Service Properties Trust (SVC) 2026 Q2 法說會逐字稿

Good day and welcome to the Service Properties Trust second quarter 2026 earnings conference call.

各位好，歡迎參加 Service Properties Trust 2026 年第二季財報電話會議。

(Operator Instruction) Kevin Barry, Senior Director, Investor Relations.

(接線員指示) Kevin Barry，投資人關係資深總監。

Good morning thank you for joining us today.

各位早安，感謝今天加入我們。

With me on the call are Christopher J. Bilotto, President and Chief Executive Officer, Jesse Abair, Vice President, and Brian Donley, Treasurer and Chief Financial Officer.

與我一同參與電話會議的有 Christopher J. Bilotto，總裁兼執行長；Jesse Abair，副總裁；以及 Brian Donley，財務長兼財務總監。

In just a moment, we will provide details about our business and our performance for the second quarter of 2026, followed by a question-and-answer session with sell-side analysts.

稍後我們將提供 2026 年第二季業務與營運表現的細節，接著將與賣方分析師進行問答。

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.

我想提醒各位，未經公司事先書面同意，禁止錄音及轉播今日的電話會議。

Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.

另外請注意，今日電話會議包含《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。

These forward-looking statements are based on SEC's beliefs and expectations as of today, August 6th, 2026.

這些前瞻性陳述係基於 SVC 截至今日（2026 年 8 月 6 日）的信念與預期。

And actual results may differ materially from those that we project.

實際結果可能與我們的預測有重大差異。

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call.

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 SVCre.com, or the SEC's website.

可能導致差異的因素之更多資訊，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 SVCre.com 或 SEC 網站查閱。

Investors are cautioned not to place undue reliance upon any forward-looking statements.

提醒投資人勿過度依賴任何前瞻性陳述。

In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO and adjusted EBITDA, a reconciliation of these non-GAAP figures, the net income is available in SEC's earnings release presentation that we issued last night, which can be found on our website.

此外，本次電話會議可能包含非 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 EBITDA。這些非 GAAP 指標與淨利之調節表，已載於我們昨晚發布的 SEC 財報新聞稿簡報中，並可於我們網站查閱。

Lastly, we will be providing guidance on this call, including estimated 2026 normalized FFO.

最後，我們將在本次電話會議中提供指引，包括 2026 年標準化 FFO 的估計值。

Hotel EBITDA.

飯店 EBITDA。

Net operating income, or NOI.

淨營運收入（Net operating income，NOI）。

And adjusted EBITDA.

以及調整後 EBITDA。

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.

我們不會在指引中提供上述非 GAAP 指標的調節表，因為進行該等調節所需的某些資訊，若非付出不合理的努力將無法取得，或根本無法取得。

I will now turn the call over to Chris.

接下來我把電話交給 Chris。

Thank you, Kevin.

謝謝你，Kevin。

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

各位早安，感謝今天加入電話會議。

I will begin today's call with an update on our strategic priorities and highlights from our hotel portfolio performance during the second quarter.

我將先就我們的策略重點，以及第二季飯店投資組合的表現亮點提供最新進展。

Jesse will then discuss our net lease business, and Brian will conclude with a review of our financial results, balance sheet, and outlook.

接著 Jesse 將討論我們的淨租賃業務，Brian 則將以財務結果、資產負債表與展望的回顧作結。

Last night we reported second quarter results that reflect continued momentum advancing SVC strategic priorities and strengthening the company's financial profile.

昨晚我們公布的第二季結果，反映出 SVC 在推進策略重點與強化公司財務體質方面持續累積動能。

Our net lease portfolio delivered steady NOI growth, providing a highly predictable cash flow that anchors our portfolio.

我們的淨租賃投資組合帶來穩健的 NOI 成長，提供高度可預測的現金流，成為我們投資組合的核心支柱。

And within our hotel segment, revparar outperformed the industry benchmark for the seventh consecutive quarter.

在飯店部門方面，RevPAR 相對表現已連續第七季優於產業基準。

Overall, normalized FFO per share of $0.43 was in line with consensus expectations, and we are maintaining our full year earnings guidance.

整體而言，每股標準化 FFO 為 0.43 美元，符合市場一致預期，我們也維持全年獲利指引不變。

Starting with our strategic priorities.

先從我們的策略重點談起。

We remain focused on enhancing our net lease portfolio, improving the cash flows and operating performance of a retained hotel portfolio and further enhancing our balance sheet through discipline capital allocation.

我們仍專注於強化淨租賃投資組合、改善保留飯店投資組合的現金流與營運表現，並透過嚴謹的資本配置進一步強化資產負債表。

Since the beginning of the second quarter, we have sold 20 properties for approximately $32 million including 19 net lease assets in one hotel.

自第二季開始以來，我們已出售 20 項資產，總價約 3,200 萬美元，其中包括 19 項淨租賃資產及 1 間飯店。

A portion of these proceeds combined with over $540 million of net proceeds from SVC's successful equity offering in April, was used to redeem $550 million unsecured debt, reducing our leverage profile and decreasing annual interest expense or providing the company with enhanced flexibility to focus on operational execution.

上述部分出售所得，加上 SVC 於 4 月成功辦理股權發行所取得超過 5.40 億美元的淨募資款，其中一部分用於贖回 5.50 億美元的無擔保債務，降低槓桿水準並減少年度利息費用，亦使公司具備更高的彈性以專注於營運執行。

And cash flow growth.

以及現金流成長。

Turning to hotel performance.

接著談飯店表現。

I retained hotel portfolio, excluding the 15 sales hotels delivered another quarter of improved operating results.

我們的保留飯店投資組合（不含已出售的 15 間飯店）本季再度交出營運結果改善的一季。

RevPAR increased 6.6% year over year with balanced growth and occupancy in ADR and relative strength in full service and upper upscale hotels.

RevPAR 年增 6.6%，在住房率與 ADR 方面均衡成長，全服務與高階（upper upscale）飯店表現相對強勁。

RevPAR growth was partially offset by expected displacement related to our active redevelopment and renovation projects, most notably the Nautilus South Beach.

RevPAR 成長部分被我們積極推動的重建與整修專案所帶來的預期性排擠效應所抵銷，其中以 Nautilus South Beach 最為顯著。

Excluding the Nautilus short-term disruption, underlying red card growth across the balance of the portfolio was meaningfully stronger at 9% reinforcing our confidence in the improved fundamentals in our portfolio.

若排除 Nautilus 的短期干擾，投資組合其餘部分的基礎 RevPAR 成長顯著更強，達 9%，進一步強化我們對投資組合基本面改善的信心。

The portfolio continued to benefit from completed renovations, a 22% lift in contract segment revenue, as well as ratedriven demand related to World Cup in select cities.

投資組合持續受惠於已完成的整修、合約客群營收提升 22%，以及在部分城市因世界盃帶動的費率驅動需求。

Importantly, this positive momentum has carried into the third quarter with preliminary July RevPAR for a retained hotel portfolio of 7.1% year over year.

重要的是，這股正向動能延續至第三季；初步數據顯示，7 月保留飯店投資組合的 RevPAR 年增 7.1%。

Retained hotel Ida increased 4.2% this quarter, with notable strength at the Seneta properties in Hilton Head and Miami Airport, as well as Radisson in Salt Lake City.

本季保留飯店的 EBITDA 年增 4.2%，其中以位於 Hilton Head 與 Miami Airport 的 Sonesta 物業，以及位於鹽湖城的 Radisson 表現尤為突出。

To put this performance into the context, a retained hotel portfolio generated a quarterly adjusted hotel EBITDA margin of approximately 19.4%, by comparison, the 15 hotels we are exiting operated at a negative even though margin over that same period.

為了將此表現置於脈絡中說明：保留飯店投資組合本季的調整後飯店 EBITDA 利潤率約為 19.4%；相較之下，我們正退出的 15 間飯店在同一期間的利潤率為負值。

This GAAP is the core economic logic behind our capital recycling strategy.

這正是我們資本循環策略背後的核心經濟邏輯。

Rather than continuing to dedicate capital and management attention to a cohort of assets with structurally negative returns, we are redirecting those resources toward a retained portfolio that is already demonstrating a clear trajectory of marginal improvement.

與其持續將資本與管理資源投入於一批結構性報酬為負的資產，我們正把這些資源重新配置至保留投資組合；該投資組合已清楚展現邊際改善的軌跡。

Building on this, we see significant additional opportunities for improved profitability across our retained hotel portfolio.

在此基礎上，我們也看到保留飯店投資組合在提升獲利能力方面仍有顯著的額外機會。

Our asset management group continues to work with our operators on several opportunities to expand hotel II and margins, both at Sesta and other operators.

我們的資產管理團隊持續與營運商合作，尋找多項擴大飯店 NOI 與利潤率的機會，涵蓋 Sonesta 及其他營運商。

These efforts are initially centered on three primary pillars.

這些工作初期聚焦於三大支柱。

The first pillar relates to revenue optimization, targeting customer acquisition costs by driving more business to the direct and most profitable channels like brand.com, therefore reducing reliance on higher cost OTAs.

第一個支柱是營收最佳化：透過將更多業務導向直營且最具獲利性的通路（如 brand.com），以降低客戶取得成本，進而減少對高成本 OTA 的依賴。

This also includes a continued focus on driving contract and group base, along with ancillary revenue streams such as food and beverage, and parking.

這也包括持續強化合約與團體客源基礎，以及餐飲、停車等附加營收來源。

Second, in support of improved labor efficiency.

第二個支柱是支持提升人力效率。

Our operators are implementing a leaner and more dynamic labor model to better align staffing with demand and reduce reliance on costly contract labor.

我們的營運商正在導入更精實且更具彈性的用工模式，以更好地使人力配置與需求對齊，並降低對高成本外包人力的依賴。

Within the quarter, we're already seeing the benefits of this with Senester medicine and IHG, all improving labor productivity year over year.

在本季內，我們已看到成效，包括 Sonesta、Marriott 與 IHG 的人力生產力皆較去年同期提升。

The third pillar relates to capitalizing on operating leverage with anticipated savings from benefits plans, property insurance, and diligent controls over energy and utility costs.

第三個支柱是運用營運槓桿：透過員工福利方案、財產保險的預期節省，以及對能源與公用事業成本的嚴格控管來降低費用。

As our renovated hotels stabilize and occupancy grows, this will provide enhanced pricing power and position of property to capture additional event-driven demand, which in turn will absorb fixed costs more effectively, ultimately driving profitability.

隨著整修完成的飯店逐步穩定、住房率提升，將帶來更強的定價能力，並使物業更能承接額外的活動驅動需求；這將更有效吸收固定成本，最終推升獲利能力。

Well, early in the process, the initial benefits are starting to materialize, including the positive trend with labor productivity, a recent 20% reduction in property insurance cost across the portfolio, the noted 22% lift from contract revenue, largely from new airline crew business, and the adoption of certain technologies and processes that will drive marginal improvement.

雖然仍在早期階段，初步效益已開始顯現，包括人力生產力的正向趨勢、全投資組合財產保險成本近期下降 20%、合約營收提升 22%（主要來自新增航空機組人員業務），以及採用特定技術與流程以帶來邊際改善。

As these initiatives progress, we provide further updates on targeted revenue and expense benefits beyond these initiatives, SPC is positioned to capture meaningful performance upside from the elimination of approximately $15 million of negative eco drag from our exit hotels, the gradual burn off of displacement and corresponding performance growth from our hotel renovations, most notably the ongoing age.

隨著這些措施推進，我們將就本次措施以外、目標營收與費用效益提供進一步更新；SVC 有望因退出飯店所消除約 1,500 萬美元的負面 EBITDA 拖累、整修期間排擠效應逐步消退，以及飯店整修帶來的相應表現成長（其中以持續進行的項目最為顯著）而取得可觀的績效上行空間。

These benefits will be realized over time, they provide a road map for improvement in hotel I cash flow generation.

這些效益將隨時間逐步實現，並為提升飯店現金流產生能力提供改善路線圖。

Complimenting our top-line initiatives focused on driving market share across the portfolio.

並與我們聚焦於推動整體投資組合市占率的營收端（top-line）措施相輔相成。

Turning to our hotel dispositions.

接下來談談我們的飯店處分。

We remain on track to sell the previously disclosed 15 hotels, which included the sale of a 133-kay hotel in July for $18.4 million.

我們仍按計畫出售先前揭露的15家飯店，其中包含7月以1,840萬美元出售一間133間客房的飯店。

Today we are under a purchase and sale agreement or letter of intent with 13 hotels and are marketing one hotel.

目前我們已就13家飯店簽訂買賣協議或意向書，並正在行銷1家飯店。

We expect the majority of the remaining dispositions to be mostly completed over the balance of 2026, with proceeds continuing to support debt reduction and to further improve our financial flexibility.

我們預期其餘多數處分案將於2026年剩餘期間大致完成，所得款項將持續用於降低負債並進一步提升我們的財務彈性。

As part of this process, we also intend to bring to market our remaining IHG managed fuller hotel, a 495 key property located in the Atlanta perimeter submarket.

作為此流程的一部分，我們也打算將我們剩餘由IHG管理的全服務飯店推向市場；該物業位於亞特蘭大周邊（perimeter）次級市場，共495間客房。

As some may recall, we removed this asset from the marketing process last year while we evaluated varying strategies with the in place agreement and capital outlook.

如各位可能記得，去年在我們評估既有協議與資本展望下的不同策略期間，我們將該資產自行銷流程中撤下。

This followed a comprehensive whole versus cell analysis undertaken as the hotel's management agreement approaches its scheduled expiration.

此舉是在該飯店管理合約接近其預定到期日之際，完成一項全面的「整體出售（whole）對分拆出售（cell）」分析之後所做出的。

Well, the property has performed well operationally.

整體而言，該物業在營運面表現良好。

We believe a sale represents the more attractive path to unlocking value for shareholders relative to continuing to own and reinvest in the asset, we expect marketing to commence in Q3 and look forward to providing future updates.

我們認為，相較於持續持有並再投資於該資產，出售更能為股東解鎖價值；我們預期將於第三季開始行銷，並期待後續提供最新進展。

Before I conclude, I would also like to briefly touch on corporate governance, as we previously announced, our board continues to actively evaluate candidates for an additional independent trustee.

在我結語之前，我也想簡要談一下公司治理。如同我們先前宣布的，我們董事會仍持續積極評估增聘一位額外獨立受託人（independent trustee）的候選人。

The search remains by an individual with meaningful hospitality industry experience, who can further complement the board's experience and support SPC's ongoing strategic evolution.

我們仍在尋找具備深厚旅宿產業經驗的人選，以進一步補強董事會的經驗，並支持SPC持續的策略演進。

Looking ahead.

展望未來。

Our priorities remain clear, translate the operating momentum and are reaching a cash flow improvement while completing the exit of our non-core hotels to further strengthen SEC's financial profile with a stronger balance sheet and the initiatives we have underway to further enhance performance, we believe SVC is well positioned to unlock value across the portfolio to drive long-term shareholder returns.

我們的優先事項依然明確：把營運動能轉化為現金流改善，同時完成退出非核心飯店，以更強健的資產負債表進一步強化SEC的財務體質；配合我們正在推動的各項提升績效措施，我們相信SVC已具備良好條件，可在整體投資組合中解鎖價值並帶動股東長期報酬。

I will now turn it over to Jesse to discuss the net lease portfolio in more detail.

接下來我把時間交給Jesse，請他更詳細說明淨租賃投資組合。

Thank you and good morning.

謝謝，各位早安。

Net lease assets continue to serve as a dependable source of cash flow for SPC with minimal capital requirements, long duration leases, and a diversified tenant base.

淨租賃資產在資本支出需求極低、租約期限長且承租人基礎多元的情況下，持續為SPC提供可靠的現金流來源。

The portfolio exhibited strong performance in the second quarter, led by meaningful NOI growth, sustained leasing momentum and continued improvement in the performance of our travel centers.

該投資組合在第二季展現強勁表現，主要受惠於顯著的NOI成長、持續的租賃動能，以及我們旅遊中心（travel centers）營運表現的持續改善。

From the quarter include an increase of 2.2% in cash basis NOI quarter over quarter, as a result of contributions from recent acquisitions, contractual rent growth from our existing leases and a reduction in our credit reserves.

本季現金基礎NOI較上季增加2.2%，主要來自近期收購案的貢獻、既有租約的合約租金成長，以及信用準備金的下降。

Occupancy was unchanged from the prior quarter at 96.6%, although we expect to see incremental growth in occupancy throughout the remainder of the year, given the current state of our leasing pipeline and our asset management teams dedicated efforts to efficiently dispose of vacant properties and cycle in new brands.

出租率與前一季持平，為96.6%；不過，鑑於目前租賃管線狀況，以及我們資產管理團隊致力於有效處分空置物業並導入新品牌的努力，我們預期今年剩餘期間出租率將逐步提升。

Optimizing our portfolio and developing new operator relationships will be an ongoing focus for our team as we continue to transition SCC towards an athlete side of the business.

在我們持續推動SCC轉型為更偏向資產端（asset-side）的業務之際，優化投資組合並建立新的營運商合作關係，將是團隊的長期重點。

The aggregate rent coverage of our portfolio improved to 2.09 times on a trailing 12-month basis.

我們投資組合的整體租金保障倍數（rent coverage）在過去12個月（trailing 12-month）基礎上提升至2.09倍。

The improvement was driven primarily by our TA travel centers, where rent coverage increased 10 basis points to 1.34 times.

改善主要來自我們的TA旅遊中心，其租金保障倍數上升10個基點至1.34倍。

This is the second straight quarter of coverage growth for TA and represents a 12% increase since the fourth quarter of last year.

這是TA連續第二季保障倍數成長，且較去年第四季以來提升12%。

For the balance of the portfolio, rent coverage again came in north of 3.5 times as tenant credit quality and operating performance remained stable.

就投資組合其餘部分而言，在承租人信用品質與營運表現維持穩定下，租金保障倍數再次高於3.5倍。

On the leasing front, our asset management team executed deals totaling 210,000 square feet, with a weight average lease term of roughly 7 years.

在租賃方面，我們資產管理團隊完成合計21萬平方英尺的交易，加權平均租期約7年。

With just 1% of annualized base rent scheduled to expire through year-end and 3.8% rolling through the end of 2027, our near term expiration schedule remains very manageable, and our asset management team has been proactively engaging with tenants that have upcoming expirations to negotiate renewals.

由於今年底前到期的年化基本租金僅占1%，至2027年底滾動到期占3.8%，我們的短期到期結構仍相當可控；資產管理團隊也已主動與即將到期的承租人接洽，洽談續約。

Turning to capital recycling, we continue to execute our measured growth strategy.

接著談資本循環（capital recycling），我們持續執行審慎的成長策略。

On the acquisition side, year-to-date, we've invested approximately $9 million across four properties operating in the QSR and automotive services industries.

在收購方面，今年截至目前我們已在四項物業投資約900萬美元，這些物業營運於速食餐飲（QSR）與汽車服務產業。

These acquisitions were completed at weighted average cash and GAAP cap rates of 7.9% and 8.8% respectively.

這些收購案分別以加權平均現金資本化率與GAAP資本化率7.9%與8.8%完成。

And carried weighted average lease terms of approximately 15 years.

並具有約15年的加權平均租期。

We are under agreement on another 5 properties, a mix of dollar stores and casual dining concepts for a total of $14.2 million which we expect to close in the third quarter.

我們另就5項物業達成協議，組合包含折扣商店（dollar stores）與休閒餐飲概念店，總金額1,420萬美元，預期於第三季完成交割。

These transactions funded through Capital recycling, put us well ahead of schedule for our target of $20 million of annual acquisition activity.

這些透過資本循環資金支持的交易，使我們在年度2,000萬美元收購目標上大幅超前進度。

Since the beginning of the year we have sold 21 properties for $15 million and we expect a similar level of dispositions during the second half, 2026.

自年初以來，我們已以1,500萬美元出售21項物業，並預期在2026年下半年將有類似規模的處分。

The Netley's portfolio now consists of 745 properties with annualized base rent of nearly $400 million and a tenant roster that includes 185 businesses operating under more than 140 brands across a diverse range of industries, led by travel centers, quick service restaurants, fitness centers, and grocery stores.

目前淨租賃投資組合由745項物業構成，年化基本租金接近4億美元；承租人名單包含185家企業、超過140個品牌，產業分布多元，主要涵蓋旅遊中心、速食餐廳、健身中心與雜貨店。

More than 95% of our annualized base rent is derived from leases that contain contractual rent increases or percentage rent provisions, providing embedded NOI growth and inflation protection over time.

我們超過95%的年化基本租金來自包含合約性租金調升或百分比租金條款的租約，提供內嵌的NOI成長並隨時間帶來通膨防護。

As we work to reposition FEC toward a more net lease oriented company, our focus will be on enhancing portfolio quality, maintaining strong occupancy and credit metrics, extending Walt and generating durable cash flow growth.

在我們致力將FEC重新定位為更以淨租賃為導向的公司之際，我們將聚焦於提升投資組合品質、維持強勁的出租率與信用指標、延長Walt並創造穩健的現金流成長。

We believe our disciplined asset management and capital allocation strategies will ensure SEC's measured transition to a primarily netlease platform.

我們相信，嚴謹的資產管理與資本配置策略，將確保SEC以審慎步調轉型為以淨租賃為主的平台。

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.

謝謝你，Jesse，各位早安。

As we previously announced, SEC affected a one for five reverse share split in early July.

如同我們先前宣布的，SEC於7月初進行了1比5的反向股票分割（reverse share split）。

All share information on our earnings report, 10 you have been retroactively adjusted.

我們財報與10-K中的所有股數資訊均已追溯調整。

Additionally, given SVC's recent equity issuance comparing per share data to the prior period is not meaningful.

此外，鑑於SVC近期的股權發行，將每股數據與前期相比並無實質意義。

Starting with our consolidated financial results for the second quarter of 2026, normalized FFO was $55 million down $2.6 million or 4.5% compared to the prior year quarter.

先從我們2026年第二季的合併財務結果開始：標準化FFO為5,500萬美元，較去年同期減少260萬美元或4.5%。

Normalized FFO this quarter, as compared to the prior quarter were primarily impacted by a $20 billion decline in hotel results, largely from our hotel disposition activity.

本季標準化FFO相較前一季的變動，主要受到飯店業績下降200億美元的影響，主要來自我們的飯店處分活動。

Partially offset by a $150 million dollar decline in interest expense and a $2.3 billion increase in performance from our retained hotels, and a $1.3 million dollar increase in NOI from that lease portfolio.

部分被利息費用下降1.5億美元、我們保留飯店表現提升23億美元，以及淨租賃投資組合NOI增加130萬美元所抵銷。

To our hotel portfolio performance for our 93 comparable hotels this quarter, RevPAR increased by 6.5%, gross operating profit margin percentage declined by 60 basis points to 28.7%.

就飯店投資組合表現而言，本季我們93家可比飯店的RevPAR成長6.5%；毛營運利潤率（GOP margin）下降60個基點至28.7%。

Below the GOP line costs at our comparable hotels increased by $3.5 million from the prior year driven primarily by higher insurance costs.

在GOP線以下的成本方面，我們可比飯店較去年增加350萬美元，主要由更高的保險成本所致。

93 comparable hotels generated adjusted to hotel leave to $55 million during the quarter, which was relatively flat compared to the prior year quarter.

93家可比飯店本季產生的調整後飯店層級EBITDA為5,500萬美元，與去年同期大致持平。

78 hotel now retained portfolio generated revPAR $135 an increase of 6.6% year over year.

目前保留的78家飯店投資組合之RevPAR為135美元，年增6.6%。

The Justin Hotel Ibis $57 million during the quarter, representing an increase of 4 excluding hotels under renovation, Hotel EBITDA increased $6.5 million or 13.4%.

Justin Hotel Ibis 本季為 5,700 萬美元，若排除整修中的飯店，增加 4%；飯店 EBITDA 增加 650 萬美元，或 13.4%。

Sonesta exit Hotel sold or continuing to market for sale produced losses of $1.9 million during this quarter.

Sonesta 退出飯店（已出售或仍在市場上尋求出售）於本季產生 190 萬美元的虧損。

A decline in profitability of $2.2 million year over year.

獲利能力較去年同期下降 220 萬美元。

NOI from our net lease portfolio increased $1.3 million over the year prior year as a result of our acquisition and leasing activity, partially offset by vacancies and credit losses.

我們的淨租賃投資組合 NOI 較去年增加 130 萬美元，主要來自收購與出租活動，部分被空置與信用損失所抵銷。

Turning to the balance sheet, we have been active in the capital markets and took steps to further strengthen our balance sheet, improve our debt maturity profile, and our cash flows.

接著看資產負債表，我們在資本市場上相當積極，並採取措施進一步強化資產負債表、改善債務到期結構以及現金流。

During the quarter, we raised net proceeds of $542 million from our equity offering and redeemed all $450 million of our outstanding 5.5% senior guaranteed unsecured notes due to 2027 and the remaining $100 billion of outstanding 4.95% senior unsecured notes due 2027.

本季我們透過股權發行募集淨收益 5.42 億美元，並贖回全部 4.50 億美元、2027 年到期之 5.5% 高級擔保無擔保票據，以及剩餘 1,000 億美元、2027 年到期之 4.95% 高級無擔保票據。

This activity resulted in additional annual cash interest savings of $30 million.

此項活動帶來每年額外約 3,000 萬美元的現金利息節省。

We currently have $4.7 billion of debt outstanding with a weighted average interest rate of 5.66%.

目前我們未償債務為 47 億美元，加權平均利率為 5.66%。

As of today, there are no amounts outstanding on our $650 million revolving credit facility.

截至今日，我們 6.50 億美元的循環信用額度並無任何動用餘額。

The facility matures in June 2027, and we have a one year extension option available to us.

該額度將於 2027 年 6 月到期，且我們有一年的展延選擇權。

Our $580 million of zero coupon senior secure notes mature in September of 2027, and they're supported by strong net lease collateral, which we believe provides refinancing optionality.

我們 5.80 億美元的零息高級擔保票據將於 2027 年 9 月到期，並由強勁的淨租賃抵押品支持，我們認為這提供了再融資的彈性。

Turning our capital expenditure activity during the second quarter, we invested $30.5 million in capital improvements, which continue to be driven by the renovation of the Nautilus in Miami, as well as projects at the Royal Semesters in Boston, New Orleans, and Columbus.

談到第二季的資本支出活動，我們投入 3,050 萬美元於資本改善，主要仍由邁阿密 Nautilus 的整修所帶動，另包含波士頓、紐奧良與哥倫布的 Royal Semesters 專案。

Turning to our annual guides, we are reaffirming our full year outlook for Hotel EBITDA, and at least NOI and consolidated adjusted EBITDA.

關於年度指引，我們重申全年飯店 EBITDA 展望，以及至少 NOI 與合併調整後 EBITDA 的展望。

Maintaining our normalized FFO range of $124million to $144 million or $1.20 to $1.35 per share.

維持我們常態化 FFO 區間為 1.24 億至 1.44 億美元，或每股 1.20 至 1.35 美元。

Per share amounts, assume a weighted average share account of $105 million shares.

每股金額假設加權平均流通股數為 1.05 億股。

four year guidance assumes mid midpoint interest expend $360 million and G&A expense of $40 million.

全年指引假設利息費用以中位數計為 3.60 億美元，且 G&A 費用為 4,000 萬美元。

Disguise does not reflect the impact of completing the remaining semester, hotel's plan for disposition and it continues to assume $25 million of capital recycling on that lease portfolio.

該指引未反映完成剩餘 semester、飯店處分計畫的影響，並仍假設該淨租賃投資組合有 2,500 萬美元的資本回收（capital recycling）。

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

我們仍預期全年總資本支出為 1.20 億至 1.40 億美元。

Cash flow available for distribution was $42.5 million for the quarter, and we continue to expect to generate positive CAD for the full year 2026.

本季可供分配的現金流（CAD）為 4,250 萬美元，我們仍預期 2026 全年將產生正向 CAD。

Alberta that concludes our prepared remarks.

Alberta，以上結束我們的準備發言。

We're ready to open the line for questions.

我們準備開放提問。

(Operator Instruction) Tyler Batory, Oppenheimer.

(接線員指示) Tyler Batory，Oppenheimer。

Hey, good morning.

嗨，早安。

Thanks for taking my questions.

謝謝讓我提問。

You on the hotel portfolio first, and I'm really focused on the retained hotels.

我先從飯店投資組合談起，我主要關注保留的飯店。

Talk a little bit more about, the renovation activity that I believe was impacting margin, in Q2.

能否再多談一些我認為在第二季影響利潤率的整修活動？

And you talked about a number of initiatives to improve the margin performance at the Rage hotels, just talk through a little bit in terms of the timeline on when some of those, initiatives might start to show up in the.

你們提到多項改善 Rage 飯店利潤率表現的措施；能否說明一下時間表，哪些措施可能何時開始反映在

Performance of the mortgage side of things, and then just remind us again, where you'd like to go in terms of moving margin, in the retained hotel portfolio.

抵押貸款端的表現上？另外也請再提醒我們一次，就保留飯店投資組合而言，你們希望利潤率提升到什麼水準。

Hey good morning Tyler, this is Brian, I'll start, then Chris will jump in with some of the more forward-looking stuff.

早安 Tyler，我是 Brian。我先回答，接著 Chris 會補充一些較偏前瞻的內容。

Yeah, for the three hotels we earmark is under renovation, I mean those hotels, I mean, the biggest one is obviously the South Beach property, which we've been talking about, but those hotels, generated $1 million of revenue this poor, but it was a $3 million $3.3 million dollar decline.

是的，對於我們標記為整修中的三家飯店，這些飯店本季產生 100 萬美元營收，但較去年同期下滑 300 萬至 330 萬美元。

Year over year, one of the three is an exit property, so it's a little bit of noise on both fronts, but, the Nautilus is projected to be completed, yeah, by the end of October and early November, with some phase completions with rooms and public space, that's our biggest project for the year, it's got a lot of, financial impacts on both the RevPAR, top-line and bottom line.

其中一家是退出資產，因此兩方面都有些雜訊。不過，Nautilus 預計在 10 月底到 11 月初完工，客房與公共空間會分階段完成；這是我們今年最大的專案，對 RevPAR、營收端與獲利端都有很大的財務影響。

And, that this Q1, Q2 is the high season for Miami, so that that was a particular drag in our results, yeah, but as we look forward to Q4, we should see a positive uplift from that property, amongst others, some of the other properties under renovation or that recently completed renovation have also started ramping up, we have Simply Suites in Las Vegas, for example, we're doing work in Cambridge, I mentioned in in New Orleans, so.

而且第一季、第二季是邁阿密的旺季，所以這對我們的結果造成了特別的拖累。不過展望第四季，我們應可看到該資產帶來正向提升；此外，其他正在整修或近期完成整修的資產也開始爬坡，例如拉斯維加斯的 Simply Suites；我們也在 Cambridge 施工，並如我提到的在紐奧良也有專案，所以。

There's still a little bit of noise and the moving pieces,

仍然會有一些雜訊與變動因素，

Yeah, I would just add in kind of to the back half of your question with respect to kind of some of the initiatives look it's iterative, right?

是的，我再補充你問題後半段、關於一些措施的部分：這是循序漸進的，對吧？

This is a kind of a broader strategy, kind of in line with what we've talked about coming into the year, and over, even into Q1, I think, some of kind of the small wins, we've, reduced our property, insurance by 20% effective 7/1, so that's a fiscal year and there's also some benefits.

這是一個更廣泛的策略，與我們在年初以及第一季所談到的方向一致。我認為一些小勝利包括：我們已將物業保險自 7/1 起下調 20%，這是以會計年度計，且也有一些其他效益。

That come with that with reduced deductible and so we would expect there to be kind of just less overall cost, just the insurance premium alone is a couple million dollars, for the fiscal year we're starting to kind of see the inflow of other types of ancillary revenue alongside contract business, so those are all kinda near term initiatives, I think kind of the bigger piece is much more of the work being done with our operators and so that is a big piece of that.

例如自負額降低所帶來的好處，因此我們預期整體成本會更低；僅保險保費一年就有數百萬美元。我們也開始看到除合約型業務外，其他類型的附屬收入流入；這些都屬於較近期的措施。我認為更大的部分，是與我們的營運商合作所做的工作，而這是其中很重要的一環。

As you recall, there's a new management team that started their effective August 1st, and I think it goes without saying, kind of giving them room and runway to really kind of dig in and unpacked opportunities in the portfolio is something that they've been focused on, and many of these strategies are kind of tied to, and so we would expect for more of that to flow through towards the end of the year and predominant like some of the bigger things like benefits, in Q1 of next year and I think the idea is that we'll provide kind of.

如你所記得的，新的管理團隊已於 8 月 1 日正式上任；不言而喻，給他們時間與空間去深入盤點並拆解投資組合中的機會，是他們目前的重點，而許多策略也與此相關。因此我們預期更多成效會在年底前逐步反映，較大的項目可能在明年第一季開始顯現；我們的想法是，之後會提供與這些槓桿更具體對應的數字。

More specific numbers tied to these levers after we've given them kind of the needed time to vet through that, so, potentially as early as, this next of Q3, the other thing I would, highlight, which I think kind of goes without saying is selling these assets, you get rid of negative $15 million of EBITDA drag, that's the addition by subtraction in our guidance we have $12 million of displacement, occurring with these renovations, and so getting that money back gets you to 0lo the uplift that's going to come.

在給他們必要時間完成評估之後，最早可能在接下來的第三季。另外我想強調一點（我想這也不言而喻）：出售這些資產，就能消除約 1,500 萬美元的 EBITDA 負面拖累，這是「減法帶來加法」。在我們的指引中，這些整修造成 1,200 萬美元的營運替代/移轉（displacement），把這部分賺回來就能回到 0，接著才是後續將帶來的提升。

When performance turns around, and so when you start to add up, these numbers, they become very material, and I think all those will just kind of continue to fold in and ramp up specifically as we get into 2027.

當營運表現回升時，當你把這些數字加總起來，影響會非常顯著；我認為這些都會持續逐步納入並加速，尤其在我們進入 2027 年時會更明顯。

Okay, great.

好的，很棒。

And to follow-up, on the revPAR side of things, we thought Q2 was really strong, she kept the 4-year guidance range.

再追問一下 RevPAR 的部分，我們原本認為第二季非常強勁，但你們仍維持 4 年期指引區間。

So just talk about the outlook for the rest of the year.

所以請談談今年剩餘時間的展望。

Activity else is impacting that outlook, but curious if there's any extra conservatism in terms of what you're providing for the, or what's implied for the second half of the year.

還有其他活動正在影響這個展望，但我想了解，在你們提供的指引（或對下半年所隱含的假設）方面，是否有額外偏保守的地方。

Sure, Tyler, thank you, and I think from our standpoint, Q2 is definitely strong, we, we've seen our preliminary July results, which, gives us, some optimism, going into the third quarter, but if you look at our portfolio and the seasonality of it, yeah, we do expect to slow down in the back half of August and then into Q4, it's just the way our portfolio trends and and some of our geographies, but.

當然，Tyler，謝謝。我想就我們的角度來看，第二季確實很強勁；我們也看到了7月的初步結果，這讓我們對進入第三季抱持一些樂觀。不過如果你看我們的投資組合及其季節性，是的，我們預期在8月下旬到第四季會放緩，這就是我們投資組合的走勢以及部分地區的特性。

Yeah, we feel comfortable with the guidance range, as we sit here today and there's a lot of different things in moving pieces motion, as we look to the back half of the air as Chris L wind and throw in some of the disposition activity and the potential timing some of that, could affect our numbers and hopefully to the upside.

是的，以我們今天所處的位置來看，我們對指引區間感到安心；但在我們展望今年下半年時，確實有很多不同的變數在動態變化。再加上如Chris提到的一些處分活動，以及其中部分交易可能的時間點，都可能影響我們的數字，並希望是往上行的影響。

Okay.

好的。

And then last question from me on the asset sales.

那我最後一個問題是關於資產出售。

Remind us the timeline there, I need to prepare remarks, you said, by the end of 2026, but any sort of the execution risk in terms of getting those completed, and then a bigger picture question, just talk a little bit about the market overall for asset sales, and help us think through any updated thoughts in terms of, future assets that might be on the market for sale.

請提醒我們那邊的時間表。我需要準備講稿；你們說到2026年底，但在完成這些交易上是否有任何執行風險？另外從更宏觀的角度，請談談整體資產出售市場的狀況，並協助我們理解你們對未來可能拿出來出售的資產是否有任何更新的想法。

I know you're now marketing that asset in Atlanta, I'm not sure if there's anything else.

我知道你們現在正在行銷亞特蘭大那個資產，不確定是否還有其他。

The portfolio that that might make sense, down the road here.

投資組合裡未來可能也會有合理的標的。

Yeah, so I think first and foremost, with respect to the 15 properties that we've been active with.

是的，所以我想首先，針對我們一直積極推進的那15項物業。

Given where we are, with those groups again, most, mostly under contract, it's really kind of a Q3, Q4, a type of execution, I would say, of the quantum, which is just shy of $100 million representing kind of that bucket of under contract, maybe between $20 million and $30 million might transact in Q3 with the balance in Q4, there's one that we're marketing that might.

以我們目前與那些買方團隊的進度來看——再次強調，多數基本上已在合約中——我會說執行上大概會落在第三季、第四季。就金額而言，接近但略低於1億美元，代表那一籃子已在合約中的交易；其中可能有2,000萬到3,000萬美元會在第三季成交，其餘在第四季完成。另外有一個我們正在行銷的案子，可能會。

Might find its way into kind of, the early part of 2027, and then certainly I think with respect to the Atlanta perimeter, just given where we are in the process, I think it's fair to say that, an early 2027 is a reasonable expectation, depending on where pricing comes in, and so, to your broader question, like, look, our plan, has been and continues to be to really kind of dig into each hotel and figure out what we

可能會落到2027年初；至於亞特蘭大周邊那個案子，考量我們目前的流程進度，我認為可以合理地說，預期在2027年初是合理的，端看最終價格落點。因此回到你更宏觀的問題：我們的計畫一直是、也仍然是，深入檢視每一家飯店，找出我們能如何。

We can optimize performance, and we've contemplated and and communicated that that's a multi-year journey, I think what we're selling this year and then even the, introduction of this hotel in Atlanta is a testament to kinda how we think about, when the timing is right, we're ready to come to market, but I think, more importantly, I would set the expectation that driving performance to drive value, is a big part of our business, and that's something that, we will adhere to.

把營運表現最佳化；我們也思考並對外溝通過，這是一段多年期的旅程。我想我們今年出售的資產，以及這次把亞特蘭大這家飯店拿出來，正好證明我們的思維：當時機成熟，我們就準備好進入市場。但更重要的是，我會把市場預期放在：透過提升營運表現來推升價值，是我們業務的重要一環，而這也是我們會持續遵循的方向。

I think that the last question you had about the broader market is it's mixed, I think FFO service hotels, I think we've continued to see some level of strength just kind of given where that price point is, and then for more luxury hotels, there seems to be kind of capital chasing, those types of concepts, and then in between, depending on that price point, the $50million to $100 million dollar price point, it's a little bit softer, and so it does.

至於你最後問到更廣泛的市場，我認為是好壞參半。我想全方位服務（full-service）的飯店，我們仍持續看到一定程度的強勁，主要是因為那個價位帶的緣故；而更高端的豪華飯店，似乎有資金在追逐這類標的。至於介於兩者之間、約5,000萬到1億美元的價位帶，則稍微偏軟，因此。

Doesn't mean that there's not an ability to transact, but I think most of the transactions are coming from more kind of stabilized, hotels versus kind of the journey where we're on is kinda turning around performance to kinda get us to that point.

這不代表沒有成交的可能，但我認為多數交易更偏向於較為穩定（stabilized）的飯店；相較之下，我們目前所處的階段更像是在改善營運表現的旅程，以便把資產帶到那個可交易的狀態。

Great, very helpful, that's all for me.

很好，非常有幫助。我這邊就到這裡。

(Operator Instruction) Jack Armstrong, Wells Fargo.

(接線員指示) Wells Fargo 的 Jack Armstrong。

Hey, good morning and thanks for taking the question.

嗨，早安，謝謝讓我提問。

Can you provide us with your updated thoughts on the ramp for the Nautilus and when you expected to open with the EBITDA drag is in the third and fourth quarters and then where you expect the asset to stabilize and the pathway to get there.

你能否更新一下你們對 Nautilus 的爬坡（ramp）進度的看法、預計何時開業、第三與第四季的 EBITDA 拖累情況，以及你們預期該資產何時能達到穩定狀態（stabilize）與達成的路徑。

Sure, Jack, good morning, the Nautilus project is

當然，Jack，早安。Nautilus 專案目前。

under underway today, we expect delivery, by November, just ahead of, where the season starts ramping up for that market, I think from a cash drag standpoint for the full year is around $4.5 million for that property, so it's a significant swing in our expectations going forward as it ramps up, we'll obviously get more color as we get into next year's guidance, but.

正在進行中，我們預期在11月交付，正好趕在該市場旺季開始升溫之前。以全年現金拖累來看，該物業約為450萬美元，因此隨著它逐步爬坡，對我們未來預期會是相當顯著的變化。我們在提供明年指引時，顯然會有更多細節，但。

The property did around, $5million or $6 million before renovation on an annual run rate, we expect that to significantly increase going forward, between that property and some of the others that are still ramping, we're optimistic we'll continue to see, the right results.

該物業在整修前的年度運行水準大約是500萬到600萬美元；我們預期未來會顯著提升。結合該物業以及其他仍在爬坡中的資產，我們對於能持續看到正確的成果感到樂觀。

A helpful color there, and then just, can you touch on what percentage of your bookings were through the OTAs and Q2, and then maybe where that's been historically and then what the goal is there going forward that is some of the initiatives you talked about.

這些補充很有幫助。接著想問，第二季你們有多少比例的訂房是透過 OTA？歷史上大概在哪個水準？以及未來的目標是什麼——也就是你們提到的一些措施。

Yeah, I mean, typically, the bookings, across the OTA have kind of hovered in the mid 20%, where that bogey needs to be, I think it's still CBD, I mean, certainly we want that to come down, closer to 20%, but I think that's, that there's a lot of work that needs to go in to do that so between 20 and 25 is probably kind of a healthy expectation, in the medium term.

是的，一般來說，透過 OTA 的訂房比例大致徘徊在20%中段（mid-20%），這也是我們認為合理的基準。我想這仍然取決於市場（CBD）；當然我們希望能降到更接近20%，但要做到那點需要投入很多工作，所以在中期來看，20%到25%大概是比較健康的預期。

And then again, I think that's going to come through the things that I referenced with respect to kind of just changing some of the channels, kind of allocating more resources through, growing kind of loyalty programs and driving business through loyalty programs, and I think as we bolster other areas within the business, whether it's group or contract business, let alone transient, that in itself will kind of just truncate, where that percentage comes from, but I think to answer your question it's kind of getting closer down to that 20% mark.

另外，我認為這會透過我剛提到的那些事情來達成：例如調整部分通路、投入更多資源、擴大會員忠誠計畫並透過忠誠計畫帶動業務。我也認為，當我們強化業務中的其他面向——不論是團體或合約業務，更不用說散客（transient）——本身就會讓 OTA 的占比被壓縮。總之，回答你的問題，就是把比例拉近到20%那個水準。

And then maybe one on the net lease side, can you give us your updated thoughts on credit losses in the back half of the year, maybe provide an update on where the two franchisee bankruptcies and and any changes to your kind of watch list first.

再問一題關於淨租賃（net lease）端：你能否更新一下你們對下半年信用損失的看法？也請更新一下兩個加盟商破產案的進度，以及你們觀察名單（watch list）是否有任何變化。

Yeah, Jack, this is Jesse you can take that one, with respect to the two bankruptcies we, announced last quarter, I think good news on both of those fronts, the Popeye's franchisee will be emerging from bankruptcy in Q3.

好的，Jack，我是Jesse，我來回答。關於我們上季宣布的兩起破產案，我想兩邊都有好消息。Popeye's 的加盟商將在第三季走出破產程序。

We've got a deal in place to assign those assets to back to corporate, so there'll be a credit bump there, all remaining economics of those existing, the existing master lease will stay the same, so they're already back to a rent paying status so, probably net that's a good story a positive story, and then with respect to the other franchisee again this is another QSR, we similar story, we expect all those to remain open and get assigned to corporate, so we'll see that credit bump as well still negotiating the deal terms.

我們已達成協議，將那些資產轉讓回總部（corporate），因此信用狀況會有所提升；現有主租約（master lease）的其餘經濟條款都會維持不變，所以它們已經恢復到正常付租狀態。整體來看，這是個好故事、正面的故事。至於另一個加盟商，同樣是另一家 QSR（速食餐飲），情況類似：我們預期那些店都會維持營業並轉讓給總部，因此信用也會提升；目前仍在協商交易條款。

With respect to exactly how it's going to play out in terms of the rev going forward.

至於未來營收（rev）將如何呈現的細節。

I would say that the big story on the Netlease side of things for us relates to the TA coverage piece, and this is now the second straight quarter we've seen a pretty meaningful bump, as best as we can tell, we think that's, we're seeing digit growth both in terms of freight pricing as well as, diesel margins, right?

我會說，對我們而言淨租賃端最大的重點在於 TA 覆蓋率（coverage）那一塊；這已是連續第二季出現相當明顯的改善。就我們所能判斷的，我們認為這反映了運價以及柴油利潤率的雙位數成長，對吧？

Those are two pretty big indicators of how that business is going to go, the diesel margins may be a little more transitory and related to the Middle East conflict, but I think the thinking across the board in the freight industry is that

這是兩個相當重要的指標，用來判斷那項業務接下來會如何發展。柴油利差可能較為短暫，並且與中東衝突有關，但我認為貨運產業普遍的看法是

That increase in demand is probably something that we expect to be persistent throughout 2026.

需求的增加很可能會持續到 2026 年。

So, again a really good indicator for that business, then again, maybe the third piece to that is we may be seeing some early fruits of the business improvement plan that BP has implemented with respect to those TA assets, so, they've now had several quarters of new management and the opportunity to execute on that plan, so multifactorial, certainly, but I think the big news in terms of how we think of the net lease or portfolio was driven by the increased performance in TA.

所以，再次強調，這對那項業務而言是非常好的指標。另外第三個因素可能是，我們正在看到 BP 針對那些 TA 資產所推動的業務改善計畫開始出現一些早期成果；他們現在已經有新管理團隊運作了好幾個季度，也有機會去落實該計畫。因此，確實是多重因素共同作用，但我認為就我們看待淨租賃或投資組合的角度而言，最大的消息是 TA 表現提升所帶動的。

Really helpful, that's it for me, thanks.

非常有幫助，我這邊就到這裡，謝謝。

Right.

好的。

(Operator Instruction) (Inaudible).

(接線員指示)（聽不清楚）。

Hey, good morning, (Inaudible) thank you for, taking the question.

嗨，早安，（聽不清楚）謝謝你讓我提問。

Can you, walk us through your current thinking on addressing the remaining, 2020, that maturities, especially around the timing for that.

你能否帶我們了解一下，你們目前對於處理剩餘的 2020 年到期項目的想法，特別是相關時程安排？

Thanks.

謝謝。

Sure, from our standpoint we've got $45 million in at least mortgage notes, it's a very low funding note coming up in January, we expect to take that out with asset sale proceeds, I mentioned the revolver, is up in June, we do have a one year extension option, so we're planning and thinking around, that in the coming months, what to do there.

當然。就我們的角度來看，我們有 4,500 萬美元的（至少是）抵押貸款票據，這是一筆成本非常低的融資票據，將於 1 月到期；我們預期會用資產出售所得來償還。我也提到循環信貸額度（revolver）在 6 月到期；我們確實有一年的展期選擇權，所以接下來幾個月我們會規劃並思考那邊要怎麼做。

And then the 0 coupon senior secured notes mature in September of 27.

另外，零息的高級擔保票據在 27 年 9 月到期。

Again, back half of this year, early next year is probably when, we'll consider transacting depending on market conditions those pro those notes are backed by two of our travel center lease pools, so very strong collateral, so we think we have flexibility and refinancing those notes and then whether or not, we pay some of it down, but asset proceeds remains to be seen.

同樣地，今年下半年到明年初，大概是我們會視市場狀況考慮進行交易的時間點。那些票據是以我們兩個旅行中心（travel center）租賃資產池作為擔保，抵押品非常強，因此我們認為在再融資方面有彈性；至於是否會償還其中一部分，或是否使用資產出售所得，仍有待觀察。

Depending on the quantum, but yeah that's our shorter term thinking as far as what's upcoming on the balance sheet.

視金額規模而定，但對，這就是我們對資產負債表近期到期項目的短期想法。

Thank you.

謝謝。

Thank you.

謝謝。

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

(接線員指示) John Massocca，B. Riley Securities。

Good morning, maybe sticking with the balance sheet question and the zero coupon bonds in particular, I mean, do you think where you sit today after the equity raise, you're in a good enough position from a covenant perspective to refinance those with more kind of traditional secured debt, or would you still need to probably for covenant related reasons go more unique angle like you did with the last debt raising.

早安。也許延續資產負債表的問題，特別是零息債券：我的意思是，在完成增資之後，以你們目前的狀況來看，從契約條款（covenant）的角度，你們是否已經處於足夠好的位置，可以用較傳統的擔保債務來為其再融資？還是說基於契約條款的原因，你們可能仍需要像上次舉債那樣採取較特殊的做法？

John, thanks for the question and good morning, our current thinking is that'll probably most likely be a, regular way type debt instrument, the 0 coupon was.

John，謝謝你的提問，早安。我們目前的想法是，那很可能會是一種較「常規」的債務工具。零息票據當時是

Sort of a temporary need from a covenant standpoint as you outlined, pre-equity raise, I think we do as we sit here today, and how those bonds have traded, I think we'll be in pretty good position, to be able to do that, and absorb the cash interest that would be expected with such a refinancing.

如你所說，主要是因為增資前在契約條款方面的暫時性需求。我認為以我們今天的狀況，以及那些債券的交易表現來看，我們會處於相當好的位置，能夠這麼做，並且承擔這類再融資所預期的現金利息支出。

Again those bonds in the market have traded very well, collateral is very strong and I think we set us up in a good spot.

再說一次，那些債券在市場上的交易表現非常好，抵押品也很強，我認為這讓我們處於很好的位置。

Okay, and then on the hotel front,

好的，那在飯店方面，

With the two assets that you're kind of marketing but don't have like pricing agreed to or under contract on, are there kind of brackets or procedure you're looking for, I know it might be a little bit specific given it's only two assets, just kinda curious if there's like a range of proceeds we might expect from those. dispositions.

你們正在推銷的兩項資產，目前還沒有就價格達成一致、也沒有簽約；是否有你們希望達到的價格區間或程序？我知道因為只有兩項資產可能比較特定，但我有點好奇，這兩筆處分我們大概可以預期的出售所得會落在什麼範圍。

Yeah, we'll provide more color, as time progresses, I think where we stand, we want to let the process play out a little bit, let that guy kind of overall expectations.

是的，隨著時間推進我們會提供更多資訊。我認為以我們目前的狀況來看，我們希望讓流程再多走一段，讓它自然發展一下，並形成整體的預期。

Okay, and then with the Asta in Atlanta, you kind of previously marketed it was it the kind of operational position of the property that made it attractive to take it back for sale or I mean it seemed like it did pretty well last quarter, has there been.

好的。那關於亞特蘭大的 Asta，你們之前曾經推銷過；是因為該物業的營運狀況讓你們覺得把它收回來再出售更有吸引力嗎？我的意思是，它上季看起來表現不錯，是否有

It was a change in overall performance that now might make it more attractive to buyers, just kinda curious, why that.

整體表現的變化，使它現在對買家更具吸引力？有點好奇，為什麼會這樣。

Specific asset, why take that back into the market today?

就這個特定資產而言，為什麼現在要把它重新拿到市場上？

Yeah, last year when we took it to market, there was a couple of different factors, one, was just on kind of unpacking a little bit more around the kind of the capital needs and the overall expectations with the brand, that, I think where we were seeing offers was a factor as part of that as we wanted to rethink it.

是的。去年我們把它拿到市場上時，有幾個不同因素。第一，是我們在更深入梳理資本支出需求，以及品牌方的整體要求；我想當時我們看到的出價水準也受到這些因素影響，因此我們想重新思考。

As we sit here today, what's attractive about where we're at with that acid is, that agreement, expires at the beginning of next year, and so it provides optionality, with the buyer pool, whether or not they want to purchase that with or without the brand, and again just give general flexibility on kind of execution of whatever business plan is associated with their capital needs and so I think.

以我們現在的狀況來看，這個資產目前吸引人的地方在於，那份協議在明年初到期，因此對買方族群提供了選擇性：他們可以選擇帶品牌或不帶品牌購買；同時也能在執行其商業計畫時，針對資本需求提供更大的彈性。所以我認為

From a timing standpoint and kind of timing the market relative to kind of some of those, time frames it's just in our view is a is a much more attractive, candidate for a buyer.

從時點來看，以及相對於某些時間框架去掌握市場時機，我們認為這對買家而言是一個更具吸引力的標的。

Okay, and then like bigger picture as we look into 2027 should we kind of expect hotel sales to be one-offish in nature,

好的。那從更大的角度來看，展望 2027 年，我們是否應該預期飯店出售會是比較零星、一次性的，

I know it's early days, but any outlook for that versus maybe a more kind of portfolio driven or kind of more structured disposition program next year.

我知道現在還早，但你們對此有沒有一些看法？相較之下，明年是否可能會有更偏投資組合導向、或更結構化的處分計畫？

It's early days, John, I think, as I mentioned, the real focus is around performance improvement, that's, that, that's a journey that we've kind of talked about we'll let that guide. how we think about dispositions, and so, as we kind of get through the year and more specifically into the 27, I think we'll have more color on what that could look like.

John，現在還早。我認為如我提到的，真正的重點在於提升營運表現；這是一段我們一直在談的旅程，我們會讓它來引導我們如何思考資產處分。因此，隨著我們度過今年、並更具體地進入 27 年，我想我們會對可能的樣貌有更多說明。

Okay, and then one last one on the hotel front just a quick clarification that the 7.1%, July RevPAR growth was that for the total portfolio or just the retained assets?

好的。最後一個關於飯店的問題，快速確認一下：7 月 RevPAR 成長 7.1% 是整個投資組合，還是僅針對保留資產？

That was just the retained assets.

那只是保留資產。

And then lastly 1 on the net lease side, how should we think about lease expirations here over the remainder of the year is the outlook that those.

最後一個關於淨租賃：今年剩餘期間的租約到期情況，我們應該怎麼看？這些

Strong candidates for renewal or how are you kind of thinking about those assets specifically?

是否屬於很有機會續約的標的？你們對這些資產具體是怎麼思考的？

Yeah, we don't have a ton of expirations in the back half of the year we've got our arms around most of them we expect to be reliving the vast majority of there may be 11 or 2 that go dark but, even that would be somewhat of a surprise for us so I think we're in good shape for the balance of 2026, and now we're kind of trying to get ahead of the 27 as well at this point with the team.

是的，我們在今年下半年到期的租約不多；大多數我們都已掌握，我們預期絕大部分都會續租。可能有 1 或 2 個會熄燈（不再營運），但即便如此，對我們來說也會有點意外。所以我認為 2026 年剩餘期間我們狀況良好；而且此刻團隊也正嘗試提前因應 27 年的部分。

Okay, that's it for me, thank you very much.

好的，我就到這裡，非常感謝。

(Operator Instruction)

(接線員指示)

Thank you for joining today, Paul, please reach out to our investor relations if you're interested in scheduling, a meeting with SVC, that concludes our call.

感謝各位今天參與。Paul，如果你有興趣安排與 SVC 的會議，請聯絡我們的投資人關係部門。今天的電話會議到此結束。

(Operator Instruction).

(接線員指示)。