Community Healthcare Trust Inc (CHCT) 2025 Q3 法說會逐字稿

Welcome to Community Healthcare Trust 2025 third-quarter earnings release conference call. On the call today, the company will discuss its 2025 third-quarter financial results. It will also discuss progress made in various aspects of its business.

歡迎參加社區醫療保健信託基金2025年第三季財報發布電話會議。在今天的電話會議上，該公司將討論其 2025 年第三季財務業績。該公司還將討論其業務各個方面的進展。

Following the remarks, the phone lines will be open for question-and-answer session. The company's earnings release was distributed last evening and has also been posted on its website, www.chct.reit.

講話結束後，將開通電話線路進行問答環節。該公司昨晚發布了盈利報告，該報告也已發佈在其網站 www.chct.reit 上。

The company wants to emphasize that some of the information that may be discussed on this call will be based on information as of today, October 29, 2025, and may contain forward-looking statements that involve risk and uncertainty.

本公司希望強調，本次電話會議中可能討論的一些資訊將基於截至 2025 年 10 月 29 日的信息，並且可能包含涉及風險和不確定性的前瞻性陳述。

Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's disclosures regarding forward-looking statements in its earnings release, as well as its risk factors and MD&A in its SEC filings. The company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise except as may be required by law.

實際結果可能與此類聲明中所述的結果有重大差異。有關這些風險和不確定性的討論，您應該查看該公司在其盈利報告中對前瞻性聲明的披露，以及其在提交給美國證券交易委員會的文件中披露的風險因素和管理層討論與分析。除法律另有規定外，本公司不承擔因新資訊、未來發展或其他原因而更新前瞻性聲明的義務。

During this call, the company will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in its earnings release which is posted on its website.

在本次電話會議中，本公司將討論 GAAP 和非 GAAP 財務指標。該公司在其網站上發布的盈利報告中提供了這兩項數據之間的對比。

All participants are advised that this conference call is being recorded for playback purposes. An archive of the call will be made available on the company's Investor Relations website for approximately 30 days and is the property of the company. The call may not be recorded or otherwise reproduced or distributed without the company's prior written permission.

所有與會人員請注意，本次電話會議將會被錄音，以便重播。本次電話會議的錄音存檔將在公司投資者關係網站上保留約 30 天，版權歸公司所有。未經本公司事先書面許可，不得錄音、複製或以其他方式傳播通話內容。

Now I would like to turn the call over to David Dupuy, CEO of Community Healthcare Trust.

現在我想把電話交給社區醫療保健信託基金的執行長大衛杜普伊。

Great. Thank you, Danielle, and good morning. Thank you for joining us today for our 2025 third-quarter conference call.

偉大的。謝謝你，丹妮爾，早安。感謝您今天參加我們的2025年第三季電話會議。

On the call with me today is Bill Monroe, our Chief Financial Officer; Leigh Ann Stach, our Chief Accounting Officer; and Mark Kearns, our Senior Vice President of Asset Management.

今天和我一起通話的有：我們的財務長比爾·門羅；我們的首席會計官莉·安·斯塔奇；以及我們的資產管理高級副總裁馬克·科恩斯。

Our earnings announcement and supplemental data report were released last night and furnished on Form 8-K, along with our quarterly report on Form 10-Q. In addition, an updated investor presentation was posted to our website last night.

我們的獲利公告和補充數據報告已於昨晚發布，並以 8-K 表格的形式提供，同時也發布了我們的季度報告（10-Q 表格）。此外，昨晚我們在網站上發布了更新的投資者簡報。

During the third quarter, the geriatric behavioral hospital operator, a tenant in six of the company's properties, paid rent of approximately $200,000. On July 17, 2025, this tenant signed a letter of intent for the sale of the operations of all six of its hospitals to an experienced behavioral healthcare operator and is under exclusivity with that buyer.

第三季度，這家老年行為醫院營運商（該公司六處房產的租戶）支付了約 20 萬美元的租金。2025 年 7 月 17 日，該租戶簽署了一份意向書，擬將其所有六家醫院的營運權出售給一家經驗豐富的行為健康運營商，並與該買家簽訂了獨家協議。

Among other terms and conditions of the sale, the buyer would sign new or amended leases for the six geriatric psych hospitals owned by CHCT. The buyer continues to perform legal and business due diligence on the transaction. And while we can't provide certainty that the transaction will close, we will share more information as we move through the process.

除其他銷售條款和條件外，買方將簽署 CHCT 擁有的六家老年精神病院的新租賃協議或修訂後的租賃協議。買方將繼續對交易進行法律和商業盡職調查。雖然我們無法保證交易一定會完成，但我們會隨著流程的進展分享更多資訊。

As it relates to our core business, we had a busy third quarter from an operations perspective and continue to be selective from an acquisition standpoint. Our occupancy decreased from 90.7% to 90.1% during the quarter. However, our leasing team is very busy with a number of new leases signed so far in October.

就我們的核心業務而言，從營運角度來看，我們第三季非常忙碌，從收購角度來看，我們將繼續保持謹慎的態度。本季入住率從 90.7% 下降至 90.1%。然而，我們的租賃團隊非常忙碌，10 月至今已經簽署了許多新的租賃合約。

Based on leasing activity across the portfolio, we would expect our leased occupancy to increase by 50 to 100 basis points by year end. Our weighted average lease term increased slightly from 6.6 to 6.7 years. We have three properties that are undergoing redevelopment or significant renovations when long-term tenants -- with long-term tenants in place when the renovations and redevelopment are complete.

根據整個投資組合的租賃活動情況，我們預計到年底我們的租賃入住率將提高 50 至 100 個基點。我們的加權平均租賃期限從 6.6 年略微增加到 6.7 年。我們有三處房產正在進行重建或重大翻新，屆時將有長期租戶入住——翻新和重建完成後，長期租戶將繼續居住。

During the third quarter, we acquired one inpatient rehab facility after completion of construction for a purchase price of $26.5 million. We entered into a new lease with a lease expiration in 2040 and anticipated annual return of approximately 9.4%. Also, we have signed definitive purchase and sale agreements for six properties to be acquired after completion and occupancy for an aggregate expected investment of $146 million.

第三季度，我們以 2,650 萬美元的價格收購了一家住院復健機構，該機構已竣工。我們簽訂了一份新的租賃合同，租賃期至 2040 年到期，預計年回報率約為 9.4%。此外，我們已簽署六處房產的最終買賣協議，這些房產將在竣工入住後進行收購，預計總投資額為 1.46 億美元。

The expected return on these investments should range from 9.1% to 9.75%. We expect to close on one of these properties in the four quarter, with the remaining five properties closing throughout 2026 and 2027.

這些投資的預期回報率應在 9.1% 到 9.75% 之間。我們預計在第四季完成其中一處房產的交割，其餘五處房產將在 2026 年和 2027 年完成交割。

As it relates to our capital recycling program, we had one disposition in the third quarter providing approximately $700,000 of proceeds and generating a small loss on the sale. In addition, we have two other dispositions in our program that we expect to close in the fourth quarter with anticipated net proceeds of $6.1 million.

就我們的資本回收計劃而言，我們在第三季進行了一項資產處置，獲得了約 70 萬美元的收益，但出售時產生了少量虧損。此外，我們的計劃中還有兩項資產處置預計將在第四季度完成，預計淨收益為 610 萬美元。

Also, as part of this program, we expect to close on the sale of an inpatient rehab hospital in the fourth quarter with an expected gain of approximately $11.5 million and net proceeds expected to fund our fourth-quarter acquisition through a 1031 like-kind exchange.

此外，作為該計劃的一部分，我們預計將在第四季度完成一家住院復健醫院的出售，預計收益約為 1,150 萬美元，淨收益預計將透過 1031 同類交換為我們第四季度的收購提供資金。

The indicative cap rate associated with the property sale is in the high 7% range. We have other properties with similar expected cap rate ranges, both in market and under review as part of our capital recycling program. We would anticipate utilizing a similar 1031 like-kind exchange to accretively reinvest proceeds to fund our pipeline on a leverage neutral basis.

該物業出售的預期資本化率在 7% 以上。我們還有其他一些物業的預期資本化率範圍類似，這些物業有的已經在市場上出售，有的正在作為我們資本循環利用計劃的一部分進行審查。我們預計將利用類似的 1031 同類資產置換，以槓桿中性的方式將收益進行增值再投資，為我們的研發管線提供資金。

We did not issue any shares under our ATM last quarter. However, we anticipate having sufficient capital from selected asset sales, coupled with our revolver capacity, to fund near-term acquisitions. Going forward, we will evaluate the best uses of our capital, all while maintaining modest leverage levels.

上個季度我們沒有透過ATM發行任何股份。不過，我們預期透過出售部分資產，加上我們的循環信貸額度，將有足夠的資金用於近期收購。展望未來，我們將評估如何最佳利用我們的資本，同時保持適度的槓桿水平。

To finish up, we declared our dividend for the third quarter and raised it to $0.475 per common share. This equates to an annualized dividend of $1.90 per share, and we are proud to have raised our dividend every quarter since our IPO.

最後，我們宣布了第三季的股息，並將普通股股息提高至每股 0.475 美元。這意味著每股年化股息為 1.90 美元，我們很自豪自 IPO 以來每季都提高了股息。

That takes care of the items I wanted to cover. So I'll hand things off to Bill to discuss the numbers.

這樣就涵蓋了我想介紹的內容。所以，我會把討論數字的事情交給比爾。

Thank you, Dave. I will now provide more details on our third-quarter financial performance. I'm pleased to report total revenue grew from $29.6 million in the third quarter of 2024 to $31.1 million in the third quarter of 2025, representing 4.9% annual growth over the same period last year.

謝謝你，戴夫。接下來我將詳細介紹我們第三季的財務表現。我很高興地報告，總收入從 2024 年第三季的 2,960 萬美元增長到 2025 年第三季的 3,110 萬美元，比去年同期增長了 4.9%。

When compared to our $29.1 million of total revenue in the second quarter of 2025, we need to consider that the second quarter was negatively impacted by the reversal of $1.7 million of interest receivables from the geriatric behavioral hospital tenant that Dave discussed earlier. Normalizing the second quarter for this, we achieved 1.1% total revenue growth quarter over quarter.

與 2025 年第二季 2,910 萬美元的總收入相比，我們需要考慮到第二季度受到了 Dave 之前提到的老年行為醫院租戶 170 萬美元應收利息的衝回的負面影響。如果將第二季的數據正常化，我們實現了環比1.1%的總營收成長。

Moving to expenses, property operating expenses increased by approximately $300,000 quarter over quarter to $5.9 million for the third quarter of 2025. This quarter-over-quarter increase in the third quarter is typical with a seasonal increase in utility expenses during the summer compared to the milder temperatures in the second quarter. On a year-over-year basis, property operating expenses decreased by approximately $50,000.

再來看費用，2025 年第三季物業營運費用較上季增加約 30 萬美元，達到 590 萬美元。第三季環比成長是正常的，因為夏季公用事業費用會隨著季節變化而增加，而第二季氣溫則較為溫和。與去年同期相比，物業營運費用減少了約 5 萬美元。

Total general and administrative expense was $4.7 million in the third quarter of 2025, which was flat quarter over quarter once you excluded the $5.9 million of severance in transition-related payments incurred within the second quarter's $10.6 million of G&A expense. On a year-over-year basis, G&A expense decreased by approximately $300,000 in the third quarter of 2025.

2025 年第三季一般及行政費用總額為 470 萬美元，若排除第二季 1,060 萬美元一般及行政費用中產生的 590 萬美元過渡相關遣散費，則與上一季持平。與去年同期相比，2025 年第三季一般及行政費用減少了約 30 萬美元。

Interest expense increased by approximately $500,000 quarter over quarter to $7.1 million in the third quarter of 2025 due to increased borrowings under our revolving credit facility early in the third quarter to fund the $26.5 million property acquisition, as well as one extra day of interest in the third quarter compared to the second quarter.

2025 年第三季度，由於我們在第三季度初增加了循環信貸額度下的借款，用於支付 2650 萬美元的房產收購費用，以及第三季度比第二季度多支付了一天的利息，利息支出環比增加了約 50 萬美元，達到 710 萬美元。

We benefited late in the quarter from the FOMC's 25-basis-point reduction to the federal funds rate in mid September, but the full benefit of that cut will be realized in our fourth-quarter financials based on the approximately $180 million of floating rate exposure we have within our revolver borrowings. If there are any additional rate cuts by the FOMC later today or during their December meeting, we expect those cuts will reduce our interest expense further.

本季末，我們受惠於聯邦公開市場委員會 (FOMC) 在 9 月中旬將聯邦基金利率下調 25 個基點，但此次降息的全部好處將在我們的第四季度財務報表中體現出來，這主要基於我們在循環貸款中約 1.8 億美元的浮動利率敞口。如果聯準會今天稍晚或在 12 月的會議上進一步降息，我們預計這些降息將進一步降低我們的利息支出。

Moving to funds from operations, FFO in the third quarter of 2025 was $13.5 million, a 5.7% increase year over year compared to the $12.8 million of FFO in the third quarter of 2024. On the diluted common share basis, FFO increased from $0.48 in the third quarter of 2024 to $0.50 in the third quarter of 2025.

再來看營運資金，2025 年第三季的營運資金為 1,350 萬美元，比 2024 年第三季的 1,280 萬美元成長了 5.7%。以稀釋後的普通股計算，FFO 從 2024 年第三季的 0.48 美元增加到 2025 年第三季的 0.50 美元。

Adjusted funds from operations or AFFO, which adjusts for straight line rent and stock-based compensation, totaled $15.1 million in the third quarter of 2025, a 3.1% increase year over year compared to the $14.6 million of AFFO in the third quarter of 2024. AFFO on a diluted common share basis was $0.56 in the third quarter of 2025 or $0.01 higher than the $0.55 of AFFO in the third quarter of 2024. I'll note that our third-quarter 2025 AFFO dividend payout ratio remains strong at 85%.

經調整後的營運資金（AFFO）在 2025 年第三季總計 1,510 萬美元，比 2024 年第三季的 1,460 萬美元成長了 3.1%。2025 年第三季以稀釋普通股計算的 AFFO 為 0.56 美元，比 2024 年第三季的 AFFO 0.55 美元高出 0.01 美元。需要指出的是，我們 2025 年第三季 AFFO 股息支付率仍維持在 85% 的強勁水準。

That concludes our prepared remarks. Danielle, we are now ready to begin the question-and-answer session.

我們的發言稿到此結束。丹妮爾，我們現在準備開始問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning down there. Two questions, Dave. Just the first one, the acquisition pipe -- well, I guess they're related. The first one is just on the acquisition pipeline, and we'll discuss the funding part on my second question. But it's the same now that it was in the second quarter. Obviously, you guys are balancing the stock where the stock is in your funding needs.

嘿，樓下那邊早安。戴夫，我有兩個問題。就第一個而言，收購管道——嗯，我想它們是相關的。第一個問題只是關於收購流程，資金部分我們將在我的第二個問題中討論。但現在的情況和第二季一樣。顯然，你們正在根據資金需求來平衡股票持有量。

But as you look at the op opportunity set, would you say it's growing, meaning that if you had a more competitive equity source, that pipeline would have increased quarter to quarter? Or is the opportunity set basically this unchanged, in which case, even if you had a better cost of capital, that that acquisition pipeline would not have changed?

但從機會儲備來看，您認為它是否正在成長？也就是說，如果您有更具競爭力的股權來源，那麼機會儲備是否會逐季成長？或者說，機會基本上保持不變，在這種情況下，即使你的資金成本更低，收購管道也不會改變？

Yeah, what I would say is if we are being highly selected -- and hey, Alex, good to talk to you. I appreciate the question. We're being highly selective. We know we have this pipeline of very good quality assets and great returns. We want to make sure that we have the ability to pay for those acquisitions that are that are coming up over the upcoming quarters. And we don't want to issue shares these depressed levels, and so that's why we're doing the capital recycling to pay for them.

是的，我想說的是，如果我們被嚴格篩選——嘿，Alex，很高興和你聊天。感謝您的提問。我們擇優錄取。我們知道我們擁有大量優質資產，並且能夠帶來豐厚的回報。我們希望確保我們有能力支付未來幾季即將進行的收購費用。我們不想以如此低的價格發行股票，所以我們才進行資本再投資來支付這些股票。

But yes, I would say we are seeing opportunities that are generally attractive in this market in that 9% to 10% cap rate range that if our currency was different, if our share price was different, we'd be looking to make those acquisitions and they would be very attractive relative to risk returns.

是的，我認為我們在目前這個資本化率 9% 到 10% 的市場中看到了一些總體上很有吸引力的機會。如果我們的貨幣不同，如果我們的股價不同，我們會考慮進行這些收購，而且相對於風險回報而言，這些收購將非常有吸引力。

So yes, we're being highly selective. We're very focused on making sure we get this pipeline of high-quality assets paid for and do that on a -- without increasing our leverage. So, yes, that's -- you're reading that right.

是的，我們的篩選非常嚴格。我們非常注重確保這些高品質資產能夠獲得償付，並且能夠在不增加槓桿的情況下做到這一點。是的，沒錯──你沒看錯。

Okay, and then just the second question when it goes to funding. If you're doing asset sales, I get it that it sounds like there's maybe 150 bps, maybe 200 bps of positive spread between what you're selling and what you're buying. But if you're basically trading one asset for another and taking on additional debt to pay -- to help fund, isn't that raising leverage just by taking on the more debt if -- because you're swapping one asset for another and then you're incrementally taking on more debt, your leverage is naturally going to rise.

好的，那麼第二個問題是關於資金方面的。如果你在進行資產出售，我明白你賣出的資產和買入的資產之間可能有 150 個基點，也可能有 200 個基點的正價差。但是，如果你基本上是用一種資產換取另一種資產，並承擔額外的債務來支付——為了幫助融資，這不是透過承擔更多債務來提高槓桿率嗎？因為你是用一種資產換取另一種資產，然後你逐步承擔更多債務，你的槓桿率自然會上升。

So my question is there a limit to how much debt you'll take on, as long as you're still in this current depressed equity situation or your view is you're fine running leverage higher than normal with the hope that once the geriatric situation is resolved, hopefully you have a better currency?

所以我的問題是，只要你仍然處於目前這種低迷的股票市場環境下，你願意承擔多少債務是否有限制？或者你認為你可以接受比正常水平更高的槓桿率，並希望一旦老年人問題得到解決，你的貨幣就能走強？

We really feel like based on the pipeline of opportunities from a capital recycling that we have that we are not going to increase leverage over the upcoming quarters. And so yes, we did not have any capital recycling to do ahead of the current acquisition that we did in the third quarter, but future acquisitions, we are very focused on matching up dispositions with acquisitions that are accretive to the company. And so we do not expect to meaningfully increase leverage, but Bill, I don't know if you want to jump in.

我們根據現有的資本循環利用機會儲備，認為未來幾季不會增加槓桿率。所以，是的，在我們第三季完成的當前收購之前，我們沒有任何資本回收需要進行，但對於未來的收購，我們非常注重將資產處置與能夠為公司帶來增值的收購相匹配。因此，我們預計不會大幅增加槓桿，但是比爾，我不知道你是否願意加入。

Yeah, Alex, just to clarify, the property that we have under held for sale and will recognize $11.5 million capital gain, that will -- we expect that will fully pay for the next acquisition such that there will not be any incremental debt associated with that next acquisition. It'll be completely paid for with the proceeds of this larger upcoming disposition.

是的，Alex，我澄清一下，我們持有待售的房產將確認 1150 萬美元的資本收益，我們預計這筆收益將完全用於支付下一次收購，因此下一次收購不會產生任何新增債務。這項支出將完全由即將進行的更大規模資產處置所得款項支付。

Okay, great. Listen, thank you very much.

好的，太好了。聽著，非常感謝。

Thanks, Alex.

謝謝你，亞歷克斯。

(Operator Instructions) Rob Stevenson, Janney.

（操作說明）羅伯史蒂文森，詹尼。

Good morning, guys. In terms of the behavioral health tenants, so $200,000 paid in the quarter, can you remind us what that tenant was previously paying per quarter before they hit the wall?

各位早安。關於行為健康租戶，他們本季支付了 20 萬美元，您能否提醒我們一下，在他們遇到困難之前，該租戶每季支付了多少費用？

Yeah, they were paying in rent approximately, $800,000 per quarter.

是的，他們每季支付的租金大約是 80 萬美元。

Okay, that's helpful. And then what's the expectations for our timing in terms of closing of the acquisition if it occurs? Is that something that occurs before year end if it happens, given that the deal was signed in July? Or could that stretch into 2026 from your understanding at this point?

好的，這很有幫助。那麼，如果收購成功，我們對完成收購的時間有何預期？如果交易真的發生，鑑於協議是在7月簽署的，那麼這件事會在年底前完成嗎？或者，根據您目前的了解，這種情況可能會持續到 2026 年？

We're very -- we'd love for it -- and hey, Rob, good to talk to you, but we'd love for it to close by year end. Some of the due diligence process has taken a little bit longer than we would have expected. So it's probably more realistic to expect something to close in the first quarter. That -- so yeah, I think there's still a chance that it gets done by the end of the fourth quarter, but it's probably more likely to happen in the first quarter. But we certainly would love to provide additional detail as soon as we have that.

我們非常——我們很希望如此——嘿，羅布，很高興和你聊天，但我們希望它能在年底前結束。部分盡職調查過程比我們預期的要花費更長時間。因此，預計第一季會有專案完成可能更為現實。所以，是的，我認為在第四季末完成這件事仍然有可能，但更有可能在第一季完成。但一旦我們掌握更多細節，我們當然很樂意提供。

Okay. And to what extent are you guys actively pursuing Plan B just in case the deal falls through?

好的。如果交易失敗，你們在多大程度上積極執行備選方案？

Yeah, you should expect that we are going down multiple paths simultaneously and as we always have. And so, yes, we're looking at multiple plans, multiple ways that we can move forward with the goal of ultimately getting paid more rent associated with this tenant. And so -- and look, I think all of this is upside, right, relative to our performance. The portfolio has been stable. We're growing. I think we're certainly motivated to get this resolved as soon as possible and we think that that it will. But yes, we are looking at all options.

是的，你應該預料到我們會像以往一樣，同時走多條路。所以，是的，我們正在研究多種方案，多種推進方式，最終目標是向這位租戶收取更多租金。所以——而且你看，我認為相對於我們的表現而言，所有這些都是利好消息，對吧。投資組合一直保持穩定。我們正在發展壯大。我認為我們當然有動力盡快解決這個問題，而且我們相信這個問題可以得到解決。是的，我們正在考慮所有方案。

Okay, and then last one on this topic. When you sit there and think about where they are in their life cycle, et cetera, what's the likelihood today of getting back any of the unpaid interest or rents, back rents going forward? Or is a similar couple hundred thousand in the fourth quarter and a new lease with the buyer of these assets the best-case scenario for you guys today?

好的，那麼關於這個主題的最後一個問題就是這個。當你坐下來思考他們所處的生命週期階段等等，如今收回任何未付利息或租金、未來拖欠租金的可能性有多大？或者，對你們來說，第四季度獲得類似的幾十萬美元，並與這些資產的買家簽訂新的租賃合同，就是目前最好的結果嗎？

I would call that -- that's probably consistent with where we're headed and part of the reason, we did the additional note write-off that we did because we did not deem that it was likely to be collected. So I think we're operating under that expectation, but we're certainly very focused on to the extent we do have the ability to get any back rent or back interest. We will, but we do not put a high likelihood on that.

我認為這——這可能與我們的發展方向一致，也是我們進行額外票據註銷的部分原因，因為我們認為這些票據不太可能被收回。所以我認為我們是在這種預期下運作的，但我們當然非常關注我們是否有能力收回任何拖欠的租金或利息。我們會這麼做，但我們認為可能性不大。

Okay. And then just switching topics here. The three properties are under redevelopment, how material is that? And then when do those leases are expected to kick in and impact earnings?

好的。然後我們就換個話題吧。這三處房產正在進行重建，這有多重要？那麼，這些租賃合約預計何時生效並對收益產生影響？

Yeah, so I think you know there -- one is very significant and a lease that was signed a while ago for a behavioral healthcare facility that's a large investment by us with a very recognizable operator. My guess is that lease won't commence until sometime after mid-year next year. But that's a meaningful one.

是的，我想你知道——其中一項非常重要，是前段時間我們與一家知名營運商簽署的關於行為健康機構的租賃協議，這是一筆很大的投資。我估計租約要到明年年中以後才會生效。但這卻是一個很有意義的問題。

We don't provide specifics as to what those numbers are but wouldn't start seeing any tailwind associated with the rent until after probably after second quarter. The other one is probably a late 2026 opportunity as well, and then there's one, that smaller one that will happen first part of 2026.

我們不提供這些數字的具體細節，但可能要到第二季之後才會開始看到租金方面的利多因素。另一個機會可能也要到 2026 年底才會出現，還有一個規模較小的機會，將在 2026 年上半年發生。

Again, that should start contributing additional rent. But these are -- they vary in terms of their impact, and we haven't provided details relative to that. But we're just -- it's just an example of how we're reinvesting in buildings and with strong tenants based on signed leases. So anyway --

同樣，這應該會開始產生額外的租金收入。但這些因素的影響各不相同，我們還沒有提供相關細節。但這只是一個例子，說明我們如何對建築物進行再投資，並擁有基於已簽署租賃協議的優質租戶。總之--

Okay, just trying to figure out just what type of earnings tailwind because it sounds like you said that you're expecting to see 50 to 100 basis points increase in occupancy in the near term plus this. Just wanted to figure out when that was going to start all hitting in terms of the earnings.

好的，我只是想弄清楚究竟是什麼樣的盈利利好因素，因為聽起來你好像說過，你預計短期內入住率會提高 50 到 100 個基點，再加上這個。我只是想知道，從收益的角度來看，這一切什麼時候才會開始顯現效果。

Thanks, guys. I appreciate the time.

謝謝各位。感謝您抽出時間。

Yeah, as far as the 50 to 100 basis points, we're seeing great leasing activity across the portfolio. There's always a delay between signing leases and having those leases commence. And so -- but I think it sort of speaks to the strong activity we're seeing across the portfolio. And I think it will be a tailwind for 2026 in terms of our ability to grow.

是的，就50到100個基點的漲幅而言，我們看到整個投資組合的租賃活動都非常活躍。從簽訂租賃合約到租賃合約生效之間總會有一段時間的延遲。所以——但我認為這在某種程度上反映了我們整個投資組合中強勁的活躍度。我認為這將在 2026 年成為我們發展能力的助力。

Okay, thanks. Appreciate the time, guys.

好的，謝謝。感謝各位抽出時間。

Thank you. Thanks, Rob.

謝謝。謝謝你，羅伯。

James Kammert, Evercore.

James Kammert，Evercore。

Thank you. Good morning. Obviously, I think the capital recycling shift is well received, and I was just curious, how are you sort of identifying which assets you would like or most likely to dispose? Is it a geographic concentration, tenant concentration? Just trying to understand the mix or you know how you're lighting upon the candidates.

謝謝。早安.顯然，我認為資本循環利用的轉變受到了歡迎，我只是好奇，您是如何確定您想要或最有可能處置哪些資產的？是地域集中還是租戶集中？我只是想了解候選人的組成，或者說，你知道你是如何篩選出這些候選人的。

Hey, Jim. Thanks for the question. Yeah, so as you sort of hit on, you would think about it around tenant concentration, weighted average lease term, size profile markets. We're looking at all of those sort of criteria as we evaluate what we want to do from a capital recycling perspective, obviously with the key components associated with that of paying for this pipeline in a way that's accretive.

嘿，吉姆。謝謝你的提問。是的，正如你所提到的，你將從租戶集中度、加權平均租賃期限、市場規模等方面來考慮這個問題。我們正在考慮所有這些標準，從資本循環利用的角度評估我們想要做的事情，顯然，其中的關鍵組成部分是以一種增值的方式支付這條管道的費用。

So those are all the areas that we're focused on. What I'd also remind everybody of is we sort of looked at our capital recycling program in two buckets. One is the bucket of smaller properties that are non-core that aren't going to drive a substantial amount of proceeds, but they are going to get us focused on our better buildings and better markets.

以上就是我們目前關注的所有領域。我還要提醒大家，我們把資本回收計畫分成了兩類。一類是規模較小的非核心物業，它們不會帶來可觀的收益，但它們將使我們專注於更好的建築和更好的市場。

So you're seeing a few of those sales occur and those sales are -- we expect to conclude in the -- at the end of the fourth quarter. And then the larger opportunities where we can have a very accretive cap rate sale to then reinvest in new very attractive buildings. So yeah, you're thinking about it in the right way. We're looking at tenant concentration, [well], size profile, et cetera, as we look to push forward with our capital recycling.

所以你會看到其中一些銷售正在發生，我們預計這些銷售將在第四季末完成。然後還有更大的機會，我們可以出售資產以獲得非常高的資本化率，然後將資金再投資於極具吸引力的新建築。是的，你的想法是對的。我們正在研究租戶集中度、規模結構等等，以便推進我們的資本循環利用。

That's helpful. And the derivative question then I'll be done is you mentioned that one of the large transactions pending is a 1031, but I'm just trying to assess the depth of buyer interest. You're not restricting your [cap] recycling to just 1031 exchanges. I mean, there is a depth of buyers presumably for stand up just traditional sales as well.

那很有幫助。那麼，關於衍生性商品的問題，您提到待處理的大筆交易之一是 1031 交易，但我只是想評估一下買家的興趣程度。你並沒有將你的[上限]回收限制在1031交換範圍內。我的意思是，想必也有相當數量的買家願意接受傳統的站立式銷售方式。

Yeah, good question, Jim. The 1031 is more on our side than on the potential buyer side as far as we don't want -- we're deferring that capital gain associated with that sale by putting it into a 1031. And then we have within our acquisition pipeline other properties that we have identified that will then be the replacement property as part of that 1031 transaction. But no, we're going to a very wide set of potential buyers to make sure that we're maximizing proceeds to us.

嗯，問得好，吉姆。就我們而言，1031 條款對我們更有利，而不是對潛在買家更有利，因為我們不想——我們透過將其放入 1031 條款來遞延與該銷售相關的資本收益。此外，我們還有一些收購計劃中的其他房產，我們已經確定這些房產將作為 1031 交易的一部分作為替代房產。不，我們會接觸非常廣泛的潛在買家，以確保我們獲得最大收益。

Great clarification. Thank you, guys.

解釋得很清楚。謝謝大家。

Thanks, Jim.

謝謝你，吉姆。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Dupuy for closing remarks.

我們的問答環節到此結束。我謹將會議交還給杜普伊先生，請他作閉幕致詞。

Thanks, Danielle, and thank you everybody for dialing in. Of course, call if you have any questions. I hope everyone has a good rest of the day. Thank you.

謝謝丹妮爾，也謝謝大家的撥入。當然，如果您有任何疑問，請致電諮詢。希望大家今天剩下的時間過得愉快。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。