RMR Group Inc (RMR) 2021 Q2 法說會逐字稿

Good day, and welcome to The RMR Group Fiscal Second Quarter 2021 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 RMR 集團 2021 年第二季財報電話會議。 （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, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續。

Good afternoon, and thank you for joining RMR's Second Quarter of Fiscal 2021 Conference Call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan.

下午好，感謝您參加 RMR 2021 財年第二季電話會議。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。

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.

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, May 10, 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.

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 5 月 10 日）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。

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

有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會提交的文件中，您可以在我們的網站 www.rmrgroup.com 上找到該文件。投資者應注意不要過度依賴任何前瞻性陳述。此外，我們可能會在本次電話會議中討論非 GAAP 數據，包括調整後淨利潤、調整後每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率。根據美國公認會計原則確定的淨利潤與調整後淨利潤、調整後每股收益、調整後 EBITDA 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 for joining us this afternoon, everyone. To begin today's call, I wanted to first touch on the broader economy and its impact on RMR and our clients. Throughout the early part of 2021, we believe the country has achieved several critical milestones that have and will continue to provide positive tailwinds across many aspects of our platform. With over 58% of the U.S. adult population having received at least the first dose of the vaccine, and COVID restrictions generally easing, we are starting to see signs of a return to normal.

謝謝邁克爾，也謝謝大家今天下午加入我們。在今天的電話會議開始之前，我想先談談更廣泛的經濟及其對 RMR 和我們客戶的影響。在 2021 年初，我們相信該國已經實現了幾個關鍵的里程碑，這些里程碑已經並將繼續為我們平台的許多方面提供積極的推動力。隨著超過 58% 的美國成年人至少接種了第一劑疫苗，並且新冠病毒限制普遍放鬆，我們開始看到恢復正常的跡象。

Some examples of this include: tenant activity at the office properties we manage on behalf of our clients continues to increase as our property management teams increasingly work with tenants on bringing their employees back to the office; at SVC, their leisure destination hotels have seen significant increases in occupancy, as pent-up demand for travel has begun to materialize while full-service group booking trends at Sonesta were up 12% month-over-month in March; and lastly, at DHC's senior living communities, move-ins increased 24% on a sequential quarter basis. And DHC recently experienced its first sequential monthly occupancy increases since the start of the pandemic.

這方面的一些例子包括：隨著我們的物業管理團隊越來越多地與租戶合作，將他們的員工帶回辦公室，我們代表客戶管理的辦公物業的租戶活動持續增加；在SVC，由於被壓抑的旅遊需求已經開始顯現，其休閒目的地飯店的入住率顯著增加，而Sonesta的全方位服務團體預訂趨勢在3月份環比增長了12%；最後，在 DHC 的老年生活社區，入住人數較上季增加了 24%。 DHC 最近經歷了自大流行開始以來的首次月度入住率連續增長。

Our confidence in a return to normal is also being seen in operating results at our clients. Leasing momentum continued into the second fiscal quarter with RMR ranging 3.4 million square feet of leases on behalf of our clients, an increase of over 1 million square feet from last quarter. The weighted average lease term of this leasing activity was approximately 9 years, and came with a weighted average roll up in rent of just under 10% on a GAAP basis. Further, cash collection rates across our platform remain over 97%, and tenant rent deferral discussions have all but ceased.

我們對恢復正常的信心也反映在客戶的經營績效上。租賃動能持續到第二財季，代表客戶的 RMR 租賃面積為 340 萬平方英尺，比上季增加了超過 100 萬平方英尺。該租賃活動的加權平均租賃期限約為 9 年，以 GAAP 計算，租金加權平均上漲略低於 10%。此外，我們平台上的現金回收率仍然超過 97%，租戶租金延期的討論幾乎停止了。

The net result of these positive tailwinds was seen in RMR's financial results as management and advisory service revenues of $42 million represented our third straight quarter of service revenue growth. I expect this trend to continue through the remainder of fiscal 2021 as our 3 managed equity REITs that are paying base business management fees on an enterprise value basis continue to experience share price appreciation. On a sequential quarter basis, SVC, DHC and OPI's average quarterly share price, each increased between 16% and 18%.

這些正面推動因素的最終結果體現在 RMR 的財務表現中，管理和諮詢服務收入達到 4,200 萬美元，代表我們的服務收入連續第三個季度成長。我預計這一趨勢將持續到 2021 財年剩餘時間，因為我們的 3 個管理股權房地產投資信託基金（根據企業價值支付基本業務管理費）將繼續經歷股價升值。以季度計算，SVC、DHC 和 OPI 的平均季度股價分別上漲 16% 至 18%。

It's also important to note, there remains considerable upside to be unlocked through continued share price increases at our managed equity REITs. With all our managed equity REITs, except ILPT, paying base business management fees on an enterprise value basis, there remains an annual lost revenue opportunity of approximately $45 million as of March 31.

另外需要注意的是，透過我們管理的股權房地產投資信託基金的股價持續上漲，仍有相當大的上行空間有待釋放。我們所有管理的股權 REIT（ILPT 除外）均根據企業價值支付基本業務管理費，截至 3 月 31 日，年度收入機會損失仍約為 4,500 萬美元。

In addition to the current economic and pandemic-related trends, I'd like to highlight some of the more noteworthy events at our clients this past quarter. DHC and Five Star recently agreed to amend their management agreements. With 108 largely smaller and higher acuity senior living communities being transitioned away from Five Star to a diverse group of best-in-class operators around the country. Meanwhile, Five Star will continue operating the remaining 120 larger senior living communities that generally service lower acuity residents in the area of operational strength for Five Star. Both DHC's and Five Star's liquidity remain comfortably positioned to support this transition.

除了當前的經濟和流行病相關趨勢之外，我還想強調上個季度我們的客戶發生的一些更值得注意的事件。 DHC 和五星級最近同意修改其管理協議。全國有 108 個規模較小、但敏銳度較高的老年生活社區正在從五星級轉型為多元化的一流營運商群體。同時，五星級將繼續運作其餘 120 個較大的老年生活社區，這些社區通常為五星級營運實力範圍內的視力較低的居民提供服務。 DHC 和五星級的流動性仍然能夠輕鬆支持這一轉變。

SVC has now completed the transition of over 200 IHG and Marriott hotels to Sonesta's management. As a result of these hotel transitions, in addition to Sonesta's recent acquisition of Red Lion Hotels, Sonesta is now one of the largest hotel companies globally, with close to 1,300 locations, more than 140,000 guest rooms and a diversified portfolio of 15 brands across multiple markets.

SVC 現已完成將 200 多家 IHG 和萬豪酒店移交給 Sonesta 管理。由於這些酒店轉型，除了Sonesta 最近收購紅獅酒店外，Sonesta 現在已成為全球最大的酒店公司之一，擁有近1,300 個地點、超過140,000 間客房以及涵蓋多個領域的15 個品牌的多元化投資組合。市場。

Over time, Sonesta plans to leverage Red Lion's platform to expand upon its more than 900 franchise locations, increasing the scale of its business and building greater brand awareness. Both ILPT and its joint venture partners in our recently launched industrial fund are eager to pursue new industrial investments. ILPT has capacity to fund portfolio growth with more than $550 million of liquidity, and its joint venture partners have committed significant capital to the sector. During the quarter, ILPT agreed to purchase an industrial asset near the Rickenbacker Intermodal Terminal and Airport in Columbus, Ohio, for $31.5 million. While competition for industrial assets remains highly elevated, RMR's acquisition group continues to screen a significant volume of transactions and made bids for over $500 million of individual assets in the first quarter alone.

隨著時間的推移，Sonesta 計劃利用紅獅的平台擴大其 900 多個特許經營地點，擴大其業務規模並建立更高的品牌知名度。 ILPT 及其最近推出的工業基金中的合資夥伴都渴望尋求新的工業投資。 ILPT 有能力以超過 5.5 億美元的流動性為投資組合成長提供資金，其合資夥伴已向該行業投入了大量資金。本季度，ILPT 同意以 3,150 萬美元的價格購買俄亥俄州哥倫布市 Rickenbacker 聯運航站樓和機場附近的工業資產。儘管工業資產的競爭仍然高度激烈，但 RMR 的收購團隊繼續篩選大量交易，僅在第一季就對超過 5 億美元的單一資產進行了出價。

OPI's active capital recycling program has helped generate over $930 million of liquidity to support leasing, acquisitions and development activities. The pipeline for potential acquisitions continues to improve, and we are seeing an increase in opportunities that involves high-quality office buildings. We believe OPI remains well positioned to take advantage of strategic opportunities, while it also continues its focus on leasing and generating same-store operating improvements.

OPI 積極的資本回收計劃已幫助產生了超過 9.3 億美元的流動資金來支持租賃、收購和開發活動。潛在收購管道持續改善，我們看到涉及高品質辦公大樓的機會增加。我們相信 OPI 仍能充分利用策略機遇，同時持續專注於租賃和改善同店營運。

At the end of April, we were excited to announce that our 2 mortgage REITs, RMR Mortgage Trust and Tremont Mortgage Trust, have entered into a definitive merger agreement. Given the similar nature of the 2 businesses, we think the combined platform benefits from enhanced scale with fully invested assets expected to approach $1 billion. We expect this transaction will be immediately accretive to both sets of shareholders provide increased shareholder liquidity and reduce their respective cost of capital.

4 月底，我們很高興地宣布，我們的 2 個抵押房地產投資信託基金（RMR Mortgage Trust 和 Tremont Mortgage Trust）已簽訂最終合併協議。鑑於這兩項業務的相似性質，我們認為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。我們預期此交易將立即為雙方股東帶來增值，增加股東流動性並降低各自的資本成本。

Turning to our efforts to grow the RMR platform. In addition to the industrial fund, we have continued to organically build relationships with large sovereign wealth investors. These investors have come to appreciate RMR's operating platform and our access to transactions, which, in turn, has helped generate interest in joint ventures in several of the real estate sectors we manage. We have also begun exploring building our own internal capital markets team to build off this momentum and expand into other capital sources, such as family offices and high net worth investors.

談談我們為發展 RMR 平台所做的努力。除了產業基金之外，我們也持續與大型主權財富投資者建立有機的關係。這些投資者開始欣賞 RMR 的營運平台和我們的交易管道，這反過來又有助於激發人們對我們管理的多個房地產領域的合資企業的興趣。我們也開始探索建立自己的內部資本市場團隊，以鞏固這一勢頭，並擴展到其他資本來源，例如家族辦公室和高淨值投資者。

At the same time, we continue to engage in dialogues with a handful of potential real estate private equity M&A targets, though, as we said in the past, any potential transaction is most likely only going to require a portion of our available cash balance and leave us with significant excess capital. As a result, our Board continues to assess possible alternative uses for any excess cash with a current leaning towards returning some of it to our shareholders in the form of a special onetime dividend later this year.

同時，我們繼續與一些潛在的房地產私募股權併購目標進行對話，不過，正如我們過去所說，任何潛在的交易很可能只需要我們可用現金餘額的一部分，並且給我們留下大量過剩資本。因此，我們的董事會繼續評估任何多餘現金的可能替代用途，目前傾向於在今年稍後以特別一次性股息的形式將其中部分現金返還給我們的股東。

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. In the second fiscal quarter, we reported adjusted net income of $6.1 million or $0.37 per share, and adjusted EBITDA of $21 million. This quarter's results were adversely impacted by 2 items we highlighted on our last earnings call. First, we incurred approximately $800,000 in G&A costs or $0.02 per share, related to annual share grants issued to our Board of Directors. And secondly, the first calendar quarter of each year includes increased levels of cash compensation as payroll tax withholdings and 401(k) contributions restart, which represented approximately $1.1 million or $0.02 per share.

謝謝亞當，大家下午好。在第二財季，我們報告調整後淨利為 610 萬美元，即每股 0.37 美元，調整後 EBITDA 為 2,100 萬美元。本季的業績受到我們在上次財報電話會議上強調的兩個項目的不利影響。首先，我們產生了約 80 萬美元的一般管理費用或每股 0.02 美元，與每年向董事會發放的股票授予有關。其次，隨著薪資稅預扣和 401(k) 繳款重新啟動，每年第一季的現金補償水準將提高，相當於約 110 萬美元或每股 0.02 美元。

As we look ahead to next quarter and consider the positive tailwinds Adam highlighted earlier, we expect they will translate into adjusted earnings per share between $0.45 and $0.48, and adjusted EBITDA between $23 million and $25 million. I will be providing color on the variables supporting these projections throughout the remainder of my prepared remarks.

當我們展望下個季度並考慮Adam 先前強調的積極推動因素時，我們預計它們將轉化為調整後每股收益0.45 美元至0.48 美元之間，調整後EBITDA 介於2300 萬美元至2500 萬美元之間。我將在我準備好的發言的其餘部分中對支持這些預測的變數提供顏色。

Management and advisory service revenues were $42 million this quarter, a $700,000 increase on a sequential quarter basis. This increase was due to improvements in the average enterprise value at our managed equity REITs, and the reinstatement of Tremont's management fees effective January 1, both of which helped offset the impact of 2 fewer days in the quarter and lower construction activity. This quarter's results also include $620,000 in incentive fees from Tremont. These incentive fees represent 20% of returns on equity above a 7% hurdle rate. Currently, we do not expect any further incentive fees from either of our mortgage REITs for the remainder of the fiscal year.

本季管理和諮詢服務收入為 4,200 萬美元，比上一季增加 70 萬美元。這一增長是由於我們管理的股權房地產投資信託基金的平均企業價值提高，以及自1 月1 日起恢復Tremont 的管理費，這兩者都有助於抵消本季天數減少2 日和建築活動減少的影響。本季的業績還包括來自 Tremont 的 62 萬美元獎勵費。這些激勵費用佔股本回報率的 20%，高於 7% 的最低門檻利率。目前，我們預計在本財年剩餘時間內，我們的抵押房地產投資信託基金將不會再收取任何進一步的獎勵費用。

Looking ahead to next quarter, we expect management and advisory service revenues to be between $44.5 million and $46 million. These elevated revenue levels are based on 3 primary factors. First and most importantly, the assumed continuation of current share prices and leverage levels at our managed equity REITs. Secondly, projected increases in construction activity that will generate approximately $1.5 million in incremental construction management fees. And lastly, incremental service revenues from Sonesta of $500,000 as a result of their expanded footprint and increased travel velocity.

展望下個季度，我們預計管理和諮詢服務收入將在 4,450 萬美元至 4,600 萬美元之間。這些收入水準的提高是基於三個主要因素。首先也是最重要的是，我們管理的股權房地產投資信託基金當前股價和槓桿水準的假設持續。其次，預計建築活動的增加將產生約 150 萬美元的增量建築管理費。最後，由於 Sonesta 足跡的擴大和旅行速度的提高，Sonesta 的服務收入增加了 50 萬美元。

As it relates to incentive fees from our managed equity REITs, we are pleased to report that OPI began accruing incentive fees for calendar 2021. As a reminder, we only record incentive fee revenue at December 31 of each year. However, if March 31 have been the end of a measurement period, we would have earned an annual incentive fee of approximately $21 million or $0.46 per share.

由於它與我們管理的股權 REIT 的激勵費有關，我們很高興地報告，OPI 開始在 2021 年提列激勵費。提醒一下，我們只在每年 12 月 31 日記錄激勵費收入。然而，如果 3 月 31 日是衡量期結束日，我們將獲得約 2,100 萬美元或每股 0.46 美元的年度激勵費。

Turning to expenses for the quarter. Cash compensation of $30.6 million increased approximately $1.1 million on a sequential quarter basis, largely driven by payroll tax and 401(k) contributions resetting on January 1. For the remainder of the fiscal year, we expect cash compensation to be approximately $30.5 million per quarter. While our cash reimbursement rate dipped to 43% this quarter, as it typically does each first calendar quarter, we expect our cash reimbursement rate to be closer to 45% for the remainder of the fiscal year.

轉向本季的支出。現金薪酬為3,060 萬美元，比上一季增加約110 萬美元，這主要是由於工資稅和1 月1 日重置的401(k) 繳款所致。在本財年剩餘時間內，我們預計每季現金薪酬約3,050 萬美元。雖然本季我們的現金報銷率下降至 43%（通常每個第一季都會如此），但我們預計本財年剩餘時間的現金報銷率將接近 45%。

G&A expenses were $6.3 million, excluding approximately $800,000 in director share grants. For the remainder of the fiscal year, we expect G&A expenses to be approximately $6.5 million per quarter.

一般管理費用為 630 萬美元，不包括約 80 萬美元的董事股份授予。在本財年剩餘時間內，我們預計每季的一般管理費用約為 650 萬美元。

As it relates to our balance sheet, we ended the quarter with approximately $376 million in cash, and we continue to have no debt. As Adam highlighted earlier, it is our expectation that we will recommend to our Board of Directors that a portion of our cash balance be retained for growth initiatives, yet provide for a meaningful return of shareholder capital via a possible special dividend.

由於與我們的資產負債表相關，本季末我們擁有約 3.76 億美元的現金，我們仍然沒有債務。正如亞當早些時候強調的那樣，我們期望我們將向董事會建議保留一部分現金餘額用於成長計劃，同時透過可能的特別股息為股東資本提供有意義的回報。

Before we go to questions, I'd like to acknowledge our recently published sustainability report, which can be found on our website. As a reminder, our collective operating platform spans $32 billion in assets under management, 9 publicly traded entities, a collective $10 billion in annual revenues and approximately 43,000 employees. Our sustainability report provides a comprehensive overview of our long-term environmental goals, and successes to date in driving energy, emissions, water and waste savings against those goals as well as the contributions we make to the communities we operate in and the investments we are making in our people.

在我們開始提問之前，我想感謝我們最近發布的永續發展報告，可以在我們的網站上找到。需要提醒的是，我們的集體營運平台管理著 320 億美元的資產、9 個上市實體、總計 100 億美元的年收入和約 43,000 名員工。我們的永續發展報告全面概​​述了我們的長期環境目標、迄今為止在實現這些目標方面在推動能源、排放、節水和廢物節約方面取得的成功，以及我們對我們經營所在社區的貢獻和我們的投資培養我們的員工。

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) And the first question will come from Jim Sullivan with BTIG.

（操作員說明）第一個問題將由 BTIG 的 Jim Sullivan 提出。

So a couple of questions. First of all, you talked about the special dividend, the onetime dividend. And I just wonder if you could help us kind of think about sizing here. And I know that you've had ongoing consideration of buying a private equity platform, but could that special dividend be as much as half of the cash that you're currently sitting with?

有幾個問題。首先，您談到了特別股息，即一次性股息。我只是想知道你是否可以幫助我們考慮這裡的尺寸。我知道您一直在考慮購買私募股權平台，但是特別股息可以達到您目前持有的現金的一半嗎？

Sure. Jim, thanks for the question. The good news is about returning capital to shareholders is we're sort of debating sort of a happy problem, which is what's the best form to do it and how much to return to shareholders. And I think reasonable people can come to different conclusions on this, and no one's particularly right or wrong.

當然。吉姆，謝謝你的提問。好消息是關於向股東返還資本，我們正在爭論一個令人高興的問題，即最好的形式是什麼以及向股東返還多少。我認為理性的人對此可能會得出不同的結論，沒有人特別對或錯。

In terms of the size of a special dividend, I think that it could be up to half, or approximately half the cash, generally speaking. I think the final determination will be made by the Board in the coming meetings. And like I said before at our last quarterly call, I expect that we'll make an announcement before the end of our fiscal year.

就特別股息的規模而言，我認為一般來說最多可以是現金的一半，或大約一半。我認為最終的決定將由董事會在接下來的會議上做出。正如我之前在上一季電話會議上所說，我預計我們將在本財年結束前發佈公告。

Okay. Very good. And then, Adam, in your prepared comments, where you talked about still having continuing discussions regarding the acquisition of a private equity platform. You used the word handful. You're still in conversations with a handful of -- or maybe considering a handful of situations or opportunities. And I'm just curious, have -- is it your conclusion that there's simply less product or potential opportunities available to acquire, or -- than maybe you thought there might be? Or that there's just too big of a spread between the bids and the asks on what is available?

好的。非常好。然後，亞當，在您準備好的評論中，您談到仍在繼續討論有關收購私募股權平台的問題。你用了「少數」這個詞。您仍在與少數人進行對話，或者可能正在考慮少數情況或機會。我只是好奇，你的結論是，可供獲取的產品或潛在機會比你想像的要少嗎？或者對於可用產品的出價和要價之間存在太大差異？

Yes. Great question. To step back for a second. Over 2 years ago, we sort of started this initiative where we said we wanted to expand our capital base and put the work money from private capital sources beyond just public capital sources. And at the time, we really said we're going to try and go down 2 paths at the same time. We said we're going to try and build it organically, and we're going to try to think about M&A to sort of accelerate that.

是的。很好的問題。退後一步。兩年多前，我們開始了這項計劃，我們表示希望擴大我們的資本基礎，並將來自私人資本來源的工作資金不僅限於公共資本來源。當時，我們確實說過我們將嘗試同時走兩條路。我們說過我們將嘗試有機地建造它，我們將嘗試考慮併購來加速這一過程。

I think we've had a fair amount of success building it organically and I think we are going to continue to have some success. We are continuing to have good conversations with a lot -- with different partners, large groups or private investors or sovereign wealth investors about not only our existing industrial fund but other asset classes as well. And you heard in my prepared remarks how we're thinking about maybe expanding our own capital markets capabilities internally as well.

我認為我們在有機建造它方面已經取得了相當大的成功，我認為我們將繼續取得一些成功。我們正在繼續與許多人進行良好的對話——與不同的合作夥伴、大型集團或私人投資者或主權財富投資者，不僅討論我們現有的工業基金，還討論其他資產類別。你們在我準備好的演講中聽到了我們正在考慮如何在內部擴大我們自己的資本市場能力。

At the same time, as we looked at M&A for the last couple of years, it's not that there's a lack of opportunities. There's actually been more than a handful of firms that were quite eager to engage with us, but that we decided did not make strategic sense for us to go forward. There's been a couple of firms that we have gone down and had pretty significant discussions with. And I think it's fair to say that it's not necessarily price when we find something that we think is attractive. It really comes down to control and social issues at that point. And I think that's really what's sort of put a -- has led us to have some difficulties in closing on some of these opportunities or moving forward with some of these opportunities.

同時，當我們審視過去幾年的併購時，並不缺乏機會。實際上有不少公司非常渴望與我們合作，但我們認為這些公司對我們的前進沒有戰略意義。我們已經與幾家公司進行過交流並進行了相當重要的討論。我認為可以公平地說，當我們發現我們認為有吸引力的東西時，它不一定是價格。這其實歸結為控制和社會問題。我認為這確實導致我們在抓住其中一些機會或推進其中一些機會方面遇到一些困難。

But it's not for a lack of opportunities. I just -- you could say, we're being very diligent, very thorough. Remember, I'm one of the largest shareholders here in this company, and I don't want to just do an acquisition for acquisition's sake. It's got to really bring a lot of value to the table. And there are some opportunities that I think fit the bill, but we just haven't been able to make it work to date. That all being said, we're continuing to have more success building it organically. And as we get more success building organically, sort of the bar, in my mind, to do an acquisition sort of rises, comes a little higher. Because as we are able to do it more and more on our own, we have less of a need to bring in an external source because it's going to be less of an accelerant than it might have been if we had -- if we don't build it organically. So hopefully, that answers your question, Jim.

但這並不是因為缺乏機會。我只是──你可以說，我們非常勤奮、非常徹底。請記住，我是這家公司最大的股東之一，我不想只是為了收購而收購。它必須真正帶來很多價值。我認為有一些機會符合要求，但迄今為止我們還未能使其發揮作用。話雖如此，我們在有機建構它方面將繼續取得更多成功。在我看來，隨著我們在有機建設上取得更多成功，進行收購的門檻會更高一些。因為隨著我們越來越能夠自己做到這一點，我們就不再需要引入外部資源，因為它的促進劑作用會比我們有的時候少——如果我們不這樣做的話。不要有機地建造它。希望這能回答你的問題，吉姆。

Yes, sure. And I think it makes sense. And then the final question for me. In the prepared comments about the 3 factors that would drive management revenues higher over the course of the year to the $44.5 million to $46 million per quarter range. The third item was -- had to do with Sonesta. And I wonder if one of you could simply repeat that comment, what you're expecting from Sonesta over the balance of the year? Obviously, the company is growing rapidly with its -- with the combined acquisition as well as the brand transitioning. So if we could just -- if you could just repeat what the quarterly impact is that you're indicating or expecting in your guidance?

是的，當然。我認為這是有道理的。然後是我的最後一個問題。在準備好的評論中，有 3 個因素將推動全年管理收入提高至每季 4,450 萬美元至 4,600 萬美元的範圍。第三件事是──與索尼斯塔有關。我想知道你們中是否有人可以簡單地重複一下這一評論，您對索尼斯塔在今年餘下的時間裡有何期望？顯然，透過合併收購以及品牌轉型，該公司正在快速發展。那麼，如果我們可以——如果您可以重複您在指導中指出或預期的季度影響是什麼？

Yes. So Jim, this quarter, Sonesta generated about $600,000 in fee revenue for RMR. Next quarter, we're expecting that to go to about $1.1 million, up $500,000 is what we referenced in our prepared remarks. And we would expect that to again grow by another $0.5 million in our fourth fiscal quarter to $1.6 million. Obviously, a piece of that is the growth of the transition hotels and then expectations around trends in a recovery and where the U.S. economy is headed.

是的。 Jim，本季度，Sonesta 為 RMR 帶來了約 60 萬美元的費用收入。下個季度，我們預計該數字將達到 110 萬美元左右，比我們在準備好的評論中提到的增加 50 萬美元。我們預計第四財季這數字將再次成長 50 萬美元，達到 160 萬美元。顯然，其中一部分是轉型酒店的成長，以及對復甦趨勢和美國經濟走向的預期。

And the next question will come from Bryan Maher with B. Riley FBR.

下一個問題將由 Bryan Maher 和 B. Riley FBR 提出。

Just to clarify on Jim's question and your response with building organically, what specifically do you mean there? Are you hiring in-house individuals to kind of pursue that business as opposed to buying an actual entity?

只是為了澄清吉姆的問題和你對有機建設的回應，你具體上是什麼意思？您是否正在僱用內部人員來開展該業務，而不是購買實際的實體？

Bryan, yes, a little bit in terms of hiring individuals around capital markets. And so when you say pursue that entity, what we're really talking about is raising capital to invest principally in core real estate. We're not -- we -- for a long time, we have not specifically been trying to -- we don't think RMR's expertise in the marketplace, while we have done it, is necessarily that we have a long track record of doing a lot of opportunistic investing or value-add investing in real estate. I think most folks look at us and say we have a long track record and a successful track record around owning core real estate, mature real estate that's cash flow and well occupied.

布萊恩，是的，有點關於資本市場招募人員的問題。因此，當你說追求該實體時，我們真正談論的是籌集資金，主要投資於核心房地產。我們不——我們——很長一段時間以來，我們沒有專門嘗試——我們不認為 RMR 在市場上的專業知識，雖然我們已經做到了，但不一定是我們擁有長期的跟踪記錄在房地產領域進行大量機會主義投資或增值投資。我想大多數人看著我們都會說我們在擁有核心房地產、現金流充足且佔用率高的成熟房地產方面擁有悠久的記錄和成功的記錄。

And so we -- when I say growing inorganically, we are making inroads, and I think doing it well with large pools of capital, principally sovereign wealth investors, about investing on their behalf and managing capital on their behalf to invest in core real estate in different sectors, not just industrial, but including industrial and others. So that's what we mean by building it organically. What we've been always looking for in an acquisition, and this might help answer your question, is not necessarily the ability to manage and identify real estate. We've always felt very confident that we have that expertise internally. It was much more about buying relationships with capital and, to a certain extent, building a track record.

因此，當我說無機成長時，我們正在取得進展，而且我認為與大量資本（主要是主權財富投資者）一起做得很好，代表他們進行投資並代表他們管理資本以投資於核心房地產在不同的部門，不僅是工業，還包括工業和其他部門。這就是我們有機建造它的意思。我們一直在收購中尋找的東西不一定是管理和識別房地產的能力，這可能有助於回答您的問題。我們一直對我們內部擁有這種專業知識充滿信心。更重要的是購買與資本的關係，並在某種程度上建立良好的業績記錄。

A track record, what I mean by that is a track record running, let's say, private funds that you can then build off of to go to other capital sources. Those were the 2 principal things that we would have and continue to be, find most attractive in an M&A situation. And so when I say hiring folks, it's really expanding beyond what we sort of have laid the groundwork in terms of what today, to date, sovereign investors, but thinking about building out a capital markets team that at first might be rather small, 1 or 2 individuals, that would spend their time focused on raising capital, let's say, from other sources besides sovereign wealth investors. But again, with a focus towards investing in core real estate, which is, again, what our expertise is, that's where -- that's our -- that's what we do better than I think most others, and we have a long track record of doing. So I hope that answers your question, Bryan.

追蹤記錄，我的意思是，私募基金的運作記錄，然後你可以利用它去尋找其他資本來源。這些是我們將擁有並將繼續成為的在併購情況下最具吸引力的兩個主要因素。因此，當我說招募人員時，它實際上超出了我們今天迄今為止為主權投資者奠定的基礎，而是考慮建立一個最初可能相當小的資本市場團隊，1或兩個人，他們會花時間專注於從主權財富投資者以外的其他來源籌集資金。但同樣，重點是投資核心房地產，這也是我們的專業知識，這就是我們比我認為大多數其他人做得更好的地方，而且我們擁有長期的記錄正在做。所以我希望這能回答你的問題，布萊恩。

Right. I mean I think that what people I've talked to and just in my own experiences, we wouldn't want to see you go spend money buying a small PE or M&A shop, where the assets walk out the door every night, right? And we've all seen that in the past 20 years, x buys y, and a year later, 1/3 of the people are gone, right? So I've always felt that it's maybe a little bit better, if you're going to do something, start off small, just go hire those people, right, from somebody else. So that's kind of what I was driving at.

正確的。我的意思是，我認為與我交談過的人以及根據我自己的經驗，我們不希望看到你花錢購買一家小型私募股權或併購商店，資產每晚都會被淘汰，對嗎？而且我們都看到，過去20年，x買了y，一年後，1/3的人就走了，對吧？所以我一直覺得，如果你要做某事，從小事做起，從其他人那裡僱用這些人，對吧，這可能會更好一些。這就是我的目的。

Yes.

是的。

Kind of moving on and sticking with sovereign wealth for a second. What would you say that their appetite has been for doing more deals with you, a, like we saw with ILPT? And b, maybe like a diversified healthcare trust with the Vertex Pharmaceutical building? Is their appetite elevated? The same? Gone away? What's the thought process there?

有點繼續前進並堅持主權財富一秒鐘。您認為他們渴望與您進行更多交易，就像我們在 ILPT 中看到的那樣？ b，也許像 Vertex Pharmaceutical 大樓的多元化醫療保健信託基金？他們的食慾增加了嗎？相同？走了？那裡的思考過程是怎麼樣的？

Yes. I think I was alluding to it a little bit in my prepared remarks. I'd say their appetite is elevated. I think that, one, as we have done deals with some partners, they have been -- I think they've had a good experience, both with the assets they've invested, but also the experience of working with RMR. I think they've come to appreciate our operating platform, our ability to produce reports, our timeliness and communications, our professionalism. I think we have done a very good job in the last, call it, 6 months to a year with some of these firms that we have a relationship with now.

是的。我想我在準備好的發言中稍微提到了這一點。我想說他們的食慾很高。我認為，第一，正如我們與一些合作夥伴達成的交易一樣，我認為他們擁有很好的經驗，不僅有他們投資的資產，還有與 RMR 合作的經驗。我認為他們已經開始欣賞我們的營運平台、我們製作報告的能力、我們的及時性和溝通以及我們的專業。我認為我們在過去 6 個月到一年的時間裡，與我們現在有合作關係的一些公司做得非常好。

And that leads to additional relationships. One, that means those firms we are doing -- that we have done business with want to do more with us. And then -- but more importantly, and this is what's been very encouraging, they introduce us to other sovereigns. And with those types of introductions are maybe the best that you can get is when somebody says, this is one of our existing partners, they're doing a great job. You should talk to them. I think you would enjoy working with them as well. We've had introductions like that, and those have been good conversations and productive conversations.

這會帶來額外的關係。第一，這意味著那些與我們有業務往來的公司希望與我們做更多的事情。然後——但更重要的是，這是非常令人鼓舞的，他們向我們介紹了其他主權國家。透過這些類型的介紹，你能得到的最好的結果可能就是有人說，這是我們現有的合作夥伴之一，他們做得很好。你應該和他們談談。我想你也會喜歡和他們一起工作。我們進行過類似的介紹，這些都是很好的對話，而且很有成效。

So that's -- I would say the interest is very good, and I expect it to continue to be there. I think -- look, I think in the year -- in the calendar year 2021, we will have additional announcements around other strategies with sovereign wealth investors, with different asset classes beyond industrial. I'm pretty confident that will happen in the calendar year.

所以，我想說，人們的興趣非常好，而且我希望這種興趣能繼續存在。我認為——看，我認為在 2021 年，我們將與主權財富投資者就其他策略發布更多公告，涉及工業以外的不同資產類別。我非常有信心這將在今年發生。

Okay. And then last for me, and maybe this is a 2-part question. It's clear that ILPT and OPI both have the capacity and I think the desire to begin kind of growing again, or more is probably a better word. What level of appetite is there, maybe as measured in hundreds of millions? And are you seeing a marked increase in deal flow?

好的。最後對我來說，也許這是一個由兩個部分組成的問題。很明顯，ILPT 和 OPI 都有能力，我認為重新開始成長的願望，或者更多可能是一個更好的詞。食慾達到什麼水平，也許以億計？您是否看到交易流量顯著增加？

Right. OPI has got about $930 million of liquidity. So I guess you could say that could be our maximum appetite. And ILPT has about $550 million of current liquidity. So you could say that's the near-term appetite. And so that's well over, call it, close to $1.5 billion combined between those 2 entities that we could have the appetite for acquisitions.

正確的。 OPI 已獲得約 9.3 億美元的流動資金。所以我想你可以說這可能是我們的最大胃口。 ILPT 目前擁有約 5.5 億美元的流動資金。所以你可以說這是近期的需求。這樣就結束了，我們可能有興趣收購這兩個實體，總價值接近 15 億美元。

In terms of deal flow, on the industrial side, deal flow has been robust. It has been robust now for several months. It continues to be robust. The issue there is that it's becoming a very competitive market in industrial. We -- there's no shortage of opportunities that we are looking at and bidding on. Unfortunately, we just haven't been able to hit -- win on many of those bids, unfortunately. On the office side, I would say that there has been an uptick in opportunities as of late.

從交易流量來看，工業方面的交易流量一直很強勁。幾個月來它一直很強大。它仍然保持強勁。問題在於它正在成為一個競爭非常激烈的工業市場。我們——不乏我們正在尋找和競標的機會。不幸的是，我們未能在其中許多投標中獲勝。在辦公室方面，我想說最近機會增加。

I think as we are in the midst of, let's say, the worst of the pandemic, there weren't a lot of folks that owned office real estate that thought it was the right time to sell. But I think there's been a significant amount of thawing, especially for the higher-quality assets that are well leased to good credit tenants, which is a type of buildings that OPI would be looking at. There has been an uptick in offerings on the office side. But I would say it's pretty specific. It's core office, well leased, good location, newer assets, longer-term lease. So it checks a lot of boxes. Those types of assets weren't even really in the market 6 months ago. They are now in the market. So I think there are more opportunities there.

我認為，當我們正處於疫情最嚴重的時期時，沒有多少擁有辦公房地產的人認為現在是出售的合適時機。但我認為解凍量很大，特別是對於那些出租給信用良好的租戶的高品質資產，這是 OPI 會關注的建築類型。辦公室方面的產品增加。但我想說這是非常具體的。它是核心辦公室，租賃良好，位置優越，資產較新，租賃期限較長。所以它檢查了很多方框。六個月前，這些類型的資產甚至還沒有真正進入市場。它們現在已經上市了。所以我認為那裡有更多的機會。

The next question will be from Owen Lau with Oppenheimer.

下一個問題將由 Owen Lau 和 Oppenheimer 提出。

Could you please give us an update on your maybe occupancy rate in hotels and senior living center compared to the pre-pandemic level? How much upside is there and what makes you confident that you can get back to that pre-pandemic level?

您能否向我們介紹一下您的飯店和老年生活中心的入住率與疫情前水準相比的最新情況？有多少上升空間？是什麼讓您有信心恢復到疫情前的水平？

Sure. So you've hit on the 2 sort of areas within our whole platform that have suffered the greatest during the pandemic, which has been the senior living communities that we own as well as operate through Five Star as well as the hotels, which we own at SVC and operate at Sonesta.

當然。因此，您已經談到了我們整個平台中在大流行期間遭受最嚴重影響的兩類領域，即我們擁有並通過五星級運營的老年生活社區以及我們擁有的酒店在 SVC 並在 Sonesta 運營。

Both -- let me take the senior living industry first, and then I'll talk about hotels. In senior living, the good news is I think we probably hit bottom in terms of occupancy in Q1, calendar Q1 of this year. In our portfolio of senior living communities that we own as well as operate, starting in March of this year, we started to see a slight uptick in occupancy. And we've continued to see that. We're seeing an uptick in leads or what we call tours of the communities by potential residents. We're also seeing a bigger conversion rate of those folks that are coming to look at the communities.

兩者——讓我先談談養老行業，然後我會談談酒店。在老年生活領域，好消息是我認為我們的入住率可能會在今年第一季觸底。從今年三月開始，我們擁有並經營的老年生活社區投資組合中，入住率開始略有上升。我們繼續看到這一點。我們看到潛在居民的線索或我們所說的社區遊覽有所增加。我們也看到那些來查看社區的人的轉換率更高。

The issue in the senior living space is that in a matter of 14 months from the beginning of the pandemic, or call it, 13, 14 months, you had, generally speaking, across the industry, including our own, about 1,300 basis points drop in occupancy. That is an unprecedented drop in occupancy. And that's simply because you had regular move-outs sort of at pre-pandemic levels, but no move-ins. We've turned the corner. The question is, and I don't think anybody knows the answer to this, by the way, is how fast the occupancy will increase. I believe they -- we will have increased occupancy in senior living communities in 2021, and we will end the year much better place than we did beginning of the year, but it's almost anybody's guess whether it's going to be 200 basis points increase in occupancy or a 500 basis point increase in occupancy between -- where we're going to be at the end of the year.

老年生活領域的問題是，在大流行開始後的 14 個月內，或者稱之為 13、14 個月，一般來說，整個行業，包括我們自己的行業，下降了約 1,300 個基點在佔用中。這是入住率前所未有的下降。這只是因為你定期遷出，處於大流行前的水平，但沒有遷入。我們已經渡過了難關。順便說一句，問題是，我認為沒有人知道這個問題的答案，即入住率會增加多快。我相信，到 2021 年，我們老年居住社區的入住率將會增加，年底的情況會比年初好得多，但幾乎所有人都在猜測入住率是否會增加 200 個基點或在年底時入住率增加500 個基點。

I can make the argument either way, and I could tell you how you could get to either one. But in terms of when do we get back to pre-pandemic levels, occupancy specifically, I think general conventional wisdom is somewhere between 2 to 3 years, and some folks in the industry think it could take longer. The good news around the senior living space is there's -- construction activity has been muted. It has slowed down. And so you don't have as much competition in the marketplace. But again, I think we're starting to see a return of things getting better.

我可以以任何一種方式進行論證，我可以告訴你如何得到其中任何一種。但就我們何時才能恢復到大流行前的水平（具體而言是入住率）而言，我認為一般傳統觀點是在2 到3 年之間，而業內一些人士認為這可能需要更長的時間。關於老年居住空間的好消息是——建築活動已經平息。它已經慢下來了。因此，您在市場上的競爭就不那麼激烈了。但我認為我們再次開始看到情況正在好轉。

On the hotel side, again, very devastating drop in occupancy. We look at occupancy at hotels, but we probably spend more time focused on RevPAR and/or flow through to EBITDA, hotel EBITDA. Occupancy, I think you will actually see -- if you focus just on that metric, I think you could see occupancy in certain of our hotels this summer be higher than it was in 2019. Again, the leisure destination, full-service hotels or even -- not even full-service hotels, leisure destinations, I think you could see a higher occupancy alone. But what we're really focused on is when do we get back to pre-pandemic RevPAR and when do we get back to pre-pandemic EBITDA. And I think the wildcard there is, I don't believe in the hotel -- in the -- business activity is going to be much slower in terms of that returning to the hotel sector in terms of the room nights that are going to be spent on business.

在酒店方面，入住率再次出現毀滅性下降。我們關注飯店的入住率，但我們可能會花更多時間關注 RevPAR 和/或 EBITDA、飯店 EBITDA。入住率，我想你實際上會看到——如果你只關注這個指標，我想你可能會看到今年夏天我們某些酒店的入住率高於2019 年。同樣，休閒目的地、全方位服務飯店或甚至——即使不是全方位服務的飯店、休閒目的地，我想你也能看到更高的入住率。但我們真正關注的是我們何時恢復到疫情前的 RevPAR 以及何時恢復到疫情前的 EBITDA。我認為存在一個通配符，我不相信酒店的商業活動會比酒店業的客房夜數回歸慢得多。花在生意上。

Leisure is coming back very quickly. Business, as you know, is 70% to 75% of all hotel nights historically have been driven by business. And so it's the lion's share of the market. The question is when does that come back? I think part of what we have done in our own companies at SVC and through -- by taking back hotels and with Sonesta, we've actually positioned that company to benefit in a post-pandemic hotel world, where I think there's going to be a lot less business travel. I think that rewards program is going to be less important than it was before. I think you got to be a lot more scrappy to pick up every incremental customer. And I think a company like Sonesta is actually better positioned, I believe, better positioned than the major brands to be able to operate in that type of environment going forward.

休閒很快就會恢復。如您所知，歷史上所有飯店住宿的 70% 到 75% 都是由業務驅動的。因此它佔據了最大的市場份額。問題是什麼時候回來？我認為我們在 SVC 自己的公司所做的部分工作是透過收回酒店並與 Sonesta 合作，我們實際上已經將該公司定位為在大流行後的酒店世界中受益，我認為在這個世界中將會有商務旅行少了很多。我認為獎勵計劃將不再像以前那麼重要。我認為你必須更加鬥志旺盛才能吸引每一個增量客戶。我認為像 Sonesta 這樣的公司實際上比主要品牌處於更好的位置，能夠在這種環境中繼續運作。

So when do we get back to '19 RevPAR and hotel EBITDA? Some people in the industry think it could take 4 to 5 years. I think it will be faster than that. I think in the short to medium term, we are actually especially well positioned to do better than some of the major brands, just given the way Sonesta operates and its history versus, let's say, some of the major brands. So that's a long-winded answer for you, but that's my view.

那我們什麼時候才能回到 19 年的 RevPAR 和飯店 EBITDA？一些業內人士認為可能需要4到5年的時間。我認為會比這更快。我認為，從短期到中期來看，考慮到 Sonesta 的運作方式及其歷史，與一些主要品牌相比，我們實際上特別有能力比一些主要品牌做得更好。所以這對你來說是一個冗長的答案，但這是我的觀點。

Yes. That's very comprehensive. Just quickly on capital return. I want to go back to that question. I think, Adam, you mentioned potentially giving a onetime dividend. But how about buyback? Is it off the table or the Board is still considering buyback? And I guess, I think the ultimate question is how would you think about the float versus doing buybacks?

是的。這非常全面。資本回報很快。我想回到那個問題。我想，亞當，你提到了可能給予一次性股息。但回購怎麼樣？是否已不再考慮或董事會仍在考慮回購？我想，我認為最終的問題是你如何看待流通與回購？

Yes. Great question. And again, I want to reiterate, we're talking about happy problems here, right? We're talking about what's the best form to return capital to shareholders. And this is -- again, I think reasonable people can differ on this, and there's no right or perfectly wrong answer. I think the Board is very much open to -- if you want to ask specifically the Board, I think they're very open to everything, dividend or share buyback. What I said in my prepared remarks is I believe the management, including myself, I am currently leaning towards, and I can give you the reasons why, a special onetime dividend would be perhaps our recommendation.

是的。很好的問題。我想再次重申，我們在這裡談論的是快樂的問題，對吧？我們正在討論向股東返還資本的最佳形式。再說一次，我認為理性的人可能會對此有所不同，並且沒有正確或完全錯誤的答案。我認為董事會非常開放——如果你想具體詢問董事會，我認為他們對一切都非常開放，股息或股票回購。我在準備好的演講中所說的是，我相信管理層，包括我自己，我目前傾向於，並且我可以告訴你為什麼，特別的一次性股息可能是我們的建議。

And I think there's 3 principal reasons driving it. And one of them you alluded to, which is we don't have a very big float. And one of the things we did in -- when we did a large secondary equity offering, where we were selling secondary shares, not primary shares a few years ago, was the stated purpose from RMR's perspective was to increase the flow, so that shareholders could participate in the company and its growth. And so I think a share buyback sort of defeats some of that.

我認為有 3 個主要原因推動這一趨勢。你提到的其中之一就是我們沒有很大的浮動資金。我們所做的一件事——幾年前，當我們進行大規模二級股權發行時，我們出售二級股票，而不是一級股票，從RMR 的角度來看，其既定目的是增加流量，以便股東可以參與公司及其成長。因此，我認為股票回購在一定程度上抵消了這一點。

When it comes to the -- then when you think about a dividend, I think we're sort of migrating or on leaning a little bit towards a onetime dividend is being driven more by it's tax-driven to a certain extent. I think we, as an organization, believe that taxes will be higher next year than they are in 2021. If that's the case, try to get as much of the income in 2021 versus in later years. And then we look at it as if you're going to go down the dividend path also, comparing a onetime dividend to just increasing your regular dividend. And the concerns around increasing your onetime -- your regular dividend to the point where it may look like you're distributing more cash than you're generating in cash flow. I do think many investors still look at our regular dividend, and they compare it to our recurring cash generation, and they say, okay, what are you paying out as a percentage of recurring cash generation, and they looked at that metric to judge the health of the business.

當涉及股息時，我認為我們有點遷移或傾向於一次性股息，這在一定程度上更多是由稅收驅動的。我認為，作為一個組織，我們相信明年的稅收將高於 2021 年。如果是這樣的話，請嘗試在 2021 年獲得與以後幾年一樣多的收入。然後我們將其視為您也將走上股息之路，將一次性股息與僅增加定期股息進行比較。以及對增加一次性股息和定期股息的擔憂，以至於看起來您分配的現金多於產生的現金流。我確實認為許多投資者仍然關注我們的定期股息，並將其與我們的經常性現金生成進行比較，他們說，好吧，您支付的股息佔經常性現金產生的百分比是多少，他們通過該指標來判斷企業的健康狀況。

And so I think that's another reason we would be a little reluctant if we're going to go down the path of doing it by a dividend, by doing it in increasing the recurring dividend versus a onetime dividend. Again, this is how I'm leaning. Again, I think these are all happy problems. These are good problems. We're all debating how to give the money back to shareholders, what's the best way to do it. And I guess I'm leaning personally as management, as CEO and as one of the largest shareholders, that I think a onetime dividend is maybe the better option for the company. But again, this will be debated in the coming Board meetings. And the Board themself is still very open to all the options.

因此，我認為，如果我們打算透過股息來實現這一目標，透過增加經常性股息而不是一次性股息，那麼我們會有點不願意的另一個原因。再說一次，這就是我的傾向。再說一次，我認為這些都是快樂的問題。這些都是好問題。我們都在討論如何將錢還給股東，最好的方式是什麼。我想作為管理層、執行長和最大股東之一，我個人傾向於認為一次性股息可能是公司更好的選擇。但同樣，這將在即將召開的董事會上進行辯論。董事會本身仍然對所有選擇持開放態度。

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。

A couple of quick ones from me. Look, #1 is there's been a lot of M&A in the triple-net space with Realty Income and VEREIT, and there's potentially going to be some office assets spun off. Just sort of curious if you guys have ever looked at those assets as something that would fit the bill for OPI? Would there be any interest there?

我的一些快速的。看，#1 是三網領域與 Realty Income 和 VEREIT 進行了大量併購，並且可能會剝離一些辦公室資產。只是有點好奇你們是否曾經將這些資產視為符合 OPI 的要求？那裡會有興趣嗎？

Sure. I think it's safe to say that we're a large enough player in the markets that whenever activities like that or those types of transactions present themselves, it's fair to assume that we're always looking at those opportunities and we evaluate them on a regular basis. And I think the things that you're mentioning, of course, we would evaluate them because there are things that I think, given our size and given the different pockets of capital we have access to that we would look at. And I think we've looked at them in the past, and we will look at those as well.

當然。我認為可以肯定地說，我們是市場上足夠大的參與者，每當出現此類活動或此類交易時，可以公平地假設我們總是在尋找這些機會，並定期評估它們基礎。我認為你提到的事情，我們當然會評估它們，因為我認為，考慮到我們的規模以及我們可以獲得的不同資本，我們會考慮這些事情。我認為我們過去已經研究過它們，我們也會研究它們。

But I don't think there's anything particularly special that I'm saying on the phone out here that I'm saying, well, those assets coming out of, let's say, the VEREIT or Realty Income merger, let's say, those are somehow more important or we feel better about those than others. I just think as part of our job as a manager is to be in the marketplace every day looking at opportunities when they present themselves. We look at -- as you can imagine, the vast majority of what we look at doesn't get acted on. But we just see that as that's our job. And we're able to evaluate a lot of things, and I think this is partly why the sovereign investors enjoy working with us is because we're large enough that we can evaluate a lot of stuff. But again, the vast majority of what we look at never comes to fruition. It's just given the dynamics of how the market is.

但我不認為我在電話裡所說的有什麼特別之處，我想說的是，這些資產來自VEREIT 或Realty Income 合併，比如說，這些資產在某種程度上是來自VEREIT 或Realty Income 合併的資產。比其他人更重要或我們對這些感覺更好。我只是認為，身為經理，我們工作的一部分就是每天在市場上尋找出現的機會。我們所關注的——正如你可以想像的那樣，我們所關注的絕大多數內容都沒有得到落實。但我們只是認為這是我們的工作。我們能夠評估很多東西，我認為這就是主權投資者喜歡與我們合作的部分原因，因為我們足夠大，可以評估很多東西。但同樣，我們所看到的絕大多數都從未實現。它只是考慮到市場的動態。

Got it. That's helpful. And then I want to go back to, I think, some of the comments earlier regarding to the relationship with the sovereign investors. I think I heard you say there potentially could be another sort of announcement as early as this year. Would it be sort of -- is that basically building on sort of the success you've seen with ILPT? Would it be sort of structured similarly? Presumably to be with a outside of industrial? Or just curious if you could just -- any color to the extent that you can. That was really interesting.

知道了。這很有幫助。然後我想回到之前關於與主權投資者關係的一些評論。我想我聽到你說最早今年可能會發布另一種公告。這基本上是建立在您所看到的 ILPT 成功的基礎上嗎？它的結構會類似嗎？大概是在工業之外？或者只是好奇你是否可以——任何你可以的顏色。這真的很有趣。

Yes. I think, yes, it could be something where we do it in a very similar fashion that you saw with ILPT where it's a joint venture that may be one of our managed equity REITs participates in. But we are also talking to them about doing it without the participation of, let's say, one of our managed equity REITs participating in it. Part of the reason we keep a healthy, even if we do a dividend or give some capital back to shareholders, we are retaining and plan to retain a significant amount of cash, is to do co-investments in some -- in opportunities like what you're suggesting.

是的。我認為，是的，我們可能會以與ILPT 非常相似的方式來做這件事，ILPT 是一家合資企業，可能是我們管理的股權房地產投資信託基金之一參與的。但我們也在與他們討論這樣做的事情比方說，沒有我們管理的股權房地產投資信託基金之一的參與。我們保持健康的部分原因是，即使我們派發股息或向股東返還一些資本，我們也保留併計劃保留大量現金，這是對一些機會進行共同投資，例如你在建議。

So I think, again, we're trying to maintain flexibility in the sense that we can do it through RMR, meaning RMR can maybe be a coinvestor for a piece of it, and we'll manage it on behalf of the sovereign investor or other investors. Or we could think about doing it similar to what we did with ILPT, where it may make sense with some of our managed equity REITs to consider a similar structure. Of course, we'd have to go through the appropriate Board approvals and make sure that our independents feel comfortable with any transaction like that, because it'd have to make sense for the REIT itself, not just for RMR. And so that's obviously a hurdle that we must jump over before we would consider something like that.

所以我認為，我們再次試圖保持靈活性，因為我們可以透過 RMR 來做到這一點，這意味著 RMR 可能會成為其中一部分的共同投資者，而我們將代表主權投資者或其他投資者。或者我們可以考慮採取與 ILPT 類似的做法，我們的一些管理股權 REIT 考慮類似的結構可能是有意義的。當然，我們必須獲得適當的董事會批准，並確保我們的獨立人士對此類交易感到滿意，因為它必須對 REIT 本身有意義，而不僅僅是對 RMR 有意義。因此，在我們考慮類似的事情之前，這顯然是我們必須跨越的障礙。

To get back to the first part of your question, yes, we are having -- success begets success. And we are having success, an additional success, because we are having -- I think the investors that have worked with us to date are having a good experience. And so they are interested to do more with us. They are introducing us to other potential partners. And I don't think they would bother introducing us to other partners, unless they were having a good relationship with us. And so that's sort of why we have some optimism around the belief that we can hopefully grow that part of our business organically.

回到你問題的第一部分，是的，我們正在－成功帶來成功。我們正在取得成功，額外的成功，因為我們——我認為迄今為止與我們合作的投資者都獲得了良好的經驗。因此他們有興趣與我們一起做更多事情。他們正在向我們介紹其他潛在的合作夥伴。我認為他們不會費心將我們介紹給其他合作夥伴，除非他們與我們關係良好。這就是為什麼我們對此持樂觀態度，並相信我們有希望有機地發展這部分業務。

Got it. And then my last question was just going back to the $1.5 million incremental construction management fees, which is the delta that you're sort of forecasting. Can you maybe talk a little bit broader about sort of -- is that related to just -- is that nationally? Is it a specific asset type? And also would just like to hear your broader color on what you're seeing in the construction market. Obviously, we hear it's pretty tight, but curious what you guys are seeing on the ground?

知道了。然後我的最後一個問題是回到 150 萬美元的增量施工管理費，這就是您預測的增量。您能否更廣泛地談論一下——這與全國範圍內的情況有關嗎？它是特定的資產類型嗎？我也想聽聽您對建築市場的看法。顯然，我們聽說它非常緊張，但很好奇你們在地面上看到了什麼？

Well, I can start with the fee impact. The first calendar quarter of any year, Ron, is always light as people get their budgets in line, get work bid out. So we've historically seen this drop off occur. And it comes on the tail of the fourth calendar quarter, always being one of the higher periods. And just to put it in context, last quarter, we managed about $50 million in construction. This quarter, we did $26 million. So a very sizable dropoff, whereby next quarter, we expect to get much closer to that $45 million, $50 million run rate, which is a lot of what's driving the guidance we provided on the construction fee side.

好吧，我可以從費用影響開始。羅恩，每年的第一個季度總是很輕鬆，因為人們都在調整預算，完成工作投標。所以我們歷史上就看到過這種下降的情況。它出現在第四個日曆季度的尾部，總是較高的時期之一。就具體而言，上個季度，我們管理了約 5000 萬美元的建設費用。本季度，我們賺了 2600 萬美元。因此，下降幅度非常大，我們預計下個季度將更加接近 4500 萬美元、5000 萬美元的運行率，這在很大程度上推動了我們在建築費方面提供的指導。

In terms of general construction activity in the market, I think you're seeing the completion of a lot of projects that were obviously underway. I've certainly seen a stalling, especially in senior living and around hotels, especially our office developments. For projects that are sort of on the drawing board, things have definitely slowed down. There's little pockets of activity that are occurring sort of niche markets. For example, anything that touches, let's say, life science is an area where you're seeing -- you're still seeing considerable interest in construction activity, both in sort of the core markets that you would see life science, which would be the Boston, San Francisco, maybe San Diego markets. But -- in other markets as well. So there's niches, niche areas of real estate where you're starting to see some pick up interest in construction. Of course, industrial. Industrial construction continues to be robust. And most of it's being done on a spec basis throughout the country. And I don't see any real slowdown in construction activity in and around industrial assets.

就市場上的一般建築活動而言，我認為您會看到許多顯然正在進行的項目已經完成。我確實看到了停滯，特別是在高級住宅區和酒店周圍，尤其是我們的辦公室開發項目。對於那些處於繪圖板上的項目來說，事情肯定已經放緩了。利基市場中很少有活動發生。例如，任何涉及生命科學的領域都是您所看到的——您仍然看到人們對建築活動相當大的興趣，無論是在生命科學的核心市場中，波士頓、舊金山，也許還有聖地牙哥市場。但是——在其他市場也是如此。因此，在房地產的利基、利基領域，你開始看到一些人對建築業的興趣增強。當然是工業。工業建設持續強勁。其中大部分是在全國範圍內按照規範進行的。我沒有看到工業資產及其周圍的建築活動有任何真正的放緩。

The next question will come from Kenneth Lee with RBC Capital Markets.

下一個問題將由加拿大皇家銀行資本市場部的肯尼斯李提出。

Wondering if you could just share with us any thoughts around near-term milestones that we could be watching for as you scale up Sonesta and build out the platform there?

想知道您是否可以與我們分享一些關於近期里程碑的想法，當您擴大 Sonesta 規模並在那裡建立平台時，我們可以關注這些里程碑？

Sure. So I think the near-term milestones, in 2021, there's a lot of work that needs to happen, both within Sonesta, but also, we also need the industry as a whole to come back. And so you sort of have 2 things you got to be watching. I think, generally, most folks believe there's starting to become a tailwind to the industry and that occupancy is going to come back, especially in the leisure space. I think what we need to do, and this is RMR, SVC and Sonesta, is we have to basically rationalize the portfolio of hotels that have been taking back. One of the principal reasons that SVC took back a whole bunch of hotels and Marriott and IHG as well as Wyndham, was it gave a tremendous amount of flexibility in terms of what it could then do with those hotels, far more flexibility than what we would have been able to do if they stayed under the brands they were running under prior.

當然。因此，我認為 2021 年是近期的里程碑，Sonesta 內部還有很多工作要做，而且我們也需要整個產業回歸。所以你必須關注兩件事。我認為，一般來說，大多數人都認為，這開始成為該行業的順風車，入住率將會回升，尤其是在休閒領域。我認為我們需要做的是，RMR、SVC 和 Sonesta，我們必須從根本上合理化已收回的酒店組合。 SVC 收回一大堆酒店、萬豪酒店集團、洲際酒店集團以及溫德姆酒店的主要原因之一是，它在處理這些酒店方面提供了極大的靈活性，比我們想要的靈活性要大得多。如果他們繼續使用之前經營的品牌，他們就能夠做到這一點。

And so I think through this year, we need to spend a lot of time figuring out which hotels we're going to invest significant capital in, which hotels we're going to keep, but maybe not invest so much capital in, which hotels do we maybe sell? And then maybe there'll even be a smaller group of which hotels we might convert into something else. I think the convert into something else will be a pretty small list. But I think the other 3 buckets, it's sort of it's hard to know at this time how many of the hotels are going to fit into each one of those buckets today. And I think the milestone will be, as we get to the second half of the year, an announcement around what are we doing as a company with these hotels, what's the flexibility we've been afforded, how we're taking advantage of that flexibility in terms of repositioning the hotels or repositioning the portfolio or selling.

所以我認為今年我們需要花很多時間弄清楚我們將在哪些酒店上投入大量資金，我們將保留哪些酒店，但也許不會在哪些酒店上投入那麼多資金，我們可以賣嗎？然後也許甚至會有一小部分酒店我們可能會改建為其他酒店。我認為轉換成其他東西將是一個很小的清單。但我認為，對於其他 3 個類別，目前很難知道今天每個類別中將容納多少家飯店。我認為，當我們進入今年下半年時，里程碑將是宣布我們作為一家公司在這些酒店中正在做什麼，我們所提供的靈活性是什麼，我們如何利用它在重新定位酒店或重新定位投資組合或出售方面具有靈活性。

As we get into '22 and '23, Sonesta, I think, will be -- a lot of its external growth will likely come from franchising, so that's obviously something to keep an eye on. I think we feel pretty good as an organization that Sonesta is going to be able to build out its network of franchised hotels in the coming years. And then as I think you get into '22, '23 from the managed portfolio, it's comparing its hotel-level EBITDA and RevPAR to its peers. And we have a lot of optimism about how Sonesta is going to be able to operate the portfolio in a post-COVID world, post-pandemic world, which we believe is going to be as good as, if not better, than some of the major brands would perform in a post-COVID world after the pandemic. And it's really benchmarking them as you get into '22 and '23 to their peers. And so that's sort of the -- those are sort of the milestones as I look at it.

當我們進入「22」和「23」時，我認為 Sonesta 的大部分外部成長可能來自特許經營，因此這顯然是值得關注的事情。我認為，作為一個組織，我們對 Sonesta 將能夠在未來幾年建立其特許經營酒店網絡感到非常滿意。然後，當我認為您從管理投資組合進入“22”、“23”時，它將酒店級 EBITDA 和 RevPAR 與同行進行比較。我們對 Sonesta 將如何在新冠疫情后、大流行後的世界中運營該投資組合抱有很大的樂觀態度，我們相信，這將與一些公司一樣好，甚至更好。主要品牌將在大流行之後的後新冠世界中表現出色。當你進入'22'和'23'時，這確實是對他們的同齡人進行基準測試。所以，在我看來，這就是里程碑。

Great. That's very helpful color. And just 1 quick follow-up, if I may. Wonder if you could just provide any updates on potential investment opportunities within the commercial mortgage REIT side this year?

偉大的。這是非常有用的顏色。如果可以的話，我只想進行 1 次快速跟進。想知道您是否可以提供有關今年商業抵押房地產投資信託方面潛在投資機會的最新資訊？

Well, right now, on the mortgage side of our business, we're pretty focused on the merger of our 2 mortgage REITs, Tremont and RMR Mortgage Trust, which obviously is subject to a shareholder vote later this summer. They have about $400 million in dry powder to put to work as it is today. There's a robust pipeline, but it's a competitive environment they're operating in. There's a lot of capital chasing the credit space right now, especially in the bridge loan and transitional bridge loan space that we operate in, our 2 mortgage REITs. So right now, our focus is on deploying the capital we have before we think about anything further.

嗯，現在，在我們業務的抵押貸款方面，我們非常關注我們的 2 個抵押房地產投資信託基金 Tremont 和 RMR Mortgage Trust 的合併，這顯然需要在今年夏天晚些時候進行股東投票。他們有大約 4 億美元的乾粉可以像今天一樣投入使用。有一個強大的管道，但他們所處的競爭環境是競爭性的。現在有很多資本在追逐信貸空間，特別是在我們經營的過橋貸款和過渡性過橋貸款領域，我們的兩個抵押房地產投資信託基金。因此，現在我們的重點是部署我們擁有的資本，然後再考慮進一步的事情。

(Operator Instructions) The next question will come from Dean Stefan with Bank of America.

（操作員說明）下一個問題將由美國銀行的 Dean Stefan 提出。

This is Dean on for Mike Carrier. You guys touched on this a little bit, but just wondering if we could get some additional color around the ILPT joint venture, how that's performing versus your original expectations and maybe the growth and expansion outlook for that platform longer term?

這是邁克·卡里爾的迪恩。你們稍微談到了這一點，但只是想知道我們是否可以圍繞 ILPT 合資企業獲得一些額外的信息，該合資企業的表現與你們最初的預期相比如何，以及該平台的長期增長和擴張前景如何？

Great. Thanks, Dean. I think we're still optimistic that, that venture will see growth. I think there's a very good chance we'll see growth in that venture in calendar year 2021. I would say, honestly, it's probably growing a little slower than we originally anticipated. And that's, for no other reason then, the amount of competition for opportunities in the marketplace that exist. And I think it's no shortage of opportunities to bid on, and we are underwriting a tremendous number of opportunities. And we are bidding. But pricing, for whatever reason, has gotten pretty aggressive in that space. And we've gotten to the point where this is not our partner saying to us that they -- that pricing has gotten too aggressive. It's often us as the GP, let's say, not feeling comfortable that this is an opportunity that we would recommend to them.

偉大的。謝謝，迪恩。我認為我們仍然樂觀地認為，該合資企業將會成長。我認為我們很有可能在 2021 年看到該企業的成長。老實說，它的成長可能比我們最初預期的要慢。沒有其他原因，這就是市場上存在的機會競爭的激烈程度。我認為競標的機會並不缺乏，而且我們正在承保大量的機會。我們正在投標。但無論出於何種原因，該領域的定價已經變得相當激進。我們已經到了這樣的地步：這不是我們的合作夥伴對我們說的，他們的定價已經變得太激進了。比方說，身為全科醫生，我們常常對向他們推薦這個機會感到不安。

So it's largely being driven by us saying the risk-adjusted return on this particular asset just doesn't make sense at this pricing. And we're oftentimes surprised by some of the pricing that we see some of these industrial assets go -- be sold at. That being said, we are making progress. We are buying things. And we will, I believe, pretty confidently, have growth in that vehicle in 2021. But I'd be remiss to say, when we first announced it, yes, our hope was we'd be growing it a little faster than we are, but also the market has gotten much more competitive since we've announced the venture as well.

因此，這很大程度上是因為我們認為這種特定資產的風險調整後報酬率在這個定價下沒有意義。我們經常對這些工業資產的出售價格感到驚訝。話雖這麼說，我們正在取得進展。我們正在買東西。我相信，我們將非常有信心地在 2021 年實現該車輛的增長。但我不能說，當我們第一次宣布它時，是的，我們希望我們的增長速度比現在快一點，但自從我們宣布合資以來，市場的競爭也變得更加激烈。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Adam Portnoy for any closing remarks.

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

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

感謝您今天加入我們。接線員，我們的通話結束了。

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。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。