Seven Hills Realty Trust (SEVN) 2023 Q4 法說會逐字稿

Good day, and welcome to the Seven Hills Realty Trust fourth-quarter 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

美好的一天，歡迎參加七山房地產信託 2023 年第四季財務業績電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係高級總監凱文·巴里 (Kevin Barry)。請繼續。

Thank you, and good morning, everyone. Thanks for joining us today. With me on the call are President and Chief Investment Officer, Tom Lorenzini; Chief Financial Officer and Treasurer, Fernando Diaz. In just a moment, they will provide details about our business and our performance for the fourth quarter of 2023. We will then open the call to a question-and-answer session with sell-side analysts.

謝謝大家，大家早安。感謝您今天加入我們。與我一起參加電話會議的是總裁兼首席投資長 Tom Lorenzini；財務長兼財務主管費爾南多·迪亞茲。稍後，他們將提供有關我們 2023 年第四季業務和業績的詳細資訊。然後我們將開始與賣方分析師進行問答環節。

First, I would like to note that the recording and retransmission of today's conference call is strictly prohibited without Seven Hills Realty Trust's prior written consent.

首先，我想指出的是，未經七山房地產信託公司事先書面同意，嚴禁錄音和轉播今天的電話會議。

Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. The forward-looking statements are based on Seven Hills' beliefs and expectations as of today, Wednesday, February 21, 2024, and actual results may differ materially from those that we project.

另請注意，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。這些前瞻性陳述是根據七座截至今天（2024 年 2 月 21 日星期三）的信念和預期，實際結果可能與我們的預測有重大差異。

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 or SEC, which can be accessed from the SEC's website.

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或 SEC 提交的文件中，可以從 SEC 網站存取該文件。

Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP numbers during this call, including distributable earnings and distributable earnings per share. A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release presentation that we issued last night, which can be found on our website sevnreit.com. I will now turn the call over to Tom.

投資者應注意不要過度依賴任何前瞻性陳述。此外，我們將在本次電話會議中討論非公認會計準則數據，包括可分配收益和每股可分配收益。GAAP 與非 GAAP 財務指標的調整可以在我們昨晚發布的收益報告中找到，該報告可以在我們的網站 sevnreit.com 上找到。我現在會把電話轉給湯姆。

Thanks, Kevin, and good morning, everyone. Thank you for joining our call today. Last evening, we reported strong fourth quarter results, highlighted by the highest level of distributable earnings in our three-year history as a commercial mortgage REIT. We are proud of the work that we have done over these past few years and the value we have created for our shareholders.

謝謝，凱文，大家早安。感謝您今天加入我們的電話會議。昨晚，我們報告了強勁的第四季度業績，其中最突出的是我們作為商業抵押房地產投資信託基金三年曆史上的最高水平的可分配收益。我們對過去幾年所做的工作以及為股東創造的價值感到自豪。

Since the beginning of 2021, Seven Hills has generated a total shareholder return of more than 50% compared to a negative 6% return for our benchmark, the NAREIT commercial mortgage financing index. We believe this meaningful outperformance in the current environment serves as a testament to the strength of our loan book and a direct result of our experienced originations, disciplined underwriting, and asset management teams.

自 2021 年初以來，七座山的股東總回報率超過 50%，而我們的基準 NAREIT 商業抵押貸款融資指數的回報率為 6%。我們相信，在當前環境下這種有意義的優異表現證明了我們貸款帳簿的實力，也是我們經驗豐富的發起、嚴格的核保和資產管理團隊的直接結果。

We look forward to building on our momentum and continuing to invest our capital into new lending opportunities that further enhance our portfolio. Turning to a few highlights from the fourth quarter, we generated distributable earnings per share of $0.43, a 13% increase on a sequential quarter basis. We exceeded our $0.35 per share quarterly dividend by 123%.

我們期待鞏固我們的勢頭，繼續將我們的資本投資於新的貸款機會，以進一步增強我們的投資組合。轉向第四季度的一些亮點，我們的每股可分配收益為 0.43 美元，比上一季增長 13%。我們的季度股息超出每股 0.35 美元 123%。

We increased loan production, closing $54 million in new loan commitments. We received over $100 million of loan payoffs, demonstrating the ability for our well-capitalized sponsors to be refinanced in today's market. In our portfolio with an overall average risk rating of three continues to perform well with no loans in default and no nonaccrual loans.

我們增加了貸款產量，完成了 5,400 萬美元的新貸款承諾。我們收到了超過 1 億美元的貸款還款，證明了我們資本充足的贊助商有能力在當今市場上進行再融資。在我們的投資組合中，整體平均風險評級為三，繼續表現良好，沒有違約貸款，也沒有非應計貸款。

From a macro perspective, we are seeing positive signs that the US economy is performing well. Inflation has declined, the labor markets remain very healthy, and GDP grew more than 3% last quarter. With expectations for interest rate cuts in the second half of this year, we believe that we are entering a more favorable environment for real estate transactions and then our business will benefit from increased lending opportunities.

從宏觀角度來看，我們看到美國經濟表現良好的正面跡象。通貨膨脹已經下降，勞動市場仍然非常健康，上季GDP成長超過3%。隨著今年下半年降息的預期，我們相信我們正在進入一個更有利的房地產交易環境，然後我們的業務將受益於貸款機會的增加。

Turning to our fourth quarter portfolio activity, we closed two loans with aggregate total commitments of $54 million secured by self-storage and hospitality properties carrying a weighted average spread of 370 basis points, a weighted average loan to value of 55% and an average interest rate floor of approximately 4%. Both loans were fully funded at closing, allowing us to put 100% of the committed dollars to work immediately.

談到我們第四季的投資組合活動，我們完成了兩筆貸款，總承諾額為5400 萬美元，由自助倉儲和酒店物業擔保，加權平均利差為370 個基點，加權平均貸款價值為55% ，平均利息利率下限約4%。這兩筆貸款在結束時均已全額到位，使我們能夠立即將 100% 的承諾資金投入使用。

Our conservatively underwritten portfolio continues to experience repayments across various property types. During the quarter, we received loan payoffs on two office, one retail, and one student housing property. For the full year, our portfolio activity included five originations totaling approximately $137 million and seven repayments for a combined $172 million, with office loans representing nearly 40% of total repayments.

我們保守的承保投資組合繼續在各種財產類型中經歷償還。本季度，我們收到了兩棟辦公大樓、一棟零售大樓和一處學生宿舍的貸款還款。全年，我們的投資組合活動包括五筆發放，總額約 1.37 億美元，七筆還款，總額達 1.72 億美元，其中辦公貸款佔還款總額的近 40%。

Turning to our loan book as of December 31. Seven Hills portfolio remained 100% invested in floating rate loans and consisted of 24 first mortgages with an average loan size of $28 million and total commitments of $670 million, down approximately 7% or $50 million from last quarter. While future fundings remain consistent at only about 6% of our total commitments.

看看我們截至 12 月 31 日的貸款簿。七山投資組合仍 100% 投資於浮動利率貸款，包括 24 項第一抵押貸款，平均貸款規模為 2,800 萬美元，承諾總額為 6.7 億美元，比上季度下降約 7% 或 5,000 萬美元。但未來的資金仍維持在僅占我們總承諾的 6% 左右。

Our investments have a weighted average coupon of 9.2% and an all in yield of 9.6%. In aggregate, the portfolio has a weighted average maximum maturity of three years when including extension options and a favorable overall credit profile with a loan to value at close to 68%. We continue to make progress diversifying our loan book. Multifamily remains our largest property type, representing one-third of the portfolio. Office accounts were 29%, down from 40% just a few quarters ago. And the balance of our portfolio is comprised of retail, hospitality, and industrial loans.

我們投資的加權平均票面利率為 9.2%，總收益率為 9.6%。總的來說，該投資組合的加權平均最長期限為三年（包括延期期權），整體信用狀況良好，貸款價值接近 68%。我們繼續在貸款多元化方面取得進展。多戶住宅仍然是我們最大的房產類型，佔投資組合的三分之一。辦公室帳戶佔 29%，低於幾季前的 40%。我們的投資組合餘額包括零售、酒店和工業貸款。

From a capital perspective, our lending partners remain very supportive of our business. In aggregate, our four secured financing facilities provide us with nearly $700 million in borrowing capacity, and we have a weighted average borrowing rate of SOFR plus 217 basis points at the end of the quarter. As macro conditions strengthen, our lenders are offering incrementally more aggressive pricing on our loans, presenting an attractive opportunity for us to expand the net interest margin of our portfolio.

從資本角度來看，我們的貸款合作夥伴仍然非常支持我們的業務。總的來說，我們的四個擔保融資設施為我們提供了近 7 億美元的借款能力，季度末我們的加權平均借款利率為 SOFR 加 217 個基點。隨著宏觀環境的加強，我們的貸款人正在為我們的貸款提供越來越激進的定價，這為我們擴大投資組合的淨利差提供了一個有吸引力的機會。

Turning to our active deal pipeline. We continue to see a steady flow of deals with approximately $750 million of prospective lending opportunities in various stages of our screening process. In terms of asset type, our pipeline is balanced between acquisition and refinancing requests for industrial multifamily, retail, and hospitality properties.

轉向我們活躍的交易管道。在我們篩選過程的各個階段，我們繼續看到穩定的交易流，涉及約 7.5 億美元的潛在貸款機會。就資產類型而言，我們的管道在工業多戶住宅、零售和酒店物業的收購和再融資請求之間保持平衡。

After a seasonally slower start to the year, we expect our production volume to reaccelerate over the coming months as we deploy capital for our most compelling pipeline opportunities. In closing, during a period of generally challenging commercial real estate conditions, we delivered strong fourth quarter results.

經過今年年初的季節性放緩後，隨著我們為最引人注目的管道機會部署資本，我們預計未來幾個月我們的產量將重新加速。最後，在商業房地產狀況普遍充滿挑戰的時期，我們取得了強勁的第四季業績。

Our loan portfolio was healthy, and we continue to execute well on our objectives. With the potential for real estate market conditions to further stabilize in 2024, we remain well-positioned to capitalize on new investment opportunities and continue to deliver attractive risk-adjusted returns for our shareholders. With that, I will now turn the call over to Fernando.

我們的貸款組合健康，並且我們繼續良好地執行我們的目標。鑑於 2024 年房地產市場狀況有可能進一步穩定，我們仍處於有利地位，可以利用新的投資機會，並繼續為股東提供有吸引力的風險調整回報。現在，我將把電話轉給費爾南多。

Thank you, Tom, and good morning. Yesterday we reported continued earnings growth for the fourth quarter of 2023. Distributable earnings or DE came in at $6.3 million or $0.43 per share. On a sequential quarter basis, DE grew approximately 13% driven by higher net interest income on the loans we originated during the third and fourth quarters, lower incentive fees and the favorable impact of prepayment and exit fees, partially offset by four loan repayments during the quarter.

謝謝你，湯姆，早安。昨天，我們報告了 2023 年第四季的獲利持續成長。可分配收益（DE）為 630 萬美元，即每股 0.43 美元。On a sequential quarter basis, DE grew approximately 13% driven by higher net interest income on the loans we originated during the third and fourth quarters, lower incentive fees and the favorable impact of prepayment and exit fees, partially offset by four loan repayments during the四分之一.

Our CECL reserve remains modest at 87 basis points of our total loan commitments as of year-end, compared to 74 basis points as of September 30. While our reserve increased slightly, we have reduced our office exposure by nearly 11% to 29% as of year-end compared to 40% in the first quarter of 2023. We remain focused on diversifying our portfolio into real estate sectors with more attractive fundamentals.

截至年底，我們的 CECL 準備金仍較低，佔總貸款承諾的 87 個基點，而截至 9 月 30 日為 74 個基點。雖然我們的儲備略有增加，但截至年底，我們已將辦公室風險敞口減少了近 11% 至 29%，而 2023 年第一季為 40%。我們仍然專注於將投資組合多元化到基本面更具吸引力的房地產行業。

As a reminder, we structure all of our loans with risk mitigation mechanisms such as cash flow sweeps, interest reserves, and rebalancing requirements to help us protect against investment losses. And we do not have any collateral-dependent loans or loans with specific reserves.

提醒一下，我們在所有貸款的結構中都採用了風險緩解機制，例如現金流量清理、利息儲備和再平衡要求，以幫助我們防範投資損失。我們沒有任何抵押貸款或特定準備金貸款。

Seven Hill's financial profile remains strong with conservative leverage and ample liquidity. We ended the quarter with $88 million of cash on hand and $239 million of reinvestment capacity across our four secured financing facilities. Total debt to equity decreased to 1.7 times from 1.8 times at the end of the previous quarter, primarily due to loan repayments. Longer term, we believe our available borrowing capacity can be further utilized to benefit the earnings potential of our portfolio.

七座山的財務狀況依然強勁，槓桿率保守，流動性充足。本季結束時，我們的四個擔保融資設施擁有 8,800 萬美元的手頭現金和 2.39 億美元的再投資能力。總債務股本比從上季末的 1.8 倍下降至 1.7 倍，主要是由於償還貸款。從長遠來看，我們相信我們的可用借貸能力可以進一步利用，以提高我們投資組合的獲利潛力。

As Tom mentioned, Seven Hills continues to generate strong returns and significantly outperformed our peer group. We are highly focused on maximizing value for our shareholders and extremely pleased with the upside we achieved over the past year and since we became a mortgage REIT. We continue to believe that we have a tremendous opportunity to invest our capital in accretive loans, asset manage our loan book, and further demonstrate the strength of our lending platform to the investment community.

正如湯姆所提到的，七座山繼續產生強勁的回報，並顯著優於我們的同行。我們高度關注為股東實現價值最大化，並對過去一年以及自我們成為抵押房地產投資信託以來所取得的增長感到非常滿意。我們仍然相信，我們有巨大的機會將我們的資本投資於增值貸款，資產管理我們的貸款帳簿，並向投資界進一步展示我們貸款平台的實力。

Our run rate earnings over the last few quarters have comfortably exceeded our dividend level. In mid-January, we declared our regular quarterly dividend of $0.35 per share, equating to a DE payout ratio of 81% for the fourth quarter. On an annualized basis, our dividend reflects an attractive yield of approximately 11% based on our current stock price. At quarter end, book value per share was $18.31, up slightly compared to the previous quarter, primarily due to earnings exceeding our dividend, partially offset by a nominal increase to our CECL reserve.

過去幾季我們的運行率收益輕鬆超過了股息水平。一月中旬，我們宣布定期季度股息為每股 0.35 美元，相當於第四季度的 DE 派息率為 81%。以年化計算，我們的股息反映了基於​​我們當前股價的約 11% 的有吸引力的收益率。截至季末，每股帳面價值為 18.31 美元，比上一季略有上升，主要是由於收益超過了我們的股息，部分被我們的 CECL 準備金名義增加所抵消。

Turning to our outlook, we believe Seven Hills remains well positioned in the current lending environment, and we expect earnings -- expect originations to increase as we advance further into 2024. Our earnings potential will also be dependent on interest rates, loan repayment activity, the strength of our loan book, and our ability to maximize net interest margin.

談到我們的前景，我們認為七座山在當前的貸款環境中仍處於有利地位，並且我們預計，隨著我們進一步邁入 2024 年，盈利將會增加。我們的獲利潛力還取決於利率、貸款償還活動、貸款帳簿的實力以及我們最大化淨利差的能力。

For the first quarter of 2024, we expect distributable earnings to be within a range of $0.35 to $0.37 per share, which will continue to cover our quarterly dividend. This guidance assumes flat G&A expenses compared to the previous quarter and that interest rate will remain consistent with current levels. That concludes our prepared remarks. And with that, operator, please open the lines for questions.

對於 2024 年第一季度，我們預計可分配收益將在每股 0.35 美元至 0.37 美元之間，這將繼續支付我們的季度股息。該指引假設一般管理費用與上一季相比持平，且利率將與目前水準保持一致。我們準備好的演講到此結束。那麼，接線員，請打開提問線路。

(Operator Instructions) Matthew Erdner, JonesTrading.

（操作員指示）Matthew Erdner，JonesTrading。

Hey, good morning, guys. Thanks for taking my question. This first one is around the California, Carlsbad office loan. I'm curious as to why it has a four-rating given the lease occupancy is 93%. Is there a big tenant in that building where the leases coming up, and that's not backfilled yet? But could you talk through that office property?

嘿，早上好，夥計們。感謝您提出我的問題。第一個是圍繞加州卡爾斯巴德的辦公室貸款。我很好奇為什麼它的租賃入住率為 93%，卻有四級評級。租約即將到期但尚未回填的那棟大樓裡是否有大租戶？但你能談談那棟辦公大樓嗎？

Yeah. Really primary reason is really just because it's all office right now, right? And that particular asset is leased well, as you noticed at 93%. In fact, they've got some activity on least in a couple of small suites in the space now that we think might convert from NOI to leases. So we expect it to get better. They have grown the NOI there quite a bit since closing to the tune of a couple hundred thousand dollars, $250,000, I believe.

是的。真正主要原因其實只是因為現在都是辦公室，對嗎？正如您所注意到的，該特定資產的租賃率高達 93%。事實上，他們至少在空間的幾個小型套房中進行了一些活動，現在我們認為這些套房可能會從 NOI 轉換為租賃。所以我們預計它會變得更好。自從接近幾十萬美元（我相信是 25 萬美元）以來，他們在那裡的 NOI 已經增長了不少。

So they fully -- they have been executing on their business plan. There is a tenant in here that has about 15% of the GLA that is very lightly utilizing their space. So that factored into our decision as well. We think we're covered from a loan-to-value perspective, and we think that there's sufficient equity on top of us.

所以他們完全——他們一直在執行他們的商業計劃。這裡有一個租戶，其 GLA 的大約 15% 的空間利用率非常低。所以這也是我們決定的因素。我們認為從貸款價值比的角度來看，我們已經得到了保障，我們認為我們有足夠的股本。

I mean, the sponsor recently stepped up there at the end of last year to buy a new cap and invested another $700,000 to do so. So obviously, they're very committed to the asset as well. We just felt it was prudent given that it's office. There is one tenant in here that's fairly sizable that has term on their lease but is lightly utilized in their space. So just a combination of multiple factors on that particular asset.

我的意思是，贊助商最近在去年年底出面購買了新的帽子，並為此又投資了 70 萬美元。顯然，他們也非常致力於該資產。我們只是覺得考慮到這是辦公室，這是謹慎的做法。這裡有一個相當大的租戶，其租約已到期，但其空間利用率較低。所以只是該特定資產的多個因素的組合。

Yeah, that's helpful. I appreciate the color there. And then as rates kind of go down, we've seen a CLO go off this year. Are you guys looking to or exploring the opportunity of going into CLO to kind of get more permanent financing there?

是的，這很有幫助。我很欣賞那裡的顏色。隨著利率的下降，我們今年看到了 CLO 的下跌。你們是否正在尋找或探索進入 CLO 以獲得更永久融資的機會？

We talk about that quite a bit. And right now, given our portfolio, I think that we've got some loans in there that have more age to them. I'm not sure that they would be good fodder for CLO. We are certainly feeling the repercussions of the CLO. We saw the same transaction go off that you did, which is probably the MF1 transaction, which immediately put some compression on spreads. But also brings in liquidity into the marketplace, which is beneficial for everybody. We will certainly entertain a CLO going forward. But in order to do so, I think we have to ramp up production a little bit further than where we currently are.

我們對此談了很多。現在，考慮到我們的投資組合，我認為我們有一些貸款的期限更長。我不確定它們是否會成為 CLO 的好素材。我們當然感受到了 CLO 的影響。我們看到了與您相同的交易，這可能是 MF1 交易，它立即對點差進行了一些壓縮。而且也為市場帶來了流動性，這對每個人都有好處。未來我們一定會接待 CLO。但為了做到這一點，我認為我們必須比目前的水平進一步提高產量。

Thank you for taking the questions.

感謝您提出問題。

Thank you.

謝謝。

(Operator Instructions) Chris Muller, Citizens JMP.

（操作員說明）Chris Muller，Citizens JMP。

Hey, guys. Thanks for taking my question and congrats on a nice end to the year. So you guys have done a couple of hotels loans recently. Can you talk about how you guys evaluate a good market for hotels? Are you looking at more business travel type-locations or vacation types? Just any color you can give there would be helpful. Thank you.

大家好。感謝您提出我的問題，並祝賀您今年有一個美好的結束。你們最近辦理了幾筆飯店貸款。能談談你們如何評價飯店的好市場嗎？您是否正在尋找更多商務旅行類型地點或度假類型？您可以提供的任何顏色都會有幫助。謝謝。

Yeah, sure. So the two that we did, I wouldn't say they were business hotels. They certainly had significant demand generators, which clearly have what you want to see for a hotel. The one that we did in Anaheim was extremely well located and close to Disneyland. So that was really the primary driver there. The transaction that we did in Scottsdale was very close to the Mayo Clinic, which is undergoing rapid development and expansion there in that particular market.

好，當然。所以我們做的兩家酒店，我不會說它們是商務酒店。他們當然擁有大量的需求產生器，這顯然滿足您對酒店的需求。我們在阿納海姆做的那個位置非常好，靠近迪士尼樂園。所以這確實是那裡的主要驅動力。我們在斯科茨代爾進行的交易與梅奧診所非常接近，梅奧診所正在該特定市場進行快速發展和擴張。

So that was a significant demand driver there as well. So we're not -- they were not business focused, but more leisure or necessity-based travel, I guess, is a way to look at that. And point of reference on those two loans, both of those loans -- there were no future fundings on those loans. Both of those loans probably could have been permanent financed in the market, if the borrower is selected to do that, but they were really looking for flexible capital, which is what we were able to bring to the market and recapitalize those deals for them.

因此，這也是一個重要的需求驅動因素。所以我們不是——他們不是以商務為重點，但我想，更多的是休閒或基於必需品的旅行是看待這個問題的一種方式。這兩筆貸款的參考點，這兩筆貸款——這些貸款沒有未來的資金。如果借款人被選中這樣做，這兩筆貸款可能都可以在市場上永久融資，但他們實際上是在尋找靈活的資本，而這正是我們能夠引入市場並為他們的交易進行資本重組的資本。

So those loans, at some point, I'm assuming, they'll [firm those] out in a couple of years. So we were fortunate enough to do some very attractive financing on two relatively new -- in fact, one of them is brand-new hospitality properties.

因此，我假設這些貸款在某個時候會在幾年內[確定]。因此，我們很幸運能夠為兩個相對較新的項目進行一些非常有吸引力的融資——事實上，其中之一是全新的酒店物業。

That's helpful. And then I guess on geography. So there's not much of a trend in where your originations are being concentrated, which I think does a good job highlighting your guys' national footprint. Can you just talk about any markets you like today and any markets you're avoiding, especially as you start to get more offensive in the back half of the year?

這很有幫助。然後我猜是地理。因此，你們的起源集中在哪裡的趨勢並不明顯，我認為這很好地突出了你們的國家足跡。您能否談談您今天喜歡的任何市場以及您正在迴避的任何市場，特別是當您在今年下半年開始變得更具進攻性時？

Well, I don't know that there's any market that we've red line per se. But I would tell you that we've never been a gateway city lender, right? We've never been a heavy Manhattan LA, San Francisco type lender. And I don't know that we wouldn't necessarily want to go into those urban cores right now.

嗯，我不知道有哪個市場本身是我們劃定紅線的。但我想告訴你，我們從來都不是門戶城市的貸款機構，對嗎？我們從來都不是一家大型曼哈頓、洛杉磯、舊金山類型的貸款機構。我不知道我們現在是否一定想進入這些城市核心。

We still do like the Sunbelt. Multifamily, their rent growth is slowing. We've seen that, but we still think that there's good values there in the multifamily space. We still think that there's good value in industrial and self-storage and hospitality as well two other sectors. So given our origination staff and all the offices RMR has across the country, we'll continue to look at opportunities wherever they may be.

我們仍然喜歡陽光地帶。多戶住宅的租金成長正在放緩。我們已經看到了這一點，但我們仍然認為多戶住宅空間具有良好的價值。我們仍然認為工業、自助倉儲、酒店以及其他兩個行業具有良好的價值。因此，鑑於我們的創始員工和 RMR 在全國各地設有的所有辦事處，我們將繼續尋找機會，無論他們在哪裡。

That's very helpful. Thanks for taking the questions.

這非常有幫助。感謝您提出問題。

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

我們的問答環節到此結束。我想將會議轉回湯姆·洛倫齊尼 (Tom Lorenzini) 發表閉幕詞。

Thank you, everyone, for joining our call today. Thank you for your interest in Seven Hills Realty Trust.

謝謝大家今天加入我們的電話會議。感謝您對七山房地產信託的興趣。

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。