Americold Realty Trust Inc (COLD) 2025 Q2 法說會逐字稿

Greetings and welcome to the Americold Realty Trust second-quarter 2025 earnings conference call.

問候並歡迎參加 Americold Realty Trust 2025 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Rich Leland, Vice President of Investor Relations and Treasurer.

現在我很高興介紹您的主持人，投資者關係副總裁兼財務主管 Rich Leland。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Good morning.

早安.

Thank you for joining us today for Americold Realty Trust's second-quarter 2025 earnings conference call. in addition to the press release distributed this morning, we have filed a supplemental financial package with additional details on our financial results which is available in the Investor Relations section on our website at www.americold.com.

感謝您今天參加 Americold Realty Trust 2025 年第二季財報電話會議。除了今天早上發布的新聞稿外，我們還提交了一份補充財務資料，其中包含有關我們財務業績的更多詳細信息，可在我們網站 www.americold.com 的“投資者關係”部分查閱。

This morning's conference call is hosted by Americold's Chief Executive Officer, George Chappelle; President, Rob Chambers; and Chief Financial Officer, Jay Wells. Management will make some prepared comments, after which we'll open up the call to your questions.

今天早上的電話會議由 Americold 執行長 George Chappelle、總裁 Rob Chambers 和財務長 Jay Wells 主持。管理層將發表一些準備好的評論，之後我們將開始回答您的問題。

Before we begin, let me remind you that management's remarks today may contain forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those anticipated. These forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made. And management undertakes no obligation to update publicly any of these statements in light of new information or future events.

在我們開始之前，請允許我提醒您，管理階層今天的言論可能包含前瞻性陳述。前瞻性陳述受多種風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。這些前瞻性陳述是基於當前的預期、假設和信念以及我們目前掌握的信息，並且僅代表其作出之日的觀點。且管理層不承擔根據新資訊或未來事件公開更新任何這些聲明的義務。

During this call, we will also discuss certain non-GAAP financial measures, including NOI, constant currency, net debt to pro forma core EBITDA and AFFO. The full definitions of these non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the supplemental information package available on the company's website. Please note that all warehouse financial results are in constant currency, unless otherwise noted.

在本次電話會議中，我們也將討論某些非 GAAP 財務指標，包括 NOI、固定匯率、淨債務與備考核心 EBITDA 和 AFFO。這些非公認會計準則 (non-GAAP) 財務指標的完整定義以及與可比較公認會計準則 (GAAP) 財務指標的對帳包含在公司網站上提供的補充資訊包中。請注意，除非另有說明，所有倉庫財務結果均以固定貨幣表示。

Now, I will turn the call over to George.

現在，我將把電話轉給喬治。

Thank you, Rich, and thank you all for joining our second-quarter 2025 earnings conference call

謝謝 Rich，也謝謝大家參加我們 2025 年第二季財報電話會議

This morning, I will provide an update on our four key priorities. Our financial results for the quarter and current market conditions. Rob will then discuss our customer service initiatives and development activity. And finally, Jay will review our capital position and liquidity and discuss our outlook for the balance of the year.

今天上午，我將介紹我們的四個主要優先事項的最新情況。我們本季的財務業績和當前的市場狀況。然後 Rob 將討論我們的客戶服務計劃和開發活動。最後，傑伊將回顧我們的資本狀況和流動性，並討論我們對今年餘額的展望。

Turning to our four key priorities and financial results for the quarter. We said Q2 would look a lot like Q1 and that's exactly how it unfolded. Starting with customer service. During the quarter, Americold was recognized as a top 3PL and cold stores provider by Food Logistics Magazine. This award on is cold storage companies that are revolutionizing the global cold storage food supply chain and reliably delivering innovative and high-quality solutions throughout the world.

談談我們本季的四個主要優先事項和財務業績。我們說過，第二季將會與第一季非常相似，事實也確實如此。從客戶服務開始。本季度，Americold 被《食品物流雜誌》評為頂級 3PL 和冷藏庫供應商。該獎項頒發給那些正在徹底改變全球冷藏食品供應鏈並在全球範圍內可靠地提供創新和高品質解決方案的冷藏公司。

We are honored to be recognized and I want to thank our incredible team for their continued dedication to providing our customers with best-in-class service.

我們很榮幸獲得認可，並感謝我們出色的團隊持續致力於為客戶提供一流的服務。

As anticipated, same-store economic occupancy declined slightly in the second quarter versus the first quarter of the year. Q2 is typically the lowest seasonal quarter of the year for us, although it is difficult to define typical in the current environment. While we are pleased with the new business wins from our sales pipeline, occupancy gains have been slow to materialize given the ongoing demand headwinds.

正如預期的那樣，第二季同店經濟入住率與今年第一季相比略有下降。對我們來說，第二季度通常是一年中季節性最差的季度，儘管在當前環境下很難定義典型情況。雖然我們對銷售通路帶來的新業務成長感到滿意，但鑑於持續的需求逆風，入住率的成長一直進展緩慢。

We recently had two new retail wins in Europe that are good examples of our strategy to expand our retail and QSR business across the globe and build on our leadership position. The profile of the retail and QSR businesses puts it near the top of our portfolio in terms of cash flow generation. Additionally, our rent and storage revenue from fixed commit contracts came in at 60% for the quarter. reflecting the quality of our mission-critical assets and the value we deliver to the customers who occupy them.

我們最近在歐洲贏得了兩項新的零售業務，這充分體現了我們在全球範圍內拓展零售和 QSR 業務並鞏固領導地位的策略。就現金流產生而言，零售和 QSR 業務的概況使其在我們的投資組合中名列前茅。此外，本季度我們來自固定承諾合約的租金和儲存收入達到了 60%，反映了我們關鍵任務資產的品質以及我們為使用它們的客戶提供的價值。

Turning to labor, the investments we have made over the past few years in training engagement and retention initiatives continue to pay dividends. During the quarter, our perm to temp hours ratio was 75-25, giving us the ability to flex labor with demand while benefiting from the enhanced productivity that comes from having a dedicated and well-trained permanent workforce.

談到勞動力，過去幾年我們在培訓參與和保留計劃方面所做的投資繼續帶來回報。在本季度，我們的永久工時與臨時工時數比率為 75:25，這使我們能夠根據需求靈活安排勞動力，同時受益於擁有一支敬業且訓練有素的永久勞動力所帶來的生產力提高。

You can see this reflected in the continued growth in our same-store warehouse services margins. which improved by 90 basis points year over year to 13.3% for the quarter. This continues to be a bright spot for the company. and we remain confident in our ability to deliver service margins in excess of 12% for the full year.

您可以看到，這反映在我們同店倉儲服務利潤率的持續成長。本季度，該利潤率年增 90 個基點，達到 13.3%。這仍然是公司的一個亮點。我們仍有信心全年實現超過 12% 的服務利潤率。

Turning to pricing, in the second quarter, our same-store rent and storage revenue for economic occupied pallets increased approximately 1% versus the prior year. And same-store services revenue per throughput pallet increased by 4%. While we expect to see continued pricing pressure across our US business, the team has done an excellent job of strategically defending our market share and maintaining our pricing architecture while ensuring that we receive fair value for the critical and diverse services we provide.

談到定價，在第二季度，我們的經濟佔用托盤的同店租金和倉儲收入比上年增長了約 1%。每吞吐量托盤的同店服務收入增加了 4%。雖然我們預計美國業務將繼續面臨定價壓力，但團隊在策略上捍衛我們的市場份額和維護我們的定價架構方面做得非常出色，同時確保我們為所提供的關鍵和多樣化服務獲得公平的價值。

We believe service and operational excellence will become an even more important differentiator for Americold in the future as customers seek to turn inventory faster in an effort to realize working capital efficiencies.

我們相信，隨著客戶尋求更快地週轉庫存以實現營運資本效率，卓越的服務和營運將成為 Americold 未來更重要的差異化因素。

As I mentioned last quarter, Americold is a trusted and experienced operator that delivers value to customers, far beyond price per pallet position. And therefore, we are more capable of balancing price and volume versus most competitors where prices there only lever.

正如我上個季度提到的，Americold 是一家值得信賴且經驗豐富的營運商，能夠為客戶提供遠遠超出每個托盤位置價格的價值。因此，與大多數僅依靠價格槓桿的競爭對手相比，我們更有能力平衡價格和銷售。

On the development front, we have several key projects that were completed in the second quarter, including Kansas City, our flagship development with CPKC, creating an efficient new way to move temperature-controlled products across North America, our Allentown expansion, which was driven by strong customer demand in the region, and our flagship development in Dubai in partnership with DP World. Rob will discuss these further in just a moment, but these facilities are great examples of our ability to leverage our scale, expertise and unique strategic partnerships to drive innovative new market solutions.

在開發方面，我們在第二季度完成了幾個關鍵項目，包括堪薩斯城項目，這是我們與 CPKC 合作的旗艦開發項目，創造了一種在北美運輸溫控產品的有效新方式，我們的阿倫敦擴建項目是由該地區強勁的客戶需求推動的，以及我們與 DP World 合作在迪拜進行的旗艦開發項目。Rob 稍後將進一步討論這些問題，但這些設施是我們利用規模、專業知識和獨特的策略合作夥伴關係來推動創新新市場解決方案的能力的絕佳例證。

Turning to our financial results for the quarter, Q2 AFFO per share was $0.36. Our performance in the first half of the year has largely been on track, and the team continues to execute well. However, the combined impact of interest rates, tariffs, inflation, government benefit reductions and excess capacity continue to pressure occupancy rates across the industry.

回顧本季的財務業績，第二季每股 AFFO 為 0.36 美元。我們上半年的業績基本上保持在正軌，團隊持續保持良好表現。然而，利率、關稅、通貨膨脹、政府福利減少和產能過剩的綜合影響繼續給整個行業的入住率帶來壓力。

Based on our conversations with customers, we expect these headwinds will likely continue into the second half of the year as they remain hesitant to build inventory in an uncertain demand environment. With inventory levels low across the supply chain, we are also seeing customers taking the opportunity to leverage available capacity in their own infrastructure rather than utilizing third-party storage providers.

根據我們與客戶的對話，我們預計這些不利因素可能會持續到今年下半年，因為在不確定的需求環境下，他們仍然不願意增加庫存。由於整個供應鏈的庫存水準較低，我們也看到客戶藉此機會利用自己基礎架構中的可用容量，而不是利用第三方儲存供應商。

As a result of these continued headwinds, we are taking a more conservative view of the market for the second half of the year, removing the traditional seasonal inventory build that we have been forecasting and now expect occupancy levels to remain pressured for the balance of the year. Despite these top line challenges, the team continues to execute well on our strategic priorities, and we remain focused on controlling what we can control, including lowering costs, improving efficiencies and capturing new business.

由於這些持續的不利因素，我們對下半年的市場持更保守的看法，消除了我們一直預測的傳統季節性庫存積累，現在預計入住率在今年剩餘時間內仍將面臨壓力。儘管面臨這些主要挑戰，團隊仍繼續出色地執行我們的策略重點，我們仍然專注於控制我們能夠控制的事情，包括降低成本、提高效率和開拓新業務。

We are also actively pursuing alternative growth opportunities, such as expanding our retail and QSR business, as I mentioned earlier, and focusing on investments in underserved geographies around the world in need of infrastructure. Additionally, because of the operating component of our business, we have more levers than a traditional REIT, and this quarter is a great example of our ability to manage the variable pieces of our business in a balanced approach to deliver AFFO results in line with expectations. This ability to manage the business tightly will be increasingly important in the second half of this year as we further adjust our cost structure to reflect the current demand levels.

我們也積極尋求其他成長機會，例如擴大我們的零售和 QSR 業務（正如我之前提到的），並專注於投資世界各地需要基礎設施的服務不足地區。此外，由於我們業務的營運組成部分，我們比傳統的房地產投資信託基金擁有更多的槓桿，本季度很好地證明了我們能夠以平衡的方式管理業務的可變部分，以按照預期提供 AFFO 結果。隨著我們進一步調整成本結構以反映當前的需求水平，這種嚴格管理業務的能力在今年下半年將變得越來越重要。

Jay will discuss these changes in more detail in a moment. But first, I will turn the call over to Rob so he can discuss our development projects and customer initiatives in greater detail.

傑伊稍後將更詳細地討論這些變化。但首先，我將把電話轉給 Rob，以便他可以更詳細地討論我們的開發項目和客戶計劃。

Thank you, George, and good morning, everyone.

謝謝你，喬治，大家早安。

Our commercial teams continue to execute well and during the second quarter same-store rent and storage revenue per economic occupied pallet increased year over year by about 1%. And warehouse services revenue per throughput pallet increased by 4%. Although we continue to see some irrational pricing moves by competitors, we have the tools and visibility to thread the needle, balancing price and occupancy effectively while strategically defending our market share as appropriate. Our rent and storage revenue from fixed commitments came in at 60% for the quarter, maintaining the record that we set in the first quarter of the year.

我們的商業團隊持續表現良好，第二季同店租金和每經濟佔用托盤的倉儲收入年增約 1%。每吞吐量托盤的倉庫服務收入增加了 4%。儘管我們仍然看到競爭對手採取一些不合理的定價舉措，但我們擁有工具和洞察力來把握時機，有效平衡價格和入住率，同時在戰略上適當捍衛我們的市場份額。本季度，我們來自固定承諾的租金和倉儲收入達到了 60%，保持了我們在今年第一季創下的紀錄。

As a reminder, we believe 60% is the appropriate long-term level for this metric given the composition of our customer base. Our top 100 customers represent approximately 70% of our total warehouse revenue, and the vast majority of these customers prefer having committed space. Balancing this with the more transactional nature of some of our smaller accounts led us to set the 68% area as our goal.

提醒一下，考慮到我們客戶群的組成，我們認為 60% 是該指標的適當長期水準。我們的前 100 名客戶約占我們倉庫總收入的 70%，其中絕大多數客戶都傾向於擁有專用空間。考慮到這一點以及我們一些較小帳戶的交易性質，我們將 68% 的區域設定為我們的目標。

While there could be some slight variability around this level, we believe the benefits to both us and the customers are clear. Meeting end market demand is a top priority for our customers and having guaranteed space gives them the opportunity to reduce their per pallet cost as they turn more inventory, allowing them to realize cost savings. This type of arrangement is more aligned with that of a traditional real estate lease and allow them to leverage the space as they see fit.

雖然這個水平可能會有一些輕微的變化，但我們相信，這對我們和客戶的好處是顯而易見的。滿足終端市場需求是我們客戶的首要任務，擁有保證的空間使他們有機會在庫存增加時降低每個托盤的成本，從而實現成本節約。這種安排更符合傳統的房地產租賃，並允許他們根據自己的意願利用空間。

For Americold, we get the benefit of having the vast majority of our contracts commercialize with multiyear agreements and do not reset volume guarantees or rates on an annual basis. As a reminder, fixed commitments were approximately 40% of our revenue when we started this journey and our progress over the past 4 years and transitioning our customer base to fixed commitments is a clear indication of the win-win benefits of this structure and of our team leading the industry in commercial excellence.

對於 Americold 而言，我們的優勢在於，我們的絕大多數合約都是透過多年期協議進行商業化的，並且不需要每年重新設定數量保證或費率。提醒一下，當我們開始這段旅程時，固定承諾約占我們收入的 40%，而我們在過去 4 年中取得的進展以及將客戶群轉變為固定承諾清楚地表明了這種結構的雙贏效益以及我們的團隊在商業卓越方面引領行業。

Within our Global Warehouse segment, we had no material changes to the composition of our top 25 customers who account for approximately 50% of our global warehouse revenue and our churn rate remains below 4%. While the market remains competitive, we continue to win new business and have successfully converted on over 80% of the previously announced $200 million probability-weighted sales pipeline.

在我們的全球倉庫部門中，前 25 名客戶的組成沒有重大變化，這些客戶約占我們全球倉庫收入的 50%，我們的客戶流失率仍然低於 4%。儘管市場競爭依然激烈，我們仍不斷贏得新業務，並已成功轉化先前宣布的 2 億美元機率加權銷售管道的 80% 以上。

The occupancy ramp for these new customers is taking longer than expected in the current environment, and the revenue benefits are somewhat muted by declines in the base business, but our overall sales pipeline remains healthy, and our wins continue to surpass where we were last year.

在當前環境下，這些新客戶的入住率提升所需的時間比預期要長，而且由於基礎業務的下滑，收入收益有所減弱，但我們的整體銷售管道仍然保持健康，我們的勝利繼續超過去年的水平。

As George mentioned, we recently had two significant wins in the Europe region that highlight our growing leadership position in the operationally intensive and services-heavy retail segment of the market. The first win is with one of the largest supermarket chains in Portugal to utilize our 34,000 pallet position facility in Lisboa. We will now be providing them with frozen storage space and case picking services under a multiyear fixed commitment agreement. Like most of our retail business, we expect the inventory to turn roughly 25x per year, making this an attractive cash flow business.

正如喬治所提到的，我們最近在歐洲地區取得了兩項重大勝利，凸顯了我們在營運密集型和服務密集型零售市場領域日益增長的領導地位。我們的第一個合作對像是葡萄牙最大的連鎖超市之一，該超市利用我們位於里斯本的 34,000 個托盤位置設施。我們現在將根據多年固定承諾協議為他們提供冷凍儲存空間和揀貨服務。與我們的大多數零售業務一樣，我們預計庫存每年週轉率約為 25 次，這使其成為一項具有吸引力現金流的業務。

The second win is with one of the largest supermarket operators in the Netherlands to utilize our 38,000 pallet position facility in Barneveld. They have ambitious growth plans over the next 5 years, and we'll be utilizing our storage and case-picking services under a multiyear agreement with similar inventory turn expectations. Both the Lisboa and Barneveld facilities will be operating at well over 90% occupancy as these customers ramp in the coming quarters. The international team has done an excellent job of leveraging both the Americold operating system and our retail expertise in the US and Asia-Pac to expand our market share in Europe with these two new customer wins.

第二次合作是與荷蘭最大的超​​市營運商之一合作，利用我們位於巴訥費爾德的 38,000 個托盤位置設施。他們在未來五年內製定了雄心勃勃的成長計劃，我們將根據多年期協議利用我們的儲存和揀貨服務，並實現類似的庫存週轉預期。隨著未來幾季客戶數量的增加，里斯本和巴訥費爾德的設施入住率都將超過 90%。國際團隊出色地利用了 Americold 作業系統以及我們在美國和亞太地區的零售專業知識，透過贏得這兩個新客戶擴大了我們在歐洲的市場份額。

Now I'd like to give you an overview of our development activities as we have three attractive projects that went live during the second quarter. First is our Allentown, Pennsylvania expansion, which was completed in Q2. This facility came in below budget at $79 million compared to an initial estimate of $85 million and had 37,000 pallet positions and nearly 15 million cubic feet to our network.

現在我想向您概述我們的開發活動，因為我們在第二季啟動了三個有吸引力的專案。首先是我們位於賓夕法尼亞州阿倫敦的擴建項目，該項目於第二季完工。該設施的預算為 7900 萬美元，低於最初估計的 8500 萬美元，並且擁有 37,000 個托盤位置和近 1500 萬立方英尺的網路容量。

Allentown is an ideal location to receive imports from the Philadelphia and New Jersey ports and is the largest transportation hub in the Northeast. After the expansion, this canvas will have over 100,000 pallet positions to service a key distribution market. This is an example of our low-risk customer-driven approach to expansion projects as our original facility in Allentown was approaching 100% occupancy and the project was initiated due to demand from existing customers.

艾倫敦是接收費城和新澤西港口進口貨物的理想地點，也是東北部最大的交通樞紐。擴建後，該倉庫將擁有超過 100,000 個托盤位置，為主要分銷市場提供服務。這是我們低風險、以客戶為導向的擴建專案方法的一個例子，因為我們位於阿倫敦的原有設施的佔用率已接近 100%，而該專案是由於現有客戶的需求而啟動的。

I'm happy to report that we have moved the stabilization date for the building up by two quarters due to the high demand we experienced for the space immediately upon opening. The management team in Allentown is one of the best in the business, and I'm excited to watch them service our customers with this increased capacity. Second is our greenfield facility developed in collaboration with CPKC in Kansas City, Missouri, which also launched at the end of Q2.

我很高興地報告，由於開業後對該空間的需求很高，我們已將建築的穩定日期提前了兩個季度。艾倫鎮的管理團隊是業內最優秀的團隊之一，我很高興看到他們以更高的能力為我們的客戶提供服務。第二是我們與密蘇裡州堪薩斯城的 CPKC 合作開發的綠地工廠，該工廠也於第二季末投入使用。

This facility was originally anticipated to be $127 million and was also completed under budget at $100 million. As a reminder, this facility is North America's only single-line rail service for moving refrigerated shipments between the US, Canada and Mexico. Customers of our new facility will be able to clear customs in Kansas City, bypassing the significant congestion and wait times that often occur at the border, resulting in faster delivery times, lower costs and a much more environmentally friendly alternative to traditional over-the-road solutions.

該設施最初預計耗資 1.27 億美元，並在 1 億美元的預算內完工。提醒一下，該設施是北美唯一一條在美國、加拿大和墨西哥之間運送冷藏貨物的單線鐵路服務。我們新設施的客戶將能夠在堪薩斯城清關，避開邊境經常出現的嚴重擁堵和等待時間，從而縮短交貨時間、降低成本，並且比傳統的公路運輸解決方案更加環保。

Much like a retail facility, this location will specialize in high term cross-dock operations, a complex and demanding component of the cold storage food supply chain that Americold is uniquely suited to handle. We are already seeing high demand for this space from our customers, which gives us confidence in our ability to deliver stabilization at the end of Q1 2026, which is three to six months faster than a typical development project.

與零售設施非常相似，該地點將專門從事長期交叉轉運業務，這是冷藏食品供應鏈中複雜且要求苛刻的組成部分，Americold 特別適合處理該業務。我們已經看到客戶對這一領域的需求很高，這使我們有信心在 2026 年第一季末實現穩定，這比典型的開發項目快三到六個月。

Finally, our $35 million state-of-the-art flagship build with DP World in the Port of Jebel Ali in Dubai also launched during the second quarter. This facility is 40,000 pallet positions and connects to DP World's best-in-class port logistics solutions. This development was completed through our RSA joint venture and is another great example of Americold's ability to partner with multiple market leaders to identify new opportunities through our combined expertise.

最後，我們與迪拜環球港務集團合作在迪拜傑貝阿里港建造的價值 3500 萬美元的最先進的旗艦項目也於第二季度下水。該設施擁有 40,000 個托盤位置，並連接到 DP World 一流的港口物流解決方案。此次開發是透過我們的 RSA 合資企業完成的，也是 Americold 與多家市場領導者合作，透過綜合專業知識發現新機會的能力的又一典範。

Additionally, we have several other expansion and development projects in process, all of which are on time, and on budget. Domestically, we have our $150 million, 50,000 pallet position automated expansion in Dallas, Fort Worth, Texas. And internationally, we have our $30 million, 13,000 pallet position expansion in Sydney, Australia, our $34 million, 16,000 panel position expansion in Christchurch, New Zealand, and finally, our $79 million, 22,000 pallet position development in Port of St. John, Canada in partnership with DP World and CPKC.

此外，我們還有其他幾個擴建和開發項目正在進行中，所有項目都按時、按預算完成。在國內，我們在德州達拉斯和沃斯堡投資 1.5 億美元擴大了 50,000 個托盤位置的自動化倉庫。在國際上，我們在澳洲雪梨投資 3,000 萬美元擴建了 13,000 個托盤位置，在新西蘭基督城投資 3,400 萬美元擴建了 16,000 個面板位置，最後，我們與 DP World 和 CPKC 合作，在加拿大聖約翰港投資 7,900 萬美元開發了 22,000 個托盤位置。

In May, I was honored to deliver the keynote speech at the Port St. John Port Day's event, where we also hosted a groundbreaking ceremony for our new facility. DP World and CPKC have made substantial infrastructure investments in Port St. John, which is Canada's largest Atlantic port by volume. The market is poised for significant growth in our new world-class facility will support temperature-controlled food flows from Canada and the rest of the world.

五月，我很榮幸在聖約翰港港口日活動上發表主題演講，我們也在那裡舉辦了新設施的奠基儀式。杜拜環球港務集團和加拿大太平洋港口公司對聖約翰港進行了大量基礎設施投資，該港是加拿大大西洋吞吐量最大的港口。我們的新世界級設施將支援來自加拿大和世界其他地區的溫控食品流動，市場有望大幅成長。

Our building is located on the grounds of the port facility, connecting us to the DP World Infrastructure and CPKC rail line to create a unique end-to-end logistics solution. For customers, this means a more efficient way to move temperature-sensitive food through the port with reduced transit times and lower costs by shifting freight from truck to rail.

我們的建築位於港口設施內，連接杜拜環球港務集團基礎設施和CPKC鐵路線，打造獨特的端到端物流解決方案。對客戶來說，這意味著透過將貨物從卡車轉移到鐵路，可以更有效地透過港口運輸對溫度敏感的食品，減少運輸時間並降低成本。

Longer term, we see this location as an important link in the supply chain ecosystem we are creating with CPKC to provide customers with an innovative and unique cold chain solution connecting Canada, the United States and Mexico. The reception of the port could not have been more welcoming and enthusiastic, and we are excited to further deepen our relationship with this location and our strategic partners.

從長遠來看，我們將該地點視為我們與 CPKC 共同創建的供應鏈生態系統中的重要環節，為客戶提供連接加拿大、美國和墨西哥的創新而獨特的冷鏈解決方案。港口的接待非常熱情，我們很高興能夠進一步加深與該地點和戰略合作夥伴的關係。

Our Lancaster facility is ramping up aligned with our expectations, proving the effectiveness of our automated retail technology. In order to prioritize the stabilization of the Lancaster site, we have modified the stabilization date of the Plainville facility to Q2 2026. This also ensures we are fully stabilized for the ramp-up of the retail season next year.

我們的蘭開斯特工廠正在按照我們的預期逐步擴大規模，證明了我們的自動化零售技術的有效性。為了優先確保蘭開斯特工廠的穩定，我們已將普萊恩維爾工廠的穩定日期修改為 2026 年第二季。這也確保我們為明年零售旺季的到來做好充分的準備。

Overall, our development pipeline remains healthy at approximately $1 billion in high-quality, low-risk opportunities aligned with our strategy to focus on our customer-dedicated newbuilds, customer-driven expansions and unique cold chain solutions that are supported by our strategic partnerships. Outside of the expansion underway in Dallas, which was driven by strong demand from our existing customers, most of our projects we currently have underway are focused on our international business.

總體而言，我們的開發管道保持健康，擁有約 10 億美元的高品質、低風險機會，符合我們的策略，即專注於以客戶為導向的新建專案、以客戶為導向的擴張專案以及由我們的策略合作夥伴關係支持的獨特冷鏈解決方案。除了受現有客戶強勁需求推動的達拉斯擴張項目外，我們目前正在進行的大多數項目都集中在國際業務上。

We continue to pursue attractive opportunities to support our customers in several of these underserved foreign markets, particularly in Asia-Pacific, where occupancy rates are high, and there has generally been less speculative development activity. We also remain focused on opportunities at the planned adjacent and retail nodes of the cold chain where we can leverage our deep customer relationships and operational expertise and a segment of the market that is out of reach for many other cold storage providers.

我們將繼續尋求有吸引力的機會來支持我們在這些服務不足的國外市場中的客戶，特別是在亞太地區，那裡的入住率很高，而且投機性開發活動通常較少。我們也將繼續關注冷鏈計畫中的相鄰和零售節點的機會，在這些節點上我們可以利用我們深厚的客戶關係和營運專業知識以及許多其他冷藏供應商無法觸及的細分市場。

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

說完這些，我會把電話轉給傑伊。

Thank you, Rob, and good morning. As George and Rob have mentioned, the teams continue to execute well despite what has otherwise been a choppy overall market environment. During the second quarter, we continued to make progress on our key operational priorities and win new business while managing the business tightly. As a result of these efforts, AFFO per share for the quarter came in at $0.36, and our first half performance has been largely in line with expectations.

謝謝你，羅布，早安。正如喬治和羅布所提到的，儘管整體市場環境不穩定，但團隊仍然表現良好。第二季度，我們在嚴格管理業務的同時，繼續在關鍵營運重點方面取得進展並贏得新業務。由於這些努力，本季每股 AFFO 達到 0.36 美元，我們的上半年業績基本上符合預期。

However, we did not see the typical seasonal uptick in occupancy and throughput materialize in either June or July. As a result, we are further muting our outlook for the second half of the year. We now expect same-store economic occupancy levels for the year to decrease by approximately 250 to 450 basis points and same-store throughput to decrease by 1% to 4%.

然而，我們在六月和七月並沒有看到入住率和吞吐量出現典型的季節性上升。因此，我們進一步下調了今年下半年的展望。我們現在預計今年同店經濟入住率將下降約 250 至 450 個基點，同店吞吐量將下降 1% 至 4%。

Sequentially, we anticipate that throughput will lift slightly from Q2 to Q3, which will build occupancy levels modestly in Q4. As a result of these continued market headwinds, we are reducing our AFFO guidance to $1.39 to $1.45 per share. We continue to manage the business with an emphasis on AFFO and because of the operating components of our business, we have more levers to pull than our traditional REIT.

連續地，我們預計吞吐量將從第二季到第三季略有上升，這將在第四季度適度提高入住率。由於持續的市場逆風，我們將 AFFO 指導下調至每股 1.39 美元至 1.45 美元。我們將繼續以 AFFO 為重點來管理業務，並且由於我們業務的營運組成部分，我們可以比傳統的 REIT 擁有更多的槓桿。

Specifically, we are taking additional actions to reduce core SG&A and rightsize our cost structure in line with the current demand environment while still ensuring we continue to provide the superb customer experience that we're known for in the industry.

具體來說，我們正在採取額外措施，降低核心銷售、一般及行政費用，並根據當前的需求環境調整我們的成本結構，同時仍確保我們繼續提供業內聞名的卓越客戶體驗。

Additionally, we are lowering our range for maintenance capital expenditures in line with the slowdown of throughput as many of the preventive maintenance activities are based on utilization. Despite the current economic volatility, which has impacted cold storage occupancy levels, we remain firmly focused on driving shareholder value.

此外，由於許多預防性維護活動都是基於利用率的，因此我們正在根據吞吐量的放緩來降低維護資本支出的範圍。儘管當前經濟波動影響了冷藏庫的佔用水平，但我們仍然堅定地致力於提高股東價值。

Based on a variety of different metrics, Americold is currently trading far below its asset value, whether you look at capitalization rates, replacement costs or on a cost per pallet basis, we have over $10 billion of critical cold storage infrastructure deployed around the world. When combined with a robust Americold operating system and our dedicated and experienced team of associates, serving customers in an industry that is complex and operationally challenging, we believe that we are uniquely prepared to maximize growth when industry volumes improve.

根據各種不同的指標，Americold 目前的股價遠低於其資產價值，無論您從資本化率、重置成本還是按每個托盤的成本來看，我們在全球部署了超過 100 億美元的關鍵冷藏基礎設施。當結合強大的 Americold 作業系統和我們敬業且經驗豐富的員工團隊，為複雜且營運具有挑戰性的行業中的客戶提供服務時，我們相信，當行業規模提高時，我們已做好了實現增長最大化的獨特準備。

Turning to our balance sheet, our $400 million public bond offering closed early in the second quarter, and the proceeds of that offering were used to repay a portion of our outstanding revolver borrowings. Anticipated, we also executed the first of two 12-month extension options available under our $375 million term loan facility.

談到我們的資產負債表，我們在第二季初完成了 4 億美元的公開債券發行，該發行的收益用於償還部分未償還的循環借款。正如預期，我們還執行了 3.75 億美元定期貸款協議下兩個 12 個月延期選項中的第一個。

Total net debt outstanding at the end of the quarter was $3.9 billion, with total liquidity of approximately $937 million, consisting of cash on hand and revolver availability. Net debt to pro forma core EBITDA was approximately 6.3x. We currently have a number of development projects underway and as they come online and stabilize, we expect the NOI generated from these facilities will allow us to deleverage throughout 2026 as we remain committed to managing the business to an investment-grade profile.

本季末未償還淨債務總額為 39 億美元，總流動資金約為 9.37 億美元，包括庫存現金和可用循環信貸額度。淨債務與核心EBITDA（預計EBITDA）比率約為6.3倍。我們目前有多個開發項目正在進行中，隨著這些項目的上線和穩定，我們預計這些設施產生的淨營業利潤（NOI）將幫助我們在2026年全年實現去槓桿，同時我們仍將致力於將業務管理至投資級水平。

We also continue to rationalize our portfolio and sell up underperforming or nonstrategic assets. During the second quarter, we successfully completed three planned exits of idled facilities for total cash proceeds of $20 million. As a reminder, most of the facilities we are exiting this year are leased and the majority of the customers' inventory can be relocated to nearby owned facilities resulting in an accretive transaction for the company.

我們也將繼續合理化我們的投資組合併出售表現不佳或非策略性的資產。第二季度，我們成功完成了三項閒置設施的計畫退出，總現金收益為 2,000 萬美元。提醒一下，我們今年退出的大部分設施都是租賃的，大多數客戶的庫存可以轉移到附近的自有設施，為公司帶來增值交易。

We plan to exit six more facilities, including our Plainville, Georgia location, which was announced in early July. Additionally, as mentioned during our last call, we exited our minority ownership interest in the SuperFrio joint venture in Brazil, resulting in approximately $28 million of cash proceeds. We have a disciplined internal approach to capital allocation and use the same discipline to ensure that we are receiving an attractive return on our investments.

我們計劃關閉另外六家工廠，包括七月初宣布關閉的位於喬治亞州普萊恩維爾的工廠。此外，正如我們上次電話會議中提到的，我們退出了在巴西 SuperFrio 合資企業的少數股權，獲得了約 2,800 萬美元的現金收益。我們對資本配置採取嚴格的內部方法，並採用相同的紀律來確保我們獲得可觀的投資回報。

We believe the actions we have taken to rationalize the portfolio so far this year will allow us to strategically redeploy capital into higher return projects and ultimately drive future growth and shareholder value.

我們相信，今年迄今為止我們為合理化投資組合所採取的行動將使我們能夠策略性地重新部署資本到回報更高的項目中，並最終推動未來的成長和股東價值。

Now I would like to turn the call back to George for some closing remarks.

現在我想請喬治作最後的總結發言。

Thank you, Jay. While the external environment remains challenging from both a demand and supply perspective, we have the operating experience to manage our variable costs while still meeting customer expectations. We believe our previous investments in technology, our labor force and industry-leading commercialization position us to weather this unique environment where multiple headwinds are simultaneously converging. Americold's value proposition remains unparalleled and uncompromised, which has proven itself through our unique customer solutions, dynamic offerings, disciplined capital deployment, and versatility through multiple operating environments.

謝謝你，傑伊。儘管從需求和供應角度來看外部環境仍然充滿挑戰，但我們擁有管理變動成本並滿足客戶期望的營運經驗。我們相信，我們先前在技術、勞動力和行業領先的商業化方面的投資使我們能夠抵禦這種多重不利因素同時匯集的獨特環境。Americold 的價值主張始終無與倫比且毫不妥協，這已透過我們獨特的客戶解決方案、動態產品、嚴格的資本部署以及多種營運環境的多功能性得到了證明。

I want to thank our 13,000 associates who worked tirelessly all over the world each day to make our vision a reality. Your dedication, engagement and enthusiasm are what make Americold the cold storage provider of choice around the world.

我要感謝我們 13,000 名員工，他們每天在世界各地不知疲倦地工作，使我們的願景成為現實。您的奉獻、參與和熱情使 Americold 成為全球首選的冷藏供應商。

With that, I'll turn the call back to the operator for questions. Operator?

說完這些，我會將電話轉回給接線生以回答問題。操作員？

(Operator Instructions) Samir Khanal, Bank of America.

（操作員指示）美國銀行的 Samir Khanal。

I guess, George, you talked about the ability to hold pricing, but give us an idea of how competitive this environment is right now. You've kind of used the word challenging a few times here. You talked about pricing pressure. But just any color would be helpful.

我想，喬治，您談到了保持定價的能力，但請您讓我們了解目前的環境有多具競爭力。您在這裡已經多次使用了“挑戰”這個詞。您談到了定價壓力。但任何顏色都會有幫助。

I would say the storage market remains very, very competitive when it comes to pricing, and we're even still seeing some moves into irrational, to be honest. So we consider it to be under a significant amount of pressure. We expect it to remain under pressure for the balance of the year and quite frankly, into occupancy growth returns.

我想說，就定價而言，儲存市場競爭仍然非常激烈，老實說，我們甚至看到一些非理性的舉動。因此我們認為它承受著巨大的壓力。我們預計，今年餘下時間裡，飯店仍將面臨壓力，坦白說，入住率成長也將受到影響。

Customers see the value in our strong operational execution and in customer service, and that's reflected in our low churn, still under 4%, as we mentioned on the call. The value-add services we provide are a big differentiator when it comes to pricing. It makes the business very sticky it makes it easier to get fair value for our services, and it makes it much more difficult to move the business. So that's a strong an asset in our portfolio in terms of defending price, but it will remain under pressure for the second half of the year, and we are seeing it intensify in some cases as we move through the second half and occupancy remains challenged.

客戶看到了我們強大的營運執行力和客戶服務的價值，這反映在我們的低客戶流失率上，仍然低於 4%，正如我們在電話中提到的那樣。我們提供的增值服務在定價方面有很大的差異化。這使得業務變得非常棘手，使得我們更容易獲得服務的公平價值，也使得業務轉移變得更加困難。因此，就捍衛價格而言，這是我們投資組合中的一項強大資產，但今年下半年它仍將面臨壓力，而且隨著下半年的到來，我們看到在某些情況下這種壓力會加劇，入住率仍然面臨挑戰。

I think, Samir, the only thing I would add is that at Americold, I mean we have developed the tools and we have the visibility to understand on a buy service basis, customer by customer. What our margins, our profitability, and we're using those tools. We're using that visibility that we've created to make sure that we do the right thing to balance price and occupancy. So that we're doing the best thing for the business on a go-forward basis.

薩米爾，我想，我唯一想補充的是，在 Americold，我的意思是我們已經開發了工具，並且我們能夠根據購買服務的情況，逐個了解客戶。我們的利潤率、獲利能力如何，我們正在使用這些工具。我們正在利用所創建的可見性來確保我們採取正確的措施來平衡價格和入住率。這樣，我們就能在前進的基礎上為業務做出最好的貢獻。

And I think in our guidance revision, you see we have taken the storage pricing down. We haven't taken the handling pricing down, and that's very reflective of the value-add services we provide. The stickiness that they put in the business and the fact that customers realize for many of the value-added services we provide, they get incremental value that others can't provide.

我認為，在我們的指導修訂中，您會看到我們已經降低了儲存價格。我們並沒有降低處理價格，這充分反映了我們提供的增值服務。他們對業務的黏性以及客戶意識到我們提供的許多增值服務的事實，使他們獲得了其他人無法提供的增量價值。

So that's a strong point. And maybe the last point on pricing is we're talking about a very US-centric environment. Other geographies where we have 90-plus percent occupancy, less speculative development investment opportunities. We're fortunate we have a global business, and it provides us opportunities around the world when one area of the world may be going through some economic pressures other there aren't. And we're fortunate to have business in those geographies that we can continue to invest in.

這是一個強而有力的觀點。關於定價的最後一點可能是我們正在談論一個以美國為中心的環境。在其他地區，我們的入住率超過 90%，投機性開發投資機會較少。我們很幸運擁有全球業務，當世界某個地區可能正在經歷其他地區沒有的經濟壓力時，它為我們提供了全球機會。我們很幸運能夠在這些地區開展業務並繼續投資。

And I guess my second question is on fixed commits, the 60%, I think it's -- you've been taking that number up, I think it held sort of similar to that 60% range from last quarter. Can you provide color on kind of how these contracts work? Do customers have the ability to restructure these contracts, given the challenges here?

我想我的第二個問題是關於固定提交，60%，我認為 - 您一直在使用這個數字，我認為它與上一季的 60% 範圍相似。您能否詳細說明這些合約如何運作？考慮到面臨的挑戰，客戶是否有能力重組這些合約？

Yes, I'll ask Rob to go through the details of the contracts. They are very, very structured. And I think we lead the industry, not only in commercial excellence in general, but certainly in selling fixed committed space, not just selling, but the structure of it in a second. 60% was the target we said a couple of years ago. We said we would -- we think that's an appropriate level for the business.

是的，我會讓羅布仔細檢查合約的細節。它們的結構非常嚴謹。我認為我們處於行業領先地位，不僅在商業卓越性方面，而且在銷售固定承諾空間方面也處於領先地位，不僅僅是銷售，還有其結構。 60％是我們幾年前提出的目標是。我們說過我們會的——我們認為這對業務來說是一個合適的水平。

But I'll just remind everybody, last quarter, we also said it's not going to remain pegged at 60% quarter and importer out. There could be some fluctuation, particularly when we talk about the first question you asked. So I'll turn it over to Rob to talk about the structure and the outlook.

但我要提醒大家，上個季度，我們也說過，進口量不會繼續維持在 60% 的水準。可能會有一些波動，特別是當我們談論您提出的第一個問題時。因此我將把話題交給 Rob 來談論結構和前景。

Yes, we're very pleased that we maintain the percentage at 60%. These contracts generally are structured as multiyear arrangements. They are fixed monthly fees that include a commitment on pallet positions that generally is pegged at the peak amount of space that a customer is going to need for the year. That's the key value for our customers is that it holds the space available for them during the seasonal -- the traditional seasonal peaks when they need the space the most. There are generally multiyear agreements anywhere between, call them 3- to 7-year agreements if you're going into existing infrastructure.

是的，我們很高興將這一比例維持在 60%。這些合約通常採用多年期安排。它們是固定的月費，其中包括對托盤位置的承諾，該承諾通常與客戶一年中所需的峰值空間量掛鉤。對於我們的客戶來說，關鍵價值在於它可以在季節性期間（即他們最需要空間的傳統季節性高峰期）為他們保留可用的空間。一般而言，會有多年期協議，如果要進入現有基礎設施，則可稱為 3 至 7 年期協議。

They're much longer-term agreements if you're going into a dedicated infrastructure that we built on behalf of a customer, and they don't include annual volume resets that the opportunity to reset the agreement is when those contracts expire. And we've had a lot of success, as you've seen over the last couple of years, even in a challenging environment of maintaining those fixed commitment levels and increasing them over the last couple of years.

如果您要使用我們代表客戶建立的專用基礎設施，那麼它們是長期協議，並且它們不包括年度交易量重置，重置協議的機會是在這些合約到期時。正如您在過去幾年中所看到的，即使在充滿挑戰的環境中，我們也取得了很大的成功，保持了固定的承諾水平，並在過去幾年中不斷提高承諾水平。

Now that we're at that 60% range, I went through in my prepared remarks, why we feel like that's the right goal. And as George said, there could be some variability quarter-to-quarter. But we continue to lead with that because it is a win-win from a selling standpoint for both us and for our customers.

現在我們已經達到了 60% 的範圍，我在準備好的發言中已經解釋了為什麼我們覺得這是正確的目標。正如喬治所說，每個季度之間可能會存在一些差異。但我們仍將以此為主導，因為從銷售角度來看，這對我們和我們的客戶來說都是雙贏的。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

I guess we're not really surprised, George, by your commentary around cautiousness around the business and the outlook. But I guess when I look at kind of the first-half results and revenue down 1.4% on a constant currency basis, to get to the low end of the revenue of minus 4%, you obviously have to have a pretty large drop in the back half of the year.

喬治，我想我們對你關於業務和前景的謹慎評論並不感到驚訝。但我想，當我看到上半年的業績和收入按固定匯率計算下降了 1.4% 時，要達到收入下降 4% 的最低水平，顯然下半年必須出現相當大的下降。

And my thought was that you had, I guess, easier comps coming in. And even if you can get the full seasonal build, it just would be hard to see things falling off that much on the revenue side. So can you maybe just help us walk through what's really pressuring the revenue growth in the back half of the year?

我的想法是，我想你會得到更簡單的補償。即使你可以獲得完整的季節性建設，也很難看到收入方面出現如此大的下降。那麼，您能否幫我們分析一下下半年營收成長的真正壓力是什麼？

Yes. I think, Steve, there's a few things suppressing revenue growth in the first -- in the back half of the year. First would be the discussion we just had around price. We talked about pricing pressure. We talked about irrational moves we see in the marketplace. And you see we have taken out pricing guide down. So that would be number one.

是的。史蒂夫，我認為有一些因素抑制了上半年至下半年的收入成長。首先是我們剛才討論的價格問題。我們討論了價格壓力。我們討論了市場上看到的非理性舉動。您會發現我們已經將價格指南撤下來了。所以這是第一位的。

But number two, we're facing a very unique situation when it comes to demand. There's probably 5 or 6 headwinds right now when you think of demand, whether it's interest rates, tariffs, inflation, potential snap cuts, GLP-1 drugs, excess capacity. I mean any two of these, we could overcome and grow.

但第二點，在需求方面，我們面臨非常特殊的情況。當你想到需求時，現在可能有 5 或 6 個不利因素，無論是利率、關稅、通貨膨脹、潛在的突然降息、GLP-1 藥物還是產能過剩。我的意思是，我們都可以克服其中任何兩個問題並取得成長。

The combination of five and six makes it very, very difficult, not only to grow, but to forecast things like occupancy and price. So the lower end of the range is a very -- do we think we're going to get there? No, but we're guiding to the middle of the range. But price is under pressure and demand is under pressure. So we're trying to be as conservative as we can.

五加六的結合使得旅館業不僅發展非常困難，而且入住率和價格等預測也變得非常困難。因此，該範圍的下限非常——我們認為我們會達到這個目標嗎？不，但我們正在引導中間範圍。但價格面臨壓力，需求也面臨壓力。因此，我們試圖盡可能地保守。

And you're right, we thought we'd see a seasonal lift in the second half of the year, and we didn't see any. So that also factors into how we put the guidance together. So that's the outlook.

你說得對，我們以為下半年會出現季節性成長，但實際上並沒有。這也影響了我們如何制定指導。這就是前景。

And, Steve, I mean, if you look at just sequentially, first half of the year to second half of the year, revenue is growing sequentially, but what we have done and reason why it's down versus prior year, we have removed any seasonality except for certain harvests that are guaranteed from our forecast. But sequentially first half to second half revenue is increasing.

史蒂夫，我的意思是，如果你只按順序來看，從上半年到下半年，收入是連續增長的，但我們所做的以及收入與去年相比下降的原因是，我們已經消除了任何季節性因素，除了我們預測保證的某些收成。但從上半年到下半年，收入一直在增加。

Okay.

好的。

And then maybe just talk -- I guess, Rob did a pretty good job walking through the development pipeline. And I guess, how are you just thinking about new capital deployment and kind of return hurdles. It seems like you had pretty good success on some of the developments bringing costs in much lower maybe what drove those substantial savings? And then how do you think about new capital commitments and kind of return hurdles on new deals going forward?

然後也許只是談談——我想，羅佈在指導開發流程方面做得相當不錯。我想，您是如何考慮新資本部署和回報障礙的。看起來你們在一些開發上取得了相當大的成功，大大降低了成本，也許是什麼推動了這些大幅節省？那麼您如何看待未來新資本承諾和新交易的回報障礙？

Yes. I'll just make a few comments and turn it over to Rob.

是的。我只想發表一些評論，然後將其交給 Rob。

We don't see it an issue on return hurdles. I mean, when we deploy capital, we have to have a return that's reasonable for the risk we take. And we think the 10% to 12% is that range.

我們不認為這是回歸障礙的問題。我的意思是，當我們部署資本時，我們必須獲得與我們所承擔的風險相符的合理回報。我們認為這個範圍是 10% 到 12%。

Is it conceivable, we would do 1 under 10. It would require special circumstances that we would communicate. But in the main, we are still going to develop to the 10% to 12% hurdle rate. And why don't you --

可以想像，我們會做到 1 低於 10。我們需要在特殊情況下進行溝通。但整體來說，我們還是會向10%到12%的回報率發展。你為什麼不--

Yes.

是的。

I mean we -- as I outlined, Steve, I mean, first of all, we're very focused on new developments being in the three core priorities that we've outlined, which we feel are the lowest risk of development types of projects. So when we're talking about customer dedicated projects, we're talking about expansions in major markets where we already know and have aggregated demand that exceeds current capacity or these strategic partnerships that are about building an ecosystem that drives tremendous value for our customers.

我的意思是——正如我所概述的，史蒂夫，我的意思是，首先，我們非常關注我們所概述的三個核心優先事項中的新發展，我們認為這些是開發類型項目中風險最低的。因此，當我們談論客戶專用專案時，我們談論的是我們已經了解的主要市場的擴張，這些市場的總體需求超過了當前的產能，或者這些策略合作夥伴關係旨在建立一個為我們的客戶帶來巨大價值的生態系統。

So future projects are really focused around those low-risk deals that we think will generate the traditional 10% to 12% return on invested capital margins that we put out there. for a while now. We're very pleased with the progress of our existing developments to have three launch this quarter all on time and under budget is a testament to the team that we built here in our development capabilities.

因此，未來的項目實際上將集中在那些低風險交易上，我們認為這些交易將產生我們投入的傳統 10% 到 12% 的投資資本利潤率回報。目前為止。我們對現有開發項目的進展感到非常滿意，本季度有三個項目按時並在預算之內推出，這證明了我們在這裡建立的團隊的開發能力。

We were able to bring those in under budget for a variety of reasons, a lot of enhanced procurement processes that we've talked about over the last 2 years that we've implemented through some of our operational improvements and Project Orion. We also went out and we're able to secure incentives with some of the local governments that -- in the municipalities where we were building, so very favorable there. Moving up the stabilization date in a facility like Allentown is really a big win for us. So we're very pleased with the development, and we see that as a continued growth lever going forward.

由於多種原因，我們能夠將這些成本控制在預算之內，其中包括我們在過去兩年中討論過的許多增強型採購流程，這些流程是透過我們的一些營運改善和獵戶座計畫實施的。我們也走出去，與我們正在建造的城市的一些地方政府達成了激勵措施，因此那裡的政策非常有利。提前在像阿倫敦這樣的機構中實現穩定日期對我們來說確實是一個巨大的勝利。因此，我們對這一發展感到非常滿意，並且我們認為這將是未來持續成長的槓桿。

And then -- and Steve, I'll just add what I mentioned earlier, which is a global company. We have markets right now in our portfolio where we have a significant amount of assets at 90% plus occupancy and in a market that doesn't have a lot of speculative development that we can build today. And so there's still opportunities out there to build with customers obviously, with our partners and expansions in markets that we know have the demand in [late] supply. That makes it attractive to invest in. So there's no shortage of opportunities, and I think the pipeline remains intact, quite frankly.

然後——史蒂夫，我再補充我之前提到的，這是一家全球性公司。我們目前的投資組合中有一些市場，其中我們擁有大量資產，入住率超過 90%，而且這些市場目前沒有太多我們可以建造的投機性開發項目。因此，顯然我們仍有機會與客戶、合作夥伴共同建設，並在我們知道對[後期]供應有需求的市場進行擴張。這使得它具有投資吸引力。因此，機會並不缺乏，而且坦白說，我認為頻道仍然完好無損。

It's just that many of them are not going to be in the US That's all.

只是其中很多人不會去美國而已。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Good morning.

早安.

I just wanted to touch back on the lack of seasonal uplift. Are you able to provide some greater context around your occupancy expectations in both Q3 and Q4 and help us understand how far below prior expectations sits today?

我只是想再談一談季節性成長不足的問題。您能否提供一些有關第三季度和第四季度入住率預期的更多背景信息，並幫助我們了解目前的入住率與之前的預期相差多少？

Well, I think what we said was we don't expect any seasonality in the second half. And quite frankly, if I mentioned on the call, Q2 looked a lot like Q1. I think that the second half is going to look a lot like the first half. Q3, I think, might be a little overstated when you think of -- that's our highest quarter for power costs, and we think power cost might be a little higher than we forecasted.

嗯，我想我們所說的是，我們預計下半年不會有任何季節性。坦白說，如果我在電話中提到，第二季看起來很像第一季。我認為下半場將會與上半場非常相似。我認為，第三季度可能有點誇大了——這是我們電力成本最高的季度，我們認為電力成本可能比我們預測的要高一點。

However, we think the fourth quarter is a couple of pennies too low. So in the main, we would view the first half and the second half very analogous on almost every metric. And I don't know, Jay, I don't know if you want to add?

然而，我們認為第四季的業績略低了幾美分。因此，總體而言，我們認為上半場和下半場在幾乎所有指標上都非常相似。我不知道，傑伊，我不知道您是否想補充？

And really the change in our forecast are obviously we had talked on the last call that we were expecting a 200 bps sequential build in occupancy on seasonality. And based on how we saw July on fall where we saw no seasonal lift we basically eliminated that 200 bps sequential improvement in occupancy from our forecast.

實際上，我們預測的變化顯然是我們在上次電話會議上談到的，我們預計季節性入住率將連續增加 200 個基點。根據我們對秋季 7 月的觀察，我們發現沒有出現季節性增長，因此我們基本上從預測中消除了入住率連續 200 個基點的增長。

Okay.

好的。

And then you spoke about the factors impacting demand, whether it's interest rates, tariffs, inflation what have you. Are you -- is there anything that could get your customers more confident to be increasing inventory levels independent of those items? Or is this going to be kind of completely macroeconomic-driven. And so we really just need to see some improvement from that standpoint before the business starts to improve again.

然後您談到了影響需求的因素，無論是利率、關稅、通貨膨脹或其他什麼。您是否—有什麼方法可以讓您的客戶更有信心增加與這些商品無關的庫存水準？或者這將完全由宏觀經濟驅動。因此，我們確實只需要從這個角度看到一些改善，業務就會再次開始好轉。

Well, I mentioned five or six individual headwinds that are affecting -- negatively affecting demand and the fact that we could overcome one or two of them, but the combination of five and six is very, very challenging. Some components I mentioned to transitory. So if you think of interest rates, tariffs, inflation, those are things that should improve over time. We don't know when they're going to improve. We've tried to forecast the improvement in those macroeconomic parameters. And we haven't been very successful.

好吧，我提到了五到六個單獨的不利因素，它們對需求產生了負面影響，我們可以克服其中的一兩個，但五到六個因素結合起來就非常非常具有挑戰性。我提到的一些組件是暫時的。因此，如果你考慮利率、關稅、通貨膨脹，這些都是隨著時間的推移而改善的事情。我們不知道他們什麼時候會進步。我們試圖預測這些宏觀經濟參數的改善。但我們的進展並不順利。

So as Jay mentioned, we just removed the seasonality for the remainder of the year. But those are transitory in nature. They will improve over time. And when they improve over time, consumer demand will improve over time, and that's when we believe we'll start to see the occupancy gains.

正如傑伊所提到的，我們剛剛消除了今年剩餘時間的季節性。但這些本質上都是暫時的。它們會隨著時間的推移而進步。當它們隨著時間的推移而改善時，消費者需求也會隨著時間的推移而改善，那時我們相信我們將開始看到入住率的成長。

The others are a little more longer term, but I would say the others are more surmountable. I mean excess inventory will work its way through the system over time. et cetera. So it takes some of those 5 metrics to improve at least the macroeconomic ones, the transitory ones I mentioned and then I think consumers' health improves and then I think demand improves. When that happens, I can't predict.

其他問題的期限稍微長一些，但我想說其他問題比較容易克服。我的意思是，隨著時間的推移，過剩庫存將逐漸在系統中消失。等等。因此，至少需要改善這 5 個指標中的一些指標，即我提到的宏觀經濟指標和暫時性指標，然後我認為消費者的健康狀況會改善，然後我認為需求會改善。當這種情況發生時，我無法預測。

As I said, we've tried to predict that, and we've been unsuccessful a few times. The last thing I'll say though is that we're not standing still. I mean we're actively pursuing the alternative growth opportunities. Rob and I both mentioned in retail and QSR. We have a very unique market position there to sell these services, and we're making a lot of progress.

正如我所說，我們曾嘗試預測這一點，但幾次都沒有成功。我要說的最後一件事是，我們並沒有停滯不前。我的意思是我們正在積極尋求其他成長機會。Rob 和我都提到了零售和 QSR。我們在銷售這些服務方面擁有非常獨特的市場地位，我們正在取得很大進展。

I mentioned that's amongst the highest cash flow portfolio in our business, and we're excited to grow it.

我提到過，這是我們業務中現金流最高的投資組合之一，我們很高興能夠發展它。

And I also mentioned again, this is a very US-centric problem. We have opportunities around the world that are very, very attractive to invest in and we'll turn our capital deployment probably in that direction other than the partnerships we support. But the point is our portfolio is large enough but we still have very attractive opportunities even in times like this.

而且我再次提到，這是一個非常以美國為中心的問題。我們在世界各地都有非常有吸引力的投資機會，除了我們支持的合作夥伴關係之外，我們可能會將我們的資本配置轉向這些方向。但重點是我們的投資組合足夠大，即使在這樣的時期，我們仍然擁有非常有吸引力的機會。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

George, I think you said in your prepared comments that certain customers are integrating or taking control of their cold chain needs as opposed to utilizing third-party warehouses. Can you elaborate on that comment a little bit? Did that impact the 4% churn rate that you saw? And is there any way to sort of quantify that impact on demand? And what segment are you seeing that most prevalent in? Just curious if you could talk about that a little bit as well.

喬治，我想您在準備好的評論中說過，某些客戶正在整合或控制他們的冷鏈需求，而不是利用第三方倉庫。能稍微詳細說明一下該評論嗎？這是否影響了您所看到的 4% 的客戶流失率？有什麼方法可以量化對需求的影響嗎？您認為這種現像在哪個領域最為普遍？我只是好奇你是否也可以談論這個問題。

Yes. I'd say it's another factor. I'd classify it as a relatively minor factor, but many of our large customers operate a significant cold storage platform within their own company. And it's normal course of business to ensure that their own assets are full before they move product out to a 3PL. So that's not new.

是的。我想說這是另一個因素。我將其歸類為一個相對次要的因素，但我們的許多大客戶都在自己的公司內經營一個重要的冷藏平台。在將產品轉移到第三方物流公司之前，確保自己的資產充足是正常的業務流程。所以這並不是什麼新鮮事。

What's a little bit different is they're maximizing cold storage space within their operation, which will they may not normally use for storing the product they're using it for. So there's a little bit -- they're being more aggressive because, quite frankly, their balance sheet is a little stretched at the moment, and their P&L is a little stretched at the moment. So slightly more aggressive behavior. I mentioned it within the context of what we're seeing in the US market.

稍有不同的是，他們正在最大限度地利用其營運中的冷藏空間，而他們通常不會使用這些空間來儲存他們所使用的產品。所以有一點——他們變得更積極了，因為坦白說，他們的資產負債表目前有點緊張，他們的損益表目前也有點緊張。因此行為會稍微更具攻擊性。我根據我們在美國市場看到的情況提到了這一點。

I'm not saying it's a significant driver or adder to the issues we face on demand. And I would expect it to turn around very, very quickly when demand returns because the space that most manufacturers would use right now to store storage is not normally use for that. And once demand returns, I'm confident it will come back. But Think of it as more of an indicator as to how the environment is reacting right now and less as an impact on our business.

我並不是說它是我們在需求方面面臨的問題的一個重要驅動因素或加劇因素。我預計，當需求回升時，這種情況會很快好轉，因為大多數製造商現在用來儲存的空間通常不會用於此。一旦需求恢復，我相信它就會回來。但請將其更多地視為環境當前反應的指標，而不是對我們業務的影響。

Okay. Got it.

好的。知道了。

So it sounds like as their inventory levels normalize, they'll increase capacity in their warehouses first and then look back towards third-party warehouses and operators.

因此聽起來，隨著​​庫存水準恢復正常，他們將首先增加倉庫的容量，然後再考慮第三方倉庫和營運商。

Which is normal course yes. So again, think about it as giving you more context for the environment more than a significant impact on our financials.

是的，這是正常現象。所以，再說一遍，想想它給你提供了更多關於環境的背景信息，而不是對我們的財務產生重大影響。

Understood. And then I wanted to also ask about the noncore dispositions of the planned exits. What's the buyer profile of these assets? And is it your sense that they'll continue to operate as cold storage facilities?

明白了。然後我還想問一下計劃退出的非核心處置情況。這些資產的買家情況如何？您是否認為它們將繼續作為冷藏設施運作？

Most of it leased assets, the buyer is the owner essentially, which were returning leases. We have sold a couple of assets. But Jay, I think you have the detail?

其中大部分為租賃資產，買方本質上是所有者，屬於回租性質。我們已經出售了一些資產。但是傑伊，我想你了解詳細資訊吧？

Yes. No. I mean, George, you got it right. The bulk are just leases that we're exiting and we're able to move the inventory to an owned facility nearby. Discrete sales that I talked about, all very small sites, you can tell, roughly $20 million of proceeds for the three sites.

是的。不。我的意思是，喬治，你說對了。大部分只是我們正在退出的租約，我們可以將庫存轉移到附近的自有設施。我談到的離散銷售，都是非常小的網站，你可以看出，這三個網站的收益大約是 2000 萬美元。

One was related to actually our transportation business over in Europe and the other were just two small properties that we actually idled a while ago, and we found not I would say, noncold-storage type individuals to buy.

其中一個實際上與我們在歐洲的運輸業務有關，另一個只是我們之前閒置的兩處小房產，而且我們發現，非冷藏類型的個人並不適合購買。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Jay, can you just tell us what was that $5.7 million in other income?

傑伊，你能告訴我們那 570 萬美元的其他收入是多少嗎？

The $5.7 million in other income point, I don't normally get questions on other income on this call. But what you saw there was it was the benefit of some of the sales transactions. There was some hedging transactions that we benefited from, I would say, was the bulk of the two items in other income.

570 萬美元的其他收入點，我通常不會在這次電話會議上被問到有關其他收入的問題。但您看到的是一些銷售交易帶來的好處。我想說的是，我們從一些對沖交易中獲益，這兩項收入佔了其他收入的大部分。

Right. And that flowed through to AFFO?

正確的。而這流向了 AFFO 嗎？

Yes, because the hedging transactions are offset higher up. So it's on different lines of the P&L. That's down to when you get to AFFO.

是的，因為對沖交易在較高位置被抵消了。因此，它處於損益表的不同行上。這取決於您何時到達 AFFO。

Okay.

好的。

And then just the second question, George, I don't want to beat a dead horse here on the macro and demand I guess, but I know it's a little bit early to start thinking about 2026. But when you look at the environment, and we're all trying to figure out sort of the growth algorithm for next year, outside of the developments that you got underway and potential acquisitions.

然後是第二個問題，喬治，我不想在宏觀和需求方面重複老生常談，但我知道現在開始考慮 2026 年還為時過早。但是當你觀察環境時，除了正在進行的開發和潛在的收購之外，我們都在試圖找出明年的成長演算法。

From a core perspective, I mean, are there any near-term catalysts that you guys are seeing to shift the mindset of tenants to where we would see a reacceleration of inventory restocking? Or should we just kind of think for next year baseline occupancy is bounces around these levels because demand doesn't improve? And then just include the benefit of maybe capital deployment as we think about kind of trying to forecast?

從核心角度來看，我的意思是，你們是否看到任何近期催化劑可以改變租戶的心態，讓我們看到庫存補充的重新加速？或者我們是否應該認為，由於需求沒有改善，明年的基準入住率將在這些水平附近波動？然後，當我們考慮嘗試預測時，是否只包括資本部署的好處？

Well, I think that's the big question we're all asking ourselves, Craig, what does it take to spur demand. I mentioned we now have multiple headwinds to demand. It's not a single factor by any means. And it's very difficult to handicap the effect of one demand driver on a percentage basis versus another versus another. So what we know is the cumulative effect is hard to come by.

好吧，克雷格，我認為這是我們所有人都在問自己的一個大問題，怎麼樣才能刺激需求。我提到過，我們現在面臨多重需求阻力。無論如何，這不是一個單一的因素。而且，很難以百分比為基礎來衡量一個需求驅動因素相對於另一個需求驅動因素的影響。所以我們知道累積效應很難實現。

So what would have to happen is some of those drivers would have to improve. Again, we can overcome one or two of them. I think we can grow through one or two of them. We can't grow from four or five of them. So something would have to change.

因此，必鬚髮生的是，一些司機必須改進。同樣，我們可以克服其中的一兩個問題。我認為我們可以透過其中的一兩個來成長。我們不能只憑四、五個就實現成長。所以有些事情必須改變。

What I can tell you, customers are trying very hard to create demand. They're spending money behind promotions. They're spending money behind incentive plans and rebates. It's not lack of trying on behalf of customers.

我可以告訴你的是，客戶正在努力創造需求。他們正在為促銷活動投入大量資金。他們正在為激勵計劃和回扣花錢。這並不是缺乏為顧客所做的努力。

They're just having very difficult times in finding the right price points to drive volume where they're comfortable and retailers are comfortable. So the gaps are still very wide. So I would say, one, not for a lack of trying on our customers [have]. But two, with all the pressures on demand, we need to see some of them improvable before we can reliably say that occupancy will improve with it.

他們只是很難找到合適的價格點來推動銷量，讓他們和零售商都感到滿意。所以差距仍然很大。所以我想說，第一，不是因為缺乏對客戶的嘗試[有]。其次，鑑於需求方面的所有壓力，我們需要看到其中一些問題得到改善，然後才能可靠地說入住率會隨之提高。

And this is where, I think, for us as a business to have a big operating component. This is where -- we have the opportunity to use all the levers and the tools and our tool [bells] to focus on earnings per share growth even in an environment where occupancy is challenged. This is where we continue to drive productivity. We're focused on adding incremental value-added services into the business. We're focused on improving business mix by generating new business wins in the retail and QSR business that are higher cash flowing.

我認為，對於我們一家企業來說，這正是其擁有巨大營運組成部分的地方。這就是為什麼——即使在入住率面臨挑戰的環境下，我們也有機會利用所有的槓桿、工具和工具[鈴鐺]來專注於每股收益的成長。這是我們繼續提高生產力的地方。我們專注於為業務增加增量增值服務。我們致力於透過在零售和 QSR 業務中創造更高的現金流的新業務來改善業務組合。

So our customers aren't standing still, and we certainly aren't standing still. We're pulling every lever that we have to continue to drive this business forward even in a challenged environment

所以我們的客戶不會停滯不前，當然也不會停滯不前。即使在充滿挑戰的環境中，我們也會竭盡全力繼續推動業務發展

And I think the last part of the question was capital allocation.

我認為問題的最後一部分是資本配置。

I wasn't sure the context of it, Craig. But what I will say is, we have opportunities to deploy capital, and we will in areas of the world where they're not faced with the challenges we've been talking about. Our Asia-Pac business, for instance, is doing exceedingly well, it's 90%-plusoccupied. It is very retail and QSR based.

我不確定它的背景，克雷格。但我想說的是，我們有機會部署資本，而且我們將在世界上那些沒有面臨我們所談論的挑戰的地區部署資本。例如，我們的亞太業務表現非常好，佔用率超過 90%。它非常適合零售和 QSR。

So investments down there make a lot of sense and just making the point that with a global company, we still have very attractive areas to invest in.

因此，在那裡投資非常有意義，而且作為一家全球性公司，我們仍然有非常有吸引力的投資領域。

We have two very strong partners in CPKC and DP World, we're growing also. So A lot of those are nondemand-driven opportunities to invest in, and we intend to take full advantage of those as well.

我們在CPKC和DP World有兩個非常強大的合作夥伴，我們也不斷成長。因此，其中許多都是非需求驅動的投資機會，我們也打算充分利用這些機會。

And, Craig, a follow-up on other income, as I said, part was some gain on sale part was some other income. $2.4 million was from the SuperFrio disposition that was adjusted out of AFFO and the other was just different types of hedging unwind that just offset line items higher up. So that's more specific numbers for you.

克雷格，關於其他收入，正如我所說，一部分是銷售收益，一部分是其他收入。其中 240 萬美元來自 SuperFrio 處置，已從 AFFO 中調整出來，另一部分只是不同類型的對沖平倉，剛好抵消了較高級別的項目。所以這對您來說是更具體的數字。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Just a follow-up on Todd's earlier question, do you have any sense of how much additional capacity your customers have within their own infrastructure just this store inventory. Is this a situation in which they're running at pretty full capacity and any incremental inventory build is going to come to you? Or do you think they have significant additional underutilized space to kind of absorb before that spills over to the third parties?

只是想跟進一下 Todd 之前提出的問題，您是否知道您的客戶在自己的基礎設施中僅憑這家商店的庫存就擁有多少額外的容量。在這種情況下，他們的產能是否已經達到滿載運轉，任何增量庫存都會流向您？或者您認為在溢出到第三方之前，他們有大量未充分利用的空間需要吸收？

No, I don't. And again, I made that comment or context purposes in terms of where we are. But our largest manufacturing customers have their own cold storage networks in their business. It would be normal course of business to keep those 100% full at all times at all times, right? Why would you ever under good times or bet pay for space when you have free space that you won't. So this isn't a new thing and there's not a lot of capacity left. It's just an example of how difficult the times are to grow demand and volume.

不，我不知道。再次強調，我是根據我們所處的狀況發表上述評論或背景目的的。但我們最大的製造業客戶在其業務中擁有自己的冷藏網路。始終保持 100% 滿載是正常的業務流程，對嗎？當您擁有空閒空間時，為什麼還要在順境或逆境下為空間付費呢？所以這並不是什麼新鮮事，而且剩下的容量也不多了。這只是一個例子，說明增加需求和產量有多困難。

And one anecdotal comment around the level of that pressure and how some large manufacturers are taking even more aggressive tax using space, they wouldn't normally use for this type of thing to do that. So again, very unusual circumstances when demand comes back, I think that all that inventory moves back up because they'll need that space to perform operations in a normal business to ramp up demand or ramp up production. So it's not a big deal. It's not a headwind we're particularly concerned about, but I put it in the script and talked about it only to provide context around what is going on with demand and the pressures that are out there.

關於這種壓力程度的一個軼事評論是，一些大型製造商正在對空間徵收更激進的稅，他們通常不會這樣做。因此，再次強調，在非常不尋常的情況下，當需求回升時，我認為所有庫存都會回升，因為他們需要該空間來執行正常業務的運營，以增加需求或增加產量。所以這沒什麼大不了的。這不是我們特別擔心的逆風，但我把它寫進了劇本並談論它只是為了提供有關需求和壓力的背景資訊。

Okay. Got it. That's helpful.

好的。知道了。這很有幫助。

And, George, we've been dealing with tariffs for several months at this point. Can you talk about any specific direct or indirect impacts to the business that you would attribute to the tariffs in place? And maybe any concerns about specific products or trading partners looking forward?

喬治，我們已經處理關稅問題好幾個月了。您能否談談現行關稅對業務造成的任何具體的直接或間接影響？或許您對特定產品或貿易夥伴有什麼擔憂？

As we've said in the past, the direct impacts are very, very small in our business. I can't give you a particular product or category. I mean, everybody knows that protein exports have been under pressure for a while now, as you said, so et cetera, but it's the indirect impacts that hurt us the most.

正如我們過去所說的那樣，對我們的業務的直接影響非常非常小。我無法提供你特定的產品或類別。我的意思是，正如你所說，每個人都知道蛋白質出口已經承受壓力一段時間了，等等，但對我們傷害最大的是間接影響。

It's the fear of inflation. It's the lack of consumer confidence. It's everything we said a month, a quarter or so ago the indirect impacts on overall consumer health impact our business far, far more than the direct impact of tariffs on our business. And I think that's true.

這是對通貨膨脹的恐懼。這是由於消費者信心的缺乏。我們大約在一個月、一個季度前就說過，關稅對整體消費者健康的間接影響遠大於關稅對我們業務的直接影響。我認為這是真的。

The total food business is not -- outside of exporting raw materials and importing raw materials, not a lot of finished goods that get sent around the world. And I think the indirect far outweigh the direct impacts on our business with respect to tariffs. But it's all noise and it's all turmoil, and it all impacts demand at the end of the day, and that's why we have it on the list.

整個食品業除了出口原料和進口原料外，並沒有大量成品被運往世界各地。我認為，就關稅而言，間接影響遠遠超過我們業務的直接影響。但這一切都是噪音，這一切都是混亂，最終都會影響需求，這就是我們將其列入名單的原因。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Going back to your second half occupancy guidance that you're calling for basically flat. I'm just curious about that because part of what drives that seasonality is the holiday season, right, the bank getting Christmas season.

回到您所說的下半年入住率基本持平的預測。我對此感到好奇，因為推動這種季節性變化的部分原因是假期季節，對吧，銀行迎來了聖誕季節。

So -- and we're already at lower occupancy level. So I'm just curious why there wouldn't be some type of seasonal uplift or do you think there might be more customer churn? Are you -- will you lose some business in the second half? I'm just trying to reconcile those statements.

所以——我們的入住率已經較低了。所以我只是好奇為什麼不會出現某種季節性的成長，或者您認為可能會有更多的客戶流失？您會在下半年失去一些業務嗎？我只是想調和這些說法。

Yes. I understand, Ki Bin, Second half of the year, by the way, occupancy is up because of the agricultural harvest that will occur, as Jay mentioned earlier. But if you remove those annual events, occupancy is flat. We have removed seasonality around the holidays. And we've done it because we didn't see any seasonality around the summer.

是的。我理解，Ki Bin，順便說一下，正如 Jay 之前提到的，由於農業豐收，下半年的入住率將會上升。但如果不考慮這些年度活動，入住率將保持不變。我們已經消除了假日期間的季節性。我們這樣做是因為我們沒有看到夏季有任何季節性變化。

So maybe it's an overly conservative approach. We are not anticipating losing any business. We think our churn will remain well below 4%. We don't see any customer losses in the second half of the year. So it's not driven by any of that.

所以這也許是一種過於保守的方法。我們預計不會失去任何業務。我們認為我們的客戶流失率將遠低於 4%。我們沒有看到下半年有任何客戶流失。所以它不受任何因素驅動。

It's driven by, we haven't seen any seasonality through the summer and we ask ourselves the question, should we plan, should we forecast seasonality in the second half of the year, and we came to the conclusion that perhaps a conservative approach, but prudent in our opinion, is to not forecast it. Is that simple?

這是因為，我們整個夏天都沒有看到任何季節性，我們問自己一個問題，我們是否應該計劃，我們是否應該預測下半年的季節性，我們得出的結論是，也許保守的方法，但在我們看來謹慎的方法，是不進行預測。是不是很簡單？

Okay.

好的。

And just one more question on your development. So I'm looking at Page 20 of your supplemental. You have a lot of projects here that are coming online at various stages. I just want to make sure that we don't -- us, we don't double count the growth from this platform next year.

還有一個關於您的發展的問題。我正在看你的補充資料第 20 頁。這裡有很多處於不同階段的項目正在上線。我只是想確保我們不會重複計算明年這個平台的成長。

And just given that you don't really show how much NOI you're already capturing in the run rate I was wondering if you could provide some color on what the incremental NOI growth could look like here on out.

鑑於您並沒有真正顯示在運行率中已經捕獲了多少 NOI，我想知道您是否可以提供一些關於增量 NOI 增長從現在開始會是什麼樣子的信息。

No.

不。

I mean, you can look at it, these are all in our non-same-store pool. So you can see that generating minimal NOI currently. If you look at our guide, it does dip a little bit as we go into Q3 because with Kansas City coming online, but that [one] town coming online, you have the start-up costs associated with starting. So overall, if you look at the stabilization date, you apply the return and you offset by the small amount of NOI you see in non-same-store.

我的意思是，你可以看看，這些都是在我們的非同店池中。因此您可以看到，目前產生的 NOI 極小。如果你看一下我們的指南，你會發現，隨著堪薩斯城上線，這個數字在進入第三季時確實有所下降，但那個城鎮上線後，你就會產生啟動成本。因此總體而言，如果您查看穩定日期，您可以應用回報，並透過非同店看到的少量 NOI 進行抵消。

That's how I would model it.

這就是我建模的方式。

We have reached the end of our Q&A session, which now concludes today's teleconference.

我們的問答環節已經結束，今天的電話會議也結束了。

You may disconnect your lines at this time.

現在您可以斷開線路。

Thank you for participating.

感謝您的參與。