RMR Group Inc (RMR) 2021 Q1 法說會逐字稿

Good day, and welcome to the RMR Group Fiscal First Quarter 2021 Earnings Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 RMR 集團 2021 年第一季財報電話會議。 （操作員說明）請注意，該事件正在被記錄。我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續，先生。

Good morning, and thank you for joining RMR's first 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.

早安，感謝您參加 RMR 2021 財年第一季電話會議。與我一起參加今天電話會議的是總裁兼執行長 Adam Portnoy；和財務長馬特喬丹。稍後，他們將提供有關我們業務和季度業績的詳細信息，然後進行問答環節。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, February 2, 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 2 月 2 日）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會提交的文件中，您可以在我們的網站 www.rmrgroup.com 上找到該文件。投資者應注意不要過度依賴任何前瞻性陳述。

In addition, we may discuss non-GAAP numbers during this call, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin. 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 margins will be found in our earnings release.

此外，我們可能會在本次電話會議中討論非 GAAP 數據，包括調整後淨利潤、調整後每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率。根據美國公認會計原則確定的淨利潤與調整後淨利潤、調整後每股收益、調整後 EBITDA 以及調整後 EBITDA 利潤率的計算結果將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。

Thanks, Michael, and thank you for joining us this morning. For the first quarter of fiscal 2021, which ended on December 31, we reported adjusted net income of $6.9 million, or $0.41 per share, and adjusted EBITDA of $21.4 million, both sequential quarter increases. We ended calendar 2020 with $32 billion of gross assets under management and remain well capitalized with $383 million of cash and no debt.

謝謝邁克爾，也謝謝你今天早上加入我們。截至 12 月 31 日的 2021 財年第一季度，我們報告調整後淨利潤為 690 萬美元，即每股 0.41 美元，調整後 EBITDA 為 2,140 萬美元，兩個季度均有所增長。截至 2020 年，我們管理的總資產為 320 億美元，資本充足，現金為 3.83 億美元，無債務。

Similar to last year, due to RMR having a September 30 year-end, and most of our client companies having December 31 year-ends, we are limited as to what we can discuss as we are reporting results in advance of our client companies. Overall, I am reasonably optimistic as we begin 2021. While the pandemic has presented many challenges to the broader economy and many of the real estate sectors we operate in, it has also allowed RMR to demonstrate the resilience and sustainability of our business model.

與去年類似，由於 RMR 的年終日為 9 月 30 日，而我們的大多數客戶公司的年終日為 12 月 31 日，因此我們可以討論的內容有限，因為我們是在客戶公司之前報告結果的。總體而言，在 2021 年伊始，我相當樂觀。雖然疫情為更廣泛的經濟和我們經營的許多房地產行業帶來了許多挑戰，但它也讓 RMR 展示了我們商業模式的彈性和可持續性。

Throughout the pandemic, our business continues to generate cash flow in excess of our dividend and operating margins remain strong. In addition, with over 80% of our revenues coming from our managed equity REITS, our contractual arrangements continue to align us well with our REIT shareholders.

在整個大流行期間，我們的業務繼續產生超過股息的現金流，並且營業利潤率仍然強勁。此外，由於我們超過 80% 的收入來自我們管理的股權 REITS，我們的合約安排繼續使我們與 REIT 股東保持良好的關係。

I'd like to highlight some of the more noteworthy events at our client companies that have occurred since our last earnings call. During this past quarter, we announced the closing of our private capital investment vehicle, which is known as the industrial fund. ILPT used proceeds from the initial asset sales into this fund to repay debt, which should ensure ILPT's leverage remains at a moderate level. ILPT continues to focus on acquiring high-quality industrial assets, but now has the option to sell interest in these acquisitions to the fund. In early January, ILPT acquired a $44 million Class A industrial building in Kansas City, Kansas, that is 100% leased for 12 years, and this property could be a candidate for eventual sale into the industrial fund.

我想重點介紹自上次財報電話會議以來我們的客戶公司發生的一些更值得注意的事件。在上個季度，我們宣布關閉我們的私人資本投資工具，即工業基金。 ILPT 將最初向該基金出售資產的收益用於償還債務，這應確保 ILPT 的槓桿率保持在中等水平。 ILPT 繼續專注於收購優質工業資產，但現在可以選擇將這些收購的權益出售給該基金。 1 月初，ILPT 斥資 4,400 萬美元收購了位於堪薩斯州堪薩斯城的 A 級工業建築，該建築 100% 出租，為期 12 年，該房產最終可能會出售給工業基金。

Given RMR's expertise in sourcing small- to medium-sized property acquisitions, we believe our partners, who typically require large transactions to efficiently deploy capital, appreciate this unique access to investment product, and they have a sizable appetite to grow this vehicle in the future.

鑑於RMR 在尋找中小型房地產收購方面的專業知識，我們相信我們的合作夥伴（通常需要大型交易才能有效部署資本）會欣賞這種獨特的投資產品管道，並且他們有很大的興趣在未來發展這種工具。

Turning to OPI, the company continued its capital recycling program in the quarter. It recently announced an opportunistic sale of an office property in Richmond, Virginia for $130 million and the purchase of a newly-constructed Class A office building in South Carolina for $35 million. While the pandemic's long-term impacts on the office sector remain uncertain, OPI has kept its focus on backfilling upcoming known move-outs, managing property-level expenses and looking for capital recycling opportunities to improve its portfolio.

至於 OPI，該公司在本季繼續實施資本回收計畫。該公司最近宣布以 1.3 億美元的價格出售維吉尼亞州里士滿的一棟辦公大樓，並以 3,500 萬美元的價格購買南卡羅來納州新建的甲級辦公大樓。儘管疫情對辦公大樓產業的長期影響仍不確定，但 OPI 仍將重點放在回填即將到來的已知搬遷、管理物業層面的支出以及尋找資本回收機會來改善其投資組合。

Shifting gears to the managed equity REITS more negatively affected by the pandemic. We are pleased with the progress being made in the distribution of a COVID-19 vaccine. With the rollout of the vaccine gaining momentum, we believe the senior living and hospitality industries are both well positioned to improve materially in the second half of 2021. Within its senior living portfolio, DHC's primary operator, Five Star, has partnered with CVS to administer vaccines to all participating residents and staff at their communities. Currently, more than 65% of Five Star's residents have received at least the first dose of the vaccine and approximately 93% of Five Star communities are accepting new residents. While we expect the senior living business to recover in the long run, we believe occupancy recoveries may be measured in the future.

轉向受疫情影響更大的管理股權房地產投資信託基金。我們對 COVID-19 疫苗分發的進展感到高興。隨著疫苗的推出勢頭強勁，我們相信老年生活和酒店業都有望在2021 年下半年實現實質性改善。在其老年生活產品組合中，DHC 的主要運營商五星級(Five Star) 已與CVS合作管理為所有參與社區的居民和工作人員接種疫苗。目前，超過 65% 的五星級居民已接種至少第一劑疫苗，約 93% 的五星級社區正在接受新居民。雖然我們預計老年生活業務從長遠來看將會復甦，但我們相信入住率的復甦可能會在未來進行衡量。

Given an uncertain economic recovery, DHC recently enhanced its liquidity by securing covenant waivers on its revolving credit facility through June 2022. Similarly, SVC recently obtained covenant waivers through July 2022 related to its credit facility and issued $450 million of senior notes to improve its liquidity. SVC remains on schedule with the transfer of approximately 200 hotels to Sonesta management as part of terminating its relationships with IHG and Marriott. All of the IHG transitions have successfully occurred in the fourth quarter of 2020, and the Marriott conversions are expected to occur in the first quarter of 2021.

鑑於經濟復甦的不確定性，DHC 最近透過在2022 年6 月之前獲得其循環信貸安排的契約豁免來增強其流動性。同樣，SVC 最近獲得了與其信貸安排相關的到2022 年7 月的契約豁免，並發行了4.5 億美元的高級票據以改善其流動性。 SVC 仍按計劃將約 200 家酒店移交給 Sonesta 管理層，作為終止與 IHG 和萬豪合作關係的一部分。洲際酒店集團的所有轉型均已於 2020 年第四季成功完成，萬豪酒店的轉型預計將於 2021 年第一季進行。

Finally, in January, SVC received a termination notice from Hyatt covering 22 hotels. Unless discussions with Hyatt result in a mutually beneficial agreement, we would expect SVC to also transition these hotels to Sonesta later this year. On a related note, at year-end, Sonesta announced the acquisition of Red Lion Hotels, which will significantly increase the size of the company to more than 1,200 hotels. This acquisition will also help accelerate Sonesta's development of a hotel franchising business. That said, the closing of this transaction is subject to a shareholder vote by Red Lion.

最終，在一月份，SVC 收到了凱悅酒店的終止通知，涉及 22 家酒店。除非與凱悅的討論達成互惠互利的協議，否則我們預計 SVC 也會在今年稍後將這些酒店轉移到 Sonesta。與此相關的是，在年底，索尼斯塔宣布收購紅獅酒店，這將使公司規模大幅擴大至超過 1,200 家酒店。此次收購也將有助於加速Sonesta酒店特許經營業務的發展。也就是說，本次交易的完成須經紅獅股東投票表決。

TravelCenters of America continues executing on its strategic transformation while simultaneously supporting the critical transportation of goods around the country during the pandemic. TA recently closed a $200 million term loan, the proceeds of which will be used for site level improvements, updates to its IT infrastructure and to fund franchising and other growth initiatives.

美國旅遊中心繼續執行其戰略轉型，同時支持大流行期間全國各地的重要貨物運輸。 TA 最近完成了一筆 2 億美元的定期貸款，所得款項將用於站點級別改進、IT 基礎設施更新以及為特許經營和其他增長計劃提供資金。

Turning to our efforts in growing the RMR platform. Earlier this month, we were excited to announce the completion of RMR Mortgage Trust's conversion to a commercial mortgage REIT. Since announcing its intention to convert, RMR's mortgage, origination and underwriting teams have closed 7 loans totaling over $175 million. We also have a strong pipeline of deals, and we hope to have this new mortgage REIT fully invested in the coming months. Given the resources we have dedicated to our credit platform and the momentum we have coming into calendar 2021, we continue to believe there is an opportunity to make this a meaningful part of our assets under management in the future.

談談我們在發展 RMR 平台所做的努力。本月早些時候，我們很高興地宣布 RMR Mortgage Trust 已完成向商業抵押房地產投資信託基金的轉換。自宣布轉換意願以來，RMR 的抵押貸款、發起和承銷團隊已結清 7 筆貸款，總金額超過 1.75 億美元。我們也擁有強大的交易管道，我們希望在未來幾個月內對這個新的抵押房地產投資信託基金進行全面投資。鑑於我們為信貸平台投入的資源以及進入 2021 年的勢頭，我們仍然相信有機會使其成為我們未來管理資產的重要組成部分。

We also continue to invest significant time in organically building out our private capital asset management business, which includes transactions such as the industrial fund that I discussed earlier. While I cannot share specifics, there has been substantial progress in developing additional relationships with large sources of private capital, which may lead to additional opportunities for RMR and its client companies later this year. We continue sourcing opportunities to grow AUM and accelerate our private capital fundraising capabilities through possible M&A activities. Nevertheless, we recently found the number of attractive opportunities that fit our acquisition criteria to be increasingly limited. Beyond the impact of the pandemic, which has itself caused many potential targets to remove themselves from the market, it's important to note that over the past several years, transaction activity in the real estate asset management space has slowed materially. After a flurry of activity in 2016 and '17, a limited number of transactions have occurred over the last few years that have involved the sale of a controlling stake in one of these businesses.

我們也繼續投入大量時間有機建設我們的私募資本資產管理業務，其中包括我之前討論的產業基金等交易。雖然我無法透露具體細節，但在與大量私人資本建立更多關係方面已經取得了實質進展，這可能會在今年稍後為 RMR 及其客戶公司帶來更多機會。我們繼續尋找機會擴大資產管理規模，並透過可能的併購活動加速我們的私人資本籌款能力。儘管如此，我們最近發現符合我們收購標準的有吸引力的機會數量越來越有限。除了疫情本身導致許多潛在目標退出市場的影響之外，值得注意的是，在過去幾年中，房地產資產管理領域的交易活動已大幅放緩。經過 2016 年和 17 年的一系列活動後，過去幾年發生了有限的交易，其中涉及出售其中一項業務的控股權。

We are still engaged in discussions with a handful of potential M&A targets, and we believe an acquisition may occur sometime in the coming year. Nevertheless, our experience thus far would suggest that any potential transaction would only require a portion of our available cash balance and leave us with significant excess capital. In addition, we continue to have success organically building our private capital business. Accordingly, our Board continues to assess possible alternative uses for our excess cash, which may involve a combination of strategies, including accretively deploying this capital into new investment vehicles or returning some of it to our shareholders.

我們仍在與一些潛在的併購目標進行討論，我們相信收購可能會在明年的某個時候發生。然而，我們迄今為止的經驗表明，任何潛在的交易只需要我們可用現金餘額的一部分，並給我們留下大量過剩資本。此外，我們繼續成功地以有機地建立我們的私人資本業務。因此，我們的董事會繼續評估我們多餘現金的可能替代用途，這可能涉及多種策略的組合，包括將這些資本逐步部署到新的投資工具中或將其中部分資本返還給我們的股東。

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 morning, everyone. As Adam highlighted earlier, we reported adjusted net income per share of $0.41 and adjusted EBITDA of $21.4 million this quarter. Adjusted EBITDA margin was 49% this quarter, representing a 20 basis point increase sequentially and a 190 basis point increase from our 2020 low point. Management and advisory service revenues were $41.3 million this quarter, a $1.1 million increase on a sequential quarter basis. This increase was due to share price appreciation over the course of the quarter, primarily at SVC, and increases in construction management fees due to development activity.

謝謝亞當，大家早安。正如 Adam 先前強調的那樣，本季調整後每股淨利潤為 0.41 美元，調整後 EBITDA 為 2,140 萬美元。本季調整後 EBITDA 利潤率為 49%，較上一季成長 20 個基點，較 2020 年低點成長 190 個基點。本季管理和諮詢服務收入為 4,130 萬美元，比上一季增加 110 萬美元。這一增長是由於本季股價上漲（主要是 SVC）以及開發活動導致的施工管理費增加。

As of December 31, 2020, all our managed equity REITs, except ILPT, are paying base business management fees on a market capitalization basis. The impact of being on this lower measure results in a lost revenue opportunity of approximately $52 million. While there is still significant opportunity ahead, we are pleased that recent share price improvements have helped reduce our lost revenue opportunity from a high of $56 million this past summer. As it relates to incentive fees for calendar 2020, unfortunately, none of our managed equity REITs total returns exceeded their peer averages. While the pandemic and repositioning efforts at our REITs presented headwinds over this past measurement period, we are hopeful that several of the strategic actions outlined in Adam's prepared remarks could position our REITs to outperform their peer groups in future measurement periods.

截至 2020 年 12 月 31 日，我們所有管理的股權 REIT（ILPT 除外）均按市值支付基本業務管理費。採用此較低衡量標準的影響導致收入機會損失約 5,200 萬美元。雖然未來仍然存在重大機會，但我們很高興最近的股價上漲幫助我們減少了收入機會的損失，從去年夏天的 5,600 萬美元的高點開始。不幸的是，由於涉及 2020 年的激勵費用，我們管理的股權 REIT 的總回報率均未超過同業平均。儘管大流行和我們的房地產投資信託基金的重新定位工作在過去的衡量期間帶來了阻力，但我們希望亞當準備好的講話中概述的幾項戰略行動可以使我們的房地產投資信託基金在未來的衡量期間超越同行。

Looking ahead to next quarter, assuming December average share prices for our managed equity REITs hold steady, we expect management and advisory service revenues to be in line with this quarter. With that said, next quarter's revenues will include the impact of a number of other variables, which include: a projected decline in construction activity at our managed REITS resulting in decreased construction management fees of approximately $500,000; an incremental $300,000 in quarterly revenues from the conversion of IHG- and Marriott-branded hotels to Sonesta management that Adam discussed earlier; the reinstituting of TRMT management fees effective January 1, which represent approximately $350,000 in quarterly advisory revenues; and finally, 2 less days in the second fiscal quarter, which will adversely impact revenues by approximately $500,000.

展望下個季度，假設我們管理的股權房地產投資信託基金 12 月平均股價保持穩定，我們預期管理和諮詢服務收入將與本季持平。話雖如此，下一季的收入將包括許多其他變數的影響，其中包括：我們管理的 REITS 的建築活動預計下降，導致建築管理費減少約 50 萬美元； Adam 先前討論過，洲際酒店集團 (IHG) 和萬豪酒店 (Marriott) 品牌酒店轉交給索尼斯塔 (Sonesta) 管理，季度收入將增加 30 萬美元；自 1 月 1 日起重新徵收 TRMT 管理費，相當於季度諮詢收入約 35 萬美元；最後，第二財季的天數減少了 2 天，這將對收入產生約 50 萬美元的不利影響。

Turning to expenses for the quarter. Cash compensation of $29.5 million is flat sequentially after excluding the $2.2 million bonus true-up in last quarter's cash compensation. Cash compensation this quarter reflects annual merit increases that were effective October 1 and projected bonus inflation, both of which were offset by recent executive retirements. We expect cash compensation to be approximately $30 million per quarter for the remainder of fiscal 2021.

轉向本季的支出。扣除上季現金薪酬中 220 萬美元的獎金調整後，現金薪酬為 2,950 萬美元，與上一季持平。本季度的現金薪酬反映了 10 月 1 日生效的年度績效增長和預計的獎金通脹，兩者都被最近的高管退休所抵消。我們預計 2021 財年剩餘時間內每季的現金補償約為 3,000 萬美元。

G&A expenses this quarter were $6.3 million, an increase of $400,000 sequentially due to costs associated with implementing COVID-19 safety standards at our offices as well as insurance and IT cybersecurity cost inflation. Looking ahead to next quarter, as in previous years, we expect our Board of Directors will be issued annual share grants, which will result in next quarter including incremental costs of approximately $500,000.

本季的一般管理費用為 630 萬美元，比上一季增加了 40 萬美元，因為我們辦公室實施 COVID-19 安全標準的相關成本以及保險和 IT 網路安全成本上漲。展望下季度，與往年一樣，我們預計董事會將獲得年度股份授予，這將導致下個季度包括約 50 萬美元的增量成本。

As it relates to our tax rate, in December 2019, new tax regulations were released, expanding the types of corporate structures that needed to apply deduction limitations on executive compensation. As these new regulations apply to RMR's corporate structure, accounting rules required we apply the new regulations upon release. Recently, the IRS announced that the effective date of these new regulations would be December 18, 2020. Accordingly, this quarter's results include $500,000, or a one-time 2.3% tax rate benefit, to remove the deduction limitations applied prior to December 18, 2020. This one-time benefit was incorporated into adjusted EPS this quarter, and we expect our tax rate to return to approximately 14.5% next quarter.

與我們的稅率相關，2019年12月，新的稅收法規發布，擴大了需要對高階主管薪酬實施扣除限制的公司結構類型。由於這些新規定適用於 RMR 的公司結構，會計規則要求我們在發布後應用新規定。最近，美國國稅局宣布這些新規定的生效日期為2020 年12 月18 日。因此，本季的業績包括50 萬美元或一次性2.3% 的稅率福利，以取消12 月18 日之前適用的扣除限制， 2020年。這一一次性收益已納入本季調整後的每股收益，我們預計下季度我們的稅率將恢復到約14.5%。

Finally, as Adam mentioned earlier, we ended the quarter with approximately $383 million in cash, and we continue to have no debt. We believe our balance sheet continues to leave us well positioned to assess strategic opportunities and invest in new business initiatives. That concludes our formal remarks. Operator, would you please open the line to questions?

最後，正如 Adam 之前提到的，本季結束時我們擁有約 3.83 億美元的現金，而且我們仍然沒有債務。我們相信，我們的資產負債表繼續使我們能夠很好地評估策略機會和投資新的業務計劃。我們的正式發言到此結束。接線員，請打開線路提問好嗎？

Yes. (Operator Instructions) And our first question will come from Bryan Maher with B. Riley Securities.

是的。 （操作員說明）我們的第一個問題將來自 B. Riley 證券公司的 Bryan Maher。

Good morning, Adam and Matt, and thanks for those comments. I'd like to drill down a little bit more on the Red Lion and Sonesta game plan and what the thought process is there and the resource allocation to integrate the two? And where do you envision that going over the next kind of 3 to 5 years?

早安，亞當和馬特，感謝您的評論。我想更深入了解紅獅和索尼斯塔的遊戲計劃，以及整合兩者的思考過程和資源分配是什麼？您預計未來 3 到 5 年會怎樣？

Sure. So the Red Lion acquisition at Sonesta, while it is subject to shareholder vote, we can't assure we'll close, but we're optimistic it will close. If it does close, it will really significantly increase the size of Sonesta to over 1,200 hotels. That will make it one of the largest hotel companies in the United States. In terms of number of hotels, it would be bigger than Hyatt, to give you a frame of reference. It also significantly increases or accelerates Sonesta's franchising business.

當然。因此，Sonesta 的紅獅收購雖然需要股東投票，但我們不能保證我們會完成，但我們對它會完成持樂觀態度。如果它確實關閉，Sonesta 的酒店規模將大幅增加至超過 1,200 家。這將使其成為美國最大的酒店公司之一。從酒店數量來看，它會比凱悅酒店還要多，給大家一個參考。它還顯著增加或加速了 Sonesta 的特許經營業務。

To be a significant and major hotel operating company in America today, you have to have a franchising capability, which we have one at Sonesta. We do franchise some hotels internationally outside the United States. We don't have much or anything here domestically. Red Lion, virtually all of its hotels are franchised. And it comes with a platform that will really sort of help Sonesta accelerate that growth. Where we see Sonesta going in the next few years is really becoming a top-tier hotel platform or operating business in the industry. And we think that's good for RMR, it's good for Sonesta. It's also really good for SVC. SVC is taking back many of the hotels it had with IHG and Marriott. It may take back some hotels from Hyatt, taking back some hotels from Wyndham. And it's giving almost the lion's share of those hotels to Sonesta to manage.

要成為當今美國重要的飯店營運公司，您必須擁有特許經營能力，而我們在 Sonesta 就擁有這種能力。我們在美國以外的國際市場上特許經營一些酒店。我們國內沒有太多東西。紅獅幾乎所有的酒店都是特許經營的。它配備的平台將真正幫助 Sonesta 加速成長。我們認為 Sonesta 在未來幾年的發展方向是真正成為業界的頂級飯店平台或營運業務。我們認為這對 RMR 和 Sonesta 都有好處。這對於 SVC 來說也非常有利。 SVC 正在收回其與洲際酒店集團 (IHG) 和萬豪酒店 (Marriott) 擁有的許多酒店。它可能會從凱悅酒店收回一些酒店，從溫德姆酒店收回一些酒店。它將這些酒店的大部分份額交給索尼斯塔來管理。

It's one thing to ask Sonesta to manage those hotels when it's still a relatively small operating business. It's a very different thing for SVC and its shareholders when it's one of the larger hotel operating businesses in America for SVC. And again, from SVC's perspective, it owns 35% of Sonesta. So it also gets the benefit from that. We really -- to answer your question, we really see Sonesta becoming a large, top-tier hotel operating business manager and franchisor in the United States in the coming years.

當 Sonesta 的經營規模相對較小時，要求 Sonesta 管理這些旅館是一回事。對於 SVC 及其股東來說，這是一件非常不同的事情，因為它是 SVC 在美國最大的飯店營運企業之一。同樣，從 SVC 的角度來看，它擁有 Sonesta 35% 的股份。所以它也從中受益。我們確實——回答你的問題，我們確實看到索尼斯塔在未來幾年成為美國一家大型頂級酒店營運業務經理和特許經營商。

In terms of resource allocations, it's growing very fast. This is a very good time to be hiring in the hotel industry. A lot of very good and talented folks are -- have been let go in the space. Sonesta is maybe one of the only hotel operating businesses actively hiring new folks. So we've had a very good pipeline of new people coming on. We recently hired a new Chief Operating Officer there that was announced.

從資源配置來看，成長速度非常快。這是酒店業招募的好時機。許多非常優秀和有才華的人已經在這個領域被解雇了。 Sonesta 可能是唯一積極招募新進員工的飯店經營企業之一。所以我們有一個非常好的新朋友加入管道。我們最近宣布聘請了一位新的營運長。

And in addition to that, we're also -- it's drawing upon, in this transition period, a little bit of the resources of RMR. That's per its management agreement with RMR. It gets the ability to do that and it is availing itself of that. So RMR is augmenting Sonesta sort of in this, what I'd call, short-term transition period. We don't think that's going to be a long-term thing. But in a short term, RMR is augmenting some of the staff over at Sonesta. So we're very bullish about Sonesta and where it's going and the benefit for the entire complex.

除此之外，在這個過渡時期，我們也利用了 RMR 的一些資源。這是根據其與 RMR 簽訂的管理協議而定的。它有能力做到這一點，並且正在利用這一點。因此，RMR 正在增強 Sonesta，我稱之為短期過渡期。我們認為這不會是一件長期的事。但在短期內，RMR 正在增加 Sonesta 的部分員工。因此，我們非常看好 Sonesta 及其發展方向以及整個綜合體的利益。

Great. And my follow-up question is on the private real estate capital expansion, you've done industrial. Do you see or can you foresee moving into another space, whether that's, let's say, hospitality or office? And in light of all you see kind of day-to-day across your broad expanse of real estate in the U.S., where are you seeing the biggest opportunities that you'd like to pursue?

偉大的。我的後續問題是關於私人房地產資本擴張，你已經完成了工業。您是否看到或可以預見搬到另一個空間，無論是飯店還是辦公室？鑑於您在美國廣闊的房地產領域中日常所看到的一切，您在哪裡看到了您想要追求的最大機會？

Sure. The short answer is we are talking to folks about various sectors that we are involved with. Everything that you mentioned: we are talking to people in the health care side, hospitality side, the retail side, office side. So pretty much every sector we touch and are involved with, we are having some sort of dialogue with private capital investors about being able to expand that. And so I think there will be some additional opportunities for us to organically grow that business in 2021.

當然。簡而言之，我們正在與人們討論我們所涉及的各個領域。你提到的一切：我們正在與醫療保健方面、飯店方面、零售方面、辦公室方面的人進行交談。因此，幾乎我們接觸和參與的每個領域，我們都在與私人資本投資者進行某種形式的對話，討論如何擴大這一領域。因此，我認為 2021 年我們將有一些額外的機會有機發展該業務。

To answer your question, where I think the most interesting opportunities present themselves today, there are obviously opportunities in hotels. There's also some really interesting opportunities, in my mind, around net lease retail, single-tenant net lease retail; not necessarily malls, but net lease retail. And then maybe one of the most interesting spaces that I personally think could be very interesting is office. Office, performance-wise, financially, as a sector, has held up extremely well during the pandemic. But there is a lot of sourness around the office in this -- or office sector because there's a lot of folks that believe that there's going to be a wholesale shift in the way office is being used.

為了回答你的問題，我認為當今最有趣的機會出現在酒店中，顯然存在機會。在我看來，圍繞淨租賃零售、單租戶淨租賃零售還有一些非常有趣的機會；不一定是購物中心，而是淨租賃零售。我個人認為最有趣的空間之一可能是辦公室。辦公大樓作為一個行業，在業績和財務方面，在大流行期間表現得非常好。但在這個或辦公領域，辦公室周圍存在著許多酸味，因為許多人相信辦公室的使用方式將會發生徹底的轉變。

Within RMR, I'm not sure we believe it's going to be as big a shift, long term, in office use by office users. We take the view that there will be some changes, but eventually, medium to long term, large -- office use will largely return back to the mean, and most folks will end up back in the office, at least most of the time. And that backdrop presents, in my view, a really interesting opportunity around office because you have a supply/demand imbalance in terms of capital seeking out to invest there. And on a risk-adjusted basis, you could argue that office could be perhaps one of the better opportunities out there today. There are, in my view, specifically thinking about office in and around the sunbelt, maybe outside of some of the top tier -- Tier 1 gateway cities could be an interesting strategy to think about. So that gives you a sense of how we're thinking about stuff.

在 RMR 中，我不確定我們是否相信從長遠來看，辦公室使用者的辦公室使用會發生如此大的轉變。我們認為將會發生一些變化，但最終，從中長期來看，大型辦公室的使用將在很大程度上恢復到平均水平，大多數人最終將回到辦公室，至少在大多數時候。在我看來，這種背景為辦公室提供了一個非常有趣的機會，因為在尋求在那裡投資的資本方面存在供需失衡。在風險調整的基礎上，你可能會說，辦公室可能是當今更好的機會之一。在我看來，特別考慮陽光地帶及其周邊地區的辦公大樓，也許在一些頂級的一線門戶城市之外，可能是值得考慮的有趣策略。這樣您就可以了解我們是如何思考問題的。

The next question will come from Ronald Kamdem of Morgan Stanley.

下一個問題將由摩根士丹利的羅納德·卡姆德姆提出。

Great. Just going back to sort of the industrial fund. Just trying to get a sense of how quickly you guys are thinking about that portfolio can grow. I know there's 12 initially. I think you touched on sort of ILPT-buying assets potentially dropping down. But how should we think about sort of the potential growth in that? And maybe can you also clarify the strategy in terms of what you're looking for in industrial? It sounds like it's small or middle markets properties and so forth. Curious about that as well.

偉大的。回到產業基金的話題。只是想了解你們對這個投資組合的成長速度有多快。我知道一開始有12個。我認為您談到了可能會下跌的 ILPT 購買資產。但我們該如何看待這方面的潛在成長呢？也許您也可以根據您在工業領域的需求來闡明該策略嗎？聽起來像是中小型市場的房產等等。對此也很好奇。

Sure. So on the industrial side as a whole, as a firm, and we'll talk about where the assets might end up, I think we -- it's hundreds of millions of dollars per year that I think we could deploy there. Now, where they actually end up from RMR's perspective, we're a little bit agnostic. It could end up staying in ILPT, or they could -- ILPT could decide to drop it down into the fund. Because remember, it's the option of ILPT to do that. And you might ask next, so what's the decision tree there. The decision tree there is really driven by the cost of capital for ILPT and specifically the cost of equity capital. ILPT has the ability to basically, through the industrial fund, sell equity interest at the property level at NAV today versus selling equity interest at the corporate level far below NAV.

當然。因此，在整個工業方面，作為一家公司，我們將討論資產可能最終流向何處，我認為我們每年可以在那裡部署數億美元。現在，從 RMR 的角度來看，它們實際上最終會走向何方，我們有點不可知。它可能最終留在 ILPT，或者他們可以 - ILPT 可能決定將其放入基金。因為請記住，這是 ILPT 的選擇。接下來您可能會問，決策樹是什麼？那裡的決策樹實際上是由 ILPT 的資本成本，特別是由股權資本成本驅動的。 ILPT 基本上有能力透過工業基金，以目前的資產淨值出售房地產層面的股權，而不是以遠低於資產淨值的企業層級出售股權。

So obviously, today, it makes a lot more sense if you're going to raise equity capital to do it down at the property level at ILPT at NAV and drop it down into the fund. And so that's maybe what -- where I sit -- where we sit today, that's maybe the more likely outcome in terms of where assets end up. But again, from where we sit, we're a little agnostic whether it just stays in ILPT or it goes down the industrial fund, either way, it's growing. And in fact, if it ends up staying in ILPT, it's largely because perhaps our cost of equity capital at the corporate level has improved significantly, and that would be a very good thing across the board, for RMR, for ILPT shareholders, for a whole host of reasons.

顯然，今天，如果你要籌集股本資本，以資產淨值 (NAV) 降低 ILPT 的房地產水平，然後將其投入基金，那就更有意義了。因此，這也許就是我現在所處的位置，就資產最終的去向而言，這可能是更可能的結果。但同樣，從我們的立場來看，我們有點不知道它是留在 ILPT 還是進入工業基金，無論哪種方式，它都在成長。事實上，如果它最終留在 ILPT，很大程度上是因為我們公司層面的股本成本可能已經顯著改善，這對於 RMR、ILPT 股東、整個公司來說都是一件非常好的事情。一大堆原因。

In terms of the strategy, the type of assets we're looking at, you're right that I think our sweet spot is more small- to medium-sized assets. There's a tremendous amount of capital focused on investing in industrial real estate. It's probably the most favored. It is the most favored industrial real estate sector in today's market to invest in. There's a tremendous amount of capital that is earmarked to invest in that sector. Our competitive advantage is there's a lot of players out there that have to put a lot of money to work and they can really bid up large portfolios or larger single-asset transactions.

就策略而言，我們正在關注的資產類型，你是對的，我認為我們的最佳點是中小型資產。有大量資本專注於投資工業房地產。這可能是最受青睞的。它是當今市場上最受投資的工業房地產領域。有大量資金專門用於投資該領域。我們的競爭優勢是，有許多參與者必須投入大量資金，他們確實可以提高大型投資組合或大型單一資產交易的價格。

Our sort of sweet spot is, there's a little less competition in what I'd call sub-$50 million transactions in one-offs. There's still competition there, but it's a little less. And we can efficiently acquire one-off buildings around that size, aggregate them, either at ILPT or within ILPT and then drop down into the industrial fund, which I think our partners very much appreciate that ability to be able to do that. In terms of the type of industrial properties, we're focused on ILPT as well as the fund itself, essentially core industrial. And what do we mean by that? Top 25 markets for industrial in the United States, typically newer buildings. Typically, we would be -- most of our buildings are single-tenant net leased. We have also some multi-tenant buildings. And so that's well leased, long-term leased, good credit quality, a larger building, single tenant, typically, core industrial is what you'd see us.

我們的最佳點是，在我所說的 5000 萬美元以下的一次性交易中，競爭會稍微少一些。那裡仍然有競爭，但競爭少了一些。我們可以有效地收購大約該規模的一次性建築，將它們聚集在 ILPT 或 ILPT 內，然後投入工業基金，我認為我們的合作夥伴非常欣賞這種能力。就工業地產類型而言，我們重點關注ILPT以及基金本身，本質上是核心工業。這是什麼意思？美國前 25 個工業市場，通常是較新的建築。通常情況下，我們的大多數建築物都是單一租戶淨租賃的。我們還有一些多租戶建築。因此，我們看到的是租賃良好、長期租賃、良好的信用品質、較大的建築物、單一租戶，通常是核心工業。

Great. That's helpful. Just had another one, thinking about sort of both the fee-paying AUM and incentive fees. I guess, number one, sort of on the fee-paying side, you saw some of that AUM cover this quarter. Clearly, got -- a lot of work has gone to the company and so forth. When you're talking to investors and so forth, what's sort of the view, what's sort of the feedback you're getting in terms of the performance of those companies, right? Because as we sort of reopen, as the economy comes back, the stimulus comes in, it feels like the market could go higher here, which would be upside for you guys. So just sort of curious what the investor feedback is on the REIT companies.

偉大的。這很有幫助。剛剛又考慮了付費資產管理規模和激勵費用。我想，第一，在付費方面，您在本季度看到了一些 AUM 覆蓋。顯然，公司已經做了很多工作等等。當你與投資人等交談時，你對這些公司的表現有什麼樣的看法，得到什麼樣的回饋，對嗎？因為當我們重新開放時，隨著經濟的復甦，刺激措施的出台，感覺市場可能會走高，這對你們來說是有利的。所以有點好奇投資人對房地產投資信託公司的回饋是什麼。

And, sorry, this is a long one, but the second part of that is our work sort of shows that OPI is getting closer and closer to earning an incentive fee based on the performance of the stock. Just curious what you guys are thinking about there, and how that strategy is evolving.

抱歉，這篇文章很長，但第二部分是我們的工作，顯示 OPI 越來越接近根據股票表現賺取激勵費。只是好奇你們在想什麼，以及該策略是如何演變的。

Sure. So we have 4 big equity REITS. The 2 biggest ones are our health care REIT, which is DHC, and then our hospitality and retail REIT, which is SVC. I think, yes, those 2 companies are poised well to benefit from the economic reopening, the vaccinations becoming more widespread. There's a house view within RMR. We feel generally pretty confident that things are going to start getting pretty much better as we get into the summer and third and fourth quarters in terms of those industries. Within the senior living industry, it may even be a little earlier than that. Those senior living communities will largely, as an industry, be largely inoculated fully by the end of Q1. That positions them well that they may start to see a recovery, sort of the first sort of sector to see a rebound because if they're fully inoculated, they really can turn their attention to new admissions and growing occupancy, and you could start to see a turnaround there, maybe in the second quarter.

當然。所以我們有 4 個大型股權房地產投資信託基金。兩個最大的REIT是我們的醫療保健REIT，即DHC，然後是我們的酒店和零售REIT，即SVC。我認為，是的，這兩家公司已經準備好從經濟重新開放、疫苗接種變得更加廣泛中受益。 RMR 內有房屋景觀。我們總體上非常有信心，隨著進入夏季以及第三和第四季度，這些行業的情況將開始變得更好。在養老行業，甚至可能比這還要早。作為一個行業，這些老年生活社區將在第一季末基本上充分接種。這使他們處於有利地位，他們可能會開始看到復甦，這是第一個反彈的行業，因為如果他們完全接種了疫苗，他們確實可以將注意力轉向新的招生和不斷增長的入住率，你可以開始看到扭轉局面，也許在第二季。

So we feel very good about where we are with -- as the economy opens and vaccinations in terms of what's going on in our hospitality, health care, even the retail side of the house as well. Our office and industrial REITs and sectors continue to perform -- have performed very well through the pandemic, and we expect them to continue to perform well. I'll let Matt talk about incentive fees.

因此，隨著經濟的開放和疫苗接種，我們對酒店、醫療保健、甚至零售方面的情況感到非常滿意。我們的辦公大樓和工業房地產投資信託基金和部門繼續表現出色——在大流行期間表現得非常好，我們預計它們將繼續表現良好。我會讓馬特談談獎勵費。

Yes. And I guess just on fee paying AUM, just to add something to Adam's comment. When we talk to investors, I think the one thing I would highlight is that lost revenue, that's gone from 56 to the low 50s now. If we do nothing but just focus on our organic REITs, that is all EBITDA flow-through and just straight forward organic growth. So I think investors see that opportunity and should see it play out in '21 for some of the reasons that Adam talked about.

是的。我想只是為了支付 AUM 費用，只是為了在 Adam 的評論中添加一些內容。當我們與投資者交談時，我想我要強調的一件事是收入損失，從 56 下降到現在的 50 左右。如果我們什麼都不做，只專注於我們的有機房地產投資信託基金，那麼這就是全部 EBITDA 流動和直接的有機成長。因此，我認為投資者看到了這個機會，並且應該看到它在 21 年發揮作用，原因有 Adam 談到的。

In terms of incentive fees, we agree with you, Ron. I think what we've seen since this incentive fee went -- incentive fee structure was put in place is that troughs and performance at our managed equity REITs tend to present opportunities in the long term as they recover and tend to far outperform their peer groups because of that low point. And specifically as it relates to OPI, while it's still a ways away, you're right: through January of this year, we are cautiously optimistic. '22 is a long way away so we're really not in a position to comment, but I would agree with you on '21 for OPI.

在獎勵費方面，我們同意你的觀點，羅恩。我認為，自從激勵費實施以來，我們所看到的情況是，我們管理的股權房地產投資信託基金的低谷和業績往往會在長期復甦時帶來機會，並且往往遠遠優於同行。因為那個低點。特別是與 OPI 相關的問題，雖然還有很長的路要走，但你是對的：到今年 1 月，我們都持謹慎樂觀的態度。 '22 還很遙遠，所以我們真的無法發表評論，但我同意你對 OPI '21 的看法。

Got it. Helpful. Yes, it just seems that -- I think about how the way the company is positioned, as the economy reopens, I think there's potentially a nice upside for the fees. So that answered all my questions. Very helpful.

知道了。有幫助。是的，似乎——我認為隨著經濟重新開放，公司的定位方式可能會帶來不錯的費用上漲空間。這回答了我所有的問題。很有幫助。

The next question will come from Owen Lau with Oppenheimer.

下一個問題將由 Owen Lau 和 Oppenheimer 提出。

Adam, could you please give us an update on the progress of your strategic acquisition? And I heard that you mentioned it would happen in the coming years. And if I remember correctly, previously, you mentioned it may be happening in the coming months. Could you please elaborate a little bit if there's any change in the thinking here?

Adam，您能為我們介紹一下您策略性收購的最新進展嗎？我聽說你提到這將在未來幾年發生。如果我沒記錯的話，您之前提到這可能會在未來幾個月內發生。如果這裡的想法有什麼變化，可以詳細說明一下嗎？

Thanks, Owen. That's -- thank you for that question. There has been a little bit of a shift in our thinking. And we talked -- I did go into, I think, a little bit of detail in my prepared remarks around that. About 2 years ago, we were very public in talking to investors about how we were going to basically take this time to really try to look -- seek out an M&A partner or make a strategic acquisition to sort of help jump-start our private capital investment business. And simultaneously with that, we also said we're going to try and organically build it. We've been having, I think, pretty good success in getting some pretty good momentum, building it ourselves organically.

謝謝，歐文。那就是——謝謝你提出這個問題。我們的想法發生了一些轉變。我們進行了交談——我認為，我確實在我準備好的評論中對此進行了一些詳細介紹。大約兩年前，我們非常公開地與投資者談論我們將如何利用這段時間真正嘗試尋找併購合作夥伴或進行策略性收購，以幫助啟動我們的私人資本投資業務。同時，我們也表示我們將嘗試有機地建造它。我認為，我們在獲得一些相當好的勢頭方面取得了相當大的成功，我們自己有機地建立了它。

On the M&A front, we've, for 2 years, been at this. We've had numerous conversations. We are continuing to have what I would characterize as a handful of conversations with folks. But deal activity in and around real estate asset manager space has been very muted in -- specifically, in that sector. Especially for control transaction, which, I think, again, is what we are focused on is the right thing for us to focus on for various reasons. So there hasn't been a lot of activity. And then even those conversations that we are still having, it's becoming more and more evident to us that it's unlikely that we would be using the majority of the cash that we have built up on our balance sheet.

在併購方面，我們已經這樣做了兩年。我們進行了多次交談。我們正在繼續與人們進行一些我所說的對話。但房地產資產管理領域及其周邊地區的交易活動一直非常低迷——特別是在該領域。特別是對於控制權交易，我認為，出於各種原因，我們再次關注的是我們關注的正確的事情。所以一直沒有太多的活動。即使我們仍在進行這些對話，我們也越來越明顯地意識到，我們不太可能使用資產負債表上累積的大部分現金。

And so we always said that we were going to spend some time to really evaluate the M&A market, that we were going to try to use the M&A process to sort of jump-start the private capital investment business. We haven't given up. We're still trying that. But it's becoming more and more evident sort of where we're going to end up on this. And I think what I meant is -- what I'm trying to say in my prepared remarks is, we're starting to shift our thinking a little bit to start thinking about, okay, if we do a deal, we may not even do a deal, we may feel very comfortable just growing it organically. But even if we do a deal, it's probably not going to use up most of our capital.

因此，我們總是說我們將花一些時間來真正評估併購市場，我們將嘗試利用併購流程來啟動私人資本投資業務。我們還沒有放棄。我們仍在嘗試這樣做。但我們最終的結局變得越來越明顯。我想我的意思是——我在準備好的發言中想說的是，我們開始稍微改變一下我們的想法，開始思考，好吧，如果我們達成協議，我們甚至可能不會達成交易後，我們可能會覺得有機地成長它會很舒服。但即使我們達成協議，也可能不會用掉我們的大部分資金。

If that's the case, we should probably start having some discussions at the Board level about does it make sense to start thinking about returning some of that capital to shareholders. And we've been asked that, I've been asked that, the team has been asked that by many investors for a long time. And I am trying to indicate there's a slight shift in thinking to say, I think we're a step closer than we were for the last few quarters in terms of taking that on. And I expect in the coming Board meetings we're going to have pretty robust discussion around that in terms of is it now time to start thinking about -- have we gotten to the point where it's now time to start thinking about returning some capital to shareholders?

如果是這樣的話，我們可能應該開始在董事會層級進行一些討論，看看開始考慮將部分資本回饋給股東是否有意義。很長一段時間以來，我們、我、團隊一直被許多投資者問到。我試圖表明，我們的想法略有轉變，我認為我們在應對這一問題方面比過去幾季更近了一步。我預計在即將召開的董事會會議上，我們將圍繞這個問題進行相當激烈的討論，即現在是否是時候開始考慮——我們是否已經到了現在是時候開始考慮將部分資本返還給股東？

We can get into debate about how to do that. I don't think we're quite at a point where I comment on what that form might be. There's pretty obvious forms and how to do that. But I think that's really sort of a little bit of a shift in terms of where we're at. And I think it's really a result of -- we've been doing this for a couple of years. We have a pretty good feel of what's out there, what's available and what it is we might do. And so we have -- we have some visibility -- a better visibility, I think, into our cash needs.

我們可以就如何做到這一點進行辯論。我認為我們還沒有到要評論這種形式的程度。有非常明顯的形式以及如何做到這一點。但我認為這確實是我們所處位置的一點轉變。我認為這確實是我們多年來一直這樣做的結果。我們對現有的、可用的以及我們可以做什麼有很好的了解。因此，我認為，我們對我們的現金需求有一定的了解，有更好的了解。

Got it. Just a quickly follow-up on that thinking. So does it mean that your -- I think, you also talked about that a little bit. Does it also mean that you are also open to buyback and one-time dividend? Is it the way investors should think about that?

知道了。只是對這個想法的快速跟進。那麼這是否意味著你——我想，你也談到了這一點。這是否也意味著您也願意回購和一次性股利？這是投資人應該思考的方式嗎？

Yes. I think that's exactly the way we were thinking about it. In terms of when I say return capital to shareholders, those are the obvious things. Dividend increase, either one time or recurring, or stock buybacks.

是的。我認為這正是我們思考的方式。就我所說的向股東返還資本而言，這些都是顯而易見的事。一次性或定期增加股息，或股票回購。

Got it. Just one final housekeeping question, if I may. So for the commercial mortgage REIT, RMRM, could you please talk about if there's any change in the fee structure? How should we expect the revenue contribution from RMRM to RMR down the road?

知道了。如果可以的話，我想問最後一個家事問題。那麼對於商業抵押REIT，RMRM，您能否談談費用結構是否有任何變化？我們應該如何預期 RMRM 對 RMR 的收入貢獻？

Yes. Owen, RMRM, now that they're a mortgage REIT is going to follow the same contractual arrangement as TRMT, our other mortgage REIT. So it will be 150 basis points of equity and their equity is about $192 million, so it's about $2.9 million in annual fees.

是的。歐文，RMRM，現在他們是抵押房地產投資信託，將遵循與我們的另一個抵押房地產投資信託 TRMT 相同的合約安排。因此，股本將是 150 個基點，他們的股本約為 1.92 億美元，因此年費約為 290 萬美元。

The next question will come from Jim Sullivan with BTIG.

下一個問題將由 BTIG 的 Jim Sullivan 提出。

Adam, I just wanted to ask a couple of questions here on the Sonesta acquisition of Red Lion. You talked about this earlier. But looking at the -- what Red Lion has been able to do in terms of franchising over the last few years, they've actually had -- they've lost a considerable number of properties that -- where the franchises were terminated. And they operate, I think it's about 5 brands in mid-scale and 5 brands in economy, with the economy, obviously, being the -- no pun intended, the lion's share of the portfolio.

Adam，我只是想問幾個關於 Sonesta 收購紅獅的問題。你之前談過這個。但看看過去幾年紅獅在特許經營方面所做的事情，他們實際上已經失去了相當多的財產，而特許經營權被終止。我認為他們經營著大約 5 個中型品牌和 5 個經濟型品牌，顯然，經濟型品牌是——沒有雙關語，是投資組合的最大份額。

So I guess, when you talk about expanding the franchising, that would amount to a kind of a reversal of trend for the company. And I just wonder if you can help us understand what the strategy will be. Will you look to reduce the number of brands here, number one? And number two, will you look to expand the franchising into higher price points or not when it comes under Sonesta ownership?

所以我想，當你談論擴大特許經營權時，這將相當於公司趨勢的逆轉。我只是想知道你是否可以幫助我們了解該策略是什麼。第一，你會考慮減少這裡的品牌數量嗎？第二，當它歸索尼斯塔所有時，您是否會考慮將特許經營權擴大到更高的價格點？

Sure. Jim, great questions and great to have you on the call. With regards to the franchising business there, you're correct. The Red Lion, it's all -- it's public, has, over the last few quarters, had a reduction in number of franchisees. I think the goal, if we are able to acquire Red Lion -- and again, I'm optimistic we will, but it is subject to a shareholder vote, is we -- the focus is really to stabilize the business, the existing business, as it is. Stop the reduction in the number of franchises and even start to turn that around in the coming quarters.

當然。吉姆，很好的問題，很高興您接聽電話。關於那裡的特許經營業務，你是對的。紅獅，它是公開的，在過去幾個季度中，特許經營商的數量有所減少。我認為，如果我們能夠收購紅獅，我再次樂觀地認為我們會收購紅獅，但這取決於股東投票，我們的重點是真正穩定業務，現有業務，就這樣。停止特許經營數量的減少，甚至在未來幾季開始扭轉這一局面。

I think in terms of the brands, our mid-scale and economy, in terms of what we're going to do, I don't think there's been a definitive -- there hasn't been a final decision about which brands we may continue to run. There are some obvious ones that have a large number of franchises that we'd obviously keep. There's a couple of brands that you have to wonder, does it make sense to continue with them. And -- but those decisions have yet to be made and won't probably be made until we close on the acquisition.

我認為就品牌、我們的中型規模和經濟而言，就我們要做什麼而言，我認為還沒有一個明確的決定——關於我們可能會選擇哪些品牌，還沒有最終決定。繼續運行。有一些明顯的公司擁有大量我們顯然會保留的特許經營權。您必須想知道有幾個品牌，繼續使用它們是否有意義。而且──但這些決定尚未做出，而且可能要等到我們完成收購後才會做出。

In terms of -- I also want to point out, Sonesta has announced it's hired an industry veteran that has over 35 years in franchising, did it in a very similar economy segment. Keith Pierce is somebody that's going to be joining Sonesta as part -- if we close on this acquisition, as an Executive Vice President and the President of Franchising and Development. We're pretty confident that he has the experience and expertise to help us turn around that business, and he's very focused on helping us do that.

我還想指出的是，Sonesta 已宣布聘請了一位在特許經營領域擁有超過 35 年經驗的行業資深人士，他在一個非常相似的經濟領域做到了這一點。如果我們完成此次收購，基思皮爾斯 (Keith Pierce) 將作為執行副總裁兼特許經營與開發總裁加入索尼斯塔 (Sonesta)。我們非常有信心，他擁有豐富的經驗和專業知識來幫助我們扭轉業務，而且他非常專注於幫助我們做到這一點。

In terms of where we could take it, the obvious thing we can think about doing -- and again, I'd say this is some quarters after the acquisition. So our first step, stabilize it, reverse the trend, start to maybe even grow the existing franchises. And then you start thinking about, okay, where's the logical place you can expand the type of franchising they do, which, you're right, is around economy and mid-scale. Well, the obvious places you would expand that to is what we have under Sonesta called Sonesta ES Suites or Sonesta Simply Suites or Sonesta Select. I mean that would be the logical place, and I think that's where we would think about expanding the franchising business into the Sonesta brands to start.

就我們可以採取的行動而言，我們可以考慮做的顯而易見的事情 - 再說一遍，我想說這是收購後的幾個季度。因此，我們的第一步是穩定它，扭轉趨勢，甚至開始發展現有的特許經營權。然後你開始思考，好吧，你可以擴大他們所做的特許經營類型的邏輯位置在哪裡，你是對的，圍繞著經濟和中等規模。嗯，您可以將其擴展到的明顯地方是我們在 Sonesta 旗下的 Sonesta ES Suites 或 Sonesta Simply Suites 或 Sonesta Select。我的意思是，這將是合乎邏輯的地方，我認為這就是我們考慮將特許經營業務擴展到 Sonesta 品牌的起點。

The holy grail of where we ultimately want to get to is ultimately franchising Sonesta and Royal Sonesta. Of course, we are very cognizant of the fact franchising economy hotels is a different business than franchising full-service luxury hotels. And so we do plan to get there, but I think we're planning to sort of work our way up the segments as we start to roll the Red Lion franchising into the Sonesta business.

我們最終想要實現的目標是最終獲得 Sonesta 和 Royal Sonesta 的特許經營權。當然，我們非常清楚特許經營經濟型酒店與特許經營全方位服務豪華酒店是不同的業務。因此，我們確實計劃實現這一目標，但我認為，當我們開始將紅獅特許經營權納入索尼斯塔業務時，我們計劃在各個細分市場中逐步提升。

Okay. And then one quick follow-up question on the possibility of returning cash to shareholders. You've talked about that as a possibility as you consider the alternatives. Is there a timing, a date when you think you're going to make a decision to fish or cut bait here? We'd see by the end of this year, it's the end of next year? Do you have any informal timing?

好的。然後是一個關於向股東返還現金的可能性的快速後續問題。當你考慮替代方案時，你已經談到了這種可能性。您認為您將在此處做出決定釣魚或切斷誘餌的時間或日期嗎？我們會在今年底看到，是明年年底嗎？您有非正式的時間安排嗎？

I think it's probably -- we'll make a decision one way or the other before the end of our fiscal year, and our fiscal year is September. And so I think that's sort of the time line we're focused on is sort of making a decision around the question of returning shareholder capital -- share -- capital to shareholders. If we do it, I think the when is sometime before the end of the fiscal year.

我認為，我們可能會在我們的財政年度結束之前以某種方式做出決定，而我們的財政年度是九月。因此，我認為我們關注的時間軸是圍繞向股東返還股東資本（股票）的問題做出決定。如果我們這樣做，我認為時間是在本財政年度結束之前的某個時間。

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。

Just to piggyback on that previous question in terms of capital return to shareholders. I wonder if you could just share with us some of the key considerations that could potentially influence whether that capital return could take the form of either dividends or share repurchases.

只是藉用之前關於股東資本回報的問題。我想知道您是否可以與我們分享一些可能影響資本回報是否採取股息或股票回購形式的關鍵考慮因素。

Sure. If we go down this path of returning capital to shareholders, those are the obvious 2 questions we have. Both put money in shareholders' hands, so to speak. One is very tangible. The other is less tangible, meaning if it's not cash. The issue around -- that we have wrestled with, and again, these are early discussions, is in and around our float. And that sort of has an impact on whether we do a stock buyback or not, if we were to do a return of capital -- share -- capital to shareholders. And what I mean by that is we don't have a particularly large float. And we have dealt with many shareholders that have told us, oh, we'd love to buy more shares. We'd love to get into your company in a big way. We think your business model is great, but you have such a small float, we can't efficiently get in and out.

當然。如果我們走這條向股東返還資本的道路，那麼這就是我們面臨的兩個明顯問題。可以這麼說，兩者都把錢交到了股東手中。一是非常有形的。另一種則不太有形，即不是現金。我們一直在努力解決的問題，而這些都是早期的討論，是在我們的浮動和周圍的。如果我們要向股東返還資本——股票——資本，這會影響我們是否進行股票回購。我的意思是我們沒有特別大的浮動資金。我們與許多股東打過交道，他們告訴我們，哦，我們很樂意購買更多股票。我們很樂意大規模地進入貴公司。我們認為你們的商業模式很棒，但你們的流通量很小，我們無法有效地進出。

And so we wrestled with that. That's the issue I think we wrestle in and around. A stock buyback that is sort of -- we also have to deal with. It also depends, of course, where the share price is trading in and when we would consider a stock buyback. And I really don't have a view as to what that price would be in order to sort of push us one way or the other. But obviously, the share price is obviously a consideration as well. Cash is very tangible. It's something we can put in shareholders -- it's easy to quantify. And so that's -- those are the sort of the considerations as we go through it. And again, I'm not putting -- I'm not trying to tip the scale one way or the other. I'm just telling you that's how -- those are some of the issues we're thinking about.

所以我們一直在努力解決這個問題。我認為這就是我們一直在爭論的問題。我們也必須處理股票回購。當然，這也取決於股價的交易價格以及我們何時考慮股票回購。我真的不知道這個價格是多少，才能以某種方式推動我們。但顯然，股價顯然也是一個考慮因素。現金是非常有形的。這是我們可以投入股東的東西——很容易量化。所以，這就是我們在討論時要考慮的因素。再說一遍，我並不是想要以某種方式改變天秤。我只是告訴你們，這就是我們正在考慮的一些問題。

Great. Very helpful. And just one follow-up, if I may. You mentioned in the prepared remarks, expect -- potentially expect some transition of hotels from Hyatt as well later this year. I wonder if you could just frame out the potential either revenue impact or at least give us the number of hotels that's potentially involved.

偉大的。很有幫助。如果可以的話，只有一個後續行動。您在準備好的演講中提到，預計凱悅酒店可能會在今年稍後進行一些轉型。我想知道您是否可以列出潛在的收入影響，或至少告訴我們可能涉及的酒店數量。

Yes. It's -- it would be -- if it happens, and again, we've been -- SVC has been pretty clear around this, that it is likely going to have some discussions with Hyatt. Hyatt sent SVC a termination notice. It sounds a little backwards, but they sent us a termination notice. We are going to be engaged, SVC and RMR. We're going to have some discussions with Hyatt. We'll see where those end up. I really don't have a view one way or the other, where they're going to end up at this point. But if they were to not be fruitful, and we could end up taking back all 22 hotels, is a scenario where we only take back some of those hotels, for example, or as a scenario, we take back none of them.

是的。如果發生的話，SVC 對此已經非常明確，它可能會與凱悅進行一些討論。凱悅向 SVC 發送了終止通知。聽起來有點倒退，但他們向我們發送了終止通知。我們將參與 SVC 和 RMR。我們將與凱悅進行一些討論。我們會看看它們最終會去哪裡。我真的不知道他們在這一點上最終會怎樣。但如果它們沒有取得成果，我們最終可能會收回所有 22 家酒店，例如，我們只收回其中一些酒店，或者作為一種情況，我們什麼都不收回。

But again, it's 22 hotels, they're all Hyatt Places is what they're branded. If they were to become Sonesta's, I suspect they would become Sonesta Selects is what I suspect they would become. Matt, do you have a view on the numbers?

但同樣，這有 22 家酒店，它們都是凱悅嘉軒酒店（Hyatt Places），正如它們的品牌一樣。如果他們要成為 Sonesta 的，我懷疑他們會成為 Sonesta Selects，我懷疑他們會成為這樣。馬特，你對這些數字有什麼看法嗎？

This would be ballpark, Ken. You're probably talking $0.5 million a quarter in potential revenue opportunity, and that's a very round number. I think we'll see how the negotiations play out and give you more color next quarter.

這大概是，肯。您可能談論的是每季 50 萬美元的潛在收入機會，這是一個非常整數的數字。我想我們會看看談判如何進行，並在下個季度為你帶來更多的資訊。

The next question will come from Mike Carrier with Bank of America.

下一個問題將由美國銀行的麥克·卡里爾（Mike Carrier）提出。

This is Dean Stephan on for Mike Carrier. Most of my questions have been answered, so just a quick one from me. Given the lack of multifamily exposure across your real estate portfolio, I was wondering if we could get some of your views in regards to the potential attractiveness of that sector. And if you guys would consider no potential M&A JV or organic growth opportunities in that area down the line.

我是麥克·卡里爾的迪恩·史蒂芬 (Dean Stephan)。我的大部分問題都已得到解答，所以我只簡單回答一下。鑑於您的房地產投資組合中缺乏多戶型投資，我想知道我們是否可以了解您對該行業潛在吸引力的一些看法。如果你們考慮到該領域未來沒有潛在的併購合資或有機成長機會。

Yes, great. Great question. It's the one you're correct and correct to point out. So the one sector in commercial real estate that we don't have a significant presence in. Yes, it is an area that, as we have had strategic conversations around potential M&A that we have been focused on with folks that have a significant expertise and presence in that space. It's an area we could obviously acquire. It's also something that we are thinking about as we think about repositioning many of the assets that -- in the senior living as well as maybe more importantly, the hotel side of the business that we -- SVC and DHC are now -- have taken back, that it could consider possibly turning them or renovating, converting them into multifamily, specifically workforce housing.

對，很好。很好的問題。這是你所指出的正確且正確的。因此，這是我們在商業房地產領域沒有大量業務的一個領域。是的，這是一個領域，因為我們已經圍繞潛在的併購進行了策略對話，我們一直專注於與擁有豐富專業知識和經驗的人合作。存在於那個空間。這是我們顯然可以收購的領域。當我們考慮重新定位許多資產時，這也是我們正在考慮的事情，這些資產在老年生活領域，也許更重要的是，我們（SVC 和 DHC）現在已經採取的酒店業務。回來，它可以考慮將它們改造或翻新，將它們改造成多戶住宅，特別是勞動力住房。

That is something that I think the advantage of the RMR platform really gives the REITs is the -- it's a -- we're a robust, nationwide, vertically integrated real estate company. And we have offices all over the country. We can engage in a conversion project ourselves. We don't need to take a partner on to do something like that, where we could take a handful, maybe more than a handful of some of the properties, especially on the hotel side, perhaps, and think about converting them into multifamily, specifically workforce housing.

我認為 RMR 平台真正為房地產投資信託基金帶來的優勢是——我們是一家強大的、全國性的、垂直整合的房地產公司。我們在全國各地設有辦事處。我們可以自己進行一個改造專案。我們不需要找一個合作夥伴來做這樣的事情，我們可以拿一些，也許不止一些房產，特別是在酒店方面，也許，並考慮將它們改造成多戶住宅，特別是勞動力住房。

And that could be sort of a catalyst to sort of to grow a new line of business. We could then -- that could be a way of organically doing it. Of course, it'd have to make sense to SVC and/or DHC, if we did it with any senior living assets to make that conversion. But that's how we're thinking about it. It could come through strategic M&A, but we're also exploring building it ourselves to some extent.

這可能會成為發展新業務的催化劑。那麼我們就可以——這可能是一種有機地做到這一點的方式。當然，如果我們對任何高級生活資產進行轉換，那麼它必須對 SVC 和/或 DHC 有意義。但這就是我們的想法。它可以透過策略併購來實現，但我們也在探索在某種程度上自己建構它。

The next question will come from William Katz with Citi.

下一個問題將由花旗銀行的威廉·卡茨提出。

This is Millie Wu on for William Katz. I just have one question on the dispositions. Can you please give an update on the timing and level of such disposition?

我是米莉吳 (Millie Wu) 為威廉卡茲 (William Katz) 配音。我只有一個關於處置的問題。您能否提供有關此類處置的時間和級別的最新資訊？

Sure. So across the platform, I don't expect there to be material dispositions in calendar year '21. Both -- the 2 companies that were poised to consider large-scale dispositions as we went into the pandemic, was specifically DHC and SVC; specifically around those 2 companies. They -- both those companies have largely put most disposition activity on hold. There will be, I think, a smattering or a limited amount of disposition activity that you could see in and around some hotels, but I don't think it would be large portfolios. It could be one-offs.

當然。因此，在整個平台上，我預計 21 日曆年不會有重大處置。兩家公司－在我們進入疫情期間準備考慮大規模處置的兩家公司，特別是 DHC 和 SVC；特別是圍繞這兩家公司。他們——這兩家公司基本上已經擱置了大部分處置活動。我認為，在一些酒店及其周邊地區，您可能會看到少量或有限的處置活動，但我認為這不會是大規模的投資組合。這可能是一次性的。

You could see some -- a smattering of disposition activity in and around senior living assets. But again, I don't think it'd be a large portfolio, I think it would be one-offs. I think you could see some opportunistic sales. At OPI, we had a very opportunistic sale in Richmond, Virginia. We sold a building for $130 million. That building was fully leased. It's a great building. We did not plan to sell that building. It did not go to market. It was an off-market transaction. We felt it was very good pricing so we moved forward with it. We could see a couple of transactions like that, that appear. But I don't think dispositions in '21 will be a material story for the entire platform.

你可以看到一些——老年生活資產內部和周圍的一些處置活動。但同樣，我不認為這會是一個很大的投資組合，我認為這將是一次性的。我認為你可能會看到一些機會主義的銷售。在 OPI，我們在維吉尼亞州里士滿進行了一次非常機會主義的銷售。我們以 1.3 億美元的價格出售了一棟大樓。那棟大樓已全部出租。這是一座偉大的建築。我們不打算出售那棟大樓。它沒有進入市場。這是一場場外交易。我們覺得這個定價非常好，所以我們繼續前進。我們可以看到出現了一些這樣的交易。但我認為 21 年的部署不會成為整個平台的重要故事。

We have very -- Millie, we have very limited disposition activity in the forward-looking numbers I outlined in my prepared remarks.

米莉，我們在我準備好的發言中概述的前瞻性數字中的處置活動非常有限。

The next question will come from Jim Sullivan with BTIG.

下一個問題將由 BTIG 的 Jim Sullivan 提出。

Adam, yes, the question I have is, this is obviously with all of the distress that we're seeing in the market, a time for creative thinking. And one of your peers formed a SPAC recently that you probably saw the headline on. And given your level of vertical integration, I'm just curious. Obviously, you're sitting on a lot of cash, but I just wonder if you considered the feasibility or the attractiveness or the possibility of forming a SPAC to look at some companies that might be in distress, operators or real estate owners, as a way to grow the business going forward.

亞當，是的，我的問題是，這顯然是我們在市場上看到的所有困境，是一個創造性思考的時代。你的一位同行最近成立了一個 SPAC，你可能已經看到了它的頭條新聞。考慮到你們的垂直整​​合水平，我只是很好奇。顯然，你坐擁大量現金，但我只是想知道你是否考慮過成立SPAC的可行性或吸引力或可能性，以考察一些可能陷入困境的公司、運營商或房地產所有者，作為未來發展業務的方式。

Sure. Bill -- Jim, it's a great question. We have been obviously studying the SPAC business pretty closely for several months. A lot of investment banks have pitched us this idea aggressively. So far, we have held off on it. It's not to say we couldn't think about doing something along the line you've mentioned, Jim. But so far, we've held off. And partly, we've been holding off is because we've talked a lot about how focused we've been on our own M&A activity. And to date, we haven't closed anything or announced anything.

當然。比爾——吉姆，這是一個很好的問題。顯然，我們幾個月來一直在密切研究 SPAC 業務。許多投資銀行都積極向我們推銷這個想法。到目前為止，我們已經推遲了。吉姆，這並不是說我們不能考慮按照你提到的方式做些什麼。但到目前為止，我們已經推遲了。我們一直推遲的部分原因是我們已經談論了很多關於我們對自己的併購活動的關注程度。到目前為止，我們還沒有關閉任何東西或宣布任何東西。

And so I'm a little worried as an organization, that it could be a distraction, to be honest with you. We could make some -- there's an opportunity to make money there, I agree. But until we sort of get the core business in terms of getting a private capital business up and really going and whether we're going to do that through some of M&A on ourselves, I've just been worried that it will just be a large distraction for the organization today. That being said, we've seen our peers -- several of our peers, I think Simon just announced one and the...

所以說實話，作為一個組織，我有點擔心這可能會分散注意力。我們可以賺一些——我同意那裡有賺錢的機會。但在我們獲得核心業務，即建立私人資本業務並真正開展業務之前，以及我們是否要通過我們自己的一些併購來實現這一目標之前，我一直擔心這將是一個巨大的事件。今天對組織的幹擾。話雖這麼說，我們已經看到了我們的同行——我們的幾個同行，我想西蒙剛剛宣布了一個...

BRE, Tishman.

布雷，鐵獅曼。

Tishman. There's been a lot of folks that have done it. And so we've been studying what they've been doing. I don't rule it out. I'm just sort of explaining why we've been a little reluctant to date to do it. It's just been where we've been focused on M&A. But it is something we could consider.

鐵獅曼。已經有很多人這麼做了。所以我們一直在研究他們在做什麼。我不排除這種可能性。我只是想解釋為什麼我們有點不願意約會。這正是我們一直專注於併購的領域。但這是我們可以考慮的事情。

This concludes our question-and-answer session. I would like to turn the conference back over to Adam Portnoy for any closing remarks. Please go ahead, sir.

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。請繼續，先生。

Thank you for joining us. Prior to our next quarterly earnings conference call, we look forward to seeing many of you at the 2021 RBC Capital Markets Financial Institutions Virtual Conference on March 9th and 10th. Operator, that concludes our call.

感謝您加入我們。在我們召開下一次季度收益電話會議之前，我們期待在 3 月 9 日至 10 日舉行的 2021 年加拿大皇家銀行資本市場金融機構虛擬會議上見到大家。接線員，我們的通話結束了。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。