Sotherly Hotels Inc (SOHO) 2025 Q1 法說會逐字稿

Good morning, all. And thank you for joining us. The Southerly Hotels Q1 2025 conference call and webcast. My name is Kyle. I'll be coordinating the call today. (Operator Instructions)

大家早安。感謝您加入我們。Southerly Hotels 2025 年第一季電話會議及網路廣播。我的名字是凱爾。我今天將負責協調這次電話會議。（操作員指示）

And then I turned over to our host Scott Kucinski, Chief Operating Officer of Sotherly Hotels. The floor is yours.

然後我把話題轉到我們的主持人、Sotherly Hotels 營運長 Scott Kucinski。現在輪到你了。

Thank you and good morning, everyone. If you do not receive a copy of the earnings release, you may access it on our website at southerlyhotels.com. In the release, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with REIT requirements.

謝謝大家，早安。如果您沒有收到收益報告的副本，您可以透過我們的網站 southerlyhotels.com 存取。在該新聞稿中，該公司已根據 REIT 要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行協調。

Any statements made during this conference call, which are not historical, they constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained.

本次電話會議中所做的任何陳述均非歷史性陳述，均構成前瞻性陳述。儘管我們相信任何前瞻性陳述中反映的預期都是基於合理的假設，但我們不能保證這些預期將會實現。

Factors and risks that can cause actual results that differ materially from those expressed or implied by forward-looking statements are detailed in today's press release and from time to time in the company's filings with the SEC. The company does not undertake a duty to update or revise any forward-looking statements.

可能導致實際結果與前瞻性陳述所表達或暗示的結果有重大差異的因素和風險已在今天的新聞稿中以及公司不時向美國證券交易委員會提交的文件中詳細說明。本公司不承擔更新或修改任何前瞻性陳述的義務。

With that said, I'll start off today's call with a review of our portfolio's key operating metrics for the first quarter. Looking at the first quarter results for the actual portfolio compared to 2024, RevPAR increased 6.4%, driven by a 6.4% increase in occupancy with ADR flat prior year.

話雖如此，在今天的電話會議上，我將首先回顧我們投資組合第一季的關鍵營運指標。與 2024 年相比，第一季實際投資組合的業績顯示，RevPAR 成長了 6.4%，這得益於入住率成長了 6.4%，而 ADR 與上年持平。

Stripping out Tampa from the results due to continued impact of the property from Hurricane Helene, which struck Tampa in late September 2024, the first quarter's actual portfolio RevPAR increased a healthy 7.3% compared to prior year, driven by a 7.5% increase in occupancy.

由於 2024 年 9 月下旬襲擊坦帕的颶風海倫持續影響該酒店，我們將坦帕從業績中剔除，第一季實際投資組合的 RevPAR 與上年相比增長了 7.3%，這得益於入住率增長了 7.5%。

Overall, we delivered a solid first quarter with results ahead of our internal expectations. The outperformance was largely driven by strong year-over-year occupancy growth, which reflects continued momentum across the portfolio.

整體而言，我們第一季表現穩健，業績超出了我們的內部預期。這一優異表現主要得益於強勁的同比入住率成長，這反映了整個投資組合的持續成長動能。

Importantly, we saw the most pronounced gains in our urban markets, many of which have been slower to rebound post pandemic. That strength is a clear indication that lodging fundamentals have stabilized and demand patterns have normalized across segments and markets.

重要的是，我們看到城市市場的成長最為明顯，其中許多市場在疫情後反彈較慢。這種強勁勢頭清楚地表明，住宿基本面已經穩定，各個領域和市場的需求模式已經正常化。

In addition to growth in the group segment, our urban markets were buoyed by special events during the quarter, including the presidential inauguration in Arlington, NFL playoffs in Philadelphia, and the College Football National Championship in Atlanta.

除了團體業務的成長之外，本季我們的城市市場還受到特殊事件的推動，包括阿靈頓的總統就職典禮、費城的 NFL 季後賽以及亞特蘭大的大學橄欖球全國錦標賽。

Turning to rate, we're encouraged by the stabilization we saw during the first quarter. After experiencing multiple quarters of sequential rate declines, ADR held steady across most of the portfolio, particularly in our top-performing business travel and group markets.

談到利率，第一季的穩定令我們感到鼓舞。在經歷了連續多個季度的利率下降之後，ADR 在大部分投資組合中保持穩定，特別是在我們表現最佳的商務旅行和團體市場。

As previously noted, Hotel Alba in Tampa continue to experience operational disruption from Hurricane Helene during the first quarter as the hotel's elevators remain impaired from flood damage. We anticipate the elevator restoration to take several months to complete. Therefore, that impact will continue through at least the end of the second quarter.

如前所述，坦帕市的阿爾巴酒店 (Hotel Alba) 在第一季繼續受到颶風海倫 (Hurricane Helene) 的營運幹擾，因為飯店的電梯仍受到洪水損壞。我們預計電梯修復工作需要幾個月才能完成。因此，這種影響至少會持續到第二季​​末。

From a reporting standpoint, our headline operating metrics ADR, occupancy, and RevPAR reflect the storm-related disruption at Hotel Alba on a pre-insurance basis. However, our reported revenue and profitability metrics do include business interruption insurance proceeds, which helped offset the financial impact during the quarter.

從報告的角度來看，我們的主要營運指標 ADR、入住率和 RevPAR 在保險前反映了 Hotel Alba 因風暴造成的中斷。不過，我們報告的收入和獲利指標確實包括了業務中斷保險收益，這有助於抵銷本季的財務影響。

Looking at some highlights from a few key assets in the portfolio during the quarter. Starting with the DoubleTree Resort in Hollywood, Florida, the property delivered strong year to year results with RevPAR of 11.9%. This growth is primarily driven by an 11.8% increase in occupancy, supported by healthy weekend transient demand, better than expected banquet performance and solid group bookings.

回顧本季投資組合中一些關鍵資產的亮點。從佛羅裡達州好萊塢的 DoubleTree 度假村開始，該酒店的 RevPAR 業績逐年強勁，達到 11.9%。此成長主要得益於入住率成長 11.8%，週末短期需求旺盛、宴會業績優於預期以及團體預訂量穩定。

The hotel gained significant ground on its comp set, posting a 12.9% increase in RevPAR index, driven by a 9.5% gain in occupancy share.

該酒店在同類競爭中取得了顯著進展，RevPAR 指數上漲了 12.9%，這得益於入住率上漲了 9.5%。

Hotel Ballast in Wilmington posted another strong quarter, outperforming both budgeted and prior year results. The hotel achieved RevPAR growth of 6.5% year to year, supported by a 3.5% increase in occupancy and a 2.9% increase in rates.

威爾明頓的 Hotel Ballast 又迎來了一個強勁的季度，業績超出了預算和去年同期的業績。該酒店的 RevPAR 年增 6.5%，這得益於入住率增長 3.5% 和房價增長 2.9%。

Continued strength in group business along with robust banquet and catering revenue contributed to the outperformance. Hotel Ballast maintained a strong position against its concept with a RevPAR index of 115.3%.

團體業務的持續強勁以及宴會和餐飲收入的強勁成長促成了優異的業績表現。Hotel Ballast 憑藉其概念保持了強勢地位，RevPAR 指數為 115.3%。

Turning to the Whitehall in Houston, the property continues its recovery with first quarter RevPAR increasing 19.4% year over year, driven by a 20.5% gain in occupancy. Strong citywide demand, business transient volume, and healthy group bookings all supported the hotel's performance.

談到休士頓的 Whitehall，飯店繼續復甦，第一季 RevPAR 年增 19.4%，這得益於入住率成長 20.5%。強勁的城市需求、商務客流量以及健康的團體預訂都為飯店的業績提供了支持。

The Whitehall took a meaningful share from its competitive set during the quarter, gaining more than 6% in RevPAR share, fueled by strong occupancy share improvement of 12.6%.

本季度，Whitehall 酒店在競爭對手中佔據了相當大的份額，RevPAR 份額增長超過 6%，這得益於入住率份額強勁提升 12.6%。

Finally, the DoubleTree Philadelphia airport saw significant momentum in the quarter, with RevPAR up 34.3%, driven by a 38.7% increase in occupancy. Although rate declined 3.1%, the overall result reflects strong demand improvement across the submarket, including increased air traffic and citywide events.

最後，費城機場逸林酒店在本季表現出色，客房出租率上漲 34.3%，入住率上漲 38.7%。儘管費率下降了 3.1%，但整體結果反映出整個子市場的需求強勁改善，包括空中交通量增加和全市活動增加。

Notably, group business increased nearly 158% over a prior year, a testament to the recharge sales efforts at the hotel that capitalized on a number of short-term bookings during the quarter. As a result of these efforts, the hotel significantly outperformed its comp set with an impressive 25.2% gain in occupancy share.

值得注意的是，團體業務比去年增長了近 158%，這證明了酒店的充值銷售努力，利用了本季度的大量短期預訂。由於這些努力，該酒店的入住率顯著提高了 25.2%，遠遠超過了其競爭對手。

Looking at portfolio profitability, Hotel EBITDA across our entire portfolio increased 4.5% over the prior year. However, when stripping out the one-time benefit of a $550,000 COVID-related grant received in Savannah in Q1 2024, hotel EBITDA increased a healthy 9.4% over prior year. This translates to a strong 100 basis point increase in Hotel EBITDA margins.

從投資組合獲利能力來看，我們整個投資組合的酒店 EBITDA 比前一年增長了 4.5%。然而，如果扣除 2024 年第一季薩凡納收到的 55 萬美元 COVID 相關補助的一次性收益，飯店 EBITDA 較上年同期成長了 9.4%。這意味著酒店 EBITDA 利潤率將大幅增加 100 個基點。

Occupancy growth across the portfolio has enabled our operators to drive incremental ancillary revenue and benefit from operating efficiencies, especially in our urban markets that are still in the recovery phase. This has helped support marginal expansion and solid flow through performance.

整個投資組合的入住率成長使我們的營運商能夠推動增量輔助收入並從營運效率中受益，特別是在仍處於復甦階段的城市市場。這有助於支持邊際擴張和穩定的流通性能。

Looking ahead, we expect margin trends to remain relatively stable as staffing levels and amenities have normalized and wage pressures continue to ease across the portfolio.

展望未來，我們預期利潤率趨勢將保持相對穩定，因為員工水準和設施已經正常化，整個投資組合的薪資壓力持續緩解。

Turning to corporate activity, as previously disclosed, the company continues to advance planning and preparation for two upcoming PIP renovations in Philadelphia. We have signed a new 10-year franchise agreement with Hilton to retain the DoubleTree flag. The associated PIP carries a total budget of $11.5 million and is expected to be completed by May 1, 2026.

談到公司活動，如前所述，該公司繼續推進即將在費城進行的兩項 PIP 翻新工程的規劃和準備。我們與希爾頓簽署了新的 10 年特許經營協議，以保留 DoubleTree 品牌。相關 PIP 總預算為 1,150 萬美元，預計將於 2026 年 5 月 1 日完成。

In Jacksonville, the company has entered into a new 10-year franchise agreement with Hilton to reposition the hotel under a soft branded concept, Hotel Bellamy. The planned renovation has a total budget of $14.6 million and it's expected to be completed by January 1, 2027.

在傑克遜維爾，該公司與希爾頓達成了一項新的 10 年特許經營協議，將酒店重新定位為軟品牌概念酒店「貝拉米酒店」。計畫的翻新工程總預算為 1,460 萬美元，預計將於 2027 年 1 月 1 日完工。

Turning to our balance sheet, two of our larger assets located in Atlanta and Hollywood have debt maturities coming up this year. While we recognize the broader uncertainty in the debt markets, we remain confident in our ability to work constructively with our lending partners to address these upcoming maturities.

回顧我們的資產負債表，位於亞特蘭大和好萊塢的兩處較大資產的債務今年即將到期。儘管我們認識到債務市場存在更廣泛的不確定性，但我們仍然有信心與貸款合作夥伴進行建設性合作，以解決這些即將到期的債務。

Additionally, the potential for Fed easing could serve as a tailwind for our near-term financing efforts across the portfolio. Looking ahead, we will continue to take a disciplined and conservative approach to managing our capital structure. Our remaining near-term maturities are well staggered, which provides us with flexibility as we navigate the current financing environment.

此外，聯準會放鬆政策的可能性可能會成為我們整個投資組合近期融資努力的順風。展望未來，我們將繼續採取嚴謹、保守的方式來管理我們的資本結構。我們的剩餘近期到期債務安排得很好，這為我們應對當前融資環境提供了靈活性。

I will now turn the call over to Tony.

現在我將電話轉給托尼。

Thank you, Scott. Revieing performance for the period ended March 31, 2025. For the first quarter, total revenue was approximately $48.3 million, representing an increase of 3.8% over the same quarter last year.

謝謝你，斯科特。檢視截至 2025 年 3 月 31 日的期間業績。第一季總營收約4,830萬美元，較去年同期成長3.8%。

Hotel EBITDA for the quarter was approximately $12.9 million, representing an increase of 4.5% over the same quarter last year. And for the quarter, adjusted FFO was approximately $4.5 million, representing a decrease of approximately $0.7 million from the same quarter last year.

本季飯店 EBITDA 約 1,290 萬美元，較去年同期成長 4.5%。本季度，調整後的 FFO 約為 450 萬美元，比去年同期減少約 70 萬美元。

Please note that our adjusted FFO excludes charges related to the early extinguishment of debt, unrealized gains and losses on derivative instruments, charges related to aborted or abandoned securities offerings, ESOP and stock compensation expense, as well as other items.

請注意，我們的調整後 FFO 不包括與提前償還債務相關的費用、衍生工具的未實現損益、與中止或放棄的證券發行相關的費用、ESOP 和股票薪酬費用以及其他項目。

Hotel EBITDA excludes these charges as well as interest expense, interest income, corporate general and administrative expenses, realize gains and losses on our derivative instruments, and the current portion of our income tax provision, and other items as well. Please refer to our earnings release for additional detail.

飯店 EBITDA 不包括這些費用以及利息支出、利息收入、企業一般及行政開支、衍生性工具的實現損益、所得稅準備金的當前部分以及其他項目。請參閱我們的收益報告以了解更多詳細資訊。

Looking at our balance sheet as of March 31, 2025, the company had total cash of approximately $32.8 million, consisting of unrestricted cash and cash equivalents of approximately $11.5 million as well as $21.3 million which was reserved for real estate taxes, insurance, capital improvements, and certain other items.

查看截至 2025 年 3 月 31 日的資產負債表，該公司的總現金約為 3,280 萬美元，其中包括約 1,150 萬美元的非限制現金和現金等價物以及為房地產稅、保險、資本改進和某些其他項目預留的 2,130 萬美元。

At the end of the quarter, we had principal balances of approximately $317.6 million in outstanding debt at a weighted average interest rate of 5.88%. Approximately 84.4% of the company's debt carried a fixed rate of interest when taking into account the company's interest rate hedges.

截至本季末，我們的未償債務本金餘額約為 3.176 億美元，加權平均利率為 5.88%。考慮到公司的利率對沖，約有 84.4% 的公司債務帶有固定利率。

We anticipate routine capital expenditures for the replacement and refurbishment of furniture fixtures and equipment will amount to approximately $7.2 million per calendar year 2025.

我們預計，2025 年更換和翻新家具固定裝置和設備的常規資本支出將達到每年約 720 萬美元。

A significant portion of our product improvement plans at the DoubleTree by Hilton Philadelphia Airport and the DoubleTree by Hilton Jacksonville Riverfront will occur during the year with anticipated capital expenditures related to these two projects, totaling approximately $11.4 million this year.

我們對費城機場希爾頓逸林酒店和傑克遜維爾河濱希爾頓逸林酒店的產品改進計劃的很大一部分將在今年內實施，預計這兩個項目相關的資本支出今年總計約為 1140 萬美元。

Turning to guidance, we are reiterating our full year guidance for 2025, accounting for current and expected performance within the portfolio, and taking into account market conditions.

談到指導，我們重申 2025 年全年指導，考慮投資組合的當前和預期表現，並考慮市場狀況。

We're projecting a total revenue in the range of $183.4 million to $188.2 million for full year 2025. At the midpoint of this guidance, it represents a 2.1% increase over the prior year. Hotel EBITDA is projected in the range of $48.8 billion to $49.6 billion. And at the midpoint of this guidance, it represents a 5.2% increase over the prior year.

我們預計 2025 年全年總收入將在 1.834 億美元至 1.882 億美元之間。依照指引的中點計算，這一數字比前一年增加了 2.1%。酒店 EBITDA 預計在 488 億美元至 496 億美元之間。以該指引的中位數計算，這一數字比前一年增長了 5.2%。

Adjusted FFO is projected in the range of $11.5 million to $12.3 million or $0.57 to $0.61 a share. At the midpoint of this guidance, it represents a 16.4% decrease compared to the prior year. And I I'll turn the call over to Dave.

調整後的 FFO 預計在 1,150 萬美元至 1,230 萬美元之間，或每股 0.57 美元至 0.61 美元。依照指引的中點計算，與前一年相比下降了 16.4%。我會把電話轉給戴夫。

Thank you, Tony. Good morning. We were very pleased with our first quarter results which came in ahead of expectations even as macroeconomic uncertainty began to emerge in March. Performance was driven in large part by continued occupancy recovery in our urban markets, where demand was supported by both group business and a steady improvement in corporate transient travel.

謝謝你，托尼。早安.我們對第一季的業績感到非常滿意，儘管 3 月份宏觀經濟不確定性開始出現，但我們的業績仍然超出了預期。業績表現很大程度上得益於城市市場入住率的持續回升，團體業務和商務短期旅行的穩步改善均支撐了城市市場的需求。

Our coastal leisure focused assets also delivered strong results, benefiting from healthy weekend leisure demand, complemented by consistent weekday group bookings. While rate growth remains a broader industry challenge, we were encouraged to see our average rate hold flat year over year.

我們專注於沿海休閒的資產也取得了強勁的業績，受益於健康的週末休閒需求，以及穩定的工作日團體預訂。儘管利率成長仍然是整個行業面臨的一個普遍挑戰，但我們很高興地看到，平均利率比去年同期保持穩定。

Importantly, our operators were able to maintain rate discipline while driving meaningful occupancy gains, which translated into healthy margin performance and outperformance versus the prior year.

重要的是，我們的營運商能夠保持價格紀律，同時推動入住率的顯著增長，這轉化為健康的利潤表現和優於前一年的表現。

Before we move on, I want to touch briefly on the potential impact of recent developments in the macroeconomic environment. Policy changes at the federal level have introduced a level of uncertainty that is impacting near-term visibility in the lodging industry.

在我們繼續之前，我想先簡單談談宏觀經濟環境近期發展可能產生的影響。聯邦政府的政策變化帶來了一定程度的不確定性，影響了住宿業的短期前景。

Given the current backdrop, consumer sentiment is weakened, which likely will result in increased price sensitivity and compressed booking windows among our transient guests. Meanwhile, demand from the government segment, particularly in the Washington DC submarket, has experienced a pullback.

鑑於當前的背景，消費者情緒減弱，這可能會導致價格敏感度增加，並且我們的臨時客人的預訂窗口會縮短。同時，政府部門的需求，尤其是華盛頓特區子市場的需求，已經出現回落。

That said, our group booking pace remains solid and importantly, we haven't seen the kind of widespread cancellations that typically accompany more severe downturns. We did, however, experience a pause in group lead conversions in March, late March, and into April, guiding a more cautious view on our operating fundamentals for the back half of the year.

儘管如此，我們的團體預訂速度依然穩健，而且重要的是，我們還沒有看到通常伴隨更嚴重經濟衰退而出現的大規模取消情況。然而，我們在 3 月、3 月底和 4 月經歷了集團領導轉換的暫停，這導致我們對下半年的營運基本面持更謹慎的看法。

We will continue to closely monitor the shifting operating environment and remain confident in our manager's ability to adapt our sales and revenue management strategies as needed to effectively navigate the current landscape. Despite such uncertainty, our portfolio performed well in the first quarter, continuing to benefit from strong occupancy growth in the group segment, particularly in several of our urban markets.

我們將繼續密切關注不斷變化的經營環境，並對我們的經理根據需要調整銷售和收入管理策略以有效應對當前情況的能力充滿信心。儘管存在這樣的不確定性，我們的投資組合在第一季表現良好，並繼續受益於集團部門強勁的入住率成長，特別是在我們的幾個城市市場。

In Houston, the Whitehall stood out as a top performer with occupancy up 20.5% year over year, driven by a healthy mix of group business which increased a noteworthy 64% over a prior year, as well as strong citywide demand.

在休士頓，Whitehall 飯店表現突出，入住率年增 20.5%，這得益於團體業務的健康組合（比上一年增長了 64%）以及全市範圍內的強勁需求。

The Georgian Terrace in Atlanta meanwhile performed well during the first quarter, with strong city-wide demand and special events supporting rate growth, driving higher than expected profitability.

與此同時，亞特蘭大的喬治亞露台酒店 (The Georgian Terrace) 在第一季表現良好，全市範圍內的強勁需求和特殊活動推動了酒店價格的增長，從而推動了高於預期的盈利能力。

We also saw continued momentum at our DoubleTree Hotel at the Philadelphia airport, which posted a 38.7% occupancy increase over the prior year, supported by strong group sales and elevated demand from professional sporting events.

我們也看到費城機場逸林酒店繼續保持成長勢頭，受團體銷售強勁和專業體育賽事需求上升的推動，該酒店入住率較上年增長了 38.7%。

Another highlight in this quarter was the strong performance of our DoubleTree resort in Hollywood, one of our largest contributors to portfolio profitability. The hotel delivered nearly 37% growth in hotel EBITDA year over year, fueled by a more than 41% increase in group revenue, a very encouraging sign for this hotel.

本季的另一個亮點是我們位於好萊塢的 DoubleTree 度假村的強勁表現，它是我們投資組合獲利能力的最大貢獻者之一。該酒店的 EBITDA 同比增長近 37%，這得益於集團收入增長超過 41%，這對該酒店來說是一個非常令人鼓舞的信號。

Looking towards the second half of the year, while we remain optimistic about the overall outlook for the industry, we're taking a more measured view on the pace of hotel demand. That said, we believe our portfolio is well positioned with upscale and upper upscale assets expected to outperform the broader market.

展望下半年，雖然我們對產業的整體前景仍然持樂觀態度，但我們對飯店需求的成長速度持更審慎的看法。儘管如此，我們相信我們的投資組合處於有利地位，其中高檔和超高檔資產預計將跑贏大盤。

We are maintaining our full year guidance as first and second quarter performances are expected to offset one another on a relative basis. Booking trends remain healthy and we currently forecast full year 2025 revPAR for the actual portfolio to range between 103% and 105% of 2024 levels.

我們維持全年業績指引不變，因為預計第一季和第二季的業績將相對相互抵銷。預訂趨勢依然健康，我們目前預測 2025 年全年實際投資組合的 revPAR 將在 2024 年水準的 103% 至 105% 之間。

We're confident that our portfolio of well-located, high-quality hotels supported by continued occupancy growth will continue to deliver strong relative performance. And with, that operator we can open the call for questions.

我們相信，我們地理位置優越、品質優良的酒店組合，在入住率持續增長的支持下，將繼續帶來強勁的相對業績。透過該接線員，我們可以開始提問。

(Operator Instructions)

（操作員指示）

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, morning down there. And if I think I heard you correctly, you guys are renovating the Philly hotel, which is, it's great, definitely in need of some updates but certainly a great hotel.

嘿，早安。如果我沒聽錯的話，你們正在翻新費城酒店，這家酒店很棒，當然需要一些更新，但肯定是一家很棒的酒店。

So a few things and forgive my list, just going down one reverse split timing, last quarter, you guys mentioned a drop dead date of August 11. Is it your intent to go up until that date, or you may do something sooner?

所以有幾件事，請原諒我的清單，只是按照一個反向分段計時，上個季度，你們提到的截止日期是 8 月 11 日。您是否打算一直堅持到那個日期，或者您是否可能提前採取行動？

We'll probably do it close to that date. We're relatively sooner. We're working on it now. It's a little more complicated than just reverse splitting the stock or QIPs and other legal documentation that has to be done and board resolution. So we'll get all that done here in the next 60 days and we'll execute a reverse split, I think probably in July or August up to the point where it's due.

我們可能會在接近該日期時完成此事。我們相對較早。我們正在努力。它比僅僅進行股票反向分割或 QIP 以及必須完成的其他法律文件和董事會決議要複雜一些。因此，我們將在未來 60 天內完成所有這些工作，並執行反向拆分，我認為可能是在 7 月或 8 月到期的時候。

Okay. You mentioned business interruption insurance for Alba. What's the delta between what you're actually booking in actual revenue from Alba versus what the insurance is covering? Just trying to figure out is insurance cover, is the hotel currently like half of what it should be and insurance is picking up the other half or just trying to get some metrics on that?

好的。您提到了 Alba 的營業中斷保險。您從 Alba 實際獲得的收入與保險所涵蓋的收入之間的差額是多少？只是想弄清楚保險覆蓋範圍，酒店目前是否只涵蓋了應有的一半，而保險公司承擔了另一半，還是只是想獲得一些相關指標？

You're talking about from a revenue perspective or a profitability perspective?

您是從收入角度還是獲利角度來談的？

Well, what you have business interruption insurance you mentioned that is flowing through GAAP, so it's in FFO I think you said, and just trying to understand the delta between --

嗯，您提到的業務中斷保險是透過 GAAP 流動的，所以它在 FFO 中，我想您說過，只是想了解--

So we're seeing a decrease in in room revenue as we have fewer guests, but it's -- the room profitability is made up on a net basis and so we're seeing the bottom line or the hotel EBITDA pretty much made whole. I mean that's a debate with our insurance carriers as to whether we're -- they think we're 100% whole.

由於客人減少，我們看到客房收入有所下降，但客房盈利能力是以淨額為基礎計算的，所以我們看到的底線或酒店 EBITDA 幾乎是完整的。我的意思是，我們與保險公司有爭論，他們是否認為我們 100% 安全。

We think we're 95% whole, but it's pretty much made whole, but it's the top line room revenue that suffers there when you try to do your comparability metrics from quarter to quarter.

我們認為我們已經完成了 95% 的工作，但基本上已經完成了，但是當您嘗試逐季度進行可比性指標時，受到影響的是頂線客房收入。

Yeah, but I think your question is without the insurance proceeds, what -- how far below expectations or normal operations would the hotel be performing and again, our operating metrics don't include any insurance proceeds. Look at RevPAR for the quarter, the hotel did $180.57, that's $0.20 over prior year.

是的，但我認為你的問題是，如果沒有保險收益，酒店的業績會比預期或正常運營低多少，而且我們的營運指標不包括任何保險收益。看看本季的 RevPAR，飯店的營收為 180.57 美元，比去年同期成長 0.20 美元。

So really, I mean the hotel is performing well. We're probably a little short on where we could be in the marketplace because the market is doing very well and probably missing a little bit of revenue in terms of banquet and food and beverage, but by and large, we're not getting a ton of business interruption proceeds at this point, going forward.

所以實際上，我的意思是這家酒店表現良好。我們可能在市場上還有點不足，因為市場表現非常好，而且可能在宴會和食品飲料方面缺少一點收入，但總的來說，目前我們不會獲得大量的業務中斷收益。

The hotel has been essentially operating normally since Christmas when we got an elevator back up and running, but there's still some impact just in terms of some give backs for groups, a few groups that we should have in the building that don't want to stay there with one elevator versus all three, but for the most part, the hotel is operating pretty normally right now.

自從聖誕節我們恢復電梯運行以來，酒店基本上一直正常運營，但在回饋團體方面仍然有一些影響，我們應該接待一些不想住在只有一部電梯而不是三部電梯的大樓裡的團體，但總的來說，酒店現在運營得相當正常。

So it sounds like maybe it's [100 or 200 grand] that you guys are getting an interruption versus where it actually is today?

所以聽起來，與今天的實際情況相比，你們可能要遭受[10 萬或 20 萬美元] 的干擾？

For the quarter. Yeah.

本季。是的。

Okay, next question. You have Hollywood and Alba loans coming due this year, versus where the rates are now and the proceeds, how do you see the refinancing shaping up? Do you see similar proceeds change in rate just trying to get some perspective?

好的，下一個問題。今年好萊塢和阿爾巴的貸款即將到期，相對於目前的利率和收益，您認為再融資的前景如何？您是否看到類似的收益率變化只是為了獲得一些觀點？

Yeah, it's actually Atlanta and Hollywood, not Tampa and Hollywood and both of those are CMBS. Yeah, both of those are CMBS deals. We're actually working on that every day, looking at different options. The Atlanta maturity date is coming [quite] soon, Hollywood is in the third quarter to early October.

是的，實際上是亞特蘭大和好萊塢，而不是坦帕和好萊塢，這兩個都是 CMBS。是的，這兩項都是 CMBS 交易。事實上，我們每天都在致力於此，尋找不同的選擇。亞特蘭大的到期日很快就要到了，好萊塢是在第三季到十月初。

Right now, I think the most likely outcome is what is being seen throughout the CMBS universe, which is extensions and modifications. That seems to be the norm right now for near-term maturities.

目前，我認為最有可能的結果就是整個 CMBS 領域所看到的擴展和修改。這似乎是目前短期債券的常態。

Rates are higher, underwriting standards are tighter, the SCR coverages are higher. All that means is you get less proceeds when they underwrite an asset, and if you have the capital to make that up, you can. If not, then most borrowers are simply looking for one- to two-year extensions.

費率較高，承保標準較嚴格，SCR 覆蓋率較高。這一切意味著，當他們承銷一項資產時，你獲得的收益會減少，如果你有足夠的資本來彌補這一點，你就可以。如果沒有，那麼大多數借款人只是希望獲得一到兩年的延期。

There's usually a view from the special servicers to increase interest rates, maybe interest only, maybe amortizing, that's sort of a negotiating tactic. And then you have special servicing fees which amount to maybe a quarter of a point of the outstanding balance.

特殊服務商通常認為提高利率，可能是只支付利息，也可能是攤銷，這是一種談判策略。然後你還需要支付特殊服務費，其金額大約相當於未償餘額的四分之一。

So I think our preference right now, which seems to be the way we're headed on those loans, is to extend them out, which seems to be consistent with the rest of the market.

因此，我認為我們目前的偏好，也就是我們處理這些貸款的方式，是延長貸款期限，這似乎與其他市場一致。

So I mean, if we just look at your cash you 11.5 million of unrestricted cash, you mentioned $7 million of CapEx that you're planning to spend this year and then there's whatever you know capital or increased interest expense that's going to be needed as part of refinancing whether it's extension, modification, or whatever.

所以我的意思是，如果我們只看你的現金，你有 1150 萬美元的非限制性現金，你提到你計劃今年花費的 700 萬美元資本支出，然後還有你所知道的資本或增加的利息支出，這些將作為再融資的一部分需要，無論是延期、修改還是其他什麼。

So how are you thinking about the cash that you have on hand versus the needs between the refinancing activity and the CapEx?

那麼您如何考慮手頭上的現金與再融資活動和資本支出之間的需求？

Well, we have to see what the results are on these extensions. At the same time, we have other assets in the portfolio that have significant equity built into them, namely Savannah and Wilmington.

好吧，我們必須看看這些擴充的結果是什麼。同時，我們的投資組合中還有其他資產，其中融入了大量股權，即薩凡納和威爾明頓。

And that financeable equity is probably in the $20 million to $30 million dollar range. And we can refinance those assets conventionally right now early and we can draw a lot of cash out of those refinancing to buttress any cash impact that we would have in the refinancing or extensions of our hotels in Atlanta and Hollywood.

而可融資股權可能在 2,000 萬至 3,000 萬美元之間。我們現在可以提前以常規方式對這些資產進行再融資，並且可以從這些再融資中提取大量現金，以支撐我們在亞特蘭大和好萊塢的酒店再融資或擴建中產生的任何現金影響。

Okay, and which hotels have that $20 million to $30 million of excess?

好的，哪些飯店有 2,000 萬到 3,000 萬美元的超額收入？

Savannah and Wilmington.

薩凡納和威爾明頓。

Okay, those are hotels, finally --

好的，終於到了飯店了。--

That have-- okay, go ahead.

那有——好的，繼續。

No, you said that those are hotels that have had.

不是，你說的那些是曾經有過的飯店。

Yeah. They've got long-term life loans on them dating back to the 90s. And they were 10-year amortising loans they come due next year and I think the year following, right, 2027.

是的。他們擁有可追溯至 90 年代的長期人壽貸款。這些是 10 年攤還貸款，將於明年到期，我想後年也就是 2027 年。

And we've paid down a lot of principal on those loans, and there's a lot of value that's been created at those assets that underwrites well given the EBITDA profile of those hotels. So there is a lot of cash available to be extracted from a conventional financing.

我們已經償還了這些貸款的大部分本金，並且這些資產創造了很大的價值，考慮到這些酒店的 EBITDA 狀況，這些價值得到了很好的承保。因此，從傳統融資中可以提取大量現金。

Okay, and then just finally, can you just remind us of the accrued balance on the preferred dividends? What is still unpaid?

好的，最後，您能否提醒我們優先股利的應計餘額？還有什麼未付款？

Sure, it's about $21.9 million.

當然，大約是 2190 萬美元。

Okay, $21.9 million.

好的，2190 萬美元。

Yeah, we're 11 quarters behind.

是的，我們落後了11個季度。

Okay, but you are making current payments, right?

好的，但是您正在進行當前付款，對嗎？

Yes.

是的。

Okay. Listen, thank you very much.

好的。聽著，非常感謝。

Thank you, Alex.

謝謝你，亞歷克斯。

Thank you very much. (Operator Instructions)

非常感謝。（操作員指示）

We currently have no further questions, so I'd like to hand back to David Folsom for any further remarks.

我們目前沒有其他問題，因此我想將發言權交還給戴維·福爾瑟姆，以便他可以發表進一步的評論。

Thank you very much for joining us on our quarterly call, and we'll reconvene next quarter. Thank you.

非常感謝您參加我們的季度電話會議，我們將在下個季度再次召開會議。謝謝。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。您可以斷開線路。