Alexander & Baldwin Inc (Hawaii) (ALEX) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Alexander & Baldwin's second-quarter earnings call.

女士們、先生們，午安。歡迎參加 Alexander & Baldwin 第二季財報電話會議。

(Operator Instructions) This call is being recorded on Thursday, July 24, 2025.

（操作員指示）此通話於 2025 年 7 月 24 日星期四錄製。

I would now like to turn the conference over to Shane Mensch. Thank you. Please go ahead.

現在我想將會議交給 Shane Mensch。謝謝。請繼續。

Thank you, operator. Aloha. Welcome to Alexander & Baldwin's second-quarter 2025 earnings conference call. My name is Shane Mensch. I'm a Leasing Manager at Alexander & Baldwin.

謝謝您，接線生。你好。歡迎參加 Alexander & Baldwin 2025 年第二季財報電話會議。我的名字是 Shane Mensch。我是 Alexander & Baldwin 的租賃經理。

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.

今天與我一起的還有 A&B 的執行長 Lance Parker 和財務長 Clayton Chun。資產管理資深副總裁 Kit Millan 也將參加此次電話會議的問答環節。

During our call, please refer to our second-quarter 2025 financial presentation, available on our website at investors.alexanderbaldwin.com/events.

在電話會議期間，請參閱我們 2025 年第二季的財務報告，該報告可在我們的網站 investors.alexanderbaldwin.com/events 上找到。

Before we commence, please note that the statements in this presentation are not historical facts, and are forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995, and are involved in a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements.

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》所定義的前瞻性陳述，涉及許多風險和不確定性，可能導致實際結果與相關前瞻性陳述所預期的結果存在重大差異。

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.

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。此類前瞻性陳述僅代表陳述作出之日的觀點，並不能保證未來的表現。

Forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results and timing of certain events to differ materially from those expressed in or implied by the forward-looking statements.

前瞻性陳述受多種風險、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與前瞻性陳述中表達或暗示的結果和時間有重大差異。

These factors include, but are not limited to, prevailing market conditions, other factors related to the company's REIT status and the company's business, the evaluation of alternatives by the company related to its remaining legacy assets, and the risk factors discussed in Part 1, Item 1a of the company's most recent Form 10-K, under the heading Risk Factors; Form 10-Q; and other filings with the Securities and Exchange Commission.

這些因素包括但不限於當前的市場狀況、與公司的房地產投資信託地位和公司業務相關的其他因素、公司對與其剩餘遺留資產相關的替代方案的評估，以及公司最新的 10-K 表格第 1 部分第 1a 項「風險因素」標題下討論的風險因素、10-Q 表格以及向美國證券交易委員會提交的其他文件。

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

本簡報中的資訊應根據這些重要風險因素進行評估。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 today's call. Please refer to our statement regarding the use of non-GAAP measures and the reconciliations included in our second-quarter 2025 supplemental information and presentation materials.

管理階層將在今天的電話會議中參考非公認會計準則財務指標。請參閱我們關於使用非 GAAP 指標的聲明以及 2025 年第二季補充資訊和簡報資料中包含的對帳。

Lance will start today's presentation with a highlight of our accomplishments and CRE results, then hand it over to Clayton for a discussion on financial matters. To close, Lance will return to make some final remarks. And we'll open up for your questions.

今天的演講將從 Lance 重點介紹我們的成就和 CRE 成果開始，然後交給 Clayton 討論財務問題。最後，蘭斯將回來發表一些最後講話。我們將回答您的問題。

With that, let me turn over the call to Lance.

說完這些，讓我把電話轉給蘭斯。

Thank you, Cheyne. Great job.

謝謝你，切恩。幹得好。

Aloha to everyone joining us today. I am pleased to say that our portfolio delivered strong results in the second quarter. The team continued progress in the three priorities for 2025 that I laid out in the beginning of the year: improving our CRE portfolio performance, internal and external growth, and streamlining our business and cost structure.

向今天加入我們的所有人問好。我很高興地說，我們的投資組合在第二季取得了強勁的業績。團隊繼續推進我在年初提出的 2025 年三大優先事項：提高我們的 CRE 投資組合績效、內部和外部成長以及精簡我們的業務和成本結構。

We achieved same-store NOI growth of 5.3% for the quarter, driven primarily by 140 basis points improvement in same-store economic occupancy. From a growth perspective, we continued construction at our build-to-suit on Maui with an anticipated completion date in the first quarter of 2026. We expect annual NOI uplift of $1 million when it is complete.

本季度，我們實現了同店淨營業利潤成長 5.3%，主要得益於同店經濟入住率提高 140 個基點。從成長角度來看，我們繼續在毛伊島進行客製化建設，預計於 2026 年第一季完工。我們預計，工程完工後，每年的淨利潤將增加 100 萬美元。

Thanks to Cheyne, we were able to execute another build-to-suit for a 91,000 square foot building at Komohana Industrial Park on West Oahu and began pre-construction work for that asset, along with another adjacent warehouse. We expect to place the buildings into service in the fourth quarter of 2026 and achieve $2.8 million annual NOI when they are stabilized in the first quarter of 2027. These projects will increase our GLA by more than 150,000 square feet when complete.

感謝 Cheyne，我們能夠在西瓦胡島的 Komohana 工業園區建造另一座 91,000 平方英尺的建築，並開始該資產以及另一個相鄰倉庫的施工前期工作。我們預計這些建築將於 2026 年第四季投入使用，並在 2027 年第一季穩定後實現 280 萬美元的年淨利潤。這些項目完成後將使我們的 GLA 增加 150,000 多平方英尺。

The transaction market in Hawaii is also starting to open up. The team is busy.

夏威夷的交易市場也開始開放。團隊很忙。

While completing a deal ultimately depends on pricing, we are seeing a number of exciting acquisition opportunities.

雖然完成交易最終取決於定價，但我們看到了許多令人興奮的收購機會。

Finally, we resolved various legacy operations or obligations in our Land Operations segment.

最後，我們解決了土地運營部門的各種遺留運作或義務。

Turning to our second-quarter CRE highlights, we executed 52 leases in our improved property portfolio, representing approximately 184,000 square feet of GLA and $6.1 million of ABR.

談到我們第二季的 CRE 亮點，我們在改進的房地產組合中執行了 52 份租約，相當於約 184,000 平方英尺的 GLA 和 610 萬美元的 ABR。

Our blended leasing spreads remained strong at 6.8% on a comparable basis. Our leased occupancy was 95.8%, up 40 basis points sequentially and 190 basis points compared to the second quarter of last year.

我們的混合租賃利差在可比基礎上保持強勁，為 6.8%。我們的租賃入住率為 95.8%，比上一季成長 40 個基點，比去年第二季成長 190 個基點。

Economic occupancy at quarter end was 94.8%, up 90 basis points from last quarter and 200 basis points from the same period last year. SNO at quarter end was $5.8 million and includes $3.1 million related to our two build-to-suit projects and over $700,000 for our ground lease at Maui Business Park.

季度末經濟入住率為 94.8%，比上一季上升 90 個基點，比去年同期上升 200 個基點。季度末的 SNO 為 580 萬美元，其中包括與我們的兩個客製化項目相關的 310 萬美元，以及我們在毛伊島商業園區的土地租賃費用超過 70 萬美元。

From where I sit today, I will say that I am confident in our portfolio performance, encouraged about our growth prospects, and pleased with our streamlining efforts. As a result, we are raising our 2025 guidance.

從我今天所處的位置來看，我可以說，我對我們的投資組合表現充滿信心，對我們的成長前景感到鼓舞，並對我們的精簡努力感到滿意。因此，我們提高了 2025 年的指導目標。

With that, I'll turn the call over to Clayton to discuss financial results and our improved outlook. Clayton?

說完這些，我將把電話轉給克萊頓，討論財務結果和我們改善的前景。克萊頓？

Thanks, Lance. Aloha, everyone.

謝謝，蘭斯。大家好。

Our portfolio continued its strong performance in the second quarter, generating $33.6 million of NOI and growing 6.3% over the same period last year. The results were driven by the 5.3% same-store NOI growth that Lance mentioned earlier, reflecting the impact of higher year-over-year occupancy.

我們的投資組合在第二季度持續保持強勁表現，產生了 3,360 萬美元的淨利潤，比去年同期成長 6.3%。這一業績是由 Lance 之前提到的 5.3% 的同店 NOI 增長推動的，反映了同比入住率上升的影響。

The strong portfolio performance, in turn, carried through to the bottom line where we reported Q2 CRE and corporate-related FFO per share of $0.29, a 3.6% increase from the same quarter last year. Included in the $0.29 is a penny of non-cash straight-line rent adjustments related to one of our ground lease assets where we're taking back the improvements.

強勁的投資組合表現反過來又影響到了我們的盈利，我們報告第二季度的 CRE 和每股企業相關 FFO 為 0.29 美元，比去年同期增長 3.6%。這 0.29 美元中包括一美分的非現金直線租金調整，與我們正在收回改進的一項土地租賃資產有關。

FFO for the total company was $0.48 per share for the second quarter or $0.20 higher than Q2 of last year.

該公司第二季的 FFO 為每股 0.48 美元，比去年第二季高出 0.20 美元。

In addition to the $0.29 from CRE and corporate previously mentioned, FFO for the second quarter included $0.19 from Land Operations. The earnings from Land Operations were primarily driven from the resolution of legacy obligations, a sale of agricultural zoned land, and joint venture income.

除了前面提到的來自 CRE 和公司的 0.29 美元外，第二季的 FFO 還包括來自土地營運的 0.19 美元。土地運營的收益主要來自解決遺留債務、出售農業用地以及合資企業收入。

As a result of the activity during the quarter, we've made further progress on simplifying our carrying costs in Land Operations, resulting in our annual run rate decreasing from a range of $4 million to $5 million to $3.75 million to $4.5 million.

由於本季的活動，我們在簡化陸地營運的持有成本方面取得了進一步的進展，導致我們的年運行率從 400 萬美元到 500 萬美元下降到 375 萬美元到 450 萬美元。

G&A was approximately $7 million for the quarter, reflecting a 3.3% decrease as compared to the same period last year. For the full year, we continue to expect G&A to range from flat to a penny per share lower as compared to 2024.

本季的一般及行政費用約為 700 萬美元，與去年同期相比下降了 3.3%。就全年而言，我們仍然預計 G&A 費用將與 2024 年相比持平至每股下降一美分。

Turning to our balance sheet and liquidity, at quarter end, we had total liquidity of over $300 million and our net debt-to-adjusted EBITDA ratio stood at 3.3 times. Approximately 95% of our debt was at fixed rates. Our weighted average interest rate was 4.67%.

談到我們的資產負債表和流動性，截至季度末，我們的總流動性超過 3 億美元，淨負債與調整後 EBITDA 比率為 3.3 倍。我們的債務約有 95% 是固定利率。我們的加權平均利率為4.67%。

We paid a second-quarter dividend of $0.225 per share on July 9. Our Board declared a third-quarter dividend of $0.225, payable on October 7.

我們於 7 月 9 日支付了每股 0.225 美元的第二季股息。董事會宣布第三季股息為 0.225 美元，將於 10 月 7 日支付。

We are raising our guidance as follows:

我們上調了以下指導：

We now expect same-store NOI to be within the range of 3.4% to 3.8%, an increase of 80 basis points at the midpoint when compared to the previous guidance range. CRE and corporate FFO is expected to be within the range of $1.12 per share to $1.16 per share.

我們現在預計同店淨利潤率將在 3.4% 至 3.8% 之間，與先前的指導範圍相比，中間值增加了 80 個基點。預計 CRE 和企業 FFO 將在每股 1.12 美元至每股 1.16 美元之間。

Finally, we expect total FFO of $1.35 to $1.40 per share, up about $0.18 per share at the midpoint from our previous guidance.

最後，我們預計總 FFO 為每股 1.35 美元至 1.40 美元，比我們先前預期的中位數上漲約每股 0.18 美元。

We feel good about the remainder of the year and expect the portfolio to continue performing at a high level. However, we expect a lower same-store NOI growth rate in the third quarter due to strong Q3 results in 2024.

我們對今年剩餘時間的表現充滿信心，並預計投資組合將繼續保持高水準表現。然而，由於 2024 年第三季業績強勁，我們預計第三季同店 NOI 成長率將下降。

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

說完這些，我會把電話交給蘭斯，請他做最後發言。

Thanks, Clayton.

謝謝，克萊頓。

Our portfolio performed well this quarter, in large part to the quality of our assets and the strength and experience of our team.

我們的投資組合本季表現良好，這在很大程度上歸功於我們資產的品質以及我們團隊的實力和經驗。

I am excited about our future outlook. We continue to see healthy demand for our existing portfolio, are actively adding to our industrial asset base with our current developments. And I continue to be optimistic about future acquisitions.

我對我們的未來前景感到興奮。我們繼續看到對我們現有投資組合的健康需求，並正在透過當前的發展積極擴大我們的工業資產基礎。我對未來的收購仍然持樂觀態度。

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

說完這些，我將把電話轉給提問者。

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

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah. Thank you. I want to go back to your comments about improvement in the transaction market. I was hoping if you could provide some color on what you were seeing and where you're seeing the opportunities.

是的。謝謝。我想回到您關於交易市場改善的評論。我希望您能提供一些關於您所看到的情況以及您認為的機會的資訊。

Hey, Gaurav. This is Lance. Good afternoon. Thanks for joining the call.

嘿，Gaurav。這是蘭斯。午安.感謝您參加此通話。

Yeah. I'll start by saying that we're just consistent with remarks in prior quarters, I feel like the market is starting to open up. We're seeing more opportunities at the top of the funnel. And I wouldn't say that there's any specifics in terms of deal profile. It's really across asset classes.

是的。首先我要說的是，我們與前幾季的言論一致，我覺得市場開始開放。我們在漏斗頂部看到了更多的機會。我不會說在交易概況方面有任何具體細節。它確實跨資產類別。

As we noted last quarter, we did have a penny of FFO per share in our guidance. We've already hit that for the year.

正如我們上個季度所指出的，我們的指導中確實有每股一美分的 FFO。今年我們已經實現了這個目標。

So while I am optimistic that we'll be able to place additional capital before year end, I don't think it'll have any material earnings impact for 2025.

因此，雖然我樂觀地認為我們能夠在年底前投入額外資本，但我認為這不會對 2025 年的獲利產生任何實質影響。

Okay. Second question I want to ask you: on the comparable leading spread of 6.8%, it seems like lower than what you guys did last few quarters. Can you provide some color on the spreads?

好的。我想問您的第二個問題是：6.8% 的可比領先利差似乎低於你們過去幾季的水準。您能提供一些關於價差的顏色嗎？

Sure. I'd say, in general, I was really pleased with the lease activity. Just in total deal volume, we had a really strong quarter on ABR. GLA was slightly lower but in line with prior quarters.

當然。我想說，總的來說，我對租賃活動感到非常滿意。僅從總交易量來看，我們在 ABR 上的表現確實非常強勁。GLA 略有下降，但與前幾季持平。

And I would say, really, the difference is we just didn't have any major outliers in terms of individual drivers that drove the spread one way or the other. We had some opportunities in prior quarters that gave us the benefit of a bit of a bump. But overall, we still remain very optimistic about the performance of the leasing.

我想說，真正的區別在於，就推動這種傳播的個別驅動因素而言，我們並沒有任何重大異常值。我們在前幾個季度有一些機會，為我們帶來了一些好處。但總體而言，我們仍然對租賃的表現非常樂觀。

Okay. Thank you. That's all I had.

好的。謝謝。這就是我所擁有的一切。

Rob Stevenson, Janney.

羅伯史蒂文森、珍妮。

Good afternoon, guys. Lance, can you talk about where there's potentially below-market lease expirations coming up over the next 6 to 12 months that could continue this same-store growth roll that you guys have been on recently?

大家下午好。蘭斯，您能否談談未來 6 到 12 個月內哪些潛在低於市場的租約到期，從而可以延續您最近所經歷的同店增長勢頭？

I wouldn't point to anything. Well, first, hey, Rob. Thanks for the question. Good to hear from you.

我不會指出任何東西。嗯，首先，嘿，羅布。謝謝你的提問。很高興收到你的來信。

I would say I wouldn't point to anything, specifically in terms of real mark-to-market opportunities in the portfolio per se. I would ascribe, really, the growth that we're seeing to just the fundamentals in the market.

我想說的是，我不會指出任何東西，特別是就投資組合本身的實際以市價計價的機會而言。我認為，我們所看到的成長實際上只是市場基本面的推動。

In terms of retail performance, job growth here has been led by retail from 2025 over 2024. From a tenant perspective, we continue to see strong sales; foot traffic is up year-to-date. And so it's really the fundamentals that continue to drive that.

就零售業表現而言，從 2025 年到 2024 年，這裡的就業成長將主要由零售業主導。從租戶的角度來看，我們繼續看到強勁的銷售動能；今年迄今客流量有所上升。因此，真正推動這項進程的是基本面。

We, of course, do have some individual opportunities embedded in the portfolio. We'll take advantage of that. But that's really not what's driving the spread.

當然，我們的投資組合中確實包含一些個別機會。我們會利用這一點。但這其實並不是導致病毒傳播的原因。

Okay. And then, you guys have put out the ABR from signed-not-opened leases at $5.8 million as of the end of June. How much of that are you expecting to get over the back half of 2025 versus stuff that comes in in '26 and '27?

好的。然後，截至 6 月底，你們已將已簽署但未開啟的租約中的 ABR 以 580 萬美元的價格出售。您預計 2025 年下半年將實現多少銷售額，與 2026 年和 2027 年相比有多少銷售額？

I'll start with maybe a general comment and then, maybe ask Clayton if we've got the actual breakdown for back half of 2025.

我首先會做一個一般性的評論，然後可能會問克萊頓我們是否有 2025 年下半年的實際細目分類。

The SNO we did add a couple of our build-to-suits on the industrial side into that SNO pipeline. The first is the 30,000 square foot Maui Business Park, which we anticipate will go economic in Q1 of 2026 -- so no 2025 impact there. The other that we just added was the Lowes build-to-suit here on Oahu. That won't go economic in all likelihood until maybe early 2027, potentially late 2026 -- so no 2025 impact there.

我們確實在 SNO 管道中添加了一些工業方面的客製化產品。第一個是佔地 30,000 平方英尺的毛伊島商業園區，我們預計它將在 2026 年第一季投入經濟——因此不會受到 2025 年的影響。我們剛剛添加的另一個是位於瓦胡島的 Lowes 定制建築。這很可能要到 2027 年初，甚至可能是 2026 年底才會產生經濟效益——因此不會對 2025 年產生影響。

Clayton, do you have any insight into 2025 opportunities?

克萊頓，您對 2025 年的機會有什麼見解？

We didn't lay out specifically the SNO and when that comes online for purposes of our income. But in general, what happens with the SNO pipeline is that we expect that to occur over the next 12 to 18 months -- that these eventually make their way into our NOI and FFO.

我們沒有具體說明 SNO 以及何時將其上線以獲取收入。但總的來說，我們預計 SNO 管道將在未來 12 到 18 個月內發生——這些最終將進入我們的 NOI 和 FFO。

Okay. And then, lastly, if I remember correctly there's a large Sam's Club TI is that still going to impact second-half AFFO to a meaningful extent? How should we be thinking about that as we model the back half of this year?

好的。最後，如果我沒記錯的話，山姆會員店的 TI 規模很大，這是否仍會對下半年的 AFFO 產生重大影響？當我們為今年下半年做模型時，我們該如何考慮這個問題？

Yeah. I'll take that, Rob. This is Clayton, again.

是的。我接受，羅布。再次，我是克萊頓。

We do have that large TI that will be paid out. And so that is expected to occur sometime in the third quarter.

我們確實有那筆大額的 TI 需要支付。預計這將在第三季的某個時候發生。

For purposes of your modeling in AFFO, however, it is not considered our recurring maintenance CapEx. And so that should not be factored into how you calculate the AFFO.

但是，為了您在 AFFO 中進行建模，它不被視為我們的經常性維護資本支出。因此，這不應該被考慮在內，作為計算 AFFO 的因素。

Okay. So it's stuff that you'll fund that'll come out of cash but won't go through AFFO?

好的。所以，這些是你們用現金資助但不會透過 AFFO 的東西？

Correct.

正確的。

Okay. And what is the --?

好的。什麼是--？

Yeah. Go ahead.

是的。前進。

What is the rough dollar amount there that we're talking about?

我們討論的金額大約是多少？

About $20 million.

約2000萬美元。

Okay.

好的。

What we typically incorporate for adjustments for AFFO would be adding in maintenance -- recurring maintenance CapEx. And so this is atypical.

我們通常會對 AFFO 進行調整，增加維護費用——經常性維護資本支出。所以這是不典型的。

Okay. Alright. Thanks, guys. Appreciate the time this afternoon.

好的。好吧。謝謝大家。感謝今天下午的時間。

Thanks a lot.

多謝。

Mitch Germain, Citizens Capital Market.

米奇‧傑曼 (Mitch Germain)，公民資本市場。

Thank you. Congrats on the quarter, guys.

謝謝。大家，恭喜本季取得佳績。

Lance, you obviously have the Termination Agreement with Mahi Pono. I'm pretty comfortable with that. But I'm curious if there are any more of these legacy issues that could continue to transpire over the course of the next couple of years.

蘭斯，你顯然與 Mahi Pono 簽訂了終止協議。我對此很滿意。但我很好奇，這些遺留問題是否還會在未來幾年繼續出現。

Well, I'd start with maybe just a brief comment on Mahi Pono and just reinforce it. From our perspective, this is a really good outcome. It provides certainty, allows us to reduce the balance sheet exposure. The payments, over time, will have a meaningful impact to us, from a cash perspective.

好吧，我首先想對 Mahi Pono 做一個簡短的評論，並強調一下。從我們的角度來看，這是一個非常好的結果。它提供了確定性，使我們能夠減少資產負債表風險。從現金角度來看，隨著時間的推移，這些付款將對我們產生重大影響。

But as we've talked about, whether it was Mahi Pono-specific or other legacy obligations, we do feel comfortable that we're fully reserved on the balance sheet. And so that was first and foremost and important to us.

但正如我們所討論的，無論是 Mahi Pono 特定的債務還是其他遺留債務，我們都對資產負債表上的完全保留感到放心。所以這對我們來說是首要且重要的。

And so as you look at the balance sheet specific to Land Ops, we do still have some liabilities associated with that operating segment. I will say that while we don't expect anything material in the near term -- that's why we always say that it's hard to guide to it -- it is important to us, both from an asset disposition perspective as well as a liability mitigation perspective, that we continue to clean up that portion of the business.

因此，當您查看陸地營運部門的資產負債表時，我們會發現我們仍有一些與該營運部門相關的負債。我想說的是，雖然我們並不期望在短期內取得任何實質進展——這就是為什麼我們總是說很難引導它——但對我們來說，重要的是，無論從資產處置的角度還是從減輕負債的角度，我們都要繼續清理這部分業務。

Great. That's super helpful. I'm curious -- obviously, you've talked about a lot of opportunities that are starting to come up. I recognize that you source a number of your deals direct. But I am curious about the competitive landscape in the market with regards to the investment sales. Are you seeing a return from some of your competition or are they still somewhat on the sidelines?

偉大的。這非常有幫助。我很好奇——顯然，您已經談到了很多開始出現的機會。我知道你們的許多交易都是直接由供應商進行的。但我對投資銷售方面的市場競爭格局感到好奇。您是否看到一些競爭對手的回歸，還是他們仍然處於觀望狀態？

No. There is -- part of the reason we have the Hawaii-focused investment thesis is because we fundamentally believe in the long-term value creation of Hawaii real estate. I don't think we're the only ones that share that perspective. So I will say that there is active capital, in addition to us looking to source opportunities in the islands.

不。我們之所以選擇以夏威夷為重點的投資主題，部分原因在於我們從根本上相信夏威夷房地產的長期價值創造。我認為我們不是唯一持有這種觀點的人。因此，我想說的是，除了我們在島上尋找機會之外，還有活躍的資本。

To your point, it is why we have a dedicated team and we continue to work our relationships and try to find those opportunities off-market to be more competitive.

正如您所說，這就是為什麼我們擁有一支專門的團隊，我們將繼續努力建立關係，並嘗試在場外尋找機會以提高競爭力。

And then, I would say just as a reminder, when we think about our competitive landscape, some of those smaller deals that we compete -- typically against local buyers where we think our platform and our balance sheet strength give us an op--, an advantage; and then, on the larger deals, it's really our local knowledge and understanding the real estate that sets us apart; and then, in the middle range -- you know -- call it the $70 million to $100 million or so -- sometimes, there's a little bit less competition in that size range and that's typically where we like to play but yeah, it does remain a competitive market here in Hawaii.

然後，我想提醒一下，當我們考慮我們的競爭格局時，我們會與一些較小的交易競爭——通常是與當地買家競爭，我們認為我們的平台和資產負債表實力會給我們帶來優勢；然後，在較大的交易中，真正讓我們脫穎而出的是我們對當地的了解和對房地產的理解；然後，在中間範圍內——你知道——大約 7000 萬美元到 11億美元左右——有時，這個規模範圍內的競爭會少一些，這通常是我們喜歡參與的領域，但是，是的，夏威夷的市場仍然是一個競爭激烈的市場。

Got you. And then, last one from me, same-store, obviously, year to date, you're still tracking significantly ahead of where your revised guidance is. What's the dynamic for the back half of the year that could create some deceleration?

明白了。然後，我要說的最後一點是，同店銷售額，顯然，今年迄今為止，您的業績仍然遠遠領先於修訂後的指引。今年下半年有哪些動態可能導致經濟減速？

I'll take that. Hi, Mitch. It's Clayton.

我會接受的。你好，米奇。我是克萊頓。

Yeah. Our portfolio delivered solid results in the first half of the year, where we produced, year-to-date, same -store NOI growth of 4.7%. That's inclusive of the 5.3% Q2 performance.

是的。我們的投資組合在上半年取得了穩健的業績，年初至今，同店淨利成長率為 4.7%。這包括第二季 5.3% 的業績。

But as I mentioned in the prepared remarks, we are feeling good about the second half of the year. We expect the portfolio to continue to produce at a high level.

但正如我在準備好的發言中提到的那樣，我們對今年下半年感到樂觀。我們預計投資組合將繼續保持高水準的產出。

It's just that when we look at the expected NOI growth for the third quarter, the math requires us to take into account the Q3 2024 strong performance that we had. That incorporated some favorable renewal that included retroactive rent and the favorable property tax appeal that was incorporated into that Q3 2024 result. So it's really just a function of that.

只是，當我們查看第三季的預期 NOI 成長時，計算需要我們將 2024 年第三季的強勁表現考慮在內。其中包括一些有利的續約措施，包括追溯租金和納入 2024 年第三季業績的有利的房產稅申訴。所以它實際上只是一個功能。

When you look at the fourth quarter, we're expecting the same-store NOI growth rate to be more in line with what we saw for the first half of the year.

當您回顧第四季時，我們預期同店淨營業收入成長率將與上半年的水準更加一致。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey. I think it's still good morning out there. Just a few questions.

嘿。我認為外面的早晨依然很好。僅有幾個問題。

First, I just want to go back to Rob's question on that Sam's Club, the $20 million. You guys are excluding it from AFFO but it doesn't sound like this is a first-generation improvement. It sounds like this is a normal leasing work letter as part of a renewal or something like that.

首先，我只想回到 Rob 關於山姆會員店 2000 萬美元的問題。你們將它排除在 AFFO 之外，但這聽起來不像是第一代的改進。這聽起來像是一份正常的租賃工作信，是續約或類似事宜的一部分。

So can you just clarify because AFFO -- a lot of companies have outsized TIs or et cetera that come in from time to time. Terreno had one a number of years ago. The office guys have them constantly.

那麼，您能否澄清一下，因為 AFFO——許多公司都會不時出現超大的 TI 等等。幾年前，特雷諾 (Terreno) 就有一個。辦公室裡的人常會吃這些。

So I just want to understand why you guys would exclude this, unless it literally is like first-gen space.

所以我只是想知道為什麼你們會排除這一點，除非它真的像第一代太空。

Hi, Alex. It's Clayton.

你好，亞歷克斯。我是克萊頓。

Yeah. I'll start off. Really, the way that we think about the Sam's Club TI is it was really in connection with the with thelong-term extension of that lease. And so, it's atypical for us as a part of how our maintenance CapEx typically runs. And so, as a result, we deemed that, for purposes of our AFFO computation, to be non-recurring in nature. And so, as a result, we don't have that factored into that thatcalculation.

是的。我先開始了。實際上，我們對山姆會員店 TI 的看法是，它確實與該租約的長期延長有關。因此，這對我們來說是不典型的，因為它是我們維護資本支出通常運作方式的一部分。因此，我們認為，就我們的 AFFO 計算而言，這本質上是非經常性的。因此，我們沒有將其考慮進計算中。

But I do recognize the fact that look, when you try to compare AFFOs across different companies, people have different interpretations. That's just the way that we looked at it.

但我確實意識到，當你嘗試比較不同公司的 AFFO 時，人們會有不同的解釋。這只是我們看待它的方式。

Yeah. But it's a cost of doing business. Like, it shouldn't be excluded. That's not representative. It's not a one-time thing because this could happen next year or in a few years.

是的。但這是經營業務的成本。就像，它不應該被排除。這不具代表性。這不是一次性的事情，因為這可能會在明年或幾年後發生。

As I say, other companies have these outsized items. The Street understands that it may not be every quarter, we get that, but large TIs are part of operating real estate, especially large-format real estate that has a lengthy lease.

正如我所說，其他公司也有這些超大尺寸的物品。華爾街知道這可能不是每個季度都會發生，我們明白這一點，但大型 TI 是經營性房地產的一部分，尤其是擁有長期租約的大型房地產。

Yeah. I would just say, Alex, certainly, from a business perspective, I acknowledge that perspective. That's how we viewed it.

是的。我只想說，亞歷克斯，當然，從商業角度來看，我承認這個觀點。我們就是這樣看待它的。

Sam's Club is our largest individual tenant within our portfolio. We did what we thought was the right thing to do, from a business perspective in taking them long and creating stable occupancy at Pearl Highlands Center.

山姆會員商店是我們投資組合中最大的個人租戶。從商業角度來看，我們做了我們認為正確的事情，讓他們長期居住並在 Pearl Highlands Center 創造穩定的入住率。

But to Clayton's point, just maybe a disparity in practice but we certainly appreciate your perspective.

但對於克萊頓的觀點，也許只是實踐上的差異，但我們當然欣賞您的觀點。

Yeah. It's something that -- and kudos to Rob for asking that. But yeah, it's not non-recurring, that is recurring.

是的。這是一件值得稱讚的事情——感謝 Rob 提出這個問題。但是，是的，它不是非重複性的，而是重複性的。

Second question is: on your guidance you did improve the same-store but the FFO guidance for the real estate part of the business only came up a penny at the bottom end. So given the improved same-store guidance, why don't we see more of this flowing through to the CRE, FFO guidance range?

第二個問題是：根據您的指導，您確實改善了同店銷售額，但房地產業務部分的 FFO 指導僅下降了最低點。那麼，鑑於同店業績指引有所改善，為什麼我們沒有看到更多此類指引流入 CRE、FFO 指引範圍？

Yeah. Alex, the difference is primarily driven by the non-cash rate line adjustment that I mentioned in the prepared remarks. And so, really, what that related to was a ground lease in which we're taking back the improvements. And so, as a result, you had some straight-line rent adjustment that flows through FFO. But it doesn't affect NOI.

是的。亞歷克斯，差異主要是由我在準備好的評論中提到的非現金利率線調整造成的。所以，實際上，這與土地租賃有關，我們正在收回其中的改進。因此，結果是，您有一些透過 FFO 流動的直線租金調整。但這不會影響 NOI。

When you exclude that, CRE and corporate FFO would have been a penny higher on both ends of the guidance. So we would have gotten to a range of $1.13 to $1.17 -- so about $1.15 at the midpoint. So I think that's what we'll reconcile that delta that you're looking at.

如果排除這一點，CRE 和企業 FFO 的預期兩端都會高出一分錢。因此，我們的範圍應該是 1.13 美元到 1.17 美元之間——中間值約為 1.15 美元。所以我認為這就是我們要協調的你正在看到的那個增量。

If I could just add a remark to that, Alex. Obviously, the straight line is non-cash. So it's a non-cash impact and accounting one for us. But more importantly, we've already executed leases to backfill two-thirds of that space.

如果我可以對此補充一點的話，亞歷克斯。顯然，直線是非現金的。因此，這對我們來說是一種非現金影響和會計影響。但更重要的是，我們已經簽訂了租約來填補其中三分之二的空間。

So from a business operations perspective, we're feeling good about that going long term.

因此，從業務運營的角度來看，我們對此長期發展感到樂觀。

Okay. Just a final question: here in New York, some discussion of foreign tourists dropping off and impacting some of the more touristy areas. Obviously, for you guys, I don't think the Japanese tourists ever recovered from the pre-pandemic levels. But -- and I realize that you guys are local, not tourists -- still, Hawaii is driven, in, part by tourism.

好的。最後一個問題：在紐約，有人討論外國遊客減少對一些旅遊勝地的影響。顯然，對你們來說，我認為日本遊客的數量還沒有恢復到疫情前的水準。但是——我知道你們是當地人，而不是遊客——夏威夷仍然部分是由旅遊業推動的。

Are you seeing any negative impact of foreign tourists that would ripple through the economy or whatever is going on on the foreign tourist side of the ledger, if you will, is not sufficient to really impact the Hawaii, the economic growth of the state overall?

您是否認為外國遊客會對經濟產生負面影響，或者外國遊客方面發生的任何變化是否不足以真正影響夏威夷，甚至整個夏威夷州的經濟成長？

Specific to tourism, Alex, I'd say that the tourism numbers that we have through May are still strong. For the month of May, we're up 1% total visitation numbers. And then, year-to-date, we're up 2.8%.

具體到旅遊業，亞歷克斯，我想說，截至五月的旅遊人數仍然強勁。五月份，我們的總訪問量增加了 1%。今年迄今為止，我們已經上漲了 2.8%。

Now, to your point, that continues to be led by US West Coast, which is up pretty materially. Year-to-date, over 5%. We are seeing a slight decline in the Japanese visitors year-to-date and month compared to 2024. And then, maybe more importantly, Canadian, which was down about 8% for May and down a little bit over 6%, year-to-date.

現在，正如您所說，這仍然由美國西海岸引領，其漲幅相當可觀。今年迄今已超過 5%。與 2024 年相比，我們發現今年迄今和本月的日本遊客數量略有下降。然後，也許更重要的是，加拿大的 5 月下跌了約 8%，今年迄今下跌了 6% 多一點。

But we've been able to more than make up for that just with West Coast. East Coast domestic visitors are also up year-to-date andfor the month.

但光是西岸，我們就能夠彌補這項缺陷。今年迄今和本月，東海岸的國內遊客數量均有所增加。

Okay. Thank you.

好的。謝謝。

[Michael Madison, SIDOTI & Company].

[邁克爾·麥迪遜，SIDOTI & Company]。

Congratulations on a great quarter, you guys.

恭喜你們取得了一個出色的季度業績。

Coming to my questions, you paid down about $24 million in debt last quarter that left you with debt standing at 3.3 times EBITDA. Do you foresee continuing to pay down debt that aggressively. Do you have a target level for debt-to-EBITDA ratio?

回答我的問題，上個季度您償還了約 2,400 萬美元的債務，這使得您的債務達到 EBITDA 的 3.3 倍。您是否預見到會繼續如此積極地償還債務？您對債務與 EBITDA 比率有目標水準嗎？

Hi, Michael. This is Clayton.

你好，麥可。這是克萊頓。

Answering the last question first, our target leverage, we're trying to shoot for a range of 5 times to 6 times net debt-to -adjusted EBITDA. Currently, where we stand -- at 3.3, as of the end of the second quarter -- is well below that target range.

先回答最後一個問題，我們的目標槓桿率，我們試著將淨負債與調整後 EBITDA 的比率控制在 5 倍到 6 倍之間。目前，我們的現狀是——截至第二季末為 3.3——遠低於該目標範圍。

And so that leads me into answering the first part of the question, which is, as we -- to the extent that we have additional cash proceeds, whether that be from monetization of other assets and the like, our goal would be to effectively deploy that for growth capital purposes.

因此，這讓我開始回答問題的第一部分，即，只要我們有額外的現金收益，無論是來自其他資產的貨幣化還是其他類似的東西，我們的目標就是有效地將其用於增長資本目的。

But it's really part of just, overall, how we look at capital allocation, in general. And so we'll look at what's happening in the business. To the extent that there's opportunities to pay down debt, we may do that.

但總體而言，這實際上只是我們如何看待資本配置的一部分。因此，我們將觀察業務中正在發生的事情。只要有機會償還債務，我們就會這麼做。

But it's really looking at the totality of what's available out there. That's how we would proceed with respect to that.

但它實際上考察的是所有可用資源的總和。這就是我們處理此事的方式。

Great. Thank you. Earlier, you guys described that your tenants described foot traffic being up year-to-date, your occupancy stats have improved a lot. Is there anything that makes you doubt the health of your tenants? Anything you're worried about?

偉大的。謝謝。早些時候，你們描述說，你們的租戶表示今年迄今為止客流量有所增加，你們的入住率統計數據已經有了很大的提高。有什麼事情讓您懷疑租戶的健康狀況嗎？您擔心什麼嗎？

Hello. This is Kit. I'll take this question.

你好。這是基特。我來回答這個問題。

Obviously, we're paying very close attention to tenant health and focusing on customer traffic trends, tenant sales, collections. Of course, the economic environment is still uncertain. But really, there are no signs of slowing in our portfolio.

顯然，我們非常關注租戶的健康狀況，並關注客戶流量趨勢、租戶銷售和收款情況。當然，經濟環境仍存在不確定性。但實際上，我們的投資組合沒有放緩的跡象。

Our parking lots are full. Customer traffic in Q2 was up 3.9%. Tenant sales have remained really strong. We exceeded our percent rent goal for both Q1 and Q2. And then, collections, overall, have been very consistent with what we've been seeing for the past several quarters.

我們的停車場已滿。第二季客戶流量成長了 3.9%。租戶銷售一直保持強勁。我們第一季和第二季的租金百分比都超額完成目標。然後，總體而言，收藏情況與我們過去幾季看到的情況非常一致。

But no signs of overall trouble.

但總體上沒有出現問題的跡象。

Very good. Just regarding your build-to-suit operations, have tariffs had any impact on your construction costs?

非常好。就您的客製化生產業務而言，關稅對您的建築成本有影響嗎？

I would say that just overall inflation, quite frankly, has had impacts on our construction costs. We look to mitigate that risk as best we can.

坦白說，我想說的是，整體通貨膨脹已經對我們的建築成本產生了影響。我們希望盡力降低這種風險。

So to the extent that we can afford price materials -- I think last quarter I cited an example with one of our build-to-suits, the Lowes over in West Oahu where we forward-priced the deal before tariffs went into effect and we were able to mitigate some of that cost inflation there.

因此，在我們能夠負擔得起價格材料的範圍內——我記得上個季度我舉了一個例子，我們的一個定制建築，位於西瓦胡島的勞氏公司，我們在關稅生效之前對交易進行了預付定價，我們能夠減輕那裡的一些成本通脹。

But it's something that we deal with, whether it's through just being a little bit more conservative in our underwriting and carrying a larger contingency or just reinforcing with the team that speed to execution is paramount. That's really what we do to just try to keep the costs in check and be just more realistic about what those impacts are going to be.

但這是我們需要處理的事情，無論是透過在承保時稍微保守一點並承擔更大的應急費用，還是只是向團隊強調執行速度是至關重要的。我們所做的實際上只是為了控製成本，並更現實地看待這些影響。

Okay. Great. Well, thank you for taking my questions. Congratulations, again, on the quarter.

好的。偉大的。好的，感謝您回答我的問題。再次恭喜本季取得的成績。

Thanks. Appreciate it.

謝謝。非常感謝。

Thank you. There are no further questions at this time.

謝謝。目前沒有其他問題。

I will now hand a call back to Mr. Clayton Chun for any closing remarks.

現在我將把電話轉回給 Clayton Chun 先生，請他做最後發言。

Thank you, operator. Thank you, all, for joining us today.

謝謝您，接線生。謝謝大家今天加入我們。

If you have any follow up questions, please feel free to call us at (808) 525-8475 or e-mail us at investorrelations@abhi.com.

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。

Aloha. Have a great day.

你好。祝你有美好的一天。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。