Service Properties Trust (SVC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Service Properties Trust first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

早安，歡迎參加 Service Properties Trust 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把電話交給投資人關係資深總監 Kevin Barry。請開始。

Good morning. 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 first quarter of 2026, followed by a question-and-answer session with sell-side analysts. 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.

早安。感謝各位今天加入我們的電話會議。與我一同在線上的有：總裁兼執行長 Chris Bilotto；副總裁 Jesse Abair；以及財務主管兼財務長 Brian Donley。稍後他們將提供我們 2026 年第一季的業務與營運表現細節，之後將與賣方分析師進行問答。我想提醒各位，未經公司事先書面同意，禁止錄製與轉播今天的電話會議內容。

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. These forward-looking statements are based on SVC's beliefs and expectations as of today, May 7, 2026, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call.

另外請注意，今天的電話會議包含《1995 年私人證券訴訟改革法》及其他證券法所定義的前瞻性陳述。這些前瞻性陳述係基於 SVC 截至今日（2026 年 5 月 7 日）的信念與預期，實際結果可能與我們的預測有重大差異。公司不承擔修訂或公開發布對今日電話會議中所作前瞻性陳述之任何修訂結果的義務。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website at svcreit.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO and adjusted EBITDAre. 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.

有關可能導致上述差異之因素的更多資訊，載於我們向美國證券交易委員會（SEC）提交的文件中，可於我們網站 svcreit.com 或 SEC 網站查閱。提醒投資人勿過度依賴任何前瞻性陳述。此外，本通話可能包含非 GAAP 財務衡量指標，包括標準化營運資金（normalized funds from operations）或標準化 FFO，以及調整後 EBITDAre。這些非 GAAP 指標與淨利之調節表，已包含於我們昨晚發布的 SVC 財報新聞稿簡報中，可於我們網站取得。

Lastly, we will be providing guidance on this call, including estimated 2026 normalized FFO, hotel EBITDA, net operating income or NOI and adjusted EBITDAre. 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.

最後，我們將在本次通話中提供指引，包括 2026 年標準化 FFO、飯店 EBITDA、淨營運收入（NOI）以及調整後 EBITDAre 的估計值。由於進行此類調節所需的某些資訊無法在不付出不合理努力的情況下取得，或根本無法取得，因此我們不會在指引中提供這些非 GAAP 指標的調節。我現在把電話交給 Chris。

Thank you, Kevin. Good morning, everyone, and thank you for joining the call today. Last night, we reported first quarter 2026 results, which reflects measurable progress advancing SVC's strategic initiatives. We materially strengthened our financial position with roughly $1.5 billion in capital markets activity, enhancing our overall leverage profile and debt maturity schedule. We continue to advance our capital recycling program and remain focused on active asset management across both our hotel and net lease properties.

謝謝你，Kevin。各位早安，感謝今天加入電話會議。昨晚我們公布了 2026 年第一季業績，反映出我們在推進 SVC 策略性計畫方面取得可衡量的進展。我們透過約 15 億美元的資本市場活動，實質強化了財務狀況，改善整體槓桿結構與債務到期分布。我們持續推進資本循環（capital recycling）計畫，並專注於飯店與淨租賃（net lease）資產的主動式資產管理。

These initiatives serve as a catalyst toward driving performance for the company and improving cash flow. I will begin today's call with an update on our strategic priorities, followed by highlights from our hotel portfolio performance during the first quarter. Jesse will then discuss our net lease business, and Brian will conclude with a review of our financial results, balance sheet and financial outlook, starting with our strategic priorities.

這些計畫可作為推動公司績效與改善現金流的催化劑。我將先就我們的策略優先事項提供最新進展，接著說明第一季飯店投資組合的表現重點。之後 Jesse 將討論我們的淨租賃業務，Brian 則將以財務結果、資產負債表與財務展望作結。先從我們的策略優先事項開始。

Since the start of the year, we executed a capital plan that significantly strengthened our balance sheet and strategic positioning. In March, we closed $745 million of accretive ABS financing secured in part by 34 of our travel centers leased to TA, reinforcing the attractiveness of these assets. In April, we completed a $575 million underwritten equity offering that was intentionally sized to delever and improve our credit metrics. Importantly, RMR Group, our manager, invested $50 million alongside shareholders, underscoring strong alignment and confidence in our strategy.

自年初以來，我們執行了一項資本計畫，顯著強化了資產負債表與策略定位。3 月，我們完成 7.45 億美元具增益性的 ABS 融資，其中部分以我們租賃給 TA 的 34 座旅遊中心作為擔保，進一步凸顯這些資產的吸引力。4 月，我們完成 5.75 億美元承銷股權發行，發行規模係為去槓桿並改善信用指標而刻意設定。重要的是，我們的管理人 RMR Group 與股東一同投資 5,000 萬美元，彰顯高度一致性以及對我們策略的信心。

Taken together, along with cash on hand, we retired $1.6 billion of debt, resulting in annualized cash interest savings of $59 million. We enter the remainder of 2026 with a stronger financial foundation and greater flexibility to execute our repositioning strategy and operational plans within our hotel portfolio focused on driving EBITDA improvement and value creation.

綜合上述措施並加計手上現金，我們償還了 16 億美元債務，使年度化現金利息支出節省 5,900 萬美元。我們以更強健的財務基礎進入 2026 年剩餘期間，並具備更大的彈性來執行我們的再定位策略與飯店投資組合的營運計畫，重點在於推動 EBITDA 改善與價值創造。

Turning to hotel performance. During the first quarter, RevPAR across our 93 hotels increased 6.7% year-over-year, primarily driven by broad-based occupancy gains across all service levels with notable strength in the full-service segment. Hotel EBITDA across the portfolio decreased 9.2% year-over-year to $18.4 million, though this reduction was partially impacted by a $2.4 million decrease tied to the 15 properties currently being marketed for sale. As a reminder, our full year guidance contemplates the expected losses related to these marketed hotels.

接著談飯店表現。第一季，我們 93 家飯店的 RevPAR 年增 6.7%，主要由各服務等級的入住率普遍提升所帶動，其中全方位服務（full-service）區隔表現尤為強勁。整體投資組合的飯店 EBITDA 年減 9.2% 至 1,840 萬美元，但其中部分降幅受到目前正在出售行銷中的 15 項資產所致的 240 萬美元減少影響。提醒各位，我們的全年指引已納入這些待售飯店的預期損失。

More importantly, the underlying performance of our 78 hotel retained portfolio was even stronger. Excluding the assets marketed for sale, RevPAR grew 7.5% year-over-year. Hotel EBITDA increased 2.1% to $26.2 million, and this was achieved despite the known revenue displacement from our ongoing redevelopment of the Nautilus and South Beach. This outperformance is driven by our strategic concentration and higher STR chain scales, our footprint in premier resort destinations, including Kauai, San Juan and Hilton Head and the uplift we are seeing from completed renovations.

更重要的是，我們保留的 78 家飯店投資組合之基本面表現更為強勁。排除正在出售行銷的資產後，RevPAR 年增 7.5%。飯店 EBITDA 增加 2.1% 至 2,620 萬美元，而且是在我們持續進行 Nautilus 與 South Beach 改建所造成的已知營收排擠影響下達成。此一優於預期的表現，來自我們策略性聚焦於較高的 STR 連鎖等級（chain scales）、在頂級度假目的地（包括 Kauai、San Juan 與 Hilton Head）的布局，以及已完成整修所帶來的效益提升。

Our focus remains squarely on capturing the margin flow we believe this portfolio is capable of generating as it ramps up over the next few years. Following several years of significant capital investment to reposition these assets, SVC is well positioned to drive revenue uplift and outsized EBITDA growth. Over the last four years, approximately half of our retained hotels completed or are currently undergoing major renovations.

我們的重點仍然是充分掌握我們相信此投資組合在未來幾年逐步爬坡後所能帶來的利潤率貢獻。經過數年大規模資本投入以重新定位這些資產後，SVC 已具備良好條件推動營收提升並實現超額的 EBITDA 成長。過去四年中，我們保留飯店約有一半已完成或正在進行重大整修。

To ensure we capture the performance improvements and margin flow-through anticipated over the coming years, our asset managers are actively engaging with our operators to refine operational synergies and streamline property level execution. While we acknowledge the broader macro headwinds, including geopolitical uncertainty, elevated fuel costs and lagging international and government travel, we remain confident that this active asset management approach will uncover varying opportunities to improve efficiencies and deliver stronger results.

為確保我們能在未來幾年如期取得預期的績效改善與利潤率傳導，我們的資產管理團隊正積極與營運商合作，精進營運協同效益並簡化物業層級的執行。儘管我們認知到更廣泛的總體逆風，包括地緣政治不確定性、燃油成本居高不下，以及國際與政府旅遊需求復甦落後，我們仍有信心此一主動式資產管理方法將發掘不同機會以提升效率並交出更強勁的成果。

Turning to hotel dispositions. During the quarter, we advanced our capital recycling initiatives, selling a 133 key focused service hotel for $7.1 million and progressed the marketing of 15 Sonesta managed hotels totaling approximately 3,000 keys. We removed one Sonesta Select property from the process to reassess its positioning, however, retain an active and engaged roster of buyers for the remaining properties.

接著談飯店處分。第一季期間，我們推進資本循環計畫，以 710 萬美元出售一間 133 間客房的精選服務（focused service）飯店，並持續推動 15 家由 Sonesta 管理、合計約 3,000 間客房的飯店之出售行銷。我們將其中一間 Sonesta Select 物業自流程中移除，以重新評估其定位；不過，對於其餘物業，我們仍保有活躍且投入的買方名單。

Across the broader marketed hotels, pricing has come in softer than our initial outlook. This dynamic only reinforces our strategic commitment to exit these hotels and reallocate capital. Buyer demand for the eight focused service properties was strong, resulting in nearly 30 bids from more than a dozen unique buyers. Pricing was generally consistent with the average per key valuation we achieved on focused service hotels over the past year. Specific to these eight hotels, we have signed letters of intent with four buyers for total proceeds of approximately $61.2 million, which we intend to use to repay debt.

就整體待售飯店而言，成交價格較我們最初的展望偏弱。此一情況更強化了我們退出這些飯店並重新配置資本的策略承諾。對於 8 間精選服務物業，買方需求強勁，來自十多位不同買方、合計近 30 份出價。價格大致與我們過去一年在精選服務飯店所達成的平均每間客房估值一致。就這 8 間飯店而言，我們已與 4 位買方簽署意向書（LOI），預計總處分收入約 6,120 萬美元，我們擬用以償還債務。

For the seven full-service hotels, bids for this operationally challenged subportfolio have fallen below initial targets. Despite this, we are prioritizing the exit of these properties with six of the seven hotels awarded to buyers for expected proceeds of $55.3 million.

至於 7 間全方位服務飯店，針對這個營運上具挑戰的次投資組合，出價低於最初目標。儘管如此，我們仍優先推動退出這些資產，其中 7 間中的 6 間已授予買方，預計處分收入為 5,530 萬美元。

We anticipate an update on the final property in the coming quarter, which will increase our total proceeds. From a strategic standpoint, all these assets is not aligned with our long-term goals. Together, these marketed hotels represented a $7.8 million of losses in the first quarter while carrying material future capital requirements. Exiting them now regardless of the softer pricing environment, eliminates a significant drag on our earnings and preserves capital. More importantly, it allows us to pivot our full attention and resources toward our retained core portfolio, driving growth in markets and properties where we have the greatest opportunity for margin expansion.

我們預期在下一季就最後一項資產提供更新，屆時將提高我們的總處分收入。從策略角度來看，這些資產皆不符合我們的長期目標。合計而言，這些待售飯店在第一季造成 780 萬美元虧損，且未來仍需要大量資本支出。即使在價格偏弱的環境下現在退出，也能消除對我們獲利的重大拖累並保留資本。更重要的是，這讓我們得以將全部注意力與資源轉向我們保留的核心投資組合，在我們最有機會擴大利潤率的市場與物業中推動成長。

In summary, SVC's portfolio transformation is well underway. Supported by our recently improved capital structure and the operational upside within our hotel assets, we are focused on our initiatives supporting SVC's continued shift towards an increasingly net lease-oriented portfolio. Ultimately, we believe this combination of selling assets and operational improvement will drive durable cash flow and create attractive long-term value for our shareholders. I will now turn it over to Jesse.

總結而言，SVC 的投資組合轉型正穩步推進。在我們近期改善的資本結構支持下，並受惠於飯店資產的營運上行空間，我們專注於推動各項措施，支持 SVC 持續朝向以淨租賃為導向的投資組合轉變。最終，我們相信，資產出售與營運改善的結合將帶來可持續的現金流，並為股東創造具吸引力的長期價值。接下來我把時間交給 Jesse。

Thanks, Chris, and good morning. At quarter end, SVC's net lease portfolio contained 761 properties across 42 states with annual base rents of $392 million. The portfolio was approximately 97% leased with a weighted average lease term of 7.3 years. We have 185 tenants operating under 140 brands across 21 distinct industries. The aggregate coverage of our net lease portfolio's minimum rents was 2.01 times on a trailing 12-month basis as of March 31, 2026, up slightly from last quarter.

謝謝你，Chris，大家早安。截至季度末，SVC 的淨租賃投資組合包含分布於 42 個州的 761 項物業，年度基本租金為 3.92 億美元。該投資組合約 97% 已出租，加權平均租期為 7.3 年。我們有 185 個承租人，營運 140 個品牌，涵蓋 21 個不同產業。截至 2026 年 3 月 31 日，以過去 12 個月為基礎，我們淨租賃投資組合最低租金的整體覆蓋倍數為 2.01 倍，較上季小幅上升。

The improvement was driven in part by our TA travel centers, which reported coverage of 1.24 times, up from 1.2 times in Q4. During the quarter, our asset management team executed 20 leases totaling 219,000 square feet, averaging over six years of term and a cash rent roll-up of 8.5%. Looking ahead, portfolio lease expirations remain well laddered with less than 5% of annualized rents expiring through the end of 2027.

改善部分來自我們的 TA 旅遊中心，其覆蓋倍數為 1.24 倍，高於第四季的 1.2 倍。本季，我們的資產管理團隊簽署了 20 份租約，合計 219,000 平方英尺，平均租期超過六年，且現金租金調升（roll-up）為 8.5%。展望未來，投資組合的租約到期仍維持良好的階梯式分布，至 2027 年底前到期的年化租金占比低於 5%。

NOI from our net lease portfolio declined $2.2 million year-over-year, primarily driven by credit loss reserves recorded for certain leases and related operational expenditures, which was partially offset by a $2 million positive impact from our acquisition activity. As we entered 2026, we shifted to a more measured pace of net lease acquisitions, targeting approximately $25 million of annual volume funded through capital recycling.

我們淨租賃投資組合的 NOI 年減 220 萬美元，主要因為針對部分租約提列的信用損失準備及相關營運支出所致，但部分被我們收購活動帶來的 200 萬美元正面影響所抵銷。進入 2026 年後，我們將淨租賃收購步調調整為更審慎的節奏，目標為每年約 2,500 萬美元的收購量，並透過資本回收（capital recycling）提供資金。

Since the beginning of the year, we've invested in four properties totaling $9 million, which were primarily funded with the proceeds from 13 net lease dispositions. Consistent with our investment focus on resilient necessity-based brands with limited e-commerce exposure, our acquisitions this quarter included quick service restaurants and an automotive services retailer.

自年初以來，我們投資了 4 項物業，合計 900 萬美元，主要以 13 項淨租賃處分的出售所得資金支應。延續我們聚焦於具韌性、以民生必需為主且電商曝險有限之品牌的投資策略，本季收購標的包含速食餐廳（QSR）以及一家汽車服務零售商。

The transactions had a weighted average lease term of over 15 years, average rent coverage of 3.8 times and an average going-in cash cap rate of 7.9% and an average GAAP cap rate of 8.8%. As we move through the year, we will continue to actively look for ways to recycle capital by leveraging our new and established brand relationships while pursuing growth opportunities in the form of sale leasebacks and off-market deals.

這些交易的加權平均租期超過 15 年，平均租金覆蓋倍數為 3.8 倍，平均初始現金資本化率（going-in cash cap rate）為 7.9%，平均 GAAP 資本化率為 8.8%。在今年接下來的時間裡，我們將持續積極尋找透過運用新舊品牌關係來回收資本的方式，同時以售後回租（sale leasebacks）與場外交易（off-market deals）的形式追求成長機會。

Our proactive asset management efforts and disciplined capital recycling strategy should allow the net lease portfolio to continue to function as a stable foundation for SVC as it implements its broader transformation.

我們主動的資產管理作為與嚴謹的資本回收策略，應可使淨租賃投資組合在 SVC 推動更廣泛轉型的過程中，持續作為穩定的基礎。

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

接下來，我把電話會議交給 Brian，請他說明我們的財務結果。

Thank you, Jesse, and good morning. Starting with our consolidated financial results for the first quarter of 2026, normalized FFO was $7.4 million or $0.04 per share, down $0.03 per share compared to the prior year quarter. Normalized FFO this quarter as compared to the prior year quarter was primarily impacted by a $7.2 million or $0.04 per share decline in hotel results.

謝謝你，Jesse，大家早安。先從 2026 年第一季的合併財務結果談起：標準化 FFO 為 740 萬美元，或每股 0.04 美元，較去年同期每股下降 0.03 美元。本季標準化 FFO 相較去年同期的變動，主要受到飯店業績下滑 720 萬美元（或每股 0.04 美元）的影響。

Our hotel disposition activity accounted for $5.3 million of the decline and $1.9 million was a result of the performance of the 15 hotels we are selling, partially offset by earnings growth in our 78 retained hotels as of quarter end. NOI from our net lease portfolio declined $2.2 million or $0.01 per share over the prior year on credit losses recorded during the quarter.

其中，我們的飯店處分活動造成 530 萬美元的下滑，另有 190 萬美元來自我們正在出售的 15 家飯店之營運表現；部分被截至季度末我們保留的 78 家飯店之獲利成長所抵銷。我們淨租賃投資組合的 NOI 較去年同期下降 220 萬美元（或每股 0.01 美元），原因是本季認列的信用損失。

Interest expense declined by $5 million or $0.03 per share during the period as a result of our capital markets activity. Turning to our hotel portfolio performance. For our 93 comparable hotels this quarter, RevPAR increased by 6.7% and gross operating profit margin percentage declined by 70 basis points to 20.4%. Below the GOP line costs at our comparable hotels increased by $5.4 million from the prior year, driven by higher insurance expenses.

在此期間，因我們的資本市場活動，利息費用下降 500 萬美元（或每股 0.03 美元）。接著看飯店投資組合表現：本季 93 家可比飯店的 RevPAR 成長 6.7%，毛營運利潤率（GOP margin）下降 70 個基點至 20.4%。在可比飯店中，GOP 線以下成本較去年增加 540 萬美元，主要由較高的保險費用所帶動。

Our comparable hotel portfolio generated adjusted hotel EBITDA of $18.4 million during the quarter, a decline of $1.9 million or 9% from the prior year. The 15 Sonesta exit hotels we're currently marketing for sale generated RevPAR of $49, a decline of 3% and produced losses of $7.8 million for the quarter, a decline of $2.4 million year-over-year. The 78 hotels in our retained portfolio generated RevPAR of $113, an increase of 750 basis points year-over-year and adjusted hotel EBITDA of $26.2 million during the quarter, an increase of 2% year-over-year.

本季可比飯店投資組合產生的調整後飯店 EBITDA 為 1,840 萬美元，較去年同期下降 190 萬美元或 9%。我們目前正在推售的 15 家 Sonesta 退出飯店（exit hotels）之 RevPAR 為 49 美元，下降 3%，本季虧損 780 萬美元，較去年同期惡化 240 萬美元。截至季度末，我們保留投資組合中的 78 家飯店之 RevPAR 為 113 美元，年增 750 個基點，本季調整後飯店 EBITDA 為 2,620 萬美元，年增 2%。

Hotel EBITDA declined $3.8 million for the seven hotels under renovation, including our South Beach Hotel. The 86 hotels not under renovation improved hotel EBITDA by $1.5 million or 8% over the prior year.

正在整修的 7 家飯店（包含我們的 South Beach Hotel）使飯店 EBITDA 下降 380 萬美元。未進行整修的 86 家飯店之飯店 EBITDA 較去年增加 150 萬美元或 8%。

Turning to the balance sheet. We've been active in the capital markets and took steps to further strengthen our balance sheet, improve our debt maturity ladder and our cash flows. During the first quarter, we repaid $300 million of our February 2027 4.95% unsecured senior notes with cash raised from asset sales. We completed our second ABS offering for $745 million at a blended interest rate of 5.96% and a maturity of March 2031.

接著看資產負債表。我們在資本市場相當積極，並採取措施進一步強化資產負債表、改善債務到期結構（maturity ladder）與現金流。第一季期間，我們以資產出售所募集的現金償還了 3 億美元、2027 年 2 月到期、票息 4.95% 的無擔保優先票據。我們完成第二筆 ABS 發行，規模 7.45 億美元，混合利率為 5.96%，到期日為 2031 年 3 月。

We securitized 158 net lease assets, including 34 travel centers, demonstrating the value of these assets and their attractiveness to investors. We used the proceeds from this offering to fully redeem all $700 million of our 838% senior unsecured guaranteed notes due June 2029, resulting in an annual cash interest savings of approximately $14 million. We also raised net proceeds of $542.3 million from our recent equity offering and redeemed all $450 million of our outstanding 5.5% senior guaranteed unsecured notes due 2027 and the remaining $100 million of outstanding 4.95% senior unsecured notes due in February 2027, resulting in additional annual cash savings of $29.7 million.

我們將 158 項淨租賃資產（包含 34 座旅遊中心）進行證券化，展現這些資產的價值及其對投資人的吸引力。我們運用本次發行所得，全面贖回 7 億美元、2029 年 6 月到期、票息 8.38% 的優先無擔保保證票據，帶來每年約 1,400 萬美元的現金利息節省。我們也透過近期股權發行募集淨額 5.423 億美元，並贖回全部 4.5 億美元、2027 年到期、票息 5.5% 的優先保證無擔保票據，以及剩餘 1 億美元、2027 年 2 月到期、票息 4.95% 的無擔保優先票據，進一步帶來每年 2,970 萬美元的現金節省。

Following these capital market transactions, we currently have $4.7 billion of debt outstanding with a weighted average interest rate of 5.65%. We have no unsecured debt maturities until 2028, and our 2027 and 2028 secured debt maturities have substantial refinancing optionality supported by strong net lease collateral.

完成上述資本市場交易後，我們目前未償債務為 47 億美元，加權平均利率為 5.65%。我們在 2028 年之前沒有無擔保債務到期，而 2027 年與 2028 年到期的擔保債務，因有強勁的淨租賃抵押品支持，具備相當大的再融資彈性與選擇性。

Further, SVC was recognized last week by Moody's, which upgraded its SVC corporate family rating, underscoring the clear progress we are making and strengthening our financial profile. Turning to our capital expenditure activity. During the first quarter, we invested $21.5 million in capital improvements. First quarter activity was largely driven by the renovation of the Nautilus in Miami as well as projects at the Royal Sonestas in Boston, Washington, D.C. and Austin, Texas.

此外，穆迪（Moody's）於上週上調 SVC 的企業家族評等，凸顯我們所取得的明確進展並強化我們的財務體質。接著談資本支出活動：第一季我們投入 2,150 萬美元進行資本改善。第一季的投入主要來自邁阿密 Nautilus 的整修，以及波士頓、華盛頓特區與德州奧斯汀的 Royal Sonesta 飯店相關專案。

Turning to our annual guidance. We are reaffirming our full year outlook for hotel EBITDA, net lease NOI and consolidated adjusted EBITDA. First quarter normalized FFO results were in line with our expectations and reflect the anticipated seasonality of our hotel portfolio and the planned renovation displacement embedded in our initial guidance. We are increasing our normalized FFO range as a result of our debt repayments to $124 million to $144 million or $0.24 to $0.27 per share.

接著談年度指引。我們重申全年飯店 EBITDA、淨租賃 NOI 與合併調整後 EBITDA 的展望。第一季標準化 FFO 的結果符合我們預期，並反映飯店投資組合預期的季節性，以及我們在初始指引中已納入的整修期間營運受影響（renovation displacement）。由於我們償還債務，我們上調標準化 FFO 區間至 1.24 億至 1.44 億美元，或每股 0.24 至 0.27 美元。

The per share amount assumed a weighted average share count of 526 million shares. This full year guidance assumes midpoint interest expense of $360 million and G&A expense of $40 million. This guidance does not reflect the impact of completing any of the 15 Sonesta hotel dispositions and continues to assume $25 million of capital recycling in our net lease portfolio. We continue to expect total CapEx for the year of $120 million to $140 million.

每股金額係假設加權平均流通股數為5.26億股。本全年指引假設利息費用中位數為3.60億美元，及一般及行政（G&A）費用為4,000萬美元。本指引未反映完成15項Sonesta飯店處分交易之任何影響，並仍假設我們在淨租賃投資組合中進行2,500萬美元的資本回收再配置。我們仍預期全年資本支出（CapEx）總額為1.20億至1.40億美元。

To conclude, our first quarter results demonstrate continued momentum repositioning SVC and strengthening the company's cash flows, supported by our strategic capital market transactions. As we move forward, we remain focused on growing EBITDA and further optimizing SVC's portfolio to drive sustained value for our shareholders. That concludes our prepared remarks. We are ready to open the line for questions.

總結而言，我們第一季的業績展現了在策略性資本市場交易的支持下，SVC持續重塑定位並強化公司現金流的動能。展望未來，我們仍專注於提升EBITDA，並進一步優化SVC的投資組合，以為股東創造可持續的價值。以上為我們預先準備的發言。我們已準備好開放提問。

(Operator Instructions) Jack Armstrong, Wells Fargo.

（接線員指示）Jack Armstrong，Wells Fargo。

Hey, good morning. Thanks for taking the question. First one for me on the net lease operating expenses, up roughly $2 million, both sequentially and year over year, which by our math, drove the majority of the miss versus our estimates. Can you talk a little bit about the moving pieces there and how we should be thinking about the run rate for the rest of the year?

嗨，早安。謝謝讓我提問。第一個問題是關於淨租賃的營運費用，無論按季或按年都增加約200萬美元；依我們的計算，這是相較我們預估落差的主要原因。你能否談談其中的變動因素，以及我們應如何看待今年剩餘期間的費用水準（run rate）？

Sure, Jack. This is Jesse. I'll take it. So as I mentioned, we booked about $2 million in credit losses. A portion of that was expenditures related to those assets and the bulk of that was property taxes. And what happened there really is we have two franchisees that filed for bankruptcy. So we're essentially covering the property taxes in the meantime. On a go-forward rate, this, in our opinion, is a onetime hit. And with respect to all these assets, they're all really good performers for us.

當然，Jack。我是Jesse，我來回答。如我提到的，我們認列了約200萬美元的信用損失。其中一部分是與那些資產相關的支出，而大部分是房產稅。實際發生的情況是，我們有兩個加盟商申請破產，所以我們在此期間基本上先代墊房產稅。就未來的費率而言，我們認為這是一次性衝擊。至於這些資產本身，對我們來說表現都非常好。

The expectation would be ultimately that they would come out of bankruptcy and get transitioned either to new franchisees or back to corporate and get back to kind of a rent and OpEx paying state.

預期最終他們會走出破產程序，並轉由新的加盟商承接，或回到總部直營，並恢復到能支付租金與營運費用（OpEx）的狀態。

Okay. And then just on rent coverage in the rest of the portfolio, can you talk a little bit about what drove the expansion in coverage for the TA portfolio? How you expect that to develop over the remainder of the year? And then also walk us through any changes on your tenant watch list. We noticed you've got a couple that are well below 1 times coverage with both down significantly from Q4.

了解。那再問投資組合其餘部分的租金保障倍數（rent coverage），能否談談是什麼推動TA投資組合保障倍數的擴張？你預期今年剩餘期間會如何發展？另外也請帶我們了解一下你們的承租戶觀察名單（tenant watch list）是否有任何變化。我們注意到你們有幾個承租戶的保障倍數遠低於1倍，而且相較第四季都明顯下滑。

Yes. So with respect to TA, our perception of that is kind of twofold. On the one hand, TA has historically benefited from kind of pricing volatility, which certainly we're seeing as a function of the geopolitical situation in the Middle East. Typically, there's kind of a lag between wholesale and retail pricing and [CTA] has been able to take advantage of that. And that coupled with what we saw from our freight operators nationally, which was actually an increase in freight demand, a function of some regulatory changes that removed some excess capacity off the roads, which helped freight pricing.

是的。就TA而言，我們的看法大致有兩個面向。一方面，TA過去一向受惠於價格波動，而我們確實因中東地緣政治情勢而看到這種波動。通常批發與零售價格之間會有一些時間落差，而[CTA]一直能夠加以利用。再加上我們從全國的貨運營運商看到的情況——貨運需求其實增加了，這是因為一些監管變動使道路上的部分過剩運能退出，進而支撐了貨運價格。

And then industrial demand was up, I think, largely a function of data center construction and related activities. So on the TA side, I think the expectation will be some of that is likely transitory related to the Middle East situation. Some of that from the freight demand side is hopefully going to be more persistent. And in either event, there's an opportunity there for that to provide something of a bridge for us as TA and themselves with the new leadership kind of enact their business improvement plan and hopefully can put in some more structural changes to kind of drive EBITDA growth going forward.

此外，工業需求也上升，我認為主要是資料中心建設及相關活動所帶動。因此在TA方面，我們預期其中一部分可能是與中東情勢相關的短期因素；而貨運需求帶動的那部分，希望能更具持續性。無論如何，這都提供了一個機會，讓其在TA以及其新領導團隊推動營運改善計畫的同時，為我們提供某種「過渡橋樑」，並希望能導入更具結構性的變革，以在未來推動EBITDA成長。

On the tenant watch list, I mean, I would say that there are things -- we have a small exposure to drugstores and movie theaters. We're watching those. And then the bulk of it would be with respect to those two franchisees that I mentioned earlier. Other than that, it's been pretty consistent performance across the portfolio.

至於承租戶觀察名單，我會說我們在藥妝店與電影院的曝險不大，我們正在關注這些。然後主要的部分會是我先前提到的那兩個加盟商。除此之外，整體投資組合的表現相當一致。

Okay. And then jumping over to the hospitality side of things, pretty strong RevPAR in the quarter and even stronger in the retained portfolio, but margins are still down 10 basis points. Can you talk about what happened there on the expense side and any expectations you may have for improvement over the course of the year?

了解。那轉到旅宿（hospitality）方面，本季RevPAR相當強勁，保留投資組合（retained portfolio）甚至更強，但利潤率仍下滑10個基點。你能談談費用端發生了什麼事，以及你們對今年內改善的任何預期嗎？

Good morning. Jack. This is Brian. One of the big impacts we had this quarter was rising insurance costs. We had some premium increases on the liability side that hurt margins. We had some deductibles that recorded for different incidents across the portfolio, which is more -- some of those recur here and there, but the premiums were the bigger driver.

早安，Jack。我是Brian。本季對我們影響較大的因素之一是保險成本上升。責任險方面的保費上調壓縮了利潤率。我們也因投資組合內不同事件而認列了一些自負額（deductibles）；其中有些會不時發生，但更大的驅動因素是保費。

Labor wasn't really an outsized impact. I think overall, labor costs were up 3% year over year. Still something we're trying to monitor closely and work with our operators on the staffing models of the hotels. So I think as we move forward, I mean, Q1 is typically seasonally weaker. Q2 as we go into the stronger summer season, hopefully drive more margin through the portfolio and expense, expense management and labor modeling is on the forefront to try to mitigate and improve our flow-through.

人力並不是特別突出的影響。我認為整體而言，人力成本年增3%。這仍是我們正密切監控的項目，並與營運商合作調整飯店的人力配置模型。展望未來，第一季通常是季節性較弱的季度；第二季進入更強勁的暑期旺季後，希望能透過投資組合帶動更高的利潤率。同時，費用管理與人力配置建模會是我們的重點，以降低影響並改善我們的流量轉換（flow-through）。

Okay. And then kind of with that in mind, what's giving you confidence in the unchanged hotel EBITDA annual guidance there with booking trends into the rest of Q2?

了解。基於這些背景，在第二季剩餘期間的訂房趨勢下，是什麼讓你們對飯店EBITDA全年指引維持不變仍有信心？

Yes. A lot of the things we talked about what impacted Q1, we have factored in our guidance range. There's still more to play out in the broader economy impacts from citywide events, including the World Cup and things of that nature that kind of -- we -- I don't think anybody has clear visibility on what the total impact is going to be. But we feel like there's pretty good trends continuing into the spring and early summer.

是的。我們剛才談到的、影響第一季的許多因素，都已納入我們的指引區間。整體經濟的影響仍有待觀察，尤其是城市大型活動（citywide events）的影響，包括世界盃以及類似活動；這些因素的總體影響，我想沒有人能完全看得很清楚。但我們認為進入春季與初夏後，趨勢仍相當不錯。

Our RevPAR growth into April was comparable to what we saw in Q1. So I think those patterns have continued. So we haven't seen any signs of sort of slowdown, and there's still some things to play out as the summer rolls through across our portfolio. And we're going to continue to see uplift from hotels that we completed last year. We're still building back group business and contract business from those hotels that were displaced last year, and there's still more opportunities hopefully ahead.

我們4月的RevPAR成長與第一季所見相當。因此我認為這些型態仍在延續。我們尚未看到任何放緩跡象，而且隨著夏季在我們的投資組合中推進，仍有一些因素有待發酵。我們也將持續受惠於去年完成的飯店。我們仍在把去年受影響的那些飯店的團體業務與合約業務逐步恢復，未來也希望還有更多機會。

Really helpful. And last one for me, just at the corporate level. Could you maybe provide an update on the change you're planning to make to the Board as well as the new leadership at Sonesta and how you expect both of those to impact your strategy as we go into the back half of the year? And then also if you're considering waiving your bylaw limiting individual holders to 5%?

非常有幫助。最後一題，在公司層面，你能否更新一下你們計畫對董事會做出的變更，以及Sonesta的新領導團隊情況，並說明你們預期兩者將如何在今年下半年影響你們的策略？另外，你們是否考慮豁免章程中將單一持有人持股限制在5%的規定？

Yes. I guess I'll take it in a couple of parts. So with respect to the question on the Board, I think as communicated in kind of some of our public announcements, we will be working towards bringing on a new Board member, more specifically with lodging experience and kind of that process will continue to play out. So nothing to report with respect to that today, but it's something that continues to kind of advance.

是的。我想我分幾個部分回答。關於董事會的問題，如同我們在一些公開公告中所傳達的，我們將推進新增一位董事會成員，更具體而言是具備旅宿產業經驗的人選，相關流程將持續進行。因此目前沒有可對外報告的進展，但這件事仍在持續推動中。

And so we think that will be generally constructive and kind of a positive for kind of the company and governance accordingly. I think more specifically, Yes, on the Sonesta piece with respect to the new management team, as we talked about historically, you had a new management team that came on board effective in April. I mean we're just over 30 days into that now, and the team is off to a strong start, really kind of trying to identify and unpack changes at Holdco and then ultimately kind of how that will inform the hotel performance.

因此我們認為這整體上將是建設性的，並對公司及其治理帶來正面效益。更具體而言，關於Sonesta與新管理團隊的部分，如我們先前所述，新的管理團隊已於4月正式到任。到現在大約剛滿30多天，團隊開局良好，正著手辨識並拆解控股公司（Holdco）層面的變革，並最終評估這些變革將如何反映到飯店營運表現上。

But look, I think, generally speaking, I mean, we feel pretty optimistic about a lot of the things that we're collectively talking about between our company and theirs and some of the changes they're making. I mean some of it is not new. We've continued to target kind of revenue mix being a top priority and how we drive additional business through group and contract -- some of that's going to be changes that they make on their end, and some of that's going to be deployment of new tools across all the operators such as utilizing AI for better lead generation or better competitive set insight.

但你看，我認為，整體而言，我是說，我們對於我們公司與他們之間共同在討論的許多事情，以及他們正在推動的一些變革，感到相當樂觀。我是說，其中有些並不新。我們一直把營收組合（revenue mix）作為首要優先事項，並思考如何透過團體與合約來帶動更多業務——其中一部分會是他們那邊所做的調整，另一部分則會是把新工具部署到所有營運商，例如運用 AI 來提升潛在客戶開發（lead generation）或更好的競品組合洞察。

So there's just a mix of fundamentals that we would expect to occur on that side of the business. But then I think more specifically for Sonesta, as we think about the expense load and margins, we're having a lot of dialogue about reevaluating the offerings across the properties and then kind of how that impacts the overall labor component, including contract labor, which we anticipate to see continued reductions.

因此，在那一端的業務上，我們預期會出現一系列基本面因素的組合。但接著更具體地談到 Sonesta，當我們思考費用負擔與利潤率時，我們正在進行大量對話，討論重新評估各物業的服務內容，並進一步看這如何影響整體人力成本構成，包括合約人力；我們預期合約人力將持續下降。

One of the other things is with respect to kind of the global sales teams, there's an effort to expand that group to kind of provide more benefits for a lot of the work we've been doing on the renovations and kind of having being better positioned in the markets, and we think that will ultimately continue to drive group and contract business.

另外一件事是，就全球銷售團隊而言，他們正努力擴編該團隊，以便讓我們在翻新工程上所做的許多工作，以及在市場中更佳的定位，能帶來更多效益；我們認為這最終將持續推動團體與合約業務。

And then naturally, I think the last thing with respect to Sonesta is continuing to kind of give credence and time to the loyalty program and expanding that business. Certainly, with all of these operators, the benefit of the loyalty programs are kind of direct business through brand.com and other initiatives kind of reducing kind of more expensive acquisitions costs tied to the OTA.

然後很自然地，我認為關於 Sonesta 的最後一點，是持續投入並給予忠誠計畫更多重視與時間，並擴大這塊業務。當然，對所有這些營運商而言，忠誠計畫的好處在於，能透過 brand.com 與其他措施帶來較多的直接訂房，從而降低與 OTA 相關、較昂貴的獲客成本。

Then your last question on the 5% for ownership stake in the shares. I think if you look closely at the offering, the equity offering we did in April, we did provide waivers to certain groups that own more than 5%. And it's not something we're going to change formally as it's put in place to protect certain tax attributes of the company as a REIT but it's something that we consider on a one-off basis.

接著你最後一個問題是關於持股比例 5% 的限制。我認為如果你仔細看我們在 4 月進行的發行——我們做的那次股權發行——我們確實對某些持股超過 5% 的團體提供了豁免。這不是我們會正式更改的事項，因為這項安排是為了保護公司作為 REIT 的某些稅務屬性，但我們會以個案方式加以考量。

Really helpful all around. Thanks for the time.

整體都非常有幫助。謝謝你撥冗。

Tyler Batory, Oppenheimer.

Tyler Batory，Oppenheimer。

Hey, good morning. Thanks for taking my questions. A couple for me here. And first, I wanted to follow up on the asset sales on the hotel side of things in that process, the 15 you have in the market right now. Any help on the time line for those? And then the seven full-service hotels, could you give us some more -- maybe some guideposts on potential pricing for those assets? And then I'm also just curious why the performance at those properties has been so challenged?

嗨，早安。謝謝回答我的問題。我這邊有幾個。首先，我想追問一下飯店端資產出售的進度，也就是你們目前正在市場上的那 15 間。能否提供一下大概的時間表？另外那 7 間全服務型飯店，你們能否再多給一些——也許是一些指引——關於這些資產可能的定價？最後我也很好奇，為什麼那些物業的營運表現會如此具挑戰？

Yes. I think on the first question, look, given where we are, other than one hotel, we've kind of identified or have signed term sheets with buyers in support of that and kind of there's a range. Some are groups we've worked with historically and others are kind of new kind of relationships. And those -- the process varies. I would say more than half the portfolio deposits will go hard with no real diligence.

是的。我想就第一個問題而言，你看，以我們目前的進度，除了其中一間飯店之外，我們基本上已經確認了買方，或是已與買方簽署了條款書來支持交易，且買方類型有一定範圍。有些是我們過去合作過的團體，另一些則是新的合作關係。而這些——流程各不相同。我會說，超過一半的投資組合訂金會在沒有實質盡職調查的情況下轉為不可退（go hard）。

And then there's kind of on the low end, a 90-day period to close. And then kind of the balance is more traditional process whereby there's a diligence piece and then a period for close. And -- and we've talked about these sales transacting in the back half of the year, and I think that's still kind of the right bogey. And I think, hopefully, over time, maybe we'll take down incremental pieces of them over the course of Q3 and Q4 versus necessarily being all backloaded at the end of the year. And so that's how I would think about it from a respective timing.

然後在較快的情況下，最短大概 90 天就能完成交割。其餘則是較傳統的流程，也就是會有盡職調查階段，接著再進入交割期。我們先前談到這些出售會在今年下半年完成，我認為這仍然是合理的目標。我也希望隨著時間推進，我們可能會在第三季與第四季逐步完成其中一些，而不一定全部都集中在年底才完成。所以就時程而言，我會這樣看。

And then I think for performance on the hotels, I mean, look, we're selling these hotels just because around conviction in the markets and the capital that is needed. And I think that the performance decrease is just a byproduct of where those sit in certain markets. And our performance is not inconsistent with the broader trends that are occurring in those markets. And then you're also going to have some level of disruption as you go through a sale process. So again, all the reasons why we have more conviction on wanting to exit these and kind of reduce cash drag for the company.

至於飯店的表現，我是說，你看，我們出售這些飯店，主要是因為我們對這些市場的信心程度，以及所需投入的資本。我認為表現下滑只是它們在某些市場位置所帶來的結果。而我們的表現並不與那些市場正在發生的整體趨勢相悖。另外，在出售流程中也會有一定程度的干擾。因此，這些都是我們更堅定想要退出、並為公司降低現金拖累（cash drag）的原因。

Okay. Appreciate that. And then post equity raise, where are you in terms of your covenants? And just talk about some of the additional flexibility that you have post doing that equity transaction?

好的，感謝說明。接著，股權募資之後，你們在契約條款（covenants）方面目前處於什麼狀態？也請談談完成那筆股權交易後，你們多了哪些額外的彈性？

Sure. As of Q1, Tyler, we were able to pay down the debt with the equity offering, the $550 million of '27 notes, which gave us significant cushion on our -- both our leverage ratio and our interest coverage. So we took down debt to assets, the 60% test from 59% down to 53% and then the interest coverage was at 1.75 times. So there's a good amount of cushion there. We were very strategic as far as the sizing of that equity offering to get us through the maturities, but also make sure we have enough operating flexibility within these covenants to refinance future debt maturities.

當然。Tyler，截至第一季，我們透過那次股權發行償還了債務，也就是 5.5 億美元的 2027 年到期票據，這讓我們在槓桿比率與利息保障倍數上都有顯著緩衝。我們把「債務對資產」的 60% 測試從 59% 降到 53%，而利息保障倍數為 1.75 倍。因此緩衝相當充足。我們在那次股權發行的規模上非常有策略性，目的是讓我們能度過到期壓力，同時也確保在這些契約條款下有足夠的營運彈性，以便為未來到期債務進行再融資。

The way we're looking at the next debt maturity, which is the zero coupons, we'll have different options. We'll potentially pay down some of the balance with asset proceeds that Chris has talked about. And then those notes are also backed by one of the travel center leases giving us increased flexibility as far as what we might do with those, but the covenant shouldn't necessarily be an issue going forward in the near future.

我們看待下一筆到期債務——也就是零息債（zero coupons）——時，會有不同選項。我們可能會用 Chris 提到的資產處分所得來償還部分餘額。此外，那些票據也由其中一份旅遊中心租約作為支持，讓我們在處理方式上更有彈性；但在可預見的近期內，契約條款不應該會成為問題。

Okay. And then last question for me, maybe a little bit of a clarification, too. In terms of the debt that you have upcoming, the 2027 senior secured notes. Obviously, there's an extension option there. Just talk about the conditions that allow you to extend that. And it sounds like the base case, we should just assume that, that's just going to get pushed to 2028?

好的。那我最後一題，可能也算是釐清一下。就你們接下來即將到期的債務而言，2027 年的優先擔保票據（senior secured notes），顯然有一個展延選項。請談談允許你們展延的條件是什麼？而且聽起來基本情境下，我們是否應該假設它會被延到 2028 年？

Yes, that's to be determined. I mean we do have a one year option. It becomes a cash pay instrument at that point if we do, and it has an increasing scale of coupon, the longer those notes are up for that extension period. So I think the more likely scenarios we'll refi those out in some fashion. It's just a little early to talk about it given when September of '27.

是的，這還有待決定。我是說，我們確實有一年的展延選項。如果我們選擇展延，到那時它會變成需要現金付息（cash pay）的工具，而且票息會隨著展延期間拉長而逐步上升。所以我認為更可能的情境是，我們會以某種方式把它再融資出去。只是距離 2027 年 9 月還早，現在談還有點早。

That's all for me. Thank you.

我就這些。謝謝。

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

Good morning. Maybe sticking with Tyler's line of questioning. If you think about the proceeds from upcoming hotel sales, would those have to be used towards paying down the zero coupon? Or is that -- when you talk about using asset sale proceeds to pay down the zero coupon, would it be assets that are currently collateralizing that piece of debt?

早安。也許延續 Tyler 的提問方向。如果你們思考即將到來的飯店出售所得，這些資金是否必須用來償還零息債？或者——當你們談到用資產出售所得來償還零息債時——指的是目前正在為那筆債務提供擔保的資產嗎？

Yes. I mean I think we're going to be thoughtful around that. The way those zero coupons work, we took discounted proceeds and essentially are paying the interest over amortizing over time. So if we pay them off early, we're extinguishing that early. We're taking a hit on the discounted value.

是的。我是說，我們會審慎思考。那些零息債的運作方式是，我們當初是以折價取得資金，並且本質上是把利息隨時間攤銷支付。因此如果我們提前償還，就等於提前消滅那筆債務，我們會在折價價值上承受一次性損失。

We have some options. We have a small variable funding note of $45 million. We could also pay off that matures in early '27. And then we could turn on the cash and wait for closer maturities and figure out where we're at from a strategic standpoint and what we do in the refinancing market. So there's some pieces to be determined as we move through these asset sales and what we do with the cash.

我們有一些選項。我們有一筆 4,500 萬美元的小額浮動資金融通票據（variable funding note），也可以償還，該票據在 2027 年初到期。另外，我們也可以保留現金，等到更接近到期時再看，從策略角度以及再融資市場的角度，判斷我們所處的位置與要怎麼做。因此，隨著這些資產出售推進，以及我們如何運用現金，仍有一些部分有待決定。

Yes, it's not required, John.

是的，John，不是必須的。

Yes.

是的。

So we have that flexibility.

所以我們有那樣的彈性。

Okay. Then I guess, of the kind of pool of full-service assets you're looking to sell this year, how much of kind of the original estimate you put out was in the one asset that you pulled out of the selling bucket? Just kind of curious, right, you're going from $90 million to $110 million estimated at the end of last year to $55 million. And I'm just wondering how much of that is the removal of that one asset and how much of that is just a decline in the -- what you're seeing in the market for the remaining assets?

好的。那我想問一下，在你們今年打算出售的全方位服務資產池中，你們先前提出的原始估計，有多少是來自那一項你們後來從出售清單中撤出的資產？我只是好奇，對吧，你們從去年底估計的9,000萬到1.1億美元降到5,500萬美元。我想知道其中有多少是因為移除那一項資產，有多少則是因為你們在市場上看到其餘資產的——價格/需求——有所下滑？

Yes. I think the combined awarded bid that we talked about was about $116 million. The removal of the one asset was, give or take, $5 million. And then we have another property where it's still in the market, and we're expecting pricing kind of in Q2 in the near term, which will be another catalyst to increase overall proceeds.

是的。我認為我們先前談到的合計得標出價大約是1.16億美元。移除那一項資產大概是500萬美元上下。然後我們還有另一個物業仍在市場上，我們預期在第二季近期會有定價結果，這也會成為另一個催化劑，推升整體處分所得。

Okay. So there's still one additional asset that is not in that $55 million bucket.

好的。所以還有一項額外資產不在那5,500萬美元的範圍內。

Correct. There's one large full-service asset that's not in those numbers.

正確。有一項大型全方位服務資產不包含在那些數字裡。

Okay. And then in terms of the extended stay and kind of select service assets you're selling, are those under contract right now? And I guess what is timing for those dispositions in your mind today?

好的。那麼就你們正在出售的長住型（extended stay）以及精選服務（select service）資產而言，這些目前都有在合約中嗎？另外，以你們目前的看法，這些處分的時程大概會是什麼時候？

Yes. Everything has been awarded or under LOI. And so most of those, I think the earliest they could close would be over a 90-day period. So I think kind of a good bogey is kind of mid to mid-Q3 is kind of a fair time line on the early end. And then we'll just kind of see how it plays out between now and then.

是的。所有項目都已得標或已簽署意向書（LOI）。因此其中大多數，我認為最早也要在90天的期間後才能完成交割。所以我覺得比較合理的基準大概是第三季中段左右，作為較早端的時間表。之後就看從現在到那時的進展情況。

And just to clarify, is pricing on those kind of going as expected?

再確認一下，這些的定價大致符合預期嗎？

Yes. Pricing came in line on those as well. But I think, generally speaking, consistent with where we saw kind of the per key valuations for last year. So that's kind of where it stands.

是的。這些的定價也符合預期。不過我認為整體而言，與我們去年看到的每把鑰匙（per key）估值水準一致。所以目前就是這樣。

Okay. And then switching over to the net lease portfolio. I guess how should we think about the near-term impact of the tenant credit issues on the financials like next couple of quarters as the bankruptcy process plays out? I mean, was there anything in 1Q that was particularly onetime in nature, either for accounting reasons or something else and could kind of bounce back immediately? Or when we talk about this not being typical run rate, is that more -- that will play out as the -- as you get those assets kind of re-tenanted and back to fully paying rent?

好的。接著談到淨租賃（net lease）投資組合。我想問一下，隨著破產程序推進，租戶信用問題在短期內（例如接下來幾季）對財務數字的影響應該怎麼看？我的意思是，第一季是否有任何特別屬於一次性的影響，不論是會計原因或其他因素，可能會立刻反彈？或者當我們說這不是典型的常態水準（run rate）時，是指——要等到你們把那些資產重新出租（re-tenanted）並恢復到完全繳租的狀態後，才會逐步反映？

Yes. So these are two franchisees that we've been kind of in talks with and in front of for a while. So we knew this was going to hit. It just so happened that the bankruptcy filings happened this quarter. And so we don't think this is thematic in any real sense. But I think the way we anticipate playing this playing out is they'll go through the process. they'll negotiate some kind of outcome.

是的。這是兩家加盟商，我們已經與他們溝通並持續關注一段時間了。所以我們知道這件事會發生。只是剛好破產申請是在本季提出。因此我們不認為這在任何實質意義上是系統性（thematic）的問題。但我們預期的發展是，他們會走完程序，並協商出某種結果。

Like I said, these are all strong assets for us. So these assets themselves got wrapped up into much broader portfolio bankruptcies. So we expect that at the end of the day, we'll probably emerge with a better credit profile, either with respect to the new franchisee or going back to corporate. We'll get back to a rent paying status and there's even the potential for some recovery of back rent and back OpEx. But that remains to be seen.

如我所說，這些對我們而言都是很強的資產。所以這些資產本身被捲入了更大範圍的投資組合破產案中。因此我們預期最終可能會以更好的信用狀況收場，可能是由新的加盟商承接，或回到總部（corporate）。我們會回到可收租的狀態，甚至也有可能追回部分積欠租金與積欠營運費用（OpEx）。但這仍有待觀察。

But again, the point here is just -- it's a timing function. We don't think this is anything that will be persistent on a go-forward basis. And certainly nothing thematic in terms of the portfolio. I mean these are both -- just so happen to be in our QSR space, which actually otherwise is performing really well for us.

但重點是——這只是時間點的問題。我們不認為這會在未來持續發生，當然也不是投資組合層面的系統性問題。我的意思是，這兩個案例——剛好都在我們的速食餐飲（QSR）領域，而該領域其他部分其實對我們表現得非常好。

And I guess just given the nature of bankruptcy declaration, I mean, would you expect some of the metrics either on the operating expense side or the top line rent side to bounce back as soon as 2Q? Or is that something that needs to -- will bounce back once the bankruptcy process or a retenanting process kind of plays out?

那我想，考量到破產宣告的性質，你們是否預期某些指標——不論是營運費用端或租金收入端——最快在第二季就會反彈？還是說要等破產程序或重新出租的流程走完後才會回升？

Yes. I think it's just going to depend on the vagaries of those bankruptcy proceedings, which are a little bit -- can be inconsistent from a timing standpoint. It could be Q2, could be Q3, but somewhere within that time frame.

是的。我認為這將取決於那些破產程序的各種不確定因素，時間上有點——可能不太一致。可能是第二季，也可能是第三季，但大概會落在那個區間內。

Okay. All right. And just maybe one last one. It seems like there was from the -- in guidance from the equity raise, there was about $17 million of interest expense savings, but only $14 million of kind of additional uplift on normalized FFO. Just curious what was kind of driving the delta there?

好的。好。最後再問一個。看起來在指引中，因為股權募資，利息費用節省大約1,700萬美元，但常態化FFO的增加幅度只有約1,400萬美元。想請教一下，造成這個差額的原因是什麼？

Yes, it really comes down to the net lease credit losses we just talked about, Jack, that's really the delta. I'm not going to try to say we're going to pick back up on that net lease piece. So we're turning towards the lower end of the net lease guidance, which offsets some of that interest expense, but that's really the driver.

是的，主要就是我們剛談到的淨租賃信用損失，Jack，這就是差額來源。我不會試著說我們一定會把那塊淨租賃的部分立刻補回來。所以我們轉向採用淨租賃指引的較低端，這會抵銷一部分利息費用節省，但這就是主要驅動因素。

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

了解。我的問題就到這裡。非常感謝。

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

問答環節到此結束。我想把電話會議交回給總裁兼執行長Chris Bilotto，請他做結語。

Thank you for joining our call today. We look forward to meeting and seeing many of you at the upcoming industry conferences, including NAREIT in June.

感謝各位今天參與我們的電話會議。我們期待在即將到來的產業會議上與各位見面交流，包括6月的NAREIT。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。