Armada Hoffler Properties Inc (AHH) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Armada Hoffler third quarter 2025 earnings conference call. At this time, all lines are in this and only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions). This call is being recorded on November 4, 2025. I would now like to turn the conference over to Chelsea Forest. Please go ahead.

女士們、先生們，早安，歡迎參加 Armada Hoffler 2025 年第三季財報電話會議。目前，所有線路都處於此唯一模式。演講結束後，我們將進行問答環節。（操作說明）本次通話於2025年11月4日錄音。現在我將把會議交給切爾西森林隊。請繼續。

Good morning and thank you for joining Armada Hofler's third quarter 2025 earnings conference call and webcast. On the call this morning, in addition to myself, is Sean Tibbett, President and CEO, and Matthew Barne Smith, CFO. The press release announcing our third quarter earnings along with our supplemental package were distributed yesterday afternoon.

早安，感謝各位參加 Armada Hofler 2025 年第三季財報電話會議及網路直播。今天早上參加電話會議的除了我之外，還有總裁兼執行長肖恩·蒂貝特和財務長馬修·巴恩·史密斯。昨天下午，我們發布了第三季財報新聞稿以及補充資料。

A replay of this call will be available shortly after the conclusion of the call through December 4, 2025. The numbers to access the replay are provided in the earnings press release. For those who listen to the rebroadcast of this presentation, we remind you that the remarks are made here in as of today, November fourth, and will not subsequent to this initial earnings call.

本次電話會議的錄音回放將在會議結束後不久提供，有效期至 2025 年 12 月 4 日。財報新聞稿中提供了觀看回放的號碼。對於收聽本次演講重播的聽眾，我們提醒您，此處的發言僅代表截至今天（11 月 4 日）的觀點，不會在本次首次財報電話會議之後再次更改。

During this call, we may make forward-looking statements including statements related to the future performance of our portfolio, our development, the impact of acquisitions and dispositions, our mezzanine program, our construction business, a liquidity position, our portfolio performance and financing activities, as well as comments on our outlook.

在本次電話會議中，我們可能會發表一些前瞻性聲明，包括與我們投資組合的未來表現、我們的發展、收購和處置的影響、我們的夾層融資計劃、我們的建築業務、流動性狀況、我們的投資組合表現和融資活動相關的聲明，以及對我們展望的評論。

Listeners are cautioned that any forward-looking statements are based upon management beliefs, assumptions, and expectations, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of events or factors, not all of which are known and many of which are difficult to predict and generally beyond our control.

聽眾請注意，任何前瞻性陳述均基於管理層的信念、假設和預期，並考慮了目前可獲得的資訊。這些信念、假設和期望可能會因事件或因素而改變，但並非所有事件或因素都是已知的，許多事件或因素難以預測，而且通常超出我們的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the forward-looking statement disclosure in our press release that we distributed this morning and the risk factors disclosed in documents we have filed with or furnished to the SEC.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異，我們建議聽眾查看我們今天早上發布的新聞稿中的前瞻性聲明披露以及我們向美國證券交易委員會提交或提供的文件中披露的風險因素。

We will also discuss certain non-GAAP financial measures including but not limited to FFO and normalized FFO. Definitions of these non-GAAP measures as well as to the most comparable GAAP measures are included in the quarterly supplemental package, which is available on our website at Armaahooffer.com. I will now turn the call over to Sean.

我們也將討論一些非GAAP財務指標，包括但不限於FFO和標準化FFO。這些非GAAP指標的定義以及與最接近的GAAP指標的定義均包含在季度補充資料包中，該資料包可在我們的網站Armaahooffer.com上取得。現在我將把電話交給肖恩。

Good morning and Thank You for joining us as we Review Armada Hofler's third quarter results Before getting into The Results I want to thank our board of directors for appointing the Chairman of the board, effective The beginning of The Year I appreciate their confidence in me and our leadership team We've made meaningful progress this year and have completed much of the hard Work Required To position

早安，感謝各位參加本次Armada Hofler第三季業績回顧會議。在正式介紹業績之前，我要感謝董事會任命董事長，該任命已於年初生效。我感謝董事會對我以及我們領導團隊的信任。今年我們取得了顯著進展，並完成了大部分必要的艱苦工作。

the company for a strong performance over the next Several years Excellence across The platform. Our teams are laser focused on strengthening systems, streamlining processes, and leveraging Technology for data-driven. Insights to enhance decision making and portfolio Performance.

該公司未來幾年將保持強勁的業績，並在各方面都表現卓越。我們的團隊專注於加強系統、簡化流程，並利用科技實現數據驅動。洞察提升決策水準和投資組合績效。

My priority is to ensure the Market properly recognizes the unique value of our portfolio as we enter 2026 as a more focused, simpler, stronger read with a balance sheet position for growth Our progress includes aligning the dividend with property level cash flows Refreshing the leadership team, replacing a director, and sharpening our focus on core Operations. We also aligned our 2025 Guidance with the planned. Reduction fee income.

我的首要任務是確保市場能夠正確認識到我們投資組合的獨特價值，因為我們將在 2026 年以更專注、簡潔、穩健的姿態進入市場，並擁有有利於成長的資產負債表。我們的進展包括：將股利與物業層面的現金流掛鉤；更新領導團隊；更換董事；以及更專注於核心營運。我們也讓 2025 年的指導方針與計畫保持一致。減免手續費收入。

To better highlight the strength and stability of our recurring property earnings. We are confident in the strategic actions completed this year and remain focused on repositioning our model offer for sustained growth and long-term shareholder value creation. Our near-term objective is to demonstrate and unlock the value embedded in our real estate. Through continued consistent execution and transparent communication with investors.

為了更好地凸顯我們經常性房地產收益的實力和穩定性。我們對今年完成的策略性舉措充滿信心，並將繼續專注於重新定位我們的產品模式，以實現持續成長和長期股東價值創造。我們近期的目標是展現並釋放我們房地產所蘊含的價值。透過持續穩定的執行和與投資者的透明溝通。

The Armada portfolio continues to deliver consistent NOI growth, underscoring. The. Quality of our assets. And the consistency of our execution at the same time We are making progress enhancing the balance sheet quality and proactively managing our capital base, including leveraging capital recycling opportunities that strengthen long-term growth and financial flexibility.

Armada 的產品組合持續實現穩定的營業淨收入成長，凸顯了這一點。這。我們資產的品質。同時，我們在執行方面保持了一致性。我們在提高資產負債表品質和積極管理資本基礎方面取得了進展，包括利用資本循環利用機會來增強長期成長和財務靈活性。

Our strategic foundation remains centered on quality, a core value that guides how we operate and allocate capital We remain focused on maintaining a high performing portfolio, optimizing property level performance, and delivering Reliable results quarter After Quarter The third quarter results were solid across our portfolio As outlined in our Earnings release We delivered normalized FFO Of $0.29 Per Diluted Share,

我們的策略基礎仍以品質為中心，這項核心價值指導著我們的營運和資本配置。我們將繼續專注於維持高績效的投資組合，優化物業層面的業績，並持續取得可靠的季度業績。第三季度，我們投資組合的整體績效表現穩健。正如我們在獲利報告中所述，我們實現了每股攤薄收益0.29美元的正常化FFO。

supported by consistent outperformance across our commercial asset classes with overall portfolio, I can see averaging 96%, including 96.5% in office, 96% in retail, and 94.2% in multi-family. These results underscore steady demand and durable performance across all segments Property Level income continues to outperform our 2025 guidance, which contributed to Beating consensus for the quarter.

由於我們商業資產類別整體投資組合的持續優異表現，我預計平均收益率將達到 96%，其中辦公大樓收益率為 96.5%，零售物業收益率為 96%，多戶住宅物業收益率為 94.2%。這些結果凸顯了各業務板塊的穩定需求和持續表現。物業層面的收入持續超出我們 2025 年的預期，這也促成了本季業績超出市場普遍預期。

As we outlined in previous quarters We adjusted our outlook for construction activity this year and remain on track With those revised projections Higher NOI offsetting the construction adjustments has allowed us to maintain a 2025 normalized FFO Guidance target range Consistent with the original 2025 guidance target range which we Are narrowing to $1.03 Cents to $1.07 per diluted share.

正如我們在前幾個季度所概述的那樣，我們調整了今年的建築活動預期，並保持按計劃進行。在這些修訂後的預測中，更高的淨營業收入抵銷了建築調整的影響，使我們能夠維持2025年正常化FFO指引目標範圍，與最初的2025年指引目標範圍一致，我們將該範圍縮小至每股攤薄收益1.03美分至1.07美元。

This reflects our continued execution of the strategic shift away from Reliance on Fee Income Into an earning stream predominantly reliant on higher quality recurring property level earnings Now let me take a few minutes and walk through our key sectors from a broader market perspective, fundamentals remain supportive for retail. Vacancy remains close to record lows.

這反映了我們持續推動策略轉型，從依賴費用收入轉向主要依賴更高品質的經常性物業收益。現在，讓我花幾分鐘時間從更廣泛的市場角度來介紹我們的關鍵產業，零售業的基本面依然強勁。空置率仍接近歷史最低水準。

New supply constrained, and retailers continue to show strong preference for high traffic, open air centers, and grocery anchored format According to Green Street, retail pricing per square foot posted double-digit annual growth in the second quarter, reinforcing our Bullish view of This asset class Our retail portfolio continues to demonstrate strength and resilience supported by a focused strategy of owning properties. Located within submarkets.

新供應受限，零售商持續強烈偏好客流量大、露天購物中心和以超市為主力店的業態。據 Green Street 稱，第二季每平方英尺零售價格實現了兩位數的年增長，這鞏固了我們對該資產類別的看漲觀點。我們的零售投資組合在專注於持有物業的策略性支援下，持續展現出強勁的實力和韌性。位於子市場內。

Where we can leverage or create a competitive advantage Across these locations, we actively extract Value Through leasing, tenant reconfiguration, and Redevelopment initiatives, positioning our centers to benefit from broader national trends in retail for the third quarter, our retail portfolio continued to exhibit these strong fundamentals. Renewal spreads averaged 6.5% on a cash basis.

在這些地點，我們利用或創造競爭優勢，積極透過租賃、租戶重組和重建計劃來創造價值，使我們的中心能夠受益於第三季度更廣泛的全國零售趨勢，我們的零售組合繼續展現出這些強勁的基本面。以現金支付方式計算，續約價差平均為 6.5%。

Reflecting continued demand Foot traffic across our centers Particularly at mixed use destinations like Harbor Point and Southern Post, rose 13% compared to the prior quarter, demonstrating the success of our leasing and placemaking initiatives rooted in driving consistent consumer engagement and ultimately supporting rent growth.

反映出持續的需求，我們各中心的人流量，特別是像海港角和南方郵局這樣的綜合用途目的地的人流量，與上一季度相比增長了 13%，這表明我們以推動持續的消費者參與和最終支持租金增長為核心的租賃和場所營造舉措取得了成功。

As we mentioned last quarter, we have filled all of our big box vacancies resulting from recent bankruptcies, including Conn, Party City, and Joanne with higher credit tenants This Includes downsizing Burlington at Southgate In Colonial Heights to make room for a national sporting goods retailer, as well as back going Party City with Boot Barn and Joanne with Burlington at Overlook Village in Asheville,

正如我們上個季度提到的，我們已經填補了所有因近期破產而空置的大型商鋪，包括 Conn、Party City 和 Joanne，並引進了信用良好的租戶。這包括縮小位於 Colonial Heights Southgate 的 Burlington 的規模，以便為一家全國性的體育用品零售商騰出空間，以及在 Asheville 的 Overlook Village 重新引入 Boot Barn 和 Joanne，並引入 Burlington。

strengthening the merchandizing mix alongside anchors such as TJ Maxx, Home Goods, and Ross. These transactions reflect broader retail market dynamics Nationally, big box development has been limited, with few new. Entrants bargaining In the Market. This constraint has elevated demand for existing well located retail space High credit tenants are seeking locations with strong demographic, nearby residential density,

與 TJ Maxx、Home Goods 和 Ross 等主力店一起加強商品組合。這些交易反映了更廣泛的零售市場動態。在全國範圍內，大型零售店的發展受到限制，新建的很少。市場參與者討價還價。這項限制因素推高了對現有位置優越的零售空間的需求。信用良好的租戶正在尋找人口結構良好、附近有住宅密度高的地段。

and complementary tenants that drive traffic. Our centers are meeting These criteria allowing us to capture top of market rent on reposition for re-ten space At Columbus Village in Virginia Beach, we are nearing completion on reformatting the former Bed Bath and Beyond box to enhance the center with Trader Joe's and Golf Galaxy, both expected to open before the end of the year.

以及能帶來客流量的配套租戶。我們的中心符合這些標準，使我們能夠透過重新定位重新出租空間來獲得市場最高租金。在維吉尼亞海灘的哥倫布村，我們即將完成原 Bed Bath and Beyond 店面的重新改造，以提升中心的品質，引入 Trader Joe's 和 Golf Galaxy，預計這兩家店都將在年底前開業。

This reconfiguration will increase rent by over 50% while enhancing the overall tenant and further strengthening the appeal of town center of Virginia Beach district Overall, our retail strategy leverages market trends. Tenant credit strength and experiential demand to position our portfolio for sustained outperformance This knowledge-driven approach enables Armona Hoffler to proactively identify opportunities to optimize tenant,

此次重新配置將使租金上漲 50% 以上，同時提升整體租戶價值，並進一步增強維吉尼亞海灘區市中心的吸引力。總而言之，我們的零售策略充分利用了市場趨勢。租戶信用實力和體驗需求使我們的投資組合能夠持續取得優異表現。這種以知識為導向的方法使 Armona Hoffler 能夠主動識別優化租戶的機會，

capture rent growth, and maintain our centers as destination locations that attract customers and Drive long-term value On the office side While the broader set to navigate structural headwinds, the recovery is clearly bifurcating in favor of high-quality minietized assets and desirable, well located market Our holdings sit on the right side of that divide We continue to see occupancy, stability, leasing winds,

把握租金成長機遇，並將我們的中心打造成為吸引顧客的目的地，從而創造長期價值。在辦公大樓方面，儘管整體市場面臨結構性逆風，但復甦的趨勢已明顯分化，優質小型化資產和位置優越的理想市場佔優勢。我們的資產恰好位於這一分化的右側。我們持續看到入住率、穩定性以及租賃市場的良好動力。

and renewal spreads that capture value for premium space as supply constraints and tenant preferences tilt towards quality rather than square footage growth, we believe our positioning provides a distinct advantage. Our office portfolio is 96.5% occupied and few near term exploration Demand continues to favor office properties in walkable, amenity rich mixed-use environments where tenants benefit from retail, residential, and dining access.

鑑於供應限制和租戶偏好傾向於品質而非面積成長，我們認為，我們的定位能夠提供獨特的優勢，從而確保優質空間的價值。我們的辦公大樓出租率達 96.5%，近期幾乎沒有新的租賃需求。市場需求仍青睞位於步行便利、配套設施齊全的混合用途環境中的辦公大樓，租戶可以享受零售、住宅和餐飲等配套設施。

We continue to see interest from firms relocating from older suburban parks to dynamic centralized locations supporting the long-term value of our office assets The former we work for in one city center is the largest contiguous vacant state in our portfolio And we are seeing active interest We recently announced a12,000 square Foot Lease with Atlantic Union Bank at One Columbus in town center, bringing overall occupancy in town center to 99%

我們持續看到一些公司對從老舊的郊區辦公園區搬遷到充滿活力的中心地段表現出濃厚的興趣，這有助於提升我們辦公資產的長期價值。我們目前在市中心為一家公司提供服務，該公司擁有我們投資組合中最大的連片空置辦公空間，並且我們看到了積極的租賃意圖。我們最近宣布與大西洋聯合銀行在市中心的哥倫布一號大樓簽訂了一份12,000平方英尺的租賃協議，使市中心的整體入住率達到99%。

This stands in sharp contrast to the narrative seen in most Major US Cities as office assets continue to demonstrate strong demand and sustained high occupancy driven by their Location within the region's premier mixed-use environment Asking rents Across town center, assets now average nearly 30% Above the broader Virginia Beach Market across office, retail, and multi-family,

這與美國大多數主要城市的情況形成鮮明對比，在這些城市，辦公資產的需求持續強勁，入住率也保持高位，這主要得益於它們位於該地區一流的綜合用途環境中。目前，市中心各處資產的要價租金平均比維吉尼亞海灘整體市場（包括辦公、零售和多戶住宅）高出近30%。

underscoring the effectiveness of our mixed-use strategy and the enduring strength of this district as a true live work play destination Our multi-family portfolio continues to demonstrate resilience, supported by healthy leasing fundamentals and proactive management During the third quarter Portfolio occupancy Held at 94.2% in line with the second quarter.

這凸顯了我們混合用途策略的有效性，以及該地區作為真正的生活、工作、娛樂目的地的持久優勢。我們的多戶住宅投資組合在健康的租賃基本面和積極的管理支持下，繼續展現出韌性。第三季投資組合入住率維持在 94.2%，與第二季持平。

Effective lease trade outs averaged 2.3% for the quarter, with renewals averaging 4.3% trade out and new leases flat. These figures do not include the 22 units at Greenside that were offline during the quarter, up modestly from an average 19.7 units in the first and second quarters. Last quarters reported I could see included those units, so the current figures reflect a more accurate representation of stabilized performance.

本季有效租賃置換率平均為 2.3%，續租置換率平均為 4.3%，新租賃持平。這些數字不包括格林賽德（Greenside）本季停運的 22 個單元，比第一季和第二季的平均 19.7 個單元略有增加。我看到上個季度的報告包含了這些單位，因此目前的數字更準確地反映了穩定的業績。

Multi-family project starts remain a critical factor In supporting fundamentals. With construction lending down significantly compared to the 2020 to 2022 cycles, the market is moving toward improved balance Elevated residential borrowing rates are also keeping renters in existing units, limiting turnover

多戶住宅計畫開工仍是支撐基本面的關鍵因素。與2020年至2022年周期相比，建築貸款大幅下降，市場正朝著更平衡的方向發展。高企的住宅貸款利率也促使租戶繼續留在現有房屋中，從而限制了房屋更換。

and maintaining occupancy stability across our portfolio Year over year from September 2024 to September 2025, national average rent increased only 0.6%. Our stabilized multi-family properties Outperformed this trend by approximately 50%, achieving 0.9% year over year rent growth, demonstrating the strength of our assets and the effectiveness of our proactive management approach.

並保持我們投資組合的入住率穩定。從 2024 年 9 月到 2025 年 9 月，全國平均租金僅增加了 0.6%。我們穩定的多戶住宅物業的表現優於這一趨勢約 50%，實現了 0.9% 的年租金增長，這證明了我們資產的實力和我們積極主動的管理方法的有效性。

At Allied Harbor Point, leads and continues to progress well, and we are on track to stabilize mid 2026 earlier than projected Prospects and residents are drawn to the building's premier waterfront location, best in market views, and modern finishes as the newest residential property within the Harbor Point District. Allied offers an unmatched living experience That complements the surrounding retail office and entertainment.

Allied Harbor Point 專案進展順利，我們預計在 2026 年年中提前穩定下來，比預期時間更早。作為 Harbor Point 區最新的住宅物業，該項目擁有優越的濱水位置、一流的景觀和現代化的裝修，吸引了許多潛在客戶和居民。Allied 提供無與倫比的居住體驗，與周圍的零售、辦公室和娛樂場所相得益彰。

Uses, reinforcing its appeal as one of Baltimore's most desirable addresses At Greenside in Charlotte, remediation and enhancement work to address water intrusion in several units is progressing in phases as we have previously disclosed. The affected units I mentioned a few minutes ago are Obviously an upside. Opportunity once we conclude this project.

用途，鞏固其作為巴爾的摩最令人嚮往的地址之一的吸引力。在夏洛特的格林賽德，正如我們之前所揭露的那樣，針對幾個單元的滲水問題，修復和改進工作正在分階段進行。我剛才提到的受影響的單元顯然是有利的。專案結束後，機會就來了。

These improvements will further strengthen the property's quality and long-term value, supported by its prime location near major medical and innovation districts in Charlotte Looking ahead We see multiple avenues to drive FFO growth across our portfolio, guided by a disciplined capital allocation framework. Strong leasing momentum in a high return Redevelopment Pipeline allow us to capture rent growth

這些改進將進一步提升物業的品質和長期價值，其優越的地理位置靠近夏洛特的主要醫療和創新區。展望未來，我們看到了多種途徑來推動我們投資組合的 FFO 成長，並以嚴謹的資本配置框架為指導。強勁的租賃動能和高回報的重建項目儲備使我們能夠掌握租金成長機會

and enhance property value through proactive renewals, back bills, and targeted reconfiguration at the same time, we pursue discipline acquisitions through intentional capital recycling activity, focusing on projects that combine stabilize income with redevelopment potential where possible by targeting markets where we can create a competitive advantage,

同時，我們透過積極的續約、償還欠款和有針對性的重新配置來提升物業價值，並透過有意識的資本循環活動來追求穩健的收購，盡可能專注於那些能夠穩定收入並具有重建潛力的項目，並瞄準我們能夠創造競爭優勢的市場。

including some markets that exhibit veiled positive fundamentals beyond the typical Sunbelt trade areas where pricing is being bid up We leverage our leasing and operating expertise to unlock value Ensuring that each investment is accreted in the near term and drives long-term portfolio growth On the capital front We remain focused on enhancing flexibility

包括一些基本面積極但尚未顯現的市場，這些市場並非典型的陽光地帶市場，而是價格被推高。我們利用租賃和營運方面的專業知識來釋放價值，確保每項投資都能在短期內增值，並推動長期投資組合成長。在資本方面，我們將繼續專注於增強靈活性。

and mitigating balance sheet risk Our July Debt Private placement, raising $115 million reflects continued confidence in the quality of our portfolio, our management team Our strategic approach, and the overall strength of the company The proceeds bolstered our liquidity position, extended our weighted average debt maturity

降低資產負債表風險。我們7月的私募債務融資籌集了1.15億美元，這反映了市場對我們投資組合品質、管理團隊、策略方針以及公司整體實力的持續信心。所得款項增強了我們的流動性，並延長了加權平均債務到期日。

And were used in part to fully repay the construction revolver at Southern Pot, further positioning us to navigate evolving market conditions with confidence We continue to focus on generating an increasingly conservative balance sheet, starting to reduce leverage, ensuring ample liquidity to fund ongoing redevelopment and growth initiatives.

部分資金用於全額償還南方礦區建設循環貸款，進一步增強了我們應對不斷變化的市場環境的信心。我們將繼續專注於打造更穩健的資產負債表，開始降低槓桿比率，確保充足的流動性，為持續的重建和成長計畫提供資金。

This disciplined capital structure provides flexibility to act on attractive opportunities while preserving balance sheet strength and stability We plan to continue Expanding relationships with institutional credit investors, reporting long-term growth and maintaining financial optionality We remain focused on value creation through discipline Execution, and intentional capital allocation.

這種嚴謹的資本結構使我們能夠靈活地掌握有吸引力的機會，同時保持資產負債表的實力和穩定性。我們計劃繼續擴大與機構信貸投資者的關係，報告長期成長，並維持財務選擇權。我們將繼續專注於透過嚴謹的執行和有意識的資本配置來創造價值。

From retail leasing to office occupancy stability and multi-family lease up, we are building a stronger, simpler, and more resilient Armada halfway capable of generating consistent, predictable earnings growth I'm proud of the momentum We have generated And confident in the team's ability to deliver sustained reliable earnings growth while enhancing shareholder value With that, I'll now send the call over to Matt, provide additional Detail on our financial results.

從零售租賃到辦公大樓入住率穩定，再到多戶住宅租賃，我們正在打造一個更強大、更精簡、更具韌性的 Armada，使其能夠持續、可預測地實現盈利增長。我為我們所取得的成就感到自豪，並對團隊在提升股東價值的同時實現持續可靠的獲利成長充滿信心。接下來，我將把電話轉給 Matt，請他詳細介紹我們的財務表現。

Good consistency of our operating, the quality of our diversified portfolio, and the continued execution of our capital strategy. With our balance sheet repositioning well underway and fundamental stabilizing across our commercial asset classes, we entered the final quarter of the year from a position of strength and operating flexibility.

我們營運的良好穩定性、多元化投資組合的品質以及資本策略的持續執行。隨著資產負債表調整進展順利，商業資產類別基本面趨於穩定，我們以強勁的實力和靈活的營運姿態進入了今年的最後一個季度。

For the third quarter of 2025, normalized FFO attributable to common shareholders was $29.6 million or $0.29 per diluted share, slightly above our expectations and four-year guidance. FFO attributable to common shareholders was $20.2 million or $0.20 per diluted share AFO came in at $19 million or $0.19 per diluted share, demonstrated continual alignment between our operating cash flows

2025 年第三季歸屬於普通股股東的正常化 FFO 為 2,960 萬美元，即每股攤薄收益 0.29 美元，略高於我們的預期和四年指引。歸屬於普通股股東的FFO為2020萬美元，即每股攤薄收益0.20美元；AFO為1900萬美元，即每股攤薄收益0.19美元，這表明我們的經營現金流與FFO之間持續保持協調一致。

and the restructured dividend. Same to NOI for the portfolio increased 1% on a GAAP basis Our performance this quarter demonstrates the benefits of a simpler, more durable capital structure and disciplined execution by management across our portfolio As of September 30, 2025, net debt to total adjusted EBITDA stood at$7.9 times, stabilized portfolio debt to stabilize portfolio adjusted EBITDA at 5.5 times.

以及重組後的股利。與投資組合的淨營業收入 (NOI) 相比，以美國通用會計準則 (GAAP) 計算，該投資組合的淨營業收入增加了 1%。本季業績表明，更簡單、更穩定的資本結構以及管理層在整個投資組合中嚴謹的執行力帶來了益處。截至 2025 年 9 月 30 日，淨債務與調整後 EBITDA 比率為 7.9 倍，投資組合債務趨於穩定，從而將投資組合調整後 EBITDA 穩定在 5.5 倍。

Total liquidity for the quarter is $141 million including availability under our revolving credit facilities. AFO payout ratio stands at 74.9% and after adjusting for non-cash interest income, the ratio is 93.9%. Our portfolio weighted average interest rate remains consistent at 4.3%. Our diversified portfolio continues to demonstrate meaningful strength, particularly across our retail and office holdings.

本季總流動資金為 1.41 億美元，包括循環信貸額度下的可用資金。AFO 支付率為 74.9%，扣除非現金利息收入後，比率為 93.9%。我們的投資組合加權平均利率維持在 4.3% 不變。我們多元化的投資組合持續展現出強勁的實力，尤其是在零售和辦公室房地產方面。

Lesing pipelines remain active, and collections and occupancy levels have remained resilient in each of our segments respectively as expected, our retail segments showed quarterly declines in same store NOI, reflecting the temporary downtime resulting from tenant bankruptcies such as Cons, Party City, Joanne, and Bed Bath and beyond They saw NOI decrease 0.9% on a GAAP basis and 2.5% on a cash basis.

租賃業務依然活躍，正如預期，我們各個業務部門的收款和入住率均保持穩定。然而，我們的零售業務部門同店淨營業收入（NOI）出現季度性下降，反映出租戶破產（如 Cons、Party City、Joanne 和 Bed Bath & Beyond）造成的暫時性停業。以美國通用會計準則（GAAP）計算，其淨營業收入下降了 0.9%，以現金計算則下降了 2.5%。

These near-term results are consistent with our strategy to create long-term value through tenant credit enhancements and capital upgrades where returns can be achieved. With over 85% of this space already under lease or LOI, we anticipate realizing initial returns on our backfill efforts beginning in Q4 of 2025,

這些近期成果與我們透過租戶信用提升和資本升級來創造長期價值的策略一致，只要能夠實現回報即可。由於超過 85% 的空間已經出租或簽訂了意向書，我們預計將從 2025 年第四季開始實現回補工作的初步回報。

continuing into 2026 with full economics and over 20% rent growth achieved by mid-2027 Releasing spreads on renewed leases remained healthy at 5.7% on a GAAP basis and 6.5% on a cash basis, demonstrating continued tenant demand for retail space in a supply constrained market. From a broader market advantage, fundamentals remain supportive for retail.

到 2026 年，經濟效益將持續良好，到 2027 年年中，租金成長將超過 20%。續租的釋放價差以 GAAP 計算保持在 5.7% 的健康水平，以現金計算保持在 6.5% 的健康水平，這表明在供應受限的市場中，租戶對零售空間的需求仍然強勁。從更廣泛的市場優勢來看，零售業的基本面依然強勁。

In the office segment we continue to see exceptional occupancy levels at 96.5%, a modest improvement from last quarter. Strong renewal spreads at 21.6% on a GAAP basis and 8.9% on a cash basis, albeit on a small amount of space that reflects the value for our premium assets in desirable locations Our office segment posted positive same store NOI results at 4.5% on both the GAAP and cash basis.

辦公大樓市場持續維持96.5%的優異入住率，比上一季略有提高。以 GAAP 計算，續租率強勁，達到 21.6%；以現金計算，續租率也達 8.9%。儘管續租面積較小，但反映了我們在理想地段的優質資產的價值。我們的辦公大樓業務板塊同店淨營業收入 (NOI) 按 GAAP 和現金計算均為 4.5%，實現了正成長。

By focusing our capital and operational efforts on retail assets with dominant demographics, proven tenancy, and strong in-place cash flows combined with office assets that reflect the flight towards quality and the margin for renewal upside, we are well positioned to capture residual growth as the broader market conditions normalize. Short, the intersection of internal execution, that is asset level leasing, cost control,

透過將我們的資本和營運精力集中在人口結構優越、租戶穩定、現金流強勁的零售資產上，同時結合反映市場對優質資產追求和續租空間優勢的辦公資產，我們能夠更好地掌握市場整體狀況恢復正常後帶來的剩餘成長。簡言之，就是內部執行（即資產租賃）和成本控制的交集。

and capital reinvestment and the external tailwinds of limited new supply and retail, improving select office fundamentals, investor capital returning to quality real estate gives us confidence in the durability of our cash flows going forward Corporately, we continue to manage expenses tightly. G&A remains on track to be materially reduced year over year,

資本再投資以及新供應和零售業供應有限、部分辦公大樓基本面改善、投資者資本回歸優質房地產等外部利好因素，使我們對未來現金流的可持續性充滿信心。在公司層面，我們將繼續嚴格控制支出。一般及行政費用仍有望較去年同期大幅下降。

reinforcing our focus on efficiency while maintaining the resources required to execute on managing our assets and redevelopment opportunities As you all know, we have and are taking the appropriate steps to right size the construction entity, aligning its workforce with current backlog levels, making fiscally responsible decisions for shareholder value.

我們將繼續注重效率，同時維持管理資產和重建機會所需的資源。如大家所知，我們已經並將繼續採取適當措施，調整建築實體的規模，使其員工隊伍與當前的積壓訂單水平相匹配，並做出對股東價值負責的財務決策。

Capital markets remain selective, and we are structuring our balance sheet to reflect that reality. With our debt private placement completed in July and our liquidity stabilized through prudent cash management, we have the ability to remain patient and disciplined as the cycle evolves. We've engaged with our lending partners and are looking ahead to the back half of 2026 and our respective pending maturities.

資本市場依然具有選擇性，我們正在調整資產負債表以反映這一現實。隨著我們在 7 月完成債務私募，並透過審慎的現金管理穩定了流動性，我們有能力在週期演變的過程中保持耐心和自律。我們已經與貸款合作夥伴進行了溝通，並展望 2026 年下半年以及我們各自即將到期的貸款。

Early indications are leading us to expect that once our 2026 outstanding debt has been refinanced, we'll be able to achieve a portfolio weighted average interest rate slightly below 500 basis points Reflecting the stability in our operating results and visibility into year-end performance,

初步跡象表明，一旦我們完成2026年未償債務的再融資，我們將能夠實現略低於500個基點的投資組合加權平均利率。這反映了我們經營業績的穩定性以及對年終業績的可見度。

we are narrowing our full year normalized guidance range to $1.03 to $1.07 per diluted share, reaffirming our confidence in the trajectory of the business With that, I'll now turn the call back over to Shawn for his closing remarks.

我們將全年正常化預期範圍縮小至每股攤薄收益 1.03 美元至 1.07 美元，重申了我們對公司業務發展軌蹟的信心。接下來，我將把電話會議交還給肖恩，請他做總結發言。

Thank you, Matt. I want to thank our team for their continued. Dedication to our Shareholders and for their trust and support Operator, we are ready for the question-and-answer session.

謝謝你，馬特。我要感謝我們團隊的持續努力。為了感謝股東們的信任與支持，我們已準備好進行問答環節。

Thank you, ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Your first question comes from? Victor vettis with the Scotiabank. Please go ahead.

各位女士、先生，謝謝，現在我們將開始問答環節。（操作說明）你的第一個問題來自哪裡？Victor Vettis就職於加拿大豐業銀行。請繼續。

Good morning, everyone and thank you for taking my question. So, I'd like to ask about the acquisition of at least one real estate financing asset, Solis Gainesville Since the asset is across the street from the Everly, we can already see some negative effects on bus occupancy, which is more than 200 basis points down year to year and monthly rent, which also declined more than 11% year to year.

各位早安，感謝你們回答我的問題。所以，我想問一下關於收購至少一項房地產融資資產——Solis Gainesville——的情況。由於該資產位於Everly對面，我們已經可以看到對公車上座率的一些負面影響，比去年同期下降超過200個基點，每月租金也比去年同期下降超過11%。

So can you provide some insights into the expected going in cap rate on this asset? And potential synergies for managing two assets altogether and as well as your expectation for the same story no growth for both assets over the next two or three years.

那麼，您能否提供一些關於該資產預期初始資本化率的資訊？同時管理兩項資產可能產生綜效，但您預計未來兩三年內這兩項資產都不會成長。

Sure, thank you for the question, Victor. I think this the answer to the question starts about a year ago. We had signalled to the market that we would bring on to the balance sheet, not only Gainesville two, but the allure. So, let's touch on Gainesville two first. Our strategy, our thesis there has always been we want to run this asset combined with the Gainesville one asset which is called the Everly or rebranded as the Everly.

當然，謝謝你的提問，維克多。我認為這個問題的答案大約是從一年前開始的。我們已向市場發出訊號，我們將把 Gainesville 二期專案及其吸引力納入資產負債表。那麼，我們先來談談蓋恩斯維爾二號。我們的策略和理念一直是，我們希望將這個資產與 Gainesville 的一個資產（名為 Everly 或更名為 Everly）結合起來運作。

We think there are synergies there. We think it comes in to answer your question at or above our cost of capital, given that we are going to leverage synergies there, think headcount reduction in a normal building as a result of running these together. I mean, just rough, we think there's about 50 basis points of value there to be gained by us. In addition to that,

我們認為這其中存在協同效應。我們認為，考慮到我們將利用協同效應，從而減少普通辦公大樓的員工人數，這可以回答您的問題，因為成本等於或高於我們的資本成本。我的意思是，粗略估計，我們認為我們可以從中獲得大約 50 個基點的價值。除此之外，

as we see the new supply burned off, by the way, the new supply is ours. We'll see concessions burn off and therefore we'll see some uplift and we expect the positive same store to get there, fairly soon after stabilization. So I think it's a good story. It's what we had intended to do for the past 12 months or so, and we're looking forward to it. A slightly different story for the allure.

順便說一句，我們看到新供應的物資被消耗殆盡，而這些新供應的物資是我們的。我們將看到優惠政策逐步取消，因此我們將看到一些成長，我們預計同店銷售額將在穩定後很快實現正成長。所以我覺得這是一個很好的故事。這是我們過去12個月左右一直打算做的事情，我們很期待這件事的發生。至於吸引力方面，情況略有不同。

We have seen some very strong bids in the market in that submarket as of late. And so we're in discussions with our partner about what's the best move given the kind of high bids for that type of asset. There could be a case where we either bring it on balance sheet, which we can do and would love to do, or is a better opportunity cost equation to sell that in the open market and look for other deals with our partner there.

近期，我們看到該細分市場出現了一些非常強勁的競價。因此，鑑於此類資產的出價很高，我們正在與合作夥伴討論最佳方案是什麼。可能會出現這樣的情況：我們可以將其納入資產負債表（我們能夠做到，並且很樂意這樣做），或者更好的機會成本是將其在公開市場上出售，然後與我們在那裡的合作夥伴尋找其他交易。

So we'll more to more to, come there, that transaction essentially is going to be deferred until next year. So that's why you saw us pull that back from coming on the balance sheet here in the 3rd or 4th quarter of this year.

所以，我們再說一遍，那筆交易基本上要延到明年了。所以，這就是為什麼你們看到我們在今年第三或第四季沒有把這筆款項計入資產負債表的原因。

As a quick Follow-up, so if let's say this allure asset is sold to a third-party and the loan is repaid before maturity, will you receive any additional fees on top of the principal and what has already accrued?

作為後續問題，假設這項誘人資產被出售給第三方，並且貸款在到期前償還，除了本金和已產生的費用之外，您是否會收到任何額外的費用？

I think it's inappropriate for me to speak on that right now, Victor. I think let's see what happens. We'll certainly recoup our capital and have a conversation with our partner about how to make the best deal there.

維克多，我覺得我現在不方便談論這件事。我想我們還是看看會發生什麼事吧。我們一定會收回投資，並與合作夥伴討論如何達成最佳交易。

But I think, given where we are and what we're seeing in the market, we've still again got an opportunity cost question here. The good news is we are very much in the black on that asset, which is great for both us and our partners. Some more to come there.

但我認為，鑑於我們目前的處境和市場狀況，我們仍然面臨著機會成本的問題。好消息是，我們這項資產目前獲利頗豐，這對我們和我們的合作夥伴來說都是好事。那裡還有更多內容。

Got it Thank you.

明白了，謝謝。

Thank you, The next question comes from Rob Stevenson with Johnny. Please go ahead.

謝謝，下一個問題來自羅伯史蒂文森和強尼。請繼續。

Sean, just while you're talking about the real estate financing portfolio, how should we be thinking about the Kennesaw, Georgia loan and the asset as it gets closer to stabilization? Is that one also more likely to be sold and the loan repaid, or is that one more likely to be brought in-house?

肖恩，既然你在談論房地產融資組合，那麼隨著肯尼索喬治亞州的貸款和資產逐漸趨於穩定，我們該如何看待這筆貸款和資產？那隻股票更有可能被賣掉償還貸款，還是更有可能被公司收購？

Yeah, Rob, I think that's an asset that probably doesn't fit our core strategy. So in addition to that, I think you'll see that you won't see us pursuing that one per se. I think that will be sold as the answer to the question. So yeah, that's not one we intend to bring into the poll. Okay.

是的，羅布，我認為那項資產可能不符合我們的核心策略。所以除此之外，我想你會發現我們不會再親自去追求那個目標了。我認為這會被當作這個問題的答案來推銷。所以，是的，我們不打算把這個問題納入投票中。好的。

And then beyond the $18 million or so of in progress redevelopments, any of the 10 or so other opportunities in the supplemental expected to start in the next couple of quarters, and how extensive are the costs associated with those opportunities?

除了正在進行的約 1800 萬美元的重建項目之外，補充計劃中預計在未來幾季啟動的約 10 個其他機會，與這些機會相關的成本有多大？

Yeah, it's interesting. We've seen some attractive kind of projects there. We, I think let me start by saying this, we are continuing to see development deal flow. It just doesn't fit the risk adjusted spread. So our thesis is again back to the opportunity costs kind of long-term value creation. We think that the capital is best spent on some of these captive Projects That being said, I Don't see anything starting like.

是啊，挺有意思的。我們在那裡看到了一些很有吸引力的項目。我想首先要說明的是，我們持續看到開發案不斷湧現。它與風險調整後的利差不符。所以我們的觀點又回到了長期價值創造的機會成本問題。我們認為，將資金用於一些自有項目是最佳選擇。話雖如此，我並不認為會有任何專案啟動。

fourth quarter, probably not first quarter, but our team is doing quite a bit of diligence on a few of these. I mean, think out parcel, think, older kind of 90s, 2000s vintage assets with large parking lots. We're taking a look at how do we use the real estate kind of under our. Control and create opportunities there for Lyft in the short run. So long way of saying we're looking at it. Our development team is looking at it hard.

可能不是第一季度，而是第四季度，但我們的團隊正在對其中一些項目進行大量的盡職調查。我的意思是，想想那些地塊，想想那種老式的、90 年代、2000 年代的資產，帶有大型停車場。我們正在研究如何利用我們現有的房地產資源。短期內掌控並創造 Lyft 在該領域的機會。說了這麼多，其實就是想說我們正在關注這件事。我們的開發團隊正在認真研究這個問題。

We meet about it actually weekly, but I don't think we know enough now to say we're ready to fire off the next one. That said, as you can see with the Trader Joe's, we're very excited about those types of opportunities in the list that they create.

我們實際上每週都會開會討論這件事，但我認為我們現在掌握的資訊還不夠多，不足以說我們已經準備好啟動下一個專案。也就是說，正如你從 Trader Joe's 的案例中看到的那樣，我們對他們創造的這些機會感到非常興奮。

Okay. And then last one for me, how are you and the board thinking about, recycling assets and using the proceeds to reduce leverage and repurchase common stock and when might be the right time to explore something with one or more of the Baltimore assets, etc.

好的。最後一個問題，您和董事會是如何考慮資產再利用，並將所得款項用於降低槓桿率和回購普通股的？何時才是探索利用巴爾的摩一項或多項資產的適當時機？等等。

Yeah, I think the answer is we are constantly or consistently thinking about that, our job as capital allocators, as is to think about the opportunity cost of that capital. So we, as you may know, thought about an asset sale in Charlotte. We got some strong bids. Providence Plaza. The challenge became what is the best opportunity cost like kind of equation for that capital. We saw rent growth climbing down in Charlotte,

是的，我認為答案是我們一直在思考這個問題，作為資本配置者，我們的職責就是思考這些資本的機會成本。正如您可能知道的那樣，我們考慮過在夏洛特出售資產。我們收到了一些很有競爭力的報價。普羅維登斯廣場。挑戰在於如何找到這筆資金的最佳機會成本之類的等式。我們看到夏洛特的租金成長速度有所下降。

so, we said let's hold on to that asset, but we are thinking about those things. You see us renewing for a long-term kind of anchor leases, so on and so forth to lock in the value of some of these assets and at the right time we'll strike On deals that makes sense, I don't want to say we're going to get in to buy that land, but certainly there's an attractive accretive, opportunity there.

所以，我們決定保留這項資產，但我們正在考慮這些事情。你會看到我們正在續簽一些長期的錨定租賃合約等等，以鎖定這些資產的價值，在合適的時機，我們會達成一些合理的交易。我不想說我們會收購那塊土地，但那裡肯定存在著一個有吸引力的增值機會。

I'm not sure that we'll take that versus long-term property, kind of income producing property, but yeah, that's what we are doing right now, especially given the price of the equity and how that's trading in today's market.

我不確定我們會選擇這種投資方式而不是長期持有的、能產生收益的房產，但是，是的，這就是我們目前正在做的，特別是考慮到股權價格以及它在當今市場上的交易情況。

So long Way Of saying. Yeah, opportunity cost is our main focus, and we are looking at all of the assets that we have to determine where we can create some arbitrage in terms of what the market's value in our real estate at and what the broader market would potentially buy at. Okay Thanks guys. I appreciate the time this morning.

再見。是的，機會成本是我們的主要關注點，我們正在審視我們擁有的所有資產，以確定我們可以在哪些方面創造套利機會，從而了解我們房地產的市場價值與更廣泛的市場可能購買的價格之間的差距。好的，謝謝各位。感謝您今天上午抽出時間。

Yes, sir. Thank you.

是的，先生。謝謝。

The next question comes from Jamie Wise with CU Capital. Please go ahead.

下一個問題來自 CU Capital 的 Jamie Wise。請繼續。

Thanks for taking my question. First question is, could discuss the annual cost of its interest rate swaps and what are your plans going forward with the interest rate swap activity? Also, if you were to change your approach to buying the interest rate swaps and reducing your interest as a result of the swaps, how would that impact AFFO?

謝謝您回答我的問題。首先，能否談談貴公司每年的利率交換成本，以及貴公司未來在利率互換業務上有何計畫？另外，如果您改變購買利率互換的方式，並因此減少利息支出，這將對 AFFO 產生什麼影響？

Good, good Morning, Jamie Thank you for the question. So, Interest rate swaps, obviously changed the pricing with the market at the time. We look at that essentially as a pre-paid interest when you, when you're looking at paying that to essentially come into the total cost of the debt over the long run. We renewed back this this quarters.

早安，傑米，謝謝你的提問。所以，利率互換顯然改變了當時的市場定價。我們將其視為預付利息，因為從長遠來看，支付這筆費用最終會成為債務的總成本。我們本季續簽了合約。

Swaps that we that we had, we renewed them slightly early as we came within our kind of strike rate, the price that we felt, would fit in with the interest expense that we wanted total cost for full guidance, as I've talked about many times before, we are looking over the long-term transition in this balance sheet to long-term fixed. Debt,

我們先前簽訂的互換合約，由於價格達到了我們預期的執行率，我們提前續約了這些合約。我們認為，這個價格能夠滿足我們想要的利息支出，從而提供全面的指導。正如我之前多次提到的，我們正在考慮將資產負債表長期過渡到長期固定收益。債務，

so, we would, work through that cycle to reduce the reliance on derivatives as we get those, long-term fixed rate debts in place, and that's what we're going to be looking for as I mentioned in my remarks for those financing that are maturing in 2020, 2026.

因此，我們將努力完成這個週期，減少對衍生性商品的依賴，同時落實長期固定利率債務，正如我在演講中提到的，這就是我們將要尋求的，針對那些在 2020 年和 2026 年到期的融資。

Okay, thanks. And one other question earlier in the year you had mentioned that the dividend was stress tested for recessionary scenarios and also that you were expecting net debt even that it sort of end of the year around the 7.4x area.

好的，謝謝。今年早些時候，您還提到股息已經過經濟衰退情景的壓力測試，並且預計到年底淨債務將達到 7.4 倍左右。

I was curious if you could talk about that. I, is this a dividend just tested for 2026 and different sorts of interest rate scenarios as you look to do less hedging activity and are those, does management still hold by what it said earlier in the year Thank you.

我很好奇你是否可以談談這件事。請問，這是針對 2026 年股利以及不同利率情境的測試嗎？因為你們打算減少對沖活動。管理階層是否仍堅持年初的說法？謝謝。

Yes, certainly. So, as you can recall, we right size the dividend to make sure that our cash flows from the properties covered the distribution, the cash distributed out the door in the dividend. So we did that back earlier in the year and made sure that there was enough buffer there to stress test that dividend through the whole of the year, not just from A cash flow perspective but also from the compliance tax perspective as well

當然可以。所以，正如你所記得的，我們會合理調整股息規模，以確保我們來自物業的現金流能夠覆蓋分配，也就是以股息形式分配出去的現金。所以我們年初就做了這件事，確保有足夠的緩衝資金來對全年的股息進行壓力測試，不僅從現金流角度，也從稅務合規角度。

as you can see there is a number of charts in our supplemental that show the dividend distribution compared to AFO and AFO less non-cash interest expense, so as close to a cash number as we can provide and be and be transparent there.

如您所見，我們的補充資料中有許多圖表顯示了股息分配與 AFO 和 AFO 減去非現金利息支出的比較，因此我們盡可能提供接近現金的數字，並保持透明。

Jamie, this is Sean. I think the answer to your question is yes What we said in the earlier part of the year holds true. We stress tested that against many different scenarios as it relates to dividend, as it relates to the kind of derivative positions. We are on a journey here We've committed to the market that we want to continue to get into more pure fixed rate debt, hence kind of our replacement of $115 million back in the middle of the year,

傑米，這是肖恩。我認為你的問題的答案是肯定的。我們年初所說的仍然適用。我們對股息、衍生性商品部位等多種不同場景進行了壓力測試。我們正在經歷一段旅程。我們已經向市場承諾，我們希望繼續獲得更多純粹的固定利率債務，因此我們在年中用這筆資金替換了 1.15 億美元。

back in the July time frame, and you're going to see us continue to navigate that journey. It won't happen overnight, but yeah, I think that the answer to the question is we want to move to a more pure fixed balance sheet over time, and we intend to hold that dividend and have the ability to do so, plus or minus fluctuations in the market. Appreciate the question.

回到七月份，你們將會看到我們繼續這段旅程。這不會一蹴而就，但我認為這個問題的答案是，我們希望隨著時間的推移，轉向更純粹的固定資產負債表，我們打算維持股息，並且有能力做到這一點，無論市場出現多少波動。感謝您的提問。

And then Jamie to touch on the last bit of the question as it relates to leverage, we still, have the full debt from the development pipeline on our books and as we lease up the Allied and Southern Post, leverage will come down over the next or the coming quarters.

然後，傑米，關於槓桿率的問題的最後一部分，我們帳上仍然有來自開發項目的全部債務，隨著我們租賃 Allied 和 Southern Post，槓桿率將在接下來的幾個季度下降。

Thank you. The next question comes from Jon Petersen with the Jeffrey. Please go ahead.

謝謝。下一個問題來自傑弗裡的喬恩·彼得森。請繼續。

Oh great, thanks Maybe I'll just stick on the dividend. I'm just curious how you think about growing the dividend, right? If we're modelling over the next few years, should dividend growth tie out with AFFO per share growth at these levels, or are you going to kind of pause on raises for a while to give yourself more of a buffer. How do we think about that?

哦，太好了，謝謝。也許我就只領股利了。我只是好奇您對提高股息有什麼看法，對吧？如果我們對未來幾年進行建模，在目前的水平上，股息增長是否應該與每股調整後營運資金 (AFFO) 增長保持一致，還是你們會暫停一段時間的加息，給自己留出更多緩衝空間？我們該如何看待這個問題？

Thank you for the question. I think, we think about this in a conservative way, right? We just came off of a dividend restructure and so we want to be prudent here. AFO, as for us, given the real estate financing platform, is maybe not the best indicator sometimes in terms of dividends. So, I think the short answer to the question is we'll raise it when we feel we responsibly can to Matt's point, we don't want to go over dividend,

謝謝你的提問。我認為，我們看待這個問題的方式比較保守，對吧？我們剛剛完成了一次股息重組，所以我們想謹慎行事。就我們而言，考慮到房地產融資平台，AFO 有時可能不是衡量股息的最佳指標。所以，我認為對這個問題的簡短答案是，我們會在認為可以負責任地提出這個問題的時候提出來。正如馬特所說，我們不想超過股息。

and we also don't want to trip the kind of taxability. Concerns on the downside. So, we're looking at it I don't know if it will grow with ASO per se, depending on how big the real estate financing program is, but yeah, we're looking at it. We will raise it responsibly, but certainly don't want to over it too soon, especially given our recent journey. So, I think you'll see it moving in the future. I don't think you're going to see us do anything in the next quarter or so just based on where we stand.

而且我們也不想觸犯稅務規定。不利因素。所以，我們正在研究這個問題。我不知道它是否會隨著 ASO 本身的發展而增長，這取決於房地產融資計劃的規模，但是，是的，我們正在研究這個問題。我們會負責任地提出這個問題，但當然不想過早解決，特別是考慮到我們最近的經驗。所以，我認為未來你會看到它的發展。根據我們目前的處境，我認為在接下來的一個季度左右，我們不會採取任何行動。

Got it. Okay, that's helpful. And then the $95 million dollar term loan that's coming due next May, should we think about, proceeds from these financing, that might be repaid as what will be used to pay down that loan, or would you refinance it? How should we think about your plans there?

知道了。好的，這很有幫助。那麼，明年 5 月到期的 9,500 萬美元定期貸款，我們是否應該考慮用這些融資所得來償還這筆貸款，還是應該進行再融資？我們該如何看待你們在那裡的計劃？

Yes, certainly, so we have our primary credit facility, the revolving line of credit that matures the first of January 27', and the term loans associated with that primary credit facility, the first of January 2028. So, we've already engaged with the bank group, and we will look to both our kind of side term loans to wrap them up in that primary credit facility, so. We have a number of different options.

是的，當然，我們有主要的信貸額度，即 1 月 27 日到期的循環信貸額度，以及與該主要信貸額度相關的定期貸款，到期日為 2028 年 1 月 1 日。所以，我們已經與該銀行集團接洽，我們將考慮利用我們的一些附屬定期貸款，將它們納入該主要信貸安排中。我們有多種不同的選擇。

We can always go back to the market and do another debt private placement and get some long-term fixed rate bonds there to replace that. We can wrap that into the primary credit facility, or I'm sure our lending partner on that term loan that matures in in may want to kind of reissue, at those same levels. So many different options and yeah, we've already re-engaged with the partners to start working through that.

我們隨時可以重返市場，再次進行債務私募，發行一些長期固定利率債券來取代這些債券。我們可以將其納入主要信貸安排中，或者我相信我們到期的定期貸款的貸款夥伴可能會希望以相同的水平重新發行。有很多不同的選擇，是的，我們已經重新與合作夥伴接洽，開始著手解決這個問題。

Okay, alright, and then last question for me just on Allied Harbor Point, you said stabilization by mid next year. It's already 67.6% lease. So, I'm just curious, is it fully built out like could it be 100% occupied today, or is there still some work to do to be able to lease set up the stabilization?

好的，最後一個問題，關於聯合港角，您說到明年年中就能穩定下來。目前出租率已達 67.6%。所以，我只是好奇，它是否已經完全建成，可以100%入住，還是還需要一些工作才能開始租賃並穩定營運？

John, we're materially there. The challenge for us and this is what we talked to the market about kind of sense, since, bringing this idea to fruition was balancing this kind of equilibrium, not cannibalizing the two assets next door. So yes, it can be fully leased up. We're just very, we're very mindful about.

約翰，我們已經基本到達目的地了。對我們來說，挑戰在於，這也是我們與市場討論的重點，因為實現這個想法的關鍵在於平衡這種均衡，而不是蠶食相鄰的兩個資產。所以，是的，它可以全部出租出去。我們非常、非常注意這一點。

Not bottoming out our piece of the market there, so we said to the market back in September we were looking at a roughly 24-month stabilization. To your point, we will probably hit that sooner. We just want to be conservative with what we're putting out there in case we need to kind of hold rates, right?

我們沒有看到自己在該市場的份額觸底反彈，所以我們在9月份告訴市場，我們預計市場將穩定約24個月。你說得對，我們可能很快就會達到那個目標。我們只是想在發布訊息時保持保守，以防需要維持利率穩定，對吧？

The economic equation is much better. We can hold the rates up and fill the building, take a couple of extra months, and it would be kind of cannibalizing our own position and the other two.

經濟方程式好得多。我們可以維持利率不變，把樓盤填滿，再多花幾個月時間，但這在某種程度上會蠶食我們自己的市場份額以及其他兩家公司的市場份額。

Okay, all right, that's helpful Thank you very much.

好的，這很有幫助，非常感謝。

Yes sir.

是的，先生。

Thank you, Our next question, There are no further questions at this time. I will now send the call over to Shawn Tibbetts for closing remarks. Please go ahead, sir.

謝謝，我們下一個問題。目前沒有其他問題了。現在我將把電話轉給肖恩·蒂貝茨，請他作總結發言。請繼續，先生。

Thank you and thank you all for joining us today. We appreciate our investors partnership with us both on the equity and the credit side, our partners who do business with us in the submarkets in each of our markets throughout, the Southeast United States Thank you to our team Thank you to our board. We. Appreciate your attention.

謝謝大家，也謝謝各位今天蒞臨現場。我們感謝投資者在股權和信貸方面與我們建立的夥伴關係，感謝我們在各個市場子市場與我們開展業務的合作夥伴，感謝我們的團隊，感謝我們的董事會。我們。感謝您的關注。

our story. We look forward to continuing to create value for the long run. Thank you very much and have a nice day. To our story. We look forward to continuing to create value for the long run. Thank you very much and have a nice day.

我們的故事。我們期待繼續為長遠發展創造價值。非常感謝，祝您愉快。回到我們的故事。我們期待著繼續為長遠發展創造價值。非常感謝，祝您愉快。

Thank you, ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝各位，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。