Americold Realty Trust Inc (COLD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Americold Realty Trust third quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Americold Realty Trust 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Rich Leland. Please go ahead.

現在我將把會議交給主持人里奇·利蘭。請繼續。

Good morning, and thank you for joining us today for Americold Realty Trust's third quarter 2025 earnings conference call. In addition to the press release distributed this morning, we have filed a supplemental financial package with additional detail on our results. These materials are available on the Investor Relations section of our website at www.americold.com.

早安，感謝各位今天參加 Americold Realty Trust 2025 年第三季財報電話會議。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報告，其中包含有關我們業績的更多詳細資訊。這些資料可在我們網站 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, Rob Chambers; and Jay Wells, our Chief Financial Officer. Management will make some prepared comments, after which we will open up the call to your questions.

今天早上的電話會議由 Americold 的執行長 Rob Chambers 和財務長 Jay Wells 主持。管理階層將作一些事先準備好的發言，之後我們將開放提問環節。

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. Management undertakes no obligation to update publicly any of these statements in light of new information or future events.

在開始之前，請允許我提醒各位，管理層今天的演講可能包含前瞻性陳述。前瞻性陳述受多種風險和不確定因素的影響，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我們目前的預期、假設和信念，以及我們目前可獲得的信息，並且僅代表截至作出之日的情況。管理層不承擔因新資訊或未來事件而公開更新上述任何聲明的義務。

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, among others. 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，我們也將討論一些非GAAP財務指標，包括NOI、固定匯率、淨債務與備考核心EBITDA之比以及AFFO等。這些非GAAP財務指標的完整定義以及與可比較GAAP財務指標的調節表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，所有倉庫財務表現均以固定匯率計算。

Now, I will turn the call over to Rob for his prepared remarks.

現在，我將把電話交給羅布，讓他發表事先準備好的演講。

Thank you, Rich, and thank you all for joining our third quarter 2025 earnings conference call. Before diving into the third quarter results, I would like to congratulate George Chappelle on his well-earned retirement after a long and successful career.

謝謝 Rich，也謝謝各位參加我們 2025 年第三季財報電話會議。在深入探討第三季業績之前，我想祝賀喬治·查佩爾在漫長而成功的職業生涯後光榮退休。

He originally stepped into the Americold CEO role coming out of the disruptions from COVID and outlined the four key priorities that you have heard us talk about on our previous calls: a focus on providing excellent service to our customers, improving the retention, training and productivity of our workforce, growing our service margins and building out a robust pipeline of attractive development opportunities.

他最初是在新冠疫情帶來的衝擊之後接任 Americold 執行長一職的，並概述了我們在之前的電話會議中提到的四個關鍵優先事項：專注於為客戶提供卓越的服務，提高員工的留任率、培訓和生產力，提高服務利潤率，以及建立強大的有吸引力的發展機會管道。

I had the opportunity to work side-by-side with George along the way as we made significant improvements across all of these areas. They are now part of our company DNA and remain a foundational component of our strategy. Personally, I also benefited from having George as a mentor as he helped prepare me to lead Americold into the future as part of the Board's succession plan.

我有幸與喬治並肩工作，我們在所有這些領域都取得了顯著的進步。它們現在已成為我們公司DNA的一部分，並且仍然是我們策略的基礎組成部分。就我個人而言，我也受益於喬治作為我的導師，他幫助我做好準備，帶領 Americold 走向未來，這是董事會繼任計劃的一部分。

Over the past two months, I've visited several geographic regions, both domestically and internationally, connecting with our teams and reinforcing our shared values and priorities. In addition, I've spent considerable time engaging with many of our top customers and strategic partners, most of whom I've had a relationship with for many years. The strength of these relationships, combined with our global scale and presence at all key nodes in the cold chain provides us with attractive and unique future growth opportunities.

在過去的兩個月裡，我走訪了國內和國際上的多個地區，與我們的團隊進行了交流，並強化了我們共同的價值觀和優先事項。此外，我還花了大量時間與我們的許多重要客戶和策略合作夥伴進行交流，其中大多數人我都與他們保持了多年的合作關係。這些強大的關係，加上我們的全球規模以及在冷鏈所有關鍵節點的佈局，為我們提供了極具吸引力和獨特的未來成長機會。

While I will continue to pursue many of the strategies we have established over the past four years, I believe we also have the ability to lean further into the areas of the business that we think provide the best long-term opportunities, such as growing our market share in the fast-turning retail sector, expanding our quick service restaurants or QSR business to new geographies, and pursuing growth in attractive and underpenetrated markets where occupancy rates are high.

雖然我將繼續推行過去四年中我們制定的許多策略，但我相信我們也有能力進一步深入我們認為能夠提供最佳長期發展機會的業務領域，例如在快速變化的零售業中擴大市場份額，將我們的快餐店或 QSR 業務擴展到新的地區，以及在入住率高且滲透率低的有吸引力市場中尋求增長。

I also believe that my background and experience in logistics provides a unique perspective. Throughout my history with Americold, I have played a large role in shaping our commercial strategies and business rules. This includes pursuing longer-term fixed committed contracts, which function more like a traditional real estate lease versus transactional arrangements.

我也相信，我在物流領域的背景和經驗能夠提供獨特的視角。在 Americold 工作的這些年裡，我為制定公司的商業策略和業務規則發揮了重要作用。這包括尋求更長期的固定承諾合同，這種合約更像是傳統的房地產租賃，而不是交易安排。

Although there is a large and important operational component to our business, our foundation is a REIT, and we benefit from the stable cash flows that come from having a large and valuable network of strategically located mission-critical assets. As a reminder, over 80% of our assets are owned. This is a key differentiator for Americold, both from a customer perspective and in terms of long-term value creation for our shareholders.

雖然我們的業務中有一個龐大而重要的營運部分，但我們的基礎是 REIT（房地產投資信託基金），我們受益於擁有龐大且有價值的戰略位置關鍵資產網絡所帶來的穩定現金流。再次提醒，我們超過 80% 的資產為自有資產。對 Americold 而言，無論從客戶角度或為股東創造長期價值的角度來看，這都是一個關鍵的差異化因素。

Our customers value us for the high quality and diversification of our real estate assets. Among our top 25 customers who represent approximately 50% of our warehouse revenue, 100% of them use multiple facilities across our network with an average of 17 sites each. Most of them also store product with us in multiple nodes of the supply chain.

我們的客戶重視我們，是因為我們擁有高品質且多元化的房地產資產。在我們前 25 位客戶中（約占我們倉庫收入的 50%），100% 的客戶都使用我們網路中的多個設施，平均每位客戶使用 17 個設施。他們中的大多數還在供應鏈的多個節點上為我們儲存產品。

This is a somewhat unique advantage for Americold versus our competition as we are one of the few players in the industry that has a significant presence at all four nodes of the cold storage food supply chain, which includes production advantage facilities, four distribution sites, retail distribution centers, and port facilities. This is often underappreciated by investors, so let me spend a moment describing each of these facility types in more detail, along with some of their advantages.

與競爭對手相比，Americold 擁有一個獨特的優勢，因為我們是業內少數幾家在冷藏食品供應鏈的所有四個節點都擁有重要業務的公司之一，其中包括生產優勢設施、四個配送中心、零售配送中心和港口設施。投資者往往低估了這一點，所以讓我花點時間更詳細地描述每種設施類型及其一些優勢。

First is our network of production advantaged, or production attached facilities. These warehouses are located close to where food is being harvested or produced, such as Russellville, Arkansas; Sikeston, Missouri; and Wichita, Kansas. They receive product directly from our customers' manufacturing facilities, and we often provide a variety of value-add services at these locations such as tempering, boxing and blast freezing before storing the product.

首先是我們擁有生產優勢或生產附屬設施的網路。這些倉庫位於食品收穫或生產地點附近，例如阿肯色州拉塞爾維爾、密蘇裡州錫克斯頓和堪薩斯州威奇托。他們直接從我們客戶的生產設施接收產品，我們經常在這些地點提供各種增值服務，例如在儲存產品之前進行調溫、裝箱和速凍。

Because these facilities are critical to our customers' production and distribution strategies, they generally only service one or two customers, operate under long-term fixed commitment agreements and tend to have some of the highest economic occupancy rates in our network as our customers want to protect the space. These facilities also see the highest gap between physical and economic occupancy, which is expected given the value our customers get from controlling the space around their production facilities.

由於這些設施對客戶的生產和分銷策略至關重要，因此它們通常只服務於一到兩個客戶，根據長期固定承諾協議運營，並且往往在我們網路中擁有最高的經濟佔用率，因為我們的客戶希望保護這些空間。這些設施的實際佔用率和經濟佔用率之間的差距也最大，考慮到我們的客戶透過控制其生產設施周圍的空間所獲得的價值，這是意料之中的。

Given the geographic locations, longer-term agreements, and higher level of customer intimacy, these relationships often last for decades, making them highly immune from speculative capacity. Our automated expansion in Russellville, Arkansas, for example, was completed in 2023, and is committed to a single customer under a 20-year agreement. This site has won numerous awards since launching, and was recently named Cold Storage Facility of the Year from Refrigerated & Frozen Foods Magazine.

鑑於地理位置、長期協議以及與客戶的密切程度，這些關係往往持續數十年，使其極不易受到投機能力的影響。例如，我們在阿肯色州羅素維爾的自動化擴建項目於 2023 年完成，並根據 20 年的協議服務單一客戶。該網站自上線以來已獲得無數獎項，最近也被《冷藏冷凍食品雜誌》評為年度最佳冷藏設施。

Production advantaged facilities today make up about 30% of our capacity and revenue, and we view them as very valuable assets in our portfolio and an attractive area for future expansion. The next node in the cold chain is four distribution centers. These facilities are almost exclusively multi-tenanted with product from various food producers and are typically located near large population centers in key distribution corridors such as Atlanta, Dallas, Eastern Pennsylvania, Southern California, and Chicago.

目前，生產優勢設施約占我們產能和收入的 30%，我們認為它們是我們投資組合中非常有價值的資產，也是未來擴張的一個有吸引力的領域。冷鏈的下一個節點是四個配送中心。這些設施幾乎全部是多租戶的，存放著來自各種食品生產商的產品，通常位於亞特蘭大、達拉斯、賓夕法尼亞州東部、南加州和芝加哥等主要分銷走廊的大型人口中心附近。

This is also where the vast majority of the speculative development has been deployed over the last few years, creating more pricing competition compared to the other supply chain nodes. We estimate that over the last four years, approximately 3 million pallet positions have been added in North America, most of which is in this node, representing over 15% of incremental capacity.

過去幾年，絕大多數投機性開發都部署在這裡，與其他供應鏈節點相比，這造成了更激烈的價格競爭。我們估計，在過去的四年裡，北美地區新增了約 300 萬個托盤位，其中大部分都在這個節點，佔新增產能的 15% 以上。

Due to the more transactional nature of these facilities, coupled with the speculative development and pricing competition, this is where we have seen the most pressure on fixed commitment renewal levels and rates, and we expect these headwinds to continue throughout next year. About 50% of our capacity and 40% of our revenue is derived from four distribution centers.

由於這些設施的交易性質更為複雜，加上投機性開發和價格競爭，我們看到固定承諾續約水準和利率面臨最大壓力，我們預計這些不利因素將在明年持續存在。我們約 50% 的產能和 40% 的收入來自四個配送中心。

Despite the excess capacity in the four distribution node, our strong operating platform and focus on customer service does provide Americold with a competitive advantage. One great example is our recently launched Allentown expansion, which was underwritten on strong demand from existing customers and is ramping nicely since being completed last quarter.

儘管四個配送節點產能過剩，但我們強大的營運平台和對客戶服務的重視確實為 Americold 提供了競爭優勢。一個很好的例子是我們最近推出的阿倫敦擴建項目，該項目是在現有客戶的強勁需求下啟動的，自上個季度完成以來，業務一直在穩步增長。

We have a similar development underway in Dallas, where we are building automated capacity attached to an existing conventional facility that is rail served. This is a unique value proposition that other speculative developments can't offer. And we are leveraging our existing customer relationships in the region, along with our track record of operational excellence to make this building a success.

我們在達拉斯也有類似的開發項目，我們正在建造一個與現有傳統設施相連的自動化產能，該設施由鐵路提供服務。這是其他投機性開發項目無法提供的獨特價值主張。我們將利用我們在該地區現有的客戶關係，以及我們卓越的營運記錄，使這座建築成功。

Next, food product often leaves these four distribution locations many times on an Americold brokered refrigerated truck and are sent to a retail distribution center where the retailer takes ownership of the product. Product typically enters the facility on hold pallets from the manufacturer. When a grocery store needs replenishment, our teams will pick the product at the case level and the cases are then reassembled into multi-manufacturer and multi-SKU custom pallets based on the store order. The product is then staged and loaded in a way that mirrors the truck delivery route.

接下來，食品經常多次從這四個配送地點透過 Americold 公司的冷藏車運送到零售配送中心，零售商在那裡獲得產品的所有權。產品通常由製造商用托盤運送到工廠。當雜貨店需要補貨時，我們的團隊會按箱揀選產品，然後根據商店訂單將箱子重新組裝成多製造商和多 SKU 的客製化托盤。然後按照卡車運輸路線對產品進行裝卸。

The vast majority of this business today is currently in-sourced by the retailer as it's operationally intensive and a missed order can result in a stock out and missed sales. This is where Americold has built a strong leadership position. We have decades-long relationships with some of the largest retailers in the world and have built a reputation for mastering this complex work, which is out of reach for most cold storage providers.

目前，零售商的大部分此類業務都是內部完成的，因為此類業務運作密集，漏訂訂單會導致缺貨和銷售損失。正是在這一領域，Americold 建立了強大的領導地位。我們與世界上一些最大的零售商建立了長達數十年的合作關係，並在掌握這項複雜工作方面建立了良好的聲譽，而這項工作是大多數冷藏供應商無法企及的。

Similar to production advantage locations, these facilities typically have a single tenant and operate under longer-term agreements. Given the high services content and fast-turning nature of this business, these facilities have much higher levels of NOI per pallet position than any other node. Approximately 10% of our capacity and 20% of our revenues are retail distribution centers today, and that number is growing.

與生產優勢地點類似，這些設施通常只有一個租戶，並根據長期協議運作。鑑於該業務的服務含量高且週轉快，這些設施的每托盤位淨營業收入 (NOI) 比任何其他節點都要高得多。目前，零售配送中心約占我們產能的 10% 和收入的 20%，而且這個數字還在成長。

You may remember that earlier this year, we announced an acquisition in Houston to accommodate a new fixed committed win with one of the world's largest retailers. We're expanding our capabilities overseas. And last quarter, we highlighted two new retail wins in Europe with two of the largest supermarket operators in Portugal and the Netherlands.

您可能還記得，今年早些時候，我們宣佈在休士頓進行收購，以配合與全球最大的零售商之一達成的新的固定承諾合約。我們正在拓展海外業務。上個季度，我們重點介紹了在歐洲取得的兩項新的零售業務勝利，分別與葡萄牙和荷蘭的兩家最大的超市營運商建立了合作關係。

We also have a strong presence in Australia and New Zealand and serve several customers in the retail and QSR space. Given that most of this retail business is in-sourced today, this is a great opportunity for Americold to continue to grow despite the market pressures impacting other parts of the business.

我們在澳洲和紐西蘭也擁有強大的業務，為零售和快餐業的眾多客戶提供服務。鑑於目前大部分的零售業務都是內部完成，這對 Americold 來說是一個絕佳的機會，即使市場壓力影響到業務的其他部分，它也能繼續發展壯大。

The fourth node in the cold chain is port facilities. These warehouses tend to be multi-tenanted with limited fixed commitments as product is typically only in the warehouse for a short period of time before moving to the next location. This is an area where we have also seen speculative development as ports are the next logical choice for a new market entrant after the key logistics corridors. We've seen this occur recently in markets like Jacksonville, Charleston, and Savannah.

冷鏈的第四個節點是港口設施。這些倉庫往往是多租戶的，固定租約有限，因為產品通常只在倉庫中存放很短一段時間，然後就會被運往下一個地點。在這個領域，我們也看到了投機性開發，因為對於新進入市場的企業來說，在關鍵物流走廊之後，港口是下一個合乎邏輯的選擇。最近，我們在傑克遜維爾、查爾斯頓和薩凡納等市場都看到了這種情況。

Port facilities in total are about 10% of both our capacity and our revenues today, but we're actually taking a somewhat different approach to new port opportunities and looking to leverage the expertise of our strategic partnerships that new entrants to the market aren't able to access. A great example is our development in Port Saint John in Canada, done in collaboration with CPKC and DP World.

目前，港口設施約占我們產能和收入的 10%，但我們實際上對新的港口機會採取了略有不同的方法，並希望利用我們戰略合作夥伴的專業知識，這是新進入市場的企業無法獲得的。一個很好的例子是我們與CPKC和DP World合作在加拿大聖約翰港進行的開發案。

Later this month, I'll be traveling to Dubai to further celebrate the grand opening of our import/export hub at the Port of Jebel Ali, which was also built in partnership with DP World. These world-class partnerships provide us with opportunities to build unique supply chain solutions, and we're expecting strong customer interest for both facilities.

本月晚些時候，我將前往杜拜，進一步慶祝我們在傑貝阿里港的進出口中心盛大開業，該中心也是與迪拜環球港務集團合作建設的。這些世界級的合作夥伴關係為我們提供了建立獨特供應鏈解決方案的機會，我們預計這兩個設施都將受到客戶的強烈關注。

While each node of the supply chain is mission-critical infrastructure, I hope you can see why we place particular importance in the benefits of both the plant attached and retail distribution facilities. Despite the current headwinds facing our industry, we believe our presence in these two nodes differentiates Americold from our competitors and provides us with potential opportunities to further expand our leadership position as the vast majority of our competitors don't have these customer relationships, network or operational expertise to capture these opportunities.

雖然供應鏈的每個節點都是至關重要的基礎設施，但我希望您能理解為什麼我們特別重視工廠附屬設施和零售配送設施的好處。儘管我們行業目前面臨許多不利因素，但我們相信，我們在這兩個節點的存在使 Americold 與競爭對手區分開來，並為我們提供了進一步擴大領先地位的潛在機會，因為我們的大多數競爭對手沒有這些客戶關係、網絡或運營專業知識來抓住這些機會。

Turning to our financial results for the quarter. I'm pleased that our third quarter results were in line with our expectations, delivering AFFO per share of $0.35. Despite the ongoing industry challenges from lower consumer demand and increased supply, our teams remain focused and continues to execute very well.

接下來來看看本季的財務業績。我很高興我們第三季的業績符合預期，每股調整後營運資金 (AFFO) 為 0.35 美元。儘管消費者需求下降和供應增加等行業挑戰持續存在，但我們的團隊仍然保持專注，並繼續保持良好的執行力。

We are fortunate to have two experienced leaders overseeing our regions. Bryan Verbarendse, who succeeded me as President of the Americas, has extensive experience in retail and wholesale grocery supply chain operations, which is instrumental to gaining additional market share in the retail distribution node of the supply chain.

我們很幸運有兩位經驗豐富的領導者來管理我們的區域。接替我擔任美洲區總裁的布萊恩·維巴倫德斯在零售和批發食品供應鏈運營方面擁有豐富的經驗，這對於在供應鏈的零售分銷節點獲得額外的市場份額至關重要。

Richard Winnall, our President of International, has done an excellent job of capturing new business opportunities, particularly in the QSR space, which Australia excels at. The Asia Pacific region has seen their total warehouse NOI increase by approximately 16% year-to-date and their economic occupancy is well over 90%.

我們的國際總裁理查德·溫納爾在掌握新的商機方面做得非常出色，尤其是在澳洲擅長的快餐服務領域。亞太地區的倉庫總淨營業收入今年迄今成長了約 16%，經濟入住率遠超過 90%。

The macro environment, however, remains a challenge and recent customer commentary has reinforced this view that demand remains constrained, especially with lower-income consumers.

然而，宏觀環境仍然充滿挑戰，最近的客戶評論也強化了這種觀點，即需求仍然受到限制，尤其是低收入消費者的需求。

On our last call, we detailed several headwinds that are simultaneously converging, both on the demand side as consumers continue to struggle with food inflation, elevated interest rates, tariff uncertainty and governmental benefit reductions as well as on the supply side as our industry absorbs the speculative capacity that has recently come online. We believe these factors will continue to impact pricing and occupancy throughout 2026, and we have started to see this reflected in our renewal activity over the past several months.

在上一次電話會議上，我們詳細說明了幾個同時匯聚的不利因素，這些因素既包括需求方面的不利因素（消費者繼續面臨食品通膨、高利率、關稅不確定性和政府福利削減等問題），也包括供應方面的不利因素（我們的行業正在吸收最近上線的投機性產能）。我們認為這些因素將在 2026 年繼續影響價格和入住率，在過去幾個月的續約活動中，我們已經開始看到這種情況的反映。

However, I think it is important to point out that we do believe these headwinds will be largely transitory. On the excess capacity side, for example, we have already seen a slowdown in new development announcements, and we are past the peak of new deliveries. Many of these competitors do not have a sustainable long-term business model. And some of these new market entrants have already begun to exit.

但是，我認為有必要指出，我們相信這些不利因素在很大程度上是暫時的。例如，在產能過剩方面，我們已經看到新開發案公告數量放緩，新交付量也已過了高峰期。這些競爭對手中有很多沒有可持續的長期商業模式。而其中一些新進入市場的企業已經開始退出市場。

We are also not standing by waiting for conditions to improve. Our business development teams are out meeting with customers to identify new sales opportunities, while also expanding our aperture into potential new sectors, including both food and nonfood categories. We are also actively managing our real estate portfolio, exiting certain facilities, while also evaluating triple net lease arrangements to help strategically drive occupancy levels across our network.

我們也不會袖手旁觀，坐著等情況好轉。我們的業務拓展團隊正在與客戶會面，以尋找新的銷售機會，同時也擴大業務範圍，進入潛在的新領域，包括食品和非食品類別。我們也積極管理我們的房地產投資組合，退出某些設施，同時也在評估三方淨租賃安排，以幫助從策略上提高我們整個網路的入住率。

We remain confident in the long-term trajectory of the cold storage industry. Our value proposition and assets are unique and difficult to replicate, especially in an industry that is critical to the global food supply chain. This provides an exceptional opportunity for increased shareholder value when volumes ultimately recover.

我們對冷藏產業的長期發展前景依然充滿信心。我們的價值主張和資產是獨一無二的，難以複製，尤其是在對全球食品供應鏈至關重要的行業中。當銷售最終恢復時，這將為股東創造更高的價值提供絕佳的機會。

Now I'd like to turn the call over to Jay to review our financial results and outlook for the remainder of the year.

現在我想把電話交給傑伊，讓他回顧一下我們的財務表現和今年剩餘時間的展望。

Thank you, Rob, and good morning. First, I'd like to discuss the results for the quarter, then our capital position as well as our outlook for the remainder of the year.

謝謝你，羅布，早安。首先，我想談談本季的業績，然後談談我們的資本狀況以及我們對今年剩餘時間的展望。

As Rob mentioned, third quarter AFFO per share came in at $0.35, which was in line with our expectations. Same-store economic occupancy was 75.5%, down year-over-year, reflecting the continued demand pressure that we have seen in the market and flat sequentially to the prior quarter.

正如羅布所提到的，第三季調整後營運資金（AFFO）每股為 0.35 美元，這與我們的預期相符。同店經濟入住率為 75.5%，年減，反映出我們在市場中看到的持續需求壓力，與上一季相比持平。

Same-store throughput increased slightly sequentially from Q2, largely due to the start of the annual agricultural harvest as expected. Same-store NOI contracted from the prior quarter, primarily due to the seasonal increases in power costs, in line with our guidance, and we continue to diligently control our expenses.

同店銷售額較第二季略有環比成長，主要是由於一年一度的農業收割如期開始。同店淨營業收入較上一季下降，主要原因是電力成本的季節性上漲，這與我們的預期一致，我們將繼續努力控制支出。

While the fundamentals of the business remain pressured, the team continues to execute well. Despite the competitive pricing environment, our rent and storage revenue per economic pallet increased on both the sequential and year-over-year basis, as we continue to balance both price and occupancy.

儘管公司基本面依然面臨壓力，但團隊依然表現出色。儘管價格環境競爭激烈，但我們每經濟托盤的租金和倉儲收入環比和同比均有所增長，因為我們繼續在價格和占用率之間取得平衡。

In addition, our services revenue per throughput pallet also increased both sequentially and year-over-year. Customer churn remains in the low single digits, while rent and storage revenue from fixed commitments held steady at 60%, maintaining the record level that we achieved earlier this year.

此外，我們每托盤吞吐量的服務收入也較上季和年成長。客戶流失率仍維持在個位數低位，而固定承諾的租金和倉儲收入穩定在 60%，維持了我們今年稍早創下的紀錄水準。

As a reminder, we may see some quarterly fluctuations in this metric. However, 60% remains our long-term goal based on the fact that approximately 70% of our revenue comes from our top 100 customers, and most of them see the benefits of the fixed commitment contract structure.

需要提醒的是，該指標可能會出現一些季度波動。然而，60% 仍然是我們的長期目標，因為大約 70% 的收入來自我們前 100 位客戶，而他們中的大多數都看到了固定承諾合約結構的優勢。

At quarter end, net debt to pro forma core EBITDA was 6.7 times with approximately $800 million of available liquidity. We remain disciplined and prudent in our capital allocation decisions, focusing on customer-driven and strategic partnership projects that are lower risk and also allow us to grow with our customers.

截至季末，淨債務與備考核心 EBITDA 比率為 6.7 倍，可用流動資金約 8 億美元。我們在資本配置決策方面保持嚴謹和謹慎，專注於以客戶為導向的策略合作項目，這些項目風險較低，也能讓我們與客戶共同成長。

Our development pipeline remains strong with approximately $1 billion of attractive opportunities. However, maintaining our dividend and investment-grade profile remains a top priority, and we are balancing our development pipeline accordingly. We remain committed to our 10% to 12% ROI benchmark before committing capital to any project.

我們的開發項目儲備依然充足，擁有約10億美元的優質項目。然而，維持我們的股利和投資等級仍然是我們的首要任務，我們正在相應地調整我們的開發計劃。我們始終堅持10%至12%的投資報酬率基準，才會對任何專案投入資金。

We are also continuing to make strong progress on our portfolio management initiative. We exited 3 facilities during the quarter with a target to exit an additional three in the near term and additional facilities under review. Most of these sites are leased and customer inventory is often moved into nearby owned locations. This is part of a robust process we have in place to review all low occupancy sites across our portfolio.

我們的投資組合管理計劃也持續取得顯著進展。本季我們退出了 3 個設施，目標是在近期內再退出 3 個設施，並且正在審查其他設施。這些場地大多是租賃的，客戶的庫存通常會轉移到附近的自有場地。這是我們為審查旗下所有入住率低的物業而製定的一套完善流程的一部分。

As we look to the remainder of the year, our customers continue to communicate that they are hesitant to build inventory until they see a sustained increase in demand. This aligns with the assumptions in our current guidance framework. Therefore, we are reiterating guidance for the remainder of the year.

展望今年剩餘時間，我們的客戶不斷表示，在看到需求持續成長之前，他們不願增加庫存。這與我們目前指導框架中的假設相符。因此，我們重申今年剩餘時間的指導方針。

While we believe most of the headwinds in the industry are transitory, we do expect them to create pressure on both pricing and economic occupancy in 2026. As Rob mentioned, most of the pricing pressure has been in the 4 distribution node, which is about 40% of our business and where the industry has had the most speculative developments. We anticipate that this excess capacity will be absorbed over time, and we have seen a few instances of this already, but we think it could take a couple of years for this to be fully resolved.

雖然我們認為該行業中的大多數不利因素都是暫時的，但我們預計它們將在 2026 年對價格和經濟入住率造成壓力。正如羅布所提到的，大部分價格壓力都集中在 4 號配送節點，這約占我們業務的 40%，也是該產業投機性發展最嚴重的領域。我們預計這種過剩產能會隨著時間的推移而被消化，我們已經看到了一些這樣的例子，但我們認為這個問題可能需要幾年時間才能完全解決。

In the interim, we anticipate that pricing gains will moderate in the fourth quarter and could be a headwind of about 100 to 200 basis points next year.

在此期間，我們預計第四季度價格漲幅將有所放緩，明年可能會帶來約 100 至 200 個基點的不利影響。

From an occupancy standpoint, we believe physical occupancy has stabilized, but we do see some risks in economic occupancy and expect next year's contract renewals will likely be at lower space commitments as customers continue to manage inventory tightly in this low demand environment. As a result, we anticipate that total economic occupancy could decrease by approximately 200 to 300 basis points next year.

從入住率的角度來看，我們認為實際入住率已經穩定，但我們確實看到經濟入住率方面存在一些風險，並預計明年續簽的合約空間承諾可能會降低，因為客戶在這種低需求環境下繼續嚴格管理庫存。因此，我們預計明年經濟總入住率可能會下降約 200 至 300 個基點。

Despite these near-term headwinds, we continue to be confident in the long-term strength of the business. Cold storage revolutionized the way that people eat, and the industry is a foundational component of the end consumers' day-to-day lives. We own a portfolio of mission-critical infrastructure that is well diversified across all nodes of the cold chain, and we believe that we are the best operator in the business.

儘管短期內面臨這些不利因素，但我們仍然對公司的長期發展實力充滿信心。冷藏技術徹底改變了人們飲食的方式，冷藏產業已成為終端消費者日常生活的重要組成部分。我們擁有涵蓋冷鏈所有節點的關鍵任務基礎設施組合，我們相信我們是業內最好的營運商。

As these headwinds gradually abate, we are positioned to reap the rewards of the investments we have made over the past two years in labor, operational excellence, IT systems and our commercial leadership.

隨著這些不利因素逐漸減弱，我們有望收穫過去兩年在勞動力、卓越營運、IT 系統和商業領導力方面所做投資的回報。

Now I will turn the call back over to Rob for some closing remarks.

現在我將把電話轉回給羅布，請他做些總結發言。

Thanks, Jay. While the current environment presents no shortage of challenges, the strength of our management team and diversification of our real estate gives us a strong competitive advantage in the market. Our value proposition remains strong, and we are managing the business to set ourselves up for the long-term success, leaning into opportunities and finding new ways to grow.

謝謝你，傑伊。儘管當前環境充滿挑戰，但我們強大的管理團隊和多元化的房地產業務使我們在市場上擁有強大的競爭優勢。我們的價值主張仍然強勁，我們正在管理業務，為長期成功做好準備，抓住機遇，尋找新的成長途徑。

The presence of the previously discussed headwinds does not diminish the importance and value of our operational excellence, deep customer relationships, industry expertise and mission-critical scale and diversification. I think it is important to highlight that Americold today is trading at a significant discount to our intrinsic value, and this is supported by several different measures.

前面討論過的不利因素並不會降低我們卓越的營運能力、深厚的客戶關係、行業專業知識以及關鍵任務規模和多元化的重要性和價值。我認為有必要強調，Americold 目前的交易價格遠低於其內在價值，這一點已得到多個不同指標的支持。

From a replacement cost perspective, it would be impossible to acquire the land and replicate the 5.5 million pallet positions in our real estate portfolio for anywhere near our current $8 billion enterprise value, not to mention the incremental value of our operating system and experienced team of associates.

從重置成本的角度來看，以接近我們目前 80 億美元的企業價值，不可能收購土地並複製我們房地產組合中的 550 萬個托盤位，更不用說我們的營運系統和經驗豐富的員工團隊的增量價值了。

We are also currently trading at a historically high cap rate of around 10%, which is unusual for a business like ours that owns mission-critical infrastructure backed by long-term agreements, fixed committed contracts with high credit quality tenants.

我們目前的資本化率也處於歷史高位，約為 10%，這對於像我們這樣擁有關鍵基礎設施、並有長期協議、與高信用等級租戶簽訂固定承諾合約的企業來說很不尋常。

And finally, we have an enterprise value to EBITDA multiple that is well below valuations for most of our publicly traded industrial and commercial real estate peers. My job, along with our management team and all of our associates around the world is to operate this business to maximize the value of these assets for the benefit of our customers and shareholders, and I believe we are taking the right actions to ultimately deliver outsized earnings growth.

最後，我們的企業價值與 EBITDA 倍數遠低於大多數上市工業和商業房地產同業的估值。我的工作，以及我們管理團隊和全球所有員工的工作，就是經營這項業務，最大限度地提高這些資產的價值，從而造福我們的客戶和股東。我相信我們正在採取正確的行動，最終實現超額的獲利成長。

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

接下來，我將把電話轉交給接線員，回答大家的問題。操作員？

(Operator Instructions) Samir Khanal, Bank of America.

（操作員說明）薩米爾·卡納爾，美國銀行。

I guess, Rob, when I look at the KPIs in the quarter, occupancy and pricing did improve sort of when you look at it year-over-year, but throughput got a little bit worse. I guess how should we think about throughput over the next 12 months? And maybe sort of expand on kind of what you're seeing on the ground over the last couple of weeks?

羅布，我想，當我查看本季的關鍵績效指標時，入住率和定價與去年同期相比確實有所改善，但吞吐量略有下降。我想我們該如何看待未來 12 個月的吞吐量問題？或許可以再詳細說說你​​過去幾週在實地觀察到的情況？

Sure. Thanks, Samir. So yes, from a throughput perspective, I mean, I think we still hear from our customers that the same thing that they're saying on their earnings releases, which is demand is challenged, largely because of lower and middle-income consumers that are still significantly under pressure from all of the factors that I mentioned in my prepared remarks.

當然。謝謝你，薩米爾。所以，從吞吐量的角度來看，我認為我們仍然從客戶那裡聽到同樣的說法，他們在財報中也表達了類似的觀點，那就是需求面臨挑戰，這主要是因為中低收入消費者仍然受到我在準備好的發言稿中提到的所有因素的巨大壓力。

And so while there still should be some seasonal demand for Thanksgiving and for Christmas, it is muted. And that's largely what we had anticipated. And as we go forward into next year, we're not yet at a point where we feel like we can predict an inflection point. And so we think throughput will still be challenged as we go into next year.

因此，雖然感恩節和聖誕節期間仍會有一些季節性需求，但這種需求並不旺盛。而這基本上也符合我們的預期。展望明年，我們目前還無法預測轉折點。因此，我們認為明年產能仍將面臨挑戰。

What we're hearing from customers on the ground is similar to what I just described. I think you've got customers that are hesitant, to be honest with you, to build inventory in the current environment until they really see a sustained increase in demand. And so as we're going through our discussions for next year, we factored all of that into some of the foundational elements that Jay talked about on the call in terms of what our expectations are for next year.

我們從第一線客戶聽到的情況與我剛才描述的類似。坦白說，我認為你們的客戶在當前環境下都比較猶豫，不願增加庫存，直到他們真正看到需求持續成長為止。因此，在討論明年計劃時，我們將所有這些因素納入了傑伊在電話會議上談到的一些基本要素中，這些要素決定了我們對明年的期望。

And if you look at sequentially, last call, I did talk that we'd see a little bit of lift sequentially in throughput, which we did. And that was really driven by the start of the harvest season and us starting to see those products come into our sites. And then next quarter, you will see we have a small lift in occupancy, about 100 bps, give or take, and that's really driven by the harvest season, too. So actually, throughput sequentially came in right around where we expected it.

如果你按順序看一下，上次通話時我確實說過，我們會看到吞吐量按順序略有提升，而我們也確實看到了。這主要是因為收穫季節的開始，我們開始看到這些產品運送到我們的場地。然後下個季度，你會看到入住率小幅上升，大約上升 100 個基點左右，這也主要是受收穫季節的推動。所以實際上，順序吞吐量基本上符合我們的預期。

Got it. And then, Jay, I guess, when I look at your guidance and also all the assumptions you have there, most of the items were unchanged, but interest expense did come down. So all else being equal, I mean, we should have probably seen an increase in AFFO, but that didn't go up. So maybe provide some color around this.

知道了。然後，Jay，我想，當我查看你的指導意見以及你所做的所有假設時，大多數項目都沒有改變，但利息支出確實下降了。所以，在其他條件相同的情況下，我的意思是，我們本來應該看到AFFO（調整後營運資金）增加，但實際情況並非如此。所以或許可以對此進行一些補充說明。

Yes. Sure. If you also look, it's a little bit, there was a move in classification from other income over to interest expense. So you'll see that the other income went down a similar amount. So overall, net-net, it didn't benefit AFFO.

是的。當然。如果你仔細觀察，你會發現分類上有些變化，從其他收入轉移到了利息支出。所以你會發現其他收入也出現了類似的下降幅度。所以總的來說，淨收益並沒有讓 AFFO 受益。

Greg McGinniss, Deutsche Bank (sic - Scotiabank)

德意志銀行的格雷格·麥金尼斯（原文如此 - 加拿大豐業銀行）

This is Greg McGinniss with Scotia. I appreciate your ability to project the business into the back half of the year. I'm curious on the margins that you're seeing quarter-over-quarter, some margin decline year-over-year as well. What are you doing to control the cost in the business? And what are your expectations there going forward?

這是來自 Scotia 的 Greg McGinniss。我非常欣賞你對下半年業務的預測能力。我很想知道你們看到的季度環比利潤率，以及同比利潤率的下降情況。你們採取了哪些措施來控制企業成本？那麼，您對未來有何期待呢？

Sure. So on the margin side of the business, with lower occupancy and lower throughput, obviously, that's going to challenge your margins a bit and you don't get the same leverage across your fixed cost base that you like to see when volumes go the other way. But we continue to do a really good job of controlling costs.

當然。因此，在業務利潤方面，入住率和吞吐量下降，顯然會對利潤率構成一定挑戰，而且你無法像業務量上升時那樣，在固定成本基礎上獲得你所希望看到的槓桿作用。但我們在控製成本方面一直做得很好。

We've been able to manage and match our direct labor to our throughput in a way that I think has really helped boost handling margins. We've delivered handling margins in excess of 12% and are on track for that, which was our goal when we came into the year and continues to be outsized relative to historical margins on that side of the business. I think that we are seeing really good progress and results out of Project Orion.

我們能夠有效地管理和匹配直接勞動力與生產效率，我認為這確實有助於提高處理利潤率。我們已實現超過 12% 的處理利潤率，並且正朝著這個目標穩步前進，這是我們年初設定的目標，並且相對於該業務的歷史利潤率而言，這一數字仍然很高。我認為「獵戶座計畫」取得了非常好的進展和成果。

And so we're continuing to implement that across the regions and Europe will be a big beneficiary of that as we go into next year. And then every single year, we have productivity targets that we set for our operations team. We have two great leaders of the P&L, like I mentioned on the call, and Bryan Verbarendse and Richard Winnall, who are very skilled and experienced at driving productivity through the Americold operating system and our technology platform.

因此，我們將繼續在各個地區推行這項措施，歐洲將在明年成為這項措施的主要受益者。然後，我們每年都會為營運團隊設定生產力目標。正如我在電話會議上提到的，我們有兩位優秀的損益負責人，分別是 Bryan Verbarendse 和 Richard Winnall，他們在透過 Americold 作業系統和我們的技術平台提高生產力方面非常熟練且經驗豐富。

So I think we're going to be able to continue to control costs in a way that will allow us to deliver margins that we're comfortable with.

所以我認為我們將繼續控製成本，從而實現我們滿意的利潤率。

And on call, I discussed, we do have a very robust process of evaluating all of our low occupancy sites. We did remove another three sites this quarter with more targeted. And as we continue to do that, that's also taking cost out and will help us maintain our margin levels.

在電話會議中，我討論了我們確實有一個非常完善的流程來評估我們所有入住率低的場所。本季我們透過更有針對性的方法又移除了三個網站。隨著我們不斷這樣做，成本也會降低，這將有助於我們維持利潤率水準。

Great. And I just wanted to follow-up as well on the pricing impact expected from new occupancy -- sorry, new supply delivered over the last few years. Are you -- is Americold going to need to adjust fixed commitment pricing down as those contracts expire given the supply that's hit?

偉大的。另外，我還想跟進過去幾年新增入住（抱歉，是新增供應）預計對價格的影響。鑑於供應受到衝擊，隨著固定承諾合約到期，Americold 是否需要下調這些合約的定價？

Well, I think you see that reflected in our prepared remarks in terms of what Jay outlined for our expectations as we go into next year. What I'd say is the team has done a remarkable job over the last few quarters. We've been in a tough demand environment now for a while, and you've seen us be able to maintain the fixed commitment levels at that goal of 60%. You've seen growth in pricing, both on the storage and the handling side over the last several quarters.

嗯，我想你們可以從我們準備的演講稿中看到這一點，傑伊概述了我們對明年的期望。我想說的是，球隊在過去幾個季度表現非常出色。我們已經面臨一段時間的嚴峻市場需求環境，但你們也看到了，我們能夠將固定承諾水準維持在 60% 的目標水準。在過去的幾個季度裡，無論是倉儲還是搬運方面，價格都出現了增長。

But there are certainly some markets and some nodes. We called out the 4 distribution centers in particular, where there's pressure on both of those KPIs, both from a pricing standpoint and from a fixed commitment standpoint. So we've chopped a lot of wood in terms of getting through a lot of our contract renewals during this tough environment, but there is more to go. And in certain instances, we're seeing some of the fixed commitments get tightened up.

但肯定存在一些市場和一些節點。我們特別指出了這 4 個配送中心，這兩個 KPI 都面臨壓力，無論是從定價角度還是從固定承諾角度來看都是如此。因此，在當前艱難的環境下，我們在完成大量合約續約方面取得了很大進展，但還有更多工作要做。在某些情況下，我們看到一些固定承諾正在收緊。

We generally don't see our customers moving away from fixed commitments because they do want to protect the space. They understand the value. But in instances where their physical inventory has decreased to a point where they can bring down the fixed commitment a bit, we've seen some of that, and we've planned for that in terms of some of the building blocks that we outlined in the prepared remarks.

我們通常不會看到客戶放棄固定合約，因為他們確實想要保護自己的空間。他們明白它的價值。但是，在某些情況下，他們的實體庫存減少到可以稍微降低固定承諾的程度，我們已經看到了一些這樣的例子，並且我們已經根據我們在準備好的發言稿中概述的一些基本要素對此進行了規劃。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

I guess, Rob, in prior quarters, you highlighted a pretty sizable sales pipeline that reflected roughly 8% of total revenues. I know your updated guidance range has assumed that this comes online in later periods kind of pushing out to 2026. I mean is that still the case? I mean, are these customers still going to bring product into your facilities? Or has that kind of pulled back and that sales pipeline kind of got smaller over the past few quarters?

羅布，我猜想，在前幾個季度，你重點提到了一個相當龐大的銷售管道，約佔總收入的 8%。我知道你們更新後的指導範圍假設這項技術將在後期上線，也就是延後到 2026 年。我的意思是，情況現在還是這樣嗎？我的意思是，這些客戶還會繼續把產品送到你們的工廠嗎？或者說，這種趨勢有所減弱，銷售管道在過去幾季有所縮小？

Thanks, Mike. The sales pipeline has been a bright spot. I'll tell you; we're going to have a very good sales year this year. It will be a record for us in terms of new business wins. It's definitely been slower to materialize than we had originally planned. And in some cases, a lot of these programs are not immune to the same challenges that the rest of the business has had. So as they come into Americold, they come in, in lower amounts than what were originally anticipated or contracted for.

謝謝你，麥克。銷售通路一直是亮點。我告訴你，我們今年的銷售業績會非常好。這將是我們公司在新業務拓展方面創下的新紀錄。它的進展速度確實比我們最初計劃的要慢。在某些情況下，這些專案也未能倖免於與其他業務部門一樣面臨的挑戰。因此，當這些貨物運抵 Americold 時，其數量低於最初預期或合約約定的數量。

So it's still a highlight for us. I think new business. The team has done a great job acquiring it. But in the end, we have seen some of that offset by both reductions in the base business and just traditional customer churn.

所以這仍然是我們的一大亮點。我認為是新業務。團隊在收購過程中做得非常出色。但最終，我們看到部分損失被基礎業務的減少和傳統的客戶流失所抵消。

Okay. And then on the fixed commitment side, is that -- should we expect more of those contracts to be up for renewal in the beginning of the year? I mean is there kind of seasonality? Or is it kind of spread out throughout the year?

好的。那麼，在固定支出方面，我們是否應該預期今年年初會有更多此類合約到期需要續約？我的意思是，是否存在某種季節性？還是說它分散在一年中的不同時段？

That really is spread out through the year, Mike, is the contract terms tend to be based on when they're signed. So it's contract years more than it is fiscal years. So you'll see, I would say, a relatively consistent renewal cadence throughout the course of the year versus anything outsized in one quarter or another.

麥克，合約條款實際上是按年計算的，通常是根據合約簽署的時間來定的。所以，合約年資比財政年度多。因此，我認為你會看到，全年更新節奏相對穩定，而不是某個季度出現異常大幅的更新。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Rob, I want to go back to your comments just on the fixed commits and how you're negotiating with them, realizing that maybe you're prioritizing the stability of those cash flows that we might consider traditional REIT income types, so to say. But would you say that you'd be willing to give a bit on pricing in order to secure a longer-term commit? Or maybe walk us through the push and pull of a longer fixed commit contract versus what the pricing might be there?

羅布，我想回到你之前關於固定承諾以及你如何與他們談判的評論，意識到你可能優先考慮的是那些我們可能會認為是傳統 REIT 收入類型的現金流的穩定性。但您是否願意在價格上做出一些讓步，以確保獲得更長期的合作關係？或者能否為我們解釋一下，長期固定承諾合約的利弊與可能的定價之間的關係？

Yes. I mean we balance all of those things. I mean we're looking at existing profitability. We have all the tools to be able to understand what market rates are, what profitability is by activity. We have a great activity-based pricing model. And so any time you have conversations with customers about a contract renewal, there's going to be dialogue around price, around volume, around length of contract, around business across the network.

是的。我的意思是，我們會權衡所有這些因素。我的意思是，我們現在關注的是現有的獲利能力。我們擁有所有必要的工具來了解市場價格是多少，以及各項活動的獲利能力是多少。我們擁有非常棒的基於活動的定價模式。因此，每當您與客戶討論合約續約時，都會圍繞價格、數量、合約期限以及整個網路的業務展開對話。

So we balance all of those things to try to make sure that we're doing the right thing to maximize the value of those agreements and ultimately be able to defend our market share, while also maintaining the appropriate level of profitability.

因此，我們會權衡所有這些因素，以確保我們做正確的事情，最大限度地發揮這些協議的價值，並最終能夠捍衛我們的市場份額，同時保持適當的盈利水平。

So there's not -- I think the most important thing to say is there's not a one-size-fits-all strategy there. You have to take each agreement kind of as they come and understand where the current profitability is and what levers you can push and pull to get the right outcome for both us and our customer.

所以，我認為最重要的一點是，沒有萬能的策略。你必須認真對待每一份協議，了解當前的獲利狀況，以及你可以採取哪些措施來為我們和我們的客戶爭取正確的結果。

That's some helpful context. And then maybe, Jay, you talked about the facilities that you're taking offline. What happens there from a P&L perspective? Are you capitalizing the costs associated with those facilities now? And what would be the ultimate plan for those? Would it be reposition it, sell it? Maybe walk us through that a bit.

這些資訊很有幫助。然後，傑伊，你可能談到了你要關閉的那些設施。從損益角度來看，會發生什麼事？您現在是否已將這些設施的相關成本資本化？那麼，這些人的最終計畫會是什麼呢？是重新定位還是出售？或許可以給我們詳細解釋一下。

Thanks for the question. Many of these are leases, and it really is end of lease term that we evaluate them. So overall, once we remove all the pallets from the facility, those types of costs will go below the line. They are capitalized, but they're generally pretty minimal at that point in time.

謝謝你的提問。其中許多都是租賃合同，我們實際上是在租賃期結束時才對它們進行評估。所以總的來說，一旦我們從工廠移除所有托盤，這些類型的成本就會降至最低。雖然字母大寫，但當時的金額通常非常少。

But it is predominantly lease facilities that are either being repurposed by the landlord, removed for residential purposes, so a variety of different uses. So it's mostly a small amount moves below the line when they become inactive assets, but that's only for a very short period of time.

但主要是租賃設施，要么被房東重新利用，要么被拆除改作住宅用途，因此用途多種多樣。所以，當這些資產變成不活躍資產時，通常只有少量資產會跌破底線，但這只會持續很短的時間。

And obviously, the benefit from our standpoint, too, beyond reducing some of the costs and eliminating some maintenance expense is the fact that you get to move a lot of the existing customers from those leased facilities into owned infrastructure, and that provides a nice benefit.

顯然，從我們的角度來看，除了降低一些成本和消除一些維護費用之外，好處還在於可以將許多現有客戶從租賃設施轉移到自有基礎設施，這帶來了很好的好處。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Rob, you talked about spending considerable time engaging with customers and strategic partners. Can you just talk a little bit more about what you learned on the customer side, particularly how they're thinking about cost pressures on their businesses and what impact that's having on their inventory planning versus kind of the lower demand environment that has been mentioned several times as kind of the driver of that inventory management going forward?

羅布，你曾說過要花大量時間與客戶和策略夥伴互動。您能否再詳細談談您在客戶方面了解到的情況，特別是他們如何看待業務成本壓力，以及這對他們的庫存計劃有何影響，這與之前多次提到的低需求環境（這被認為是未來庫存管理的主要驅動因素）有何不同？

Sure. So I mean every customer is looking at ways, obviously, to find opportunities to be efficient as they look out and they say that demand may be softer for a longer period of time than what anybody had originally anticipated.

當然。所以我的意思是，顯然每個客戶都在尋找提高效率的方法，因為他們預期需求疲軟的時間可能會比任何人最初預期的都要長。

I think from the discussions with most of our customers, what they are really having their internal discussions and debates about are when is the right time to build inventory. This, as an example, would be the typical time of the year that you would see significant builds in inventory to support what are seasonal spikes in demand.

我認為，從與大多數客戶的討論來看，他們內部真正討論和辯論的問題是，何時才是建立庫存的最佳時機。例如，每年的這個時候，庫存都會大幅增加，以滿足季節性需求高峰。

What is a bit of a different approach at the moment are some of our customers saying, we're going to try to manage these shorter-term or seasonal spikes in inventory with the existing product that we already have in the system. So they're hesitant to build because nobody wants to be in a position where they have excess inventory like what happened, say, 18 months to 2 years ago, where many of the food manufacturers got their workforce rebuilt and back into their production plants, overbuilt and then took a long time to bleed down that inventory because they were in an environment where the demand just wasn't there.

目前一些客戶採取了略有不同的方法，他們表示，我們將嘗試利用系統中已有的產品來應對這些短期或季節性的庫存高峰。因此，他們不願意建廠，因為沒有人願意像 18 個月到 2 年前那樣出現庫存過剩的情況。當時，許多食品製造商重建了員工隊伍，讓他們回到生產工廠，結果建廠過剩，然後花了很長時間才消耗掉庫存，因為當時市場需求不足。

And so the internal conversations that most of our customers are having is looking out over the course of the next few quarters and saying, what are some of the indicators they can see to show that maybe any of the increases from a demand perspective are sustainable, and it would allow them to ultimately start building.

因此，我們的大多數客戶都在進行內部討論，展望未來幾個季度，並思考他們可以看到哪些指標來表明，從需求角度來看，任何成長都是可持續的，這將最終使他們能夠開始建立。

The other big question that a lot of our customers on the food manufacturing side are having is when is the right time to introduce new innovation, new products, new SKUs. Those are things that we very much look forward to because obviously, as you see more innovation, more SKUs, that drives incremental safety stock. So I think our customers are trying to have those conversations.

食品製造領域的許多客戶面臨的另一個大問題是，何時才是推出創新、新產品、新 SKU 的最佳時機。我們非常期待這些事情，因為很明顯，隨著更多創新、更多 SKU 的出現，這將推動安全庫存的增加。所以我認為我們的客戶正在嘗試進行這些對話。

And then lastly, I would say it would be what levels of promotional activity are really going to drive volume. So all of our customers do want to continue to invest in their product. They have over the last few quarters in a variety of ways with mixed success, to be honest with you.

最後，我認為關鍵在於什麼樣的促銷活動才能真正推動銷售成長。因此，我們所有的客戶都希望繼續投資他們的產品。坦白說，在過去的幾個季度裡，他們以各種方式進行了嘗試，但效果參差不齊。

I think when customers have historically made the investment in their product to support promotional activities, they've probably seen better results than what they've seen over the last few quarters. And that's simply because the cost of food has gone up at such a pace that even a slight discount off of that elevated price isn't enough to stimulate demand.

我認為，如果客戶過去曾投資於他們的產品以支援促銷活動，他們可能會獲得比過去幾季更好的結果。這是因為食品價格上漲速度太快，即使略微打折也無法刺激需求。

So those are really the three questions that our customers are having every day with themselves and with the retailers.

所以，這其實是我們的客戶每天都在向自己和零售商提出的三個問題。

Okay. That's really helpful context. Secondly, you talked about some of the newer competition in the industry that don't have a sustainable long-term business plan. I think you mentioned some of them already exiting. I guess when do you think you see those exits really accelerating? And how much of that product is likely to be the quality and potential price that you're comfortable with and maybe an acquisition opportunity?

好的。這提供了非常有幫助的背景資訊。其次，您提到了行業內一些新興的競爭對手，它們沒有可持續的長期商業計劃。我想你提到過其中一些已經退出市場了。我想問你覺得什麼時候才能看到這些出口真正加速成長？該產品中有多少品質和潛在價格符合您的預期，並可能構成收購機會？

I mean it's certainly something that we believe will become opportunistic over time. We're just not there yet. So most of the new market entrants that have come in really thought about, okay, let's get some scale. And then I think they were potentially encouraged by a lot of the acquisition activity that have been happening going back a few years and thought that, that would be a great exit strategy. With that not in the cards at the moment, it puts a lot of pressure on that business model.

我的意思是，我們當然相信隨著時間的推移，這一定會變成一種投機取巧的行為。我們還沒達到目標。因此，大多數新進入市場的企業都認真考慮過，好吧，讓我們擴大規模。然後，我認為他們可能受到了過去幾年大量收購活動的鼓舞，並認為這將是一個絕佳的退出策略。目前來看，這種情況不太可能發生，這給了該商業模式很大的壓力。

And so when you don't have the same level of, let's say, network that Americold has or you don't have the same operating system we have or the technology stack that we have, there's not a lot of levers to win new business. Prices may be one. But if you start deeply discounting space to fill up your buildings and you can't get to a point where you're at full occupancy, the P&L looks very bad. And I think that's where we are for a lot of these new market entrants.

因此，當你的網路水平不如 Americold，或者你的作業系統或技術堆疊與 Americold 不同時，你就沒有太多手段來贏得新業務。價格或許是其中之一。但是，如果你開始大幅降低租金來填滿你的建築物，並且你無法達到滿租狀態，那麼損益表看起來會非常糟糕。我認為很多新進入市場的企業都處於這種境地。

How much and how long folks want to deal with that is certainly not our call. But we're not in a position where we're going to be bailing any of the new market operators out. And so I think we're in a position where we can sit focus on driving our business, focus on growing our relationships with customers. And over the next few quarters, as some of that maybe results in more capitulation, then we're here to listen. But at this point, we're focused on driving our business.

人們願意處理多少這類事情、處理多久，當然不是我們能決定的。但我們目前的情況是，我們不會出手救助任何新市場營運商。所以我認為我們現在可以專注於推動業務發展，專注於發展與客戶的關係。接下來的幾個季度裡，如果其中一些情況導致更多人屈服，那麼我們將在這裡傾聽。但目前，我們的重點是發展業務。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

You talked about how it could take a couple of years for the excess capacity to be absorbed. So what are the assumptions that you're using to arrive at that conclusion? And how can you best position yourself to navigate that sort of backdrop?

你曾說過，過剩產能可能需要幾年才能消化掉。那麼，你得出這個結論是基於哪些假設呢？那麼，在這種背景下，你該如何才能最好地定位自己，以適應環境呢？

Sure. So we called out in our prepared remarks that we've seen what we believe is in excess of 15% of additional capacity that has been added. And this is an industry that, for a long time, had grown more with GDP and population growth. And so if you just do that math, it would be a few years for it to be absorbed.

當然。因此，我們在事先準備好的發言稿中指出，我們認為新增產能超過了 15%。長期以來，這個產業的發展與GDP和人口成長密切相關。所以，如果以這個公式計算，需要幾年時間才能被吸收。

I think as we continue to gain market share, that certainly helps absorb some of the capacity. I think as I've said, with the business models or the business plans that a lot of these new market entrants had, if those business models don't work, and we really believe that a lot of them are struggling at the moment. That potentially accelerates the ability for Americold to play a role in absorbing some of that capacity.

我認為，隨著我們市場份額的不斷擴大，這肯定有助於消化部分產能。我認為正如我之前所說，許多新進入市場的企業的商業模式或商業計劃，如果這些商業模式行不通，而我們確實相信，目前很多企業都面臨著困境。這可能會加快 Americold 在吸收部分產能方面發揮作用的能力。

And then outside of that, I think the other thing that's important to keep in mind is Americold is not standing still in this environment. We have a lot of different ways to open the aperture in terms of how we drive new business into our portfolio, which isn't just waiting for the core kind of frozen food on the manufacturer side to grow.

除此之外，我認為還需要記住的一點是，Americold 在這種環境下並沒有停滯不前。我們有許多不同的方法來拓展業務範圍，將新業務引入我們的產品組合，而不僅僅是等待製造商方面的核心冷凍食品業務成長。

We're going aggressively after retail business, which is largely in-sourced. We're going aggressively after quick service restaurant business that today we play a very little role in. I think there's opportunities to look at triple net lease deals that historically we've been not as open to because we want to do both the storage and the operation. I think there are commodities outside of just food.

我們正積極開拓零售業務，而這部分業務目前主要依賴內部生產。我們正積極開拓快餐服務業，而目前我們在這個行業的份額非常小。我認為現在有機會考慮三方淨租賃交易，而我們過去對這類交易並不太感興趣，因為我們想同時進行倉儲和營運。我認為除了食品之外，還有其他商品。

So there's a lot of things that we're in early stages of exploring. And I think as some of those initiatives ramp up, we'll see our own capacity fill up, and we'll see the ability to potentially take some of those capacity in the.

所以有很多事情我們還處於探索的早期階段。我認為隨著其中一些措施的推進，我們自身的產能將會達到飽和，我們將有能力將其中一些產能轉移到其他國家。

Appreciate that color. And my follow-up is on pricing. You're telling low occupancy facilities. Can you talk a little bit about the pricing from like low occupancy facilities is something that may be more full?

欣賞這種顏色。我的後續問題是關於定價。你是在告訴入住率低的設施。您能否談談入住率較低但入住率可能較高的設施的定價？

Yes. I mean it really does depend on a lot of different things. It's -- our customers signing up for commitments, are they signing up for longer-term agreements? So it can be a pretty big variety across the board. I think we understand well, given our size and our scale, what market rates are in many of the different geographies.

是的。我的意思是，這真的取決於很多不同的因素。是－當我們的客戶簽署承諾書時，他們簽署的是長期協議嗎？所以，各方面都可能存在相當大的差異。我認為，鑑於我們的規模和體積，我們對許多不同地區的市場價格都有很好的了解。

And so what we tried to articulate on the call was that when we look at it across the nodes of the supply chain, which we think is a great way to talk about this business, the ones that are under the most pressure are the 4 distribution locations. That's where most of the speculative capacity has been added.

因此，我們在電話會議上試圖闡明的是，當我們從供應鏈的各個節點來看待這個問題時（我們認為這是談論這項業務的好方法），壓力最大的節點是 4 個配送中心。大部分投機性產能都集中在那裡。

And so we are being more thoughtful about the way that we defend our market share and win new business in those geographies. And the net of that is the potential outcome that Jay outlined in his prepared remarks.

因此，我們正在更加認真地思考如何捍衛我們的市場份額，並在這些地區贏得新業務。而最終的結果，正是傑伊在事先準備好的演講稿中所概述的潛在結果。

Nick Thillman, Baird.

Nick Thillman，Baird。

Rob, I appreciate all the commentary on all the different nodes, but one knock that generally is put on Americold is just the age of the portfolio relative to all the new builds and optimization of networks and kind of the effect there.

Rob，我很感謝你對所有不同節點的評論，但通常對 Americold 的一個批評是，相對於所有新建項目和網絡優化而言，其投資組合的年齡偏大，以及由此產生的影響。

I was wondering if you could break down or dig a little bit into -- you're talking about the new supply issues just broadly in the forward distribution node. But if you look at the portfolio age and you look at sort of your composition, how does that all break down? Is it pretty similar across all 4 of those? Or is it maybe a little bit more skewed one way or the other?

我想請您詳細分析一下—您剛才談到的是遠期分銷節點中普遍存在的新供應問題。但是，如果你看一下投資組合的年齡，再看一下你的投資組合組成，這一切又是如何劃分的呢？這四個方面都很相似嗎？或者說，情況可能稍微偏向某一方？

Yes. I don't -- to be honest with you, I don't have the numbers right off the hand. So I don't want to share anything without all the facts.

是的。說實話，我一時想不出具體數字。所以，在掌握所有事實之前，我不想妄加評論。

But I do want to say that the first point we would disagree with vehemently. We spend a tremendous amount of effort, dollars, time maintaining these facilities. Our buildings are world-class. They provide a great service to our customers, and they're mission critical. If anything, other than that was the case, you would see Americold losing market share, not gaining market share.

但我確實想說，我們強烈反對第一點。我們投入了大量的精力、金錢和時間來維護這些設施。我們的建築都是世界一流的。他們為我們的客戶提供優質服務，他們至關重要。如果情況並非如此，那麼你會看到 Americold 的市佔率下降，而不是上升。

And so because we've got the team that we have in place that maintains these facilities, we're very proud of our network. It's led to Americold being able to lead the industry from commercial excellence in terms of the most fixed commitments and the pricing type gains that we've been able to achieve over the last few years. All of that is because of the mission-critical high-quality infrastructure that we have. And so we would vehemently disagree with anyone that says that the age of our network is a knock on Americold.

正因為我們擁有維護這些設施的團隊，我們才對我們的網路感到非常自豪。這使得 Americold 能夠在過去幾年中憑藉卓越的商業表現，在固定承諾數量和定價收益方面引領行業。這一切都歸功於我們擁有的關鍵任務所需的高品質基礎設施。因此，我們強烈反對任何認為我們網絡的年齡是對 Americold 的貶低的說法。

No, that's very helpful. And then I wanted to get your -- pick your brain a little bit on the comments. Jay, you mentioned sort of the hurdle rates for new developments. And as we look at your development schedule just over the last 3 years, haven't necessarily hit the stabilized yields yet even for like the 3-year vintage assets.

不，這很有幫助。然後我想就留言區向你請教一些問題。Jay，你提到了新開發案的最低收益率。當我們回顧您過去 3 年的發展計畫時，即使是像 3 年期資產這樣的項目，也還沒有達到穩定的收益率。

So I want to kind of pair that with Rob's comments on driving shareholder value, thoughts about -- and the discount in the stock price. I guess where does stock share repurchases kind of rank in the deployment side of things as we look at capital allocation going forward?

所以我想把這一點與羅布關於提升股東價值的評論、關於股價折價的想法結合起來。我想問一下，在展望未來資本配置時，股票回購在投資部署方面應該處於什麼位置？

So let me start, and then I'll hand it off to Jay. I think when we look at our development projects, the important thing to keep in mind is that these projects largely are not immune to the macro environment that impacts the broader network.

那我就先開始，然後交給傑伊。我認為，當我們審視我們的開發項目時，需要記住的重要一點是，這些項目在很大程度上無法免受影響整個網路的宏觀環境的影響。

So any time we're building a facility, whether it's dedicated or multi-tenanted, if our customers' volumes are going to -- are down, that's going to impact the current returns. We still have a very high degree of conviction that our development projects will meet our stabilized returns and underwriting. It just takes a longer period of time in this environment.

因此，無論我們建造的是專用設施還是多租戶設施，如果客戶的業務量下降，都會影響目前的收益。我們仍然非常有信心，我們的開發項目將達到我們穩定的回報和承保目標。在這種環境下，所需時間會更長。

And we're very encouraged by the significant improvements that we've made in our development platform over the last few years in terms of the team that we've been able to bring in. And you see that reflected in the fact that just over the last two quarters, as an example, we've delivered multiple projects on time and on or under budget. So feel very good about the development platform when it comes to some other capital allocation decisions. Jay anything else?

過去幾年，我們在開發平台方面取得了顯著進步，這讓我們倍感鼓舞，也讓我們組建了一支優秀的團隊。這一點可以從以下事實中看出：例如，在過去的兩個季度裡，我們按時、按預算或低於預算完成了多個專案。因此，在其他一些資​​本配置決策方面，對這個開發平台感到非常放心。傑伊，還有什麼事嗎？

No. I said a couple of things on my prepared remarks. Number one, we have got to provide the growth requirements for our customers for our partnerships with CPKC, with DP World. That is a must do to maintain our customer base and our great partnerships that we have.

不。我照事先準備好的發言稿講了幾句話。第一，我們必須滿足客戶的成長需求，以支持我們與 CPKC 和 DP World 的合作關係。為了維護我們的客戶群和我們現有的良好合作夥伴關係，這是必須要做的。

And then second, I mentioned on the call, maintaining our dividend, maintaining our investment-grade profile our top priorities also. So really, we're balancing those two items in development pipeline and maintaining our dividend and our investment-grade portfolio based on our current leverage.

其次，我在電話會議上提到，維持我們的股利和維持我們的投資等級也是我們的首要任務。所以實際上，我們正​​在努力平衡開發項目中的這兩個項目，並根據我們目前的槓桿率來維持我們的股息和投資等級投資組合。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

A couple of questions. So for the first one, for the 200 to 300 basis points of economic occupancy erosion for the year that you're talking about for '26, should we think of that as being ratable throughout the year or starting off worse and ending the year better, which is obviously better for '27 or just kind of vice versa?

幾個問題。所以對於第一個問題，您提到的 2026 年經濟入住率下降 200 到 300 個基點，我們應該認為這是全年都可評估的，還是年初較差、年末較好（顯然這對 2027 年更有利），或者情況正好相反？

And the second question is, I apologize if I missed this. You talked about the economic occupancy down. But for '26, is it safe to say that you're expecting year-over-year pricing to be negative as well for services and storage?

第二個問題是，如果我錯過了，我深感抱歉。你談到了經濟入住率下降的問題。但對於 2026 年，是否可以肯定地說，您預計服務和儲存的價格年比也會下降？

Sure. On the pricing side, yes, what we called out there is we think that it could be a headwind next year of 100 to 200 basis points. We'll continue to do our general rate increases. But when we think about what it takes on the renewal side of the equation, when we take -- think about what it takes on driving new business and defending our market share, we think when we aggregate all those things, we could see it being a potential headwind for next year. So that's on the pricing side.

當然。在定價方面，是的，我們之前也提到過，我們認為明年可能會面臨 100 到 200 個基點的不利影響。我們將繼續進行常規的費率上調。但當我們思考更新換代需要付出什麼，當我們思考推動新業務和捍衛市場份額需要付出什麼，當我們把所有這些因素綜合起來考慮時，我們認為這可能會成為明年的一個潛在阻力。以上是定價方面的情況。

And that's across both storage and services to answer your question. And then when you look on the occupancy side, it really is going to come as Rob talked throughout the year as we redo our fixed commit. So there will be some headwind to start the year, but we also have a little wrap headwind from this year.

回答你的問題，這涵蓋了儲存和服務兩方面。然後，從入住率的角度來看，正如 Rob 在這一年中一直強調的那樣，隨著我們重新進行固定承諾，入住率真的會提高。所以今年開局會有一些不利因素，但我們今年也面臨一些後續的阻力。

So I would say we're not giving specifically quarterly guidance at this point on our occupancy. We feel at this point of doing our budget, very confident that the guidance I gave on the call is appropriate. But quarterly, you have a little bit of wrap because we've seen some headwinds to start this quarter and next quarter that will flow in. But hard to say exactly how to phase it throughout the year at this point.

因此，我認為我們目前不會就入住率給出具體的季度指引。在我們制定預算的現階段，我們非常有信心，我在電話會議上給予的指導意見是適當的。但按季度來看，情況會有些變化，因為我們看到本季初和下個季度都出現了一些不利因素，這些因素將會逐漸顯現。但目前很難具體說明如何在一年中分階段實施。

Yes. I think the point, Mike, is we don't do annual resets of these. So it's not like, hey, on January 1, all of our contracts reset. We negotiate our agreements as they kind of come online throughout the course of the year. When we sign an agreement, that tends to -- that date that we sign the agreement tends to be the annual kind of check-in point for when we -- when contracts ultimately are renewed. So it's not on a calendar basis. It's more on a contract year basis.

是的。麥克，我認為關鍵在於我們不進行這些的年度重置。所以並不是說，嘿，從1月1日起，我們所有的合約都會重置。我們會在一年中根據實際情況逐步協商協議。當我們簽署協議時，簽署協議的日期往往成為每年續約的節點。所以它不是按日曆計算的。主要是依合約年資計算。

Got it. So -- but that's 100 to 200 average. And if you're talking about the ratable contract, I guess, negotiations occurring throughout the year, it just seems that you would end the year possibly at a lower point than that 100 to 200. Is that a fair statement? Or am I kind of off on that?

知道了。所以——但平均下來也就100到200而已。如果你說的是按比例分配的合同，我想，由於談判貫穿全年，最終到年底的收入可能會低於 100 到 200。這種說法公平嗎？還是我的理解有點偏差？

No, that's not how we're thinking about it. We're not really thinking about ending next year below those -- the points that -- or the metrics that Jay called out in the script. I think the way to think about that is that's the annual impact of it.

不，我們不是那樣想的。我們並沒有真正考慮明年結束時低於那些分數——或者說傑伊在劇本中提到的那些指標。我認為應該這樣理解：這就是它每年的影響。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I guess I just wanted to follow up first on that line of commentary around economic occupancy. I guess, as we look at expirations over the next few years, is there a potential risk of further decreases in economic occupancy beyond 2026 if demand does not improve much in the quarters ahead or if conditions do not really pick up from here?

我想先就經濟佔用率這個話題做一些補充說明。我想，展望未來幾年的到期情況，如果未來幾季需求沒有明顯改善，或者市場狀況沒有真正好轉，那麼到 2026 年以後，經濟入住率是否有可能進一步下降？

I mean we're really not at a point now where we're talking about anything beyond what we think is going to potentially happen in 2026. I mean you see the renewal schedule. So our agreements with the large customers. So again, 70% of our revenue comes from our top 100 customers. They tend to be the ones that sign longer-term agreements. Those agreements are anywhere between three and seven years. So they average four to five.

我的意思是，我們現在真的還沒有到討論2026年可能發生的事情之外的任何事情的地步。我的意思是，你可以看到續約時間表。所以我們與大客戶的協議。所以，我們70%的收入都來自前100名客戶。他們往往是那些簽訂長期協議的人。這些協議的期限從三年到七年不等。所以他們平均每人四到五人。

So every year, there's going to be a tranche of contracts that come up for renewal, and they're all based on what the current market conditions are at the time. So if the environment improves, we think it becomes certainly a tailwind for us. And if the environment doesn't, it could become a headwind.

因此，每年都會有一批合約到期需要續簽，而這些合約都是根據當時的市場狀況而定的。所以，如果環境改善，我們認為這肯定會成為我們的順風。如果環境不適應，這可能會成為一種阻礙。

And keep in mind, we have been in a difficult environment for a while now. So we've already rolled through several renewals of agreements already, and we really see next year as being really the key year to get through the predominant amount of these type of agreements in the current difficult environment.

請記住，我們已經在艱難的環境中待了一段時間了。因此，我們已經完成了幾項協議的續簽，我們認為明年才是真正關鍵的一年，要在當前困難的環境下完成大部分此類協議的續約。

Okay. And then, Rob, you spent some time talking about the current portfolio mix today. There was a lot of commentary sort of back and forth around some of the different nodes. And I was just wondering if you can expand your comments around that in terms of emphasizing capital deployment, whether you plan to sort of reshape the complexion of the portfolio. I guess, how should we think about the portfolio mix going forward? And are there any significant changes that we should anticipate to that mix?

好的。然後，羅布，你今天花了一些時間談論當前的投資組合構成。圍繞著一些不同的節點，有很多來回的評論。我只是想問一下，您能否就資本部署方面再詳細談談，您是否計劃對投資組合的構成進行某種程度的調整。我想，我們該如何考慮未來的投資組合構成呢？這種組合會出現哪些重大變化？我們應該對此有所預期嗎？

So we wanted to highlight that we put particular importance on those production advantage in the retail locations because those are areas where we feel like we've established leadership positions that are very difficult for anyone else to come in and replicate.

因此，我們想強調，我們特別重視零售地點的生產優勢，因為我們覺得在這些領域我們已經建立了領導地位，其他人很難進入並複製這些地位。

I mean on the production advantage side, there's a tremendous amount of benefit there in terms of those agreements tend to be longer term, fixed commitments. And it takes relationships with the big key customers that have been built over decades to really get them to trust you to build or run their plant advantage or plant attached sites.

我的意思是，從生產優勢的角度來看，這些協議往往是長期、固定的承諾，因此會帶來巨大的好處。要真正贏得大客戶的信任，讓他們信任你，讓你來建造或運作他們的工廠優勢或工廠附屬站點，就需要與這些大客戶建立幾十年的關係。

So we think there's opportunity to continue to grow at that node. Retail is also an area where we're going to lean more into. It's very opportunistic from the standpoint of the fact that most of this business is in-sourced today. And there's a moat around it because you have to have a great operating platform to be able to deliver the type of service in retail that's required from that group of customers.

所以我們認為在這個節點上還有繼續成長的機會。零售業也是我們將重點發展的領域。從目前大部分業務都由內部完成的角度來看，這非常具有投機性。而且它周圍還有護城河，因為你必須擁有一個強大的營運平台，才能為這群客戶提供零售業所需的服務。

So I think you'll see us probably lean more into those two. Certainly, we're not very interested in adding speculative capacity in the 4 distribution locations right now, given what we've seen occur over the last few years.

所以我認為你們會看到我們可能會更加專注於這兩個方面。當然，鑑於過去幾年我們所看到的情況，我們現在對這 4 個配送中心增加投機性產能並沒有太大興趣。

And then even in the port facilities, we're really going to focus our efforts if we're going to grow in that node by aligning to the strategic partnerships not just adding speculative capacity, but adding capacity that's in conjunction with our 2 strategic partners that creates a value proposition and an ecosystem that nobody else can match.

即使在港口設施方面，如果我們想在這個節點上發展壯大，我們也會真正集中精力，透過與戰略合作夥伴保持一致，不僅增加投機性產能，而且增加與我們的兩個戰略合作夥伴共同創造的價值主張和生態系統，這是其他任何人都無法比擬的。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Maybe just following up on that last one. Rob, in your prepared remarks, you mentioned you're considering expanding into other food and nonfood categories. Maybe you could expand upon that a bit.

或許只是上一個問題的後續。羅布，你在事先準備好的演講稿中提到，你正在考慮將業務拓展到其他食品和非食品類別。或許你可以再詳細闡述。

Sure. So again, I mean, there are certain categories that we're already in like retail and QSR that we want to lean more into. But we do hear from our customers that there's opportunities, as an example, to co-locate some of their dry product closer to where their frozen or refrigerated products are. So we're having dialogue about that to potentially absorb some capacity.

當然。所以，我的意思是，我們已經涉足某些領域，例如零售和快餐，我們希望進一步加強這些領域。但我們確實從客戶那裡了解到，例如，有機會將一些乾貨產品放在離冷凍或冷藏產品更近的地方。所以我們正在就此進行對話，以期吸收一些產能。

There are other markets like floral, pharma, components that all need refrigerated that today, we essentially do-nothing in. Pet food is a fast and growing market that we view as opportunistic. So as we look at opening the aperture here to continue to drive occupancy, I think we have a lot of avenues that today, we're just dipping our toe into that could be very opportunistic and look forward to talking about more of that over the next few quarters.

還有其他一些市場，例如花卉市場、醫藥市場、零件市場，這些市場都需要冷藏，但如今我們基本上什麼都沒做。寵物食品市場是一個快速成長的市場，我們認為這是一個充滿機會的市場。因此，當我們考慮進一步擴大入住率時，我認為我們有很多途徑，今天我們只是淺嚐輒止，但這些途徑可能非常具有機會主義，我們期待在接下來的幾個季度中更多地討論這些途徑。

Great. That's helpful. And then it looked like your power costs didn't really increase that much year-over-year in the same-store pool. Can you talk about any related risk that you see coming related to power cost increases going forward and what protections you have in place?

偉大的。那很有幫助。然後，看起來你的電力成本在同店交易中並沒有比前一年增加太多。您能否談談您認為未來電力成本上漲會帶來哪些相關風險，以及您採取了哪些因應措施？

Yes. I think, look, on power, I think we're doing a lot to drive power costs down in the business. We have solar programs. We do a lot of the maintenance programs that we have are focused on driving down power, the LED lighting type of initiatives that we have are all focused on ways that we can take cost out. We -- some of the continued maintenance that includes the rapid open and closed doors helps to save on power.

是的。我認為，在電力方面，我們正在採取許多措施來降低企業的電力成本。我們有太陽能專案。我們所進行的許多維護計畫都著重於降低能耗，我們推行的 LED 照明等措施也都著重於降低成本。我們—一些持續的維修工作，包括快速開關門，有助於節省能源。

So we've got a lot of different initiatives that drive those down. And I think the other thing that we've done a nice job of over the last few years is making sure that to the extent that we do see power increase in certain markets, that would be considered a cost change that's largely beyond our control that we would look to pass on.

因此，我們有許多不同的措施來降低這些指標。我認為過去幾年我們做得比較好的另一件事是，確保在某些市場電力價格上漲的情況下，這被視為我們無法控制的成本變化，我們會盡量將這種變化轉嫁給消費者。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。