Service Properties Trust (SVC) 2025 Q4 法說會逐字稿

Good morning and welcome to the Service Properties Trust fourth quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 Service Properties Trust 2025 年第四季財報電話會議。（操作說明）

Please note this event is being recorded.

請注意，本次活動正在錄影。

I would now like to turn the conference over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級總監凱文·巴里。請繼續。

Good morning. Thank you for joining us today. Thank you for joining us today. With me on the call are Chris Bilotto, President and Chief Executive Officer; Jesse Abair, Vice President; and Brian Donley, Treasurer and Chief Financial Officer. In just a moment, they will provide details about our business and our performance for the fourth quarter of 2025, followed by a question-and-answer session with sell-side analysts.

早安.感謝您今天蒞臨。感謝您今天蒞臨。與我一同參加電話會議的有總裁兼執行長克里斯·比洛托；副總裁傑西·阿貝爾；以及財務主管兼財務長布萊恩·唐利。稍後，他們將詳細介紹我們的業務以及 2025 年第四季的業績，隨後將與賣方分析師進行問答環節。

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

我想指出，未經公司事先書面同意，禁止錄製和轉播今天的電話會議。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》及其他證券法所指的前瞻性陳述。

These forward-looking statements are based on SVC's beliefs and expectations as of today, February 26, 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 form and statements made in today's conference call.

這些前瞻性聲明是基於 SVC 截至 2026 年 2 月 26 日的信念和預期，實際結果可能與我們預測的結果有重大差異。本公司不承擔任何義務修改或公開披露對今天電話會議中所述形式和聲明的任何修改結果。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website at screet.com.

有關可能導致這些差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，這些文件可從我們的網站 screet.com 獲取。

Or the SEC's website.

或美國證券交易委員會的網站。

Investors are cautioned not to place on new reliance upon any forward-looking statements. In addition, this call may contain non-GAAP financial measures including normalized funds from operations or normalized FfoO and adjusted EBITA R. A reconciliation of these non-GAAP figures to net income is available in SVC's earnings release presentation that we issued last night, which can be found on our website. Lastly, we will be providing guidance on this call, including estimated 200. 26 normalized Ffoel EBITA, and adjusted EBITA.

投資者應注意，不要過度依賴任何前瞻性陳述。此外，本次電話會議可能包含非公認會計準則財務指標，包括經調整的營運資金（或經調整的FfoO）和調整後的EBITA R。這些非公認會計準則數據與淨利潤的調節表可在我們昨晚發布的SVC盈利報告演示文稿中找到，該演示文稿可在我們的網站上找到。最後，我們將在本次電話會議上提供指導，包括預計 200.26 正常化 Ffoel EBITA 和調整後 EBITA。

We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all. I will now turn the call over to Chris.

我們沒有在績效指引中提供這些非GAAP指標的調節表，因為進行此類調節所需的某些信息，如果不付出不合理的努力，甚至根本無法獲得。現在我將把通話交給克里斯。

Thank you, Kevin. Good morning, everyone, and thank you for joining the call today.

謝謝你，凱文。各位早安，感謝大家今天參加電話會議。

Yesterday we reported 4th quarter results that highlight our continued progress optimizing SPC's portfolio, strengthening our financial profile, and repositioning the company for long-term growth and value creation.

昨天我們公佈了第四季度業績，重點介紹了我們在優化 SPC 產品組合、增強財務狀況以及重新定位公司以實現長期成長和價值創造方面取得的持續進展。

I will begin today's call with a brief update on our key strategic and financial initiatives and share operating highlights from our hotel portfolio. Jesse will provide an update on our net lease platform and recent acquisitions. Brian will then discuss our financial results and balance sheet, along with the introduction of annual guidance for 2026.

今天，我將首先簡要介紹我們的主要策略和財務舉措，並分享我們酒店組合的營運亮點。Jesse 將介紹我們淨租賃平台和近期收購的最新情況。接下來，布萊恩將討論我們的財務表現和資產負債表，並介紹 2026 年的年度業績指引。

Starting with our strategic priorities.

首先，我們從策略重點入手。

We had a productive quarter completing previously announced hotel sales and taking action to reduce leverage and strengthen SVC's balance sheet.

本季我們取得了豐碩成果，完成了先前宣布的飯店出售，並採取措施降低槓桿比率，加強了SVC的資產負債表。

During the quarter, we sold 66 hotels totaling nearly 8,300 keys for $534 million.

本季度，我們售出了 66 家飯店，總計近 8,300 間客房，總價值 5.34 億美元。

This activity increased our total dispositions for the year to 112 hotels, totaling approximately 14,600 keys for nearly $860 million. We use the proceeds and cash on hand to proactively redeem all $800 million of our 2026 debt maturities and $300 million of our February 2027 notes.

這項活動使我們今年的資產處置總數增加到 112 家酒店，總計約 14,600 間客房，價值近 8.6 億美元。我們將利用所得款項和手頭現金，主動贖回所有 2026 年到期的 8 億美元債務和 2027 年 2 月到期的 3 億美元票據。

Building on this momentum in 2026, we remain focused on selling additional hotels and executing further strategies to improve SPC's cash flows, debt maturity profile, and overall cost of capital. Consistent with these objectives, in January we sold the Simply Suites for $7.1 million with 133 keys and launched the remarketing of nine focus service hotels that we initially brought to market in 2025.

2026 年，我們將以勢頭繼續發展，專注於出售更多酒店，並執行進一步的策略，以改善 SPC 的現金流、債務到期結構和整體資本成本。為了實現這些目標，我們在 1 月以 710 萬美元的價格出售了擁有 133 間客房的 Simply Suites，並啟動了我們最初在 2025 年推出的九家精品酒店的再行銷。

These hotels benefit from stable occupancy and positive cash flow, providing an opportunity to cater to a wider buyer pool, which is supported by the current interest level we are seeing with the marketing process.

這些飯店入住率穩定，現金流良好，為吸引更廣泛的買家群體提供了機會，而我們目前在行銷過程中看到的關注度也印證了這一點。

Also in January, we init initiated the marketing of seven full service Seneta managed hotels with 2010 Keys, with locations across the Southeast, Midwest and Pacific Northwest.

同樣在 1 月份，我們啟動了七家由 Seneta 管理的全方位服務酒店（共 2010 間客房）的市場推廣，這些酒店分佈在東南部、中西部和太平洋西北地區。

Given their current cash drag, the sale of these seven properties is expected to increase annual EBITDA by approximately $13 million and improve our leverage metrics. We believe these assets offer an attractive opportunity for investors seeking value add lodging real estate with repositioning potential through targeted capital investment.

鑑於這些物業目前的現金流狀況，出售這七處物業預計將使年度 EBITDA 增加約 1300 萬美元，並改善我們的槓桿指標。我們認為，這些資產為尋求透過有針對性的資本投資來提升住宿房地產價值並實現重新定位潛力的投資者提供了極具吸引力的機會。

In terms of timing, our current plan is to formalize offers and select buyers over the next several months, and we are targeting staggered closings during the back half of 2026. We estimate total proceeds of $175 million to $200 million which will be used for debt reduction.

就時間表而言，我們目前的計劃是在接下來的幾個月內正式確定報價並挑選買家，目標是在 2026 年下半年分階段完成交易。我們預計總收益為 1.75 億美元至 2 億美元，將用於償還債務。

Complementing these efforts, earlier this week, we announced further action to strengthen our debt maturity profile. We priced $745 million of new 5-year mortgage financing secured by our existing net lease master trust. To support this financing, SVC contributed to the trust an additional 158 retail properties, which included legacy properties where we renewed tenants or re-tenanted the property, one of our travel center master leases, and assets we acquired over the past year. In total, the contributed properties had an appraised value of approximately $1.1 billion.

為了配合這些努力，本週早些時候，我們宣布了進一步的行動，以加強我們的債務到期結構。我們對7.45億美元的5年期新抵押貸款進行了定價，該貸款由我們現有的淨租賃主信託提供擔保。為了支持這項融資，SVC 向信託基金額外注入了 158 個零售物業，其中包括我們續約或重新出租租戶的舊物業、我們的一項旅行中心主租賃協議，以及我們在過去一年中收購的資產。捐贈的房產總估價約 11 億美元。

The transaction proceeds will be used to redeem all $700 million of our 8.38% notes due in 2029 at significantly lower interest rates.

交易所得款項將用於以遠低於市價的利率贖回我們所有將於 2029 年到期的 7 億美元 8.38% 票據。

Based on the weighted average coupon of 5.96%, we expect this transaction to result in annual cash savings of approximately $14 million or $0.08 per share.

根據 5.96% 的加權平均票息計算，我們預計此交易每年將節省約 1,400 萬美元現金，即每股 0.08 美元。

With the completion of this new financing in 2026, we will continue to focus our efforts on improving performance within our hotel portfolio, along with capital preservation, which includes reduced net lease acquisition activity to roughly $25 million funded through sales of select net lease assets, along with a reduction to our overall capital spend across our hotel portfolio, which Brian will speak to momentarily.

隨著這項新融資在 2026 年完成，我們將繼續致力於提高酒店投資組合的業績，同時進行資本保全，包括將淨租賃收購活動減少到約 2500 萬美元，資金來源為出售部分淨租賃資產，以及減少我們酒店投資組合的整體資本支出，布萊恩稍後將對此進行講解。

Turning to hotel performance, during the fourth quarter, the US lodging industry remained soft amid uneven demand trends, with revPAR declining 1.1% year over year. Performance continued to be bifurcated as the luxury and upper upscale segments were the only segments of post-growth, supported by higher income leisure travelers and premium experiences.

再來看飯店業績，第四季美國住宿業在需求趨勢不均衡的情況下依然疲軟，每間可供出租客房收入較去年同期下降 1.1%。業績繼續呈現兩極化，只有奢侈品和高端市場實現了成長，這得益於高收入休閒旅客和高端體驗的需求。

The business transient segment remained muted, reflecting the impact of the prolonged government shutdown and value conscious customers remained sensitive to broader macroeconomic conditions pressuring lower tier segments. SPC's portfolio continued to deliver steady top-line growth as revparar increased 70 basis points year over year, outpacing the broader industry by 180 basis points and representing the 5th consecutive quarter of outperformance.

商務旅客市場依然低迷，反映出政府長期停擺的影響；注重性價比的顧客仍然對宏觀經濟情勢較為敏感，而宏觀經濟情勢給低端市場帶來了壓力。SPC 的產品組合持續保持穩定的營收成長，營業收入年增 70 個基點，比整個產業高出 180 個基點，連續第五個季度取得優異業績。

We have invested significantly in hotel renovations in recent years, upgrading nearly half of our retained portfolio, and these assets are delivering stronger topline performance. We expect this momentum to continue as our renovated hotels capture market share.

近年來，我們對飯店翻新進行了大量投資，升級了近一半的保留資產組合，這些資產帶來了更強勁的營收成長。我們預計隨著翻新後的酒店不斷擴大市場份額，這一增長勢頭將會持續下去。

Excluding the hotels we are exiting, our remaining 77 hotels delivered relatively stronger 4th quarter performance with revPAR up 170 basis points year over year, driven by occupancy gains of 140 basis points. Contract business, particularly airline related demand, remained a key growth driver, partially offset by a decline in government bookings and software transient revenues.

除我們即將退出的酒店外，我們剩餘的 77 家酒店在第四季度業績相對強勁，每間可供出租客房收入同比增長 170 個基點，這主要得益於入住率增長 140 個基點。合約業務，特別是航空相關需求，仍然是主要的成長動力，但部分被政府預訂和軟體臨時收入的下降所抵消。

Hotel EBITDA declined year over year due to elevated labor costs and broader operating expense pressures. Additionally, the scale and timing of hotel dispositions during the quarter created temporary operational disruptions that weighed on performance, which we view as largely transitional. As the volume and pace of dispositions conclude, we expect this disruption to taper, allowing performance to normalize.

由於勞動成本上升和營運費用整體上漲，飯店 EBITDA 年比下降。此外，本季飯店資產處置的規模和時間造成了暫時的營運中斷，對業績造成了影響，我們認為這在很大程度上是過渡性的。隨著處置的數量和速度逐漸減少，我們預計這種幹擾將會減弱，從而使業績恢復正常。

Further complementing our efforts to support performance improvement across our hotels, SeEA, which manages the majority of SPC's owned hotels and is 34% owned by SPC, recently announced the appointment of Keith Pierce and Jeff Lear as co-CEOs effective April 1st. We believe their leadership and experience will be instrumental in further optimizing Seneta revPAR market share performance while driving operational discipline and efficiencies across the SPC owned portfolio.

為了進一步支持我們旗下酒店的業績提升，管理 SPC 旗下大部分酒店且 SPC 持有 34% 股份的 SeEA 近日宣布任命 Keith Pierce 和 Jeff Lear 為聯席首席執行官，自 4 月 1 日起生效。我們相信，他們的領導能力和經驗將有助於進一步優化 Seneta 的 revPAR 市場佔有率表現，同時推動 SPC 旗下所有飯店的營運紀律和效率。

Looking ahead to 2026, we are cautiously optimistic that lodging market conditions will improve and that demand will stabilize as the year progresses. More specifically, our hotel footprint is well positioned to benefit from large events throughout the year, including the World Cup, which with 75 matches taking place in SBC markets, representing over 40% of our retained hotel rooms. Across our net lease portfolio.

展望 2026 年，我們謹慎樂觀地認為，住宿市場狀況將會改善，需求也會隨著時間的推移而趨於穩定。更具體地說，我們的酒店佈局佈局合理，能夠從全年的大型活動中受益，包括世界盃。世界盃期間，SBC 市場將舉辦 75 場比賽，占我們保留飯店客房的 40% 以上。涵蓋我們所有的淨租賃資產組合。

We are forecasting continued improvement with ongoing leasing, sales of non-core assets, and benefits from the full year NOI contribution from our acquisitions in 2025.

我們預測，隨著租賃業務的持續發展、非核心資產的出售，以及2025年收購專案帶來的全年淨營業收入貢獻，業績將持續改善。

I will now turn it over to Jessie to discuss the Net leease portfolio in more detail.

現在我將把發言權交給傑西，讓她更詳細地討論淨租賃組合。

Thank you and good morning. As Chris mentioned, over the past year we successfully executed our acquisition strategy aimed at growing annual base rent and improving the metrics of our net lease platform, accounting for three closings subsequent to year-end. Investments over the past year total $101 million which were funded with a combination of cash on hand and proceeds from Net leease dispositions. The acquisitions included a balanced mix of quick service and casual dining restaurants, automotive services, fitness, and value retailers. In total, the acquisitions had a weighted average lease term of 14.3 years, average rent coverage of 2.7 times, and an average going in cash cap rate of 7.5%, and an average GAAP cap rate of 8.3%. Moving forward, our disciplined investment criteria will remain unchanged, with a focus on service-based brands that demonstrate resilience even in uncertain macro environments and remain largely insulated from e-commerce disruption.

謝謝，早安。正如克里斯所提到的，在過去一年裡，我們成功執行了旨在提高年度基本租金和改善淨租賃平台指標的收購策略，並在年底後完成了三筆交易。過去一年的投資總額為 1.01 億美元，資金來源包括手頭現金和淨租賃處置所得款項。此次收購涵蓋了快餐和休閒餐飲餐廳、汽車服務、健身和折扣零售商等多種類型的企業，並實現了均衡發展。整體而言，這些收購項目的加權平均租約為 14.3 年，平均租金覆蓋率為 2.7 倍，平均現金資本化率為 7.5%，平均 GAAP 資本化率為 8.3%。展望未來，我們嚴謹的投資標準將保持不變，重點關注那些即使在不確定的宏觀環境下也能展現出韌性，並且在很大程度上不受電子商務衝擊的服務型品牌。

However, the pace of acquisitions will be mostly limited to capital recycling within our portfolio.

然而，收購步伐將主要限於我們投資組合內的資本循環利用。

For the full year 2026, we project total net lease deal volume of approximately $25 million.

我們預計 2026 年全年淨租賃交易總額約為 2,500 萬美元。

With the tenant roster augmented by our recent acquisitions, we will be actively looking for ways to leverage our new and established brand relationships for additional growth opportunities in the form of sales packs and off-market deals.

隨著我們近期收購的租戶名單不斷擴充，我們將積極尋找各種途徑，利用我們新建立和已建立的品牌關係，透過銷售套餐和非公開交易等方式，獲得更多成長機會。

With respect to our net lease results for the fourth quarter, at year end, SPC's portfolio consisted of 760 properties across 42 states with annual base rents of $390 million. The portfolio was approximately 97% leased with a weighted average lease term of 7.4 years. We have over 180 tents operating under 140 brands across 21 distinct industries.

就我們第四季的淨租賃業績而言，截至年底，SPC 的投資組合包括遍布 42 個州的 760 處房產，年基本租金為 3.9 億美元。該投資組合的出租率約為 97%，加權平均租賃期限為 7.4 年。我們在 21 個不同的行業中，以 140 個品牌經營 180 多個帳篷。

Annualized base rent increased 2.4%, largely a function of our recent acquisition activity.

年化基本租金成長了 2.4%，這主要是由於我們最近的收購活動。

Our asset management team had a particularly strong quarter, executing leases totaling 536,000 square feet, averaging over 9 years of term and a cash rent roll-up of 15%.

我們的資產管理團隊本季表現特別出色，共簽訂了 536,000 平方英尺的租賃合同，平均租期超過 9 年，現金租金上漲 15%。

Portfolio lease expirations remain well laddered, with just over 5% of annualized rents expiring through the end of 2027.

投資組合的租賃到期情況仍較為均衡，到 2027 年底，年租金到期比例僅略高於 5%。

Approximately 2/3 of our annual annual base rents are generated by our TA travel centers backed by BP's investment grade credit profile. 34 of our travel center assets leased to TA served as collateral for our recent ABS financing. We are pleased with the strong investment grade ratings and robust investor demand that these notes received, which we believe reflects confidence in the stability of cash flows from these assets for years to come.

我們約三分之二的年度基本租金收入來自我們與旅行社合作的旅行中心，這些旅行中心都由BP的投資等級信用評等作為擔保。我們租賃給旅行社的34處旅行中心資產作為我們近期資產支持證券融資的抵押品。我們對這些票據獲得的強勁投資等級和投資者的旺盛需求感到滿意，我們認為這反映了投資者對這些資產未來幾年現金流穩定性的信心。

And with that, I'll turn the call over to Brian to discuss our financial results.

接下來，我將把電話交給布萊恩，讓他來討論我們的財務表現。

Thanks, Jesse, and good morning. Starting with our consolidated financial results for the fourth quarter of 2025, normalized FFO was $27.5 million or $0.17 per share, flat compared to the prior quarter. Justin EBIT R decreased $5 million year over year to $125.6 million.

謝謝你，傑西，早安。從我們 2025 年第四季的綜合財務表現來看，經調整後的 FFO 為 2,750 萬美元，即每股 0.17 美元，與上一季持平。Justin EBIT R 年減 500 萬美元，至 1.256 億美元。

Overall financial results this quarter as compared to the prior quarter were primarily impacted by an $11.8 million or $0.07 per share decline in hotel EBITDA, partially offset by a $6 million or $0.04 per share one-time tax benefit related to our hotel in San Juan, and $5 million or $0.03 per share related to our 34% share of Senesta International's results.

與上一季相比，本季整體財務表現主要受到酒店 EBITDA 下降 1,180 萬美元（每股 0.07 美元）的影響，部分被與我們在聖胡安的酒店相關的 600 萬美元（每股 0.04 美元）一次性稅收優惠以及與我們持有 Senesta International 34% 股份相關的 500 萬美元（每股 0.3 美元）所抵消。

For our 94 comparable hotels this quarter, red par increased by 70 basis points. The gross operating profit margin percentage declined by 370 basis points to 20.5%. Below the GOP line costs at our comparable hotels improved 1.5% from the prior year, driven by lower property taxes at certain hotels.

本季度，我們 94 家可比飯店的紅色基準值增加了 70 個基點。毛利率下降370個基點至20.5%。低於 GOP 線的成本，我們同類酒店的成本比前一年改善了 1.5%，這主要得益於某些酒店的房產稅降低。

Our hotel portfolio generated adjusted hotel even of $21.3 million but decline of 35% from the prior year as a result of elevated labor costs, higher hotel overhead costs, and the impact of non-repeat business interruption insurance recognized in the prior year.

我們的酒店組合產生了經調整的酒店收益 2130 萬美元，但比上一年下降了 35%，原因是勞動力成本上升、酒店管理費用增加以及上一年確認的非重複性業務中斷保險的影響。

77 hotels in our retained portfolio generated revPAR of $106 an increase of 170 basis points year over year, and adjusted hotel ETA of $25 million during the quarter, a decrease of $8 million year over year.

我們保留的投資組合中的 77 家酒店創造了 106 美元的每間可供出租客房收入 (revPAR)，同比增長 170 個基點；本季度調整後的酒店預計總收入 (ETA) 為 2500 萬美元，同比減少 800 萬美元。

Turning to the balance sheet, we currently have $5.2 billion of debt outstanding with a weighted average interest rate of 5.95%. Using the proceeds from asset sales in January, we partially repaid $300 million of SEC's aggregate $400 million senior notes scheduled to mature in February 2027.

從資產負債表來看，我們目前有 52 億美元的未償債務，加權平均利率為 5.95%。利用 1 月份資產出售所得款項，我們部分償還了 SEC 將於 2027 年 2 月到期的 4 億美元高級票據中的 3 億美元。

On Monday, we announced our second securitization of that lease assets. This new five-year financing totaled $745 million in principal at a weighted average coupon of 5.96% and a maturity of March 2031.

週一，我們宣布了該租賃資產的第二次證券化。這項新的五年期融資總額為 7.45 億美元，加權平均票面利率為 5.96%，到期日為 2031 年 3 月。

SVC is contributing 158 net lease properties with a total appraised value of $1.1 billion. We're using the proceeds to fully redeem SVC $700 million of 838 senior guaranteed unsecured notes with a June 2029 maturity to maximize cash flow savings and improve our debt covenant, specifically coverage of interest expense.

SVC 貢獻了 158 個淨租賃物業，總評估價值為 11 億美元。我們將利用所得款項全額贖回 SVC 7 億美元的 838 筆 2029 年 6 月到期的優先擔保無抵押票據，以最大限度地節省現金流並改善我們的債務契約，特別是利息支出覆蓋率。

This refinancing will result in annual cash interest savings of approximately $14 million or $0.08 per share.

此次再融資將每年節省約 1,400 萬美元現金利息，即每股 0.08 美元。

Our next debt maturities consist of $100 million remaining of our 4.95% unsecured senior notes due February of 2027, which we plan to address with proceeds from asset sales, followed by our $580 million and $0.00 coupon notes due September 2027, which are secured by one of our TA leases and have a one year extension option.

我們下一批到期債務包括：2027 年 2 月到期的 1 億美元 4.95% 無擔保優先票據，我們計劃用資產出售所得款項償還；以及 2027 年 9 月到期的 5.8 億美元 0.00 美元票據票據，該票據以我們的一項 TA 租賃作為擔保，並有一年的延期選擇權。

Turning to our capital expenditure activity. During the 4th quarter, we invested $106 million in capital improvements, bringing our full year spend to $238 million. Fourth quarter capbacks included commencement of our redevelopment of the Nautilus in Miami, major projects at the Royal Seneta in New Orleans and Cambridge, the Senesta in Denver, and ongoing renovations at the Senesta ES Suites in Anaheim, and the Simply Suites Las Vegas.

接下來談談我們的資本支出活動。第四季度，我們投資了 1.06 億美元用於資本改善，使我們全年的支出達到 2.38 億美元。第四季資金回籠包括邁阿密 Nautilus 酒店的重建工程啟動、新奧爾良和劍橋 Royal Seneta 酒店、丹佛 Senesta 酒店的主要項目，以及阿納海姆 Senesta ES Suites 酒店和拉斯維加斯 Simply Suites 酒店的持續翻新工程。

Turning to our financial outlook, we introduced full year 2026 guidance on our earnings presentation issued last night.

關於財務展望，我們在昨晚發布的獲利報告中介紹了 2026 年全年業績指引。

For the full year 2026, we're currently projecting the following.

對於 2026 年全年，我們目前的預測如下。

For the 94 hotels owned as of year end, we expect total rev for $108 to $113 and Hotel EBITDA $124 to $144 million.

截至年底，我們擁有的 94 家酒店的總收入預計為 1.08 億至 1.13 億美元，酒店 EBITDA 預計為 1.24 億至 1.44 億美元。

Within our net lease portfolio, we expect net operating income of $380 to $386 million.

在我們的淨租賃組合中，我們預計淨營業收入為 3.8 億至 3.86 億美元。

For our consolidated metrics, we're projecting adjusted EBITA $500 to $520 million a normalized FFO per share of $0.65 to $0.77.

根據我們的綜合指標，我們預計調整後的 EBITA 為 5 億美元至 5.2 億美元，正常化每股 FFO 為 0.65 美元至 0.77 美元。

This full year guidance assumes midpoint interest expense of $378 million with cash interest of $300 million and non-cash amortization of interest of $78 million.

該全年業績預期假設利息支出中位數為 3.78 億美元，其中現金利息為 3 億美元，非現金利息攤銷為 7,800 萬美元。

We're also assuming G&A expense of $40 million and a weighted average share account of 169 million shares.

我們也假設一般及行政費用為 4,000 萬美元，加權平均股本為 1.69 億股。

This guidance does not reflect the impact of completing 17 Senesta hotel dispositions, and it assumes $25 million of capital recycling in our net lease portfolio.

該指導意見並未反映完成 17 家 Senesta 飯店處置的影響，並假設我們的淨租賃組合中有 2,500 萬美元的資本回收。

We expect total CapEx for the year of $120 million to $140 million.

我們預計全年資本支出總額為 1.2 億美元至 1.4 億美元。

Collectively, our financial guidance projects SVC to generate free cash flow after capbacks in 2026. This marks an important milestone following three years of elevated capital investments to enhance our retained hotel portfolio.

總體而言，我們的財務指引預計 SVC 將在 2026 年資本回饋後產生自由現金流。這標誌著經過三年加大資本投入以提升我們保留的酒店組合後，我們取得了重要的里程碑式進展。

To conclude, our 4th quarter results demonstrate continued momentum in repositioning SEC and strengthening companies' cash flows supported by our capital market transactions and execution on asset sales. As we move forward, we remain focused on growing EBITA and further optimizing SEC's portfolio to drive sustained value for our shareholders. That concludes our prepared remarks. We're ready to open the line for questions.

總之，我們第四季的業績表明，在資本市場交易和資產出售的推動下，我們繼續保持著重新定位 SEC 和增強公司現金流的勢頭。展望未來，我們將繼續專注於提高 EBITA，並進一步優化 SEC 的投資組合，從而為股東創造持續價值。我們的發言稿到此結束。我們已準備好開通提問專線。

(Operator Instructions) Jack Armstrong, Wells Fargo.

（操作說明）傑克·阿姆斯特朗，富國銀行。

Hey, good morning. Thanks for taking the question. Can you share with us how revPAR has trended in the first quarter to date and what's driving the width of your revPAR growth guidance? It's about 250 basis points wider than we've seen from your peers who have given guidance so.

嘿，早安。感謝您回答這個問題。能否與我們分享一下第一季迄今為止的每間可供出租客房收入 (revPAR) 趨勢，以及是什麼因素導致了您對 revPAR 成長預期範圍的擴大？這比我們從同行那裡看到的指導意見要寬約 250 個基點。

Far.

遠的。

As far as what we're seeing so far, in the early part of Q1, we're tracking in line, if not exceeding our projections for the full year guidance, we have January's actuals, in the books, and, we see red par through, the mid-February, so all is trending well so far, as far as the range, given some of the volatility in our portfolio with disruption and displacement. We put the range in, which you think is, appropriate for, the activity in our hotels and some of the uplift and, some of the citywide events and some of whether or not some of that activity pans out, could have an impact on either side of our guidance range in our midpoint.

就我們目前所見，在第一季初期，我們的業績符合甚至超過了全年預期。我們已經掌握了1月的實​​際數據，並且預計到2月中旬都將保持良好動能。考慮到我們投資組合中存在的一些波動性、中斷和變動，目前來看，一切進展順利。我們設定的範圍，您認為適合我們飯店的營運情況，以及一些提升活動和一些全市範圍的活動，以及這些活動是否能夠成功，都可能對我們指導範圍的中點產生影響。

Okay, helpful there. And then on your net lease acquisition guidance, it's a meaningful step down from 2025 levels. Can you walk through the strategy shift there and how you're thinking about deploying capital and the net lease business now?

好的，這很有幫助。此外，你們的淨租賃收購預期也比 2025 年的水準大幅下降。您能否詳細介紹一下這方面的策略轉變，以及您現在是如何考慮部署資本和淨租賃業務的？

Yeah I think from kind of an overall strategy I think you know you know more specifically we're looking at just overall capital deployment holistically for the company which includes. Decreasing capital spend at the hotels, accordingly and then also kind of thinking about just our overall acquisition trajectory and and we we've got the opportunity to kind of flex up or down as needed but ultimately the $25 million dollar guidance will be supported by sales of net lease properties so kind of net zero in that standpoint and we think that's kind of a healthy outlook just based on, where our performance guidance is for 2026.

是的，我認為從整體策略來看，更具體地說，我們正在全面地審視公司的整體資本部署，其中包括。因此，我們將減少飯店的資本支出，同時也會考慮我們整體的收購方向。我們有機會根據需要進行調整，但最終 2500 萬美元的預期收入將由淨租賃物業的銷售來支撐，從這個角度來看，淨收入將達到零。我們認為，基於我們對 2026 年的業績預期，這是一個相當健康的展望。

Okay, great. And could you provide some color on what your guidance assumes for expense growth at the midpoint and maybe break out some of the components like labor, insurance, and anything else that we should be focused on?

好的，太好了。您能否詳細說明您的指導意見對中期費用成長的假設，並細分一些組成部分，例如勞動力、保險以及我們應該關注的其他任何方面？

Sure, overall to the midpoint, just top-line is a little over 4% expectation on growth. The bottom line, we're seeing around 6%, and a big part of that is labor, base labor and wages is roughly 3 to 3.5%, but we're seeing increased pressure on the benefit side, which continues to, hamper margins. We're the midpoint guidance assumes, margins, relatively flat, we get those numbers.

當然，整體而言，到中點，僅營收成長預期就略高於 4%。總而言之，我們看到利潤率約為 6%，其中很大一部分是勞動力成本，基本勞動力成本和工資成本約佔 3% 到 3.5%，但我們看到福利方面的壓力不斷增加，這繼續阻礙利潤率。我們假設中間指導值、利潤率和相對平穩的水平能夠達到這些數字。

Okay, and then do you have a sense of how any of the changes coming at Senesta with the new management team may impact SVC? And is there any benefit included from that in your 2026 guidance?

好的，那麼您是否認為 Senesta 新管理團隊的加入會帶來哪些變化，這些變化可能會對 SVC 產生哪些影響？那麼，您在2026年的指導方針中是否包含了這方面的任何益處？

No, the 2026 guidance is based on, kind of budgeted forecasted hotel performance and kind of the things we've touched on, certainly, with this management team coming in, I think there's, a legacy track record of experience, from each of them and kind of what they've done historically, and so I think, net net we view it as a positive and we embrace any opportunity for change to drive performance and I think they'll do just that, so. I think anything they bring to the table, will be incrementally beneficial.

不，2026 年的業績指引是基於對飯店業績的預算預測，以及我們之前提到的一些因素。當然，隨著這支管理團隊的加入，我認為他們每個人都擁有豐富的經驗和過往的業績，因此，總的來說，我們認為這是一個積極的信號，我們歡迎任何能夠推動業績增長的變革機會，我相信他們能夠做到這一點。我認為他們提出的任何建議都會逐步帶來好處。

Great, that's it for me. 34.

太好了，我的情況就是這樣。34.

So, I was going to say the 34%, share of of semester's earnings, we're not projecting much growth there in the guidance.

所以，我原本想說的是，這部分佔本學期收益的 34%，我們在業績指引中預計不會有太大成長。

Okay, makes sense. Thanks for the time.

好的，有道理。謝謝你抽出時間。

Tyler Batory, Oppenheimer.

泰勒·巴托里，奧本海默。

Hey, good morning. Thanks for taking my questions. You want to start on the hotel portfolio and the guidance, and Brian, I think you had mentioned, 4% top-line growth. Just help us think about, how much of your revPAR in 2026 and the performance on an apples to apples basis versus 2025. You think is being driven by, a higher quality portfolio, maybe progress on Senea brand recognition. Versus market factors, things like the World Cup, etc.

嘿，早安。謝謝您回答我的問題。你想從飯店投資組合和指導方針入手，布萊恩，我想你之前提到過，營收成長4%。請幫我們思考一下，您在 2026 年的每間可供出租客房收入 (revPAR) 能達到多少，以及與 2025 年相比，在同等條件下，您的業績會如何。你認為其驅動因素可能是更高品質的產品組合，也可能是Senea品牌知名度的提升。相較之下，市場因素，例如世界盃等，則有所不同。

Yeah, the guidance and the growth trajectory, the midpoint revPAR is around 110, which is a 3% revPAR growth, 4% on gross revenues. That is apples to apples, so again, we have higher revPAR based on the weighting of, full service hotels, and a lot of the growth we're expecting is coming from lifts, from, some of the low benchmarks we had in 25 because of renovations and displacement. We'll see some displacement still in 2026. And we put that number out in our earnings presentation, and, that's part of, the Nautilus and some other bigger projects. But I think market factors, Chris mentioned the World Cup, is America 250, and other citywide events that we should see some benefit from. So it's a little bit of everything.

是的，根據指導和成長軌跡，中點每間可供出租客房收入 (revPAR) 約為 110，這意味著 revPAR 成長 3%，總收入成長 4%。這是公平的比較，所以再次強調，我們基於全服務酒店的權重獲得了更高的每間可供出租客房收入 (revPAR)，我們預期的大部分增長都來自提升，來自 2025 年由於翻新和搬遷而導致的一些較低基準。2026年我們仍會看到一些人口遷移現象。我們在收益報告中公佈了這個數字，這是 Nautilus 和其他一些更大項目的一部分。但我認為市場因素，克里斯提到的世界盃、美國250週年慶典以及其他城市級活動，我們應該能從中受益。所以它包羅萬象。

There.

那裡。

Okay, and then in terms of the the margin outlook you mentioned, flat year over year, so low 10s 12%, I guess any help, I mean, how much displacement is still in that number, how much disruption is still in that margin number, and just any help thinking about, a normalized EBITDA margin for the portfolio or kind of where you'd like to see EBITDA margin for the portfolio move over the medium term.

好的，關於您提到的利潤率前景，比去年同期持平，也就是10%到12%左右。我想請教一下，這個數字還有多少變動空間？利潤率還有多少波動空間？另外，能否幫我思考一下，該投資組合的正常化EBITDA利潤率，或是您希望該投資組合的EBITDA利潤率在中期內達到什麼水準？

Yeah, in the 26 guidance we've noted about $12 million in displacement from renovations.

是的，我們在26份指導文件中提到，翻新工程造成的流離失所損失約1,200萬美元。

And so I think you know that that it's going to vary year to year right depending on the the renovations that we do specifically and you know I think kind of generally speaking we're doing some larger renovations, specifically with the Nautilus and it'll have an outsized impact to displacement so I wouldn't view that as a run rate. I think it would be less than that, generally speaking, probably consistent with, what we saw in 2025, but again.

所以我覺得你應該知道，這每年都會有所不同，對吧？這取決於我們具體進行的翻新工程。而且，總的來說，我認為我們正在進行一些規模較大的翻新工程，特別是鸚鵡螺號，這將對排水量產生巨大的影響，所以我不會把它看作是一個固定的運行率。我認為總體而言，實際數字會比這少，可能與我們在 2025 年看到的情況一致，但再次強調。

As we think about capital deployment, it's another factor, we touched on the fact that we're being mindful of how we deploy capital, so that's going to then dictate how we think about the types of renovations and which hotels we address so it really will be on a case by case basis as we think about kind of the go forward scenario.

當我們考慮資本部署時，這是另一個因素。我們之前提到過，我們將謹慎地部署資本，這將決定我們如何考慮翻新類型以及我們將要改造哪些酒店。因此，在考慮未來的發展方向時，我們真的需要具體問題具體分析。

Okay, great. So a good segue to my next question just in terms of capbacks in 26 versus 25, meaningful step down there. Just remind us what's being planned for 2026. How much is the Nautilus, and then, any reminders in terms of what you're thinking about a normalized cap apps for the hotel portfolio going forward.

好的，太好了。所以，這正好引出了我的下一個問題，關於 26 年和 25 年的薪資差距，這是一個有意義的下降。請提醒我們一下2026年的計畫是什麼。Nautilus 的價格是多少？另外，關於您未來對酒店投資組合的標準化上限應用程式有何想法？

Sure that the 120 to 140 is a big step for us, I think the pace of large significant renovations are, winding down for us, we're going to be more spacing projects out. The Nautilus is definitely the biggest piece of this year. Yeah, we had about $12 million of CapEx activity in Q4 25 related to the Nautilus, which is mostly exterior work. The room's renovation is kicking off next month. I think it's roughly 30 $35 million. We're projecting in the first half of, 26 related to that project alone. We're also. The Cambridge Royal Sonesta, there's two towers in that hotel. We're doing one of those, there's a property to one of our, hotels down in DC as well as some other hotels scattered across the country that we're still doing renovations, but again, the pace and the volume and the size, will continue to wind down so that 120-ish, is, currently what we're thinking for next year and probably for future years as well at this stage.

當然，120 到 140 對我們來說是一個很大的進步，但我認為大型重大翻新工程的步伐正在放緩，我們將把專案間隔得更長一些。Nautilus 絕對是今年最重磅的產品。是的，我們在 2025 年第四季與鸚鵡螺號相關的資本支出活動約為 1,200 萬美元，其中大部分是外部工程。房間的翻新工程將於下個月開始。我認為大約是 3000 萬到 3500 萬美元。我們預計上半年僅與該項目相關的項目就有 26 個。我們也是。劍橋皇家索內斯塔酒店，這家酒店有兩座塔樓。我們正在進行其中一項工程，我們在華盛頓特區的一家酒店以及全國各地的一些其他酒店都在進行翻新，但同樣，速度、數量和規模將繼續放緩，因此，目前我們預計明年以及未來幾年都將是 120 家左右。

Okay, so switching gears to the debt side of things and now that you've done the, $745 million of securitized notes, I guess how much more room do you have, in terms of, whether it's it's covenants or just overall capacity in terms of utilizing some of those assets, to kind of funds, some of the debt maturities that are coming up in the next couple of years.

好的，現在我們來談談債務方面的問題。既然你們已經發行了 7.45 億美元的證券化票據，我想問的是，在契約條款方面，或者就利用這些資產的整體能力而言，你們還有多少空間來為未來幾年即將到期的一些債務提供資金？

Yeah, I mean that was a a well executed transaction for us. It did bring our secured debt to total asset capacity down from, well, the covenant went from 20% to 33% out of a max of 40% under our covenant, so not a lot of headroom for a large transaction, but the way we're thinking about debt maturities. The zero coupons are already secured by assets, so you know we can refinance those with the existing collateral or other man, another manner.

是的，我的意思是，對我們來說，這是一筆執行得非常成功的交易。這確實使我們的擔保債務佔總資產能力的比例從 20% 下降到 33%（根據我們的契約，最高限額為 40%），因此對於大型交易來說，空間並不大，但我們正在考慮債務到期的方式。零息債券已經由資產擔保，所以我們可以用現有的抵押品或其他方式進行再融資。

I mean we have some unsecured notes that we need to clean up, in early 20 by early 27, and then, our focus is largely on the unsecured notes due at the end of 27, which, between asset sales and, potential other transactions, we'll look to refinance those out.

我的意思是，我們有一些無擔保票據需要清理，這些票據將在 2020 年初到 2027 年初之間到期。然後，我們的重點主要放在 2027 年底到期的無擔保票據上，我們將透過資產出售和其他潛在交易來尋求再融資。

Okay, and then last question for me just to tie together all of the commentary on the debt side of things and lots of moving pieces, I know you got asset sales, and you've made a lot of adjustments in terms of, what you're doing with your cash, but just kind of level set. What you have coming due 2027 and 2028 as well, and just like in an ideal scenario, how are you thinking about handling, all of those maturities?

好的，最後一個問題，我想把所有關於債務方面的評論和很多變動因素聯繫起來。我知道你們進行了資產出售，並且在現金使用方面做了很多調整，但總而言之，情況比較穩定。你們在 2027 年和 2028 年還有哪些債務到期？在理想情況下，你們打算如何處理所有這些到期債務？

Sure, in my prepared remarks we talked about the 100 million that's currently due in February, which the asset sales, we think we'll be able to use those proceeds to clean those up.

當然，在我準備好的演講稿中，我們談到了2月份到期的1億美元，也就是資產出售所得，我們認為我們可以用這些收益來清理這些問題。

I mentioned the zero coupons is the next bigger maturity and there is an extension option those are backed by TA assets we feel very good we'll be able to either refinance those or extend those, followed by the 27th, the December 27th, the asset sales that are in flight we'll knock out a piece of those, and then behind that is February 28th unsecured notes. Which we're very focused on whether it be asset sales, further asset sales, or refinancing, it's a little early to talk about specifics on how exactly we're going to execute, but, we feel confident, given what we just did, it'll give us some breathing room for covenant purposes and then just be able to evaluate our options in the market and potentially bring more, properties for sale to help, mitigate those maturities.

我提到過，下一個到期日較大的債券是零息債券，並且有延期選擇權。這些債券由TA資產支持，我們很有信心能夠對這些債券進行再融資或延期。接下來是12月27日到期的債券，我們將出售正在進行中的資產，我們將完成一部分。之後是2月28日到期的無擔保債券。我們非常關注資產出售、進一步資產出售或再融資，現在談論我們將如何具體執行還為時過早，但我們有信心，鑑於我們剛剛所做的，這將給我們一些喘息空間，以應對契約方面的問題，然後能夠評估我們在市場上的選擇，並有可能推出更多待售房產，以幫助緩解這些到期債務。

Okay, great, so thank you for all the detail, very helpful. It's all for me.

好的，太好了，非常感謝您提供的所有細節，這很有幫助。這一切都是為了我。

Thank you.

謝謝。

(Operator Instructions) John Massocca, B. Riley Securities.

（操作說明）John Massocca，B. Riley Securities。

Good morning. Maybe focusing on the hotel dispositions that you kind of have out there, in 2026, do those largely or entirely reflect, the assets you called out in December is being marketed for sale and then also the assets that needed to be re-marketed, that kind of slipped out of the 2025 dispositions.

早安.或許應該關註一下您在 2026 年所掌握的酒店資產處置情況，這些處置是否在很大程度上或完全反映了您在 12 月份提到的那些正在出售的資產，以及那些需要重新出售、卻未能列入 2025 年處置計劃的資產。

Yeah, that, that's correct. So the nine focus service, that are part of the 16 we're in the market with are the carryover from 2025, so that those reflect the remarketing, and then the seven full service hotels which we launched in January reflect.

對，沒錯。因此，我們目前在市場上擁有的 16 家酒店中的 9 家是 2025 年的延續，因此這些酒店反映了重新營銷的情況，而我們在 1 月份推出的 7 家全方位服務酒店則反映了這一點。

Those hotels that we articulated, that we had identified to sell, and again these are kind of the cash drag hotels, more specifically, in part as part of that endeavor, so yes, these 16 reflect, those that we previously communicated.

我們已經明確表示要出售的那些酒店，而且這些酒店都是現金流緊張的酒店，更具體地說，部分原因是作為這項努力的一部分，所以是的，這 16 家酒店反映了我們之前溝通過的那些酒店。

Are the nine, kind of re-marketed hotels, are those EBITDA positive, and if so, how much kind of offset would that be to what you've already stated in terms of the EBITDA drag from the 7 larger hotels you're marketing.

這九家重新上市的飯店，它們的 EBITDA 是否為正？如果是，它們能在多大程度上抵消您之前提到的 7 家大型飯店對 EBITDA 的拖累？

Yeah, those are, EBITDA positive. I mean they ended the full year, with roughly $3 million in positive EBITDA for those 9, and net net if you look at 2025, the total, drag would be about $10 million of what we'd be saving.

是的，這些公司的 EBITDA 都是正數。我的意思是，這 9 家公司全年的 EBITDA 約為 300 萬美元，淨額計算，到 2025 年，總共會造成約 1000 萬美元的損失，而我們原本可以節省這筆錢。

Okay, and if you think about, potential gross proceeds from those sales, I think if I took what you know they're originally being marketed for plus the range you're giving for the the new.

好的，如果你考慮一下這些銷售的潛在總收益，我認為如果我把你知道它們最初的行銷價格加上你為新產品給出的價格範圍。

Hotel sales are expecting in 2026, it would be somewhere, I think roughly like $190 million. Is that still kind of what you're seeing, or has there been some change in pricing given, some of these assets are being re-marketed?

預計到 2026 年，酒店銷售額將達到約 1.9 億美元。現在看到的情況還是這樣嗎？還是說考慮到部分資產正在重新上市，價格有所變動？

Yeah, we, I mean we talked about 175 million to 200 million as the range, and I think, look, activity is strong, we've been out in the market, since early January, with these different portfolios, the two. And there's good activity, I call for offers is going to start, in the next couple weeks, and then we'll be staggered. Just there's 3 different portfolios that we're marketing, so they'll come in staggered, and I think that'll be indicative of within that range, where we think we're going to land on the higher, the lower, the mid. So we'll have more to talk about, but, again, the activities there, we feel good about the execution, and again we'll just have more to talk about, in the next couple of months.

是的，我們，我的意思是，我們討論過 1.75 億到 2 億這個範圍，而且我認為，你看，市場活動很強勁，自 1 月初以來，我們一直在市場上進行這些不同的投資組合，這兩個。目前市場活動活躍，我預計在接下來的幾週內開始接受報價，然後我們將分階段進行。我們正在推廣 3 種不同的產品組合，所以它們會分階段推出，我認為這將表明我們認為最終會落在哪個區間，是高價位、低價位還是中價位。所以接下來幾個月我們還會談更多，但再次強調，我們對那裡的活動執行感到滿意，而且我們還會談更多，在接下來的幾個月裡。

Okay, and then I guess, pro forma for those sales, do you still expect kind of run rate EBITD mix to be around 70% and at least 30% hotel at the end of 2026?

好的，那麼我想，根據這些銷售額的預測，您是否仍然預計到 2026 年底，EBITD 的運行率構成將達到 70% 左右，其中酒店業務至少佔 30%？

Yeah, that, that's about right. Obviously we'll get a lift, from removing negative drag, but it's still right around that range.

沒錯，差不多就是這樣。顯然，消除負阻力後，升力會有所提升，但仍在那個範圍內。

Okay, and I mean I guess where does that roughly stand today just pro forma for all the transaction activity in in 4Q.

好的，我的意思是，我想根據第四季度的所有交易活動，大致情況如何呢？

Yeah, and I think it's not too far off from, high 60s to, low 30s to, from even a mix.

是的，我認為即使是混合使用，範圍也差不多在 60 多度到 30 度出頭之間。

Okay, maybe switching gears to net lease, post the transaction in February, I guess how much in the way of non-hotel assets kind of remain.

好吧，或許應該把話題轉向淨租賃，在二月的交易完成後，我想看看還剩下多少非飯店資產。

That are unencumbered by by debt either in terms of like total property number or just kind of brackets around value.

那些沒有債務負擔的房產，無論是房產總數還是房產價值，都沒有債務。

Yeah, I mean, the, yeah, if there was something we thought we could have used in the debt transactions, we would have contributed more assets and taken more proceeds and done a little bit more. The properties that sit outside the securitization, there's roughly call it $27 million of rents. It's not a big portfolio. The weight, the weighted average lease term is under 5 years. There's work to do on leasing. There's movie theaters mixed in, so it's not, I don't think we look at that part of the rest of that part of that portfolio is something that we're going to use for a financing necessarily unless again we, we're able to secure more at lease term. And growth on those assets, but for the most part, ALL5TA assets are now part of some sort of collateral package in our bonds or debt structure.

是的，我的意思是，如果我們認為有什麼可以在債務交易中使用的東西，我們會投入更多資產，獲得更多收益，做得更多。那些不在證券化範圍內的房產，租金收入約為 2,700 萬美元。這並非一個規模很大的投資組合。權重，即加權平均租賃期間不足 5 年。租賃方面還有很多工作要做。裡面混雜著電影院，所以，我認為我們不會考慮將投資組合的其餘部分用於融資，除非我們能夠再次獲得更多的租賃期限。這些資產也有所成長，但總體而言，ALL5TA 的資產現在大多已成為我們債券或債務結構中的某種抵押品組合的一部分。

The hotel portfolio is completely unencumbered, stands one, the high portfolio that backs the revolver, so there is capacity on the hotel side, but again, I think what we're the way we're thinking about, our refinances going forward, it's going to be a mix of, potential.

酒店投資組合完全沒有抵押，這是支持循環貸款的高額投資組合，因此酒店方面有融資能力，但我認為，就我們目前的考慮方式而言，我們未來的再融資將會是多種可能性的結合。

Bonds or guaranteed bonds or some other form of instruments.

債券、擔保債券或其他形式的金融工具。

And I would add John that on the on the on the retail properties that are remaining you know we talked about you know raising proceeds through sales some you know those hotels or excuse me those retail properties kind of fit within the remaining properties as far as some we'd be selling as well so.

約翰，我還要補充一點，關於剩下的零售物業，我們之前討論過通過出售來籌集資金，其中一些酒店，或者抱歉，那些零售物業，也屬於剩餘物業的範疇，其中一些我們也會出售。

Okay, and then anything specific on the net lease side to call out, it's not a huge move quarter over quarter, but coverage did drop below 2x. I don't know if that's just the impact of lease escalators taking effect or if there's something you're seeing a specific either individual tenant or tenant industry that maybe is driving a little bit of weakness quarter over quarter on coverage.

好的，那麼在淨租賃方面有什麼具體需要指出的嗎？雖然季度環比變化不大，但覆蓋率確實下降到了 2 倍以下。我不知道這是否只是租金上漲條款生效的影響，或者您是否觀察到某個特定租戶或租戶行業存在某些因素，導致季度環比覆蓋率略有下降。

Yeah, I would say that the coverage drop is largely a function of, TA coverage dropping 7 basis points quarter over quarter. If you take out the TA assets, coverage remains, well north of 3.5, 3.6 times. And then with respect to the TAP, obviously there's a lot of components that go into that business, but I would say broadly speaking, we're spending, we're seeing BP spending a lot of time and effort, with that portfolio. Towards the end of last year they brought on a new leadership team. They've implemented a business plan for TA specifically aimed at increasing free cash flow through 2027. We continue to see them, invest in these sites, particularly EV charging at scale. So I mean our sense is that it's probably going to take a little bit of time for that coverage to get back up to where it was, probably going back a year and a half, 2 years ago, but, in the meantime, as we know, those. Those leases are backed by BP credit and so we feel pretty good about that and you know it's worth noting that there's just a lot of inherent value in those sites, right? The overall network, the sites themselves, and the long-term fundamentals for trucking so I think overall we feel pretty comfortable with with that sub portfolio.

是的，我認為覆蓋率下降主要是因為TA覆蓋率較上季下降7個基點。如果剔除TA資產，覆蓋率仍遠高於3.5倍、3.6倍。至於TAP，顯然這項業務涉及許多方面，但總的來說，我們看到BP在這個投資組合上投入了大量的時間和精力。去年年底，他們引進了新的領導團隊。他們為 TA 制定了一項專門旨在到 2027 年增加自由現金流的商業計劃。我們持續看到他們投資這些場所，特別是大規模的電動車充電設施。所以我的意思是，我們的感覺是，這種報道可能需要一段時間才能恢復到一年半到兩年前的水平，但與此同時，正如我們所知，那些。這些租賃合約有 BP 的信用擔保，所以我們對此很有信心。而且值得注意的是，這些地塊本身就具有很高的內在價值，對吧？整體網絡、站點本身以及卡車運輸的長期基本面，所以我認為我們對這個子投資組合總體上感到相當滿意。

Okay.

好的。

I appreciate all the color. That's it for me.

我喜歡這些色彩。就這些了。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bellotto, President and Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給總裁兼執行長克里斯·貝洛托，請他作閉幕致詞。

Thank you for joining today's call. We look forward to meeting with many of you at the upcoming industry conferences this spring. Operator, that concludes our call.

感謝您參加今天的電話會議。我們期待在今年春季即將舉行的行業會議上與各位見面。接線員，通話到此結束。

The conference has now concluded.

會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。