RMR Group Inc (RMR) 2021 Q3 法說會逐字稿

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

美好的一天，歡迎參加 RMR 集團 2021 年第三季財報電話會議。（操作員說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead, sir.

我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續，先生。

Good afternoon, and thank you for joining RMR's third quarter of fiscal 2021 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. 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.

下午好，感謝您參加 RMR 2021 財年第三季電話會議。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。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。

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, August 6, 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.

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 8 月 6 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 measures 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 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公認會計原則措施，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。根據美國公認會計準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 利潤率計算的調節表可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. Good afternoon, thank you all for joining us. This quarter, I'm pleased to report adjusted net income of $0.47 per share, an increase of 27% on a sequential quarter basis and 24% on a year-over-year basis. Further, adjusted EBITDA of $24.4 million represents a 16% increase on a sequential quarter basis and a 25% increase on a year-over-year basis.

謝謝你，麥可。下午好，謝謝大家加入我們。我很高興地報告本季調整後淨利潤為每股 0.47 美元，環比增長 27%，同比增長 24%。此外，調整後 EBITDA 為 2,440 萬美元，季增 16%，年增 25%。

Our results this quarter highlight the significant progress we've made over the past year navigating the pandemic. As it reflect on the last 15 months, one of the lasting impressions I come away with is the resiliency of our platform and the commitment of our people to this organization. To begin today's quarterly commentary, I want to start by discussing what we're seeing across the commercial real estate sectors we manage and how some of our key operating metrics are trending.

我們本季的業績突顯了我們在過去一年中應對這場流行病所取得的重大進展。回顧過去 15 個月，我留下的持久印象之一是我們平台的彈性以及我們的員工對這個組織的承諾。在今天的季度評論開始之前，我想先討論我們所管理的商業房地產領域的情況以及我們的一些關鍵營運指標的趨勢。

As of today, over 70% of the U.S. adult population has received at least one dose of the COVID vaccine. U.S. airline traveler totals are at the highest levels seen since the beginning of the pandemic. And we are experiencing increased office utilization rates at the properties we manage. In terms of organic AUM growth, due to the combination of increasing levels of capital being allocated to commercial real estate investments generally and historically low interest rates. We continue to experience significant competition for acquisition at our client companies, most notably in the industrial, life science and high-quality office property sectors.

截至目前，超過 70% 的美國成年人已經接種了至少一劑新冠疫苗。美國航空旅客總數達到疫情爆發以來的最高水準。我們管理的物業的辦公室利用率正在提高。就資產管理規模的有機成長而言，由於商業房地產投資的資本水平普遍提高以及利率處於歷史低位，兩者相結合。我們的客戶公司持續面臨激烈的收購競爭，尤其是在工業、生命科學和高品質辦公房地產領域。

Illustrations of the competitive landscape for deploying capital most impactful in our company, ILPT, our private industrial fund and the Tremont mortgage platform, as each of these groups has over $500 million of dry powder to put to work. For example, this quarter alone, our organization has screened over $6.6 billion in industrial deals. And we underwrote approximately $3.5 billion of debt financing opportunities.

說明在我們公司、ILPT、我們的私人產業基金和 Tremont 抵押貸款平台中部署最有影響力的資本的競爭格局，因為每個集團都有超過 5 億美元的乾粉可以投入使用。例如，僅本季度，我們的組織就篩選了超過 66 億美元的工業交易。我們承銷了約 35 億美元的債務融資機會。

Nevertheless, we continue to remain disciplined in our underwriting in the face of a very competitive market environment. From an operating perspective, this quarter, we saw many positive signs, most notably continued leasing momentum across our platform. This quarter, we arranged over 2 million square feet of leases on behalf of our client companies with a weighted average lease term of over 11 years and an average roll-up in rent of just over 9%.

儘管如此，面對競爭激烈的市場環境，我們仍持續保持承保紀律。從營運角度來看，本季我們看到了許多正面跡象，最顯著的是我們平台上持續的租賃動能。本季度，我們代表客戶公司安排了超過 200 萬平方英尺的租賃，加權平均租賃期限超過 11 年，平均租金上漲略高於 9%。

We believe the office workplace remains a critical part of most businesses and our continued leasing velocity reinforces this belief. I also would like to take a moment to highlight our expanded development capabilities, which is important as growth through acquisitions becomes more difficult. Over the last few years, we have taken on increasingly larger scale development projects with OPI's 20 Mass Ave redevelopment, a great current example of our expanding capabilities.

我們相信辦公室仍然是大多數企業的重要組成部分，我們持續的租賃速度強化了這一信念。我還想花點時間強調我們擴大的開發能力，隨著透過收購實現成長變得更加困難，這一點很重要。在過去的幾年裡，我們承接了越來越大規模的開發項目，包括 OPI 的 20 Mass Ave 重建項目，這是我們不斷擴展能力的一個很好的例子。

This project is a 427,000 square foot RMR managed redevelopment project in Washington D.C., with total cost of approximately $200 million that is expected to be delivered in the first quarter of 2023. Finally, as it relates to the strength of our tenants, we remained pleased with cash collection rates that continue to hover at approximately 99%.

該項目是位於華盛頓特區的一個面積為 427,000 平方英尺的 RMR 管理再開發項目，總成本約為 2 億美元，預計將於 2023 年第一季交付。最後，由於這與我們租戶的實力有關，我們對現金回收率繼續徘徊在 99% 左右感到滿意。

Additionally, in an environment of elevated inflation, our clients remained well positioned with over 80% of our leases at RMR managed assets having inflation protection measures such as contractual rent bumps or CPI adjustments. I'd now like to highlight some of the recent notable activities at our client companies. In May, OPI raised $300 million of senior unsecured notes and used the proceeds to pay down higher cost debt. This offering was 6x oversubscribed, which is a positive indication of interest in OPI and commercial office real estate generally. In June, OPI acquired 2 Class A office properties for a total of $550 million and commenced the redevelopment of 20 Mass Ave, which I highlighted earlier.

此外，在通貨膨脹加劇的環境下，我們的客戶仍然處於有利地位，我們在 RMR 管理的資產中超過 80% 的租賃都採取了通膨保護措施，例如合約租金上漲或 CPI 調整。現在我想重點介紹一下我們的客戶公司最近開展的一些值得注意的活動。5 月份，OPI 籌集了 3 億美元的優先無擔保票據，並用所得款項來償還成本較高的債務。此次發行獲得了 6 倍的超額認購，這積極表明了人們對 OPI 和商業辦公房地產的普遍興趣。6 月，OPI 以總計 5.5 億美元的價格收購了 2 處甲級辦公大樓，並開始了我之前強調過的 20 Mass Ave 的重建工作。

We expect OPI will continue its successful strategy of recycling capital into higher quality and better performing assets, which has increased the portfolio's weighted average lease term, decreased OPI's CapEx burden and expanded the company's footprint into faster-growing markets. As previously announced, DHC and Five Star amended their management agreements, which allows for the transition of 108 senior living communities from Five Star to a diverse group of best-in-class operators. This process is well underway and should be completed by calendar year-end, as DHC has already announced that 76 communities are under agreement to be managed by 4 new operators.

我們預計OPI 將繼續其成功的策略，將資本回收到更高品質和性能更好的資產中，這增加了投資組合的加權平均租賃期限，減輕了OPI 的資本支出負擔，並將公司的足跡擴大到成長更快的市場。正如先前宣布的，DHC 和五星級修改了管理協議，使 108 個老年生活社區從五星級過渡到多元化的一流營運商群體。這個過程正在順利進行，應該會在年底前完成，因為 DHC 已經宣布 76 個社區已同意由 4 個新營運商管理。

The transition of these communities should ultimately be mutually beneficial and leave each respective client company better positioned. DHC's same-property shop occupancy experienced its first sequential quarter increase since the pandemic began. We believe senior living will benefit from many fundamental tailwinds, including limited supply growth and a rapidly growing target demographic that supports demand for senior living over the next decade.

這些社區的轉型最終應該是互惠互利的，並使每個各自的客戶公司處於更好的地位。自疫情爆發以來，DHC 的同店店鋪入住率首次出現連續季度成長。我們認為，老年生活將受益於許多基本面的推動因素，包括有限的供應成長和快速成長的目標人口，這將支持未來十年對老年生活的需求。

Turning to SVC, and more specifically, its hotel portfolio that is managed primarily by Sonesta. Since the conversion of 205 hotels over the past 3 quarters, Sonesta has been able to deliver significant improvements in occupancy, room rates and REVPAR. These positive trends, which have occurred despite the ongoing pandemic and the disruption of transitioning hotels from other managers have resulted in SVC reporting positive hotel EBITDA this quarter for the first time since the first quarter of 2020.

轉向 SVC，更具體地說，是其主要由 Sonesta 管理的酒店組合。自過去 3 個季度改造 205 家酒店以來，Sonesta 在入住率、房價和 REVPAR 方面取得了顯著改善。儘管疫情仍在持續，其他管理公司的酒店轉型受到干擾，但這些積極的趨勢仍然出現，導致 SVC 自 2020 年第一季以來首次報告本季酒店 EBITDA 為正值。

As currently one of the largest hotel brands in the United States, Sonesta continues to invest in its infrastructure and franchising capabilities, positioning it very well for the future. At travel centers of America, which is also one of SVC's largest tenants, they reported adjusted EBITDA of $73.5 million this past quarter, an increase of 82% compared to the same period in 2019. These results highlight the progress TA has made in its business since the beginning of 2020.

作為目前美國最大的酒店品牌之一，Sonesta 持續投資於基礎設施和特許經營能力，為未來做好了充分的準備。美國旅遊中心也是 SVC 最大的租戶之一，他們報告上一季調整後的 EBITDA 為 7,350 萬美元，與 2019 年同期相比成長了 82%。這些業績突顯了 TA 自 2020 年初以來在業務上的進展。

Before I turn to our cash deployment initiatives, I want to note that RMR Mortgage Trust and Tremont Mortgage Trust remain on track to complete their merger with shareholder votes scheduled for mid-September. As a reminder, we expect the combined platform to benefit from enhanced scale with fully invested assets expected to approach $1 billion as well as to be immediately accretive to both sets of shareholders, provide increased shareholder liquidity and reduce their respective cost of capital.

在討論我們的現金部署計劃之前，我想指出的是，RMR Mortgage Trust 和 Tremont Mortgage Trust 仍有望完成合併，股東投票定於 9 月中旬進行。需要提醒的是，我們預計合併後的平台將受益於規模的擴大，全部投資資產預計將接近 10 億美元，並將立即為雙方股東帶來增值，增加股東的流動性並降低各自的資本成本。

We ended the quarter with approximately $400 million in cash. And as mentioned last quarter, our Board continues to assess potential alternatives for excess cash beyond what is required to fund growth initiatives. It remains our expectation that the most likely form of a return of capital to shareholders will be in the form of a special onetime dividend later this year.

本季結束時，我們擁有約 4 億美元的現金。如上季所提到的，我們的董事會繼續評估超出為成長計畫提供資金所需的多餘現金的潛在替代方案。我們仍然預計，最有可能的股東資本回報形式將是今年稍後的特別一次性股息。

With regards to our growth initiatives, we remain committed to organically building relationships with providers of private LP capital. And we continue to dialogue with a handful of potential real estate private M&A targets. We are hopeful to announce progress on each of these initiatives for growth in the coming months.

關於我們的成長計劃，我們仍然致力於與私人有限合夥資本提供者建立有機的關係。我們繼續與一些潛在的房地產私人併購目標進行對話。我們希望在未來幾個月內宣布這些促進成長的措施的進展。

Finally, as I mentioned last quarter, we have begun building our own internal capital markets team to expand into other sources of private capital, such as family offices and high net worth investors and expect to announce more regarding this initiative on our next quarterly earnings call.

最後，正如我上季度提到的，我們已經開始建立自己的內部資本市場團隊，以擴展到其他私人資本來源，例如家族辦公室和高淨值投資者，並預計在下一個季度的收益電話會議上宣布有關這項舉措的更多資訊。

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 afternoon, everyone. This quarter's results were robust, characterized by strong momentum across many of our key operating and financial metrics. We recorded sequential quarter and year-over-year increases in every headline metric, the majority of which were also in line with our guidance for the quarter. I'll plan to spend most of my prepared remarks detailing the drivers behind our results as well as expectations for the fourth fiscal quarter.

謝謝亞當，大家下午好。本季的業績強勁，我們的許多關鍵營運和財務指標都表現強勁。我們記錄了每個主要指標的連續季度和同比增長，其中大部分也符合我們對本季的指導。我將計劃用大部分準備好的發言來詳細說明我們業績背後的驅動因素以及對第四財季的預期。

Management and advisory services revenues increased for the fourth straight quarter, with revenues reaching $45.5 million, a $3.5 million increase on a sequential quarter basis. This increase was primarily driven by the following factors: first, the average enterprise value at OPI, DHC and SVC increased meaningfully this quarter, adding almost $1.9 million in incremental revenues. Secondly, for many of the reasons articulated by Adam earlier, our managed operators had strong operating results, which in turn led to approximately $1.6 million of incremental fees.

管理和諮詢服務收入連續第四個季度成長，營收達到 4,550 萬美元，比上一季增加 350 萬美元。這一成長主要由以下因素推動：首先，OPI、DHC 和 SVC 的平均企業價值本季大幅成長，增加了近 190 萬美元的增量收入。其次，由於 Adam 早前闡述的許多原因，我們的託管業者擁有強勁的營運業績，這反過來又帶來了約 160 萬美元的增量費用。

And lastly, as typically occurs over the course of each calendar year, construction activity across our clients increased sequentially, which in turn generated approximately $800,000 in incremental construction management fees. Looking ahead to next quarter, we expect management and advisory service revenues to be between 46 and $47.5 million under the following assumptions: first, no material changes from July 2021 average enterprise values across our managed equity REITS. Secondly, revenues from our managed operators are expected to be flat as growth at Sonesta and TA is expected to be muted by declines of Five Star as they transition DHC communities to other operators.

最後，正如每個日曆年中通常發生的那樣，我們客戶的施工活動依次增加，這反過來又產生了約 80 萬美元的增量施工管理費用。展望下季度，在以下假設下，我們預計管理和諮詢服務收入將在 46 至 4750 萬美元之間：首先，我們管理的股權 REITS 的平均企業價值與 2021 年 7 月相比沒有重大變化。其次，我們管理的營運商的收入預計將持平，因為 Sonesta 和 TA 的成長預計將因五星級飯店的下降而減弱，因為他們將 DHC 社群過渡到其他營運商。

And lastly, continued increases in construction activity across the platform that should generate approximately $1 million in incremental revenues. This meaningful increase in construction management fees is primarily due to next quarter being our first full quarter, realizing incremental fees from recent amendments to our management agreements with DHC and SVC that provides for RMR to oversee all major capital projects and repositionings at hotels and senior living communities for a 3% fee.

最後，整個平台的建設活動持續增加，將產生約 100 萬美元的增量收入。施工管理費的大幅增加主要是因為下個季度是我們的第一個完整季度，我們最近對與DHC 和SVC 的管理協議進行了修訂，從而實現了費用增量，該協議規定RMR 負責監督所有主要資本項目以及酒店和老年生活的重新定位社區收取 3% 的費用。

Moving to incentive fees from our managed equity REITS. OPI continues to accrue an incentive fee for calendar 2021. As a reminder, we only record incentive fee revenue at December 31st of each year. However, if June 30th had been the end of a measurement period, we would have earned an annual incentive fee of approximately $22.2 million. With regards to the calculation of our incentive fees, we were recently informed by S&P Global that the SNL indices we benchmark our REITs against will be discontinued effective August 7th.

轉向我們管理的股權房地產投資信託基金的激勵費。OPI 繼續收取 2021 年獎勵費。提醒一下，我們只在每年 12 月 31 日記錄獎勵費收入。然而，如果 6 月 30 日是衡量期的結束日，我們將獲得約 2,220 萬美元的年度獎勵費。關於激勵費用的計算，我們最近從 S&P Global 獲悉，我們作為 REITs 基準的 SNL 指數將於 8 月 7 日起停止。

We are currently working with S&P to identify an alternative with the goal of finding REIT indices that most closely replicate the performance of the expiring legacy SNL benchmarks. Turning to expenses for the quarter. Cash compensation of $30.5 million and our cash reimbursement rate of 43% this quarter were both flat on a sequential quarter basis. Based on our headcount assumptions, statutory payroll tax withholding limits being reached and post-pandemic vacation usage. Next quarter, we expect cash compensation to be approximately $30 million.

我們目前正在與標準普爾合作尋找替代方案，目標是找​​到最能複製即將到期的傳統 SNL 基準表現的 REIT 指數。轉向本季的支出。本季現金補償為 3,050 萬美元，現金報銷率為 43%，與上一季持平。根據我們的員工人數假設、達到法定工資稅預扣限額以及大流行後的假期使用情況。下個季度，我們預計現金補償約為 3000 萬美元。

As it relates to equity-based compensation, with our fiscal year-end approaching, RMR share awards to officers and employees will occur in September. Based on RMR's historical grant levels, we expect approximately $500,000 in incremental equity compensation next quarter, the large majority of which is not recoverable. As Adam noted earlier, adjusted EBITDA this quarter was $24.4 million, an increase of 16% on a sequential quarter basis. Our adjusted EBITDA margin this quarter was 51.1%, a sequential quarter increase of 300 basis points. Our adjusted EBITDA margin getting back over 50% illustrates the operating leverage of the platform and our earnings potential as we experience service revenue growth.

由於與基於股權的薪酬相關，隨著我們的財政年度臨近，RMR 股票獎勵將在 9 月發放給管理人員和員工。根據 RMR 的歷史撥款水平，我們預計下季度將增加約 50 萬美元的股權補償，其中大部分無法收回。正如 Adam 早些時候指出的，本季調整後 EBITDA 為 2,440 萬美元，季增 16%。本季調整後 EBITDA 利潤率為 51.1%，季增 300 個基點。我們調整後的 EBITDA 利潤率恢復了 50% 以上，這說明了平台的營運槓桿以及我們在服務收入成長時的獲利潛力。

Looking ahead to next quarter, we expect adjusted earnings per share to range from $0.48 to $0.51 per share and adjusted EBITDA to be between 24.5 and $26.5 million. Before we go to questions, I would like to highlight that we recently ranked first on the BOMA International 360 performance program standings. We always look to highlight our vertically integrated platform and believe this to be a differentiator when meeting with potential sources of private capital. RMR's national real estate operations teams focus solely on our clients' assets. And we remain proud of our investments in sustainability, continual education and training of our team members and maintaining superior relationships with our tenants.

展望下季度，我們預計調整後每股收益將在 0.48 美元至 0.51 美元之間，調整後 EBITDA 將在 24.5 美元至 2650 萬美元之間。在我們提問之前，我想強調一下，我們最近在 BOMA International 360 績效計劃排行榜上名列第一。我們始終注重強調我們的垂直整​​合平台，並相信這是與潛在私人資本來源會面時的優勢。RMR 的全國房地產營運團隊只專注於客戶的資產。我們仍然為我們在永續發展、團隊成員的持續教育和培訓以及與租戶保持良好關係方面的投資感到自豪。

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) Today's first question comes from Bryan Maher with B. Riley FBR.

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

A couple of questions from me. And first of all, congratulations on what seems like we're turning the corner on a lot of different levels here. Given, we've listened to obviously all of the calls, most of your managed REITs have sizable chunks of liquidity. And we continue to hear, as you mentioned, Adam, the difficulty in buying assets at reasonable prices. That all being said, and with ILPT and TA and others having some land available, how deep is the appetite or willingness to develop ground up at RMR versus continuing to chase assets at really low cap rates?

我有幾個問題。首先，恭喜我們在許多不同層面上都取得了轉機。鑑於我們顯然已經聽取了所有的呼籲，大多數管理的房地產投資信託基金都擁有大量的流動性。正如您所提到的，亞當，我們不斷聽到以合理價格購買資產的困難。話雖如此，鑑於 ILPT 和 TA 以及其他公司擁有一些可用土地，相對於繼續以極低的資本化率追逐資產，以 RMR 進行基礎開發的興趣或意願有多大？

Thanks, Bryan, and good afternoon. That's a really good question. And I'm glad you picked up on it from the prepared remarks, because it is a growing part. Development activity, redevelopment activity has been becoming a bigger part of the whole RMR story. I would say, it's still a minority part of our story. It's still a small part. But I think it's going to grow over time. At the very least, I think to be a significant or major commercial real estate operator, investor, manager in this country, you have to have significant development capabilities sort of as a minimum. And we've sort of been developing that internally through hires and growing a much larger department within RMR that's focused on development.

謝謝布萊恩，下午好。這是一個非常好的問題。我很高興您從準備好的發言中了解到這一點，因為這是一個不斷增長的部分。開發活動、再開發活動已成為整個 RMR 故事的重要組成部分。我想說，這仍然是我們故事的一小部分。這仍然是一小部分。但我認為它會隨著時間的推移而增長。至少，我認為要成為這個國家的重要或主要商業房地產營運商、投資者、管理者，你至少必須具備顯著的開發能力。我們一直在透過招募來內部發展這一點，並在 RMR 內建立一個更大的部門來專注於開發。

I would say, in the short to medium term, most of the development activity that is occurring is sort of ancillary to our existing real estate holdings. And that's in the form of, when you have 2,200 properties in every state in the country and then also in Canada and the Caribbean, you have a lot of different properties, a lot of different periods going through a lot of different cycles. And there's obviously a handful of properties that their useful life may have expired and that the area around them have developed into other locales. That would mean that that real estate would become much more valuable if it was converted into something else.

我想說，從短期到中期來看，正在發生的大部分開發活動都是我們現有房地產持有的輔助活動。其形式是，當你在全國每個州以及加拿大和加勒比地區擁有 2,200 處房產時，你會擁有很多不同的房產，很多不同時期經歷了很多不同的周期。顯然，有一些房產的使用壽命可能已經到期，而且它們周圍的區域已經開發成其他地區。這意味著如果將房地產轉化為其他東西，它會變得更有價值。

And that's sort of the -- what I call the low-hanging fruit that we've been most focused on. That's what you're seeing at 20 Mass Ave. That's what we saw when we talked about the Torrey Pines redevelopment that happened at DHC, that's largely completed. It was over $100 million. That's what you see when you hear SVC talk about doing something in the Nashville market on a site that is currently a travel center. That site itself could be upwards of $1 billion mixed-use for the 5 million square foot redevelopment. So I think it is going to become a bigger part of what we do. In the industrial side, you'll probably notice, we have a -- our first, what I'd call a relatively modest development going on down in the Dallas market that we indicated.

這就是我所說的我們最關注的容易實現的目標。這就是您在 Mass 大道 20 號所看到的。這就是我們在談論 DHC 的 Torrey Pines 重建項目時看到的情況，該項目已基本完成。金額超過 1 億美元。當您聽到 SVC 談論在納許維爾市場的一個目前是旅遊中心的網站上做某事時，您就會看到這樣的情況。該場地本身可能耗資 10 億美元以上，用於 500 萬平方英尺的混合用途重建。所以我認為這將成為我們工作的重要部分。在工業方面，您可能會注意到，我們在達拉斯市場上有一個——我們的第一個，我稱之為相對溫和的發展。

At ILPT, we bought the land from an affiliate company and are going to be developing that into industrial. I think it will continue to be a growing part of our business going forward. I don't think it's going to overtake just the traditional buying core real estate managing core real estate. I think that's going to be the lion's share of what we do for the foreseeable future. But I do think there'll be more and more sort of opportunities to what I call build to core. And that's really what we're doing. We're building products to core real estate with pretty healthy returns. Eventually, medium to long term, this is probably years away. I could see us deploying buying vacant lots, vacant land, buying properties specifically with the idea that you would tare down or redevelop or to develop something on that.

在 ILPT，我們從一家附屬公司購買了土地，並將其開發為工業園區。我認為它將繼續成為我們未來業務中不斷成長的一部分。我不認為它會取代傳統的購買核心房地產和管理核心房地產的模式。我認為這將是我們在可預見的未來所做的大部分工作。但我確實認為，我所說的建構核心的機會將會越來越多。這正是我們正在做的事情。我們正在開發具有相當可觀回報的核心房地產產品。最終，從中長期來看，這可能需要數年時間。我可以看到我們部署購買空地、空地、購買房產，特別是考慮到你會減少或重新開發或在此基礎上開發一些東西。

I think that's more longer term. You could see us do it maybe the first place you might start to see us do something like that on a limited basis, might be in and around the industrial. And what we're seeing there just because of the competition for industrial acquiring, industrial properties. But that sort of gives you a flavor for what we're doing around development and redevelopment.

我認為這是更長遠的。你可能會看到我們這樣做，也許你首先會看到我們在有限的基礎上做類似的事情，可能是在工業領域及其周圍。我們在那裡看到的只是因為工業收購和工業產權的競爭。但這讓您對我們圍繞開發和重建所做的事情有了一些了解。

Do you think we could see a scenario where within your private investment vehicles or yourself personally buying and developing land of the various uses that the managed REITs target with the endgame that the managed REITs are a takeout such that the REITs don't have the overhang of non EBITDA generating capital at work?

您是否認為我們會看到這樣一種情況：您的私人投資工具或您個人購買和開發託管房地產投資信託基金目標的各種用途的土地，最終管理房地產投資信託基金是外賣，這樣房地產投資信託基金就不會出現懸而未決的情況非 EBITDA 在工作中產生資本？

It's certainly possible, Bryan. I put that as less likely. And I'll tell you why? It's not because I'm not confident in our development capabilities or being able to do it. It's obviously a related party transaction if RMR was to build something and then try to sell it into the REITS. And fortunately or unfortunately, we have a lot of related party existing relationships. And whenever we engage in further related party transactions, they're generally difficult to explain in the marketplace. And for whatever reason, they're often looked at some groups of investors look at them skeptically. So I'm not sure that's really the way we're thinking about it or plan to do it. If we did start buying greenfield, again, the first place you might see it. And this is not going to be meaningful, might be in and around industrial. But if we did that, it would be on ILPT's balance sheet. We probably won't do that, let's say, on RMR or personally or outside and then try to sell it to ILPT.

這當然有可能，布萊恩。我認為這種可能性較小。我會告訴你為什麼？這並不是因為我對我們的開發能力或能夠做到這一點沒有信心。如果 RMR 要建造一些東西，然後嘗試將其出售給房地產投資信託基金，那麼這顯然是一項關聯方交易。幸運或不幸的是，我們有許多關聯方現有關係。每當我們進行進一步的關聯方交易時，它們通常很難在市場上解釋。無論出於何種原因，他們經常受到一些投資者群體的懷疑。所以我不確定這真的是我們正在思考或計劃要做的方式。如果我們確實開始購買綠地，那麼，您可能會首先看到它。這不會有意義，可能在工業領域及其周圍。但如果我們這樣做，它將出現在 ILPT 的資產負債表上。我們可能不會在 RMR 上或個人或外部這樣做，然後嘗試將其出售給 ILPT。

Okay. And just shifting gears. So clearly, it looks like from this week's earnings that DHC and SVC have probably turned the corner here with a lot more positive outlook for the next 12 to 18 months. With what you're seeing kind of internally, who do you think accelerates faster out of the downturn DHC or SVC?

好的。只是換檔。很明顯，從本週的財報來看，DHC 和 SVC 可能已經渡過了難關，未來 12 到 18 個月的前景更加樂觀。根據您的內部觀察，您認為 DHC 或 SVC 誰能更快走出低迷？

I love your question Bryan. It's a funny way to -- I haven't thought of it that way. Yes, but a horse race. Look, both of them, you're right. DHC and SVC are the 2 REITS. They have most been negatively impacted by what's happened with COVID. And they're both going through -- you're correct. The second quarter -- second calendar quarter, results for both those companies was very good. And we are -- as you're right, it does feel like we sort of turned the corner and things are getting better. There are so many variables that are at play as we think through the fall and into 2022 that affect how both those companies come out.

我喜歡你的問題，布萊恩。這是一種有趣的方式——我從來沒有這樣想過。是的，但是一場賽馬。聽著，他們倆都對。DHC 和 SVC 是 2 個房地產投資信託基金。他們受到新冠疫情的負面影響最大。他們都在經歷——你是對的。第二季－這兩家公司的業績都非常好。正如你所說，我們確實感覺我們已經渡過了難關，事情正在變得更好。我們認為，從秋季到 2022 年，有許多變數在發揮作用，影響著這兩家公司的表現。

And of course, it's all comes back to COVID. On the SVC side, it's about how fast does business travel come back and does the delta variant sort of make that harder as we get into the fall for business travel to come back. And the question -- the answer is nobody really knows, but everyone suspect it's going to have some impact. On the DHC side, it's the same thing. If COVID becomes a bigger part of the story in the U.S. economy, then, does that hinder the ability to see occupancy grow. The good news is, I think both businesses are going to improve as we get further into '21 and certainly into '22. It's very hard to say at what rate. That's I think what we debate and what we spend a lot of time thinking about is the speed of which the recovery will happen in both. Both are recovering and both are expected to keep recovering and getting positive. It's just very hard to say which one is going to do it faster. And so, that's the basic answer.

當然，這一切都要追溯到新冠疫情。在SVC方面，問題在於商務旅行恢復的速度有多快，而隨著我們進入秋季商務旅行的恢復，三角洲變體是否會讓恢復變得更加困難。問題的答案是沒有人真正知道，但每個人都懷疑它會產生一些影響。DHC方面也是同樣的情況。如果新冠疫情成為美國經濟的重要組成部分，那麼這是否會阻礙入住率成長的能力。好消息是，我認為隨著我們進入 21 年，當然也進入 22 年，這兩家公司都會有所改善。很難說以什麼速度。我認為我們爭論的以及我們花費大量時間思考的是兩國復甦的速度。兩人都在康復中，預計兩人都會繼續康復並變得積極。很難說哪一個會做得比較快。這就是基本的答案。

And our next question today comes from Jim Sullivan of BTIG.

今天我們的下一個問題來自 BTIG 的 Jim Sullivan。

Thank you. So Adam, I'd like to just kind of follow-on to some of the questions that Bryan had and start with capital allocation. The -- in terms of the development activity as opposed to acquisitions. Presumably, there's a risk premium there. And I'm curious if you could explain to us how you think about that, what kind of hurdle rate you have for development, number one.

謝謝。亞當，我想跟進布萊恩提出的一些問題，並從資本配置開始。- 就開發活動而言，而不是收購。據推測，那裡存在風險溢價。我很好奇你能否向我們解釋一下你對此的看法，你的發展門檻是多少，第一。

And then, I guess, when you think about it in connection with the alternative of acquisitions in a very expensive environment, where your -- how far off are you from the market if you've underwritten a lot of products and maybe advance to the second and third rounds. How far off do you find the market from where you're willing to put capital into acquisitions?

然後，我想，當你考慮在一個非常昂貴的環境中進行收購的替代方案時，如果你承保了很多產品，並且可能提前進入市場，你離市場還有多遠？第二輪和第三輪。您發現距離您願意投入資金進行收購的市場還有多遠？

Thanks, Jim. I think we are not far off. And we are winning transactions. It's just -- it's a very broad funnel at the top. And you have to basically go through a lot of processes. Some that are more widely marketed than others to sort of get to that deals that we win. Obviously, this past quarter, we bought $550 million of very high-quality office properties. And we announced some small acquisitions at ILPT on the industrial side. So we are able to make acquisitions. And I think we will be able to grow through acquisitions going forward. In terms of our capital allocation risk premium, again, we have the -- the reason I said to the earlier question about focused on development at incumbent legacy properties is we have a built-in often low basis in the land and the product in the real estate as it exists today on the balance sheet. And so, it helps us in terms of getting that good return on a development. Meaning, if we were to just buy a vacant parcel in the same location of some of these properties, the development potential would be factored into their cost of the land or the greenfield. And so, that can eat into your returns. So part of the reason we're focused on trying to do development activities on what I call incumbent properties is because we have that built-in low basis, and it's easy to get to their hurdle. Generally speaking, what are we building towards? High single-digits on a core return for development, high single- digits. Now, does it depend on if it's industrial or if it's office or even if it's going to be mixed-use or even if it's some other asset type, it sort of varies. But generally speaking, across the board, we're targeting high single-digits. But that's incorporating the fact that we already have a low basis in the real estate. So that's how it helps to get a good return for that client company when we put the additional capital to work. Hopefully, that answers?

謝謝，吉姆。我想我們已經不遠了。我們正在贏得交易。只是——它的頂部有一個非常寬的漏斗。而且基本上你必須經歷很多流程。有些比其他的行銷更廣泛，以便我們贏得交易。顯然，上個季度我們購買了 5.5 億美元的優質辦公物業。我們在 ILPT 宣布了工業方面的一些小型收購。所以我們能夠進行收購。我認為我們將能夠透過未來的收購實現成長。就我們的資本配置風險溢價而言，我再次對之前關於專注於現有遺產地產開發的問題所說的原因是，我們在土地和產品方面的內置基礎通常較低。今天資產負債表上存在的房地產。因此，它有助於我們獲得良好的開發回報。這意味著，如果我們只是在其中一些房產的同一位置購買一塊空地，那麼開發潛力將被計入土地或綠地的成本中。因此，這會影響你的回報。因此，我們專注於嘗試對我所說的現有房產進行開發活動的部分原因是因為我們有內建的低基礎，並且很容易遇到他們的障礙。一般來說，我們的建設目標是什麼？核心發展回報率高個位數，高個位數。現在，這取決於它是工業還是辦公，或者即使它是混合用途，或者即使它是其他資產類型，它也有所不同。但總的來說，我們的目標是高個位數。但這考慮到我們在房地產方面的基礎已經很低的事實。因此，當我們投入額外的資金時，這就是如何幫助客戶公司獲得良好的回報。希望這能得到答案嗎？

No. Yes, thank you for that. One other alternative in terms of capital allocation. And obviously, we've seen it, especially with some of the multifamily REITs is to have an active developer capital program or structured finance book. We've seen companies like SL Green do it in office and Main Street Retail and UDR and others do it in multifamily. And you have your mortgage REITS, which do a different type of business I believe. But I'm just curious whether you've kind of taken a serious look at starting a developer capital program when you provide that mess level to the developers and sometimes we retain an option to buy the property at the end of the steroids. Is that something that you're looking at?

不。是的，謝謝你。資本配置方面的另一種選擇。顯然，我們已經看到了這一點，特別是對於一些多戶型房地產投資信託基金來說，需要有一個積極的開發商資本計劃或結構性融資計劃。我們已經看到像 SL Green 這樣的公司在辦公室、Main Street Retail 和 UDR 等公司在多戶住宅中這樣做。你還有抵押貸款房地產投資信託基金，我認為它從事的是不同類型的業務。但我只是好奇，當你向開發商提供混亂程度時，你是否認真考慮過啟動開發商資本計劃，有時我們保留在類固醇結束時購買房產的選擇權。這是你正在看的東西嗎？

Jim, it's something we're not seriously looking at. We have looked more -- it's related to what you're talking about takeout commitments. Meaning, rather than just providing the financing as part of the development phase with a takeout attached, we have looked in circumstances of just committing to a forward takeout for a developer. I think we probably do that before we commit to the financing, especially if it's on a spec basis, even the forward commitments that we've looked at and haven't done. I'm just telling what we've looked at has been around developments that have usually a tenant in Tow. Meaning, it's a build-to-suit and/or subject to getting the building leased before we could take a takeout. Yes, you can get some cap rate discount or however you want to think about it, it's a little better. But of course, you're -- it's the time value of money. It's when is that takeout going to be done is how we've thought about. So specifically answer to your question, no, we haven't looked at it that way in terms of prime mess financing for development. We still, on the lending side, which you're right, it's related to what you're talking about. We find we have a pretty robust pipeline. And I think we can get a lot of money out to work, looking just sort of at this transitional value add, light value-add bridge loans. And we're seeing that on a risk-adjusted basis, we feel more comfortable putting money there at the moment.

吉姆，這是我們沒有認真考慮的事情。我們研究了更多——這與你所說的外賣承諾有關。這意味著，我們不僅在開發階段提供融資並附加外購，而是考慮了僅承諾為開發商提供遠期外購的情況。我認為我們可能會在承諾融資之前這樣做，特別是如果它是基於規格的，甚至是我們已經考慮過但尚未完成的前瞻性承諾。我只是告訴大家，我們所關注的是通常在拖車區有租戶的開發案。意思是，這是一個定制的建築和/或在我們可以外賣之前先租下建築物。是的，您可以獲得一些上限利率折扣，或者無論您想如何考慮，它都會好一點。但當然，這就是金錢的時間價值。我們想到的是什麼時候做外送。因此，具體回答你的問題，不，我們還沒有從發展融資的混亂角度來看這個問題。我們仍然在貸款方面，你是對的，這與你所說的有關。我們發現我們有一個非常強大的管道。我認為我們可以得到很多錢來工作，看看這種過渡性增值、輕增值過橋貸款。我們發現，在風險調整的基礎上，我們現在更願意把錢放在那裡。

And then, final question for me regarding the PE platform. When the RMR was talking about a major investment in PE, the PE platform a while ago. Ultimately, you scaled that back and to the point where you -- the lion's share of the cash will go to at a special dividend. And I'm just curious, you guys have investigated presumably a lot of opportunities in terms of a PE platform. And I'm just curious whether the issue was that pricing expectations for the sellers were just too rich or whether there was simply an absence of opportunities where there would be kind of a good meeting of the minds or marriage in terms of the personnel that -- whose platform you would be buying?

然後是關於 PE 平台的最後一個問題。前段時間RMR在談論PE的重大投資時，PE平台。最終，你縮減了規模，直到你——大部分現金將用於特別股息。我只是很好奇，你們可能已經調查了很多 PE 平台方面的機會。我只是很好奇，問題是否在於賣家的定價期望太高，或者是否只是缺乏在人員方面達成良好共識或聯姻的機會—— - 您會購買誰的平台？

Sure. It's a good question. Just to be clear, I would not say it's completely off the table. I was more optimistic that that was going to be our primary way of growing the private capital business some quarters ago. My -- our thinking around that has shifted a little bit more, where I think we have a very good opportunity and we'll be successful growing it internally or organically ourselves. I mean, we talked about that in the prepared remarks. We are having advanced discussions with being able to put, hopefully together, and I still believe this number, billions of dollars to work in and around private capital that we will organically place. That all being said, we haven't completely put aside the idea of doing something with that -- with through M&A. And to-date, the reason we haven't done something is not because of price. I would say to-date, we entered this market. It's now several quarters, maybe a year or two that we've been doing this now, and we had lots of discussions. I would say as much as this has been about us being very choosy about what we want to acquire. And more specifically, I don't think you're going to see us buy. And this gets really nuanced within the industry, a shop that is heavily reliant on closed-end funds that do opportunistic investing in real estate. That's a bridge too far from what we do and shops that are focused on that. And that's the majority of the private real estate -- private real estate shops that exist out there. Our focus has been just we are more interested in dealing with folks that are more -- they're investing sort of more core real estate, less closed end funds, maybe more separate managed accounts. And that just fits better. It's just -- it's a better -- there's a lot more synergies with what we do in our organization with a firm like that. And so, we've narrowed the focus to be that. And I think it took us a while to figure this out that this is what we wanted to do as an organization. If we were going to do this from an M&A perspective and be successful at an M&A from doing this on an M&A perspective. And so, to-date, the firms we have talked to that are me check all the boxes meet that criteria have been -- it has not been about price. It's been more about we want to do a control transaction. And that's not just financially, but to a certain extent operationally. We think we can bring, for example, significant synergies to bear on an organization like I've identified on expenses. And so, the seller has to be comfortable with that sort of arrangement as we go forward. And so, it hasn't been priced. It's just been more meeting of the minds, culturally getting together with groups and also us being more picky and being very choosy about what it is we are willing to buy.

當然。這是一個好問題。需要澄清的是，我不會說這完全不可能。幾個季度前，我更樂觀地認為這將成為我們發展私人資本業務的主要方式。我的——我們的想法已經發生了一些轉變，我認為我們有一個非常好的機會，我們將在內部或有機地成功發展它。我的意思是，我們在準備好的發言中討論了這一點。我們正在進行深入的討論，希望能夠將數十億美元的資金放在一起，並且我仍然相信這個數字，我們將有機地在私人資本及其周圍運作。話雖如此，我們還沒有完全放棄透過併購來採取行動的想法。到目前為止，我們沒有採取行動的原因並不是價格。我想說到目前為止，我們已經進入了這個市場。現在我們已經做了幾個季度，也許一兩年了，我們進行了很多討論。我想說的是，這與我們對想要獲得的東西非常挑剔有關。更具體地說，我認為你不會看到我們購買。這在行業內非常微妙，該行業嚴重依賴封閉式基金，對房地產進行機會主義投資。那是一座距離我們所做的事情和專注於此的商店太遠的橋樑。這就是大部分私人房地產——現有的私人房地產商店。我們的重點只是我們更感興趣的是與更多的人打交道——他們投資更多的核心房地產，更少的封閉式基金，也許更多的獨立管理帳戶。這更適合。只是——這是更好的——我們在組織中與這樣的公司所做的事情有更多的協同效應。因此，我們將重點縮小到這一點。我認為我們花了一段時間才弄清楚這就是我們作為一個組織想要做的事情。如果我們要從併購的角度來做這件事，並且從併購的角度來看，我們會在併購方面取得成功。因此，到目前為止，我們採訪過的公司是我勾選了所有符合標準的公司——這與價格無關。更多的是我們想要進行控制交易。這不僅是在財務上，而且在一定程度上是在營運上。例如，我們認為我們可以為像我在費用方面所指出的那樣的組織帶來重大的協同效應。因此，在我們前進的過程中，賣家必須對這種安排感到滿意。因此，它還沒有定價。這只是更多的思想交流，在文化上與團體聚集在一起，而且我們對我們願意購買的東西更加挑剔，非常挑剔。

And our next question today comes from Kenneth Lee at RBC Capital Markets.

今天我們的下一個問題來自加拿大皇家銀行資本市場的肯尼斯李。

Just one about the larger scale developments. You mentioned that this is an area that could grow over time. And you're also mentioning that you are right now ramping up your capability. Just wondering, if you could just perhaps give us a better sense of the potential timeframes involved where you can reach that level of capability and where we could start to see more meaningful contributions?

只是關於更大規模的開發的一個。您提到這是一個可以隨著時間的推移而成長的領域。您也提到您現在正在增強您的能力。只是想知道，您是否可以讓我們更好地了解所涉及的潛在時間框架，您可以在其中達到該能力水平，以及我們可以在哪裡開始看到更有意義的貢獻？

Yes. I don't want to put too much -- I don't want to overstate the level of contribution that this business could be providing here in the short to medium-term as we get in. When I say short to medium term, 2021, 2022, probably well into 2023. This is, one development takes a long time when -- and the specialty type of developments we're talking about. For example, 20 Mass Ave development, we mentioned in our prepared script. This is something that's a $200 million project. It started. It's not going to be delivered to Q1 2023. We have a handful of other projects of sort of the same scale that as I think about it, those projects, it will start in the coming years as we get into '22, into '23. Those projects will begin on the scale like what we're talking about. So I think it's an important capability for an organization like ourselves. And I think as time goes on, as years from now, I think this could be something that's quite -- it could become more meaningful. Maybe we're somewhat around conservative. What I'm trying -- what we're trying to do is sort of build up our capabilities over time. And I think it also sort of helps legitimize us in the eyes of investors that we're sort of a full service, vertically integrated real estate company that can do all types of things, real estate, with the focus generally that we're generally focused on core real estate, either buying, managing or building the core real estate. That's really our focus. And so, I don't want to overstate it. Again, not to pick on industrial, but that could be the one place that you could see a small uptick in this stuff, where we could start maybe doing some more development there. And again, it would be development the core. I like to see us walk before we run. We have one development project going on down in Dallas. It's going to be, it's a $10 million project all in if that. And I really like to see us do it successfully before we start greenlighting many more projects. So it's going to be a process we go through. But I do think it will be -- it's important for us for multiple reasons, and someday could be a bigger part of our story.

是的。我不想說太多——我不想誇大這項業務在我們進入時可以在中短期內提供的貢獻水平。當我說短期到中期時，2021 年、2022 年，可能會持續到 2023 年。這就是，一項開發需要很長時間——以及我們正在討論的專業類型的開發。例如，我們在準備的腳本中提到了 20 Mass Ave 開發案。這是一個耗資 2 億美元的項目。開始了。它不會在 2023 年第一季交付。我們還有一些其他項目的規模與我認為的相同，這些項目將在未來幾年我們進入 22 世紀、進入 23 世紀時啟動。這些項目將以我們正在談論的規模開始。所以我認為對於像我們這樣的組織來說這是一項重要的能力。我認為隨著時間的推移，幾年後，我認為這可能會變得更有意義。也許我們有點保守。我正在努力——我們正在努力做的是隨著時間的推移增強我們的能力。我認為這也有助於使我們在投資者眼中合法化，因為我們是一家提供全方位服務、垂直整合的房地產公司，可以做所有類型的事情，房地產，重點是我們通常專注於核心房地產，購買、管理或建造核心房地產。這確實是我們的重點。因此，我不想誇大這一點。再說一遍，不是針對工業，但這可能是你可以看到這些東西小幅上升的一個地方，我們可以開始在那裡進行更多開發。再說一次，這將是發展的核心。我喜歡看到我們在跑步之前先走路。我們在達拉斯正在進行一個開發案。如果是的話，這將是一個耗資 1000 萬美元的項目。我真的很高興看到我們在開始批准更多項目之前成功做到這一點。所以這將是我們經歷的一個過程。但我確實認為這對我們來說很重要，原因有很多，有一天可能會成為我們故事的重要組成部分。

Got you. That's very helpful. And one follow-up question if I may. You mentioned in the prepared remarks about the S&P REIT indexes being discontinued. Could you just talk a little bit more about what you see could be the potential impact to incentive fees given the calculations used a 3-year measurement periods?

明白你了。這非常有幫助。如果可以的話，還有一個後續問題。您在準備好的評論中提到了 S&P REIT 指數將被終止。鑑於使用 3 年測量期進行計算，您能否多談談您認為對激勵費用可能產生的潛在影響？

Yes. Good question, Ken. So pretty similar to our prepared remarks. This is something we've learned from S&P in the last 3 or 4 weeks. We're in the process of assessing alternatives. To be fair, the ultimate goal is to find an index, an alternative with S&P or otherwise that very closely mirrors what we have today with the hope that there will not be a significant change to where the current incentive fee is trending, whether it'd be the SNL index or a replacement index. So that's our goal. And I think we'll have more to say on this at our next earnings call or in advance of our next earnings call. But we need to go through a process where we talk to both the RMR Boards and the respective REIT boards over the next few weeks as we identify alternatives.

是的。好問題，肯。與我們準備好的評論非常相似。這是我們過去三四週從標準普爾學到的。我們正在評估替代方案。公平地說，最終目標是找到一個指數，一個標準普爾或其他的替代品，非常接近地反映我們今天的情況，希望當前激勵費用的趨勢不會發生重大變化，無論是「 d 是SNL 索引或替換索引。這就是我們的目標。我認為我們將在下一次財報電話會議上或在下一次財報電話會議之前對此進行更多討論。但我們需要在接下來的幾週內與 RMR 董事會和各自的 REIT 董事會進行對話，以確定替代方案。

And our next question today comes from Ronald Kamdem with Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

Yes. Can you hear me now?

是的。你聽得到我嗎？

Yes.

是的。

Okay. Great. Sorry about that. Just I had a quick follow-up on sort of the S&P index exploration. And I can appreciate you guys are still sort of in the middle of conversation, so you may not know. But would the idea be finding a new index for calculation for the remaining of the year or is there a chance to just redo the calculation even for sort of the time that's already passed with the current index? Hopefully, that made sense.

好的。偉大的。對於那個很抱歉。我只是對標準普爾指數的探索進行了快速跟進。我可以理解你們仍在談話中，所以你們可能不知道。但這個想法是否會找到一個新的指數來計算今年剩餘的時間，或者是否有機會重新計算，即使是當前指數已經過去的時間？希望這是有道理的。

I think both alternatives are a possibility Ron. I think we just need to go through the process of assessing what the alternative is and then what the process of adoption will be with each respective board and the RMR Board.

我認為這兩個選擇都有可能，羅恩。我認為我們只需要完成評估替代方案的過程，然後每個董事會和 RMR 董事會的採用過程是什麼。

Got it. Makes sense. Just one of the things I wanted to follow-up on is the conversation earlier about private capital vehicles. I know you talked about historically, maybe you get potentially getting exposure to multifamily sector. Just curious how much that has played into sort of the search in terms of a core real estate manager? And if not, realistically, what's the path to maybe executing on something on the multifamily side if you're still contemplating it?

知道了。說得通。我想跟進的事情之一就是之前關於私人資本工具的對話。我知道您在歷史上談過，也許您有可能接觸到多戶住宅領域。只是好奇這在尋找核心房地產經理方面發揮了多大作用？如果沒有，實際上，如果您仍在考慮的話，在多戶家庭方面執行某些事情的途徑是什麼？

Yes. I would say that it hasn't been, let's say, a requirement or criteria that the firm must be in the multifamily space. But that all being said, most core private equity firms have a multifamily aspect to them. And I think just about everyone we've talked to had some level of multifamily, either that's what are their core competencies or they have some amount of it. And so, I think if we were to do anything in and around that, let's say, make an acquisition, I think it would likely come with some multifamily expertise.

是的。我想說的是，這並不是公司必須處於多戶住宅領域的要求或標準。但話雖如此，大多數核心私募股權公司都具有多家族的特徵。我認為我們採訪過的幾乎每個人都擁有一定程度的多戶家庭，這要么是他們的核心能力，要么他們擁有一定程度的核心能力。因此，我認為如果我們要在這方面做任何事情，比如說進行收購，我認為它可能會配備一些多戶家庭的專業知識。

And of course, that would be obviously an area we could try to grow around that. If we don't make -- do something in multifamily in terms of M&A, I think we would have to explore building it out on our own. And what that require is supplementing some of the folks here at RMR, that have a little bit more expertise in and around multifamily and basically building it. And that could be raising -- using some of our capital to seed a fund of some sort or an initiative or vehicle, hopefully with some outside capital alongside us to sort of get it up and going. But that would be probably the way we would think about doing it. I don't -- just to be clear though, that's not something that we are actively trying to set-up today. So I don't want you to think that you're going to see a multifamily platform suddenly announced at RMR that we're going to organically build. That's not something we are actively trying to build. I think based on the handful of conversations we're wee short of one is run to ground to the very end, these conversations with a handful of folks and see if we can get one across the line. And if we do, then, it likely will come with a multifamily aspect to it and sort of build from there. So that's how we're thinking about it.

當然，這顯然是我們可以嘗試圍繞此發展的一個領域。如果我們不在多戶家庭中做一些併購方面的事情，我認為我們將不得不探索自己建立它。這就需要補充 RMR 的一些人員，他們在多戶住宅及其建造方面擁有更多的專業知識。這可能是籌集資金——使用我們的一些資本來建立某種基金或計劃或工具，希望有一些外部資本與我們一起啟動並運行。但這可能是我們考慮的做法。我不知道——但要澄清的是，這不是我們今天積極嘗試建立的東西。所以我不希望你認為你會看到 RMR 突然宣布我們將有機地建造一個多戶型平台。這不是我們正在積極嘗試建立的東西。我認為，根據我們進行的少量對話，我們還差一點就可以徹底結束，與少數人進行這些對話，看看我們是否可以跨越界限。如果我們這樣做，那麼它很可能會帶有多戶型的一面，並從那裡開始建造。這就是我們的想法。

(Operator Instructions) Our next question comes from Owen Lau at Oppenheimer.

（操作員說明）我們的下一個問題來自奧本海默的 Owen Lau。

I want to go back to special dividend. I think, Adam, you mentioned RMR is still considering paying special dividend by the end of this year. I think last quarter, you mentioned a decision may be made by September and RMR return 50% of cash on hand. I'm asking this -- because in your prepared remarks, you also mentioned RMR may announce something like some growth initiatives in the coming months. I just want to see whether September and 50% are still valid here?

我想回到特別股息。我想，Adam，你提到 RMR 仍在考慮在今年年底前支付特別股息。我想上個季度，您提到可能會在 9 月份做出決定，RMR 返還手頭現金的 50%。我問這個問題是因為在您準備好的發言中，您還提到 RMR 可能會在未來幾個月宣布一些增長計劃之類的內容。我只是想看看9月和50%在這裡還有效嗎？

Thanks, Owen. Yes. Our thinking and timing and sizing around the dividend since our last quarterly call really hasn't changed. We continue to think that it could be up to half, let's say of our cash, which is roughly half of our cash is today $200 million. And our plan is to still hopefully make a decision by September or by our fiscal year-end, which is September 30th.

謝謝，歐文。是的。自從上次季度電話會議以來，我們圍繞股息的想法、時間表和規模確實沒有改變。我們仍然認為這可能會達到一半，例如我們的現金，大約是我們今天 2 億美元現金的一半。我們的計劃仍然希望在 9 月或我們的財政年度結束（即 9 月 30 日）之前做出決定。

Okay. Got it. That's very helpful. And then, a quick modeling question on Sonesta. I think it has been doing quite well. Last quarter, you mentioned the revenue of Sonesta will go up to like $1.6 million in the fourth fiscal quarter, I think, which is $500,000 higher. And I think that this quarter, Matt, you mentioned something like you're expecting these to be flat from this quarter to next quarter. I just want to make sure I understand the dynamic here.

好的。知道了。這非常有幫助。然後是關於 Sonesta 的快速建模問題。我認為它一直做得很好。上個季度，您提到 Sonesta 在第四財季的收入將增加到 160 萬美元左右，我認為比這高出 50 萬美元。我認為這個季度，馬特，你提到了你預計從本季度到下季度這些將持平。我只是想確保我了解這裡的動態。

Hi Owen. Yes, thank you. I know you're largely asking very specific modeling question. But let me just say a couple of things about Sonesta, which I'm glad you opened up the floor to that. Sonesta is doing very, very well. SVC, one of our largest clients announced its earnings earlier today. First time it's announced positive hotel EBITDA since the pandemic began for the quarter and that's largely because of the performance of Sonesta, which has been very, very strong, probably stronger than we initially thought it would be. It's been so strong at Sonesta that you also heard SVC talked this morning about how they were marketing 69 hotels for sale. And they mentioned that they're selling them initially with the idea that they will be encumbered by brand.

嗨歐文。是的，謝謝。我知道您主要是在問非常具體的建模問題。但讓我簡單說幾句關於 Sonesta 的事情，我很高興您能就此展開討論。索尼斯塔做得非常非常好。我們最大的客戶之一 SVC 今天稍早公佈了財報。自本季大流行開始以來，它首次宣布酒店 EBITDA 為正值，這很大程度上是因為 Sonesta 的業績非常非常強勁，可能比我們最初想像的還要強勁。Sonesta 的影響力如此之大，以至於您今天早上也聽到 SVC 談論他們如何推銷 69 家待售飯店。他們提到，他們最初出售它們的想法是它們會受到品牌的阻礙。

It is -- the response in the marketplace to Sonesta has been so robust that when we went out to brokers to talk about valuations for potential selling of the hotels. And this was a little bit of a surprise even to myself and to others. We heard back that they thought that selling them encumbered by Sonesta would be very little if no discount to selling them unencumbered. And I point that out because it speaks to the marketplace opportunity that SVC and Sonesta are experiencing, which is -- and I don't think any of us have fully realized it when we bought, let's say, Red Lion and put the whole Sonesta business together largely on necessity because of our managers defaulted on us.

市場對 Sonesta 的反應是如此強烈，以至於當我們去找經紀人談論酒店潛在出售的估值時。這甚至對我自己和其他人來說都有點驚訝。我們回音說，他們認為，出售帶有 Sonesta 抵押的產品，與出售無抵押的產品相比，即使沒有折扣，也幾乎沒有折扣。我指出這一點是因為它說明了 SVC 和 Sonesta 正在經歷的市場機會，即——我認為當我們購買紅獅並將整個 Sonesta 投入使用時，我們中的任何人都沒有完全意識到這一點業務合作很大程度上是出於必要，因為我們的經理對我們違約。

But today in the marketplace, we are now one of the largest hotel companies. And as we go out to talk to folks about franchising, the reception we are getting is incredibly robust. And it's because, one, we may not charge the same rate that a Marriott would. But maybe more importantly, 2 factors: one, Sonesta is an owner operator, not just a franchise company. And two, it's much more getting in on the early days of what could be a potential major brand. It's the way the analogy I use is, you're sort of getting in as a franchisee with Sonesta, sort of the third, the fourth inning. If you're jumping in with Marriott, you're in the eighth or 9th inning. I mean they've saturated the market. So if you've an extended stay hotel and you want to buy one of the hotels we're selling at SVC, it's -- you're going to be maybe the 20th Marriott where the 15th Hilton or the 10th Hyatt in that marketplace on extended stay. You might be the only Sonesta or 1 of 3 Sonesta. And you might -- and we may not charge as much. So it's been really interesting to see the response we're getting in the marketplace, which explains why I think SVC is going to be able to hopefully sell their hotels encumbered and likely not pay and not realized any discount in the pricing, which at first might be a little bit of a surprise to people. But it also speaks to the power of the Sonesta brand in this marketplace today.

但如今，在市場上，我們已成為最大的酒店公司之一。當我們出去與人們談論特許經營時，我們得到的反應非常熱烈。這是因為，第一，我們收取的費用可能與萬豪酒店不同。但也許更重要的是兩個因素：第一，Sonesta 是一家所有者經營者，而不僅僅是一家特許經營公司。第二，更重要的是在可能成為潛在主要品牌的早期階段介入。我用的比喻是這樣的，你就像是作為特許經營商加入了索尼斯塔，大概是在第三、第四局。如果您加入萬豪，您將處於第八或第九局。我的意思是他們已經飽和市場了。因此，如果您擁有一家長期住宿酒店，並且想要購買我們在SVC 銷售的酒店之一，那麼您可能會成為該市場上的第20 家萬豪酒店、第15 家希爾頓酒店或第10 家凱悅酒店。蹲點。您可能是唯一的 Sonesta 或 3 個 Sonesta 中的一個。你可能會——而我們可能不會收取那麼多費用。因此，看到我們在市場上得到的反應真的很有趣，這解釋了為什麼我認為SVC 將能夠希望出售他們的酒店，並且很可能不付款，也沒有意識到價格上的任何折扣，這在一開始是可能會讓人有點驚訝。但這也說明了 Sonesta 品牌在當今市場上的力量。

Matt, why don't you talk about that?

馬特，你為什麼不談談這個？

Yeah. So all-in to your specific on the modeling. So this quarter, Sonesta generated about $1.5 million in fee revenue, based on where they see leisure travel and hopefully some resumption post Labor Day of business travel. We're modeling them out at about $1.8 million next quarter. Now, please keep in mind in my prepared remarks, where net-net, while they're up, the operators as a whole should end up all things being equal back at $7 million, which is where they are this quarter.

是的。因此，請全力以赴地關注建模的具體情況。因此，本季度，Sonesta 產生了約 150 萬美元的費用收入，具體取決於他們對休閒旅行的預期，以及希望在勞動節後商務旅行有所恢復。我們預計下個季度的價格約為 180 萬美元。現在，請記住我準備好的演講中，net-net，當它們啟動時，運營商作為一個整體最終應該回到 700 萬美元，這就是他們本季度的情況。

Got it. So 1.8% from 1.5. Okay. Got it. And then, just one final clarification on the SNL Benchmark. Will S&P discontinue all the benchmarks you're using or just one specific benchmark, I'm trying to understand better?

知道了。所以從 1.5 下降到 1.8%。好的。知道了。然後，對 SNL 基準做最後的澄清。我想更了解，標準普爾會停止使用您正在使用的所有基準，還是只停止一項特定基準？

They've had some business transactions and mergers on their side and they need to discontinue any index that's tied to the SNL brand name. So all of them.

他們已經進行了一些商業交易和合併，他們需要停止任何與 SNL 品牌名稱相關的指數。所以他們都是。

And our next question is a follow-up from Bryan Maher with B. Riley FBR.

我們的下一個問題是 Bryan Maher 和 B. Riley FBR 的後續問題。

Great. A lot of that Sonesta discussion got me thinking. One thing that jumps to my mind is, can you maybe explain the advantage to the franchisees other than the -- getting into the early innings as far as a fee or a marketing fee standpoint, what's the advantage to that, if you could quantify it in any way?

偉大的。關於索尼斯塔的許多討論讓我思考。我想到的一件事是，您能否向特許經營商解釋一下除了費用或營銷費用的角度之外進入早期局的優勢，如果您可以量化的話，優勢是什麼以任何方式？

And secondarily, Red Lion came with a lot of brands. I'm guessing that the focus really is on Sonesta and maybe Red Lion itself. Do you think you might prune any of the other brands that came along with that transaction?

其次，紅獅帶來了許多品牌。我猜焦點確實是索尼斯塔，也許還有紅獅本身。您認為您可能會刪減伴隨該交易而來的任何其他品牌嗎？

Sure. In terms of the brands themselves, at Red Lion, there could be 1 or 2 brands that over time, we would prune over time. In terms of franchising, it's still very much a focus on the Red Lion brands themselves. There's a couple of large brands within Red Lion, America's best value win that does very well that continues to generate interest in the marketplace. That -- but you're right that the focus has now been shifting towards Sonesta.

當然。就品牌本身而言，在紅獅，隨著時間的推移，我們可能會修剪一兩個品牌。在特許經營方面，重點仍然是紅獅品牌本身。紅獅旗下有幾個大品牌，美國最有價值的勝利，表現非常好，繼續引起市場的興趣。那 - 但你是對的，焦點現在已經轉向索尼斯塔了。

And when we shift the focus to Sonesta, it's been around more, what I'd call the extended-stay in the select service product. So what we have today is the Sonesta ES suites, the Sonesta simply streets, which is the extended-stay product and Sonesta Select, which is the limited service product. There's a lot of interest and that happens to be the vast majority of the 69 hotels that SVC is selling extended stay and/or select service. There's a vast amount of interest in talking to Sonesta about those transactions, those hotels, but also just franchising in general.

當我們將焦點轉移到 Sonesta 時，它已經涉及更多內容，我稱之為精選服務產品中的長期住宿。所以我們今天擁有的是 Sonesta ES 套房、Sonesta simple street（長住產品）和 Sonesta Select（有限服務產品）。有很多人對此感興趣，而且 SVC 出售長住和/或精選服務的 69 家酒店中的絕大多數都是如此。人們非常有興趣與 Sonesta 討論這些交易、那些飯店，但也只是一般的特許經營。

And I think SVC talked about this on this call this morning. But they're going through the franchising, getting the franchise disclosure documents filed on file where they have to be and also working through at Sonesta sort of finalizing brand standards. So this can all sort of be rolled out to potential franchisees. Look, in the beginning, I'm not going to put specific numbers on it. But you can think it's going to be a little modestly, less expensive than it would be for, let's say, a Marriott, which has sort of historically been the most expensive with regards to fees in the marketplace.

我認為 SVC 在今天早上的電話會議上談到了這一點。但他們正在經歷特許經營，將特許經營披露文件歸檔，並在索尼斯塔完成品牌標準的最終確定。因此，這一切都可以推廣給潛在的特許經營商。聽著，一開始我不會給出具體的數字。但你可以認為它會有點適中，比萬豪酒店便宜一些，萬豪酒店歷來是市場上收費最貴的酒店。

Again, reiterating what I said before. And again, I -- this also was not something I think we fully realized the benefit of and when we put Sonesta together with Red Lion. We thought on a stand-alone Red Lion was going to do very fine on its own. I don't think we fully appreciated the benefit that Sonesta is going to realize by tacking on that franchise system, which we have now done. Because franchisees, they really like not so much that it's less cost. I mean, of course, people like that. But it's really that Sonesta is also an owner operator.

再次重申我之前說過的話。再說一次，我認為當我們將 Sonesta 與紅獅放在一起時，我們也沒有完全意識到這一點。我們認為獨立的紅獅本身就能做得很好。我認為我們並沒有完全理解索尼斯塔透過採用特許經營系統所帶來的好處，而我們現在已經做到了這一點。因為特許經營商，他們真正喜歡的並不是成本更低。我的意思是，當然，人們喜歡這樣。但事實上，Sonesta 也是一位業主經營者。

I can't underestimate this enough. You can't -- the big brands have all gone so massively asset light. That is very pleasing to the investor community, is very unpleasing to the franchise community that they have done that. And so, the franchisees feel very put upon from the larger brand owners about being forced to hit brand standards. And the fact that Sonesta itself manages and operates on behalf of SVC, many of the hotels, the franchisees feel that, hey, there's a kindred spirit here. If they put a brand standard in place on the franchisees, they got to do it themselves at their own hotels. And that -- they like that because they think that we just will think more in-line with franchisees along those lines. And again, it's the whole idea that you're getting in with Sonesta and if you franchise, let's say, an extended stay hotel with us, you might be 1 of 3 in the entire marketplace, the whole metropolitan area where it's located. You'll be one of 25 for Marriott. And so, that itself is also very exciting for franchisees. And so, look, I think the potential for Sonesta is pretty robust. That all being said, we have to fully get through COVID. And it is impacting the hotel industry and -- but no different for us than anybody else in the marketplace. But there really is a competitive advantage. And I don't think we really fully grasped the competitive advantage that exists until we sort of put this all together and start talking to potential franchisees.

我不能低估這一點。你不能——大品牌都已經大規模地輕資產化了。這對投資者群體來說非常令人高興，但對特許經營群體來說卻非常不高興他們這樣做了。因此，特許經營者感到大品牌所有者對被迫達到品牌標準感到非常不滿。事實上，Sonesta 本身代表 SVC 管理和經營，許多旅館、特許經營者都覺得，嘿，這裡有志同道合的精神。如果他們對特許經營商制定品牌標準，他們必須在自己的酒店中自行實施。他們喜歡這樣，因為他們認為我們會在這些方面與特許經營者更加一致。再說一次，整個想法是，您加入 Sonesta，如果您與我們特許經營一家長住酒店，那麼您可能會成為整個市場、其所在的整個大都市區的 3 家酒店之一。您將成為萬豪酒店的 25 名會員之一。因此，這本身對加盟商來說也是非常令人興奮的。因此，我認為 Sonesta 的潛力相當強勁。話雖如此，我們必須完全度過新冠疫情的難關。它正在影響酒店業，但對我們來說與市場上的其他人沒有什麼不同。但確實有競爭優勢。我認為，直到我們將所有這些放在一起並開始與潛在的特許經營商交談之前，我們才真正完全掌握了存在的競爭優勢。

Right. You keep referencing Marriott and you could probably throw Hilton in the same basket. And we've heard a lot of pushback from owners about brand standards as it relates to over the past year with COVID. But when we think about Sonesta and the fact that you have the Royal Sonesta brand too, which I think, if memory serves me, you're putting on in the 20 Mass Ave property in D.C., doesn't the Royal Sonesta full-service and luxury resorts give kind of an uplift to the whole brand? And it just kind of resonates a little bit like Hyatt, which also historically has had skinning the game and you have a Park Hyatt and you have all the different types of Hyatt, Hyatt Place, et cetera. Is that maybe the direction that Sonesta skews towards?

正確的。如果你一直提到萬豪酒店，你可能會把希爾頓酒店放在同一個籃子裡。我們聽到業主對品牌標準提出了很多反對意見，因為這與過去一年的新冠疫情有關。但是，當我們想到 Sonesta 以及您也擁有 Royal Sonesta 品牌這一事實時，我想，如果我沒記錯的話，您在華盛頓特區 20 Mass Ave 房產中所佩戴的皇家 Sonesta 品牌不是提供全方位服務嗎？豪華度假村為整個品牌帶來了某種提升？它有點像凱悅酒店，歷史上也曾進行過剝皮遊戲，你有柏悅酒店，你有所有不同類型的凱悅酒店、凱悅嘉軒酒店等等。這可能是索尼斯塔偏向的方向嗎？

Yes. The short answer is yes, Bryan. And the fact that we have the high end product, the Royal Sonesta, Sonesta hotels and resorts definitely benefits the overall brand collection of brands at Sonesta that we have. And so, yes. It's definitely part of our strategy. I think not unlike the big brands, you're going to see more of our hotel units will be extended stay select service. But you will definitely see us grow the Royal Sonesta and Sonesta hotels in resort. I think we're basically going after the lowest hanging fruit upfront just because we have gotten a lot of reverse inquiry on the extended-stay in select service and we got to get that sort of up and going. But yes, we will naturally move up the ladder and eventually start doing deals with Sonesta Resort and Hotels and Royal Sonesta. I just think we don't even have to go there quite yet because there's so much opportunity in the extended-stay in select service that we try to work towards over the next several months, year or so.

是的。簡短的回答是肯定的，布萊恩。事實上，我們擁有高端產品、皇家索尼斯塔、索尼斯塔酒店和度假村，這無疑有利於我們擁有的索尼斯塔品牌的整體品牌系列。所以，是的。這絕對是我們策略的一部分。我認為與大品牌不同的是，您將看到我們更多的酒店單位將提供延長住宿選擇服務。但您肯定會看到我們在度假村中發展皇家索尼斯塔酒店和索尼斯塔酒店。我認為我們基本上是在前期追求最容易實現的目標，只是因為我們收到了很多關於精選服務的長期住宿的反向詢問，我們必須開始進行這種工作。但是，是的，我們自然會晉升並最終開始與索尼斯塔度假村和酒店以及皇家索尼斯塔進行交易。我只是認為我們甚至不必去那裡，因為精選服務的長期住宿有很多機會，我們將在接下來的幾個月、一年左右的時間裡努力爭取。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Adam Portnoy for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回由亞當·波特諾伊（Adam Portnoy）致閉幕詞。

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。

Thank you, sir. Today's conference call is now concluded. You may now disconnect your lines and have a wonderful day.

謝謝你，先生。今天的電話會議現已結束。您現在可以斷開線路並度過美好的一天。