The RMR Group Inc. (RMR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the RMR Group fiscal second quarter 2026 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

下午好，歡迎參加 RMR Group 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Bryan Maher, Senior Vice President. Please go ahead.

現在我想把會議交給資深副總裁 Bryan Maher。請開始。

Good afternoon, and thank you for joining RMR's fiscal second quarter 2026 conference call. With me on today's call are President and CEO, Adam Portnoy; Chief Operating Officer, Matt Jordan; and Chief Financial Officer, Matt Brown.

下午好，感謝各位參加 RMR 2026 會計年度第二季電話會議。今天與我一同出席的有總裁兼執行長 Adam Portnoy；營運長 Matt Jordan；以及財務長 Matt Brown。

In just a moment, they will provide details about our business and quarterly results, followed by a question-and-answer session. I would also like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

稍後他們將提供我們業務與季度業績的細節，之後進行問答環節。我也要提醒，未經公司事先書面同意，禁止錄製與轉播今天的電話會議。

Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR's beliefs and expectations as of today, May 7, 2026, 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》及其他證券法所定義的前瞻性陳述。這些前瞻性陳述係基於 RMR 截至今日（2026 年 5 月 7 日）的信念與預期，實際結果可能與我們的預測存在重大差異。公司不承擔修訂或公開發布對今天電話會議中所作前瞻性陳述之任何修訂結果的義務。

Additional information concerning factors that could cause differences is contained in our filing with the SEC Securities and Exchange Commission, which can be found on our website at rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

有關可能導致差異之因素的更多資訊，載於我們向美國證券交易委員會（SEC）提交的文件中，可於我們網站 rmrgroup.com 查閱。投資人應注意，不宜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 per share, distributable earnings, and adjusted EBITDA. A reconciliation of net income determined in accordance with US Generally Accepted Accounting Principles to these non-GAAP figures can be found in our financial results.

此外，我們可能在本次電話會議中討論非 GAAP 指標，包括調整後每股淨利、可分配盈餘（distributable earnings）以及調整後 EBITDA。依照美國一般公認會計原則（US GAAP）計算之淨利與上述非 GAAP 指標之調節表，可於我們的財務結果中查閱。

I'll now turn the call over to Adam.

現在我把電話會議交給 Adam。

Thanks, Bryan, and thank you all for joining us this afternoon. Yesterday, we reported second quarter results reflecting distributable earnings and adjusted EBITDA at the high end of our expectations, despite operating in what remains an unsettled economic environment.

謝謝 Bryan，也感謝各位今天下午加入我們。昨天，我們公布了第二季業績；儘管我們仍處於尚未穩定的經濟環境中營運，可分配盈餘與調整後 EBITDA 仍達到我們預期區間的高端。

Our second quarter results were highlighted by distributable earnings of $0.44 per share and adjusted EBITDA of $18.5 million. Although we continue to navigate market volatility and geopolitical uncertainty, RMR has been very active this year executing on our clients' strategic initiatives. The markets continue to recognize our efforts as both DHC and ILPT remain among the best-performing REITs in 2026 from a total shareholder return standpoint, extending the significant outperformance they each achieved in 2025.

我們第二季的亮點包括：可分配盈餘每股 0.44 美元，以及調整後 EBITDA 1,850 萬美元。儘管我們持續面對市場波動與地緣政治不確定性，RMR 今年在協助客戶執行其策略性計畫方面仍非常積極。市場也持續肯定我們的努力；從總股東報酬的角度來看，DHC 與 ILPT 在 2026 年仍名列表現最佳的 REIT 之列，延續兩者在 2025 年所取得的顯著超額表現。

As a result, RMR earned incentive fees for 2025 of $23.6 million, and we are on track to earn incentive fees again this year as both DHC and ILPT accrued incentive fees this quarter. I would now like to go over some recent highlights at our managed REITs before turning the call over to Matt Jordan to provide an update on our private capital initiatives.

因此，RMR 於 2025 年取得 2,360 萬美元的績效獎勵費（incentive fees），而且我們也有望在今年再次取得績效獎勵費，因為本季 DHC 與 ILPT 皆已提列績效獎勵費。在把電話交給 Matt Jordan 更新我們的私募資本計畫之前，我想先回顧一下我們所管理的 REIT 近期的一些重點。

At DHC, following the successful transition of 116 senior living communities to new operators in the back half of 2025, it has continued to focus on improving shop operating performance while also strengthening its balance sheet. In the first quarter, DHC generated normalized FFO of $33 million or $0.14 per share and adjusted EBITDA of $74 million, both exceeding analysts' consensus estimates. Shop performance showed positive momentum with year-over-year same property NOI growth of 13.5% and occupancy increasing by 110 basis points.

在 DHC 方面，繼 2025 年下半年成功將 116 個高齡住宅社區移轉給新的營運商之後，DHC 持續專注於提升自營（SHOP）營運表現，同時強化資產負債表。第一季，DHC 產生標準化 FFO 3,300 萬美元（每股 0.14 美元）以及調整後 EBITDA 7,400 萬美元，兩者皆高於分析師一致預期。SHOP 表現展現正向動能，同店 NOI 年增 13.5%，入住率提升 110 個基點。

In March, DHC completed the sale of 13 unencumbered non-core communities for gross proceeds of approximately $23 million. Following an active 2025 in which DHC completed approximately $605 million of asset sales, we expect asset sales to decelerate in 2026 with management focused on improving NOI across the retained portfolio. Lastly, in April, Moody's upgraded DHC's debt ratings and revised its outlook to positive from stable, underscoring the company's improving operating performance and balance sheet.

3 月，DHC 完成出售 13 個無擔保（unencumbered）的非核心社區，總收入約 2,300 萬美元。在 2025 年積極進行資產處分、合計完成約 6.05 億美元資產出售之後，我們預期 2026 年資產出售將放緩，管理團隊將專注於提升保留投資組合的 NOI。最後，4 月穆迪（Moody's）上調 DHC 的債務評級，並將展望由「穩定」調升為「正向」，凸顯公司營運表現與資產負債表的改善。

At SVC, we recently made significant progress improving its balance sheet and covenant ratios. RMR was instrumental in helping SVC complete a $575 million equity offering, which accelerated its deleveraging strategy, eliminated near-term refinancing risk, and provided SVC additional flexibility to optimize its hotel performance and execute further asset sales. With the net proceeds, SVC eliminated all of its unsecured debt maturities until 2028.

在 SVC 方面，我們近期在改善其資產負債表與契約比率方面取得重大進展。RMR 在協助 SVC 完成 5.75 億美元股權募資中扮演關鍵角色，此舉加速其去槓桿策略、消除短期再融資風險，並為 SVC 提供更多彈性以優化飯店營運表現並執行進一步的資產出售。透過該次募資的淨收益，SVC 已消除其所有無擔保債務在 2028 年之前的到期壓力。

As it relates to SVC's equity offering, I would highlight that RMR participated with a $50 million anchor investment, further aligning our interest with shareholders and demonstrating our confidence in SVC's business plan. Following several years of strategic capital investments to reposition the retained hotel portfolio, SVC is now transitioning toward an earnings recovery phase, supported by new hotel leadership at Sonesta that is focused on improving operating performance.

就 SVC 的股權募資而言，我要特別指出 RMR 以 5,000 萬美元作為基石投資（anchor investment）參與，進一步使我們的利益與股東一致，並展現我們對 SVC 商業計畫的信心。在經過數年策略性資本投入以重新定位保留的飯店投資組合後，SVC 現正轉向獲利復甦階段；Sonesta 新的飯店領導團隊也將專注於提升營運表現，提供支撐。

ILPT continues to deliver strong results with first quarter normalized FFO of $0.33 per share and adjusted EBITDA of $87 million, both exceeding the high end of management's guidance. ILPT also executed approximately 862,000 square feet of leasing during the quarter at rental rates 26% higher than prior rents. Additionally, RMR recently assisted ILPT with the refinancing of $1.6 billion of new debt for its consolidated mountain joint venture, which replaces floating rate and amortizing debt with interest-only fixed rate and an attractive 5.7% interest rate, while also extending ILPT's debt maturity profile.

ILPT 持續交出強勁成果，第一季標準化 FFO 為每股 0.33 美元、調整後 EBITDA 為 8,700 萬美元，兩者皆超過管理層指引區間的高端。ILPT 本季亦完成約 862,000 平方英尺的租賃，租金水準較先前租金高出 26%。此外，RMR 近期協助 ILPT 為其合併的 Mountain 合資企業再融資 16 億美元新債務，以僅付息（interest-only）的固定利率債務取代浮動利率及攤還型債務，並取得具吸引力的 5.7% 利率，同時延長 ILPT 的債務到期結構。

Seven Hills, our mortgage REIT, has been actively deploying capital from its December rights offering. During the quarter, Seven Hills originated three loans totaling $67.5 million and generated distributable earnings of $0.24 per share. Total loan commitments increased to approximately $776 million in the first quarter, achieving a record high for the portfolio. Originations thus far in 2026 are at the highest net interest margins achieved over the past four years, which reflects the benefits of our focus on middle-market lending where there tends to be less competition for high-quality loans.

我們的抵押貸款 REIT——Seven Hills——一直積極運用其 12 月權利發行所募集的資金進行投放。本季，Seven Hills 承作三筆貸款，合計 6,750 萬美元，並產生可分配盈餘每股 0.24 美元。第一季總貸款承諾額增加至約 7.76 億美元，創投資組合歷史新高。截至目前，2026 年的放款承作達到過去四年最高的淨利差（net interest margins），反映我們聚焦於中型市場放款的效益；在該領域，高品質貸款通常面臨的競爭較少。

Lastly, OPI recently received court approval for its plan of reorganization. And we expect it to emerge from bankruptcy by the end of the second quarter and for its shares to be publicly traded. We also expect RMR's contract with OPI to be consistent with our previously disclosed terms. More specifically, RMR will continue managing OPI for a five-year term with RMR receiving a flat business management fee during the first two years of $14 million per year and our property management agreement economics will remain unchanged.

最後，OPI 近期已獲法院核准其重整計畫。我們預期其將於第二季末前走出破產程序，且其股票將公開交易。我們也預期 RMR 與 OPI 的合約將與我們先前揭露的條款一致。更具體而言，RMR 將持續管理 OPI，任期五年；在前兩年，RMR 將收取每年 1,400 萬美元的固定業務管理費，而我們的物業管理協議之經濟條款將維持不變。

To conclude, we are pleased with the progress RMR has made assisting our clients with their financial and strategic objectives. While there remains more work to do, we are encouraged that the markets recognize the significant improvements at both DHC and ILPT.

總結來說，我們對 RMR 在協助客戶達成其財務與策略目標方面所取得的進展感到滿意。雖然仍有更多工作要做，但我們也受到鼓舞，因為市場已認可 DHC 與 ILPT 的顯著改善。

It is important to remember that our publicly traded perpetual capital clients provide RMR with stable cash flows, which we are using to pursue new growth initiatives in the private capital space. The private capital segment of our business has grown from essentially 0 AUM in 2020 to nearly $12 billion today, and we anticipate this segment will be a key driver of our future revenue and earnings growth.

重要的是要記住，我們的公開上市、永久資本客戶為 RMR 提供穩定的現金流，而我們正運用這些現金流在私募資本領域推動新的成長計畫。我們業務中的私募資本部門之資產管理規模（AUM）已從 2020 年幾乎為零成長至今日接近 120 億美元；我們預期該部門將成為未來營收與獲利成長的關鍵驅動力。

With that, I'll now turn the call over to Matt Jordan to provide added insights on our platform and private capital growth initiatives.

接下來，我將把電話會議交給 Matt Jordan，請他就我們的平台以及私募資本成長計畫提供更多見解。

Thanks, Adam. As it relates to our private capital initiatives, with a global in-house sales team firmly in place, we are spending the necessary time building RMR brand awareness. As an example, I recently had the privilege of joining Peter Welch, who leads our international fundraising efforts in Southeast Asia, meeting with potential partners and participating in events where RMR stood side-by-side with larger, more well-established international brands.

謝謝你，Adam。就我們的私募資本計畫而言，在全球內部銷售團隊已穩固到位的情況下，我們正投入必要的時間來建立 RMR 的品牌知名度。例如，我最近有幸與負責我們在東南亞國際募資工作的 Peter Welch 一同拜訪潛在合作夥伴並參與活動，在這些場合中，RMR 與規模更大、成立更久的國際品牌並肩而立。

In aggregate, our international outreach has resulted in our leaders meeting with almost 200 global investors representing almost $7 trillion in AUM. With that said, the ongoing conflict in the Middle East has disrupted fundraising. This disruption has played out in the global fundraising data as fundraising in the first quarter of 2026 dropped 50% from the same time last year. The positive news for RMR is that North American real estate still garnered 65% of all dollars raised and value-add strategies represented 56% of all fundraising.

整體而言，我們的國際外展已促使我們的領導團隊與近 200 位全球投資人會面，這些投資人合計代表近 7 兆美元的資產管理規模（AUM）。不過，中東持續的衝突已干擾募資活動。這項干擾也反映在全球募資數據上：2026 年第一季的募資金額較去年同期下滑 50%。對 RMR 而言的正面消息是，北美不動產仍吸引了所有募資資金的 65%，而增值型（value-add）策略占所有募資的 56%。

Within our residential business, which today represents over $4.7 billion in value-add residential real estate across 18,500 owned and managed units, in April, we closed on the acquisition of a multifamily portfolio in Greenwich, Connecticut, for almost $350 million. The transaction was sourced off-market and marks our entry into one of the most supply-constrained and affluent housing markets in the country.

在我們的住宅業務方面，目前我們在 18,500 個自有及管理單位中，持有超過 47 億美元的增值型住宅不動產；4 月我們完成收購康乃狄克州格林威治（Greenwich）的一個多戶住宅投資組合，交易金額接近 3.5 億美元。該交易為場外取得（off-market），並標誌著我們進入全國供給最受限且最富裕的住宅市場之一。

RMR Residential will assume property management and will execute a multi-year strategy focused on modernizing the communities, enhancing the resident experience, and unlocking embedded efficiencies. The acquisition is part of a joint venture where RMR is a co-general partner and in that capacity made a $6 million investment for a 5% ownership interest.

RMR Residential 將承接物業管理，並執行一項為期多年的策略，重點在於社區現代化、提升住戶體驗，以及釋放內含的效率。本次收購屬於一項合資案的一部分，RMR 為共同普通合夥人（co-general partner），並以該身分投資 600 萬美元以取得 5% 的持股權益。

The remaining equity of approximately $120 million was raised from two institutional partners. RMR will recognize revenues from this transaction of $600,000 in our third fiscal quarter, and as general partner, we will earn ongoing operating fees of approximately $750,000 annually. Longer-term, the venture is expected to generate annual cash-on-cash returns of approximately 7.5%. And we expect to receive carried interest from the venture as certain investment hurdles are met.

其餘約 1.2 億美元的股權資金由兩家機構型合作夥伴募集而來。RMR 將在我們的第三個會計季度就此交易認列 60 萬美元的收入，並且作為普通合夥人（GP），我們將每年賺取約 75 萬美元的持續性營運費用。長期而言，預期該合資案將產生約 7.5% 的年度現金報酬率（cash-on-cash returns）。此外，隨著達成特定投資門檻（hurdles），我們預期將自該合資案取得績效分成（carried interest）。

Finally, the venture will not be consolidated, given our ownership is limited to 5%, and a portion of our GP interest may become part of RMR's enhanced growth venture. As it relates to the enhanced growth venture, which was launched last fall with the goal of raising approximately $250 million of third-party equity, there remains significant interest in both US value-add multifamily real estate and our seeded portfolio of assets. This interest has resulted in ongoing diligence with a number of potential investors with the hope that we can provide a more meaningful update on our next earnings call.

最後，由於我們的持股僅 5%，該合資案將不會納入合併報表；且我們 GP 權益的一部分可能會成為 RMR 強化成長合資案（enhanced growth venture）的一部分。就強化成長合資案而言，該計畫於去年秋季啟動，目標募集約 2.5 億美元的第三方股權資金，目前市場對美國增值型多戶住宅不動產以及我們已種子投入（seeded）的資產組合仍有顯著興趣。這些興趣促成我們與多位潛在投資人持續進行盡職調查，希望能在下一次財報電話會議上提供更具體的更新。

As it relates to the operating performance within our residential business, we along with our joint venture partners remain pleased as occupancy approaches 94% with resident retention currently over 70% and retained residents absorbing rental rate increases of over 3%. Operating performance at these levels will continue to help with the fundraising in the highly competitive residential space.

就我們住宅業務的營運表現而言，我們與合資夥伴仍感到滿意：入住率接近 94%，目前住戶續租率超過 70%，而續租住戶也吸收了超過 3% 的租金調漲。維持在此水準的營運表現，將持續有助於我們在競爭激烈的住宅領域進行募資。

I'd like to also highlight a new disclosure we've made in our investor presentation that emphasizes the discount our shares trade at when looking at our business from a some of the parts perspective. As we illustrate, if one were to back out the cash and investments held by RMR, our shares are currently trading in only 5 times the EBITDA generated from the durable cash flows associated with our 20-year evergreen management contracts from our perpetual capital vehicles. This is materially below EBITDA multiples at which our peers trade. We are hopeful this new slide illustrates the significant upside embedded in our shares.

我也想強調我們在投資人簡報中新增的一項揭露，該揭露從分部加總（sum-of-the-parts）的角度，凸顯我們股價的交易折價。如我們所示，若將 RMR 持有的現金與投資扣除，我們的股票目前僅以 5 倍 EBITDA 交易，而該 EBITDA 來自我們永久資本載體（perpetual capital vehicles）之 20 年常青（evergreen）管理合約所帶來的穩健現金流。這顯著低於同業的 EBITDA 交易倍數。我們希望這張新投影片能說明我們股價中所隱含的可觀上行空間。

In closing, it remains an active time for our organization as we continue to invest in our people, technology, and brand awareness. We are leveraging these investments to reinvent our operating structure, materially increase productivity, and ultimately drive down operating costs to deliver meaningful EBITDA growth.

總結而言，對我們組織來說仍是相當活躍的時期，我們持續投資於人才、科技與品牌知名度。我們正運用這些投資來重塑營運架構、大幅提升生產力，並最終降低營運成本，以帶來具意義的 EBITDA 成長。

With that, I'll now turn the call over to Matt Brown.

接下來，我將把電話會議交給 Matt Brown。

Thanks, Matt, and good afternoon, everyone. For our fiscal second quarter, we reported adjusted EBITDA of $18.5 million and distributable earnings of $0.44 per share, which exceeded or at the high end of our guidance. I'd also like to note that we reported adjusted net income of $0.11 per share, which fell $0.01 short of our guidance.

謝謝你，Matt，各位下午好。在我們的第二個會計季度，我們公布調整後 EBITDA 為 1,850 萬美元，可分配盈餘（distributable earnings）為每股 0.44 美元，達到或位於我們指引區間的高端。我也想補充，我們公布的調整後淨利為每股 0.11 美元，較我們的指引低 0.01 美元。

Going forward, we will no longer provide guidance on adjusted net income as our investments in leveraged real estate have significantly reduced the usefulness of this metric as we incurred depreciation and interest expense on these investments. Recurring service revenues were $42 million, a sequential quarter decrease of approximately $1 million, driven primarily by hotel sales, a decrease in the enterprise values of SVC and DHC as they strategically paid off debt, and the wind-down of AlerisLife business.

展望未來，由於我們對槓桿不動產的投資大幅降低了此指標的實用性（我們在這些投資上產生折舊與利息費用），我們將不再提供調整後淨利的指引。經常性服務收入為 4,200 萬美元，較前一季減少約 100 萬美元，主要受飯店出售、SVC 與 DHC 因策略性償還債務而導致企業價值下降，以及 AlerisLife 業務逐步結束（wind-down）所影響。

Next quarter, we expect recurring service revenues to increase to approximately $44 million, driven by approximately $600,000 of revenue from the multifamily portfolio acquisition in Greenwich, Connecticut, that Matt discussed; increased construction management fees; and enterprise value improvements at certain of our managed REITs.

下一季，我們預期經常性服務收入將增加至約 4,400 萬美元，主要由 Matt 所提及的康乃狄克州格林威治多戶住宅投資組合收購案帶來約 60 萬美元收入、建設管理費用增加，以及我們所管理的部分 REIT 企業價值改善所帶動。

Turning to expenses, recurring cash compensation was $37.7 million, a modest sequential quarter increase driven by calendar 2026 payroll tax and benefit resets. Looking ahead to next quarter, we expect recurring cash compensation to remain consistent with the second quarter.

談到費用，本季經常性現金薪酬為 3,770 萬美元，較前一季小幅增加，主要因 2026 年曆年度的薪資稅與福利重設所致。展望下一季，我們預期經常性現金薪酬將與第二季大致一致。

Recurring G&A this quarter was $10.1 million after excluding $600,000 in annual director share grants, which is a slight sequential quarter decrease driven by a reduction in normal course legal and professional fees. We expect recurring G&A to remain at these levels for the remainder of the fiscal year.

本季經常性一般及行政費用（G&A）在排除每年 60 萬美元的董事股票給與後為 1,010 萬美元，較前一季略為下降，主要因例行性的法律與專業服務費用減少。我們預期在本會計年度剩餘期間，經常性 G&A 將維持在此水準。

It is also worth noting that this quarter's income tax rate was elevated at 22%, driven by the impact of certain fair value adjustments that we recognized during the quarter, mainly our investment in Seven Hills, that are subject to different statutory rates than our ordinary income.

另外值得注意的是，本季所得稅率上升至 22%，主要受我們在本季認列的若干公允價值調整影響（主要為我們對 Seven Hills 的投資）；這些調整適用的法定稅率與我們的一般所得不同。

For modeling purposes, we may continue to see fluctuations in our income tax rate each quarter as these adjustments impact the timing of tax expense recognition. However, these fluctuations are not expected to materially impact our full-year estimated tax rate of 17% to 18%.

就建模而言，未來每一季我們的所得稅率可能仍會出現波動，因為這些調整會影響稅費認列的時點。然而，預期這些波動不會對我們全年預估稅率 17% 至 18% 造成重大影響。

Aggregating the collective assumptions I've outlined, next quarter we expect adjusted EBITDA to be approximately $19 million to $21 million and distributable earnings to be between $0.48 and $0.50 per share.

綜合我所概述的各項假設，下一季我們預期調整後 EBITDA 約為 1,900 萬至 2,100 萬美元，可分配盈餘介於每股 0.48 至 0.50 美元之間。

As Adam and Matt highlighted earlier, subsequent to quarter end, we participated in SVC's equity offering by acquiring nearly 42 million shares for $50 million and acquired a $6 million co-GP equity interest in the Greenwich, Connecticut multifamily joint venture. Our investment in SVC will result in approximately $420,000 of incremental quarterly dividends.

如 Adam 與 Matt 先前所強調，在季度結束後，我們參與了 SVC 的股權發行，以 5,000 萬美元收購近 4,200 萬股，並在康乃狄克州格林威治多戶住宅合資案中取得 600 萬美元的共同 GP（co-GP）股權權益。我們對 SVC 的投資將帶來每季約 42 萬美元的新增股利收入。

Accounting for these transactions, our current liquidity is approximately $133 million, including $75 million of capacity on a revolving credit facility. We continue to be well capitalized with a strong dividend and look forward to executing on our strategic objectives and taking advantage of opportunistic investments as they arise.

在納入這些交易後，我們目前的流動性約為 1.33 億美元，其中包括循環信用融資額度（revolving credit facility）中 7,500 萬美元的可用額度。我們仍維持良好的資本結構並具備穩健的股利，並期待推進我們的策略目標，並在出現機會性投資時加以把握。

That concludes our prepared remarks. Operator, please open the line for questions.

以上為我們事先準備的發言。接線員，請開放提問專線。

(Operator Instructions) Mitch Germaine, Citizens Bank.

(接線員指示) Citizens Bank 的 Mitch Germaine。

Thank you for taking my question. Adam, there's a whole bunch of multifamily assets that are owned in different syndication. I'm curious, is the expectation of one transaction, if you can lock in a larger fund, is the expectation that this all kind of cleans up with that? Or is there the potential for some of these to just continue to remain as one-off investments?

謝謝讓我提問。Adam，有一大批多戶型資產是透過不同的聯合投資（syndication）持有的。我想了解，如果你們能鎖定一個更大的基金，是否預期會透過一筆交易把這些都一併整理到位？或者，是否有可能其中一些會繼續以單筆投資的形式存在？

Hi, Mitch. Thank you for that question. So it's a good question. I think you got to keep in mind, part of the way you answer that question is how we put together the portfolio that is our multifamily portfolio. It's the only asset class that we manage that's 100% private.

嗨，Mitch。謝謝你的問題。這是個好問題。我認為你要記得，回答這個問題的一部分取決於我們如何組成我們的多戶型投資組合。這是我們管理的唯一一個100%屬於私募的資產類別。

We don't have a public vehicle around multifamily (technical difficulty) over two years ago. Most of those investments are in joint ventures, one-off joint ventures per investment. A few of them are small portfolios. And that's how that whole business has been structured similar to the way we bought it.

我們沒有針對多戶型的公開載體（technical difficulty）在兩年多以前。這些投資大多是合資企業（joint ventures），每一筆投資對應一個單獨的合資架構。其中少數是小型投資組合。而整個業務的架構也一直是如此，與我們當初收購時的方式相似。

I expect that we will continue to have many of those joint ventures be the form of the investments we make, especially over the short-term. But I think what you're seeing in terms of the enhanced growth fund, that Matt Jordan talked about and we've talked about on many calls, is we're starting to try to put together a portfolio among that $4.7 billion, which is mostly joint ventures of, let's say, a fund that we can raise money around.

我預期我們仍會以許多這類合資企業作為我們投資的形式，尤其是在短期內。但我認為你看到的、關於 Matt Jordan 提到且我們在多次電話會議中談過的「增強成長基金」，是我們開始嘗試在那47億美元（主要是合資）之中，整理出一個投資組合，例如做成一個我們可以圍繞其募資的基金。

So we're trying to do both. I don't think you will see a transaction that will suddenly, let's say, roll up all $4.7 billion into a new public vehicle. I'm not sure if that was your question, but that's not where we're going with that. It's likely to all stay private, likely to continue to be joint ventures, one-offs, small portfolio joint ventures. And our hope is that we can start to build a more dedicated fund around that strategy as well.

所以我們正嘗試兩者並行。我不認為你會看到一筆交易突然把例如全部47億美元整併進一個新的公開載體。我不確定你是否在問這個，但這不是我們的方向。它很可能仍會維持私募，並且很可能繼續以合資、單筆交易、小型投資組合合資的形式存在。而我們的希望是，也能開始圍繞該策略建立一個更專注的基金。

Taking that a little bit further, I think last couple of quarters, you seemed a little bit more positive on potential venture in, I guess, we'll call it commercial mortgage, as well as I think you've mentioned development. Are those two products just a little bit behind multifamily right now with regards to your priorities?

再延伸一點，我覺得過去幾個季度，你們對於可能切入（我想我們稱之為）商用不動產抵押貸款，以及你們也提到的開發，似乎更為正面。就你們的優先順序而言，這兩項產品是否只是目前相較多戶型稍微落後一些？

They're all top priorities. I will tell you, I just think it's -- and we are continuing to talk to investors and partners about development projects. I think in the current market environment the returns required for development projects are pretty high. And development is always difficult when you have a lot of uncertainty, and it's hard to predict the next quarter, let alone 18 months from now, which is typically what you have to do to sign off on development projects.

它們都是最優先事項。我可以告訴你，我認為只是——我們也持續與投資人及合作夥伴洽談開發案。我認為在目前的市場環境下，開發案所要求的報酬率相當高。而且當不確定性很高時，開發一向困難；要預測下一季都不容易，更不用說18個月後——但通常你必須做到這點，才能核准開發案。

So we are continuing to work on those. I expect we will, in the course of the year or so have some joint venture development projects underway. It's just that today in the multifamily space with the portfolio that we've assembled, we are generating the highest amount of interest around that. One comment on the credit that you mentioned, Mitch, we are also very active in talking to investors around credit as well.

所以我們會持續推進這些工作。我預期在今年左右的時間內，我們會有一些合資開發案開始進行。只是就目前而言，在多戶型領域、以我們已組建的投資組合來看，我們在這方面獲得的關注度最高。另外針對你提到的信貸（credit），Mitch，我們也非常積極地與投資人就信貸進行交流。

We are not -- I wouldn't say it's a less of a priority, but we have a lot of money to put out in our Seven Hills mortgage REIT right now and new money coming into that vehicle and expected loan payoffs. So we have a pretty good pipeline and capacity with our existing vehicles there, but we are still talking to investors around credit. There's been a general pullback around credit given what's gone on in the marketplace around some other funds that are in the credit space, especially retail-oriented funds.

我們不是——我不會說它的優先順序較低，但我們目前在 Seven Hills 抵押貸款 REIT 有很多資金需要投放，且有新資金流入該載體，並預期會有貸款回收（payoffs）。因此我們在既有載體上有相當不錯的管線與承作能力，但我們仍在與投資人就信貸進行洽談。鑑於市場上其他一些信貸基金（尤其是偏零售導向的基金）所發生的情況，整體信貸領域出現了普遍的退縮。

And so there's been some hesitancy among investors to take those conversations further at the moment. But that's okay from our perspective because we have a lot -- we can do a lot of work there anyways. We can put a lot of AUM to work otherwise.

因此投資人目前對於把這些對話進一步推進有些猶豫。但從我們的角度來看沒關係，因為我們那邊仍有很多——我們仍然可以做很多工作。我們也可以把大量資產管理規模（AUM）投入到其他方向。

Got you. Last one for me, I think at one point, you might have had close to $300 million or so of cash on hand. I think that obviously that balance has come down a bit as you're buying some of these assets and warehousing them on balance sheet in anticipation of some of your fundraising.

了解。我最後一題，我記得你們某個時點手上可能有接近3億美元左右的現金。我想隨著你們買入其中一些資產，並在資產負債表上先行持有（warehouse），以因應你們後續募資，這個餘額顯然已經下降了一些。

Where -- and I know you're getting some benefit of these incentive fees, which is kind of renewed to the story more recently. But where are you with regards to kind of how much sort of cash do you want to keep on hand for some sort of rainy day basically? So I mean, are we getting close to an amount where you're starting to become a little bit more conservative with allocating capital or are you still all systems go if the right opportunities are presented?

我知道你們也從這些激勵費用（incentive fees）中獲得一些好處，而這點最近也重新成為市場敘事的一部分。但就「大概希望保留多少現金以備不時之需」而言，你們目前的想法是什麼？也就是說，我們是否已接近一個水位，使得你們在資本配置上開始變得更保守？還是如果出現合適機會，你們仍會全力以赴？

More the all systems go if the right opportunities present ourselves. We have about over $100 million of liquidity between cash on hand and undrawn capacity on our revolver. We also -- we are also fairly optimistic that we will be getting some cash back, especially as we are hopefully successful in syndicating the enhanced growth value, the fund that we have built up around the multifamily strategy.

如果出現合適機會，我們更偏向全力以赴。我們在手現金加上循環信貸額度（revolver）未動用的可用額度，合計有超過1億美元的流動性。此外——我們也相當樂觀，認為我們會拿回一些現金，特別是如果我們能成功完成增強成長價值（enhanced growth value）之聯合募集（syndicating），也就是我們圍繞多戶型策略建立的那支基金。

We have $100 million of capital committed to that venture or just under $100 million. And if we are successful in syndicating that and getting that fund launched, which we are optimistic that we will get it done, that will be a lot of cash will also be coming back to us, we think.

我們對那個項目承諾了1億美元的資本，或略低於1億美元。如果我們成功完成聯合募集並把該基金啟動起來——我們對能完成這件事抱持樂觀——那麼我們認為也會有相當多的現金回流到我們這邊。

Thank you.

謝謝。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

(接線員指示) Ladenburg Thalmann 的 Christopher Nolan。

Hi, guys. Adam, is the Seven Hills participating in this Greenwich project providing debt financing?

嗨，各位。Adam，Seven Hills 是否參與這個 Greenwich 專案並提供債務融資？

Hi, Chris. No, Seven Hills is not providing any sort of financing with the multifamily acquisition in Greenwich, no.

嗨，Chris。沒有，Seven Hills 並未就 Greenwich 的多戶型收購提供任何形式的融資，沒有。

Okay. And then, I guess, Matt Brown, did you say adjusted net income in the next quarter will be $19 million to $21 million, or did I mishear you?

好的。然後我想問，Matt Brown，你是說下一季的調整後淨利會是1,900萬到2,100萬美元，還是我聽錯了？

Adjusted EBITDA in the fiscal third quarter, $19 million to $21 million.

會計年度第三季的調整後 EBITDA，1,900萬到2,100萬美元。

I guess as a follow-up in the general, Adam, how would you characterize the market for raising equity for commercial real estate as opposed to raising debt for commercial real estate?

我再追問一個更一般性的問題，Adam，你會如何描述商用不動產募股權資金（equity）的市場，相較於商用不動產募債（debt）的市場？

It's a great question. First, I'm going to let Matt Jordan answer that question. Go ahead, Matt.

這是個很好的問題。首先我先請 Matt Jordan 回答這個問題。Matt，你來。

Well, in terms of the debt, there is a lot of debt available to lend against real estate. We have no lack of interest just having done this on the Greenwich asset. Adam touched on fundraising around credit, which is very challenging right now for a number of reasons, including a lot of supply in the market in terms of organizations like ours going out with credit vehicles.

就債務而言，市場上有大量資金可用於以不動產作為抵押的放款。我們完全不缺乏興趣，光是我們剛在 Greenwich 資產上完成的這件事就能看出來。Adam 提到就信貸進行募資，目前因多種原因非常具挑戰性，其中包括市場供給很大——像我們這樣的機構都在推出信貸載體。

Fundraising for equity is a very challenging effort right now. The volatility in the Middle East has taken a large number of folks that were putting a lot of money out and put them on the sidelines. Volatility is not a good thing for those that are fiduciaries of deploying capital. The money and the allocations to real estate will be there in the long-term, but right now, a lot of the conversations we've had are continuing, but have slowed significantly.

目前為股權募資是一項非常具挑戰性的工作。中東局勢的波動使得許多原本投入大量資金的人轉而觀望。對於負有資金配置受託責任的人而言，波動並不是好事。長期來看，資金以及對不動產的配置仍會存在，但就目前而言，我們進行的許多對話仍在持續，只是明顯放緩。

And to Adam's point on the enhanced growth venture, I just think it's elongating the fundraising cycle for what we're doing, but there continues to be significant allocations. As we highlighted, we've met with a significant number of global LPs.

另外就 Adam 提到的增強成長型投資項目而言，我認為這只是拉長了我們正在做的募資週期，但仍然有相當可觀的配置。如同我們先前強調的，我們已與相當多的全球 LP（有限合夥人）會面。

RMR itself is still a new brand, so we're spending a lot of time getting our name out there. And people are amazed at the capabilities we bring and the breadth of our organization. But things are just going to take longer until the Middle East settles down.

RMR 本身仍是一個新品牌，因此我們花了很多時間讓市場認識我們。大家對於我們所具備的能力以及組織的廣度都感到驚訝。但在中東局勢趨於穩定之前，一切都只會需要更長的時間。

Okay. And then I guess there's a final question. You're seeing with some private equity shops, they're setting up distressed commercial real estate funds. Is that a potential strategy that you would consider? And in my view, that tends to be the preparing for some sort of down cycle.

好的。那我想最後一個問題。你們看到一些私募股權機構正在設立困境商用不動產基金。這會是你們可能考慮的策略嗎？在我看來，這通常是在為某種下行週期做準備。

Chris, it's not something we're actively pursuing at the moment in terms of setting up a distressed real estate fund. We have limited pockets within RMR and the different funds that we manage in groups that I think have a really attractive distressed opportunity presented itself to us. We could seriously consider about consider executing on it. But we are not building out a strategy around that today.

Chris，就目前而言，我們並未積極推動設立困境不動產基金。在 RMR 內部以及我們所管理的不同基金與團隊中，有一些規模有限的資金口袋；若出現對我們而言非常具吸引力的困境投資機會，我們會認真考慮並可能執行。但我們今天並沒有圍繞這件事建立一套策略。

John Massocca, B. Riley.

John Massocca，B. Riley。

Maybe kind of sticking with the big picture kind of fundraising theme, you've seen some pullback and some other types of kind of credit funds, right, private lending being the most notable. Are you seeing any indications of that capital potentially being reallocated to things that are a little more tangible, like real estate? Or is that just an unrelated phenomenon in your mind?

或許延續宏觀的募資主題，你們看到某些其他類型的信貸基金出現一些縮手，對吧，其中以私人放貸最為明顯。你們是否看到任何跡象顯示，這些資本可能會重新配置到更具實體性的標的，例如不動產？還是你認為這只是無關的現象？

Yeah, I don't think it's unrelated. I don't think they're related. We actually -- it's interesting when you meet with LPs. Lending may not even sit in the real estate bucket. It may be in fixed income and other pockets within these large organizations. So we have not yet experienced where credit allocations have been redeployed in a way that's benefited us on the equity side.

是的，我不認為這是無關的。我不認為它們彼此相關。其實——和 LP 會面時很有意思。放貸甚至可能不會被歸在不動產的配置類別裡。它可能被歸在固定收益或這些大型機構內的其他資金口袋。因此，我們目前尚未看到信貸配置以某種方式重新部署，並在股權端對我們帶來好處。

And maybe switching gears a little bit, going back to a little bit to Mitch's last question. What's the appetite today for more kind of wholly owned assets or at least consolidated assets on balance sheet to help kind of create the base for funding either the multifamily-focused fund or even maybe a retail fund going forward? Just kind of curious if you think you're at a good point in terms of the wholly owned assets you have today or there's more capacity to continue to add to that?

那稍微換個角度，回到 Mitch 的上一個問題。目前市場對於在資產負債表上持有更多全資資產、或至少是合併入帳的資產，以協助建立資金基礎來支持以多戶住宅為主的基金、甚至未來可能的零售基金，這方面的意願如何？我只是好奇，你是否認為就目前你們擁有的全資資產而言已經在一個不錯的位置，或是仍有空間繼續增加？

Yeah, I think there's a little more capacity to add to it. I don't think we'll be adding until we are successful syndicating the enhanced growth venture to add wholly owned multifamily assets on the balance sheet. But you mentioned retail. Retail is an area that we could maybe add a couple more assets to the balance sheet if it was the right type of asset. So that's an area that you could see us do some more asset level acquisitions on the RMR balance sheet to help sort of get that retail strategy further along.

是的，我認為還有一些空間可以增加。但在我們成功完成增強成長型投資項目的聯合募集（syndication）之前，我不認為我們會把更多全資多戶住宅資產加到資產負債表上。不過你提到零售。零售是我們可能會在資產類型合適的情況下，再增加一兩項資產到資產負債表的領域。因此，你可能會看到我們在 RMR 的資產負債表上進行更多單一資產層級的收購，以協助推進零售策略。

And then thinking about kind of the quarterly financials, kind of you predicted a little bit, but construction to revision revenues were down pretty big, certainly quarter over quarter, but even year over year. And just kind of trying to think of how much of that is just the new normal? How much of that is maybe one-offs? How much of that is seasonality? Just kind of any color on how you would expect that to kind of trend over the remainder of the year?

接著談到季度財務表現，你們先前也稍微提到，但建設至修繕（construction to revision）收入下滑幅度很大，無論是季比或年比都很明顯。我想了解其中有多少是新的常態？有多少可能是一次性因素？又有多少是季節性？能否提供一些看法，說明你們預期今年剩餘期間這項趨勢會如何發展？

Yeah, so I think when you look at our construction management fee revenue sequentially, it's really just driven by the start of the year is generally a little bit slower for us as budgets are just reset. As we look year over year, the decline, at some of our managed public vehicles, we had some pretty extensive capital improvement projects going on, mainly within DHC and SVC that have largely wound down.

好的，我認為若看我們的建設管理費收入的環比變化，主要是因為年初通常對我們而言會稍微慢一些，因為預算剛重設。若看年比下滑，在我們管理的部分上市載體中，先前有一些相當大型的資本改善專案，主要在 DHC 與 SVC，而這些專案大多已接近尾聲。

Those REITs are now forecasting less capital spend in '26 than they were. But we will see a little bit of a ramp expected. It's going to be a benefit to us for the next quarter as we just start to progress throughout the year.

這些 REIT 目前預估在 2026 年的資本支出會比先前少。但我們預期會看到一些回升。隨著我們在一年中逐步推進，下一季將會對我們帶來一些助益。

But maybe it's kind of the year-over-year decline as you think about comparing it to the comparable quarter in '25 kind of a good way to think about it going forward?

但或許就年比下滑而言，若拿 2025 年同季來比較，作為未來的參考方式，這樣理解是否較為恰當？

Yes, I think that's a good run rate.

是的，我認為那是一個不錯的常態水準（run rate）。

That's it for me. Thank you very much.

我這邊就到這裡。非常感謝。

Thank you. And that does conclude our question-and-answer session. I'd like to turn the conference back over to President and CEO, Adam Portnoy, wait for any closing remarks.

謝謝。問答環節到此結束。我想把會議交回給總裁兼執行長 Adam Portnoy，請他做任何結語。

Thank you all for joining our call today. We look forward to seeing many of you at our upcoming industry conferences, including Nareit in June. And we encourage institutional investors to contact RMR Investor Relations if you would like to schedule a meeting with management.

感謝各位今天參與我們的電話會議。我們期待在即將到來的產業會議上見到各位，其中包括 6 月的 Nareit。若機構投資人希望安排與管理層會面，歡迎聯繫 RMR 投資人關係部門。

Operator, that concludes our call.

接線員，我們的電話會議到此結束。

Yes, sir. Thank you very much. And we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

好的，先生。非常感謝。也感謝各位出席今天的簡報。現在您可以掛線，祝您有美好的一天。