Eastgroup Properties Inc (EGP) 2023 Q1 法說會逐字稿

Good morning, and welcome to the EastGroup Properties First Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) Please also note that this event is being recorded today.

早上好，歡迎來到 EastGroup Properties 2023 年第一季度收益電話會議和網絡廣播。 （操作員說明）另請注意，今天正在錄製此事件。

I would now like to turn the conference over to Marshall Loeb, President and Chief Executive Officer. Please go ahead, sir.

我現在將會議交給總裁兼首席執行官馬歇爾·勒布 (Marshall Loeb)。請繼續，先生。

Good morning, and thanks for calling in for our first quarter 2023 conference call. As always, we appreciate your interest. Brent Wood, our CFO, is also on the call. And since we'll make forward-looking statements, we ask that you listen to the following disclaimer.

早上好，感謝您撥通我們的 2023 年第一季度電話會議。一如既往，我們感謝您的關注。我們的首席財務官布倫特·伍德 (Brent Wood) 也參加了電話會議。由於我們將做出前瞻性陳述，因此我們要求您聽取以下免責聲明。

Please note that our conference call today will contain financial measures such as PNOI and FFO and that are non-GAAP measures as defined in Regulation G. Please refer to our most recent financial supplement and to our earnings press release, both available on the Investor page of our website and to our periodic reports furnished or filed with the SEC for definitions and further information regarding our use of these non-GAAP financial measures and a reconciliation of them to our GAAP results.

請注意，我們今天的電話會議將包含 PNOI 和 FFO 等財務指標，這些指標是法規 G 中定義的非 GAAP 指標。請參閱我們最新的財務補充資料和收益新聞稿，兩者均可在投資者頁面上獲取我們的網站以及我們向 SEC 提供或提交的定期報告，以獲取有關我們使用這些非 GAAP 財務指標以及將其與我們的 GAAP 結果進行核對的定義和進一步信息。

Please also note that some statements during this call are forward-looking statements as defined in and within the safe harbors under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the earnings press release, along with our remarks, are made as of today and reflect our current views about the company's plans, intentions, expectations, strategies and prospects based on the information currently available to the company and on assumptions that have made. We undertake no duty to update such statements or remark whether as a result of new information, future or actual events or otherwise. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Please see our SEC filings included in our most recent annual report on Form 10-K for more detail about these risks.

另請注意，本次電話會議中的一些陳述屬於《1933 年證券法》、《1934 年證券交易法》和《1995 年私人證券訴訟改革法》安全港中定義的前瞻性陳述。收益新聞稿以及我們的評論是截至今天發布的，反映了我們基於公司目前掌握的信息和所做假設對公司計劃、意圖、預期、戰略和前景的當前看法。我們不承擔更新此類聲明或評論的義務，無論是由於新信息、未來或實際事件還是其他原因。此類陳述涉及已知和未知的風險、不確定性和其他可能導致實際結果存在重大差異的因素。請參閱我們最新的 10-K 表格年度報告中向 SEC 提交的文件，了解有關這些風險的更多詳細信息。

Thanks, Keena. Good morning. I'll start by thanking our team for a strong start to the year. They continue performing at a high level and capitalizing on opportunities in a fluid environment. Our first quarter results were strong and demonstrate the quality of our portfolio and the continued resiliency of the industrial market. Some of the results produced include funds from operations coming in above guidance, up 9.5% for the quarter. And now for 10 consecutive years, our quarterly FFO per share has exceeded the FFO per share reported in the same quarter prior year, truly a long-term trend.

謝謝，基娜。早上好。首先，我要感謝我們的團隊在今年取得了良好的開局。他們繼續保持高水平表現，並在瞬息萬變的環境中抓住機會。我們第一季度的業績強勁，證明了我們投資組合的質量和工業市場的持續彈性。公佈的部分業績包括來自運營的資金超出預期，本季度增長 9.5%。現在，我們的季度每股 FFO 已連續 10 年超過去年同期報告的每股 FFO，這確實是一個長期趨勢。

Our quarterly occupancy averaged 98.1%, up 80 basis points from first quarter 2022 and at quarter end, we're ahead of projections at 98.7% leased and 97.9% occupied. Quarterly re-leasing spreads were robust at approximately 48.5% GAAP and 32% cash. Cash same-store NOI set a record at a 11% for the quarter. And finally, I'm happy to finish the quarter at $1.84 per share, helping us achieve these results is thankfully having the most diversified rent roll in our sector, with our top 10 tenants falling to 8.5% of rents, down 90 basis points from first quarter 2022.

我們的季度平均入住率為 98.1%，比 2022 年第一季度上升 80 個基點，截至季度末，我們的租賃率為 98.7%，入住率為 97.9%，超出了預測。季度再租賃利差約為 48.5% GAAP 和 32% 現金。本季度現金同店 NOI 創下 11% 的紀錄。最後，我很高興以每股 1.84 美元的價格結束本季度，值得慶幸的是，我們擁有行業內最多元化的租金清單，我們的前 10 名租戶下降至租金的 8.5%，比去年同期下降了 90 個基點，幫助我們取得了這些成果。 2022 年第一季度。

In summary, I'm proud of our start to the year. Statistically, it was one of our best quarters on record all with looming prospects for recession and capital markets dislocation. We continue responding to strengthen the market and user demand for industrial products by focusing on value creation via raising rents and new development. This strength is what allowed us to end the quarter at 98.7% leased, average over 98% occupancy and push rents throughout a wide geography of our portfolio.

總而言之，我對今年的開局感到自豪。從統計數據來看，這是我們有記錄以來最好的季度之一，但經濟衰退和資本市場混亂的前景迫在眉睫。我們繼續通過提高租金和新開發來專注於創造價值，以增強市場和用戶對工業產品的需求。這一優勢使我們能夠在本季度末達到 98.7% 的出租率，平均入住率超過 98%，並在我們的投資組合的廣泛地區推高租金。

As we've stated before, our development starts are hold by market demand within our parts. Based on this readthrough, we're forecasting 2023 starts of $340 million. And while our developments continue leasing up, we're closely watching demand with the goal of a balanced fluid response pending what the economy allows. What's promising is to see the decrease in industrial starts. To quantify, starts as measured by square footage, fell 25% from third to fourth quarter in 2022. Then comparing third quarter 2022 to first quarter '23 starts dropped approximately 45%, and I suspect this quarter will be a further decline.

正如我們之前所說，我們的開發開始取決於我們零件的市場需求。根據本文的通讀，我們預測 2023 年的開工金額為 3.4 億美元。在我們的開發項目繼續出租的同時，我們正在密切關注需求，目標是在經濟允許的情況下實現平衡的流動反應。有希望的是看到工業開工率下降。為了量化，以平方英尺衡量的開工率從 2022 年第三季度到第四季度下降了 25%。然後，將 2022 年第三季度與 23 年第一季度的開工率相比下降了約 45%，我懷疑本季度將進一步下降。

Given the capital markets volatility, we've taken a measured approach towards transactions since mid-2022. That said, when we find the right strategic opportunities, we'll pursue them. The disposition of World Houston 23, which further manages market allocation as an example as well as our Las Vegas acquisition. In Las Vegas, we were able to invest in a newer, well-located building and an under-allocated, fast-growing market and achieve development like yields. We're hopeful the choppiness in the capital markets will present other attractive investment opportunities.

鑑於資本市場的波動，自 2022 年中期以來，我們對交易採取了謹慎的態度。也就是說，當我們找到合適的戰略機會時，我們就會抓住它們。以進一步管理市場分配的 World Houston 23 的處置以及我們對拉斯維加斯的收購為例。在拉斯維加斯，我們能夠投資一棟更新的、位置優越的建築和一個分配不足、快速增長的市場，並實現像收益率這樣的發展。我們希望資本市場的動盪能夠帶來其他有吸引力的投資機會。

Brent will now speak to several topics, including assumptions within our updated 2023 guidance.

布倫特現在將談論幾個主題，包括我們更新的 2023 年指南中的假設。

Good morning. Our first quarter results reflect the terrific execution of our team, strong overall performance of our portfolio and the continued success of our time-tested strategy. FFO per share for the quarter exceeded the upper end of our guidance range at $1.84 per share compared to $1.68 for the same quarter last year. $0.02 of first quarter FFO was attributable to an involuntary conversion gain, recognized as the result of roof replacements that were damaged in a hurricane. Excluding the gain, FFO per share was near the upper end of our guidance range at $1.82 per share, an increase of 8.3% over the same quarter last year. The outperformance continues to be driven by stellar operating portfolio results and success of our development program.

早上好。我們第一季度的業績反映了我們團隊的出色執行力、我們投資組合的強勁整體表現以及我們經過時間考驗的戰略的持續成功。本季度 FFO 每股超出了我們指導範圍的上限，為每股 1.84 美元，而去年同期為 1.68 美元。第一季度 FFO 的 0.02 美元歸因於非自願轉換收益，該收益是由於更換在颶風中損壞的屋頂而確認的。剔除收益後，每股 FFO 接近我們指導範圍的上限，為每股 1.82 美元，比去年同期增長 8.3%。出色的業績繼續受到出色的運營組合業績和我們開發計劃的成功的推動。

From a capital perspective, we have long stated that we continually analyze all of our potential sources. After a year more weighted towards debt issuances, the stability in our stock price in the first quarter yielded the opportunity to access the equity markets. During the quarter, we sold $133 million of shares at an average price of $163.51 per share. As previously reported, in January, we closed $100 million senior unsecured term loan with a 7-year term and an effective fixed interest rate of 5.27%.

從資本的角度來看，我們長期以來一直表示，我們會不斷分析所有潛在的來源。經過一年更加註重債務發行後，我們第一季度股價的穩定為我們提供了進入股票市場的機會。本季度，我們以每股 163.51 美元的平均價格出售了 1.33 億美元的股票。正如之前報導的，1 月份，我們完成了 1 億美元的高級無抵押定期貸款，期限為 7 年，有效固定利率為 5.27%。

We also successfully expanded the capacity of our unsecured bank credit facilities from $475 million to $675 million. This step was taken simply to provide additional flexibility in a capital-constrained market. We remain conservatively drawn on the revolver. As a reminder, the company does not have any variable rate debt other than the revolver facilities and our near-term maturity schedule is light with only $50 million scheduled to mature through July 2024. Although capital markets are fluid, our balance sheet remains flexible and strong with healthy financial metrics.

我們還成功地將無擔保銀行信貸額度從 4.75 億美元擴大到 6.75 億美元。採取這一步驟只是為了在資本受限的市場中提供額外的靈活性。我們仍然保守地選擇左輪手槍。提醒一下，除了循環貸款設施外，該公司沒有任何可變利率債務，而且我們的近期到期時間表很輕，計劃在 2024 年 7 月之前到期的只有 5,000 萬美元。儘管資本市場流動性很大，但我們的資產負債表仍然靈活，並且財務指標穩健。

Our debt to total market capitalization was 19.8%, unadjusted debt-to-EBITDA ratio is down to 4.8x and our interest and fixed charge coverage ratio was at 7.2x. Looking forward, FFO guidance for the second quarter of 2023 is estimated to be in the range of $1.83 to $1.89 per share and $7.49 to $7.61 for the year, a $0.15 per share increase over our prior guidance. Those midpoints represent increases of 8.1% and 7.6% compared to the prior year, respectively, excluding the involuntary conversion accounting gain.

我們的債務佔總市值的比例為 19.8%，未經調整的債務與 EBITDA 比率降至 4.8 倍，利息和固定費用覆蓋率為 7.2 倍。展望未來，FFO 2023 年第二季度的指導預計為每股 1.83 至 1.89 美元，全年為 7.49 至 7.61 美元，比我們之前的指導每股增加 0.15 美元。與上一年相比，這些中點分別增長了 8.1% 和 7.6%，不包括非自願轉換會計收益。

Revised guidance produces an average quarterly same-store growth midpoint of 7% for the year, an increase of 100 basis points from last quarter's guidance. We also increased the midpoint of our average occupancy by 50 basis points from 97.2% to 97.7%. This is the result of outperforming our budget expectations in the first quarter, along with continued optimism for the remainder of the year.

修訂後的指導方針使全年平均季度同店增長中點達到 7%，比上季度的指導方針提高了 100 個基點。我們還將平均入住率中值從 97.2% 提高了 50 個基點至 97.7%。這是第一季度超出我們預算預期以及今年剩餘時間持續樂觀的結果。

In closing, we were pleased with our first quarter results. And as we have in both good and uncertain times in the past, we were allowing our financial strength, the experience of our team and the quality and location of our portfolio to lead us into the future.

最後，我們對第一季度的業績感到滿意。正如我們在過去的美好和不確定時期所經歷的那樣，我們讓我們的財務實力、我們團隊的經驗以及我們投資組合的質量和位置引領我們走向未來。

Now Marshall will make final comments.

現在馬歇爾將做出最終評論。

Thanks, Brent. In closing, I'm proud of the results our team created. We're carrying that momentum forward. Internally, operations remain historically strong and we're constantly working to strengthen the balance sheet. Externally, the capital markets and overall environment remain unstable. And while never fun to experience, this is leading to a marked decline in development starts.

謝謝，布倫特。最後，我為我們團隊創造的成果感到自豪。我們正在推動這一勢頭向前發展。在內部，運營仍然保持歷史強勁，我們不斷努力加強資產負債表。從外部看，資本市場和整體環境仍不穩定。雖然體驗起來一點也不有趣，但這導致了開發啟動的顯著下降。

In the meantime, we'll work to maintain high occupancy while pushing rents. And longer term, I remain excited for EastGroup's future. There are several long-term positive secular trends occurring within last mile shallow bay distribution space and Sunbelt markets that will play out over several years, such as population migration, evolving logistics chains, onshoring, et cetera, which we are well positioned for.

與此同時，我們將努力維持高入住率，同時推高租金。從長遠來看，我仍然對 EastGroup 的未來感到興奮。最後一英里淺灣配送空間和陽光地帶市場中出現了一些長期積極的長期趨勢，這些趨勢將在幾年內顯現出來，例如人口遷移、不斷發展的物流鏈、在岸外包等，我們已做好充分準備。

We'd now like to open up the call for any questions.

我們現在願意開放電話詢問任何問題。

(Operator Instructions) Our first question will come from Bill Crow with Raymond James.

（操作員說明）我們的第一個問題將由比爾·克勞和雷蒙德·詹姆斯提出。

Another great quarter. Marshall, as other people pull back on their construction pipelines and activities, I'm wondering how you're thinking about yours. I know it's a different risk profile and within your existing parks. But is the -- has the risk elevated enough to make you pull back? And then maybe talk about the balance, any shift in the balance between acquisitions and developments at this point.

又一個偉大的季度。馬歇爾，當其他人撤回他們的建設管道和活動時，我想知道你如何看待你的。我知道在您現有的公園內，這是一個不同的風險狀況。但風險是否已升高到足以讓您退縮的程度？然後也許可以談談平衡，收購和開發之間平衡的任何轉變。

Sure. Okay. Good question, Bill, and thank you. I think on development, you're right, we've really what I try to remind myself is let the field tell us as much as Brent and me and the team here at corporate. So it's -- you say it's usually within our parks, and it's usually I'll use our Tampa parks where it's been of late and then same in Texas, where it's tenant expansions or relocations within our portfolio. So I never want to be so hesitant to start that we lose a tenant with really the capital markets, we've been pushing towards higher development yields.

當然。好的。好問題，比爾，謝謝你。我認為在發展方面，你是對的，我確實試圖提醒自己，讓現場告訴我們，就像布倫特和我以及公司團隊一樣。所以，你說它通常在我們的公園內，通常我會使用我們的坦帕公園，那裡已經很晚了，然後在德克薩斯州也是如此，那裡是我們投資組合內的租戶擴張或搬遷。因此，我不想在開始時如此猶豫，以至於我們失去了真正擁有資本市場的租戶，我們一直在努力爭取更高的開發收益率。

That said, last year, we came in north of $7 million. We probably targeting would have dropped into the upper 5s a year ago or maybe just over a year ago, and now we're probably a good 100 basis points higher at kind of our development threshold where you're kind of getting that mid upper 6s. And I think we've tried to just be flexible. I know we raised our development starts this year slightly from $330 million to $340 million, but I've told ourselves, I'm perfectly comfortable if the market tells us that should be $200 million or $500 million, we'll go in that direction. I say that, if it grows, we need to be smart about how we fund that, but we'll react to the market. And then really, it's the guys in the field calling saying, I'm running out of inventory. I've usually got a prospect or 2 or an existing tenant, and here's how things pencil out. So we'll go that way.

也就是說，去年我們的收入超過了 700 萬美元。我們的目標可能會在一年前或一年多前下降到上 5 分，現在我們的發展門檻可能高出 100 個基點，你可以達到中上 6 分。我認為我們已經嘗試保持靈活性。我知道我們今年的開發啟動資金從 3.3 億美元略微提高到 3.4 億美元，但我告訴自己，如果市場告訴我們應該是 2 億或 5 億美元，我會非常放心，我們會朝這個方向發展。 。我說，如果它增長，我們需要明智地選擇融資方式，但我們會根據市場做出反應。然後，實際上，現場的人打電話來說，我的庫存快用完了。我通常有一個或兩個潛在租戶或現有租戶，情況如下。所以我們就走那條路。

On the acquisition front, and we were happy to find the Las Vegas opportunity. We think, given the capital markets, there's going to be better and better acquisitions on the horizon. We like the newer building. We were able to get a development that really looks more like a development yield than an acquisition yield on that. And we've made -- in any given time of late, we've had 2 or 3 kind of not very aggressive offers out there. And just saying if we can find the right opportunity, we'll close on it and that could also be a substitute a little bit if we could do both development and some smart acquisitions we'd like to. But if we slow down development because of the market, it may -- the acquisition market may give us the opportunity to replace that capital.

在收購方面，我們很高興找到拉斯維加斯的機會。我們認為，考慮到資本市場，未來將會有越來越好的收購。我們喜歡新建築。我們能夠獲得的開發項目實際上看起來更像是開發收益，而不是收購收益。我們已經提出了——在最近的任何特定時間內，我們都會收到 2 到 3 種不太激進的報價。只是說，如果我們能找到合適的機會，我們就會抓住它，如果我們能夠同時進行開發和一些我們想要的明智收購，那麼這也可以成為一點替代品。但如果我們因為市場而放慢發展速度，收購市場可能會給我們提供替換資本的機會。

Yes. That's helpful. If I could just ask a follow-up. And that's really a Miami and the performance in that market. We sense that it's a really strong market, but the data the last couple of quarters seems to have been a little bit weaker from your portfolio. Is there anything going on there?

是的。這很有幫助。如果我能問一下後續情況就好了。這確實是邁阿密和該市場的表現。我們感覺到這是一個非常強勁的市場，但從您的投資組合來看，過去幾個季度的數據似乎有點疲軟。那裡有什麼事嗎？

It's really -- it's one good catch. One vacancy. We had a bankruptcy in Broward County, about 100,000 foot. It was a tenant lost a lawsuit and filed bankruptcy. So we've got 100,000 feet there we need to backfill. And we just kind of internally have put another person on it that really runs Florida for us. So I think we'll get there. We've just been a little slow getting that space refilled. So I don't think it's indicative of the market so much as one space that is subdivisible that we just kind of need to kind of work through our system.

這確實是一個很好的收穫。一個空缺。我們在布勞沃德縣破產了，海拔約 100,000 英尺。這是一位租戶敗訴併申請破產。所以我們有 100,000 英尺需要回填。我們只是在內部安排了另一個人來真正為我們管理佛羅里達州。所以我想我們會到達那裡。我們只是在重新填充該空間方面有點慢。因此，我認為這並不代表市場，而是一個可細分的空間，我們只是需要通過我們的系統進行工作。

Our next question will come from Craig Mailman with Citi.

我們的下一個問題將來自花旗銀行的 Craig Mailman。

Maybe following up on the development piece from a funding and yield perspective. Clearly, cost of capital has risen. Just trying to figure out how you guys are thinking about this internally, how to price that capital either from a build-to-suit or speculative nature to capture that phenomenon? And are you seeing any pushback on kind of market rent growth in the markets where you're developing?

也許從資金和收益的角度跟進開發部分。顯然，資本成本已經上升。只是想弄清楚你們內部是如何考慮這個問題的，如何從定製或投機性質來定價資本以捕捉這種現象？您是否發現您正在開發的市場中的市場租金增長出現了任何阻力？

I'll start and Brent jump in on. Really no pushback on rents where we've lost tenants. It always still seems to be predominantly there combining locations or exiting a market have or -- outgrown the space and we can't accommodate it. So that -- again, that's probably like the park setting. But it's not very regular that we lose the tenant over rents. Our rents are usually at market or hopefully, if it's a renewal, you can get a little better beat market by a little bit.

我先開始，布倫特也加入。在我們失去租戶的情況下，租金確實不會受到影響。它似乎仍然主要存在於合併位置或退出市場已經或 - 空間超出了空間，我們無法容納它。所以——再說一遍，這可能就像公園的環境。但我們因租金而失去租戶的情況並不常見。我們的租金通常按市場價計算，或者希望，如果是續租，您可以獲得比市場價更好一點的租金。

And in terms of returns, we've tried to think -- our kind of historic rule has been trying to be 150 basis points over an acquisition cap rate for development yields. And again, all the kind of market yields have been pretty much in flux for a few quarters now, but we feel like we're still achieving that. And I kind of think about it personally, if we can get an attractive yield, say, we're 6.5 to 7 type yield going in, one of the advantages you have as a REIT unlike maybe a merchant developer or private equity, if it's a good location, we're going to be able to hold that location.

就回報而言，我們試圖思考——我們的歷史規則一直試圖將開發收益率的收購上限率高出 150 個基點。再說一次，所有類型的市場收益率在幾個季度裡都在不斷變化，但我們覺得我們仍在實現這一目標。我個人認為，如果我們能夠獲得有吸引力的收益率，比如說，我們的收益率為 6.5 到 7 型，這是作為 REIT 的優勢之一，與商業開發商或私募股權不同，如果它是一個好位置，我們就能守住那個位置。

We're starting at, say, 6.75, and it's only going to improve over time as a market like Orlando or Phoenix or Austin continues to grow. So we're getting a -- creating some value on the development, which we're excited about. And then hopefully, that will show up later in same-store NOI as well.

比如說，我們從 6.75 開始，隨著奧蘭多、菲尼克斯或奧斯汀等市場的不斷增長，它只會隨著時間的推移而改善。因此，我們正在為開發創造一些價值，對此我們感到很興奮。希望以後這也會出現在同店 NOI 中。

Yes, I would just add to that, Craig. This is Brent. I would just add to that. We're continually evaluating our best capital sources. Last year, we were -- when our stock price initially fell, we were a little happier on the debt. We issued $525 million last year of debt at an average of $3.8 million. We got kind of in front of that and ahead of rate hikes. We're very pleased with that result. What turned out to be a difficult environment. And only -- we did about $75 million in equity first quarter last year and then pretty much we're not able to -- or didn't get back in the equity market.

是的，我想補充一點，克雷格。這是布倫特。我想補充一點。我們不斷評估我們最好的資本來源。去年，當我們的股價最初下跌時，我們對債務感到有點高興。去年我們發行了 5.25 億美元的債務，平均債務為 380 萬美元。我們在加息之前就已經提前了。我們對這個結果非常滿意。結果發現這是一個困難的環境。只是——去年第一季度我們在股票上投資了約 7500 萬美元，然後我們幾乎無法——或者說沒有重返股票市場。

But as you saw in the first quarter, we pivoted to equity, view that by far is our most attractively priced component, kind of, call it, a mid-4 versus even the revolver now, which is a mid-5. So as a result, we lowered our debt assumptions a little bit, as you saw in our guidance and increased equity.

但正如你在第一季度看到的那樣，我們轉向股票，認為這是迄今為止我們價格最具吸引力的組件，可以稱之為中4，而現在甚至是左輪手槍，這是中5。因此，我們稍微降低了債務假設，正如您在我們的指導中看到的那樣，並增加了股本。

And based on current environment pricing, we anticipate that we'd probably lean towards equity, but we're good balance sheet. We can go either direction. I think the important thing to point out is that our guys in the field continue to find via development or as Marshall said, strategic acquisitions, we continue to find good opportunities to put our capital to work at that still making a good risk-reward spread. And so that's really what's driving the need for capital. So we appreciate that we even need to keep a close eye on it. The guys are finding a way to use the money.

根據當前的定價環境，我們預計我們可能會傾向於股權，但我們的資產負債表狀況良好。我們可以朝任何一個方向走。我認為需要指出的重要一點是，我們在該領域的人員繼續通過發展或正如馬歇爾所說的戰略收購來尋找良好的機會，將我們的資本投入到仍然具有良好風險回報的領域。所以這確實是推動資本需求的原因。因此，我們意識到我們甚至需要密切關注它。這些人正在尋找使用這筆錢的方法。

That's helpful. And then as we think about -- you cited the pullback in construction starts, which likely contracts further now given the financing environment. But as you guys look at the land bank that you have and the competitive landscape across markets where maybe cities they've been overdeveloped now that pulls back a little bit. Where do you see the -- in that $340 million of starts, kind of where is the best opportunity to start to monetize the land bank where you guys think you can kind of fill in the gap and fill that void or other developers are capital constrained and you're not?

這很有幫助。然後，正如我們所想，您提到了建築開工率的回落，考慮到融資環境，開工率可能會進一步收縮。但是，當你們看看你們擁有的土地儲備以及各個市場的競爭格局時，也許城市已經過度開發，現在有所回落。你認為在這 3.4 億美元的開工項目中，哪裡是開始將土地儲備貨幣化的最佳機會，你們認為可以填補空白，或者其他開發商資金緊張。而你不是？

I don't -- good question, and I'm not sure I have -- I wish I had as good an answer. It will really play out in parks. Austin is a market that I mentioned it earlier, it seems awfully strong. The population growth there. We feel like there's some opportunities where we've -- I like our land bank that we have in Austin today. Atlanta is another market where we're seeing pretty good opportunities. There's a lot of construction in Atlanta, but not a lot of shallow bay construction. There's a lot in the pipeline, but the number of starts is dropping pretty rapidly in Atlanta, too.

我不知道——好問題，我也不確定我有——我希望我有一個好的答案。它真的會在公園裡上演。奧斯汀是我之前提到的一個市場，它看起來非常強大。那裡的人口增長。我們覺得我們有一些機會——我喜歡我們今天在奧斯汀擁有的土地儲備。亞特蘭大是另一個我們看到很好機會的市場。亞特蘭大有很多建築，但淺灣建築不多。還有很多事情正在醞釀之中，但亞特蘭大的開工數量也在迅速下降。

So I like -- I want to think of specific markets. I think of those 2, I'm glad we bought the land in Tampa, Florida and subsequent to quarter end and that we're wrapping up our last park there, Grand Oaks. And we've -- it's been a lot of expansions, relocations in Tampa for us. So we kind of need the raw materials to kind of keep going in that market as well. But probably those would be the 3 that would come to mind. And again, it's -- we'll follow the markets where kind of where the tenant demand is, and I like that it's pretty broad based within our markets.

所以我喜歡——我想考慮特定的市場。我想到這兩個，我很高興我們在佛羅里達州坦帕購買了土地，並在季度末之後完成了我們在那裡的最後一個公園，大橡樹。我們在坦帕進行了大量的擴張和搬遷。因此，我們也需要原材料來繼續在該市場上發展。但我想到的可能就是這三個。再說一次，我們將跟踪租戶需求所在的市場，我喜歡它在我們的市場中具有相當廣泛的基礎。

If I could slip a third here because you mentioned the Tampa land. Could you just -- it looked like your price per billable square foot was pretty attractive there and then the piece you bought in San Antonio. Can you just kind of talk about the land acquisition market, what you're seeing from a pricing perspective and opportunity set?

如果我可以在這裡滑出三分之一，因為你提到了坦帕土地。你能不能——看起來你的每平方英尺價格非常有吸引力，然後你在聖安東尼奧購買了這件作品。您能否簡單談談土地收購市場，您從定價角度和機會集看到了什麼？

Good comment. And we're excited about both of those acquisitions. The land opportunity, it seems like I would -- in my mind, I always put land sellers in 2 categories. There's the generational holders, the farmer, someone like that, and that -- those prices are pretty sticky and probably haven't moved a lot. And if they hold it for a few more years. It's -- they're probably fine with that. Where we found opportunities in one of a couple of the Austin acquisitions we made, where people were acquiring land, getting at permitted zoned and then flipping it or selling it on a forward basis, that's where there's probably where the pricing has moved back, maybe 25%, 30%, things like that, and just you have people that are running out of time.

好評論。我們對這兩項收購感到興奮。土地機會，在我看來，我總是將土地賣家分為兩類。有世代持有者、農民、諸如此類的人——這些價格相當粘，可能沒有太大變動。如果他們再堅持幾年。他們可能對此表示同意。我們在奧斯汀進行的幾項收購中發現了機會，人們購買土地，獲得許可分區，然後翻轉或遠期出售，這可能就是價格回落的地方，也許25%、30%，諸如此類，但人們的時間已經不多了。

And so we've found a couple of those. We've heard of a few more of those, a couple out West that we've looked at and are looking at where it's basically developers with usually the pattern is that they don't have a lot, a lot of experience, and they've gotten out over their skis financing-wise, and they can't raise the debt or the equity because as a merchant builder, you don't really know where you could sell the building 15, 18 months from now, unlike where you could have the last few years.

我們已經找到了其中的一些。我們聽說過其中的一些，我們已經研究過並正在研究西方的一些，基本上都是開發人員，通常的模式是他們沒有很多很多的經驗，而且他們他們已經擺脫了滑雪板融資的困境，他們無法籌集債務或股本，因為作為商業建築商，你真的不知道從現在起 15、18 個月後可以在哪裡出售建築物，這與你在哪裡出售建築物不同。可能有過去幾年。

And then both of the acquisitions we acquired and it seems like that with land or especially the better land sites, there's always a back story and that the San Antonio land and I'll complement our team, it was -- it's an infill site in San Antonio right along I-35, but it was a -- we've described it as a land-rich cash poor church. And so we help the church relocate to a corner of the site, and we probably worked on it for 4 years now. So we like our land bases there, but that's -- we've looked at churches and water parks and horse stables and golf courses and you name it.

然後，我們收購的兩筆收購似乎都涉及土地，尤其是更好的土地，總有一個背景故事，聖安東尼奧的土地和我將補充我們的團隊，它是 - 這是一個填充場地聖安東尼奧就在 35 號州際公路沿線，但它是一個——我們將其描述為一個土地豐富、現金匱乏的教堂。所以我們幫助教堂搬到了場地的一個角落，我們可能已經工作了四年了。所以我們喜歡我們在那裡的陸地基地，但那就是——我們看過教堂、水上公園、馬厩和高爾夫球場，凡是你能想到的。

But that was unusual, and I'll thank Reed and Terra Warren for helping build a church in order to get a good parkland site. And then in Tampa, odd land sites, we have experience in Fort Myers, where there was an eagle on site and you have to hire someone to observe the eagle and there are certain times of year you can build. And so we've lived through that in Fort Myers and that helped us on this site just outside Tampa and that there's an eagle on the site, and we'll hope he stays and we'll try to not disturb him, and we have experience kind of building around that.

但這是不尋常的，我要感謝里德和泰拉沃倫幫助建造了一座教堂，以便獲得一個好的公園場地。然後在坦帕，奇怪的土地地點，我們在邁爾斯堡有經驗，那裡有一隻老鷹，你必須僱人來觀察老鷹，而且一年中的某些時間你可以建造。所以我們在邁爾斯堡經歷過這一切，這對我們在坦帕郊外的這個網站上有幫助，網站上有一隻鷹，我們希望他留下來，我們會盡量不打擾他，我們已經圍繞這一點進行構建的體驗。

But there's always -- on the good sites, there's always something kind of atypical. And both of those were where you saw the closing this month in April, but they started 3, 4 years ago, and that's probably what I think most investors don't see is how long it takes us to get the zoning permitting and usually an unusual seller situation.

但在好的網站上，總有一些非典型的東西。這兩個地方都是你在四月份看到的，但它們是三四年前開始的，我認為大多數投資者可能沒有看到的是我們需要多長時間才能獲得分區許可，而且通常是異常的賣家情況。

Our next question will come from Connor Mitchell with Piper Sandler.

我們的下一個問題將由康納·米切爾和派珀·桑德勒提出。

I guess you guys have touched a good amount on development transaction markets. So I just want to focus a little bit on any pressure on the tenants. So you guys talked previously about a bankruptcy. So I guess just one. Do you see any other issues with your tenants with some of the retailer struggles? And then as a follow-up, I'll include in this is -- are you seeing any pressure on tenants due to banks pulling back on the credit?

我想你們已經接觸了很多開發交易市場。所以我只想稍微關註一下租戶面臨的壓力。所以你們之前談到過破產。所以我猜只有一個。您是否發現您的租戶因某些零售商的困境而存在其他問題？作為後續行動，我將包括在內 - 您是否看到由於銀行撤回信貸而給租戶帶來任何壓力？

Connor, this is Brent. Yes, we -- pleasantly, I guess, the overall summary is we -- our tenants continue to be very strong and not much payment issues in the first quarter. We did record $370,000 of bad debt. About 2/3 of that was from one tenant from the situation we described and predominantly, most of that was the straight-line rent balance. And currently, we only have 12 active tenants on our allowance list. And that's 12, just a reminder, we've got about 1,650 or so tenants.

康納，這是布倫特。是的，我們——令人愉快的是，我想，總體總結是我們——我們的租戶仍然非常強大，第一季度沒有太多付款問題。我們確實記錄了 370,000 美元的壞賬。其中約 2/3 來自我們描述的情況中的一名租戶，其中大部分是直線租金餘額。目前，我們的津貼名單上只有 12 名活躍租戶。提醒一下，這就是 12 個租戶，我們大約有 1,650 名租戶。

So that number is historically low. It's very low. All our top 10 tenants are current. So as far as the budget goes, we have $370,000 in the first quarter. So we just maintain that $500,000 a quarter, second, third, fourth and so it came down a little bit to $1.9 million. Hopefully, those numbers prove to be conservative. But as we saw in first quarter, you just get one tenant with a certain balance and that can get to a couple of hundred thousand dollars fairly quickly.

所以這個數字處於歷史低位。這是非常低的。我們所有的前 10 名租戶都是當前的。就預算而言，第一季度我們有 370,000 美元。所以我們只是維持每季度 50 萬美元，第二、第三、第四季度，所以它稍微下降到 190 萬美元。希望這些數字被證明是保守的。但正如我們在第一季度看到的那樣，你只需要一個有一定餘額的租戶，很快就可以達到幾十萬美元。

So to answer your question, we've not seen tenants reach out to us or any banking issues or funding issues. We're not aware of any tenants that might have got called out in California with a couple of banks that had troubles there. So from a collections and receivables and tenant stability standpoint, it continues to be a very resilient, very strong.

因此，回答您的問題，我們沒有看到租戶聯繫我們或出現任何銀行問題或融資問題。我們不知道有任何租戶可能因加州的幾家銀行遇到麻煩而被叫走。因此，從收款、應收賬款以及租戶穩定性的角度來看，它仍然非常有彈性，非常強大。

And our next question will come from Nick Thillman with Baird.

我們的下一個問題將由尼克·蒂爾曼和貝爾德提出。

Maybe I wanted to touch a little bit on same-store. Obviously, best performance in company history at 11%, but the guide kind of suggests a little bit of a slowdown looks like there was some concession burn off in the first quarter, but just wondering if there's any lumpiness as we going through 2023 here and getting down to that 7% range.

也許我想稍微接觸一下同店。顯然，公司歷史上最好的表現是 11%，但該指南有點表明放緩，看起來第一季度有一些特許權消耗，但只是想知道在我們度過 2023 年時是否會出現任何波動，下降到 7% 的範圍。

Nick, it's Marshall. You're right. We're really happy with our quarter. I think part of our challenge and it's a great problem to have is as we move through the year, we're running up against better and better comps. So as we finished last year in 98s, it will still be moving forward. But really, we're not -- this quarter, we picked up on rents and 80 basis points of occupancy. So that 80 basis point occupancy gain will drift down lower during the course of the year.

尼克，這是馬歇爾。你說得對。我們對我們的季度非常滿意。我認為我們面臨的挑戰的一部分，也是一個很大的問題是，隨著這一年的發展，我們遇到了越來越好的競爭。所以，正如我們去年在 98 年代完成的那樣，它仍然會向前發展。但實際上，我們並沒有——這個季度，我們的租金和入住率上升了 80 個基點。因此，80 個基點的入住率增幅將在年內逐漸下降。

Again, we're glad we were able to raise our occupancy guide for the year. I think it's just coming up against harder comps. And hopefully, we'll -- hopefully, we can continue to beat it. Look, we're thrilled to be at 11%. I think the quarters going ahead will be a little bit higher mountains to beat, but we still are showing positive beats. And if our occupancy can hang in there, it has through the end of April. And so far, I've been the nervous one. I've been very nervous about the economy, given all the headlines for several months, but our day-to-day operations don't reflect that. And I hope I'm wrong for just 8 more quarters of this year and will be good.

我們再次很高興能夠提高今年的入住指南。我認為這只是面對更困難的比賽。希望我們能夠繼續戰勝它。看，我們很高興能達到 11%。我認為接下來的幾個季度將會有一些更高的山峰需要克服，但我們仍然表現出積極的表現。如果我們的入住率能夠維持到四月底。到目前為止，我一直是最緊張的一個。鑑於幾個月來的所有頭條新聞，我一直對經濟感到非常緊張，但我們的日常運營並沒有反映出這一點。我希望今年我再有 8 個季度的預測是錯誤的，並且會很好。

That's helpful. And then maybe one question just on your tenant base. Have you noticed any change in the amount of like investment tenants are making into their space recently?

這很有幫助。然後可能還有一個關於您的租戶群的問題。您是否注意到最近租戶對他們的空間進行的類似投資的數量有任何變化？

It does seem to be trending up and some of -- I could say, some of it, you could say inflation and things like that. I think with hiring one thing we've noticed in Arizona and some of the Western markets is -- and in Florida too, HVAC space that before you've had fans and things like that, but more air-conditioned space. And I think that's -- and we've upped amenities at our parks and things like that, given the difficulty hiring. Tenants have probably made it more accommodating for their employees in our spaces. And then I think they're always working and finding ways to improve just the efficiency of our buildings, the racking and things like that.

它似乎確實呈上升趨勢，其中一些——我可以說，其中一些，你可以說是通貨膨脹之類的。我認為在亞利桑那州和一些西方市場的招聘中，我們注意到的一件事是——在佛羅里達州也是如此，暖通空調空間，在你有風扇和類似的東西之前，但有更多的空調空間。我認為，鑑於招聘困難，我們已經增加了公園等設施的設施。租戶可能在我們的空間里為他們的員工提供了更多的便利。我認為他們一直在努力尋找方法來提高我們的建築物、貨架等的效率。

And that's where I've always still hope over time, we'll pick up more retail distribution space just because our buildings are so much more efficient than order online, pick up at store option. I don't think the -- the retail format has the physical structure we can offer retailers. So I think that mix will get -- that will be another source of demand, but I think that's going to play out over -- it started to, but play out over several more years, still.

這就是我一直希望隨著時間的推移，我們將獲得更多的零售分銷空間，因為我們的建築比網上訂購、在商店提貨的選擇效率要高得多。我不認為零售業態具有我們可以為零售商提供的物理結構。因此，我認為這種混合將會成為需求的另一個來源，但我認為這種情況將會持續下去，它已經開始，但仍會持續幾年。

Our next question will come from Jason Belcher with Wells Fargo.

我們的下一個問題將來自富國銀行的 Jason Belcher。

Wondering if you could talk about any additional demand you're seeing from near-shoring or on-shoring of manufacturing and production activity and which markets are seeing the biggest impact from those trends? And maybe how we should think about that evolving going forward?

想知道您是否可以談談您從近岸或在岸製造和生產活動中看到的任何額外需求，以及哪些市場受到這些趨勢的影響最大？也許我們應該如何思考未來的發展？

Okay. Happy to take us to that. We do talk about what we reading and seeing is kind of the China Plus One manufacturing. And where we're seeing those benefits, as you would expect, are really Texas markets, El Paso has been a very strong market for us the past few years, probably the best 3 or 4 years in El Paso of the 20 years we've been there. San Diego, we've acquired several opportunities there over the last few years and fill those up quickly. So we still like San Diego and then Arizona has been a good market.

好的。很高興帶我們去那裡。我們確實談論了我們讀到和看到的中國加一製造業。正如您所期望的那樣，我們看到這些好處的地方確實是德克薩斯州市場，埃爾帕索在過去幾年中對我們來說一直是一個非常強大的市場，可能是我們 20 年來埃爾帕索最好的 3 到 4 年。我去過那裡。聖地亞哥，過去幾年我們在那裡獲得了一些機會，並且很快就會填補這些機會。所以我們仍然喜歡聖地亞哥，然後亞利桑那州一直是一個很好的市場。

We've been active in Phoenix, a little less so in Tucson, but we're 100% in those markets. So we like -- that's where we're seeing the near-shoring Central Texas has seen a pickup in manufacturing. And some of it with Tesla and chip plants and things like that, that have been built in Mesa, out in Phoenix and the same in Austin. So we're, I mean, we won't get the manufacturer, although I'm glad they're coming to our areas where we pick up, and we've even seen it in San Antonio is picking up the suppliers that are working with the plants that are getting built.

我們在鳳凰城一直很活躍，在圖森則稍微少一些，但我們 100% 都在這些市場。所以我們喜歡——這就是我們看到德克薩斯州中部近岸地區製造業有所回升的地方。其中一些是特斯拉和芯片工廠之類的，這些工廠建在梅薩、菲尼克斯和奧斯汀。所以我們，我的意思是，我們不會得到製造商，儘管我很高興他們來到我們的地區，我們甚至在聖安東尼奧看到它正在挑選供應商與正在建設的工廠合作。

So it's another source. I think it will play out over a number of years. I can't imagine the process when you think of where do we open another plant and does it go to India or Vietnam or do we go to Mexico with it and how that plays out. And it's been interesting some of the tours we've had, especially I think of a couple in San Diego, where you've had the CEOs come, tour the space and it tells me to go lease 80,000 or 100,000 feet, that's not something I would expect from a large company, but I'm thinking I'm over-analyzing it probably means a bigger supply chain decision and what are they doing in Tijuana or Juarez and how does that roll through their supply chain.

所以這是另一個來源。我認為這將在幾年內發揮作用。當你想到我們在哪裡開設另一家工廠，它是去印度還是越南，還是去墨西哥，以及結果如何時，我無法想像這個過程。我們進行的一些旅行很有趣，特別是我想到聖地亞哥的一對夫婦，首席執行官們來了，參觀了這個空間，它告訴我去租賃 80,000 或 100,000 英尺，這不是什麼我期望來自一家大公司，但我認為我過度分析了，這可能意味著更大的供應鏈決策，以及他們在蒂華納或華雷斯正在做什麼以及如何在他們的供應鏈中滾動。

So we're trying to pick up sites. We're actively looking in El Paso. We're full in San Diego and have some land in Phoenix to keep working on that. But I'm -- again, as I mentioned, I'm glad that we've got several tailwinds that I think will play out at different philosophies over the next few years.

所以我們正在努力尋找網站。我們正在埃爾帕索積極尋找。我們在聖地亞哥已經滿員，並且在菲尼克斯也有一些土地可以繼續開展工作。但我再次強調，正如我所提到的，我很高興我們有幾個順風車，我認為這些順風車將在未來幾年內以不同的理念發揮作用。

That's helpful. And then just one more for me. If you could give us an update on what you're seeing in terms of materials and labor cost inflation. I noticed the price per square foot increase in your development starts guidance, maybe if you can just comment on the cost inflation front there.

這很有幫助。然後再給我一個。您能否向我們提供您所看到的材料和勞動力成本通脹的最新情況。我注意到您的開發項目中每平方英尺的價格上漲開始成為指導，也許您可以對那裡的成本通脹發表評論。

Yes. And I would say on our starts, if helpful, those are usually -- we'll have those specifically by project. And as they get moved around -- sometimes you can get kind of a fault positive where it's -- we're going to build in Florida rather than Arizona and the price could be higher or lower. But thankfully, we've seen construction costs come down a little bit the last couple of projects we bid out one in San Antonio, one in Phoenix, where the shell costs have come in a good maybe 5% to 10% where they would have been at the end of the year.

是的。我想說的是，在我們開始時，如果有幫助的話，這些通常是——我們將根據項目專門提供這些。當它們四處移動時——有時你可能會在它所在的地方得到某種故障——我們將在佛羅里達州而不是亞利桑那州建造，價格可能會更高或更低。但值得慶幸的是，在我們投標的最後幾個項目中，我們看到建築成本有所下降，其中一個在聖安東尼奧，一個在菲尼克斯，那裡的外殼成本可能比原計劃低了 5% 到 10%。已經到年底了。

So I'm hopeful with the drop in the construction starts, although there's a lot of infrastructure spending and things like that, that will see some pickup as the subcontractors get less busy and things like that. We'll -- and I think the other thing that's helping us too is like electrical panels and steel were so problematic to just get deliveries when the market was really hot, that we're seeing delivery times come down so we can get our buildings to market while it's good or a few months more quickly. And then hopefully, the pricing drops we're seeing, well, at least they flattened out, thankfully after a few years of pretty heavy increases. And we've actually seen a couple of drops and things up, absent concrete, that still seems to be a pretty expensive material. And obviously, we use on an awful lot of it in our buildings.

因此，我對開工率的下降抱有希望，儘管有大量基礎設施支出和類似的事情，但隨著分包商不再那麼忙碌等事情，這將會看到一些回升。我們會 - 我認為另一件事也對我們有幫助，就像配電板和鋼材在市場非常火爆的時候很難交貨，我們看到交貨時間縮短了，這樣我們就可以拿到我們的建築物趁它還好的時候或者幾個月後就推向市場。然後希望我們看到的價格下降，好吧，至少它們趨於平緩，謝天謝地，經過幾年的大幅上漲之後。事實上，我們已經看到了一些掉落和上升的情況，沒有混凝土，這似乎仍然是一種相當昂貴的材料。顯然，我們在建築物中使用了大量的它。

Our next question will come from Jessica Zheng with Green Street.

我們的下一個問題將來自 Green Street 的 Jessica Cheng。

I'm curious to hear your view on how sensitive do you think the 3PL tenants are to overall import volumes. We've seen the import container volumes declined pretty significantly year-over-year in the first quarter. Has that driven any softness in 3PL demand at all?

我很想听聽您對 3PL 租戶對總體進口量有多敏感的看法。我們看到第一季度進口集裝箱量同比大幅下降。這是否導致 3PL 需求疲軟？

I think it certainly will in time, if you say within our portfolio, we've not really seen any movement within the 3PLs. And thankfully, the ones we have are like everyone is on long-term leases and things like that. There's a lot of consolidation within the 3PL world. And so far, we've not had any issues of them wanting to buy out of their lease, give space back, things like that. I think over time, I have thought that 3PLs can be -- they're one of the first tenants to expand rapidly when things are good, and they're also a pretty early tenant to contract.

如果你說在我們的投資組合中，我們還沒有真正看到 3PL 內部發生任何變化，我認為遲早它肯定會發生。值得慶幸的是，我們擁有的就像每個人都簽訂了長期租約之類的東西。 3PL 領域內存在大量整合。到目前為止，我們還沒有遇到任何他們想要買斷租約、返還空間等問題。我認為隨著時間的推移，我認為 3PL 可以——他們是在情況良好時第一批迅速擴張的租戶之一，而且他們也是很早簽訂合同的租戶。

Obviously, it's not like their headquarters location and things like that, and they'll have multiple locations in a submarket. So there -- as you -- maybe as you pointed out there, they're pretty twitchy tenants. They'll move in one direction, one way or the other. But knock on wood, we have not really had any -- too many -- any abnormal amount of moving parts within our 3PL tenancy.

顯然，這不像他們的總部地點之類的，他們會在子市場中有多個地點。因此，正如您所指出的，他們是非常焦躁的房客。他們會朝一個方向、一種方式或另一種方式移動。但天哪，我們的 3PL 租賃中確實沒有任何（太多）任何異常數量的移動部件。

And our next question will come from Jeff Spector with Bank of America.

我們的下一個問題將來自美國銀行的傑夫·斯佩克特。

Great. I just wanted to clarify, Marshall, your concerns over the recession. Is it more tied to kind of the economic forecast, like BofA calling for a recession since last year? Or have you actually seen anything or heard anything from tenants? Anything that really is creating that concern on the recession?

偉大的。馬歇爾，我只是想澄清你對經濟衰退的擔憂。它是否與某種經濟預測更相關，比如美國銀行自去年以來就呼籲經濟衰退？或者你是否真的看到過什麼或從租戶那裡聽到過什麼？有什麼真正引起了人們對經濟衰退的擔憂嗎？

Jeff, you're right. I mean, I wasn't looking to blame it on the BofA economist, but...

傑夫，你是對的。我的意思是，我並不想將其歸咎於美國銀行經濟學家，但是......

Yes. If I am out hear, I'm taking full responsibility.

是的。如果我出去聽，我將承擔全部責任。

But it really is more. We typically use the phrase with our own board at 5,000 feet, things feel pretty good. Like if we're in a recession, and we're 99% leased and raising rents 50%, that feels good. And -- but when I read the newspaper or watch TV, it feels like there's a lot of banks failing in the banks that have come through that are in our line and have called on us, there's a lot of anxiety out there.

但它確實更多。我們通常在 5,000 英尺的高度上使用我們自己的衝浪板，感覺非常好。就好像我們正處於經濟衰退時期，而我們 99% 已出租，租金上漲 50%，那感覺很好。而且——但是當我讀報紙或看電視時，感覺有很多銀行倒閉，而那些已經渡過難關的銀行都在我們的行列中，並呼籲我們，那裡有很多焦慮。

So it's a long-winded way of saying, no, it's more headline nervousness, paranoid trying to look around corners, which I think I felt like I should always be doing to some extent, but I don't want to do it to the point that we miss good opportunities. So it's headline anxiety. And then when I talk to the guys in the field, they look at me like I've got 2 heads because they're trying to find space for tenants and things like that.

所以這是一種冗長的說法，不，這更多的是頭條新聞的緊張，偏執地試圖環顧四周，我認為我覺得我應該在某種程度上一直這樣做，但我不想這樣做指出我們錯過了好機會。所以這是頭條新聞的焦慮。然後當我和現場的人交談時，他們看著我，就像我有兩個腦袋一樣，因為他們正在努力為租戶和類似的事情尋找空間。

I blame BofA econ all the time. So it's all good.

我一直責怪美國銀行經濟部門。所以一切都很好。

Right.

正確的。

And then second, I just wanted to confirm on your comments on possible opportunities, merchant builders. Are you actually seeing anything today? Or again, this is the hope that if that may be down the line, there's some distress and EastGroup could take advantage?

其次，我只是想確認一下你們對可能的機會的評論，商家建設者。今天你真的看到了什麼嗎？或者再說一次，這是希望，如果這可能會發生，會有一些麻煩，而 EastGroup 可以利用這一點？

There's been a little bit in the sense that or a couple of the land sites specifically that I can think that we bought late last year in Austin, we're moving parts. One was a newer merchant developer where they needed to do something and we acquired that. There's a couple of sites out West, Arizona, Las Vegas, where we've seen where again, I think one, we passed on -- just you'll hear the stories from the broker where they had the site, they had ordered one was the electrical equipment, another was the steel, and now they were scrambling trying to get their financial house in order, either do a joint venture or sell it, things like that. And that's not something we have seen in the last few years, the property we bought in Las Vegas, although there were other bidders, one of the things we really stressed to the tenant was our ability to close using our line of credit that we could move and close in a little over 30 days.

從某種意義上說，我認為我們去年年底在奧斯汀購買了一些土地，我們正在轉移部分土地。其中一個是新的商業開發商，他們需要做一些事情，我們收購了他們。在西部、亞利桑那州、拉斯維加斯有幾個站點，我們在那裡再次看到了，我想其中一個，我們已經錯過了——只是你會聽到經紀人的故事，他們在那裡擁有該站點，他們已經訂購了一個一個是電氣設備，另一個是鋼鐵，現在他們正忙著讓自己的財務狀況井然有序，要么合資，要么賣掉，諸如此類。這不是我們在過去幾年中看到的，我們在拉斯維加斯購買的房產，儘管還有其他競標者，但我們真正向租戶強調的一件事是我們有能力使用我們可以使用的信用額度來完成交易搬遷並在 30 多天內關閉。

And I do think without trying to violate our confidentiality agreement, we were told we were not the highest bidder, but we were a certain path to closing. And so we were awarded the contract that way. So we've not seen a lot of distress. If it shows up, it may be more land opportunities, but we -- and again, I think on acquisitions, and I know in talking to some of our peers, we have a lot of respect for Blake Baird, and the Terreno team, they really think it's going to be a great acquisition environment.

我確實認為，在沒有試圖違反我們的保密協議的情況下，我們被告知我們不是最高出價者，但我們有一定的成交途徑。我們就這樣獲得了合同。所以我們沒有看到太多的痛苦。如果出現的話，可能會帶來更多的土地機會，但我們——再說一次，我認為在收購方面，我在與一些同行交談時知道，我們非常尊重 Blake Baird 和 Terreno 團隊，他們確實認為這將是一個很好的收購環境。

And I want to believe, Blake, we're trying to have some dry powder and be able -- when capital is going to be constrained and credit tightening and things like that, if we can have some dry powder, we'll either put it into our development pipeline where the demand is there or if we can find the right acquisitions, it's something we hadn't looked at for a good 2 or 3 quarters, but we've really started sticking our toe in the water here in the last 60 days a little bit. If we can find some distressed opportunities and pricing in Las Vegas. We think we were slightly below replacement cost on a newer building and got a development like yield. So we felt like something that would have been sub-4 cap rate a year ago that if we can get close to the mid-6s on a GAAP return, that's a pretty good opportunity.

我想相信，布萊克，我們正在努力擁有一些乾粉，並且能夠——當資本受到限制、信貸緊縮以及類似的事情時，如果我們能擁有一些乾粉，我們要么放我們已經有兩三個季度沒有考慮過將其納入我們的開發渠道中，因為那裡有需求，或者我們是否能找到合適的收購，但我們確實已經開始在這方面堅持不懈了。過去 60 天一點點。如果我們能在拉斯維加斯找到一些苦惱的機會和定價。我們認為我們略低於新建築的重置成本，並獲得了類似收益的開發。因此，我們覺得一年前的資本化率會低於 4，如果我們能夠以 GAAP 回報率接近 6 左右，那將是一個非常好的機會。

And our next question will come from Ki Bin Kim with Truist.

我們的下一個問題將由 Ki Bin Kim 和 Truist 提出。

I want to ask you a question about supply. I realize a new supply out there for shallow-bay product or smaller buildings is only a small slice of the 600 million-plus square feet of deliveries. But I'm curious if you look at that supply that's more comparable to your own product, how would you describe that level of supply in a historical context, just trying to gauge if it is getting tougher or easier that level of supply relative to your portfolio?

我想問你一個關於供應的問題。我意識到，淺灣產品或小型建築的新供應量僅佔 6 億多平方英尺交付量的一小部分。但我很好奇，如果您看看與您自己的產品更具可比性的供應，您會如何在歷史背景下描述該供應水平，只是試圖衡量該供應水平相對於您的產品是否變得更困難或更容易文件夾？

I think if I'm answering. Ki Bin, we've seen, and I'll use it Atlanta where -- and I'm picking it really just the CBRE numbers were a little more granular than some of the other markets. They've talked about the average starts last year were 8 million square feet a quarter. First quarter was under 2 million, 1.7 million square feet. And then maybe a couple of other stats, they throughout in there what's under construction, I'm trying to 88% of it is in buildings 200,000 feet and up. And so 200,000 feet is a pretty good size building, you're getting near the higher end for us. 7 buildings that are over 1 million square feet or over.

我想如果我回答的話。 Ki Bin，我們已經看到了，我將在亞特蘭大使用它——我真的選擇它，只是世邦魏理仕的數據比其他一些市場更細緻一些。他們談到去年的平均開工面積為每季度 800 萬平方英尺。第一季度面積低於 200 萬至 170 萬平方英尺。然後也許還有一些其他統計數據，它們全部都在建設中，我試圖其中 88% 是在 200,000 英尺及以上的建築物中。所以 200,000 英尺是一座相當大的建築，對我們來說已經接近高端了。 7棟面積超過100萬平方英尺或以上的建築物。

So we've always been, which I like -- we've usually said 10% to 15% of what's in the pipeline is comparable product. I do think stepping back, a lot of our competition isn't -- it is a local regional developer with an institutional partner in AEW, Nuveen, Clarion, someone like that. And those merchant developers have been hit harder than the larger institutions. So they've -- it's just hard to know where your exit is and to raise that capital, be it debt or equity and the cost of that debt has certainly gone up a lot in the last year.

所以我們一直都是這樣，我喜歡這一點——我們通常說正在開發的產品中有 10% 到 15% 是可比產品。我確實認為退一步來說，我們的很多競爭對手並不是——而是一家當地的區域開發商，其機構合作夥伴包括 AEW、Nuveen、Clarion 等。這些商業開發商比大型機構受到的打擊更嚴重。所以他們——很難知道你的退出在哪裡，也很難籌集資金，無論是債務還是股權，而去年債務的成本肯定上升了很多。

So I think -- for example, per CBRE of starts have fallen from third quarter last year to first quarter this year, 45%. I would imagine it will be a pretty material decline from that. And second quarter, I think there's a bigger decline in shallow bay than there is in the overall market. And that's where after I talk about my anxiety and with Jeff Spector, I get excited about 2024. If we can hang on to our own tenancy where you're 98%, 99% and you get to the back half of this year and into 2024, our markets are pretty tight. We're pretty -- we're full and there's no new supply that I'm hopeful it gives us some pre-lease development opportunities and abilities to push rents as well. I just hope -- I hope that the flip side of that bank credit tightening and Brent spoke about it earlier is that our own tenants, thankfully, there's over 1,600 of them. I'm hopeful they make it through this credit tightening period as well.

所以我認為，例如，根據 CBRE 的數據，開工率從去年第三季度到今年第一季度下降了 45%。我想這將是一個相當大的實質性下降。第二季度，我認為淺灣的跌幅比整個市場的跌幅更大。這就是我與 Jeff Spector 談論我的焦慮之後，我對 2024 年感到興奮的地方。如果我們能堅持住我們自己的租約，你的租約是 98%、99%，那麼你就可以在今年下半年進入2024 年，我們的市場相當緊張。我們很漂亮——我們已經滿了，而且沒有新的供應，我希望這能給我們一些預租開發機會和推高租金的能力。我只是希望——我希望銀行信貸緊縮和布倫特早些時候談到的另一面是我們自己的租戶，值得慶幸的是，他們有超過 1,600 名。我希望他們也能度過這個信貸緊縮期。

Great. And you guys reported 48% of lease spreads this quarter. I'm just curious if you had any thoughts on what we should expect for the remainder of the year.

偉大的。你們報告了本季度 48% 的租賃價差。我只是好奇你是否對今年剩餘時間裡我們應該期待什麼有什麼想法。

That was about where we ran fourth quarter, thankfully as well. Last year, we averaged about 40%. It feels like a pretty good run rate at this point unless things really slow down, and I like it's pretty spread out throughout our portfolio. The tech before it was California and California is still a strong market. Unfortunately, we don't -- fortunately or unfortunately, I think it was you that pointed out, Ki Bin, and it's up to your credit, there's not a lot rolling which most years is a good thing and with rents rising like they are, I wish we had a little more role in California than we do. But thankfully, other markets have offset that. So I think that's a pretty good run rate.

值得慶幸的是，這也是我們第四季度的表現。去年，我們的平均水平約為 40%。在這一點上，除非事情真的放緩，否則感覺運行率相當不錯，而且我喜歡它在我們的投資組合中相當分散。加利福尼亞州之前的技術和加利福尼亞州仍然是一個強大的市場。不幸的是，我們沒有——幸運或不幸，我認為是你指出的，Ki Bin，這取決於你的信用，沒有太多的滾動，這在大多數情況下是一件好事，而且租金像現在這樣上漲，我希望我們在加州能發揮比我們更多的作用。但值得慶幸的是，其他市場已經抵消了這一影響。所以我認為這是一個相當不錯的運行率。

Hopefully, we can stay in the 40%, and we'll just -- what I like of putting those quarters back to back to back, you're working your way deeper through the portfolio, and rents don't seem to be slowing down yet. That's the other nice thing in the market with the demand feels normalized, not for net like it was, but rents continue to grow in most all of our markets.

希望我們能夠保持在 40% 的水平，而且我們會——我喜歡將這些季度背靠背放在一起，你正在通過投資組合更深入地工作，而且租金似乎並沒有放緩還沒下來。這是市場上的另一件好事，需求感覺正常化，不像以前那樣對網絡而言，但我們大多數市場的租金都在繼續增長。

And our next question will come from Todd Thomas with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Todd Thomas。

I just wanted to, I guess, follow up on the discussion around leasing and pricing power a bit. Does the pace of development leading pick up over the next several quarters as we think about 2024, just given the decrease in starts that you're discussing for shallow bay? And should we expect the projected stabilized yields to continue moving higher?

我想，我只是想跟進一下有關租賃和定價權的討論。考慮到您正在討論的淺灣開工量減少，我們認為到 2024 年，未來幾個季度的開發速度是否會加快？我們是否應該預期預計的穩定收益率會繼續走高？

I'd like to think our yields will keep moving up. I mean, I don't think dramatically, but they'll keep creeping up rents are going up. And then hopefully, as we bid our projects, I'm optimistic the construction pricing will be flat to maybe slightly down, we'll see. And I would hope our development leasing, we underwrite it. We always have that it's 1 year from shell completion to finish. We've been beating that the last several years, and we've had some success with early leasing on projects. If the economy stays where it is today, we'll continue that pattern.

我認為我們的收益率將繼續上升。我的意思是，我並不認為大幅上漲，但租金會繼續上漲。然後希望，當我們投標我們的項目時，我樂觀地認為建築價格將持平甚至略有下降，我們拭目以待。我希望我們的開發租賃能夠由我們承保。我們一直認為從外殼完工到完工需要一年時間。過去幾年我們一直在克服這一挑戰，並且在項目的早期租賃方面取得了一些成功。如果經濟保持現狀，我們將繼續這種模式。

And then again, if I -- if you said where is your concern, it's not so much on supply. I see supply is upside in a couple of more quarters as the development pipeline empties out. It's really more tenant demand and if we're in a recession and how deep of a recession. But if things can just kind of stay where we're hovering around a recession, we have enough tailwinds to our last mile shallow-bay Sunbelt markets, our development program, although, we say, we don't need a great economy. We just need an okay economy. If we can stay okay, then probably your thesis will hold up. We should get -- we should be leasing fairly rapidly or kind of delivering like we did this quarter, 100% leased projects and getting good returns on those knock on wood.

話又說回來，如果我——如果你說你關心的是哪裡，那麼問題不在於供應。我認為隨著開發管道的耗盡，供應量在接下來的幾個季度將會上升。這實際上是更多的租戶需求，以及我們是否處於經濟衰退以及衰退的深度。但如果事情能夠保持在經濟衰退附近徘徊的狀態，我們就有足夠的順風來推動我們的最後一英里淺灣陽光地帶市場和我們的發展計劃，儘管我們說，我們不需要一個偉大的經濟。我們只需要一個良好的經濟。如果我們能保持良好狀態，那麼你的論文可能會成立。我們應該——我們應該相當快地進行租賃，或者像本季度那樣交付 100% 的租賃項目，並從這些敲門磚上獲得良好的回報。

Okay. And then second question, back to acquisitions. So the deal in Las Vegas for $34 million that you completed in April, sounded like you achieved a premium yield something in the mid-6% range. Is that right? And are there any portfolios that you're tracking that could transact anything of size? And is there appetite to do something larger to the extent that something there are dislocations or something becomes available?

好的。然後第二個問題，回到收購。因此，您 4 月份在拉斯維加斯完成的 3400 萬美元交易聽起來您獲得了 6% 左右的溢價收益率。是對的嗎？您正在跟踪的投資組合是否可以進行任何規模的交易？是否有興趣做一些更大的事情，以至於有些事情錯位或變得可用？

Good question. You're right. That's an accurate description of Las Vegas, where it was kind of that yield in the 6s and a building that was about 5 years old right off the freeway. So we're excited about it, and there's probably higher odds of that. There's -- I think there's fewer portfolios in the market just because it's so hard to finance it. I mean I think there's so much dry powder but it doesn't feel like there's that many portfolio deals transacting.

好問題。你說得對。這是對拉斯維加斯的準確描述，那裡的產量在 6 年代，而且在高速公路旁有一棟已有大約 5 年曆史的建築。所以我們對此感到興奮，而且這種可能性可能更高。我認為市場上的投資組合較少，只是因為融資非常困難。我的意思是，我認為有很多乾粉，但感覺沒有那麼多投資組合交易在交易。

We've seen a few, and it always seems -- we were excited to buy the Tulloch portfolio last year and that it fit us well, but it always seems like on the portfolio as we just looked at one recently and although the markets lined up well, the quality of the portfolio, we're biased, but it wasn't nearly what our portfolio is. So we passed on it, and there's always a couple of things that we're kicking tires. And if we can find one and the big if to that, we were -- I think we were happy to transact with the stock price and where that came out on Tulloch a year ago.

我們已經看到了一些，而且似乎總是——我們很高興去年購買了 Tulloch 投資組合，它很適合我們，但它似乎總是在投資組合上，因為我們最近剛剛看了一個，儘管市場排列整齊好吧，投資組合的質量，我們有偏見，但這與我們的投資組合相差甚遠。所以我們放棄了它，而且總是有一些事情我們正在踢輪胎。如果我們能找到一個，並且最大的假設是，我們 - 我認為我們很高興以股票價格以及一年前在 Tulloch 上出現的價格進行交易。

On a larger transaction, we would need a pretty good equity price to have that make sense as well and have it be accretive to our own FFO. So there's a few more hurdles and never say never, but those are -- if acquisitions are difficult, a portfolio acquisitions and even longer long shot. And look, if we buy a building every once in a while, and we develop buildings each quarter, I'm perfectly happy to just kind of grow slow and steady that method without keeping our shareholders up at night. But if we -- every once -- once in a blue moon, we'll find a portfolio. And if we do, we'll try to move forward with it, but that would be the exception in the rule.

對於規模較大的交易，我們需要一個相當不錯的股價才能使其有意義，並為我們自己的 FFO 帶來增值。因此，還有一些障礙，而且永遠不會說永遠不會，但這些障礙是——如果收購很困難，則需要進行組合收購，甚至是更長遠的目標。看，如果我們每隔一段時間購買一棟建築，並且每個季度開發建築，我非常高興能夠以這種方式緩慢而穩定地增長，而不會讓我們的股東徹夜難眠。但如果我們——每一次——千載難逢，我們就會找到一個投資組合。如果我們這樣做，我們將嘗試繼續推進，但這將是規則中的例外。

And our next question will come from Michael Carroll with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的邁克爾·卡羅爾。

Marshall, I wanted to touch on your comments about demand. I mean, obviously, I think you've been highlighting that's still pretty healthy. But how big of a pullback has there been compared to last year? I mean is there a noticeable slowdown in activity just off of those record levels till today? Or you've not really noticed it that much?

馬歇爾，我想談談您對需求的評論。我的意思是，顯然，我認為您一直在強調這仍然非常健康。但與去年相比，回調幅度有多大？我的意思是，截至今天，活動是否明顯放緩至創紀錄水平？或者你並沒有真正注意到它？

The results are similar and where -- what we hear in the field from our team is there for a while, it was -- I remember a tenant rep broker saying, this isn't fun being a tenant rep broker, I'll find a space and there's 2 or 3 other prospects for it that where you would have multiple showings for the same space and it felt frenetic and almost -- and it was fun, but in a scary way because it didn't feel sustainable where rents were going up, parabolic was one phrase, someone used.

結果是相似的，而且——我們在現場從我們團隊那裡聽到的消息已經存在一段時間了——我記得一位租戶代表經紀人說，作為租戶代表經紀人並不有趣，我會發現一個空間，還有 2 到 3 個其他的前景，你可以對同一個空間進行多次展示，感覺很瘋狂，幾乎——這很有趣，但以一種可怕的方式，因為在租金水平較高的地方，感覺不可持續向上，拋物線是一個短語，有人用過。

Now it's more -- there's 1 or 2 prospects, and it feels more of a manageable process than a scramble for space and -- or Amazon out running rapidly leasing up space and things like that, that this -- it was fun, but it didn't feel sustainable. This feels more of a normalized 2019 pre-COVID market. So we have prospects just not multiple. And again, also in those days, everybody was becoming an industrial developer. We've got it, it was like your Uber driver when they're giving you stock tips it's time to move your money to bonds or cash, I guess. But I think the number of active developers will slow -- is slowing down or have slowed down rapidly in our markets, too. And I think that thankfully feels more sustainable.

現在，有 1 或 2 個潛在客戶，感覺更像是一個可管理的過程，而不是爭奪空間，或者亞馬遜快速租賃空間之類的事情，這很有趣，但它感覺不可持續。這感覺更像是 2019 年新冠疫情之前的正常化市場。所以我們的前景並不多。同樣在那些日子裡，每個人都在成為工業開發商。我們明白了，就像你的優步司機給你股票提示時，我想是時候把你的錢轉移到債券或現金了。但我認為活躍開發人員的數量將會放緩——正在放緩，或者在我們的市場上也已經迅速放緩。我認為值得慶幸的是，這感覺更可持續。

Okay. And then also, you talked about your development yields that you thought that they might start ticking higher. Is that just due to construction costs dropping? Or is that due to rents improving? And I guess, how does the whole financing costs kind of get included in that calculation? I mean, with interest rates where they are today. I mean has that pressured or reflected on your development yields at all?

好的。然後，您還談到了您的開發收益率，您認為它們可能會開始走高。這僅僅是因為建築成本下降嗎？還是因為租金上漲？我想，整個融資成本如何包含在該計算中？我的意思是，按照今天的利率。我的意思是，這是否對你們的開發收益造成壓力或反映？

It does. Maybe I'll take the first time, rent the second. Yes, on the first part, I really do. I think we'll have some slight improvements from against where we underwrote it on our numerator and a little bit higher rents than where we originally thought. And then I think construction pricing. We've always done underwriting where we haven't projected rents. We'll use current market rents or ideally last rents on the building we built in that part.

確實如此。也許我會租第一次，然後租第二次。是的，對於第一部分，我確實如此。我認為，與我們在分子上承保的情況相比，我們將會有一些輕微的改善，並且租金會比我們最初想像的要高一些。然後我想到了建築定價。我們總是在沒有預計租金的情況下進行承保。我們將使用我們在該部分建造的建築物的當前市場租金或理想情況下的最後租金。

But those rents continue rising and maybe a little bit of a drop in construction pricing, too. So I think that's where we could pick up 10 to 30 basis points, hopefully, on our development yields, although they were strong last year, I think just what we're underwriting seems to creep up. And we have -- because of the financing costs, we have raised our target development yields. And Brent, you -- I'll let you tell how we look at these avenues.

但租金繼續上漲，建築價格也可能略有下降。因此，我認為我們的開發收益率有望提高 10 到 30 個基點，儘管去年的收益率很強勁，但我認為我們承保的收益率似乎正在上升。由於融資成本的原因，我們提高了目標開發收益率。布倫特，你——我會讓你告訴你我們如何看待這些途徑。

Yes. As Marshall mentioned earlier, we had historically said or typically said we wanted that 150 basis point or so spread between our cost of capital and the yield we're getting in that think over time kind of got lost in the shuffle because we kind of got spoiled there. We had a period where we're basically doubling our money. We're building in a low to mid-6s and I said, call it, a mid-3 to high-3 cap environment. And that has tightened obviously, with the increase of cost of capital, but we're still making what -- again, on a historical basis, we'd call it good spread, call it our cost of capital when you blend equity and the debt together maybe around 5 or somewhere in that area, equity cheaper debt a little more expensive than that.

是的。正如馬歇爾之前提到的，我們過去曾說過或通常說過，我們希望我們的資本成本和我們獲得的收益率之間存在 150 個基點左右的差距，隨著時間的推移，我們會在洗牌中迷失方向，因為我們得到了在那裡被寵壞了。我們有一段時間我們的資金基本上翻了一番。我們正在構建一個低到中 6 的環境，我說，稱之為中 3 到高 3 的環境。隨著資本成本的增加，這種情況顯然已經收緊，但我們仍然在製造——再次，從歷史的角度來看，我們將其稱為良好的利差，當你將股本和資本混合在一起時，我們將其稱為我們的資本成本。債務加在一起可能約為 5 或該區域的某個位置，股權較便宜的債務比該價格貴一點。

But as Marshall said, you're hitting that upper 6 to 7 range. It's still a good spread, still good opportunity. So we monitor it. It certainly gives you less wiggle room than you had when you had such a wide gap. But we're still in a position where it's very accretive and continues to be a good NAV creator for us.

但正如馬歇爾所說，你正在達到 6 到 7 的上限。這仍然是一個很好的傳播，仍然是一個很好的機會。所以我們對其進行監控。與差距如此之大時相比，它給你的迴旋餘地肯定更小。但我們仍然處於非常增值的位置，並且繼續成為我們良好的資產淨值創造者。

Okay. Great. And just if I can sneak in one more. That 150 spread, I mean, how close are we to that 150 level right now? I mean do you just need to get a development yield anywhere near a mid-6 and that's kind of -- you can justify it.

好的。偉大的。如果我能再偷偷溜進去一次就好了。我的意思是，150 的價差，我們現在離 150 的水平有多近？我的意思是，你是否只需要獲得接近 6 左右的開發收益率，這就是——你可以證明它是合理的。

That's -- I think that's reasonably -- every market will be a little different, but I think a brand-new well-leased building, I think, you're going to get 5 or below. There's been -- as I said, we've looked at acquisitions and it's we bought a building and some land. There are still people out there transacting and especially on the smaller assets and things like that. So if it were a building or 2 that we build, they would be buyers out there. I think we just saw like a 401 transaction and as we underwrote at cap rate in Phoenix and some things like that.

那是——我認為這是合理的——每個市場都會有點不同，但我認為一棟全新的租賃良好的建築，我想，你會得到 5 或更少。正如我所說，我們考慮了收購，我們購買了一座建築物和一些土地。仍然有人在進行交易，尤其是較小的資產和類似的東西。因此，如果我們建造一兩棟大樓，他們就會成為那裡的買家。我認為我們剛剛看到了一筆 401 交易，並且我們在鳳凰城以上限利率承保了諸如此類的事情。

One in San Diego, that we bid on is going to go ultimately price much higher than we thought that we had -- where we were hoping. So I think a 5 still feels like a safe cap rate in spite of where debt yields are and it's really it's based on how much industrial rents are outpacing inflation probably compared to other property sectors.

我們競標的位於聖地亞哥的一棟房子最終的價格將比我們想像的要高得多——我們所希望的。因此，我認為，無論債務收益率如何，5 仍然感覺像是一個安全的上限利率，而且它實際上是基於與其他房地產行業相比，工業租金可能超過通脹的程度。

Our next question will come from Ronald Kamdem with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的羅納德·卡姆德姆。

This is Tim in for Ronald Kamdem. Just a question on some of the Houston dispositions that we've seen kind of over the past couple of quarters. I thought that you had completed on this quarter. I think the pricing was a little under $100 a foot. Just curious if that's kind of the pricing we'd expect going forward for Houston asset sales for the remainder of the year and beyond? Or if that's kind of a one-off. Just curious how you guys are looking at that.

這是蒂姆（Tim）代替羅納德·卡姆德姆（Ronald Kamdem）。只是關於我們在過去幾個季度看到的休斯頓一些部署的問題。我以為你這個季度已經完成了。我認為價格略低於每英尺 100 美元。只是好奇這是否是我們預計今年剩餘時間及以後休斯頓資產出售的定價？或者如果這是一次性的。只是好奇你們怎麼看這個。

Yes. I think that was a little more one-off. It was one of our earlier buildings in World Houston. It was a building for the tenant at the time. So there was some unusual features to that building. It had been as we try to manage our Houston size, we always kind of ask our team if the building were vacant, what would you want to exit. And this building had recently gone vacant. And as we were releasing it, we said, all right, we've got a nice gain here. It's work. We got a good yield on the initial development, and we'd like to keep developing in Houston.

是的。我認為這有點一次性。這是我們在世界休斯頓的早期建築之一。這是當時租戶的一棟建築。所以那座建築有一些不尋常的特徵。當我們試圖管理休斯頓的規模時，我們總是會問我們的團隊，如果大樓是空的，你想退出什麼。而這座大樓最近就空置了。當我們發布它時，我們說，好吧，我們在這裡取得了不錯的成果。是工作。我們在最初的開發中獲得了很好的收益，我們希望繼續在休斯頓發展。

So if we can develop to a 7 and rounding and sell to a 5 or below, we like that model. So it needed a fair amount of work to retenant it and we thought that was a good time to exit that. But I think you would expect -- I would expect more of our dispositions to still be north of $100 a foot, and this was a little bit of a tenant-specific building that we had built in 15, 20 years ago.

因此，如果我們能夠開發到 7 並四捨五入並銷售到 5 或更低，我們就會喜歡該模型。因此，它需要大量的工作來保留它，我們認為現在是退出的好時機。但我想你會期望——我會期望我們更多的配置仍然在每英尺 100 美元以上，而且這是我們 15、20 年前建造的一棟特定於租戶的建築。

Great. And then just a follow-up. The portfolio is obviously around 99% occupied today. Maybe just historically, when you see a level of vacancy, where is market rent growth typically been. And just on that question, like what do you expect for the remainder of the year for market rent growth? You talked about slowing starts. So just curious about the outlook for that.

偉大的。然後只是後續行動。顯然，今天該投資組合的利用率約為 99%。也許只是從歷史上看，當你看到一定程度的空置率時，市場租金的增長通常在哪裡。就這個問題而言，您對今年剩餘時間的市場租金增長有何預期？您談到了起步緩慢。所以只是好奇這方面的前景。

Yes. I would think probably a wider range, maybe call it, 7% to 12%, 15% rent growth market year-over-year for the balance of the year. And at 99%, I know, I guess, Brent and I both been, an industrial, probably more years than we both want to add up just because it wouldn't make us feel old. But I never thought you'd see rent growth that we've had in industrial the last several quarters. But at 99%, I remember the rule of thumb early on someone told me anytime vacancy is below 10%. It's a landlord market and above 10% it becomes a tenant market.

是的。我認為今年餘下時間市場的租金增長幅度可能會更大，或者可以稱之為 7% 到 12%、15%。 99%，我知道，我猜，布倫特和我都是工業界人士，可能比我們想要加起來的年數還要長，因為這不會讓我們覺得自己老了。但我從沒想過你會看到過去幾個季度工業領域的租金增長。但在 99% 時，我記得早期有人告訴我空缺率低於 10% 時的經驗法則。這是一個房東市場，超過 10% 就變成了租戶市場。

And I think that I do suspect that vacancies will pick up nationally. It sounds like, again, most of that will be big box, just where deliveries will be this year. But I think we'll continue to have rent growth and especially on our product type, I think will be hopefully sheltered from a lot of that supply as it comes out of the pipeline. So I hope we kind of can continue on the path we're on and where we are probably every once a while each market is a little different, where you'll see some that might drift 1 way or the other in a quarter, it will just be more on the mix.

我認為我確實懷疑全國范圍內的職位空缺將會增加。聽起來，大部分都將是大盒子，就像今年交付的地方一樣。但我認為我們的租金將繼續增長，特別是在我們的產品類型上，我認為當它從管道中出來時，我認為將有望免受大量供應的影響。因此，我希望我們能夠繼續走現在的道路，我們可能每隔一段時間就會遇到一些不同的情況，你會看到一些市場可能會在一個季度內向一個方向或另一個方向漂移，它只會更多地混合。

But I think all in all, we were at 40% last year. We're off to a heavy start this year at -- I'm quoting GAAP numbers because that gets the rent -- the free rent and the rent bumps in there as well, where we've been able to increase the rent bumps to last few years kind of where it was a 2.5%, 3% market to now a 3.5%, 4-plus market, depending which market you're in.

但我認為總的來說，去年我們的比例是 40%。我們今年的開局很艱難——我引用的是公認會計原則（GAAP）數據，因為這會帶來租金——免費租金和租金上漲，我們已經能夠將租金上漲增加到過去幾年，市場份額從 2.5%、3% 到現在的 3.5%、4% 以上，具體取決於您所在的市場。

And our next question here will come from Vikram Malhotra with Mizuho.

我們的下一個問題將來自 Vikram Malhotra 和 Mizuho。

I just wanted to clarify some of the comments you talked about the rent spreads and maybe I did not hear. So sorry if I'm repeating -- just first on market rent growth. You talked about the GAAP rent spreads. But can you just talk about where you see market rent growth across maybe the top 2 or 3 markets playing out in '23.

我只是想澄清一些你談到的關於租金利差的評論，也許我沒有聽到。很抱歉，如果我重複一遍——首先是市場租金增長。您談到了 GAAP 租金利差。但您能否談談 23 年排名前 2 或 3 個市場的市場租金增長情況？

And then just specifically, I think there were some comments around Miami. I'm just wondering if you were to sort of -- you talked about normalization. If you were to sort of rank your markets, Miami, parts of Texas, California, where are you seeing the most rapid normalization where are you still seeing sort of trends above the 2022 levels.

然後具體來說，我認為邁阿密周圍有一些評論。我只是想知道你是否談到了正常化。如果你要對你的市場進行排序，邁阿密、德克薩斯州的部分地區、加利福尼亞州，你會發現哪些地方的正常化速度最快，哪些地方的趨勢仍高於 2022 年的水平。

Okay. In rent growth, and again, my crystal ball, if it were as accurate as I wish it was. I'd be happy to take you to my island type thing. But we're thinking -- I don't mean to be too coy, but high single digits, mid-teens level, I think, kind of overall within our markets. I think Miami, we've got a specific vacancy kind of the Western submarket, so Southwest Broward County, that we'll get backfill, but that market is a strong market, and we feel -- we'd love to find some other opportunities in South Florida still.

好的。在租金增長方面，我的水晶球，如果它像我希望的那樣準確的話。我很樂意帶你去我的島嶼之類的地方。但我們在想——我並不是想太害羞，但我認為，在我們的市場中，總體來說，這個數字是高個位數、十幾歲左右的水平。我認為邁阿密，我們在西部子市場（例如西南布勞沃德縣）有一個特定的空缺類型，我們將得到回填，但該市場是一個強大的市場，我們覺得 - 我們很樂意找到其他一些南佛羅里達州的機會仍然存在。

Our best markets, and I've talked about Austin, the Central Florida markets fill awfully strong. Dallas is a strong market. Phoenix, and people talk about supply in Phoenix, and I agree the numbers are big, but we're 100% leased in Phoenix and have had strong rent growth there, the California, the Bay Area, L.A., Orange County, San Diego were good markets.

我們最好的市場，我已經談到了奧斯汀，佛羅里達州中部的市場非常強勁。達拉斯是一個強勁的市場。鳳凰城，人們談論鳳凰城的供應，我同意這個數字很大，但我們在鳳凰城 100% 出租，並且那裡的租金增長強勁，加利福尼亞州、灣區、洛杉磯、奧蘭治縣、聖地亞哥都是良好的市場。

I like our geographic diversity, that's something we spend a lot of time working on our tenant diversity and our geographic diversity to try to make it as much a bulletproof portfolio as you can in the real world type thing. So before we would have definitely said California are our best markets, and they're still good, but we're seeing California type growth the last, call it, 18, 24 months and leased in terms of rents, in the major Texas markets, Dallas, Austin, El Paso even, and then in Central Florida, Atlanta, Charlotte, some of those markets as well.

我喜歡我們的地理多樣性，我們花了很多時間致力於我們的租戶多樣性和地理多樣性，試圖使其成為現實世界中盡可能可靠的投資組合。因此，在此之前，我們肯定會說加利福尼亞州是我們最好的市場，而且它們仍然很好，但我們在德克薩斯州主要市場看到了加利福尼亞州類型的增長，稱之為 18 個月、24 個月，並以租金計算。 ，達拉斯，奧斯汀，埃爾帕索甚至，然後在佛羅里達州中部，亞特蘭大，夏洛特，其中一些市場也是如此。

So just to clarify, I guess you're saying you would have said California is the strongest, but are you saying there's a bit of a reversion where California is strong, but maybe normalizing faster. And then just to clarify, if you're saying 10%, so on average 10% market rent growth, wouldn't your cash rent spreads accelerate through the year from the Q1 levels?

所以為了澄清一下，我想你是說你會說加州是最強的，但你是說加州最強的地方有一點回歸，但可能正常化得更快。然後澄清一下，如果你說的是 10%，那麼市場租金平均增長 10%，你的現金租金利差在這一年中不會比第一季度的水平加速嗎？

They would -- I guess, it will depend on the mix of just how old the lease is that's rolling. But you're right overall. They should -- hopefully, pick up. And California isn't a bad market. We've seen a little bit of slowdown in the Bay Area, and I think part of that is every tech company has laid people off. I say that, we've got 2 vacancies we're working on in the Bay Area, and we'll get those backfilled. The California markets that they used to be more standout markets to us, but some of the other markets have caught up with California.

他們會——我想，這將取決於滾動租約的期限。但總的來說你是對的。希望他們應該接起電話。加州並不是一個糟糕的市場。我們看到灣區的經濟增長略有放緩，我認為部分原因是每家科技公司都在裁員。我想說的是，我們在灣區有兩個職位空缺，我們會填補這些職位空缺。加州市場曾經對我們來說是更突出的市場，但其他一些市場已經趕上了加州。

And this concludes the question-and-answer session. I'd like to turn the conference back over to Marshall Loeb for any closing remarks.

問答環節到此結束。我想將會議轉回馬歇爾·勒布（Marshall Loeb）發表閉幕詞。

Thank you. Thank you, everyone, for your time this morning. We appreciate your interest in EastGroup. If we didn't get to your question or you have some follow-up questions, Brent and I are certainly available and we look forward to seeing many of you at NAREIT here in just over a month. Thank you.

謝謝。謝謝大家今天早上抽出時間。我們感謝您對東方集團的興趣。如果我們沒有回答您的問題或者您還有一些後續問題，布倫特和我當然可以，我們期待在一個多月後在 NAREIT 見到你們中的許多人。謝謝。

Thank you.

謝謝。

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開線路。