Alexander & Baldwin Inc (Hawaii) (ALEX) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the third-quarter 2024 Alexander & Baldwin earnings conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Alexander & Baldwin 2024 年第三季財報電話會議。（操作員說明）

This call is being recorded on Thursday, October 24, 2024. I would now like to turn the conference over to Aja Shimamura, Leasing Manager. Please go ahead.

此電話錄音於 2024 年 10 月 24 日星期四進行。我現在想把會議交給租賃經理 Aja Shimamura。請繼續。

Thank you, operator. Aloha and welcome to Alexander & Baldwin's third-quarter 2024 earnings conference call. My name is Aja Shimamura, and I am a Manager on the A&B leasing team. With me, today, are A&B's Chief Executive Officer, Lance Parker; and Chief Financial Officer, Clayton Chun. We are also joined by Kit Millan, Senior Vice President of Asset Management, who is available to participate in the Q&A portion of the call. During our call, please refer to our third-quarter 2024 supplemental information available on our website at investors.alexanderbaldwin.com/supplement.

謝謝你，接線生。阿羅哈，歡迎參加 Alexander & Baldwin 2024 年第三季財報電話會議。我叫 Aja Shimamura，是 A&B 租賃團隊的經理。今天和我在一起的有 A&B 執行長 Lance Parker；財務長 Clayton Chun。資產管理高級副總裁 Kit Millan 也加入了我們的行列，他可以參加電話會議的問答部分。在我們的電話會議期間，請參閱我們網站 Investors.alexanderbaldwin.com/supplement 上提供的 2024 年第三季補充資訊。

Before we commence, please note that statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include but are not limited to statements regarding possible or assumed future results of operations, business strategies, growth opportunities, and competitive positions. Such forward-looking statements speak only as of the date of the statements were made and are not guarantees of future performance.

在我們開始之前，請注意，本簡報中的陳述並非歷史事實，而是1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，涉及許多風險和不確定性，可能導致實際結果與實際結果存在重大差異。這些前瞻性陳述包括但不限於有關可能或假設的未來營運績效、業務策略、成長機會和競爭地位的陳述。此類前瞻性聲明僅代表截至聲明發布之日的情況，並不能保證未來的業績。

Forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include but are not limited to prevailing market conditions and other factors related to the company's REIT status and the company's business. The evaluation of alternatives by the company related to its non-core assets and business and the risk factors discussed in the company's most recent Form 10-K, Form 10-Q, and other filings with the Securities and Exchange Commission.

前瞻性陳述受到許多風險、不確定性、假設和其他因素的影響，這些因素可能導致實際結果和某些事件的時間安排與前瞻性陳述中明示或暗示的結果和時間有重大差異。這些因素包括但不限於當前市場狀況以及與公司房地產投資信託基金地位和公司業務相關的其他因素。公司對替代方案的評估與其非核心資產和業務相關，以及公司最近向美國證券交易委員會提交的 10-K 表、10-Q 表和其他文件中討論的風險因素。

The information in this presentation should be evaluated in light of these important risk factors. We do not undertake any obligation to update the company's forward-looking statements.

應根據這些重要的風險因素評估本簡報中的資訊。我們不承擔更新公司前瞻性陳述的任何義務。

Management will be referring to non-GAAP financial measures during our call today. Please refer to our statement regarding the use of these non-GAAP measures and reconciliations included in our 2024 third-quarter supplemental information materials.

管理階層將在今天的電話會議中提及非公認會計原則財務指標。請參閱我們關於 2024 年第三季補充資訊資料中包含的這些非 GAAP 衡量標準和調整表的使用的聲明。

Lance will start today's presentation with an overview of the quarter, then hand it off to Clayton for a discussion of financial matters. To close Lance will return for some final remarks, and we will open it up for your questions. With that, let me turn the call over to Lance.

蘭斯將首先概述本季的情況，然後交給克萊頓討論財務問題。最後，蘭斯將返回進行一些最後的評論，我們將開放供您提問。接下來，讓我把電話轉給蘭斯。

Thanks for the introduction, Aja. Great job. And to everyone joining us, Aloha.

謝謝你的介紹，阿賈。幹得好。對於加入我們的每個人，阿羅哈。

Last quarter, I highlighted four areas of focus at the company: operational excellence, balance sheet strength and flexibility, streamlining our business and cost structure, and finally, growth. We made progress on all fronts in the third quarter.

上個季度，我強調了公司​​的四個重點領域：卓越營運、資產負債表實力和靈活性、精簡我們的業務和成本結構，最後是成長。第三季我們在各方面都取得了進展。

Operationally, the portfolio performed well. Year-over-year FFO was higher, supported by favorable NOI and strong leasing activity. Turning to our balance sheet, we entered into a new ATM program, providing an important tool to access capital when appropriate. And in October, we recast our credit facility extending the maturity of our revolver to 2028.

從營運角度來看，該投資組合表現良好。在良好的 NOI 和強勁的租賃活動的支持下，FFO 年比有所上升。談到我們的資產負債表，我們啟動了一項新的 ATM 計劃，為在適當的時候獲取資本提供了重要的工具。10 月份，我們重新制定了信貸安排，將左輪手槍的期限延長至 2028 年。

As we announced in our last call, we closed on the sale of 81 acres of land in July, providing us with additional liquidity and an opportunity to streamline our operations. From a growth perspective, we closed on the off-market acquisition of an 81,500 square foot industrial asset on Oahu for $29.7 million at a going-in cap rate of 5.4%.

正如我們在上次電話會議中宣布的那樣，我們在 7 月完成了 81 英畝土地的出售，為我們提供了額外的流動性和簡化營運的機會。從成長角度來看，我們以 2,970 萬美元的價格完成了對歐胡島 81,500 平方英尺工業資產的場外收購，投資上限率為 5.4%。

The acquisition provided us with an opportunity to recycle capital from Waipouli Town Center, which we sold earlier this week and other non-income-producing assets. As a result of this transaction and the uptick in volume of deals we are seeing, I'm encouraged about our investment prospects going forward. With these accomplishments, we are again raising our full-year guidance.

此次收購為我們提供了從瓦普利鎮中心回收資本的機會，我們在本週稍早出售了該中心以及其他非創收資產。由於這筆交易以及我們看到的交易量的增加，我對我們未來的投資前景感到鼓舞。憑藉這些成就，我們再次提高了全年指導。

Let me share more details from the quarter starting with our portfolio. Total NOI grew by 4.4%. Same-store NOI grew by 4.1%, and same-store NOI, excluding collections of prior-year reserves grew at 4.7%.

讓我從我們的投資組合開始分享本季的更多細節。NOI 總額成長 4.4%。同店 NOI 成長 4.1%，同店 NOI（不包括上一年儲備金的收取）成長 4.7%。

Thanks to Aja and the rest of the leasing team, we executed 71 leases in our improved property portfolio, representing more than 182,000 square feet of GLA with blended spreads of 15.3% on a comparable basis, driven primarily by an anchor renewal at Queen's Marketplace. Our same-store leased occupancy was 94.8% flat from last quarter and 80 basis points lower from the same period last year. Same-store economic occupancy at quarter-end was 93.7%, also flat from last quarter and 10 basis points lower than the same period last year.

感謝Aja 和租賃團隊的其他成員，我們在改進後的房地產投資組合中執行了71 項租賃，涉及超過182,000 平方英尺的GLA，可比混合價差為15.3%，這主要是由Queen's Marketplace 的錨定更新推動的。我們的同店租賃率為 94.8%，與上季持平，比去年同期下降 80 個基點。季末同店經濟入住率為93.7%，也與上季持平，較去年同期下降10個基點。

SNO at quarter-end was $1.9 million flat compared to last quarter and $1.1 million lower than last year. I should mention that our SNO does not include about $1 million of ABR related to our build-to-suit at Maui Business Park, which will be added to SNO when we begin construction early next year.

季度末的 SNO 與上季持平 190 萬美元，比去年減少 110 萬美元。我應該要提到的是，我們的 SNO 不包括與我們在毛伊島商業園區量身定制相關的約 100 萬美元的 ABR，該費用將在我們明年初開始施工時添加到 SNO 中。

On the macroeconomic front, recently published economic data in Hawaii shows personal income growth at 5.5%. Unemployment at the end of August was 2.9% compared to the national average of 4.2% and the 10th lowest in the country. Looking ahead, Hawaii's GDP growth is forecasted to be 2% in 2025 compared to the US average of 1.8%.

宏觀經濟方面，最近公佈的夏威夷經濟數據顯示個人收入成長5.5%。8月底失業率為2.9%，而全國平均失業率為4.2%，在全國排名第十。展望未來，夏威夷 2025 年預計 GDP 成長率為 2%，而美國平均成長率為 1.8%。

August year-to-date visitor arrivals were down 2.2% compared to 2023, driven primarily by the lingering effects of the Maui wildfires and currently at 88% of 2019 levels. As a reminder, 2019 represented a high watermark in terms of visitor arrivals to Hawaii.

與 2023 年相比，今年 8 月的遊客人數下降了 2.2%，主要是由於毛伊島野火的持續影響，目前為 2019 年水準的 88%。需要提醒的是，2019 年夏威夷遊客人數達到了最高水準。

With that, I'll turn the call over to Clayton. Clayton?

這樣，我會將電話轉給克萊頓。克萊頓？

Thanks, Lance, and aloha, everyone. Starting with our consolidated metrics for the third quarter. FFO is $28.2 million or $0.39 per share as compared to $21.2 million or $0.29 per share in the same quarter last year. Included within the FFO was $0.28 per share related to CRE and corporate, and that compares to $0.25 per share for the third quarter of 2023. The increase in CRE and corporate-related FFO was driven primarily by stronger CRE performance.

謝謝蘭斯，大家好。從我們第三季的綜合指標開始。FFO 為 2,820 萬美元，即每股 0.39 美元，而去年同期為 2,120 萬美元，即每股 0.29 美元。FFO 中包含與 CRE 和企業相關的每股 0.28 美元，而 2023 年第三季每股為 0.25 美元。CRE 和企業相關 FFO 的成長主要是由 CRE 業績強勁推動的。

FFO related to Land Operations was $0.11 per share during the third quarter of 2024 as compared to $0.04 per share in the same quarter last year. The higher Land Operations FFO in the quarter is due primarily to the sale of 81 acres of non-core land that Lance noted earlier and higher income from a legacy joint venture.

2024 年第三季度，與土地營運相關的 FFO 為每股 0.11 美元，而去年同期為每股 0.04 美元。本季土地營運 FFO 較高，主要是由於蘭斯早些時候提到的 81 英畝非核心土地的出售以及遺留合資企業的收入增加。

AFFO was $23.4 million or $0.32 per share for the third quarter of 2024. This compares to $17.4 million or $0.24 per share in the same period last year. Each of these metrics for the third quarter of 2024 benefited from collections of prior-year reserves of approximately $300,000 or a penny per share versus $500,000 in the third quarter of 2023.

2024 年第三季 AFFO 為 2,340 萬美元，即每股 0.32 美元。相比之下，去年同期為 1,740 萬美元，即每股 0.24 美元。2024 年第三季的每項指標都受益於上一年約 30 萬美元或每股 1 美分的準備金徵收，而 2023 年第三季為 50 萬美元。

G&A expenses decreased by $200,000 or 1.7% to $7.4 million as compared to the third quarter of 2023. Last quarter, we indicated that we expected 2024 G&A to be in the range of $29.5 million to $31.5 million. As a result of our continued focus and progress made to simplify and streamline our cost structure, we now expect our 2024 G&A to be within a range of $29 million and $30.5 million.

與 2023 年第三季相比，一般管理費用減少 20 萬美元，即 1.7%，至 740 萬美元。上季度，我們表示預計 2024 年的一般管理費用將在 2,950 萬美元至 3,150 萬美元之間。由於我們持續專注於簡化成本結構並取得進展，我們現在預計 2024 年的一般管理費用將在 2,900 萬美元至 3,050 萬美元之間。

Turning to our balance sheet and liquidity metrics, at quarter-end, total debt outstanding was $472 million. And we had total liquidity of $446 million made up of approximately $18 million of cash and $428 million available on our revolving credit facility. Including the effect of our interest rate swaps, 96.8% of our debt was at fixed rates, and we ended the quarter with a weighted average interest rate of 4.58%.

談到我們的資產負債表和流動性指標，截至季末，未償債務總額為 4.72 億美元。我們的流動資金總額為 4.46 億美元，其中包括約 1,800 萬美元的現金和 4.28 億美元的循環信貸額度。包括利率掉期的影響，我們 96.8% 的債務為固定利率，本季末的加權平均利率為 4.58%。

Net debt to adjusted EBITA was 3.6 times compared to 4.2 times at 2023 year-end. And this primarily reflects higher operating profit in Land Operations and lower G&A over the 12-month comparable period.

淨債務與調整後 EBITA 比率為 3.6 倍，而 2023 年底為 4.2 倍。這主要反映了 12 個月可比期間土地營運部門營業利潤的增加和一般行政費用的減少。

With respect to our dividend, we paid a third-quarter dividend of 0.2225 per share on October 7. Consistent with our normal practice, we expect our board to declare a fourth-quarter dividend in December. As mentioned in our second-quarter earnings call, we put in place a $200 million ATM program in August that replaced our previously existing facility.

關於股息，我們在10月7日支付了每股0.2225的第三季股息。按照我們的慣例，我們預計董事會將在 12 月宣布第四季股利。正如我們在第二季財報電話會議中提到的，我們在 8 月實施了一項價值 2 億美元的 ATM 計劃，取代了我們之前現有的設施。

We did not sell any shares under our new ATM program during the third quarter. The ATM program provides us with the ability to efficiently access the capital markets. And together with our existing share authorization represents an important capital allocation tool in our capital allocation tool kit.

第三季我們沒有根據新的 ATM 計劃出售任何股票。ATM計劃為我們提供了高效率進入資本市場的能力。與我們現有的股份授權一起，代表了我們資本配置工具箱中重要的資本配置工具。

Last week, we completed a recast of our revolving credit facility, which extends the maturity of our revolver to October of 2028 with two six-month extensions, and it provides $450 million of borrowing capacity. Important to note is that we maintained the same pricing grid as our previous agreement.

上週，我們完成了循環信貸安排的重新制定，將循環信貸安排的期限延長至 2028 年 10 月，併兩次延長六個月，並提供 4.5 億美元的借款能力。值得注意的是，我們維持了與先前協議相同的定價網格。

I should also mention that we have a $73 million mortgage secured by Pearl Highlands Center that matures in December. We intend to use availability on our revolver to pay off the mortgage. And we have a seven-year forward starting interest rate swap with a $73 million notion amount that will fix the interest at an effective rate of 4.73%.

我還應該提到的是，我們有一筆 7,300 萬美元的抵押貸款，由 Pearl Highlands Centre 擔保，將於 12 月到期。我們打算利用左輪手槍的可用性來償還抵押貸款。我們還有一個為期七年的遠期起始利率掉期，名目金額為 7,300 萬美元，將把利率固定在 4.73% 的有效利率。

When factoring in the impact of the revolver recast as well as the planned payoff of the Pearl Highlands mortgage including the effect of the interest rate swap, we will have 97% of our debt fixed at a weighted average interest rate of 4.7%. We'll have our weighted average maturity extended to 3.9 years, and we will continue to have ample liquidity to fund our internal and external growth activity.

當考慮到左輪手槍重鑄的影響以及珍珠高地抵押貸款的計劃還款（包括利率互換的影響）時，我們將把 97% 的債務固定為 4.7% 的加權平均利率。我們將把加權平均期限延長至 3.9 年，我們將繼續擁有充足的流動性來為我們的內部和外部成長活動提供資金。

As Lance mentioned, based upon our performance in the third quarter and our improved outlook for the remainder of the year, we are again raising our guidance. We now expect our 2024 same store NOI growth to range between 1.75% and 2.75%, and same-store NOI growth, excluding reserve reversals, to range between 2.25% and 3.15%.

正如蘭斯所提到的，根據我們第三季的業績以及今年剩餘時間的展望的改善，我們再次提高了我們的指導。我們現在預計 2024 年同店 NOI 成長率將在 1.75% 至 2.75% 之間，同店 NOI 成長率（不包括準備金逆轉）將在 2.25% 至 3.15% 之間。

The increased same-store NOI guidance reflects the impact of leasing activity, tenant performance, and operational efficiencies. It should be noted that also included in our increased same-store NOI guidance is the impact of fourth-quarter-related vacancies including approximately 50,000 square feet within our industrial portfolio and 13,000 square feet within our office portfolio.

同店 NOI 指引的增加反映了租賃活動、租戶績效和營運效率的影響。應該指出的是，我們增加的同店 NOI 指引還包括第四季度相關空缺的影響，包括我們工業投資組合中約 50,000 平方英尺的空缺以及我們辦公室投資組合中約 13,000 平方英尺的空缺。

We are actively pursuing releasing and repositioning options for these assets. While we expect these vacancies to continue into 2025, we are encouraged by the prospects.

我們正在積極尋求釋放和重新定位這些資產的選擇。雖然我們預計這些職缺將持續到 2025 年，但我們對前景感到鼓舞。

We are also raising our FFO guidance for the year and now expect 2024 FFO to range between a $1.27 per share to $1.35 per share. The improved FFO guidance consists of higher CRE and corporate-related FFO ranging from $1.07 to $1.11 per share due primarily to NOI and G&A cost reductions.

我們也提高了今年的 FFO 指引，目前預計 2024 年 FFO 的價格範圍為每股 1.27 美元至 1.35 美元。改進後的 FFO 指引包括較高的 CRE 和企業相關 FFO，範圍為每股 1.07 美元至 1.11 美元，這主要是由於 NOI 和 G&A 成本的降低。

We are also increasing our Land Operations FFO guidance to a range of $0.20 to $0.24 per share, reflecting earnings from land sales and our legacy joint venture. These are in addition to the 81-acre Kamalani land sale that we mentioned during our second-quarter earnings call. Finally, we are also raising our 2024 AFFO guidance to a range of a $1.05 to $1.12 per share due primarily to the improvements in FFO.

我們也將土地營運 FFO 指引提高至每股 0.20 美元至 0.24 美元，反映了土地銷售和我們遺留合資企業的收益。這些都是我們在第二季財報電話會議上提到的 81 英畝 Kamalani 土地出售的補充。最後，我們還將 2024 年 AFFO 指導值提高至每股 1.05 美元至 1.12 美元，這主要是由於 FFO 的改進。

With that, I will turn the call over to Lance for his closing remarks.

接下來，我將把電話轉給蘭斯，讓他發表結束語。

Thanks, Clayton. I am pleased with what we accomplished this quarter and the outlook for the remainder of the year. We achieved strong results in our commercial real estate portfolio, closed on an off-market industrial acquisition, and have taken steps to ensure that we have ample access to capital markets through our ATM program and extending the maturity on our revolving credit facility.

謝謝，克萊頓。我對我們本季取得的成就以及今年剩餘時間的前景感到滿意。我們的商業房地產投資組合取得了強勁的業績，完成了場外工業收購，並採取措施確保我們透過 ATM 計劃有足夠的機會進入資本市場，並延長循環信貸額度的期限。

On that note, we'll now open the call up to questions.

就此而言，我們現在將開始提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，聯盟全球合作夥伴。

Yeah. Thank you. I wanted to ask you on your new and renewal rent spread that came in higher than last few quarters. Just hoping to get some more color on what you were seeing on that front.

是的。謝謝。我想詢問您的新房租和續約房租差價高於前幾季的情況。只是希望對您在這方面所看到的內容有更多的了解。

Sure. No problem. This is Kit Millan here. So our leasing team had a really exceptional quarter. And I think a couple of things that I want to point out related to leasing is number one, we had 23 new deals, which is the highest we've had in a long time. And that's really pointing to the healthy demand we're seeing for both retail in-line space as well as small bay industrial.

當然。沒問題。我是基特·米蘭。因此，我們的租賃團隊度過了一個非常出色的季度。我想我想指出的與租賃相關的幾件事是第一，我們有 23 筆新交易，這是我們很長一段時間以來的最高交易量。這確實表明我們對零售排隊空間和小型工業空間都有健康的需求。

In terms of our spreads, as Clayton mentioned, a lot of those large spread this quarter was driven by one deal in particular, which was an anchor deal at Queen's Marketplace. And if you back out the impact of that and one other retail deal, the spreads were more consistent with what we've been seeing for the balance -- for the earlier part of the year and the last part of last year.

就我們的利差而言，正如克萊頓所提到的，本季的許多大利差都是由一筆交易推動的，這是女王市場的一項主力交易。如果你排除這項交易和另一項零售交易的影響，那麼利差與我們在今年稍早和去年下半年看到的餘額更加一致。

Okay. Second question I wanted to ask you was on the guidance. I think you talked about some expected move-outs in 4Q both for industrial and office properties. Hoping to get some more color on those tenants.

好的。我想問你的第二個問題是關於指導的。我認為您談到了工業和辦公物業在第四季度的一些預期遷出。希望對這些租戶有更多的了解。

Hey, Gaurav. This is Lance. Thanks for joining. It's really three tenants that are sort of driving the expected move-outs in Q4 -- so two in the industrial side and one in the office side.

嘿，高拉夫。這是蘭斯。感謝您的加入。事實上，推動第四季預期搬出的實際上是三個租戶——其中兩個是工業區，一個是辦公區。

On the industrial side, we are expecting to receive back a full floor of our Kaka'ako Commerce Center. So this is a multi-story building that we have in urban Honolulu. I will note that the floor we're getting back is more traditional warehouse space. And so we do have some existing prospects that we're already in dialogue in. Although Clayton did mention that we need to expect these vacancies to carry through into 2025, we're encouraged by the fact that we're in conversations before we actually recapture this space.

在工業方面，我們預計將收回卡卡阿科商業中心的整個樓層。這是我們在檀香山市區擁有的多層建築。我要指出的是，我們要收回的樓層是更傳統的倉庫空間。因此，我們確實有一些現有的前景，我們已經在進行對話。儘管 Clayton 確實提到我們需要預期這些空缺職位會延續到 2025 年，但在我們真正重新奪回這一空間之前我們正在進行對話，這一事實令我們感到鼓舞。

The second one is an industrial over in our Komohana property in Kapolei in West Oahu. It's about 16,000 square feet, so smaller space. Similarly, we're in discussions for a backfill opportunity, so feel confident about that.

第二個是我們位於西歐胡島卡波萊的 Komohana 地產的工業區。面積約16,000平方英尺，空間較小。同樣，我們正在討論回填機會，因此對此充滿信心。

And then lastly, we're getting about 13,000 square feet of office space back at our Kahului Office Building on the island of Maui. That was a bank that relocated and built a new facility within our Maui Business Park. We are in conversations with potential backfield tenants there as well. Although just given the status of the office market I would expect that there'd be some time for us to backfill that space.

最後，我們將在毛伊島的卡胡盧伊辦公大樓獲得約 13,000 平方英尺的辦公空間。那是一家銀行在我們的毛伊島商業園區內搬遷並建造了新設施。我們也正在與潛在的後場租戶進行對話。儘管考慮到辦公市場的現狀，我預計我們還會有一些時間來回填該空間。

Rob Stevenson, Janney.

羅布史蒂文森，珍妮。

Hi, good afternoon, guys. Lance, can you talk a little bit about the proceeds from the -- I'm going to butcher this -- Waipouli Town Center disposition? And was there any notable expense drag given the vacancy there that now goes away and positively impacts you in addition to the proceeds there?

嗨，大家下午好。蘭斯，你能談談──我要砍掉這個──懷普利鎮中心處置的收益嗎？考慮到那裡的空缺現在已經消失，除了那裡的收益之外，是否有任何顯著的費用拖累你？

Hey, Rob. Thanks for the question. And first off, you nailed the pronunciation. So great job on Waipouli. I will say, that was, I think, a unique opportunity for us to recycle out of that asset. It was underperforming; place it into a very strategic off-market industrial deal. So it was a good use of the proceeds.

嘿，羅布。謝謝你的提問。首先，你確定了發音。懷普利的工作非常出色。我想說，我認為這是我們回收該資產的獨特機會。它表現不佳；將其納入一項非常具有戰略意義的場外工業交易。所以這是收益的一個很好的利用。

And I guess with regards specific to your question, I'll kick this over to Kit on if there was any drag on the expenses.

我想，關於你的問題，如果費用有任何拖累，我會把這個問題交給 Kit 處理。

So what I would say is given the occupancy at that property, obviously, there was a -- quite a bit of CAM leakage since we lost our major anchor there a couple of years ago. So in that sense, it does eliminate some of the drag on the overall portfolio.

所以我要說的是，考慮到該房產的佔用情況，顯然，自從我們幾年前在那裡失去了我們的主要錨點以來，有相當多的 CAM 洩漏。因此從這個意義上說，它確實消除了對整體投資組合的一些拖累。

I guess, Clayton, is that material? Is that something that positively impacted the increase in guidance or was it sort of non-material given that asset?

我想，克萊頓，那是材料嗎？這是否對指導的增加產生了積極影響，或者考慮到該資產，它是否有點非實質？

Yeah. So as far as Waipouli itself, the way that we had viewed disposition was that it was tied to our acquisition that we had announced earlier -- it's a cold storage industrial facility. And so effectively, this was a recycling of capital opportunity for us that we viewed at the end of the day, it was accretive. And so that was part of our thesis for doing that deal.

是的。就瓦普利本身而言，我們看待處置的方式是，它與我們先前宣布的收購有關——它是一個冷藏工業設施。如此有效，這對我們來說是一次資本機會的回收，我們最終認為，它是增值的。這就是我們進行該交易的論文的一部分。

Okay. What does the acquisition pipeline look like today? Are you guys seeing any pick-up in people willing to sell assets across the islands? Is it still hunting for needles in the haystack? How are you guys sort of viewing the transactional market these days, relative to where it's been?

好的。如今的收購管道是什麼樣的？你們是否看到願意在島上出售資產的人增加？它還在大海撈針嗎？相對於過去的情況，你們現在如何看待交易市場？

Yeah, I'd say specific to the points you raised it, it's a little bit of both Rob, but I'm certainly more encouraged by the looks that we're getting. I made some comments earlier last quarter about the fact that we were seeing more deals at the top of the funnel. That has continued through Q3. We were obviously able to execute on the 82,000-square-foot industrial deal that we did.

是的，我想說的是，具體到你提出的觀點，這兩者都有一點，但我當然對我們所看到的樣子更感到鼓舞。上個季度早些時候，我就我們在漏斗頂部看到更多交易這一事實發表了一些評論。這種情況一直持續到第三季。顯然，我們能夠執行我們所做的 82,000 平方英尺的工業交易。

And while I would say that our improved guidance for the remainder of the year does not contemplate any additional acquisitions, I remain encouraged that just based on what we're seeing at the top of the funnel that we'll be able to find some opportunities, if not this year, heading into next year.

雖然我想說，我們對今年剩餘時間的改進指導並未考慮任何額外的收購，但我仍然感到鼓舞，僅根據我們在漏斗頂部看到的情況，我們將能夠找到一些機會，如果不是今年，那就進入明年。

Okay. And then, on the leasing front, at this point, are there any meaningful 2025 leases that are known move-outs that we need to be thinking about as we update models following earnings here?

好的。然後，在租賃方面，目前，在我們根據收益更新模型時，是否有任何有意義的 2025 年租賃（即已知的遷出）需要考慮？

No, we did want to provide just the visibility into the move outs that we expect to occur this quarter and head into 2025. But as we look into the year, just we have all this information in our supplement. We've got about 10% of roll anticipated from a GLA basis and about the same on an ABR basis. That's including the comments we made about those three vacancies. We've got an overall WALT of about six years on the portfolio. So feeling pretty good about 2025.

不，我們確實想提供我們預計本季和 2025 年將發生的搬遷的可見性。但當我們展望這一年時，我們的補充資料中就包含了所有這些資訊。我們預計 GLA 的滾動量約為 10%，而 ABR 的滾動量也大致相同。這包括我們對這三個職缺的評論。我們的投資組合的整體 WALT 約為六年。所以對 2025 年感覺很好。

Okay. And then I guess last one. On the 35,000 square feet of new leases in the quarter, how should we be thinking about when the bulk of that sort of starts producing revenue when you get a tenant in there? Is that a -- sort of thinking about it is like a six-month lag, a nine-month lag? How should we be thinking of that in terms of build out or anything else that you have to do before those tenants can take over that space and start paying revenue?

好的。然後我猜最後一個。就本季 35,000 平方英尺的新租約而言，當你在那裡找到租戶時，當其中大部分開始產生收入時，我們應該如何考慮？這是不是有點像六個月的滯後、九個月的延遲？在這些租戶可以接管該空間並開始支付收入之前，我們應該如何考慮擴建或其他必須做的事情？

That's a very good question. Let me start with the industrial side, because the industrial side is a lot easier to predict. So industrial build-outs don't tend to take very long, not a lot of permit work in general. We can often turn on industrial right away, but within six months is the typical time frame.

這是一個非常好的問題。讓我從工業方面開始，因為工業方面更容易預測。因此，工業擴建往往不會花費很長時間，一般來說也不需要大量的許可工作。我們通常可以立即啟動工業，但通常的時間範圍是六個月內。

Retail, it really depends on the type of space. If it's a restaurant space with quite a bit of work, quite a bit of permitted work, it can actually take up to three quarters of a year or 12 months to turn on the rent. So it really just depends on the retail side. If it's a regular in line retail with a minor build-out, in some cases, we can turn on the rent in three to six months.

零售，這實際上取決於空間的類型。如果這是一個需要大量工作、大量許可工作的餐廳空間，實際上可能需要一年四分之三或 12 個月的時間才能支付租金。所以這其實只取決於零售方面。如果這是一個常規的排隊零售店，並且有少量擴建，在某些情況下，我們可以在三到六個月內收取租金。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey. Good day. Still good morning out there. So just two questions. First, sort of circling back to Rob's question, as we think about the ATM, it doesn't sound like you're using the ATM for balance sheet purposes, because you didn't talk about it to be used for the Pearl Highland to pay that off. And it also sounds like the acquisition market remains tough. So just patience seems to be the message.

嘿。再會。還是早安。所以只有兩個問題。首先，回到 Rob 的問題，當我們考慮 ATM 時，聽起來您並沒有將 ATM 用於資產負債表目的，因為您沒有談到將其用於珍珠高地還清這筆錢。聽起來收購市場仍然很艱難。因此，我們所傳達的訊息似乎就是耐心。

So how do we think -- or how do you guys think about the ATM? Is this something that you would use like 20 million at a pop or is this more of -- implement that if you were to come across, let's say, a large portfolio, you would use the ATM. But otherwise, one-off acquisitions are probably going to be funded via asset sales or land sales or something of that sort.

那我們如何看待——或者你們如何看待 ATM 機？這是你會一次性使用 2000 萬的東西還是更多——如果你遇到，比方說，一個大的投資組合，你會使用 ATM。但除此之外，一次性收購可能會透過資產出售或土地出售或類似方式籌集資金。

Yeah. Hi, Alex. Clayton. So for the ATM, you're right that we did not draw on the ATM or utilize the ATM for the third quarter. And that includes for purposes of our refinancing activities that occurred as well. The way that we look at the ATM, it's effectively a tool in our capital allocation tool kit. And so to the extent that there's opportunities in the market that arise, we will consider the ATM as a source of financing, but we're going to evaluate the different options, which includes financing it by way of debt. To the extent that our stock is trading at a level where it makes sense for us to utilize the ATM, we're not going to hesitate to do so.

是的。嗨，亞歷克斯。克萊頓。因此，對於 ATM 機，你說得對，我們第三季沒有動用 ATM 機或使用 ATM 機。這也包括我們發生的再融資活動的目的。從我們的角度來看，ATM 機實際上是我們資本配置工具包中的一個工具。因此，只要市場上出現機會，我們就會考慮將 ATM 作為融資來源，但我們將評估不同的選擇，其中包括透過債務融資。如果我們的股票交易水準對我們來說使用 ATM 是有意義的，我們會毫不猶豫地這樣做。

Okay. And then the second question is, you know everyone -- every analyst's fun question around this time of year is 2025. Obviously, you've been bringing up numbers this year. Looking at the core business, let's call it $1.10, to use an even number -- is a $1.10 sort of the base that we should think about 2025 and then obviously some expectation of growth, or should we be assuming that there will be some element of land in next year such that -- I don't know if it's $0.05, $0.10, maybe it's more, I don't know -- but how do we think about next year from sort of a base operations and then the above and beyond? Because I also think you guys have spoken previously that if you exit land entirely, there's like $4 million or $5 million of G&A that goes away, that's associated with land, which would also sound like that would be a benefit to the base FFO if you will.

好的。第二個問題是，大家都知道，每年這個時候每個分析師都會提出的有趣問題是 2025 年。顯然，你今年一直在提出數字。看看核心業務，讓我們稱之為 1.10 美元，使用偶數——我們應該考慮 2025 年的 1.10 美元基數，然後顯然是一些增長預期，或者我們應該假設會有一些元素明年的土地——我不知道是0.05 美元還是0.10 美元，也許更多，我不知道——但是我們如何從基礎運營角度考慮明年，然後是上述和超過？因為我還認為你們之前說過，如果你們完全退出土地，那麼與土地相關的 400 萬或 500 萬美元的 G&A 就會消失，這聽起來也對基礎 FFO 有利，如果您將要。

Yeah. So I'll take that. It's Clayton again. So with respect to the 2025 guidance, Alex, we're not in a position to provide guidance on this call. I think the comment that you are bringing up with respect to Land Operations and the fact that it is influenced by episodic land sales, that does continue to remain true. And so I guess I'll leave it at that. but we're not providing guidance on this call for either Land Operations or any parts of the company's results,

是的。所以我會接受的。又是克萊頓。因此，Alex，關於 2025 年指導，我們無法就這次電話會議提供指導。我認為您提出的有關土地運營的評論以及它受到間歇性土地銷售影響的事實仍然是正確的。所以我想我就這樣吧。但我們不會就此次電話會議提供有關土地運營或公司業績任何部分的指導，

Okay. But Clayton, I guess as you sit here today looking till the end of the year, it doesn't sound like you're going to exit land. So there will still be some land in next year is what it sounds like. It doesn't sound like you're fully exiting by this year. It sounds like there would be some carry over into next year that should generate some sort of contribution.

好的。但是克萊頓，我想當你今天坐在這裡展望今年年底時，聽起來你並不打算離開陸地。所以聽起來明年還是會有一些土地。聽起來你今年還沒有完全退出。聽起來好像會有一些結轉到明年，應該會產生某種貢獻。

So the way that we've reported our results for Land Operations, if we were to exit it, it would be presented in our financial statements as discontinued operations, which it's not. And so from that perspective, we're, we're not planning at this point to have an exit of that entire part of the business.

因此，按照我們報告土地業務結果的方式，如果我們要退出它，它將在我們的財務報表中顯示為已終止業務，但事實並非如此。因此，從這個角度來看，我們目前不打算退出整個部分業務。

So one way to think about it, Alex, might be is that there will continue to be a land ops heading into 2025. And therefore, there could be opportunity from an FFO perspective. But again, we're going to stop short of signaling or providing any guidance in terms of what we expect that to be like for next year.

因此，亞歷克斯，一種思考方式可能是，到 2025 年，仍然會有陸地行動。因此，從 FFO 的角度來看，可能存在機會。但同樣，我們不會就明年的預期情況發出任何信號或提供任何指導。

Yeah. No, I understand. We have to wait, but I'm just trying to think about how you guys are positioned heading into next year. In addition, you have funding potential from continued land sales. Thank you.

是的。不，我明白。我們必須等待，但我只是想想想你們明年的定位如何。此外，您還可以透過持續的土地出售獲得資金潛力。謝謝。

And I will add that that remains a priority for us, because we do recognize while there is opportunity remaining in that section of the business, there are also costs embedded in that section of the business. And so this is not something that's a back burner issue for us. We will continue to monetize and provide liquidity for reinvestment but also quite frankly driving down the cost structure.

我要補充一點，這仍然是我們的首要任務，因為我們確實認識到，雖然該業務部分仍然存在機會，但該業務部分也存在成本。所以這對我們來說不是一個次要的問題。我們將繼續貨幣化並為再投資提供流動性，但坦白說，也會降低成本結構。

Mitch Germain, Citizens JMP.

米奇·傑曼 (Mitch Germain)，公民 JMP。

Thanks. Lance, when you look at your -- congrats on the deal this quarter. When you look at your pipeline, does it look similar to what you acquired, i.e., your last couple of deals have been industrial or are you seeing some opportunities in the shopping center arena as well?

謝謝。蘭斯，當你看到你的——恭喜本季達成的交易。當您查看您的管道時，它看起來與您收購的項目相似嗎？

Hey, Mitch. I'd say the additional encouraging part for me is that we're seeing a little bit of everything, and I would also add that, similar to comments that we've shared in the past, we don't have a specific allocation or target across our specific asset classes. It's really going to be opportunistic.

嘿，米奇。我想說對我來說額外令人鼓舞的部分是我們看到了所有事情的一點點，我還要補充一點，與我們過去分享的評論類似，我們沒有具體的分配或我們的特定資產類別的目標。這真的會是機會主義的。

And so just the fact that we're getting more looks over the last two quarters again, I think, is a good sign we're starting to see -- not just for us, but there has been additional activity in the market. So these are all positive indicators heading -- or looking forward.

因此，我認為，過去兩個季度我們再次獲得更多關注的事實是我們開始看到的一個好跡象——不僅對我們而言，而且市場上也出現了更多活動。因此，這些都是正面的指標，或者說是展望未來。

Okay. That's super helpful. Last one for me -- everything else has been asked. When I consider the same store, you're referencing three move-outs, but if I kind of think, you guys are 3%-ish of the year -- seems like there's some conservatism baked into that number or will those move-outs have that meaningful impact on same-store growth in the fourth quarter.

好的。這非常有幫助。對我來說最後一個問題——其他一切都已被問到。當我考慮同一家商店時，你指的是三個遷出，但如果我想的話，你們是今年的 3% 左右——似乎這個數字中包含了一些保守主義，或者這些遷出會不會對第四季同店成長產生了重大影響。

I would -- I'll answer this at a high level and then open it up to either Clayton or Kit if they want to provide some additional color. We stated at the end of -- or I should say, at the beginning of the year that we were expecting some episodic results in CRE quarter-to-quarter and that we were really trying to focus on full-year guidance.

我會——我會在高層次上回答這個問題，然後向克萊頓或基特開放，如果他們想提供一些額外的顏色。我們在年底（或者我應該說是在年初）表示，我們預計商業地產季度環比會出現一些偶發性的結果，並且我們確實在努力關注全年指引。

So implied in the numbers would suggest a bit of a slowdown for Q4. And that's consistent with our expectations. But again, given full-year year-to-date performance, we felt comfortable enough to raise full-year guidance.

因此，數字中暗示的第四季經濟成長將有所放緩。這符合我們的預期。但同樣，鑑於全年迄今為止的表現，我們有足夠的信心提高全年指導。

Yeah. And if I could just add on -- Hi, Mitch, this is Clayton, the same-store NOI guidance for the fourth quarter, it's also taking into account the results from last year's fourth quarter, where there were some I guess non-recurring type of benefits that contributed to our overall same store NOI, expectations going into Q4.

是的。如果我可以補充一下——嗨，米奇，這是克萊頓，第四季度的同店 NOI 指導，它還考慮到了去年第四季度的結果，其中有一些我猜是非經常性的為我們的整體同店NOI 做出貢獻的福利類型，以及進入第四季度的預期。

Got you. And then Clayton (multiple speakers)

明白你了。然後克萊頓（多個發言者）

Go ahead. Sorry.

前進。對不起。

No, I was going to -- that's perfect. That's exactly what I needed. And then how should I consider like a clean FFO number for the quarter,kind of backing out like what we characterized to be somewhat non-recurring items in the land, bucket? What's a clean FFO number for the quarter here?

不，我本來打算——那是完美的。這正是我所需要的。然後我應該如何考慮本季度的乾淨 FFO 數字，就像我們所描述的在土地上的非經常性項目一樣，桶？本季的乾淨 FFO 數字是多少？

Yeah. So Mitch, when we think about FFO, we've been intentional in presenting the bifurcation of our FFO between the CRE / corporate, and Land Operations, recognizing that the Land Operations business has episodic results. And so for purposes of stripping out those one-time FFO related to land sales itself, you would get to the CRE corporate where we did -- and I guess that's the way to think about it in terms of consistent FFO going forward.

是的。因此，米奇，當我們考慮 FFO 時，我們有意展示 CRE/企業和土地運營之間的 FFO 分歧，認識到土地運營業務具有偶發性結果。因此，為了剔除那些與土地銷售本身相關的一次性 FFO，您將進入我們所做的 CRE 公司 - 我想這就是從未來持續的 FFO 角度思考這一問題的方式。

Got you. I guess I was kind of thinking your full-year number included some land contribution. So I was almost thinking, taking that into account how much other contribution was gain related, if you know what I mean.

明白你了。我想我在想你的全年數字包括一些土地貢獻。所以我幾乎在想，考慮到有多少其他貢獻與收益相關，如果你明白我的意思的話。

I wasn't quite following that.

我不太明白。

(multiple speakers) do it offline. Yeah, thanks.

（多個發言者）離線進行。是的，謝謝。

(Operator Instructions)

（操作員說明）

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Great. Thanks. Hey, Clayton. Hey, Lance. Thanks for taking these questions. I just wanted to ask if you can provide some additional color on that legacy joint venture that had an impact in the land ops segment this quarter.

偉大的。謝謝。嘿，克萊頓。嘿，蘭斯。感謝您提出這些問題。我只是想問您是否可以為本季對陸地營運領域產生影響的傳統合資企業提供一些額外的資訊。

Yeah. Hi, Brendan. It's Clayton. So the joint venture is an investment that was made a while back, going on like 10 years or so. So this is before we had converted to a REIT. And so it's a passive investment that we have. And frankly, at this point, it's really not requiring much in the way of management time, nor does it require -- has it resulted in any contributions from a cash flow perspective.

是的。嗨，布倫丹。這是克萊頓。因此，合資企業是一項不久前進行的投資，持續了約 10 年左右。這是我們轉換為房地產投資信託基金之前的情況。所以這是我們的被動投資。坦白說，在這一點上，它確實不需要太多的管理時間，也不需要——從現金流的角度來看，它是否會帶來任何貢獻。

Got it. Thanks, Clayton. And I guess looking out to -- or looking at the updated '24 guidance, that guidance obviously assumes very minimal, if any, benefit from that investment in Q4.

知道了。謝謝，克萊頓。我想，或者看看更新後的 24 年指導意見，該指導意見顯然假設從第四季度的投資中獲得的收益（如果有的話）非常小。

Yeah. So for the fourth-quarter guidance that -- or the full-year guidance, it does incorporate the fourth quarter for which for Land Operations as a whole, we were expecting that to be breakeven more or less.

是的。因此，對於第四季度的指導，或全年的指導，它確實包含了整個土地運作的第四季度，我們預計或多或少會達到盈虧平衡。

Okay. And I wanted to look at SG&A. Can you just remind us where these efficiency improvements have come from, and I guess what really drove the -- or the expected change for the total amount for 2024?

好的。我想看 SG&A。您能否提醒我們這些效率改進從何而來？ 我猜是什麼真正推動了這些效率改進，或者說 2024 年總量的預期變化？

Yeah. So as we had mentioned on previous calls, G&A as well as our overall cost structure continues to remain a priority. And we've been focusing on seeking improvements to enable us to lower our overall run rate, G&A and otherwise. And so, what we're seeing is the benefits of the implementation of various process improvements and frankly the simplification of the overall company itself. So it's a combination of a number of different types of cost categories, whether that's personnel, consultants, and the like.

是的。因此，正如我們在之前的電話會議中提到的那樣，一般行政費用以及我們的整體成本結構仍然是優先事項。我們一直致力於尋求改進，以降低整體運作率、一般行政費用和其他方面。因此，我們看到的是實施各種流程改進的好處以及坦率地說整個公司本身的簡化。因此，它是多種不同類型成本類別的組合，無論是人員、顧問等。

Great. Thanks for that. That's helpful. And I'll ask one more question just on the Pearl Highlands asset, the mortgage coming due. Can you walk us through the decision to utilize the revolver there? And was that always the plan, or were there kind of different financing conversations had?

偉大的。謝謝你。這很有幫助。我還要再問一個關於珍珠高地資產的問題，即將到期的抵押貸款。您能否向我們介紹在那裡使用左輪手槍的決定？這一直是計劃嗎，還是有不同的融資對話？

Yeah. So as we were considering the Pearl Highlands mortgage that's maturing in December, we were evaluating different options. Ultimately, we had settled with utilizing the revolver to refinance it and that was taking into account a forward starting interest rate swap that we have.

是的。因此，當我們考慮 12 月到期的 Pearl Highlands 抵押貸款時，我們正在評估不同的選擇。最終，我們決定使用左輪手槍為其再融資，並考慮到我們擁有的遠期起始利率掉期。

And so our strategy was utilize the swap that had a notional amount of -- or has a notional amount of $73 million. And it effectively enables us to lock in the interest rate at a fixed rate of 4.73%. So we feel comfortable about utilizing the revolver to match that up with the swap. And so that's effectively how we got to the conclusion.

因此，我們的策略是利用名目金額為 7,300 萬美元的掉期。它有效地使我們能夠將利率鎖定在4.73%的固定利率。因此，我們很樂意使用左輪手槍來配合交換。這就是我們得出結論的有效方式。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. Please continue, Mr. Clayton Chun.

目前沒有其他問題。請繼續，Clayton Chun 先生。

Thank you, operator, and thank you, all, for joining us today. If you have any follow-up questions, please feel free to call us at (808) 525-8475 or email us at investorrelations@abhi.com. Aloha and have a great day.

謝謝接線生，也謝謝大家今天加入我們。如果您有任何後續問題，請隨時致電 (808) 525-8475 或發送電子郵件至 Investorrelations@abhi.com。阿羅哈，祝你有美好的一天。