American Assets Trust Inc (AAT) 2023 Q3 法說會逐字稿

Good day, and welcome to the American Assets Trust Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded.

美好的一天，歡迎參加美國資產信託 2023 年第三季收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Adam Wyll, President and Chief Operating Officer. Please go ahead.

我現在想將會議交給總裁兼營運長 Adam Wyll。請繼續。

Thank you. Good morning, everyone. Welcome to American Assets Trust Third Quarter 2023 Earnings Call. Yesterday afternoon, our earnings release and supplemental information were furnished to the SEC on Form 8-K, both are now available on the Investors section of our website, americanassetstrust.com.

謝謝。大家，早安。歡迎參加美國資產信託 2023 年第三季財報電話會議。昨天下午，我們向 SEC 提交了 8-K 表格的收益發布和補充信息，這兩份信息現已在我們網站 americanassetstrust.com 的投資者部分提供。

And with that quick intro, I'll turn the call over to Ernest Rady, our Chairman and CEO, to begin the discussion of our third quarter 2023 results. Ernest?

透過簡短的介紹，我將把電話轉給我們的董事長兼執行長歐內斯特·拉迪 (Ernest Rady)，開始討論我們 2023 年第三季的業績。歐內斯特？

Thanks, Adam, and good morning, everyone. During these times, when the economic and business landscapes are so unpredictable, it has become imperative for us to focus on what we can control, including how we can adapt to meeting the evolving market demands in such a turbulent economy.

謝謝亞當，大家早安。在經濟和商業狀況如此難以預測的時期，我們必須專注於我們可以控制的事情，包括如何在如此動盪的經濟中適應不斷變化的市場需求。

Along these lines, we have a history of overcoming challenges with resilience, and we are confident that our high-quality operating platform and real estate portfolio will remain steadfast in spite of market adversity as we face persistent inflation, higher-for-longer federal funds rates, much tighter credit conditions and truly unfortunate geopolitical instability and war.

沿著這些思路，我們有著以韌性克服挑戰的歷史，我們相信，儘管市場逆境，我們的高品質營運平台和房地產投資組合將保持堅定，因為我們面臨持續的通貨膨脹、長期較高的聯邦基金利率、更緊縮的信貸條件以及真正不幸的地緣政治不穩定和戰爭。

We are certainly not naive to the fact that the office sector, in particular, seems to be painted with a broad negative brush. It may take time for the office sector to see meaningful bifurcation of performance and value between the more modernized and amenitized office projects like ours versus that of commodity office.

我們當然不會天真地看到這樣一個事實，即辦公行業，尤其似乎受到了廣泛的負面影響。辦公產業可能需要一段時間才能看到像我們這樣更現代化和便利化的辦公專案與商品辦公室專案之間的表現和價值之間的有意義的分歧。

But we are confident that we'll be on the right side of that equation. And not to mention, as we see replacement costs for high-quality property like our [Sorin] and likely to continue to climb over the years to come, I think that today's real estate prices for premier properties will be a bargain in the future.

但我們有信心我們將站在這個等式的正確一邊。更不用說，由於我們看到像我們的[Sorin]這樣的高品質房產的重置成本並且可能在未來幾年繼續攀升，我認為今天的優質房產的房地產價格在未來將是便宜的。

Meanwhile, in Q3 2023, we are once again encouraged by our operating fundamentals, which were stronger than our projections against the negative backdrop for commercial real estate. Nevertheless, we remain optimistic that our earnings trajectory for the rest of the year as we have once again increased our full-year guidance based on our better-than-expected performance so far in 2023.

同時，在 2023 年第三季度，我們的經營基本面再次受到鼓舞，在商業房地產的負面背景下，這些基本面強於我們的預測。儘管如此，我們對今年剩餘時間的獲利軌跡仍持樂觀態度，因為我們基於 2023 年迄今好於預期的業績，再次提高了全年指引。

Candidly, the outlook beyond this year, at least in the short term, is less certain with the prevailing economic and global challenges. But as always, I promise you, we'll work hard, do our very best and look forward to presenting our 2024 guidance next February. Adam, Bob and Steve will go into more detail on our various asset segments, financial results and guidance.

坦白說，由於當前的經濟和全球挑戰，今年以後的前景（至少在短期內）不太確定。但與往常一樣，我向您保證，我們將努力工作，竭盡全力，並期待明年 2 月提出我們的 2024 年指導。亞當、鮑伯和史蒂夫將更詳細地介紹我們的各個資產領域、財務表現和指導。

But first, I want to mention that the Board of Directors has approved and [obtained] a quarterly dividend of $0.33 per share for the fourth quarter, which we believe is supported by our financial results and is an expression of the Board's confidence in our expected performance. The dividend will be paid under December 21 to shareholders of record December 7. Again, on behalf of all of us at American Assets Trust, we thank you for your confidence and continued support in allowing us to manage your company.

但首先，我想提一下，董事會已批准並[獲得]第四季度每股 0.33 美元的季度股息，我們相信這得到了我們的財務業績的支持，並且表達了董事會對我們預期的信心表現。股利將於 12 月 21 日支付給 12 月 7 日登記在冊的股東。我們再次代表美國資產信託公司的全體員工感謝您的信任和持續支持，讓我們能夠管理您的公司。

I'm now going to turn the call back to Adam.

我現在要把電話轉回給亞當。

Thanks, Ernest. At American Assets Trust, we focus our strategy and decision-making on what we believe will create long-term financial outperformance, specifically our portfolio of high-quality properties in our asset class diversity, which provides more stability and protection from risks associated with changes and economic conditions of a particular market or industry, our property locations and demographics favoring cities with temperate climates, higher household incomes and education levels near world-renowned universities and transit centers, our fortress balance sheet and debt profile with a well-staggered debt maturity schedule, our integration of property technologies to provide operational cost savings and efficiencies, our economically prudent ESG initiatives and our integrity and transparency in our communications and business dealings with our stakeholders.

謝謝，歐內斯特。在美國資產信託，我們將策略和決策的重點放在我們認為將創造長期財務表現的方面，特別是我們資產類別多樣性中的優質房地產投資組合，這提供了更高的穩定性並防範與變化相關的風險特定市場或行業的經濟狀況、我們的房地產位置和人口結構有利於氣候溫和的城市、靠近世界知名大學和交通中心的較高家庭收入和教育水平、我們堡壘式的資產負債表和債務狀況以及債務到期日的錯開我們整合房地產技術以節省營運成本並提高效率，我們在經濟上審慎的 ESG 舉措以及我們與利益相關者的溝通和業務往來的誠信和透明度。

We certainly believe that these factors, together with consistently improving our properties, is critical to remaining best-in-class among our peers and being fiercely competitive in the marketplace, which will enable our continued long-term success, notwithstanding the inevitable cycles of the real estate industry, including the one we are currently mired in.

我們當然相信，這些因素，加上不斷改進我們的資產，對於在同行中保持一流並在市場中保持激烈競爭至關重要，這將使我們能夠持續取得長期成功，儘管不可避免的周期房地產行業，包括我們現在所處的房地產行業。

In fact, as of the end of Q3, we had our highest ever average monthly base rent per square foot for both our office portfolio and retail portfolio and also highest average monthly rent per unit for our multifamily portfolio since our IPO, pretty proud of that.

事實上，截至第三季末，我們的辦公大樓投資組合和零售投資組合的每平方英尺平均月基本租金是有史以來最高的，多戶住宅投資組合的每單元平均月租金也是自我們首次公開募股以來最高的，對此感到非常自豪。

Briefly on the office utilization front, a recent study by [ResumeBuilder] showed that 90% of companies plan to implement return-to-office policies within the next 12 to 14 months, with a meaningful amount of those companies also stating that they would threaten to terminate employees that don't comply. This, of course, comes as more and more CEOs contend that employee collaboration, engagement, mentorship and productivity are clearly suffering without in-office presence. No surprise there.

就辦公室利用率而言，[ResumeBuilder] 最近的一項研究表明，90% 的公司計劃在未來 12 至 14 個月內實施重返辦公室政策，其中相當一部分公司還表示，他們將威脅解僱不遵守規定的員工。當然，越來越多的執行長認為，如果沒有在辦公室，員工的協作、參與、指導和生產力顯然會受到影響。這並不奇怪。

As labor forces soften and recessionary concerns ease, we believe many more large companies will begin to solidify future space plans. From what we can see based on tenant card swipes, access control records and property manager estimates, we have seen an uptick in office utilization on average of a few percentage points at our properties since we last reported at the end of Q2, with Bellevue showing the most meaningful improvement.

隨著勞動力的疲軟和衰退擔憂的緩解，我們相信更多的大公司將開始鞏固未來的太空計畫。從租戶刷卡、門禁記錄和物業經理的估計來看，自我們上次在第二季末報告以來，我們發現我們物業的辦公室利用率平均上升了幾個百分點，貝爾維尤顯示最有意義的改進。

On the retail front, where we stand just under 95% leased and comprises 27% of our portfolio NOI, we continue to see an improved leasing environment post-COVID as retail fundamentals have remained strong for the most part, despite sustained headwinds.

在零售方面，我們的租賃率略低於95%，占我們投資組合NOI 的27%，我們繼續看到疫情後租賃環境有所改善，因為儘管面臨持續的阻力，零售基本面在很大程度上仍然強勁。

We had a significant retail renewal activity in Q3. Our comparable retail leasing spreads have maintained their favorable trajectory over the past year plus, with an 8% increase on a cash basis and 19% increase on a straight-line basis for Q3 deals, an 8% increase on a cash basis and 15% increase on a straight-line basis for the trailing 4 quarters.

我們在第三季進行了重大的零售更新活動。我們的可比零售租賃利差在過去一年多時間裡一直保持著良好的軌跡，第三季度交易以現金計算增長8%，按直線計算增長19%，按現金計算增長8%，按直線計算增長15%過去 4 季的直線成長。

No doubt, this is a testament to our best-in-class and well-managed retail properties that we are absolutely dominant in [their] trade areas, which reside in supply-constrained and densely populated markets with favorable demographics.

毫無疑問，這證明了我們一流且管理良好的零售物業，我們在[他們的]貿易領域佔據絕對主導地位，這些貿易領域位於供應有限、人口稠密且人口結構有利的市場。

With respect to our multifamily communities, we continue to see positive, albeit decelerating rent growth as we posted better-than-expected results in Q3. In our view, the deceleration of rent growth is due in part to an increased amount of applicants not meeting our income and credit requirements, not to mention general economic stress on individuals and families.

就我們的多戶社區而言，我們繼續看到積極的租金成長，儘管租金成長放緩，因為我們在第三季發布了好於預期的業績。我們認為，租金成長放緩的部分原因是不符合我們的收入和信貸要求的申請人數增加，更不用說個人和家庭的普遍經濟壓力了。

Nevertheless, in San Diego, we saw leases on vacant units rent at an average rate of approximately 3% over prior rents, while rates on renewed units increased at an average of 11% over prior rents for a blended average of approximately a 6% increase. Additionally, in San Diego, net effective rents for our multifamily leases are now 9% higher year-over-year compared to the third quarter of 2022.

儘管如此，在聖地牙哥，我們看到空置單位的租金平均比之前的租金高出約 3%，而更新單位的租金比之前的租金平均上漲了 11%，混合平均增幅約為 6% 。此外，在聖地牙哥，與 2022 年第三季相比，我們多戶住宅租賃的淨有效租金目前年增 9%。

Meanwhile, as expected, our occupancy at Pacific Ridge Apartments rebounded from just below 70% as of the end of Q2 to approximately 90% as of the end of Q3, with the move-in of USD students this fall. This has ticked up a few more percentage points since the end of Q3 with additional occupancy of units in October.

同時，正如預期的那樣，隨著今年秋季美國學生的入住，Pacific Ridge Apartments 的入住率從第二季末的略低於 70% 反彈至第三季末的約 90%。自第三季末以來，隨著 10 月公寓入住率的增加，這一數字又上升了幾個百分點。

In Q3 in Portland at our Hassalo on Eighth, we saw a blended increase of approximately 4% new move-ins and renewals, with concessions being offered on longer-term leases. Though net effective rents for our multifamily leases at Hassalo are approximately 3% higher year-over-year compared to the third quarter of 2022, the multifamily market in the Pacific Northwest has remained sluggish as our occupancy has softened.

第三季度，在波特蘭的 Hassalo 第八街，我們看到新入住和續租混合成長了約 4%，並且對長期租賃提供了優惠。儘管與 2022 年第三季相比，我們在 Hassalo 的多戶住宅租賃的淨有效租金同比增長約 3%，但由於我們的入住率疲軟，太平洋西北地區的多戶住宅市場仍然低迷。

With that, I'll turn the call over to Bob to discuss financial results and updated guidance in more detail.

這樣，我將把電話轉給鮑勃，更詳細地討論財務業績和更新的指導。

Thanks, Adam, and good morning, everyone. Last night, we reported third quarter 2023 FFO per share of $0.59 and third quarter '23 net income attributable to common stockholders per share of $0.20. All in all, the third quarter was better than our expectations. Third quarter '23 FFO was flat compared to the second quarter of '23.

謝謝亞當，大家早安。昨晚，我們公佈了 2023 年第三季 FFO 每股 0.59 美元，2023 年第三季歸屬於普通股股東的每股淨利潤為 0.20 美元。總而言之，第三季好於我們的預期。 23 年第三季 FFO 與 23 年第二季持平。

Same-store cash NOI ended at 1.8% growth year-over-year for the third quarter. Our same-store office portfolio was flat in Q3, largely due to nonrecurring rent deferral payments made in the comparable period. Excluding those payments received in Q3 of 2022, Q3 '23 office same-store would have been 2.1% and total same-store cash NOI would have been 3%.

第三季同店現金 NOI 較去年同期成長 1.8%。我們的同店辦公組合在第三季持平，主要是由於同期支付的非經常性租金延期付款。不包括 2022 年第三季收到的付款，23 年第三季辦公室同店利潤將為 2.1%，同店現金 NOI 總額將為 3%。

On an individual office basis, we saw strong same-store growth in Q3 at Torrey Reserve of approximately 11%, Torrey Point of approximately 5%, Landmark at approximately 2.5% and La Jolla Commons at approximately 7%. Our same-store retail portfolio grew at 6.3% in Q3, primarily due to the commencement of new leases. Our same-store multifamily portfolio was flat in Q3, primarily due to higher vacancies at our Hassalo on Eighth at Portland.

就單一辦公室而言，我們看到 Torrey Reserve 第三季的同店強勁成長約 11%，Torrey Point 約 5%，Landmark 約 2.5%，La Jolla Commons 約 7%。我們的同店零售組合在第三季成長了 6.3%，主要是由於新租賃的開始。我們的同店多戶住宅投資組合在第三季持平，主要是因為波特蘭 Hassalo on Eventh 的空置率較高。

And our mixed-use portfolio grew at 2.1% in Q3 because of higher revenue at our Embassy Suites Waikiki Beach Walk. Speaking of Embassy Suites Waikiki Beach Walk, our hotel continues to lead its competitive set in occupancy, ADR and RevPAR year-to-date through September '23. It is worth noting that demand this past summer of '23 ended sooner than expected as occupancy dropped in the third week of August.

由於威基基海灘步道大使館套房飯店的收入增加，我們的混合用途投資組合在第三季成長了 2.1%。說到威基基海灘步道大使套房飯店，截至 2023 年 9 月，我們的飯店在入住率、ADR 和 RevPAR 方面繼續保持領先地位。值得注意的是，由於 8 月第三週的入住率下降，2023 年夏季的需求結束時間比預期早。

This typically does not occur until after Labor Day weekend and was likely the result of the [Maui] buyers, Japanese yen and with the strengthening of the U.S. dollar, which makes them more attractive to travel internationally, with Europe and the Caribbean as competing destinations.

這種情況通常要到勞動節週末之後才會發生，很可能是毛伊島買家、日圓和美元走強的結果，這使得他們對國際旅行更具吸引力，其中歐洲和加勒比海地區是競爭目的地。

Our partners in Oahu now believe that our Japanese guests are slated to return more meaningfully late summer of 2024. The Japanese yen, which is now approximately 149 to the U.S. dollar, remains a major factor affecting the affordability of travel from Japan to Waikiki. Pre-COVID, it was approximately 105 to 108 to the U.S. dollar. While the U.S. Fed policy remains firm to keep inflation in check, pressure on the Japanese yen continues.

現在，我們在歐胡島的合作夥伴相信，我們的日本客人將於2024 年夏末更有意義地回歸。日元目前約為149 美元兌1 美元，仍然是影響從日本到威基基旅行負擔能力的主要因素。新冠疫情爆發前，美元兌美元匯率約為 105 至 108。儘管聯準會政策依然堅定以控制通膨，但日圓仍面臨壓力。

However, on the positive side, demand from Japan was strong, with further growth held back by the lack of air seats for the current period. The infrastructure is in place with Honolulu's nearly complete airport renovation that can handle more and much larger planes from Japan, like ANA's Dreamliner. Delta Airlines also recently announced that it will begin daily round trip service between Tokyo, [Haneda] and Honolulu this month.

然而，從積極的一面來看，日本的需求強勁，但由於目前缺乏航空座位而阻礙了進一步的成長。檀香山機場翻修工程已接近完成，基礎設施已到位，可起降更多、更大的日本飛機，例如全日空航空公司的夢幻客機。達美航空最近也宣布將於本月開始東京、[羽田]和檀香山之間的每日往返服務。

ANA Airlines will also operate all 14 weekly round-trip flights on the Narita-Honolulu route beginning this December. This will bring the number of seats offered on the Honolulu route to a record high, including those before COVID. It's just a matter of time before we see the full return of our guests from Japan.

從今年 12 月開始，全日空航空公司還將運營成田 - 檀香山航線上的全部 14 趟每週往返航班。這將使檀香山航線提供的座位數量創歷史新高，包括新冠疫情之前的座位數。我們看到來自日本的客人全部回來只是時間問題。

In the meantime, the U.S. market has filled a large part of the Japanese void in travel to Waikiki, as shown in the following geographic revenue allocation. In 2019, approximately 40% of our revenue came from the U.S. and 40% from Japan. In 2023, approximately 73% of our revenue has come from the U.S. and just 9% from Japan. So that puts it more in perspective.

同時，美國市場填補了日本威基基旅遊的很大一部分空白，如下面的地理收入分配所示。 2019年，我們約有40%的收入來自美國，40%來自日本。到 2023 年，我們約有 73% 的收入來自美國，只有 9% 來自日本。這樣就更具有前瞻性了。

Turning to liquidity. At the end of the third quarter, we had liquidity of approximately $490 million, comprised of approximately $90 million in cash and cash equivalents and $400 million of full availability on our revolving line of credit.

轉向流動性。截至第三季末，我們的流動資金約為 4.9 億美元，其中包括約 9,000 萬美元的現金和現金等價物以及 4 億美元的循環信貸額度。

Additionally, as of the end of the third quarter, our leverage, which we measure in terms of net debt-to-EBITDA, was 6.6x. Our objective continues to be to achieve and maintain a net debt-to-EBITDA of 5.5x or below. Our interest coverage and fixed-charge coverage ratio ended the quarter at 3.5x. We are well capitalized with no near-term maturities.

此外，截至第三季末，我們的槓桿率（以淨負債與 EBITDA 比率衡量）為 6.6 倍。我們的目標仍是實現並維持 5.5 倍或以下的淨債務與 EBITDA 比率。本季結束時，我們的利息保障倍數和固定費用保障倍數為 3.5 倍。我們資本充足，沒有短期到期日。

We do have a $100 million unsecured debt maturity in July of 2024. We have several options for refinancing that debt maturity, including without limitation, another private placement using our untapped line of credit on a short-term basis or a new term loan, ultimately with an eye of potentially approaching the public debt markets again in 2025.

我們確實有1 億美元的無擔保債務將於2024 年7 月到期。我們有多種選擇對該債務到期進行再融資，包括但不限於使用我們未動用的短期信貸額度進行另一次私募，或者最終使用新的定期貸款著眼於 2025 年再次進入公共債務市場。

We believe that we have several options and a good debt maturity ladder to work with, along with a great banking syndicate. Overall, I believe we are in pretty good shape.

我們相信，我們有多種選擇、良好的債務期限階梯以及強大的銀行財團可供合作。總的來說，我相信我們的狀態非常好。

Let's take a moment and talk about 2023 guidance. We are increasing our 2023 FFO per share guidance range to $2.36 to $2.40 per FFO share, with a midpoint of $2.38 per FFO share, a 2.6% increase from our previously stated guidance issued on our Q2 '23 earnings call that had a range of $2.28 to $2.36 with a midpoint of $2.32.

讓我們花點時間談談 2023 年指導。我們將2023 年FFO 每股指引範圍提高至每股FFO 2.36 美元至2.40 美元，中間值為每股FFO 2.38 美元，比我們之前在2023 年第2 季收益電話會議上發布的指導範圍增加了2.6% ，指引範圍為每股FFO 2.28 美元至 2.36 美元，中點為 2.32 美元。

Let's walk through the following items that make up this increase in our '23 FFO guidance that was not previously included in our original 2023 guidance.

讓我們來看看以下項目，這些項目構成了我們 '23 FFO 指南中的這一增加，這些內容以前未包含在我們最初的 2023 年指南中。

First, our retail properties contributed approximately $0.02 per FFO share of outperformance in Q3, primarily as a result of lower operating expenses and collecting certain rents that we had previously [reserved].

首先，我們的零售物業在第三季度為每股 FFO 業績表現貢獻了約 0.02 美元，這主要是由於營運費用降低以及收取我們之前[保留]的某些租金。

Second, our office properties contributed approximately $0.01 per FFO share of outperformance in Q3. Third, our multifamily properties contributed approximately $0.01 per FFO share of outperformance in Q3.

其次，我們的辦公室物業在第三季為每股 FFO 股票的優異表現貢獻了約 0.01 美元。第三，我們的多戶型房產在第三季的優異表現中為每 FFO 份額貢獻了約 0.01 美元。

And fourth, our Waikiki Beach Walk Embassy Suites contributed approximately $0.005 of FFO share. And fifth, lower G&A expenses were slightly lower. Six, we expect our multifamily properties to contribute an incremental $0.01 per FFO share in Q4 due to leasing that occurred in Q3.

第四，我們的威基基海灘步道大使館套房飯店貢獻了約 0.005 美元的 FFO 份額。第五，一般及行政費用略有下降。第六，由於第三季發生的租賃，我們預計第四季度我們的多戶型房產每股 FFO 份額將增加 0.01 美元。

These adjustments when added together approximately $0.06 per FFO share, represent the increase in the 2023 midpoint over our previous 2023 guidance midpoint. While we believe the 2023 updated guidance is our best estimate as of this earnings call, we do believe that it is also possible that we could perform to the high end of this increased guidance range.

這些調整加起來約為每股 FFO 股份 0.06 美元，代表 2023 年中點較我們之前的 2023 年指導中點有所增加。雖然我們認為 2023 年更新後的指導是我們截至本次財報電話會議的最佳估計，但我們確實相信我們也有可能達到這一增加的指導範圍的高端。

As always, our guidance, our NOI bridge in these prepared remarks exclude any impact from future acquisitions, dispositions, equity issuances or repurchases, future debt refinancings or repayments other than what we've already discussed. We will continue to do our best to be as transparent as possible and share with you our analysis and interpretations of our quarterly numbers.

像往常一樣，我們在這些準備好的評論中的指導和 NOI 橋樑排除了除我們已經討論過的內容之外的未來收購、處置、股票發行或回購、未來債務再融資或償還的任何影響。我們將繼續盡力保持盡可能透明，並與您分享我們對季度數據的分析和解釋。

I also want to briefly note that any non-GAAP financial measures that we've discussed like NOI are reconciled to our GAAP financial results in our earnings release and supplemental information.

我還想簡要指出，我們討論過的任何非 GAAP 財務指標（例如 NOI）均與我們的收益發布和補充資訊中的 GAAP 財務業績進行了調整。

I'll now turn the call over to Steve Center, our Senior Vice President of Office Properties, for a brief update on our office segment. Steve?

現在，我將把電話轉給我們辦公室地產高級副總裁史蒂夫·中心 (Steve Center)，以了解我們辦公部門的簡要最新情況。史蒂夫？

Thanks, Bob. At the end of the third quarter, our office portfolio was 86.8% leased, with our same-store portfolio dropping 50 basis points to 89.7% leased, primarily due to a few known move-outs.

謝謝，鮑伯。截至第三季末，我們的辦公大樓組合出租率為 86.8%，同店組合出租率下降 50 個基點至 89.7%，這主要是由於一些已知的搬遷事件。

In the third quarter, we executed 10 leases totaling approximately 87,000 rentable square feet, including 2 comparable new leases for approximately 27,000 rentable square feet, with rent increases of 10% on a cash basis and 13% on a straight-line basis, five comparable renewal leases totaling approximately 36,000 rentable square feet with rent increases of 5% on a cash basis and 14% on a straight-line basis and 3 noncomparable leases totaling approximately 24,000 rentable square feet, one of which was an approximately 14,000 rentable square foot medical tenant at Solana Crossing, yielding a $13 per rentable square foot annual triple net premium over a comparable office rent.

第三季度，我們執行了10 項租賃，總面積約為87,000 平方英尺，其中包括2 項可比新租賃，面積約為27,000 平方英尺，租金按現金增長10%，按直線法增長13%，五項可比新租賃增加10%，以直線法成長13%。續約租約總計約36,000 平方英尺的可出租面積，以現金計算租金上漲5%，以直線計算租金上漲14%，以及3 個不可比租約，總計約24,000 平方英尺的可出租平方英尺，其中之一是約14,000 平方英尺的可出租醫療租戶在 Solana Crossing，每可出租平方英尺的年淨溢價為 13 美元，是同類辦公室租金的三倍。

We are encouraged by significant new leasing proposal and tour activity across our portfolio, including 8 deals currently in lease documentation, totaling approximately 55,000 rentable square feet, which would result in approximately 52,000 rentable square feet of net absorption once signed; nine additional deals and proposals totaling 134,000 rentable square feet, which would result in approximately 93,000 rental square feet of net absorption, assuming those deals close.

我們對整個投資組合中重要的新租賃提案和旅遊活動感到鼓舞，包括目前正在租賃文件中的8 項交易，總計約55,000 平方英尺的可出租面積，一旦簽署，這將導致約52,000 平方英尺的可出租淨吸收量；九項額外的交易和提案總計 134,000 平方英尺的可出租面積，假設這些交易完成，這將導致約 93,000 平方英尺的淨吸收量。

Of these numbers at our new development La Jolla Commons III, we are currently in lease documentation for 14,000 rentable square feet and in proposals for an additional 61,000 rentable square feet, with expected rents generally consistent with our development underwriting. No news to report on One Beach at this time.

在我們新開發的La Jolla Commons III 的這些數字中，我們目前正在準備14,000 平方英尺的可出租面積的租賃文件，以及額外61,000 平方英尺的可出租面積的提案，預期租金與我們的開發承保基本一致。目前尚無有關 One Beach 的消息報道。

We continue to believe that strategic investments in our portfolio will position us to continue to capture more than our fair share of net absorption at premium rents despite current market headwinds. And while we are not immune to potential additional attrition due to current conditions, the attrition is waning and is expected to be more than offset by the new leasing activity just discussed.

我們仍然相信，儘管當前市場存在逆風，但對我們投資組合的策略性投資將使我們能夠繼續以溢價租金獲得超過我們公平份額的淨吸收量。儘管我們無法避免由於當前情況而產生的潛在額外損耗，但損耗正在減弱，並且預計將被剛剛討論的新租賃活動所抵消。

We have approximately 7% of the portfolio rolling in 2024, with a median suite size of approximately 3,600 rentable square feet, and of which approximately 30% of rentable square feet rolling is already in various stages of negotiation. We believe that the [flight] to quality for new tenants and the stickiness of quality for our existing customers with leases expiring will continue to drive solid performance from our office portfolio.

我們約有 7% 的投資組合將於 2024 年滾動，套房中位數面積約為 3,600 平方英尺可出租，其中約 30% 的可出租平方英尺已處於不同談判階段。我們相信，新租戶對品質的追求以及租約到期的現有客戶的品質黏性將繼續推動我們辦公大樓組合的穩健表現。

I'll now turn the call back over to the operator for Q&A.

我現在將把電話轉回給接線員進行問答。

And before we get to the Q&A, I just want to give you brief reminder, the statements made on this call include forward-looking statements based on current expectations, which statements are subject to risks and uncertainties discussed in the company's filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements as actual events could cause the company results to differ materially from those forward-looking statements.

在我們進行問答之前，我只想向您簡要提醒一下，本次電話會議中所做的陳述包括基於當前預期的前瞻性陳述，這些陳述受到公司向SEC 提交的文件中討論的風險和不確定性的影響。請您注意不要過度依賴這些前瞻性陳述，因為實際事件可能導致公司業績與這些前瞻性陳述有重大差異。

(Operator Instructions) Today's first question comes from Haendel St. Juste with Mizuho.

（操作員說明） 今天的第一個問題來自 Mizuho 的 Haendel St. Juste。

This is Ravi Vaidya on the line for Haendel. Can we just dig into a bit, just -- can we just dig into like what are the various bad debt or tenant credit kind of risks that are there within your various different segments in the portfolio?

我是拉維·維迪亞 (Ravi Vaidya)，正在接聽亨德爾 (Haendel) 的電話。我們能否深入研究一下，我們能否深入研究一下投資組合中各個不同部分存在的各種壞帳或租戶信用風險？

The only significant one is an office. And Steve, why don't you handle that?

唯一重要的是一間辦公室。史蒂夫，你為什麼不處理這個問題？

Are you -- Ravi, are you looking for the reserves that we are kind of placing on certain tenants in our portfolio?

拉維，您是否正在尋找我們為投資組合中的某些租戶提供的儲備金？

Yes, like watch list, reserves, things along that line.

是的，例如觀察名單、儲備金、類似的事情。

Yes. So I mean we're keeping an eye on folks like at home, on the retail side, Petco, UFC Gym, Rite Aid. On the office side, of course, we -- we work on the office side, we're keeping our eye on WeWork. And there's a few biotech tenants that we have in our portfolio that we're just making sure stay well capitalized.

是的。所以我的意思是，我們正在關注像在家、零售方面、Petco、UFC Gym、Rite Aid 等方面的人。當然，在辦公室方面，我們在辦公室工作，我們密切關注 WeWork。我們的投資組合中有一些生技租戶，我們只是確保保持充足的資本。

As you know, we've been fairly conservative and having these reserves on those tenants. And for the most part, this year, we haven't needed most of those, but we'd rather underpromise and overdeliver on those.

如您所知，我們一直相當保守，並對這些租戶保留了這些儲備金。在大多數情況下，今年我們並不需要其中的大部分，但我們寧願少承諾多兌現。

That's helpful. Can you please quantify what that is on an ABR basis of these exposures?

這很有幫助。您能否量化這些風險的 ABR 基礎？

I don't know that that's possible because there's so many variables. But net-net, people are still paying rents.

我不知道這是否可能，因為變數太多。但淨淨，人們仍在支付租金。

Well, Ravi, Bob here. We can look at it from a different perspective. We started out with $0.06 of reserves. And we've used probably 60% of those through the year, whether it was a bad debt expense or whether an adjustment or rent abatement or reduction in the rent one way or the other.

好吧，拉維，鮑勃在這裡。我們可以從不同的角度來看待它。我們一開始有 0.06 美元的儲備金。這一年我們大概使用了其中的 60%，無論是壞帳費用還是調整或租金減免或以某種方式減少租金。

So they were -- some of them have used -- have been used or applied in our financial statements. Right now, from a reserve standpoint, from the office, we have about $0.005 of office remaining, and we have about $0.005 of retail remaining.

所以它們——其中一些已經使用過——已經在我們的財務報表中使用或應用。現在，從儲備的角度來看，從辦公室來看，我們還剩下大約 0.005 美元的辦公室，還有大約 0.005 美元的零售剩餘。

That's for Q4.

這是第四季的情況。

Yes, as we go into Q4.

是的，當我們進入第四季時。

Got it. That's helpful. And just wanted to touch on the Embassy Suites in Hawaii. It's nearly 90% occupied with a strong rate. But going forward, what do you have factored in, in terms of a recession or pullback of discussions then from American tourists? And what's your forecast for that, looking forward?

知道了。這很有幫助。我只想談談夏威夷的大使館套房。入住率接近90%，入住率強勁。但展望未來，在經濟衰退或美國遊客討論減少方面，您考慮了什麼因素？您對此有何預測？

For just a hotel, Waikiki Beach Walk or...

如果只是一家酒店，威基基海灘步道或...

Yes, primarily the hotel.

是的，主要是酒店。

So going into Q4, the hotel has seasonality, right? And so in Q4, historically, we've been -- Q3 has been our strongest, and we're generally down about $0.02, $0.025 in Q3.

那麼進入第四季度，酒店有季節性，對嗎？因此，在第四季度，從歷史上看，第三季度是我們最強勁的，第三季度我們通常下跌約 0.02 美元、0.025 美元。

It's very difficult to predict what the tourist is going to do, but that is a great property and a great location, and we'll do as well as anybody in the same set we are in. Reservations are no longer made a long timeout, they're made short term. So far, so good. Great property.

很難預測遊客會做什麼，但這是一家很棒的酒店，地理位置也很棒，我們會做得和我們所在的同一組中的任何人一樣好。預訂不再有很長的超時時間，他們是短期的。到目前為止，一切都很好。很棒的財產。

And our next question today comes from Todd Thomas of KeyBanc.

今天我們的下一個問題來自 KeyBanc 的 Todd Thomas。

This is Antara on for Todd Thomas. Just a quick one for me. Would you mind talking a little bit more about the office portfolio and just describe the leasing environment today? I know occupancy was down a bit further in the quarter compared to 2Q. So any sense on whether you're seeing any stabilization in the near term?

這是 Todd Thomas 的安塔拉 (Antara)。對我來說只是一個快速的。您介意多談談辦公大樓投資組合併描述一下今天的租賃環境嗎？我知道與第二季度相比，本季的入住率進一步下降。那麼短期內是否會出現企穩，有什麼意義嗎？

Steve?

史蒂夫？

We are. On the rollover side, we're down to 7% rolling through the end of 2024, and the average sweet suite size or median suite size is 3,600 feet. And 30% of that rollover is already in some form of discussion. We have really good new leasing activity. As I mentioned, we've got 8 deals after signature, one of which signed on Friday, totaling 55,000 feet, of which 52,000 feet is net absorption.

我們是。在展期方面，到 2024 年底，我們的展期比例將降至 7%，平均套房面積或中位數套房面積為 3,600 英尺。其中 30% 的展期已經處於某種形式的討論中。我們有非常好的新租賃活動。正如我所提到的，我們在簽署後已經達成了 8 筆交易，其中一份是在周五簽署的，總計 55,000 英尺，其中 52,000 英尺是淨吸納量。

And then we've got another 9 deals in -- that we're close to letter-of-intent on, 2 of which went to leases yesterday and the remaining 7 -- the total of all that is 134,000 feet, with about 90,000 feet plus of net absorption.

然後我們還有另外 9 筆交易——我們即將達成意向書，其中 2 筆昨天進行了租賃，其餘 7 筆——總面積為 134,000 英尺，其中約 90,000 英尺腳加淨吸收。

So we think that the attrition due to work-from-home or rightsizing is waning. And we think the net absorption from the activity we've got right now will outpace any further attrition. So we think we've turned the corner.

因此，我們認為，由於在家工作或精簡規模而導致的人員流失正在減少。我們認為我們目前活動的淨吸收量將超過任何進一步的消耗。所以我們認為我們已經渡過了難關。

Net-net, our office is well located. Steve has done a great job managing it, and the amenitization is really working to our advantage. So we're hopeful. We're certainly not as bad as the public opinion of office goes.

Net-net，我們的辦公室位置優越。史蒂夫在管理方面做得非常出色，而且設施確實對我們有利。所以我們充滿希望。我們當然沒有辦公室輿論所說的那麼糟。

And specifically, could you touch on the assets in Portland and the Bellevue submarket that lost a little bit of outsized occupancy? What current leasing trends are there in those submarkets? And how do you feel about recovery for those assets?

具體來說，您能否談談波特蘭和貝爾維尤子市場的資產，這些資產失去了一些超大的入住率？目前這些子市場的租賃趨勢如何？您對這些資產的回收有何看法？

Starting with Bellevue, Suburban Bellevue, first of all, Eastgate is where we experienced most of it. And it's not unexpected. When we bought the asset, much of it was leases commodity office space. We're making good investments in that property. And the rent spreads that we've achieved thus far prove that theory up, and we're going to complete Phase 2 of that renovation mid-next year. So we think that asset will come on strong in 2024 and beyond.

從Bellevue開始，Suburban Bellevue，首先Eastgate是我們體驗最多的地方。這並不意外。當我們購買該資產時，其中大部分是租賃商品辦公空間。我們正在對該房產進行良好的投資。迄今為止我們所實現的租金利差證明了這個理論的正確性，我們將在明年年中完成第二階段的改造。因此，我們認為該資產將在 2024 年及以後表現強勁。

City Center Bellevue is actually doing really well. We just went to letter-of-intent yesterday on the top 2 floors of that building. We've got another full floor in leases. So the CBD is recovering right now, and the suburbs follow.

貝爾維尤市中心實際上做得非常好。我們昨天才剛去那棟大樓的頂兩層簽了意向書。我們還有另外一整層樓的租約。所以CBD現在正在復甦，郊區也緊跟在後。

So we think both our [I-520] corridor assets and the I-90 corridor asset, which is Eastgate, will follow the recovery in the central business district. And in Portland -- go ahead.

因此，我們認為我們的 [I-520] 走廊資產和 I-90 走廊資產（即 Eastgate）都將跟隨中央商務區的復甦。在波特蘭——繼續吧。

I'd say, Eastgate is one of the best opportunities I've ever run across in my career. It's just a fantastic piece of property. Go ahead, Steve, sorry for interrupting.

我想說，東門是我職業生涯中遇到的最好的機會之一。這真是一件很棒的財產。繼續吧，史蒂夫，抱歉打擾了。

No worries. And then in Portland, we're doing well. We had a couple of full force come back in the Lloyd District. But we've got some good current leasing activity. We have 3 deals pending at the 710 building, which we recently completed the renovation of. That will be 2/3 of that building if we close those leases. And then we've got some good new activity there.

不用擔心。然後在波特蘭，我們做得很好。我們有幾支全力部隊回到了勞埃德區。但我們目前有一些良好的租賃活動。我們最近完成了 710 大樓的翻修工程，目前有 3 筆交易待處理。如果我們終止這些租約，這將是該建築的 2/3。然後我們在那裡開展了一些很好的新活動。

We're just adding some additional amenities to Lloyd Center Tower. And we're actually pretty encouraged by our activity relative to that market. And then downtown, we don't -- we have limited vacancy. We got one space back that the U.S. Marine Corps recruiting station, they closed that office. But we've got space rolling in '25 that we've got multiple suitors for.

我們只是為勞埃德中心塔添加一些額外的設施。事實上，我們對該市場的活動感到非常鼓舞。然後在市中心，我們沒有——我們的空置率有限。我們得到了美國海軍陸戰隊徵兵站的一處空間，他們關閉了那個辦公室。但我們在 25 年已經擁有了許多追求者的空間。

So we're encouraged by our activity. And that's really due to, again, investment in amenities at our first and main building downtown. It's one of the 3 top buildings in that marketplace, and the activity we're seeing is representative of that.

因此，我們的活動讓我們深受鼓舞。這實際上是由於我們在市中心的第一座主樓的設施投資。它是該市場的 3 座頂級建築之一，我們所看到的活動代表了這一點。

Great. Just one quick one for me.

偉大的。對我來說只是一個快速的。

And our next question today comes from Ronald Kamdem with Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

It's Adam Kramer on for Ron. Good to chat, as always. Just wanted to ask about the maturity schedule for your outstanding debt. It looks like 2024, pretty limited, I think, just 100 million senior notes in July.

亞當克萊默 (Adam Kramer) 替補羅恩 (Ron)。一如既往，很高興聊天。只是想詢問您未償債務的到期時間表。看起來 2024 年，我認為相當有限，7 月的優先票據只有 1 億張。

But I think in early '25, it looks like a number of debt pieces that come due -- I think in totaling, it looks like around $500 million, a little bit over $500 million of maturities through kind of early 2025.

但我認為在 25 年初，看起來會有許多債務到期——我認為總計約為 5 億美元，到 2025 年初到期的金額略高於 5 億美元。

Wondering if you could just kind of walk through what you guys are thinking in terms of kind of the $500 million of maturities? Again, I know some of it is not for a little bit, but we are getting close to 2024 here, so it's not too far away. So maybe just walk through our plans for maturities here.

想知道你們是否可以簡單介紹一下你們對 5 億美元到期日的想法？再說一次，我知道其中一些時間並不長，但我們已經接近 2024 年了，所以距離也不會太遠。所以也許在這裡瀏覽一下我們的到期計劃。

That's the hardest question I've ever heard because interest rates are so uncertain and the economy is so uncertain, but we will have options available to us that are available to anybody in the marketplace. And so we'll just have to wait until we get there and see what the landscape looks like.

這是我聽過的最困難的問題，因為利率和經濟都如此不確定，但我們將擁有市場上任何人都可以選擇的選擇。所以我們只能等到到達那裡，看看風景是什麼樣子。

But we have a history of being able to take advantage of the opportunities when they're available, and we look upon that as an opportunity. So I don't know what that was going to happen, 3 years out.

但我們有能夠在機會出現時充分利用的歷史，我們將其視為一個機會。所以我不知道三年後會發生什麼事。

This is Bob. I just want to add to Ernest's comments. So in the script, we also talked about it as well, I don't know if you were listening to that. But we have $100 million maturity in July of 2024, and we have a lot of options. We got $100 million plus on cash in the bank right now. We got a $400 million unsecured revolving line of credit that's untapped.

這是鮑伯。我只想補充歐內斯特的評論。那麼在劇本中我們也談到了這一點，不知道大家有沒有聽到。但我們的 1 億美元到期日是 2024 年 7 月，我們有很多選擇。我們現在銀行有1億多美元的現金。我們有 4 億美元的無擔保循環信貸額度尚未使用。

So there's a lot of ways we can go, including doing a short-term payoff on that $100 million maturity in July of '24 and take that out to the maturities at ['25], roll that all into a public debt offering if all the stars are aligned on that. And we've already been to the public debt market. So we're -- people know who we are.

因此，我們可以採取很多方法，包括對 24 年 7 月到期的 1 億美元進行短期償還，並在 [25] 到期時將其全部轉入公共債務發行（如果條件允許）眾星在此對齊。我們已經進入了公共債務市場。所以我們——人們知道我們是誰。

Additionally, part of '25 has a couple of extensions that -- options to extend if we want to, so for probably half of that. There's a lot of ways to go. And we could go term loan, private placement.

此外，'25 的一部分有一些擴展——如果我們願意的話可以選擇擴展，所以可能是其中的一半。有很多路要走。我們可以進行定期貸款、私募。

We could go -- I mean, the one thing that we know is that interest rates will -- interest expense will go up, and we're factoring that into our '24 guidance when we share that in February '24. But all in all, I think we're really in pretty good shape. We have a lot of ways to go, great banking syndicate. And I hope that answers your question.

我們可以——我的意思是，我們知道的一件事是，利率將會上升，當我們在24 年2 月分享這一點時，我們會將這一點納入我們的24 年指導中。但總而言之，我認為我們的狀態非常好。我們還有很多路要走，很棒的銀行集團。我希望這能回答你的問題。

Yes, it does. It does. That's helpful. Maybe just on occupancy, and I know you talked about this in the prepared remarks, too. But just looking at kind of sequentially, it looks like office occupancy lease percentage would move down a bit. I know multifamily was up. I know part of that is from the kind of the student housing element. And I think multifamily 89.5 is probably still below kind of industry averages.

是的，它確實。確實如此。這很有幫助。也許只是關於入住率，我知道您在準備好的發言中也談到了這一點。但僅從順序來看，辦公室佔用租賃百分比似乎會略有下降。我知道多戶家庭已經興起。我知道其中一部分來自學生宿舍的因素。我認為多戶住宅 89.5 可能仍低於行業平均值。

Maybe just walk through, I guess, first on the office side, kind of where we can expect lease percentage to be. And then on multifamily kind of how do we get that maybe a little bit closer to industry averages in the low 90s?

我想，也許首先是在辦公室一側走一走，這是我們可以預期的租賃百分比的地方。那麼對於多戶型住宅，我們該如何使其更接近 90 年代的行業平均值呢？

I guess we'll start with office. As I mentioned in our remarks, I think we turned the corner. So I would expect to climb above 90% in 2024. But as important, not more important, the rent spreads are good, and then they vary from quarter-to-quarter, but we've got some really positive things happening. So our NOI is actually up for the 3 quarters this year versus last year. .

我想我們將從辦公室開始。正如我在演講中提到的，我認為我們已經渡過了難關。因此，我預計到 2024 年將攀升至 90% 以上。但同樣重要的是，租金利差很好，而且每個季度都有所不同，但我們已經發生了一些非常積極的事情。因此，今年三個季度我們的 NOI 實際上比去年有所上升。 。

So I'm encouraged by the performance in terms of rent spreads. I can't control rightsizing of companies. It's just -- we're not losing tenants to competitors. If we're losing it, we're losing it to work-from-home and rightsizing.

因此，我對租金利差的表現感到鼓舞。我無法控制公司的規模調整。只是——我們不會因為競爭對手而失去租戶。如果我們失去了它，我們就會因為在家工作和調整規模而失去它。

But again, we're down to just 7% rolling in 2024, and the median space is small at 3,600 feet. We're in play on 30% of that rollover. And we're -- our rents are good. So I think we'll cross back over to the 90-plus percent range in 2024, and we'll go from there.

但到 2024 年，我們的滾動率將再次降至 7%，而且中間空間很小，為 3,600 英尺。我們的投注額為 30%。我們的租金很好。因此，我認為我們將在 2024 年回到 90% 以上的範圍，並以此為起點。

On multifamily, we're using this opportunity to really reposition and upgrade several of our properties in San Diego. Of course, the Pacific Ridge is dependent on USD, and Portland is a very special situation. So I don't know exactly what the numbers are going to be, but they'll be all they can be because we're improving the properties that we own. Abigail, do you want to add anything to that?

在多戶住宅方面，我們利用這個機會真正重新定位和升級我們在聖地牙哥的幾處房產。當然，太平洋海脊依賴美元，波特蘭的情況很特殊。所以我不知道確切的數字會是多少，但它們將是它們所能達到的，因為我們正在改善我們擁有的房產。阿比蓋爾，你想補充什麼嗎？

Sure. In San Diego right now, we are operating at about 93% occupied, and our lease percentage right now is just right under 94%. So when look at it in terms of our competitors, there's approximately about 7% availability to rent.

當然。目前在聖地牙哥，我們的營運率約為 93%，而我們的租賃率目前略低於 94%。因此，從我們的競爭對手的角度來看，大約有 7% 的可供出租的空間。

So when we look at our portfolio, we're right on par with the lease percentages, the availability to rent, and our occupancy is where I believe it should be right now. Adam and Ernest have mentioned quality. Our communities are in great locations. We have great team members, who operate the properties really well.

因此，當我們審視我們的投資組合時，我們的租賃百分比、可出租性以及我們的入住率都處於我認為現在應該達到的水平。 Adam 和 Ernest 提到了品質。我們的社區地理位置優越。我們擁有優秀的團隊成員，他們對房產的運作非常出色。

Our pricing is right where they should be in terms of where we compare to the county averages, and we are trying to offer positive experience in customer service, in addition to great products. And I think we're faring well in comparison to our competitors in the market.

與縣平均水平相比，我們的定價是正確的，除了優質的產品外，我們還努力在客戶服務方面提供積極的體驗。我認為與市場上的競爭對手相比，我們表現得很好。

And Adam, as we mentioned, Hassalo, Portland has been slow. Pacific Northwest in particular, absorption has eroded. There's been an oversupply. So occupancy is down there, and that's kind of drag in the overall numbers. But we're hopeful that we'll get those back up to be more in line with where we think it should be.

亞當，正如我們所提到的，波特蘭的哈薩洛進展緩慢。特別是西北太平洋地區，吸納量已經下降。已經出現供過於求的情況。因此，入住率較低，這對總體數字造成了一定程度的拖累。但我們希望能夠讓這些恢復到我們認為應該達到的水平。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Ernest Rady for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給歐內斯特·拉迪（Ernest Rady）發表閉幕詞。

I'd just like to say thank you all for your interest. These are very turbulent times, and the fact that you still care is very important to us. I think that when all this is said and done, we will have differentiated ourselves from the pack.

我只想說謝謝大家的關注。這是一個非常動蕩的時期，您仍然關心這一事實對我們非常重要。我認為，當所有這一切都說完並完成後，我們將脫穎而出。

The quality of the portfolio, the excellence of the management with all [we] do in modesty will say to the market that you know this is an above-average group with above-average performance, and we'll be grateful for your continued interest. So thank you, and have a good day. Thanks, everybody.

投資組合的品質、卓越的管理以及我​​們謙虛所做的一切，都會向市場表明，您知道這是一個高於平均水平、業績高於平均水平的團隊，我們將感謝您的持續關注。謝謝你，祝你有美好的一天。謝謝大家。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。