RMR Group Inc (RMR) 2023 Q1 法說會逐字稿

Good morning, and welcome to the RMR First Quarter of Fiscal 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 RMR 2023 財年第一季財務業績電話會議。 （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 Melissa McCarthy, Manager of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係經理梅麗莎·麥卡錫 (Melissa McCarthy)。請繼續。

Good morning, and thank you for joining RMR's First Quarter of Fiscal 2023 Conference Call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan. In just a moment, they will provide details about our business and quarterly results followed by a question-and-answer session.

早安，感謝您參加 RMR 2023 財年第一季電話會議。與我一起參加今天電話會議的是總裁兼執行長 Adam Portnoy；和財務長馬特喬丹。稍後，他們將提供有關我們業務和季度業績的詳細信息，然後進行問答環節。

I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

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 3, 2023, 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（2023 年 2 月 3 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 those 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.

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，這些資訊可以在我們的網站 www.rmrgroup.com 上找到。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 margin can be found in our earnings release.

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

Thanks, Melissa, and thank you for joining us this morning.

謝謝梅麗莎，也謝謝你今天早上加入我們。

Before we discuss the first quarter results, I would like to start by highlighting the enhanced earnings release format that we issued last night. This enhanced format is intended to align more closely with our alternative asset manager peers. And we expect it to be easier for investors and analysts to efficiently digest our results and make comparisons to our peer group.

在我們討論第一季業績之前，我想先強調一下我們昨晚發布的增強型收益發布格式。這種增強的格式旨在與我們的另類資產管理公司同行更加緊密地結合。我們希望投資者和分析師能夠更輕鬆地有效消化我們的結果並與同行進行比較。

We have also evolved the way we define our clients. And as a result, throughout our earnings release and 10-Q, you will see them presented as either perpetual capital clients or private capital clients.

我們也改進了定義客戶的方式。因此，在我們的財報發布和 10-Q 報告中，您會看到他們要么是永久資本客戶，要么是私人資本客戶。

As I sit here today and survey the overall economic environment, the ongoing market uncertainty driven, in large part, by the Fed's rapid interest rate increases, has created significant headwinds for the commercial real estate industry. This market uncertainty has significantly slowed real estate transaction volumes with many, including our organization, taking a more wait-and-see approach. The impact on the publicly traded REIT industry has also been significant, with the U.S. REIT index down over 24% in 2022 and each respective publicly traded REIT sector generating negative returns since -- returns last year.

當我今天坐在這裡審視整體經濟環境時，市場持續的不確定性在很大程度上是由聯準會快速升息驅動的，這給商業房地產行業帶來了巨大的阻力。這種市場不確定性大大減緩了房地產交易量，包括我們組織在內的許多人都採取了更多的觀望態度。這對公開交易的 REIT 產業的影響也很大，美國 REIT 指數在 2022 年下跌了 24% 以上，並且自去年以來，每個公開交易的 REIT 部門都產生了負回報。

In light of these challenges, RMR's strong first quarter financial results are a testament to the diversity of our clients and the durability of our business model. We ended the calendar year 2022 with $37.4 billion in assets under management with $30 billion representing perpetual capital. Additionally, over the course of 2022, our fee-earning AUM increased almost 10% to end the year at $26.9 billion.

鑑於這些挑戰，RMR 第一季強勁的財務業績證明了我們客戶的多樣性和我們業務模式的持久性。截至 2022 年，我們管理的資產為 374 億美元，其中 300 億美元為永久資本。此外，在 2022 年期間，我們的收費資產管理規模成長了近 10%，年底達到 269 億美元。

This quarter, we reported adjusted net income of $0.51 per share, distributable earnings of $0.58 per share, adjusted EBITDA of $26.4 million and adjusted EBITDA margin of 50.8%. Finally, we again declared our dividend of $0.40 per share this quarter, which remains secure and well covered, as evidenced by our 62.4% distribution payout ratio.

本季度，我們報告調整後淨利潤為每股 0.51 美元，每股可分配收益為 0.58 美元，調整後 EBITDA 為 2,640 萬美元，調整後 EBITDA 利潤率為 50.8%。最後，我們再次宣布本季每股 0.40 美元的股息，該股息仍然安全且覆蓋良好，我們 62.4% 的派息率證明了這一點。

From an operational perspective, our organization continued its focus on delivering high-quality and amenity-rich buildings to our tenants. Despite a slowing and cautious commercial real estate market, from a leasing perspective, fundamentals across our managed assets remained favorable. Our portfolio of managed real estate ended the quarter at nearly 96% leased. And during the quarter, we helped arrange 2.5 million square feet of leases on behalf of our clients, which resulted in a combined 2% roll-up in rents and a weighted average lease term of almost 9 years.

從營運角度來看，我們的組織繼續致力於為租戶提供高品質和設施豐富的建築。儘管商業房地產市場放緩且謹慎，但從租賃角度來看，我們管理的資產的基本面仍然有利。本季末，我們管理的房地產投資組合的出租率接近 96%。在本季度，我們代表客戶協助安排了 250 萬平方英尺的租賃，租金總計上漲了 2%，加權平均租賃期限接近 9 年。

As a reminder, we are limited as to what we can discuss this quarter regarding our publicly traded clients as we are reporting results in advance of them. With that said, I want to highlight some items of note across our perpetual capital clients. In October, SVC amended its revolving credit facility to extend the facility's maturity date to July 2023 and removed restrictions on paying dividends and issuing secured debt.

提醒一下，我們本季可以討論的有關公開交易客戶的內容有限，因為我們要先於他們報告結果。話雖如此，我想強調我們永久資本客戶的一些值得注意的事項。 10 月，SVC 修改了循環信貸安排，將該安排的到期日延長至 2023 年 7 月，並取消了支付股息和發行擔保債務的限制。

With the amendment behind them, SVC's Board increased the quarterly cash dividend from $0.01 per share to $0.20 per share, which is well covered at a conservative 37% payout ratio. SVC management is currently focused on refinancing $500 million in bonds that will mature this June with multiple options currently available to them. Bond refinancing discussions at SVC have also been helped because all aspects of its business continue to perform well.

經過修訂後，SVC 董事會將季度現金股利從每股 0.01 美元增加到每股 0.20 美元，保守的 37% 派息率足以滿足這項要求。 SVC 管理層目前專注於為 5 億美元的債券進行再融資，這些債券將於今年 6 月到期，目前有多種選擇。 SVC 的債券再融資討論也得到了幫助，因為其業務的各個方面都繼續表現良好。

In the hotel sector, fundamentals remain solid, as evidenced by higher TSA checkpoint travel volumes and increasing occupancy and RevPAR levels across the industry. This positive momentum was evident this past week at the ALIS conference in Los Angeles, a major hotel industry event that included representation from both SVC and Sonesta, where the mood was the most upbeat since the beginning of the pandemic.

在飯店業，基本面仍然穩固，運輸安全管理局檢查站旅行量的增加以及整個行業入住率和每間客房收入水平的增加就證明了這一點。這種積極的勢頭在上週於洛杉磯舉行的ALIS 會議上得到了體現，這是一場酒店業的重大活動，其中包括SVC 和Sonesta 的代表，會上的情緒是自大流行開始以來最樂觀的。

As it relates to the retail portion of SVC's business, this same positive momentum is also evident as discretionary consumer spending continues to remain resilient across all income levels, household cash cushions remain well above pre-pandemic levels and the majority of SVC's retail tenants remained current on their lease obligations.

由於與SVC 業務的零售部分相關，這種積極勢頭也很明顯，因為所有收入水平的可自由支配消費者支出繼續保持彈性，家庭現金緩衝仍遠高於大流行前的水平，並且SVC 的大多數零售租戶仍然存在關於他們的租賃義務。

Turning to our real estate lending platform. Seven Hills Realty Trust, our publicly traded mortgage REIT, continues to be a growth story for the organization as its loan book approaches $1 billion. In uncertain times like these, lending against commercial real estate as compared to owning the equity in the same real estate is an attractive way to generate high risk-adjusted returns.

轉向我們的房地產貸款平台。我們的公開交易抵押貸款 REIT 七山房地產信託公司 (Seven Hills Realty Trust) 的貸款帳簿接近 10 億美元，繼續成為該組織的成長故事。在這樣的不確定時期，與擁有相同房地產的股權相比，以商業房地產為抵押貸款是一種產生高風險調整回報的有吸引力的方式。

Seven Hills' default-free track record, coupled with the ability to access the broader RMR real estate platform, continues to be a differentiating factor for us. In January, Seven Hills Board declared a 40% increase in its quarterly dividend from $0.25 per share to $0.35 per share. This new dividend rate is a strong signal of our confidence in the company's momentum and the stability of its loan portfolio.

七山的無違約記錄，加上訪問更廣泛的 RMR 房地產平台的能力，仍然是我們的差異化因素。一月份，七山董事會宣布將季度股息增加 40%，從每股 0.25 美元增至每股 0.35 美元。這一新的股息率強烈表明我們對公司的發展勢頭及其貸款組合的穩定性充滿信心。

At OPI, occupancy remains above 90% despite headwinds from hybrid work arrangements and cost-cutting measures across corporate America. While national indicators suggest office usage is improving, our internal data shows OPI's assets tracking ahead of national averages, which most likely reflects the diverse geographic nature of OPI's portfolio and its limited reliance on gateway markets.

儘管美國企業界的混合工作安排和成本削減措施帶來了阻​​力，但 OPI 的入住率仍維持在 90% 以上。雖然國家指標表明辦公室使用率正在改善，但我們的內部數據顯示 OPI 的資產追蹤領先於全國平均水平，這很可能反映了 OPI 投資組合的多元化地理性質及其對門戶市場的有限依賴。

Given the current environment, we expect office fundamentals to remain subdued, specifically rent growth and lease rent growth and leasing velocity. As such, the organization is focused on getting ahead of OPI's upcoming 2023 and 2024 lease expirations by actively engaging tenants and thoughtfully investing in OPI's properties.

鑑於當前環境，我們預計辦公室基本面將保持低迷，特別是租金成長、租賃租金成長和租賃速度。因此，該組織致力於透過積極吸引租戶並深思熟慮地投資 OPI 的房產，在 OPI 即將到來的 2023 年和 2024 年租賃到期之前做好準備。

At DHC, we are working with the senior living operators to improve DHC's operating performance. As a reminder, in the third quarter -- in the third calendar quarter, DHC reported its sixth consecutive quarter of occupancy growth in its senior living communities. That trend is consistent with the broader industry, though inflationary pressures and labor supply challenges remain a headwind to margin and profitability for the entire industry.

在DHC，我們正在與老年生活運營商合作，以提高DHC的營運績效。提醒一下，在第三季度，DHC 報告稱，其高級生活社區的入住率連續第六個季度實現成長。這一趨勢與更廣泛的行業一致，儘管通膨壓力和勞動力供應挑戰仍然是整個行業利潤率和獲利能力的阻力。

These efforts are critical to DHC's long-term success and its ability to refinance upcoming debt maturities in 2024. With over $800 million in cash as of September 30, we are confident DHC can both weather these near-term challenges and continue strategically investing in its assets.

這些努力對於DHC 的長期成功及其為2024 年即將到期的債務進行再融資的能力至關重要。截至9 月30 日，DHC 擁有超過8 億美元的現金，我們相信DHC 能夠應對這些近期挑戰，並繼續對其進行戰略投資。資產。

I'll close with our private capital business, which ended the year at over $7 billion in managed assets, including the Mountain joint venture that was created when ILPT acquired Monmouth REIT in early 2022. The private capital portion of our business now represents 20% of our consolidated overall AUM and 15% of our fee-earning AUM, both significant milestones given this portion of our business is only about 5 years old.

我將以我們的私人資本業務作為結束語，該業務截至今年年底的管理資產超過 70 億美元，其中包括 2022 年初 ILPT 收購 Monmouth REIT 時創建的 Mountain 合資企業。我們業務的私人資本部分目前佔 20%佔我們綜合總資產管理規模的15% 和我們收費資產管理規模的15%，鑑於我們這部分業務只有大約5 年的歷史，這兩個都是重要的里程碑。

At this time, we are simultaneously pursuing organic private capital growth with our existing capital partners, developing new private capital vehicles and assessing strategic M&A opportunities as they present themselves. With over $200 million in cash and no debt, we believe we are well positioned to take advantage of strategic opportunities that we believe will result from the ongoing market volatility.

目前，我們同時與現有資本合作夥伴一起追求私人資本的有機成長，開發新的私人資本工具並評估策略併購機會。憑藉超過 2 億美元的現金且無債務，我們相信我們已做好充分準備，能夠充分利用持續市場波動帶來的戰略機會。

I'll now turn the call over to Matt Jordan, our Chief Financial Officer.

我現在將把電話轉給我們的財務長馬特喬丹。

Thanks, Adam, and good morning, everyone.

謝謝亞當，大家早安。

For the first quarter of fiscal 2023, we reported adjusted net income of $8.7 million or $0.51 per share and adjusted EBITDA of $26.4 million, with both financial measures being in line with our quarterly guidance.

2023 財年第一季度，我們公佈的調整後淨利潤為 870 萬美元，即每股 0.51 美元，調整後 EBITDA 為 2,640 萬美元，這兩項財務指標均符合我們的季度指引。

Total management and advisory service revenues were $49.6 million this quarter, which was almost $4 million higher on a year-over-year basis, though down approximately $2 million sequentially. The sequential quarter decrease was primarily attributable to enterprise value declines at the Managed Equity REITs and normal seasonal declines at TA and Sonesta, partially offset by increases in construction supervision fees.

本季管理和諮詢服務總收入為 4,960 萬美元，年增近 400 萬美元，但季減約 200 萬美元。環比下降的主要原因是管理股權房地產投資信託基金的企業價值下降以及 TA 和 Sonesta 的正常季節性下降，但部分被建築監理費的增加所抵消。

Construction supervision fees almost doubled from the same period last year as RMR continues to look for ways to maximize value at our clients' assets through redevelopment and repositioning efforts. For the second fiscal quarter of 2023, we expect to generate between $48 million and $49.5 million of management and advisory service revenues based upon the current enterprise values of our Managed Equity REITs.

RMR 繼續尋找透過重建和重新定位來努力實現客戶資產價值最大化的方法，施工監理費幾乎比去年同期增加了一倍。根據我們管理股權房地產投資信託基金的當前企業價值，我們預計 2023 年第二財季將產生 4,800 萬至 4,950 萬美元的管理和諮詢服務收入。

As it relates to incentive fees, which, as a reminder, are based on the comparison of our Managed Equity REITs' 3-year total shareholder return to their respective peer groups, we unfortunately did not earn any incentive fees for calendar 2022.

由於它與激勵費有關，提醒一下，激勵費是基於我們的管理股權房地產投資信託基金的3 年股東總回報與其各自同行群體的比較，因此遺憾的是，我們在2022 年沒有賺取任何激勵費。

With that said, OPI's 3-year total return exceeded its peer group by over 800 basis points. So cumulative returns for OPI in the office sector were negative given the headwinds broadly facing the office sector, which resulted in no incentive fees being due from OPI. Additionally, both OPI and SVC's total shareholder returns for calendar 2022 exceeded their respective peer groups by over 500 basis points, which hopefully creates a foundation for future incentive fees.

儘管如此，OPI 的 3 年總回報率比同業高出 800 個基點以上。因此，考慮到辦公產業普遍面臨的不利因素，辦公產業的 OPI 累積回報為負，這導致 OPI 無需支付激勵費用。此外，OPI 和 SVC 2022 年的股東總回報率均超出各自同行 500 個基點以上，預計將為未來的激勵費用奠定基礎。

Turning to expenses. Recurring cash compensation this quarter was approximately $33.3 million, an increase of $1.7 million on a sequential quarter basis, due primarily to annual merit increases that were effective October 1. While wage inflation and labor scarcity are moderating, we remain vigilant in continually assessing staffing levels and continue to look to secondary hiring locations and select outsourcing solutions to mitigate further expense growth.

轉向開支。本季經常性現金薪資約為3,330 萬美元，比上一季增加170 萬美元，主要是由於10 月1 日生效的年度績效成長。雖然薪資上漲和勞動力短缺正在緩和，但我們不斷評估人員配備水平方面仍保持警惕並繼續尋找二級招聘地點並選擇外包解決方案，以減輕費用的進一步增長。

Looking ahead to next quarter, we expect recurring cash compensation to increase to approximately $34.5 million due to payroll tax and 401(k) contributions resetting on January 1, and then moderating at approximately $34 million each quarter thereafter.

展望下季度，由於薪資稅和 401(k) 繳款於 1 月 1 日重置，我們預計經常性現金薪資將增加至約 3,450 萬美元，此後每季將放緩至約 3,400 萬美元。

G&A expense of $9.2 million this quarter includes approximately $400,000 or $0.01 per share of technology transformation costs, which were excluded from adjusted EPS and adjusted EBITDA. Over the next 2 years, we have committed up to $10 million to our technology infrastructure to ensure we harness the breadth of the data we generate internally to aid strategic decision-making as well as ensure we have an operating environment that leverages technology to drive innovation and efficiencies.

本季 920 萬美元的一般管理費用包括約 40 萬美元或每股 0.01 美元的技術改造成本，這些成本不包括在調整後 EPS 和調整後 EBITDA 中。在接下來的兩年裡，我們承諾為我們的技術基礎設施投入高達 1000 萬美元，以確保我們利用內部生成的廣泛數據來協助戰略決策，並確保我們擁有一個利用技術推動創新的運營環境和效率。

At this time, it's still early in our technology transformation journey, so we are unable to speak to the exact pattern of spend over the next 18 months. But it's worth noting that a portion of these technology investments will be both capitalizable and reimbursed by our clients. On a normalized basis, G&A should be approximately $9 million next quarter, excluding both technology investments and annual share grants to our Board of Directors in March.

目前，我們的技術轉型之旅仍處於早期階段，因此我們無法透露未來 18 個月的確切支出模式。但值得注意的是，這些技術投資的一部分將由我們的客戶資本化和償還。在正常化的基礎上，下季度的一般管理費用應約為 900 萬美元，不包括技術投資和 3 月向董事會授予的年度股票授予。

We closed the quarter with over $200 million in cash. And given the rising interest rate environment we currently operate in, we generated interest income this quarter of approximately $1.8 million and expect this number to exceed $2 million per quarter throughout the remainder of fiscal 2023.

本季結束時，我們擁有超過 2 億美元的現金。鑑於我們目前所處的利率上升環境，本季我們產生了約 180 萬美元的利息收入，預計在 2023 財年剩餘時間內，每季這一數字將超過 200 萬美元。

Aggregating all the prospective assumptions I previously outlined, next quarter, we expect adjusted earnings per share to range from $0.46 to $0.49 per share, and adjusted EBITDA should range from $24.5 million to $26.5 million.

綜合我之前概述的所有預期假設，我們預計下一季調整後每股收益將在 0.46 美元至 0.49 美元之間，調整後 EBITDA 範圍將在 2450 萬美元至 2650 萬美元之間。

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 our first question comes from Bryan Maher of B. Riley FBR.

（操作員說明）我們的第一個問題來自 B. Riley FBR 的 Bryan Maher。

I appreciate those comments. Can you give us an update on what you're seeing or hearing from the sovereign wealth funds that you've dealt with in kind of private capital and as it relates to potentially reengaging this year on either a second partner for ILPT and/or some asset sales?

我很欣賞這些評論。您能否向我們介紹一下您在與私人資本打交道的主權財富基金中看到或聽到的最新情況，因為這與今年可能重新與 ILPT 的第二個合作夥伴和/或一些合作夥伴合作有關。資產出售？

Sure. Bryan, thank you for that question. With regard specifically to the partners we're dealing with at the sovereign wealth funds, I would say they are very much open for business. That happens to be a little bit unique, I think, to the relationships we have, specifically with those groups which I can't name. But not all sovereign wealth funds are open for business, but the ones we are dealing with very much are open for business.

當然。布萊恩，謝謝你提出這個問題。具體到我們在主權財富基金打交道的合作夥伴，我想說他們對業務非常開放。我認為，這對我們的關係來說有點獨特，特別是與那些我無法說出名字的群體的關係。但並非所有主權財富基金都開門營業，但我們經常處理的主權財富基金卻開門營業。

I think, not surprisingly, they are focused on the favorite asset classes that most institutional investors are focused on, which would be industrial real estate, residential or multifamily real estate and then sort of more niche-y sectors like data centers and/or MOBs or life science buildings.

我認為，毫不奇怪，他們專注於大多數機構投資者最喜歡的資產類別，其中包括工業房地產、住宅或多戶房地產，然後是數據中心和/或 MOB 等更小眾的行業或生命科學建築。

With regards to specifically our platform and the ability to grow AUM with them this year, I think there will be opportunities to grow with them this year. And I think -- but if I had to put sort of a time line around it, I think there'll be more opportunities to do it in the second half of the year than there would be in the first half of the year.

具體到我們的平台以及今年與他們一起成長資產管理規模的能力，我認為今年將有機會與他們一起成長。我認為，但如果我必須制定一個時間表，我認為下半年會有比上半年更多的機會來做這件事。

I just think given the nature of what's going on in the portfolios that we manage and what's going on more broadly in the market, it's probably more likely that you would see growth in those vehicles if it were to occur in 2023 in the second half of the calendar year rather than the first half. That's a little bit more driven by things going on at our firm and by their appetite because they are very much open to doing things. And so that's sort of where we're at.

我只是認為，考慮到我們管理的投資組合中正在發生的事情的性質以及市場上更廣泛發生的事情，如果這些工具發生在 2023 年下半年，那麼您很可能會看到這些工具的增長。日曆年而不是上半年。這更多是由我們公司正在發生的事情和他們的胃口驅動的，因為他們對做事非常開放。這就是我們現在的處境。

I think they, in some ways, they see this as their real opportunity to aggregate assets because, to be perfectly frank, some of the non-traded REITs that have existed were also competing for the same assets, and they have largely exited the market. And they are now largely the only buyers or the largest buyer of what I would call core, core-plus real estate in the market today. So I think from their perspective, if you were to ask them, they'd say this is a real opportunity for them because they have less competition to deal with. And so I think it will turn into opportunities for us in the future.

我認為，在某種程度上，他們認為這是聚合資產的真正機會，因為坦白說，一些現有的非交易房地產投資信託基金也在爭奪相同的資產，而且它們基本上已經退出市場。他們現在基本上是當今市場上我所說的核心、核心+房地產的唯一買家或最大買家。所以我認為從他們的角度來看，如果你問他們，他們會說這對他們來說是一個真正的機會，因為他們面臨的競爭較少。所以我認為這將成為我們未來的機會。

So that segues well into my second question is, we've been getting questions from investors regarding the managed REITs. Whether it's cash on hand, obviously, I think that you have some set aside for certain things, whether it's CapEx, et cetera, or refinancing or availability to borrow to make acquisitions.

因此，這很好地解決了我的第二個問題，我們一直收到投資者關於管理房地產投資信託基金的問題。顯然，無論是手頭現金，我認為您都為某些事情留出了一些資金，無論是資本支出等，還是再融資或可藉錢進行收購。

What is kind of the appetite of the 4 managed REITs this year for acquisitions on their balance sheet? Or is it just a function of you're keeping that cash powder for refinances, CapEx, et cetera? Maybe you can address that.

4 家託管 REITs 今年對其資產負債表上的收購有何興趣？或者這只是你保留現金用於再融資、資本支出等的功能？也許你可以解決這個問題。

Sure. I think across the board, there's limited acquisitions that you will see across the board at the 4 REITs for various reasons. I think there's different reasons why that is the case at each one of the REITs. But broadly speaking, limited acquisition appetite. If there are some acquisitions, they could be smaller acquisitions and/or related to properties in and around existing properties, let's say, an add-on from an adjacent property that adds the value to an existing property or something like that.

當然。我認為，由於各種原因，您將在 4 個房地產投資信託基金中看到的全面收購有限。我認為每個房地產投資信託基金出現這種情況都有不同的原因。但整體而言，收購意願有限。如果有一些收購，它們可能是較小的收購和/或與現有財產及其周圍的財產相關，比方說，來自相鄰財產的附加項目，將價值添加到現有財產或類似的東西。

We are very focused this -- certainly the first half of this year, and you can see it in our numbers around construction management supervision fees. There's a lot of development activity we're looking at to deploy capital this year across the REITs, especially in our senior living portfolio and our hotel portfolio, well into the hundreds of millions of dollars that we plan to be putting to work. And so there's a lot of effort underway in that respect, which does create fees for RMR itself because we're working on the construction management side of that.

我們非常關注這一點——當然是今年上半年，你可以從我們關於施工管理監督費的數據中看到這一點。今年我們正在考慮在房地產投資信託基金中部署大量開發活動，特別是在我們的高級生活投資組合和酒店投資組合中，我們計劃投入數億美元。因此，在這方面正在進行大量的工作，這確實為 RMR 本身帶來了費用，因為我們正在致力於施工管理方面的工作。

That all being said, depending on timing around debt repayments specifically at some of the REITs for 2023 maturities and as they may have more cash on hand, there could be opportunities, especially at the end of the second half of the year, to actually open up to do some acquisition opportunities at the REITs in the second half of the year.

話雖如此，根據債務償還時間，特別是一些 2023 年到期的 REITs 的債務償還時間，並且由於它們手頭可能有更多現金，可能有機會，特別是在今年下半年末，實際開業下半年可能會在REITs上做一些收購機會。

And just last for me. I mean I would be remiss not to mention the AlerisLife acquisition announced this morning. Any extra color you can give us on that? What the plan might be there? Is RMR going to be involved at all? And is there any impact on DHC? And that's all for me.

對我來說只是最後一次。我的意思是，如果不提及今天早上宣布的 AlerisLife 收購，那就是我的失職。您能給我們什麼額外的資訊嗎？那裡可能有什麼計劃？ RMR 會參與其中嗎？對DHC有影響嗎？這就是我的全部。

Sure. Thanks for that question, Bryan. We fully anticipated getting a question like that. It was really a coincidence. This was not planned to have that announcement out this morning on the same day we did our earnings release, so we anticipate the question.

當然。謝謝你提出這個問題，布萊恩。我們完全預料到會收到這樣的問題。這確實是個巧合。我們原本沒有計劃在今天早上發布財報的同一天發布這一消息，所以我們預料到了這個問題。

Unfortunately, I've been advised by counsel that this is not the proper forum to go into what that announcement is. There will be, in relation to that transaction, a scheduled TO or tender offer document that will be filed with the SEC in the coming days, which will have a lot of information in it. And I encourage you to review that document when it's filed because I anticipate it will answer most, if not all, of your questions related to that transaction.

不幸的是，律師告訴我，這不是討論該公告內容的合適論壇。與該交易相關的預定 TO 或要約收購文件將在未來幾天內向 SEC 提交，其中將包含大量資訊。我鼓勵您在提交文件後查看該文件，因為我預計它將回答您與該交易相關的大部分（如果不是全部）問題。

The only other thing I think we can say about the transaction because it's really just directly from RMR's perspective, maybe, Matt, address the fee impact.

關於這筆交易，我認為我們可以說的唯一一件事是，因為這實際上只是直接從 RMR 的角度來看，也許，馬特，解決了費用影響。

Yes, there should be no -- there will be no impact to RMR's revenues as it relates to AlerisLife. And that's pretty much all we can say.

是的，不應該——這不會對 RMR 的收入產生影響，因為它與 AlerisLife 相關。我們能說的就這麼多了。

(Operator Instructions) And our next question will come from Ronald Kamdem of Morgan Stanley.

（操作員說明）我們的下一個問題將來自摩根士丹利的 Ronald Kamdem。

Just a couple of quick ones. Can you just update us on -- in the past, you'd sort of looked at smaller potential acquisitions of the smaller asset managers maybe. Can you just update us where we are in that process and where your head is at today?

只是幾個快速的。您能否向我們介紹最新情況—在過去，您可能會考慮對小型資產管理公司進行規模較小的潛在收購。您能否向我們介紹一下我們目前的進展以及您今天的想法？

Sure. No, thanks for that question. We are -- we continue to evaluate opportunities as they present themselves. There are -- have been anecdotally a couple more opportunities that have presented themselves in the last couple of months that were opportunities that have sort of come around again where we were involved in discussions. And they've presented -- and they have reappeared.

當然。不，謝謝你提出這個問題。我們將繼續評估機會的出現。有趣的是，過去幾個月出現了更多的機會，這些機會在我們參與討論的地方再次出現。他們已經出現了——而且他們又重新出現了。

I think it's a pretty interesting environment we are entering into in 2023. There -- I anticipate that there will be some -- I don't know if it's going to be distressed sales, but there's going to be opportunities where people are going to be looking to perhaps exit or, more importantly, join a larger firm because it's a difficult operating environment.

我認為我們將在 2023 年進入一個非常有趣的環境。我預計將會出現一些情況，我不知道是否會出現不良銷售，但人們將有機會可能會尋求退出，或者更重要的是，加入一家更大的公司，因為這是一個困難的營運環境。

And to give you an example, a firm that might have, let's say, a larger portion of their assets in and around office real estate, which is not a favorite asset class at the moment, might be more inclined to join a larger firm that's more diversified. And there could be opportunities, for example, around that sort of theoretical situation.

舉個例子，一家公司可能在辦公房地產及其周邊地區擁有較大一部分資產（目前這不是最受歡迎的資產類別），那麼該公司可能更傾向於加入規模更大的公司更加多元化。例如，圍繞這種理論情況可能存在機會。

So I think there's nothing imminent that is to be announced, certainly. But we have sort of ongoing regular dialogue with folks, and I anticipate that to continue. And I'm hopeful that as we get later into '23 that some of those -- some of that dialogue will turn into actionable items and we could see some M&A activity, which would be one of the primary earmarked uses for our cash on our balance sheet. And so we are hopeful that something like that will materialize in the coming year.

所以我認為當然沒有什麼迫在眉睫的事情要宣布。但我們與人們進行著持續的定期對話，我預期這種對話會持續下去。我希望，當我們進入 23 年後，其中一些對話將變成可採取行動的項目，我們可以看到一些併購活動，這將是我們現金的主要指定用途之一。資產負債表。因此，我們希望類似的事情能夠在來年實現。

Great. And then my last one would just be, if you could just comment on sort of the -- sort of on the office side. You sort of talked about the return to office, got a couple of data points about job losses and tenants potentially reducing space. Just curious where -- what you guys are hearing, what you guys are seeing on the office side.

偉大的。然後我的最後一個問題是，如果你能就辦公室方面的一些問題發表評論。您談到了重返辦公室的問題，並獲得了一些有關失業和租戶可能減少空間的數據點。只是好奇在哪裡——你們在辦公室聽到了什麼，看到了什麼。

Yes. We spend an enormous amount of time thinking and discussing and talking about what's going on in our office portfolio. It's a very large portion of the real estate we manage across, not just OPI, but other vehicles as well.

是的。我們花費大量時間思考、討論和談論我們辦公室組合中發生的事情。這是我們管理的房地產的很大一部分，不僅是 OPI，還包括其他工具。

At a high level, I'm going to -- it's almost like an analogy to -- we are -- the waters are calm today, meaning occupancy is pretty high, people are paying their rents, we've been leasing space at a pretty regular clip, things are okay. But that all being said, we are looking to 2020, later this year, '23, '24, and all the signs are, from a macro perspective, that things are going to slow.

在較高的層面上，我將--這幾乎就像--我們--今天的水域很平靜，這意味著入住率相當高，人們正在支付租金，我們一直在租賃空間非常正常的剪輯，一切都很好。但話雖如此，我們還是展望 2020 年，即今年晚些時候，“23”、“24”，從宏觀角度來看，所有跡像都表明事情將會放緩。

And it's almost like you're looking into the horizon, you see storm clouds. You just don't know if we're going into a Category 1 storm or a Category 5 storm. And the market, if you look at the office sector, office REITs, I think investors are assuming going into a Category 5 storm. They're just assuming the worst.

就好像你看著地平線，你看到了暴風雲。你只是不知道我們即將進入 1 級風暴還是 5 級風暴。而市場，如果你看看辦公室產業、辦公室房地產投資信託基金，我認為投資人正在假設進入第五類風暴。他們只是假設最壞的情況。

I will tell you, from a planning perspective, we are obviously planning. As we think about our office portfolio, we do the best we can to plan for it. It's going to be a very rough environment, and hope that it's not as rough as we're planning for. You sort of plan for the worst and hope for the best. We know it's going to be a difficult operating environment because you have the triple threat of a slowing economy, rising interest rates and work from home that's just sort of not abating in a major way. And so that's having an impact across the whole industry.

我告訴你，從規劃的角度來看，我們顯然是在規劃。當我們考慮我們的辦公室組合時，我們會盡最大努力進行規劃。這將是一個非常艱難的環境，希望不會像我們計劃的那麼艱難。你會做最壞的打算，並且抱持最好的希望。我們知道這將是一個艱難的營運環境，因為你面臨著經濟放緩、利率上升和在家工作的三重威脅，而這種威脅並沒有大幅減弱。這對整個行業產生了影響。

Even if you have a portfolio of properties that have higher occupancy or utilization than the industry as a whole, which we do, nonetheless, because the whole market sort of recedes or go backward, we get affected by that. And so that's what we're seeing. We know it's going to slow down, we just don't know by how much, and we're planning. It's going to slow down quite a bit, and hope that it's not quite as bad as we -- that we planned for.

即使你擁有比整個行業擁有更高入住率或利用率的房產組合（我們確實這樣做了），但因為整個市場有點後退或倒退，我們也會受到影響。這就是我們所看到的。我們知道它會放緩，只是不知道會放緩多少，但我們正在計劃。它會慢很多，希望它不會像我們計劃的那麼糟。

In my prepared remarks, we talked about how we're very focused at OPI, for example, our largest portfolio of office buildings. Dealing with our '23, '24 and even '25 lease expirations, that's a real big focus for the company. And we have varying views on where those leases are going to shake out. And it's hard to know precisely where we sit today. It's going to shake out, but at a macro level, yes, it's going to be lower occupancy, there will be rent roll-downs on a general basis.

在我準備好的演講中，我們談到了我們如何非常關注 OPI，例如我們最大的辦公大樓投資組合。處理我們 '23、'24 甚至 '25 的租賃到期問題，這是公司真正關注的重點。對於這些租約將在哪裡發生變化，我們有不同的看法。很難確切知道我們今天所處的位置。它將擺脫困境，但從宏觀層面來看，是的，入住率將會下降，租金將普遍下降。

But the whole industry is sort of facing that, we just don't have a good sense by how much. And that's what -- and I don't think anyone in the industry really knows precisely where it's going to be, which, by the way, conversely presents some opportunities at the same time because when the marketplace is so negative and sort of assumes the worst, as we get further along into '23 and into '24, especially as there's so much debt that comes due in the industry around office buildings, it does present an interesting opportunity, not just for ourselves, but others in the marketplace that might take a slightly contrarian view for certain office properties.

但整個產業都在面臨這個問題，我們只是不太清楚到底會發生多少。這就是——我認為這個行業中沒有人真正確切地知道它會在哪裡，順便說一句，這同時也帶來了一些機會，因為當市場如此消極並且有點假設最糟糕的是，隨著我們進入23 世紀和24 世紀，尤其是辦公室周圍的行業有如此多的債務到期，它確實提供了一個有趣的機會，不僅對我們自己，而且對市場上的其他人來說對某些辦公物業持稍微逆向的看法。

Very specifically, they may be sort of caught in the downdraft of the industry, but might be great assets you can buy at a good price. So that's the converse, the opportunity, the other side of the coin, let's say, to the downturn in what's going on in office.

非常具體地說，它們可能陷入了行業的低迷，但可能是您可以以優惠價格購買的優質資產。因此，這就是相反的情況，機會，硬幣的另一面，比如說，辦公室經濟低迷的情況。

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

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

感謝大家今天加入我們。接線員，我們的通話結束了。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。