City Office REIT Inc (CIO) 2024 Q3 法說會逐字稿

Good morning and welcome to the City Office REIT Inc Third Quarter, 2024 Earnings Conference Call.

早安，歡迎參加 City Office REIT Inc 2024 年第三季財報電話會議。

(Operator Instructions) This conference call is being recorded.

（操作員說明）本次電話會議正在錄音。

(Operator Instructions) It is now my pleasure to introduce you to Tony Maretic, the company's Chief Financial Officer, Treasurer and Corporate secretary.

（操作員說明） 現在我很高興向您介紹公司財務長、財務主管兼公司秘書 Tony Maretic。

Thank you, Mr. Maretic.

謝謝你，馬里蒂克先生。

You may begin.

你可以開始了。

Before we begin.

在我們開始之前。

I would like to direct you to our website where you can view our third quarter earnings press release and supplemental information package, the earnings release and supplemental package, both include a reconciliation of non-GAAP measures that will be discussed today to their most directly comparable GAAP Financial measures.

我想引導您訪問我們的網站，您可以在其中查看我們的第三季度收益新聞稿和補充信息包，收益發布和補充包都包括今天將討論的非公認會計準則指標與其最直接可比指標的對帳GAAP 財務指標。

Certain statements made today that discuss the company's beliefs or expectations or that are not based on historical fact, may constitute forward-looking statements within the meaning of the federal securities laws.

今天發表的某些討論公司信念或期望的聲明或並非基於歷史事實的聲明可能構成聯邦證券法含義內的前瞻性聲明。

While the company believes that these expectations reflected in such forward-looking statements are based upon reasonable assumptions.

雖然該公司認為此類前瞻性陳述所反映的這些預期是基於合理的假設。

We can give no assurance that these expectations will be achieved.

我們不能保證這些期望將會實現。

Please see the forward-looking statements disclaimer in our third quarter earnings press release and the company's filing for the Sec for factors that could cause material differences between forward-looking statements and actual results.

請參閱我們第三季財報新聞稿中的前瞻性聲明免責聲明以及本公司向美國證券交易委員會提交的文件，以了解可能導致前瞻性聲明與實際結果之間存在重大差異的因素。

The company undertakes no obligation to update any forward-looking statements that may be made in the course of this call.

該公司不承擔更新本次電話會議期間可能做出的任何前瞻性陳述的義務。

I'll review our financial results after Jamie Farrar, our Chief Executive Officer discusses some of the quarter's operational highlights.

在我們的執行長 Jamie Farrar 討論本季的一些營運亮點後，我將回顧我們的財務表現。

I'll now turn the call over to Jamie.

我現在將把電話轉給傑米。

Good morning throughout 2024 we've been highlighting the improving sentiment and leasing dynamics for the office industry.

早安，整個 2024 年我們一直在強調辦公室產業情緒和租賃動態的改善。

These trends continued to gather momentum in the third quarter.

這些趨勢在第三季度繼續增強勢頭。

The total amount of office space available nationally declined in the third quarter.

第三季全國可用辦公空間總量下降。

This was the first quarterly decline in available space since 2019.

這是自 2019 年以來可用空間首次出現季度下降。

One of the significant drivers is the sharp reduction in new supply of office buildings.

重要的驅動因素之一是新建辦公大樓供應的急劇減少。

This has been coupled with four years of record setting, office building conversions, demolitions and redevelopment.

除此之外，還有四年的創紀錄、辦公大樓改建、拆除和重建。

Over the four year period since 2021 over 100 million square feet of office buildings have been removed from inventory according to JLL, while more is ultimately needed, these are favorable trends.

據仲量聯行稱，自 2021 年以來的四年間，已有超過 1 億平方英尺的辦公大樓從庫存中清除，儘管最終還需要更多，但這些都是有利的趨勢。

Leasing conditions also continue to improve the leasing activity nationally remains approximately 20% below pre-pandemic levels.

租賃條件也持續改善，全國租賃活動仍比疫情前水準低約 20%。

The 2nd and 3rd quarters of 2024 were two of the best leasing quarters over the last five years.

2024 年第二季和第三季是過去五年來最好的兩個租賃季度。

This has been aided by executives focusing on bringing employees back to the office on a more consistent basis.

高階主管致力於讓員工以更一致的方式返回辦公室，這對此有所幫助。

In JLL's third quarter office market report, they highlighted that the sunbelt has experienced an outsized leasing recovery.

在仲量聯行第三季辦公大樓市場報告中，他們強調陽光地帶經歷了大幅租賃復甦。

This has been driven by corporate relocations and the lower cost and higher quality of life that sunbelt markets offer office capital markets activity continues to be suppressed, largely driven by limited debt availability for the sector.

這是由於企業搬遷以及陽光地帶市場提供的更低的成本和更高的生活品質推動了辦公室資本市場活動繼續受到抑制，這主要是由於該行業的可用債務有限。

However, we've started to see signs of improvement for quality and well leased properties.

然而，我們已經開始看到品質和租賃良好的房產有所改善的跡象。

Turning to our portfolio, we achieved healthy leasing activity during the quarter with 141,000 square feet of total leasing.

談到我們的投資組合，我們在本季實現了健康的租賃活動，總租賃面積為 141,000 平方英尺。

Of this amount, 78,000 square feet represented new leases.

其中，78,000 平方英尺為新租約。

After quarter end, we completed a full floor lease extension at our Block 83 property in Raleigh that was set to expire on November 1st of this year, we previously communicated that we were taking back one of WeWorks full floor spaces at Block 83 representing 28,000 square feet.

季度末後，我們完成了羅利83 號街區房產的整層租約延期，原定於今年11 月1 日到期，我們之前曾表示，我們將收回83 號街區的一個WeWorks 整層空間，面積為28,000平方公尺腳。

A high profile enterprise client of WeWork that has been using the space requested to continue their occupancy through the end of calendar 2026.

WeWork 的一家知名企業客戶一直在使用所要求的空間，以繼續佔用至 2026 年底。

As a result, we agreed to extend WeWorks lease on this floor for 26 months and increase the starting rent by approximately 6% to $42.50.

因此，我們同意將該樓層的 WeWorks 租約延長 26 個月，並將起始租金提高約 6% 至 42.50 美元。

We see this as a positive outcome and it will result in the office component of Block 83 being 98% leased when including signed leases that commenced later in 2024.

我們認為這是一個積極的結果，如果包括 2024 年晚些時候開始的已簽署租賃合同，這將導致 83 號街區的辦公部分 98% 被出租。

At Pima Center in Phoenix, we also signed two new leases for 26,000 square feet during the quarter which will increase occupancy by 10% upon commencement.

在鳳凰城的皮馬中心，本季我們還簽署了兩份面積為 26,000 平方英尺的新租約，開業後入住率將增加 10%。

The renovations at Pima now complete the property has been transformed and it is resulting in very good leasing traction on our remaining vacancies.

皮馬 (Pima) 的翻修現已完成，該物業已完成改造，這為我們剩餘的空置房屋帶來了非常好的租賃吸引力。

Beyond Pima, we're also completing renovation projects at three other properties.

除了皮馬之外，我們還完成了其他三處房產的翻新工程。

These projects at 5,090 in Phoenix City Center in Saint Petersburg and 2525 McKinnon should be concluded over the next few months.

這些位於聖彼得堡鳳凰城市中心 5,090 號和麥金農 2525 號的項目預計將在未來幾個月內完成。

In total.

總共。

We expect to spend approximately $10 million on these four renovations with approximately $6.4 million spent through September 30th.

我們預計這四項翻修工程將花費約 1,000 萬美元，截至 9 月 30 日將花費約 640 萬美元。

In addition to the renovations, we're evaluating a few other value enhancing opportunities within our portfolio.

除了翻修之外，我們還在評估我們的投資組合中的一些其他增值機會。

One opportunity we touched on last quarter is the potential redevelopment of our parking garage at city center in downtown Saint Petersburg into a residential and mixed use condo tower.

我們上季提到的一個機會是將聖彼得堡市中心的停車場重建為住宅和混合用途公寓大樓。

In our October investor presentation, we've included some renderings of the condo building design from our recent site plan application.

在我們十月份的投資者演示中，我們提供了我們最近的場地規劃申請中的一些公寓建築設計效果圖。

This potential redevelopment continues to advance through an approval process with the city of Saint Petersburg.

這項潛在的重建計畫正在透過聖彼得堡市的審批程序繼續進行。

We are also advancing agreements with a very experienced developer to lead the project's execution.

我們也正在與一位經驗豐富的開發商達成協議，以領導該專案的執行。

A redevelopment of City Center remains subject to a number of conditions, some of which are beyond our control.

市中心的重建仍然受到許多條件的限制，其中一些條件是我們無法控制的。

We'll provide further updates on our progress on future calls.

我們將在未來的電話會議中提供有關進展的進一步更新。

We are also pleased to report that our Florida portfolio weathered the two recent hurricanes extremely well.

我們也很高興地報告，我們佛羅裡達州的投資組合很好地抵禦了最近的兩場颶風。

We have incredible operators on the ground in Florida and they quickly had our buildings back online after the storms.

我們在佛羅裡達州擁有令人難以置信的現場運營商，他們在暴風雨過後很快就讓我們的建築恢復正常運作。

We sincerely thank them for their dedication and how well they look after our tenants.

我們衷心感謝他們的奉獻精神以及他們對我們房客的照顧。

Lastly, we updated our guidance expectation ranges specifically, we narrowed several ranges and increased both our expected year end occupancy and same store cash.

最後，我們具體更新了指導預期範圍，縮小了幾個範圍，並增加了預期年終入住率和同店現金。

No, I change due to strong leasing results, year-to-date, these developments will not only benefit our 2024 results but our favorable tailwinds for 2025 and beyond with that, I will turn the call over to Tony to discuss our financial results in more detail.

不，我改變是因為今年迄今為止強勁的租賃業績，這些發展不僅有利於我們 2024 年的業績，而且有利於我們 2025 年及以後的有利順風，我將把電話轉給托尼，討論我們的財務業績更多細節。

Thanks Jamie.

謝謝傑米。

Our net operating income in the third quarter was 24.6 million, which is 300,000 lower than the amount we reported in the second quarter.

我們第三季的淨營業收入為 2,460 萬美元，比第二季報告的金額減少了 30 萬美元。

NOI was marginally lower in Q3 than in Q2.

第三季的 NOI 略低於第二季。

Primarily the result of the disposition of Cascade station during the second quarter.

主要是第二季Cascade站處置的結果。

We reported core FFO of 11.1 million or 27¢ per share for the third quarter.

我們報告第三季核心 FFO 為 1,110 萬美元，即每股 27 美分。

Core FFO was 400,000 lower than the amount we reported in the second quarter.

核心 FFO 比我們第二季報告的數量低 400,000。

Driven primarily by the net operating income decrease and marginally higher interest expense.

主要是由於營業淨收入下降和利息支出小幅上升所致。

Our third quarter, AFFO was 4.8 million or 12¢ per share which resulted in continued dividend coverage this quarter.

我們第三季的 AFFO 為 480 萬美元，即每股 12 美分，這導致本季繼續支付股息。

The largest impact AFFO was a $700,000 tenant improvement deduction related to a new lease at Circle point in Denver, which we expect will take occupancy in November 2024.

AFFO 最大的影響是與丹佛 Circle Point 的新租約相關的 70 萬美元租戶改善扣除，我們預計該租約將於 2024 年 11 月入住。

The four significant property renovations which Jamie described resulted in a $1 million reduction to FFO this quarter.

Jamie 描述的四項重大財產翻修導致本季度 FFO 減少了 100 萬美元。

We also spent $200,000 on spec suites and vacancy conditioning.

我們還花了 20 萬美元購買規格套房和空置條件。

Moving on to some of our operational metrics.

接下來討論我們的一些營運指標。

Our same-store cash NOI change returned to positive territory in the third quarter.

我們的同店現金 NOI 變化在第三季恢復為正值。

There was an increase of 0.2% or $55,000 as compared to the third quarter of 2023.

與 2023 年第三季相比，增加了 0.2%，即 55,000 美元。

We expect further improvement of this metric in the fourth quarter.

我們預計第四季該指標將進一步改善。

Our portfolio occupancy ended the quarter at 83.4% an increase from the prior quarter.

本季末，我們的投資組合入住率為 83.4%，較上一季成長。

Including the 201,000 square feet of signed leases that have not yet commenced our occupancy inclusive of these leases was 87.0% as a quarter end.

截至季末，我們已簽署但尚未開始入住的 201,000 平方英尺租賃面積為 87.0%。

Our total debt as of September 30th was 648 million.

截至 9 月 30 日，我們的總債務為 6.48 億美元。

Our net debt including restricted cash EBITDA was seven times.

我們的淨債務（包括受限現金 EBITDA）是七倍。

As of September 30th, we had approximately 42 million undrawn and authorized on our credit facility.

截至 9 月 30 日，我們的信貸額度約有 4,200 萬未提領和授權。

We also had cash and restricted cash of 43 million as a quarter end.

截至季末，我們還擁有 4,300 萬美元的現金和限制性現金。

During the quarter as planned, we drew $50 million on our line of credit to repay the $50 million term loan that matured in September.

在本季度，我們按計劃從信用額度中提取了 5000 萬美元，以償還 9 月份到期的 5000 萬美元定期貸款。

We have no further debt maturities until October of 2025.

在 2025 年 10 月之前我們沒有進一步的債務到期日。

We also have two properties of significant value Block 83 in Raleigh and City Center in Tampa, that are unencumbered and we are exploring potential financing alternatives at Block 83.

我們也在羅利的 Block 83 和坦帕的 City Center 擁有兩處具有重要價值的房產，這些房產均不受阻礙，我們正在探索 Block 83 的潛在融資替代方案。

And lastly for me, as Jamie mentioned, we have made upward revisions to several guidance categories.

最後，正如傑米所提到的，我們對幾個指導類別進行了向上修訂。

The significant number of signed leases that have or are expected to commence in the fourth quarter of 2024 are driving these revisions that concludes our prepared remarks.

大量已經或預計將於 2024 年第四季開始簽署的租約正在推動這些修訂，這是我們準備好的評論的結論。

And we'll open up the line for questions, operator.

我們將開通提問熱線，接線生。

(Operator Instructions) Rana, KeyBanc Capital Markets.

（操作員說明）Rana，KeyBanc 資本市場。

Great.

偉大的。

Thank you.

謝謝。

Good morning out there.

早安.

Jamie, could you walk us through?

傑米，你能帶我們了解一下嗎？

How the renewal would we work at Block 83 games to fruition?

我們將如何在 Block 83 遊戲中實現更新？

And do you have any plans or expectations after the lease expires in 2026.

2026年租約到期後有什麼計畫或期望嗎？

So we were to get back one of our three floors in Raleigh as of November 1st.

因此，我們將於 11 月 1 日起收回羅利三層樓中的一樓。

And there is an enterprise tenant that had been using that space and quite happy and they decided they wanted to push out their usage until the end of 2026.

有一個企業租戶一直在使用該空間並且非常高興，他們決定將其使用推遲到 2026 年底。

So we we had a dialogue with them and we were happy to keep them there in the project and we were happy with the economics of effectively no T I and moving the starting rent about 6%.

因此，我們與他們進行了對話，我們很高興讓他們留在專案中，我們對實際上沒有 T I 並將起租租金提高約 6% 的經濟效益感到滿意。

Okay, great.

好的，太好了。

And then regarding occupancy, what are some of the moving pieces that get you to that 85.5% midpoint of your guidance?

那麼關於入住率，有哪些移動因素可以讓您達到指導值的 85.5% 中點？

And, and I know I'm sure we work is, is a big driver of that, but is there anything else there that's included in your assumption?

而且，我知道我確信我們的工作是其中一個重要的驅動因素，但是您的假設中是否還包含其他內容？

Sure.

當然。

So I I will start here with Jamie, the signed leases that haven't commenced, you know, a significant portion of them will be commencing in Q4.

所以我將從傑米開始，尚未開始的已簽署租約，你知道，其中很大一部分將在第四季度開始。

So when you look at where some of our impactful current vacancy is, you know, we've got about 74,000 ft of leases that will commence in Phoenix, 33,000 in Raleigh, about 50,000 in Orlando.

因此，當你看看我們目前一些有影響力的空缺位置時，你就會知道，我們將在鳳凰城開始租賃約 74,000 英尺的租賃，在羅利租賃 33,000 英尺，在奧蘭多租賃約 50,000 英尺。

And so those are, are, you know, signs that are being completed as we speak and we'll we'll start in Q4.

所以，你知道，這些跡像在我們說話時正在完成，我們將在第四季開始。

And the single biggest tenant that's moving in in Q4, Upal, is at our ingenuity Pro Drive property, which is part of the FRP Collection complex, that property had a vacancy.

第四季搬入的最大單一租戶 Upal 位於我們的獨創性 Pro Drive 物業，該物業是 FRP Collection 綜合大樓的一部分，該物業有空置。

It'll go to 100%.

它會達到100%。

The tenant has moved in in October the 42,000 square feet.

租戶已於 10 月搬進這棟 42,000 平方英尺的房子。

So that's the single biggest component to, to that with WeWork renewing, obviously that there's less to drag from that.

因此，這是 WeWork 更新的最大組成部分，顯然，從中拖累的因素較少。

And then the rest of the kind of tenants are kind of smaller to medium size.

然後其餘類型的租戶都是中小型的。

Okay, great.

好的，太好了。

That was helpful.

這很有幫助。

And then last one for me, you know, you mentioned on a prior call that you started to see interest from relatively larger tenants, is that still the case or what sort of tenant demographics are you seeing in regards to leasing demand today?

最後一個對我來說，你知道，你在之前的電話會議上提到，你開始看到相對較大的租戶的興趣，情況仍然如此嗎？租戶人口統計？

So that is probably one of the most favorable things that we're seeing is, you know, this time last year, you were starting to see some larger tenants explore and I'd say that picked up significantly and it it's tied back to more of a trend of, you know, employees wanting the employees back in the office.

因此，這可能是我們看到的最有利的事情之一，你知道，去年的這個時候，你開始看到一些較大的租戶進行探索，我想說，這種情況顯著回升，而且它與更多你知道，員工希望員工回到辦公室的趨勢。

And you know, what used to be kind of short term extensions and and larger tenants, you know, trying to avoid doing longer leases, that's really turned the other trend that kind of ties to that is the best space.

你知道，過去的短期延期和更大的租戶，你知道，試圖避免更長的租賃，這確實改變了與最佳空間相關的另一個趨勢。

You know, the newest, the most modern amenitized as well as you know, renovated spaces in those same submarkets are what is in demand and we're seeing that in our own leasing pipeline.

您知道，這些子市場中最新、最現代的設施以及翻新的空間都是有需求的，我們在自己的租賃管道中也看到了這一點。

So, you know, bigger users wanting to commit and willing to commit longer term, which is fantastic for our industry.

所以，你知道，更大的用戶想要承諾並願意長期承諾，這對我們的行業來說非常棒。

Thanks for the question.

謝謝你的提問。

Barry Oxford, Colliers.

巴里牛津，高力國際。

Great.

偉大的。

Thanks guys.

謝謝你們。

Jamie, when you're looking and signing leases, what are you seeing today?

傑米，當您尋找並簽署租約時，您今天看到了什麼？

Like maybe versus a year ago when it comes to concessions and free rent?

也許與一年前相比，在優惠和免租金方面？

Are you having to kind of give more to get deals done or are you holding the line and actually doing better?

您是否必須付出更多才能完成交易，或者您是否堅持​​到底並實際上做得更好？

So it's a good question, Barry.

所以這是一個很好的問題，巴里。

A year ago, construction costs were moving very rapidly and I'd say that has come in check.

一年前，建築成本成長非常迅速，我想說這已經受到控制。

It's still at a high cost, but we're not seeing the inflation that we were rents.

它的成本仍然很高，但我們沒有看到像租金那樣的通貨膨脹。

The actual face rents we're signing are very healthy, continue to grow again , for good properties.

對於優質房產，我們簽署的實際面租金非常健康，並且繼續增長。

And the concessions on free rent, I'd say are about the same as where they were on new leases typically one month per year of term.

我想說，免費租金的優惠與新租約的優惠大致相同，通常每年一個月。

So that's kind of stabilized as well.

所以這也算是穩定下來了。

So all in all, I'd say we're, we're much happier than where we were a year ago.

總而言之，我想說我們比一年前幸福得多。

Okay, great, great.

好的，太好了，太好了。

And then tell me, I know you don't have a lot of expirations, but as, as you work into 25 and the later half of 25.

然後告訴我，我知道你的到期日並不多，但當你工作到 25 歲和 25 歲後半段。

Do you anticipate the banks giving you a lot of pushback on refinancing or?

您預計銀行會在再融資方面為您帶來很大阻力嗎？

Look, I'm in conversations with them Barry and right now I don't think we're going to have difficulty.

聽著，我正在與他們交談，巴里，​​現在我認為我們不會遇到困難。

Yeah.

是的。

Barry.

巴里.

It's a good question.

這是一個好問題。

You know you highlight the fact that, you know, we, we do not have any pending debt maturities over the next four quarters.

你知道你強調了這樣一個事實，你知道，我們在接下來的四個季度沒有任何未決的債務到期。

We do have two debt maturities in Q4 2025.

我們確實有兩筆債務將於 2025 年第四季到期。

And to be honest, you know, those conversations really have not begun in earth, I expect those discussions will, will really gain traction as starting soon and they certainly by early 2025.

說實話，你知道，這些對話實際上還沒有在地球上開始，我預計這些討論很快就會開始，而且肯定會在 2025 年初開始。

So it's a little too early to tell.

所以現在說還太早。

It'll obviously that depend on, on the state of those properties and where that will go.

顯然，這取決於這些財產的狀態及其去向。

So, I expect those conversations to begin in early 2025 and it's probably too early to tell as I said here today, but we have some time.

因此，我預計這些對話將於 2025 年初開始，正如我今天在這裡所說，現在下結論可能還為時過早，但我們還有一些時間。

Great.

偉大的。

Thanks for the color guys.

謝謝各位的顏色。

Craig Kucera, Lucid Capital Markets.

克雷格·庫塞拉 (Craig Kucera)，Lucid 資本市場。

Yeah.

是的。

Hey, good morning guys.

嘿，早上好，夥計們。

It looks like the bulk of occupancy games are occurring here in the fourth quarter.

看起來大部分佔用遊戲都發生在第四季。

Can you give us some color on when the remaining called 100 to 150 basis points are expected to take occupancy and start paying rent in 25.

您能否告訴我們，剩餘的 100 至 150 個基點預計將於 25 年內入住並開始支付租金。

Hey, good morning, Craig.

嘿，早上好，克雷格。

Yes.

是的。

So we have, we have a number of move ins in Q4.

所以我們在第四季有很多搬入。

The rest of the balance will happen early in 2025.

其餘的餘額將在 2025 年初完成。

Obviously, construction schedules will dictate exactly when that falls in, but early 2025 for the balance.

顯然，施工進度將決定具體時間，但要到 2025 年初才能達到平衡。

Okay, great.

好的，太好了。

You're changing gears.

你正在換檔。

I'd like to talk about the city center redevelopment.

我想談談市中心的重建。

How, how would city office monetize that?

市府如何將其貨幣化？

I mean, you know, most likely, I would think maybe a sale to the developer might make sense or, but could it be a ground lease or maybe some sort of revenue sharing agreement?

我的意思是，你知道，我很可能認為向開發商出售可能是有意義的，或者，但這可能是土地租賃或某種收入分享協議嗎？

Any color that would be appreciated?

有什麼顏色會受到讚賞嗎？

Sure.

當然。

So we can't get into too many details right now where we're at is we submitted a site plan application with the city of Saint Petersburg that's ongoing.

因此，我們現在無法透露太多細節，因為我們向聖彼得堡市提交了正在進行的場地規劃申請。

And so we expect to conclude the the public elements over the next like 30ish days and by early 2025 if all goes well, have our approvals in place, the way we've been approaching it is, you know, we're huge believers in that market.

因此，我們預計將在接下來的 30 天內完成公共要素，如果一切順利的話，到 2025 年初，我們的批准就位，我們一直在採取的方式是，你知道，我們非常相信那個市場。

We'd like to stay involved in that market.

我們希望繼續參與該市場。

You know, the, the way we've approached it is contributing the significant land value that we have into a partnership with a very experienced developer and ideally aren't contributing additional cash beyond that, but we benefit as the project is developed and the condos are sold off.

你知道，我們的處理方式是將我們擁有的重要土地價值貢獻給與經驗豐富的開發商合作，理想情況下不會貢獻額外的現金，但隨著項目的開發和開發，我們受益匪淺。被賣掉。

Got it, Okay.

明白了，好的。

And, and just one more for me, you know, looking at 2025 debt maturity, I I know they're all in the fourth quarter of next year.

而且，對我來說還有一個，你知道，看看 2025 年的債務到期日，我知道它們都在明年第四季。

But you know, are you giving some thought to how you anticipate handling them after using a lot of liquidity here in the third quarter with a line of credit?

但你知道，在第三季使用大量流動性和信貸額度後，你是否考慮過如何處理這些問題？

You know, maybe exploring using Block 83 as a source of liquidity or other sources.

你知道，也許會探索使用 Block 83 作為流動性來源或其他來源。

Yeah, it's a good, it's a good question.

是的，這是一個好問題，這是一個好問題。

Craig, you know, as I mentioned in my earlier remarks, we are exploring financing options for Block 83.

克雷格，你知道，正如我在先前的演講中提到的，我們正在探索 Block 83 的融資方案。

You mean the CMBS market appears to be improving and is open, you know, Block 83 is a type of trophy asset that appears to be getting done.

你的意思是 CMBS 市場似乎正在改善並且開放，你知道，Block 83 是一種似乎正在完成的獎杯資產。

So it's a little too early to speculate.

所以現在推測還太早。

But certainly Block 83 is our most valuable property.

但毫無疑問，83 號街區是我們最有價值的財產。

There's two separate towers there.

那裡有兩座獨立的塔樓。

And City Center is also unencumbered.

市中心也不受阻礙。

We have some covered assets.

我們有一些涵蓋資產。

We have some chess pieces, we can move around the board and we got a little bit of time before we decide what move we're going to make.

我們有一些棋子，我們可以在棋盤上移動，在決定要採取什麼行動之前我們有一點時間。

And just for clarity, we have two property loans that mature in the fourth quarter.

為了清楚起見，我們有兩筆房地產貸款在第四季到期。

We also have our operating line.

我們也有自己的營運線。

We do have a one year extension option which we believe we're going to be able to trigger.

我們確實有一年的延期選項，我們相信我們能夠觸發該選項。

So it really is the two property loans that were we discussed earlier.

所以這確實是我們之前討論的兩筆房產貸款。

Okay, great.

好的，太好了。

Appreciate the coming guys.

感謝即將到來的傢伙。

Thanks.

謝謝。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

As there are no additional questions, I will turn the call back over to Mr. Farrar to conclude.

由於沒有其他問題，我將把電話轉回給法勒先生來結束。

Thank you for joining today.

感謝您今天加入。

Please reach out.

請伸出手。

If you have any further questions.

如果您還有任何疑問。

Goodbye.

再見。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you all for joining you.

感謝大家的加入。

May now disconnect your lines.

現在可以斷開您的線路。