Duke Realty Corp (DRE) 2020 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. Thank you for standing by, and welcome to the Duke Realty First Quarter Earnings Conference Call. (Operator Instructions) At this time, it's my pleasure to turn the conference over to our host, Vice President, Investor Relations, Mr. Ron Hubbard. Please go ahead.

女士們，先生們，下午好。感謝各位的收看，歡迎參加杜克地產第一季業績電話會議。 （接線員指示）現在，我很榮幸地將會議交給主持人、投資者關係副總裁羅恩·哈伯德先生。請開始。

Thank you, Tom. Good afternoon, everyone, and welcome to our first quarter earnings call. Joining me today are Jim Connor, Chairman and CEO; Mark Denien, Chief Financial Officer; Steve Schnur, Chief Operating Officer; Nick Anthony, our Chief Investment Officer; and Mark Milnamow, Chief Accounting Officer.

謝謝，湯姆。大家下午好，歡迎參加我們第一季財報電話會議。今天與我一起出席的有：董事長兼首席執行官吉姆·康納 (Jim Connor)、首席財務官馬克·德尼恩 (Mark Denien)、首席營運官史蒂夫·施努爾 (Steve Schnur)、首席投資官尼克·安東尼 (Nick Anthony) 以及首席會計官馬克·米爾納莫 (Mark Milnamow)。

Before we make our prepared remarks today, let me remind you that statements we make are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. For more information about those risk factors, we would refer you to our December 31, 2019, 10-K that we have on file with the SEC.

在今天發表準備好的發言之前，請允許我提醒您，我們所做的陳述受某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期有重大差異。有關這些風險因素的更多信息，請參閱我們提交給美國證券交易委員會 (SEC) 的 2019 年 12 月 31 日的 10-K 報表。

Now for our prepared statement, I will turn it over to Jim Connor.

現在，我將把我們的準備好的聲明交給吉姆·康納。

Thanks, Ron, and good afternoon, everyone. First, on behalf of all of our associates, we hope all of you and your families are safe and well. Our prepared remarks today are a little longer than normal, which we believe is appropriate given the market volatility and considering that we'll not be meeting in person at NAREIT in June. We're going to provide more detail on our first quarter results, what we're seeing in the markets and our reprojected guidance for the balance of the year. My opening remarks, I'll comment on 3 topics: Our initial response to the pandemic; our first quarter highlights; how the leadership team is managing today's challenging operating environment, and then I'll turn it over to the balance of our team.

謝謝，Ron，大家下午好。首先，我謹代表全體員工，祝福各位及家人平安健康。我們今天的準備發言比平時略長，考慮到市場波動以及我們6月份不會在NAREIT進行線下會議，我們認為這很合適。我們將更詳細地介紹第一季的業績、市場動態以及我們對今年剩餘時間的重新預測。我的開場發言將圍繞著三個主題進行：我們對疫情的初步應對；第一季的亮點；領導團隊如何應對當前充滿挑戰的營運環境；然後，我將把發言時間交給團隊的其他成員。

First, I'd like to thank the Duke Realty team around the country who are demonstrating great resilience and adaptability amidst the global pandemic. Thanks to our state-of-the-art technology and previous business interruption planning steps, we have seamlessly transitioned into telecommuting. We are continuing to collaborate and execute on all facets of our operational and financial functions. This includes steps to ensure everyone's safety and health in line with CDC and various government guidelines. No one from the Duke Realty team has contracted the COVID virus, and all of our team continues to perform at a high level throughout this challenge -- the challenges of this pandemic.

首先，我要感謝杜克房地產 (Duke Realty) 遍布全國的團隊，他們在全球疫情中展現了卓越的韌性和適應能力。由於我們先進的技術和先前製定的業務中斷規劃措施，我們已順利過渡到遠距辦公。我們將繼續在營運和財務職能的各個方面開展協作和執行工作。這包括根據美國疾病管制與預防中心 (CDC) 和各項政府指南，採取措施確保每個人的安全和健康。杜克地產團隊中尚無人感染新冠病毒，我們所有團隊成員在應對疫情挑戰的過程中始終保持著高水準的工作表現。

Turning to a few operational and financial highlights for the quarter. We achieved 33% rent growth in our second-generation lease. We signed 4 million square feet of leases. We started 3 developments totaling $117 million, all 100% pre-leased. And we bolstered our balance sheet with an unsecured note issuance that was refinanced. We now have no significant debt maturities until the fourth quarter of 2022.

談談本季的一些營運和財務亮點。我們的第二代租賃合約實現了33%的租金成長。我們簽署了400萬平方英尺的租賃合約。我們啟動了三個開發項目，總價值1.17億美元，全部預租完成。此外，我們發行了無擔保票據並進行了再融資，進一步增強了我們的資產負債表。目前，我們在2022年第四季之前沒有重大債務到期。

Now let me highlight the focus areas of our leadership team as we manage through the current operating environment. We clearly cannot predict the timing or the depth of the coming cycles, but by covering the following areas, we do get a sense of direction and potential magnitude of our change within our business. First, we're actively in dialogue with all of our existing customers for operational issues pertaining to the COVID safety protocols and/or for collection of rent and in certain situations, potentially entering into a rent deferral plan.

現在，請容許我重點介紹一下我們領導團隊在應對當前營運環境過程中的重點領域。我們顯然無法預測未來週期的時間或深度，但透過涵蓋以下領域，我們確實能夠了解業務變革的方向和潛在的規模。首先，我們正在與所有現有客戶積極溝通，以解決與新冠疫情安全協議相關的營運問題和/或租金收取問題，並在某些情況下可能達成租金延期計劃。

Second, for our development pipeline, we are very focused on maintaining worker safety, maintaining project delivery schedules and project budgets amidst any government-mandated safety protocols and shutdowns. Steve Schnur will speak more in-depth on this in just a moment.

其次，對於我們的開發流程，我們非常注重在政府強制執行安全規程和停工期間保障工人安全、按時交付專案並控制專案預算。 Steve Schnur 稍後將對此進行更深入的探討。

Third, on major capital deployment, we've decided to temporarily halt any new speculative development starts, acquisitions or dispositions until we have more clarity around the timing and impact of the post-COVID world. Mark will lay out more specifics on 2020 expectations in just a few minutes.

第三，關於大規模資本配置，我們決定暫時停止任何新的投機性開發案、收購或處置，直到我們對後疫情時代的時機和影響有更清晰的認識。馬克將在幾分鐘後詳細介紹2020年的預期。

Fourth, we are implementing cost savings measures to help manage G&A, depending on the length of the shutdown and the pace of the economic recovery.

第四，我們正在實施成本節約措施來幫助管理一般及行政費用，具體取決於停工時間的長短和經濟復甦的速度。

Fifth, we're focused on monthly performance trends and modeling expected cash flow scenarios, and the underwriting team is providing more frequent tenant credit updates.

第五，我們專注於每月的績效趨勢和預期現金流量情境建模，核保團隊正在提供更頻繁的租戶信用更新。

Sixth, we're closely monitoring supply and demand trends in each of our 20 markets, both for the near term and looking forward into 2021. And finally, the executive team is meeting weekly and sometimes daily to lead and communicate a road map to our organization as well as our Board of Directors.

第六，我們正在密切監測我們 20 個市場中每個市場的供需趨勢，包括近期和 2021 年的趨勢。最後，執行團隊每週甚至每天開會，以領導並向我們的組織和董事會傳達路線圖。

And now let me turn it over to Steve to cover the operational side.

現在讓我把話題交給史蒂夫來負責營運方面的事情。

Thanks, Jim. I'll first cover overall market fundamentals, then I'll review our operational results and finally touch on the topic of rent collections.

謝謝，吉姆。我先來聊聊整體市場基本面，然後回顧一下我們的營運業績，最後談談租金收取的問題。

The quarter ended up relatively strong on demand front, given the lack of availability of space. And even with decision-making starting to slow in early March, the market achieved about 35 million square feet of absorption. Deliveries were about 55 million square feet, equating to a mid-4% vacancy rate at quarter end.

由於可用空間不足，本季需求相對強勁。即使3月初決策速度開始放緩，市場吸收量仍達到約3,500萬平方英尺。交付面積約5500萬平方英尺，相當於季度末空置率約4%。

As you'd expect, the outlook for demand in 2020 is going to decline from the slowing economy. While it's too difficult at this time to predict a range of demand, given the leasing trends we've seen in the second half of March and through April to date, we are seeing demand from important industries such as food and beverage, health care, reverse logistics and other basic necessities, and of course, the direct-to-consumer e-commerce type of demand. What the exact demand offset will be from customers vacating space is not yet clear, and I think we'll know a bit more as we get into May and June on this topic. But if we assume a stress scenario of little to no new demand and completed the under construction pipeline in the market today of about 140 million square feet, we'd probably be looking at a vacancy rate of 5.3% to maybe an upper bound of 5.8% in the first half of 2021. However, we believe, given this new area of social distancing and more stay-at-home activities and with the potential of more inventory resiliency and safety stock planning later this year, the demand for incremental inventory storage and direct fulfillment space should stay fairly solid and will likely increase into 2021 when we see an economic recovery. I would also note that we as well as all of our public peers who have reported to date have pulled back on new speculative development starts. So I think it is likely we will see a significant decrease in deliveries going forward, and therefore, a fairly balanced supply-demand equation in 2021.

正如您所料，由於經濟放緩，2020 年的需求前景將會下降。雖然目前很難預測需求範圍，但鑑於我們在 3 月下半月以及整個 4 月至今看到的租賃趨勢，我們看到食品飲料、醫療保健、逆向物流和其他基本必需品等重要行業的需求，當然還有直接面向消費者的電子商務類型的需求。客戶騰出空間究竟能抵銷多少需求目前尚不清楚，我認為隨著 5 月和 6 月的到來，我們會對這個問題有更多了解。但是，如果我們假設一個幾乎沒有新增需求的壓力情景，並且目前市場上約 1.4 億平方英尺的在建項目已經完工，那麼我們可能會看到 2021 年上半年的空置率在 5.3% 到 5.8% 的上限。但是，我們認為，考慮到社交距離和居家活動的增加，以及今年稍後可能出現的庫存彈性和安全庫存計劃，對增量庫存存儲和直接履行空間的需求應該會保持相當穩固，並且隨著 2021 年經濟復甦，這種需求可能會增加。我還要指出的是，我們以及迄今為止所有已報告的上市公司都已減少了新的投機性開發項目的開工。因此，我認為未來交付量可能會大幅下降，從而在 2021 年實現供需平衡。

Turning to our own portfolio. Even with the market starting to soften in mid-March, we still executed a very solid first quarter by signing 4 million square feet of leases. This is higher than the first quarter of 2019. Nearly half of this activity was in March, and included in the 4 million were 850,000 square feet of short-term leases, which is consistent with our past performance in short-term leasing activity. Thus far, in April, we have executed 1.9 million square feet of new leases. These leases include a long-term lease for 200,000 feet in Nashville with a tenant who would sign a short-term deal in the first quarter; a 650,000 foot early renewal in Northern California; a 450,000 foot renewal in Columbus; and a 300,000 square foot transaction across 2 properties in Raleigh. As you can see by these deals, demand currently is stronger across larger spaces, and the average lease term for our first quarter lease transactions was 6.7 years.

談談我們自己的投資組合。即使市場在3月中旬開始疲軟，我們仍然在第一季取得了非常穩健的業績，簽署了400萬平方英尺的租約。這高於2019年第一季的水準。其中近一半的租賃活動發生在3月份，這400萬平方英尺的租賃中包括85萬平方英尺的短期租賃，這與我們過去在短期租賃方面的表現一致。到目前為止，4月我們已簽署了190萬平方英尺的新租約。這些租約包括一份位於納許維爾的20萬平方英尺的長期租約，租戶將在第一季度簽署一份短期協議；一份位於北加州的65萬平方英尺的提前續約租約；一份位於哥倫布的45萬平方英尺的續約租約；以及一份位於羅利的兩處房產的30萬平方英尺的交易。從這些交易中可以看出，目前對更大空間的需求更強勁，我們第一季租賃交易的平均租賃期限為 6.7 年。

When considering renewals and immediate backfills, we released 79.2% of our expirations during the first quarter and closed the quarter with an in-service occupancy level of 96.5%. The lease activity for the quarter, combined with strong fundamentals, led to another great result and rent growth, as Jim mentioned, of 17% cash and 33% on a GAAP basis. The mark-to-market in our portfolio of leases is about 15% pre-pandemic rental rates. In addition, we have only 5% of our leases expiring in 2020 and 9% in 2021. These low expirations, coupled with mark-to-market estimates, supports a likely lower level of volatility in net operating income compared to other companies with much greater levels of annual lease expirations.

考慮到續約和即時補租，我們在第一季釋放了79.2%的到期租賃，本季末的入住率達到96.5%。本季的租賃活動，加上強勁的基本面，帶來了另一個出色的業績和租金增長，正如Jim提到的，現金租金增長了17%，按公認會計準則計算則增長了33%。我們租賃組合的市價約為疫情前租金的15%。此外，我們只有5%的租賃合約在2020年到期，9%在2021年到期。這些較低的到期率，加上以市價計算的估值，使得淨營業收入的波動性可能低於其他年度租賃到期率高得多的公司。

Now I'll cover our recent rent collection performance. As of this morning, we've collected 100% of both our January and February rents, 99.6% of our March rents and over 97% now of our originally billed April rents. I would also add that we have collected about 22% of our May rents to date. We have a detailed process we go through if we get a request from a tenant for a deferral. First, we encourage the customer to look at all available liquidity sources such as their bank facilities and any government lending programs. Next, we provide each tenant with a checklist requesting their financial statements, evidence that they have applied for one of the government lending programs if they qualified and what other measures they are taking to reduce costs and improve their operating performance. We then perform an updated credit review process and assess the staying power of the customer. At that time, we'll conclude on the decision whether to offer some type of deferral. Although it's still early in this process, we generally see these agreements resulting in 2 to 3 months of partial base rent deferral with the deferred amount to be paid back with interest generally within 6 to 12 months.

現在我將介紹我們近期的租金收取情況。截至今天上午，我們已收取了1月和2月的100%租金，3月的99.6%租金，以及超過97%的4月原定租金。我還想補充一點，我們迄今已收取了5月租金的約22%。如果我們收到租戶的延期付款請求，我們會遵循一個詳細的流程。首先，我們鼓勵客戶查看所有可用的流動性來源，例如他們的銀行貸款和任何政府貸款項目。接下來，我們會向每位租戶提供一份清單，要求他們提供財務報表、已申請政府貸款項目（如果符合條件）的證明，以及他們正在採取的其他降低成本和改善營運績效的措施。然後，我們會進行最新的信用審查流程，並評估客戶的持久力。屆時，我們將最終決定是否提供某種形式的延期付款。儘管這個過程還處於早期階段，但我們通常看到這些協議導致部分基本租金延期 2 至 3 個月，延期金額通常在 6 至 12 個月內連本帶利償還。

As we reported in our press release last night, we've received request for rent referrals from about 24% of our tenant base. It is important to note that only a portion of these are being considered at this time. Our smaller tenants are definitely feeling the impacts of this environment more acutely, as evidenced by the fact that majority of our requests have come from tenants under 100,000 feet. I would also add that of the 5 million square feet of leasing we have done to date, when you exclude short-term leases, only 16% of this activity is from tenants less than 100,000 feet.

正如我們昨晚在新聞稿中報導的那樣，我們收到了約24%租戶的租金推薦請求。值得注意的是，目前只有一部分租戶正在考慮中。我們的小型租戶無疑更強烈地感受到這種環境的影響，這一點從我們的大多數請求來自10萬平方英尺以下的租戶這一事實可以看出。我還要補充一點，在我們迄今為止完成的500萬平方英尺的租賃業務中，如果排除短期租賃，只有16%來自10萬平方英尺以下的租戶。

Until there's more clarity on the length of the COVID shelter-in-place government orders and development of COVID treatments, the near term is a bit uncertain regarding the outcome of rent deferrals. Going forward, and as Jim alluded to in his opening remarks, we'll maintain active dialogue with our customers with a focus on maximizing our monthly rent collections.

在新冠疫情居家隔離令的期限和新冠治療方案的進展更加明朗之前，短期內租金延期的效果尚不確定。展望未來，正如Jim在開場白中提到的，我們將與客戶保持積極溝通，重點是最大限度地提高每月租金收入。

Let me also point out that we feel we have a very strong customer base, including our top tenants, such as Amazon, UPS, Target, Home Depot, Walmart, Clorox and Samsung, just to name a few. Coupled with our relatively longer lease terms and lower rollover, it is our view that this has been an underappreciated aspect of Duke Realty's risk-reward equity proposition, particularly for those investors with a long-term horizon. We also had a strong quarter of development starts, as Jim mentioned, in spite of the growing uncertainty. We broke ground on 3 build-to-suit projects totaling $117 million, all 100% leased. Our development pipeline at quarter end totaled $1.1 billion, with 74% of these assets allocated to coastal Tier 1 markets. This pipeline was also 61% pre-leased at March 31.

我還要指出的是，我們擁有非常強大的客戶基礎，其中包括亞馬遜、UPS、塔吉特、家得寶、沃爾瑪、高樂氏和三星等頂級租戶。再加上我們相對較長的租期和較低的展期率，我們認為這是杜克地產風險回報股權投資理念中被低估的一個方面，尤其是對於那些著眼於長期投資的投資者而言。正如吉姆所提到的，儘管不確定性日益增加，但本季我們的開發案開工率依然強勁。我們破土動工了三個客製化項目，總價值1.17億美元，全部出租。截至本季末，我們的開發案總額為11億美元，其中74%的資產配置在沿海第一線市場。截至3月31日，這些項目也已預租61%。

Regarding the timing and delivery of various government actions to close down certain businesses deemed nonessential, we've had 2 of our 21 projects incur some sort of work stoppage with 1 of them now back online. We expect a minor completion delay on only 1 project and only by about 2 to 3 months as that project will now be back online next week. At the project site level, we've been actively engaging with contractors and prospective tenants, and the Duke project teams have been doing a fantastic job of minimizing the impacts. We've not heard of any material issues from our tenants' viewpoints. It seems everyone knows we're in this together, we're open for business, and we're working hard to complete all of our facilities.

關於政府關閉某些非必要企業的各種措施的時機和執行情況，我們21個項目中已有2個出現某種程度的停工，其中1個現已恢復運作。我們預計只有一個專案的竣工時間會略有延遲，且僅會延遲約2至3個月，因為該專案將於下週恢復營運。在專案現場，我們一直積極與承包商和潛在租戶溝通，杜克大學的專案團隊在將影響降至最低方面做得非常出色。我們尚未從租戶那裡聽到任何實質問題。似乎每個人都知道我們同舟共濟，我們將繼續營業，並且正在努力完成所有設施的建設。

As of last month, we've temporarily suspended all new speculative development starts, as is reflected in our updated guidance. Future spec development will depend upon the business environment and the economic outlook for the second half of 2020. We do, however, have a solid pipeline of potential build-to-suit projects with creditworthy customers that we expect would be an accretive allocation of capital going forward.

自上個月起，我們已暫停所有新的投機性開發項目，這已反映在我們最新的指引中。未來的投機性開發案將取決於商業環境和2020年下半年的經濟前景。不過，我們擁有一批信譽良好的潛在客製化項目，我們預計這些項目將在未來帶來資本的增值。

As far as acquisitions and dispositions, we had a light quarter of activity. We closed on the sale of a 540,000 square foot building 100% leased in St. Louis. As you expect, we have reduced our guidance for dispositions, which Mark will touch on. However, we do have a number of good quality assets that we are still expecting to sell later this year, subject to improving market conditions. Our disposition activity will continue to contribute towards our 70% Tier 1 geographic exposure objective by the end of '21 as well as provide a source of funds. We've also reduced expectations on the acquisition side. We hope to find some opportunistic transactions in light of the market turbulence and have the balance sheet and industry connections to react quickly to take advantage of any opportunities that we see.

就收購和處置而言，本季我們的業務活動較為清淡。我們完成了位於聖路易斯的一棟54萬平方英尺、已100%出租的建築的出售。正如您所料，我們下調了處置預期，馬克稍後會談到這一點。不過，我們仍有一些優質資產，預計在今年稍後出售，但前提是市場狀況有所改善。我們的處置活動將繼續幫助我們實現21年底70%的一級地域覆蓋率目標，並提供資金來源。我們也下調了收購方面的預期。鑑於市場動盪，我們希望找到一些機會性交易，並擁有完善的資產負債表和行業人脈，以便快速反應，抓住任何機會。

I'll now turn it over to Mark to discuss our financial results and guidance update.

現在我將把時間交給馬克來討論我們的財務表現和指導更新。

Thanks, Steve. Good afternoon, everyone. Core FFO for the quarter was $0.33 per share compared to core FFO of $0.38 per share in the fourth quarter of 2019. Core FFO was negatively impacted by an approximate $0.03 per share increase to noncash general and administrative expense compared to the fourth quarter of 2019, which is a normal first quarter item resulting from the accounting requirement to immediately expense a significant portion of our annual stock-based compensation grant. Core FFO was also negatively impacted by almost $0.02 per share from straight-line rent receivable collectibility reserves we recognized this quarter for the impact of the COVID-19 outbreak.

謝謝，史蒂夫。大家下午好。本季核心營運現金流（FFO）為每股0.33美元，而2019年第四季的核心營運現金流（FFO）為每股0.38美元。與2019年第四季相比，非現金一般及行政費用每股增加約0.03美元，對核心營運現金流產生了負面影響。這屬於第一季的正常項目，因為會計要求將我們年度股票薪酬獎勵的很大一部分立即計入費用。核心營運現金流也受到本季因新冠疫情影響而提列的直線租金應收回款準備金每股近0.02美元的負面影響。

Improved operating performance from rent growth and increased occupancy largely offset these collectibility reserves, resulting in core FFO per share of $0.33 per diluted share, consistent with the first quarter of 2019. We reported FFO, as defined by NAREIT, of $0.28 per share for the quarter compared to $0.33 per share for the first quarter of 2019, with the decrease resulting from an approximate $0.05 per share loss on debt extinguishment costs from the refinancing transaction we executed during the quarter.

租金成長和入住率提高帶來的經營業績改善在很大程度上抵消了這些可收回準備金，導致核心每股 FFO 為每股稀釋後 0.33 美元，與 2019 年第一季持平。我們報告的本季度 FFO（由 NAREIT 定義）為每股 0.28 美元，而 2019 年第一季為每股 0.33 美元，下降是由於我們在本季度執行的再融資交易的債務清償成本導致每股損失約 0.05 美元。

AFFO totaled $126 million for the quarter compared to $119 million for the first quarter of 2019. AFFO during the quarter was not impacted by the straight-line collectibility reserves we recognized during the quarter.

本季 AFFO 總額為 1.26 億美元，而 2019 年第一季為 1.19 億美元。本季的 AFFO 並未受到我們在本季度確認的直線回收準備金的影響。

Same-property NOI growth on a cash basis for the 3 months ended March 31, 2020, was 6.6%. In addition to increased occupancy and rent growth, same-property NOI growth this quarter benefited about 180 basis points from the burn off of free rent compared to the first quarter of 2019. Same-property NOI for the first quarter on a GAAP basis was 1.5%, which was lower than the cash number due mainly to a 300 basis point impact from the noncash collectibility reserves we recognized this quarter as well as the lack of impact from free rent burn off on a GAAP basis.

截至2020年3月31日的三個月，以現金計算的同店淨營業利潤成長率為6.6%。除了入住率和租金成長外，本季同店淨營業利潤的成長也受惠於免租金的消耗，較2019年第一季成長了約180個基點。以美國通用會計準則 (GAAP) 計算，第一季同店淨營業利潤率為1.5%，低於現金淨營業利潤，主要原因是我們本季確認的非現金可回收準備金產生了300個基點的影響，以及按美國通用會計準則計算的免租金消耗未產生影響。

I want to discuss our strong liquidity position and point out that we added a new schedule in our supplemental materials on Page 20. As illustrated in this schedule, we expect that funds available for reinvestment will provide more than sufficient liquidity to fund our operations including the completion of our development pipeline and pay dividends. This is true even when considering the impact of cash collections from the various forms of rent relief that we may extend to certain of our tenants over the next few months.

我想討論我們強勁的流動性狀況，並指出我們在第20頁的補充資料中增加了一個新的時間表。如該時間表所示，我們預計可供再投資的資金將足以支持我們的運營，包括完成我們的開發項目並支付股息。即使考慮到我們未來幾個月可能向某些租戶提供的各種租金減免措施帶來的現金回籠的影響，情況也是如此。

I'd like to talk a little bit about the accounting impact of rent deferrals on various metrics and liquidity. As long as rent deferral agreements are deemed to be collectible, there is really no accounting impact on FFO, AFFO or NOI. To the extent any of the repayment terms stretch beyond 1 year, then there could be an immaterial negative impact in short-term AFFO and NOI, offset by positive variances in future years but no impact on FFO. To the extent any rent deferral agreements are deemed to be uncollectible, then they will be included in our reserves for bad debt and obviously impact all of these metrics.

我想稍微談談租金延期對各種指標和流動性的會計影響。只要租金延期協議被視為可收回，它實際上就不會對營運現金流量 (FFO)、營運現金流量 (AFFO) 或營業淨收入 (NOI) 產生任何會計影響。如果任何還款期限超過 1 年，則可能會對短期營運現金流量 (AFFO) 和營業淨收入 (NOI) 產生非實質的負面影響，但會被未來幾年的正向差異所抵消，但不會對營運現金流 (FFO) 產生影響。如果任何租金延期協議被視為無法收回，則它們將被計入我們的壞帳準備金，這顯然會影響所有這些指標。

From a cash flow liquidity perspective, there will be a negative impact on short-term cash flows, but not in any way will be materially -- will it materially affect our overall liquidity position. Let me give you an example to show you the magnitude of cash flows we're talking about. Our monthly gross rent billings are approximately $70 million. If you assume our deferral request grow to 25% of our annual net lease value and we end up granting relief on even half of those requests, that would be 12% of our tenants on an annual gross lease value or $8.8 million of monthly gross rent. If you then assume that all of the granted requests were for 3 months of relief at 50% of gross rents each month, that is $13 million of total relief over 3 months. This is about 150 basis points of annual revenue.

從現金流流動性的角度來看，這將對短期現金流產生負面影響，但絕不會對我們的整體流動性狀況產生實質影響。我舉個例子，來說明我們所謂的現金流規模。我們每個月的總租金約為7000萬美元。假設我們的延期付款申請增長到年度淨租賃價值的25%，而我們最終批准了其中一半的申請，那麼這將相當於年度淨租賃價值的12%，即每月總租金880萬美元。假設所有核准的申請都是3個月的減免，每月減免額為總租金的50%，那麼3個月的總減免額為1300萬美元。這大約相當於年收入的150個基點。

Our quarterly run rate of AFFO less dividends is approximately $40 million. So even at this level of deferrals, in my example, totaling $13 million, we have ample liquidity even during these periods of deferral to cover all aspects of our operations and our dividend. Also, we do expect repayment of these deferrals. This does not equate to lost revenue or cash flow.

我們季度的AFFO扣除股息後的運行率約為4000萬美元。因此，即使在這種延期付款水準下（以我為例，總額為1300萬美元），我們仍然擁有充足的流動性，足以涵蓋我們營運和股息的各個方面。此外，我們確實預計這些延期付款將得到償還。這並不等同於收入或現金流的損失。

From a capital standpoint, we executed a transaction prior to the COVID outbreak, which ended up putting us in an even more secure position to weather the crisis. In February 2020, we issued $325 million of 30-year unsecured notes at a coupon rate of 3.05% and used the proceeds for the early redemption of $300 million of unsecured notes that bore interest at a 4.38% coupon rate and were set to mature in June of 2022. As a result of this transaction, we do not have any significant debt maturities until October of 2022.

從資本角度來看，我們在新冠疫情爆發前進行了一項交易，這最終使我們更加穩固地度過了危機。 2020年2月，我們發行了3.25億美元的30年期無擔保票據，票面利率為3.05%，並將所得款項用於提前贖回3億美元的無擔保票據，這些票據的票面利率為4.38%，到期日為2022年6月。由於此次交易，我們在2022年10月之前沒有任何重大債務到期。

Wells Fargo's credit research team recently published a report on liquidity. And based on various stress test to EBITDA and our year-end projected credit metrics, we ranked the fifth strongest out of 63 REITs covered in their universe.

富國銀行的信用研究團隊最近發布了一份關於流動性的報告。根據EBITDA的各種壓力測試以及我們預測的年終信用指標，我們在富國銀行涵蓋的63只房地產投資信託基金中排名第五。

Lastly, which is -- what is not included in these liquidity metrics is that virtually 100% of our properties are unencumbered and a very high institutional quality. This provides another reliable source of funds if ever needed. Our leverage metrics are very conservative with net debt-to-EBITDA at 4.8x and a trailing 12-month fixed charge coverage ratio of 5.2x.

最後，這些流動性指標未涵蓋的是，我們幾乎100%的資產均無抵押，且機構資產品質極高。這在需要時提供了另一個可靠的資金來源。我們的槓桿比率指標非常保守，淨負債與EBITDA比率為4.8倍，過去12個月的固定費用覆蓋率為5.2倍。

I would now like to address the changes to our 2020 guidance that we have made from the result of the pandemic's impact on the economy and supply chain. First, we've decreased our guidance for core FFO to a range of $1.41 to $1.51 per diluted share from the previous range of $1.48 to $1.54 per diluted share, which equates to a $0.05 decrease to the midpoint. The decreased guidance for core FFO is driven by a midpoint estimated increase of $18 million or $0.05 per share of collectibility reserves or lost rents from defaults and delayed lease-up assumptions, including the $5 million charge taken in the first quarter. This equates to a total increase of 210 basis points. I want to be clear that this 210 basis point increase in revenue reserves, if you will, is not all bad debt. It is all inclusive of cash bad debt, straight-line bad debt, lost occupancy from defaults and delayed lease-up assumptions from currently vacant space. If this estimated additional loss of revenue of $18 million or 210 basis points is ultimately correct, the split between the categories that I just mentioned could vary widely based on timing and tenant makeup. But as of now, we are estimating that this 210 basis points increase will be made up of 80 basis points of cash from a combination of defaults and bad debt write-offs; 60 basis points from increased straight-line reserves, which was already booked in the first quarter; and 70 basis points from delayed lease-up assumptions. This is in addition to the 50 basis points of annual revenue we had in our original guidance. So at the midpoint, we now have 260 basis points or $22 million of total revenue reserves.

現在，我想談談我們因疫情對經濟和供應鏈的影響而對2020年業績指引做出的調整。首先，我們將核心營運現金流（FFO）指引從先前的每股稀釋後1.48美元至1.54美元下調至每股稀釋後1.41美元至1.51美元，相當於中間值減少了0.05美元。核心營運現金流指引的下調是由於可收回準備金或違約損失租金以及延遲租賃假設的中間值估計增加了1800萬美元或每股0.05美元，其中包括第一季度計提的500萬美元費用。這相當於總共增加了210個基點。我想明確指出，收入準備金增加的210個基點並非全部都是壞帳。它包括現金壞帳、直線壞帳、違約損失入住率以及當前空置空間的延遲租賃假設。如果這1800萬美元或210個基點的額外收入損失預估最終準確，那麼我剛才提到的各項收入的分配可能會因時間和租戶組成而有很大差異。但截至目前，我們估計這210個基點的成長將由以下因素構成：80個基點來自違約和壞帳核銷的現金；60個基點來自增加的直線準備金（已在第一季計入）；以及70個基點來自延遲租賃假設。這還不包括我們最初指引中50個基點的年收入。因此，以中間值計算，我們現在擁有260個基點，即2,200萬美元的總收入準備金。

I also want to point out that these numbers do not necessarily translate to same-property results. Bad debt reserves on straight-line receivables do not impact cash same-property results and much of our decreased occupancy assumptions in currently vacant space is in properties that are not part of the same-property pool. Thus, the total impact on same-property is only 150 basis points.

我還想指出，這些數字並不一定能轉化為同類型物業的表現。直線法應收帳款的壞帳準備金不會影響同類型物業的現金業績，而且我們降低的當前空置空間入住率假設，很大一部分來自不屬於同類型物業池的物業。因此，對同類型物業的整體影響僅為150個基點。

We tried to take a reasonably conservative approach in coming up with our estimated potential lost revenue given the unprecedented times we were facing. We looked at our overall potential risk exposure from many different ways, including individual tenant concerns were present, exposure to various industries experiencing greater pressures in this environment, and exposure to smaller tenants that will have a tougher time withstanding these shutdowns for a prolonged period of time. Our increase to our straight-line receivable reserve of $5 million we took in the first quarter is the accumulation of all these reviews.

鑑於我們面臨的前所未有的時期，我們在估算潛在收入損失時，盡量採取了合理保守的方法。我們從多個角度評估了整體潛在風險敞口，包括個別租戶的擔憂、在當前環境下面臨更大壓力的各行業的風險敞口，以及規模較小的租戶的風險敞口（這些租戶在長期停業後將面臨更大的困難）。我們第一季增加的500萬美元直線應收帳款準備金，正是所有這些評估的累積。

For perspective, our total straight-line receivable balance at the end of 2019 was about $130 million, net of a $7 million reserve at that time. So we increased that $7 million reserve by this $5 million. As I'm sure you can appreciate, this is a very difficult process given the extreme degree of uncertainties at the present time, but we thought it was prudent to take this approach and made sense to increase our reserve at this time given the extreme changes we have been experiencing since year-end.

舉例來說，我們2019年底的直線應收帳款餘額總額約為1.3億美元，扣除當時700萬美元的準備金。因此，我們將這700萬美元的準備金增加了500萬美元。我相信您能理解，鑑於目前極端的不確定性，這是一個非常艱難的過程，但我們認為採取這種方法是審慎的，而且考慮到我們自年底以來經歷的極端變化，此時增加準備金也是合理的。

Keep in mind, our average remaining lease term is 5.9 years. So on average, that is the period of time it takes to collect the straight-line receivable balance.

請記住，我們的平均剩餘租賃期限為5.9年。因此，平均而言，這是收回直線應收帳款餘額所需的時間。

For perspective, in 2009, our industrial portfolio experienced 210 basis points of bad debt expense. About half of that was straight-line receivable write-offs and the other half were write-offs of billed receivables. In addition to this 210 basis points of bad debt, we had 150 basis points of lost rent on an annualized basis from vacancy after tenant defaults. So in total, we had 360 basis points of lost rent from just bad debts and defaults in 2009. This is not how we arrived at our estimates for this year, but merely for comparative purposes. We have a much stronger portfolio and tenant base now than we did back then to come out of this current situation much stronger in the long term.

舉例來說，2009年，我們的工業投資組合的壞帳支出為210個基點。其中約一半是直線法應收帳款沖銷，另一半則是已開立應收帳款的沖銷。除了這210個基點的壞帳之外，由於租戶違約導致空置，我們每年還損失了150個基點的租金。因此，2009年，光是壞帳和違約就給我們帶來了360個基點的租金損失。這並非我們今年估算的依據，僅供比較之用。我們現在的投資組合和租戶基礎比當時更強大，從長遠來看，我們能夠更強勁地擺脫當前的困境。

Also negatively impacting our core FFO revised guidance are increased carry costs resulting from our decrease in development expectations that would have otherwise been capitalizing. For similar reasons, the core FFO, in addition to the loss on debt extinguishment we took in the first quarter, we have also decreased our guidance for NAREIT FFO to a range of $1.32 to $1.44 per share from the previous range of $1.42 to $1.52 per share. We are also revising our guidance for the change in adjusted funds from operations on a share adjusted basis to range between 0% and an increase of 6.2% from the previous range of 3.1% to 7.7%.

對我們核心FFO修訂指引產生負面影響的另一個因素是，由於我們下調了原本可以資本化的開發預期，導致持有成本增加。基於類似原因，除了第一季發生的債務清償損失外，我們還將核心FFO的指引從先前的每股1.42美元至1.52美元下調至每股1.32美元至1.44美元。我們也將調整後營運資金（按股份調整後）變動指引從先前的3.1%至7.7%下調至0%至6.2%之間。

As stated earlier, a portion of these estimated bad debt charges that may negatively impact core FFO do not have any impact on AFFO. Even with these revised expectations, our current quarterly dividend rate of $0.235 per share, the durability of our dividend remains strong with coverage against adjusted funds from operations in the high 60s to low 70% range. For same-property NOI growth on a cash basis, we have decreased our guidance to a range of 1.75% to 3.25% from the previous range of 3.6% to 4.4%. Cash same-property NOI growth for 2020 will be impacted positively by growth in rental rates on second-generation leasing yet offset by expected collectibility reserves on billed receivables and lost cash rent from the challenging economic conditions for a number of our tenants. The bad debt expense from straight-line rents will not impact same -- cash same-property growth, but will impact GAAP same property. So the variance between cash same-property growth and GAAP same-property growth will be wider than normal at about 200 to 300 basis points.

如前所述，這些預估壞帳費用中的一部分可能會對核心營運現金流量 (FFO) 產生負面影響，但不會對營運現金流量 (AFFO) 產生任何影響。即使調整後的預期，我們目前的季度股息率為每股 0.235 美元，股息的持久性仍然強勁，調整後營運資金的覆蓋率在 60% 到 70% 之間。對於現金基數下的同物業淨營運收入 (NOI) 成長，我們已將預期範圍從先前的 3.6% 到 4.4% 下調至 1.75% 到 3.25%。 2020 年現金基數下的同物業淨營運收入 (NOI) 成長將受到第二代租賃租金上漲的正面影響，但會被已開票應收帳款的預期回收準備金以及部分租戶因經濟形勢嚴峻而損失的現金租金所抵消。直線租金的壞帳費用不會影響現金基礎下的同物業成長，但會影響 GAAP 基數下的同物業。因此，現金同房成長與 GAAP 同房成長之間的差異將比正常情況大，約為 200 至 300 個基點。

As Steve noted, we have temporarily halted new speculative development starts, which was the primary driver to our downward revised guidance for 2020 development starts, which is now in a range of $275 million to $425 million compared to our original 2020 guidance of $675 million to $875 million. We've also temporarily halted new acquisitions and dispositions, which were the primary drivers lowering our estimate for disposition volume to $125 million to $250 million from the original guidance of $300 million to $500 million.

正如史蒂夫所指出的，我們已暫停新的投機性開發案開工，這導致我們下調了2020年開發案開工預期。目前，該預期範圍為2.75億美元至4.25億美元，而我們最初預期的2020年開工預期為6.75億美元至8.75億美元。我們也暫停了新的收購和處置，這導致我們下調了2020年預估的處置額，從最初預期的3億美元至5億美元降至1.25億美元至2.5億美元。

Finally, we decreased our guidance for our stabilized in-service average occupancy to a range of 95% to 97%, a decrease of 100 basis points from the original midpoint, while we've decreased our guidance for total in-service average occupancy to a range of 94.4% to 96.4%, which is a decrease of 70 basis points from the original midpoint. The monetary impact of this expected occupancy decrease is included in the 2020 -- in the $22 million or $0.06 per share of total revenue reserves I mentioned earlier.

最後，我們將穩定在職平均入住率的指引下調至95%至97%的範圍，較原定中點下調了100個基點；同時，我們將總在職平均入住率的指引下調至94.4%至96.4%的範圍，較原定中點下調了70個基調。預計入住率下降帶來的財務影響已計入2020年的財務數據中——我之前提到的2,200萬美元或每股0.06美元的總收入儲備中。

I'll now turn it back to Jim for a few closing remarks.

現在我把話題轉回給吉姆，請他做最後幾句發言。

Thanks, Mark. We closed the first quarter of 2020 in the midst of a global health crisis and an unprecedented economic downturn, which has fundamentally changed our outlook in 2020 compared to when we announced earnings guidance just 3 months ago. However, as Mark just walked you through our revised guidance for the year, the midpoint of our expectation supports positive year-over-year earnings growth. We believe this is a reflection on the merits of the durability of our corporate profile and business fundamentals and gives us confidence that our organization will successfully navigate through this challenging time period.

謝謝，馬克。 2020年第一季度，我們正值全球健康危機和前所未有的經濟衰退之際，與三個月前公佈獲利預期時相比，這徹底改變了我們對2020年的展望。然而，正如馬克剛才向大家介紹的，我們修訂後的年度獲利預期中位數支持獲利年增。我們相信，這反映了我們公司業績和業務基本面的持久性，並讓我們有信心，公司將成功度過這段充滿挑戰的時期。

So I'll summarize our priorities in the near term. We're prioritizing the health and safety of our team members, continuing to maximize portfolio net operating income, completing and leasing the development pipeline and delivering environmentally responsible facilities, maintaining our very strong balance sheet that comfortably supports our dividend, and lastly, carefully allocating any new capital to best position ourselves for growth over the long term.

我將總結我們近期的優先事項。我們將團隊成員的健康和安全放在首位；繼續最大化投資組合的淨營業收入；完成並出租開發項目，並提供環保設施；保持強勁的資產負債表，以充分支持我們的股息；最後，謹慎分配任何新資本，為長期增長做好最佳準備。

So with that, we'll now open up our lines to the audience. (Operator Instructions) Tom will now take questions.

那麼，我們現在開始向觀眾提問。 （接線員指示）湯姆現在將回答問題。

(Operator Instructions) Our first question today comes from the line of Nick Yulico with Scotiabank.

（操作員指示）我們今天的第一個問題來自豐業銀行的 Nick Yulico。

This is Sumit in for Nick. Just a quick question on the bad debt activity in Q1. I guess what was the kind of tenant? And what type of space are we talking about in terms of sizing? And what sort of industry affiliation that tenant had? And potentially, if you could highlight the market? And in addition, how quickly were you able to re-lease the space to the tenant? We noticed a small amount of concessions offered. So was this related to the same situation? And in terms of the incoming tenant, what's the industry affiliation there? So just trying to get a sense of who went out and what sort of industry and then who came in and what sort of industry?

我是 Sumit，代替 Nick 發言。我想問一下第一季的壞帳活動。請問租戶是什麼樣的？就面積而言，我們討論的是哪種類型的空間？租戶屬於哪種產業？能否介紹一下市場狀況？此外，您多快能夠將空間重新租給租戶？我們注意到他們提供了一些優惠。這是否與之前的情形相同？至於即將入駐的租戶，他們的產業關係又是什麼？所以，我想了解哪些租戶離開了，屬於哪種行業？然後，哪些租戶入駐，又屬於哪種產業？

Yes, Sumit, I'll take that. There really is no -- there's no loss of tenants. This was not a cash rent reserve. It's all straight line. So it's not like we lost occupancy, and we're waiting to backfill the space. That's not what we're dealing with. We took a very comprehensive review effectively of every tenant in our database. And we looked at it a lot of different ways. We looked at tenants that may have individual bad news recently that's not favorable for them. We looked at all of the tenants that haven't paid us April rent which are a lot of small tenants, as Steve mentioned. Most of our deferral requests and the tenants who haven't paid us rent yet are small tenants in nature. So we sort of grouped all those tenants together, and we put up a reserve for the bad debt on the straight-line piece. We looked at tenants in higher risk industries that are more heavily impacted by COVID right now. Those industries like automotive and related airlines, hospitality, travel, event planning, recreation. In total, those industries, our exposure is really only about 5%, but we did put up a reserve on that group of tenants' straight-line receivable balance.

是的，Sumit，我接受。確實沒有——沒有租戶流失。這不是現金租金儲備。都是直線法。所以，我們並不是損失了入住率，然後等著補位。我們不是要處理這種情況。我們對資料庫裡的每一位租戶都進行了非常全面、有效的審查。我們從很多不同的角度進行了分析。我們查看了最近可能遇到不利於他們的個別壞消息的租戶。我們查看了所有尚未支付4月份租金的租戶，正如Steve所提到的，其中許多是小租戶。我們的大多數延期申請和尚未支付租金的租戶本質上都是小租戶。所以我們把所有這些租戶歸為一類，並在直線法上設立了壞帳準備金。我們查看了目前受新冠疫情影響較大的高風險行業的租戶。這些行業包括汽車及相關航空公司、酒店、旅遊、活動策劃和娛樂。總體而言，我們在這些行業的風險敞口實際上只有 5% 左右，但我們確實為該組租戶的直線應收帳款餘額設立了儲備金。

So you got to keep in mind, the straight-line receivable balance is $130 million on our balance sheet. It's been built up over time through free rent sometimes years ago that was given to some of these tenants, rent escalators. So it's not about current cash rents. It's about straight-line revenues that we've recognized in past years that we reserve for in the first quarter.

所以你要記住，我們資產負債表上的直線應收帳款餘額是1.3億美元。這筆款項是透過幾年前給予部分租戶的免租金和租金自動調整機制逐漸累積起來的。所以，這筆款項與當期現金租金無關。這筆款項與我們過去幾年確認的直線收入有關，這些收入我們在第一季預留了。

So it's not an occupancy issue. It's not like we lost tenants. As Steve mentioned, our cash that we're collecting is very good right now. We just thought at this point in time, given everything going on in the world, if we were comfortable with the reserve on that $130 million at year-end, given everything going on in the world, it seemed prudent that we ought to be increasing that reserve right now.

所以這不是入住率的問題。我們也沒有失去租戶。正如史蒂夫所提到的，我們現在的現金流非常充裕。我們只是覺得，考慮到目前全球局勢，如果我們對年底1.3億美元的儲備金感到滿意，考慮到目前全球局勢，我們現在應該增加這筆儲備金，這似乎是明智之舉。

Mark, I mean, sorry if I misunderstood, but wasn't there a backfill in the quarter?

馬克，如果我誤解了，我很抱歉，但本季不是有補充嗎？

That's not...

那不是...

Is that what you're referring to?

這就是你指的嗎？

Well, I would say that we renewed about 79% when you include backfills and tenants that expired. That represented about 11% of the 79%.

嗯，如果算上回租屋和租期已滿的租戶，我們的續租率大概是 79%。這佔了 79% 中的 11%。

Yes. That had nothing to do with the bad debt we took. That's just -- we had -- yes. That has nothing to do with the bad debt.

是的。這和我們承擔的壞帳無關。那隻是——我們有——是的。這和壞帳無關。

Our next question comes from Mike Mueller.

我們的下一個問題來自麥克·穆勒。

Quick question. On the 250 basis point occupancy decline that you have baked into the second half of the year, are you assuming that all takes place on July 1? Or is it more of a slow bleed throughout the second half of the year? I'm just asking because I'm trying to think about the 2021 carryover.

快問快答。關於您預測下半年入住率將下降250個基點，您是假設所有數據都會在7月1日全部反映出來嗎？還是說它會在整個下半年緩慢下降？我問這個問題是因為我正在考慮2021年的結轉效應。

Yes, Mike, we didn't necessarily look at it that way. It is an average number. So I guess, on average, you could really kind of think of it like it happens on July 1. The reality is it will probably start to slowly happen before then, and then increase probably early in the second half of the year. But on average, I think July 1 is kind of the way we modeled it right now.

是的，麥克，我們不一定會這麼看。這是一個平均數字。所以我想，平均而言，你可以把它想像成發生在7月1日。實際情況是，它可能會在那之前慢慢開始發生，然後可能會在下半年初加速。但平均而言，我認為7月1日是我們目前模擬的情況。

And we have a question from Jamie Feldman representing Bank of America. (Operator Instructions)

美國銀行代表傑米·費爾德曼向我們提問。 （操作員指示）

Great. Can you hear me?

太好了。你聽得到我說話嗎？

Yes, we can hear you, Jamie...

是的，我們聽得到你的聲音，傑米…

Yes, we can hear you, Jamie.

是的，我們能聽到你的聲音，傑米。

I wanted to go back to Steve's comments on emergency inventory or inventory restocking and just kind of what tenants you're thinking over the long term. Can you guys maybe quantify what your average tenant is thinking in terms of the incremental demand picture when we do get through this and things get a little bit back to normal? Just trying to kind of get a sense of what the world does look like in a year or so.

我想回到史蒂夫關於緊急庫存或庫存補充的評論，以及您對租戶的長期考慮。當我們渡過難關，一切恢復正常後，您能否量化一下一般租戶對增量需求的看法？只是想大致了解一下世界會在一年左右後會是什麼樣子。

Sure, Jamie. I guess I'll make 2 points. One is probably no other time than the last 30 days that we had more access and conversations with our customer base than we do today. We're talking to every one of our customers and having conversations from the CEO down to the real estate directors. Secondly, I think there's been a lot of talk on resiliency and safety stock. A lot of it's been anecdotal. Our customers are beginning to talk about that. I can't say that right now, we have specifics on what that percentage of increase in inventory is going to be or where that's going to be or who it's going to affect. We don't have any specifics on that yet.

當然，傑米。我想說兩點。首先，過去30天裡，我們與客戶群的溝通與交流比今天更多。我們與每一位客戶都進行了溝通，從執行長到房地產總監，都進行了溝通。其次，我認為大家對彈性和安全庫存的討論很多。很多都是傳聞。我們的客戶也開始談論這些。我現在還不能確定，我們目前還沒有具體的庫存成長比例、影響範圍以及將影響哪些客戶。目前我們還沒有這方面的具體資訊。

Yes. Jamie, I would add, this is part of the larger discussion, which has been ongoing, and I think is going to accelerate, which goes all the way back to the onshoring of jobs and manufacturing and assembly that has been talked about for the last couple of years. So I think you'll see many companies begin to put plans in place over the next couple of years to continue to bring more of that responsibility back into the U.S. and more of that inventory into their existing supply chain here in the U.S. so they can access it quicker.

是的。傑米，我想補充一點，這是更大範圍討論的一部分，這個討論一直在進行，而且我認為會加速，這可以追溯到過去幾年一直在討論的就業崗位、製造和裝配的回流。所以我認為你會看到許多公司在未來幾年開始製定計劃，繼續將更多責任轉移回美國，並將更多庫存納入他們在美國現有的供應鏈，以便他們可以更快地獲取這些庫存。

Okay. I mean like what percentage of your tenant base would you say is considering that or talking about that?

好的。我的意思是，您認為有多少比例的租戶正在考慮或談論這個問題？

Probably 25% of the people we've talked to so far. It's an evolving situation, Jamie.

大概占我們目前訪問過人數的25%。情況還在不斷變化，傑米。

Next, we'll go to the line of Jeremy Metz, representing BMO.

接下來，我們來聽聽代表 BMO 的 Jeremy Metz 的發言。

Mark, you ran through a lot of great math on the embedded protection in your cash flow. Your April collections were strong. You only expect to grant a token of these deferral requests here. But you still took out the $200 million on the line to boost your cash position. I get the idea you're building a little bit of protection. I'm wondering if you could just give us a little color along those same lines. It doesn't have to be as detailed, I'd love it if it was, but just color on that rainy day thoughts you built in here to decide that, that was an appropriate amount of cushion to have.

馬克，你對現金流中嵌入的保護措施進行了大量出色的計算。你四月份的收款狀況很強。你預計只會批准一小部分的延期付款請求。但你還是拿出了2億美元來提升你的現金狀況。我明白你正在建立一些保護措施。我想知道你能否就此給我們一些類似的解釋。不必那麼詳細，如果詳細的話我會很高興，但請你根據你在這裡提出的未雨綢繆的想法，來判斷這是否是一個合適的緩衝量。

Yes, sure, Jeremy. Well, a couple of things I would say. Number one, when we borrowed that money, we knew that would get us comfortably through this year and well into next year, funding everything we have in front of us, including our development pipeline, if there were no other capital sources available. That was in kind of mid- to late March. That's at a time where companies were not accessing the debt markets and the companies that were accessing that markets were A-rated companies with interest rates on 10-year money pushing 6%. So that's when we did it. Would we do it today? I'm not sure we're comfortable with that cash. As we sit here now, we're going to slowly burn through that and fund our development. Certainly, the capital markets are available to us and are open. We believe we can do 10-year money now well below 3%. So I don't know that it will be on our balance sheet for the long term. But I just -- I think it's important to keep perspective on when we did it, not just that it's sitting there right now.

是的，當然，傑里米。我想說幾點。第一，我們借那筆錢的時候，就知道這筆錢足夠我們輕鬆度過今年，甚至明年，即使沒有其他資金來源，也能支撐我們所有的事情，包括我們的開發項目。當時大概是三月中下旬。當時很多公司都無法進入債券市場，進入債券市場的都是A級公司，10年期債券的利率高達6%。所以我們當時就藉了。現在我們會藉嗎？我不確定我們是否對這筆錢感到滿意。現在，我們會慢慢用掉這筆錢來資助我們的開發案。當然，資本市場對我們開放，而且對我們開放。我們相信，我們現在可以藉到遠低於3%的10年期債券。所以，我不知道這筆錢是否會長期留在我們的資產負債表上。但我只是——我認為重要的是記住我們當時做這件事的時間，而不僅僅是它現在就在那裡。

Our next question is from Blaine Heck with Wells Fargo.

我們的下一個問題來自富國銀行的布萊恩·赫克。

Jim or Steve, I know this is probably a really tough question to give a definitive answer to at this point, but how do you think this crisis ultimately affects rent growth nationally this year? I think people were probably expecting something like mid-single-digit rent growth pre-COVID. Is that now flat? Or do you think it turns negative in the near term? And do you think that differs with respect to different building sizes or any specific markets to the positive or negative?

Jim 或 Steve，我知道這個問題目前很難給出明確的答案，但您認為這場危機最終會對今年全國的租金成長產生什麼影響？我認為在新冠疫情之前，人們可能會預期租金會有一個中等個位數的成長。現在這個數字持平了嗎？還是您認為短期內會轉為負成長？您認為不同規模的建築或特定市場對租金成長的影響會有所不同，是正成長還是負成長？

Yes. Blaine, I'll answer the question, and Jim will chime in if I'm sure if he disagrees with me. So I will tell you...

是的。布萊恩，我會回答這個問題，如果我確定吉姆不同意我的觀點，他也會插嘴。所以我會告訴你…

Chime in or cut off?

插嘴還是打斷？

In the first -- in the first quarter, I think we were very pleased with our success in the first quarter. I do think it's a fluid situation. I think it varies by submarket as we've highlighted in the past. We do not have a lot of rollover in our portfolio, which I think we view as a very positive thing right now. But I think in the rollover we have, we'll still do very well on the rent growth. I think some of the softer markets we've outlined in the past, submarkets, in particular, will probably experience some flat, if not negative, rent growth. Houston would be 1 area that I'd point out is a pretty soft market right now. But I think, at the end of the day, our metrics on the volume of leasing we do throughout the year, we'll be pretty happy with.

在第一季度，我認為我們對第一季的成功感到非常滿意。我確實認為情況不穩定。正如我們過去所強調的那樣，每個子市場的情況都不同。我們的投資組合中沒有太多的展期，我認為我們現在認為這是一件非常積極的事情。但我認為，即使有展期，我們的租金成長仍然會非常可觀。我認為，我們過去提到的一些較為疲軟的市場，尤其是子市場，可能會經歷一些持平甚至負成長的租金成長。我想指出，休士頓是目前市場相當疲軟的一個地區。但我認為，最終，我們對全年租賃量的指標會非常滿意。

Yes, Blake, the only thing I would add is, I think, our confidence in continued positive rent growth is reflected in our revised guidance. If we thought the world was going to seriously deteriorate to where we were negative in the second half of the year, I think you'd see our numbers at or below 0, and they're not. So I think that gives you a pretty good understanding of what we think we're going to be able to achieve for the rest of the year. And then there's a number of scenarios out there. But as Steve alluded to earlier, the new spec supply has virtually ground to a halt. And thank goodness, everybody still remembers 2008 and was able to turn off the spec pretty quickly. So once the 140 million that's under construction gets delivered, that's virtually it. So 2021 isn't going to look nearly as bad as I think a lot of people had originally thought because there still is demand out there and there's no new supply coming in behind that. So you could see some reasonable scenarios with just modest demand in the second half of the year, where 2021 is very balanced and very healthy.

是的，布萊克，我唯一想補充的是，我認為我們對租金持續正成長的信心反映在我們修訂後的指引中。如果我們認為全球經濟將嚴重惡化到下半年負成長的水平，我想你會看到我們的數字為零或低於零，但事實並非如此。所以我認為這能讓你很好地理解我們預計在今年剩餘時間內能夠實現的目標。此外，還有很多其他的情景。但正如史蒂夫之前提到的，新的規範性住房供應實際上已經停滯。謝天謝地，大家還記得2008年，並且能夠很快地停止規範性住房供應。所以，一旦興建中的1.4億套房屋交付，基本上就結束了。所以，我認為2021年的情況不會像許多人最初想像的那麼糟糕，因為市場需求仍然存在，而且沒有新的供應湧入。因此，您可以看到一些合理的情景，即下半年需求適度，而 2021 年將非常平衡且非常健康。

And we have a question from the line of Dave Rogers with Baird.

我們收到了來自貝爾德的戴夫·羅傑斯的一個問題。

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

Yes, we can.

是的，我們可以。

Sorry about that. I guess on development, I don't know how much of the question you heard, but you canceled a couple of deals or walked away. It looked like maybe in the quarter of a couple of land parcels. But you did talk about some really good demand on the build-to-suit side. So I guess, maybe some additional thoughts would be helpful around build-to-suits in terms of where you think yields go in light of your -- just your comments you made to the last question. Is there a cap on how much you're willing to do on the build-to-suit side if you can really accelerate that and then those land parcels as well?

抱歉。關於開發，我不知道您聽到了多少，但您取消了幾筆交易或放棄了。看起來可能是在四分之一的時間內，有幾塊地被收購了。但您確實提到了客製化建造方面的需求非常旺盛。所以，我想，結合您對上一個問題的回答，您認為收益率會如何發展，或許您能就定制建造方面提出一些額外的想法。如果您真的能加快客製化建造以及那些地塊的開發速度，您在客製化建造方面願意投入的資金是否有上限？

Well, David, I think, Steve and I will tag team this. I'll start off. We did walk away from 3 fairly large land sites in the first quarter. Our total write-off there was something in the range of about $4.8 million. And while that's a lot of money to walk away from, you have to remember that the overall purchase price for those 3 parcels was $54 million. And the cost to go vertical on those 3 sites was another $88 million, I believe. So given that we suspended speculative development, we didn't have build-to-suits pending on any of those. We thought that was prudent because we've got, as you saw, plenty of land in our current inventory that's entitled or we're working our way through the entitlement process to meet that build-to-suit demand. And we do have some land in the budget for purchase throughout the remainder of the year, but we just thought it's prudent to step away from those. So Steve, you can add some more color.

好吧，大衛，我想，史蒂夫和我會組隊。我先說。我們在第一季確實放棄了三塊相當大的土地。我們在那裡的總減損損失大約在480萬美元左右。雖然這筆錢是一筆不小的數目，但你要記住，這三塊地的總購買價格是5,400萬美元。而在這三塊地塊上進行垂直開發的成本，我相信是另外8,800萬美元。所以，考慮到我們暫停了投機性開發，我們沒有任何待定的客製化開發項目。我們認為這是謹慎的做法，因為正如你所看到的，我們目前的庫存中有很多土地已經獲得授權，或者我們正在努力完成授權程序，以滿足定制開發的需求。我們的預算中確實有一些土地將在年底前購買，但我們認為放棄這些土地是謹慎的做法。所以，史蒂夫，你可以補充一些細節。

Dave, I'll just add that I think on the build-to-suit side, I think you'll see us do as many of those as we can get with good credit customers. Our pipeline on build-to-suit, I've talked about this in the past, that's a metric that we track pretty closely because we think it's an indication of the health of the environment and our customers. That pipeline for us is probably down about 30% today over what it was maybe 45 to 60 days ago, but it's still pretty healthy. And it's e-commerce, food and beverage, household supply, some consumer goods. So we're active in that. I think that's a piece of our business that we're hopeful as the year goes on that we're able to outperform on.

戴夫，我只想補充一點，在客製化生產方面，我認為你會看到我們盡可能與信譽良好的客戶合作。我之前談過客製化生產方面的業務，這是我們密切關注的指標，因為我們認為它反映了環境和客戶健康狀況。目前，我們的客製化生產業務可能比45到60天前下降了約30%，但仍相當健康。這包括電商、食品飲料、家居用品和一些消費品。所以我們在這些領域都很活躍。我認為，我們希望在未來的一年裡，我們能夠在這一領域取得優異的表現。

And the other part of that was just any change in yield or expectations or construction cost?

另一部分是收益、預期或建造成本有任何變化嗎？

No, I wouldn't -- I don't think so. I mean there's been some discussion. I covered in my comments about some work stoppages in different areas. That seems, for the most part, to be behind us. And I don't see any increase in cost. I mean I think we'll see competition like we always do. But we've got some good assets, some good land sites. And I think our yields will be consistent with what we've done in the past on our margins.

不，我不會——我不這麼認為。我的意思是，確實有一些討論。我之前的評論中提到過不同地區一些停工的情況。這些情況似乎基本上已經過去了。而且我沒有看到成本有任何增加。我的意思是，我認為我們會像往常一樣面臨競爭。但我們有一些優質資產，一些優質的地塊。我認為我們的收益率將與我們過去的利潤率保持一致。

Next is a question from Manny Korchman with Citi.

接下來是花旗銀行的 Manny Korchman 提出的問題。

Maybe a follow-up to the last couple of questions. Just in terms of tenant psychology, with fewer spec sites out there and you and peers talking more about build-to-suit, do you think the tenant sort of get it? Or what does it take for them to understand that if they want to be in a building, they now have to go and track down the developer and do that committed built-to-suit that's 6 or 9 or 12 months out rather than shop around in a market once those spaces are available?

也許可以接著上幾個問題繼續問。就租戶心理而言，現在市面上的投機性地塊越來越少，您和同行們更多地談論定制建造，您認為租戶能理解嗎？或者說，他們需要怎樣才能理解，如果他們想入住一棟樓，就必須找到開發商，提前6個月、9個月或12個月完成定制建造，而不是等到有空位時再去市場上貨比三家？

Manny, I think it's a little early to make the call in terms of how people have really fundamentally changed their outlook. We still have 6 million square feet of first-generation space available in our portfolio. And many of our peers do as well. So I think what you've got is a situation, as Steve alluded to, a number of these users who are looking at what we're going through today as a shorter-term scenario that this is not going to affect their longer-term business. Or if it is, it's going to affect it. In the case of e-commerce or food or beverage, it's going to affect it in a positive way. And they're choosing to go to build-to-suit route so that they can get exactly what they want, where they want, when they want it. And as you know, many of these e-commerce facilities and many of the food and beverage facilities are substantially different than your traditional off-the-shelf spec building. So that's why, although Steve said demand is down, we've still got a pretty good pipeline. And I think we've always said that's a real indication of the outlook that our major clients are taking for the next 12 to 24 months. And I think a lot of companies believe we'll work our way through this in the short term. And in 2021 and 2022, we'll all obviously be in a better place, and they need to have facilities to support that business.

曼尼，我認為現在就斷言人們的觀念是否真的發生了根本性改變還為時過早。我們的投資組合中仍有600萬平方英尺的第一代辦公空間可供使用。我們的許多同行也是如此。所以我認為，正如史蒂夫所提到的，許多用戶認為我們目前所經歷的情況只是短期現象，不會影響他們的長期業務。即使影響了，也會產生影響。就電商或餐飲業而言，這將產生正面的影響。他們選擇客製化建造，以便能夠隨時隨地獲得他們想要的東西。如你所知，許多電商設施和餐飲設施與傳統的現成規格建築有很大不同。這就是為什麼儘管史蒂夫說需求下降了，但我們仍然擁有相當不錯的儲備。我認為我們一直強調，這真實反映了我們主要客戶對未來12到24個月的展望。我認為很多公司相信我們能在短期內解決這個問題。到2021年和2022年，我們的狀況顯然會更好，他們需要有設施來支持這項業務。

And we'll go to Rich Anderson's line with SMBC.

我們將轉至 Rich Anderson 與 SMBC 的對話。

So I will go back and listen to Mark's comments, I don't have my court stenographer here with me. But what I did -- what I did catch was the 210 basis points, 60 basis points of that taken in the first quarter, I know noncash reserve for straight-line rent. But that was a kind of a pre-COVID or sort of preliminary COVID sort of exercise. And I'm curious what gives you the confidence that, that will stand the test of time as we go forward? And also in light of the fact that the 210 basis points in guidance today compares to 360 from 2019. It just feels like that, that 210 is a starting point to me. And correct me if I'm wrong in thinking of it that way.

所以我會回去聽聽馬克的評論，我這裡沒有法庭速記員。但我注意到的是，第一季的210個基點，其中60個基點是用於直線租金的非現金儲備。但那是一種新冠疫情前或新冠疫情初期的演習。我很好奇，是什麼讓您有信心，相信這在未來會經得起時間的考驗？而且，考慮到今天的210個基點指引與2019年的360個基點相比，我覺得210個基點對我來說是一個起點。如果我這樣想錯了，請糾正我。

Well, maybe a little bit. First of all, Rich, it was no fun for me to read 6 pages of script either. So I apologize for that. We thought it was important to try to get all that data out there because you had a lot of questions.

嗯，可能有點。首先，Rich，讀六頁劇本對我來說也很無聊。所以我很抱歉。我們認為把所有數據拿出來很重要，因為你有很多問題。

No problem. No problem.

沒問題，沒問題。

So let me just -- a couple of things I would say. The 210 basis points, keep in mind, I said 70 of that is really just delayed lease-up timing from currently available space. So you take the 210 and it really drops down to 140 basis points when you're talking about bad debt defaults, whatever you want to call that. But I would say it a little differently. It was -- the 60 basis points of that, that we already took in Q1 for straight line was not a pre-COVID exercise. This was done effectively from the end of March through like last week, based on the current environment and everything going on in our world right now. So a lot of the reserve that we took, most all of it are on tenants that are current on their actual cash rents. Like I say, this is the buildup of several years of an asset on our balance sheet at $130 million from rent escalations and free rent back in the day and all that. And as we look forward, that $130 million burns off over the remaining lease term of all those tenants. And on average, our remaining lease term is 5.9 years. So kind of the way we thought about it, as we sat here over the last month, scrubbing all of those, we're like we got to look out over the next 5.9 years on average and think about, are we going to get all of this $130 million back in. So it was very much a post-COVID exercise that got booked at March 31.

所以，我想說幾件事。 210個基點，記住，我說的是其中的70個基點，實際上只是從目前可用空間延緩的租賃時間。所以，當你談論壞帳違約時，無論你怎麼稱呼它，你把210個基點拿走，它實際上會降到140個基點。但我要換個說法。我們在第一季已經採取的直線利率的60個基點，並不是新冠疫情之前的做法。根據當前的環境和我們目前世界上發生的一切，從3月底到上週，我們有效地完成了這項措施。所以我們提領的許多儲備金，幾乎全部都用來支付按時支付實際現金租金的租戶。就像我說的，這是我們資產負債表上一項資產的幾年積累，價值1.3億美元，這筆資產來自租金上漲、過去的免租金等等。展望未來，這1.3億美元將在所有這些租戶的剩餘租期內消耗殆盡。平均而言，我們剩餘的租期是5.9年。所以，我們上個月坐在這裡整理這些資料的時候，就想著要展望未來平均5.9年的情況，想想我們能不能把這1.3億美元全部收回來。所以，這很大程度是疫情過後的一項舉措，是在3月31日安排好的。

Okay. And how would you -- sorry, just a follow-up, the 210 versus the 360 from last year in its totality, does that kind of make you wonder if you've done enough of a dig?

好的。那麼，抱歉，我只是想問一下，210 和去年 360 的對比，是否讓你懷疑自己是否已經做了足夠的挖掘？

No...

不...

I guess the bigger question is, what is your expectation about when business starts to get back to business, what is underlying the thought?

我想更大的問題是，當業務開始恢復時，您的期望是什麼，背後的想法是什麼？

Yes. No, I forgot to answer that part of your question. Yes. The 360 was 2009. Okay?

是的。不，我忘了回答你這個問題了。是的。 360 是 2009 年的。好嗎？

Oh, I thought you said '19, excuse me. Okay.

哦，我以為你說的是“19”，不好意思。好的。

No, I'm sorry. Maybe I did. If I did, I'm sorry. I meant 2009. And my point is, so that's as bad as it ever got was 360. And we have a much better portfolio and a much better tenant base this time around.

不，我很抱歉。我可能確實這麼做了。如果真的這麼做了，我表示抱歉。我指的是2009年。我的意思是，那是360有史以來最糟糕的一年。而這次我們的投資組合和租戶基礎都變得更好了。

You probably said 2009, my bad.

您可能說的是 2009 年，我的錯。

Yes, no problem.

是的，沒問題。

Next is a question from Ki Bin Kim with SunTrust.

接下來是來自 SunTrust 的 Ki Bin Kim 的問題。

The 250 basis points occupancy decline for the second half, how much of that is tied to specific tenants versus just a general conservativeness that you're taking?

下半年入住率下降了 250 個基點，其中有多少是與特定租戶有關，還是只是因為您採取的普遍保守態度？

Ki Bin, very little, I would say, is tied to specific tenants, like on a one-off basis. But what it is tied to, like I said, we kind of tried to match up the occupancy piece with the dollar piece, if you will. So when we looked at like some of these more troubled industries and we put up a generic -- or a general reserve on a portion of that, so I mentioned like automotive, airlines, hospitality, travel, event planning, all that. We really put it up for that population of tenants, if you will. There were a few tenants here and there, but for the most part, it was more around industries and groups of tenants like the smaller tenants that still owe us April rent. It was done more in that vein than it was one-off tenants. There were a few tenants, one-off, but not many.

Ki Bin，我想說，很少有資金是與特定租戶掛鉤的，例如一次性的。但正如我所說，我們試圖將入住率部分與美元部分聯繫起來，如果你願意的話。所以，當我們研究一些陷入困境的行業時，我們會為其中的一部分設立一個通用的——或者說一般儲備金，我提到了汽車、航空、酒店、旅遊、活動策劃等等。如果你願意的話，我們真的為這些租戶群體設立了儲備金。偶爾會有一些租戶，但大多數情況下，我們更關注的是產業和租戶群體，例如那些仍欠我們四月份租金的小租戶。我們更多是圍繞著這個思路進行的，而不是針對一次性租戶。有一些租戶是一次性的，但數量不多。

Okay. If I could squeeze a quick second question here. What is the risk that some of the G&A tied to your development that is currently capitalized and some of it is offset because you're doing third-party development that you call general contractor service revenue. So what's the risk that G&A that's capitalized comes onto the income statement?

好的。我可以在這裡快速問第二個問題。如果你們的開發案相關的一般及行政費用（G&A）中，一部分已經資本化，而另一部分由於你們正在進行第三方開發（你們稱之為總承包商服務收入）而被抵消，這會帶來什麼風險？那麼，那些資本化的G&A費用計入損益表的風險是什麼？

Yes. So I mean that's -- we did not revise our G&A guidance and we factored that in. So what you really have is you have 2 offsetting things happen. We're reducing overhead costs. We are reducing our overall costs. Some of that's very easy. It's easy to reduce travel and entertainment costs right now. And that's a big part of what we do. So we're reducing travel costs. We're reducing some compensation costs, revised metrics for ad, bonuses won't be the same this year as last year. So reducing our overall pool of costs. And offsetting that decrease is a decrease in the absorption we're going to have from decreased development. And that's why we left our G&A flat as you got 2 things offsetting each other.

是的。我的意思是－我們沒有修改我們的一般及行政開支（G&A）指引，我們已經把這部分考慮進去了。所以其實有兩件互相抵消的事情發生了。我們正在降低管理費用。我們正在降低我們的總成本。其中一些很容易做到。現在很容易降低差旅和招待費用。這也是我們工作的一個重要部分。所以我們正在降低差旅費用。我們正在降低一些薪資成本，修訂後的廣告指標和獎金今年不會和去年一樣。所以減少了我們的總成本。抵消這一減少的是我們因開發費用減少而吸收的資金的減少。這就是為什麼我們保持一般及行政開支水準不變，因為有兩件事互相抵銷。

We have a question from the line of Michael Carroll representing RBC Capital.

我們收到了來自 RBC Capital 代表 Michael Carroll 的一個問題。

Mark, I wanted to dive back into your revenue assumptions just real quick. And I know there's a lot of moving parts in those numbers that you said in your prepared remarks. But that 70 basis points related to delayed lease-up assumptions, is that just spec leasing that you had in your prior guidance that you're taking out? And is that really related to the completed developments? Or is that just vacant space that's in the current portfolio?

馬克，我想快速回顧一下你的收入假設。我知道你在準備好的發言中提到的那些數字有很多不確定因素。但是，那70個基點與延遲租賃假設有關，這是否只是你先前指引中提到的投機性租賃？這真的與已完工的開發案有關嗎？還是僅僅與目前投資組合中的空置空間有關？

It's both, Michael. It's currently available space and -- which a lot of that currently available space is spec space, but it's not all spec space, but most of it is. And then it's our spec space scheduled to come online yet this year. We pushed back some of those leasing assumptions. We always underwrite a year to lease them up in our underwriting. But when we came out with our budget and things, and at the beginning of the year, we thought we could beat that because we have been beating it. We've been leasing things more like 9 months. Now we're taking more of that 1 year approach. So we pushed back some spec leasing that's not in the population yet. We pushed back some leasing on empty space that's in the population now, most of which was spec that has been delivered over the last 2 or 3 quarters and then some of just the older second-generation space, it's not lease. So it's a little bit of everything, but it's mainly spec space.

邁克爾，兩者都有。一方面是目前可用的空間，另一方面是——許多目前可用的空間是規格空間，但並非全部都是規格空間，但大多數都是。另一方面是我們計劃今年上線的規格空間。我們推遲了一些租賃假設。在承保時，我們通常會承保一年的租賃期。但當我們在年初拿出預算和其他東西時，我們認為我們可以超過這個目標，因為我們一直以來都超過了這個目標。我們之前的租賃期大多是9個月。現在我們更採用1年的方式。所以我們推遲了一些尚未進入市場的規格租賃。我們也推遲了一些目前進入市場的空置空間的租賃，其中大部分是過去2到3個季度交付的規格空間，還有一些舊款的第二代空間，它們不是租賃空間。所以，我們什麼都有一點，但主要是規格空間。

And we will go to Vikram Malhotra's line with Morgan Stanley.

我們將與摩根士丹利的維克拉姆·馬洛特拉 (Vikram Malhotra) 聯繫。

Just 2 quick questions. So first, thanks for clarifying the 210 being all encompassing, including bad debt. I just sort of want to go back to the comparison of that versus the 2009 recessions. I recognize the portfolio is different quality wise. But can you maybe talk about maybe differences in the customer tenant makeup of the two portfolios? And sort of what gives you confidence that it's likely to be less impactful. So that's the first question. I'll just say the second, the 22% rent collect in May, definitely very interesting. Could you just give us a sense of historically kind of towards the end of the month, what collections have you done for that for the following months?

只想問兩個簡單的問題。首先，感謝您澄清「210」指的是涵蓋所有情況，包括壞帳。我想回到2009年經濟衰退的比較。我知道投資組合的品質有所不同。但您能否談談這兩個投資組合的客戶租戶組成差異？是什麼讓您有信心認為其影響可能較小？這是第一個問題。我想說第二個問題，5月22%的租金收入，這絕對非常有趣。您能否介紹一下歷史上，在月底之前，您在接下來的幾個月裡取得了哪些租金收入？

Yes. I mean I think the reason we have -- I'll just say it generically, I guess, the reason why we believe we're much better off in this cycle than the last cycle, a few reasons. One, we're in better markets. Two, we have just better tenants, better credit quality tenants. And three, we have a much smaller population of small space with local credit. If you go back to 2009, we had a lot of small space spread across our system, a lot of which was in noncoastal high-barrier markets. Generally, where our small space is now are in places like South Florida. That's not where our small spaces were then. So for all those reasons, that's why we're highly confident our portfolio will perform much better this time. And then your other comment on the May collections, that's as of yesterday, which was the, what, 29th. That's probably a little bit behind where we would normally be, but the prepaid rent can vary quite greatly, honestly, from month to month. We were just -- we're happy to see that tenants are still paying us early. So I would tell you that if I had to guess, I haven't seen any cash runs for today yet. We may be just a little bit behind normal, but probably not a lot.

是的。我想，我們之所以——我想籠統地說一下，我們認為我們在本輪週期的表現比上一輪週期好得多，有幾個原因。第一，我們處於更好的市場。第二，我們擁有更好的租戶，信用品質更好的租戶。第三，我們擁有本地信用的小空間租戶數量要少得多。如果回顧2009年，我們的系統中有很多小空間，其中許多位於非沿海地區的高門檻市場。一般來說，我們現在的小空間都位於南佛羅裡達這樣的地方。那時我們的小空間並不在那裡。因此，基於所有這些原因，我們非常有信心我們的投資組合這次的表現會更好。然後，您關於5月份租金收款的另一個評論，是截至昨天，也就是29號。這可能比我們通常的水平略低一些，但坦白說，預付租金每個月的差異很大。我們只是——我們很高興看到租戶仍然提前付款。所以，如果讓我猜的話，我今天還沒有看到任何現金流出。我們可能只是比平常稍微落後了一點，但可能不會太多。

Next, we'll go to John Guinee with Stifel. (Operator Instructions)

接下來，我們將和 Stifel 一起拜訪 John Guinee。 （操作員指示）

I just noticed on your overall portfolio data for lease-up. Northern California, Southern California and Pennsylvania all appear to be below 85%. Any rhyme or reason to those markets lagging?

我剛剛注意到你們整體投資組合的租賃率數據。北加州、南加州和賓州的租賃率似乎都低於85%。這些市場滯後的原因是什麼？

I'm going to get where you're at, John. What page are you on in the supplemental?

約翰，我去看看你現在在哪裡。你現在在補充資料第幾頁？

I'm not on it anymore. It's the far right column on the page talks about the entire portfolio. And I was sort of surprised to see Northern and Southern California sub-85 as well occupied as well as Pennsylvania sub-85.

我不再關注它了。頁面最右邊那一欄討論的是整個投資組合。我有點驚訝地發現，北加州和南加州的房產入住率都低於85，賓州的也低於85。

Okay. Well, let me -- I can comment on a couple. Southern California is actually 98.1%. The far right column includes the under development, which has some spec projects in it. So the actual end service is 98%. The Northern California...

好的。嗯，我可以評論幾個方面。南加州實際上是98.1%。最右邊一欄包括正在開發的項目，其中有一些投機項目。所以實際的最終服務是98%。北加州…

It's 1 building.

有 1 棟。

Is just 1 building. We're at 90% on our in service.

就一棟大樓。我們的營運率已達90%。

That's [Golden Star Express.]

那是[金星快運]。

And then the other buildings under construction. So no issues on either of those. And in Pennsylvania, we have 1 spec building that we delivered just over a year ago that we still got to get leased up. It's on the west side of the Lehigh Valley. How big is that one, Steve?

然後是其他正在建造的建築。所以這兩個都沒有問題。在賓州，我們有一棟一年多前交付的樣品房，現在還沒出租。它位於利哈伊谷的西側。史蒂夫，那棟樓有多大？

830,000.

830,000。

Yes. So that's a big drag on that is really 1 building. We have prospects looking at it, but we just got to get that 1 leased.

是的。所以這對我們而言是一個很大的阻礙，因為實際上只有一棟大樓。我們有潛在客戶在考慮，但我們只需要把那一棟租出去就行了。

And we will go to Eric Frankel's line with Green Street Advisors.

我們將與 Eric Frankel 一起與 Green Street Advisors 合作。

I know it's very early. And as you guys remarked, the capital markets has kind of been all over the place the last couple of months. But maybe you could just talk about what you're seeing real-time in terms of pricing on assets themselves?

我知道現在還為時過早。正如你們所說，過去幾個月資本市場波動很大。您能否談談目前看到的資產定價狀況？

Yes, Eric, this is Nick. Most of the market participants put things on hold. I would tell you that there are some core long-term lease deals that appear to be going under agreement at about 4% to 5% pre-COVID discounts. And then any type of multi-tenant or value-add-type stuff, people are just taking a wait-and-see approach, waiting to see some data points in terms of rents and trades before they start going back into the market.

是的，艾瑞克，我是尼克。大多數市場參與者都暫停了一切。我想告訴你，一些核心的長期租賃協議似乎正在以疫情前4%到5%的折扣價達成。至於任何類型的多租戶或增值項目，人們都只是採取觀望態度，等到租金和交易方面的一些數據點出現後再重返市場。

And we have a question from Jamie Feldman with Bank of America.

我們收到了來自美國銀行的 Jamie Feldman 的一個問題。

Just a quick follow-up. I know you guys had mentioned the public REITs have pretty much stopped their speculative development pipelines. I'm just curious what you guys are seeing from the private market in terms of supply and talk of supply.

簡單跟進一下。我知道你們提到過，公共房地產投資信託基金（REIT）基本上已經停止了投機性開發案。我只是好奇你們在私人市場看到了怎樣的供應情況，以及關於供應的討論。

Sure, Jamie. I think the private side is pulling back as well, whether that's their decision or their capital stack. But we've seen the private side pull back as well. So I think -- I guess, as Jim indicated, I think you'll see a healthier supply pipeline as we get into '21 because of that. I mean I think we all learned our lessons 10 years ago.

當然，傑米。我認為私人部門也在撤資，無論是他們的決定還是他們的資本儲備。但我們已經看到私人部門也在撤資。所以我認為——我想，正如吉姆所說，隨著2021年的到來，你會看到更健康的供應管道。我的意思是，我認為我們都在10年前學到了教訓。

Gentlemen, there are no further questions at this time.

先生們，現在沒有其他問題了。

Thanks, Tom. I'd like to thank everyone for joining the call today. I look forward to engaging with many of you throughout the rest of the year. Operator, you may disconnect the line.

謝謝，湯姆。感謝大家今天參加電話會議。我期待在今年餘下的時間與各位繼續交流。接線員，您可以掛斷電話了。

Ladies and gentlemen, that does conclude our conference for today. We thank you for your participation and using the AT&T Executive Teleconference. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與與使用AT&T高階主管電話會議。現在您可以斷開連線了。