家今天加入我們。接線員，我們的通話結束了。

The conference has 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。