RMR Group Inc (RMR) 2021 Q4 法說會逐字稿

Good day, and welcome to RMR's Fiscal Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 RMR 2021 年第四季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Michael Kodesch. Please go ahead.

我現在想把會議交給 Michael Kodesch。請繼續。

Good morning, and thank you for joining RMR's Fourth Quarter of Fiscal 2021 Conference Call.

早安，感謝您參加 RMR 2021 財年第四季電話會議。

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. 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, November 16, 2021, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at www.rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

與我一起參加今天電話會議的有總裁兼執行長 Adam Portnoy 和財務長 Matt Jordan。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。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（2021 年 11 月 16 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。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。

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. 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 the calculation of adjusted EBITDA margin can be found in our earnings release.

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 的調節以及調整後 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.

謝謝邁克爾，也謝謝大家今天早上加入我們。

I'm pleased to report that RMR finished the fiscal year on a high note as we delivered yet another strong quarter financially. This quarter, we reported adjusted net income of $0.50 per share, which was at the high end of our guidance and represents a 28% increase on a year-over-year basis. Adjusted EBITDA this quarter was $26.3 million, which represents a 27% increase compared to last year. Subsequent to quarter end, one of our managed clients, ILPT, announced a $4 billion acquisition of Monmouth Real Estate Investment Corporation. Monmouth owns a portfolio of 126 Class A industrial and logistics properties that are largely occupied by tenants whose businesses are driven by e-commerce. This acquisition is expected to be immediately accretive to ILPT and will be funded through a combination of joint venture equity and debt. The Monmouth acquisition is the largest single transaction ever announced by an RMR-managed company. Not only will the transaction significantly grow RMR's AUM, but it also highlights RMR's alignment with ILPT shareholders.

我很高興地向大家報告，RMR 出色地完成了本財年，我們的季度財務表現又表現強勁。本季度，我們公佈的調整後淨利潤為每股 0.50 美元，處於我們指引的高端，年增 28%。本季調整後 EBITDA 為 2,630 萬美元，比去年增長 27%。季末後，我們的管理客戶之一 ILPT 宣布以 40 億美元收購 Monmouth Real Estate Investment Corporation。Monmouth 擁有 126 個 A 級工業和物流物業，大部分由電子商務驅動的租戶佔據。此次收購預計將立即為 ILPT 帶來增值，並將透過合資企業股權和債務的組合提供資金。對 Monmouth 的收購是 RMR 管理的公司有史以來宣布的最大單筆交易。此交易不僅將顯著增加 RMR 的資產管理規模，而且還凸顯了 RMR 與 ILPT 股東的聯盟。

For example, ILPT does not plan to raise common equity to fund this transaction. And equity for this transaction will come from forming a joint venture with institutional private investors. As a result, this transaction also highlights the success RMR's had with building out our private capital fundraising capabilities and demonstrates how quickly RMR can scale its business with the current infrastructure. Our ability to further expand our private capital relationships comes from our commercial real estate expertise, operational excellence and world-class client service. This quarter, despite the pandemic-related headwinds, our organization again delivered another strong quarter of leasing activity as we arranged almost 2.9 million square feet of leases on behalf of our clients, an increase of 40% sequentially. More impressively, we arranged over 10.5 million square feet of leasing in fiscal year 2021, which is a 39% increase compared to pre-pandemic levels from fiscal year 2019.

例如，ILPT 不打算籌集普通股來為本次交易提供資金。此次交易的股權將來自與機構私人投資者組成的合資企業。因此，此次交易也凸顯了 RMR 在建立我們的私人資本籌款能力方面所取得的成功，並展示了 RMR 利用當前基礎設施擴展業務的速度。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。本季度，儘管面臨與疫情相關的不利因素，我們的組織再次實現了另一個強勁的季度租賃活動，我們代表客戶安排了近 290 萬平方英尺的租賃，比上一季增長了 40%。更令人印象深刻的是，我們在 2021 財年安排了超過 1,050 萬平方英尺的租賃面積，與 2019 財年相比，比疫情前的水平增長了 39%。

Notably, we saw encouraging leasing trends at OPI as tenants increasingly utilized their office space and prospective tenants have started making strategic real estate decisions. At OPI, we arranged 659,000 square feet of leases during the quarter, which is 37% above the trailing 12-month average and generated a weighted average lease term of almost 11 years. With the Delta variant waning, we are optimistic that demand for office space will remain on a positive trajectory going forward. Much like DHC's $114 million redevelopment of its life science asset in Torrey Pines, California, which is now 100% leased and expected to generate double-digit cash-on-cash returns, there are also significant redevelopment opportunities in OPI's portfolio as well. We are currently advancing plants to convert OPI's 300,000 square foot property in Seattle, Washington to life science use. OPI plans to invest $140 million in redevelopment capital in this project, which is expected to generate stabilized returns in excess of 10%.

值得注意的是，隨著租戶越來越多地利用其辦公空間，並且潛在租戶已開始做出策略性房地產決策，我們在 OPI 看到了令人鼓舞的租賃趨勢。在 OPI，我們在本季安排了 659,000 平方英尺的租賃，比過去 12 個月的平均水平高出 37%，加權平均租賃期限接近 11 年。隨著達美航空型號的減少，我們樂觀地認為未來對辦公空間的需求將保持積極的軌跡。就像DHC 斥資1.14 億美元重建其位於加州托里派恩斯的生命科學資產一樣，該資產現已100% 出租，預計將產生兩位數的現金回報，OPI 的投資組合中也存在重大的重建機會。目前，我們正在推進工廠建設，將 OPI 位於華盛頓州西雅圖的 30 萬平方英尺的土地改造成生命科學用途。OPI計劃向該項目投入1.4億美元的再開發資金，預計將產生超過10%的穩定回報。

Turning to DHC. As of today, DHC has entered new management agreements for all communities transitioning from Five Star to a diverse group of best-in-class regional operators. We believe DHC is now well positioned to unlock value and improve performance within its senior living portfolio. Operationally, this quarter, DHC's SHOP portfolio started to improve from the lows experienced during the COVID-19 pandemic. Specifically, same-property SHOP occupancy from Five Star managed communities experienced its second consecutive quarter of occupancy growth, with sales leads increasing 41% sequentially during the quarter and tour volumes also increasing materially in October. We remain optimistic regarding the senior living sector, given these encouraging signs and believe the industry will benefit from a rapidly growing target demographic that will drive demand for senior living in the future.

轉向DHC。截至今天，DHC 已為所有社區簽訂了新的管理協議，從五星級過渡到多元化的一流區域營運商群體。我們相信 DHC 現在處於有利地位，可以釋放其老年生活產品組合的價值並提高績效。從營運上看，本季 DHC 的 SHOP 投資組合開始從 COVID-19 大流行期間經歷的低點有所改善。具體而言，五星級管理社區的同一物業商店入住率連續第二個季度實現入住率增長，本季銷售線索環比增長 41%，10 月份的旅遊量也大幅增加。鑑於這些令人鼓舞的跡象，我們對老年生活產業保持樂觀，並相信該產業將受益於快速成長的目標人口，這將推動未來老年生活的需求。

Turning to an update on SVC. SVC continues its repositioning efforts and is in the process of selling 68 hotels in an effort to improve the overall quality of the portfolio, lower leverage, reduce future capital expenditures and improve liquidity. From an operational perspective, SVC's hotel EBITDA has been positive on a monthly basis since April due to elevated leisure demand, strong performance within its extended stay hotel portfolio and slowly improving business travel demand. Sonesta, the primary operator of SVC's lodging assets today is executing on its plans to improve operational performance across the portfolio. For the hotels managed by Sonesta, comparable hotel activity this quarter saw average occupancy increase almost 3 percentage points to 61%. Average daily rate increased 12.5%, and RevPAR increased over 18% on a sequential quarter basis. These results were achieved despite disruption in the quarter from the Delta variant.

轉向 SVC 的更新。SVC 繼續進行重新定位工作，目前正在出售 68 家飯店，以提高投資組合的整體品質、降低槓桿率、減少未來資本支出並提高流動性。從營運角度來看，自 4 月以來，由於休閒需求增加、長住酒店組合表現強勁以及商務旅行需求緩慢改善，SVC 的酒店 EBITDA 逐月呈正值。Sonesta 是 SVC 住宿資產的主要營運商，目前正在執行其提高整個投資組合營運績效的計畫。對於 Sonesta 管理的飯店，本季的可比飯店活動平均入住率增加了近 3 個百分點，達到 61%。日均租金較上季成長 12.5%，每間可用客房收入較上季成長超過 18%。儘管本季受到達美型號的干擾，但仍取得了這些成果。

Lastly, RMR Mortgage Trust and Tremont Mortgage Trust completed their merger on September 30 to create Seven Hills Realty Trust. The merger created a larger, more diversified commercial mortgage REIT with an expanded capital base, improved access to capital and greater financial strength. With significant dry powder available and expected interest rate increases ahead, Seven Hills' focus on middle market floating rate transitional bridge loans, leaves it well positioned in the current environment. This quarter, Seven Hills closed 6 new loans, representing $140 million in originations, which is the highest level of quarterly originations since going public in 2017.

最後，RMR Mortgage Trust 和 Tremont Mortgage Trust 於 9 月 30 日完成合併，成立七山房地產信託 (Seven Hills Realty Trust)。此次合併創造了一個規模更大、更加多元化的商業抵押房地產投資信託基金，其資本基礎已擴大，資本獲取管道得到改善，財務實力更強。由於可用的乾粉充足且預期未來利率上漲，七座山專注於中間市場浮動利率過渡性過橋貸款，使其在當前環境中處於有利地位。本季度，Seven Hills 完成了 6 筆新貸款，發放金額達 1.4 億美元，這是自 2017 年上市以來季度發放金額的最高水準。

Following the $7 per share special dividend in September, RMR ended the quarter with nearly $160 million in cash, and we continue to have no debt. Despite this special dividend, we remain well capitalized to expand our business. In support of this effort, we recently announced the hiring of an in-house resource to establish a capital markets team focused on sourcing, private capital from high net worth investors, family offices, targeted registered investment advisers, foundations and endowments. We look forward to announcing additional progress on our private capital growth initiatives in the coming months.

繼 9 月每股 7 美元的特別股息之後，RMR 在本季結束時擁有近 1.6 億美元的現金，我們仍然沒有債務。儘管有特別股息，我們仍然擁有充足的資本來擴展我們的業務。為了支持這項努力，我們最近宣布聘請內部資源來建立一個資本市場團隊，專注於從高淨值投資者、家族辦公室、有針對性的註冊投資顧問、基金會和捐贈基金中尋找私人資本。我們期待在未來幾個月宣布我們的私人資本成長計劃取得更多進展。

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. Good morning, everyone.

謝謝，亞當。大家，早安。

This quarter's results continue to demonstrate the strong momentum across many of our key operating and financial metrics. We again recorded sequential and year-over-year increases in every headline metric, the majority of which were also in line with our guidance for the quarter. Before I discuss our results and expectations for next quarter, I'd like to touch on the Monmouth transaction. Monmouth is expected to close in the first half of calendar '22 and will generate incremental annual run rate revenues, though the ultimate amounts are subject to how much joint venture capital is raised and how many properties are ultimately disposed of. While there will be incremental overhead costs, our historical investments in people, processes and technology will substantially minimize these costs. We expect to have more definitive guidance on Monmouth-related fees and any incremental costs on our next earnings call.

本季的業績繼續證明了我們許多關鍵營運和財務指標的強勁勢頭。我們再次記錄了每個主要指標的連續成長和年成長，其中大部分也符合我們對本季的指導。在討論我們的業績和對下個季度的預期之前，我想談談蒙茅斯交易。Monmouth 預計將在 22 年上半年關閉，並將產生增量的年度營運收入，但最終金額取決於籌集的合資資本數量和最終處置的財產數量。雖然管理費用會增加，但我們在人員、流程和技術方面的歷史投資將大大降低這些成本。我們預計在下一次財報電話會議上將獲得有關蒙茅斯相關費用和任何增量成本的更明確的指導。

Turning to this quarter's results and our expectations for next quarter. Management and advisory service revenues increased for the fifth straight quarter with revenues reaching $46.8 million, a $1.3 million increase on a sequential quarter basis. This increase is attributable to property management fees from recent REIT acquisitions, increased construction management fees tied to our expanded oversight of client redevelopment activities and revenue growth at our managed operating companies. Looking ahead to next quarter, we expect revenues to be flat, based upon October average enterprise values at our managed equity REITs and seasonal declines at our managed operating companies, that will be offset by increases in construction management revenues. As it relates to incentive fees, OPI continues to accrue an incentive fee for calendar 2021. As we highlighted on our last earnings call, S&P Global discontinued the SNL indices that we historically benchmarked our REITs against. As a result, we agreed with the Boards of the managed equity REITs to transition prospectively to the applicable subsector MSCI indices for each managed equity REIT. If October 31 had been the end of a measurement period, we would have earned an annual incentive fee of approximately $9 million.

談到本季的業績以及我們對下季的預期。管理和諮詢服務收入連續第五個季度增長，收入達到 4,680 萬美元，比上一季增加 130 萬美元。這一增長歸因於最近收購房地產投資信託基金的物業管理費、由於我們擴大對客戶重建活動的監督而增加的建築管理費以及我們管理的運營公司的收入增長。展望下個季度，根據我們管理的股權房地產投資信託基金 10 月份的平均企業價值和我們管理的營運公司的季節性下降，我們預計收入將持平，這將被建築管理收入的成長所抵消。由於涉及獎勵費，OPI 繼續在 2021 年累積獎勵費。正如我們在上次財報電話會議上所強調的那樣，S&P Global 不再使用我們歷來以 REIT 為基準的 SNL 指數。因此，我們與管理股權 REIT 董事會達成一致，未來將每個管理股權 REIT 過渡到適用的子行業 MSCI 指數。如果 10 月 31 日是衡量期的結束日，我們將獲得約 900 萬美元的年度激勵費。

Turning to expenses for the quarter. Cash compensation of $29 million was down sequentially and was lower than our expectations for the quarter, largely due to the timing of open positions being filled. After considering annual merit increases that were effective October 1, projected bonus inflation and strategic headcount investments, we expect cash compensation to be approximately $31 million next quarter. G&A was $7.3 million this quarter, an increase of approximately $1 million sequentially, primarily due to increased third-party costs related to our expanded role in hotel and senior living construction. As it relates to our expanded construction oversight, this quarter, we oversaw $54 million in construction and almost 20% increase from last quarter.

轉向本季的支出。現金薪酬為 2,900 萬美元，環比下降，低於我們對本季度的預期，這主要是由於空缺職位的填補時間所致。考慮到 10 月 1 日生效的年度績效成長、預計獎金通膨和策略員工投資後，我們預計下季度現金薪酬約為 3,100 萬美元。本季的一般管理費用為 730 萬美元，比上一季增加了約 100 萬美元，主要是由於我們在酒店和高級住宅建設領域的擴大，導致第三方成本增加。由於這與我們擴大的施工監督有關，本季我們監督了 5,400 萬美元的施工，比上個季度增長了近 20%。

As we look into fiscal '22, we expect construction volumes to further increase to $75 million next quarter and $150 million per quarter in calendar '22. These projections for construction volumes are conservative estimates to reflect possible supply chain disruption. Construction management fees will, in turn, expand to almost $3.5 million next quarter and then hit almost $6 million per quarter in calendar '22. I share this additional color on our construction fee revenues as we expect there will be some incremental third-party costs to supplement our internal resources. Looking ahead to fiscal '22, we expect G&A costs to be approximately $7.5 million next quarter, an increase to approximately $8.5 million per quarter in calendar '22. As it relates to our income tax rate, we expect our tax rate for fiscal '22 to settle at 14.7%, as the current fiscal year includes a favorable 60 basis point reduction associated with executive compensation deduction limitations.

展望 22 財年，我們預計下季建築量將進一步增加至 7,500 萬美元，22 財年每季增加至 1.5 億美元。這些建築量預測是保守估計，以反映可能的供應鏈中斷。下個季度的施工管理費將增加到近 350 萬美元，然後在 22 世紀每季達到近 600 萬美元。我在我們的建築費收入上分享了這額外的色彩，因為我們預計會有一些增量的第三方成本來補充我們的內部資源。展望 22 財年，我們預計下季的一般管理費用約為 750 萬美元，到 22 財年每季將增加至約 850 萬美元。由於它與我們的所得稅率相關，我們預計 22 財年的稅率將定為 14.7%，因為本財年包括與高階主管薪酬扣除限制相關的有利的 60 個基點降低。

In summary, we expect operating tailwinds to help offset some of the cost inflation we are projecting, with adjusted earnings per share expected to range from $0.47 to $0.49 per share and adjusted EBITDA to range from $24 million to $25 million next quarter. We believe our balance sheet leaves us well positioned to pursue a range of capital allocation strategies with a focus on the continued growth of our private capital business.

總而言之，我們預期營運順風將有助於抵銷我們預期的部分成本通膨，下季調整後每股盈餘預計為 0.47 美元至 0.49 美元，調整後 EBITDA 為 2,400 萬美元至 2,500 萬美元。我們相信，我們的資產負債表使我們能夠採取一系列資本配置策略，重點關注我們私人資本業務的持續成長。

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，請開通提問線路。

(Operator Instructions) And the first question comes from Bryan Maher with B. Riley FBR.

（操作員說明）第一個問題來自 Bryan Maher 和 B. Riley FBR。

Matt and Adam, 2 questions for me this morning. One, on the MNR acquisition, at the end of the day, when all said and done, Adam, what would you anticipate ends up in JV? What ends up being sold and what ends up being kept by ILPT?

馬特和亞當，今天早上問我兩個問題。第一，關於 MNR 收購，歸根結底，當一切都說了又做了之後，Adam，您預計合資企業的最終結果是什麼？什麼最終被出售，什麼最終被 ILPT 保留？

Sure. Thanks for that question, Brian. Yes, we don't know precisely how it's all going to shake out. I can tell you sort of the 2 -- I think there's sort of 2 base cases or 2 different ways it could shake out. One, the entire portfolio could end up in a JV with probably 2 or more partners with ILPT retaining a co-investment in that JV. That's sort of one extreme. The other extreme is probably that we keep it on balance sheet. We only move forward with one JV partner that we've essentially lined up today for a significant equity investment in it. If that's the case, the portfolio -- the $4 billion portfolio would probably shrink by about $1.5 billion or $1.6 billion. In either case, the transaction will be accretive -- fairly sizably accretive to ILPT. And that sort of -- and it will sort of -- leverage will sort of be between 6x and 8x debt-to-EBITDA for ILPT and it sort of depends on where it shakes out. That's sort of where it shakes out, I call it, in and around closing.

當然。謝謝你提出這個問題，布萊恩。是的，我們並不確切地知道這一切將如何發生。我可以告訴你兩種——我認為有兩種基本情況或兩種不同的方式可以擺脫困境。第一，整個投資組合最終可能會形成一家合資企業，其中可能有 2 個或更多合作夥伴，而 ILPT 則保留對該合資企業的共同投資。這有點極端。另一個極端可能是我們將其保留在資產負債表上。我們只與一個合資夥伴合作，我們今天基本上已經準備好對其進行重大股權投資。如果是這樣的話，投資組合——40 億美元的投資組合可能會縮水約 15 億美元或 16 億美元。無論哪種情況，交易都會帶來增值——對 ILPT 的增值相當大。ILPT 的債務與 EBITDA 之比的槓桿率將在 6 倍到 8 倍之間，這在某種程度上取決於它的表現。我稱之為收盤前後的震盪。

Longer term, depending on how much leverage we have, it may make sense to try to sell additional assets longer-term that may be not part of the Monmouth portfolio and/or bring in additional equity partners post-closing that we could bring in as well. But sort of -- those are the sort of 2 ends of the benchmark. It's either a full thing goes in a JV, it's still accretive for -- it's very accretive for ILPT or we've sort of going through a partial JV where it remains on the balance sheet, but all the equity is raised from just one partner.

從長遠來看，根據我們擁有多少槓桿，嘗試長期出售可能不屬於蒙茅斯投資組合的額外資產和/或在交割後引入額外的股權合作夥伴可能是有意義的，我們可以將其引入出色地。但在某種程度上——這些是基準的兩端。要么是合資企業的全部內容，它仍然會增值——這對ILPT來說非常增值，要么我們已經經歷了部分合資企業，它仍然保留在資產負債表上，但所有股本都是從一個合作夥伴那裡籌集的。

Another thing to highlight that I think is very important and it's sort of alluded in your question, we're not raising any -- and have no plans to raise any equity capital from the share issuance at ILPT. We think this highlights the high alignment of interest between ILPT and RMR and how we structured this. The fact that we were able to find third-party capital that was able to -- there was interest in this to partner with us, to do this deal, also highlights, we think, the strength of the RMR platform and the success we have had in building out those relationships over the last couple of years.

另一件需要強調的事情是，我認為非常重要，這在你的問題中有所提及，我們沒有籌集任何資金，也沒有計劃透過 ILPT 的股票發行籌集任何股本。我們認為這凸顯了 ILPT 和 RMR 之間利益的高度一致性以及我們如何建構這一點。事實上，我們能夠找到第三方資本，他們有興趣與我們合作，完成這筆交易，我們認為，這也凸顯了 RMR 平台的實力和我們所取得的成功在過去的幾年裡，我們致力於建立這些關係。

So I think there's positives. There's a lot of positives for ILPT. It's a lot of positives for RMR. Sort of -- I look at it as it's a really great transaction to a really good transaction. Either way, it's a win-win for both. It's just a matter of exactly how it's going to shake out.

所以我認為有正面的一面。ILPT 有很多正面的一面。這對 RMR 來說有很多積極的一面。某種程度上——我認為這是一筆非常偉大的交易，甚至是一筆非常好的交易。無論哪種方式，這對雙方來說都是雙贏的。問題只是具體如何擺脫困境。

And in your discussions with sovereign wealth funds, what would you characterize as their appetite to do more of these deals, above and beyond MNR? And what is their -- how are they viewing this? Is it simply that it's better relative risk-adjusted returns and a fairly simple process since they've gotten to know RMR of deploying capital into certain industries through you? And do you suspect we might see any other similar type deals, maybe not of that size across the other managed REITS?

在您與主權財富基金的討論中，您認為他們在 MNR 之上進行更多此類交易的意願是什麼？他們是如何看待這個問題的？只是因為他們透過您了解了將資本部署到某些行業的 RMR 後，獲得了更好的相對風險調整回報並且流程相當簡單？您是否懷疑我們可能會看到任何其他類似類型的交易，但其他管理房地產投資信託基金的規模可能沒有那麼大？

Yes. I would say the appetite from sovereign wealth funds generally is pretty robust to continue to invest in commercial real estate in the United States, in certain sectors, especially in and around industrial. I think the fact that we have had a successful joint venture, get off the ground so far with a couple of sovereigns at ILPT certainly was -- helped us get this deal -- announce this deal as well. Yes, I think this relationship with, what I'd call permanent capital providers, equity capital providers like the sovereigns is going to continue to grow for our company at RMR. And I think there are going to be ways that we're going to be able to do deals and transactions sort of with the REITS -- not with the REITS. I think there's going to be a lot of different ways we're going to grow this way.

是的。我想說的是，主權財富基金總體上對繼續投資美國商業房地產的某些行業（尤其是工業行業及其周邊行業）的興趣相當強勁。我認為事實上我們已經成功建立了一家合資企業，到目前為止與 ILPT 的幾個主權國家取得了進展，這一事實當然幫助我們達成了這筆交易，也宣布了這筆交易。是的，我認為我們 RMR 公司與我所說的永久資本提供者、主權國家等股權資本提供者的關係將繼續發展。我認為我們將能夠以某種方式與房地產投資信託基金（而不是房地產投資信託基金）進行交易。我認為我們將會有許多不同的方式來實現這種成長。

With regards to their appetite to put money to work in different asset classes, yes, I think generally, industrial, multifamily, within sectors of office, they're very focused on putting money out to work. I'd even say in sectors of retail, you might be surprised that they have appetite to put money to work. So the only place I think they're probably a little shy to put money to work today is probably within hotels. Some downtown office towers, their general office, probably the senior living sector is an area that they're probably a little shy to put money to work. Those are the areas we're involved in, but that sure gives you a feel for what their appetite's like.

關於他們將資金投入不同資產類別的意願，是的，我認為一般來說，工業、多戶家庭、辦公部門，他們非常注重將資金投入工作。我甚至想說，在零售業，你可能會驚訝地發現他們有興趣投入資金。因此，我認為他們今天可能有點害羞地花錢工作的唯一地方可能是在酒店內。市中心的一些辦公大樓、他們的普通辦公室，可能還有高級生活區，他們可能有點羞於投入資金。這些是我們參與的領域，但這肯定能讓您感受到他們的胃口。

The next question comes from Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的羅納德·卡姆德姆。

Just sticking on the ILPT deal. Maybe can you provide just any color on your conversations with the private capital partners. What are they sort of evaluating to decide how much to participate within this deal? If you could just give us a sense of is it their own capital sources? Is it how much industrials they want? Is it quality? Is it markets? Just what would make them take on more of this deal and less of this deal? What are the factors?

只是堅持 ILPT 協議。也許您可以在與私人資本合作夥伴的對話中提供任何色彩。他們會評估什麼來決定參與這筆交易的金額？您能否讓我們了解一下這是他們自己的資金來源嗎？是他們想要多少工業品嗎？是品質嗎？是市場嗎？到底是什麼讓他們在這筆交易中承擔更多或更少？有哪些因素？

Yes. So thank you for that question. They're very -- the partners we're talking to, there's a -- generally speaking, most institutions went into the last -- if you start in 2019, they were almost all across the board. You look at institutions, investments in commercial real estate, they were all underweight industrial. Everybody -- this is pre-pandemic, wanting to increase the allocations to industrial. That just became almost on steroids as we got into the pandemic. And so, there's even more desire to increase their exposure to industrial. I think the things that got -- we're attractive about the Monmouth transaction for the partners we are talking with and the things we've talked about at ILPT when it announced the transaction, very high-quality real estate. The average age of the buildings is about 9 years. The average lease term is about 8 years. It's almost 100% leased. It's over 80% investment-grade rated. It's -- in some ways, it's a high -- a core portfolio of industrial, almost supercore portfolio of industrial assets.

是的。謝謝你提出這個問題。他們非常——我們正在交談的合作夥伴，一般來說，大多數機構都進入了最後——如果你從 2019 年開始，他們幾乎都是全面的。你看看機構、商業房地產投資，它們都減持了工業地產。每個人——這是大流行前的情況，都希望增加對工業的撥款。當我們陷入大流行時，這幾乎變得幾乎是類固醇。因此，人們更加渴望增加對工業的投資。我認為蒙茅斯交易對我們正在談論的合作夥伴以及我們在 ILPT 宣布交易時所談論的非常有吸引力，這是非常高品質的房地產。建築物的平均年齡約為9年。平均租賃期限約為8年。幾乎100%已出租。其投資等級超過 80%。從某些方面來說，它是一個高核心工業資產組合，幾乎是超核心的工業資產組合。

And I think they appropriately -- we're thinking about what type of returns they wanted to get on that type of investment, which allowed us working with them to ultimately win the portfolio. And I think they also leaned a lot on us because we are very close to the ground with regards to what's going on in the industrial sector. There's been a lot of press written about how ILPT was the successful bidder for Monmouth, but there were other bidders that are better known than us that were also bidding and that they -- and we outbid them. I would argue that we actually, because of the way we're set up, and the amount -- and the number of transactions we look at from an industrial perspective, I mean, we're actively looking at the sub-$50 million transaction level.

我認為他們是正確的——我們正在考慮他們希望從這種類型的投資中獲得什麼樣的回報，這使我們能夠與他們合作最終贏得投資組合。我認為他們也非常依賴我們，因為我們非常了解工業領域正在發生的事情。有很多媒體報導 ILPT 如何成為蒙茅斯的成功競標者，但還有其他比我們更知名的競標者也在競標，而且我們的出價高於他們。我認為，實際上，由於我們的設置方式、金額以及我們從行業角度看待的交易數量，我的意思是，我們正在積極關注低於 5000 萬美元的交易等級。

We look at transactions $50 million to $100 million. We can also look at transactions $150 million. It's just because of the way we're organized with our almost 35 offices around the country, the relationships we have in multiple different markets, we had a really -- we have a really good sense of where the market is for industrial real estate today. And we feel very confident that we bought this at a discount to where it would trade sort of broken up, meaning, some people call it, you buy wholesale and you could sell retail. We're actually pretty optimistic if we are -- if we end up going down the path that we have to sell some assets here, we might end up selling them at a higher price than we allocated to these assets based on the purchase price of $4 billion, meaning cap rates, we have seen cap rates for lower quality real estate with lower credit quality in worse markets trade at lower cap rates than what we're going into with this transaction at 4%.

我們關注 5,000 萬至 1 億美元的交易。我們還可以看看 1.5 億美元的交易。這只是因為我們在全國各地設有近 35 個辦事處的組織方式，以及我們在多個不同市場中建立的關係，我們對當今工業房地產市場的情況有非常好的了解。 。我們非常有信心，我們以低於其交易價格的折扣購買了它，這意味著，有些人稱之為，你可以批發購買，也可以零售出售。事實上，我們非常樂觀，如果我們最終不得不在這裡出售一些資產，我們最終可能會以比我們根據購買價格分配給這些資產的價格更高的價格出售它們。40 億美元，意味著資本化率，我們已經看到，在較差的市場中，信用品質較低的低品質房地產的資本化率低於我們在本次交易中4% 的資本化率。

So I think all those factors sort of played a role in the partners that we are -- the partners that we are talking to regarding this transaction. I think they feel very excited about the transaction. And again, everybody's underallocated industrial and this is an opportunity to buy a large portfolio. The way I answer one last part of your question, you asked if it's direct capital. This is direct capital we're talking to. These are not syndicators. We're not talking to some intermediary that then -- we are talking to the actual provider and manager of the actual capital itself. It's a sovereign wealth investor that we are dealing with that is lined up. And most of the capital we're talking to that potentially also come into the transaction is the same characterization of that capital, direct capital, not dealing with intermediaries, not dealing with syndicators. We're dealing with the ultimate sort of provider of the capital.

所以我認為所有這些因素都在我們的合作夥伴中發揮了作用——我們正在就這筆交易進行談判的合作夥伴。我認為他們對這筆交易感到非常興奮。再說一遍，每個人的工業配置都不足，這是購買大型投資組合的機會。我回答你問題的最後一部分的方式是，你問它是否是直接資本。這是我們正在談論的直接資本。這些不是辛迪加組織。我們不是在與某個中介機構交談——我們是在與實際資本本身的實際提供者和管理者交談。我們正在處理的是一個排隊的主權財富投資者。我們所談論的大部分可能也參與交易的資本與該資本的特徵相同，即直接資本，不與中介機構打交道，也不與銀團打交道。我們正在與最終的資本提供者打交道。

Great. And then just my second one was just -- so to the extent that this goes mostly on balance sheet, I think the presentation talked about anywhere from $0 to $1.6 billion of sales of assets. I was just curious on that -- to the extent that it is going that route, what's sort of the high level how you decide which assets to keep, which assets to sell? Are there just obvious sell candidates geographic wise? Or how do you go about sort of parsing which ones you keep, which ones you sell?

偉大的。然後我的第二個就是——所以就這主要體現在資產負債表上而言，我認為演講中談到了從 0 到 16 億美元的資產出售。我只是對此感到好奇——就它正在走這條路而言，你如何決定保留哪些資產、出售哪些資產？是否只有明顯的銷售候選者在地理上？或者你如何解析你保留哪些、賣哪些？

Sure. It's a great question. It's a question we're still working our way through in this. We obviously entered the transaction with an idea of which properties we would look -- think about selling, but we haven't finalized that process yet. The hard thing with this portfolio and you're -- people are going to think I'm being cute, but the whole portfolio is really high quality. And so, when we talk about selling assets, general view is we'd like to sell the lower quality assets within the portfolio, but that is on a relative basis within the portfolio. So not quote me specifically on these numbers, but for example, if the whole portfolio is being bought at a 4% cap, there are some buildings that are like are probably worth 3.5%, and there are some buildings worth 4.5%. We're probably going to migrate towards a majority of the portfolio that we think about selling is going to be more in the 4%. The little -- the lesser quality within the portfolio. So more of the properties that might be at the 4.5% cap rate.

當然。這是一個很好的問題。這是我們仍在努力解決的問題。顯然，我們在進入交易時就已經考慮過要考慮哪些房產——考慮出售，但我們還沒有最終確定這一過程。這個作品集的困難在於——人們會認為我很可愛，但整個作品集的品質確實很高。因此，當我們談論出售資產時，普遍的觀點是我們希望出售投資組合中品質較低的資產，但這是基於投資組合內的相對基礎。因此，不要具體引用我的這些數字，但例如，如果整個投資組合以 4% 的上限購買，則有些建築物的價值可能為 3.5%，而有些建築物的價值可能為 4.5%。我們可能會轉向大部分投資組合，我們認為出售的投資組合將更多地集中在 4% 中。越小——投資組合中的品質就越差。因此，更多的房產可能會達到 4.5% 的上限。

Now that all being said, that's with the value we put on them, we honestly believe that if we go out in the market on an individual basis or small portfolio, we'll probably do better than that just because what we're seeing in the market. But I think that sort of gives you a sense of how we're looking at the portfolio for the potential sales.

話雖這麼說，這就是我們賦予它們的價值，我們真誠地相信，如果我們以個人或小型投資組合進入市場，我們可能會做得更好，因為我們所看到的市場。但我認為這可以讓您了解我們如何看待潛在銷售的投資組合。

That's super helpful. If I could sneak in one more, just on senior housing because you touched on it and you've obviously seen sort of the occupancy pickup from the NIC data. But maybe what are you seeing in terms of labor cost? We heard about the labor shortages? Just any color there?

這非常有幫助。如果我可以再偷偷地講一個，就高級住房而言，因為您觸及了它，並且您顯然已經從 NIC 數據中看到了入住率的上升。但也許您在勞動成本方面看到了什麼？我們聽過勞動力短缺嗎？那裡有什麼顏色嗎？

Sure. Within the senior living business, our -- the company we oversee, Five Star, is clearly experiencing the same things that you hear about throughout the industry. There are labor issues in filling open positions. They have been addressing that, partly addressing that by increasing wages. It's not a one-size-fits-all in all markets because we have a portfolio in several different markets. That -- it sort of depends on the prevailing wage in that market, what are your competitors? I mean, I think what the team is doing is even providing more flexibility out to regions and to community leaders to sort of have more discretion in terms of trying to increase wages, if necessary, to try to fill some of those labor shortages throughout the portfolio. But it's real. We not only see labor shortages and wage inflation in senior living. We obviously run a large hotel portfolio within the organization. We also run a large number of truck stops that have a large number of employees. This is pervasive, not just in senior living, but sort of across industries, and it's sort of the same story across the board that we're seeing.

當然。在老年生活產業中，我們監管的五星級公司顯然正在經歷與您在整個行業中聽到的相同的事情。填補空缺職位有勞工問題。他們一直在解決這個問題，部分是透過提高薪資來解決這個問題。它並不是適合所有市場的一刀切，因為我們在多個不同的市場都有投資組合。這在某種程度上取決於該市場的現行工資，你的競爭對手是什麼？我的意思是，我認為團隊正在做的事情甚至是為地區和社區領導人提供更多的靈活性，以便在必要時嘗試增加工資方面有更多的自由裁量權，以嘗試填補整個地區的一些勞動力短缺。文件夾。但這是真實的。我們不僅看到老年人生活中的勞動力短缺和工資上漲。顯然，我們在組織內經營大型飯店組合。我們也經營著大量擁有大量員工的卡車停靠站。這種情況很普遍，不僅在老年人生活中，而且在各個行業中都很普遍，而且我們所看到的情況與我們所看到的情況大致相同。

The next question comes from Jim Sullivan with BTIG.

下一個問題來自 BTIG 的 Jim Sullivan。

Adam, just continuing with some questions on the private capital initiatives, I'm not sure you may have disclosed this, but the -- I think you've indicated you have one definite sovereign wealth investor for the ILPT transaction. Did you indicate whether that sovereign wealth investor had also done business on the prior JV you had structured with ILPT?

Adam，繼續回答有關私人資本計劃的一些問題，我不確定您是否已經披露了這一點，但我認為您已經表明您有一個明確的主權財富投資者參與 ILPT 交易。您是否表明該主權財富投資者是否也在您之前與 ILPT 組成的合資企業中開展過業務？

Sure. I'm not sure if we've disclosed it, but I'm happy to tell you that, that sovereign investor, yes, we have done business with them before, and they are involved with us in the prior ILPT joint venture, yes. So, they have a long history with us, yes. Yes.

當然。我不確定我們是否披露過，但我很高興告訴你，那個主權投資者，是的，我們以前和他們有過業務往來，他們和我們參與了之前的ILPT合資企業，是的。所以，他們與我們有著悠久的歷史，是的。是的。

Okay, good. And I was interested in your comment about building a private sourcing group -- private capital sourcing group internally going after different pockets of capital, that you put together, I guess, this quarter, maybe last quarter as well. And I wonder, kind of 2-part question or really kind of a 3-part question. But do you have a kind of target amount of capital that you would like that group to raise, number one. Number two, what is the incremental cost for putting together this group that you have? And then thirdly, is there a specific vehicle that the group will be raising capital for? For example, an open-ended fund of some sort, what is the shape of this to come that we should expect?

好的。我對你關於建立一個私人採購集團的評論很感興趣——私人資本採購集團在內部追求不同的資本，我想，你在這個季度，也許上個季度，把它們放在一起。我想知道是由兩部分組成的問題還是由三個部分組成的問題。但是，您是否有希望該團體籌集的目標資金數額？第一。第二，組成這個團隊的增量成本是多少？第三，該集團是否有特定的融資工具？例如，某種開放式基金，我們應該期待它的形式是什麼？

Yes. So thanks, Jim. To sort of answer your 3- part question, the target capital raise, I don't think we have a specific number out there other than multi-billions of dollars. We wouldn't be taking this on unless we could get well north of $1 billion raised this way. We actually feel pretty bullish that we're going to be able to raise significant amounts of capital away from the public markets in private -- from private investors going forward. Sovereign wealth funds being one source of the capital, but I think there's going to be opportunities in other channels as well. And so there's no real ceiling on the amount of capital, but we certainly have pretty high hopes that it will be in the billions.

是的。謝謝，吉姆。為了回答你的三部分問題，即目標融資，我認為除了數十億美元之外，我們沒有具體的數字。除非我們能夠透過這種方式籌集到 10 億美元以上的資金，否則我們不會採取這項行動。事實上，我們非常樂觀地認為，未來我們將能夠從公開市場、從私人投資者籌集大量資金。主權財富基金是資金來源之一，但我認為其他管道也會有機會。因此，資本金額並沒有真正的上限，但我們當然對它能達到數十億抱有很高的希望。

The incremental cost, today, it's not very much at all. It consists of one dedicated resource internally. As that group gains more success, I think you'll see the number of resources sort of grow. I think the -- I don't -- let me put it this way. I don't think you're going to see us adding a significant amount of cost before we start seeing significant amount of dollars raised. So it's going to be sort of incremental costs along the way. And as they have more success, the costs will probably go -- will increase for that group, but it's not going to be front-end loaded if that's -- if you understand what I mean.

如今，增量成本根本不是很多。它由一種內部專用資源組成。隨著該團隊取得更大的成功，我認為您會看到資源數量增加。我認為——我不認為——讓我這樣說。我認為在我們開始籌集大量資金之前，您不會看到我們增加大量成本。因此，在此過程中這將是一種增量成本。隨著他們取得更大的成功，該群體的成本可能會增加，但如果是的話，它就不會被前端加載，如果你明白我的意思的話。

In terms of the vehicles, yes, we have a couple of vehicles that we are very focused on approaching the market with today. I'm not going to get too specific about the vehicles other than to say that they are structured like an open-end fund, meaning they're permanent capital vehicles. So they do provide some liquidity, but they're not -- but it's not an open end fund. It's sort of -- it's permanent capital vehicles that do allow for some ability to redeem your interests over time. But the way we're structuring it is, there's a pretty sizable lockup in the first, call it, several years of the investment. And then, there's limited liquidity events on the out years. It's sort of being set up as we think about it in a permanent capital basis. And look, in terms of the asset classes, you can think about what I said earlier on the call that it's in the areas that investors have appetite for and which we feel pretty good about in terms of their long-term growth prospects. It's industrial. It's also sectors of the office space, such as like medical office buildings or life science buildings. It could be sectors of the retail space. We own a lot of retail within the organization, but it's pretty focused on service-oriented net lease retail, which retail has been covered with pretty badly, bad brush stroke through the pandemic, but net lease single-tenant retail has actually done quite well, and we own a large portfolio of those. So that could be an area that we could expand into.

就車輛而言，是的，我們有幾款車輛非常注重今天的市場投放。我不會太具體地介紹這些工具，只是說它們的結構類似開放式基金，這意味著它們是永久性資本工具。因此，它們確實提供了一些流動性，但它們沒有——但它不是開放式基金。它是一種永久的資本工具，隨著時間的推移，它確實允許你有一定的能力來贖回你的利益。但我們建造它的方式是，在最初的幾年投資中有相當大的鎖定。然後，未來幾年的流動性事件有限。正如我們所認為的，它是在永久資本基礎上建立起來的。看，就資產類別而言，你可以想想我之前在電話會議上所說的，這是投資者有興趣的領域，而且我們對其長期成長前景感到非常滿意。這是工業化的。它還包括辦公空間的各個部分，例如醫療辦公大樓或生命科學大樓。它可能是零售領域的部門。我們在組織內擁有許多零售業務，但它非常關注以服務為導向的淨租賃零售業，這種零售業在疫情期間受到了相當嚴重的打擊，但淨租賃單租戶零售業實際上表現得相當不錯，並且我們擁有大量此類產品組合。所以這可能是我們可以擴展的領域。

So, I think we have a lot of different areas that we could take the platform. And yes, we are -- we have some -- we have a couple of vehicles that we are getting geared up to take to market. And we -- based on initial feedback from sort of testing those vehicles out with a, call it, a handful or more than a handful of investors gotten pretty positive reaction so far. So we feel pretty optimistic about the success we may have with it.

所以，我認為我們有很多不同的領域可以利用這個平台。是的，我們——我們有一些——我們有幾輛車正在準備推向市場。根據我們對這些工具的初步回饋，少數或多於少數的投資者到目前為止得到了相當積極的回應。因此，我們對它可能的成功感到非常樂觀。

And just -- I'm curious, given the liquidity on the RMR balance sheet as well as the liquidity that's available with either operators or managed REITS. Would you expect that any of that will be sourced for -- to put skin in the game if it were, before you market the product, before you start to market the product directly to family offices, et cetera?

只是 - 我很好奇，考慮到 RMR 資產負債表上的流動性以及運營商或管理房地產投資信託基金可用的流動性。您是否期望在您行銷產品之前、在您開始直接向家族理財室行銷產品之前等等，獲取其中任何一項，以便在遊戲中參與其中？

Yes. The short answer is yes. That's really -- as I think about the liquidity on our balance sheet, that's primarily where I think about it might be being used as co-investment into some of these vehicles as we get them going as -- as sort of how we've earmarked it. In terms of when the money comes in, I don't think -- from a timing perspective, just the way these vehicles we're sort of thinking about them. They would -- the money would probably come in simultaneously. The co-investment will come in simultaneously with the sort of the investment from third parties. So I don't think it would be in advance of. It would be sort of lined up to come in at the same time as the third-party capital comes in. So that's the way we're thinking about it.

是的。簡短的回答是肯定的。這確實是——當我考慮我們資產負債表上的流動性時，我認為這主要是在我們讓這些工具運行時，它可能被用作對其中一些工具的共同投資——就像我們如何指定了它。就資金何時到來而言，我不認為——從時機的角度來看，就像我們對這些車輛的思考方式一樣。他們會——錢可能會同時進來。聯合投資將與第三方投資同時進行。所以我認為不會提前。它會在第三方資本進入的同時排隊進入。這就是我們思考的方式。

Okay. Then finally for me, the private equity platform acquisition idea that has been talked about for several quarters now, but you haven't been able to find the right fit, is this new platform instead of that? Or are you still looking to acquire a private equity platform?

好的。最後對我來說，私募股權平台收購的想法已經討論了幾個季度了，但一直沒能找到合適的，是這個新平台而不是那個嗎？還是您仍在尋求收購私募股權平台？

Sure. Yes. We talked about it -- you're right, Jim, we've talked about it for many quarters, a couple of years probably we've been talking about it. I don't know if it's instead of, but it's certainly where our focus is now is trying to -- we've had a fair amount of success -- I think we're going to have more success in the coming months and quarters around the private capital capabilities and organically growing it. So that is clearly where our focus is. We were very focused for about 2 years on acquiring a platform. When I say focus, we were actively -- I don't know how else to say it, hunting for a platform, actively reaching out to different firms, identifying firms. We were working with third-party advisers to help us do this. And we pretty much scoured the universe of potential partners.

當然。是的。我們討論過它——你是對的，吉姆，我們已經討論過它很多個季度了，可能我們已經討論了幾年了。我不知道它是否是替代品，但這肯定是我們現在的重點正在努力的地方 - 我們已經取得了相當大的成功 - 我認為我們將在未來幾個月和幾個季度取得更多成功圍繞私人資本能力並使其有機發展。所以這顯然是我們的重點。我們花了大約兩年的時間專注於收購一個平台。當我說專注時，我們正在積極地——我不知道還能怎麼說，尋找一個平台，積極接觸不同的公司，識別公司。我們正在與第三方顧問合作來幫助我們做到這一點。我們幾乎遍尋了潛在合作夥伴。

We got down the road 3 different times with 3 different partners where we had reached agreement on principal. The economics were done and all 3 deals sort of unraveled over social issues. Essentially, the founders of the businesses decided that they did not want to exit. And they wanted to -- and so they ended up not doing a deal with anybody. It's not just with us. They just didn't do a deal with anybody. And it wasn't over price. It was over sort of social issues. So we sort of spent 2 years at 3 bites at 3 different apples, trying to make it happen. And we -- after the third one, which really happened this summer sort of walked away from us after we reached agreement, we had a term sheet agreed to, we sort of stepped back and said, we probably should not be focused on as much proactive energy around M&A.

我們與 3 個不同的合作夥伴進行了 3 次不同的合作，並就本金達成了一致。經濟問題已經完成，所有三筆交易都因社會問題而瓦解。從本質上講，這些企業的創始人決定他們不想退出。他們想要——所以他們最終沒有與任何人達成協議。這不只是我們的事。他們只是沒有與任何人達成協議。而且價格並沒有超出。這是關於某種社會問題的。所以我們花了兩年的時間，咬了 3 個不同的蘋果，試圖實現這個目標。我們——在第三次之後，這確實發生在今年夏天，在我們達成協議後，我們同意了一份條款清單，我們退後一步說，我們可能不應該關注那麼多圍繞併購積極主動。

So that's really the change, meaning we're not actively sort of going out there. We don't have any third-party advisers on retention that are helping us seek out those type of partners. That all being said, for the last 2 years, we've met a lot of people. So we know a lot of folks. And we -- just in the last quarter, we were approached by a group that -- which has indicated that it's interesting in selling that we had not talked to before, and they approached us because they knew we were active in the marketplace. It's probably not a transaction that's going to work for us, but just the fact that they reached out to us, and I don't think they reached out to many groups. I think it was a very small group of folks they reached out to, is sort of indicative of that, we're out there. People know we're there. I think we will continue to evaluate M&A. We're not adverse to it. We'd like to do it. I just think it's going to be more reverse inquiry. It's going to come to us more than us sort of seeking it out on our own.

這就是真正的變化，這意味著我們並沒有積極地走出去。我們沒有任何第三方保留顧問來幫助我們尋找此類合作夥伴。總而言之，在過去的兩年裡，我們認識了許多人。所以我們認識很多人。就在上個季度，一群人聯繫了我們，他們表示，銷售我們之前從未接觸過的東西很有趣，他們聯繫我們是因為他們知道我們在市場上很活躍。這可能不是一項對我們有用的交易，但事實是他們向我們伸出了援手，而且我認為他們並沒有向很多團體伸出援手。我認為他們接觸的只是一小群人，這在某種程度上表明，我們就在那裡。人們知道我們在那裡。我認為我們將繼續評估併購。我們並不反對它。我們願意這樣做。我只是認為這將是更多的反向詢問。它會更多地來到我們身邊，而不是我們自己去尋找它。

(Operator Instructions) The next question comes from Kenneth Lee with RBC Capital Markets.

（操作員說明）下一個問題來自 RBC 資本市場的 Kenneth Lee。

Just one on the ILPT/ Monmouth announcement there. Could you just talk broadly how the economics could potentially differ for RMR just based on the 2 scenarios that you outlined, whether the assets could go on the JV or retain on the balance sheet?

只有 ILPT/Monmouth 公告中的一個。您能否僅根據您概述的兩種情況（資產是否可以進入合資企業或保留在資產負債表上）廣泛地談談 RMR 的經濟效益可能會有何不同？

Ken, clearly, given all the variables Adam outlined, the range is pretty wide, but just to give you ballpark, from a gross fee run rate, it could be as low as $7 million based on the facts as we know them today, to as high as $22 million. And as we highlighted in our prepared remarks, I think over the next few months, before our next call, we'll have more clarity to provide, but that is the range as we see it today.

肯，顯然，鑑於亞當概述的所有變量，範圍相當廣泛，但只是為了給你一個大概，從總費用運行率來看，根據我們今天所知的事實，它可能低至 700 萬美元，高達2200萬美元。正如我們在準備好的演講中所強調的那樣，我認為在接下來的幾個月裡，在我們下一次電話會議之前，我們將提供更多的清晰度，但這就是我們今天看到的範圍。

Great. Very helpful. And then just one follow-up around the prepared remarks. You talked about construction revenues and seeing some potential impact from supply chain. Wondering if you could just further elaborate upon that.

偉大的。很有幫助。然後圍繞準備好的言論進行後續行動。您談到了建築收入並看到了供應鏈的一些潛在影響。想知道您是否可以進一步詳細說明這一點。

I don't think it's anything different than what you're hearing in the news or seeing elsewhere. I just think we -- in the numbers I quoted, we wanted to be clear that we've hedged those a bit. Our hope is to exceed those ranges, but those numbers reflect some of the delays we're seeing in getting product and the price inflation we're seeing on the jobs and the construction we're doing. And as we -- I'm giving you forecasts out into late into '22. There's just so many variables that we just wanted to make clear, the $150 million per quarter in calendar '22 is obviously subject to change, but nonetheless, we're hoping we can beat those numbers.

我認為這與您在新聞中聽到或在其他地方看到的沒有什麼不同。我只是認為，在我引用的數字中，我們想明確表示我們已經對這些數字進行了一些對沖。我們的希望是超過這些範圍，但這些數字反映了我們在獲取產品方面看到的一些延誤以及我們在工作和建設中看到的價格上漲。我將向您提供 22 世紀末的預測。我們只想澄清的變數太多了，22 日曆年每季 1.5 億美元顯然可能會發生變化，但儘管如此，我們還是希望能夠超越這些數字。

The next question comes again from Jim Sullivan with BTIG.

下一個問題再次來自 BTIG 的 Jim Sullivan。

A very specific question, you've talked previously in terms of densification projects about a former -- a travel center site in Nashville or maybe an existing travel center site in Nashville. And I just wonder if you could give us an update as to if there is one for what your plans are around that location?

一個非常具體的問題，您之前曾就前一個項目的緻密化項目進行過討論 - 納許維爾的旅遊中心站點或納什維爾現有的旅遊中心站點。我只是想知道您能否向我們介紹一下您在該地點附近的計劃是否有最新資訊？

Sure, specifically around the Nashville site, that is a project that is still, I would say, relatively early days. We are -- we have gotten broad sort of first round approvals from the city. I think in terms of how large it could be, it could be as large as upwards of 4 million square feet of mixed use. It's a 20-acre site. It's got 4 basically [center] blocks that you could think about that are available for redevelopment. What we are in the process of trying to figure out now is, obviously, it'd be a stage development. And we're trying to figure out what is the first stage. The good news is, I can just tell you at a high level, there's been a lot of interest from both, I call, office and retail tenants that are interested in anchoring the first phase of that project. I think that is a project that, at its earliest, we would not be talking about kicking off actual construction until late into '22 or sometime well into '22 before it could really get going. But it is a project that is progressing.

當然，特別是在納許維爾站點周圍，我想說，這個項目仍然處於相對早期的階段。我們已經獲得了該市廣泛的第一輪批准。我認為就其規模而言，它的混合用途面積可能高達 400 萬平方英尺。這是一個佔地20英畝的場地。它有 4 個基本的[中心]街區，您可以考慮這些街區可用於重建。顯然，我們現在正在努力弄清楚這將是一個階段性的發展。我們正在努力弄清楚第一階段是什麼。好消息是，我可以在高層告訴你，我打電話給辦公室和零售租戶都表現出了很大的興趣，他們有興趣主持這個計畫的第一階段。我認為這個項目最早我們不會談論開始實際施工，直到 22 年末或 22 年的某個時候才能真正開始。但這是一個正在進行中的項目。

We are continuing to do a lot of work on it. We feel very bullish about the national market generally. We feel very bullish about the East Bank and what's going on, on that side of the river next to where the titans play and there's a lot of different development projects. We're not the only parcel or large parcel that is being planned for redevelopment over there. For investors listening in on this call, maybe the closest analogy that we see to the East Bank and it's actually very analogous to us is here in the Boston market, it's a lot like the Seaport District. So across the river, in an area that if you looked at here in Boston, 10, 15 years ago, it was nothing but a bunch of parking lots. And today, it's a really well-developed mixed use, almost second downtown to Boston. It feels very similar down there in the East Bank when you go there and you look at it and you talk about -- and you see what's happening in Nashville and arguably Boston's got a lot of very positive attributes. But Nashville is clearly a market that's growing, and we feel pretty good about the prospects for a development on the East Bank there.

我們正在繼續為此做大量工作。我們整體上對全國市場非常看好。我們對東岸以及正在發生的事情感到非常樂觀，在河的那一邊，靠近泰坦比賽的地方，並且有很多不同的開發項目。我們並不是那裡唯一計劃重建的地塊或大地塊。對於收聽本次電話會議的投資人來說，也許我們看到的與東岸最接近的類比，實際上與我們非常相似的是波士頓市場，它很像海港區。所以，河對岸的一個地區，如果你在 10、15 年前在波士頓看的話，那裡只不過是一堆停車場。如今，它已成為一個非常發達的綜合用途區，幾乎是僅次於波士頓的第二市中心。當你去東岸時，你會看到它並談論它，你會看到納許維爾正在發生的事情，可以說波士頓有很多非常積極的特質。但納許維爾顯然是一個正在成長的市場，我們對東岸的開發前景非常看好。

This concludes our question-and-answer session. I'll now turn the conference back over to Adam Portnoy for any closing remarks.

我們的問答環節到此結束。現在我將把會議轉回亞當·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。