RMR Group Inc (RMR) 2022 Q2 法說會逐字稿

Good day, and welcome to The RMR Group Fiscal Second Quarter 2022 Earnings Call. (Operator Instructions).

美好的一天，歡迎參加 RMR 集團 2022 年第二季財報電話會議。 （操作員說明）。

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

我現在想將會議交給投資者關係總監 Michael Kodesch。請繼續。

Good afternoon, and thank you for joining RMR's second quarter of fiscal 2022 conference call. With me on today's call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan. In just a moment, they will provide details about our business and quarterly results followed by a question-and-answer session. I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

下午好，感謝您參加 RMR 2022 財年第二季電話會議。與我一起參加今天電話會議的是總裁兼執行長 Adam Portnoy；和財務長馬特喬丹。稍後，他們將提供有關我們業務和季度業績的詳細信息，然後進行問答環節。我想指出的是，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。

Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR's beliefs and expectations as of today, May 5, 2022 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（2022 年 5 月 5 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 US 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 和調整後 EBITDA 利潤率計算的調節表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, Michael, and thank you for joining us this afternoon. We are pleased to report improved results this quarter that included adjusted net income of $0.50 per share and adjusted EBITDA of $25.7 million, both meaningful sequential quarter increases. This quarter was highlighted by ILPT's $4 billion acquisition of Monmouth Real Estate Investment Corporation, which resulted in assets under management at the end of the quarter, reaching almost $38 billion. Since becoming a public company at the end of 2015, our assets under management have grown almost 50% in just 6.5 years.

謝謝邁克爾，也謝謝你今天下午加入我們。我們很高興地報告本季業績有所改善，其中調整後淨利潤為每股 0.50 美元，調整後 EBITDA 為 2570 萬美元，這兩個季度均實現了有意義的增長。本季的亮點是 ILPT 以 40 億美元收購 Monmouth Real Estate Investment Corporation，導致本季末管理資產近 380 億美元。自2015年底成為上市公司以來，我們管理的資產在短短6.5年內成長了近50%。

The closing of the Monmouth transaction was the result of the tireless commitment of many parts of the RMR organization, ensuring a seamless integration of Monmouth's 126 high-quality, e-commerce-focused properties. The transaction provides ILPT with increased scale and greater tenant and geographic diversity while also ensuring ILPT is well positioned to take advantage of the current industrial market dynamics.

Monmouth 交易的完成是 RMR 組織許多部門不懈努力的結果，確保了 Monmouth 126 個高品質、以電子商務為重點的資產的無縫整合。此交易為 ILPT 提供了更大的規模以及更大的租戶和地理多樣性，同時也確保 ILPT 處於有利地位，並能夠利用當前的工業市場動態。

Turning to real estate fundamentals and highlights this quarter from some of the other clients. Historically, real estate has proven to be resilient during inflationary environments, and we believe our portfolio is well positioned to weather market volatility. Approximately 85% of leases at properties RMR manages, have annual rent escalators, CPI adjustments or percentage rent provisions. Further, over 60% of our managed leases have operating expense recoveries that should further mitigate inflationary risks.

轉向房地產基本面和本季其他一些客戶的亮點。從歷史上看，房地產已被證明在通貨膨脹環境下具有彈性，我們相信我們的投資組合能夠很好地抵禦市場波動。 RMR 管理的物業中約 85% 的租賃都有年租金自動扶梯、CPI 調整或百分比租金規定。此外，我們超過 60% 的管理租賃都收回了營運費用，這將進一步降低通膨風險。

As new and prospective tenants become increasingly active in securing their long-term real estate needs and office building utilization levels increase, we were not surprised to see strong leasing momentum carry into the second fiscal quarter. RMR arranged almost 2 million square feet of leases on behalf of our clients this quarter with a weighted average lease term of approximately 9 years and a weighted average roll up in rent at over 10%. Additionally, we continue to see increasing signs of a normalizing operating environment and more specifically, a general easing of pandemic-related business disruptions.

隨著新租戶和潛在租戶越來越積極地滿足其長期房地產需求以及辦公大樓利用率的提高，我們對第二財季強勁的租賃勢頭並不感到驚訝。本季度，RMR 代表客戶安排了近 200 萬平方英尺的租賃，加權平均租賃期限約為 9 年，加權平均租金上漲超過 10%。此外，我們繼續看到越來越多的跡象表明營運環境正常化，更具體地說，與疫情相關的業務中斷普遍緩解。

Even before mask mandates were listed for air travel, TSA checkpoint travel numbers were up 82% during the first calendar quarter compared to the prior year, indicating a growing eagerness to resume not only leisure travel, but also in-person business meetings and conferences. We believe this is a significant precursor to a more robust return of business travel, hospitality demand and office utilization. OPI and SVC are the 2 companies we manage that most directly stand to benefit from these improving trends.

即使在航空旅行強制佩戴口罩之前，美國運輸安全管理局（TSA）檢查站旅行人數在第一季就比去年同期增長了 82%，這表明人們越來越渴望恢復休閒旅行以及面對面的商務會議。我們相信，這是商務旅行、飯店需求和辦公室利用率更強勁回歸的重要先兆。 OPI 和 SVC 是我們管理的兩家最能直接從這些改善趨勢中受益的公司。

As post-pandemic tailwinds continue, office fundamentals have exhibited steady improvement with increased office utilization, improved leasing volumes and less available sublease space in the market. Of the 4 managed equity REITs, OPI remains the most competitive with regard to its total shareholder return versus its peer group, and we remain encouraged by OPI's capital recycling activities, development initiatives and strong operating results. At SVC, the diversity of its assets continues to distinguish it from other hotel-focused REITs.

隨著疫情後有利因素的持續，辦公室基本面穩定改善，辦公室利用率提高、租賃量增加以及市場上可用轉租空間減少。在 4 家管理股權 REIT 中，OPI 與同業相比，在股東總回報方面仍然最具競爭力，我們仍然對 OPI 的資本回收活動、發展計劃和強勁的營運業績感到鼓舞。在 SVC，其資產的多樣性繼續使其與其他以酒店為主的房地產投資信託基金區分開來。

More specifically, its service retail portfolio, including its leases with TravelCenters of America, continue to be well covered with any pandemic-related disruptions having largely passed. In terms of its hotel portfolio, SVC saw increases in hotel occupancy and RevPAR throughout the quarter as repositioning efforts materialize, transient travel and group activity recovers and business travel rebounds.

更具體地說，其服務零售組合，包括與美國旅遊中心的租賃，繼續受到與疫情相關的干擾的影響，這些幹擾已基本過去。就其酒店組合而言，隨著重新定位工作的落實、短暫旅行和團體活動的復甦以及商務旅行的反彈，SVC整個季度的酒店入住率和每間可用客房收入均有所增加。

Finally, SVC recently enhanced its liquidity by extending its credit facility through January 2023, gaining extended covenant relief. SVC also recently completed 22 hotel sales with an additional 42 hotels currently under agreement to be sold. We believe SVC is well positioned heading into the second half of 2022. DHC reported sequential quarter NOI growth in its same-property SHOP segment due primarily to rate increases and occupancy stabilization. We are encouraged by these results and with continued capital investments in DHC's senior living assets, we are hopeful for continued acceleration in DHC's recovery.

最後，SVC 最近透過將信貸安排延長至 2023 年 1 月來增強其流動性，從而獲得了延長的契約減免。 SVC 最近也完成了 22 家飯店的銷售，目前還有 42 家飯店正在協議出售中。我們認為，SVC 在進入 2022 年下半年時處於有利地位。DHC 報告稱，其同物業商店業務的連續季度 NOI 增長，主要是由於費率上漲和入住率穩定。我們對這些結果感到鼓舞，隨著對 DHC 高級生活資產的持續資本投資，我們希望 DHC 的復甦繼續加速。

Additionally, earlier this week, AlerisLife, who manages 120 communities on behalf of DHC, appointed the company's current CFO as Interim President and Chief Executive Officer. AlerisLife also announced that it retained the Healthcare consulting group of Alvarez & Marsal to conduct an operational review of the company over the coming weeks. We are hopeful that these changes will deliver enhanced financial performance and value creation for both AlerisLife and DHC in the future. At the end of the quarter, DHC had almost $1.5 billion in cash and extended the maturity date of its credit facility to January 2024. With ample liquidity, improving operating performance and medical office leasing results that have remained resilient, we are confident in DHC's trajectory.

此外，本週早些時候，代表 DHC 管理 120 個社區的 AlerisLife 任命該公司現任財務長為臨時總裁兼執行長。 AlerisLife 也宣布聘請 Alvarez & Marsal 的醫療保健諮詢小組在未來幾週內對該公司進行營運審查。我們希望這些變化能夠在未來為 AlerisLife 和 DHC 帶來更高的財務表現和價值創造。截至本季末，DHC 擁有近15 億美元現金，並將信貸安排的到期日延長至2024 年1 月。憑藉充足的流動性、改善的經營業績以及保持彈性的醫療辦公室租賃業績，我們對DHC的發展軌跡充滿信心。

Finally, in our commercial mortgage REIT, 7 Hills Realty Trust, we continue to believe that the business has attractive long-term prospects. During the quarter, 7 Hills deployed almost $100 million of capital into 3 first mortgage bridge loans. As 7 Hills leverages RMR's best-in-class originations platform that touts a strong default-free track record.

最後，對於我們的商業抵押房地產投資信託基金 7 Hills Realty Trust，我們仍然相信該業務具有有吸引力的長期前景。本季度，7 Hills 將近 1 億美元的資金投入 3 筆第一抵押貸款過橋貸款。 7 Hills 利用 RMR 一流的發起平台，該平台擁有強大的無違約記錄。

Turning to our efforts to expand our private capital assets under management. Managed private capital AUM ended the quarter at approximately $4 billion, a significant increase from just 2 years ago when private capital totaled less than $500 million. During the quarter, DHC entered into a $703 million joint venture for 10 office properties with 2 global institutional investors who acquired a combined 80% equity interest in the venture. In addition, the Monmouth transaction completed by ILPT was partially funded through a joint venture with an institutional investor who contributed $587 million in equity.

談到我們擴大管理的私人資本資產的努力。本季末，管理的私人資本資產管理規模約為 40 億美元，與兩年前私人資本總額不足 5 億美元相比大幅成長。本季度，DHC 與 2 家全球機構投資者成立了一家價值 7.03 億美元的合資企業，擁有 10 處辦公物業，這兩家機構投資者合計收購了該合資企業 80% 的股權。此外，ILPT完成的蒙茅斯交易的部分資金是透過與一家機構投資者組成的合資企業提供的，該機構投資者出資了5.87億美元的股權。

This new industrial joint venture will not be included in our private capital AUM metrics until such time as ILPT no longer has a controlling interest in the venture. To that end, we are in active discussions with possible institutional investors seeking to deploy capital in the industrial sector via this new Monmouth joint venture and expect to have more to report in the future. We are also talking to our various private capital relationships about other possible ventures, including credit vehicles that would leverage the successful track record and substantial infrastructure of our Tremont Realty Capital subsidiary.

在 ILPT 不再擁有該合資企業的控股權之前，這家新的工業合資企業將不會被納入我們的私人資本 AUM 指標中。為此，我們正在與可能的機構投資者進行積極討論，尋求透過這個新的蒙茅斯合資企業在工業領域部署資本，並預計未來會有更多報告。我們也正在與各種私人資本關係討論其他可能的合資企業，包括利用我們 Tremont Realty Capital 子公司的成功業績記錄和大量基礎設施的信貸工具。

Before I turn the call over to Matt, I wanted to highlight our continued efforts to strengthen corporate governance as we recently added 4 new independent trustees to the Boards of ILPT, OPI, DHC and 7 Hills. We look forward to benefiting from their collective insights and experiences.

在將電話轉交給 Matt 之前，我想強調我們為加強公司治理所做的持續努力，因為我們最近在 ILPT、OPI、DHC 和 7 Hills 的董事會中增加了 4 名新的獨立受託人。我們期待從他們的集體見解和經驗中受益。

With that, I'll now turn the call over to Matt Jordan, our Chief Financial Officer, who will review our financial results for the quarter.

現在，我將把電話轉給我們的財務長馬特喬丹，他將審查我們本季的財務表現。

Thanks, Adam, and good afternoon, everyone. In the second fiscal quarter, we reported adjusted net income of $8.2 million or $0.50 per share and adjusted EBITDA of $25.7 million, with both metrics finishing at the higher end of our guidance. Total revenues were $49.3 million this quarter, which was approximately $7 million higher on a year-over-year basis and over $3 million higher on a sequential quarter basis. The sequential increase in revenues was primarily attributable to ILPT's February 25 acquisition of Monmouth and continued increases in construction management fees.

謝謝亞當，大家下午好。在第二財季，我們公佈的調整後淨利潤為 820 萬美元，即每股 0.50 美元，調整後 EBITDA 為 2570 萬美元，這兩個指標都達到了我們指導值的上限。本季總營收為 4,930 萬美元，年增約 700 萬美元，季增超過 300 萬美元。營收季增主要歸因於 ILPT 於 2 月 25 日收購 Monmouth 以及施工管理費的持續增加。

Looking ahead to the remainder of our fiscal year, we expect further increases in our revenues with each of the remaining quarters in the fiscal year expected to generate revenues of between USD 52 million and USD 54 million. This guidance is impacted most notably by the following assumptions. First, base management fee projections are based on enterprise values at DHC, SVC and OPI that reflects recent market volatility as well as expectations for modest debt reduction at DHC and SVC over the remainder of the fiscal year.

展望本財年剩餘時間，我們預計收入將進一步增加，本財年剩餘每季預計將產生 5,200 萬美元至 5,400 萬美元的收入。本指南受到以下假設的影響最為顯著。首先，基本管理費預測基於 DHC、SVC 和 OPI 的企業價值，反映了近期的市場波動以及 DHC 和 SVC 在本財年剩餘時間內適度削減債務的預期。

Secondly, a full quarter of the Monmouth transaction is expected to generate approximately $3 million in additional fees next quarter. And lastly, continued increases in construction activity across the platform should generate approximately $750,000 in incremental revenues each successive quarter. As it relates to construction management fees, I did want to highlight that in response to investor feedback, we've added additional disclosure in our 10-Q filing, differentiating construction fees from property management fees.

其次，蒙茅斯整個季度的交易預計將在下個季度產生約 300 萬美元的額外費用。最後，整個平台建設活動的持續增加應會在每個連續季度產生約 75 萬美元的增量收入。由於涉及施工管理費，我確實想強調，為了回應投資者的反饋，我們在 10-Q 文件中添加了額外的披露，將施工費與物業管理費區分開來。

Turning to expenses for the quarter. Cash compensation of $31.7 million was flat sequentially as cost increases related to payroll tax and 401(k) contributions resetting on January 1 were offset by 2 fewer days in the quarter and favorable headcount mix. Looking ahead, we expect cash compensation to remain at approximately $32 million per quarter for the remainder of the fiscal year, although the current labor market and wage inflation considerations make these estimates subject to potential change.

轉向本季的支出。現金薪酬 3,170 萬美元與上一季持平，原因是與工資稅和 1 月 1 日重置的 401(k) 繳款相關的成本增加被本季度減少 2 天的天數和有利的員工結構所抵消。展望未來，我們預計在本財年剩餘時間內，現金薪酬將保持在每季約 3,200 萬美元，儘管當前勞動力市場和工資通膨的考慮使這些估計可能會發生變化。

Cash compensation reimbursement was approximately 43% this quarter, and we expect this reimbursement level to hold for the remainder of the fiscal year, if not slightly improve. G&A was $8.5 million this quarter, inclusive of $550,000 of incremental costs related to annual share grants to our Board of Directors. We expect G&A to trend at approximately $8.25 million per quarter for the remainder of the year as we continue to make strategic investments in our operating platform.

本季現金薪資報銷約為 43%，我們預計此報銷水準即使不是略有改善，也將在本財年剩餘時間內保持不變。本季的一般管理費用為 850 萬美元，其中包括與向董事會年度授予股份相關的 55 萬美元增量成本。隨著我們繼續對營運平台進行策略性投資，我們預計今年剩餘時間內每季的一般行政費用約為 825 萬美元。

In summary, for each of the remaining 2 quarters of our fiscal year, we expect adjusted earnings per share to range from $0.57 to $0.60 per share and adjusted EBITDA to range from $28 million to $30 million. While we are pleased with this quarter's results, as we look ahead, we believe this guidance represents meaningful increases reflective of how our infrastructure provides for increased profitability as AUM grows. We closed the quarter with over $181 million in cash and continue to have no debt. We believe our balance sheet leaves us well positioned to pursue a variety of strategies to expand our platform.

總而言之，在本財年剩下的兩個季度中，我們預計調整後每股收益將在 0.57 美元至 0.60 美元之間，調整後 EBITDA 將在 2,800 萬美元至 3,000 萬美元之間。雖然我們對本季的業績感到滿意，但展望未來，我們相信這項指導意見代表了有意義的成長，反映了我們的基礎設施如何隨著資產管理規模的成長而提高獲利能力。本季結束時，我們擁有超過 1.81 億美元的現金，並且仍然沒有債務。我們相信，我們的資產負債表使我們能夠採取各種策略來擴展我們的平台。

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，請開通提問線路。

(Operator Instructions) The first question comes from Bill Katz with Citigroup.

（操作員說明）第一個問題來自花旗集團的 Bill Katz。

I appreciate the updated guidance. Let me start there. Just sort of looking at how some of the REITs have performed quarter-to-date. I guess, I'm surprised by the resiliency on the revenue side. How should we be thinking about -- and maybe it's already embedded in your response to some modest deleveraging. But just looking at the equity values dropping as much as they've dropped incrementally since the end of March, how should we be thinking about any kind of further deleveraging? And how does that spill back, if at all, back to RMR absent just sort of a revenue hit? Is there any sort of capital at risk here?

我很欣賞更新的指導。讓我從這裡開始。只是看看一些房地產投資信託基金本季迄今的表現如何。我想，我對收入方面的彈性感到驚訝。我們該如何思考——也許它已經融入你們對適度去槓桿化的反應了。但只要看看股票價值自 3 月底以來不斷下跌的幅度，我們該如何考慮任何形式的進一步去槓桿化？在收入不受影響的情況下，這種影響（如果有的話）如何回饋至 RMR？這裡是否有任何資本面臨風險？

Sure. Thanks, Bill. This is Adam. I don't think there's any capital at risk. In terms of the performance of the REITs themselves, the most effective thing we can do as a manager of these REITs is continue to try and focus on their operations and also prudently manage their balance sheets. And I think some of our REITs that we manage are going to benefit, I think, quite a bit as we come out of COVID, especially, I think, of SVC, for example, as hotel utilization increases in the coming quarters, I think that's going to have a market improvement on the financial performance of SVC.

當然。謝謝，比爾。這是亞當。我認為沒有任何資本面臨風險。就REITs本身的表現而言，作為這些REITs的管理者，我們能做的最有效的事情就是繼續嘗試並專注於其運營，並審慎管理其資產負債表。我認為，隨著我們走出新冠疫情，我認為我們管理的一些房地產投資信託基金將會受益匪淺，尤其是 SVC，因為我認為，隨著未來幾個季度酒店利用率的增加，我認為這將改善SVC 的財務表現。

And remember, SVC still doesn't pay a meaningful dividend. We're still not in compliance with our debt covenants. But I think we're optimistic about being able to do getting compliance at least by the third quarter of this year and then hopefully soon thereafter, we can think about the dividend there. And those are things, for example, at SVC that would, I think, have a meaningful impact on the stock price for that company.

請記住，SVC 仍然沒有支付有意義的股息。我們仍然沒有遵守我們的債務契約。但我認為我們對至少在今年第三季之前能夠達到合規性持樂觀態度，然後希望不久後我們可以考慮那裡的股息。例如，我認為，在 SVC，這些事情會對該公司的股價產生有意義的影響。

A company like ILPT, I'm just going to -- going through the list, that company is obviously dealing with excessive leverage at the moment, which we anticipate will come down in the coming quarters as we delever that company by bringing additional equity investors in the joint venture that we set up with regards to the Monmouth acquisition. DHC, somewhat similar to SVC in the sense that as there's an improvement, especially at the SHOP portfolio and some of the actions that I highlighted in my prepared remarks that have occurred just this week, with a change in leadership in AlerisLife, which is the largest manager for the SHOP portfolio, DHC bringing in an outside consultant.

像ILPT 這樣的公司，我只是要瀏覽一下這份名單，該公司目前顯然正在處理過度槓桿問題，我們預計，隨著我們通過引入更多股權投資者來對該公司進行去槓桿化，槓桿率將在未來幾季下降。我們在收購 Monmouth 時成立的合資企業。 DHC 與 SVC 有點相似，因為隨著 AlerisLife 領導層的變化，特別是在 SHOP 投資組合方面以及我在本週準備的演講中強調的一些行動方面，情況有所改善，AlerisLife 的領導層發生了變化。 SHOP 投資組合的最大管理者DHC 引進了一名外部顧問。

That has all been done geared towards very much improving operations at AlerisLife, but also the SHOP portfolio. And again, as that performance improves, we expect it to get in compliance with its debt covenants and eventually be able to reinstate its dividend. As those things occur in the coming quarters, I think it will have a positive impact on those businesses.

這一切都是為了大幅改善 AlerisLife 的營運以及 SHOP 產品組合。同樣，隨著業績的改善，我們預計它能夠遵守債務契約，並最終能夠恢復股息。隨著這些事情在未來幾季發生，我認為這將對這些業務產生積極影響。

Okay. That's helpful. And then maybe one for Matt. I just want to make sure I understand your guidance. So the revenue guidance of $52 million to $54 million, is that an all-in number? I apologize. Or is the guidance on Monmouth and the construction revenue is incremental to that? And then maybe more broadly as you look out into fiscal '23, I guess, early calendar '23, how are you thinking about construction revenues post the sort of activity level?

好的。這很有幫助。然後也許是給馬特的。我只是想確保我理解您的指導。那麼 5,200 萬至 5,400 萬美元的收入指導是一個總數字嗎？我道歉。或者蒙茅斯的指導和建築收入是增量的嗎？然後，也許更廣泛地，當您展望“23”財年時，我想，“23”早期日曆，您如何看待這種活動水平後的建築收入？

So let me start with the first one. The $52 million to $54 million is all in, all service and advisory. So that -- we're trying to give you some of the piece parts to get to that growth, which is largely from where we are today anyway, which is largely Monmouth and then some of the construction activity you highlighted. And then in terms of the construction -- and frankly, it's development dollars that are driving our guidance. So this quarter, we managed approximately $80 million in construction and development. We're projecting in that guidance, those numbers increasing to about $100 million to $120 million. And I would expect that will continue based on the ongoing projects across the companies we manage.

那麼讓我從第一個開始。 5,200 萬至 5,400 萬美元全部投入，全部用於服務和諮詢。因此，我們正在努力為您提供一些實現這一增長的零件，這很大程度上來自我們今天的情況，主要是蒙茅斯，然後是您強調的一些建設活動。然後就建設而言，坦白說，是開發資金推動了我們的指導。因此，本季我們管理了約 8,000 萬美元的建設和開發費用。我們在該指南中預測，這些數字將增加到約 1 億至 1.2 億美元。我預計這種情況將根據我們管理的公司正在進行的專案而繼續下去。

The next question comes from Kyle Menges with B. Riley FBR.

下一個問題來自 Kyle Menges 和 B. Riley FBR。

This is Kyle on for Bryan. I was hoping you could touch on the Sonesta brand a little bit, kind of how the transition of 200 hotels to the Sonesta brand over at SVC has disrupted their operations within the hotel portfolio? But it seems like there's meaningful opportunity for those to ramp up in 2022. And then maybe just more broadly, could you talk about John Murray's strategy to grow the brand over the next few years?

這是凱爾替補布萊恩。我希望您能稍微談一下 Sonesta 品牌，SVC 的 200 家酒店向 Sonesta 品牌過渡是如何擾亂了他們在酒店組合中的運營的？但似乎 2022 年這些品牌將迎來有意義的發展機會。也許更廣泛地說，您能談談 John Murray 在未來幾年發展該品牌的策略嗎？

Sure. Kyle, thank you for that question. Yes, I think Sonesta is ramping quite nicely. And really, from the public markets perspective, really, the only way to see that is through -- looking through SVC sort of 2 different ways. One, you look at the performance of the hotels that SVC owns that are being managed by Sonesta. And then -- but also through its 34% ownership that effectively flows through to SVC as well. Everyone probably knows SVC owns 34% of Sonesta and Sonesta itself is a private company.

當然。凱爾，謝謝你提出這個問題。是的，我認為 Sonesta 的發展相當不錯。事實上，從公開市場的角度來看，唯一的方法就是透過兩種不同的方式來看待 SVC。第一，你看看 SVC 擁有、由 Sonesta 管理的飯店的業績。然後，也透過其 34% 的所有權有效地流向 SVC。大家可能都知道SVC擁有Sonesta 34%的股份，而Sonesta本身就是一家私人公司。

Sonesta is growing quite a bit. And it's not just growing at all really on the back of SVC. Just earlier last week, on its balance sheet, it bought 4 hotels in New York City, which was a great entry way into that gateway city for the brand that's been -- was done on Sonesta's balance sheet. You also have to remember that while there's 200 hotels being managed by Sonesta for SVC, we have almost 1,200 hotels that are within the family of Sonesta is well over 900 that are being franchised that are effectively coming off of the -- as a result of the Red Lion acquisition.

Sonesta 成長了不少。而且它的成長並不僅僅是在 SVC 的支持下實現的。就在上週早些時候，它在資產負債表上購買了紐約市的4 家酒店，這是該品牌進入這個門戶城市的一個很好的方式——在索尼斯塔的資產負債表上已經完成了。您還必須記住，雖然有 200 家酒店由 Sonesta 為 SVC 管理，但我們有近 1,200 家酒店屬於 Sonesta 家族，其中 900 多家酒店正在獲得特許經營權，這些酒店實際上是從 - 由於紅獅收購。

So Sonesta has a lot going on in it right now away from just managing the hotels for SVC. That being said, the management of the hotels is significant for Sonesta. And I'm pretty optimistic, and I think the team at Sonesta is pretty optimistic that over the coming year, we are going to meaningfully improve the margin. Over time, I think SVC will also quite a bit benefit from that 34% ownership. And as an SVC investor, I really do hope the market looks through not only at the margins of the hotels, what they're producing, but also the value of that 34% ownership.

因此，Sonesta 現在除了為 SVC 管理酒店之外，還有很多事情要做。話雖如此，飯店的管理對索尼斯塔來說意義重大。我非常樂觀，我認為 Sonesta 的團隊非常樂觀，認為在未來的一年裡，我們將顯著提高利潤率。隨著時間的推移，我認為 SVC 也將從 34% 的所有權中獲益匪淺。作為一名 SVC 投資者，我確實希望市場不僅關注酒店的利潤率、他們生產的產品，還關注 34% 所有權的價值。

Because in combination, I believe, as we get out into the out years here and as Sonesta continues to grow and expand 23 and 24 and 25. In combination, the margin as well as the value of that ownership is probably going to significantly exceed the cash flow it was receiving when the hotels are branded by the prior brands. And so I think we feel pretty good about where we are. In terms of what John Murray is focused on as the new CEO at Sonesta, I think part of the reason, John, was sort of the perfect fit for going over to Sonesta at this time when Carlos, the former CEO, decided to depart the company was, one, John's got a long history in hotels and he was heavily involved in acquiring almost every hotel that Sonesta currently manages and there's also integral in the hotel of -- the acquisition of Red Lion last year.

因為綜合起來，我相信，隨著我們進入最後幾年，隨著 Sonesta 繼續發展和擴張 23、24 和 25。綜合起來，該所有權的利潤率和價值可能會大大超過當酒店以先前品牌命名時，它所獲得的現金流。所以我認為我們對自己的處境感覺很好。就約翰·穆雷(John Murray) 作為索尼斯塔(Sonesta) 新任首席執行官所關注的重點而言，我認為，當前首席執行官卡洛斯(Carlos) 決定離開公司時，約翰Murray 非常適合加入索尼斯塔(Sonesta)。其一，約翰在酒店領域擁有悠久的歷史，他積極參與收購索尼斯塔目前管理的幾乎所有酒店，去年收購紅獅酒店也是該酒店不可或缺的一部分。

But you have to remember, John also is a -- he's probably going to hate me saying this, but he's a deal guy. He's a growth-oriented fellow. He ran acquisitions at RMR for many years. And before that, he ran just acquisitions for hospitality. I think he's very focused on growth. And I don't think -- to be very clear, I think he's -- if you had to think about where he's focused, it's picking up additional franchising, franchises, it's picking up additional management contracts. It's a little bit using the Sonesta balance sheet to make outright acquisitions of hotels.

但你必須記住，約翰也是一個——他可能會討厭我這麼說，但他是個做生意的人。他是一個注重成長的人。他在 RMR 負責收購工作多年。在此之前，他只負責旅館業的收購。我認為他非常注重成長。我不認為 - 非常明確地說，我認為他 - 如果你不得不考慮他的重點在哪裡，它會獲得額外的特許經營權，特許經營權，它會獲得額外的管理合約。這有點像是利用索尼斯塔的資產負債表來直接收購飯店。

But I think that's very much what he's focused on and why he's the right person to lead the company right now because that's what Sonesta really needs to focus on is growing its brand and growing the number of hotels that he franchised and managed by Sonesta. And we have a great opportunity now with Sonesta's 1,200 hotels, but I think we really have an opportunity to grow that by quite a bit in the coming years.

但我認為這正是他所關注的重點，也是他現在成為領導公司的合適人選的原因，因為索尼斯塔真正需要關注的是發展其品牌，並增加他由索尼斯塔特許經營和管理的酒店數量。現在我們擁有 Sonesta 的 1,200 家酒店，這是一個很好的機會，但我認為我們確實有機會在未來幾年內大幅增長。

(Operator Instructions) The next question comes from Ronald Kamdem with Morgan Stanley.

（操作員說明）下一個問題來自摩根士丹利的 Ronald Kamdem。

Just the first one on ILPT. I think you hit on a few comments just about, I think the -- congrats on closing the acquisition. I think the plan is sort of to delever that. Maybe a little bit just more color on conversations that you may be having in terms of third-party capital to come in and how you think about sort of refinancing some of that there would be helpful.

這只是 ILPT 上的第一個。我想你剛剛發表了一些評論，我想——恭喜完成收購。我認為該計劃有點是為了去槓桿化。也許對您可能在第三方資本進入方面進行的對話以及您如何考慮對其中一些再融資進行更多的討論會有所幫助。

Sure. So thank you for that question. So at ILPT, sort of in the wake of their public announcements last week when they announced earnings, they are in having very productive -- we are having very productive discussions with additional equity providers into that joint venture. We remain confident, if not optimistic, that we will have additional equity investors into that joint venture. And by doing that alone, it will deconsolidate that joint venture off of the ILPT balance sheet. And just doing that alone will, on a headline number on its balance sheet, reduce leverage significantly.

當然。謝謝你提出這個問題。因此，在 ILPT，在他們上周公布收益時，他們進行了非常富有成效的討論——我們正在與該合資企業的其他股權提供者進行非常富有成效的討論。我們仍然有信心（即使不樂觀），我們將有更多的股權投資者進入該合資企業。僅通過這樣做，它將將該合資企業從 ILPT 資產負債表中剔除。僅憑這一點就可以顯著降低其資產負債表上的槓桿率。

And the other thing that is going on there, more specific to the ILPT balance sheet post, let's say, a deconsolidation of the joint venture is also deleveraging through asset sales. And I think as ILPT said on their call last week, they are moving forward. We are moving forward very well. We continue to be confident, again, optimistic that we will sell the real -- the assets as outlined since we made the acquisition. In our experience at RMR, the good news from our perspective, the depth of our platform, the type of real estate market, the different sectors we work in, we see -- we're buying and selling assets across the board every week.

那裡正在發生的另一件事，更具體地說是 ILPT 資產負債表，比如說，合資企業的解除合併也在透過資產出售來去槓桿化。我認為正如 ILPT 上週在電話會議上所說的那樣，他們正在向前邁進。我們進展順利。我們仍然對出售自收購以來所概述的實際資產充滿信心和樂觀。根據我們在 RMR 的經驗，從我們的角度、我們平台的深度、房地產市場的類型、我們從事的不同行業來看，我們看到的好消息是——我們每週都在全面買賣資產。

And so we have a pretty good feel for what's going on in the market. And so generally speaking, we remain confident those sales will occur largely as we said they would, and that onto itself will be a deleveraging event for ILPT. So those 2 things, which we continue to feel confident about are what we think is going to happen in ILPT and will result in what I believe to be significant deleveraging before the end of the year.

因此，我們對市場上正在發生的事情有很好的感覺。因此，總的來說，我們仍然相信這些銷售基本上將像我們所說的那樣發生，而這本身將成為 ILPT 的去槓桿化事件。因此，我們仍然對這兩件事充滿信心，我們認為 ILPT 將會發生這些事情，我認為這將導致年底前出現顯著的去槓桿化。

Great. And if I could just follow up on that with obviously, the Amazon news about sort of overcapacity. Does something like that impact conversations or willingness to do deals in the market? Or just the capital is to long-term focus and is just industrial fundamentals remain too attractive for that to matter? Just trying to get a sense of the timing could be impacted at all just from that news if there's a ripple effect that made sense.

偉大的。如果我能跟進亞馬遜關於產能過剩的新聞的話。類似的事情會影響市場上的對話或交易意願嗎？還是只是資本著眼於長期發展，而只是工業基本面仍然太有吸引力而無關緊要？如果有合理的連鎖反應，只是想了解這個消息的時機就可能會受到影響。

Yes. I think the Amazon comments last week from their earnings announcement obviously rippled through sort of the industrial REIT sector and industrial markets as a whole. Look, I don't think the long-term fundamentals and thesis around the growth in -- need for growth in industrial space has changed. We have seen some of the highest rent increases over the last couple of quarters. We're running in our portfolio close to 100% occupied. Everything we see points to have continued double-digit rent growth in the coming quarters.

是的。我認為亞馬遜上週在獲利公告中發表的評論顯然在工業房地產投資信託基金部門和整個工業市場中產生了連鎖反應。看，我認為圍繞工業空間成長需求的長期基本面和論點沒有改變。在過去的幾個季度中，我們看到了一些最高的租金漲幅。我們的投資組合接近 100% 被佔用。我們所看到的一切都表明未來幾季租金將持續兩位數成長。

To be honest with you, I think the bigger impact, which we haven't seen yet, but I'm looking out for is less what Amazon said and more just a movement in interest rates, and is that eventually going to have an impact on cap rates. I think it could be said it's certainly in the industrial sector. Large portfolios, very large portfolios, I think it has had some impact on pricing. I've yet to see meaningful changes in pricing on an individual asset by asset basis in industrial. But the Fed made an announcement yesterday and they've indicated where interest rates are going.

老實說，我認為更大的影響，我們還沒有看到，但我正在尋找的不是亞馬遜所說的，而是利率的變動，這最終會產生影響嗎？關於上限利率。我想可以說肯定是在工業領域。大型投資組合，非常大的投資組合，我認為這對定價產生了一些影響。我還沒有看到工業中單一資產的定價有有意義的變化。但聯準會昨天宣布了一項聲明，他們已經表明了利率的走向。

And we -- that's something I think we look out on or focus on. The counter to that is just what you said, there is so much capital looking to invest in this sector. There's only a few real estate sectors that most people want to invest in. Industrial is one of them. There's many that have been red lined by many investors, retail, office, hospitality. And so there's not many left to invest in. Multifamily, industrial being 2 of the biggest that people are still focused on.

我認為這是我們關注或關注的事情。與此相反的是，正如你所說，有很多資本希望投資這個領域。大多數人想要投資的房地產行業只有少數。工業就是其中之一。有許多行業已被許多投資者劃定紅線，包括零售、辦公室、旅館業。因此，可供投資的項目已經不多了。多戶住宅和工業住宅是人們仍然關注的兩個最大的投資項目。

And so part of what we've -- the counter to the fact that interest rates might be going up and that could affect industrial cap rates is we just look at the multifamily sector. And while in that sector, we continue to see very low cap rates in that sector and maybe that's a precursor to what is going to continue to happen in the industrial, even with rising interest rates, maybe industrial cap rates do not move meaningfully. But to be honest with you, I'm less concerned about the Amazon announcement, I'm more thinking about what's happening to interest rates and does that affect the cap rates for industrial.

因此，我們所採取的措施的一部分——與利率可能上升並可能影響工業資本化率這一事實相反，我們只關注多戶住宅領域。雖然在該行業中，我們仍然看到該行業的資本化率非常低，也許這是工業領域將繼續發生的事情的先兆，即使利率上升，也許工業資本化率不會發生有意義的變化。但說實話，我不太關心亞馬遜的公告，我更關心利率的變化以及這是否會影響工業資本化率。

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

感謝您今天加入我們。接線員，我們的通話結束了。

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。